Buffalo, New York, October 16, 2026 / PRNewswire / -- M& T Bank Corporation ("M&T" or "the Company") announced a quarterly net profit of $775 million, with earnings per diluted common share amounting to $5.04.

Financial Highlights

• Compared to the second quarter of 2026, net interest income calculated on a tax-equivalent basis increased slightly in the most recent quarter, reflecting the impact of an additional day, but this increase was partially offset by a decline in non-accrued loan interest income.
• In the most recent quarter, average loans increased by $2.6 billion, mainly reflecting an increase of $1.6 billion in the average balance of commercial real estate loans, $634 million in consumer loans, and $367 million in residential real estate loans.
• In the most recent quarter, non-interest income increased, reflecting a rise in revenue from residential mortgage banking services. However, this increase was partially offset by declines in capital market and consulting revenues, as well as a reduction in dividends from investments in Bayview Lending Group LLC (“BLG”) by M&T.
• Non-interest expenses increased, reflecting higher costs for external data processing and software, professional and other services, as well as higher personnel costs due to an additional working day in the most recent quarter.
• As of September 30, 2026, the proportion of loan loss provisions in total loans decreased by 2 basis points to 1.51%.
• In the most recent quarter, M&T repurchased 1.3 million common shares at a total cost of $323 million. As of September 30, 2026, M&T's CET1 capital adequacy ratio is estimated to be 10.16%.

Chief Financial Officer's Comment

The highlights of M&T's third-quarter performance include strong loan and deposit growth, a stable credit profile, and a robust capital level. The fee income from the most recent quarter continues to demonstrate the breadth of M&T's business platform and our ability to meet the ever-changing needs of our customers through our extensive financial capabilities. The sustained strength of customer-driven revenue sources highlights the value of our diversified business model and the depth of our customer relationships. These relationships are at the core of our mission, which is to bring change to people's lives. I would like to thank our employees for their ongoing commitment to serving the communities and customers we serve.

– Chief Financial Officer of M&T: Daryl N. Bible

Financial Reporting Matters

The company stated that, according to the 8-K filing submitted by M&T on September 28, 2026, starting from the third quarter of 2026, the company made several adjustments and reclassifications to other categories of income in the consolidated income statement. Starting from the third quarter of 2026, the company also began to separately present loans for sale and held-to-investment loans in the consolidated balance sheet, average balance sheet, and annualized tax-equivalent yield disclosures. Therefore, the annualized tax-equivalent yields for the affected loan categories, as well as some credit quality ratios based on loans, do not include loans for sale. In addition, as mentioned in the company's 10-Q filing for the quarter ending June 30, 2026, when a new general ledger platform was implemented in the second quarter of 2026, the company adjusted the calculation methods for the annualized tax-equivalent yields of certain interest-bearing assets and liabilities, including some average deposit balances. The data presented in this document for each period reflects the aforementioned changes.

M&T has consistently provided additional disclosures of its performance using the 'net operating' or 'tangible' measure. Under this measure, the company excludes the after-tax impact of amortization of core deposits and other intangible assets (as well as the carrying amounts of related goodwill and core deposits and other intangible assets, less applicable deferred tax amounts), as well as integration costs associated with mergers and acquisitions (if incurred), as management considers these items to be of a 'non-operating' nature.

In the most recent quarter, net interest income calculated on a tax-equivalent basis increased slightly compared to the second quarter of 2026. This reflects an additional day of interest income from non-accrued loans, as well as loan growth supported by interest-bearing deposits after the company reduced its average short-term borrowing. Net interest income calculated on a tax-equivalent basis increased by $32 million compared to the third quarter of the same period last year, representing a 2% increase. This was due to a decrease in the average interest rate paid on interest-bearing deposits, as well as an increase in average loans and investment securities, although this was partially offset by a decline in loan yields.

Average assets under management increased by $1.5 billion compared to the second quarter of 2026, reflecting an increase of $1.6 billion in the average balance of commercial real estate loans, $634 million in consumer loans, and $367 million in residential real estate loans.

Average assets under management increased by $5.8 billion compared to the third quarter of 2025, reflecting growth across all loan portfolios. The average balance of commercial and industrial loans rose by $4.2 billion, covering most industry types. The average balances of consumer loans, residential real estate loans, and commercial real estate loans increased by $1.3 billion, $1.1 billion, and $880 million, respectively. The average balance of investment securities increased by $2 billion compared to the same period last year, reflecting the purchase of fixed-rate mortgage-backed securities.

In the most recent quarter, average interest-bearing liabilities increased by $1.9 billion compared to the second quarter of 2026, reflecting an increase of $3.5 billion in average interest-bearing deposits, as well as an increase in long-term borrowing due to asset securitization and the issuance of preferred and subordinated notes. The aforementioned increase was offset by a reduction of $2.9 billion in average short-term borrowing from the Federal Housing Loan Bank of New York ( FHLB ).

Average interest-bearing liabilities increased by $8.1 billion compared to the third quarter of 2025, reflecting an increase of $4.5 billion in average interest-bearing deposits, a $1.9 billion increase in average short-term borrowings from FHLB in New York, and a $1.2 billion increase in average long-term borrowings due to asset securitization and the issuance of subordinated notes. However, this increase was partially offset by the net maturity of preferred notes.

In the third quarter of 2026, credit loss provisions amounted to $135 million, compared to $120 million in the second quarter of 2026 and $125 million in the third quarter of 2025. As of September 30, loan loss provisions accounted for 1.51% of outstanding loans, and as of June 30, it was 1.53%, both showing an improvement from 1.59% on September 30, 2025, reflecting a decrease in the level of problematic loans.

As of September 30, 2026, the amount of non-accrued loans was $1.3 billion, compared to $1.2 billion on June 30 and $1.5 billion on September 30, 2025. Compared to September 30, 2025, the levels of non-accrued loans on September 30 and June 30, 2026 are lower, reflecting a reduction in non-accrued loans for industrial and commercial loans as well as commercial real estate.

Effective from January 1, 2026, the company has chosen to measure its residential mortgage loan servicing rights assets at fair value prospectively, with changes in fair value being recognized in mortgage banking business income. As a result, amortization related to these assets, which was previously recognized in other operating costs prior to 2026, will no longer be recorded. Instead, starting from 2026, changes in the fair value of residential mortgage loan servicing rights assets, including the expected net service income realized over time, will be recognized in mortgage banking business income. As of December 31, 2025, the company began to hedge the risk of changes in the fair value of these assets through various interest rate derivative contracts, and the changes in their fair value are also recognized in mortgage banking business income.

Non-interest income in the third quarter of 2026 increased by $3 million compared to the second quarter of 2026.

• Trust and investment service revenue decreased by $5 million, reflecting the seasonal tax service fees incurred in the wealth management business during the second quarter of 2026.
• Mortgage banking business revenue increased by $25 million, reflecting an rise in income from secondary services for residential mortgages. In June 2026, the company began to provide secondary services for an additional $62.9 billion in residential mortgage loans.
• Capital market and consulting revenues decreased by $9 million, reflecting a reduction in loan syndication fees as well as a decline in revenues related to interest rate swap transactions with corporate clients.
• Other operating income decreased by $10 million, reflecting a reduction in dividends from M&T's investment in BLG in the most recent quarter.

Compared to the third quarter of 2025, non-interest income decreased by $9 million, representing a 1% decline.

• Trust and investment service revenue increased by $13 million, reflecting an increase in corporate trust revenue from the company's institutional services business, as well as an increase in personal trust and investment service revenue from its wealth management business.
• Mortgage banking business income increased by $5 million, reflecting an rise in income from secondary services for residential mortgage loans, but this was partially offset by the impact of the company's aforementioned fair value accounting choice and a decline in earnings from the sale of commercial mortgage loans.
• Other operating income decreased by $27 million, reflecting a distribution of $28 million in contingent consideration from the sale of collective investment trusts (“CIT”) in the third quarter of 2025, as well as $12 million in revenue from the sale of equipment leases. However, this was partially offset by an increase of $11 million in dividends received from M&T's investment in BLG in the most recent quarter.

Non-interest expenses increased by $44 million compared to the second quarter of 2026, representing a growth of 3%.

• Salary and employee benefits expenditures increased by $6 million, reflecting an additional working day in the most recent quarter, but this was partially offset by a decrease in wage-related taxes and fees.
• External data processing and software costs have increased by $19 million, reflecting rising software maintenance costs as well as the upgrade of the company's technical infrastructure.
• Professional and other services have seen an increase of $8 million, reflecting support for the company's technological infrastructure upgrades and other corporate projects.
• Other operating costs increased by $6 million, reflecting the company's obligations under certain litigation loss sharing agreements with Visa and Inc.

Compared to the third quarter of 2025, non-interest expenses increased by $30 million, representing a growth of 2%.

• External data processing and software costs have increased by $35 million, reflecting the costs associated with the upgrade of technical infrastructure.
• Professional and other services have seen an increase of $16 million, reflecting support for the upgrade of technical infrastructure and other corporate projects, as well as higher costs for legal services.
• The Federal Deposit Insurance Corporation ( FDIC ) has increased its assessment fees by $6 million, reflecting a reduction in special assessment fees in the third quarter of 2025 due to a lower estimate of losses from FDIC for certain failed banks.
• Other operating costs were reduced by $31 million, reflecting the amortization related to residential mortgage loan servicing rights assets in the third quarter of 2025, as well as a decrease in expenses related to the company's recent supplementation of executive retirement savings plans.

Income Tax

The effective income tax rate for the company in both the third and second quarters of 2026 was 23.1%, whereas in the third quarter of 2025 it was 22.8%.

Capital and Liquidity

M&T's capital ratio is still significantly higher than the minimum level stipulated by regulatory requirements. For the quarter ending September 30, 2026, M&T's cash dividends for common stock and preferred stock were $217 million and $42 million, respectively. The company currently has a stress capital buffer of 2.7%.

Affected by rising interest rates, cumulative other comprehensive income decreased by $588 million in the most recent quarter. In July 2026, the company transferred $8.3 billion in residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio, resulting in an unrealized net gain of $8 million. As of September 30, 2026, the unrealized loss on these transferred securities amounted to $222 million, of which the after-tax amount was $165 million.

In the most recent quarter, M&T repurchased common shares for $323 million, while in the second quarter of 2026 and the third quarter of 2025, the amounts were $465 million and $409 million respectively.

As of September 30, 2026, M&T's CET1 capital adequacy ratio is expected to be 10.16%. M&T's total risk-weighted assets as of September 30, 2026, are estimated to be $170.6 billion. Due to loan growth in the most recent quarter, repurchase activities, and unrealized losses on available-for-sale investment securities recognized in cumulative other comprehensive income as of September 30, 2026, M&T's ratio of tangible common equity to tangible assets has decreased by 22 basis points from June 30, 2026, and by 94 basis points from September 30, 2025.

Although M&T is not subject to the liquidity coverage ratio (“LCR”) requirements, the company estimates that as of September 30, 2026, its LCR was 107%, which is higher than the minimum regulatory standards that would apply if it were a Category III institution subject to the lower LCR requirements of Category III.

Teleconference

Investors can listen to M&T's conference call discussing third-quarter financial results at 8:00 a.m. Eastern Time today. Those wishing to participate in the conference call may dial (800) 347-7315. International participants can use the corresponding international dialing code to dial (785) 424-1755. callers should mention M& T Bank Corporation or the conference number # MTBQ326. The conference call will be live-streamed online via M&T's website at https :// ir.mtb.com / news-events / events-presentations. A replay of the conference call is available by dialing (800) 839-3736 or (402) 220-2978 for international participants; there is no need for a conference number or password to access it, and it is available until Friday, October 23, 2026. This event will also be archived and made available on M&T's website before 3:00 p.m. today at https :// ir.mtb.com / news-events / events-presentations.

About M&T

M&T is a financial holding company headquartered in Buffalo, New York State. Its main banking subsidiary, M& T Bank, provides banking products and services, with branches and a ATM network covering the eastern United States, from Maine to Virginia as well as Washington, D.C. Trust-related services are provided by companies under M&T that are associated with Wilmington Trust, as well as by M& T Bank in certain markets in the U.S. and overseas. For more information, please visit www.mtb.com.

Forward-looking Statements

This press release and related conference call may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the U.S. Securities and Exchange Commission. Any statements that do not describe historical or current facts are considered forward-looking statements, including those regarding M&T's business based on current expectations, estimates, and projections, as well as management's beliefs and assumptions.

Statements regarding specific events or factors related to M&T and/or the entire financial industry, as well as the potential impact of general domestic and international events on M&T's business, financial condition, liquidity, and operating results, may constitute forward-looking statements. Such statements are subject to risk, and the actual impact may differ significantly from what is reflected in these forward-looking statements due to the uncertainty and unpredictability of relevant factors and future developments, which in many cases are beyond M&T's control.

Forward-looking statements are typically identified by words such as “believes,” “expects,” “anticipates,” “intends,” “aims,” “estimates,” “continues,” or “may,” or by verbs in the future tense such as “will,” “shall,” “should,” “can,” or “may,” as well as variations of these words and similar expressions. These statements do not guarantee future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict and that may lead to significant differences between actual results and the expressed or predicted results.

While it is not possible to ensure that the list of risks and uncertainties is exhaustive, important factors that could lead to significant differences between actual results and those anticipated in forward-looking statements include, but are not limited to: economic conditions and growth rates, including inflation and market fluctuations; events, developments, and current circumstances in the financial services industry, including trust, brokerage, and investment management businesses; changes in interest rates, variations in interest rate spreads on interest-bearing assets and liabilities, and interest rate sensitivity; the speed of early repayments, loan disbursements, concentration by loan type and industry, credit losses, and the market value of loans, loan collateral, and other assets; sources of liquidity; customer deposit levels; the ability to control costs and expenses; changes in M&T's credit rating; domestic or international political developments and other geopolitical events, including trade and tariff policies, as well as international conflicts and hostile actions; changes and trends in the securities market; the number of outstanding common shares and fluctuations in common share prices; the fair value and quantity of stock-based compensation awards to be issued in future periods; the impact of changes in market value on income related to trusts, brokerage, and investment management; federal, state, or local laws and/or regulations affecting the financial services industry or M&T and its subsidiaries, individually or collectively, including tax policies; regulatory oversight and scrutiny, including monetary policy and capital requirements; changes in government and public policy; political conditions at the national level or in the states where M&T and its subsidiaries operate; potential, pending, and future litigation, investigations, and the initiation and outcome of government proceedings, including tax-related reviews and other matters; operational risk events, including fraud by employees or external parties, as well as losses caused by data and network security vulnerabilities; changes in accounting policies or procedures due to requirements of the Financial Accounting Standards Board, regulatory authorities, or legislation; competition from competitors, including new entrants, leading to intensified competition in prices, products, and services; technological development and changes; and the ability to continuously introduce competitive new products and services in a timely and cost-effective manner.Product and service portfolio; intellectual property protection and its effectiveness; dependence on major customers; technical, implementation, and cost/financial risks in large multi-year contracts; sustained availability of financing; financial resources required in terms of amount, time, and terms to support the future business of M&T and its subsidiaries; as well as significant differences between the actual financial results of mergers, acquisitions, divestitures, and investment activities and M&T's initial expectations, including the full realization of expected cost savings and revenue increases.

The aforementioned factors are merely representative of those that may affect the outcome of forward-looking statements. In addition, as previously mentioned, such statements may also be influenced by general industry and market conditions, growth rates, general economic and political conditions (both on a national scale and in the states in which M&T and its subsidiaries operate), as well as other factors.

In its annual 10-K filing as of December 31, 2025, M&T further disclosed these risks and uncertainties, including those mentioned in the risk factors section of the report, as well as in other documents submitted to the U.S. Securities and Exchange Commission. Forward-looking statements are only valid as of the date they are made, and M&T assumes no responsibility nor makes any commitment to update such forward-looking statements.