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Financial Data and Key Metrics Changes - M&T Bank reported diluted GAAP earnings per share of $4.82, up from $4.24 in the prior quarter, with net income increasing to $792 million from $716 million [6][8] - The operating return on tangible assets (ROTA) and return on tangible common equity (ROTCE) were 1.56% and 17.13%, respectively [5] - The net interest margin expanded to 3.68%, reflecting well-controlled deposit and funding costs [5][8] - Non-interest income reached $752 million, compared to $683 million in the linked quarter, indicating strong performance across all fee income categories [12] Business Line Data and Key Metrics Changes - Average loans and leases increased by $1.1 billion to $136.5 billion, with commercial loans rising by $0.7 billion to $61.7 billion [9] - Residential mortgage loans increased by 3% to $24.4 billion, while consumer loans also grew by 3% to $26.1 billion [9] - Non-interest expenses rose to $1.36 billion, an increase of $27 million from the prior quarter, primarily due to higher salaries and benefits [13] Market Data and Key Metrics Changes - Average total deposits declined by $0.7 billion to $162.7 billion, with non-interest-bearing deposits decreasing by $1.1 billion [11] - The liquidity position remained strong, with investment securities and cash held at the Federal Reserve totaling $53.6 billion, representing 25% of total assets [10] Company Strategy and Development Direction - M&T Bank aims to grow its New England and Long Island markets while optimizing resources through simplification and enhancing risk management capabilities [20] - The company remains focused on shareholder returns and consistent dividend growth, with a quarterly dividend increase of 11% to $1.50 [6][20] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the economic environment, noting resilience in consumer spending despite potential risks from a weakening labor market [17] - The outlook for the fourth quarter includes expectations for taxable equivalent net interest income of approximately $1.8 billion and continued loan growth [18] Other Important Information - M&T Bank's CET1 ratio was estimated at 10.99%, unchanged from the second quarter, reflecting strong capital generation [16] - The company executed $409 million in share repurchases during the quarter [6][16] Q&A Session Summary Question: Loan growth and CRE book status - Management noted a rebound in commercial real estate (CRE) approvals, with production and approval rates significantly higher than in prior quarters, particularly in multifamily and industrial sectors [24][25] Question: M&T's position in the consolidating regional environment - The company plans to continue growing share in existing markets and may consider acquisitions within its footprint when opportunities arise [26] Question: Changes in regulatory environment - Management highlighted a shift in how regulatory observations are treated, allowing for quicker resolutions and less resource allocation to remediation [30][31] Question: NDFI exposure and credit risk assessment - M&T Bank maintains a conservative approach to its non-depository financial institution (NDFI) exposure, focusing on lower-risk businesses and avoiding higher-risk lending practices [39][40] Question: Capital targets and share repurchase strategy - The CET1 target remains at 10.75% to 11%, with discussions ongoing about potential adjustments based on performance and regulatory clarity [44][46] Question: Competition and loan spreads - The competitive landscape has intensified, with loan spreads down approximately 10 to 15 basis points, but M&T Bank remains efficient in its pricing [47] Question: Credit environment and one-off events - Management acknowledged stress in certain market segments but emphasized a focus on sound underwriting practices to mitigate risks [66]

Financial Data and Key Metrics Changes - M and T Bank reported diluted GAAP earnings per share of $4.82, up from $4.24 in the prior quarter, with net income increasing to $792 million from $716 million [7][6] - The operating return on tangible assets (ROTA) and return on tangible common equity (ROTCE) were 1.49% and 17.13% respectively [5][6] - The net interest margin expanded to 3.68%, reflecting a 6 basis point increase from the prior quarter [10][6] - The efficiency ratio improved to 53.6%, down from 55.2% in the linked quarter [17][6] Business Line Data and Key Metrics Changes - Average loans and leases increased by $1.1 billion to $136.5 billion, with commercial loans rising by $700 million to $61.7 billion [11][6] - Non-interest income reached $752 million, up from $683 million in the linked quarter, driven by strong performance across all fee income categories [13][6] - Non-interest expenses increased to $1.36 billion, reflecting a $27 million rise from the prior quarter [15][6] Market Data and Key Metrics Changes - Average total deposits declined by $700 million to $162.7 billion, with non-interest bearing deposits decreasing by $1.1 billion [13][6] - The liquidity position remained strong, with investment securities and cash held at the Fed totaling $53.6 billion, representing 25% of total assets [12][6] Company Strategy and Development Direction - The company aims to grow its New England and Long Island markets while optimizing resources through simplification and enhancing risk management capabilities [26][6] - M and T Bank remains focused on shareholder returns and consistent dividend growth, with a commitment to disciplined acquisitions [26][6] Management's Comments on Operating Environment and Future Outlook - The economic backdrop is resilient, but there are concerns about potential slowdowns due to a weakening labor market and ongoing uncertainties [21][6] - The company expects taxable equivalent net interest income of approximately $1.8 billion for the fourth quarter, with continued loan growth anticipated [23][6] Other Important Information - The company executed $49 million in share repurchases and increased its quarterly dividend by 11% to $1.15 per share [6][6] - The allowance for loan loss as a percentage of total loans decreased to 1.58%, reflecting lower criticized loans [18][6] Q&A Session Summary Question: Loan growth and CRE book status - Management noted a significant rebound in commercial real estate (CRE) approvals, with production rates doubling compared to prior quarters, particularly in multifamily and industrial sectors [29][30] Question: M and T's position in a consolidating regional environment - The company plans to continue growing its market share within its existing footprint, with potential for expansion into adjacent markets depending on acquisition opportunities [32][33] Question: Regulatory environment and profitability - Management highlighted a shift in regulatory observations, allowing for quicker resolutions and improved operational efficiency [39][40] Question: NDFI exposure and credit risk assessment - M and T's exposure to non-depository financial institutions (NDFI) is relatively low at 7-8% of total loans, focusing on lower-risk businesses [49][50] Question: Capital targets and share repurchases - The CET1 ratio remains at 10.99%, with discussions ongoing about potential adjustments to capital targets based on performance and regulatory clarity [62][61] Question: Competition and loan spreads - The competitive landscape has intensified, with loan spreads down approximately 10-15 basis points, but the company remains efficient in its pricing strategy [64][65] Question: Operating leverage and revenue growth - Management expressed optimism about revenue growth outpacing expenses, driven by strong fee income and net interest margin improvements [70][71]

Financial Performance - M&T's revenues reached $2513 million in 3Q25[27] - Net income was $792 million in 3Q25[27] - Diluted EPS increased by 14% quarter-over-quarter (QoQ) and 20% year-over-year (YoY)[29] - Net interest margin increased by 6 bps QoQ and YoY to 368%[29] - Tangible book value per share increased by 3% QoQ and 7% YoY to $11531[30] Balance Sheet - Average loans increased by $11 billion QoQ[40] - Consumer loans rose by 3% (+$745 million) QoQ[40] - Residential real estate loans increased by 3% (+$675 million) QoQ[40] - Commercial real estate (CRE) loans declined by 4% (-$980 million) QoQ[40] - Commercial and industrial (C&I) loans grew by 1% (+$680 million) QoQ[40] Credit Quality - Criticized loans decreased by $584 million QoQ[69] - Net charge-offs as a percentage of average loans was 042% in 3Q25[27] Outlook - The company anticipates a net interest margin of 370% +/- in 4Q25[77]

Core Insights - M&T Bank Corporation reported quarterly earnings of $4.87 per share, exceeding the Zacks Consensus Estimate of $4.4 per share, and showing an increase from $4.08 per share a year ago, resulting in an earnings surprise of +10.68% [1][2] - The company achieved revenues of $2.51 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.13% and up from $2.33 billion year-over-year [2] - M&T Bank has outperformed consensus EPS estimates three times in the last four quarters and has also topped revenue estimates three times during the same period [2] Earnings Outlook - The future performance of M&T Bank's stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $4.51 on revenues of $2.46 billion, while the estimate for the current fiscal year is $16.51 on revenues of $9.61 billion [7] Industry Context - The Banks - Major Regional industry, to which M&T Bank belongs, is currently ranked in the top 21% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked using tools like the Zacks Rank [5][6]

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) [Third Quarter 2025 Performance Overview](index=1&type=section&id=Third%20Quarter%202025%20Performance%20Overview) M&T Bank Corporation reported strong third-quarter 2025 results with significant increases in net income and diluted EPS compared to both the previous quarter and the prior year, driven by higher net interest income and noninterest income, alongside improved asset quality Earnings Highlights | Earnings Highlights | 3Q25 | 2Q25 | 3Q24 | | :----------------------------------- | :--- | :--- | :--- | | Net income | $792 million | $716 million | $721 million | | Diluted earnings per common share | $4.82 | $4.24 | $4.02 | | Return on average assets - annualized | 1.49 % | 1.37 % | 1.37 % | | Return on average common shareholders' equity - annualized | 11.45 % | 10.39 % | 10.26 % | Selected Ratios | Selected Ratios | 3Q25 | 2Q25 | 3Q24 | | :----------------------------------- | :--- | :--- | :--- | | Net interest margin | 3.68 % | 3.62 % | 3.62 % | | Efficiency ratio (1) | 53.6 | 55.2 | 55.0 | | Net charge-offs to average total loans - annualized | .42 | .32 | .35 | | Allowance for loan losses to total loans | 1.58 | 1.61 | 1.62 | | Nonaccrual loans to total loans | 1.10 | 1.16 | 1.42 | | Common equity Tier 1 ("CET1") capital ratio (2) | 10.99 | 10.99 | 11.54 | [CFO Commentary](index=1&type=section&id=CFO%20Commentary) The CFO highlighted strong fee income and earnings growth, attributing it to prudent lending, improved credit quality, and loan growth. The company also returned capital to investors, including an 11% increase in quarterly dividends - M&T's businesses generated **strong fee income** in 2025, contributing to earnings growth in the recent quarter[5](index=5&type=chunk) - Improved credit quality and loan growth reflect dedication to prudent lending[5](index=5&type=chunk) - The company returned capital to investors, including an **11% increase** in quarterly dividends on common stock[5](index=5&type=chunk) [Key Operational and Financial Developments](index=1&type=section&id=Key%20Operational%20and%20Financial%20Developments) Key developments include an increase in taxable-equivalent net interest income, growth in average loans (commercial and industrial, consumer, residential real estate), higher noninterest income driven by earnout payments and investment distributions, and an increase in noninterest expense due to severance and impairment charges. Asset quality improved, and share repurchases continued - Taxable-equivalent net interest income increased **$51 million** QoQ due to an additional earning day, favorable repricing, and an alignment of amortization periods for municipal bonds[7](index=7&type=chunk) - Average loans increased, reflecting higher balances in commercial and industrial, consumer, and residential real estate loans, partially offset by a decline in commercial real estate loans[7](index=7&type=chunk) - Noninterest income rose due to a **$28 million** earnout payment from the CIT business sale, a **$20 million** distribution from BLG investment, higher mortgage banking revenues, and a gain on equipment lease sales[7](index=7&type=chunk) - Noninterest expense increased primarily due to higher severance-related expense, an impairment of a renewable energy tax credit investment, and a rise in supplemental executive retirement savings plan expenses[7](index=7&type=chunk) - Allowance for loan losses as a percentage of total loans declined **3 basis points to 1.58%** at September 30, 2025, reflecting improved asset quality[7](index=7&type=chunk) - M&T repurchased **2.1 million shares** of common stock for **$409 million** in 3Q25, a decrease from **6.1 million shares** for **$1.1 billion** in 2Q25[7](index=7&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) [Definition and Reconciliation](index=3&type=section&id=Definition%20and%20Reconciliation) M&T provides supplemental reporting on a "net operating" or "tangible" basis, excluding the after-tax effect of amortization of core deposit and other intangible assets, and merger-related expenses, which management considers nonoperating. This provides an alternative view of performance - M&T's non-GAAP reporting excludes after-tax amortization of core deposit and other intangible assets, and merger-related expenses, which are deemed 'nonoperating' by management[10](index=10&type=chunk) Non-GAAP Measures | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Net operating income | $798 | $724 | 10 % | $731 | 9 % | | Diluted net operating earnings per common share | $4.87 | $4.28 | 14 % | $4.08 | 19 % | | Annualized return on average tangible assets | 1.56 % | 1.44 % | | 1.45 % | | | Annualized return on average tangible common equity | 17.13 % | 15.54 % | | 15.47 % | | | Efficiency ratio | 53.6 | 55.2 | | 55.0 | | | Tangible equity per common share | $115.31 | $112.48 | 3 % | $107.97 | 7 % | [Net Interest Income Analysis](index=3&type=section&id=Net%20Interest%20Income%20Analysis) [Taxable-equivalent Net Interest Income](index=3&type=section&id=Taxable-equivalent%20Net%20Interest%20Income) Taxable-equivalent net interest income increased both quarter-over-quarter and year-over-year, primarily due to favorable earning asset and interest-bearing liability repricing, which widened the net interest spread Taxable-equivalent Net Interest Income (Dollars in millions) | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Net interest income - taxable-equivalent | $1,773 | $1,722 | 3 % | $1,739 | 2 % | | Yield on average earning assets | 5.59 % | 5.51 % | | 5.82 % | | | Cost of interest-bearing liabilities | 2.71 % | 2.71 % | | 3.22 % | | | Net interest spread | 2.88 % | 2.80 % | | 2.60 % | | | Net interest margin | 3.68 % | 3.62 % | | 3.62 % | | - Taxable-equivalent net interest income increased **$51 million** QoQ, driven by an additional earning day, favorable earning asset and interest-bearing liability repricing, and a **$20 million** impact from municipal bond amortization alignment[11](index=11&type=chunk) - Taxable-equivalent net interest income increased **$34 million** YoY, reflecting favorable repricing and a **28 basis point** widening of the net interest spread[12](index=12&type=chunk) [Average Earning Assets](index=4&type=section&id=Average%20Earning%20Assets) Average earning assets saw a slight increase quarter-over-quarter due to investment securities purchases and net loan fundings, despite lower interest-bearing deposits. Year-over-year, average earning assets decreased slightly, with loan growth and investment securities purchases offsetting a significant decline in interest-bearing deposits at banks Average Earning Assets (Dollars in millions) | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Interest-bearing deposits at banks | $17,739 | $19,698 | -10 % | $25,491 | -30 % | | Investment securities | $36,559 | $35,335 | 3 % | $31,023 | 18 % | | Total loans | $136,527 | $135,407 | 1 % | $134,751 | 1 % | | Commercial and industrial loans | $61,716 | $61,036 | 1 % | $59,779 | 3 % | | Real estate - commercial loans | $24,353 | $25,333 | -4 % | $29,075 | -16 % | | Real estate - residential loans | $24,359 | $23,684 | 3 % | $22,994 | 6 % | | Consumer loans | $26,099 | $25,354 | 3 % | $22,903 | 14 % | | Total earning assets | $190,920 | $190,535 | — % | $191,366 | — % | - QoQ, average earning assets increased **$385 million**, driven by investment securities purchases and net loan fundings, partially offset by lower interest-bearing deposits at banks[13](index=13&type=chunk) - YoY, average earning assets decreased **$446 million**, with a **$7.8 billion** decrease in interest-bearing deposits at banks offset by investment securities purchases and loan growth[14](index=14&type=chunk) [Average Interest-bearing Liabilities](index=5&type=section&id=Average%20Interest-bearing%20Liabilities) Average interest-bearing liabilities increased quarter-over-quarter due to higher long-term borrowings from senior and subordinated note issuances, partially offset by lower short-term borrowings. Year-over-year, the increase was primarily driven by non-brokered interest-bearing deposits and higher long-term borrowings Average Interest-bearing Liabilities (Dollars in millions) | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Savings and interest-checking deposits | $104,660 | $103,963 | 1 % | $98,295 | 6 % | | Time deposits | $13,990 | $14,290 | -2 % | $17,052 | -18 % | | Total interest-bearing deposits | $118,650 | $118,253 | — % | $115,347 | 3 % | | Short-term borrowings | $2,844 | $3,327 | -15 % | $4,034 | -30 % | | Long-term borrowings | $12,789 | $10,936 | 17 % | $11,394 | 12 % | | Total interest-bearing liabilities | $134,283 | $132,516 | 1 % | $130,775 | 3 % | - QoQ, average interest-bearing liabilities rose **$1.8 billion**, primarily due to issuances of senior and subordinated notes, partially offset by lower average short-term borrowings[15](index=15&type=chunk) - YoY, average interest-bearing liabilities increased **$3.5 billion**, largely from a **$3.6 billion** increase in non-brokered interest-bearing deposits and higher long-term borrowings[16](index=16&type=chunk) [Credit Quality and Provision for Credit Losses](index=6&type=section&id=Credit%20Quality%20and%20Provision%20for%20Credit%20Losses) [Provision for Credit Losses](index=6&type=section&id=Provision%20for%20Credit%20Losses) The total provision for credit losses remained stable quarter-over-quarter but increased slightly year-over-year. Net charge-offs increased both QoQ and YoY, while the allowance for loan losses as a percentage of total loans decreased, reflecting improved asset quality Provision for Credit Losses (Dollars in millions) | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Provision for loan losses | $110 | $105 | 5 % | $120 | -8 % | | Provision for unfunded credit commitments | $15 | $20 | -25 % | $— | 100 % | | Total provision for credit losses | $125 | $125 | — % | $120 | 4 % | | Net charge-offs | $146 | $108 | 34 % | $120 | 21 % | | Net charge-offs as % of average loans (annualized) | .42 % | .32 % | | .35 % | | - The allowance for loan losses as a percentage of loans outstanding decreased from **1.61%** at June 30, 2025, to **1.58%** at September 30, 2025, due to lower criticized commercial real estate loans[19](index=19&type=chunk) [Asset Quality Metrics](index=6&type=section&id=Asset%20Quality%20Metrics) Nonaccrual loans continued to decline both quarter-over-quarter and year-over-year, indicating an improvement in asset quality, particularly in commercial real estate, commercial and industrial, and consumer loan categories. However, accruing loans past due 90 days or more increased significantly year-over-year Asset Quality Metrics (Dollars in millions) | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Nonaccrual loans | $1,512 | $1,573 | -4 % | $1,926 | -21 % | | Total nonperforming assets | $1,549 | $1,603 | -3 % | $1,963 | -21 % | | Accruing loans past due 90 days or more (1) | $432 | $496 | -13 % | $288 | 50 % | | Nonaccrual loans as % of loans outstanding | 1.10 % | 1.16 % | | 1.42 % | | - The decrease in nonaccrual loans compared to September 30, 2024, primarily reflects reductions in commercial real estate, commercial and industrial, and consumer nonaccrual loans[20](index=20&type=chunk) [Noninterest Income and Expense](index=7&type=section&id=Noninterest%20Income%20and%20Expense) [Noninterest Income](index=7&type=section&id=Noninterest%20Income) Noninterest income significantly increased both quarter-over-quarter and year-over-year, driven by higher mortgage banking revenues, distributions from earnout payments and investments, and increased trading account gains Noninterest Income (Dollars in millions) | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Mortgage banking revenues | $147 | $130 | 13 % | $109 | 36 % | | Service charges on deposit accounts | $141 | $137 | 2 % | $132 | 7 % | | Trust income | $181 | $182 | -1 % | $170 | 7 % | | Brokerage services income | $34 | $31 | 9 % | $32 | 9 % | | Trading account and other non-hedging derivative gains | $18 | $12 | 66 % | $13 | 34 % | | Other revenues from operations | $230 | $191 | 21 % | $152 | 50 % | | Total Noninterest income | $752 | $683 | 10 % | $606 | 24 % | - QoQ, mortgage banking revenues rose **$17 million** due to increased residential mortgage loan servicing income and higher gains on commercial mortgage loan sales[24](index=24&type=chunk) - QoQ, other revenues from operations increased **$39 million**, reflecting a **$28 million** earnout payment from the CIT business sale, a **$20 million** distribution from BLG, and a **$12 million** gain on equipment lease sales[24](index=24&type=chunk) - YoY, other revenues from operations increased **$78 million**, including the aforementioned distributions and gains, plus higher merchant discount, credit card, and letter of credit fees, and tax-exempt income from bank-owned life insurance[24](index=24&type=chunk) [Noninterest Expense](index=8&type=section&id=Noninterest%20Expense) Noninterest expense increased both quarter-over-quarter and year-over-year. The QoQ increase was mainly due to higher severance-related expenses and an impairment of a renewable energy tax credit investment, while the YoY increase also included higher employee staffing levels and technology infrastructure costs Noninterest Expense (Dollars in millions) | Item | 3Q25 | 2Q25 | Change 3Q25 vs. 2Q25 | 3Q24 | Change 3Q25 vs. 3Q24 | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $833 | $813 | 2 % | $775 | 8 % | | Outside data processing and software | $138 | $138 | — % | $123 | 12 % | | FDIC assessments | $13 | $22 | -41 % | $25 | -50 % | | Other costs of operations | $136 | $113 | 21 % | $128 | 6 % | | Total Noninterest expense | $1,363 | $1,336 | 2 % | $1,303 | 5 % | - QoQ, salaries and employee benefits expense increased **$20 million** due to higher severance-related expense[28](index=28&type=chunk) - QoQ, other costs of operations increased **$23 million**, reflecting higher expenses from the supplemental executive retirement savings plan and an impairment of a renewable energy tax credit investment[28](index=28&type=chunk) - YoY, salaries and employee benefits expense increased **$58 million** due to annual merit increases, higher average employee staffing, increased severance, and medical benefits[28](index=28&type=chunk) [Income Taxes](index=8&type=section&id=Income%20Taxes) The Company's effective income tax rate decreased quarter-over-quarter but increased year-over-year. The prior year's lower rate was due to a discrete tax benefit - The effective income tax rate was **22.8%** in 3Q25, compared to **23.4%** in 2Q25 and **20.7%** in 3Q24[27](index=27&type=chunk) - The lower tax rate in 3Q24 reflected a discrete tax benefit related to certain tax credits[27](index=27&type=chunk) [Capital and Liquidity](index=9&type=section&id=Capital%20and%20Liquidity) [Capital Ratios](index=9&type=section&id=Capital%20Ratios) M&T's capital ratios remained strong and well above regulatory minimums. The CET1 capital ratio was estimated at 10.99% at September 30, 2025, consistent with the prior quarter but lower than the prior year Capital Ratios | Capital Ratios (%) | 3Q25 | 2Q25 | 3Q24 | | :----------------------------------- | :--- | :--- | :--- | | CET1 | 10.99 % | 10.99 % | 11.54 % | | Tier 1 capital | 12.49 % | 12.50 % | 13.08 % | | Total capital | 14.35 % | 13.96 % | 14.65 % | | Tangible capital – common | 8.79 % | 8.67 % | 8.83 % | - M&T's capital ratios remained well above the minimum set forth by regulatory requirements[30](index=30&type=chunk) - The CET1 capital ratio for M&T was estimated at **10.99%** as of September 30, 2025, with total risk-weighted assets estimated at **$159.5 billion**[31](index=31&type=chunk) [Shareholder Returns and Liquidity](index=9&type=section&id=Shareholder%20Returns%20and%20Liquidity) M&T continued to return capital to shareholders through dividends and share repurchases. Quarterly cash dividends totaled $234 million for common stock and $36 million for preferred stock. Share repurchases decreased significantly quarter-over-quarter. The company's estimated Liquidity Coverage Ratio (LCR) exceeded regulatory minimums - Cash dividends declared on common and preferred stock totaled **$234 million** and **$36 million**, respectively, for 3Q25[30](index=30&type=chunk) - M&T repurchased **2.1 million shares** of common stock for **$409 million** in 3Q25, a decrease from **6.1 million shares** for **$1.1 billion** in 2Q25[32](index=32&type=chunk) - The tangible common equity to tangible asset ratio increased **12 basis points** QoQ, reflecting lower share repurchases[32](index=32&type=chunk) - M&T's estimated LCR was **108%** at September 30, 2025, exceeding applicable regulatory minimum standards[33](index=33&type=chunk) [Company Information](index=9&type=section&id=Company%20Information) [Conference Call Details](index=9&type=section&id=Conference%20Call%20Details) Details for M&T's third-quarter financial results conference call, including dial-in numbers, webcast link, and replay information, are provided for investors - Investors can participate in the 3Q25 conference call via dial-in or live webcast on M&T's website[34](index=34&type=chunk) - A replay of the call will be available by phone and archived on the website until October 23, 2025[34](index=34&type=chunk) [About M&T Bank Corporation](index=9&type=section&id=About%20M%26T%20Bank%20Corporation) M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York, offering banking products and services across the eastern U.S. and trust-related services globally through its Wilmington Trust-affiliated companies - M&T is a financial holding company based in Buffalo, New York[35](index=35&type=chunk) - Its principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C.[35](index=35&type=chunk) - Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank[35](index=35&type=chunk) [Forward-Looking Statements](index=10&type=section&id=Forward-Looking%20Statements) The report includes a standard disclaimer regarding forward-looking statements, emphasizing that actual results may differ materially due to various uncertain and unpredictable factors, including economic conditions, interest rate changes, regulatory developments, and operational risks. M&T does not undertake to update these statements - The news release and conference call may contain forward-looking statements subject to risks and uncertainties[36](index=36&type=chunk) - Actual effects may differ materially from forecasts due to factors beyond M&T's control, including economic conditions, interest rate changes, and regulatory developments[37](index=37&type=chunk)[39](index=39&type=chunk) - M&T assumes no duty and does not undertake to update forward-looking statements[41](index=41&type=chunk) [Detailed Financial Statements](index=11&type=section&id=Detailed%20Financial%20Statements) [Financial Highlights](index=11&type=section&id=Financial%20Highlights) This section provides a comprehensive overview of M&T's financial performance, including key income statement, balance sheet, and ratio data for the three and nine months ended September 30, 2025, compared to the prior year, and a five-quarter trend analysis Performance Highlights (Three Months Ended September 30) | Performance | 2025 | 2024 | Change | | :----------------------------------- | :--- | :--- | :--- | | Net income | $792 | $721 | 10 % | | Diluted earnings per common share | $4.82 | $4.02 | 20 % | | Cash dividends per common share | $1.50 | $1.35 | 11 % | | Return on average total assets (annualized) | 1.49 % | 1.37 % | | | Net interest margin | 3.68 % | 3.62 % | | | Efficiency ratio | 53.6 % | 55.0 % | | Loan Quality (At September 30) | Loan Quality | 2025 | 2024 | Change | | :----------------------------------- | :--- | :--- | :--- | | Nonaccrual loans | $1,512 | $1,926 | -21 % | | Total nonperforming assets | $1,549 | $1,963 | -21 % | | Allowance for loan losses to total loans | 1.58 % | 1.62 % | | Five Quarter Trend: Net Income (Dollars in millions) | Quarter | Sep 30, 2025 ($ millions) | Jun 30, 2025 ($ millions) | Mar 31, 2025 ($ millions) | Dec 31, 2024 ($ millions) | Sep 30, 2024 ($ millions) | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Net income | $792 | $716 | $584 | $681 | $721 | [Condensed Consolidated Statement of Income](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Income) This section presents the condensed consolidated statements of income, detailing interest income and expense, net interest income, provision for credit losses, and various noninterest income and expense categories for the current quarter and year-to-date, with comparative periods and a five-quarter trend Condensed Consolidated Statement of Income (Three Months Ended September 30) | Item | 2025 ($ millions) | 2024 ($ millions) | Change | | :----------------------------------- | :--- | :--- | :--- | | Interest income | $2,680 | $2,785 | -4 % | | Interest expense | $919 | $1,059 | -13 % | | Net interest income | $1,761 | $1,726 | 2 % | | Provision for credit losses | $125 | $120 | 4 % | | Total other income | $752 | $606 | 24 % | | Total other expense | $1,363 | $1,303 | 5 % | | Income before taxes | $1,025 | $909 | 13 % | | Net income | $792 | $721 | 10 % | Condensed Consolidated Statement of Income (Nine Months Ended September 30) | Item | 2025 ($ millions) | 2024 ($ millions) | Change | | :----------------------------------- | :--- | :--- | :--- | | Net interest income | $5,169 | $5,124 | 1 % | | Provision for credit losses | $380 | $470 | -19 % | | Total other income | $2,046 | $1,770 | 16 % | | Total other expense | $4,114 | $3,996 | 3 % | | Net income | $2,092 | $1,907 | 10 % | Five Quarter Trend: Net Interest Income (Dollars in millions) | Quarter | Sep 30, 2025 ($ millions) | Jun 30, 2025 ($ millions) | Mar 31, 2025 ($ millions) | Dec 31, 2024 ($ millions) | Sep 30, 2024 ($ millions) | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Net interest income | $1,761 | $1,713 | $1,695 | $1,728 | $1,726 | [Condensed Consolidated Balance Sheet](index=15&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) This section provides the condensed consolidated balance sheets, detailing assets, liabilities, and shareholders' equity at September 30, 2025, compared to September 30, 2024, and a five-quarter trend, highlighting changes in loan portfolios, deposits, and borrowings Condensed Consolidated Balance Sheet (At September 30) | Item | 2025 ($ millions) | 2024 ($ millions) | Change | | :----------------------------------- | :--- | :--- | :--- | | Total assets | $211,277 | $211,785 | — % | | Investment securities | $36,864 | $32,327 | 14 % | | Total loans (gross) | $136,974 | $135,920 | 1 % | | Total deposits | $163,426 | $164,554 | -1 % | | Total liabilities | $182,549 | $182,909 | — % | | Total shareholders' equity | $28,728 | $28,876 | -1 % | Five Quarter Trend: Total Assets (Dollars in millions) | Quarter | Sep 30, 2025 ($ millions) | Jun 30, 2025 ($ millions) | Mar 31, 2025 ($ millions) | Dec 31, 2024 ($ millions) | Sep 30, 2024 ($ millions) | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Total assets | $211,277 | $211,584 | $210,321 | $208,105 | $211,785 | Five Quarter Trend: Total Deposits (Dollars in millions) | Quarter | Sep 30, 2025 ($ millions) | Jun 30, 2025 ($ millions) | Mar 31, 2025 ($ millions) | Dec 31, 2024 ($ millions) | Sep 30, 2024 ($ millions) | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Total deposits | $163,426 | $164,453 | $165,409 | $161,095 | $164,554 | [Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates](index=17&type=section&id=Condensed%20Consolidated%20Average%20Balance%20Sheet%20and%20Annualized%20Taxable-equivalent%20Rates) This section provides detailed average balance sheet data and annualized taxable-equivalent rates for earning assets and interest-bearing liabilities, offering insights into the composition and yield/cost of the bank's interest-sensitive assets and liabilities, and their impact on net interest spread and margin Average Earning Assets and Rates (Three Months Ended September 30) | Item | Balance 2025 ($ millions) | Rate 2025 (%) | Balance 2024 ($ millions) | Rate 2024 (%) | | :----------------------------------- | :--- | :--- | :--- | :--- | | Interest-bearing deposits at banks | $17,739 | 4.43 % | $25,491 | 5.43 % | | Investment securities | $36,559 | 4.13 % | $31,023 | 3.70 % | | Total loans | $136,527 | 6.14 % | $134,751 | 6.38 % | | Total earning assets | $190,920 | 5.59 % | $191,366 | 5.82 % | Average Interest-bearing Liabilities and Rates (Three Months Ended September 30) | Item | Balance 2025 ($ millions) | Rate 2025 (%) | Balance 2024 ($ millions) | Rate 2024 (%) | | :----------------------------------- | :--- | :--- | :--- | :--- | | Total interest-bearing deposits | $118,650 | 2.36 % | $115,347 | 2.88 % | | Total interest-bearing liabilities | $134,283 | 2.71 % | $130,775 | 3.22 % | | Net interest spread | | 2.88 % | | 2.60 % | | Net interest margin | | 3.68 % | | 3.62 % | [Reconciliation of GAAP to Non-GAAP Measures](index=18&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed reconciliations of GAAP financial measures to non-GAAP measures, such as net operating income, diluted net operating earnings per common share, and tangible assets/equity, for both quarterly and five-quarter trends, offering transparency into the adjustments made for non-operating items Reconciliation of Net Income to Net Operating Income (Three Months Ended September 30) | Item | 2025 ($ millions) | 2024 ($ millions) | | :----------------------------------- | :--- | :--- | | Net income (GAAP) | $792 | $721 | | Amortization of core deposit and other intangible assets (1) | $6 | $10 | | Net operating income (Non-GAAP) | $798 | $731 | Reconciliation of Diluted EPS (Three Months Ended September 30) | Item | 2025 ($) | 2024 ($) | | :----------------------------------- | :--- | :--- | | Diluted earnings per common share (GAAP) | $4.82 | $4.02 | | Amortization of core deposit and other intangible assets (1) | $0.05 | $0.06 | | Diluted net operating earnings per common share (Non-GAAP) | $4.87 | $4.08 | Five Quarter Trend: Net Operating Income (Dollars in millions) | Quarter | Sep 30, 2025 ($ millions) | Jun 30, 2025 ($ millions) | Mar 31, 2025 ($ millions) | Dec 31, 2024 ($ millions) | Sep 30, 2024 ($ millions) | | :----------------------------------- | :--- | :--- | :--- | :--- | :--- | | Net operating income | $798 | $724 | $594 | $691 | $731 |

Core Insights - M&T Bank Corporation reported a quarterly net income of $792 million, translating to diluted earnings of $4.82 per common share, marking a 10% increase compared to the same quarter last year [1][40]. Financial Performance - Net interest income for Q3 2025 was $1,773 million, a 3% increase from Q2 2025 and a 2% increase from Q3 2024 [2][9]. - Noninterest income rose to $752 million, reflecting a 10% increase from Q2 2025 and a 24% increase from Q3 2024 [19][20]. - Noninterest expense increased by 2% from Q2 2025 to $1,363 million, and rose 5% compared to Q3 2024 [21][23]. Asset Quality - Nonaccrual loans decreased to $1.512 billion, down 4% from Q2 2025 and 21% from Q3 2024 [15][18]. - The allowance for loan losses as a percentage of total loans was 1.58%, a slight decrease from 1.61% in the previous quarter [16][17]. Capital and Liquidity - The Common Equity Tier 1 (CET1) capital ratio was estimated at 10.99% as of September 30, 2025, down from 11.54% a year earlier [25][27]. - M&T repurchased 2.1 million shares of common stock at an average cost of $193.46, totaling $409 million [28]. Dividends and Returns - The company declared cash dividends of $234 million on common stock, reflecting an 11% increase from the previous quarter [26]. - Return on average assets was 1.49% and return on average common shareholders' equity was 11.45% for Q3 2025 [40].

Core Viewpoint - M&T Bank Corporation is set to release its third-quarter earnings results on October 16, with expectations of increased earnings and revenue compared to the previous year [1] Earnings Expectations - Analysts predict M&T Bank will report earnings of $4.39 per share for the third quarter, an increase from $4.03 per share in the same period last year [1] - The projected quarterly revenue is $2.44 billion, up from $2.33 billion a year earlier [1] Recent Stock Performance - M&T Bank's shares fell by 1.1%, closing at $185.03 on Wednesday [2] Analyst Ratings and Price Targets - UBS analyst Eriks Najarian maintained a Neutral rating and raised the price target from $207 to $208 [4] - Piper Sandler analyst Scott Siefers initiated coverage with an Overweight rating and a price target of $225 [4] - Evercore ISI Group analyst John Pancari maintained an Outperform rating and increased the price target from $222 to $225 [4] - Morgan Stanley analyst Manan Gosalia downgraded the stock from Overweight to Equal-Weight but raised the price target from $236 to $251 [4] - Jefferies analyst David Chiaverini maintained a Buy rating and increased the price target from $220 to $240 [4]

Core Insights - M&T Bank Corporation is set to release its third-quarter earnings results on October 16, with analysts expecting earnings of $4.39 per share, an increase from $4.03 per share in the same period last year [1] - The projected quarterly revenue for M&T Bank is $2.44 billion, up from $2.33 billion a year earlier [1] - The bank reported better-than-expected second-quarter financial results on July 16 [1] Stock Performance - M&T Bank shares fell by 1.1%, closing at $185.03 on Wednesday [2] Analyst Ratings - UBS analyst Eriks Najarian maintained a Neutral rating and raised the price target from $207 to $208 [4] - Piper Sandler analyst Scott Siefers initiated coverage with an Overweight rating and a price target of $225 [4] - Evercore ISI Group analyst John Pancari maintained an Outperform rating and increased the price target from $222 to $225 [4] - Morgan Stanley analyst Manan Gosalia downgraded the stock from Overweight to Equal-Weight but raised the price target from $236 to $251 [4] - Jefferies analyst David Chiaverini maintained a Buy rating and increased the price target from $220 to $240 [4]

Core Insights - M&T Bank Corporation (MTB) is expected to report quarterly earnings of $4.39 per share, a 7.6% increase year-over-year, with revenues projected at $2.43 billion, reflecting a 4.4% increase [1] Earnings Estimates - The consensus EPS estimate has been revised down by 0.5% over the past 30 days, indicating a collective reassessment by analysts [2] - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock performance [3] Key Metrics Projections - Analysts predict an 'Efficiency Ratio' of 55.0%, unchanged from the same quarter last year [5] - The 'Net Interest Margin' is expected to reach 3.7%, up from 3.6% in the previous year [5] - 'Tier 1 Leverage' is projected at 9.7%, down from 10.1% year-over-year [5] Asset and Capital Ratios - 'Average Balance - Total Earning Assets' is expected to be $192.61 billion, compared to $191.37 billion in the same quarter last year [6] - The 'Tier 1 Capital Ratio' is projected at 12.6%, down from 13.1% year-over-year [6] - 'Total Capital Ratio' is expected to be 14.2%, down from 14.7% in the previous year [7] Nonperforming Assets and Income - 'Total Nonperforming Assets' are projected to reach $1.56 billion, down from $1.96 billion year-over-year [7] - 'Net Interest Income - Taxable-Equivalent' is expected to be $1.78 billion, compared to $1.74 billion in the same quarter last year [8] - 'Total Other Income' is projected at $657.86 million, up from $606.00 million year-over-year [8] Specific Income Streams - 'Service Charges on Deposit Accounts' are expected to reach $138.14 million, compared to $132.00 million in the same quarter last year [9] - 'Trust Income' is projected at $184.79 million, up from $170.00 million year-over-year [9] - 'Mortgage Banking Revenues' are expected to be $128.78 million, compared to $109.00 million in the previous year [9] Stock Performance - Over the past month, M&T Bank shares have declined by 9%, while the Zacks S&P 500 composite has increased by 0.4% [10] - M&T Bank holds a Zacks Rank of 3 (Hold), indicating that its performance is likely to align with the overall market in the upcoming period [10]