The 2022 acquisition of People's United contributed to revenue and expense growth, with one additional quarter of operations included in 2023 results. Integration expenses have largely concluded.

Wilmington Trust, N.A. sold its CIT business, resulting in a pre-tax gain of $225 million. This reflects a strategic decision to focus on core business lines.

M&T Bank sold MTIA, a wholly owned insurance agency subsidiary, resulting in a pre-tax gain of $136 million. This reflects a strategic decision to focus on core business lines.

The company completed the transfer of most financial records of People's United to M&T's core operating systems in Q3 2022. This shows the management's ability to execute complex integrations.

The CEO and CFO concluded that M&T's disclosure controls and procedures were effective as of December 31, 2023, indicating strong internal oversight.

The company is taking steps to improve efficiency by divesting non-core operations and managing expenses. This shows management's commitment to improving profitability.

The 10-K highlights the potential for economic downturns and market volatility to adversely affect the company's business, financial condition, capital, and results of operations.

The company is subject to extensive government regulation and supervision, and changes in the regulatory environment could have a material adverse effect on the company's business.

The company's information systems may experience interruptions or breaches in security, including due to events beyond the company's control. This could lead to financial and reputational damage.

The company competes with various financial institutions and fintech companies, some of which have fewer regulatory constraints, creating competitive pressures.

The company's success depends on its ability to attract and retain key individuals and maintain a diverse workforce, which is subject to intense competition.

The company frequently attempts to introduce new technology-driven products and services to better serve customers and reduce costs, but may not be able to effectively implement these.

Noninterest expense increased due to the People's United acquisition, including higher personnel costs and allocated support costs. This highlights the challenges of integrating acquired operations.

Wilmington Trust, N.A. sold its CIT business to a private equity firm, resulting in a pre-tax gain of $225 million. This shows the management's commitment to streamlining operations.

The company must maintain adequate funding sources to support its operations and fund outstanding liabilities, as well as meet regulatory requirements and supervisory expectations.

The company frequently attempts to introduce new technology-driven products and services to better serve customers and reduce costs, but may not be able to effectively implement these.

The company has established policies, processes, controls and systems designed to identify, assess, measure, manage, monitor and report risks related to cybersecurity.

As the Company expands its mobile and digital capabilities, cybersecurity risks increase. This shows the importance of cybersecurity.

M&T repurchased shares in 2023, signaling management's view that shares are undervalued. However, the amount repurchased was significantly lower than in 2022.

Cash dividends declared on M&T's common stock increased in 2023, reflecting management's confidence in the company's financial performance.

M&T and its subsidiary banks are required to comply with applicable Capital Rules. Failure to meet these requirements could limit business activities.

The company leverages various channels to effectively identify, develop and recruit high-caliber talent throughout its footprint including its current employee base.

The company also encourages engagement with communities through the allotment of 40 hours of paid volunteer time each year.

Ms. Woodrow is responsible for managing the Company's Human Resources, Banking Services and Corporate Services Divisions, and leading M&T's sustainability efforts.

The earnings of the Company are significantly affected by the monetary and fiscal policies of governmental authorities, including the Federal Reserve.

The Company's assets, communities, operations, reputation and customers could be adversely affected by the impacts of climate risk.

Weakness in the economy has adversely affected the Company in the past and may adversely affect the Company in the future.