Companies: 10,822     total market cap: A$204.040 T
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M&T Bank
MTB
#811
Rank
A$41.94 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$286.45
Share price
-0.41%
Change (1 day)
-0.33%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York, It operates 780 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, D.C., and Connecticut.
  1. M&T Bank
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-05

M&T Bank - 10-Q quarterly report FY


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
Commission File Number 1-9861
_______________________
M&T BANK CORPORATION
(Exact name of registrant as specified in its charter)
_______________________
New York16-0968385
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
One M&T Plaza,
Buffalo, New York
(Address of principal executive offices)
14203
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:
(716) 635-4000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Common Stock, $0.50 par valueMTBNew York Stock Exchange
Perpetual Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series H
MTBPrHNew York Stock Exchange
Perpetual Fixed Rate Non-Cumulative
Preferred Stock, Series J		MTBPrJNew York Stock Exchange
Perpetual Fixed Rate Non-Cumulative
Preferred Stock, Series K		MTBPrKNew York Stock Exchange
_____________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   x Yes   o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
x Yes   o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
xAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   o Yes   x No
Number of shares of the registrant's Common Stock, $0.50 par value, outstanding as of the close of business on April 30, 2026: 146,445,060 shares.


M&T Bank Corporation
FORM 10-Q
For the Quarterly Period Ended March 31, 2026
Table of ContentsPage
4
Item 1.
Financial Statements (Unaudited)
5
Consolidated Balance Sheet – March 31, 2026 and December 31, 2025
5
Consolidated Statement of Income – Three months ended March 31, 2026 and 2025
6
Consolidated Statement of Comprehensive Income – Three months ended March 31, 2026 and 2025
7
Consolidated Statement of Cash Flows – Three months ended March 31, 2026 and 2025
8
Consolidated Statement of Changes in Shareholders' Equity – Three months ended March 31, 2026 and 2025
9
Notes to Financial Statements
10
1. Significant accounting policies
10
2. Investment securities
12
3. Loans and allowance for loan losses
15
4. Borrowings
24
5. Shareholders' equity
25
6. Revenue from contracts with customers
25
7. Pension plans and other postretirement benefits
26
8. Earnings per common share
27
9. Comprehensive income
28
10. Derivative financial instruments
29
11. Variable interest entities and asset securitizations
32
12. Fair value measurements
34
13. Commitments and contingencies
38
14. Segment information
40
15. Relationship with BLG and Bayview Financial
41
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
42
Financial Overview
42
Supplemental Reporting of Non-GAAP Results of Operations
44
Taxable-equivalent Net Interest Income
45
Provision for Credit Losses
53
Other Income
60
Other Expense
63
Income Taxes
64
Liquidity Risk
64
Market Risk and Interest Rate Sensitivity
66
Capital
69
Segment Information
71
Critical Accounting Estimates and Recent Accounting Developments
77
Forward-Looking Statements
77
Quarterly Trends
79
Reconciliation of Quarterly GAAP to Non-GAAP Measures
80
- 2 -

Table of Contents, continued
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
81
Item 4.
Controls and Procedures
81
Item 1.
Legal Proceedings
82
Item 1A.
Risk Factors
82
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
82
Item 3.
Defaults Upon Senior Securities
82
Item 4.
Mine Safety Disclosures
82
Item 5.
Other Information
83
Item 6.
Exhibits
83
84
- 3 -

Glossary of Terms
The following listing includes acronyms and terms used throughout the document.
TermDefinition
2025 Annual Report
Form 10-K for the year ended December 31, 2025
Bayview FinancialBayview Financial Holdings, L.P. together with its affiliates
BLGBayview Lending Group, LLC
Capital RulesCapital adequacy standards established by the federal banking agencies
CET1Common Equity Tier 1
Common SecuritiesCommon securities issued in connection with the issuance of Junior Subordinated Debentures
CompanyM&T Bank Corporation and its consolidated subsidiaries
DOJU.S. Department of Justice
DUSDelegated Underwriting and Servicing
ERBAExpanded risk-based approach
EVEEconomic value of equity
Exchange ActSecurities Exchange Act of 1934
Executive ALCO CommitteeExecutive Asset-Liability Liquidity Capital Committee
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee
FRBFederal Reserve Bank
GAAPAccounting principles generally accepted in the U.S.
GDPGross Domestic Product
Junior Subordinated DebenturesFixed and variable rate junior subordinated deferrable interest debentures
LCRLiquidity coverage ratio
LTVLoan-to-value
M&TM&T Bank Corporation
M&T BankManufacturers and Traders Trust Company
Mid-AtlanticRegion includes Delaware, Maryland, New Jersey, Pennsylvania, Virginia and the District of Columbia
NDFINondepository Financial Institution
New EnglandRegion includes Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
OASOption adjusted spread
Preferred Capital SecuritiesPreferred capital securities issued in connection with the issuance of Junior Subordinated Debentures
RWARisk-weighted assets
SCBStress capital buffer
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
U.S.United States of America
Wilmington Trust, N.A.Wilmington Trust, National Association
- 4 -

Part I. Financial Information
Item 1. Financial Statements (Unaudited).
M&T Bank Corporation and Subsidiaries
Consolidated Balance Sheet (Unaudited)
(Dollars in millions, except per share)March 31,
2026		December 31,
2025
Assets
Cash and due from banks$1,903 $1,701 
Interest-bearing deposits at banks14,445 17,068 
Trading account92 97 
Investment securities:
Available for sale (cost: $25,219 at March 31, 2026;
   $22,994 at December 31, 2025)
25,228 23,202 
Held to maturity (fair value: $11,355 at March 31, 2026;
   $11,715 at December 31, 2025)
12,119 12,430 
Equity and other securities (cost: $1,273 at March 31, 2026;
   $1,016 at December 31, 2025)
1,274 1,017 
Total investment securities38,621 36,649 
Loans (a)139,914 138,702 
Allowance for loan losses(2,136)(2,116)
Net loans137,778 136,586 
Premises and equipment1,716 1,629 
Goodwill8,465 8,465 
Core deposit and other intangible assets55 64 
Accrued interest and other assets11,661 11,251 
Total assets$214,736 $213,510 
Liabilities
Noninterest-bearing deposits$45,892 $46,509 
Savings and interest-checking deposits104,767 107,173 
Time deposits13,082 13,227 
Total deposits163,741 166,909 
Short-term borrowings7,851 2,149 
Long-term borrowings (a)11,175 10,911 
Accrued interest and other liabilities3,997 4,364 
Total liabilities186,764 184,333 
Shareholders' equity
Preferred stock2,434 2,834 
Common stock, $0.50 par, 250,000,000 shares authorized,
   179,436,779 shares issued at March 31, 2026 and December 31, 2025
90 90 
Additional paid-in capital9,961 10,011 
Retained earnings21,476 20,882 
Accumulated other comprehensive income (loss), net66 277 
Treasury stock — common, at cost — 32,523,605 shares at March 31, 2026;
   27,604,513 shares at December 31, 2025
(6,055)(4,917)
Total shareholders’ equity27,972 29,177 
Total liabilities and shareholders’ equity$214,736 $213,510 
__________________________________________________________________________________
(a)Loans of $2.4 billion and $2.1 billion at March 31, 2026 and December 31, 2025, respectively, were held in special purpose trusts to settle the respective obligations of asset-backed notes issued by those trusts. The outstanding balances of those asset-backed notes issued to third party investors were included in Long-term borrowings and were $2.0 billion at March 31, 2026 and $1.7 billion at December 31, 2025.
See accompanying notes to financial statements.


- 5 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Income (Unaudited)
Three Months Ended March 31,
(Dollars in millions, except per share, shares in thousands)20262025
Interest income
Loans$1,994 $2,006 
Investment securities393 336 
Deposits at banks149 218 
Total interest income2,536 2,560 
Interest expense
Savings and interest-checking deposits483 552 
Time deposits97 124 
Short-term borrowings54 32 
Long-term borrowings150 157 
Total interest expense784 865 
Net interest income1,752 1,695 
Provision for credit losses140 130 
Net interest income after provision for credit losses1,612 1,565 
Other income
Mortgage banking revenues127 118 
Service charges on deposit accounts139 133 
Trust income183 177 
Brokerage services income35 32 
Trading account and other non-hedging derivative gains14 9 
Gain (loss) on bank investment securities4 — 
Other revenues from operations187 142 
Total other income689 611 
Other expense
Salaries and employee benefits914 887 
Equipment and net occupancy133 132 
Outside data processing and software144 136 
Professional and other services93 84 
FDIC assessments23 23 
Advertising and marketing21 22 
Amortization of core deposit and other intangible assets9 13 
Other costs of operations101 118 
Total other expense1,438 1,415 
Income before taxes863 761 
Income taxes199 177 
Net income$664 $584 
Net income available to common shareholders
Basic$620 $547 
Diluted620 547 
Net income per common share
Basic4.16 3.33 
Diluted4.13 3.32 
Average common shares outstanding
Basic149,225 164,209 
Diluted150,109 165,047 
See accompanying notes to financial statements.
- 6 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Comprehensive Income (Unaudited)
Three Months Ended March 31,
(Dollars in millions)20262025
Net income$664 $584 
Other comprehensive income (loss), net of tax and reclassification adjustments:
Net unrealized gains (losses) on investment securities(149)147 
Cash flow hedges adjustments(60)108 
Defined benefit plans liability adjustments(1)(2)
Other(1)1 
Total other comprehensive income (loss)(211)254 
Total comprehensive income$453 $838 
See accompanying notes to financial statements.
- 7 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
Three Months Ended March 31,
(Dollars in millions)20262025
Cash flows from operating activities
Net income$664 $584 
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses140 130 
Depreciation and amortization of premises and equipment79 83 
Amortization of capitalized servicing rights9 34 
Amortization of core deposit and other intangible assets9 13 
Provision for deferred income taxes14 (6)
Asset write-downs3 3 
Net gain on sales of assets(9)(5)
Net change in accrued interest receivable, payable(62)(63)
Net change in other accrued income and expense(97)(140)
Net change in loans originated for sale220 159 
Net change in trading account and other non-hedging derivative assets and liabilities42 (157)
Net cash from operating activities1,012 635 
Cash flows from investing activities
Proceeds from sales:
Investment securities available for sale2,492 — 
Equity and other securities322 159 
Loans6 93 
Proceeds from maturities:
Investment securities available for sale1,211 820 
Investment securities held to maturity315 848 
Purchases:
Investment securities available for sale(5,924)(2,571)
Equity and other securities(579)(138)
Loans— (68)
Net change in loans(1,611)678 
Capital expenditures, net(96)(25)
Net change in loan servicing advances(280)(279)
Other, net(180)134 
Net cash from investing activities(4,324)(349)
Cash flows from financing activities
Net change in deposits(3,168)4,314 
Net change in short-term borrowings5,702 513 
Proceeds from long-term borrowings508 743 
Payments on long-term borrowings(212)(2,950)
Redemption of Series G preferred stock(400)— 
Purchases of treasury stock(1,238)(656)
Dividends paid — common(227)(225)
Dividends paid — preferred(48)(41)
Other, net(26)(1)
Net cash from financing activities891 1,697 
Net change in cash, cash equivalents and restricted cash(2,421)1,983 
Cash, cash equivalents and restricted cash at beginning of period (a)18,769 20,782 
Cash, cash equivalents and restricted cash at end of period (a)$16,348 $22,765 
Supplemental disclosure of cash flow information
Interest received during the period$2,608 $2,605 
Interest paid during the period862 933 
Income taxes paid during the period34 70 
Supplemental schedule of noncash investing and financing activities
Real estate and other foreclosed assets acquired in settlement of loans5 5 
Additions to right-of-use assets under operating leases70 14 
__________________________________________________________________________________
(a)Effective for the year-ended December 31, 2025, the Company changed its accounting policy for Cash and cash equivalents to include Interest-bearing deposits at banks. Prior period amounts have been adjusted to reflect this change in accounting policy as described in note 1.
See accompanying notes to financial statements.
- 8 -

M&T Bank Corporation and Subsidiaries
Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
(Dollars in millions, except per share)Preferred
Stock		Common
Stock		Additional
Paid-in
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive
Income
(Loss), Net 		Treasury
Stock 		Total
Three Months Ended March 31, 2026
Balance — January 1, 2026$2,834 $90 $10,011 $20,882 $277 $(4,917)$29,177 
Fair value accounting election — residential mortgage loan
   servicing right assets (a)		— — — 197 — — 197 
Total comprehensive income— — — 664 (211)— 453 
Redemption of Series G preferred stock(400)— — — — — — — — — (400)
Preferred stock cash dividends— — — (43)— — (43)
Purchases of treasury stock— — — — — (1,250)(1,250)
Stock-based compensation transactions, net— — (50)(1)— 112 61 
Common stock cash dividends — $1.50 per share
— — — (223)— — (223)
Balance — March 31, 2026$2,434 $90 $9,961 $21,476 $66 $(6,055)$27,972 
Three Months Ended March 31, 2025
Balance — January 1, 2025$2,394 $90 $9,999 $19,079 $(164)$(2,371)$29,027 
Total comprehensive income— — — 584 254 — 838 
Preferred stock cash dividends— — — (36)— — (36)
Purchases of treasury stock— — — — — (662)(662)
Stock-based compensation transactions, net— — (30)— — 76 46 
Common stock cash dividends — $1.35 per share
— — — (222)— — (222)
Balance — March 31, 2025$2,394 $90 $9,969 $19,405 $90 $(2,957)$28,991 
__________________________________________________________________________________
(a)As described in notes 1 and 12, effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value.
See accompanying notes to financial statements.
- 9 -

Notes to Financial Statements (Unaudited)
1. Significant accounting policies
`
The consolidated interim financial statements of the Company were compiled in accordance with GAAP using the accounting policies set forth in note 1 of Notes to Financial Statements included in M&T's 2025 Annual Report. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented.
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in Mortgage banking revenues in the Consolidated Statement of Income. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in Other costs of operations in the Consolidated Statement of Income before 2026 is no longer recorded. Instead, beginning in 2026 fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in Mortgage banking revenues. The accounting election resulted in an increase to capitalized servicing assets, included in Accrued interest and other assets in the Consolidated Balance Sheet, of $263 million and a corresponding after-tax increase to Retained earnings of $197 million. On December 31, 2025 the Company began economically hedging the risk of fair value changes in those residential mortgage loan servicing right assets through the use of various interest rate derivative contracts, for which changes in fair value in the recent quarter are reflected in Mortgage banking revenues in the Consolidated Statement of Income.
Consolidated Statement of Cash Flows
For purposes of this statement, Cash and due from banks and federal funds sold are considered Cash and cash equivalents. Effective for the year-ended December 31, 2025, the Company changed its accounting policy to also include Interest-bearing deposits at banks, which are primarily comprised of interest-bearing deposits at the FRB of New York, as Cash and cash equivalents. The Company considers such deposits to be an immediate source of funds in its liquidity management processes and therefore considers the accounting policy election preferable. Prior period amounts in the Consolidated Statement of Cash Flows have been adjusted to reflect this change in accounting policy as summarized in the following table:
March 31, 2025
(Dollars in millions)Previously ReportedAdjusted
Net change in interest-bearing deposits at banks$(1,783)$— 
Net cash from investing activities(2,132)(349)
Net change in cash, cash equivalents and restricted cash200 1,983 
Cash, cash equivalents and restricted cash at beginning of period1,909 20,782 
Cash, cash equivalents and restricted cash at end of period2,109 22,765 
During the second quarter of 2025, with the increased volume of sales and purchases of loans, the Company began separately presenting Proceeds from sales of loans, which were not originally held for sale, in the Consolidated Statement of Cash Flows. Previously proceeds from sales of loans, which were not originally held for sale, were included in Net change in loans in the Consolidated Statement of Cash Flows. Previously reported amounts for the three months ended March 31, 2025 have been reclassified to conform to the current presentation.
- 10 -


1. Significant accounting policies, continued
The following table provides a description of accounting standards that were adopted by the Company in the three-month period ended March 31, 2026 as well as standards that were not yet effective at March 31, 2026 that could have an impact to M&T's consolidated financial statements upon adoption.
Recent accounting developments
StandardDescription
Required date
of adoption
Effect on consolidated financial statements
Standards adopted in the three-month period ended March 31, 2026
Improvements to the accounting for purchased loansThe standard expands the population of acquired financial assets accounted for using a gross-up approach which records an initial allowance for credit losses through an adjustment to the initial amortized cost basis. Acquired loans (excluding credit cards) are deemed purchased seasoned loans and accounted for using the gross-up approach upon acquisition if criteria established by the new guidance are met. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned.January 1, 2027
(Early adoption permitted)		Effective January 1, 2026, the Company prospectively adopted the amended guidance, which did not have a material impact on its consolidated financial statements for the three month-period ended March 31, 2026.
Standards not yet adopted as of March 31, 2026
Income Statement - Expense
disaggregation disclosures		The standard requires disclosure in the notes to financial statements of specified information about certain cost and expense captions on the income statement.January 1, 2027
(Early adoption permitted)		The Company does not expect the guidance will have a material impact on its consolidated financial statements.
Hedge accounting improvementsThe amendment expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge by changing the requirement to designate a group of individual forecasted transactions from having a shared risk exposure to having a similar risk exposure. The amendment also provides a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on variable rate debt instruments that permit the borrower to change the interest rate index. The amendment also modifies certain other hedge accounting rules.January 1, 2027
(Early adoption permitted)		The Company does not expect the guidance will have a material impact on its consolidated financial statements.
Targeted improvements to the accounting for internal-use softwareThe standard eliminates the concept of a software development project stage such that the guidance is agnostic to different software development methods and introduces a new threshold for cost capitalization. The standard also provides factors to consider when determining whether significant development uncertainty exists.January 1, 2028
(Early adoption permitted)		The Company does not expect the guidance will have a material impact on its consolidated financial statements.
- 11 -


2. Investment securities
The amortized cost and fair value of investment securities were as follows.
(Dollars in millions)Amortized
Cost (a)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
March 31, 2026
Investment securities available for sale:
U.S. Treasury $3,226 $14 $— $3,240 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial4,735 50 3 4,782 
Residential17,257 91 143 17,205 
Other 1 — — 1 
25,219 155 146 25,228 
Investment securities held to maturity:
U.S. Treasury397 — 4 393 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial1,996 — 78 1,918 
Residential7,610 4 633 6,981 
Privately issued30 11 — 41 
State and political subdivisions2,085 — 64 2,021 
Other 1 — — 1 
 12,119 15 779 11,355 
Total debt securities$37,338 $170 $925 $36,583 
Equity and other securities:
Readily marketable equity — at fair value$280 $3 $2 $281 
Other — at cost993 — — 993 
Total equity and other securities$1,273 $3 $2 $1,274 
 
December 31, 2025
Investment securities available for sale:
U.S. Treasury $6,302 $43 $2 $6,343 
Mortgage-backed securities:    
Government issued or guaranteed:    
Commercial4,738 79 1 4,816 
Residential11,953 148 59 12,042 
Other1 — — 1 
22,994 270 62 23,202 
Investment securities held to maturity:
U.S. Treasury 445 — 4 441 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,007 — 74 1,933 
Residential7,816 10 619 7,207 
Privately issued32 12 — 44 
State and political subdivisions2,129 — 40 2,089 
Other 1 — — 1 
12,430 22 737 11,715 
Total debt securities$35,424 $292 $799 $34,917 
Equity and other securities:
Readily marketable equity — at fair value$280 $3 $2 $281 
Other — at cost736 — — 736 
Total equity and other securities$1,016 $3 $2 $1,017 
__________________________________________________________________________________
(a)Amortized cost balances of debt securities exclude accrued interest receivable of $163 million and $187 million at March 31, 2026 and December 31, 2025, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
- 12 -


2. Investment securities, continued
A summary of debt investment securities that as of March 31, 2026 and December 31, 2025 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows.
Less Than 12 Months12 Months or MoreTotal
(Dollars in millions)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized Losses
March 31, 2026
Investment securities available for sale:
U.S. Treasury$248 $— $— $— $248 $— 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial723 3 1 — 724 3 
Residential7,759 83 1,163 60 8,922 143 
Other — — 1 — 1 — 
8,730 86 1,165 60 9,895 146 
Investment securities held to maturity:
U.S. Treasury — — 393 4 393 4 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial274 4 1,644 74 1,918 78 
Residential1,010 15 5,307 618 6,317 633 
Privately issued2 — — — 2 — 
State and political subdivisions554 8 1,319 56 1,873 64 
1,840 27 8,663 752 10,503 779 
Total$10,570 $113 $9,828 $812 $20,398 $925 
December 31, 2025
Investment securities available for sale:
U.S. Treasury $— $— $185 $2 $185 $2 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial174 1 65 — 239 1 
Residential488 2 1,303 57 1,791 59 
Other — — 1 — 1 — 
662 3 1,554 59 2,216 62 
Investment securities held to maturity:
U.S. Treasury — — 391 4 391 4 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial28 — 1,840 74 1,868 74 
Residential139 1 6,287 618 6,426 619 
Privately issued2 — — — 2 — 
State and political subdivisions13 — 1,866 40 1,879 40 
182 1 10,384 736 10,566 737 
Total$844 $4 $11,938 $795 $12,782 $799 

- 13 -


2. Investment securities, continued
The Company owned 3,325 individual debt securities with aggregate gross unrealized losses of $925 million at March 31, 2026. Based on a review of each of the securities in the investment securities portfolio at March 31, 2026, including security type and issuer credit quality, the Company concluded that it expected to recover the amortized cost basis of its investment. As of March 31, 2026, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. The Company estimated no material allowance for credit losses for its investment securities at March 31, 2026 or December 31, 2025. At March 31, 2026, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $993 million of cost method equity securities.
At March 31, 2026, the amortized cost and fair value of debt securities by contractual maturity were as follows.
(Dollars in millions)Amortized
Cost		Fair Value
Debt securities available for sale:
Due in one year or less$750 $753 
Due after one year through five years2,477 2,488 
Due after five years through ten years— — 
Due after ten years— — 
3,227 3,241 
Mortgage-backed securities21,992 21,987 
$25,219 $25,228 
Debt securities held to maturity:
Due in one year or less$409 $405 
Due after one year through five years388 387 
Due after five years through ten years1,242 1,217 
Due after ten years444 406 
2,483 2,415 
Mortgage-backed securities9,636 8,940 
$12,119 $11,355 
There were no significant gross realized gains or losses from sales of investment securities for the three-month periods ended March 31, 2026 and 2025.
At March 31, 2026 and December 31, 2025, investment securities with carrying values of $5.8 billion (including $64 million related to repurchase transactions) and $5.3 billion (including $67 million related to repurchase transactions), respectively, were pledged to secure outstanding borrowings, lines of credit and governmental deposits.
- 14 -


3. Loans and allowance for loan losses
A summary of current, past due and nonaccrual loans as of March 31, 2026 and December 31, 2025 follows.
(Dollars in millions)Current30-89 Days
Past Due		Accruing Loans Past Due 90 Days or MoreNonaccrualTotal (a) (b)
March 31, 2026
Commercial and industrial$64,543 $311 $2 $535 $65,391 
Real estate:   
Commercial (c)19,607 129 — 294 20,030 
Residential builder and developer 110 — — — 110 
Other commercial construction3,091 104 — 10 3,205 
Residential (d) (e)23,398 553 634 272 24,857 
Consumer:   
Home equity lines and loans (e)4,681 31 — 84 4,796 
Recreational finance14,003 109 — 32 14,144 
Automobile4,947 60 — 9 5,016 
Other2,314 37 10 4 2,365 
Total$136,694 $1,334 $646 $1,240 $139,914 
December 31, 2025
Commercial and industrial$62,626 $390 $5 $527 $63,548 
Real estate:   
Commercial (c)19,505 364 3 320 20,192 
Residential builder and developer69 — — — 69 
Other commercial construction3,436 109 — 13 3,558 
Residential (d) (e)23,410 657 543 264 24,874 
Consumer:   
Home equity lines and loans (e)4,690 35 — 82 4,807 
Recreational finance13,946 116 — 30 14,092 
Automobile5,097 59 — 11 5,167 
Other2,357 23 10 5 2,395 
Total$135,136 $1,753 $561 $1,252 $138,702 
__________________________________________________________________________________
(a)Balances include net discounts, comprised of unamortized premiums, discounts and net deferred loan fees and costs of $269 million and $276 million at March 31, 2026 and December 31, 2025, respectively.
(b)Balances exclude accrued interest receivable of $616 million and $627 million at March 31, 2026 and December 31, 2025, respectively, which is included in Accrued interest and other assets in the Consolidated Balance Sheet.
(c)Commercial real estate loans held for sale were $359 million at March 31, 2026 and $484 million at December 31, 2025.
(d)Residential real estate loans held for sale were $327 million at March 31, 2026 and $441 million at December 31, 2025.
(e)There were $185 million and $182 million at March 31, 2026 and December 31, 2025, respectively, of loans secured by residential real estate that were in the process of foreclosure. At March 31, 2026, approximately 55% of those residential real estate loans in the process of foreclosure were government guaranteed.

- 15 -


3. Loans and allowance for loan losses, continued
At March 31, 2026, approximately $22.0 billion of commercial and industrial loans, $13.6 billion of commercial real estate loans, $19.6 billion of one-to-four family residential real estate loans, $3.0 billion of home equity loans and lines of credit and $15.1 billion of other consumer loans were pledged to secure outstanding borrowings and available lines of credit from the FHLB and the FRB of New York. At December 31, 2025, approximately $20.7 billion of commercial and industrial loans, $13.4 billion of commercial real estate loans, $19.5 billion of one-to-four family residential real estate loans, $3.0 billion of home equity loans and lines of credit and $15.2 billion of other consumer loans were pledged to secure outstanding borrowings and available lines of credit from the FHLB and the FRB of New York. As further described in notes 4 and 11, loans totaling $2.4 billion and $2.1 billion at March 31, 2026 and December 31, 2025, respectively, were held in special purpose trusts to settle the obligations of certain asset-backed notes issued by those trusts which have been included in the Company's consolidated financial statements.
Credit quality indicators
The Company utilizes a loan grading system to differentiate risk amongst its commercial and industrial loans and commercial real estate loans. The following table summarizes the loan grades applied at March 31, 2026 to the various classes of the Company’s commercial and industrial loans and commercial real estate loans and gross charge-offs for those types of loans for the three-month period ended March 31, 2026 by origination year.
 Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		Total
(Dollars in millions)20262025202420232022Prior
Commercial and industrial:
Pass$3,057 $9,161 $6,171 $3,664 $3,746 $6,752 $29,241 $101 $61,893 
Criticized accrual12 231 353 452 310 349 1,219 37 2,963 
Criticized nonaccrual1 16 63 74 78 175 111 17 535 
Total commercial and industrial$3,070 $9,408 $6,587 $4,190 $4,134 $7,276 $30,571 $155 $65,391 
Gross charge-offs three months ended March 31, 2026$— $4 $6 $5 $4 $4 $23 $— $46 
Real estate:
Commercial:
Pass$999 $3,317 $423 $1,556 $1,579 $9,598 $337 $— $17,809 
Criticized accrual— 9 2 275 275 1,366 — — 1,927 
Criticized nonaccrual— 24 — 1 23 246 — — 294 
Total commercial real estate$999 $3,350 $425 $1,832 $1,877 $11,210 $337 $— $20,030 
Gross charge-offs three months ended March 31, 2026$— $— $— $1 $2 $14 $— $— $17 
Residential builder and developer:
Pass$41 $14 $1 $1 $1 $5 $34 $— $97 
Criticized accrual— — — — 13 — — — 13 
Criticized nonaccrual— — — — — — — — — 
Total residential builder and developer$41 $14 $1 $1 $14 $5 $34 $— $110 
Gross charge-offs three months ended March 31, 2026$— $— $— $— $— $— $— $— $— 
Other commercial construction:
Pass$59 $419 $229 $932 $521 $162 $63 $— $2,385 
Criticized accrual— — 9 152 438 210 1 — 810 
Criticized nonaccrual— — — — 8 2 — — 10 
Total other commercial construction$59 $419 $238 $1,084 $967 $374 $64 $— $3,205 
Gross charge-offs three months ended March 31, 2026$— $— $— $— $— $1 $— $— $1 
- 16 -


3. Loans and allowance for loan losses, continued
The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at March 31, 2026 for the various classes of the Company’s residential real estate loans and consumer loans and gross charge-offs for those types of loans for the three-month period ended March 31, 2026 by origination year follows.
 Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		 Total
(Dollars in millions)20262025202420232022Prior
Residential real estate:
Current$1,029 $3,214 $1,696 $1,128 $4,001 $12,197 $133 $— $23,398 
30-89 days past due— 13 8 23 91 418 — — 553 
Accruing loans past due 90 days or more— 2 10 27 158 437 — — 634 
Nonaccrual— 1 5 4 43 219 — — 272 
Total residential real estate$1,029 $3,230 $1,719 $1,182 $4,293 $13,271 $133 $— $24,857 
Gross charge-offs three months ended March 31, 2026$— $— $— $— $— $1 $— $— $1 
Consumer:  
Home equity lines and loans:  
Current$— $— $— $— $— $72 $3,340 $1,269 $4,681 
30-89 days past due— — — — — 1 — 30 31 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual— — — — — 4 1 79 84 
Total home equity lines and loans$— $— $— $— $— $77 $3,341 $1,378 $4,796 
Gross charge-offs three months ended March 31, 2026$— $— $— $— $— $— $— $1 $1 
Recreational finance:  
Current$853 $3,817 $2,876 $1,626 $1,598 $3,233 $— $— $14,003 
30-89 days past due— 11 19 17 17 45 — — 109 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual— 3 4 10 4 11 — — 32 
Total recreational finance$853 $3,831 $2,899 $1,653 $1,619 $3,289 $— $— $14,144 
Gross charge-offs three months ended March 31, 2026$— $5 $9 $10 $7 $15 $— $— $46 
Automobile: 
Current$385 $1,796 $1,523 $495 $407 $341 $— $— $4,947 
30-89 days past due— 11 17 13 10 9 — — 60 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual— 3 2 1 1 2 — — 9 
Total automobile$385 $1,810 $1,542 $509 $418 $352 $— $— $5,016 
Gross charge-offs three months ended March 31, 2026$— $3 $5 $2 $2 $1 $— $— $13 
Other:  
Current$88 $266 $134 $76 $48 $43 $1,658 $1 $2,314 
30-89 days past due2 2 2 1 1 1 27 1 37 
Accruing loans past due 90 days or more— — — — — — 10 — 10 
Nonaccrual1 1 1 — — 1 — — 4 
Total other$91 $269 $137 $77 $49 $45 $1,695 $2 $2,365 
Gross charge-offs three months ended March 31, 2026$— $6 $3 $1 $— $— $18 $— $28 
Total loans at March 31, 2026$6,527 $22,331 $13,548 $10,528 $13,371 $35,899 $36,175 $1,535 $139,914 
Total gross charge-offs for the three months ended
   March 31, 2026
$— $18 $23 $19 $15 $36 $41 $1 $153 
- 17 -


3. Loans and allowance for loan losses, continued
The following table summarizes the loan grades applied at December 31, 2025 to the various classes of the Company’s commercial and industrial loans and commercial real estate loans by origination year.
Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		 
(Dollars in millions)20252024202320222021PriorTotal
Commercial and industrial: 
 Pass$9,462 $6,640 $4,075 $4,086 $2,203 $5,059 $28,124 $95 $59,744 
 Criticized accrual216 337 479 390 116 348 1,355 36 3,277 
 Criticized nonaccrual8 49 72 65 25 155 136 17 527 
Total commercial and industrial$9,686 $7,026 $4,626 $4,541 $2,344 $5,562 $29,615 $148 $63,548 
Real estate: 
Commercial: 
 Pass$3,757 $400 $1,535 $1,681 $1,121 $8,970 $367 $— $17,831 
 Criticized accrual— 29 283 244 80 1,404 1 — 2,041 
 Criticized nonaccrual24 — 4 25 49 218 — — 320 
Total commercial real estate$3,781 $429 $1,822 $1,950 $1,250 $10,592 $368 $— $20,192 
Residential builder and developer: 
 Pass$9 $1 $2 $2 $— $5 $38 $— $57 
 Criticized accrual— — — 12 — — — — 12 
 Criticized nonaccrual— — — — — — — — — 
Total residential builder and developer$9 $1 $2 $14 $— $5 $38 $— $69 
Other commercial construction: 
 Pass$313 $221 $1,031 $606 $63 $198 $45 $— $2,477 
 Criticized accrual— 8 251 493 136 174 6 — 1,068 
 Criticized nonaccrual— — — 8 1 4 — — 13 
Total other commercial construction$313 $229 $1,282 $1,107 $200 $376 $51 $— $3,558 
- 18 -


3. Loans and allowance for loan losses, continued
A summary of loans in accrual and nonaccrual status at December 31, 2025 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows.
Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term
Loans		Total
(Dollars in millions)20252024202320222021Prior
Residential real estate:
Current$3,769 $1,797 $1,188 $4,040 $3,433 $9,056 $127 $— $23,410 
30-89 days past due10 11 19 117 93 407 — — 657 
Accruing loans past due 90 days or more1 8 21 126 90 297 — — 543 
Nonaccrual— 4 3 40 19 197 1 — 264 
Total residential real estate$3,780 $1,820 $1,231 $4,323 $3,635 $9,957 $128 $— $24,874 
Consumer:
Home equity lines and loans:
Current$— $— $— $— $1 $76 $3,362 $1,251 $4,690 
30-89 days past due— — — — — 2 — 33 35 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual— — — — — 2 1 79 82 
Total home equity lines and loans$— $— $— $— $1 $80 $3,363 $1,363 $4,807 
Recreational finance:
Current$4,081 $3,052 $1,729 $1,673 $1,345 $2,066 $— $— $13,946 
30-89 days past due10 20 25 17 15 29 — — 116 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual2 5 6 4 4 9 — — 30 
Total recreational finance$4,093 $3,077 $1,760 $1,694 $1,364 $2,104 $— $— $14,092 
Automobile:
Current$1,933 $1,690 $561 $473 $336 $104 $— $— $5,097 
30-89 days past due8 17 13 10 7 4 — — 59 
Accruing loans past due 90 days or more— — — — — — — — — 
Nonaccrual2 3 1 2 2 1 — — 11 
Total automobile$1,943 $1,710 $575 $485 $345 $109 $— $— $5,167 
Other:
Current$312 $155 $89 $56 $42 $22 $1,680 $1 $2,357 
30-89 days past due3 2 1 1 — — 15 1 23 
Accruing loans past due 90 days or more— — — — — — 10 — 10 
Nonaccrual2 1 1 — — 1 — — 5 
Total other$317 $158 $91 $57 $42 $23 $1,705 $2 $2,395 
Total loans at December 31, 2025$23,922 $14,450 $11,389 $14,171 $9,181 $28,808 $35,268 $1,513 $138,702 
- 19 -


3. Loans and allowance for loan losses, continued
Allowance for loan losses
For purposes of determining the level of the allowance for loan losses, the Company evaluates its portfolios by loan type. Changes in the allowance for loan losses and the reserve for unfunded credit commitments for the three-month periods ended March 31, 2026 and 2025 were as follows.
Allowance for Loan LossesReserve for Unfunded Credit Commitments (a)
Commercial
and Industrial		Real Estate   
(Dollars in millions)Commercial Residential Consumer Total
Three Months Ended March 31, 2026
Beginning balance$771 $472 $100 $773 $2,116 $80 
Provision for credit losses71 (34)(2)90 125 15 
Net charge-offs:
Charge-offs(46)(18)(1)(88)(153)— 
Recoveries21 1 2 24 48 — 
Net charge-offs(25)(17)1 (64)(105)— 
Ending balance$817 $421 $99 $799 $2,136 $95 
Three Months Ended March 31, 2025
Beginning balance$769 $599 $108 $708 $2,184 $60 
Provision for credit losses22 30 (3)81 130 — 
Net charge-offs:
Charge-offs(50)(22)(2)(86)(160)— 
Recoveries21 3 2 20 46 — 
Net charge-offs(29)(19)— (66)(114)— 
Ending balance$762 $610 $105 $723 $2,200 $60 
__________________________________________________________________________________
(a)Further information about unfunded credit commitments is included in note 13.
Despite the allocation in the preceding tables, the allowance for loan losses is general in nature and is available to absorb losses from any loan or lease type. In determining the allowance for loan losses, accruing loans with similar risk characteristics are evaluated collectively, generally through the use of statistically developed credit models or other quantitative methodologies. The statistically developed models project principal balances over the remaining contractual lives of the loan portfolios and determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators, including loan grade and borrower repayment performance, can inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, GDP and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At each of March 31, 2026 and December 31, 2025, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. In determining the allowance for loan losses, the Company may adjust forecasted loss estimates for inherent limitations or biases in the models as well as for other factors that may not be adequately considered in its quantitative methodologies including the impact of portfolio concentrations, imprecision in its economic forecasts, geopolitical conditions and other risk factors that might influence its loss estimation process.
The Company also estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes. The amounts of specific loss components in the Company’s loan portfolios are determined through a loan-by-loan analysis of larger balance commercial and industrial loans and commercial real estate loans that are in nonaccrual status. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of designating the loan as “criticized
- 20 -


3. Loans and allowance for loan losses, continued
nonaccrual,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial and industrial loans and commercial real estate loans, estimated collateral values are generally based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs.
Changes in the amount of the allowance for loan losses reflect the outcome of the procedures described herein, including the impact of changes in macroeconomic forecasts as compared with previous forecasts, as well as the impact of portfolio concentrations, imprecision in economic forecasts, geopolitical conditions and other risk factors that might influence the loss estimation process.
Information with respect to loans that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month periods ended March 31, 2026 and 2025 follows.
 Amortized Cost with AllowanceAmortized Cost without AllowanceTotalAmortized CostInterest Income Recognized
(Dollars in millions)March 31, 2026January 1, 2026Three Months
Ended
March 31, 2026
Commercial and industrial$466 $69 $535 $527 $7 
Real estate:     
Commercial201 93 294 320 1 
Residential builder and developer— — — — — 
Other commercial construction2 8 10 13 — 
Residential107 165 272 264 2 
Consumer:     
Home equity lines and loans41 43 84 82 2 
Recreational finance17 15 32 30 — 
Automobile7 2 9 11 — 
Other4 — 4 5 — 
Total$845 $395 $1,240 $1,252 $12 
March 31, 2025January 1, 2025Three Months
Ended
March 31, 2025
Commercial and industrial$522 $140 $662 $696 $6 
Real estate:
Commercial341 53 394 468 7 
Residential builder and developer1 — 1 2 — 
Other commercial construction23 5 28 66 — 
Residential135 149 284 279 3 
Consumer:
Home equity lines and loans36 42 78 81 2 
Recreational finance17 9 26 31 — 
Automobile8 3 11 12 — 
Other56 — 56 55 — 
Total$1,139 $401 $1,540 $1,690 $18 

- 21 -


3. Loans and allowance for loan losses, continued
Loan modifications
The table that follows summarizes the Company’s loan modification activities to borrowers experiencing financial difficulty for the three-month periods ended March 31, 2026 and 2025.
Amortized Cost (a)
(Dollars in millions)Term ExtensionOther (b)Combination of Modification Types (c)Total (d) (e)Percent of Total Loan Class
Three Months Ended March 31, 2026
Commercial and industrial$78 $10 $35 $123 .19 %
Real estate:
Commercial261 8 74 343 1.71 
Residential builder and developer9 — — 9 7.86 
Other commercial construction61 — — 61 1.90 
Residential14 3 4 21 .09 
Consumer:
Home equity lines and loans— — 1 1 .01 
Recreational finance— — — — — 
Automobile— — — — — 
Other— — — — — 
Total$423 $21 $114 $558 .40 %
Three Months Ended March 31, 2025
Commercial and industrial$35 $2 $74 $111 .18 %
Real estate:
Commercial131 — — 131 .65 
Residential builder and developer— — — — — 
Other commercial construction225 — — 225 4.53 
Residential40 3 7 50 .22 
Consumer:
Home equity lines and loans— — — — — 
Recreational finance— — — — — 
Automobile— — — — — 
Other— — — — — 
Total$431 $5 $81 $517 .38 %
__________________________________________________________________________________
(a)As of the respective period end.
(b)Loan modifications comprised of payment deferrals or interest rate reductions.
(c)Primarily term extensions combined with payment deferrals or interest rate reductions.
(d)Includes approximately $14 million and $36 million of loans guaranteed by government-related entities (predominantly first lien residential mortgage loans) for the three-month periods ended March 31, 2026 and 2025, respectively.
(e)Excludes unfunded commitments to extend credit totaling $31 million and $9 million for the three-month periods ended March 31, 2026 and 2025, respectively.
- 22 -


3. Loans and allowance for loan losses, continued
The financial effects of the modifications on the weighted-average remaining term of modified loans for the three-month periods ended March 31, 2026 and 2025 are summarized in the following table.
Three Months Ended March 31,
(In years)20262025
Increase to weighted-average remaining term
Commercial and industrial2.00.8
Real estate:
Commercial (a)1.00.8
Residential11.29.0
__________________________________________________________________________________
(a)Inclusive of residential builder and developer loans and other commercial construction loans.
The following table summarizes the payment status, at March 31, 2026 and 2025, of loans to borrowers experiencing financial difficulty that were modified during the twelve-month periods ended March 31, 2026 and 2025, respectively.
Amortized Cost (a)
(Dollars in millions)Current30-89 Days Past Due
Past Due 90 Days or More (b)
Total
Twelve Months Ended March 31, 2026
Commercial and industrial$198 $13 $14 $225 
Real estate:
Commercial626 31 16 673 
Residential builder and developer12 — — 12 
Other commercial construction120 32 — 152 
Residential (c)89 34 54 177 
Consumer:
Home equity lines and loans2 — — 2 
Recreational finance1 — — 1 
Automobile— — — — 
Other3 8 — 11 
Total$1,051 $118 $84 $1,253 
Twelve Months Ended March 31, 2025
Commercial and industrial$293 $3 $17 $313 
Real estate:
Commercial419 49 — 468 
Residential builder and developer1 — — 1 
Other commercial construction289 30 9 328 
Residential (c)104 35 41 180 
Consumer:
Home equity lines and loans1 — — 1 
Recreational finance1 — — 1 
Automobile— — — — 
Other— — — — 
Total$1,108 $117 $67 $1,292 
__________________________________________________________________________________
(a) At the respective period end.
(b) Predominantly loan modifications of term extensions or term extensions combined with interest rate reductions.
(c) Includes loans guaranteed by government-related entities classified as 30 to 89 days past due of $31 million and $29 million and as past due 90 days or more of $51 million and $34 million at March 31, 2026 and 2025, respectively.
Modified loans to borrowers experiencing financial difficulty are subject to the allowance for loan losses methodology described herein, including the use of models to inform credit loss estimates and, to the extent larger balance commercial and industrial loans and commercial real estate loans are in nonaccrual status, a loan-by-loan analysis of expected credit losses on those individual loans.
- 23 -


4. Borrowings

The following table summarizes the Company's short-term and long-term borrowings at March 31, 2026 and December 31, 2025.
(Dollars in millions)March 31, 2026December 31, 2025
Short-term borrowings
Repurchase agreements$51 $49 
Advances from FHLB7,800 2,100 
Total short-term borrowings$7,851 $2,149 
Long-term borrowings
Senior notes — M&T$5,550 $5,583 
Senior notes — M&T Bank1,946 1,946 
Advances from FHLB3 3 
Subordinated notes — M&T747 747 
Subordinated notes — M&T Bank489 489 
Junior subordinated debentures — M&T (a)403 403 
Asset-backed notes (a)2,027 1,730 
Other10 10 
Total long-term borrowings$11,175 $10,911 
__________________________________________________________________________________
(a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 11.
At March 31, 2026, M&T Bank had borrowing facilities available with the FHLB of New York whereby M&T Bank could borrow up to approximately $20.7 billion, of which $7.8 billion was outstanding at March 31, 2026. Additionally, M&T Bank had an available line of credit with the FRB of New York totaling approximately $26.5 billion at March 31, 2026. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities and could increase the availability under such facilities by pledging additional assets.
In April 2026, M&T issued $500 million of subordinated notes that mature in April 2036 and pay a fixed rate of 5.295% semi-annually until April 2031 which, unless redeemed by M&T at that time, will reset to the U.S. Treasury rate for a five year maturity plus 1.38% until maturity. In April and May 2026, M&T Bank issued a combined $1.2 billion of senior unsecured notes that mature in April 2030 and pay a 4.548% fixed rate semi-annually until April 2029 after which SOFR plus 0.94% will be paid quarterly until maturity.




- 24 -


5. Shareholders' equity
M&T is authorized to issue 20,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. Issued and outstanding preferred stock of M&T as of March 31, 2026 and December 31, 2025 is presented below.
(Dollars in millions, except per share)Shares
Issued and Outstanding		Liquidation Preference Per ShareIssuance DateEarliest Redemption DateAnnual Dividend RateCarrying AmountDividends Per Share
Three Months Ended March 31,
SeriesMarch 31, 2026December 31, 2025March 31, 2026December 31, 202520262025
Series F (a)50,000 50,000 $10,000 10/28/201611/1/20265.125 %$500 $500 $128.13 $128.13 
Series G (b)—40,00010,000 — — — — 400 182.60 182.60 
Series H (c)10,000,00010,000,00025 4/1/20224/1/20275.625 261 261 0.35 0.35 
Series I (d)50,00050,00010,000 8/17/20219/1/20263.500 500 500 87.50 87.50 
Series J (e)75,00075,00010,000 5/13/20246/15/20297.500 733 733 187.50 187.50 
Series K (f)45,00045,00010,000 10/31/202512/15/20306.350 440 440 158.75 — 
Total10,220,00010,260,000$2,434 $2,834 
__________________________________________________________________________________
(a)Dividends, if declared, are paid semi-annually at a rate of 5.125% through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month SOFR plus 378 basis points.
(b)On February 1, 2026, M&T redeemed all outstanding shares of the Series G Preferred Stock at par value.
(c)Dividends, if declared, are paid quarterly at a rate of 5.625% through December 14, 2026 and thereafter will be paid quarterly at a rate of the three-month SOFR rate plus 428 basis points.
(d)Dividends, if declared, are paid semi-annually at a rate of 3.5% through August 31, 2026. On September 1, 2026 and at each subsequent five year anniversary date therefrom the dividend rate will reset at a rate of the five-year U.S. Treasury rate plus 2.679%.
(e)Dividends, if declared, are paid quarterly at a rate of 7.5%.
(f)Dividends, if declared, are paid quarterly at a rate of 6.35%.
6. Revenue from contracts with customers
The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically, the Company’s contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At March 31, 2026 and December 31, 2025, the Company had $73 million and $75 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are included in Accrued interest and other assets in the Company's Consolidated Balance Sheet. In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At March 31, 2026 and December 31, 2025, the Company had deferred revenue of $52 million and $54 million, respectively, related to the sources in the accompanying tables included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet.
- 25 -


6. Revenue from contracts with customers, continued
The following tables summarize sources of the Company’s noninterest income during the three-month periods ended March 31, 2026 and 2025 that are subject to the revenue recognition accounting guidance.
(Dollars in millions)Commercial BankRetail BankInstitutional Services and Wealth ManagementTotal
Three Months Ended March 31, 2026
Classification in Consolidated Statement of Income 
Service charges on deposit accounts$47 $92 $— $139 
Trust income1 — 182 183 
Brokerage services income1 — 34 35 
Other revenues from operations:
Merchant discount and credit card interchange fees15 22 — 37 
Other15 7 2 24 
$79 $121 $218 $418 
Three Months Ended March 31, 2025
Classification in Consolidated Statement of Income
Service charges on deposit accounts$45 $88 $— $133 
Trust income1 — 176 177 
Brokerage services income1 — 31 32 
Other revenues from operations:
Merchant discount and credit card interchange fees16 21 — 37 
Other9 7 2 18 
$72 $116 $209 $397 
7. Pension plans and other postretirement benefits
The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to eligible retired employees. Net periodic benefit for defined benefit plans consisted of the following.
Pension Benefits
Other Postretirement Benefits
(Dollars in millions)Three Months Ended March 31,
Net periodic pension (benefit)/cost2026202520262025
Service cost$2 $2 $— $— 
Interest cost on benefit obligation23 27 1 1 
Expected return on plan assets(43)(46)— — 
Amortization of prior service credit and actuarial gains— (1)(1)(1)
Net periodic benefit$(18)$(18)$— $— 
Service cost is reflected in Salaries and employee benefits and the other components of net periodic benefit cost are reflected in Other costs of operations in the Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $50 million for each of the three months ended March 31, 2026 and 2025.
- 26 -


8. Earnings per common share
The computations of basic earnings per common share follow.
Three Months Ended March 31,
(Dollars in millions, except per share, shares in thousands)20262025
Income available to common shareholders:
Net income$664 $584 
Less: Preferred stock dividends(43)(36)
Net income available to common equity621 548 
Less: Income attributable to unvested stock-based compensation awards(1)(1)
Net income available to common shareholders$620 $547 
Weighted-average shares outstanding:
Common shares outstanding and unvested stock-based compensation awards149,487 164,520 
Less: Unvested stock-based compensation awards(262)(311)
Weighted-average shares outstanding149,225 164,209 
Basic earnings per common share$4.16 $3.33 
The computations of diluted earnings per common share follow.
Three Months Ended March 31,
(Dollars in millions, except per share, shares in thousands)20262025
Net income available to common equity$621 $548 
Less: Income attributable to unvested stock-based compensation awards(1)(1)
Net income available to common shareholders$620 $547 
Adjusted weighted-average shares outstanding:
Common shares outstanding and unvested stock-based compensation awards149,487 164,520 
Less: Unvested stock-based compensation awards(262)(311)
Plus: Incremental shares from assumed conversion of stock-based compensation awards884 838 
Adjusted weighted-average shares outstanding150,109 165,047 
Diluted earnings per common share$4.13 $3.32 
Stock-based compensation awards to purchase common stock of M&T representing common shares of 0.1 million in each of the three-month periods ended March 31, 2026 and 2025 were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.
- 27 -


9. Comprehensive income

The following table displays the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income during the three-month periods ended March 31, 2026 and 2025.
(Dollars in millions)Investment
Securities 		Cash Flow HedgesDefined Benefit PlansOtherTotal
Amount
Before Tax 		Income
Tax 		Net
Balance — January 1, 2026$208 $90 $81 $(7)$372 $(95)$277 
Other comprehensive income before
   reclassifications:
Unrealized holding losses, net(195)— — — (195)49 (146)
Unrealized losses, net— (76)— — (76)20 (56)
Other— — — (1)(1)— (1)
Total other comprehensive income (loss) before reclassifications(195)(76)— (1)(272)69 (203)
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Net gains realized in net income(4)— — — (4)(a)1 (3)
Net yield adjustment from cash flow hedges currently in effect— (5)— — (5)(b)1 (4)
Amortization of prior service credit and
   actuarial gains
— — (1)— (1)(c)— (1)
Total other comprehensive income (loss)(199)(81)(1)(1)(282)71 (211)
Balance — March 31, 2026$9 $9 $80 $(8)$90 $(24)$66 
Balance — January 1, 2025$(205)$(135)$131 $(10)$(219)$55 $(164)
Other comprehensive income before
   reclassifications:
Unrealized holding gains, net197 — — — 197 (50)147 
Unrealized gains, net— 91 — — 91 (23)68 
Other— — — 1 1 — 1 
Total other comprehensive income (loss) before reclassifications197 91 — 1 289 (73)216 
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Net yield adjustment from cash flow hedges currently in effect— 53 — — 53 (b)(13)40 
Amortization of prior service credit and
   actuarial gains
— — (2)— (2)(c)— (2)
Total other comprehensive income (loss)197 144 (2)1 340 (86)254 
Balance — March 31, 2025$(8)$9 $129 $(9)$121 $(31)$90 
__________________________________________________________________________________
(a)Included in Gain (loss) on bank investment securities in the Consolidated Statement of Income.
(b)Included in Interest income in the Consolidated Statement of Income.
(c)Included in Other costs of operations in the Consolidated Statement of Income.
Accumulated other comprehensive income (loss), net during the three-month periods ended March 31, 2026 and 2025 consisted of the following.
(Dollars in millions)
Investment Securities
Cash Flow HedgesDefined Benefit PlansOther
Total
Balance — January 1, 2026$155 $67 $61 $(6)$277 
Net loss during period(149)(60)(1)(1)(211)
Balance — March 31, 2026$6 $7 $60 $(7)$66 
Balance — January 1, 2025$(153)$(101)$98 $(8)$(164)
Net gain (loss) during period147 108 (2)1 254 
Balance — March 31, 2025$(6)$7 $96 $(7)$90 
- 28 -


10. Derivative financial instruments
As part of managing interest rate risk, the Company enters into interest rate swap agreements to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate swap agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate swap agreements are generally entered into with counterparties that meet established credit standards and most contain master netting, collateral and/or settlement provisions protecting the at-risk party.
Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument those agreements were intended to hedge follows.
Notional
Amount		Weighted-Average
Maturity
(In years)
Weighted-
Average Rate

Fair Value
Gain (Loss) (a)
(Dollars in millions)
Fixed
Variable
March 31, 2026 
Fair value hedges: 
Fixed rate long-term borrowings (b)$6,100 4.63.56%3.81%$7 
Cash flow hedges:
Interest payments on variable rate commercial real estate and commercial
   and industrial loans (b) (c)		25,525 1.13.633.665 
Total$31,625 1.8$12 
December 31, 2025
Fair value hedges:
Fixed rate long-term borrowings (b) (d)$6,100 4.83.56%4.02%$(9)
Cash flow hedges:
Interest payments on variable rate commercial real estate and commercial
   and industrial loans (b) (e)		24,900 1.33.633.81(6)
Total$31,000 2.0$(15)
__________________________________________________________________________________
(a)Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such payments for interest rate swap agreements designated as fair value hedges was a net settlement of losses of $56 million and $6 million at March 31, 2026 and December 31, 2025, respectively. The impact of such payments on interest rate swap agreements designated as cash flow hedges was a net settlement of gains of $4 million and $96 million at March 31, 2026 and December 31, 2025, respectively.
(b)Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.
(c)Includes notional amount and terms of $10.5 billion of forward-starting interest rate swap agreements that become effective in 2026 and 2027.
(d)Includes notional amount and terms of $1.8 billion of forward-starting interest rate swap agreements that became effective in 2026.
(e)Includes notional amount and terms of $9.7 billion of forward-starting interest rate swap agreements that become effective in 2026 and 2027.
The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in fair value of real estate loans held for sale. Such commitments have generally been designated as fair value hedges. The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in the fair value of certain commitments to originate real estate loans for sale. Changes in unrealized gains and losses as a result of such activities are included in Mortgage banking revenues in the Company's Consolidated Statement of Income and, in general, are realized in subsequent periods as the related loans are sold and commitments satisfied.
As described in note 1, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value. In preparation for this election, on December 31, 2025 the Company began economically hedging the risk of fair value changes in those residential mortgage loan servicing right assets through the use of various interest rate derivative contracts with a total notional value of $1.7 billion and $1.6 billion at March 31, 2026 and December 31, 2025, respectively. Changes in the fair value of such derivative contracts in 2026 are included in Mortgage banking revenues in the Company's Consolidated Statement of Income.
Other derivative financial instruments not designated as hedging instruments included interest rate contracts, foreign exchange and other option and futures contracts. Interest rate contracts not designated as hedging instruments had notional values of $44.0 billion and $43.0 billion at March 31, 2026 and December 31, 2025, respectively. The notional amounts of foreign currency and other option and futures contracts not designated as hedging instruments aggregated $2.3 billion and $2.4 billion at March 31, 2026 and December 31, 2025, respectively.
- 29 -


10. Derivative financial instruments, continued
Information about the fair values of derivative instruments in the Company’s Consolidated Balance Sheet and Consolidated Statement of Income follows.
 Asset DerivativesLiability Derivatives
 Fair ValueFair Value
(Dollars in millions)March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Derivatives designated and qualifying as hedging instruments (a)    
Interest rate swap agreements$12 $— $— $15 
Commitments to sell real estate loans17 1 1 1 
 29 1 1 16 
Derivatives not designated and qualifying as hedging instruments (a)    
Mortgage banking:    
Commitments to originate real estate loans for sale9 17 3 21 
Commitments to sell real estate loans11 24 2 6 
Interest rate contracts (b)9 13 4 2 
 29 54 9 29 
Other:    
Interest rate contracts (b)140 173 398 394 
Foreign exchange and other option and futures contracts19 17 17 15 
 159 190 415 409 
Total derivatives$217 $245 $425 $454 
__________________________________________________________________________________
(a)Asset derivatives are included in Accrued interest and other assets and liability derivatives are included in Accrued interest and other liabilities in the Consolidated Balance Sheet.
(b)The impact of variation margin payments at March 31, 2026 and December 31, 2025 was a reduction of the estimated fair value of interest rate contracts not designated as hedging instruments in an asset position of $362 million and $341 million, respectively, and in a liability position of $15 million and $32 million, respectively.
Amount of Gain (Loss) Recognized
Three Months Ended March 31,
20262025
(Dollars in millions)
Derivative
Hedged Item
Derivative
Hedged Item
Derivatives in fair value hedging relationships    
Interest rate swap agreements:    
Fixed rate long-term borrowings (a)$(33)$33 $93 $(92)
Total$(33)$33 $93 $(92)
Derivatives not designated as hedging instruments    
Interest rate contracts (b)$10 $5 
Foreign exchange and other option and futures contracts (c)6 4 
Total$16 $9 
__________________________________________________________________________________
(a)Reported as an adjustment to Interest expense in the Company's Consolidated Statement of Income.
(b)Includes gains of $8 million and $5 million in Trading account and other non-hedging derivative gains for the three months ended March 31, 2026 and 2025, respectively, and gains of $2 million in Mortgage banking revenues in the Company's Consolidated Statement of Income for the three months ended March 31, 2026.
(c)Included in Trading account and other non-hedging derivative gains in the Company's Consolidated Statement of Income.

Carrying Amount of the Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying
Amount of the Hedged Item
(Dollars in millions)March 31,
2026		December 31, 2025March 31,
2026		December 31, 2025
Location in the Consolidated Balance Sheet
of the Hedged Items in Fair Value Hedges
Long-term borrowings$6,039 $6,072 $(49)$(16)
- 30 -


10. Derivative financial instruments, continued
The net effect of interest rate swap agreements was to increase net interest income by $1 million and decrease net interest income by $62 million during the three-month periods ended March 31, 2026 and 2025, respectively. The amount of interest income recognized in the Company's Consolidated Statement of Income associated with derivatives designated as cash flow hedges was an increase of $5 million and a decrease of $53 million for the three-month periods ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the unrealized gain recognized in other comprehensive income related to cash flow hedges was $9 million of which gains of $6 million are expected to be reclassified into earnings over the next twelve months.
The Company predominantly clears non-customer derivative transactions through a clearinghouse, rather than directly with counterparties. The transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. The amount of initial margin collateral posted by the Company was $172 million and $224 million at March 31, 2026 and December 31, 2025, respectively. The fair value asset and liability amounts of derivative contracts have been reduced by variation margin payments treated as settlements as described herein. Variation margin on derivative contracts not treated as settlements continues to represent collateral posted or received by the Company.
The Company does not offset derivative asset and liability positions in its consolidated financial statements. The Company’s exposure to credit risk by entering into derivative contracts is mitigated through master netting agreements and collateral posting or settlement requirements. Master netting agreements covering interest rate and foreign exchange contracts with the same party include a right to set-off that becomes enforceable in the event of default, early termination or under other specific conditions. Interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and may contain illiquid cross-collateral provisions with customer credit facilities. Information about master netting agreements and collateral postings related to the derivative instruments in the Company's Consolidated Balance Sheet follows.

- 31 -


10. Derivative financial instruments, continued
(Dollars in millions)Fair Value Amount in Consolidated Balance SheetMaster Netting AgreementsCollateral (a)Net
Amount
March 31, 2026
Derivative assets
Clearinghouse settlements (b)$13 $— $— $13 
Subject to master netting agreements117 (24)(93)— 
Not subject to master netting agreements (c)87 — (2)85 
Total$217 $(24)$(95)$98 
Derivative liabilities
Clearinghouse settlements (b)$1 $— $— $1 
Subject to master netting agreements21 (24)22 19 
Not subject to master netting agreements (c)403 — (1)402 
Total$425 $(24)$21 $422 
December 31, 2025
Derivative assets
Clearinghouse settlements (b)$8 $— $— $8 
Subject to master netting agreements98(33)(49)16
Not subject to master netting agreements (c)139 — — 139 
Total$245 $(33)$(49)$163 
Derivative liabilities
Clearinghouse settlements (b)$16 $— $— $16 
Subject to master netting agreements38(33)(7)(2)
Not subject to master netting agreements (c)400 — (1)399 
Total$454 $(33)$(8)$413 
__________________________________________________________________________________
(a)Collateral column only includes posting of cash and investment securities and excludes initial margin amounts posted to clearinghouses.
(b)The fair value of derivative assets and derivative liabilities subject to clearinghouse settlements are presented net of the variation margin payments in the Consolidated Balance Sheet.
(c)The fair value of derivative assets and derivative liabilities not subject to master netting agreements predominantly relate to transactions with commercial customers.
11. Variable interest entities and asset securitizations
The Company’s securitization activities include securitizing loans originated for sale into government-issued or guaranteed mortgage-backed securities. Additionally, M&T Bank and its subsidiaries have issued asset-backed notes secured by equipment finance loans and leases, automobile loans or recreational finance loans. Those loans and leases were sold into special purpose trusts which in turn issued asset-backed notes to investors. The loans and leases continue to be serviced by the Company. The senior-most notes in those securitizations were purchased by third parties whereas the residual interests of the trusts were retained by the Company. As a result of the retention of the residual interests and its continued role as servicer of the loans and leases, the Company is considered to be the primary beneficiary of the securitization trusts and, accordingly, the trusts have been included in the Company's consolidated financial statements. Assets held in each special purpose trust may only be used to settle the respective obligations of the asset-backed notes issued by that trust and the holders of the asset-backed notes have no recourse to the Company. The outstanding balances of those asset-backed notes issued to third party investors are included in Long-term borrowings in the Company's Consolidated Balance Sheet.
- 32 -


11. Variable interest entities and asset securitizations, continued
Information about the asset-backed notes issued to investors and the respective special purpose trust at March 31, 2026 and December 31, 2025 are included in the following table.
(Dollars in millions)
March 31, 2026
December 31, 2025
Issue DateCollateral TypeRemaining Loan Collateral BalanceAsset-Backed Notes to InvestorsWeighted-Average Life (In years)Weighted-Average RateRemaining Loan Collateral BalanceAsset-Backed Notes to Investors
August 2023Equipment finance loans and leases$209 $109 0.55.74 %$244 $141 
March 2024Automobile loans223 211 1.15.20 252239
August 2024Equipment finance loans and leases432 355 1.34.84 483396
February 2025Automobile loans476 460 1.34.68 529 513 
May 2025Equipment finance loans and leases501 406 1.64.76 546 441 
February 2026Recreational finance loans544 486 4.64.35 — — 
$2,027 $1,730 
M&T has issued Junior Subordinated Debentures payable to various trusts that have issued Preferred Capital Securities and Common Securities. M&T owns the Common Securities of those trust entities. The Company is not considered to be the primary beneficiary of those entities and, accordingly, the trusts are not included in the Company’s consolidated financial statements. At each of March 31, 2026 and December 31, 2025, the Company included the Junior Subordinated Debentures in Long-term borrowings in the Company's Consolidated Balance Sheet and recognized $16 million in Accrued interest and other assets for its “investment” in the Common Securities of the trusts that will be concomitantly repaid to M&T by the respective trust from the proceeds of M&T’s repayment of the Junior Subordinated Debentures associated with the Preferred Capital Securities.
The Company has invested as a limited partner in various partnerships that collectively had total assets of approximately $10.9 billion and $10.7 billion at March 31, 2026 and December 31, 2025, respectively. Those partnerships generally construct or acquire properties, including properties and facilities that produce renewable energy, for which the investing partners are eligible to receive certain federal income tax credits in accordance with government guidelines. Such investments may also provide tax deductible losses to the partners. The partnership investments also assist the Company in achieving its community reinvestment initiatives. The Company, in its position as a limited partner, does not direct the activities that most significantly impact the economic performance of the partnerships and, therefore, the partnership entities are not included in the Company's consolidated financial statements. Information on the Company's carrying amount of its investments in tax equity partnerships and its related future funding commitments are presented in the following table.
(Dollars in millions)March 31, 2026December 31, 2025
Affordable housing projects:
Carrying amount (a)$1,819 $1,867 
Amount of future funding commitments included in carrying amount (b)859 889 
Contingent commitments109 109 
Renewable energy:
Carrying amount (a)70 67 
Amount of future funding commitments included in carrying amount (b)35 66 
Other:
Carrying amount (a)46 33 
Amount of future funding commitments included in carrying amount (b)— — 
__________________________________________________________________________________
(a)Included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
(b)Included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet.

- 33 -


11. Variable interest entities and asset securitizations, continued
The reduction to income tax expense recognized from the Company's investments in partnerships accounted for using the proportional amortization method was $16 million (net of $49 million of investment amortization) and $9 million (net of $44 million of investment amortization) for the three months ended March 31, 2026 and 2025, respectively. The net reduction to income tax expense has been reported in Net change in other accrued income and expense in the Consolidated Statement of Cash Flows. While the Company has elected to apply the proportional amortization method for renewable energy credit investments, at March 31, 2026 no such investments met the eligibility criteria for application of that method. The reduction to income tax expense recognized from renewable energy credit investments was $6 million for each of the three months ended March 31, 2026 and 2025. As a limited partner, there is no recourse to the Company by creditors of the partnerships. However, the tax credits that result from the Company’s investments in such partnerships are generally subject to recapture should a partnership fail to comply with the respective government regulations. The Company has not provided financial or other support to the partnerships that was not contractually required. Although the Company currently estimates that no material losses are probable, its maximum exposure to loss from its investments in such partnerships as of March 31, 2026 was $2.3 billion, including possible recapture of certain tax credits.
The Company serves as investment advisor for certain registered money-market funds. The Company has no explicit arrangement to provide support to those funds, but may waive portions of its allowable management fees as a result of market conditions.
12. Fair value measurements
GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. Effective January 1, 2026 the Company has elected to account for its residential mortgage loan servicing right assets at fair value. Further information about this election is included in note 1. The Company has not made any other fair value elections at March 31, 2026.
Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability.
•Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities.
•Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market.
•Level 3 — Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability.
When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. A description of the valuation methodologies used for the Company's assets and liabilities that are measured at fair value on a recurring basis and on a nonrecurring basis is included in notes 1 and 19 of Notes to Financial Statements in M&T's 2025 Annual Report.

- 34 -


12. Fair value measurements, continued
Recurring fair value measurements
The following tables present assets and liabilities at March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis.
(Dollars in millions)Fair Value MeasurementsLevel 1Level 2Level 3
March 31, 2026    
Trading account$92 $12 $80 $— 
Investment securities available for sale:   
U.S. Treasury3,240 — 3,240 — 
Mortgage-backed securities:    
Government issued or guaranteed:   
Commercial4,782 — 4,782 — 
Residential17,205 — 17,205 — 
Other1 — 1 — 
Total investment securities available for sale25,228 — 25,228 — 
Equity securities281 281 — — 
Real estate loans held for sale686 — 686 — 
Residential mortgage loan servicing rights542 — — 542 
Other assets217 — 215 2 
Total assets$27,046 $293 $26,209 $544 
Other liabilities$425 $— $425 $— 
Total liabilities$425 $— $425 $— 
December 31, 2025    
Trading account$97 $12 $85 $— 
Investment securities available for sale:    
U.S. Treasury6,343 — 6,343 — 
Mortgage-backed securities:    
Government issued or guaranteed:    
Commercial4,816 — 4,816 — 
Residential12,042 — 12,042 — 
Other 1 — 1 — 
Total investment securities available for sale23,202 — 23,202 — 
Equity securities281 281 — — 
Real estate loans held for sale925 — 925 — 
Other assets245 — 242 3 
Total assets$24,750 $293 $24,454 $3 
Other liabilities$454 $— $454 $— 
Total liabilities$454 $— $454 $— 
The changes in fair value of residential mortgage loans servicing right assets for the three months ended March 31, 2026 are presented in the following table.
(Dollars in millions)Residential Mortgage Loan Servicing Rights
(Level 3)
Balance at December 31, 2025 — at amortized cost$287 
January 1, 2026 - fair value accounting election263 
Additions8 
Changes in fair value included in Mortgage banking revenues (a)(16)
Balance at March 31, 2026 — at fair value$542 
__________________________________________________________________________________
(a)Includes a $17 million reduction in fair value attributable to the realization of expected net servicing cash flows over time.
- 35 -


12. Fair value measurements, continued
Significant unobservable inputs used in the fair value measurement of residential mortgage loan servicing right assets vary by loan type and included prepayment assumptions and an OAS over market implied forward SOFR to determine an appropriate discount rate. An increase (decrease) in the prepayment speed and OAS each would generally result in a lower (higher) fair value measurement of residential mortgage loan servicing rights. The key economic assumptions used to determine the fair value of residential capitalized servicing rights at March 31, 2026 and the sensitivity of such value to changes in those assumptions are summarized in the table that follows. Those calculated sensitivities are hypothetical and actual changes in the fair value of capitalized servicing rights may differ significantly from the amounts presented herein. The effect of a variation in a particular assumption on the fair value of the servicing rights is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another which may magnify or counteract the sensitivities. The changes in assumptions are presumed to be instantaneous.
(Dollars in millions)
Weighted-average prepayment speeds (range 6% - 17%)
7.44%
Impact on fair value of 10% adverse change$(16)
Impact on fair value of 20% adverse change(30)
Weighted-average OAS (range 5% - 20%)
7.22%
Impact on fair value of 10% adverse change$(15)
Impact on fair value of 20% adverse change(29)
Nonrecurring fair value measurements
The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The more significant of those assets follow.
Loans
Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of certain loans based on fair value measurements for partial charge-offs of the uncollectable portions of those loans. The following table summarizes loans subject to such nonrecurring fair value measurements at March 31, 2026 and 2025.
March 31,
(Dollars in millions)20262025
Level 1$— $— 
Level 274 128 
Level 3240 396 
$314 $524 
Changes in fair value recognized for the quarter ended$(38)$(35)
Capitalized servicing rights
Prior to January 1, 2026, the Company utilized the amortization method to subsequently measure its residential mortgage loan servicing right assets, subject to impairment charges on a non-recurring basis when the carrying value of certain strata exceeded their fair value. Capitalized servicing rights related to residential mortgage loans required no valuation allowance at each of December 31, 2025 and March 31, 2025. The Company has not made a fair value accounting election for its commercial mortgage loan servicing right assets. Such assets required no valuation allowance at each of March 31, 2026, December 31, 2025 and March 31, 2025.
- 36 -


12. Fair value measurements, continued
Disclosures of fair value of financial instruments
The carrying amounts and estimated fair value for certain financial instruments that are not recorded at fair value in the Company's Consolidated Balance Sheet are presented in the following table.
(Dollars in millions)
Carrying
Amount
Estimated
Fair Value
Level 1
Level 2
Level 3
March 31, 2026
Financial assets:
Cash and due from banks$1,903 $1,903 $1,732 $171 $— 
Interest-bearing deposits at banks14,445 14,445 — 14,445 — 
Investment securities held to maturity12,119 11,355 — 11,314 41 
Loans, net137,778 137,229 — 4,786 132,443 
Financial liabilities:
Time deposits (a)13,082 13,051 — 13,051 — 
Short-term borrowings7,851 7,851 — 7,851 — 
Long-term borrowings11,175 11,327 — 11,327 — 
December 31, 2025
Financial assets:
Cash and due from banks1,701 1,701 1,588 113 — 
Interest-bearing deposits at banks17,068 17,068 — 17,068 — 
Investment securities held to maturity12,430 11,715 — 11,671 44 
Loans, net136,586 136,269 — 7,427 128,842 
Financial liabilities:
Time deposits (a)13,227 13,208 — 13,208 — 
Short-term borrowings2,149 2,149 — 2,149 — 
Long-term borrowings10,911 11,179 — 11,179 — 
__________________________________________________________________________________
(a)Includes $2.7 billion and $2.8 billion of time deposits with balances greater than $250,000 at March 31, 2026 and December 31, 2025, respectively.
With the exception of investment securities and mortgage loans originated for sale, the Company’s financial instruments presented in the preceding tables are not readily marketable and market prices do not exist. The Company has not attempted to market its financial instruments to potential buyers, if any exist. Since negotiated prices in illiquid markets depend greatly upon the then present motivations of the buyer and seller, it is reasonable to assume that actual sales prices could vary widely from any estimate of fair value made without the benefit of negotiations. Additionally, changes in market interest rates can dramatically impact the value of financial instruments in a short period of time. Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.
- 37 -


13. Commitments and contingencies
In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant credit-related commitments. Certain of these commitments are not included in the Company's Consolidated Balance Sheet.
(Dollars in millions)March 31,
2026		December 31,
2025
Commitments to extend credit:  
Commercial and industrial$35,261 $35,654 
Commercial real estate loans to be sold529 773 
Other commercial real estate2,948 2,331 
Residential real estate loans to be sold222 224 
Other residential real estate856 679 
Home equity lines of credit7,910 7,974 
Credit cards6,739 6,601 
Other554 444 
Standby letters of credit2,382 2,318 
Commercial letters of credit53 72 
Financial guarantees and indemnification contracts4,848 4,751 
Commitments to sell real estate loans1,447 1,898 
Commitments to extend credit are agreements to lend to customers and generally have fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts presented in the preceding table, the Company had discretionary funding commitments to commercial customers of $12.9 billion at each of March 31, 2026 and December 31, 2025 that the Company had the unconditional right to cancel prior to funding. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and a third party. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management's assessment of the customer's creditworthiness.
Financial guarantees and indemnification contracts are predominantly comprised of recourse obligations associated with sold loans and other guarantees and commitments. Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company's involvement in the Fannie Mae DUS program. The Company's contractual credit risk for recourse associated with loans sold under this program totaled approximately $4.7 billion and $4.6 billion at March 31, 2026 and December 31, 2025, respectively.
Since many loan commitments, standby letters of credit, and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. As disclosed in note 3, the Company maintains a reserve for unfunded credit commitments, which is included in Accrued interest and other liabilities in its Consolidated Balance Sheet, for estimated credit losses related to such contracts.
The Company utilizes commitments to sell real estate loans to hedge exposure to changes in the fair value of real estate loans held for sale. Such commitments are accounted for as derivatives and along with commitments to originate real estate loans to be held for sale are recorded in the Consolidated Balance Sheet at fair value.
The Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation. When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans. The Company reduces residential mortgage banking revenues by an estimate for losses related to its obligations to loan purchasers.
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13. Commitments and contingencies, continued
The amount of those charges is based on the volume of loans sold, the level of reimbursement requests received from loan purchasers and estimates of losses that may be associated with previously sold loans. At March 31, 2026, the Company believes that its obligation to loan purchasers was not material to the Company’s consolidated financial position.
At March 31, 2026, the Company had no remaining liability related to the FDIC special assessment, compared with $22 million at December 31, 2025. Such amounts are classified as Accrued interest and other liabilities in the Consolidated Balance Sheet. The FDIC has indicated that the amount of the special assessment may be adjusted in the future should its loss estimate change.
Legal proceedings and other matters
M&T and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and other matters in which claims for monetary damages are asserted. On an on-going basis management, after consultation with legal counsel, assesses the Company’s liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its consolidated financial statements. It is reasonably possible that pending or threatened litigation could result in exposure in excess of that liability. Although not considered probable, the reasonably possible losses for such matters beyond the existing recorded liability is not likely to exceed $25 million in the aggregate at March 31, 2026. That estimate is subject to significant judgment based on currently available information and various assumptions about known and unknown uncertainties. That estimate does not represent the Company’s maximum loss exposure and actual losses may vary significantly from that amount.
For the following matter the Company does not believe an estimate of loss can be made at the date of this filing and, therefore, has not included any amount related thereto in its consolidated financial statements or in the estimate of aggregate reasonably possible losses provided in the preceding paragraph.
Wilmington Trust, N.A.
On September 10, 2025, Tricolor Holdings, LLC, a subprime automobile lender and used vehicle retailer which packaged loans into asset-backed securitizations, filed for Chapter 7 bankruptcy seeking to liquidate its business. Certain financial institutions reported credit impairments in the third quarter of 2025 related to alleged fraudulent activity with respect to Tricolor Holdings, LLC asset-backed financing arrangements. On December 17, 2025 the DOJ unsealed criminal charges against certain executives of Tricolor Holdings, LLC, alleging, among other things, that the executives conspired to defraud and defrauded certain lenders and asset-backed securities investors of Tricolor Holdings, LLC and its affiliates. The Chapter 7 Bankruptcy Trustee for Tricolor Holdings, LLC has alleged that certain individuals at Tricolor Holdings, LLC caused Tricolor Holdings, LLC's records to contain approximately $683 million of fictitious loans and has initiated a legal action against those same executives who were criminally charged by the DOJ. Neither Wilmington Trust, N.A. nor M&T Bank have any loans or loan commitments outstanding to Tricolor Holdings, LLC.
Wilmington Trust, N.A. has served in certain corporate custodian and trust capacities for multiple Tricolor Holdings, LLC warehouse facilities and asset-backed securitization transactions since 2018. Such capacities varied from transaction to transaction and were generally service provider roles performed under the relevant transaction documents.
On January 12, 2026, certain note holders filed a civil complaint against Wilmington Trust, N.A. for an unspecified amount of damages arising from alleged breaches of contract and fiduciary duty related to certain Tricolor Holdings, LLC asset-backed securitization transactions. Wilmington Trust, N.A. intends to vigorously defend itself against this legal action. The facts and circumstances of the Tricolor Holdings, LLC bankruptcy and its alleged fraudulent activities as well as the extent of damages, if any, incurred by parties participating in the warehouse facilities and asset-backed securitization transactions are still being learned. The Company believes it may incur losses as a result of this litigation or other potential claims that may arise as a result of these events, but at the current time it is not
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13. Commitments and contingencies, continued
possible to estimate any potential legal or other liability of Wilmington Trust, N.A. as a result of its capacities in the warehouse facilities and asset-backed securitization transactions. Such losses, if any, are currently not expected to be material to the Company’s financial position at March 31, 2026.
14. Segment information
Reportable segments have been determined based upon the Company’s organizational structure which is primarily arranged around the delivery of products and services to similar customer types. The Company's internal profitability reporting system produces financial information, inclusive of net interest income and income before taxes, for each segment. Such information is reviewed by the Company's Chief Executive Officer, who has been identified as the chief operating decision maker, in evaluating operating decisions, business performance and the allocation of resources. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management.
The financial information of the Company's segments was compiled utilizing the accounting policies described in note 21 of Notes to Financial Statements in M&T's 2025 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data.
Information about the Company's segments is presented in the accompanying table.
Three Months Ended March 31,
Commercial Bank Retail Bank Institutional Services and Wealth ManagementAll Other Total
(Dollars in millions)2026202520262025202620252026202520262025
Net interest income (a)$535 $529 $950 $972 $156 $171 $111 $23 $1,752 $1,695 
Noninterest income193 173 217 208 221 209 58 21 689 611 
Total revenue728 702 1,167 1,180 377 380 169 44 2,441 2,306 
Provision for credit losses29 36 82 79 — 3 29 12 140 130 
Salaries and employee benefits145 151 197 196 109 106 463 434 914 887 
Depreciation and amortization10 10 36 62 2 2 49 56 97 130 
Other direct expenses78 67 103 99 35 26 211 206 427 398 
Indirect expense (b)127 123 289 279 80 81 (496)(483)— — 
Income (loss) before taxes339 315 460 465 151 162 (87)(181)863 761 
Income tax expense (benefit)89 84 116 118 39 41 (45)(66)199 177 
Net income (loss)$250 $231 $344 $347 $112 $121 $(42)$(115)$664 $584 
Average total assets$78,804 $79,362 $58,821 $54,381 $4,744 $4,102 $71,459 $70,476 $213,828 $208,321 
__________________________________________________________________________________
(a)Net interest income is the difference between actual taxable-equivalent interest earned on assets and interest paid on liabilities by a segment and a funding charge (credit) based on the Company's internal funds transfer pricing methodology. Segments are charged a cost to fund any assets (e.g. loans) and are paid a funding credit for any funds provided (e.g. deposits). The taxable-equivalent adjustment aggregated to $11 million and $12 million for the three-month periods ended March 31, 2026 and 2025, respectively, and is eliminated in "All Other" total revenues.
(b)Indirect expense represents centrally-allocated costs associated with certain technology, operations, risk management, finance and human resources expenses provided by the "All Other" category to the Commercial Bank, Retail Bank and Institutional Services and Wealth Management segments.
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15. Relationship with BLG and Bayview Financial
M&T holds a 20% minority interest in BLG, a privately-held commercial mortgage company. That investment had no remaining carrying value at March 31, 2026 as a result of cumulative losses recognized and cash distributions received in prior years. Cash distributions now received from BLG are recognized as income by M&T and included in Other revenues from operations in the Consolidated Statement of Income. That income totaled $33 million for the three months ended March 31, 2026. No distributions were received for the three months ended March 31, 2025.
Bayview Financial, a privately-held specialty finance company, is BLG's majority investor. In addition to their common investment in BLG, the Company and Bayview Financial conduct other business activities with each other. The Company has loan servicing rights for mortgage loans securitized by Bayview Financial having outstanding principal balances of $847 million at March 31, 2026 and $875 million at December 31, 2025. The Company also sub-services residential mortgage loans for Bayview Financial having outstanding principal balances of $124.0 billion and $156.9 billion at March 31, 2026 and December 31, 2025, respectively. Revenues earned for servicing and sub-servicing such loans were $63 million and $41 million for the three months ended March 31, 2026 and 2025, respectively.
The Company also held $30 million and $32 million of mortgage-backed securities in its held-to-maturity portfolio at March 31, 2026 and December 31, 2025, respectively, that were securitized by Bayview Financial. The Company had various lending commitments to Bayview Financial totaling $956 million at March 31, 2026, with $802 million and $635 million of outstanding balances at March 31, 2026 and December 31, 2025, respectively. Bayview Financial also maintained $3.6 billion and $3.5 billion of deposit balances with the Company at March 31, 2026 and December 31, 2025, respectively, inclusive of deposits related to loan servicing relationships.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and other information included in this Quarterly Report on Form 10-Q as well as with M&T's 2025 Annual Report. Information regarding the Company's business, its supervision and regulation and potential risks and uncertainties that may affect the Company's business, financial condition, liquidity and results of operations are also included in the 2025 Annual Report.
Financial Overview
A summary of financial results for the Company is provided below.
SUMMARY OF FINANCIAL RESULTS
Three Months EndedChangeThree Months EndedChange
(Dollars in millions, except per share)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Net interest income$1,752 $1,779 $(27)-2 %$1,752 $1,695 $57 3 %
Taxable-equivalent adjustment (a)11 11 — -3 11 12 (1)-6 
Net interest income (taxable-equivalent basis) (a)1,763 1,790 (27)-2 1,763 1,707 56 3 
Provision for credit losses140 125 15 12 140 130 10 8 
Other income689 696 (7)-1 689 611 78 13 
Other expense1,438 1,379 59 4 1,438 1,415 23 2 
Net income664 759 (95)-13 664 584 80 14 
Per common share data:
Basic earnings4.16 4.71 (.55)-12 4.16 3.33 .83 25 
Diluted earnings4.13 4.67 (.54)-12 4.13 3.32 .81 24 
Performance ratios, annualized
Return on:
Average assets1.26 %1.41 %1.26 %1.14 %
Average common shareholders’ equity9.67 10.87 9.67 8.36 
Net interest margin3.71 3.69 3.71 3.66 
__________________________________________________________________________________
(a)Net interest income data are presented on a taxable-equivalent basis which is a non-GAAP measure. The taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes. This adjustment, which is related to interest received on qualified municipal securities, industrial revenue financings and preferred equity securities, is based on the statutory federal income tax rate.
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations is no longer recorded. Instead, beginning in 2026, fair value changes in the mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues. As a result of the Company's election on January 1, 2026 to prospectively measure residential mortgage loan servicing right assets at fair value, the Company recorded an increase in capitalized servicing assets included in accrued interest and other assets of $263 million and a corresponding after-tax increase to retained earnings of $197 million, representing an 8 basis-point increase to CET1 capital on the election date.
The decrease in net income in the recent quarter as compared with the fourth quarter of 2025 resulted from the following:
•Net interest income on a taxable-equivalent basis decreased $27 million reflective of two less calendar days in the recent quarter. The Company's net interest margin widened by 2 basis points as a reduction in rates paid on interest-bearing liabilities outpaced the decline in yields received on earning assets. The higher net interest spread was partially offset by a lower contribution of interest-free funds.
•The provision for credit losses increased $15 million reflecting the potential negative impact of global conflicts on economic forecasts and a higher provision for unfunded credit commitments, partially offset by a decrease in the level of criticized loans.
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•Noninterest income decreased $7 million resulting from lower mortgage banking revenues, inclusive of the effects of the Company's accounting election discussed herein, and a decline in trading account and other non-hedging derivative gains, partially offset by higher other revenues from operations that included a $33 million distribution from M&T's investment in BLG in the recent quarter.
•Noninterest expense rose $59 million reflecting higher salaries and employee benefits expense, including $115 million of seasonal salaries and employee benefits expense in the recent quarter, partially offset by declines in professional and other services expense and advertising and marketing costs. The impact of a reduction of FDIC special assessment expense and a contribution to The M&T Charitable Foundation each in the fourth quarter of 2025 was largely offsetting. Other costs of operations in the fourth quarter of 2025 included amortization of residential mortgage loan servicing right assets.
The increase in net income in the first quarter of 2026 as compared with 2025's initial quarter reflects the following:
•Net interest income on a taxable-equivalent basis increased $56 million reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements. The Company's net interest margin expanded 5 basis points as reductions in deposit and borrowing costs outpaced a decline in yields received on earning assets.
•The provision for credit losses increased $10 million reflecting a higher provision for unfunded credit commitments in the recent quarter.
•Noninterest income increased $78 million reflecting a rise in other revenues from operations, including a distribution from M&T's investment in BLG in the recent quarter and an increase in letter of credit and other credit-related fees, and higher mortgage banking revenues, service charges on deposit accounts and trust income. The Company's accounting election described herein partially offset the increase in mortgage banking revenues.
•Noninterest expense increased $23 million reflecting higher levels of salaries and employee benefits expense, outside data processing and software costs and professional and other services expense, partially offset by lower other costs of operations. Other costs of operations in the first quarter of 2025 included amortization of residential mortgage loan servicing right assets.
The Company's effective income tax rates were 23.0%, 21.8% and 23.2% for the quarters ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.
Under programs authorized by the Board of Directors, M&T repurchased 5.5 million shares of its common stock during the recent quarter at a total cost of $1.25 billion, compared with 2.7 million shares at a total cost of $507 million in the fourth quarter of 2025 and 3.4 million shares of its common stock at a total cost of $662 million during the first three months of 2025. On March 30, 2026, M&T's Board of Directors authorized a program under which $5.0 billion of common shares may be repurchased. That authorization replaced and terminated the previous authorized share repurchase program effective as of the same date. On February 1, 2026, M&T redeemed all 40,000 outstanding shares of its Perpetual Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, for $400 million.
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Supplemental Reporting of Non-GAAP Results of Operations
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 intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired or to be acquired operations into the Company, 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.
SUPPLEMENTAL REPORTING OF NON-GAAP RESULTS OF OPERATIONS
Three Months EndedChangeThree Months EndedChange
(Dollars in millions, except per share)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Net operating income$671 $767 $(96)-12 %$671 $594 $77 13 %
Diluted net operating earnings per share4.18 4.72 (.54)-11 4.18 3.38 .80 24 
Annualized return on:
Average tangible assets1.33 %1.49 %1.33 %1.21 %
Average tangible common equity14.51 16.24 14.51 12.53 
Efficiency ratio58.3 55.1 58.3 60.5 
Tangible equity per common share (a)$115.96 $117.45 (1.49)-1 $115.96 $111.13 4.83 4 
__________________________________________________________________________________
(a)At the period end.
The efficiency ratio measures the relationship of noninterest operating expenses, which exclude expenses M&T considers to be "nonoperating" in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses, to revenues. The calculations of the Company’s efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), and reconciliations of GAAP amounts with corresponding non-GAAP amounts are presented in Table 2.
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Taxable-equivalent Net Interest Income
Interest income earned on certain of the Company's assets is exempt from federal income tax. 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.
The Company's average balance sheets accompanied by the taxable-equivalent interest income and expense and the annualized average rate on the Company's earning assets and interest-bearing liabilities are presented as follows.
AVERAGE BALANCE SHEETS AND ANNUALIZED TAXABLE-EQUIVALENT RATES
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in millions)Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate		Average
Balance		InterestAverage
Rate
Assets
Earning assets:
Loans (a):
Commercial and industrial$63,804 $944 6.00 %$62,257 $975 6.22 %$61,056 $958 6.36 %
Real estate - commercial23,496 354 6.03 24,101 383 6.21 26,259 405 6.16 
Real estate - residential24,817 283 4.56 24,765 285 4.60 23,176 257 4.44 
Consumer26,306 420 6.48 26,477 438 6.58 24,353 394 6.57 
Total loans138,423 2,001 5.86 137,600 2,081 6.00 134,844 2,014 6.06 
Interest-bearing deposits at banks16,231 149 3.71 17,964 181 3.98 19,695 218 4.48 
Trading account95 — 3.44 97 — 3.42 97 — 3.42 
Investment securities (b):
U.S. Treasury5,795 59 4.12 6,997 73 4.11 8,634 81 3.82 
Mortgage-backed securities (c)28,756 308 4.29 26,539 282 4.26 22,453 223 3.97 
State and political subdivisions2,104 18 3.56 2,148 18 3.44 2,313 21 3.64 
Other1,190 12 3.95 1,021 13 4.85 1,080 15 5.71 
Total investment securities37,845 397 4.26 36,705 386 4.17 34,480 340 4.00 
Total earning assets192,594 2,547 5.36 192,366 2,648 5.46 189,116 2,572 5.52 
Goodwill8,465 8,465 8,465 
Core deposit and other intangible assets59 69 92 
Other assets12,710 11,991 10,648 
Total assets$213,828 $212,891 $208,321 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Interest-bearing deposits:
Savings and interest-checking deposits$106,593 $483 1.84 %$107,287 $551 2.04 %$101,564 $552 2.20 %
Time deposits13,128 97 3.01 13,586 109 3.18 14,220 124 3.54 
Total interest-bearing deposits119,721 580 1.96 120,873 660 2.17 115,784 676 2.37 
Short-term borrowings5,695 54 3.86 2,064 23 4.21 2,869 32 4.52 
Long-term borrowings11,064 150 5.49 12,555 175 5.51 11,285 157 5.65 
Total interest-bearing liabilities136,480 784 2.33 135,492 858 2.51 129,938 865 2.70 
Noninterest-bearing deposits44,547 44,184 45,436 
Other liabilities4,153 4,245 3,949 
Total liabilities185,180 183,921 179,323 
Shareholders’ equity28,648 28,970 28,998 
Total liabilities and shareholders’ equity$213,828 $212,891 $208,321 
Net interest spread3.03 2.95 2.82 
Contribution of interest-free funds.68 .74 .84 
Net interest income/margin on earning assets$1,763 3.71 %$1,790 3.69 %$1,707 3.66 %
Total deposits$164,268 $580 1.43 %$165,057 $660 1.59 %$161,220 $676 1.70 %
__________________________________________________________________________________
(a)Includes nonaccrual loans.
(b)Includes available-for-sale securities at amortized cost.
(c)Primarily government issued or guaranteed.

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Taxable-equivalent net interest income can be impacted by changes in the composition of the Company's earning assets and interest-bearing liabilities, as discussed herein, as well as changes in interest rates and spreads. The FOMC lowered its federal funds target interest rate by a total of 100 basis points in the last four months of 2024 and by a total of 75 basis points in the last four months of 2025.
Taxable-equivalent net interest income decreased $27 million in the recent quarter as compared with the fourth quarter of 2025 reflective of two less calendar days in the recent quarter. The net interest margin increased 2 basis points over that same time period reflecting an 18 basis-point decline in rates paid on interest-bearing liabilities that outpaced a 10 basis-point decline in yields received on earning assets. The decline in the yields received on earning assets and rates paid on interest-bearing liabilities reflects the impact of two 25 basis-point reductions in the FOMC's federal funds target interest rate in the fourth quarter of 2025. The 8 basis-point increase in net interest spread was partially offset by a 6 basis-point reduction in the contribution of interest-free funds reflecting a lower interest rate environment.
Taxable-equivalent net interest income for the first three months of 2026 increased $56 million as compared with the same 2025 period. That increase reflects a 5 basis-point widening of the net interest margin driven by a 37 basis-point decrease in the cost of interest-bearing liabilities, partially offset by a 16 basis-point decline in yields received on earning assets. Contributing to those changes was the aforementioned FOMC interest rate reductions in 2025. The yields received on earning assets in the recent quarter reflect a comparatively favorable impact from interest rate swap agreements entered into for interest rate risk purposes on yields received on commercial and industrial and commercial real estate loans. Partially offsetting the overall decline in yields received on earning assets was an increase in the yields received on investment securities from the deployment of liquidity into fixed rate investment securities throughout 2025 and the first three months of 2026 that yielded higher rates than investment securities that matured or were sold. The 21 basis-point increase in net interest spread was partially offset by a 16 basis-point reduction in the contribution of interest-free funds, reflecting lower average balances of noninterest-bearing deposits and a lower rate environment.
Future changes in market interest rates or spreads, as well as changes in the composition of the Company’s portfolios of earning assets and interest-bearing liabilities that result in changes to spreads, could impact the Company’s net interest income and net interest margin. Future changes in the levels of net interest-free funds and the interest rates used to value such funds could also impact the Company's net interest margin.
Interest rate swap agreements
Management assesses the potential impact of future changes in interest rates and spreads by projecting net interest income under several interest rate scenarios. In managing interest rate risk, the Company has utilized interest rate swap agreements to modify the repricing characteristics of certain portions of its earning assets and interest-bearing liabilities. Under the terms of those interest rate swap agreements, the Company generally received payments based on the outstanding notional amount at fixed rates and made payments at variable rates. Periodic settlement amounts arising from these agreements are reflected in either the yields received on earning assets or the rates paid on interest-bearing liabilities. The Company enters into forward-starting interest rate swap agreements predominantly to hedge interest rate exposures expected in future periods. The following table summarizes information about interest rate swap agreements entered into for interest rate risk management purposes at March 31, 2026 and December 31, 2025.
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INTEREST RATE SWAP AGREEMENTS - DESIGNATED AS HEDGES
Notional AmountWeighted-Average
Maturity
(In years)
Weighted-
Average Rate
(Dollars in millions)
Fixed
Variable
March 31, 2026
Fair value hedges:
Fixed rate long-term borrowings — active$6,100 4.6 3.56%3.81%
Total fair value hedges6,100 4.6 
Cash flow hedges:
Variable rate commercial real estate and commercial and industrial loans:
Active15,000 0.6 3.803.65
Forward-starting10,525 1.8 3.393.66
Total cash flow hedges25,525 1.1 
Total$31,625 1.8 
December 31, 2025
Fair value hedges:
Fixed rate long-term borrowings — active$4,350 3.9 3.52%4.09%
Fixed rate long-term borrowings — forward-starting1,750 7.1 3.683.84
Total fair value hedges6,100 4.8 
Cash flow hedges:
Variable rate commercial real estate and commercial and industrial loans:
Active15,200 0.7 3.813.78
Forward-starting9,700 2.0 3.373.84
Total cash flow hedges24,900 1.3 
Total$31,000 2.0 
Information regarding the fair value of interest rate swap agreements designated as fair value hedges and cash flow hedges is presented in note 10 of Notes to Financial Statements. The average notional amounts of interest rate swap agreements entered into for interest rate risk management purposes (excluding forward-starting interest rate swap agreements not in effect during the quarter), the related effect on net interest income and margin, and the weighted-average interest rates paid or received on those swap agreements are presented in the table that follows.
INTEREST RATE SWAP AGREEMENTS - EFFECT ON NET INTEREST INCOME
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in millions)AmountRate (a) AmountRate (a)AmountRate (a)
Increase (decrease) in:
Interest income$5 .01 %$(7)-.02 %$(53)-.11 %
Interest expense4 .01 8 .02 9 .03 
Net interest income/margin$1 — %$(15)-.03 %$(62)-.13 %
Average notional amount (b)$20,926 $19,636 $23,816 
Rate received (c)3.76 %3.54 %3.34 %
Rate paid (c)3.74 3.85 4.39 
__________________________________________________________________________________
(a)Computed as an annualized percentage of average earning assets or interest-bearing liabilities.
(b)Excludes forward-starting interest rate swap agreements not in effect during the period.
(c)Weighted-average rate paid or received on interest rate swap agreements in effect during the period.
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Lending activities
The following table summarizes changes in the components of average loans and reflects the Company's efforts to reduce its exposure to commercial real estate loans designated as criticized.
AVERAGE LOANS
Three Months EndedThree Months Ended
(Dollars in millions)March 31, 2026December 31,
2025		Percentage ChangeMarch 31, 2026March 31, 2025
Percentage Change
Commercial and industrial$63,804 $62,257 2 %$63,804 $61,056 5 %
Real estate - commercial23,496 24,101 -3 23,496 26,259 -11 
Real estate - residential24,817 24,765 — 24,817 23,176 7 
Consumer:
Home equity lines and loans4,792 4,771 — 4,792 4,565 5 
Recreational finance14,075 14,167 -1 14,075 12,684 11 
Automobile5,084 5,209 -2 5,084 4,896 4 
Other2,355 2,330 1 2,355 2,208 7 
Total consumer26,306 26,477 -1 26,306 24,353 8 
Total$138,423 $137,600 1 %$138,423 $134,844 3 %
Average loans totaled $138.4 billion in the first quarter of 2026, up $823 million from the fourth quarter of 2025.
•Average commercial and industrial loans grew $1.5 billion reflecting growth in loans to the financial and insurance industry.
•Commercial real estate loans decreased $605 million, reflecting reductions of $293 million and $312 million of average construction and average permanent commercial real estate loans, respectively.
•Average consumer loans decreased $171 million reflecting lower average balances of automobile loans of $125 million and recreational finance loans of $92 million.
In the first three months of 2026, average loans increased $3.6 billion from the corresponding 2025 period.
•Average commercial and industrial loans increased $2.7 billion reflecting growth that spanned most industry types.
•Average commercial real estate loans declined $2.8 billion as the Company executed various strategies to reduce its relative concentration of such loans designated as criticized. Average permanent and construction commercial real estate loans decreased by $381 million and $2.4 billion, respectively. The decline in average commercial real estate construction loans reflects the sale of $661 million of out-of-footprint residential builder and developer loans in June 2025.
•Average residential real estate loans increased $1.6 billion reflecting the retention of originated residential mortgage loans and purchases.
•Average consumer loans increased $2.0 billion reflecting growth in average recreational finance loans of $1.4 billion, home equity loans and lines of credit of $227 million and automobile loans of $188 million.
- 48 -

Borrowers in the financial and insurance industry include real estate investment trusts and other specialty lending businesses including fund banking companies and mortgage warehouse lending businesses. Approximately 89% of loans to the financial and insurance industry and 7% of loans to the services industry were designated as loans to NDFIs as prescribed in regulatory guidance applicable to the Company at March 31, 2026. The following table presents commercial and industrial commitments and outstanding balances of loans to NDFIs at March 31, 2026.
COMMERCIAL AND INDUSTRIAL COMMITMENTS AND LOANS TO NDFIs

(Dollars in millions)
Commitment AmountOutstanding Balance
March 31, 2026
Mortgage credit intermediaries (a)$11,395 $6,455 
Private equity funds (b)5,856 3,469 
Business credit intermediaries (c)3,997 2,070 
Consumer credit intermediaries (d)1,054 574 
Other2,391 765 
Total$24,693 $13,333 
__________________________________________________________________________________
(a)Includes real estate investment trust credit facilities, residential mortgage warehouse lines of credit and mortgage loan servicing rights secured financing.
(b)Primarily subscription credit facilities.
(c)Includes credit facilities to wholesale lender finance and leasing companies and business development companies.
(d)Includes credit facilities to consumer lender finance and leasing companies.
Investing activities
The Company's investment securities portfolio is primarily comprised of government-issued or guaranteed residential and commercial mortgage-backed securities and U.S. Treasury securities, but also includes municipal and other securities. When purchasing investment securities, the Company considers its liquidity position and its overall interest rate risk profile as well as the adequacy of expected returns relative to risks assumed, including prepayments. The Company may occasionally sell investment securities as a result of movements in interest rates and spreads, changes in liquidity needs, actual or anticipated prepayments, credit risk associated with a particular security, or as a result of restructuring its investment securities portfolio. The amounts of investment securities held by the Company are influenced by such factors as available yield in comparison with alternative investments, demand for loans, which generally yield more than investment securities, ongoing repayments, the levels of deposits, and management of liquidity and balance sheet size and resulting capital ratios. Information about the Company's average investment securities portfolio is presented in the following table.
AVERAGE INVESTMENT SECURITIES
Three Months EndedThree Months Ended
(Dollars in millions)March 31,
2026		December 31,
2025		Percentage ChangeMarch 31,
2026		March 31,
2025		Percentage Change
Investment securities available for sale:
U.S. Treasury$5,391 $6,552 -18 %$5,391 $7,995 -33 %
Mortgage-backed securities (a)18,995 16,547 15 18,995 11,704 62 
Other1 1 -21 1 3 -70 
Total available for sale24,387 23,100 6 24,387 19,702 24 
Investment securities held to maturity:
U.S. Treasury404 445 -9 404 639 -37 
Mortgage-backed securities (a)9,761 9,992 -2 9,761 10,749 -9 
State and political subdivisions2,104 2,148 -2 2,104 2,313 -9 
Other1 1 -2 1 1 -13 
Total held to maturity12,270 12,586 -3 12,270 13,702 -10 
Equity and other securities1,188 1,019 17 1,188 1,076 11 
Total investment securities$37,845 $36,705 3 %$37,845 $34,480 10 %
__________________________________________________________________________________
(a)Primarily government issued or guaranteed.

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The investment securities portfolio averaged $37.8 billion in the first quarter of 2026, up $1.1 billion and $3.4 billion from the fourth and first quarters of 2025, respectively. Those increases reflect the Company's deployment of liquidity into primarily fixed-rate mortgage-backed investment securities classified as available-for-sale. In the recent quarter the Company sold $2.5 billion of U.S. Treasury securities, all of which had maturity dates in 2026. As a result of the purchases of higher-yielding securities and sales, paydowns and maturities of lower-yielding securities, the weighted-average current yield for total investment securities available for sale increased to 4.71% at March 31, 2026 and 4.64% at December 31, 2025 from 4.42% at March 31, 2025. The weighted-average duration of that portfolio was 3.1 years at March 31, 2026 as compared with 2.4 years and 2.5 years at December 31, 2025 and March 31, 2025, respectively. The increase in the weighted-average duration in the recent quarter reflects the sale of U.S. Treasury securities near maturity and purchase of fixed rate mortgage-backed investment securities with longer maturity dates. The Company routinely adjusts its holdings of capital stock of the FHLB of New York and the FRB of New York based on amounts of outstanding borrowings and available lines of credit with those entities.
The Company regularly reviews its debt investment securities for declines in value below amortized cost that might be indicative of credit-related losses. There were no credit-related losses on debt investment securities recognized in each of the three months ended March 31, 2026, December 31, 2025 and March 31, 2025. Additional information about the investment securities portfolio is included in notes 2 and 12 of Notes to Financial Statements.
Other earning assets include interest-bearing deposits at banks and trading account assets. Those other earning assets in the aggregate averaged $16.3 billion in the recent quarter, compared with $18.1 billion and $19.8 billion during the three months ended December 31, 2025 and March 31, 2025, respectively, and were primarily comprised of deposits held at the FRB of New York. The Company considers such deposits to be an immediate source of funds in its liquidity management processes. In general, the levels of those deposits often fluctuate due to changes in deposits of retail and commercial customers, trust-related deposits and brokered deposits, lending activities and additions to or maturities of investment securities or borrowings.
Funding activities - deposits
The most significant source of funding for the Company is core deposits from its customer base. The Company considers noninterest-bearing deposits, savings and interest-checking deposits and time deposits of $250,000 or less as core deposits. The Company’s domestic banking network is its principal source of core deposits, which generally carry lower interest rates than wholesale funds of comparable maturities. Average core deposits represented 79% of average earning assets at each of the quarters ended March 31, 2026 and December 31, 2025, compared with 78% for the quarter ended March 31, 2025. The Company also utilizes brokered deposits as a component of its wholesale funding strategy. Depending on market conditions, including demand by customers and other investors, and the cost of funds available from alternative sources, the Company may change the amount or composition of brokered deposits in the future. The following table provides an analysis of changes in the components of average deposits.
AVERAGE DEPOSITS
Three Months EndedThree Months Ended
(Dollars in millions)March 31, 2026December 31, 2025Percentage ChangeMarch 31, 2026March 31, 2025Percentage Change
Noninterest-bearing deposits $44,547 $44,184 1 %$44,547 $45,436 -2 %
Savings and interest-checking deposits97,085 96,731 — 97,085 91,573 6 
Time deposits of $250,000 or less10,020 10,206 -2 10,020 10,489 -4 
Total core deposits151,652 151,121 — 151,652 147,498 3 
Time deposits greater than $250,0002,814 2,913 -3 2,814 2,954 -5 
Brokered savings and interest-checking deposits9,508 10,556-10 9,508 9,991-5 
Brokered time deposits294 467-37 294 777-62 
Total deposits$164,268 $165,057 — %$164,268 $161,220 2 %
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Total deposits averaged $164.3 billion in the recent quarter, down $789 million from the fourth quarter of 2025.
•Average core deposits increased $531 million reflecting higher noninterest-bearing deposits and a rise in average savings and interest-checking deposits largely driven by growth in commercial customer deposits, partially offset by lower average time deposits of retail customers.
•Average brokered deposits decreased $1.2 billion reflecting changes in the Company's wholesale funding composition.
Total average deposits increased $3.0 billion from the year-earlier quarter.
•Average core deposits grew $4.2 billion predominantly reflecting growth in average savings and interest-checking deposit balances from commercial customers. Partially offsetting that growth was lower average noninterest-bearing deposit balances of those commercial customers and a decline in average balances of retail customer time deposits reflecting maturities.
•Average brokered deposits declined $966 million reflecting changes in the Company's wholesale funding composition.
The accompanying table summarizes the components of average total deposits by reportable segment for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025.
AVERAGE DEPOSITS BY REPORTABLE SEGMENT
(Dollars in millions)Commercial BankRetail BankInstitutional Services and Wealth ManagementAll OtherTotal
Three Months Ended March 31, 2026
Noninterest-bearing deposits $10,247 $24,249 $9,518 $533 $44,547 
Savings and interest-checking deposits38,912 52,189 10,103 5,389 106,593 
Time deposits311 12,469 53 295 13,128 
Total$49,470 $88,907 $19,674 $6,217 $164,268 
Three Months Ended December 31, 2025
Noninterest-bearing deposits $10,310 $24,530 $8,702 $642 $44,184 
Savings and interest-checking deposits38,076 53,160 9,525 6,526 107,287 
Time deposits347 12,722 47 470 13,586 
Total$48,733 $90,412 $18,274 $7,638 $165,057 
Three Months Ended March 31, 2025
Noninterest-bearing deposits $11,304 $24,220 $9,370 $542 $45,436 
Savings and interest-checking deposits33,808 51,685 9,157 6,914 101,564 
Time deposits365 13,035 40 780 14,220 
Total$45,477 $88,940 $18,567 $8,236 $161,220 
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Funding activities - borrowings
The following table summarizes the average balances utilized from the Company's short-term and long-term borrowing facilities and note programs.
AVERAGE BORROWINGS
Three Months Ended
(Dollars in millions)March 31,
2026		December 31,
2025		March 31,
2025
Short-term borrowings:
Federal funds purchased and repurchase agreements$205 $76 $86 
FHLB advances5,490 1,988 2,783 
Total short-term borrowings5,695 2,064 2,869 
Long-term borrowings:
Senior notes7,534 9,068 8,135 
FHLB advances3 3 671 
Subordinated notes1,247 1,247 500 
Junior subordinated debentures403 402 410 
Asset-backed notes1,867 1,825 1,559 
Other10 10 10 
Total long-term borrowings11,064 12,555 11,285 
Total borrowings$16,759 $14,619 $14,154 
The Company uses borrowing capacity from banks, the FHLBs, the FRB of New York and others as sources of funding. Short-term borrowings represent arrangements that at the time they were entered into had a contractual maturity of one year or less. The higher levels of short-term borrowings in the first quarter of 2026 as compared with the fourth and first quarters of 2025 reflect the Company's management of liquidity.
The levels of long-term borrowings reflect the Company's strategies to diversify its wholesale funding sources to provide long-term funding stabilization. The following table provides a summary of the Company's issuances, maturities and redemptions of long-term borrowings in the recent quarter.
LONG-TERM BORROWING ISSUANCES, MATURITIES AND REDEMPTIONS
(Dollars in millions)Three Months Ended March 31, 2026
Issuances (a):
Asset-backed notes$511 
Maturities/Redemptions (b)
__________________________________________________________________________________
(a)At par value.
(b)Excludes paydowns of asset-backed notes. There were no maturities or redemptions of long-term borrowings in the first quarter of 2026.
Additional information regarding borrowings is provided in notes 4 and 11 of Notes to Financial Statements.
- 52 -

Provision for Credit Losses
A provision for credit losses is recorded to adjust the level of the allowance to reflect expected credit losses that are based on economic forecasts as of each reporting date. A provision for credit losses of $140 million was recorded in the first quarter of 2026, compared with $125 million and $130 million in the fourth and first quarters of 2025, respectively. The provision for credit losses included $15 million of provision for unfunded credit commitments in the first quarter of 2026, compared with a reduction of provision for unfunded credit commitments of $15 million in the fourth quarter of 2025. No provision for unfunded credit commitments was recorded in the first quarter of 2025.
A summary of the Company's net charge-offs by loan type and as an annualized percent of such average loans is presented in the table that follows.
NET CHARGE-OFF (RECOVERY) INFORMATION
Three Months Ended
March 31, 2026December 31, 2025March 31, 2025
(Dollars in millions)Net Charge-Offs (Recoveries)Annualized Percent of Average LoansNet Charge-Offs (Recoveries)Annualized Percent of Average LoansNet Charge-Offs (Recoveries)Annualized Percent of Average Loans
Commercial and industrial $25 .16 %$96 .61 %$29 .20 %
Real estate:
Commercial17 .34 30 .60 19 .38 
Residential builder and developer— — — — — — 
Other commercial construction— — — — — -.04 
Residential(1)-.01 — — — -.01 
Consumer:
Home equity lines and loans— — (1)-.04 — .03 
Recreational finance34 .98 32 .90 31 1.00 
Automobile6 .49 5 .39 7 .54 
Other24 4.14 23 3.82 28 5.19 
Total$105 .31 %$185 .54 %$114 .34 %
Asset quality
A summary of nonperforming assets and certain past due loan data and credit quality ratios is presented in the accompanying table.
NONPERFORMING ASSET AND PAST DUE LOAN DATA
(Dollars in millions)March 31, 2026December 31, 2025March 31, 2025
Nonaccrual loans$1,240 $1,252 $1,540 
Real estate and other foreclosed assets27 35 34 
Total nonperforming assets$1,267 $1,287 $1,574 
Accruing loans past due 90 days or more (a)$646 $561 $384 
Government-guaranteed loans included in totals above:
Nonaccrual loans$85 $83 $69 
Accruing loans past due 90 days or more (a)634 543 368 
Loans 30-89 days past due1,334 1,753 1,447 
Nonaccrual loans as a percent of total loans.89%.90 %1.14 %
Nonperforming assets as a percent of total loans and
   real estate and other foreclosed assets		.91.931.17 
Accruing loans past due 90 days or more as a percent of total loans.46.40.29 
Loans 30-89 days past due as a percent of total loans.951.261.08 
__________________________________________________________________________________
(a)Primarily government-guaranteed residential real estate loans.

- 53 -

Nonaccrual loans at March 31, 2026 decreased $12 million from December 31, 2025, reflecting lower commercial real estate nonaccrual loans, and $300 million from March 31, 2025, predominantly driven by a $127 million reduction in commercial and industrial nonaccrual loans and a $119 million reduction in commercial real estate nonaccrual loans. Approximately 45% of nonaccrual commercial and industrial and commercial real estate loans were considered current with respect to their payment status at March 31, 2026.
Government-guaranteed loans designated as accruing loans past due 90 days or more included one-to-four family residential mortgage loans serviced by the Company that were repurchased to reduce associated servicing costs, including a requirement to advance principal and interest payments that had not been received from individual mortgagors. Despite the loans being purchased by the Company, the insurance or guarantee by the applicable government-related entity remains in force. The outstanding principal balances of the repurchased loans that are guaranteed by government-related entities included in accruing loans past due 90 days or more totaled $537 million at March 31, 2026, $459 million at December 31, 2025 and $240 million at March 31, 2025. Accruing loans past due 90 days or more not guaranteed by government-related entities were loans considered to be with creditworthy borrowers that were in the process of collection or renewal. Additional information about past due and nonaccrual loans is included in note 3 of Notes to Financial Statements.
The Company utilizes a loan grading system to differentiate risk amongst its commercial and industrial loans and commercial real estate loans. Loans with a lower expectation of default are assigned one of ten possible "pass" loan grades while specific loans determined to have an elevated level of credit risk are designated as "criticized." A criticized loan may be designated as "nonaccrual" if the Company no longer expects to collect all amounts owed under the terms of the loan agreement or the loan is delinquent 90 days or more. Targeted reviews are periodically performed over segments of loan portfolios that may be experiencing heightened credit risk due to current or anticipated economic conditions. The intention of such reviews is to identify trends across such portfolios and inform portfolio risk limits and loss mitigation strategies. In the recent quarter the Company reviewed certain loans to borrowers in the energy sector as recent increases in energy and transportation costs have compressed operating margins and may do so in the future for these borrowers. The Company continues to monitor commercial borrowers in certain industry sectors that may be affected by international trade policy changes, such as tariffs, including retail and wholesale trade, manufacturing, packaging and construction companies. The Company has considered the information gathered in such reviews in the assignment of loan grades.
The Company continues to monitor its commercial real estate loan portfolio. The primary source of repayment of these loans is typically tenant lease payments to the investor/borrower. Elevated vacancies impacting some property types have contributed to lower current and anticipated future debt service coverage ratios, which have and may continue to influence the ability of borrowers to make existing loan payments. Lower debt service coverage ratios and reduced commercial real estate values also impact the ability of borrowers to refinance their obligations at loan maturity. Despite these challenges, the ability of borrowers to service loans secured by investor-owned real estate has generally improved in recent quarters. The LTV ratio is one of many factors considered in assessing overall portfolio risks and loss mitigation strategies for the investor-owned commercial real estate portfolio. In determining the LTV ratio, the Company considers cross-collateralization of all exposures secured by the supporting collateral and the estimated value of such collateral. Subsequent to the origination of commercial real estate loans, updated appraisals are obtained in the normal course of business for renewals, extensions and modifications to commitment levels. As the quality of a loan deteriorates to the point of designating the loan as "criticized nonaccrual," the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial and industrial loans and commercial real estate loans, estimated collateral values are generally based on current estimates of value.
- 54 -

The Company monitors its concentration of commercial real estate lending as a percent of its Tier 1 capital plus its allowable allowance for credit losses, consistent with a metric utilized to differentiate such concentrations amongst regulated financial institutions. This metric, as prescribed in supervisory guidance, excludes loans secured by commercial real estate considered to be owner-occupied, but includes certain other loans, such as loans to real estate investment trusts, that are classified as commercial and industrial loans. The Company's commercial real estate loan concentration approximated 129% of Tier 1 capital plus its allowable allowance for credit losses at March 31, 2026, compared with 124% at December 31, 2025 and 133% at March 31, 2025. The Company executed various strategies to reduce the amount of criticized loans in this category throughout 2025.
The accompanying tables summarize the outstanding balances, and associated criticized balances, of commercial and industrial loans by industry and commercial real estate loans by property type, respectively, at March 31, 2026 and December 31, 2025.
CRITICIZED COMMERCIAL AND INDUSTRIAL LOANS
March 31, 2026December 31, 2025
(Dollars in millions)OutstandingCriticized AccrualCriticized NonaccrualTotal CriticizedOutstandingCriticized AccrualCriticized NonaccrualTotal Criticized
Commercial and industrial excluding
   owner-occupied real estate by industry:
Financial and insurance$13,545 $171 $10 $181 $12,794 $200 $4 $204 
Services8,235 219 72 291 7,910 271 74 345 
Motor vehicle and recreational
   finance dealers		7,069 492 8 500 7,191 541 10 551 
Manufacturing6,424 334 80 414 6,112 344 52 396 
Wholesale4,359 236 29 265 4,386 276 57 333 
Transportation, communications,
   utilities		3,937 183 46 229 3,890 196 51 247 
Retail3,316 262 22 284 3,098 213 25 238 
Construction2,311 214 34 248 2,265 211 39 250 
Health services1,841 52 33 85 1,822 56 35 91 
Real estate investors1,668 191 5 196 1,579 202 6 208 
Other1,365 106 71 177 1,303 110 41 151 
Total commercial and industrial
   excluding owner-occupied real estate		54,070 2,460 410 2,870 52,350 2,620 394 3,014 
Owner-occupied real estate by industry:
Services2,377 76 33 109 2,368 84 32 116 
Motor vehicle and recreational
   finance dealers		2,217 139 2 141 2,234 164 1 165 
Retail1,916 24 16 40 1,893 24 15 39 
Health services1,335 44 36 80 1,268 122 47 169 
Wholesale1,029 65 2 67 978 95 3 98 
Manufacturing727 43 12 55 791 79 12 91 
Real estate investors617 46 8 54 616 31 8 39 
Other1,103 66 16 82 1,050 58 15 73 
Total owner-occupied real estate11,321 503 125 628 11,198 657 133 790 
Total$65,391 $2,963 $535 $3,498 $63,548 $3,277 $527 $3,804 
Criticized loans as a percent of total commercial and industrial loans5.3 %6.0 %
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CRITICIZED COMMERCIAL REAL ESTATE LOANS
March 31, 2026December 31, 2025
(Dollars in millions)OutstandingCriticized AccrualCriticized NonaccrualTotal CriticizedOutstandingCriticized AccrualCriticized NonaccrualTotal Criticized
Permanent finance by property type:
Apartments/Multifamily$6,628 $245 $23 $268 $6,837 $431 $45 $476 
Retail/Service4,237 516 62 578 4,164 546 70 616 
Office3,282 724 109 833 3,423 644 121 765 
Industrial/Warehouse2,462 107 23 130 2,297 77 8 85 
Hotel1,727 224 18 242 1,743 173 19 192 
Health services1,507 92 58 150 1,548 150 56 206 
Other187 19 1 20 180 20 1 21 
Total permanent20,030 1,927 294 2,221 20,192 2,041 320 2,361 
Construction/Development3,315 823 10 833 3,627 1,080 13 1,093 
Total$23,345 $2,750 $304 $3,054 $23,819 $3,121 $333 $3,454 
Criticized loans as a percent of total commercial real estate loans13.1 %14.5 %
Commercial real estate loans weighted-average LTV ratio55 56 
Commercial real estate criticized loans weighted-average LTV ratio64 67 
The $306 million reduction in commercial and industrial criticized loans from December 31, 2025 to March 31, 2026 spanned most industry types. The $400 million decline in commercial real estate criticized loans from December 31, 2025 to March 31, 2026 predominantly reflected a decline in criticized construction and development loans and permanent loans secured by multifamily properties. At March 31, 2026, approximately 96% of criticized accrual loans and 45% of criticized nonaccrual loans were considered current with respect to their payment status.
For loans secured by residential real estate the Company’s loss identification and estimation techniques make reference to loan performance and house price data in specific areas of the country where collateral securing those loans is located. For loans secured by residential real estate, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. Information about the location of nonaccrual loans secured by residential real estate at March 31, 2026 and December 31, 2025 is presented in the following table.

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NONACCRUAL LOANS SECURED BY RESIDENTIAL REAL ESTATE
March 31, 2026December 31, 2025
NonaccrualNonaccrual
(Dollars in millions)Outstanding BalancesBalancesPercent of Outstanding BalancesOutstanding BalancesBalancesPercent of Outstanding Balances
Residential mortgage loans (a):
New York$6,827 $109 1.60 %$6,904 $109 1.59 %
Mid-Atlantic 7,906 85 1.07 7,874 86 1.09 
New England 6,635 44 .66 6,613 39 .59 
Other3,489 34 .96 3,483 30 .87 
Total$24,857 $272 1.09 %$24,874 $264 1.06 %
First lien home equity loans and lines of credit:
New York$738 $15 1.97 %$740 $14 1.96 %
Mid-Atlantic 877 17 1.97 875 17 1.92 
New England 432 5 1.20 426 4 .95 
Other18 — 1.82 20 3 13.94 
Total$2,065 $37 1.81 %$2,061 $38 1.85 %
Junior lien home equity loans and lines of credit:
New York$914 $20 2.13 %$920 $19 2.03 %
Mid-Atlantic 1,118 21 1.84 1,120 19 1.70 
New England 669 6 .93 675 6 .88 
Other30 — .78 31 — 1.20 
Total$2,731 $47 1.70 %$2,746 $44 1.60 %
__________________________________________________________________________________
(a)Includes $650 million and $673 million of limited documentation first lien mortgage loans with nonaccrual loan balances totaling $48 million and $50 million at March 31, 2026 and December 31, 2025, respectively.
Factors that influence the Company’s credit loss experience include overall economic conditions affecting businesses and consumers, generally, but also residential and commercial real estate valuations, in particular, given the size of the Company’s real estate loan portfolios. Commercial real estate valuations can be highly subjective, as they are based upon many assumptions. Such valuations can be significantly affected over relatively short periods of time by changes in business climate, economic conditions, interest rates and, in many cases, the results of operations of businesses and other occupants of the real property. Similarly, residential real estate valuations can be impacted by housing trends, the availability of financing at reasonable interest rates and general economic conditions affecting consumers.
Consumer loans not secured by residential real estate are generally charged-off when the loans are 91 to 180 days past due, depending on whether the loan is collateralized and the status of repossession activities with respect to such collateral. The Company primarily originates recreational finance loans and automobile loans indirectly through dealerships across the U.S. At March 31, 2026, the percent of recreational finance loans and automobile loans with FICO scores of 700 or greater at origination date was 99% and 83%, respectively. A comparative summary of nonaccrual consumer loan balances and the respective percent of outstanding balances of each consumer loan product at March 31, 2026 and December 31, 2025 is presented in the following table.
NONACCRUAL CONSUMER LOANS
March 31, 2026December 31, 2025
(Dollars in millions)Nonaccrual LoansPercent of Outstanding BalancesNonaccrual LoansPercent of Outstanding Balances
Home equity lines and loans$84 1.75 %$82 1.71 %
Recreational finance32 .23 30 .21 
Automobile9 .19 11 .21 
Other4 .17 5 .19 
Total$129 .49 %$128 .48 %
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Allowance for loan losses
Management determines the allowance for loan losses under accounting guidance that requires estimating the amount of current expected credit losses over the remaining contractual term of the loan portfolio. A description of the methodologies used by the Company to estimate its allowance for loan losses can be found in note 3 of Notes to Financial Statements.
At the time of the Company’s analysis regarding the determination of the allowance for loan losses as of March 31, 2026 uncertainties existed about the impact of inflationary pressures and potential increases in unemployment on the discretionary income and purchasing power of consumers, which could impact their ability to service existing debt obligations; the volatile nature of global markets and international economic conditions that could impact the U.S. economy, including the effect of international trade policies and recent military conflicts on domestic businesses and consumers; uncertainty related to Federal Reserve positioning of monetary policy and the potential impacts on future economic growth; shifts in immigration policies and enforcement; changes to government funding and reductions in the federal workforce; downward pressures on commercial real estate values, including office properties, and the impacts on the ability of commercial borrowers to refinance maturing debt obligations; and the extent to which borrowers may be negatively affected by general economic conditions.
In establishing the allowance for loan losses, the Company estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes and also estimates losses for other loans with similar risk characteristics on a collective basis, generally through the use of statistically developed credit models, which are required to achieve a satisfactory independent validation by the Company's Model Risk Management Department, or other quantitative methodologies. In determining the allowance for loan losses, the Company may adjust forecasted loss estimates for inherent limitations or biases in the models as well as for other factors that may not be adequately considered in its quantitative methodologies including the impact of portfolio concentrations, imprecision in economic forecasts, geopolitical conditions and other risk factors that influence the loss estimation process. At each of March 31, 2026 and December 31, 2025, the Company qualitatively adjusted credit loss estimates for inherent limitations in the ability to assess real-time changes in commercial borrower performance and for environmental influences affecting certain loan portfolios. Qualitative adjustments at March 31, 2026 as compared with December 31, 2025, were generally higher reflecting the potential negative impact of global conflicts on economic forecasts.
Forward-looking estimates of certain macroeconomic variables are determined by the M&T Scenario Review Committee, which is comprised of senior management business leaders and economists. The weighted-average of macroeconomic assumptions utilized as of March 31, 2026 and December 31, 2025 are presented in the following table and were based on information available at or near the time the Company was preparing its estimate of expected credit losses as of those dates.
ALLOWANCE FOR LOAN LOSSES MACROECONOMIC ASSUMPTIONS
March 31, 2026December 31, 2025
Year 1Year 2CumulativeYear 1Year 2Cumulative
National unemployment rate 4.9 %5.1 %5.0 %5.2 %
Real GDP growth rate 1.4 1.7 3.1 %1.6 1.8 3.4 %
Commercial real estate price index growth/decline rate-2.7 .7 -1.8 -2.8 1.0 -1.6 
Home price index growth rate.4 3.0 3.4 .2 2.7 2.9 
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With respect to economic forecasts, the Company assessed the likelihood of alternative economic scenarios during the two-year reasonable and supportable forecast period. Generally, an increase in unemployment rate or a decrease in any of the rate of change in GDP, commercial real estate prices or home prices could have an adverse impact on expected credit losses and may result in an increase to the allowance for loan losses. Forward-looking economic forecasts are subject to inherent imprecision and future outcomes may differ materially from forecasted events. In consideration of such uncertainty, the alternative economic scenarios shown in the following table were considered to estimate the possible impact on modeled credit losses.
ALLOWANCE FOR LOAN LOSSES SENSITIVITIES
March 31, 2026Year 1Year 2Cumulative
Potential downside economic scenario:
National unemployment rate 7.1 %8.2 %
Real GDP growth/decline rate -2.6 1.3 -1.3 %
Commercial real estate price index decline rate-14.6 -6.7 -20.3 
Home price index growth/decline rate -9.0 2.8 -6.4 
Potential upside economic scenario:
National unemployment rate 3.7 3.6 
Real GDP growth rate 3.5 2.0 5.6 
Commercial real estate price index growth rate2.3 4.0 6.4 
Home price index growth rate 5.0 4.9 10.1 
(Dollars in millions)Impact to Modeled Credit Losses
Increase (Decrease)
Potential downside economic scenario$244 
Potential upside economic scenario(113)
These examples are only a few of the numerous possible economic scenarios that could be utilized in assessing the sensitivity of expected credit losses. The estimated impacts on credit losses in such scenarios pertain only to modeled credit losses and do not include consideration of other factors the Company may evaluate when determining its allowance for loan losses. As a result, it is possible that the Company may, at another point in time, reach different conclusions regarding credit loss estimates. The Company’s process for determining the allowance for loan losses undergoes quarterly and periodic evaluations by independent risk management personnel, which among many other considerations, evaluate the reasonableness of management’s methodology and significant assumptions.

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A comparative summary of the Company's allowance for loan losses by loan type and the reserve for unfunded credit commitments is presented in the following table.
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED CREDIT COMMITMENTS
(Dollars in millions)March 31, 2026December 31, 2025March 31, 2025
Allowance for loan losses:
Commercial and industrial$817 $771 $762 
Real estate - commercial (a)421 472 610 
Real estate - residential 99 100 105 
Consumer799 773 723 
Total$2,136 $2,116 $2,200 
Allowance for loan losses as a percent of loans:
Commercial and industrial1.25 %1.21 %1.26 %
Real estate - commercial (a)1.80 1.98 2.36 
Real estate - residential.40 .40 .45 
Consumer3.03 2.92 2.91 
Total1.53 1.53 1.63 
Allowance for loan losses as a percent of total nonaccrual loans (b)172 169 143 
Reserve for unfunded credit commitments (c)$95 $80 $60 
__________________________________________________________________________________
(a)Included in the allowance for loan losses were reserves allocated as a percent of commercial real estate loans secured by office properties of 4.54% at March 31, 2026, 4.65% at December 31, 2025 and 4.37% at March 31, 2025.
(b)Given the Company’s general position as a secured lender and its practice of charging off loan balances when collection is deemed doubtful, this ratio and changes in the ratio are generally not an indicative measure of the adequacy of the Company’s allowance for loan losses, nor does management rely upon this ratio in assessing the adequacy of the Company’s allowance for loan losses.
(c)Included in Accrued interest and other liabilities in the Consolidated Balance Sheet.
Management has assessed that the allowance for loan losses at March 31, 2026 appropriately reflected expected credit losses in the portfolio as of that date. The lower ratio of the allowance for loan losses as a percent of loans outstanding at March 31, 2026 and December 31, 2025 as compared with March 31, 2025, reflects lower levels of criticized commercial and industrial loans and commercial real estate loans. The level of the allowance reflects management’s evaluation of the loan portfolio as of each respective date using the methodology and considering the factors as described herein. Should the various economic forecasts and credit factors considered by management in establishing the allowance for loan losses change and should management’s assessment of losses in the loan portfolio also change, the level of the allowance as a percent of loans could increase or decrease in future periods.
Other Income
The components of other income are presented in the accompanying table.
OTHER INCOME
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Mortgage banking revenues$127 $155 $(28)-18 %$127 $118 $9 8 %
Service charges on deposit accounts139 140 (1)-1 139 133 6 5 
Trust income183 184 (1)-1 183 177 6 3 
Brokerage services income35 34 1 3 35 32 3 9 
Trading account and other non-hedging
   derivative gains		14 19 (5)-26 14 9 5 43 
Gain (loss) on bank investment securities4 1 3 238 4 — 4 — 
Other revenues from operations187 163 24 14 187 142 45 31 
Total other income$689 $696 $(7)-1 %$689 $611 $78 13 %
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Mortgage banking revenues
Mortgage banking revenues are comprised of both residential and commercial mortgage banking activities, which consist of realized gains and losses from sales of real estate loans and loan servicing rights, unrealized gains and losses on real estate loans held for sale and related commitments, real estate loan servicing fees, and other real estate loan related fees and income. The Company's involvement in commercial mortgage banking activities includes the origination, sales and servicing of loans under the multifamily loan programs of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development.
RESIDENTIAL MORTGAGE BANKING ACTIVITIES
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Residential mortgage banking revenues
Gains on loans originated for sale$8 $7 $1 15 %$8 $6 $2 31 %
Loan servicing:
Loan servicing fees32 33 (1)-2 32 36 (4)-10 
Changes in fair value of mortgage loan
   servicing right assets, net of hedging activities		(13)— (13)— (13)— (13)— 
Loan sub-servicing and other fees62 65 (3)-5 62 40 22 53 
Total loan servicing81 98 (17)-18 81 76 5 6 
Total residential mortgage banking revenues$89 $105 $(16)-16 %$89 $82 $7 8 %
New commitments to originate loans for sale$400 $392 $8 2 %$400 $290 $110 38 %
(Dollars in millions)March 31,
2026		December 31,
2025		March 31,
2025
Balances at period end
Loans held for sale$327 $441 $179 
Commitments to originate loans for sale222 224 224 
Commitments to sell loans544 645 339 
Capitalized mortgage loan servicing assets542 287 347 
Loans serviced for others 35,586 35,873 37,572 
Loans sub-serviced for others (a)123,968 156,938 160,966 
Total loans serviced for others$159,554 $192,811 $198,538 
__________________________________________________________________________________
(a)The contractual servicing rights associated with residential mortgage loans sub-serviced by the Company were primarily held by affiliates of BLG. Information about the Company’s relationship with BLG and its affiliates is included in note 15 of Notes to Financial Statements.
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, fair value changes in the mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.
The lower residential mortgage banking revenues for the first quarter of 2026 as compared with the fourth quarter of 2025 predominantly reflect the impact of the Company's accounting election described herein. The decline in the balance of loans sub-serviced for others reflects the return of servicing functions for $30.1 billion of residential mortgage loan balances back to Bayview Financial as the contractual holder of those servicing rights in March 2026.
The increase in residential mortgage banking revenues in the first three months of 2026 as compared with the corresponding 2025 period reflects higher sub-servicing revenues due to an arrangement effective February 2025 whereby the Company began sub-servicing $51.7 billion of additional residential mortgage loans with contractual servicing rights held by Bayview Financial, partially offset by the Company's accounting election described herein.
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COMMERCIAL MORTGAGE BANKING ACTIVITIES
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Commercial mortgage banking revenues
Gains on loans originated for sale$18 $30 $(12)-41 %$18 $16 $2 16 %
Loan servicing fees and other20 20 — 5 20 20 — 2 
Total commercial mortgage banking revenues$38 $50 $(12)-23 %$38 $36 $2 8 %
Loans originated for sale to other investors$1,135 $2,168 $(1,033)-48 %$1,135 $719 $416 58 %
(Dollars in millions)March 31,
2026		December 31,
2025		March 31,
2025
Balances at period end
Loans held for sale$359 $484 $192 
Commitments to originate loans for sale529 773 784 
Commitments to sell loans903 1,253 974 
Capitalized mortgage loan servicing assets138 132 125 
Loans serviced for others (a)30,934 30,309 27,963 
Loans sub-serviced for others4,194 4,231 4,205 
Total loans serviced for others$35,128 $34,540 $32,168 
__________________________________________________________________________________
(a)Includes $4.7 billion, $4.6 billion and $4.3 billion of loan balances at March 31, 2026, December 31, 2025 and March 31, 2025, respectively, for which investors had recourse to the Company if such balances are ultimately uncollectable.
The lower gains on commercial mortgage loans originated for sale in the recent quarter as compared with the fourth quarter of 2025 reflect decreased volume on new commitments to originate commercial real estate loans for sale.
Trust income
Trust income primarily includes revenues from two significant businesses managed within the Company's Institutional Services and Wealth Management segment. The Institutional Services business provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets; and (iii) need investment and cash management services. The Wealth Management business offers personal trust, planning and advisory, fiduciary, asset management, family office and other services designed to help high net worth individuals and families grow, preserve and transfer wealth.
TRUST INCOME AND ASSETS UNDER MANAGEMENT
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Trust income
Institutional Services$96 $97 $(1)-1 %$96 $94 $2 2 %
Wealth Management86 86 — — 86 82 4 4 
Commercial1 1 — -16 1 1 — 19 
Total trust income$183 $184 $(1)-1 %$183 $177 $6 3 %
(Dollars in millions)March 31,
2026		December 31,
2025		March 31,
2025
Assets under management at period end
Trust assets under management (excluding proprietary funds)$68,298 $68,104 $64,554 
Proprietary mutual funds16,169 16,075 15,938 
Total assets under management$84,467 $84,179 $80,492 
The increase in Wealth Management trust income in the first three months of 2026 as compared with the first quarter of 2025 reflects higher assets under management in the recent quarter.
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Other revenues from operations
The components of other revenues from operations are presented in the accompanying table.
OTHER REVENUES FROM OPERATIONS
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Letter of credit and other credit-related fees$54 $57 $(3)-4 %$54 $49 $5 12 %
Merchant discount and credit card fees41 46 (5)-13 41 39 2 3 
Bank owned life insurance revenue18 19 (1)-8 18 18 — 2 
Equipment operating lease income11 11 — -5 11 11 — 1 
BLG income (a)33 — 33 — 33 — 33 — 
Other30 30 — 4 30 25 5 18 
Total other revenues from operations$187 $163 $24 14 %$187 $142 $45 31 %
__________________________________________________________________________________
(a)During 2017, the operating losses of BLG resulted in M&T reducing the carrying value of its investment in BLG to zero. Subsequently, M&T has received cash distributions from BLG each year that resulted in the recognition of income by M&T. M&T expects cash distributions from BLG in the future, but the timing and amount of those distributions are not within M&T's control. BLG is entitled to receive distributions from its affiliates that provide asset management and other services that are available for distribution to BLG’s owners, including M&T. Information about the Company’s relationship with BLG and its affiliates is included in note 15 of Notes to Financial Statements.
Other Expense
The components of other expense are presented in the accompanying table.
OTHER EXPENSE
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31,
2026		December 31,
2025		Amount%March 31,
2026		March 31,
2025		Amount%
Salaries and employee benefits$914 $809 $105 13 %$914 $887 $27 3 %
Equipment and net occupancy133 134 (1)— 133 132 1 — 
Outside data processing and software144 146 (2)-2 144 136 8 5 
Professional and other services93 105 (12)-11 93 84 9 11 
FDIC assessments23 (8)31 — 23 23 — — 
Advertising and marketing21 32 (11)-35 21 22 (1)-6 
Amortization of core deposit and other
   intangible assets		9 10 (1)-1 9 13 (4)-27 
Other costs of operations101 151 (50)-34 101 118 (17)-15 
Total other expense$1,438 $1,379 $59 4 %$1,438 $1,415 $23 2 %
Average full-time equivalent employees21,990 22,258 (268)-1 %21,990 22,235 (245)-1 %
Full-time equivalent employees at period end21,866 22,080 (214)-1 21,866 22,291 (425)-2 
Salaries and employee benefits
Included in the first quarters of 2026 and 2025 was $115 million and $110 million, respectively, of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense.
Salaries and employee benefits expense increased $105 million in the recent quarter as compared with the fourth quarter of 2025 reflecting the aforementioned seasonal costs and the impact of annual merit increases, partially offset by two less working days and lower average staffing levels in the recent quarter.
Salaries and employee benefits expense increased $27 million in the three months ended March 31, 2026 as compared with the year-earlier period reflecting higher salaries expense from annual merit and other increases and an increase in stock-based incentive compensation. A decline in average staffing levels partially offset those higher expenses.
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Nonpersonnel expenses
Nonpersonnel expenses aggregated $524 million in the recent quarter, down from $570 million in the fourth quarter of 2025. The decline in nonpersonnel expenses in the recent quarter reflects lower professional and other services expense of $12 million due to a decline in legal and review costs and a decrease in advertising and marketing expense of $11 million reflecting the seasonality of advertising campaigns. The final quarter of 2025 included a reduction of FDIC special assessment expense of $29 million and a contribution to The M&T Charitable Foundation of $30 million. Other costs of operations in the fourth quarter of 2025 also included the amortization of residential mortgage loan servicing rights. With the Company's accounting election on January 1, 2026 described herein to measure residential mortgage loan servicing right assets at fair value, such amortization is no longer recorded in other costs of operations.
Nonpersonnel expenses decreased $4 million from $528 million in the first three months of 2025 reflecting lower other costs of operations of $17 million driven by amortization associated with residential mortgage loan servicing right assets in the first quarter of 2025, partially offset by higher costs associated with the Company's supplemental executive retirement savings plan in the recent quarter due to market performance. Partially offsetting the lower other costs of operations were higher professional and other services expense of $9 million, reflecting higher legal and review costs, and a rise in outside data processing and software costs of $8 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
Income Taxes
The provision for income taxes was $199 million in the first quarter of 2026, compared with $212 million in the fourth quarter of 2025 and $177 million in the first quarter of 2025. The Company's effective tax rates were 23.0%, 21.8% and 23.2% for the quarters ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The lower effective income tax rate in 2025's final quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns. The Company's effective tax rate is affected by the level of income earned that is exempt from tax relative to the overall level of pre-tax income, the amount of income allocated to the various state and local jurisdictions where the Company operates, because tax rates differ among such jurisdictions, and the impact of any large discrete or infrequently occurring items. The Company’s effective tax rate in future periods may also be affected by any change in income tax laws or regulations and interpretations of income tax regulations that differ from the Company’s interpretations by any of the various tax authorities that may examine tax returns filed by M&T or any of its subsidiaries.
Liquidity Risk
As a financial intermediary, the Company is exposed to various risks, including liquidity and market risk. Liquidity refers to the Company’s ability to ensure that sufficient cash flow and liquid assets are available to satisfy current and future obligations, including demands for loans and deposit withdrawals, funding operating costs and other corporate purposes. Liquidity risk arises whenever the cash flows associated with financial instruments included in assets and liabilities differ.
The most significant source of funding for the Company is core deposits, which are generated from a large base of consumer, corporate and institutional customers. That customer base has become more geographically diverse as a result of expansion of the Company’s businesses over time. Nevertheless, the Company faces competition in offering products and services from a large array of financial market participants, including banks, thrifts, mutual funds, securities dealers and others. Core deposits totaled $151.9 billion at March 31, 2026, down from $153.3 billion at December 31, 2025. The lower level of core deposits at March 31, 2026 reflects a decrease in savings and interest-checking deposits and noninterest-bearing deposits.
The Company supplements funding provided through core deposits with various short-term and long-term wholesale borrowings, including overnight federal funds purchases, repurchase agreements, advances from the FHLBs, brokered deposits and longer-term borrowings. M&T Bank has access to additional funding sources through secured borrowings from the FHLB of New York and the FRB of New York. M&T Bank is also a counterparty to the FRB of New York standing repurchase agreement facility, which allows it to enter into overnight repurchase transactions
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using eligible investment securities. At March 31, 2026 and December 31, 2025, long-term borrowings aggregated $11.2 billion and $10.9 billion, respectively, and short-term borrowings aggregated $7.9 billion and $2.1 billion, respectively. The higher balance of short-term borrowings at March 31, 2026 reflects the Company's wholesale funding strategy and liquidity considerations. Information about the Company's borrowings is included in note 4 of Notes to Financial Statements.
The Company's wholesale funding sources include the placement of brokered deposits. Such deposits, comprised primarily of brokered savings and interest-checking deposit accounts, totaled 6% of the Company's total deposit base at March 31, 2026, compared with 7% at December 31, 2025. The Company actively adjusts its wholesale funding sources in consideration of the competitive landscape for customer deposits and maintenance of its liquidity profile.
Total uninsured deposits were estimated to be $76.7 billion at March 31, 2026 and $78.9 billion at December 31, 2025. Approximately $9.4 billion and $9.0 billion of those uninsured deposits were collateralized by the Company at March 31, 2026 and December 31, 2025, respectively. The Company maintains available liquidity sources, which at March 31, 2026 represented approximately 122% of uninsured deposits that are not collateralized by the Company.
In addition to deposits and borrowings, other sources of liquidity include maturities and repayments of investment securities, loans and other earning assets, as well as cash generated from operations, such as fees collected for services. The Company also has the ability to securitize or sell certain financial assets, including various loan types, to provide other liquidity alternatives. U.S. Treasury and government-issued or guaranteed mortgage-backed securities comprised 94% of the Company's debt securities portfolio at March 31, 2026. The weighted-average durations of debt investment securities available for sale and held to maturity at March 31, 2026 were 3.1 years and 5.2 years, respectively.
The Company’s ability to obtain funding from these sources could be negatively impacted should the Company experience a substantial deterioration in its financial condition or its debt ratings or should the availability of funding become restricted due to a disruption in the financial markets. The Company attempts to quantify such risks by conducting scenario analyses that estimate the liquidity impact resulting from a debt ratings downgrade and other market events. Such impact is estimated by attempting to measure the effect on available unsecured lines of credit, available capacity from secured borrowing sources and securitizable assets.
The Company enters into contractual obligations in the normal course of business that require future cash payments. Such obligations include, among others, payments related to deposits, borrowings, leases and other contractual commitments. Off-balance sheet commitments to customers may impact liquidity, including commitments to extend credit, standby letters of credit, commercial letters of credit, financial guarantees and indemnification contracts and commitments to sell real estate loans. Because many of these commitments or contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. Further discussion of these commitments is provided in note 13 of Notes to Financial Statements.
M&T’s primary source of funds to pay for operating expenses, shareholder dividends and treasury stock repurchases has historically been the receipt of dividends from its bank subsidiaries, which are subject to various regulatory limitations. Dividends from any bank subsidiary to M&T are limited by the amount of earnings of the subsidiary in the current year and the two preceding years. For purposes of that test, at March 31, 2026 approximately $1.51 billion was available for payment of dividends to M&T from bank subsidiaries. M&T may also obtain funding through long-term borrowings and the repayment of advances to subsidiaries. Further information about the long-term outstanding borrowings of M&T is provided in note 4 of Notes to Financial Statements. As a bank holding company, M&T is obligated to serve as a managerial and financial source of strength to its bank subsidiaries as described in Part I, Item 1, "Business" of M&T's 2025 Annual Report and may provide advances to those subsidiaries. As its ability to access the capital markets may be affected by market disruptions, M&T maintains sufficient resources at its parent company to satisfy projected cash outflows for an extended period without reliance on dividends from subsidiaries or external financing. As of March 31, 2026, M&T's parent company liquidity, inclusive of the projected repayment of notes receivable from bank subsidiaries, covered projected cash outflows for 32 months, including dividends on common and preferred stock, debt service and scheduled debt maturities.
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The Company's Executive ALCO Committee closely monitors the Company’s liquidity position on an ongoing basis for compliance with internal policies and regulatory expectations. As a Category IV institution, the Company adheres to enhanced liquidity standards which require the performance of internal liquidity stress testing. The stress testing is designed to ensure the Company has sufficient liquidity to withstand both institution-specific and market-wide stress scenarios. For each scenario, the Company applies liquidity stress which may include deposit run-off, increased draws on unfunded loan commitments, increased collateral need for margin calls, increased haircuts on investment security-based funding and reductions in unsecured and secured borrowing capacity. Stress scenarios are measured over various time frames ranging from overnight to twelve months. As required by regulation, the Company maintains a liquidity buffer comprised of cash and highly liquid unencumbered securities to cover a 30-day stress horizon. Liquidity stress events occurring over longer time horizons can be mitigated by the availability of secured funding sources at the FHLB of New York and FRB of New York. As described in Part I, Item 1, "Liquidity" of M&T's 2025 Annual Report, the Federal Reserve and other federal banking regulators established the LCR as a uniform measure to ensure banking organizations hold sufficient amounts of cash and unencumbered high-quality liquid assets to cover net cash outflows over a 30-day liquidity stress period. As a Category IV institution with less than a $50 billion balance of weighted short-term wholesale funding, M&T is not subject to the LCR. M&T, however, estimates that its LCR on March 31, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
The table that follows is a summary of the Company's available sources of liquidity as of March 31, 2026 and December 31, 2025.
AVAILABLE LIQUIDITY SOURCES
(Dollars in millions)March 31, 2026December 31, 2025
Deposits at the FRB of New York$14,357 $16,966 
Unused secured borrowing facilities:
FRB of New York26,481 25,443 
FHLB of New York12,857 18,302 
Unencumbered investment securities (after estimated haircuts)28,322 27,241 
Total$82,017 $87,952 
Management continuously evaluates the use and mix of its various available funding alternatives, including short-term borrowings, issuances of long-term debt, the placement of brokered deposits and the securitization of certain loan products. Management does not anticipate engaging in any activities, either currently or in the long term, for which adequate funding would not be available and would therefore result in a significant strain on liquidity at either M&T or its subsidiary banks. In accordance with liquidity regulations, the Company maintains a contingency funding plan to facilitate on-going liquidity management in times of liquidity stress. The plan outlines various funding options available during a liquidity stress event and establishes a clear escalation protocol to be followed within the Company's Risk Framework. The plan sets forth funding strategies and procedures that management can quickly leverage to assist in decision-making and specifies roles and responsibilities for departments impacted by a potential liquidity stress event.
Market Risk and Interest Rate Sensitivity
Market risk is the risk of loss from adverse changes in the market prices and/or interest rates of the Company’s financial instruments. A primary market risk the Company is exposed to is interest rate risk. Interest rate risk arises from the Company’s core banking activities of lending and deposit-taking, because assets and liabilities reprice at different times and by different amounts as interest rates change. As a result, net interest income earned by the Company is subject to the effects of changing interest rates. The Company measures interest rate risk by calculating the variability of net interest income in future periods under various interest rate scenarios using projected balances for earning assets, interest-bearing liabilities and derivatives used to hedge interest rate risk. Management’s philosophy toward interest rate risk management is to limit the variability of net interest income.
The Company’s Executive ALCO Committee monitors the sensitivity of the Company’s net interest income to changes in interest rates with the aid of a computer model that forecasts net interest income under different interest rate scenarios. In modeling changing interest rates, the Company considers different yield curve shapes that
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contemplate both parallel (that is, when interest rates at each point of the yield curve change by the same magnitude) and non-parallel (that is, allowing interest rates at points on the yield curve to change by different amounts) shifts in the yield curve. The Company also contemplates instantaneous and gradual shifts in the yield curve over the scenario time horizon. In utilizing the model, market-implied forward interest rates over the subsequent twelve months are generally used to determine a base interest rate scenario for the net interest income simulation. That calculated base net interest income is then compared with the income calculated under the varying interest rate scenarios. The model considers the impact of ongoing lending and deposit-gathering activities, as well as interrelationships in the magnitude and timing of the repricing of financial instruments, including the effect of changing interest rates on expected prepayments and maturities.
Management has taken actions to mitigate exposure to interest rate risk through the use of on- and off-balance sheet financial instruments and intends to do so in the future. Possible actions include, but are not limited to, changes in the pricing of loan and deposit products, modifying the composition of earning assets and interest-bearing liabilities, and adding to, modifying or terminating existing interest rate swap agreements or other financial instruments used for interest rate risk management purposes. At March 31, 2026, the aggregate notional amount of interest rate swap agreements entered into for interest rate risk management purposes that were currently in effect was $21.1 billion. In addition, the Company has entered into $10.5 billion of forward-starting interest rate swap agreements designated for hedging purposes. Information about interest rate swap agreements entered into for interest rate risk management purposes is included herein under the heading “Taxable-equivalent Net Interest Income” and in note 10 of Notes to Financial Statements.
The accompanying table as of March 31, 2026 and December 31, 2025 displays the estimated impact on net interest income in the base scenarios described above resulting from changes in market interest rates. The scenarios presented in the table below assume a gradual and parallel change in interest rates across repricing categories during the first modeling year.
SENSITIVITY OF NET INTEREST INCOME TO CHANGES IN INTEREST RATES
Calculated Increase (Decrease)
in Projected Net Interest Income
(Dollars in millions)March 31, 2026December 31, 2025
Changes in interest rates
+200 basis points$(64)$(40)
+100 basis points(20)(9)
-100 basis points10 3 
-200 basis points1 (20)
The Company utilized many assumptions to calculate the impact that changes in interest rates may have on net interest income. The more significant of those assumptions included the rate of prepayments of mortgage-related assets, cash flows from derivative and other financial instruments, loan and deposit volumes, mix and pricing, and deposit maturities. Variations in amounts presented since December 31, 2025 reflect changes in the composition of the Company's earning assets and interest-bearing liabilities, as well as the level of market-implied forward interest rates and hedging actions taken by the Company. M&T's cumulative upward deposit pricing beta, which is the change in deposit pricing in response to a change in market interest rates, approximated 55% amidst a rising interest rate environment from the first quarter of 2022 through the second quarter of 2024. Reflecting the first cuts of the federal funds target interest rate since March 2020, the FOMC decreased that rate by 100 basis points during the last four months of 2024 and by an additional 75 basis points during the last four months of 2025. M&T's cumulative downward deposit pricing beta beginning in the third quarter of 2024 through the first quarter of 2026 approximated 56%. The assumptions used in interest rate sensitivity modeling are inherently uncertain and, as a result, the Company cannot precisely predict the impact of changes in interest rates on net interest income. Actual results may differ significantly from those presented due to the timing, magnitude and frequency of changes in interest rates and changes in market conditions and interest rate differentials (spreads) between maturity/repricing categories, as well as any actions, such as those previously described, which management may take to counter such changes.

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Management also uses an EVE model to supplement the modeling technique described above and provide a long-term interest rate risk metric. EVE is a point-in-time analysis of the economic sensitivity of existing assets, liabilities and off-balance sheet positions that incorporates all cash flows over their estimated remaining lives. The EVE reflects the present value of cash flows from existing assets, liabilities and off-balance sheet financial instruments, but does not incorporate any assumptions for future originations, renewals or issuances. Management measures the impact of changes in market values due to interest rates under a number of scenarios, including immediate shifts of the yield curve. The percentage impact to the EVE resulting from a 100 basis-point increase and a 100 basis-point decrease in market interest rates was -5.6% and 2.7%, respectively, as of March 31, 2026, and -5.1% and 2.2%, respectively, at December 31, 2025.
In addition to the effect of interest rates, changes in fair value of the Company’s financial instruments can also result from a lack of trading activity for similar instruments in the financial markets. Information about the fair valuation of financial instruments is presented in note 12 of Notes to Financial Statements.
The Company enters into interest rate and foreign exchange contracts to meet the financial needs of customers that it includes in its consolidated financial statements as other non-hedging derivatives within other assets and other liabilities. Financial instruments utilized for such activities consist predominantly of interest rate swap agreements and forward and futures contracts related to foreign currencies. The Company generally mitigates the interest rate and foreign currency risk associated with customer activities by entering into offsetting positions with third parties that are also included in other assets and other liabilities. The fair values of non-hedging derivative positions associated with interest rate contracts and foreign currency and other option and futures contracts are presented in note 10 of Notes to Financial Statements. As with any non-government guaranteed financial instrument, the Company is exposed to credit risk associated with counterparties to its non-hedging derivative activities. Although the notional amounts of these contracts are not recorded in the Consolidated Balance Sheet, the unsettled fair values of such financial instruments are recorded in the Consolidated Balance Sheet. The fair values of such non-hedging derivative assets and liabilities recognized in the Consolidated Balance Sheet were $159 million and $415 million, respectively, at March 31, 2026 and $190 million and $409 million, respectively, at December 31, 2025. The amounts recorded in the Consolidated Balance Sheet associated with the Company's non-hedging derivative activities at March 31, 2026 and December 31, 2025 primarily reflect changes in values associated with interest rate swap agreements entered into with commercial customers and financial institutions that are not subject to periodic variation margin settlement payments.
Trading account assets were $92 million at March 31, 2026 and $97 million at December 31, 2025 and were comprised of mutual funds and other assets related to certain deferred compensation plans and non-qualified supplemental retirement and other benefit plans that were assumed by the Company in various acquisitions. Changes in the fair values of such assets are recorded as Trading account and other non-hedging derivative gains in the Consolidated Statement of Income. Changes in the valuation of the related liabilities, which are included in Accrued interest and other liabilities in the Consolidated Balance Sheet, are recognized in Other costs of operations in the Consolidated Statement of Income.
Given the Company's policies and positions, management believes that the potential loss exposure to the Company resulting from market risk associated with trading account and other non-hedging derivative activities was not material at March 31, 2026, however, as previously noted, the Company is exposed to credit risk associated with counterparties to such activities. Information about the Company’s use of derivative financial instruments is included in note 10 of Notes to Financial Statements.
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Capital
The following table presents components related to shareholders' equity and dividends.
SHAREHOLDERS' EQUITY, DIVIDENDS AND SELECT RATIOS
(Dollars in millions, except per share)March 31, 2026December 31, 2025March 31, 2025
Preferred stock$2,434 $2,834 $2,394 
Common shareholders' equity25,538 26,343 26,597 
Total shareholders' equity$27,972 $29,177 $28,991 
Per share:
Common shareholders’ equity$173.82 $173.49 $163.62 
Tangible common shareholders’ equity (a)115.96 117.45 111.13 
Ratios:
Total shareholders' equity to total assets13.03 %13.67 %13.78 %
Common shareholders' equity to total assets11.89 12.34 12.65 
Tangible common shareholders' equity to tangible assets (a)8.26 8.70 8.95 
Cash dividends declared for quarter ended:
Common stock $223 $230 $222 
Common stock per share1.50 1.50 1.35 
Preferred stock43 39 36 
__________________________________________________________________________________
(a)Reconciliations of total common shareholders’ equity and tangible common equity and total assets and tangible assets as of each of those dates are presented in Table 2.
Shareholders’ equity reflects accumulated other comprehensive income or loss, which includes the net after-tax impact of unrealized gains or losses on investment securities classified as available for sale, gains or losses associated with interest rate swap agreements designated as cash flow hedges and adjustments to reflect the funded status of defined benefit pension and other postretirement plans. The components of accumulated other comprehensive income (loss) are presented in the following table.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - NET OF INCOME TAX
(Dollars in millions, except per share)March 31, 2026December 31, 2025March 31, 2025
Investment securities unrealized gains (losses), net (a)$6 $155 $(6)
Cash flow hedges unrealized gains, net (b)7 67 7 
Defined benefit plans adjustments, net (c)60 61 96 
Other, net(7)(6)(7)
Accumulated other comprehensive income, net$66 $277 $90 
Accumulated other comprehensive income, net, per common share$0.45 $1.83 $0.56 
__________________________________________________________________________________
(a)Refer to note 2 of Notes to Financial Statements.
(b)Refer to note 10 of Notes to Financial Statements.
(c)Refer to note 7 of Notes to Financial Statements.
On March 30, 2026, M&T's Board of Directors authorized a program under which $5.0 billion of common shares may be repurchased. That authorization replaced and terminated the previous authorized share repurchase program effective as of the same date. M&T repurchased 5.5 million shares of its common stock in the recent quarter at a total cost of $1.25 billion. M&T repurchased 2.7 million and 3.4 million shares of its common stock at a total cost of $507 million and $662 million in the fourth and first quarters of 2025, respectively. Discretion as to the amount and timing of authorized share repurchases in a given period has been delegated, through the authorization of the Board of Directors, to management and can be influenced by capital and liquidity requirements, including funding of future loan growth and other balance sheet management activities, as well as market and economic conditions. On February 1, 2026, M&T redeemed all 40,000 outstanding shares of its Perpetual Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, for $400 million. On October 31, 2025, M&T issued 45,000 shares of Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series K, with a liquidation preference of $10,000 per share.

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As a result of the accounting election on January 1, 2026 to prospectively measure residential mortgage loan servicing right assets at fair value, the Company recorded an increase in capitalized servicing assets included in accrued interest and other assets of $263 million and a corresponding after-tax increase to retained earnings of $197 million, representing an 8 basis-point increase to CET1 capital on the election date.
M&T and its subsidiary banks are required to comply with applicable Capital Rules which prescribe minimum capital ratios. Capital Rules require buffers in addition to these minimum risk-based capital ratios. M&T is subject to an SCB requirement that is determined through the Federal Reserve’s supervisory stress tests and M&T’s bank subsidiaries are subject to a 2.5% capital conservation buffer requirement. The buffer requirement must be composed entirely of CET1 capital. M&T's SCB at March 31, 2026 was 2.7%. The regulatory capital ratios of the Company and its bank subsidiaries, M&T Bank and Wilmington Trust, N.A., as of March 31, 2026 are presented in the accompanying table.
REGULATORY CAPITAL RATIOS
(Dollars in millions)Regulatory Minimum (a)M&T
(Consolidated)		M&T
Bank		Wilmington
Trust, N.A.
CET1 capital4.50%10.33%11.98%273.94%
Tier 1 capital6.0011.8111.98273.94
Total capital8.0013.6113.75274.08
Tier 1 leverage4.009.459.5886.88
RWA$164,258 $163,577 $246 
__________________________________________________________________________________
(a)Exclusive of required buffers as applicable.
Capital Rules generally require the deduction of goodwill and core deposit and other intangible assets, net of applicable deferred taxes, from the calculation of capital in the determination of the minimum capital ratios. As a result of previous business acquisitions, the Company recorded goodwill of $8.5 billion and core deposit and other intangible assets of $55 million at March 31, 2026. Goodwill, as required by GAAP, is not amortized, but rather is tested for impairment at least annually at the business reporting unit level. The Company completed its annual goodwill impairment test in the fourth quarter of 2025 and concluded the amount of goodwill was not impaired at the testing date. The Company has not identified events or circumstances that would more likely than not reduce the fair value of a business reporting unit below its carrying amount at March 31, 2026. Should a business reporting unit with assigned goodwill experience declines in revenue, increased credit losses or expenses, or other adverse developments due to economic, regulatory, competition or other factors, that would be material to that reporting unit, an impairment of goodwill could occur in a future period that could be material to the Company's Consolidated Balance Sheet and its Consolidated Statement of Income. Although a goodwill impairment charge would not have a significant impact on the Company's regulatory tangible capital ratios, it would reduce the capacity of its bank subsidiary, M&T Bank, to dividend earnings to M&T. As described herein under the heading "Liquidity Risk," M&T's parent company liquidity at March 31, 2026, inclusive of the projected repayment of notes receivables from bank subsidiaries, covered projected cash outflows for 32 months, including dividends on common and preferred stock, debt service and scheduled debt maturities.
The Company is subject to the comprehensive regulatory framework applicable to bank and financial holding companies and their subsidiaries, which includes examinations by a number of regulators. Regulation of financial institutions such as M&T and its subsidiaries is intended primarily for the protection of depositors, the Deposit Insurance Fund of the FDIC and the banking and financial system as a whole, and generally is not intended for the protection of shareholders, investors or creditors other than insured depositors. Changes in laws, regulations and regulatory policies applicable to the Company’s operations can increase or decrease the cost of doing business, limit or expand permissible activities or affect the competitive environment in which the Company operates, all of which could have a material effect on the business, financial condition or results of operations of the Company and on M&T’s ability to pay dividends. For additional information concerning this comprehensive regulatory framework, refer to Part I, Item 1, "Supervision and Regulation of the Company" of M&T's 2025 Annual Report.

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As described in Part I, Item 1, "Capital Requirements" of M&T's 2025 Annual Report, in July 2023 the federal banking agencies issued a notice of proposed rulemaking to modify the regulatory capital requirements applicable to large banking organizations with total assets exceeding $100 billion, like the Company. In March 2026, the federal banking agencies issued a reproposal of those requirements. Under the reproposed requirements, the Company would have the option of calculating its RWA using either a standardized approach or an ERBA. The reproposal would also require the Company to include certain components of accumulated other comprehensive income (loss) in its calculation of capital over a five-year transition period. Management continues to evaluate the impact of the reproposed rules on the regulatory capital requirements of M&T and its subsidiary banks. The Company estimates that its CET1 capital at December 31, 2025 would have increased approximately 90 basis points under the standardized approach and an additional 10 to 20 basis points under the ERBA, excluding the impact of accumulated other comprehensive income (loss). At March 31, 2026, the inclusion of accumulated other comprehensive income (loss) components related to investment securities available for sale and defined benefit plan liability adjustments would have increased the Company's CET1 capital ratio by 4 basis points.
Segment Information
Reportable segments have been determined based upon the Company's organizational structure which is primarily arranged around the delivery of products and services to similar customer types. Financial information about the Company's reportable segments is presented in note 14 of Notes to Financial Statements. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. All other business activities that are not included in the three reportable segment results have been included in the "All Other" category.
NET INCOME (LOSS) BY REPORTABLE SEGMENT
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31, 2026December 31, 2025Amount%March 31, 2026March 31, 2025Amount%
Net income (loss)
Commercial Bank$250 $214 $36 17 %$250 $231 $19 8 %
Retail Bank344 344 — — 344 347 (3)-1 
Institutional Services and Wealth Management112 111 1 1 112 121 (9)-8 
All Other(42)90 (132)— (42)(115)73 64 
Total net income$664 $759 $(95)-13 %$664 $584 $80 14 %
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Commercial Bank
The Commercial Bank segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets served by the Company. Services provided by this segment include commercial lending and leasing, credit facilities which are secured by various types of commercial real estate, letters of credit, deposit products and cash management services. Commercial real estate loans may be secured by multifamily residential buildings, hotels, office, retail and industrial space or other types of collateral. Activities of this segment include the origination, sales and servicing of commercial real estate loans through the Fannie Mae DUS program and other programs. Commercial real estate loans held for sale are included in this segment.
COMMERCIAL BANK SEGMENT FINANCIAL SUMMARY
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31, 2026December 31, 2025Amount%March 31, 2026March 31, 2025Amount%
Income statement
Net interest income$535 $553 $(18)-3 %$535 $529 $6 1 %
Noninterest income193 208 (15)-7 193 173 20 11 
Total revenue728 761 (33)-4 728 702 26 4 
Provision for credit losses29 105 (76)-72 29 36 (7)-17 
Noninterest expense360 366 (6)-2 360 351 9 2 
Income before taxes339 290 49 17 339 315 24 7 
Income taxes89 76 13 16 89 84 5 6 
Net income$250 $214 $36 17 %$250 $231 $19 8 %
Average balance sheet
Loans:
Commercial and industrial$55,730 $54,525 $1,205 2 %$55,730 $53,567 $2,163 4 %
Real estate - commercial21,795 22,400 (605)-3 21,795 24,555 (2,760)-11 
Real estate - residential398 416 (18)-4 398 396 2 1 
Consumer24 22 2 7 24 18 6 32 
Total loans$77,947 $77,363 $584 1 %$77,947 $78,536 $(589)-1 %
Deposits:
Noninterest-bearing$10,247 $10,310 $(63)-1 %$10,247 $11,304 $(1,057)-9 %
Interest-bearing39,223 38,423 800 2 39,223 34,173 5,050 15 
Total deposits$49,470 $48,733 $737 2 %$49,470 $45,477 $3,993 9 %
The Commercial Bank segment’s net income in the first quarter of 2026 increased $36 million from the fourth quarter of 2025.
•Net interest income decreased $18 million reflecting a 10 basis-point narrowing of the net interest margin on loans and the impact of two less calendar days in the recent quarter. Those factors were partially offset by a 3 basis-point expansion of the net interest margin on deposits and higher average balances of those deposits.
•Noninterest income decreased $15 million reflecting a decline in commercial mortgage banking revenues from lower gains on commercial mortgage loans originated for sale.
•The provision for credit losses decreased $76 million reflecting lower net charge offs of commercial and industrial and commercial real estate loans.
•Average loans rose $584 million driven by higher average balances of commercial and industrial loans reflecting growth in loans to the financial and insurance industry, partially offset by reductions in average construction and permanent commercial real estate loans.
•Average deposits grew $737 million reflecting higher average savings and interest-checking deposit balances.
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Net income for the Commercial Bank segment increased $19 million in the first three months of 2026 as compared with the similar 2025 period.
•Net interest income modestly increased $6 million reflecting higher average deposits of $4.0 billion, partially offset by a 6 basis-point narrowing of the net interest margin on loans.
•Noninterest income increased $20 million reflecting a rise in credit-related fees, higher revenues from interest rate swap agreements with customers and increased service charges on commercial deposit accounts.
•Average loans decreased $589 million reflecting lower average commercial real estate loans as the Company reduced the level of such loans designated as criticized, partially offset by higher average commercial and industrial loans reflecting growth that spanned most industry types.
•Average deposits grew $4.0 billion reflecting growth in average savings and interest-checking deposits, partially offset by lower average noninterest-bearing deposits.
Retail Bank
The Retail Bank segment provides a wide range of services to consumers and small businesses through the Company’s branch network and several other delivery channels such as digital banking, telephone banking and ATMs. The Company has domestic banking offices primarily in the Northeastern and Mid-Atlantic regions of the U.S. including the District of Columbia. The segment offers to its customers deposit products, including demand, savings and time accounts, and other services. Credit services offered by this segment include automobile and recreational finance loans (primarily originated indirectly through dealers), home equity loans and lines of credit, credit cards and other loan products. This segment also originates and services residential mortgage loans and either sells those loans in the secondary market to investors or retains them for investment purposes. Residential mortgage loans are also originated and serviced on behalf of the Institutional Services and Wealth Management segment. The Company periodically purchases the rights to service residential real estate loans that have been originated by other entities and also sub-services residential real estate loans for others. Residential real estate loans held for sale are included in this segment. This segment also provides various business loans, including loans guaranteed by the Small Business Administration, business credit cards, deposit products and services such as cash management, payroll and direct deposit, merchant credit card and letters of credits to small businesses and professionals through the Company's branch network and other delivery channels.
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RETAIL BANK SEGMENT FINANCIAL SUMMARY
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31, 2026December 31, 2025Amount%March 31, 2026March 31, 2025Amount%
Income statement
Net interest income$950 $988 $(38)-4 %$950 $972 $(22)-2 %
Noninterest income217 230 (13)-5 217 208 9 5 
Total revenue1,167 1,218 (51)-4 1,167 1,180 (13)-1 
Provision for credit losses82 87 (5)-5 82 79 3 3 
Noninterest expense625 670 (45)-7 625 636 (11)-2 
Income before taxes460 461 (1)— 460 465 (5)-1 
Income taxes116 117 (1)— 116 118 (2)-1 
Net income$344 $344 $— — %$344 $347 $(3)-1 %
Average balance sheet
Loans:
Commercial and industrial$6,670 $6,463 $207 3 %$6,670 $6,416 $254 4 %
Real estate - commercial1,676 1,670 6 — 1,676 1,672 4 — 
Real estate - residential21,971 21,952 19 — 21,971 20,570 1,401 7 
Consumer25,444 25,640 (196)-1 25,444 23,536 1,908 8 
Total loans$55,761 $55,725 $36 — %$55,761 $52,194 $3,567 7 %
Deposits:
Noninterest-bearing$24,249 $24,530 $(281)-1 %$24,249 $24,220 $29 — %
Interest-bearing64,658 65,882 (1,224)-2 64,658 64,720 (62)— 
Total deposits$88,907 $90,412 $(1,505)-2 %$88,907 $88,940 $(33)— %
The Retail Bank segment’s net income in the first quarter of 2026 was unchanged from the fourth quarter of 2025.
•Net interest income decreased $38 million reflecting lower average balances of deposits of $1.5 billion and the impact of two less calendar days in the recent quarter.
•Noninterest income decreased $13 million reflecting the Company's accounting election to prospectively measure residential mortgage loan servicing right assets at fair value beginning on January 1, 2026.
•Noninterest expense declined $45 million reflecting the impact of the Company's accounting election described herein on other costs of operations, driven by amortization associated with residential mortgage loan servicing right assets in the fourth quarter of 2025. Also contributing to the decline in noninterest expense was lower advertising and marketing and personnel-related expenses.
•Average deposits decreased $1.5 billion reflecting a decrease in average savings and interest-checking deposits and noninterest-bearing deposits.
Net income for the Retail Bank segment modestly declined $3 million in the first three months of 2026 as compared with the similar 2025 period.
•Net interest income declined $22 million reflecting a 15 basis-point and 3 basis-point narrowing of the net interest margin on deposits and loans, respectively, partially offset by higher average loan balances of $3.6 billion.
•Noninterest income increased $9 million reflecting higher sub-servicing revenues due to an arrangement effective February 2025 whereby the Company began sub-servicing $51.7 billion of additional residential mortgage loans with contractual servicing rights held by Bayview Financial, partially offset by the Company's accounting election described herein.
•Noninterest expense decreased $11 million reflecting the impact of the Company's accounting election described herein on other costs of operations, driven by amortization associated with residential mortgage loan servicing right assets in the first quarter of 2025, partially offset by higher centrally-allocated costs associated with technology, operations, risk management, finance, human resources and other support services provided to the Retail Bank segment.
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•Average loans rose $3.6 billion reflecting an increase in average consumer loans that resulted from growth in average recreational finance, home equity loans and lines of credit and automobile loans. Also contributing to that increase was higher average residential real estate loans reflecting the retention of originated residential mortgage loans and purchases.
Institutional Services & Wealth Management
The Institutional Services and Wealth Management segment provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients, as well as personal trust, planning and advisory, fiduciary, asset management, family office, and other services designed to help high net worth individuals and families grow, preserve and transfer wealth. This segment also provides investment products, including mutual funds and annuities and other services to customers.
INSTITUTIONAL SERVICES & WEALTH MANAGEMENT SEGMENT FINANCIAL SUMMARY
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31, 2026December 31, 2025Amount%March 31, 2026March 31, 2025Amount%
Income statement
Net interest income$156 $155 $1 1 %$156 $171 $(15)-9 %
Noninterest income221 229 (8)-4 221 209 12 5 
Total revenue377 384 (7)-2 377 380 (3)-1 
Provision for credit losses— — — — — 3 (3)— 
Noninterest expense226 234 (8)-4 226 215 11 5 
Income before taxes151 150 1 1 151 162 (11)-7 
Income taxes39 39 — — 39 41 (2)-6 
Net income$112 $111 $1 1 %$112 $121 $(9)-8 %
Average balance sheet
Loans:
Commercial and industrial$1,217 $1,047 $170 16 %$1,217 $889 $328 37 %
Real estate - commercial25 32 (7)-21 25 31 (6)-19 
Real estate - residential2,448 2,397 51 2 2,448 2,210 238 11 
Consumer838 815 23 3 838 799 39 5 
Total loans$4,528 $4,291 $237 6 %$4,528 $3,929 $599 15 %
Deposits:
Noninterest-bearing$9,518 $8,702 $816 9 %$9,518 $9,370 $148 2 %
Interest-bearing10,156 9,572 584 6 10,156 9,197 959 10 
Total deposits$19,674 $18,274 $1,400 8 %$19,674 $18,567 $1,107 6 %
The Institutional Services and Wealth Management segment’s net income increased nominally in the first quarter of 2026 as compared with the fourth quarter of 2025.
•Net interest income in the recent quarter reflected higher average deposits of $1.4 billion, partially offset by a lower net interest margin on those deposits of 13 basis points.
•Noninterest income decreased $8 million reflecting lower intersegment revenues.
•Noninterest expense decreased $8 million reflecting a decline in professional and other services expense, partially offset by a rise in centrally-allocated costs associated with associated with technology, operations, risk management, finance, human resources and other support services provided to the Institutional Services and Wealth Management segment.
•Average deposits increased $1.4 billion reflecting higher average noninterest-bearing deposits and savings and interest-checking deposits.

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Net income for the Institutional Services and Wealth Management segment decreased $9 million for the three months ended March 31, 2026 as compared with the similar 2025 period.
•Net interest income decreased $15 million reflecting a 55 basis-point narrowing of the net interest margin on deposits, partially offset by higher average balances of those deposits of $1.1 billion.
•Noninterest income increased $12 million reflecting an increase in trust income and brokerage services income.
•Noninterest expense rose $11 million reflecting a rise in professional and other services expenses driven by higher legal and review costs.
•Average deposits increased $1.1 billion reflecting higher average savings and interest-checking and noninterest-bearing deposits.
All Other
The "All Other" category reflects other activities of the Company that are not directly attributable to the reported segments. Reflected in this category are the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from the acquisitions of financial institutions; merger-related gains and expenses related to acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain non-recurring transactions; and the residual effects of unallocated support systems and general and administrative expenses. The Company’s investment securities portfolio, certain brokered deposits and short-term and long-term borrowings are generally included in the "All Other" category. In its management of interest rate risk, the Company utilizes interest rate swap agreements to modify the repricing characteristics of certain portfolios of earning assets and interest-bearing liabilities. The results of such activities are captured in the "All Other" category.
ALL OTHER CATEGORY FINANCIAL SUMMARY
Three Months EndedChangeThree Months EndedChange
(Dollars in millions)March 31, 2026December 31, 2025Amount%March 31, 2026March 31, 2025Amount%
Income statement
Net interest income$111 $83 $28 34 %$111 $23 $88 — %
Noninterest income58 29 29 97 58 21 37 171 
Total revenue169 112 57 51 169 44 125 280 
Provision for credit losses29 (67)96 — 29 12 17 130 
Noninterest expense227 109 118 109 227 213 14 6 
Income (loss) before taxes(87)70 (157)— (87)(181)94 52 
Income taxes(45)(20)(25) -130 (45)(66)21 31 
Net income (loss)$(42)$90 $(132)— %$(42)$(115)$73 64 %
The “All Other” category recorded a net loss of $42 million in the first quarter of 2026 as compared with a net gain of $90 million in the fourth quarter of 2025.
•Net interest income increased $28 million due to the favorable impact from each of the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments and interest rate swap agreements entered into for interest rate risk purposes.
•Noninterest income rose $29 million reflecting a $33 million distribution from M&T's investment in BLG in the recent quarter.
•The provision for credit losses increased $96 million reflecting the net impact of the allocation of the provision to the reportable segments.
•Noninterest expense increased $118 million reflecting higher personnel-related costs of $123 million that included the impact of annual merit increases and seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense.
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The net loss recorded for the "All Other" category was $42 million for the first three months of 2026 as compared with a net loss of $115 million in the similar 2025 period.
•Net interest income increased $88 million reflecting the comparatively favorable impact from each of interest rate swap agreements entered into for interest rate risk purposes and the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments.
•Noninterest income increased $37 million reflecting a $33 million distribution from M&T's investment in BLG in the recent quarter.
•The provision for credit losses increased $17 million reflecting the net impact of the allocation of the provision to the reportable segments.
•Noninterest expense increased $14 million reflecting a rise in personnel-related costs.
Critical Accounting Estimates and Recent Accounting Developments
A discussion of the Company's critical accounting estimates and significant accounting policies can be found in M&T's 2025 Annual Report. A summary of recent accounting developments is included in note 1 of Notes to Financial Statements, including the Company's election on January 1, 2026 to prospectively measure its residential mortgage loan servicing right assets at fair value, which the Company considers to be a critical accounting estimate. As residential mortgage loan servicing rights generally do not trade in an active market, the Company utilizes a model to estimate fair value which considers the present value of expected future cash flows associated with servicing rights using assumptions that market participants would consider in estimating future servicing income and expenses. Such assumptions include prepayment speeds, servicing costs, loan default rates and an appropriate discount rate representing an OAS over market implied forward SOFR. Significant assumptions and the resulting fair values are subject to independent review and challenge by the Company's Treasury Product Control Department through comparisons to available data including recent market activity, independent third-party valuations and industry trade information and surveys. The results of such independent review and challenge are reported to the Company's Executive ALCO Committee. Further information on the fair value of residential mortgage loan servicing right assets and the sensitivity of such value to changes in assumptions is included in note 12 of Notes to Financial Statements.
Forward-Looking Statements
"Management’s Discussion and Analysis of Financial Condition and Results of Operations" and other sections of this quarterly report 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 the Company’s business, and management's beliefs and assumptions.
Statements regarding the potential effects of events or factors specific to the Company and/or the financial industry as a whole, as well as national and global events generally, on the Company'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 the Company'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 as well as risks more fully discussed in Part I, Item 1A "Risk Factors" in the Company's 2025 Annual Report: economic conditions and growth rates, including inflation and market volatility; events,
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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 the Company'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 the Company does business, and other factors.
The Company provides further detail regarding these risks and uncertainties in its 2025 Annual Report, 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 the Company assumes no duty and does not undertake to update forward-looking statements.

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M&T Bank Corporation and Subsidiaries
Table 1
QUARTERLY TRENDS
20262025 Quarters
First QuarterFourthThirdSecondFirst
(Dollars in millions, except per share)
Earnings and dividends
Interest income (taxable-equivalent basis)$2,547 $2,648 $2,692 $2,618 $2,572 
Interest expense784 858 919 896 865 
Net interest income1,763 1,790 1,773 1,722 1,707 
Less: Provision for credit losses140 125 125 125 130 
Other income689 696 752 683 611 
Less: Other expense1,438 1,379 1,363 1,336 1,415 
Income before income taxes874 982 1,037 944 773 
Applicable income taxes199 212 233 219 177 
Taxable-equivalent adjustment11 11 12 9 12 
Net income$664 $759 $792 $716 $584 
Net income available to common shareholders — diluted$620 $718 $754 $679 $547 
Per common share data:
Basic earnings4.16 4.71 4.85 4.26 3.33 
Diluted earnings4.13 4.67 4.82 4.24 3.32 
Cash dividends1.50 1.50 1.50 1.35 1.35 
Average common shares outstanding:
Basic149,225 152,666 155,558 159,221 164,209 
Diluted150,109 153,712 156,553 160,005 165,047 
Performance ratios
Annualized return on:
Average assets1.26 %1.41 %1.49 %1.37 %1.14 %
Average common shareholders’ equity9.67 10.87 11.45 10.39 8.36 
Net interest margin on average earning assets (taxable-equivalent basis)3.71 3.69 3.68 3.62 3.66 
Nonaccrual loans to total loans.89 .90 1.10 1.16 1.14 
Net operating (tangible) results (a)
Net operating income$671 $767 $798 $724 $594 
Diluted net operating income per common share4.18 4.72 4.87 4.28 3.38 
Annualized return on:
Average tangible assets1.33 %1.49 %1.56 %1.44 %1.21 %
Average tangible common shareholders’ equity14.51 16.24 17.13 15.54 12.53 
Efficiency ratio (b)58.3 55.1 53.6 55.2 60.5 
Balance sheet data
Average balances:
Total assets (c)$213,828 $212,891 $211,053 $210,261 $208,321 
Total tangible assets (c)205,323 204,379 202,533 201,733 199,791 
Earning assets192,594 192,366 190,920 190,535 189,116 
Investment securities37,845 36,705 36,559 35,335 34,480 
Loans138,423 137,600 136,527 135,407 134,844 
Deposits164,268 165,057 162,706 163,406 161,220 
Borrowings16,759 14,619 15,633 14,263 14,154 
Common shareholders’ equity (c)26,072 26,279 26,189 26,272 26,604 
Tangible common shareholders’ equity (c)17,567 17,767 17,669 17,744 18,074 
At end of quarter:
Total assets (c)214,736 213,510 211,277 211,584 210,321 
Total tangible assets (c)206,234 205,001 202,761 203,060 201,789 
Earning assets193,072 192,516 190,684 191,074 190,463 
Investment securities38,621 36,649 36,864 35,568 35,137 
Loans139,914 138,702 136,974 136,116 134,574 
Deposits163,741 166,909 163,426 164,453 165,409 
Borrowings19,026 13,060 14,987 14,451 12,069 
Common shareholders’ equity (c)25,538 26,343 26,334 26,131 26,597 
Tangible common shareholders’ equity (c)17,036 17,834 17,818 17,607 18,065 
Equity per common share173.82 173.49 170.43 166.94 163.62 
Tangible equity per common share115.96 117.45 115.31 112.48 111.13 
__________________________________________________________________________________
(a)Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses (when incurred) which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. A reconciliation of net income and net operating income appears in Table 2.
(b)Excludes impact of merger-related expenses (when incurred) and net securities transactions.
(c)The difference between total assets and total tangible assets, and common shareholders’ equity and tangible common shareholders’ equity, represents goodwill, core deposit and other intangible assets, net of applicable deferred tax balances. A reconciliation of such balances appears in Table 2.

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M&T Bank Corporation and Subsidiaries
Table 2
RECONCILIATION OF QUARTERLY GAAP TO NON-GAAP MEASURES
20262025 Quarters
(Dollars in millions, except per share)First QuarterFourthThirdSecondFirst
Income statement data
Net income
Net income$664 $759 $792 $716 $584 
Amortization of core deposit and other intangible assets (a)7 8 6 8 10 
Net operating income$671 $767 $798 $724 $594 
Earnings per common share
Diluted earnings per common share$4.13 $4.67 $4.82 $4.24 $3.32 
Amortization of core deposit and other intangible assets (a).05 .05 .05 .04 .06 
Diluted net operating earnings per common share$4.18 $4.72 $4.87 $4.28 $3.38 
Other expense
Other expense$1,438 $1,379 $1,363 $1,336 $1,415 
Amortization of core deposit and other intangible assets(9)(10)(10)(9)(13)
Noninterest operating expense$1,429 $1,369 $1,353 $1,327 $1,402 
Efficiency ratio
Noninterest operating expense (numerator)$1,429 $1,369 $1,353 $1,327 $1,402 
Taxable-equivalent net interest income$1,763 $1,790 $1,773 $1,722 $1,707 
Other income689 696 752 683 611 
Less: Gain (loss) on bank investment securities4 1 1 — — 
Denominator$2,448 $2,485 $2,524 $2,405 $2,318 
Efficiency ratio58.3 %55.1 %53.6 %55.2 %60.5 %
Balance sheet data
Average assets
Average assets$213,828 $212,891 $211,053 $210,261 $208,321 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(59)(69)(79)(89)(92)
Deferred taxes19 22 24 26 27 
Average tangible assets$205,323 $204,379 $202,533 $201,733 $199,791 
Average common equity
Average total equity$28,648 $28,970 $28,583 $28,666 $28,998 
Preferred stock(2,576)(2,691)(2,394)(2,394)(2,394)
Average common equity26,072 26,279 26,189 26,272 26,604 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(59)(69)(79)(89)(92)
Deferred taxes19 22 24 26 27 
Average tangible common equity$17,567 $17,767 $17,669 $17,744 $18,074 
At end of quarter
Total assets
Total assets$214,736 $213,510 $211,277 $211,584 $210,321 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(55)(64)(74)(84)(93)
Deferred taxes18 20 23 25 26 
Total tangible assets$206,234 $205,001 $202,761 $203,060 $201,789 
Total common equity
Total equity$27,972 $29,177 $28,728 $28,525 $28,991 
Preferred stock(2,434)(2,834)(2,394)(2,394)(2,394)
Common equity25,538 26,343 26,334 26,131 26,597 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(55)(64)(74)(84)(93)
Deferred taxes18 20 23 25 26 
Total tangible common equity$17,036 $17,834 $17,818 $17,607 $18,065 
__________________________________________________________________________________
(a)After any related tax effect.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Refer to Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the captions "Liquidity Risk," "Market Risk and Interest Rate Sensitivity" and "Capital."
Item 4. Controls and Procedures.
(a) Evaluation of disclosure controls and procedures. Based upon an evaluation carried out as of the end of the period covered by this report under the supervision and with the participation of M&T's management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of M&T’s disclosure controls and procedures (as defined in Exchange Act rule 13a-15(e)), René F. Jones, Chairman of the Board and Chief Executive Officer, and Daryl N. Bible, Senior Executive Vice President and Chief Financial Officer, concluded that M&T’s disclosure controls and procedures were effective as of March 31, 2026.
(b) Changes in internal control over financial reporting. M&T regularly assesses and enhances its internal control over financial reporting. The Company is conducting a multi-phase implementation of new financial recordkeeping and reporting systems, including its general ledger and certain subledger platforms. In conjunction therewith the Company has and will continue to change certain processes and internal controls over financial reporting. No changes have been identified during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, M&T’s internal control over financial reporting. The conversion of the Company's core general ledger platform was completed in April 2026.
- 81 -


Part II. Other Information
Item 1. Legal Proceedings.
Refer to note 13 of Notes to Financial Statements filed herewith in Part I, Item 1, “Financial Statements (Unaudited)” regarding legal proceedings.
Item 1A. Risk Factors.
There have been no material changes in risk factors relating to the Company to those disclosed in response to Part I, Item 1A of M&T's 2025 Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(a) – (b) Not applicable.
(c)
Issuer Purchases of Common Equity Securities
(Dollars in millions, except per share)
Total
Number
of Common Shares
(or Units)
Purchased (a)
Average
Price Paid
per Common Share
(or Unit) (b)		Total
Number of Common
Shares
(or Units)
Purchased
as Part of
Publicly
Announced
Plans or
Programs		Maximum
Number (or
Approximate
Dollar Value)
of Common Shares
(or Units)
that may yet
be Purchased
Under the
Plans or
Programs (c)
January 1 - January 31, 20261,616,691$219.68 1,580,419$995 
February 1 - February 28, 20263,161,876231.29 3,124,792272
March 1 - March 31, 2026825,602217.71 825,2035,000
Total5,604,169225.94 5,530,414
__________________________________________________________________________________
(a)The total number of shares purchased during the periods indicated includes shares purchased as part of publicly announced programs and/or shares deemed to have been received from employees who exercised stock options by attesting to previously acquired common shares in satisfaction of the exercise price, as is permitted under M&T’s stock-based compensation plans.
(b)Inclusive of share repurchase excise tax of 1%.
(c)On March 30, 2026, M&T's Board of Directors authorized a program under which $5.0 billion of common shares may be repurchased with the exact number, timing, price and terms of such repurchases to be determined at the discretion of management and subject to all regulatory limitations. The authorization replaced and terminated, effective March 30, 2026, the prior $4.0 billion share repurchase program authorized by M&T's Board of Directors in January 2025.
On February 1, 2026 M&T redeemed all 40,000 outstanding shares of its Perpetual Fixed Rate Reset Non-Cumulative Preferred Stock Series G for $400 million.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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Item 5. Other Information.
(a) – (b) Not applicable.
(c) The following provides a description of Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Exchange Act) adopted during the three months ended March 31, 2026, by any director or executive officer who is subject to the filing requirements of Section 16 of the Exchange Act:
On March 5, 2026, Kevin J. Pearson, Vice Chairman, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The arrangement will terminate on or before January 29, 2027. Under the arrangement, a maximum aggregate number of 6,000 shares may be sold and a maximum aggregate number of 23,358 vested stock options may be exercised and sold. Transactions under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1.
On March 6, 2026, Tracy S. Woodrow, Senior Executive Vice President, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The arrangement will terminate on or before February 26, 2027. Under the arrangement, a maximum aggregate number of 881 vested stock options may be exercised and sold. Transactions under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1.
No executive officers and no directors terminated or modified a Rule 10b5-1 trading arrangement in the three months ended March 31, 2026.
Certain executive officers and directors have made elections to participate in, and are participating in, the Company's tax-qualified 401(k) plan and nonqualified deferred compensation plans, or have made, and may from time to time make, elections to reinvest dividends in M&T common stock, or have shares withheld to cover withholding taxes upon the vesting of equity awards or to pay the exercise price of options, each of which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408(c) of Regulation S-K).
Item 6. Exhibits.
The following exhibits are filed as a part of this report.
Exhibit
No.
31.1
Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2
Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.1
Certification of Chief Executive Officer under 18 U.S.C. §1350 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.2
Certification of Chief Financial Officer under 18 U.S.C. §1350 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
101.INSInline XBRL Instance Document. Filed herewith.
101.SCHInline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. Filed herewith.
104
The cover page from M&T's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 has been formatted in Inline XBRL.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
M&T BANK CORPORATION
Date: May 5, 2026
By:/s/ Daryl N. Bible
Daryl N. Bible
Senior Executive Vice President
and Chief Financial Officer
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