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, 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 August 1, 2023: 165,948,636 shares.

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M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended June 30, 2023

Table of Contents of Information Required in Report		Page
Part I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	CONSOLIDATED BALANCE SHEET – June 30, 2023 and December 31, 2022	3
	CONSOLIDATED STATEMENT OF INCOME – Three and six months ended June 30, 2023 and 2022	4
	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three and six months ended June 30, 2023 and 2022	5
	CONSOLIDATED STATEMENT OF CASH FLOWS – Six months ended June 30, 2023 and 2022	6
	CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three and six months ended June 30, 2023 and 2022	7
	NOTES TO FINANCIAL STATEMENTS	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	89
Item 4.	Controls and Procedures	89
Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	90
Item 1A.	Risk Factors	90
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	90
Item 3.	Defaults Upon Senior Securities	90
Item 4.	Mine Safety Disclosures	90
Item 5.	Other Information	90
Item 6.	Exhibits	91
SIGNATURES		92

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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)	2023			2022
Assets
Cash and due from banks	$	1,848,386		$	1,517,244
Interest-bearing deposits at banks		27,106,899			24,958,719
Federal funds sold		—			3,000
Trading account		137,240			117,847
Investment securities
Available for sale (cost: $11,248,458 at June 30, 2023;    $11,193,152 at December 31, 2022)		10,807,659			10,748,961
Held to maturity (fair value: $14,713,496 at June 30, 2023;    $12,375,420 at December 31, 2022)		15,918,106			13,529,969
Equity and other securities (cost: $1,191,927 at June 30, 2023;    $933,766 at December 31, 2022)		1,190,690			931,941
Total investment securities		27,916,455			25,210,871
Loans and leases		134,061,568			132,074,156
Unearned discount		(717,839	)		(509,993	)
Loans and leases, net of unearned discount		133,343,729			131,564,163
Allowance for credit losses		(1,998,366	)		(1,925,331	)
Loans and leases, net		131,345,363			129,638,832
Premises and equipment		1,672,998			1,653,628
Goodwill		8,465,089			8,490,089
Core deposit and other intangible assets		177,221			209,374
Accrued interest and other assets		9,002,078			8,930,237
Total assets	$	207,671,729		$	200,729,841
Liabilities
Noninterest-bearing deposits	$	54,937,913		$	65,501,860
Savings and interest-checking deposits		88,046,247			87,911,463
Time deposits		19,074,220			10,101,545
Total deposits		162,058,380			163,514,868
Short-term borrowings		7,907,884			3,554,951
Accrued interest and other liabilities		4,487,894