M&T BANK CORP

A summary of financial results for the Company is provided below:

SUMMARY OF FINANCIAL RESULTS

(a)Net interest income data are presented on a taxable-equivalent basis which is a non-GAAP measure. The taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes. This adjustment, which is related to interest received on qualified municipal securities, industrial revenue financings and preferred equity securities, is based on a composite income tax rate of approximately 25%.

The increase in net income in the recent quarter as compared with the second quarter of 2025 resulted from the following:

•Net interest income on a taxable-equivalent basis increased $51 million reflecting an additional day of earnings, favorable earning assets and interest-bearing liabilities repricing and the impact of $20 million of lower taxable-equivalent interest income in the second quarter of 2025 resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United. Reflecting those factors the net interest margin expanded 6 basis points.

•Noninterest income increased $69 million reflecting higher residential mortgage banking revenues and a rise in other revenues from operations resulting from a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $20 million distribution from M&T's investment in BLG and a $12 million gain on the sale of equipment leases each in the recent quarter, partially offset by 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 each in the second quarter of 2025.

•Noninterest expense increased $27 million reflecting higher severance-related expense, an impairment of a renewable energy tax-credit investment and an increase in expenses associated with M&T's supplemental executive retirement savings plan, partially offset by lower FDIC assessments.

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The increase in net income for the nine months ended September 30, 2025 as compared with the same 2024 period reflected the following:

•Net interest income on a taxable-equivalent basis increased $40 million reflecting a widening of the net interest margin by 8 basis points. The higher net interest margin reflects favorable earning assets and interest-bearing liabilities repricing that improved the Company's net interest spread, partially offset by a decline in the contribution of net interest-free funds.

•The provision for credit losses declined $90 million mainly reflecting improved levels of criticized loans.

•Noninterest income increased $276 million reflecting higher mortgage banking revenues, trust income, service charges on deposit accounts and other revenues from operations.

•Noninterest expense rose $118 million reflecting higher levels of salaries and employee benefits expense and outside data processing and software costs, partially offset by lower FDIC assessments, which included $34 million of FDIC special assessment expense in the first nine months of 2024.

The Company's effective income tax rates were 22.8% and 23.4% for the third and second quarters of 2025, respectively, and 23.1% and 21.5% for the nine months ended September 30, 2025 and 2024, respectively. Income tax expense for the first nine months of 2024 reflected $31 million of net discrete tax benefits.

Under approved capital plans and programs authorized by the Board of Directors, M&T repurchased 2.1 million shares of its common stock during the recent quarter at a total cost of $409 million, compared with 6.1 million shares at a total cost of $1.1 billion in the second quarter of 2025. During the first nine months of 2025, M&T repurchased 11.6 million shares of its common stock at a total cost of $2.2 billion, compared with 1.2 million shares at a total cost of $200 million during the first nine months of 2024.