M&T Bank Corporation (NYSE:MTB)
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $775 million or $5.04 of diluted earnings per common share.
(Dollars in millions, except per share data) Earnings Highlights 3Q26 2Q26 3Q25 ────────────────────────────────────────────────────────────────────────────── Net interest $ 1,793 $ 1,792 $ 1,761 income Taxable-equival… 12 12 12 adjustment Net interest income - 1,805 1,804 1,773 taxable-equival… Provision for 135 120 125 credit losses Noninterest 743 740 752 income Noninterest 1,393 1,349 1,363 expense Net income 775 818 792 Net income available to common 732 781 754 shareholders - diluted Diluted earnings 5.04 5.32 4.82 per common share Return on average assets - 1.40 % 1.51 % 1.49 % annualized Return on average common shareholders' 11.44 12.30 11.45 equity - annualized Average Balance Sheet Total assets $ 218,860 $ 216,532 $ 211,053 Interest-bearing deposits at 14,209 15,061 17,739 banks Investment 38,552 38,728 36,559 securities Loans 143,296 140,650 135,890 Deposits 166,777 163,524 162,576 Borrowings 19,225 20,794 15,633 Selected Ratios (Amounts expressed as a percent, except per share data) Net interest 3.65 % 3.70 % 3.69 % margin Efficiency ratio 54.4 52.8 53.6 (1) Net charge-offs to average total .35 .23 .42 loans - annualized Allowance for loan losses to 1.51 1.53 1.59 total loans Nonaccrual loans .90 .85 1.11 to total loans Common equity Tier 1 ("CET1") 10.16 10.19 10.99 capital ratio (2) Common shareholders' $ 174.95 $ 176.03 $ 170.43 equity per share
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
• Taxable-equivalent net interest income increased nominally in the recent quarter as compared with the second quarter of 2026 reflecting an additional day, partially offset by lower interest income on nonaccrual loans.
• Average loans grew $2.6 billion in the recent quarter reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million.
• Higher noninterest income in the recent quarter reflects an increase in residential mortgage banking revenues, partially offset by a decrease in capital markets and advisory revenues and a lower distribution from M&T's investment in Bayview Lending Group LLC ("BLG").
• Noninterest expense reflects increases in outside data processing and software costs and professional and other services expense as well as higher personnel costs from an additional working day in the recent quarter.
• The allowance for loan losses as a percent of total loans declined 2 basis points to 1.51% at September 30, 2026.
• In the recent quarter, M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million. M&T's CET1 capital ratio is estimated to be 10.16% at September 30, 2026.
"M&T's third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people's lives. I want to thank our employees for their ongoing commitment to the communities and customers we serve."
Contact: Investor Relations: Rajiv Ranjan 716.842.5138 Steve Wendelboe 716.842.5138 Media Relations: Frank Lentini 929.651.0447
As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan-based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, in conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. All periods presented herein reflect those changes.
(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.
(1) Condensed Consolidated Average Balance Sheet and Annualized Taxable- equivalent Rates are included in the accompanying table on page 15. 2
Taxable-equivalent net interest income in the recent quarter rose nominally from the second quarter of 2026 reflecting an additional day, lower interest income on nonaccrual loans and loan growth funded by interest-bearing deposits as the Company reduced its average short-term borrowings. Taxable-equivalent net interest income increased $32 million, or 2%, as compared with the year-earlier third quarter reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans.
(1) Supplemental information on loan balances is included in the accompanying table on page 16.
Average earning assets rose $1.5 billion from the second quarter of 2026 reflecting growth in average commercial real estate loan balances of $1.6 billion, average consumer loan balances of $634 million and average residential real estate loan balances of $367 million.
Average earning assets increased $5.8 billion from the third quarter of 2025, reflecting loan growth across all loan portfolios. Average commercial and industrial loan balances increased $4.2 billion, spanning most industry types. Average consumer, residential real estate and commercial real estate loan balances grew $1.3 billion, $1.1 billion and $880 million, respectively. The average balance of investment securities increased $2.0 billion from the year- earlier quarter, reflecting purchases of fixed rate mortgage-backed securities.
Average interest-bearing liabilities in the recent quarter rose $1.9 billion from the second quarter of 2026 reflecting growth in average interest-bearing deposits of $3.5 billion and higher average long-term borrowings resulting from asset securitizations and issuances of senior and subordinated notes. Those increases were partially offset by a $2.9 billion decline in average short-term borrowings from the FHLB of New York.
Average interest-bearing liabilities increased $8.1 billion from the third quarter of 2025 reflecting growth in average interest-bearing deposits of $4.5 billion, higher average short-term borrowings from the FHLB of New York of $1.9 billion and an increase in average long-term borrowings of $1.2 billion resulting from asset securitizations and issuances of subordinated notes, partially offset by net maturities of senior notes.
The provision for credit losses was $135 million in the third quarter of 2026 as compared with $120 million in the second quarter of 2026 and $125 million in the third quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.51% at September 30, 2026 and 1.53% at June 30, 2026, each improved from 1.59% at September 30, 2025, reflecting lower levels of criticized loans.
Nonaccrual loans were $1.3 billion at September 30, 2026 and $1.2 billion at June 30, 2026, compared with $1.5 billion at September 30, 2025. The lower level of nonaccrual loans at September 30, 2026 and June 30, 2026 as compared with September 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans. 4
(1) Supplemental information on mortgage banking activities is included in the accompanying table on page 17.
(2) Supplemental information on other revenues from operations is included in the accompanying table on page 18.
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead, beginning in 2026 fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.
Noninterest income in the third quarter of 2026 increased $3 million from 2026's second quarter.
• Trust and investment services income declined $5 million reflecting seasonal tax services fees earned by the wealth management business in the second quarter of 2026.
• Mortgage banking revenues increased $25 million reflecting a rise in residential mortgage loan sub-servicing income. In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans.
• Capital markets and advisory revenues decreased $9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers.
• Other revenues from operations decreased $10 million reflecting a lower distribution from M&T's investment in BLG in the recent quarter.
Noninterest income declined $9 million, or 1%, as compared with the third quarter of 2025.
• Trust and investment services income rose $13 million reflecting higher corporate trust revenues from the Company's institutional services business and an increase in personal trust and investment services revenues from its wealth management businesses.
• Mortgage banking revenues increased $5 million reflecting a rise in residential mortgage loan sub-servicing income, partially offset by the impact of the Company's fair value accounting election described above and lower gains on commercial mortgage loans originated for sale.
• Other revenues from operations decreased $27 million reflecting a $28 million distribution of an earnout payment from the Company's 2023 sale of its Collective Investment Trust ("CIT") business and a $12 million gain on the sale of equipment leases each in the third quarter of 2025, partially offset by an $11 million higher distribution from M&T's investment in BLG in the recent quarter. 5
• Salaries and employee benefits expense increased $6 million reflecting an additional working day in the recent quarter, partially offset by lower payroll- related taxes.
• Outside data processing and software costs increased $19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure.
• Professional and other services rose $8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives.
• Other costs of operations increased $6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc.
Noninterest expense increased $30 million, or 2% , from the third quarter of 2025.
• Outside data processing and software costs rose $35 million reflecting costs associated with enhancements to the Company's technology infrastructure.
• Professional and other services increased $16 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives and higher legal service costs.
• FDIC assessments were $6 million higher in the recent quarter reflecting the reduction of estimated special assessment expense in the third quarter of 2025 resulting from a decrease in the FDIC's loss estimates associated with certain failed banks.
• Other costs of operations decreased $31 million reflecting the amortization associated with residential mortgage loan servicing right assets in the third quarter of 2025 and lower expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.
The Company's effective income tax rate was 23.1% in each of the third and second quarters of 2026 compared with 22.8% in the third quarter of 2025. 6
M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $217 million and $42 million, respectively, for the quarter ended September 30, 2026. M&T's current stress capital buffer is 2.7%.
Reflecting rising interest rates, accumulated other comprehensive income declined $588 million in the recent quarter. In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with net unrealized gains of $8 million. Unrealized losses on those transferred securities at September 30, 2026 were $222 million ($165 million net of tax).
M&T repurchased shares of its common stock at a cost of $323 million during the recent quarter, compared with $465 million and $409 million in the second quarter of 2026 and the third quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.16% as of September 30, 2026. M&T's total risk-weighted assets at September 30, 2026 are estimated to be $170.6 billion. Reflecting loan growth and share repurchase activity in the recent quarter and the impact of unrealized losses on investment securities available for sale included in accumulated other comprehensive income at September 30, 2026, M&T's tangible common equity to tangible asset ratio at September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on September 30, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ326. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Friday October 23, 2026, by calling (800) 839-3736 or (402) 220-2978 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.
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. 7
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. 8
(1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net operating income appear on page 19.
(2) In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings. 9
(1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net operating income appear on page 20.
(2) In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings. 10
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
(1) Yields on investment securities for the nine-month period ended September 30, 2025 reflect $18 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc. 15
Supplemental Information - Interest Rate Swap Agreements Designated as Hedges at September 30, 2026
Full text with the tables
Exhibit 99.1
One M&T Plaza, Buffalo, NY 14203
M&T Bank Corporation (NYSE:MTB)
announces third quarter 2026 results News Release October 16, 2026
──────────────────────────────────────────────────────────────────────────────
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of
$775 million or $5.04 of diluted earnings per common share.
(Dollars in
millions, except
per share data)
Earnings
Highlights 3Q26 2Q26 3Q25
──────────────────────────────────────────────────────────────────────────────
Net interest $ 1,793 $ 1,792 $ 1,761
income
Taxable-equival… 12 12 12
adjustment
Net interest
income - 1,805 1,804 1,773
taxable-equival…
Provision for 135 120 125
credit losses
Noninterest 743 740 752
income
Noninterest 1,393 1,349 1,363
expense
Net income 775 818 792
Net income
available to
common 732 781 754
shareholders -
diluted
Diluted earnings 5.04 5.32 4.82
per common share
Return on
average assets - 1.40 % 1.51 % 1.49 %
annualized
Return on
average common
shareholders' 11.44 12.30 11.45
equity -
annualized
Average Balance
Sheet
Total assets $ 218,860 $ 216,532 $ 211,053
Interest-bearing
deposits at 14,209 15,061 17,739
banks
Investment 38,552 38,728 36,559
securities
Loans 143,296 140,650 135,890
Deposits 166,777 163,524 162,576
Borrowings 19,225 20,794 15,633
Selected Ratios
(Amounts
expressed as a
percent, except
per share data)
Net interest 3.65 % 3.70 % 3.69 %
margin
Efficiency ratio 54.4 52.8 53.6
(1)
Net charge-offs
to average total .35 .23 .42
loans -
annualized
Allowance for
loan losses to 1.51 1.53 1.59
total loans
Nonaccrual loans .90 .85 1.11
to total loans
Common equity
Tier 1 ("CET1") 10.16 10.19 10.99
capital
ratio (2)
Common
shareholders' $ 174.95 $ 176.03 $ 170.43
equity per share
(1) A reconciliation of non-GAAP measures is included in the tables that
accompany this release.
(2) CET1 capital ratio at September 30, 2026 is estimated.
Financial Highlights
• Taxable-equivalent net interest income increased nominally in the recent
quarter as compared with the second quarter of 2026 reflecting an additional
day, partially offset by lower interest income on nonaccrual loans.
• Average loans grew $2.6 billion in the recent quarter reflecting higher
average commercial real estate loan balances of $1.6 billion, consumer loan
balances of $634 million and residential real estate loan balances of $367
million.
• Higher noninterest income in the recent quarter reflects an increase in
residential mortgage banking revenues, partially offset by a decrease in capital
markets and advisory revenues and a lower distribution from M&T's investment in
Bayview Lending Group LLC ("BLG").
• Noninterest expense reflects increases in outside data processing and software
costs and professional and other services expense as well as higher personnel
costs from an additional working day in the recent quarter.
• The allowance for loan losses as a percent of total loans declined 2 basis
points to 1.51% at September 30, 2026.
• In the recent quarter, M&T repurchased 1.3 million shares of its common stock
at a total cost of $323 million. M&T's CET1 capital ratio is estimated to be
10.16% at September 30, 2026.
Chief Financial Officer Commentary
"M&T's third quarter results were highlighted by strong loan and deposit growth,
stable credit and a solid capital position. Fee income in the recent quarter
continues to reflect the breadth of M&T's franchise and our ability to meet
customers' evolving needs through a wide range of financial capabilities. The
continued strength across customer-driven revenue streams demonstrates the value
of our diversified business model and the depth of our customer relationships.
These relationships are at the heart of our purpose, to make a difference in
people's lives. I want to thank our employees for their ongoing commitment to
the communities and customers we serve."
- Daryl N. Bible, M&T's Chief Financial Officer
Contact:
Investor Relations: Rajiv Ranjan 716.842.5138
Steve Wendelboe 716.842.5138
Media Relations: Frank Lentini 929.651.0447
Third Quarter 2026 Results
Financial Reporting Matters
As reported on M&T's Form 8-K dated September 28, 2026, effective for the third
quarter of 2026 M&T made certain changes and reclassifications to Other income
categories presented in its Consolidated Statement of Income. Also effective for
the third quarter of 2026, M&T began separately presenting loans held for sale
from loans held for investment in its Consolidated Balance Sheet and its Average
Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly,
annualized taxable-equivalent rates for each impacted loan category and certain
loan-based credit quality ratios exclude loans held for sale. Additionally, as
reported in M&T's Form 10-Q for the quarter ended June 30, 2026, in conjunction
with the implementation of a new general ledger platform during the second
quarter of 2026, the Company modified its methodology for calculating annualized
taxable-equivalent rates for certain earning assets and interest-bearing
liabilities, including certain average deposit balances. All periods presented
herein reflect those changes.
(Do…
in
mil…
exc… Cha… Chan…
No… per 3Q26 3Q26
Me… sha… vs. vs.
(1) dat… 3Q26 2Q26 2Q26 3Q25 3Q25
──────────────────────────────────────────────────────────────────────────────
Net
op… $ 780 $ 823 -5 % $ 798 -2 %
in…
Di…
net
op…
ea… 5.08 5.35 -5 4.87 4
per
co…
sh…
An…
re…
on 1.47 % 1.59 % 1.56 %
av…
ta…
as…
An…
re…
on
av… 17.… 18.… 17.…
ta…
co…
eq…
Ef… 54.4 52.8 53.6
ra…
Ta…
eq…
per $ 115… $ 117… -1 $ 115… —
co…
sh…
(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.
Ta…
Net Cha… Cha…
In… (Do… 3Q26 3Q26
In… in vs. vs.
(1) mil… 3Q26 2Q26 2Q26 3Q25 3Q25
──────────────────────────────────────────────────────────────────────────────
Av…
ea… $ 196… $ 195… 1 % $ 190,… 3 %
as…
Av…
in… 142… 140… 1 134,… 6
li…
Net
in…
in… 1,8… 1,8… — 1,773 2
-
ta…
Yi…
on
av… 5.41 % 5.40 % 5.60 %
ea…
as…
Co…
of 2.44 2.36 2.72
in…
li…
Net
in… 2.97 3.04 2.88
sp…
Net
in… 3.65 3.70 3.69
ma…
(1) Condensed Consolidated Average Balance Sheet and Annualized Taxable-
equivalent Rates are included in the accompanying table on page 15.
2
Third Quarter 2026 Results
Taxable-equivalent net interest income in the recent quarter rose nominally from
the second quarter of 2026 reflecting an additional day, lower interest income
on nonaccrual loans and loan growth funded by interest-bearing deposits as the
Company reduced its average short-term borrowings. Taxable-equivalent net
interest income increased $32 million, or 2%, as compared with the year-earlier
third quarter reflecting lower rates paid on average interest-bearing deposits
and growth in average loans and investment securities, partially offset by lower
yields received on loans.
Cha… Cha…
Av… (Do… 3Q26 3Q26
Ea… in vs. vs.
As… mil… 3Q26 2Q26 2Q26 3Q25 3Q25
──────────────────────────────────────────────────────────────────────────────
In…
de… $ 14,… $ 15,… -6 % $ 17,… -20 %
at
ba…
In… 38,… 38,… — 36,… 5
se…
Lo…
he… 682 777 -12 637 7
for
sa…
Lo…
(1)
Co…
and 65,… 65,… — 61,… 7
in…
Re…
es… 24,… 23,… 7 23,… 4
-
co…
Re…
es… 25,… 24,… 1 24,… 4
-
re…
Co… 27,… 26,… 2 26,… 5
To… 143… 140… 2 135… 5
lo…
Ot… — — — 95 -100
To…
ea… $ 196… $ 195… 1 $ 190… 3
as…
(1) Supplemental information on loan balances is included in the accompanying
table on page 16.
Average earning assets rose $1.5 billion from the second quarter of 2026
reflecting growth in average commercial real estate loan balances of $1.6
billion, average consumer loan balances of $634 million and average residential
real estate loan balances of $367 million.
Average earning assets increased $5.8 billion from the third quarter of 2025,
reflecting loan growth across all loan portfolios. Average commercial and
industrial loan balances increased $4.2 billion, spanning most industry types.
Average consumer, residential real estate and commercial real estate loan
balances grew $1.3 billion, $1.1 billion and $880 million, respectively. The
average balance of investment securities increased $2.0 billion from the year-
earlier quarter, reflecting purchases of fixed rate mortgage-backed securities.
Av…
In…
Li…
(D…
in Cha… Cha…
mi… 3Q26 3Q26
In… vs. vs.
de… 3Q26 2Q26 2Q26 3Q25 3Q25
──────────────────────────────────────────────────────────────────────────────
Sa…
and $ 108… $ 105… 2 % $ 104… 3 %
in…
de…
Ti… 15,… 13,… 9 13,… 8
de…
To…
in… 123… 119… 3 118… 4
de…
Sh… 5,2… 8,0… -35 2,8… 85
bo…
Lo… 13,… 12,… 9 12,… 9
bo…
To…
in… $ 142… $ 140… 1 $ 134… 6
li…
3
Third Quarter 2026 Results
Average interest-bearing liabilities in the recent quarter rose $1.9 billion
from the second quarter of 2026 reflecting growth in average interest-bearing
deposits of $3.5 billion and higher average long-term borrowings resulting from
asset securitizations and issuances of senior and subordinated notes. Those
increases were partially offset by a $2.9 billion decline in average short-term
borrowings from the FHLB of New York.
Average interest-bearing liabilities increased $8.1 billion from the third
quarter of 2025 reflecting growth in average interest-bearing deposits of $4.5
billion, higher average short-term borrowings from the FHLB of New York of $1.9
billion and an increase in average long-term borrowings of $1.2 billion
resulting from asset securitizations and issuances of subordinated notes,
partially offset by net maturities of senior notes.
P…
f…
C…
L…
Q…
(…
in
m…
At Ch… Ch…
e… 3Q… 3Q…
of vs. vs.
q… 3Q… 2Q… 2Q… 3Q… 3Q…
──────────────────────────────────────────────────────────────────────────────
N… $ 1,… $ 1,… 7 % $ 1,… -14 %
l…
R…
e…
a… 28 23 22 37 -26
o…
f…
a…
T…
n… 1,… 1,… 8 1,… -14
a…
A…
l…
p…
d…
90 570 603 -5 432 32
d…
or
m…
(…
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l…
as
% .90 % .85 % 1.… %
of
l…
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f… $ 2,… $ 2,… — $ 2,… 1
l…
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f…
l…
l…
as 1.… % 1.… % 1.… %
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of
l…
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c…
c…
F…
t…
p…
P…
f… $ 130 $ 120 8 $ 110 18
l…
l…
P…
f…
u… 5 — — 15 -67
c…
c…
T…
p…
f… 135 120 13 125 8
c…
l…
N… 127 80 59 146 -12
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c…
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% .35 % .23 % .42 %
of
a…
l…
(…
(1) Predominantly government-guaranteed residential real estate.
The provision for credit losses was $135 million in the third quarter of 2026 as
compared with $120 million in the second quarter of 2026 and $125 million in the
third quarter of 2025. The allowance for loan losses as a percent of loans
outstanding was 1.51% at September 30, 2026 and 1.53% at June 30, 2026, each
improved from 1.59% at September 30, 2025, reflecting lower levels of criticized
loans.
Nonaccrual loans were $1.3 billion at September 30, 2026 and $1.2 billion at
June 30, 2026, compared with $1.5 billion at September 30, 2025. The lower level
of nonaccrual loans at September 30, 2026 and June 30, 2026 as compared with
September 30, 2025 reflects a decrease in commercial and industrial and
commercial real estate nonaccrual loans.
4
Third Quarter 2026 Results
Change Change
(Dolla… 3Q26 3Q26
Noni… in vs. vs.
Inco… millio… 3Q26 2Q26 2Q26 3Q25 3Q25
──────────────────────────────────────────────────────────────────────────────
Trust
and
inve… $ 230 $ 235 -2 % $ 217 6 %
serv…
inco…
Mort…
bank… 152 127 19 147 3
reve…
(1)
Serv…
char…
on 109 107 1 105 3
depo…
acco…
Card 90 89 2 90 —
reve…
Lett…
of
cred… 46 44 4 45 3
and
cred…
fees
Capi…
mark…
and 32 41 -24 35 -8
advi…
reve…
Gain
(los…
on -1 2 — 1 —
bank
inve…
secu…
Other
reve…
from 85 95 -12 112 -25
oper…
(2)
Total $ 743 $ 740 — $ 752 -1
(1) Supplemental information on mortgage banking activities is included in the
accompanying table on page 17.
(2) Supplemental information on other revenues from operations is included in
the accompanying table on page 18.
Effective January 1, 2026, the Company elected to prospectively measure its
residential mortgage loan servicing right assets at fair value with changes in
fair value reflected in mortgage banking revenues. As a result, amortization
associated with residential mortgage loan servicing right assets previously
recognized in other costs of operations before 2026 is no longer recorded.
Instead, beginning in 2026 fair value changes in residential mortgage loan
servicing right assets, inclusive of the realization of expected net servicing
revenues over time, are included in mortgage banking revenues. On December 31,
2025, the Company began economically hedging the risk of fair value changes in
these assets through the use of various interest rate derivative contracts, for
which changes in fair value are also reflected in mortgage banking revenues.
Noninterest income in the third quarter of 2026 increased $3 million from 2026's
second quarter.
• Trust and investment services income declined $5 million reflecting seasonal
tax services fees earned by the wealth management business in the second quarter
of 2026.
• Mortgage banking revenues increased $25 million reflecting a rise in
residential mortgage loan sub-servicing income. In June 2026, the Company began
sub-servicing $62.9 billion of additional residential mortgage loans.
• Capital markets and advisory revenues decreased $9 million reflecting a
decline in loan syndication fees and lower revenues from interest rate swap
transactions with commercial customers.
• Other revenues from operations decreased $10 million reflecting a lower
distribution from M&T's investment in BLG in the recent quarter.
Noninterest income declined $9 million, or 1%, as compared with the third
quarter of 2025.
• Trust and investment services income rose $13 million reflecting higher
corporate trust revenues from the Company's institutional services business and
an increase in personal trust and investment services revenues from its wealth
management businesses.
• Mortgage banking revenues increased $5 million reflecting a rise in
residential mortgage loan sub-servicing income, partially offset by the impact
of the Company's fair value accounting election described above and lower gains
on commercial mortgage loans originated for sale.
• Other revenues from operations decreased $27 million reflecting a $28 million
distribution of an earnout payment from the Company's 2023 sale of its
Collective Investment Trust ("CIT") business and a $12 million gain on the sale
of equipment leases each in the third quarter of 2025, partially offset by an
$11 million higher distribution from M&T's investment in BLG in the recent
quarter.
5
Third Quarter 2026 Results
Change Chan…
(Doll… 3Q26 3Q26
Noni… in vs. vs.
Expe… milli… 3Q26 2Q26 2Q26 3Q25 3Q25
──────────────────────────────────────────────────────────────────────────────
Sala…
and $ 832 $ 826 1 % $ 833 — %
empl…
bene…
Outs…
data
proc… 173 154 12 138 25
and
soft…
Equi…
and 131 129 — 129 1
net
occu…
Prof…
and 97 89 10 81 22
other
serv…
FDIC 19 18 15 13 55
asse…
Adve…
and 29 27 7 23 26
mark…
Amor…
of
core
depo… 7 7 — 10 -27
and
other
inta…
asse…
Other
costs 105 99 6 136 -23
of
oper…
Total $ 1,393 $ 1,349 3 $ 1,363 2
Noninterest expense rose $44 million, or 3%, from the second quarter of 2026.
• Salaries and employee benefits expense increased $6 million reflecting an
additional working day in the recent quarter, partially offset by lower payroll-
related taxes.
• Outside data processing and software costs increased $19 million reflecting
higher software maintenance and enhancements to the Company's technology
infrastructure.
• Professional and other services rose $8 million reflecting support for
enhancements to the Company's technology infrastructure and other enterprise
initiatives.
• Other costs of operations increased $6 million reflecting the Company's
obligation under agreements to share in losses stemming from certain litigation
of Visa, Inc.
Noninterest expense increased $30 million, or 2% , from the third quarter of
2025.
• Outside data processing and software costs rose $35 million reflecting costs
associated with enhancements to the Company's technology infrastructure.
• Professional and other services increased $16 million reflecting support for
enhancements to the Company's technology infrastructure and other enterprise
initiatives and higher legal service costs.
• FDIC assessments were $6 million higher in the recent quarter reflecting the
reduction of estimated special assessment expense in the third quarter of 2025
resulting from a decrease in the FDIC's loss estimates associated with certain
failed banks.
• Other costs of operations decreased $31 million reflecting the amortization
associated with residential mortgage loan servicing right assets in the third
quarter of 2025 and lower expense associated with the Company's supplemental
executive retirement savings plan in the recent quarter.
Income Taxes
The Company's effective income tax rate was 23.1% in each of the third and
second quarters of 2026 compared with 22.8% in the third quarter of 2025.
6
Third Quarter 2026 Results
Capital and
Liquidity
3Q26 2Q26 3Q25
CET1 capital 10.16 % -1 10.19 % 10.99 %
Tier 1 capital 11.93 -1 11.64 12.49
Total capital 13.93 -1 13.73 14.35
Tangible capital 7.85 8.07 8.79
– common
(1) Capital ratios at September 30, 2026 are estimated.
M&T's capital ratios remained well above the minimum set forth by regulatory
requirements. Cash dividends declared on M&T's common and preferred stock
totaled $217 million and $42 million, respectively, for the quarter ended
September 30, 2026. M&T's current stress capital buffer is 2.7%.
Reflecting rising interest rates, accumulated other comprehensive income
declined $588 million in the recent quarter. In July 2026, the Company
transferred $8.3 billion of residential mortgage-backed securities from the
available-for-sale portfolio to the held-to-maturity portfolio with net
unrealized gains of $8 million. Unrealized losses on those transferred
securities at September 30, 2026 were $222 million ($165 million net of tax).
M&T repurchased shares of its common stock at a cost of $323 million during the
recent quarter, compared with $465 million and $409 million in the second
quarter of 2026 and the third quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.16% as of September 30, 2026.
M&T's total risk-weighted assets at September 30, 2026 are estimated to be
$170.6 billion. Reflecting loan growth and share repurchase activity in the
recent quarter and the impact of unrealized losses on investment securities
available for sale included in accumulated other comprehensive income at
September 30, 2026, M&T's tangible common equity to tangible asset ratio at
September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis
points from September 30, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T
estimates that its LCR on September 30, 2026 was 107%, exceeding the regulatory
minimum standards that would be applicable if it were a Category III institution
subject to the Category III reduced LCR requirements.
Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss
third quarter financial results today at 8:00 a.m. Eastern Time. Those wishing
to participate in the call may dial (800) 347-7315. International participants,
using any applicable international calling codes, may dial (785) 424-1755.
Callers should reference M&T Bank Corporation or the conference ID #MTBQ326. The
conference call will be webcast live through M&T's website at
https://ir.mtb.com/news-events/events-presentations. A replay of the call will
be available through Friday October 23, 2026, by calling (800) 839-3736 or (402)
220-2978 for international participants. No conference ID or passcode is
required. The event will also be archived and available by 3:00 p.m. today on
M&T's website at https://ir.mtb.com/news-events/events-presentations.
About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's
principal banking subsidiary, M&T Bank, provides banking products and services
with a branch and ATM network spanning the eastern U.S. from Maine to Virginia
and Washington, D.C. Trust-related services are provided in select markets in
the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T
Bank. For more information on M&T Bank, visit www.mtb.com.
7
Third Quarter 2026 Results
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.
8
Third Quarter 2026 Results
Financial Highlights
…
…
…
…
… T… N…
… M… M…
… E… E…
… S… S…
… 3… 3…
… 2… 2… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 7… $ 7… -2 % $ … $ … 8 %
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…
… 7… 7… -3 … … 8
…
…
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…
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…
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…
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…
… $ 1… $ 1… -… %
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…
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…
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…
…
…
…
… $ 5… $ 4… 32
…
…
…
…
…
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…
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…
… 81 71 13
…
…
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…
… 5… 4… 38
…
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…
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…
…
… 1… 1…
…
…
…
…
…
…
…
… $ 2… $ 1… 10
…
…
…
…
… 9… 9… -4
…
…
…
… 2… 2… -4
…
(1) Excludes amortization and balances related to goodwill and core deposit and
other intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net
operating income appear on page 19.
(2) In the first quarter of 2026, thirteen domestic banking offices formerly
classified as full service were designated as limited service per regulatory
filings.
9
Third Quarter 2026 Results
Financial Highlights, Five Quarter Trend
(…
in
m…
e…
p… Th…
s… Mo…
s… En…
in Se… Ju… Ma… De… Se…
t… 30, 30, 31, 31, 30,
P… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
N… $ 775 $ 818 $ 664 $ 759 $ 7…
i…
N…
i…
a… 732 781 620 718 7…
to
c…
s…
P…
c…
s…
B… 5.… 5.… 4.… 4.… 4…
e…
D… 5.… 5.… 4.… 4.… 4…
e…
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a…
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i…
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p…
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c…
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r…
Se… Ju… Ma… De… Se…
30, 30, 31, 31, 30,
L… 20… 20… 20… 20… 20…
q…
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l…
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a… 28 23 27 35 37
o…
f…
a…
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n… $ 1,… $ 1,… $ 1,… $ 1,… $ 1…
a…
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l…
p…
d… $ 570 $ 603 $ 646 $ 561 $ 4…
90
d…
or
m…
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l…
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t…
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l…
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d… 556 586 634 543 4…
90
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to .90 % .85 % .89 % .91 % 1… %
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(1) Excludes amortization and balances related to goodwill and core deposit and
other intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net
operating income appear on page 20.
(2) In the first quarter of 2026, thirteen domestic banking offices formerly
classified as full service were designated as limited service per regulatory
filings.
10
Third Quarter 2026 Results
Condensed Consolidated Statement of Income
Th… Ni…
(… Mo… Mo…
in En… Se… En… S…
m… 20… 30, 20… Ch… 20… 3… 20… Ch…
──────────────────────────────────────────────────────────────────────────────
I… $ 2,… $ 2,… — % $ 7… $ 7… — %
i…
I… 874 919 -5 2… 2… -7
e…
N…
i… 1,… 1,… 2 5… 5… 3
i…
P…
f… 135 125 8 3… 3… 4
c…
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p…
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l…
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T…
a…
i… 230 217 6 6… 6… 7
s…
i…
M…
b… 152 147 3 4… 3… 3
r…
S…
c…
on 109 105 3 3… 3… 5
d…
a…
C… 90 90 — 2… 2… —
r…
L…
of
c… 46 45 3 1… 1… —
a…
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f…
C…
m…
a… 32 35 -8 1… 89 23
a…
r…
G…
(…
on -1 1 — 5 1 —
b…
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s…
O…
r… 85 112 -… 2… 2… 16
f…
o…
T…
o… 743 752 -1 2… 2… 6
i…
O…
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S…
a… 832 833 — 2… 2… 2
e…
b…
O…
d…
p… 173 138 25 4… 4… 14
a…
s…
E…
a… 131 129 1 3… 3… —
n…
o…
P…
a… 97 81 22 2… 2… 12
o…
s…
F… 19 13 55 60 58 4
a…
A…
a… 29 23 26 77 70 9
m…
A…
of
c…
d… 7 10 -… 23 32 -…
a…
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c… 105 136 -… 3… 3… -…
of
o…
T…
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e…
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t…
I… 233 233 — 6… 6… 8
t…
N… $ 775 $ 792 -2 % $ 2… $ 2… 8 %
i…
11
Third Quarter 2026 Results
Condensed Consolidated Statement of Income, Five Quarter Trend
Thr…
(D… Mon…
in End… Sept… June March Dec… Sept…
mi… 2026 30, 2026 30, 2026 31, 2025 31, 2025 30,
──────────────────────────────────────────────────────────────────────────────
In… $ 2,667 $ 2,6… $ 2,536 $ 2,6… $ 2,680
in…
In… 874 828 784 858 919
ex…
Net
in… 1,793 1,7… 1,752 1,7… 1,761
in…
Pr…
for 135 120 140 125 125
cr…
lo…
Net
in…
in…
af… 1,658 1,6… 1,612 1,6… 1,636
pr…
for
cr…
lo…
Ot…
in…
Tr…
and
in… 230 235 219 220 217
se…
in…
Mo…
ba… 152 127 127 155 147
re…
Se…
ch…
on 109 107 106 105 105
de…
ac…
Ca… 90 89 78 87 90
re…
Le…
of
cr… 46 44 42 47 45
and
cr…
fe…
Ca…
ma…
and 32 41 36 31 35
ad…
re…
Ga…
(l…
on -1 2 4 1 1
ba…
in…
se…
Ot…
re… 85 95 77 50 112
fr…
op…
To…
ot… 743 740 689 696 752
in…
Ot…
ex…
Sa…
and 832 826 914 809 833
em…
be…
Ou…
da…
pr… 173 154 144 146 138
and
so…
Eq…
and 131 129 133 134 129
net
oc…
Pr…
and 97 89 93 105 81
ot…
se…
FD… 19 18 23 -8 13
as…
Ad…
and 29 27 21 32 23
ma…
Am…
of
co…
de… 7 7 9 10 10
and
ot…
in…
as…
Ot…
co… 105 99 101 151 136
of
op…
To…
ot… 1,393 1,3… 1,438 1,3… 1,363
ex…
In…
be… 1,008 1,0… 863 971 1,025
ta…
In… 233 245 199 212 233
ta…
Net $ 775 $ 818 $ 664 $ 759 $ 792
in…
12
Third Quarter 2026 Results
Condensed Consolidated Balance Sheet
(Dollars in
millions) September 30,
ASSETS 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Cash and due $ 1,796 $ 1,950 -8 %
from banks
Interest-beari…
deposits at 14,342 16,751 -14
banks
Investment 37,894 36,864 3
securities
Loans held for 696 629 11
sale
Loans:
Commercial and 66,373 61,863 7
industrial
Real estate - 25,561 23,768 8
commercial
Real estate - 25,301 24,335 4
residential
Consumer 27,521 26,379 4
Total loans 144,756 136,345 6
Allowance for -2,179 -2,161 1
loan losses
Net loans 142,577 134,184 6
Goodwill 8,465 8,465 —
Core deposit
and other 41 74 -45
intangible
assets
Other assets 14,699 12,360 19
Total assets $ 220,510 $ 211,277 4 %
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Noninterest-be… $ 44,819 $ 44,994 — %
deposits
Interest-beari… 122,691 118,432 4
deposits
Total deposits 167,510 163,426 2
Short-term 6,373 2,059 209
borrowings
Long-term 13,648 12,928 6
borrowings
Accrued
interest and 4,820 4,136 17
other
liabilities
Total 192,351 182,549 5
liabilities
Shareholders'
equity:
Preferred 3,017 2,394 26
Common 25,142 26,334 -5
Total
shareholders' 28,159 28,728 -2
equity
Total
liabilities and $ 220,510 $ 211,277 4 %
shareholders'
equity
13
Third Quarter 2026 Results
Condensed Consolidated Balance Sheet, Five Quarter Trend
(D…
in Sep… June March Dece… Sept…
mi… 30, 30, 31, 31, 30,
AS… 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Ca…
and
due $ 1,7… $ 1,9… $ 1,9… $ 1,7… $ 1,9…
fr…
ba…
In…
de… 14,… 15,… 14,… 17,… 16,…
at
ba…
In… 37,… 38,… 38,… 36,… 36,…
se…
Lo…
he… 696 663 861 1,0… 629
for
sa…
Lo…
Co…
and 66,… 65,… 65,… 63,… 61,…
in…
Re…
es… 25,… 24,… 22,… 23,… 23,…
-
co…
Re…
es… 25,… 25,… 24,… 24,… 24,…
-
re…
Co… 27,… 27,… 26,… 26,… 26,…
To… 144… 142… 139… 137… 136…
lo…
Al…
for -2,… -2,… -2,… -2,… -2,…
lo…
lo…
Net 142… 140… 136… 135… 134…
lo…
Go… 8,4… 8,4… 8,4… 8,4… 8,4…
Co…
de…
and 41 48 55 64 74
ot…
in…
as…
Ot… 14,… 13,… 13,… 12,… 12,…
as…
To… $ 220… $ 219… $ 214… $ 213… $ 211…
as…
LI…
AND
SH…
EQ…
No… $ 44,… $ 48,… $ 45,… $ 46,… $ 44,…
de…
In… 122… 120… 117… 120… 118…
de…
To… 167… 168… 163… 166… 163…
de…
Sh… 6,3… 4,6… 7,8… 2,1… 2,0…
bo…
Lo… 13,… 13,… 11,… 10,… 12,…
bo…
Ac…
in…
and 4,8… 4,2… 3,9… 4,3… 4,1…
ot…
li…
To… 192… 191… 186… 184… 182…
li…
Sh…
eq…
Pr… 3,0… 2,4… 2,4… 2,8… 2,3…
Co… 25,… 25,… 25,… 26,… 26,…
To…
sh… 28,… 27,… 27,… 29,… 28,…
eq…
To…
li…
and $ 220… $ 219… $ 214… $ 213… $ 211…
sh…
eq…
14
Third Quarter 2026 Results
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent
Rates
──────────────────────────────────────────────────────────────────────────────
(1) Yields on investment securities for the nine-month period ended September
30, 2025 reflect $18 million of lower taxable-equivalent interest income
resulting from an alignment of amortization periods for certain municipal bonds
obtained from the acquisition of People's United Financial, Inc.
15
Third Quarter 2026 Results
Supplemental Information - Loan Balances
(D…
in
mi…
Co…
and
in…
Co…
and
in…
ex…
ow…
re…
es… Sep… June March Dece… Sept…
by 30, 30, 31, 31, 30,
in… 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Fi…
and $ 13,… $ 13,… $ 13,… $ 12,… $ 12,…
in…
Se… 8,7… 8,5… 8,2… 7,8… 7,6…
Mo…
ve…
and 6,7… 6,9… 7,0… 7,1… 6,6…
re…
fi…
de…
Ma… 6,3… 6,3… 6,4… 6,0… 6,2…
Wh… 4,4… 4,3… 4,3… 4,3… 4,2…
Tr…
co… 4,4… 4,1… 3,9… 3,8… 3,7…
ut…
Re… 3,3… 3,3… 3,3… 3,0… 3,1…
Co… 2,4… 2,4… 2,3… 2,2… 2,2…
He… 1,8… 1,7… 1,8… 1,8… 1,7…
se…
Re…
es… 1,5… 1,5… 1,6… 1,5… 1,5…
in…
Ot… 1,3… 1,3… 1,3… 1,3… 1,5…
To…
co…
and
in… 54,… 54,… 53,… 52,… 50,…
ex…
ow…
re…
es…
Ow…
re…
es…
by
in…
Se… 2,3… 2,3… 2,3… 2,3… 2,3…
Mo…
ve…
and 2,2… 2,1… 2,2… 2,2… 2,1…
re…
fi…
de…
Re… 1,9… 1,9… 1,9… 1,8… 1,8…
He… 1,4… 1,4… 1,3… 1,2… 1,3…
se…
Wh… 1,0… 1,0… 1,0… 978 975
Ma… 735 712 727 791 783
Re…
es… 585 607 617 616 634
in…
Ot… 1,0… 1,0… 1,1… 1,0… 1,0…
To…
ow… 11,… 11,… 11,… 11,… 11,…
re…
es…
To…
co… 66,… 65,… 65,… 63,… 61,…
and
in…
Co…
re…
es…
Pe…
fi…
by
pr…
ty…
Ap… 7,3… 6,8… 6,2… 6,3… 6,2…
Re… 4,3… 4,2… 4,2… 4,1… 4,3…
In… 3,5… 3,2… 2,4… 2,2… 2,1…
Of… 3,0… 3,1… 3,2… 3,4… 3,4…
He… 1,8… 1,5… 1,5… 1,5… 1,5…
se…
Ho… 1,7… 1,6… 1,7… 1,7… 1,7…
Ot… 443 180 187 180 202
To… 22,… 20,… 19,… 19,… 19,…
pe…
Co… 3,3… 3,2… 3,3… 3,6… 3,9…
To…
co… 25,… 24,… 22,… 23,… 23,…
re…
es…
Re…
re…
es…
Re…
re… 25,… 25,… 24,… 24,… 24,…
es…
Co…
Ho…
eq…
li… 4,9… 4,8… 4,7… 4,8… 4,7…
and
lo…
Re… 15,… 14,… 14,… 14,… 14,…
fi…
Au… 4,8… 4,9… 5,0… 5,1… 5,2…
Ot… 2,4… 2,4… 2,3… 2,3… 2,2…
To… 27,… 27,… 26,… 26,… 26,…
co…
To… $ 144… $ 142… $ 139… $ 137… $ 136…
lo…
16
Third Quarter 2026 Results
Supplemental Information - Mortgage Banking Activities
… …
… …
… …
… J… … …
… 3… C… … … …
… 2… A… % … … … %
──────────────────────────────────────────────────────────────────────────────
$ 9 $ 7 $ 2 30 % $ 24 $ 23 $ 1 4 %
… … — -1 98 1… -7 …
… … … -… -… — -… —
… … … 38 2… 1… 63 …
… … … 23 2… 2… 16 6
$ … $ … $ … 24 % $ 3… $ 2… $ 17 6 %
$ … $ … $ … -8 % $ 1… $ 1… $ 1… … %
(D…
in
mi…
Ba…
at Sep… June March Dece… Sept…
pe… 30, 30, 31, 31, 30,
end 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Lo…
he… $ 249 $ 256 $ 327 $ 441 $ 327
for
sa…
Co…
to
or… 191 258 222 224 329
lo…
for
sa…
Co…
to 407 467 544 645 576
se…
lo…
Ca…
mo…
lo… 572 540 542 287 305
se…
as…
Lo…
se… 34,… 35,… 35,… 35,… 36,…
for
ot…
Lo…
su… 179… 183… 123… 156… 161…
for
ot…
To…
lo…
se… $ 214… $ 218… $ 159… $ 192… $ 198…
for
ot…
… …
… …
… …
… J… … …
… 3… C… … … …
… 2… A… % … … … %
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ — — % $ 44 $ 50 $ -6 … %
… … 2 9 58 58 — —
$ … $ … $ 2 5 % $ 1… $ 1… $ -6 … %
$ … $ … $ … -1 % $ 2… $ 3… $ -… … %
(D…
in
mi…
Ba…
at Sep… June Mar… Dec… Sep…
pe… 30, 30, 31, 31, 30,
end 2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Lo…
he… $ 263 $ 259 $ 359 $ 484 $ 278
for
sa…
Co…
to
or… 559 485 529 773 1,074
lo…
for
sa…
Co…
to 826 740 903 1,253 1,292
se…
lo…
Ca…
mo…
lo… 132 136 138 132 123
se…
as…
Lo…
se… 31,… 31,… 30,9… 30,3… 28,9…
for
ot…
Lo…
su… 4,0… 4,0… 4,194 4,231 4,297
for
ot…
To…
lo…
se… $ 35,… $ 35,… $ 35,1… $ 34,5… $ 33,2…
for
ot…
17
Third Quarter 2026 Results
Supplemental Information - Other Revenues from Operations
… N…
… M…
… … J… E… … …
… … … 3… … C… % 2… … 2… … A… … %
──────────────────────────────────────────────────────────────────────────────
$ … $ 20 $ -3 … % $ … $ … $ … -2 %
… 11 1 4 … … … -9
… 47 -… … … … … 4…
— — — — — … … -…
— — — — — … … -…
— — — — — … … -…
… 17 8 … … … 1 2
$ … $ 95 $ -… … % $ … $ … $ … 16 %
Thr…
(D… Mon…
in End… Sept… June March Dec… Sept…
mi… 2026 30, 2026 30, 2026 31, 2025 31, 2025 30,
──────────────────────────────────────────────────────────────────────────────
Ba…
ow…
li… $ 17 $ 20 $ 18 $ 19 $ 21
in…
re…
Eq…
op… 12 11 11 11 12
le…
in…
BLG 31 47 33 — 20
in…
Ea…
pa…
re…
to
20… — — — — 28
sa…
of
CIT
bu…
Ot… 25 17 15 20 31
To…
ot…
re… $ 85 $ 95 $ 77 $ 50 $ 112
fr…
op…
Supplemental Information - Interest Rate Swap Agreements Designated as Hedges at
September 30, 2026
… … … … … … … …
… … … … … … … …
… … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … …
… … … … … — —
… … … … … … …
… … … … … … —
… % … % … % … % … % … % …
… … … … … — —
… … … … … … …
… … … … … … —
18
Third Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures
(Do…
in
mil…
exc…
per
sha… Three Nine
Inc… Mont… Mon…
sta… Ended End…
data Sept… Sep…
Net 30, 30,
inc… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 775 $ 792 $ 2,257 $ 2,0…
inc…
Amo…
of
core
dep…
and 5 6 17 24
oth…
int…
ass…
(1)
Net
ope… $ 780 $ 798 $ 2,274 $ 2,1…
inc…
Ear…
per
com…
sha…
Dil…
ear…
per $ 5.04 $ 4.82 $ 14.48 $ 12.…
com…
sha…
Amo…
of
core
dep…
and .04 .05 .12 .15
oth…
int…
ass…
(1)
Dil…
net
ope…
ear… $ 5.08 $ 4.87 $ 14.60 $ 12.…
per
com…
sha…
Oth…
exp…
Oth… $ 1,393 $ 1,363 $ 4,180 $ 4,1…
exp…
Amo…
of
core
dep… -7 -10 -23 -32
and
oth…
int…
ass…
Non…
ope… $ 1,386 $ 1,353 $ 4,157 $ 4,0…
exp…
Eff…
rat…
Non…
ope… $ 1,386 $ 1,353 $ 4,157 $ 4,0…
exp…
(nu…
Tax…
net $ 1,805 $ 1,773 $ 5,372 $ 5,2…
int…
inc…
Oth… 743 752 2,172 2,0…
inc…
Les…
Gain
(lo…
on -1 1 5 1
bank
inv…
sec…
Den… $ 2,549 $ 2,524 $ 7,539 $ 7,2…
Eff… 54.4 % 53.6 % 55.1 % 56.3 %
rat…
Bal…
she…
data
Ave…
ass…
Ave… $ 218,… $ 211,… $ 216,… $ 209…
ass…
Goo… -8,4… -8,4… -8,4… -8,…
Core
dep…
and -45 -79 -52 -86
oth…
int…
ass…
Def… 17 24 18 25
tax…
Ave…
tan… $ 210,… $ 202,… $ 207,… $ 201…
ass…
Ave…
com…
equ…
Ave…
tot… $ 28,3… $ 28,5… $ 28,3… $ 28,…
equ…
Pre… -2,8… -2,3… -2,6… -2,…
sto…
Ave…
com… 25,4… 26,1… 25,6… 26,…
equ…
Goo… -8,4… -8,4… -8,4… -8,…
Core
dep…
and -45 -79 -52 -86
oth…
int…
ass…
Def… 17 24 18 25
tax…
Ave…
tan… $ 16,9… $ 17,6… $ 17,1… $ 17,…
com…
equ…
At
end
of
qua…
Tot…
ass…
Tot… $ 220,… $ 211,…
ass…
Goo… -8,4… -8,4…
Core
dep…
and -41 -74
oth…
int…
ass…
Def… 16 23
tax…
Tot…
tan… $ 212,… $ 202,…
ass…
Tot…
com…
equ…
Tot… $ 28,1… $ 28,7…
equ…
Pre… -3,0… -2,3…
sto…
Com… 25,1… 26,3…
equ…
Goo… -8,4… -8,4…
Core
dep…
and -41 -74
oth…
int…
ass…
Def… 16 23
tax…
Tot…
tan… $ 16,6… $ 17,8…
com…
equ…
(1) After any related tax effect.
19
Third Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
(…
in
m…
e…
p…
s… Th…
I… Mo…
s… En…
d… Se… Ju… Ma… De… Se…
N… 30, 30, 31, 31, 30,
i… 20… 20… 20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
N… $ 775 $ 818 $ 664 $ 759 $ 7…
i…
A…
of
c…
d…
a… 5 5 7 8 6
o…
i…
a…
(…
N…
o… $ 780 $ 823 $ 671 $ 767 $ 7…
i…
E…
p…
c…
s…
D…
e…
p… $ 5.… $ 5.… $ 4.… $ 4.… $ 4…
c…
s…
A…
of
c…
d…
a… .04 .03 .05 .05 .…
o…
i…
a…
(…
D…
n…
o…
e… $ 5.… $ 5.… $ 4.… $ 4.… $ 4…
p…
c…
s…
O…
e…
O… $ 1,… $ 1,… $ 1,… $ 1,… $ 1…
e…
A…
of
c…
d… -7 -7 -9 -10 -…
a…
o…
i…
a…
N…
o… $ 1,… $ 1,… $ 1,… $ 1,… $ 1…
e…
E…
r…
N…
o… $ 1,… $ 1,… $ 1,… $ 1,… $ 1…
e…
(…
T…
n… $ 1,… $ 1,… $ 1,… $ 1,… $ 1…
i…
i…
O… 743 740 689 696 7…
i…
L…
G…
(…
on -1 2 4 1 1
b…
i…
s…
D… $ 2,… $ 2,… $ 2,… $ 2,… $ 2…
E… 54… % 52… % 58… % 55… % 5… %
r…
B…
s…
d…
A…
a…
A… $ 21… $ 21… $ 21… $ 21… $ 2…
a…
G… -8… -8… -8… -8… -…
C…
d…
a… -45 -51 -59 -69 -…
o…
i…
a…
D… 17 17 19 22 24
t…
A…
t… $ 21… $ 20… $ 20… $ 20… $ 2…
a…
A…
c…
e…
A…
t… $ 28… $ 27… $ 28… $ 28… $ 2…
e…
P… -2… -2… -2… -2… -…
s…
A…
c… 25… 25… 26… 26… 2…
e…
G… -8… -8… -8… -8… -…
C…
d…
a… -45 -51 -59 -69 -…
o…
i…
a…
D… 17 17 19 22 24
t…
A…
t… $ 16… $ 17… $ 17… $ 17… $ 1…
c…
e…
At
e…
of
q…
T…
a…
T… $ 22… $ 21… $ 21… $ 21… $ 2…
a…
G… -8… -8… -8… -8… -…
C…
d…
a… -41 -48 -55 -64 -…
o…
i…
a…
D… 16 17 18 20 23
t…
T…
t… $ 21… $ 21… $ 20… $ 20… $ 2…
a…
T…
c…
e…
T… $ 28… $ 27… $ 27… $ 29… $ 2…
e…
P… -3… -2… -2… -2… -…
s…
C… 25… 25… 25… 26… 2…
e…
G… -8… -8… -8… -8… -…
C…
d…
a… -41 -48 -55 -64 -…
o…
i…
a…
D… 16 17 18 20 23
t…
T…
t… $ 16… $ 17… $ 17… $ 17… $ 1…
c…
e…
(1) After any related tax effect.
20