M&t Bank Corporation · NYSE:MTB
M&t Bank — Investor Presentation (February 2026)
26 slides from M&t Bank's investor presentation, February 2026
Slide 1: Investor Update 1st Quarter 2026
Investor Update 1st Quarter 2026 FEBRUARY 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures This presentation may contain forward-looking statements regarding M&T Bank Corporation (“M&T”) within the meaning of the introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; pr
Slide 3: Together, We are M&T Bank
Together, We are M&T Bank We are committed to Our Customers Our Communities Our Colleagues Our Shareholders Linking our customers M&T is a We empower our We deliver reliable results to the people, capital, and “bank for communities,” employees to be the best anchored by a strong balance ideas that e
Slide 4: 2026 Enterprise Priorities
2026 Enterprise Priorities Operational Excellence Teaming for Growth Deliver industry-leading service, scale, and value through intelligent, Alignment and integration across markets, lines of business, and platform simplified operations that empower the businesses and clients we support capabilities
Slide 5: Strong 2025 – A Foundation for 2026
Strong 2025 – A Foundation for 2026 Record Earnings Return Focused 15.36% $2.9 Billion (+10% YoY) $17.20 (+16% YoY) 1.43% Return on Tangible Common Net Operating Income Net Operating EPS Return on Tangible Assets Equity Returned Capital to Shareholders Record Noninterest Income, Disciplined Expenses
Slide 6: Solid Performance in Key Metrics against Peers
Solid Performance in Key Metrics against Peers ROTA(1) Net Interest Margin Efficiency Ratio(1) PPNR / RWA(1) NCO / Loans FY25 FY25 FY25 FY25 FY25 MTB 3.67% MTB 2.6% Peer 1 Peer 1 MTB 56.0% 1.43% Peer 1 Peer 1 Peer 2 MTB Peer 1 Peer 2 Peer 2 Peer 3 Peer 2 Peer 2 Peer 3 Peer 3 Peer 4 Peer 3 Peer 3 Pee
Slide 7: Capital Flexibility
Capital Flexibility 11% 9% 7% 3.8% to 2.7% Increase in Quarterly Dividend Outstanding Shares Repurchased TBVPS YoY Growth Decline in SCB Tangible Common Equity / CET1 Ratio incl. AOCI(1) Tangible Assets Highlights 12/31/2025(2) 12/31/2025 • Capital levels favorable to peers when considering AOCI MTB
Slide 8: Strong Returns
Strong Returns Consistently strong returns – ROTA in top quartile ROTCE in top quartile when normalizing peer equity for AOCI Recent performance above 1.25% ROTA; expect outperformance to Expect to reach 17% ROTCE in 2027 as CET1 trends to 10.25% to 10.5% continue in 2026 and longer-term 10% target,
Slide 9: Strong Loan Growth while Reducing CRE
Strong Loan Growth while Reducing CRE Grew average loans, excluding CRE, by 6% in both 2024 and 2025 – demonstrating M&T’s diversified portfolio Reduced CRE by $9.5B or -15% CAGR from 2023 to 2025; CRE expected to inflect in early 2026 Average Loans ($, B) $134.7 $136.1 $132.7 $25.0 $30.2 CRE $34.5
Slide 10: Solid Fee Growth and Disciplined Expenses
Solid Fee Growth and Disciplined Expenses • Solid growth in all fee categories • Managed sequential improvement in the efficiency ratio while making • Mortgage aided by residential subservicing and commercial originations significant enterprise investments that will allow M&T to thrive in the years
Slide 11: Continued Asset Quality Improvement
Continued Asset Quality Improvement Consistent improvement in credit quality with a 42% reduction in nonaccrual and criticized loans since 2023 Nonaccrual Loans ($, MM) Criticized Commercial Loans ($, MM) $12,579 $2,166 -21% -22% $9,915 $1,690 -27% -26% $1,252 $7,258 1.62% 14.0% 1.25% 11.2% 0.90% 8.
Slide 12: Consistent NIM Outperformance
MTB Peer 75th %-tile Consistent NIM Outperformance Peer 25th %-tile Strength on both loan pricing and deposit cost… …drives NIM outperformance Loan Yield NIM 6.5% 4.0% 6.1% 6.0% 6.0% 3.7% 5.7% 3.5% 5.5% 3.2% 5.0% 3.0% 4.5% 2.9% 4.0% 2.5% 3.5% 3.0% 2.0% 2020 2021 2022 2023 2024 2025 2020 2021 2022 20
Slide 13: Strong Overall Profitability
MTB Peer 75th %-tile Strong Overall Profitability Peer 25th %-tile NIM outperformance combined with fee income and efficiency drives profitability outperformance PPNR / RWA ROTA 3.0% 2.0% 2.6% 2.5% 1.5% 1.4% 2.3% 1.3% 2.0% 1.0% 1.0% 1.8% 1.5% 0.5% 1.0% 0.0% 2020 2021 2022 2023 2024 2025 2020 2021 20
Slide 14: Consistent Growth
MTB Peer 75th %-tile Consistent Growth Peer 25th %-tile Profitability outperformance also combined with consistent and strong Dividend and TBVPS growth Cumulative Dividend Per Share Growth Company Cumulative Div Growth 40% Peer 1 66.1% 36% Peer 2 43.5% Peer 3 42.6% 30% 30% MTB 29.5% Peer 4 29.4% 20%
Slide 15: Through the Cycle Profitability Advantage…
Through the Cycle Profitability Advantage… Net Operating ROTA(1) Key Points Better than Peer PPNR Generation & Credit Losses • Aided by NIM, efficiency and credit loss outperformance 1.36% 1.36% 1.30% +19bps +19bps 1.17% 1.17% +31bps Consistent Profitability Advantage • Over the past 5-, 10-, and 20
Slide 16: …Combined with Consistent Growth
…Combined with Consistent Growth Tangible Book Value Per Share CAGR – TBVPS Growth plus Dividends $140 $117.45 12.2% $120 MTB: 7.8% CAGR 10.4% $100 9.6% Peer Median: 2.9% CAGR 8.5% $80 7.8% $60 5.4% $40 $25.91 Peer MTB $20 Median $- 2005 2010 2015 2020 2025 20-Years 10-Years 5-Years YE05-YE25 YE15-Y
Slide 17: 2026 Outlook
2026 Outlook 2026 Outlook Comments Net Interest Income • NIM in the low 3.70s $7.2 to $7.35 billion Taxable-equivalent • Range dependent on loan growth, deposit trends, and shape of the yield curve Income Statement $2.675 to $2.775 billion • Broad-based growth across fee types and business lines Fee
Slide 18: Why invest in M&T?
Why invest in M&T? Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Successful and Strong Organization Sustainable Shareholder Business Model Returns • Long term focused with deeply • Experienced and seasoned • 15-17% ROTCE(1) embedded
Slide 19: Appendices
Appendices M&gm Bank Corporation | 19
Slide 20: Key Ratios
Key Ratios 2020 2021 2022 2023 2024 2025 Superior Pre-Credit Earnings Net Interest Margin 3.16% 2.76% 3.39% 3.83% 3.58% 3.67% (1) Efficiency Ratio 56.3% 59.0% 56.6% 54.9% 56.9% 56.0% (1) PPNR ($, Millions) $2,579 $2,445 $3,471 $4,232 $3,979 $4,150 PPNR to RWA (1) 2.4% 2.3% 2.7% 2.8% 2.6% 2.6% Strong
Slide 21: GAAP to GAAP - Adjusted (Non-GAAP) Reconciliation
Appendix GAAP to GAAP - Adjusted (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 2025 Revenues Net interest income - GAAP $3,866 $3,825 $5,822 $7,115 $6,852 $6,948 Total other income - GAAP 2,088 2,167 2,357 2,528 2,427 2,742 Subtotal 5,955 5,992 8,179 9,643 9,279 9,690 Premium amorti
Slide 22: GAAP to Net Operating (Non-GAAP) Reconciliation
Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 2025 Net income Net income - GAAP $1,353 $1,859 $1,992 $2,741 $2,588 $2,851 Amortization of core deposit and other intangible assets (1) 11 8 43 48 42 32 Merger-related expenses (1) - 34 431 - - - Net opera
Slide 23: GAAP to Net Operating (Non-GAAP) Reconciliation
Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 2025 Efficiency ratio Noninterest expense $3,385 $3,612 $5,050 $5,379 $5,359 $5,493 Less: Amortization of core deposit and other intangible assets 15 10 56 62 53 42 Less: Merger-related expenses - 44 338 -
Slide 24: GAAP to Tangible (Non-GAAP) Reconciliation
Appendix GAAP to Tangible (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 2025 Average assets Average assets $135,480 $152,669 $190,252 $205,397 $211,220 $210,645 Goodwill (4,593) (4,593) (7,537) (8,473) (8,465) (8,465) Core deposit and other intangible assets (21) (8) (179) (177) (12
Slide 25: GAAP to Tangible (Non-GAAP) Reconciliation
Appendix GAAP to Tangible (Non-GAAP) Reconciliation In millions 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total assets Total assets $142,601 $155,107 $200,730 $208,264 $208,105 $213,510 Goodwill (4,593) (4,593) (8,490) (8,465) (8,465) (8,465) Core deposit and other intangible
Slide 26: M&T Peer Group
M&T Peer Group Citizens Financial Group, Inc. M&T Bank Corporation Comerica Incorporated PNC Financial Services Group, Inc. Fifth Third Bancorp Regions Financial Corporation First Horizon National Corporation Truist Financial Corporation Huntington Bancshares Incorporated U.S. Bancorp KeyCorp Zions