M&T Bank : 2026 Q1 Presentation

Published: 2026-04-15 05:40:15 ET MTB

Published on 04/15/2026 at 05:40 am EDT

April 15, 2026

Our Customers

Delivering the people, capital and ideas that empower our customers in the moments that matter most in their lives.

Our Communities

M&T is a

bank for communities, an engine for local economic development

through relationship-building.

Our Colleagues

We empower our employees to be the best versions of themselves through integrity

and empathy.

Our Shareholders

We deliver reliable results anchored by a strong balance sheet that protects and

builds investor value across economic cycles.

Operational Excellence

Deliver industry-leading service, scale and value through intelligent, simplified operations that empower the businesses and clients we support and help us to maintain and improve the bank's profitability.

Teaming for Growth

Alignment and integration across markets, lines of business and platform capabilities will accelerate regional bank growth.

Objectives

Build scalable infrastructure that enables sustainable growth

Deliver consistent, fast and customer centric experiences across the enterprise

Drive operational efficiency while maintaining quality and risk standards

Strengthen critical skills and leadership capabilities for a modern organization

Objectives

Make it easy for clients to do business with us

Ensure all markets and clients experience us as one bank

Empower leaders to lead across businesses

Win in the markets and businesses where we operate

Drive more integration and collaboration in service of growth

Outcomes

✔ Grow revenue per employee through productivity and capacity redeployment

✔ Faster completion of essential processes

✔ Improve customer satisfaction scores

✔ Enhanced employee engagement results regarding tools and resources needed to do the job

Outcomes

✔ Primary checking account and deposit growth

✔ New England regions lead in deposit and loan growth

✔ Increased revenue per Relationship Manager

✔ Increase Wealth referral volume and penetration

✔ Top 5 SBA ranking in New England markets

✔ Increased Mortgage Originations

Key Awards and Accolades

2025 All-America Executive Team

Received #1 Ranking among Large Cap Banks and Placed in the Top 10 across All U.S. Banks

Best CEO - Rene Jones

Best CFO - Daryl Bible

Best Company Board - M&T Bank

Best ESG Program - M&T Bank

Best Investor/Analyst Event - M&T Bank

Best IR Program - M&T Bank

Best IR Team - M&T Bank

Jennifer Warren, CEO, Wilmington Trust CEO of the Year

Clearing & Custodial Firms

Received #1 Ranking among U.S. Companies

The Most Powerful Women in Banking's Top Teams: Wilmington Trust

The Most Powerful Women in Finance: Meghan Shue, Wilmington Trust

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.)

Financial Results

Notable items

EPS

Amt(1)

EPS

Amt(1)

EPS

Amt(1)

1Q25

4Q25

1Q26

($ in millions, except per share)

FDIC Special Assessment

$29

$0.14

Charitable Contribution(2)

(30)

(0.15)

GAAP

($ in millions, except per share)

1Q26

4Q25

1Q25

Revenues

$2,441

$2,475

$2,306

Noninterest Expense

1,438

1,379

1,415

Provision for Credit Losses

140

125

130

Net Income

664

759

584

Diluted EPS

4.13

4.67

3.32

Return on Assets

1.26%

1.41%

1.14%

Return on Common Equity

9.67

10.87

8.36

Net Interest Margin

3.71

3.69

3.66

Net Charge-offs % Avg Loans

.31

.54

.34

Diluted EPS increased +24% YoY

Return on Assets increased +12 bps YoY

Return on Common Equity increased +131 bps YoY

Net Interest Margin increased +2 bps QoQ and +5 bps YoY

Note: (1) Amounts presented before any related tax effect. (2) Included in other costs of operations.

Net Operating Results (Non-GAAP)(1)

($ in millions, except per share)

1Q26

4Q25

1Q25

Net Operating Income

$671

$767

$594

Diluted Net Operating EPS

4.18

4.72

3.38

Efficiency Ratio

58.3%

55.1%

60.5%

Net Operating ROTA

1.33

1.49

1.21

Net Operating ROTCE

14.51

16.24

12.53

Tangible Book Value per Share(2)

$115.96

$117.45

$111.13

Diluted Net Operating EPS increased +24% YoY

Net Operating ROTA increased +12 bps YoY

Net Operating ROTCE increased +198 bps YoY

Tangible Book Value per Share increased +4% YoY

Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end.

QoQ Drivers

$1,773

$1,790

$1,707

$1,722

$1,763

3.66%

3.62%

3.68%

3.69%

3.71%

2Q25

Adjusted NIM was 3.66(2)

Taxable-equivalent net interest income(1) decreased

-$27 million or -2% QoQ

Two less calendar days in the recent quarter

Net interest margin rose +2 bps QoQ to 3.71%

$ IN MILLIONS

Net higher asset-liability spread from continued fixed asset repricing, redeployment of cash to securities and deposit pricing discipline (+5 bps)

A favorable impact from interest rate swap agreements (+3 bps)

Partially offset by lower contribution of net interest-free funds (-6 bps)

1Q25 2Q25 3Q25 4Q25 1Q26

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.

Change 1Q26 vs

Average Balances, $ in billions, except per share

1Q26

4Q25

1Q25

4Q25

1Q25

Interest-bearing Deposits at Banks

$16.2

$18.0

$19.7

-10%

-18%

Investment Securities

37.8

36.7

34.5

Commercial and Industrial ("C&I")

63.8

62.2

61.0

Commercial Real Estate ("CRE")

23.5

24.1

26.3

-3

-11

Residential Real Estate ("RRE")

24.8

23.2

Consumer

26.3

26.5

24.3

-1

Total Loans

138.4

137.6

134.8

Earning Assets

192.6

192.4

189.1

Deposits

164.3

165.1

161.2

Borrowings

16.8

14.6

14.2

Common Shareholders' Equity

26.1

26.3

26.6

-1

-2

As of Quarter End

Common Shareholders' Equity per Share

$173.82

$173.49

$163.62

Tangible Equity per Common Share(1)

115.96

117.45

111.13

-1

Tangible Common Equity / Tangible Assets(1)

8.26%

8.70%

8.95%

-44 bps

-69 bps

Common Equity Tier 1 ("CET1") Capital Ratio

10.33(2)

10.84

11.50

-51 bps

-117 bps

Capital levels strong with CET1 capital ratio of 10.33%(2)

Repurchased $1.2 billion(3) of common shares in 1Q26

Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) March 31, 2026 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax.

$ IN BILLIONS

$134.8

$135.4

$136.5

$137.6

$138.4

QoQ Drivers

Average loans increased +$823 million QoQ:

C&I loans grew +2% (+$1.5 billion) reflecting growth in middle market, business banking and several of our specialty businesses

Consumer loans decreased -1% (-$171 million)

CRE loans declined -3% (-$605 million)

$24.3

$25.4

$26.1

$26.5

$26.3

$23.2

$23.7

$24.4

$24.8

$26.3

$25.3

$24.3

$24.1

$23.5

6.06%

6.11%

6.14%

6.00%

5.86%

$61.0

$61.7

$62.2

$63.8

1Q25 2Q25 3Q25 4Q25 1Q26

Consumer

Average Investment Securities and Yield Securities and Invested Cash at 3/31/26

Other

Securities 2%

HTM

Securities 23%

Interest-

bearing deposits at banks 27%

$53.1B

TOTAL

AFS

Securities 48%

$37.8

$36.6

$36.7

$34.5

$35.3

2Q25

Adjusted Yield was 4.03%(1)

4.17%

4.26%

4.00%

4.13%

3.81%

$ IN BILLIONS

Duration Pre-tax Unrealized Gain/(Loss)

AFS

~3.1 years

$9 million

1Q25 2Q25 3Q25 4Q25 1Q26

Liquidity Coverage Ratio was 107%(2) on March 31, 2026

HTM ~5.2 years ($764 million)

Total Debt Securities

~3.8 years

($755 million)

Note: (1) See Appendix for reconciliation of this adjusted measure. (2) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on March 31, 2026 exceeded the regulatory minimum standards that

1Q25

2Q25

3Q25

4Q25

1Q26

Total deposit cost

1.70%

1.72%

1.59%

1.43%

QoQ Drivers

Average deposits decreased -$789 million

2.37% 2.38% 2.36% 2.17% 1.96%

Interest-bearing deposit cost

$14.2

$14.3

$14.0

$13.6

$13.1

$101.6

$104.0

$104.7

$107.3

$106.6

$45.4

$45.1

$44.0

$44.2

$44.6

$ IN BILLIONS

$161.2 $163.4 $162.7 $165.1 $164.3

QoQ:

Interest-bearing deposit cost decreased -21 bps

- 56% cumulative deposit beta since 3Q24

Average interest-bearing deposits declined

-$1.2 billion

Average noninterest-bearing deposits increased +$363 million

1Q25 2Q25 3Q25 4Q25 1Q26

$ IN MILLIONS

$611

$689

$683

$696

$752

$ in millions

1Q26

4Q25

1Q25

4Q25

1Q25

Mortgage Banking Revenues

$127

$155

$118

-18%

Service Charges on Deposits

139

140

133

-1

Trust Income

183

184

177

-1

Brokerage Services

Non-hedge Derivatives / Trading

-26

Securities Gain/(Loss)

238

Other Revenues from Operations

187

163

142

Noninterest Income

$689

$696

$611

-1%

13%

Change 1Q26 vs

1Q25 2Q25 3Q25 4Q25 1Q26

Noninterest Income

QoQ Drivers

Noninterest income decreased -$7 million or -1% QoQ:

Mortgage banking revenues declined -$28 million QoQ:

On January 1, 2026, the Company elected to prospectively measure residential mortgage loan servicing right assets ("MSRs") at fair value

Residential mortgage banking revenues declined -$16 million

reflecting the passage of time on the fair value of MSRs

Commercial mortgage banking revenues declined -$12 million

from lower volume

Trading account and other non-hedging derivative gains decreased -$5 million reflecting lower revenues from interest rate swap transactions with commercial customers

Other revenues from operations increased +$24 million QoQ:

- +$33 million distribution from M&T's investment in BLG

- Partially offset by lower merchant discount and credit card fees

$1,415

$1,438

$1,336

$1,363

$1,402

$1,429

$1,327

$1,353

$1,369

60.5%

55.2%

58.3%

53.6%

55.1%

Adjusted

Efficiency 55.3%(1)

Adjusted

Efficiency 54.5%(1)

Adjusted

Efficiency 55.0%(1)

Change 1Q26 vs

$ in millions

Salaries & Employee Benefits(2) Equipment & Net Occupancy Outside Data Proc & Software Professional & Other Services FDIC Assessments

Advertising & Marketing Other Costs of Operations Operating Expense(1)

Intangible Amortization

1Q26

$914 133

144

101

1,429

4Q25

$809 134

146

105

(8)

151

1,369

1Q25

$887 132

136

118

1,402

4Q25

13%

-2

-11

-35

-34

-1

1Q25

- 5

-6

-15

-27

Total Noninterest Expense

$1,438 $1,379 $1,415

$ IN MILLIONS

$1,379

1Q25 2Q25 3Q25 4Q25 1Q26

Noninterest expense increased +$59 million or +4% QoQ:

Salaries and employee benefits expense increased +$105 million reflecting:

QoQ Drivers

Higher FDIC assessments reflect a reduction of estimated special assessment expense of

$29 million in the fourth quarter of 2025

- $115 million of seasonally higher personnel expenses, partially offset by two less working days and lower employee staffing levels in the recent quarter

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

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

Other costs of operations decreased -$50 million due to the following fourth quarter activity:

A contribution to The M&T Charitable Foundation of $30 million

Amortization of residential MSRs

Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP and adjusted measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Severance-related charges for 1Q26, 4Q25 and 1Q25 were $4 million, $6 million and $4 million, respectively.

Net Charge-offs

Provision for Credit Losses

$185

$146

$114

$108

0.54%

$105

0.42%

0.34%

0.32%

0.31%

$130 $125 $125

$ IN MILLIONS

$20 $15

$125 $140

$130

$105

$110

$140

$125

$15

1Q25 2Q25 3Q25 4Q25 1Q26

-$15

1Q25 2Q25 3Q25 4Q25 1Q26

Nonaccrual Loans

Allowance for Loan Losses

$1,540

$1,573

$1,512

$1,252

$1,240

1.14%

1.16%

1.10%

0.90%

0.89%

$2,200

$2,197

$2,161

$2,116

$2,136

1.63%

1.61%

1.58%

1.53%

IN MILLIONS

$ IN MILLIONS

1Q25 2Q25 3Q25 4Q25 1Q26

$9.4

$8.4

$7.8

$7.3

$6.6

10.9%

9.7%

9.0%

8.3%

7.4%

Criticized loans decreased -$706 million QoQ:

C&I decreased -$306 million

CRE decreased -$400 million

Permanent CRE -$140 million

$ IN BILLIONS

Construction -$260 million

96% of criticized accrual loans are current

1Q25 2Q25 3Q25 4Q25 1Q26

Nondepository

Financial Institutions(1) Loan Types Portfolio Characteristics

$0.8B

$0.6B

$2.0B

$6.5B

$3.5B

Business Credit Intermediaries Wholesale Lender Finance, Business Development Companies

Consumer Credit Intermediaries

Consumer Lender Finance

Other loans to NDFIs

All Other (e.g. insurance, broker/dealer)

M&T's loans to NDFIs represent 10% of loans, compared to peer median of 12%(2)

Concentrated in mortgage credit and private equity

Components centered around institutional CRE credit solutions, residential mortgage warehouse lines, MSR secured financing, and fund subscription lines

All of which have low loss profiles both internally and across the industry

M&T's private equity lending is entirely comprised of subscription lines

$13.4 billion 10% of Total Loans

Mortgage Credit Intermediaries

Institutional CRE, Residential Mortgage Warehouse, Mortgage Servicing Rights ("MSR")

Private Equity Funds

Subscription Lines

At 3/31/26

Note: (1) Loans to NDFIs are estimates pending the filing of M&T Bank's Call Report and M&T Bank Corporation's FRY-9C. (2) Peer median as of 12/31/25 due to data availability.

Business Credit Intermediaries(1)

$2.0 billion 15% of NDFI

Loans

$0.3B (17%)

$0.4B (20%)

$0.6B (28%)

$0.7B (35%)

At 3/31/26

Wholesale Lender Finance

Business Leasing

Business Development Companies

Other Business Credit Intermediaries

Obligor Types

Portfolio Characteristics

Comprised of non-bank platforms that

originate and hold business credit using sponsored capital and wholesale funding rather than deposits. Portfolios are dispersed among many non-institutional

lenders.

Business Development Companies -managed by established private credit firms with institutional governance and underwriting, operating under the Investment Company Act of 1940, which provides structural protections that benefit creditors

Business Leasing - leasing to a broad range of business types and collateralized by the full spectrum of fixed assets

Wholesale Lender Finance - provide funding to specialty lenders, including institutional lenders, generally under asset based lending structures

Note: (1) Loans to Business Credit Intermediaries are estimates pending the filing of M&T Bank's Call Report and M&T Bank Corporation's FRY-9C.

CET1(1)

TBVPS(2)

$112.48

$111.13

$115.96

$115.31

$117.45

10.33%

10.84%

10.99%

11.50%

1Q25 2Q25 3Q25 4Q25 1Q26

QoQ Drivers

CET1 capital ratio decreased to 10.33%(1) at the end of 1Q26

Tangible book value per share decreased -1% to $115.96

AFS and pension-related AOCI would have impacted the CET1 capital ratio by +4 bps at the end of 1Q26

The election to prospectively measure residential MSRs at fair value increased the CET1 capital ratio by +8 bps at January 1, 2026

Basel III - March 2026 Proposal

CET1 capital ratio at the end of 4Q25 would have increased an estimated +90 +/- bps under the standardized approach and an additional +10-20 bps under the expanded risk-based approach, excluding the impact of AOCI

Note: (1) CET1 capital ratio at March 31, 2026 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure.

2026 Outlook Comments

Income Statement

Net Interest Income

$7.2 to $7.35 billion

Bottom half of the range for NII translates to NIM in the high 3.60s

Taxable-equivalent

Range dependent on loan growth, deposit trends, and shape of the yield curve

Fee Income

$2.675 to $2.775 billion

High end of the range

Broad-based growth across fee types and business lines

GAAP Expense

$5.5 to $5.6 billion

High end of the range

Includes intangible amortization

Continued investment in enterprise initiatives and well-managed non-investment spend

Net Charge-Offs

40 basis points +/-

% of Average Loans

Tax Rate

24.0% +/-

Taxable-equivalent

age nces

Loans

$140 to $142 billion

Point to point growth in each loan portfolio

Aver Bala

Deposits

$165 to $167 billion

Focus on growing operational accounts and other customer deposits at a reasonable cost

CET1 Capital Ratio

10.0% to 10.5%

Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns

Purpose Driven Organization

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

Successful and Sustainable Business Model

Experienced and seasoned management team

Strong risk controls with long track record of credit outperformance through cycles

Leading position in core markets

Strong Shareholder Returns

15-17% ROTCE(1)

Robust dividend growth

8% TBV per share growth(2)

Source: FactSet, S&P Global, Company Filings.

Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2020-2025, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2020-2025.

Appendix

GAAP to Net Operating (Non-GAAP) Reconciliation

In millions, except per share

1Q25

2Q25

3Q25

4Q25

1Q26

Net income

$584

$716

$792

$759

$664

Amortization of core deposits and other intangible assets (1)

Net operating income

$594

$724

$798

$767

$671

Earnings per common share

Diluted earnings per common share

$3.32

$4.24

$4.82

$4.67

$4.13

Amortization of core deposits and other intangible assets (1)

0.06

0.04

0.05

Diluted net operating earnings per common share

$3.38

$4.28

$4.87

$4.72

$4.18

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.

Note: (1) After any related tax effect.

GAAP to Net Operating (Non-GAAP) Reconciliation

In millions

1Q25

2Q25

3Q25

4Q25

1Q26

Other expense

$1,415

$1,336

$1,363

$1,379

$1,438

Amortization of core deposit and other intangible assets

(13)

(9)

(10)

(9)

Noninterest operating expense

$1,402

$1,327

$1,353

$1,369

$1,429

Efficiency ratio

Noninterest operating expense (numerator)

$1,402

$1,327

$1,353

$1,369

$1,429

Taxable-equivalent net interest income

$1,707

$1,722

$1,773

$1,790

$1,763

Other income

611

683

752

696

689

Less: Gain (loss) on bank investment securities

Denominator

$2,318

$2,405

$2,524

$2,485

$2,448

Efficiency ratio

60.5%

55.2%

53.6%

55.1%

58.3%

GAAP to Tangible (Non-GAAP) Reconciliation

In millions

1Q25

2Q25

3Q25

4Q25

1Q26

Average assets

$208,321

$210,261

$211,053

$212,891

$213,828

Goodwill

(8,465)

Core deposit and other intangible assets

(92)

(89)

(79)

(69)

(59)

Deferred taxes

Average tangible assets

$199,791

$201,733

$202,533

$204,379

$205,323

Average common equity

Average total equity

$28,998

$28,666

$28,583

$28,970

$28,648

Preferred stock

(2,394)

(2,691)

(2,576)

Average common equity

26,604

26,272

26,189

26,279

26,072

Goodwill

(8,465)

Core deposit and other intangible assets

(92)

(89)

(79)

(69)

(59)

Deferred taxes

Average tangible common equity

$18,074

$17,744

$17,669

$17,767

$17,567

GAAP to Tangible (Non-GAAP) Reconciliation

In millions

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

Total assets

$210,321

$211,584

$211,277

$213,510

$214,736

Goodwill

(8,465)

Core deposit and other intangible assets

(93)

(84)

(74)

(64)

(55)

Deferred taxes

Total tangible assets

$201,789

$203,060

$202,761

$205,001

$206,234

Total common equity

Total equity

$28,991

$28,525

$28,728

$29,177

$27,972

Preferred stock

(2,394)

(2,834)

(2,434)

Common equity

26,597

26,131

26,334

26,343

25,538

Goodwill

(8,465)

Core deposit and other intangible assets

(93)

(84)

(74)

(64)

(55)

Deferred taxes

Total tangible common equity

$18,065

$17,607

$17,818

$17,834

$17,036

Reconciliation of Adjusted Metrics

In millions, except per share

1Q25

2Q25

3Q25

4Q25

1Q26

Taxable-equivalent net interest income - Adjusted

Taxable-equivalent net interest income

$1,722

Premium amortization for acquired securities

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%

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.

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.

Appendix

Reconciliation of Adjusted Metrics

In millions

1Q25

2Q25

3Q25

4Q25

1Q26

Other income - Adjusted

Other income

$683

$752

$696

Gain on sale of out-of-footprint loan portfolio

(15)

Gain on sale of institutional services subsidiary

(10)

Earnout payment related to 2023 sale of CIT business

(28)

Other income - Adjusted

$658

$724

$696

Noninterest operating expense - Adjusted

Noninterest operating expense

$1,327

$1,353

$1,369

Charitable contribution

(30)

FDIC Special Assessment

Noninterest operating expense - Adjusted

$1,327

$1,361

$1,368

Efficiency ratio - Adjusted

Noninterest operating expense (numerator) - Adjusted

$1,327

$1,361

$1,368

Taxable-equivalent net interest income - Adjusted

1,742

1,773

1,790

Other income - Adjusted

658

724

696

Less: Gain (loss) on bank investment securities

Denominator

$2,400

$2,497

$2,485

Efficiency ratio - Adjusted

55.3%

54.5%

55.0%

Disclaimer

M&T Bank Corporation published this content on April 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 15, 2026 at 09:39 UTC.