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Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at M&T Bank Corporation (MTB - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. M&T Bank Corporation currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for MTB that show why this company shows promise as a solid momentum pick.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For MTB, shares are up 1.45% over the past week while the Zacks Banks - Major Regional industry is up 1.35% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 5.91% compares favorably with the industry's 5.91% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of M&T Bank Corporation have increased 10.48% over the past quarter, and have gained 22.59% in the last year. On the other hand, the S&P 500 has only moved 8.52% and 21.6%, respectively.

Investors should also pay attention to MTB's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. MTB is currently averaging 1,056,760 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with MTB.

Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost MTB's consensus estimate, increasing from $18.62 to $18.81 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that MTB is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep M&T Bank Corporation on your short list.

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.

For the quarter ended June 2026, M&T Bank Corporation (MTB - Free Report) reported revenue of $2.53 billion, up 5.7% over the same period last year. EPS came in at $5.35, compared to $4.28 in the year-ago quarter.

The reported revenue represents a surprise of +2.21% over the Zacks Consensus Estimate of $2.48 billion. With the consensus EPS estimate being $4.66, the EPS surprise was +14.81%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how M&T Bank performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 52.8% compared to the 55.4% average estimate based on two analysts.Tier 1 Capital Ratio: 11.6% compared to the 11.5% average estimate based on two analysts.Net interest margin: 3.7% compared to the 3.7% average estimate based on two analysts.Net charge-offs to average total net loans: 0.2% versus the two-analyst average estimate of 0.4%.Average Balance - Total earning assets: $195.22 billion compared to the $194.84 billion average estimate based on two analysts.Trust income: $197 million versus $190.32 million estimated by two analysts on average.Mortgage banking revenues: $127 million versus the two-analyst average estimate of $129.79 million.Net interest income - taxable-equivalent: $1.8 billion versus the two-analyst average estimate of $1.79 billion.Service charges on deposit accounts: $144 million versus $142.27 million estimated by two analysts on average.Total other income: $740 million versus $672.8 million estimated by two analysts on average.View all Key Company Metrics for M&T Bank here>>>

Shares of M&T Bank have returned +5.9% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

M&T Bank Corporation (MTB - Free Report) came out with quarterly earnings of $5.35 per share, beating the Zacks Consensus Estimate of $4.66 per share. This compares to earnings of $4.28 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +14.81%. A quarter ago, it was expected that this company would post earnings of $4.02 per share when it actually produced earnings of $4.18, delivering a surprise of +3.98%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

M&T Bank, which belongs to the Zacks Banks - Major Regional industry, posted revenues of $2.53 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.21%. This compares to year-ago revenues of $2.4 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

M&T Bank shares have added about 20% since the beginning of the year versus the S&P 500's gain of 10.2%.

What's Next for M&T Bank?While M&T Bank has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for M&T Bank was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.93 on $2.51 billion in revenues for the coming quarter and $18.81 on $9.96 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Major Regional is currently in the top 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Fifth Third Bancorp (FITB - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 17.

This company is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of +8.9%. The consensus EPS estimate for the quarter has been revised 0.4% higher over the last 30 days to the current level.

Fifth Third Bancorp's revenues are expected to be $3.25 billion, up 44.8% from the year-ago quarter.

, /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

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.

Equal Housing Lender. © 2026 M&T Bank. NMLS# 381076. Member FDIC. All rights reserved.

Investor Contact:
Steve Wendelboe
(716) 842-5138

Media Contact:
Frank Lentini
(929) 651-0447

SOURCE M&T Bank Corporation

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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 (MTB - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on July 15, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $4.66 per share in its upcoming report, which represents a year-over-year change of +8.9%.

Revenues are expected to be $2.48 billion, up 3.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.89% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for M&T Bank?For M&T Bank, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.13%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination indicates that M&T Bank will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that M&T Bank would post earnings of $4.02 per share when it actually produced earnings of $4.18, delivering a surprise of +3.98%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

M&T Bank appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Investors looking for stocks in the Banks - Major Regional sector might want to consider either M&T Bank Corporation (MTB) or Northern Trust Corporation (NTRS). But which of these two stocks offers value investors a better bang for their buck right now?

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Based in Buffalo, M&T Bank Corporation (MTB - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 17.51%. The company is currently shelling out a dividend of $1.50 per share, with a dividend yield of 2.53%. This compares to the Banks - Major Regional industry's yield of 2.78% and the S&P 500's yield of 1.45%.

Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for MTB for this fiscal year. The Zacks Consensus Estimate for 2026 is $18.73 per share, representing a year-over-year earnings growth rate of 8.90%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. However, not all companies offer a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

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Expanded working capital facility strengthens development pipeline and accelerates deployment of distributed energy infrastructure

ASBURY PARK, N.J.--(BUSINESS WIRE)--Solar Landscape, the nation's leading platform for distributed energy infrastructure built on commercial real estate, today announced the closing of an oversubscribed $125 million revolving credit facility led by M&T Bank (NYSE:MTB), with participation from Flagstar Bank, Atlantic Union Bank, and Valley Bank.

The facility expands an existing relationship between Solar Landscape and M&T Bank, which originally provided the company's revolving working capital line. As Solar Landscape's project pipeline and development activity continued to grow, M&T Bank successfully syndicated the facility, increasing available capital to support the company's accelerating development efforts across its core markets.

The revolving credit facility provides flexible working capital that supports project throughput and execution across Solar Landscape’s growing development pipeline. By funding critical development activities, the facility enables projects to advance more efficiently from origination to construction readiness while maintaining capital deployment across its portfolio.

The company’s efficient funding structure helps to accelerate the deployment of distributed energy infrastructure at a time when electricity demand is growing rapidly nationwide, supporting Solar Landscape’s ability to bring front-of-the-meter solar and storage projects online faster while continuing to scale across the country.

"Speed-to-power has become one of the defining challenges facing the energy industry," said Clayton Avent, Chief Financial Officer of Solar Landscape. "This partnership, led by M&T Bank, is an important piece of our ability to enable our scale and increase throughput in our core markets. The facility strengthens our development platform, supports predictable execution across our pipeline, and allows us to bring new megawatts online faster at a time when demand for electricity continues to accelerate."

The financing complements Solar Landscape's broader capital strategy and existing project financing facilities, creating a comprehensive funding structure that supports projects from early-stage development through construction and operation.

"Solar Landscape has established itself as a leader in distributed energy infrastructure through its ability to consistently execute at scale," said Brian Clark, Head of Commercial Banking, New Jersey at M&T Bank. "We are proud to lead this financing and support the company's continued growth as it delivers critical energy infrastructure to communities across the country."

The expanded facility further strengthens Solar Landscape's ability to advance a growing pipeline of distributed energy projects while maintaining the operational flexibility required to meet increasing demand from commercial real estate owners, utilities, and energy consumers. The financing also supports the company’s continued year-over-year EBITDA growth by providing efficient access to development capital that accelerates project execution and deployment.

About Solar Landscape

Solar Landscape is the nation’s leading distributed energy infrastructure company, transforming commercial real estate into a source of new power by deploying solar and storage at scale. Partnering with more than 170+ commercial real estate owners and utilities, the company develops, builds, owns, and operates distributed energy projects that deliver new capacity to the grid in as little as 12 months while generating long-term income for commercial and industrial property owners.

Recognized by the Financial Times as one of the fastest-growing companies in the U.S. and ranked the #1 commercial rooftop solar developer by Solar Power World, Solar Landscape combines real estate expertise with proprietary technology and vertically integrated execution to deploy infrastructure with speed and certainty.

Headquartered in Asbury Park, New Jersey, with offices in New York City, Chicago, and Baltimore, the company has deployed more than 500 projects representing over 750 MWdc of generation.

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Jerry Jacobs, Jr., chief executive officer, Delaware North, was elected to M&T Bank Corporation's Board of Directors

, /PRNewswire/ -- M&T Bank Corporation (NYSE:MTB) ("M&T") today announced the election of Jerry Jacobs Jr., chief executive officer of Delaware North, to its Board of Directors, effective June 16, 2026. Mr. Jacobs was also elected to the Board of Directors of M&T Bank, M&T's principal banking subsidiary.

Jerry Jacobs Jr., chief executive officer, Delaware North Jacobs leads Delaware North, a global hospitality and entertainment company with operations spanning sports venues, parks, gaming, hotels and food service. He shares the chief executive officer title with his brothers, Lou and Charlie, and also serves as an alternate governor to the Boston Bruins.

He joined Delaware North in 1986 and has held a series of senior leadership roles across the business, including leading its Sportservice division before being named chief executive officer in 2015. In his current role, he oversees the company's strategy, governance and financial performance.

Jacobs is active in several civic and nonprofit organizations, serving as the chair of the UB Council, a member of the US Travel Association CEO Roundtable and a board member of The Corps Network.

"Jerry brings a strong track record of leadership and operational execution, along with deep ties to Western New York and a clear commitment to the people and places he serves," said René Jones, M&T chairman and chief executive officer. "His experience leading a complex, customer-centric organization will strengthen the perspectives represented in our boardroom."

"I'm honored to join M&T's Board of Directors," Jacobs said. "M&T's consistent focus on its customers and communities, along with its disciplined approach to growth, positions the company well for the future, and I look forward to contributing to that continued success."

Mr. Jacobs earned a bachelor's degree from Georgetown University and an MBA from the Wharton School of the University of Pennsylvania.

About M&T Bank

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. 

Equal Housing Lender. © 2026 M&T Bank. NMLS# 381076. Member FDIC. All rights reserved.

Media Contact:
Frank Lentini
(929) 651-0447 / [email protected]

SOURCE M&T Bank Corporation

Key Takeaways MTB Q1 EPS of $4.18 beat estimates and rose from $3.38 a year ago on higher NII and fee income.MTB's revenue grew 5.8% to $2.44B, with non-interest income up 12.8% and NII rising 3.4%.MTB reported modest loan growth, while deposits declined and provisions for credit losses increased. M&T Bank Corporation (MTB - Free Report) reported first-quarter 2026 net operating earnings per share of $4.18, which beat the Zacks Consensus Estimate of $4.02. The bottom line compared favorably with earnings of $3.38 per share in the year-ago quarter.

Results were aided by higher net interest income (NII) and a rise in non-interest income on a year-over-year basis, along with modest loan growth. However, a decline in deposits, higher provisions for credit losses, and elevated expenses acted as headwinds.

Net income available to common shareholders was $620 million, up 13.3% from the prior-year quarter.

M&T Bank’s Quarterly Revenues & Expenses Rise Y/YMTB’s quarterly revenues were $2.44 billion, surpassing the Zacks Consensus Estimate of $2.43 billion. Further, the reported figure increased 5.8% year over year.

NII (tax equivalent) rose 3.4% year over year to $1.75 billion.

Total non-interest income was $689 million, up 12.8% year over year. The rise was driven by an increase in almost all components.

Total non-interest expenses were $1.44 billion, up 1.6% year over year. The increase was due to higher salaries and employee benefits costs, outside data processing and software costs, along with professional and other services costs.

The efficiency ratio was 58.3%, down from 60.5% in the year-earlier quarter. A lower ratio indicates a rise in profitability.

MTB’s Loan Balance Increases, Deposits DecreaseTotal loans were $139.9 billion as of March 31, 2026, up nearly 1% from the prior quarter. Total deposits declined 1.8% sequentially to $163.7 billion.

M&T Bank’s Credit Quality: Mixed BagNet charge-offs decreased 7.8% to $105 million from the prior-year quarter.

The company recorded a provision for credit losses of $140 million, up 7.7% from the year-ago quarter.

Non-performing assets declined 19.5% year over year to $1.27 billion.

The ratio of non-accrual loans to total net loans was 0.89%, which declined year over year from 1.14%.

MTB’s Capital Position Mixed & Profitability Ratios Improve Y/YM&T Bank’s estimated Common Equity Tier 1 ratio was 10.33%, down from 11.50% as of first-quarter 2025. The tangible equity per share was $115.96, up from $111.13 in the first quarter of 2025.

The company's return on average tangible assets (annualized) and average tangible common shareholder equity were 1.33% and 14.51%, respectively, compared with 1.21% and 12.53% in the prior-year quarter.

M&T Bank’s Capital Distribution UpdateMTB repurchased 5.5 million shares of its common stock in accordance with its capital plan for $1.25 billion in the first quarter of 2026.

Our View on MTBSustained growth in both NII and non-interest income is expected to continue supporting M&T Bank’s organic growth. Additionally, modest loan growth and improving asset quality metrics will likely support its overall performance. However, declining deposit balances, higher provisions for credit losses and elevated expenses are near-term concerns.

M&T Bank Corporation Price, Consensus and EPS SurpriseEarnings Release Dates of Other Major BanksCitizens Financial Group (CFG - Free Report) is scheduled to release first-quarter 2026 earnings on April 16.

The Zacks Consensus Estimate for CFG’s quarterly earnings has remained unchanged at $1.10 per share over the past seven days. This indicates a 42.8% rise from the prior-year reported number.

Huntington Bancshares Inc. (HBAN - Free Report) is also slated to report first-quarter 2026 results on April 23.

Over the past seven days, the Zacks Consensus Estimate for HBAN’s quarterly earnings has been unchanged at 36 cents per share. This implies a 5.9% rise from the prior-year reported number.