M&T Bank Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 16 October 2026: press release. The quarter’s numbers.

Key takeaways

Net income and EPS fell from second quarter: Net income was $775 million, down from $818 million in the second quarter. Diluted EPS was $5.04 against $5.32. Diluted net operating EPS was $5.08 against $5.35. Source
Average loans rose $2.6 billion: Average loans grew $2.6 billion from the second quarter, with commercial real estate up $1.6 billion, consumer up $634 million and residential real estate up $367 million. Source
Net interest margin 3.65%: Net interest margin was 3.65%, against 3.70% in the second quarter and 3.69% a year earlier. Net interest spread was 2.97%. Source
Mortgage banking revenue rose on sub-servicing: Residential mortgage banking revenues were $119 million, up from $96 million in the second quarter, mainly from higher sub-servicing income. Source
Expenses up 3% on technology spending: Noninterest expense was $1,393 million, up $44 million from the second quarter and up 2% from a year earlier, reflecting technology and enterprise spending and an extra working day. Source
Provision rose to $135 million: The provision for credit losses was $135 million, against $120 million in the second quarter and $125 million a year earlier. Loan loss provision was $130 million. Source
Nonaccrual loans up from second quarter: Nonaccrual loans were $1,298 million, or 0.90% of loans, up 7% from the second quarter and down 14% from a year earlier. Source

“Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities.”
Daryl N. Bible, M&T's Chief Financial Officer

What changed from last quarter

New: Other income categories were changed and reclassified, effective for the third quarter of 2026. Source
New: Loans held for sale are now shown separately from loans held for investment on the balance sheet and in the average balance disclosures. Source
New: In July 2026, $8.3 billion of residential mortgage-backed securities moved from the available-for-sale to the held-to-maturity portfolio. Source

Earnings and returns

Net income and EPS fell from second quarter: Net income was $775 million, down from $818 million in the second quarter. Diluted EPS was $5.04 against $5.32. Diluted net operating EPS was $5.08 against $5.35. Source
Nine-month net income rose 8%: Net income for the nine months was $2,257 million, up 8% from $2,092 million a year earlier. Source
Net interest income up 2% on year: Taxable-equivalent net interest income was $1,805 million, up $32 million from the third quarter of 2025, on lower rates paid on deposits and higher average loans and securities, partly offset by lower loan yields. Source
Return on common equity 11.44%: Annualized return on average common shareholders' equity was 11.44%, against 12.30% in the second quarter and 11.45% a year earlier. Return on average tangible common equity was 17.29%. Source
Effective tax rate unchanged at 23.1%: The effective income tax rate was 23.1%, the same as in the second quarter and up from 22.8% in the third quarter of 2025. Source

Loan growth

Average loans rose $2.6 billion: Average loans grew $2.6 billion from the second quarter, with commercial real estate up $1.6 billion, consumer up $634 million and residential real estate up $367 million. Source
Commercial and industrial led annual growth: Average commercial and industrial loans rose $4.2 billion from the third quarter of 2025, spanning most industry types. Source
Period-end loans up 6% on year: Total loans were $144,756 million at September 30, 2026, up from $136,345 million a year earlier. Source
Earning assets up $5.8 billion on year: Average earning assets were $196,739 million, up $5.8 billion from the third quarter of 2025, with loan growth across all portfolios. Source

“The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships.”
Daryl N. Bible, M&T's Chief Financial Officer

Deposits and funding

Average deposits rose $3.5 billion: Average interest-bearing deposits rose $3.5 billion from the second quarter, and long-term borrowings increased from securitizations and note issuance. Source
FHLB short-term borrowings reduced: Average short-term borrowings fell to $5,248 million from $8,016 million in the second quarter, as FHLB of New York borrowings declined. Source
Interest-bearing funding up on year: Average interest-bearing deposits were $4.5 billion higher than a year earlier, and short-term FHLB borrowings were $1.9 billion higher. Source
Noninterest-bearing deposits flat on year: Noninterest-bearing deposits were $44,819 million, close to the year-earlier $44,994 million. Interest-bearing deposits were $122,691 million, up 4%. Source

Margin and deposit costs

Net interest margin 3.65%: Net interest margin was 3.65%, against 3.70% in the second quarter and 3.69% a year earlier. Net interest spread was 2.97%. Source
Interest-bearing deposit cost 2.05%: The rate on average interest-bearing deposits was 2.05%, up from 1.95% in the second quarter and down from 2.36% a year earlier. Source
Funding cost lower than a year ago: The cost of interest-bearing liabilities was 2.44%, compared with 2.36% in the second quarter and 2.72% in the third quarter of 2025. Source
Earning-asset yield down on year: The yield on average earning assets was 5.41%, against 5.60% a year earlier. Management cited lower yields received on loans as an offset. Source

“These relationships are at the heart of our purpose, to make a difference in people's lives.”
Daryl N. Bible, M&T's Chief Financial Officer

Fee income and servicing

Noninterest income flat sequentially: Noninterest income was $743 million, up $3 million from the second quarter and down 1% from $752 million a year earlier. Source
Mortgage banking revenue rose on sub-servicing: Residential mortgage banking revenues were $119 million, up from $96 million in the second quarter, mainly from higher sub-servicing income. Source
Servicing rights now at fair value: Since January 1, 2026, changes in fair value of servicing rights run through mortgage banking revenues, and derivatives have hedged that risk since December 31, 2025. Source
Capital markets revenue fell: Capital markets and advisory revenues were $32 million, down from $41 million in the second quarter on lower syndication fees and swap revenue. Source
Lower BLG distribution cut other revenue: BLG income was $31 million, against $47 million in the second quarter. Other revenues from operations were $85 million. Source

Expenses and staffing

Expenses up 3% on technology spending: Noninterest expense was $1,393 million, up $44 million from the second quarter and up 2% from a year earlier, reflecting technology and enterprise spending and an extra working day. Source
Software and data processing costs rose: Outside data processing and software expense was $173 million, up $19 million from the second quarter and $35 million from the third quarter of 2025. Source
Visa litigation cost share added: Other costs of operations rose $6 million under the company's obligation to share in losses from certain Visa litigation. Source
Salaries rose with extra working day: Salaries and employee benefits were $832 million, up $6 million from the second quarter, with lower payroll-related taxes partly offsetting the extra day. Source
Staff and branch count fell: Full-time equivalent employees were 21,562, down from 22,383 a year earlier. Full-service domestic banking offices were 906, down from 942. Source

Credit quality and provision

Provision rose to $135 million: The provision for credit losses was $135 million, against $120 million in the second quarter and $125 million a year earlier. Loan loss provision was $130 million. Source
Net charge-offs rose from second quarter: Net charge-offs were $127 million, or 0.35% of average loans annualized, against $80 million or 0.23% in the second quarter and 0.42% a year earlier. Source
Nonaccrual loans up from second quarter: Nonaccrual loans were $1,298 million, or 0.90% of loans, up 7% from the second quarter and down 14% from a year earlier. Source
Allowance ratio slightly lower: The allowance for loan losses was $2,179 million, or 1.51% of loans, against 1.53% in the second quarter and 1.59% a year earlier, reflecting lower criticized loans. Source
Nonaccrual decline driven by two portfolios: Year-on-year nonaccrual declines were in commercial and industrial and commercial real estate. Accruing loans 90 days or more past due were $570 million, up 32% from a year earlier. Source

Capital and shareholder returns

CET1 ratio 10.16%: The estimated CET1 ratio was 10.16%, down from 10.19% in the second quarter and 10.99% a year earlier. Risk-weighted assets were $170.6 billion; the stress capital buffer is 2.7%. Source
Buybacks of $323 million: M&T repurchased 1.3 million shares for $323 million, against $465 million in the second quarter and $409 million a year earlier. Average diluted shares were 145,174 thousand. Source
Common dividend held at $1.50: Common and preferred dividends declared totaled $217 million and $42 million. The quarterly common dividend was $1.50 per share. Source
Accumulated other comprehensive income fell: Accumulated other comprehensive income declined $588 million in the quarter, which management attributed to rising interest rates. Source
Tangible equity ratio declined: The tangible common equity to tangible asset ratio fell 22 basis points from June 30 and 94 basis points from a year earlier, reflecting loan growth, buybacks and securities losses. Source

Securities and sub-servicing changes

Securities moved to held-to-maturity: $8.3 billion of residential mortgage-backed securities moved to held-to-maturity in July 2026, with net unrealized gains of $8 million at transfer. Source
Unrealized losses on transferred securities: Unrealized losses on the transferred securities were $222 million at September 30, 2026, or $165 million net of tax. Source
Sub-servicing portfolio expanded in June: The company began sub-servicing $62.9 billion of additional residential mortgage loans. Loans sub-serviced for others were $179,605 million at September 30, against $183,599 million at June 30. Source

Figures management reported

Figure	Reported
Net interest margin Source	3.65%
Net interest income Source	$1,793 million
Loans Source	$144,756 million period-end total loans
Loan growth Source	average total loans up 2% from second quarter 2026; up 5% from third quarter 2025
Deposits Source	$166,777 million average deposits
Deposit costs Source	2.05% rate on average interest-bearing deposits
Provision for credit losses Source	$135 million
Net charge-offs Source	$127 million; 0.35% of average loans, annualized
Nonperforming assets Source	$1,326 million
CET1 ratio Source	10.16% (estimated)
Efficiency ratio Source	54.4%

Risks management discussed

Regulatory: M&T carries an obligation under agreements to share in losses from certain Visa litigation, which added $6 million to other costs this quarter. Source
Financial: Nonaccrual loans rose to $1,298 million, up from $1,208 million in the second quarter, and remain a credit exposure. Source
External: Rising interest rates reduced accumulated other comprehensive income by $588 million in the quarter. Source
Financial: Unrealized losses on securities moved to held-to-maturity totaled $222 million at quarter end. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

One M&T Plaza, Buffalo, NY 14203

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

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $775 million or $5.04 of diluted earnings per common share.

(Dollars in millions, except per share data)	3Q26	2Q26	3Q25
Earnings Highlights
Net interest income	$1,793	$1,792	$1,761
Taxable-equivalent adjustment	12	12	12
Net interest income - taxable-equivalent	1,805	1,804	1,773
Provision for credit losses	135	120	125
Noninterest income	743	740	752
Noninterest expense	1,393	1,349	1,363
Net income	775	818	792
Net income available to common shareholders - diluted	732	781	754
Diluted earnings per common share	5.04	5.32	4.82
Return on average assets - annualized	1.40%	1.51%	1.49%
Return on average common shareholders' equity - annualized	11.44	12.30	11.45
Average Balance Sheet
Total assets	$218,860	$216,532	$211,053
Interest-bearing deposits at banks	14,209	15,061	17,739
Investment securities	38,552	38,728	36,559
Loans	143,296	140,650	135,890
Deposits	166,777	163,524	162,576
Borrowings	19,225	20,794	15,633
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin	3.65%	3.70%	3.69%
Efficiency ratio (1)	54.4	52.8	53.6
Net charge-offs to average total loans - annualized	.35	.23	.42
Allowance for loan losses to total loans	1.51	1.53	1.59
Nonaccrual loans to total loans	.90	.85	1.11
Common equity Tier 1 ("CET1") capital ratio (2)	10.16	10.19	10.99
Common shareholders' equity per share	$174.95	$176.03	$170.43

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

(2) CET1 capital ratio at September 30, 2026 is estimated.

Financial Highlights

Taxable-equivalent net interest income increased nominally in the recent quarter as compared with the second quarter of 2026 reflecting an additional day, partially offset by lower interest income on nonaccrual loans.
Average loans grew $2.6 billion in the recent quarter reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million.
Higher noninterest income in the recent quarter reflects an increase in residential mortgage banking revenues, partially offset by a decrease in capital markets and advisory revenues and a lower distribution from M&T's investment in Bayview Lending Group LLC ("BLG").
Noninterest expense reflects increases in outside data processing and software costs and professional and other services expense as well as higher personnel costs from an additional working day in the recent quarter.
The allowance for loan losses as a percent of total loans declined 2 basis points to 1.51% at September 30, 2026.
In the recent quarter, M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million. M&T's CET1 capital ratio is estimated to be 10.16% at September 30, 2026.

Chief Financial Officer Commentary

"M&T's third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people's lives. I want to thank our employees for their ongoing commitment to the communities and customers we serve."

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

Third Quarter 2026 Results

Financial Reporting Matters

As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan-based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, 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. All periods presented herein reflect those changes.

Non-GAAP Measures (1)
(Dollars in millions, except per share data)	3Q26	2Q26	Change 3Q26 vs. 2Q26	3Q25	Change 3Q26 vs. 3Q25
Net operating income	$780	$823	-5%	$798	-2%
Diluted net operating earnings per common share	5.08	5.35	-5	4.87	4
Annualized return on average tangible assets	1.47%	1.59%		1.56%
Annualized return on average tangible common equity	17.29	18.57		17.13
Efficiency ratio	54.4	52.8		53.6
Tangible equity per common share	$115.88	$117.41	-1	$115.31	-

(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)	3Q26	2Q26	Change 3Q26 vs. 2Q26	3Q25	Change 3Q26 vs. 3Q25
Average earning assets	$196,739	$195,216	1%	$190,920	3%
Average interest-bearing liabilities	142,294	140,354	1	134,153	6
Net interest income - taxable-equivalent	1,805	1,804	-	1,773	2
Yield on average earning assets	5.41%	5.40%		5.60%
Cost of interest-bearing liabilities	2.44	2.36		2.72
Net interest spread	2.97	3.04		2.88
Net interest margin	3.65	3.70		3.69

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

Third Quarter 2026 Results

Taxable-equivalent net interest income in the recent quarter rose nominally from the second quarter of 2026 reflecting an additional day, lower interest income on nonaccrual loans and loan growth funded by interest-bearing deposits as the Company reduced its average short-term borrowings. Taxable-equivalent net interest income increased $32 million, or 2%, as compared with the year-earlier third quarter reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans.

Average Earning Assets
(Dollars in millions)	3Q26	2Q26		Change 3Q26 vs. 2Q26	3Q25		Change 3Q26 vs. 3Q25
Interest-bearing deposits at banks	$14,209	$15,061		-6%	$17,739		-20%
Investment securities	38,552	38,728		-	36,559		5
Loans held for sale	682		777	-12		637	7
Loans: (1)
Commercial and industrial	65,887	65,883		-	61,687		7
Real estate - commercial	24,862	23,221		7	23,982		4
Real estate - residential	25,194	24,827		1	24,122		4
Consumer	27,353	26,719		2	26,099		5
Total loans	143,296	140,650		2	135,890		5
Other	-	-		-	95		-100
Total earning assets	$196,739	$195,216		1	$190,920		3

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

Average earning assets rose $1.5 billion from the second quarter of 2026 reflecting growth in average commercial real estate loan balances of $1.6 billion, average consumer loan balances of $634 million and average residential real estate loan balances of $367 million.

Average earning assets increased $5.8 billion from the third quarter of 2025, reflecting loan growth across all loan portfolios. Average commercial and industrial loan balances increased $4.2 billion, spanning most industry types. Average consumer, residential real estate and commercial real estate loan balances grew $1.3 billion, $1.1 billion and $880 million, respectively. The average balance of investment securities increased $2.0 billion from the year-earlier quarter, reflecting purchases of fixed rate mortgage-backed securities.

Average Interest-bearing Liabilities
(Dollars in millions)	3Q26	2Q26	Change 3Q26 vs. 2Q26	3Q25	Change 3Q26 vs. 3Q25
Interest-bearing deposits:
Savings and interest-checking deposits	$108,013	$105,752	2%	$104,630	3%
Time deposits	15,056	13,808	9	13,890	8
Total interest-bearing deposits	123,069	119,560	3	118,520	4
Short-term borrowings	5,248	8,016	-35	2,844	85
Long-term borrowings	13,977	12,778	9	12,789	9
Total interest-bearing liabilities	$142,294	$140,354	1	$134,153	6

Third Quarter 2026 Results

Average interest-bearing liabilities in the recent quarter rose $1.9 billion from the second quarter of 2026 reflecting growth in average interest-bearing deposits of $3.5 billion and higher average long-term borrowings resulting from asset securitizations and issuances of senior and subordinated notes. Those increases were partially offset by a $2.9 billion decline in average short-term borrowings from the FHLB of New York.

Average interest-bearing liabilities increased $8.1 billion from the third quarter of 2025 reflecting growth in average interest-bearing deposits of $4.5 billion, higher average short-term borrowings from the FHLB of New York of $1.9 billion and an increase in average long-term borrowings of $1.2 billion resulting from asset securitizations and issuances of subordinated notes, partially offset by net maturities of senior notes.

Provision for Credit Losses/Asset Quality
(Dollars in millions)	3Q26		2Q26		Change 3Q26 vs. 2Q26	3Q25		Change 3Q26 vs. 3Q25
At end of quarter
Nonaccrual loans	$1,298		$1,208		7%	$1,512		-14%
Real estate and other foreclosed assets	28		23		22	37		-26
Total nonperforming assets	1,326		1,231		8	1,549		-14
Accruing loans past due 90 days or more (1)	570		603		-5	432		32
Nonaccrual loans as % of loans outstanding	.90	%	.85	%		1.11%
Allowance for loan losses	$2,179		$2,176		-	$2,161		1
Allowance for loan losses as % of loans outstanding	1.51%		1.53%			1.59%
Reserve for unfunded credit commitments	$93		$95		-2	$95		-2
For the period
Provision for loan losses	$130		$120		8	$110		18
Provision for unfunded credit commitments	5		-		-	15		-67
Total provision for credit losses	135		120		13	125		8
Net charge-offs	127		80		59	146		-12
Net charge-offs as % of average loans (annualized)	.35	%	.23	%		.42	%

(1)Predominantly government-guaranteed residential real estate.

The provision for credit losses was $135 million in the third quarter of 2026 as compared with $120 million in the second quarter of 2026 and $125 million in the third quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.51% at September 30, 2026 and 1.53% at June 30, 2026, each improved from 1.59% at September 30, 2025, reflecting lower levels of criticized loans.

Nonaccrual loans were $1.3 billion at September 30, 2026 and $1.2 billion at June 30, 2026, compared with $1.5 billion at September 30, 2025. The lower level of nonaccrual loans at September 30, 2026 and June 30, 2026 as compared with September 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.

Third Quarter 2026 Results

Noninterest Income
(Dollars in millions)	3Q26	2Q26	Change 3Q26 vs. 2Q26	3Q25	Change 3Q26 vs. 3Q25
Trust and investment services income	$230	$235	-2%	$217	6%
Mortgage banking revenues (1)	152	127	19	147	3
Service charges on deposit accounts	109	107	1	105	3
Card revenues	90	89	2	90	-
Letter of credit and credit-related fees	46	44	4	45	3
Capital markets and advisory revenues	32	41	-24	35	-8
Gain (loss) on bank investment securities	(1)	2	-	1	-
Other revenues from operations (2)	85	95	-12	112	-25
Total	$743	$740	-	$752	-1

(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 third quarter of 2026 increased $3 million from 2026's second quarter.

Trust and investment services income declined $5 million reflecting seasonal tax services fees earned by the wealth management business in the second quarter of 2026.
Mortgage banking revenues increased $25 million reflecting a rise in residential mortgage loan sub-servicing income. In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans.
Capital markets and advisory revenues decreased $9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers.
Other revenues from operations decreased $10 million reflecting a lower distribution from M&T's investment in BLG in the recent quarter.

Noninterest income declined $9 million, or 1%, as compared with the third quarter of 2025.

Trust and investment services income rose $13 million reflecting higher corporate trust revenues from the Company's institutional services business and an increase in personal trust and investment services revenues from its wealth management businesses.
Mortgage banking revenues increased $5 million reflecting a rise in residential mortgage loan sub-servicing income, partially offset by the impact of the Company's fair value accounting election described above and lower gains on commercial mortgage loans originated for sale.
Other revenues from operations decreased $27 million reflecting a $28 million distribution of an earnout payment from the Company's 2023 sale of its Collective Investment Trust ("CIT") business and a $12 million gain on the sale of equipment leases each in the third quarter of 2025, partially offset by an $11 million higher distribution from M&T's investment in BLG in the recent quarter.

Third Quarter 2026 Results

Noninterest Expense
(Dollars in millions)	3Q26	2Q26	Change 3Q26 vs. 2Q26	3Q25	Change 3Q26 vs. 3Q25
Salaries and employee benefits	$832	$826	1%	$833	- %
Outside data processing and software	173	154	12	138	25
Equipment and net occupancy	131	129	-	129	1
Professional and other services	97	89	10	81	22
FDIC assessments	19	18	15	13	55
Advertising and marketing	29	27	7	23	26
Amortization of core deposit and other intangible assets	7	7	-	10	-27
Other costs of operations	105	99	6	136	-23
Total	$1,393	$1,349	3	$1,363	2

Noninterest expense rose $44 million, or 3%, from the second quarter of 2026.

Salaries and employee benefits expense increased $6 million reflecting an additional working day in the recent quarter, partially offset by lower payroll-related taxes.
Outside data processing and software costs increased $19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure.
Professional and other services rose $8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives.
Other costs of operations increased $6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc.

Noninterest expense increased $30 million, or 2%, from the third quarter of 2025.

Outside data processing and software costs rose $35 million reflecting costs associated with enhancements to the Company's technology infrastructure.
Professional and other services increased $16 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives and higher legal service costs.
FDIC assessments were $6 million higher in the recent quarter reflecting the reduction of estimated special assessment expense in the third quarter of 2025 resulting from a decrease in the FDIC's loss estimates associated with certain failed banks.
Other costs of operations decreased $31 million reflecting the amortization associated with residential mortgage loan servicing right assets in the third quarter of 2025 and lower expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.

Income Taxes

The Company's effective income tax rate was 23.1% in each of the third and second quarters of 2026 compared with 22.8% in the third quarter of 2025.

Third Quarter 2026 Results

	3Q26		2Q26	3Q25
Capital and Liquidity
CET1 capital	10.16%	(1)	10.19%	10.99%
Tier 1 capital	11.93	(1)	11.64	12.49
Total capital	13.93	(1)	13.73	14.35
Tangible capital - common	7.85		8.07	8.79

(1)Capital ratios at September 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 $217 million and $42 million, respectively, for the quarter ended September 30, 2026. M&T's current stress capital buffer is 2.7%.

Reflecting rising interest rates, accumulated other comprehensive income declined $588 million in the recent quarter. In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with net unrealized gains of $8 million. Unrealized losses on those transferred securities at September 30, 2026 were $222 million ($165 million net of tax).

M&T repurchased shares of its common stock at a cost of $323 million during the recent quarter, compared with $465 million and $409 million in the second quarter of 2026 and the third quarter of 2025, respectively.

The CET1 capital ratio for M&T was estimated at 10.16% as of September 30, 2026. M&T's total risk-weighted assets at September 30, 2026 are estimated to be $170.6 billion. Reflecting loan growth and share repurchase activity in the recent quarter and the impact of unrealized losses on investment securities available for sale included in accumulated other comprehensive income at September 30, 2026, M&T's tangible common equity to tangible asset ratio at September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025.

While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on September 30, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss third 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 #MTBQ326. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Friday October 23, 2026, by calling (800) 839-3736 or (402) 220-2978 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.

Third 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.

Forward-looking statements notice

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.

Third Quarter 2026 Results

Financial Highlights

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(Dollars in millions, except per share, shares in thousands)		2026		2025	Change		2026		2025	Change
Performance
Net income	$775		$792		-2%	$2,257		$2,092		8%
Net income available to common shareholders	732		754		-3	2,133		1,981		8
Per common share:
Basic earnings	5.08		4.85		5	14.57		12.41		17
Diluted earnings	5.04		4.82		5	14.48		12.34		17
Cash dividends	1.50		1.50		-	4.50		4.20		7
Common shares outstanding:
Average - diluted	145,174		156,553		-7	147,329		160,503		-8
Period end	143,708		154,518		-7	143,708		154,518		-7
Return on (annualized):
Average total assets	1.40%		1.49%			1.39%		1.33%
Average common shareholders' equity	11.44		11.45			11.13		10.07
Taxable-equivalent net interest income	$1,805		$1,773		2	$5,372		$5,202		3
Yield on average earning assets	5.41%		5.60%			5.39%		5.54%
Cost of interest-bearing liabilities	2.44		2.72			2.38		2.71
Net interest spread	2.97		2.88			3.01		2.83
Contribution of interest-free funds	.68		.81			.67		.82
Net interest margin	3.65		3.69			3.68		3.65
Net charge-offs to average total net loans (annualized)	.35		.42			.30		.36
Net operating results (1)
Net operating income	$780		$798		-2	$2,274		$2,116		7
Diluted net operating earnings per common share	5.08		4.87		4	14.60		12.49		17
Return on (annualized):
Average tangible assets	1.47%		1.56%			1.46%		1.41%
Average tangible common equity	17.29		17.13			16.78		15.07
Efficiency ratio	54.4		53.6			55.1		56.3
	At September 30,
Loan quality		2026		2025	Change
Nonaccrual loans	$1,298		$1,512		-14%
Real estate and other foreclosed assets	28		37		-26
Total nonperforming assets	$1,326		$1,549		-14
Accruing loans past due 90 days or more	$570		$432		32
Government guaranteed loans included in totals above:
Nonaccrual loans	81		71		13
Accruing loans past due 90 days or more	556		403		38
Nonaccrual loans to total loans	.90	%	1.11%
Allowance for loan losses to total loans	1.51		1.59
Additional information
Period end common stock price	$217.60		$197.62		10
Full-service domestic banking offices (2)	906		942		-4
Full-time equivalent employees	21,562		22,383		-4

(1) 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.

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

Third Quarter 2026 Results

Financial Highlights, Five Quarter Trend

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions, except per share, shares in thousands)		2026		2026		2026		2025		2025
Performance
Net income	$775		$818		$664		$759		$792
Net income available to common shareholders	732		781		620		718		754
Per common share:
Basic earnings	5.08		5.35		4.16		4.71		4.85
Diluted earnings	5.04		5.32		4.13		4.67		4.82
Cash dividends	1.50		1.50		1.50		1.50		1.50
Common shares outstanding:
Average - diluted	145,174		146,758		150,109		153,712		156,553
Period end	143,708		144,933		146,917		151,840		154,518
Return on (annualized):
Average total assets	1.40%		1.51%		1.26%		1.41%		1.49%
Average common shareholders' equity	11.44		12.30		9.67		10.87		11.45
Taxable-equivalent net interest income	$1,805		$1,804		$1,763		$1,790		$1,773
Yield on average earning assets	5.41%		5.40%		5.35%		5.47%		5.60%
Cost of interest-bearing liabilities	2.44		2.36		2.32		2.52		2.72
Net interest spread	2.97		3.04		3.03		2.95		2.88
Contribution of interest-free funds	.68		.66		.67		.75		.81
Net interest margin	3.65		3.70		3.70		3.70		3.69
Net charge-offs to average total net loans (annualized)	.35		.23		.31		.54		.42
Net operating results (1)
Net operating income	$780		$823		$671		$767		$798
Diluted net operating earnings per common share	5.08		5.35		4.18		4.72		4.87
Return on (annualized):
Average tangible assets	1.47%		1.59%		1.33%		1.49%		1.56%
Average tangible common equity	17.29		18.57		14.51		16.24		17.13
Efficiency ratio	54.4		52.8		58.3		55.1		53.6
	September 30,		June 30,		March 31,		December 31,		September 30,
Loan quality		2026		2026		2026		2025		2025
Nonaccrual loans	$1,298		$1,208		$1,240		$1,252		$1,512
Real estate and other foreclosed assets	28		23		27		35		37
Total nonperforming assets	$1,326		$1,231		$1,267		$1,287		$1,549
Accruing loans past due 90 days or more	$570		$603		$646		$561		$432
Government guaranteed loans included in totals above:
Nonaccrual loans	81		78		85		83		71
Accruing loans past due 90 days or more	556		586		634		543		403
Nonaccrual loans to total loans	.90	%	.85	%	.89	%	.91	%	1.11%
Allowance for loan losses to total loans	1.51		1.53		1.54		1.54		1.59
Additional information
Period end common stock price	$217.60		$238.01		$206.72		$201.48		$197.62
Full-service domestic banking offices (2)	906		911		930		942		942
Full-time equivalent employees	21,562		21,662		21,866		22,080		22,383

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

Third Quarter 2026 Results

Condensed Consolidated Statement of Income

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(Dollars in millions)		2026		2025	Change		2026		2025	Change
Interest income	$2,667		$2,680		- %	$7,823		$7,849		- %
Interest expense	874		919		-5	2,486		2,680		-7
Net interest income	1,793		1,761		2	5,337		5,169		3
Provision for credit losses	135		125		8	395		380		4
Net interest income after provision for credit losses	1,658		1,636		1	4,942		4,789		3
Other income:
Trust and investment services income	230		217		6	684		643		7
Mortgage banking revenues	152		147		3	406		395		3
Service charges on deposit accounts	109		105		3	322		307		5
Card revenues	90		90		-	257		257		-
Letter of credit and credit-related fees	46		45		3	132		132		-
Capital markets and advisory revenues	32		35		-8	109		89		23
Gain (loss) on bank investment securities	(1)		1		-	5		1		-
Other revenues from operations	85		112		-25	257		222		16
Total other income	743		752		-1	2,172		2,046		6
Other expense:
Salaries and employee benefits	832		833		-	2,572		2,533		2
Outside data processing and software	173		138		25	471		412		14
Equipment and net occupancy	131		129		1	393		391		-
Professional and other services	97		81		22	279		251		12
FDIC assessments	19		13		55	60		58		4
Advertising and marketing	29		23		26	77		70		9
Amortization of core deposit and other intangible assets	7		10		-27	23		32		-27
Other costs of operations	105		136		-23	305		367		-17
Total other expense	1,393		1,363		2	4,180		4,114		2
Income before taxes	1,008		1,025		-2	2,934		2,721		8
Income taxes	233		233		-	677		629		8
Net income	$775		$792		-2%	$2,257		$2,092		8%

Third Quarter 2026 Results

Condensed Consolidated Statement of Income, Five Quarter Trend

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)		2026		2026		2026		2025		2025
Interest income	$2,667		$2,620		$2,536		$2,637		$2,680
Interest expense	874		828		784		858		919
Net interest income	1,793		1,792		1,752		1,779		1,761
Provision for credit losses	135		120		140		125		125
Net interest income after provision for credit losses	1,658		1,672		1,612		1,654		1,636
Other income:
Trust and investment services income	230		235		219		220		217
Mortgage banking revenues	152		127		127		155		147
Service charges on deposit accounts	109		107		106		105		105
Card revenues	90		89		78		87		90
Letter of credit and credit-related fees	46		44		42		47		45
Capital markets and advisory revenues	32		41		36		31		35
Gain (loss) on bank investment securities	(1)		2		4		1		1
Other revenues from operations	85		95		77		50		112
Total other income	743		740		689		696		752
Other expense:
Salaries and employee benefits	832		826		914		809		833
Outside data processing and software	173		154		144		146		138
Equipment and net occupancy	131		129		133		134		129
Professional and other services	97		89		93		105		81
FDIC assessments	19		18		23		(8)		13
Advertising and marketing	29		27		21		32		23
Amortization of core deposit and other intangible assets	7		7		9		10		10
Other costs of operations	105		99		101		151		136
Total other expense	1,393		1,349		1,438		1,379		1,363
Income before taxes	1,008		1,063		863		971		1,025
Income taxes	233		245		199		212		233
Net income	$775		$818		$664		$759		$792

Third Quarter 2026 Results

Condensed Consolidated Balance Sheet

	September 30,
(Dollars in millions)		2026		2025	Change
ASSETS
Cash and due from banks	$1,796		$1,950		-8%
Interest-bearing deposits at banks	14,342		16,751		-14
Investment securities	37,894		36,864		3
Loans held for sale	696		629		11
Loans:
Commercial and industrial	66,373		61,863		7
Real estate - commercial	25,561		23,768		8
Real estate - residential	25,301		24,335		4
Consumer	27,521		26,379		4
Total loans	144,756		136,345		6
Allowance for loan losses	(2,179)		(2,161)		1
Net loans	142,577		134,184		6
Goodwill	8,465		8,465		-
Core deposit and other intangible assets	41		74		-45
Other assets	14,699		12,360		19
Total assets	$220,510		$211,277		4%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$44,819		$44,994		- %
Interest-bearing deposits	122,691		118,432		4
Total deposits	167,510		163,426		2
Short-term borrowings	6,373		2,059		209
Long-term borrowings	13,648		12,928		6
Accrued interest and other liabilities	4,820		4,136		17
Total liabilities	192,351		182,549		5
Shareholders' equity:
Preferred	3,017		2,394		26
Common	25,142		26,334		-5
Total shareholders' equity	28,159		28,728		-2
Total liabilities and shareholders' equity	$220,510		$211,277		4%

Third Quarter 2026 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend

	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)		2026		2026		2026		2025		2025
ASSETS
Cash and due from banks	$1,796		$1,939		$1,903		$1,701		$1,950
Interest-bearing deposits at banks	14,342		15,499		14,445		17,068		16,751
Investment securities	37,894		38,374		38,621		36,649		36,864
Loans held for sale	696		663		861		1,067		629
Loans:
Commercial and industrial	66,373		65,995		65,216		63,406		61,863
Real estate - commercial	25,561		24,233		22,986		23,335		23,768
Real estate - residential	25,301		25,128		24,530		24,433		24,335
Consumer	27,521		27,174		26,321		26,461		26,379
Total loans	144,756		142,530		139,053		137,635		136,345
Allowance for loan losses	(2,179)		(2,176)		(2,136)		(2,116)		(2,161)
Net loans	142,577		140,354		136,917		135,519		134,184
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	41		48		55		64		74
Other assets	14,699		13,919		13,469		12,977		12,360
Total assets	$220,510		$219,261		$214,736		$213,510		$211,277
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$44,819		$48,295		$45,892		$46,509		$44,994
Interest-bearing deposits	122,691		120,590		117,849		120,400		118,432
Total deposits	167,510		168,885		163,741		166,909		163,426
Short-term borrowings	6,373		4,614		7,851		2,149		2,059
Long-term borrowings	13,648		13,568		11,175		10,911		12,928
Accrued interest and other liabilities	4,820		4,248		3,997		4,364		4,136
Total liabilities	192,351		191,315		186,764		184,333		182,549
Shareholders' equity:
Preferred	3,017		2,434		2,434		2,834		2,394
Common	25,142		25,512		25,538		26,343		26,334
Total shareholders' equity	28,159		27,946		27,972		29,177		28,728
Total liabilities and shareholders' equity	$220,510		$219,261		$214,736		$213,510		$211,277

Third Quarter 2026 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

	Three Months Ended						Change in Balance				Nine Months Ended
	September 30,		June 30,		September 30,		September 30, 2026 from				September 30,				Change
	2026		2026		2025		June 30,		September 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	$14,209	3.79%	$15,061	3.72%	$17,739	4.43%	-6%		-20%		$15,159	3.74%	$19,037	4.46%	-20%
Investment securities (1)	38,552	4.33	38,728	4.29	36,559	4.15	-		5		38,378	4.28	35,466	3.98	8
Loans held for sale	682	5.48	777	5.50	637	5.85	-12		7		819	5.45	750	6.92	9
Loans:
Commercial and industrial	65,887	6.00	65,883	6.00	61,687	6.45	-		7		65,139	6.00	61,234	6.41	6
Real estate - commercial	24,862	6.03	23,221	6.29	23,982	6.45	7		4		23,709	6.15	24,796	6.34	-4
Real estate - residential	25,194	4.69	24,827	4.63	24,122	4.57	1		4		24,832	4.62	23,543	4.50	5
Consumer	27,353	6.47	26,719	6.46	26,099	6.60	2		5		26,797	6.47	25,275	6.58	6
Total loans	143,296	5.86	140,650	5.89	135,890	6.15	2		5		140,477	5.87	134,848	6.09	4
Other	-	-	-	-	95	3.45	-		-100		31	-	96	3.46	-67
Total earning assets	196,739	5.41	195,216	5.40	190,920	5.60	1		3		194,864	5.39	190,197	5.54	2
Goodwill	8,465		8,465		8,465		-		-		8,465		8,465		-
Core deposit and other intangible assets	45		51		79		-12		-43		52		86		-40
Other assets	13,611		12,800		11,589		6		17		13,043		11,141		17
Total assets	$218,860		$216,532		$211,053		1%		4%		$216,424		$209,889		3%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits:
Savings and interest-checking deposits	$108,013	1.89%	$105,752	1.81%	$104,630	2.23%	2%		3%		$106,783	1.85%	$103,378	2.22%	3%
Time deposits	15,056	3.19	13,808	3.02	13,890	3.40	9		8		13,982	3.08	14,056	3.48	-1
Total interest-bearing deposits	123,069	2.05	119,560	1.95	118,520	2.36	3		4		120,765	1.99	117,434	2.37	3
Short-term borrowings	5,248	3.89	8,016	3.86	2,844	4.50	-35		85		6,318	3.87	3,013	4.50	110
Long-term borrowings	13,977	5.32	12,778	5.33	12,789	5.64	9		9		12,617	5.35	11,675	5.64	8
Total interest-bearing liabilities	142,294	2.44	140,354	2.36	134,153	2.72	1		6		139,700	2.38	132,122	2.71	6
Noninterest-bearing deposits	43,708		43,964		44,056		-1		-1		44,070		44,877		-2
Other liabilities	4,527		4,275		4,261		6		6		4,349		4,142		5
Total liabilities	190,529		188,593		182,470		1		4		188,119		181,141		4
Shareholders' equity	28,331		27,939		28,583		1		-1		28,305		28,748		-2
Total liabilities and shareholders' equity	$218,860		$216,532		$211,053		1%		4%		$216,424		$209,889		3%
Net interest spread		2.97		3.04		2.88						3.01		2.83
Contribution of interest-free funds		.68		.66		.81						.67		.82
Net interest margin		3.65%		3.70%		3.69%						3.68%		3.65%

(1) Yields on investment securities for the nine-month period ended September 30, 2025 reflect $18 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.

Third Quarter 2026 Results

Supplemental Information - Loan Balances

	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)		2026		2026		2026		2025		2025
Commercial and industrial
Commercial and industrial excluding owner-occupied real estate by industry:
Financial and insurance	$13,731		$13,804		$13,488		$12,749		$12,077
Services	8,719		8,534		8,207		7,887		7,685
Motor vehicle and recreational finance dealers	6,706		6,966		7,061		7,185		6,636
Manufacturing	6,311		6,389		6,402		6,094		6,238
Wholesale	4,473		4,330		4,343		4,373		4,244
Transportation, communications, utilities	4,456		4,199		3,928		3,883		3,754
Retail	3,347		3,319		3,302		3,087		3,112
Construction	2,412		2,445		2,305		2,260		2,205
Health services	1,811		1,707		1,835		1,816		1,779
Real estate investors	1,589		1,521		1,662		1,574		1,505
Other	1,370		1,397		1,362		1,300		1,567
Total commercial and industrial excluding owner-occupied real estate	54,925		54,611		53,895		52,208		50,802
Owner-occupied real estate by industry:
Services	2,351		2,362		2,377		2,368		2,308
Motor vehicle and recreational finance dealers	2,263		2,180		2,217		2,234		2,162
Retail	1,929		1,926		1,916		1,893		1,825
Health services	1,413		1,464		1,335		1,268		1,320
Wholesale	1,079		1,035		1,029		978		975
Manufacturing	735		712		727		791		783
Real estate investors	585		607		617		616		634
Other	1,093		1,098		1,103		1,050		1,054
Total owner-occupied real estate	11,448		11,384		11,321		11,198		11,061
Total commercial and industrial	66,373		65,995		65,216		63,406		61,863
Commercial real estate
Permanent finance by property type:
Apartments/Multifamily	7,320		6,865		6,269		6,353		6,270
Retail/Service	4,313		4,259		4,237		4,164		4,320
Industrial/Warehouse	3,510		3,276		2,462		2,297		2,175
Office	3,066		3,147		3,282		3,423		3,487
Health services	1,841		1,583		1,507		1,548		1,554
Hotel	1,728		1,665		1,727		1,743		1,776
Other	443		180		187		180		202
Total permanent	22,221		20,975		19,671		19,708		19,784
Construction/Development	3,340		3,258		3,315		3,627		3,984
Total commercial real estate	25,561		24,233		22,986		23,335		23,768
Residential real estate
Residential real estate	25,301		25,128		24,530		24,433		24,335
Consumer
Home equity lines and loans	4,991		4,891		4,796		4,807		4,730
Recreational finance	15,170		14,856		14,144		14,092		14,152
Automobile	4,871		4,969		5,016		5,167		5,223
Other	2,489		2,458		2,365		2,395		2,274
Total consumer	27,521		27,174		26,321		26,461		26,379
Total loans	$144,756		$142,530		$139,053		$137,635		$136,345

Third Quarter 2026 Results

Supplemental Information - Mortgage Banking Activities

	Three Months Ended				Change		Nine Months Ended				Change
	September 30,		June 30,				September 30,		September 30,
(Dollars in millions)		2026		2026	Amount	%		2026		2025	Amount	%
Residential mortgage banking revenues
Gains on loans originated for sale	$9		$7		$2	30%	$24		$23		$1	4%
Loan servicing:
Loan servicing fees	33		33		-	-1	98		105		(7)	-7
Changes in fair value of mortgage loan servicing right assets, net of hedging activities	(16)		(11)		(5)	-37	(40)		-		(40)	-
Loan sub-servicing and other fees	93		67		26	38	222		159		63	39
Total loan servicing	110		89		21	23	280		264		16	6
Total residential mortgage banking revenues	$119		$96		$23	24%	$304		$287		$17	6%
New commitments to originate loans for sale	$377		$411		$(34)	-8%	$1,188		$1,019		$169	17%

	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)		2026		2026		2026		2025		2025
Balances at period end
Loans held for sale	$249		$256		$327		$441		$327
Commitments to originate loans for sale	191		258		222		224		329
Commitments to sell loans	407		467		544		645		576
Capitalized mortgage loan servicing assets	572		540		542		287		305
Loans serviced for others	34,909		35,253		35,586		35,873		36,421
Loans sub-serviced for others	179,605		183,599		123,968		156,938		161,785
Total loans serviced for others	$214,514		$218,852		$159,554		$192,811		$198,206

	Three Months Ended				Change		Nine Months Ended				Change
	September 30,		June 30,				September 30,		September 30,
(Dollars in millions)		2026		2026	Amount	%		2026		2025	Amount	%
Commercial mortgage banking revenues
Gains on loans originated for sale	$13		$13		$ -	- %	$44		$50		$(6)	-12%
Loan servicing fees and other	20		18		2	9	58		58		-	-
Total commercial mortgage banking revenues	$33		$31		$2	5%	$102		$108		$(6)	-6%
Loans originated for sale to other investors	$737		$746		$(9)	-1%	$2,618		$3,138		$(520)	-17%

	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)		2026		2026		2026		2025		2025
Balances at period end
Loans held for sale	$263		$259		$359		$484		$278
Commitments to originate loans for sale	559		485		529		773		1,074
Commitments to sell loans	826		740		903		1,253		1,292
Capitalized mortgage loan servicing assets	132		136		138		132		123
Loans serviced for others	31,204		31,368		30,934		30,309		28,957
Loans sub-serviced for others	4,013		4,072		4,194		4,231		4,297
Total loans serviced for others	$35,217		$35,440		$35,128		$34,540		$33,254

Third Quarter 2026 Results

Supplemental Information - Other Revenues from Operations

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		Change		September 30,		September 30,		Change
(Dollars in millions)		2026		2026	Amount	%		2026		2025	Amount	%
Bank owned life insurance revenue	$17		$20		$(3)	-12%	$55		$56		$(1)	-2%
Equipment operating lease income	12		11		1	4	34		37		(3)	-9
BLG income	31		47		(16)	-34	111		20		91	455
Earnout payment related to 2023 sale of CIT business	-		-		-	-	-		28		(28)	-100
Gains on sales of out-of-footprint loan portfolio	-		-		-	-	-		15		(15)	-100
Gain on sale of institutional services subsidiary	-		-		-	-	-		10		(10)	-100
Other	25		17		8	47	57		56		1	2
Total other revenues from operations	$85		$95		$(10)	-12%	$257		$222		$35	16%

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)		2026		2026		2026		2025		2025
Bank owned life insurance revenue	$17		$20		$18		$19		$21
Equipment operating lease income	12		11		11		11		12
BLG income	31		47		33		-		20
Earnout payment related to 2023 sale of CIT business	-		-		-		-		28
Other	25		17		15		20		31
Total other revenues from operations	$85		$95		$77		$50		$112

Supplemental Information - Interest Rate Swap Agreements Designated as Hedges at September 30, 2026

(Dollars in billions)	September 30, 2026	December 31, 2026	March 31, 2027	June 30, 2027	September 30, 2027	December 31, 2027	March 31, 2028
Fair value hedges:
Active	$6.1	$6.1	$6.1	$6.1	$5.1	$6.4	$5.9
Forward-starting	1.3	1.3	1.3	1.3	1.3	-	-
Cash flow hedges:
Active	16.7	17.5	17.0	17.7	15.2	13.9	12.7
Forward-starting	8.8	8.0	5.8	1.8	1.8	1.5	-
Fair value hedges - weighted-average fixed rate:
Active	3.56%	3.56%	3.56%	3.56%	3.66%	3.85%	3.85%
Forward-starting	4.62	4.62	4.62	4.62	4.62	-	-
Cash flow hedges - weighted-average fixed rate:
Active	3.70	3.69	3.67	3.78	3.78	3.76	3.87
Forward-starting	3.97	4.01	4.23	4.56	4.56	4.55	-

Third Quarter 2026 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$775	$792	$2,257	$2,092
Amortization of core deposit and other intangible assets (1)	5	6	17	24
Net operating income	$780	$798	$2,274	$2,116
Earnings per common share
Diluted earnings per common share	$5.04	$4.82	$14.48	$12.34
Amortization of core deposit and other intangible assets (1)	.04	.05	.12	.15
Diluted net operating earnings per common share	$5.08	$4.87	$14.60	$12.49
Other expense
Other expense	$1,393	$1,363	$4,180	$4,114
Amortization of core deposit and other intangible assets	(7)	(10)	(23)	(32)
Noninterest operating expense	$1,386	$1,353	$4,157	$4,082
Efficiency ratio
Noninterest operating expense (numerator)	$1,386	$1,353	$4,157	$4,082
Taxable-equivalent net interest income	$1,805	$1,773	$5,372	$5,202
Other income	743	752	2,172	2,046
Less: Gain (loss) on bank investment securities	(1)	1	5	1
Denominator	$2,549	$2,524	$7,539	$7,247
Efficiency ratio	54.4%	53.6%	55.1%	56.3%
Balance sheet data
Average assets
Average assets	$218,860	$211,053	$216,424	$209,889
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(45)	(79)	(52)	(86)
Deferred taxes	17	24	18	25
Average tangible assets	$210,367	$202,533	$207,925	$201,363
Average common equity
Average total equity	$28,331	$28,583	$28,305	$28,748
Preferred stock	(2,890)	(2,394)	(2,635)	(2,394)
Average common equity	25,441	26,189	25,670	26,354
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(45)	(79)	(52)	(86)
Deferred taxes	17	24	18	25
Average tangible common equity	$16,948	$17,669	$17,171	$17,828
At end of quarter
Total assets
Total assets	$220,510	$211,277
Goodwill	(8,465)	(8,465)
Core deposit and other intangible assets	(41)	(74)
Deferred taxes	16	23
Total tangible assets	$212,020	$202,761
Total common equity
Total equity	$28,159	$28,728
Preferred stock	(3,017)	(2,394)
Common equity	25,142	26,334
Goodwill	(8,465)	(8,465)
Core deposit and other intangible assets	(41)	(74)
Deferred taxes	16	23
Total tangible common equity	$16,652	$17,818

(1) After any related tax effect.

Third Quarter 2026 Results

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

	Three Months Ended
	September 30,	June 30,	March 31,	December 31,	September 30,
	2026	2026	2026	2025	2025
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$775	$818	$664	$759	$792
Amortization of core deposit and other intangible assets (1)	5	5	7	8	6
Net operating income	$780	$823	$671	$767	$798
Earnings per common share
Diluted earnings per common share	$5.04	$5.32	$4.13	$4.67	$4.82
Amortization of core deposit and other intangible assets (1)	.04	.03	.05	.05	.05
Diluted net operating earnings per common share	$5.08	$5.35	$4.18	$4.72	$4.87
Other expense
Other expense	$1,393	$1,349	$1,438	$1,379	$1,363
Amortization of core deposit and other intangible assets	(7)	(7)	(9)	(10)	(10)
Noninterest operating expense	$1,386	$1,342	$1,429	$1,369	$1,353
Efficiency ratio
Noninterest operating expense (numerator)	$1,386	$1,342	$1,429	$1,369	$1,353
Taxable-equivalent net interest income	$1,805	$1,804	$1,763	$1,790	$1,773
Other income	743	740	689	696	752
Less: Gain (loss) on bank investment securities	(1)	2	4	1	1
Denominator	$2,549	$2,542	$2,448	$2,485	$2,524
Efficiency ratio	54.4%	52.8%	58.3%	55.1%	53.6%
Balance sheet data
Average assets
Average assets	$218,860	$216,532	$213,828	$212,891	$211,053
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(45)	(51)	(59)	(69)	(79)
Deferred taxes	17	17	19	22	24
Average tangible assets	$210,367	$208,033	$205,323	$204,379	$202,533
Average common equity
Average total equity	$28,331	$27,939	$28,648	$28,970	$28,583
Preferred stock	(2,890)	(2,434)	(2,576)	(2,691)	(2,394)
Average common equity	25,441	25,505	26,072	26,279	26,189
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(45)	(51)	(59)	(69)	(79)
Deferred taxes	17	17	19	22	24
Average tangible common equity	$16,948	$17,006	$17,567	$17,767	$17,669
At end of quarter
Total assets
Total assets	$220,510	$219,261	$214,736	$213,510	$211,277
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(41)	(48)	(55)	(64)	(74)
Deferred taxes	16	17	18	20	23
Total tangible assets	$212,020	$210,765	$206,234	$205,001	$202,761
Total common equity
Total equity	$28,159	$27,946	$27,972	$29,177	$28,728
Preferred stock	(3,017)	(2,434)	(2,434)	(2,834)	(2,394)
Common equity	25,142	25,512	25,538	26,343	26,334
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(41)	(48)	(55)	(64)	(74)
Deferred taxes	16	17	18	20	23
Total tangible common equity	$16,652	$17,016	$17,036	$17,834	$17,818

(1) After any related tax effect.

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