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[10-Q] M&T BANK CORP Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
Commission File Number 1-9861
_______________________
M&T BANK CORPORATION
(Exact name of registrant as specified in its charter)
_______________________
New York16-0968385
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
One M&T Plaza
Buffalo, New York
14203
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:
(716) 635-4000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, $0.50 par valueMTBNew York Stock Exchange
Perpetual Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series H
MTBPrHNew York Stock Exchange
Perpetual Fixed Rate Non-Cumulative
Preferred Stock, Series J
MTBPrJNew York Stock Exchange
_____________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   x Yes   o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
x Yes   o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
xAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   o Yes   x No
Number of shares of the registrant's Common Stock, $0.50 par value, outstanding as of the close of business on October 23, 2025: 153,690,781 shares.


M&T Bank Corporation
FORM 10-Q
For the Quarterly Period Ended September 30, 2025
Table of ContentsPage
Glossary of Terms
4
Part I. Financial Information
Item 1.
Financial Statements (Unaudited)
5
Consolidated Balance Sheet – September 30, 2025 and December 31, 2024
5
Consolidated Statement of Income – Three and nine months ended September 30, 2025 and 2024
6
Consolidated Statement of Comprehensive Income – Three and nine months ended September 30, 2025 and 2024
7
Consolidated Statement of Cash Flows – Nine months ended September 30, 2025 and 2024
8
Consolidated Statement of Changes in Shareholders' Equity – Three and nine months ended September 30, 2025 and 2024
9
Notes to Financial Statements
10
1. Significant accounting policies
10
2. Divestitures
10
3. Investment securities
11
4. Loans and allowance for loan losses
14
5. Borrowings
25
6. Shareholders' equity
26
7. Revenue from contracts with customers
27
8. Pension plans and other postretirement benefits
28
9. Earnings per common share
29
10. Comprehensive income
30
11. Derivative financial instruments
32
12. Variable interest entities and asset securitizations
35
13. Fair value measurements
37
14. Commitments and contingencies
40
15. Segment information
42
16. Relationship with BLG and Bayview Financial
43
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
44
Financial Overview
44
Supplemental Reporting of Non-GAAP Results of Operations
45
Taxable-equivalent Net Interest Income
46
Provision for Credit Losses
55
Other Income
63
Other Expense
67
Income Taxes
67
Liquidity Risk
68
Market Risk and Interest Rate Sensitivity
70
Capital
72
Segment Information
74
Recent Accounting Developments
80
Forward-Looking Statements
80
- 2 -

Table of Contents, continuedPage
Quarterly Trends
82
Reconciliation of Quarterly GAAP to Non-GAAP Measures
83
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
84
Item 4.
Controls and Procedures
84
Part II. Other Information
Item 1.
Legal Proceedings
85
Item 1A.
Risk Factors
85
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
85
Item 3.
Defaults Upon Senior Securities
85
Item 4.
Mine Safety Disclosures
85
Item 5.
Other Information
86
Item 6.
Exhibits
86
Signatures
87
- 3 -

Glossary of Terms
The following listing includes acronyms and terms used throughout the document.
TermDefinition
2024 Annual Report
Form 10-K for the year ended December 31, 2024
Bayview FinancialBayview Financial Holdings, L.P. together with its affiliates
BLGBayview Lending Group, LLC
Capital RulesCapital adequacy standards established by the federal banking agencies
CET1Common Equity Tier 1
CITCollective Investment Trust
Common SecuritiesCommon securities issued in connection with the issuance of Junior Subordinated Debentures
CompanyM&T Bank Corporation and its consolidated subsidiaries
DUSDelegated Underwriting and Servicing
EVEEconomic value of equity
Executive ALCO CommitteeExecutive Asset-Liability Liquidity Capital Committee
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee
FRBFederal Reserve Bank
GAAPAccounting principles generally accepted in the U.S.
GDPGross Domestic Product
Junior Subordinated DebenturesFixed and variable rate junior subordinated deferrable interest debentures
LCRLiquidity Coverage Ratio
LTVLoan-to-value
M&TM&T Bank Corporation
M&T BankManufacturers and Traders Trust Company
People’s UnitedPeople’s United Financial, Inc.
Preferred Capital SecuritiesPreferred capital securities issued in connection with the issuance of Junior Subordinated Debentures
RWARisk-weighted assets
SCBStress capital buffer
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
U.S.United States of America
Wilmington Trust, N.A.Wilmington Trust, National Association
- 4 -

Part I. Financial Information
Item 1. Financial Statements (Unaudited).
M&T Bank Corporation and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(Dollars in millions, except per share)September 30,
2025		December 31,
2024
Assets
Cash and due from banks$1,950 $1,909 
Interest-bearing deposits at banks16,751 18,873 
Trading account95 101 
Investment securities:
Available for sale (cost: $23,000 at September 30, 2025;
   $19,054 at December 31, 2024)
23,163 18,849 
Held to maturity (fair value: $11,924 at September 30, 2025;
   $12,955 at December 31, 2024)
12,711 14,195 
Equity and other securities (cost: $989 at September 30, 2025;
   $1,007 at December 31, 2024)
990 1,007 
Total investment securities36,864 34,051 
Loans (a)136,974 135,581 
Allowance for loan losses(2,161)(2,184)
Net loans134,813 133,397 
Premises and equipment1,621 1,705 
Goodwill8,465 8,465 
Core deposit and other intangible assets74 94 
Accrued interest and other assets10,644 9,510 
Total assets$211,277 $208,105 
Liabilities
Noninterest-bearing deposits$44,994 $46,020 
Savings and interest-checking deposits104,812 100,599 
Time deposits13,620 14,476 
Total deposits163,426 161,095 
Short-term borrowings2,059 1,060 
Long-term borrowings (a)12,928 12,605 
Accrued interest and other liabilities4,136 4,318 
Total liabilities182,549 179,078 
Shareholders' equity
Preferred stock2,394 2,394 
Common stock, $0.50 par, 250,000,000 shares authorized,
   179,436,779 shares issued at September 30, 2025 and December 31, 2024
90 90 
Common stock issuable, 7,846 shares at September 30, 2025;
   11,642 shares at December 31, 2024
1 1 
Additional paid-in capital9,995 9,998 
Retained earnings20,392 19,079 
Accumulated other comprehensive income (loss), net277 (164)
Treasury stock — common, at cost — 24,926,404 shares at September 30, 2025;
   13,922,820 shares at December 31, 2024
(4,421)(2,371)
Total shareholders’ equity28,728 29,027 
Total liabilities and shareholders’ equity$211,277 $208,105 
__________________________________________________________________________________
(a)Loans of $2.3 billion and $1.5 billion at September 30, 2025 and December 31, 2024, respectively, were held in special purpose trusts to settle the respective obligations of asset-backed notes issued by those trusts. The outstanding balances of those asset-backed notes issued to third party investors were included in Long-term borrowings and were $1.9 billion at September 30, 2025 and $1.2 billion at December 31, 2024.
See accompanying notes to financial statements.


- 5 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Income (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share, shares in thousands)2025202420252024
Interest income
Loans$2,104 $2,153 $6,164 $6,378 
Investment securities377 283 1,047 771 
Deposits at banks198 348 635 1,167 
Other1 1 3 3 
Total interest income2,680 2,785 7,849 8,319 
Interest expense
Savings and interest-checking deposits589 655 1,720 1,888 
Time deposits119 180 366 622 
Short-term borrowings32 57 101 210 
Long-term borrowings179 167 493 475 
Total interest expense919 1,059 2,680 3,195 
Net interest income1,761 1,726 5,169 5,124 
Provision for credit losses125 120 380 470 
Net interest income after provision for credit losses1,636 1,606 4,789 4,654 
Other income
Mortgage banking revenues147 109 395 319 
Service charges on deposit accounts141 132 411 383 
Trust income181 170 540 500 
Brokerage services income34 32 97 91 
Trading account and other non-hedging derivative gains18 13 39 29 
Gain (loss) on bank investment securities1 (2)1 (8)
Other revenues from operations230 152 563 456 
Total other income752 606 2,046 1,770 
Other expense
Salaries and employee benefits833 775 2,533 2,372 
Equipment and net occupancy129 125 391 379 
Outside data processing and software138 123 412 367 
Professional and other services81 88 251 264 
FDIC assessments13 25 58 122 
Advertising and marketing23 27 70 74 
Amortization of core deposit and other intangible assets10 12 32 40 
Other costs of operations136 128 367 378 
Total other expense1,363 1,303 4,114 3,996 
Income before taxes1,025 909 2,721 2,428 
Income taxes233 188 629 521 
Net income$792 $721 $2,092 $1,907 
Net income available to common shareholders
Basic$754 $674 $1,981 $1,805 
Diluted754 674 1,981 1,805 
Net income per common share
Basic4.85 4.04 12.41 10.83 
Diluted4.82 4.02 12.34 10.78 
Average common shares outstanding
Basic155,558 166,671 159,631 166,694 
Diluted156,553 167,567 160,503 167,437 
See accompanying notes to financial statements.
- 6 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Comprehensive Income (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions)2025202420252024
Net income$792 $721 $2,092 $1,907 
Other comprehensive income (loss), net of tax and reclassification adjustments:
Net unrealized gains on investment securities60 230 274 238 
Cash flow hedges adjustments5 291 169 196 
Defined benefit plans liability adjustments(2)(1)(5)(4)
Other(1)4 3 2 
Total other comprehensive income (loss)62 524 441 432 
Total comprehensive income$854 $1,245 $2,533 $2,339 
See accompanying notes to financial statements.
- 7 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
Nine Months Ended September 30,
(Dollars in millions)20252024
Cash flows from operating activities
Net income$2,092 $1,907 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses380 470 
Depreciation and amortization of premises and equipment243 235 
Amortization of capitalized servicing rights101 104 
Amortization of core deposit and other intangible assets32 40 
Provision for deferred income taxes(38)(13)
Asset write-downs16 7 
Net gain on sales of assets(79)(3)
Net change in accrued interest receivable, payable(86)(149)
Net change in other accrued income and expense138 166 
Net change in loans originated for sale(3)(544)
Net change in trading account and other non-hedging derivative assets and liabilities(316)(286)
Net cash from operating activities2,480 1,934 
Cash flows from investing activities
Proceeds from sales:
Investment securities available for sale— 58 
Equity and other securities380 436 
Loans814 569 
Proceeds from maturities:
Investment securities available for sale3,644 5,255 
Investment securities held to maturity1,480 844 
Purchases:
Investment securities available for sale(7,561)(11,156)
Equity and other securities(363)(398)
Loans(683)— 
Net change in loans(2,017)(2,309)
Net change in interest-bearing deposits at banks2,122 3,652 
Capital expenditures, net(87)(131)
Net change in loan servicing advances(911)186 
Other, net198 151 
Net cash from investing activities(2,984)(2,843)
Cash flows from financing activities
Net change in deposits2,330 1,277 
Net change in short-term borrowings999 (2,711)
Proceeds from long-term borrowings3,533 4,003 
Payments on long-term borrowings(3,380)(678)
Proceeds from issuance of Series J preferred stock— 733 
Redemption of Series E preferred stock— (350)
Purchases of treasury stock(2,129)(198)
Dividends paid — common(671)(671)
Dividends paid — preferred(112)(107)
Other, net(25)96 
Net cash from financing activities545 1,394 
Net change in cash, cash equivalents and restricted cash41 485 
Cash, cash equivalents and restricted cash at beginning of period1,909 1,731 
Cash, cash equivalents and restricted cash at end of period$1,950 $2,216 
Supplemental disclosure of cash flow information
Interest received during the period$7,951 $8,323 
Interest paid during the period2,722 3,294 
Income taxes paid during the period314 240 
Supplemental schedule of noncash investing and financing activities
Real estate acquired in settlement of loans13 30 
Additions to right-of-use assets under operating leases75 62 
See accompanying notes to financial statements.
- 8 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
(Dollars in millions, except per share)Preferred
Stock		Common
Stock
Common
Stock
Issuable
Additional
Paid-in
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive
Income
(Loss), Net 		Treasury
Stock 		Total
Three Months Ended September 30, 2025
Balance — July 1, 2025$2,394 $90 $1 $9,981 $19,870 $215 $(4,026)$28,525 
Total comprehensive income— — — — 792 62 — 854 
Preferred stock cash dividends— — — — (36)— — (36)
Purchases of treasury stock— — — — — — (409)(409)
Stock-based compensation transactions, net— — — 14 — — 14 28 
Common stock cash dividends — $1.50 per share
— — — — (234)— — (234)
Balance — September 30, 2025$2,394 $90 $1 $9,995 $20,392 $277 $(4,421)$28,728 
Nine Months Ended September 30, 2025
Balance — January 1, 2025$2,394 $90 $1 $9,998 $19,079 $(164)$(2,371)$29,027 
Total comprehensive income— — — — 2,092 441 — 2,533 
Preferred stock cash dividends— — — — (107)— — (107)
Purchases of treasury stock — — — — — — (2,151)(2,151)
Stock-based compensation transactions, net— — — (3)(2)— 101 96 
Common stock cash dividends — $4.20 per share
— — — — (670)— — (670)
Balance — September 30, 2025$2,394 $90 $1 $9,995 $20,392 $277 $(4,421)$28,728 
Three Months Ended September 30, 2024
Balance — July 1, 2024$2,744 $90 $1 $9,976 $18,211 $(551)$(2,047)$28,424 
Total comprehensive income— — — — 721 524 — 1,245 
Redemption of Series E preferred stock(350)— — — — — — (350)
Preferred stock cash dividends— — — — (47)— — (47)
Purchases of treasury stock— — — — — — (200)(200)
Stock-based compensation transactions, net— — — 10 (1)— 20 29 
Common stock cash dividends — $1.35 per share
— — — — (225)— — (225)
Balance — September 30, 2024$2,394 $90 $1 $9,986 $18,659 $(27)$(2,227)$28,876 
Nine Months Ended September 30, 2024
Balance — January 1, 2024$2,011 $90 $1 $10,020 $17,524 $(459)$(2,230)$26,957 
Total comprehensive income— — — — 1,907 432 — 2,339 
Issuance of Series J preferred stock733 — — — — — — 733 
Redemption of Series E preferred stock(350)— — — — — — (350)
Preferred stock cash dividends— — — — (99)— — (99)
Purchases of treasury stock— — — — — — (200)(200)
Stock-based compensation transactions, net— — — (34)(2)— 203 167 
Common stock cash dividends — $4.00 per share
— — — — (671)— — (671)
Balance — September 30, 2024$2,394 $90 $1 $9,986 $18,659 $(27)$(2,227)$28,876 
See accompanying notes to financial statements.
- 9 -

Notes to Financial Statements (Unaudited)
1. Significant accounting policies

The consolidated interim financial statements of the Company were compiled in accordance with GAAP using the accounting policies set forth in note 1 of Notes to Financial Statements included in M&T's 2024 Annual Report. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented.
The following table provides a description of accounting standards applicable to M&T but not yet adopted at September 30, 2025.
Recent accounting developments
StandardDescription
Required date
of adoption
Effect on consolidated financial statements
Standards not yet adopted as of September 30, 2025
Income Taxes - Improvements to income tax disclosuresThe standard requires enhanced disclosures in the notes to financial statements including income taxes paid by jurisdiction (federal, state, foreign) and a tabular rate reconciliation between the reported amount of income tax expense (or benefit) and the amount of statutory federal income tax at current rates.December 31, 2025The Company intends to make the required disclosures of the amended guidance in its consolidated financial statements for the year ended December 31, 2025.
Income Statement - Expense disaggregation disclosuresThe standard requires disclosure in the notes to financial statements of specified information about certain cost and expense captions on the income statement. January 1, 2027The Company does not expect the guidance will have a material impact on its consolidated financial statements.
Targeted improvements to the accounting for internal-use softwareThe standard eliminates the concept of a software development project stage such that the guidance is agnostic to different software development methods and introduces a new threshold for cost capitalization. The standard also provides factors to consider when determining whether significant development uncertainty exists. January 1, 2028The Company is evaluating the impact of the standard but does not expect the guidance will have a material impact on its consolidated financial statements.
2. Divestitures
In September 2025 the Company received an earnout payment of $28 million related to the Company's sale of its CIT business in 2023. That distribution has been included in Other revenues from operations in the Company's Consolidated Statement of Income for the three-month and nine-month periods ended September 30, 2025.
In May 2025 the Company sold Wilmington Trust SP Services Inc., a subsidiary that specialized in institutional services, to a third party. The transaction resulted in a gain of $10 million that has been included in Other revenues from operations in the Company's Consolidated Statement of Income for the nine-month period ended September 30, 2025. The revenues and expenses of that subsidiary were not material to the Company's consolidated results of operations for the nine-month periods ended September 30, 2025 and 2024.
- 10 -


3. Investment securities
The amortized cost and estimated fair value of investment securities were as follows:
(Dollars in millions)Amortized
Cost (a)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
September 30, 2025
Investment securities available for sale:
U.S. Treasury $6,581 $42 $3 $6,620 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial4,789 74 2 4,861 
Residential11,628 120 68 11,680 
Other 2 — — 2 
23,000 236 73 23,163 
Investment securities held to maturity:
U.S. Treasury444 — 6 438 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,020 — 77 1,943 
Residential8,048 7 662 7,393 
Privately issued33 12 — 45 
State and political subdivisions2,165 — 61 2,104 
Other 1 — — 1 
 12,711 19 806 11,924 
Total debt securities$35,711 $255 $879 $35,087 
Equity and other securities:
Readily marketable equity — at fair value$257 $3 $2 $258 
Other — at cost732 — — 732 
Total equity and other securities$989 $3 $2 $990 
 
December 31, 2024
Investment securities available for sale:
U.S. Treasury $7,945 $13 $27 $7,931 
Mortgage-backed securities:    
Government issued or guaranteed:    
Commercial3,739 8 45 3,702 
Residential7,368 13 167 7,214 
Other2 — — 2 
19,054 34 239 18,849 
Investment securities held to maturity:
U.S. Treasury 1,015 — 14 1,001 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,034 — 157 1,877 
Residential8,773 — 961 7,812 
Privately issued37 9 — 46 
State and political subdivisions2,335 — 117 2,218 
Other 1 — — 1 
14,195 9 1,249 12,955 
Total debt securities$33,249 $43 $1,488 $31,804 
Equity and other securities:
Readily marketable equity — at fair value$235 $3 $3 $235 
Other — at cost772 — — 772 
Total equity and other securities$1,007 $3 $3 $1,007 
__________________________________________________________________________________
(a)Amortized cost balances of debt securities exclude accrued interest receivable of $176 million at each of September 30, 2025 and December 31, 2024, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
- 11 -


3. Investment securities, continued
A summary of debt investment securities that as of September 30, 2025 and December 31, 2024 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows:
Less Than 12 Months12 Months or More
(Dollars in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
September 30, 2025
Investment securities available for sale:
U.S. Treasury$— $— $247 $3 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial135 — 323 2 
Residential458 2 1,442 66 
Other 1 — — — 
594 2 2,012 71 
Investment securities held to maturity:
U.S. Treasury — — 438 6 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial— — 1,943 77 
Residential83 1 6,513 661 
Privately issued2 — — — 
State and political subdivisions9 — 1,916 61 
94 1 10,810 805 
Total$688 $3 $12,822 $876 
December 31, 2024
Investment securities available for sale:
U.S. Treasury $1,971 $9 $2,554 $18 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,566 45 64 — 
Residential4,429 53 1,623 114 
Other — — 2 — 
8,966 107 4,243 132 
Investment securities held to maturity:
U.S. Treasury 50 — 951 14 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial— — 1,877 157 
Residential996 19 6,811 942 
State and political subdivisions39 1 2,131 116 
1,085 20 11,770 1,229 
Total$10,051 $127 $16,013 $1,361 

- 12 -


3. Investment securities, continued
The Company owned 3,158 individual debt securities with aggregate gross unrealized losses of $879 million at September 30, 2025. Based on a review of each of the securities in the investment securities portfolio at September 30, 2025, the Company concluded that it expected to recover the amortized cost basis of its investment. As of September 30, 2025, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At September 30, 2025, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $732 million of cost method equity securities.
The Company estimated no material allowance for credit losses for its investment securities classified as held to maturity at September 30, 2025 and December 31, 2024.
At September 30, 2025, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows:
(Dollars in millions)Amortized
Cost		Estimated
Fair Value
Debt securities available for sale:
Due in one year or less$2,634 $2,639 
Due after one year through five years3,949 3,983 
Due after five years through ten years— — 
Due after ten years— — 
6,583 6,622 
Mortgage-backed securities16,417 16,541 
$23,000 $23,163 
Debt securities held to maturity:
Due in one year or less$71 $71 
Due after one year through five years679 672 
Due after five years through ten years1,355 1,336 
Due after ten years505 464 
2,610 2,543 
Mortgage-backed securities10,101 9,381 
$12,711 $11,924 
At September 30, 2025 and December 31, 2024, investment securities with carrying values of $6.0 billion (including $65 million related to repurchase transactions) and $6.2 billion (including $71 million related to repurchase transactions), respectively, were pledged to secure outstanding borrowings, lines of credit and governmental deposits.
- 13 -


4. Loans and allowance for loan losses
A summary of current, past due and nonaccrual loans as of September 30, 2025 and December 31, 2024 follows:
(Dollars in millions)Current30-89 Days
Past Due		Accruing Loans Past Due 90 Days or MoreNonaccrualTotal (a) (b)
September 30, 2025
Commercial and industrial$60,952 $172 $3 $760 $61,887 
Real estate:   
Commercial (c)19,493 189 19 361 20,062 
Residential builder and developer (d)80 12 — — 92 
Other commercial construction3,859 12 — 21 3,892 
Residential (e)23,395 615 402 250 24,662 
Consumer:   
Home equity lines and loans4,622 31 — 77 4,730 
Recreational finance14,032 91 — 29 14,152 
Automobile5,157 56 — 10 5,223 
Other2,240 22 8 4 2,274 
Total$133,830 $1,200 $432 $1,512 $136,974 
December 31, 2024
Commercial and industrial$60,374 $399 $12 $696 $61,481 
Real estate:   
Commercial (c)20,054 255 3 468 20,780 
Residential builder and developer830 3 — 2 835 
Other commercial construction5,018 65 — 66 5,149 
Residential (e)21,853 719 315 279 23,166 
Consumer:   
Home equity lines and loans4,482 29 — 81 4,592 
Recreational finance12,429 104 — 31 12,564 
Automobile4,724 58 — 12 4,794 
Other2,134 23 8 55 2,220 
Total$131,898 $1,655 $338 $1,690 $135,581 
__________________________________________________________________________________
(a)Balances include net discounts, comprised of unamortized premiums, discounts and net deferred loan fees and costs of $279 million and $277 million at September 30, 2025 and December 31, 2024, respectively.
(b)Balances exclude accrued interest receivable of $619 million and $628 million at September 30, 2025 and December 31, 2024, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
(c)Commercial real estate loans held for sale were $278 million at September 30, 2025 and $310 million at December 31, 2024.
(d)In June 2025, the Company sold $661 million of residential builder and developer loans and recognized a gain on sale of $15 million, which is included in Other revenues from operations in the Consolidated Statement of Income for the nine months ended September 30, 2025.
(e)One-to-four family residential mortgage loans held for sale were $327 million at September 30, 2025 and $211 million at December 31, 2024.
The amount of foreclosed property held by the Company, predominantly consisting of residential real estate, was $37 million and $35 million at September 30, 2025 and December 31, 2024, respectively. There were $180 million and $173 million at September 30, 2025 and December 31, 2024, respectively, of loans secured by residential real estate that were in the process of foreclosure. At September 30, 2025, approximately 46% of those residential real estate loans in the process of foreclosure were government guaranteed.

- 14 -


4. Loans and allowance for loan losses, continued
At September 30, 2025, approximately $21.1 billion of commercial and industrial loans, $13.4 billion of commercial real estate loans, $19.3 billion of one-to-four family residential real estate loans, $2.9 billion of home equity loans and lines of credit and $13.7 billion of other consumer loans were pledged to secure outstanding borrowings and available lines of credit from the FHLB and the FRB of New York. At December 31, 2024, approximately $20.7 billion of commercial and industrial loans, $14.6 billion of commercial real estate loans, $18.6 billion of one-to-four family residential real estate loans, $2.7 billion of home equity loans and lines of credit and $13.1 billion of other consumer loans were pledged to secure outstanding borrowings and available lines of credit from the FHLB and the FRB of New York. As further described in notes 5 and 12, loans totaling $2.3 billion and $1.5 billion at September 30, 2025 and December 31, 2024, respectively, were held in special purpose trusts to settle the obligations of certain asset-backed notes issued by those trusts which have been included in the Company's consolidated financial statements.
Credit quality indicators
The Company utilizes a loan grading system to differentiate risk amongst its commercial and industrial loans and commercial real estate loans. The following table summarizes the loan grades applied at September 30, 2025 to the various classes of the Company’s commercial and industrial loans and commercial real estate loans and gross charge-offs for those types of loans for the three-month and nine-month periods ended September 30, 2025 by origination year.
 Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		Total
(Dollars in millions)20252024202320222021Prior
Commercial and industrial:
Pass$6,980 $7,252 $4,626 $4,526 $2,445 $5,346 $26,722 $97 $57,994 
Criticized accrual115 272 492 440 120 427 1,232 35 3,133 
Criticized nonaccrual4 27 90 76 33 242 268 20 760 
Total commercial and industrial$7,099 $7,551 $5,208 $5,042 $2,598 $6,015 $28,222 $152 $61,887 
Gross charge-offs three months ended September 30, 2025$3 $21 $12 $6 $2 $3 $42 $— $89 
Gross charge-offs nine months ended September 30, 2025$7 $29 $31 $19 $6 $12 $92 $— $196 
Real estate:
Commercial:
Pass$2,675 $408 $1,548 $1,610 $1,205 $9,538 $393 $— $17,377 
Criticized accrual— 29 297 337 83 1,572 6 — 2,324 
Criticized nonaccrual— — 7 36 50 268 — — 361 
Total commercial real estate$2,675 $437 $1,852 $1,983 $1,338 $11,378 $399 $— $20,062 
Gross charge-offs three months ended September 30, 2025$— $— $— $11 $— $7 $— $— $18 
Gross charge-offs nine months ended September 30, 2025$— $— $— $15 $— $47 $— $— $62 
Residential builder and developer:
Pass$3 $— $3 $9 $— $5 $51 $— $71 
Criticized accrual— — — 21 — — — — 21 
Criticized nonaccrual— — — — — — — — — 
Total residential builder and developer$3 $— $3 $30 $— $5 $51 $— $92 
Gross charge-offs three months ended September 30, 2025$— $— $— $— $— $— $— $— $— 
Gross charge-offs nine months ended September 30, 2025$— $— $— $— $— $— $— $— $— 
Other commercial construction:
Pass$138 $205 $1,265 $652 $78 $339 $38 $— $2,715 
Criticized accrual— 6 153 629 143 219 6 — 1,156 
Criticized nonaccrual— — — 10 4 7 — — 21 
Total other commercial construction$138 $211 $1,418 $1,291 $225 $565 $44 $— $3,892 
Gross charge-offs three months ended September 30, 2025$— $— $— $4 $— $— $— $— $4 
Gross charge-offs nine months ended September 30, 2025$— $— $— $7 $— $— $— $— $7 
- 15 -


4. Loans and allowance for loan losses, continued
The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at September 30, 2025 for the various classes of the Company’s residential real estate loans and consumer loans and gross charge-offs for those types of loans for the three-month and nine-month periods ended September 30, 2025 by origination year follows:
 Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		 Total
(Dollars in millions)20252024202320222021Prior
Residential real estate:
Current$2,985 $1,927 $1,232 $4,206 $3,517 $9,409 $119 $— $23,395 
30-89 days past due4 8 17 107 76 403 — — 615 
Accruing loans past due 90 days or more— 4 13 55 80 250 — — 402 
Nonaccrual— 2 5 37 18 187 1 — 250 
Total residential real estate$2,989 $1,941 $1,267 $4,405 $3,691 $10,249 $120 $— $24,662 
Gross charge-offs three months ended September 30, 2025$— $— $— $— $— $1 $— $— $1 
Gross charge-offs nine months ended September 30, 2025$— $— $— $1 $— $3 $— $— $4 
Consumer:  
Home equity lines and loans:  
Current$— $— $— $— $1 $80 $3,269 $1,272 $4,622 
30-89 days past due— — — — — 1 — 30 31 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual— — — — — 3 1 73 77 
Total home equity lines and loans$— $— $— $— $1 $84 $3,270 $1,375 $4,730 
Gross charge-offs three months ended September 30, 2025$— $— $— $— $— $— $— $1 $1 
Gross charge-offs nine months ended September 30, 2025$— $— $— $— $— $— $— $3 $3 
Recreational finance:  
Current$3,597 $3,236 $1,836 $1,753 $1,419 $2,191 $— $— $14,032 
30-89 days past due5 16 17 14 13 26 — — 91 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual2 5 6 6 4 6 — — 29 
Total recreational finance$3,604 $3,257 $1,859 $1,773 $1,436 $2,223 $— $— $14,152 
Gross charge-offs three months ended September 30, 2025$3 $7 $7 $6 $5 $8 $— $— $36 
Gross charge-offs nine months ended September 30, 2025$4 $18 $21 $19 $17 $30 $— $— $109 
Automobile: 
Current$1,555 $1,868 $633 $547 $409 $145 $— $— $5,157 
30-89 days past due6 14 13 11 8 4 — — 56 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual1 3 1 1 3 1 — — 10 
Total automobile$1,562 $1,885 $647 $559 $420 $150 $— $— $5,223 
Gross charge-offs three months ended September 30, 2025$2 $5 $3 $2 $1 $1 $— $— $14 
Gross charge-offs nine months ended September 30, 2025$2 $12 $8 $8 $4 $3 $— $— $37 
Other:  
Current$270 $176 $103 $65 $50 $24 $1,551 $1 $2,240 
30-89 days past due2 2 2 1 — — 14 1 22 
Accruing loans past due 90 days or more— — — — — — 8 — 8 
Nonaccrual2 — 1 — — — 1 — 4 
Total other$274 $178 $106 $66 $50 $24 $1,574 $2 $2,274 
Gross charge-offs three months ended September 30, 2025$5 $3 $2 $1 $— $— $16 $— $27 
Gross charge-offs nine months ended September 30, 2025$12 $11 $7 $3 $1 $1 $53 $— $88 
Total loans at September 30, 2025$18,344 $15,460 $12,360 $15,149 $9,759 $30,693 $33,680 $1,529 $136,974 
Total gross charge-offs for the three months ended
   September 30, 2025
$13 $36 $24 $30 $8 $20 $58 $1 $190 
Total gross charge-offs for the nine months ended
   September 30, 2025
$25 $70 $67 $72 $28 $96 $145 $3 $506 
- 16 -


4. Loans and allowance for loan losses, continued
The following table summarizes the loan grades applied at December 31, 2024 to the various classes of the Company’s commercial and industrial loans and commercial real estate loans by origination year.
Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		 
(Dollars in millions)20242023202220212020PriorTotal
Commercial and industrial: 
 Pass$9,021 $6,454 $5,845 $3,258 $1,534 $5,147 $26,262 $79 $57,600 
 Criticized accrual189 385 402 210 75 528 1,359 37 3,185 
 Criticized nonaccrual11 56 98 41 59 220 194 17 696 
Total commercial and industrial$9,221 $6,895 $6,345 $3,509 $1,668 $5,895 $27,815 $133 $61,481 
Real estate: 
Commercial: 
 Pass$674 $1,477 $1,358 $1,222 $1,774 $9,611 $413 $— $16,529 
 Criticized accrual39 389 665 253 591 1,839 7 — 3,783 
 Criticized nonaccrual1 1 53 26 17 369 1 — 468 
Total commercial real estate$714 $1,867 $2,076 $1,501 $2,382 $11,819 $421 $— $20,780 
Residential builder and developer: 
 Pass$380 $236 $40 $12 $4 $10 $60 $— $742 
 Criticized accrual15 42 34 — — — — — 91 
 Criticized nonaccrual1 — — — — 1 — — 2 
Total residential builder and developer$396 $278 $74 $12 $4 $11 $60 $— $835 
Other commercial construction: 
 Pass$108 $1,395 $1,091 $269 $175 $379 $42 $— $3,459 
 Criticized accrual42 104 687 346 297 145 3 — 1,624 
 Criticized nonaccrual— — 17 33 — 16 — — 66 
Total other commercial construction$150 $1,499 $1,795 $648 $472 $540 $45 $— $5,149 
- 17 -


4. Loans and allowance for loan losses, continued
A summary of loans in accrual and nonaccrual status at December 31, 2024 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows:
Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		Total
(Dollars in millions)20242023202220212020Prior
Residential real estate:
Current$2,264 $1,354 $4,394 $3,488 $2,376 $7,874 $103 $— $21,853 
30-89 days past due12 9 111 77 38 472 — — 719 
Accruing loans past due 90 days or more1 7 39 47 20 201 — — 315 
Nonaccrual— 2 27 16 5 226 3 — 279 
Total residential real estate$2,277 $1,372 $4,571 $3,628 $2,439 $8,773 $106 $— $23,166 
Consumer:
Home equity lines and loans:
Current$— $— $— $2 $2 $91 $3,085 $1,302 $4,482 
30-89 days past due— — — — — 2 — 27 29 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual— — — — — 2 — 79 81 
Total home equity lines and loans$— $— $— $2 $2 $95 $3,085 $1,408 $4,592 
Recreational finance:
Current$3,918 $2,203 $2,044 $1,661 $1,100 $1,503 $— $— $12,429 
30-89 days past due13 18 15 20 15 23 — — 104 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual3 6 6 5 4 7 — — 31 
Total recreational finance$3,934 $2,227 $2,065 $1,686 $1,119 $1,533 $— $— $12,564 
Automobile:
Current$2,264 $775 $740 $632 $220 $93 $— $— $4,724 
30-89 days past due11 13 13 12 5 4 — — 58 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual2 2 3 2 1 2 — — 12 
Total automobile$2,277 $790 $756 $646 $226 $99 $— $— $4,794 
Other:
Current$259 $152 $102 $71 $16 $18 $1,515 $1 $2,134 
30-89 days past due4 2 1 1 — — 14 1 23 
Accruing loans past due 90 days or more— — — — — — 8 — 8 
Nonaccrual2 1 1 — — — 51 — 55 
Total other$265 $155 $104 $72 $16 $18 $1,588 $2 $2,220 
Total loans at December 31, 2024$19,234 $15,083 $17,786 $11,704 $8,328 $28,783 $33,120 $1,543 $135,581 
- 18 -


4. Loans and allowance for loan losses, continued
Allowance for loan losses
For purposes of determining the level of the allowance for loan losses, the Company evaluates its portfolio by loan type. Changes in the allowance for loan losses and the reserve for unfunded credit commitments for the three-month and nine-month periods ended September 30, 2025 and 2024 were as follows:
Allowance for Loan Losses
Commercial
and Industrial		Real Estate   Reserve for Unfunded Credit Commitments (a)
(Dollars in millions)Commercial Residential Consumer Total
Three Months Ended September 30, 2025
Beginning balance$793 $544 $110 $750 $2,197 $80 
Provision for credit losses82 (47)(3)78 110 15 
Net charge-offs:
Charge-offs(89)(22)(1)(78)(190)— 
Recoveries17 1 1 25 44 — 
Net charge-offs(72)(21)— (53)(146)— 
Ending balance$803 $476 $107 $775 $2,161 $95 
Three Months Ended September 30, 2024
Beginning balance$790 $658 $110 $646 $2,204 $60 
Provision for credit losses52 1 (5)72 120 — 
Net charge-offs:
Charge-offs(64)(24)(1)(65)(154)— 
Recoveries14 4 1 15 34 — 
Net charge-offs(50)(20)— (50)(120)— 
Ending balance$792 $639 $105 $668 $2,204 $60 
Nine Months Ended September 30, 2025
Beginning balance$769 $599 $108 $708 $2,184 $60 
Provision for credit losses173 (60)(1)233 345 35 
Net charge-offs:
Charge-offs(196)(69)(4)(237)(506)— 
Recoveries57 6 4 71 138 — 
Net charge-offs(139)(63)— (166)(368)— 
Ending balance$803 $476 $107 $775 $2,161 $95 
Nine Months Ended September 30, 2024
Beginning balance$620 $764 $116 $629 $2,129 $60 
Provision for credit losses365 (60)(11)176 470 — 
Net charge-offs:
Charge-offs(220)(92)(4)(181)(497)— 
Recoveries27 27 4 44 102 — 
Net charge-offs (193)(65)— (137)(395)— 
Ending balance$792 $639 $105 $668 $2,204 $60 
__________________________________________________________________________________
(a)Further information about unfunded credit commitments is included in note 14.
- 19 -


4. Loans and allowance for loan losses, continued
Despite the allocation in the preceding tables, the allowance for loan losses is general in nature and is available to absorb losses from any loan or lease type. In determining the allowance for loan losses, accruing loans with similar risk characteristics are generally evaluated collectively. The Company utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators, including loan grade and borrower repayment performance, can inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, GDP and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At each of September 30, 2025 and December 31, 2024, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. In determining the allowance for loan losses, the Company may adjust forecasted loss estimates for inherent limitations or biases in the models as well as for other factors that may not be adequately considered in its quantitative methodologies including the impact of portfolio concentrations, imprecision in its economic forecasts, geopolitical conditions and other risk factors that might influence its loss estimation process.
The Company also estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes. The amounts of specific loss components in the Company’s loan portfolios are determined through a loan-by-loan analysis of larger balance commercial and industrial loans and commercial real estate loans that are in nonaccrual status. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of designating the loan as “criticized nonaccrual,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial and industrial loans and commercial real estate loans, estimated collateral values are generally based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs.
For residential real estate loans, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. That charge-off is based on recent indications of value from external parties that are generally obtained shortly after a loan becomes nonaccrual. Loans to consumers that file for bankruptcy are generally charged-off to estimated net collateral value shortly after the Company is notified of such filings. When evaluating individual home equity loans and lines of credit for charge-off and for purposes of estimating losses in determining the allowance for loan losses, the Company gives consideration to the required repayment of any first lien positions related to collateral property. Other consumer loans are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral.
Changes in the amount of the allowance for loan losses reflect the outcome of the procedures described herein, including the impact of changes in macroeconomic forecasts as compared with previous forecasts, as well as the impact of portfolio concentrations, imprecision in economic forecasts, geopolitical conditions and other risk factors that might influence the loss estimation process.
- 20 -


4. Loans and allowance for loan losses, continued
Information with respect to loans that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month and nine-month periods ended September 30, 2025 and 2024 follows:
 Amortized Cost with AllowanceAmortized Cost without AllowanceTotalAmortized CostInterest Income Recognized
(Dollars in millions)September 30, 2025June 30, 2025January 1, 2025Three Months
Ended
September 30,
2025		Nine Months
Ended
September 30,
2025
Commercial and industrial$652 $108 $760 $787 $696 $8 $20 
Real estate:       
Commercial217 144 361 376 468 11 28 
Residential builder and developer— — — 1 2 — — 
Other commercial construction13 8 21 23 66 2 2 
Residential105 145 250 265 279 4 11 
Consumer:       
Home equity lines and loans37 40 77 75 81 2 6 
Recreational finance20 9 29 25 31 — — 
Automobile8 2 10 9 12 — — 
Other4 — 4 12 55 — — 
Total$1,056 $456 $1,512 $1,573 $1,690 $27 $67 
September 30, 2024June 30, 2024January 1, 2024Three Months
Ended
September 30,
2024		Nine Months
Ended
September 30,
2024
Commercial and industrial$610 $200 $810 $805 $670 $5 $14 
Real estate:
Commercial348 230 578 707 869 5 31 
Residential builder and developer2 — 2 2 3 1 1 
Other commercial construction21 63 84 77 171 — 3 
Residential135 141 276 260 270 4 11 
Consumer:
Home equity lines and loans39 43 82 79 81 2 4 
Recreational finance17 11 28 25 36 — — 
Automobile8 3 11 11 14 — — 
Other55 — 55 58 52 — — 
Total$1,235 $691 $1,926 $2,024 $2,166 $17 $64 


- 21 -


4. Loans and allowance for loan losses, continued
Loan modifications
During the normal course of business, the Company modifies loans to maximize recovery efforts from borrowers experiencing financial difficulty. Such loan modifications typically include extensions of maturity dates but may also include other modified terms. Those modified loans may be considered nonaccrual if the Company does not expect to collect the contractual cash flows owed under the loan agreement. The table that follows summarizes the Company’s loan modification activities to borrowers experiencing financial difficulty for the three-month and nine-month periods ended September 30, 2025 and 2024:
Amortized Cost
(Dollars in millions)Term ExtensionOther (a)Combination of Modification Types (b)Total (c) (d)Percent of Total Loan Class
Three Months Ended September 30, 2025
Commercial and industrial$12 $85 $3 $100 .16 %
Real estate:
Commercial130 — 26 156 .77 
Residential builder and developer— — — — — 
Other commercial construction52 — — 52 1.33 
Residential36 — 10 46 .18 
Consumer:
Home equity lines and loans— — 1 1 — 
Recreational finance1 — — 1 — 
Automobile— — — — — 
Other— — — — — 
Total$231 $85 $40 $356 .26 %
Nine Months Ended September 30, 2025
Commercial and industrial$104 $90 $81 $275 .44 %
Real estate:
Commercial324 — 26 350 1.74 
Residential builder and developer— — — — — 
Other commercial construction272 — — 272 6.98 
Residential100 4 22 126 .51 
Consumer:
Home equity lines and loans— — 1 1 .02 
Recreational finance1 — — 1 — 
Automobile— — — — — 
Other10 — — 10 .43 
Total$811 $94 $130 $1,035 .76 %
__________________________________________________________________________________
(a)Primarily payment deferrals.
(b)Primarily term extensions combined with payment deferrals or interest rate reductions.
(c)Includes approximately $40 million and $109 million of loans guaranteed by government-related entities (predominantly first lien residential mortgage loans) for the three-month and nine-month periods ended September 30, 2025, respectively.
(d)Excludes unfunded commitments to extend credit totaling $53 million and $89 million for the three-month and nine-month periods ended September 30, 2025, respectively.
- 22 -


4. Loans and allowance for loan losses, continued
Amortized Cost
(Dollars in millions)Term ExtensionOther (a)Combination of Modification Types (b)Total (c) (d)Percent of Total Loan Class
Three Months Ended September 30, 2024
Commercial and industrial$92 $23 $2 $117 .19 %
Real estate:
Commercial163 1 — 164 .73 
Residential builder and developer2 — — 2 .17 
Other commercial construction2 — — 2 .03 
Residential36 5 4 45 .20 
Consumer:
Home equity lines and loans— — — — — 
Recreational finance— — — — — 
Automobile— — — — — 
Other— — — — — 
Total$295 $29 $6 $330 .24 %
Nine Months Ended September 30, 2024
Commercial and industrial$190 $78 $2 $270 .44 %
Real estate:
Commercial420 1 4 425 1.90 
Residential builder and developer13 — — 13 1.27 
Other commercial construction139 — — 139 2.62 
Residential128 12 6 146 .63 
Consumer:
Home equity lines and loans1 — 1 2 .04 
Recreational finance1 — — 1 .01 
Automobile— — — — — 
Other— — — — — 
Total$892 $91 $13 $996 .73 %
__________________________________________________________________________________
(a)Predominantly payment deferrals.
(b)Predominantly term extensions combined with interest rate reductions.
(c)Includes approximately $33 million and $117 million of loans guaranteed by government-related entities (predominantly first lien residential mortgage loans) for the three-month and nine-month periods ended September 30, 2024, respectively.
(d)Excludes unfunded commitments to extend credit totaling $8 million and $43 million for the three-month and nine-month periods ended September 30, 2024, respectively.
The following table summarizes the financial effects of the modifications on the weighted-average remaining term of modified loans for the three-month and nine-month periods ended September 30, 2025 and 2024.
Three Months Ended September 30,Nine Months Ended September 30,
(In years)2025202420252024
Increase to weighted-average remaining term
Commercial and industrial0.31.30.71.0
Real estate:
Commercial (a)0.70.60.80.8
Residential9.99.110.19.9
__________________________________________________________________________________
(a)Inclusive of residential builder and developer loans and other commercial construction loans.
- 23 -


4. Loans and allowance for loan losses, continued
Modified loans to borrowers experiencing financial difficulty are subject to the allowance for loan losses methodology described herein, including the use of models to inform credit loss estimates and, to the extent larger balance commercial and industrial loans and commercial real estate loans are in nonaccrual status, a loan-by-loan analysis of expected credit losses on those individual loans. The following table summarizes the payment status, at September 30, 2025 and 2024, of loans that were modified during the twelve-month periods ended September 30, 2025 and 2024.
Payment Status (Amortized Cost) (a)
(Dollars in millions)Current30-89 Days Past Due
Past Due 90 Days or More (b)
Total
Twelve Months Ended September 30, 2025
Commercial and industrial$137 $60 $98 $295 
Real estate:
Commercial328 118 1 447 
Residential builder and developer— — — — 
Other commercial construction337 — — 337 
Residential (c)76 43 44 163 
Consumer:
Home equity lines and loans1 — — 1 
Recreational finance1 — — 1 
Automobile1 — — 1 
Other10 — — 10 
Total$891 $221 $143 $1,255 
Twelve Months Ended September 30, 2024
Commercial and industrial$308 $5 $4 $317 
Real estate:
Commercial422 84 9 515 
Residential builder and developer13 1 — 14 
Other commercial construction141 74 — 215 
Residential (c)99 47 37 183 
Consumer:
Home equity lines and loans2 — — 2 
Recreational finance1 — — 1 
Automobile— — — — 
Other— — — — 
Total$986 $211 $50 $1,247 
__________________________________________________________________________________
(a) At the respective period end.
(b) Loan modifications predominantly comprised of payment deferrals, term extensions or term extensions combined with payment deferrals.
(c) Includes loans guaranteed by government-related entities classified as 30 to 89 days past due of $37 million and $39 million and as past due 90 days or more of $41 million and $34 million at September 30, 2025 and 2024, respectively.

- 24 -


5. Borrowings

The following table summarizes the Company's short-term and long-term borrowings at September 30, 2025 and December 31, 2024.
(Dollars in millions)September 30, 2025December 31, 2024
Short-term borrowings
Repurchase agreements$59 $60 
Advances from FHLB2,000 1,000 
Total short-term borrowings$2,059 $1,060 
Long-term borrowings
Senior notes — M&T$5,605 $4,710 
Senior notes — M&T Bank3,745 3,745 
Advances from FHLB3 2,004 
Subordinated notes — M&T747 — 
Subordinated notes — M&T Bank487 474 
Junior subordinated debentures — M&T (a)402 433 
Asset-backed notes (a)1,929 1,229 
Other10 10 
Total long-term borrowings$12,928 $12,605 
__________________________________________________________________________________
(a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 12.
In July 2025, M&T issued $750 million of subordinated notes that mature in July 2035 and pay a 5.40% fixed rate semi-annually until July 2030 after which, unless redeemed by M&T at that time, the fixed rate will reset to the U.S. Treasury rate for a five year term plus 1.43% until maturity. In June 2025, M&T issued $750 million of senior notes that mature in July 2031 and pay a 5.179% fixed rate semi-annually until July 2030 after which SOFR plus 1.40% will be paid quarterly until maturity. Also in June 2025, M&T Bank issued $750 million of senior notes that mature in July 2028 and pay a 4.762% fixed rate semi-annually until July 2027 after which SOFR plus 0.95% will be paid quarterly until maturity.
M&T Bank had secured borrowing facilities available with the FHLB of New York and the FRB of New York totaling approximately $17.8 billion and $25.1 billion, respectively, at September 30, 2025. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities and could increase the availability under such facilities by pledging additional assets.




- 25 -


6. Shareholders' equity
M&T is authorized to issue 20,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. Issued and outstanding preferred stock of M&T as of September 30, 2025 and December 31, 2024 is presented below:
(Dollars in millions, except per share)Shares
Issued and Outstanding		Liquidation Preference Per ShareIssuance DateEarliest Redemption DateAnnual Dividend RateCarrying AmountDividends Per Share
Three Months Ended September 30,Nine Months Ended September 30,
SeriesSeptember 30, 2025December 31, 2024September 30, 2025December 31, 20242025202420252024
Series E (a)——$1,000 — — — %$— $— $— $23.50 $— $62.575 
Series F (b)50,00050,00010,000 10/28/201611/1/20265.125 500 500 128.125 128.125 384.375 384.375 
Series G (c)40,00040,00010,000 7/30/20198/1/20247.304 400 400 182.60 125.00 547.80 375.00 
Series H (d)10,000,00010,000,00025 4/1/20224/1/20275.625 261 261 0.3516 0.3516 1.0547 1.0547 
Series I (e)50,00050,00010,000 8/17/20219/1/20263.500 500 500 87.50 87.50 262.50 262.50 
Series J (f)75,00075,00010,000 5/13/20246/15/20297.500 733 733 187.50 254.17 562.50 254.17 
Total10,215,00010,215,000$2,394 $2,394 
__________________________________________________________________________________
(a)On August 15, 2024, M&T redeemed all outstanding shares of the Series E Preferred Stock.
(b)Dividends, if declared, are paid semi-annually at a rate of 5.125% through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month SOFR plus 378 basis points.
(c)Dividends, if declared, were paid semi-annually at a rate of 5.0% through July 31, 2024. On August 1, 2024, the dividend rate reset at 7.304% and will reset at each subsequent five year anniversary date therefrom at a rate of the five-year U.S. Treasury rate plus 3.174%.
(d)Dividends, if declared, are paid quarterly at a rate of 5.625% through December 14, 2026 and thereafter will be paid quarterly at a rate of the three-month SOFR rate plus 428 basis points.
(e)Dividends, if declared, are paid semi-annually at a rate of 3.5% through August 31, 2026. On September 1, 2026 and at each subsequent five year anniversary date therefrom the dividend rate will reset at a rate of the five-year U.S. Treasury rate plus 2.679%.
(f)Dividends, if declared, are paid quarterly at a rate of 7.5%.
- 26 -


7. Revenue from contracts with customers
The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically, the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At September 30, 2025 and December 31, 2024, the Company had $68 million and $72 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are included in Accrued interest and other assets in the Company's Consolidated Balance Sheet. In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At September 30, 2025 and December 31, 2024, the Company had deferred revenue of $54 million and $57 million, respectively, related to the sources in the accompanying tables included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet. The following tables summarize sources of the Company’s noninterest income during the three-month and nine-month periods ended September 30, 2025 and 2024 that are subject to the revenue recognition accounting guidance.
(Dollars in millions)Commercial BankRetail BankInstitutional Services and Wealth ManagementTotal
Three Months Ended September 30, 2025
Classification in Consolidated Statement of Income 
Service charges on deposit accounts$45 $96 $— $141 
Trust income1 — 180 181 
Brokerage services income1 — 33 34 
Other revenues from operations:
Merchant discount and credit card interchange fees20 27 — 47 
Other11 7 2 20 
$78 $130 $215 $423 
Three Months Ended September 30, 2024
Classification in Consolidated Statement of Income
Service charges on deposit accounts$40 $92 $— $132 
Trust income1 — 169 170 
Brokerage services income2 — 30 32 
Other revenues from operations:
Merchant discount and credit card interchange fees18 23 — 41 
Other8 8 3 19 
$69 $123 $202 $394 

- 27 -


7. Revenue from contracts with customers, continued
(Dollars in millions)Commercial BankRetail BankInstitutional Services and Wealth ManagementTotal
Nine Months Ended September 30, 2025
Classification in Consolidated Statement of Income
Service charges on deposit accounts$133 $278 $— $411 
Trust income3 — 537 540 
Brokerage services income4 — 93 97 
Other revenues from operations:
Merchant discount and credit card interchange fees55 75 — 130 
Other31 22 6 59 
$226 $375 $636 $1,237 
Nine Months Ended September 30, 2024
Classification in Consolidated Statement of Income
Service charges on deposit accounts$120 $263 $— $383 
Trust income3 — 497 500 
Brokerage services income5 — 86 91 
Other revenues from operations:
Merchant discount and credit card interchange fees54 67 — 121 
Other23 23 8 54 
$205 $353 $591 $1,149 

8. Pension plans and other postretirement benefits
The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic benefit for defined benefit plans consisted of the following:
Pension Benefits
Other Postretirement Benefits
Three Months Ended September 30,
(Dollars in millions)2025202420252024
Service cost$2 $3 $— $— 
Interest cost on projected benefit obligation27 28 1 1 
Expected return on plan assets(46)(50)— — 
Amortization of prior service credit— — (1)(1)
Amortization of net actuarial gain(1)— — (1)
Net periodic benefit$(18)$(19)$— $(1)
Pension Benefits
Other Postretirement Benefits
Nine Months Ended September 30,
(Dollars in millions)2025202420252024
Service cost$6 $8 $1 $1 
Interest cost on projected benefit obligation81 86 2 2 
Expected return on plan assets(139)(151)— — 
Amortization of prior service credit— — (2)(2)
Amortization of net actuarial gain(2)(1)(2)(2)
Net periodic benefit$(54)$(58)$(1)$(1)
Service cost is included in Salaries and employee benefits and the other components of net periodic benefit cost are included in Other costs of operations in the Company's Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $38 million and $39 million for the three months ended September 30, 2025 and 2024, respectively, and $128 million and $124 million for the nine months ended September 30, 2025 and 2024, respectively.
- 28 -


9. Earnings per common share
The computations of basic earnings per common share follow:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share, shares in thousands)2025202420252024
Income available to common shareholders:
Net income$792 $721 $2,092 $1,907 
Less: Preferred stock dividends(36)(47)(107)(99)
Net income available to common equity756 674 1,985 1,808 
Less: Income attributable to unvested stock-based compensation awards(2)— (4)(3)
Net income available to common shareholders$754 $674 $1,981 $1,805 
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards155,885 167,011 159,956 167,010
Less: Unvested stock-based compensation awards(327)(340)(325)(316)
Weighted-average shares outstanding155,558 166,671 159,631 166,694
Basic earnings per common share$4.85 $4.04 $12.41 $10.83 
The computations of diluted earnings per common share follow:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share, shares in thousands)2025202420252024
Net income available to common equity$756 $674 $1,985 $1,808 
Less: Income attributable to unvested stock-based compensation awards(2)— (4)(3)
Net income available to common shareholders$754 $674 $1,981 $1,805 
Adjusted weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards155,885 167,011 159,956 167,010
Less: Unvested stock-based compensation awards(327)(340)(325)(316)
Plus: Incremental shares from assumed conversion of stock-based compensation awards995 896 872 743
Adjusted weighted-average shares outstanding156,553 167,567 160,503167,437
Diluted earnings per common share$4.82 $4.02 $12.34 $10.78 
Stock-based compensation awards to purchase common stock of M&T representing common shares of 74,195 and 131,287 during the three-month and nine-month periods ended September 30, 2025, respectively, and common shares of 490,695 and 1,008,825 during the three-month and nine-month periods ended September 30, 2024, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.
- 29 -


10. Comprehensive income

The following table displays the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income during the three-month periods ended September 30, 2025 and 2024:
(Dollars in millions)Investment
Securities 		Cash Flow HedgesDefined Benefit PlansOtherTotal
Amount
Before Tax 		Income
Tax 		Net
Balance — July 1, 2025$82 $85 $127 $(5)$289 $(74)$215 
Other comprehensive income (loss) before reclassifications:
Unrealized holding gains, net81 — — — 81 (21)60 
Unrealized losses, net— (16)— — (16)3 (13)
Other— — — (1)(1)— (1)
Total other comprehensive income (loss) before reclassifications81 (16)— (1)64 (18)46 
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:
Net yield adjustment from cash flow hedges currently in effect— 22 — — 22 (a)(4)18 
Amortization of prior service credit and
   actuarial gains
— — (2)— (2)(b)— (2)
Total other comprehensive income (loss)81 6 (2)(1)84 (22)62 
Balance — September 30, 2025$163 $91 $125 $(6)$373 $(96)$277 
Balance — July 1, 2024$(239)$(330)$(158)$(9)$(736)$185 $(551)
Other comprehensive income (loss) before reclassifications:
Unrealized holding gains, net308 — — — 308 (78)230 
Unrealized gains, net— 287 — — 287 (71)216 
Other— — — 5 5 (1)4 
Total other comprehensive income (loss) before reclassifications308 287 — 5 600 (150)450 
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:
Net yield adjustment from cash flow hedges currently in effect— 102 — — 102 (a)(27)75 
Amortization of prior service credit and
   actuarial gains
— — (2)— (2)(b)1 (1)
Total other comprehensive income (loss)308 389 (2)5 700 (176)524 
Balance — September 30, 2024$69 $59 $(160)$(4)$(36)$9 $(27)
(a)Included in Interest income in the Company's Consolidated Statement of Income.
(b)Included in Other costs of operations in the Company's Consolidated Statement of Income.
Accumulated other comprehensive income (loss), net during the three-month periods ended September 30, 2025 and 2024 consisted of the following:
(Dollars in millions)
Investment Securities
Cash Flow HedgesDefined Benefit PlansOther
Total
Balance — July 1, 2025$61 $63 $95 $(4)$215 
Net gain (loss) during period60 5 (2)(1)62 
Balance — September 30, 2025$121 $68 $93 $(5)$277 
Balance — July 1, 2024$(179)$(246)$(118)$(8)$(551)
Net gain (loss) during period230 291 (1)4 524 
Balance — September 30, 2024$51 $45 $(119)$(4)$(27)
- 30 -


10. Comprehensive income, continued
The following table displays the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income during the nine-month periods ended September 30, 2025 and 2024:
(Dollars in millions)Investment
Securities 		Cash Flow HedgesDefined Benefit PlansOtherTotal
Amount
Before Tax 		Income
Tax 		Net
Balance — January 1, 2025$(205)$(135)$131 $(10)$(219)$55 $(164)
Other comprehensive income (loss) before reclassifications:      
Unrealized holding gains, net368 — — — 368 (94)274 
Unrealized gains, net— 118 — — 118 (31)87 
Other— — — 4 4 (1)3 
Total other comprehensive income (loss) before reclassifications368 118 — 4 490 (126)364 
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:    
Net yield adjustment from cash flow hedges currently in effect— 108 — — 108 (a)(26)82 
Amortization of prior service credit and
   actuarial gains		— — (6)— (6)(b)1 (5)
Total other comprehensive income (loss)368 226 (6)4 592 (151)441 
Balance — September 30, 2025$163 $91 $125 $(6)$373 $(96)$277 
    
Balance — January 1, 2024$(251)$(203)$(155)$(7)$(616)$157 $(459)
Other comprehensive income (loss) before reclassifications:    
Unrealized holding gains, net307 — — — 307 (78)229 
Unrealized losses, net— (26)— — (26)7 (19)
Other— — — 3 3 (1)2 
Total other comprehensive income (loss) before reclassifications307 (26)— 3 284 (72)212 
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:    
Net losses realized in net income13 — — — 13 (c)(4)9 
Net yield adjustment from cash flow hedges currently in effect— 288 — — 288 (a)(73)215 
Amortization of prior service credit and
   actuarial gains
— — (5)— (5)(b)1 (4)
Total other comprehensive income (loss)320 262 (5)3 580 (148)432 
Balance — September 30, 2024$69 $59 $(160)$(4)$(36)$9 $(27)
(a)Included in Interest income in the Company's Consolidated Statement of Income.
(b)Included in Other costs of operations in the Company's Consolidated Statement of Income.
(c)Included in Gain (loss) on bank investment securities in the Company's Consolidated Statement of Income.
Accumulated other comprehensive income (loss), net during the nine-month periods ended September 30, 2025 and 2024 consisted of the following:
(Dollars in millions)
Investment Securities
Cash Flow HedgesDefined Benefit PlansOtherTotal
Balance — January 1, 2025$(153)$(101)$98 $(8)$(164)
Net gain (loss) during period274 169 (5)3 441 
Balance — September 30, 2025$121 $68 $93 $(5)$277 
Balance — January 1, 2024$(187)$(151)$(115)$(6)$(459)
Net gain (loss) during period238 196 (4)2 432 
Balance — September 30, 2024$51 $45 $(119)$(4)$(27)
- 31 -


11. Derivative financial instruments
As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, collateral and/or settlement provisions protecting the at-risk party.
Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by the type of financial instrument the swap agreements were intended to hedge follows:
Notional
Amount		Weighted-Average
Maturity
(In years)
Weighted-
Average Rate
Estimated
Fair Value
Gain (Loss) (a)
(Dollars in millions)
Fixed
Variable
September 30, 2025 
Fair value hedges: 
Fixed rate long-term borrowings (b) (d)$6,100 5.13.56%4.26%$4 
Cash flow hedges:
Interest payments on variable rate commercial real estate and commercial
   and industrial loans (b) (e)		25,000 1.53.654.288 
Total$31,100 2.2$12 
December 31, 2024
Fair value hedges:
Fixed rate long-term borrowings (b) (f)$5,350 5.93.55%4.71%$(2)
      Fixed rate investment securities available for sale (c)15 0.14.844.36— 
Cash flow hedges:
Interest payments on variable rate commercial real estate and commercial
   and industrial loans (b) (g)		30,819 1.63.414.471 
Total$36,184 2.2$(1)
__________________________________________________________________________________
(a)Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such payments for interest rate swap agreements designated as fair value hedges was a net settlement of gains of $1 million and of losses of $153 million at September 30, 2025 and December 31, 2024, respectively. The impact of such payments on interest rate swap agreements designated as cash flow hedges was a net settlement of gains of $83 million and of losses of $136 million at September 30, 2025 and December 31, 2024, respectively.
(b)Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.
(c)Under the terms of these agreements, the Company receives settlement amounts at a variable rate and pays at a fixed rate.
(d)Includes notional amount and terms of $2.8 billion of forward-starting interest rate swap agreements that become effective in 2025 and 2026.
(e)Includes notional amount and terms of $10.4 billion of forward-starting interest rate swap agreements that become effective in 2025, 2026 and 2027.
(f)Includes notional amount and terms of $3.4 billion of forward-starting interest rate swap agreements that become effective in 2025 and 2026.
(g)Includes notional amount and terms of $10.0 billion of forward-starting interest rate swap agreements that become effective in 2025 and 2026.
The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. Such commitments have generally been designated as fair value hedges. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. Changes in unrealized gains and losses as a result of such activities are included in Mortgage banking revenues in the Company's Consolidated Statement of Income and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied.
Other derivative financial instruments not designated as hedging instruments included interest rate contracts, foreign exchange and other option and futures contracts. Interest rate contracts not designated as hedging instruments had notional values of $44.8 billion and $40.5 billion at September 30, 2025 and December 31, 2024, respectively. The notional amounts of foreign currency and other option and futures contracts not designated as hedging instruments aggregated $2.0 billion and $1.6 billion at September 30, 2025 and December 31, 2024, respectively.
- 32 -


11. Derivative financial instruments, continued
Information about the fair values of derivative instruments in the Company’s Consolidated Balance Sheet and Consolidated Statement of Income follows:
 Asset DerivativesLiability Derivatives
 Fair ValueFair Value
(Dollars in millions)September 30,
2025		December 31,
2024		September 30,
2025		December 31,
2024
Derivatives designated and qualifying as hedging instruments (a)    
Interest rate swap agreements$12 $2 $— $3 
Commitments to sell real estate loans1 4 — — 
 13 6 — 3 
Derivatives not designated and qualifying as hedging instruments (a)    
Mortgage banking:    
Commitments to originate real estate loans for sale20 4 23 32 
Commitments to sell real estate loans28 39 6 — 
 48 43 29 32 
Other:    
Interest rate contracts (b)174 185 435 769 
Foreign exchange and other option and futures contracts18 21 16 18 
 192 206 451 787 
Total derivatives$253 $255 $480 $822 
__________________________________________________________________________________
(a)Asset derivatives are included in Accrued interest and other assets and liability derivatives are included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet.
(b)The impact of variation margin payments at September 30, 2025 and December 31, 2024 was a reduction of the estimated fair value of interest rate contracts not designated as hedging instruments in an asset position of $379 million and $686 million, respectively, and in a liability position of $33 million and $15 million, respectively.

Amount of Gain (Loss) Recognized
Three Months Ended September 30,
20252024
(Dollars in millions)
Derivative
Hedged Item
Derivative
Hedged Item
Derivatives in fair value hedging relationships    
Interest rate swap agreements:    
Fixed rate long-term borrowings (a)$13 $(13)$130 $(130)
Fixed rate investment securities available for sale (b)— — 
Total$13 $(13)$130 $(130)
Derivatives not designated as hedging instruments    
Interest rate contracts (c)$11 $5 
Foreign exchange and other option and futures contracts (c)5 5 
Total$16 $10 
__________________________________________________________________________________
(a)Reported as an adjustment to Interest expense in the Company's Consolidated Statement of Income.
(b)Reported as an adjustment to Interest income in the Company's Consolidated Statement of Income.
(c)Included in Trading account and other non-hedging derivative gains in the Company's Consolidated Statement of Income.
- 33 -


11. Derivative financial instruments, continued
Amount of Gain (Loss) Recognized
Nine Months Ended September 30,
20252024
(Dollars in millions)
Derivative
Hedged Item
Derivative
Hedged Item
Derivatives in fair value hedging relationships
Interest rate swap agreements:
Fixed rate long-term borrowings (a)$160 $(160)$52 $(52)
Fixed rate investment securities available for sale (b)— — 
Total$160 $(160)$52 $(52)
Derivatives not designated as hedging instruments
Interest rate contracts (c)$23 $11 
Foreign exchange and other option and futures contracts (c)11 13 
Total$34 $24 
__________________________________________________________________________________
(a)Reported as an adjustment to Interest expense in the Company's Consolidated Statement of Income.
(b)Reported as an adjustment to Interest income in the Company's Consolidated Statement of Income.
(c)Included in Trading account and other non-hedging derivative gains in the Company's Consolidated Statement of Income.
Carrying Amount of the Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying
Amount of the Hedged Item
(Dollars in millions)September 30,
2025		December 31, 2024September 30,
2025		December 31, 2024
Location in the Consolidated Balance Sheet
of the Hedged Items in Fair Value Hedges
Long-term borrowings$6,092 $5,184 $5 $(155)
Investment securities available for sale 381 — 
The net effect of interest rate swap agreements was to decrease net interest income by $33 million and $139 million during the three-month and nine-month periods ended September 30, 2025, respectively, and to decrease net interest income by $115 million and $328 million during the three-month and nine-month periods ended September 30, 2024, respectively. The amount of interest income recognized in the Company's Consolidated Statement of Income associated with derivatives designated as cash flow hedges was a decrease of $22 million and $102 million for the three months ended September 30, 2025 and 2024, respectively, and a decrease of $108 million and $288 million for the nine-month periods ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the unrealized gain recognized in other comprehensive income related to cash flow hedges was $91 million, of which gains of $6 million, $56 million and $29 million relate to interest rate swap agreements maturing in 2026, 2027 and 2028, respectively.
The Company predominantly clears non-customer derivative transactions through a clearinghouse, rather than directly with counterparties. The transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. The amount of initial margin collateral posted by the Company was $237 million and $257 million at September 30, 2025 and December 31, 2024, respectively. The fair value asset and liability amounts of derivative contracts have been reduced by variation margin payments treated as settlements as described herein. Variation margin on derivative contracts not treated as settlements continues to represent collateral posted or received by the Company.
The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is oftentimes mitigated through master netting agreements and collateral posting or settlement requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. The aggregate fair value of derivative financial instruments in a liability position, which are subject to enforceable master netting arrangements, and the related collateral posted, was not material at each of September 30, 2025 and December 31, 2024. The aggregate fair value
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11. Derivative financial instruments, continued
of derivative financial instruments in an asset position with counterparties, which are subject to enforceable master netting arrangements was $57 million and $157 million at September 30, 2025 and December 31, 2024, respectively. Counterparties posted collateral relating to those positions of $58 million and $157 million at September 30, 2025 and December 31, 2024, respectively. Interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions.
12. Variable interest entities and asset securitizations
The Company’s securitization activities include securitizing loans originated for sale into government-issued or guaranteed mortgage-backed securities. Additionally, M&T Bank and its subsidiaries have issued asset-backed notes secured by either equipment finance loans and leases or by automobile loans. Those loans and leases were sold into special purpose trusts which in turn issued asset-backed notes to investors. The loans and leases continue to be serviced by the Company. The senior-most notes in those securitizations were purchased by third parties whereas the residual interests of the trusts were retained by the Company. As a result of the retention of the residual interests and its continued role as servicer of the loans and leases, the Company is considered to be the primary beneficiary of the securitization trusts and, accordingly, the trusts have been included in the Company's consolidated financial statements. Assets held in each special purpose trust may only be used to settle the respective obligations of the asset-backed notes issued by that trust and the holders of the asset-backed notes have no recourse to the Company. The outstanding balances of those asset-backed notes issued to third party investors are included in Long-term borrowings in the Company's Consolidated Balance Sheet. Information about the asset-backed notes issued to investors and the respective special purpose trust at September 30, 2025 and December 31, 2024 are included in the following table.
(Dollars in millions)
September 30, 2025
December 31, 2024
Issue DateCollateral TypeRemaining Loan Collateral BalanceAsset-Backed Notes to InvestorsWeighted-Average Life (In years)Weighted-Average RateRemaining Loan Collateral BalanceAsset-Backed Notes to Investors
August 2023Equipment finance loans and leases$284 $177 0.75.74 %$416 $297 
March 2024Automobile loans282 269 1.35.25 383371
August 2024Equipment finance loans and leases536 437 1.54.87 691561
February 2025Automobile loans583 568 1.54.74 — — 
May 2025Equipment finance loans and leases591 478 1.94.75 — — 
$1,929 $1,229 
M&T has issued Junior Subordinated Debentures payable to various trusts that have issued Preferred Capital Securities and Common Securities. M&T owns the Common Securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At each of September 30, 2025 and December 31, 2024, the Company included the Junior Subordinated Debentures in Long-term borrowings in the Company's Consolidated Balance Sheet and included $16 million and $17 million, respectively, in Accrued interest and other assets for its “investment” in the Common Securities of the trusts that will be concomitantly repaid to M&T by the respective trust from the proceeds of M&T’s repayment of the Junior Subordinated Debentures associated with the Preferred Capital Securities.
The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $10.6 billion and $10.5 billion at September 30, 2025 and December 31, 2024, respectively. Those partnerships generally construct or acquire properties, including properties and facilities that produce renewable energy, for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. The Company, in its position as a limited partner, does not direct the activities that most significantly impact the economic performance of the partnerships and, therefore, the partnership entities are not included in the Company's consolidated financial
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12. Variable interest entities and asset securitizations, continued
statements. The Company’s investments in qualified affordable housing projects are accounted for using the proportional amortization method whereby those investments are amortized to Income taxes in the Company's Consolidated Statement of Income as tax credits and other tax benefits resulting from deductible losses associated with the projects are received. The Company has elected to apply the proportional amortization method to eligible renewable energy and certain other tax credit investments in addition to the low income housing tax credit investments for which the proportional amortization method had previously been applied. Information on the Company's carrying amount of its investments in tax equity partnerships and its related future funding commitments are presented in the following table:
(Dollars in millions)September 30, 2025December 31, 2024
Affordable housing projects:
Carrying amount (a)$1,598 $1,384 
Amount of future funding commitments included in carrying amount (b)658 467 
Contingent commitments88 69 
Renewable energy:
Carrying amount (a)115 135 
Amount of future funding commitments included in carrying amount (b)65 46 
Other:
Carrying amount (a)34 37 
Amount of future funding commitments included in carrying amount— — 
__________________________________________________________________________________
(a)Included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
(b)Included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet.

The reduction to income tax expense recognized from the Company's investments in partnerships accounted for using the proportional amortization method was $9 million (net of $49 million of investment amortization) and $10 million (net of $47 million of investment amortization) for the three months ended September 30, 2025 and 2024, respectively, and $29 million (net of $138 million of investment amortization) and $25 million (net of $135 million of investment amortization) for the nine months ended September 30, 2025 and 2024, respectively. The net reduction to income tax expense has been reported in Net change in other accrued income and expense in the Company's Consolidated Statement of Cash Flows. While the Company has elected to apply the proportional amortization method for renewable energy credit investments, at September 30, 2025 no such investments met the eligibility criteria for application of that method. The reduction to income tax expense recognized from renewable energy credit investments was $1 million and $13 million for the three-month and nine-month periods ended September 30, 2025, respectively, and $8 million and $28 million for the three-month and nine-month periods ended September 30, 2024, respectively. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company has not provided financial or other support to the partnerships that was not contractually required. Although the Company currently estimates that no material losses are probable, its maximum exposure to loss from its investments in such partnerships as of September 30, 2025 was $2.2 billion, including possible recapture of certain tax credits.
The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to those funds, but may waive portions of its allowable management fees as a result of market conditions.

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13. Fair value measurements
GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at September 30, 2025.
Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability.
•Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities.
•Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market.
•Level 3 — Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability.
When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. A description of the valuation methodologies used for the Company's assets and liabilities that are measured at estimated fair value on a recurring basis and on a nonrecurring basis is included in note 19 of Notes to Financial Statements in M&T's 2024 Annual Report.

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13. Fair value measurements, continued
The following tables present assets and liabilities at September 30, 2025 and December 31, 2024 measured at estimated fair value on a recurring basis:
(Dollars in millions)Fair Value MeasurementsLevel 1Level 2Level 3 (a)
September 30, 2025    
Trading account$95 $95 $— $— 
Investment securities available for sale:   
U.S. Treasury6,620 — 6,620 — 
Mortgage-backed securities:    
Government issued or guaranteed:   
Commercial4,861 — 4,861 — 
Residential11,680 — 11,680 — 
Other2 — 2 — 
 23,163 — 23,163 — 
Equity securities258 258 — — 
Real estate loans held for sale605 — 605 — 
Other assets (b)253 — 248 5 
Total assets$24,374 $353 $24,016 $5 
Other liabilities (b)$480 $— $480 $— 
Total liabilities$480 $— $480 $— 
December 31, 2024    
Trading account$101 $101 $— $— 
Investment securities available for sale:    
U.S. Treasury7,931 — 7,931 — 
Mortgage-backed securities:    
Government issued or guaranteed:    
Commercial3,702 — 3,702 — 
Residential7,214 — 7,214 — 
Other 2 — 2 — 
 18,849 — 18,849 — 
Equity securities235 235 — — 
Real estate loans held for sale521 — 521 — 
Other assets (b)255 — 251 4 
Total assets$19,961 $336 $19,621 $4 
Other liabilities (b)$822 $— $790 $32 
Total liabilities$822 $— $790 $32 
__________________________________________________________________________________
(a)Significant unobservable inputs used in the fair value measurement of certain commitments to originate real estate loans held for sale included weighted-average commitment expirations of 26% at September 30, 2025 and 6% at December 31, 2024. An increase (decrease) in the estimate of expirations for commitments to originate real estate loans would generally result in a lower (higher) fair value measurement. Estimated commitment expirations are derived considering loan type, changes in interest rates and remaining length of time until closing.
(b)Comprised predominantly of interest rate swap agreements used for interest rate risk management (Level 2), interest rate and foreign exchange contracts not designated as hedging instruments (Level 2), commitments to sell real estate loans (Level 2) and commitments to originate real estate loans to be held for sale (Level 2 and Level 3).

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13. Fair value measurements, continued
The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow.
Loans
Loans subject to nonrecurring fair value measurement were $577 million at September 30, 2025 ($283 million and $294 million of which were classified as Level 2 and Level 3, respectively), $847 million at December 31, 2024 ($187 million and $660 million of which were classified as Level 2 and Level 3, respectively) and $805 million at September 30, 2024 ($159 million and $646 million of which were classified as Level 2 and Level 3, respectively). Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on September 30, 2025 were decreases of $67 million and $154 million for the three-month and nine-month periods ended September 30, 2025, respectively. Changes in fair value recognized for partial charge-offs of loans and loan impairment reserves on loans held by the Company on September 30, 2024 were decreases of $81 million and $204 million for the three-month and nine-month periods ended September 30, 2024, respectively.
Capitalized servicing rights
Capitalized servicing rights related to mortgage loans required no valuation allowance at each of September 30, 2025, December 31, 2024 and September 30, 2024.
Disclosures of fair value of financial instruments
The carrying amounts and estimated fair value for certain financial instruments that are not recorded at fair value in the Company's Consolidated Balance Sheet are presented in the following table:
(Dollars in millions)
Carrying
Amount
Estimated
Fair Value
Level 1
Level 2
Level 3
September 30, 2025
Financial assets:
Cash and cash equivalents$1,950 $1,950 $1,811 $139 $— 
Interest-bearing deposits at banks16,751 16,751 — 16,751 — 
Investment securities held to maturity12,711 11,924 — 11,879 45 
Loans, net134,813 134,595 — 7,113 127,482 
Financial liabilities:
Time deposits13,620 13,591 — 13,591 — 
Short-term borrowings2,059 2,059 — 2,059 — 
Long-term borrowings12,928 13,163 — 13,163 — 
December 31, 2024
Financial assets:
Cash and cash equivalents1,909 1,909 1,749 160 — 
Interest-bearing deposits at banks18,873 18,873 — 18,873 — 
Investment securities held to maturity14,195 12,955 — 12,909 46 
Loans, net133,397 131,334 — 6,806 124,528 
Financial liabilities:
Time deposits14,476 14,463 — 14,463 — 
Short-term borrowings1,060 1,060 — 1,060 — 
Long-term borrowings12,605 12,754 — 12,754 — 

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13. Fair value measurements, continued
With the exception of marketable securities and mortgage loans originated for sale, the Company’s financial instruments presented in the preceding tables are not readily marketable and market prices do not exist. Generally, the Company has not attempted to market its financial instruments to potential buyers, if any exist. Since negotiated prices in illiquid markets depend greatly upon the then present motivations of the buyer and seller, it is reasonable to assume that actual sales prices could vary widely from any estimate of fair value made without the benefit of negotiations. Additionally, changes in market interest rates can dramatically impact the value of financial instruments in a short period of time.
The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company. The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities. Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise. Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.
14. Commitments and contingencies
In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant credit-related commitments. Certain of these commitments are not included in the Company's Consolidated Balance Sheet.
(Dollars in millions)September 30,
2025		December 31,
2024
Commitments to extend credit:  
Commercial and industrial$35,781 $31,521 
Commercial real estate loans to be sold1,074 479 
Other commercial real estate1,956 2,697 
Residential real estate loans to be sold329 190 
Other residential real estate757 517 
Home equity lines of credit7,906 7,933 
Credit cards6,486 6,087 
Other364 244 
Standby letters of credit2,271 2,260 
Commercial letters of credit75 58 
Financial guarantees and indemnification contracts4,552 4,335 
Commitments to sell real estate loans1,868 1,142 
Commitments to extend credit are agreements to lend to customers and generally have fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts presented in the preceding table, the Company had discretionary funding commitments to commercial customers of $12.8 billion and $12.7 billion at September 30, 2025 and December 31, 2024, respectively, that the Company had the unconditional right to cancel prior to funding. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and a third party. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management's assessment of the customer's creditworthiness.
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14. Commitments and contingencies, continued
Financial guarantees and indemnification contracts are predominantly comprised of recourse obligations associated with sold loans and other guarantees and commitments. Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company's involvement in the Fannie Mae DUS program. The Company's maximum credit risk for recourse associated with loans sold under this program totaled approximately $4.4 billion and $4.2 billion at September 30, 2025 and December 31, 2024, respectively.
Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. As disclosed in note 4, the Company maintains a reserve for unfunded credit commitments, which is included in Accrued interest and other liabilities in its Consolidated Balance Sheet, for estimated credit losses related to such contracts.
The Company utilizes commitments to sell real estate loans to hedge exposure to changes in the fair value of real estate loans held for sale. Such commitments are accounted for as derivatives and along with commitments to originate real estate loans to be held for sale are recorded in the Company's Consolidated Balance Sheet at estimated fair market value.
The Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation. When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans. The Company reduces residential mortgage banking revenues by an estimate for losses related to its obligations to loan purchasers. The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At September 30, 2025, the Company's estimated obligation to loan purchasers was not material to the Company’s consolidated financial position.
At September 30, 2025 and December 31, 2024, the Company's remaining liability related to the FDIC special assessment was $75 million and $157 million, respectively. Such amounts are classified as Accrued interest and other liabilities in the Company's Consolidated Balance Sheet. During the third quarter of 2025, the Company recorded a reduction of FDIC special assessment expense of $8 million related to the FDIC's updated loss estimates associated with certain failed banks. For the nine months ended September 30, 2024, the Company recognized $34 million of FDIC special assessment expense. The FDIC has indicated that the amount of the special assessment may be adjusted in the future as its loss estimates change.
Legal proceedings and other matters
M&T and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and other matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. Although not considered probable, the range of reasonably possible losses for pending or threatened litigation that can be estimated in the aggregate, beyond the existing recorded liability, was between $0 and $25 million at September 30, 2025.
For the following matter the Company does not believe an estimate of loss can be made at the date of this filing and, therefore, has not included any amount related thereto in its consolidated financial statements or in the estimated range of reasonably possible losses provided in the preceding paragraph.
Wilmington Trust, N.A.
On September 10, 2025, Tricolor Holdings, LLC, a subprime auto lender and used vehicle retailer which packaged loans into asset-backed securitizations, filed for Chapter 7 bankruptcy seeking to liquidate its business. Certain financial institutions have reported credit impairments in the third quarter of 2025 related to alleged fraudulent
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14. Commitments and contingencies, continued
activity with respect to Tricolor Holdings, LLC asset-backed financing arrangements. It has also been reported that the U.S. Department of Justice is investigating the conduct of Tricolor Holdings, LLC, including potential double pledging of collateral. Neither Wilmington Trust, N.A. nor M&T Bank have any loans or loan commitments outstanding to Tricolor Holdings, LLC.
Wilmington Trust, N.A. served in certain corporate custodian and trust capacities for multiple Tricolor Holdings, LLC warehouse facilities and asset-backed securitization transactions from 2018 through 2025. Such capacities varied from transaction to transaction and were generally service provider roles performed under the relevant transaction documents. In response to recent events, Wilmington Trust, N.A. is in the process of reviewing the transactions.
The facts and circumstances of the Tricolor Holdings, LLC bankruptcy and its alleged fraudulent activities are still being learned and the extent of damages, if any, to parties participating in the warehouse facilities and asset-backed securitization transactions are not known. The Company believes it is probable that litigation will arise as a result of these events, but at the current time it is not possible to estimate any potential legal or other liability of Wilmington Trust, N.A. as a result of its capacities in the warehouse facilities and asset-backed securitization transactions.
15. Segment information
Reportable segments have been determined based upon the Company’s organizational structure which is primarily arranged around the delivery of products and services to similar customer types. The Company's internal profitability reporting system produces financial information, inclusive of net interest income and income before taxes, for each segment. Such information is reviewed by the Company's Chief Executive Officer, who has been identified as the chief operating decision maker, in evaluating operating decisions, business performance and the allocation of resources. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management.
The financial information of the Company's segments was compiled utilizing the accounting policies described in note 21 of Notes to Financial Statements in M&T's 2024 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data.
Information about the Company's reportable segments follows:
Three Months Ended September 30,
Commercial Bank Retail Bank Institutional Services and Wealth ManagementAll Other Total (c)
(Dollars in millions)2025202420252024202520242025202420252024
Net interest income (a)$539 $551 $999 $1,087 $163 $185 $60 $(97)$1,761 $1,726 
Noninterest income209 172 249 205 244 204 50 25 752 606 
Total revenue748 723 1,248 1,292 407 389 110 (72)2,513 2,332 
Provision for credit losses72 39 70 74 — 3 (17)4 125 120 
Salaries and employee benefits160 152 204 196 112 103 357 324 833 775 
Depreciation and amortization11 10 59 61 2 1 50 50 122 122 
Other direct expenses68 69 116 105 25 24 199 208 408 406 
Indirect expense (b)127 127 297 255 78 74 (502)(456)— — 
Income (loss) before taxes310 326 502 601 190 184 23 (202)1,025 909 
Income tax expense (benefit)82 87 126 155 48 47 (23)(101)233 188 
Net income (loss)$228 $239 $376 $446 $142 $137 $46 $(101)$792 $721 
Average total assets$78,227 $80,434 $57,653 $53,128 $4,355 $3,898 $70,818 $72,121 $211,053 $209,581 

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15. Segment information, continued
Nine Months Ended September 30,
Commercial Bank Retail Bank Institutional Services and Wealth ManagementAll Other Total (c)
(Dollars in millions)2025202420252024202520242025202420252024
Net interest income (a)$1,599 $1,652 $2,959 $3,248 $500 $565 $111 $(341)$5,169 $5,124 
Noninterest income587 487 691 606 678 602 90 75 2,046 1,770 
Total revenue2,186 2,139 3,650 3,854 1,178 1,167 201 (266)7,215 6,894 
Provision for credit losses168 193 220 202 5 6 (13)69 380 470 
Salaries and employee benefits461 452 601 577 325 306 1,146 1,037 2,533 2,372 
Depreciation and amortization32 29 181 189 6 6 157 155 376 379 
Other direct expenses208 203 310 298 77 75 610 669 1,205 1,245 
Indirect expense (b)379 378 868 751 241 223 (1,488)(1,352)— — 
Income (loss) before taxes938 884 1,470 1,837 524 551 (211)(844)2,721 2,428 
Income tax expense (benefit)248 239 372 473 133 142 (124)(333)629 521 
Net income (loss)$690 $645 $1,098 $1,364 $391 $409 $(87)$(511)$2,092 $1,907 
Average total assets$78,691 $80,903 $56,022 $52,771 $4,244 $3,735 $70,932 $73,599 $209,889 $211,008 
__________________________________________________________________________________
(a)Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company's internal funds transfer and pricing methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated to $12 million and $13 million for the three-month periods ended September 30, 2025 and 2024, respectively, and $33 million and $38 million for the nine-month periods ended September 30, 2025 and 2024, respectively, and is eliminated in "All Other" total revenues.
(b)Indirect expense represents centrally-allocated costs associated with data processing, risk management and other support services provided by the "All Other" category to the Commercial Bank, Retail Bank and Institutional Services and Wealth Management segments.
(c)Intersegment revenues and expenses were not material for the three-month and nine-month periods ended September 30, 2025 and 2024.

16. Relationship with BLG and Bayview Financial
M&T holds a 20% minority interest in BLG, a privately-held commercial mortgage company. That investment had no remaining carrying value at September 30, 2025 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in Other revenues from operations in the Company's Consolidated Statement of Income. That income totaled $20 million in each of the three-month and nine-month periods ended September 30, 2025 and $25 million for the nine-month period ended September 30, 2024. There were no cash distributions received from BLG for the three-month period ended September 30, 2024.
Bayview Financial, a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has obtained loan servicing rights for mortgage loans from BLG and Bayview Financial having outstanding principal balances of $907 million at September 30, 2025 and $1.0 billion at December 31, 2024. Revenues from those servicing rights were $1 million in each of the three-month periods ended September 30, 2025 and 2024, and $3 million and $4 million in the nine-month periods ended September 30, 2025 and 2024, respectively. The Company sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $161.8 billion and $111.5 billion at September 30, 2025 and December 31, 2024, respectively. Revenues earned for sub-servicing loans for Bayview Financial were $64 million and $29 million for the three-month periods ended September 30, 2025 and 2024, respectively, and $159 million and $92 million for the nine-month periods ended September 30, 2025 and 2024, respectively.
The Company also held $33 million and $37 million of mortgage-backed securities in its held-to-maturity portfolio at September 30, 2025 and December 31, 2024, respectively, that were securitized by Bayview Financial. The Company had various lending commitments to Bayview Financial totaling $1.0 billion at September 30, 2025, with $635 million and $404 million of outstanding balances at September 30, 2025 and December 31, 2024, respectively. Bayview Financial also maintained $4.4 billion and $2.2 billion of deposit balances with the Company at September 30, 2025 and December 31, 2024, respectively, inclusive of deposits related to loan servicing relationships.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and other information included in this Quarterly Report on Form 10-Q as well as with M&T's 2024 Annual Report. Information regarding the Company's business, its supervision and regulation and potential risks and uncertainties that may affect the Company's business, financial condition, liquidity and results of operations are also included in the 2024 Annual Report.
Financial Overview
A summary of financial results for the Company is provided below:
SUMMARY OF FINANCIAL RESULTS
Three Months EndedChangeNine Months EndedChange
(Dollars in millions, except per share)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Net interest income$1,761 $1,713 $48 3 %$5,169 $5,124 $45 1 %
Taxable-equivalent adjustment (a)12 9 3 40 33 38 (5)-14 
Net interest income (taxable-equivalent basis) (a)1,773 1,722 51 3 5,202 5,162 40 1 
Provision for credit losses125 125 — — 380 470 (90)-19 
Other income752 683 69 10 2,046 1,770 276 16 
Other expense1,363 1,336 27 2 4,114 3,996 118 3 
Net income792 716 76 11 2,092 1,907 185 10 
Per common share data:
Basic earnings4.85 4.26 .59 14 12.41 10.83 1.58 15 
Diluted earnings4.82 4.24 .58 14 12.34 10.78 1.56 14 
Performance ratios, annualized
Return on:
Average assets1.49 %1.37 %1.33 %1.21 %
Average common shareholders’ equity11.45 10.39 10.07 9.47 
Net interest margin3.68 3.62 3.66 3.58 
__________________________________________________________________________________
(a)Net interest income data are presented on a taxable-equivalent basis which is a non-GAAP measure. The taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes. This adjustment, which is related to interest received on qualified municipal securities, industrial revenue financings and preferred equity securities, is based on a composite income tax rate of approximately 25%.
The increase in net income in the recent quarter as compared with the second quarter of 2025 resulted from the following:
•Net interest income on a taxable-equivalent basis increased $51 million reflecting an additional day of earnings, favorable earning assets and interest-bearing liabilities repricing and the impact of $20 million of lower taxable-equivalent interest income in the second quarter of 2025 resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United. Reflecting those factors the net interest margin expanded 6 basis points.
•Noninterest income increased $69 million reflecting higher residential mortgage banking revenues and a rise in other revenues from operations resulting from a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $20 million distribution from M&T's investment in BLG and a $12 million gain on the sale of equipment leases each in the recent quarter, partially offset by gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million each in the second quarter of 2025.
•Noninterest expense increased $27 million reflecting higher severance-related expense, an impairment of a renewable energy tax-credit investment and an increase in expenses associated with M&T's supplemental executive retirement savings plan, partially offset by lower FDIC assessments.

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The increase in net income for the nine months ended September 30, 2025 as compared with the same 2024 period reflected the following:
•Net interest income on a taxable-equivalent basis increased $40 million reflecting a widening of the net interest margin by 8 basis points. The higher net interest margin reflects favorable earning assets and interest-bearing liabilities repricing that improved the Company's net interest spread, partially offset by a decline in the contribution of net interest-free funds.
•The provision for credit losses declined $90 million mainly reflecting improved levels of criticized loans.
•Noninterest income increased $276 million reflecting higher mortgage banking revenues, trust income, service charges on deposit accounts and other revenues from operations.
•Noninterest expense rose $118 million reflecting higher levels of salaries and employee benefits expense and outside data processing and software costs, partially offset by lower FDIC assessments, which included $34 million of FDIC special assessment expense in the first nine months of 2024.
The Company's effective income tax rates were 22.8% and 23.4% for the third and second quarters of 2025, respectively, and 23.1% and 21.5% for the nine months ended September 30, 2025 and 2024, respectively. Income tax expense for the first nine months of 2024 reflected $31 million of net discrete tax benefits.
Under approved capital plans and programs authorized by the Board of Directors, M&T repurchased 2.1 million shares of its common stock during the recent quarter at a total cost of $409 million, compared with 6.1 million shares at a total cost of $1.1 billion in the second quarter of 2025. During the first nine months of 2025, M&T repurchased 11.6 million shares of its common stock at a total cost of $2.2 billion, compared with 1.2 million shares at a total cost of $200 million during the first nine months of 2024.
Supplemental Reporting of Non-GAAP Results of Operations
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, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into the Company, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results.
SUPPLEMENTAL REPORTING OF NON-GAAP RESULTS OF OPERATIONS
Three Months EndedChangeNine Months EndedChange
(Dollars in millions, except per share)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Net operating income$798 $724 $74 10 %$2,116 $1,939 $177 9 %
Diluted net operating earnings per share4.87 4.28 .59 14 12.49 10.97 1.52 14 
Annualized return on:
Average tangible assets1.56 %1.44 %1.41 %1.28 %
Average tangible common equity17.13 15.54 15.07 14.51 
Efficiency ratio53.6 55.2 56.3 57.0 
Tangible equity per common share (a)$115.31 $112.48 2.83 3 $115.31 $107.97 7.34 7 
__________________________________________________________________________________
(a)At the period end.
The efficiency ratio measures the relationship of noninterest operating expenses, which exclude expenses M&T considers to be "nonoperating" in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses, to revenues. The calculations of the Company’s efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), and reconciliations of GAAP amounts with corresponding non-GAAP amounts are presented in Table 2.
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Taxable-equivalent Net Interest Income
Interest income earned on certain of the Company's assets is exempt from federal income tax. Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset.
The Company's average balance sheets accompanied by the annualized taxable-equivalent interest income and expense and the average rate on the Company's earning assets and interest-bearing liabilities are presented as follows.
AVERAGE BALANCE SHEETS AND ANNUALIZED TAXABLE-EQUIVALENT RATES
Three Months Ended
September 30, 2025June 30, 2025
(Dollars in millions)Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate
Assets
Earning assets:
Loans (a):
Commercial and industrial$61,716 $1,004 6.45 %$61,036 $974 6.40 %
Real estate - commercial24,353 395 6.35 25,333 404 6.31 
Real estate - residential24,359 279 4.59 23,684 268 4.52 
Consumer26,099 435 6.60 25,354 415 6.57 
Total loans136,527 2,113 6.14 135,407 2,061 6.11 
Interest-bearing deposits at banks17,739 198 4.43 19,698 219 4.47 
Trading account95 1 3.48 95 2 3.46 
Investment securities (b):
U.S. Treasury7,599 78 4.09 8,409 84 3.98 
Mortgage-backed securities (c)25,728 271 4.21 23,583 240 4.08 
State and political subdivisions (d)2,190 19 3.42 2,274 (2)-.37 
Other1,042 12 4.73 1,069 14 5.10 
Total investment securities36,559 380 4.13 35,335 336 3.81 
Total earning assets190,920 2,692 5.59 190,535 2,618 5.51 
Goodwill8,465 8,465 
Core deposit and other intangible assets79 89 
Other assets11,589 11,172 
Total assets$211,053 $210,261 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Interest-bearing deposits:
Savings and interest-checking deposits$104,660 $589 2.23 %$103,963 $579 2.24 %
Time deposits13,990 119 3.38 14,290 123 3.45 
Total interest-bearing deposits118,650 708 2.36 118,253 702 2.38 
Short-term borrowings2,844 32 4.50 3,327 37 4.49 
Long-term borrowings12,789 179 5.59 10,936 157 5.72 
Total interest-bearing liabilities134,283 919 2.71 132,516 896 2.71 
Noninterest-bearing deposits44,056 45,153 
Other liabilities4,131 3,926 
Total liabilities182,470 181,595 
Shareholders’ equity28,583 28,666 
Total liabilities and shareholders’ equity$211,053 $210,261 
Net interest spread2.88 2.80 
Contribution of interest-free funds.80 .82 
Net interest income/margin on earning assets$1,773 3.68 %$1,722 3.62 %
Memo:
Total deposits$162,706 $708 1.72 %$163,406 $702 1.72 %
__________________________________________________________________________________
(a)Includes nonaccrual loans.
(b)Includes available-for-sale securities at amortized cost.
(c)Primarily government issued or guaranteed.
(d)The yield on state and political subdivision investment securities for the three-month period ended June 30, 2025 reflects $20 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.
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AVERAGE BALANCE SHEETS AND ANNUALIZED TAXABLE-EQUIVALENT RATES (CONTINUED)
Nine Months Ended
September 30, 2025September 30, 2024
(Dollars in millions)Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate
Assets
Earning assets:
Loans (a):
Commercial and industrial$61,271 $2,936 6.41 %$58,256 $3,059 7.01 %
Real estate - commercial25,308 1,204 6.27 31,069 1,498 6.34 
Real estate - residential23,744 804 4.51 23,045 749 4.33 
Consumer25,275 1,244 6.58 22,009 1,092 6.63 
Total loans135,598 6,188 6.10 134,379 6,398 6.36 
Interest-bearing deposits at banks19,037 635 4.46 28,467 1,167 5.48 
Trading account96 3 3.45 102 3 3.43 
Investment securities (b):
U.S. Treasury8,210 243 3.96 9,049 217 3.21 
Mortgage-backed securities (c)23,933 734 4.09 16,909 444 3.50 
State and political subdivisions (d)2,259 38 2.22 2,448 70 3.80 
Other1,064 41 5.18 1,367 58 5.74 
Total investment securities35,466 1,056 3.98 29,773 789 3.54 
Total earning assets190,197 7,882 5.54 192,721 8,357 5.79 
Goodwill8,465 8,465 
Core deposit and other intangible assets86 126 
Other assets11,141 9,696 
Total assets$209,889 $211,008 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Interest-bearing deposits:
Savings and interest-checking deposits$103,407 $1,720 2.22 %$96,379 $1,888 2.62 %
Time deposits14,166 366 3.46 19,138 622 4.34 
Total interest-bearing deposits117,573 2,086 2.37 115,517 2,510 2.90 
Short-term borrowings3,013 101 4.50 5,071 210 5.53 
Long-term borrowings11,675 493 5.65 10,887 475 5.82 
Total interest-bearing liabilities132,261 2,680 2.71 131,475 3,195 3.24 
Noninterest-bearing deposits44,877 47,498 
Other liabilities4,003 4,202 
Total liabilities181,141 183,175 
Shareholders’ equity28,748 27,833 
Total liabilities and shareholders’ equity$209,889 $211,008 
Net interest spread2.83 2.55 
Contribution of interest-free funds.83 1.03 
Net interest income/margin on earning assets$5,202 3.66 %$5,162 3.58 %
Memo:
Total deposits$162,450 $2,086 1.71 %$163,015 $2,510 2.06 %
__________________________________________________________________________________
(a)Includes nonaccrual loans.
(b)Includes available-for-sale securities at amortized cost.
(c)Primarily government issued or guaranteed.
(d)The yield on state and political subdivision investment securities for the nine-month period ended September 30, 2025 reflects $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.

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Taxable-equivalent net interest income can be impacted by changes in the composition of the Company's earning assets and interest-bearing liabilities, as discussed herein, as well as changes in interest rates and spreads. The FOMC lowered its federal funds target interest rate by a total of 100 basis points in the last four months of 2024 and by 25 basis points in September 2025.
Taxable-equivalent net interest income increased $51 million in the recent quarter as compared with the second quarter of 2025 reflecting an additional day of earnings, favorable earning assets and interest-bearing liabilities repricing and the impact of $20 million of lower taxable-equivalent interest income in the second quarter of 2025 resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United. The net interest margin increased 6 basis points over that same time period. The FOMC reduction in its federal funds target interest rate in September 2025 had little impact on the Company's taxable-equivalent net interest income for the three months ended September 30, 2025.
Taxable-equivalent net interest income for the first nine months of 2025 increased $40 million as compared with the same 2024 period. That increase reflects an 8 basis-point widening of the net interest margin driven by a decrease of 53 basis points in the cost of interest-bearing liabilities, partially offset by a 25 basis-point decline in the yield received on earning assets and a 20 basis-point reduction in the contribution of net interest-free funds. Contributing to lower yields on earning assets and rates paid on interest-bearing liabilities in the first nine months of 2025 as compared with the similar 2024 period was the impact of the FOMC's cumulative 100 basis-point reduction in its federal funds target interest rate during the last four months of 2024. Partially offsetting the decline in yields received on earning assets was an increase in the yields received on investment securities from the deployment of liquidity into fixed rate investment securities from early 2024 through September 2025 that yielded higher rates than maturing investment securities.
Future changes in market interest rates or spreads, as well as changes in the composition of the Company’s portfolios of earning assets and interest-bearing liabilities that result in changes to spreads, could impact the Company’s net interest income and net interest margin. Future changes in the levels of net interest-free funds and the interest rates used to value such funds could also impact the Company's net interest margin.
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Interest rate swap agreements
Management assesses the potential impact of future changes in interest rates and spreads by projecting net interest income under several interest rate scenarios. In managing interest rate risk, the Company has utilized interest rate swap agreements to modify the repricing characteristics of certain portions of its earning assets and interest-bearing liabilities. Under the terms of those interest rate swap agreements, the Company generally received payments based on the outstanding notional amount at fixed rates and made payments at variable rates. Periodic settlement amounts arising from these agreements are reflected in either the yields received on earning assets or the rates paid on interest-bearing liabilities. The Company enters into forward-starting interest rate swap agreements predominantly to hedge interest rate exposures expected in future periods. The following table summarizes information about interest rate swap agreements entered into for interest rate risk management purposes at September 30, 2025 and December 31, 2024.
INTEREST RATE SWAP AGREEMENTS - DESIGNATED AS HEDGES
Notional AmountWeighted-Average
Maturity
(In years)
Weighted-
Average Rate
(Dollars in millions)
Fixed
Variable
September 30, 2025
Fair value hedges:
Fixed rate long-term borrowings — active$3,350 4.5 3.33%4.25%
Fixed rate long-term borrowings — forward-starting2,750 5.8 3.844.27
Total fair value hedges6,100 5.1 
Cash flow hedges:
Variable rate commercial real estate and commercial and industrial loans:
Active14,600 1.0 3.794.29
Forward-starting10,400 2.3 3.464.27
Total cash flow hedges25,000 1.5 
Total$31,100 2.2 
December 31, 2024
Fair value hedges:
Fixed rate long-term borrowings — active$2,000 5.4 3.11%5.07%
Fixed rate long-term borrowings — forward-starting3,350 6.2 3.814.49
Fixed rate available for sale securities — active15 0.1 4.844.36
Total fair value hedges5,365 5.8 
Cash flow hedges:
Variable rate commercial real estate and commercial and industrial loans:
Active20,819 0.9 3.264.47
Forward-starting10,000 3.0 3.724.49
Total cash flow hedges30,819 1.6 
Total$36,184 2.2 
Information regarding the fair value of interest rate swap agreements designated as fair value hedges and cash flow hedges is presented in note 11 of Notes to Financial Statements. The average notional amounts of interest rate swap agreements entered into for interest rate risk management purposes (excluding forward-starting interest rate swap agreements not in effect during the quarter), the related effect on net interest income and margin, and the weighted-average interest rates paid or received on those swap agreements are presented in the table that follows.
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INTEREST RATE SWAP AGREEMENTS - EFFECT ON NET INTEREST INCOME
Three Months Ended
September 30, 2025June 30, 2025
(Dollars in millions)AmountRate (a) AmountRate (a)
Increase (decrease) in:
Interest income$(22)-.04 %$(33)-.07 %
Interest expense11 .03 11 .03 
Net interest income/margin$(33)-.07 %$(44)-.09 %
Average notional amount (b)$17,744 $20,347 
Rate received (c)3.68 %3.51 %
Rate paid (c)4.41 4.37 
Nine Months Ended
September 30, 2025September 30, 2024
(Dollars in millions)AmountRate (a) AmountRate (a)
Increase (decrease) in:
Interest income$(108)-.08 %$(288)-.20 %
Interest expense31 .03 40 .04 
Net interest income/margin$(139)-.10 %$(328)-.23 %
Average notional amount (b)$20,614 $20,454 
Rate received (c)3.50 %3.25 %
Rate paid (c)4.40 5.35 
__________________________________________________________________________________
(a)Computed as an annualized percentage of average earning assets or interest-bearing liabilities.
(b)Excludes forward-starting interest rate swap agreements not in effect during the period.
(c)Weighted-average rate paid or received on interest rate swap agreements in effect during the period.
Lending activities
The Company's lending activities reflect a shift in portfolio composition as the Company executed various strategies to lessen its relative concentration of commercial real estate loans throughout 2024 and to reduce the amount of criticized loans in this category through 2025. The following table summarizes changes in the components of average loans.
AVERAGE LOANS
Three Months EndedNine Months Ended
(Dollars in millions)September 30, 2025June 30,
2025		Percentage ChangeSeptember 30, 2025September 30, 2024
Percentage Change
Commercial and industrial$61,716 $61,036 1 %$61,271 $58,256 5 %
Real estate - commercial24,353 25,333 -4 25,308 31,069 -19 
Real estate - residential24,359 23,684 3 23,744 23,045 3 
Consumer:
Home equity lines and loans4,674 4,598 2 4,613 4,571 1 
Recreational finance13,958 13,295 5 13,317 10,949 22 
Automobile5,235 5,225 — 5,120 4,408 16 
Other2,232 2,236 — 2,225 2,081 7 
Total consumer26,099 25,354 3 25,275 22,009 15 
Total$136,527 $135,407 1 %$135,598 $134,379 1 %
Average loans totaled $136.5 billion in the third quarter of 2025, up $1.1 billion from the second quarter of 2025.
•Average commercial and industrial loans grew $680 million reflecting growth in loans to the financial and insurance industry. Loans to that industry include credit facilities to investment funds, mortgage lenders, real estate investment trusts and corporate and institutional borrowers.
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•Commercial real estate loans decreased $980 million, reflecting a reduction of $1.1 billion of average construction commercial real estate loans, partially offset by a modest increase of average permanent commercial real estate loans. Contributing to the decline in average commercial real estate construction loans were payoffs and the full quarter impact of the sale of $661 million of out-of-footprint residential builder and developer loans in June 2025.
•Average residential real estate loans increased $675 million reflecting the retention of originated residential mortgage loans and purchases.
•Average consumer loans increased $745 million reflecting higher average balances of recreational finance loans of $663 million and home equity loans and lines of credit of $76 million.
In the first nine months of 2025, average loans increased $1.2 billion from the corresponding 2024 period.
•Average commercial and industrial loans increased $3.0 billion reflecting higher average balances of loans to financial and insurance companies and motor vehicle and recreational finance dealers.
•Average commercial real estate loans declined $5.8 billion as the Company executed various strategies to reduce its relative concentration of such loans. Average permanent and construction commercial real estate loans decreased by $3.8 billion and $1.9 billion, respectively.
•Average residential real estate loans grew $699 million reflecting the retention of originated residential mortgage loans and purchases.
•Average consumer loans increased $3.3 billion reflecting recreational finance and automobile average loan growth of $2.4 billion and $712 million, respectively.
Investing activities
The Company's investment securities portfolio is largely comprised of government-issued or guaranteed residential and commercial mortgage-backed securities and U.S. Treasury securities, but also includes municipal and other securities. When purchasing investment securities, the Company considers its liquidity position and its overall interest rate risk profile as well as the adequacy of expected returns relative to risks assumed, including prepayments. The Company may occasionally sell investment securities as a result of movements in interest rates and spreads, changes in liquidity needs, actual or anticipated prepayments, credit risk associated with a particular security, or as a result of restructuring its investment securities portfolio. The amounts of investment securities held by the Company are influenced by such factors as available yield in comparison with alternative investments, demand for loans, which generally yield more than investment securities, ongoing repayments, the levels of deposits, and management of liquidity and balance sheet size and resulting capital ratios. Information about the Company's average investment securities portfolio is presented in the following table.
AVERAGE INVESTMENT SECURITIES
Three Months EndedNine Months Ended
(Dollars in millions)September 30,
2025		June 30,
2025		Percentage ChangeSeptember 30,
2025		September 30,
2024		Percentage Change
Investment securities available for sale:
U.S. Treasury$7,155 $7,966 -10 %$7,702 $8,040 -4 %
Mortgage-backed securities (a)15,481 13,079 18 13,435 5,419 148 
Other debt securities2 3 -32 3 144 -98 
Total available for sale22,638 21,048 8 21,140 13,603 55 
Investment securities held to maturity:
U.S. Treasury444 443 — 508 1,009 -50 
Mortgage-backed securities (a)10,247 10,504 -2 10,498 11,490 -9 
State and political subdivisions2,190 2,274 -4 2,259 2,448 -8 
Other debt securities1 1 -3 1 1 -13 
Total held to maturity12,882 13,222 -3 13,266 14,948 -11 
Equity and other securities1,039 1,065 -2 1,060 1,222 -13 
Total investment securities$36,559 $35,335 3 %$35,466 $29,773 19 %
__________________________________________________________________________________
(a)Primarily government issued or guaranteed.
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The investment securities portfolio averaged $36.6 billion in the third quarter of 2025, up $1.2 billion from the second quarter of 2025, and $35.5 billion for the nine months ended September 30, 2025, an increase of $5.7 billion from the similar 2024 period. Those increases reflect the deployment of liquidity into primarily fixed rate mortgage-backed investment securities classified in the Company's available-for-sale investment securities portfolio. As a result of the purchases of higher-yielding securities and the maturities of lower-yielding securities, the weighted-average current yield for total investment securities available for sale increased to 4.65% at September 30, 2025 and 4.50% at June 30, 2025 as compared with 4.08% at September 30, 2024. The weighted-average duration of the available-for-sale investment securities portfolio was 2.5 years at September 30, 2025 as compared with 2.6 years and 2.3 years at June 30, 2025 and September 30, 2024, respectively. The Company routinely adjusts its holdings of capital stock of the FHLB of New York and the FRB of New York based on amounts of outstanding borrowings and available lines of credit with those entities.
The Company regularly reviews its debt investment securities for declines in value below amortized cost that might be indicative of credit-related losses. There were no credit-related losses on debt investment securities recognized in each of the nine months ended September 30, 2025 and 2024. A further discussion of fair values of investment securities is included herein under the heading "Capital." Additional information about the investment securities portfolio is included in notes 3 and 13 of Notes to Financial Statements.
Other earning assets include interest-bearing deposits at banks and trading account assets. Those other earning assets in the aggregate averaged $17.8 billion and $19.8 billion for the three-month periods ended September 30, 2025 and June 30, 2025, respectively, and $19.1 billion and $28.6 billion for the nine months ended September 30, 2025 and 2024, respectively. The amounts of other earning assets at those respective dates were primarily comprised of deposits held at the FRB of New York. In general, the levels of those deposits often fluctuate due to changes in deposits of retail and commercial customers, trust-related deposits, brokered deposits and additions to or maturities of investment securities or borrowings.
Funding activities - deposits
The most significant source of funding for the Company is core deposits. The Company considers noninterest-bearing deposits, savings and interest-checking deposits and time deposits of $250,000 or less as core deposits. The Company’s branch network is its principal source of core deposits, which generally carry lower interest rates than wholesale funds of comparable maturities. Average core deposits represented 78% and 79% of average earning assets for the quarters ended September 30, 2025 and June 30, 2025, respectively, and 78% and 77% for the nine months ended September 30, 2025 and 2024, respectively. The Company also includes brokered deposits as a component of its wholesale funding strategy. Depending on market conditions, including demand by customers and other investors, and the cost of funds available from alternative sources, the Company may change the amount or composition of brokered deposits in the future. The following table provides an analysis of changes in the components of average deposits.
AVERAGE DEPOSITS
Three Months EndedNine Months Ended
(Dollars in millions)September 30, 2025June 30, 2025Percentage ChangeSeptember 30, 2025September 30, 2024Percentage Change
Noninterest-bearing deposits $44,056 $45,153 -2 %$44,877 $47,498 -6 %
Savings and interest-checking deposits94,452 94,042 — 93,366 88,026 6 
Time deposits of $250,000 or less10,503 10,669 -2 10,554 12,029 -12 
Total core deposits149,011 149,864 -1 148,797 147,553 1 
Time deposits greater than $250,0003,001 3,053 -2 3,003 3,404 -12 
Brokered savings and interest-checking deposits10,208 9,9213 10,041 8,35320 
Brokered time deposits486 568-14 609 3,705-84 
Total deposits$162,706 $163,406 — %$162,450 $163,015 — %
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Total deposits averaged $162.7 billion in the recent quarter, down $700 million from the second quarter of 2025.
•Average core deposits decreased $853 million reflecting lower noninterest-bearing deposits largely driven by a single commercial customer, partially offset by higher average savings and interest-checking deposits.
•Average brokered deposits increased $205 million reflecting an increase in brokered savings and interest-checking deposits, partially offset by maturities of brokered time deposits.
In the first nine months of 2025, total average deposits decreased $565 million from the corresponding 2024 period.
•Average core deposits grew $1.2 billion due to higher average balances of savings and interest-checking deposits that reflected a shift in customer funds from noninterest-bearing accounts to interest-bearing products. Lower average balances of core time deposits reflected comparatively lower rates paid on those products.
•Average brokered deposits declined $1.4 billion reflecting a decrease in average brokered time deposits of $3.1 billion as those products matured. That decrease was partially offset by an increase in average brokered savings and interest-bearing transaction accounts of $1.7 billion reflecting changes in the Company's wholesale funding strategy.
The accompanying table summarizes the components of average total deposits by reportable segment for the three months ended September 30, 2025 and June 30, 2025 and the nine months ended September 30, 2025 and 2024.
AVERAGE DEPOSITS BY REPORTABLE SEGMENT
(Dollars in millions)Commercial BankRetail BankInstitutional Services and Wealth ManagementAll OtherTotal
Three Months Ended September 30, 2025
Noninterest-bearing deposits $10,280 $24,356 $8,772 $648 $44,056 
Savings and interest-checking deposits35,396 52,987 9,726 6,551 104,660 
Time deposits353 13,100 48 489 13,990 
Total$46,029 $90,443 $18,546 $7,688 $162,706 
Three Months Ended June 30, 2025
Noninterest-bearing deposits $11,337 $24,449 $8,868 $499 $45,153 
Savings and interest-checking deposits34,310 52,836 10,268 6,549 103,963 
Time deposits348 13,329 43 570 14,290 
Total$45,995 $90,614 $19,179 $7,618 $163,406 
Nine Months Ended September 30, 2025
Noninterest-bearing deposits$10,970 $24,342 $9,001 $564 $44,877 
Savings and interest-checking deposits34,51052,508 9,7196,670 103,407 
Time deposits356 13,154 44612 14,166 
Total$45,836 $90,004 $18,764 $7,846 $162,450 
Nine Months Ended September 30, 2024
Noninterest-bearing deposits $12,648 $25,055 $9,094 $701 $47,498 
Savings and interest-checking deposits30,532 51,553 7,769 6,525 96,379 
Time deposits375 15,012 40 3,711 19,138 
Total$43,555 $91,620 $16,903 $10,937 $163,015 
- 53 -

Funding activities - borrowings
The following table summarizes the average balances utilized from the Company's short-term and long-term borrowing facilities and note programs.
AVERAGE BORROWINGS
Three Months EndedNine Months Ended
(Dollars in millions)September 30,
2025		June 30,
2025		September 30,
2025		September 30,
2024
Short-term borrowings:
Federal funds purchased and repurchase agreements$83 $199 $122 $272 
FHLB advances2,761 3,128 2,891 4,799 
Total short-term borrowings2,844 3,327 3,013 5,071 
Long-term borrowings:
Senior notes9,332 8,066 8,515 6,866 
FHLB advances3 4 224 1,778 
Subordinated notes1,012 500 672 862 
Junior subordinated debentures400 402 404 541 
Asset-backed notes2,032 1,954 1,850 830 
Other10 10 10 10 
Total long-term borrowings12,789 10,936 11,675 10,887 
Total borrowings$15,633 $14,263 $14,688 $15,958 
The Company uses borrowing capacity from banks, the FHLBs, the FRB of New York and others as sources of funding. Short-term borrowings represent arrangements that at the time they were entered into had a contractual maturity of one year or less. Average short-term borrowings in the third quarter of 2025 as compared with the second quarter of 2025, as well as for the nine months ended September 30, 2025 as compared with the similar 2024 period, were lower as a result of the Company's management of liquidity, including reductions in certain short-term wholesale funding sources.
The levels of long-term borrowings reflect the Company's strategies to diversify its wholesale funding sources to provide long-term funding stabilization and prepare for proposed regulations enumerating certain long-term debt requirements as described in Part I, Item 1, "Resolution Planning and Resolution-Related Requirements" of M&T's 2024 Annual Report. The following table provides a summary of the Company's issuances, maturities and redemptions of long-term borrowings for the three-month and nine-month periods ended September 30, 2025.
LONG-TERM BORROWING ISSUANCES, MATURITIES AND REDEMPTIONS
(Dollars in millions)Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Issuances (a):
Senior notes of M&T$— $750 
Senior notes of M&T Bank— 750 
Subordinated notes of M&T750 750 
Asset-backed notes— 1,296 
Maturities/Redemptions (b):
FHLB advances1 2,001 
Senior notes of M&T Bank— 750 
Junior subordinated debentures of M&T associated with Preferred Capital Securities— 34 
__________________________________________________________________________________
(a)At par value.
(b)Excludes paydowns of asset-backed notes.
Additional information regarding borrowings is provided in notes 5 and 12 of Notes to Financial Statements.
- 54 -

Provision for Credit Losses
A provision for credit losses is recorded to adjust the level of the allowance to reflect expected credit losses that are based on economic forecasts as of each reporting date. A provision for credit losses of $125 million was recorded in each of the third and second quarters of 2025. The provision for credit losses included $15 million and $20 million of provision for unfunded credit commitments in the third and second quarters of 2025, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded a provision for credit losses of $380 million and $470 million, respectively. The lower provision for credit losses in the first nine months of 2025 as compared with the similar 2024 period reflects improved credit performance of commercial real estate loans, partially offset by consumer loan growth.
A summary of the Company's net loan charge-offs by loan type and as an annualized percent of such average loans is presented in the table that follows.
NET CHARGE-OFF (RECOVERY) INFORMATION
Three Months Ended
September 30, 2025June 30, 2025
(Dollars in millions)Net Charge-Offs (Recoveries)Annualized Percent of Average LoansNet Charge-Offs (Recoveries)Annualized Percent of Average Loans
Commercial and industrial $72 .46 %$38 .24 %
Real estate:
Commercial17 .33 21 .41 
Residential builder and developer— — — — 
Other commercial construction4 .39 2 .19 
Residential— — — .02 
Consumer:
Home equity lines and loans— — (1)-.11 
Recreational finance24 .69 21 .62 
Automobile6 .46 3 .26 
Other23 4.07 24 4.34 
Total$146 .42 %$108 .32 %
Nine Months Ended
September 30, 2025September 30, 2024
(Dollars in millions)Net Charge-Offs (Recoveries)Annualized Percent of Average LoansNet Charge-Offs (Recoveries)Annualized Percent of Average Loans
Commercial and industrial $139 .30 %$193 .44 %
Real estate:
Commercial57 .38 54 .30 
Residential builder and developer— — — — 
Other commercial construction6 .19 11 .24 
Residential— — — — 
Consumer:
Home equity lines and loans(1)-.04 — — 
Recreational finance76 .76 58 .70 
Automobile16 .41 10 .33 
Other75 4.53 69 4.45 
Total$368 .36 %$395 .39 %
- 55 -

Asset quality
A summary of nonperforming assets and certain past due loan data and credit quality ratios is presented in the accompanying table.
NONPERFORMING ASSET AND PAST DUE LOAN DATA
(Dollars in millions)September 30, 2025June 30, 2025December 31, 2024September 30, 2024
Nonaccrual loans$1,512 $1,573 $1,690 $1,926 
Real estate and other foreclosed assets37 30 35 37 
Total nonperforming assets$1,549 $1,603 $1,725 $1,963 
Accruing loans past due 90 days or more (a)$432 $496 $338 $288 
Government-guaranteed loans included in totals above:
Nonaccrual loans$71 $75 $69 $69 
Accruing loans past due 90 days or more (a)403 450 318 269 
Loans 30-89 days past due1,200 1,368 1,655 1,506 
Nonaccrual loans as a percent of total loans1.10%1.16%1.25 %1.42 %
Nonperforming assets as a percent of total loans and
   real estate and other foreclosed assets		1.131.181.271.44 
Accruing loans past due 90 days or more as a percent
   of total loans		.32.36.25.21 
Loans 30-89 days past due as a percent of total loans.881.001.221.11 
__________________________________________________________________________________
(a)Predominantly government-guaranteed residential real estate loans.
Nonaccrual loans decreased $61 million from June 30, 2025 to September 30, 2025 reflecting modest declines in commercial and industrial, commercial real estate and residential real estate nonaccrual loans. As compared with December 31, 2024, the $178 million decline in nonaccrual loans at September 30, 2025 reflects a $154 million, $59 million and $29 million reduction in commercial real estate, consumer and residential real estate nonaccrual loans, respectively. Partially offsetting those declines was a $64 million increase in commercial and industrial nonaccrual loans. Approximately 37% of commercial and industrial and commercial real estate nonaccrual loans were considered current with respect to their payment status at September 30, 2025.
Government-guaranteed loans designated as accruing loans past due 90 days or more included one-to-four family residential mortgage loans serviced by the Company that were repurchased to reduce associated servicing costs, including a requirement to advance principal and interest payments that had not been received from individual mortgagors. Despite the loans being purchased by the Company, the insurance or guarantee by the applicable government-related entity remains in force. The outstanding principal balances of the repurchased loans that are guaranteed by government-related entities included in accruing loans past due 90 days or more totaled $333 million at September 30, 2025, $377 million at June 30, 2025, $224 million at December 31, 2024 and $204 million at September 30, 2024. Accruing loans past due 90 days or more not guaranteed by government-related entities were loans considered to be with creditworthy borrowers that were in the process of collection or renewal.
Approximately 72% of loans 30 to 89 days past due were less than 60 days delinquent at September 30, 2025, compared with 70% at June 30, 2025 and 73% at December 31, 2024. Additional information about past due and nonaccrual loans at September 30, 2025 and December 31, 2024 is included in note 4 of Notes to Financial Statements.

- 56 -

The Company utilizes a loan grading system to differentiate risk amongst its commercial and industrial loans and commercial real estate loans. Loans with a lower expectation of default are assigned one of ten possible “pass” loan grades while loans determined to have an elevated level of credit risk are designated as “criticized.” A criticized loan may be designated as “nonaccrual” if the Company no longer expects to collect all amounts owed under the terms of the loan agreement or the loan is delinquent 90 days or more. During 2025, the Company assessed loans to certain not-for-profit borrowers, government contractors and other commercial borrowers that may be impacted by immigration policies and enforcement, changes to government funding and reductions in the federal workforce. The Company is also monitoring commercial borrowers in certain industry sectors that may be impacted by international trade policy changes, such as tariffs, including retail and wholesale trade, manufacturing and construction companies. The Company has considered the information gathered in such reviews in its assignment of loan grades.
The Company continues to monitor its commercial real estate loan portfolio. The primary source of repayment of these loans is typically tenant lease payments to the investor/borrower. Elevated vacancies impacting some property types and higher interest rates have contributed to lower current and anticipated future debt service coverage ratios, which have and may continue to influence the ability of borrowers to make existing loan payments. Lower debt service coverage ratios and reduced commercial real estate values also impact the ability of borrowers, in particular those borrowers with loans secured by office properties, to refinance their obligations at loan maturity. Despite these challenges, the ability of borrowers to service loans secured by investor-owned real estate has generally improved in recent quarters. The LTV ratio is one of many factors considered in assessing overall portfolio risks and loss mitigation strategies for the investor-owned commercial real estate portfolio. In determining the LTV ratio, the Company considers cross-collateralization of all exposures secured by the supporting collateral and the estimated value of such collateral. Subsequent to the origination of commercial real estate loans, updated appraisals are obtained in the normal course of business for renewals, extensions and modifications to commitment levels. As the quality of a loan deteriorates to the point of designating the loan as "criticized nonaccrual," the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial and industrial loans and commercial real estate loans, estimated collateral values are generally based on current appraisals and estimates of value.
The Company monitors its concentration of commercial real estate lending as a percent of its Tier 1 capital plus its allowable allowance for credit losses, consistent with a metric utilized to differentiate such concentrations amongst regulated financial institutions. This metric, as prescribed in supervisory guidance, excludes loans secured by commercial real estate considered to be owner-occupied, but includes certain other loans, such as loans to real estate investment trusts, that are classified as commercial and industrial loans. The Company's commercial real estate loan concentration approximated 128% of Tier 1 capital plus its allowable allowance for credit losses at September 30, 2025, compared with 129% at June 30, 2025, 136% at December 31, 2024 and 148% at September 30, 2024. The Company executed various strategies to lessen its relative concentration of investor-owned commercial real estate loans throughout 2024 and to reduce criticized loans in this category through 2025.

- 57 -

The accompanying tables summarize the outstanding balances, and associated criticized balances, of commercial and industrial loans by industry and commercial real estate loans by property type, respectively, at September 30, 2025 and December 31, 2024.
CRITICIZED COMMERCIAL AND INDUSTRIAL LOANS
September 30, 2025December 31, 2024
(Dollars in millions)OutstandingCriticized AccrualCriticized NonaccrualTotal CriticizedOutstandingCriticized AccrualCriticized NonaccrualTotal Criticized
Commercial and industrial excluding
   owner-occupied real estate by industry:
Financial and insurance (a)$12,084 $164 $24 $188 $11,479 $71 $35 $106 
Services7,689 225 104 329 7,409 247 112 359 
Motor vehicle and recreational
   finance dealers		6,637 508 96 604 7,229 527 38 565 
Manufacturing6,241 331 75 406 6,077 394 116 510 
Wholesale4,246 319 78 397 4,057 334 28 362 
Transportation, communications,
   utilities		3,755 185 65 250 3,567 286 62 348 
Retail3,114 178 20 198 3,097 66 17 83 
Construction2,206 192 36 228 2,143 155 44 199 
Health services1,780 51 29 80 1,892 207 36 243 
Real estate investors1,506 180 14 194 1,751 148 8 156 
Other1,568 98 49 147 1,773 109 39 148 
Total commercial and industrial
   excluding owner-occupied real estate		$50,826 $2,431 $590 $3,021 $50,474 $2,544 $535 $3,079 
Owner-occupied real estate by industry:
Services$2,308 $120 $33 $153 $2,345 $153 $26 $179 
Motor vehicle and recreational
   finance dealers		2,162 173 23 196 2,236 31 8 39 
Retail1,825 42 10 52 1,677 69 16 85 
Health services1,320 119 60 179 1,330 156 66 222 
Wholesale975 98 5 103 857 62 3 65 
Manufacturing783 79 14 93 809 73 24 97 
Real estate investors634 25 8 33 702 43 6 49 
Other1,054 46 17 63 1,051 54 12 66 
Total owner-occupied real estate11,061 702 170 872 11,007 641 161 802 
Total$61,887 $3,133 $760 $3,893 $61,481 $3,185 $696 $3,881 
Criticized loans as a percent of total commercial and industrial loans6.3 %6.3 %
__________________________________________________________________________________
(a)Loans to the financial and insurance industry include credit facilities to investment funds, mortgage lenders, real estate investment trusts and corporate and institutional borrowers. Approximately 93% and 87% of outstanding financial and insurance loans were designated as loans to nondepository financial institutions as prescribed in regulatory guidance for the Company's consolidated financial report for bank holding companies at September 30, 2025 and December 31, 2024, respectively.
- 58 -

CRITICIZED COMMERCIAL REAL ESTATE LOANS
September 30, 2025December 31, 2024
(Dollars in millions)OutstandingCriticized AccrualCriticized NonaccrualTotal CriticizedOutstandingCriticized AccrualCriticized NonaccrualTotal Criticized
Permanent finance by property type:
Apartments/Multifamily$6,548 $479 $65 $544 $5,628 $935 $114 $1,049 
Retail/Service4,320 659 76 735 4,747 673 80 753 
Office3,487 642 110 752 4,170 1,125 117 1,242 
Industrial/Warehouse2,175 79 10 89 1,926 143 13 156 
Hotel1,776 196 67 263 1,984 317 118 435 
Health services1,554 239 32 271 2,038 560 25 585 
Other202 30 1 31 287 30 1 31 
Total permanent20,062 2,324 361 2,685 20,780 3,783 468 4,251 
Construction/Development3,984 1,177 21 1,198 5,984 1,715 68 1,783 
Total$24,046 $3,501 $382 $3,883 $26,764 $5,498 $536 $6,034 
Criticized loans as a percent of total commercial real estate loans16.2 %22.6 %
Commercial real estate loans weighted-average LTV ratio56 56 
Commercial real estate criticized loans weighted-average LTV ratio66 63 
Loans to financial and insurance companies, motor vehicle and recreational finance dealers and the retail industry contributed to the modest increase in commercial and industrial criticized loans from December 31, 2024 to September 30, 2025, partially offset by lower criticized loans to the health services, manufacturing and transportation, communications and utilities industries. The $2.2 billion decline in commercial real estate criticized loans from December 31, 2024 to September 30, 2025 spanned most property types and also reflected lower criticized construction and development loans. At September 30, 2025, approximately 96% of criticized accrual loans and 37% of criticized nonaccrual loans were considered current with respect to their payment status.
For loans secured by residential real estate, the Company’s loss identification and estimation techniques make reference to loan performance and house price data in specific areas of the country where collateral securing those loans is located. For residential real estate-related loans, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Information about the location of nonaccrual loans secured by residential real estate at September 30, 2025 is presented in the following table.














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NONACCRUAL LOANS SECURED BY RESIDENTIAL REAL ESTATE
September 30, 2025
Nonaccrual
(Dollars in millions)Outstanding BalancesBalancesPercent of Outstanding Balances
Residential mortgage loans (a):
New York$6,896 $101 1.46 %
Mid-Atlantic (b)7,775 79 1.02 
New England (c)6,536 42 .64 
Other3,455 28 .80 
Total$24,662 $250 1.01 %
First lien home equity loans and lines of credit:
New York$744 $14 1.92 %
Mid-Atlantic (b)878 16 1.81 
New England (c)423 4 1.03 
Other23 3 11.94 
Total$2,068 $37 1.80 %
Junior lien home equity loans and lines of credit:
New York$895 $17 1.84 %
Mid-Atlantic (b)1,080 17 1.56 
New England (c)657 6 .87 
Other30 — .81 
Total$2,662 $40 1.48 %
__________________________________________________________________________________
(a)Includes $697 million of limited documentation first lien mortgage loans with nonaccrual loan balances totaling $48 million.
(b)Includes Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and the District of Columbia.
(c)Includes Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
Factors that influence the Company’s credit loss experience include overall economic conditions affecting businesses and consumers, generally, but also residential and commercial real estate valuations, in particular, given the size of the Company’s real estate loan portfolios. Commercial real estate valuations can be highly subjective, as they are based upon many assumptions. Such valuations can be significantly affected over relatively short periods of time by changes in business climate, economic conditions, interest rates and, in many cases, the results of operations of businesses and other occupants of the real property. Similarly, residential real estate valuations can be impacted by housing trends, the availability of financing at reasonable interest rates and general economic conditions affecting consumers.
Consumer loans not secured by residential real estate are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. A comparative summary of consumer loans in nonaccrual status by product is presented in the following table.
NONACCRUAL CONSUMER LOANS
September 30, 2025December 31, 2024
(Dollars in millions)Nonaccrual LoansPercent of Outstanding BalancesNonaccrual LoansPercent of Outstanding Balances
Home equity lines and loans$77 1.62 %$81 1.77 %
Recreational finance29 .21 31 .25 
Automobile10 .18 12 .25 
Other4 .20 55 2.49 
Total$120 .46 %$179 .74 %
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Allowance for loan losses
Management determines the allowance for loan losses under accounting guidance that requires estimating the amount of current expected credit losses over the remaining contractual term of the loan portfolio. A description of the methodologies used by the Company to estimate its allowance for loan losses can be found in note 4 of Notes to Financial Statements.
In establishing the allowance for loan losses, the Company estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes and also estimates losses for other loans with similar risk characteristics on a collective basis. For purposes of determining the level of the allowance for loan losses, the Company evaluates its portfolio by loan type. At the time of the Company’s analysis regarding the determination of the allowance for loan losses as of September 30, 2025 concerns existed about the impact of potential inflationary pressures and increases in unemployment on the discretionary income and purchasing power of consumers, which could impact their ability to service existing debt obligations; slower economic growth in future quarters; the volatile nature of global markets and international economic conditions that could impact the U.S. economy, including the effect of international trade policies on domestic businesses and consumers; uncertainty related to Federal Reserve positioning of monetary policy; the potential for a prolonged period of U.S. federal government shutdown; downward pressures on commercial real estate values, especially in the office sector; the persistence of elevated interest rates impacting the ability of commercial borrowers to refinance maturing debt obligations; and the extent to which borrowers may be negatively affected by general economic conditions.
The Company generally estimates current expected credit losses on loans with similar risk characteristics on a collective basis. To estimate expected losses, the Company utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and determine estimated credit losses through a reasonable and supportable forecast period. The Company’s approach for estimating current expected credit losses for loans at each reporting date included utilizing macroeconomic assumptions to project losses over a two-year reasonable and supportable forecast period. Subsequent to the forecast period, the Company reverted to longer-term historical loss experience, over a period of one year, to estimate expected credit losses over the remaining contractual life. In determining the allowance for loan losses, the Company may adjust forecasted loss estimates for inherent limitations or biases in the models as well as for other factors that may not be adequately considered in its quantitative methodologies including the impact of portfolio concentrations, imprecision in economic forecasts, geopolitical conditions and other risk factors that influence the loss estimation process. At each of September 30, 2025, June 30, 2025 and December 31, 2024, the Company qualitatively adjusted credit loss estimates for inherent limitations in the ability to assess real-time changes in commercial borrower performance and for environmental influences affecting certain loan portfolios. Qualitative adjustments, primarily related to portfolio exposures to certain commercial and industrial borrowers and commercial real estate loans, were modestly lower at September 30, 2025 as compared with June 30, 2025 and December 31, 2024.
Forward-looking estimates of certain macroeconomic variables are determined by the M&T Scenario Review Committee, which is comprised of senior management business leaders and economists. The weighted-average of macroeconomic assumptions utilized as of September 30, 2025, June 30, 2025 and December 31, 2024 are presented in the following table and were based on information available at or near the time the Company was preparing its estimate of expected credit losses as of those dates.
ALLOWANCE FOR LOAN LOSSES MACROECONOMIC ASSUMPTIONS
September 30, 2025June 30, 2025December 31, 2024
Year 1Year 2CumulativeYear 1Year 2CumulativeYear 1Year 2Cumulative
National unemployment rate 4.9 %5.2 %4.8 %5.3 %4.5 %4.7 %
Real GDP growth rate 1.0 1.7 2.8 %.8 1.8 2.6 %1.3 1.7 3.0 %
Commercial real estate price
   index growth/decline rate		-3.6 .7 -2.7 -2.5 -.4 -2.7 -2.9 1.4 -1.4 
Home price index growth/
   decline rate		-.1 2.3 2.2 -.2 2.1 1.9 -.1 2.4 2.3 
- 61 -

With respect to economic forecasts, the Company assessed the likelihood of alternative economic scenarios during the two-year reasonable and supportable forecast period. Generally, an increase in unemployment rate or a decrease in any of the rate of change in GDP, commercial real estate prices or home prices could have an adverse impact on expected credit losses and may result in an increase to the allowance for loan losses. Forward-looking economic forecasts are subject to inherent imprecision and future outcomes may differ materially from forecasted events. In consideration of such uncertainty, the following alternative economic scenarios were considered to estimate the possible impact on modeled credit losses.
ALLOWANCE FOR LOAN LOSSES SENSITIVITIES
September 30, 2025Year 1Year 2Cumulative
Potential downside economic scenario:
National unemployment rate 7.1 %8.1 %
Real GDP growth/decline rate -2.5 1.3 -1.1 %
Commercial real estate price index decline rate-15.5 -6.6 -21.1 
Home price index growth/decline rate -9.0 2.4 -6.8 
Potential upside economic scenario:
National unemployment rate 3.8 3.9 
Real GDP growth rate 3.5 2.0 5.5 
Commercial real estate price index growth rate1.3 4.0 5.3 
Home price index growth rate 4.4 4.1 8.7 
(Dollars in millions)Impact to Modeled Credit Losses
Increase (Decrease)
Potential downside economic scenario$233 
Potential upside economic scenario(110)
These examples are only a few of the numerous possible economic scenarios that could be utilized in assessing the sensitivity of expected credit losses. The estimated impacts on credit losses in such scenarios pertain only to modeled credit losses and do not include consideration of other factors the Company may evaluate when determining its allowance for loan losses. As a result, it is possible that the Company may, at another point in time, reach different conclusions regarding credit loss estimates. The Company’s process for determining the allowance for loan losses undergoes quarterly and periodic evaluations by independent risk management personnel, which among many other considerations, evaluate the reasonableness of management’s methodology and significant assumptions.

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Management has assessed that the allowance for loan losses at September 30, 2025 appropriately reflected expected credit losses in the portfolio as of that date. A summary of the Company's allowance for loan losses by loan type and its reserve for unfunded credit commitments is presented in the following table.
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED CREDIT COMMITMENTS
(Dollars in millions)September 30, 2025June 30, 2025December 31, 2024
Allowance for loan losses:
Commercial and industrial$803 $793 $769 
Real estate - commercial (a)476 544 599 
Real estate - residential 107 110 108 
Consumer775 750 708 
Total$2,161 $2,197 $2,184 
Allowance for loan losses as a percent of total loans1.58 %1.61 %1.61 %
Allowance for loan losses as a percent of total nonaccrual loans (b)143 140 129 
Reserve for unfunded credit commitments (c)$95 $80 $60 
__________________________________________________________________________________
(a)Included in the allowance for loan losses were reserves allocated as a percent of commercial real estate loans secured by office properties of 4.65% at September 30, 2025, 4.54% at June 30, 2025 and 4.70% at December 31, 2024.
(b)Given the Company’s general position as a secured lender and its practice of charging off loan balances when collection is deemed doubtful, this ratio and changes in the ratio are generally not an indicative measure of the adequacy of the Company’s allowance for loan losses, nor does management rely upon this ratio in assessing the adequacy of the Company’s allowance for loan losses.
(c)Included in Accrued interest and other liabilities in the Consolidated Balance Sheet.
The lower ratio of the allowance for loan losses as a percent of loans outstanding at September 30, 2025 as compared with June 30, 2025 and December 31, 2024, reflects lower levels of criticized commercial real estate loans. The level of the allowance reflects management’s evaluation of the loan portfolio using the methodology and considering the factors as described herein. Should the various economic forecasts and credit factors considered by management in establishing the allowance for loan losses change and should management’s assessment of losses in the loan portfolio also change, the level of the allowance as a percent of loans could increase or decrease in future periods. The reported level of the allowance for loan losses reflects management’s evaluation of the loan portfolio as of each respective date.
Other Income
The components of other income are presented in the accompanying table.
OTHER INCOME
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Mortgage banking revenues$147 $130 $17 13 %$395 $319 $76 24 %
Service charges on deposit accounts141 137 4 2 411 383 28 7 
Trust income181 182 (1)-1 540 500 40 8 
Brokerage services income34 31 3 9 97 91 6 7 
Trading account and other non-hedging
   derivative gains		18 12 6 66 39 29 10 32 
Gain (loss) on bank investment securities1 — 1 — 1 (8)9 — 
Other revenues from operations230 191 39 21 563 456 107 23 
Total other income$752 $683 $69 10 %$2,046 $1,770 $276 16 %

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Mortgage banking revenues
Mortgage banking revenues are comprised of both residential and commercial mortgage banking activities, which consist of realized gains and losses from sales of real estate loans and loan servicing rights, unrealized gains and losses on real estate loans held for sale and related commitments, real estate loan servicing fees, and other real estate loan related fees and income. The Company's involvement in commercial mortgage banking activities includes the origination, sales and servicing of loans under the multifamily loan programs of Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development.
RESIDENTIAL MORTGAGE BANKING ACTIVITIES
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Residential mortgage banking revenues
Gains on loans originated for sale$9 $8 $1 10 %$23 $23 $— 1 %
Loan servicing fees35 34 1 3 105 114 (9)-8 
Loan sub-servicing and other fees64 55 9 17 159 92 67 72 
Total loan servicing revenues99 89 10 11 264 206 58 28 
Total residential mortgage banking revenues$108 $97 $11 11 %$287 $229 $58 25 %
New commitments to originate loans for sale$407 $322 $85 27 %$1,019 $1,092 $(73)-7 %
(Dollars in millions)September 30,
2025		June 30,
2025		December 31, 2024September 30,
2024
Balances at period end
Loans held for sale$327 $222 $211 $242 
Commitments to originate loans for sale329 248 190 258 
Commitments to sell loans576 407 353 419 
Capitalized mortgage servicing rights305 326 368 389 
Loans serviced for others 36,421 36,952 38,105 38,609 
Loans sub-serviced for others (a)161,785 157,608 111,544 112,695 
Total loans serviced for others$198,206 $194,560 $149,649 $151,304 
__________________________________________________________________________________
(a)The contractual servicing rights associated with residential mortgage loans sub-serviced by the Company were predominantly held by affiliates of BLG. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.
The higher balances of residential mortgage loans sub-serviced for others at September 30, 2025 and June 30, 2025 as compared with December 31, 2024 and September 30, 2024, and the corresponding increase in related revenues for the nine months ended September 30, 2025 as compared with the nine months ended September 30, 2024, reflect an arrangement effective February 2025 whereby the Company began sub-servicing $51.7 billion of additional residential mortgage loans with contractual servicing rights held by Bayview Financial. The increase in residential mortgage banking revenues in the third quarter of 2025 as compared with the second quarter of 2025 reflects a rise in the level of delinquent loans sub-serviced for others, which generated higher sub-servicing fees.
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COMMERCIAL MORTGAGE BANKING ACTIVITIES
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Commercial mortgage banking revenues
Gains on loans originated for sale$20 $14 $6 33 %$50 $35 $15 41 %
Loan servicing fees and other19 19 — 6 58 55 3 8 
Total commercial mortgage banking revenues$39 $33 $6 18 %$108 $90 $18 21 %
Loans originated for sale to other investors$1,051 $1,368 $(317)-23 %$3,138 $2,861 $277 10 %
(Dollars in millions)September 30,
2025		June 30,
2025		December 31, 2024September 30,
2024
Balances at period end
Loans held for sale$278 $361 $310 $716 
Commitments to originate loans for sale1,074 659 479 825 
Commitments to sell loans1,292 1,017 789 1,521 
Capitalized mortgage servicing rights123 124 126 116 
Loans serviced for others (a)28,957 28,416 27,474 25,793 
Loans sub-serviced for others4,297 4,209 4,063 4,044 
Total loans serviced for others$33,254 $32,625 $31,537 $29,837 
__________________________________________________________________________________
(a)Includes $4.4 billion at September 30, 2025, $4.3 billion at June 30, 2025, $4.2 billion at December 31, 2024 and $3.9 billion at September 30, 2024 of loan balances for which investors had recourse to the Company if such balances are ultimately uncollectable.
The higher gains on commercial mortgage loans originated for sale in the recent quarter as compared with the second quarter of 2025 reflect higher margins on new commitments to originate commercial real estate loans for sale. The increase in gains on commercial mortgage loans originated for sale in the first three quarters of 2025 as compared with the similar 2024 period reflects increased volume of and higher margin on new commitments to originate commercial real estate loans for sale.
Service charges on deposit accounts
Service charges on deposit accounts for the first nine months of 2025 increased $28 million as compared with the first nine months of 2024 reflecting higher commercial service charges that resulted from pricing changes and increased customer usage of sweep products.
Trust income
Trust income primarily includes revenues from two significant businesses managed within the Company's Institutional Services and Wealth Management segment. The Institutional Services business provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets; and (iii) need investment and cash management services. The Wealth Management business offers personal trust, planning and advisory, fiduciary, asset management, family office and other services designed to help high net worth individuals and families grow, preserve and transfer wealth.
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TRUST INCOME AND ASSETS UNDER MANAGEMENT
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Trust income
Institutional Services$95 $96 $(1)-2 %$285 $256 $29 11 %
Wealth Management85 85 — 1 252 241 11 5 
Commercial1 1 — 4 3 3 — 7 
Total trust income$181 $182 $(1)-1 %$540 $500 $40 8 %
(Dollars in millions)September 30,
2025		June 30,
2025		December 31, 2024September 30,
2024
Assets under management at period end
Trust assets under management (excluding proprietary funds)$67,447 $66,199 $65,798 $66,739 
Proprietary mutual funds15,833 14,543 14,461 15,092 
Total assets under management$83,280 $80,742 $80,259 $81,831 
For the nine months ended September 30, 2025 trust income increased $40 million as compared with the similar 2024 period. Institutional Services trust income rose $29 million reflecting higher sales and fund management fees from its global capital markets business, while Wealth Management trust income increased $11 million reflecting comparatively favorable market performance associated with managed assets.
Other revenues from operations
The components of other revenues from operations are presented in the accompanying table.
OTHER REVENUES FROM OPERATIONS
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Letter of credit and other credit-related fees$55 $58 $(3)-5 %$162 $143 $19 13 %
Merchant discount and credit card fees51 50 1 — 140 130 10 7 
Bank owned life insurance revenue (a)21 17 4 21 56 47 9 17 
Equipment operating lease income12 14 (2)-18 37 33 4 12 
BLG income (b)20 — 20 100 20 25 (5)-20 
Other71 52 19 41 148 78 70 89 
Total other revenues from operations$230 $191 $39 21 %$563 $456 $107 23 %
__________________________________________________________________________________
(a)Tax-exempt income earned from bank owned life insurance includes increases in the cash surrender value of life insurance policies and benefits received. The Company owns both general account and separate account life insurance policies. To the extent market conditions change such that the market value of assets in a separate account bank owned life insurance policy becomes less than the previously recorded cash surrender value, an adjustment is recorded as a reduction to other revenues from operations.
(b)During 2017, the operating losses of BLG resulted in M&T reducing the carrying value of its investment in BLG to zero. Subsequently, M&T has received cash distributions when declared by BLG that result in the recognition of income by M&T. M&T expects cash distributions from BLG in the future, but the timing and amount of those distributions are not within M&T's control. BLG is entitled to receive distributions from its affiliates that provide asset management and other services that are available for distribution to BLG’s owners, including M&T. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.
Other revenues from operations increased $39 million in the third quarter of 2025 as compared with the second quarter of 2025 reflecting a distribution of an earnout payment of $28 million related to the Company's 2023 sale of its CIT business, a $20 million distribution from M&T's investment in BLG and a $12 million gain on the sale of equipment leases each in the recent quarter, partially offset by gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million each in the second quarter of 2025.
In addition to the items noted in the previous paragraph, higher other revenues from operations in the first nine months of 2025 as compared with the first nine months of 2024 reflected increases in letter of credit and other credit-related fees, including higher loan syndication fees, and a rise in merchant discount and credit card interchange revenues.
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Other Expense
The components of other expense are presented in the accompanying table.
OTHER EXPENSE
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30,
2025		June 30,
2025		Amount%September 30,
2025		September 30,
2024		Amount%
Salaries and employee benefits$833 $813 $20 2 %$2,533 $2,372 $161 7 %
Equipment and net occupancy129 130 (1)— 391 379 12 3 
Outside data processing and software138 138 — — 412 367 45 12 
Professional and other services81 86 (5)-7 251 264 (13)-5 
FDIC assessments13 22 (9)-41 58 122 (64)-53 
Advertising and marketing23 25 (2)-8 70 74 (4)-6 
Amortization of core deposit and other
   intangible assets		10 9 1 — 32 40 (8)-20 
Other costs of operations136 113 23 21 367 378 (11)-3 
Total other expense$1,363 $1,336 $27 2 %$4,114 $3,996 $118 3 %
Salaries and employee benefits
Quarterly trends in full-time equivalent employees are presented in the following table.
FULL-TIME EQUIVALENT EMPLOYEES
Three Months Ended
September 30, 2025June 30, 2025December 31, 2024September 30, 2024
Average full-time equivalent employees22,55422,39522,06722,073
Full-time equivalent employees at period end22,38322,59022,10121,986
Salaries and employee benefits expense increased $20 million in the recent quarter as compared with the second quarter of 2025 reflecting higher severance-related expense.
Salaries and employee benefits expense increased $161 million in the nine months ended September 30, 2025 as compared with the year-earlier period reflecting higher salaries expense from annual merit and other increases, a rise in staffing levels and an increase in incentive compensation. Also contributing to the increase was higher employee benefits expense, reflecting a rise in medical benefits expenses and an increase in severance-related expense.
Nonpersonnel expenses
Nonpersonnel expenses aggregated $530 million in the recent quarter, up from $523 million in the second quarter of 2025 reflecting higher expense associated with the Company's supplemental executive retirement savings plan due to market performance and an impairment of a renewable energy tax credit investment. Those unfavorable factors were partially offset by a decline in FDIC assessment expense reflecting a decrease in the FDIC's loss estimate associated with certain failed banks.
Nonpersonnel expenses decreased $43 million to $1.58 billion in the nine months ended September 30, 2025 as compared with $1.62 billion in the first nine months of 2024 reflecting lower FDIC assessment expense of $64 million, resulting from a reduction of special assessment expense and improved credit quality in the first nine months of 2025, and lower professional and other services expense. Those favorable factors were partially offset by a $45 million increase in outside data processing and software costs reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
Income Taxes
The provision for income taxes was $233 million in the third quarter of 2025, compared with $219 million in the second quarter of 2025. For the nine-month periods ended September 30, 2025 and 2024, the provision for income taxes was $629 million and $521 million, respectively. The Company's effective tax rates were 22.8% and 23.4% for the quarters ended September 30, 2025 and June 30, 2025, respectively, and 23.1% and 21.5% for the nine-month periods ended September 30, 2025 and 2024, respectively. The income tax expense for the nine months ended
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September 30, 2024 reflects a $17 million net discrete tax benefit related to the resolution of an income tax matter inherited from the acquisition of People's United, and a $14 million discrete tax benefit related to certain tax credits claimed on a prior year tax return. The Company's effective tax rate is affected by the level of income earned that is exempt from tax relative to the overall level of pre-tax income, the amount of income allocated to the various state and local jurisdictions where the Company operates, because tax rates differ among such jurisdictions, and the impact of any large discrete or infrequently occurring items. The Company’s effective tax rate in future periods may also be affected by any change in income tax laws or regulations and interpretations of income tax regulations that differ from the Company’s interpretations by any of the various tax authorities that may examine tax returns filed by M&T or any of its subsidiaries. New federal tax legislation was signed into law on July 4, 2025, which includes a broad range of tax reform provisions. The Company does not expect the new legislation will have a material impact on its effective tax rate.
Liquidity Risk
As a financial intermediary, the Company is exposed to various risks, including liquidity and market risk. Liquidity refers to the Company’s ability to ensure that sufficient cash flow and liquid assets are available to satisfy current and future obligations, including demands for loans and deposit withdrawals, funding operating costs and other corporate purposes. Liquidity risk arises whenever the cash flows associated with financial instruments included in assets and liabilities differ.
The most significant source of funding for the Company is core deposits, which are generated from a large base of consumer, corporate and institutional customers. That customer base has become more geographically diverse as a result of expanding the Company’s businesses over time. Nevertheless, the Company faces competition in offering products and services from a large array of financial market participants, including banks, thrifts, mutual funds, securities dealers and others. Core deposits totaled $149.8 billion at September 30, 2025, up from $147.5 billion at December 31, 2024. The higher level of core deposits at September 30, 2025 reflects higher savings and interest-checking deposits, partially offset by lower noninterest-bearing deposits and core time deposits.
The Company supplements funding provided through core deposits with various short-term and long-term wholesale borrowings, including overnight federal funds purchases, repurchase agreements, advances from the FHLBs, brokered deposits and longer-term borrowings. M&T Bank has access to additional funding sources through secured borrowings from the FHLB of New York and the FRB of New York. M&T Bank is also a counterparty to the FRB of New York standing repurchase agreement facility, which allows it to enter into overnight repurchase transactions using eligible investment securities. At September 30, 2025 and December 31, 2024, long-term borrowings aggregated $12.9 billion and $12.6 billion, respectively, and short-term borrowings aggregated $2.1 billion and $1.1 billion, respectively. Information about the Company's borrowings is included in note 5 of Notes to Financial Statements.
The Company's wholesale funding sources include the placement of brokered deposits. Brokered deposits, comprised predominantly of brokered savings and interest-checking deposit accounts, totaled 7% of the Company's total deposit base at each of September 30, 2025 and December 31, 2024. The Company actively adjusts its wholesale funding sources in consideration of the competitive landscape for customer deposits and maintenance of its liquidity profile.
Total uninsured deposits were estimated to be $75.6 billion at September 30, 2025 and $73.0 billion at December 31, 2024. Approximately $10.5 billion and $9.1 billion of those uninsured deposits were collateralized by the Company at September 30, 2025 and December 31, 2024, respectively. The Company maintains available liquidity sources, which at September 30, 2025 represented approximately 133% of uninsured deposits that are not collateralized by the Company.
In addition to deposits and borrowings, other sources of liquidity include maturities and repayments of investment securities, loans and other earning assets, as well as cash generated from operations, such as fees collected for services. The Company also has the ability to securitize or sell certain financial assets, including various loan types, to provide other liquidity alternatives. U.S. Treasury and government-issued or guaranteed mortgage-backed securities comprised 94% of the Company's debt securities portfolio at September 30, 2025. The weighted-average durations of debt investment securities available for sale and held to maturity at September 30, 2025 were 2.5 years and 5.4 years, respectively.
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The Company’s ability to obtain funding from these sources could be negatively impacted should the Company experience a substantial deterioration in its financial condition or its debt ratings or should the availability of funding become restricted due to a disruption in the financial markets. The Company attempts to quantify such risks by conducting scenario analyses that estimate the liquidity impact resulting from a debt ratings downgrade and other market events. Such impact is estimated by attempting to measure the effect on available unsecured lines of credit, available capacity from secured borrowing sources and securitizable assets.
The Company enters into contractual obligations in the normal course of business that require future cash payments. Such obligations include, among others, payments related to deposits, borrowings, leases and other contractual commitments. Off-balance sheet commitments to customers may impact liquidity, including commitments to extend credit, standby letters of credit, commercial letters of credit, financial guarantees and indemnification contracts, and commitments to sell real estate loans. Because many of these commitments or contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. Further discussion of these commitments is provided in note 14 of Notes to Financial Statements.
M&T’s primary source of funds to pay for operating expenses, shareholder dividends and treasury stock repurchases has historically been the receipt of dividends from its bank subsidiaries, which are subject to various regulatory limitations. Dividends from any bank subsidiary to M&T are limited by the amount of earnings of the subsidiary in the current year and the two preceding years. For purposes of that test, at September 30, 2025 approximately $2.5 billion was available for payment of dividends to M&T from bank subsidiaries. M&T may also obtain funding through long-term borrowings and the repayment of advances to subsidiaries. Further information about the long-term outstanding borrowings of M&T is provided in note 5 of Notes to Financial Statements. As a bank holding company, M&T is obligated to serve as a managerial and financial source of strength to its bank subsidiaries as described in Part I, Item 1, "Business" of M&T's 2024 Annual Report and may provide advances to those subsidiaries. As its ability to access the capital markets may be affected by market disruptions, M&T maintains sufficient resources at its parent company to satisfy projected cash outflows for an extended period without reliance on dividends from subsidiaries or external financing. As of September 30, 2025, M&T's parent company liquidity, inclusive of the projected repayment of notes receivable from bank subsidiaries, covered projected cash outflows for 39 months, including dividends on common and preferred stock, debt service and scheduled debt maturities.
The Company's Executive ALCO Committee closely monitors the Company’s liquidity position on an ongoing basis for compliance with internal policies and regulatory expectations. As a Category IV institution, the Company adheres to enhanced liquidity standards which require the performance of internal liquidity stress testing. The stress testing is designed to ensure the Company has sufficient liquidity to withstand both institution-specific and market-wide stress scenarios. For each scenario, the Company applies liquidity stress which may include deposit run-off, increased draws on unfunded loan commitments, increased collateral need for margin calls, increased haircuts on investment security-based funding and reductions in unsecured and secured borrowing capacity. Stress scenarios are measured over various time frames ranging from overnight to twelve months. As required by regulation, the Company maintains a liquidity buffer comprised of cash and highly liquid unencumbered securities to cover a 30-day stress horizon. Liquidity stress events occurring over longer time horizons can be mitigated by the availability of secured funding sources at the FHLB of New York and FRB of New York. As described in Part I, Item 1, "Liquidity" of M&T's 2024 Annual Report, the Federal Reserve and other federal banking regulators established the LCR as a uniform measure to ensure banking organizations hold sufficient amounts of cash and unencumbered high-quality liquid assets to cover net cash outflows over a 30-day liquidity stress period. As a Category IV institution with less than a $50 billion balance of weighted short-term wholesale funding, M&T is not subject to the LCR. M&T, however, estimates that its LCR on September 30, 2025 was 108%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

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The table that follows is a summary of the Company's available sources of liquidity as of September 30, 2025 and December 31, 2024.
AVAILABLE LIQUIDITY SOURCES
(Dollars in millions)September 30, 2025December 31, 2024
Deposits at the FRB of New York$16,697 $18,805 
Unused secured borrowing facilities:
FRB of New York25,069 24,546 
FHLB of New York17,779 17,655 
Unencumbered investment securities (after estimated haircuts)26,774 24,019 
Total$86,319 $85,025 
Management continuously evaluates the use and mix of its various available funding alternatives, including short-term borrowings, issuances of long-term debt, the placement of brokered deposits and the securitization of certain loan products. Management does not anticipate engaging in any activities, either currently or in the long term, for which adequate funding would not be available and would therefore result in a significant strain on liquidity at either M&T or its subsidiary banks. In accordance with liquidity regulations, the Company maintains a contingency funding plan to facilitate on-going liquidity management in times of liquidity stress. The plan outlines various funding options available during a liquidity stress event and establishes a clear escalation protocol to be followed within the Company's Enterprise Risk Framework. The plan sets forth funding strategies and procedures that management can quickly leverage to assist in decision-making and specifies roles and responsibilities for departments impacted by a potential liquidity stress event.
Market Risk and Interest Rate Sensitivity
Market risk is the risk of loss from adverse changes in the market prices and/or interest rates of the Company’s financial instruments. A primary market risk the Company is exposed to is interest rate risk. Interest rate risk arises from the Company’s core banking activities of lending and deposit-taking, because assets and liabilities reprice at different times and by different amounts as interest rates change. As a result, net interest income earned by the Company is subject to the effects of changing interest rates. The Company measures interest rate risk by calculating the variability of net interest income in future periods under various interest rate scenarios using projected balances for earning assets, interest-bearing liabilities and derivatives used to hedge interest rate risk. Management’s philosophy toward interest rate risk management is to generally limit the variability of net interest income.
The Company’s Executive ALCO Committee monitors the sensitivity of the Company’s net interest income to changes in interest rates with the aid of a computer model that forecasts net interest income under different interest rate scenarios. In modeling changing interest rates, the Company considers different yield curve shapes that contemplate both parallel (that is, when interest rates at each point of the yield curve change by the same magnitude) and non-parallel (that is, allowing interest rates at points on the yield curve to change by different amounts) shifts in the yield curve. The Company also contemplates instantaneous and gradual shifts in the yield curve over the scenario time horizon. In utilizing the model, market-implied forward interest rates over the subsequent twelve months are generally used to determine a base interest rate scenario for the net interest income simulation. That calculated base net interest income is then compared with the income calculated under the varying interest rate scenarios. The model considers the impact of ongoing lending and deposit-gathering activities, as well as interrelationships in the magnitude and timing of the repricing of financial instruments, including the effect of changing interest rates on expected prepayments and maturities.
Management has taken actions to mitigate exposure to interest rate risk through the use of on- or off-balance sheet financial instruments and intends to do so in the future. Possible actions include, but are not limited to, changes in the pricing of loan and deposit products, modifying the composition of earning assets and interest-bearing liabilities, and adding to, modifying or terminating existing interest rate swap agreements or other financial instruments used for interest rate risk management purposes. At September 30, 2025, the aggregate notional amount of interest rate swap agreements entered into for interest rate risk management purposes that were currently in effect was $17.9 billion. In addition, the Company has entered into $13.2 billion of forward-starting interest rate swap agreements designated for hedging purposes. Information about interest rate swap agreements entered into for interest rate risk
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management purposes is included herein under the heading “Taxable-equivalent Net Interest Income” and in note 11 of Notes to Financial Statements.
The accompanying table as of September 30, 2025 and December 31, 2024 displays the estimated impact on net interest income in the base scenarios described herein resulting from changes in market interest rates. The scenarios presented in the table below assume a gradual and parallel change in interest rates across repricing categories during the first modeling year.
SENSITIVITY OF NET INTEREST INCOME TO CHANGES IN INTEREST RATES
Calculated Increase (Decrease)
in Projected Net Interest Income
(Dollars in millions)September 30, 2025December 31, 2024
Changes in interest rates
+200 basis points$(78)$(4)
+100 basis points(19)16 
-100 basis points17 (36)
-200 basis points— (81)
The Company utilized many assumptions to calculate the impact that changes in interest rates may have on net interest income. The more significant of those assumptions included the rate of prepayments of mortgage-related assets, cash flows from derivative and other financial instruments, loan and deposit volumes, mix and pricing, and deposit maturities. Variations in amounts presented since December 31, 2024 reflect changes in the composition of the Company's earning assets and interest-bearing liabilities, as well as the level of market-implied forward interest rates and hedging actions taken by the Company. M&T's cumulative upward deposit pricing beta, which is the change in deposit pricing in response to a change in market interest rates, approximated 55% amidst a rising interest rate environment from the first quarter of 2022 through the second quarter of 2024. Reflecting the first cuts of the federal funds target interest rate since March 2020, the FOMC decreased that rate by 50 basis points in September 2024 followed by additional reductions of 25 basis points in each of November and December 2024 and September 2025. M&T's cumulative downward deposit pricing beta beginning in the third quarter of 2024 through the third quarter of 2025 approximated 52%. The assumptions used in interest rate sensitivity modeling are inherently uncertain and, as a result, the Company cannot precisely predict the impact of changes in interest rates on net interest income. Actual results may differ significantly from those presented due to the timing, magnitude and frequency of changes in interest rates and changes in market conditions and interest rate differentials (spreads) between maturity/repricing categories, as well as any actions, such as those previously described, which management may take to counter such changes.
Management also uses an EVE model to supplement the modeling technique described above and provide a long-term interest rate risk metric. EVE is a point-in-time analysis of the economic sensitivity of assets, liabilities and off-balance sheet positions that incorporates all cash flows over their estimated remaining lives. The EVE reflects the present value of cash flows from existing assets, liabilities and off-balance sheet financial instruments, but does not incorporate any assumptions for future originations, renewals or issuances. Management measures the impact of changes in market values due to interest rates under a number of scenarios, including immediate shifts of the yield curve. The percentage impact to the EVE resulting from a 100 basis-point increase and a 100 basis-point decrease in market interest rates was -4.8% and 2.2%, respectively, at September 30, 2025, and -5.1% and 2.5%, respectively, at December 31, 2024.
In addition to the effect of interest rates, changes in fair value of the Company’s financial instruments can also result from a lack of trading activity for similar instruments in the financial markets. Information about the fair valuation of financial instruments is presented in note 13 of Notes to Financial Statements.
The Company enters into interest rate and foreign exchange contracts to meet the financial needs of customers that it includes in its consolidated financial statements as other non-hedging derivatives within other assets and other liabilities. Financial instruments utilized for such activities consist predominantly of interest rate swap agreements and forward and futures contracts related to foreign currencies. The Company generally mitigates the interest rate and foreign currency risk associated with customer activities by entering into offsetting positions with third parties
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that are also included in other assets and other liabilities. The fair values of non-hedging derivative positions associated with interest rate contracts and foreign currency and other option and futures contracts are presented in note 11 of Notes to Financial Statements. As with any non-government guaranteed financial instrument, the Company is exposed to credit risk associated with counterparties to its non-hedging derivative activities. Although the notional amounts of these contracts are not recorded in the Consolidated Balance Sheet, the unsettled fair values of such financial instruments are recorded in the Consolidated Balance Sheet. The fair values of such non-hedging derivative assets and liabilities recognized in the Consolidated Balance Sheet were $192 million and $451 million, respectively, at September 30, 2025 and $206 million and $787 million, respectively, at December 31, 2024. The fair value of asset and liability amounts at September 30, 2025 have been reduced by contractual settlements of $379 million and $33 million, respectively, and at December 31, 2024 have been reduced by contractual settlements of $686 million and $15 million, respectively. The amounts recorded in the Consolidated Balance Sheet associated with the Company's non-hedging derivative activities at September 30, 2025 and December 31, 2024 primarily reflect changes in values associated with interest rate swap agreements entered into with commercial customers and financial institutions that are not subject to periodic variation margin settlement payments.
Trading account assets were $95 million at September 30, 2025 and $101 million at December 31, 2024 and were comprised of mutual funds and other assets related to certain deferred compensation plans and non-qualified supplemental retirement and other benefit plans that were assumed by the Company in various acquisitions. Changes in the fair values of such assets are recorded as Trading account and other non-hedging derivative gains in the Consolidated Statement of Income. Changes in the valuation of the related liabilities, which are included in Accrued interest and other liabilities in the Consolidated Balance Sheet, are recognized in Other costs of operations in the Consolidated Statement of Income.
Given the Company's policies and positions, management believes that the potential loss exposure to the Company resulting from market risk associated with trading account and other non-hedging derivative activities was not material at September 30, 2025, however, as previously noted, the Company is exposed to credit risk associated with counterparties to such activities. Information about the Company’s use of derivative financial instruments is included in note 11 of Notes to Financial Statements.
Capital
The following table presents components related to shareholders' equity and dividends.
SHAREHOLDERS' EQUITY, DIVIDENDS AND SELECT RATIOS
(Dollars in millions, except per share)September 30, 2025December 31, 2024September 30, 2024
Preferred stock$2,394 $2,394 $2,394 
Common shareholders' equity26,334 26,633 26,482 
Total shareholders' equity$28,728 $29,027 $28,876 
Per share:
Common shareholders’ equity$170.43 $160.90 $159.38 
Tangible common shareholders’ equity (a)115.31 109.36 107.97 
Ratios:
Shareholders' equity to total assets13.60 %13.95 %13.63 %
Tangible common shareholders' equity to tangible assets (a)8.79 9.07 8.83 
Cash dividends declared for quarter ended:
Common stock (b)$234 $226 $226 
Common stock per share1.50 1.35 1.35 
Preferred stock (b)36 35 47 
__________________________________________________________________________________
(a)Reconciliations of total common shareholders’ equity and tangible common equity and total assets and tangible assets as of each of those dates are presented in Table 2.
(b)Cash dividends on common stock were $670 million and $671 million and preferred stock dividends were $107 million and $99 million for the nine months ended September 30, 2025 and 2024, respectively.

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Shareholders’ equity reflects accumulated other comprehensive income or loss, which includes the net after-tax impact of unrealized gains or losses on investment securities classified as available for sale, gains or losses associated with interest rate swap agreements designated as cash flow hedges and adjustments to reflect the funded status of defined benefit pension and other postretirement plans. The components of accumulated other comprehensive income (loss) are presented in the following table.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - NET OF INCOME TAX
(Dollars in millions, except per share)September 30, 2025December 31, 2024September 30, 2024
Investment securities unrealized gains (losses), net (a)$121 $(153)$51 
Cash flow hedges unrealized gains (losses), net (b)68 (101)45 
Defined benefit plans adjustments, net (c)93 98 (119)
Other, net(5)(8)(4)
Total$277 $(164)$(27)
Accumulated other comprehensive income (loss), net, per common share$1.80 $(0.99)$(0.16)
__________________________________________________________________________________
(a)Refer to note 3 of Notes to Financial Statements.
(b)Refer to note 11 of Notes to Financial Statements.
(c)Refer to note 8 of Notes to Financial Statements.
On January 22, 2025, M&T's Board of Directors authorized a program under which $4.0 billion of common shares may be repurchased. That authorization replaced and terminated the previous authorized share repurchase program effective as of the same date. M&T repurchased 2.1 million shares of its common stock in the recent quarter at an average cost per share of $193.46 resulting in a total cost of $409 million and 6.1 million shares of its common stock at an average cost per share of $175.93 resulting in a total cost of $1.1 billion in the second quarter of 2025. During the first nine months of 2025 and 2024, M&T repurchased 11.6 million and 1.2 million shares of its common stock at an average cost per share of $183.85 and $166.40 resulting in a total cost of $2.2 billion and $200 million, respectively. Discretion as to the amount and timing of authorized share repurchases in a given period has been delegated, through the authorization of the Board of Directors, to management and can be influenced by capital and liquidity requirements, including funding of future loan growth and other balance sheet management activities, as well as market and economic conditions.
M&T and its subsidiary banks are required to comply with applicable Capital Rules which prescribe minimum capital ratios. Capital Rules require buffers in addition to these minimum risk-based capital ratios. M&T is subject to an SCB requirement that is determined through the Federal Reserve’s supervisory stress tests and M&T’s bank subsidiaries are subject to a 2.5% capital conservation buffer requirement. The buffer requirement must be composed entirely of CET1 capital. M&T's SCB at September 30, 2025 was 3.8%. In June 2025, the Federal Reserve released the results of its most recent supervisory stress tests. Based on those results, on October 1, 2025, M&T's SCB of 2.7% became effective. The regulatory capital ratios of the Company and its bank subsidiaries, M&T Bank and Wilmington Trust, N.A., as of September 30, 2025 are presented in the accompanying table.
REGULATORY CAPITAL RATIOS
(Dollars in millions)Regulatory Minimum (a)M&T
(Consolidated)		M&T
Bank		Wilmington
Trust, N.A.
CET1 capital4.50%10.99%12.24%287.04%
Tier 1 capital6.0012.4912.24287.04
Total capital8.0014.3514.03287.33
Tier 1 leverage4.009.849.6489.31
RWA$159,536 $158,989 $232 
__________________________________________________________________________________
(a)Exclusive of required buffers as applicable.
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Capital Rules generally require the deduction of goodwill and core deposit and other intangible assets, net of applicable deferred taxes, from the calculation of capital in the determination of the minimum capital ratios. As a result of previous business acquisitions, the Company recorded goodwill of $8.5 billion and core deposit and other intangible assets of $74 million at September 30, 2025. Goodwill, as required by GAAP, is not amortized, but rather is tested for impairment at least annually at the business reporting unit level. The Company completed its annual goodwill impairment test in the fourth quarter of 2024 and concluded the amount of goodwill was not impaired at the testing date. The Company has not identified events or circumstances that would more likely than not reduce the fair value of a business reporting unit below its carrying amount at September 30, 2025. Should a business reporting unit with assigned goodwill experience declines in revenue, increased credit losses or expenses, or other adverse developments due to economic, regulatory, competition or other factors, that would be material to that reporting unit, an impairment of goodwill could occur in a future period that could be material to the Company's Consolidated Balance Sheet and its Consolidated Statement of Income. Although a goodwill impairment charge would not have a significant impact on the Company's regulatory tangible capital ratios, it would reduce the capacity of its bank subsidiary, M&T Bank, to dividend earnings to M&T. As described herein under the heading "Liquidity Risk," M&T's parent company liquidity at September 30, 2025 covered projected cash outflows for 39 months, including dividends on common and preferred stock, debt service and scheduled debt maturities.
The Company is subject to the comprehensive regulatory framework applicable to bank and financial holding companies and their subsidiaries, which includes examinations by a number of regulators. Regulation of financial institutions such as M&T and its subsidiaries is intended primarily for the protection of depositors, the Deposit Insurance Fund of the FDIC and the banking and financial system as a whole, and generally is not intended for the protection of shareholders, investors or creditors other than insured depositors. Changes in laws, regulations and regulatory policies applicable to the Company’s operations can increase or decrease the cost of doing business, limit or expand permissible activities or affect the competitive environment in which the Company operates, all of which could have a material effect on the business, financial condition or results of operations of the Company and in M&T’s ability to pay dividends. For additional information concerning this comprehensive regulatory framework, refer to Part I, Item 1, "Supervision and Regulation of the Company" of M&T's 2024 Annual Report.
As described in Part I, Item 1, "Capital Requirements" of M&T's 2024 Annual Report, on July 27, 2023 the federal banking agencies issued a notice of proposed rulemaking to modify the regulatory capital requirements applicable to large banking organizations with total assets exceeding $100 billion, like the Company. Management continues to evaluate the impact of the proposed rules on the regulatory capital requirements of M&T and its subsidiary banks. At September 30, 2025, the inclusion of accumulated other comprehensive income components related to investment securities available for sale and defined benefit plan liability adjustments would have increased the Company's CET1 capital ratio by 13 basis points.
Segment Information
Reportable segments have been determined based upon the Company's organizational structure which is primarily arranged around the delivery of products and services to similar customer types. Financial information about the Company's reportable segments is presented in note 15 of Notes to Financial Statements. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. All other business activities that are not included in the three reportable segment results have been included in the "All Other" category.
NET INCOME (LOSS) BY REPORTABLE SEGMENT
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30, 2025June 30, 2025Amount%September 30, 2025September 30, 2024Amount%
Net income (loss)
Commercial Bank$228 $231 $(3)-1 %$690 $645 $45 7 %
Retail Bank376 375 1 — 1,098 1,364 (266)-20 
Institutional Services and Wealth Management142 128 14 12 391 409 (18)-4 
All Other46 (18)64 — (87)(511)424 83 
Total net income$792 $716 $76 11 %$2,092 $1,907 $185 10 %
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Commercial Bank
The Commercial Bank segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets served by the Company. Services provided by this segment include commercial lending and leasing, credit facilities secured by various types of commercial real estate, letters of credit, deposit products and cash management services. Commercial real estate loans may be secured by multifamily residential buildings, hotels, office, retail and industrial space or other types of collateral. Activities of this segment include the origination, sales and servicing of commercial real estate loans through the Fannie Mae DUS program and other programs. Commercial real estate loans held for sale are included in this segment.
COMMERCIAL BANK SEGMENT FINANCIAL SUMMARY
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30, 2025June 30, 2025Amount%September 30, 2025September 30, 2024Amount%
Income Statement
Net interest income$539 $531 $8 2 %$1,599 $1,652 $(53)-3 %
Noninterest income209 205 4 2 587 487 100 21 
Total revenue748 736 12 2 2,186 2,139 47 2 
Provision for credit losses72 60 12 20 168 193 (25)-13 
Noninterest expense366 363 3 1 1,080 1,062 18 2 
Income before taxes310 313 (3)-1 938 884 54 6 
Income taxes82 82 — -1 248 239 9 4 
Net income$228 $231 $(3)-1 %$690 $645 $45 7 %
Average Balance Sheet
Loans:
Commercial and industrial$54,188 $53,549 $639 1 %$53,770 $50,442 $3,328 7 %
Real estate - commercial22,682 23,655 (973)-4 23,624 29,170 (5,546)-19 
Real estate - residential445 414 31 8 419 437 (18)-4 
Consumer21 20 1 7 20 25 (5)-21 
Total loans$77,336 $77,638 $(302)— %$77,833 $80,074 $(2,241)-3 %
Deposits:
Noninterest-bearing$10,280 $11,337 $(1,057)-9 %$10,970 $12,648 $(1,678)-13 %
Interest-bearing35,749 34,658 1,091 3 34,866 30,907 3,959 13 
Total deposits$46,029 $45,995 $34 — %$45,836 $43,555 $2,281 5 %
The Commercial Bank segment’s net income in the third quarter of 2025 declined slightly from the second quarter of 2025.
•Net interest income increased $8 million reflecting an expansion of the net interest margin on loans of 4 basis points and the impact of one additional day in the recent quarter, partially offset by a narrowing of the net interest margin on deposits of 5 basis points.
•A modest rise in noninterest income reflected higher commercial mortgage banking revenues and a gain on the sale of equipment leases in the recent quarter, partially offset by a gain on the sale of an out-of-footprint residential builder and developer loan portfolio in the second quarter of 2025.
•The provision for credit losses increased $12 million reflecting higher net charge offs of commercial and industrial loans.
•Average loans declined $302 million reflecting payoffs and paydowns of commercial real estate loans and the full-quarter impact of the sale of an out-of-footprint residential builder and developer loan portfolio in the second quarter of 2025, partially offset by higher average balances of commercial and industrial loans reflecting growth in loans to the financial and insurance industry.
•Average deposits were essentially unchanged reflecting higher average savings and interest-checking deposit balances, partially offset by lower noninterest-bearing deposits largely driven by a single commercial customer.
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Net income for the Commercial Bank segment increased $45 million in the first nine months of 2025 as compared with the first nine months of 2024.
•Net interest income decreased $53 million reflecting a narrowing of the net interest margin on deposits of 23 basis points and a decline in average loans of $2.2 billion, partially offset by higher average deposits of $2.3 billion.
•Noninterest income increased $100 million due to higher other revenues from operations of $59 million, reflecting a rise in credit-related fees of $19 million, a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $12 million gain on the sale of equipment leases. Also contributing to that increase was higher commercial mortgage banking revenues of $18 million, a rise in service charges on commercial deposit accounts of $13 million and an increase in trading account and other non-hedging derivative gains of $10 million.
•The provision for credit losses decreased $25 million reflecting lower net charge-offs of commercial and industrial loans, partially offset by a higher provision for unfunded credit commitments.
•Noninterest expense increased $18 million reflecting higher personnel-related expenses and outside data processing and software costs.
•Average loans decreased $2.2 billion reflecting a reduction in average commercial real estate loans, partially offset by higher average commercial and industrial loans reflecting growth in loans to financial and insurance companies and motor vehicle and recreational finance dealers.
•Average deposits grew $2.3 billion reflecting growth in average savings and interest-checking deposits, partially offset by a decline in average noninterest-bearing deposits.
Retail Bank
The Retail Bank segment provides a wide range of services to consumers and small businesses through the Company’s branch network and several other delivery channels such as telephone banking, internet banking and ATMs. The Company has domestic banking offices primarily in the Northeastern and Mid-Atlantic regions of the U.S. including the District of Columbia. The segment offers to its customers deposit products, including demand, savings and time accounts, and other services. Credit services offered by this segment include automobile and recreational finance loans (primarily originated indirectly through dealers), home equity loans and lines of credit, credit cards and other loan products. This segment also originates and services residential mortgage loans and either sells those loans in the secondary market to investors or retains them for investment purposes. Residential mortgage loans are also originated and serviced on behalf of the Institutional Services and Wealth Management segment. The Company periodically purchases the rights to service residential real estate loans that have been originated by other entities and also sub-services residential real estate loans for others. Residential real estate loans held for sale are included in this segment. This segment also provides various business loans, including loans guaranteed by the Small Business Administration, business credit cards, deposit products and services such as cash management, payroll and direct deposit, merchant credit card and letters of credit to small businesses and professionals through the Company's branch network and other delivery channels.
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RETAIL BANK SEGMENT FINANCIAL SUMMARY
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30, 2025June 30, 2025Amount%September 30, 2025September 30, 2024Amount%
Income Statement
Net interest income$999 $988 $11 1 %$2,959 $3,248 $(289)-9 %
Noninterest income249 234 15 6 691 606 85 14 
Total revenue1,248 1,222 26 2 3,650 3,854 (204)-5 
Provision for credit losses70 71 (1)-1 220 202 18 9 
Noninterest expense676 648 28 4 1,960 1,815 145 8 
Income before taxes502 503 (1)— 1,470 1,837 (367)-20 
Income taxes126 128 (2)-1 372 473 (101)-21 
Net income$376 $375 $1 — %$1,098 $1,364 $(266)-20 %
Average Balance Sheet
Loans:
Commercial and industrial$6,322 $6,236 $86 1 %$6,324 $6,936 $(612)-9 %
Real estate - commercial1,639 1,647 (8)— 1,653 1,859 (206)-11 
Real estate - residential21,560 20,980 580 3 21,040 20,623 417 2 
Consumer25,331 24,541 790 3 24,476 21,238 3,238 15 
Total loans$54,852 $53,404 $1,448 3 %$53,493 $50,656 $2,837 6 %
Deposits:
Noninterest-bearing$24,356 $24,449 $(93)— %$24,342 $25,055 $(713)-3 %
Interest-bearing66,087 66,165 (78)— 65,662 66,565 (903)-1 
Total deposits$90,443 $90,614 $(171)— %$90,004 $91,620 $(1,616)-2 %
The Retail Bank segment’s net income was relatively unchanged in the third quarter of 2025 as compared with the second quarter of 2025.
•Net interest income increased $11 million reflecting higher average balances of loans of $1.4 billion and the impact of one additional day in the recent quarter.
•Noninterest income increased $15 million reflecting higher residential mortgage loan sub-servicing revenues.
•Noninterest expense increased $28 million reflecting higher other costs of operations, an increase in equipment and net occupancy costs and a rise in centrally-allocated costs associated with data processing, risk management and other support services provided to the Retail Bank segment.
•Average loans increased $1.4 billion reflecting higher average consumer loans, due to recreational finance and automobile loan growth, and a rise in average residential real estate loans resulting from the retention of originated residential mortgage loans and purchases.
•Average deposits reflect a modest decline in the recent quarter.
Net income for the Retail Bank segment decreased $266 million in the first nine months of 2025 as compared with the similar 2024 period.
•Net interest income declined $289 million reflecting a narrowing of the net interest margin on deposits of 44 basis points and lower average balances of those deposits of $1.6 billion, partially offset by a widening of the net interest margin on loans of 4 basis points and higher average balances of those loans of $2.8 billion.
•Noninterest income increased $85 million reflecting higher residential mortgage loan sub-servicing revenues related to the arrangement effective February 2025 whereby the Company began sub-servicing $51.7 billion of additional residential mortgage loans with contractual servicing rights held by Bayview Financial, and an increase in service charges on retail deposit accounts.
•The provision for credit losses rose $18 million reflecting higher net charge-offs of indirect consumer loans.
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•Noninterest expense increased $145 million due to higher centrally-allocated costs associated with data processing, risk management and other support services provided to the Retail Bank segment of $117 million and a rise in personnel-related costs of $24 million.
•Average loans rose $2.8 billion reflecting recreational finance and automobile average loan growth.
•Lower average deposits reflect the maturity of customer time deposit accounts and lower noninterest-bearing deposits, partially offset by growth in average savings and interest-checking deposits.
Institutional Services & Wealth Management
The Institutional Services and Wealth Management segment provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients, as well as personal trust, planning and advisory, fiduciary, asset management, family office, and other services designed to help high net worth individuals and families grow, preserve and transfer wealth. This segment also provides investment products, including mutual funds and annuities and other services to customers.
INSTITUTIONAL SERVICES & WEALTH MANAGEMENT SEGMENT FINANCIAL SUMMARY
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30, 2025June 30, 2025Amount%September 30, 2025September 30, 2024Amount%
Income Statement
Net interest income$163 $166 $(3)-2 %$500 $565 $(65)-12 %
Noninterest income244 225 19 9 678 602 76 13 
Total revenue407 391 16 4 1,178 1,167 11 1 
Provision for credit losses— 2 (2)— 5 6 (1)-20 
Noninterest expense217 217 — — 649 610 39 6 
Income before taxes190 172 18 12 524 551 (27)-5 
Income taxes48 44 4 12 133 142 (9)-6 
Net income$142 $128 $14 12 %$391 $409 $(18)-4 %
Average Balance Sheet
Loans:
Commercial and industrial$1,007 $989 $18 2 %$962 $739 $223 30 %
Real estate - commercial32 31 1 6 31 40 (9)-22 
Real estate - residential2,354 2,290 64 3 2,285 1,985 300 15 
Consumer747 793 (46)-6 779 734 45 6 
Total loans$4,140 $4,103 $37 1 %$4,057 $3,498 $559 16 %
Deposits:
Noninterest-bearing$8,772 $8,868 $(96)-1 %$9,001 $9,094 $(93)-1 %
Interest-bearing9,774 10,311 (537)-5 9,763 7,809 1,954 25 
Total deposits$18,546 $19,179 $(633)-3 %$18,764 $16,903 $1,861 11 %
The Institutional Services and Wealth Management segment’s net income increased $14 million in the third quarter of 2025 as compared with the second quarter of 2025.
•Noninterest income increased $19 million reflecting a $28 million distribution in the recent quarter of an earnout payment related to the Company's sale of its CIT business in 2023, partially offset by a $10 million gain on the sale of a subsidiary that specialized in institutional services in the second quarter of 2025.
Net income for the Institutional Services and Wealth Management segment decreased $18 million for the nine months ended September 30, 2025 as compared with the similar 2024 period.
•Net interest income decreased $65 million reflecting a 92 basis-point narrowing of the net interest margin on deposits, partially offset by higher average balances of those deposits.
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•Noninterest income increased $76 million reflecting higher trust income of $40 million resulting from increased sales and fund management fees from the segment's global capital markets business and higher fee income from its Wealth Management business, reflecting comparatively favorable market performance associated with managed assets. Also contributing to that increase was the distribution of an earnout payment related to the Company's sale of its CIT business in 2023 and the gain on the sale of a subsidiary that specialized in institutional services each in the first nine months of 2025.
•Noninterest expense rose $39 million reflecting a rise in personnel-related expenses and centrally-allocated costs associated with data processing, risk management and other support services provided to the Institutional Services and Wealth Management segment.
All Other
The "All Other" category reflects other activities of the Company that are not directly attributable to the reportable segments. Reflected in this category are the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from the acquisitions of financial institutions; merger-related gains and expenses related to acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain non-recurring transactions; and the residual effects of unallocated support systems and general and administrative expenses. The Company’s investment securities portfolio, brokered deposits and short-term and long-term borrowings are generally included in the "All Other" category. In its management of interest rate risk, the Company utilizes interest rate swap agreements to modify the repricing characteristics of certain portfolios of earning assets and interest-bearing liabilities. The results of such activities are captured in the "All Other" category.
ALL OTHER CATEGORY FINANCIAL SUMMARY
Three Months EndedChangeNine Months EndedChange
(Dollars in millions)September 30, 2025June 30, 2025Amount%September 30, 2025September 30, 2024Amount%
Income Statement
Net interest income (expense)$60 $28 $32 109 %$111 $(341)$452 — %
Noninterest income50 19 31 175 90 75 15 21 
Total revenue (expense)110 47 63 135 201 (266)467 — 
Provision for credit losses(17)(8)(9)-92 (13)69 (82)— 
Noninterest expense104 108 (4)-4 425 509 (84)-17 
Loss before taxes23 (53)76 — (211)(844)633 75 
Income taxes(23)(35)12  31 (124)(333)209 63 
Net income (loss)$46 $(18)$64 — %$(87)$(511)$424 83 %
The “All Other” category net income was $46 million in the third quarter of 2025 as compared with a net loss of $18 million in the second quarter of 2025.
•Net interest income increased $32 million due to the favorable impact from the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments and lower net interest expense from interest rate swap agreements entered into for interest rate risk management purposes.
•Noninterest income rose $31 million reflecting a $20 million distribution from M&T's investment in BLG in the recent quarter.
•Noninterest expense declined modestly reflecting a reduction of FDIC special assessment expense, lower professional and other services expense and a decrease in equipment and net occupancy costs, partially offset by an increase in other costs of operations reflecting an impairment of a renewable energy tax credit investment in the recent quarter.

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The net loss recorded for the "All Other" category was $87 million for the first nine months of 2025 as compared with a net loss of $511 million in the similar 2024 period.
•Net interest income increased $452 million due to the favorable impact from the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments and lower net interest expense from interest rate swap agreements entered into for interest rate risk management purposes.
•Noninterest income increased $15 million reflecting higher tax-exempt income from bank owned life insurance in the 2025 period and realized losses on sales of certain non-agency investment securities in the first nine months of 2024, partially offset by lower distributions from M&T's investment in BLG of $5 million.
•The $82 million decrease in the provision for credit losses reflects the net impact of the allocation of the provision to the reportable segments.
•Noninterest expense decreased $84 million reflecting a decline in FDIC assessments resulting from lower special assessment expense and improved credit quality.
Recent Accounting Developments
A discussion of the Company's significant accounting policies and critical accounting estimates can be found in M&T's 2024 Annual Report. A summary of recent accounting developments is included in note 1 of Notes to Financial Statements.
Forward-Looking Statements
"Management’s Discussion and Analysis of Financial Condition and Results of Operations" and other sections of this quarterly report 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 the Company’s business, and management's beliefs and assumptions.
Statements regarding the potential effects of events or factors specific to the Company and/or the financial industry as a whole, as well as national and global events generally, on the Company'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 the Company'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 the Company'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
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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 the Company does business, and other factors.
The Company provides further detail regarding these risks and uncertainties in its 2024 Annual Report, 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 the Company assumes no duty and does not undertake to update forward-looking statements.

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M&T Bank Corporation and Subsidiaries
Table 1
QUARTERLY TRENDS
2025 Quarters2024 Quarters
ThirdSecondFirstFourthThirdSecondFirst
(Dollars in millions, except per share)
Earnings and dividends
Interest income (taxable-equivalent basis)$2,692 $2,618 $2,572 $2,719 $2,798 $2,802 $2,757 
Interest expense919 896 865 979 1,059 1,071 1,065 
Net interest income1,773 1,722 1,707 1,740 1,739 1,731 1,692 
Less: Provision for credit losses125 125 130 140 120 150 200 
Other income752 683 611 657 606 584 580 
Less: Other expense1,363 1,336 1,415 1,363 1,303 1,297 1,396 
Income before income taxes1,037 944 773 894 922 868 676 
Applicable income taxes233 219 177 201 188 200 133 
Taxable-equivalent adjustment12 9 12 12 13 13 12 
Net income$792 $716 $584 $681 $721 $655 $531 
Net income available to common shareholders-diluted$754 $679 $547 $644 $674 $626 $505 
Per common share data:
Basic earnings4.85 4.26 3.33 3.88 4.04 3.75 3.04 
Diluted earnings4.82 4.24 3.32 3.86 4.02 3.73 3.02 
Cash dividends1.50 1.35 1.35 1.35 1.35 1.35 1.30 
Average common shares outstanding:
Basic155,558 159,221 164,209 165,838 166,671 166,951 166,460 
Diluted156,553 160,005 165,047 166,969 167,567 167,659 167,084 
Performance ratios
Annualized return on:
Average assets1.49 %1.37 %1.14 %1.28 %1.37 %1.24 %1.01 %
Average common shareholders’ equity11.45 10.39 8.36 9.75 10.26 9.95 8.14 
Net interest margin on average earning assets
   (taxable-equivalent basis)		3.68 3.62 3.66 3.58 3.62 3.59 3.52 
Nonaccrual loans to total loans1.10 1.16 1.14 1.25 1.42 1.50 1.71 
Net operating (tangible) results (a)
Net operating income$798 $724 $594 $691 $731 $665 $543 
Diluted net operating income per common share4.87 4.28 3.38 3.92 4.08 3.79 3.09 
Annualized return on:
Average tangible assets1.56 %1.44 %1.21 %1.35 %1.45 %1.31 %1.08 %
Average tangible common shareholders’ equity17.13 15.54 12.53 14.66 15.47 15.27 12.67 
Efficiency ratio (b)53.6 55.2 60.5 56.8 55.0 55.3 60.8 
Balance sheet data
Average balances:
Total assets (c)$211,053 $210,261 $208,321 $211,853 $209,581 $211,981 $211,478 
Total tangible assets (c)202,533 201,733 199,791 203,317 201,031 203,420 202,906 
Earning assets190,920 190,535 189,116 193,106 191,366 193,676 193,135 
Investment securities36,559 35,335 34,480 33,679 31,023 29,695 28,587 
Loans136,527 135,407 134,844 135,723 134,751 134,588 133,796 
Deposits162,706 163,406 161,220 164,639 161,505 163,491 164,065 
Borrowings15,633 14,263 14,154 14,228 15,428 16,452 16,001 
Common shareholders’ equity (c)26,189 26,272 26,604 26,313 26,160 25,340 25,008 
Tangible common shareholders’ equity (c)17,669 17,744 18,074 17,777 17,610 16,779 16,436 
At end of quarter:
Total assets (c)211,277 211,584 210,321 208,105 211,785 208,855 215,137 
Total tangible assets (c)202,761 203,060 201,789 199,574 203,243 200,302 206,574 
Earning assets190,684 191,074 190,463 188,606 192,766 189,787 195,712 
Investment securities36,864 35,568 35,137 34,051 32,327 29,894 28,496 
Loans136,974 136,116 134,574 135,581 135,920 135,002 134,973 
Deposits163,426 164,453 165,409 161,095 164,554 159,910 167,196 
Borrowings14,987 14,451 12,069 13,665 14,188 16,083 16,245 
Common shareholders’ equity (c)26,334 26,131 26,597 26,633 26,482 25,680 25,158 
Tangible common shareholders’ equity (c)17,818 17,607 18,065 18,102 17,940 17,127 16,595 
Equity per common share170.43 166.94 163.62 160.90 159.38 153.57 150.90 
Tangible equity per common share115.31 112.48 111.13 109.36 107.97 102.42 99.54 
__________________________________________________________________________________
(a)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. A reconciliation of net income and net operating income appears in Table 2.
(b)Excludes impact of merger-related expenses and net securities transactions.
(c)The difference between total assets and total tangible assets, and common shareholders’ equity and tangible common shareholders’ equity, represents goodwill, core deposit and other intangible assets, net of applicable deferred tax balances. A reconciliation of such balances appears in Table 2.

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M&T Bank Corporation and Subsidiaries
Table 2
RECONCILIATION OF QUARTERLY GAAP TO NON-GAAP MEASURES
2025 Quarters2024 Quarters
(Dollars in millions, except per share)ThirdSecondFirstFourthThirdSecondFirst
Income statement data
Net income
Net income$792 $716 $584 $681 $721 $655 $531 
Amortization of core deposit and other intangible assets (a)6 8 10 10 10 10 12 
Net operating income$798 $724 $594 $691 $731 $665 $543 
Earnings per common share
Diluted earnings per common share$4.82 $4.24 $3.32 $3.86 $4.02 $3.73 $3.02 
Amortization of core deposit and other intangible assets (a).05 .04 .06 .06 .06 .06 .07 
Diluted net operating earnings per common share$4.87 $4.28 $3.38 $3.92 $4.08 $3.79 $3.09 
Other expense
Other expense$1,363 $1,336 $1,415 $1,363 $1,303 $1,297 $1,396 
Amortization of core deposit and other intangible assets(10)(9)(13)(13)(12)(13)(15)
Noninterest operating expense$1,353 $1,327 $1,402 $1,350 $1,291 $1,284 $1,381 
Efficiency ratio
Noninterest operating expense (numerator)$1,353 $1,327 $1,402 $1,350 $1,291 $1,284 $1,381 
Taxable-equivalent net interest income$1,773 $1,722 $1,707 $1,740 $1,739 $1,731 $1,692 
Other income752 683 611 657 606 584 580 
Less: Gain (loss) on bank investment securities1 — — 18 (2)(8)2 
Denominator$2,524 $2,405 $2,318 $2,379 $2,347 $2,323 $2,270 
Efficiency ratio53.6 %55.2 %60.5 %56.8 %55.0 %55.3 %60.8 %
Balance sheet data
Average assets
Average assets$211,053 $210,261 $208,321 $211,853 $209,581 $211,981 $211,478 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(79)(89)(92)(100)(113)(126)(140)
Deferred taxes24 26 27 29 28 30 33 
Average tangible assets$202,533 $201,733 $199,791 $203,317 $201,031 $203,420 $202,906 
Average common equity
Average total equity$28,583 $28,666 $28,998 $28,707 $28,725 $27,745 $27,019 
Preferred stock(2,394)(2,394)(2,394)(2,394)(2,565)(2,405)(2,011)
Average common equity26,189 26,272 26,604 26,313 26,160 25,340 25,008 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(79)(89)(92)(100)(113)(126)(140)
Deferred taxes24 26 27 29 28 30 33 
Average tangible common equity$17,669 $17,744 $18,074 $17,777 $17,610 $16,779 $16,436 
At end of quarter
Total assets
Total assets$211,277 $211,584 $210,321 $208,105 $211,785 $208,855 $215,137 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(74)(84)(93)(94)(107)(119)(132)
Deferred taxes23 25 26 28 30 31 34 
Total tangible assets$202,761 $203,060 $201,789 $199,574 $203,243 $200,302 $206,574 
Total common equity
Total equity$28,728 $28,525 $28,991 $29,027 $28,876 $28,424 $27,169 
Preferred stock(2,394)(2,394)(2,394)(2,394)(2,394)(2,744)(2,011)
Common equity26,334 26,131 26,597 26,633 26,482 25,680 25,158 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(74)(84)(93)(94)(107)(119)(132)
Deferred taxes23 25 26 28 30 31 34 
Total tangible common equity$17,818 $17,607 $18,065 $18,102 $17,940 $17,127 $16,595 
__________________________________________________________________________________
(a)After any related tax effect.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Refer to Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the captions "Liquidity Risk," "Market Risk and Interest Rate Sensitivity" and "Capital."
Item 4. Controls and Procedures.
(a) Evaluation of disclosure controls and procedures. Based upon an evaluation carried out as of the end of the period covered by this report under the supervision and with the participation of M&T's management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of M&T’s disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e)), René F. Jones, Chairman of the Board and Chief Executive Officer, and Daryl N. Bible, Senior Executive Vice President and Chief Financial Officer, concluded that M&T’s disclosure controls and procedures were effective as of September 30, 2025.
(b) Changes in internal control over financial reporting. M&T regularly assesses and enhances its internal control over financial reporting. The Company is conducting a multi-phase implementation of new financial recordkeeping and reporting systems, including its general ledger and certain subledger platforms. In conjunction therewith the Company has and will continue to change certain processes and internal controls over financial reporting. No changes have been identified during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, M&T’s internal control over financial reporting.
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Part II. Other Information
Item 1. Legal Proceedings.
Refer to note 14 of Notes to Financial Statements filed herewith in Part I, Item 1, “Financial Statements (Unaudited)” regarding legal proceedings.
Item 1A. Risk Factors.
There have been no material changes in risk factors relating to the Company to those disclosed in response to Part I, Item 1A of M&T's 2024 Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(a) – (b) Not applicable.
(c)
Issuer Purchases of Equity Securities
(Dollars in millions, except per share)
Total
Number
of Shares
(or Units)
Purchased (a)
Average
Price Paid
per Share
(or Unit) (b)		Total
Number of
Shares
(or Units)
Purchased
as Part of
Publicly
Announced
Plans or
Programs		Maximum
Number (or
Approximate
Dollar Value)
of Shares
(or Units)
that may yet
be Purchased
Under the
Plans or
Programs (c)
July 1 - July 31, 2025353,368$196.14 329,766$2,194 
August 1 - August 31, 20251,244,714192.99 1,243,6991,954
September 1 - September 30, 2025518,520200.80 517,7621,850
Total2,116,602$195.43 2,091,227
__________________________________________________________________________________
(a)The total number of shares purchased during the periods indicated includes shares purchased as part of publicly announced programs and/or shares deemed to have been received from employees who exercised stock options by attesting to previously acquired common shares in satisfaction of the exercise price or shares received from employees upon the vesting of restricted stock awards in satisfaction of applicable tax withholding obligations, as is permitted under M&T’s stock-based compensation plans.
(b)Inclusive of share repurchase excise tax of 1%.
(c)On January 22, 2025, M&T's Board of Directors authorized a program under which $4.0 billion of common shares may be repurchased with the exact number, timing, price and terms of such repurchases to be determined at the discretion of management and subject to all regulatory limitations. The authorization replaces and terminates, effective January 22, 2025, the prior $3.0 billion share repurchase program authorized by M&T's Board of Directors in July 2022.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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Item 5. Other Information.
(a) – (b) Not applicable.
(c) The following provides a description of Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Exchange Act) adopted during the three months ended September 30, 2025, by any director or executive officer who is subject to the filing requirements of Section 16 of the Exchange Act:
On September 9, 2025, René F. Jones, Chairman and Chief Executive Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The arrangement will terminate on or before June 30, 2026. Under the arrangement, a maximum aggregate number of 124,679 vested stock options may be exercised, and the underlying shares will be held by Mr. Jones after the withholding of shares to cover the cost of the exercise price of the options and tax obligations (also known as a net exercise and hold settlement). The arrangement does not provide for the sale of shares. Transactions under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1 and expiration of any prior trading arrangement.
No executive officers and no directors terminated or modified a Rule 10b5-1 trading arrangement in the three months ended September 30, 2025.
Certain executive officers and directors have made elections to participate in, and are participating in, the Company's tax-qualified 401(k) plan and nonqualified deferred compensation plans, or have made, and may from time to time make, elections to reinvest dividends in M&T common stock, or have shares withheld to cover withholding taxes upon the vesting of equity awards or to pay the exercise price of options, each of which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).
Item 6. Exhibits.
The following exhibits are filed as a part of this report.
Exhibit
No.
31.1
Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2
Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.1
Certification of Chief Executive Officer under 18 U.S.C. §1350 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.2
Certification of Chief Financial Officer under 18 U.S.C. §1350 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
101.INSInline XBRL Instance Document. Filed herewith.
101.SCHInline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. Filed herewith.
104
The cover page from M&T's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 has been formatted in Inline XBRL.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
M&T BANK CORPORATION
Date: October 27, 2025
By:/s/ Daryl N. Bible
Daryl N. Bible
Senior Executive Vice President
and Chief Financial Officer
- 87 -

Source: View Original Filing on SEC EDGAR

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