Investor Update 2nd Quarter 2026
MAY 2026
We are M&T Bank
We are committed to
Our Customers
Delivering the people, capital and ideas that empower our customers in the moments that matter most in their lives.
Our Communities
M&T is a
bank for communities, an engine for local economic development
through relationship-building.
Our Colleagues
We empower our employees to be the best versions of themselves through integrity
and empathy.
Our Shareholders
We deliver reliable results anchored by a strong balance sheet that protects and
builds investor value across economic cycles.
2026 Enterprise Priorities
Operational Excellence
Deliver industry-leading service, scale, and value through intelligent, simplified operations that empower the businesses and clients we support and help us to maintain and improve the bank's profitability.
Teaming for Growth
Alignment and integration across markets, lines of business, and platform capabilities will accelerate regional bank growth.
Objectives
Build scalable infrastructure that enables sustainable growth
Deliver consistent, fast, and customer centric experiences across the enterprise
Drive operational efficiency while maintaining quality and risk standards
Strengthen critical skills and leadership capabilities for a modern organization
Objectives
Make it easy for clients to do business with us
Ensure all markets and clients experience us as one bank
Empower leaders to lead across businesses
Win in the markets and businesses where we operate
Drive more integration and collaboration in service of growth
Outcomes
Grow revenue per employee through productivity and capacity redeployment
Faster completion of essential processes
Improve customer satisfaction scores
Enhanced employee engagement results regarding tools and resources needed to do the job
Outcomes
Primary checking account and deposit growth
New England regions lead in deposit and loan growth
Increased revenue per Relationship Manager
Increased Wealth referral volume and penetration
Top 5 SBA ranking in New England markets
Increased Mortgage Originations
Record Earnings
$17.20 (+16% YoY)
Net Operating EPS
$2.9 Billion (+10% YoY)
Net Operating Income
Return Focused
15.36%
Return on Tangible Common Equity
1.43%
Return on Tangible Assets
Returned Capital to Shareholders
9%
of Outstanding Shares Repurchased in 2025
11%
Increase in Quarterly Dividend
Record Noninterest Income, Disciplined Expenses
56%
Efficiency Ratio
$2.7 Billion (+13% YoY)
Noninterest Income
Top Quartile NIM, while Growing Loans
6% YoY
Growth in non-CRE Loans
3.67%
Net Interest Margin
Improved Asset Quality
-27% YoY
Decline in Criticized Loans
-26% YoY
Decline in Nonaccrual Loans
Note: Represents FY2025 results. YoY growth metrics represent FY2025 vs FY2024.
Solid Performance in Key Metrics against PeersROTA(1)
FY25
Net Interest Margin
FY25
Efficiency Ratio(1)
FY25
PPNR / RWA(1)
FY25
NCO / Loans
FY25
Peer 1 MTB
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
1.43%
MTB
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
3.67%
MTB
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
MTB
56.0%
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
2.6%
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6 MTB
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
0.41%
Source: S&P Global Market Intelligence and company filings See Appendix for list of peers
See Appendix for reconciliation of GAAP with these non-GAAP measures
11%
Increase in Quarterly Dividend in 3Q25
10%
Outstanding Shares Repurchased in Last 12 Months
4%
TBVPS YoY Growth since 3/31/2025
3.8% to 2.7%
Decline in SCB
CET1 Ratio incl. AOCI(1)
3/31/2026(2)
Tangible Common Equity / Tangible Assets
Highlights
Capital levels favorable to peers when considering AOCI
March 2026 Capital Proposal: CET1 capital ratio at the end of 4Q25 would have increased an estimated +90 +/- bps under the standardized approach and an additional
+10-20 bps under the expanded risk-based approach, excluding the impact of AOCI
4 basis point benefit, as of 3/31/2026, if including AOCI in regulatory capital(1)
Expect CET1 ratio of 10% to 10.5% in 2026
Maintain share repurchase flexibility
Increased quarterly dividend per share 11%
from $1.35 to $1.50 in 3Q25
Expect continued annual dividend growth
3/31/2026
Peer 1 MTB
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
Peer 12
11.2%
10.4%
10.0%
~1.0% vs Peer
Median
9.9%
9.6%
9.6%
9.4%
9.4%
9.3%
9.3%
9.2%
8.8%
8.7%
Peer 1
Peer 2 MTB
Peer 3
Peer 4
Peer 5
Peer 6
Peer 7
Peer 8
Peer 9
Peer 10
Peer 11
Peer 12
8.4%
8.3%
~0.8% vs Peer Median
8.3%
8.0%
7.8%
7.7%
7.5%
7.4%
7.3%
7.2%
7.1%
7.0%
6.5%
Proposal would require regulatory capital to include unrealized gains / (losses) on AFS securities and pension-related effects
Five peers as-of 12/31/2025, due to data availability
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 continue
Expect to reach 17% ROTCE in 2027 as CET1 trends to 10%; does not include incremental impact of March Capital Proposals
Return on Tangible Assets Return on Tangible Common Equity
1.42%
1.30%
1.04%
1.43%
1.03%
1.25% Long-Term Target(1)
1.17%
17.6%
17.7%
12.8%
14.5%
16.6% 17% Long-Term Target (1)
15.8%
15.4%
12.7%
10.6%
2023 2024 2025
MTB Peer Median2023 2024 2025
MTB Peer Median Peer Median (Ex. AOCI)(1) 3-Year average ROTA and ROTCE above 1.25% and 17% thresholds results in a 150% of target payout on Performance-Vested Stock Units ("PVSU")
Strong Loan Growth while Reducing CREGrew average loans, excluding CRE, by 6% in both 2024 and 2025; demonstrating M&T's diversified portfolio
Reduced CRE by $9.5B or -15% CAGR from 2023 to 2025 Grew non-CRE loans by 1.3% QoQ in 1Q26; ~5.1% annualized
Average Loans ($, B)
$132.7 $134.7 $136.1
$25.0
$138.4
$23.5
Non-CRE
CRE
C&I
$34.5
$98.2
$54.2
+6%
$30.2
$104.5
$58.9
+6%
$111.1
$61.5
$114.9
$63.8
Residential Real Estate
$23.6
$23.1
$24.0
$24.8
$20.4 | $22.5 | $25.6 | $26.3 | ||||
2023 | 2024 | 2025 | 1Q26 |
Consumer
Solid Fee Growth and Disciplined ExpensesSolid growth in all fee categories
Mortgage aided by residential subservicing and commercial originations
Trust income growth from both Institutional Services and Wealth, including AUM growth
Fees related to our capital markets business also supported YoY growth
Increased noninterest income as a % of total revenue from 26% to 28%
1Q26 fee income +13% YoY with broad based growth across categories
Managed sequential improvement in the efficiency ratio while making significant enterprise investments that will allow M&T to thrive in the years to come
Recent enterprise investments include Finance Modernization (general ledger replacement), data centers and cloud migration, and credit delivery
Other Revenues Trading / Deriv.
Brokerage
Trust
$475
Service Charges
Mortgage
Noninterest Income ($, MM)
Excluding Securities G/L and Notable Items
+5%
$675
$632
+11%
$724
$673
$680
$584
$2,299 $2,417
$514
$2,687
Efficiency Ratio
54.9%
56.0%
56.9%
59.3%
60.5%
62.1%
$436
$409
$550
$551
2023 2024 2025
2023 2024 2025
MTB Peer Median
Continued Asset Quality ImprovementConsistent improvement in credit quality; 43% reduction in nonaccrual and 48% reduction in criticized loans since 2023
Nonaccrual Loans % of Total Loans at lowest levels since 2007
Nonaccrual Loans ($, MM) Criticized Commercial Loans ($, MM)
$2,166
-22%
$1,690
-26%
$1,252
$1,240
0.89%
0.90%
1.25%
1.62%
$12,579
-21%
$9,915
-27%
$7,258
$6,552
7.4%
8.3%
11.2%
14.0%
2023 2024 2025 1Q26
Nonaccrual Loans Nonaccrual Loans (%)2023 2024 2025 1Q26
Crit. Commercial Loans Crit. % of Commercial LoansConsistent NIM Outperformance
Strength on both loan pricing and deposit cost… …drives NIM outperformance
Loan Yield NIM
MTB
Peer 75th %-tile
Peer 25th %-tile
6.1%
6.0%
5.7%
6.5%
6.0%
5.5%
5.0%
4.5%
4.0%
3.5%
4.0%
3.7%
3.2%
2.9%
3.5%
3.0%
2.5%
3.0%
2020 2021 2022 2023 2024 2025
2.0%
2020 2021 2022 2023 2024 2025
Total Deposit Cost Risk Adjusted NIM(1)
2.5%
4.0%
2.0%
1.5%
1.0%
0.5%
3.5%
3.4%
3.1%
2.7%
3.0%
2.5%
0.0%
2.0%
1.7%
1.7%
2020 2021 2022 2023 2024 2025
2.0%
2020 2021 2022 2023 2024 2025
(1) Taxable Equivalent NII less Net Charge-offs as a percent of Average Earning Assets
Strong Overall ProfitabilityMTB
Peer 75th %-tile
Peer 25th %-tile
NIM outperformance combined with fee income and efficiency drives profitability outperformance
PPNR / RWA ROTA
3.0% 2.0%
2.6%
2.3%
1.4%
1.3%
1.0%
2.5% 1.5%
1.8%
2.0% 1.0%
1.5% 0.5%
1.0%
2020 2021 2022 2023 2024 2025
0.0%
2020 2021 2022 2023 2024 2025
Consistent GrowthMTB
Peer 75th %-tile
Peer 25th %-tile
Profitability outperformance also combined with consistent and strong Dividend and TBVPS growth
Company | Cumulative Div Growth |
Peer 1 | 66.1% |
Peer 2 | 43.5% |
Peer 3 | 42.6% |
MTB | 29.5% |
Peer 4 | 29.4% |
Peer 5 | 21.4% |
Peer 6 | 15.6% |
Peer 7 | 10.8% |
Peer 8 | 10.3% |
Peer 9 | 4.4% |
Peer 10 | 3.3% |
Peer 11 | 0.0% |
Median (excl. MTB) | 15.6% |
Cumulative Dividend Per Share Growth
36%
30%
7%
40%
30%
20%
10%
0%
2020 2021 2022 2023 2024 2025
Cumulative TBVPS Growth
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
(10.0)%
(20.0)%
(30.0)%
(40.0)%
45.9%
Company | Cumulative TBVPS Growth |
MTB | 45.9% |
Peer 1 | 38.8% |
Peer 2 | 25.0% |
Peer 3 | 17.8% |
Peer 4 | 17.4% |
Peer 5 | 16.4% |
Peer 6 | 16.2% |
Peer 7 | 15.5% |
Peer 8 | 11.9% |
Peer 9 | 3.4% |
Peer 10 | 1.2% |
Peer 11 | (2.9%) |
Median (excl. MTB) | 16.2% |
17.6%
7.7%
2020 2021 2022 2023 2024 2025
Through the Cycle Profitability Advantage…Key Points
Better than Peer PPNR Generation & Credit Losses
Aided by NIM, efficiency and credit loss outperformance
Consistent Profitability Advantage
Over the past 5-, 10-, and 20-years, M&T maintained a 19 to 31 basis point ROTA advantage compared to the peer median
Results in Normalized ROTCE Advantage
Equates to a ~2.4% to ~4.1% normalized ROTCE advantage
compared to peers assuming normalized capital levels
ROTA Considered in Long-Term Incentives
Recent Performance Vested Stock Units grants include a 1.25% absolute ROTA threshold
Net Operating ROTA(1)
1.36% 1.36%
1.30%
+31bps
+19bps
1.17%
+19bps
1.17%
0.99%
MTB
Peer
Median
20-Years 2006-2025
10-Years 2016-2025
5-Years 2021-2025
(1) See Appendix for reconciliation of GAAP with these non-GAAP measures
…Combined with Consistent Growth$140
$120
$100
$80
$60
Tangible Book Value Per Share
$117.45
CAGR - TBVPS Growth plus Dividends
12.2%
MTB: 7.8% CAGR
Peer Median: 2.9% CAGR
Peer Median
MTB
10.4%
9.6%
8.5%
7.8%
5.4%
$40 $25.91
$20
$-
2005 2010 2015 2020 2025
Dividend Per Share
MTB: 6.1% CAGR
Peer Median: 0.6% CAGR
$1.75
Key Points
Consistently Delivering Value and Growth
Consistent dividend and TBVPS growth compared to peers
Results in higher than peer CAGR for TBVPS growth plus dividends over 5-, 10-, and 20-years
Increased quarterly per share dividend from $1.35 to $1.50 in 3Q25
Expect continued annual dividend growth
$6 $5.70
$5
$4
$3
$2
$1
$-
2005 2010 2015 2020 2025
20-Years YE05-YE25
10-Years YE15-YE25
5-Years YE20-YE25
Loans
$140 to $142 billion
Point to point growth in each loan portfolio
Positive momentum in C&I and CRE in early 2Q
Deposits
$165 to $167 billion
Focus on growing operational accounts and other customer deposits at a reasonable cost
CET1 Capital Ratio
10.0% to 10.5%
Average Balances
2026 Outlook2026 Outlook Comments
Income Statement | Net Interest Income | $7.2 to $7.35 billion |
|
Taxable-equivalent |
| ||
Fee Income | $2.675 to $2.775 billion |
| |
GAAP Expense | $5.5 to $5.6 billion |
| |
Includes intangible amortization |
| ||
Net Charge-Offs | 40 basis points +/- | ||
% of Average Loans | |||
Tax Rate | 24.0% +/- | ||
Taxable-equivalent |
Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns
Purpose Driven
Organization
Long term focused with deeply embedded culture
Business operated to represent the best interests of all key stakeholders
Energized colleagues consistently serving our customers and communities
A safe haven for our clients as proven during turbulent times and crisis
Successful and
Business Model
Experienced and seasoned management team
Strong risk controls with long track record of credit outperformance through cycles
Leading position in core markets
Sustainable
Strong
Returns
15-17% ROTCE(1)
Robust dividend growth
8% TBV per share growth(2)
Shareholder
Source: FactSet, S&P Global, Company Filings
(1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2020-2025, consistent with M&T's measurement of ROTCE for performance-based stock compensation
(2) TBV per share growth represents CAGR from 2020-2025
Appendices
Key Ratios2021 | 2022 | 2023 | 2024 | 2025 | 1Q26 | ||
Superior Pre-Credit Earnings | |||||||
Net Interest Margin | 2.76% | 3.39% | 3.83% | 3.58% | 3.67% | 3.71% | |
Efficiency Ratio (1) | 59.0% | 56.6% | 54.9% | 56.9% | 56.0% | 58.3% | |
PPNR ($, Millions) (1) | $2,445 | $3,471 | $4,232 | $3,979 | $4,150 | $999 | |
PPNR to RWA (1) | 2.3% | 2.7% | 2.8% | 2.6% | 2.6% | 2.5% | |
Strong Credit Metrics | |||||||
Allowance to Loans (As At) | 1.58% | 1.46% | 1.59% | 1.61% | 1.53% | 1.53% | |
Net Charge-Offs to Loans | 0.20% | 0.13% | 0.33% | 0.41% | 0.41% | 0.31% | |
Focused on Returns | |||||||
Net Operating Return on: | |||||||
Tangible Assets (1) | 1.28% | 1.35% | 1.42% | 1.30% | 1.43% | 1.33% | |
Tangible Common Equity (1) Consistent Capital Generation (As At) | 16.80% | 16.70% | 17.60% | 14.54% | 15.36% | 14.51% | |
Tangible Common Equity to Tangible Assets | 7.68% | 7.63% | 8.20% | 9.07% | 8.70% | 8.26% | |
Common Equity Tier 1 Ratio | 11.42% | 10.44% | 10.98% | 11.68% | 10.84% | 10.33% | |
Tier 1 Capital Ratio | 13.11% | 11.79% | 12.29% | 13.21% | 12.59% | 11.81% | |
Balance Sheet (As At) | |||||||
Loans to Deposits | 70.63% | 80.46% | 82.11% | 84.16% | 83.10% | 85.45% | |
Securities to Assets | 4.61% | 12.56% | 12.91% | 16.36% | 17.17% | 17.99% | |
(1) See Appendix 1 and 2 for reconciliation of GAAP with these non-GAAP measures
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