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 | 2Q25 | Change | |||||
| 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. | 2Q25 | Change 2Q26 vs. | |||||
| 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. | 2Q25 | Change 2Q26 vs. | |||||
| 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 predominantly in the immediately preceding quarter. The increase in average loans reflected broad-based growth in average commercial and industrial loan balances of $2.3 billion and higher average commercial real estate loan balances of $57 million, average residential real estate loan balances of $269 million and average consumer loan balances of $413 million.
Average earning assets increased $4.7 billion from the second quarter of 2025. Average interest-bearing deposits at banks decreased $4.6 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $5.0 billion, including growth in loans spanning most industry types, residential real estate loans of $1.4 billion and consumer loans of $1.4 billion. Those increases were partially offset by a $1.8 billion decline in average commercial real estate loan balances, reflecting payoffs.
| Average Interest-bearing Liabilities | ||||||||||
| (Dollars in millions) | 2Q26 | 1Q26 | Change 2Q26 vs. | 2Q25 | Change 2Q26 vs. | |||||
| Interest-bearing deposits | ||||||||||
| Savings and interest-checking deposits (1) | $ 105,752 | $ 106,570 | -1 % | $ 103,934 | 2 % | |||||
| Time deposits (1) | 13,808 | 13,059 | 6 | 14,171 | -3 | |||||
| Total interest-bearing deposits (1) | 119,560 | 119,629 | — | 118,105 | 1 | |||||
| Short-term borrowings | 8,016 | 5,695 | 41 | 3,327 | 141 | |||||
| Long-term borrowings | 12,778 | 11,064 | 15 | 10,936 | 17 | |||||
| Total interest-bearing liabilities (1) | $ 140,354 | $ 136,388 | 3 | $ 132,368 | 6 | |||||
| (1) | In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. | |||||
Average interest-bearing liabilities in the recent quarter rose $4.0 billion from the first quarter of 2026 reflecting an increase in average short-term borrowings from the FHLB of New York and average long-term borrowings from issuances of senior notes and securitizations.
Average interest-bearing liabilities increased $8.0 billion from the second quarter of 2025 reflecting growth in average savings and interest-checking deposits of $1.8 billion and higher average short-term borrowings from the FHLB of New York and long-term borrowings from issuances of senior notes and securitizations.
| Provision for Credit Losses/Asset Quality | ||||||||||
| (Dollars in millions) | 2Q26 | 1Q26 | Change 2Q26 vs. 1Q26 | 2Q25 | Change 2Q26 vs. 2Q25 | |||||
| At end of quarter | ||||||||||
| Nonaccrual loans | $ 1,208 | $ 1,240 | -3 % | $ 1,573 | -23 % | |||||
| Real estate and other foreclosed assets | 23 | 27 | -14 | 30 | -25 | |||||
| Total nonperforming assets | 1,231 | 1,267 | -3 | 1,603 | -23 | |||||
| Accruing loans past due 90 days or more (1) | 603 | 646 | -7 | 496 | 22 | |||||
| Nonaccrual loans as % of loans outstanding | .84 % | .89 % | 1.16 % | |||||||
| Allowance for loan losses | $ 2,176 | $ 2,136 | 2 | $ 2,197 | -1 | |||||
| Allowance for loan losses as % of loans outstanding | 1.52 % | 1.53 % | 1.61 % | |||||||
| Reserve for unfunded credit commitments | $ 95 | $ 95 | — | $ 80 | 19 | |||||
| For the period | ||||||||||
| Provision for loan losses | $ 120 | $ 125 | -4 | $ 105 | 14 | |||||
| Provision for unfunded credit commitments | — | 15 | -100 | 20 | -100 | |||||
| Total provision for credit losses | 120 | 140 | -14 | 125 | -4 | |||||
| Net charge-offs | 80 | 105 | -23 | 108 | -26 | |||||
| Net charge-offs as % of average loans (annualized) | .23 % | .31 % | .32 % | |||||||
| (1) | Predominantly government-guaranteed residential real estate loans. | |||||
The provision for credit losses was $120 million in the second quarter of 2026 as compared with $140 million in the immediately preceding quarter and $125 million in the second quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.52% at June 30, 2026 and 1.53% at March 31, 2026, improved from 1.61% at June 30, 2025. That improvement reflects lower levels of criticized loans.
Nonaccrual loans were $1.2 billion at each of June 30, 2026 and March 31, 2026, compared with $1.6 billion at June 30, 2025. The lower level of nonaccrual loans at June 30, 2026 and March 31, 2026 as compared with June 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.
| Noninterest Income | ||||||||||
| (Dollars in millions) | 2Q26 | 1Q26 | Change 2Q26 vs. | 2Q25 | Change 2Q26 vs. | |||||
| Mortgage banking revenues (1) | $ 127 | $ 127 | — % | $ 130 | -2 % | |||||
| Service charges on deposit accounts | 144 | 139 | 4 | 137 | 4 | |||||
| Trust income | 197 | 183 | 8 | 182 | 9 | |||||
| Brokerage services income | 35 | 35 | 2 | 31 | 13 | |||||
| Trading account and other non-hedging derivative gains | 22 | 14 | 61 | 12 | 100 | |||||
| Gain (loss) on bank investment securities | 2 | 4 | -57 | — | — | |||||
| Other revenues from operations (2) | 213 | 187 | 14 | 191 | 12 | |||||
| Total | $ 740 | $ 689 | 8 | $ 683 | 8 | |||||
| (1) | Supplemental information on mortgage banking activities is included in the accompanying table herein. | |||||
| (2) | Supplemental information on other revenues from operations is included in the accompanying table herein. | |||||
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead beginning in 2026, fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.
Noninterest income in the second quarter of 2026 increased $51 million, or 8%, from 2026’s first quarter.
- Trust income rose $14 million reflecting higher revenues from the Company’s institutional services and wealth management businesses, including seasonal tax service fees.
- Trading account and other non-hedging derivative gains increased $8 million reflecting higher revenues from interest rate swap transactions with commercial customers.
- Other revenues from operations increased $26 million reflecting a $47 million distribution from M&T’s investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees.
Noninterest income rose $57 million, or 8%, as compared with the second quarter of 2025.
- Service charges on deposit accounts increased $7 million reflecting higher commercial and consumer service charges.
- Trust income rose $15 million reflecting higher revenues from the Company’s institutional services and wealth management businesses.
- Trading account and other non-hedging derivative gains increased $10 million reflecting higher revenues from interest rate swap transactions with commercial customers.
- Other revenues from operations increased $22 million reflecting a $47 million distribution from M&T’s investment in BLG in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025.
| Noninterest Expense | ||||||||||
| (Dollars in millions) | 2Q26 | 1Q26 | Change 2Q26 vs. | 2Q25 | Change 2Q26 vs. | |||||
| Salaries and employee benefits | $ 826 | $ 914 | -10 % | $ 813 | 2 % | |||||
| Equipment and net occupancy | 129 | 133 | -2 | 130 | — | |||||
| Outside data processing and software | 154 | 144 | 8 | 138 | 12 | |||||
| Professional and other services | 89 | 93 | -5 | 86 | 2 | |||||
| FDIC assessments | 18 | 23 | -27 | 22 | -21 | |||||
| Advertising and marketing | 27 | 21 | 31 | 25 | 8 | |||||
| Amortization of core deposit and other intangible assets | 7 | 9 | -26 | 9 | -27 | |||||
| Other costs of operations | 99 | 101 | -2 | 113 | -12 | |||||
| Total | $ 1,349 | $ 1,438 | -6 | $ 1,336 | 1 | |||||
Noninterest expense declined $89 million, or 6%, from the first quarter of 2026.
- Salaries and employee benefits expense decreased $88 million reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 and lower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases and an additional working day in the recent quarter.
- Outside data processing and software costs increased $10 million reflecting costs associated with enhancements to the Company’s technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
Noninterest expense increased $13 million, or 1%, from the second quarter of 2025.
- Salaries and employee benefits expense increased $13 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels in the recent quarter.
- Outside data processing and software costs rose $16 million reflecting costs associated with enhancements to the Company’s technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
- Other costs of operations decreased $14 million reflecting the amortization associated with residential mortgage loan servicing right assets in the second quarter of 2025, partially offset by higher expense associated with the Company’s supplemental executive retirement savings plan.
| Income Taxes |
The Company’s effective income tax rate was 23.1% in the second quarter of 2026, compared with 23.0% and 23.4% in the first quarter of 2026 and the second quarter of 2025, respectively.
| Capital and Liquidity | ||||||
| 2Q26 | 1Q26 | 2Q25 | ||||
| CET1 | 10.19 % | (1) | 10.33 % | 10.99 % | ||
| Tier 1 capital | 11.64 | (1) | 11.81 | 12.50 | ||
| Total capital | 13.72 | (1) | 13.61 | 13.96 | ||
| Tangible capital – common | 8.07 | 8.26 | 8.67 | |||
| (1) | Capital ratios at June 30, 2026 are estimated. | |||||
M&T’s capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T’s common and preferred stock totaled $220 million and $35 million, respectively, for the quarter ended June 30, 2026. M&T’s current stress capital buffer is 2.7%.
M&T repurchased shares of its common stock at a cost of $465 million during the recent quarter, compared with $1.25 billion and $1.08 billion in the first quarter of 2026 and the second quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.19% as of June 30, 2026. M&T’s total risk-weighted assets at June 30, 2026 are estimated to be $167.9 billion. Reflecting loan growth and share repurchase activity in the recent quarter, M&T’s tangible common equity to tangible asset ratio at June 30, 2026 decreased 19 basis points from March 31, 2026 and 60 basis points from June 30, 2025.
While not subject to the liquidity coverage ratio (“LCR”) requirements, M&T estimates that its LCR on June 30, 2026 was 106%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
Conference Call
Investors will have an opportunity to listen to M&T’s conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ226. The conference call will be webcast live through M&T’s website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday July 22, 2026, by calling (800) 695-2533 or (402) 530-9029 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T’s website at https://ir.mtb.com/news-events/events-presentations.
About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T’s Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
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.
| Financial Highlights | |||||||||||
| Three Months Ended | Six Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| (Dollars in millions, except per share, shares in thousands) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||
| Performance | |||||||||||
| Net income | $ 818 | $ 716 | 14 % | $ 1,482 | $ 1,300 | 14 % | |||||
| Net income available to common shareholders | 781 | 679 | 15 | 1,401 | 1,226 | 14 | |||||
| Per common share: | |||||||||||
| Basic earnings | 5.35 | 4.26 | 26 | 9.49 | 7.58 | 25 | |||||
| Diluted earnings | 5.32 | 4.24 | 25 | 9.44 | 7.55 | 25 | |||||
| Cash dividends | 1.50 | 1.35 | 11 | 3.00 | 2.70 | 11 | |||||
| Common shares outstanding: | |||||||||||
| Average – diluted | 146,758 | 160,005 | -8 | 148,424 | 162,511 | -9 | |||||
| Period end | 144,933 | 156,532 | -7 | 144,933 | 156,532 | -7 | |||||
| Return on (annualized): | |||||||||||
| Average total assets | 1.51 % | 1.37 % | 1.39 % | 1.25 % | |||||||
| Average common shareholders’ equity | 12.30 | 10.39 | 10.98 | 9.37 | |||||||
| Taxable-equivalent net interest income | $ 1,804 | $ 1,722 | 5 | $ 3,567 | $ 3,429 | 4 | |||||
| Yield on average earning assets (1) | 5.40 % | 5.51 % | 5.38 % | 5.51 % | |||||||
| Cost of interest-bearing liabilities (1) | 2.36 | 2.71 | 2.35 | 2.70 | |||||||
| Net interest spread (1) | 3.04 | 2.80 | 3.03 | 2.81 | |||||||
| Contribution of interest-free funds (1) | .66 | .82 | .67 | .83 | |||||||
| Net interest margin | 3.70 | 3.62 | 3.70 | 3.64 | |||||||
| Net charge-offs to average total net loans (annualized) | .23 | .32 | .27 | .33 | |||||||
| Net operating results (2) | |||||||||||
| Net operating income | $ 823 | $ 724 | 14 | $ 1,494 | $ 1,318 | 13 | |||||
| Diluted net operating earnings per common share | 5.35 | 4.28 | 25 | 9.52 | 7.66 | 24 | |||||
| Return on (annualized): | |||||||||||
| Average tangible assets | 1.59 % | 1.44 % | 1.46 % | 1.32 % | |||||||
| Average tangible common equity | 18.57 | 15.54 | 16.52 | 14.03 | |||||||
| Efficiency ratio | 52.8 | 55.2 | 55.5 | 57.8 | |||||||
| At June 30, | |||||||||||
| Loan quality | 2026 | 2025 | Change | ||||||||
| Nonaccrual loans | $ 1,208 | $ 1,573 | -23 % | ||||||||
| Real estate and other foreclosed assets | 23 | 30 | -25 | ||||||||
| Total nonperforming assets | $ 1,231 | $ 1,603 | -23 | ||||||||
| Accruing loans past due 90 days or more | $ 603 | $ 496 | 22 | ||||||||
| Government guaranteed loans included in totals above: | |||||||||||
| Nonaccrual loans | $ 78 | $ 75 | 4 | ||||||||
| Accruing loans past due 90 days or more | 586 | 450 | 30 | ||||||||
| Nonaccrual loans to total loans | .84 % | 1.16 % | |||||||||
| Allowance for loan losses to total loans | 1.52 | 1.61 | |||||||||
| Additional information | |||||||||||
| Period end common stock price | $ 238.01 | $ 193.99 | 23 | ||||||||
| Full-service domestic banking offices (3) | 911 | 941 | -3 | ||||||||
| Full-time equivalent employees | 21,662 | 22,590 | -4 | ||||||||
| (1) | In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. | |||||
| (2) | Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein. | |||||
| (3) | In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings. | |||||
| Financial Highlights, Five Quarter Trend | |||||||||
| Three Months Ended | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| (Dollars in millions, except per share, shares in thousands) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| Performance | |||||||||
| Net income | $ 818 | $ 664 | $ 759 | $ 792 | $ 716 | ||||
| Net income available to common shareholders | 781 | 620 | 718 | 754 | 679 | ||||
| Per common share: | |||||||||
| Basic earnings | 5.35 | 4.16 | 4.71 | 4.85 | 4.26 | ||||
| Diluted earnings | 5.32 | 4.13 | 4.67 | 4.82 | 4.24 | ||||
| Cash dividends | 1.50 | 1.50 | 1.50 | 1.50 | 1.35 | ||||
| Common shares outstanding: | |||||||||
| Average – diluted | 146,758 | 150,109 | 153,712 | 156,553 | 160,005 | ||||
| Period end | 144,933 | 146,917 | 151,840 | 154,518 | 156,532 | ||||
| Return on (annualized): | |||||||||
| Average total assets | 1.51 % | 1.26 % | 1.41 % | 1.49 % | 1.37 % | ||||
| Average common shareholders’ equity | 12.30 | 9.67 | 10.87 | 11.45 | 10.39 | ||||
| Taxable-equivalent net interest income | $ 1,804 | $ 1,763 | $ 1,790 | $ 1,773 | $ 1,722 | ||||
| Yield on average earning assets (1) | 5.40 % | 5.35 % | 5.47 % | 5.60 % | 5.51 % | ||||
| Cost of interest-bearing liabilities (1) | 2.36 | 2.32 | 2.52 | 2.72 | 2.71 | ||||
| Net interest spread | 3.04 | 3.03 | 2.95 | 2.88 | 2.80 | ||||
| Contribution of interest-free funds (1) | .66 | .67 | .75 | .81 | .82 | ||||
| Net interest margin (1) | 3.70 | 3.70 | 3.70 | 3.69 | 3.62 | ||||
| Net charge-offs to average total net loans (annualized) | .23 | .31 | .54 | .42 | .32 | ||||
| Net operating results (2) | |||||||||
| Net operating income | $ 823 | $ 671 | $ 767 | $ 798 | $ 724 | ||||
| Diluted net operating earnings per common share | 5.35 | 4.18 | 4.72 | 4.87 | 4.28 | ||||
| Return on (annualized): | |||||||||
| Average tangible assets | 1.59 % | 1.33 % | 1.49 % | 1.56 % | 1.44 % | ||||
| Average tangible common equity | 18.57 | 14.51 | 16.24 | 17.13 | 15.54 | ||||
| Efficiency ratio | 52.8 | 58.3 | 55.1 | 53.6 | 55.2 | ||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| Loan quality | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| Nonaccrual loans | $ 1,208 | $ 1,240 | $ 1,252 | $ 1,512 | $ 1,573 | ||||
| Real estate and other foreclosed assets | 23 | 27 | 35 | 37 | 30 | ||||
| Total nonperforming assets | $ 1,231 | $ 1,267 | $ 1,287 | $ 1,549 | $ 1,603 | ||||
| Accruing loans past due 90 days or more | $ 603 | $ 646 | $ 561 | $ 432 | $ 496 | ||||
| Government guaranteed loans included in totals above: | |||||||||
| Nonaccrual loans | 78 | 85 | 83 | 71 | 75 | ||||
| Accruing loans past due 90 days or more | 586 | 634 | 543 | 403 | 450 | ||||
| Nonaccrual loans to total loans | .84 % | .89 % | .90 % | 1.10 % | 1.16 % | ||||
| Allowance for loan losses to total loans | 1.52 | 1.53 | 1.53 | 1.58 | 1.61 | ||||
| Additional information | |||||||||
| Period end common stock price | $ 238.01 | $ 206.72 | $ 201.48 | $ 197.62 | $ 193.99 | ||||
| Full-service domestic banking offices (3) | 911 | 930 | 942 | 942 | 941 | ||||
| Full-time equivalent employees | 21,662 | 21,866 | 22,080 | 22,383 | 22,590 | ||||
| (1) | In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. | |||||
| (2) | Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein. | |||||
| (3) | In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings. | |||||
| Condensed Consolidated Statement of Income | |||||||||||
| Three Months Ended | Six Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| (Dollars in millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||
| Interest income | $ 2,620 | $ 2,609 | — % | $ 5,156 | $ 5,169 | — % | |||||
| Interest expense | 828 | 896 | -8 | 1,612 | 1,761 | -8 | |||||
| Net interest income | 1,792 | 1,713 | 5 | 3,544 | 3,408 | 4 | |||||
| Provision for credit losses | 120 | 125 | -4 | 260 | 255 | 2 | |||||
| Net interest income after provision for credit losses | 1,672 | 1,588 | 5 | 3,284 | 3,153 | 4 | |||||
| Other income | |||||||||||
| Mortgage banking revenues | 127 | 130 | -2 | 254 | 248 | 2 | |||||
| Service charges on deposit accounts | 144 | 137 | 4 | 283 | 270 | 5 | |||||
| Trust income | 197 | 182 | 9 | 380 | 359 | 6 | |||||
| Brokerage services income | 35 | 31 | 13 | 70 | 63 | 11 | |||||
| Trading account and other non-hedging derivative gains | 22 | 12 | 100 | 36 | 21 | 74 | |||||
| Gain (loss) on bank investment securities | 2 | — | — | 6 | — | — | |||||
| Other revenues from operations | 213 | 191 | 12 | 400 | 333 | 20 | |||||
| Total other income | 740 | 683 | 8 | 1,429 | 1,294 | 10 | |||||
| Other expense | |||||||||||
| Salaries and employee benefits | 826 | 813 | 2 | 1,740 | 1,700 | 2 | |||||
| Equipment and net occupancy | 129 | 130 | — | 262 | 262 | — | |||||
| Outside data processing and software | 154 | 138 | 12 | 298 | 274 | 9 | |||||
| Professional and other services | 89 | 86 | 2 | 182 | 170 | 7 | |||||
| FDIC assessments | 18 | 22 | -21 | 41 | 45 | -10 | |||||
| Advertising and marketing | 27 | 25 | 8 | 48 | 47 | 1 | |||||
| Amortization of core deposit and other intangible assets | 7 | 9 | -27 | 16 | 22 | -27 | |||||
| Other costs of operations | 99 | 113 | -12 | 200 | 231 | -13 | |||||
| Total other expense | 1,349 | 1,336 | 1 | 2,787 | 2,751 | 1 | |||||
| Income before taxes | 1,063 | 935 | 14 | 1,926 | 1,696 | 14 | |||||
| Income taxes | 245 | 219 | 12 | 444 | 396 | 12 | |||||
| Net income | $ 818 | $ 716 | 14 % | $ 1,482 | $ 1,300 | 14 % | |||||
| Condensed Consolidated Statement of Income, Five Quarter Trend | |||||||||
| Three Months Ended | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| (Dollars in millions) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| Interest income | $ 2,620 | $ 2,536 | $ 2,637 | $ 2,680 | $ 2,609 | ||||
| Interest expense | 828 | 784 | 858 | 919 | 896 | ||||
| Net interest income | 1,792 | 1,752 | 1,779 | 1,761 | 1,713 | ||||
| Provision for credit losses | 120 | 140 | 125 | 125 | 125 | ||||
| Net interest income after provision for credit losses | 1,672 | 1,612 | 1,654 | 1,636 | 1,588 | ||||
| Other income | |||||||||
| Mortgage banking revenues | 127 | 127 | 155 | 147 | 130 | ||||
| Service charges on deposit accounts | 144 | 139 | 140 | 141 | 137 | ||||
| Trust income | 197 | 183 | 184 | 181 | 182 | ||||
| Brokerage services income | 35 | 35 | 34 | 34 | 31 | ||||
| Trading account and other non-hedging | 22 | 14 | 19 | 18 | 12 | ||||
| Gain (loss) on bank investment securities | 2 | 4 | 1 | 1 | — | ||||
| Other revenues from operations | 213 | 187 | 163 | 230 | 191 | ||||
| Total other income | 740 | 689 | 696 | 752 | 683 | ||||
| Other expense | |||||||||
| Salaries and employee benefits | 826 | 914 | 809 | 833 | 813 | ||||
| Equipment and net occupancy | 129 | 133 | 134 | 129 | 130 | ||||
| Outside data processing and software | 154 | 144 | 146 | 138 | 138 | ||||
| Professional and other services | 89 | 93 | 105 | 81 | 86 | ||||
| FDIC assessments | 18 | 23 | (8) | 13 | 22 | ||||
| Advertising and marketing | 27 | 21 | 32 | 23 | 25 | ||||
| Amortization of core deposit and other | 7 | 9 | 10 | 10 | 9 | ||||
| Other costs of operations | 99 | 101 | 151 | 136 | 113 | ||||
| Total other expense | 1,349 | 1,438 | 1,379 | 1,363 | 1,336 | ||||
| Income before taxes | 1,063 | 863 | 971 | 1,025 | 935 | ||||
| Income taxes | 245 | 199 | 212 | 233 | 219 | ||||
| Net income | $ 818 | $ 664 | $ 759 | $ 792 | $ 716 | ||||
| Condensed Consolidated Balance Sheet | |||||
| June 30, | |||||
| (Dollars in millions) | 2026 | 2025 | Change | ||
| ASSETS | |||||
| Cash and due from banks | $ 1,939 | $ 2,128 | -9 % | ||
| Interest-bearing deposits at banks | 15,499 | 19,297 | -20 | ||
| Investment securities | 38,374 | 35,568 | 8 | ||
| Loans: | |||||
| Commercial and industrial | 66,143 | 61,660 | 7 | ||
| Real estate – commercial | 24,492 | 24,567 | — | ||
| Real estate – residential | 25,384 | 24,117 | 5 | ||
| Consumer | 27,174 | 25,772 | 5 | ||
| Total loans | 143,193 | 136,116 | 5 | ||
| Less: allowance for loan losses | 2,176 | 2,197 | -1 | ||
| Net loans | 141,017 | 133,919 | 5 | ||
| Goodwill | 8,465 | 8,465 | — | ||
| Core deposit and other intangible assets | 48 | 84 | -43 | ||
| Other assets | 13,919 | 12,123 | 15 | ||
| Total assets | $ 219,261 | $ 211,584 | 4 % | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Noninterest-bearing deposits | $ 48,295 | $ 47,485 | 2 % | ||
| Interest-bearing deposits | 120,590 | 116,968 | 3 | ||
| Total deposits | 168,885 | 164,453 | 3 | ||
| Short-term borrowings | 4,614 | 2,071 | 123 | ||
| Long-term borrowings | 13,568 | 12,380 | 10 | ||
| Accrued interest and other liabilities | 4,248 | 4,155 | 2 | ||
| Total liabilities | 191,315 | 183,059 | 5 | ||
| Shareholders’ equity: | |||||
| Preferred | 2,434 | 2,394 | 2 | ||
| Common | 25,512 | 26,131 | -2 | ||
| Total shareholders’ equity | 27,946 | 28,525 | -2 | ||
| Total liabilities and shareholders’ equity | $ 219,261 | $ 211,584 | 4 % | ||
| Condensed Consolidated Balance Sheet, Five Quarter Trend | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| (Dollars in millions) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| ASSETS | |||||||||
| Cash and due from banks | $ 1,939 | $ 1,903 | $ 1,701 | $ 1,950 | $ 2,128 | ||||
| Interest-bearing deposits at banks | 15,499 | 14,445 | 17,068 | 16,751 | 19,297 | ||||
| Investment securities | 38,374 | 38,621 | 36,649 | 36,864 | 35,568 | ||||
| Loans: | |||||||||
| Commercial and industrial | 66,143 | 65,391 | 63,548 | 61,887 | 61,660 | ||||
| Real estate – commercial | 24,492 | 23,345 | 23,819 | 24,046 | 24,567 | ||||
| Real estate – residential | 25,384 | 24,857 | 24,874 | 24,662 | 24,117 | ||||
| Consumer | 27,174 | 26,321 | 26,461 | 26,379 | 25,772 | ||||
| Total loans | 143,193 | 139,914 | 138,702 | 136,974 | 136,116 | ||||
| Less: allowance for loan losses | 2,176 | 2,136 | 2,116 | 2,161 | 2,197 | ||||
| Net loans | 141,017 | 137,778 | 136,586 | 134,813 | 133,919 | ||||
| Goodwill | 8,465 | 8,465 | 8,465 | 8,465 | 8,465 | ||||
| Core deposit and other intangible assets | 48 | 55 | 64 | 74 | 84 | ||||
| Other assets | 13,919 | 13,469 | 12,977 | 12,360 | 12,123 | ||||
| Total assets | $ 219,261 | $ 214,736 | $ 213,510 | $ 211,277 | $ 211,584 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Noninterest-bearing deposits | $ 48,295 | $ 45,892 | $ 46,509 | $ 44,994 | $ 47,485 | ||||
| Interest-bearing deposits | 120,590 | 117,849 | 120,400 | 118,432 | 116,968 | ||||
| Total deposits | 168,885 | 163,741 | 166,909 | 163,426 | 164,453 | ||||
| Short-term borrowings | 4,614 | 7,851 | 2,149 | 2,059 | 2,071 | ||||
| Long-term borrowings | 13,568 | 11,175 | 10,911 | 12,928 | 12,380 | ||||
| Accrued interest and other liabilities | 4,248 | 3,997 | 4,364 | 4,136 | 4,155 | ||||
| Total liabilities | 191,315 | 186,764 | 184,333 | 182,549 | 183,059 | ||||
| Shareholders’ equity: | |||||||||
| Preferred | 2,434 | 2,434 | 2,834 | 2,394 | 2,394 | ||||
| Common | 25,512 | 25,538 | 26,343 | 26,334 | 26,131 | ||||
| Total shareholders’ equity | 27,946 | 27,972 | 29,177 | 28,728 | 28,525 | ||||
| Total liabilities and shareholders’ equity | $ 219,261 | $ 214,736 | $ 213,510 | $ 211,277 | $ 211,584 | ||||
| Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates | |||||||||||||||||||||||||
| Three Months Ended | Change in Balance | Six Months Ended | |||||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, 2026 from | June 30, | Change | ||||||||||||||||||||
| 2026 | 2026 | 2025 | March 31, | June 30, | 2026 | 2025 | in | ||||||||||||||||||
| (Dollars in millions) | Balance | Rate | Balance | Rate | Balance | Rate | 2026 | 2025 | Balance | Rate | Balance | Rate | Balance | ||||||||||||
| ASSETS | |||||||||||||||||||||||||
| Interest-bearing deposits at banks | $ 15,061 | 3.72 % | $ 16,231 | 3.71 % | $ 19,698 | 4.47 % | -7 % | -24 % | $ 15,642 | 3.72 % | $ 19,697 | 4.48 % | -21 % | ||||||||||||
| Investment securities (1) (2) | 38,728 | 4.29 | 37,845 | 4.22 | 35,335 | 3.80 | 2 | 10 | 38,289 | 4.25 | 34,909 | 3.88 | 10 | ||||||||||||
| Loans: | |||||||||||||||||||||||||
| Commercial and industrial | 66,069 | 6.00 | 63,804 | 6.00 | 61,036 | 6.40 | 4 | 8 | 64,942 | 6.00 | 61,046 | 6.38 | 6 | ||||||||||||
| Real estate – commercial (1) | 23,553 | 6.27 | 23,496 | 6.11 | 25,333 | 6.40 | — | -7 | 23,525 | 6.19 | 25,794 | 6.32 | -9 | ||||||||||||
| Real estate – residential | 25,086 | 4.64 | 24,817 | 4.56 | 23,684 | 4.52 | 1 | 6 | 24,952 | 4.60 | 23,431 | 4.48 | 6 | ||||||||||||
| Consumer | 26,719 | 6.46 | 26,306 | 6.48 | 25,354 | 6.57 | 2 | 5 | 26,514 | 6.47 | 24,856 | 6.57 | 7 | ||||||||||||
| Total loans (1) | 141,427 | 5.89 | 138,423 | 5.85 | 135,407 | 6.10 | 2 | 4 | 139,933 | 5.87 | 135,127 | 6.08 | 4 | ||||||||||||
| Other (1) | — | — | 95 | 3.49 | 95 | 3.47 | -100 | -100 | 47 | — | 96 | 3.47 | -51 | ||||||||||||
| Total earning assets (1) | 195,216 | 5.40 | 192,594 | 5.35 | 190,535 | 5.51 | 1 | 2 | 193,911 | 5.38 | 189,829 | 5.51 | 2 | ||||||||||||
| Goodwill | 8,465 | 8,465 | 8,465 | — | — | 8,465 | 8,465 | — | |||||||||||||||||
| Core deposit and other intangible assets | 51 | 59 | 89 | -13 | -42 | 55 | 90 | -39 | |||||||||||||||||
| Other assets | 12,800 | 12,710 | 11,172 | 1 | 15 | 12,755 | 10,912 | 17 | |||||||||||||||||
| Total assets | $ 216,532 | $ 213,828 | $ 210,261 | 1 % | 3 % | $ 215,186 | $ 209,296 | 3 % | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||
| Savings and interest-checking deposits (1) | $ 105,752 | 1.81 % | $ 106,570 | 1.84 % | $ 103,934 | 2.24 % | -1 % | 2 % | $ 106,159 | 1.82 % | $ 102,741 | 2.22 % | 3 % | ||||||||||||
| Time deposits (1) | 13,808 | 3.02 | 13,059 | 3.02 | 14,171 | 3.48 | 6 | -3 | 13,435 | 3.02 | 14,140 | 3.52 | -5 | ||||||||||||
| Total interest-bearing deposits (1) | 119,560 | 1.95 | 119,629 | 1.97 | 118,105 | 2.39 | — | 1 | 119,594 | 1.96 | 116,881 | 2.38 | 2 | ||||||||||||
| Short-term borrowings | 8,016 | 3.86 | 5,695 | 3.86 | 3,327 | 4.49 | 41 | 141 | 6,862 | 3.86 | 3,100 | 4.51 | 121 | ||||||||||||
| Long-term borrowings (1) | 12,778 | 5.33 | 11,064 | 5.41 | 10,936 | 5.70 | 15 | 17 | 11,926 | 5.37 | 11,109 | 5.64 | 7 | ||||||||||||
| Total interest-bearing liabilities (1) | 140,354 | 2.36 | 136,388 | 2.32 | 132,368 | 2.71 | 3 | 6 | 138,382 | 2.35 | 131,090 | 2.70 | 6 | ||||||||||||
| Noninterest-bearing deposits | 43,964 | 44,547 | 45,153 | -1 | -3 | 44,254 | 45,294 | -2 | |||||||||||||||||
| Other liabilities (1) | 4,275 | 4,245 | 4,074 | 1 | 5 | 4,259 | 4,081 | 4 | |||||||||||||||||
| Total liabilities | 188,593 | 185,180 | 181,595 | 2 | 4 | 186,895 | 180,465 | 4 | |||||||||||||||||
| Shareholders’ equity | 27,939 | 28,648 | 28,666 | -2 | -3 | 28,291 | 28,831 | -2 | |||||||||||||||||
| Total liabilities and shareholders’ equity | $ 216,532 | $ 213,828 | $ 210,261 | 1 % | 3 % | $ 215,186 | $ 209,296 | 3 % | |||||||||||||||||
| Net interest spread (1) | 3.04 | 3.03 | 2.80 | 3.03 | 2.81 | ||||||||||||||||||||
| Contribution of interest-free funds (1) | .66 | .67 | .82 | .67 | .83 | ||||||||||||||||||||
| Net interest margin (1) | 3.70 % | 3.70 % | 3.62 % | 3.70 % | 3.64 % | ||||||||||||||||||||
| (1) | In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. | |||||
| (2) | Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United Financial, Inc. | |||||
| Supplemental Information – Loan Balances | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| (Dollars in millions) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| Commercial and industrial | |||||||||
| Commercial and industrial excluding owner-occupied real estate by industry: | |||||||||
| Financial and insurance | $ 13,852 | $ 13,545 | $ 12,794 | $ 12,084 | $ 12,138 | ||||
| Services | 8,559 | 8,235 | 7,910 | 7,689 | 7,646 | ||||
| Motor vehicle and recreational finance dealers | 6,972 | 7,069 | 7,191 | 6,637 | 6,502 | ||||
| Manufacturing | 6,407 | 6,424 | 6,112 | 6,241 | 6,189 | ||||
| Wholesale | 4,343 | 4,359 | 4,386 | 4,246 | 4,246 | ||||
| Transportation, communications, utilities | 4,208 | 3,937 | 3,890 | 3,755 | 3,807 | ||||
| Retail | 3,330 | 3,316 | 3,098 | 3,114 | 3,079 | ||||
| Construction | 2,450 | 2,311 | 2,265 | 2,206 | 2,275 | ||||
| Health services | 1,712 | 1,841 | 1,822 | 1,780 | 1,879 | ||||
| Real estate investors | 1,526 | 1,668 | 1,579 | 1,506 | 1,314 | ||||
| Other | 1,400 | 1,365 | 1,303 | 1,568 | 1,377 | ||||
| Total commercial and industrial excluding owner-occupied real estate | 54,759 | 54,070 | 52,350 | 50,826 | 50,452 | ||||
| Owner-occupied real estate by industry: | |||||||||
| Services | 2,362 | 2,377 | 2,368 | 2,308 | 2,402 | ||||
| Motor vehicle and recreational finance dealers | 2,180 | 2,217 | 2,234 | 2,162 | 2,239 | ||||
| Retail | 1,926 | 1,916 | 1,893 | 1,825 | 1,808 | ||||
| Health services | 1,464 | 1,335 | 1,268 | 1,320 | 1,313 | ||||
| Wholesale | 1,035 | 1,029 | 978 | 975 | 951 | ||||
| Manufacturing | 712 | 727 | 791 | 783 | 785 | ||||
| Real estate investors | 607 | 617 | 616 | 634 | 630 | ||||
| Other | 1,098 | 1,103 | 1,050 | 1,054 | 1,080 | ||||
| Total owner-occupied real estate | 11,384 | 11,321 | 11,198 | 11,061 | 11,208 | ||||
| Total commercial and industrial | 66,143 | 65,391 | 63,548 | 61,887 | 61,660 | ||||
| Commercial real estate | |||||||||
| Permanent finance by property type: | |||||||||
| Apartments/Multifamily | 7,124 | 6,628 | 6,837 | 6,548 | 6,082 | ||||
| Retail/Service | 4,259 | 4,237 | 4,164 | 4,320 | 4,435 | ||||
| Industrial/Warehouse | 3,276 | 2,462 | 2,297 | 2,175 | 2,098 | ||||
| Office | 3,147 | 3,282 | 3,423 | 3,487 | 3,720 | ||||
| Hotel | 1,665 | 1,727 | 1,743 | 1,776 | 1,889 | ||||
| Health Services | 1,583 | 1,507 | 1,548 | 1,554 | 1,669 | ||||
| Other | 180 | 187 | 180 | 202 | 262 | ||||
| Total permanent | 21,234 | 20,030 | 20,192 | 20,062 | 20,155 | ||||
| Construction/Development | 3,258 | 3,315 | 3,627 | 3,984 | 4,412 | ||||
| Total commercial real estate | 24,492 | 23,345 | 23,819 | 24,046 | 24,567 | ||||
| Residential real estate | |||||||||
| Residential real estate | 25,384 | 24,857 | 24,874 | 24,662 | 24,117 | ||||
| Consumer | |||||||||
| Home equity lines and loans | 4,891 | 4,796 | 4,807 | 4,730 | 4,634 | ||||
| Recreational finance | 14,856 | 14,144 | 14,092 | 14,152 | 13,666 | ||||
| Automobile | 4,969 | 5,016 | 5,167 | 5,223 | 5,260 | ||||
| Other | 2,458 | 2,365 | 2,395 | 2,274 | 2,212 | ||||
| Total consumer | 27,174 | 26,321 | 26,461 | 26,379 | 25,772 | ||||
| Total loans | $ 143,193 | $ 139,914 | $ 138,702 | $ 136,974 | $ 136,116 | ||||
| Supplemental Information – Mortgage Banking Activities | |||||||||||||||
| Three Months Ended | Change | Six Months Ended | Change | ||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||
| (Dollars in millions) | 2026 | 2026 | Amount | % | 2026 | 2025 | Amount | % | |||||||
| Residential mortgage banking revenues | |||||||||||||||
| Gains on loans originated for sale | $ 7 | $ 8 | $ (1) | -9 % | $ 15 | $ 14 | $ 1 | 5 % | |||||||
| Loan servicing: | |||||||||||||||
| Loan servicing fees | 33 | 32 | 1 | 2 | 65 | 70 | (5) | -6 | |||||||
| Changes in fair value of mortgage loan servicing right assets, net of hedging activities | (11) | (13) | 2 | 15 | (24) | — | (24) | — | |||||||
| Loan sub-servicing and other fees | 67 | 62 | 5 | 9 | 129 | 95 | 34 | 35 | |||||||
| Total loan servicing | 89 | 81 | 8 | 10 | 170 | 165 | 5 | 3 | |||||||
| Total residential mortgage banking revenues | $ 96 | $ 89 | $ 7 | 8 % | $ 185 | $ 179 | $ 6 | 3 % | |||||||
| New commitments to originate loans for sale | $ 411 | $ 400 | $ 11 | 3 % | $ 811 | $ 612 | $ 199 | 33 % | |||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| (Dollars in millions) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| Balances at period end | |||||||||
| Loans held for sale | $ 256 | $ 327 | $ 441 | $ 327 | $ 222 | ||||
| Commitments to originate loans for sale | 258 | 222 | 224 | 329 | 248 | ||||
| Commitments to sell loans | 467 | 544 | 645 | 576 | 407 | ||||
| Capitalized mortgage loan servicing assets | 540 | 542 | 287 | 305 | 326 | ||||
| Loans serviced for others | 35,253 | 35,586 | 35,873 | 36,421 | 36,952 | ||||
| Loans sub-serviced for others | 183,599 | 123,968 | 156,938 | 161,785 | 157,608 | ||||
| Total loans serviced for others | $ 218,852 | $ 159,554 | $ 192,811 | $ 198,206 | $ 194,560 |
| Three Months Ended | Change | Six Months Ended | Change | ||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||
| (Dollars in millions) | 2026 | 2026 | Amount | % | 2026 | 2025 | Amount | % | |||||||
| Commercial mortgage banking revenues | |||||||||||||||
| Gains on loans originated for sale | $ 13 | $ 18 | $ (5) | -28 % | $ 31 | $ 30 | $ 1 | 3 % | |||||||
| Loan servicing fees and other | 18 | 20 | (2) | -11 | 38 | 39 | (1) | — | |||||||
| Total commercial mortgage banking revenues | $ 31 | $ 38 | $ (7) | -19 % | $ 69 | $ 69 | $ — | 1 % | |||||||
| Loans originated for sale to other investors | $ 746 | $ 1,135 | $ (389) | -34 % | $ 1,881 | $ 2,087 | $ (206) | -10 % | |||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| (Dollars in millions) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| Balances at period end | |||||||||
| Loans held for sale | $ 259 | $ 359 | $ 484 | $ 278 | $ 361 | ||||
| Commitments to originate loans for sale | 485 | 529 | 773 | 1,074 | 659 | ||||
| Commitments to sell loans | 740 | 903 | 1,253 | 1,292 | 1,017 | ||||
| Capitalized mortgage loan servicing assets | 136 | 138 | 132 | 123 | 124 | ||||
| Loans serviced for others | 31,368 | 30,934 | 30,309 | 28,957 | 28,416 | ||||
| Loans sub-serviced for others | 4,072 | 4,194 | 4,231 | 4,297 | 4,209 | ||||
| Total loans serviced for others | $ 35,440 | $ 35,128 | $ 34,540 | $ 33,254 | $ 32,625 |
| Supplemental Information – Other Revenues from Operations | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | March 31, | Change | June 30, | June 30, | Change | ||||||||||
| (Dollars in millions) | 2026 | 2026 | Amount | % | 2026 | 2025 | Amount | % | |||||||
| Letter of credit and other credit-related fees | $ 55 | $ 54 | $ 1 | — % | $ 109 | $ 107 | $ 2 | 2 % | |||||||
| Merchant discount and credit card fees | 47 | 41 | 6 | 17 | 88 | 89 | (1) | -2 | |||||||
| Bank owned life insurance revenue | 20 | 18 | 2 | 5 | 38 | 35 | 3 | 8 | |||||||
| Equipment operating lease income | 11 | 11 | — | 1 | 22 | 25 | (3) | -12 | |||||||
| BLG income | 47 | 33 | 14 | 43 | 80 | — | 80 | — | |||||||
| Other | 33 | 30 | 3 | 11 | 63 | 77 | (14) | -17 | |||||||
| Total other revenues from operations | $ 213 | $ 187 | $ 26 | 14 % | $ 400 | $ 333 | $ 67 | 20 % | |||||||
| Three Months Ended | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| (Dollars in millions) | 2026 | 2026 | 2025 | 2025 | 2025 | ||||
| Letter of credit and other credit-related fees | $ 55 | $ 54 | $ 57 | $ 55 | $ 58 | ||||
| Merchant discount and credit card fees | 47 | 41 | 46 | 51 | 50 | ||||
| Bank owned life insurance revenue | 20 | 18 | 19 | 21 | 17 | ||||
| Equipment operating lease income | 11 | 11 | 11 | 12 | 14 | ||||
| BLG income | 47 | 33 | — | 20 | — | ||||
| Other | 33 | 30 | 30 | 71 | 52 | ||||
| Total other revenues from operations | $ 213 | $ 187 | $ 163 | $ 230 | $ 191 | ||||
| Supplemental Information – Interest Rate Swap Agreements | |||||||||||||
| (Dollars in billions) | June 30, 2026 | September 30, 2026 | December 31, 2026 | March 31, 2027 | June 30, 2027 | September 30, 2027 | December 31, 2027 | ||||||
| Fair value hedges: | |||||||||||||
| Active | $ 6.1 | $ 6.1 | $ 6.1 | $ 6.1 | $ 6.1 | $ 5.1 | $ 5.1 | ||||||
| Cash flow hedges: | |||||||||||||
| Active | 16.0 | 13.7 | 14.5 | 14.0 | 12.7 | 10.7 | 9.6 | ||||||
| Forward-starting | 10.2 | 5.0 | 4.2 | 2.0 | — | — | — | ||||||
| Fair value hedges – weighted-average fixed rate: | |||||||||||||
| Active | 3.56 % | 3.56 % | 3.56 % | 3.56 % | 3.56 % | 3.66 % | 3.66 % | ||||||
| Cash flow hedges – weighted-average fixed rate: | |||||||||||||
| Active | 3.82 | 3.62 | 3.62 | 3.60 | 3.64 | 3.63 | 3.57 | ||||||
| Forward-starting | 3.52 | 3.64 | 3.65 | 3.91 | — | — | — | ||||||
| Reconciliation of Quarterly GAAP to Non-GAAP Measures | |||||||
| Three Months Ended | Six Months Ended | ||||||
| June 30, | June 30, | ||||||
| 2026 | 2025 | 2026 | 2025 | ||||
| (Dollars in millions, except per share) | |||||||
| Income statement data | |||||||
| Net income | |||||||
| Net income | $ 818 | $ 716 | $ 1,482 | $ 1,300 | |||
| Amortization of core deposit and other intangible assets (1) | 5 | 8 | 12 | 18 | |||
| Net operating income | $ 823 | $ 724 | $ 1,494 | $ 1,318 | |||
| Earnings per common share | |||||||
| Diluted earnings per common share | $ 5.32 | $ 4.24 | $ 9.44 | $ 7.55 | |||
| Amortization of core deposit and other intangible assets (1) | .03 | .04 | .08 | .11 | |||
| Diluted net operating earnings per common share | $ 5.35 | $ 4.28 | $ 9.52 | $ 7.66 | |||
| Other expense | |||||||
| Other expense | $ 1,349 | $ 1,336 | $ 2,787 | $ 2,751 | |||
| Amortization of core deposit and other intangible assets | (7) | (9) | (16) | (22) | |||
| Noninterest operating expense | $ 1,342 | $ 1,327 | $ 2,771 | $ 2,729 | |||
| Efficiency ratio | |||||||
| Noninterest operating expense (numerator) | $ 1,342 | $ 1,327 | $ 2,771 | $ 2,729 | |||
| Taxable-equivalent net interest income | $ 1,804 | $ 1,722 | $ 3,567 | $ 3,429 | |||
| Other income | 740 | 683 | 1,429 | 1,294 | |||
| Less: Gain (loss) on bank investment securities | 2 | — | 6 | — | |||
| Denominator | $ 2,542 | $ 2,405 | $ 4,990 | $ 4,723 | |||
| Efficiency ratio | 52.8 % | 55.2 % | 55.5 % | 57.8 % | |||
| Balance sheet data | |||||||
| Average assets | |||||||
| Average assets | $ 216,532 | $ 210,261 | $ 215,186 | $ 209,296 | |||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | |||
| Core deposit and other intangible assets | (51) | (89) | (55) | (90) | |||
| Deferred taxes | 17 | 26 | 18 | 26 | |||
| Average tangible assets | $ 208,033 | $ 201,733 | $ 206,684 | $ 200,767 | |||
| Average common equity | |||||||
| Average total equity | $ 27,939 | $ 28,666 | $ 28,291 | $ 28,831 | |||
| Preferred stock | (2,434) | (2,394) | (2,505) | (2,394) | |||
| Average common equity | 25,505 | 26,272 | 25,786 | 26,437 | |||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | |||
| Core deposit and other intangible assets | (51) | (89) | (55) | (90) | |||
| Deferred taxes | 17 | 26 | 18 | 26 | |||
| Average tangible common equity | $ 17,006 | $ 17,744 | $ 17,284 | $ 17,908 | |||
| At end of quarter | |||||||
| Total assets | |||||||
| Total assets | $ 219,261 | $ 211,584 | |||||
| Goodwill | (8,465) | (8,465) | |||||
| Core deposit and other intangible assets | (48) | (84) | |||||
| Deferred taxes | 17 | 25 | |||||
| Total tangible assets | $ 210,765 | $ 203,060 | |||||
| Total common equity | |||||||
| Total equity | $ 27,946 | $ 28,525 | |||||
| Preferred stock | (2,434) | (2,394) | |||||
| Common equity | 25,512 | 26,131 | |||||
| Goodwill | (8,465) | (8,465) | |||||
| Core deposit and other intangible assets | (48) | (84) | |||||
| Deferred taxes | 17 | 25 | |||||
| Total tangible common equity | $ 17,016 | $ 17,607 | |||||
| (1) | After any related tax effect. | |||||
| Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend | |||||||||
| Three Months Ended | |||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||
| 2026 | 2026 | 2025 | 2025 | 2025 | |||||
| (Dollars in millions, except per share) | |||||||||
| Income statement data | |||||||||
| Net income | |||||||||
| Net income | $ 818 | $ 664 | $ 759 | $ 792 | $ 716 | ||||
| Amortization of core deposit and other intangible assets (1) | 5 | 7 | 8 | 6 | 8 | ||||
| Net operating income | $ 823 | $ 671 | $ 767 | $ 798 | $ 724 | ||||
| Earnings per common share | |||||||||
| Diluted earnings per common share | $ 5.32 | $ 4.13 | $ 4.67 | $ 4.82 | $ 4.24 | ||||
| Amortization of core deposit and other intangible assets (1) | .03 | .05 | .05 | .05 | .04 | ||||
| Diluted net operating earnings per common share | $ 5.35 | $ 4.18 | $ 4.72 | $ 4.87 | $ 4.28 | ||||
| Other expense | |||||||||
| Other expense | $ 1,349 | $ 1,438 | $ 1,379 | $ 1,363 | $ 1,336 | ||||
| Amortization of core deposit and other intangible assets | (7) | (9) | (10) | (10) | (9) | ||||
| Noninterest operating expense | $ 1,342 | $ 1,429 | $ 1,369 | $ 1,353 | $ 1,327 | ||||
| Efficiency ratio | |||||||||
| Noninterest operating expense (numerator) | $ 1,342 | $ 1,429 | $ 1,369 | $ 1,353 | $ 1,327 | ||||
| Taxable-equivalent net interest income | $ 1,804 | $ 1,763 | $ 1,790 | $ 1,773 | $ 1,722 | ||||
| Other income | 740 | 689 | 696 | 752 | 683 | ||||
| Less: Gain (loss) on bank investment securities | 2 | 4 | 1 | 1 | — | ||||
| Denominator | $ 2,542 | $ 2,448 | $ 2,485 | $ 2,524 | $ 2,405 | ||||
| Efficiency ratio | 52.8 % | 58.3 % | 55.1 % | 53.6 % | 55.2 % | ||||
| Balance sheet data | |||||||||
| Average assets | |||||||||
| Average assets | $ 216,532 | $ 213,828 | $ 212,891 | $ 211,053 | $ 210,261 | ||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||
| Core deposit and other intangible assets | (51) | (59) | (69) | (79) | (89) | ||||
| Deferred taxes | 17 | 19 | 22 | 24 | 26 | ||||
| Average tangible assets | $ 208,033 | $ 205,323 | $ 204,379 | $ 202,533 | $ 201,733 | ||||
| Average common equity | |||||||||
| Average total equity | $ 27,939 | $ 28,648 | $ 28,970 | $ 28,583 | $ 28,666 | ||||
| Preferred stock | (2,434) | (2,576) | (2,691) | (2,394) | (2,394) | ||||
| Average common equity | 25,505 | 26,072 | 26,279 | 26,189 | 26,272 | ||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||
| Core deposit and other intangible assets | (51) | (59) | (69) | (79) | (89) | ||||
| Deferred taxes | 17 | 19 | 22 | 24 | 26 | ||||
| Average tangible common equity | $ 17,006 | $ 17,567 | $ 17,767 | $ 17,669 | $ 17,744 | ||||
| At end of quarter | |||||||||
| Total assets | |||||||||
| Total assets | $ 219,261 | $ 214,736 | $ 213,510 | $ 211,277 | $ 211,584 | ||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||
| Core deposit and other intangible assets | (48) | (55) | (64) | (74) | (84) | ||||
| Deferred taxes | 17 | 18 | 20 | 23 | 25 | ||||
| Total tangible assets | $ 210,765 | $ 206,234 | $ 205,001 | $ 202,761 | $ 203,060 | ||||
| Total common equity | |||||||||
| Total equity | $ 27,946 | $ 27,972 | $ 29,177 | $ 28,728 | $ 28,525 | ||||
| Preferred stock | (2,434) | (2,434) | (2,834) | (2,394) | (2,394) | ||||
| Common equity | 25,512 | 25,538 | 26,343 | 26,334 | 26,131 | ||||
| Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||
| Core deposit and other intangible assets | (48) | (55) | (64) | (74) | (84) | ||||
| Deferred taxes | 17 | 18 | 20 | 23 | 25 | ||||
| Total tangible common equity | $ 17,016 | $ 17,036 | $ 17,834 | $ 17,818 | $ 17,607 | ||||
| (1) | After any related tax effect. | |||||
SOURCE M&T Bank Corporation