M&T Bank Corporation (NYSE:MTB) announces fourth quarter and full-year 2025 results

BUFFALO, N.Y., Jan. 16, 2026 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $759 million or $4.67 of diluted earnings per common share and full-year net income of $2.85 billion or $17.00 of diluted earnings per common share.

(Dollars in millions, except per share data)

4Q25

3Q25

4Q24

2025

2024

Earnings Highlights

Net interest income

$ 1,779

$ 1,761

$ 1,728

$ 6,948

$ 6,852

Taxable-equivalent adjustment

Net interest income - taxable-equivalent

1,790

1,773

1,740

6,992

6,902

Provision for credit losses

125

140

505

610

Noninterest income

696

752

657

2,742

2,427

Noninterest expense

1,379

1,363

5,493

5,359

Net income

759

792

681

2,851

2,588

Net income available to common shareholders - diluted

718

754

644

2,699

2,449

Diluted earnings per common share

4.67

4.82

3.86

17.00

14.64

Return on average assets - annualized

1.41 %

1.49 %

1.28 %

1.35 %

1.23 %

Return on average common shareholders' equity - annualized

10.87

11.45

9.75

10.27

9.54

Average Balance Sheet

Total assets

$ 212,891

$ 211,053

$ 211,853

$ 210,645

$ 211,220

Interest-bearing deposits at banks

17,964

17,739

23,602

18,767

27,244

Investment securities

36,705

36,559

33,679

35,778

30,755

Loans

137,600

136,527

135,723

136,103

134,717

Deposits

165,057

162,706

164,639

163,107

163,423

Borrowings

14,619

15,633

14,228

14,671

15,523

Selected Ratios

(Amounts expressed as a percent, except per share data)

Net interest margin

3.69 %

3.68 %

3.58 %

3.67 %

3.58 %

Efficiency ratio (1)

55.1

53.6

56.8

56.0

56.9

Net charge-offs to average total loans - annualized

.54

.42

.47

.41

Allowance for loan losses to total loans

1.53

1.58

1.61

1.53

1.61

Nonaccrual loans to total loans

.90

1.10

1.25

.90

1.25

Common equity Tier 1 ("CET1") capital ratio (2)

10.84

10.99

11.68

10.84

11.68

Common shareholders' equity per share

$ 173.49

$ 170.43

$ 160.90

$ 173.49

$ 160.90

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

(2) CET1 capital ratio at December 31, 2025 is estimated.

Financial Highlights

Chief Financial Officer Commentary

"M&T finished 2025 with another quarter of strong financial performance. For the full-year 2025, M&T achieved a 16% increase in diluted earnings per common share, meaningfully reduced its level of criticized loans and improved its efficiency ratio while continuing to expand and improve our capabilities. M&T's fundamentals remain strong, positioning the Company for growth as we enter the new year. As we close out 2025, I'd like to thank my colleagues for their unwavering commitment to our customers and the communities we serve."

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

Contact:

Investor Relations:

Rajiv Ranjan

716.842.5138

Steve Wendelboe

716.842.5138

Media Relations:

Frank Lentini

929.651.0447

Non-GAAP Measures (1)

(Dollars in millions, except per share data)

4Q25

3Q25

Change

4Q25 vs.

3Q25

4Q24

Change

4Q25 vs.

4Q24

Net operating income

$ 767

$ 798

-4 %

$ 691

11 %

Diluted net operating earnings per common share

4.72

4.87

-3

3.92

Annualized return on average tangible assets

1.49 %

1.56 %

1.35 %

Annualized return on average tangible common

equity

16.24

17.13

14.66

Efficiency ratio

55.1

53.6

56.8

Tangible equity per common share

$ 117.45

$ 115.31

$ 109.36

______________

(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.

For the year ended December 31, 2025, diluted net operating earnings per common share were $17.20, compared with $14.88 in 2024. Net operating income was $2.88 billion and $2.63 billion in 2025 and 2024, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in 2025 was 1.43% and 15.36%, respectively, compared with 1.30% and 14.54%, respectively, in 2024.

Taxable-equivalent Net Interest Income

(Dollars in millions)

4Q25

3Q25

Change

4Q25 vs.

3Q25

4Q24

Change

4Q25 vs.

4Q24

Average earning assets

$ 192,366

$ 190,920

1 %

$ 193,106

— %

Average interest-bearing liabilities

135,492

134,283

132,313

Net interest income - taxable-equivalent

1,790

1,773

1,740

Yield on average earning assets

5.46 %

5.59 %

5.60 %

Cost of interest-bearing liabilities

2.51

2.71

2.94

Net interest spread

2.95

2.88

2.66

Net interest margin

3.69

3.68

3.58

Taxable-equivalent net interest income increased $17 million, or 1%, in the recent quarter as compared with the third quarter of 2025 and $50 million, or 3%, as compared with the year-earlier fourth quarter reflecting loan and deposit growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements.

Taxable-equivalent net interest income increased $90 million, or 1%, for the full-year 2025 as compared with 2024 reflecting loan growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements, as the net interest margin widened 9 basis points.

Average Earning Assets

(Dollars in millions)

4Q25

3Q25

Change

4Q25 vs.

3Q25

4Q24

Change

4Q25 vs.

4Q24

Interest-bearing deposits at banks

$ 17,964

$ 17,739

1 %

$ 23,602

-24 %

Trading account

102

-5

Investment securities

36,705

36,559

—

33,679

Loans

Commercial and industrial

62,257

61,716

60,704

Real estate - commercial

24,101

24,353

-1

27,896

-14

Real estate - residential

24,765

24,359

23,088

Consumer

26,477

26,099

24,035

Total loans

137,600

136,527

135,723

Total earning assets

$ 192,366

$ 190,920

$ 193,106

—

Average earning assets increased $1.4 billion from the third quarter of 2025 reflecting loan growth and an increase in average interest-bearing deposits at banks. Contributing to the increase in average loans in the recent quarter were higher average commercial and industrial loans, including loans to motor vehicle and recreational finance dealers, residential real estate loans and consumer loans, predominantly recreational finance loans and home equity loans and lines of credit. Partially offsetting that loan growth was a decline in average commercial real estate loans of $252 million.

Average earning assets decreased $740 million from the fourth quarter of 2024. Average interest-bearing deposits at banks decreased $5.6 billion as liquidity was deployed into investment securities purchases and loan growth. The growth in average loans reflected higher average balances of commercial and industrial loans of $1.6 billion, including a rise in loans in the financial and insurance industry, an increase in average residential real estate loans of $1.7 billion and higher average consumer loans of $2.4 billion, reflecting a rise in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Partially offsetting those increases in average loans was a $3.8 billion decline in average commercial real estate loans, reflecting payoffs.

Average Interest-bearing Liabilities

(Dollars in millions)

4Q25

3Q25

Change

4Q25 vs.

3Q25

4Q24

Change

4Q25 vs.

4Q24

Interest-bearing deposits

Savings and interest-checking deposits

$ 107,287

$ 104,660

3 %

$ 102,127

5 %

Time deposits

13,586

13,990

-3

15,958

-15

Total interest-bearing deposits

120,873

118,650

118,085

Short-term borrowings

2,064

2,844

-27

2,563

-19

Long-term borrowings

12,555

12,789

-2

11,665

Total interest-bearing liabilities

$ 135,492

$ 134,283

$ 132,313

Average interest-bearing liabilities in the recent quarter rose $1.2 billion from the third quarter of 2025 reflecting growth in average savings and interest-checking deposits that reduced the use of higher cost funding from short-term borrowings from the FHLB of New York.

Average interest-bearing liabilities increased $3.2 billion from the fourth quarter of 2024, reflecting higher average interest-bearing deposits that included a $5.2 billion increase in average savings and interest-checking deposits, partially offset by lower average time deposits of $2.4 billion reflecting maturities. Average borrowings increased modestly.

Provision for Credit Losses/Asset Quality

(Dollars in millions)

4Q25

3Q25

Change

4Q25 vs.

3Q25

4Q24

Change

4Q25 vs.

4Q24

At end of quarter

Nonaccrual loans

$ 1,252

$ 1,512

-17 %

$ 1,690

-26 %

Real estate and other foreclosed assets

-7

-1

Total nonperforming assets

1,287

1,549

-17

1,725

-25

Accruing loans past due 90 days or more (1)

561

432

338

Nonaccrual loans as % of loans outstanding

.90 %

1.10 %

1.25 %

Allowance for loan losses

$ 2,116

$ 2,161

-2

$ 2,184

-3

Allowance for loan losses as % of loans outstanding

1.53 %

1.58 %

1.61 %

Reserve for unfunded credit commitments

$ 80

$ 95

-16

$ 60

For the period

Provision for loan losses

$ 140

$ 110

$ 140

—

Provision for unfunded credit commitments

(15)

—

Total provision for credit losses

125

—

140

-11

Net charge-offs

185

146

160

Net charge-offs as % of average loans (annualized)

.54 %

.42 %

.47 %

_______________

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

The provision for credit losses was $125 million in each of the fourth and third quarters of 2025 as compared with $140 million in 2024's final quarter. The provision for credit losses was $505 million in 2025 as compared with $610 million in 2024. The allowance for loan losses as a percent of loans outstanding decreased from 1.61% at December 31, 2024 to 1.58% at September 30, 2025 and 1.53% at December 31, 2025 reflecting lower levels of criticized loans, predominantly commercial real estate loans. For 2025 and 2024, net charge-offs totaled $553 million and $555 million, respectively, representing .41% of average loans outstanding for each period. Net charge-offs in the final quarter of 2025 reflected three charge-offs totaling $106 million, which had been previously identified by the Company.

Nonaccrual loans were $1.3 billion at December 31, 2025, compared with $1.5 billion at September 30, 2025 and $1.7 billion at December 31, 2024. The lower level of nonaccrual loans at the recent quarter end as compared with September 30, 2025 and December 31, 2024 predominantly reflects decreases in commercial and industrial and commercial real estate nonaccrual loans.

Noninterest Income

(Dollars in millions)

4Q25

3Q25

Change

4Q25 vs.

3Q25

4Q24

Change

4Q25 vs.

4Q24

Mortgage banking revenues

$ 155

$ 147

5 %

$ 117

32 %

Service charges on deposit accounts

140

141

-1

131

Trust income

184

181

175

Brokerage services income

-1

Trading account and other non-hedging derivative gains

102

Gain (loss) on bank investment securities

—

-93

Other revenues from operations

163

230

-29

176

-7

Total

$ 696

$ 752

-7

$ 657

Noninterest income in the fourth quarter of 2025 decreased $56 million, or 7%, from 2025's third quarter.

Noninterest income rose $39 million, or 6%, as compared with the fourth quarter of 2024.

Noninterest income rose $315 million, or 13%, to $2.74 billion in 2025 as compared with $2.43 billion in 2024, reflecting higher mortgage banking revenues, service charges on deposit accounts, trust income and other revenues from operations. The increase in other revenues from operations included a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio, a $12 million gain on the sale of equipment leases, a $10 million gain on the sale of a subsidiary that specialized in institutional services each in 2025 and higher letter of credit and other credit-related fees, partially offset by higher distributions from M&T's investment in BLG in 2024.

Noninterest Expense

(Dollars in millions)

4Q25

3Q25

Change

4Q25 vs.

3Q25

4Q24

Change

4Q25 vs.

4Q24

Salaries and employee benefits

$ 809

$ 833

-3 %

$ 790

2 %

Equipment and net occupancy

134

129

133

—

Outside data processing and software

146

138

125

Professional and other services

105

FDIC assessments

(8)

—

Advertising and marketing

Amortization of core deposit and other intangible assets

—

-24

Other costs of operations

151

136

168

-9

Total

$ 1,379

$ 1,363

Noninterest expense rose $16 million, or 1%, from the third quarter of 2025.

Noninterest expense increased $16 million, or 1%, from the fourth quarter of 2024.

For the year ended December 31, 2025, noninterest expense aggregated $5.49 billion, up 2% from $5.36 billion in 2024. The $134 million increase in noninterest expenses reflected higher salaries and employee benefits expense, resulting from annual merit and other increases, an increase in medical benefits costs, severance-related costs and higher stock compensation expense, and a rise in outside data processing and software costs, partially offset by lower FDIC assessment expense.

Income Taxes

The Company's effective income tax rate was 21.8% in the fourth quarter of 2025, compared with 22.8% in each of the third quarter of 2025 and the fourth quarter of 2024. The lower effective income tax rate in the recent quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns. The Company's effective tax rates were 22.8% and 21.8% in 2025 and 2024, respectively. The increase in the effective income tax rate in 2025 as compared with 2024 reflects the recognition of a discrete tax benefit claimed on a prior year tax return and a net discrete tax benefit related to the resolution of an income tax matter inherited from the acquisition of People's United Financial, Inc. each in 2024, partially offset by the recent quarter discrete income tax benefit.

Capital and Liquidity

4Q25

3Q25

4Q24

CET1

10.84 %

(1)

10.99 %

11.68 %

Tier 1 capital

12.59

(1)

12.49

13.21

Total capital

14.43

(1)

14.35

14.73

Tangible capital – common

8.70

8.79

9.07

______________

(1) Capital ratios at December 31, 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 $230 million and $39 million, respectively, for the quarter ended December 31, 2025.

The CET1 capital ratio for M&T was estimated at 10.84% as of December 31, 2025. M&T's total risk-weighted assets at December 31, 2025 are estimated to be $161.9 billion.

M&T repurchased 2.7 million shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $183.30 resulting in a total cost, including the share repurchase excise tax, of $507 million, compared with 2.1 million and 1.0 million shares at an average cost per share of $193.46 and $206.70 and a total cost, including the share repurchase excise tax, of $409 million and $200 million in the third quarter of 2025 and the fourth quarter of 2024, respectively. Reflecting loan growth in the recent quarter M&T's tangible common equity to tangible asset ratio at December 31, 2025 decreased 9 basis points from September 30, 2025.

While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on December 31, 2025 was 109%, 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 fourth quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ425. 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 Friday January 23, 2026, by calling (800) 695-2185 or (402) 530-9028 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

Year Ended

December 31,

(Dollars in millions, except per share, shares in thousands)

2025

2024

Change

2025

2024

Change

Performance

Net income

$ 759

$ 681

12 %

$ 2,851

$ 2,588

10 %

Net income available to common shareholders

718

644

2,699

2,449

Per common share:

Basic earnings

4.71

3.88

17.10

14.71

Diluted earnings

4.67

3.86

17.00

14.64

Cash dividends

1.50

1.35

5.70

5.35

Common shares outstanding:

Average - diluted (1)

153,712

166,969

-8

158,791

167,319

-5

Period end (2)

151,840

165,526

-8

151,840

165,526

-8

Return on (annualized):

Average total assets

1.41 %

1.28 %

1.35 %

1.23 %

Average common shareholders' equity

10.87

9.75

10.27

9.54

Taxable-equivalent net interest income

$ 1,790

$ 1,740

$ 6,992

$ 6,902

Yield on average earning assets

5.46 %

5.60 %

5.52 %

5.74 %

Cost of interest-bearing liabilities

2.51

2.94

2.66

3.17

Net interest spread

2.95

2.66

2.86

2.57

Contribution of interest-free funds

.74

.92

.81

1.01

Net interest margin

3.69

3.58

3.67

3.58

Net charge-offs to average total net loans (annualized)

.54

.47

.41

Net operating results (3)

Net operating income

$ 767

$ 691

$ 2,883

$ 2,630

Diluted net operating earnings per common share

4.72

3.92

17.20

14.88

Return on (annualized):

Average tangible assets

1.49 %

1.35 %

1.43 %

1.30 %

Average tangible common equity

16.24

14.66

15.36

14.54

Efficiency ratio

55.1

56.8

56.0

56.9

At December 31,

Loan quality

2025

2024

Change

Nonaccrual loans

$ 1,252

$ 1,690

-26 %

Real estate and other foreclosed assets

-1

Total nonperforming assets

$ 1,287

$ 1,725

-25

Accruing loans past due 90 days or more (4)

$ 561

$ 338

Government guaranteed loans included in totals above:

Nonaccrual loans

$ 83

$ 69

Accruing loans past due 90 days or more

543

318

Nonaccrual loans to total loans

.90 %

1.25 %

Allowance for loan losses to total loans

1.53

1.61

Additional information

Period end common stock price

$ 201.48

$ 188.01

Domestic banking offices

942

955

-1

Full time equivalent employees

22,080

22,101

—

______________________

(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

December 31,

September 30,

June 30,

March 31,

December 31,

(Dollars in millions, except per share, shares in thousands)

2025

2024

Performance

Net income

$ 759

$ 792

$ 716

$ 584

$ 681

Net income available to common shareholders

718

754

679

547

644

Per common share:

Basic earnings

4.71

4.85

4.26

3.33

3.88

Diluted earnings

4.67

4.82

4.24

3.32

3.86

Cash dividends

1.50

1.35

Common shares outstanding:

Average - diluted (1)

153,712

156,553

160,005

165,047

166,969

Period end (2)

151,840

154,518

156,532

162,552

165,526

Return on (annualized):

Average total assets

1.41 %

1.49 %

1.37 %

1.14 %

1.28 %

Average common shareholders' equity

10.87

11.45

10.39

8.36

9.75

Taxable-equivalent net interest income

$ 1,790

$ 1,773

$ 1,722

$ 1,707

$ 1,740

Yield on average earning assets

5.46 %

5.59 %

5.51 %

5.52 %

5.60 %

Cost of interest-bearing liabilities

2.51

2.71

2.70

2.94

Net interest spread

2.95

2.88

2.80

2.82

2.66

Contribution of interest-free funds

.74

.80

.82

.84

.92

Net interest margin

3.69

3.68

3.62

3.66

3.58

Net charge-offs to average total net loans (annualized)

.54

.42

.32

.34

.47

Net operating results (3)

Net operating income

$ 767

$ 798

$ 724

$ 594

$ 691

Diluted net operating earnings per common share

4.72

4.87

4.28

3.38

3.92

Return on (annualized):

Average tangible assets

1.49 %

1.56 %

1.44 %

1.21 %

1.35 %

Average tangible common equity

16.24

17.13

15.54

12.53

14.66

Efficiency ratio

55.1

53.6

55.2

60.5

56.8

December 31,

September 30,

June 30,

March 31,

December 31,

Loan quality

2025

2024

Nonaccrual loans

$ 1,252

$ 1,512

$ 1,573

$ 1,540

$ 1,690

Real estate and other foreclosed assets

Total nonperforming assets

$ 1,287

$ 1,549

$ 1,603

$ 1,574

$ 1,725

Accruing loans past due 90 days or more (4)

$ 561

$ 432

$ 496

$ 384

$ 338

Government guaranteed loans included in totals above:

Nonaccrual loans

Accruing loans past due 90 days or more

543

403

450

368

318

Nonaccrual loans to total loans

.90 %

1.10 %

1.16 %

1.14 %

1.25 %

Allowance for loan losses to total loans

1.53

1.58

1.61

1.63

1.61

Additional information

Period end common stock price

$ 201.48

$ 197.62

$ 193.99

$ 178.75

$ 188.01

Domestic banking offices

942

941

955

Full time equivalent employees

22,080

22,383

22,590

22,291

22,101

______________________

(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

Year Ended

December 31,

(Dollars in millions)

2025

2024

Change

2025

2024

Change

Interest income

$ 2,637

$ 2,707

-3 %

$ 10,486

$ 11,026

-5 %

Interest expense

858

979

-12

3,538

4,174

-15

Net interest income

1,779

1,728

6,948

6,852

Provision for credit losses

125

140

-11

505

610

-17

Net interest income after provision for credit losses

1,654

1,588

6,443

6,242

Other income

Mortgage banking revenues

155

117

550

436

Service charges on deposit accounts

140

131

551

514

Trust income

184

175

724

675

Brokerage services income

131

121

Trading account and other non-hedging

derivative gains

102

Gain (loss) on bank investment securities

-93

-82

Other revenues from operations

163

176

-7

726

632

Total other income

696

657

2,742

2,427

Other expense

Salaries and employee benefits

809

790

3,342

3,162

Equipment and net occupancy

134

133

—

525

512

Outside data processing and software

146

125

558

492

Professional and other services

105

356

344

FDIC assessments

(8)

—

146

-66

Advertising and marketing

102

104

-2

Amortization of core deposit and other

intangible assets

-24

-21

Other costs of operations

151

168

-9

518

546

-5

Total other expense

1,379

1,363

5,493

5,359

Income before taxes

971

882

3,692

3,310

Income taxes

212

201

841

722

Net income

$ 759

$ 681

12 %

$ 2,851

$ 2,588

10 %

Condensed Consolidated Statement of Income, Five Quarter Trend

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

(Dollars in millions)

2025

2024

Interest income

$ 2,637

$ 2,680

$ 2,609

$ 2,560

$ 2,707

Interest expense

858

919

896

865

979

Net interest income

1,779

1,761

1,713

1,695

1,728

Provision for credit losses

125

130

140

Net interest income after provision for credit losses

1,654

1,636

1,588

1,565

1,588

Other income

Mortgage banking revenues

155

147

130

118

117

Service charges on deposit accounts

140

141

137

133

131

Trust income

184

181

182

177

175

Brokerage services income

Trading account and other non-hedging

derivative gains

Gain (loss) on bank investment securities

—

Other revenues from operations

163

230

191

142

176

Total other income

696

752

683

611

657

Other expense

Salaries and employee benefits

809

833

813

887

790

Equipment and net occupancy

134

129

130

132

133

Outside data processing and software

146

138

136

125

Professional and other services

105

FDIC assessments

(8)

Advertising and marketing

Amortization of core deposit and other

intangible assets

Other costs of operations

151

136

113

118

168

Total other expense

1,379

1,363

1,336

1,415

1,363

Income before taxes

971

1,025

935

761

882

Income taxes

212

233

219

177

201

Net income

$ 759

$ 792

$ 716

$ 584

$ 681

Condensed Consolidated Balance Sheet

December 31,

(Dollars in millions)

2025

2024

Change

ASSETS

Cash and due from banks

$ 1,701

$ 1,909

-11 %

Interest-bearing deposits at banks

17,068

18,873

-10

Trading account

101

-4

Investment securities

36,649

34,051

Loans:

Commercial and industrial

63,548

61,481

Real estate - commercial

23,819

26,764

-11

Real estate - residential

24,874

23,166

Consumer

26,461

24,170

Total loans

138,702

135,581

Less: allowance for loan losses

2,116

2,184

-3

Net loans

136,586

133,397

Goodwill

8,465

—

Core deposit and other intangible assets

-32

Other assets

12,880

11,215

Total assets

$ 213,510

$ 208,105

3 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$ 46,509

$ 46,020

1 %

Interest-bearing deposits

120,400

115,075

Total deposits

166,909

161,095

Short-term borrowings

2,149

1,060

103

Long-term borrowings

10,911

12,605

-13

Accrued interest and other liabilities

4,364

4,318

Total liabilities

184,333

179,078

Shareholders' equity:

Preferred

2,834

2,394

Common

26,343

26,633

-1

Total shareholders' equity

29,177

29,027

Total liabilities and shareholders' equity

$ 213,510

$ 208,105

3 %

Condensed Consolidated Balance Sheet, Five Quarter Trend

December 31,

September 30,

June 30,

March 31,

December 31,

(Dollars in millions)

2025

2024

ASSETS

Cash and due from banks

$ 1,701

$ 1,950

$ 2,128

$ 2,109

$ 1,909

Interest-bearing deposits at banks

17,068

16,751

19,297

20,656

18,873

Trading account

101

Investment securities

36,649

36,864

35,568

35,137

34,051

Loans:

Commercial and industrial

63,548

61,887

61,660

60,596

61,481

Real estate - commercial

23,819

24,046

24,567

25,867

26,764

Real estate - residential

24,874

24,662

24,117

23,284

23,166

Consumer

26,461

26,379

25,772

24,827

24,170

Total loans

138,702

136,974

136,116

134,574

135,581

Less: allowance for loan losses

2,116

2,161

2,197

2,200

2,184

Net loans

136,586

134,813

133,919

132,374

133,397

Goodwill

8,465

Core deposit and other intangible assets

Other assets

12,880

12,265

12,030

11,391

11,215

Total assets

$ 213,510

$ 211,277

$ 211,584

$ 210,321

$ 208,105

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$ 46,509

$ 44,994

$ 47,485

$ 49,051

$ 46,020

Interest-bearing deposits

120,400

118,432

116,968

116,358

115,075

Total deposits

166,909

163,426

164,453

165,409

161,095

Short-term borrowings

2,149

2,059

2,071

1,573

1,060

Long-term borrowings

10,911

12,928

12,380

10,496

12,605

Accrued interest and other liabilities

4,364

4,136

4,155

3,852

4,318

Total liabilities

184,333

182,549

183,059

181,330

179,078

Shareholders' equity:

Preferred

2,834

2,394

Common

26,343

26,334

26,131

26,597

26,633

Total shareholders' equity

29,177

28,728

28,525

28,991

29,027

Total liabilities and shareholders' equity

$ 213,510

$ 211,277

$ 211,584

$ 210,321

$ 208,105

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

Three Months Ended

Change in Balance

Year Ended

December 31,

September 30,

December 31,

December 31, 2025 from

December 31,

Change

2025

2024

September 30,

December 31,

2025

2024

(Dollars in millions)

Balance

Rate

Balance

Rate

Balance

Rate

2025

2024

Balance

Rate

Balance

Rate

Balance

ASSETS

Interest-bearing deposits at banks

$ 17,964

3.98 %

$ 17,739

4.43 %

$ 23,602

4.80 %

1 %

-24 %

$ 18,767

4.35 %

$ 27,244

5.33 %

-31 %

Trading account

3.42

3.48

102

3.37

-5

3.45

102

3.42

-6

Investment securities (1)

36,705

4.17

36,559

4.13

33,679

3.88

—

35,778

4.03

30,755

3.64

Loans:

Commercial and industrial

62,257

6.22

61,716

6.45

60,704

6.56

61,520

6.36

58,871

6.90

Real estate - commercial

24,101

6.21

24,353

6.35

27,896

6.25

-1

-14

25,004

6.26

30,271

6.32

-17

Real estate - residential

24,765

4.60

24,359

4.59

23,088

4.45

24,001

4.54

23,056

4.36

Consumer

26,477

6.58

26,099

6.60

24,035

6.65

25,578

6.58

22,519

6.63

Total loans

137,600

6.00

136,527

6.14

135,723

6.17

136,103

6.08

134,717

6.31

Total earning assets

192,366

5.46

190,920

5.59

193,106

5.60

—

190,744

5.52

192,818

5.74

-1

Goodwill

8,465

—

8,465

—

Core deposit and other intangible assets

100

-12

-31

120

-32

Other assets

11,991

11,589

10,182

11,354

9,817

Total assets

$ 212,891

$ 211,053

$ 211,853

1 %

— %

$ 210,645

$ 211,220

— %

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits

Savings and interest-checking

deposits

$ 107,287

2.04 %

$ 104,660

2.23 %

$ 102,127

2.44 %

3 %

5 %

$ 104,385

2.17 %

$ 97,824

2.57 %

7 %

Time deposits

13,586

3.18

13,990

3.38

15,958

3.95

-3

-15

14,020

3.39

18,339

4.26

-24

Total interest-bearing deposits

120,873

2.17

118,650

2.36

118,085

2.64

118,405

2.32

116,163

2.84

Short-term borrowings

2,064

4.21

2,844

4.50

2,563

4.93

-27

-19

2,774

4.45

4,440

5.45

-38

Long-term borrowings

12,555

5.51

12,789

5.59

11,665

5.57

-2

11,897

5.61

11,083

5.76

Total interest-bearing liabilities

135,492

2.51

134,283

2.71

132,313

2.94

133,076

2.66

131,686

3.17

Noninterest-bearing deposits

44,184

44,056

46,554

—

-5

44,702

47,260

-5

Other liabilities

4,245

4,131

4,279

-1

4,063

4,222

-4

Total liabilities

183,921

182,470

183,146

—

181,841

183,168

-1

Shareholders' equity

28,970

28,583

28,707

28,804

28,052

Total liabilities and shareholders' equity

$ 212,891

$ 211,053

$ 211,853

1 %

— %

$ 210,645

$ 211,220

— %

Net interest spread

2.95

2.88

2.66

2.86

2.57

Contribution of interest-free funds

.74

.80

.92

.81

1.01

Net interest margin

3.69 %

3.68 %

3.58 %

3.67 %

3.58 %

_______________

(1) Yields on investment securities for the year ended December 31, 2025 reflect $18 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the

acquisition of People's United Financial, Inc.

Reconciliation of Quarterly GAAP to Non-GAAP Measures

Three Months Ended

Year Ended

December 31,

2025

2024

2025

2024

(Dollars in millions, except per share)

Income statement data

Net income

$ 759

$ 681

$ 2,851

$ 2,588

Amortization of core deposit and other intangible assets (1)

Net operating income

$ 767

$ 691

$ 2,883

$ 2,630

Earnings per common share

Diluted earnings per common share

$ 4.67

$ 3.86

$ 17.00

$ 14.64

Amortization of core deposit and other intangible assets (1)

.05

.06

.20

.24

Diluted net operating earnings per common share

$ 4.72

$ 3.92

$ 17.20

$ 14.88

Other expense

$ 1,379

$ 1,363

$ 5,493

$ 5,359

Amortization of core deposit and other intangible assets

(10)

(13)

(42)

(53)

Noninterest operating expense

$ 1,369

$ 1,350

$ 5,451

$ 5,306

Efficiency ratio

Noninterest operating expense (numerator)

$ 1,369

$ 1,350

$ 5,451

$ 5,306

Taxable-equivalent net interest income

$ 1,790

$ 1,740

$ 6,992

$ 6,902

Other income

696

657

2,742

2,427

Less: Gain (loss) on bank investment securities

Denominator

$ 2,485

$ 2,379

$ 9,732

$ 9,319

Efficiency ratio

55.1 %

56.8 %

56.0 %

56.9 %

Balance sheet data

Average assets

$ 212,891

$ 211,853

$ 210,645

$ 211,220

Goodwill

(8,465)

Core deposit and other intangible assets

(69)

(100)

(82)

(120)

Deferred taxes

Average tangible assets

$ 204,379

$ 203,317

$ 202,122

$ 202,668

Average common equity

Average total equity

$ 28,970

$ 28,707

$ 28,804

$ 28,052

Preferred stock

(2,691)

(2,394)

(2,468)

(2,344)

Average common equity

26,279

26,313

26,336

25,708

Goodwill

(8,465)

Core deposit and other intangible assets

(69)

(100)

(82)

(120)

Deferred taxes

Average tangible common equity

$ 17,767

$ 17,777

$ 17,813

$ 17,156

At end of quarter

Total assets

$ 213,510

$ 208,105

Goodwill

(8,465)

Core deposit and other intangible assets

(64)

(94)

Deferred taxes

Total tangible assets

$ 205,001

$ 199,574

Total common equity

Total equity

$ 29,177

$ 29,027

Preferred stock

(2,834)

(2,394)

Common equity

26,343

26,633

Goodwill

(8,465)

Core deposit and other intangible assets

(64)

(94)

Deferred taxes

Total tangible common equity

$ 17,834

$ 18,102

_______________

(1) After any related tax effect.

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

Three Months Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

(Dollars in millions, except per share)

Income statement data

Net income

$ 759

$ 792

$ 716

$ 584

$ 681

Amortization of core deposit and other intangible assets (1)

Net operating income

$ 767

$ 798

$ 724

$ 594

$ 691

Earnings per common share

Diluted earnings per common share

$ 4.67

$ 4.82

$ 4.24

$ 3.32

$ 3.86

Amortization of core deposit and other intangible assets (1)

.05

.04

.06

Diluted net operating earnings per common share

$ 4.72

$ 4.87

$ 4.28

$ 3.38

$ 3.92

Other expense

$ 1,379

$ 1,363

$ 1,336

$ 1,415

$ 1,363

Amortization of core deposit and other intangible assets

(10)

(9)

(13)

Noninterest operating expense

$ 1,369

$ 1,353

$ 1,327

$ 1,402

$ 1,350

Efficiency ratio

Noninterest operating expense (numerator)

$ 1,369

$ 1,353

$ 1,327

$ 1,402

$ 1,350

Taxable-equivalent net interest income

$ 1,790

$ 1,773

$ 1,722

$ 1,707

$ 1,740

Other income

696

752

683

611

657

Less: Gain (loss) on bank investment securities

—

Denominator

$ 2,485

$ 2,524

$ 2,405

$ 2,318

$ 2,379

Efficiency ratio

55.1 %

53.6 %

55.2 %

60.5 %

56.8 %

Balance sheet data

Average assets

$ 212,891

$ 211,053

$ 210,261

$ 208,321

$ 211,853

Goodwill

(8,465)

Core deposit and other intangible assets

(69)

(79)

(89)

(92)

(100)

Deferred taxes

Average tangible assets

$ 204,379

$ 202,533

$ 201,733

$ 199,791

$ 203,317

Average common equity

Average total equity

$ 28,970

$ 28,583

$ 28,666

$ 28,998

$ 28,707

Preferred stock

(2,691)

(2,394)

Average common equity

26,279

26,189

26,272

26,604

26,313

Goodwill

(8,465)

Core deposit and other intangible assets

(69)

(79)

(89)

(92)

(100)

Deferred taxes

Average tangible common equity

$ 17,767

$ 17,669

$ 17,744

$ 18,074

$ 17,777

At end of quarter

Total assets

$ 213,510

$ 211,277

$ 211,584

$ 210,321

$ 208,105

Goodwill

(8,465)

Core deposit and other intangible assets

(64)

(74)

(84)

(93)

(94)

Deferred taxes

Total tangible assets

$ 205,001

$ 202,761

$ 203,060

$ 201,789

$ 199,574

Total common equity

Total equity

$ 29,177

$ 28,728

$ 28,525

$ 28,991

$ 29,027

Preferred stock

(2,834)

(2,394)

Common equity

26,343

26,334

26,131

26,597

26,633

Goodwill

(8,465)

Core deposit and other intangible assets

(64)

(74)

(84)

(93)

(94)

Deferred taxes

Total tangible common equity

$ 17,834

$ 17,818

$ 17,607

$ 18,065

$ 18,102

_______________

(1) After any related tax effect.

SOURCE M&T Bank Corporation