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.
Ebrahim Poonawala
Bank of America Securities
5 questions for MTB
Gerard Cassidy
RBC Capital Markets
5 questions for MTB
John Pancari
Evercore ISI
5 questions for MTB
Manan Gosalia
Morgan Stanley
5 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
Christopher Spahr
Wells Fargo
3 questions for MTB
Erika Najarian
UBS
3 questions for MTB
Christopher McGratty
Keefe, Bruyette & Woods
2 questions for MTB
Frank Schiraldi
Piper Sandler
2 questions for MTB
Ken Usdin
Autonomous Research
2 questions for MTB
Steven Alexopoulos
JPMorgan Chase & Co.
2 questions for MTB
David Rochester
Compass Point
1 question for MTB
L. Erika Penala
UBS
1 question for MTB
Nathan Stein
Deutsche Bank
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.
- 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%.
- M&T reported 3Q25 net income of $792 million and diluted EPS of $4.82, with net interest income rising to $1.761 billion and net interest margin at 3.68%.
- Noninterest income grew 10% sequentially to $752 million, led by mortgage banking revenues of $147 million and distribution of earnout payments related to its CIT business sale.
- Noninterest expense increased 2% QoQ to $1.363 billion, primarily due to higher salaries and employee benefits expense.
- Declared $234 million in common dividends and repurchased 2.1 million shares at an average cost of $193.46 per share, totaling $409 million.
- M&T reported net income of $792 million in Q3 2025 (up 10% Y/Y) and diluted EPS of $4.82, with an annualized ROA of 1.49%.
- Taxable-equivalent net interest income rose to $1.773 billion, up $51 million sequentially, driving a net interest margin of 3.68%.
- Credit costs included a $125 million provision for credit losses and $146 million of net charge-offs (0.42% of average loans); the allowance for loan losses was 1.58% of loans and nonaccrual loans fell to 1.10% of total loans.
- The bank returned capital by repurchasing 2.1 million shares for $409 million, raised the quarterly dividend by 11% to $1.50 per share, and maintained an estimated CET1 ratio of 10.99% at 9/30/25.
- Mama’s Creations will acquire substantially all assets of Crown I Enterprises, a Sysco subsidiary, for $17.5 million in cash at a 0.3× FY25 revenue multiple.
- Crown I generated $56 million in profitable revenue for the fiscal year ended June 28, 2025, primarily serving premium retail partners.
- The transaction is financed via a $27.4 million senior secured credit facility with M&T Bank and a private placement expected to yield $20 million in gross proceeds.
- The acquisition adds a 42,000 sq ft USDA-certified facility and approximately 200 employees, expanding production capacity and premium account reach with anticipated synergies from cross-selling and operational efficiencies.
- M&T reported GAAP EPS of $4.24 and net operating EPS of $4.28, supported by taxable-equivalent net interest income of $1.72 B (+1% q/q), noninterest income of $683 M (+12%), and an efficiency ratio of 55.2%.
- Average loans rose to $135.4 B (+$0.6 B q/q) with growth in residential mortgages (+2% to $23.7 B) and consumer loans (+4% to $25.4 B); net interest margin was 3.62%.
- Criticized loans declined by $1 B to $8.4 B, with net charge-offs of 32 bps and a provision for credit losses of $125 M, reflecting improving asset quality.
- Executed $1.1 B in share repurchases, increased tangible book value per share by 1%, and maintained a CET1 ratio of 10.98%.
- 2025 outlook includes net interest income of $7.0–7.15 B (mid-to-high 360 bps NIM), average loan growth to $135–137 B, noninterest income of $2.5–2.6 B, expenses of $5.4–5.5 B, and a CET1 target of 10.75–11%.
- M&T Bank’s preliminary stress capital buffer (SCB) is 2.7%, effective October 1, 2025, down from 3.8%.
- The implied regulatory minimum common equity Tier 1 (CET1) ratio is now 7.2%, compared with 8.3% previously.
- M&T reported a CET1 ratio of 11.50% as of March 31, 2025, and expects it to reach 11.0% in 2025.
- The 2025 SCB of 2.7% represents a 2.0% improvement versus the 4.7% SCB in the 2022 stress test.
- RBC expects major banks, including M&T Bank, to pass stress tests and may see stress capital buffers shrink due to reduced commercial real estate loss assumptions, benefiting M&T in this year’s DFAST review.
- Investment banking revenues for large banks are forecast to be down high single digits, while equities trading may rise mid to high single digits, with June strength potentially boosting July results.
- The current stress test framework effectively assesses credit and liquidity but does not simulate interest rate spikes, highlighting a gap that contributed to Silicon Valley Bank’s failure from duration mismatches.
- A robust deal pipeline and an administration supportive of deregulation are expected to drive increased M&A and wider industry consolidation across banking and other sectors.