# EDGAR Filing Document

**Accession Number:** 0000036270
**File Stem:** 0001628280-25-034994
**Filing Date:** 2025-7
**Character Count:** 97994
**Document Hash:** 691ed499742dbb79f55d749a8e1b92eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-034994.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001628280-25-034994

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250716

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M&T BANK CORP
- **CENTRAL INDEX KEY:** 0000036270
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 160968385
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09861
- **FILM NUMBER:** 251126112

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LEGAL
- **STREET 2:** ONE M&T PLAZA
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203
- **BUSINESS PHONE:** 7165593172

**MAIL ADDRESS:**
- **STREET 1:** C/O LEGAL
- **STREET 2:** ONE M&T PLAZA
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EMPIRE STATE CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? mbt-20250716

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): July 16, 2025**

**___________________________________**

**M&T BANK CORPORATION**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | | |
|:---|:---|:---|
| | **New York** | |
| **(State or other jurisdiction of incorporation)** | **(State or other jurisdiction of incorporation)** | **(State or other jurisdiction of incorporation)** |
| **1-9861**<br>**(Commission File Number)** | | **16-0968385**<br>**(I.R.S. Employer Identification Number)** |
| **One M&T Plaza, Buffalo, New York** |  | **14203** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |
| **Registrant's telephone number, including area code: (716) 635-4000** | **Registrant's telephone number, including area code: (716) 635-4000** | **Registrant's telephone number, including area code: (716) 635-4000** |

---

**___________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **<u>Title of Each Class</u>** | **<u>Trading Symbols</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Common Stock, $.50 par value | MTB | New York Stock Exchange |
| Perpetual Fixed-to-Floating Rate<br>Non-Cumulative Preferred Stock, Series H | MTBPrH | New York Stock Exchange |
| Perpetual Fixed Rate Non-Cumulative<br>Preferred Stock, Series J | MTBPrJ | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition**

On July 16, 2025, M&T Bank Corporation ("M&T") announced its results of operations for the quarter ended June 30, 2025. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.

The information in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

**Item 7.01. Regulation FD Disclosure.**

On July 16, 2025, M&T posted an investor presentation to its website. A copy of the presentation is attached as Exhibit 99.2 hereto. From time to time, M&T may use this presentation in conversations with investors and analysts. The presentation can be found on the Investor Relations page of M&T's website at <u>ir.mtb.com/events-presentations</u>.

The information in Item 7.01 of this Form 8-K, including Exhibit 99.2 attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

**Item 9.01 - Financial Statements and Exhibits**

(d) The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | &nbsp;&nbsp;**<u>Exhibit Description</u>** |
| 99.1 | <u>[News Release dated July 16, 2025](ex991release2q25.htm)</u> |
| 99.2 | <u>[M&T Bank Corporation presentation dated July 16, 2025](earningspresentation_2q2.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **M&T BANK CORPORATION** | **M&T BANK CORPORATION** |
| Date: | July 16, 2025 | By: | /s/ Daryl N. Bible |
|  |  |  | Daryl N. Bible |
|  |  |  | Senior Executive Vice President <br>and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | &nbsp;&nbsp;News Release |
| One M&T Plaza, Buffalo, NY 14203 | July 16, 2025 |
| **M&T Bank Corporation (NYSE:MTB) announces second quarter 2025 results**  | **M&T Bank Corporation (NYSE:MTB) announces second quarter 2025 results**  |

---

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $716 million or $4.24 of diluted earnings per common share.

---

| | | | |
|:---|:---|:---|:---|
| **(Dollars in millions, except per share data)** | **2Q25** | **1Q25** | **2Q24** |
| **Earnings Highlights** | **Earnings Highlights** | **Earnings Highlights** | **Earnings Highlights** |
| Net interest income | $1713 | $1695 | $1718 |
| Taxable-equivalent adjustment | 9 | 12 | 13 |
| Net interest income - taxable-equivalent | 1722 | 1707 | 1731 |
| Provision for credit losses | 125 | 130 | 150 |
| Noninterest income | 683 | 611 | 584 |
| Noninterest expense | 1336 | 1415 | 1297 |
| Net income | 716 | 584 | 655 |
| Net income available to common shareholders - diluted | 679 | 547 | 626 |
| Diluted earnings per common share | 4.24 | 3.32 | 3.73 |
| Return on average assets - annualized | 1.37% | 1.14% | 1.24% |
| Return on average common shareholders' equity - annualized | 10.39 | 8.36 | 9.95 |
| **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** | **Average Balance Sheet** |
| Total assets | $210261 | $208321 | $211981 |
| Interest-bearing deposits at banks | 19698 | 19695 | 29294 |
| Investment securities | 35335 | 34480 | 29695 |
| Loans | 135407 | 134844 | 134588 |
| Deposits | 163406 | 161220 | 163491 |
| Borrowings | 14263 | 14154 | 16452 |
| **Selected Ratios** | **Selected Ratios** | **Selected Ratios** | **Selected Ratios** |
| **(Amounts expressed as a percent, except per share data)** |  |  |  |
| Net interest margin | 3.62% | 3.66% | 3.59% |
| Efficiency ratio (1) | 55.2 | 60.5 | 55.3 |
| Net charge-offs to average total loans - annualized | .32 | .34 | .41 |
| Allowance for loan losses to total loans | 1.61 | 1.63 | 1.63 |
| Nonaccrual loans to total loans | 1.16 | 1.14 | 1.50 |
| Common equity Tier 1 ("CET1") capital ratio (2) | 10.98 | 11.50 | 11.45 |
| Common shareholders' equity per share | $166.94 | $163.62 | $153.57 |

---

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.

(2) CET1 capital ratio at June 30, 2025 is estimated.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable-equivalent net interest income increased $15 million in the recent quarter as compared with the first quarter of 2025 reflecting an additional day of earnings, favorable asset repricing and a lower negative impact from interest rate swap agreements used for hedging purposes, partially offset by $20 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loans in the recent quarter reflect higher average balances of consumer and residential real estate loans, partially offset by a decrease in the average balance of commercial real estate loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average deposits increased in the recent quarter as compared with the first quarter of 2025, reflecting higher average savings and interest-checking deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increase in noninterest income reflects a rise in residential mortgage banking revenues and trust income as well as gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The decline in noninterest expense was primarily attributed to lower salaries and employee benefits expense, reflecting seasonal expense recorded in the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reflecting improved asset quality the allowance for loan losses as a percentage of total loans declined 2 basis points to 1.61% at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• M&T repurchased 6,073,957 shares of its common stock during the recent quarter for a total cost of $1.1 billion, compared with 3,415,303 shares for a total cost of $662 million in the first quarter of 2025. Reflecting repurchases, M&T's CET1 capital ratio declined to an estimated 10.98% at June 30, 2025, representing a 52 basis-point decrease from 11.50% at March 31, 2025.

**Chief Financial Officer Commentary**

"M&T's consistent profitability has supported a significant return of capital to shareholders while maintaining resiliency entering the second half of the year. We are thrilled with a reduction of M&T's stress capital buffer and we remain committed to prudent risk management for the benefit of all of our stakeholders. Our teams continue to work with customers each and every day to provide solutions for their financial success. This summer, expect to see M&T employees out in force assisting customers and volunteering in the communities we serve to make a difference in people's lives."

***- Daryl N. Bible, M&T's Chief Financial Officer***

**Contact:** 

Investor Relations: Steve Wendelboe&nbsp;&nbsp;&nbsp;&nbsp;716.842.5138

Media Relations: Frank Lentini &nbsp;&nbsp;&nbsp;&nbsp;929.651.0447

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-GAAP Measures (1)** | **Non-GAAP Measures (1)** | **Non-GAAP Measures (1)** | **Non-GAAP Measures (1)** | **Non-GAAP Measures (1)** | **Non-GAAP Measures (1)** |
| **(Dollars in millions, except per share data)** | 2Q25 | 1Q25 | Change 2Q25 vs. 1Q25 | 2Q24 | Change 2Q25 vs. 2Q24 |
| Net operating income | $724 | $594 | 22% | $665 | 9% |
| Diluted net operating earnings per common share | 4.28 | 3.38 | 27 | 3.79 | 13 |
| Annualized return on average tangible assets | 1.44% | 1.21% |  | 1.31% |  |
| Annualized return on average tangible common equity | 15.54 | 12.53 |  | 15.27 |  |
| Efficiency ratio | 55.2 | 60.5 |  | 55.3 |  |
| Tangible equity per common share | $112.48 | $111.13 | 1 | $102.42 | 10 |

---

<u><br></u>

(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** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** | **Taxable-equivalent Net Interest Income** |
| **(Dollars in millions)** | 2Q25 | 1Q25 | Change 2Q25 vs. 1Q25 | 2Q24 | Change 2Q25 vs. 2Q24 |
| Average earning assets | $190535 | $189116 | 1% | $193676 | -2% |
| Average interest-bearing liabilities | 132516 | 129938 | 2 | 132209 |  |
| Net interest income - taxable-equivalent | 1722 | 1707 | 1 | 1731 | -1 |
| Yield on average earning assets | 5.51% | 5.52% |  | 5.82% |  |
| Cost of interest-bearing liabilities | 2.71 | 2.70 |  | 3.26 |  |
| Net interest spread | 2.80 | 2.82 |  | 2.56 |  |
| Net interest margin | 3.62 | 3.66 |  | 3.59 |  |

---

Taxable-equivalent net interest income increased $15 million, or 1%, in the recent quarter as compared with the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing deposits at banks were essentially unchanged and the yield received on those deposits declined 1 basis point.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average investment securities increased $855 million and the rates earned on those securities decreased 19 basis points reflecting $20 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from an acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loans increased $563 million and the yield received on those loans, including the impact from interest rate swap agreements used for hedging purposes, rose 5 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing deposits increased $2.5 billion and the rates paid on such deposits rose 1 basis point.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average borrowings rose $109 million and the rates paid on such borrowings increased 1 basis point.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Taxable-equivalent net interest income decreased $9 million as compared with the year-earlier second quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing deposits at banks decreased $9.6 billion and the yield received on those deposits declined 103 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average investment securities increased $5.6 billion and the yield earned on those securities rose 20 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loans grew $819 million while the yield received on those loans decreased 27 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing deposits rose $2.5 billion while the rates paid on those deposits declined 52 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average borrowings decreased $2.2 billion and the rates paid on such borrowings declined 34 basis points.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Earning Assets** | **Average Earning Assets** | **Average Earning Assets** | **Average Earning Assets** | **Average Earning Assets** | **Average Earning Assets** |
| **(Dollars in millions)** | 2Q25 | 1Q25 | Change 2Q25 vs. 1Q25 | 2Q24 | Change 2Q25 vs. 2Q24 |
| Interest-bearing deposits at banks | $19698 | $19695 | —% | $29294 | -33% |
| Trading account | 95 | 97 | -3 | 99 | -4 |
| Investment securities | 35335 | 34480 | 2 | 29695 | 19 |
| Loans |  |  |  |  |  |
| &nbsp;&nbsp;Commercial and industrial | 61036 | 61056 |  | 58152 | 5 |
| &nbsp;&nbsp;Real estate - commercial | 25333 | 26259 | -4 | 31458 | -19 |
| &nbsp;&nbsp;Real estate - consumer | 23684 | 23176 | 2 | 23006 | 3 |
| &nbsp;&nbsp;Consumer | 25354 | 24353 | 4 | 21972 | 15 |
| Total loans | 135407 | 134844 |  | 134588 | 1 |
| Total earning assets | $190535 | $189116 | 1 | $193676 | -2 |

---

Average earning assets increased $1.4 billion, or 1%, from the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing deposits at banks were essentially unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average investment securities increased $855 million primarily due to purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities during the first and second quarters of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loans increased $563 million primarily reflective of higher average consumer loans of $1.0 billion, including higher average recreational finance and automobile loans, and an increase in average residential real estate loans of $508 million, partially offset by a decline in average commercial real estate loans of $926 million, reflecting payoffs and the sale of an out-of-footprint residential builder and developer loan portfolio.

Average earning assets decreased $3.1 billion, or 2%, from the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing deposits at banks decreased $9.6 billion reflecting purchases of investment securities, lower average balances of borrowings and share repurchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average investment securities increased $5.6 billion primarily reflecting purchases of fixed rate agency mortgage-backed securities and U.S. Treasury securities since the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loans increased $819 million resulting from higher average commercial and industrial loans of $2.9 billion, reflecting growth spanning most industry types, and a rise in average consumer loans of $3.4 billion, reflecting higher average balances of recreational finance and automobile loans. Partially offsetting those increases was a $6.1 billion decline in average commercial real estate loans.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Interest-bearing Liabilities** | **Average Interest-bearing Liabilities** | **Average Interest-bearing Liabilities** | **Average Interest-bearing Liabilities** | **Average Interest-bearing Liabilities** | **Average Interest-bearing Liabilities** |
| **(Dollars in millions)** | 2Q25 | 1Q25 | Change 2Q25 vs. 1Q25 | 2Q24 | Change 2Q25 vs. 2Q24 |
| Interest-bearing deposits |  |  |  |  |  |
| &nbsp;&nbsp;Savings and interest-checking deposits | $103963 | $101564 | 2% | $95955 | 8% |
| &nbsp;&nbsp;Time deposits | 14290 | 14220 |  | 19802 | -28 |
| Total interest-bearing deposits | 118253 | 115784 | 2 | 115757 | 2 |
| Short-term borrowings | 3327 | 2869 | 16 | 4962 | -33 |
| Long-term borrowings | 10936 | 11285 | -3 | 11490 | -5 |
| Total interest-bearing liabilities | $132516 | $129938 | 2 | $132209 |  |
| Brokered savings and interest-checking <br> deposits | $9921 | $9991 | -1% | $8193 | 21% |
| Brokered time deposits | 568 | 777 | -27 | 3826 | -85 |
| Total brokered deposits | $10489 | $10768 | -3 | $12019 | -13 |

---

Average interest-bearing liabilities rose $2.6 billion, or 2%, in the recent quarter as compared with the first quarter of 2025 reflecting an increase in average savings and interest-checking deposits.

Average interest-bearing liabilities increased $307 million from the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average interest-bearing deposits rose $2.5 billion. Non-brokered interest-bearing deposits increased $4.0 billion reflecting a $6.3 billion increase in average non-brokered savings and interest-checking deposits, partially offset by a $2.3 billion decline in average non-brokered time deposits. A $1.5 billion decline in average brokered deposits reflected maturities of brokered time deposits, partially offset by higher average balances of brokered savings and interest-checking deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average borrowings decreased $2.2 billion reflecting lower average short-term and long-term borrowings from the FHLB of New York, partially offset by issuances of senior notes and other long-term debt since the second quarter of 2024.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Provision for Credit Losses/Asset Quality** | **Provision for Credit Losses/Asset Quality** | **Provision for Credit Losses/Asset Quality** | **Provision for Credit Losses/Asset Quality** | **Provision for Credit Losses/Asset Quality** | **Provision for Credit Losses/Asset Quality** |
| **(Dollars in millions)** | 2Q25 | 1Q25 | Change <br>2Q25 vs. 1Q25 | 2Q24 | Change <br>2Q25 vs. 2Q24 |
| <u>At end of quarter</u> |  |  |  |  |  |
| Nonaccrual loans | $1573 | $1540 | 2% | $2024 | -22% |
| Real estate and other foreclosed assets | 30 | 34 | -11 | 33 | -7 |
| Total nonperforming assets | 1603 | 1574 | 2 | 2057 | -22 |
| Accruing loans past due 90 days or more (1) | 496 | 384 | 29 | 233 | 113 |
| Nonaccrual loans as % of loans outstanding | 1.16% | 1.14% |  | 1.50% |  |
| Allowance for loan losses | $2197 | $2200 |  | $2204 |  |
| Allowance for loan losses as % of loans outstanding | 1.61% | 1.63% |  | 1.63% |  |
| Reserve for unfunded credit commitments | $80 | $60 | 33 | $60 | 33 |
| <u>For the period</u> |  |  |  |  |  |
| Provision for loan losses | $105 | $130 | -19 | $150 | -30 |
| Provision for unfunded credit commitments | 20 |  | 100 |  | 100 |
| Total provision for credit losses | 125 | 130 | -4 | 150 | -17 |
| Net charge-offs | 108 | 114 | -5 | 137 | -21 |
| Net charge-offs as % of average loans (annualized) | .32% | .34% |  | .41% |  |

---

<u><br></u>

(1)Predominantly government-guaranteed residential real estate loans.

The provision for credit losses was $125 million in the second quarter of 2025 as compared with $130 million in the immediately preceding quarter and $150 million in the second quarter of 2024. The allowance for loan losses as a percentage of loans outstanding decreased from 1.63% at March 31, 2025 to 1.61% at June 30, 2025 reflecting lower levels of criticized commercial real estate loans. Net charge-offs totaled $108 million in 2025's second quarter as compared with $114 million in 2025's first quarter and $137 million in the year-earlier quarter, representing .32%, .34% and .41%, respectively, of average loans outstanding.

Nonaccrual loans were $1.6 billion at June 30, 2025, compared with $1.5 billion at March 31, 2025 and $2.0 billion at June 30, 2024. The lower level of nonaccrual loans at the two most recent quarter ends as compared with June 30, 2024 predominantly reflects decreases in commercial real estate nonaccrual loans.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Income** | **Noninterest Income** | **Noninterest Income** | **Noninterest Income** | **Noninterest Income** | **Noninterest Income** |
| **(Dollars in millions)** | 2Q25 | 1Q25 | Change 2Q25 vs. 1Q25 | 2Q24 | Change 2Q25 vs. 2Q24 |
| Mortgage banking revenues | $130 | $118 | 11% | $106 | 23% |
| Service charges on deposit accounts | 137 | 133 | 4 | 127 | 8 |
| Trust income | 182 | 177 | 3 | 170 | 7 |
| Brokerage services income | 31 | 32 | -1 | 30 | 3 |
| Trading account and other non-hedging derivative gains | 12 | 9 | 15 | 7 | 68 |
| Gain (loss) on bank investment securities |  |  |  | (8) |  |
| Other revenues from operations | 191 | 142 | 33 | 152 | 25 |
| Total | $683 | $611 | 12 | $584 | 17 |

---

Noninterest income in the second quarter of 2025 increased $72 million, or 12%, from 2025's first quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage banking revenues rose $12 million reflecting increased residential mortgage loan servicing income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust income increased $5 million reflecting seasonal tax service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other revenues from operations increased $49 million reflecting a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio, a $10 million gain on the sale of a subsidiary that specialized in institutional services, a rise in merchant discount and credit card fees and higher loan syndication fees in the recent quarter.

Noninterest income rose $99 million, or 17%, as compared with the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mortgage banking revenues rose $24 million predominantly due to increased residential mortgage loan servicing income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service charges on deposit accounts increased $10 million primarily from higher commercial service charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust income increased $12 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The loss on bank investment securities in the second quarter of 2024 reflected realized losses on sales of certain non-agency investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other revenues from operations increased $39 million reflecting a $15 million gain on the sale of an out-of-footprint loan portfolio, a $10 million gain on the sale of a subsidiary that specialized in institutional services and an increase in letter of credit and other credit-related fees.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** | **Noninterest Expense** |
| **(Dollars in millions)** | 2Q25 | 1Q25 | Change 2Q25 vs. 1Q25 | 2Q24 | Change 2Q25 vs. 2Q24 |
| Salaries and employee benefits | $813 | $887 | -8% | $764 | 6% |
| Equipment and net occupancy | 130 | 132 | -2 | 125 | 4 |
| Outside data processing and software | 138 | 136 | 1 | 124 | 11 |
| Professional and other services | 86 | 84 | 4 | 91 | -4 |
| FDIC assessments | 22 | 23 | -7 | 37 | -41 |
| Advertising and marketing | 25 | 22 | 14 | 27 | -7 |
| Amortization of core deposit and other intangible assets | 9 | 13 | -27 | 13 | -24 |
| Other costs of operations | 113 | 118 | -5 | 116 | -3 |
| Total | $1336 | $1415 | -6 | $1297 | 3 |

---

Noninterest expense declined $79 million, or 6%, from the first quarter of 2025. Salaries and employee benefits expense decreased $74 million, reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2025, partially offset by the full-quarter impact of annual merit increases awarded in the first quarter of 2025 and an additional working day in the recent quarter.

Noninterest expense increased $39 million, or 3%, from the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salaries and employee benefits expense increased $49 million reflecting annual merit and other increases, higher average employee staffing levels and a rise in medical benefits expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside data processing and software costs rose $14 million reflecting higher software maintenance expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The decrease in FDIC assessments reflects a lower level of criticized loans and a special assessment expense of $5 million in the second quarter of 2024.

**Income Taxes**

The Company's effective income tax rate was 23.4% in each of the second quarters of 2025 and 2024, compared with 23.2% in the first quarter of 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Capital** | **Capital** | **Capital** | **Capital** | **Capital** |
|  | 2Q25 |  | 1Q25 | 2Q24 |
| CET1 | 10.98% | (1) | 11.50% | 11.45% |
| Tier 1 capital | 12.50 | (1) | 13.04 | 13.23 |
| Total capital | 13.96 | (1) | 14.50 | 14.88 |
| Tangible capital – common | 8.67 |  | 8.95 | 8.55 |

---

<u><br></u>

(1)Capital ratios at June 30, 2025 are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $215 million and $35 million, respectively, for the quarter ended June 30, 2025. M&T's current stress capital buffer is 3.8%. In June 2025, the Federal Reserve released the results of its most recent supervisory stress tests, in which M&T elected to participate. Based on those results, M&T's stress capital buffer is estimated to be 2.7% effective October 1, 2025.

The CET1 capital ratio for M&T was estimated at 10.98% as of June 30, 2025. M&T's total risk-weighted assets at June 30, 2025 are estimated to be $158.2 billion.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

M&T repurchased 6,073,957 shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $175.93 resulting in a total cost, including the share repurchase excise tax, of $1.1 billion, compared with 3,415,303 shares at an average cost per share of $192.06 and a total cost, including the share repurchase excise tax, of $662 million in the first quarter of 2025. No share repurchases occurred in the second quarter of 2024.

**Conference Call**

Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ225. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday July 23, 2025 by calling (800) 688-9459 or (402) 220-1373 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.

**About M&T**

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

**Forward-Looking Statements**

*This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.*

*Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.*

*Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.*

*While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.*

*These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.*

*M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.*

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | | Six Months Ended | Six Months Ended | |
| | June 30, | June 30, | | June 30, | June 30, | |
| **(Dollars in millions, except per share, shares in thousands)** | 2025 | 2024 | Change | 2025 | 2024 | Change |
| **<u>Performance</u>** |  |  |  |  |  |  |
| Net income | $716 | $655 | 9% | $1300 | $1186 | 10% |
| Net income available to common shareholders | 679 | 626 | 8 | 1226 | 1131 | 8 |
| Per common share: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings | 4.26 | 3.75 | 14 | 7.58 | 6.79 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | 4.24 | 3.73 | 14 | 7.55 | 6.76 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | 1.35 | 1.35 |  | 2.70 | 2.65 | 2 |
| Common shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average - diluted (1) | 160005 | 167659 | -5 | 162511 | 167372 | -3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period end (2) | 156532 | 167225 | -6 | 156532 | 167225 | -6 |
| Return on (annualized): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average total assets | 1.37% | 1.24% |  | 1.25% | 1.13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average common shareholders' equity | 10.39 | 9.95 |  | 9.37 | 9.05 |  |
| Taxable-equivalent net interest income | $1722 | $1731 | -1 | $3429 | $3423 |  |
| Yield on average earning assets | 5.51% | 5.82% |  | 5.51% | 5.78% |  |
| Cost of interest-bearing liabilities | 2.71 | 3.26 |  | 2.71 | 3.26 |  |
| Net interest spread | 2.80 | 2.56 |  | 2.80 | 2.52 |  |
| Contribution of interest-free funds | .82 | 1.03 |  | .84 | 1.04 |  |
| Net interest margin | 3.62 | 3.59 |  | 3.64 | 3.56 |  |
| Net charge-offs to average total net loans (annualized) | .32 | .41 |  | .33 | .41 |  |
| **<u>Net operating results (3)</u>** |  |  |  |  |  |  |
| Net operating income | $724 | $665 | 9 | $1318 | $1208 | 9 |
| Diluted net operating earnings per common share | 4.28 | 3.79 | 13 | 7.66 | 6.89 | 11 |
| Return on (annualized): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets | 1.44% | 1.31% |  | 1.32% | 1.20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity | 15.54 | 15.27 |  | 14.03 | 13.99 |  |
| Efficiency ratio | 55.2 | 55.3 |  | 57.8 | 58.0 |  |
|  | At June 30, | At June 30, |  |  |  |  |
| **<u>Loan quality</u>** | 2025 | 2024 | Change |  |  |  |
| Nonaccrual loans | $1573 | $2024 | -22% |  |  |  |
| Real estate and other foreclosed assets | 30 | 33 | -7 |  |  |  |
| Total nonperforming assets | $1603 | $2057 | -22 |  |  |  |
| Accruing loans past due 90 days or more (4) | $496 | $233 | 113 |  |  |  |
| Government guaranteed loans included in totals above: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | $75 | $64 | 17 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruing loans past due 90 days or more | 450 | 215 | 110 |  |  |  |
| Nonaccrual loans to total loans | 1.16% | 1.50% |  |  |  |  |
| Allowance for loan losses to total loans | 1.61 | 1.63 |  |  |  |  |
| **<u>Additional information</u>** |  |  |  |  |  |  |
| Period end common stock price | $193.99 | $151.36 | 28 |  |  |  |
| Domestic banking offices | 941 | 957 | -2 |  |  |  |
| Full time equivalent employees | 22590 | 22110 | 2 |  |  |  |

---

<u><br></u>

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page [17](#ife411615ac4f4bb591d0dbfd46d43d29_10).

(4) Predominantly government-guaranteed residential real estate loans.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Financial Highlights, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | June 30, | March 31, | December 31, | September 30, | June 30, |
| **(Dollars in millions, except per share, shares in thousands)** | 2025 | 2025 | 2024 | 2024 | 2024 |
| **<u>Performance</u>** |  |  |  |  |  |
| Net income | $716 | $584 | $681 | $721 | $655 |
| Net income available to common shareholders | 679 | 547 | 644 | 674 | 626 |
| Per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings | 4.26 | 3.33 | 3.88 | 4.04 | 3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | 4.24 | 3.32 | 3.86 | 4.02 | 3.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends | 1.35 | 1.35 | 1.35 | 1.35 | 1.35 |
| Common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average - diluted (1) | 160005 | 165047 | 166969 | 167567 | 167659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period end (2) | 156532 | 162552 | 165526 | 166157 | 167225 |
| Return on (annualized): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average total assets | 1.37% | 1.14% | 1.28% | 1.37% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average common shareholders' equity | 10.39 | 8.36 | 9.75 | 10.26 | 9.95 |
| Taxable-equivalent net interest income | $1722 | $1707 | $1740 | $1739 | $1731 |
| Yield on average earning assets | 5.51% | 5.52% | 5.60% | 5.82% | 5.82% |
| Cost of interest-bearing liabilities | 2.71 | 2.70 | 2.94 | 3.22 | 3.26 |
| Net interest spread | 2.80 | 2.82 | 2.66 | 2.60 | 2.56 |
| Contribution of interest-free funds | .82 | .84 | .92 | 1.02 | 1.03 |
| Net interest margin | 3.62 | 3.66 | 3.58 | 3.62 | 3.59 |
| Net charge-offs to average total net loans (annualized) | .32 | .34 | .47 | .35 | .41 |
| **<u>Net operating results (3)</u>** |  |  |  |  |  |
| Net operating income | $724 | $594 | $691 | $731 | $665 |
| Diluted net operating earnings per common share | 4.28 | 3.38 | 3.92 | 4.08 | 3.79 |
| Return on (annualized): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets | 1.44% | 1.21% | 1.35% | 1.45% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity | 15.54 | 12.53 | 14.66 | 15.47 | 15.27 |
| Efficiency ratio | 55.2 | 60.5 | 56.8 | 55.0 | 55.3 |
|  | June 30, | March 31, | December 31, | September 30, | June 30, |
| **<u>Loan quality</u>** | 2025 | 2025 | 2024 | 2024 | 2024 |
| Nonaccrual loans | $1573 | $1540 | $1690 | $1926 | $2024 |
| Real estate and other foreclosed assets | 30 | 34 | 35 | 37 | 33 |
| Total nonperforming assets | $1603 | $1574 | $1725 | $1963 | $2057 |
| Accruing loans past due 90 days or more (4) | $496 | $384 | $338 | $288 | $233 |
| Government guaranteed loans included in totals above: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonaccrual loans | 75 | 69 | 69 | 69 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accruing loans past due 90 days or more | 450 | 368 | 318 | 269 | 215 |
| Nonaccrual loans to total loans | 1.16% | 1.14% | 1.25% | 1.42% | 1.50% |
| Allowance for loan losses to total loans | 1.61 | 1.63 | 1.61 | 1.62 | 1.63 |
| **<u>Additional information</u>** |  |  |  |  |  |
| Period end common stock price | $193.99 | $178.75 | $188.01 | $178.12 | $151.36 |
| Domestic banking offices | 941 | 955 | 955 | 957 | 957 |
| Full time equivalent employees | 22590 | 22291 | 22101 | 21986 | 22110 |

---

<u><br></u>

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page [18](#ife411615ac4f4bb591d0dbfd46d43d29_13).

(4) Predominantly government-guaranteed residential real estate loans.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Condensed Consolidated Statement of Income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | | Six Months Ended | Six Months Ended | |
| | June 30, | June 30, | | June 30, | June 30, | |
| **(Dollars in millions)** | 2025 | 2024 | Change | 2025 | 2024 | Change |
| Interest income | $2609 | $2789 | -6% | $5169 | $5534 | -7% |
| Interest expense | 896 | 1071 | -16 | 1761 | 2136 | -18 |
| Net interest income | 1713 | 1718 |  | 3408 | 3398 |  |
| Provision for credit losses | 125 | 150 | -17 | 255 | 350 | -27 |
| Net interest income after provision for credit losses | 1588 | 1568 | 1 | 3153 | 3048 | 3 |
| Other income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking revenues | 130 | 106 | 23 | 248 | 210 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 137 | 127 | 8 | 270 | 251 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust income | 182 | 170 | 7 | 359 | 330 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage services income | 31 | 30 | 3 | 63 | 59 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading account and other non-hedging <br> derivative gains | 12 | 7 | 68 | 21 | 16 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on bank investment securities |  | (8) |  |  | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues from operations | 191 | 152 | 25 | 333 | 304 | 9 |
| Total other income | 683 | 584 | 17 | 1294 | 1164 | 11 |
| Other expense |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 813 | 764 | 6 | 1700 | 1597 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment and net occupancy | 130 | 125 | 4 | 262 | 254 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside data processing and software | 138 | 124 | 11 | 274 | 244 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional and other services | 86 | 91 | -4 | 170 | 176 | -3 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC assessments | 22 | 37 | -41 | 45 | 97 | -53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and marketing | 25 | 27 | -7 | 47 | 47 | -1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of core deposit and other <br> intangible assets | 9 | 13 | -24 | 22 | 28 | -18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other costs of operations | 113 | 116 | -3 | 231 | 250 | -8 |
| Total other expense | 1336 | 1297 | 3 | 2751 | 2693 | 2 |
| Income before taxes | 935 | 855 | 9 | 1696 | 1519 | 12 |
| Income taxes | 219 | 200 | 9 | 396 | 333 | 19 |
| Net income | $716 | $655 | 9% | $1300 | $1186 | 10% |

---

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Condensed Consolidated Statement of Income, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | June 30, | March 31, | December 31, | September 30, | June 30, |
| **(Dollars in millions)** | 2025 | 2025 | 2024 | 2024 | 2024 |
| Interest income | $2609 | $2560 | $2707 | $2785 | $2789 |
| Interest expense | 896 | 865 | 979 | 1059 | 1071 |
| Net interest income | 1713 | 1695 | 1728 | 1726 | 1718 |
| Provision for credit losses | 125 | 130 | 140 | 120 | 150 |
| Net interest income after provision for credit losses | 1588 | 1565 | 1588 | 1606 | 1568 |
| Other income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking revenues | 130 | 118 | 117 | 109 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 137 | 133 | 131 | 132 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust income | 182 | 177 | 175 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage services income | 31 | 32 | 30 | 32 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading account and other non-hedging <br> derivative gains | 12 | 9 | 10 | 13 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on bank investment securities |  |  | 18 | (2) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues from operations | 191 | 142 | 176 | 152 | 152 |
| Total other income | 683 | 611 | 657 | 606 | 584 |
| Other expense |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 813 | 887 | 790 | 775 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment and net occupancy | 130 | 132 | 133 | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside data processing and software | 138 | 136 | 125 | 123 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional and other services | 86 | 84 | 80 | 88 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC assessments | 22 | 23 | 24 | 25 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and marketing | 25 | 22 | 30 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of core deposit and other <br> intangible assets | 9 | 13 | 13 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other costs of operations | 113 | 118 | 168 | 128 | 116 |
| Total other expense | 1336 | 1415 | 1363 | 1303 | 1297 |
| Income before taxes | 935 | 761 | 882 | 909 | 855 |
| Income taxes | 219 | 177 | 201 | 188 | 200 |
| Net income | $716 | $584 | $681 | $721 | $655 |

---

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---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Condensed Consolidated Balance Sheet

---

| | | | |
|:---|:---|:---|:---|
| | June 30, | June 30, | |
| **(Dollars in millions)** | 2025 | 2024 | Change |
| ASSETS |  |  |  |
| Cash and due from banks | $2128 | $1778 | 20% |
| Interest-bearing deposits at banks | 19297 | 24792 | -22 |
| Trading account | 93 | 99 | -6 |
| Investment securities | 35568 | 29894 | 19 |
| Loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 61660 | 60027 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - commercial | 24567 | 29532 | -17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - consumer | 24117 | 23003 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 25772 | 22440 | 15 |
| Total loans | 136116 | 135002 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: allowance for loan losses | 2197 | 2204 |  |
| Net loans | 133919 | 132798 | 1 |
| Goodwill | 8465 | 8465 |  |
| Core deposit and other intangible assets | 84 | 119 | -30 |
| Other assets | 12030 | 10910 | 10 |
| Total assets | $211584 | $208855 | 1% |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
| Noninterest-bearing deposits | $47485 | $47729 | -1% |
| Interest-bearing deposits | 116968 | 112181 | 4 |
| Total deposits | 164453 | 159910 | 3 |
| Short-term borrowings | 2071 | 4764 | -57 |
| Long-term borrowings | 12380 | 11319 | 9 |
| Accrued interest and other liabilities | 4155 | 4438 | -6 |
| Total liabilities | 183059 | 180431 | 1 |
| Shareholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred | 2394 | 2744 | -13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common | 26131 | 25680 | 2 |
| Total shareholders' equity | 28525 | 28424 |  |
| Total liabilities and shareholders' equity | $211584 | $208855 | 1% |

---

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Condensed Consolidated Balance Sheet, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | June 30, | March 31, | December 31, | September 30, | June 30, |
| **(Dollars in millions)** | 2025 | 2025 | 2024 | 2024 | 2024 |
| ASSETS |  |  |  |  |  |
| Cash and due from banks | $2128 | $2109 | $1909 | $2216 | $1778 |
| Interest-bearing deposits at banks | 19297 | 20656 | 18873 | 24417 | 24792 |
| Trading account | 93 | 96 | 101 | 102 | 99 |
| Investment securities | 35568 | 35137 | 34051 | 32327 | 29894 |
| Loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 61660 | 60596 | 61481 | 61012 | 60027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - commercial | 24567 | 25867 | 26764 | 28683 | 29532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - consumer | 24117 | 23284 | 23166 | 23019 | 23003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 25772 | 24827 | 24170 | 23206 | 22440 |
| Total loans | 136116 | 134574 | 135581 | 135920 | 135002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: allowance for loan losses | 2197 | 2200 | 2184 | 2204 | 2204 |
| Net loans | 133919 | 132374 | 133397 | 133716 | 132798 |
| Goodwill | 8465 | 8465 | 8465 | 8465 | 8465 |
| Core deposit and other intangible assets | 84 | 93 | 94 | 107 | 119 |
| Other assets | 12030 | 11391 | 11215 | 10435 | 10910 |
| Total assets | $211584 | $210321 | $208105 | $211785 | $208855 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Noninterest-bearing deposits | $47485 | $49051 | $46020 | $47344 | $47729 |
| Interest-bearing deposits | 116968 | 116358 | 115075 | 117210 | 112181 |
| Total deposits | 164453 | 165409 | 161095 | 164554 | 159910 |
| Short-term borrowings | 2071 | 1573 | 1060 | 2605 | 4764 |
| Long-term borrowings | 12380 | 10496 | 12605 | 11583 | 11319 |
| Accrued interest and other liabilities | 4155 | 3852 | 4318 | 4167 | 4438 |
| Total liabilities | 183059 | 181330 | 179078 | 182909 | 180431 |
| Shareholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred | 2394 | 2394 | 2394 | 2394 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common | 26131 | 26597 | 26633 | 26482 | 25680 |
| Total shareholders' equity | 28525 | 28991 | 29027 | 28876 | 28424 |
| Total liabilities and shareholders' equity | $211584 | $210321 | $208105 | $211785 | $208855 |

---

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Change in Balance | Change in Balance | Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | |
| | June 30, | June 30, | March 31, | March 31, | June 30, | June 30, | June 30, 2025 from | June 30, 2025 from | June 30, | June 30, | June 30, | June 30, | Change |
| | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | March 31, | June 30, | 2025 | 2025 | 2024 | 2024 | in |
| **(Dollars in millions)** | Balance | Rate | Balance | Rate | Balance | Rate | 2025 | 2024 | Balance | Rate | Balance | Rate | Balance |
| ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits at banks | $19698 | 4.47% | $19695 | 4.48% | $29294 | 5.50% | —% | -33% | $19697 | 4.48% | $29971 | 5.50% | -34% |
| Trading account | 95 | 3.46 | 97 | 3.42 | 99 | 3.47 | -3 | -4 | 96 | 3.44 | 102 | 3.45 | -6 |
| Investment securities (1) | 35335 | 3.81 | 34480 | 4.00 | 29695 | 3.61 | 2 | 19 | 34909 | 3.90 | 29141 | 3.46 | 20 |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | 61036 | 6.40 | 61056 | 6.36 | 58152 | 7.04 |  | 5 | 61046 | 6.38 | 57486 | 7.01 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate - commercial | 25333 | 6.31 | 26259 | 6.16 | 31458 | 6.38 | -4 | -19 | 25794 | 6.24 | 32077 | 6.37 | -20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate - consumer | 23684 | 4.52 | 23176 | 4.44 | 23006 | 4.32 | 2 | 3 | 23431 | 4.48 | 23071 | 4.30 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 25354 | 6.57 | 24353 | 6.57 | 21972 | 6.61 | 4 | 15 | 24856 | 6.57 | 21558 | 6.58 | 15 |
| Total loans | 135407 | 6.11 | 134844 | 6.06 | 134588 | 6.38 |  | 1 | 135127 | 6.08 | 134192 | 6.35 | 1 |
| **Total earning assets** | 190535 | 5.51 | 189116 | 5.52 | 193676 | 5.82 | 1 | -2 | 189829 | 5.51 | 193406 | 5.78 | -2 |
| Goodwill | 8465 |  | 8465 |  | 8465 |  |  |  | 8465 |  | 8465 |  |  |
| Core deposit and other intangible assets | 89 |  | 92 |  | 126 |  | -4 | -30 | 90 |  | 133 |  | -32 |
| Other assets | 11172 |  | 10648 |  | 9714 |  | 5 | 15 | 10912 |  | 9725 |  | 12 |
| Total assets | $210261 |  | $208321 |  | $211981 |  | 1% | -1% | $209296 |  | $211729 |  | -1% |
| LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY | LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings and interest-checking deposits | $103963 | 2.24% | $101564 | 2.20% | $95955 | 2.59% | 2% | 8% | $102770 | 2.22% | $95411 | 2.60% | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 14290 | 3.45 | 14220 | 3.54 | 19802 | 4.41 |  | -28 | 14255 | 3.50 | 20192 | 4.41 | -29 |
| Total interest-bearing deposits | 118253 | 2.38 | 115784 | 2.37 | 115757 | 2.90 | 2 | 2 | 117025 | 2.38 | 115603 | 2.91 | 1 |
| Short-term borrowings | 3327 | 4.49 | 2869 | 4.52 | 4962 | 5.62 | 16 | -33 | 3100 | 4.51 | 5595 | 5.51 | -45 |
| Long-term borrowings | 10936 | 5.72 | 11285 | 5.65 | 11490 | 5.83 | -3 | -5 | 11109 | 5.69 | 10631 | 5.82 | 4 |
| **Total interest-bearing liabilities** | 132516 | 2.71 | 129938 | 2.70 | 132209 | 3.26 | 2 |  | 131234 | 2.71 | 131829 | 3.26 |  |
| Noninterest-bearing deposits | 45153 |  | 45436 |  | 47734 |  | -1 | -5 | 45294 |  | 48175 |  | -6 |
| Other liabilities | 3926 |  | 3949 |  | 4293 |  | -1 | -9 | 3937 |  | 4343 |  | -9 |
| Total liabilities | 181595 |  | 179323 |  | 184236 |  | 1 | -1 | 180465 |  | 184347 |  | -2 |
| Shareholders' equity | 28666 |  | 28998 |  | 27745 |  | -1 | 3 | 28831 |  | 27382 |  | 5 |
| Total liabilities and shareholders' equity | $210261 |  | $208321 |  | $211981 |  | 1% | -1% | $209296 |  | $211729 |  | -1% |
| Net interest spread |  | 2.80 |  | 2.82 |  | 2.56 |  |  |  | 2.80 |  | 2.52 |  |
| Contribution of interest-free funds |  | .82 |  | .84 |  | 1.03 |  |  |  | .84 |  | 1.04 |  |
| Net interest margin |  | 3.62% |  | 3.66% |  | 3.59% |  |  |  | 3.64% |  | 3.56% |  |

---

(1) Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Reconciliation of Quarterly GAAP to Non-GAAP Measures

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | June 30, | June 30, | June 30, | June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| **(Dollars in millions, except per share)** |  |  |  |  |
| **<u>Income statement data</u>** |  |  |  |  |
| **Net income** |  |  |  |  |
| Net income | $716 | $655 | $1300 | $1186 |
| Amortization of core deposit and other intangible assets (1) | 8 | 10 | 18 | 22 |
| Net operating income | $724 | $665 | $1318 | $1208 |
| **Earnings per common share** |  |  |  |  |
| Diluted earnings per common share | $4.24 | $3.73 | $7.55 | $6.76 |
| Amortization of core deposit and other intangible assets (1) | .04 | .06 | .11 | .13 |
| Diluted net operating earnings per common share | $4.28 | $3.79 | $7.66 | $6.89 |
| **Other expense** |  |  |  |  |
| Other expense | $1336 | $1297 | $2751 | $2693 |
| Amortization of core deposit and other intangible assets | (9) | (13) | (22) | (28) |
| Noninterest operating expense | $1327 | $1284 | $2729 | $2665 |
| **Efficiency ratio** |  |  |  |  |
| Noninterest operating expense (numerator) | $1327 | $1284 | $2729 | $2665 |
| Taxable-equivalent net interest income | $1722 | $1731 | $3429 | $3423 |
| Other income | 683 | 584 | 1294 | 1164 |
| Less: Gain (loss) on bank investment securities |  | (8) |  | (6) |
| Denominator | $2405 | $2323 | $4723 | $4593 |
| Efficiency ratio | 55.2% | 55.3% | 57.8% | 58.0% |
| **<u>Balance sheet data</u>** |  |  |  |  |
| **Average assets** |  |  |  |  |
| Average assets | $210261 | $211981 | $209296 | $211729 |
| Goodwill | (8465) | (8465) | (8465) | (8465) |
| Core deposit and other intangible assets | (89) | (126) | (90) | (133) |
| Deferred taxes | 26 | 30 | 26 | 32 |
| Average tangible assets | $201733 | $203420 | $200767 | $203163 |
| **Average common equity** |  |  |  |  |
| Average total equity | $28666 | $27745 | $28831 | $27382 |
| Preferred stock | (2394) | (2405) | (2394) | (2208) |
| Average common equity | 26272 | 25340 | 26437 | 25174 |
| Goodwill | (8465) | (8465) | (8465) | (8465) |
| Core deposit and other intangible assets | (89) | (126) | (90) | (133) |
| Deferred taxes | 26 | 30 | 26 | 32 |
| Average tangible common equity | $17744 | $16779 | $17908 | $16608 |
| **At end of quarter** |  |  |  |  |
| **Total assets** |  |  |  |  |
| Total assets | $211584 | $208855 |  |  |
| Goodwill | (8465) | (8465) |  |  |
| Core deposit and other intangible assets | (84) | (119) |  |  |
| Deferred taxes | 25 | 31 |  |  |
| Total tangible assets | $203060 | $200302 |  |  |
| **Total common equity** |  |  |  |  |
| Total equity | $28525 | $28424 |  |  |
| Preferred stock | (2394) | (2744) |  |  |
| Common equity | 26131 | 25680 |  |  |
| Goodwill | (8465) | (8465) |  |  |
| Core deposit and other intangible assets | (84) | (119) |  |  |
| Deferred taxes | 25 | 31 |  |  |
| Total tangible common equity | $17607 | $17127 |  |  |

---

(1) After any related tax effect.

------

---

| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Second Quarter 2025 Results** |

---

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| **(Dollars in millions, except per share)** |  |  |  |  |  |
| **<u>Income statement data</u>** |  |  |  |  |  |
| **Net income** |  |  |  |  |  |
| Net income | $716 | $584 | $681 | $721 | $655 |
| Amortization of core deposit and other intangible assets (1) | 8 | 10 | 10 | 10 | 10 |
| Net operating income | $724 | $594 | $691 | $731 | $665 |
| **Earnings per common share** |  |  |  |  |  |
| Diluted earnings per common share | $4.24 | $3.32 | $3.86 | $4.02 | $3.73 |
| Amortization of core deposit and other intangible assets (1) | .04 | .06 | .06 | .06 | .06 |
| Diluted net operating earnings per common share | $4.28 | $3.38 | $3.92 | $4.08 | $3.79 |
| **Other expense** |  |  |  |  |  |
| Other expense | $1336 | $1415 | $1363 | $1303 | $1297 |
| Amortization of core deposit and other intangible assets | (9) | (13) | (13) | (12) | (13) |
| Noninterest operating expense | $1327 | $1402 | $1350 | $1291 | $1284 |
| **Efficiency ratio** |  |  |  |  |  |
| Noninterest operating expense (numerator) | $1327 | $1402 | $1350 | $1291 | $1284 |
| Taxable-equivalent net interest income | $1722 | $1707 | $1740 | $1739 | $1731 |
| Other income | 683 | 611 | 657 | 606 | 584 |
| Less: Gain (loss) on bank investment securities |  |  | 18 | (2) | (8) |
| Denominator | $2405 | $2318 | $2379 | $2347 | $2323 |
| Efficiency ratio | 55.2% | 60.5% | 56.8% | 55.0% | 55.3% |
| **<u>Balance sheet data</u>** |  |  |  |  |  |
| **Average assets** |  |  |  |  |  |
| Average assets | $210261 | $208321 | $211853 | $209581 | $211981 |
| Goodwill | (8465) | (8465) | (8465) | (8465) | (8465) |
| Core deposit and other intangible assets | (89) | (92) | (100) | (113) | (126) |
| Deferred taxes | 26 | 27 | 29 | 28 | 30 |
| Average tangible assets | $201733 | $199791 | $203317 | $201031 | $203420 |
| **Average common equity** |  |  |  |  |  |
| Average total equity | $28666 | $28998 | $28707 | $28725 | $27745 |
| Preferred stock | (2394) | (2394) | (2394) | (2565) | (2405) |
| Average common equity | 26272 | 26604 | 26313 | 26160 | 25340 |
| Goodwill | (8465) | (8465) | (8465) | (8465) | (8465) |
| Core deposit and other intangible assets | (89) | (92) | (100) | (113) | (126) |
| Deferred taxes | 26 | 27 | 29 | 28 | 30 |
| Average tangible common equity | $17744 | $18074 | $17777 | $17610 | $16779 |
| **At end of quarter** |  |  |  |  |  |
| **Total assets** |  |  |  |  |  |
| Total assets | $211584 | $210321 | $208105 | $211785 | $208855 |
| Goodwill | (8465) | (8465) | (8465) | (8465) | (8465) |
| Core deposit and other intangible assets | (84) | (93) | (94) | (107) | (119) |
| Deferred taxes | 25 | 26 | 28 | 30 | 31 |
| Total tangible assets | $203060 | $201789 | $199574 | $203243 | $200302 |
| **Total common equity** |  |  |  |  |  |
| Total equity | $28525 | $28991 | $29027 | $28876 | $28424 |
| Preferred stock | (2394) | (2394) | (2394) | (2394) | (2744) |
| Common equity | 26131 | 26597 | 26633 | 26482 | 25680 |
| Goodwill | (8465) | (8465) | (8465) | (8465) | (8465) |
| Core deposit and other intangible assets | (84) | (93) | (94) | (107) | (119) |
| Deferred taxes | 25 | 26 | 28 | 30 | 31 |
| Total tangible common equity | $17607 | $18065 | $18102 | $17940 | $17127 |

---

<u><br></u>

(1) After any related tax effect.

## Exhibit 99.2

![](earningspresentation_2q2001.jpg)

Earnings Results 2nd Quarter 2025 July 16, 2025 Exhibit 99.2

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![](earningspresentation_2q2002.jpg)

2 This presentation may contain forward-looking statements regarding M&T Bank Corporation ("M&T") within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the Securities and Exchange Commission ("SEC"). Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/ financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. This presentation also contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management believes investors may find these non-GAAP financial measures useful. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please see the Appendix for reconciliation of GAAP with corresponding non- GAAP measures, as indicated in the presentation. Forward-Looking Statements and Non-GAAP Financial Measures

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![](earningspresentation_2q2003.jpg)

3 Our Customers Linking our customers to the people, capital, and ideas that empower them in the moments that matter most in their lives. Our Communities M&T is a "bank for communities," a true engine for local economic development and relationship-building. Our Colleagues We empower our employees to be the best versions of themselves through integrity and empathy. We are committed to Our Shareholders We deliver reliable results anchored by a strong balance sheet that protects and builds investor value across economic cycles. Together, We are M&T Bank

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![](earningspresentation_2q2004.jpg)

4 Key Awards and Accolades 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 for Customer Service (U.S.) • Best Bank for Ease of Doing Business (U.S.) • Best Bank for Trust (U.S.) Middle Market • Best Bank for Valuing Long-Term Relationships (U.S.) • Best Bank for Satisfaction with RM (U.S.) • Best Bank for Trust (U.S.) Wilmington Trust Finalist: "Collateral Specialist" Wilmington Trust Finalist: "Emerald GEMS" Estate Planning, Thought Leadership

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![](earningspresentation_2q2005.jpg)

5 Financial Results

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![](earningspresentation_2q2006.jpg)

6 • Diluted EPS increased +28% QoQ and +14% YoY • Return on Assets rose +23 bps QoQ • Return on Common Equity increased +203 bps QoQ • Provision for Credit Losses declined -4% QoQ and -17% YoY • Efficiency Ratio(3) was 55.2% for 2Q25 Notable items ($ in millions, except per share) 2Q25 1Q25 2Q24 Amt(1) EPS Amt(1) EPS Amt(1) EPS Premium amortization for acquired securities(2) ($17) ($0.09) $— $— $— $— Gain on sale of out-of-footprint loan portfolio 15 0.07 — — — — Gain on sale of institutional services subsidiary 10 0.04 — — — — FDIC special assessment — — — — 5 0.02 Second Quarter 2025 Earnings Highlights GAAP ($ in millions, except per share) 2Q25 1Q25 2Q24 Revenues $2,396 $2,306 $2,302 Noninterest Expense 1,336 1,415 1,297 Provision for Credit Losses 125 130 150 Net Income 716 584 655 Diluted EPS 4.24 3.32 3.73 Return on Assets 1.37% 1.14% 1.24% Return on Common Equity 10.39 8.36 9.95 Net Interest Margin 3.62 3.66 3.59 Net Charge-offs % Avg Loans .32 .34 .41 Note: (1) Amounts presented before any related tax effect. (2) Taxable-equivalent net interest income impact was a decrease of $20 million (-4 bps impact to NIM). (3) See Appendix for reconciliation of GAAP with these non-GAAP measures.

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![](earningspresentation_2q2007.jpg)

7 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) As of respective period end. Second Quarter 2025 Earnings Highlights Net Operating Results (Non-GAAP)(1) ($ in millions, except per share) 2Q25 1Q25 2Q24 Net Operating Income $724 $594 $665 Diluted Net Operating EPS 4.28 3.38 3.79 Efficiency Ratio 55.2% 60.5% 55.3% Net Operating ROTA 1.44 1.21 1.31 Net Operating ROTCE 15.54 12.53 15.27 Tangible Book Value per Share (2) $112.48 $111.13 $102.42 • Tangible Book Value per Share increased +1% QoQ and +10% YoY • Net Operating ROTA increased +23 bps QoQ and +13 bps YoY • Net Operating ROTCE increased +301 bps QoQ and +27 bps YoY • Diluted Net Operating EPS increased +27% QoQ and +13% YoY

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![](earningspresentation_2q2008.jpg)

8 Net Interest Income(1) & Net Interest Margin Note: (1) Taxable-equivalent net interest income is a non-GAAP measure that adjusts income earned on a tax-exempt asset to present it on an equivalent basis to interest income earned on a fully taxable asset. (2) See Appendix for reconciliation of this adjusted measure. $ IN M IL LI O N S $1,731 $1,739 $1,740 $1,707 $1,722 3.59% 3.62% 3.58% 3.66% 3.62% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 2Q24 3Q24 4Q24 1Q25 2Q25 QoQ Drivers • Taxable-equivalent net interest income(1) increased +$15 million or 1% QoQ – One additional day – Fixed asset repricing, including lower negative impact from interest rate swap agreements – Higher liability costs and lower net free fund balances – Alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc. • Net interest margin declined -4 bps QoQ to 3.62% – Alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc. (-4 bps) – Higher liability costs (-5 bps) – Lower contribution of net free funds (-2 bps) – Fixed asset repricing, including lower negative impact from interest rate swap agreements (+7 bps) 2Q25 Adjusted NIM is 3.66%(2)

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9 • Capital levels strong with CET1 capital ratio of 10.98%(2) • Repurchased $1.1 billion(3) of common shares in 2Q25 Change 2Q25 vs Average Balances, $ in billions, except per share 2Q25 1Q25 2Q24 1Q25 2Q24 Interest-bearing Deposits at Banks $19.7 $19.7 $29.3 —% -33% Investment Securities 35.3 34.5 29.7 2 19 Commercial and Industrial ("C&I") 61.0 61.0 58.1 — 5 Commercial Real Estate ("CRE") 25.3 26.3 31.5 -4 -19 Residential Mortgage 23.7 23.2 23.0 2 3 Consumer 25.4 24.3 22.0 4 15 Total Loans 135.4 134.8 134.6 — 1 Earning Assets 190.5 189.1 193.7 1 -2 Deposits 163.4 161.2 163.5 1 — Borrowings 14.3 14.2 16.5 1 -13 Common Shareholders' Equity 26.3 26.6 25.3 -1 4 As of Quarter End Common Shareholders' Equity per Share $166.94 $163.62 $153.57 2% 9% Tangible Equity per Common Share(1) 112.48 111.13 102.42 1 10 Tangible Common Equity / Tangible Assets(1) 8.67 % 8.95 % 8.55 % -28 bps 12 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.98 % 11.50 11.45 -52 bps -47 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures. (2) June 30, 2025 CET1 capital ratio is estimated. (3) Includes share repurchase excise tax. (2)

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10 Balance Sheet – Average Loans QoQ Drivers Average loans increased +$563 million QoQ: • CRE loans declined -4% (-$926 million), reflecting higher payoffs and the sale of an out-of-footprint portfolio • Residential real estate loans increased +2% (+$508 million) • Consumer loans rose +4% (+$1 billion), reflecting higher average recreational finance and automobile loans $ IN B IL LI O N S $58.1 $59.8 $60.7 $61.0 $61.0 $31.5 $29.1 $27.9 $26.3 $25.3 $23.0 $23.0 $23.1 $23.2 $23.7 $22.0 $22.9 $24.0 $24.3 $25.4 $134.6 $134.8 $135.7 $134.8 $135.4 6.38% 6.38% 6.17% 6.06% 6.11% C&I CRE Residential Mortgage Consumer Total Loans Total Loan Yield 2Q24 3Q24 4Q24 1Q25 2Q25

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11 Balance Sheet – Securities and Invested Cash Duration Pre-tax Unrealized Gain/(Loss) AFS ~2.6 years $82 million HTM ~5.3 years ($953 million) Total Debt Securities ~3.6 years ($871 million) $ IN B IL LI O N S Average Investment Securities and Yield $29.7 $31.0 $33.7 $34.5 $35.3 3.61% 3.70% 3.88% 4.00% 3.81% 2Q24 3Q24 4Q24 1Q25 2Q25 Interest- bearing deposits at banks 35% Other Securities 2% HTM Securities 24% AFS Securities 39% $54.9B TOTAL2Q25 Adjusted Yield is 4.03%(1) Securities and Invested Cash - at 6/30/25 Note: (1) See Appendix for reconciliation of this adjusted measure..

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12 Balance Sheet – Average Deposits QoQ Drivers Average deposits increased +$2.2 billion or +1% QoQ: • Interest-bearing deposit cost increased +1 bp – Non-brokered interest-bearing deposit cost increased +3 bps – Brokered deposit cost decreased -6 bps • Average interest-bearing deposits rose +$2.5 billion or +2% • Average brokered deposits declined -$279 million or -3% $ IN B IL LI O N S $47.7 $46.2 $46.5 $45.4 $45.1 $96.0 $98.3 $102.1 $101.6 $104.0 $19.8 $17.0 $16.0 $14.2 $14.3 $163.5 $161.5 $164.6 $161.2 $163.4 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Total deposit cost 2.06% 2.06% 1.90% 1.70% 1.72% Interest-bearing deposit cost 2.90% 2.88% 2.64% 2.37% 2.38%

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13 $ IN M IL LI O N S $584 $606 $657 $611 $683 Noninterest Income 2Q24 3Q24 4Q24 1Q25 2Q25 Change 2Q25 vs $ in millions 2Q25 1Q25 2Q24 1Q25 2Q24 Mortgage Banking Revenues $130 $118 $106 11% 23% Service Charges on Deposits 137 133 127 4 8 Trust Income 182 177 170 3 7 Brokerage Services 31 32 30 -1 3 Non-hedge Derivatives / Trading 12 9 7 15 68 Securities Gain/(Loss) — — (8) — — Other Revenues from Operations 191 142 152 33 25 Noninterest Income $683 $611 $584 12% 17% Income Statement – Noninterest Income Noninterest income increased +$72 million or +12% QoQ: • Mortgage banking revenues increased +$12 million QoQ: – Increased residential mortgage loan servicing income • Trust income increased +$5 million QoQ reflecting seasonal tax service fees • Other revenues from operations increased +$49 million QoQ: – $15 million gain on the sale of an out-of-footprint commercial real estate loan portfolio – $10 million gain on the sale of a subsidiary that specialized in institutional services – Rise in merchant discount and credit card fees – Higher loan syndication fees in the recent quarter QoQ Drivers

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14 $ IN M IL LI O N S $1,284 $1,291 $1,350 $1,402 $1,327 $1,297 $1,303 $1,363 $1,415 $1,336 55.3% 55.0% 56.8% 60.5% 55.2% Operating Noninterest Expense Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 2Q24 3Q24 4Q24 1Q25 2Q25 Change 2Q25 vs $ in millions 2Q25 1Q25 2Q24 1Q25 2Q24 Salaries & Benefits(2) $813 $887 $764 -8% 6% Equip & Occupancy 130 132 125 -2 4 Outside Data Proc & SW 138 136 124 1 11 Professional & Other Services 86 84 91 4 -4 FDIC Assessments 22 23 37 -7 -41 Advert. & Marketing 25 22 27 14 -7 Other Costs of Operations 113 118 116 -5 -3 Operating Expense(1) 1,327 1,402 1,284 -5 3 Intangible Amortization 9 13 13 -27 -24 Total Noninterest Expense $1,336 $1,415 $1,297 -6% 3% Income Statement – Noninterest Expenses Noninterest expense decreased -$79 million, or -6% QoQ: • Salaries and employee benefits expense declined -$74 million QoQ – Reflecting seasonally higher stock-based compensation and payroll related-taxes and other employee benefits expense in the first quarter of 2025 – Partially offset by the full-quarter impact of annual merit increases awarded in the first quarter of 2025, an additional working day and increased staffing levels in the second quarter of 2025 Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP and adjusted measures. Noninterest operating expense excludes merger-related expenses and amortization of core deposit and other intangible assets. (2) Severance charges for 2Q25, 1Q25 and 2Q24 were $5 million, $4 million and $7 million, respectively. QoQ Drivers Adjusted Efficiency 55.1%(1) Adjusted Efficiency 55.3%(1) Adjusted Efficiency 55.3%(1)

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15 $ IN M IL LI O N S Nonaccrual Loans $2,024 $1,926 $1,690 $1,540 $1,573 1.50% 1.42% 1.25% 1.14% 1.16% Nonaccrual Loans ($) Nonaccrual Loans (%) 2Q24 3Q24 4Q24 1Q25 2Q25 $ IN M IL LI O N S Net Charge-offs $137 $120 $160 $114 $108 0.41% 0.35% 0.47% 0.34% 0.32% Net Charge-offs ($) Net Charge-off Ratio (%) 2Q24 3Q24 4Q24 1Q25 2Q25 Credit $ IN M IL LI O N S Allowance for Loan Losses $2,204 $2,204 $2,184 $2,200 $2,197 1.63% 1.62% 1.61% 1.63% 1.61% Allowance for Loan Losses ($) Allowance for Loan Losses (%) 2Q24 3Q24 4Q24 1Q25 2Q25 $ IN M IL LI O N S Provision for Credit Losses $150 $120 $140 $130 $105 $20 Provision for Loan Losses Provision for Unfunded Credit Commitments 2Q24 3Q24 4Q24 1Q25 2Q25

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16 Criticized C&I and CRE Loans Criticized loans decreased -$1.0 billion QoQ: • C&I decreased -$226 million – Driven primarily by health services, motor vehicle and recreational finance dealers and transportation, communications, utilities • CRE decreased -$813 million – Permanent CRE -$349 million – Construction -$464 million • 96% of criticized accrual loans are current • 55% of criticized nonaccrual loans are current $ IN B IL LI O N S $12.1 $10.9 $9.9 $9.4 $8.4 13.5% 12.2% 11.2% 10.9% 9.7% Criticized Criticized % of C&I and CRE Loans 2Q24 3Q24 4Q24 1Q25 2Q25

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17 Criticized C&I Loans June 30, 2025 March 31, 2025 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Commercial and industrial excluding owner-occupied real estate by industry: Financial and insurance $12,138 $200 $26 $226 $11,234 $90 $33 $123 Services 7,646 295 99 394 7,400 313 106 419 Motor vehicle and recreational finance dealers 6,502 402 99 501 6,700 594 24 618 Manufacturing 6,189 376 88 464 6,040 371 104 475 Wholesale 4,246 305 78 383 4,045 324 29 353 Transportation, communications, utilities 3,807 186 65 251 3,579 275 71 346 Retail 3,079 123 16 139 3,134 116 18 134 Construction 2,275 188 64 252 2,126 175 32 207 Health services 1,879 59 32 91 1,877 178 34 212 Real estate investors 1,314 130 6 136 1,677 140 10 150 Other 1,377 105 33 138 1,723 105 39 144 Total commercial and industrial excluding owner-occupied real estate $50,452 $2,369 $606 $2,975 $49,535 $2,681 $500 $3,181 Owner-occupied real estate by industry: Services $2,402 $120 $36 $156 $2,358 $136 $27 $163 Motor vehicle and recreational finance dealers 2,239 105 18 123 2,219 102 6 108 Retail 1,808 58 18 76 1,698 64 18 82 Health services 1,313 118 65 183 1,280 138 62 200 Wholesale 951 103 3 106 916 78 4 82 Manufacturing 785 84 15 99 826 78 23 101 Real estate investors 630 26 9 35 682 35 8 43 Other 1,080 36 17 53 1,082 58 14 72 Total owner-occupied real estate 11,208 650 181 831 11,061 689 162 851 Total $61,660 $3,019 $787 $3,806 $60,596 $3,370 $662 $4,032 Percent criticized - excluding owner-occupied real estate 5.9 % 6.4 % Percent criticized - owner-occupied real estate 7.4 % 7.7 % Percent criticized - total commercial and industrial 6.2 % 6.7 %

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18 Criticized CRE Loans June 30, 2025 March 31, 2025 (Dollars in millions) Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Outstanding Criticized Accrual Criticized Nonaccrual Total Criticized Permanent finance by property type: Apartments/Multifamily $6,082 $600 $73 $673 $5,593 $713 $94 $807 Retail/Service 4,435 745 81 826 4,548 713 87 800 Office 3,720 807 102 909 3,997 965 68 1,033 Industrial/Warehouse 2,098 138 11 149 1,898 133 13 146 Hotel 1,889 313 87 400 1,887 249 110 359 Health services 1,669 302 21 323 1,883 463 21 484 Other 262 30 1 31 290 30 1 31 Total permanent 20,155 2,935 376 3,311 20,096 3,266 394 3,660 Construction/Development 4,412 1,219 24 1,243 5,771 1,678 29 1,707 Total $24,567 $4,154 $400 $4,554 $25,867 $4,944 $423 $5,367 Percent criticized - total commercial real estate 18.5 % 20.7 %

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19 CET1 11.45% 11.54% 11.68% 11.50% 10.98% 2Q24 3Q24 4Q24 1Q25 2Q25 TBVPS $102.42 $107.97 $109.36 $111.13 $112.48 2Q24 3Q24 4Q24 1Q25 2Q25 Capital • CET1 capital ratio decreased -52 bps to 10.98%(1) at the end of 2Q25 • Tangible book value per share increased +1% to $112.48 Note: (1) CET1 capital ratio at June 30, 2025 is estimated. (2) See Appendix for reconciliation of GAAP with this non-GAAP measure. (3) Based on the Federal Reserve Board's most recent supervisory stress tests released in June 2025. QoQ Drivers • Stress capital buffer to improve from 3.8% to an estimated 2.7% effective October 1, 2025(3) • AFS and pension-related AOCI would have impacted the CET1 capital ratio by +10 bps at the end of 2Q25 (1) (2)

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20 2025 Outlook 2025 Outlook Comments In co m e St at em en t Net Interest Income Taxable-equivalent Excluding notable items $7.0 billion to $7.15 billion • NIM in the mid to high 3.60s Fee Income Excluding notable items $2.5 billion to $2.6 billion • High end of the range • Continued strength in trust and mortgage GAAP Expense Includes intangible amortization $5.4 billion to $5.5 billion • Continued focus on managing expense, while investing in enterprise priorities • Trending toward the low end of the range Net Charge-Offs % of Average Loans Less than 40 basis points • Reflects continued normalization in consumer and year over year improvement in commercial Tax Rate Taxable-equivalent ~24.5% A ve ra ge B al an ce s Loans $135 billion to $137 billion • Growth in C&I, consumer, and residential mortgage, declines in CRE Deposits $162 billion to $164 billion • Focus on growing customer deposits at a reasonable cost CET1 Capital Ratio 10.75% to 11.00% • Share repurchase flexibility

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Focused on Four Priorities 21 Build our New England and Long Island Markets Optimize our Resources through Simplification Make our Systems and Processes Resilient and Scalable Continue to Develop and Scale our Capability to Manage Risk 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

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22 Why invest in M&T? • 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 • Experienced and seasoned management team • Strong risk controls with long track record of credit outperformance through cycles • Leading position in core markets • 15-17% ROTCE(1) • Robust dividend growth • 8% TBV per share growth(2) Source: FactSet, S&P Global, Company Filings. Note: (1) ROTCE range comprises 5 years of the trailing 3-year ROTCE from 2019-2024, consistent with M&T's measurement of ROTCE for performance-based stock compensation. (2) TBV per share growth represents CAGR from 2019-2024. Purpose-Driven Successful and Sustainable Business Model that Produces Strong Shareholder Returns Purpose Driven Organization Successful and Sustainable Business Model Strong Shareholder Returns

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23 Appendix

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24 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, core deposit and other intangible asset balances, net of applicable deferred tax amounts) and gains (when realized) and expenses (when incurred) associated with merging acquired operations into M&T, since such items are considered by management to be "nonoperating" in nature. Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results. Appendix Note: (1) After any related tax effect. GAAP to Net Operating (Non-GAAP) Reconciliation In millions, except per share 2Q24 3Q24 4Q24 1Q25 2Q25 Net income Net income $655 $721 $681 $584 $716 Amortization of core deposits and other intangible assets (1) 10 10 10 10 8 Net operating income $665 $731 $691 $594 $724 Earnings per common share Diluted earnings per common share $3.73 $4.02 $3.86 $3.32 $4.24 Amortization of core deposits and other intangible assets (1) 0.06 0.06 0.06 0.06 0.04 Diluted net operating earnings per common share $3.79 $4.08 $3.92 $3.38 $4.28

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25 Appendix GAAP to Net Operating (Non-GAAP) Reconciliation In millions 2Q24 3Q24 4Q24 1Q25 2Q25 Other expense Other expense $1,297 $1,303 $1,363 $1,415 $1,336 Amortization of core deposit and other intangible assets (13) (12) (13) (13) (9) Noninterest operating expense $1,284 $1,291 $1,350 $1,402 $1,327 Efficiency ratio Noninterest operating expense (numerator) $1,284 $1,291 $1,350 $1,402 $1,327 Taxable-equivalent net interest income $1,731 $1,739 $1,740 $1,707 $1,722 Other income 584 606 657 611 683 Less: Gain (loss) on bank investment securities (8) (2) 18 — — Denominator $2,323 $2,347 $2,379 $2,318 $2,405 Efficiency ratio 55.3 % 55.0 % 56.8 % 60.5 % 55.2 %

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26 Appendix In millions 2Q24 3Q24 4Q24 1Q25 2Q25 Average assets Average assets $211,981 $209,581 $211,853 $208,321 $210,261 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (126) (113) (100) (92) (89) Deferred taxes 30 28 29 27 26 Average tangible assets $203,420 $201,031 $203,317 $199,791 $201,733 Average common equity Average total equity $27,745 $28,725 $28,707 $28,998 $28,666 Preferred stock (2,405) (2,565) (2,394) (2,394) (2,394) Average common equity 25,340 26,160 26,313 26,604 26,272 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (126) (113) (100) (92) (89) Deferred taxes 30 28 29 27 26 Average tangible common equity $16,779 $17,610 $17,777 $18,074 $17,744 GAAP to Tangible (Non-GAAP) Reconciliation

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27 Appendix In millions 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Total assets Total assets $208,855 $211,785 $208,105 $210,321 $211,584 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (119) (107) (94) (93) (84) Deferred taxes 31 30 28 26 25 Total tangible assets $200,302 $203,243 $199,574 $201,789 $203,060 Total common equity Total equity $28,424 $28,876 $29,027 $28,991 $28,525 Preferred stock (2,744) (2,394) (2,394) (2,394) (2,394) Common equity 25,680 26,482 26,633 26,597 26,131 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (119) (107) (94) (93) (84) Deferred taxes 31 30 28 26 25 Total tangible common equity $17,127 $17,940 $18,102 $18,065 $17,607 GAAP to Tangible (Non-GAAP) Reconciliation

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28 Appendix Reconciliation of Adjusted Metrics In millions, except per share 2Q24 3Q24 4Q24 1Q25 2Q25 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 Net interest margin - Adjusted(1) Net interest margin 3.62% Premium amortization for acquired securities .04 Net interest margin - Adjusted 3.66% Yield on investment securities(2) 3.81% Premium amortization for acquired securities .22% Yield on investment securities - Adjusted 4.03 % Note: (1) Net interest margin is calculated on average earning assets of $190.5 billion in 2Q25. (2) Yields on investment securities are calculated on average investment securities of $35.3 billion in 2Q25.

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29 Appendix Note: Tables in appendices may not foot due to rounding. Reconciliation of Adjusted Metrics In millions 2Q24 3Q24 4Q24 1Q25 2Q25 Other income - Adjusted Other income $584 $657 $683 Gain on sale of out-of-footprint loan portfolio — — (15) Gain on sale of institutional services subsidiary — — (10) Other income - Adjusted $584 $657 $658 Noninterest operating expense - Adjusted Noninterest operating expense $1,284 $1,350 $1,327 Pension plan distribution benefit — 12 — Redemption of trust preferred obligations — (20) — Vacated facility write-downs — (27) — FDIC special assessment (5) — — Noninterest operating expense - Adjusted $1,279 $1,315 $1,327 Efficiency ratio - Adjusted Noninterest operating expense (numerator) - Adjusted $1,279 $1,315 $1,327 Taxable-equivalent net interest income - Adjusted 1,731 1,740 1,742 Other income - Adjusted 584 657 658 Less: Gain (loss) on bank investment securities (8) 18 — Denominator $2,323 $2,379 $2,400 Efficiency ratio - Adjusted 55.1% 55.3% 55.3% M&T is providing supplemental reporting of its results on a "Adjusted" basis, from which M&T excludes the after-tax effect of certain notable items of significance. Although " Adjusted" income as presented by M&T is not a GAAP measure, M&T management believes that this information helps investors understand the effect of such notable items in reported results.

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