M&T BANK CORP

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 18, 2026

MTB$220.61-1.0%Stored close · as of Nov 10, 2026

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Contents

Reconciliation of Quarterly GAAP to Non-GAAP Measures

Table 49

RECONCILIATION OF QUARTERLY GAAP TO NON-GAAP MEASURES

	2025 Quarters				2024 Quarters
(Dollars in millions, except per share)	Fourth	Third	Second	First	Fourth	Third	Second	First
Income statement data
Net income
Net income	$759	$792	$716	$584	$681	$721	$655	$531
Amortization of core deposit and other intangible assets (a)	8	6	8	10	10	10	10	12
Net operating income	$767	$798	$724	$594	$691	$731	$665	$543
Earnings per common share
Diluted earnings per common share	$4.67	$4.82	$4.24	$3.32	$3.86	$4.02	$3.73	$3.02
Amortization of core deposit and other intangible assets (a)	.05	.05	.04	.06	.06	.06	.06	.07
Diluted net operating earnings per common share	$4.72	$4.87	$4.28	$3.38	$3.92	$4.08	$3.79	$3.09
Other expense
Other expense	$1,379	$1,363	$1,336	$1,415	$1,363	$1,303	$1,297	$1,396
Amortization of core deposit and other intangible assets	(10)	(10)	(9)	(13)	(13)	(12)	(13)	(15)
Noninterest operating expense	$1,369	$1,353	$1,327	$1,402	$1,350	$1,291	$1,284	$1,381
Efficiency ratio
Noninterest operating expense (numerator)	$1,369	$1,353	$1,327	$1,402	$1,350	$1,291	$1,284	$1,381
Taxable-equivalent net interest income	$1,790	$1,773	$1,722	$1,707	$1,740	$1,739	$1,731	$1,692
Other income	696	752	683	611	657	606	584	580
Less: Gain (loss) on bank investment securities	1	1	—	—	18	(2)	(8)	2
Denominator	$2,485	$2,524	$2,405	$2,318	$2,379	$2,347	$2,323	$2,270
Efficiency ratio	55.1%	53.6%	55.2%	60.5%	56.8%	55.0%	55.3%	60.8%
Balance sheet data
Average assets
Average assets	$212,891	$211,053	$210,261	$208,321	$211,853	$209,581	$211,981	$211,478
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(69)	(79)	(89)	(92)	(100)	(113)	(126)	(140)
Deferred taxes	22	24	26	27	29	28	30	33
Average tangible assets	$204,379	$202,533	$201,733	$199,791	$203,317	$201,031	$203,420	$202,906
Average common equity
Average total equity	$28,970	$28,583	$28,666	$28,998	$28,707	$28,725	$27,745	$27,019
Preferred stock	(2,691)	(2,394)	(2,394)	(2,394)	(2,394)	(2,565)	(2,405)	(2,011)
Average common equity	26,279	26,189	26,272	26,604	26,313	26,160	25,340	25,008
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(69)	(79)	(89)	(92)	(100)	(113)	(126)	(140)
Deferred taxes	22	24	26	27	29	28	30	33
Average tangible common equity	$17,767	$17,669	$17,744	$18,074	$17,777	$17,610	$16,779	$16,436
At end of quarter
Total assets
Total assets	$213,510	$211,277	$211,584	$210,321	$208,105	$211,785	$208,855	$215,137
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(64)	(74)	(84)	(93)	(94)	(107)	(119)	(132)
Deferred taxes	20	23	25	26	28	30	31	34
Total tangible assets	$205,001	$202,761	$203,060	$201,789	$199,574	$203,243	$200,302	$206,574
Total common equity
Total equity	$29,177	$28,728	$28,525	$28,991	$29,027	$28,876	$28,424	$27,169
Preferred stock	(2,834)	(2,394)	(2,394)	(2,394)	(2,394)	(2,394)	(2,744)	(2,011)
Common equity	26,343	26,334	26,131	26,597	26,633	26,482	25,680	25,158
Goodwill	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)	(8,465)
Core deposit and other intangible assets	(64)	(74)	(84)	(93)	(94)	(107)	(119)	(132)
Deferred taxes	20	23	25	26	28	30	31	34
Total tangible common equity	$17,834	$17,818	$17,607	$18,065	$18,102	$17,940	$17,127	$16,595

(a)After any related tax effect.

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