M&T BANK CORP

Reportable segments have been determined based upon the Company's organizational structure which is primarily arranged around the delivery of products and services to similar customer types. Financial information about the Company's reportable segments is presented in note 15 of Notes to Financial Statements. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. All other business activities that are not included in the three reportable segment results have been included in the "All Other" category.

NET INCOME (LOSS) BY REPORTABLE SEGMENT

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Commercial Bank

The Commercial Bank segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets served by the Company. Services provided by this segment include commercial lending and leasing, credit facilities secured by various types of commercial real estate, letters of credit, deposit products and cash management services. Commercial real estate loans may be secured by multifamily residential buildings, hotels, office, retail and industrial space or other types of collateral. Activities of this segment include the origination, sales and servicing of commercial real estate loans through the Fannie Mae DUS program and other programs. Commercial real estate loans held for sale are included in this segment.

COMMERCIAL BANK SEGMENT FINANCIAL SUMMARY

The Commercial Bank segment’s net income in the third quarter of 2025 declined slightly from the second quarter of 2025.

•Net interest income increased $8 million reflecting an expansion of the net interest margin on loans of 4 basis points and the impact of one additional day in the recent quarter, partially offset by a narrowing of the net interest margin on deposits of 5 basis points.

•A modest rise in noninterest income reflected higher commercial mortgage banking revenues and a gain on the sale of equipment leases in the recent quarter, partially offset by a gain on the sale of an out-of-footprint residential builder and developer loan portfolio in the second quarter of 2025.

•The provision for credit losses increased $12 million reflecting higher net charge offs of commercial and industrial loans.

•Average loans declined $302 million reflecting payoffs and paydowns of commercial real estate loans and the full-quarter impact of the sale of an out-of-footprint residential builder and developer loan portfolio in the second quarter of 2025, partially offset by higher average balances of commercial and industrial loans reflecting growth in loans to the financial and insurance industry.

•Average deposits were essentially unchanged reflecting higher average savings and interest-checking deposit balances, partially offset by lower noninterest-bearing deposits largely driven by a single commercial customer.

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Net income for the Commercial Bank segment increased $45 million in the first nine months of 2025 as compared with the first nine months of 2024.

•Net interest income decreased $53 million reflecting a narrowing of the net interest margin on deposits of 23 basis points and a decline in average loans of $2.2 billion, partially offset by higher average deposits of $2.3 billion.

•Noninterest income increased $100 million due to higher other revenues from operations of $59 million, reflecting a rise in credit-related fees of $19 million, a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $12 million gain on the sale of equipment leases. Also contributing to that increase was higher commercial mortgage banking revenues of $18 million, a rise in service charges on commercial deposit accounts of $13 million and an increase in trading account and other non-hedging derivative gains of $10 million.

•The provision for credit losses decreased $25 million reflecting lower net charge-offs of commercial and industrial loans, partially offset by a higher provision for unfunded credit commitments.

•Noninterest expense increased $18 million reflecting higher personnel-related expenses and outside data processing and software costs.

•Average loans decreased $2.2 billion reflecting a reduction in average commercial real estate loans, partially offset by higher average commercial and industrial loans reflecting growth in loans to financial and insurance companies and motor vehicle and recreational finance dealers.

•Average deposits grew $2.3 billion reflecting growth in average savings and interest-checking deposits, partially offset by a decline in average noninterest-bearing deposits.

Retail Bank

The Retail Bank segment provides a wide range of services to consumers and small businesses through the Company’s branch network and several other delivery channels such as telephone banking, internet banking and ATMs. The Company has domestic banking offices primarily in the Northeastern and Mid-Atlantic regions of the U.S. including the District of Columbia. The segment offers to its customers deposit products, including demand, savings and time accounts, and other services. Credit services offered by this segment include automobile and recreational finance loans (primarily originated indirectly through dealers), home equity loans and lines of credit, credit cards and other loan products. This segment also originates and services residential mortgage loans and either sells those loans in the secondary market to investors or retains them for investment purposes. Residential mortgage loans are also originated and serviced on behalf of the Institutional Services and Wealth Management segment. The Company periodically purchases the rights to service residential real estate loans that have been originated by other entities and also sub-services residential real estate loans for others. Residential real estate loans held for sale are included in this segment. This segment also provides various business loans, including loans guaranteed by the Small Business Administration, business credit cards, deposit products and services such as cash management, payroll and direct deposit, merchant credit card and letters of credit to small businesses and professionals through the Company's branch network and other delivery channels.

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RETAIL BANK SEGMENT FINANCIAL SUMMARY

The Retail Bank segment’s net income was relatively unchanged in the third quarter of 2025 as compared with the second quarter of 2025.

•Net interest income increased $11 million reflecting higher average balances of loans of $1.4 billion and the impact of one additional day in the recent quarter.

•Noninterest income increased $15 million reflecting higher residential mortgage loan sub-servicing revenues.

•Noninterest expense increased $28 million reflecting higher other costs of operations, an increase in equipment and net occupancy costs and a rise in centrally-allocated costs associated with data processing, risk management and other support services provided to the Retail Bank segment.

•Average loans increased $1.4 billion reflecting higher average consumer loans, due to recreational finance and automobile loan growth, and a rise in average residential real estate loans resulting from the retention of originated residential mortgage loans and purchases.

•Average deposits reflect a modest decline in the recent quarter.

Net income for the Retail Bank segment decreased $266 million in the first nine months of 2025 as compared with the similar 2024 period.

•Net interest income declined $289 million reflecting a narrowing of the net interest margin on deposits of 44 basis points and lower average balances of those deposits of $1.6 billion, partially offset by a widening of the net interest margin on loans of 4 basis points and higher average balances of those loans of $2.8 billion.

•Noninterest income increased $85 million reflecting higher residential mortgage loan sub-servicing revenues related to the arrangement effective February 2025 whereby the Company began sub-servicing $51.7 billion of additional residential mortgage loans with contractual servicing rights held by Bayview Financial, and an increase in service charges on retail deposit accounts.

•The provision for credit losses rose $18 million reflecting higher net charge-offs of indirect consumer loans.

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•Noninterest expense increased $145 million due to higher centrally-allocated costs associated with data processing, risk management and other support services provided to the Retail Bank segment of $117 million and a rise in personnel-related costs of $24 million.

•Average loans rose $2.8 billion reflecting recreational finance and automobile average loan growth.

•Lower average deposits reflect the maturity of customer time deposit accounts and lower noninterest-bearing deposits, partially offset by growth in average savings and interest-checking deposits.

Institutional Services & Wealth Management

The Institutional Services and Wealth Management segment provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients, as well as personal trust, planning and advisory, fiduciary, asset management, family office, and other services designed to help high net worth individuals and families grow, preserve and transfer wealth. This segment also provides investment products, including mutual funds and annuities and other services to customers.

INSTITUTIONAL SERVICES & WEALTH MANAGEMENT SEGMENT FINANCIAL SUMMARY

The Institutional Services and Wealth Management segment’s net income increased $14 million in the third quarter of 2025 as compared with the second quarter of 2025.

•Noninterest income increased $19 million reflecting a $28 million distribution in the recent quarter of an earnout payment related to the Company's sale of its CIT business in 2023, partially offset by a $10 million gain on the sale of a subsidiary that specialized in institutional services in the second quarter of 2025.

Net income for the Institutional Services and Wealth Management segment decreased $18 million for the nine months ended September 30, 2025 as compared with the similar 2024 period.

•Net interest income decreased $65 million reflecting a 92 basis-point narrowing of the net interest margin on deposits, partially offset by higher average balances of those deposits.

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•Noninterest income increased $76 million reflecting higher trust income of $40 million resulting from increased sales and fund management fees from the segment's global capital markets business and higher fee income from its Wealth Management business, reflecting comparatively favorable market performance associated with managed assets. Also contributing to that increase was the distribution of an earnout payment related to the Company's sale of its CIT business in 2023 and the gain on the sale of a subsidiary that specialized in institutional services each in the first nine months of 2025.

•Noninterest expense rose $39 million reflecting a rise in personnel-related expenses and centrally-allocated costs associated with data processing, risk management and other support services provided to the Institutional Services and Wealth Management segment.

All Other

The "All Other" category reflects other activities of the Company that are not directly attributable to the reportable segments. Reflected in this category are the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from the acquisitions of financial institutions; merger-related gains and expenses related to acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain non-recurring transactions; and the residual effects of unallocated support systems and general and administrative expenses. The Company’s investment securities portfolio, brokered deposits and short-term and long-term borrowings are generally included in the "All Other" category. In its management of interest rate risk, the Company utilizes interest rate swap agreements to modify the repricing characteristics of certain portfolios of earning assets and interest-bearing liabilities. The results of such activities are captured in the "All Other" category.

ALL OTHER CATEGORY FINANCIAL SUMMARY

The “All Other” category net income was $46 million in the third quarter of 2025 as compared with a net loss of $18 million in the second quarter of 2025.

•Net interest income increased $32 million due to the favorable impact from the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments and lower net interest expense from interest rate swap agreements entered into for interest rate risk management purposes.

•Noninterest income rose $31 million reflecting a $20 million distribution from M&T's investment in BLG in the recent quarter.

•Noninterest expense declined modestly reflecting a reduction of FDIC special assessment expense, lower professional and other services expense and a decrease in equipment and net occupancy costs, partially offset by an increase in other costs of operations reflecting an impairment of a renewable energy tax credit investment in the recent quarter.

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The net loss recorded for the "All Other" category was $87 million for the first nine months of 2025 as compared with a net loss of $511 million in the similar 2024 period.

•Net interest income increased $452 million due to the favorable impact from the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments and lower net interest expense from interest rate swap agreements entered into for interest rate risk management purposes.

•Noninterest income increased $15 million reflecting higher tax-exempt income from bank owned life insurance in the 2025 period and realized losses on sales of certain non-agency investment securities in the first nine months of 2024, partially offset by lower distributions from M&T's investment in BLG of $5 million.

•The $82 million decrease in the provision for credit losses reflects the net impact of the allocation of the provision to the reportable segments.

•Noninterest expense decreased $84 million reflecting a decline in FDIC assessments resulting from lower special assessment expense and improved credit quality.