M&T BANK CORP

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

OTHER INCOME

Mortgage banking revenues

Mortgage banking revenues are comprised of both residential and commercial mortgage banking activities, which consist of realized gains and losses from sales of real estate loans and loan servicing rights, unrealized gains and losses on real estate loans held for sale and related commitments, real estate loan servicing fees, and other real estate loan related fees and income. The Company's involvement in commercial mortgage banking activities includes the origination, sales and servicing of loans under the multifamily loan programs of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development.

RESIDENTIAL MORTGAGE BANKING ACTIVITIES

(a)The contractual servicing rights associated with residential mortgage loans sub-serviced by the Company were primarily held by affiliates of BLG. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.

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Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, fair value changes in the mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate and other derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.

In February 2025 and June 2026 the Company began sub-servicing $51.7 billion and $62.9 billion, respectively, of additional residential mortgage loans with contractual servicing rights held by Bayview Financial. In March 2026, servicing functions for $30.1 billion of residential mortgage loans were returned to Bayview Financial as contractual holder of those servicing rights.

The higher residential mortgage banking revenues for the three and six months ended June 30, 2026 as compared with the first quarter of 2026 and six months ended June 30, 2025, respectively, reflect increased sub-servicing revenues due to the net addition of sub-serviced loans. Partially offsetting the increase in residential mortgage banking revenues in the first half of 2026 as compared with the similar 2025 period was the impact of the Company's accounting election described herein.

COMMERCIAL MORTGAGE BANKING ACTIVITIES

(a)Includes $4.7 billion of loan balances at each of June 30, 2026 and March 31, 2026 and $4.6 billion and $4.3 billion at December 31, 2025 and June 30, 2025, respectively, for which investors had recourse to the Company if such balances are ultimately uncollectable.

The lower gains on commercial mortgage loans originated for sale in the recent quarter as compared with the first quarter of 2026 reflects decreased volume of new commitments to originate commercial real estate loans for sale.

Service charges on deposit accounts

Service charges on deposit accounts increased $5 million in the recent quarter as compared with the first quarter of 2026 reflecting higher consumer service charges.

Service charges on deposit accounts for the first six months of 2026 increased $13 million as compared with the first six months of 2025 reflecting higher commercial service charges that resulted from pricing changes and increased customer usage of sweep products, and higher consumer service charges.

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Trust income

Trust income primarily includes revenues from two significant businesses managed within the Company's Institutional Services and Wealth Management segment. The Institutional Services business provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets; and (iii) need investment and cash management services. The Wealth Management business offers personal trust, planning and advisory, fiduciary, asset management, family office and other services designed to help high net worth individuals and families grow, preserve and transfer wealth.

TRUST INCOME AND ASSETS UNDER MANAGEMENT

(a)The increase in trust assets under management from March 31, 2026 to June 30, 2026 predominantly reflects managed assets related to a single customer construction project.

Trust income increased $14 million in the recent quarter as compared with the first quarter of 2026. Institutional Services trust income increased $8 million reflecting higher sales and fund management fees and Wealth Management trust income rose $6 million reflecting annual tax service fees received in the recent quarter and comparatively favorable market performance associated with managed assets.

For the six months ended June 30, 2026 trust income increased $21 million as compared with the similar 2025 period. Institutional Services trust income rose $10 million reflecting higher sales and fund management fees and Wealth Management trust income increased $11 million reflecting comparatively higher assets under management and favorable market performance associated with those assets.

Trading account and other non-hedging derivative gains

The Company enters into interest rate swap agreements and foreign exchange contracts with customers who need such services and concomitantly enters into offsetting trading positions with third parties to minimize the risks involved with these types of transactions. Information about the notional amount of interest rate, foreign exchange and other non-hedging contracts entered into by the Company is included in note 11 of Notes to Financial Statements and herein under the heading "Market Risk and Interest Rate Sensitivity." The $8 million and $15 million increase in trading account and other non-hedging derivative gains in the three and six months ended June 30, 2026 as compared with the first quarter of 2026 and first half of 2025, respectively, reflects higher revenues from interest rate swap transactions with commercial customers.

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Other revenues from operations

The components of other revenues from operations are presented in the accompanying table.

OTHER REVENUES FROM OPERATIONS

(a)During 2017, the operating losses of BLG resulted in M&T reducing the carrying value of its investment in BLG to zero. Subsequently, M&T has received cash distributions from BLG each year that resulted in the recognition of income by M&T. M&T expects cash distributions from BLG in the future, but the timing and amount of those distributions are not within M&T's control. BLG is entitled to receive distributions from its affiliates that provide asset management and other services that are available for distribution to M&T. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.