M&T BANK CORP

A summary of financial results for the Company is provided below.

SUMMARY OF FINANCIAL RESULTS

(a)Net interest income data are presented on a taxable-equivalent basis which is a non-GAAP measure. The taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes. This adjustment, which is related to interest received on qualified municipal securities, industrial revenue financings and preferred equity securities, is based on the statutory federal income tax rate.

The decrease in net income in the recent quarter as compared with the second quarter of 2026 resulted from the following:

•Net interest income on a taxable-equivalent basis increased nominally reflecting an additional day, partially offset by lower interest income on nonaccrual loans. The Company's net interest margin declined 5 basis points from the second quarter of 2026 as the increase in rates paid on interest-bearing liabilities outpaced the growth in yields on earning assets.

•The provision for credit losses increased $15 million reflecting loan growth and a provision for unfunded credit commitments in the recent quarter.

•Noninterest income increased $3 million resulting from an increase in residential mortgage banking revenues, partially offset by a decrease in capital markets and advisory revenues and a lower distribution from M&T's investment in BLG in the recent quarter.

•Noninterest expense rose $44 million reflecting an increase in outside data processing and software costs and professional and other services expense each associated with enhancements and support of technology infrastructure and other enterprise initiatives as well as higher salaries and employee benefits expense.

The increase in net income in the nine months ended September 30, 2026 as compared with the same 2025 period reflected the following:

•Net interest income on a taxable-equivalent basis increased $170 million reflecting higher average earning assets and interest-bearing liabilities. A 3 basis-point expansion of the Company's net interest margin reflects reductions in deposit and borrowing costs that outpaced a decline in yields received on earning assets and lower contribution from net interest-free funds.

•The provision for credit losses increased $15 million reflecting loan growth, partially offset by a lower provision for unfunded credit commitments.

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•Noninterest income rose $126 million reflecting higher trust and investment services income, capital markets and advisory revenues and other revenues from operations. Distributions from M&T's investment in BLG included in other revenues from operations totaled $111 million in the first nine months of 2026 and $20 million in the comparable 2025 period. Other revenues from operations in the first three quarters of 2025 also included a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million, and a $12 million gain on the sale of equipment leases. Mortgage banking revenues in the first nine months of 2026 reflect a rise in residential mortgage loan sub-servicing income, partially offset by the impact of the Company's accounting election described herein.

•Noninterest expense increased $66 million reflecting a rise in salaries and employee benefits expense, outside data processing and software costs, and professional and other services expense, partially offset by lower other costs of operations. Other costs of operations in the first nine months of 2025 included amortization of residential mortgage loan servicing right assets of $75 million.

Under programs authorized by the Board of Directors, M&T repurchased 1.3 million shares of its common stock in the recent quarter at a total cost of $323 million, compared with 2.1 million shares at a total cost of $465 million in the second quarter of 2026. During the nine months ended September 30, 2026, M&T repurchased 8.9 million shares of its common stock at a total cost of $2.0 billion, compared with 11.6 million shares at a total cost of $2.2 billion during the first nine months of 2025. In July 2026, M&T issued 60,000 shares of Perpetual Fixed Rate Non-Cumulative Preferred Stock, Series L, with a liquidation preference of $10,000 per share. On November 1, 2026, M&T redeemed all 50,000 outstanding shares of its Perpetual Fixed-to-Floating Rate Non-cumulative Preferred Stock, Series F, for $500 million.