Track market-moving stories before they get noisy

The ADA community has reacted strongly after Intersect confirmed that responsibility for delivering Cardano’s presence at TOKEN2049 Singapore will shift from EMURGO to the Cardano Foundation.

The decision has sparked a governance debate across the Cardano ecosystem, with several community members arguing that the transfer bypasses the treasury governance process approved by Delegated Representatives (DReps). 

Intersect Explains Why the Cardano Foundation Will Lead TOKEN2049 In a recent announcement, Intersect revealed that EMURGO has been focusing its resources on managing the aftermath of the SecondFi incident. Consequently, the company informed Intersect that it could no longer allocate the personnel required to organize and execute Cardano’s participation at TOKEN2049.

Following discussions among EMURGO, the Cardano Foundation, and Intersect, the three parties agreed to transfer delivery responsibility for the event to the Cardano Foundation.

As the administrator of the treasury process, Intersect emphasized that its priority is to ensure approved governance actions are successfully delivered. Therefore, it described the change in the executing entity as the most practical solution, citing the limited time before the October conference and the need to avoid uncertainty surrounding Cardano’s participation.

The controversy traces back to an earlier governance decision. Cardano’s DReps previously approved EMURGO’s standalone treasury proposal requesting 3.3 million ADA to fund an official Cardano presence at TOKEN2049 Singapore. 

Now, Intersect confirmed that the Cardano Foundation would receive the approved funds and execute the project instead.

Community Questions Governance Process Meanwhile, Intersect’s announcement immediately drew criticism from several community members, who argued that the approved proposal specifically authorized EMURGO, not the Cardano Foundation, to execute the project.

Popular DRep Chris O described the decision as a breach of Cardano’s governance framework. According to him, DReps approved a proposal that explicitly assigned execution to EMURGO. Therefore, if EMURGO could no longer fulfill its obligations, the treasury funds should have been returned rather than reassigned to another entity.

Chris also argued that the Cardano Foundation should submit its own treasury proposal if it intends to organize the event. He also criticized what he viewed as Intersect and the Foundation unilaterally changing the terms of an approved governance action without seeking another DRep vote.

Additionally, community member Dramz called for the funds to be returned entirely, expressing frustration with EMURGO’s role in the situation. 

Similarly, another community member questioned why Intersect decided on behalf of the broader Cardano ecosystem. He urged the organization to return the funds to the treasury and allow a fresh governance proposal rather than modify the existing one. 

Just one quick problem with this. The DReps didn’t vote to fund CF to do Token2049. They voted Emurgo. I think it’d’ve been proper to at least seek DReps’ opinions on the swap before it happened rather than telling us about it after the event.

— Kit Willow 𖤍 (@willow_kit) July 14, 2026

Despite the criticism, not everyone opposed the decision. Some Cardano supporters argued that maintaining an official presence at TOKEN2049 outweighs the need to restart the treasury process.

They contend that requiring a new proposal could delay preparations and potentially jeopardize Cardano’s participation in one of the cryptocurrency industry’s largest conferences. From their perspective, transferring execution to the Cardano Foundation ensures the original objective of the approved proposal is achieved despite EMURGO’s operational constraints. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

A specially designed Google logo, during the opening of Google's new Artificial Intelligence (AI) centre in Berlin, Germany, March 5, 2026. REUTERS/Annegret Hilse/File Photo Purchase Licensing Rights, opens new tab

CompaniesLUXEMBOURG, July 15 (Reuters) - Alphabet (GOOGL.O), opens new tab unit Google on Wednesday urged Europe's top court to dismiss EU antitrust regulators' appeal against a lower court ​ruling that scrapped a €1.49 billion ($1.7 billion) fine, saying the regulators' ‌arguments were flawed.

The dispute reached the Court of Justice of the European Union after regulators appealed a 2024 General Court ruling that annulled the fine imposed on Google in 2019. ​The lower court cited errors in the European Commission's assessment of ​the case.

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The Commission, the EU's competition watchdog, said Google used ⁠restrictive clauses in contracts with publishers that prevented rivals from placing search ​advertisements on the publishers' websites, reinforcing Google's dominance in online search advertising.

The ​Commission said the practices ran from 2006 to 2016. Google, whose AdSense platform provides search advertising, removed the contested clauses from publisher agreements in 2016.

Google's lawyer, Josh Holmes, rejected ​the Commission's arguments.

"The Commission's new arguments are flawed. The General Court's reasons ​are clear and complete," he told the panel of five judges.

Holmes said the Commission had ‌ignored ⁠evidence showing Google's rivals had substantial opportunities to compete.

Commission lawyer Anthony Dawes criticised the lower court's ruling, saying it imposed an unprecedented obligation on regulators to analyse issues already settled by case law.

"This finding turns case law ​on its head," he ​said, adding that ⁠the lower court's reasoning would effectively treat exclusive clauses as lawful by default.

A court adviser is due to ​issue a non-binding opinion on November 12, with a final ​ruling expected ⁠in the following months.

The AdSense fine was one of four EU antitrust penalties that have cost Google €9.5 billion during its nearly two-decade dispute with the ⁠Commission. The ​lower court's decision to annul the fine ​marked a rare legal setback for the EU watchdog.

The case is C-826/24 P Commission v Google ​and Alphabet (Google AdSense)

($1 = 0.8771 euros)

Reporting by Foo Yun Chee. Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles., opens new tab

An agenda-setting and market-moving journalist, Foo Yun Chee is a 21-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their next move. Her knowledge and experience of European antitrust laws and developments helped her break stories on Microsoft, Google, Amazon, Meta and Apple, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as on Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.

The BNB Foundation has officially announced the successful completion of the 36th quarterly BNB token burn by BNB Chain.

Here are the facts and figures from the latest burn:

Total BNB burned:  1,615,827.795 BNB Approximate value in USD around the time of burn: ~$931,702,464 Transaction ID (TXID) for BNB burn: View transactionRemaining to be burned: Check real-time data hereRemaining total supply: 133,166,127.91 BNB*at time of writing 15 July, 2026 at 10:35AM UTC.

What You Need to Know About the BNB BurnBNB is the native coin of the BNB Chain ecosystem, essential for powering its multifaceted Web3 environment. It supports transactions on the BNB Smart Chain (BSC), the opBNB L2s, and BNB Greenfield blockchain. Besides transaction fees, BNB serves as a governance token, granting holders the ability to participate in the BNB Chain’s decentralized on-chain governance. Additionally, BNB functions as a strategic reserve asset and enters the radar of more mainstream financial institutions, driving ecosystem growth and incentivizing adoption.  

Following its mainnet launch on April 18, 2019, BNB transitioned from the Ethereum Network to BNB Chain. "Build and Build" is the philosophy behind BNB, reflecting its role in fostering development within the ecosystem. BNB employs an Auto-Burn system to gradually reduce its total supply to 100,000,000 BNB. The burn amount is adjusted based on BNB's price and the number of blocks generated on BSC during a quarter, ensuring transparency and predictability. 

BNB Auto BurnThe BNB Auto-Burn provides an independently auditable, objective process. The figures are reported quarterly, and the mechanism is independent of the Binance centralized exchange. 

This quarter's burn and future burns will occur directly on BSC due to the BNB Chain Fusion. The corresponding BNB amount will be sent to the "blackhole" address: 0x000000000000000000000000000000000000dEaD.

Note: Due to the recent Lorentz, Maxwell and Fermi upgrades, BSC is producing blocks more frequently, compared with the time when the Auto Burn formula was originally defined. The parameters used in the formula have been adjusted to keep the idea and spirit consistent.

BNB Real-time BurnAdditionally, BNB implements a real-time burning mechanism based on gas fees. BSC validators determine the ratio of gas fees collected in each block, which is burned at a fixed rate. Since the introduction of BEP95, roughly 291K BNB has been burnt under this mechanism.

Further Reading35th BNB BurnDesign Mechanisms of the BNB TokenReal-Time Burning MechanismWhat is BNB Greenfield?What is opBNB?

Warren Buffett said Wednesday he — not Berkshire Hathaway's new CEO Greg Abel — was the driving force behind the recent big investment in Alphabet.

"I initiated it," Buffett said in an interview with CNBC's Becky Quick. "I am not doing anything that he doesn't approve of. He's not doing anything I don't approve of. We talk all the time, but he is the decider."

Berkshire first disclosed a stake in Alphabet during the third quarter of 2025 and has dramatically increased its investment since. Last month, the conglomerate invested an additional $10 billion through a private stock purchase.

"The trick in life is to find — I mean investing — is to find businesses that are going to earn high returns on capital for an extended period of time," Buffett said.

Buffett, who stepped down as Berkshire's chief executive earlier this year but remains chairman, said he and CEO Greg Abel continue to work closely together on investment decisions.

This is breaking news. Please refresh for updates.

Key Takeaways Bank of America expects 2026 NII growth at the high end of 6-8%, backed by loans, deposits and repricing.BAC raised full-year operating leverage guidance to 300-400 basis points after a strong first half.More than 200,000 employees use AI tools as broad segment growth supports stronger earnings power. Bank of America Corporation (BAC - Free Report) used its second-quarter 2026 call to push a forward-looking message rather than simply celebrate a beat. Management framed the quarter as evidence that broad client activity, disciplined expenses and steady balance sheet optimization are translating into stronger earnings power.

That mattered because executives also tightened the focus on what comes next: net interest income at the high end of prior guidance, continued loan and deposit growth, and more operating leverage even as the company keeps spending on technology, marketing and AI tools.

BAC Raises the Bar on 2026 NIIChairman and CEO Brian Moynihan said the quarter showed organic growth across every business segment. Revenues of $31.6 billion beat the Zacks Consensus Estimate of $30.62 billion and rose 15% year over year. EPS of $1.21 topped the Zacks Consensus Estimate of $1.13 and increased 34% from the prior-year quarter. 

The more important takeaway was the outlook. Chief financial officer Alastair Borthwick said Bank of America now expects full-year 2026 net interest income growth at the upper end of its 6% to 8% range, supported by loan and deposit growth, fixed-rate asset repricing and balance sheet optimization.

Borthwick also said the company’s banking book remains asset sensitive, while a 100-basis point parallel shift above the forward curve would add about $1 billion of NII over the next 12 months. That gave investors a clearer sense of the embedded earnings lift management still sees in the core franchise.

Bank of America Defends Deposit StrategyA KBW analyst pressed management on deposit pricing and whether BAC could keep outperforming peers in a higher-for-longer setting. Borthwick’s answer centered on client mix rather than rate competition. He said the company is prioritizing operating accounts and relationship deposits, not chasing rate-sensitive balances.

That response aligned with the quarter’s balance sheet trends. Average deposits rose to $2.02 trillion, the 12th straight quarter of sequential growth, while average loans and leases increased 8% from a year earlier to $1.22 trillion. Average consumer deposits were $957 billion, and Moynihan said spending trends strengthened during the quarter.

Management also sounded constructive on the second-half loan demand. In Q&A, Borthwick said commercial growth remains healthy and card balances are moving toward management’s target pace, reinforcing the view that NII growth is being driven by underlying business activity rather than a temporary market tailwind.

BAC Keeps Leaning Into Operating LeverageMoynihan and Borthwick repeatedly returned to operating leverage as one of the quarter’s defining features. The bank posted 6.6% operating leverage in the quarter, while the efficiency ratio improved 359 basis points from a year ago to 59%.

Borthwick said first-half 2026 operating leverage exceeded 450 basis points, leading management to lift its full-year expectation to 300-400 basis points from prior commentary of more than 200 basis points. He cautioned that second-half comparisons get harder because NII and investment banking were already accelerating in the back half of 2025.

A Bernstein analyst and a Citi analyst both tested whether that leverage outlook implied underinvestment. Moynihan rejected that framing, saying Bank of America is still investing heavily in financial centers, marketing, rewards, digital capabilities and AI, while productivity gains are helping offset some of that spending.

Bank of America Highlights AI and Segment BreadthManagement treated AI as a practical productivity story, not a separate growth narrative. Moynihan said more than 200,000 employees are using AI-enabled capabilities, generating over 400,000 prompts a day, with 300-plus approved AI use cases and 114 live generative AI use cases.

That message was tied directly to execution inside the businesses. Consumer Banking posted 10% net income growth, Global Wealth and Investment Management delivered 42% net income growth on record revenues, Global Banking benefited from a 50% jump in total corporation investment banking fees and Global Markets produced its 17th consecutive quarter of year-over-year sales and trading revenue growth.

In Q&A, management also linked AI enthusiasm to underwriting discipline. Moynihan said the bank is evaluating how AI affects borrowers and industries while also using the technology internally to improve speed, consistency and client coverage. That kept the tone measured even as executives sounded upbeat on the long-term opportunity.

BAC Leaves an Upbeat But Disciplined ToneThe call ended with a management team emphasizing breadth, not a single standout line item. Moynihan pointed to resilient consumers, healthy commercial activity, strong capital markets pipelines and continued capital returns, including $8 billion returned to its shareholders in the quarter through dividends and repurchases.

Borthwick’s closing tone was similarly disciplined. He described activity as healthy across lending, payments, wealth, investment banking and markets, while maintaining that credit quality remains stable and the balance sheet remains a source of strength.

Zacks Signals for Bank of AmericaBAC currently carries a Zacks Rank #3 (Hold) with a Value Score of C, Growth Score of C, Momentum Score of A and VGM Score of B. Under the Zacks framework, the rank is the first screen because earnings estimate revisions are the most important driver, while Style Scores help refine opportunity by value, growth and momentum characteristics.

That combination points to balanced style characteristics with stronger momentum than value or growth at the moment. The VGM Score of B is constructive, but the Style Score framework is most favorable when paired with Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks. A Zacks Rank can change after earnings as analyst estimate revisions move in response to the just-reported results. You can see the complete list of today’s Zacks #1 Rank stocks here.

New IBM Power Autonomous Operations software identifies and resolves capacity constraints up to 15x1 faster than manually performing the operation IBM Bob™ Premium Package for i helps accelerate application development on IBM i Entry-level Power S1112 server helps enterprises innovate at every scale , /PRNewswire/ -- IBM (NYSE: IBM) today announced IBM Power Autonomous Operations, an AI agent that can help continuously monitor Power systems and autonomously resolve issues to keep operations running smoothly. It complements the recently launched IBM Bob™ Premium Package for i, which brings agentic-driven software designed to accelerate application development on IBM i. These capabilities can accelerate building modern applications so enterprises can innovate at the pace required by their business. Additionally, the entry-level Power S1112 server provides a new compact, efficient option powerful enough to run AI inference locally.

IBM Power S1112, a 1-socket, half-wide Power11 server. (Image credit: Thomas Prior for IBM)

IBM PowerS1112, tower chassis form factor. (Image credit: Thomas Prior for IBM) IBM Power has long been IBM's platform for mission-critical enterprise workloads. As AI becomes part of that critical infrastructure, Power is built to support it.  IBM introduced Power11 last year as autonomous IT for the AI era, built for availability, resiliency, and scale across on-premises and IBM Cloud environments. IBM Power Virtual Server is a fully managed cloud service on which enterprises can run AIX, IBM i and Linux workloads while offloading much of the routine management for system operations. Now, IBM is embedding autonomous IT across the Power platform, from code to runtime, with new capabilities and systems.

According to the IBM IBV 2026 Tech Leader Study: Building the IT foundation for agentic AI at scale, by 2027, enterprises expect to deploy an average of 1,661 AI agents—a 38% increase. At that rate, tech leaders are tasked with managing hundreds of thousands of autonomous decisions daily. And manual governance can't keep up with that math.2 Additionally, according to the IBM Institute for Business Value, Enterprise 2030 study, AI is changing what companies do and how they do it.3 Closing that gap in scale requires an IT foundation that can run and optimize itself while teams focus on innovation.

These newly announced capabilities utilize AI agents to build automation directly into IBM Power across operations, security, and application development so clients can innovate with AI while prioritizing control and resilience. Power Autonomous Operations automates running and optimizing systems, with an embedded agent that lets teams manage Power through simple chat-style prompts. IBM Bob Premium Package for i makes IBM i development accessible to a broad range of engineers, expanding who can build and modernize their applications on the platform.

"Enterprises should not need to choose between moving at the speed of AI and keeping their systems stable and secure," said Hillery Hunter, General Manager for IBM Power and CTO, IBM Infrastructure. "We're making Power increasingly self-operating, so the routine work of helping to keep systems available, optimized, and secured can happen autonomously, and our clients' teams can spend their time on innovation instead of upkeep. That's how a business scales AI with control and resilience."

IBM Power S1112: Extending the Capabilities of Power Servers

As enterprises push AI workloads beyond the data center, the IBM Power S1112 is a new one-socket Power11 system built for compact on-prem deployment. The S1112 runs AI workloads locally using Power11 on-chip Matrix Math Acceleration (MMA) for faster inferencing. Power S1112 offers 2x better core performance versus Power S9144 and 3x better core performance versus Power S8145  — with up to 69% greater energy efficiency than the S9146.

To provide clients with the right level of support for this new system, IBM Technology Lifecycle Services is introducing IBM Power Expert Care Premium Essentials, a new incident-focused support tier available exclusively for the Power S1112. Premium Essentials delivers priority access to IBM experts, accelerated response, and intelligent support automation.

IBM Power Autonomous Operations: Managing Infrastructure Through Conversation

IBM Power Autonomous Operations resolves capacity constraint issues up to 15x faster than manual intervention7. Today's enterprise systems can seem to demand constant attention, but manual operations management can make it difficult to manage. IBM Power Autonomous Operations redefines this model by automating and optimizing day-to-day operations across the IBM Power environment. An embedded AI agent that enables natural, conversational interaction can help teams to manage, tune, and streamline their environments without relying on deep domain expertise for every task. The result is a resilient, self-optimizing infrastructure architected to reduce operational burden while accelerating performance and uptime.

IBM Bob Premium Package for i: Making IBM i Development Accessible to More Engineers

IBM i is a fully integrated operating system that remains a vital part of the core business of many companies across major industries, yet modernizing IBM i applications has historically required specialized skills for RPG applications. To help address this challenge, IBM Bob is an AI-powered development assistant that offers an agentic SDLC experience for enterprise developers.

IBM Bob Premium Package for i is engineered to provide built-in support for IBM i conventions and patterns across the full development lifecycle, to help engineers make changes faster, onboard sooner, and evolve applications while prioritizing team capacity along the way. From understanding complex code to moving modernization and AI projects forward, IBM Bob can expand the pool of developers who improve the IBM i applications that organizations depend on every day. Early adopters are already seeing results: Heartland Co-Op estimates 60% faster time for new-to-platform developers to understand complex applications.8

Client Momentum

Clients and partners are already running IBM Power on premises and in the cloud, drawn by its performance, resilience, and hybrid flexibility:

"For a business like ours, reliability and simplicity matter because our customers depend on us every day. IBM Power and IBM i have consistently delivered the stability and security we need to support our operations with confidence. And that continues with the introduction of IBM Bob and the IBM Power S1112. What excites me most about the new Power S1112 is the ability to do more with less through increased capacity, energy efficiency, and the growing focus IBM has on automation, making systems easier to manage for small and midsized businesses. We are also excited about how IBM Bob for IBM i can help our team accelerate modernization by quickly interpreting older RPG code, tracing field logic, generating documentation, and making decades of system knowledge easier to understand and act on. Together, IBM Power, IBM i, and IBM Bob give us a forward-looking foundation to modernize with confidence while continuing to deliver the reliability our business depends on." Jasmine Kaczmarek, vice president of technology, M.R. Williams.

"What I noticed about IBM Bob almost immediately was the level of detail provided as compared to other AIs. I like using AI to build and execute plans for specific projects. Given the exact same prompt, Bob's planning was always 10-fold more detailed than other AIs. More specifics, more details, and provided a better understanding of the steps through the project from beginning to end." Bob Richardson, ERP Support Analyst, Wynne Systems, Inc.

"The new IBM Power S1112 provides us with the flexibility to expand beyond traditional workloads and explore new AI opportunities by running Linux partitions alongside our IBM i environment," said Andy Buchholtz, Owner, Innovative Software Solutions. "Combining that flexibility with the security, reliability, and resilience we trust from the IBM Power platform gives us confidence as we continue to innovate and modernize our business."

"We're no longer reacting to weather. We're prepared for it," said Chad Simpson, CIO, City Home. "Our infrastructure is built to keep the business running, no matter what. We've honed our process to perform role swaps every quarter, and this capability gives us great confidence in our business continuity posture. It's a powerful thing, and it's all thanks to IBM Cloud and Power Virtual Server."

Availability

IBM Power S1112 is expected to be generally available on July 24, 2026, IBM Power Autonomous Operations is expected to be generally available on September 23, 2026, and IBM Bob Premium Package for i was made generally available on June 24, 2026. To learn more, visit ibm.com/power.

Statements regarding IBM's future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service.

Additional Sources

Power S1112 and autonomous IT capabilities blog IBM Power S1112 product page  IBM Institute for Business Value Enterprise 2030 study  Media contact:

Sarah Fraser
IBM Infrastructure Communications
[email protected]

1 Disclaimer 1: The performance and capacity management efficiency claim is based on IBM internal testing conducted in a controlled, representative IBM Power infrastructure environment consisting of eleven IBM Power systems. Capacity thresholds and alerting policies were preconfigured prior to test execution. Under this configuration, the manual operational process entailed—navigating to the performance dashboard for each system, exporting performance data to CSV/XLS format, reviewing and analyzing the data to identify required capacity adjustments, and implementing the changes—required on average 52.59 minutes to detect and resolve capacity‑related conditions across the eleven systems. In a comparable scenario, IBM Power Autonomous Operations, which includes alert ingestion and AI-based, agent-driven diagnostic analysis producing recommended and remedial actions with human-in-the-loop approval to remediate, completed the same process in on average 3.33 minutes.
2 https://www.ibm.com/thought-leadership/institute-business-value/en-us/c-suite-study/cxo
3 https://www.ibm.com/thought-leadership/institute-business-value/en-us/report/enterprise-2030
4 Based on published CPW results comparing Power S1112/4 core to IBM Power S914/4 core. Valid as of 7/14/2026 and available at: https://www.ibm.com/downloads/documents/us-en/10c31775c5d40fed
5 Based on published CPW results comparing Power S1112/4 core to IBM Power S814/4 core. Valid as of 7/14/2026 and available at: https://www.ibm.com/downloads/documents/us-en/10c31775c5d40fed
6 Based on system capability of Power S1112/10c performance 291,300E CPW (extrapolated from 116,500 CPW for 4-cores) @ 540E Watts (539 Performance/Watt) compared to Power S914/8cperformance of 122,500 CPW @ 383 Watts (319 Performance/Watt); 539 / 319 = 1.69 more Performance/Watt
7 Disclaimer 1: The performance and capacity management efficiency claim is based on IBM internal testing conducted in a controlled, representative IBM Power infrastructure environment consisting of eleven IBM Power systems. Capacity thresholds and alerting policies were preconfigured prior to test execution. Under this configuration, the manual operational process entailed—navigating to the performance dashboard for each system, exporting performance data to CSV/XLS format, reviewing and analyzing the data to identify required capacity adjustments, and implementing the changes—required on average 52.59 minutes to detect and resolve capacity‑related conditions across the eleven systems. In a comparable scenario, IBM Power Autonomous Operations, which includes alert ingestion and AI-based, agent-driven diagnostic analysis producing recommended and remedial actions with human-in-the-loop approval to remediate, completed the same process in on average 3.33 minutes.
8 Heartland Co-op Modernizes Grain Operations with IBM i and IBM Bob

SOURCE IBM

, /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

Elevance Health President and CEO Gail Boudreaux listens during a House Energy and Commerce Health Subcommittee hearing examining health insurance affordability and healthcare costs in... Purchase Licensing Rights, opens new tab Read more

CompaniesJuly 15 (Reuters) - Elevance Health (ELV.N), opens new tab ​raised its annual profit forecast after beating second-quarter ‌earnings estimates on Wednesday, as it looks to keep medical costs in check.

In April, the company said it has greater ​clarity on medical costs for the rest ​of the year as it leans on its ⁠efforts to keep them under control.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

"Our second quarter ​results exceeded our outlook," Chief Executive Officer Gail ​Boudreaux said.

Elevance, which has greater exposure to commercial insurance and Medicaid plans for low-income Americans, has been withdrawing from underperforming ​Medicare Advantage markets for older adults.

Higher demand for ​healthcare services among members of government-funded plans has increased medical ‌expenses ⁠for health insurers.

For the quarter, the company reported a medical loss ratio, the percentage of premiums spent on medical care, of 89.7%. Analysts on average ​had expected ​a ratio ⁠of 90.15%, according to data compiled by LSEG.

The health insurer forecast annual adjusted ​profit to be at least $27 per share, ​compared ⁠with at least $26.75 per share projected earlier.

Analysts on average estimate an annual profit of $26.86 per share.

The company ⁠posted ​a quarterly adjusted profit of $7.45 ​per share, surpassing analysts' average estimate of $6.21.

Reporting by Sriparna Roy and ​Sneha S K in Bengaluru; Editing by Maju Samuel

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Japan's First Onchain Equity StrategySBI Global Asset Management and DigiFT have launched the JX Token on Solana, creating what both firms describe as a first for Japan's asset management industry. The product, formally named the SBI Japan High Dividend Equity Strategy Token, is designed to give accredited and institutional investors onchain access to a Japanese high-dividend equity fund strategy managed by SBI Asset Management, a subsidiary of SBI Global Asset Management.

The launch marks the first time a Japanese asset manager's listed-equity strategy has been brought onchain through DigiFT's regulated tokenization and distribution infrastructure. Ecosystem participants in the launch include Solana Company, Huma Finance and Plume.

DigiFT holds Capital Markets Services and Recognised Market Operator licences from MAS, as well as Type 1 and Type 4 licences from the Hong Kong SFC, a dual regulatory standing that has made it a tokenization and distribution partner for global and regional asset managers including UBS Asset Management, Invesco, BNY and Franklin Templeton. Its roster now extends into Japan through SBI GAM's participation, adding a Japanese listed-equity strategy to that lineup for the first time.

SBI's Broader Tokenization Push and the Growing RWA MarketThe launch comes as investor attention returns to Japanese equities, supported by the Tokyo Stock Exchange's continued push for listed companies to improve capital efficiency and demonstrate greater awareness of share-price performance. SBI Holdings itself brings considerable onchain credentials to the partnership. The group has taken direct stakes across the region's tokenization infrastructure, including leading a $50 million investment in Startale Group to build a blockchain purpose-built for tokenized securities, and holding a majority stake in Osaka Digital Exchange, operator of a secondary market for security tokens in Japan.

The JX Token's structure is also designed with the regulatory direction of travel in mind. Regulators are increasingly distinguishing tokenized securities developed with issuer or manager alignment from products that offer only indirect economic exposure. In a joint staff statement issued January 28, 2026, U.S. SEC staff drew a formal line between issuer-sponsored tokenized securities, which can represent true ownership, and third-party products that typically offer only synthetic exposure.

The launch also reflects a broader evolution in tokenization: the value of tokenized RWAs distributed on public blockchains grew from $5.9 billion to $21.9 billion globally in 2025, moving the category beyond cash-like instruments and into actively managed public-market strategies. According to a report by RedStone, Gauntlet and RWA(.)xyz cited by CoinDesk, the RWA tokenization market reached $24 billion having grown 380% in three years.

For $SOL, the deal adds another institutional use case. SBI Holdings recently announced that the Solana Foundation will take an equity stake in SBI R3 Japan, the joint venture it shares with Sumitomo Mitsui Financial Group, with the entity to be renamed SBI Solana Global. The JX Token launch now gives that broader strategic relationship its first live regulated product on the Solana network.

Sources:
The Manila Times: SBI Global Asset Management and DigiFT Launch JX
CoinDesk: SBI Holdings' Blockchain Initiative Pivots to Solana
CoinDesk: RWA Tokenization Market Has Grown Almost Fivefold to $24B in 3 Years

15.7.2026 12:21, BLK

Největší správce aktiv na světě BlackRock zveřejnil výsledky hospodaření za druhé čtvrtletí roku 2026. Objem spravovaných aktiv (AUM) překonal průměrný odhad analytiků a dosáhl rekordní hodnoty. Nad odhady byly rovněž výnosy i čistý příliv aktiv.

Výsledky společnosti BlackRock (BLK) za 2Q 2026   2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 7,08 6,82 5,42 Čistý zisk (mld. USD) 1,91 -- 1,59 Očištěný zisk na akcii (EPS, USD/akcie) 13,91 12,66 12,05 Výsledky za 2Q Objem spravovaných aktiv (AUM) dosáhl rekordních 15,34 bil. USD, meziročně vzrostl o 22 % a překonal odhad 15,19 bil. USD.

Čistý příliv aktiv, zdroj: Blackrock

Čisté přílivy aktiv dosáhly 191,70 mld. USD, výrazně nad odhadem 175,92 mld. USD a nad loňskými 67,74 mld. USD. Z toho dlouhodobé přílivy činily 199,13 mld. USD. Institucionální klienti přinesli čisté přílivy 2,34 mld. USD, retailoví klienti 18,86 mld. USD. Podle typu produktu směřovalo do akciových strategií 71,60 mld. USD a do dluhopisových strategií 92,10 mld. USD.

Výnosy meziročně vzrostly o 31 % na 7,08 mld. USD, nad odhadem 6,82 mld. USD. Základní poplatky a výnosy z půjčování cenných papírů dosáhly 5,73 mld. USD (+29 % meziročně), nad odhadem 5,6 mld. USD. Výkonnostní poplatky (performance fees) činily 305 mil. USD oproti loňským 94 mil. USD, nad odhadem 276,4 mil. USD. Výnosy z technologických služeb dosáhly 566 mil. USD (+13 % meziročně), nad odhadem 551,7 mil. USD.

Celkové náklady vzrostly o 25 % meziročně na 4,62 mld. USD, nad odhadem 4,49 mld. USD.

Provozní marže dosáhla 34,7 % oproti loňským 31,9 %, pod odhadem 35,5 %. Očištěná provozní marže činila 45,9 % oproti loňským 43,3 %, nad odhadem 44,7 %.

Komentář CEO Laurence Fink, předseda představenstva a generální ředitel BlackRocku, uvedl: „Fundamenty trhu jsou silné a dobře podpořené, s vyššími maržemi a momentem v ziskovosti, které katalyzují nové technologie. Rozsah a hloubka našich klientských vztahů globálně nikdy nebyly větší. Klienti se obracejí na BlackRock kvůli poznatkům a příležitostem. To pohání rekordní finanční výkonnost, přílivy 868 mld. USD za posledních dvanáct měsíců a 10% růst organických základních poplatků. Přílivy za prvních šest měsíců roku 2026 více než zdvojnásobily meziroční hodnotu, což posunulo AUM na rekordních 15,3 bil. USD.“

„Ve druhém čtvrtletí nám klienti svěřili 192 mld. USD čistých přílivů, což generovalo 8% organický růst základních poplatků – výrazně nad naším cílem. iShares překročily 6 bil. USD v AUM, což je zhruba dvojnásobek za tři roky. Naše čtvrtletní upravená provozní marže dosáhla 45,9 % – nejvyšší za téměř pět let. Čtvrtletní provozní zisk vzrostl přibližně o 40 % meziročně. A naše přesvědčení o dalším růstu BlackRocku nás vedlo ke zvýšení plánované úrovně zpětných odkupů akcií v roce 2026 na 2 mld. USD,“ dodal Fink.

Návrat kapitálu akcionářům Společnost v aktuálním kvartále odkoupila vlastní akcie v hodnotě 450 mil. USD. Zároveň oznámila zvýšení plánovaných čtvrtletních zpětných odkupů na 550 mil. USD.

Akcie BlackRock Akcie BlackRock (BLK) v předburzovní fázi obchodování rostou o 1,91 % na 1 045,00 USD.

Akcie Blackrock Inc (BLK) před výsledky uzavřely na 1025,44 USD Ukazatel   Ukazatel   Kapitalizace (mld. USD) 167,7 P/E 23,0 Vývoj za letošní rok (%) -4,2 Očekávané P/E 18,9 52týdenní minimum (USD) 917,4 Prům. cílová cena (USD) 1269 52týdenní maximum (USD) 1219,94 Dividendový výnos (%) 2,1 Zdroj: BlackRock, Bloomberg

Michal Šnobl, Fio banka, a.s.

Over the last six decades, the United States has accumulated nearly 100,000 metric tons of used nuclear fuel. Despite generating about one-fifth of the nation's electricity from nuclear power, the U.S. never established a permanent geological repository for spent commercial nuclear fuel.

This spent fuel could get a second chance if Oklo (OKLO +1.09%) has its way. That's because Oklo's nuclear reactors are designed to efficiently utilize spent nuclear fuel, creating an opportunity to get more from existing nuclear waste.

Here's what investors need to know about Oklo's long-term vision.

Today's Change

(

1.09

%) $

0.50

Current Price

$

46.31

How Oklo plans to get more from nuclear waste When it comes to nuclear energy, used nuclear fuel is not fully depleted or useless material. That's because conventional light-water reactors extract less than 5% of the total energy potential from enriched uranium before the assemblies stop generating power efficiently and are removed. While conventional reactors cannot use the spent fuel, the remaining material still contains large quantities of uranium and other elements that advanced reactor designs could utilize.

Oklo plans to use this spent fuel in its Aurora fast reactor, a compact, advanced reactor designed to operate on high-assay low-enriched uranium (HALEU) and recycled nuclear materials. This is possible because fast reactors can more efficiently utilize the heavier isotopes in spent nuclear fuel, enabling closed-loop fuel cycles.

Image source: The Motley Fool.

Oklo's initial powerhouses are expected to use fresh HALEU fuel, but in the longer term, the company aims to recycle portions of the country's accumulated used-fuel inventory into new reactor fuel. If it succeeds, it could expand domestic fuel supplies, reduce dependence on newly mined uranium, and lessen the burden of nuclear waste management by producing 90% less high-level waste than conventional reactors.

Oklo's use of recycled nuclear fuel could make it an innovator in the nuclear energy space, and it is investing nearly $1.7 billion to build a nuclear fuel recycling facility in Tennessee. Construction is expected to begin here in 2027, with the facility projected to begin producing recycled fuel by the 2030s.

What's next for Oklo? Oklo is making important progress with its nuclear reactor technology. The company's anchor project is the Aurora Powerhouse located at the Idaho National Laboratory. Here, the company will build a 75-MWe liquid-metal-cooled, metal-fueled reactor and aims to begin operations as soon as 2028.

It also has a major deal with Meta Platforms to build a 1.2-GW clean energy campus in Ohio. It has signed a Letter of Intent (LOI) with Centrus Energy to purchase HALEU fuel for this facility, which is slated to start delivering power in 2030, and the full campus is expected to be completed by 2034.

That said, it has a long road ahead and is vulnerable to regulatory setbacks. On top of that, it will incur significant expenses (it projects $350 million to $450 million in capital expenditures this year) before becoming commercially viable.

For those reasons, Oklo is a speculative stock best left to aggressive investors with a long-term perspective.

The Travelers Companies, Inc. (NYSE:TRV) will release its second quarter earnings report before the opening bell on Friday, July 17.

Analysts expect the New York-based company to report quarterly earnings of $5.33 per share, down from $6.51 per share in the year-ago period. The consensus estimate for Travelers’ quarterly revenue is $10.99 billion. It reported $10.92 billion last year, according to Benzinga Pro.

On April 16, Travelers Companies reported better-than-expected first-quarter results.

Travelers shares fell 1.4% to close at $336.83 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying TRV stock? Here’s what analysts think:

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