Financial Analysis

Divestitures In April 2023, Wilmington Trust, N.A., a wholly owned subsidiary of M&T, sold its CIT business to a private equity firm. The transaction resulted in a gain of $225 million that has been included in Other revenues from operations in the Consolidated Statement of Income for the year ended December 31, 2023. Prior to the sale, the CIT business contributed $60 million to trust income in 2023. After considering expenses, the results of operations from the CIT business were not material to the Company's consolidated results of operations in that year. In September 2025, the Company received a final earnout payment of $28 million related to the sale of its CIT business in 2023. That distribution has been included in Other revenues from operations in the Consolidated Statement of Income for the year ended December 31, 2025. In May 2025, the Company sold Wilmington Trust SP Services Inc., a subsidiary that specialized in institutional services, to a third party. The transaction resulted in a gain of $10 million that has been included in Other revenues from operations in the Consolidated Statement of Income for the year ended December 31, 2025. The revenues and expenses of that subsidiary were not material to the Company's consolidated results of operations for each of 2023, 2024 and 2025.

BusinessCombinationDisclosureTextBlock

Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Companys significant credit-related commitments. Certain of these commitments are not included in the Companys Consolidated Balance Sheet. (Dollars in millions) December 31, 2025 December 31, 2024 Commitments to extend credit: Commercial and industrial $ 35,654 $ 31,521 Commercial real estate loans to be sold 773 479 Other commercial real estate 2,331 2,697 Residential real estate loans to be sold 224 190 Other residential real estate 679 517 Home equity lines of credit 7,974 7,933 Credit cards 6,601 6,087 Other 444 244 Standby letters of credit 2,318 2,260 Commercial letters of credit 72 58 Financial guarantees and indemnification contracts 4,751 4,335 Commitments to sell real estate loans 1,898 1,142 Commitments to extend credit are agreements to lend to customers and generally have fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts presented in the preceding table, the Company had discretionary funding commitments to commercial customers of $12.9 billion and $12.7 billion at December 31, 2025 and 2024, respectively, that the Company had the unconditional right to cancel prior to funding. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit gener …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. The amounts and interest rates of short-term borrowings were as follows: (Dollars in millions) Repurchase Agreements FHLB Advances Total At December 31, 2025 Amount outstanding (a) $ 49 $ 2,100 $ 2,149 Weighted-average interest rate 1.93 % 3.83 % 3.78 % At December 31, 2024 Amount outstanding $ 60 $ 1,000 $ 1,060 Weighted-average interest rate 2.65 % 4.50 % 4.39 % __________________________________________________________________________________ (a) All outstanding short-term borrowings at December 31, 2025 are set to mature in the first quarter of 2026. At December 31, 2025, M&T Bank had borrowing facilities available with the FHLB of New York whereby M&T Bank could borrow up to approximately $20.4 billion, of which $2.1 billion was outstanding at December 31, 2025. Additionally, M&T Bank had an available line of credit with the FRB of New York totaling approximately $25.4 billion at December 31, 2025. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities. Long-term borrowings were as follows: December 31, (Dollars in millions) Maturity (a) Stated Rate (a) 2025 2024 M&T Senior notes (fixed rate) (b) 2028 - 2036 4.55% - 7.41% $ 5,583 $ 4,710 Subordinated notes (fixed rate) 2035 5.40% 747 Junior Subordinated Debentures: Fixed rate 7 Variable rate 2027 - 2029 5.17% - 5.70% 403 42 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes sources of the Companys noninterest income during 2025, 2024 and 2023 that are subject to the revenue recognition guidance. (Dollars in millions) Commercial Bank Retail Bank Institutional Services and Wealth Management Total Year Ended December 31, 2025 Classification in Consolidated Statement of Income Service charges on deposit accounts $ 177 $ 373 $ 1 $ 551 Trust income 4 720 724 Brokerage services income 6 125 131 Other revenues from operations: Merchant discount and credit card interchange fees 75 98 173 Other 40 30 8 78 $ 302 $ 501 $ 854 $ 1,657 Year Ended December 31, 2024 Classification in Consolidated Statement of Income Service charges on deposit accounts $ 160 $ 353 $ 1 $ 514 Trust income 3 672 675 Brokerage services income 6 115 121 Other revenues from operations: Merchant discount and credit card interchange fees 74 88 162 Other 29 30 10 69 $ 272 $ 471 $ 798 $ 1,541 Year Ended December 31, 2023 Classification in Consolidated Statement of Income Service charges on deposit accounts $ 144 $ 330 $ 1 $ 475 Trust income 2 678 680 Brokerage services income 6 96 102 Other revenues from operations: Merchant discount and credit card interchange fees 77 84 161 Other 28 30 8 66 $ 257 $ 444 $ 783 $ 1,484 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-based compensation plans The Companys equity incentive compensation plan allows for the issuance of various forms of stock-based compensation, including stock options, restricted stock and restricted stock units, including performance-based awards. Stock-based awards granted to employees generally vest over 3 years. At December 31, 2025, there were 2,459,959 shares available for future grant under the Companys equity incentive compensation plan. Stock-based awards Select information on employee stock-based compensation plans is summarized in the following table. (Dollars in millions) 2025 2024 2023 Stock-based compensation expense (a) $ 136 $ 116 $ 118 Income tax benefits recognized 30 25 24 Cash received from exercised stock options 19 138 32 Fair value of stock-based awards granted 143 141 124 Intrinsic value of vested restricted stock and restricted stock units and exercised stock options 114 134 96 __________________________________________________________________________________ (a) Unrecognized stock-based compensation expense of $53 million at December 31, 2025 is expected to be recognized over a weighted-average period of approximately one year. A summary of restricted stock and restricted stock unit activity follows: Restricted Stock Units Outstanding Weighted- Average Grant Price Restricted Stock Outstanding Weighted- Average Grant Price Unvested at January 1, 2025 1,544,038 $ 148.33 10,612 $ 164.66 Granted 682,806 201.22 Vested (664,436) 154.95 (10,612) 164.6 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at December 31, 2025. Effective January 1, 2026 the Company has elected to account for its residential mortgage loan servicing right assets at fair value. Further information about this election is included in note 6. Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability. Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Companys own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies s …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and other intangible assets A summary of amortizing intangible assets follows. (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2025 Core deposit $ 218 $ 164 $ 54 Other 31 21 10 Total $ 249 $ 185 $ 64 December 31, 2024 Core deposit $ 218 $ 131 $ 87 Other 43 36 7 Total $ 261 $ 167 $ 94 Estimated amortization expense in future years for such intangible assets is as follows: (Dollars in millions) Year ending December 31: 2026 $ 31 2027 20 2028 11 2029 2 $ 64 The Company completed its annual goodwill impairment test as of October 1, 2025. For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations. To test for goodwill impairment at the evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. For the Companys annual impairment test on October 1, 2025, the Company estimated the fair value of its reporting units using an income approach (weighted 75%) and a market approach (weighted 25%). The Companys estimation of fair value under the income approach considered discounting projected cash flows for each reporting unit based on multi-year financial forecasts, and under the market approach considered certain …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income taxes The Company files a consolidated federal income tax return reflecting taxable income earned by all domestic subsidiaries. The components of income tax expense were as follows: Year Ended December 31, (Dollars in millions) 2025 2024 2023 Current: Federal $ 481 $ 394 $ 577 State and local 190 169 228 Foreign 2 5 3 Total current 673 568 808 Deferred: Federal (17) (21) (63) State and local (1) (6) (33) Foreign (1) Total deferred (18) (27) (97) Amortization of investments in partnerships under proportional amortization method 186 181 167 Total income taxes $ 841 $ 722 $ 878 Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows: Year Ended December 31, 2025 2024 2023 (Dollars in millions) Amount Percent Amount Percent Amount Percent Federal at statutory rate $ 775 21.0 % $ 695 21.0 % $ 760 21.0 % State and local income taxes, net of federal benefit (a) 153 4.1 136 4.1 161 4.5 Foreign tax effects 1 .1 2 .1 Tax credits: Investments in partnerships under proportional amortization method, net (36) -1.0 (38) -1.2 (26) -.8 Other (23) -.6 (24) -.7 (1) Nontaxable or nondeductible items: Tax-exempt income (48) -1.3 (53) -1.6 (51) -1.4 Other 24 .7 28 .8 34 1.0 Other adjustments (5) -.2 (24) -.7 1 Total income taxes $ 841 22.8 % $ 722 21.8 % $ 878 24.3 % __________________________________________________________________________________ (a) State and local income taxes for New York State, New York City, …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent accounting developments As described in note 6, effective January 1, 2026 the Company elected to prospectively measure its residential mortgage loan servicing assets at fair value. The following table provides a description of accounting standards that were adopted by the Company in 2025 as well as standards that were not yet effective at December 31, 2025 that could have an impact to M&T's consolidated financial statements upon adoption. Standard Description Required date of adoption Effect on consolidated financial statements Standards adopted in 2025 Income Taxes - Improvements to income tax disclosures The standard requires enhanced disclosures in the notes to financial statements including income taxes paid by jurisdiction (federal, state, foreign) and a tabular rate reconciliation between the reported amount of income tax expense (or benefit) and the amount of statutory federal income tax at current rates. December 31, 2025 The Company adopted the amended guidance in its consolidated financial statements for the year ended December 31, 2025. Related disclosures are included in note 13. Standards not yet adopted as of December 31, 2025 Income Statement - Expense disaggregation disclosures The standard requires disclosure in the notes to financial statements of specified information about certain cost and expense captions on the income statement. January 1, 2027 (Early adoption permitted) The Company does not expect the guidance will have a material impact on i …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension plans and other postretirement benefits The Company provides pension and other postretirement benefit plans (including health care and life insurance benefits) to eligible retired employees. The Company uses a December 31 measurement date for all of its plans. Net periodic pension and net other postretirement benefits expenses for defined benefit plans consisted of the following: Pension Benefits Other Postretirement Benefits (Dollars in millions) Year Ended December 31, Year Ended December 31, Net periodic pension (benefit)/cost 2025 2024 2023 2025 2024 2023 Service cost $ 9 $ 10 $ 11 $ 1 $ 1 $ 2 Interest cost on benefit obligation 105 114 115 3 3 3 Expected return on plan assets (184) (200) (201) Amortization of prior service credit (2) (2) (2) Amortization of net actuarial gain (3) (2) (2) (3) (3) (3) Settlement gain (8) (12) Net periodic benefit $ (81) $ (90) $ (77) $ (1) $ (1) $ Service cost is reflected in Salaries and employee benefits and the other components of net periodic benefit cost are reflected in Other costs of operations in the Consolidated Statement of Income. In 2025, the Company recognized an $8 million settlement gain resulting from the purchase of annuities for certain plan participants in the Company's defined benefit pension plan. In 2024, the Company recognized a $12 million settlement gain associated with the solicited election of certain participants in the Company's defined benefit pension plan to accept a lump-sum distribution in lieu of f …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from contracts with customers The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically, the Companys contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At December 31, 2025 and 2024, the Company had $75 million and $72 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are classified in Accrued interest and other assets in the Consolidated Balance Sheet. In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At December 31, 2025 and 2024, the Company had deferred revenue of $54 million and $57 million, respectively, related to the sources in the accompanying tables recorded in Accrued interest and other liabilities in the Consolidated Balance Sheet. The following table summarizes sources of the Companys noninterest income during 2025, 2024 and 2023 that are subject to the revenue recognition guidance. (Dollars in millions) Commercial Bank Retail Bank Institutional Services and Wealth Management Total Year Ended December 31, 2025 Classification in Consolidated Statement of Income Service charges on deposit accounts $ 177 $ 373 $ 1 $ 551 Trust income 4 720 724 Brokerage services income 6 125 131 Other revenu …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment information Reportable segments have been determined based upon the Companys organizational structure which is primarily arranged around the delivery of products and services to similar customer types. The Company's internal profitability reporting system produces financial information, inclusive of net interest income and income before taxes, for each segment. Such information is reviewed by the Company's Chief Executive Officer, who has been identified as the chief operating decision maker, in evaluating operating decisions, business performance and the allocation of resources. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. The financial information of the Companys segments was compiled utilizing the accounting policies described in note 1 with certain exceptions. The more significant of these exceptions are described herein. The Company allocates interest income or interest expense using a methodology that charges users of funds (assets) interest expense and credits providers of funds (liabilities) with income based on the maturity, prepayment and/or repricing characteristics of the assets and liabilities. A provision for credit losses is allocated to segments in an amount based largely on actual net charge-offs incurred by the segment during the period plus or minus an amount necessary to adjust the segments allowance for loan losses due to changes in loan balances. In contrast, the level of th …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Significant accounting policies M&T is a BHC headquartered in Buffalo, New York. Through subsidiaries, M&T provides individuals, corporations and other businesses, and institutions with commercial and retail banking services, including loans and deposits, mortgage banking, trust, asset management and other financial services. Banking activities are largely focused on consumers residing in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia, and the District of Columbia and on small and medium-size businesses based in those areas. Certain subsidiaries also conduct activities in other areas. The accounting and reporting policies of the Company are in accordance with GAAP and general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company's significant accounting policies are as follows: Consolidation The consolidated financial statements include M&T and all of its subsidiaries. All significant intercompany accounts and transactions of consolidated subsidiaries have been eliminated in consolidat …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders equity M&T is authorized to issue 20,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. Notwithstanding M&Ts option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. Issued and outstanding preferred stock of M&T as of December 31, 2025 and 2024 is presented below: (Dollars in millions, except per share) Shares Issued and Outstanding Liquidation Preference per Share Issuance Date Earliest Redemption Date Annual Dividend Rate Carrying Amount Dividends Per Share December 31, December 31, Year Ended December 31, Series 2025 2024 2025 2024 2025 2024 2023 Series E (a) $ 1,000 % $ $ $ $ 62.58 $ 64.50 Series F (b) 50,000 50,000 10,000 10/28/2016 11/1/2026 5.125 500 500 512.50 512.50 512.50 Series G (c) 40,000 40,000 10,000 7/30/2019 8/1/2024 7.304 400 400 730.40 556.16 500.00 Series H (d) 10,000,000 10,000,000 25 4/1/2022 4/1/2027 5.625 261 261 1.41 1.41 1.41 Series I (e) 50,000 50,000 10,000 8/17/2021 9/1/2026 3.500 500 500 350.00 350.00 350.00 Series J (f) 75,000 75,000 10,000 5/13/2024 6/15/2029 7.500 733 733 750.00 441.67 Series K (g) 45,000 10,000 10/31/2025 12/15/2030 6.350 440 79.38 Total 10,260,000 10,215,000 $ 2,834 $ 2,394 _____________________________________________ …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

2. Divestitures In September 2025 the Company received an earnout payment of $28 million related to the Company's sale of its CIT business in 2023. That distribution has been included in Other revenues from operations in the Company's Consolidated Statement of Income for the three-month and nine-month periods ended September 30, 2025. In May 2025 the Company sold Wilmington Trust SP Services Inc., a subsidiary that specialized in institutional services, to a third party. The transaction resulted in a gain of $10 million that has been included in Other revenues from operations in the Company's Consolidated Statement of Income for the nine-month period ended September 30, 2025. The revenues and expenses of that subsidiary were not material to the Company's consolidated results of operations for the nine-month periods ended September 30, 2025 and 2024.

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14. Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding. The following table presents the Company's significant credit-related commitments. Certain of these commitments are not included in the Company's Consolidated Balance Sheet. (Dollars in millions) September 30, 2025 December 31, 2024 Commitments to extend credit: Commercial and industrial $ 35,781 $ 31,521 Commercial real estate loans to be sold 1,074 479 Other commercial real estate 1,956 2,697 Residential real estate loans to be sold 329 190 Other residential real estate 757 517 Home equity lines of credit 7,906 7,933 Credit cards 6,486 6,087 Other 364 244 Standby letters of credit 2,271 2,260 Commercial letters of credit 75 58 Financial guarantees and indemnification contracts 4,552 4,335 Commitments to sell real estate loans 1,868 1,142 Commitments to extend credit are agreements to lend to customers and generally have fixed expiration dates or other termination clauses that may require payment of a fee. In addition to the amounts presented in the preceding table, the Company had discretionary funding commitments to commercial customers of $12.8 billion and $12.7 billion at September 30, 2025 and December 31, 2024, respectively, that the Company had the unconditional right to cancel prior to funding. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

5. Borrowings The following table summarizes the Company's short-term and long-term borrowings at September 30, 2025 and December 31, 2024. (Dollars in millions) September 30, 2025 December 31, 2024 Short-term borrowings Repurchase agreements $ 59 $ 60 Advances from FHLB 2,000 1,000 Total short-term borrowings $ 2,059 $ 1,060 Long-term borrowings Senior notes M&T $ 5,605 $ 4,710 Senior notes M&T Bank 3,745 3,745 Advances from FHLB 3 2,004 Subordinated notes M&T 747 Subordinated notes M&T Bank 487 474 Junior subordinated debentures M&T (a) 402 433 Asset-backed notes (a) 1,929 1,229 Other 10 10 Total long-term borrowings $ 12,928 $ 12,605 __________________________________________________________________________________ (a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 12. In July 2025, M&T issued $750 million of subordinated notes that mature in July 2035 and pay a 5.40% fixed rate semi-annually until July 2030 after which, unless redeemed by M&T at that time, the fixed rate will reset to the U.S. Treasury rate for a five year term plus 1.43% until maturity. In June 2025, M&T issued $750 million of senior notes that mature in July 2031 and pay a 5.179% fixed rate semi-annually until July 2030 after which SOFR plus 1.40% will be paid quarterly until maturity. Also in June 2025, M&T Bank issued $750 million of senior notes that mature in July 2028 and pay a 4.762% fixe …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables summarize sources of the Companys noninterest income during the three-month and nine-month periods ended September 30, 2025 and 2024 that are subject to the revenue recognition accounting guidance. (Dollars in millions) Commercial Bank Retail Bank Institutional Services and Wealth Management Total Three Months Ended September 30, 2025 Classification in Consolidated Statement of Income Service charges on deposit accounts $ 45 $ 96 $ $ 141 Trust income 1 180 181 Brokerage services income 1 33 34 Other revenues from operations: Merchant discount and credit card interchange fees 20 27 47 Other 11 7 2 20 $ 78 $ 130 $ 215 $ 423 Three Months Ended September 30, 2024 Classification in Consolidated Statement of Income Service charges on deposit accounts $ 40 $ 92 $ $ 132 Trust income 1 169 170 Brokerage services income 2 30 32 Other revenues from operations: Merchant discount and credit card interchange fees 18 23 41 Other 8 8 3 19 $ 69 $ 123 $ 202 $ 394 (Dollars in millions) Commercial Bank Retail Bank Institutional Services and Wealth Management Total Nine Months Ended September 30, 2025 Classification in Consolidated Statement of Income Service charges on deposit accounts $ 133 $ 278 $ $ 411 Trust income 3 537 540 Brokerage services income 4 93 97 Other revenues from operations: Merchant discount and credit card interchange fees 55 75 130 Other 31 22 6 59 $ 226 $ 375 $ 636 $ 1,237 Nine Months Ended September 30, 2024 Classification in Consolidated Statement of …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

13. Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has not made any fair value elections at September 30, 2025. Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability. Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3 Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company's own estimates about the assumptions that market participants would use to value the asset or liability. When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2. If quoted market prices in active markets are not available, fair value is often determined using model-based techniques incorporating various assumptions in …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

8. Pension plans and other postretirement benefits The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic benefit for defined benefit plans consisted of the following: Pension Benefits Other Postretirement Benefits Three Months Ended September 30, (Dollars in millions) 2025 2024 2025 2024 Service cost $ 2 $ 3 $ $ Interest cost on projected benefit obligation 27 28 1 1 Expected return on plan assets (46) (50) Amortization of prior service credit (1) (1) Amortization of net actuarial gain (1) (1) Net periodic benefit $ (18) $ (19) $ $ (1) Pension Benefits Other Postretirement Benefits Nine Months Ended September 30, (Dollars in millions) 2025 2024 2025 2024 Service cost $ 6 $ 8 $ 1 $ 1 Interest cost on projected benefit obligation 81 86 2 2 Expected return on plan assets (139) (151) Amortization of prior service credit (2) (2) Amortization of net actuarial gain (2) (1) (2) (2) Net periodic benefit $ (54) $ (58) $ (1) $ (1) Service cost is included in Salaries and employee benefits and the other components of net periodic benefit cost are included in Other costs of operations in the Company's Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $38 million and $39 million for the three months ended September 30, 2025 and 2024, respectively, and $128 million and $124 milli …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

7. Revenue from contracts with customers The Company generally charges customer accounts or otherwise bills customers upon completion of its services. Typically, the Companys contracts with customers have a duration of one year or less and payment for services is received at least annually, but oftentimes more frequently as services are provided. At September 30, 2025 and December 31, 2024, the Company had $68 million and $72 million, respectively, of amounts receivable related to recognized revenue from the sources in the accompanying tables. Such amounts are included in Accrued interest and other assets in the Company's Consolidated Balance Sheet. In certain situations the Company is paid in advance of providing services and defers the recognition of revenue until its service obligation is satisfied. At September 30, 2025 and December 31, 2024, the Company had deferred revenue of $54 million and $57 million, respectively, related to the sources in the accompanying tables included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet. The following tables summarize sources of the Companys noninterest income during the three-month and nine-month periods ended September 30, 2025 and 2024 that are subject to the revenue recognition accounting guidance. (Dollars in millions) Commercial Bank Retail Bank Institutional Services and Wealth Management Total Three Months Ended September 30, 2025 Classification in Consolidated Statement of Income Service …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"15. Segment information Reportable segments have been determined based upon the Companys organizational structure which is primarily arranged around the delivery of products and services to similar customer types. The Company's internal profitability reporting system produces financial information, inclusive of net interest income and income before taxes, for each segment. Such information is reviewed by the Company's Chief Executive Officer, who has been identified as the chief operating decision maker, in evaluating operating decisions, business performance and the allocation of resources. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. The financial information of the Company's segments was compiled utilizing the accounting policies described in note 21 of Notes to Financial Statements in M&T's 2024 Annual Report. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. Information about the Company's reportable segments follows: Three Months Ended September 30, Commerc …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

1. Significant accounting policies The consolidated interim financial statements of the Company were compiled in accordance with GAAP using the accounting policies set forth in note 1 of Notes to Financial Statements included in M&T's 2024 Annual Report. The financial statements contain all adjustments which are, in the opinion of management, necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented. The following table provides a description of accounting standards applicable to M&T but not yet adopted at September 30, 2025. Recent accounting developments Standard Description Required date of adoption Effect on consolidated financial statements Standards not yet adopted as of September 30, 2025 Income Taxes - Improvements to income tax disclosures The standard requires enhanced disclosures in the notes to financial statements including income taxes paid by jurisdiction (federal, state, foreign) and a tabular rate reconciliation between the reported amount of income tax expense (or benefit) and the amount of statutory federal income tax at current rates. December 31, 2025 The Company intends to make the required disclosures of the amended guidance in its consolidated financial statements for the year ended December 31, 2025. Income Statement - Expense disaggregation disclosures The standard requires disclosure in the notes to financial statements of specified information about certain cos …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

6. Shareholders' equity M&T is authorized to issue 20,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights. Notwithstanding M&Ts option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence. Issued and outstanding preferred stock of M&T as of September 30, 2025 and December 31, 2024 is presented below: (Dollars in millions, except per share) Shares Issued and Outstanding Liquidation Preference Per Share Issuance Date Earliest Redemption Date Annual Dividend Rate Carrying Amount Dividends Per Share Three Months Ended September 30, Nine Months Ended September 30, Series September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 2025 2024 2025 2024 Series E (a) $ 1,000 % $ $ $ $ 23.50 $ $ 62.575 Series F (b) 50,000 50,000 10,000 10/28/2016 11/1/2026 5.125 500 500 128.125 128.125 384.375 384.375 Series G (c) 40,000 40,000 10,000 7/30/2019 8/1/2024 7.304 400 400 182.60 125.00 547.80 375.00 Series H (d) 10,000,000 10,000,000 25 4/1/2022 4/1/2027 5.625 261 261 0.3516 0.3516 1.0547 1.0547 Series I (e) 50,000 50,000 10,000 8/17/2021 9/1/2026 3.500 500 500 87.50 87.50 262.50 262.50 Series J (f) 75,000 75,000 10,000 5/13/2024 6/15/2029 7.500 733 733 187.50 254.17 562.50 254.17 Total 10, …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing