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

M&T BANK CORPORATION ANNOUNCES THIRD QUARTER RESULTS

BUFFALO, NEW YORK -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2021.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $3.69 in the third quarter of 2021, up from $2.75 in the year-earlier quarter and $3.41 in the second quarter of 2021. GAAP-basis net income was $495 million in the recent quarter, $372 million in the third quarter of 2020 and $458 million in the second 2021 quarter. GAAP-basis net income for the third quarter of 2021 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.28% and 12.16%, respectively, improved from 1.06% and 9.53%, respectively, in the similar 2020 period and 1.22% and 11.55%, respectively, in the second quarter of 2021. Included in noninterest expenses in the recent quarter were merger-related expenses associated with M&T's proposed acquisition of People's United Financial, Inc. of $9 million ($7 million after tax-effect, or $.05 of diluted earnings per common share), compared with $4 million ($3 million after tax-effect, or $.02 of diluted earnings per common share) in the second quarter of 2021. There were no merger-related expenses in the third quarter of 2020.

Darren J. King, Executive Vice President and Chief Financial Officer, commented on M&T's third quarter results, "Results in the recent quarter reflect the strength of M&T's diversified business model. Fee income was robust, driven by strong mortgage banking, trust and brokerage, and other payments revenue relative to the year-earlier and immediately preceding quarters. Higher expense levels, notably incentive compensation and other professional services costs, were largely associated with the increased revenue but also reflect a reversion to more normal levels. Our balance sheet remains strong, as evidenced by a Common Equity Tier 1 Capital Ratio of 11.1% at September 30, 2021, improved from 10.7% at the end of the second quarter."

2-2-2-2-2

M&T BANK CORPORATION

Earnings Highlights
														Change 3Q21 vs.
($ in millions, except per share data)		3Q21			3Q20			2Q21			3Q20			2Q21
Net income		$	495			$	372			$	458				33	%			8	%
Net income available to common shareholders ̶ diluted		$	476			$	353			$	439				35	%			8	%
Diluted earnings per common share		$	3.69			$	2.75			$	3.41				34	%			8	%
Annualized return on average assets			1.28	%			1.06	%			1.22	%
Annualized return on average common equity			12.16	%			9.53	%			11.55	%

For the first nine-months of 2021, diluted earnings per common share rose 62% to $10.43 from $6.42 in the year-earlier period. GAAP-basis net income for the nine-month period ended September 30, 2021 increased to $1.40 billion from $882 million in the corresponding 2020 period. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in the nine-month period ended September 30, 2021 was 1.24% and 11.76%, respectively, improved from .89% and 7.57%, respectively, in the corresponding 2020 period. Merger-related expenses for the first nine months of 2021 were $23 million ($17 million after tax-effect, or $.13 of diluted earnings per common share). There were no merger-related expenses in the similar period of 2020.

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 $3.76 in the recent quarter, up from $2.77 and $3.45 in the third quarter of 2020 and the second quarter of 2021, respectively. Net operating income totaled $504 million in 2021's third quarter, $375 million in the third quarter of 2020 and $463 million in the second quarter of 2021. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the recent quarter was 1.34% and 17.54%, respectively, 1.10% and 13.94%, respectively, in the year-earlier quarter and 1.27% and 16.68%, respectively, in the second quarter of 2021.

Diluted net operating earnings per common share during the first nine months of 2021 increased to $10.61 from $6.49 in the similar 2020 period. Net operating income during the nine-month periods ended September 30, 2021 and 2020 was $1.42 billion and $891 million, respectively. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was

3-3-3-3-3

M&T BANK CORPORATION

1.30% and 17.10%, respectively, in the firstnine months of 2021 and was .93% and11.15%,respectively, in the corresponding 2020period.

Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis totaled $971 million in the recent quarter, up from $947 million in the third quarter of 2020 and $946 million in the second 2021 quarter. The recent quarter improvement as compared with the year-earlier quarter was largely due to lower rates paid on deposit accounts offset, in part, by the impact of lower average outstanding loan balances. As compared with the second quarter of 2021, the higher net interest income in the recent quarter was predominantly the result of increased yields on loans, reflecting fees received from payoffs of Paycheck Protection Program ("PPP") loans. The net interest margin in the third quarter of 2021, the third quarter of 2020 and the second quarter of 2021 was 2.74%, 2.95% and 2.77%, respectively. The lower net interest margin in the two most recent quarters reflects higher amounts of low-yielding balances at the Federal Reserve Bank of New York. Those balances add to net interest income, but lower the reported net interest margin. Interest income from PPP loans, including recognition of fees associated with repaid loans, was $71 million in the recent quarter, compared with $39 million in the third quarter of 2020 and $51 million in the second quarter of 2021.

Taxable-equivalent Net Interest Income
														Change 3Q21 vs.
($ in millions)		3Q21			3Q20			2Q21			3Q20			2Q21
Average earning assets		$	140,420			$	127,689			$	136,951				10	%			3	%
Net interest income ̶ taxable-equivalent		$	971			$	947			$	946				3	%			3	%
Net interest margin			2.74	%			2.95	%			2.77	%

Provision for Credit Losses/Asset Quality. Recaptures of the provision for credit losses of $20 million and $15 million were recorded in the third and second quarters of 2021, respectively. The provision for credit losses totaled $150 million in the third quarter of 2020. The provision in each quarter adjusts the allowance for credit losses to reflect expected losses that are based on economic forecasts as of each quarter-end date. Net loan charge-offs were $40 million during the recent quarter, compared with $30 million in the third quarter of 2020 and $46 million in the second quarter of 2021. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .17% and .12% in the third quarters of 2021 and 2020, respectively, and .19% in the second quarter of 2021.

Loans classified as nonaccrual totaled $2.24 billion at each of September 30, 2021 and June 30, 2021, compared with $1.24 billion at September 30, 2020. As a percentage of loans outstanding, nonaccrual loans were 2.40%, 2.31% and 1.26% at September 30, 2021, June 30, 2021 and September 30, 2020, respectively. The increase in nonaccrual loans from September 30, 2020 to the two most recent quarter-ends reflects the continuing impact of the pandemic on borrowers' ability to make contractual payments on their loans, most notably loans in the

4-4-4-4-4

M&T BANK CORPORATION

hospitalitysector. Assets taken in foreclosure of defaulted loans were $25 million at September 30, 2021, $50 million a year earlier and $28 million at June 30, 2021.

Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the adequacy of the allowance for credit losses. As a result of those analyses, the allowance for credit losses totaled $1.52 billion or 1.62% of loans outstanding at September 30, 2021, compared with $1.76 billion or 1.79% at September 30, 2020 and $1.58 billion or 1.62% at June 30, 2021. The allowance at September 30, 2021, September 30, 2020, and June 30, 2021 represented 1.66%, 1.91%, and 1.69%, respectively, of total loans on those dates, excluding outstanding balances of PPP loans.

Asset Quality Metrics
														Change 3Q21 vs.
($ in millions)		3Q21			3Q20			2Q21			3Q20			2Q21
At end of quarter
Nonaccrual loans		$	2,242			$	1,240			$	2,242				81	%			-
Real estate and other foreclosed assets		$	25			$	50			$	28				-50	%			-11	%
Total nonperforming assets		$	2,267			$	1,290			$	2,270				76	%			-
Accruing loans past due 90 days or more (1)		$	1,026			$	527			$	1,077				95	%			-5	%
Nonaccrual loans as % of loans outstanding			2.40	%			1.26	%			2.31	%
Allowance for credit losses		$	1,515			$	1,759			$	1,575				-14	%			-4	%
Allowance for credit losses as % of loans outstanding			1.62	%			1.79	%			1.62	%
For the period
Provision for credit losses		$	(20	)		$	150			$	(15	)			-				-
Net charge-offs		$	40			$	30			$	46				35	%			-13	%
Net charge-offs as % of average loans (annualized)			.17	%			.12	%			.19	%

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

Noninterest Income and Expense. Noninterest income was $569 million in the third quarter of 2021, up from $521 million in the year-earlier quarter and $514 million in the second quarter of 2021. As compared with the third quarter of 2020, the higher level of noninterest income in the recent quarter resulted largely from higher service charges on deposit accounts, merchant discount and credit card fees, mortgage banking revenues and income from M&T's trust and brokerage services businesses. The recent quarter's improvement as compared with the second quarter of 2021 reflects increases in mortgage banking revenues, service charges on deposit accounts, brokerage services income, credit-related fees, and lower unrealized losses on investment securities. Brokerage services income in the recent quarter included approximately $10 million of revenues associated with the sale of select investment products of LPL Financial, an independent financial services broker. Prior to the transition of M&T's retail brokerage and certain trust customer business to LPL Financial in mid-June 2021, those customers were provided proprietary trust products managed by M&T and revenues related thereto were reported as trust income.

5-5-5-5-5

M&T BANK CORPORATION

Noninterest Income
														Change 3Q21 vs.
($ in millions)		3Q21			3Q20			2Q21			3Q20			2Q21
Mortgage banking revenues		$	160			$	153			$	133				4	%			20	%
Service charges on deposit accounts			105				91				99				15	%			7	%
Trust income			157				150				163				5	%			-4	%
Brokerage services income			20				12				10				77	%			100	%
Trading account and foreign exchange gains			6				4				7				38	%			-14	%
Gain (loss) on bank investment securities		-				3				(11	)		-			-
Other revenues from operations			121				108				113				12	%			7	%
Total		$	569			$	521			$	514				9	%			11	%

Noninterest expense totaled $899 million in the third quarter of 2021, compared with $827 million in the corresponding quarter of 2020 and $865 million in the second 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 $888 million in the recent quarter, $823 million in the third quarter of 2020 and $859 million in 2021's second 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 (reflecting increased incentive compensation expenses), outside data processing and software, and professional services. As compared with the second quarter of 2021, the higher level of noninterest operating expenses in the recent quarter resulted largely from higher incentive compensation.

Noninterest Expense
														Change 3Q21 vs.
($ in millions)		3Q21			3Q20			2Q21			3Q20			2Q21
Salaries and employee benefits		$	510			$	479			$	479				7	%			7	%
Equipment and net occupancy			81				81				81			-			-
Outside data processing and software			73				65				74				13	%			-2	%
FDIC assessments			19				12				18				55	%			5	%
Advertising and marketing			15				12				13				28	%			14	%
Printing, postage and supplies			8				9				11				-16	%			-29	%
Amortization of core deposit and other intangible assets			3				4				3				-30	%		-
Other costs of operations			190				165				186				16	%			3	%
Total		$	899			$	827			$	865				9	%			4	%

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 57.7% in the third quarter of 2021, 56.2% in the year-earlier quarter and 58.4% in the second quarter of 2021.

Balance Sheet. M&T had total assets of $151.9 billion at September 30, 2021, compared with $138.6 billion and $150.6 billion at September 30, 2020 and June 30, 2021, respectively. Loans and leases, net of unearned

6-6-6-6-6

M&T BANK CORPORATION

discount, were $93.6 billion at September 30, 2021, compared with$98.4 billion at September 30, 2020 and $97.1 billion at June 30, 2021. The lower level of loans and leases at the recent quarter-end as compared with September 30, 2020 reflects a $5.4 billion decline in commercial loans, partially offset by growth in consumer loans of $1.5 billion. The lower commercial loan balances reflect declines in PPP and dealer floor plan loans. The rise in consumer loans resulted from higher balances of recreational finance and automobile loans.The decline in total loans and leases at the recent quarter-end as compared with June 30,2021resulted largely fromlower commercial loans of $2.9 billion. The decrease in commercial loans reflects lower balances of PPP loans. Those loans totaled $2.2 billion at September 30, 2021, compared with $6.5 billion at September 30, 2020 and $4.3 billion at June 30, 2021. Total deposits were$128.7 billion at the recent quarter-end, $115.2 billion at September 30, 2020 and $128.3 billion at June 30, 2021. The increased levels of deposits at the two most recent quarter-ends as compared with September 30, 2020 reflect higher levels of liquidity being maintained by many commercial and consumer customers.

Total shareholders' equity was $17.5 billion, or 11.54% of total assets at September 30, 2021, $16.1 billion, or 11.61% at September 30, 2020 and $16.7 billion, or 11.10% at June 30, 2021. Common shareholders' equity was $15.8 billion, or $122.60 per share, at September 30, 2021, compared with $14.9 billion, or $115.75 per share, a year-earlier and $15.5 billion, or $120.22 per share, at June 30, 2021. Tangible equity per common share was $86.88 at September 30, 2021, $79.85 at September 30, 2020 and $84.47 at June 30, 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 estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 11.1% at September 30, 2021, up from 10.7% three months earlier.

Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss third 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 #MTBQ321. 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, October 27, 2021 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. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

7-7-7-7-7

M&T BANK CORPORATION

Who We Are.We are a bank for communities- bringing the capabilities of a large bank with the care of a locally focused institution. Our purpose is to make a difference in people's lives serving all our stakeholders. The keys to our approach are characterized by responsible lending based on the advantages of local knowledge and scale, and our long history of being prudent stewards of our shareholders' capital. For more on our approach as a bank for communities, please review our latest ESG report available on M&T's website.

Earlier this month it was announced that M&T Bank again ranked in the nation's top 10 for U.S. Small Business Administration lending. For 13 consecutive years, M&T Bank has remained one of the top 10 SBA lenders in the country. Additionally in the quarter, M&T Bank continued to focus on its multicultural customers in its diverse communities by establishing several multicultural banking centers across its footprint to enhance local branch experience by offering services in English and other languages. Customers can also now complete cash transactions at M&T Bank ATMs in four languages.

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 COVID-19 pandemic 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, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, clients, third parties and M&T.

Also as described further below, statements regarding M&T's expectations or predictions regarding the proposed transaction between M&T and People's United Financial, Inc. ("People's United") are forward-looking statements, including statements regarding the expected timing, completion and effects of the proposed transaction as well as M&T's and People's United's expected financial results, prospects, targets, goals and outlook.

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 ("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.

8-8-8-8-8

M&T BANK CORPORATION

Future factors includerisks, predictions and uncertainties relating tothe impact of the People's United transaction (as described in the next paragraph);the impact of the COVID-19 pandemic;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; 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; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; 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 proposed transaction between M&T and People's United include, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between M&T and People's United; the outcome of any legal proceedings that may be instituted against M&T or People's United; the possibility that the proposed transaction will not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the risk that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of either or both parties to the combination; 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 and People's United do business; certain restrictions during the pendency of the merger that may impact the parties' ability to pursue certain business opportunities or strategic transactions; 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, including those resulting from the announcement or completion of the transaction; M&T's and People's United's success in executing their respective business plans and

9-9-9-9-9

M&T BANK CORPORATION

strategies and managing the risks involved in the foregoing; the business, economic and political conditions in the markets in which the parties operate;and other factors that may affect future results of M&T and People's United.

Future factors related to the proposed transaction also include risks, such as, among others: that the proposed combination and its announcement could have an adverse effect on either or both parties' ability to retain customers and retain or hire key personnel and maintain relationships with customers; that the proposed combination 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; and that revenues following the proposed combination may be lower than expected, including for possible reasons such as unexpected costs, charges or expenses resulting from the transactions; as well as the unforeseen risks relating to liabilities of M&T or People's United that may exist, and uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic on People's United, M&T and the proposed combination.

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 2020 Form 10-K, 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.

10-10-10-10-10

M&T BANK CORPORATION

Financial Highlights

		Three months ended							Nine months ended
		September 30							September 30
Amounts in thousands, except per share		2021			2020			Change			2021			2020			Change
Performance
Net income		$	495,460				372,136				33	%		$	1,400,778				882,012				59	%
Net income available to common shareholders			475,961				353,400				35	%			1,342,812				827,204				62	%
Per common share:
Basic earnings		$	3.70				2.75				35	%		$	10.44				6.42				63	%
Diluted earnings			3.69				2.75				34	%			10.43				6.42				62	%
Cash dividends		$	1.10				1.10				-			$	3.30				3.30			-
Common shares outstanding:
Average - diluted (1)			128,844				128,355				-				128,786				128,813			-
Period end (2)			128,699				128,303			-				128,699				128,303			-
Return on (annualized):
Average total assets			1.28	%			1.06	%							1.24	%			.89	%
Average common shareholders' equity			12.16	%			9.53	%							11.76	%			7.57	%
Taxable-equivalent net interest income		$	970,953				947,114				3	%		$	2,902,154				2,890,353			-
Yield on average earning assets			2.82	%			3.13	%							2.91	%			3.53	%
Cost of interest-bearing liabilities			.14	%			.30	%							.15	%			.50	%
Net interest spread			2.68	%			2.83	%							2.76	%			3.03	%
Contribution of interest-free funds			.06	%			.12	%							.07	%			.19	%
Net interest margin			2.74	%			2.95	%							2.83	%			3.22	%
Net charge-offs to average total net loans (annualized)			.17	%			.12	%							.22	%			.21	%
Net operating results (3)
Net operating income		$	504,030				375,029				34	%		$	1,424,361				890,692				60	%
Diluted net operating earnings per common share			3.76				2.77				36	%			10.61				6.49				63	%
Return on (annualized):
Average tangible assets			1.34	%			1.10	%							1.30	%			.93	%
Average tangible common equity			17.54	%			13.94	%							17.10	%			11.15	%
Efficiency ratio			57.7	%			56.2	%							58.8	%			57.0	%
		At September 30
Loan quality		2021			2020			Change
Nonaccrual loans		$	2,242,263				1,239,972				81	%
Real estate and other foreclosed assets			24,786				49,872				-50	%
Total nonperforming assets		$	2,267,049				1,289,844				76	%
Accruing loans past due 90 days or more (4)		$	1,026,080				527,258				95	%
Government guaranteed loans included in totals above:
Nonaccrual loans		$	47,358				45,975				3	%
Accruing loans past due 90 days or more			947,091				505,446				87	%
Renegotiated loans		$	242,955				242,581			-
Nonaccrual loans to total net loans			2.40	%			1.26	%
Allowance for credit losses to total loans			1.62	%			1.79	%

(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 17.

(4)	Predominantly residential real estate loans.

11-11-11-11-11

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

		Three months ended
		September 30,			June 30,			March 31,			December 31,			September 30,
Amounts in thousands, except per share		2021			2021			2021			2020			2020
Performance
Net income		$	495,460				458,069				447,249				471,140				372,136
Net income available to common shareholders			475,961				438,759				428,093				451,869				353,400
Per common share:
Basic earnings		$	3.70				3.41				3.33				3.52				2.75
Diluted earnings			3.69				3.41				3.33				3.52				2.75
Cash dividends		$	1.10				1.10				1.10				1.10				1.10
Common shares outstanding:
Average - diluted (1)			128,844				128,842				128,669				128,379				128,355
Period end (2)			128,699				128,686				128,658				128,333				128,303
Return on (annualized):
Average total assets			1.28	%			1.22	%			1.22	%			1.30	%			1.06	%
Average common shareholders' equity			12.16	%			11.55	%			11.57	%			12.07	%			9.53	%
Taxable-equivalent net interest income		$	970,953				946,072				985,128				993,252				947,114
Yield on average earning assets			2.82	%			2.85	%			3.08	%			3.15	%			3.13	%
Cost of interest-bearing liabilities			.14	%			.14	%			.18	%			.25	%			.30	%
Net interest spread			2.68	%			2.71	%			2.90	%			2.90	%			2.83	%
Contribution of interest-free funds			.06	%			.06	%			.07	%			.10	%			.12	%
Net interest margin			2.74	%			2.77	%			2.97	%			3.00	%			2.95	%
Net charge-offs to average total net loans (annualized)			.17	%			.19	%			.31	%			.39	%			.12	%
Net operating results (3)
Net operating income		$	504,030				462,959				457,372				473,453				375,029
Diluted net operating earnings per common share			3.76				3.45				3.41				3.54				2.77
Return on (annualized):
Average tangible assets			1.34	%			1.27	%			1.29	%			1.35	%			1.10	%
Average tangible common equity			17.54	%			16.68	%			17.05	%			17.53	%			13.94	%
Efficiency ratio			57.7	%			58.4	%			60.3	%			54.6	%			56.2	%
		September 30,			June 30,			March 31,			December 31,			September 30,
Loan quality		2021			2021			2021			2020			2020
Nonaccrual loans		$	2,242,263				2,242,057				1,957,106				1,893,299				1,239,972
Real estate and other foreclosed assets			24,786				27,902				29,797				34,668				49,872
Total nonperforming assets		$	2,267,049				2,269,959				1,986,903				1,927,967				1,289,844
Accruing loans past due 90 days or more (4)		$	1,026,080				1,077,227				1,084,553				859,208				527,258
Government guaranteed loans included in totals above:
Nonaccrual loans		$	47,358				49,796				51,668				48,820				45,975
Accruing loans past due 90 days or more			947,091				1,029,331				1,044,599				798,121				505,446
Renegotiated loans		$	242,955				236,377				242,121				238,994				242,581
Nonaccrual loans to total net loans			2.40	%			2.31	%			1.97	%			1.92	%			1.26	%
Allowance for credit losses to total loans			1.62	%			1.62	%			1.65	%			1.76	%			1.79	%

(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 18.

(4)	Predominantly residential real estate loans.

12-12-12-12-12

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

		Three months ended							Nine months ended
		September 30							September 30
Dollars in thousands		2021			2020			Change			2021			2020			Change
Interest income		$	992,946				1,001,161				-1	%		$	2,980,266				3,153,822				-6	%
Interest expense			25,696				58,066				-56				89,281				276,785				-68
Net interest income			967,250				943,095				3				2,890,985				2,877,037			-
Provision for credit losses			(20,000	)			150,000				-				(60,000	)			725,000				-
Net interest income after provision for credit losses			987,250				793,095				24				2,950,985				2,152,037				37
Other income
Mortgage banking revenues			159,995				153,267				4				432,062				426,200				1
Service charges on deposit accounts			105,426				91,355				15				296,721				274,971				8
Trust income			156,876				149,937				5				475,889				450,570				6
Brokerage services income			20,490				11,602				77				43,868				35,194				25
Trading account and foreign exchange gains			5,563				4,026				38				18,349				33,332				-45
Gain (loss) on bank investment securities			291				2,773			-				(22,646	)			(11,040	)			-
Other revenues from operations			120,485				107,601				12				344,114				327,967				5
Total other income			569,126				520,561				9				1,588,357				1,537,194				3
Other expense
Salaries and employee benefits			510,422				478,897				7				1,530,634				1,474,582				4
Equipment and net occupancy			80,738				81,080			-				244,057				237,809				3
Outside data processing and software			72,782				64,660				13				213,025				190,446				12
FDIC assessments			18,810				12,121				55				50,874				38,599				32
Advertising and marketing			15,208				11,855				28				43,200				44,072				-2
Printing, postage and supplies			7,917				9,422				-16				28,367				31,534				-10
Amortization of core deposit and other intangible assets			2,738				3,914				-30				8,213				11,740				-30
Other costs of operations			190,719				164,825				16				565,753				511,450				11
Total other expense			899,334				826,774				9				2,684,123				2,540,232				6
Income before income taxes			657,042				486,882				35				1,855,219				1,148,999				61
Applicable income taxes			161,582				114,746				41				454,441				266,987				70
Net income		$	495,460				372,136				33	%		$	1,400,778				882,012				59	%

13-13-13-13-13

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

		Three months ended
		September 30,			June 30,			March 31,			December 31,			September 30,
Dollars in thousands		2021			2021			2021			2020			2020
Interest income		$	992,946				970,358				1,016,962				1,038,890				1,001,161
Interest expense			25,696				28,018				35,567				49,610				58,066
Net interest income			967,250				942,340				981,395				989,280				943,095
Provision for credit losses			(20,000	)			(15,000	)			(25,000	)			75,000				150,000
Net interest income after provision for credit losses			987,250				957,340				1,006,395				914,280				793,095
Other income
Mortgage banking revenues			159,995				133,313				138,754				140,441				153,267
Service charges on deposit accounts			105,426				98,518				92,777				95,817				91,355
Trust income			156,876				162,991				156,022				151,314				149,937
Brokerage services income			20,490				10,265				13,113				12,234				11,602
Trading account and foreign exchange gains			5,563				6,502				6,284				7,204				4,026
Gain (loss) on bank investment securities			291				(10,655	)			(12,282	)			1,619				2,773
Other revenues from operations			120,485				112,699				110,930				142,621				107,601
Total other income			569,126				513,633				505,598				551,250				520,561
Other expense
Salaries and employee benefits			510,422				479,134				541,078				476,110				478,897
Equipment and net occupancy			80,738				80,848				82,471				84,228				81,080
Outside data processing and software			72,782				74,492				65,751				68,034				64,660
FDIC assessments			18,810				17,876				14,188				15,204				12,121
Advertising and marketing			15,208				13,364				14,628				17,832				11,855
Printing, postage and supplies			7,917				11,133				9,317				8,335				9,422
Amortization of core deposit and other intangible assets			2,738				2,737				2,738				3,129				3,914
Other costs of operations			190,719				185,761				189,273				172,136				164,825
Total other expense			899,334				865,345				919,444				845,008				826,774
Income before income taxes			657,042				605,628				592,549				620,522				486,882
Applicable income taxes			161,582				147,559				145,300				149,382				114,746
Net income		$	495,460				458,069				447,249				471,140				372,136

14-14-14-14-14

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

		September 30
Dollars in thousands		2021			2020			Change
ASSETS
Cash and due from banks		$	1,479,712				1,489,232				-1		%
Interest-bearing deposits at banks			38,445,788				20,197,937				90
Trading account			624,556				1,215,573				-49
Investment securities			6,447,622				7,723,004				-17
Loans and leases:
Commercial, financial, etc.			22,514,940				27,891,648				-19
Real estate - commercial			37,023,952				37,582,084				-1
Real estate - consumer			16,209,354				16,663,708				-3
Consumer			17,834,648				16,309,608				9
Total loans and leases, net of unearned discount			93,582,894				98,447,048				-5
Less: allowance for credit losses			1,515,024				1,758,505				-14
Net loans and leases			92,067,870				96,688,543				-5
Goodwill			4,593,112				4,593,112				-
Core deposit and other intangible assets			5,952				17,294				-66
Other assets			8,236,582				6,702,048				23
Total assets		$	151,901,194				138,626,743				10		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	56,542,309				44,201,670				28		%
Interest-bearing deposits			72,158,987				70,061,680				3
Deposits at Cayman Islands office			-				899,989				-100
Total deposits			128,701,296				115,163,339				12
Short-term borrowings			103,548				46,123				125
Accrued interest and other liabilities			2,067,188				1,857,383				11
Long-term borrowings			3,500,391				5,458,885				-36
Total liabilities			134,372,423				122,525,730				10
Shareholders' equity:
Preferred			1,750,000				1,250,000				40
Common			15,778,771				14,851,013				6
Total shareholders' equity			17,528,771				16,101,013				9
Total liabilities and shareholders' equity		$	151,901,194				138,626,743				10		%

15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

		September 30,			June 30,			March 31,			December 31,			September 30,
Dollars in thousands		2021			2021			2021			2020			2020
ASSETS
Cash and due from banks		$	1,479,712				1,410,468				1,258,989				1,552,743				1,489,232
Interest-bearing deposits at banks			38,445,788				33,864,824				31,407,227				23,663,810				20,197,937
Federal funds sold			-				-				1,000				-				-
Trading account			624,556				712,558				687,359				1,068,581				1,215,573
Investment securities			6,447,622				6,143,177				6,610,667				7,045,697				7,723,004
Loans and leases:
Commercial, financial, etc.			22,514,940				25,409,291				27,811,190				27,574,564				27,891,648
Real estate - commercial			37,023,952				37,558,775				37,425,974				37,637,889				37,582,084
Real estate - consumer			16,209,354				16,704,951				17,349,683				16,752,993				16,663,708
Consumer			17,834,648				17,440,415				16,712,233				16,570,421				16,309,608
Totalloansandleases,netofunearneddiscount			93,582,894				97,113,432				99,299,080				98,535,867				98,447,048
Less: allowance for credit losses			1,515,024				1,575,128				1,636,206				1,736,387				1,758,505
Net loans and leases			92,067,870				95,538,304				97,662,874				96,799,480				96,688,543
Goodwill			4,593,112				4,593,112				4,593,112				4,593,112				4,593,112
Core deposit and other intangible assets			5,952				8,690				11,427				14,165				17,294
Other assets			8,236,582				8,351,574				8,248,405				7,863,517				6,702,048
Total assets		$	151,901,194				150,622,707				150,481,060				142,601,105				138,626,743
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	56,542,309				55,621,230				53,641,419				47,572,884				44,201,670
Interest-bearing deposits			72,158,987				72,647,542				74,193,255				71,580,750				70,061,680
Deposits at Cayman Islands office			-				-				641,691				652,104				899,989
Total deposits			128,701,296				128,268,772				128,476,365				119,805,738				115,163,339
Short-term borrowings			103,548				91,235				58,957				59,482				46,123
Accrued interest and other liabilities			2,067,188				2,042,948				2,000,727				2,166,409				1,857,383
Long-term borrowings			3,500,391				3,499,448				3,498,503				4,382,193				5,458,885
Total liabilities			134,372,423				133,902,403				134,034,552				126,413,822				122,525,730
Shareholders' equity:
Preferred			1,750,000				1,250,000				1,250,000				1,250,000				1,250,000
Common			15,778,771				15,470,304				15,196,508				14,937,283				14,851,013
Total shareholders' equity			17,528,771				16,720,304				16,446,508				16,187,283				16,101,013
Total liabilities and shareholders' equity		$	151,901,194				150,622,707				150,481,060				142,601,105				138,626,743

16-16-16-16-16

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

		Three months ended			Change in balance					Nine months ended
		September 30,			September 30,			June 30,			September 30, 2021 from					September 30,			Change
Dollars in millions		2021			2020			2021			September 30,			June 30,					2021			2020			in
		Balance			Rate			Balance			Rate			Balance			Rate			2020			2021					Balance			Rate			Balance			Rate			balance
ASSETS
Interest-bearing deposits at banks		$	39,036				.15		%		16,440				.10		%		32,081				.11		%		137		%		22		%			$	32,969				.12		%		13,021				.28		%		153		%
Federal funds sold and agreements to resell securities			-				.47				5,113				.13				-				.48				-100				40						223				.12				2,353				.33				-
Trading account			51				2.71				50				1.62				49				1.76				2				3						50				1.97				54				2.15				-7
Investment securities			6,019				2.19				7,876				1.95				6,211				2.23				-24				-3						6,276				2.23				8,490				2.14				-26
Loans and leases, net of unearned discount
Commercial, financial, etc.			23,730				3.96				28,333				3.05				27,055				3.26				-16				-12						26,155				3.57				27,455				3.37				-5
Real estate - commercial			37,547				3.87				37,243				4.19				37,419				3.92				1				-						37,525				3.98				36,743				4.47				2
Real estate - consumer			16,379				3.59				16,558				3.69				17,022				3.54				-1				-4						16,932				3.56				16,032				3.90				6
Consumer			17,658				4.34				16,076				4.76				17,114				4.44				10				3						17,134				4.47				15,683				4.96				9
Total loans and leases, net			95,314				3.95				98,210				3.89				98,610				3.79				-3				-3						97,746				3.91				95,913				4.17				2
Total earning assets			140,420				2.82				127,689				3.13				136,951				2.85				10				3						137,264				2.91				119,831				3.53				15
Goodwill			4,593								4,593								4,593								-				-						4,593								4,593								-
Core deposit and other intangible assets			7								19								10								-62				-27						10								23								-57
Other assets			9,017								7,880								9,087								14				-1						9,100								7,983								14
Total assets		$	154,037								140,181								150,641								10		%		2		%			$	150,967								132,430								14		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits		$	70,976				.04				65,848				.14				71,561				.05				8		%		-1		%			$	71,000				.05				61,729				.27				15		%
Time deposits			3,061				.46				4,715				1.22				3,358				.61				-35				-9						3,381				.62				5,245				1.43				-36
Deposits at Cayman Islands office			-				-				957				.10				50				.12				-100				-100						242				.11				1,214				.42				-80
Total interest-bearing deposits			74,037				.06				71,520				.21				74,969				.07				4				-1						74,623				.08				68,188				.37				9
Short-term borrowings			91				.01				62				.01				61				.01				48				50						72				.01				61				.06				18
Long-term borrowings			3,431				1.75				5,499				1.51				3,429				1.74				-38				-						3,569				1.76				5,974				2.01				-40
Total interest-bearing liabilities			77,559				.14				77,081				.30				78,459				.14				1				-1						78,264				.15				74,223				.50				5
Noninterest-bearing deposits			57,218								44,786								53,444								28				7						53,864								39,931								35
Other liabilities			2,151								2,241								2,167								-4				-1						2,167								2,360								-8
Total liabilities			136,928								124,108								134,070								10				2						134,295								116,514								15
Shareholders' equity			17,109								16,073								16,571								6				3						16,672								15,916								5
Total liabilities and shareholders' equity		$	154,037								140,181								150,641								10		%		2		%			$	150,967								132,430								14		%
Net interest spread							2.68								2.83								2.71																		2.76								3.03
Contribution of interest-free funds							.06								.12								.06																		.07								.19
Net interest margin							2.74		%						2.95		%						2.77		%																2.83		%						3.22		%

17-17-17-17-17

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

		Three months ended			Nine months ended
		September 30			September 30
		2021			2020			2021			2020
Income statement data
In thousands, except per share
Net income
Net income		$	495,460				372,136				1,400,778				882,012
Amortization of core deposit and other intangible assets (1)			2,028				2,893				6,085				8,680
Merger-related expenses (1)			6,542				-				17,498				-
Net operating income		$	504,030				375,029				1,424,361				890,692
Earnings per common share
Diluted earnings per common share		$	3.69				2.75				10.43				6.42
Amortization of core deposit and other intangible assets (1)			.02				.02				.05				.07
Merger-related expenses (1)			.05				-				.13				-
Diluted net operating earnings per common share		$	3.76				2.77				10.61				6.49
Other expense
Other expense		$	899,334				826,774				2,684,123				2,540,232
Amortization of core deposit and other intangible assets			(2,738	)			(3,914	)			(8,213	)			(11,740	)
Merger-related expenses			(8,826	)			-				(22,670	)			-
Noninterest operating expense		$	887,770				822,860				2,653,240				2,528,492
Merger-related expenses
Salaries and employee benefits		$	60				-				64				-
Equipment and net occupancy			1				-				1				-
Outside data processing and software			625				-				869				-
Advertising and marketing			505				-				529				-
Printing, postage and supplies			730				-				2,779				-
Other costs of operations			6,905				-				18,428				-
Other expense		$	8,826				-				22,670				-
Efficiency ratio
Noninterest operating expense (numerator)		$	887,770				822,860				2,653,240				2,528,492
Taxable-equivalent net interest income		$	970,953				947,114				2,902,154				2,890,353
Other income			569,126				520,561				1,588,357				1,537,194
Less: Gain (loss) on bank investment securities			291				2,773				(22,646	)			(11,040	)
Denominator		$	1,539,788				1,464,902				4,513,157				4,438,587
Efficiency ratio			57.7	%			56.2	%			58.8	%			57.0	%
Balance sheet data
In millions
Average assets
Average assets		$	154,037				140,181				150,967				132,430
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(7	)			(19	)			(10	)			(23	)
Deferred taxes			2				5				2				6
Average tangible assets		$	149,439				135,574				146,366				127,820
Average common equity
Average total equity		$	17,109				16,073				16,672				15,916
Preferred stock			(1,495	)			(1,250	)			(1,332	)			(1,250	)
Average common equity			15,614				14,823				15,340				14,666
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(7	)			(19	)			(10	)			(23	)
Deferred taxes			2				5				2				6
Average tangible common equity		$	11,016				10,216				10,739				10,056
At end of quarter
Total assets
Total assets		$	151,901				138,627
Goodwill			(4,593	)			(4,593	)
Core deposit and other intangible assets			(6	)			(17	)
Deferred taxes			2				4
Total tangible assets		$	147,304				134,021
Total common equity
Total equity		$	17,529				16,101
Preferred stock			(1,750	)			(1,250	)
Common equity			15,779				14,851
Goodwill			(4,593	)			(4,593	)
Core deposit and other intangible assets			(6	)			(17	)
Deferred taxes			2				4
Total tangible common equity		$	11,182				10,245

(1)	After any related tax effect.

18-18-18-18-18

M&T BANK CORPORATION

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

		Three months ended
		September 30,			June 30,			March 31,			December 31,			September 30,
		2021			2021			2021			2020			2020
Income statement data
In thousands, except per share
Net income
Net income		$	495,460				458,069				447,249				471,140				372,136
Amortization of core deposit and other intangible assets (1)			2,028				2,023				2,034				2,313				2,893
Merger-related expenses (1)			6,542				2,867				8,089				-				-
Net operating income		$	504,030				462,959				457,372				473,453				375,029
Earnings per common share
Diluted earnings per common share		$	3.69				3.41				3.33				3.52				2.75
Amortization of core deposit and other intangible assets (1)			.02				.02				.02				.02				.02
Merger-related expenses (1)			.05				.02				.06				-				-
Diluted net operating earnings per common share		$	3.76				3.45				3.41				3.54				2.77
Other expense
Other expense		$	899,334				865,345				919,444				845,008				826,774
Amortization of core deposit and other intangible assets			(2,738	)			(2,737	)			(2,738	)			(3,129	)			(3,914	)
Merger-related expenses			(8,826	)			(3,893	)			(9,951	)			-				-
Noninterest operating expense		$	887,770				858,715				906,755				841,879				822,860
Merger-related expenses
Salaries and employee benefits		$	60				4				-				-				-
Equipment and net occupancy			1				-				-				-				-
Outside data processing and software			625				244				-				-				-
Advertising and marketing			505				24				-				-				-
Printing, postage and supplies			730				2,049				-				-				-
Other costs of operations			6,905				1,572				9,951				-				-
Other expense		$	8,826				3,893				9,951				-				-
Efficiency ratio
Noninterest operating expense (numerator)		$	887,770				858,715				906,755				841,879				822,860
Taxable-equivalent net interest income		$	970,953				946,072				985,128				993,252				947,114
Other income			569,126				513,633				505,598				551,250				520,561
Less: Gain (loss) on bank investment securities			291				(10,655	)			(12,282	)			1,619				2,773
Denominator		$	1,539,788				1,470,360				1,503,008				1,542,883				1,464,902
Efficiency ratio			57.7	%			58.4	%			60.3	%			54.6	%			56.2	%
Balance sheet data
In millions
Average assets
Average assets		$	154,037				150,641				148,157				144,563				140,181
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(7	)			(10	)			(13	)			(16	)			(19	)
Deferred taxes			2				3				3				4				5
Average tangible assets		$	149,439				146,041				143,554				139,958				135,574
Average common equity
Average total equity		$	17,109				16,571				16,327				16,213				16,073
Preferred stock			(1,495	)			(1,250	)			(1,250	)			(1,250	)			(1,250	)
Average common equity			15,614				15,321				15,077				14,963				14,823
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(7	)			(10	)			(13	)			(16	)			(19	)
Deferred taxes			2				3				3				4				5
Average tangible common equity		$	11,016				10,721				10,474				10,358				10,216
At end of quarter
Total assets
Total assets		$	151,901				150,623				150,481				142,601				138,627
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(6	)			(9	)			(12	)			(14	)			(17	)
Deferred taxes			2				2				3				4				4
Total tangible assets		$	147,304				146,023				145,879				137,998				134,021
Total common equity
Total equity		$	17,529				16,720				16,447				16,187				16,101
Preferred stock			(1,750	)			(1,250	)			(1,250	)			(1,250	)			(1,250	)
Common equity			15,779				15,470				15,197				14,937				14,851
Goodwill			(4,593	)			(4,593	)			(4,593	)			(4,593	)			(4,593	)
Core deposit and other intangible assets			(6	)			(9	)			(12	)			(14	)			(17	)
Deferred taxes			2				2				3				4				4
Total tangible common equity		$	11,182				10,870				10,595				10,334				10,245

(1)	After any related tax effect.