Earnings rise at M&T Bank (NYSE: MTB) as Q1 2026 margin and capital stay strong

Q: How did M&T Bank (MTB) perform financially in Q1 2026?

M&T Bank reported net income of $664 million in Q1 2026, up 14% year over year, and diluted EPS of $4.13 , up 24%. Revenue reached $2.44 billion , with 3% growth in taxable-equivalent net interest income and 13% higher noninterest income.

Q: What happened to M&T Bank’s net interest margin and loan balances in Q1 2026?

Net interest margin improved to 3.71% in Q1 2026 from 3.66% a year earlier as funding costs declined. Average loans increased to $138.4 billion , up 3% year over year, with growth in commercial and industrial, residential real estate and consumer loans offset by lower commercial real estate balances.

Q: How strong were M&T Bank’s credit quality metrics in Q1 2026?

Credit quality remained solid, with net charge-offs at 0.31% of average loans, down from 0.34% a year earlier. Nonaccrual loans declined to 0.89% of total loans, while the allowance for loan losses stayed at 1.53% of loans, reflecting stable reserve coverage.

Q: What capital and liquidity levels did M&T Bank (MTB) report for March 31, 2026?

At March 31, 2026, M&T reported an estimated Common Equity Tier 1 capital ratio of 10.33% and total risk-weighted assets of $164.2 billion . It also estimated a liquidity coverage ratio of 107% , above the regulatory minimum that would apply under Category III requirements.

Q: How much stock did M&T Bank repurchase in Q1 2026 and what was the impact?

M&T repurchased 5.5 million common shares for $1.25 billion in Q1 2026 under its capital plan. These buybacks, alongside dividends, reduced common shareholders’ equity but still left the bank with a CET1 ratio above 10% and tangible common equity of $17.0 billion .

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

M&T Bank Corporation reported strong first-quarter 2026 results, with net income of $664 million, up 14% from a year earlier, and diluted EPS of $4.13, up 24%. Revenue reached $2.44 billion, driven by 3% growth in taxable-equivalent net interest income and 13% higher noninterest income.

The bank’s net interest margin widened to 3.71% from 3.66% a year ago as funding costs fell faster than asset yields. Average loans grew 3% year over year to $138.4 billion, led by commercial and industrial, residential real estate and consumer lending, while commercial real estate balances declined.

Credit quality remained solid: net charge-offs were 0.31% of average loans and nonaccrual loans fell to 0.89% of total loans, with the allowance for loan losses steady at 1.53%. M&T returned substantial capital, repurchasing 5.5 million common shares for $1.25 billion and paying $224 million in common and $43 million in preferred dividends, while maintaining an estimated CET1 ratio of 10.33% and an estimated liquidity coverage ratio of 107%.

Positive

Strong earnings growth: Q1 2026 net income rose 14% year over year to $664 million and diluted EPS increased 24% to $4.13, supported by higher net interest and noninterest income and an improved net interest margin.
Capital return with solid buffers: The company repurchased $1.25 billion of common stock and paid $267 million in dividends while maintaining an estimated Common Equity Tier 1 capital ratio of 10.33% and a 107% estimated liquidity coverage ratio.

Negative

None.

Insights

Strong Q1 earnings, disciplined credit, and sizable buybacks support a solid capital story.

M&T Bank delivered net income of $664 million and diluted EPS of $4.13, up 24% year over year. Revenue grew as taxable-equivalent net interest income rose 3% and noninterest income increased 13%, while net interest margin improved to 3.71%.

Loan growth was broad-based outside commercial real estate, with average total loans up 3% versus Q1 2025. Asset quality stayed resilient: net charge-offs were 0.31% of average loans and nonaccrual loans declined to 0.89% of total loans, with the allowance maintained at 1.53%.

Capital and liquidity remain comfortable despite heavy shareholder payouts. The bank repurchased $1.25 billion of stock and still reported an estimated 10.33% Common Equity Tier 1 capital ratio and a 107% liquidity coverage ratio at March 31, 2026. Management’s 2026 outlook calls for taxable-equivalent net interest income of $7.2–$7.35 billion and net charge-offs around 0.40% of average loans.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income: $664 million Diluted EPS: $4.13 per share Net interest margin: 3.71% +5 more

8 metrics

Net income $664 million Quarter ended March 31, 2026; up 14% vs Q1 2025

Diluted EPS $4.13 per share Quarter ended March 31, 2026; up 24% vs Q1 2025

Net interest margin 3.71% Q1 2026; 3.69% in Q4 2025 and 3.66% in Q1 2025

Average total loans $138.4 billion Q1 2026; 1% higher than Q4 2025 and 3% above Q1 2025

Net charge-offs ratio 0.31% Annualized net charge-offs to average total loans in Q1 2026

CET1 capital ratio 10.33% Estimated at March 31, 2026; down from 10.84% at December 31, 2025

Share repurchases $1.25 billion Cost to repurchase 5.5 million common shares in Q1 2026

Liquidity coverage ratio 107% Estimated LCR at March 31, 2026, above applicable Category III standard

Key Terms

net interest margin, noninterest income, allowance for loan losses, Common Equity Tier 1 ("CET1") capital ratio, +1 more

5 terms

net interest margin financial

"Net interest margin widened 2 basis points from the fourth quarter of 2025 to 3.71% in the recent quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

noninterest income financial

"Noninterest income in the first quarter of 2026 decreased $7 million, or 1%, from 2025's fourth quarter."

Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.

allowance for loan losses financial

"The allowance for loan losses as a percent of loans outstanding was 1.53% at each of March 31, 2026 and December 31, 2025"

Allowance for loan losses is money set aside by a bank to cover potential losses if some loans don’t get repaid. It helps the bank stay prepared for bad debts, much like setting aside savings for unexpected expenses. This ensures the bank remains stable even if some borrowers can’t pay back their loans.

Common Equity Tier 1 ("CET1") capital ratio regulatory

"Common equity Tier 1 ("CET1") capital ratio (2) | | 10.33 | | | 10.84 | | | 11.50 |"

common equity tier 1 ("CET1") capital ratio measures a bank’s core financial cushion — mainly common shares and retained earnings — divided by its assets adjusted for risk (riskier loans and investments count more). Investors use it like a safety-helmet rating: a higher CET1 ratio means the bank is better able to absorb losses, meet regulators’ minimums and keep lending, while a lower ratio can signal greater vulnerability or need to raise capital.

liquidity coverage ratio ("LCR") regulatory

"M&T estimates that its LCR on March 31, 2026 was 107%, exceeding the regulatory minimum standards"

Earnings Snapshot

Revenue: $2.44 billion · Guidance included

Q1 2026

Revenue $2.44 billion +6% vs Q1 2025

Net income $664 million +14% vs Q1 2025

Diluted EPS $4.13 +24% vs Q1 2025

Net interest margin 3.71% +0.05 pts vs Q1 2025

Net charge-offs to average loans 0.31% -0.03 pts vs Q1 2025

Guidance

For 2026, management projects taxable-equivalent net interest income of $7.2–$7.35 billion, fee income of $2.675–$2.775 billion, net charge-offs around 0.40% of average loans, and a taxable-equivalent effective tax rate near 24%.

Understanding 8-K Material Events →

04/15/2026 - 06:07 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 15, 2026

___________________________________

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________


	New York
(State or other jurisdiction of incorporation)
1-9861 (Commission File Number)		16-0968385 (I.R.S. Employer Identification Number)

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

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Common Stock, $.50 par value	MTB	New York Stock Exchange
Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H	MTBPrH	New York Stock Exchange
Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series J	MTBPrJ	New York Stock Exchange
Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series K	MTBPrK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

Item 2.02. Results of Operations and Financial Condition

On April 15, 2026, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended March 31, 2026. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On April 15, 2026, M&T posted an investor presentation to its website. A copy of the presentation is attached as Exhibit 99.2 hereto. From time to time, M&T may use this presentation in conversations with investors and analysts. The presentation can be found on the Investor Relations page of M&T’s website at ir.mtb.com/events-presentations.

The information in Item 7.01 of this Form 8-K, including Exhibit 99.2 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:


Exhibit No.						Exhibit Description
99.1						News Release dated April 15, 2026
99.2						M&T Bank Corporation presentation dated April 15, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

M&T BANK CORPORATION

Date:

April 15, 2026

By:

/s/ Daryl N. Bible

Daryl N. Bible

Senior Executive Vice President

and Chief Financial Officer

Exhibit 99.1



			News Release
One M&T Plaza, Buffalo, NY 14203			April 15, 2026

M&T Bank Corporation (NYSE:MTB) announces first quarter 2026 results

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $664 million or $4.13 of diluted earnings per common share.


(Dollars in millions, except per share data)	1Q26			4Q25			1Q25
Earnings Highlights
Net interest income	$	1,752		$	1,779		$	1,695
Taxable-equivalent adjustment	11			11			12
Net interest income - taxable-equivalent	1,763			1,790			1,707
Provision for credit losses	140			125			130
Noninterest income	689			696			611
Noninterest expense	1,438			1,379			1,415
Net income	664			759			584
Net income available to common shareholders - diluted	620			718			547
Diluted earnings per common share	4.13			4.67			3.32
Return on average assets - annualized	1.26		%	1.41		%	1.14		%
Return on average common shareholders' equity - annualized	9.67			10.87			8.36
Average Balance Sheet
Total assets	$	213,828		$	212,891		$	208,321
Interest-bearing deposits at banks	16,231			17,964			19,695
Investment securities	37,845			36,705			34,480
Loans	138,423			137,600			134,844
Deposits	164,268			165,057			161,220
Borrowings	16,759			14,619			14,154
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin	3.71		%	3.69		%	3.66		%
Efficiency ratio (1)	58.3			55.1			60.5
Net charge-offs to average total loans - annualized	.31			.54			.34
Allowance for loan losses to total loans	1.53			1.53			1.63
Nonaccrual loans to total loans	.89			.90			1.14
Common equity Tier 1 ("CET1") capital ratio (2)	10.33			10.84			11.50
Common shareholders' equity per share	$	173.82		$	173.49		$	163.62

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.

(2) CET1 capital ratio at March 31, 2026 is estimated.


Financial Highlights

•Net interest margin widened 2 basis points from the fourth quarter of 2025 to 3.71% in the recent quarter reflecting a decline in funding costs that outpaced a reduction in yields received on earning assets.

•Growth in average loans in the recent quarter reflects higher average balances of commercial and industrial loans, partially offset by lower average balances of commercial real estate and consumer loans.

•Noninterest income reflects the impact of the Company's election on January 1, 2026 to prospectively measure its residential mortgage loan servicing right assets at fair value and lower gains on commercial mortgage loans originated for sale, partially offset by a $33 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG") in the recent quarter.

•The increase in noninterest expense includes seasonal salaries and employee benefits expense of $115 million, partially offset by lower other costs of operations reflecting a $30 million contribution to The M&T Charitable Foundation and amortization of residential mortgage loan servicing right assets each in the fourth quarter of 2025.

•The allowance for loan losses as a percent of total loans remained unchanged at March 31, 2026.

•In the recent quarter M&T repurchased 5.5 million shares of its common stock in accordance with its capital plan resulting in a total cost of $1.25 billion. M&T's CET1 capital ratio is estimated to be 10.33% at March 31, 2026.


Chief Financial Officer Commentary

"M&T continued to produce strong operating results and return capital to its shareholders in the recent quarter while investing in its businesses and expanding its operational capabilities in support of our strategic objectives of operational excellence and teaming for growth to meet the needs of our customers and make a difference in people's lives. I am pleased to report the successful conversion of our core general ledger platform earlier this week."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:

Investor Relations: Rajiv Ranjan 716.842.5138

Steve Wendelboe 716.842.5138

Media Relations: Frank Lentini 929.651.0447


			First Quarter 2026 Results


Non-GAAP Measures (1)


(Dollars in millions, except per share data)	1Q26			4Q25			Change 1Q26 vs. 4Q25		1Q25			Change 1Q26 vs. 1Q25

Net operating income	$	671		$	767		-12	%	$	594		13	%
Diluted net operating earnings per common share	4.18			4.72			-11		3.38			24
Annualized return on average tangible assets	1.33		%	1.49		%			1.21		%
Annualized return on average tangible common equity	14.51			16.24					12.53
Efficiency ratio	58.3			55.1					60.5
Tangible equity per common share	$	115.96		$	117.45		-1		$	111.13		4

(1)A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.


Taxable-equivalent Net Interest Income


(Dollars in millions)	1Q26			4Q25			Change 1Q26 vs. 4Q25		1Q25			Change 1Q26 vs. 1Q25

Average earning assets	$	192,594		$	192,366		—	%	$	189,116		2	%
Average interest-bearing liabilities	136,480			135,492			1		129,938			5
Net interest income - taxable-equivalent	1,763			1,790			-2		1,707			3
Yield on average earning assets	5.36		%	5.46		%			5.52		%
Cost of interest-bearing liabilities	2.33			2.51					2.70
Net interest spread	3.03			2.95					2.82
Net interest margin	3.71			3.69					3.66

Taxable-equivalent net interest income decreased $27 million, or 2%, as compared with the fourth quarter of 2025 reflecting two less calendar days in the recent quarter. Taxable-equivalent net interest income increased $56 million, or 3%, as compared with the year-earlier first quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements.


			First Quarter 2026 Results


Average Earning Assets


(Dollars in millions)	1Q26		4Q25		Change 1Q26 vs. 4Q25		1Q25		Change 1Q26 vs. 1Q25
Interest-bearing deposits at banks	$	16,231	$	17,964	-10	%	$	19,695	-18	%

Trading account	95		97		-2		97		-3
Investment securities	37,845		36,705		3		34,480		10
Loans
Commercial and industrial	63,804		62,257		2		61,056		5
Real estate - commercial	23,496		24,101		-3		26,259		-11
Real estate - residential	24,817		24,765		—		23,176		7
Consumer	26,306		26,477		-1		24,353		8
Total loans	138,423		137,600		1		134,844		3
Total earning assets	$	192,594	$	192,366	—		$	189,116	2

Average earning assets rose $228 million from the fourth quarter of 2025 reflecting loan growth and purchases of investment securities, partially offset by a decrease in interest-bearing deposits at banks. Loan growth in the recent quarter reflected higher average commercial and industrial loan balances of $1.5 billion, including higher balances of loans to the financial and insurance industry, partially offset by lower average balances of commercial real estate loans of $605 million and consumer loans of $171 million.

Average earning assets increased $3.5 billion from the first quarter of 2025. Average interest-bearing deposits at banks decreased $3.5 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $2.7 billion, including growth in loans to the financial and insurance industry, an increase in average residential real estate loan balances of $1.6 billion and higher average consumer loan balances of $2.0 billion, reflecting growth in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Those increases were partially offset by a $2.8 billion decline in average commercial real estate loan balances, reflecting payoffs.


Average Interest-bearing Liabilities


(Dollars in millions)	1Q26		4Q25		Change 1Q26 vs. 4Q25		1Q25		Change 1Q26 vs. 1Q25
Interest-bearing deposits
Savings and interest-checking deposits	$	106,593	$	107,287	-1	%	$	101,564	5	%
Time deposits	13,128		13,586		-3		14,220		-8
Total interest-bearing deposits	119,721		120,873		-1		115,784		3
Short-term borrowings	5,695		2,064		176		2,869		98
Long-term borrowings	11,064		12,555		-12		11,285		-2
Total interest-bearing liabilities	$	136,480	$	135,492	1		$	129,938	5

Average interest-bearing liabilities in the recent quarter rose $988 million from the fourth quarter of 2025 reflecting an increase in short-term borrowings from the FHLB of New York, partially offset by a decline in average interest-bearing deposits and long-term borrowings, including maturities of senior notes.

Average interest-bearing liabilities increased $6.5 billion from the first quarter of 2025, as growth in average savings and interest-checking deposits of $5.0 billion and higher average short-term borrowings from the FHLB of New York were partially offset by a $1.1 billion decline in average time deposits due to maturities.


			First Quarter 2026 Results


Provision for Credit Losses/Asset Quality


(Dollars in millions)	1Q26			4Q25			Change 1Q26 vs. 4Q25		1Q25			Change 1Q26 vs. 1Q25
At end of quarter
Nonaccrual loans	$	1,240		$	1,252		-1	%	$	1,540		-19	%
Real estate and other foreclosed assets	27			35			-23		34			-22
Total nonperforming assets	1,267			1,287			-2		1,574			-20
Accruing loans past due 90 days or more (1)	646			561			15		384			68
Nonaccrual loans as % of loans outstanding	.89		%	.90		%			1.14		%

Allowance for loan losses	$	2,136		$	2,116		1		$	2,200		-3
Allowance for loan losses as % of loans outstanding	1.53		%	1.53		%			1.63		%
Reserve for unfunded credit commitments	$	95		$	80		19		$	60		58

For the period
Provision for loan losses	$	125		$	140		-11		$	130		-4
Provision for unfunded credit commitments	15			(15)			—		—			—
Total provision for credit losses	140			125			12		130			8
Net charge-offs	105			185			-44		114			-8
Net charge-offs as % of average loans (annualized)	.31		%	.54		%			.34		%

(1)Predominantly government-guaranteed residential real estate loans.

The provision for credit losses was $140 million in the first quarter of 2026 as compared with $125 million in the immediately preceding quarter and $130 million in the first quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.53% at each of March 31, 2026 and December 31, 2025, improved from 1.63% at March 31, 2025. The 10 basis-point improvement from March 31, 2025 reflects lower levels of criticized loans.

Nonaccrual loans were $1.2 billion and $1.3 billion at March 31, 2026 and December 31, 2025, respectively, compared with $1.5 billion at March 31, 2025. The lower level of nonaccrual loans at March 31, 2026 and December 31, 2025 as compared with March 31, 2025 reflects decreases in commercial and industrial, commercial real estate and consumer nonaccrual loans.


			First Quarter 2026 Results


Noninterest Income


(Dollars in millions)	1Q26		4Q25		Change 1Q26 vs. 4Q25		1Q25		Change 1Q26 vs. 1Q25
Mortgage banking revenues	$	127	$	155	-18	%	$	118	8	%
Service charges on deposit accounts	139		140		-1		133		5
Trust income	183		184		-1		177		3
Brokerage services income	35		34		3		32		9
Trading account and other non-hedging derivative gains	14		19		-26		9		43
Gain (loss) on bank investment securities	4		1		238		—		—
Other revenues from operations	187		163		14		142		31
Total	$	689	$	696	-1		$	611	13

Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead beginning in 2026, fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.

Noninterest income in the first quarter of 2026 decreased $7 million, or 1%, from 2025's fourth quarter.

•Mortgage banking revenues declined $28 million reflecting the impact of the Company's fair value accounting election described above that reduced residential mortgage banking revenues and lower gains on commercial mortgage loans originated for sale.

•Trading account and other non-hedging derivative gains decreased $5 million reflecting a decrease in revenues from interest rate swap transactions with commercial customers.

•Other revenues from operations increased $24 million reflecting a $33 million distribution from M&T's investment in BLG in the recent quarter, partially offset by lower merchant discount and credit card fees.

Noninterest income rose $78 million, or 13%, as compared with the first quarter of 2025.

•Mortgage banking revenues increased $9 million reflecting a rise in residential mortgage loan servicing income, partially offset by the impact of the Company's accounting election in 2026 described above.

•Service charges on deposit accounts increased $6 million reflecting higher commercial service charges.

•Trust income rose $6 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.

•Trading account and other non-hedging derivative gains increased $5 million reflecting higher revenues from interest rate swap transactions with commercial customers.

•Other revenues from operations increased $45 million reflecting a $33 million distribution from M&T's investment in BLG and higher letter of credit and other credit-related fees each in the recent quarter.


			First Quarter 2026 Results


Noninterest Expense


(Dollars in millions)	1Q26		4Q25		Change 1Q26 vs. 4Q25		1Q25		Change 1Q26 vs. 1Q25
Salaries and employee benefits	$	914	$	809	13	%	$	887	3	%
Equipment and net occupancy	133		134		—		132		—
Outside data processing and software	144		146		-2		136		5
Professional and other services	93		105		-11		84		11
FDIC assessments	23		(8)		—		23		—
Advertising and marketing	21		32		-35		22		-6
Amortization of core deposit and other intangible assets	9		10		-1		13		-27
Other costs of operations	101		151		-34		118		-15
Total	$	1,438	$	1,379	4		$	1,415	2

Noninterest expense rose $59 million, or 4%, from the fourth quarter of 2025.

•Salaries and employee benefits expense increased $105 million reflecting $115 million of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expenses and the impact of annual merit increases, partially offset by two less working days and lower employee staffing levels in the first quarter of 2026.

•Professional and other services expense declined $12 million reflecting lower legal and review costs.

•Higher FDIC assessments reflect a reduction of estimated special assessment expense of $29 million in the fourth quarter of 2025.

•Advertising and marketing expense declined $11 million reflecting the seasonality of advertising campaigns.

•Other costs of operations decreased $50 million reflecting a contribution to The M&T Charitable Foundation of $30 million and the amortization associated with residential mortgage loan servicing right assets each in the fourth quarter of 2025.

Noninterest expense increased $23 million, or 2%, from the first quarter of 2025.

•Salaries and employee benefits expense increased $27 million reflecting higher salaries expense from annual merit and other increases and a rise in stock-based incentive compensation.

•Outside data processing and software costs rose $8 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.

•Professional and other services expense increased $9 million reflecting higher legal and review costs.

•Other costs of operations decreased $17 million reflecting the amortization associated with residential mortgage loan servicing right assets in the first quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.


Income Taxes

The Company's effective income tax rate was 23.0% in the first quarter of 2026, compared with 21.8% and 23.2% in the fourth and first quarters of 2025, respectively. The lower effective income tax rate in 2025's final quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns.


			First Quarter 2026 Results


Capital and Liquidity

	1Q26			4Q25		1Q25
CET1	10.33	%	(1)	10.84	%	11.50	%
Tier 1 capital	11.81		(1)	12.59		13.04
Total capital	13.61		(1)	14.44		14.50
Tangible capital – common	8.26			8.70		8.95

(1)Capital ratios at March 31, 2026 are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $224 million and $43 million, respectively, for the quarter ended March 31, 2026.

As a result of the Company's accounting election on January 1, 2026 to prospectively measure residential mortgage loan servicing right assets at fair value, the Company recorded an increase in capitalized servicing assets included in accrued interest and other assets of $263 million and a corresponding after-tax increase to retained earnings of $197 million, representing an 8 basis-point increase to CET1 capital on the election date.

M&T repurchased $1.25 billion of its common stock in accordance with its capital plan during the recent quarter, compared with $507 million and $662 million in the fourth quarter of 2025 and the first quarter of 2025, respectively.

The CET1 capital ratio for M&T was estimated at 10.33% as of March 31, 2026. M&T's total risk-weighted assets at March 31, 2026 are estimated to be $164.2 billion. Reflecting share repurchase activity and loan growth in the recent quarter, M&T's tangible common equity to tangible asset ratio at March 31, 2026 decreased 44 basis points from December 31, 2025.

While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on March 31, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.


Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss first quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ126. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday April 22, 2026, by calling (800) 723-5759 or (402) 220-2662 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.


About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.


			First Quarter 2026 Results


Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.


			First Quarter 2026 Results

Financial Highlights


	Three Months Ended
	March 31,
(Dollars in millions, except per share, shares in thousands)	2026			2025			Change

Performance
Net income	$	664		$	584		14	%
Net income available to common shareholders	620			547			13
Per common share:
Basic earnings	4.16			3.33			25
Diluted earnings	4.13			3.32			24
Cash dividends	1.50			1.35			11
Common shares outstanding:
Average - diluted	150,109			165,047			-9
Period end	146,917			162,552			-10
Return on (annualized):
Average total assets	1.26		%	1.14		%
Average common shareholders' equity	9.67			8.36
Taxable-equivalent net interest income	$	1,763		$	1,707		3
Yield on average earning assets	5.36		%	5.52		%
Cost of interest-bearing liabilities	2.33			2.70
Net interest spread	3.03			2.82
Contribution of interest-free funds	.68			.84
Net interest margin	3.71			3.66
Net charge-offs to average total net loans (annualized)	.31			.34
Net operating results (1)
Net operating income	$	671		$	594		13
Diluted net operating earnings per common share	4.18			3.38			24
Return on (annualized):
Average tangible assets	1.33		%	1.21		%
Average tangible common equity	14.51			12.53
Efficiency ratio	58.3			60.5

	At March 31,
Loan quality	2026			2025			Change
Nonaccrual loans	$	1,240		$	1,540		-19	%
Real estate and other foreclosed assets	27			34			-22
Total nonperforming assets	$	1,267		$	1,574		-20
Accruing loans past due 90 days or more (2)	$	646		$	384		68
Government guaranteed loans included in totals above:
Nonaccrual loans	$	85		$	69		22
Accruing loans past due 90 days or more	634			368			72
Nonaccrual loans to total loans	.89		%	1.14		%
Allowance for loan losses to total loans	1.53			1.63
Additional information
Period end common stock price	$	206.72		$	178.75		16
Full-service domestic banking offices (3)	930			955			-3
Full-time equivalent employees	21,866			22,291			-2

(1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 16.

(2) Predominantly government-guaranteed residential real estate loans.

(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.


			First Quarter 2026 Results

Financial Highlights, Five Quarter Trend


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in millions, except per share, shares in thousands)	2026			2025			2025			2025			2025
Performance
Net income	$	664		$	759		$	792		$	716		$	584
Net income available to common shareholders	620			718			754			679			547
Per common share:
Basic earnings	4.16			4.71			4.85			4.26			3.33
Diluted earnings	4.13			4.67			4.82			4.24			3.32
Cash dividends	1.50			1.50			1.50			1.35			1.35
Common shares outstanding:
Average - diluted	150,109			153,712			156,553			160,005			165,047
Period end	146,917			151,840			154,518			156,532			162,552
Return on (annualized):
Average total assets	1.26		%	1.41		%	1.49		%	1.37		%	1.14		%
Average common shareholders' equity	9.67			10.87			11.45			10.39			8.36
Taxable-equivalent net interest income	$	1,763		$	1,790		$	1,773		$	1,722		$	1,707
Yield on average earning assets	5.36		%	5.46		%	5.59		%	5.51		%	5.52		%
Cost of interest-bearing liabilities	2.33			2.51			2.71			2.71			2.70
Net interest spread	3.03			2.95			2.88			2.80			2.82
Contribution of interest-free funds	.68			.74			.80			.82			.84
Net interest margin	3.71			3.69			3.68			3.62			3.66
Net charge-offs to average total net loans (annualized)	.31			.54			.42			.32			.34
Net operating results (1)
Net operating income	$	671		$	767		$	798		$	724		$	594
Diluted net operating earnings per common share	4.18			4.72			4.87			4.28			3.38
Return on (annualized):
Average tangible assets	1.33		%	1.49		%	1.56		%	1.44		%	1.21		%
Average tangible common equity	14.51			16.24			17.13			15.54			12.53
Efficiency ratio	58.3			55.1			53.6			55.2			60.5

	March 31,			December 31,			September 30,			June 30,			March 31,
Loan quality	2026			2025			2025			2025			2025
Nonaccrual loans	$	1,240		$	1,252		$	1,512		$	1,573		$	1,540
Real estate and other foreclosed assets	27			35			37			30			34
Total nonperforming assets	$	1,267		$	1,287		$	1,549		$	1,603		$	1,574
Accruing loans past due 90 days or more (2)	$	646		$	561		$	432		$	496		$	384
Government guaranteed loans included in totals above:
Nonaccrual loans	85			83			71			75			69
Accruing loans past due 90 days or more	634			543			403			450			368
Nonaccrual loans to total loans	.89		%	.90		%	1.10		%	1.16		%	1.14		%
Allowance for loan losses to total loans	1.53			1.53			1.58			1.61			1.63
Additional information
Period end common stock price	$	206.72		$	201.48		$	197.62		$	193.99		$	178.75
Full-service domestic banking offices (3)	930			942			942			941			955
Full-time equivalent employees	21,866			22,080			22,383			22,590			22,291

(2) Predominantly government-guaranteed residential real estate loans.

(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.


			First Quarter 2026 Results

Condensed Consolidated Statement of Income


	Three Months Ended
	March 31,
(Dollars in millions)	2026		2025		Change
Interest income	$	2,536	$	2,560	-1	%
Interest expense	784		865		-9
Net interest income	1,752		1,695		3
Provision for credit losses	140		130		8
Net interest income after provision for credit losses	1,612		1,565		3
Other income
Mortgage banking revenues	127		118		8
Service charges on deposit accounts	139		133		5
Trust income	183		177		3
Brokerage services income	35		32		9
Trading account and other non-hedging derivative gains	14		9		43
Gain (loss) on bank investment securities	4		—		—
Other revenues from operations	187		142		31
Total other income	689		611		13
Other expense
Salaries and employee benefits	914		887		3
Equipment and net occupancy	133		132		—
Outside data processing and software	144		136		5
Professional and other services	93		84		11
FDIC assessments	23		23		—
Advertising and marketing	21		22		-6
Amortization of core deposit and other intangible assets	9		13		-27
Other costs of operations	101		118		-15
Total other expense	1,438		1,415		2
Income before taxes	863		761		13
Income taxes	199		177		12
Net income	$	664	$	584	14	%


			First Quarter 2026 Results

Condensed Consolidated Statement of Income, Five Quarter Trend


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in millions)	2026		2025		2025		2025		2025
Interest income	$	2,536	$	2,637	$	2,680	$	2,609	$	2,560
Interest expense	784		858		919		896		865
Net interest income	1,752		1,779		1,761		1,713		1,695
Provision for credit losses	140		125		125		125		130
Net interest income after provision for credit losses	1,612		1,654		1,636		1,588		1,565
Other income
Mortgage banking revenues	127		155		147		130		118
Service charges on deposit accounts	139		140		141		137		133
Trust income	183		184		181		182		177
Brokerage services income	35		34		34		31		32
Trading account and other non-hedging derivative gains	14		19		18		12		9
Gain (loss) on bank investment securities	4		1		1		—		—
Other revenues from operations	187		163		230		191		142
Total other income	689		696		752		683		611
Other expense
Salaries and employee benefits	914		809		833		813		887
Equipment and net occupancy	133		134		129		130		132
Outside data processing and software	144		146		138		138		136
Professional and other services	93		105		81		86		84
FDIC assessments	23		(8)		13		22		23
Advertising and marketing	21		32		23		25		22
Amortization of core deposit and other intangible assets	9		10		10		9		13
Other costs of operations	101		151		136		113		118
Total other expense	1,438		1,379		1,363		1,336		1,415
Income before taxes	863		971		1,025		935		761
Income taxes	199		212		233		219		177
Net income	$	664	$	759	$	792	$	716	$	584


			First Quarter 2026 Results

Condensed Consolidated Balance Sheet


	March 31,
(Dollars in millions)	2026		2025		Change
ASSETS
Cash and due from banks	$	1,903	$	2,109	-10	%
Interest-bearing deposits at banks	14,445		20,656		-30

Trading account	92		96		-4
Investment securities	38,621		35,137		10
Loans:
Commercial and industrial	65,391		60,596		8
Real estate - commercial	23,345		25,867		-10
Real estate - residential	24,857		23,284		7
Consumer	26,321		24,827		6
Total loans	139,914		134,574		4
Less: allowance for loan losses	2,136		2,200		-3
Net loans	137,778		132,374		4
Goodwill	8,465		8,465		—
Core deposit and other intangible assets	55		93		-41
Other assets	13,377		11,391		17
Total assets	$	214,736	$	210,321	2	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	45,892	$	49,051	-6	%
Interest-bearing deposits	117,849		116,358		1

Total deposits	163,741		165,409		-1
Short-term borrowings	7,851		1,573		399
Long-term borrowings	11,175		10,496		6
Accrued interest and other liabilities	3,997		3,852		4
Total liabilities	186,764		181,330		3
Shareholders' equity:
Preferred	2,434		2,394		2
Common	25,538		26,597		-4
Total shareholders' equity	27,972		28,991		-4
Total liabilities and shareholders' equity	$	214,736	$	210,321	2	%


			First Quarter 2026 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend


	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in millions)	2026		2025		2025		2025		2025
ASSETS
Cash and due from banks	$	1,903	$	1,701	$	1,950	$	2,128	$	2,109
Interest-bearing deposits at banks	14,445		17,068		16,751		19,297		20,656

Trading account	92		97		95		93		96
Investment securities	38,621		36,649		36,864		35,568		35,137
Loans:
Commercial and industrial	65,391		63,548		61,887		61,660		60,596
Real estate - commercial	23,345		23,819		24,046		24,567		25,867
Real estate - residential	24,857		24,874		24,662		24,117		23,284
Consumer	26,321		26,461		26,379		25,772		24,827
Total loans	139,914		138,702		136,974		136,116		134,574
Less: allowance for loan losses	2,136		2,116		2,161		2,197		2,200
Net loans	137,778		136,586		134,813		133,919		132,374
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	55		64		74		84		93
Other assets	13,377		12,880		12,265		12,030		11,391
Total assets	$	214,736	$	213,510	$	211,277	$	211,584	$	210,321

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	45,892	$	46,509	$	44,994	$	47,485	$	49,051
Interest-bearing deposits	117,849		120,400		118,432		116,968		116,358

Total deposits	163,741		166,909		163,426		164,453		165,409
Short-term borrowings	7,851		2,149		2,059		2,071		1,573
Long-term borrowings	11,175		10,911		12,928		12,380		10,496
Accrued interest and other liabilities	3,997		4,364		4,136		4,155		3,852
Total liabilities	186,764		184,333		182,549		183,059		181,330
Shareholders' equity:
Preferred	2,434		2,834		2,394		2,394		2,394
Common	25,538		26,343		26,334		26,131		26,597
Total shareholders' equity	27,972		29,177		28,728		28,525		28,991
Total liabilities and shareholders' equity	$	214,736	$	213,510	$	211,277	$	211,584	$	210,321


			First Quarter 2026 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates


	Three Months Ended												Change in Balance
	March 31,				December 31,				March 31,				March 31, 2026 from
	2026				2025				2025				December 31,		March 31,
(Dollars in millions)	Balance		Rate		Balance		Rate		Balance		Rate		2025		2025
ASSETS
Interest-bearing deposits at banks	$	16,231	3.71	%	$	17,964	3.98	%	$	19,695	4.48	%	-10	%	-18	%

Trading account	95		3.44		97		3.42		97		3.42		-2		-3
Investment securities	37,845		4.26		36,705		4.17		34,480		4.00		3		10
Loans:
Commercial and industrial	63,804		6.00		62,257		6.22		61,056		6.36		2		5
Real estate - commercial	23,496		6.03		24,101		6.21		26,259		6.16		-3		-11
Real estate - residential	24,817		4.56		24,765		4.60		23,176		4.44		—		7
Consumer	26,306		6.48		26,477		6.58		24,353		6.57		-1		8
Total loans	138,423		5.86		137,600		6.00		134,844		6.06		1		3
Total earning assets	192,594		5.36		192,366		5.46		189,116		5.52		—		2
Goodwill	8,465				8,465				8,465				—		—
Core deposit and other intangible assets	59				69				92				-14		-35
Other assets	12,710				11,991				10,648				6		19
Total assets	$	213,828			$	212,891			$	208,321			—	%	3	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$	106,593	1.84	%	$	107,287	2.04	%	$	101,564	2.20	%	-1	%	5	%
Time deposits	13,128		3.01		13,586		3.18		14,220		3.54		-3		-8
Total interest-bearing deposits	119,721		1.96		120,873		2.17		115,784		2.37		-1		3
Short-term borrowings	5,695		3.86		2,064		4.21		2,869		4.52		176		98
Long-term borrowings	11,064		5.49		12,555		5.51		11,285		5.65		-12		-2
Total interest-bearing liabilities	136,480		2.33		135,492		2.51		129,938		2.70		1		5
Noninterest-bearing deposits	44,547				44,184				45,436				1		-2
Other liabilities	4,153				4,245				3,949				-2		5
Total liabilities	185,180				183,921				179,323				1		3
Shareholders' equity	28,648				28,970				28,998				-1		-1
Total liabilities and shareholders' equity	$	213,828			$	212,891			$	208,321			—	%	3	%
Net interest spread			3.03				2.95				2.82
Contribution of interest-free funds			.68				.74				.84
Net interest margin			3.71	%			3.69	%			3.66	%


			First Quarter 2026 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2026			2025			2025			2025			2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	664		$	759		$	792		$	716		$	584
Amortization of core deposit and other intangible assets (1)	7			8			6			8			10

Net operating income	$	671		$	767		$	798		$	724		$	594
Earnings per common share
Diluted earnings per common share	$	4.13		$	4.67		$	4.82		$	4.24		$	3.32
Amortization of core deposit and other intangible assets (1)	.05			.05			.05			.04			.06

Diluted net operating earnings per common share	$	4.18		$	4.72		$	4.87		$	4.28		$	3.38
Other expense
Other expense	$	1,438		$	1,379		$	1,363		$	1,336		$	1,415
Amortization of core deposit and other intangible assets	(9)			(10)			(10)			(9)			(13)

Noninterest operating expense	$	1,429		$	1,369		$	1,353		$	1,327		$	1,402










Efficiency ratio
Noninterest operating expense (numerator)	$	1,429		$	1,369		$	1,353		$	1,327		$	1,402
Taxable-equivalent net interest income	$	1,763		$	1,790		$	1,773		$	1,722		$	1,707
Other income	689			696			752			683			611
Less: Gain (loss) on bank investment securities	4			1			1			—			—
Denominator	$	2,448		$	2,485		$	2,524		$	2,405		$	2,318
Efficiency ratio	58.3		%	55.1		%	53.6		%	55.2		%	60.5		%
Balance sheet data
Average assets
Average assets	$	213,828		$	212,891		$	211,053		$	210,261		$	208,321
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(59)			(69)			(79)			(89)			(92)
Deferred taxes	19			22			24			26			27
Average tangible assets	$	205,323		$	204,379		$	202,533		$	201,733		$	199,791
Average common equity
Average total equity	$	28,648		$	28,970		$	28,583		$	28,666		$	28,998
Preferred stock	(2,576)			(2,691)			(2,394)			(2,394)			(2,394)
Average common equity	26,072			26,279			26,189			26,272			26,604
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(59)			(69)			(79)			(89)			(92)
Deferred taxes	19			22			24			26			27
Average tangible common equity	$	17,567		$	17,767		$	17,669		$	17,744		$	18,074
At end of quarter
Total assets
Total assets	$	214,736		$	213,510		$	211,277		$	211,584		$	210,321
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(55)			(64)			(74)			(84)			(93)
Deferred taxes	18			20			23			25			26
Total tangible assets	$	206,234		$	205,001		$	202,761		$	203,060		$	201,789
Total common equity
Total equity	$	27,972		$	29,177		$	28,728		$	28,525		$	28,991
Preferred stock	(2,434)			(2,834)			(2,394)			(2,394)			(2,394)

Common equity	25,538			26,343			26,334			26,131			26,597
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(55)			(64)			(74)			(84)			(93)
Deferred taxes	18			20			23			25			26
Total tangible common equity	$	17,036		$	17,834		$	17,818		$	17,607		$	18,065

(1) After any related tax effect.

Earnings Results 1st Quarter 2026 April 15, 2026 Exhibit 99.2

2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“SEC”). Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/ financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Forward-Looking Statements and Non-GAAP Financial Measures

3 Our Customers Delivering the people, capital and ideas that empower our customers in the moments that matter most in their lives. Our Communities M&T is a bank for communities, an engine for local economic development through relationship-building. Our Colleagues We empower our employees to be the best versions of themselves through integrity and empathy. We are committed to Our Shareholders We deliver reliable results anchored by a strong balance sheet that protects and builds investor value across economic cycles. Together, We are M&T Bank

Operational Excellence Alignment and integration across markets, lines of business and platform capabilities will accelerate regional bank growth. 4 2026 Enterprise Priorities Teaming for Growth • Make it easy for clients to do business with us • Ensure all markets and clients experience us as one bank • Empower leaders to lead across businesses • Win in the markets and businesses where we operate • Drive more integration and collaboration in service of growth Deliver industry-leading service, scale and value through intelligent, simplified operations that empower the businesses and clients we support and help us to maintain and improve the bank’s profitability. • Build scalable infrastructure that enables sustainable growth • Deliver consistent, fast and customer centric experiences across the enterprise • Drive operational efficiency while maintaining quality and risk standards • Strengthen critical skills and leadership capabilities for a modern organization ✔ Grow revenue per employee through productivity and capacity r redeployment ✔ Faster completion of essential processes ✔ Improve customer satisfaction scores ✔ Enhanced employee engagement results regarding tools and resources n needed to do the job ✔ Primary checking account and deposit growth ✔ New England regions lead in deposit and loan growth ✔ Increased revenue per Relationship Manager ✔ Increase Wealth referral volume and penetration ✔ Top 5 SBA ranking in New England markets ✔ Increased Mortgage Originations Objectives Objectives Outcomes Outcomes

Key Awards and Accolades Received 13 “Best Bank” Awards across Small Business and Middle-Market Categories Small Business • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank for Customer Service (U.S.) • Best Bank for Ease of Doing Business (U.S.) • Best Bank for Trust (U.S.) Middle Market • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank for Satisfaction with RM (U.S.) • Best Bank for Trust (U.S.) The Most Powerful Women in Finance: Meghan Shue, Wilmington Trust The Most Powerful Women in Banking’s Top Teams: Wilmington Trust 2025 All-America Executive Team Received #1 Ranking among Large Cap Banks and Placed in the Top 10 across All U.S. Banks • Best CEO – Rene Jones • Best CFO – Daryl Bible • Best Company Board – M&T Bank • Best ESG Program – M&T Bank • Best Investor/Analyst Event – M&T Bank • Best IR Program – M&T Bank • Best IR Team – M&T Bank Jennifer Warren, CEO, Wilmington Trust CEO of the Year Clearing & Custodial Firms Received #1 Ranking among U.S. Companies 5

6 Financial Results

7 • Diluted EPS increased +24% YoY • Return on Assets increased +12 bps YoY • Return on Common Equity increased +131 bps YoY • Net Interest Margin increased +2 bps QoQ and +5 bps YoY Notable items ($ in millions, except per share) 1Q26 4Q25 1Q25 Amt(1) EPS Amt(1) EPS Amt(1) EPS FDIC Special Assessment $— $— $29 $0.14 $— $— Charitable Contribution(2) — — (30) (0.15) — — First Quarter 2026 Earnings Highlights GAAP ($ in millions, except per share) 1Q26 4Q25 1Q25 Revenues $2,441 $2,475 $2,306 Noninterest Expense 1,438 1,379 1,415 Provision for Credit Losses 140 125 130 Net Income 664 759 584 Diluted EPS 4.13 4.67 3.32 Return on Assets 1.26% 1.41% 1.14% Return on Common Equity 9.67 10.87 8.36 Net Interest Margin 3.71 3.69 3.66 Net Charge-offs % Avg Loans .31 .54 .34 Note: (1) Amounts presented before any related tax effect. (2) Included in other costs of operations.

8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. First Quarter 2026 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 1Q26 4Q25 1Q25 Net Operating Income $671 $767 $594 Diluted Net Operating EPS 4.18 4.72 3.38 Efficiency Ratio 58.3% 55.1% 60.5% Net Operating ROTA 1.33 1.49 1.21 Net Operating ROTCE 14.51 16.24 12.53 Tangible Book Value per Share(2) $115.96 $117.45 $111.13 • Diluted Net Operating EPS increased +24% YoY • Net Operating ROTA increased +12 bps YoY • Net Operating ROTCE increased +198 bps YoY • Tangible Book Value per Share increased +4% YoY

9 Net Interest Income(1) & Net Interest Margin Note: (1) 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. (2) See Appendix for reconciliation of this adjusted measure. $ IN M IL LI O N S $1,707 $1,722 $1,773 $1,790 $1,763 3.66% 3.62% 3.68% 3.69% 3.71% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 1Q25 2Q25 3Q25 4Q25 1Q26 QoQ Drivers • Taxable-equivalent net interest income(1) decreased -$27 million or -2% QoQ – Two less calendar days in the recent quarter • Net interest margin rose +2 bps QoQ to 3.71% – Net higher asset-liability spread from continued fixed asset repricing, redeployment of cash to securities and deposit pricing discipline (+5 bps) – A favorable impact from interest rate swap agreements (+3 bps) – Partially offset by lower contribution of net interest-free funds (-6 bps)2Q25 Adjusted NIM was 3.66(2)

10 • Capital levels strong with CET1 capital ratio of 10.33%(2) • Repurchased $1.2 billion(3) of common shares in 1Q26 Change 1Q26 vs Average Balances, $ in billions, except per share 1Q26 4Q25 1Q25 4Q25 1Q25 Interest-bearing Deposits at Banks $16.2 $18.0 $19.7 -10% -18% Investment Securities 37.8 36.7 34.5 3 10 Commercial and Industrial (“C&I”) 63.8 62.2 61.0 2 5 Commercial Real Estate (“CRE”) 23.5 24.1 26.3 -3 -11 Residential Real Estate ("RRE") 24.8 24.8 23.2 — 7 Consumer 26.3 26.5 24.3 -1 8 Total Loans 138.4 137.6 134.8 1 3 Earning Assets 192.6 192.4 189.1 — 2 Deposits 164.3 165.1 161.2 — 2 Borrowings 16.8 14.6 14.2 15 18 Common Shareholders’ Equity 26.1 26.3 26.6 -1 -2 As of Quarter End Common Shareholders' Equity per Share $173.82 $173.49 $163.62 —% 6% Tangible Equity per Common Share(1) 115.96 117.45 111.13 -1 4 Tangible Common Equity / Tangible Assets(1) 8.26 % 8.70 % 8.95 % -44 bps -69 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.33 10.84 11.50 -51 bps -117 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) March 31, 2026 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax. (2)

11 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$823 million QoQ: • C&I loans grew +2% (+$1.5 billion) reflecting growth in middle market, business banking and several of our specialty businesses • Consumer loans decreased -1% (-$171 million) • CRE loans declined -3% (-$605 million) $ IN B IL LI O N S $61.0 $61.0 $61.7 $62.2 $63.8 $26.3 $25.3 $24.3 $24.1 $23.5 $23.2 $23.7 $24.4 $24.8 $24.8 $24.3 $25.4 $26.1 $26.5 $26.3 $134.8 $135.4 $136.5 $137.6 $138.4 6.06% 6.11% 6.14% 6.00% 5.86% C&I CRE RRE Consumer Total Loans Total Loan Yield 1Q25 2Q25 3Q25 4Q25 1Q26

12 Balance Sheet – Securities and Invested Cash Liquidity Coverage Ratio was 107%(2) on March 31, 2026 Duration Pre-tax Unrealized Gain/(Loss) AFS ~3.1 years $9 million HTM ~5.2 years ($764 million) Total Debt Securities ~3.8 years ($755 million) $ IN B IL LI O N S Average Investment Securities and Yield $34.5 $35.3 $36.6 $36.7 $37.8 4.00% 3.81% 4.13% 4.17% 4.26% 1Q25 2Q25 3Q25 4Q25 1Q26 Interest- bearing deposits at banks 27% Other Securities 2% HTM Securities 23% AFS Securities 48% $53.1B TOTAL 2Q25 Adjusted Yield was 4.03%(1) Securities and Invested Cash at 3/31/26 Note: (1) See Appendix for reconciliation of this adjusted measure. (2) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on March 31, 2026 exceeded the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

13 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$789 million QoQ: • Interest-bearing deposit cost decreased -21 bps – 56% cumulative deposit beta since 3Q24 • Average interest-bearing deposits declined -$1.2 billion • Average noninterest-bearing deposits increased +$363 million $ IN B IL LI O N S $45.4 $45.1 $44.0 $44.2 $44.6 $101.6 $104.0 $104.7 $107.3 $106.6 $14.2 $14.3 $14.0 $13.6 $13.1 $161.2 $163.4 $162.7 $165.1 $164.3 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Total deposit cost 1.70% 1.72% 1.72% 1.59% 1.43% Interest-bearing deposit cost 2.37% 2.38% 2.36% 2.17% 1.96%

14 $ IN M IL LI O N S $611 $683 $752 $696 $689 Noninterest Income 1Q25 2Q25 3Q25 4Q25 1Q26 Change 1Q26 vs $ in millions 1Q26 4Q25 1Q25 4Q25 1Q25 Mortgage Banking Revenues $127 $155 $118 -18% 8% Service Charges on Deposits 139 140 133 -1 5 Trust Income 183 184 177 -1 3 Brokerage Services 35 34 32 3 9 Non-hedge Derivatives / Trading 14 19 9 -26 43 Securities Gain/(Loss) 4 1 — 238 — Other Revenues from Operations 187 163 142 14 31 Noninterest Income $689 $696 $611 -1% 13% Income Statement – Noninterest Income Noninterest income decreased -$7 million or -1% QoQ: • Mortgage banking revenues declined -$28 million QoQ: – On January 1, 2026, the Company elected to prospectively measure residential mortgage loan servicing right assets ("MSRs") at fair value – Residential mortgage banking revenues declined -$16 million reflecting the passage of time on the fair value of MSRs – Commercial mortgage banking revenues declined -$12 million from lower volume • Trading account and other non-hedging derivative gains decreased -$5 million reflecting lower revenues from interest rate swap transactions with commercial customers • Other revenues from operations increased +$24 million QoQ: – +$33 million distribution from M&T's investment in BLG – Partially offset by lower merchant discount and credit card fees QoQ Drivers

15 $ IN M IL LI O N S $1,402 $1,327 $1,353 $1,369 $1,429 $1,415 $1,336 $1,363 $1,379 $1,438 60.5% 55.2% 53.6% 55.1% 58.3% Operating Noninterest Expense(1) Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 1Q25 2Q25 3Q25 4Q25 1Q26 Change 1Q26 vs $ in millions 1Q26 4Q25 1Q25 4Q25 1Q25 Salaries & Employee Benefits(2) $914 $809 $887 13% 3% Equipment & Net Occupancy 133 134 132 — — Outside Data Proc & Software 144 146 136 -2 5 Professional & Other Services 93 105 84 -11 11 FDIC Assessments 23 (8) 23 — — Advertising & Marketing 21 32 22 -35 -6 Other Costs of Operations 101 151 118 -34 -15 Operating Expense(1) 1,429 1,369 1,402 4 2 Intangible Amortization 9 10 13 -1 -27 Total Noninterest Expense $1,438 $1,379 $1,415 4% 2% Income Statement – Noninterest Expenses Noninterest expense increased +$59 million or +4% QoQ: • Salaries and employee benefits expense increased +$105 million reflecting: – $115 million of seasonally higher personnel expenses, partially offset by two less working days and lower employee staffing levels in the recent quarter • Professional and other services expense declined -$12 million reflecting lower legal and review costs Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP and adjusted measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Severance-related charges for 1Q26, 4Q25 and 1Q25 were $4 million, $6 million and $4 million, respectively. QoQ Drivers Adjusted Efficiency 54.5%(1) Adjusted Efficiency 55.3%(1) Adjusted Efficiency 55.0%(1) • Higher FDIC assessments reflect a reduction of estimated special assessment expense of $29 million in the fourth quarter of 2025 • Advertising and marketing expense declined -$11 million reflecting the seasonality of advertising campaigns • Other costs of operations decreased -$50 million due to the following fourth quarter activity: – A contribution to The M&T Charitable Foundation of $30 million – Amortization of residential MSRs

16 $ IN M IL LI O N S Nonaccrual Loans $1,540 $1,573 $1,512 $1,252 $1,240 1.14% 1.16% 1.10% 0.90% 0.89% Nonaccrual Loans ($) Nonaccrual Loans (%) 1Q25 2Q25 3Q25 4Q25 1Q26 $ IN M IL LI O N S Net Charge-offs $114 $108 $146 $185 $105 0.34% 0.32% 0.42% 0.54% 0.31% Net Charge-offs ($) Net Charge-off Ratio (%) 1Q25 2Q25 3Q25 4Q25 1Q26 Credit $ IN M IL LI O N S Allowance for Loan Losses $2,200 $2,197 $2,161 $2,116 $2,136 1.63% 1.61% 1.58% 1.53% 1.53% Allowance for Loan Losses ($) Allowance for Loan Losses (%) 1Q25 2Q25 3Q25 4Q25 1Q26 $ IN M IL LI O N S Provision for Credit Losses $130 $125 $125 $125 $140 $130 $105 $110 $140 $125$20 $15 -$15 $15 Provision for Loan Losses Provision for Unfunded Credit Commitments 1Q25 2Q25 3Q25 4Q25 1Q26

17 Criticized C&I and CRE Loans Criticized loans decreased -$706 million QoQ: • C&I decreased -$306 million • CRE decreased -$400 million – Permanent CRE -$140 million – Construction -$260 million • 96% of criticized accrual loans are current $ IN B IL LI O N S $9.4 $8.4 $7.8 $7.3 $6.6 10.9% 9.7% 9.0% 8.3% 7.4% Criticized Criticized % of C&I and CRE Loans 1Q25 2Q25 3Q25 4Q25 1Q26

Loans to Nondepository Financial Institutions Mortgage Credit Intermediaries Institutional CRE, Residential Mortgage Warehouse, Mortgage Servicing Rights ("MSR") Private Equity Funds Subscription Lines Business Credit Intermediaries Wholesale Lender Finance, Business Development Companies Consumer Credit Intermediaries Consumer Lender Finance Other loans to NDFIs All Other (e.g. insurance, broker/dealer) $6.5B $3.5B $2.0B $0.6B $0.8B Nondepository Financial Institutions(1) Loan Types Portfolio Characteristics Note: (1) Loans to NDFIs are estimates pending the filing of M&T Bank's Call Report and M&T Bank Corporation's FRY-9C. (2) Peer median as of 12/31/25 due to data availability. At 3/31/26 • M&T's loans to NDFIs represent 10% of loans, compared to peer median of 12%(2) • Concentrated in mortgage credit and private equity – Components centered around institutional CRE credit solutions, residential mortgage warehouse lines, MSR secured financing, and fund subscription lines – All of which have low loss profiles both internally and across the industry • M&T's private equity lending is entirely comprised of subscription lines $13.4 billion 10% of Total Loans 18

Loans to Business Credit Intermediaries • Comprised of non-bank platforms that originate and hold business credit using sponsored capital and wholesale funding rather than deposits. Portfolios are dispersed among many non-institutional lenders. – Business Development Companies - managed by established private credit firms with institutional governance and underwriting, operating under the Investment Company Act of 1940, which provides structural protections that benefit creditors – Business Leasing - leasing to a broad range of business types and collateralized by the full spectrum of fixed assets – Wholesale Lender Finance - provide funding to specialty lenders, including institutional lenders, generally under asset based lending structures $0.7B (35%) $0.6B (28%) $0.3B (17%) At 3/31/26 Business Leasing Other Business Credit Intermediaries $2.0 billion 15% of NDFI Loans Wholesale Lender Finance Obligor Types Business Credit Intermediaries(1) Note: (1) Loans to Business Credit Intermediaries are estimates pending the filing of M&T Bank's Call Report and M&T Bank Corporation's FRY-9C. Portfolio Characteristics Business Development Companies $0.4B (20%) 19

20 CET1 11.50% 10.99% 10.99% 10.84% 10.33% 1Q25 2Q25 3Q25 4Q25 1Q26 TBVPS $111.13 $112.48 $115.31 $117.45 $115.96 1Q25 2Q25 3Q25 4Q25 1Q26 Capital • CET1 capital ratio decreased to 10.33%(1) at the end of 1Q26 • Tangible book value per share decreased -1% to $115.96 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by +4 bps at the end of 1Q26 • The election to prospectively measure residential MSRs at fair value increased the CET1 capital ratio by +8 bps at January 1, 2026 Note: (1) CET1 capital ratio at March 31, 2026 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. QoQ Drivers (1) (2) Basel III - March 2026 Proposal • CET1 capital ratio at the end of 4Q25 would have increased an estimated +90 +/- bps under the standardized approach and an additional +10-20 bps under the expanded risk-based approach, excluding the impact of AOCI

21 2026 Outlook 2026 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $7.2 to $7.35 billion • Bottom half of the range for NII translates to NIM in the high 3.60s • Range dependent on loan growth, deposit trends, and shape of the yield curve Fee Income $2.675 to $2.775 billion • High end of the range • Broad-based growth across fee types and business lines GAAP Expense Includes intangible amortization $5.5 to $5.6 billion • High end of the range • Continued investment in enterprise initiatives and well-managed non-investment spend Net Charge-Offs % of Average Loans 40 basis points +/- Tax Rate Taxable-equivalent 24.0% +/- A ve ra ge B al an ce s Loans $140 to $142 billion • Point to point growth in each loan portfolio Deposits $165 to $167 billion • Focus on growing operational accounts and other customer deposits at a reasonable cost CET1 Capital Ratio 10.0% to 10.5%

22 Why invest in M&T? • Long term focused with deeply embedded culture • Business operated to represent the best interests of all key stakeholders • Energized colleagues consistently serving our customers and communities • A safe haven for our clients as proven during turbulent times and crisis • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Leading position in core markets • 15-17% ROTCE(1) • Robust dividend growth • 8% TBV per share growth(2) Source: FactSet, S&P Global, Company Filings. Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2020-2025, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2020-2025. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns

23 Appendix

24 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 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 M&T, 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. Appendix Note: (1) After any related tax effect. GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 1Q25 2Q25 3Q25 4Q25 1Q26 Net income Net income $584 $716 $792 $759 $664 Amortization of core deposits and other intangible assets (1) 10 8 6 8 7 Net operating income $594 $724 $798 $767 $671 Earnings per common share Diluted earnings per common share $3.32 $4.24 $4.82 $4.67 $4.13 Amortization of core deposits and other intangible assets (1) 0.06 0.04 0.05 0.05 0.05 Diluted net operating earnings per common share $3.38 $4.28 $4.87 $4.72 $4.18

25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 1Q25 2Q25 3Q25 4Q25 1Q26 Other expense Other expense $1,415 $1,336 $1,363 $1,379 $1,438 Amortization of core deposit and other intangible assets (13) (9) (10) (10) (9) Noninterest operating expense $1,402 $1,327 $1,353 $1,369 $1,429 Efficiency ratio Noninterest operating expense (numerator) $1,402 $1,327 $1,353 $1,369 $1,429 Taxable-equivalent net interest income $1,707 $1,722 $1,773 $1,790 $1,763 Other income 611 683 752 696 689 Less: Gain (loss) on bank investment securities — — 1 1 4 Denominator $2,318 $2,405 $2,524 $2,485 $2,448 Efficiency ratio 60.5 % 55.2 % 53.6 % 55.1 % 58.3 %

26 Appendix In millions 1Q25 2Q25 3Q25 4Q25 1Q26 Average assets Average assets $208,321 $210,261 $211,053 $212,891 $213,828 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (92) (89) (79) (69) (59) Deferred taxes 27 26 24 22 19 Average tangible assets $199,791 $201,733 $202,533 $204,379 $205,323 Average common equity Average total equity $28,998 $28,666 $28,583 $28,970 $28,648 Preferred stock (2,394) (2,394) (2,394) (2,691) (2,576) Average common equity 26,604 26,272 26,189 26,279 26,072 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (92) (89) (79) (69) (59) Deferred taxes 27 26 24 22 19 Average tangible common equity $18,074 $17,744 $17,669 $17,767 $17,567 GAAP to Tangible (Non-GAAP) Reconciliation

27 Appendix In millions 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Total assets Total assets $210,321 $211,584 $211,277 $213,510 $214,736 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (93) (84) (74) (64) (55) Deferred taxes 26 25 23 20 18 Total tangible assets $201,789 $203,060 $202,761 $205,001 $206,234 Total common equity Total equity $28,991 $28,525 $28,728 $29,177 $27,972 Preferred stock (2,394) (2,394) (2,394) (2,834) (2,434) Common equity 26,597 26,131 26,334 26,343 25,538 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (93) (84) (74) (64) (55) Deferred taxes 26 25 23 20 18 Total tangible common equity $18,065 $17,607 $17,818 $17,834 $17,036 GAAP to Tangible (Non-GAAP) Reconciliation

28 Appendix Reconciliation of Adjusted Metrics In millions, except per share 1Q25 2Q25 3Q25 4Q25 1Q26 Taxable-equivalent net interest income - Adjusted Taxable-equivalent net interest income $1,722 Premium amortization for acquired securities 20 Taxable-equivalent net interest income - Adjusted $1,742 Net interest margin - Adjusted(1) Net interest margin 3.62% Premium amortization for acquired securities 0.04 Net interest margin - Adjusted 3.66% Yield on investment securities(2) 3.81% Premium amortization for acquired securities 0.22 Yield on investment securities - Adjusted 4.03% Note: (1) Net interest margin is calculated on average earning assets of $190.5 billion in 2Q25. (2) Yields on investment securities are calculated on average investment securities of $35.3 billion in 2Q25. M&T is providing supplemental reporting of its results on a “Adjusted” basis, from which M&T excludes the after-tax effect of certain notable items of significance. Although “ Adjusted” income and expense as presented by M&T is not a GAAP measure, M&T management believes that this information helps investors understand the effect of such notable items in reported results.

29 Appendix Reconciliation of Adjusted Metrics In millions 1Q25 2Q25 3Q25 4Q25 1Q26 Other income - Adjusted Other income $683 $752 $696 Gain on sale of out-of-footprint loan portfolio (15) — — Gain on sale of institutional services subsidiary (10) — — Earnout payment related to 2023 sale of CIT business — (28) — Other income - Adjusted $658 $724 $696 Noninterest operating expense - Adjusted Noninterest operating expense $1,327 $1,353 $1,369 Charitable contribution — — (30) FDIC Special Assessment — 8 29 Noninterest operating expense - Adjusted $1,327 $1,361 $1,368 Efficiency ratio - Adjusted Noninterest operating expense (numerator) - Adjusted $1,327 $1,361 $1,368 Taxable-equivalent net interest income - Adjusted 1,742 1,773 1,790 Other income - Adjusted 658 724 696 Less: Gain (loss) on bank investment securities — — 1 Denominator $2,400 $2,497 $2,485 Efficiency ratio - Adjusted 55.3% 54.5% 55.0%

Source: View Original Filing on SEC EDGAR

FAQ

How did M&T Bank (MTB) perform financially in Q1 2026?

M&T Bank reported net income of $664 million in Q1 2026, up 14% year over year, and diluted EPS of $4.13, up 24%. Revenue reached $2.44 billion, with 3% growth in taxable-equivalent net interest income and 13% higher noninterest income.

What happened to M&T Bank’s net interest margin and loan balances in Q1 2026?

Net interest margin improved to 3.71% in Q1 2026 from 3.66% a year earlier as funding costs declined. Average loans increased to $138.4 billion, up 3% year over year, with growth in commercial and industrial, residential real estate and consumer loans offset by lower commercial real estate balances.

How strong were M&T Bank’s credit quality metrics in Q1 2026?

Credit quality remained solid, with net charge-offs at 0.31% of average loans, down from 0.34% a year earlier. Nonaccrual loans declined to 0.89% of total loans, while the allowance for loan losses stayed at 1.53% of loans, reflecting stable reserve coverage.

What capital and liquidity levels did M&T Bank (MTB) report for March 31, 2026?

At March 31, 2026, M&T reported an estimated Common Equity Tier 1 capital ratio of 10.33% and total risk-weighted assets of $164.2 billion. It also estimated a liquidity coverage ratio of 107%, above the regulatory minimum that would apply under Category III requirements.

How much stock did M&T Bank repurchase in Q1 2026 and what was the impact?

M&T repurchased 5.5 million common shares for $1.25 billion in Q1 2026 under its capital plan. These buybacks, alongside dividends, reduced common shareholders’ equity but still left the bank with a CET1 ratio above 10% and tangible common equity of $17.0 billion.

What is M&T Bank’s 2026 outlook for net interest income and credit costs?

For 2026, M&T projects taxable-equivalent net interest income of $7.2–$7.35 billion and fee income of $2.675–$2.775 billion. Management expects net charge-offs around 0.40% of average loans and a taxable-equivalent effective tax rate near 24% for the year.

Filing Exhibits & Attachments

6 documents

Earnings rise at M&T Bank (NYSE: MTB) as Q1 2026 margin and capital stay strong

Rhea-AI Filing Summary

Positive

Negative

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8-K Event Classification

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Earnings Snapshot

FAQ

How did M&T Bank (MTB) perform financially in Q1 2026?

What happened to M&T Bank’s net interest margin and loan balances in Q1 2026?

How strong were M&T Bank’s credit quality metrics in Q1 2026?

What capital and liquidity levels did M&T Bank (MTB) report for March 31, 2026?

How much stock did M&T Bank repurchase in Q1 2026 and what was the impact?

What is M&T Bank’s 2026 outlook for net interest income and credit costs?

Filing Exhibits & Attachments

Press Releases

Other Documents

Earnings rise at M&T Bank (NYSE: MTB) as Q1 2026 margin and capital stay strong

Rhea-AI Filing Summary

Positive

Negative

Insights

Bank equity analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did M&T Bank (MTB) perform financially in Q1 2026?

What happened to M&T Bank’s net interest margin and loan balances in Q1 2026?

How strong were M&T Bank’s credit quality metrics in Q1 2026?

What capital and liquidity levels did M&T Bank (MTB) report for March 31, 2026?

How much stock did M&T Bank repurchase in Q1 2026 and what was the impact?

What is M&T Bank’s 2026 outlook for net interest income and credit costs?

Filing Exhibits & Attachments

Press Releases

Other Documents