M&t Bank Corporation · NYSE:MTB
M&t Bank — Q4 2025 Earnings Presentation
32 slides from M&t Bank's earnings presentation, Jan 16, 2026
Slide 1: Earnings Results 4th Quarter 2025
Earnings Results 4th Quarter 2025 January 16, 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 protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cos
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: 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 Teams: Wilmington Trust Received #1 Ranking among Large Cap Banks and Business and Middle-Market Categories Placed in the Top 10 across All U.S. Banks Small B
Slide 5: Financial Results
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Slide 6: Full Year 2025 Highlights
Full Year 2025 Highlights GAAP Notable items ($ in millions, except per share) 2025 2024 ($ in millions, except per share) 2025 2024 Revenues $9,690 $9,279 Amt EPS Amt EPS FDIC Special Assessment(1) $37 $0.17 $(34) $(0.15) Noninterest Expense 5,493 5,359 Earnout payment related to Provision for Cred
Slide 7: Full Year 2025 Highlights
Full Year 2025 Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2025 2024 Net Operating Income $2,883 $2,630 Diluted Net Operating EPS 17.20 14.88 Efficiency Ratio 56.0% 56.9% Net Operating ROTA 1.43 1.30 Net Operating ROTCE 15.36 14.54 Tangible Book Value per Share(2
Slide 8: Fourth Quarter 2025 Earnings Highlights
Fourth Quarter 2025 Earnings Highlights GAAP Notable items ($ in millions, except per share) 4Q25 3Q25 4Q24 ($ in millions, except per share) 4Q25 3Q25 4Q24 Amt(1) EPS Amt(1) EPS Amt(1) EPS Revenues $2,475 $2,513 $2,385 FDIC Special Assessment $29 $0.14 $8 $0.04 $— $— Noninterest Expense 1,379 1,363
Slide 9: Fourth Quarter 2025 Earnings Highlights
Fourth Quarter 2025 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 4Q25 3Q25 4Q24 Net Operating Income $767 $798 $691 Diluted Net Operating EPS 4.72 4.87 3.92 Efficiency Ratio 55.1% 53.6% 56.8% Net Operating ROTA 1.49 1.56 1.35 Net Operating ROTCE 16.24 17.
Slide 10: Net Interest Income & Net Interest Margin
Net Interest Income(1) & Net Interest Margin QoQ Drivers $1,773 $1,790 • Taxable-equivalent net interest income(1) increased $1,740 $1,707 $1,722 +$17 million or +1% QoQ – Loan growth – A shift in interest-bearing liabilities to lower cost funding sources – Lower negative impact from interest rate s
Slide 11: Balance Sheet – Overview
Balance Sheet – Overview Change 4Q25 vs Average Balances, $ in billions, except per share 4Q25 3Q25 4Q24 3Q25 4Q24 Interest-bearing Deposits at Banks $18.0 $17.7 $23.6 1% -24% Investment Securities 36.7 36.6 33.7 — 9 Commercial and Industrial (“C&I”) 62.2 61.7 60.7 1 3 Commercial Real Estate (“CRE”)
Slide 12: Balance Sheet – Average Loans
Balance Sheet – Average Loans $135.7 $135.4 $136.5 $137.6 $134.8 QoQ Drivers $24.0 $26.5 $24.3 $25.4 $26.1 Average loans increased +$1.1 billion QoQ: • Consumer loans rose +1% (+$378 million) reflecting $23.1 $23.2 $23.7 $24.4 $24.8 higher average recreational finance loans and home equity loans and
Slide 13: Balance Sheet – Securities and Invested Cash
Balance Sheet – Securities and Invested Cash Average Investment Securities and Yield Securities and Invested Cash at 12/31/25 $36.6 $36.7 HTM $35.3 Other Securities $34.5 $33.7 Securities 23% 2% 2Q25 Adjusted Interest- Yield was 4.03%(1) bearing $53.7B $ IN BILLIONS deposits at banks TOTAL 4.13% 4.1
Slide 14: Balance Sheet – Average Deposits
Balance Sheet – Average Deposits 4Q24 1Q25 2Q25 3Q25 4Q25 Total deposit cost QoQ Drivers 1.90% 1.70% 1.72% 1.72% 1.59% Interest-bearing deposit cost Average deposits increased +$2.4 billion QoQ: 2.64% 2.37% 2.38% 2.36% 2.17% • Interest-bearing deposit cost decreased -19 bps $164.6 $163.4 $162.7 $165
Slide 15: Income Statement – Noninterest Income
Income Statement – Noninterest Income $752 $683 $696 Change 4Q25 vs $657 $ in millions 4Q25 3Q25 4Q24 3Q25 4Q24 $611 $ IN MILLIONS Mortgage Banking Revenues $155 $147 $117 5% 32% Service Charges on Deposits 140 141 131 -1 6 Trust Income 184 181 175 2 5 Brokerage Services 34 34 30 -1 9 Non-hedge Deri
Slide 16: Income Statement – Noninterest Expenses
Income Statement – Noninterest Expenses $1,415 Change 4Q25 vs $1,363 $1,363 $1,379 $1,336 $ in millions 4Q25 3Q25 4Q24 3Q25 4Q24 $1,402 $1,369 $1,350 $1,327 $1,353 Salaries & Employee Benefits(2) $809 $833 $790 -3% 2% Equipment & Net Occupancy 134 129 133 3 — $ IN MILLIONS Outside Data Proc & Softwa
Slide 17: Credit
Credit Net Charge-offs Provision for Credit Losses $140 $125 $130 $125 $125 $185 $140 $140 $160 $130 $20 $15 $ IN MILLIONS $ IN MILLIONS $146 $110 $105 $114 $108 0.54% 0.47% 0.42% 0.34% 0.32% -$15 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Net Charge-offs ($) Net Charge-off Ratio (%) Provisio
Slide 18: Loans to Nondepository Financial Institutions
Loans to Nondepository Financial Institutions Loans to Nondepository Financial Institutions(1) Loans Types Portfolio Characteristics $12.6B 9% of Total Loans Other loans to NDFIs All Other (e.g. insurance, broker/dealer) $1.2B • M&T's loans to NDFIs represent 9% of loans, compared to peer median of
Slide 19: Criticized C&I and CRE Loans
Criticized C&I and CRE Loans $9.9 Criticized loans decreased -$518 million QoQ: $9.4 • C&I decreased -$89 million $8.4 • CRE decreased -$429 million $7.8 – Permanent CRE -$324 million $7.3 – Construction -$105 million $ IN BILLIONS • 94% of criticized accrual loans are current 11.2% 10.9% 9.7% 9.0%
Slide 20: Criticized C&I Loans
Criticized C&I Loans December 31, 2025 September 30, 2025 Criticized Criticized Total Criticized Criticized Total (Dollars in millions) Outstanding Accrual Nonaccrual Criticized Outstanding Accrual Nonaccrual Criticized Commercial and industrial excluding owner-occupied real estate by industry: Fina
Slide 21: Criticized CRE Loans
Criticized CRE Loans December 31, 2025 September 30, 2025 Criticized Criticized Total Criticized Criticized Total (Dollars in millions) Outstanding Accrual Nonaccrual Criticized Outstanding Accrual Nonaccrual Criticized Permanent finance by property type: Apartments/Multifamily $6,837 $431 $45 $476
Slide 22: Capital
Capital CET1(1) TBVPS(2) $115.31 $117.45 11.68% 11.50% $111.13 $112.48 $109.36 10.99% 10.99% 10.84% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ Drivers • CET1 capital ratio decreased to 10.84%(1) at the end • AFS and pension-related AOCI would have of 4Q25 impacted the CET1 capital ratio b
Slide 23: 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 w
Slide 24: 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 • Broad-based growth across fee types and business lines Fee Income $2.675 to $2.775
Slide 25: 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 Shareholder Organization Sustainable Returns Business Model • Long term focused with deeply • Experienced and seasoned • 15-17% ROTCE(1) embedded
Slide 26: Appendix
Appendix M&&Bank Corporation| 26
Slide 27: GAAP to Net Operating (Non-GAAP) Reconciliation
Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Net income Net income $681 $584 $716 $792 $759 $2,588 $2,851 Amortization of core deposits and other intangible assets (1) 10 10 8 6 8 42 32 Net operating income $691 $594 $724 $
Slide 28: GAAP to Net Operating (Non-GAAP) Reconciliation
Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Other expense Other expense $1,363 $1,415 $1,336 $1,363 $1,379 $5,359 $5,493 Amortization of core deposit and other intangible assets (13) (13) (9) (10) (10) (53) (42) Noninterest operating expens
Slide 29: GAAP to Tangible (Non-GAAP) Reconciliation
Appendix GAAP to Tangible (Non-GAAP) Reconciliation In millions 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Average assets Average assets $211,853 $208,321 $210,261 $211,053 $212,891 $211,220 $210,645 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (1
Slide 30: GAAP to Tangible (Non-GAAP) Reconciliation
Appendix GAAP to Tangible (Non-GAAP) Reconciliation In millions 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Total assets Total assets $208,105 $210,321 $211,584 $211,277 $213,510 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (94) (93) (84) (74) (64
Slide 31: Reconciliation of Adjusted Metrics
Appendix Reconciliation of Adjusted Metrics In millions, except per share 4Q24 1Q25 2Q25 3Q25 4Q25 Taxable-equivalent net interest income - Adjusted Taxable-equivalent net interest income $1,722 Premium amortization for acquired securities (1) 20 Taxable-equivalent net interest income - Adjusted $1,
Slide 32: Reconciliation of Adjusted Metrics
Appendix Reconciliation of Adjusted Metrics In millions 4Q24 1Q25 2Q25 3Q25 4Q25 Other income - Adjusted Other income $657 $683 $752 $696 Gain on sale of out-of-footprint loan portfolio — (15) — — Gain on sale of institutional services subsidiary — (10) — — Earnout payment related to 2023 sale of CI