M&T Bank Execs Agree to Pay Cuts

Top executives at M&T Bank are not immune to the woes of the financial industry.

Restrictions set forth in the federal Troubled Asset Relief Program have meant that several of M&T Bank’s top employees will not get bonuses, and will take pay cuts as well.

M&T Bank’s Chairman and Chief Executive Officer, Robert Wilmers, will personally be taking a salary cut of more than a half million dollars. Wilmer’s salary will be reduced to about two million dollars after the cut.

Copyright 2010 The E.W. Scripps Co. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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M&T Bank Set New 52-Week High Wednesday

M&T Bank Corp. reported fourth quarter net income available to common shareholders of $1.04 per share Wednesday morning, compared to $0.92 last year. Net operating income came in at $1.16 per share, compared to $1.00 last year.

M&T Bank climbed during the first half hour of trade Wednesday and advanced further late in the morning. Shares finished up by $2.99 at $77.69 on the highest volume in over 7 months. The stock has been gaining ground for the past 2 weeks and set a new high for the year.

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M&T Bank 4Q Profit Rises 34%

M&T Bank Corp.'s (MTB) fourth-quarter earnings rose 34%, beating analysts' estimates, as the company's loan-loss provisions fell and it saw total deposits increase.

M&T, which operates throughout the Northeast and mid-Atlantic, has seen relative stability throughout the financial crisis as it pushed its community-banking model and made acquisitions. A longtime Warren Buffett pick, the bank has a stronger balance sheet than some of its regional-bank rivals, although it took $600 million from the U.S. Treasury's Troubled Asset Relief Program.

M&T reported a profit of $136.8 million, or $1.04 a share, up from $102.2 million, or 92 cents, a year earlier. The bank said its earnings would have been about 21 cents a share higher but it incurred $21 million of charges related to investment securities and merger-related costs of $4 million.

The company's provision for loan losses was $145 million, down from $151 million a year earlier, results of which were hurt because of a commercial loan that was transferred to nonperforming status during the quarter. Net charge-offs, or loans the bank doesn't think it can collect on, were 1.03% of average loans, down from 1.17% a year earlier though up from 0.83% in the prior quarter.

Quarterly total deposits rose 11% from a year earlier and 1.3% sequentially.

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M&T Bank Corporation Announces Fourth Quarter / Full Year 2009 Earnings Conference Call

M&T Bank Corporation ("M&T") plans to announce its fourth quarter and full year 2009 earnings results in a press release that will be issued before the market opens on Wednesday, January 20, 2010. Following the release, M&T will conduct a conference call and webcast at 2:00 p.m. EST to discuss the earnings results. The conference call and webcast may contain forward-looking statements and other material information.

Domestic callers wishing to participate in the call may dial toll free (877) 780-2276. International participants, using any applicable international calling codes, may dial (973) 582-2700. Callers should reference M&T Bank Corporation or the conference ID # 49940743. The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/conference.cfm.

A replay of the call will be available until Friday, January 22, 2010 by calling (800) 642-1687, or (706) 645-9291 for international participants, and by making reference to the ID # 49940743. The webcast archive of the conference call will be available by 7:00 p.m., January 20, 2010 on M&T's website at http://ir.mandtbank.com/conference.cfm.

M&T is a bank holding company whose banking subsidiaries, M&T Bank and M&T Bank, National Association, operate branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey, and the District of Columbia.

  Investor Contact:      Donald J. MacLeod
                       (716) 842-5138
Media Contact:         C. Michael Zabel
                       (716) 842-5385

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