M&T BANK CORP

Other revenues from operations increased $26 million in the second quarter of 2026 as compared with the first quarter of 2026 reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with a $33 million distribution in the first quarter of 2026 and a rise in merchant discount and credit card fees.

Higher other revenues from operations in the first half of 2026 as compared with the first six months of 2025 reflected $80 million in distributions received from M&T's investment in BLG in the first six months of 2026, partially offset by gains on the sales of an out-of-footprint residential builder and developer loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million in the first half of 2025.

Other Expense

The components of other expense are presented in the accompanying table.

OTHER EXPENSE

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Salaries and employee benefits

Salaries and employee benefits expense decreased $88 million in the recent quarter as compared with the first quarter of 2026 reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 andlower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases awarded in the first quarter of 2026 and an additional working day in the recent quarter.

Salaries and employee benefits expense increased $40 million in the six months ended June 30, 2026 as compared with the year-earlier period reflecting higher salaries expense from annual merit and other increases and an increase in stock-based incentive compensation. Also contributing to the increase was higher employee benefits expense, reflecting a rise in medical benefits expense and retirement savings plan expense. A decline in average staffing levels partially offset those salaries and employee benefits expenses.

Nonpersonnel expenses

Nonpersonnel expenses of $523 million in the recent quarter declined nominally from $524 million in the first quarter of 2026 as lower FDIC assessments, professional and other services expense and equipment and net occupancy costs were largely offset by an increase in outside data processing and software expense related toenhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.

Nonpersonnel expenses aggregated $1.05 billion in each of the six months ended June 30, 2026 and 2025, declining nominally and reflecting lower other costs of operations of $31 million driven by amortization associated with residential mortgage loan servicing right assets of $51 million in the first half of 2025, partially offset by higher costs associated with the Company's supplemental executive retirement savings plan in the first six months of 2026 due to market performance. Largely offsetting the lower other costs of operations was a rise in outside data processing and software costs of $24 million reflecting enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems, and higher professional and other services expense of $12 million, reflecting higher legal and review costs.