M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $818 million or $5.32 of diluted earnings per common share. (Dollars in millions, except per share data) 2Q26 1Q26 2Q25 Earnings Highlights Net interest income $ 1,792 $ 1,752 $ 1,713 Taxable-equivalent adjustment 12 11 9 Net interest income - taxable-equivalent 1,804 1,763 1,722 Provision for credit losses 120 140 125 Noninterest income 740 689 683 Noninterest expense 1,349 1,438 1,336 Net income 818 664 716 Net income available to common shareholders - diluted 781 620 679 Diluted earnings per common share 5.32 4.13 4.24 Return on average assets - annualized 1.51 % 1.26 % 1.37 % Return on average common shareholders' equity - annualized 12.30 9.67 10.39 Average Balance Sheet Total assets $ 216,532 $ 213,828 $ 210,261 Interest-bearing deposits at banks 15,061 16,231 19,698 Investment securities 38,728 37,845 35,335 Loans 141,427 138,423 135,407 Deposits (1) 163,524 164,176 163,258 Borrowings 20,794 16,759 14,263 Selected Ratios (Amounts expressed as a percent, except per share data) Net interest margin (1) 3.70 % 3.70 % 3.62 % Efficiency ratio (2) 52.8 58.3 55.2 Net charge-offs to average total loans - annualized .23 .31 .32 Allowance for loan losses to total loans 1.52 1.53 1.61 Nonaccrual loans to total loans .84 .89 1.16 Common equity Tier 1 ("CET1") capital ratio (3) 10.19 10.33 10.99 Common shareholders' equity per share $ 176.03 $ 173.82 $ 166.94 (1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. (2) A reconciliation of non-GAAP measures is included in the tables that accompany this release. (3) CET1 capital ratio at June 30, 2026 is estimated. Financial HighlightsTaxable-equivalent net interest income increased $41 million in the recent quarter as compared with the first quarter of 2026 reflecting an additional day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The net interest margin remained at 3.70%. A $3.0 billion increase in average loan balances in the recent quarter spanned all loan categories including $2.3 billion of growth in average commercial and industrial loans. Commercial real estate loans at June 30, 2026 increased $1.1 billion from March 31, 2026. Noninterest income in the recent quarter reflects a higher distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), an increase in trust income and a rise in revenues from interest rate swap agreements entered into for commercial customers. The decline in noninterest expense reflects seasonal salaries and employee benefits expense recognized in the first quarter of 2026. The allowance for loan losses as a percent of total loans declined 1 basis point to 1.52% at June 30, 2026. In the recent quarter, M&T repurchased 2.1 million shares of its common stock at a total cost of $465 million. M&T's CET1 capital ratio is estimated to be 10.19% at June 30, 2026.Chief Financial Officer Commentary"M&T generated record earnings per share in the second quarter, reflecting strong contributions from our commercial, retail and institutional services and wealth management businesses. These results reflect the enduring strength of our franchise and the dedication of our employees to making a meaningful difference in the lives of our customers and communities. I want to thank my M&T colleagues. As a result of their commitment, M&T continues to create lasting value for everyone we serve."- Daryl N. Bible, M&T's Chief Financial OfficerContact: Investor Relations: Rajiv Ranjan 716.842.5138 Steve Wendelboe 716.842.5138 Media Relations: Frank Lentini 929.651.0447 Non-GAAP Measures (1) (Dollars in millions, except per share data) 2Q26 1Q26 Change 2Q26 vs.1Q26 2Q25 Change 2Q26 vs.2Q25 Net operating income $ 823 $ 671 23 % $ 724 14 % Diluted net operating earnings per common share 5.35 4.18 28 4.28 25 Annualized return on average tangible assets 1.59 % 1.33 % 1.44 % Annualized return on average tangible common equity 18.57 14.51 15.54 Efficiency ratio 52.8 58.3 55.2 Tangible equity per common share $ 117.41 $ 115.96 1 $ 112.48 4 (1) A reconciliation of non-GAAP measures is included in the tables that accompany this release. M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature. Taxable-equivalent Net Interest Income (1) (Dollars in millions) 2Q26 1Q26 Change 2Q26 vs.1Q26 2Q25 Change 2Q26 vs. 2Q25 Average earning assets $ 195,216 $ 192,594 1 % $ 190,535 2 % Average interest-bearing liabilities (2) 140,354 136,388 3 132,368 6 Net interest income - taxable-equivalent 1,804 1,763 2 1,722 5 Yield on average earning assets (2) 5.40 % 5.35 % 5.51 % Cost of interest-bearing liabilities (2) 2.36 2.32 2.71 Net interest spread 3.04 3.03 2.80 Net interest margin (2) 3.70 3.70 3.62 (1) Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table herein. (2) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation. Taxable-equivalent net interest income increased $41 million, or 2%, compared with the first quarter of 2026 reflecting an additional calendar day, higher interest income from nonaccrual loans and growth in average loans in the recent quarter. Taxable-equivalent net interest income increased $82 million, or 5%, as compared with the year-earlier second quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements.Read More

M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results

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