Earnings Results 4th Quarter 2024 January 16, 2025 Exhibit 99.2
2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“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. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T'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 M&T's control. 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 certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T’s credit ratings; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and 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; federal, state or local 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; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; 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; 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; 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, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, 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, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2023, 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 they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Forward-Looking Statements and Non-GAAP Financial Measures
33 Purpose To make a difference in people’s lives. Mission We are a bank for communities – committed to improving the lives of our customers and all the communities we touch. Operating Principles Local Scale Credit Discipline Operating & Capital Efficiency
Making a positive impact on our communities, customers, and colleagues Fostering Prosperity in Our Communities Investing in Our Employees Strong Governance and Consistent Leadership Preserving our Environment Sustainability Accomplishments and Highlights (1) Following the criteria for independence required by the New York Stock Exchange as well as M&T's Corporate Governance Standards. (2) Until M&T reaches carbon neutrality – 412 people participated in specialized M&T learning and development programs, which have been running for four decades – 9.6 years average employee tenure – 80 Employee Resource Group chapters with participation by 51% of managers and 35% of employees (non-managers) – 94% participation by M&T employees in M&T's 401(k) plan – Ranked #10 SBA Lender in the country (FY2024), the 16th consecutive year among the nation’s top 10 SBA Lenders – ~$54 million contributed by M&T and The M&T Charitable Foundation to supporting our communities – Highest possible CRA rating from Federal Reserve since 1982 – $2.5 billion of social sustainable finance loans and investments – 94% of Board members are independent (1) – More than 40% of M&T's Board of Directors team is diverse (25% of directors are women, 19% of directors are people of color) – 17-year average tenure for executive officers – $671 million made in environmental sustainable finance loans and investments – Reduced combined scope 1 and 2 emissions by 8.5% YoY – Goal: Carbon neutral by 2035 including Scope 1 and 2 (Market) GHG emissions, with interim reduction targets based on our 2023 baseline (20% reduction by 2027 and 45% reduction by 2030) – Goal: Offset 100% of electricity use with Renewable Energy by 2030 (2) 4 Note: All data except for SBA data and Board of Directors data are as of December 31, 2023. SBA data is for the period October 1, 2023 to September 30, 2024. Board of Directors data is as of December 31, 2024. The metrics and methodologies included in sustainable finance reporting are subject to change based on the best information available. M&T continues to review and enhance its reporting capabilities in line with applicable legal and regulatory requirements and industry standards and practices. Sustainability Bond Issuance – Published Sustainable Financing Framework and associated Second-Party Opinion in 2024 – In December 2024, M&T issued its first sustainability bond ($500 million)
5 J.D. Power 2024 U.S. Banking Mobile App Satisfaction Study; among banks with $70B to $200B in deposits. Visit jdpower.com/awards for more details. Key Awards and Accolades #1 in Customer Satisfaction with Mobile Banking Apps among Regional Banks Association for Talent Development
6 Financial Results
7 • Improved CET1 ratio to 11.67%(5) • Reduced CRE concentration ratio from 183% at 12/31/2023 to 136% at 12/31/2024 • Resumed share repurchases, including $400 million(6) in the second half of 2024 • Significantly reduced nonaccrual and criticized loan balances Note: (1) A net discrete tax benefit of $17 million ($0.10 earnings per share) and $14 million ($0.08 earnings per share) were recognized in Q1 2024 and Q3 2024, respectively. (2) Amounts presented before any related tax effect. (3) Included in other costs of operations. (4) Included in other revenues from operations. (5) Estimated at December 31, 2024. (6) Includes share repurchase excise tax. Full Year 2024 Highlights GAAP ($ in millions, except per share) 2024 2023 Revenues $9,279 $9,643 Noninterest Expense 5,359 5,379 Provision for Credit Losses 610 645 Net Income 2,588 2,741 Diluted EPS 14.64 15.79 Return on Assets 1.23% 1.33% Return on Common Equity 9.54 11.06 Net Interest Margin 3.58 3.83 Net Charge-offs % Avg Loans .41 .33 Notable items ($ in millions, except per share) 2024 2023 Amt EPS Amt EPS Discrete Tax Benefits(1) $31 $0.19 $— $— Pension Plan Distribution Benefit(2)(3) 12 0.05 — — Non-core Securities Net Gains(2) 10 0.04 — — Gain on Sale of Collective Investment Trust ("CIT")(2)(4) — — 225 0.94 Redemption of Trust Preferred Obligations(2)(3) (20) (0.09) — — Vacated Facility Write- downs(2)(3) (27) (0.12) — — FDIC Special Assessment(2) (34) (0.15) (197) (0.88)
8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. • Tangible Book Value per Share increased +11% YoY Full Year 2024 Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2024 2023 Net Operating Income $2,630 $2,789 Diluted Net Operating EPS 14.88 16.08 Efficiency Ratio 56.9% 54.9% Net Operating ROTA 1.30 1.42 Net Operating ROTCE 14.54 17.60 Tangible Book Value per Share (2) $109.36 $98.54
9 • Revenues increased +2% QoQ • Diluted EPS increased +41% YoY • Provision for Credit Losses declined -38% YoY Notable items ($ in millions, except per share) 4Q24 3Q24 4Q23 Amt EPS Amt EPS Amt EPS Non-core Securities Net Gains(1) $18 $0.08 $— $— $— $— Pension Plan Distribution Benefit(1)(2) 12 0.05 — — — — Discrete Tax Benefits — — 14 0.08 — — FDIC Special Assessment(1) — — — — (197) (0.88) Redemption of Trust Preferred Obligations(1)(2) (20) (0.09) — — — — Vacated Facility Write- downs(1)(2) (27) (0.12) — — — — Fourth Quarter 2024 Earnings Highlights GAAP ($ in millions, except per share) 4Q24 3Q24 4Q23 Revenues $2,385 $2,332 $2,300 Noninterest Expense 1,363 1,303 1,450 Provision for Credit Losses 140 120 225 Net Income 681 721 482 Diluted EPS 3.86 4.02 2.74 Return on Assets 1.28% 1.37% .92% Return on Common Equity 9.75 10.26 7.41 Net Interest Margin 3.58 3.62 3.61 Net Charge-offs % Avg Loans .47 .35 .44 Note: (1) Amounts presented before any related tax effect. (2) Included in other costs of operations.
10 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Fourth Quarter 2024 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 4Q24 3Q24 4Q23 Net Operating Income $691 $731 $494 Diluted Net Operating EPS 3.92 4.08 2.81 Efficiency Ratio 56.8% 55.0% 62.1% Net Operating ROTA 1.35 1.45 .98 Net Operating ROTCE 14.66 15.47 11.70 Tangible Book Value per Share (2) $109.36 $107.97 $98.54 • Tangible Book Value per Share increased +1% QoQ • Net Operating ROTA increased +37 bps YoY • Net Operating ROTCE increased +296 bps YoY
11 Net Interest Income & Net Interest Margin QoQ Drivers • Taxable-equivalent net interest income(1) increased +$1 million or less than +1% QoQ – Favorable impact from repricing in the investment securities and consumer loan portfolios – Higher nonaccrual interest – Balance sheet growth – Rate cuts and repricing • Net interest margin declined -4 bps QoQ to 3.58% – Contribution of net free funds (-10 bps) – Fixed rate earning assets repricing, mostly in the investment portfolio and consumer loans (+3 bps) – Higher nonaccrual interest (+3 bps) Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. $ IN M IL LI O N S $1,735 $1,692 $1,731 $1,739 $1,740 3.61% 3.52% 3.59% 3.62% 3.58% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 4Q23 1Q24 2Q24 3Q24 4Q24
12 Change 4Q24 vs Average Balances, $ in billions, except per share 4Q24 3Q24 4Q23 3Q24 4Q23 Interest-bearing Deposits at Banks $23.6 $25.5 $30.2 -7% -22% Investment Securities 33.7 31.0 27.5 9 23 Commercial and Industrial (“C&I”) 60.7 59.8 55.4 2 10 Commercial Real Estate (“CRE”) 27.9 29.1 33.5 -4 -17 Residential Mortgage 23.1 23.0 23.3 — -1 Consumer 24.0 22.9 20.6 5 17 Total Loans 135.7 134.8 132.8 1 2 Earning Assets 193.1 191.4 190.5 1 1 Deposits 164.6 161.5 164.7 2 — Borrowings 14.2 15.4 13.1 -8 9 Common Shareholders’ Equity 26.3 26.2 24.5 1 7 As of Quarter End Common Shareholders' Equity per Share $160.90 $159.38 $150.15 1% 7% Tangible Equity per Common Share(1) 109.36 107.97 98.54 1 11 Tangible Common Equity / Tangible Assets(1) 9.07 % 8.83 % 8.20 % 24 bps 87 bps Common Equity Tier 1 ("CET1") Capital Ratio 11.67 11.54 10.98 13 bps 69 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) December 31, 2024 CET1 ratio is estimated. (3) Includes share repurchase excise tax. (2) • Capital levels strong with CET1 ratio of 11.67%(2) • Repurchased $200 million(3) of shares in 4Q24
13 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$1.0 billion or +1% QoQ: • C&I loans increased +2% (+$925 million), driven by lending activities to financial and insurance industry customers and motor vehicle and recreational finance dealers • CRE loans declined -4% (-$1.2 billion), reflecting paydowns. The CRE loan concentration approximated 136% of Tier 1 capital plus allowable allowance for credit losses at 12/31/24 • Consumer loans rose +5% (+$1.1 billion), driven by increases in recreational finance and automobile loans $ IN B IL LI O N S $55.4 $56.8 $58.1 $59.8 $60.7 $33.5 $32.7 $31.5 $29.1 $27.9 $23.3 $23.1 $23.0 $23.0 $23.1 $20.6 $21.2 $22.0 $22.9 $24.0 $132.8 $133.8 $134.6 $134.8 $135.7 6.33% 6.32% 6.38% 6.38% 6.17% C&I CRE Residential Mortgage Consumer Total Loans Total Loan Yield 4Q23 1Q24 2Q24 3Q24 4Q24
14 Balance Sheet – Securities and Cash Duration Pre-tax Unrealized Gain/(Loss) AFS ~2.6 years $(205) million HTM ~5.3 years $(1,242) million Total Debt Securities ~3.7 years $(1,447) million $ IN B IL LI O N S Average Investment Securities and Yield $27.5 $28.6 $29.7 $31.0 $33.7 3.13% 3.30% 3.61% 3.70% 3.88% 4Q23 1Q24 2Q24 3Q24 4Q24 Cash 4% Interest- bearing deposits at banks 34% Other Securities 2% HTM Securities 26% AFS Securities 34% $54.8B TOTAL Yield up +18 bps Securities and Cash - at 12/31/24
15 Balance Sheet – Average Deposits QoQ Drivers Average deposits increased +$3.1 billion or +2% QoQ: • Average noninterest-bearing deposits increased +$396 million or +1% • Average savings and interest-checking deposits increased +$3.8 billion or +4% • Average time deposits decreased -$1.1 billion or -6% • Interest-bearing deposit costs declined -24 bps • Total deposit costs declined -16 bps$ IN B IL LI O N S $50.1 $48.6 $47.7 $46.2 $46.5 $93.4 $94.9 $96.0 $98.3 $102.1 $21.2 $20.6 $19.8 $17.0 $16.0 $164.7 $164.1 $163.5 $161.5 $164.6 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 4Q23 1Q24 2Q24 3Q24 4Q24 4Q23 1Q24 2Q24 3Q24 4Q24 Total deposit cost 2.01% 2.06% 2.06% 2.06% 1.90% Interest-bearing deposit cost 2.90% 2.93% 2.90% 2.88% 2.64%
16 $ IN M IL LI O N S $578 $580 $584 $606 $657 Noninterest Income 4Q23 1Q24 2Q24 3Q24 4Q24 Change 4Q24 vs $ in millions 4Q24 3Q24 4Q23 3Q24 4Q23 Mortgage Banking Revenues $117 $109 $112 8% 4% Service Charges on Deposits 131 132 121 — 9 Trust Income 175 170 159 3 11 Brokerage Services 30 32 26 -1 18 Non-hedge Derivatives / Trading 10 13 11 -33 -20 Securities Gain/(Loss) 18 (2) 4 — 407 Other Revenues from Operations 176 152 145 15 20 Noninterest Income $657 $606 $578 8% 14% Income Statement – Noninterest Income Noninterest income increased +$51 million or +8% QoQ: • Mortgage banking revenues increased +$8 million QoQ: – Higher gains on sale of commercial mortgage loans • Securities gain (loss) +$20 million QoQ: – Reflects realized gains (losses) on non-core investment securities • Other revenues from operations increased +$24 million QoQ: – Received a $23 million distribution from M&T's investment in BLG in 4Q24 QoQ Drivers
17 Change 4Q24 vs $ in millions 4Q24 3Q24 4Q23 3Q24 4Q23 Salaries & Benefits(4) $790 $775 $724 2% 9% Equip & Occupancy 133 125 134 7 -1 Outside Data Proc & SW 125 123 114 1 9 Professional & Other Services 80 88 99 -7 -18 FDIC Assessments 24 25 228 -6 -90 Advert. & Marketing 30 27 26 11 17 Other Costs of Operations 168 128 110 31 52 Operating Expense(1) 1,350 1,291 1,435 5 -6 Intangible Amortization 13 12 15 — -15 Total Noninterest Expense $1,363 $1,303 $1,450 5% -6% Income Statement – Noninterest Expenses Noninterest expense increased +$60 million QoQ: • Salaries and employee benefits expense up +$15 million QoQ inclusive of higher incentive compensation • Other costs of operations increased +$40 million QoQ: – Write-down of two vacated office facilities +$27 million – Redemption loss on certain M&T trust preferred obligations +$20 million – Pension plan distribution benefit -$12 million Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Adjusted efficiency ratio excludes $197 million, $29 million and $5 million FDIC special assessment from the numerator for 4Q23, 1Q24 and 2Q24, respectively. (3) Adjusted efficiency ratio excludes 4Q24 notable items on slide 9. (4) Severance charges for 4Q24, 3Q24 and 4Q23 were $7 million, $5 million and $12 million, respectively. QoQ Drivers $ IN M IL LI O N S $1,435 $1,381 $1,284 $1,291 $1,350 $1,450 $1,396 $1,297 $1,303 $1,363 62.1% 60.8% 55.3% 55.0% 56.8% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 4Q23 1Q24 2Q24 3Q24 4Q24 Adjusted Efficiency 59.6%(2) Adjusted Efficiency 53.6%(2) Adjusted Efficiency 55.1%(2) Adjusted Efficiency 55.3%(3)
18 $ IN M IL LI O N S Nonaccrual Loans $2,166 $2,302 $2,024 $1,926 $1,690 1.62% 1.71% 1.50% 1.42% 1.25% Nonaccrual Loans ($) Nonaccrual Loans (%) 4Q23 1Q24 2Q24 3Q24 4Q24 $ IN M IL LI O N S Net Charge-offs $148 $138 $137 $120 $160 0.44% 0.42% 0.41% 0.35% 0.47% Net Charge-offs ($) Net Charge-off Ratio (%) 4Q23 1Q24 2Q24 3Q24 4Q24 Credit $ IN M IL LI O N S Allowance for Credit Losses $2,129 $2,191 $2,204 $2,204 $2,184 1.59% 1.62% 1.63% 1.62% 1.61% Allowance for Credit Losses ($) Allowance for Credit Losses (%) 4Q23 1Q24 2Q24 3Q24 4Q24 $ IN M IL LI O N S Provision for Credit Losses $225 $200 $150 $120 $140 4Q23 1Q24 2Q24 3Q24 4Q24
19 Criticized C&I and CRE Loans Criticized loans decreased -$1 billion QoQ: • C&I decreased -$302 million – Driven predominantly by motor vehicle and recreational finance dealers, services industry and health services • CRE decreased -$691 million – Permanent CRE -$431 million – Construction -$260 million • 97% of criticized accrual loans are current • 53% of criticized nonaccrual loans are current$ IN B IL LI O N S $12.6 $12.9 $12.1 $10.9 $9.9 14.0% 14.3% 13.5% 12.2% 11.2% Criticized Criticized % of C&I and CRE Loans 4Q23 1Q24 2Q24 3Q24 4Q24
20 Criticized C&I Loans December 31, 2024 September 30, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Commercial and industrial excluding owner-occupied real estate by industry: Financial and insurance $11,479 $71 $35 $106 $11,056 $119 $15 $134 Services 7,409 247 112 359 7,635 337 119 456 Motor vehicle and recreational finance dealers 7,229 527 38 565 6,652 560 97 657 Manufacturing 6,077 394 116 510 6,231 429 109 538 Wholesale 4,057 334 28 362 4,086 253 28 281 Transportation, communications, utilities 3,567 286 62 348 3,770 282 69 351 Retail 3,097 66 17 83 3,083 75 23 98 Construction 2,143 155 44 199 2,226 154 54 208 Health services 1,892 207 36 243 1,933 209 32 241 Real estate investors 1,751 148 8 156 1,641 150 4 154 Other 1,773 109 39 148 1,730 98 53 151 Total commercial and industrial excluding owner-occupied real estate $50,474 $2,544 $535 $3,079 $50,043 $2,666 $603 $3,269 Owner-occupied real estate by industry: Services $2,345 $153 $26 $179 $2,336 $169 $43 $212 Motor vehicle and recreational finance dealers 2,236 31 8 39 2,072 42 10 52 Retail 1,677 69 16 85 1,617 66 18 84 Health services 1,330 156 66 222 1,432 259 81 340 Wholesale 857 62 3 65 865 26 4 30 Manufacturing 809 73 24 97 844 49 23 72 Real estate investors 702 43 6 49 773 44 15 59 Other 1,051 54 12 66 1,030 52 13 65 Total owner-occupied real estate 11,007 641 161 802 10,969 707 207 914 Total $61,481 $3,185 $696 $3,881 $61,012 $3,373 $810 $4,183 Percent criticized - excluding owner-occupied real estate 6.1 % 6.5 % Percent criticized - owner-occupied real estate 7.3 % 8.3 % Percent criticized - total commercial and industrial 6.3 % 6.9 %
21 Criticized CRE Loans December 31, 2024 September 30, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Permanent finance by property type: Apartments/Multifamily $5,628 $935 $114 $1,049 $6,291 $884 $120 $1,004 Retail/Service 4,747 673 80 753 5,040 734 134 868 Office 4,170 1,125 117 1,242 4,413 1,177 131 1,308 Health services 2,038 560 25 585 2,286 734 29 763 Hotel 1,984 317 118 435 2,133 375 146 521 Industrial/Warehouse 1,926 143 13 156 1,949 143 16 159 Other 287 30 1 31 259 57 2 59 Total permanent 20,780 3,783 468 4,251 22,371 4,104 578 4,682 Construction/Development 5,984 1,715 68 1,783 6,312 1,957 86 2,043 Total $26,764 $5,498 $536 $6,034 $28,683 $6,061 $664 $6,725 Percent criticized - total commercial real estate 22.5 % 23.4 %
22 CET1 10.98% 11.08% 11.45% 11.54% 11.67% 4Q23 1Q24 2Q24 3Q24 4Q24 TBVPS $98.54 $99.54 $102.42 $107.97 $109.36 4Q23 1Q24 2Q24 3Q24 4Q24 Capital • CET1 capital ratio increased +13 bps to 11.67%(1) at the end of 4Q24 • Tangible book value per share increased +1% to $109.36 Note: (1) December 31, 2024 CET1 ratio is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. QoQ Drivers • Tangible common equity to tangible assets increased +24 bps to 9.07% at the end of 4Q24 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by ~(4) bps at the end of 4Q24 (1) (2)
Focused on Four Priorities 23 Build our New England and Long Island Markets Optimize our Resources through Simplification Make our Systems and Processes Resilient and Scalable Continue to Develop and Scale our Capability to Manage Risk We continue our mission to simplify M&T and make investments that will improve the experience of our customers and colleagues — and help us maintain our differentiated community bank approach
24 2025 Outlook 2025 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $7.1 billion to $7.2 billion • NIM in the mid 3.60s • Range dependent on deposit trends and loan growth and shape of the yield curve Fee Income $2.5 billion to $2.6 billion • Continued strength in trust and mortgage GAAP Expense Includes intangible amortization $5.4 billion to $5.5 billion • Continued focus on managing expense, while investing in enterprise priorities Net Charge-Offs % of Average Loans ~40 basis points • Reflects continued normalization in consumer and year over year improvement in commercial Tax Rate Taxable-equivalent ~24.5% A ve ra ge B al an ce s Loans $137 billion to $139 billion • Growth in C&I, consumer, and residential mortgage, declines in CRE Deposits $164 billion to $166 billion • Focus on growing customer deposits CET1 Ratio Target ~11% in 2025
25 Why invest in M&T? • Long term focused with deeply embedded culture • Business operated to represent the best interests of all key stakeholders • Energized colleagues consistently serving our customers and communities • A safe haven for our clients as proven during turbulent times and crisis • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Leading position in core markets • 15-17% ROTCE(1) • Robust dividend growth • 8% TBV per share growth(2) Source: FactSet, S&P Global, Company Filings. Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2019-2024, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2019-2024. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns
26 Appendix
27 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, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. 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. Appendix Note: (1) After any related tax effect GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Net income Net income $482 $531 $655 $721 $681 $2,741 $2,588 Amortization of core deposits and other intangible assets (1) 12 12 10 10 10 48 42 Net operating income $494 $543 $665 $731 $691 $2,789 $2,630 Earnings per common share Diluted earnings per common share $2.74 $3.02 $3.73 $4.02 $3.86 $15.79 $14.64 Amortization of core deposits and other intangible assets (1) 0.07 0.07 0.06 0.06 0.06 0.29 0.24 Diluted net operating earnings per common share $2.81 $3.09 $3.79 $4.08 $3.92 $16.08 $14.88
28 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Other expense Other expense $1,450 $1,396 $1,297 $1,303 $1,363 $5,379 $5,359 Amortization of core deposit and other intangible assets (15) (15) (13) (12) (13) (62) (53) Noninterest operating expense $1,435 $1,381 $1,284 $1,291 $1,350 $5,317 $5,306 Efficiency ratio Noninterest operating expense (numerator) $1,435 $1,381 $1,284 $1,291 $1,350 $5,317 $5,306 Taxable-equivalent net interest income $1,735 $1,692 $1,731 $1,739 $1,740 $7,169 $6,902 Other income 578 580 584 606 657 2,528 2,427 Less: Gain (loss) on bank investment securities 4 2 (8) (2) 18 4 10 Denominator $2,309 $2,270 $2,323 $2,347 $2,379 $9,693 $9,319 Efficiency ratio 62.1 % 60.8 % 55.3 % 55.0 % 56.8 % 54.9 % 56.9 %
29 Appendix In millions 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Average assets Average assets $208,752 $211,478 $211,981 $209,581 $211,853 $205,397 $211,220 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) (8,473) (8,465) Core deposit and other intangible assets (154) (140) (126) (113) (100) (177) (120) Deferred taxes 39 33 30 28 29 44 33 Average tangible assets $200,172 $202,906 $203,420 $201,031 $203,317 $196,791 $202,668 Average common equity Average total equity $26,500 $27,019 $27,745 $28,725 $28,707 $25,899 $28,052 Preferred stock (2,011) (2,011) (2,405) (2,565) (2,394) (2,011) (2,344) Average common equity 24,489 25,008 25,340 26,160 26,313 23,888 25,708 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) (8,473) (8,465) Core deposit and other intangible assets (154) (140) (126) (113) (100) (177) (120) Deferred taxes 39 33 30 28 29 44 33 Average tangible common equity $15,909 $16,436 $16,779 $17,610 $17,777 $15,282 $17,156 GAAP to Tangible (Non-GAAP) Reconciliation
30 Appendix In millions 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Total assets Total assets $208,264 $215,137 $208,855 $211,785 $208,105 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (147) (132) (119) (107) (94) Deferred taxes 37 34 31 30 28 Total tangible assets $199,689 $206,574 $200,302 $203,243 $199,574 Total common equity Total equity $26,957 $27,169 $28,424 $28,876 $29,027 Preferred stock (2,011) (2,011) (2,744) (2,394) (2,394) Common equity 24,946 25,158 25,680 26,482 26,633 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (147) (132) (119) (107) (94) Deferred taxes 37 34 31 30 28 Total tangible common equity $16,371 $16,595 $17,127 $17,940 $18,102 GAAP to Tangible (Non-GAAP) Reconciliation