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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5. Premises and equipment
- Premises and equipment
A summary of premises and equipment follows:
| December 31, | ||
|---|---|---|
| (Dollars in millions) | 2025 | 2024 |
| Land | $137 | $146 |
| Buildings | 734 | 703 |
| Leasehold improvements | 443 | 423 |
| Furniture and equipment | 1,128 | 1,190 |
| 2,442 | 2,462 | |
| Less: accumulated depreciation and amortization | 1,357 | 1,326 |
| Right-of-use assets — operating leases | 544 | 569 |
| Premises and equipment, net | $1,629 | $1,705 |
The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company and use of certain equipment under noncancelable operating lease agreements. As of December 31, 2025 and 2024, the Company recognized $652 million and $677 million, respectively, of operating lease liabilities as a component of Accrued interest and other liabilities in the Consolidated Balance Sheet. In calculating the present value of lease payments, the Company utilized its incremental secured borrowing rate based on lease term.
The Company’s noncancelable operating lease agreements generally expire at various dates over the next 16 years. Real estate leases generally consist of fixed monthly rental payments with certain leases containing escalation clauses. Any variable lease payments or payments for nonlease components are recognized in the Consolidated Statement of Income as a component of Equipment and net occupancy expense based on actual costs incurred. Some leases contain lessee options to extend the term. Those options are included in the lease term when it is determined that it is reasonably certain the option will be exercised.
The Company has noncancelable operating lease agreements for certain equipment related to ATMs, servers, printers and mail machines that are used in the normal course of operations. The ATM leases are either based on the rights to a specific square footage or a license agreement whereby the Company has the right to operate an ATM in a lessor's location. The lease terms generally contain both fixed payments and variable payments that are transaction-based. Given the transaction-based nature of the variable payments, such payments are excluded from the measurement of the right-of-use asset and lease liability and are recognized in the Consolidated Statement of Income as a component of Equipment and net occupancy expense when incurred.
The following table presents the Company’s lease costs and other information for operating leases recorded in the Consolidated Balance Sheet.
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2025 | 2024 | 2023 |
| Lease cost | |||
| Operating lease cost | $151 | $155 | $154 |
| Variable lease cost | 5 | 5 | 4 |
| Total lease cost | $156 | $160 | $158 |
| Other information | |||
| Right-of-use assets: | |||
| Obtained in exchange for new lease liabilities | $106 | $101 | $134 |
| Cash paid toward lease liabilities | 160 | 164 | 158 |
| Weighted-average remaining lease term | 7 years | 7 years | 7 years |
| Weighted-average discount rate | 3.90% | 3.64% | 3.37% |
Minimum lease payments under noncancelable operating leases are summarized in the following table.
| (Dollars in millions) | |
|---|---|
| Year ending December 31: | |
| 2026 | $153 |
| 2027 | 138 |
| 2028 | 115 |
| 2029 | 89 |
| 2030 | 63 |
| Later years | 191 |
| Total lease payments | 749 |
| Imputed interest | (97) |
| Total | $652 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.