M&T BANK CORP
For the period ended Sep 30, 2026. Filed Nov 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.
Sep 30, 2026 · Filed Nov 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
3. Investment securities
- Investment securities
In July 2026 the Company transferred residential mortgage-backed securities with a fair value of $8.3 billion 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. Those transfers reflect the Company's ability and intent to hold these investment securities until maturity and to reduce the impact of future fluctuations in their fair value on accumulated other comprehensive income (loss). The net unrealized gain that existed on the transfer dates will continue to be reported as a component of accumulated other comprehensive income (loss) and will be accreted to interest income over the remaining lives of the respective investment securities.
- 12 -
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 | $3,532 | $1 | $19 | $3,514 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 4,719 | — | 117 | 4,602 |
| Residential | 8,982 | — | 610 | 8,372 |
| Other | 1 | — | — | 1 |
| 17,234 | 1 | 746 | 16,489 | |
| Investment securities held to maturity: | ||||
| U.S. Treasury | 399 | — | 2 | 397 |
| Mortgage-backed securities: | ||||
| Government issued or guaranteed: | ||||
| Commercial | 1,982 | — | 158 | 1,824 |
| Residential | 15,863 | — | 1,217 | 14,646 |
| Privately issued | 27 | 9 | — | 36 |
| State and political subdivisions | 1,923 | — | 155 | 1,768 |
| Other | 1 | — | — | 1 |
| 20,195 | 9 | 1,532 | 18,672 | |
| Total debt securities | $37,429 | $10 | $2,278 | $35,161 |
| Equity and other securities: | ||||
| Readily marketable equity — at fair value | $278 | $4 | $3 | $279 |
| Other — at cost | 931 | — | — | 931 |
| Total equity and other securities | $1,209 | $4 | $3 | $1,210 |
| 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 $166 million and $187 million at September 30, 2026 and December 31, 2025, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
- 13 -
A summary of debt investment securities that as of September 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 | $2,789 | $19 | $— | $— | $2,789 | $19 |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 4,601 | 117 | 1 | — | 4,602 | 117 |
| Residential | 7,394 | 518 | 962 | 92 | 8,356 | 610 |
| Other | — | — | 1 | — | 1 | — |
| 14,784 | 654 | 964 | 92 | 15,748 | 746 | |
| Investment securities held to maturity: | ||||||
| U.S. Treasury | — | — | 397 | 2 | 397 | 2 |
| Mortgage-backed securities: | ||||||
| Government issued or guaranteed: | ||||||
| Commercial | 263 | 15 | 1,561 | 143 | 1,824 | 158 |
| Residential | 9,908 | 343 | 4,733 | 874 | 14,641 | 1,217 |
| Privately issued | — | — | 1 | — | 1 | — |
| State and political subdivisions | 608 | 31 | 1,060 | 124 | 1,668 | 155 |
| 10,779 | 389 | 7,752 | 1,143 | 18,531 | 1,532 | |
| Total | $25,563 | $1,043 | $8,716 | $1,235 | $34,279 | $2,278 |
| 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 |
- 14 -
The Company owned 3,847 individual debt securities with aggregate gross unrealized losses of $2.3 billion at September 30, 2026. Based on a review of each of the securities in the investment securities portfolio at September 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 September 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 September 30, 2026 or December 31, 2025. At September 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 $931 million of cost method equity securities.
At September 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 | $2,219 | $2,214 |
| Due after one year through five years | 1,220 | 1,209 |
| Due after five years through ten years | 94 | 92 |
| Due after ten years | — | — |
| 3,533 | 3,515 | |
| Mortgage-backed securities | 13,701 | 12,974 |
| $17,234 | $16,489 | |
| Debt securities held to maturity: | ||
| Due in one year or less | $422 | $421 |
| Due after one year through five years | 414 | 404 |
| Due after five years through ten years | 1,102 | 1,025 |
| Due after ten years | 385 | 316 |
| 2,323 | 2,166 | |
| Mortgage-backed securities | 17,872 | 16,506 |
| $20,195 | $18,672 | |
A summary of gross realized gains and gross realized losses from the sale of available-for-sale investment securities for the three-month and nine-month periods ended September 30, 2026 and 2025 follows.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (Dollars in millions) | 2026 | 2025 | 2026 | 2025 |
| Gross realized gains | $— | $— | $6 | $— |
| Gross realized losses | — | — | (2) | — |
| Net realized gains | $— | $— | $4 | $— |
At September 30, 2026 and December 31, 2025, investment securities with carrying values of $5.6 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.
- 15 -
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.