M&t Bank Corporation · NYSE:MTB
M&t Bank — Q3 2025 Earnings Presentation
29 slides from M&t Bank's earnings presentation, Oct 16, 2025
Slide 1: Earnings Results 3rd Quarter 2025
Earnings Results 3rd Quarter 2025 October 16, 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 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 Bond Buyer Rising Stars: Isela Hernandez The Most Powerful Women in Banking’s Top Teams: Wilmington Trust Received 13 “Best Bank” Awards across Small Business and Middle-Market Categories Small Business • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank
Slide 5: Financial Results
M&&Bank Corporation! 5
Slide 6: Third Quarter 2025 Earnings Highlights
Third Quarter 2025 Earnings Highlights GAAP Notable items ($ in millions, except per share) 3Q25 2Q25 3Q24 ($ in millions, except per share) 3Q25 2Q25 3Q24 Amt(1) EPS Amt(1) EPS Amt(1) EPS Revenues $2,513 $2,396 $2,332 Earnout payment related to $28 $0.14 $— $— $— $— Noninterest Expense 1,363 1,336
Slide 7: Third Quarter 2025 Earnings Highlights
Third Quarter 2025 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 3Q25 2Q25 3Q24 Net Operating Income $798 $724 $731 Diluted Net Operating EPS 4.87 4.28 4.08 Efficiency Ratio 53.6% 55.2% 55.0% Net Operating ROTA 1.56 1.44 1.45 Net Operating ROTCE 17.13 15.5
Slide 8: Net Interest Income & Net Interest Margin
Net Interest Income(1) & Net Interest Margin QoQ Drivers $1,773 • Taxable-equivalent net interest income(1) increased $1,739 $1,740 $1,707 $1,722 +$51 million or +3% QoQ – One additional day of earnings – Favorable earning asset and interest-bearing liability repricing – Second quarter premium amort
Slide 9: Balance Sheet – Overview
Balance Sheet – Overview Change 3Q25 vs Average Balances, $ in billions, except per share 3Q25 2Q25 3Q24 2Q25 3Q24 Interest-bearing Deposits at Banks $17.7 $19.7 $25.5 -10% -30% Investment Securities 36.6 35.3 31.0 3 18 Commercial and Industrial (“C&I”) 61.7 61.0 59.8 1 3 Commercial Real Estate (“CR
Slide 10: Balance Sheet – Average Loans
Balance Sheet – Average Loans $134.8 $135.7 $134.8 $135.4 $136.5 QoQ Drivers $24.0 $22.9 $24.3 $25.4 $26.1 Average loans increased +$1.1 billion QoQ: • Consumer loans rose +3% (+$745 million), reflecting $23.0 $23.1 $23.2 $23.7 $24.4 higher average recreational finance loans • Residential real estat
Slide 11: Balance Sheet – Securities and Invested Cash
Balance Sheet – Securities and Invested Cash Average Investment Securities and Yield Securities and Invested Cash at 9/30/25 $36.6 HTM $35.3 Securities $34.5 Other $33.7 Securities 24% $31.0 2% 2Q25 Adjusted Yield was 4.03%(1) Interest- bearing $53.6B $ IN BILLIONS deposits at banks TOTAL 4.13% 4.00
Slide 12: Balance Sheet – Average Deposits
Balance Sheet – Average Deposits 3Q24 4Q24 1Q25 2Q25 3Q25 Total deposit cost 2.06% 1.90% 1.70% 1.72% 1.72% QoQ Drivers Interest-bearing deposit cost 2.88% 2.64% 2.37% 2.38% 2.36% Average deposits decreased -$700 million QoQ: $161.5 $164.6 $161.2 $163.4 $162.7 • Interest-bearing deposit cost decrease
Slide 13: Income Statement – Noninterest Income
Income Statement – Noninterest Income $752 $683 Change 3Q25 vs $657 $ in millions 3Q25 2Q25 3Q24 2Q25 3Q24 $606 $611 $ IN MILLIONS Mortgage Banking Revenues $147 $130 $109 13% 36% Service Charges on Deposits 141 137 132 2 7 Trust Income 181 182 170 -1 7 Brokerage Services 34 31 32 9 9 Non-hedge Deri
Slide 14: Income Statement – Noninterest Expenses
Income Statement – Noninterest Expenses $1,415 Change 3Q25 vs $1,363 $1,336 $1,363 $ in millions 3Q25 2Q25 3Q24 2Q25 3Q24 $1,303 $1,402 $1,350 $1,327 $1,353 Salaries & Benefits(2) $833 $813 $775 2% 8% $1,291 Equip & Occupancy 129 130 125 — 4 $ IN MILLIONS Outside Data Proc & SW 138 138 123 — 12 Prof
Slide 15: Credit
Credit Net Charge-offs Provision for Credit Losses $0 $0 $0 $140 $160 $130 $15 $ IN MILLIONS $ IN MILLIONS $146 $20 $120 $105 $110 $120 $114 0.47% $108 0.42% 0.35% 0.34% 0.32% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Net Charge-offs ($) Net Charge-off Ratio (%) Provision for Loan Losses Pro
Slide 16: Criticized C&I and CRE Loans
Criticized C&I and CRE Loans Criticized loans decreased -$584 million QoQ: • C&I increased modestly +$87 million $10.9 • CRE decreased -$671 million $9.9 – Permanent CRE -$626 million $9.4 – Construction -$45 million $ IN BILLIONS $8.4 • 96% of criticized accrual loans are current $7.8 12.2% 11.2% 1
Slide 17: Criticized C&I Loans
Criticized C&I Loans September 30, 2025 June 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: Financia
Slide 18: Criticized CRE Loans
Criticized CRE Loans September 30, 2025 June 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 $6,548 $479 $65 $544 $6,0
Slide 19: Capital
Capital CET1(1) TBVPS (2) 11.68% $115.31 11.54% $111.13 $112.48 11.50% $109.36 $107.97 10.99% 10.99% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 QoQ Drivers • CET1 capital ratio unchanged at 10.99%(1) at the end of • Stress capital buffer improved to 2.7% from 3.8% effective 3Q25 October 1, 20
Slide 20: 4Q25 Outlook
4Q25 Outlook 4Q25 Outlook Comments Net Interest Income • NIM of 3.70% +/- $1.8 billion +/- Taxable-equivalent • Reflects two additional rate cuts in 4Q25 Income Statement Fee Income $670 to $690 million • Continued strength in trust, mortgage banking and service charges GAAP Expense $1,350 to $1,370
Slide 21: 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 Simplification Long Isla
Slide 22: 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 23: Appendix
Appendix M&&Bank Corporation| 23
Slide 24: GAAP to Net Operating (Non-GAAP) Reconciliation
Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 3Q24 4Q24 1Q25 2Q25 3Q25 Net income Net income $721 $681 $584 $716 $792 Amortization of core deposits and other intangible assets (1) 10 10 10 8 6 Net operating income $731 $691 $594 $724 $798 Earnings per common
Slide 25: GAAP to Net Operating (Non-GAAP) Reconciliation
Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 3Q24 4Q24 1Q25 2Q25 3Q25 Other expense Other expense $1,303 $1,363 $1,415 $1,336 $1,363 Amortization of core deposit and other intangible assets (12) (13) (13) (9) (10) Noninterest operating expense $1,291 $1,350 $1,402 $1,327 $1,3
Slide 26: GAAP to Tangible (Non-GAAP) Reconciliation
Appendix GAAP to Tangible (Non-GAAP) Reconciliation In millions 3Q24 4Q24 1Q25 2Q25 3Q25 Average assets Average assets $209,581 $211,853 $208,321 $210,261 $211,053 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (113) (100) (92) (89) (79) Deferred taxes 28 2
Slide 27: GAAP to Tangible (Non-GAAP) Reconciliation
Appendix GAAP to Tangible (Non-GAAP) Reconciliation In millions 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Total assets Total assets $211,785 $208,105 $210,321 $211,584 $211,277 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (107) (94) (93) (84) (74
Slide 28: Reconciliation of Adjusted Metrics
Appendix Reconciliation of Adjusted Metrics In millions, except per share 3Q24 4Q24 1Q25 2Q25 3Q25 Taxable-equivalent net interest income - Adjusted Taxable-equivalent net interest income $1,722 Premium amortization for acquired securities 20 Taxable-equivalent net interest income - Adjusted $1,742
Slide 29: Reconciliation of Adjusted Metrics
Appendix Reconciliation of Adjusted Metrics In millions 3Q24 4Q24 1Q25 2Q25 3Q25 Other income - Adjusted Other income $657 $683 $752 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 CIT busines