MTB is a financial services company that operates through three main business segments, providing a range of banking and financial services. The company offers credit products and banking services to commercial customers, as well as deposit and credit services to consumers and small businesses . Additionally, MTB provides trustee, agency, investment management, and administrative services for corporations and high net worth individuals . Interest on loans and deposits at banks are significant sources of income, contributing to a diversified revenue base .
- Commercial Bank - Provides credit products and banking services to middle-market and large commercial customers, including commercial lending, leasing, and real estate loans, as well as deposit products and cash management services .
- Retail Bank - Offers services to consumers and small businesses, such as deposit products, credit services including auto and home equity loans, and residential mortgage loans .
- Institutional Services and Wealth Management - Provides trustee, agency, investment management, and administrative services for corporations and high net worth individuals, including investment products like mutual funds and annuities .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kevin J. Pearson ExecutiveBoard | Vice Chairman | Director of Wilmington Trust Company, WT Investment Advisors, Wilmington Funds Management, WTIM, Wilmington Trust, N.A., and PUA; Director of WTAM | Kevin J. Pearson has been with M&T Bank since 1989 and has held various management positions. He oversees the Commercial Banking and Institutional Services and Wealth Management Divisions. | |
Renée F. Jones ExecutiveBoard | Chairman of the Board and Chief Executive Officer | Director and Audit Committee Member at ACV Auctions Inc.; Director and Member of the Audit and Risk Committee of the Federal Reserve Bank of New York; Vice Chair of the Board of the Bank Policy Institute; Steward for the Council for Inclusive Capitalism; Board of Trustees Member at Boston College; Member of the UB Council of the State University of New York at Buffalo; Director of the Pan-Massachusetts Challenge, Inc. | Renée F. Jones has over 30 years of experience in banking and has held various leadership roles at M&T Bank since joining in 1992. He became CEO in December 2017. | View Report → |
Daryl N. Bible Executive | Senior Executive Vice President and Chief Financial Officer | N/A | Daryl N. Bible is the Senior Executive Vice President and CFO of M&T Bank Corporation. | |
Robert J. Bojdak Executive | Senior Executive Vice President and Chief Credit Officer | N/A | Robert J. Bojdak joined M&T Bank in 2002 and has been the Chief Credit Officer since 2004, managing the bank's loan portfolio risk. | |
Carlton J. Charles Board | Director | Senior Vice President of Treasury and Risk Management at Hearst; Board Member at BUILD; Member of the Executive Leadership Council; Governance Fellow at the National Association of Corporate Directors | Carlton J. Charles joined the M&T Board in January 2023 and brings expertise in corporate finance and risk management. | |
Gary N. Geisel Board | Director | Former Chairman of the Board of Saint Agnes Hospital; Former director of Goodwill Industries of the Chesapeake; Member of the Budget and Finance Committee of the Baltimore Community Foundation; Past Chair of the Finance Committee of Urban Teachers | Gary N. Geisel has been a director since 2009 and brings over 35 years of banking experience. | |
Jane Chwick Board | Director | Director at Voya Financial, MarketAxess Holdings Inc., and Thoughtworks Holding Inc.; Co-founder and Co-CEO of Trewtec, Inc. | Jane Chwick joined the M&T Board in April 2022 and has a background in technology and governance from her career at Goldman Sachs. | |
John P. Barnes Board | Director | Director of M&T's Subsidiary, M&T Bank | John P. Barnes joined the M&T Board in April 2022 after M&T's acquisition of People's United Financial, Inc., where he was CEO. | |
Leslie V. Godridge Board | Director | Director of Beasley Broadcast Group, Inc.; Director and Audit Committee Member of National Integrity Life Insurance Co. and Gerber Life Insurance Company; Trustee and Treasurer of the Museum of the City of New York | Leslie V. Godridge joined the M&T Board in 2020 and has nearly 40 years of experience in banking, with a focus on corporate and commercial banking. | |
Robert T. Brady Board | Vice Chairman of the Board of Directors and Lead Independent Director | Director of Astronics Corporation; Director of CUBRC, Inc.; Director of the Buffalo AKG Art Museum | Robert T. Brady has been with M&T since 1994 and is recognized for his leadership and governance experience. | |
T. Jefferson Cunningham III Board | Director | Chairman and CEO of Magnolia Capital Management, Ltd; Trustee of the Open Space Institute; Advisory Board Member of the Community Foundations of the Hudson Valley | T. Jefferson Cunningham III has been a director since 2001 and has extensive experience in commercial and investment banking. | |
William F. Cruger, Jr. Board | Director | Director at MarketAxess Holdings Inc. and Virtu Financial, Inc. | William F. Cruger, Jr. joined the M&T Board in April 2022 and has a background in investment banking. |
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Given that you anticipate runoff in your CRE portfolio for at least a couple more quarters and don't expect CRE balances to grow until mid-next year, how do you plan to offset the potential impact on loan growth and net interest income, especially if CRE pipelines don't build as expected?
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You mentioned that your deposit betas on the way up peaked at about 55% and you expect a downward beta of at least 40% in the fourth quarter; how confident are you that deposit costs will reprice down as quickly as anticipated, and what are the risks that deposit betas remain higher, potentially compressing your net interest margin?
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With the shift in your loan mix towards consumer lending, which may have higher yields but also higher net charge-offs, how do you plan to manage the potential increase in credit losses, and are you comfortable with the current level of loan loss reserves given this mix change?
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Considering that your net interest income and margin are expected to improve due to roll-on and roll-off rates on fixed-rate assets, as well as hedging activities, what are the key risks that could prevent you from achieving these positive projections, especially in a volatile interest rate environment?
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As you plan to return more capital to shareholders in 2025 and potentially increase share repurchases, how do you balance this with maintaining a strong CET1 ratio above 11%, especially if economic conditions deteriorate or regulatory capital requirements change with the final Basel III implementation?
Research analysts who have asked questions during M&T BANK earnings calls.
Gerard Cassidy
RBC Capital Markets
6 questions for MTB
John Pancari
Evercore ISI
6 questions for MTB
Manan Gosalia
Morgan Stanley
6 questions for MTB
Ebrahim Poonawala
Bank of America Securities
5 questions for MTB
Christopher Spahr
Wells Fargo
4 questions for MTB
Erika Najarian
UBS
4 questions for MTB
Matthew O'Connor
Deutsche Bank
4 questions for MTB
Peter Winter
D.A. Davidson
4 questions for MTB
Bill Carcache
Wolfe Research, LLC
3 questions for MTB
Ken Usdin
Autonomous Research
3 questions for MTB
Christopher McGratty
Keefe, Bruyette & Woods
2 questions for MTB
Frank Schiraldi
Piper Sandler
2 questions for MTB
Steven Alexopoulos
JPMorgan Chase & Co.
2 questions for MTB
Chris McGratty
KBW
1 question for MTB
Dave Rochester
Cantor Fitzgerald
1 question for MTB
David Rochester
Compass Point
1 question for MTB
L. Erika Penala
UBS
1 question for MTB
Matt O'Connor
Deutsche Bank
1 question for MTB
Nathan Stein
Deutsche Bank
1 question for MTB
Scott Seifers
Piper Sandler
1 question for MTB
Zach Westerlind
UBS
1 question for MTB
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
People's United Financial, Inc. | 2022 | M&T Bank Corporation acquired People's United Financial, Inc. for approximately $8.4 billion (based on $164.66 per share), exchanging each People's United common share for 0.118 of an M&T common share and issuing over 50 million common shares. The deal, which also involved converting People's United’s preferred stock into Series H Preferred Stock, expanded M&T's footprint to create a $200 billion banking franchise with more than 1,000 branches across 12 states, enhancing scale and geographic diversity. |
Recent press releases and 8-K filings for MTB.
- Amsterdam District Court will determine compensation owed by Heineken N.V. to Macedonian Thrace Brewery for anti-competitive conduct by its Greek subsidiary, Athenian Brewery
- Athenian Brewery was fined €31.5 million by Greece’s competition authority for unlawfully pressuring wholesalers and retailers
- MTB is seeking over €180 million in damages from Heineken, with interest already amounting to roughly half that claim; final ruling expected in H1 2026
- The European Court of Justice and Netherlands Supreme Court Advocate General have affirmed Dutch jurisdiction, recognizing Heineken and Athenian Brewery as a single economic undertaking
- M&T is prioritizing data integrity and access to underpin vendor-provided AI solutions, with a focus on fundamental risk areas—credit, liquidity, and deposit behavior—to strengthen the bank’s core operations.
- Recent regulatory easing is expected to boost sustainable ROEs by providing greater capital flexibility, and relief in compliance burdens could particularly benefit smaller banks.
- The bank plans to deploy excess capital first into human and technical capabilities, remains cautious on loan growth, and has executed significant share buybacks; declining AOCI will gradually lower regulatory capital ratios to historical levels.
- M&T supports enhanced transparency around system leverage through expanded disclosures, likely driven by examiners and industry initiatives rather than SEC rule-making.
- Since 2017, M&T Bank has doubled its assets and earnings per share and is 20–25% more profitable than its peer group.
- Completed a major tech transformation, tripling technology spend, insourcing tech resources from 40% to 80%, standing up 300 agile teams, reducing significant incidents by 80%, and cutting end-of-life systems to 7% vs. 12% industry avg.
- Executed a balance sheet transformation by lowering commercial real estate concentration since early 2019 to manage concentration risk and preserve crisis-driven growth opportunities.
- Generates ample capital and trades at 9.5× EPS, versus historical 9–10× acquisition valuations, making share buybacks highly accretive while remaining open to M&A that secures top deposit share in target markets.
- Emphasizes data integrity to underpin future AI use cases, focusing on core fundamentals such as credit, liquidity, deposit behavior, and cyber resilience over first-mover tech features.
- M&T has undertaken a major tech transformation, tripling technology spend since 2017, insourcing 80% of tech staff, and increasing release frequency 5× to improve system resilience (incidents down 80%).
- Under CEO René Jones, M&T has doubled its size and EPS, remains 20–25% more profitable than peers, and began reducing commercial real estate concentration in 2019 to manage concentration risk (not credit risk).
- The bank generates significant excess capital from above-peer ROEs, prioritizes hiring and capability building, and has executed substantial share buybacks this year while remaining poised to deploy more in downturns.
- M&T is expanding fee diversification through targeted acquisitions, offering end-to-end commercial services—from business formation to trust and wealth management—to stabilize non-interest income.
- On AI, the focus is on data integrity and fundamentals (credit, liquidity, deposit behavior), with ~100 use cases explored and priority given to analytics that enhance risk management and customer insights.
- M&T doubled its bank size and EPS since 2017 and is currently 20–25% more profitable than peers, generating significant capital after eight years of strategic balance sheet and tech transformation.
- Tech transformation includes tripling tech spend, insourcing 80% of technology resources, and increasing customer-facing releases by 5×, leading to improved system resiliency and agile operations.
- Eased regulatory requirements under upcoming capital reforms are expected to lift sustainable ROEs and grant greater capital flexibility, potentially accelerating share repurchases or opportunistic deployment during market downturns.
- Excess capital will first be allocated to bolster core capabilities—especially hiring and retaining talent and upgrading technology—while share buybacks remain an opportunistic secondary use amid cautious organic loan growth.
- On M&A, M&T holds no strict deal size limits but prioritizes cultural alignment and franchise fit over scale, maintaining its community-focused regional model rather than pursuing national expansion.
- M&T Bank filed a Certificate of Amendment on October 29, 2025 establishing Perpetual 6.350% Non-Cumulative Preferred Stock, Series K, with 45,000 shares authorized and a $10,000 liquidation preference per share.
- Under an Underwriting Agreement dated October 28, 2025, M&T agreed to sell 18,000,000 depositary shares, each representing a 1/400th interest in a share of Series K Preferred Stock.
- Series K ranks senior to common stock, pari passu with Series F–J preferred, and restricts dividends or redemptions of junior stock until all dividends for the most recently completed period on Series K are declared and paid in full.
- Dividends on Series K are non-cumulative, paid quarterly at a 6.350% annual rate, with record dates set 15 days before each payment date.
- ExGen Resources and MTB Metals entered into an Arrangement Agreement under which ExGen will acquire all MTB shares at 0.286 ExGen share per MTB share, resulting in MTB securityholders owning approximately 35% of the combined company.
- The merger is designed to create a well-funded copper, gold and lithium exploration and development company, combining ExGen’s 20% carried interest in the Empire copper-gold project in Idaho with MTB’s 350 km² Telegraph porphyry project in British Columbia’s Golden Triangle, alongside additional lithium, copper and gold assets.
- Completion is subject to MTB shareholder, court and TSX-V approvals, with an interim court order and special shareholder meeting anticipated in early to mid-December 2025.
- M&T delivered $4.82 diluted GAAP EPS and $792 million net income; operating ROTA of 1.56%, ROTCE of 17.13%, net interest margin of 3.68%, and an efficiency ratio of 53.6%.
- Taxable equivalent net interest income rose to $1.77 billion (+3% q/q); average loans grew by $1.1 billion to $136.5 billion while average deposits declined $0.7 billion to $162.7 billion.
- Credit trends remain stable with net charge-offs of $146 million (42 bps), non-accrual loans ratio at 1.1%, and a provision for credit losses of $125 million.
- Capital actions included an estimated CET1 ratio of 10.99%, an 11% dividend increase to $1.50 per share, and $409 million in share repurchases.
- Fourth quarter guidance calls for taxable equivalent NII of ~$1.8 billion, net interest margin of ~3.7%, average loans of $137–$138 billion, deposits of $163–$164 billion, non-interest income of $670–$690 million, expenses of $1.35–$1.37 billion, and net charge-offs of 40–50 bps.
- M&T reported net operating income of $798 million and diluted net operating EPS of $4.87, up from $724 million and $4.28 in Q2 2025.
- Taxable-equivalent net interest income was $1.77 billion with a net interest margin of 3.68%; average loans grew to $136.5 billion while average deposits totaled $162.7 billion.
- Noninterest income rose to $752 million versus $683 million in Q2, offset by noninterest expense of $1.36 billion, driving an efficiency ratio improvement to 53.6%.
- Credit metrics included net charge-offs of $146 million (42 bps vs. 32 bps), a provision for credit losses of $125 million, an allowance for loan losses to total loans of 1.58%, and a CET1 ratio stable at 10.99%.
- For Q4 2025, the bank expects NII of $1.8 billion, NIM of 3.7%, average loans of $137 billion–$138 billion, deposits of $163 billion–$164 billion, noninterest income of $670 million–$690 million, expenses of $1.35 billion–$1.37 billion, net charge-offs of 40–50 bps, and a CET1 ratio of 10.75%–11%.
- GAAP revenues were $2.513 billion, net income $792 million, and diluted EPS $4.82, up 14% QoQ and 20% YoY.
- Net interest margin widened to 3.68%, up 6 bps QoQ and YoY, with average loans at $136.5 billion (+1% QoQ, +1% YoY) and deposits stable at $162.7 billion.
- Credit metrics showed a 0.42% net charge-off ratio, provision for credit losses of $125 million, and nonaccrual loans at $1.512 billion (1.10% of loans).
- Q4 guidance includes $1.8 billion taxable-equivalent net interest income (NIM ~3.70%), fee income of $670–690 million, GAAP expenses of $1.35–1.37 billion, NCO ratio 40–50 bps, loans $137–138 billion, deposits $163–164 billion, and CET1 ratio 10.75–11.00%.