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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 March 31, 2024

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, $0.50 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, 2024: 166,854,421 shares.

 

 

- 1 -


 

M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended March 31, 2024

Table of Contents of Information Required in Report

 

Page

 

 

 

Glossary of Terms

 

 

3

Part I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEET – March 31, 2024 and December 31, 2023

 

4

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF INCOME – Three months ended March 31, 2024 and 2023

 

5

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three months ended March 31, 2024 and 2023

 

6

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS – Three months ended March 31, 2024 and 2023

 

7

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three months ended March 31, 2024 and 2023

 

8

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

9

 

 

 

 

 

Item 2.

 

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

 

39

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

76

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

76

 

 

 

 

 

Part II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

77

 

 

 

 

 

Item 1A.

 

Risk Factors

 

77

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

77

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

77

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

77

 

 

 

 

 

Item 5.

 

Other Information

 

78

 

 

 

 

 

Item 6.

 

Exhibits

 

78

 

 

 

 

 

SIGNATURES

 

79

 

 

 

 

 

 

- 2 -


 

GLOSSARY OF TERMS

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

Term

Definition

2023 Annual Report

Form 10-K for the year ended December 31, 2023

Bayview Financial

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

BLG

Bayview Lending Group, LLC

Capital Rules

Capital adequacy standards established by the federal banking agencies

CET1

Common Equity Tier 1

CIT

Collective Investment Trust

Company

M&T Bank Corporation and its consolidated subsidiaries

DIF

Deposit Insurance Fund

DUS

Delegated Underwriting and Servicing

Executive ALCO Committee

Executive Asset-Liability Liquidity Capital Committee of M&T

FDIC

Federal Deposit Insurance Corporation

FHLB

Federal Home Loan Bank

FOMC

Federal Open Market Committee

FRB

Federal Reserve Bank

GAAP

Accounting principles generally accepted in the U.S.

GDP

Gross Domestic Product

Junior subordinated debentures

Fixed and variable rate junior subordinated deferrable interest debentures

LTV

Loan-to-value

M&T

M&T Bank Corporation

M&T Bank

Manufacturers and Traders Trust Company

People’s United

People’s United Financial, Inc.

RWA

Risk-weighted assets

SCB

Stress capital buffer

SOFR

Secured Overnight Financing Rate

U.S.

United States of America

 

 

- 3 -


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

 

 

 

March 31,

 

 

December 31,

 

(Dollars in millions, except per share)

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

1,695

 

 

$

1,731

 

Interest-bearing deposits at banks

 

 

32,144

 

 

 

28,069

 

Trading account

 

 

99

 

 

 

106

 

Investment securities

 

 

 

 

 

 

Available for sale (cost: $12,397 at March 31, 2024;
   $
10,691 at December 31, 2023)

 

 

12,134

 

 

 

10,440

 

Held to maturity (fair value: $13,865 at March 31, 2024;
   $
14,308 at December 31, 2023)

 

 

15,078

 

 

 

15,330

 

Equity and other securities (cost: $1,279 at March 31, 2024;
   $
1,125 at December 31, 2023)

 

 

1,284

 

 

 

1,127

 

Total investment securities

 

 

28,496

 

 

 

26,897

 

Loans and leases, net of unearned discount of $928 at March 31, 2024
   and $
868 at December 31, 2023

 

 

134,973

 

 

 

134,068

 

Allowance for credit losses

 

 

(2,191

)

 

 

(2,129

)

Loans and leases, net

 

 

132,782

 

 

 

131,939

 

Premises and equipment

 

 

1,707

 

 

 

1,739

 

Goodwill

 

 

8,465

 

 

 

8,465

 

Core deposit and other intangible assets

 

 

132

 

 

 

147

 

Accrued interest and other assets

 

 

9,617

 

 

 

9,171

 

Total assets

 

$

215,137

 

 

$

208,264

 

Liabilities

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

50,578

 

 

$

49,294

 

Savings and interest-checking deposits

 

 

96,339

 

 

 

93,221

 

Time deposits

 

 

20,279

 

 

 

20,759

 

Total deposits

 

 

167,196

 

 

 

163,274

 

Short-term borrowings

 

 

4,795

 

 

 

5,316

 

Accrued interest and other liabilities

 

 

4,527

 

 

 

4,516

 

Long-term borrowings

 

 

11,450

 

 

 

8,201

 

Total liabilities

 

 

187,968

 

 

 

181,307

 

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, 2024 and December 31, 2023; Liquidation preference of
   $
10,000 per share: 140,000 shares at March 31, 2024 and December 31, 2023;
   Liquidation preference of $
25 per share: 10,000,000 shares at March 31, 2024
   and December 31, 2023

 

 

2,011

 

 

 

2,011

 

Common stock, $0.50 par, 250,000,000 shares authorized,
   
179,436,779 shares issued at March 31, 2024 and December 31, 2023

 

 

90

 

 

 

90

 

Common stock issuable, 11,458 shares at March 31, 2024;
   
12,217 shares at December 31, 2023

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

9,976

 

 

 

10,020

 

Retained earnings

 

 

17,812

 

 

 

17,524

 

Accumulated other comprehensive income (loss), net

 

 

(589

)

 

 

(459

)

Treasury stock — common, at cost — 12,724,121 shares at March 31, 2024;
   
13,300,298 shares at December 31, 2023

 

 

(2,132

)

 

 

(2,230

)

Total shareholders’ equity

 

 

27,169

 

 

 

26,957

 

Total liabilities and shareholders’ equity

 

$

215,137

 

 

$

208,264

 

See accompanying notes to financial statements.

- 4 -


 

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

 

 

 

Three Months Ended March 31,

 

(Dollars in millions, except per share, shares in thousands)

 

2024

 

 

2023

 

Interest income

 

 

 

 

 

 

Loans and leases, including fees

 

$

2,097

 

 

$

1,850

 

Investment securities

 

 

 

 

 

 

Fully taxable

 

 

212

 

 

 

181

 

Exempt from federal taxes

 

 

16

 

 

 

17

 

Deposits at banks

 

 

419

 

 

 

278

 

Other

 

 

1

 

 

 

1

 

Total interest income

 

 

2,745

 

 

 

2,327

 

Interest expense

 

 

 

 

 

 

Savings and interest-checking deposits

 

 

615

 

 

 

277

 

Time deposits

 

 

225

 

 

 

89

 

Short-term borrowings

 

 

84

 

 

 

58

 

Long-term borrowings

 

 

141

 

 

 

85

 

Total interest expense

 

 

1,065

 

 

 

509

 

Net interest income

 

 

1,680

 

 

 

1,818

 

Provision for credit losses

 

 

200

 

 

 

120

 

Net interest income after provision for credit losses

 

 

1,480

 

 

 

1,698

 

Other income

 

 

 

 

 

 

Mortgage banking revenues

 

 

104

 

 

 

85

 

Service charges on deposit accounts

 

 

124

 

 

 

113

 

Trust income

 

 

160

 

 

 

194

 

Brokerage services income

 

 

29

 

 

 

24

 

Trading account and other non-hedging derivative gains

 

 

9

 

 

 

12

 

Gain (loss) on bank investment securities

 

 

2

 

 

 

 

Other revenues from operations

 

 

152

 

 

 

159

 

Total other income

 

 

580

 

 

 

587

 

Other expense

 

 

 

 

 

 

Salaries and employee benefits

 

 

833

 

 

 

808

 

Equipment and net occupancy

 

 

129

 

 

 

127

 

Outside data processing and software

 

 

120

 

 

 

106

 

Professional and other services

 

 

85

 

 

 

125

 

FDIC assessments

 

 

60

 

 

 

30

 

Advertising and marketing

 

 

20

 

 

 

31

 

Amortization of core deposit and other intangible assets

 

 

15

 

 

 

17

 

Other costs of operations

 

 

134

 

 

 

115

 

Total other expense

 

 

1,396

 

 

 

1,359

 

Income before taxes

 

 

664

 

 

 

926

 

Income taxes

 

 

133

 

 

 

224

 

Net income

 

$

531

 

 

$

702

 

Net income available to common shareholders

 

 

 

 

 

 

Basic

 

$

505

 

 

$

676

 

Diluted

 

 

505

 

 

 

676

 

Net income per common share

 

 

 

 

 

 

Basic

 

 

3.04

 

 

 

4.03

 

Diluted

 

 

3.02

 

 

 

4.01

 

Average common shares outstanding

 

 

 

 

 

 

Basic

 

 

166,460

 

 

 

167,732

 

Diluted

 

 

167,084

 

 

 

168,410

 

See accompanying notes to financial statements.

- 5 -


 

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

 

Three Months Ended March 31,

 

(Dollars in millions)

2024

 

 

2023

 

Net income

$

531

 

 

$

702

 

Other comprehensive income (loss), net of tax and reclassification adjustments:

 

 

 

 

 

Net unrealized gains (losses) on investment securities

 

(10

)

 

 

65

 

Cash flow hedges adjustments

 

(117

)

 

 

81

 

Defined benefit plans liability adjustments

 

(1

)

 

 

(2

)

Foreign currency translation adjustments

 

(2

)

 

 

1

 

Total other comprehensive income (loss)

 

(130

)

 

 

145

 

Total comprehensive income

$

401

 

 

$

847

 

 

See accompanying notes to financial statements.

- 6 -


 

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

(Dollars in millions)

 

2024

 

 

2023

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

531

 

 

$

702

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Provision for credit losses

 

 

200

 

 

 

120

 

Depreciation and amortization of premises and equipment

 

 

80

 

 

 

76

 

Amortization of capitalized servicing rights

 

 

35

 

 

 

20

 

Amortization of core deposit and other intangible assets

 

 

15

 

 

 

17

 

Provision for deferred income taxes

 

 

2

 

 

 

11

 

Asset write-downs

 

 

6

 

 

 

1

 

Net gain on sales of assets

 

 

(1

)

 

 

(12

)

Net change in accrued interest receivable, payable

 

 

27

 

 

 

55

 

Net change in other accrued income and expense

 

 

(74

)

 

 

(43

)

Net change in loans originated for sale

 

 

(352

)

 

 

(274

)

Net change in trading account and other non-hedging derivative assets and liabilities

 

 

139

 

 

 

(245

)

Net cash provided by operating activities

 

 

608

 

 

 

428

 

Cash flows from investing activities

 

 

 

 

 

 

Proceeds from sales of investment securities:

 

 

 

 

 

 

Available for sale

 

 

4

 

 

 

 

Equity and other securities

 

 

110

 

 

 

521

 

Proceeds from maturities of investment securities:

 

 

 

 

 

 

Available for sale

 

 

1,989

 

 

 

141

 

Held to maturity

 

 

257

 

 

 

281

 

Purchases of investment securities:

 

 

 

 

 

 

Available for sale

 

 

(4,145

)

 

 

(337

)

Held to maturity

 

 

 

 

 

(2,948

)

Equity and other securities

 

 

(264

)

 

 

(792

)

Net increase in loans and leases

 

 

(724

)

 

 

(1,166

)

Net (increase) decrease in interest-bearing deposits at banks

 

 

(4,075

)

 

 

2,652

 

Capital expenditures, net

 

 

(35

)

 

 

(55

)

Net decrease in loan servicing advances

 

 

81

 

 

 

207

 

Other, net

 

 

(280

)

 

 

(251

)

Net cash used by investing activities

 

 

(7,082

)

 

 

(1,747

)

Cash flows from financing activities

 

 

 

 

 

 

Net increase (decrease) in deposits

 

 

3,921

 

 

 

(4,441

)

Net increase (decrease) in short-term borrowings

 

 

(521

)

 

 

3,440

 

Proceeds from long-term borrowings

 

 

3,357

 

 

 

3,486

 

Payments on long-term borrowings

 

 

(49

)

 

 

 

Purchases of treasury stock

 

 

 

 

 

(594

)

Dividends paid — common

 

 

(221

)

 

 

(221

)

Dividends paid — preferred

 

 

(34

)