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.

As described in note 15 of Notes to Financial Statements, during the third quarter of 2026 the Company modified its internal management reporting structure to reflect certain organizational changes. Prior period segment information has been recast to conform to the current presentation.

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

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The Commercial Bank segment’s net income in the third quarter of 2026 decreased $57 million from the second quarter of 2026.

•Net interest income decreased $4 million reflecting an 11 basis-point narrowing of the net interest margin on loans, partially offset by one additional calendar day in the recent quarter and higher average balances of loans and deposits of $1.5 billion each.

•The provision for credit losses increased $39 million reflecting higher net charge-offs of commercial and industrial loans.

•Noninterest income decreased $2 million reflecting lower capital market and advisory revenues, partially offset by higher card revenues and other revenues from operations.

•Noninterest expense increased $10 million driven by an increase in personnel-related expenses and higher outside data processing and software costs.

•Average loans rose $1.5 billion driven by higher average balances of permanent commercial real estate loans.

•Average deposits grew $1.5 billion reflecting higher average savings and interest-checking deposit balances.

Net income for the Commercial Bank segment increased $63 million in the first nine months of 2026 as compared with the similar 2025 period.

•Net interest income increased $47 million reflecting higher average deposits of $3.6 billion and higher average loans of $2.1 billion, partially offset by a 3 basis-point narrowing of the net interest margin on each of loans and deposits.

•Noninterest income decreased $9 million reflecting $15 million of gains on sales of an out-of-footprint residential builder and developer loan portfolio and a $12 million gain on the sale of equipment leases each in the first three quarters of 2025, partially offset by higher revenues from interest rate swap agreements with commercial customers and increased service charges on commercial deposit accounts in the nine months ended September 30, 2026.

•The provision for credit losses decreased $55 million reflecting lower net charge-offs of commercial and industrial loans and commercial real estate 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 a rise in outside data processing and software costs, partially offset by a decline in personnel expenses.

•Average loans increased $2.1 billion driven by higher average commercial and industrial loans reflecting growth that spanned most industry types, partially offset by lower average commercial real estate loan balances as the Company reduced its exposure to such loans designated as criticized.

•Average deposits grew $3.6 billion reflecting growth in average savings and interest-checking deposits, partially offset by lower average noninterest-bearing deposits.

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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.

RETAIL BANK SEGMENT FINANCIAL SUMMARY

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The Retail Bank segment’s net income in the third quarter of 2026 increased $9 million from the second quarter of 2026.

•Net interest income increased $18 million reflecting the impact of one additional calendar day in the recent quarter, higher average loan balances of $1.1 billion, higher average deposit balances of $645 million and a widening of the net interest margin on deposits of 3 basis points, partially offset by a narrowing of the net interest margin on loans of 5 basis points.

•Noninterest income increased $21 million reflecting higher residential mortgage loan sub-servicing fee revenue.

•The provision for credit losses increased $14 million reflective of higher net charge-offs in the recent quarter.

•Noninterest expense increased $13 million reflecting higher personnel-related costs and equipment and net occupancy costs.

•Average loans rose $1.1 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, and higher average residential real estate loans.

•Average deposits increased $645 million reflecting an increase in average savings and interest-checking deposits and noninterest-bearing deposits.

Net income for the Retail Bank segment declined $24 million in the first nine months of 2026 as compared with the similar 2025 period.

•Net interest income declined $43 million reflecting a 6 basis-point and 9 basis-point narrowing of the net interest margin on loans and deposits, respectively, partially offset by higher average loan balances of $3.1 billion.

•Noninterest income increased $19 million reflecting higher service charges on retail deposit products and a rise in residential mortgage banking revenues driven by an increase in the amount of residential mortgage loans sub-serviced by the segment.

•The provision for credit losses increased $16 million reflective of higher net charge-offs of retail segment loan balances in the first nine months of 2026.

•Noninterest expense decreased $9 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 nine months of 2025, partially 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.

•Average loans rose $3.1 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.

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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 decreased $5 million to $115 million in the third quarter of 2026 from $120 million in the second quarter of 2026.

•Net interest income decreased $5 million reflecting a $511 million decrease in average deposits and a 4 basis-point narrowing of the net interest margin on those deposits.

•Noninterest expense increased $3 million predominately due to a rise in personnel-related expenses.

Net income for the Institutional Services and Wealth Management segment decreased $44 million for the nine months ended September 30, 2026 as compared with the similar 2025 period.

•Net interest income decreased $51 million predominantly due to a 42 basis-point narrowing of the net interest margin on deposits, partially offset by higher average loan balances.

•Noninterest income increased $13 million reflecting higher trust and investment services income resulting from higher Institutional Services sales and fund management fees and a rise in Wealth Management fees from favorable market performance associated with managed assets and higher brokerage services income, partially offset by a $28 million distribution of an earnout payment related to the Company's sale of its CIT business in 2023 and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the year-earlier period.

•Noninterest expense rose $26 million reflecting a rise in professional and other services expense driven by higher legal and review costs and an increase in personnel-related expenses.

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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 $57 million in the third quarter of 2026 as compared with $47 million in the second quarter of 2026.

•Net interest income decreased $8 million reflecting the comparatively unfavorable impact from interest rate swap agreements entered into for interest rate risk purposes.

•Noninterest income decreased $16 million reflecting a lower distribution from M&T's investment in BLG in the recent quarter.

•The provision for credit losses decreased $38 million reflecting the net impact of the allocation of the provision to the reportable segments.

•Noninterest expense rose $18 million reflecting higher costs associated with technology enhancements and other enterprise initiatives.

The net income recorded for the "All Other" category was $70 million for the first nine months of 2026 as compared with a net loss of $100 million in the similar 2025 period.

•Net interest income increased $215 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 $103 million predominantly reflecting $111 million of distributions from M&T's investment in BLG in the first nine months of 2026 as compared with $20 million in the first nine months of 2025.

•The provision for credit losses increased $59 million reflecting the net impact of the allocation of the provision to the reportable segments.

•Noninterest expense rose $40 million reflecting higher costs associated with technology enhancements and other enterprise initiatives and an increase in personnel-related expenses.

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