M&T Bank zvýšila čistý provozní zisk na akcii od počátku roku meziročně o 17 % a ve čtvrtletí snížila krátkodobé velkoobchodní financování o 2,8 miliardy USD díky růstu klientských vkladů.
On its third-quarter 2026 earnings call, held on Oct. 16, 2026, M&T Bank (MTB -0.99%) reported that year-to-date net operating earnings per share increased 17% over the prior year. The bank continues to expand its deposit base to fund loan growth. That internal capital generation gives it flexibility to absorb regulatory shifts without diluting shareholder value. Three takeaways from management's presentation highlight how the business is positioning itself for long-term compounding.
1. Transferring Securities Protects Capital from Regulatory ChangesManagement transferred $8.3 billion of residential mortgage-backed securities from available-for-sale, which are investments sold before maturity, to held-to-maturity to insulate tangible capital from accumulated other comprehensive income, or unrealized paper losses. That move shields regulatory capital ratios if proposed bank rules begin counting paper portfolio losses against equity reserves.
That action reflects our continued discipline to protecting tangible capital and positioning us well with potential regulatory framework that includes AFS related AOCI and regulatory capital.
-- Daryl Bible, Senior Executive Vice President and Chief Financial Officer2. Customer Deposit Growth Replaces Costly Wholesale BorrowingsExpanding customer deposits allowed M&T Bank to lower its reliance on average short-term wholesale borrowings by $2.8 billion during the quarter. Funding loan growth through primary operating accounts keeps deposit costs manageable while preserving net interest margin, which measures the profit spread on lending.
But first and foremost, we're going to try to fund our loan growth with our deposit growth.
-- Daryl Bible, Senior Executive Vice President and Chief Financial Officer3. Underwriting Structure Takes Priority Over Aggressive Loan PricingDespite competitive pressures in commercial real estate and business lending, management refuses to compromise on credit deal terms to chase volume. Maintaining strict loan covenants and structural protections ensures credit quality remains durable across economic cycles, even if loan growth might slow.
We don't want to sacrifice on structure is really what's important to us, and that's something that we aren't going to change from that perspective.
-- Daryl Bible, Senior Executive Vice President and Chief Financial OfficerLooking AheadAsset repricing across fixed-rate loans and the investment portfolio provides ongoing revenue support. Strong customer relationships and deep market roots enable the bank to maintain underwriting standards without sacrificing market share.
I feel very optimistic on the outlook for net interest income and net interest margin.
-- Daryl Bible, Senior Executive Vice President and Chief Financial OfficerLong-term performance hinges on maintaining pricing discipline and optimizing funding costs across economic shifts. Management remains committed to generating attractive returns through prudent capital deployment.
The strength and diversification of M&T's balance sheet, asset quality, and revenue will continue to allow M&T to outperform consistently across cycles.
-- Daryl Bible, Senior Executive Vice President and Chief Financial OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
M&T Bank ve třetím čtvrtletí 2026 vykázala čistý zisk ve výši 775 milionů USD, tedy 5,04 USD na zředěnou akcii; průměrný objem úvěrů mezikvartálně vzrostl o 2,6 miliardy USD.
, /PRNewswire/ -- 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
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 herein.
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 herein.
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
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.
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 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 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.
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.
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.
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
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 herein.
(2)
In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.
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 herein.
(2)
In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.
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 %
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
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 %
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
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.
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
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
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
—
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.
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
Bank rises to No. 5 nationally, providing nearly 3,000 loans totaling $326.4 million to small businesses in Fiscal Year 2026
, /PRNewswire/ -- M&T Bank (NYSE:MTB) ranked No. 1 in Fiscal Year 2026 in Small Business Administration (SBA) 7(a) lending by number of loans across its communities, while achieving the highest SBA 7(a) loan volume and dollar amount in the bank's history. M&T also climbed to No. 5 nationally among SBA 7(a) lenders, up from No. 7 the previous year, marking 18 consecutive years among the nation's leading SBA lenders.
M&T approved 2,975 SBA 7(a) loans totaling $326.44 million during the federal fiscal year which ended Sept. 30, 2026*. This represents an increase of 274 loans and $32.5 million compared with Fiscal Year 2025, approximately 10% growth in both loan units and dollars.
The bank's record performance came amid a challenging national lending environment, with industrywide SBA 7(a) loan volume declining 26% and lending dollars falling 12% year over year.
"M&T's longstanding commitment to small businesses is about more than providing access to capital, it's about being a trusted partner to entrepreneurs at every stage of their journey," said Eric Feldstein, M&T Bank Senior Executive Vice President and Head of Retail and Business Banking. "Our SBA lending leadership has been built on understanding our clients' goals and working with them to find the right path forward, whether they're launching a new business, investing in a permanent home, or pursuing their next opportunity for growth. We're proud to help entrepreneurs turn their ideas and ambitions into the businesses that strengthen our communities."
M&T also ranked No. 8 (tied) nationally as an SBA 504 Third-Party Lender, providing 55 loans totaling $50.88 million. While the SBA 7(a) program helps small businesses finance a broad range of needs, the 504 program focuses on long-term investments such as purchasing commercial property, constructing facilities, and acquiring major equipment. Together, these programs allow M&T to support businesses across every stage of growth.
M&T Leads SBA Lending Across Its Communities
M&T's SBA performance reflects the strength and consistency of its small business lending program in its footprint. In Fiscal Year 2026, the bank achieved No. 1 rankings in 10 SBA districts and top three positions in all 15 reporting districts.
The bank maintained particularly strong results across the Mid-Atlantic, Northeast and New England regions, including No. 1 rankings in Baltimore, Buffalo/Rochester, Connecticut, Delaware, Metro New York City, Philadelphia, Richmond, Syracuse, Vermont, and Washington, D.C.
In New England, M&T ranked among the top three SBA lenders, including No. 1 positions in Connecticut and Vermont. The bank's SBA 7(a) lending in New England has expanded significantly, from 107 approvals in Fiscal Year 2022 to 588 in Fiscal Year 2026.
M&T's Fiscal Year 2026 district-level results include:
SBA District
Rank
Loans
Loan Dollars
Baltimore
No. 1
442
$56.0M
Buffalo/Rochester
No. 1
226
$28.8M
Connecticut
No. 1
298
$28.15M
Delaware
No. 1
98
$9.06M
Metro New York City
No. 1
409
$40.1M
Philadelphia (Eastern PA)
No. 1
304
$29.6M
Richmond
No. 1
93
$10.7M
Syracuse
No. 1
164
$19.1M
Vermont
No. 1
38
$2.35M
Washington, D.C.
No. 1
264
$34.9M
New Hampshire
No. 2
76
$11.06M
New Jersey
No. 2
310
$31.8M
West Virginia
No. 2
18
$1.7M
Maine
No. 3
30
$2.3M
Massachusetts
No. 3
141
$17.64M
Supporting Small Businesses at Every Stage
M&T's commitment to small businesses extends beyond lending. Bank employees work closely with entrepreneurs to understand their businesses, connect them with resources, and help identify financing solutions that support their goals — whether launching a new venture, expanding an established business or investing in a long-term growth strategy.
"Every SBA loan represents a business owner pursuing a vision, creating opportunity and strengthening a local economy," added Feldstein. "These results are a reflection of the collaboration across Business Banking, Retail, Credit, Operations, Risk and many other teams that come together every day to deliver for our clients."
Helping a Mid-Atlantic Business Secure Its Future
For Mid Atlantic Port Service, a Baltimore-based company providing services to the maritime and port industry, rising rental costs created an opportunity to invest in a permanent home. Rather than continue leasing multiple spaces, the company worked with M&T to secure $5.7 million in SBA 504 financing to purchase a facility and bring its operations together under one roof. The financing helped the company invest in its long-term future while preserving cash for day-to-day operations and growth.
"As our lease costs continued to rise, we knew owning our facility was the right long-term move for the business, but we needed a financing partner that could help us make it happen without tying up the working capital we need to operate and grow," said Marc Cruise, owner of Mid Atlantic Port Service. "M&T took the time to understand both our immediate needs and our long-term goals and helped structure an SBA 504 solution that allowed us to bring our operations together and invest in our future."
Learn more about M&T Bank's lending for small businesses at mtb.com/business/business-financing/small-business-loans.
*=According to statistics released by the U.S. Small Business Administration for total approved loans through the SBA's 7(a) lending program during the federal fiscal year ending Sept. 30, 2026.
About M&T
M&T Bank Corporation 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.
Očekává se, že M&T Bank ve třetím čtvrtletí vykáže zisk na akcii ve výši 4,98 USD, což představuje meziroční nárůst o 2,3 %, podpořený 2,5% růstem čistého úrokového výnosu na 1,81 mld. USD.
Key Takeaways M&T Bank's Q3 earnings are expected to rise 2.3% y/y to $4.98 per share.MTB's net interest income is projected to grow 2.5% to $1.81 billion, supported by lending activity.Higher expenses, declining mortgage revenues, and increased loan-loss reserves may weigh on results. M&T Bank Corporation (MTB - Free Report) is slated to report third-quarter 2026 results on Oct. 16, before the opening bell. The company is expected to have registered year-over-year increases in quarterly revenues and earnings.
In the last reported quarter, the company’s results were supported by higher net interest income (NII) and non-interest income, along with loan growth. However, higher expenses acted as a headwind.
The company has an impressive earnings surprise history. Its earnings surpassed estimates in the trailing four quarters, with an average surprise of 8.95%.
Factors to Influence M&T Bank’s Q3 ResultsLoans & NII: Following solid lending activity in the first half of 2026, loan growth momentum likely moderated in the to-be-reported quarter. Per the Fed’s latest data, commercial and industrial loan demand remained healthy in the third quarter, while consumer and real estate lending stayed steady. This is likely to have supported M&T Bank’s lending activity and growth in average interest-earning assets in the to-be-reported period.
The Zacks Consensus Estimate for average interest-earning assets is pegged at $197.2 billion, indicating a year-over-year rise of 3.3%.
In September 2026, the Federal Reserve raised interest rates by 25 basis points to 3.75-4.00%, citing persistently elevated inflation. As interest rates remained unchanged for most of the quarter, the recent hike is less likely to have a significant impact on MTB’s NII and margin in the third quarter of 2026.
The Zacks Consensus Estimate for NII is pegged at $1.81 billion, indicating an increase of 2.5% from the year-ago reported number.
Fee Income: MTB’s average total deposits are expected to have declined in the third quarter of 2026. This is expected to have adversely impacted revenues from service charges on deposit accounts.
The Zacks Consensus Estimate for the metric is pegged at $108.8 million, indicating a 22.8% decline from the year-ago quarter’s reported figure.
The third quarter was challenging for the mortgage banking business as mortgage rates hovered around 7% and affordability was low. Both origination volume and refinance activity faced persistent headwinds from inventory constraints and a higher-for-longer rate regime. As a result, M&T Bank's mortgage banking revenues are likely to have witnessed a decline in the quarter to be reported.
The Zacks Consensus Estimate for mortgage banking revenues is pegged at $145 million, indicating a 1.4% decline from the year-ago quarter’s reported level.
The consensus estimate for brokerage services income of $42 million implies a 3% increase from that reported in the third quarter of 2026.
The Zacks Consensus Estimate for trust income of $190.3 million suggests a 23.5% rise from the year-ago quarter’s actual.
The Zacks Consensus Estimate for total non-interest income is pegged at $714.5 million, indicating a decline of 4.9% from the year-ago quarter's reported figure.
Expenses: Despite ongoing cost-control initiatives, the company’s expenses are expected to have been elevated in the third quarter of 2026, reflecting continued investments in strengthening its franchise.
Asset quality: After setting aside a decent amount for potential loan losses in the first half of 2026, M&T Bank is likely to have increased reserve building in the to-be-reported quarter, as the recent Fed rate hike and expectations of another hike later this year could weigh on borrowers’ repayment capacity.
What Our Quantitative Model Predicts for MTBOur proven model predicts an earnings beat for M&T Bank this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is exactly the case here. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for M&T Bank is +0.73%.
Zacks Rank: M&T Bank currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MTB’s third-quarter earnings has been revised downward to $4.98 per share over the past seven days. The figure indicates an increase of 2.3% from the year-ago quarter’s actual.
The consensus estimate for revenues is pegged at $2.54 billion, implying a rise of 1% from the year-ago reported level.
Other Stocks That Warrant a LookHere are a couple of other bank stocks that you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat this time:
The PNC Financial Services Group (PNC - Free Report) is scheduled to announce third-quarter 2026 results on Oct. 15. The company has a Zacks Rank #3 and an Earnings ESP of +0.80% at present.
Quarterly earnings estimates for PNC Financial have been revised lower to $4.97 over the past week.
The Earnings ESP for Prosperity Bancshares (PB - Free Report) is +0.22% and it carries a Zacks Rank #3 at present. The company is slated to report third-quarter 2026 results on Oct. 28.
Over the past seven days, the Zacks Consensus Estimate for PB’s quarterly earnings has been revised lower to $1.63 per share.
M&T Bank má ve třetím čtvrtletí vykázat zisk na akcii ve výši 4,92 USD a tržby ve výši 2,52 mld. USD, oproti 4,82 USD na akcii a 2,51 mld. USD před rokem.
M&T Bank Corporation (NYSE:MTB) will release earnings for its third quarter before the opening bell on Friday, Oct. 16.
Analysts expect the Buffalo, New York-based company to report quarterly earnings of $4.92 per share, up from $4.82 per share in the year-ago period. The consensus estimate for MTB’s quarterly revenue is $2.52 billion. It reported $2.51 billion last year, according to Benzinga Pro.
On Sept. 22, M&T Bank filed for mixed shelf offering.
Shares of M&T Bank fell 1% to close at $216.63 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
UBS analyst Erika Najarian maintained the stock with a Neutral rating and cut the price target from $255 to $238 on Oct. 5, 2026. This analyst has an accuracy rate of 63%. JP Morgan analyst Vivek Juneja maintained a Neutral rating and slashed the price target from $265.5 to $248.5 on Oct. 2, 2026. This analyst has an accuracy rate of 57%. Evercore ISI Group analyst John Pancari maintained an In-Line rating and cut the price target from $260 to $230 on Oct. 1, 2026. This analyst has an accuracy rate of 61%. Morgan Stanley analyst Manan Gosalia maintained an Overweight rating and slashed the price target from $304 to $301 on Sept. 28, 2026. This analyst has an accuracy rate of 70%. Truist Securities analyst Brian Foran maintained the stock with a Hold rating and cut the price target from $268 to $250 on Sept. 23, 2026. This analyst has an accuracy rate of 61%. Considering buying MTB stock? Here’s what analysts think:
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M&T Bank zvýšila odhad průměrných úvěrů pro rok 2026 na 141–143 miliard USD díky silné poptávce firemních klientů. Zároveň rozšiřuje poplatkové byznysy a nasazuje AI v úvěrování, detekci podvodů i kyberbezpečnosti.
Key Takeaways M&T Bank raised its 2026 average loan guidance to $141-$143 billion on healthy commercial demand.Fee growth in capital markets, wealth management and mortgage placement should diversify revenues.AI deployment in underwriting, fraud detection and cybersecurity could drive productivity gains over time. M&T Bank Corporation’s (MTB - Free Report) solid loan growth, expanding fee businesses and increasing use of artificial intelligence (AI) are likely to support earnings growth. Management comments at the Barclays 24th Annual Global Financial Services Conference provided additional context around these trends.
Loan growth remains a key earnings driver. M&T Bank expects average loans of $141–$143 billion for 2026 (up from prior guidance range of $140–$142 billion), supported by healthy demand from middle-market and large corporate clients. Broad-based commercial loan growth should expand average earning assets and aid interest income. Management expects taxable-equivalent net interest income (NII) to be in the lower half of the $7.2-$7.35 billion range for 2026, with the net interest margin (NIM) likely to remain in the high-3.60% range.
MTB is also strengthening its fee-based businesses, including capital markets, wealth management and mortgage placement. Management expects fee revenues to be near the upper end of previously stated $2.8-$2.85 billion growth range for 2026. Growth in these businesses should reduce the dependence on spread income and support a more diversified revenue base. Capital markets and advisory services can deepen relationships with commercial clients, while wealth management offers relatively recurring revenues. Meanwhile, mortgage-placement activities allow MTB to generate fees without retaining all originated loans, supporting capital efficiency and limiting incremental balance-sheet risks.
The company’s increased adoption of AI could drive productivity gains over time. M&T Bank is deploying AI across areas such as credit underwriting, fraud detection and cybersecurity. Greater automation and improved risk assessment could help streamline operations, contain costs and strengthen operating leverage.
Overall, solid loan growth and higher fee revenues are likely to support near-term earnings, while AI-driven efficiencies could emerge as an additional long-term growth lever. Reflecting these positives, MTB’s earnings are projected to increase 13.1% in 2026 and 9.5% in 2027.
Earnings Estimates
Image Source: Zacks Investment Research
How Are Other Banks Expected to Fare in 2026?PNC Financial (PNC - Free Report) expects net interest income to increase 15-15.5% from the 2025 baseline of $14.4 billion, revised upward from the earlier guidance of 14.5% growth. Non-interest income is expected to rise 11% from the 2025 baseline of $8.7 billion and 9% excluding integration costs and significant items. Driven by this, PNC Financial’s total revenues are anticipated to increase 14% from the 2025 baseline of $23.1 billion.
Citizens Financial (CFG - Free Report) expects NII to rise at the high end of 10-12% from the $5.8 billion reported in 2025. Average loans are projected to rise 3-5% from the $142.7 billion reported in 2025. Citizen Financial expects 2026 non-interest income to rise at the high end of 6-8% from the $2.4 billion reported in 2025.
MTB Price Performance & Zacks RankM&T Bank shares have gained 14.3% in the past year compared with the industry’s growth of 23.8%.
Price Performance
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Concurrent Investment Advisors LLC cut its position in M&T Bank Corporation (NYSE:MTB – Free Report) by 51.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,820 shares of the financial services provider’s stock after selling 4,082 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in M&T Bank were worth $909,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in the stock. Bogart Wealth LLC boosted its position in M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 84 shares during the period. First Bancorp Inc ME acquired a new position in shares of M&T Bank in the 2nd quarter worth approximately $25,000. Triumph Capital Management bought a new stake in shares of M&T Bank in the 3rd quarter worth approximately $32,000. Elyxium Wealth LLC bought a new stake in shares of M&T Bank in the 4th quarter worth approximately $33,000. Finally, Bank of Jackson Hole Trust lifted its stake in M&T Bank by 38.7% during the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 60 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In Several brokerages recently commented on MTB. Morgan Stanley upgraded shares of M&T Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $253.00 to $304.00 in a research report on Tuesday. Jefferies Financial Group reiterated a “buy” rating and set a $300.00 price objective on shares of M&T Bank in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods boosted their target price on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research note on Thursday, July 16th. DA Davidson raised their target price on M&T Bank from $263.00 to $266.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 target price for the company. in a research report on Thursday, July 23rd. Eight analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $255.97.
View Our Latest Stock Analysis on MTB M&T Bank Stock Up 0.3% NYSE MTB opened at $239.75 on Friday. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $255.95. The stock has a market cap of $34.63 billion, a PE ratio of 12.66, a PEG ratio of 1.36 and a beta of 0.56. The firm has a 50-day simple moving average of $244.86 and a 200 day simple moving average of $226.26. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.96 and a current ratio of 0.96.
M&T Bank (NYSE:MTB – Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the previous year, the firm earned $4.28 EPS. On average, research analysts forecast that M&T Bank Corporation will post 19.45 EPS for the current year.
M&T Bank Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, September 1st. M&T Bank’s payout ratio is presently 31.68%.
Insider Buying and Selling In other news, Director Rudina Seseri sold 623 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the sale, the director owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.44% of the company’s stock.
M&T Bank Profile (Free Report)
M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.
The company’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.
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, /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) announced that it has declared a quarterly cash dividend of $1.50 per share on its common stock. The dividend will be payable September 30, 2026, to shareholders of record at the close of business on September 1, 2026.
M&T has also declared a quarterly cash dividend of $99.38 per share (equivalent to $0.24845 per depositary share) on its Perpetual 6.625% Non-Cumulative Preferred Stock, Series L ("Series L Preferred Stock"). The preferred stock dividend will be payable September 15, 2026 to shareholders of record at the close of business on September 1, 2026.
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 about M&T Bank, visit www.mtb.com.
M&T Bank za druhé čtvrtletí oznámila EPS 5,35 USD, nad odhadem 4,66 USD, a výnosy 2,53 mld. USD také překonaly očekávání. Čistý zisk pro akcionáře vzrostl meziročně o 15 % na 781 mil. USD.
It has been about a month since the last earnings report for M&T Bank Corporation (MTB - Free Report) . Shares have lost about 0.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is M&T Bank due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for M&T Bank Corporation before we dive into how investors and analysts have reacted as of late.
M&T Bank Q2 Earnings Beat Estimates on Strong NII & Fee Income GrowthM&T Bank reported second-quarter 2026 net operating earnings per share of $5.35, which beat the Zacks Consensus Estimate of $4.66. The bottom line compared favorably with earnings of $4.28 in the year-ago quarter.
Results were aided by higher net interest income and a rise in non-interest income on a year-over-year basis, along with loan growth. However, higher expenses acted as headwinds.
Net income available to common shareholders was $781 million, up 15% from the prior-year quarter.
Revenues & Expenses Rise Y/Y
The company’s quarterly revenues were $2.53 billion, surpassing the Zacks Consensus Estimate of $2.48 billion. The reported figure increased 5.7% year over year.
NII (tax-equivalent) rose 4.8% year over year to $1.80 billion. The increase reflected growth in average loans and investment securities, along with favorable repricing of earning assets and interest-bearing liabilities, including an improved contribution from interest-rate swap agreements.
Total non-interest income was $740 million, up 8.3% year over year. The rise was driven by higher service charges on deposit accounts, trust income, brokerage services income, trading account, and other non-hedging derivative gains, and other revenues from operations.
Total non-interest expenses were $1.35 billion, up 1% year over year. The increase was due to higher salaries and employee benefits costs, outside data processing and software costs, professional and other services costs, and advertising and marketing expenses.
The efficiency ratio was 52.8%, down from 55.2% in the year-earlier quarter. A lower ratio indicates a rise in profitability.
Loan & Deposit Balances Increase
Total loans were $143.2 billion as of June 30, 2026, up 2.3% from the prior quarter. Total deposits increased 3.1% sequentially to $168.9 billion.
Credit Quality Improves
Net charge-offs decreased 25.9% to $80 million from the prior-year quarter.
The company recorded a provision for credit losses of $120 million, down 4% from the year-ago quarter.
Non-performing assets declined 23.2% year over year to $1.23 billion.
The ratio of non-accrual loans to total loans was 0.84%, which declined year over year from 1.16%.
Capital Position Mixed & Profitability Ratios Improve Y/Y
M&T Bank’s estimated Common Equity Tier 1 ratio was 10.19%, down from 10.99% as of second-quarter 2025. The tangible equity per share was $117.41, up from $112.48 in the second quarter of 2025.
The company's return on average tangible assets (annualized) and average tangible common shareholder equity were 1.59% and 18.57%, respectively, compared with 1.44% and 15.54% in the prior-year quarter.
Outlook2026
Management expects taxable-equivalent NII to be in the lower half of the $7.2-$7.35 billion range. The company expects NIM to be in the high 3.60% range. The outlook remains dependent on loan growth, deposit trends and the shape of the yield curve.
Non-interest income is expected to be between $2.8 billion and $2.85 billion, revised upward from the prior guidance of $2.68-$2.77 billion. The increase reflects broad-based fee income growth and higher mortgage sub-servicing income beginning in the third quarter.
Management expects 2026 GAAP expenses, including intangible amortization, to be at the high end of its $5.5-$5.6 billion guidance range. This reflects continued investments in enterprise initiatives despite disciplined control of non-investment spending.
Average loan balances are expected to be $141-$143 billion, revised upward from the prior projection of $140-$142 billion. The growth reflects commercial loan momentum, improving CRE balances and continued consumer growth. Average deposit balances are anticipated to remain at $165-$167 billion.
The net charge-off rate is projected to be around 37 basis points, revised downward from the prior expectation of around 40 basis points.
The CET1 ratio is expected to be between 10% and 10.5%, compared with the prior expectation of around 10%.
The tax rate is anticipated to be around 24% for 2026.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a flat trend in estimates review.
VGM ScoresAt this time, M&T Bank has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the top 40% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook M&T Bank has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
M&T Bank (MTB 0.05%) knocked it out of the park with its second-quarter earnings on July 15. Revenue was reported as $2.53 billion, up 5.7% year over year, and earnings per share (EPS) were a record $5.35, up 25% over the same period a year ago. The EPS figure beat analysts' predictions by $0.66.
The company is a large regional bank that acts like a community lender, but with more than $216 billion in assets, it has the scale to handle massive commercial transactions. Because its footprint is heavily concentrated in the Northeast and Mid-Atlantic, stretching from New England through the Carolinas, its primary competition comes from other dominant regional players, neighboring southern giants, and East Coast retail powerhouses.
M&T reported record second-quarter net income of $818 million on July 15, up 14.2% from the same period last year. Net interest income of $1.79 billion was up 4.6% year over year. The increases were driven by robust net interest income and a jump in non-interest fee income from trust and wealth management services.
M&T Bank stock is up more than 23% so far this year. Here are three reasons it can hold that momentum:
Image source: Getty Images.
Unprecedented loan growth and revenue stability The bank is experiencing its strongest organic lending momentum in more than a decade. In the second quarter, M&T's loans climbed by $3 billion sequentially to $141.4 billion, marking its strongest core quarterly loan growth since 2012. This growth was widespread, with management reporting that 90% of its commercial and industrial business lines expanded quarter over quarter.
M&T increased lending volume without sacrificing profitability; its net interest margin (NIM) remained robust at 3.70%, demonstrating that the bank is highly effective at pricing loans favorably in the current interest rate environment.
The bank lifted its full-year lending target by $1 billion and said it is expecting loans of $141 billion to $143 billion at year's end.
Today's Change
(
-0.05
%) $
-0.12
Current Price
$
249.12
Rapidly improving credit quality and lower risk For regional banks, credit risk is always a primary concern for investors, but M&T's latest quarter showed significant improvements in asset health. The bank's provision for credit losses fell sequentially to $120 million from $140 million in the first quarter.
Even more encouragingly, annualized net charge-offs dropped to just 23 basis points of average loans, down from 31 basis points in the prior quarter and from 32 basis points in the same quarter a year ago. Non-accrual loans also declined to 0.84%, down from 1.16% in the second quarter of 2025. This positive credit trajectory suggests that the bank's disciplined, conservative underwriting continues to shield it from broader macroeconomic pressures, making its high-yielding loan book highly resilient.
The stock is shareholder-friendly The company has a dividend that, at the stock's current share price, yields 2.41%, more than double the S&P 500 average yield. The company raised the quarterly dividend to $1.50 in the third quarter of 2025, an increase of 11%. It has raised its dividend for nine consecutive years.
It also repurchased $465 million of stock in the second quarter, after buying back $1.25 billion in the first quarter. In March, it announced a long-term buyback plan of up to $5 billion in M&T shares. The stock repurchases show the company's confidence and help maintain its share price.
One obvious caveat Bank stocks can be great long-term investments, but it is important to consider that they are cyclical and particularly susceptible to interest rate volatility. M&T Bank and other banks are having good runs right now, but if the economy were to falter, they would be among the first stocks to lose momentum.
M&T Bank also has greater exposure to the commercial real estate (CRE) sector than some of its peers, though it trimmed its CRE balances by 7% year over year to $23.6 billion. However, it did grow CRE loans slightly compared to the first quarter. While management highlighted that this growth is driven by healthier multifamily and industrial properties, the regional banking sector at large remains under a microscope regarding commercial property loans.
Any spike in defaults, particularly in the struggling office or retail segments of its Northeast/Mid-Atlantic footprint, would force M&T to aggressively ramp up its loan loss provisions.
M&T Bank vykázala za 2. čtvrtletí zisk 5,35 USD na akcii a výnosy 2,532 miliardy USD, obojí nad odhady. Po výsledcích analytici zvýšili cílové ceny akcií.
M&T Bank Corp (NYSE:MTB) reported upbeat earnings for the second quarter on Wednesday.
The company posted quarterly earnings of $5.35 per share which beat the analyst consensus estimate of $4.66 per share. The company reported quarterly sales of $2.532 billion which beat the analyst consensus estimate of $2.464 billion.
M&T Bank shares rose 2.8% to close at $248.53 on Wednesday.
These analysts made changes to their price targets on M&T Bank following earnings announcement.
Baird analyst David George maintained the stock with a Neutral and raised the price target from $240 to $250. Barclays analyst Jason Goldberg maintained the stock with an Equal-Weight rating and raised the price target from $236 to $267. Keefe, Bruyette & Woods analyst David Konrad maintained the stock with a Market Perform and boosted the price target from $242 to $250. Considering buying MTB stock? Here’s what analysts think:
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M&T Bank Corporation (MTB) Q2 2026 Earnings Call July 15, 2026 8:00 AM EDT
Company Participants
Steven Wendelboe - Senior Vice President of Investor Relations
Daryl Bible - Senior EVP & CFO
Conference Call Participants
Manan Gosalia - Morgan Stanley, Research Division
L. Erika Penala - UBS Investment Bank, Research Division
John Pancari - Evercore ISI Institutional Equities, Research Division
Gerard Cassidy - RBC Capital Markets, Research Division
Kenneth Usdin - Bernstein Autonomous LLP
Ebrahim Poonawala - BofA Securities, Research Division
Matthew O'Connor - Deutsche Bank AG, Research Division
David Chiaverini - Jefferies LLC, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Welcome to the M&T Bank Second Quarter 2026 Conference Call. [Operator Instructions]
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Steven Wendelboe, Senior Vice President of Investor Relations. Please go ahead.
Steven Wendelboe
Senior Vice President of Investor Relations
Thank you, Chelsea, and good morning. I'd like to thank everyone for participating in M&T's Second Quarter 2026 Earnings Conference Call. If you have not read the earnings release we issued this morning, you may access it along with the financial tables and schedules by going to our Investor Relations website at ir.mtb.com.
Also, before we start, I'd like to mention that today's presentation may contain forward-looking information. Cautionary statements about this information are included in today's earnings release materials and in the investor presentation as well as our SEC filings and other investor materials. The presentation also includes non-GAAP financial measures as identified in the earnings release and investor presentation. The appropriate reconciliations to GAAP are included in the appendix.
Joining me on the call this morning is M&T's Senior Executive Vice President and CFO, Daryl Bible. Now I'd like to turn the call over to Daryl.
M&T Bank ve 2. čtvrtletí vykázala čistý zisk 818 mil. USD a zředěný zisk na akcii 5,32 USD, obojí meziročně vyšší. Čistý úrokový výnos vzrostl na 1,792 mld. USD.
, /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $818 million or $5.32 of diluted earnings per common share.
(Dollars in millions, except per share data)
2Q26
1Q26
2Q25
Earnings Highlights
Net interest income
$ 1,792
$ 1,752
$ 1,713
Taxable-equivalent adjustment
12
11
9
Net interest income - taxable-equivalent
1,804
1,763
1,722
Provision for credit losses
120
140
125
Noninterest income
740
689
683
Noninterest expense
1,349
1,438
1,336
Net income
818
664
716
Net income available to common shareholders - diluted
781
620
679
Diluted earnings per common share
5.32
4.13
4.24
Return on average assets - annualized
1.51 %
1.26 %
1.37 %
Return on average common shareholders' equity - annualized
12.30
9.67
10.39
Average Balance Sheet
Total assets
$ 216,532
$ 213,828
$ 210,261
Interest-bearing deposits at banks
15,061
16,231
19,698
Investment securities
38,728
37,845
35,335
Loans
141,427
138,423
135,407
Deposits (1)
163,524
164,176
163,258
Borrowings
20,794
16,759
14,263
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin (1)
3.70 %
3.70 %
3.62 %
Efficiency ratio (2)
52.8
58.3
55.2
Net charge-offs to average total loans - annualized
.23
.31
.32
Allowance for loan losses to total loans
1.52
1.53
1.61
Nonaccrual loans to total loans
.84
.89
1.16
Common equity Tier 1 ("CET1") capital ratio (3)
10.19
10.33
10.99
Common shareholders' equity per share
$ 176.03
$ 173.82
$ 166.94
(1)
In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
(2)
A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(3)
CET1 capital ratio at June 30, 2026 is estimated.
Financial Highlights
Taxable-equivalent net interest income increased $41 million in the recent quarter as compared with the first quarter of 2026 reflecting an additional day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The net interest margin remained at 3.70%. A $3.0 billion increase in average loan balances in the recent quarter spanned all loan categories including $2.3 billion of growth in average commercial and industrial loans. Commercial real estate loans at June 30, 2026 increased $1.1 billion from March 31, 2026. Noninterest income in the recent quarter reflects a higher distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), an increase in trust income and a rise in revenues from interest rate swap agreements entered into for commercial customers. The decline in noninterest expense reflects seasonal salaries and employee benefits expense recognized in the first quarter of 2026. The allowance for loan losses as a percent of total loans declined 1 basis point to 1.52% at June 30, 2026. In the recent quarter, M&T repurchased 2.1 million shares of its common stock at a total cost of $465 million. M&T's CET1 capital ratio is estimated to be 10.19% at June 30, 2026. Chief Financial Officer Commentary
"M&T generated record earnings per share in the second quarter, reflecting strong contributions from our commercial, retail and institutional services and wealth management businesses. These results reflect the enduring strength of our franchise and the dedication of our employees to making a meaningful difference in the lives of our customers and communities. I want to thank my M&T colleagues. As a result of their commitment, M&T continues to create lasting value for everyone we serve."
- Daryl N. Bible, M&T's Chief Financial Officer
Contact:
Investor Relations:
Rajiv Ranjan
716.842.5138
Steve Wendelboe
716.842.5138
Media Relations:
Frank Lentini
929.651.0447
Non-GAAP Measures (1)
(Dollars in millions, except per share data)
2Q26
1Q26
Change
2Q26 vs.
1Q26
2Q25
Change
2Q26 vs.
2Q25
Net operating income
$ 823
$ 671
23 %
$ 724
14 %
Diluted net operating earnings per common share
5.35
4.18
28
4.28
25
Annualized return on average tangible assets
1.59 %
1.33 %
1.44 %
Annualized return on average tangible common equity
18.57
14.51
15.54
Efficiency ratio
52.8
58.3
55.2
Tangible equity per common share
$ 117.41
$ 115.96
1
$ 112.48
4
(1)
A reconciliation of non-GAAP measures is included in the tables that accompany this release.
M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature.
Taxable-equivalent Net Interest Income (1)
(Dollars in millions)
2Q26
1Q26
Change
2Q26 vs.
1Q26
2Q25
Change
2Q26 vs.
2Q25
Average earning assets
$ 195,216
$ 192,594
1 %
$ 190,535
2 %
Average interest-bearing liabilities (2)
140,354
136,388
3
132,368
6
Net interest income - taxable-equivalent
1,804
1,763
2
1,722
5
Yield on average earning assets (2)
5.40 %
5.35 %
5.51 %
Cost of interest-bearing liabilities (2)
2.36
2.32
2.71
Net interest spread
3.04
3.03
2.80
Net interest margin (2)
3.70
3.70
3.62
(1)
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table herein.
(2)
In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
Taxable-equivalent net interest income increased $41 million, or 2%, compared with the first quarter of 2026 reflecting an additional calendar day, higher interest income from nonaccrual loans and growth in average loans in the recent quarter. Taxable-equivalent net interest income increased $82 million, or 5%, as compared with the year-earlier second quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements.
Average Earning Assets
(Dollars in millions)
2Q26
1Q26
Change
2Q26 vs.
1Q26
2Q25
Change
2Q26 vs.
2Q25
Interest-bearing deposits at banks
$ 15,061
$ 16,231
-7 %
$ 19,698
-24 %
Investment securities
38,728
37,845
2
35,335
10
Loans (1)
Commercial and industrial
66,069
63,804
4
61,036
8
Real estate - commercial
23,553
23,496
—
25,333
-7
Real estate - residential
25,086
24,817
1
23,684
6
Consumer
26,719
26,306
2
25,354
5
Total loans
141,427
138,423
2
135,407
4
Other
—
95
-100
95
-100
Total earning assets
$ 195,216
$ 192,594
1
$ 190,535
2
(1)
Supplemental information on loan balances is included in the accompanying table herein.
Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities predominantly in the immediately preceding quarter. The increase in average loans reflected broad-based growth in average commercial and industrial loan balances of $2.3 billion and higher average commercial real estate loan balances of $57 million, average residential real estate loan balances of $269 million and average consumer loan balances of $413 million.
Average earning assets increased $4.7 billion from the second quarter of 2025. Average interest-bearing deposits at banks decreased $4.6 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $5.0 billion, including growth in loans spanning most industry types, residential real estate loans of $1.4 billion and consumer loans of $1.4 billion. Those increases were partially offset by a $1.8 billion decline in average commercial real estate loan balances, reflecting payoffs.
Average Interest-bearing Liabilities
(Dollars in millions)
2Q26
1Q26
Change
2Q26 vs.
1Q26
2Q25
Change
2Q26 vs.
2Q25
Interest-bearing deposits
Savings and interest-checking deposits (1)
$ 105,752
$ 106,570
-1 %
$ 103,934
2 %
Time deposits (1)
13,808
13,059
6
14,171
-3
Total interest-bearing deposits (1)
119,560
119,629
—
118,105
1
Short-term borrowings
8,016
5,695
41
3,327
141
Long-term borrowings
12,778
11,064
15
10,936
17
Total interest-bearing liabilities (1)
$ 140,354
$ 136,388
3
$ 132,368
6
(1)
In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
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.
1Q26
2Q25
Change
2Q26 vs.
2Q25
Mortgage banking revenues (1)
$ 127
$ 127
— %
$ 130
-2 %
Service charges on deposit accounts
144
139
4
137
4
Trust income
197
183
8
182
9
Brokerage services income
35
35
2
31
13
Trading account and other non-hedging derivative gains
22
14
61
12
100
Gain (loss) on bank investment securities
2
4
-57
—
—
Other revenues from operations (2)
213
187
14
191
12
Total
$ 740
$ 689
8
$ 683
8
(1)
Supplemental information on mortgage banking activities is included in the accompanying table 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.
1Q26
2Q25
Change
2Q26 vs.
2Q25
Salaries and employee benefits
$ 826
$ 914
-10 %
$ 813
2 %
Equipment and net occupancy
129
133
-2
130
—
Outside data processing and software
154
144
8
138
12
Professional and other services
89
93
-5
86
2
FDIC assessments
18
23
-27
22
-21
Advertising and marketing
27
21
31
25
8
Amortization of core deposit and other intangible assets
7
9
-26
9
-27
Other costs of operations
99
101
-2
113
-12
Total
$ 1,349
$ 1,438
-6
$ 1,336
1
Noninterest expense declined $89 million, or 6%, from the first quarter of 2026.
Salaries and employee benefits expense decreased $88 million reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 and lower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases and an additional working day in the recent quarter. Outside data processing and software costs increased $10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems. Noninterest expense increased $13 million, or 1%, from the second quarter of 2025.
Salaries and employee benefits expense increased $13 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels in the recent quarter. Outside data processing and software costs rose $16 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems. Other costs of operations decreased $14 million reflecting the amortization associated with residential mortgage loan servicing right assets in the second quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan. Income Taxes
The Company's effective income tax rate was 23.1% in the second quarter of 2026, compared with 23.0% and 23.4% in the first quarter of 2026 and the second quarter of 2025, respectively.
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
derivative gains
22
14
19
18
12
Gain (loss) on bank investment securities
2
4
1
1
—
Other revenues from operations
213
187
163
230
191
Total other income
740
689
696
752
683
Other expense
Salaries and employee benefits
826
914
809
833
813
Equipment and net occupancy
129
133
134
129
130
Outside data processing and software
154
144
146
138
138
Professional and other services
89
93
105
81
86
FDIC assessments
18
23
(8)
13
22
Advertising and marketing
27
21
32
23
25
Amortization of core deposit and other
intangible assets
7
9
10
10
9
Other costs of operations
99
101
151
136
113
Total other expense
1,349
1,438
1,379
1,363
1,336
Income before taxes
1,063
863
971
1,025
935
Income taxes
245
199
212
233
219
Net income
$ 818
$ 664
$ 759
$ 792
$ 716
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
M&T Bank oznámila čtvrtletní hotovostní dividendy z preferenčních akcií řad H, J a K. Vyplaceny budou 15. září 2026 akcionářům s rozhodným dnem 1. září 2026.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE:MTB) announced that it has declared quarterly cash dividends on the following series of perpetual preferred stock:
A dividend of $0.3515625 per share on its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H ("Series H Preferred Stock") A dividend of $187.50 per share (equivalent to $0.46875 per depositary share) on its Perpetual 7.500% Non-Cumulative Preferred Stock, Series J ("Series J Preferred Stock") A dividend of $158.75 per share (equivalent to $0.396875 per depositary share) on its Perpetual 6.350% Non-Cumulative Preferred Stock, Series K ("Series K Preferred Stock") Each dividend will be payable September 15, 2026 to shareholders of record at the close of business on September 1, 2026.
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 about M&T Bank, visit www.mtb.com.
M&T Bank má za 2Q vykázat zisk 4,66 USD na akcii, meziročně o 8,9 % více, a tržby 2,48 miliardy USD, což by podpořil vyšší čistý úrokový výnos a růst úvěrů.
Key Takeaways M&T Bank's Q2'26 earnings are estimated to be $4.66 per share, up 8.9% year over year.Revenues are projected to be $2.48 billion, reflecting 3.4% growth from the prior-year quarter.Higher NII and decent lending activity may support results, while expenses and credit costs remain headwinds. M&T Bank Corporation (MTB - Free Report) is slated to report second-quarter 2026 results on July 15, before the opening bell. The company is expected to have registered year-over-year increases in quarterly revenues and earnings.
In the last reported quarter, the company’s results were supported by higher net interest income (NII) and non-interest income, along with modest loan growth. However, a decline in deposits, higher expenses and increased provisions for credit losses acted as headwinds.
The company has an impressive earnings surprise history. Its earnings surpassed estimates in the trailing four quarters, with an average surprise of 6.7%.
Factors to Influence M&T Bank’s Q2 ResultsLoans & NII: Per the Fed’s latest data, demand for commercial and industrial, real estate and consumer loans was decent in the second quarter of 2026. This is likely to have supported M&T Bank’s lending activity and growth in average interest-earning assets in the to-be-reported period.
The Zacks Consensus Estimate for average interest-earning assets is pegged at $194.8 billion, indicating a year-over-year rise of 1.2%.
The Federal Reserve kept interest rates unchanged in the second quarter of 2026, while noting that economic activity continued to expand at a solid pace despite elevated uncertainty and inflation remaining above its 2% target. Hence, a stable rate environment, along with decent loan demand, is expected to have supported M&T Bank’s NII growth.
The Zacks Consensus Estimate for NII (on a tax-equivalent basis) is pegged at $1.79 billion, indicating an increase of 1.8% from the year-ago reported number.
Fee Income: MTB’s average total deposits are expected to have remained relatively stable in the second quarter of 2026. This is expected to have provided some support to revenues from service charges on deposit accounts.
The Zacks Consensus Estimate for the metric is pegged at $142.3 million, indicating a 2.3% rise from the year-ago quarter’s reported figure.
In the second quarter of 2026, mortgage rates hovered in the mid-6% range, with affordability continuing to weigh on homebuying demand. While purchase activity remained subdued due to elevated borrowing costs and limited housing inventory, refinancing activity improved during the quarter. As a result, M&T Bank's mortgage banking revenues are likely to have received some support.
The Zacks Consensus Estimate for mortgage banking revenues is pegged at $129.8 million, indicating a 2.2% rise from the year-ago quarter’s reported level.
The consensus estimate for brokerage services income of $36.1 million indicates a 3% increase from that reported in the second quarter of 2025.
The Zacks Consensus Estimate for trust income of $190.3 million indicates a 4% rise from the year-ago quarter’s actual.
The Zacks Consensus Estimate for total non-interest income is pegged at $672.8 million, indicating a decline of 2.3% from the year-ago quarter's reported figure.
Expenses: Despite ongoing cost-control initiatives, the company’s expenses are expected to have remained elevated in the second quarter of 2026, reflecting continued investments in strengthening its franchise.
Asset quality: The operating environment continued to remain challenging in the second quarter of 2026, weighed down by persistent geopolitical uncertainty and elevated inflation. Additionally, the Fed’s June policy statement indicated the possibility of a rate hike, which could pressure borrowers’ repayment capacity. Against this backdrop, M&T Bank is expected to have maintained a cautious approach and built higher provisions for potential credit losses in the second quarter of 2026.
What Our Quantitative Model Predicts for MTBOur proven model predicts an earnings beat for M&T Bank this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is exactly the case here.
You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for M&T Bank is +0.13%.
Zacks Rank: M&T Bank currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for MTB’s second-quarter earnings has remained unchanged at $4.66 per share over the past seven days. The figure indicates an increase of nearly 8.9% from the year-ago quarter.
The consensus estimate for revenues is pegged at $2.48 billion, implying a rise of 3.4% from the year-ago reported level.
Other Stocks That Warrant a LookHere are a couple of other bank stocks that you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat this time:
The Earnings ESP for JPMorgan Chase & Co. (JPM - Free Report) is +0.49% and carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is slated to report second-quarter 2026 results on July 14, 2026. Over the past seven days, the Zacks Consensus Estimate for JPM's quarterly earnings has been revised upward to $5.55 per share.
U.S. Bancorp (USB - Free Report) is also scheduled to announce second-quarter 2026 results on July 16, 2026. The company has an Earnings ESP of +0.34% and a Zacks Rank #2 at present.
Quarterly earnings estimates for USB have been revised upward to $1.28 per share over the past week.
M&T Bank Corporation (NYSE:MTB) will release its second quarter earnings report before the opening bell on Wednesday, July 15.
Analysts expect the Buffalo, New York-based company to report quarterly earnings of $4.67 per share, up from $4.24 per share in the year-ago period. The consensus estimate for M&T Bank’s quarterly revenue is $2.46 billion. It reported $2.4 billion last year, according to Benzinga Pro.
On June 23, M&T Bank announced the appointment of Krista Phillips as its Delaware regional president.
M&T Bank shares rose 0.4% to close at $239.92 on Monday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying MTB stock? Here’s what analysts think:
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