M&T BANK CORP
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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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.
Jun 30, 2026 · Filed Aug 4, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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3. 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 | $3,227 | $4 | $4 | $3,227 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 4,744 | 22 | 11 | 4,755 |
| Residential (b) | 17,523 | 61 | 197 | 17,387 |
| Other | 1 | — | — | 1 |
| 25,495 | 87 | 212 | 25,370 | |
| Investment securities held to maturity: | ||||
| U.S. Treasury | 398 | — | 3 | 395 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 1,996 | — | 92 | 1,904 |
| Residential | 7,463 | 1 | 663 | 6,801 |
| Privately issued | 28 | 11 | — | 39 |
| State and political subdivisions | 2,022 | — | 43 | 1,979 |
| Other | 1 | — | — | 1 |
| 11,908 | 12 | 801 | 11,119 | |
| Total debt securities | $37,403 | $99 | $1,013 | $36,489 |
| Equity and other securities: | ||||
| Readily marketable equity — at fair value | $242 | $5 | $2 | $245 |
| Other — at cost | 851 | — | — | 851 |
| Total equity and other securities | $1,093 | $5 | $2 | $1,096 |
| 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 $173 million and $187 million at June 30, 2026 and December 31, 2025, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
(b)In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with gross unrealized gains of $32 million and gross unrealized losses of $24 million at the time of transfer.
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- Investment securities, continued
A summary of debt investment securities that as of June 30, 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 | $1,388 | $4 | $— | $— | $1,388 | $4 |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 1,961 | 11 | 1 | — | 1,962 | 11 |
| Residential | 9,794 | 135 | 1,091 | 62 | 10,885 | 197 |
| Other | — | — | 1 | — | 1 | — |
| 13,143 | 150 | 1,093 | 62 | 14,236 | 212 | |
| Investment securities held to maturity: | ||||||
| U.S. Treasury | — | — | 395 | 3 | 395 | 3 |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 272 | 6 | 1,632 | 86 | 1,904 | 92 |
| Residential | 1,231 | 19 | 5,110 | 644 | 6,341 | 663 |
| Privately issued | — | — | 1 | — | 1 | — |
| State and political subdivisions | 508 | 5 | 1,248 | 38 | 1,756 | 43 |
| 2,011 | 30 | 8,386 | 771 | 10,397 | 801 | |
| Total | $15,154 | $180 | $9,479 | $833 | $24,633 | $1,013 |
| 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 |
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- Investment securities, continued
The Company owned 3,361 individual debt securities with aggregate gross unrealized losses of $1.0 billion at June 30, 2026. Based on a review of each of the securities in the investment securities portfolio at June 30, 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 June 30, 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 June 30, 2026 or December 31, 2025. At June 30, 2026, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $851 million of cost method equity securities.
At June 30, 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 | $1,356 | $1,359 |
| Due after one year through five years | 1,872 | 1,869 |
| Due after five years through ten years | — | — |
| Due after ten years | — | — |
| 3,228 | 3,228 | |
| Mortgage-backed securities | 22,267 | 22,142 |
| $25,495 | $25,370 | |
| Debt securities held to maturity: | ||
| Due in one year or less | $407 | $404 |
| Due after one year through five years | 392 | 391 |
| Due after five years through ten years | 1,202 | 1,186 |
| Due after ten years | 420 | 394 |
| 2,421 | 2,375 | |
| Mortgage-backed securities | 9,487 | 8,744 |
| $11,908 | $11,119 | |
A summary of gross realized gains and gross realized losses from the sale of available-for-sale investment securities for the three-month and six-month periods ended June 30, 2026 and 2025 follows.
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (Dollars in millions) | 2026 | 2025 | 2026 | 2025 |
| Gross realized gains | $— | $— | $6 | $— |
| Gross realized losses | — | — | (2) | — |
| Net realized gains | $— | $— | $4 | $— |
At June 30, 2026 and December 31, 2025, investment securities with carrying values of $5.2 billion (including $77 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.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.