Original source text
, /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
(7)
(9)
(10)
(10)
(9)
Noninterest operating expense
$ 1,342
$ 1,429
$ 1,369
$ 1,353
$ 1,327
Efficiency ratio
Noninterest operating expense (numerator)
$ 1,342
$ 1,429
$ 1,369
$ 1,353
$ 1,327
Taxable-equivalent net interest income
$ 1,804
$ 1,763
$ 1,790
$ 1,773
$ 1,722
Other income
740
689
696
752
683
Less: Gain (loss) on bank investment securities
2
4
1
1
—
Denominator
$ 2,542
$ 2,448
$ 2,485
$ 2,524
$ 2,405
Efficiency ratio
52.8 %
58.3 %
55.1 %
53.6 %
55.2 %
Balance sheet data
Average assets
Average assets
$ 216,532
$ 213,828
$ 212,891
$ 211,053
$ 210,261
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(51)
(59)
(69)
(79)
(89)
Deferred taxes
17
19
22
24
26
Average tangible assets
$ 208,033
$ 205,323
$ 204,379
$ 202,533
$ 201,733
Average common equity
Average total equity
$ 27,939
$ 28,648
$ 28,970
$ 28,583
$ 28,666
Preferred stock
(2,434)
(2,576)
(2,691)
(2,394)
(2,394)
Average common equity
25,505
26,072
26,279
26,189
26,272
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(51)
(59)
(69)
(79)
(89)
Deferred taxes
17
19
22
24
26
Average tangible common equity
$ 17,006
$ 17,567
$ 17,767
$ 17,669
$ 17,744
At end of quarter
Total assets
Total assets
$ 219,261
$ 214,736
$ 213,510
$ 211,277
$ 211,584
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(48)
(55)
(64)
(74)
(84)
Deferred taxes
17
18
20
23
25
Total tangible assets
$ 210,765
$ 206,234
$ 205,001
$ 202,761
$ 203,060
Total common equity
Total equity
$ 27,946
$ 27,972
$ 29,177
$ 28,728
$ 28,525
Preferred stock
(2,434)
(2,434)
(2,834)
(2,394)
(2,394)
Common equity
25,512
25,538
26,343
26,334
26,131
Goodwill
(8,465)
(8,465)
(8,465)
(8,465)
(8,465)
Core deposit and other intangible assets
(48)
(55)
(64)
(74)
(84)
Deferred taxes
17
18
20
23
25
Total tangible common equity
$ 17,016
$ 17,036
$ 17,834
$ 17,818
$ 17,607
(1)
After any related tax effect.
SOURCE M&T Bank Corporation
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