Form 8-K
8-K — M&T BANK CORP
Accession: 0000036270-26-000046
Filed: 2026-07-15
Period: 2026-07-15
CIK: 0000036270
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — mbt-20260715.htm (Primary)
EX-99.1 (ex991release2q26.htm)
EX-99.2 (a2q26earningspresentatio.htm)
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8-K
8-K (Primary)
Filename: mbt-20260715.htm · Sequence: 1
mbt-20260715
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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): July 15, 2026
___________________________________
M&T BANK CORPORATION
(Exact name of registrant as specified in its charter)
___________________________________
New York
(State or other jurisdiction of incorporation)
1-9861
(Commission File Number)
16-0968385
(I.R.S. Employer Identification Number)
One M&T Plaza, Buffalo, New York
14203
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (716) 635-4000
___________________________________
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
Common Stock, $.50 par value
MTB
New York Stock Exchange
Perpetual Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series H
MTBPrH
New York Stock Exchange
Perpetual Fixed Rate Non-Cumulative
Preferred Stock, Series J
MTBPrJ
New York Stock Exchange
Perpetual Fixed Rate Non-Cumulative
Preferred Stock, Series K
MTBPrK
New York Stock Exchange
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 July 15, 2026, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended June 30, 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 July 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
News Release dated July 15, 2026
99.2
M&T Bank Corporation presentation dated July 15, 2026
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.
M&T BANK CORPORATION
Date:
July 15, 2026
By:
/s/ Daryl N. Bible
Daryl N. Bible
Senior Executive Vice President
and Chief Financial Officer
EX-99.1
EX-99.1
Filename: ex991release2q26.htm · Sequence: 2
Document
Exhibit 99.1
News Release
One M&T Plaza, Buffalo, NY 14203 July 15, 2026
M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $818 million or $5.32 of diluted earnings per common share.
(Dollars in millions, except per share data) 2Q26 1Q26 2Q25
Earnings Highlights
Net interest income $ 1,792 $ 1,752 $ 1,713
Taxable-equivalent adjustment 12 11 9
Net interest income - taxable-equivalent 1,804 1,763 1,722
Provision for credit losses 120 140 125
Noninterest income 740 689 683
Noninterest expense 1,349 1,438 1,336
Net income 818 664 716
Net income available to common shareholders - diluted 781 620 679
Diluted earnings per common share 5.32 4.13 4.24
Return on average assets - annualized 1.51 % 1.26 % 1.37 %
Return on average common shareholders' equity - annualized 12.30 9.67 10.39
Average Balance Sheet
Total assets $ 216,532 $ 213,828 $ 210,261
Interest-bearing deposits at banks 15,061 16,231 19,698
Investment securities 38,728 37,845 35,335
Loans 141,427 138,423 135,407
Deposits (1) 163,524 164,176 163,258
Borrowings 20,794 16,759 14,263
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin (1) 3.70 % 3.70 % 3.62 %
Efficiency ratio (2) 52.8 58.3 55.2
Net charge-offs to average total loans - annualized .23 .31 .32
Allowance for loan losses to total loans 1.52 1.53 1.61
Nonaccrual loans to total loans .84 .89 1.16
Common equity Tier 1 ("CET1") capital ratio (3) 10.19 10.33 10.99
Common shareholders' equity per share $ 176.03 $ 173.82 $ 166.94
(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized
taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to
conform to the current presentation.
(2) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(3) CET1 capital ratio at June 30, 2026 is estimated.
Financial Highlights
•Taxable-equivalent net interest income increased $41 million in the recent quarter as compared with the first quarter of 2026 reflecting an additional day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The net interest margin remained at 3.70%.
•A $3.0 billion increase in average loan balances in the recent quarter spanned all loan categories including $2.3 billion of growth in average commercial and industrial loans. Commercial real estate loans at June 30, 2026 increased $1.1 billion from March 31, 2026.
•Noninterest income in the recent quarter reflects a higher distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), an increase in trust income and a rise in revenues from interest rate swap agreements entered into for commercial customers.
•The decline in noninterest expense reflects seasonal salaries and employee benefits expense recognized in the first quarter of 2026.
•The allowance for loan losses as a percent of total loans declined 1 basis point to 1.52% at June 30, 2026.
•In the recent quarter, M&T repurchased 2.1 million shares of its common stock at a total cost of $465 million. M&T's CET1 capital ratio is estimated to be 10.19% at June 30, 2026.
Chief Financial Officer Commentary
"M&T generated record earnings per share in the second quarter, reflecting strong contributions from our commercial, retail and institutional services and wealth management businesses. These results reflect the enduring strength of our franchise and the dedication of our employees to making a meaningful difference in the lives of our customers and communities. I want to thank my M&T colleagues. As a result of their commitment, M&T continues to create lasting value for everyone we serve."
- 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
Second Quarter 2026 Results
Non-GAAP Measures (1)
(Dollars in millions, except per share data) 2Q26 1Q26 Change 2Q26 vs. 1Q26 2Q25 Change 2Q26 vs. 2Q25
Net operating income $ 823 $ 671 23 % $ 724 14 %
Diluted net operating earnings per common share 5.35 4.18 28 4.28 25
Annualized return on average tangible assets 1.59 % 1.33 % 1.44 %
Annualized return on average tangible common equity 18.57 14.51 15.54
Efficiency ratio 52.8 58.3 55.2
Tangible equity per common share $ 117.41 $ 115.96 1 $ 112.48 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 (1)
(Dollars in millions) 2Q26 1Q26 Change 2Q26 vs. 1Q26 2Q25 Change 2Q26 vs. 2Q25
Average earning assets $ 195,216 $ 192,594 1 % $ 190,535 2 %
Average interest-bearing liabilities (2) 140,354 136,388 3 132,368 6
Net interest income - taxable-equivalent 1,804 1,763 2 1,722 5
Yield on average earning assets (2) 5.40 % 5.35 % 5.51 %
Cost of interest-bearing liabilities (2) 2.36 2.32 2.71
Net interest spread 3.04 3.03 2.80
Net interest margin (2) 3.70 3.70 3.62
(1)Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table on page 15.
(2)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
Taxable-equivalent net interest income increased $41 million, or 2%, compared with the first quarter of 2026 reflecting an additional calendar day, higher interest income from nonaccrual loans and growth in average loans in the recent quarter. Taxable-equivalent net interest income increased $82 million, or 5%, as compared with the year-earlier second 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
Second Quarter 2026 Results
Average Earning Assets
(Dollars in millions) 2Q26 1Q26 Change 2Q26 vs. 1Q26 2Q25 Change 2Q26 vs. 2Q25
Interest-bearing deposits at banks $ 15,061 $ 16,231 -7 % $ 19,698 -24 %
Investment securities 38,728 37,845 2 35,335 10
Loans (1)
Commercial and industrial 66,069 63,804 4 61,036 8
Real estate - commercial 23,553 23,496 — 25,333 -7
Real estate - residential 25,086 24,817 1 23,684 6
Consumer 26,719 26,306 2 25,354 5
Total loans 141,427 138,423 2 135,407 4
Other — 95 -100 95 -100
Total earning assets $ 195,216 $ 192,594 1 $ 190,535 2
(1)Supplemental information on loan balances is included in the accompanying table on page 16.
Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities predominantly in the immediately preceding quarter. The increase in average loans reflected broad-based growth in average commercial and industrial loan balances of $2.3 billion and higher average commercial real estate loan balances of $57 million, average residential real estate loan balances of $269 million and average consumer loan balances of $413 million.
Average earning assets increased $4.7 billion from the second quarter of 2025. Average interest-bearing deposits at banks decreased $4.6 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 $5.0 billion, including growth in loans spanning most industry types, residential real estate loans of $1.4 billion and consumer loans of $1.4 billion. Those increases were partially offset by a $1.8 billion decline in average commercial real estate loan balances, reflecting payoffs.
Average Interest-bearing Liabilities
(Dollars in millions) 2Q26 1Q26 Change 2Q26 vs. 1Q26 2Q25 Change 2Q26 vs. 2Q25
Interest-bearing deposits
Savings and interest-checking deposits (1) $ 105,752 $ 106,570 -1 % $ 103,934 2 %
Time deposits (1) 13,808 13,059 6 14,171 -3
Total interest-bearing deposits (1) 119,560 119,629 — 118,105 1
Short-term borrowings 8,016 5,695 41 3,327 141
Long-term borrowings 12,778 11,064 15 10,936 17
Total interest-bearing liabilities (1) $ 140,354 $ 136,388 3 $ 132,368 6
(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
3
Second Quarter 2026 Results
Average interest-bearing liabilities in the recent quarter rose $4.0 billion from the first quarter of 2026 reflecting an increase in average short-term borrowings from the FHLB of New York and average long-term borrowings from issuances of senior notes and securitizations.
Average interest-bearing liabilities increased $8.0 billion from the second quarter of 2025 reflecting growth in average savings and interest-checking deposits of $1.8 billion and higher average short-term borrowings from the FHLB of New York and long-term borrowings from issuances of senior notes and securitizations.
Provision for Credit Losses/Asset Quality
(Dollars in millions) 2Q26 1Q26 Change
2Q26 vs. 1Q26 2Q25 Change
2Q26 vs. 2Q25
At end of quarter
Nonaccrual loans $ 1,208 $ 1,240 -3 % $ 1,573 -23 %
Real estate and other foreclosed assets 23 27 -14 30 -25
Total nonperforming assets 1,231 1,267 -3 1,603 -23
Accruing loans past due 90 days or more (1) 603 646 -7 496 22
Nonaccrual loans as % of loans outstanding .84 % .89 % 1.16 %
Allowance for loan losses $ 2,176 $ 2,136 2 $ 2,197 -1
Allowance for loan losses as % of loans outstanding 1.52 % 1.53 % 1.61 %
Reserve for unfunded credit commitments $ 95 $ 95 — $ 80 19
For the period
Provision for loan losses $ 120 $ 125 -4 $ 105 14
Provision for unfunded credit commitments — 15 -100 20 -100
Total provision for credit losses 120 140 -14 125 -4
Net charge-offs 80 105 -23 108 -26
Net charge-offs as % of average loans (annualized) .23 % .31 % .32 %
(1)Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $120 million in the second quarter of 2026 as compared with $140 million in the immediately preceding quarter and $125 million in the second quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.52% at June 30, 2026 and 1.53% at March 31, 2026, improved from 1.61% at June 30, 2025. That improvement reflects lower levels of criticized loans.
Nonaccrual loans were $1.2 billion at each of June 30, 2026 and March 31, 2026, compared with $1.6 billion at June 30, 2025. The lower level of nonaccrual loans at June 30, 2026 and March 31, 2026 as compared with June 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.
4
Second Quarter 2026 Results
Noninterest Income
(Dollars in millions) 2Q26 1Q26 Change 2Q26 vs. 1Q26 2Q25 Change 2Q26 vs. 2Q25
Mortgage banking revenues (1) $ 127 $ 127 — % $ 130 -2 %
Service charges on deposit accounts 144 139 4 137 4
Trust income 197 183 8 182 9
Brokerage services income 35 35 2 31 13
Trading account and other non-hedging derivative gains 22 14 61 12 100
Gain (loss) on bank investment securities 2 4 -57 — —
Other revenues from operations (2) 213 187 14 191 12
Total $ 740 $ 689 8 $ 683 8
(1)Supplemental information on mortgage banking activities is included in the accompanying table on page 17.
(2)Supplemental information on other revenues from operations is included in the accompanying table on page 18.
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 second quarter of 2026 increased $51 million, or 8%, from 2026's first quarter.
•Trust income rose $14 million reflecting higher revenues from the Company's institutional services and wealth management businesses, including seasonal tax service fees.
•Trading account and other non-hedging derivative gains increased $8 million reflecting higher revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $26 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees.
Noninterest income rose $57 million, or 8%, as compared with the second quarter of 2025.
•Service charges on deposit accounts increased $7 million reflecting higher commercial and consumer service charges.
•Trust income rose $15 million reflecting higher revenues from the Company's institutional services and wealth management businesses.
•Trading account and other non-hedging derivative gains increased $10 million reflecting higher revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $22 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025.
5
Second Quarter 2026 Results
Noninterest Expense
(Dollars in millions) 2Q26 1Q26 Change 2Q26 vs. 1Q26 2Q25 Change 2Q26 vs. 2Q25
Salaries and employee benefits $ 826 $ 914 -10 % $ 813 2 %
Equipment and net occupancy 129 133 -2 130 —
Outside data processing and software 154 144 8 138 12
Professional and other services 89 93 -5 86 2
FDIC assessments 18 23 -27 22 -21
Advertising and marketing 27 21 31 25 8
Amortization of core deposit and other intangible assets 7 9 -26 9 -27
Other costs of operations 99 101 -2 113 -12
Total $ 1,349 $ 1,438 -6 $ 1,336 1
Noninterest expense declined $89 million, or 6%, from the first quarter of 2026.
•Salaries and employee benefits expense decreased $88 million reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 and lower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases and an additional working day in the recent quarter.
•Outside data processing and software costs increased $10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
Noninterest expense increased $13 million, or 1%, from the second quarter of 2025.
•Salaries and employee benefits expense increased $13 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels in the recent quarter.
•Outside data processing and software costs rose $16 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
•Other costs of operations decreased $14 million reflecting the amortization associated with residential mortgage loan servicing right assets in the second quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan.
Income Taxes
The Company's effective income tax rate was 23.1% in the second quarter of 2026, compared with 23.0% and 23.4% in the first quarter of 2026 and the second quarter of 2025, respectively.
6
Second Quarter 2026 Results
Capital and Liquidity
2Q26 1Q26 2Q25
CET1 10.19 % (1) 10.33 % 10.99 %
Tier 1 capital 11.64 (1) 11.81 12.50
Total capital 13.72 (1) 13.61 13.96
Tangible capital – common 8.07 8.26 8.67
(1)Capital ratios at June 30, 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 $220 million and $35 million, respectively, for the quarter ended June 30, 2026. M&T's current stress capital buffer is 2.7%.
M&T repurchased shares of its common stock at a cost of $465 million during the recent quarter, compared with $1.25 billion and $1.08 billion in the first quarter of 2026 and the second quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.19% as of June 30, 2026. M&T's total risk-weighted assets at June 30, 2026 are estimated to be $167.9 billion. Reflecting loan growth and share repurchase activity in the recent quarter, M&T's tangible common equity to tangible asset ratio at June 30, 2026 decreased 19 basis points from March 31, 2026 and 60 basis points from June 30, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on June 30, 2026 was 106%, 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
Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ226. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday July 22, 2026, by calling (800) 695-2533 or (402) 530-9029 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.
About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
7
Second 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
Second Quarter 2026 Results
Financial Highlights
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in millions, except per share, shares in thousands) 2026 2025 Change 2026 2025 Change
Performance
Net income $ 818 $ 716 14 % $ 1,482 $ 1,300 14 %
Net income available to common shareholders 781 679 15 1,401 1,226 14
Per common share:
Basic earnings 5.35 4.26 26 9.49 7.58 25
Diluted earnings 5.32 4.24 25 9.44 7.55 25
Cash dividends 1.50 1.35 11 3.00 2.70 11
Common shares outstanding:
Average - diluted 146,758 160,005 -8 148,424 162,511 -9
Period end 144,933 156,532 -7 144,933 156,532 -7
Return on (annualized):
Average total assets 1.51 % 1.37 % 1.39 % 1.25 %
Average common shareholders' equity 12.30 10.39 10.98 9.37
Taxable-equivalent net interest income $ 1,804 $ 1,722 5 $ 3,567 $ 3,429 4
Yield on average earning assets (1) 5.40 % 5.51 % 5.38 % 5.51 %
Cost of interest-bearing liabilities (1) 2.36 2.71 2.35 2.70
Net interest spread (1) 3.04 2.80 3.03 2.81
Contribution of interest-free funds (1) .66 .82 .67 .83
Net interest margin 3.70 3.62 3.70 3.64
Net charge-offs to average total net loans (annualized) .23 .32 .27 .33
Net operating results (2)
Net operating income $ 823 $ 724 14 $ 1,494 $ 1,318 13
Diluted net operating earnings per common share 5.35 4.28 25 9.52 7.66 24
Return on (annualized):
Average tangible assets 1.59 % 1.44 % 1.46 % 1.32 %
Average tangible common equity 18.57 15.54 16.52 14.03
Efficiency ratio 52.8 55.2 55.5 57.8
At June 30,
Loan quality 2026 2025 Change
Nonaccrual loans $ 1,208 $ 1,573 -23 %
Real estate and other foreclosed assets 23 30 -25
Total nonperforming assets $ 1,231 $ 1,603 -23
Accruing loans past due 90 days or more $ 603 $ 496 22
Government guaranteed loans included in totals above:
Nonaccrual loans $ 78 $ 75 4
Accruing loans past due 90 days or more 586 450 30
Nonaccrual loans to total loans .84 % 1.16 %
Allowance for loan losses to total loans 1.52 1.61
Additional information
Period end common stock price $ 238.01 $ 193.99 23
Full-service domestic banking offices (3) 911 941 -3
Full-time equivalent employees 21,662 22,590 -4
(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
(2) 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 19.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.
9
Second Quarter 2026 Results
Financial Highlights, Five Quarter Trend
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(Dollars in millions, except per share, shares in thousands) 2026 2026 2025 2025 2025
Performance
Net income $ 818 $ 664 $ 759 $ 792 $ 716
Net income available to common shareholders 781 620 718 754 679
Per common share:
Basic earnings 5.35 4.16 4.71 4.85 4.26
Diluted earnings 5.32 4.13 4.67 4.82 4.24
Cash dividends 1.50 1.50 1.50 1.50 1.35
Common shares outstanding:
Average - diluted 146,758 150,109 153,712 156,553 160,005
Period end 144,933 146,917 151,840 154,518 156,532
Return on (annualized):
Average total assets 1.51 % 1.26 % 1.41 % 1.49 % 1.37 %
Average common shareholders' equity 12.30 9.67 10.87 11.45 10.39
Taxable-equivalent net interest income $ 1,804 $ 1,763 $ 1,790 $ 1,773 $ 1,722
Yield on average earning assets (1) 5.40 % 5.35 % 5.47 % 5.60 % 5.51 %
Cost of interest-bearing liabilities (1) 2.36 2.32 2.52 2.72 2.71
Net interest spread 3.04 3.03 2.95 2.88 2.80
Contribution of interest-free funds (1) .66 .67 .75 .81 .82
Net interest margin (1) 3.70 3.70 3.70 3.69 3.62
Net charge-offs to average total net loans (annualized) .23 .31 .54 .42 .32
Net operating results (2)
Net operating income $ 823 $ 671 $ 767 $ 798 $ 724
Diluted net operating earnings per common share 5.35 4.18 4.72 4.87 4.28
Return on (annualized):
Average tangible assets 1.59 % 1.33 % 1.49 % 1.56 % 1.44 %
Average tangible common equity 18.57 14.51 16.24 17.13 15.54
Efficiency ratio 52.8 58.3 55.1 53.6 55.2
June 30, March 31, December 31, September 30, June 30,
Loan quality 2026 2026 2025 2025 2025
Nonaccrual loans $ 1,208 $ 1,240 $ 1,252 $ 1,512 $ 1,573
Real estate and other foreclosed assets 23 27 35 37 30
Total nonperforming assets $ 1,231 $ 1,267 $ 1,287 $ 1,549 $ 1,603
Accruing loans past due 90 days or more $ 603 $ 646 $ 561 $ 432 $ 496
Government guaranteed loans included in totals above:
Nonaccrual loans 78 85 83 71 75
Accruing loans past due 90 days or more 586 634 543 403 450
Nonaccrual loans to total loans .84 % .89 % .90 % 1.10 % 1.16 %
Allowance for loan losses to total loans 1.52 1.53 1.53 1.58 1.61
Additional information
Period end common stock price $ 238.01 $ 206.72 $ 201.48 $ 197.62 $ 193.99
Full-service domestic banking offices (3) 911 930 942 942 941
Full-time equivalent employees 21,662 21,866 22,080 22,383 22,590
(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
(2) 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 20.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.
10
Second Quarter 2026 Results
Condensed Consolidated Statement of Income
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in millions) 2026 2025 Change 2026 2025 Change
Interest income $ 2,620 $ 2,609 — % $ 5,156 $ 5,169 — %
Interest expense 828 896 -8 1,612 1,761 -8
Net interest income 1,792 1,713 5 3,544 3,408 4
Provision for credit losses 120 125 -4 260 255 2
Net interest income after provision for credit losses 1,672 1,588 5 3,284 3,153 4
Other income
Mortgage banking revenues 127 130 -2 254 248 2
Service charges on deposit accounts 144 137 4 283 270 5
Trust income 197 182 9 380 359 6
Brokerage services income 35 31 13 70 63 11
Trading account and other non-hedging
derivative gains 22 12 100 36 21 74
Gain (loss) on bank investment securities 2 — — 6 — —
Other revenues from operations 213 191 12 400 333 20
Total other income 740 683 8 1,429 1,294 10
Other expense
Salaries and employee benefits 826 813 2 1,740 1,700 2
Equipment and net occupancy 129 130 — 262 262 —
Outside data processing and software 154 138 12 298 274 9
Professional and other services 89 86 2 182 170 7
FDIC assessments 18 22 -21 41 45 -10
Advertising and marketing 27 25 8 48 47 1
Amortization of core deposit and other
intangible assets 7 9 -27 16 22 -27
Other costs of operations 99 113 -12 200 231 -13
Total other expense 1,349 1,336 1 2,787 2,751 1
Income before taxes 1,063 935 14 1,926 1,696 14
Income taxes 245 219 12 444 396 12
Net income $ 818 $ 716 14 % $ 1,482 $ 1,300 14 %
11
Second Quarter 2026 Results
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(Dollars in millions) 2026 2026 2025 2025 2025
Interest income $ 2,620 $ 2,536 $ 2,637 $ 2,680 $ 2,609
Interest expense 828 784 858 919 896
Net interest income 1,792 1,752 1,779 1,761 1,713
Provision for credit losses 120 140 125 125 125
Net interest income after provision for credit losses 1,672 1,612 1,654 1,636 1,588
Other income
Mortgage banking revenues 127 127 155 147 130
Service charges on deposit accounts 144 139 140 141 137
Trust income 197 183 184 181 182
Brokerage services income 35 35 34 34 31
Trading account and other non-hedging
derivative gains 22 14 19 18 12
Gain (loss) on bank investment securities 2 4 1 1 —
Other revenues from operations 213 187 163 230 191
Total other income 740 689 696 752 683
Other expense
Salaries and employee benefits 826 914 809 833 813
Equipment and net occupancy 129 133 134 129 130
Outside data processing and software 154 144 146 138 138
Professional and other services 89 93 105 81 86
FDIC assessments 18 23 (8) 13 22
Advertising and marketing 27 21 32 23 25
Amortization of core deposit and other
intangible assets 7 9 10 10 9
Other costs of operations 99 101 151 136 113
Total other expense 1,349 1,438 1,379 1,363 1,336
Income before taxes 1,063 863 971 1,025 935
Income taxes 245 199 212 233 219
Net income $ 818 $ 664 $ 759 $ 792 $ 716
12
Second Quarter 2026 Results
Condensed Consolidated Balance Sheet
June 30,
(Dollars in millions) 2026 2025 Change
ASSETS
Cash and due from banks $ 1,939 $ 2,128 -9 %
Interest-bearing deposits at banks 15,499 19,297 -20
Investment securities 38,374 35,568 8
Loans:
Commercial and industrial 66,143 61,660 7
Real estate - commercial 24,492 24,567 —
Real estate - residential 25,384 24,117 5
Consumer 27,174 25,772 5
Total loans 143,193 136,116 5
Less: allowance for loan losses 2,176 2,197 -1
Net loans 141,017 133,919 5
Goodwill 8,465 8,465 —
Core deposit and other intangible assets 48 84 -43
Other assets 13,919 12,123 15
Total assets $ 219,261 $ 211,584 4 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 48,295 $ 47,485 2 %
Interest-bearing deposits 120,590 116,968 3
Total deposits 168,885 164,453 3
Short-term borrowings 4,614 2,071 123
Long-term borrowings 13,568 12,380 10
Accrued interest and other liabilities 4,248 4,155 2
Total liabilities 191,315 183,059 5
Shareholders' equity:
Preferred 2,434 2,394 2
Common 25,512 26,131 -2
Total shareholders' equity 27,946 28,525 -2
Total liabilities and shareholders' equity $ 219,261 $ 211,584 4 %
13
Second Quarter 2026 Results
Condensed Consolidated Balance Sheet, Five Quarter Trend
June 30, March 31, December 31, September 30, June 30,
(Dollars in millions) 2026 2026 2025 2025 2025
ASSETS
Cash and due from banks $ 1,939 $ 1,903 $ 1,701 $ 1,950 $ 2,128
Interest-bearing deposits at banks 15,499 14,445 17,068 16,751 19,297
Investment securities 38,374 38,621 36,649 36,864 35,568
Loans:
Commercial and industrial 66,143 65,391 63,548 61,887 61,660
Real estate - commercial 24,492 23,345 23,819 24,046 24,567
Real estate - residential 25,384 24,857 24,874 24,662 24,117
Consumer 27,174 26,321 26,461 26,379 25,772
Total loans 143,193 139,914 138,702 136,974 136,116
Less: allowance for loan losses 2,176 2,136 2,116 2,161 2,197
Net loans 141,017 137,778 136,586 134,813 133,919
Goodwill 8,465 8,465 8,465 8,465 8,465
Core deposit and other intangible assets 48 55 64 74 84
Other assets 13,919 13,469 12,977 12,360 12,123
Total assets $ 219,261 $ 214,736 $ 213,510 $ 211,277 $ 211,584
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 48,295 $ 45,892 $ 46,509 $ 44,994 $ 47,485
Interest-bearing deposits 120,590 117,849 120,400 118,432 116,968
Total deposits 168,885 163,741 166,909 163,426 164,453
Short-term borrowings 4,614 7,851 2,149 2,059 2,071
Long-term borrowings 13,568 11,175 10,911 12,928 12,380
Accrued interest and other liabilities 4,248 3,997 4,364 4,136 4,155
Total liabilities 191,315 186,764 184,333 182,549 183,059
Shareholders' equity:
Preferred 2,434 2,434 2,834 2,394 2,394
Common 25,512 25,538 26,343 26,334 26,131
Total shareholders' equity 27,946 27,972 29,177 28,728 28,525
Total liabilities and shareholders' equity $ 219,261 $ 214,736 $ 213,510 $ 211,277 $ 211,584
14
Second Quarter 2026 Results
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months Ended Change in Balance Six Months Ended
June 30, March 31, June 30, June 30, 2026 from June 30, Change
2026 2026 2025 March 31, June 30, 2026 2025 in
(Dollars in millions) Balance Rate Balance Rate Balance Rate 2026 2025 Balance Rate Balance Rate Balance
ASSETS
Interest-bearing deposits at banks $ 15,061 3.72 % $ 16,231 3.71 % $ 19,698 4.47 % -7 % -24 % $ 15,642 3.72 % $ 19,697 4.48 % -21 %
Investment securities (1) (2) 38,728 4.29 37,845 4.22 35,335 3.80 2 10 38,289 4.25 34,909 3.88 10
Loans:
Commercial and industrial 66,069 6.00 63,804 6.00 61,036 6.40 4 8 64,942 6.00 61,046 6.38 6
Real estate - commercial (1) 23,553 6.27 23,496 6.11 25,333 6.40 — -7 23,525 6.19 25,794 6.32 -9
Real estate - residential 25,086 4.64 24,817 4.56 23,684 4.52 1 6 24,952 4.60 23,431 4.48 6
Consumer 26,719 6.46 26,306 6.48 25,354 6.57 2 5 26,514 6.47 24,856 6.57 7
Total loans (1) 141,427 5.89 138,423 5.85 135,407 6.10 2 4 139,933 5.87 135,127 6.08 4
Other (1) — — 95 3.49 95 3.47 -100 -100 47 — 96 3.47 -51
Total earning assets (1) 195,216 5.40 192,594 5.35 190,535 5.51 1 2 193,911 5.38 189,829 5.51 2
Goodwill 8,465 8,465 8,465 — — 8,465 8,465 —
Core deposit and other intangible assets 51 59 89 -13 -42 55 90 -39
Other assets 12,800 12,710 11,172 1 15 12,755 10,912 17
Total assets $ 216,532 $ 213,828 $ 210,261 1 % 3 % $ 215,186 $ 209,296 3 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking
deposits (1) $ 105,752 1.81 % $ 106,570 1.84 % $ 103,934 2.24 % -1 % 2 % $ 106,159 1.82 % $ 102,741 2.22 % 3 %
Time deposits (1) 13,808 3.02 13,059 3.02 14,171 3.48 6 -3 13,435 3.02 14,140 3.52 -5
Total interest-bearing deposits (1) 119,560 1.95 119,629 1.97 118,105 2.39 — 1 119,594 1.96 116,881 2.38 2
Short-term borrowings 8,016 3.86 5,695 3.86 3,327 4.49 41 141 6,862 3.86 3,100 4.51 121
Long-term borrowings (1) 12,778 5.33 11,064 5.41 10,936 5.70 15 17 11,926 5.37 11,109 5.64 7
Total interest-bearing liabilities (1) 140,354 2.36 136,388 2.32 132,368 2.71 3 6 138,382 2.35 131,090 2.70 6
Noninterest-bearing deposits 43,964 44,547 45,153 -1 -3 44,254 45,294 -2
Other liabilities (1) 4,275 4,245 4,074 1 5 4,259 4,081 4
Total liabilities 188,593 185,180 181,595 2 4 186,895 180,465 4
Shareholders' equity 27,939 28,648 28,666 -2 -3 28,291 28,831 -2
Total liabilities and shareholders' equity $ 216,532 $ 213,828 $ 210,261 1 % 3 % $ 215,186 $ 209,296 3 %
Net interest spread (1) 3.04 3.03 2.80 3.03 2.81
Contribution of interest-free funds (1) .66 .67 .82 .67 .83
Net interest margin (1) 3.70 % 3.70 % 3.62 % 3.70 % 3.64 %
(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
(2) Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.
15
Second Quarter 2026 Results
Supplemental Information - Loan Balances
June 30, March 31, December 31, September 30, June 30,
(Dollars in millions) 2026 2026 2025 2025 2025
Commercial and industrial
Commercial and industrial excluding
owner-occupied real estate by industry:
Financial and insurance $ 13,852 $ 13,545 $ 12,794 $ 12,084 $ 12,138
Services 8,559 8,235 7,910 7,689 7,646
Motor vehicle and recreational finance dealers 6,972 7,069 7,191 6,637 6,502
Manufacturing 6,407 6,424 6,112 6,241 6,189
Wholesale 4,343 4,359 4,386 4,246 4,246
Transportation, communications, utilities 4,208 3,937 3,890 3,755 3,807
Retail 3,330 3,316 3,098 3,114 3,079
Construction 2,450 2,311 2,265 2,206 2,275
Health services 1,712 1,841 1,822 1,780 1,879
Real estate investors 1,526 1,668 1,579 1,506 1,314
Other 1,400 1,365 1,303 1,568 1,377
Total commercial and industrial
excluding owner-occupied real estate 54,759 54,070 52,350 50,826 50,452
Owner-occupied real estate by industry:
Services 2,362 2,377 2,368 2,308 2,402
Motor vehicle and recreational finance dealers 2,180 2,217 2,234 2,162 2,239
Retail 1,926 1,916 1,893 1,825 1,808
Health services 1,464 1,335 1,268 1,320 1,313
Wholesale 1,035 1,029 978 975 951
Manufacturing 712 727 791 783 785
Real estate investors 607 617 616 634 630
Other 1,098 1,103 1,050 1,054 1,080
Total owner-occupied real estate 11,384 11,321 11,198 11,061 11,208
Total commercial and industrial 66,143 65,391 63,548 61,887 61,660
Commercial real estate
Permanent finance by property type:
Apartments/Multifamily 7,124 6,628 6,837 6,548 6,082
Retail/Service 4,259 4,237 4,164 4,320 4,435
Industrial/Warehouse 3,276 2,462 2,297 2,175 2,098
Office 3,147 3,282 3,423 3,487 3,720
Hotel 1,665 1,727 1,743 1,776 1,889
Health Services 1,583 1,507 1,548 1,554 1,669
Other 180 187 180 202 262
Total permanent 21,234 20,030 20,192 20,062 20,155
Construction/Development 3,258 3,315 3,627 3,984 4,412
Total commercial real estate 24,492 23,345 23,819 24,046 24,567
Residential real estate
Residential real estate 25,384 24,857 24,874 24,662 24,117
Consumer
Home equity lines and loans 4,891 4,796 4,807 4,730 4,634
Recreational finance 14,856 14,144 14,092 14,152 13,666
Automobile 4,969 5,016 5,167 5,223 5,260
Other 2,458 2,365 2,395 2,274 2,212
Total consumer 27,174 26,321 26,461 26,379 25,772
Total loans $ 143,193 $ 139,914 $ 138,702 $ 136,974 $ 136,116
16
Second Quarter 2026 Results
Supplemental Information - Mortgage Banking Activities
Three Months Ended Change Six Months Ended Change
June 30, March 31, June 30, June 30,
(Dollars in millions) 2026 2026 Amount % 2026 2025 Amount %
Residential mortgage banking revenues
Gains on loans originated for sale $ 7 $ 8 $ (1) -9 % $ 15 $ 14 $ 1 5 %
Loan servicing:
Loan servicing fees 33 32 1 2 65 70 (5) -6
Changes in fair value of mortgage loan
servicing right assets, net of hedging activities (11) (13) 2 15 (24) — (24) —
Loan sub-servicing and other fees 67 62 5 9 129 95 34 35
Total loan servicing 89 81 8 10 170 165 5 3
Total residential mortgage banking revenues $ 96 $ 89 $ 7 8 % $ 185 $ 179 $ 6 3 %
New commitments to originate loans for sale $ 411 $ 400 $ 11 3 % $ 811 $ 612 $ 199 33 %
June 30, March 31, December 31, September 30, June 30,
(Dollars in millions) 2026 2026 2025 2025 2025
Balances at period end
Loans held for sale $ 256 $ 327 $ 441 $ 327 $ 222
Commitments to originate loans for sale 258 222 224 329 248
Commitments to sell loans 467 544 645 576 407
Capitalized mortgage loan servicing assets 540 542 287 305 326
Loans serviced for others 35,253 35,586 35,873 36,421 36,952
Loans sub-serviced for others 183,599 123,968 156,938 161,785 157,608
Total loans serviced for others $ 218,852 $ 159,554 $ 192,811 $ 198,206 $ 194,560
Three Months Ended Change Six Months Ended Change
June 30, March 31, June 30, June 30,
(Dollars in millions) 2026 2026 Amount % 2026 2025 Amount %
Commercial mortgage banking revenues
Gains on loans originated for sale $ 13 $ 18 $ (5) -28 % $ 31 $ 30 $ 1 3 %
Loan servicing fees and other 18 20 (2) -11 38 39 (1) —
Total commercial mortgage banking revenues $ 31 $ 38 $ (7) -19 % $ 69 $ 69 $ — 1 %
Loans originated for sale to other investors $ 746 $ 1,135 $ (389) -34 % $ 1,881 $ 2,087 $ (206) -10 %
June 30, March 31, December 31, September 30, June 30,
(Dollars in millions) 2026 2026 2025 2025 2025
Balances at period end
Loans held for sale $ 259 $ 359 $ 484 $ 278 $ 361
Commitments to originate loans for sale 485 529 773 1,074 659
Commitments to sell loans 740 903 1,253 1,292 1,017
Capitalized mortgage loan servicing assets 136 138 132 123 124
Loans serviced for others 31,368 30,934 30,309 28,957 28,416
Loans sub-serviced for others 4,072 4,194 4,231 4,297 4,209
Total loans serviced for others $ 35,440 $ 35,128 $ 34,540 $ 33,254 $ 32,625
17
Second Quarter 2026 Results
Supplemental Information - Other Revenues from Operations
Three Months Ended Six Months Ended
June 30, March 31, Change June 30, June 30, Change
(Dollars in millions) 2026 2026 Amount % 2026 2025 Amount %
Letter of credit and other credit-related fees $ 55 $ 54 $ 1 — % $ 109 $ 107 $ 2 2 %
Merchant discount and credit card fees 47 41 6 17 88 89 (1) -2
Bank owned life insurance revenue 20 18 2 5 38 35 3 8
Equipment operating lease income 11 11 — 1 22 25 (3) -12
BLG income 47 33 14 43 80 — 80 —
Other 33 30 3 11 63 77 (14) -17
Total other revenues from operations $ 213 $ 187 $ 26 14 % $ 400 $ 333 $ 67 20 %
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(Dollars in millions) 2026 2026 2025 2025 2025
Letter of credit and other credit-related fees $ 55 $ 54 $ 57 $ 55 $ 58
Merchant discount and credit card fees 47 41 46 51 50
Bank owned life insurance revenue 20 18 19 21 17
Equipment operating lease income 11 11 11 12 14
BLG income 47 33 — 20 —
Other 33 30 30 71 52
Total other revenues from operations $ 213 $ 187 $ 163 $ 230 $ 191
Supplemental Information - Interest Rate Swap Agreements
(Dollars in billions) June 30, 2026 September 30, 2026 December 31, 2026 March 31, 2027 June 30, 2027 September 30, 2027 December 31, 2027
Fair value hedges:
Active $ 6.1 $ 6.1 $ 6.1 $ 6.1 $ 6.1 $ 5.1 $ 5.1
Cash flow hedges:
Active 16.0 13.7 14.5 14.0 12.7 10.7 9.6
Forward-starting 10.2 5.0 4.2 2.0 — — —
Fair value hedges -
weighted-average fixed rate:
Active 3.56 % 3.56 % 3.56 % 3.56 % 3.56 % 3.66 % 3.66 %
Cash flow hedges -
weighted-average fixed rate:
Active 3.82 3.62 3.62 3.60 3.64 3.63 3.57
Forward-starting 3.52 3.64 3.65 3.91 — — —
18
Second Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income $ 818 $ 716 $ 1,482 $ 1,300
Amortization of core deposit and other intangible assets (1) 5 8 12 18
Net operating income $ 823 $ 724 $ 1,494 $ 1,318
Earnings per common share
Diluted earnings per common share $ 5.32 $ 4.24 $ 9.44 $ 7.55
Amortization of core deposit and other intangible assets (1) .03 .04 .08 .11
Diluted net operating earnings per common share $ 5.35 $ 4.28 $ 9.52 $ 7.66
Other expense
Other expense $ 1,349 $ 1,336 $ 2,787 $ 2,751
Amortization of core deposit and other intangible assets (7) (9) (16) (22)
Noninterest operating expense $ 1,342 $ 1,327 $ 2,771 $ 2,729
Efficiency ratio
Noninterest operating expense (numerator) $ 1,342 $ 1,327 $ 2,771 $ 2,729
Taxable-equivalent net interest income $ 1,804 $ 1,722 $ 3,567 $ 3,429
Other income 740 683 1,429 1,294
Less: Gain (loss) on bank investment securities 2 — 6 —
Denominator $ 2,542 $ 2,405 $ 4,990 $ 4,723
Efficiency ratio 52.8 % 55.2 % 55.5 % 57.8 %
Balance sheet data
Average assets
Average assets $ 216,532 $ 210,261 $ 215,186 $ 209,296
Goodwill (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (51) (89) (55) (90)
Deferred taxes 17 26 18 26
Average tangible assets $ 208,033 $ 201,733 $ 206,684 $ 200,767
Average common equity
Average total equity $ 27,939 $ 28,666 $ 28,291 $ 28,831
Preferred stock (2,434) (2,394) (2,505) (2,394)
Average common equity 25,505 26,272 25,786 26,437
Goodwill (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (51) (89) (55) (90)
Deferred taxes 17 26 18 26
Average tangible common equity $ 17,006 $ 17,744 $ 17,284 $ 17,908
At end of quarter
Total assets
Total assets $ 219,261 $ 211,584
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (48) (84)
Deferred taxes 17 25
Total tangible assets $ 210,765 $ 203,060
Total common equity
Total equity $ 27,946 $ 28,525
Preferred stock (2,434) (2,394)
Common equity 25,512 26,131
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (48) (84)
Deferred taxes 17 25
Total tangible common equity $ 17,016 $ 17,607
(1) After any related tax effect.
19
Second Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
2026 2026 2025 2025 2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income $ 818 $ 664 $ 759 $ 792 $ 716
Amortization of core deposit and other intangible assets (1) 5 7 8 6 8
Net operating income $ 823 $ 671 $ 767 $ 798 $ 724
Earnings per common share
Diluted earnings per common share $ 5.32 $ 4.13 $ 4.67 $ 4.82 $ 4.24
Amortization of core deposit and other intangible assets (1) .03 .05 .05 .05 .04
Diluted net operating earnings per common share $ 5.35 $ 4.18 $ 4.72 $ 4.87 $ 4.28
Other expense
Other expense $ 1,349 $ 1,438 $ 1,379 $ 1,363 $ 1,336
Amortization of core deposit and other intangible assets (7) (9) (10) (10) (9)
Noninterest operating expense $ 1,342 $ 1,429 $ 1,369 $ 1,353 $ 1,327
Efficiency ratio
Noninterest operating expense (numerator) $ 1,342 $ 1,429 $ 1,369 $ 1,353 $ 1,327
Taxable-equivalent net interest income $ 1,804 $ 1,763 $ 1,790 $ 1,773 $ 1,722
Other income 740 689 696 752 683
Less: Gain (loss) on bank investment securities 2 4 1 1 —
Denominator $ 2,542 $ 2,448 $ 2,485 $ 2,524 $ 2,405
Efficiency ratio 52.8 % 58.3 % 55.1 % 53.6 % 55.2 %
Balance sheet data
Average assets
Average assets $ 216,532 $ 213,828 $ 212,891 $ 211,053 $ 210,261
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (51) (59) (69) (79) (89)
Deferred taxes 17 19 22 24 26
Average tangible assets $ 208,033 $ 205,323 $ 204,379 $ 202,533 $ 201,733
Average common equity
Average total equity $ 27,939 $ 28,648 $ 28,970 $ 28,583 $ 28,666
Preferred stock (2,434) (2,576) (2,691) (2,394) (2,394)
Average common equity 25,505 26,072 26,279 26,189 26,272
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (51) (59) (69) (79) (89)
Deferred taxes 17 19 22 24 26
Average tangible common equity $ 17,006 $ 17,567 $ 17,767 $ 17,669 $ 17,744
At end of quarter
Total assets
Total assets $ 219,261 $ 214,736 $ 213,510 $ 211,277 $ 211,584
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (48) (55) (64) (74) (84)
Deferred taxes 17 18 20 23 25
Total tangible assets $ 210,765 $ 206,234 $ 205,001 $ 202,761 $ 203,060
Total common equity
Total equity $ 27,946 $ 27,972 $ 29,177 $ 28,728 $ 28,525
Preferred stock (2,434) (2,434) (2,834) (2,394) (2,394)
Common equity 25,512 25,538 26,343 26,334 26,131
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (48) (55) (64) (74) (84)
Deferred taxes 17 18 20 23 25
Total tangible common equity $ 17,016 $ 17,036 $ 17,834 $ 17,818 $ 17,607
(1) After any related tax effect.
20
EX-99.2
EX-99.2
Filename: a2q26earningspresentatio.htm · Sequence: 3
a2q26earningspresentatio
Earnings Results 2nd Quarter 2026 July 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
We are M&T Bank Purpose To make a difference in people’s lives by knowing them, growing with them and connecting them with everything they need to thrive. Vision To be the bank invited into homes, businesses and communities, by earning trust and deepening relationships with every interaction. We are committed to Our Customers We deepen relationships through local knowledge, trusted advice and the full strength of M&T. Our Communities We create lasting value by showing up for the communities we serve. Our Colleagues We invest in our people because they are how customers experience M&T. Our Shareholders We build long-term value through disciplined execution, resilience and relationships that grow over time. 3
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 redeployment • Faster completion of essential processes • Improve customer satisfaction scores • Enhanced employee engagement results regarding tools and resources 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 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 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 +29% QoQ and +25% YoY • Return on Assets increased +25 bps QoQ and +14 bps YoY • Return on Common Equity increased +263 bps QoQ and +191 bps YoY • Net Interest Margin increased +8 bps YoY Notable items ($ in millions, except per share) 2Q26 1Q26 2Q25 Amt(2) EPS Amt(2) EPS Amt(2) EPS Premium amortization for acquired securities(3) — — — — ($17) ($0.09) Gain on sale of out-of- footprint loan portfolio(4) — — — — 15 0.07 Gain on sale of institutional services subsidiary(4) — — — — 10 0.04 Second Quarter 2026 Earnings Highlights GAAP ($ in millions, except per share) 2Q26 1Q26 2Q25 Revenues $2,532 $2,441 $2,396 Noninterest Expense 1,349 1,438 1,336 Provision for Credit Losses 120 140 125 Net Income 818 664 716 Diluted EPS 5.32 4.13 4.24 Return on Assets 1.51% 1.26% 1.37% Return on Common Equity 12.30 9.67 10.39 Net Interest Margin(1) 3.70 3.70 3.62 Net Charge-offs % Avg Loans .23 .31 .32 Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. (2) Amounts presented before any related tax effect. (3) Taxable-equivalent net interest income impact was a decrease of $20 million (-4 bps impact to NIM) in 2Q25. (4) Included in Other revenues from operations. *M&T generated record earnings per share in 2Q26*
8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Second Quarter 2026 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2Q26 1Q26 2Q25 Net Operating Income $823 $671 $724 Diluted Net Operating EPS 5.35 4.18 4.28 Efficiency Ratio 52.8% 58.3% 55.2% Net Operating ROTA 1.59 1.33 1.44 Net Operating ROTCE 18.57 14.51 15.54 Tangible Book Value per Share(2) $117.41 $115.96 $112.48 • Diluted Net Operating EPS increased +28% QoQ and +25% YoY • Efficiency Ratio was 52.8% for 2Q26, down -2.4% YoY • Net Operating ROTA increased +26 bps QoQ and +15 bps YoY • Net Operating ROTCE increased +406 bps QoQ and +303 bps YoY • Tangible Book Value per Share increased +1% QoQ and +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. (3) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. $ IN M IL LI O N S $1,722 $1,773 $1,790 $1,763 $1,804 3.62% 3.69% 3.70% 3.70% 3.70% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin(3) 2Q25 3Q25 4Q25 1Q26 2Q26 QoQ Drivers • Taxable-equivalent net interest income(1) increased +$41 million or +2% QoQ – Higher nonaccrual interest – One additional day – Higher average earning assets, partially offset by higher funding levels • Net interest margin remained flat QoQ – Higher earning asset yields, partially offset by higher funding costs in support of loan growth (+1 bp) – Lower contribution of interest-free funds (-1 bp)2Q25 Adjusted NIM was 3.66%(2)
10 • Capital levels strong with CET1 capital ratio of 10.19%(3) • Repurchased $465 million(4) of common shares in 2Q26 Change 2Q26 vs Average Balances, $ in billions, except per share 2Q26 1Q26 2Q25 1Q26 2Q25 Interest-bearing Deposits at Banks $15.1 $16.2 $19.7 -7% -24% Investment Securities 38.7 37.8 35.3 2 10 Commercial and Industrial (“C&I”) 66.0 63.8 61.0 4 8 Commercial Real Estate (“CRE”) 23.6 23.5 25.3 — -7 Residential Real Estate ("RRE") 25.1 24.8 23.7 1 6 Consumer 26.7 26.3 25.4 2 5 Total Loans 141.4 138.4 135.4 2 4 Earning Assets 195.2 192.6 190.5 1 2 Deposits(1) 163.5 164.2 163.3 — — Borrowings 20.8 16.8 14.3 24 46 Common Shareholders’ Equity 25.5 26.1 26.3 -2 -3 As of Quarter End Common Shareholders' Equity per Share $176.03 $173.82 $166.94 1% 5% Tangible Equity per Common Share(2) 117.41 115.96 112.48 1 4 Tangible Common Equity / Tangible Assets(2) 8.07 % 8.26 % 8.67 % -19 bps -60 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.19 10.33 10.99 -14 bps -80 bps Balance Sheet – Overview Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. (2) See Appendix for reconciliation of GAAP with these non-GAAP measures. (3) June 30, 2026 CET1 capital ratio is estimated. (4) Includes share repurchase excise tax. (3)
11 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$3.0 billion QoQ: • Consumer loans increased +2% (+$413 million) • RRE loans increased +1% (+$269 million) • CRE loans grew +$57 million – CRE loans at 6/30/2026 grew +5% (+$1.1 billion) from 3/31/2026 • C&I loans grew +4% (+$2.3 billion) $ IN B IL LI O N S $61.0 $61.7 $62.2 $63.8 $66.0 $25.3 $24.3 $24.1 $23.5 $23.6 $23.7 $24.4 $24.8 $24.8 $25.1 $25.4 $26.1 $26.5 $26.3 $26.7 $135.4 $136.5 $137.6 $138.4 $141.4 6.10% 6.15% 6.01% 5.85% 5.89% C&I CRE RRE Consumer Total Loans Total Loan Yield(1) 2Q25 3Q25 4Q25 1Q26 2Q26 Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
12 Balance Sheet – Securities and Invested Cash Liquidity Coverage Ratio was 106%(3) on June 30, 2026 Duration Pre-tax Unrealized Gain/(Loss) AFS ~3.1 years ($125 million) HTM ~4.6 years ($789 million) Total Debt Securities ~3.6 years ($914 million) $ IN B IL LI O N S Average Investment Securities and Yield⁽¹⁾ $35.3 $36.6 $36.7 $37.8 $38.7 3.80% 4.15% 4.19% 4.22% 4.29% 2Q25 3Q25 4Q25 1Q26 2Q26 Interest- bearing deposits at banks 29% Other Securities 2% HTM Securities 22% AFS Securities 47% $53.9B TOTAL 2Q25 Adjusted Yield was 4.02%(1)(2) Securities and Invested Cash at 6/30/26 Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. (2) See Appendix for reconciliation of this adjusted measure. (3) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on June 30, 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 -$652 million QoQ: • Interest-bearing deposit cost decreased -2 bps – 56% cumulative deposit beta since 3Q24 • Time deposits increased +$749 million • Savings and Interest-checking Deposits decreased -$818 million • Average noninterest-bearing deposits decreased -$583 million $ IN B IL LI O N S $45.1 $44.0 $44.2 $44.6 $43.9 $104.0 $104.7 $107.2 $106.6 $105.8 $14.2 $13.9 $13.5 $13.0 $13.8 $163.3 $162.6 $164.9 $164.2 $163.5 Noninterest-bearing Deposits Savings and Interest-checking Deposits(1) Time Deposits(1) Total Deposits(1) 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Total deposit cost(1) 1.73% 1.72% 1.59% 1.43% 1.42% Interest-bearing deposit cost(1) 2.39% 2.36% 2.17% 1.97% 1.95% Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
14 $ IN M IL LI O N S $683 $752 $696 $689 $740 Noninterest Income 2Q25 3Q25 4Q25 1Q26 2Q26 Change 2Q26 vs $ in millions 2Q26 1Q26 2Q25 1Q26 2Q25 Mortgage Banking Revenues $127 $127 $130 —% -2% Service Charges on Deposits 144 139 137 4 4 Trust Income 197 183 182 8 9 Brokerage Services 35 35 31 2 13 Non-hedge Derivatives / Trading 22 14 12 61 100 Securities Gain/(Loss) 2 4 — -57 — Other Revenues from Operations 213 187 191 14 12 Noninterest Income $740 $689 $683 8% 8% Income Statement – Noninterest Income Noninterest income increased +$51 million or +8% QoQ: • Trust income rose +$14 million reflecting higher revenues from the Company's institutional services and wealth management businesses, including seasonal tax service fees • Trading account and other non-hedging derivative gains increased +$8 million reflecting higher revenues from interest rate swap transactions with commercial customers • Other revenues from operations increased +$26 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees QoQ Drivers
15 $ IN M IL LI O N S $1,327 $1,353 $1,369 $1,429 $1,342 $1,336 $1,363 $1,379 $1,438 $1,349 55.2% 53.6% 55.1% 58.3% 52.8% Operating Noninterest Expense(1) Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 2Q25 3Q25 4Q25 1Q26 2Q26 Change 2Q26 vs $ in millions 2Q26 1Q26 2Q25 1Q26 2Q25 Salaries & Employee Benefits(2) $826 $914 $813 -10% 2% Equipment & Net Occupancy 129 133 130 -2 — Outside Data Proc & Software 154 144 138 8 12 Professional & Other Services 89 93 86 -5 2 FDIC Assessments 18 23 22 -27 -21 Advertising & Marketing 27 21 25 31 8 Other Costs of Operations 99 101 113 -2 -12 Operating Expense(1) 1,342 1,429 1,327 -6 1 Intangible Amortization 7 9 9 -26 -27 Total Noninterest Expense $1,349 $1,438 $1,336 (6)% 1% Income Statement – Noninterest Expenses Noninterest expense decreased -$89 million or -6% QoQ: • Salaries and employee benefits expense decreased -$88 million reflecting: – Seasonally higher stock-based compensation and employee benefits expense in 1Q26 and lower average staffing levels in 2Q26 – Partially offset by the full-quarter impact of annual merit increases awarded in 1Q26 and an additional working day in 2Q26 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 2Q26, 1Q26 and 2Q25 were $6 million, $4 million and $5 million, respectively. QoQ Drivers Adjusted Efficiency 54.5%(1) Adjusted Efficiency 55.3%(1) Adjusted Efficiency 55.0%(1) • Outside data processing and software costs increased +$10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems
16 $ IN M IL LI O N S Nonaccrual Loans $1,573 $1,512 $1,252 $1,240 $1,208 1.16% 1.10% 0.90% 0.89% 0.84% Nonaccrual Loans ($) Nonaccrual Loans (%) 2Q25 3Q25 4Q25 1Q26 2Q26 $ IN M IL LI O N S Net Charge-offs $108 $146 $185 $105 $800.32% 0.42% 0.54% 0.31% 0.23% Net Charge-offs ($) Net Charge-off Ratio (%) 2Q25 3Q25 4Q25 1Q26 2Q26 Credit $ IN M IL LI O N S Allowance for Loan Losses $2,197 $2,161 $2,116 $2,136 $2,176 1.61% 1.58% 1.53% 1.53% 1.52% Allowance for Loan Losses ($) Allowance for Loan Losses (%) 2Q25 3Q25 4Q25 1Q26 2Q26 $ IN M IL LI O N S Provision for Credit Losses $125 $125 $125 $140 $120 $105 $110 $140 $125 $120$20 $15 -$15 $15 Provision for Loan Losses Provision for Unfunded Credit Commitments 2Q25 3Q25 4Q25 1Q26 2Q26
17 Criticized C&I and CRE Loans Criticized loans decreased -$700 million QoQ: • C&I decreased -$110 million • CRE decreased -$590 million – Permanent CRE -$435 million – Construction -$155 million • 94% of criticized accrual loans are current $ IN B IL LI O N S $8.4 $7.8 $7.3 $6.6 $5.9 9.7% 9.0% 8.3% 7.4% 6.5% Criticized Criticized % of C&I and CRE Loans 2Q25 3Q25 4Q25 1Q26 2Q26
18 CET1 10.99% 10.99% 10.84% 10.33% 10.19% 2Q25 3Q25 4Q25 1Q26 2Q26 TBVPS $112.48 $115.31 $117.45 $115.96 $117.41 2Q25 3Q25 4Q25 1Q26 2Q26 Capital • CET1 capital ratio decreased to 10.19%(1) at the end of 2Q26 • Tangible book value per share increased +1% to $117.41 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by -2 bps at the end of 2Q26 Note: (1) CET1 capital ratio at June 30, 2026 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. QoQ Drivers (1) (2) Basel III - June 2026 Proposal • CET1 capital ratio at the end of 1Q26 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
19 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 $2.8 to $2.85 billion • Reflects broad based strength in fee income year to date, the second quarter BLG distribution and higher sub-servicing fee income beginning in the third quarter 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 ~37 basis points Tax Rate Taxable-equivalent 24.0% +/- A ve ra ge B al an ce s Loans $141 to $143 billion • Reflects continued commercial loan momentum, inflecting CRE balances and continued growth in consumer 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%
20 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
21 Appendix
22 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 2Q25 3Q25 4Q25 1Q26 2Q26 Net income Net income $716 $792 $759 $664 $818 Amortization of core deposits and other intangible assets (1) 8 6 8 7 5 Net operating income $724 $798 $767 $671 $823 Earnings per common share Diluted earnings per common share $4.24 $4.82 $4.67 $4.13 $5.32 Amortization of core deposits and other intangible assets (1) 0.04 0.05 0.05 0.05 0.03 Diluted net operating earnings per common share $4.28 $4.87 $4.72 $4.18 $5.35
23 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2Q25 3Q25 4Q25 1Q26 2Q26 Other expense Other expense $1,336 $1,363 $1,379 $1,438 $1,349 Amortization of core deposit and other intangible assets (9) (10) (10) (9) (7) Noninterest operating expense $1,327 $1,353 $1,369 $1,429 $1,342 Efficiency ratio Noninterest operating expense (numerator) $1,327 $1,353 $1,369 $1,429 $1,342 Taxable-equivalent net interest income $1,722 $1,773 $1,790 $1,763 $1,804 Other income 683 752 696 689 740 Less: Gain (loss) on bank investment securities — 1 1 4 2 Denominator $2,405 $2,524 $2,485 $2,448 $2,542 Efficiency ratio 55.2 % 53.6 % 55.1 % 58.3 % 52.8 %
24 Appendix In millions 2Q25 3Q25 4Q25 1Q26 2Q26 Average assets Average assets $210,261 $211,053 $212,891 $213,828 $216,532 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (89) (79) (69) (59) (51) Deferred taxes 26 24 22 19 17 Average tangible assets $201,733 $202,533 $204,379 $205,323 $208,033 Average common equity Average total equity $28,666 $28,583 $28,970 $28,648 $27,939 Preferred stock (2,394) (2,394) (2,691) (2,576) (2,434) Average common equity 26,272 26,189 26,279 26,072 25,505 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (89) (79) (69) (59) (51) Deferred taxes 26 24 22 19 17 Average tangible common equity $17,744 $17,669 $17,767 $17,567 $17,006 GAAP to Tangible (Non-GAAP) Reconciliation
25 Appendix In millions 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Total assets Total assets $211,584 $211,277 $213,510 $214,736 $219,261 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (84) (74) (64) (55) (48) Deferred taxes 25 23 20 18 17 Total tangible assets $203,060 $202,761 $205,001 $206,234 $210,765 Total common equity Total equity $28,525 $28,728 $29,177 $27,972 $27,946 Preferred stock (2,394) (2,394) (2,834) (2,434) (2,434) Common equity 26,131 26,334 26,343 25,538 25,512 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (84) (74) (64) (55) (48) Deferred taxes 25 23 20 18 17 Total tangible common equity $17,607 $17,818 $17,834 $17,036 $17,016 GAAP to Tangible (Non-GAAP) Reconciliation
26 Appendix Reconciliation of Adjusted Metrics In millions, except per share 2Q25 3Q25 4Q25 1Q26 2Q26 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) 3.80% Premium amortization for acquired securities 0.22 Yield on investment securities - Adjusted 4.02% 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. (3) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. 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.
27 Appendix Reconciliation of Adjusted Metrics In millions 2Q25 3Q25 4Q25 1Q26 2Q26 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%
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Jul. 15, 2026
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