M&T BANK CORP

Reportable segments have been determined based upon the Company's organizational structure which is primarily arranged around the delivery of products and services to similar customer types. Financial information about the Company's reportable segments is presented in note 15 of Notes to Financial Statements. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. All other business activities that are not included in the three reportable segment results have been included in the "All Other" category.

NET INCOME (LOSS) BY REPORTABLE SEGMENT

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Commercial Bank

The Commercial Bank segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets served by the Company. Services provided by this segment include commercial lending and leasing, credit facilities which are secured by various types of commercial real estate, letters of credit, deposit products and cash management services. Commercial real estate loans may be secured by multifamily residential buildings, hotels, office, retail and industrial space or other types of collateral. Activities of this segment include the origination, sales and servicing of commercial real estate loans through the Fannie Mae DUS program and other programs. Commercial real estate loans held for sale are included in this segment.

COMMERCIAL BANK SEGMENT FINANCIAL SUMMARY

The Commercial Bank segment’s net income in the second quarter of 2026 increased $21 million from the first quarter of 2026.

•Net interest income increased $24 million reflecting one additional calendar day, a 9 basis-point expansion of the net interest margin on loans and higher average loan balances. Those factors were partially offset by a 4 basis-point narrowing of the net interest margin on deposits and lower average balances of those deposits.

•Noninterest income remained flat reflecting higher fees from interest rate swap transactions with commercial customers largely offset by a decline in commercial mortgage banking revenues predominantly from lower gains on commercial mortgage loans originated for sale.

•Average loans rose $2.2 billion driven by higher average balances of commercial and industrial loans reflecting growth that spanned most industry types.

•Average deposits declined $873 million reflecting lower average noninterest-bearing and savings and interest-checking deposit balances.

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Net income for the Commercial Bank segment increased $59 million in the first six months of 2026 as compared with the similar 2025 period.

•Net interest income increased $34 million reflecting higher average deposits of $3.3 billion, partially offset by a 5 basis-point narrowing of the net interest margin on those deposits.

•Noninterest income increased $8 million reflecting higher revenues from interest rate swap agreements with customers and increased service charges on commercial deposit accounts, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio in the 2025 period.

•The provision for credit losses decreased $44 million reflecting lower net charge-offs of commercial real estate and commercial and industrial loans.

•Noninterest expense increased $9 million driven by an increase in centrally-allocated costs associated with technology, operations, risk management, finance, human resources and other support services provided to the Commercial Bank segment and other costs of operations, partially offset by a decline in personnel expenses.

•Average loans increased $946 million driven by higher average commercial and industrial loans reflecting growth that spanned most industry types, partially offset by a decrease in average commercial real estate loans as the Company reduced its exposure to such loans designated as criticized.

•Average deposits grew $3.3 billion reflecting growth in average savings and interest-checking deposits, partially offset by lower average noninterest-bearing deposits.

Retail Bank

The Retail Bank segment provides a wide range of services to consumers and small businesses through the Company’s branch network and several other delivery channels such as digital banking, telephone banking and ATMs. The Company has domestic banking offices primarily in the Northeastern and Mid-Atlantic regions of the U.S. including the District of Columbia. The segment offers to its customers deposit products, including demand, savings and time accounts, and other services. Credit services offered by this segment include automobile and recreational finance loans (primarily originated indirectly through dealers), home equity loans and lines of credit, credit cards and other loan products. This segment also originates and services residential mortgage loans and either sells those loans in the secondary market to investors or retains them for investment purposes. Residential mortgage loans are also originated and serviced on behalf of the Institutional Services and Wealth Management segment. The Company periodically purchases the rights to service residential real estate loans that have been originated by other entities and also sub-services residential real estate loans for others. Residential real estate loans held for sale are included in this segment. This segment also provides various business loans, including loans guaranteed by the Small Business Administration, business credit cards, deposit products and services such as cash management, payroll and direct deposit, merchant credit card and letters of credit to small businesses and professionals through the Company's branch network and other delivery channels.

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RETAIL BANK SEGMENT FINANCIAL SUMMARY

The Retail Bank segment’s net income in the second quarter of 2026 increased $16 million from the first quarter of 2026.

•Net interest income increased $24 million reflecting the impact of one additional calendar day in the recent quarter and higher average balances of deposits. The segment's net interest margin declined by 1 basis point.

•Noninterest income increased $19 million reflecting higher residential mortgage loan sub-servicing fee revenue, service charges on deposit accounts and merchant discount and credit card fees.

•Provision for credit losses decreased $12 million reflective of lower net charge-offs in the recent quarter.

•Noninterest expense increased $32 million reflecting higher centrally-allocated costs associated with technology, operations, risk management, finance, human resources and other support services provided to the Retail Bank segment.

•Average deposits increased $844 million reflecting an increase in average savings and interest-checking deposits and noninterest-bearing deposits.

Net income for the Retail Bank segment declined $18 million in the first six months of 2026 as compared with the similar 2025 period.

•Net interest income declined $36 million reflecting an 11 basis-point and 4 basis-point narrowing of the net interest margin on deposits and loans, respectively, partially offset by higher average loan balances of $3.4 billion.

•Noninterest income increased $11 million reflecting higher service charges on deposit products and residential mortgage banking revenues.

•Noninterest expense decreased $2 million reflecting the impact of the Company's accounting election described herein on other costs of operations, driven by amortization associated with residential mortgage loan servicing right assets in the first half of 2025, largely offset by higher centrally-allocated costs associated with technology, operations, risk management, finance, human resources and other support services provided to the Retail Bank segment.

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•Average loans rose $3.4 billion reflecting an increase in average consumer loans that resulted from growth in average recreational finance loans and home equity loans and lines of credit. Also contributing to that increase was higher average residential real estate loans reflecting the retention of originated residential mortgage loans and purchases.

Institutional Services & Wealth Management

The Institutional Services and Wealth Management segment 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, as well as 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. This segment also provides investment products, including mutual funds and annuities and other services to customers.

INSTITUTIONAL SERVICES & WEALTH MANAGEMENT SEGMENT FINANCIAL SUMMARY

The Institutional Services and Wealth Management segment’s net income increased $8 million to $120 million in the second quarter of 2026 from $112 million in the first quarter of 2026.

•Net interest income decreased $7 million reflecting a $964 million decrease in average deposits and a 6 basis-point narrowing of the net interest margin on those deposits.

•Noninterest income increased $14 million reflecting higher sales and fund management fees from the segment's Institutional Services business and increased fee income from its Wealth Management business, reflecting market performance associated with managed assets and seasonal tax service fee income.

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Net income for the Institutional Services and Wealth Management segment decreased $17 million for the six months ended June 30, 2026 as compared with the similar 2025 period.

•Net interest income decreased $32 million predominantly due to a 45 basis-point narrowing of the net interest margin on deposits, partially offset by higher average balances of those deposits and an increase in average loans.

•Noninterest income increased $22 million reflecting higher trust income resulting from higher sales and fund management fees from the segment's Institutional Services business and increased fee income from its Wealth Management business, reflecting favorable market performance associated with managed assets, partially offset by a $10 million gain on the sale of a subsidiary that specialized in institutional services in the second quarter of 2025.

•Noninterest expense rose $17 million reflecting a rise in professional and other services expense driven by higher legal and review costs and an increase in personnel-related expenses.

All Other

The "All Other" category reflects other activities of the Company that are not directly attributable to the reported segments. Reflected in this category are the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from the acquisitions of financial institutions; merger-related gains and expenses related to acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain non-recurring transactions; and the residual effects of unallocated support systems and general and administrative expenses. The Company’s investment securities portfolio, certain brokered deposits and short-term and long-term borrowings are generally included in the "All Other" category. In its management of interest rate risk, the Company utilizes interest rate swap agreements to modify the repricing characteristics of certain portfolios of earning assets and interest-bearing liabilities. The results of such activities are captured in the "All Other" category.

ALL OTHER CATEGORY FINANCIAL SUMMARY

The “All Other” category net income was $67 million in the second quarter of 2026 as compared with a net loss of $42 million in the first quarter of 2026.

•Noninterest income rose $18 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with a $33 million distribution from that investment in the first quarter of 2026.

•Noninterest expense decreased $121 million reflecting seasonal stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026.

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The net income recorded for the "All Other" category was $25 million for the first six months of 2026 as compared with a net loss of $133 million in the similar 2025 period.

•Net interest income increased $170 million reflecting the comparatively favorable impact from each of interest rate swap agreements entered into for interest rate risk purposes and the Company’s allocation methodologies for internal transfers related to funding charges and credits associated with earning assets and interest-bearing liabilities of the Company’s reportable segments.

•Noninterest income increased $94 million reflecting $80 million of distributions from M&T's investment in BLG in the first six months of 2026.

•The provision for credit losses increased $52 million reflecting the net impact of the allocation of the provision to the reportable segments.