M&T Bank Corp at BancAnalysts Association Of Boston Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gerard Benson - Fidelity Investments - Analyst : So Rene, it's been -- your last appearance to (inaudible) in 2023, I believe. So it's been a couple of years. Just curious if you could walk us through. There's been a lot of strategic work done at the bank over the past few years. And actually, since you took over as CEO in 2017, which includes balance sheet transformation, more fee diversification, tech transformation. I was curious if you could kind of walk us through and provide an update of all these initiatives?

Question: Gerard Benson - Fidelity Investments - Analyst : And when you think about just a couple of things you said, you talked about how you shifted in -- maybe we could just a couple of data points just how many engineers you employed like eight years ago before this journey began and what it is now and maybe a couple of metrics like incidences as well as fraud events and how that's improved?

Question: Gerard Benson - Fidelity Investments - Analyst : All right. Thank you for all that. Just at the balance sheet transformation, just where you're at now and if there's any more to go or back in growth mode as well as just the fee diversification, the progress made there?

Question: Gerard Benson - Fidelity Investments - Analyst : Just on the balance transformation and there's a big reduction on the commercial real estate side. And you said it was not credit related. Just elaborate -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 4:15PM, MTB.N - M&T Bank Corp at BancAnalysts Association Of Boston Conference

Question: Gerard Benson - Fidelity Investments - Analyst : Just one more on the tech transformation. I mean a lot of heavy lifting has been done. Just perhaps you could share a few thoughts. Everyone is talking about AI and the implications for their businesses going forward, just how you guys are thinking about it in different impacts that you expect?

Question: Gerard Benson - Fidelity Investments - Analyst : Okay. Maybe we can shift a little bit. You talked about the investments, all the investment spend, all the efforts and of course, being [CAP III] ready. Maybe You can talk about the recent easing in the regulatory environment and how that can impact competition with the big banks, which is the theme of the conference asked, what will this result in a step-up in ROEs?

Question: Gerard Benson - Fidelity Investments - Analyst : Right. I mean, as you spoke to the ease and regulatory standards, though it is an advantage for the big banks, even more in a competitive advantage. The last time we discussed bank M&A, you spoke to not needing to be a national player with scale because your community-focused model is able to achieve adequate scale on a regional basis. I'm just curious if that view has changed at all given the change in the environment?

Question: Gerard Benson - Fidelity Investments - Analyst : Right. So you have a very strong balance sheet, generating a lot of capital, been very active share repurchases. Maybe you can talk about how you evaluate buying back your own stock versus making acquisitions. And even to the extent like your stock is very attractively valued, so how that influences the level you buyback?

Question: Gerard Benson - Fidelity Investments - Analyst : SP1 And that one fact, that being the primary factor just good quality deposits that dominate some sort of region in your footprint? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 4:15PM, MTB.N - M&T Bank Corp at BancAnalysts Association Of Boston Conference

Question: Gerard Benson - Fidelity Investments - Analyst : Right. Understanding that banks are sold and not bought. There's a lot of other factors at play like we're just talking asset size, what is the profile deal for M&T and maybe kind of the high end and the low end, max-size, midsize?

Question: Gerard Benson - Fidelity Investments - Analyst : Okay. I have one more general bank question for your industries, but I'm going to pause right now because just to see if there's any questions from the audience?

Question: Gerard Benson - Fidelity Investments - Analyst : Yes, I wanted to just do that. I think the mic is coming down.

Question: Gerard Benson - Fidelity Investments - Analyst : M&T subsidiary, Wilmington Trust was the trustee for Tricolor, I think, for all of their securitizations. Can you give us any color about that? Maybe what went wrong? I believe the trustee role included like collateral verification. And then Also, like are there any other areas in general that you're worried about or that you're kind of intensifying scrutiny of?

Question: Gerard Benson - Fidelity Investments - Analyst : (inaudible)

Question: Gerard Benson - Fidelity Investments - Analyst : We have time for one more quick question.

Question: Gerard Benson - Fidelity Investments - Analyst : Yes, 21 seconds. Let me just follow up to Brent's question then just and we'll wrap up after this. But Rene, like what do you think can be done to improve the transparency. So we have better visibility into the actual leverage in the system?

Question: Gerard Benson - Fidelity Investments - Analyst : Right. That's great. I appreciate it. Thank you, Rene. I appreciate it.