M&T Bank Corporation (MTB)

Household and business deposits fund corporate loans, commercial real estate and mortgages; the rate spread supplies most of the result. The bank has historically come through crises with smaller losses than the sector average — a consequence of cautious borrower selection rather than luck.

A noticeable share of the book is commercial real estate, and that is the main focus of attention: offices lost value after the shift to remote work, while the loan against them is serviced until maturity, which is when the collateral's real value emerges. Fee income — mortgage servicing and wealth management — smooths the rate cycle. The bank pays a dividend.