SEC Filing | M&T Bank Corporation

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mbt-20260715

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 15, 2026

___________________________________

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________


	New York
(State or other jurisdiction of incorporation)
1-9861 (Commission File Number)		16-0968385 (I.R.S. Employer Identification Number)

One M&T Plaza, Buffalo, New York		14203
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (716) 635-4000

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Common Stock, $.50 par value	MTB	New York Stock Exchange
Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H	MTBPrH	New York Stock Exchange
Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series J	MTBPrJ	New York Stock Exchange
Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series K	MTBPrK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

Item 2.02. Results of Operations and Financial Condition

On July 15, 2026, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended June 30, 2026. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

On July 15, 2026, M&T posted an investor presentation to its website. A copy of the presentation is attached as Exhibit 99.2 hereto. From time to time, M&T may use this presentation in conversations with investors and analysts. The presentation can be found on the Investor Relations page of M&T’s website at ir.mtb.com/events-presentations.

The information in Item 7.01 of this Form 8-K, including Exhibit 99.2 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:


Exhibit No.						Exhibit Description
99.1						News Release dated July 15, 2026
99.2						M&T Bank Corporation presentation dated July 15, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

M&T BANK CORPORATION

Date:

July 15, 2026

By:

/s/ Daryl N. Bible

Daryl N. Bible

Senior Executive Vice President

and Chief Financial Officer

Document

Exhibit 99.1



			News Release
One M&T Plaza, Buffalo, NY 14203			July 15, 2026

M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $818 million or $5.32 of diluted earnings per common share.


(Dollars in millions, except per share data)	2Q26			1Q26			2Q25
Earnings Highlights
Net interest income	$	1,792		$	1,752		$	1,713
Taxable-equivalent adjustment	12			11			9
Net interest income - taxable-equivalent	1,804			1,763			1,722
Provision for credit losses	120			140			125
Noninterest income	740			689			683
Noninterest expense	1,349			1,438			1,336
Net income	818			664			716
Net income available to common shareholders - diluted	781			620			679
Diluted earnings per common share	5.32			4.13			4.24
Return on average assets - annualized	1.51		%	1.26		%	1.37		%
Return on average common shareholders' equity - annualized	12.30			9.67			10.39
Average Balance Sheet
Total assets	$	216,532		$	213,828		$	210,261
Interest-bearing deposits at banks	15,061			16,231			19,698
Investment securities	38,728			37,845			35,335
Loans	141,427			138,423			135,407
Deposits (1)	163,524			164,176			163,258
Borrowings	20,794			16,759			14,263
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin (1)	3.70		%	3.70		%	3.62		%
Efficiency ratio (2)	52.8			58.3			55.2
Net charge-offs to average total loans - annualized	.23			.31			.32
Allowance for loan losses to total loans	1.52			1.53			1.61
Nonaccrual loans to total loans	.84			.89			1.16
Common equity Tier 1 ("CET1") capital ratio (3)	10.19			10.33			10.99
Common shareholders' equity per share	$	176.03		$	173.82		$	166.94

(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized
taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to
conform to the current presentation.

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

(3) CET1 capital ratio at June 30, 2026 is estimated.


Financial Highlights

•Taxable-equivalent net interest income increased $41 million in the recent quarter as compared with the first quarter of 2026 reflecting an additional day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The net interest margin remained at 3.70%.

•A $3.0 billion increase in average loan balances in the recent quarter spanned all loan categories including $2.3 billion of growth in average commercial and industrial loans. Commercial real estate loans at June 30, 2026 increased $1.1 billion from March 31, 2026.

•Noninterest income in the recent quarter reflects a higher distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), an increase in trust income and a rise in revenues from interest rate swap agreements entered into for commercial customers.

•The decline in noninterest expense reflects seasonal salaries and employee benefits expense recognized in the first quarter of 2026.

•The allowance for loan losses as a percent of total loans declined 1 basis point to 1.52% at June 30, 2026.

•In the recent quarter, M&T repurchased 2.1 million shares of its common stock at a total cost of $465 million. M&T's CET1 capital ratio is estimated to be 10.19% at June 30, 2026.


Chief Financial Officer Commentary

"M&T generated record earnings per share in the second quarter, reflecting strong contributions from our commercial, retail and institutional services and wealth management businesses. These results reflect the enduring strength of our franchise and the dedication of our employees to making a meaningful difference in the lives of our customers and communities. I want to thank my M&T colleagues. As a result of their commitment, M&T continues to create lasting value for everyone we serve."

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


Contact:
Investor Relations:	Rajiv Ranjan	716.842.5138
	Steve Wendelboe	716.842.5138
Media Relations:	Frank Lentini	929.651.0447


			Second Quarter 2026 Results


Non-GAAP Measures (1)


(Dollars in millions, except per share data)	2Q26			1Q26			Change 2Q26 vs. 1Q26		2Q25			Change 2Q26 vs. 2Q25

Net operating income	$	823		$	671		23	%	$	724		14	%
Diluted net operating earnings per common share	5.35			4.18			28		4.28			25
Annualized return on average tangible assets	1.59		%	1.33		%			1.44		%
Annualized return on average tangible common equity	18.57			14.51					15.54
Efficiency ratio	52.8			58.3					55.2
Tangible equity per common share	$	117.41		$	115.96		1		$	112.48		4

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

M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.


Taxable-equivalent Net Interest Income (1)


(Dollars in millions)	2Q26			1Q26			Change 2Q26 vs. 1Q26		2Q25			Change 2Q26 vs. 2Q25

Average earning assets	$	195,216		$	192,594		1	%	$	190,535		2	%
Average interest-bearing liabilities (2)	140,354			136,388			3		132,368			6
Net interest income - taxable-equivalent	1,804			1,763			2		1,722			5
Yield on average earning assets (2)	5.40		%	5.35		%			5.51		%
Cost of interest-bearing liabilities (2)	2.36			2.32					2.71
Net interest spread	3.04			3.03					2.80
Net interest margin (2)	3.70			3.70					3.62

(1)Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table on page 15.

(2)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

Taxable-equivalent net interest income increased $41 million, or 2%, compared with the first quarter of 2026 reflecting an additional calendar day, higher interest income from nonaccrual loans and growth in average loans in the recent quarter. Taxable-equivalent net interest income increased $82 million, or 5%, as compared with the year-earlier second quarter 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.


			Second Quarter 2026 Results


Average Earning Assets


(Dollars in millions)	2Q26		1Q26		Change 2Q26 vs. 1Q26		2Q25		Change 2Q26 vs. 2Q25
Interest-bearing deposits at banks	$	15,061	$	16,231	-7	%	$	19,698	-24	%

Investment securities	38,728		37,845		2		35,335		10
Loans (1)
Commercial and industrial	66,069		63,804		4		61,036		8
Real estate - commercial	23,553		23,496		—		25,333		-7
Real estate - residential	25,086		24,817		1		23,684		6
Consumer	26,719		26,306		2		25,354		5
Total loans	141,427		138,423		2		135,407		4
Other	—		95		-100		95		-100
Total earning assets	$	195,216	$	192,594	1		$	190,535	2

(1)Supplemental information on loan balances is included in the accompanying table on page 16.

Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities predominantly in the immediately preceding quarter. The increase in average loans reflected broad-based growth in average commercial and industrial loan balances of $2.3 billion and higher average commercial real estate loan balances of $57 million, average residential real estate loan balances of $269 million and average consumer loan balances of $413 million.

Average earning assets increased $4.7 billion from the second quarter of 2025. Average interest-bearing deposits at banks decreased $4.6 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $5.0 billion, including growth in loans spanning most industry types, residential real estate loans of $1.4 billion and consumer loans of $1.4 billion. Those increases were partially offset by a $1.8 billion decline in average commercial real estate loan balances, reflecting payoffs.


Average Interest-bearing Liabilities


(Dollars in millions)	2Q26		1Q26		Change 2Q26 vs. 1Q26		2Q25		Change 2Q26 vs. 2Q25
Interest-bearing deposits
Savings and interest-checking deposits (1)	$	105,752	$	106,570	-1	%	$	103,934	2	%
Time deposits (1)	13,808		13,059		6		14,171		-3
Total interest-bearing deposits (1)	119,560		119,629		—		118,105		1
Short-term borrowings	8,016		5,695		41		3,327		141
Long-term borrowings	12,778		11,064		15		10,936		17
Total interest-bearing liabilities (1)	$	140,354	$	136,388	3		$	132,368	6

(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.


			Second Quarter 2026 Results

Average interest-bearing liabilities in the recent quarter rose $4.0 billion from the first quarter of 2026 reflecting an increase in average short-term borrowings from the FHLB of New York and average long-term borrowings from issuances of senior notes and securitizations.

Average interest-bearing liabilities increased $8.0 billion from the second quarter of 2025 reflecting growth in average savings and interest-checking deposits of $1.8 billion and higher average short-term borrowings from the FHLB of New York and long-term borrowings from issuances of senior notes and securitizations.


Provision for Credit Losses/Asset Quality


(Dollars in millions)	2Q26			1Q26			Change 2Q26 vs. 1Q26		2Q25			Change 2Q26 vs. 2Q25
At end of quarter
Nonaccrual loans	$	1,208		$	1,240		-3	%	$	1,573		-23	%
Real estate and other foreclosed assets	23			27			-14		30			-25
Total nonperforming assets	1,231			1,267			-3		1,603			-23
Accruing loans past due 90 days or more (1)	603			646			-7		496			22
Nonaccrual loans as % of loans outstanding	.84		%	.89		%			1.16		%

Allowance for loan losses	$	2,176		$	2,136		2		$	2,197		-1
Allowance for loan losses as % of loans outstanding	1.52		%	1.53		%			1.61		%
Reserve for unfunded credit commitments	$	95		$	95		—		$	80		19

For the period
Provision for loan losses	$	120		$	125		-4		$	105		14
Provision for unfunded credit commitments	—			15			-100		20			-100
Total provision for credit losses	120			140			-14		125			-4
Net charge-offs	80			105			-23		108			-26
Net charge-offs as % of average loans (annualized)	.23		%	.31		%			.32		%

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

The provision for credit losses was $120 million in the second quarter of 2026 as compared with $140 million in the immediately preceding quarter and $125 million in the second quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.52% at June 30, 2026 and 1.53% at March 31, 2026, improved from 1.61% at June 30, 2025. That improvement reflects lower levels of criticized loans.

Nonaccrual loans were $1.2 billion at each of June 30, 2026 and March 31, 2026, compared with $1.6 billion at June 30, 2025. The lower level of nonaccrual loans at June 30, 2026 and March 31, 2026 as compared with June 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.


			Second Quarter 2026 Results


Noninterest Income


(Dollars in millions)	2Q26		1Q26		Change 2Q26 vs. 1Q26		2Q25		Change 2Q26 vs. 2Q25
Mortgage banking revenues (1)	$	127	$	127	—	%	$	130	-2	%
Service charges on deposit accounts	144		139		4		137		4
Trust income	197		183		8		182		9
Brokerage services income	35		35		2		31		13
Trading account and other non-hedging derivative gains	22		14		61		12		100
Gain (loss) on bank investment securities	2		4		-57		—		—
Other revenues from operations (2)	213		187		14		191		12
Total	$	740	$	689	8		$	683	8

(1)Supplemental information on mortgage banking activities is included in the accompanying table on page 17.

(2)Supplemental information on other revenues from operations is included in the accompanying table on page 18.

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 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. 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.

Noninterest income in the second quarter of 2026 increased $51 million, or 8%, from 2026's first quarter.

•Trust income rose $14 million reflecting higher revenues from the Company's institutional services and wealth management businesses, including seasonal tax service fees.

•Trading account and other non-hedging derivative gains increased $8 million reflecting higher revenues from interest rate swap transactions with commercial customers.

•Other revenues from operations increased $26 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees.

Noninterest income rose $57 million, or 8%, as compared with the second quarter of 2025.

•Service charges on deposit accounts increased $7 million reflecting higher commercial and consumer service charges.

•Trust income rose $15 million reflecting higher revenues from the Company's institutional services and wealth management businesses.

•Trading account and other non-hedging derivative gains increased $10 million reflecting higher revenues from interest rate swap transactions with commercial customers.

•Other revenues from operations increased $22 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025.


			Second Quarter 2026 Results


Noninterest Expense


(Dollars in millions)	2Q26		1Q26		Change 2Q26 vs. 1Q26		2Q25		Change 2Q26 vs. 2Q25
Salaries and employee benefits	$	826	$	914	-10	%	$	813	2	%
Equipment and net occupancy	129		133		-2		130		—
Outside data processing and software	154		144		8		138		12
Professional and other services	89		93		-5		86		2
FDIC assessments	18		23		-27		22		-21
Advertising and marketing	27		21		31		25		8
Amortization of core deposit and other intangible assets	7		9		-26		9		-27
Other costs of operations	99		101		-2		113		-12
Total	$	1,349	$	1,438	-6		$	1,336	1

Noninterest expense declined $89 million, or 6%, from the first quarter of 2026.

•Salaries and employee benefits expense decreased $88 million reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 and lower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases and an additional working day in the recent quarter.

•Outside data processing and software costs increased $10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.

Noninterest expense increased $13 million, or 1%, from the second quarter of 2025.

•Salaries and employee benefits expense increased $13 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels in the recent quarter.

•Outside data processing and software costs rose $16 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.

•Other costs of operations decreased $14 million reflecting the amortization associated with residential mortgage loan servicing right assets in the second quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan.


Income Taxes

The Company's effective income tax rate was 23.1% in the second quarter of 2026, compared with 23.0% and 23.4% in the first quarter of 2026 and the second quarter of 2025, respectively.


			Second Quarter 2026 Results


Capital and Liquidity

	2Q26			1Q26		2Q25
CET1	10.19	%	(1)	10.33	%	10.99	%
Tier 1 capital	11.64		(1)	11.81		12.50
Total capital	13.72		(1)	13.61		13.96
Tangible capital – common	8.07			8.26		8.67

(1)Capital ratios at June 30, 2026 are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $220 million and $35 million, respectively, for the quarter ended June 30, 2026. M&T's current stress capital buffer is 2.7%.

M&T repurchased shares of its common stock at a cost of $465 million during the recent quarter, compared with $1.25 billion and $1.08 billion in the first quarter of 2026 and the second quarter of 2025, respectively.

The CET1 capital ratio for M&T was estimated at 10.19% as of June 30, 2026. M&T's total risk-weighted assets at June 30, 2026 are estimated to be $167.9 billion. Reflecting loan growth and share repurchase activity in the recent quarter, M&T's tangible common equity to tangible asset ratio at June 30, 2026 decreased 19 basis points from March 31, 2026 and 60 basis points from June 30, 2025.

While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on June 30, 2026 was 106%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.


Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ226. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday July 22, 2026, by calling (800) 695-2533 or (402) 530-9029 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.


About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.


			Second Quarter 2026 Results


Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.


			Second Quarter 2026 Results

Financial Highlights


	Three Months Ended								Six Months Ended
	June 30,								June 30,
(Dollars in millions, except per share, shares in thousands)	2026			2025			Change		2026			2025			Change

Performance
Net income	$	818		$	716		14	%	$	1,482		$	1,300		14	%
Net income available to common shareholders	781			679			15		1,401			1,226			14
Per common share:
Basic earnings	5.35			4.26			26		9.49			7.58			25
Diluted earnings	5.32			4.24			25		9.44			7.55			25
Cash dividends	1.50			1.35			11		3.00			2.70			11
Common shares outstanding:
Average - diluted	146,758			160,005			-8		148,424			162,511			-9
Period end	144,933			156,532			-7		144,933			156,532			-7
Return on (annualized):
Average total assets	1.51		%	1.37		%			1.39		%	1.25		%
Average common shareholders' equity	12.30			10.39					10.98			9.37
Taxable-equivalent net interest income	$	1,804		$	1,722		5		$	3,567		$	3,429		4
Yield on average earning assets (1)	5.40		%	5.51		%			5.38		%	5.51		%
Cost of interest-bearing liabilities (1)	2.36			2.71					2.35			2.70
Net interest spread (1)	3.04			2.80					3.03			2.81
Contribution of interest-free funds (1)	.66			.82					.67			.83
Net interest margin	3.70			3.62					3.70			3.64
Net charge-offs to average total net loans (annualized)	.23			.32					.27			.33
Net operating results (2)
Net operating income	$	823		$	724		14		$	1,494		$	1,318		13
Diluted net operating earnings per common share	5.35			4.28			25		9.52			7.66			24
Return on (annualized):
Average tangible assets	1.59		%	1.44		%			1.46		%	1.32		%
Average tangible common equity	18.57			15.54					16.52			14.03
Efficiency ratio	52.8			55.2					55.5			57.8

	At June 30,
Loan quality	2026			2025			Change
Nonaccrual loans	$	1,208		$	1,573		-23	%
Real estate and other foreclosed assets	23			30			-25
Total nonperforming assets	$	1,231		$	1,603		-23
Accruing loans past due 90 days or more	$	603		$	496		22
Government guaranteed loans included in totals above:
Nonaccrual loans	$	78		$	75		4
Accruing loans past due 90 days or more	586			450			30
Nonaccrual loans to total loans	.84		%	1.16		%
Allowance for loan losses to total loans	1.52			1.61
Additional information
Period end common stock price	$	238.01		$	193.99		23
Full-service domestic banking offices (3)	911			941			-3
Full-time equivalent employees	21,662			22,590			-4

(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

(2) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net

of applicable income tax effects. Reconciliations of net income with net operating income appear on page 19.

(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.


			Second Quarter 2026 Results

Financial Highlights, Five Quarter Trend


	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in millions, except per share, shares in thousands)	2026			2026			2025			2025			2025
Performance
Net income	$	818		$	664		$	759		$	792		$	716
Net income available to common shareholders	781			620			718			754			679
Per common share:
Basic earnings	5.35			4.16			4.71			4.85			4.26
Diluted earnings	5.32			4.13			4.67			4.82			4.24
Cash dividends	1.50			1.50			1.50			1.50			1.35
Common shares outstanding:
Average - diluted	146,758			150,109			153,712			156,553			160,005
Period end	144,933			146,917			151,840			154,518			156,532
Return on (annualized):
Average total assets	1.51		%	1.26		%	1.41		%	1.49		%	1.37		%
Average common shareholders' equity	12.30			9.67			10.87			11.45			10.39
Taxable-equivalent net interest income	$	1,804		$	1,763		$	1,790		$	1,773		$	1,722
Yield on average earning assets (1)	5.40		%	5.35		%	5.47		%	5.60		%	5.51		%
Cost of interest-bearing liabilities (1)	2.36			2.32			2.52			2.72			2.71
Net interest spread	3.04			3.03			2.95			2.88			2.80
Contribution of interest-free funds (1)	.66			.67			.75			.81			.82
Net interest margin (1)	3.70			3.70			3.70			3.69			3.62
Net charge-offs to average total net loans (annualized)	.23			.31			.54			.42			.32
Net operating results (2)
Net operating income	$	823		$	671		$	767		$	798		$	724
Diluted net operating earnings per common share	5.35			4.18			4.72			4.87			4.28
Return on (annualized):
Average tangible assets	1.59		%	1.33		%	1.49		%	1.56		%	1.44		%
Average tangible common equity	18.57			14.51			16.24			17.13			15.54
Efficiency ratio	52.8			58.3			55.1			53.6			55.2

	June 30,			March 31,			December 31,			September 30,			June 30,
Loan quality	2026			2026			2025			2025			2025
Nonaccrual loans	$	1,208		$	1,240		$	1,252		$	1,512		$	1,573
Real estate and other foreclosed assets	23			27			35			37			30
Total nonperforming assets	$	1,231		$	1,267		$	1,287		$	1,549		$	1,603
Accruing loans past due 90 days or more	$	603		$	646		$	561		$	432		$	496
Government guaranteed loans included in totals above:
Nonaccrual loans	78			85			83			71			75
Accruing loans past due 90 days or more	586			634			543			403			450
Nonaccrual loans to total loans	.84		%	.89		%	.90		%	1.10		%	1.16		%
Allowance for loan losses to total loans	1.52			1.53			1.53			1.58			1.61
Additional information
Period end common stock price	$	238.01		$	206.72		$	201.48		$	197.62		$	193.99
Full-service domestic banking offices (3)	911			930			942			942			941
Full-time equivalent employees	21,662			21,866			22,080			22,383			22,590

(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

(2) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net

of applicable income tax effects. Reconciliations of net income with net operating income appear on page 20.

(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.


			Second Quarter 2026 Results

Condensed Consolidated Statement of Income


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in millions)	2026		2025		Change		2026		2025		Change
Interest income	$	2,620	$	2,609	—	%	$	5,156	$	5,169	—	%
Interest expense	828		896		-8		1,612		1,761		-8
Net interest income	1,792		1,713		5		3,544		3,408		4
Provision for credit losses	120		125		-4		260		255		2
Net interest income after provision for credit losses	1,672		1,588		5		3,284		3,153		4
Other income
Mortgage banking revenues	127		130		-2		254		248		2
Service charges on deposit accounts	144		137		4		283		270		5
Trust income	197		182		9		380		359		6
Brokerage services income	35		31		13		70		63		11
Trading account and other non-hedging derivative gains	22		12		100		36		21		74
Gain (loss) on bank investment securities	2		—		—		6		—		—
Other revenues from operations	213		191		12		400		333		20
Total other income	740		683		8		1,429		1,294		10
Other expense
Salaries and employee benefits	826		813		2		1,740		1,700		2
Equipment and net occupancy	129		130		—		262		262		—
Outside data processing and software	154		138		12		298		274		9
Professional and other services	89		86		2		182		170		7
FDIC assessments	18		22		-21		41		45		-10
Advertising and marketing	27		25		8		48		47		1
Amortization of core deposit and other intangible assets	7		9		-27		16		22		-27
Other costs of operations	99		113		-12		200		231		-13
Total other expense	1,349		1,336		1		2,787		2,751		1
Income before taxes	1,063		935		14		1,926		1,696		14
Income taxes	245		219		12		444		396		12
Net income	$	818	$	716	14	%	$	1,482	$	1,300	14	%


			Second Quarter 2026 Results

Condensed Consolidated Statement of Income, Five Quarter Trend


	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2026		2026		2025		2025		2025
Interest income	$	2,620	$	2,536	$	2,637	$	2,680	$	2,609
Interest expense	828		784		858		919		896
Net interest income	1,792		1,752		1,779		1,761		1,713
Provision for credit losses	120		140		125		125		125
Net interest income after provision for credit losses	1,672		1,612		1,654		1,636		1,588
Other income
Mortgage banking revenues	127		127		155		147		130
Service charges on deposit accounts	144		139		140		141		137
Trust income	197		183		184		181		182
Brokerage services income	35		35		34		34		31
Trading account and other non-hedging derivative gains	22		14		19		18		12
Gain (loss) on bank investment securities	2		4		1		1		—
Other revenues from operations	213		187		163		230		191
Total other income	740		689		696		752		683
Other expense
Salaries and employee benefits	826		914		809		833		813
Equipment and net occupancy	129		133		134		129		130
Outside data processing and software	154		144		146		138		138
Professional and other services	89		93		105		81		86
FDIC assessments	18		23		(8)		13		22
Advertising and marketing	27		21		32		23		25
Amortization of core deposit and other intangible assets	7		9		10		10		9
Other costs of operations	99		101		151		136		113
Total other expense	1,349		1,438		1,379		1,363		1,336
Income before taxes	1,063		863		971		1,025		935
Income taxes	245		199		212		233		219
Net income	$	818	$	664	$	759	$	792	$	716


			Second Quarter 2026 Results

Condensed Consolidated Balance Sheet


	June 30,
(Dollars in millions)	2026		2025		Change
ASSETS
Cash and due from banks	$	1,939	$	2,128	-9	%
Interest-bearing deposits at banks	15,499		19,297		-20

Investment securities	38,374		35,568		8
Loans:
Commercial and industrial	66,143		61,660		7
Real estate - commercial	24,492		24,567		—
Real estate - residential	25,384		24,117		5
Consumer	27,174		25,772		5
Total loans	143,193		136,116		5
Less: allowance for loan losses	2,176		2,197		-1
Net loans	141,017		133,919		5
Goodwill	8,465		8,465		—
Core deposit and other intangible assets	48		84		-43
Other assets	13,919		12,123		15
Total assets	$	219,261	$	211,584	4	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	48,295	$	47,485	2	%
Interest-bearing deposits	120,590		116,968		3

Total deposits	168,885		164,453		3
Short-term borrowings	4,614		2,071		123
Long-term borrowings	13,568		12,380		10
Accrued interest and other liabilities	4,248		4,155		2
Total liabilities	191,315		183,059		5
Shareholders' equity:
Preferred	2,434		2,394		2
Common	25,512		26,131		-2
Total shareholders' equity	27,946		28,525		-2
Total liabilities and shareholders' equity	$	219,261	$	211,584	4	%


			Second Quarter 2026 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend


	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2026		2026		2025		2025		2025
ASSETS
Cash and due from banks	$	1,939	$	1,903	$	1,701	$	1,950	$	2,128
Interest-bearing deposits at banks	15,499		14,445		17,068		16,751		19,297

Investment securities	38,374		38,621		36,649		36,864		35,568
Loans:
Commercial and industrial	66,143		65,391		63,548		61,887		61,660
Real estate - commercial	24,492		23,345		23,819		24,046		24,567
Real estate - residential	25,384		24,857		24,874		24,662		24,117
Consumer	27,174		26,321		26,461		26,379		25,772
Total loans	143,193		139,914		138,702		136,974		136,116
Less: allowance for loan losses	2,176		2,136		2,116		2,161		2,197
Net loans	141,017		137,778		136,586		134,813		133,919
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	48		55		64		74		84
Other assets	13,919		13,469		12,977		12,360		12,123
Total assets	$	219,261	$	214,736	$	213,510	$	211,277	$	211,584

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	48,295	$	45,892	$	46,509	$	44,994	$	47,485
Interest-bearing deposits	120,590		117,849		120,400		118,432		116,968

Total deposits	168,885		163,741		166,909		163,426		164,453
Short-term borrowings	4,614		7,851		2,149		2,059		2,071
Long-term borrowings	13,568		11,175		10,911		12,928		12,380
Accrued interest and other liabilities	4,248		3,997		4,364		4,136		4,155
Total liabilities	191,315		186,764		184,333		182,549		183,059
Shareholders' equity:
Preferred	2,434		2,434		2,834		2,394		2,394
Common	25,512		25,538		26,343		26,334		26,131
Total shareholders' equity	27,946		27,972		29,177		28,728		28,525
Total liabilities and shareholders' equity	$	219,261	$	214,736	$	213,510	$	211,277	$	211,584


			Second Quarter 2026 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates


	Three Months Ended												Change in Balance				Six Months Ended
	June 30,				March 31,				June 30,				June 30, 2026 from				June 30,								Change
	2026				2026				2025				March 31,		June 30,		2026				2025				in
(Dollars in millions)	Balance		Rate		Balance		Rate		Balance		Rate		2026		2025		Balance		Rate		Balance		Rate		Balance
ASSETS
Interest-bearing deposits at banks	$	15,061	3.72	%	$	16,231	3.71	%	$	19,698	4.47	%	-7	%	-24	%	$	15,642	3.72	%	$	19,697	4.48	%	-21	%

Investment securities (1) (2)	38,728		4.29		37,845		4.22		35,335		3.80		2		10		38,289		4.25		34,909		3.88		10
Loans:
Commercial and industrial	66,069		6.00		63,804		6.00		61,036		6.40		4		8		64,942		6.00		61,046		6.38		6
Real estate - commercial (1)	23,553		6.27		23,496		6.11		25,333		6.40		—		-7		23,525		6.19		25,794		6.32		-9
Real estate - residential	25,086		4.64		24,817		4.56		23,684		4.52		1		6		24,952		4.60		23,431		4.48		6
Consumer	26,719		6.46		26,306		6.48		25,354		6.57		2		5		26,514		6.47		24,856		6.57		7
Total loans (1)	141,427		5.89		138,423		5.85		135,407		6.10		2		4		139,933		5.87		135,127		6.08		4
Other (1)	—		—		95		3.49		95		3.47		-100		-100		47		—		96		3.47		-51
Total earning assets (1)	195,216		5.40		192,594		5.35		190,535		5.51		1		2		193,911		5.38		189,829		5.51		2
Goodwill	8,465				8,465				8,465				—		—		8,465				8,465				—
Core deposit and other intangible assets	51				59				89				-13		-42		55				90				-39
Other assets	12,800				12,710				11,172				1		15		12,755				10,912				17
Total assets	$	216,532			$	213,828			$	210,261			1	%	3	%	$	215,186			$	209,296			3	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits (1)	$	105,752	1.81	%	$	106,570	1.84	%	$	103,934	2.24	%	-1	%	2	%	$	106,159	1.82	%	$	102,741	2.22	%	3	%
Time deposits (1)	13,808		3.02		13,059		3.02		14,171		3.48		6		-3		13,435		3.02		14,140		3.52		-5
Total interest-bearing deposits (1)	119,560		1.95		119,629		1.97		118,105		2.39		—		1		119,594		1.96		116,881		2.38		2
Short-term borrowings	8,016		3.86		5,695		3.86		3,327		4.49		41		141		6,862		3.86		3,100		4.51		121
Long-term borrowings (1)	12,778		5.33		11,064		5.41		10,936		5.70		15		17		11,926		5.37		11,109		5.64		7
Total interest-bearing liabilities (1)	140,354		2.36		136,388		2.32		132,368		2.71		3		6		138,382		2.35		131,090		2.70		6
Noninterest-bearing deposits	43,964				44,547				45,153				-1		-3		44,254				45,294				-2
Other liabilities (1)	4,275				4,245				4,074				1		5		4,259				4,081				4
Total liabilities	188,593				185,180				181,595				2		4		186,895				180,465				4
Shareholders' equity	27,939				28,648				28,666				-2		-3		28,291				28,831				-2
Total liabilities and shareholders' equity	$	216,532			$	213,828			$	210,261			1	%	3	%	$	215,186			$	209,296			3	%
Net interest spread (1)			3.04				3.03				2.80								3.03				2.81
Contribution of interest-free funds (1)			.66				.67				.82								.67				.83
Net interest margin (1)			3.70	%			3.70	%			3.62	%							3.70	%			3.64	%

(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

(2) Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.


			Second Quarter 2026 Results

Supplemental Information - Loan Balances


	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2026		2026		2025		2025		2025
Commercial and industrial
Commercial and industrial excluding owner-occupied real estate by industry:
Financial and insurance	$	13,852	$	13,545	$	12,794	$	12,084	$	12,138
Services	8,559		8,235		7,910		7,689		7,646
Motor vehicle and recreational finance dealers	6,972		7,069		7,191		6,637		6,502
Manufacturing	6,407		6,424		6,112		6,241		6,189
Wholesale	4,343		4,359		4,386		4,246		4,246
Transportation, communications, utilities	4,208		3,937		3,890		3,755		3,807
Retail	3,330		3,316		3,098		3,114		3,079
Construction	2,450		2,311		2,265		2,206		2,275
Health services	1,712		1,841		1,822		1,780		1,879
Real estate investors	1,526		1,668		1,579		1,506		1,314
Other	1,400		1,365		1,303		1,568		1,377
Total commercial and industrial excluding owner-occupied real estate	54,759		54,070		52,350		50,826		50,452
Owner-occupied real estate by industry:
Services	2,362		2,377		2,368		2,308		2,402
Motor vehicle and recreational finance dealers	2,180		2,217		2,234		2,162		2,239
Retail	1,926		1,916		1,893		1,825		1,808
Health services	1,464		1,335		1,268		1,320		1,313
Wholesale	1,035		1,029		978		975		951
Manufacturing	712		727		791		783		785
Real estate investors	607		617		616		634		630
Other	1,098		1,103		1,050		1,054		1,080
Total owner-occupied real estate	11,384		11,321		11,198		11,061		11,208
Total commercial and industrial	66,143		65,391		63,548		61,887		61,660
Commercial real estate
Permanent finance by property type:
Apartments/Multifamily	7,124		6,628		6,837		6,548		6,082
Retail/Service	4,259		4,237		4,164		4,320		4,435
Industrial/Warehouse	3,276		2,462		2,297		2,175		2,098
Office	3,147		3,282		3,423		3,487		3,720
Hotel	1,665		1,727		1,743		1,776		1,889
Health Services	1,583		1,507		1,548		1,554		1,669
Other	180		187		180		202		262
Total permanent	21,234		20,030		20,192		20,062		20,155
Construction/Development	3,258		3,315		3,627		3,984		4,412
Total commercial real estate	24,492		23,345		23,819		24,046		24,567
Residential real estate
Residential real estate	25,384		24,857		24,874		24,662		24,117
Consumer
Home equity lines and loans	4,891		4,796		4,807		4,730		4,634
Recreational finance	14,856		14,144		14,092		14,152		13,666
Automobile	4,969		5,016		5,167		5,223		5,260
Other	2,458		2,365		2,395		2,274		2,212
Total consumer	27,174		26,321		26,461		26,379		25,772
Total loans	$	143,193	$	139,914	$	138,702	$	136,974	$	136,116


			Second Quarter 2026 Results

Supplemental Information - Mortgage Banking Activities


	Three Months Ended				Change				Six Months Ended				Change
	June 30,		March 31,						June 30,		June 30,
(Dollars in millions)	2026		2026		Amount		%		2026		2025		Amount		%
Residential mortgage banking revenues
Gains on loans originated for sale	$	7	$	8	$	(1)	-9	%	$	15	$	14	$	1	5	%
Loan servicing:
Loan servicing fees	33		32		1		2		65		70		(5)		-6
Changes in fair value of mortgage loan servicing right assets, net of hedging activities	(11)		(13)		2		15		(24)		—		(24)		—
Loan sub-servicing and other fees	67		62		5		9		129		95		34		35
Total loan servicing	89		81		8		10		170		165		5		3
Total residential mortgage banking revenues	$	96	$	89	$	7	8	%	$	185	$	179	$	6	3	%
New commitments to originate loans for sale	$	411	$	400	$	11	3	%	$	811	$	612	$	199	33	%


	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2026		2026		2025		2025		2025
Balances at period end
Loans held for sale	$	256	$	327	$	441	$	327	$	222
Commitments to originate loans for sale	258		222		224		329		248
Commitments to sell loans	467		544		645		576		407
Capitalized mortgage loan servicing assets	540		542		287		305		326

Loans serviced for others	35,253		35,586		35,873		36,421		36,952
Loans sub-serviced for others	183,599		123,968		156,938		161,785		157,608
Total loans serviced for others	$	218,852	$	159,554	$	192,811	$	198,206	$	194,560


	Three Months Ended				Change				Six Months Ended				Change
	June 30,		March 31,						June 30,		June 30,
(Dollars in millions)	2026		2026		Amount		%		2026		2025		Amount		%
Commercial mortgage banking revenues
Gains on loans originated for sale	$	13	$	18	$	(5)	-28	%	$	31	$	30	$	1	3	%
Loan servicing fees and other	18		20		(2)		-11		38		39		(1)		—
Total commercial mortgage banking revenues	$	31	$	38	$	(7)	-19	%	$	69	$	69	$	—	1	%
Loans originated for sale to other investors	$	746	$	1,135	$	(389)	-34	%	$	1,881	$	2,087	$	(206)	-10	%


	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2026		2026		2025		2025		2025
Balances at period end
Loans held for sale	$	259	$	359	$	484	$	278	$	361
Commitments to originate loans for sale	485		529		773		1,074		659
Commitments to sell loans	740		903		1,253		1,292		1,017
Capitalized mortgage loan servicing assets	136		138		132		123		124

Loans serviced for others	31,368		30,934		30,309		28,957		28,416
Loans sub-serviced for others	4,072		4,194		4,231		4,297		4,209
Total loans serviced for others	$	35,440	$	35,128	$	34,540	$	33,254	$	32,625


			Second Quarter 2026 Results

Supplemental Information - Other Revenues from Operations


	Three Months Ended								Six Months Ended
	June 30,		March 31,		Change				June 30,		June 30,		Change
(Dollars in millions)	2026		2026		Amount		%		2026		2025		Amount		%
Letter of credit and other credit-related fees	$	55	$	54	$	1	—	%	$	109	$	107	$	2	2	%

Merchant discount and credit card fees	47		41		6		17		88		89		(1)		-2
Bank owned life insurance revenue	20		18		2		5		38		35		3		8
Equipment operating lease income	11		11		—		1		22		25		(3)		-12
BLG income	47		33		14		43		80		—		80		—

Other	33		30		3		11		63		77		(14)		-17
Total other revenues from operations	$	213	$	187	$	26	14	%	$	400	$	333	$	67	20	%


	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in millions)	2026		2026		2025		2025		2025
Letter of credit and other credit-related fees	$	55	$	54	$	57	$	55	$	58

Merchant discount and credit card fees	47		41		46		51		50
Bank owned life insurance revenue	20		18		19		21		17
Equipment operating lease income	11		11		11		12		14
BLG income	47		33		—		20		—

Other	33		30		30		71		52
Total other revenues from operations	$	213	$	187	$	163	$	230	$	191

Supplemental Information - Interest Rate Swap Agreements


(Dollars in billions)	June 30, 2026			September 30, 2026			December 31, 2026			March 31, 2027			June 30, 2027			September 30, 2027			December 31, 2027
Fair value hedges:
Active	$	6.1		$	6.1		$	6.1		$	6.1		$	6.1		$	5.1		$	5.1

Cash flow hedges:
Active	16.0			13.7			14.5			14.0			12.7			10.7			9.6
Forward-starting	10.2			5.0			4.2			2.0			—			—			—

Fair value hedges - weighted-average fixed rate:
Active	3.56		%	3.56		%	3.56		%	3.56		%	3.56		%	3.66		%	3.66		%

Cash flow hedges - weighted-average fixed rate:
Active	3.82			3.62			3.62			3.60			3.64			3.63			3.57
Forward-starting	3.52			3.64			3.65			3.91			—			—			—


			Second Quarter 2026 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	818		$	716		$	1,482		$	1,300
Amortization of core deposit and other intangible assets (1)	5			8			12			18

Net operating income	$	823		$	724		$	1,494		$	1,318
Earnings per common share
Diluted earnings per common share	$	5.32		$	4.24		$	9.44		$	7.55
Amortization of core deposit and other intangible assets (1)	.03			.04			.08			.11

Diluted net operating earnings per common share	$	5.35		$	4.28		$	9.52		$	7.66
Other expense
Other expense	$	1,349		$	1,336		$	2,787		$	2,751
Amortization of core deposit and other intangible assets	(7)			(9)			(16)			(22)

Noninterest operating expense	$	1,342		$	1,327		$	2,771		$	2,729










Efficiency ratio
Noninterest operating expense (numerator)	$	1,342		$	1,327		$	2,771		$	2,729
Taxable-equivalent net interest income	$	1,804		$	1,722		$	3,567		$	3,429
Other income	740			683			1,429			1,294
Less: Gain (loss) on bank investment securities	2			—			6			—
Denominator	$	2,542		$	2,405		$	4,990		$	4,723
Efficiency ratio	52.8		%	55.2		%	55.5		%	57.8		%
Balance sheet data
Average assets
Average assets	$	216,532		$	210,261		$	215,186		$	209,296
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(51)			(89)			(55)			(90)
Deferred taxes	17			26			18			26
Average tangible assets	$	208,033		$	201,733		$	206,684		$	200,767
Average common equity
Average total equity	$	27,939		$	28,666		$	28,291		$	28,831
Preferred stock	(2,434)			(2,394)			(2,505)			(2,394)
Average common equity	25,505			26,272			25,786			26,437
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(51)			(89)			(55)			(90)
Deferred taxes	17			26			18			26
Average tangible common equity	$	17,006		$	17,744		$	17,284		$	17,908
At end of quarter
Total assets
Total assets	$	219,261		$	211,584
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(48)			(84)
Deferred taxes	17			25
Total tangible assets	$	210,765		$	203,060
Total common equity
Total equity	$	27,946		$	28,525
Preferred stock	(2,434)			(2,394)

Common equity	25,512			26,131
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(48)			(84)
Deferred taxes	17			25
Total tangible common equity	$	17,016		$	17,607

(1) After any related tax effect.


			Second Quarter 2026 Results

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


	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	818		$	664		$	759		$	792		$	716
Amortization of core deposit and other intangible assets (1)	5			7			8			6			8

Net operating income	$	823		$	671		$	767		$	798		$	724
Earnings per common share
Diluted earnings per common share	$	5.32		$	4.13		$	4.67		$	4.82		$	4.24
Amortization of core deposit and other intangible assets (1)	.03			.05			.05			.05			.04

Diluted net operating earnings per common share	$	5.35		$	4.18		$	4.72		$	4.87		$	4.28
Other expense
Other expense	$	1,349		$	1,438		$	1,379		$	1,363		$	1,336
Amortization of core deposit and other intangible assets	(7)			(9)			(10)			(10)			(9)

Noninterest operating expense	$	1,342		$	1,429		$	1,369		$	1,353		$	1,327










Efficiency ratio
Noninterest operating expense (numerator)	$	1,342		$	1,429		$	1,369		$	1,353		$	1,327
Taxable-equivalent net interest income	$	1,804		$	1,763		$	1,790		$	1,773		$	1,722
Other income	740			689			696			752			683
Less: Gain (loss) on bank investment securities	2			4			1			1			—
Denominator	$	2,542		$	2,448		$	2,485		$	2,524		$	2,405
Efficiency ratio	52.8		%	58.3		%	55.1		%	53.6		%	55.2		%
Balance sheet data
Average assets
Average assets	$	216,532		$	213,828		$	212,891		$	211,053		$	210,261
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(51)			(59)			(69)			(79)			(89)
Deferred taxes	17			19			22			24			26
Average tangible assets	$	208,033		$	205,323		$	204,379		$	202,533		$	201,733
Average common equity
Average total equity	$	27,939		$	28,648		$	28,970		$	28,583		$	28,666
Preferred stock	(2,434)			(2,576)			(2,691)			(2,394)			(2,394)
Average common equity	25,505			26,072			26,279			26,189			26,272
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(51)			(59)			(69)			(79)			(89)
Deferred taxes	17			19			22			24			26
Average tangible common equity	$	17,006		$	17,567		$	17,767		$	17,669		$	17,744
At end of quarter
Total assets
Total assets	$	219,261		$	214,736		$	213,510		$	211,277		$	211,584
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(48)			(55)			(64)			(74)			(84)
Deferred taxes	17			18			20			23			25
Total tangible assets	$	210,765		$	206,234		$	205,001		$	202,761		$	203,060
Total common equity
Total equity	$	27,946		$	27,972		$	29,177		$	28,728		$	28,525
Preferred stock	(2,434)			(2,434)			(2,834)			(2,394)			(2,394)

Common equity	25,512			25,538			26,343			26,334			26,131
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(48)			(55)			(64)			(74)			(84)
Deferred taxes	17			18			20			23			25
Total tangible common equity	$	17,016		$	17,036		$	17,834		$	17,818		$	17,607

(1) After any related tax effect.

a2q26earningspresentatio

Earnings Results 2nd Quarter 2026 July 15, 2026 Exhibit 99.2

2 This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission (“SEC”). Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/ financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Forward-Looking Statements and Non-GAAP Financial Measures

We are M&T Bank Purpose To make a difference in people’s lives by knowing them, growing with them and connecting them with everything they need to thrive. Vision To be the bank invited into homes, businesses and communities, by earning trust and deepening relationships with every interaction. We are committed to Our Customers We deepen relationships through local knowledge, trusted advice and the full strength of M&T. Our Communities We create lasting value by showing up for the communities we serve. Our Colleagues We invest in our people because they are how customers experience M&T. Our Shareholders We build long-term value through disciplined execution, resilience and relationships that grow over time. 3

Operational Excellence Alignment and integration across markets, lines of business and platform capabilities will accelerate regional bank growth. 4 2026 Enterprise Priorities Teaming for Growth • Make it easy for clients to do business with us • Ensure all markets and clients experience us as one bank • Empower leaders to lead across businesses • Win in the markets and businesses where we operate • Drive more integration and collaboration in service of growth Deliver industry-leading service, scale and value through intelligent, simplified operations that empower the businesses and clients we support and help us to maintain and improve the bank’s profitability. • Build scalable infrastructure that enables sustainable growth • Deliver consistent, fast and customer centric experiences across the enterprise • Drive operational efficiency while maintaining quality and risk standards • Strengthen critical skills and leadership capabilities for a modern organization • Grow revenue per employee through productivity and capacity redeployment • Faster completion of essential processes • Improve customer satisfaction scores • Enhanced employee engagement results regarding tools and resources needed to do the job • Primary checking account and deposit growth • New England regions lead in deposit and loan growth • Increased revenue per Relationship Manager • Increase Wealth referral volume and penetration • Top 5 SBA ranking in New England markets • Increased Mortgage Originations Objectives Objectives Outcomes Outcomes

Key Awards and Accolades Received 13 “Best Bank” Awards across Small Business and Middle-Market Categories The Most Powerful Women in Finance: Meghan Shue, Wilmington Trust The Most Powerful Women in Banking’s Top Teams: Wilmington Trust 2025 All-America Executive Team Received #1 Ranking among Large Cap Banks and Placed in the Top 10 across All U.S. Banks Jennifer Warren, CEO, Wilmington Trust CEO of the Year Clearing & Custodial Firms Received #1 Ranking among U.S. Companies 5

6 Financial Results

7 • Diluted EPS increased +29% QoQ and +25% YoY • Return on Assets increased +25 bps QoQ and +14 bps YoY • Return on Common Equity increased +263 bps QoQ and +191 bps YoY • Net Interest Margin increased +8 bps YoY Notable items ($ in millions, except per share) 2Q26 1Q26 2Q25 Amt(2) EPS Amt(2) EPS Amt(2) EPS Premium amortization for acquired securities(3) — — — — ($17) ($0.09) Gain on sale of out-of- footprint loan portfolio(4) — — — — 15 0.07 Gain on sale of institutional services subsidiary(4) — — — — 10 0.04 Second Quarter 2026 Earnings Highlights GAAP ($ in millions, except per share) 2Q26 1Q26 2Q25 Revenues $2,532 $2,441 $2,396 Noninterest Expense 1,349 1,438 1,336 Provision for Credit Losses 120 140 125 Net Income 818 664 716 Diluted EPS 5.32 4.13 4.24 Return on Assets 1.51% 1.26% 1.37% Return on Common Equity 12.30 9.67 10.39 Net Interest Margin(1) 3.70 3.70 3.62 Net Charge-offs % Avg Loans .23 .31 .32 Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. (2) Amounts presented before any related tax effect. (3) Taxable-equivalent net interest income impact was a decrease of $20 million (-4 bps impact to NIM) in 2Q25. (4) Included in Other revenues from operations. *M&T generated record earnings per share in 2Q26*

8 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Second Quarter 2026 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2Q26 1Q26 2Q25 Net Operating Income $823 $671 $724 Diluted Net Operating EPS 5.35 4.18 4.28 Efficiency Ratio 52.8% 58.3% 55.2% Net Operating ROTA 1.59 1.33 1.44 Net Operating ROTCE 18.57 14.51 15.54 Tangible Book Value per Share(2) $117.41 $115.96 $112.48 • Diluted Net Operating EPS increased +28% QoQ and +25% YoY • Efficiency Ratio was 52.8% for 2Q26, down -2.4% YoY • Net Operating ROTA increased +26 bps QoQ and +15 bps YoY • Net Operating ROTCE increased +406 bps QoQ and +303 bps YoY • Tangible Book Value per Share increased +1% QoQ and +4% YoY

9 Net Interest Income(1) & Net Interest Margin Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. (2) See Appendix for reconciliation of this adjusted measure. (3) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. $ IN M IL LI O N S $1,722 $1,773 $1,790 $1,763 $1,804 3.62% 3.69% 3.70% 3.70% 3.70% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin(3) 2Q25 3Q25 4Q25 1Q26 2Q26 QoQ Drivers • Taxable-equivalent net interest income(1) increased +$41 million or +2% QoQ – Higher nonaccrual interest – One additional day – Higher average earning assets, partially offset by higher funding levels • Net interest margin remained flat QoQ – Higher earning asset yields, partially offset by higher funding costs in support of loan growth (+1 bp) – Lower contribution of interest-free funds (-1 bp)2Q25 Adjusted NIM was 3.66%(2)

10 • Capital levels strong with CET1 capital ratio of 10.19%(3) • Repurchased $465 million(4) of common shares in 2Q26 Change 2Q26 vs Average Balances, $ in billions, except per share 2Q26 1Q26 2Q25 1Q26 2Q25 Interest-bearing Deposits at Banks $15.1 $16.2 $19.7 -7% -24% Investment Securities 38.7 37.8 35.3 2 10 Commercial and Industrial (“C&I”) 66.0 63.8 61.0 4 8 Commercial Real Estate (“CRE”) 23.6 23.5 25.3 — -7 Residential Real Estate ("RRE") 25.1 24.8 23.7 1 6 Consumer 26.7 26.3 25.4 2 5 Total Loans 141.4 138.4 135.4 2 4 Earning Assets 195.2 192.6 190.5 1 2 Deposits(1) 163.5 164.2 163.3 — — Borrowings 20.8 16.8 14.3 24 46 Common Shareholders’ Equity 25.5 26.1 26.3 -2 -3 As of Quarter End Common Shareholders' Equity per Share $176.03 $173.82 $166.94 1% 5% Tangible Equity per Common Share(2) 117.41 115.96 112.48 1 4 Tangible Common Equity / Tangible Assets(2) 8.07 % 8.26 % 8.67 % -19 bps -60 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.19 10.33 10.99 -14 bps -80 bps Balance Sheet – Overview Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. (2) See Appendix for reconciliation of GAAP with these non-GAAP measures. (3) June 30, 2026 CET1 capital ratio is estimated. (4) Includes share repurchase excise tax. (3)

11 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$3.0 billion QoQ: • Consumer loans increased +2% (+$413 million) • RRE loans increased +1% (+$269 million) • CRE loans grew +$57 million – CRE loans at 6/30/2026 grew +5% (+$1.1 billion) from 3/31/2026 • C&I loans grew +4% (+$2.3 billion) $ IN B IL LI O N S $61.0 $61.7 $62.2 $63.8 $66.0 $25.3 $24.3 $24.1 $23.5 $23.6 $23.7 $24.4 $24.8 $24.8 $25.1 $25.4 $26.1 $26.5 $26.3 $26.7 $135.4 $136.5 $137.6 $138.4 $141.4 6.10% 6.15% 6.01% 5.85% 5.89% C&I CRE RRE Consumer Total Loans Total Loan Yield(1) 2Q25 3Q25 4Q25 1Q26 2Q26 Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

12 Balance Sheet – Securities and Invested Cash Liquidity Coverage Ratio was 106%(3) on June 30, 2026 Duration Pre-tax Unrealized Gain/(Loss) AFS ~3.1 years ($125 million) HTM ~4.6 years ($789 million) Total Debt Securities ~3.6 years ($914 million) $ IN B IL LI O N S Average Investment Securities and Yield⁽¹⁾ $35.3 $36.6 $36.7 $37.8 $38.7 3.80% 4.15% 4.19% 4.22% 4.29% 2Q25 3Q25 4Q25 1Q26 2Q26 Interest- bearing deposits at banks 29% Other Securities 2% HTM Securities 22% AFS Securities 47% $53.9B TOTAL 2Q25 Adjusted Yield was 4.02%(1)(2) Securities and Invested Cash at 6/30/26 Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. (2) See Appendix for reconciliation of this adjusted measure. (3) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on June 30, 2026 exceeded the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

13 Balance Sheet – Average Deposits QoQ Drivers Average deposits decreased -$652 million QoQ: • Interest-bearing deposit cost decreased -2 bps – 56% cumulative deposit beta since 3Q24 • Time deposits increased +$749 million • Savings and Interest-checking Deposits decreased -$818 million • Average noninterest-bearing deposits decreased -$583 million $ IN B IL LI O N S $45.1 $44.0 $44.2 $44.6 $43.9 $104.0 $104.7 $107.2 $106.6 $105.8 $14.2 $13.9 $13.5 $13.0 $13.8 $163.3 $162.6 $164.9 $164.2 $163.5 Noninterest-bearing Deposits Savings and Interest-checking Deposits(1) Time Deposits(1) Total Deposits(1) 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Total deposit cost(1) 1.73% 1.72% 1.59% 1.43% 1.42% Interest-bearing deposit cost(1) 2.39% 2.36% 2.17% 1.97% 1.95% Note: (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

14 $ IN M IL LI O N S $683 $752 $696 $689 $740 Noninterest Income 2Q25 3Q25 4Q25 1Q26 2Q26 Change 2Q26 vs $ in millions 2Q26 1Q26 2Q25 1Q26 2Q25 Mortgage Banking Revenues $127 $127 $130 —% -2% Service Charges on Deposits 144 139 137 4 4 Trust Income 197 183 182 8 9 Brokerage Services 35 35 31 2 13 Non-hedge Derivatives / Trading 22 14 12 61 100 Securities Gain/(Loss) 2 4 — -57 — Other Revenues from Operations 213 187 191 14 12 Noninterest Income $740 $689 $683 8% 8% Income Statement – Noninterest Income Noninterest income increased +$51 million or +8% QoQ: • Trust income rose +$14 million reflecting higher revenues from the Company's institutional services and wealth management businesses, including seasonal tax service fees • Trading account and other non-hedging derivative gains increased +$8 million reflecting higher revenues from interest rate swap transactions with commercial customers • Other revenues from operations increased +$26 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees QoQ Drivers

15 $ IN M IL LI O N S $1,327 $1,353 $1,369 $1,429 $1,342 $1,336 $1,363 $1,379 $1,438 $1,349 55.2% 53.6% 55.1% 58.3% 52.8% Operating Noninterest Expense(1) Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 2Q25 3Q25 4Q25 1Q26 2Q26 Change 2Q26 vs $ in millions 2Q26 1Q26 2Q25 1Q26 2Q25 Salaries & Employee Benefits(2) $826 $914 $813 -10% 2% Equipment & Net Occupancy 129 133 130 -2 — Outside Data Proc & Software 154 144 138 8 12 Professional & Other Services 89 93 86 -5 2 FDIC Assessments 18 23 22 -27 -21 Advertising & Marketing 27 21 25 31 8 Other Costs of Operations 99 101 113 -2 -12 Operating Expense(1) 1,342 1,429 1,327 -6 1 Intangible Amortization 7 9 9 -26 -27 Total Noninterest Expense $1,349 $1,438 $1,336 (6)% 1% Income Statement – Noninterest Expenses Noninterest expense decreased -$89 million or -6% QoQ: • Salaries and employee benefits expense decreased -$88 million reflecting: – Seasonally higher stock-based compensation and employee benefits expense in 1Q26 and lower average staffing levels in 2Q26 – Partially offset by the full-quarter impact of annual merit increases awarded in 1Q26 and an additional working day in 2Q26 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP and adjusted measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Severance-related charges for 2Q26, 1Q26 and 2Q25 were $6 million, $4 million and $5 million, respectively. QoQ Drivers Adjusted Efficiency 54.5%(1) Adjusted Efficiency 55.3%(1) Adjusted Efficiency 55.0%(1) • Outside data processing and software costs increased +$10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems

16 $ IN M IL LI O N S Nonaccrual Loans $1,573 $1,512 $1,252 $1,240 $1,208 1.16% 1.10% 0.90% 0.89% 0.84% Nonaccrual Loans ($) Nonaccrual Loans (%) 2Q25 3Q25 4Q25 1Q26 2Q26 $ IN M IL LI O N S Net Charge-offs $108 $146 $185 $105 $800.32% 0.42% 0.54% 0.31% 0.23% Net Charge-offs ($) Net Charge-off Ratio (%) 2Q25 3Q25 4Q25 1Q26 2Q26 Credit $ IN M IL LI O N S Allowance for Loan Losses $2,197 $2,161 $2,116 $2,136 $2,176 1.61% 1.58% 1.53% 1.53% 1.52% Allowance for Loan Losses ($) Allowance for Loan Losses (%) 2Q25 3Q25 4Q25 1Q26 2Q26 $ IN M IL LI O N S Provision for Credit Losses $125 $125 $125 $140 $120 $105 $110 $140 $125 $120$20 $15 -$15 $15 Provision for Loan Losses Provision for Unfunded Credit Commitments 2Q25 3Q25 4Q25 1Q26 2Q26

17 Criticized C&I and CRE Loans Criticized loans decreased -$700 million QoQ: • C&I decreased -$110 million • CRE decreased -$590 million – Permanent CRE -$435 million – Construction -$155 million • 94% of criticized accrual loans are current $ IN B IL LI O N S $8.4 $7.8 $7.3 $6.6 $5.9 9.7% 9.0% 8.3% 7.4% 6.5% Criticized Criticized % of C&I and CRE Loans 2Q25 3Q25 4Q25 1Q26 2Q26

18 CET1 10.99% 10.99% 10.84% 10.33% 10.19% 2Q25 3Q25 4Q25 1Q26 2Q26 TBVPS $112.48 $115.31 $117.45 $115.96 $117.41 2Q25 3Q25 4Q25 1Q26 2Q26 Capital • CET1 capital ratio decreased to 10.19%(1) at the end of 2Q26 • Tangible book value per share increased +1% to $117.41 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by -2 bps at the end of 2Q26 Note: (1) CET1 capital ratio at June 30, 2026 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. QoQ Drivers (1) (2) Basel III - June 2026 Proposal • CET1 capital ratio at the end of 1Q26 would have increased an estimated +90 +/- bps under the standardized approach and an additional +10-20 bps under the expanded risk-based approach, excluding the impact of AOCI

19 2026 Outlook 2026 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent $7.2 to $7.35 billion • Bottom half of the range for NII translates to NIM in the high 3.60s • Range dependent on loan growth, deposit trends and shape of the yield curve Fee Income $2.8 to $2.85 billion • Reflects broad based strength in fee income year to date, the second quarter BLG distribution and higher sub-servicing fee income beginning in the third quarter GAAP Expense Includes intangible amortization $5.5 to $5.6 billion • High end of the range • Continued investment in enterprise initiatives and well-managed non-investment spend Net Charge-Offs % of Average Loans ~37 basis points Tax Rate Taxable-equivalent 24.0% +/- A ve ra ge B al an ce s Loans $141 to $143 billion • Reflects continued commercial loan momentum, inflecting CRE balances and continued growth in consumer Deposits $165 to $167 billion • Focus on growing operational accounts and other customer deposits at a reasonable cost CET1 Capital Ratio 10.0% to 10.5%

20 Why invest in M&T? • Long term focused with deeply embedded culture • Business operated to represent the best interests of all key stakeholders • Energized colleagues consistently serving our customers and communities • A safe haven for our clients as proven during turbulent times and crisis • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Leading position in core markets • 15-17% ROTCE(1) • Robust dividend growth • 8% TBV per share growth(2) Source: FactSet, S&P Global, Company Filings. Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2020-2025, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2020-2025. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns

21 Appendix

22 M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Appendix Note: (1) After any related tax effect. GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 2Q25 3Q25 4Q25 1Q26 2Q26 Net income Net income $716 $792 $759 $664 $818 Amortization of core deposits and other intangible assets (1) 8 6 8 7 5 Net operating income $724 $798 $767 $671 $823 Earnings per common share Diluted earnings per common share $4.24 $4.82 $4.67 $4.13 $5.32 Amortization of core deposits and other intangible assets (1) 0.04 0.05 0.05 0.05 0.03 Diluted net operating earnings per common share $4.28 $4.87 $4.72 $4.18 $5.35

23 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2Q25 3Q25 4Q25 1Q26 2Q26 Other expense Other expense $1,336 $1,363 $1,379 $1,438 $1,349 Amortization of core deposit and other intangible assets (9) (10) (10) (9) (7) Noninterest operating expense $1,327 $1,353 $1,369 $1,429 $1,342 Efficiency ratio Noninterest operating expense (numerator) $1,327 $1,353 $1,369 $1,429 $1,342 Taxable-equivalent net interest income $1,722 $1,773 $1,790 $1,763 $1,804 Other income 683 752 696 689 740 Less: Gain (loss) on bank investment securities — 1 1 4 2 Denominator $2,405 $2,524 $2,485 $2,448 $2,542 Efficiency ratio 55.2 % 53.6 % 55.1 % 58.3 % 52.8 %

24 Appendix In millions 2Q25 3Q25 4Q25 1Q26 2Q26 Average assets Average assets $210,261 $211,053 $212,891 $213,828 $216,532 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (89) (79) (69) (59) (51) Deferred taxes 26 24 22 19 17 Average tangible assets $201,733 $202,533 $204,379 $205,323 $208,033 Average common equity Average total equity $28,666 $28,583 $28,970 $28,648 $27,939 Preferred stock (2,394) (2,394) (2,691) (2,576) (2,434) Average common equity 26,272 26,189 26,279 26,072 25,505 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (89) (79) (69) (59) (51) Deferred taxes 26 24 22 19 17 Average tangible common equity $17,744 $17,669 $17,767 $17,567 $17,006 GAAP to Tangible (Non-GAAP) Reconciliation

25 Appendix In millions 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Total assets Total assets $211,584 $211,277 $213,510 $214,736 $219,261 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (84) (74) (64) (55) (48) Deferred taxes 25 23 20 18 17 Total tangible assets $203,060 $202,761 $205,001 $206,234 $210,765 Total common equity Total equity $28,525 $28,728 $29,177 $27,972 $27,946 Preferred stock (2,394) (2,394) (2,834) (2,434) (2,434) Common equity 26,131 26,334 26,343 25,538 25,512 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (84) (74) (64) (55) (48) Deferred taxes 25 23 20 18 17 Total tangible common equity $17,607 $17,818 $17,834 $17,036 $17,016 GAAP to Tangible (Non-GAAP) Reconciliation

26 Appendix Reconciliation of Adjusted Metrics In millions, except per share 2Q25 3Q25 4Q25 1Q26 2Q26 Taxable-equivalent net interest income - Adjusted Taxable-equivalent net interest income $1,722 Premium amortization for acquired securities 20 Taxable-equivalent net interest income - Adjusted $1,742 Net interest margin - Adjusted(1) Net interest margin 3.62% Premium amortization for acquired securities 0.04 Net interest margin - Adjusted 3.66% Yield on investment securities(2)(3) 3.80% Premium amortization for acquired securities 0.22 Yield on investment securities - Adjusted 4.02% Note: (1) Net interest margin is calculated on average earning assets of $190.5 billion in 2Q25. (2) Yields on investment securities are calculated on average investment securities of $35.3 billion in 2Q25. (3) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. M&T is providing supplemental reporting of its results on a “Adjusted” basis, from which M&T excludes the after-tax effect of certain notable items of significance. Although “ Adjusted” income and expense as presented by M&T is not a GAAP measure, M&T management believes that this information helps investors understand the effect of such notable items in reported results.

27 Appendix Reconciliation of Adjusted Metrics In millions 2Q25 3Q25 4Q25 1Q26 2Q26 Other income - Adjusted Other income $683 $752 $696 Gain on sale of out-of-footprint loan portfolio (15) — — Gain on sale of institutional services subsidiary (10) — — Earnout payment related to 2023 sale of CIT business — (28) — Other income - Adjusted $658 $724 $696 Noninterest operating expense - Adjusted Noninterest operating expense $1,327 $1,353 $1,369 Charitable contribution — — (30) FDIC Special Assessment — 8 29 Noninterest operating expense - Adjusted $1,327 $1,361 $1,368 Efficiency ratio - Adjusted Noninterest operating expense (numerator) - Adjusted $1,327 $1,361 $1,368 Taxable-equivalent net interest income - Adjusted 1,742 1,773 1,790 Other income - Adjusted 658 724 696 Less: Gain (loss) on bank investment securities — — 1 Denominator $2,400 $2,497 $2,485 Efficiency ratio - Adjusted 55.3% 54.5% 55.0%