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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 September 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 November 1, 2023: 165,960,333 shares.

- 1 -


 

 

 

M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended September 30, 2023

Table of Contents of Information Required in Report

 

Page

 

 

 

Glossary of Terms

 

 

3

Part I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEET – September 30, 2023 and December 31, 2022

 

4

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF INCOME – Three and nine months ended September 30, 2023 and 2022

 

5

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three and nine months ended September 30, 2023 and 2022

 

6

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS – Nine months ended September 30, 2023 and 2022

 

7

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three and nine months ended September 30, 2023 and 2022

 

8

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

9

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

51

 

 

 

 

 

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

 

91

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

91

 

 

 

 

 

Item 5.

 

Other Information

 

91

 

 

 

 

 

Item 6.

 

Exhibits

 

92

 

 

 

 

 

SIGNATURES

 

93

 

 

 

 

 

 

- 2 -


 

GLOSSARY OF TERMS

The following listing includes acronyms and terms used throughout the document.

Term

Definition

2022 Annual Report

Form 10-K for the year ended December 31, 2022

Bayview Financial

Bayview Financial Holdings, L.P. together with its affiliates

BLG

Bayview Lending Group LLC

CET1

Common Equity Tier 1

CIT

Collective Investment Trust

The Company

M&T Bank Corporation and its consolidated subsidiaries

DIF

Deposit Insurance Fund

FDIC

Federal Deposit Insurance Corporation

FHLB

Federal Home Loan Bank

FOMC

Federal Open Market Committee

FRB

Federal Reserve Bank

Future Factors

Certain risks, uncertainties, and assumptions

GAAP

Accounting principles generally accepted in the United States of America

ICS

Institutional Client Services

IDI

Insured depository institution

Junior subordinated debentures

Fixed and variable rate junior subordinated deferrable interest debentures

LIBOR

London Interbank Offered Rate

LTV

Loan-to-value

M&T

M&T Bank Corporation

M&T Bank

Manufacturers and Traders Trust Company

MTIA

M&T Insurance Agency, Inc.

PCD

Purchased credit deteriorated

People’s United

People’s United Financial, Inc.

PPP

Paycheck Protection Program

Protocol

IBOR Fallback Protocol

SEC

Securities and Exchange Commission

Series H Preferred Stock

Series H Perpetual Fixed-to-Floating Rate Non-cumulative Preferred Stock of M&T

SOFR

Secured Overnight Financing Rate

Supplement

IBOR Fallbacks Supplement

VRDB

Variable rate demand bonds

WAS

Wealth Advisory Services

 

- 3 -


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(Dollars in thousands, except per share)

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

1,768,864

 

 

$

1,517,244

 

Interest-bearing deposits at banks

 

 

30,114,286

 

 

 

24,958,719

 

Federal funds sold

 

 

 

 

 

3,000

 

Trading account

 

 

136,998

 

 

 

117,847

 

Investment securities

 

 

 

 

 

 

Available for sale (cost: $11,038,966 at September 30, 2023;
   $
11,193,152 at December 31, 2022)

 

 

10,592,409

 

 

 

10,748,961

 

Held to maturity (fair value: $13,764,943 at September 30, 2023;
   $
12,375,420 at December 31, 2022)

 

 

15,571,120

 

 

 

13,529,969

 

Equity and other securities (cost: $1,174,046 at September 30, 2023;
   $
933,766 at December 31, 2022)

 

 

1,172,574

 

 

 

931,941

 

Total investment securities

 

 

27,336,103

 

 

 

25,210,871

 

Loans and leases

 

 

133,133,497

 

 

 

132,074,156

 

Unearned discount

 

 

(778,812

)

 

 

(509,993

)

Loans and leases, net of unearned discount

 

 

132,354,685

 

 

 

131,564,163

 

Allowance for credit losses

 

 

(2,052,127

)

 

 

(1,925,331

)

Loans and leases, net

 

 

130,302,558

 

 

 

129,638,832

 

Premises and equipment

 

 

1,681,051

 

 

 

1,653,628

 

Goodwill

 

 

8,465,089

 

 

 

8,490,089

 

Core deposit and other intangible assets

 

 

162,275

 

 

 

209,374

 

Accrued interest and other assets

 

 

9,157,092

 

 

 

8,930,237

 

Total assets

 

$

209,124,316

 

 

$

200,729,841

 

Liabilities

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

53,786,987

 

 

$

65,501,860

 

Savings and interest-checking deposits

 

 

90,297,219

 

 

 

87,911,463

 

Time deposits

 

 

20,043,601

 

 

 

10,101,545

 

Total deposits

 

 

164,127,807