M&T Bank 3Q26财报：EPS $5.04同比+5%，但NIM环比收窄5bp、盈利环比下滑，属混合且大致符合预期的季度业绩

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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):
October 16, 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
Perpetual Fixed Rate Non-Cumulative
Preferred Stock, Series L
MTBPrL
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 October 16, 2026, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended September 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 October 16, 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 October 16, 2026
99.2
M&T Bank Corporation presentation dated
October
1
6
, 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:
October 16, 2026
By:
/s/ Daryl N. Bible
Daryl N. Bible
Senior Executive Vice President
and Chief Financial Officer

----- a3q26earningspresentatio.htm -----
EX-99.2
3
a3q26earningspresentatio.htm
EX-99.2
a3q26earningspresentatio
Earnings Results 3rd Quarter 2026 October 16, 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 Enterprise execution with clarity, consistency, control and scalable strength • Build scalable operations that enable the bank's growth • Deliver exceptional experiences for customers and colleagues • Increase productivity through simplification, automation and disciplined risk management • Build the capabilities, talent and culture that sustain Operational Excellence • Streamlined organizational design • Added resiliency through platform modernization • Improve cycle times for credit decisioning • Faster call routing and servicing • Targeted talent recruitment and skill development • 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 Jennifer Warren, CEO, Wilmington Trust Finalist, Executive Excellence Award Michael Wisler, CIO, M&T Bank Named to Inaugural Pacesetters List Received #1 Ranking among U.S. Companies 5
6 Financial Results
Third Quarter 2026 Highlights 7 (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) September 30, 2026 CET1 capital ratio is estimated. Note: As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan- based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, 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. All periods presented herein reflect those changes. Disciplined Focus on Returns, Consistent Balance Sheet Growth and Earnings, Strong NIM Strong and Consistent Earnings Sustained Attractive Returns Solid Loan Growth and Continued Fee Momentum Stable Credit Quality and Strong Capital Generation and Preservation $5.04 Diluted Earnings Per Share $775 million Net Income 1.47% Return on Tangible Assets(1) 17.29% Return on Tangible Common Equity(1) Average Loans +2% QoQ Growth in Each Category $743 million Fee Income 35 bps Net Charge-Offs 10.16%(2) CET1 Capital Ratio
8 • Revenues increased +1% YoY • Diluted EPS increased +5% YoY • Net Charge-offs % Avg Loans decreased -7 bps YoY Notable items ($ in millions, except per share) 3Q26 2Q26 3Q25 Amt(1) EPS Amt(1) EPS Amt(1) EPS Earnout payment related to 2023 sale of CIT business(2) — — — — $28 $0.14 FDIC Special Assessment — — — — 8 0.04 Third Quarter 2026 Earnings Highlights GAAP ($ in millions, except per share) 3Q26 2Q26 3Q25 Revenues $2,536 $2,532 $2,513 Noninterest Expense 1,393 1,349 1,363 Provision for Credit Losses 135 120 125 Net Income 775 818 792 Diluted EPS 5.04 5.32 4.82 Return on Assets 1.40% 1.51% 1.49% Return on Common Equity 11.44 12.30 11.45 Net Interest Margin 3.65 3.70 3.69 Net Charge-offs % Avg Loans .35 .23 .42 Note: (1) Amounts presented before any related tax effect. (2) Included in Other revenues from operations.
9 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Third Quarter 2026 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 3Q26 2Q26 3Q25 Net Operating Income $780 $823 $798 Diluted Net Operating EPS 5.08 5.35 4.87 Efficiency Ratio 54.4% 52.8% 53.6% Net Operating ROTA 1.47 1.59 1.56 Net Operating ROTCE 17.29 18.57 17.13 Tangible Book Value per Share(2) $115.88 $117.41 $115.31 • Diluted Net Operating EPS increased +4% YoY • Net Operating ROTCE increased +16 bps YoY
10 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. Stable Net Interest Income Trends with Strong NIM $ IN M IL LI O N S $1,773 $1,790 $1,763 $1,804 $1,805 3.69% 3.70% 3.70% 3.70% 3.65% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 3Q25 4Q25 1Q26 2Q26 3Q26 QoQ Drivers Taxable-equivalent net interest income(1) increased nominally QoQ: – One additional day and growth in average loans – Lower interest income on nonaccrual loans – Interest-bearing deposit growth Net interest margin narrowed -5 bps to 3.65% QoQ: – Lower nonaccrual interest income (-3 bps) – Higher funding costs offset by asset repricing and net free funds (-2 bps) As expected, net interest margin for the quarter remained strong and reflects: – Customer preference for interest-bearing products in the current environment – Strong deposit growth to reduce higher-cost borrowings
11 • Capital levels strong with CET1 capital ratio of 10.16%(2) • Repurchased $323 million(3) of common shares in 3Q26 Change 3Q26 vs Average Balances, $ in billions, except per share 3Q26 2Q26 3Q25 2Q26 3Q25 Interest-bearing Deposits at Banks $14.2 $15.1 $17.7 -6% -20% Investment Securities 38.6 38.7 36.6 — 5 Loans Held for Sale 0.7 0.8 0.6 -12 7 Commercial and Industrial (“C&I”) 65.9 65.9 61.7 — 7 Commercial Real Estate (“CRE”) 24.9 23.2 24.0 7 4 Residential Real Estate ("RRE") 25.2 24.9 24.1 1 4 Consumer 27.3 26.7 26.1 2 5 Total Loans 143.3 140.7 135.9 2 5 Earning Assets 196.7 195.2 190.9 1 3 Deposits 166.8 163.5 162.6 2 3 Borrowings 19.2 20.8 15.6 -8 23 Common Shareholders’ Equity 25.4 25.5 26.2 — -3 As of Quarter End Common Shareholders' Equity per Share $174.95 $176.03 $170.43 -1% 3% Tangible Equity per Common Share(1) 115.88 117.41 115.31 -1 — Tangible Common Equity / Tangible Assets(1) 7.85 % 8.07 % 8.79 % -22 bps -94 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.16 10.19 10.99 -3 bps -83 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) September 30, 2026 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax. Disciplined Balance Sheet Growth and Strong Capital Levels Supported by Capital Generation and Preservation (2)
12 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$2.6 billion QoQ: – Consumer loans increased +2% (+$634 million) – Growth in the recreational finance and HELOC portfolios – RRE loans increased +1% (+$367 million) – CRE loans increased +7% (+$1.6 billion) – Growth in loans secured by multifamily and health services properties $ IN B IL LI O N S $61.7 $62.2 $63.6 $65.9 $65.9 $24.0 $23.5 $23.0 $23.2 $24.9 $24.1 $24.3 $24.5 $24.9 $25.2 $26.1 $26.5 $26.3 $26.7 $27.3 $135.9 $136.5 $137.4 $140.7 $143.3 6.15% 6.01% 5.85% 5.89% 5.86% C&I CRE RRE Consumer Total Loans Total Loan Yield 3Q25 4Q25 1Q26 2Q26 3Q26 Broad-based Loan Growth Across Portfolios
13 Balance Sheet – Securities and Invested Cash Liquidity Coverage Ratio was 107%(1) on September 30, 2026 Duration Pre-tax Unrealized Gain/(Loss) AFS ~3.6 years ($745 million) HTM ~4.5 years ($1,523 million) Total Debt Securities ~4.1 years ($2,268 million) $ IN B IL LI O N S Average Investment Securities and Yield $36.6 $36.7 $37.8 $38.7 $38.6 4.15% 4.19% 4.22% 4.29% 4.33% 3Q25 4Q25 1Q26 2Q26 3Q26 Interest- bearing deposits at banks 27% Other Securities 2% HTM Securities 39% AFS Securities 32% $52.2B TOTAL Securities and Invested Cash at 9/30/26(2) Note: (1) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on September 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. (2) In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio. Strong Liquidity, Disciplined Portfolio Management and Continued Benefit from Repricing
14 Balance Sheet – Average Deposits QoQ Drivers Average deposits increased +$3.3 billion QoQ: – Time deposits increased +$1.2 billion – Savings and interest-checking deposits increased +$2.2 billion – Average noninterest-bearing deposits decreased -$256 million Higher interest-bearing deposits supported loan growth and reduced reliance on higher-cost short-term borrowings which declined -$2.8 billion on average. Interest-bearing deposit cost increased +10 bps – September interest rate hike +2 bps – Growth and repricing of time deposits +4 bps – Growth in other interest-bearing deposit products +4 bps $ IN B IL LI O N S $44.0 $44.2 $44.6 $43.9 $43.7 $104.7 $107.2 $106.6 $105.8 $108.0 $13.9 $13.5 $13.0 $13.8 $15.1 $162.6 $164.9 $164.2 $163.5 $166.8 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Total deposit cost 1.72% 1.59% 1.43% 1.42% 1.52% Interest-bearing deposit cost 2.36% 2.17% 1.97% 1.95% 2.05% Strong Deposit Growth to Fund Growing Loan Portfolio
15 $ IN M IL LI O N S $752 $696 $689 $740 $743 Noninterest Income 3Q25 4Q25 1Q26 2Q26 3Q26 Change 3Q26 vs $ in millions 3Q26 2Q26 3Q25   2Q26 3Q25 Trust and Investment Services income $230 $235 $217 -2% 6% Mortgage Banking Revenues 152 127 147 19 3 Service Charges on Deposits 109 107 105 1 3 Card Revenues 90 89 90 2 — Letter of Credit/Related Fees 46 44 45 4 3 Capital Markets/Advisory Revenues 32 41 35 -24 -8 Securities Gain/(Loss) (1) 2 1 — — Other Revenues from Operations 85 95 112 -12 -25 Noninterest Income $743 $740 $752   —% -1% • Capital markets and advisory revenues decreased -$9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers • Other revenues from operations decreased -$10 million reflecting a lower distribution from M&T's investment in BLG Income Statement – Noninterest Income Noninterest income increased +$3 million QoQ: • Trust and investment services income declined -$5 million reflecting seasonal tax services fees earned in 2Q26 • Mortgage banking revenues increased +$25 million reflecting a rise in residential mortgage loan sub-servicing income QoQ Drivers Stable Broad-Based Fee Income and Strong Revenue Diversification
16 $ IN M IL LI O N S $1,353 $1,369 $1,429 $1,342 $1,386 $1,363 $1,379 $1,438 $1,349 $1,393 53.6% 55.1% 58.3% 52.8% 54.4% Operating Noninterest Expense(1) Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 3Q25 4Q25 1Q26 2Q26 3Q26 Change 3Q26 vs $ in millions 3Q26 2Q26 3Q25 2Q26 3Q25 Salaries & Employee Benefits(2) $832 $826 $833 1% —% Outside Data Proc & Software 173 154 138 12 25 Equipment & Net Occupancy 131 129 129 — 1 Professional & Other Services 97 89 81 10 22 FDIC Assessments 19 18 13 15 55 Advertising & Marketing 29 27 23 7 26 Other Costs of Operations 105 99 136 6 -23 Operating Expense(1) 1,386 1,342 1,353 3 2 Intangible Amortization 7 7 10 — -27 Total Noninterest Expense $1,393 $1,349 $1,363   3% 2% Income Statement – Noninterest Expenses Noninterest expense rose $44 million, or +3% QoQ: • Salaries and employee benefits expense increased +$6 million reflecting an additional working day, partially offset by lower payroll-related taxes • Outside data processing and software costs increased +$19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure 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 3Q26, 2Q26 and 3Q25 were $8 million, $6 million and $22 million, respectively. QoQ Drivers Adjusted Efficiency 54.5%(1) Adjusted Efficiency 55.0%(1) • Professional and other services rose +$8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives • Other costs of operations increased +$6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc. Continued Expense Discipline
17 $ IN M IL LI O N S Nonaccrual Loans $1,512 $1,252 $1,240 $1,208 $1,298 1.11% 0.91% 0.89% 0.85% 0.90% Nonaccrual Loans ($) Nonaccrual Loans (%) 3Q25 4Q25 1Q26 2Q26 3Q26 $ IN M IL LI O N S Net Charge-offs $146 $185 $105 $80 $127 0.42% 0.54% 0.31% 0.23% 0.35% Net Charge-offs ($) Net Charge-off Ratio (%) 3Q25 4Q25 1Q26 2Q26 3Q26 Credit $ IN M IL LI O N S Allowance for Loan Losses $2,161 $2,116 $2,136 $2,176 $2,179 1.59% 1.54% 1.54% 1.53% 1.51% Allowance for Loan Losses ($) Allowance for Loan Losses (%) 3Q25 4Q25 1Q26 2Q26 3Q26 $ IN M IL LI O N S Provision for Credit Losses $125 $125 $140 $120 $135 $110 $140 $125 $120 $130$15 -$15 $15 $5 Provision for Loan Losses Provision for Unfunded Credit Commitments 3Q25 4Q25 1Q26 2Q26 3Q26 Sound YOY Credit Trends with Stable Loss Expectations
18 Criticized C&I and CRE Loans Criticized loans increased +$245 million QoQ: – C&I increased +$213 million – Predominantly driven by a loan to an auto leasing company – CRE increased +$32 million – Permanent CRE +$102 million – Construction -$70 million – 97% of criticized accrual loans are current$ IN B IL LI O N S $7.8 $7.3 $6.6 $5.9 $6.1 9.1% 8.4% 7.4% 6.5% 6.6% Criticized Criticized % of C&I and CRE Loans 3Q25 4Q25 1Q26 2Q26 3Q26
19 CET1 Capital 10.99% 10.84% 10.33% 10.19% 10.16% 3Q25 4Q25 1Q26 2Q26 3Q26 Tangible Book Value Per Share $115.31 $117.45 $115.96 $117.41 $115.88 3Q25 4Q25 1Q26 2Q26 3Q26 Capital • CET1 capital ratio decreased to 10.16%(1) at the end of 3Q26 • Tangible book value per share decreased -1% to $115.88 reflecting higher unrealized losses on available-for-sale securities in AOCI • AFS and pension-related AOCI would have impacted the CET1 capital ratio by -29 bps at the end of 3Q26 Note: (1) CET1 capital ratio at September 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 2Q26 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 Solid Capital Foundation Supported by Strong Capital Generation and Management
AI Pathways Enhance the Way We Work 20 Pathway 1: Enterprise Productivity Pathway 2: Vendor-Embedded AI Pathway 3: Build Differentiated AI Capabilities ‘AI Factory’ Scale AI-tools adoption to drive productivity via training, broader access, practitioner communities and agentic capabilities • Approximately 75% of employee base with access to AI tools • More than 150 employee-developed AI solutions demonstrate growing adoption of automation and analytics capabilities • Faster process to support early underwriting analysis / screening for commercial loans Accelerate adoption of vendor-embedded AI for consistency, scale & security • 20% reduction in call transfers and improved first-call resolution through better customer routing • 100% of developers use AI to accelerate software development and productivity across key engineering activities • Accelerated and automated data review for onboarding large volume of mortgage loans Establish the AI Factory – a secure, enterprise platform enabling rapid prototyping and deployment of differentiated solutions • Building an enterprise AI platform to support scalable, consistent deployment of AI solutions • Implementing automated controls verification across technology software development and deployment • Enhancing AI-enabled fraud investigation processes to streamline case review and documentation Improved Customer Experience Employee Experience & Productivity Improved Risk Management
AI Enabled Focus on the Fundamentals 21 21 Customer Experience Employee Experience Risk Management Faster, more personalized customer interactions • Personalized financial insights help customers make smarter financial decisions • Predictive credit insights enable earlier engagement and more tailored support for clients • Real-time agent guidance improves service speed, accuracy, and consistency across customer interactions Greater workforce efficiency and effectiveness • Scales process documentation and reduces manual effort for business teams • Accelerates technical analysis and knowledge transfer across engineering teams • Converts employee feedback into operational insights that support faster business decisions Earlier risk detection and stronger controls • Continuous credit monitoring identifies emerging risks earlier and enables timely intervention • Automated complaint detection improves compliance oversight and reduces risk • Enhanced vulnerability analysis accelerates identification and resolution of security risks Growth Scalability Efficiency
22 4Q26 Outlook 4Q26 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $1.83 to $1.85 billion • 4Q NIM in the mid-3.60's • Reflects one additional rate increase in 4Q Fee Income $710 to $730 million • Stable to modest growth in most fee income categories GAAP Expense Includes intangible amortization $1.39 to $1.41 billion • Continued investment in enterprise initiatives and well-managed non-investment spend Net Charge-Offs % of Average Loans 35 to 40 basis points Tax Rate Taxable-equivalent 24.0% +/- A ve ra ge B al an ce s Loans (including loans HFS) $145 to $146 billion • Growth in C&I, CRE and Consumer loans Deposits $169 to $170 billion • Focus on growing operational accounts and other customer deposits at a reasonable cost CET1 Capital Ratio 10.0% to 10.25%
23 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
24 Appendix
25 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 3Q25 4Q25 1Q26 2Q26 3Q26 Net income Net income $792 $759 $664 $818 $775 Amortization of core deposits and other intangible assets (1) 6 8 7 5 5 Net operating income $798 $767 $671 $823 $780 Earnings per common share Diluted earnings per common share $4.82 $4.67 $4.13 $5.32 $5.04 Amortization of core deposits and other intangible assets (1) 0.05 0.05 0.05 0.03 0.04 Diluted net operating earnings per common share $4.87 $4.72 $4.18 $5.35 $5.08
26 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 3Q25 4Q25 1Q26 2Q26 3Q26 Other expense Other expense $1,363 $1,379 $1,438 $1,349 $1,393 Amortization of core deposit and other intangible assets (10) (10) (9) (7) (7) Noninterest operating expense $1,353 $1,369 $1,429 $1,342 $1,386 Efficiency ratio Noninterest operating expense (numerator) $1,353 $1,369 $1,429 $1,342 $1,386 Taxable-equivalent net interest income $1,773 $1,790 $1,763 $1,804 $1,805 Other income 752 696 689 740 743 Less: Gain (loss) on bank investment securities 1 1 4 2 (1) Denominator $2,524 $2,485 $2,448 $2,542 $2,549 Efficiency ratio 53.6 % 55.1 % 58.3 % 52.8 % 54.4 %
27 Appendix In millions 3Q25 4Q25 1Q26 2Q26 3Q26 Average assets Average assets $211,053 $212,891 $213,828 $216,532 $218,860 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (79) (69) (59) (51) (45) Deferred taxes 24 22 19 17 17 Average tangible assets $202,533 $204,379 $205,323 $208,033 $210,367 Average common equity Average total equity $28,583 $28,970 $28,648 $27,939 $28,331 Preferred stock (2,394) (2,691) (2,576) (2,434) (2,890) Average common equity 26,189 26,279 26,072 25,505 25,441 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (79) (69) (59) (51) (45) Deferred taxes 24 22 19 17 17 Average tangible common equity $17,669 $17,767 $17,567 $17,006 $16,948 GAAP to Tangible (Non-GAAP) Reconciliation
28 Appendix In millions 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Total assets Total assets $211,277 $213,510 $214,736 $219,261 $220,510 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (74) (64) (55) (48) (41) Deferred taxes 23 20 18 17 16 Total tangible assets $202,761 $205,001 $206,234 $210,765 $212,020 Total common equity Total equity $28,728 $29,177 $27,972 $27,946 $28,159 Preferred stock (2,394) (2,834) (2,434) (2,434) (3,017) Common equity 26,334 26,343 25,538 25,512 25,142 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (74) (64) (55) (48) (41) Deferred taxes 23 20 18 17 16 Total tangible common equity $17,818 $17,834 $17,036 $17,016 $16,652 GAAP to Tangible (Non-GAAP) Reconciliation
29 Appendix Reconciliation of Adjusted Metrics In millions 3Q25 4Q25 1Q26 2Q26 3Q26 Other income - Adjusted Other income $752 $696 Earnout payment related to 2023 sale of CIT business (28) — Other income - Adjusted $724 $696 Noninterest operating expense - Adjusted Noninterest operating expense $1,353 $1,369 Charitable contribution — (30) FDIC Special Assessment 8 29 Noninterest operating expense - Adjusted $1,361 $1,368 Efficiency ratio - Adjusted Noninterest operating expense (numerator) - Adjusted $1,361 $1,368 Taxable-equivalent net interest income - Adjusted 1,773 1,790 Other income - Adjusted 724 696 Less: Gain (loss) on bank investment securities — 1 Denominator $2,497 $2,485 Efficiency ratio - Adjusted 54.5% 55.0%

----- ex991release3q26.htm -----
EX-99.1
2
ex991release3q26.htm
EX-99.1
Document
Exhibit 99.1
News Release
One M&T Plaza, Buffalo, NY 14203
October 16, 2026
M&T Bank Corporation (NYSE:MTB) announces third quarter 2026 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $775 million or $5.04 of diluted earnings per common share.
(Dollars in millions, except per share data)
3Q26
2Q26
3Q25
Earnings Highlights
Net interest income
$
1,793
$
1,792
$
1,761
Taxable-equivalent adjustment
12
12
12
Net interest income - taxable-equivalent
1,805
1,804
1,773
Provision for credit losses
135
120
125
Noninterest income
743
740
752
Noninterest expense
1,393
1,349
1,363
Net income
775
818
792
Net income available to common shareholders - diluted
732
781
754
Diluted earnings per common share
5.04
5.32
4.82
Return on average assets - annualized
1.40
%
1.51
%
1.49
%
Return on average common shareholders' equity - annualized
11.44
12.30
11.45
Average Balance Sheet
Total assets
$
218,860
$
216,532
$
211,053
Interest-bearing deposits at banks
14,209
15,061
17,739
Investment securities
38,552
38,728
36,559
Loans
143,296
140,650
135,890
Deposits
166,777
163,524
162,576
Borrowings
19,225
20,794
15,633
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin
3.65
%
3.70
%
3.69
%
Efficiency ratio (1)
54.4
52.8
53.6
Net charge-offs to average total loans - annualized
.35
.23
.42
Allowance for loan losses to total loans
1.51
1.53
1.59
Nonaccrual loans to total loans
.90
.85
1.11
Common equity Tier 1 ("CET1") capital ratio (2)
10.16
10.19
10.99
Common shareholders' equity per share
$
174.95
$
176.03
$
170.43
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at September 30, 2026 is estimated.
Financial Highlights
•
Taxable-equivalent net interest income increased nominally in the recent quarter as compared with the second quarter of 2026 reflecting an additional day, partially offset by lower interest income on nonaccrual loans.
•
Average loans grew $2.6 billion in the recent quarter reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million.
•
Higher noninterest income in the recent quarter reflects an increase in residential mortgage banking revenues, partially offset by a decrease in capital markets and advisory revenues and a lower distribution from M&T's investment in Bayview Lending Group LLC ("BLG").
•
Noninterest expense reflects increases in outside data processing and software costs and professional and other services expense as well as higher personnel costs from an additional working day in the recent quarter.
•
The allowance for loan losses as a percent of total loans declined 2 basis points to 1.51%
at September 30, 2026.
•
In the recent quarter, M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million. M&T's CET1 capital ratio is estimated to be 10.16% at September 30, 2026.
Chief Financial Officer Commentary
"M&T's third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people's lives. I want to thank our employees for their ongoing commitment to the communities and customers 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
Third Quarter 2026 Results
Financial Reporting Matters
As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan-based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, 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. All periods presented herein reflect those changes.
Non-GAAP Measures (1)
(Dollars in millions, except per share data)
3Q26
2Q26
Change 3Q26 vs. 2Q26
3Q25
Change 3Q26 vs. 3Q25
Net operating income
$
780
$
823
-5
%
$
798
-2
%
Diluted net operating earnings per common share
5.08
5.35
-5
4.87
4
Annualized return on average tangible assets
1.47
%
1.59
%
1.56
%
Annualized return on average tangible common equity
17.29
18.57
17.13
Efficiency ratio
54.4
52.8
53.6
Tangible equity per common share
$
115.88
$
117.41
-1
$
115.31
—
(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)
3Q26
2Q26
Change 3Q26 vs. 2Q26
3Q25
Change 3Q26 vs. 3Q25
Average earning assets
$
196,739
$
195,216
1
%
$
190,920
3
%
Average interest-bearing liabilities
142,294
140,354
1
134,153
6
Net interest income - taxable-equivalent
1,805
1,804
—
1,773
2
Yield on average earning assets
5.41
%
5.40
%
5.60
%
Cost of interest-bearing liabilities
2.44
2.36
2.72
Net interest spread
2.97
3.04
2.88
Net interest margin
3.65
3.70
3.69
(1)
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table on page 15.
2
Third Quarter 2026 Results
Taxable-equivalent net interest income in the recent quarter rose nominally from the second quarter of 2026 reflecting an additional day, lower interest income on nonaccrual loans and loan growth funded by interest-bearing deposits as the Company reduced its average short-term borrowings. Taxable-equivalent net interest income increased $32 million, or 2%, as compared with the year-earlier third quarter reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans.
Average Earning Assets
(Dollars in millions)
3Q26
2Q26
Change 3Q26 vs. 2Q26
3Q25
Change 3Q26 vs. 3Q25
Interest-bearing deposits at banks
$
14,209
$
15,061
-6
%
$
17,739
-20
%
Investment securities
38,552
38,728
—
36,559
5
Loans held for sale
682
777
-12
637
7
Loans: (1)
Commercial and industrial
65,887
65,883
—
61,687
7
Real estate - commercial
24,862
23,221
7
23,982
4
Real estate - residential
25,194
24,827
1
24,122
4
Consumer
27,353
26,719
2
26,099
5
Total loans
143,296
140,650
2
135,890
5
Other
—
—
—
95
-100
Total earning assets
$
196,739
$
195,216
1
$
190,920
3
(1)
Supplemental information on loan balances is included in the accompanying table on page 16.
Average earning assets rose $1.5 billion from the second quarter of 2026 reflecting growth in average commercial real estate loan balances of $1.6 billion, average consumer loan balances of $634 million and average residential real estate loan balances of $367 million.
Average earning assets increased $5.8 billion from the third quarter of 2025, reflecting loan growth across all loan portfolios. Average commercial and industrial loan balances increased $4.2 billion, spanning most industry types. Average consumer, residential real estate and commercial real estate loan balances grew $1.3 billion, $1.1 billion and $880 million, respectively. The average balance of investment securities increased $2.0 billion from the year-earlier quarter, reflecting purchases of fixed rate mortgage-backed securities.
Average Interest-bearing Liabilities
(Dollars in millions)
3Q26
2Q26
Change 3Q26 vs. 2Q26
3Q25
Change 3Q26 vs. 3Q25
Interest-bearing deposits:
Savings and interest-checking deposits
$
108,013
$
105,752
2
%
$
104,630
3
%
Time deposits
15,056
13,808
9
13,890
8
Total interest-bearing deposits
123,069
119,560
3
118,520
4
Short-term borrowings
5,248
8,016
-35
2,844
85
Long-term borrowings
13,977
12,778
9
12,789
9
Total interest-bearing liabilities
$
142,294
$
140,354
1
$
134,153
6
3
Third Quarter 2026 Results
Average interest-bearing liabilities in the recent quarter rose $1.9 billion from the second quarter of 2026 reflecting growth in average interest-bearing deposits of $3.5 billion and higher average long-term borrowings resulting from asset securitizations and issuances of senior and subordinated notes. Those increases were partially offset by a $2.9 billion decline in average short-term borrowings from the FHLB of New York.
Average interest-bearing liabilities increased $8.1 billion from the third quarter of 2025 reflecting growth in average interest-bearing deposits of $4.5 billion, higher average short-term borrowings from the FHLB of New York of $1.9 billion and an increase in average long-term borrowings of $1.2 billion resulting from asset securitizations and issuances of subordinated notes, partially offset by net maturities of senior notes.
Provision for Credit Losses/Asset Quality
(Dollars in millions)
3Q26
2Q26
Change
3Q26 vs. 2Q26
3Q25
Change
3Q26 vs. 3Q25
At end of quarter
Nonaccrual loans
$
1,298
$
1,208
7
%
$
1,512
-14
%
Real estate and other foreclosed assets
28
23
22
37
-26
Total nonperforming assets
1,326
1,231
8
1,549
-14
Accruing loans past due 90 days or more (1)
570
603
-5
432
32
Nonaccrual loans as % of loans outstanding
.90
%
.85
%
1.11
%
Allowance for loan losses
$
2,179
$
2,176
—
$
2,161
1
Allowance for loan losses as % of loans outstanding
1.51
%
1.53
%
1.59
%
Reserve for unfunded credit commitments
$
93
$
95
-2
$
95
-2
For the period
Provision for loan losses
$
130
$
120
8
$
110
18
Provision for unfunded credit commitments
5
—
—
15
-67
Total provision for credit losses
135
120
13
125
8
Net charge-offs
127
80
59
146
-12
Net charge-offs as % of average loans (annualized)
.35
%
.23
%
.42
%
(1)
Predominantly government-guaranteed residential real estate.
The provision for credit losses was $135 million in the third quarter of 2026 as compared with $120 million in the second quarter of 2026 and $125 million in the third quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.51% at September 30, 2026 and 1.53% at
June 30, 2026, each improved from 1.59% at September 30, 2025, reflecting lower levels of criticized loans.
Nonaccrual loans were $1.3 billion at September 30, 2026 and $1.2 billion at June 30, 2026, compared with $1.5 billion at September 30, 2025. The lower level of nonaccrual loans at September 30, 2026 and June 30, 2026 as compared with September 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.
4
Third Quarter 2026 Results
Noninterest Income
(Dollars in millions)
3Q26
2Q26
Change 3Q26 vs. 2Q26
3Q25
Change 3Q26 vs. 3Q25
Trust and investment services income
$
230
$
235
-2
%
$
217
6
%
Mortgage banking revenues (1)
152
127
19
147
3
Service charges on deposit accounts
109
107
1
105
3
Card revenues
90
89
2
90
—
Letter of credit and credit-related fees
46
44
4
45
3
Capital markets and advisory revenues
32
41
-24
35
-8
Gain (loss) on bank investment securities
(1)
2
—
1
—
Other revenues from operations (2)
85
95
-12
112
-25
Total
$
743
$
740
—
$
752
-1
(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 third quarter of 2026 increased $3 million from 2026's second quarter.
•
Trust and investment services income declined $5 million reflecting seasonal tax services fees earned by the wealth management business in the second quarter of 2026.
•
Mortgage banking revenues increased
$25 million reflecting a rise in residential mortgage loan sub-servicing income. In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans.
•
Capital markets and advisory revenues decreased $9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers.
•
Other revenues from operations decreased $10 million reflecting a lower distribution from M&T's investment in BLG in the recent quarter.
Noninterest income declined $9 million, or 1%, as compared with the third quarter of 2025.
•
Trust and investment services income rose $13 million reflecting higher corporate trust revenues from the Company's institutional services business and an increase in personal trust and investment services revenues from its wealth management businesses.
•
Mortgage banking revenues increased $5 million reflecting a rise in residential mortgage loan sub-servicing income, partially offset by the impact of the Company's fair value accounting election described above and lower gains on commercial mortgage loans originated for sale.
•
Other revenues from operations decreased $27 million reflecting a $28 million distribution of an earnout payment from the Company's 2023 sale of its Collective Investment Trust ("CIT") business and a $12 million gain on the sale of equipment leases each in the third quarter of 2025, partially offset by an $11 million higher distribution from M&T's investment in BLG in the recent quarter.
5
Third Quarter 2026 Results
Noninterest Expense
(Dollars in millions)
3Q26
2Q26
Change 3Q26 vs. 2Q26
3Q25
Change 3Q26 vs. 3Q25
Salaries and employee benefits
$
832
$
826
1
%
$
833
—
%
Outside data processing and software
173
154
12
138
25
Equipment and net occupancy
131
129
—
129
1
Professional and other services
97
89
10
81
22
FDIC assessments
19
18
15
13
55
Advertising and marketing
29
27
7
23
26
Amortization of core deposit and other intangible assets
7
7
—
10
-27
Other costs of operations
105
99
6
136
-23
Total
$
1,393
$
1,349
3
$
1,363
2
Noninterest expense rose $44 million, or 3%, from the second quarter of 2026.
•
Salaries and employee benefits expense increased $6 million reflecting an additional working day in the recent quarter, partially offset by lower payroll-related taxes.
•
Outside data processing and software costs increased $19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure.
•
Professional and other services rose $8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives.
•
Other costs of operations increased
$6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc.
Noninterest expense increased $30 million, or 2%
,
from the third quarter of 2025.
•
Outside data processing and software costs rose $35 million reflecting costs associated with enhancements to the Company's technology infrastructure.
•
Professional and other services increased $16 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives and higher legal service costs.
•
FDIC assessments were
$6 million higher in the recent quarter reflecting the reduction of estimated special assessment expense in the third quarter of 2025 resulting from a decrease in the FDIC's loss estimates associated with certain failed banks.
•
Other costs of operations decreased $31 million reflecting the amortization associated with residential mortgage loan servicing right assets in the third quarter of 2025 and lower expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.
Income Taxes
The Company's effective income tax rate was 23.1% in each of the third and second quarters of 2026 compared with 22.8%
in the third quarter of 2025.
6
Third Quarter 2026 Results
Capital and Liquidity
3Q26
2Q26
3Q25
CET1 capital
10.16
%
(1)
10.19
%
10.99
%
Tier 1 capital
11.93
(1)
11.64
12.49
Total capital
13.93
(1)
13.73
14.35
Tangible capital – common
7.85
8.07
8.79
(1)
Capital ratios at September 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
$217 million and $42 million, respectively, for the quarter ended September 30, 2026. M&T's current stress capital buffer is 2.7%.
Reflecting rising interest rates, accumulated other comprehensive income declined $588 million in the recent quarter. In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with net unrealized gains of $8 million. Unrealized losses on those transferred securities at September 30, 2026 were $222 million ($165 million net of tax).
M&T repurchased shares of its common stock at a cost of $323 million during the recent quarter, compared with $465 million and $409 million in the second quarter of 2026 and the third quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.16% as of September 30, 2026. M&T's total risk-weighted assets at September 30, 2026 are estimated to be $170.6 billion. Reflecting loan growth and share repurchase activity in the recent quarter and the impact of unrealized losses on investment securities available for sale included in accumulated other comprehensive income at September 30, 2026, M&T's tangible common equity to tangible asset ratio at September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on September 30, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss third 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 #MTBQ326. 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 Friday October 23, 2026, by calling (800) 839-3736 or (402) 220-2978 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
Third 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
Third Quarter 2026 Results
Financial Highlights
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions, except per share, shares in thousands)
2026
2025
Change
2026
2025
Change
Performance
Net income
$
775
$
792
-2
%
$
2,257
$
2,092
8
%
Net income available to common shareholders
732
754
-3
2,133
1,981
8
Per common share:
Basic earnings
5.08
4.85
5
14.57
12.41
17
Diluted earnings
5.04
4.82
5
14.48
12.34
17
Cash dividends
1.50
1.50
—
4.50
4.20
7
Common shares outstanding:
Average - diluted
145,174
156,553
-7
147,329
160,503
-8
Period end
143,708
154,518
-7
143,708
154,518
-7
Return on (annualized):
Average total assets
1.40
%
1.49
%
1.39
%
1.33
%
Average common shareholders' equity
11.44
11.45
11.13
10.07
Taxable-equivalent net interest income
$
1,805
$
1,773
2
$
5,372
$
5,202
3
Yield on average earning assets
5.41
%
5.60
%
5.39
%
5.54
%
Cost of interest-bearing liabilities
2.44
2.72
2.38
2.71
Net interest spread
2.97
2.88
3.01
2.83
Contribution of interest-free funds
.68
.81
.67
.82
Net interest margin
3.65
3.69
3.68
3.65
Net charge-offs to average total net loans (annualized)
.35
.42
.30
.36
Net operating results (1)
Net operating income
$
780
$
798
-2
$
2,274
$
2,116
7
Diluted net operating earnings per common share
5.08
4.87
4
14.60
12.49
17
Return on (annualized):
Average tangible assets
1.47
%
1.56
%
1.46
%
1.41
%
Average tangible common equity
17.29
17.13
16.78
15.07
Efficiency ratio
54.4
53.6
55.1
56.3
At September 30,
Loan quality
2026
2025
Change
Nonaccrual loans
$
1,298
$
1,512
-14
%
Real estate and other foreclosed assets
28
37
-26
Total nonperforming assets
$
1,326
$
1,549
-14
Accruing loans past due 90 days or more
$
570
$
432
32
Government guaranteed loans included in totals above:
Nonaccrual loans
81
71
13
Accruing loans past due 90 days or more
556
403
38
Nonaccrual loans to total loans
.90
%
1.11
%
Allowance for loan losses to total loans
1.51
1.59
Additional information
Period end common stock price
$
217.60
$
197.62
10
Full-service domestic banking offices (2)
906
942
-4
Full-time equivalent employees
21,562
22,383
-4
(1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net operating income appear on page
19
.
(2) In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.
9
Third Quarter 2026 Results
Financial Highlights, Five Quarter Trend
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions, except per share, shares in thousands)
2026
2026
2026
2025
2025
Performance
Net income
$
775
$
818
$
664
$
759
$
792
Net income available to common shareholders
732
781
620
718
754
Per common share:
Basic earnings
5.08
5.35
4.16
4.71
4.85
Diluted earnings
5.04
5.32
4.13
4.67
4.82
Cash dividends
1.50
1.50
1.50
1.50
1.50
Common shares outstanding:
Average - diluted
145,174
146,758
150,109
153,712
156,553
Period end
143,708
144,933
146,917
151,840
154,518
Return on (annualized):
Average total assets
1.40
%
1.51
%
1.26
%
1.41
%
1.49
%
Average common shareholders' equity
11.44
12.30
9.67
10.87
11.45
Taxable-equivalent net interest income
$
1,805
$
1,804
$
1,763
$
1,790
$
1,773
Yield on average earning assets
5.41
%
5.40
%
5.35
%
5.47
%
5.60
%
Cost of interest-bearing liabilities
2.44
2.36
2.32
2.52
2.72
Net interest spread
2.97
3.04
3.03
2.95
2.88
Contribution of interest-free funds
.68
.66
.67
.75
.81
Net interest margin
3.65
3.70
3.70
3.70
3.69
Net charge-offs to average total net loans (annualized)
.35
.23
.31
.54
.42
Net operating results (1)
Net operating income
$
780
$
823
$
671
$
767
$
798
Diluted net operating earnings per common share
5.08
5.35
4.18
4.72
4.87
Return on (annualized):
Average tangible assets
1.47
%
1.59
%
1.33
%
1.49
%
1.56
%
Average tangible common equity
17.29
18.57
14.51
16.24
17.13
Efficiency ratio
54.4
52.8
58.3
55.1
53.6
September 30,
June 30,
March 31,
December 31,
September 30,
Loan quality
2026
2026
2026
2025
2025
Nonaccrual loans
$
1,298
$
1,208
$
1,240
$
1,252
$
1,512
Real estate and other foreclosed assets
28
23
27
35
37
Total nonperforming assets
$
1,326
$
1,231
$
1,267
$
1,287
$
1,549
Accruing loans past due 90 days or more
$
570
$
603
$
646
$
561
$
432
Government guaranteed loans included in totals above:
Nonaccrual loans
81
78
85
83
71
Accruing loans past due 90 days or more
556
586
634
543
403
Nonaccrual loans to total loans
.90
%
.85
%
.89
%
.91
%
1.11
%
Allowance for loan losses to total loans
1.51
1.53
1.54
1.54
1.59
Additional information
Period end common stock price
$
217.60
$
238.01
$
206.72
$
201.48
$
197.62
Full-service domestic banking offices (2)
906
911
930
942
942
Full-time equivalent employees
21,562
21,662
21,866
22,080
22,383
(1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net operating income appear on page
20
.
(2) In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.
10
Third Quarter 2026 Results
Condensed Consolidated Statement of Income
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions)
2026
2025
Change
2026
2025
Change
Interest income
$
2,667
$
2,680
—
%
$
7,823
$
7,849
—
%
Interest expense
874
919
-5
2,486
2,680
-7
Net interest income
1,793
1,761
2
5,337
5,169
3
Provision for credit losses
135
125
8
395
380
4
Net interest income after provision for
credit losses
1,658
1,636
1
4,942
4,789
3
Other income:
Trust and investment services income
230
217
6
684
643
7
Mortgage banking revenues
152
147
3
406
395
3
Service charges on deposit accounts
109
105
3
322
307
5
Card revenues
90
90
—
257
257
—
Letter of credit and credit-related fees
46
45
3
132
132
—
Capital markets and advisory revenues
32
35
-8
109
89
23
Gain (loss) on bank investment securities
(1)
1
—
5
1
—
Other revenues from operations
85
112
-25
257
222
16
Total other income
743
752
-1
2,172
2,046
6
Other expense:
Salaries and employee benefits
832
833
—
2,572
2,533
2
Outside data processing and software
173
138
25
471
412
14
Equipment and net occupancy
131
129
1
393
391
—
Professional and other services
97
81
22
279
251
12
FDIC assessments
19
13
55
60
58
4
Advertising and marketing
29
23
26
77
70
9
Amortization of core deposit and other
intangible assets
7
10
-27
23
32
-27
Other costs of operations
105
136
-23
305
367
-17
Total other expense
1,393
1,363
2
4,180
4,114
2
Income before taxes
1,008
1,025
-2
2,934
2,721
8
Income taxes
233
233
—
677
629
8
Net income
$
775
$
792
-2
%
$
2,257
$
2,092
8
%
11
Third Quarter 2026 Results
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Interest income
$
2,667
$
2,620
$
2,536
$
2,637
$
2,680
Interest expense
874
828
784
858
919
Net interest income
1,793
1,792
1,752
1,779
1,761
Provision for credit losses
135
120
140
125
125
Net interest income after provision for
credit losses
1,658
1,672
1,612
1,654
1,636
Other income:
Trust and investment services income
230
235
219
220
217
Mortgage banking revenues
152
127
127
155
147
Service charges on deposit accounts
109
107
106
105
105
Card revenues
90
89
78
87
90
Letter of credit and credit-related fees
46
44
42
47
45
Capital markets and advisory revenues
32
41
36
31
35
Gain (loss) on bank investment securities
(1)
2
4
1
1
Other revenues from operations
85
95
77
50
112
Total other income
743
740
689
696
752
Other expense:
Salaries and employee benefits
832
826
914
809
833
Outside data processing and software
173
154
144
146
138
Equipment and net occupancy
131
129
133
134
129
Professional and other services
97
89
93
105
81
FDIC assessments
19
18
23
(8)
13
Advertising and marketing
29
27
21
32
23
Amortization of core deposit and other
intangible assets
7
7
9
10
10
Other costs of operations
105
99
101
151
136
Total other expense
1,393
1,349
1,438
1,379
1,363
Income before taxes
1,008
1,063
863
971
1,025
Income taxes
233
245
199
212
233
Net income
$
775
$
818
$
664
$
759
$
792
12
Third Quarter 2026 Results
Condensed Consolidated Balance Sheet
September 30,
(Dollars in millions)
2026
2025
Change
ASSETS
Cash and due from banks
$
1,796
$
1,950
-8
%
Interest-bearing deposits at banks
14,342
16,751
-14
Investment securities
37,894
36,864
3
Loans held for sale
696
629
11
Loans:
Commercial and industrial
66,373
61,863
7
Real estate - commercial
25,561
23,768
8
Real estate - residential
25,301
24,335
4
Consumer
27,521
26,379
4
Total loans
144,756
136,345
6
Allowance for loan losses
(2,179)
(2,161)
1
Net loans
142,577
134,184
6
Goodwill
8,465
8,465
—
Core deposit and other intangible assets
41
74
-45
Other assets
14,699
12,360
19
Total assets
$
220,510
$
211,277
4
%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits
$
44,819
$
44,994
—
%
Interest-bearing deposits
122,691
118,432
4
Total deposits
167,510
163,426
2
Short-term borrowings
6,373
2,059
209
Long-term borrowings
13,648
12,928
6
Accrued interest and other liabilities
4,820
4,136
17
Total liabilities
192,351
182,549
5
Shareholders' equity:
Preferred
3,017
2,394
26
Common
25,142
26,334
-5
Total shareholders' equity
28,159
28,728
-2
Total liabilities and shareholders' equity
$
220,510
$
211,277
4
%
13
Third Quarter 2026 Results
Condensed Consolidated Balance Sheet, Five Quarter Trend
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
ASSETS
Cash and due from banks
$
1,796
$
1,939
$
1,903
$
1,701
$
1,950
Interest-bearing deposits at banks
14,342
15,499
14,445
17,068
16,751
Investment securities
37,894
38,374
38,621
36,649
36,864
Loans held for sale
696
663
861
1,067
629
Loans:
Commercial and industrial
66,373
65,995
65,216
63,406
61,863
Real estate - commercial
25,561
24,233
22,986
23,335
23,768
Real estate - residential
25,301
25,128
24,530
24,433
24,335
Consumer
27,521
27,174
26,321
26,461
26,379
Total loans
144,756
142,530
139,053
137,635
136,345
Allowance for loan losses
(2,179)
(2,176)
(2,136)
(2,116)
(2,161)
Net loans
142,577
140,354
136,917
135,519
134,184
Goodwill
8,465
8,465
8,465
8,465
8,465
Core deposit and other intangible assets
41
48
55
64
74
Other assets
14,699
13,919
13,469
12,977
12,360
Total assets
$
220,510
$
219,261
$
214,736
$
213,510
$
211,277
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits
$
44,819
$
48,295
$
45,892
$
46,509
$
44,994
Interest-bearing deposits
122,691
120,590
117,849
120,400
118,432
Total deposits
167,510
168,885
163,741
166,909
163,426
Short-term borrowings
6,373
4,614
7,851
2,149
2,059
Long-term borrowings
13,648
13,568
11,175
10,911
12,928
Accrued interest and other liabilities
4,820
4,248
3,997
4,364
4,136
Total liabilities
192,351
191,315
186,764
184,333
182,549
Shareholders' equity:
Preferred
3,017
2,434
2,434
2,834
2,394
Common
25,142
25,512
25,538
26,343
26,334
Total shareholders' equity
28,159
27,946
27,972
29,177
28,728
Total liabilities and shareholders' equity
$
220,510
$
219,261
$
214,736
$
213,510
$
211,277
14
Third Quarter 2026 Results
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months Ended
Change in Balance
Nine Months Ended
September 30,
June 30,
September 30,
September 30, 2026 from
September 30,
Change
2026
2026
2025
June 30,
September 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
$
14,209
3.79
%
$
15,061
3.72
%
$
17,739
4.43
%
-6
%
-20
%
$
15,159
3.74
%
$
19,037
4.46
%
-20
%
Investment securities (1)
38,552
4.33
38,728
4.29
36,559
4.15
—
5
38,378
4.28
35,466
3.98
8
Loans held for sale
682
5.48
777
5.50
637
5.85
-12
7
819
5.45
750
6.92
9
Loans:
Commercial and industrial
65,887
6.00
65,883
6.00
61,687
6.45
—
7
65,139
6.00
61,234
6.41
6
Real estate - commercial
24,862
6.03
23,221
6.29
23,982
6.45
7
4
23,709
6.15
24,796
6.34
-4
Real estate - residential
25,194
4.69
24,827
4.63
24,122
4.57
1
4
24,832
4.62
23,543
4.50
5
Consumer
27,353
6.47
26,719
6.46
26,099
6.60
2
5
26,797
6.47
25,275
6.58
6
Total loans
143,296
5.86
140,650
5.89
135,890
6.15
2
5
140,477
5.87
134,848
6.09
4
Other
—
—
—
—
95
3.45
—
-100
31
—
96
3.46
-67
Total earning assets
196,739
5.41
195,216
5.40
190,920
5.60
1
3
194,864
5.39
190,197
5.54
2
Goodwill
8,465
8,465
8,465
—
—
8,465
8,465
—
Core deposit and other intangible assets
45
51
79
-12
-43
52
86
-40
Other assets
13,611
12,800
11,589
6
17
13,043
11,141
17
Total assets
$
218,860
$
216,532
$
211,053
1
%
4
%
$
216,424
$
209,889
3
%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits:
Savings and interest-checking
deposits
$
108,013
1.89
%
$
105,752
1.81
%
$
104,630
2.23
%
2
%
3
%
$
106,783
1.85
%
$
103,378
2.22
%
3
%
Time deposits
15,056
3.19
13,808
3.02
13,890
3.40
9
8
13,982
3.08
14,056
3.48
-1
Total interest-bearing deposits
123,069
2.05
119,560
1.95
118,520
2.36
3
4
120,765
1.99
117,434
2.37
3
Short-term borrowings
5,248
3.89
8,016
3.86
2,844
4.50
-35
85
6,318
3.87
3,013
4.50
110
Long-term borrowings
13,977
5.32
12,778
5.33
12,789
5.64
9
9
12,617
5.35
11,675
5.64
8
Total interest-bearing liabilities
142,294
2.44
140,354
2.36
134,153
2.72
1
6
139,700
2.38
132,122
2.71
6
Noninterest-bearing deposits
43,708
43,964
44,056
-1
-1
44,070
44,877
-2
Other liabilities
4,527
4,275
4,261
6
6
4,349
4,142
5
Total liabilities
190,529
188,593
182,470
1
4
188,119
181,141
4
Shareholders' equity
28,331
27,939
28,583
1
-1
28,305
28,748
-2
Total liabilities and shareholders' equity
$
218,860
$
216,532
$
211,053
1
%
4
%
$
216,424
$
209,889
3
%
Net interest spread
2.97
3.04
2.88
3.01
2.83
Contribution of interest-free funds
.68
.66
.81
.67
.82
Net interest margin
3.65
%
3.70
%
3.69
%
3.68
%
3.65
%
(1) Yields on investment securities for the nine-month period ended September 30, 2025 reflect $18 million 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
Third Quarter 2026 Results
Supplemental Information - Loan Balances
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Commercial and industrial
Commercial and industrial excluding
owner-occupied real estate by industry:
Financial and insurance
$
13,731
$
13,804
$
13,488
$
12,749
$
12,077
Services
8,719
8,534
8,207
7,887
7,685
Motor vehicle and recreational finance dealers
6,706
6,966
7,061
7,185
6,636
Manufacturing
6,311
6,389
6,402
6,094
6,238
Wholesale
4,473
4,330
4,343
4,373
4,244
Transportation, communications, utilities
4,456
4,199
3,928
3,883
3,754
Retail
3,347
3,319
3,302
3,087
3,112
Construction
2,412
2,445
2,305
2,260
2,205
Health services
1,811
1,707
1,835
1,816
1,779
Real estate investors
1,589
1,521
1,662
1,574
1,505
Other
1,370
1,397
1,362
1,300
1,567
Total commercial and industrial
excluding owner-occupied real estate
54,925
54,611
53,895
52,208
50,802
Owner-occupied real estate by industry:
Services
2,351
2,362
2,377
2,368
2,308
Motor vehicle and recreational finance dealers
2,263
2,180
2,217
2,234
2,162
Retail
1,929
1,926
1,916
1,893
1,825
Health services
1,413
1,464
1,335
1,268
1,320
Wholesale
1,079
1,035
1,029
978
975
Manufacturing
735
712
727
791
783
Real estate investors
585
607
617
616
634
Other
1,093
1,098
1,103
1,050
1,054
Total owner-occupied real estate
11,448
11,384
11,321
11,198
11,061
Total commercial and industrial
66,373
65,995
65,216
63,406
61,863
Commercial real estate
Permanent finance by property type:
Apartments/Multifamily
7,320
6,865
6,269
6,353
6,270
Retail/Service
4,313
4,259
4,237
4,164
4,320
Industrial/Warehouse
3,510
3,276
2,462
2,297
2,175
Office
3,066
3,147
3,282
3,423
3,487
Health services
1,841
1,583
1,507
1,548
1,554
Hotel
1,728
1,665
1,727
1,743
1,776
Other
443
180
187
180
202
Total permanent
22,221
20,975
19,671
19,708
19,784
Construction/Development
3,340
3,258
3,315
3,627
3,984
Total commercial real estate
25,561
24,233
22,986
23,335
23,768
Residential real estate
Residential real estate
25,301
25,128
24,530
24,433
24,335
Consumer
Home equity lines and loans
4,991
4,891
4,796
4,807
4,730
Recreational finance
15,170
14,856
14,144
14,092
14,152
Automobile
4,871
4,969
5,016
5,167
5,223
Other
2,489
2,458
2,365
2,395
2,274
Total consumer
27,521
27,174
26,321
26,461
26,379
Total loans
$
144,756
$
142,530
$
139,053
$
137,635
$
136,345
16
Third Quarter 2026 Results
Supplemental Information - Mortgage Banking Activities
Three Months Ended
Change
Nine Months Ended
Change
September 30,
June 30,
September 30,
September 30,
(Dollars in millions)
2026
2026
Amount
%
2026
2025
Amount
%
Residential mortgage banking revenues
Gains on loans originated for sale
$
9
$
7
$
2
30
%
$
24
$
23
$
1
4
%
Loan servicing:
Loan servicing fees
33
33
—
-1
98
105
(7)
-7
Changes in fair value of mortgage loan
servicing right assets, net of hedging activities
(16)
(11)
(5)
-37
(40)
—
(40)
—
Loan sub-servicing and other fees
93
67
26
38
222
159
63
39
Total loan servicing
110
89
21
23
280
264
16
6
Total residential mortgage banking revenues
$
119
$
96
$
23
24
%
$
304
$
287
$
17
6
%
New commitments to originate loans for sale
$
377
$
411
$
(34)
-8
%
$
1,188
$
1,019
$
169
17
%
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Balances at period end
Loans held for sale
$
249
$
256
$
327
$
441
$
327
Commitments to originate loans for sale
191
258
222
224
329
Commitments to sell loans
407
467
544
645
576
Capitalized mortgage loan servicing assets
572
540
542
287
305
Loans serviced for others
34,909
35,253
35,586
35,873
36,421
Loans sub-serviced for others
179,605
183,599
123,968
156,938
161,785
Total loans serviced for others
$
214,514
$
218,852
$
159,554
$
192,811
$
198,206
Three Months Ended
Change
Nine Months Ended
Change
September 30,
June 30,
September 30,
September 30,
(Dollars in millions)
2026
2026
Amount
%
2026
2025
Amount
%
Commercial mortgage banking revenues
Gains on loans originated for sale
$
13
$
13
$
—
—
%
$
44
$
50
$
(6)
-12
%
Loan servicing fees and other
20
18
2
9
58
58
—
—
Total commercial mortgage banking revenues
$
33
$
31
$
2
5
%
$
102
$
108
$
(6)
-6
%
Loans originated for sale to other investors
$
737
$
746
$
(9)
-1
%
$
2,618
$
3,138
$
(520)
-17
%
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Balances at period end
Loans held for sale
$
263
$
259
$
359
$
484
$
278
Commitments to originate loans for sale
559
485
529
773
1,074
Commitments to sell loans
826
740
903
1,253
1,292
Capitalized mortgage loan servicing assets
132
136
138
132
123
Loans serviced for others
31,204
31,368
30,934
30,309
28,957
Loans sub-serviced for others
4,013
4,072
4,194
4,231
4,297
Total loans serviced for others
$
35,217
$
35,440
$
35,128
$
34,540
$
33,254
17
Third Quarter 2026 Results
Supplemental Information - Other Revenues from Operations
Three Months Ended
Nine Months Ended
September 30,
June 30,
Change
September 30,
September 30,
Change
(Dollars in millions)
2026
2026
Amount
%
2026
2025
Amount
%
Bank owned life insurance revenue
$
17
$
20
$
(3)
-12
%
$
55
$
56
$
(1)
-2
%
Equipment operating lease income
12
11
1
4
34
37
(3)
-9
BLG income
31
47
(16)
-34
111
20
91
455
Earnout payment related to 2023 sale of
CIT business
—
—
—
—
—
28
(28)
-100
Gains on sales of out-of-footprint loan
portfolio
—
—
—
—
—
15
(15)
-100
Gain on sale of institutional services
subsidiary
—
—
—
—
—
10
(10)
-100
Other
25
17
8
47
57
56
1
2
Total other revenues from operations
$
85
$
95
$
(10)
-12
%
$
257
$
222
$
35
16
%
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(Dollars in millions)
2026
2026
2026
2025
2025
Bank owned life insurance revenue
$
17
$
20
$
18
$
19
$
21
Equipment operating lease income
12
11
11
11
12
BLG income
31
47
33
—
20
Earnout payment related to 2023 sale of CIT business
—
—
—
—
28
Other
25
17
15
20
31
Total other revenues from operations
$
85
$
95
$
77
$
50
$
112
Supplemental Information - Interest Rate Swap Agreements Designated as Hedges at September 30, 2026
(Dollars in billions)
September 30, 2026
December 31, 2026
March 31, 2027
June 30, 2027
September 30, 2027
December 31, 2027
March 31, 2028
Fair value hedges:
Active
$
6.1
$
6.1
$
6.1
$
6.1
$
5.1
$
6.4
$
5.9
Forward-starting
1.3
1.3
1.3
1.3
1.3
—
—
Cash flow hedges:
Active
16.7
17.5
17.0
17.7
15.2
13.9
12.7
Forward-starting
8.8
8.0
5.8
1.8
1.8
1.5
—
Fair value hedges -
weighted-average fixed rate:
Active
3.56
%
3.56
%
3.56
%
3.56
%
3.66
%
3.85
%
3.85
%
Forward-starting
4.62
4.62
4.62
4.62
4.62
—
—
Cash flow hedges -
weighted-average fixed rate:
Active
3.70
3.69
3.67
3.78
3.78
3.76
3.87
Forward-starting
3.97
4.01
4.23
4.56
4.56
4.55
—
18
Third Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income
$
775
$
792
$
2,257
$
2,092
Amortization of core deposit and other intangible assets (1)
5
6
17
24
Net operating income
$
780
$
798
$
2,274
$
2,116
Earnings per common share
Diluted earnings per common share
$
5.04
$
4.82
$
14.48
$
12.34
Amortization of core deposit and other intangible assets (1)
.04
.05
.12
.15
Diluted net operating earnings per common share
$
5.08
$
4.87
$
14.60
$
12.49
Other expense
Other expense
$
1,393
$
1,363
$
4,180
$
4,114
Amortization of core deposit and other intangible assets
(7)
(10)
(23)
(32)
Noninterest operating expense
$
1,386
$
1,353
$
4,157
$
4,082
Efficiency ratio
Noninterest operating expense (numerator)
$
1,386
$
1,353
$
4,157
$
4,082
Taxable-equivalent net interest income
$
1,805
$
1,773
$
5,372
$
5,202
Other income
743
752
2,172
2,046
Less: Gain (loss) on bank investment securities
(1)
1
5
1
Denominator
$
2,549
$
2,524
$
7,539
$
7,247
Efficiency ratio
54.4
%
53.6
%
55.1
%
56.3
%
Balance sheet data
Average assets
Average assets
$
218,860
$
211,053
$
216,424
$
209,889
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(45)
(79)
(52)
(86)
Deferred taxes
17
24
18
25
Average tangible assets
$
210,367
$
202,533
$
207,925
$
201,363
Average common equity
Average total equity
$
28,331
$
28,583
$
28,305
$
28,748
Preferred stock
(2,890)
(2,394)
(2,635)
(2,394)
Average common equity
25,441
26,189
25,670
26,354
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(45)
(79)
(52)
(86)
Deferred taxes
17
24
18
25
Average tangible common equity
$
16,948
$
17,669
$
17,171
$
17,828
At end of quarter
Total assets
Total assets
$
220,510
$
211,277
Goodwill
(8,465)
(8,465)
Core deposit and other intangible assets
(41)
(74)
Deferred taxes
16
23
Total tangible assets
$
212,020
$
202,761
Total common equity
Total equity
$
28,159
$
28,728
Preferred stock
(3,017)
(2,394)
Common equity
25,142
26,334
Goodwill
(8,465)
(8,465)
Core deposit and other intangible assets
(41)
(74)
Deferred taxes
16
23
Total tangible common equity
$
16,652
$
17,818
(1) After any related tax effect.
19
Third Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income
$
775
$
818
$
664
$
759
$
792
Amortization of core deposit and other intangible assets (1)
5
5
7
8
6
Net operating income
$
780
$
823
$
671
$
767
$
798
Earnings per common share
Diluted earnings per common share
$
5.04
$
5.32
$
4.13
$
4.67
$
4.82
Amortization of core deposit and other intangible assets (1)
.04
.03
.05
.05
.05
Diluted net operating earnings per common share
$
5.08
$
5.35
$
4.18
$
4.72
$
4.87
Other expense
Other expense
$
1,393
$
1,349
$
1,438
$
1,379
$
1,363
Amortization of core deposit and other intangible assets
(7)
(7)
(9)
(10)
(10)
Noninterest operating expense
$
1,386
$
1,342
$
1,429
$
1,369
$
1,353
Efficiency ratio
Noninterest operating expense (numerator)
$
1,386
$
1,342
$
1,429
$
1,369
$
1,353
Taxable-equivalent net interest income
$
1,805
$
1,804
$
1,763
$
1,790
$
1,773
Other income
743
740
689
696
752
Less: Gain (loss) on bank investment securities
(1)
2
4
1
1
Denominator
$
2,549
$
2,542
$
2,448
$
2,485
$
2,524
Efficiency ratio
54.4
%
52.8
%
58.3
%
55.1
%
53.6
%
Balance sheet data
Average assets
Average assets
$
218,860
$
216,532
$
213,828
$
212,891
$
211,053
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(45)
(51)
(59)
(69)
(79)
Deferred taxes
17
17
19
22
24
Average tangible assets
$
210,367
$
208,033
$
205,323
$
204,379
$
202,533
Average common equity
Average total equity
$
28,331
$
27,939
$
28,648
$
28,970
$
28,583
Preferred stock
(2,890)
(2,434)
(2,576)
(2,691)
(2,394)
Average common equity
25,441
25,505
26,072
26,279
26,189
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(45)
(51)
(59)
(69)
(79)
Deferred taxes
17
17
19
22
24
Average tangible common equity
$
16,948
$
17,006
$
17,567
$
17,767
$
17,669
At end of quarter
Total assets
Total assets
$
220,510
$
219,261
$
214,736
$
213,510
$
211,277
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(41)
(48)
(55)
(64)
(74)
Deferred taxes
16
17
18
20
23
Total tangible assets
$
212,020
$
210,765
$
206,234
$
205,001
$
202,761
Total common equity
Total equity
$
28,159
$
27,946
$
27,972
$
29,177
$
28,728
Preferred stock
(3,017)
(2,434)
(2,434)
(2,834)
(2,394)
Common equity
25,142
25,512
25,538
26,343
26,334
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(41)
(48)
(55)
(64)
(74)
Deferred taxes
16
17
18
20
23
Total tangible common equity
$
16,652
$
17,016
$
17,036
$
17,834
$
17,818
(1) After any related tax effect.
20