M&T BANK CORP

7. Goodwill and other intangible assets

A summary of amortizing intangible assets follows.

Estimated amortization expense in future years for such intangible assets is as follows:

The Company completed its annual goodwill impairment test as of October 1, 2025. For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations. To test for goodwill impairment at the evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. For the Company’s annual impairment test on October 1, 2025, the Company estimated the fair value of its reporting units using an income approach (weighted 75%) and a market approach (weighted 25%). The Company’s estimation of fair value under the income approach considered discounting projected cash flows for each reporting unit based on multi-year financial forecasts, and under the market approach considered certain valuation multiples for comparable financial institutions. Reporting unit valuations also considered control premiums associated with cost savings and other benefits that might be assumed in a market transaction for such businesses. Based on the results of the goodwill impairment test, the Company concluded that the amount of recorded goodwill was not impaired at the testing date. The Company was not aware of any events occurring in the fourth quarter of 2025 that more likely thannot would have resulted in an impairment of recorded goodwill at December 31, 2025.

A summary of goodwill assigned to each of the Company’s reportable segments for purposes of testing for impairment at each of December 31, 2025 and 2024 is as follows: