M&T BANK CORP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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3. Investment securities
- Investment securities
The amortized cost and fair value of investment securities were as follows:
| (Dollars in millions) | Amortized Cost (a) | GrossUnrealizedGains | GrossUnrealizedLosses | Fair Value |
|---|---|---|---|---|
| Investment securities available for sale: | ||||
| U.S. Treasury | $6,302 | $43 | $2 | $6,343 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 4,738 | 79 | 1 | 4,816 |
| Residential | 11,953 | 148 | 59 | 12,042 |
| Other | 1 | — | — | 1 |
| 22,994 | 270 | 62 | 23,202 | |
| Investment securities held to maturity: | ||||
| U.S. Treasury | 445 | — | 4 | 441 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 2,007 | — | 74 | 1,933 |
| Residential | 7,816 | 10 | 619 | 7,207 |
| Privately issued | 32 | 12 | — | 44 |
| State and political subdivisions | 2,129 | — | 40 | 2,089 |
| Other | 1 | — | — | 1 |
| 12,430 | 22 | 737 | 11,715 | |
| Total debt securities | $35,424 | $292 | $799 | $34,917 |
| Equity and other securities: | ||||
| Readily marketable equity — at fair value | $280 | $3 | $2 | $281 |
| Other — at cost | 736 | — | — | 736 |
| Total equity and other securities | $1,016 | $3 | $2 | $1,017 |
| Investment securities available for sale: | ||||
| U.S. Treasury | $7,945 | $13 | $27 | $7,931 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 3,739 | 8 | 45 | 3,702 |
| Residential | 7,368 | 13 | 167 | 7,214 |
| Other | 2 | — | — | 2 |
| 19,054 | 34 | 239 | 18,849 | |
| Investment securities held to maturity: | ||||
| U.S. Treasury | 1,015 | — | 14 | 1,001 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 2,034 | — | 157 | 1,877 |
| Residential | 8,773 | — | 961 | 7,812 |
| Privately issued | 37 | 9 | — | 46 |
| State and political subdivisions | 2,335 | — | 117 | 2,218 |
| Other | 1 | — | — | 1 |
| 14,195 | 9 | 1,249 | 12,955 | |
| Total debt securities | $33,249 | $43 | $1,488 | $31,804 |
| Equity and other securities: | ||||
| Readily marketable equity — at fair value | $235 | $3 | $3 | $235 |
| Other — at cost | 772 | — | — | 772 |
| Total equity and other securities | $1,007 | $3 | $3 | $1,007 |
(a)Amortized cost balances of debt securities exclude accrued interest receivable of $187 million and $176 million at December 31, 2025 and 2024, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
A summary of debt investment securities that as of December 31, 2025 and 2024 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows:
| Less Than 12 Months | 12 Months or More | |||
|---|---|---|---|---|
| (Dollars in millions) | FairValue | UnrealizedLosses | FairValue | UnrealizedLosses |
| Investment securities available for sale: | ||||
| U.S. Treasury | $— | $— | $185 | $2 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 174 | 1 | 65 | — |
| Residential | 488 | 2 | 1,303 | 57 |
| Other | — | — | 1 | — |
| 662 | 3 | 1,554 | 59 | |
| Investment securities held to maturity: | ||||
| U.S. Treasury | — | — | 391 | 4 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 28 | — | 1,840 | 74 |
| Residential | 139 | 1 | 6,287 | 618 |
| Privately issued | 2 | — | — | — |
| State and political subdivisions | 13 | — | 1,866 | 40 |
| 182 | 1 | 10,384 | 736 | |
| Total | $844 | $4 | $11,938 | $795 |
| Investment securities available for sale: | ||||
| U.S. Treasury | $1,971 | $9 | $2,554 | $18 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 2,566 | 45 | 64 | — |
| Residential | 4,429 | 53 | 1,623 | 114 |
| Other | — | — | 2 | — |
| 8,966 | 107 | 4,243 | 132 | |
| Investment securities held to maturity: | ||||
| U.S. Treasury | 50 | — | 951 | 14 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | — | — | 1,877 | 157 |
| Residential | 996 | 19 | 6,811 | 942 |
| Privately issued | — | — | — | — |
| State and political subdivisions | 39 | 1 | 2,131 | 116 |
| 1,085 | 20 | 11,770 | 1,229 | |
| Total | $10,051 | $127 | $16,013 | $1,361 |
The Company owned 3,027 individual debt securities with aggregate gross unrealized losses of $799 million at December 31, 2025. Based on a review of each of the securities in the investment securities portfolio at December 31, 2025, including security type and issuer credit quality, the Company concluded that it expected to recover the amortized cost basis of its investment. As of December 31, 2025, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. The Company estimatedno material allowance for credit losses for its investment securities at December 31, 2025 or 2024. At December 31, 2025, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $736 million of cost method equity securities.
No investment in securities of a single non-U.S. Government, government agency or government guaranteed issuer exceeded ten percent of shareholders’ equity at December 31, 2025. As of December 31, 2025, the latest available investment ratings of obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were as follows:
| Average Credit Rating of Fair Value Amount | ||||
|---|---|---|---|---|
| (Dollars in millions) | AmortizedCost | Fair Value | A orBetter | NotRated |
| State and political subdivisions | $2,129 | $2,089 | $2,079 | $10 |
| Privately issued mortgage-backed securities | 32 | 44 | — | 44 |
| Other | 2 | 2 | — | 2 |
At December 31, 2025, the amortized cost and fair value of debt securities by contractual maturity were as follows:
| (Dollars in millions) | AmortizedCost | Fair Value |
|---|---|---|
| Debt securities available for sale: | ||
| Due in one year or less | $3,076 | $3,085 |
| Due after one year through five years | 3,227 | 3,259 |
| Due after five years through ten years | — | — |
| Due after ten years | — | — |
| 6,303 | 6,344 | |
| Mortgage-backed securities | 16,691 | 16,858 |
| $22,994 | $23,202 | |
| Debt securities held to maturity: | ||
| Due in one year or less | $408 | $405 |
| Due after one year through five years | 377 | 375 |
| Due after five years through ten years | 1,326 | 1,313 |
| Due after ten years | 464 | 438 |
| 2,575 | 2,531 | |
| Mortgage-backed securities | 9,855 | 9,184 |
| $12,430 | $11,715 | |
There were no significant gross realized gains or losses from sales of investment securities in 2025 and 2023. Gross realized gains and losses from the sales of investment securities totaled $27 million and $15 million in 2024, respectively.
At December 31, 2025 and 2024, investment securities with carrying values of $5.3 billion (including $67 million related to repurchase transactions) and $6.2 billion (including $71 million related to repurchase transactions), respectively, were pledged to secure borrowings, lines of credit and governmental deposits as described in note 8.
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