M&T BANK CORP
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 2026
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8. Pension plans and other postretirement benefits
- Pension plans and other postretirement benefits
The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to eligible retired employees. Net periodic benefit for defined benefit plans consisted of the following.
| Pension Benefits · Other Postretirement Benefits | ||||
|---|---|---|---|---|
| (Dollars in millions) | Three Months Ended September 30, | |||
| Net periodic pension (benefit) cost | 2026 | 2025 | 2026 | 2025 |
| Service cost | $2 | $2 | $— | $— |
| Interest cost on benefit obligation | 22 | 27 | 1 | 1 |
| Expected return on plan assets | (43) | (46) | — | — |
| Amortization of prior service credit and actuarial gains | — | (1) | (1) | (1) |
| Net periodic benefit | $(19) | $(18) | $— | $— |
| Pension Benefits · Other Postretirement Benefits | ||||
|---|---|---|---|---|
| (Dollars in millions) | Nine Months Ended September 30, | |||
| Net periodic pension (benefit) cost | 2026 | 2025 | 2026 | 2025 |
| Service cost | $6 | $6 | $1 | $1 |
| Interest cost on benefit obligation | 68 | 81 | 2 | 2 |
| Expected return on plan assets | (128) | (139) | — | — |
| Amortization of prior service credit and actuarial gains | (1) | (2) | (3) | (4) |
| Net periodic benefit | $(55) | $(54) | $— | $(1) |
Service cost is reflected in Salaries and employee benefits and the other components of net periodic benefit are reflected in Other costs of operations in the Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $40 million and $38 million for the three months ended September 30, 2026 and 2025, respectively, and $133 million and $128 million for the nine months ended September 30, 2026 and 2025, respectively.
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