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 March 31, 2023

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 May 1, 2023: 165,869,832 shares.

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M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended March 31, 2023

Table of Contents of Information Required in Report		Page
Part I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	CONSOLIDATED BALANCE SHEET – March 31, 2023 and December 31, 2022	3
	CONSOLIDATED STATEMENT OF INCOME – Three months ended March 31, 2023 and 2022	4
	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three months ended March 31, 2023 and 2022	5
	CONSOLIDATED STATEMENT OF CASH FLOWS – Three months ended March 31, 2023 and 2022	6
	CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three months ended March 31, 2023 and 2022	7
	NOTES TO FINANCIAL STATEMENTS	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	80
Item 4.	Controls and Procedures	80
Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	81
Item 3.	Defaults Upon Senior Securities	81
Item 4.	Mine Safety Disclosures	81
Item 5.	Other Information	81
Item 6.	Exhibits	81
SIGNATURES		83

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

	March 31,			December 31,
(Dollars in thousands, except per share)	2023			2022
Assets
Cash and due from banks	$	1,817,740		$	1,517,244
Interest-bearing deposits at banks		22,306,425			24,958,719
Federal funds sold		—			3,000
Trading account		165,216			117,847
Investment securities
Available for sale (cost: $11,393,916 at March 31, 2023;    $11,193,152 at December 31, 2022)		11,038,922			10,748,961
Held to maturity (fair value: $15,204,461 at March 31, 2023;    $12,375,420 at December 31, 2022)		16,201,571			13,529,969
Equity and other securities (cost: $1,204,957 at March 31, 2023;    $933,766 at December 31, 2022)		1,202,716			931,941
Total investment securities		28,443,209			25,210,871
Loans and leases		133,531,052			132,074,156
Unearned discount		(593,360	)		(509,993	)
Loans and leases, net of unearned discount		132,937,692			131,564,163
Allowance for credit losses		(1,975,110	)		(1,925,331	)
Loans and leases, net		130,962,582			129,638,832
Premises and equipment		1,664,021			1,653,628
Goodwill		8,490,089			8,490,089
Core deposit and other intangible assets		192,166			209,374
Accrued interest and other assets		8,914,959			8,930,237
Total assets	$	202,956,407		$	200,729,841
Liabilities
Noninterest-bearing deposits	$	59,955,033		$	65,501,860
Savings and interest-checking deposits		86,282,685			87,911,463
Time deposits		12,837,522			10,101,545
Total deposits		159,075,240			163,514,868
Short-term borrowings		6,995,302			3,554,951
Accrued interest and other liabilities		4,045,804			4,377,495
Long-term borrowings		7,462,890			3,964,537
Total liabilities		177,579,236			175,411,851
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 March 31, 2023 and December 31, 2022; Liquidation preference of    $10,000 per share: 140,000 shares at March 31, 2023 and December 31, 2022; Liquidation    preference of $25 per share: 10,000,000 shares at March 31, 2023 and December 31, 2022		2,010,600			2,010,600
Common stock, $.50 par, 250,000,000 shares authorized,    179,436,779 shares issued at March 31, 2023 and    December 31, 2022		89,718			89,718
Common stock issuable, 11,998 shares at March 31, 2023;    14,031 shares at December 31, 2022		957			1,112
Additional paid-in capital		9,986,325			10,002,891
Retained earnings		16,212,095			15,753,978
Accumulated other comprehensive income (loss), net		(645,005	)		(790,030	)
Treasury stock — common, at cost — 13,583,874 shares at March 31, 2023;    10,165,419 shares at December 31, 2022		(2,277,519	)		(1,750,279	)
Total shareholders’ equity		25,377,171			25,317,990
Total liabilities and shareholders’ equity	$	202,956,407		$	200,729,841

See accompanying notes to financial statements.

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M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

	Three Months Ended March 31
(In thousands, except per share)	2023			2022
Interest income
Loans and leases, including fees	$	1,849,656		$	870,600
Investment securities
Fully taxable		181,587			39,132
Exempt from federal taxes		16,611			50
Deposits at banks		278,417			18,280
Other		714			194
Total interest income		2,326,985			928,256
Interest expense
Savings and interest-checking deposits		277,068			6,747
Time deposits		89,197			1,397
Short-term borrowings		57,776			1
Long-term borrowings		84,680			15,937
Total interest expense		508,721			24,082
Net interest income		1,818,264			904,174
Provision for credit losses		120,000			10,000
Net interest income after provision for credit losses		1,698,264			894,174
Other income
Mortgage banking revenues		84,985			109,148
Service charges on deposit accounts		113,546			101,507
Trust income		193,802			169,213
Brokerage services income		24,041			20,190
Trading account and other non-hedging derivative gains		11,675			5,369
Gain (loss) on bank investment securities		(416	)		(743	)
Other revenues from operations		159,500			136,203