M&T Bank Corp at RBC Capital Markets Global Financial Institutions Conference Transcript

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

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Anyway. Maybe, Daryl, we could start off with just some macro thoughts and macro questions in view of the fact of what's going on? And I know it was earlier in the year, but what are you guys seeing aside from what we heard this week with tariffs? But what's the underlying economic trends that you're seeing in your franchise?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Daryl, we hear a lot about the expansion banks are doing in the Southeast or the Southwest growth areas of our country. Obviously, M&T's footprint is the Northeast. And can you share with us some of the successes you have in building density and driving that profitability in an economy that doesn't grow as fast as other parts of the country?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : When you -- and maybe it's the tariffs, but when you look at risk factors in your outlook for the economy, what are some of the ones you've identified? And again, maybe it's the tariffs because there's so new.

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Can you share with us especially with Rene, your Chairman and CEO, being involved at the Bank Policy Institute. The regulatory landscape is changing. We're getting new folks as heads of these agencies. It appears that they're going to be more constructive in working with the banking industry. What's your guys' view of what you're seeing and hearing down in Washington?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Yeah. And coming back to the stress test, we hear about transparency. What should --

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Absolutely. And the transparency, why should -- if you had to pick one or two areas that you'd like to see very transparent that you see and then all of us in this audience see from the stress test, is there some particulars on how they calculate the losses through the cycle for commercial real estate? Or what would be your one or two transparency data points that you'd like to see?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : You mentioned a moment ago about Travis rolling back the FDIC 2024 M&A guidelines to something that's more parallel or equal to what we had two, three, four, five years ago. What's your view on the outlook for the consolidation of the industry? M&T, of course, has built a very strong franchise, not only through organic growth through acquisitions and has done them well. So what's your guys' view on that as we go forward?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : And speaking of culture, when a deal is announced and is closed and if you use the closing date is the starting point, how long does it take to culturally bring the acquisition target into the M&T culture in convincing everybody the M&T way is the best way to go. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 05, 2025 / 6:20PM, MTB.N - M&T Bank Corp at RBC Capital Markets Global Financial Institutions Conference

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Daryl, you just touched on the four pillars that you're focused on. Can you remind us what those four pillars are and how you're executing them?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : M&T has seen some nice average loan growth for the last three or four quarters. Can you share with us what your views are and loan growth this quarter and into 2025. And maybe it's a good time you had an 8-K filing last night, gave an update on the quarter and the outlook for the year, maybe touch on that as well.

Question: Gerard Cassidy - RBC Capital Markets - Analyst : And coming back, it's unique what you said about commercial real estate since I know you've downsized it. But now you're starting to, like you said, see originations come in. Can you give us some color? Is it -- what types of commercial real estate projects? Is it construction versus mortgage? Is it health care versus retail versus office, et cetera?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Yeah.

Question: Gerard Cassidy - RBC Capital Markets - Analyst : And coming back to the outlook. When you think about the net interest margin for the year, how is that tracking do you think? And what do you think it might end up at the end of the year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 05, 2025 / 6:20PM, MTB.N - M&T Bank Corp at RBC Capital Markets Global Financial Institutions Conference

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Yeah. Speaking and buying back the stock, can you remind us from the capital standpoint, your CET1 ratio, what you're comfortable with? And then if it continues to grow because of your earnings, does that then lead you to even buy back maybe more stock going? And just remind us the authorization that you have today?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : And does management want to keep -- obviously, you're required CET1. Is there a comfortable level that you like to run with because nobody wants to run at the required level?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Yeah. Let's move over to credit. As I mentioned in the opening comments, M&T has really distinguished itself on managing credit very effectively in your investor deck that you put out last night, you show through the cycle, how well the company is done. What are you guys seeing on the credit front in terms of potential delinquencies or criticized loans, all the different metrics you look at?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Got it. When you take a look at credit cycles, you and I have been through a few of them. There's crazy lending that's being done before you get to it, foolish underwriting. Is there any evidence that you're seeing yet that some of competitors or non-bank competitors are making loans that just don't make sense today. And in the credit cycle, it could be the first round of loans that get into trouble?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : Moving to an area, Rene and his letter talked about private credit regulation. You just touched on leverage lending with PEs. What are you guys seeing in the private credit space? Do you bump into it where some of your customers actually normally would have taken down the loan from you but rather have gone to the private credit?

Question: Gerard Cassidy - RBC Capital Markets - Analyst : And most of the lending or the lending you do to them as customers, is it working lines of credit for them? Or do they take your loan and go out and buy a portfolio company? Or do they use it to pay themselves dividends --

Question: Gerard Cassidy - RBC Capital Markets - Analyst : We're running out of time here, and maybe one last question is when you and Rene and senior management get together about creating long-term shareholder value, what are some of the metrics and focus points that you guys talk about to create that long-term shareholder value? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 05, 2025 / 6:20PM, MTB.N - M&T Bank Corp at RBC Capital Markets Global Financial Institutions Conference