MTB 8-K
M&T Bank Corp (MTB)
8-K
2026-04-15
For: 2026-04-15
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April 15, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 15, 2026
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(State or other jurisdiction of incorporation) | ||||||||
(Commission File Number) | (I.R.S. Employer Identification Number) | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
Registrant's telephone number, including area code: ( | ||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||||||
Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H | ||||||||
Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series J | ||||||||
Preferred Stock, Series K | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On April 15, 2026, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended March 31, 2026. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.
The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On April 15, 2026, M&T posted an investor presentation to its website. A copy of the presentation is attached as Exhibit 99.2 hereto. From time to time, M&T may use this presentation in conversations with investors and analysts. The presentation can be found on the Investor Relations page of M&T’s website at ir.mtb.com/events-presentations.
The information in Item 7.01 of this Form 8-K, including Exhibit 99.2 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
Exhibit No. | Exhibit Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | By: | /s/ Daryl N. Bible | |||||||||||||||
Daryl N. Bible | |||||||||||||||||
Senior Executive Vice President and Chief Financial Officer | |||||||||||||||||
Exhibit 99.1
 | News Release | ||||
| One M&T Plaza, Buffalo, NY 14203 | April 15, 2026 | ||||
M&T Bank Corporation (NYSE:MTB) announces first quarter 2026 results | |||||
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $664 million or $4.13 of diluted earnings per common share.
| (Dollars in millions, except per share data) | 1Q26 | 4Q25 | 1Q25 | |||||||||||||||||
| Earnings Highlights | ||||||||||||||||||||
| Net interest income | $ | 1,752 | $ | 1,779 | $ | 1,695 | ||||||||||||||
| Taxable-equivalent adjustment | 11 | 11 | 12 | |||||||||||||||||
| Net interest income - taxable-equivalent | 1,763 | 1,790 | 1,707 | |||||||||||||||||
| Provision for credit losses | 140 | 125 | 130 | |||||||||||||||||
| Noninterest income | 689 | 696 | 611 | |||||||||||||||||
| Noninterest expense | 1,438 | 1,379 | 1,415 | |||||||||||||||||
| Net income | 664 | 759 | 584 | |||||||||||||||||
| Net income available to common shareholders - diluted | 620 | 718 | 547 | |||||||||||||||||
| Diluted earnings per common share | 4.13 | 4.67 | 3.32 | |||||||||||||||||
| Return on average assets - annualized | 1.26 | % | 1.41 | % | 1.14 | % | ||||||||||||||
| Return on average common shareholders' equity - annualized | 9.67 | 10.87 | 8.36 | |||||||||||||||||
| Average Balance Sheet | ||||||||||||||||||||
| Total assets | $ | 213,828 | $ | 212,891 | $ | 208,321 | ||||||||||||||
| Interest-bearing deposits at banks | 16,231 | 17,964 | 19,695 | |||||||||||||||||
| Investment securities | 37,845 | 36,705 | 34,480 | |||||||||||||||||
| Loans | 138,423 | 137,600 | 134,844 | |||||||||||||||||
| Deposits | 164,268 | 165,057 | 161,220 | |||||||||||||||||
| Borrowings | 16,759 | 14,619 | 14,154 | |||||||||||||||||
| Selected Ratios | ||||||||||||||||||||
| (Amounts expressed as a percent, except per share data) | ||||||||||||||||||||
| Net interest margin | 3.71 | % | 3.69 | % | 3.66 | % | ||||||||||||||
| Efficiency ratio (1) | 58.3 | 55.1 | 60.5 | |||||||||||||||||
| Net charge-offs to average total loans - annualized | .31 | .54 | .34 | |||||||||||||||||
| Allowance for loan losses to total loans | 1.53 | 1.53 | 1.63 | |||||||||||||||||
| Nonaccrual loans to total loans | .89 | .90 | 1.14 | |||||||||||||||||
| Common equity Tier 1 ("CET1") capital ratio (2) | 10.33 | 10.84 | 11.50 | |||||||||||||||||
| Common shareholders' equity per share | $ | 173.82 | $ | 173.49 | $ | 163.62 | ||||||||||||||
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at March 31, 2026 is estimated.
| Financial Highlights | ||
•Net interest margin widened 2 basis points from the fourth quarter of 2025 to 3.71% in the recent quarter reflecting a decline in funding costs that outpaced a reduction in yields received on earning assets.
•Growth in average loans in the recent quarter reflects higher average balances of commercial and industrial loans, partially offset by lower average balances of commercial real estate and consumer loans.
•Noninterest income reflects the impact of the Company's election on January 1, 2026 to prospectively measure its residential mortgage loan servicing right assets at fair value and lower gains on commercial mortgage loans originated for sale, partially offset by a $33 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG") in the recent quarter.
•The increase in noninterest expense includes seasonal salaries and employee benefits expense of $115 million, partially offset by lower other costs of operations reflecting a $30 million contribution to The M&T Charitable Foundation and amortization of residential mortgage loan servicing right assets each in the fourth quarter of 2025.
•The allowance for loan losses as a percent of total loans remained unchanged at March 31, 2026.
•In the recent quarter M&T repurchased 5.5 million shares of its common stock in accordance with its capital plan resulting in a total cost of $1.25 billion. M&T's CET1 capital ratio is estimated to be 10.33% at March 31, 2026.
| Chief Financial Officer Commentary | ||
"M&T continued to produce strong operating results and return capital to its shareholders in the recent quarter while investing in its businesses and expanding its operational capabilities in support of our strategic objectives of operational excellence and teaming for growth to meet the needs of our customers and make a difference in people's lives. I am pleased to report the successful conversion of our core general ledger platform earlier this week."
- Daryl N. Bible, M&T's Chief Financial Officer
Contact:
Investor Relations: Rajiv Ranjan 716.842.5138
Steve Wendelboe 716.842.5138
Media Relations: Frank Lentini 929.651.0447
| First Quarter 2026 Results | ||||
| Non-GAAP Measures (1) | ||||||||||||||||||||||||||||||||
| (Dollars in millions, except per share data) | 1Q26 | 4Q25 | Change 1Q26 vs. 4Q25 | 1Q25 | Change 1Q26 vs. 1Q25 | |||||||||||||||||||||||||||
| Net operating income | $ | 671 | $ | 767 | -12 | % | $ | 594 | 13 | % | ||||||||||||||||||||||
| Diluted net operating earnings per common share | 4.18 | 4.72 | -11 | 3.38 | 24 | |||||||||||||||||||||||||||
| Annualized return on average tangible assets | 1.33 | % | 1.49 | % | 1.21 | % | ||||||||||||||||||||||||||
| Annualized return on average tangible common equity | 14.51 | 16.24 | 12.53 | |||||||||||||||||||||||||||||
| Efficiency ratio | 58.3 | 55.1 | 60.5 | |||||||||||||||||||||||||||||
| Tangible equity per common share | $ | 115.96 | $ | 117.45 | -1 | $ | 111.13 | 4 | ||||||||||||||||||||||||
(1)A reconciliation of non-GAAP measures is included in the tables that accompany this release.
M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.
| Taxable-equivalent Net Interest Income | ||||||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change 1Q26 vs. 4Q25 | 1Q25 | Change 1Q26 vs. 1Q25 | |||||||||||||||||||||||||||
| Average earning assets | $ | 192,594 | $ | 192,366 | — | % | $ | 189,116 | 2 | % | ||||||||||||||||||||||
| Average interest-bearing liabilities | 136,480 | 135,492 | 1 | 129,938 | 5 | |||||||||||||||||||||||||||
| Net interest income - taxable-equivalent | 1,763 | 1,790 | -2 | 1,707 | 3 | |||||||||||||||||||||||||||
| Yield on average earning assets | 5.36 | % | 5.46 | % | 5.52 | % | ||||||||||||||||||||||||||
| Cost of interest-bearing liabilities | 2.33 | 2.51 | 2.70 | |||||||||||||||||||||||||||||
| Net interest spread | 3.03 | 2.95 | 2.82 | |||||||||||||||||||||||||||||
| Net interest margin | 3.71 | 3.69 | 3.66 | |||||||||||||||||||||||||||||
Taxable-equivalent net interest income decreased $27 million, or 2%, as compared with the fourth quarter of 2025 reflecting two less calendar days in the recent quarter. Taxable-equivalent net interest income increased $56 million, or 3%, as compared with the year-earlier first quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements.
2
| First Quarter 2026 Results | ||||
| Average Earning Assets | ||||||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change 1Q26 vs. 4Q25 | 1Q25 | Change 1Q26 vs. 1Q25 | |||||||||||||||||||||||||||
| Interest-bearing deposits at banks | $ | 16,231 | $ | 17,964 | -10 | % | $ | 19,695 | -18 | % | ||||||||||||||||||||||
| Trading account | 95 | 97 | -2 | 97 | -3 | |||||||||||||||||||||||||||
| Investment securities | 37,845 | 36,705 | 3 | 34,480 | 10 | |||||||||||||||||||||||||||
| Loans | ||||||||||||||||||||||||||||||||
| Commercial and industrial | 63,804 | 62,257 | 2 | 61,056 | 5 | |||||||||||||||||||||||||||
| Real estate - commercial | 23,496 | 24,101 | -3 | 26,259 | -11 | |||||||||||||||||||||||||||
| Real estate - residential | 24,817 | 24,765 | — | 23,176 | 7 | |||||||||||||||||||||||||||
| Consumer | 26,306 | 26,477 | -1 | 24,353 | 8 | |||||||||||||||||||||||||||
| Total loans | 138,423 | 137,600 | 1 | 134,844 | 3 | |||||||||||||||||||||||||||
| Total earning assets | $ | 192,594 | $ | 192,366 | — | $ | 189,116 | 2 | ||||||||||||||||||||||||
Average earning assets rose $228 million from the fourth quarter of 2025 reflecting loan growth and purchases of investment securities, partially offset by a decrease in interest-bearing deposits at banks. Loan growth in the recent quarter reflected higher average commercial and industrial loan balances of $1.5 billion, including higher balances of loans to the financial and insurance industry, partially offset by lower average balances of commercial real estate loans of $605 million and consumer loans of $171 million.
Average earning assets increased $3.5 billion from the first quarter of 2025. Average interest-bearing deposits at banks decreased $3.5 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $2.7 billion, including growth in loans to the financial and insurance industry, an increase in average residential real estate loan balances of $1.6 billion and higher average consumer loan balances of $2.0 billion, reflecting growth in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Those increases were partially offset by a $2.8 billion decline in average commercial real estate loan balances, reflecting payoffs.
| Average Interest-bearing Liabilities | ||||||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change 1Q26 vs. 4Q25 | 1Q25 | Change 1Q26 vs. 1Q25 | |||||||||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||||||||||||||
| Savings and interest-checking deposits | $ | 106,593 | $ | 107,287 | -1 | % | $ | 101,564 | 5 | % | ||||||||||||||||||||||
| Time deposits | 13,128 | 13,586 | -3 | 14,220 | -8 | |||||||||||||||||||||||||||
| Total interest-bearing deposits | 119,721 | 120,873 | -1 | 115,784 | 3 | |||||||||||||||||||||||||||
| Short-term borrowings | 5,695 | 2,064 | 176 | 2,869 | 98 | |||||||||||||||||||||||||||
| Long-term borrowings | 11,064 | 12,555 | -12 | 11,285 | -2 | |||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 136,480 | $ | 135,492 | 1 | $ | 129,938 | 5 | ||||||||||||||||||||||||
Average interest-bearing liabilities in the recent quarter rose $988 million from the fourth quarter of 2025 reflecting an increase in short-term borrowings from the FHLB of New York, partially offset by a decline in average interest-bearing deposits and long-term borrowings, including maturities of senior notes.
Average interest-bearing liabilities increased $6.5 billion from the first quarter of 2025, as growth in average savings and interest-checking deposits of $5.0 billion and higher average short-term borrowings from the FHLB of New York were partially offset by a $1.1 billion decline in average time deposits due to maturities.
3
| First Quarter 2026 Results | ||||
| Provision for Credit Losses/Asset Quality | ||||||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change 1Q26 vs. 4Q25 | 1Q25 | Change 1Q26 vs. 1Q25 | |||||||||||||||||||||||||||
| At end of quarter | ||||||||||||||||||||||||||||||||
| Nonaccrual loans | $ | 1,240 | $ | 1,252 | -1 | % | $ | 1,540 | -19 | % | ||||||||||||||||||||||
| Real estate and other foreclosed assets | 27 | 35 | -23 | 34 | -22 | |||||||||||||||||||||||||||
| Total nonperforming assets | 1,267 | 1,287 | -2 | 1,574 | -20 | |||||||||||||||||||||||||||
| Accruing loans past due 90 days or more (1) | 646 | 561 | 15 | 384 | 68 | |||||||||||||||||||||||||||
| Nonaccrual loans as % of loans outstanding | .89 | % | .90 | % | 1.14 | % | ||||||||||||||||||||||||||
| Allowance for loan losses | $ | 2,136 | $ | 2,116 | 1 | $ | 2,200 | -3 | ||||||||||||||||||||||||
| Allowance for loan losses as % of loans outstanding | 1.53 | % | 1.53 | % | 1.63 | % | ||||||||||||||||||||||||||
| Reserve for unfunded credit commitments | $ | 95 | $ | 80 | 19 | $ | 60 | 58 | ||||||||||||||||||||||||
| For the period | ||||||||||||||||||||||||||||||||
| Provision for loan losses | $ | 125 | $ | 140 | -11 | $ | 130 | -4 | ||||||||||||||||||||||||
| Provision for unfunded credit commitments | 15 | (15) | — | — | — | |||||||||||||||||||||||||||
| Total provision for credit losses | 140 | 125 | 12 | 130 | 8 | |||||||||||||||||||||||||||
| Net charge-offs | 105 | 185 | -44 | 114 | -8 | |||||||||||||||||||||||||||
| Net charge-offs as % of average loans (annualized) | .31 | % | .54 | % | .34 | % | ||||||||||||||||||||||||||
(1)Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $140 million in the first quarter of 2026 as compared with $125 million in the immediately preceding quarter and $130 million in the first quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.53% at each of March 31, 2026 and December 31, 2025, improved from 1.63% at March 31, 2025. The 10 basis-point improvement from March 31, 2025 reflects lower levels of criticized loans.
Nonaccrual loans were $1.2 billion and $1.3 billion at March 31, 2026 and December 31, 2025, respectively, compared with $1.5 billion at March 31, 2025. The lower level of nonaccrual loans at March 31, 2026 and December 31, 2025 as compared with March 31, 2025 reflects decreases in commercial and industrial, commercial real estate and consumer nonaccrual loans.
4
| First Quarter 2026 Results | ||||
| Noninterest Income | ||||||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change 1Q26 vs. 4Q25 | 1Q25 | Change 1Q26 vs. 1Q25 | |||||||||||||||||||||||||||
| Mortgage banking revenues | $ | 127 | $ | 155 | -18 | % | $ | 118 | 8 | % | ||||||||||||||||||||||
| Service charges on deposit accounts | 139 | 140 | -1 | 133 | 5 | |||||||||||||||||||||||||||
| Trust income | 183 | 184 | -1 | 177 | 3 | |||||||||||||||||||||||||||
| Brokerage services income | 35 | 34 | 3 | 32 | 9 | |||||||||||||||||||||||||||
| Trading account and other non-hedging derivative gains | 14 | 19 | -26 | 9 | 43 | |||||||||||||||||||||||||||
| Gain (loss) on bank investment securities | 4 | 1 | 238 | — | — | |||||||||||||||||||||||||||
| Other revenues from operations | 187 | 163 | 14 | 142 | 31 | |||||||||||||||||||||||||||
| Total | $ | 689 | $ | 696 | -1 | $ | 611 | 13 | ||||||||||||||||||||||||
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead beginning in 2026, fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.
Noninterest income in the first quarter of 2026 decreased $7 million, or 1%, from 2025's fourth quarter.
•Mortgage banking revenues declined $28 million reflecting the impact of the Company's fair value accounting election described above that reduced residential mortgage banking revenues and lower gains on commercial mortgage loans originated for sale.
•Trading account and other non-hedging derivative gains decreased $5 million reflecting a decrease in revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $24 million reflecting a $33 million distribution from M&T's investment in BLG in the recent quarter, partially offset by lower merchant discount and credit card fees.
Noninterest income rose $78 million, or 13%, as compared with the first quarter of 2025.
•Mortgage banking revenues increased $9 million reflecting a rise in residential mortgage loan servicing income, partially offset by the impact of the Company's accounting election in 2026 described above.
•Service charges on deposit accounts increased $6 million reflecting higher commercial service charges.
•Trust income rose $6 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.
•Trading account and other non-hedging derivative gains increased $5 million reflecting higher revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $45 million reflecting a $33 million distribution from M&T's investment in BLG and higher letter of credit and other credit-related fees each in the recent quarter.
5
| First Quarter 2026 Results | ||||
| Noninterest Expense | ||||||||||||||||||||||||||||||||
| (Dollars in millions) | 1Q26 | 4Q25 | Change 1Q26 vs. 4Q25 | 1Q25 | Change 1Q26 vs. 1Q25 | |||||||||||||||||||||||||||
| Salaries and employee benefits | $ | 914 | $ | 809 | 13 | % | $ | 887 | 3 | % | ||||||||||||||||||||||
| Equipment and net occupancy | 133 | 134 | — | 132 | — | |||||||||||||||||||||||||||
| Outside data processing and software | 144 | 146 | -2 | 136 | 5 | |||||||||||||||||||||||||||
| Professional and other services | 93 | 105 | -11 | 84 | 11 | |||||||||||||||||||||||||||
| FDIC assessments | 23 | (8) | — | 23 | — | |||||||||||||||||||||||||||
| Advertising and marketing | 21 | 32 | -35 | 22 | -6 | |||||||||||||||||||||||||||
| Amortization of core deposit and other intangible assets | 9 | 10 | -1 | 13 | -27 | |||||||||||||||||||||||||||
| Other costs of operations | 101 | 151 | -34 | 118 | -15 | |||||||||||||||||||||||||||
| Total | $ | 1,438 | $ | 1,379 | 4 | $ | 1,415 | 2 | ||||||||||||||||||||||||
Noninterest expense rose $59 million, or 4%, from the fourth quarter of 2025.
•Salaries and employee benefits expense increased $105 million reflecting $115 million of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expenses and the impact of annual merit increases, partially offset by two less working days and lower employee staffing levels in the first quarter of 2026.
•Professional and other services expense declined $12 million reflecting lower legal and review costs.
•Higher FDIC assessments reflect a reduction of estimated special assessment expense of $29 million in the fourth quarter of 2025.
•Advertising and marketing expense declined $11 million reflecting the seasonality of advertising campaigns.
•Other costs of operations decreased $50 million reflecting a contribution to The M&T Charitable Foundation of $30 million and the amortization associated with residential mortgage loan servicing right assets each in the fourth quarter of 2025.
Noninterest expense increased $23 million, or 2%, from the first quarter of 2025.
•Salaries and employee benefits expense increased $27 million reflecting higher salaries expense from annual merit and other increases and a rise in stock-based incentive compensation.
•Outside data processing and software costs rose $8 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
•Professional and other services expense increased $9 million reflecting higher legal and review costs.
•Other costs of operations decreased $17 million reflecting the amortization associated with residential mortgage loan servicing right assets in the first quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.
| Income Taxes | ||
6
| First Quarter 2026 Results | ||||
| Capital and Liquidity | ||||||||||||||||||||
| 1Q26 | 4Q25 | 1Q25 | ||||||||||||||||||
| CET1 | 10.33 | % | (1) | 10.84 | % | 11.50 | % | |||||||||||||
| Tier 1 capital | 11.81 | (1) | 12.59 | 13.04 | ||||||||||||||||
| Total capital | 13.61 | (1) | 14.44 | 14.50 | ||||||||||||||||
| Tangible capital – common | 8.26 | 8.70 | 8.95 | |||||||||||||||||
(1)Capital ratios at March 31, 2026 are estimated.
M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $224 million and $43 million, respectively, for the quarter ended March 31, 2026.
As a result of the Company's accounting election on January 1, 2026 to prospectively measure residential mortgage loan servicing right assets at fair value, the Company recorded an increase in capitalized servicing assets included in accrued interest and other assets of $263 million and a corresponding after-tax increase to retained earnings of $197 million, representing an 8 basis-point increase to CET1 capital on the election date.
M&T repurchased $1.25 billion of its common stock in accordance with its capital plan during the recent quarter, compared with $507 million and $662 million in the fourth quarter of 2025 and the first quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.33% as of March 31, 2026. M&T's total risk-weighted assets at March 31, 2026 are estimated to be $164.2 billion. Reflecting share repurchase activity and loan growth in the recent quarter, M&T's tangible common equity to tangible asset ratio at March 31, 2026 decreased 44 basis points from December 31, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on March 31, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
| Conference Call | ||
| About M&T | ||
7
| First Quarter 2026 Results | ||||
| Forward-Looking Statements | ||
This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.
Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.
Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.
While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.
These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.
M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.
8
| First Quarter 2026 Results | ||||
Financial Highlights
| Three Months Ended | |||||||||||||||||
| March 31, | |||||||||||||||||
| (Dollars in millions, except per share, shares in thousands) | 2026 | 2025 | Change | ||||||||||||||
| Performance | |||||||||||||||||
| Net income | $ | 664 | $ | 584 | 14 | % | |||||||||||
| Net income available to common shareholders | 620 | 547 | 13 | ||||||||||||||
| Per common share: | |||||||||||||||||
| Basic earnings | 4.16 | 3.33 | 25 | ||||||||||||||
| Diluted earnings | 4.13 | 3.32 | 24 | ||||||||||||||
| Cash dividends | 1.50 | 1.35 | 11 | ||||||||||||||
| Common shares outstanding: | |||||||||||||||||
| Average - diluted | 150,109 | 165,047 | -9 | ||||||||||||||
| Period end | 146,917 | 162,552 | -10 | ||||||||||||||
| Return on (annualized): | |||||||||||||||||
| Average total assets | 1.26 | % | 1.14 | % | |||||||||||||
| Average common shareholders' equity | 9.67 | 8.36 | |||||||||||||||
| Taxable-equivalent net interest income | $ | 1,763 | $ | 1,707 | 3 | ||||||||||||
| Yield on average earning assets | 5.36 | % | 5.52 | % | |||||||||||||
| Cost of interest-bearing liabilities | 2.33 | 2.70 | |||||||||||||||
| Net interest spread | 3.03 | 2.82 | |||||||||||||||
| Contribution of interest-free funds | .68 | .84 | |||||||||||||||
| Net interest margin | 3.71 | 3.66 | |||||||||||||||
| Net charge-offs to average total net loans (annualized) | .31 | .34 | |||||||||||||||
| Net operating results (1) | |||||||||||||||||
| Net operating income | $ | 671 | $ | 594 | 13 | ||||||||||||
| Diluted net operating earnings per common share | 4.18 | 3.38 | 24 | ||||||||||||||
| Return on (annualized): | |||||||||||||||||
| Average tangible assets | 1.33 | % | 1.21 | % | |||||||||||||
| Average tangible common equity | 14.51 | 12.53 | |||||||||||||||
| Efficiency ratio | 58.3 | 60.5 | |||||||||||||||
| At March 31, | |||||||||||||||||
| Loan quality | 2026 | 2025 | Change | ||||||||||||||
| Nonaccrual loans | $ | 1,240 | $ | 1,540 | -19 | % | |||||||||||
| Real estate and other foreclosed assets | 27 | 34 | -22 | ||||||||||||||
| Total nonperforming assets | $ | 1,267 | $ | 1,574 | -20 | ||||||||||||
| Accruing loans past due 90 days or more (2) | $ | 646 | $ | 384 | 68 | ||||||||||||
| Government guaranteed loans included in totals above: | |||||||||||||||||
| Nonaccrual loans | $ | 85 | $ | 69 | 22 | ||||||||||||
| Accruing loans past due 90 days or more | 634 | 368 | 72 | ||||||||||||||
| Nonaccrual loans to total loans | .89 | % | 1.14 | % | |||||||||||||
| Allowance for loan losses to total loans | 1.53 | 1.63 | |||||||||||||||
| Additional information | |||||||||||||||||
| Period end common stock price | $ | 206.72 | $ | 178.75 | 16 | ||||||||||||
| Full-service domestic banking offices (3) | 930 | 955 | -3 | ||||||||||||||
| Full-time equivalent employees | 21,866 | 22,291 | -2 | ||||||||||||||
(1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 16.
(2) Predominantly government-guaranteed residential real estate loans.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.
9
| First Quarter 2026 Results | ||||
Financial Highlights, Five Quarter Trend
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (Dollars in millions, except per share, shares in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Performance | |||||||||||||||||||||||||||||
| Net income | $ | 664 | $ | 759 | $ | 792 | $ | 716 | $ | 584 | |||||||||||||||||||
| Net income available to common shareholders | 620 | 718 | 754 | 679 | 547 | ||||||||||||||||||||||||
| Per common share: | |||||||||||||||||||||||||||||
| Basic earnings | 4.16 | 4.71 | 4.85 | 4.26 | 3.33 | ||||||||||||||||||||||||
| Diluted earnings | 4.13 | 4.67 | 4.82 | 4.24 | 3.32 | ||||||||||||||||||||||||
| Cash dividends | 1.50 | 1.50 | 1.50 | 1.35 | 1.35 | ||||||||||||||||||||||||
| Common shares outstanding: | |||||||||||||||||||||||||||||
| Average - diluted | 150,109 | 153,712 | 156,553 | 160,005 | 165,047 | ||||||||||||||||||||||||
| Period end | 146,917 | 151,840 | 154,518 | 156,532 | 162,552 | ||||||||||||||||||||||||
| Return on (annualized): | |||||||||||||||||||||||||||||
| Average total assets | 1.26 | % | 1.41 | % | 1.49 | % | 1.37 | % | 1.14 | % | |||||||||||||||||||
| Average common shareholders' equity | 9.67 | 10.87 | 11.45 | 10.39 | 8.36 | ||||||||||||||||||||||||
| Taxable-equivalent net interest income | $ | 1,763 | $ | 1,790 | $ | 1,773 | $ | 1,722 | $ | 1,707 | |||||||||||||||||||
| Yield on average earning assets | 5.36 | % | 5.46 | % | 5.59 | % | 5.51 | % | 5.52 | % | |||||||||||||||||||
| Cost of interest-bearing liabilities | 2.33 | 2.51 | 2.71 | 2.71 | 2.70 | ||||||||||||||||||||||||
| Net interest spread | 3.03 | 2.95 | 2.88 | 2.80 | 2.82 | ||||||||||||||||||||||||
| Contribution of interest-free funds | .68 | .74 | .80 | .82 | .84 | ||||||||||||||||||||||||
| Net interest margin | 3.71 | 3.69 | 3.68 | 3.62 | 3.66 | ||||||||||||||||||||||||
| Net charge-offs to average total net loans (annualized) | .31 | .54 | .42 | .32 | .34 | ||||||||||||||||||||||||
| Net operating results (1) | |||||||||||||||||||||||||||||
| Net operating income | $ | 671 | $ | 767 | $ | 798 | $ | 724 | $ | 594 | |||||||||||||||||||
| Diluted net operating earnings per common share | 4.18 | 4.72 | 4.87 | 4.28 | 3.38 | ||||||||||||||||||||||||
| Return on (annualized): | |||||||||||||||||||||||||||||
| Average tangible assets | 1.33 | % | 1.49 | % | 1.56 | % | 1.44 | % | 1.21 | % | |||||||||||||||||||
| Average tangible common equity | 14.51 | 16.24 | 17.13 | 15.54 | 12.53 | ||||||||||||||||||||||||
| Efficiency ratio | 58.3 | 55.1 | 53.6 | 55.2 | 60.5 | ||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| Loan quality | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Nonaccrual loans | $ | 1,240 | $ | 1,252 | $ | 1,512 | $ | 1,573 | $ | 1,540 | |||||||||||||||||||
| Real estate and other foreclosed assets | 27 | 35 | 37 | 30 | 34 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 1,267 | $ | 1,287 | $ | 1,549 | $ | 1,603 | $ | 1,574 | |||||||||||||||||||
| Accruing loans past due 90 days or more (2) | $ | 646 | $ | 561 | $ | 432 | $ | 496 | $ | 384 | |||||||||||||||||||
| Government guaranteed loans included in totals above: | |||||||||||||||||||||||||||||
| Nonaccrual loans | 85 | 83 | 71 | 75 | 69 | ||||||||||||||||||||||||
| Accruing loans past due 90 days or more | 634 | 543 | 403 | 450 | 368 | ||||||||||||||||||||||||
| Nonaccrual loans to total loans | .89 | % | .90 | % | 1.10 | % | 1.16 | % | 1.14 | % | |||||||||||||||||||
| Allowance for loan losses to total loans | 1.53 | 1.53 | 1.58 | 1.61 | 1.63 | ||||||||||||||||||||||||
| Additional information | |||||||||||||||||||||||||||||
| Period end common stock price | $ | 206.72 | $ | 201.48 | $ | 197.62 | $ | 193.99 | $ | 178.75 | |||||||||||||||||||
| Full-service domestic banking offices (3) | 930 | 942 | 942 | 941 | 955 | ||||||||||||||||||||||||
| Full-time equivalent employees | 21,866 | 22,080 | 22,383 | 22,590 | 22,291 | ||||||||||||||||||||||||
(1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 16.
(2) Predominantly government-guaranteed residential real estate loans.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.
10
| First Quarter 2026 Results | ||||
Condensed Consolidated Statement of Income
| Three Months Ended | |||||||||||||||||
| March 31, | |||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | Change | ||||||||||||||
| Interest income | $ | 2,536 | $ | 2,560 | -1 | % | |||||||||||
| Interest expense | 784 | 865 | -9 | ||||||||||||||
| Net interest income | 1,752 | 1,695 | 3 | ||||||||||||||
| Provision for credit losses | 140 | 130 | 8 | ||||||||||||||
| Net interest income after provision for credit losses | 1,612 | 1,565 | 3 | ||||||||||||||
| Other income | |||||||||||||||||
| Mortgage banking revenues | 127 | 118 | 8 | ||||||||||||||
| Service charges on deposit accounts | 139 | 133 | 5 | ||||||||||||||
| Trust income | 183 | 177 | 3 | ||||||||||||||
| Brokerage services income | 35 | 32 | 9 | ||||||||||||||
| Trading account and other non-hedging derivative gains | 14 | 9 | 43 | ||||||||||||||
| Gain (loss) on bank investment securities | 4 | — | — | ||||||||||||||
| Other revenues from operations | 187 | 142 | 31 | ||||||||||||||
| Total other income | 689 | 611 | 13 | ||||||||||||||
| Other expense | |||||||||||||||||
| Salaries and employee benefits | 914 | 887 | 3 | ||||||||||||||
| Equipment and net occupancy | 133 | 132 | — | ||||||||||||||
| Outside data processing and software | 144 | 136 | 5 | ||||||||||||||
| Professional and other services | 93 | 84 | 11 | ||||||||||||||
| FDIC assessments | 23 | 23 | — | ||||||||||||||
| Advertising and marketing | 21 | 22 | -6 | ||||||||||||||
| Amortization of core deposit and other intangible assets | 9 | 13 | -27 | ||||||||||||||
| Other costs of operations | 101 | 118 | -15 | ||||||||||||||
| Total other expense | 1,438 | 1,415 | 2 | ||||||||||||||
| Income before taxes | 863 | 761 | 13 | ||||||||||||||
| Income taxes | 199 | 177 | 12 | ||||||||||||||
| Net income | $ | 664 | $ | 584 | 14 | % | |||||||||||
11
| First Quarter 2026 Results | ||||
Condensed Consolidated Statement of Income, Five Quarter Trend
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| Interest income | $ | 2,536 | $ | 2,637 | $ | 2,680 | $ | 2,609 | $ | 2,560 | |||||||||||||||||||
| Interest expense | 784 | 858 | 919 | 896 | 865 | ||||||||||||||||||||||||
| Net interest income | 1,752 | 1,779 | 1,761 | 1,713 | 1,695 | ||||||||||||||||||||||||
| Provision for credit losses | 140 | 125 | 125 | 125 | 130 | ||||||||||||||||||||||||
| Net interest income after provision for credit losses | 1,612 | 1,654 | 1,636 | 1,588 | 1,565 | ||||||||||||||||||||||||
| Other income | |||||||||||||||||||||||||||||
| Mortgage banking revenues | 127 | 155 | 147 | 130 | 118 | ||||||||||||||||||||||||
| Service charges on deposit accounts | 139 | 140 | 141 | 137 | 133 | ||||||||||||||||||||||||
| Trust income | 183 | 184 | 181 | 182 | 177 | ||||||||||||||||||||||||
| Brokerage services income | 35 | 34 | 34 | 31 | 32 | ||||||||||||||||||||||||
| Trading account and other non-hedging derivative gains | 14 | 19 | 18 | 12 | 9 | ||||||||||||||||||||||||
| Gain (loss) on bank investment securities | 4 | 1 | 1 | — | — | ||||||||||||||||||||||||
| Other revenues from operations | 187 | 163 | 230 | 191 | 142 | ||||||||||||||||||||||||
| Total other income | 689 | 696 | 752 | 683 | 611 | ||||||||||||||||||||||||
| Other expense | |||||||||||||||||||||||||||||
| Salaries and employee benefits | 914 | 809 | 833 | 813 | 887 | ||||||||||||||||||||||||
| Equipment and net occupancy | 133 | 134 | 129 | 130 | 132 | ||||||||||||||||||||||||
| Outside data processing and software | 144 | 146 | 138 | 138 | 136 | ||||||||||||||||||||||||
| Professional and other services | 93 | 105 | 81 | 86 | 84 | ||||||||||||||||||||||||
| FDIC assessments | 23 | (8) | 13 | 22 | 23 | ||||||||||||||||||||||||
| Advertising and marketing | 21 | 32 | 23 | 25 | 22 | ||||||||||||||||||||||||
| Amortization of core deposit and other intangible assets | 9 | 10 | 10 | 9 | 13 | ||||||||||||||||||||||||
| Other costs of operations | 101 | 151 | 136 | 113 | 118 | ||||||||||||||||||||||||
| Total other expense | 1,438 | 1,379 | 1,363 | 1,336 | 1,415 | ||||||||||||||||||||||||
| Income before taxes | 863 | 971 | 1,025 | 935 | 761 | ||||||||||||||||||||||||
| Income taxes | 199 | 212 | 233 | 219 | 177 | ||||||||||||||||||||||||
| Net income | $ | 664 | $ | 759 | $ | 792 | $ | 716 | $ | 584 | |||||||||||||||||||
12
| First Quarter 2026 Results | ||||
Condensed Consolidated Balance Sheet
| March 31, | |||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | Change | ||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and due from banks | $ | 1,903 | $ | 2,109 | -10 | % | |||||||||||
| Interest-bearing deposits at banks | 14,445 | 20,656 | -30 | ||||||||||||||
| Trading account | 92 | 96 | -4 | ||||||||||||||
| Investment securities | 38,621 | 35,137 | 10 | ||||||||||||||
| Loans: | |||||||||||||||||
| Commercial and industrial | 65,391 | 60,596 | 8 | ||||||||||||||
| Real estate - commercial | 23,345 | 25,867 | -10 | ||||||||||||||
| Real estate - residential | 24,857 | 23,284 | 7 | ||||||||||||||
| Consumer | 26,321 | 24,827 | 6 | ||||||||||||||
| Total loans | 139,914 | 134,574 | 4 | ||||||||||||||
| Less: allowance for loan losses | 2,136 | 2,200 | -3 | ||||||||||||||
| Net loans | 137,778 | 132,374 | 4 | ||||||||||||||
| Goodwill | 8,465 | 8,465 | — | ||||||||||||||
| Core deposit and other intangible assets | 55 | 93 | -41 | ||||||||||||||
| Other assets | 13,377 | 11,391 | 17 | ||||||||||||||
| Total assets | $ | 214,736 | $ | 210,321 | 2 | % | |||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| Noninterest-bearing deposits | $ | 45,892 | $ | 49,051 | -6 | % | |||||||||||
| Interest-bearing deposits | 117,849 | 116,358 | 1 | ||||||||||||||
| Total deposits | 163,741 | 165,409 | -1 | ||||||||||||||
| Short-term borrowings | 7,851 | 1,573 | 399 | ||||||||||||||
| Long-term borrowings | 11,175 | 10,496 | 6 | ||||||||||||||
| Accrued interest and other liabilities | 3,997 | 3,852 | 4 | ||||||||||||||
| Total liabilities | 186,764 | 181,330 | 3 | ||||||||||||||
| Shareholders' equity: | |||||||||||||||||
| Preferred | 2,434 | 2,394 | 2 | ||||||||||||||
| Common | 25,538 | 26,597 | -4 | ||||||||||||||
| Total shareholders' equity | 27,972 | 28,991 | -4 | ||||||||||||||
| Total liabilities and shareholders' equity | $ | 214,736 | $ | 210,321 | 2 | % | |||||||||||
13
| First Quarter 2026 Results | ||||
Condensed Consolidated Balance Sheet, Five Quarter Trend
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Cash and due from banks | $ | 1,903 | $ | 1,701 | $ | 1,950 | $ | 2,128 | $ | 2,109 | |||||||||||||||||||
| Interest-bearing deposits at banks | 14,445 | 17,068 | 16,751 | 19,297 | 20,656 | ||||||||||||||||||||||||
| Trading account | 92 | 97 | 95 | 93 | 96 | ||||||||||||||||||||||||
| Investment securities | 38,621 | 36,649 | 36,864 | 35,568 | 35,137 | ||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||
| Commercial and industrial | 65,391 | 63,548 | 61,887 | 61,660 | 60,596 | ||||||||||||||||||||||||
| Real estate - commercial | 23,345 | 23,819 | 24,046 | 24,567 | 25,867 | ||||||||||||||||||||||||
| Real estate - residential | 24,857 | 24,874 | 24,662 | 24,117 | 23,284 | ||||||||||||||||||||||||
| Consumer | 26,321 | 26,461 | 26,379 | 25,772 | 24,827 | ||||||||||||||||||||||||
| Total loans | 139,914 | 138,702 | 136,974 | 136,116 | 134,574 | ||||||||||||||||||||||||
| Less: allowance for loan losses | 2,136 | 2,116 | 2,161 | 2,197 | 2,200 | ||||||||||||||||||||||||
| Net loans | 137,778 | 136,586 | 134,813 | 133,919 | 132,374 | ||||||||||||||||||||||||
| Goodwill | 8,465 | 8,465 | 8,465 | 8,465 | 8,465 | ||||||||||||||||||||||||
| Core deposit and other intangible assets | 55 | 64 | 74 | 84 | 93 | ||||||||||||||||||||||||
| Other assets | 13,377 | 12,880 | 12,265 | 12,030 | 11,391 | ||||||||||||||||||||||||
| Total assets | $ | 214,736 | $ | 213,510 | $ | 211,277 | $ | 211,584 | $ | 210,321 | |||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 45,892 | $ | 46,509 | $ | 44,994 | $ | 47,485 | $ | 49,051 | |||||||||||||||||||
| Interest-bearing deposits | 117,849 | 120,400 | 118,432 | 116,968 | 116,358 | ||||||||||||||||||||||||
| Total deposits | 163,741 | 166,909 | 163,426 | 164,453 | 165,409 | ||||||||||||||||||||||||
| Short-term borrowings | 7,851 | 2,149 | 2,059 | 2,071 | 1,573 | ||||||||||||||||||||||||
| Long-term borrowings | 11,175 | 10,911 | 12,928 | 12,380 | 10,496 | ||||||||||||||||||||||||
| Accrued interest and other liabilities | 3,997 | 4,364 | 4,136 | 4,155 | 3,852 | ||||||||||||||||||||||||
| Total liabilities | 186,764 | 184,333 | 182,549 | 183,059 | 181,330 | ||||||||||||||||||||||||
| Shareholders' equity: | |||||||||||||||||||||||||||||
| Preferred | 2,434 | 2,834 | 2,394 | 2,394 | 2,394 | ||||||||||||||||||||||||
| Common | 25,538 | 26,343 | 26,334 | 26,131 | 26,597 | ||||||||||||||||||||||||
| Total shareholders' equity | 27,972 | 29,177 | 28,728 | 28,525 | 28,991 | ||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 214,736 | $ | 213,510 | $ | 211,277 | $ | 211,584 | $ | 210,321 | |||||||||||||||||||
14
| First Quarter 2026 Results | ||||
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
| Three Months Ended | Change in Balance | ||||||||||||||||||||||||||||||||||||||||||||||
| March 31, | December 31, | March 31, | March 31, 2026 from | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2025 | December 31, | March 31, | |||||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | Balance | Rate | Balance | Rate | Balance | Rate | 2025 | 2025 | |||||||||||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits at banks | $ | 16,231 | 3.71 | % | $ | 17,964 | 3.98 | % | $ | 19,695 | 4.48 | % | -10 | % | -18 | % | |||||||||||||||||||||||||||||||
| Trading account | 95 | 3.44 | 97 | 3.42 | 97 | 3.42 | -2 | -3 | |||||||||||||||||||||||||||||||||||||||
| Investment securities | 37,845 | 4.26 | 36,705 | 4.17 | 34,480 | 4.00 | 3 | 10 | |||||||||||||||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||||||||||||||
| Commercial and industrial | 63,804 | 6.00 | 62,257 | 6.22 | 61,056 | 6.36 | 2 | 5 | |||||||||||||||||||||||||||||||||||||||
| Real estate - commercial | 23,496 | 6.03 | 24,101 | 6.21 | 26,259 | 6.16 | -3 | -11 | |||||||||||||||||||||||||||||||||||||||
| Real estate - residential | 24,817 | 4.56 | 24,765 | 4.60 | 23,176 | 4.44 | — | 7 | |||||||||||||||||||||||||||||||||||||||
| Consumer | 26,306 | 6.48 | 26,477 | 6.58 | 24,353 | 6.57 | -1 | 8 | |||||||||||||||||||||||||||||||||||||||
| Total loans | 138,423 | 5.86 | 137,600 | 6.00 | 134,844 | 6.06 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||
| Total earning assets | 192,594 | 5.36 | 192,366 | 5.46 | 189,116 | 5.52 | — | 2 | |||||||||||||||||||||||||||||||||||||||
| Goodwill | 8,465 | 8,465 | 8,465 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Core deposit and other intangible assets | 59 | 69 | 92 | -14 | -35 | ||||||||||||||||||||||||||||||||||||||||||
| Other assets | 12,710 | 11,991 | 10,648 | 6 | 19 | ||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 213,828 | $ | 212,891 | $ | 208,321 | — | % | 3 | % | |||||||||||||||||||||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||||||||||||||||||||||||
| Savings and interest-checking deposits | $ | 106,593 | 1.84 | % | $ | 107,287 | 2.04 | % | $ | 101,564 | 2.20 | % | -1 | % | 5 | % | |||||||||||||||||||||||||||||||
| Time deposits | 13,128 | 3.01 | 13,586 | 3.18 | 14,220 | 3.54 | -3 | -8 | |||||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 119,721 | 1.96 | 120,873 | 2.17 | 115,784 | 2.37 | -1 | 3 | |||||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 5,695 | 3.86 | 2,064 | 4.21 | 2,869 | 4.52 | 176 | 98 | |||||||||||||||||||||||||||||||||||||||
| Long-term borrowings | 11,064 | 5.49 | 12,555 | 5.51 | 11,285 | 5.65 | -12 | -2 | |||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 136,480 | 2.33 | 135,492 | 2.51 | 129,938 | 2.70 | 1 | 5 | |||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 44,547 | 44,184 | 45,436 | 1 | -2 | ||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 4,153 | 4,245 | 3,949 | -2 | 5 | ||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 185,180 | 183,921 | 179,323 | 1 | 3 | ||||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity | 28,648 | 28,970 | 28,998 | -1 | -1 | ||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 213,828 | $ | 212,891 | $ | 208,321 | — | % | 3 | % | |||||||||||||||||||||||||||||||||||||
| Net interest spread | 3.03 | 2.95 | 2.82 | ||||||||||||||||||||||||||||||||||||||||||||
| Contribution of interest-free funds | .68 | .74 | .84 | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest margin | 3.71 | % | 3.69 | % | 3.66 | % | |||||||||||||||||||||||||||||||||||||||||
15
| First Quarter 2026 Results | ||||
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||
| (Dollars in millions, except per share) | |||||||||||||||||||||||||||||
| Income statement data | |||||||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||
| Net income | $ | 664 | $ | 759 | $ | 792 | $ | 716 | $ | 584 | |||||||||||||||||||
| Amortization of core deposit and other intangible assets (1) | 7 | 8 | 6 | 8 | 10 | ||||||||||||||||||||||||
| Net operating income | $ | 671 | $ | 767 | $ | 798 | $ | 724 | $ | 594 | |||||||||||||||||||
| Earnings per common share | |||||||||||||||||||||||||||||
| Diluted earnings per common share | $ | 4.13 | $ | 4.67 | $ | 4.82 | $ | 4.24 | $ | 3.32 | |||||||||||||||||||
| Amortization of core deposit and other intangible assets (1) | .05 | .05 | .05 | .04 | .06 | ||||||||||||||||||||||||
| Diluted net operating earnings per common share | $ | 4.18 | $ | 4.72 | $ | 4.87 | $ | 4.28 | $ | 3.38 | |||||||||||||||||||
| Other expense | |||||||||||||||||||||||||||||
| Other expense | $ | 1,438 | $ | 1,379 | $ | 1,363 | $ | 1,336 | $ | 1,415 | |||||||||||||||||||
| Amortization of core deposit and other intangible assets | (9) | (10) | (10) | (9) | (13) | ||||||||||||||||||||||||
| Noninterest operating expense | $ | 1,429 | $ | 1,369 | $ | 1,353 | $ | 1,327 | $ | 1,402 | |||||||||||||||||||
| Efficiency ratio | |||||||||||||||||||||||||||||
| Noninterest operating expense (numerator) | $ | 1,429 | $ | 1,369 | $ | 1,353 | $ | 1,327 | $ | 1,402 | |||||||||||||||||||
| Taxable-equivalent net interest income | $ | 1,763 | $ | 1,790 | $ | 1,773 | $ | 1,722 | $ | 1,707 | |||||||||||||||||||
| Other income | 689 | 696 | 752 | 683 | 611 | ||||||||||||||||||||||||
| Less: Gain (loss) on bank investment securities | 4 | 1 | 1 | — | — | ||||||||||||||||||||||||
| Denominator | $ | 2,448 | $ | 2,485 | $ | 2,524 | $ | 2,405 | $ | 2,318 | |||||||||||||||||||
| Efficiency ratio | 58.3 | % | 55.1 | % | 53.6 | % | 55.2 | % | 60.5 | % | |||||||||||||||||||
| Balance sheet data | |||||||||||||||||||||||||||||
| Average assets | |||||||||||||||||||||||||||||
| Average assets | $ | 213,828 | $ | 212,891 | $ | 211,053 | $ | 210,261 | $ | 208,321 | |||||||||||||||||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||||||||||||||||||||||
| Core deposit and other intangible assets | (59) | (69) | (79) | (89) | (92) | ||||||||||||||||||||||||
| Deferred taxes | 19 | 22 | 24 | 26 | 27 | ||||||||||||||||||||||||
| Average tangible assets | $ | 205,323 | $ | 204,379 | $ | 202,533 | $ | 201,733 | $ | 199,791 | |||||||||||||||||||
| Average common equity | |||||||||||||||||||||||||||||
| Average total equity | $ | 28,648 | $ | 28,970 | $ | 28,583 | $ | 28,666 | $ | 28,998 | |||||||||||||||||||
| Preferred stock | (2,576) | (2,691) | (2,394) | (2,394) | (2,394) | ||||||||||||||||||||||||
| Average common equity | 26,072 | 26,279 | 26,189 | 26,272 | 26,604 | ||||||||||||||||||||||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||||||||||||||||||||||
| Core deposit and other intangible assets | (59) | (69) | (79) | (89) | (92) | ||||||||||||||||||||||||
| Deferred taxes | 19 | 22 | 24 | 26 | 27 | ||||||||||||||||||||||||
| Average tangible common equity | $ | 17,567 | $ | 17,767 | $ | 17,669 | $ | 17,744 | $ | 18,074 | |||||||||||||||||||
| At end of quarter | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Total assets | $ | 214,736 | $ | 213,510 | $ | 211,277 | $ | 211,584 | $ | 210,321 | |||||||||||||||||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||||||||||||||||||||||
| Core deposit and other intangible assets | (55) | (64) | (74) | (84) | (93) | ||||||||||||||||||||||||
| Deferred taxes | 18 | 20 | 23 | 25 | 26 | ||||||||||||||||||||||||
| Total tangible assets | $ | 206,234 | $ | 205,001 | $ | 202,761 | $ | 203,060 | $ | 201,789 | |||||||||||||||||||
| Total common equity | |||||||||||||||||||||||||||||
| Total equity | $ | 27,972 | $ | 29,177 | $ | 28,728 | $ | 28,525 | $ | 28,991 | |||||||||||||||||||
| Preferred stock | (2,434) | (2,834) | (2,394) | (2,394) | (2,394) | ||||||||||||||||||||||||
| Common equity | 25,538 | 26,343 | 26,334 | 26,131 | 26,597 | ||||||||||||||||||||||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||||||||||||||||||||||
| Core deposit and other intangible assets | (55) | (64) | (74) | (84) | (93) | ||||||||||||||||||||||||
| Deferred taxes | 18 | 20 | 23 | 25 | 26 | ||||||||||||||||||||||||
| Total tangible common equity | $ | 17,036 | $ | 17,834 | $ | 17,818 | $ | 17,607 | $ | 18,065 | |||||||||||||||||||
(1) After any related tax effect.
16
Earnings Results 1st Quarter 2026 April 15, 2026 Exhibit 99.2
2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“SEC”). Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/ financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Forward-Looking Statements and Non-GAAP Financial Measures
3 Our Customers Delivering the people, capital and ideas that empower our customers in the moments that matter most in their lives. Our Communities M&T is a bank for communities, an engine for local economic development through relationship-building. Our Colleagues We empower our employees to be the best versions of themselves through integrity and empathy. We are committed to Our Shareholders We deliver reliable results anchored by a strong balance sheet that protects and builds investor value across economic cycles. Together, We are M&T Bank
Operational Excellence Alignment and integration across markets, lines of business and platform capabilities will accelerate regional bank growth. 4 2026 Enterprise Priorities Teaming for Growth • Make it easy for clients to do business with us • Ensure all markets and clients experience us as one bank • Empower leaders to lead across businesses • Win in the markets and businesses where we operate • Drive more integration and collaboration in service of growth Deliver industry-leading service, scale and value through intelligent, simplified operations that empower the businesses and clients we support and help us to maintain and improve the bank’s profitability. • Build scalable infrastructure that enables sustainable growth • Deliver consistent, fast and customer centric experiences across the enterprise • Drive operational efficiency while maintaining quality and risk standards • Strengthen critical skills and leadership capabilities for a modern organization ✔ Grow revenue per employee through productivity and capacity r redeployment ✔ Faster completion of essential processes ✔ Improve customer satisfaction scores ✔ Enhanced employee engagement results regarding tools and resources n needed to do the job ✔ Primary checking account and deposit growth ✔ New England regions lead in deposit and loan growth ✔ Increased revenue per Relationship Manager ✔ Increase Wealth referral volume and penetration ✔ Top 5 SBA ranking in New England markets ✔ Increased Mortgage Originations Objectives Objectives Outcomes Outcomes
Key Awards and Accolades Received 13 “Best Bank” Awards across Small Business and Middle-Market Categories Small Business • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank for Customer Service (U.S.) • Best Bank for Ease of Doing Business (U.S.) • Best Bank for Trust (U.S.) Middle Market • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank for Satisfaction with RM (U.S.) • Best Bank for Trust (U.S.) The Most Powerful Women in Finance: Meghan Shue, Wilmington Trust The Most Powerful Women in Banking’s Top Teams: Wilmington Trust 2025 All-America Executive Team Received #1 Ranking among Large Cap Banks and Placed in the Top 10 across All U.S. Banks • Best CEO – Rene Jones • Best CFO – Daryl Bible • Best Company Board – M&T Bank • Best ESG Program – M&T Bank • Best Investor/Analyst Event – M&T Bank • Best IR Program – M&T Bank • Best IR Team – M&T Bank Jennifer Warren, CEO, Wilmington Trust CEO of the Year Clearing & Custodial Firms Received #1 Ranking among U.S. Companies 5
6 Financial Results
7 • Diluted EPS increased +24% YoY • Return on Assets increased +12 bps YoY • Return on Common Equity increased +131 bps YoY • Net Interest Margin increased +2 bps QoQ and +5 bps YoY Notable items ($ in millions, except per share) 1Q26 4Q25 1Q25 Amt(1) EPS Amt(1) EPS Amt(1) EPS FDIC Special Assessment $— $— $29 $0.14 $— $— Charitable Contribution(2) — — (30) (0.15) — — First Quarter 2026 Earnings Highlights GAAP ($ in millions, except per share) 1Q26 4Q25 1Q25 Revenues $2,441 $2,475 $2,306 Noninterest Expense 1,438 1,379 1,415 Provision for Credit Losses 140 125 130 Net Income 664 759 584 Diluted EPS 4.13 4.67 3.32 Return on Assets 1.26% 1.41% 1.14% Return on Common Equity 9.67 10.87 8.36 Net Interest Margin 3.71 3.69 3.66 Net Charge-offs % Avg Loans .31 .54 .34 Note: (1) Amounts presented before any related tax effect. (2) Included in other costs of operations.
8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. First Quarter 2026 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 1Q26 4Q25 1Q25 Net Operating Income $671 $767 $594 Diluted Net Operating EPS 4.18 4.72 3.38 Efficiency Ratio 58.3% 55.1% 60.5% Net Operating ROTA 1.33 1.49 1.21 Net Operating ROTCE 14.51 16.24 12.53 Tangible Book Value per Share(2) $115.96 $117.45 $111.13 • Diluted Net Operating EPS increased +24% YoY • Net Operating ROTA increased +12 bps YoY • Net Operating ROTCE increased +198 bps YoY • Tangible Book Value per Share increased +4% YoY
9 Net Interest Income(1) & Net Interest Margin Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. (2) See Appendix for reconciliation of this adjusted measure. $ IN M IL LI O N S $1,707 $1,722 $1,773 $1,790 $1,763 3.66% 3.62% 3.68% 3.69% 3.71% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 1Q25 2Q25 3Q25 4Q25 1Q26 QoQ Drivers • Taxable-equivalent net interest income(1) decreased -$27 million or -2% QoQ – Two less calendar days in the recent quarter • Net interest margin rose +2 bps QoQ to 3.71% – Net higher asset-liability spread from continued fixed asset repricing, redeployment of cash to securities and deposit pricing discipline (+5 bps) – A favorable impact from interest rate swap agreements (+3 bps) – Partially offset by lower contribution of net interest-free funds (-6 bps)2Q25 Adjusted NIM was 3.66(2)
10 • Capital levels strong with CET1 capital ratio of 10.33%(2) • Repurchased $1.2 billion(3) of common shares in 1Q26 Change 1Q26 vs Average Balances, $ in billions, except per share 1Q26 4Q25 1Q25 4Q25 1Q25 Interest-bearing Deposits at Banks $16.2 $18.0 $19.7 -10% -18% Investment Securities 37.8 36.7 34.5 3 10 Commercial and Industrial (“C&I”) 63.8 62.2 61.0 2 5 Commercial Real Estate (“CRE”) 23.5 24.1 26.3 -3 -11 Residential Real Estate ("RRE") 24.8 24.8 23.2 — 7 Consumer 26.3 26.5 24.3 -1 8 Total Loans 138.4 137.6 134.8 1 3 Earning Assets 192.6 192.4 189.1 — 2 Deposits 164.3 165.1 161.2 — 2 Borrowings 16.8 14.6 14.2 15 18 Common Shareholders’ Equity 26.1 26.3 26.6 -1 -2 As of Quarter End Common Shareholders' Equity per Share $173.82 $173.49 $163.62 —% 6% Tangible Equity per Common Share(1) 115.96 117.45 111.13 -1 4 Tangible Common Equity / Tangible Assets(1) 8.26 % 8.70 % 8.95 % -44 bps -69 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.33 10.84 11.50 -51 bps -117 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) March 31, 2026 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax. (2)
11 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$823 million QoQ: • C&I loans grew +2% (+$1.5 billion) reflecting growth in middle market, business banking and several of our specialty businesses • Consumer loans decreased -1% (-$171 million) • CRE loans declined -3% (-$605 million) $ IN B IL LI O N S $61.0 $61.0 $61.7 $62.2 $63.8 $26.3 $25.3 $24.3 $24.1 $23.5 $23.2 $23.7 $24.4 $24.8 $24.8 $24.3 $25.4 $26.1 $26.5 $26.3 $134.8 $135.4 $136.5 $137.6 $138.4 6.06% 6.11% 6.14% 6.00% 5.86% C&I CRE RRE Consumer Total Loans Total Loan Yield 1Q25 2Q25 3Q25 4Q25 1Q26
12 Balance Sheet – Securities and Invested Cash Liquidity Coverage Ratio was 107%(2) on March 31, 2026 Duration Pre-tax Unrealized Gain/(Loss) AFS ~3.1 years $9 million HTM ~5.2 years ($764 million) Total Debt Securities ~3.8 years ($755 million) $ IN B IL LI O N S Average Investment Securities and Yield $34.5 $35.3 $36.6 $36.7 $37.8 4.00% 3.81% 4.13% 4.17% 4.26% 1Q25 2Q25 3Q25 4Q25 1Q26 Interest- bearing deposits at banks 27% Other Securities 2% HTM Securities 23% AFS Securities 48% $53.1B TOTAL 2Q25 Adjusted Yield was 4.03%(1) Securities and Invested Cash at 3/31/26 Note: (1) See Appendix for reconciliation of this adjusted measure. (2) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on March 31, 2026 exceeded the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
13 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$789 million QoQ: • Interest-bearing deposit cost decreased -21 bps – 56% cumulative deposit beta since 3Q24 • Average interest-bearing deposits declined -$1.2 billion • Average noninterest-bearing deposits increased +$363 million $ IN B IL LI O N S $45.4 $45.1 $44.0 $44.2 $44.6 $101.6 $104.0 $104.7 $107.3 $106.6 $14.2 $14.3 $14.0 $13.6 $13.1 $161.2 $163.4 $162.7 $165.1 $164.3 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Total deposit cost 1.70% 1.72% 1.72% 1.59% 1.43% Interest-bearing deposit cost 2.37% 2.38% 2.36% 2.17% 1.96%
14 $ IN M IL LI O N S $611 $683 $752 $696 $689 Noninterest Income 1Q25 2Q25 3Q25 4Q25 1Q26 Change 1Q26 vs $ in millions 1Q26 4Q25 1Q25 4Q25 1Q25 Mortgage Banking Revenues $127 $155 $118 -18% 8% Service Charges on Deposits 139 140 133 -1 5 Trust Income 183 184 177 -1 3 Brokerage Services 35 34 32 3 9 Non-hedge Derivatives / Trading 14 19 9 -26 43 Securities Gain/(Loss) 4 1 — 238 — Other Revenues from Operations 187 163 142 14 31 Noninterest Income $689 $696 $611 -1% 13% Income Statement – Noninterest Income Noninterest income decreased -$7 million or -1% QoQ: • Mortgage banking revenues declined -$28 million QoQ: – On January 1, 2026, the Company elected to prospectively measure residential mortgage loan servicing right assets ("MSRs") at fair value – Residential mortgage banking revenues declined -$16 million reflecting the passage of time on the fair value of MSRs – Commercial mortgage banking revenues declined -$12 million from lower volume • Trading account and other non-hedging derivative gains decreased -$5 million reflecting lower revenues from interest rate swap transactions with commercial customers • Other revenues from operations increased +$24 million QoQ: – +$33 million distribution from M&T's investment in BLG – Partially offset by lower merchant discount and credit card fees QoQ Drivers
15 $ IN M IL LI O N S $1,402 $1,327 $1,353 $1,369 $1,429 $1,415 $1,336 $1,363 $1,379 $1,438 60.5% 55.2% 53.6% 55.1% 58.3% Operating Noninterest Expense(1) Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 1Q25 2Q25 3Q25 4Q25 1Q26 Change 1Q26 vs $ in millions 1Q26 4Q25 1Q25 4Q25 1Q25 Salaries & Employee Benefits(2) $914 $809 $887 13% 3% Equipment & Net Occupancy 133 134 132 — — Outside Data Proc & Software 144 146 136 -2 5 Professional & Other Services 93 105 84 -11 11 FDIC Assessments 23 (8) 23 — — Advertising & Marketing 21 32 22 -35 -6 Other Costs of Operations 101 151 118 -34 -15 Operating Expense(1) 1,429 1,369 1,402 4 2 Intangible Amortization 9 10 13 -1 -27 Total Noninterest Expense $1,438 $1,379 $1,415 4% 2% Income Statement – Noninterest Expenses Noninterest expense increased +$59 million or +4% QoQ: • Salaries and employee benefits expense increased +$105 million reflecting: – $115 million of seasonally higher personnel expenses, partially offset by two less working days and lower employee staffing levels in the recent quarter • Professional and other services expense declined -$12 million reflecting lower legal and review costs Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP and adjusted measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Severance-related charges for 1Q26, 4Q25 and 1Q25 were $4 million, $6 million and $4 million, respectively. QoQ Drivers Adjusted Efficiency 54.5%(1) Adjusted Efficiency 55.3%(1) Adjusted Efficiency 55.0%(1) • Higher FDIC assessments reflect a reduction of estimated special assessment expense of $29 million in the fourth quarter of 2025 • Advertising and marketing expense declined -$11 million reflecting the seasonality of advertising campaigns • Other costs of operations decreased -$50 million due to the following fourth quarter activity: – A contribution to The M&T Charitable Foundation of $30 million – Amortization of residential MSRs
16 $ IN M IL LI O N S Nonaccrual Loans $1,540 $1,573 $1,512 $1,252 $1,240 1.14% 1.16% 1.10% 0.90% 0.89% Nonaccrual Loans ($) Nonaccrual Loans (%) 1Q25 2Q25 3Q25 4Q25 1Q26 $ IN M IL LI O N S Net Charge-offs $114 $108 $146 $185 $105 0.34% 0.32% 0.42% 0.54% 0.31% Net Charge-offs ($) Net Charge-off Ratio (%) 1Q25 2Q25 3Q25 4Q25 1Q26 Credit $ IN M IL LI O N S Allowance for Loan Losses $2,200 $2,197 $2,161 $2,116 $2,136 1.63% 1.61% 1.58% 1.53% 1.53% Allowance for Loan Losses ($) Allowance for Loan Losses (%) 1Q25 2Q25 3Q25 4Q25 1Q26 $ IN M IL LI O N S Provision for Credit Losses $130 $125 $125 $125 $140 $130 $105 $110 $140 $125$20 $15 -$15 $15 Provision for Loan Losses Provision for Unfunded Credit Commitments 1Q25 2Q25 3Q25 4Q25 1Q26
17 Criticized C&I and CRE Loans Criticized loans decreased -$706 million QoQ: • C&I decreased -$306 million • CRE decreased -$400 million – Permanent CRE -$140 million – Construction -$260 million • 96% of criticized accrual loans are current $ IN B IL LI O N S $9.4 $8.4 $7.8 $7.3 $6.6 10.9% 9.7% 9.0% 8.3% 7.4% Criticized Criticized % of C&I and CRE Loans 1Q25 2Q25 3Q25 4Q25 1Q26
Loans to Nondepository Financial Institutions Mortgage Credit Intermediaries Institutional CRE, Residential Mortgage Warehouse, Mortgage Servicing Rights ("MSR") Private Equity Funds Subscription Lines Business Credit Intermediaries Wholesale Lender Finance, Business Development Companies Consumer Credit Intermediaries Consumer Lender Finance Other loans to NDFIs All Other (e.g. insurance, broker/dealer) $6.5B $3.5B $2.0B $0.6B $0.8B Nondepository Financial Institutions(1) Loan Types Portfolio Characteristics Note: (1) Loans to NDFIs are estimates pending the filing of M&T Bank's Call Report and M&T Bank Corporation's FRY-9C. (2) Peer median as of 12/31/25 due to data availability. At 3/31/26 • M&T's loans to NDFIs represent 10% of loans, compared to peer median of 12%(2) • Concentrated in mortgage credit and private equity – Components centered around institutional CRE credit solutions, residential mortgage warehouse lines, MSR secured financing, and fund subscription lines – All of which have low loss profiles both internally and across the industry • M&T's private equity lending is entirely comprised of subscription lines $13.4 billion 10% of Total Loans 18
Loans to Business Credit Intermediaries • Comprised of non-bank platforms that originate and hold business credit using sponsored capital and wholesale funding rather than deposits. Portfolios are dispersed among many non-institutional lenders. – Business Development Companies - managed by established private credit firms with institutional governance and underwriting, operating under the Investment Company Act of 1940, which provides structural protections that benefit creditors – Business Leasing - leasing to a broad range of business types and collateralized by the full spectrum of fixed assets – Wholesale Lender Finance - provide funding to specialty lenders, including institutional lenders, generally under asset based lending structures $0.7B (35%) $0.6B (28%) $0.3B (17%) At 3/31/26 Business Leasing Other Business Credit Intermediaries $2.0 billion 15% of NDFI Loans Wholesale Lender Finance Obligor Types Business Credit Intermediaries(1) Note: (1) Loans to Business Credit Intermediaries are estimates pending the filing of M&T Bank's Call Report and M&T Bank Corporation's FRY-9C. Portfolio Characteristics Business Development Companies $0.4B (20%) 19
20 CET1 11.50% 10.99% 10.99% 10.84% 10.33% 1Q25 2Q25 3Q25 4Q25 1Q26 TBVPS $111.13 $112.48 $115.31 $117.45 $115.96 1Q25 2Q25 3Q25 4Q25 1Q26 Capital • CET1 capital ratio decreased to 10.33%(1) at the end of 1Q26 • Tangible book value per share decreased -1% to $115.96 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by +4 bps at the end of 1Q26 • The election to prospectively measure residential MSRs at fair value increased the CET1 capital ratio by +8 bps at January 1, 2026 Note: (1) CET1 capital ratio at March 31, 2026 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. QoQ Drivers (1) (2) Basel III - March 2026 Proposal • CET1 capital ratio at the end of 4Q25 would have increased an estimated +90 +/- bps under the standardized approach and an additional +10-20 bps under the expanded risk-based approach, excluding the impact of AOCI
21 2026 Outlook 2026 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $7.2 to $7.35 billion • Bottom half of the range for NII translates to NIM in the high 3.60s • Range dependent on loan growth, deposit trends, and shape of the yield curve Fee Income $2.675 to $2.775 billion • High end of the range • Broad-based growth across fee types and business lines GAAP Expense Includes intangible amortization $5.5 to $5.6 billion • High end of the range • Continued investment in enterprise initiatives and well-managed non-investment spend Net Charge-Offs % of Average Loans 40 basis points +/- Tax Rate Taxable-equivalent 24.0% +/- A ve ra ge B al an ce s Loans $140 to $142 billion • Point to point growth in each loan portfolio Deposits $165 to $167 billion • Focus on growing operational accounts and other customer deposits at a reasonable cost CET1 Capital Ratio 10.0% to 10.5%
22 Why invest in M&T? • Long term focused with deeply embedded culture • Business operated to represent the best interests of all key stakeholders • Energized colleagues consistently serving our customers and communities • A safe haven for our clients as proven during turbulent times and crisis • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Leading position in core markets • 15-17% ROTCE(1) • Robust dividend growth • 8% TBV per share growth(2) Source: FactSet, S&P Global, Company Filings. Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2020-2025, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2020-2025. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns
23 Appendix
24 M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Appendix Note: (1) After any related tax effect. GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 1Q25 2Q25 3Q25 4Q25 1Q26 Net income Net income $584 $716 $792 $759 $664 Amortization of core deposits and other intangible assets (1) 10 8 6 8 7 Net operating income $594 $724 $798 $767 $671 Earnings per common share Diluted earnings per common share $3.32 $4.24 $4.82 $4.67 $4.13 Amortization of core deposits and other intangible assets (1) 0.06 0.04 0.05 0.05 0.05 Diluted net operating earnings per common share $3.38 $4.28 $4.87 $4.72 $4.18
25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 1Q25 2Q25 3Q25 4Q25 1Q26 Other expense Other expense $1,415 $1,336 $1,363 $1,379 $1,438 Amortization of core deposit and other intangible assets (13) (9) (10) (10) (9) Noninterest operating expense $1,402 $1,327 $1,353 $1,369 $1,429 Efficiency ratio Noninterest operating expense (numerator) $1,402 $1,327 $1,353 $1,369 $1,429 Taxable-equivalent net interest income $1,707 $1,722 $1,773 $1,790 $1,763 Other income 611 683 752 696 689 Less: Gain (loss) on bank investment securities — — 1 1 4 Denominator $2,318 $2,405 $2,524 $2,485 $2,448 Efficiency ratio 60.5 % 55.2 % 53.6 % 55.1 % 58.3 %
26 Appendix In millions 1Q25 2Q25 3Q25 4Q25 1Q26 Average assets Average assets $208,321 $210,261 $211,053 $212,891 $213,828 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (92) (89) (79) (69) (59) Deferred taxes 27 26 24 22 19 Average tangible assets $199,791 $201,733 $202,533 $204,379 $205,323 Average common equity Average total equity $28,998 $28,666 $28,583 $28,970 $28,648 Preferred stock (2,394) (2,394) (2,394) (2,691) (2,576) Average common equity 26,604 26,272 26,189 26,279 26,072 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (92) (89) (79) (69) (59) Deferred taxes 27 26 24 22 19 Average tangible common equity $18,074 $17,744 $17,669 $17,767 $17,567 GAAP to Tangible (Non-GAAP) Reconciliation
27 Appendix In millions 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Total assets Total assets $210,321 $211,584 $211,277 $213,510 $214,736 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (93) (84) (74) (64) (55) Deferred taxes 26 25 23 20 18 Total tangible assets $201,789 $203,060 $202,761 $205,001 $206,234 Total common equity Total equity $28,991 $28,525 $28,728 $29,177 $27,972 Preferred stock (2,394) (2,394) (2,394) (2,834) (2,434) Common equity 26,597 26,131 26,334 26,343 25,538 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (93) (84) (74) (64) (55) Deferred taxes 26 25 23 20 18 Total tangible common equity $18,065 $17,607 $17,818 $17,834 $17,036 GAAP to Tangible (Non-GAAP) Reconciliation
28 Appendix Reconciliation of Adjusted Metrics In millions, except per share 1Q25 2Q25 3Q25 4Q25 1Q26 Taxable-equivalent net interest income - Adjusted Taxable-equivalent net interest income $1,722 Premium amortization for acquired securities 20 Taxable-equivalent net interest income - Adjusted $1,742 Net interest margin - Adjusted(1) Net interest margin 3.62% Premium amortization for acquired securities 0.04 Net interest margin - Adjusted 3.66% Yield on investment securities(2) 3.81% Premium amortization for acquired securities 0.22 Yield on investment securities - Adjusted 4.03% Note: (1) Net interest margin is calculated on average earning assets of $190.5 billion in 2Q25. (2) Yields on investment securities are calculated on average investment securities of $35.3 billion in 2Q25. M&T is providing supplemental reporting of its results on a “Adjusted” basis, from which M&T excludes the after-tax effect of certain notable items of significance. Although “ Adjusted” income and expense as presented by M&T is not a GAAP measure, M&T management believes that this information helps investors understand the effect of such notable items in reported results.
29 Appendix Reconciliation of Adjusted Metrics In millions 1Q25 2Q25 3Q25 4Q25 1Q26 Other income - Adjusted Other income $683 $752 $696 Gain on sale of out-of-footprint loan portfolio (15) — — Gain on sale of institutional services subsidiary (10) — — Earnout payment related to 2023 sale of CIT business — (28) — Other income - Adjusted $658 $724 $696 Noninterest operating expense - Adjusted Noninterest operating expense $1,327 $1,353 $1,369 Charitable contribution — — (30) FDIC Special Assessment — 8 29 Noninterest operating expense - Adjusted $1,327 $1,361 $1,368 Efficiency ratio - Adjusted Noninterest operating expense (numerator) - Adjusted $1,327 $1,361 $1,368 Taxable-equivalent net interest income - Adjusted 1,742 1,773 1,790 Other income - Adjusted 658 724 696 Less: Gain (loss) on bank investment securities — — 1 Denominator $2,400 $2,497 $2,485 Efficiency ratio - Adjusted 55.3% 54.5% 55.0%