8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 19, 2022

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

New York

(State or other jurisdiction of incorporation)

1-9861	16-0968385
(Commission File Number)	(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

(NOT APPLICABLE)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 19, 2022, M&T Bank Corporation announced its results of operations for the quarter ended September 30, 2022. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

The information under Item 2.02 in this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T Bank Corporation under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Exhibit Description
99.1	News Release dated October 19, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	M&T BANK CORPORATION
Date: October 19, 2022	By:	/s/ Darren J. King
		Darren J. King
		Senior Executive Vice President and Chief Financial Officer

3

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE:

October 19, 2022

M&T BANK CORPORATION ANNOUNCES THIRD QUARTER RESULTS

BUFFALO, NEW YORK -- M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2022.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) were $3.53 in the third quarter of 2022, compared with $3.69 in the year-earlier quarter and $1.08 in the second quarter of 2022. GAAP-basis net income was $647 million in the recent quarter, $495 million in the third quarter of 2021 and $218 million in the second 2022 quarter. GAAP-basis net income expressed as an annualized rate of return on average assets was 1.28% in each of the third quarters of 2022 and 2021, and .42% in the second quarter of 2022. That net income produced a return on average common shareholders' equity of 10.43% in the recent quarter, 12.16% in the similar 2021 period and 3.21% in the second quarter of 2022. The results reflect non-operating merger-related expenses associated with the acquisition of People's United Financial, Inc. ("People's United") of $53 million ($39 million after-tax effect, or $0.22 of diluted earnings per common share) in the recent quarter, compared with $9 million ($7 million after-tax effect, or $.05 of diluted earnings per common share) in the year-earlier quarter and $465 million ($346 million after-tax effect, or $1.94 of diluted earnings per share) in the second quarter of 2022.

Darren J. King, Chief Financial Officer, commenting on M&T’s results noted, "We are pleased with the recent quarter gains in net operating income which are up 21% from the second quarter and 39% year over year. That improvement reflects increases in taxable-equivalent net interest income of 19% and 74%, coupled with low credit losses and well-controlled expenses. We are excited to continue our integration work to build a preeminent commercial bank across the eastern United States and are committed to the success of the consumers, small businesses and communities across our expanded footprint."

Earnings Highlights
										Change 3Q22 vs.
($ in millions, except per share data)	3Q22			3Q21			2Q22			3Q21			2Q22
Net income	$	647		$	495		$	218			31	%		197	%
Net income available to common shareholders ̶ diluted	$	621		$	476		$	192			30	%		223	%
Diluted earnings per common share	$	3.53		$	3.69		$	1.08			-4	%		227	%
Annualized return on average assets		1.28	%		1.28	%		.42	%
Annualized return on average common equity		10.43	%		12.16	%		3.21	%

For the first nine months of 2022, diluted earnings per common share were $7.14, compared with $10.43 in the year-earlier period. GAAP-basis net income was $1.23 billion and $1.40 billion in the first three quarters of

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2022 and 2021, respectively. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income in the nine-month period ended September 30, 2022 was .87% and 7.24%, respectively, compared with 1.24% and 11.76%, respectively, in the similar 2021 period.

Supplemental Reporting of Non-GAAP Results of Operations. 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. The amounts of such “nonoperating” expenses are presented in the tables that accompany this release.

Merger-related expenses generally consist of professional services and other temporary help fees associated with actual or planned conversions of systems and/or integration of operations, costs related to terminations of existing contractual arrangements to purchase various services, severance and travel costs. Reflected in merger-related expenses in the second quarter of 2022 was a provision for credit losses of $242 million. GAAP requires that acquired loans be recorded at estimated fair value, which includes the use of interest rate and expected credit loss assumptions to forecast estimated cash flows. GAAP also provides that an allowance for credit losses on loans acquired, but not classified as purchased credit deteriorated ("PCD") also be recognized. Accordingly, M&T recorded a $242 million provision related to such loans obtained in the People's United acquisition. Given the requirement to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that provision to be a merger-related expense. 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.

Diluted net operating earnings per common share were $3.83 in the third quarter of 2022, compared with $3.76 in the year-earlier quarter and $3.10 in the second quarter of 2022. Net operating income aggregated $700 million in the recent quarter, $504 million in the third quarter of 2021 and $578 million in 2022’s second quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the third quarter of 2022 was 1.44% and 17.89%, respectively, 1.34% and 17.54%, respectively, in the similar quarter of 2021 and 1.16% and 14.41%, respectively, in the second quarter of 2022.

Diluted net operating earnings per common share in the first nine months of 2022 totaled $9.78, compared with $10.61 in the similar 2021 period. Net operating income during the first nine months of 2022 was $1.65 billion, up from $1.42 billion in the nine-month period ended September 30, 2021. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity was 1.23% and 15.13%, respectively, in the initial nine months of 2022, compared with 1.30% and 17.10%, respectively, in the similar 2021 period.

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Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income totaled $1.69 billion in the recent quarter, up from $971 million in the third quarter of 2021 and $1.42 billion in the second quarter of 2022. The increase compared with the earlier quarters reflects a higher net interest margin and, additionally, when compared with the year-earlier quarter, the impact of earning assets obtained in the acquisition of People’s United. Average earning assets totaled $182.4 billion in the recent quarter, compared with $140.4 billion in the third quarter of 2021 and $189.8 billion in the second quarter of 2022. Average loans outstanding were $127.5 billion in the third quarter of 2022, compared with $95.3 billion in the year earlier quarter and $127.6 billion in the second quarter of 2022. The higher average balances of both earnings assets and loans outstanding in the second and third quarters of 2022 compared with the third quarter of 2021 reflect the impact of additional earning assets obtained in the acquisition of People's United. Reflecting the impact of rising interest rates, the net interest margin increased to 3.68% in the third quarter of 2022, up from 2.74% in the corresponding quarter of 2021 and 3.01% in the second quarter of 2022.

Taxable-equivalent Net Interest Income
										Change 3Q22 vs.
($ in millions)	3Q22			3Q21			2Q22			3Q21			2Q22
Average earning assets	$	182,382		$	140,420		$	189,755			30	%		-4	%
Net interest income ̶  taxable-equivalent	$	1,691		$	971		$	1,422			74	%		19	%
Net interest margin		3.68	%		2.74	%		3.01	%

Provision for Credit Losses/Asset Quality. The provision for credit losses was $115 million in the third quarter of 2022 and $302 million in the second quarter of 2022, compared with a $20 million recapture of provision in the third quarter of 2021. Included in the second quarter of 2022 was a $242 million provision, recorded in accordance with GAAP, related to loans obtained in the People’s United acquisition that were considered non-PCD. GAAP provides that an allowance for credit losses on such loans be recorded beyond the recognition of the fair value of the loans at the acquisition date. In addition to that merger-related provision, M&T recorded a provision for credit losses of $60 million in the second quarter of 2022. Net loan charge-offs were $63 million in the third quarter of 2022, $40 million in the third quarter of 2021 and $50 million in 2022’s second quarter. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .20% and .17% in the third quarters of 2022 and 2021, respectively, and .16% in the second quarter of 2022.

Loans classified as nonaccrual totaled $2.43 billion at September 30, 2022, compared with $2.24 billion at September 30, 2021 and $2.63 billion at June 30, 2022. The balance of nonaccrual loans at the end of the two most recent quarters as compared with September 30, 2021 reflects loans obtained in the acquisition of People’s United. Nonaccrual loans as a percentage of total loans were 1.89% at September 30, 2022, improved from 2.40% a year earlier and 2.05% at June 30, 2022. Assets taken in foreclosure of defaulted loans were $37 million at September 30, 2022, $25 million a year earlier and $29 million at June 30, 2022.

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Allowance for Credit Losses. M&T regularly performs comprehensive analyses of its loan portfolios and assesses forecasted economic conditions for purposes of determining the adequacy of the allowance for credit losses. As a result of those procedures, the allowance for credit losses totaled $1.88 billion or 1.46% of loans outstanding at September 30, 2022 compared with $1.52 billion or 1.62% of loans outstanding at September 30, 2021 and $1.82 billion or 1.42% at June 30, 2022. The acquisition of People’s United loans and leases resulted in a $341 million increase in the allowance for credit losses as of April 1, 2022, including $99 million related to PCD loans and $242 million related to non-PCD loans. Including the impact of the acquisition, M&T’s allowance for credit losses was $1.81 billion on April 1, 2022, or 1.42% of then outstanding loans. The higher allowance for credit losses as a percentage of outstanding loans at the recent quarter end as compared with June 30, 2022 reflects a modestly less optimistic macroeconomic forecast.

Asset Quality Metrics
										Change 3Q22 vs.
($ in millions)	3Q22			3Q21			2Q22			3Q21			2Q22
At end of quarter
Nonaccrual loans	$	2,429		$	2,242		$	2,633			8	%		-8	%
Real estate and other foreclosed assets	$	37		$	25		$	29			49	%		29	%
Total nonperforming assets	$	2,466		$	2,267		$	2,662			9	%		-7	%
Accruing loans past due 90 days or more (1)	$	477		$	1,026		$	524			-54	%		-9	%
Nonaccrual loans as % of loans outstanding		1.89	%		2.40	%		2.05	%
Allowance for credit losses	$	1,876		$	1,515		$	1,824			24	%		3	%
Allowance for credit losses as % of loans outstanding		1.46	%		1.62	%		1.42	%
For the period
Provision for credit losses	$	115		$	(20	)	$	302			—			-62	%
Net charge-offs (2)	$	63		$	40		$	50			58	%		27	%
Net charge-offs as % of average loans (annualized) (2)		.20	%		.17	%		.16	%

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

(2)For the quarter-ended June 30, 2022, net charge-offs and related data do not reflect $33 million of charge-offs related to PCD acquired loans.

Noninterest Income and Expense. Noninterest income totaled $563 million in the third quarter of 2022, compared with $569 million in the year-earlier quarter. Trust income, service charges on deposit accounts and credit-related fees included in other revenues from operations all increased reflecting the acquisition of People's United, but were offset by a decline in mortgage banking revenues resulting from M&T’s decision to retain recently originated mortgage loans in portfolio rather than sell such loans. Noninterest income was $571 million in this year’s second quarter. The comparative decline in the recent quarter was predominantly the result of lower service charges on deposit accounts and trust income, offset by higher credit-related fees.

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Noninterest Income
								Change 3Q22 vs.
($ in millions)	3Q22			3Q21		2Q22		3Q21			2Q22
Mortgage banking revenues	$	83		$	160	$	83		-48	%		—
Service charges on deposit accounts		115			105		124		9	%		-7	%
Trust income		187			157		190		19	%		-2	%
Brokerage services income		21			20		24		3	%		-13	%
Trading account and non-hedging derivative gains		5			6		2		-9	%		122	%
Gain (loss) on bank investment securities		(1	)		—		—		—			—
Other revenues from operations		153			121		148		27	%		4	%
Total	$	563		$	569	$	571		-1	%		-1	%

Noninterest expense totaled $1.28 billion in the third quarter of 2022, compared with $899 million in the similar quarter of 2021 and $1.40 billion in the second quarter of 2022. Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets and merger-related expenses, noninterest operating expenses were $1.21 billion in the recent quarter, $888 million in the third quarter of 2021 and $1.16 billion in 2022’s second quarter. The most significant factor for the higher level of operating expenses in the recent quarter as compared with the year-earlier quarter was the impact of operations obtained in the People’s United acquisition. Compared with the second quarter of 2022, the $46 million increase in operating expenses in 2022's third quarter predominantly resulted from a $32 million rise in salaries and benefits expenses attributable to an additional pay day in the third quarter and M&T's continued investment in its talent base through salaries and incentive compensation.

Noninterest Expense
							Change 3Q22 vs.
($ in millions)	3Q22		3Q21		2Q22		3Q21			2Q22
Salaries and employee benefits	$	736	$	510	$	776		44	%		-5	%
Equipment and net occupancy		127		81		125		57	%		2	%
Outside data processing and software		95		73		94		31	%		1	%
FDIC assessments		28		19		22		49	%		24	%
Advertising and marketing		21		15		21		41	%		4	%
Printing, postage and supplies		15		8		16		87	%		-5	%
Amortization of core deposit and other intangible assets		18		3		18		571	%		—
Other costs of operations		239		190		331		25	%		-28	%
Total	$	1,279	$	899	$	1,403		42	%		-9	%

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), measures the relationship of operating expenses to revenues. M&T's efficiency ratio was 53.6% in the third quarter of 2022, 57.7% in the year-earlier quarter and 58.3% in the second quarter of 2022.

Balance Sheet. M&T had total assets of $198.0 billion at September 30, 2022, compared with $151.9 billion and $204.0 billion at September 30, 2021 and June 30, 2022, respectively. Loans and leases, net of unearned discount, were $128.2 billion at September 30, 2022, compared with $93.6 billion at September 30, 2021 and

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$128.5 billion at June 30, 2022. The higher level of loans and leases at the recent quarter-end and June 30, 2022 as compared with September 30, 2021 is largely a reflection of balances associated with the acquisition of People’s United. Also reflective of that acquisition, total deposits were $163.8 billion at the recent quarter-end and $170.4 billion at June 30, 2022, compared with $128.7 billion at September 30, 2021.

Total shareholders' equity was $25.3 billion or 12.76% of total assets at September 30, 2022, $17.5 billion or 11.54% at September 30, 2021 and $25.8 billion or 12.64% at June 30, 2022. Common shareholders' equity was $23.2 billion, or $134.45 per share, at September 30, 2022, compared with $15.8 billion, or $122.60 per share, a year-earlier and $23.8 billion, or $135.16 per share, at June 30, 2022. Tangible equity per common share was $84.28 at September 30, 2022, $86.88 at September 30, 2021 and $85.78 at June 30, 2022. In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 10.7% at September 30, 2022, compared with 10.9% three months earlier and 11.1% at September 30, 2021.

In accordance with its capital plan, M&T repurchased 3,282,449 shares of its common stock during the recent quarter at an average cost per share of $182.79 resulting in a total cost of $600 million.

Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 225-9448. International participants, using any applicable international calling codes, may dial (203) 518-9708. Callers should reference M&T Bank Corporation or the conference ID #MTBQ322. 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 Wednesday October 26, 2022 by calling (800) 688-7339, or (402) 220-1347 for international participants. No conference ID 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 in 12 states across 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.

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.

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Statements regarding the potential effects of events or factors specific to the Company and/or the financial industry as a whole, as well as national and global events generally, on the Company'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 the Company's control. As described further below, statements regarding M&T's expectations or predictions regarding the acquisition of People's United are also forward-looking statements, including statements regarding the expected financial results, prospects, targets, goals and outlook.

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 risks, uncertainties and assumptions ("future factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Examples of future factors include: the impact of the People's United acquisition (as described in the next paragraph); economic conditions including inflation and supply chain issues; the impact of international conflicts or other events; the impact of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; 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; 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; 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; rapid 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; containing costs and expenses; 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 and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

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M&T BANK CORPORATION

In addition, future factors related to the acquisition of People's United include, among others: the outcome of any legal proceedings that may be instituted against M&T or its subsidiaries; the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the Company does business; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships; the Company's success in executing its business plans and strategies and managing the risks involved in the foregoing; the business, economic and political conditions in the markets in which the Company operates; and other factors that may affect future results of the Company.

Future factors related to the acquisition also include risks, such as, among others: that there could be an adverse effect on the Company's ability to retain customers and retain or hire key personnel and maintain relationships with customers; that integration efforts may be more difficult or time-consuming than anticipated, including in areas such as sales force, cost containment, asset realization, systems integration and other key strategies; that profitability following the combination may be lower than expected including for possible reasons such as lower than expected revenues or higher or unexpected costs, charges or expenses resulting from the transaction; unforeseen risks that may exist; and other factors that may affect future results of the Company.

These are representative of the future factors that could affect the outcome of the forward-looking statements. In addition, 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, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other future factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2021, 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 made, and M&T does not assume any duty and does not undertake to update forward-looking statements.

INVESTOR CONTACT:	Brian Klock
	(716) 842-5138
MEDIA CONTACT:	Maya Dillon
	(646) 735-1958

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M&T BANK CORPORATION

Financial Highlights

	Three months ended									Nine months ended
	September 30									September 30
Amounts in thousands, except per share	2022			2021			Change			2022			2021			Change
Performance
Net income	$	646,596			495,460			31	%	$	1,226,292			1,400,778			-12	%
Net income available to common shareholders		620,554			475,961			30	%		1,152,406			1,342,812			-14	%
Per common share:
Basic earnings	$	3.55			3.70			-4	%	$	7.18			10.44			-31	%
Diluted earnings		3.53			3.69			-4	%		7.14			10.43			-32	%
Cash dividends	$	1.20			1.10			9	%	$	3.60			3.30			9	%
Common shares outstanding:
Average - diluted (1)		175,682			128,844			36	%		161,295			128,786			25	%
Period end (2)		172,900			128,699			34	%		172,900			128,699			34	%
Return on (annualized):
Average total assets		1.28	%		1.28	%					.87	%		1.24	%
Average common shareholders' equity		10.43	%		12.16	%					7.24	%		11.76	%
Taxable-equivalent net interest income	$	1,690,518			970,953			74	%	$	4,020,369			2,902,154			39	%
Yield on average earning assets		3.90	%		2.82	%					3.30	%		2.91	%
Cost of interest-bearing liabilities		.41	%		.14	%					.27	%		.15	%
Net interest spread		3.49	%		2.68	%					3.03	%		2.76	%
Contribution of interest-free funds		.19	%		.06	%					.12	%		.07	%
Net interest margin		3.68	%		2.74	%					3.15	%		2.83	%
Net charge-offs to average total net loans (annualized)		.20	%		.17	%					.14	%		.22	%
Net operating results (3)
Net operating income	$	700,030			504,030			39	%	$	1,653,651			1,424,361			16	%
Diluted net operating earnings per common share		3.83			3.76			2	%		9.78			10.61			-8	%
Return on (annualized):
Average tangible assets		1.44	%		1.34	%					1.23	%		1.30	%
Average tangible common equity		17.89	%		17.54	%					15.13	%		17.10	%
Efficiency ratio		53.6	%		57.7	%					58.1	%		58.8	%
	At September 30
Loan quality	2022			2021			Change
Nonaccrual loans	$	2,429,326			2,242,263			8	%
Real estate and other foreclosed assets		37,031			24,786			49	%
Total nonperforming assets	$	2,466,357			2,267,049			9	%
Accruing loans past due 90 days or more (4)	$	476,503			1,026,080			-54	%
Government guaranteed loans included in totals above:
Nonaccrual loans	$	44,797			47,358			-5	%
Accruing loans past due 90 days or more		423,371			947,091			-55	%
Renegotiated loans	$	356,797			242,955			47	%
Nonaccrual loans to total net loans		1.89	%		2.40	%
Allowance for credit losses to total loans		1.46	%		1.62	%

(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 16.

(4) Predominantly residential real estate loans.

10-10-10-10-10

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

	Three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Amounts in thousands, except per share	2022			2022			2022			2021			2021
Performance
Net income	$	646,596			217,522			362,174			457,968			495,460
Net income available to common shareholders		620,554			192,236			339,590			434,171			475,961
Per common share:
Basic earnings	$	3.55			1.08			2.63			3.37			3.70
Diluted earnings		3.53			1.08			2.62			3.37			3.69
Cash dividends	$	1.20			1.20			1.20			1.20			1.10
Common shares outstanding:
Average - diluted (1)		175,682			178,277			129,416			128,888			128,844
Period end (2)		172,900			175,969			129,080			128,705			128,699
Return on (annualized):
Average total assets		1.28	%		.42	%		.97	%		1.15	%		1.28	%
Average common shareholders' equity		10.43	%		3.21	%		8.55	%		10.91	%		12.16	%
Taxable-equivalent net interest income	$	1,690,518			1,422,443			907,408			937,356			970,953
Yield on average earning assets		3.90	%		3.12	%		2.72	%		2.64	%		2.82	%
Cost of interest-bearing liabilities		.41	%		.20	%		.13	%		.12	%		.14	%
Net interest spread		3.49	%		2.92	%		2.59	%		2.52	%		2.68	%
Contribution of interest-free funds		.19	%		.09	%		.06	%		.06	%		.06	%
Net interest margin		3.68	%		3.01	%		2.65	%		2.58	%		2.74	%
Net charge-offs to average total net loans (annualized)		.20	%		.16	%		.03	%		.13	%		.17	%
Net operating results (3)
Net operating income	$	700,030			577,622			375,999			475,477			504,030
Diluted net operating earnings per common share		3.83			3.10			2.73			3.50			3.76
Return on (annualized):
Average tangible assets		1.44	%		1.16	%		1.04	%		1.23	%		1.34	%
Average tangible common equity		17.89	%		14.41	%		12.44	%		15.98	%		17.54	%
Efficiency ratio		53.6	%		58.3	%		64.9	%		59.7	%		57.7	%
	September 30,			June 30,			March 31,			December 31,			September 30,
Loan quality	2022			2022			2022			2021			2021
Nonaccrual loans	$	2,429,326			2,633,005			2,134,231			2,060,083			2,242,263
Real estate and other foreclosed assets		37,031			28,692			23,524			23,901			24,786
Total nonperforming assets	$	2,466,357			2,661,697			2,157,755			2,083,984			2,267,049
Accruing loans past due 90 days or more (4)	$	476,503			523,662			776,751			963,399			1,026,080
Government guaranteed loans included in totals above:
Nonaccrual loans	$	44,797			46,937			46,151			51,429			47,358
Accruing loans past due 90 days or more		423,371			467,834			689,831			927,788			947,091
Renegotiated loans	$	356,797			276,584			242,108			230,408			242,955
Nonaccrual loans to total net loans		1.89	%		2.05	%		2.32	%		2.22	%		2.40	%
Allowance for credit losses to total loans		1.46	%		1.42	%		1.60	%		1.58	%		1.62	%

(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.

11-11-11-11-11

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

	Three months ended									Nine months ended
	September 30									September 30
Dollars in thousands	2022			2021			Change			2022			2021			Change
Interest income	$	1,781,513			992,946			79	%	$	4,174,911			2,980,266			40	%
Interest expense		102,822			25,696			300			180,329			89,281			102
Net interest income		1,678,691			967,250			74			3,994,582			2,890,985			38
Provision for credit losses		115,000			(20,000	)		—			427,000			(60,000	)		—
Net interest income after provision for credit losses		1,563,691			987,250			58			3,567,582			2,950,985			21
Other income
Mortgage banking revenues		83,041			159,995			-48			275,115			432,062			-36
Service charges on deposit accounts		115,213			105,426			9			340,890			296,721			15
Trust income		186,577			156,876			19			545,874			475,889			15
Brokerage services income		21,086			20,490			3			65,414			43,868			49
Trading account and non-hedging derivative gains		5,081			5,563			-9			12,743			18,349			-31
Gain (loss) on bank investment securities		(1,108	)		291			—			(1,913	)		(22,646	)		—
Other revenues from operations		153,189			120,485			27			436,943			344,114			27
Total other income		563,079			569,126			-1			1,675,066			1,588,357			5
Other expense
Salaries and employee benefits		736,354			510,422			44			2,090,075			1,530,634			37
Equipment and net occupancy		127,117			80,738			57			337,584			244,057			38
Outside data processing and software		95,068			72,782			31			268,607			213,025			26
FDIC assessments		28,105			18,810			49			66,266			50,874			30
Advertising and marketing		21,398			15,208			41			58,057			43,200			34
Printing, postage and supplies		14,768			7,917			87			40,488			28,367			43
Amortization of core deposit and other      intangible assets		18,384			2,738			571			38,024			8,213			363
Other costs of operations		238,059			190,719			25			743,047			565,753			31
Total other expense		1,279,253			899,334			42			3,642,148			2,684,123			36
Income before income taxes		847,517			657,042			29			1,600,500			1,855,219			-14
Applicable income taxes		200,921			161,582			24			374,208			454,441			-18
Net income	$	646,596			495,460			31	%	$	1,226,292			1,400,778			-12	%

12-12-12-12-12

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

	Three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Dollars in thousands	2022			2022			2022			2021			2021
Interest income	$	1,781,513			1,465,142			928,256			958,518			992,946
Interest expense		102,822			53,425			24,082			24,725			25,696
Net interest income		1,678,691			1,411,717			904,174			933,793			967,250
Provision for credit losses		115,000			302,000			10,000			(15,000	)		(20,000	)
Net interest income after provision for credit losses		1,563,691			1,109,717			894,174			948,793			987,250
Other income
Mortgage banking revenues		83,041			82,926			109,148			139,267			159,995
Service charges on deposit accounts		115,213			124,170			101,507			105,392			105,426
Trust income		186,577			190,084			169,213			168,827			156,876
Brokerage services income		21,086			24,138			20,190			18,923			20,490
Trading account and non-hedging derivative gains		5,081			2,293			5,369			6,027			5,563
Gain (loss) on bank investment securities		(1,108	)		(62	)		(743	)		1,426			291
Other revenues from operations		153,189			147,551			136,203			138,775			120,485
Total other income		563,079			571,100			540,887			578,637			569,126
Other expense
Salaries and employee benefits		736,354			776,201			577,520			515,043			510,422
Equipment and net occupancy		127,117			124,655			85,812			82,641			80,738
Outside data processing and software		95,068			93,820			79,719			78,814			72,782
FDIC assessments		28,105			22,585			15,576			18,830			18,810
Advertising and marketing		21,398			20,635			16,024			21,228			15,208
Printing, postage and supplies		14,768			15,570			10,150			8,140			7,917
Amortization of core deposit and other      intangible assets		18,384			18,384			1,256			1,954			2,738
Other costs of operations		238,059			331,304			173,684			200,850			190,719
Total other expense		1,279,253			1,403,154			959,741			927,500			899,334
Income before income taxes		847,517			277,663			475,320			599,930			657,042
Applicable income taxes		200,921			60,141			113,146			141,962			161,582
Net income	$	646,596			217,522			362,174			457,968			495,460

13-13-13-13-13

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

	September 30
Dollars in thousands	2022		2021		Change
ASSETS
Cash and due from banks	$	2,255,810		1,479,712		52	%
Interest-bearing deposits at banks		25,391,528		38,445,788		-34
Trading account		129,672		50,920		155
Investment securities		24,603,765		6,447,622		282
Loans and leases:
Commercial, financial, etc.		38,807,949		22,514,940		72
Real estate - commercial		46,138,665		37,023,952		25
Real estate - consumer		23,074,280		16,209,354		42
Consumer		20,204,693		17,834,648		13
Total loans and leases, net of unearned discount		128,225,587		93,582,894		37
Less: allowance for credit losses		1,875,591		1,515,024		24
Net loans and leases		126,349,996		92,067,870		37
Goodwill		8,501,357		4,593,112		85
Core deposit and other intangible assets		226,974		5,952		—
Other assets		10,496,377		8,810,218		19
Total assets	$	197,955,479		151,901,194		30	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	73,023,271		56,542,309		29	%
Interest-bearing deposits		90,822,117		72,158,987		26
Total deposits		163,845,388		128,701,296		27
Short-term borrowings		917,806		103,548		786
Accrued interest and other liabilities		4,476,456		2,067,188		117
Long-term borrowings		3,459,336		3,500,391		-1
Total liabilities		172,698,986		134,372,423		29
Shareholders' equity:
Preferred		2,010,600		1,750,000		15
Common		23,245,893		15,778,771		47
Total shareholders' equity		25,256,493		17,528,771		44
Total liabilities and shareholders' equity	$	197,955,479		151,901,194		30	%

14-14-14-14-14

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

	September 30,		June 30,		March 31,		December 31,		September 30,
Dollars in thousands	2022		2022		2022		2021		2021
ASSETS
Cash and due from banks	$	2,255,810		1,688,274		1,411,460		1,337,577		1,479,712
Interest-bearing deposits at banks		25,391,528		33,437,454		36,025,382		41,872,304		38,445,788
Federal funds sold and agreements to resell      securities		—		250,250		—		—		—
Trading account		129,672		133,855		46,854		49,745		50,920
Investment securities		24,603,765		22,801,717		9,356,832		7,155,860		6,447,622
Loans and leases:
Commercial, financial, etc.		38,807,949		39,108,676		23,496,017		23,473,324		22,514,940
Real estate - commercial		46,138,665		46,795,139		34,553,558		35,389,730		37,023,952
Real estate - consumer		23,074,280		22,767,107		15,595,879		16,074,445		16,209,354
Consumer		20,204,693		19,815,198		18,162,938		17,974,953		17,834,648
Totalloansandleases,netofunearneddiscount		128,225,587		128,486,120		91,808,392		92,912,452		93,582,894
Less: allowance for credit losses		1,875,591		1,823,790		1,472,359		1,469,226		1,515,024
Net loans and leases		126,349,996		126,662,330		90,336,033		91,443,226		92,067,870
Goodwill		8,501,357		8,501,357		4,593,112		4,593,112		4,593,112
Core deposit and other intangible assets		226,974		245,358		2,742		3,998		5,952
Other assets		10,496,377		10,312,294		8,091,137		8,651,338		8,810,218
Total assets	$	197,955,479		204,032,889		149,863,552		155,107,160		151,901,194
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	73,023,271		72,375,515		58,520,366		60,131,480		56,542,309
Interest-bearing deposits		90,822,117		97,982,881		67,798,347		71,411,929		72,158,987
Total deposits		163,845,388		170,358,396		126,318,713		131,543,409		128,701,296
Short-term borrowings		917,806		1,119,321		50,307		47,046		103,548
Accrued interest and other liabilities		4,476,456		3,743,278		2,174,925		2,127,931		2,067,188
Long-term borrowings		3,459,336		3,017,363		3,443,587		3,485,369		3,500,391
Total liabilities		172,698,986		178,238,358		131,987,532		137,203,755		134,372,423
Shareholders' equity:
Preferred		2,010,600		2,010,600		1,750,000		1,750,000		1,750,000
Common		23,245,893		23,783,931		16,126,020		16,153,405		15,778,771
Total shareholders' equity		25,256,493		25,794,531		17,876,020		17,903,405		17,528,771
Total liabilities and shareholders' equity	$	197,955,479		204,032,889		149,863,552		155,107,160		151,901,194

15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

	Three months ended															Change in balance						Nine months ended
	September 30,					September 30,					June 30,					September 30, 2022 from						September 30,										Change
Dollars in millions	2022					2021					2022					September 30,			June 30,			2022					2021					in
	Balance		Rate			Balance		Rate			Balance		Rate			2021			2022			Balance		Rate			Balance		Rate			balance
ASSETS
Interest-bearing deposits at banks	$	30,752		2.23	%		39,036		.15	%		39,386		.82	%		-21	%		-22	%	$	36,248		1.00	%		32,969		.12	%		10	%
Federal funds sold and agreements to resell       securities		29		.55			—		.47			250		.41			100			-88			93		.42			223		.12			-58
Trading account		131		1.78			51		2.71			136		.59			157			-4			105		1.24			50		1.97			111
Investment securities		23,945		2.62			6,019		2.19			22,384		2.55			298			7			18,077		2.51			6,276		2.23			188
Loans and leases, net of unearned discount
Commercial, financial, etc.		38,321		4.87			23,730		3.96			37,818		3.96			61			1			33,203		4.24			26,155		3.57			27
Real estate - commercial		46,282		4.49			37,547		3.87			47,227		3.87			23			-2			42,864		4.09			37,525		3.98			14
Real estate - consumer		22,962		3.84			16,379		3.59			22,761		3.64			40			1			20,557		3.69			16,932		3.56			21
Consumer		19,960		4.76			17,658		4.34			19,793		4.26			13			1			19,267		4.43			17,134		4.47			12
Total loans and leases, net		127,525		4.55			95,314		3.95			127,599		3.94			34			—			115,891		4.14			97,746		3.91			19
Total earning assets		182,382		3.90			140,420		2.82			189,755		3.12			30			-4			170,414		3.30			137,264		2.91			24
Goodwill		8,501					4,593					8,501					85			—			7,214					4,593					57
Core deposit and other intangible assets		236					7					254					—			-7			165					10					—
Other assets		10,012					9,017					10,355					11			-3			9,602					9,100					6
Total assets	$	201,131					154,037					208,865					31	%		-4	%	$	187,395					150,967					24	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$	89,360		.31			70,976		.04			95,149		.12			26	%		-6	%	$	84,006		.16			71,000		.05			18	%
Time deposits		5,050		.09			3,061		.46			5,480		.09			65			-8			4,401		.11			3,381		.62			30
Deposits at Cayman Islands office		—		—			—		—			—		—			—			—			—		—			242		.11			-100
Total interest-bearing deposits		94,410		.29			74,037		.06			100,629		.12			28			-6			88,407		.16			74,623		.08			18
Short-term borrowings		913		1.16			91		.01			1,126		1.22			—			-19			701		1.16			72		.01			—
Long-term borrowings		3,281		3.67			3,431		1.75			3,282		2.55			-4			—			3,335		2.69			3,569		1.76			-7
Total interest-bearing liabilities		98,604		.41			77,559		.14			105,037		.20			27			-6			92,443		.27			78,264		.15			18
Noninterest-bearing deposits		72,861					57,218					74,054					27			-2			68,406					53,864					27
Other liabilities		4,001					2,151					3,684					86			9			3,301					2,167					52
Total liabilities		175,466					136,928					182,775					28			-4			164,150					134,295					22
Shareholders' equity		25,665					17,109					26,090					50			-2			23,245					16,672					39
Total liabilities and shareholders' equity	$	201,131					154,037					208,865					31	%		-4	%	$	187,395					150,967					24	%
Net interest spread				3.49					2.68					2.92											3.03					2.76
Contribution of interest-free funds				.19					.06					.09											.12					.07
Net interest margin				3.68	%				2.74	%				3.01	%										3.15	%				2.83	%

16-16-16-16-16

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

	Three months ended						Nine months ended
	September 30						September 30
	2022			2021			2022			2021
Income statement data
In thousands, except per share
Net income
Net income	$	646,596			495,460			1,226,292			1,400,778
Amortization of core deposit and other intangible assets (1)		14,141			2,028			29,212			6,085
Merger-related expenses (1)		39,293			6,542			398,147			17,498
Net operating income	$	700,030			504,030			1,653,651			1,424,361
Earnings per common share
Diluted earnings per common share	$	3.53			3.69			7.14			10.43
Amortization of core deposit and other intangible assets (1)		.08			.02			.18			.05
Merger-related expenses (1)		.22			.05			2.46			.13
Diluted net operating earnings per common share	$	3.83			3.76			9.78			10.61
Other expense
Other expense	$	1,279,253			899,334			3,642,148			2,684,123
Amortization of core deposit and other intangible assets		(18,384	)		(2,738	)		(38,024	)		(8,213	)
Merger-related expenses		(53,027	)		(8,826	)		(293,208	)		(22,670	)
Noninterest operating expense	$	1,207,842			887,770			3,310,916			2,653,240
Merger-related expenses
Salaries and employee benefits	$	13,094			60			98,480			64
Equipment and net occupancy		2,106			1			4,415			1
Outside data processing and software		2,277			625			3,245			869
Advertising and marketing		2,177			505			4,004			529
Printing, postage and supplies		651			730			3,833			2,779
Other costs of operations		32,722			6,905			179,231			18,428
Other expense		53,027			8,826			293,208			22,670
Provision for credit losses		—			—			242,000			—
Total	$	53,027		$	8,826		$	535,208		$	22,670
Efficiency ratio
Noninterest operating expense (numerator)	$	1,207,842			887,770			3,310,916			2,653,240
Taxable-equivalent net interest income	$	1,690,518			970,953			4,020,369			2,902,154
Other income		563,079			569,126			1,675,066			1,588,357
Less: Gain (loss) on bank investment securities		(1,108	)		291			(1,913	)		(22,646	)
Denominator	$	2,254,705			1,539,788			5,697,348			4,513,157
Efficiency ratio		53.6	%		57.7	%		58.1	%		58.8	%
Balance sheet data
In millions
Average assets
Average assets	$	201,131			154,037			187,395			150,967
Goodwill		(8,501	)		(4,593	)		(7,214	)		(4,593	)
Core deposit and other intangible assets		(236	)		(7	)		(165	)		(10	)
Deferred taxes		56			2			38			2
Average tangible assets	$	192,450			149,439			180,054			146,366
Average common equity
Average total equity	$	25,665			17,109			23,245			16,672
Preferred stock		(2,011	)		(1,495	)		(1,925	)		(1,332	)
Average common equity		23,654			15,614			21,320			15,340
Goodwill		(8,501	)		(4,593	)		(7,214	)		(4,593	)
Core deposit and other intangible assets		(236	)		(7	)		(165	)		(10	)
Deferred taxes		56			2			38			2
Average tangible common equity	$	14,973			11,016			13,979			10,739
At end of quarter
Total assets
Total assets	$	197,955			151,901
Goodwill		(8,501	)		(4,593	)
Core deposit and other intangible assets		(227	)		(6	)
Deferred taxes		54			2
Total tangible assets	$	189,281			147,304
Total common equity
Total equity	$	25,256			17,529
Preferred stock		(2,011	)		(1,750	)
Common equity		23,245			15,779
Goodwill		(8,501	)		(4,593	)
Core deposit and other intangible assets		(227	)		(6	)
Deferred taxes		54			2
Total tangible common equity	$	14,571			11,182

(1) After any related tax effect.

17-17-17-17-17

M&T BANK CORPORATION

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

	Three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2022			2022			2022			2021			2021
Income statement data
In thousands, except per share
Net income
Net income	$	646,596			217,522			362,174			457,968			495,460
Amortization of core deposit and other intangible assets (1)		14,141			14,138			933			1,447			2,028
Merger-related expenses (1)		39,293			345,962			12,892			16,062			6,542
Net operating income	$	700,030			577,622			375,999			475,477			504,030
Earnings per common share
Diluted earnings per common share	$	3.53			1.08			2.62			3.37			3.69
Amortization of core deposit and other intangible assets (1)		.08			.08			.01			.01			.02
Merger-related expenses (1)		.22			1.94			.10			.12			.05
Diluted net operating earnings per common share	$	3.83			3.10			2.73			3.50			3.76
Other expense
Other expense	$	1,279,253			1,403,154			959,741			927,500			899,334
Amortization of core deposit and other intangible assets		(18,384	)		(18,384	)		(1,256	)		(1,954	)		(2,738	)
Merger-related expenses		(53,027	)		(222,809	)		(17,372	)		(21,190	)		(8,826	)
Noninterest operating expense	$	1,207,842			1,161,961			941,113			904,356			887,770
Merger-related expenses
Salaries and employee benefits	$	13,094			85,299			87			112			60
Equipment and net occupancy		2,106			502			1,807			340			1
Outside data processing and software		2,277			716			252			250			625
Advertising and marketing		2,177			1,199			628			337			505
Printing, postage and supplies		651			2,460			722			186			730
Other costs of operations		32,722			132,633			13,876			19,965			6,905
Other expense		53,027			222,809			17,372			21,190			8,826
Provision for credit losses		—			242,000			—			—			—
Total	$	53,027			464,809			17,372			21,190			8,826
Efficiency ratio
Noninterest operating expense (numerator)	$	1,207,842			1,161,961			941,113			904,356			887,770
Taxable-equivalent net interest income	$	1,690,518			1,422,443			907,408			937,356			970,953
Other income		563,079			571,100			540,887			578,637			569,126
Less: Gain (loss) on bank investment securities		(1,108	)		(62	)		(743	)		1,426			291
Denominator	$	2,254,705			1,993,605			1,449,038			1,514,567			1,539,788
Efficiency ratio		53.6	%		58.3	%		64.9	%		59.7	%		57.7	%
Balance sheet data
In millions
Average assets
Average assets	$	201,131			208,865			151,648			157,722			154,037
Goodwill		(8,501	)		(8,501	)		(4,593	)		(4,593	)		(4,593	)
Core deposit and other intangible assets		(236	)		(254	)		(3	)		(5	)		(7	)
Deferred taxes		56			60			1			1			2
Average tangible assets	$	192,450			200,170			147,053			153,125			149,439
Average common equity
Average total equity	$	25,665			26,090			17,894			17,613			17,109
Preferred stock		(2,011	)		(2,011	)		(1,750	)		(1,750	)		(1,495	)
Average common equity		23,654			24,079			16,144			15,863			15,614
Goodwill		(8,501	)		(8,501	)		(4,593	)		(4,593	)		(4,593	)
Core deposit and other intangible assets		(236	)		(254	)		(3	)		(5	)		(7	)
Deferred taxes		56			60			1			1			2
Average tangible common equity	$	14,973			15,384			11,549			11,266			11,016
At end of quarter
Total assets
Total assets	$	197,955			204,033			149,864			155,107			151,901
Goodwill		(8,501	)		(8,501	)		(4,593	)		(4,593	)		(4,593	)
Core deposit and other intangible assets		(227	)		(245	)		(3	)		(4	)		(6	)
Deferred taxes		54			57			1			1			2
Total tangible assets	$	189,281			195,344			145,269			150,511			147,304
Total common equity
Total equity	$	25,256			25,795			17,876			17,903			17,529
Preferred stock		(2,011	)		(2,011	)		(1,750	)		(1,750	)		(1,750	)
Common equity		23,245			23,784			16,126			16,153			15,779
Goodwill		(8,501	)		(8,501	)		(4,593	)		(4,593	)		(4,593	)
Core deposit and other intangible assets		(227	)		(245	)		(3	)		(4	)		(6	)
Deferred taxes		54			57			1			1			2
Total tangible common equity	$	14,571			15,095			11,531			11,557			11,182

(1) After any related tax effect.

XML

Document and Entity Information	Oct. 19, 2022
Document Information [Line Items]
Entity Registrant Name	M&T BANK CORPORATION
Amendment Flag	false
Entity Central Index Key	0000036270
Document Type	8-K
Document Period End Date	Oct. 19, 2022
Entity Incorporation, State or Country Code	NY
Entity File Number	1-9861
Entity Tax Identification Number	16-0968385
Entity Address, Address Line One	One M&T Plaza
Entity Address, City or Town	Buffalo
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14203
City Area Code	(716)
Local Phone Number	635-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.50 par value
Trading Symbol	MTB
Security Exchange Name	NYSE
Series H Fixed To Floating Rate Not Cumulative Perpetual Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Perpetual Fixed-to-Floating RateNon-Cumulative Preferred Stock, Series H
Trading Symbol	MTBPrH
Security Exchange Name	NYSE