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M&T Bank 公布 2026 年二季度业绩，EPS 明显高于预期但盘前反应平淡
M&T Bank（MTB.US）二季度摊薄 EPS 为 5.32 美元，显著高于 Zacks 4.66 美元、MarketBeat 4.58 美元左右的市场预期。
📄 原文MTB↗ 原文
M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results
Skip to main navigation Release Details M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results July 15,…
不做 M&T Bank（MTB.US）
不做：EPS 超预期但属于预定财报事件，缺少指引上修或新业务市值级催化，盘前价格未确认强反应；同时近期接近 52 周高点且有增长担忧下调评级，追多 edge 不足。
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研究档案
消息传播链
- 公司正式发布二季度业绩，披露净利润 8.18 亿美元、摊薄 EPS 5.32 美元、NIM 3.70%。市场反应:Futu 09:32 UTC 显示 MTB.US 241.85 美元，较前收 242.55 美元下跌 0.29%。
- MarketBeat 显示盘前延时价约 241.98 美元，较前收仅小幅上涨 0.04%，未出现强烈买盘确认。市场反应:盘前几乎持平。
- 财报前市场已预期 EPS 约 4.66 美元、收入约 24.8 亿美元，说明核心财报日历和盈利增长方向并非突发。
关键理由
- M&T Bank（MTB.US）二季度摊薄 EPS 为 5.32 美元，显著高于 Zacks 4.66 美元、MarketBeat 4.58 美元左右的市场预期。
- 但业绩改善部分来自一日历天、非应计贷款利息、BLG 分派和一季度季节性费用回落，缺少新的全年指引上修或市值级增量。
- 公司约 354 亿美元市值，季度净利润 8.18 亿美元、回购 4.65 亿美元属于自身盈利确认，盘前股价仅约 -0.3%，说明市场未把该财报当作强重定价催化。
主要风险
- 若 8:00 ET 财报电话会给出 NII、费用或资本回报上修，可能重新形成正向催化；当前仅凭新闻稿不够。
- 股价近 20 日已上涨 4.3%、距离 52 周高点仅约 1.9%，且 Wolfe Research 近期因增长担忧下调评级，追多安全边际不足。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07 · 影响 weakens
Wolfe Research 近期下调 MTB，理由是贷款和存款增长、资本市场受益和经营杠杆可能弱于同业。
检索:M&T Bank July 2026 analyst downgrade credit risk commercial real estate MTB 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-07-13 · 影响 weakens
财报前预览已提示 NII 和贷款增长有利，但费用压力仍是市场关注点；本次新闻稿未提供足够新的全年上修信息。
检索:M&T Bank Q2 2026 earnings risks expenses deposits credit Zacks 原文 ↗
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Release Details
M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results
July 15, 2026
PDF Version
BUFFALO, N.Y. , July 15, 2026 /PRNewswire/ -- 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
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 herein.
(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.
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 herein.
Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities p
Release Details
M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results
July 15, 2026
PDF Version
BUFFALO, N.Y. , July 15, 2026 /PRNewswire/ -- 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
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 herein.
(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.
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 herein.
Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities p
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