UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-9861

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

New York	16-0968385
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One M & T Plaza Buffalo, New York	14203
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:

(716) 635-4000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Common Stock, $.50 par value	MTB	New York Stock Exchange
Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H	MTBPrH	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Number of shares of the registrant's Common Stock, $0.50 par value, outstanding as of the close of business on August 1, 2022: 175,614,006 shares.

- 1 -

M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended June 30, 2022

Table of Contents of Information Required in Report		Page
Part I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	CONSOLIDATED BALANCE SHEET – June 30, 2022 and December 31, 2021	3
	CONSOLIDATED STATEMENT OF INCOME – Three and six months ended June 30, 2022 and 2021	4
	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three and six months ended June 30, 2022 and 2021	5
	CONSOLIDATED STATEMENT OF CASH FLOWS – Six months ended June 30, 2022 and 2021	6
	CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three and six months ended June 30, 2022 and 2021	7
	NOTES TO FINANCIAL STATEMENTS	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	90
Item 4.	Controls and Procedures	90
Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	91
Item 1A.	Risk Factors	91
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	91
Item 3.	Defaults Upon Senior Securities	92
Item 4.	Mine Safety Disclosures	92
Item 5.	Other Information	92
Item 6.	Exhibits	92
SIGNATURES		93

- 2 -

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

	June 30,			December 31,
(Dollars in thousands, except per share)	2022			2021
Assets
Cash and due from banks	$	1,688,274		$	1,337,577
Interest-bearing deposits at banks		33,437,454			41,872,304
Federal funds sold and agreements to resell securities		250,250			—
Trading account		133,855			49,745
Investment securities (includes pledged securities that can be sold or repledged of    $1,829,142 at June 30, 2022; $96,128 at December 31, 2021)
Available for sale (cost: $8,879,416 at June 30, 2022;    $3,849,347 at December 31, 2021)		8,704,955			3,955,804
Held to maturity (fair value: $12,696,115 at June 30, 2022;    $2,771,290 at December 31, 2021)		13,373,171			2,734,674
Equity and other securities (cost: $720,530 at June 30, 2022;    $461,516 at December 31, 2021)		723,591			465,382
Total investment securities		22,801,717			7,155,860
Loans and leases		128,685,278			93,136,678
Unearned discount		(199,158	)		(224,226	)
Loans and leases, net of unearned discount		128,486,120			92,912,452
Allowance for credit losses		(1,823,790	)		(1,469,226	)
Loans and leases, net		126,662,330			91,443,226
Premises and equipment		1,600,172			1,144,765
Goodwill		8,501,357			4,593,112
Core deposit and other intangible assets		245,358			3,998
Accrued interest and other assets		8,712,122			7,506,573
Total assets	$	204,032,889		$	155,107,160
Liabilities
Noninterest-bearing deposits	$	72,375,515		$	60,131,480
Savings and interest-checking deposits		92,711,597			68,603,966
Time deposits		5,271,284			2,807,963
Total deposits		170,358,396			131,543,409
Short-term borrowings		1,119,321			47,046
Accrued interest and other liabilities		3,743,278			2,127,931
Long-term borrowings		3,017,363			3,485,369
Total liabilities		178,238,358			137,203,755
Shareholders' equity
Preferred stock, $1.00 par, 20,000,000 shares authorized;    Issued and outstanding: Liquidation preference of $1,000 per share: 350,000    shares at June 30, 2022 and December 31, 2021; Liquidation preference of    $10,000 per share: 140,000 shares at June 30, 2022 and December 31, 2021;    Liquidation preference of $25 per share: 10,000,000 shares at June 30, 2022		2,010,600			1,750,000
Common stock, $.50 par, 250,000,000 shares authorized,    179,436,779 shares issued at June 30, 2022 and    159,741,898 shares issued at December 31, 2021		89,718			79,871
Common stock issuable, 13,968 shares at June 30, 2022;    15,769 shares at December 31, 2021		1,090			1,212
Additional paid-in capital		9,986,881			6,635,000
Retained earnings		14,808,637			14,646,448
Accumulated other comprehensive income (loss), net		(506,490	)		(127,578	)
Treasury stock — common, at cost — 3,481,639 shares at June 30, 2022;    31,052,845 shares at December 31, 2021		(595,905	)		(5,081,548	)
Total shareholders’ equity		25,794,531			17,903,405
Total liabilities and shareholders’ equity	$	204,032,889		$	155,107,160

See accompanying notes to financial statements.

- 3 -

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

	Three Months Ended June 30				Six Months Ended June 30
(In thousands, except per share)	2022		2021		2022		2021
Interest income
Loans and leases, including fees	$	1,246,742	$	926,965	$	2,117,342