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Midas Edge

M&T BANK CORP

For the period ended Mar 31, 2025. Filed May 5, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 5, 2025

MTB$222.73+2.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

2. Investment securities

  1. Investment securities

The amortized cost and estimated fair value of investment securities were as follows:

(Dollars in millions)AmortizedCost (a)GrossUnrealizedGainsGrossUnrealizedLossesEstimatedFair Value
Investment securities available for sale:
U.S. Treasury$8,065$31$11$8,085
Mortgage-backed securities:
Government issued or guaranteed:
Commercial4,31635114,340
Residential8,42247998,370
Other4——4
20,80711312120,799
Investment securities held to maturity:
U.S. Treasury442—10432
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,035—1141,921
Residential8,547—8007,747
Privately issued368—44
State and political subdivisions2,291—1282,163
Other1——1
13,35281,05212,308
Total debt securities$34,159$121$1,173$33,107
Equity and other securities:
Readily marketable equity — at fair value$280$2$2$280
Other — at cost706——706
Total equity and other securities$986$2$2$986
Investment securities available for sale:
U.S. Treasury$7,945$13$27$7,931
Mortgage-backed securities:
Government issued or guaranteed:
Commercial3,7398453,702
Residential7,368131677,214
Other2——2
19,0543423918,849
Investment securities held to maturity:
U.S. Treasury1,015—141,001
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,034—1571,877
Residential8,773—9617,812
Privately issued379—46
State and political subdivisions2,335—1172,218
Other1——1
14,19591,24912,955
Total debt securities$33,249$43$1,488$31,804
Equity and other securities:
Readily marketable equity — at fair value$235$3$3$235
Other — at cost772——772
Total equity and other securities$1,007$3$3$1,007

(a)Amortized cost balances of debt securities exclude accrued interest receivable of $168 million and $176 million at March 31, 2025 and December 31, 2024, respectively, which is included as Accrued interest and other assets in the Company's Consolidated Balance Sheet.

  • 11 -

There wereno significant gross realized gains or losses from sales of investment securities for the three-month periods ended March 31, 2025 and 2024. Unrealized gains or losses on equity securities are included in Gain (loss) on bank investment securities in the Consolidated Statement of Income.

At March 31, 2025, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows:

(Dollars in millions)AmortizedCostEstimatedFair Value
Debt securities available for sale:
Due in one year or less$3,155$3,154
Due after one year through five years4,9144,935
Due after five years through ten years——
Due after ten years——
8,0698,089
Mortgage-backed securities12,73812,710
$20,807$20,799
Debt securities held to maturity:
Due in one year or less$76$76
Due after one year through five years614601
Due after five years through ten years1,4591,396
Due after ten years585523
2,7342,596
Mortgage-backed securities10,6189,712
$13,352$12,308
  • 12 -

A summary of investment securities that as of March 31, 2025 and December 31, 2024 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows:

Less Than 12 Months12 Months or More
(Dollars in millions)FairValueUnrealizedLossesFairValueUnrealizedLosses
Investment securities available for sale:
U.S. Treasury$814$1$2,014$10
Mortgage-backed securities:
Government issued or guaranteed:
Commercial1,3621126—
Residential1,349101,54889
Other1—2—
3,526223,59099
Investment securities held to maturity:
U.S. Treasury50—38210
Mortgage-backed securities:
Government issued or guaranteed:
Commercial——1,921114
Residential76456,761795
State and political subdivisions4012,070127
854611,1341,046
Total$4,380$28$14,724$1,145
Investment securities available for sale:
U.S. Treasury$1,971$9$2,554$18
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,5664564—
Residential4,429531,623114
Other——2—
8,9661074,243132
Investment securities held to maturity:
U.S. Treasury50—95114
Mortgage-backed securities:
Government issued or guaranteed:
Commercial——1,877157
Residential996196,811942
State and political subdivisions3912,131116
1,0852011,7701,229
Total$10,051$127$16,013$1,361
  • 13 -

The Company owned 3,597 individual debt securities with aggregate gross unrealized losses of $1.2 billion at March 31, 2025. Based on a review of each of the securities in the investment securities portfolio at March 31, 2025, the Company concluded that it expected to recover the amortized cost basis of its investment. As of March 31, 2025, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At March 31, 2025, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $706 million of cost method equity securities.

The Company estimatedno material allowance for credit losses for its investment securities classified as held-to-maturity at March 31, 2025 or December 31, 2024.

At March 31, 2025 and December 31, 2024, investment securities with carrying values of $6.1 billion (including $71 million related to repurchase transactions) and $6.2 billion (including $71 million related to repurchase transactions), respectively, were pledged to secure borrowings, lines of credit and governmental deposits.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.