M&T Bank management check
MTB · Financials · Regional Banks · CEO Rene F Jones
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $186, against $196 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.98 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.4% of net income$12.0m of reported pay in fiscal 2025, against $2.9bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.8 years of payThe CEO holds 138,327.79 shares, directly or through trusts (unvested awards not counted): about 2.8 years of pay. 8 insiders sold $13.1m in the last six months and none bought. 7 of 13 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.5% a year over the last three fiscal years. Stock-based pay was 8.2% of revenue in the latest year.
- Good
Is leadership stable?
2 leadership filings in 3 yearsCEO in the pay table: Mr. Jones. 2 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 43 | 49 | |
| Pay for performance | 99 | 83 | |
| CEO cost | 81 | 67 | |
| Skin in the game | 37 | 51 | |
| Dilution | 81 | 69 | |
| Stable leadership | 100 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Regional Banks, by management score. M&T Bank is 24th of 72 in its sector.
Pay versus performance
From the proxy statement filed March 10, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Jones | $12.0m | $14.9m | $4.4m | $186 | $196 | $2.9bn |
| 2024 | — | $10.3m | $13.9m | $4.2m | $168 | $148 | $2.6bn |
| 2023 | — | $9.4m | $9.7m | $3.9m | $119 | $108 | $2.7bn |
| 2022 | — | $8.8m | $8.7m | $4.1m | $121 | $109 | $2.0bn |
| 2021 | — | $6.9m | $9.1m | $3.6m | $124 | $138 | $1.9bn |
The board says pay is tied most to Return on Tangible Common Equity (ROTCE). Its other key measures: Net Operating Income, Earnings Per Share, Return on Tangible Common Equity, Return on Tangible Assets.
Insiders and the CEO's stake
Rene F Jones (Chairman of the Board and CEO) held 138,327.79 shares directly after their latest Form 4 on Sep 14, 2026, roughly $33.1m at that filing's price.
8 insiders sold $13.1m in the last six months and none bought. 7 of 13 sales ran on pre-arranged 10b5-1 plans.
- SoldKevin J PearsonVice Chairman · 10b5-1 plan$6.6mOct 16, 2026
- SoldRene F JonesChairman of the Board and CEO · 10b5-1 plan$4.6mSep 14, 2026
- SoldChristopher E. KaySr. Executive Vice President$672kMay 7, 2026
- SoldJohn R. TaylorEVP and Controller$565kAug 17, 2026
Leadership and governance on file
- Jun 16, 2026Leadership change8-K 5.02
- Jun 26, 2024Leadership change8-K 5.02
- Jul 6, 2023Leadership change8-K/A 5.02
- May 17, 2023Leadership change8-K 5.02
- Apr 20, 2023Leadership change8-K 5.02
- Jan 18, 2023Leadership change8-K 5.02
- Jan 3, 2023Leadership change8-K 5.02
- Dec 14, 2022Leadership change8-K 5.02
- Jun 16, 2022Leadership change8-K 5.02
- Apr 4, 2022Leadership change8-K 5.02
Latest shareholder vote results: Apr 23, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $9.4bn returned to owners in buybacks and dividends, 79% of net income, and $566.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.0bn | $1.5bn | $1.5bn | $1.5bn | $1.7bn |
| Net income | $1.9bn | $2.0bn | $2.7bn | $2.6bn | $2.9bn |
| Stock-based pay | $85.0m | $111.0m | $118.0m | $116.0m | $136.0m |
| Buybacks | — | $1.8bn | $594.0m | $396.0m | $2.6bn |
| Dividends | $580.0m | $784.0m | $868.0m | $895.0m | $899.0m |
| Diluted shares | 129m | 164m | 167m | 167m | 159m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.