M&T BANK CORP

Reportable segments have been determined based upon the Company's organizational structure which is primarily arranged around the delivery of products and services to similar customer types. Financial information about the Company's segments is presented in note 14 of Notes to Financial Statements. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. All other business activities that are not included in the three reportable segment results have been included in the "All Other" category.

NET INCOME (LOSS) BY SEGMENT

Commercial Bank

The Commercial Bank segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets served by the Company. Services provided by this segment include commercial lending and leasing, credit facilities secured by various types of commercial real estate, letters of credit, deposit products and cash management services. Commercial real estate loans may be secured by multifamily residential buildings, hotels, office, retail and industrial space or other types of collateral. Activities of this segment include the origination, sales and servicing of commercial real estate loans through the Fannie Mae DUS program and other programs. Commercial real estate loans held for sale are included in this segment.

COMMERCIAL BANK SEGMENT FINANCIAL SUMMARY

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The Commercial Bank segment’s net income was $231 million in the first quarter of 2025, up from $226 million in the fourth quarter of 2024.

•Net interest income decreased $31 million reflecting a narrowing of the net interest margin on loans and leases of 5 basis points and lower average outstanding loan and deposit balances.

•Noninterest income decreased $12 million reflecting lower commercial mortgage banking revenues of $6 million and a decline in credit related fees (primarily loan syndication fees) of $5 million.

•Provision for credit losses declined $37 million reflecting lower net charge-offs on commercial and industrial loans.

•Noninterest expense declined $11 million reflecting a decline in other costs of operations of $10 million and lower salaries and employee benefits expense of $7 million, partially offset by higher centrally-allocated costs associated with data processing, risk management, and other support services provided to the Commercial Bank segment of $11 million.

•Average loans and leases declined $1.4 billion reflecting a $1.6 billion reduction in average commercial real estate loans, partially offset by a $235 million increase in average commercial and industrial loans. The growth in average commercial and industrial loans reflected continued growth in loans to customers in the financial and insurance industry.

•Average deposits decreased $1.3 billion reflecting seasonal declines of commercial customer deposits.

Net income for the Commercial Bank segment increased $30 million in the first quarter of 2025 from $201 million in the year-earlier quarter.

•Net interest income declined $19 million reflecting a narrowing of the net interest margin on deposits of 27 basis points and a decline in average outstanding loan balances of $1.7 billion, partially offset by an expansion of the net interest margin on loans of 5 basis points.

•Noninterest income increased $22 million due to higher commercial mortgage banking revenues of $10 million. Also contributing to that increase was a $5 million rise in each of service charges on commercial deposit accounts and credit related fees.

•The provision for credit losses decreased $41 million reflecting lower net charge-offs of commercial and industrial loans.

•Noninterest expense rose $6 million reflecting higher salaries and employee benefits expense.

•Average loans and leases decreased $1.7 billion from the first quarter of 2024 reflecting a reduction in average commercial real estate loans, partially offset by higher commercial and industrial loans reflecting growth spanning most industry types.

•Average deposits grew $1.9 billion from the year-earlier quarter and reflected a shift in customer funds from noninterest-bearing accounts to interest-bearing products.

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Retail Bank

The Retail Bank segment provides a wide range of services to consumers and small businesses through the Company’s branch network and several other delivery channels such as telephone banking, internet banking and ATMs. The Company has domestic banking offices primarily in the Northeastern and Mid-Atlantic regions of the U.S. including the District of Columbia. The segment offers to its customers deposit products, including demand, savings and time accounts, and other services. Credit services offered by this segment include automobile and recreational finance loans (primarily originated indirectly through dealers), home equity loans and lines of credit, credit cards and other loan products. This segment also originates and services residential mortgage loans and either sells those loans in the secondary market to investors or retains them for investment purposes. Residential mortgage loans are also originated and serviced on behalf of the Institutional Services and Wealth Management segment. The Company periodically purchases the rights to service residential real estate loans that have been originated by other entities and also sub-services residential real estate loans for others. Residential real estate loans held for sale are included in this segment. This segment also provides various business loans, including loans guaranteed by the Small Business Administration, business credit cards, deposit products and services such as cash management, payroll and direct deposit, merchant credit card and letters of credits to small businesses and professionals through the Company's branch network and other delivery channels.

RETAIL BANK SEGMENT FINANCIAL SUMMARY

The Retail Bank segment’s net income was $347 million in the first quarter of 2025, compared with $352 million in the fourth quarter of 2024.

•Net interest income decreased $68 million reflecting a 17 basis-point narrowing of the net interest margin on deposits and lower outstanding average balances of those deposits.

•Noninterest income increased $4 million reflecting higher residential mortgage loan sub-servicing revenues from an agreement in the recent quarter to sub-service additional residential mortgage loans totaling $51.7 billion, partially offset by a decrease in service charges on deposit accounts.

•Provision for credit losses decreased $7 million reflecting lower net charge-offs.

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•Noninterest expense decreased $48 million reflecting lower centrally-allocated costs associated with data processing, risk management, and other support services provided to the Retail Bank segment, personnel-related costs and other costs of operations.

•Average loans increased $322 million reflecting increases in the segment's portfolio of recreational finance loans and automobile loans.

•Lower average deposits in the recent quarter as compared with the fourth quarter of 2024 reflect customer time deposit maturities and lower noninterest-bearing deposits.

Net income for the Retail Bank segment decreased $99 million in the recent quarter from $446 million in the first quarter of 2024.

•Net interest income declined $99 million reflecting a narrowing of the net interest margin on deposits of 38 basis points, partially offset by a widening of the net interest margin on loans of 6 basis points. Lower average balances of outstanding deposits were partially offset by higher average loan balances.

•Noninterest income increased $11 million reflecting higher residential mortgage loan sub-servicing revenues and an increase in service charges on deposit accounts.

•The provision for credit losses rose $11 million reflecting higher net charge-offs of indirect consumer loans.

•Noninterest expense increased $37 million predominantly due to higher centrally-allocated costs associated with data processing, risk management, and other support services provided to the Retail Bank segment of $35 million.

•Average loans in the recent quarter grew $2.2 billion from 2024's initial quarter, reflecting recreational finance and automobile loan growth.

•Lower average deposits in the recent quarter as compared with the first quarter of 2024 reflect the maturity of customer time deposit accounts and lower noninterest-bearing deposits.

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Institutional Services & Wealth Management

The Institutional Services and Wealth Management segment provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients, as well as personal trust, planning and advisory, fiduciary, asset management, family office, and other services designed to help high net worth individuals and families grow, preserve and transfer wealth. This segment also provides investment products, including mutual funds and annuities and other services to customers.

INSTITUTIONAL SERVICES & WEALTH MANAGEMENT SEGMENT FINANCIAL SUMMARY

The Institutional Services and Wealth Management segment’s net income decreased $5 million to $121 million in the first quarter of 2025 from $126 million in the fourth quarter of 2024.

•Net interest income declined $12 million predominantly due to a 22 basis-point narrowing of the net interest margin on deposits.

•Noninterest expense decreased $6 million reflecting a decline in centrally-allocated costs associated with data processing, risk management, and other support services provided to the Institutional Services and Wealth Management segment.

Net income for the Institutional Services and Wealth Management segment decreased $7 million in the recent quarter from $128 million in the year-earlier first quarter.

•Net interest income decreased $15 million predominantly due to an 86 basis-point narrowing of the net interest margin on deposits.

•Noninterest income increased $18 million reflecting higher sales and fund management fees from its global capital markets business and increased fee income from its Wealth Management business, reflecting comparatively favorable market performance in the recent quarter.

•Noninterest expense increased $10 million reflecting a rise in salaries and employee benefits expense and centrally-allocated costs associated with data processing, risk management, and other support services provided to the Institutional Services and Wealth Management segment.

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All Other

The "All Other" category reflects other activities of the Company that are not directly attributable to the reported segments. Reflected in this category are the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from the acquisitions of financial institutions; merger-related gains and expenses related to acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain non-recurring transactions; and the residual effects of unallocated support systems and general and administrative expenses. The Company’s investment securities portfolio, brokered deposits and short-term and long-term borrowings are generally included in the "All Other" category. In its management of interest rate risk, the Company utilizes interest rate swap agreements to modify the repricing characteristics of certain portfolios of earning assets and interest-bearing liabilities. The results of such activities are captured in the "All Other" category.

ALL OTHER CATEGORY FINANCIAL SUMMARY

The “All Other” category recorded a net loss in the first quarter of 2025 of $115 million, compared with a net loss of $23 million in the fourth quarter of 2024.

•Net interest income increased $78 million due to the favorable impact from the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments and lower net interest expense from interest rate swap agreements entered into for interest rate risk management purposes.

•Noninterest income decreased $40 million reflecting lower distributions from M&T's investment in BLG of $23 million and a net gain on bank investment securities of $18 million in the fourth quarter of 2024 that reflected realized gains on the sale of equity investments in Fannie Mae and Freddie Mac preferred securities, partially offset by net realized losses on the sale of certain non-agency investment securities.

•Provision for credit losses increased $31 million reflecting the net impact of the allocation of provision for credit losses to reportable segments.

•Noninterest expense increased $117 million reflecting a rise in personnel-related costs of $109 million, including the impact of annual merit increases and seasonally higher stock-based compensation and employee benefits expense in the recent quarter, and increased outside data processing and software costs of $12 million.

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The net loss recorded for the "All Other" category was $244 million in the first quarter of 2024.

•Net interest income increased $148 million due to the favorable impact from the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments and lower net interest expense from interest rate swap agreements entered into for interest rate risk management purposes.

•Noninterest income decreased $20 million reflecting the lack of distributions from M&T's investment in BLG in the recent quarter.

•The $43 million decrease in the provision for credit losses reflects the net impact of the allocation of the provision to the reportable segments.

•Noninterest expense decreased $34 million reflecting an FDIC special assessment expense of $29 million recorded in the first quarter of 2024.