Exhibit 99.1



			News Release
One M&T Plaza, Buffalo, NY 14203			October 16, 2025

M&T Bank Corporation (NYSE:MTB) announces third quarter 2025 results

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $792 million or $4.82 of diluted earnings per common share.


(Dollars in millions, except per share data)	3Q25			2Q25			3Q24
Earnings Highlights
Net interest income	$	1,761		$	1,713		$	1,726
Taxable-equivalent adjustment	12			9			13
Net interest income - taxable-equivalent	1,773			1,722			1,739
Provision for credit losses	125			125			120
Noninterest income	752			683			606
Noninterest expense	1,363			1,336			1,303
Net income	792			716			721
Net income available to common shareholders - diluted	754			679			674
Diluted earnings per common share	4.82			4.24			4.02
Return on average assets - annualized	1.49		%	1.37		%	1.37		%
Return on average common shareholders' equity - annualized	11.45			10.39			10.26
Average Balance Sheet
Total assets	$	211,053		$	210,261		$	209,581
Interest-bearing deposits at banks	17,739			19,698			25,491
Investment securities	36,559			35,335			31,023
Loans	136,527			135,407			134,751
Deposits	162,706			163,406			161,505
Borrowings	15,633			14,263			15,428
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin	3.68		%	3.62		%	3.62		%
Efficiency ratio (1)	53.6			55.2			55.0
Net charge-offs to average total loans - annualized	.42			.32			.35
Allowance for loan losses to total loans	1.58			1.61			1.62
Nonaccrual loans to total loans	1.10			1.16			1.42
Common equity Tier 1 ("CET1") capital ratio (2)	10.99			10.99			11.54
Common shareholders' equity per share	$	170.43		$	166.94		$	159.38

(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.

(2) CET1 capital ratio at September 30, 2025 is estimated.


Financial Highlights

•Taxable-equivalent net interest income increased $51 million in the recent quarter as compared with the second quarter of 2025 reflecting an additional day of earnings, favorable earning asset and interest-bearing liability repricing and the impact of $20 million of lower taxable-equivalent interest income in the second quarter of 2025 resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United Financial, Inc.

•Average loans in the recent quarter reflect higher average balances of commercial and industrial, consumer and residential real estate loans, partially offset by a lower average balance of commercial real estate loans.

•Higher noninterest income reflects a distribution of an earnout payment of $28 million related to the Company's 2023 sale of its Collective Investment Trust ("CIT") business, a $20 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), higher mortgage banking revenues and a gain on the sale of equipment leases, partially offset by 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 each in the second quarter of 2025.

•The increase in noninterest expense was primarily attributed to higher severance-related expense, an impairment of a renewable energy tax credit investment and a rise in expenses associated with the Company's supplemental executive retirement savings plan.

•Reflecting improved asset quality, the allowance for loan losses as a percentage of total loans declined 3 basis points to 1.58% at September 30, 2025.

•M&T repurchased 2.1 million shares of its common stock during the recent quarter for a total cost of $409 million, compared with 6.1 million shares for a total cost of $1.1 billion in the second quarter of 2025. M&T's CET1 capital ratio is estimated to be 10.99% at September 30, 2025.


Chief Financial Officer Commentary

"M&T's businesses generated strong fee income in 2025 and contributed to M&T's earnings growth in the recent quarter. Our improved credit quality and loan growth each reflect the dedication of our teams to prudent lending in service of our customers and communities. We continued to return capital to our investors including an 11% increase in quarterly dividends on M&T's common stock. Our results are a reflection of M&T's commitment to finding solutions for a diverse customer base and making a difference in people's lives."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:

Investor Relations: Steve Wendelboe 716.842.5138

Media Relations: Frank Lentini 929.651.0447


			Third Quarter 2025 Results


Non-GAAP Measures (1)


(Dollars in millions, except per share data)	3Q25			2Q25			Change 3Q25 vs. 2Q25		3Q24			Change 3Q25 vs. 3Q24

Net operating income	$	798		$	724		10	%	$	731		9	%
Diluted net operating earnings per common share	4.87			4.28			14		4.08			19
Annualized return on average tangible assets	1.56		%	1.44		%			1.45		%
Annualized return on average tangible common equity	17.13			15.54					15.47
Efficiency ratio	53.6			55.2					55.0
Tangible equity per common share	$	115.31		$	112.48		3		$	107.97		7

(1)A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.


Taxable-equivalent Net Interest Income


(Dollars in millions)	3Q25			2Q25			Change 3Q25 vs. 2Q25		3Q24			Change 3Q25 vs. 3Q24

Average earning assets	$	190,920		$	190,535		—	%	$	191,366		—	%
Average interest-bearing liabilities	134,283			132,516			1		130,775			3
Net interest income - taxable-equivalent	1,773			1,722			3		1,739			2
Yield on average earning assets	5.59		%	5.51		%			5.82		%
Cost of interest-bearing liabilities	2.71			2.71					3.22
Net interest spread	2.88			2.80					2.60
Net interest margin	3.68			3.62					3.62

Taxable-equivalent net interest income increased $51 million in the recent quarter as compared with the second quarter of 2025 reflecting an additional day of earnings, favorable earning asset and interest-bearing liability repricing and the impact of $20 million of lower taxable-equivalent interest income in the second quarter of 2025 resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United Financial, Inc.

Taxable-equivalent net interest income increased $34 million as compared with the year-earlier third quarter reflecting favorable earning asset and interest-bearing liability repricing as net interest spread widened 28 basis points.


			Third Quarter 2025 Results


Average Earning Assets


(Dollars in millions)	3Q25		2Q25		Change 3Q25 vs. 2Q25		3Q24		Change 3Q25 vs. 3Q24
Interest-bearing deposits at banks	$	17,739	$	19,698	-10	%	$	25,491	-30	%

Trading account	95		95		—		101		-6
Investment securities	36,559		35,335		3		31,023		18
Loans
Commercial and industrial	61,716		61,036		1		59,779		3
Real estate - commercial	24,353		25,333		-4		29,075		-16
Real estate - residential	24,359		23,684		3		22,994		6
Consumer	26,099		25,354		3		22,903		14
Total loans	136,527		135,407		1		134,751		1
Total earning assets	$	190,920	$	190,535	—		$	191,366	—

Average earning assets increased $385 million from the second quarter of 2025 reflecting purchases of investment securities and net loan fundings, partially offset by lower interest-bearing deposits at banks. Growth in commercial and industrial loans, primarily in loans to the financial and insurance industry, residential real estate loans and consumer loans, predominantly recreational finance loans, contributed to the increase in average loans in the recent quarter. Partially offsetting that loan growth was a decline in average commercial real estate loans of $980 million, reflecting payoffs and the full-quarter impact of the sale of an out-of-footprint residential builder and developer loan portfolio.

Average earning assets decreased $446 million from the third quarter of 2024. Average interest-bearing deposits at banks decreased $7.8 billion reflecting purchases of investment securities and loan growth, partially offset by higher average deposit balances. Average loan increases resulted from higher average commercial and industrial loans of $1.9 billion, reflecting growth in loans to the financial and insurance industry, an increase in average residential real estate loans of $1.4 billion, and higher average consumer loans of $3.2 billion, reflecting a rise in average balances of recreational finance and automobile loans. Partially offsetting those increases was a $4.7 billion decline in average commercial real estate loans.


			Third Quarter 2025 Results


Average Interest-bearing Liabilities


(Dollars in millions)	3Q25		2Q25		Change 3Q25 vs. 2Q25		3Q24		Change 3Q25 vs. 3Q24
Interest-bearing deposits
Savings and interest-checking deposits	$	104,660	$	103,963	1	%	$	98,295	6	%
Time deposits	13,990		14,290		-2		17,052		-18
Total interest-bearing deposits	118,650		118,253		—		115,347		3
Short-term borrowings	2,844		3,327		-15		4,034		-30
Long-term borrowings	12,789		10,936		17		11,394		12
Total interest-bearing liabilities	$	134,283	$	132,516	1		$	130,775	3

Average interest-bearing liabilities rose $1.8 billion from the second quarter of 2025. Higher average borrowings resulted from issuances of senior notes in the second quarter of 2025 and subordinated notes in the recent quarter, partially offset by lower average short-term borrowings from the FHLB of New York.

Average interest-bearing liabilities increased $3.5 billion from the third quarter of 2024, largely attributable to a $3.6 billion increase in non-brokered interest-bearing deposits. Average borrowings increased $205 million reflecting higher average long-term borrowings from issuances of senior and subordinated notes and other long-term debt since the third quarter of 2024, partially offset by lower average short-term and long-term borrowings from the FHLB of New York.


			Third Quarter 2025 Results


Provision for Credit Losses/Asset Quality


(Dollars in millions)	3Q25			2Q25			Change 3Q25 vs. 2Q25		3Q24			Change 3Q25 vs. 3Q24
At end of quarter
Nonaccrual loans	$	1,512		$	1,573		-4	%	$	1,926		-21	%
Real estate and other foreclosed assets	37			30			23		37			—
Total nonperforming assets	1,549			1,603			-3		1,963			-21
Accruing loans past due 90 days or more (1)	432			496			-13		288			50
Nonaccrual loans as % of loans outstanding	1.10		%	1.16		%			1.42		%

Allowance for loan losses	$	2,161		$	2,197		-2		$	2,204		-2
Allowance for loan losses as % of loans outstanding	1.58		%	1.61		%			1.62		%
Reserve for unfunded credit commitments	$	95		$	80		19		$	60		59

For the period
Provision for loan losses	$	110		$	105		5		$	120		-8
Provision for unfunded credit commitments	15			20			-25		—			100
Total provision for credit losses	125			125			—		120			4
Net charge-offs	146			108			34		120			21
Net charge-offs as % of average loans (annualized)	.42		%	.32		%			.35		%

(1)Predominantly government-guaranteed residential real estate loans.

The provision for credit losses was $125 million in each of the third and second quarters of 2025, compared with $120 million in the third quarter of 2024. The allowance for loan losses as a percentage of loans outstanding decreased from 1.61% at June 30, 2025 to 1.58% at September 30, 2025 reflecting lower levels of criticized commercial real estate loans. Net charge-offs totaled $146 million in 2025's third quarter as compared with $108 million in 2025's second quarter and $120 million in the year-earlier third quarter, representing .42%, .32% and .35%, respectively, of average loans outstanding.

Nonaccrual loans were $1.5 billion at September 30, 2025, compared with $1.6 billion at June 30, 2025 and $1.9 billion at September 30, 2024. The lower level of nonaccrual loans at the two most recent quarter ends as compared with September 30, 2024 predominantly reflects decreases in commercial real estate, commercial and industrial and consumer nonaccrual loans.


			Third Quarter 2025 Results


Noninterest Income


(Dollars in millions)	3Q25		2Q25		Change 3Q25 vs. 2Q25		3Q24		Change 3Q25 vs. 3Q24
Mortgage banking revenues	$	147	$	130	13	%	$	109	36	%
Service charges on deposit accounts	141		137		2		132		7
Trust income	181		182		-1		170		7
Brokerage services income	34		31		9		32		9
Trading account and other non-hedging derivative gains	18		12		66		13		34
Gain (loss) on bank investment securities	1		—		—		(2)		—
Other revenues from operations	230		191		21		152		50
Total	$	752	$	683	10		$	606	24

Noninterest income in the third quarter of 2025 increased $69 million, or 10%, from 2025's second quarter.

•Mortgage banking revenues rose $17 million reflecting an increase in residential mortgage loan servicing income and higher gains on sales of commercial mortgage loans.

•Trading account and other non-hedging derivative gains increased $6 million reflecting an increase in revenues from interest swap transactions with commercial customers.

•Other revenues from operations increased $39 million reflecting a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $20 million distribution from M&T's investment in BLG and a $12 million gain on the sale of equipment leases in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025.

Noninterest income rose $146 million, or 24%, as compared with the third quarter of 2024.

•Mortgage banking revenues rose $38 million predominantly due to increased residential mortgage loan servicing income.

•Service charges on deposit accounts increased $9 million reflecting higher commercial service charges.

•Trust income rose $11 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.

•Other revenues from operations increased $78 million reflecting a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $20 million distribution from M&T's investment in BLG and a $12 million gain on the sale of equipment leases in the recent quarter. Also contributing to the increase was higher merchant discount and credit card fees, letter of credit and other credit-related fees and tax-exempt income from bank owned life insurance.


			Third Quarter 2025 Results


Noninterest Expense


(Dollars in millions)	3Q25		2Q25		Change 3Q25 vs. 2Q25		3Q24		Change 3Q25 vs. 3Q24
Salaries and employee benefits	$	833	$	813	2	%	$	775	8	%
Equipment and net occupancy	129		130		—		125		4
Outside data processing and software	138		138		—		123		12
Professional and other services	81		86		-7		88		-8
FDIC assessments	13		22		-41		25		-50
Advertising and marketing	23		25		-8		27		-15
Amortization of core deposit and other intangible assets	10		9		—		12		-24
Other costs of operations	136		113		21		128		6
Total	$	1,363	$	1,336	2		$	1,303	5

Noninterest expense rose $27 million, or 2%, from the second quarter of 2025.

•Salaries and employee benefits expense increased $20 million reflecting higher severance-related expense in the recent quarter.

•FDIC assessments decreased $9 million reflecting the recent quarter reduction of estimated special assessment expense resulting from a decrease in the FDIC's loss estimates associated with certain failed banks.

•Other costs of operations increased $23 million reflecting higher expense associated with the Company's supplemental executive retirement savings plan due to market performance and an impairment of a renewable energy tax credit investment.

Noninterest expense increased $60 million, or 5%, from the third quarter of 2024.

•Salaries and employee benefits expense increased $58 million reflecting higher expenses from annual merit and other increases, a rise in average employee staffing levels and an increase in severance-related costs and medical benefits expenses.

•Outside data processing and software costs rose $15 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.

•FDIC assessments declined $12 million reflecting the recent quarter reduction of estimated FDIC special assessment expense and improved asset quality.

•Other costs of operations increased $8 million reflecting the recent quarter impairment of a renewable energy tax credit investment.


Income Taxes

The Company's effective income tax rate was 22.8% in the third quarter of 2025, compared with 23.4% and 20.7% in the second quarter of 2025 and the third quarter of 2024, respectively. The year-earlier third quarter income tax expense reflects a discrete tax benefit related to certain tax credits claimed on a prior year tax return.


			Third Quarter 2025 Results


Capital and Liquidity

	3Q25			2Q25		3Q24
CET1	10.99	%	(1)	10.99	%	11.54	%
Tier 1 capital	12.49		(1)	12.50		13.08
Total capital	14.35		(1)	13.96		14.65
Tangible capital – common	8.79			8.67		8.83

(1)Capital ratios at September 30, 2025 are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $234 million and $36 million, respectively, for the quarter ended September 30, 2025. In June 2025, the Federal Reserve released the results of its most recent supervisory stress tests, in which M&T elected to participate. Based on those results, on October 1, 2025, M&T's stress capital buffer of 2.7% became effective.

The CET1 capital ratio for M&T was estimated at 10.99% as of September 30, 2025. M&T's total risk-weighted assets at September 30, 2025 are estimated to be $159.5 billion.

M&T repurchased 2.1 million shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $193.46 resulting in a total cost, including the share repurchase excise tax, of $409 million, compared with 6.1 million and 1.2 million shares at an average cost per share of $175.93 and $166.40 and a total cost, including the share repurchase excise tax, of $1.1 billion and $200 million in the second quarter of 2025 and the third quarter of 2024, respectively. Reflecting lower levels of share repurchases in the recent quarter M&T's tangible common equity to tangible asset ratio increased 12 basis points compared with June 30, 2025.

While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on September 30, 2025 was 108%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.


Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ325. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Thursday October 23, 2025, by calling (800) 723-0488 or (402) 220-2651 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.


About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.


			Third Quarter 2025 Results


Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2024, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.


			Third Quarter 2025 Results

Financial Highlights


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(Dollars in millions, except per share, shares in thousands)	2025			2024			Change		2025			2024			Change

Performance
Net income	$	792		$	721		10	%	$	2,092		$	1,907		10	%
Net income available to common shareholders	754			674			12		1,981			1,805			10
Per common share:
Basic earnings	4.85			4.04			20		12.41			10.83			15
Diluted earnings	4.82			4.02			20		12.34			10.78			14
Cash dividends	1.50			1.35			11		4.20			4.00			5
Common shares outstanding:
Average - diluted (1)	156,553			167,567			-7		160,503			167,437			-4
Period end (2)	154,518			166,157			-7		154,518			166,157			-7
Return on (annualized):
Average total assets	1.49		%	1.37		%			1.33		%	1.21		%
Average common shareholders' equity	11.45			10.26					10.07			9.47
Taxable-equivalent net interest income	$	1,773		$	1,739		2		$	5,202		$	5,162		1
Yield on average earning assets	5.59		%	5.82		%			5.54		%	5.79		%
Cost of interest-bearing liabilities	2.71			3.22					2.71			3.24
Net interest spread	2.88			2.60					2.83			2.55
Contribution of interest-free funds	.80			1.02					.83			1.03
Net interest margin	3.68			3.62					3.66			3.58
Net charge-offs to average total net loans (annualized)	.42			.35					.36			.39
Net operating results (3)
Net operating income	$	798		$	731		9		$	2,116		$	1,939		9
Diluted net operating earnings per common share	4.87			4.08			19		12.49			10.97			14
Return on (annualized):
Average tangible assets	1.56		%	1.45		%			1.41		%	1.28		%
Average tangible common equity	17.13			15.47					15.07			14.51
Efficiency ratio	53.6			55.0					56.3			57.0

	At September 30,
Loan quality	2025			2024			Change
Nonaccrual loans	$	1,512		$	1,926		-21	%
Real estate and other foreclosed assets	37			37			—
Total nonperforming assets	$	1,549		$	1,963		-21
Accruing loans past due 90 days or more (4)	$	432		$	288		50
Government guaranteed loans included in totals above:
Nonaccrual loans	$	71		$	69		4
Accruing loans past due 90 days or more	403			269			50
Nonaccrual loans to total loans	1.10		%	1.42		%
Allowance for loan losses to total loans	1.58			1.62
Additional information
Period end common stock price	$	197.62		$	178.12		11
Domestic banking offices	942			957			-2
Full time equivalent employees	22,383			21,986			2

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 17.

(4) Predominantly government-guaranteed residential real estate loans.


			Third Quarter 2025 Results

Financial Highlights, Five Quarter Trend


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(Dollars in millions, except per share, shares in thousands)	2025			2025			2025			2024			2024
Performance
Net income	$	792		$	716		$	584		$	681		$	721
Net income available to common shareholders	754			679			547			644			674
Per common share:
Basic earnings	4.85			4.26			3.33			3.88			4.04
Diluted earnings	4.82			4.24			3.32			3.86			4.02
Cash dividends	1.50			1.35			1.35			1.35			1.35
Common shares outstanding:
Average - diluted (1)	156,553			160,005			165,047			166,969			167,567
Period end (2)	154,518			156,532			162,552			165,526			166,157
Return on (annualized):
Average total assets	1.49		%	1.37		%	1.14		%	1.28		%	1.37		%
Average common shareholders' equity	11.45			10.39			8.36			9.75			10.26
Taxable-equivalent net interest income	$	1,773		$	1,722		$	1,707		$	1,740		$	1,739
Yield on average earning assets	5.59		%	5.51		%	5.52		%	5.60		%	5.82		%
Cost of interest-bearing liabilities	2.71			2.71			2.70			2.94			3.22
Net interest spread	2.88			2.80			2.82			2.66			2.60
Contribution of interest-free funds	.80			.82			.84			.92			1.02
Net interest margin	3.68			3.62			3.66			3.58			3.62
Net charge-offs to average total net loans (annualized)	.42			.32			.34			.47			.35
Net operating results (3)
Net operating income	$	798		$	724		$	594		$	691		$	731
Diluted net operating earnings per common share	4.87			4.28			3.38			3.92			4.08
Return on (annualized):
Average tangible assets	1.56		%	1.44		%	1.21		%	1.35		%	1.45		%
Average tangible common equity	17.13			15.54			12.53			14.66			15.47
Efficiency ratio	53.6			55.2			60.5			56.8			55.0

	September 30,			June 30,			March 31,			December 31,			September 30,
Loan quality	2025			2025			2025			2024			2024
Nonaccrual loans	$	1,512		$	1,573		$	1,540		$	1,690		$	1,926
Real estate and other foreclosed assets	37			30			34			35			37
Total nonperforming assets	$	1,549		$	1,603		$	1,574		$	1,725		$	1,963
Accruing loans past due 90 days or more (4)	$	432		$	496		$	384		$	338		$	288
Government guaranteed loans included in totals above:
Nonaccrual loans	71			75			69			69			69
Accruing loans past due 90 days or more	403			450			368			318			269
Nonaccrual loans to total loans	1.10		%	1.16		%	1.14		%	1.25		%	1.42		%
Allowance for loan losses to total loans	1.58			1.61			1.63			1.61			1.62
Additional information
Period end common stock price	$	197.62		$	193.99		$	178.75		$	188.01		$	178.12
Domestic banking offices	942			941			955			955			957
Full time equivalent employees	22,383			22,590			22,291			22,101			21,986

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(4) Predominantly government-guaranteed residential real estate loans.


			Third Quarter 2025 Results

Condensed Consolidated Statement of Income


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in millions)	2025		2024		Change		2025		2024		Change
Interest income	$	2,680	$	2,785	-4	%	$	7,849	$	8,319	-6	%
Interest expense	919		1,059		-13		2,680		3,195		-16
Net interest income	1,761		1,726		2		5,169		5,124		1
Provision for credit losses	125		120		4		380		470		-19
Net interest income after provision for credit losses	1,636		1,606		2		4,789		4,654		3
Other income
Mortgage banking revenues	147		109		36		395		319		24
Service charges on deposit accounts	141		132		7		411		383		7
Trust income	181		170		7		540		500		8
Brokerage services income	34		32		9		97		91		7
Trading account and other non-hedging derivative gains	18		13		34		39		29		32
Gain (loss) on bank investment securities	1		(2)		—		1		(8)		—
Other revenues from operations	230		152		50		563		456		23
Total other income	752		606		24		2,046		1,770		16
Other expense
Salaries and employee benefits	833		775		8		2,533		2,372		7
Equipment and net occupancy	129		125		4		391		379		3
Outside data processing and software	138		123		12		412		367		12
Professional and other services	81		88		-8		251		264		-5
FDIC assessments	13		25		-50		58		122		-53
Advertising and marketing	23		27		-15		70		74		-6
Amortization of core deposit and other intangible assets	10		12		-24		32		40		-20
Other costs of operations	136		128		6		367		378		-3
Total other expense	1,363		1,303		5		4,114		3,996		3
Income before taxes	1,025		909		13		2,721		2,428		12
Income taxes	233		188		24		629		521		21
Net income	$	792	$	721	10	%	$	2,092	$	1,907	10	%


			Third Quarter 2025 Results

Condensed Consolidated Statement of Income, Five Quarter Trend


	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)	2025		2025		2025		2024		2024
Interest income	$	2,680	$	2,609	$	2,560	$	2,707	$	2,785
Interest expense	919		896		865		979		1,059
Net interest income	1,761		1,713		1,695		1,728		1,726
Provision for credit losses	125		125		130		140		120
Net interest income after provision for credit losses	1,636		1,588		1,565		1,588		1,606
Other income
Mortgage banking revenues	147		130		118		117		109
Service charges on deposit accounts	141		137		133		131		132
Trust income	181		182		177		175		170
Brokerage services income	34		31		32		30		32
Trading account and other non-hedging derivative gains	18		12		9		10		13
Gain (loss) on bank investment securities	1		—		—		18		(2)
Other revenues from operations	230		191		142		176		152
Total other income	752		683		611		657		606
Other expense
Salaries and employee benefits	833		813		887		790		775
Equipment and net occupancy	129		130		132		133		125
Outside data processing and software	138		138		136		125		123
Professional and other services	81		86		84		80		88
FDIC assessments	13		22		23		24		25
Advertising and marketing	23		25		22		30		27
Amortization of core deposit and other intangible assets	10		9		13		13		12
Other costs of operations	136		113		118		168		128
Total other expense	1,363		1,336		1,415		1,363		1,303
Income before taxes	1,025		935		761		882		909
Income taxes	233		219		177		201		188
Net income	$	792	$	716	$	584	$	681	$	721


			Third Quarter 2025 Results

Condensed Consolidated Balance Sheet


	September 30,
(Dollars in millions)	2025		2024		Change
ASSETS
Cash and due from banks	$	1,950	$	2,216	-12	%
Interest-bearing deposits at banks	16,751		24,417		-31

Trading account	95		102		-7
Investment securities	36,864		32,327		14
Loans:
Commercial and industrial	61,887		61,012		1
Real estate - commercial	24,046		28,683		-16
Real estate - residential	24,662		23,019		7
Consumer	26,379		23,206		14
Total loans	136,974		135,920		1
Less: allowance for loan losses	2,161		2,204		-2
Net loans	134,813		133,716		1
Goodwill	8,465		8,465		—
Core deposit and other intangible assets	74		107		-31
Other assets	12,265		10,435		18
Total assets	$	211,277	$	211,785	—	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	44,994	$	47,344	-5	%
Interest-bearing deposits	118,432		117,210		1

Total deposits	163,426		164,554		-1
Short-term borrowings	2,059		2,605		-21
Long-term borrowings	12,928		11,583		12
Accrued interest and other liabilities	4,136		4,167		-1
Total liabilities	182,549		182,909		—
Shareholders' equity:
Preferred	2,394		2,394		—
Common	26,334		26,482		-1
Total shareholders' equity	28,728		28,876		-1
Total liabilities and shareholders' equity	$	211,277	$	211,785	—	%


			Third Quarter 2025 Results

Condensed Consolidated Balance Sheet, Five Quarter Trend


	September 30,		June 30,		March 31,		December 31,		September 30,
(Dollars in millions)	2025		2025		2025		2024		2024
ASSETS
Cash and due from banks	$	1,950	$	2,128	$	2,109	$	1,909	$	2,216
Interest-bearing deposits at banks	16,751		19,297		20,656		18,873		24,417

Trading account	95		93		96		101		102
Investment securities	36,864		35,568		35,137		34,051		32,327
Loans:
Commercial and industrial	61,887		61,660		60,596		61,481		61,012
Real estate - commercial	24,046		24,567		25,867		26,764		28,683
Real estate - residential	24,662		24,117		23,284		23,166		23,019
Consumer	26,379		25,772		24,827		24,170		23,206
Total loans	136,974		136,116		134,574		135,581		135,920
Less: allowance for loan losses	2,161		2,197		2,200		2,184		2,204
Net loans	134,813		133,919		132,374		133,397		133,716
Goodwill	8,465		8,465		8,465		8,465		8,465
Core deposit and other intangible assets	74		84		93		94		107
Other assets	12,265		12,030		11,391		11,215		10,435
Total assets	$	211,277	$	211,584	$	210,321	$	208,105	$	211,785

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	44,994	$	47,485	$	49,051	$	46,020	$	47,344
Interest-bearing deposits	118,432		116,968		116,358		115,075		117,210

Total deposits	163,426		164,453		165,409		161,095		164,554
Short-term borrowings	2,059		2,071		1,573		1,060		2,605
Long-term borrowings	12,928		12,380		10,496		12,605		11,583
Accrued interest and other liabilities	4,136		4,155		3,852		4,318		4,167
Total liabilities	182,549		183,059		181,330		179,078		182,909
Shareholders' equity:
Preferred	2,394		2,394		2,394		2,394		2,394
Common	26,334		26,131		26,597		26,633		26,482
Total shareholders' equity	28,728		28,525		28,991		29,027		28,876
Total liabilities and shareholders' equity	$	211,277	$	211,584	$	210,321	$	208,105	$	211,785


			Third Quarter 2025 Results

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates


	Three Months Ended												Change in Balance				Nine Months Ended
	September 30,				June 30,				September 30,				September 30, 2025 from				September 30,								Change
	2025				2025				2024				June 30,		September 30,		2025				2024				in
(Dollars in millions)	Balance		Rate		Balance		Rate		Balance		Rate		2025		2024		Balance		Rate		Balance		Rate		Balance
ASSETS
Interest-bearing deposits at banks	$	17,739	4.43	%	$	19,698	4.47	%	$	25,491	5.43	%	-10	%	-30	%	$	19,037	4.46	%	$	28,467	5.48	%	-33	%

Trading account	95		3.48		95		3.46		101		3.40		—		-6		96		3.45		102		3.43		-6
Investment securities (1)	36,559		4.13		35,335		3.81		31,023		3.70		3		18		35,466		3.98		29,773		3.54		19
Loans:
Commercial and industrial	61,716		6.45		61,036		6.40		59,779		7.01		1		3		61,271		6.41		58,256		7.01		5
Real estate - commercial	24,353		6.35		25,333		6.31		29,075		6.27		-4		-16		25,308		6.27		31,069		6.34		-19
Real estate - residential	24,359		4.59		23,684		4.52		22,994		4.41		3		6		23,744		4.51		23,045		4.33		3
Consumer	26,099		6.60		25,354		6.57		22,903		6.72		3		14		25,275		6.58		22,009		6.63		15
Total loans	136,527		6.14		135,407		6.11		134,751		6.38		1		1		135,598		6.10		134,379		6.36		1
Total earning assets	190,920		5.59		190,535		5.51		191,366		5.82		—		—		190,197		5.54		192,721		5.79		-1
Goodwill	8,465				8,465				8,465				—		—		8,465				8,465				—
Core deposit and other intangible assets	79				89				113				-11		-31		86				126				-32
Other assets	11,589				11,172				9,637				4		20		11,141				9,696				15
Total assets	$	211,053			$	210,261			$	209,581			—	%	1	%	$	209,889			$	211,008			-1	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits	$	104,660	2.23	%	$	103,963	2.24	%	$	98,295	2.65	%	1	%	6	%	$	103,407	2.22	%	$	96,379	2.62	%	7	%
Time deposits	13,990		3.38		14,290		3.45		17,052		4.19		-2		-18		14,166		3.46		19,138		4.34		-26
Total interest-bearing deposits	118,650		2.36		118,253		2.38		115,347		2.88		—		3		117,573		2.37		115,517		2.90		2
Short-term borrowings	2,844		4.50		3,327		4.49		4,034		5.60		-15		-30		3,013		4.50		5,071		5.53		-41
Long-term borrowings	12,789		5.59		10,936		5.72		11,394		5.83		17		12		11,675		5.65		10,887		5.82		7
Total interest-bearing liabilities	134,283		2.71		132,516		2.71		130,775		3.22		1		3		132,261		2.71		131,475		3.24		1
Noninterest-bearing deposits	44,056				45,153				46,158				-2		-5		44,877				47,498				-6
Other liabilities	4,131				3,926				3,923				5		5		4,003				4,202				-5
Total liabilities	182,470				181,595				180,856				—		1		181,141				183,175				-1
Shareholders' equity	28,583				28,666				28,725				—		—		28,748				27,833				3
Total liabilities and shareholders' equity	$	211,053			$	210,261			$	209,581			—	%	1	%	$	209,889			$	211,008			-1	%
Net interest spread			2.88				2.80				2.60								2.83				2.55
Contribution of interest-free funds			.80				.82				1.02								.83				1.03
Net interest margin			3.68	%			3.62	%			3.62	%							3.66	%			3.58	%

(1) Yields on investment securities for the three-month period ended June 30, 2025 and the nine-month period ended September 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People’s United Financial, Inc.


			Third Quarter 2025 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	792		$	721		$	2,092		$	1,907
Amortization of core deposit and other intangible assets (1)	6			10			24			32

Net operating income	$	798		$	731		$	2,116		$	1,939
Earnings per common share
Diluted earnings per common share	$	4.82		$	4.02		$	12.34		$	10.78
Amortization of core deposit and other intangible assets (1)	.05			.06			.15			.19

Diluted net operating earnings per common share	$	4.87		$	4.08		$	12.49		$	10.97
Other expense
Other expense	$	1,363		$	1,303		$	4,114		$	3,996
Amortization of core deposit and other intangible assets	(10)			(12)			(32)			(40)

Noninterest operating expense	$	1,353		$	1,291		$	4,082		$	3,956










Efficiency ratio
Noninterest operating expense (numerator)	$	1,353		$	1,291		$	4,082		$	3,956
Taxable-equivalent net interest income	$	1,773		$	1,739		$	5,202		$	5,162
Other income	752			606			2,046			1,770
Less: Gain (loss) on bank investment securities	1			(2)			1			(8)
Denominator	$	2,524		$	2,347		$	7,247		$	6,940
Efficiency ratio	53.6		%	55.0		%	56.3		%	57.0		%
Balance sheet data
Average assets
Average assets	$	211,053		$	209,581		$	209,889		$	211,008
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(79)			(113)			(86)			(126)
Deferred taxes	24			28			25			30
Average tangible assets	$	202,533		$	201,031		$	201,363		$	202,447
Average common equity
Average total equity	$	28,583		$	28,725		$	28,748		$	27,833
Preferred stock	(2,394)			(2,565)			(2,394)			(2,328)
Average common equity	26,189			26,160			26,354			25,505
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(79)			(113)			(86)			(126)
Deferred taxes	24			28			25			30
Average tangible common equity	$	17,669		$	17,610		$	17,828		$	16,944
At end of quarter
Total assets
Total assets	$	211,277		$	211,785
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(74)			(107)
Deferred taxes	23			30
Total tangible assets	$	202,761		$	203,243
Total common equity
Total equity	$	28,728		$	28,876
Preferred stock	(2,394)			(2,394)

Common equity	26,334			26,482
Goodwill	(8,465)			(8,465)
Core deposit and other intangible assets	(74)			(107)
Deferred taxes	23			30
Total tangible common equity	$	17,818		$	17,940

(1) After any related tax effect.


			Third Quarter 2025 Results

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
(Dollars in millions, except per share)
Income statement data
Net income
Net income	$	792		$	716		$	584		$	681		$	721
Amortization of core deposit and other intangible assets (1)	6			8			10			10			10

Net operating income	$	798		$	724		$	594		$	691		$	731
Earnings per common share
Diluted earnings per common share	$	4.82		$	4.24		$	3.32		$	3.86		$	4.02
Amortization of core deposit and other intangible assets (1)	.05			.04			.06			.06			.06

Diluted net operating earnings per common share	$	4.87		$	4.28		$	3.38		$	3.92		$	4.08
Other expense
Other expense	$	1,363		$	1,336		$	1,415		$	1,363		$	1,303
Amortization of core deposit and other intangible assets	(10)			(9)			(13)			(13)			(12)

Noninterest operating expense	$	1,353		$	1,327		$	1,402		$	1,350		$	1,291










Efficiency ratio
Noninterest operating expense (numerator)	$	1,353		$	1,327		$	1,402		$	1,350		$	1,291
Taxable-equivalent net interest income	$	1,773		$	1,722		$	1,707		$	1,740		$	1,739
Other income	752			683			611			657			606
Less: Gain (loss) on bank investment securities	1			—			—			18			(2)
Denominator	$	2,524		$	2,405		$	2,318		$	2,379		$	2,347
Efficiency ratio	53.6		%	55.2		%	60.5		%	56.8		%	55.0		%
Balance sheet data
Average assets
Average assets	$	211,053		$	210,261		$	208,321		$	211,853		$	209,581
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(79)			(89)			(92)			(100)			(113)
Deferred taxes	24			26			27			29			28
Average tangible assets	$	202,533		$	201,733		$	199,791		$	203,317		$	201,031
Average common equity
Average total equity	$	28,583		$	28,666		$	28,998		$	28,707		$	28,725
Preferred stock	(2,394)			(2,394)			(2,394)			(2,394)			(2,565)
Average common equity	26,189			26,272			26,604			26,313			26,160
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(79)			(89)			(92)			(100)			(113)
Deferred taxes	24			26			27			29			28
Average tangible common equity	$	17,669		$	17,744		$	18,074		$	17,777		$	17,610
At end of quarter
Total assets
Total assets	$	211,277		$	211,584		$	210,321		$	208,105		$	211,785
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(74)			(84)			(93)			(94)			(107)
Deferred taxes	23			25			26			28			30
Total tangible assets	$	202,761		$	203,060		$	201,789		$	199,574		$	203,243
Total common equity
Total equity	$	28,728		$	28,525		$	28,991		$	29,027		$	28,876
Preferred stock	(2,394)			(2,394)			(2,394)			(2,394)			(2,394)

Common equity	26,334			26,131			26,597			26,633			26,482
Goodwill	(8,465)			(8,465)			(8,465)			(8,465)			(8,465)
Core deposit and other intangible assets	(74)			(84)			(93)			(94)			(107)
Deferred taxes	23			25			26			28			30
Total tangible common equity	$	17,818		$	17,607		$	18,065		$	18,102		$	17,940

(1) After any related tax effect.

M&T BANK CORP 8-K