M&T BANK CORP
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
2. Investment securities
- Investment securities
The amortized cost and fair value of investment securities were as follows.
| (Dollars in millions) | AmortizedCost (a) | GrossUnrealizedGains | GrossUnrealizedLosses | Fair Value |
|---|---|---|---|---|
| Investment securities available for sale: | ||||
| U.S. Treasury | $3,226 | $14 | $— | $3,240 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 4,735 | 50 | 3 | 4,782 |
| Residential | 17,257 | 91 | 143 | 17,205 |
| Other | 1 | — | — | 1 |
| 25,219 | 155 | 146 | 25,228 | |
| Investment securities held to maturity: | ||||
| U.S. Treasury | 397 | — | 4 | 393 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 1,996 | — | 78 | 1,918 |
| Residential | 7,610 | 4 | 633 | 6,981 |
| Privately issued | 30 | 11 | — | 41 |
| State and political subdivisions | 2,085 | — | 64 | 2,021 |
| Other | 1 | — | — | 1 |
| 12,119 | 15 | 779 | 11,355 | |
| Total debt securities | $37,338 | $170 | $925 | $36,583 |
| Equity and other securities: | ||||
| Readily marketable equity — at fair value | $280 | $3 | $2 | $281 |
| Other — at cost | 993 | — | — | 993 |
| Total equity and other securities | $1,273 | $3 | $2 | $1,274 |
| 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 |
(a)Amortized cost balances of debt securities exclude accrued interest receivable of $163 million and $187 million at March 31, 2026 and December 31, 2025, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
- 12 -
- Investment securities, continued
A summary of debt investment securities that as of March 31, 2026 and December 31, 2025 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 · Total | ||||||
|---|---|---|---|---|---|---|
| (Dollars in millions) | Fair Value | UnrealizedLosses | Fair Value | UnrealizedLosses | Fair Value | Unrealized Losses |
| Investment securities available for sale: | ||||||
| U.S. Treasury | $248 | $— | $— | $— | $248 | $— |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 723 | 3 | 1 | — | 724 | 3 |
| Residential | 7,759 | 83 | 1,163 | 60 | 8,922 | 143 |
| Other | — | — | 1 | — | 1 | — |
| 8,730 | 86 | 1,165 | 60 | 9,895 | 146 | |
| Investment securities held to maturity: | ||||||
| U.S. Treasury | — | — | 393 | 4 | 393 | 4 |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 274 | 4 | 1,644 | 74 | 1,918 | 78 |
| Residential | 1,010 | 15 | 5,307 | 618 | 6,317 | 633 |
| Privately issued | 2 | — | — | — | 2 | — |
| State and political subdivisions | 554 | 8 | 1,319 | 56 | 1,873 | 64 |
| 1,840 | 27 | 8,663 | 752 | 10,503 | 779 | |
| Total | $10,570 | $113 | $9,828 | $812 | $20,398 | $925 |
| Investment securities available for sale: | ||||||
| U.S. Treasury | $— | $— | $185 | $2 | $185 | $2 |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 174 | 1 | 65 | — | 239 | 1 |
| Residential | 488 | 2 | 1,303 | 57 | 1,791 | 59 |
| Other | — | — | 1 | — | 1 | — |
| 662 | 3 | 1,554 | 59 | 2,216 | 62 | |
| Investment securities held to maturity: | ||||||
| U.S. Treasury | — | — | 391 | 4 | 391 | 4 |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 28 | — | 1,840 | 74 | 1,868 | 74 |
| Residential | 139 | 1 | 6,287 | 618 | 6,426 | 619 |
| Privately issued | 2 | — | — | — | 2 | — |
| State and political subdivisions | 13 | — | 1,866 | 40 | 1,879 | 40 |
| 182 | 1 | 10,384 | 736 | 10,566 | 737 | |
| Total | $844 | $4 | $11,938 | $795 | $12,782 | $799 |
- 13 -
- Investment securities, continued
The Company owned 3,325 individual debt securities with aggregate gross unrealized losses of $925 million at March 31, 2026. Based on a review of each of the securities in the investment securities portfolio at March 31, 2026, including security type and issuer credit quality, the Company concluded that it expected to recover the amortized cost basis of its investment. As of March 31, 2026, 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 estimated no material allowance for credit losses for its investment securities at March 31, 2026 or December 31, 2025. At March 31, 2026, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $993 million of cost method equity securities.
At March 31, 2026, 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 | $750 | $753 |
| Due after one year through five years | 2,477 | 2,488 |
| Due after five years through ten years | — | — |
| Due after ten years | — | — |
| 3,227 | 3,241 | |
| Mortgage-backed securities | 21,992 | 21,987 |
| $25,219 | $25,228 | |
| Debt securities held to maturity: | ||
| Due in one year or less | $409 | $405 |
| Due after one year through five years | 388 | 387 |
| Due after five years through ten years | 1,242 | 1,217 |
| Due after ten years | 444 | 406 |
| 2,483 | 2,415 | |
| Mortgage-backed securities | 9,636 | 8,940 |
| $12,119 | $11,355 | |
There were no significant gross realized gains or losses from sales of investment securities for the three-month periods ended March 31, 2026 and 2025.
At March 31, 2026 and December 31, 2025, investment securities with carrying values of $5.8 billion (including $64 million related to repurchase transactions) and $5.3 billion (including $67 million related to repurchase transactions), respectively, were pledged to secure outstanding borrowings, lines of credit and governmental deposits.
- 14 -
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.