Quartergate

Document 24

EX-99.1 2 ex991release4q24.htm EX-99.1 Document

Exhibit 99.1



			News Release
One M&T Plaza, Buffalo, NY 14203			January 16, 2025

M&T Bank Corporation (NYSE:MTB) announces fourth quarter 2024 results

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $681 million or $3.86 of diluted earnings per common share and full-year net income of $2.59 billion or $14.64 of diluted earnings per common share.


(Dollars in millions, except per share data)	4Q24			3Q24			4Q23			2024			2023
Earnings Highlights
Net interest income	$	1,728		$	1,726		$	1,722		$	6,852		$	7,115
Taxable-equivalent adjustment	12			13			13			50			54
Net interest income - taxable-equivalent	1,740			1,739			1,735			6,902			7,169
Provision for credit losses	140			120			225			610			645
Noninterest income	657			606			578			2,427			2,528
Noninterest expense	1,363			1,303			1,450			5,359			5,379
Net income	681			721			482			2,588			2,741
Net income available to common shareholders - diluted	644			674			457			2,449			2,636
Diluted earnings per common share	3.86			4.02			2.74			14.64			15.79
Return on average assets - annualized	1.28		%	1.37		%	.92		%	1.23		%	1.33		%
Return on average common shareholders' equity - annualized	9.75			10.26			7.41			9.54			11.06
Average Balance Sheet
Total assets	$	211,853		$	209,581		$	208,752		$	211,220		$	205,397
Interest-bearing deposits at banks	23,602			25,491			30,153			27,244			26,202
Investment securities	33,679			31,023			27,490			30,755			27,932
Loans and leases	135,723			134,751			132,770			134,717			132,738
Deposits	164,639			161,505			164,713			163,423			162,094
Borrowings	14,228			15,428			13,057			15,523			13,054
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin	3.58		%	3.62		%	3.61		%	3.58		%	3.83		%
Efficiency ratio (1)	56.8			55.0			62.1			56.9			54.9
Net charge-offs to average total loans - annualized	.47			.35			.44			.41			.33
Allowance for credit losses to total loans	1.61			1.62			1.59			1.61			1.59
Nonaccrual loans to total loans	1.25			1.42			1.62			1.25			1.62
Common equity Tier 1 ("CET1") capital ratio (2)	11.67			11.54			10.98			11.67			10.98
Common shareholders' equity per share	$	160.90		$	159.38		$	150.15		$	160.90		$	150.15

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.

(2) December 31, 2024 CET1 capital ratio is estimated.


Financial Highlights

•M&T's capital position continues to strengthen as the CET1 capital ratio increased for the seventh consecutive quarter to an estimated 11.67% at December 31, 2024, representing a 13 basis-point increase from 11.54% at September 30, 2024. M&T repurchased shares of its common stock for a total cost of $200 million, including the share repurchase excise tax, in the fourth quarter of 2024.

•Net interest margin of 3.58% in the recent quarter narrowed from 3.62% in the third quarter of 2024 reflecting a lower contribution of interest-free funds, partially offset by a higher net interest spread.

•Average loan growth reflected higher average balances of commercial and industrial and consumer loans, partially offset by a reduction in the average balance of commercial real estate loans.

•Higher average deposits reflected growth in average savings and interest-checking deposits and noninterest-bearing deposits and declines in higher-cost time deposits. Lower average borrowings reflected a decline in average short-term borrowings from the Federal Home Loan Bank ("FHLB") of New York.

•An increase in other income in the fourth quarter of 2024 reflected a rise in commercial mortgage banking revenues, a distribution from an equity investment and higher net gains on bank investment securities. Higher other expense in that same period reflected a loss on the redemption of certain of M&T's trust preferred obligations and vacated facility write-downs, partially offset by a pension-related distribution benefit.

•The level of nonaccrual loans improved to 1.25% of loans outstanding at December 31, 2024 from 1.42% at September 30, 2024.


Chief Financial Officer Commentary

"I would like to close out 2024 by thanking our customers for their business and our fellow colleagues at M&T for making a difference in people's lives and the communities we serve. M&T enters 2025 with resolute focus on enhancing capabilities to better serve our customers by optimizing our business processes and building more scale and resiliency for continued growth."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:

Investor Relations: Brian Klock 716.842.5138

Media Relations: Frank Lentini 929.651.0447


			Fourth Quarter 2024 Results


Non-GAAP Measures (1)

							Change 4Q24 vs.					Change 4Q24 vs.
(Dollars in millions, except per share data)	4Q24			3Q24			3Q24		4Q23			4Q23

Net operating income	$	691		$	731		-6	%	$	494		40	%
Diluted net operating earnings per common share	3.92			4.08			-4		2.81			40
Annualized return on average tangible assets	1.35		%	1.45		%			.98		%
Annualized return on average tangible common equity	14.66			15.47					11.70
Efficiency ratio	56.8			55.0					62.1
Tangible equity per common share	$	109.36		$	107.97		1		$	98.54		11

(1)A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.

For the year ended December 31, 2024, diluted net operating earnings per common share were $14.88, compared with $16.08 in 2023. Net operating income was $2.63 billion and $2.79 billion in 2024 and 2023, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in 2024 was 1.30% and 14.54%, respectively, compared with 1.42% and 17.60%, respectively, in 2023.


Taxable-equivalent Net Interest Income

							Change 4Q24 vs.					Change 4Q24 vs.
(Dollars in millions)	4Q24			3Q24			3Q24		4Q23			4Q23

Average earning assets	$	193,106		$	191,366		1	%	$	190,536		1	%
Average interest-bearing liabilities	132,313			130,775			1		127,646			4
Net interest income - taxable-equivalent	1,740			1,739			—		1,735			—
Yield on average earning assets	5.60		%	5.82		%			5.73		%
Cost of interest-bearing liabilities	2.94			3.22					3.17
Net interest spread	2.66			2.60					2.56
Net interest margin	3.58			3.62					3.61

Taxable-equivalent net interest income increased $1 million from the third quarter of 2024.

•Average interest-bearing deposits at banks decreased $1.9 billion and the yield received on those deposits declined 63 basis points.

•Average investment securities increased $2.7 billion and the rates earned on those securities increased 18 basis points.

•Average loans and leases increased $972 million while the yield received on those loans and leases decreased 21 basis points.


			Fourth Quarter 2024 Results

•Average interest-bearing deposits increased $2.7 billion while the rates paid on such deposits declined 24 basis points.

•Average borrowings declined $1.2 billion and the rates paid on such borrowings declined 32 basis points.

Taxable-equivalent net interest income increased $5 million compared with the year-earlier fourth quarter.

•Average interest-bearing deposits at banks decreased $6.6 billion and the yield received on those deposits declined 68 basis points.

•Average investment securities and average loans and leases increased $6.2 billion and $3.0 billion, respectively.

•The yield earned on average investment securities increased 75 basis points while the yield received on average loans and leases decreased 16 basis points.

•Average interest-bearing deposits rose $3.5 billion while the rates paid on those deposits decreased 26 basis points.

•Average borrowings increased $1.2 billion while the rates paid on such borrowings declined 8 basis points.

Taxable-equivalent net interest income was $6.90 billion in 2024, a decrease of $267 million, or 4%, from $7.17 billion in 2023.

•Average earning assets increased $5.8 billion to $192.8 billion in 2024 from $187.0 billion in 2023, reflecting purchases of investment securities and loan growth.

•Yields earned on average investment securities and average loans and leases increased 55 and 24 basis points, respectively.

•Average interest-bearing liabilities increased $12.0 billion reflecting a rise in interest-bearing deposits of $9.5 billion and borrowings of $2.5 billion.

•Rates paid on average interest-bearing deposits and borrowings increased 57 and 37 basis points, respectively.


Average Earning Assets

					Change 4Q24 vs.				Change 4Q24 vs.
(Dollars in millions)	4Q24		3Q24		3Q24		4Q23		4Q23
Interest-bearing deposits at banks	$	23,602	$	25,491	-7	%	$	30,153	-22	%

Trading account	102		101		1		123		-17
Investment securities	33,679		31,023		9		27,490		23
Loans and leases
Commercial and industrial	60,704		59,779		2		55,420		10
Real estate - commercial	27,896		29,075		-4		33,455		-17
Real estate - consumer	23,088		22,994		—		23,339		-1
Consumer	24,035		22,903		5		20,556		17
Total loans and leases	135,723		134,751		1		132,770		2
Total earning assets	$	193,106	$	191,366	1		$	190,536	1


			Fourth Quarter 2024 Results

Average earning assets increased $1.7 billion, or 1%, from the third quarter of 2024.

•Average interest-bearing deposits at banks decreased $1.9 billion reflecting purchases of investment securities, maturities of short-term FHLB advances and increases in average loans, partially offset by increases in average deposits.

•Average investment securities increased $2.7 billion primarily due to purchases of fixed rate agency mortgage-backed and U.S. Treasury securities during the third and fourth quarters of 2024.

•Average loans and leases increased $972 million primarily reflective of higher average consumer loans of $1.1 billion and average commercial and industrial loans and leases of $925 million, reflecting lending activities to financial and insurance industry customers and motor vehicle and recreational finance dealers, partially offset by a decrease in average commercial real estate loans of $1.2 billion.

Average earning assets increased $2.6 billion, or 1%, from the year-earlier fourth quarter.

•Average interest-bearing deposits at banks decreased $6.6 billion reflecting purchases of investment securities and loan growth, partially offset by higher average deposits and borrowings.

•Average investment securities increased $6.2 billion primarily reflecting purchases of fixed rate agency mortgage-backed and U.S. Treasury securities in 2024.

•Average loans and leases increased $3.0 billion predominantly due to higher average commercial and industrial loans and leases of $5.3 billion, reflecting growth spanning most industry types, and average consumer loans of $3.5 billion, reflecting higher average recreational finance and automobile loans, partially offset by a $5.6 billion decline in average commercial real estate loans.


Average Interest-bearing Liabilities

					Change 4Q24 vs.				Change 4Q24 vs.
(Dollars in millions)	4Q24		3Q24		3Q24		4Q23		4Q23
Interest-bearing deposits
Savings and interest-checking deposits	$	102,127	$	98,295	4	%	$	93,365	9	%
Time deposits	15,958		17,052		-6		21,224		-25
Total interest-bearing deposits	118,085		115,347		2		114,589		3
Short-term borrowings	2,563		4,034		-36		5,156		-50
Long-term borrowings	11,665		11,394		2		7,901		48
Total interest-bearing liabilities	$	132,313	$	130,775	1		$	127,646	4

Brokered savings and interest-checking deposits	$	9,690	$	8,831	10	%	$	6,706	44	%
Brokered time deposits	1,740		2,114		-18		7,253		-76
Total brokered deposits	$	11,430	$	10,945	4		$	13,959	-18

Average interest-bearing liabilities increased $1.5 billion, or 1%, from the third quarter of 2024.

•Average interest-bearing deposits rose $2.7 billion, reflecting an increase of$2.3 billion in average non-brokered deposits and $485 million in average brokered deposits.

•Average borrowings decreased $1.2 billion reflecting lower average short-term borrowings from the FHLB of New York in the recent quarter.


			Fourth Quarter 2024 Results

Average interest-bearing liabilities increased $4.7 billion, or 4%, from the fourth quarter of 2023.

•Average interest-bearing deposits rose $3.5 billion reflecting a $6.0 billion increase in average non-brokered deposits, partially offset by a $2.5 billion decrease in average brokered deposits.

•Average borrowings increased $1.2 billion reflecting the issuances of senior notes and other long-term debt in 2024, partially offset by lower average short-term borrowings.


Provision for Credit Losses/Asset Quality

							Change 4Q24 vs.					Change 4Q24 vs.
(Dollars in millions)	4Q24			3Q24			3Q24		4Q23			4Q23
At end of quarter
Nonaccrual loans	$	1,690		$	1,926		-12	%	$	2,166		-22	%
Real estate and other foreclosed assets	35			37			-6		39			-9
Total nonperforming assets	1,725			1,963			-12		2,205			-22
Accruing loans past due 90 days or more (1)	338			288			17		339			—
Nonaccrual loans as % of loans outstanding	1.25		%	1.42		%			1.62		%

Allowance for credit losses	$	2,184		$	2,204		-1		$	2,129		3
Allowance for credit losses as % of loans outstanding	1.61		%	1.62		%			1.59		%

For the period
Provision for credit losses	$	140		$	120		17		$	225		-38
Net charge-offs	160			120			34		148			8
Net charge-offs as % of average loans (annualized)	.47		%	.35		%			.44		%

(1)Predominantly government-guaranteed residential real estate loans.

The provision for credit losses was $610 million in 2024 as compared with $645 million in 2023. That decrease reflects a decline in commercial real estate criticized loans, partially offset by growth in certain sectors of M&T's commercial and industrial and consumer loan portfolios. For 2024 and 2023, net charge-offs were $555 million and $441 million, respectively, representing .41% and .33%, respectively, of average loans outstanding. The increased level of net charge-offs in 2024 was predominantly comprised of higher commercial and industrial and consumer loan net charge-offs.

Nonaccrual loans were $1.7 billion at December 31, 2024, $236 million lower than at September 30, 2024 and $476 million lower than at December 31, 2023. The lower level of nonaccrual loans at the recent quarter end as compared with September 30, 2024 and December 31, 2023 was predominantly attributable to a decrease in commercial real estate nonaccrual loans.


			Fourth Quarter 2024 Results


Noninterest Income

					Change 4Q24 vs.				Change 4Q24 vs.
(Dollars in millions)	4Q24		3Q24		3Q24		4Q23		4Q23
Mortgage banking revenues	$	117	$	109	8	%	$	112	4	%
Service charges on deposit accounts	131		132		—		121		9
Trust income	175		170		3		159		11
Brokerage services income	30		32		-1		26		18
Trading account and other non-hedging derivative gains	10		13		-33		11		-20
Gain (loss) on bank investment securities	18		(2)		—		4		407
Other revenues from operations	176		152		15		145		20
Total	$	657	$	606	8		$	578	14

Noninterest income in the fourth quarter of 2024 increased $51 million, or 8%, from 2024's third quarter.

•Mortgage banking revenues rose $8 million predominantly due to higher gains on sales of commercial mortgage loans.

•The gain on bank investment securities in the fourth quarter of 2024 reflects realized gains on the sales of Fannie Mae and Freddie Mac preferred securities.

•Other revenues from operations increased $24 million reflecting a $23 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG") received in the recent quarter.

Noninterest income rose $79 million, or 14%, as compared with the year-earlier fourth quarter.

•Service charges on deposit accounts increased $10 million reflecting a rise in commercial service charges.

•Trust income increased $16 million predominantly due to higher sales and fees from the Company's global capital markets business and improved market performance in the wealth management business.

•The higher gain on bank investment securities in the fourth quarter of 2024 as compared with the fourth quarter of 2023 reflects realized gains on the sales of Fannie Mae and Freddie Mac preferred securities in the recent quarter.

•Other revenue from operations increased $31 million reflecting a $23 million distribution from M&T's investment in BLG.

Noninterest income declined $101 million, or 4%, to $2.43 billion in 2024 as compared with $2.53 billion in 2023, reflecting the sale of the Collective Investment Trust ("CIT") business in April 2023, partially offset by higher service charges on deposit accounts, non-CIT business related trust income, mortgage banking revenues, brokerage services income and distributions from M&T's investment in BLG.


			Fourth Quarter 2024 Results


Noninterest Expense

					Change 4Q24 vs.				Change 4Q24 vs.
(Dollars in millions)	4Q24		3Q24		3Q24		4Q23		4Q23
Salaries and employee benefits	$	790	$	775	2	%	$	724	9	%
Equipment and net occupancy	133		125		7		134		-1
Outside data processing and software	125		123		1		114		9
Professional and other services	80		88		-7		99		-18
FDIC assessments	24		25		-6		228		-90
Advertising and marketing	30		27		11		26		17
Amortization of core deposit and other intangible assets	13		12		—		15		-15
Other costs of operations	168		128		31		110		52
Total	$	1,363	$	1,303	5		$	1,450	-6

Noninterest expense rose $60 million, or 5%, from the third quarter of 2024.

•Salaries and employee benefits expenses increased $15 million, inclusive of higher incentive compensation.

•Other costs of operations increased $40 million reflecting a $20 million loss on the redemption of certain of M&T's trust preferred obligations and a $27 million write-down of two vacated office facilities in the fourth quarter of 2024. Offsetting these charges was a $12 million benefit associated with the solicited election of certain participants in M&T's pension plan to accept a lump-sum distribution in the fourth quarter of 2024 in lieu of future retirement benefit payments. Other costs of operations in the third quarter of 2024 included costs incurred due to the Company's obligation under various agreements to share in losses stemming from certain litigation of Visa, Inc.

Noninterest expense decreased $87 million, or 6%, from the fourth quarter of 2023.

•Salaries and employee benefits expenses increased $66 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower average employee staffing levels.

•Outside data processing and software rose $11 million reflecting higher software maintenance and data processing expenses.

•Professional and other services decreased $19 million largely due to lower consulting expenses.

•The decline in FDIC assessments reflects a $197 million special assessment recorded in the fourth quarter of 2023.

•Other costs of operations increased $58 million reflecting, in the fourth quarter of 2024, the redemption of certain of M&T's trust preferred obligations and vacated facility write-downs, partially offset by a benefit related to voluntary lump-sum distributions to certain M&T pension plan participants.

For the year ended December 31, 2024, noninterest expense aggregated $5.36 billion, compared with $5.38 billion in 2023. The $20 million decrease in noninterest expenses reflected FDIC special assessments of $197 million in 2023 and $34 million in 2024, lower professional and other services expense, reflecting lower sub-advisory fees resulting from the sale of the CIT business in April 2023 and a decline in management consulting fees, partially offset by higher salaries and employee benefits expenses, reflecting annual merit and other increases and a rise in incentive compensation, and higher outside data processing and software costs.


			Fourth Quarter 2024 Results


Income Taxes

The Company's effective income tax rate was 22.8% in the fourth quarter of 2024, compared with 20.7% and 22.9% in the third quarter of 2024 and fourth quarter of 2023, respectively. Income tax expense in the third quarter of 2024 reflects a discrete tax benefit related to certain tax credits claimed on a prior year tax return. The Company's effective tax rates were 21.8% and 24.3% in 2024 and 2023, respectively. Income tax expense in 2024 as compared with 2023 reflects a discrete tax benefit claimed on a prior year tax return and a net discrete tax benefit related to the resolution of an income tax matter inherited from the acquisition of People's United.


Capital

	4Q24			3Q24		4Q23
CET1	11.67	%	(1)	11.54	%	10.98	%
Tier 1 capital	13.20		(1)	13.08		12.29
Total capital	14.72		(1)	14.65		13.99
Tangible capital – common	9.07			8.83		8.20

(1)December 31, 2024 capital ratios are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled$226 million and $35 million, respectively, for the quarter ended December 31, 2024.

The CET1 capital ratio for M&T was estimated at 11.67% as of December 31, 2024. M&T's total risk-weighted assets at December 31, 2024 are estimated to be $156.7 billion.

M&T repurchased 957,988 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $206.70 resulting in a total cost, including the share repurchase excise tax, of $200 million, compared with 1,190,054 shares at an average cost per share of $166.40 and a total cost, including the share repurchase excise tax, of $200 million in third quarter of 2024. No share repurchases occurred in the fourth quarter of 2023.


Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss fourth quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ424. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Thursday January 23, 2025 by calling (800) 727-6189, or (402) 220-2671 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.


About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.


			Fourth Quarter 2024 Results


Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.


			Fourth Quarter 2024 Results

Financial Highlights


	Three months ended								Year ended
	December 31,								December 31,
(Dollars in millions, except per share, shares in thousands)	2024			2023			Change		2024			2023			Change

Performance
Net income	$	681		$	482		41	%	$	2,588		$	2,741		-6	%
Net income available to common shareholders	644			457			41		2,449			2,636			-7
Per common share:
Basic earnings	3.88			2.75			41		14.71			15.85			-7
Diluted earnings	3.86			2.74			41		14.64			15.79			-7
Cash dividends	1.35			1.30			4		5.35			5.20			3
Common shares outstanding:
Average - diluted (1)	166,969			166,731			—		167,319			167,002			—
Period end (2)	165,526			166,149			—		165,526			166,149			—
Return on (annualized):
Average total assets	1.28		%	.92		%			1.23		%	1.33		%
Average common shareholders' equity	9.75			7.41					9.54			11.06
Taxable-equivalent net interest income	$	1,740		$	1,735		—		$	6,902		$	7,169		-4
Yield on average earning assets	5.60		%	5.73		%			5.74		%	5.50		%
Cost of interest-bearing liabilities	2.94			3.17					3.17			2.60
Net interest spread	2.66			2.56					2.57			2.90
Contribution of interest-free funds	.92			1.05					1.01			.93
Net interest margin	3.58			3.61					3.58			3.83
Net charge-offs to average total net loans (annualized)	.47			.44					.41			.33
Net operating results (3)
Net operating income	$	691		$	494		40		$	2,630		$	2,789		-6
Diluted net operating earnings per common share	3.92			2.81			40		14.88			16.08			-7
Return on (annualized):
Average tangible assets	1.35		%	.98		%			1.30		%	1.42		%
Average tangible common equity	14.66			11.70					14.54			17.60
Efficiency ratio	56.8			62.1					56.9			54.9

	At December 31,
Loan quality	2024			2023			Change
Nonaccrual loans	$	1,690		$	2,166		-22	%
Real estate and other foreclosed assets	35			39			-9
Total nonperforming assets	$	1,725		$	2,205		-22
Accruing loans past due 90 days or more (4)	$	338		$	339		—
Government guaranteed loans included in totals above:
Nonaccrual loans	$	69		$	53		31
Accruing loans past due 90 days or more	318			298			7
Nonaccrual loans to total loans	1.25		%	1.62		%
Allowance for credit losses to total loans	1.61			1.59
Additional information
Period end common stock price	$	188.01		$	137.08		37
Domestic banking offices	955			961			-1
Full time equivalent employees	22,101			21,980			1

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 17.

(4) Predominantly residential real estate loans.


			Fourth Quarter 2024 Results

Financial Highlights, Five Quarter Trend


	Three months ended
	December 31,			September 30,			June 30,			March 31,			December 31,
(Dollars in millions, except per share, shares in thousands)	2024			2024			2024			2024			2023
Performance
Net income	$	681		$	721		$	655		$	531		$	482
Net income available to common shareholders	644			674			626			505			457
Per common share:
Basic earnings	3.88			4.04			3.75			3.04			2.75
Diluted earnings	3.86			4.02			3.73			3.02			2.74
Cash dividends	1.35			1.35			1.35			1.30			1.30
Common shares outstanding:
Average - diluted (1)	166,969			167,567			167,659			167,084			166,731
Period end (2)	165,526			166,157			167,225			166,724			166,149
Return on (annualized):
Average total assets	1.28		%	1.37		%	1.24		%	1.01		%	.92		%
Average common shareholders' equity	9.75			10.26			9.95			8.14			7.41
Taxable-equivalent net interest income	$	1,740		$	1,739		$	1,731		$	1,692		$	1,735
Yield on average earning assets	5.60		%	5.82		%	5.82		%	5.74		%	5.73		%
Cost of interest-bearing liabilities	2.94			3.22			3.26			3.26			3.17
Net interest spread	2.66			2.60			2.56			2.48			2.56
Contribution of interest-free funds	.92			1.02			1.03			1.04			1.05
Net interest margin	3.58			3.62			3.59			3.52			3.61
Net charge-offs to average total net loans (annualized)	.47			.35			.41			.42			.44
Net operating results (3)
Net operating income	$	691		$	731		$	665		$	543		$	494
Diluted net operating earnings per common share	3.92			4.08			3.79			3.09			2.81
Return on (annualized):
Average tangible assets	1.35		%	1.45		%	1.31		%	1.08		%	.98		%
Average tangible common equity	14.66			15.47			15.27			12.67			11.70
Efficiency ratio	56.8			55.0			55.3			60.8			62.1

	December 31,			September 30,			June 30,			March 31,			December 31,
Loan quality	2024			2024			2024			2024			2023
Nonaccrual loans	$	1,690		$	1,926		$	2,024		$	2,302		$	2,166
Real estate and other foreclosed assets	35			37			33			38			39
Total nonperforming assets	$	1,725		$	1,963		$	2,057		$	2,340		$	2,205
Accruing loans past due 90 days or more (4)	$	338		$	288		$	233		$	297		$	339
Government guaranteed loans included in totals above:
Nonaccrual loans	$	69		$	69		$	64		$	62		$	53
Accruing loans past due 90 days or more	318			269			215			244			298
Nonaccrual loans to total loans	1.25		%	1.42		%	1.50		%	1.71		%	1.62		%
Allowance for credit losses to total loans	1.61			1.62			1.63			1.62			1.59
Additional information
Period end common stock price	$	188.01		$	178.12		$	151.36		$	145.44		$	137.08
Domestic banking offices	955			957			957			958			961
Full time equivalent employees	22,101			21,986			22,110			21,927			21,980

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(4) Predominantly residential real estate loans.


			Fourth Quarter 2024 Results

Condensed Consolidated Statement of Income


	Three months ended						Year ended
	December 31,						December 31,
(Dollars in millions)	2024		2023		Change		2024		2023		Change
Interest income	$	2,707	$	2,740	-1	%	$	11,026	$	10,224	8	%
Interest expense	979		1,018		-4		4,174		3,109		34
Net interest income	1,728		1,722		—		6,852		7,115		-4
Provision for credit losses	140		225		-38		610		645		-5
Net interest income after provision for credit losses	1,588		1,497		6		6,242		6,470		-4
Other income
Mortgage banking revenues	117		112		4		436		409		7
Service charges on deposit accounts	131		121		9		514		475		8
Trust income	175		159		11		675		680		-1
Brokerage services income	30		26		18		121		102		19
Trading account and other non-hedging derivative gains	10		11		-20		39		49		-21
Gain (loss) on bank investment securities	18		4		407		10		4		158
Other revenues from operations	176		145		20		632		809		-22
Total other income	657		578		14		2,427		2,528		-4
Other expense
Salaries and employee benefits	790		724		9		3,162		2,997		6
Equipment and net occupancy	133		134		-1		512		520		-2
Outside data processing and software	125		114		9		492		437		13
Professional and other services	80		99		-18		344		413		-17
FDIC assessments	24		228		-90		146		315		-54
Advertising and marketing	30		26		17		104		108		-3
Amortization of core deposit and other intangible assets	13		15		-15		53		62		-15
Other costs of operations	168		110		52		546		527		3
Total other expense	1,363		1,450		-6		5,359		5,379		—
Income before taxes	882		625		41		3,310		3,619		-9
Income taxes	201		143		41		722		878		-18
Net income	$	681	$	482	41	%	$	2,588	$	2,741	-6	%


			Fourth Quarter 2024 Results

Condensed Consolidated Statement of Income, Five Quarter Trend


	Three months ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(Dollars in millions)	2024		2024		2024		2024		2023
Interest income	$	2,707	$	2,785	$	2,789	$	2,745	$	2,740
Interest expense	979		1,059		1,071		1,065		1,018
Net interest income	1,728		1,726		1,718		1,680		1,722
Provision for credit losses	140		120		150		200		225
Net interest income after provision for credit losses	1,588		1,606		1,568		1,480		1,497
Other income
Mortgage banking revenues	117		109		106		104		112
Service charges on deposit accounts	131		132		127		124		121
Trust income	175		170		170		160		159
Brokerage services income	30		32		30		29		26
Trading account and other non-hedging derivative gains	10		13		7		9		11
Gain (loss) on bank investment securities	18		(2)		(8)		2		4
Other revenues from operations	176		152		152		152		145
Total other income	657		606		584		580		578
Other expense
Salaries and employee benefits	790		775		764		833		724
Equipment and net occupancy	133		125		125		129		134
Outside data processing and software	125		123		124		120		114
Professional and other services	80		88		91		85		99
FDIC assessments	24		25		37		60		228
Advertising and marketing	30		27		27		20		26
Amortization of core deposit and other intangible assets	13		12		13		15		15
Other costs of operations	168		128		116		134		110
Total other expense	1,363		1,303		1,297		1,396		1,450
Income before taxes	882		909		855		664		625
Income taxes	201		188		200		133		143
Net income	$	681	$	721	$	655	$	531	$	482


			Fourth Quarter 2024 Results

Condensed Consolidated Balance Sheet


	December 31,
(Dollars in millions)	2024		2023		Change
ASSETS
Cash and due from banks	$	1,909	$	1,731	10	%
Interest-bearing deposits at banks	18,873		28,069		-33

Trading account	101		106		-4
Investment securities	34,051		26,897		27
Loans and leases:
Commercial and industrial	61,481		57,010		8
Real estate - commercial	26,764		33,003		-19
Real estate - consumer	23,166		23,264		—
Consumer	24,170		20,791		16
Total loans and leases	135,581		134,068		1
Less: allowance for credit losses	2,184		2,129		3
Net loans and leases	133,397		131,939		1
Goodwill	8,465		8,465		—
Core deposit and other intangible assets	94		147		-36
Other assets	11,215		10,910		3
Total assets	$	208,105	$	208,264	—	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	46,020	$	49,294	-7	%
Interest-bearing deposits	115,075		113,980		1

Total deposits	161,095		163,274		-1
Short-term borrowings	1,060		5,316		-80
Accrued interest and other liabilities	4,318		4,516		-4
Long-term borrowings	12,605		8,201		54
Total liabilities	179,078		181,307		-1
Shareholders' equity:
Preferred	2,394		2,011		19
Common	26,633		24,946		7
Total shareholders' equity	29,027		26,957		8
Total liabilities and shareholders' equity	$	208,105	$	208,264	—	%


			Fourth Quarter 2024 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend


	December 31,		September 30,		June 30,		March 31,		December 31,
(Dollars in millions)	2024		2024		2024		2024		2023
ASSETS
Cash and due from banks	$	1,909	$	2,216	$	1,778	$	1,695	$	1,731
Interest-bearing deposits at banks	18,873		24,417		24,792		32,144		28,069

Trading account	101		102		99		99		106
Investment securities	34,051		32,327		29,894		28,496		26,897
Loans and leases
Commercial and industrial	61,481		61,012		60,027		57,897		57,010
Real estate - commercial	26,764		28,683		29,532		32,416		33,003
Real estate - consumer	23,166		23,019		23,003		23,076		23,264
Consumer	24,170		23,206		22,440		21,584		20,791
Total loans and leases	135,581		135,920		135,002		134,973		134,068
Less: allowance for credit losses	2,184		2,204		2,204		2,191		2,129
Net loans and leases	133,397		133,716		132,798		132,782		131,939
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	94		107		119		132		147
Other assets	11,215		10,435		10,910		11,324		10,910
Total assets	$	208,105	$	211,785	$	208,855	$	215,137	$	208,264

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	46,020	$	47,344	$	47,729	$	50,578	$	49,294
Interest-bearing deposits	115,075		117,210		112,181		116,618		113,980

Total deposits	161,095		164,554		159,910		167,196		163,274
Short-term borrowings	1,060		2,605		4,764		4,795		5,316
Accrued interest and other liabilities	4,318		4,167		4,438		4,527		4,516
Long-term borrowings	12,605		11,583		11,319		11,450		8,201
Total liabilities	179,078		182,909		180,431		187,968		181,307
Shareholders' equity:
Preferred	2,394		2,394		2,744		2,011		2,011
Common	26,633		26,482		25,680		25,158		24,946
Total shareholders' equity	29,027		28,876		28,424		27,169		26,957
Total liabilities and shareholders' equity	$	208,105	$	211,785	$	208,855	$	215,137	$	208,264


			Fourth Quarter 2024 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates


	Three months ended												Change in balance				Year ended
	December 31,				September 30,				December 31,				December 31, 2024 from				December 31,								Change
(Dollars in millions)	2024				2024				2023				September 30,		December 31,		2024				2023				in
	Balance		Rate		Balance		Rate		Balance		Rate		2024		2023		Balance		Rate		Balance		Rate		balance
ASSETS
Interest-bearing deposits at banks	$	23,602	4.80	%	$	25,491	5.43	%	$	30,153	5.48	%	-7	%	-22	%	$	27,244	5.33	%	$	26,202	5.19	%	4	%

Trading account	102		3.37		101		3.40		123		3.80		1		-17		102		3.42		133		3.20		-24
Investment securities	33,679		3.88		31,023		3.70		27,490		3.13		9		23		30,755		3.64		27,932		3.09		10
Loans and leases:
Commercial and industrial	60,704		6.56		59,779		7.01		55,420		7.01		2		10		58,871		6.90		54,271		6.71		8
Real estate - commercial	27,896		6.25		29,075		6.27		33,455		6.54		-4		-17		30,271		6.32		34,473		6.33		-12
Real estate - consumer	23,088		4.45		22,994		4.41		23,339		4.25		—		-1		23,056		4.36		23,614		4.11		-2
Consumer	24,035		6.65		22,903		6.72		20,556		6.42		5		17		22,519		6.63		20,380		6.03		10
Total loans and leases	135,723		6.17		134,751		6.38		132,770		6.33		1		2		134,717		6.31		132,738		6.07		1
Total earning assets	193,106		5.60		191,366		5.82		190,536		5.73		1		1		192,818		5.74		187,005		5.50		3
Goodwill	8,465				8,465				8,465				—		—		8,465				8,473				—
Core deposit and other intangible assets	100				113				154				-11		-35		120				177				-32
Other assets	10,182				9,637				9,597				6		6		9,817				9,742				1
Total assets	$	211,853			$	209,581			$	208,752			1	%	1	%	$	211,220			$	205,397			3	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$	102,127	2.44	%	$	98,295	2.65	%	$	93,365	2.58	%	4	%	9	%	$	97,824	2.57	%	$	89,489	1.95	%	9	%
Time deposits	15,958		3.95		17,052		4.19		21,224		4.30		-6		-25		18,339		4.26		17,131		3.92		7
Total interest-bearing deposits	118,085		2.64		115,347		2.88		114,589		2.90		2		3		116,163		2.84		106,620		2.27		9
Short-term borrowings	2,563		4.93		4,034		5.60		5,156		5.27		-36		-50		4,440		5.45		5,758		5.07		-23
Long-term borrowings	11,665		5.57		11,394		5.83		7,901		5.70		2		48		11,083		5.76		7,296		5.49		52
Total interest-bearing liabilities	132,313		2.94		130,775		3.22		127,646		3.17		1		4		131,686		3.17		119,674		2.60		10
Noninterest-bearing deposits	46,554				46,158				50,124				1		-7		47,260				55,474				-15
Other liabilities	4,279				3,923				4,482				9		-5		4,222				4,350				-3
Total liabilities	183,146				180,856				182,252				1		—		183,168				179,498				2
Shareholders' equity	28,707				28,725				26,500				—		8		28,052				25,899				8
Total liabilities and shareholders' equity	$	211,853			$	209,581			$	208,752			1	%	1	%	$	211,220			$	205,397			3	%
Net interest spread			2.66				2.60				2.56								2.57				2.90
Contribution of interest-free funds			.92				1.02				1.05								1.01				.93
Net interest margin			3.58	%			3.62	%			3.61	%							3.58	%			3.83	%


			Fourth Quarter 2024 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures


	Three months ended						Year ended
	December 31,						December 31,
	2024			2023			2024			2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	681		$	482		$	2,588		$	2,741
Amortization of core deposit and other intangible assets (1)	10			12			42			48

Net operating income	$	691		$	494		$	2,630		$	2,789
Earnings per common share
Diluted earnings per common share	$	3.86		$	2.74		$	14.64		$	15.79
Amortization of core deposit and other intangible assets (1)	.06			.07			.24			.29

Diluted net operating earnings per common share	$	3.92		$	2.81		$	14.88		$	16.08
Other expense
Other expense	$	1,363		$	1,450		$	5,359		$	5,379
Amortization of core deposit and other intangible assets	(13)			(15)			(53)			(62)

Noninterest operating expense	$	1,350		$	1,435		$	5,306		$	5,317










Efficiency ratio
Noninterest operating expense (numerator)	$	1,350		$	1,435		$	5,306		$	5,317
Taxable-equivalent net interest income	$	1,740		$	1,735		$	6,902		$	7,169
Other income	657			578			2,427			2,528
Less: Gain (loss) on bank investment securities	18			4			10			4
Denominator	$	2,379		$	2,309		$	9,319		$	9,693
Efficiency ratio	56.8		%	62.1		%	56.9		%	54.9		%
Balance sheet data
Average assets
Average assets	$	211,853		$	208,752		$	211,220		$	205,397
Goodwill	(8,465)			(8,465)			(8,465)			(8,473)
Core deposit and other intangible assets	(100)			(154)			(120)			(177)
Deferred taxes	29			39			33			44
Average tangible assets	$	203,317		$	200,172		$	202,668		$	196,791
Average common equity
Average total equity	$	28,707		$	26,500		$	28,052		$	25,899
Preferred stock	(2,394)			(2,011)			(2,344)			(2,011)
Average common equity	26,313			24,489			25,708			23,888
Goodwill	(8,465)			(8,465)			(8,465)			(8,473)
Core deposit and other intangible assets	(100)			(154)			(120)			(177)
Deferred taxes	29			39			33			44
Average tangible common equity	$	17,777		$	15,909		$	17,156		$	15,282
At end of quarter
Total assets
Total assets	$	208,105		$	208,264
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(94)			(147)
Deferred taxes	28			37
Total tangible assets	$	199,574		$	199,689
Total common equity
Total equity	$	29,027		$	26,957
Preferred stock	(2,394)			(2,011)

Common equity	26,633			24,946
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(94)			(147)
Deferred taxes	28			37
Total tangible common equity	$	18,102		$	16,371

(1) After any related tax effect.


			Fourth Quarter 2024 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend


	Three months ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	681		$	721		$	655		$	531		$	482
Amortization of core deposit and other intangible assets (1)	10			10			10			12			12

Net operating income	$	691		$	731		$	665		$	543		$	494
Earnings per common share
Diluted earnings per common share	$	3.86		$	4.02		$	3.73		$	3.02		$	2.74
Amortization of core deposit and other intangible assets (1)	.06			.06			.06			.07			.07

Diluted net operating earnings per common share	$	3.92		$	4.08		$	3.79		$	3.09		$	2.81
Other expense
Other expense	$	1,363		$	1,303		$	1,297		$	1,396		$	1,450
Amortization of core deposit and other intangible assets	(13)			(12)			(13)			(15)			(15)

Noninterest operating expense	$	1,350		$	1,291		$	1,284		$	1,381		$	1,435










Efficiency ratio
Noninterest operating expense (numerator)	$	1,350		$	1,291		$	1,284		$	1,381		$	1,435
Taxable-equivalent net interest income	$	1,740		$	1,739		$	1,731		$	1,692		$	1,735
Other income	657			606			584			580			578
Less: Gain (loss) on bank investment securities	18			(2)			(8)			2			4
Denominator	$	2,379		$	2,347		$	2,323		$	2,270		$	2,309
Efficiency ratio	56.8		%	55.0		%	55.3		%	60.8		%	62.1		%
Balance sheet data
Average assets
Average assets	$	211,853		$	209,581		$	211,981		$	211,478		$	208,752
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(100)			(113)			(126)			(140)			(154)
Deferred taxes	29			28			30			33			39
Average tangible assets	$	203,317		$	201,031		$	203,420		$	202,906		$	200,172
Average common equity
Average total equity	$	28,707		$	28,725		$	27,745		$	27,019		$	26,500
Preferred stock	(2,394)			(2,565)			(2,405)			(2,011)			(2,011)
Average common equity	26,313			26,160			25,340			25,008			24,489
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(100)			(113)			(126)			(140)			(154)
Deferred taxes	29			28			30			33			39
Average tangible common equity	$	17,777		$	17,610		$	16,779		$	16,436		$	15,909
At end of quarter
Total assets
Total assets	$	208,105		$	211,785		$	208,855		$	215,137		$	208,264
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(94)			(107)			(119)			(132)			(147)
Deferred taxes	28			30			31			34			37
Total tangible assets	$	199,574		$	203,243		$	200,302		$	206,574		$	199,689
Total common equity
Total equity	$	29,027		$	28,876		$	28,424		$	27,169		$	26,957
Preferred stock	(2,394)			(2,394)			(2,744)			(2,011)			(2,011)

Common equity	26,633			26,482			25,680			25,158			24,946
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(94)			(107)			(119)			(132)			(147)
Deferred taxes	28			30			31			34			37
Total tangible common equity	$	18,102		$	17,940		$	17,127		$	16,595		$	16,371

(1) After any related tax effect.

Document 1

EX-99.2 3 a4q24earningspresentatio.htm EX-99.2 a4q24earningspresentatio

Earnings Results 4th Quarter 2024 January 16, 2025 Exhibit 99.2

2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“SEC”). Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T’s credit ratings; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/ financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Forward-Looking Statements and Non-GAAP Financial Measures

33 Purpose To make a difference in people’s lives. Mission We are a bank for communities – committed to improving the lives of our customers and all the communities we touch. Operating Principles Local Scale Credit Discipline Operating & Capital Efficiency

Making a positive impact on our communities, customers, and colleagues Fostering Prosperity in Our Communities Investing in Our Employees Strong Governance and Consistent Leadership Preserving our Environment Sustainability Accomplishments and Highlights (1) Following the criteria for independence required by the New York Stock Exchange as well as M&T's Corporate Governance Standards. (2) Until M&T reaches carbon neutrality – 412 people participated in specialized M&T learning and development programs, which have been running for four decades – 9.6 years average employee tenure – 80 Employee Resource Group chapters with participation by 51% of managers and 35% of employees (non-managers) – 94% participation by M&T employees in M&T's 401(k) plan – Ranked #10 SBA Lender in the country (FY2024), the 16th consecutive year among the nation’s top 10 SBA Lenders – ~$54 million contributed by M&T and The M&T Charitable Foundation to supporting our communities – Highest possible CRA rating from Federal Reserve since 1982 – $2.5 billion of social sustainable finance loans and investments – 94% of Board members are independent (1) – More than 40% of M&T's Board of Directors team is diverse (25% of directors are women, 19% of directors are people of color) – 17-year average tenure for executive officers – $671 million made in environmental sustainable finance loans and investments – Reduced combined scope 1 and 2 emissions by 8.5% YoY – Goal: Carbon neutral by 2035 including Scope 1 and 2 (Market) GHG emissions, with interim reduction targets based on our 2023 baseline (20% reduction by 2027 and 45% reduction by 2030) – Goal: Offset 100% of electricity use with Renewable Energy by 2030 (2) 4 Note: All data except for SBA data and Board of Directors data are as of December 31, 2023. SBA data is for the period October 1, 2023 to September 30, 2024. Board of Directors data is as of December 31, 2024. The metrics and methodologies included in sustainable finance reporting are subject to change based on the best information available. M&T continues to review and enhance its reporting capabilities in line with applicable legal and regulatory requirements and industry standards and practices. Sustainability Bond Issuance – Published Sustainable Financing Framework and associated Second-Party Opinion in 2024 – In December 2024, M&T issued its first sustainability bond ($500 million)

5 J.D. Power 2024 U.S. Banking Mobile App Satisfaction Study; among banks with $70B to $200B in deposits. Visit jdpower.com/awards for more details. Key Awards and Accolades #1 in Customer Satisfaction with Mobile Banking Apps among Regional Banks Association for Talent Development

6 Financial Results

7 • Improved CET1 ratio to 11.67%(5) • Reduced CRE concentration ratio from 183% at 12/31/2023 to 136% at 12/31/2024 • Resumed share repurchases, including $400 million(6) in the second half of 2024 • Significantly reduced nonaccrual and criticized loan balances Note: (1) A net discrete tax benefit of $17 million ($0.10 earnings per share) and $14 million ($0.08 earnings per share) were recognized in Q1 2024 and Q3 2024, respectively. (2) Amounts presented before any related tax effect. (3) Included in other costs of operations. (4) Included in other revenues from operations. (5) Estimated at December 31, 2024. (6) Includes share repurchase excise tax. Full Year 2024 Highlights GAAP ($ in millions, except per share) 2024 2023 Revenues $9,279 $9,643 Noninterest Expense 5,359 5,379 Provision for Credit Losses 610 645 Net Income 2,588 2,741 Diluted EPS 14.64 15.79 Return on Assets 1.23% 1.33% Return on Common Equity 9.54 11.06 Net Interest Margin 3.58 3.83 Net Charge-offs % Avg Loans .41 .33 Notable items ($ in millions, except per share) 2024 2023 Amt EPS Amt EPS Discrete Tax Benefits(1) $31 $0.19 $— $— Pension Plan Distribution Benefit(2)(3) 12 0.05 — — Non-core Securities Net Gains(2) 10 0.04 — — Gain on Sale of Collective Investment Trust ("CIT")(2)(4) — — 225 0.94 Redemption of Trust Preferred Obligations(2)(3) (20) (0.09) — — Vacated Facility Write- downs(2)(3) (27) (0.12) — — FDIC Special Assessment(2) (34) (0.15) (197) (0.88)

8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. • Tangible Book Value per Share increased +11% YoY Full Year 2024 Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2024 2023 Net Operating Income $2,630 $2,789 Diluted Net Operating EPS 14.88 16.08 Efficiency Ratio 56.9% 54.9% Net Operating ROTA 1.30 1.42 Net Operating ROTCE 14.54 17.60 Tangible Book Value per Share (2) $109.36 $98.54

9 • Revenues increased +2% QoQ • Diluted EPS increased +41% YoY • Provision for Credit Losses declined -38% YoY Notable items ($ in millions, except per share) 4Q24 3Q24 4Q23 Amt EPS Amt EPS Amt EPS Non-core Securities Net Gains(1) $18 $0.08 $— $— $— $— Pension Plan Distribution Benefit(1)(2) 12 0.05 — — — — Discrete Tax Benefits — — 14 0.08 — — FDIC Special Assessment(1) — — — — (197) (0.88) Redemption of Trust Preferred Obligations(1)(2) (20) (0.09) — — — — Vacated Facility Write- downs(1)(2) (27) (0.12) — — — — Fourth Quarter 2024 Earnings Highlights GAAP ($ in millions, except per share) 4Q24 3Q24 4Q23 Revenues $2,385 $2,332 $2,300 Noninterest Expense 1,363 1,303 1,450 Provision for Credit Losses 140 120 225 Net Income 681 721 482 Diluted EPS 3.86 4.02 2.74 Return on Assets 1.28% 1.37% .92% Return on Common Equity 9.75 10.26 7.41 Net Interest Margin 3.58 3.62 3.61 Net Charge-offs % Avg Loans .47 .35 .44 Note: (1) Amounts presented before any related tax effect. (2) Included in other costs of operations.

10 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Fourth Quarter 2024 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 4Q24 3Q24 4Q23 Net Operating Income $691 $731 $494 Diluted Net Operating EPS 3.92 4.08 2.81 Efficiency Ratio 56.8% 55.0% 62.1% Net Operating ROTA 1.35 1.45 .98 Net Operating ROTCE 14.66 15.47 11.70 Tangible Book Value per Share (2) $109.36 $107.97 $98.54 • Tangible Book Value per Share increased +1% QoQ • Net Operating ROTA increased +37 bps YoY • Net Operating ROTCE increased +296 bps YoY

11 Net Interest Income & Net Interest Margin QoQ Drivers • Taxable-equivalent net interest income(1) increased +$1 million or less than +1% QoQ – Favorable impact from repricing in the investment securities and consumer loan portfolios – Higher nonaccrual interest – Balance sheet growth – Rate cuts and repricing • Net interest margin declined -4 bps QoQ to 3.58% – Contribution of net free funds (-10 bps) – Fixed rate earning assets repricing, mostly in the investment portfolio and consumer loans (+3 bps) – Higher nonaccrual interest (+3 bps) Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. $ IN M IL LI O N S $1,735 $1,692 $1,731 $1,739 $1,740 3.61% 3.52% 3.59% 3.62% 3.58% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 4Q23 1Q24 2Q24 3Q24 4Q24

12 Change 4Q24 vs Average Balances, $ in billions, except per share 4Q24 3Q24 4Q23 3Q24 4Q23 Interest-bearing Deposits at Banks $23.6 $25.5 $30.2 -7% -22% Investment Securities 33.7 31.0 27.5 9 23 Commercial and Industrial (“C&I”) 60.7 59.8 55.4 2 10 Commercial Real Estate (“CRE”) 27.9 29.1 33.5 -4 -17 Residential Mortgage 23.1 23.0 23.3 — -1 Consumer 24.0 22.9 20.6 5 17 Total Loans 135.7 134.8 132.8 1 2 Earning Assets 193.1 191.4 190.5 1 1 Deposits 164.6 161.5 164.7 2 — Borrowings 14.2 15.4 13.1 -8 9 Common Shareholders’ Equity 26.3 26.2 24.5 1 7 As of Quarter End Common Shareholders' Equity per Share $160.90 $159.38 $150.15 1% 7% Tangible Equity per Common Share(1) 109.36 107.97 98.54 1 11 Tangible Common Equity / Tangible Assets(1) 9.07 % 8.83 % 8.20 % 24 bps 87 bps Common Equity Tier 1 ("CET1") Capital Ratio 11.67 11.54 10.98 13 bps 69 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) December 31, 2024 CET1 ratio is estimated. (3) Includes share repurchase excise tax. (2) • Capital levels strong with CET1 ratio of 11.67%(2) • Repurchased $200 million(3) of shares in 4Q24

13 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$1.0 billion or +1% QoQ: • C&I loans increased +2% (+$925 million), driven by lending activities to financial and insurance industry customers and motor vehicle and recreational finance dealers • CRE loans declined -4% (-$1.2 billion), reflecting paydowns. The CRE loan concentration approximated 136% of Tier 1 capital plus allowable allowance for credit losses at 12/31/24 • Consumer loans rose +5% (+$1.1 billion), driven by increases in recreational finance and automobile loans $ IN B IL LI O N S $55.4 $56.8 $58.1 $59.8 $60.7 $33.5 $32.7 $31.5 $29.1 $27.9 $23.3 $23.1 $23.0 $23.0 $23.1 $20.6 $21.2 $22.0 $22.9 $24.0 $132.8 $133.8 $134.6 $134.8 $135.7 6.33% 6.32% 6.38% 6.38% 6.17% C&I CRE Residential Mortgage Consumer Total Loans Total Loan Yield 4Q23 1Q24 2Q24 3Q24 4Q24

14 Balance Sheet – Securities and Cash Duration Pre-tax Unrealized Gain/(Loss) AFS ~2.6 years $(205) million HTM ~5.3 years $(1,242) million Total Debt Securities ~3.7 years $(1,447) million $ IN B IL LI O N S Average Investment Securities and Yield $27.5 $28.6 $29.7 $31.0 $33.7 3.13% 3.30% 3.61% 3.70% 3.88% 4Q23 1Q24 2Q24 3Q24 4Q24 Cash 4% Interest- bearing deposits at banks 34% Other Securities 2% HTM Securities 26% AFS Securities 34% $54.8B TOTAL Yield up +18 bps Securities and Cash - at 12/31/24

15 Balance Sheet – Average Deposits QoQ Drivers Average deposits increased +$3.1 billion or +2% QoQ: • Average noninterest-bearing deposits increased +$396 million or +1% • Average savings and interest-checking deposits increased +$3.8 billion or +4% • Average time deposits decreased -$1.1 billion or -6% • Interest-bearing deposit costs declined -24 bps • Total deposit costs declined -16 bps$ IN B IL LI O N S $50.1 $48.6 $47.7 $46.2 $46.5 $93.4 $94.9 $96.0 $98.3 $102.1 $21.2 $20.6 $19.8 $17.0 $16.0 $164.7 $164.1 $163.5 $161.5 $164.6 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 4Q23 1Q24 2Q24 3Q24 4Q24 4Q23 1Q24 2Q24 3Q24 4Q24 Total deposit cost 2.01% 2.06% 2.06% 2.06% 1.90% Interest-bearing deposit cost 2.90% 2.93% 2.90% 2.88% 2.64%

16 $ IN M IL LI O N S $578 $580 $584 $606 $657 Noninterest Income 4Q23 1Q24 2Q24 3Q24 4Q24 Change 4Q24 vs $ in millions 4Q24 3Q24 4Q23 3Q24 4Q23 Mortgage Banking Revenues $117 $109 $112 8% 4% Service Charges on Deposits 131 132 121 — 9 Trust Income 175 170 159 3 11 Brokerage Services 30 32 26 -1 18 Non-hedge Derivatives / Trading 10 13 11 -33 -20 Securities Gain/(Loss) 18 (2) 4 — 407 Other Revenues from Operations 176 152 145 15 20 Noninterest Income $657 $606 $578 8% 14% Income Statement – Noninterest Income Noninterest income increased +$51 million or +8% QoQ: • Mortgage banking revenues increased +$8 million QoQ: – Higher gains on sale of commercial mortgage loans • Securities gain (loss) +$20 million QoQ: – Reflects realized gains (losses) on non-core investment securities • Other revenues from operations increased +$24 million QoQ: – Received a $23 million distribution from M&T's investment in BLG in 4Q24 QoQ Drivers

17 Change 4Q24 vs $ in millions 4Q24 3Q24 4Q23 3Q24 4Q23 Salaries & Benefits(4) $790 $775 $724 2% 9% Equip & Occupancy 133 125 134 7 -1 Outside Data Proc & SW 125 123 114 1 9 Professional & Other Services 80 88 99 -7 -18 FDIC Assessments 24 25 228 -6 -90 Advert. & Marketing 30 27 26 11 17 Other Costs of Operations 168 128 110 31 52 Operating Expense(1) 1,350 1,291 1,435 5 -6 Intangible Amortization 13 12 15 — -15 Total Noninterest Expense $1,363 $1,303 $1,450 5% -6% Income Statement – Noninterest Expenses Noninterest expense increased +$60 million QoQ: • Salaries and employee benefits expense up +$15 million QoQ inclusive of higher incentive compensation • Other costs of operations increased +$40 million QoQ: – Write-down of two vacated office facilities +$27 million – Redemption loss on certain M&T trust preferred obligations +$20 million – Pension plan distribution benefit -$12 million Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Adjusted efficiency ratio excludes $197 million, $29 million and $5 million FDIC special assessment from the numerator for 4Q23, 1Q24 and 2Q24, respectively. (3) Adjusted efficiency ratio excludes 4Q24 notable items on slide 9. (4) Severance charges for 4Q24, 3Q24 and 4Q23 were $7 million, $5 million and $12 million, respectively. QoQ Drivers $ IN M IL LI O N S $1,435 $1,381 $1,284 $1,291 $1,350 $1,450 $1,396 $1,297 $1,303 $1,363 62.1% 60.8% 55.3% 55.0% 56.8% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Efficiency 59.6%(2) Adjusted Efficiency 53.6%(2) Adjusted Efficiency 55.1%(2) Adjusted Efficiency 55.3%(3)

18 $ IN M IL LI O N S Nonaccrual Loans $2,166 $2,302 $2,024 $1,926 $1,690 1.62% 1.71% 1.50% 1.42% 1.25% Nonaccrual Loans ($) Nonaccrual Loans (%) 4Q23 1Q24 2Q24 3Q24 4Q24 $ IN M IL LI O N S Net Charge-offs $148 $138 $137 $120 $160 0.44% 0.42% 0.41% 0.35% 0.47% Net Charge-offs ($) Net Charge-off Ratio (%) 4Q23 1Q24 2Q24 3Q24 4Q24 Credit $ IN M IL LI O N S Allowance for Credit Losses $2,129 $2,191 $2,204 $2,204 $2,184 1.59% 1.62% 1.63% 1.62% 1.61% Allowance for Credit Losses ($) Allowance for Credit Losses (%) 4Q23 1Q24 2Q24 3Q24 4Q24 $ IN M IL LI O N S Provision for Credit Losses $225 $200 $150 $120 $140 4Q23 1Q24 2Q24 3Q24 4Q24

19 Criticized C&I and CRE Loans Criticized loans decreased -$1 billion QoQ: • C&I decreased -$302 million – Driven predominantly by motor vehicle and recreational finance dealers, services industry and health services • CRE decreased -$691 million – Permanent CRE -$431 million – Construction -$260 million • 97% of criticized accrual loans are current • 53% of criticized nonaccrual loans are current$ IN B IL LI O N S $12.6 $12.9 $12.1 $10.9 $9.9 14.0% 14.3% 13.5% 12.2% 11.2% Criticized Criticized % of C&I and CRE Loans 4Q23 1Q24 2Q24 3Q24 4Q24

20 Criticized C&I Loans December 31, 2024 September 30, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Commercial and industrial excluding owner-occupied real estate by industry: Financial and insurance $11,479 $71 $35 $106 $11,056 $119 $15 $134 Services 7,409 247 112 359 7,635 337 119 456 Motor vehicle and recreational finance dealers 7,229 527 38 565 6,652 560 97 657 Manufacturing 6,077 394 116 510 6,231 429 109 538 Wholesale 4,057 334 28 362 4,086 253 28 281 Transportation, communications, utilities 3,567 286 62 348 3,770 282 69 351 Retail 3,097 66 17 83 3,083 75 23 98 Construction 2,143 155 44 199 2,226 154 54 208 Health services 1,892 207 36 243 1,933 209 32 241 Real estate investors 1,751 148 8 156 1,641 150 4 154 Other 1,773 109 39 148 1,730 98 53 151 Total commercial and industrial excluding owner-occupied real estate $50,474 $2,544 $535 $3,079 $50,043 $2,666 $603 $3,269 Owner-occupied real estate by industry: Services $2,345 $153 $26 $179 $2,336 $169 $43 $212 Motor vehicle and recreational finance dealers 2,236 31 8 39 2,072 42 10 52 Retail 1,677 69 16 85 1,617 66 18 84 Health services 1,330 156 66 222 1,432 259 81 340 Wholesale 857 62 3 65 865 26 4 30 Manufacturing 809 73 24 97 844 49 23 72 Real estate investors 702 43 6 49 773 44 15 59 Other 1,051 54 12 66 1,030 52 13 65 Total owner-occupied real estate 11,007 641 161 802 10,969 707 207 914 Total $61,481 $3,185 $696 $3,881 $61,012 $3,373 $810 $4,183 Percent criticized - excluding owner-occupied real estate 6.1 % 6.5 % Percent criticized - owner-occupied real estate 7.3 % 8.3 % Percent criticized - total commercial and industrial 6.3 % 6.9 %

21 Criticized CRE Loans December 31, 2024 September 30, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Permanent finance by property type: Apartments/Multifamily $5,628 $935 $114 $1,049 $6,291 $884 $120 $1,004 Retail/Service 4,747 673 80 753 5,040 734 134 868 Office 4,170 1,125 117 1,242 4,413 1,177 131 1,308 Health services 2,038 560 25 585 2,286 734 29 763 Hotel 1,984 317 118 435 2,133 375 146 521 Industrial/Warehouse 1,926 143 13 156 1,949 143 16 159 Other 287 30 1 31 259 57 2 59 Total permanent 20,780 3,783 468 4,251 22,371 4,104 578 4,682 Construction/Development 5,984 1,715 68 1,783 6,312 1,957 86 2,043 Total $26,764 $5,498 $536 $6,034 $28,683 $6,061 $664 $6,725 Percent criticized - total commercial real estate 22.5 % 23.4 %

22 CET1 10.98% 11.08% 11.45% 11.54% 11.67% 4Q23 1Q24 2Q24 3Q24 4Q24 TBVPS $98.54 $99.54 $102.42 $107.97 $109.36 4Q23 1Q24 2Q24 3Q24 4Q24 Capital • CET1 capital ratio increased +13 bps to 11.67%(1) at the end of 4Q24 • Tangible book value per share increased +1% to $109.36 Note: (1) December 31, 2024 CET1 ratio is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. QoQ Drivers • Tangible common equity to tangible assets increased +24 bps to 9.07% at the end of 4Q24 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by ~(4) bps at the end of 4Q24 (1) (2)

Focused on Four Priorities 23 Build our New England and Long Island Markets Optimize our Resources through Simplification Make our Systems and Processes Resilient and Scalable Continue to Develop and Scale our Capability to Manage Risk We continue our mission to simplify M&T and make investments that will improve the experience of our customers and colleagues — and help us maintain our differentiated community bank approach

24 2025 Outlook 2025 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $7.1 billion to $7.2 billion • NIM in the mid 3.60s • Range dependent on deposit trends and loan growth and shape of the yield curve Fee Income $2.5 billion to $2.6 billion • Continued strength in trust and mortgage GAAP Expense Includes intangible amortization $5.4 billion to $5.5 billion • Continued focus on managing expense, while investing in enterprise priorities Net Charge-Offs % of Average Loans ~40 basis points • Reflects continued normalization in consumer and year over year improvement in commercial Tax Rate Taxable-equivalent ~24.5% A ve ra ge B al an ce s Loans $137 billion to $139 billion • Growth in C&I, consumer, and residential mortgage, declines in CRE Deposits $164 billion to $166 billion • Focus on growing customer deposits CET1 Ratio Target ~11% in 2025

25 Why invest in M&T? • Long term focused with deeply embedded culture • Business operated to represent the best interests of all key stakeholders • Energized colleagues consistently serving our customers and communities • A safe haven for our clients as proven during turbulent times and crisis • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Leading position in core markets • 15-17% ROTCE(1) • Robust dividend growth • 8% TBV per share growth(2) Source: FactSet, S&P Global, Company Filings. Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2019-2024, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2019-2024. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns

26 Appendix

27 M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Appendix Note: (1) After any related tax effect GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Net income Net income $482 $531 $655 $721 $681 $2,741 $2,588 Amortization of core deposits and other intangible assets (1) 12 12 10 10 10 48 42 Net operating income $494 $543 $665 $731 $691 $2,789 $2,630 Earnings per common share Diluted earnings per common share $2.74 $3.02 $3.73 $4.02 $3.86 $15.79 $14.64 Amortization of core deposits and other intangible assets (1) 0.07 0.07 0.06 0.06 0.06 0.29 0.24 Diluted net operating earnings per common share $2.81 $3.09 $3.79 $4.08 $3.92 $16.08 $14.88

28 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Other expense Other expense $1,450 $1,396 $1,297 $1,303 $1,363 $5,379 $5,359 Amortization of core deposit and other intangible assets (15) (15) (13) (12) (13) (62) (53) Noninterest operating expense $1,435 $1,381 $1,284 $1,291 $1,350 $5,317 $5,306 Efficiency ratio Noninterest operating expense (numerator) $1,435 $1,381 $1,284 $1,291 $1,350 $5,317 $5,306 Taxable-equivalent net interest income $1,735 $1,692 $1,731 $1,739 $1,740 $7,169 $6,902 Other income 578 580 584 606 657 2,528 2,427 Less: Gain (loss) on bank investment securities 4 2 (8) (2) 18 4 10 Denominator $2,309 $2,270 $2,323 $2,347 $2,379 $9,693 $9,319 Efficiency ratio 62.1 % 60.8 % 55.3 % 55.0 % 56.8 % 54.9 % 56.9 %

29 Appendix In millions 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Average assets Average assets $208,752 $211,478 $211,981 $209,581 $211,853 $205,397 $211,220 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) (8,473) (8,465) Core deposit and other intangible assets (154) (140) (126) (113) (100) (177) (120) Deferred taxes 39 33 30 28 29 44 33 Average tangible assets $200,172 $202,906 $203,420 $201,031 $203,317 $196,791 $202,668 Average common equity Average total equity $26,500 $27,019 $27,745 $28,725 $28,707 $25,899 $28,052 Preferred stock (2,011) (2,011) (2,405) (2,565) (2,394) (2,011) (2,344) Average common equity 24,489 25,008 25,340 26,160 26,313 23,888 25,708 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) (8,473) (8,465) Core deposit and other intangible assets (154) (140) (126) (113) (100) (177) (120) Deferred taxes 39 33 30 28 29 44 33 Average tangible common equity $15,909 $16,436 $16,779 $17,610 $17,777 $15,282 $17,156 GAAP to Tangible (Non-GAAP) Reconciliation

30 Appendix In millions 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Total assets Total assets $208,264 $215,137 $208,855 $211,785 $208,105 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (147) (132) (119) (107) (94) Deferred taxes 37 34 31 30 28 Total tangible assets $199,689 $206,574 $200,302 $203,243 $199,574 Total common equity Total equity $26,957 $27,169 $28,424 $28,876 $29,027 Preferred stock (2,011) (2,011) (2,744) (2,394) (2,394) Common equity 24,946 25,158 25,680 26,482 26,633 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (147) (132) (119) (107) (94) Deferred taxes 37 34 31 30 28 Total tangible common equity $16,371 $16,595 $17,127 $17,940 $18,102 GAAP to Tangible (Non-GAAP) Reconciliation