M&T BANK : ANNOUNCES FIRST QUARTER RESULTS - Form 8-K

M&T BANK CORPORATION ANNOUNCES FIRST QUARTER RESULTS

BUFFALO, NEW YORK -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2022.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $2.62 in the first quarter of 2022, compared with $3.33 in the year-earlier quarter and $3.37 in the fourth quarter of 2021. GAAP-basis net income was $362 million in the recent quarter, $447 million in the first quarter of 2021 and $458 million in the final 2021 quarter. GAAP-basis net income in the initial quarter of 2022 expressed as an annualized rate of return on average assets and average common shareholders' equity was .97% and 8.55%, respectively, compared with 1.22% and 11.57%, respectively, in the similar 2021 period and 1.15% and 10.91%, respectively, in the fourth quarter of 2021. Included in noninterest expenses in the recent quarter were merger-related expenses associated with M&T's acquisition of People's United Financial, Inc. ("People's United") of $17 million ($13 million after-tax effect, or $.10 of diluted earnings per common share), compared with $10 million ($8 million after-tax effect, or $.06 of diluted earnings per common share) in the year-earlier quarter and $21 million ($16 million after-tax effect, or $.12 of diluted earnings per share) in the fourth quarter of 2021.

On March 4, 2022, M&T received Federal Reserve approval to acquire People's United and on April 1, 2022 closed the acquisition. Pursuant to the terms of the merger agreement, People's United shareholders received consideration valued at .118 of an M&T common share in exchange for each common share of People's United. Additionally, People's United outstanding preferred stock was converted into shares of Series H preferred stock of M&T (NYSE: MTBPrH). The purchase price totaled approximately $8.4 billion (with the price based on M&T's close price of $164.66 per share as of April 1, 2022). Excluding the impact of acquisition accounting adjustments, as of March 31, 2022 People's United reported total assets of approximately $63.0 billion, total liabilities of approximately $55.5 billion and total shareholders' equity of approximately $7.5 billion.

Darren J. King, Chief Financial Officer, commented on M&T's results, "The first quarter results continue to reflect M&T's strong credit underwriting as evidenced by historically low charge-offs for the quarter and a stable allowance for credit losses. Revenues were in line with expectations and expenses, which include the usual seasonal increase in salaries and employee benefits expense, were prudently managed. Our capital position remains very strong with an estimated Common Equity Tier 1 ratio of 11.6%, compared with 11.4% at last year's end. We were excited to close the People's United merger and look forward to working together with our new colleagues to expand our premier banking franchise."

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Earnings Highlights
														Change 1Q22 vs.
($ in millions, except per share data)		1Q22			1Q21			4Q21			1Q21			4Q21
Net income		$	362			$	447			$	458				-19	%			-21	%
Net income available to common shareholders ̶ diluted		$	340			$	428			$	434				-21	%			-22	%
Diluted earnings per common share		$	2.62			$	3.33			$	3.37				-21	%			-22	%
Annualized return on average assets			.97	%			1.22	%			1.15	%
Annualized return on average common equity			8.55	%			11.57	%			10.91	%

Supplemental Reporting of Non-GAAP Results of Operations. 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 and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature. The amounts of such "nonoperating" expenses are presented in the tables that accompany this release. 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.

Diluted net operating earnings per common share were $2.73 in the first quarter of 2022, compared with $3.41 in the year-earlier quarter and $3.50 in the fourth quarter of 2021. Net operating income aggregated $376 million in the recent quarter, $457 million in the first quarter of 2021 and $475 million in 2021's fourth quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the first quarter of 2022 was 1.04% and 12.44%, respectively, 1.29% and 17.05%, respectively, in the similar quarter of 2021 and 1.23% and 15.98%, respectively, in the fourth quarter of 2021.

Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis totaled $907 million in the recent quarter, compared with $985 million in the first quarter of 2021 and $937 million in the fourth quarter of 2021. The decrease compared with the earlier quarters reflects lower outstanding average loan balances, including significantly reduced balances of loans made under the Paycheck Protection Program ("PPP"). Two fewer days in the recent quarter also contributed to the reduced net interest income as compared with 2021's fourth quarter. Average loans outstanding and the net interest margin were $92.2 billion and 2.65%, respectively, in the first quarter of 2022, compared with $99.4 billion and 2.97%, respectively, in the year earlier quarter and $93.3 billion and 2.58%, respectively, in the fourth quarter of 2021. Outstanding PPP loans averaged $870 million in 2022's first quarter, compared with $5.73 billion in the first quarter of 2021 and $1.65 billion in the fourth quarter of 2021.

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Taxable-equivalent Net Interest Income
														Change 1Q22 vs.
($ in millions)		1Q22			1Q21			4Q21			1Q21			4Q21
Average earning assets		$	138,624			$	134,355			$	144,420				3	%			-4	%
Net interest income ̶ taxable-equivalent		$	907			$	985			$	937				-8	%			-3	%
Net interest margin			2.65	%			2.97	%			2.58	%

Provision for Credit Losses/Asset Quality. The provision for credit losses was $10 million in the recent quarter, compared with provision recaptures of $25 million and $15 million recorded in the first and fourth quarters of 2021, respectively. Net loan charge-offs were $7 million in the first quarter of 2022, greatly improved from $75 million in the first quarter of 2021 and $31 million in 2021's final quarter. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .03% and .31% in the first quarters of 2022 and 2021, respectively, and .13% in the fourth quarter of 2021.

Loans classified as nonaccrual totaled $2.13 billion at March 31, 2022, up from $1.96 billion at March 31, 2021 and $2.06 billion at December 31, 2021. Nonaccrual loans a percentage of total loans were 2.32% at the recent quarter-end, compared with 1.97% a year earlier and 2.22% at December 31, 2021. Assets taken in foreclosure of defaulted loans were $24 million at each of March 31, 2022 and December 31, 2021, compared with $30 million at March 31, 2021.

Allowance for Credit Losses. M&T regularly performs comprehensive analyses of its loan portfolios and assesses forecasted economic conditions for purposes of determining the adequacy of the allowance for credit losses. As a result of those procedures, the allowance for credit losses totaled $1.47 billion or 1.60% of loans outstanding at March 31, 2022, compared with $1.64 billion or 1.65% at March 31, 2021 and $1.47 billion or 1.58% at December 31, 2021. The allowance at March 31, 2022, March 31, 2021, and December 31, 2021 represented 1.61%, 1.75%, and 1.60%, respectively, of total loans on those dates, excluding outstanding balances of PPP loans.

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Asset Quality Metrics
														Change 1Q22 vs.
($ in millions)		1Q22			1Q21			4Q21			1Q21			4Q21
At end of quarter
Nonaccrual loans		$	2,134			$	1,957			$	2,060				9	%			4	%
Real estate and other foreclosed assets		$	24			$	30			$	24				-21	%			-2	%
Total nonperforming assets		$	2,158			$	1,987			$	2,084				9	%			4	%
Accruing loans past due 90 days or more (1)		$	777			$	1,085			$	963				-28	%			-19	%
Nonaccrual loans as % of loans outstanding			2.32	%			1.97	%			2.22	%
Allowance for credit losses		$	1,472			$	1,636			$	1,469				-10	%			-
Allowance for credit losses as % of loans outstanding			1.60	%			1.65	%			1.58	%
For the period
Provision for credit losses		$	10			$	(25	)		$	(15	)			-				-
Net charge-offs		$	7			$	75			$	31				-91	%			-78	%
Net charge-offs as % of average loans (annualized)			.03	%			.31	%			.13	%

(1)	Predominantly government-guaranteed residential real estate loans.

Noninterest Income and Expense. Noninterest income totaled $541 million in the first quarter of 2022, up from $506 million in the year-earlier quarter. That increase was reflective of higher trust income, service charges on deposit accounts, brokerage services income, as well as a $30 million distribution from Bayview Lending Group LLC, partially offset by decreased mortgage banking revenues that reflect the impact of M&T's decision to retain recently originated mortgage loans in portfolio rather than sell such loans. Noninterest income was $579 million in last year's fourth quarter. The comparative decline in the recent quarter was predominantly the result of the decreased mortgage banking revenues.

Noninterest Income
														Change 1Q22 vs.
($ in millions)		1Q22			1Q21			4Q21			1Q21			4Q21
Mortgage banking revenues		$	109			$	139			$	139				-21	%			-22	%
Service charges on deposit accounts			102				93				105				9	%			-4	%
Trust income			169				156				169				8	%		-
Brokerage services income			20				13				19				54	%			7	%
Trading account and foreign exchange gains			5				6				6				-15	%			-11	%
Gain (loss) on bank investment securities			(1	)			(12	)			2			-			-
Other revenues from operations			137				111				139				23	%			-2	%
Total		$	541			$	506			$	579				7	%			-7	%

Noninterest expense totaled $960 million in the first quarter of 2022, compared with $919 million in the similar quarter of 2021 and $928 million in the fourth quarter of 2021. Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets and merger-related expenses, noninterest operating expenses were $941 million in the recent quarter, $907 million in the first quarter of 2021 and $904 million in 2021's fourth quarter. Factors contributing to the increase in noninterest operating expenses in the recent quarter as compared with the year-earlier quarter were higher costs for salaries and employee benefits (including increased incentive compensation expenses), outside data processing and

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software, offset by lower pension-related expenses. As compared with the fourth quarter of 2021, the increased level of noninterest operating expenses in the recent quarter resulted largely from seasonally higher salaries and employee benefits, including increased stock-based compensation, payroll-related taxes and other employee benefits, partially offset by lower pension-related and professional services costs.

Noninterest Expense
														Change 1Q22 vs.
($ in millions)		1Q22			1Q21			4Q21			1Q21			4Q21
Salaries and employee benefits		$	578			$	541			$	515				7	%			12	%
Equipment and net occupancy			86				82				83				4	%			4	%
Outside data processing and software			80				66				79				21	%			1	%
FDIC assessments			16				14				19				10	%			-17	%
Advertising and marketing			16				15				21				10	%			-25	%
Printing, postage and supplies			10				9				8				9	%			25	%
Amortization of core deposit and other intangible assets			1				3				2				-54	%			-36	%
Other costs of operations			173				189				201				-8	%			-14	%
Total		$	960			$	919			$	928				4	%			3	%

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), measures the relationship of operating expenses to revenues. M&T's efficiency ratio was 64.9% in the first quarter of 2022, 60.3% in the year-earlier quarter and 59.7% in the fourth quarter of 2021.

Balance Sheet. M&T had total assets of $149.9 billion at March 31, 2022, compared with $150.5 billion and $155.1 billion at March 31, 2021 and December 31, 2021, respectively. Loans and leases, net of unearned discount, were $91.8 billion at March 31, 2022, compared with $99.3 billion at March 31, 2021 and $92.9 billion at December 31, 2021. The lower level of loans and leases at the recent quarter-end as compared with the earlier dates noted is largely a reflection of declines in balances of PPP loans outstanding. PPP loans totaled $592 million at March 31, 2022, down from $6.2 billion at March 31, 2021 and $1.2 billion at December 31, 2021. Total deposits were $126.3 billion at the recent quarter-end, $128.5 billion a year earlier and $131.5 billion at December 31, 2021.

Total shareholders' equity was $17.9 billion at each of March 31, 2022 and December 31, 2021, or 11.93% and 11.54% of total assets, respectively, and $16.4 billion, or 10.93% at March 31, 2021. Common shareholders' equity was $16.1 billion, or $124.93 per share, at March 31, 2022, compared with $15.2 billion, or $118.12 per share, a year-earlier and $16.2 billion, or $125.51 per share, at December 31, 2021. Tangible equity per common share was $89.33 at March 31, 2022, $82.35 at March 31, 2021 and $89.80 at December 31, 2021. In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T

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estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 11.6% at March 31, 2022, up from 11.4% three months earlier and 10.4% at March 31, 2021.

Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss first quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial [phone]. International participants, using any applicable international calling codes, may dial [phone]. Callers should reference M&T Bank Corporation or the conference ID #MTBQ122. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Wednesday April 27, 2022 by calling [phone], or [phone] for international participants. No conference ID is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.

About M&T. M&T is a financial holding company headquartered in Buffalo, New York. On April 1, M&T successfully completed the acquisition of People's United. The combined company employs more than 22,000 people and has a network of over 1,000 branches and 2,200 ATMs. M&T's principal banking subsidiary, M&T Bank, operates banking offices in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies in select markets in the U.S. and abroad and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

In February, M&T Bank received 29 regional and national Greenwich Excellence awards and six Greenwich Best Brand awards, continuing its streak as one of the nation's highest rated banks for the customer experience it provides to businesses. M&T Bank earned the most awards of any bank in the country for small business banking and its combined total across small business and middle market categories also led the nation.

Forward-Looking Statements. This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the 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 the war in Ukraine, the COVID-19 pandemic and other notable national and global current events on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements and 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

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statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("future factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Also as described further below, statements regarding M&T's expectations or predictions regarding the acquisition of People's United are forward-looking statements, including statements regarding the expected financial results, prospects, targets, goals and outlook.

Future factors include the impact of the People's United transaction (as described in the next paragraph); the impact of the war in Ukraine; the impact of the COVID-19 pandemic; economic conditions including inflation; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; 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; legislation or regulations affecting the financial services industry and/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; 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; rapid 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; containing costs and expenses; 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 and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

In addition, future factors related to the acquisition of People's United include, among others: the outcome of any legal proceedings that may be instituted against M&T; the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where M&T does business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships; M&T's success in executing its business plans and strategies and managing the risks involved in the foregoing; the business, economic and political conditions in the markets in which M&T operates; and other factors that may affect future results of M&T.

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Future factors related to the acquisition also include risks, such as, among others: that there could be an adverse effect on M&T's ability to retain customers and retain or hire key personnel and maintain relationships with customers; that integration efforts may be more difficult or time-consuming than anticipated, including in areas such as sales force, cost containment, asset realization, systems integration and other key strategies; that profitability following the combination may be lower than expected including for possible reasons such as lower than expected revenues or higher or unexpected costs, charges or expenses resulting from the transaction;unforeseen risks relating to liabilities of M&T or People's United that may exist; and other factors that may affect future results of M&T.

These are representative of the future factors that could affect the outcome of the forward-looking statements. In addition, 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, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other future factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year-ended December 31, 2021, 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 made and M&T does not assume any duty and does not undertake to update forward-looking statements.

INVESTOR CONTACT:		Brian Klock
		[phone]
MEDIA CONTACT:		Maya Dillon
		[phone]

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Financial Highlights

		Three months ended
		March 31
Amounts in thousands, except per share		2022			2021			Change
Performance
Net income		$	362,174				447,249				-19	%
Net income available to common shareholders			339,590				428,093				-21	%
Per common share:
Basic earnings		$	2.63				3.33				-21	%
Diluted earnings			2.62				3.33				-21	%
Cash dividends		$	1.20				1.10				9	%
Common shares outstanding:
Average - diluted (1)			129,416				128,669				1	%
Period end (2)			129,080				128,658			-
Return on (annualized):
Average total assets			.97	%			1.22	%
Average common shareholders' equity			8.55	%			11.57	%
Taxable-equivalent net interest income		$	907,408				985,128				-8	%
Yield on average earning assets			2.72	%			3.08	%
Cost of interest-bearing liabilities			.13	%			.18	%
Net interest spread			2.59	%			2.90	%
Contribution of interest-free funds			.06	%			.07	%
Net interest margin			2.65	%			2.97	%
Net charge-offs to average total net loans (annualized)			.03	%			.31	%
Net operating results (3)
Net operating income		$	375,999				457,372				-18	%
Diluted net operating earnings per common share			2.73				3.41				-20	%
Return on (annualized):
Average tangible assets			1.04	%			1.29	%
Average tangible common equity			12.44	%			17.05	%
Efficiency ratio			64.9	%			60.3	%
		At March 31
Loan quality		2022			2021			Change
Nonaccrual loans		$	2,134,231				1,957,106				9	%
Real estate and other foreclosed assets			23,524				29,797				-21	%
Total nonperforming assets		$	2,157,755				1,986,903				9	%
Accruing loans past due 90 days or more (4)		$	776,751				1,084,553				-28	%
Government guaranteed loans included in totals above:
Nonaccrual loans		$	46,151				51,668				-11	%
Accruing loans past due 90 days or more			689,831				1,044,599				-34	%
Renegotiated loans		$	242,108				242,121			-
Nonaccrual loans to total net loans			2.32	%			1.97	%
Allowance for credit losses to total loans			1.60	%			1.65	%

(1)	Includes common stock equivalents.

(2)	Includes common stock issuable under deferred compensation plans.

(3)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 16.

(4)	Predominantly residential real estate loans.

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Financial Highlights, Five Quarter Trend

		Three months ended
		March 31,			December 31,			September 30,			June 30,			March 31,
Amounts in thousands, except per share		2022			2021			2021			2021			2021
Performance
Net income		$	362,174				457,968				495,460				458,069				447,249
Net income available to common shareholders			339,590				434,171				475,961				438,759				428,093
Per common share:
Basic earnings		$	2.63				3.37				3.70				3.41				3.33
Diluted earnings			2.62				3.37				3.69				3.41				3.33
Cash dividends		$	1.20				1.20				1.10				1.10				1.10
Common shares outstanding:
Average - diluted (1)			129,416				128,888				128,844				128,842				128,669
Period end (2)			129,080				128,705				128,699				128,686				128,658
Return on (annualized):
Average total assets			.97	%			1.15	%			1.28	%			1.22	%			1.22	%
Average common shareholders' equity			8.55	%			10.91	%			12.16	%			11.55	%			11.57	%
Taxable-equivalent net interest income		$	907,408				937,356				970,953				946,072				985,128
Yield on average earning assets			2.72	%			2.64	%			2.82	%			2.85	%			3.08	%
Cost of interest-bearing liabilities			.13	%			.12	%			.14	%			.14	%			.18	%
Net interest spread			2.59	%			2.52	%			2.68	%			2.71	%			2.90	%
Contribution of interest-free funds			.06	%			.06	%			.06	%			.06	%			.07	%
Net interest margin			2.65	%			2.58	%			2.74	%			2.77	%			2.97	%
Net charge-offs to average total net loans (annualized)			.03	%			.13	%			.17	%			.19	%			.31	%
Net operating results (3)
Net operating income		$	375,999				475,477				504,030				462,959				457,372
Diluted net operating earnings per common share			2.73				3.50				3.76				3.45				3.41
Return on (annualized):
Average tangible assets			1.04	%			1.23	%			1.34	%			1.27	%			1.29	%
Average tangible common equity			12.44	%			15.98	%			17.54	%			16.68	%			17.05	%
Efficiency ratio			64.9	%			59.7	%			57.7	%			58.4	%			60.3	%
		March 31,			December 31,			September 30,			June 30,			March 31,
Loan quality		2022			2021			2021			2021			2021
Nonaccrual loans		$	2,134,231				2,060,083				2,242,263				2,242,057				1,957,106
Real estate and other foreclosed assets			23,524				23,901				24,786				27,902				29,797
Total nonperforming assets		$	2,157,755				2,083,984				2,267,049				2,269,959				1,986,903
Accruing loans past due 90 days or more (4)		$	776,751				963,399				1,026,080				1,077,227				1,084,553
Government guaranteed loans included in totals above:
Nonaccrual loans		$	46,151				51,429				47,358				49,796				51,668
Accruing loans past due 90 days or more			689,831				927,788				947,091				1,029,331				1,044,599
Renegotiated loans		$	242,108				230,408				242,955				236,377				242,121
Nonaccrual loans to total net loans			2.32	%			2.22	%			2.40	%			2.31	%			1.97	%
Allowance for credit losses to total loans			1.60	%			1.58	%			1.62	%			1.62	%			1.65	%

(1)	Includes common stock equivalents.

(2)	Includes common stock issuable under deferred compensation plans.

(3)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 16.

(4)	Predominantly residential real estate loans.

11-11-11-11-11

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

		Three months ended
		March 31
Dollars in thousands		2022			2021			Change
Interest income		$	928,256				1,016,962				-9	%
Interest expense			24,082				35,567				-32
Net interest income			904,174				981,395				-8
Provision for credit losses			10,000				(25,000	)		-
Net interest income after provision for credit losses			894,174				1,006,395				-11
Other income
Mortgage banking revenues			109,148				138,754				-21
Service charges on deposit accounts			101,507				92,777				9
Trust income			169,213				156,022				8
Brokerage services income			20,190				13,113				54
Trading account and foreign exchange gains			5,369				6,284				-15
Gain (loss) on bank investment securities			(743	)			(12,282	)		-
Other revenues from operations			136,203				110,930				23
Total other income			540,887				505,598				7
Other expense
Salaries and employee benefits			577,520				541,078				7
Equipment and net occupancy			85,812				82,471				4
Outside data processing and software			79,719				65,751				21
FDIC assessments			15,576				14,188				10
Advertising and marketing			16,024				14,628				10
Printing, postage and supplies			10,150				9,317				9
Amortization of core deposit and other intangible assets			1,256				2,738				-54
Other costs of operations			173,684				189,273				-8
Total other expense			959,741				919,444				4
Income before income taxes			475,320				592,549				-20
Applicable income taxes			113,146				145,300				-22
Net income		$	362,174				447,249				-19	%

12-12-12-12-12

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

		Three months ended
		March 31,			December 31,			September 30,			June 30,			March 31,
Dollars in thousands		2022			2021			2021			2021			2021
Interest income		$	928,256				958,518				992,946				970,358				1,016,962
Interest expense			24,082				24,725				25,696				28,018				35,567
Net interest income			904,174				933,793				967,250				942,340				981,395
Provision for credit losses			10,000				(15,000	)			(20,000	)			(15,000	)			(25,000	)
Net interest income after provision for credit losses			894,174				948,793				987,250				957,340				1,006,395
Other income
Mortgage banking revenues			109,148				139,267				159,995				133,313				138,754
Service charges on deposit accounts			101,507				105,392				105,426				98,518				92,777
Trust income			169,213				168,827				156,876				162,991				156,022
Brokerage services income			20,190				18,923				20,490				10,265				13,113
Trading account and foreign exchange gains			5,369				6,027				5,563				6,502				6,284
Gain (loss) on bank investment securities			(743	)			1,426				291				(10,655	)			(12,282	)
Other revenues from operations			136,203				138,775				120,485				112,699				110,930
Total other income			540,887				578,637				569,126				513,633				505,598
Other expense
Salaries and employee benefits			577,520				515,043				510,422				479,134				541,078
Equipment and net occupancy			85,812				82,641				80,738				80,848				82,471
Outside data processing and software			79,719				78,814				72,782				74,492				65,751
FDIC assessments			15,576				18,830				18,810				17,876				14,188
Advertising and marketing			16,024				21,228				15,208				13,364				14,628
Printing, postage and supplies			10,150				8,140				7,917				11,133				9,317
Amortization of core deposit and other intangible assets			1,256				1,954				2,738				2,737				2,738
Other costs of operations			173,684				200,850				190,719				185,761				189,273
Total other expense			959,741				927,500				899,334				865,345				919,444
Income before income taxes			475,320				599,930				657,042				605,628				592,549
Applicable income taxes			113,146				141,962				161,582				147,559				145,300
Net income		$	362,174				457,968				495,460				458,069				447,249

13-13-13-13-13

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

		March 31
Dollars in thousands		2022			2021			Change
ASSETS
Cash and due from banks		$	1,411,460				1,258,989				12		%
Interest-bearing deposits at banks			36,025,382				31,407,227				15
Federal funds sold			-				1,000				-100
Trading account			197,558				687,359				-71
Investment securities			9,356,832				6,610,667				42
Loans and leases:
Commercial, financial, etc.			23,496,017				27,811,190				-16
Real estate - commercial			34,553,558				37,425,974				-8
Real estate - consumer			15,595,879				17,349,683				-10
Consumer			18,162,938				16,712,233				9
Total loans and leases, net of unearned discount			91,808,392				99,299,080				-8
Less: allowance for credit losses			1,472,359				1,636,206				-10
Net loans and leases			90,336,033				97,662,874				-8
Goodwill			4,593,112				4,593,112				-
Core deposit and other intangible assets			2,742				11,427				-76
Other assets			7,940,433				8,248,405				-4
Total assets		$	149,863,552				150,481,060				-		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	58,520,366				53,641,419				9		%
Interest-bearing deposits			67,798,347				74,193,255				-9
Deposits at Cayman Islands office			-				641,691				-100
Total deposits			126,318,713				128,476,365				-2
Short-term borrowings			50,307				58,957				-15
Accrued interest and other liabilities			2,174,925				2,000,727				9
Long-term borrowings			3,443,587				3,498,503				-2
Total liabilities			131,987,532				134,034,552				-2
Shareholders' equity:
Preferred			1,750,000				1,250,000				40
Common			16,126,020				15,196,508				6
Total shareholders' equity			17,876,020				16,446,508				9
Total liabilities and shareholders' equity		$	149,863,552				150,481,060				-		%

14-14-14-14-14

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

		March 31,			December 31,			September 30,			June 30,			March 31,
Dollars in thousands		2022			2021			2021			2021			2021
ASSETS
Cash and due from banks		$	1,411,460				1,337,577				1,479,712				1,410,468				1,258,989
Interest-bearing deposits at banks			36,025,382				41,872,304				38,445,788				33,864,824				31,407,227
Federal funds sold			-				-				-				-				1,000
Trading account			197,558				468,031				624,556				712,558				687,359
Investment securities			9,356,832				7,155,860				6,447,622				6,143,177				6,610,667
Loans and leases:
Commercial, financial, etc.			23,496,017				23,473,324				22,514,940				25,409,291				27,811,190
Real estate - commercial			34,553,558				35,389,730				37,023,952				37,558,775				37,425,974
Real estate - consumer			15,595,879				16,074,445				16,209,354				16,704,951				17,349,683
Consumer			18,162,938				17,974,953				17,834,648				17,440,415				16,712,233
Totalloansandleases,netofunearneddiscount			91,808,392				92,912,452				93,582,894				97,113,432				99,299,080
Less: allowance for credit losses			1,472,359				1,469,226				1,515,024				1,575,128				1,636,206
Net loans and leases			90,336,033				91,443,226				92,067,870				95,538,304				97,662,874
Goodwill			4,593,112				4,593,112				4,593,112				4,593,112				4,593,112
Core deposit and other intangible assets			2,742				3,998				5,952				8,690				11,427
Other assets			7,940,433				8,233,052				8,236,582				8,351,574				8,248,405
Total assets		$	149,863,552				155,107,160				151,901,194				150,622,707				150,481,060
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	58,520,366				60,131,480				56,542,309				55,621,230				53,641,419
Interest-bearing deposits			67,798,347				71,411,929				72,158,987				72,647,542				74,193,255
Deposits at Cayman Islands office			-				-				-				-				641,691
Total deposits			126,318,713				131,543,409				128,701,296				128,268,772				128,476,365
Short-term borrowings			50,307				47,046				103,548				91,235				58,957
Accrued interest and other liabilities			2,174,925				2,127,931				2,067,188				2,042,948				2,000,727
Long-term borrowings			3,443,587				3,485,369				3,500,391				3,499,448				3,498,503
Total liabilities			131,987,532				137,203,755				134,372,423				133,902,403				134,034,552
Shareholders' equity:
Preferred			1,750,000				1,750,000				1,750,000				1,250,000				1,250,000
Common			16,126,020				16,153,405				15,778,771				15,470,304				15,196,508
Total shareholders' equity			17,876,020				17,903,405				17,528,771				16,720,304				16,446,508
Total liabilities and shareholders' equity		$	149,863,552				155,107,160				151,901,194				150,622,707				150,481,060

15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

		Three months ended			Change in balance
		March 31,			March 31,			December 31,			March 31, 2022 from
Dollars in millions		2022			2021			2021			March 31,			December 31,
		Balance			Rate			Balance			Rate			Balance			Rate			2021			2021
ASSETS
Interest-bearing deposits at banks		$	38,693				.19		%		27,666				.10		%		44,316				.15		%		40		%		-13		%
Federal funds sold and agreements to resell securities			-				.71				678				.12				-				.47				-100				-
Trading account			48				1.61				50				1.44				50				1.62				-3				-4
Investment securities			7,724				2.06				6,605				2.28				6,804				2.12				17				14
Loans and leases, net of unearned discount
Commercial, financial, etc.			23,305				3.61				27,723				3.53				22,330				3.65				-16				4
Real estate - commercial			34,957				3.86				37,609				4.16				36,717				3.89				-7				-5
Real estate - consumer			15,870				3.55				17,404				3.54				16,290				3.53				-9				-3
Consumer			18,027				4.23				16,620				4.64				17,913				4.31				8				1
Total loans and leases, net			92,159				3.85				99,356				3.99				93,250				3.87				-7				-1
Total earning assets			138,624				2.72				134,355				3.08				144,420				2.64				3				-4
Goodwill			4,593								4,593								4,593								-				-
Core deposit and other intangible assets			3								13								5								-74				-31
Other assets			8,428								9,196								8,704								-8				-3
Total assets		$	151,648								148,157								157,722								2		%		-4		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits		$	67,267				.04				70,458				.07				70,518				.04				-5		%		-5		%
Time deposits			2,647				.21				3,732				.76				2,914				.40				-29				-9
Deposits at Cayman Islands office			-				-				683				.11				-				-				-100				-
Total interest-bearing deposits			69,914				.05				74,873				.10				73,432				.05				-7				-5
Short-term borrowings			56				.01				62				.01				58				.01				-10				-4
Long-term borrowings			3,442				1.88				3,851				1.78				3,441				1.77				-11				-
Total interest-bearing liabilities			73,412				.13				78,786				.18				76,931				.12				-7				-5
Noninterest-bearing deposits			58,141								50,860								61,012								14				-5
Other liabilities			2,201								2,184								2,166								1				2
Total liabilities			133,754								131,830								140,109								1				-5
Shareholders' equity			17,894								16,327								17,613								10				2
Total liabilities and shareholders' equity		$	151,648								148,157								157,722								2		%		-4		%
Net interest spread							2.59								2.90								2.52
Contribution of interest-free funds							.06								.07								.06
Net interest margin							2.65		%						2.97		%						2.58		%

16-16-16-16-16

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

		Three months ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2022			2021			2021			2021			2021
Income statement data
In thousands, except per share
Net income
Net income		$	362,174				457,968				495,460				458,069				447,249
Amortization of core deposit and other intangible assets (1)			933				1,447				2,028				2,023				2,034
Merger-related expenses (1)			12,892				16,062				6,542				2,867				8,089
Net operating income		$	375,999				475,477				504,030				462,959				457,372
Earnings per common share
Diluted earnings per common share		$	2.62				3.37				3.69				3.41				3.33
Amortization of core deposit and other intangible assets (1)			.01				.01				.02				.02				.02
Merger-related expenses (1)			.10				.12				.05				.02				.06
Diluted net operating earnings per common share		$	2.73				3.50				3.76				3.45				3.41
Other expense
Other expense		$	959,741				927,500				899,334				865,345				919,444
Amortization of core deposit and other intangible assets			(1,256	)			(1,954	)			(2,738	)			(2,737	)			(2,738	)
Merger-related expenses			(17,372	)			(21,190	)			(8,826	)			(3,893	)			(9,951	)
Noninterest operating expense		$	941,113				904,356				887,770				858,715				906,755
Merger-related expenses
Salaries and employee benefits		$	87				112				60				4				-
Equipment and net occupancy			1,807				340				1				-				-
Outside data processing and software			252				250				625				244				-
Advertising and marketing			628				337				505				24				-
Printing, postage and supplies			722				186				730				2,049				-
Other costs of operations			13,876				19,965				6,905				1,572				9,951
Other expense		$	17,372				21,190				8,826				3,893				9,951
Efficiency ratio
Noninterest operating expense (numerator)		$	941,113				904,356				887,770				858,715				906,755
Taxable-equivalent net interest income		$	907,408				937,356				970,953				946,072				985,128
Other income			540,887				578,637				569,126				513,633				505,598
Less: Gain (loss) on bank investment securities			(743	)			1,426				291				(10,655	)			(12,282	)
Denominator		$	1,449,038				1,514,567				1,539,788				1,470,360				1,503,008
Efficiency ratio			64.9	%			59.7	%			57.7	%			58.4	%			60.3	%
Balance sheet data
In millions
Average assets
Average assets		$	151,648				157,722				154,037				150,641				148,157
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(3	)			(5	)			(7	)			(10	)			(13	)
Deferred taxes			1				1				2				3				3
Average tangible assets		$	147,053				153,125				149,439				146,041				143,554
Average common equity
Average total equity		$	17,894				17,613				17,109				16,571				16,327
Preferred stock			(1,750	)			(1,750	)			(1,495	)			(1,250	)			(1,250	)
Average common equity			16,144				15,863				15,614				15,321				15,077
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(3	)			(5	)			(7	)			(10	)			(13	)
Deferred taxes			1				1				2				3				3
Average tangible common equity		$	11,549				11,266				11,016				10,721				10,474
At end of quarter
Total assets
Total assets		$	149,864				155,107				151,901				150,623				150,481
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(3	)			(4	)			(6	)			(9	)			(12	)
Deferred taxes			1				1				2				2				3
Total tangible assets		$	145,269				150,511				147,304				146,023				145,879
Total common equity
Total equity		$	17,876				17,903				17,529				16,720				16,447
Preferred stock			(1,750	)			(1,750	)			(1,750	)			(1,250	)			(1,250	)
Common equity			16,126				16,153				15,779				15,470				15,197
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(3	)			(4	)			(6	)			(9	)			(12	)
Deferred taxes			1				1				2				2				3
Total tangible common equity		$	11,531				11,557				11,182				10,870				10,595

(1)	After any related tax effect.