M&t Bank Corporation · NYSE:MTB
M&t Bank — Investor Presentation (December 2025)
38 slides from M&t Bank's investor presentation, December 2025
Slide 1: Investor Update 4th Quarter 2025
Investor Update 4th Quarter 2025 DECEMBER 2025
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: Focused on Four Priorities
Focused on Four Priorities We continue our mission to simplify M&T and make investments that will improve the experience of our customers and colleagues — and help us maintain our differentiated community bank approach Build our New England and Optimize our Resources through Long Island Markets Simp
Slide 5: Key Awards and Accolades
Key Awards and Accolades 2025 All -America Executive Team The Most Powerful Women in Banking’s Top Received 13 “Best Bank” Awards across Small Business Teams: Wilmington Trust and Middle -Market Categories Received #1 Ranking among Large Cap Banks and Placed in the Top 10 across All U.S. Banks Small
Slide 6: 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 1.34% 1.31% +18bps 1.28% +30bps +18bps 1.15% Consistent Profitability Advantage 1.10% • Over the past 5-, 10-, and 20
Slide 7: Combined with Consistent Growth
…Combined with Consistent Growth Tangible Book Value Per Share CAGR – TBVPS Growth plus Dividends $120 $109.36 12.1% $100 MTB: 8.0% CAGR 10.6% 10.1% Peer Median: 1.7% CAGR $80 7.4% 6.8% $60 4.4% $40 $23.62 Peer MTB Median $20 $- 20-Years 10-Years 5-Years 2004 2009 2014 2019 2024 YE04-YE24 YE14-YE24
Slide 8: Key Ratios
Key Ratios 2020 2021 2022 2023 2024 3Q25 YTD Superior Pre-Credit Earnings Net Interest Margin 3.16% 2.76% 3.39% 3.83% 3.58% 3.66% (1) Efficiency Ratio 56.3% 59.0% 56.6% 54.9% 56.9% 56.3% (1) PPNR ($, Millions) $2,579 $2,445 $3,471 $4,232 $3,979 $3,064 (1) PPNR to RWA 2.4% 2.3% 2.7% 2.8% 2.6% 2.6% St
Slide 9: 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 3Q25 3Q25 3Q25 3Q25 3Q25 MTB 1.56% MTB 3.68% MTB 53.6% MTB 2.8% Peer 1 Peer 1 Peer 1 Peer 1 Peer 1 Peer 2 Peer 2 Peer 2 Peer 2 Peer 2 Peer 3 Peer 3 Peer 3 Peer 3 Peer 3 Peer 4 Pee
Slide 10: NIM Outperformance
MTB Peer 75th %-tile NIM Outperformance Peer 25th %-tile Strength on both loan pricing and deposit cost… …drives NIM outperformance Loan Yield NIM 7.0% 4.5% 6.1% 4.0% 6.0% 6.1% 5.8% 3.7% 3.5% 5.0% 3.2% 3.0% 2.9% 4.0% 2.5% 3.0% 2.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 11: 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 4.0% 2.0% 1.5% 1.6% 3.0% 1.3% 2.8% 1.0% 1.0% 2.4% 2.0% 1.9% 0.5% 1.0% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 12: 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% 40% Peer 1 71.0% 36% Peer 2 48.1% Peer 3 47.8% 30% MTB 36.4% Peer 4 32.4% 20%
Slide 13: Balance Sheet and Capital Strength Provides Flexibility
Balance Sheet and Capital Strength Provides Flexibility Pension and Securities AOCI % of RWA(1) CET1 Ratio including AOCI(1) 1.0% 12.0% 11.1% 0.1% 11.0% 0.0% 10.0% 9.7% (1.0)% (1.3%) 9.0% 9.2% (1.7%) (2.0)% 8.0% 7.0% (3.0)% 6.0% (4.0)% 5.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 14: Areas of Focus
Areas of M&g& Bank Corporation | +4
Slide 15: 4Q25 Outlook
4Q25 Outlook 4Q25 Outlook Comments Net Interest Income $1.8 billion +/- • NIM of 3.70% +/- Taxable-equivalent • Reflects two rate cuts in 4Q25 (October & December) Fee Income $670 to $690 million • Continued strength in trust, mortgage banking and service charges Income Statement GAAP Expense $1,350
Slide 16: Our Focus on the Fundamentals
Our Focus on the Fundamentals Diversified Loan Portfolio with a History of Diversified Business Model with Fee Income Credit Outperformance Momentum Positive Recent Trends in Nonaccrual and Criticized Granular and Broad-Based Core Deposit Funding Strong Capital and Low AOCI Impact & Strong Liquidity
Slide 17: Diversified Business Model
Diversified Business Model Institutional Services & Total Commercial Bank Retail Bank Wealth Management M&T Experienced teams provide a wide-range of Strategically built for the communities in which Institutional Services credit, liquidity and capital markets solutions we operate. Expanding on stren
Slide 18: Swap Portfolio Details
Swap Portfolio Details Active and Forward-Starting Swaps Cash Flow and Fair Value – as of 9/30/2025 Billions $35 Thousands $30 $25 $10.4 $9.3 $9.3 $6.3 $20 $1.1 $0.9 Forward-Starting CF Active CF $15 $14.6 $15.2 $15.0 $15.5 $13.2 $13.4 $10 $1.8 Forward-Starting FV $5 $2.8 $4.4 $6.1 $6.1 $6.1 $6.1 $3
Slide 19: Fee Income Momentum
Fee Income Momentum Noninterest Income Mix(1) Noninterest Income(1) 3Q25 YTD Noninterest Income Notable Items $751 Other $28 $683 $25 $723 $639 $608 $611 $658 15% Trust and Credit Card & Brokerage Merchant 31% 7% 3Q25 YTD Noninterest LOC & Credit- 8% Income(1) Related $2.0B 3Q24 4Q24 1Q25 2Q25 3Q25
Slide 20: Local Scale in Key Markets
Local Scale in Key Markets Community Banking Approach… …With Market Leading Franchises… Deposit Market Household Share(1) Income(1) ($,000’s) Top Northeast Banks by Branches1 Peer 1 33% Peer 1 $90 Branches Peer 2 27% Peer 2 $89 1 JPMorgan Chase & Co. 1,214 MTB 25% MTB $86 2 Bank of America Corp. 1,0
Slide 21: Local Scale Leads to Superior Deposit Franchise
Local Scale Leads to Superior Deposit Franchise Noninterest-Bearing Deposits / Total Cost of Deposits Total Cost of Deposits Total Deposits 3Q25 60% 3.5% 2005-3Q25 Average Peer 1 1.41% M&T 0.80% Peer Median 0.95% Peer 2 1.68% 3.0% Difference -0.15% 50% MTB 1.72% 2.5% 40% Peer 3 1.79% Peer 4 1.82% 2.
Slide 22: Diversified and Granular Deposit Base
Diversified and Granular Deposit Base Institutional Services & Wealth Retail Bank Management Average Deposits • Consists primarily of Consumer and Business Banking • Consists primarily of Wealth and Institutional Services deposits 3Q25 • Deposits are spread across our 900+ branch All Other network,
Slide 23: Well Diversified Loan Portfolio
Well Diversified Loan Portfolio Loan Portfolio Composition Regulatory CRE % of Tier 1 Capital + Allowance1 9/30/2025 Regulatory CRE Concentration as measured against Tier 1 Multifamily Retail Capital and Allowance has declined by ~134 percentage $6.5B, 5% $4.3B, 3% Office Health Services points sinc
Slide 24: Loans to Nondepository Financial Institutions
Loans to Nondepository Financial Institutions Loans to Nondepository Loan Types Portfolio Characteristics Financial Institutions $11.3B 8% of Total Loans Other loans to NDFIs All Other (e.g. insurance, broker/dealer) • M&T’s loans to NDFIs represent 8% of loans, $0.9B compared to peer median of 12%.
Slide 25: Superior Credit Losses Through Multiple Economic Cycles
Superior Credit Losses Through Multiple Economic Cycles M&T Credit Philosophy • Consistently conservative credit standards through economic cycles • Emphasis on secured lending: cash flow + collateral + guarantees • Customer selection, supported by local market knowledge • Working with customers to
Slide 26: Credit Metrics
Credit Metrics Net Charge-offs Provision for Credit Losses $160 $146 $140 $130 $20 $15 $ IN MILLIONS $120 $ IN MILLIONS $120 $114 $105 $110 $108 0.47% 0.42% 0.35% 0.34% 0.32% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Net Charge-offs ($) Net Charge-off Ratio (%) Provision for Loan Losses Prov
Slide 27: Criticized C&I and CRE Loans
Criticized C&I and CRE Loans • Criticized loans decreased -$584 million QoQ: $10.9 • C&I increased modestly +$87 million $9.9 $9.4 • CRE decreased -$671 million $8.4 – Permanent CRE -$626 million $ IN BILLIONS $7.8 – Construction -$45 million • 96% of criticized accrual loans are current 12.2% 11.2%
Slide 28: High Quality Securities Portfolio
High Quality Securities Portfolio Securities Portfolio Composition 9/30/2025 Highlights Equity & Other Municipal Bonds $1.0B • Securities of $36.9B; 17% of total assets $2.2B • ~$0.9B securities maturing(1) in remainder of 2025 with an average yield of 4.0% Agency CMBS • Investment securities yield
Slide 29: Strong Capital Levels Compared to Peers
Strong Capital Levels Compared to Peers Tangible Common Equity / CET1 Ratio incl. AOCI(1) Tangible Assets Highlights 9/30/2025 9/30/2025 • Capital levels favorable to peers both as MTB 11.1% MTB 8.8% reported and when considering AOCI Peer 1 10.3% Peer 1 8.6% • Modest impact from including AOCI in r
Slide 30: 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 31: Appendices
Appendices M&& Bank Corporation | 31
Slide 32: Appendix 1: GAAP to GAAP-Adjusted Reconciliation
Appendix 1 GAAP to GAAP - Adjusted (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 3Q YTD 3Q24 2Q25 3Q25 Revenues Net interest income - GAAP $3,866 $3,825 $5,822 $7,115 $6,852 $5,169 $1,726 $1,713 $1,761 Total other income - GAAP 2,088 2,167 2,357 2,528 2,427 2,046 606 683 752 Subtota
Slide 33: Appendix 2: GAAP to Net Operating Reconciliation
Appendix 2 GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 3Q YTD 3Q24 2Q25 3Q25 Net income Net income - GAAP $1,353 $1,859 $1,992 $2,741 $2,588 $2,092 $721 $716 $792 Amortization of core deposit and other intangible assets (1) 11 8 43 48 42 24 10 8 6 Merger-rela
Slide 34: Appendix 2: GAAP to Net Operating Reconciliation
Appendix 2 GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 3Q YTD 3Q24 2Q25 3Q25 Efficiency ratio Noninterest expense $3,385 $3,612 $5,050 $5,379 $5,359 $4,114 $1,303 $1,336 $1,363 Less: Amortization of core deposit and other intangible assets 15 10 56 62 53 32 1
Slide 35: Appendix 2: GAAP to Tangible Reconciliation
Appendix 2 GAAP to Tangible (Non-GAAP) Reconciliation In millions 2020 2021 2022 2023 2024 3Q YTD 3Q24 2Q25 3Q25 Average assets Average assets $135,480 $152,669 $190,252 $205,397 $211,220 $209,889 $209,581 $210,261 $211,053 Goodwill (4,593) (4,593) (7,537) (8,473) (8,465) (8,465) (8,465) (8,465) (8,
Slide 36: Appendix 2: GAAP to Tangible Reconciliation
Appendix 2 GAAP to Tangible (Non-GAAP) Reconciliation In millions 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 9/30/2024 6/30/2025 9/30/2025 Total assets Total assets $142,601 $155,107 $200,730 $208,264 $208,105 $211,785 $211,584 $211,277 Goodwill (4,593) (4,593) (8,490) (8,465) (8,465) (8
Slide 37: Wilmington Trust – Tricolor Update
Wilmington Trust – Tricolor Update • On September 10, 2025, Tricolor Holdings, LLC (Tricolor), a subprime auto lender and used vehicle retailer, filed for Chapter 7 bankruptcy • Attorney for court-appointed bankruptcy trustee: initial reports “indicate potentially systemic levels of fraud” • Press r
Slide 38: 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