EX-99.2 3 earningspresentation_2q2.htm EX-99.2
Earnings Results 2nd Quarter 2024 July 18, 2024 Exhibit 99.2

2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“SEC”). Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T’s credit ratings; the impact of the People’s United Financial, Inc. acquisition; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Disclaimer

33 Purpose To make a difference in people’s lives. Mission We are a bank for communities – committed to improving the lives of our customers and all the communities we touch. Operating Principles Local Scale Credit Discipline Operating & Capital Efficiency

Making a positive impact on our communities, customers, and colleagues Fostering Prosperity in Our Communities Investing in Our Employees Strong Governance and Consistent Leadership Preserving our Environment Sustainability Accomplishments and Highlights Note: All data except for SBA data and Board of Directors data are as of December 31, 2023. SBA data is for the period October 1, 2022 to September 30, 2023. Board of Directors data is as of June 27, 2024. The metrics and methodologies included in sustainable finance reporting are subject to change based on the best information available. We plan to continue to review and enhance our reporting capabilities in line with applicable legal and regulatory requirements and industry standards and practices. (1) Following the criteria for independence required by the New York Stock Exchange as well as M&T's Corporate Governance Standards. • 412 people participated in specialized M&T learning and development programs, which have been running for four decades • 9.6 years average employee tenure • 40 average hours of training for M&T employees • 80 Employee Resource Group chapters with participation by 51% of managers and 35% of employees (non-managers) • 94% participation by M&T employees in M&T's 401(k) plan • Ranked #6 SBA Lender in the country (FY2023), the 15th consecutive year among the nation’s top 10 SBA Lenders • ~249,000 hours dedicated by M&T employees to volunteering in our communities • ~$54 million contributed by M&T and The M&T Charitable Foundation to supporting our communities • Highest possible CRA rating from Federal Reserve since 1982 • $691 million of financing to projects that include affordable housing • $2.5 billion of social sustainable finance loans and investments • 94% of Board members are independent (1) • More than 40% of M&T's Board of Directors team is diverse (25% of directors are women, 19% of directors are people of color) • 17-year average tenure for executive officers • 90% of employees believe M&T is committed to ethical business practices • Achieved 60% of our $1 billion commitment to renewable energy projects • $671 million of environmental sustainable finance loans and investments • Year-over-year we reduced our combined scope 1 and 2 emissions by 8.5% 4

5 J.D. Power 2024 U.S. Banking Mobile App Satisfaction Study; among banks with $70B to $200B in deposits. Visit jdpower.com/awards for more details. Key Awards and Accolades #1 in Customer Satisfaction with Mobile Banking Apps among Regional Banks

6 Financial Results

7 • Diluted EPS increased +24% QoQ • Net Interest Margin widened +7 bps QoQ • Provision for Credit Losses declined -25% QoQ Notable items ($ in millions, except per share) 2Q24 1Q24 2Q23 Amt(1) EPS Amt(1) EPS Amt(1) EPS Gain on sale of Collective Investment Trust ("CIT") $— $— $— $— $225 $0.94 FDIC special assessment $5 $0.02 $29 $0.13 $— $— Second Quarter 2024 Earnings Highlights GAAP ($ in millions, except per share) 2Q24 1Q24 2Q23 Revenues $2,302 $2,260 $2,602 Noninterest Expense $1,297 $1,396 $1,293 Provision for Credit Losses $150 $200 $150 Net Income $655 $531 $867 Diluted EPS $3.73 $3.02 $5.05 Return on Assets 1.24% 1.01% 1.70% Return on Common Equity 9.95% 8.14% 14.27% Net Interest Margin 3.59% 3.52% 3.91% Net Charge-offs % Avg Loans 0.41% 0.42% 0.38% Note: (1) Before any related tax effect.

8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Second Quarter 2024 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2Q24 1Q24 2Q23 Net Operating Income $665 $543 $879 Diluted Net Operating EPS $3.79 $3.09 $5.12 Efficiency Ratio 55.3% 60.8% 48.9% Net Operating ROTA 1.31% 1.08% 1.80% Net Operating ROTCE 15.27% 12.67% 22.73% Tangible Book Value per Share (2) $102.42 $99.54 $91.58 • Net Operating ROTA increased +23 bps QoQ • Net Operating ROTCE increased +260 bps QoQ • Tangible Book Value per Share increased +3% QoQ

9 Net Interest Income & Net Interest Margin QoQ Drivers • Taxable-equivalent net interest income(1) increased +$39 million or +2% QoQ – Favorable impact from loan growth and asset repricing, particularly in the investment securities portfolio – Higher nonaccrual interest, partially offset by impact of cash flow hedges – Cost of interest-bearing liabilities remained stable • Net interest margin rose +7 bps QoQ to 3.59% – Fixed asset repricing (+6 bps) – Elevated nonaccrual interest (+5 bps) – Lower interest-bearing deposit cost (+1 bps) – Impact of swaps (-3 bps) – Higher borrowing costs and balances (-2 bps) Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. $ IN M IL LI O N S $1,813 $1,790 $1,735 $1,692 $1,731 3.91% 3.79% 3.61% 3.52% 3.59% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 2Q23 3Q23 4Q23 1Q24 2Q24

10 Change 2Q24 vs Average Balances, $ in billions, except per share 2Q24 1Q24 2Q23 1Q24 2Q23 Interest-bearing Deposits at Banks $29.3 $30.7 $23.6 -4% 24% Investment Securities $29.7 $28.6 $28.6 4% 4% Commercial and Industrial (“C&I”) $58.1 $56.8 $54.5 2% 7% Commercial Real Estate (“CRE”) $31.5 $32.7 $34.9 -4% -10% Residential Mortgage $23.0 $23.1 $23.8 -1% -3% Consumer $22.0 $21.2 $20.3 4% 8% Total Loans $134.6 $133.8 $133.5 1% 1% Earning Assets $193.7 $193.1 $185.9 — 4% Deposits $163.5 $164.1 $159.4 — 3% Borrowings $16.5 $16.0 $15.1 3% 9% Common Shareholders’ Equity $25.3 $25.0 $23.7 1% 7% As of Quarter End Book Value per Common Share $153.57 $150.90 $143.41 2% 7% Tangible Book Value per Common Share(1) $102.42 $99.54 $91.58 3% 12% Tangible Common Equity / Tangible Assets(1) 8.55 % 8.03 % 7.63 % 52 bps 92 bps Common Equity Tier 1 ("CET1") Capital Ratio(2) 11.44 % 11.08 % 10.59 % 36 bps 85 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) June 30, 2024 CET1 ratio is estimated. (2) • Capital levels strong with CET1 ratio of 11.44%(2)

11 Balance Sheet – Average Loans QoQ Drivers Average loans +$792 million or +1% QoQ: • C&I loans increased +2% (+$1.3 billion), driven by continued growth spanning most industry types • CRE loans declined -4% (-$1.2 billion), reflecting continued low origination activity and paydowns as we continue to manage our CRE concentration • Residential mortgage loans decreased -1% (-$130 million), largely reflecting pay downs in the held-for-investment portfolio • Consumer loans rose +4% (+$829 million), driven by growth in recreational finance and indirect auto $ IN B IL LI O N S $54.5 $54.5 $55.4 $56.8 $58.1 $34.9 $34.3 $33.5 $32.7 $31.5 $23.8 $23.6 $23.3 $23.1 $23.0 $20.3 $20.2 $20.6 $21.2 $22.0 $133.5 $132.6 $132.8 $133.8 $134.6 6.02% 6.19% 6.33% 6.32% 6.38% C&I CRE Residential Mortgage Consumer Total Loans Total Loan Yield 2Q23 3Q23 4Q23 1Q24 2Q24

12 Balance Sheet – Securities and Cash Duration Pre-tax Unrealized Loss AFS ~2.1 years $239 million HTM ~5.3 years $1,286 million Total Debt Securities ~3.7 years $1,525 million $ IN B IL LI O N S Average Investment Securities and Yield $28.6 $28.0 $27.5 $28.6 $29.7 3.09% 3.14% 3.13% 3.30% 3.61% 2Q23 3Q23 4Q23 1Q24 2Q24 Cash 3% Interest- bearing deposits at banks 44% Other Securities 2% HTM Securities 26% AFS Securities 25% $56.5B TOTAL Yield up +31 bps Securities and Cash - at 6/30/24

13 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$574 million or less than -0.5% QoQ: • Mix shift to lower cost savings and interest-checking deposits • Cost of interest-bearing deposits, excluding brokered deposits, was flat • Average customer deposits continued to increase; brokered deposits decreased -$1.2 billion • Average noninterest-bearing deposits declined -$881 million, primarily commercial deposits $ IN B IL LI O N S $56.2 $53.9 $50.1 $48.6 $47.7 $87.2 $89.3 $93.4 $94.9 $96.0 $16.0 $19.5 $21.2 $20.6 $19.8 $159.4 $162.7 $164.7 $164.1 $163.5 1.31% 1.70% 2.01% 2.06% 2.06% Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits Total Deposit Cost 2Q23 3Q23 4Q23 1Q24 2Q24

14 $ IN M IL LI O N S $578 $560 $578 $580 $584 $225 $803 $560 $578 $580 $584 Ex Notable Items Notable Items Noninterest Income 2Q23 3Q23 4Q23 1Q24 2Q24 Change 2Q24 vs $ in millions 2Q24 1Q24 2Q23 1Q24 2Q23 Mortgage Banking Revenues $106 $104 $107 1% -1% Service Charges on Deposits $127 $124 $119 3% 8% Trust Income $170 $160 $172 6% -1% Brokerage Services $30 $29 $25 5% 21% Non-hedge Derivatives / Trading $7 $9 $17 -29% -61% Securities G/L $(8) $2 $1 — — Other Revenues from Operations $152 $152 $362 — -58% Noninterest Income $584 $580 $803 1% -27% Income Statement – Noninterest Income Noninterest income increased +$4 million or less than +1% QoQ: • Trust income increased +$10 million or +6% QoQ: – Reflects seasonal tax service fees of $4 million and higher revenues from the Company's global capital markets business • Gain (loss) on bank investment securities reflects Q2 losses on sales of non-agency investment securities • Other revenues from operations were flat QoQ: – Increases in merchant discount and credit card fees, letter of credit and other credit-related fees and distributions from certain tax credit investments – Offset by $25 million distribution from BLG received in 1Q24 Note: (1) 2Q23 noninterest income included a $225 million gain on sale from the sale of CIT. QoQ Drivers Gain on CIT Sale(1)

15 Change 2Q24 vs $ in millions 2Q24 1Q24 2Q23 1Q24 2Q23 Salaries & Benefits(4) $764 $833 $738 -8% 4% Equip & Occupancy $125 $129 $129 -3% -3% Outside Data Proc & SW $124 $120 $106 4% 17% Professional and other services $91 $85 $100 6% -10% FDIC Assessments $37 $60 $28 -38% 32% Advert. & Marketing $27 $20 $28 34% -5% Other Costs of Operations $116 $134 $149 -13% -21% Operating Expense(1) $1,284 $1,381 $1,278 -7% 1% Intangible Amortization $13 $15 $15 -15% -15% Total Noninterest Expense $1,297 $1,396 $1,293 -7% — Income Statement – Noninterest Expenses Noninterest expense decreased -$99 million or -7% QoQ Excluding the FDIC special assessments(3) noninterest expense decreased -$75 million or -6% • Salaries and employee benefits expense down -$69 million or -8% QoQ: – Seasonally higher expenses in 1Q24, partially offset by full quarter of annual merit increases • Other costs of operations decreased -$18 million or -13% QoQ: – Lower costs on supplemental executive retirement savings plan – Q1 losses on lease terminations Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) 2Q23 adjusted efficiency ratio excludes $225 million gain on sale of CIT from the denominator. (3) Adjusted efficiency ratio excludes $197 million, $29 million and $5 million FDIC special assessment from the numerator for 4Q23, 1Q24 and 2Q24, respectively. (4) Severance charges for 2Q24, 1Q24 and 2Q23 were $7 million, $6 million and $8 million, respectively. QoQ Drivers $ IN M IL LI O N S $1,278 $1,263 $1,435 $1,381 $1,284 $1,293 $1,278 $1,450 $1,396 $1,297 48.9% 53.7% 62.1% 60.8% 55.3% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio 2Q23 3Q23 4Q23 1Q24 2Q24 Adjusted Efficiency 59.6%(3) Adjusted Efficiency 53.4%(2) Adjusted Efficiency 53.6%(3) Adjusted Efficiency 55.1%(3) FDIC special assessment(3)

16 $ IN M IL LI O N S Nonaccrual Loans $2,435 $2,342 $2,166 $2,302 $2,024 1.83% 1.77% 1.62% 1.71% 1.50% Nonaccrual Loans ($) Nonaccrual Loans (%) 2Q23 3Q23 4Q23 1Q24 2Q24 $ IN M IL LI O N S Net Charge-offs $127 $96 $148 $138 $137 0.38% 0.29% 0.44% 0.42% 0.41% Net Charge-offs ($) Net Charge-off Ratio (%) 2Q23 3Q23 4Q23 1Q24 2Q24 Credit $ IN M IL LI O N S Allowance for Credit Losses $1,998 $2,052 $2,129 $2,191 $2,204 1.50% 1.55% 1.59% 1.62% 1.63% Allowance for Credit Losses ($) Allowance for Credit Losses (%) 2Q23 3Q23 4Q23 1Q24 2Q24 $ IN M IL LI O N S Provision for Credit Losses $150 $150 $225 $200 $150 2Q23 3Q23 4Q23 1Q24 2Q24

17 Criticized C&I and CRE Loans -$889 million QoQ criticized loans decreased: • C&I increased +$98 million – Driven by health services and motor vehicle and recreational finance dealers • CRE decreased -$987 million – Permanent CRE -$773 million – Construction -$214 million • 97% of criticized accrual loans are current • 58% of criticized nonaccrual loans are current Reserve Impact: • Criticized loans generally carry higher loss reserves • Reflecting strong collateral values, the reserve ratio for nonaccrual loans was ~18% $ IN B IL LI O N S $10.5 $11.1 $12.6 $12.9 $12.1 11.8% 12.5% 14.0% 14.3% 13.5% Criticized Criticized % of Commercial Loans 2Q23 3Q23 4Q23 1Q24 2Q24

18 Criticized C&I Loans June 30, 2024 March 31, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Commercial and industrial excluding owner-occupied real estate by industry: Financial and insurance $11,129 $129 $1 $130 $10,538 $261 $37 $298 Services 7,487 296 115 411 7,180 260 130 390 Motor vehicle and recreational finance dealers 6,454 694 120 814 6,268 525 109 634 Manufacturing 6,313 511 101 612 6,226 616 122 738 Wholesale 4,090 277 31 308 3,955 268 34 302 Transportation, communications, utilities 3,499 288 69 357 3,525 233 70 303 Retail 3,048 87 31 118 2,893 83 41 124 Construction 2,301 158 63 221 2,089 176 68 244 Health services 1,937 230 36 266 1,991 286 34 320 Real estate investors 1,566 159 4 163 1,618 195 4 199 Other 1,517 101 48 149 1,676 100 54 154 Total commercial and industrial excluding owner-occupied real estate $49,341 $2,930 $619 $3,549 $47,959 $3,003 $703 $3,706 Owner-occupied real estate by industry: Services $2,211 $129 $35 $164 $2,122 $140 $51 $191 Motor vehicle and recreational finance dealers 1,957 50 12 62 1,922 45 9 54 Retail 1,614 127 12 139 1,587 132 14 146 Health services 1,339 285 66 351 639 53 22 75 Wholesale 919 31 3 34 944 48 3 51 Manufacturing 813 52 25 77 837 58 29 87 Real estate investors 771 37 15 52 795 24 16 40 Other 1,062 52 18 70 1,092 33 17 50 Total owner-occupied real estate 10,686 763 186 949 9,938 533 161 694 Total $60,027 $3,693 $805 $4,498 $57,897 $3,536 $864 $4,400 Percent criticized - excluding owner-occupied real estate 7.2 % 7.7 % Percent criticized - owner-occupied real estate 8.9 % 7.0 % Percent criticized - total commercial and industrial 7.5 % 7.6 %

19 Criticized CRE Loans June 30, 2024 March 31, 2024 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Permanent finance by property type: Apartments/Multifamily $5,824 $882 $108 $990 $6,441 $1,003 $112 $1,115 Retail/Service 5,257 774 163 937 5,795 1,039 229 1,268 Office 4,484 1,070 145 1,215 4,599 1,011 147 1,158 Health services 2,752 1,100 109 1,209 3,626 1,409 177 1,586 Hotel 2,279 430 165 595 2,485 485 175 660 Industrial/Warehouse 1,896 172 16 188 1,925 133 13 146 Other 274 72 1 73 297 45 2 47 Total permanent 22,766 4,500 707 5,207 25,168 5,125 855 5,980 Construction/development 6,766 2,270 79 2,349 7,248 2,419 144 2,563 Total commercial real estate $29,532 $6,770 $786 $7,556 $32,416 $7,544 $999 $8,543 Percent criticized - total commercial real estate 25.6 % 26.4 %

20 CET1 10.59% 10.95% 10.98% 11.08% 11.44% 2Q23 3Q23 4Q23 1Q24 2Q24 TBVPS $91.58 $93.99 $98.54 $99.54 $102.42 2Q23 3Q23 4Q23 1Q24 2Q24 Capital • CET1 capital ratio increased +36 bps to 11.44%(1) at 2Q24 • Tangible book value per share increased +3% to $102.42 • Stress capital buffer to improve from 4.0% to an estimated 3.8% effective October 1, 2024(3) Note: (1) June 30, 2024 CET1 ratio is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measures. (3) Based on the Federal Reserve's most recent supervisory stress tests release in June 2024. QoQ Drivers • Tangible common equity to tangible assets increased +52 bps to 8.55% at the end of 2Q24 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by ~(19) bps at the end of 2Q24 (1) (2)

21 2024 Outlook 2024 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $6.85 billion to $6.90 billion • NIM in the 3.50s • Reflects two rate cuts Fee Income $2.3 billion to $2.4 billion • Growth in trust income from strong market activity GAAP Expense Includes intangible amortization Excludes incremental FDIC special assessment $5.25 billion to $5.30 billion • Continued focus on managing expense Net Charge-Offs % of Average Loans ~40 basis points • NCO normalization in C&I and consumer loan portfolios Tax Rate Taxable-equivalent 24.0% to 24.5% • Excludes certain discrete tax benefit in 1Q24 A ve ra ge B al an ce s Loans $134 billion to $136 billion • Growth in C&I and consumer, declines in CRE and residential mortgage Deposits $162 billion to $164 billion • Focus on growing customer deposits Share Repurchases $200 million per quarter in 3Q and 4Q24 • Significant progress against capital distribution considerations in 1H24 • Expect to maintain capital ratios at least at current levels Preferred Dividends 3Q: ~$47 million 4Q: ~$36 million • Reflects Series J issuance in May and upcoming Series E redemption in August

22 Why invest in M&T? • Long term focused with deeply embedded culture • Business operated to represent the best interests of all key stakeholders • Energized colleagues consistently serving our customers and communities • A safe haven for our clients as proven during turbulent times and crisis • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Prudent growth ~2x peers • Leading position in core markets • 15-20% ROATCE • ~9% annual TSR • Robust dividend growth • 6% TBV per share growth Source: FactSet, S&P Global, Company Filings. Note: (1) Branch and deposit data as of 6/30 of the year under consideration, pro forma for pending / closed M&A. Growth vs. peers represents each bank’s median branch deposit growth from 2019-2023 relative to that bank’s median city projected population growth from 2023-2028. (2): ROATCE average from 2013-2023. Adjusted for amortization of core deposit and other intangible assets, merger related expenses, tax rate changes, and normalized provisions for credit losses in 2020. (3): Annual TSR represents CAGR of the average trailing 3 year total shareholder returns (consisting of price returns and dividends assuming reinvestment of dividends received) during 2013-2023. (4): Dividend growth represents CAGR of common dividends per share from 2013-2023. (5): TBV per share growth represents CAGR from 2013-2023. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns

23 Appendix

24 M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Appendix Note: (1) After any related tax effect GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 2Q23 3Q23 4Q23 1Q24 2Q24 Net income Net income $867 $690 $482 $531 $655 Amortization of core deposits and other intangible assets (1) 12 12 12 12 10 Net operating income $879 $702 $494 $543 $665 Earnings per common share Diluted earnings per common share $5.05 $3.98 $2.74 $3.02 $3.73 Amortization of core deposits and other intangible assets (1) 0.07 0.07 0.07 0.07 0.06 Diluted net operating earnings per common share $5.12 $4.05 $2.81 $3.09 $3.79

25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2Q23 3Q23 4Q23 1Q24 2Q24 Other expense Other expense $1,293 $1,278 $1,450 $1,396 $1,297 Amortization of core deposit and other intangible assets (15) (15) (15) (15) (13) Noninterest operating expense $1,278 $1,263 $1,435 $1,381 $1,284 Efficiency ratio Noninterest operating expense (numerator) $1,278 $1,263 $1,435 $1,381 $1,284 Taxable-equivalent net interest income 1,813 1,790 1,735 1,692 1,731 Other income 803 560 578 580 584 Less: Gain (loss) on bank investment securities 1 — 4 2 (8) Denominator $2,615 $2,350 $2,309 $2,270 $2,323 Efficiency ratio 48.9 % 53.7 % 62.1 % 60.8 % 55.3 %

26 Appendix In millions 2Q23 3Q23 4Q23 1Q24 2Q24 Average assets Average assets $204,376 $205,791 $208,752 $211,478 $211,981 Goodwill (8,473) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (185) (170) (154) (140) (126) Deferred taxes 46 43 39 33 30 Average tangible assets $195,764 $197,199 $200,172 $202,906 $203,420 Average common equity Average total equity $25,685 $26,020 $26,500 $27,019 $27,745 Preferred stock (2,011) (2,011) (2,011) (2,011) (2,405) Average common equity 23,674 24,009 24,489 25,008 25,340 Goodwill (8,473) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (185) (170) (154) (140) (126) Deferred taxes 46 43 39 33 30 Average tangible common equity $15,062 $15,417 $15,909 $16,436 $16,779 GAAP to Tangible (Non-GAAP) Reconciliation

27 Appendix In millions 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 Total assets Total assets $207,672 $209,124 $208,264 $215,137 $208,855 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (177) (162) (147) (132) (119) Deferred taxes 44 41 37 34 31 Total tangible assets $199,074 $200,538 $199,689 $206,574 $200,302 Total common equity Total equity $25,801 $26,197 $26,957 $27,169 $28,424 Preferred stock (2,011) (2,011) (2,011) (2,011) (2,744) Common equity 23,790 24,186 24,946 25,158 25,680 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (177) (162) (147) (132) (119) Deferred taxes 44 41 37 34 31 Total tangible common equity $15,192 $15,600 $16,371 $16,595 $17,127 GAAP to Tangible (Non-GAAP) Reconciliation