AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 31/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · 1/4 · Deposits demonstrably replace higher-cost borrowing, establishing a current funding benefit. That benefit is not shown to exceed other banks’ deposit economics, and a named peer offers overlapping products. The evidence supports a limited advantage without establishing a durable structural moat.
durability · — · The supplied funding history spans changing rates but does not establish persistent relative cost superiority, protected market access or another durable barrier. Deposit repricing demonstrates economic sensitivity; it does not determine how long a competitive advantage could survive.
customer dependency · — · Aggregate deposit growth shows demand but cannot establish customer dependency. The catalog supplies no measured switching friction, embedded workflow costs, relationship-level retention or indispensable service evidence. Customer migration toward interest-bearing products cannot resolve whether customers are dependent on M&T.
erosion resilience · 2/4 · Average deposits grew and replaced expensive short-term borrowing, while noninterest-bearing deposits declined and deposit costs increased sequentially. Net interest income held approximately steady despite margin compression. These mixed outcomes demonstrate some operating resilience, without proving resistance to long-term competitive erosion.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Third-quarter interest-bearing deposit cost was 2.05%, below 2.36% a year earlier but above 1.95% sequentially. The disclosed increase separates a rate hike, time-deposit growth and repricing, and other product growth. These mixed funding-price outcomes do not isolate discretionary fee pricing or demonstrate strong pricing power.
retention · 2/4 · Average deposits increased $3.3 billion sequentially, supporting repeat funding demand indirectly. Growth came from interest-bearing products while noninterest-bearing balances declined $256 million. Aggregate balances combine existing and new customers, so this is mixed engagement evidence rather than a measured customer retention rate.
margin resilience · 2/4 · Taxable-equivalent net interest income was nearly unchanged sequentially, but net interest margin narrowed five basis points to 3.65%. Lower nonaccrual interest and higher funding costs caused compression, partly offset by asset repricing and net free funds. This demonstrates mixed resilience rather than a moat inferred from margin level.
contractual freedom · 2/4 · Actual deposit repricing and asset repricing establish some exercised ability to change economic terms. Customer preference for interest-bearing products constrains that discretion. The passages do not establish unilateral repricing rights across outstanding loans, deposits and fee contracts, limiting the assessment to demonstrated partial flexibility.
Predictability86
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 15.24
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 2.21
- observedAnnualPeriods
- 5.00
Financial strength63
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · June consolidated CET1, Tier 1 and total capital ratios were 10.19%, 11.64% and 13.73%, above disclosed minimums even allowing for the disclosed 2.7% stress buffer. September estimated CET1 was 10.16%. Declining ratios temper strong adequacy; prospective capital-rule benefits are excluded.
liquidity funding · 2/4 · Average deposits of $166.8 billion and $52.2 billion of securities and invested cash support funding capacity. Borrowings declined sequentially but remained above the prior-year quarter. The estimated 107% LCR uses hypothetical reduced requirements; missing uninsured-deposit concentration and usable collateral capacity limit stress-liquidity confidence.
asset liability risk · 2/4 · Third-quarter nonaccrual loans of 0.90% and annualized net charge-offs of 0.35% improved year over year but worsened sequentially. Debt securities carried $2.268 billion of pretax unrealized losses and approximately 4.1 years’ duration. These realized credit and valuation outcomes support a mixed assessment.
earnings resilience · 3/4 · GAAP net income remained positive at $2.741 billion, $2.588 billion and $2.851 billion in 2023–2025. Nine-month 2026 income increased 8% to $2.257 billion. Third-quarter income declined sequentially and year over year, supporting strong disclosed-period resilience without exceptional evidence across a full range of stresses.
Capital allocation56
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · Annualized GAAP return on average common shareholders’ equity was 11.44% in the third quarter and 11.13% for nine months, versus 11.45% and 10.07% a year earlier. Positive earnings and sustained common-equity returns support strong efficiency, without establishing exceptional risk-adjusted returns or a moat.
distributions and buffers · 2/4 · M&T paid quarterly common dividends of $1.50 per share and repurchased $323 million of shares, including excise tax, during a profitable quarter. Tangible common capital and CET1 nevertheless declined. Distributions demonstrate capacity, but their contribution to narrower buffers supports mixed capital preservation.
dilution and cost · 2/4 · Nine-month diluted average shares declined 8% year over year, demonstrating net common-share contraction. The completed Series L preferred offering carries a 6.625% annual dividend rate. Repurchases consume capital, and incomplete stock-compensation expense coverage prevents a stronger conclusion about total dilution and financing cost.
investment discipline · 2/4 · Average commercial real estate loans declined substantially in 2025, but renewed third-quarter 2026 growth increased exposure. Technology infrastructure spending increased, while securities retained substantial unrealized losses. These disclosed commitments and outcomes show mixed discipline; attributable technology returns and comprehensive acquisition outcomes are absent.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · M&T remained profitable while repurchasing shares and expanding loans. Tangible common capital nevertheless declined because of growth, repurchases and securities losses, and CET1 fell year over year. Actual capital deployment and preservation therefore show mixed outcomes despite substantial disclosed regulatory capital.
incentive alignment · 3/4 · Disclosed equity awards include multiyear vesting, absolute and relative return conditions, and forfeiture. All executive officers reportedly met ownership guidelines as of February 13, 2026; shareholders subsequently approved the amended plan. The pay-mix example is executive-specific, and actual incentive effectiveness remains unproven.
execution · 3/4 · Operating outcomes support strong execution indirectly: nine-month net income increased 8%, average loans and deposits grew, and nonaccrual loans improved year over year. Third-quarter income declined sequentially and year over year, while credit ratios deteriorated sequentially. Results do not isolate the contribution of particular management initiatives.
governance · 2/4 · Independent key committees, annual majority director elections, a lead independent director and approximately 96.5% reported 2025 meeting attendance provide meaningful safeguards. Actual shareholder approvals corroborate functioning voting processes. These structures support a mixed assessment without demonstrated exceptional board effectiveness or oversight outcomes.
Evidence
14 Balance Sheet – Average Deposits QoQ Drivers Average deposits increased +$3.3 billion QoQ: – Time deposits increased +$1.2 billion – Savings and interest-checking deposits increased +$2.2 billion – Average noninterest-bearing deposits decreased -$256 million Higher interest-bearing deposits supported loan growth and reduced reliance on higher-cost short-term borrowings which declined -$2.8 billion on average.
Third-quarter 2026 earnings presentation, page 14: average deposit growth and replacement of higher-cost borrowing. · Filed 16/10/2026
Core deposit and other intangible assets
51
59
69
79
89
92
Other assets
12,800
12,710
11,991
11,589
11,172
10,648
Total assets
$
216,532
$
213,828
$
212,891
$
211,053
$
210,261
$
208,321
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits:
Savings and interest-checking deposits
$
105,752
1.81
%
$
106,570
1.84
%
$
107,257
2.04
%
$
104,630
2.23
%
$
103,934
2.24
%
$
101,536
2.20
%
Time deposits
13,808
3.02
13,059
3.02
13,499
3.20
13,890
3.40
14,171
3.48
14,107
3.57
Total interest-bearing deposits
119,560
1.95
119,629
1.97
120,756
2.17
118,520
2.36
118,105
2.39
115,643
2.37
Short-term borrowings
8,016
3.86
5,695
3.86
2,064
4.21
2,844
4.50
3,327
4.49
2,869
4.52
Long-term borrowings
12,778
5.33
11,064
5.41
12,555
5.56
12,789
5.64
10,936
5.70
11,285
5.58
Total interest-bearing liabilities
140,354
2.36
136,388
2.32
135,375
2.52
134,153
2.72
132,368
2.71
129,797
2.70
Noninterest-bearing deposits
43,964
44,547
44,184
44,056
45,153
45,436
Other liabilities
4,275
4,245
4,362
4,261
4,074
4,090
Total liabilities
188,593
185,180
183,921
182,470
181,595
179,323
Shareholders' equity
27,939
28,648
28,970
28,583
28,666
28,998
Total liabilities and shareholders' equity
$
216,532
$
213,828
$
212,891
$
211,053
$
210,261
$
208,321
Net interest spread
3.04
3.03
2.95
2.88
2.80
2.80
Contribution of interest-free funds
.66
.67
.75
.81
.82
.85
Net interest margin
3.70
%
3.70
%
3.70
%
3.69
%
3.62
%
3.65
%
5
Exhibit 99.1
Unaudited Supplemental Historical Average Balance Sheet and Taxable-equivalent Rates Information
Six Months Ended
Nine Months Ended
Year Ended
June 30,
June 30,
September 30,
September 28, 2026 supplemental historical information, page 5: average balances and annualized funding rates. · Filed 28/09/2026
M&T Peer Group PNC Financial Services Group, Inc.
September 2026 investor presentation, appendix: named peer group. · Filed 14/09/2026
Fifth Third Bancorp Regions Financial Corporation First Citizens BancShares, Inc.
September 2026 investor presentation, appendix: named peer group continued. · Filed 14/09/2026
Interest-bearing deposit cost increased +10 bps – September interest rate hike +2 bps – Growth and repricing of time deposits +4 bps – Growth in other interest-bearing deposit products +4 bps $ IN B IL LI O N S $44.0 $44.2 $44.6 $43.9 $43.7 $104.7 $107.2 $106.6 $105.8 $108.0 $13.9 $13.5 $13.0 $13.8 $15.1 $162.6 $164.9 $164.2 $163.5 $166.8 Noninterest-bearing Deposits Savings and Interest-checking Deposits Time Deposits Total Deposits 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Total deposit cost 1.72% 1.59% 1.43% 1.42% 1.52% Interest-bearing deposit cost 2.36% 2.17% 1.97% 1.95% 2.05% Strong Deposit Growth to Fund Growing Loan Portfolio
Third-quarter 2026 earnings presentation, page 14: deposit mix, total deposit cost and interest-bearing deposit cost. · Filed 16/10/2026
This includes a variety of checking, savings and money market accounts, wealth management solutions, payments and commerce solutions, securities products and services, insurance services and credit products such as commercial loans and leases, mortgage loans, credit cards, installment loans and other lending products.
Fifth Third Bancorp 2025 annual report: competing product offerings; Fifth Third scope only. · Filed 24/02/2026
Stable Net Interest Income Trends with Strong NIM $ IN M IL LI O N S $1,773 $1,790 $1,763 $1,804 $1,805 3.69% 3.70% 3.70% 3.70% 3.65% Net Interest Income (Taxable-equivalent)(1) Net Interest Margin 3Q25 4Q25 1Q26 2Q26 3Q26 QoQ Drivers Taxable-equivalent net interest income(1) increased nominally QoQ: – One additional day and growth in average loans – Lower interest income on nonaccrual loans – Interest-bearing deposit growth Net interest margin narrowed -5 bps to 3.65% QoQ: – Lower nonaccrual interest income (-3 bps) – Higher funding costs offset by asset repricing and net free funds (-2 bps) As expected, net interest margin for the quarter remained strong and reflects: – Customer preference for interest-bearing products in the current environment – Strong deposit growth to reduce higher-cost borrowings
Third-quarter 2026 earnings presentation, page 10: net interest income and margin drivers. · Filed 16/10/2026
10 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.
Third-quarter 2026 earnings presentation, page 10: taxable-equivalent net interest income definition. · Filed 16/10/2026
(Dollars in millions, except per share data)
3Q26
2Q26
3Q25
Earnings Highlights
Net interest income
$
1,793
$
1,792
$
1,761
Taxable-equivalent adjustment
12
12
12
Net interest income - taxable-equivalent
1,805
1,804
1,773
Provision for credit losses
135
120
125
Noninterest income
743
740
752
Noninterest expense
1,393
1,349
1,363
Net income
775
818
792
Net income available to common shareholders - diluted
732
781
754
Diluted earnings per common share
5.04
5.32
4.82
Return on average assets - annualized
1.40
%
1.51
%
1.49
%
Return on average common shareholders' equity - annualized
11.44
12.30
11.45
Average Balance Sheet
Total assets
$
218,860
$
216,532
$
211,053
Interest-bearing deposits at banks
14,209
15,061
17,739
Investment securities
38,552
38,728
36,559
Loans
143,296
140,650
135,890
Deposits
166,777
163,524
162,576
Borrowings
19,225
20,794
15,633
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin
3.65
%
3.70
%
3.69
%
Efficiency ratio (1)
54.4
52.8
53.6
Net charge-offs to average total loans - annualized
.35
.23
.42
Allowance for loan losses to total loans
1.51
1.53
1.59
Nonaccrual loans to total loans
.90
.85
1.11
Common equity Tier 1 ("CET1") capital ratio (2)
10.16
10.19
10.99
Common shareholders' equity per share
$
174.95
$
176.03
$
170.43
Third-quarter 2026 earnings release: earnings highlights, average balance sheet and selected ratios. · Filed 16/10/2026
8
Third Quarter 2026 Results
Financial Highlights
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in millions, except per share, shares in thousands)
2026
2025
Change
2026
2025
Change
Performance
Net income
$
775
$
792
-2
%
$
2,257
$
2,092
8
%
Net income available to common shareholders
732
754
-3
2,133
1,981
8
Per common share:
Basic earnings
5.08
4.85
5
14.57
12.41
17
Diluted earnings
5.04
4.82
5
14.48
12.34
17
Cash dividends
1.50
1.50
—
4.50
4.20
7
Common shares outstanding:
Average - diluted
145,174
156,553
-7
147,329
160,503
-8
Period end
143,708
154,518
-7
143,708
154,518
-7
Return on (annualized):
Average total assets
1.40
%
1.49
%
1.39
%
1.33
%
Average common shareholders' equity
11.44
11.45
11.13
10.07
Taxable-equivalent net interest income
$
1,805
$
1,773
2
$
5,372
$
5,202
3
Yield on average earning assets
5.41
%
5.60
%
5.39
%
5.54
%
Cost of interest-bearing liabilities
2.44
2.72
2.38
2.71
Net interest spread
2.97
2.88
3.01
2.83
Contribution of interest-free funds
.68
.81
.67
.82
Net interest margin
3.65
3.69
3.68
3.65
Net charge-offs to average total net loans (annualized)
.35
.42
.30
.36
Net operating results (1)
Net operating income
$
780
$
798
-2
$
2,274
$
2,116
7
Diluted net operating earnings per common share
5.08
4.87
4
14.60
12.49
17
Return on (annualized):
Average tangible assets
1.47
%
1.56
%
1.46
%
1.41
%
Average tangible common equity
17.29
17.13
16.78
15.07
Efficiency ratio
54.4
53.6
55.1
56.3
At September 30,
Loan quality
2026
2025
Change
Nonaccrual loans
$
1,298
$
1,512
-14
%
Real estate and other foreclosed assets
28
37
-26
Total nonperforming assets
$
1,326
$
1,549
-14
Accruing loans past due 90 days or more
$
570
$
432
32
Government guaranteed loans included in totals above:
Nonaccrual loans
81
71
13
Accruing loans past due 90 days or more
556
403
38
Nonaccrual loans to total loans
.90
%
1.11
%
Allowance for loan losses to total loans
1.51
1.59
Additional information
Period end common stock price
$
217.60
$
197.62
10
Full-service domestic banking offices (2)
906
942
-4
Full-time equivalent employees
21,562
Third-quarter 2026 earnings release, page 8: quarterly and nine-month results, shares, dividends, returns and asset quality. · Filed 16/10/2026
Reflecting loan growth and share repurchase activity in the recent quarter and the impact of unrealized losses on investment securities available for sale included in accumulated other comprehensive income at September 30, 2026, M&T's tangible common equity to tangible asset ratio at September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025.
Third-quarter 2026 earnings release: tangible common capital decline and its drivers. · Filed 16/10/2026
11 • Capital levels strong with CET1 capital ratio of 10.16%(2) • Repurchased $323 million(3) of common shares in 3Q26 Change 3Q26 vs Average Balances, $ in billions, except per share 3Q26 2Q26 3Q25 2Q26 3Q25 Interest-bearing Deposits at Banks $14.2 $15.1 $17.7 -6% -20% Investment Securities 38.6 38.7 36.6 — 5 Loans Held for Sale 0.7 0.8 0.6 -12 7 Commercial and Industrial (“C&I”) 65.9 65.9 61.7 — 7 Commercial Real Estate (“CRE”) 24.9 23.2 24.0 7 4 Residential Real Estate ("RRE") 25.2 24.9 24.1 1 4 Consumer 27.3 26.7 26.1 2 5 Total Loans 143.3 140.7 135.9 2 5 Earning Assets 196.7 195.2 190.9 1 3 Deposits 166.8 163.5 162.6 2 3 Borrowings 19.2 20.8 15.6 -8 23 Common Shareholders’ Equity 25.4 25.5 26.2 — -3 As of Quarter End Common Shareholders' Equity per Share $174.95 $176.03 $170.43 -1% 3% Tangible Equity per Common Share(1) 115.88 117.41 115.31 -1 — Tangible Common Equity / Tangible Assets(1) 7.85 % 8.07 % 8.79 % -22 bps -94 bps Common Equity Tier 1 ("CET1") Capital Ratio 10.16 10.19 10.99 -3 bps -83 bps Balance Sheet – Overview Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP measures.
Third-quarter 2026 earnings presentation, page 11: capital ratios, repurchases and balance-sheet changes. · Filed 16/10/2026
(2) September 30, 2026 CET1 capital ratio is estimated.
Third-quarter 2026 earnings presentation, page 11, note 2: estimated September 30 CET1 ratio. · Filed 16/10/2026
(3) Includes share repurchase excise tax.
Third-quarter 2026 earnings presentation, page 11, note 3: repurchase amount includes excise tax. · Filed 16/10/2026
13 Balance Sheet – Securities and Invested Cash Liquidity Coverage Ratio was 107%(1) on September 30, 2026 Duration Pre-tax Unrealized Gain/(Loss) AFS ~3.6 years ($745 million) HTM ~4.5 years ($1,523 million) Total Debt Securities ~4.1 years ($2,268 million) $ IN B IL LI O N S Average Investment Securities and Yield $36.6 $36.7 $37.8 $38.7 $38.6 4.15% 4.19% 4.22% 4.29% 4.33% 3Q25 4Q25 1Q26 2Q26 3Q26 Interest- bearing deposits at banks 27% Other Securities 2% HTM Securities 39% AFS Securities 32% $52.2B TOTAL Securities and Invested Cash at 9/30/26(2) Note: (1) While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on September 30, 2026 exceeded the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.
Third-quarter 2026 earnings presentation, page 13: securities losses, duration, invested cash and qualified estimated LCR. · Filed 16/10/2026
(Dollars in millions)
Regulatory Minimum (a)
M&T
(Consolidated)
M&T
Bank
Wilmington
Trust, N.A.
June 2026 Form 10-Q: regulatory capital table units and consolidated versus subsidiary column scope. · Filed 04/08/2026
CET1 capital
4.50
%
10.19
%
11.81
%
274.44
%
Tier 1 capital
6.00
11.64
11.81
274.44
Total capital
8.00
13.73
13.87
274.58
Tier 1 leverage
4.00
9.39
9.51
86.89
RWA
$
167,830
$
167,243
$
248
June 2026 Form 10-Q: actual regulatory capital ratios, minimum ratios and risk-weighted assets. · Filed 04/08/2026
6.4% 7.0% 7.1% 7.3% 7.3% 7.4% 7.5% 7.5% 7.6% 7.7% 8.1% 8.3% 8.3% Peer 12 Peer 11 Peer 10 Peer 9 Peer 8 Peer 7 Peer 6 Peer 5 Peer 4 Peer 3 MTB Peer 2 Peer 1 8.8% 9.0% 9.3% 9.3% 9.3% 9.4% 9.4% 9.5% 9.6% 9.7% 9.8% 10.2% 10.7% Peer 12 Peer 11 Peer 10 Peer 9 Peer 8 Peer 7 Peer 6 Peer 5 Peer 4 Peer 3 Peer 2 MTB Peer 1 Capital Flexibility • CET1 capital ratio decreased to 10.19% at end of 2Q26 • AFS and pension-related AOCI would have impacted the CET1 capital ratio by -2 bps at the end of 2Q26 • Expect CET1 ratio of 10.0% to 10.5% in 2026 • 2026 Stress Test results would imply a reduction of M&T’s SCB to the 2.5% minimum • Under the recent capital proposals: • CET1 capital would have increased an estimated 90 bps under the standardized approach • Additional 10-20 bps under the expanded risk-based approach, excluding the impact of AOCI CET1 Ratio incl.
September 2026 investor presentation, page 6: June capital position and prospective regulatory changes. · Filed 14/09/2026
AOCI(1) 6/30/2026 Tangible Common Equity / Tangible Assets 6/30/2026 Highlights 6 ~0.6% vs Peer Median ~0.8% vs Peer Median 3.8% to 2.7% Decline in SCB 4% TBVPS YoY Growth since 6/30/2025 8% Outstanding Shares Repurchased in Last 12 Months 11% Increase in Quarterly Dividend in 3Q25 (1) Proposal would require regulatory capital to include unrealized gains / (losses) on AFS securities and pension-related effects
September 2026 investor presentation, page 6: disclosed stress capital buffer decline to 2.7%. · Filed 14/09/2026
Year ended
12/31/2025
Year ended
12/31/2024
Year ended
12/31/2023
Income statement data
In millions
Net income
$
2,851
$
2,588
$
2,741
Amortization of core deposit and other intangible assets(a)
32
42
48
Net operating income
2,883
2,630
2,789
Preferred stock dividends
(146
)
(134
)
(100
)
Net operating income available to common equity
$
2,737
$
2,496
$
2,689
As of
12/31/2025
As of
12/31/2024
As of
12/31/2023
Balance sheet data
In millions
Average common equity
Average total equity
$
28,804
$
28,052
$
25,899
Preferred stock
(2,468
)
(2,344
)
(2,011
)
Average common equity
March 2026 proxy: 2023–2025 GAAP earnings and reconciliation to net operating income. · Filed 10/03/2026
Ongoing and formalized director nominee identification and selection process based on needs identified by the Board and N&G Committee
✓
No super-majority voting requirements under the Bylaws
✓
Diverse skills represented, including risk management, cybersecurity, leadership, finance, commercial and retail banking, technology, and corporate governance
✓
No poison pill or other anti-takeover devices in effect
Board Accountability and Independence
Board Effectiveness
✓
Audit Committee, Compensation and Human Capital Committee, N&G Committee, and Risk Committee comprised entirely of independent directors
✓
Corporate Governance Standards and committee charters reviewed and approved annually
✓
Majority voting standard for director elections
✓
Strong Board leadership in risk oversight and management through Risk Committee and risk governance framework
✓
All directors elected annually
✓
N&G Committee oversight of director orientation and continuing education efforts
✓
Conflict of interest policy for directors
✓
Annual Board and committee self-evaluations
✓
Stock ownership guidelines for directors and executives
✓
Independent Board evaluation of CEO performance and compensation through Compensation and Human Capital Committee
✓
Pledging and hedging policies for directors and executives
✓
Lead independent director role and executive sessions of non-management directors held regularly
✓
Directors are subject to over-boarding review
✓
Average attendance of directors at Board and committee meetings held in 2025 approximately 96.5%
March 2026 proxy: board independence, voting standards, oversight structures and 2025 attendance. · Filed 10/03/2026
At the Annual Meeting, shareholders approved all of the Board of Directors’ proposals, which included: (i) the election of twelve (12) directors of M&T, for one-year terms and until their successors have been elected and qualified; (ii) the approval of the 2025 compensation of M&T’s Named Executive Officers; (iii) the approval of the amendment and restatement of the M&T Bank Corporation 2019 Equity Incentive Compensation Plan; and (iv) the ratification of the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm of M&T for the year ending December 31, 2026.
April 23, 2026 Form 8-K: actual annual meeting approvals. · Filed 23/04/2026
PVSUs cliff vest after three years based on achievement of the pre-established performance metrics over the three-year performance period, with final payout values ranging from 0% to 150% of target.
March 2026 proxy: three-year performance-vested stock unit terms. · Filed 10/03/2026
72% of variable pay is equity-based deferred LTI subject to multi-year vesting and forfeiture to align shareholder and executive interests
•
Stock Options vest ratably over three years on the anniversary of the grant date and provide value only if M&T’s common stock price increases from the date that the options are granted
•
PHSUs vest ratably over three years and are earned based on achievement of an absolute ROTCE performance hurdle each year
•
PVSUs are earned only to the extent M&T performance objectives are achieved against absolute and relative average ROTCE and ROTA over a three-year period
54
Table of Contents
Daryl Bible - Senior Executive Vice President and Chief Financial Officer
March 2026 proxy, page 54: executive-specific pay mix and equity incentive performance conditions. · Filed 10/03/2026
As of February 13, 2026, all executive officers are in compliance with the Stock Ownership Guidelines.
March 2026 proxy: executive ownership-guideline compliance as of February 13, 2026. · Filed 10/03/2026
Clawback and Forfeiture Policies. M&T has a Forfeiture Policy that sets forth the circumstances under which the C&HC Committee may cause a downward adjustment in current year compensation as well as cause all or part of unvested equity awards to be canceled.
March 2026 proxy: compensation adjustment and unvested award forfeiture policy. · Filed 10/03/2026
Dividends on the Series L Preferred Stock will accrue from the original issue date at a rate equal to 6.625% per annum for each dividend period.
July 21, 2026 Form 8-K: Series L preferred annual dividend rate. · Filed 21/07/2026
ITEM 8.01.
OTHER EVENTS.
On July 21, 2026, M&T completed the public offering pursuant to the Underwriting Agreement of 24,000,000 Depositary Shares each representing a 1/400th interest in a share of the Series L Preferred Stock.
July 21, 2026 Form 8-K: completed Series L depositary share offering. · Filed 21/07/2026
•Average loans decreased $2.3 billion reflecting a reduction in average commercial real estate loans of $5.1 billion, partially offset by higher average commercial and industrial loans of $2.8 billion, reflecting an increase in loans to financial and insurance companies and motor vehicle and recreational finance dealers.
2025 Form 10-K: realized commercial loan portfolio changes. · Filed 18/02/2026
•Average loans grew $2.6 billion in the recent quarter reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million.
Third-quarter 2026 earnings release: realized quarterly loan growth by category. · Filed 16/10/2026
16 $ IN M IL LI O N S $1,353 $1,369 $1,429 $1,342 $1,386 $1,363 $1,379 $1,438 $1,349 $1,393 53.6% 55.1% 58.3% 52.8% 54.4% Operating Noninterest Expense(1) Intangible Amort & Merger-Related Total Noninterest Expense Efficiency Ratio(1) 3Q25 4Q25 1Q26 2Q26 3Q26 Change 3Q26 vs $ in millions 3Q26 2Q26 3Q25 2Q26 3Q25 Salaries & Employee Benefits(2) $832 $826 $833 1% —% Outside Data Proc & Software 173 154 138 12 25 Equipment & Net Occupancy 131 129 129 — 1 Professional & Other Services 97 89 81 10 22 FDIC Assessments 19 18 13 15 55 Advertising & Marketing 29 27 23 7 26 Other Costs of Operations 105 99 136 6 -23 Operating Expense(1) 1,386 1,342 1,353 3 2 Intangible Amortization 7 7 10 — -27 Total Noninterest Expense $1,393 $1,349 $1,363 3% 2% Income Statement – Noninterest Expenses Noninterest expense rose $44 million, or +3% QoQ: • Salaries and employee benefits expense increased +$6 million reflecting an additional working day, partially offset by lower payroll-related taxes • Outside data processing and software costs increased +$19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure Note: (1) See Appendix for reconciliation of GAAP with these non-GAAP and adjusted measures.
Third-quarter 2026 earnings presentation, page 16: operating expenses and technology infrastructure spending. · Filed 16/10/2026
Core deposit and other intangible assets
48
55
64
74
84
93
94
Other assets
13,919
13,469
12,977
12,360
12,123
11,487
11,316
Total assets
$
219,261
$
214,736
$
213,510
$
211,277
$
211,584
$
210,321
$
208,105
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits
$
48,295
$
45,892
$
46,509
$
44,994
$
47,485
$
49,051
$
46,020
Interest-bearing deposits
120,590
117,849
120,400
118,432
116,968
116,358
115,075
Total deposits
168,885
163,741
166,909
163,426
164,453
165,409
161,095
Short-term borrowings
4,614
7,851
2,149
2,059
2,071
1,573
1,060
Long-term borrowings
13,568
11,175
10,911
12,928
12,380
10,496
12,605
Accrued interest and other liabilities
4,248
3,997
4,364
4,136
4,155
3,852
4,318
Total liabilities
191,315
186,764
184,333
182,549
183,059
181,330
179,078
Shareholders' equity:
Preferred
2,434
2,434
2,834
2,394
2,394
2,394
2,394
Common
25,512
25,538
26,343
26,334
26,131
26,597
26,633
Total shareholders' equity
27,946
27,972
29,177
28,728
28,525
28,991
29,027
Total liabilities and shareholders' equity
$
219,261
$
214,736
$
213,510
$
211,277
$
211,584
$
210,321
$
208,105
LOAN RATIOS
Allowance for loan losses to total loans
1.53
%
1.54
%
1.54
%
1.59
%
1.62
%
1.65
%
1.62
%
Nonaccrual loans to total loans
.85
.89
.91
1.11
1.16
1.15
1.25
4
Exhibit 99.1
In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances.
September 2026 supplemental historical information: methodology change for annualized taxable-equivalent rates and certain average deposits. · Filed 28/09/2026
Previously reported amounts have been adjusted to conform to the current presentation.
September 2026 supplemental historical information: historical amounts conformed to current presentation. · Filed 28/09/2026
