BUFFALO, N.Y., April 15, 2026 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $664 million or $4.13 of diluted earnings per common share.
(Dollars in millions, except per share data) 1Q26 4Q25 1Q25
Earnings Highlights
Net interest income $1,752 $1,779 $1,695
Taxable-equivalent adjustment 11 11 12
Net interest income - taxable-equivalent 1,763 1,790 1,707
Provision for credit losses 140 125 130
Noninterest income 689 696 611
Noninterest expense 1,438 1,379 1,415
Net income 664 759 584
Net income available to common shareholders - diluted 620 718 547
Diluted earnings per common share 4.13 4.67 3.32
Return on average assets - annualized 1.26 % 1.41 % 1.14 %
Return on average common shareholders' equity - annualized 9.67 10.87 8.36
Average Balance Sheet
Total assets $213,828 $212,891 $208,321
Interest-bearing deposits at banks 16,231 17,964 19,695
Investment securities 37,845 36,705 34,480
Loans 138,423 137,600 134,844
Deposits 164,268 165,057 161,220
Borrowings 16,759 14,619 14,154
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin 3.71 % 3.69 % 3.66 %
Efficiency ratio (1) 58.3 55.1 60.5
Net charge-offs to average total loans - annualized .31 .54 .34
Allowance for loan losses to total loans 1.53 1.53 1.63
Nonaccrual loans to total loans .89 .90 1.14
Common equity Tier 1 ("CET1") capital ratio (2) 10.33 10.84 11.50
Common shareholders' equity per share $173.82 $173.49 $163.62
(1) A reconciliation of non-GAAP measures is included in the tables that
accompany this release.
(2)
CET1 capital ratio at March 31, 2026 is estimated.
Financial Highlights
- Net interest margin widened 2 basis points from the fourth quarter of 2025 to 3.71% in the recent quarter reflecting a decline in funding costs that outpaced a reduction in yields received on earning assets.
- Growth in average loans in the recent quarter reflects higher average balances of commercial and industrial loans, partially offset by lower average balances of commercial real estate and consumer loans.
- Noninterest income reflects the impact of the Company's election on January 1, 2026 to prospectively measure its residential mortgage loan servicing right assets at fair value and lower gains on commercial mortgage loans originated for sale, partially offset by a $33 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG") in the recent quarter.
- The increase in noninterest expense includes seasonal salaries and employee benefits expense of $115 million, partially offset by lower other costs of operations reflecting a $30 million contribution to The M&T Charitable Foundation and amortization of residential mortgage loan servicing right assets each in the fourth quarter of 2025.
- The allowance for loan losses as a percent of total loans remained unchanged at March 31, 2026.
- In the recent quarter M&T repurchased 5.5 million shares of its common stock in accordance with its capital plan resulting in a total cost of $1.25 billion. M&T's CET1 capital ratio is estimated to be 10.33% at March 31, 2026.
Chief Financial Officer Commentary
"M&T continued to produce strong operating results and return capital to its shareholders in the recent quarter while investing in its businesses and expanding its operational capabilities in support of our strategic objectives of operational excellence and teaming for growth to meet the needs of our customers and make a difference in people's lives. I am pleased to report the successful conversion of our core general ledger platform earlier this week."
- 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
Non-GAAP Measures (1)
(Dollars in millions, except per share data) 1Q26 4Q25 Change 1Q25 Change
1Q26 vs. 1Q26 vs.
4Q25 1Q25
Net operating income $671 $767 -12 % $594 13 %
Diluted net operating earnings per common share 4.18 4.72 -11 3.38 24
Annualized return on average tangible assets 1.33 % 1.49 % 1.21 %
Annualized return on average tangible common equity 14.51 16.24 12.53
Efficiency ratio 58.3 55.1 60.5
Tangible equity per common share $115.96 $117.45 -1 $111.13 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
(Dollars in millions) 1Q26 4Q25 Change 1Q25 Change
1Q26 vs. 1Q26 vs.
4Q25 1Q25
Average earning assets $192,594 $192,366 - % $189,116 2 %
Average interest-bearing liabilities 136,480 135,492 1 129,938 5
Net interest income - taxable-equivalent 1,763 1,790 -2 1,707 3
Yield on average earning assets 5.36 % 5.46 % 5.52 %
Cost of interest-bearing liabilities 2.33 2.51 2.70
Net interest spread 3.03 2.95 2.82
Net interest margin 3.71 3.69 3.66
Taxable-equivalent net interest income decreased $27 million, or 2%, as compared with the fourth quarter of 2025 reflecting two less calendar days in the recent quarter. Taxable-equivalent net interest income increased $56 million, or 3%, as compared with the year-earlier first 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.
Average Earning Assets
(Dollars in millions) 1Q26 4Q25 Change 1Q25 Change
1Q26 vs. 1Q26 vs.
4Q25 1Q25
Interest-bearing deposits at banks $16,231 $17,964 -10 % $19,695 -18 %
Trading account 95 97 -2 97 -3
Investment securities 37,845 36,705 3 34,480 10
Loans
Commercial and industrial 63,804 62,257 2 61,056 5
Real estate - commercial 23,496 24,101 -3 26,259 -11
Real estate - residential 24,817 24,765 23,176 7
Consumer 26,306 26,477 -1 24,353 8
Total loans 138,423 137,600 1 134,844 3
Total earning assets $192,594 $192,366 $189,116 2
Average earning assets rose $228 million from the fourth quarter of 2025 reflecting loan growth and purchases of investment securities, partially offset by a decrease in interest-bearing deposits at banks. Loan growth in the recent quarter reflected higher average commercial and industrial loan balances of $1.5 billion, including higher balances of loans to the financial and insurance industry, partially offset by lower average balances of commercial real estate loans of $605 million and consumer loans of $171 million.
Average earning assets increased $3.5 billion from the first quarter of 2025. Average interest-bearing deposits at banks decreased $3.5 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 $2.7 billion, including growth in loans to the financial and insurance industry, an increase in average residential real estate loan balances of $1.6 billion and higher average consumer loan balances of $2.0 billion, reflecting growth in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Those increases were partially offset by a $2.8 billion decline in average commercial real estate loan balances, reflecting payoffs.
Average Interest-bearing Liabilities
(Dollars in millions) 1Q26 4Q25 Change 1Q25 Change
1Q26 vs. 1Q26 vs.
4Q25 1Q25
Interest-bearing deposits
Savings and interest-checking deposits $106,593 $107,287 -1 % $101,564 5 %
Time deposits 13,128 13,586 -3 14,220 -8
Total interest-bearing deposits 119,721 120,873 -1 115,784 3
Short-term borrowings 5,695 2,064 176 2,869 98
Long-term borrowings 11,064 12,555 -12 11,285 -2
Total interest-bearing liabilities $136,480 $135,492 1 $129,938 5
Average interest-bearing liabilities in the recent quarter rose $988 million from the fourth quarter of 2025 reflecting an increase in short-term borrowings from the FHLB of New York, partially offset by a decline in average interest-bearing deposits and long-term borrowings, including maturities of senior notes.
Average interest-bearing liabilities increased $6.5 billion from the first quarter of 2025, as growth in average savings and interest-checking deposits of $5.0 billion and higher average short-term borrowings from the FHLB of New York were partially offset by a $1.1 billion decline in average time deposits due to maturities.
Provision for Credit Losses/Asset Quality
(Dollars in millions) 1Q26 4Q25 Change 1Q25 Change
1Q26 vs. 1Q26 vs.
4Q25 1Q25
At end of quarter
---
Nonaccrual loans $1,240 $1,252 -1 % $1,540 -19 %
Real estate and other foreclosed assets 27 35 -23 34 -22
Total nonperforming assets 1,267 1,287 -2 1,574 -20
Accruing loans past due 90 days or more (1) 646 561 15 384 68
Nonaccrual loans as % of loans outstanding .89 % .90 % 1.14 %
Allowance for loan losses $2,136 $2,116 1 $2,200 -3
Allowance for loan losses as % of loans outstanding 1.53 % 1.53 % 1.63 %
Reserve for unfunded credit commitments $95 $80 19 $60 58
For the period
---
Provision for loan losses $125 $140 -11 $130 -4
Provision for unfunded credit commitments 15 (15)
Total provision for credit losses 140 125 12 130 8
Net charge-offs 105 185 -44 114 -8
Net charge-offs as % of average loans (annualized) .31 % .54 % .34 %
__________________
(1) Predominantly government-guaranteed residential real
estate loans.
The provision for credit losses was $140 million in the first quarter of 2026 as compared with $125 million in the immediately preceding quarter and $130 million in the first quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.53% at each of March 31, 2026 and December 31, 2025, improved from 1.63% at March 31, 2025. The 10 basis-point improvement from March 31, 2025 reflects lower levels of criticized loans.
Nonaccrual loans were $1.2 billion and $1.3 billion at March 31, 2026 and December 31, 2025, respectively, compared with $1.5 billion at March 31, 2025. The lower level of nonaccrual loans at March 31, 2026 and December 31, 2025 as compared with March 31, 2025 reflects decreases in commercial and industrial, commercial real estate and consumer nonaccrual loans.
Noninterest Income
(Dollars in millions) 1Q26 4Q25 Change 1Q25 Change
1Q26 vs. 1Q26 vs.
4Q25 1Q25
Mortgage banking revenues $127 $155 -18 % $118 8 %
Service charges on deposit accounts 139 140 -1 133 5
Trust income 183 184 -1 177 3
Brokerage services income 35 34 3 32 9
Trading account and other non-hedging derivative gains 14 19 -26 9 43
Gain (loss) on bank investment securities 4 1 238
Other revenues from operations 187 163 14 142 31
Total $689 $696 -1 $611 13
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 first quarter of 2026 decreased $7 million, or 1%, from 2025's fourth quarter.
- Mortgage banking revenues declined $28 million reflecting the impact of the Company's fair value accounting election described above that reduced residential mortgage banking revenues and lower gains on commercial mortgage loans originated for sale.
- Trading account and other non-hedging derivative gains decreased $5 million reflecting a decrease in revenues from interest rate swap transactions with commercial customers.
- Other revenues from operations increased $24 million reflecting a $33 million distribution from M&T's investment in BLG in the recent quarter, partially offset by lower merchant discount and credit card fees.
Noninterest income rose $78 million, or 13%, as compared with the first quarter of 2025.
- Mortgage banking revenues increased $9 million reflecting a rise in residential mortgage loan servicing income, partially offset by the impact of the Company's accounting election in 2026 described above.
- Service charges on deposit accounts increased $6 million reflecting higher commercial service charges.
- Trust income rose $6 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.
- Trading account and other non-hedging derivative gains increased $5 million reflecting higher revenues from interest rate swap transactions with commercial customers.
- Other revenues from operations increased $45 million reflecting a $33 million distribution from M&T's investment in BLG and higher letter of credit and other credit-related fees each in the recent quarter.
Noninterest Expense
(Dollars in millions) 1Q26 4Q25 Change 1Q25 Change
1Q26 vs. 1Q26 vs.
4Q25 1Q25
Salaries and employee benefits $914 $809 13 % $887 3 %
Equipment and net occupancy 133 134 132
Outside data processing and software 144 146 -2 136 5
Professional and other services 93 105 -11 84 11
FDIC assessments 23 (8) 23
Advertising and marketing 21 32 -35 22 -6
Amortization of core deposit and other intangible assets 9 10 -1 13 -27
Other costs of operations 101 151 -34 118 -15
Total $1,438 $1,379 4 $1,415 2
Noninterest expense rose $59 million, or 4%, from the fourth quarter of 2025.
- Salaries and employee benefits expense increased $105 million reflecting $115 million of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expenses and the impact of annual merit increases, partially offset by two less working days and lower employee staffing levels in the first quarter of 2026.
- Professional and other services expense declined $12 million reflecting lower legal and review costs.
- Higher FDIC assessments reflect a reduction of estimated special assessment expense of $29 million in the fourth quarter of 2025.
- Advertising and marketing expense declined $11 million reflecting the seasonality of advertising campaigns.
- Other costs of operations decreased $50 million reflecting a contribution to The M&T Charitable Foundation of $30 million and the amortization associated with residential mortgage loan servicing right assets each in the fourth quarter of 2025.
Noninterest expense increased $23 million, or 2%, from the first quarter of 2025.
- Salaries and employee benefits expense increased $27 million reflecting higher salaries expense from annual merit and other increases and a rise in stock-based incentive compensation.
- Outside data processing and software costs rose $8 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
- Professional and other services expense increased $9 million reflecting higher legal and review costs.
- Other costs of operations decreased $17 million reflecting the amortization associated with residential mortgage loan servicing right assets in the first quarter of 2025, partially offset by higher 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 23.0% in the first quarter of 2026, compared with 21.8% and 23.2% in the fourth and first quarters of 2025, respectively. The lower effective income tax rate in 2025's final quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns.
Capital and Liquidity
1Q26 4Q25 1Q25
CET1 10.33 % (1) 10.84 % 11.50 %
Tier 1 capital 11.81 (1) 12.59 13.04
Total capital 13.61 (1) 14.44 14.50
Tangible capital - common 8.26 8.70 8.95
_______________
(1) Capital ratios at March 31, 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 $224 million and $43 million, respectively, for the quarter ended March 31, 2026.
As a result of the Company's accounting election on January 1, 2026 to prospectively measure residential mortgage loan servicing right assets at fair value, the Company recorded an increase in capitalized servicing assets included in accrued interest and other assets of $263 million and a corresponding after-tax increase to retained earnings of $197 million, representing an 8 basis-point increase to CET1 capital on the election date.
M&T repurchased $1.25 billion of its common stock in accordance with its capital plan during the recent quarter, compared with $507 million and $662 million in the fourth quarter of 2025 and the first quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.33% as of March 31, 2026. M&T's total risk-weighted assets at March 31, 2026 are estimated to be $164.2 billion. Reflecting share repurchase activity and loan growth in the recent quarter, M&T's tangible common equity to tangible asset ratio at March 31, 2026 decreased 44 basis points from December 31, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on March 31, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss first 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 #MTBQ126. 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 April 22, 2026, by calling (800) 723-5759 or (402) 220-2662 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.
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.
Financial Highlights
Three Months Ended
March 31,
(Dollars in millions, except per share, shares in thousands) 2026 2025 Change
Performance
---
Net income $664 $584 14 %
Net income available to common shareholders 620 547 13
Per common share:
Basic earnings 4.16 3.33 25
Diluted earnings 4.13 3.32 24
Cash dividends 1.50 1.35 11
Common shares outstanding:
Average - diluted 150,109 165,047 -9
Period end 146,917 162,552 -10
Return on (annualized):
Average total assets 1.26 % 1.14 %
Average common shareholders' equity 9.67 8.36
Taxable-equivalent net interest income $1,763 $1,707 3
Yield on average earning assets 5.36 % 5.52 %
Cost of interest-bearing liabilities 2.33 2.70
Net interest spread 3.03 2.82
Contribution of interest-free funds .68 .84
Net interest margin 3.71 3.66
Net charge-offs to average total net loans (annualized) .31 .34
Net operating results (1)
---
Net operating income $671 $594 13
Diluted net operating earnings per common share 4.18 3.38 24
Return on (annualized):
Average tangible assets 1.33 % 1.21 %
Average tangible common equity 14.51 12.53
Efficiency ratio 58.3 60.5
At March 31,
Loan quality 2026 2025 Change
---
Nonaccrual loans $1,240 $1,540 -19 %
Real estate and other foreclosed assets 27 34 -22
Total nonperforming assets $1,267 $1,574 -20
Accruing loans past due 90 days or more (2) $646 $384 68
Government guaranteed loans included in totals above:
Nonaccrual loans $85 $69 22
Accruing loans past due 90 days or more 634 368 72
Nonaccrual loans to total loans .89 % 1.14 %
Allowance for loan losses to total loans 1.53 1.63
Additional information
---
Period end common stock price $206.72 $178.75 16
Full-service domestic banking offices (3) 930 955 -3
Full-time equivalent employees 21,866 22,291 -2
__________________
(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 herein.
(2)
Predominantly government-guaranteed residential real estate loans.
(3)
In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.
Financial Highlights, Five Quarter Trend
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(Dollars in millions, except per share, shares in thousands) 2026 2025 2025 2025 2025
Performance
---
Net income $664 $759 $792 $716 $584
Net income available to common shareholders 620 718 754 679 547
Per common share:
Basic earnings 4.16 4.71 4.85 4.26 3.33
Diluted earnings 4.13 4.67 4.82 4.24 3.32
Cash dividends 1.50 1.50 1.50 1.35 1.35
Common shares outstanding:
Average - diluted 150,109 153,712 156,553 160,005 165,047
Period end 146,917 151,840 154,518 156,532 162,552
Return on (annualized):
Average total assets 1.26 % 1.41 % 1.49 % 1.37 % 1.14 %
Average common shareholders' equity 9.67 10.87 11.45 10.39 8.36
Taxable-equivalent net interest income $1,763 $1,790 $1,773 $1,722 $1,707
Yield on average earning assets 5.36 % 5.46 % 5.59 % 5.51 % 5.52 %
Cost of interest-bearing liabilities 2.33 2.51 2.71 2.71 2.70
Net interest spread 3.03 2.95 2.88 2.80 2.82
Contribution of interest-free funds .68 .74 .80 .82 .84
Net interest margin 3.71 3.69 3.68 3.62 3.66
Net charge-offs to average total net loans (annualized) .31 .54 .42 .32 .34
Net operating results (1)
---
Net operating income $671 $767 $798 $724 $594
Diluted net operating earnings per common share 4.18 4.72 4.87 4.28 3.38
Return on (annualized):
Average tangible assets 1.33 % 1.49 % 1.56 % 1.44 % 1.21 %
Average tangible common equity 14.51 16.24 17.13 15.54 12.53
Efficiency ratio 58.3 55.1 53.6 55.2 60.5
March 31, December 31, September 30, June 30, March 31,
Loan quality 2026 2025 2025 2025 2025
---
Nonaccrual loans $1,240 $1,252 $1,512 $1,573 $1,540
Real estate and other foreclosed assets 27 35 37 30 34
Total nonperforming assets $1,267 $1,287 $1,549 $1,603 $1,574
Accruing loans past due 90 days or more (2) $646 $561 $432 $496 $384
Government guaranteed loans included in totals above:
Nonaccrual loans 85 83 71 75 69
Accruing loans past due 90 days or more 634 543 403 450 368
Nonaccrual loans to total loans .89 % .90 % 1.10 % 1.16 % 1.14 %
Allowance for loan losses to total loans 1.53 1.53 1.58 1.61 1.63
Additional information
---
Period end common stock price $206.72 $201.48 $197.62 $193.99 $178.75
Full-service domestic banking offices (3) 930 942 942 941 955
Full-time equivalent employees 21,866 22,080 22,383 22,590 22,291
_________________
(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 herein.
(2)
Predominantly government-guaranteed residential real estate loans.
(3)
In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.
Condensed Consolidated Statement of Income
Three Months Ended
March 31,
(Dollars in millions) 2026 2025 Change
Interest income $2,536 $2,560 -1 %
Interest expense 784 865 -9
Net interest income 1,752 1,695 3
Provision for credit losses 140 130 8
Net interest income after provision for credit losses 1,612 1,565 3
Other income
Mortgage banking revenues 127 118 8
Service charges on deposit accounts 139 133 5
Trust income 183 177 3
Brokerage services income 35 32 9
Trading account and other non-hedging derivative gains 14 9 43
Gain (loss) on bank investment securities 4
Other revenues from operations 187 142 31
Total other income 689 611 13
Other expense
Salaries and employee benefits 914 887 3
Equipment and net occupancy 133 132
Outside data processing and software 144 136 5
Professional and other services 93 84 11
FDIC assessments 23 23
Advertising and marketing 21 22 -6
Amortization of core deposit and other intangible assets 9 13 -27
Other costs of operations 101 118 -15
Total other expense 1,438 1,415 2
Income before taxes 863 761 13
Income taxes 199 177 12
Net income $664 $584 14 %
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(Dollars in millions) 2026 2025 2025 2025 2025
Interest income $2,536 $2,637 $2,680 $2,609 $2,560
Interest expense 784 858 919 896 865
Net interest income 1,752 1,779 1,761 1,713 1,695
Provision for credit losses 140 125 125 125 130
Net interest income after provision for credit losses 1,612 1,654 1,636 1,588 1,565
Other income
Mortgage banking revenues 127 155 147 130 118
Service charges on deposit accounts 139 140 141 137 133
Trust income 183 184 181 182 177
Brokerage services income 35 34 34 31 32
Trading account and other non-hedging 14 19 18 12 9
derivative gains
Gain (loss) on bank investment securities 4 1 1
Other revenues from operations 187 163 230 191 142
Total other income 689 696 752 683 611
Other expense
Salaries and employee benefits 914 809 833 813 887
Equipment and net occupancy 133 134 129 130 132
Outside data processing and software 144 146 138 138 136
Professional and other services 93 105 81 86 84
FDIC assessments 23 (8) 13 22 23
Advertising and marketing 21 32 23 25 22
Amortization of core deposit and other 9 10 10 9 13
intangible assets
Other costs of operations 101 151 136 113 118
Total other expense 1,438 1,379 1,363 1,336 1,415
Income before taxes 863 971 1,025 935 761
Income taxes 199 212 233 219 177
Net income $664 $759 $792 $716 $584
Condensed Consolidated Balance Sheet
March 31,
(Dollars in millions) 2026 2025 Change
ASSETS
Cash and due from banks $1,903 $2,109 -10 %
Interest-bearing deposits at banks 14,445 20,656 -30
Trading account 92 96 -4
Investment securities 38,621 35,137 10
Loans:
Commercial and industrial 65,391 60,596 8
Real estate - commercial 23,345 25,867 -10
Real estate - residential 24,857 23,284 7
Consumer 26,321 24,827 6
Total loans 139,914 134,574 4
Less: allowance for loan losses 2,136 2,200 -3
Net loans 137,778 132,374 4
Goodwill 8,465 8,465
Core deposit and other intangible assets 55 93 -41
Other assets 13,377 11,391 17
Total assets $214,736 $210,321 2 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $45,892 $49,051 -6 %
Interest-bearing deposits 117,849 116,358 1
Total deposits 163,741 165,409 -1
Short-term borrowings 7,851 1,573 399
Long-term borrowings 11,175 10,496 6
Accrued interest and other liabilities 3,997 3,852 4
Total liabilities 186,764 181,330 3
Shareholders' equity:
Preferred 2,434 2,394 2
Common 25,538 26,597 -4
Total shareholders' equity 27,972 28,991 -4
Total liabilities and shareholders' equity $214,736 $210,321 2 %
Condensed Consolidated Balance Sheet, Five Quarter Trend
March 31, December 31, September 30, June 30, March 31,
(Dollars in millions) 2026 2025 2025 2025 2025
ASSETS
Cash and due from banks $1,903 $1,701 $1,950 $2,128 $2,109
Interest-bearing deposits at banks 14,445 17,068 16,751 19,297 20,656
Trading account 92 97 95 93 96
Investment securities 38,621 36,649 36,864 35,568 35,137
Loans:
Commercial and industrial 65,391 63,548 61,887 61,660 60,596
Real estate - commercial 23,345 23,819 24,046 24,567 25,867
Real estate - residential 24,857 24,874 24,662 24,117 23,284
Consumer 26,321 26,461 26,379 25,772 24,827
Total loans 139,914 138,702 136,974 136,116 134,574
Less: allowance for loan losses 2,136 2,116 2,161 2,197 2,200
Net loans 137,778 136,586 134,813 133,919 132,374
Goodwill 8,465 8,465 8,465 8,465 8,465
Core deposit and other intangible assets 55 64 74 84 93
Other assets 13,377 12,880 12,265 12,030 11,391
Total assets $214,736 $213,510 $211,277 $211,584 $210,321
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $45,892 $46,509 $44,994 $47,485 $49,051
Interest-bearing deposits 117,849 120,400 118,432 116,968 116,358
Total deposits 163,741 166,909 163,426 164,453 165,409
Short-term borrowings 7,851 2,149 2,059 2,071 1,573
Long-term borrowings 11,175 10,911 12,928 12,380 10,496
Accrued interest and other liabilities 3,997 4,364 4,136 4,155 3,852
Total liabilities 186,764 184,333 182,549 183,059 181,330
Shareholders' equity:
Preferred 2,434 2,834 2,394 2,394 2,394
Common 25,538 26,343 26,334 26,131 26,597
Total shareholders' equity 27,972 29,177 28,728 28,525 28,991
Total liabilities and shareholders' equity $214,736 $213,510 $211,277 $211,584 $210,321
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months Ended Change in Balance
March 31, December 31,
March 31, March 31, 2026 from
2026 2025 2025 December 31, March 31,
(Dollars in millions) Balance Rate Balance Rate Balance Rate 2025 2025
ASSETS
Interest-bearing deposits at banks $16,231 3.71 % $17,964 3.98 % $19,695 4.48 % -10 % -18 %
Trading account 95 3.44 97 3.42 97 3.42 -2 -3
Investment securities 37,845 4.26 36,705 4.17 34,480 4.00 3 10
Loans:
Commercial and industrial 63,804 6.00 62,257 6.22 61,056 6.36 2 5
Real estate - commercial 23,496 6.03 24,101 6.21 26,259 6.16 -3 -11
Real estate - residential 24,817 4.56 24,765 4.60 23,176 4.44 7
Consumer 26,306 6.48 26,477 6.58 24,353 6.57 -1 8
Total loans 138,423 5.86 137,600 6.00 134,844 6.06 1 3
Total earning assets 192,594 5.36 192,366 5.46 189,116 5.52 2
Goodwill 8,465 8,465 8,465
Core deposit and other intangible assets 59 69 92 -14 -35
Other assets 12,710 11,991 10,648 6 19
Total assets $213,828 $212,891 $208,321 - % 3 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking $106,593 1.84 % $107,287 2.04 % $101,564 2.20 % -1 % 5 %
deposits
Time deposits 13,128 3.01 13,586 3.18 14,220 3.54 -3 -8
Total interest-bearing deposits 119,721 1.96 120,873 2.17 115,784 2.37 -1 3
Short-term borrowings 5,695 3.86 2,064 4.21 2,869 4.52 176 98
Long-term borrowings 11,064 5.49 12,555 5.51 11,285 5.65 -12 -2
Total interest-bearing liabilities 136,480 2.33 135,492 2.51 129,938 2.70 1 5
Noninterest-bearing deposits 44,547 44,184 45,436 1 -2
Other liabilities 4,153 4,245 3,949 -2 5
Total liabilities 185,180 183,921 179,323 1 3
Shareholders' equity 28,648 28,970 28,998 -1 -1
Total liabilities and shareholders' equity $213,828 $212,891 $208,321 - % 3 %
Net interest spread 3.03 2.95 2.82
Contribution of interest-free funds .68 .74 .84
Net interest margin 3.71 % 3.69 % 3.66 %
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2026 2025 2025 2025 2025
(Dollars in millions, except per share)
Income statement data
---
Net income
Net income $664 $759 $792 $716 $584
Amortization of core deposit and other intangible assets (1) 7 8 6 8 10
Net operating income $671 $767 $798 $724 $594
Earnings per common share
Diluted earnings per common share $4.13 $4.67 $4.82 $4.24 $3.32
Amortization of core deposit and other intangible assets (1) .05 .05 .05 .04 .06
Diluted net operating earnings per common share $4.18 $4.72 $4.87 $4.28 $3.38
Other expense
Other expense $1,438 $1,379 $1,363 $1,336 $1,415
Amortization of core deposit and other intangible assets (9) (10) (10) (9) (13)
Noninterest operating expense $1,429 $1,369 $1,353 $1,327 $1,402
Efficiency ratio
Noninterest operating expense (numerator) $1,429 $1,369 $1,353 $1,327 $1,402
Taxable-equivalent net interest income $1,763 $1,790 $1,773 $1,722 $1,707
Other income 689 696 752 683 611
Less: Gain (loss) on bank investment securities 4 1 1
Denominator $2,448 $2,485 $2,524 $2,405 $2,318
Efficiency ratio 58.3 % 55.1 % 53.6 % 55.2 % 60.5 %
Balance sheet data
---
Average assets
Average assets $213,828 $212,891 $211,053 $210,261 $208,321
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (59) (69) (79) (89) (92)
Deferred taxes 19 22 24 26 27
Average tangible assets $205,323 $204,379 $202,533 $201,733 $199,791
Average common equity
Average total equity $28,648 $28,970 $28,583 $28,666 $28,998
Preferred stock (2,576) (2,691) (2,394) (2,394) (2,394)
Average common equity 26,072 26,279 26,189 26,272 26,604
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (59) (69) (79) (89) (92)
Deferred taxes 19 22 24 26 27
Average tangible common equity $17,567 $17,767 $17,669 $17,744 $18,074
At end of quarter
Total assets
Total assets $214,736 $213,510 $211,277 $211,584 $210,321
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (55) (64) (74) (84) (93)
Deferred taxes 18 20 23 25 26
Total tangible assets $206,234 $205,001 $202,761 $203,060 $201,789
Total common equity
Total equity $27,972 $29,177 $28,728 $28,525 $28,991
Preferred stock (2,434) (2,834) (2,394) (2,394) (2,394)
Common equity 25,538 26,343 26,334 26,131 26,597
Goodwill (8,465) (8,465) (8,465) (8,465) (8,465)
Core deposit and other intangible assets (55) (64) (74) (84) (93)
Deferred taxes 18 20 23 25 26
Total tangible common equity $17,036 $17,834 $17,818 $17,607 $18,065
_______________
(1) After any related tax
effect.
View original content:https://www.prnewswire.com/news-releases/mt-bank-corporation-nyse-mtb-announces-first-quarter-2026-results-302742368.html
SOURCE M&T Bank Corporation
