Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.	6 Months Ended
Jun. 30, 2022
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Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.	16. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P. M&T holds a 20% minority interest in Bayview Lending Group LLC ("BLG"), a privately-held commercial mortgage company. That investment had no remaining carrying value at June 30, 2022 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $30 million for the three-month period ended March 31, 2022. There was no similar cash distribution during the three-month period ended June 30, 2022 or in the six-month period ended June 30, 2021. Bayview Financial Holdings, L.P. (together with its affiliates, "Bayview Financial"), a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $1.5 billion and $1.6 billion at June 30, 2022 and December 31, 2021, respectively. Revenues from those servicing rights were $2 million in each of the three-month periods ended June 30, 2022 and 2021, and $4 million for each of the six-month periods ended June 30, 2022 and 2021. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $79.0 billion and $74.7 billion at June 30, 2022 and December 31, 2021, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $44 million and $37 million for the three-month periods ended June 30, 2022 and 2021, respectively, and $86 million and $71 million in the six-month periods ended June 30, 2022 and 2021, respectively. In addition, the Company held $55 million and $62 million of mortgage-backed securities in its held-to-maturity portfolio at June 30, 2022 and December 31, 2021, respectively, that were securitized by Bayview Financial. At June 30, 2022, the Company held $247 million of Bayview Financial's $1.5 billion syndicated loan facility. Such facility was expanded to $2.0 billion in July 2022, with the Company's portion increasing to $289 million. During the second quarter of 2022 the Company purchased $191 million of residential mortgage loans from Bayview Financial for $184 million.

Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

6 Months Ended

Jun. 30, 2022

Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

16. Relationship with Bayview Lending Group LLC and Bayview Financial Holdings, L.P.

M&T holds a 20% minority interest in Bayview Lending Group LLC ("BLG"), a privately-held commercial mortgage company. That investment had no remaining carrying value at June 30, 2022 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in other revenues from operations. That income totaled $30 million for the three-month period ended March 31, 2022. There was no similar cash distribution during the three-month period ended June 30, 2022 or in the six-month period ended June 30, 2021.

Bayview Financial Holdings, L.P. (together with its affiliates, "Bayview Financial"), a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $1.5 billion and $1.6 billion at June 30, 2022 and December 31, 2021, respectively. Revenues from those servicing rights were $2 million in each of the three-month periods ended June 30, 2022 and 2021, and $4 million for each of the six-month periods ended June 30, 2022 and 2021. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $79.0 billion and $74.7 billion at June 30, 2022 and December 31, 2021, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $44 million and $37 million for the three-month periods ended June 30, 2022 and 2021, respectively, and $86 million and $71 million in the six-month periods ended June 30, 2022 and 2021, respectively. In addition, the Company held $55 million and $62 million of mortgage-backed securities in its held-to-maturity portfolio at June 30, 2022 and December 31, 2021, respectively, that were securitized by Bayview Financial. At June 30, 2022, the Company held $247 million of Bayview Financial's $1.5 billion syndicated loan facility. Such facility was expanded to $2.0 billion in July 2022, with the Company's portion increasing to $289 million. During the second quarter of 2022 the Company purchased $191 million of residential mortgage loans from Bayview Financial for $184 million.