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

PR Newswire

BUFFALO, N.Y., Oct. 16, 2026 /PRNewswire/ — 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

Contact:

Investor Relations:

Rajiv Ranjan

716.842.5138

Steve Wendelboe

716.842.5138

Media Relations:

Frank Lentini 

929.651.0447

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 herein.

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 herein.

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

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.

 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 herein.

(2)

Supplemental information on other revenues from operations is included in the accompanying table herein.

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.

 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.

Capital and Liquidity

3Q26

2Q26

3Q25

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.

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

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 herein.

(2)

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

 

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

____________________

(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)

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

 

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 %

 

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

 

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 %

 

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

 

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.

 

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

 

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

 

 

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

—

 

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.

 

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.

 

M&T Bank Corporation

 

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