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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): October 16, 2025
___________________________________
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
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 October 16, 2025, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended September 30, 2025. 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 October 16, 2025, 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
99.2
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: October 16, 2025
By:
 /s/ Daryl N. Bible
Daryl N. Bible
Senior Executive Vice President
and Chief Financial Officer


EX-99.1 2 ex991release3q25.htm EX-99.1 Document
Exhibit 99.1
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News Release
 One M&T Plaza, Buffalo, NY 14203 October 16, 2025
M&T Bank Corporation (NYSE:MTB) announces third quarter 2025 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $792 million or $4.82 of diluted earnings per common share.
(Dollars in millions, except per share data) 3Q25 2Q25 3Q24
Earnings Highlights
Net interest income $ 1,761  $ 1,713  $ 1,726 
Taxable-equivalent adjustment 12  9  13 
Net interest income - taxable-equivalent 1,773  1,722  1,739 
Provision for credit losses 125  125  120 
Noninterest income 752  683  606 
Noninterest expense 1,363  1,336  1,303 
Net income 792  716  721 
Net income available to common shareholders - diluted 754  679  674 
Diluted earnings per common share 4.82  4.24  4.02 
Return on average assets - annualized 1.49  % 1.37  % 1.37  %
Return on average common shareholders' equity - annualized 11.45  10.39  10.26 
Average Balance Sheet
Total assets $ 211,053  $ 210,261  $ 209,581 
Interest-bearing deposits at banks 17,739  19,698  25,491 
Investment securities 36,559  35,335  31,023 
Loans 136,527  135,407  134,751 
Deposits 162,706  163,406  161,505 
Borrowings 15,633  14,263  15,428 
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin 3.68  % 3.62  % 3.62  %
Efficiency ratio (1) 53.6  55.2  55.0 
Net charge-offs to average total loans - annualized .42  .32  .35 
Allowance for loan losses to total loans 1.58  1.61  1.62 
Nonaccrual loans to total loans 1.10  1.16  1.42 
Common equity Tier 1 ("CET1") capital ratio (2) 10.99  10.99  11.54 
Common shareholders' equity per share $ 170.43  $ 166.94  $ 159.38 
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at September 30, 2025 is estimated.
Financial Highlights
•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 asset and interest-bearing liability 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 Financial, Inc.
•Average loans in the recent quarter reflect higher average balances of commercial and industrial, consumer and residential real estate loans, partially offset by a lower average balance of commercial real estate loans.
•Higher noninterest income reflects a distribution of an earnout payment of $28 million related to the Company's 2023 sale of its Collective Investment Trust ("CIT") business, a $20 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), higher mortgage banking revenues and a gain on the sale of equipment leases, 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.
•The increase in noninterest expense was primarily attributed to higher severance-related expense, an impairment of a renewable energy tax credit investment and a rise in expenses associated with the Company's supplemental executive retirement savings plan.
•Reflecting improved asset quality, the allowance for loan losses as a percentage of total loans declined 3 basis points to 1.58% at September 30, 2025.
•M&T repurchased 2.1 million shares of its common stock during the recent quarter for a total cost of $409 million, compared with 6.1 million shares for a total cost of $1.1 billion in the second quarter of 2025. M&T's CET1 capital ratio is estimated to be 10.99% at September 30, 2025.
Chief Financial Officer Commentary
"M&T's businesses generated strong fee income in 2025 and contributed to M&T's earnings growth in the recent quarter. Our improved credit quality and loan growth each reflect the dedication of our teams to prudent lending in service of our customers and communities. We continued to return capital to our investors including an 11% increase in quarterly dividends on M&T's common stock. Our results are a reflection of M&T's commitment to finding solutions for a diverse customer base and making a difference in people's lives."

- Daryl N. Bible, M&T's Chief Financial Officer
Contact:
Investor Relations: Steve Wendelboe    716.842.5138
Media Relations: Frank Lentini     929.651.0447

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 Third Quarter 2025 Results

 Non-GAAP Measures (1)
(Dollars in millions, except per share data) 3Q25 2Q25 Change 3Q25 vs. 2Q25 3Q24 Change 3Q25 vs. 3Q24
Net operating income $ 798  $ 724  10  % $ 731  9  %
Diluted net operating earnings per common share 4.87  4.28  14  4.08  19 
Annualized return on average tangible assets 1.56  % 1.44  % 1.45  %
Annualized return on average tangible common equity 17.13  15.54  15.47 
Efficiency ratio 53.6  55.2  55.0 
Tangible equity per common share $ 115.31  $ 112.48  3  $ 107.97  7 

(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) 3Q25 2Q25 Change 3Q25 vs. 2Q25 3Q24 Change 3Q25 vs. 3Q24
Average earning assets $ 190,920  $ 190,535  —  % $ 191,366  —  %
Average interest-bearing liabilities 134,283  132,516  1  130,775  3 
Net interest income - taxable-equivalent 1,773  1,722  3  1,739  2 
Yield on average earning assets 5.59  % 5.51  % 5.82  %
Cost of interest-bearing liabilities 2.71  2.71  3.22 
Net interest spread 2.88  2.80  2.60 
Net interest margin 3.68  3.62  3.62 
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 asset and interest-bearing liability 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 Financial, Inc.

Taxable-equivalent net interest income increased $34 million as compared with the year-earlier third quarter reflecting favorable earning asset and interest-bearing liability repricing as net interest spread widened 28 basis points.
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 Third Quarter 2025 Results

 Average Earning Assets
(Dollars in millions) 3Q25 2Q25 Change 3Q25 vs. 2Q25 3Q24 Change 3Q25 vs. 3Q24
Interest-bearing deposits at banks $ 17,739  $ 19,698  -10  % $ 25,491  -30  %
Trading account 95  95  —  101  -6 
Investment securities 36,559  35,335  3  31,023  18 
Loans
Commercial and industrial 61,716  61,036  1  59,779  3 
Real estate - commercial 24,353  25,333  -4  29,075  -16 
Real estate - residential 24,359  23,684  3  22,994  6 
Consumer 26,099  25,354  3  22,903  14 
Total loans 136,527  135,407  1  134,751  1 
Total earning assets $ 190,920  $ 190,535  —  $ 191,366  — 
Average earning assets increased $385 million from the second quarter of 2025 reflecting purchases of investment securities and net loan fundings, partially offset by lower interest-bearing deposits at banks. Growth in commercial and industrial loans, primarily in loans to the financial and insurance industry, residential real estate loans and consumer loans, predominantly recreational finance loans, contributed to the increase in average loans in the recent quarter. Partially offsetting that loan growth was a decline in average commercial real estate loans of $980 million, reflecting payoffs and the full-quarter impact of the sale of an out-of-footprint residential builder and developer loan portfolio.
Average earning assets decreased $446 million from the third quarter of 2024. Average interest-bearing deposits at banks decreased $7.8 billion reflecting purchases of investment securities and loan growth, partially offset by higher average deposit balances. Average loan increases resulted from higher average commercial and industrial loans of $1.9 billion, reflecting growth in loans to the financial and insurance industry, an increase in average residential real estate loans of $1.4 billion, and higher average consumer loans of $3.2 billion, reflecting a rise in average balances of recreational finance and automobile loans. Partially offsetting those increases was a $4.7 billion decline in average commercial real estate loans.


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 Third Quarter 2025 Results


 Average Interest-bearing Liabilities
(Dollars in millions) 3Q25 2Q25 Change 3Q25 vs. 2Q25 3Q24 Change 3Q25 vs. 3Q24
Interest-bearing deposits
Savings and interest-checking deposits $ 104,660  $ 103,963  1  % $ 98,295  6  %
Time deposits 13,990  14,290  -2  17,052  -18 
Total interest-bearing deposits 118,650  118,253  —  115,347  3 
Short-term borrowings 2,844  3,327  -15  4,034  -30 
Long-term borrowings 12,789  10,936  17  11,394  12 
Total interest-bearing liabilities $ 134,283  $ 132,516  1  $ 130,775  3 
Average interest-bearing liabilities rose $1.8 billion from the second quarter of 2025. Higher average borrowings resulted from issuances of senior notes in the second quarter of 2025 and subordinated notes in the recent quarter, partially offset by lower average short-term borrowings from the FHLB of New York.
Average interest-bearing liabilities increased $3.5 billion from the third quarter of 2024, largely attributable to a $3.6 billion increase in non-brokered interest-bearing deposits. Average borrowings increased $205 million reflecting higher average long-term borrowings from issuances of senior and subordinated notes and other long-term debt since the third quarter of 2024, partially offset by lower average short-term and long-term borrowings from the FHLB of New York.

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 Third Quarter 2025 Results

Provision for Credit Losses/Asset Quality
(Dollars in millions) 3Q25 2Q25 Change
3Q25 vs. 2Q25		 3Q24 Change
3Q25 vs. 3Q24
At end of quarter
Nonaccrual loans $ 1,512  $ 1,573  -4  % $ 1,926  -21  %
Real estate and other foreclosed assets 37  30  23  37  — 
Total nonperforming assets 1,549  1,603  -3  1,963  -21 
Accruing loans past due 90 days or more (1) 432  496  -13  288  50 
Nonaccrual loans as % of loans outstanding 1.10  % 1.16  % 1.42  %
Allowance for loan losses $ 2,161  $ 2,197  -2  $ 2,204  -2 
Allowance for loan losses as % of loans outstanding 1.58  % 1.61  % 1.62  %
Reserve for unfunded credit commitments $ 95  $ 80  19  $ 60  59 
For the period
Provision for loan losses $ 110  $ 105  5  $ 120  -8 
Provision for unfunded credit commitments 15  20  -25  —  100 
Total provision for credit losses 125  125  —  120  4 
Net charge-offs 146  108  34  120  21 
Net charge-offs as % of average loans (annualized) .42  % .32  % .35  %

(1)Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $125 million in each of the third and second quarters of 2025, compared with $120 million in the third quarter of 2024. The allowance for loan losses as a percentage of loans outstanding decreased from 1.61% at June 30, 2025 to 1.58% at September 30, 2025 reflecting lower levels of criticized commercial real estate loans. Net charge-offs totaled $146 million in 2025's third quarter as compared with $108 million in 2025's second quarter and $120 million in the year-earlier third quarter, representing .42%, .32% and .35%, respectively, of average loans outstanding.
Nonaccrual loans were $1.5 billion at September 30, 2025, compared with $1.6 billion at June 30, 2025 and $1.9 billion at September 30, 2024. The lower level of nonaccrual loans at the two most recent quarter ends as compared with September 30, 2024 predominantly reflects decreases in commercial real estate, commercial and industrial and consumer nonaccrual loans.
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 Third Quarter 2025 Results

 Noninterest Income
(Dollars in millions) 3Q25 2Q25 Change 3Q25 vs. 2Q25 3Q24 Change 3Q25 vs. 3Q24
Mortgage banking revenues $ 147  $ 130  13  % $ 109  36  %
Service charges on deposit accounts 141  137  2  132  7 
Trust income 181  182  -1  170  7 
Brokerage services income 34  31  9  32  9 
Trading account and other non-hedging derivative gains 18  12  66  13  34 
Gain (loss) on bank investment securities 1  —  —  (2) — 
Other revenues from operations 230  191  21  152  50 
Total $ 752  $ 683  10  $ 606  24 
Noninterest income in the third quarter of 2025 increased $69 million, or 10%, from 2025's second quarter.
•Mortgage banking revenues rose $17 million reflecting an increase in residential mortgage loan servicing income and higher gains on sales of commercial mortgage loans.
•Trading account and other non-hedging derivative gains increased $6 million reflecting an increase in revenues from interest swap transactions with commercial customers.
•Other revenues from operations increased $39 million reflecting 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 in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025.
Noninterest income rose $146 million, or 24%, as compared with the third quarter of 2024.
•Mortgage banking revenues rose $38 million predominantly due to increased residential mortgage loan servicing income.
•Service charges on deposit accounts increased $9 million reflecting higher commercial service charges.
•Trust income rose $11 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.
•Other revenues from operations increased $78 million reflecting 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 in the recent quarter. Also contributing to the increase was higher merchant discount and credit card fees, letter of credit and other credit-related fees and tax-exempt income from bank owned life insurance.

6
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 Third Quarter 2025 Results

 Noninterest Expense
(Dollars in millions) 3Q25 2Q25 Change 3Q25 vs. 2Q25 3Q24 Change 3Q25 vs. 3Q24
Salaries and employee benefits $ 833  $ 813  2  % $ 775  8  %
Equipment and net occupancy 129  130  —  125  4 
Outside data processing and software 138  138  —  123  12 
Professional and other services 81  86  -7  88  -8 
FDIC assessments 13  22  -41  25  -50 
Advertising and marketing 23  25  -8  27  -15 
Amortization of core deposit and other intangible assets 10  9  —  12  -24 
Other costs of operations 136  113  21  128  6 
Total $ 1,363  $ 1,336  2  $ 1,303  5 
Noninterest expense rose $27 million, or 2%, from the second quarter of 2025.
•Salaries and employee benefits expense increased $20 million reflecting higher severance-related expense in the recent quarter.
•FDIC assessments decreased $9 million reflecting the recent quarter reduction of estimated special assessment expense resulting from a decrease in the FDIC's loss estimates associated with certain failed banks.
•Other costs of operations increased $23 million 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.
Noninterest expense increased $60 million, or 5%, from the third quarter of 2024.
•Salaries and employee benefits expense increased $58 million reflecting higher expenses from annual merit and other increases, a rise in average employee staffing levels and an increase in severance-related costs and medical benefits expenses.
•Outside data processing and software costs rose $15 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
•FDIC assessments declined $12 million reflecting the recent quarter reduction of estimated FDIC special assessment expense and improved asset quality.
•Other costs of operations increased $8 million reflecting the recent quarter impairment of a renewable energy tax credit investment.
Income Taxes
The Company's effective income tax rate was 22.8% in the third quarter of 2025, compared with 23.4% and 20.7% in the second quarter of 2025 and the third quarter of 2024, respectively. The year-earlier third quarter income tax expense reflects a discrete tax benefit related to certain tax credits claimed on a prior year tax return.
7
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 Third Quarter 2025 Results

Capital and Liquidity
3Q25 2Q25 3Q24
CET1 10.99  % (1) 10.99  % 11.54  %
Tier 1 capital 12.49  (1) 12.50  13.08 
Total capital 14.35  (1) 13.96  14.65 
Tangible capital – common 8.79  8.67  8.83 

(1)Capital ratios at September 30, 2025 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 $234 million and $36 million, respectively, for the quarter ended September 30, 2025. In June 2025, the Federal Reserve released the results of its most recent supervisory stress tests, in which M&T elected to participate. Based on those results, on October 1, 2025, M&T's stress capital buffer of 2.7% became effective.
The CET1 capital ratio for M&T was estimated at 10.99% as of September 30, 2025. M&T's total risk-weighted assets at September 30, 2025 are estimated to be $159.5 billion.
M&T repurchased 2.1 million shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $193.46 resulting in a total cost, including the share repurchase excise tax, of $409 million, compared with 6.1 million and 1.2 million shares at an average cost per share of $175.93 and $166.40 and a total cost, including the share repurchase excise tax, of $1.1 billion and $200 million in the second quarter of 2025 and the third quarter of 2024, respectively. Reflecting lower levels of share repurchases in the recent quarter M&T's tangible common equity to tangible asset ratio increased 12 basis points compared with June 30, 2025.
While not subject to the liquidity coverage ratio requirements ("LCR"), M&T 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.

Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 11:00 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 #MTBQ325. 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 Thursday October 23, 2025, by calling (800) 723-0488 or (402) 220-2651 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.



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 Third Quarter 2025 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, 2024, 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.
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 Third Quarter 2025 Results

Financial Highlights
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in millions, except per share, shares in thousands) 2025 2024 Change 2025 2024 Change
Performance
Net income $ 792  $ 721  10  % $ 2,092  $ 1,907  10  %
Net income available to common shareholders 754  674  12  1,981  1,805  10 
Per common share:
Basic earnings 4.85  4.04  20  12.41  10.83  15 
Diluted earnings 4.82  4.02  20  12.34  10.78  14 
Cash dividends 1.50  1.35  11  4.20  4.00  5 
Common shares outstanding:
Average - diluted (1) 156,553  167,567  -7  160,503  167,437  -4 
Period end (2) 154,518  166,157  -7  154,518  166,157  -7 
Return on (annualized):
Average total assets 1.49  % 1.37  % 1.33  % 1.21  %
Average common shareholders' equity 11.45  10.26  10.07  9.47 
Taxable-equivalent net interest income $ 1,773  $ 1,739  2  $ 5,202  $ 5,162  1 
Yield on average earning assets 5.59  % 5.82  % 5.54  % 5.79  %
Cost of interest-bearing liabilities 2.71  3.22  2.71  3.24 
Net interest spread 2.88  2.60  2.83  2.55 
Contribution of interest-free funds .80  1.02  .83  1.03 
Net interest margin 3.68  3.62  3.66  3.58 
Net charge-offs to average total net loans (annualized) .42  .35  .36  .39 
Net operating results (3)
Net operating income $ 798  $ 731  9  $ 2,116  $ 1,939  9 
Diluted net operating earnings per common share 4.87  4.08  19  12.49  10.97  14 
Return on (annualized):
Average tangible assets 1.56  % 1.45  % 1.41  % 1.28  %
Average tangible common equity 17.13  15.47  15.07  14.51 
Efficiency ratio 53.6  55.0  56.3  57.0 
At September 30,
Loan quality 2025 2024 Change
Nonaccrual loans $ 1,512  $ 1,926  -21  %
Real estate and other foreclosed assets 37  37  — 
Total nonperforming assets $ 1,549  $ 1,963  -21 
Accruing loans past due 90 days or more (4) $ 432  $ 288  50 
Government guaranteed loans included in totals above:
Nonaccrual loans $ 71  $ 69  4 
Accruing loans past due 90 days or more 403  269  50 
Nonaccrual loans to total loans 1.10  % 1.42  %
Allowance for loan losses to total loans 1.58  1.62 
Additional information
Period end common stock price $ 197.62  $ 178.12  11 
Domestic banking offices 942  957  -2 
Full time equivalent employees 22,383  21,986  2 

(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
(3) 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 17.
(4) Predominantly government-guaranteed residential real estate loans.

10
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 Third Quarter 2025 Results

Financial Highlights, Five Quarter Trend
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
(Dollars in millions, except per share, shares in thousands) 2025 2025 2025 2024 2024
Performance
Net income $ 792  $ 716  $ 584  $ 681  $ 721 
Net income available to common shareholders 754  679  547  644  674 
Per common share:
Basic earnings 4.85  4.26  3.33  3.88  4.04 
Diluted earnings 4.82  4.24  3.32  3.86  4.02 
Cash dividends 1.50  1.35  1.35  1.35  1.35 
Common shares outstanding:
Average - diluted (1) 156,553  160,005  165,047  166,969  167,567 
Period end (2) 154,518  156,532  162,552  165,526  166,157 
Return on (annualized):
Average total assets 1.49  % 1.37  % 1.14  % 1.28  % 1.37  %
Average common shareholders' equity 11.45  10.39  8.36  9.75  10.26 
Taxable-equivalent net interest income $ 1,773  $ 1,722  $ 1,707  $ 1,740  $ 1,739 
Yield on average earning assets 5.59  % 5.51  % 5.52  % 5.60  % 5.82  %
Cost of interest-bearing liabilities 2.71  2.71  2.70  2.94  3.22 
Net interest spread 2.88  2.80  2.82  2.66  2.60 
Contribution of interest-free funds .80  .82  .84  .92  1.02 
Net interest margin 3.68  3.62  3.66  3.58  3.62 
Net charge-offs to average total net loans (annualized) .42  .32  .34  .47  .35 
Net operating results (3)
Net operating income $ 798  $ 724  $ 594  $ 691  $ 731 
Diluted net operating earnings per common share 4.87  4.28  3.38  3.92  4.08 
Return on (annualized):
Average tangible assets 1.56  % 1.44  % 1.21  % 1.35  % 1.45  %
Average tangible common equity 17.13  15.54  12.53  14.66  15.47 
Efficiency ratio 53.6  55.2  60.5  56.8  55.0 
September 30, June 30, March 31, December 31, September 30,
Loan quality 2025 2025 2025 2024 2024
Nonaccrual loans $ 1,512  $ 1,573  $ 1,540  $ 1,690  $ 1,926 
Real estate and other foreclosed assets 37  30  34  35  37 
Total nonperforming assets $ 1,549  $ 1,603  $ 1,574  $ 1,725  $ 1,963 
Accruing loans past due 90 days or more (4) $ 432  $ 496  $ 384  $ 338  $ 288 
Government guaranteed loans included in totals above:
Nonaccrual loans 71  75  69  69  69 
Accruing loans past due 90 days or more 403  450  368  318  269 
Nonaccrual loans to total loans 1.10  % 1.16  % 1.14  % 1.25  % 1.42  %
Allowance for loan losses to total loans 1.58  1.61  1.63  1.61  1.62 
Additional information
Period end common stock price $ 197.62  $ 193.99  $ 178.75  $ 188.01  $ 178.12 
Domestic banking offices 942  941  955  955  957 
Full time equivalent employees 22,383  22,590  22,291  22,101  21,986 

(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
(3) 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 18.
(4) Predominantly government-guaranteed residential real estate loans.
11
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 Third Quarter 2025 Results

Condensed Consolidated Statement of Income
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in millions) 2025 2024 Change 2025 2024 Change
Interest income $ 2,680  $ 2,785  -4  % $ 7,849  $ 8,319  -6  %
Interest expense 919  1,059  -13  2,680  3,195  -16 
Net interest income 1,761  1,726  2  5,169  5,124  1 
Provision for credit losses 125  120  4  380  470  -19 
Net interest income after provision for credit losses 1,636  1,606  2  4,789  4,654  3 
Other income
Mortgage banking revenues 147  109  36  395  319  24 
Service charges on deposit accounts 141  132  7  411  383  7 
Trust income 181  170  7  540  500  8 
Brokerage services income 34  32  9  97  91  7 
Trading account and other non-hedging
derivative gains		 18  13  34  39  29  32 
Gain (loss) on bank investment securities 1  (2) —  1  (8) — 
Other revenues from operations 230  152  50  563  456  23 
Total other income 752  606  24  2,046  1,770  16 
Other expense
Salaries and employee benefits 833  775  8  2,533  2,372  7 
Equipment and net occupancy 129  125  4  391  379  3 
Outside data processing and software 138  123  12  412  367  12 
Professional and other services 81  88  -8  251  264  -5 
FDIC assessments 13  25  -50  58  122  -53 
Advertising and marketing 23  27  -15  70  74  -6 
Amortization of core deposit and other
intangible assets		 10  12  -24  32  40  -20 
Other costs of operations 136  128  6  367  378  -3 
Total other expense 1,363  1,303  5  4,114  3,996  3 
Income before taxes 1,025  909  13  2,721  2,428  12 
Income taxes 233  188  24  629  521  21 
Net income $ 792  $ 721  10  % $ 2,092  $ 1,907  10  %

12
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 Third Quarter 2025 Results

Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
(Dollars in millions) 2025 2025 2025 2024 2024
Interest income $ 2,680  $ 2,609  $ 2,560  $ 2,707  $ 2,785 
Interest expense 919  896  865  979  1,059 
Net interest income 1,761  1,713  1,695  1,728  1,726 
Provision for credit losses 125  125  130  140  120 
Net interest income after provision for credit losses 1,636  1,588  1,565  1,588  1,606 
Other income
Mortgage banking revenues 147  130  118  117  109 
Service charges on deposit accounts 141  137  133  131  132 
Trust income 181  182  177  175  170 
Brokerage services income 34  31  32  30  32 
Trading account and other non-hedging
derivative gains		 18  12  9  10  13 
Gain (loss) on bank investment securities 1  —  —  18  (2)
Other revenues from operations 230  191  142  176  152 
Total other income 752  683  611  657  606 
Other expense
Salaries and employee benefits 833  813  887  790  775 
Equipment and net occupancy 129  130  132  133  125 
Outside data processing and software 138  138  136  125  123 
Professional and other services 81  86  84  80  88 
FDIC assessments 13  22  23  24  25 
Advertising and marketing 23  25  22  30  27 
Amortization of core deposit and other
intangible assets		 10  9  13  13  12 
Other costs of operations 136  113  118  168  128 
Total other expense 1,363  1,336  1,415  1,363  1,303 
Income before taxes 1,025  935  761  882  909 
Income taxes 233  219  177  201  188 
Net income $ 792  $ 716  $ 584  $ 681  $ 721 

13
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 Third Quarter 2025 Results

Condensed Consolidated Balance Sheet
September 30,
(Dollars in millions) 2025 2024 Change
ASSETS
Cash and due from banks $ 1,950  $ 2,216  -12  %
Interest-bearing deposits at banks 16,751  24,417  -31 
Trading account 95  102  -7 
Investment securities 36,864  32,327  14 
Loans:
Commercial and industrial 61,887  61,012  1 
Real estate - commercial 24,046  28,683  -16 
Real estate - residential 24,662  23,019  7 
Consumer 26,379  23,206  14 
Total loans 136,974  135,920  1 
Less: allowance for loan losses 2,161  2,204  -2 
Net loans 134,813  133,716  1 
Goodwill 8,465  8,465  — 
Core deposit and other intangible assets 74  107  -31 
Other assets 12,265  10,435  18 
Total assets $ 211,277  $ 211,785  —  %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 44,994  $ 47,344  -5  %
Interest-bearing deposits 118,432  117,210  1 
Total deposits 163,426  164,554  -1 
Short-term borrowings 2,059  2,605  -21 
Long-term borrowings 12,928  11,583  12 
Accrued interest and other liabilities 4,136  4,167  -1 
Total liabilities 182,549  182,909  — 
Shareholders' equity:
Preferred 2,394  2,394  — 
Common 26,334  26,482  -1 
Total shareholders' equity 28,728  28,876  -1 
Total liabilities and shareholders' equity $ 211,277  $ 211,785  —  %
14
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 Third Quarter 2025 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend
September 30, June 30, March 31, December 31, September 30,
(Dollars in millions) 2025 2025 2025 2024 2024
ASSETS
Cash and due from banks $ 1,950  $ 2,128  $ 2,109  $ 1,909  $ 2,216 
Interest-bearing deposits at banks 16,751  19,297  20,656  18,873  24,417 
Trading account 95  93  96  101  102 
Investment securities 36,864  35,568  35,137  34,051  32,327 
Loans:
Commercial and industrial 61,887  61,660  60,596  61,481  61,012 
Real estate - commercial 24,046  24,567  25,867  26,764  28,683 
Real estate - residential 24,662  24,117  23,284  23,166  23,019 
Consumer 26,379  25,772  24,827  24,170  23,206 
Total loans 136,974  136,116  134,574  135,581  135,920 
Less: allowance for loan losses 2,161  2,197  2,200  2,184  2,204 
Net loans 134,813  133,919  132,374  133,397  133,716 
Goodwill 8,465  8,465  8,465  8,465  8,465 
Core deposit and other intangible assets 74  84  93  94  107 
Other assets 12,265  12,030  11,391  11,215  10,435 
Total assets $ 211,277  $ 211,584  $ 210,321  $ 208,105  $ 211,785 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $ 44,994  $ 47,485  $ 49,051  $ 46,020  $ 47,344 
Interest-bearing deposits 118,432  116,968  116,358  115,075  117,210 
Total deposits 163,426  164,453  165,409  161,095  164,554 
Short-term borrowings 2,059  2,071  1,573  1,060  2,605 
Long-term borrowings 12,928  12,380  10,496  12,605  11,583 
Accrued interest and other liabilities 4,136  4,155  3,852  4,318  4,167 
Total liabilities 182,549  183,059  181,330  179,078  182,909 
Shareholders' equity:
Preferred 2,394  2,394  2,394  2,394  2,394 
Common 26,334  26,131  26,597  26,633  26,482 
Total shareholders' equity 28,728  28,525  28,991  29,027  28,876 
Total liabilities and shareholders' equity $ 211,277  $ 211,584  $ 210,321  $ 208,105  $ 211,785 
15
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 Third Quarter 2025 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months Ended Change in Balance Nine Months Ended
September 30, June 30, September 30, September 30, 2025 from September 30, Change
2025 2025 2024 June 30, September 30, 2025 2024 in
(Dollars in millions) Balance Rate Balance Rate Balance Rate 2025 2024 Balance Rate Balance Rate Balance
ASSETS
Interest-bearing deposits at banks $ 17,739  4.43  % $ 19,698  4.47  % $ 25,491  5.43  % -10  % -30  % $ 19,037  4.46  % $ 28,467  5.48  % -33  %
Trading account 95  3.48  95  3.46  101  3.40  —  -6  96  3.45  102  3.43  -6 
Investment securities (1) 36,559  4.13  35,335  3.81  31,023  3.70  3  18  35,466  3.98  29,773  3.54  19 
Loans:
Commercial and industrial 61,716  6.45  61,036  6.40  59,779  7.01  1  3  61,271  6.41  58,256  7.01  5 
Real estate - commercial 24,353  6.35  25,333  6.31  29,075  6.27  -4  -16  25,308  6.27  31,069  6.34  -19 
Real estate - residential 24,359  4.59  23,684  4.52  22,994  4.41  3  6  23,744  4.51  23,045  4.33  3 
Consumer 26,099  6.60  25,354  6.57  22,903  6.72  3  14  25,275  6.58  22,009  6.63  15 
Total loans 136,527  6.14  135,407  6.11  134,751  6.38  1  1  135,598  6.10  134,379  6.36  1 
Total earning assets 190,920  5.59  190,535  5.51  191,366  5.82  —  —  190,197  5.54  192,721  5.79  -1 
Goodwill 8,465  8,465  8,465  —  —  8,465  8,465  — 
Core deposit and other intangible assets 79  89  113  -11  -31  86  126  -32 
Other assets 11,589  11,172  9,637  4  20  11,141  9,696  15 
Total assets $ 211,053  $ 210,261  $ 209,581  —  % 1  % $ 209,889  $ 211,008  -1  %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits $ 104,660  2.23  % $ 103,963  2.24  % $ 98,295  2.65  % 1  % 6  % $ 103,407  2.22  % $ 96,379  2.62  % 7  %
Time deposits 13,990  3.38  14,290  3.45  17,052  4.19  -2  -18  14,166  3.46  19,138  4.34  -26 
Total interest-bearing deposits 118,650  2.36  118,253  2.38  115,347  2.88  —  3  117,573  2.37  115,517  2.90  2 
Short-term borrowings 2,844  4.50  3,327  4.49  4,034  5.60  -15  -30  3,013  4.50  5,071  5.53  -41 
Long-term borrowings 12,789  5.59  10,936  5.72  11,394  5.83  17  12  11,675  5.65  10,887  5.82  7 
Total interest-bearing liabilities 134,283  2.71  132,516  2.71  130,775  3.22  1  3  132,261  2.71  131,475  3.24  1 
Noninterest-bearing deposits 44,056  45,153  46,158  -2  -5  44,877  47,498  -6 
Other liabilities 4,131  3,926  3,923  5  5  4,003  4,202  -5 
Total liabilities 182,470  181,595  180,856  —  1  181,141  183,175  -1 
Shareholders' equity 28,583  28,666  28,725  —  —  28,748  27,833  3 
Total liabilities and shareholders' equity $ 211,053  $ 210,261  $ 209,581  —  % 1  % $ 209,889  $ 211,008  -1  %
Net interest spread 2.88  2.80  2.60  2.83  2.55 
Contribution of interest-free funds .80  .82  1.02  .83  1.03 
Net interest margin 3.68  % 3.62  % 3.62  % 3.66  % 3.58  %
(1) Yields on investment securities for the three-month period ended June 30, 2025 and the nine-month period ended September 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United Financial, Inc.
16
image_0.jpg
 Third Quarter 2025 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income $ 792  $ 721  $ 2,092  $ 1,907 
Amortization of core deposit and other intangible assets (1) 6  10  24  32 
Net operating income $ 798  $ 731  $ 2,116  $ 1,939 
Earnings per common share
Diluted earnings per common share $ 4.82  $ 4.02  $ 12.34  $ 10.78 
Amortization of core deposit and other intangible assets (1) .05  .06  .15  .19 
Diluted net operating earnings per common share $ 4.87  $ 4.08  $ 12.49  $ 10.97 
Other expense
Other expense $ 1,363  $ 1,303  $ 4,114  $ 3,996 
Amortization of core deposit and other intangible assets (10) (12) (32) (40)
Noninterest operating expense $ 1,353  $ 1,291  $ 4,082  $ 3,956 
Efficiency ratio
Noninterest operating expense (numerator) $ 1,353  $ 1,291  $ 4,082  $ 3,956 
Taxable-equivalent net interest income $ 1,773  $ 1,739  $ 5,202  $ 5,162 
Other income 752  606  2,046  1,770 
Less: Gain (loss) on bank investment securities 1  (2) 1  (8)
Denominator $ 2,524  $ 2,347  $ 7,247  $ 6,940 
Efficiency ratio 53.6  % 55.0  % 56.3  % 57.0  %
Balance sheet data
Average assets
Average assets $ 211,053  $ 209,581  $ 209,889  $ 211,008 
Goodwill (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (79) (113) (86) (126)
Deferred taxes 24  28  25  30 
Average tangible assets $ 202,533  $ 201,031  $ 201,363  $ 202,447 
Average common equity
Average total equity $ 28,583  $ 28,725  $ 28,748  $ 27,833 
Preferred stock (2,394) (2,565) (2,394) (2,328)
Average common equity 26,189  26,160  26,354  25,505 
Goodwill (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (79) (113) (86) (126)
Deferred taxes 24  28  25  30 
Average tangible common equity $ 17,669  $ 17,610  $ 17,828  $ 16,944 
At end of quarter
Total assets
Total assets $ 211,277  $ 211,785 
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (74) (107)
Deferred taxes 23  30 
Total tangible assets $ 202,761  $ 203,243 
Total common equity
Total equity $ 28,728  $ 28,876 
Preferred stock (2,394) (2,394)
Common equity 26,334  26,482 
Goodwill (8,465) (8,465)
Core deposit and other intangible assets (74) (107)
Deferred taxes 23  30 
Total tangible common equity $ 17,818  $ 17,940 
(1) After any related tax effect.
17
image_0.jpg
 Third Quarter 2025 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2025 2025 2025 2024 2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income $ 792  $ 716  $ 584  $ 681  $ 721 
Amortization of core deposit and other intangible assets (1) 6  8  10  10  10 
Net operating income $ 798  $ 724  $ 594  $ 691  $ 731 
Earnings per common share
Diluted earnings per common share $ 4.82  $ 4.24  $ 3.32  $ 3.86  $ 4.02 
Amortization of core deposit and other intangible assets (1) .05  .04  .06  .06  .06 
Diluted net operating earnings per common share $ 4.87  $ 4.28  $ 3.38  $ 3.92  $ 4.08 
Other expense
Other expense $ 1,363  $ 1,336  $ 1,415  $ 1,363  $ 1,303 
Amortization of core deposit and other intangible assets (10) (9) (13) (13) (12)
Noninterest operating expense $ 1,353  $ 1,327  $ 1,402  $ 1,350  $ 1,291 
Efficiency ratio
Noninterest operating expense (numerator) $ 1,353  $ 1,327  $ 1,402  $ 1,350  $ 1,291 
Taxable-equivalent net interest income $ 1,773  $ 1,722  $ 1,707  $ 1,740  $ 1,739 
Other income 752  683  611  657  606 
Less: Gain (loss) on bank investment securities 1  —  —  18  (2)
Denominator $ 2,524  $ 2,405  $ 2,318  $ 2,379  $ 2,347 
Efficiency ratio 53.6  % 55.2  % 60.5  % 56.8  % 55.0  %
Balance sheet data
Average assets
Average assets $ 211,053  $ 210,261  $ 208,321  $ 211,853  $ 209,581 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (79) (89) (92) (100) (113)
Deferred taxes 24  26  27  29  28 
Average tangible assets $ 202,533  $ 201,733  $ 199,791  $ 203,317  $ 201,031 
Average common equity
Average total equity $ 28,583  $ 28,666  $ 28,998  $ 28,707  $ 28,725 
Preferred stock (2,394) (2,394) (2,394) (2,394) (2,565)
Average common equity 26,189  26,272  26,604  26,313  26,160 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (79) (89) (92) (100) (113)
Deferred taxes 24  26  27  29  28 
Average tangible common equity $ 17,669  $ 17,744  $ 18,074  $ 17,777  $ 17,610 
At end of quarter
Total assets
Total assets $ 211,277  $ 211,584  $ 210,321  $ 208,105  $ 211,785 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (74) (84) (93) (94) (107)
Deferred taxes 23  25  26  28  30 
Total tangible assets $ 202,761  $ 203,060  $ 201,789  $ 199,574  $ 203,243 
Total common equity
Total equity $ 28,728  $ 28,525  $ 28,991  $ 29,027  $ 28,876 
Preferred stock (2,394) (2,394) (2,394) (2,394) (2,394)
Common equity 26,334  26,131  26,597  26,633  26,482 
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (74) (84) (93) (94) (107)
Deferred taxes 23  25  26  28  30 
Total tangible common equity $ 17,818  $ 17,607  $ 18,065  $ 18,102  $ 17,940 

(1) After any related tax effect.
18
EX-99.2 3 earningspresentation_3q2.htm EX-99.2 earningspresentation_3q2
Earnings Results 3rd Quarter 2025 October 16, 2025 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, 2024, 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 Linking our customers to the people, capital, and ideas that empower them in the moments that matter most in their lives. Our Communities M&T is a “bank for communities,” a true engine for local economic development and 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

 
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.) 2025 Bond Buyer Rising Stars: Isela Hernandez 2025 American Banker The Most Powerful Women in Banking NEXT: Dominique Goss, M&T Charitable Foundation The Most Powerful Women in Banking’s Top Teams: Wilmington Trust 2025 ThinkAdvisor Luminaries Awards Finalists • Financial Advisory and Asset Management Firms: Thought Leader of the Year: Sharon Klein • Financial Advisory and Asset Management Firms: Individual Award / CEO of the Year: Jennifer Warren The Most Powerful Women in Finance: Meghan Shue, Wilmington Trust 4

 
5 Financial Results

 
6 • Diluted EPS increased +14% QoQ and +20% YoY • Return on Assets increased +12 bps QoQ • Return on Common Equity increased +106 bps QoQ • Net Interest Margin increased +6 bps QoQ and YoY Notable items ($ in millions, except per share) 3Q25 2Q25 3Q24 Amt(1) EPS Amt(1) EPS Amt(1) EPS Earnout payment related to 2023 sale of CIT business $28 $0.14 $— $— $— $— Premium amortization for acquired securities(2) — — (17) (0.09) — — Gain on sale of out-of-footprint loan portfolio — — 15 0.07 — — Gain on sale of institutional services subsidiary — — 10 0.04 — — Discrete Tax Benefit — — — — 14 0.08 Third Quarter 2025 Earnings Highlights GAAP ($ in millions, except per share) 3Q25 2Q25 3Q24 Revenues $2,513 $2,396 $2,332 Noninterest Expense 1,363 1,336 1,303 Provision for Credit Losses 125 125 120 Net Income 792 716 721 Diluted EPS 4.82 4.24 4.02 Return on Assets 1.49% 1.37% 1.37% Return on Common Equity 11.45 10.39 10.26 Net Interest Margin 3.68 3.62 3.62 Net Charge-offs % Avg Loans .42 .32 .35 Note: (1) Amounts presented before any related tax effect. (2) Taxable-equivalent net interest income impact was a decrease of $20 million (-4 bps impact to NIM) in 2Q25.

 
7 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Third Quarter 2025 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 3Q25 2Q25 3Q24 Net Operating Income $798 $724 $731 Diluted Net Operating EPS 4.87 4.28 4.08 Efficiency Ratio 53.6% 55.2% 55.0% Net Operating ROTA 1.56 1.44 1.45 Net Operating ROTCE 17.13 15.54 15.47 Tangible Book Value per Share (2) $115.31 $112.48 $107.97 • Tangible Book Value per Share increased +3% QoQ and +7% YoY • Net Operating ROTA increased +12 bps QoQ and +11 bps YoY • Net Operating ROTCE increased +159 bps QoQ and +166 bps YoY • Diluted Net Operating EPS increased +14% QoQ and +19% YoY • Efficiency Ratio was 53.6% for 3Q25

 
8 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 $1,739 $1,740 $1,707 $1,722 $1,773 3.62% 3.58% 3.66% 3.62% 3.68% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ Drivers • Taxable-equivalent net interest income(1) increased +$51 million or +3% QoQ – One additional day of earnings – Favorable earning asset and interest-bearing liability repricing – Second quarter premium amortization for acquired municipal bonds • Net interest margin rose +6 bps QoQ to 3.68% – Second quarter premium amortization for acquired municipal bonds (+4 bps) – Net higher asset-liability spread, mostly from continued fixed asset repricing (+3 bps) – Partially offset by lower contribution of net interest-free funds 2Q25 Adjusted NIM was 3.66(2)

 
9 • Capital levels strong with CET1 capital ratio of 10.99%(2) • Repurchased $409 million(3) of common shares in 3Q25 Change 3Q25 vs Average Balances, $ in billions, except per share 3Q25 2Q25 3Q24 2Q25 3Q24 Interest-bearing Deposits at Banks $17.7 $19.7 $25.5 -10% -30% Investment Securities 36.6 35.3 31.0 3 18 Commercial and Industrial (“C&I”) 61.7 61.0 59.8 1 3 Commercial Real Estate (“CRE”) 24.3 25.3 29.1 -4 -16 Residential Real Estate ("RRE") 24.4 23.7 23.0 3 6 Consumer 26.1 25.4 22.9 3 14 Total Loans 136.5 135.4 134.8 1 1 Earning Assets 190.9 190.5 191.4 — — Deposits 162.7 163.4 161.5 — 1 Borrowings 15.6 14.3 15.4 10 1 Common Shareholders’ Equity 26.2 26.3 26.2 — — As of Quarter End Common Shareholders' Equity per Share $170.43 $166.94 $159.38 2% 7% Tangible Equity per Common Share(1) 115.31 112.48 107.97 3 7 Tangible Common Equity / Tangible Assets(1) 8.79 % 8.67 % 8.83 % 12 bps -4 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.99 10.99 11.54 — -55 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) September 30, 2025 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax. (2)

 
10 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$1.1 billion QoQ: • Consumer loans rose +3% (+$745 million), reflecting higher average recreational finance loans • Residential real estate loans increased +3% (+$675 million) • CRE loans declined -4% (-$980 million), reflecting payoffs and the full-quarter impact of the sale of an out- of-footprint portfolio • Commercial and industrial loans grew +1% (+$680 million) reflecting growth in loans to the financial and insurance industry $ IN B IL LI O N S $59.8 $60.7 $61.0 $61.0 $61.7 $29.1 $27.9 $26.3 $25.3 $24.3 $23.0 $23.1 $23.2 $23.7 $24.4 $22.9 $24.0 $24.3 $25.4 $26.1 $134.8 $135.7 $134.8 $135.4 $136.5 6.38% 6.17% 6.06% 6.11% 6.14% C&I CRE RRE Consumer Total Loans Total Loan Yield 3Q24 4Q24 1Q25 2Q25 3Q25

 
11 Balance Sheet – Securities and Invested Cash Liquidity Coverage Ratio was 108%(2) on September 30, 2025 Duration Pre-tax Unrealized Gain/(Loss) AFS ~2.5 years $163 million HTM ~5.4 years ($789 million) Total Debt Securities ~3.5 years ($626 million) $ IN B IL LI O N S Average Investment Securities and Yield $31.0 $33.7 $34.5 $35.3 $36.6 3.70% 3.88% 4.00% 3.81% 4.13% 3Q24 4Q24 1Q25 2Q25 3Q25 Interest- bearing deposits at banks 31% Other Securities 2% HTM Securities 24% AFS Securities 43% $53.6B TOTAL 2Q25 Adjusted Yield was 4.03%(1) Securities and Invested Cash at 9/30/25 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 September 30, 2025 exceeded the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

 
12 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$700 million QoQ: • Interest-bearing deposit cost decreased -2 bps • Average interest-bearing deposits rose +$397 million • Average noninterest-bearing deposits declined -$1.1 billion $ IN B IL LI O N S $46.2 $46.5 $45.4 $45.1 $44.0 $98.3 $102.1 $101.6 $104.0 $104.7 $17.0 $16.0 $14.2 $14.3 $14.0 $161.5 $164.6 $161.2 $163.4 $162.7 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Total deposit cost 2.06% 1.90% 1.70% 1.72% 1.72% Interest-bearing deposit cost 2.88% 2.64% 2.37% 2.38% 2.36%

 
13 $ IN M IL LI O N S $606 $657 $611 $683 $752 Noninterest Income 3Q24 4Q24 1Q25 2Q25 3Q25 Change 3Q25 vs $ in millions 3Q25 2Q25 3Q24   2Q25 3Q24 Mortgage Banking Revenues $147 $130 $109 13% 36% Service Charges on Deposits 141 137 132 2 7 Trust Income 181 182 170 -1 7 Brokerage Services 34 31 32 9 9 Non-hedge Derivatives / Trading 18 12 13 66 34 Securities Gain/(Loss) 1 — (2) — — Other Revenues from Operations 230 191 152 21 50 Noninterest Income $752 $683 $606   10% 24% Income Statement – Noninterest Income Noninterest income increased +$69 million or +10% QoQ: • Mortgage banking revenues increased +$17 million QoQ: – Increased residential mortgage loan servicing income – Higher gains on sales of commercial mortgage loans • Trading account and other non-hedging derivative gains increased +$6 million QoQ reflecting higher volume of interest rate swap transactions with commercial customers • Other revenues from operations increased +$39 million QoQ: – Earnout payment of +$28 million related to the Company's 2023 sale of its CIT business – +$20 million distribution from M&T's investment in BLG – +$12 million gain on the sale of equipment leases – Partially offset by a $15 million gain on the sale of an out-of-footprint loan portfolio and a $10 million gain from a subsidiary that specialized in institutional services each in 2Q25 QoQ Drivers

 
14 $ IN M IL LI O N S $1,291 $1,350 $1,402 $1,327 $1,353 $1,303 $1,363 $1,415 $1,336 $1,363 55.0% 56.8% 60.5% 55.2% 53.6% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 3Q24 4Q24 1Q25 2Q25 3Q25 Change 3Q25 vs $ in millions 3Q25 2Q25 3Q24 2Q25 3Q24 Salaries & Benefits(2) $833 $813 $775 2% 8% Equip & Occupancy 129 130 125 — 4 Outside Data Proc & SW 138 138 123 — 12 Professional & Other Services 81 86 88 -7 -8 FDIC Assessments 13 22 25 -41 -50 Advert. & Marketing 23 25 27 -8 -15 Other Costs of Operations 136 113 128 21 6 Operating Expense(1) 1,353 1,327 1,291 2 5 Intangible Amortization 10 9 12 — -24 Total Noninterest Expense $1,363 $1,336 $1,303   2% 5% Income Statement – Noninterest Expenses Noninterest expense increased +$27 million, or 2% QoQ: • Salaries and employee benefits expense increased +$20 million reflecting higher severance-related expense • FDIC assessments decreased -$9 million reflecting a reduction of estimated special assessment expense from a decrease in the FDIC's loss estimates • Other costs of operations increased +$23 million 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 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 3Q25, 2Q25 and 3Q24 were $22 million, $5 million and $5 million, respectively. QoQ Drivers Adjusted Efficiency 55.3%(1) Adjusted Efficiency 54.2%(1) Adjusted Efficiency 55.3%(1)

 
15 $ IN M IL LI O N S Nonaccrual Loans $1,926 $1,690 $1,540 $1,573 $1,512 1.42% 1.25% 1.14% 1.16% 1.10% Nonaccrual Loans ($) Nonaccrual Loans (%) 3Q24 4Q24 1Q25 2Q25 3Q25 $ IN M IL LI O N S Net Charge-offs $120 $160 $114 $108 $146 0.35% 0.47% 0.34% 0.32% 0.42% Net Charge-offs ($) Net Charge-off Ratio (%) 3Q24 4Q24 1Q25 2Q25 3Q25 Credit $ IN M IL LI O N S Allowance for Loan Losses $2,204 $2,184 $2,200 $2,197 $2,161 1.62% 1.61% 1.63% 1.61% 1.58% Allowance for Loan Losses ($) Allowance for Loan Losses (%) 3Q24 4Q24 1Q25 2Q25 3Q25 $ IN M IL LI O N S Provision for Credit Losses $120 $140 $130 $105 $110 $0 $0 $0 $20 $15 Provision for Loan Losses Provision for Unfunded Credit Commitments 3Q24 4Q24 1Q25 2Q25 3Q25

 
16 Criticized C&I and CRE Loans Criticized loans decreased -$584 million QoQ: • C&I increased modestly +$87 million • CRE decreased -$671 million – Permanent CRE -$626 million – Construction -$45 million • 96% of criticized accrual loans are current $ IN B IL LI O N S $10.9 $9.9 $9.4 $8.4 $7.8 12.2% 11.2% 10.9% 9.7% 9.0% Criticized Criticized % of C&I and CRE Loans 3Q24 4Q24 1Q25 2Q25 3Q25

 
17 Criticized C&I Loans September 30, 2025 June 30, 2025 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Commercial and industrial excluding owner-occupied real estate by industry: Financial and insurance $12,084 $164 $24 $188 $12,138 $200 $26 $226 Services 7,689 225 104 329 7,646 295 99 394 Motor vehicle and recreational finance dealers 6,637 508 96 604 6,502 402 99 501 Manufacturing 6,241 331 75 406 6,189 376 88 464 Wholesale 4,246 319 78 397 4,246 305 78 383 Transportation, communications, utilities 3,755 185 65 250 3,807 186 65 251 Retail 3,114 178 20 198 3,079 123 16 139 Construction 2,206 192 36 228 2,275 188 64 252 Health services 1,780 51 29 80 1,879 59 32 91 Real estate investors 1,506 180 14 194 1,314 130 6 136 Other 1,568 98 49 147 1,377 105 33 138 Total commercial and industrial excluding owner-occupied real estate $50,826 $2,431 $590 $3,021 $50,452 $2,369 $606 $2,975 Owner-occupied real estate by industry: Services $2,308 $120 $33 $153 $2,402 $120 $36 $156 Motor vehicle and recreational finance dealers 2,162 173 23 196 2,239 105 18 123 Retail 1,825 42 10 52 1,808 58 18 76 Health services 1,320 119 60 179 1,313 118 65 183 Wholesale 975 98 5 103 951 103 3 106 Manufacturing 783 79 14 93 785 84 15 99 Real estate investors 634 25 8 33 630 26 9 35 Other 1,054 46 17 63 1,080 36 17 53 Total owner-occupied real estate 11,061 702 170 872 11,208 650 181 831 Total $61,887 $3,133 $760 $3,893 $61,660 $3,019 $787 $3,806 Percent criticized - excluding owner-occupied real estate 5.9 % 5.9 % Percent criticized - owner-occupied real estate 7.9 % 7.4 % Percent criticized - total commercial and industrial 6.3 % 6.2 %

 
18 Criticized CRE Loans September 30, 2025 June 30, 2025 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Permanent finance by property type: Apartments/Multifamily $6,548 $479 $65 $544 $6,082 $600 $73 $673 Retail/Service 4,320 659 76 735 4,435 745 81 826 Office 3,487 642 110 752 3,720 807 102 909 Industrial/Warehouse 2,175 79 10 89 2,098 138 11 149 Hotel 1,776 196 67 263 1,889 313 87 400 Health services 1,554 239 32 271 1,669 302 21 323 Other 202 30 1 31 262 30 1 31 Total permanent 20,062 2,324 361 2,685 20,155 2,935 376 3,311 Construction/Development 3,984 1,177 21 1,198 4,412 1,219 24 1,243 Total $24,046 $3,501 $382 $3,883 $24,567 $4,154 $400 $4,554 Percent criticized - total commercial real estate 16.2 % 18.5 %

 
19 CET1 11.54% 11.68% 11.50% 10.99% 10.99% 3Q24 4Q24 1Q25 2Q25 3Q25 TBVPS $107.97 $109.36 $111.13 $112.48 $115.31 3Q24 4Q24 1Q25 2Q25 3Q25 Capital • CET1 capital ratio unchanged at 10.99%(1) at the end of 3Q25 • Tangible book value per share increased +3% to $115.31 • Increased quarterly dividend per share from $1.35 to $1.50 in 3Q25 Note: (1) CET1 capital ratio at September 30, 2025 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. (3) Based on the Federal Reserve Board's most recent supervisory stress tests released in June 2025. QoQ Drivers • Stress capital buffer improved to 2.7% from 3.8% effective October 1, 2025(3) • AFS and pension-related AOCI would have impacted the CET1 capital ratio by +13 bps at the end of 3Q25 (1) (2)

 
20 4Q25 Outlook 4Q25 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $1.8 billion +/- • NIM of 3.70% +/- • Reflects two additional rate cuts in 4Q25 Fee Income $670 to $690 million • Continued strength in trust, mortgage banking and service charges GAAP Expense Includes intangible amortization $1,350 to $1,370 million • Expenses increasing due to professional services Net Charge-Offs % of Average Loans 40 to 50 basis points • FY2025 NCO less than 40 basis points Tax Rate Taxable-equivalent 23.5% to 24% A ve ra ge B al an ce s Loans $137 to $138 billion • Growth in C&I and consumer • Moderating pace of CRE decline Deposits $163 to $164 billion • Focus on growing customer deposits CET1 Capital Ratio 10.75% to 11.00% • Share repurchase flexibility

 
Focused on Four Priorities 21 Build our New England and Long Island Markets Optimize our Resources through Simplification Make our Systems and Processes Resilient and Scalable Continue to Develop and Scale our Capability to Manage Risk We continue our mission to simplify M&T and make investments that will improve the experience of our customers and colleagues — and help us maintain our differentiated community bank approach

 
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 2019-2024, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2019-2024. 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 3Q24 4Q24 1Q25 2Q25 3Q25 Net income Net income $721 $681 $584 $716 $792 Amortization of core deposits and other intangible assets (1) 10 10 10 8 6 Net operating income $731 $691 $594 $724 $798 Earnings per common share Diluted earnings per common share $4.02 $3.86 $3.32 $4.24 $4.82 Amortization of core deposits and other intangible assets (1) 0.06 0.06 0.06 0.04 0.05 Diluted net operating earnings per common share $4.08 $3.92 $3.38 $4.28 $4.87

 
25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 3Q24 4Q24 1Q25 2Q25 3Q25 Other expense Other expense $1,303 $1,363 $1,415 $1,336 $1,363 Amortization of core deposit and other intangible assets (12) (13) (13) (9) (10) Noninterest operating expense $1,291 $1,350 $1,402 $1,327 $1,353 Efficiency ratio Noninterest operating expense (numerator) $1,291 $1,350 $1,402 $1,327 $1,353 Taxable-equivalent net interest income $1,739 $1,740 $1,707 $1,722 $1,773 Other income 606 657 611 683 752 Less: Gain (loss) on bank investment securities (2) 18 — — 1 Denominator $2,347 $2,379 $2,318 $2,405 $2,524 Efficiency ratio 55.0 % 56.8 % 60.5 % 55.2 % 53.6 %

 
26 Appendix In millions 3Q24 4Q24 1Q25 2Q25 3Q25 Average assets Average assets $209,581 $211,853 $208,321 $210,261 $211,053 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (113) (100) (92) (89) (79) Deferred taxes 28 29 27 26 24 Average tangible assets $201,031 $203,317 $199,791 $201,733 $202,533 Average common equity Average total equity $28,725 $28,707 $28,998 $28,666 $28,583 Preferred stock (2,565) (2,394) (2,394) (2,394) (2,394) Average common equity 26,160 26,313 26,604 26,272 26,189 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (113) (100) (92) (89) (79) Deferred taxes 28 29 27 26 24 Average tangible common equity $17,610 $17,777 $18,074 $17,744 $17,669 GAAP to Tangible (Non-GAAP) Reconciliation

 
27 Appendix In millions 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Total assets Total assets $211,785 $208,105 $210,321 $211,584 $211,277 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (107) (94) (93) (84) (74) Deferred taxes 30 28 26 25 23 Total tangible assets $203,243 $199,574 $201,789 $203,060 $202,761 Total common equity Total equity $28,876 $29,027 $28,991 $28,525 $28,728 Preferred stock (2,394) (2,394) (2,394) (2,394) (2,394) Common equity 26,482 26,633 26,597 26,131 26,334 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (107) (94) (93) (84) (74) Deferred taxes 30 28 26 25 23 Total tangible common equity $17,940 $18,102 $18,065 $17,607 $17,818 GAAP to Tangible (Non-GAAP) Reconciliation

 
28 Appendix Reconciliation of Adjusted Metrics In millions, except per share 3Q24 4Q24 1Q25 2Q25 3Q25 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 3Q24 4Q24 1Q25 2Q25 3Q25 Other income - Adjusted Other income $657 $683 $752 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 $657 $658 $724 Noninterest operating expense - Adjusted Noninterest operating expense $1,350 $1,327 $1,353 Pension plan distribution benefit 12 — — Redemption of trust preferred obligations (20) — — Vacated facility write-downs (27) — — Noninterest operating expense - Adjusted $1,315 $1,327 $1,353 Efficiency ratio - Adjusted Noninterest operating expense (numerator) - Adjusted $1,315 $1,327 $1,353 Taxable-equivalent net interest income - Adjusted 1,740 1,742 1,773 Other income - Adjusted 657 658 724 Less: Gain (loss) on bank investment securities 18 — — Denominator $2,379 $2,400 $2,497 Efficiency ratio - Adjusted 55.3% 55.3% 54.2%