M&T Bank Corporation (NYSE:MTB) announces third quarter 2025 results

, /PRNewswire/ -- 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 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. 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. 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. 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. 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 $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. 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. 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. 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. 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 herein. (4) Predominantly government-guaranteed residential real estate loans. 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 herein. (4) Predominantly government-guaranteed residential real estate loans. 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 % 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 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 — % 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 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. 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. 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. 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M&T Bank Corporation (NYSE:MTB) announces third quarter 2025 results

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