M&T Bank Corporation (NYSE:MTB) announces third quarter 2026 results
M&T BANK CORP (MTB) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 News Release One M&T Plaza, Buffalo, NY 14203 October 16, 2026 M&T Bank Corporation (NYSE:MTB) announces third quarter 2026 results M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $775 million or $5.04 of diluted earnings per common shar
How this was made
The 30-second read
Why it matters
The earnings miss and modest buyback suggest limited upside, but loan growth and capital strength provide a neutral to slightly positive longer‑term outlook.
Market read
The release provides fresh earnings data for a mid‑cap bank, offering a basis for short‑term trading decisions.
What to watch
Strong loan growth and stable CET1 ratio may support longer‑term fundamentals.
M&T Bank Corporation announces third quarter 2026 results
Third-quarter loan growth, stable taxable-equivalent net interest income, stronger mortgage banking revenue and lower year-over-year nonperforming assets were offset by lower net income, a narrower net interest margin, higher expenses, higher net charge-offs and a sequential decline in tangible capital.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net interest income, three months ended September 30GAAP | $1.79B | – | 2% |
| Taxable-equivalent net interest income, three months ended September 30non-GAAP | $1.80B | — | 2% |
| Provision for credit losses, three months ended September 30GAAP | $135M | 13% | 8% |
| Total other income, three months ended September 30GAAP | $743M | — | -1% |
| Total other expense, three months ended September 30GAAP | $1.39B | 3% | 2% |
| Income before taxes, three months ended September 30GAAP | $1.01B | – | -2% |
| Income taxes, three months ended September 30GAAP | $233M | – | — |
| Net income, three months ended September 30GAAP | $775M | – | -2% |
| Net income available to common shareholders, three months ended September 30GAAP | $732M | – | -3% |
| Diluted earnings per common share, three months ended September 30GAAP | $5.04 | – | 5% |
| Basic earnings per common share, three months ended September 30GAAP | $5.08 | – | 5% |
| Net operating income, three months ended September 30non-GAAP | $780M | -5% | -2% |
| Diluted net operating earnings per common share, three months ended September 30non-GAAP | $5.08 | -5% | 4% |
| Net interest margin, three months ended September 30other | 3.65% | – | – |
| Net interest spread, three months ended September 30other | 2.97 | – | – |
| Yield on average earning assets, three months ended September 30other | 5.41% | – | – |
| Cost of interest-bearing liabilities, three months ended September 30other | 2.44 | – | – |
| Efficiency ratio, three months ended September 30non-GAAP | 54.4% | – | – |
| Return on average assets, annualized, three months ended September 30GAAP | 1.40% | – | – |
| Return on average common shareholders' equity, annualized, three months ended September 30GAAP | 11.44 | – | – |
| Annualized return on average tangible assets, three months ended September 30non-GAAP | 1.47% | – | – |
| Annualized return on average tangible common equity, three months ended September 30non-GAAP | 17.29 | – | – |
| Effective income tax rate, three months ended September 30GAAP | 23.1% | – | – |
| Average total assets, three months ended September 30GAAP | $218.9B | 1% | 4% |
| Average loans, three months ended September 30other | $143.3B | 2% | 5% |
| Average deposits, three months ended September 30other | $166.8B | – | – |
| Total assets, at September 30GAAP | $220.5B | – | 4% |
| Total loans, at September 30GAAP | $144.8B | – | 6% |
| Total deposits, at September 30GAAP | $167.5B | – | 2% |
| Short-term borrowings, at September 30GAAP | $6.37B | – | 209% |
| Long-term borrowings, at September 30GAAP | $13.65B | – | 6% |
| Allowance for loan losses, at September 30GAAP | $2.18B | — | 1% |
| Allowance for loan losses as a percent of loans outstanding, at September 30other | 1.51% | – | – |
| Nonaccrual loans, at September 30other | $1.30B | 7% | -14% |
| Total nonperforming assets, at September 30other | $1.33B | 8% | -14% |
| Accruing loans past due 90 days or more, at September 30other | $570M | -5% | 32% |
| Net charge-offs, three months ended September 30other | $127M | 59% | -12% |
| Net charge-offs as a percent of average loans, annualized, three months ended September 30other | .35% | – | – |
| CET1 capital ratio, at September 30other | 10.16% | – | – |
| Tangible capital - common, at September 30non-GAAP | 7.85 | – | – |
| Net income, nine months ended September 30GAAP | $2.26B | – | 8% |
| Diluted earnings per common share, nine months ended September 30GAAP | $14.48 | – | 17% |
| Net operating income, nine months ended September 30non-GAAP | $2.27B | – | 7% |
| Diluted net operating earnings per common share, nine months ended September 30non-GAAP | $14.60 | – | 17% |
Capital returns
- M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million in the recent quarter.
- M&T repurchased shares of its common stock at a cost of $323 million during the recent quarter, compared with $465 million and $409 million in the second quarter of 2026 and the third quarter of 2025, respectively.
- Cash dividends declared on M&T's common and preferred stock totaled $217 million and $42 million, respectively, for the quarter ended September 30, 2026.
- Cash dividends per common share were $1.50 for the three months ended September 30, 2026 and $1.50 for the three months ended September 30, 2025.
What drove it
- Average loans grew $2.6 billion in the recent quarter, reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million.
- Taxable-equivalent net interest income rose nominally from the second quarter of 2026, reflecting an additional day, lower interest income on nonaccrual loans and loan growth funded by interest-bearing deposits as the Company reduced its average short-term borrowings.
- Taxable-equivalent net interest income increased $32 million, or 2%, from the year-earlier third quarter, reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans.
- Mortgage banking revenues increased $25 million sequentially, reflecting a rise in residential mortgage loan sub-servicing income. In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans.
- Trust and investment services income rose $13 million year over year, reflecting higher corporate trust revenues and an increase in personal trust and investment services revenues.
- M&T began separately presenting loans held for sale from loans held for investment effective for the third quarter of 2026, and all presented periods reflect changes to annualized taxable-equivalent rate methodology.
Concerns
- Net income declined to $775 million from $818 million in the second quarter of 2026 and from $792 million in the third quarter of 2025.
- Net interest margin was 3.65% versus 3.70% in the second quarter of 2026 and 3.69% in the third quarter of 2025.
- Noninterest expense increased $44 million, or 3%, sequentially, driven by outside data processing and software, professional and other services, personnel costs and other costs of operations.
- Net charge-offs were $127 million, compared with $80 million in the second quarter of 2026, while nonaccrual loans rose to $1,298 million from $1,208 million.
- Capital markets and advisory revenues decreased $9 million sequentially and other revenues from operations decreased $10 million, including a lower BLG distribution.
- Tangible common equity to tangible asset ratio declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025.
What to watch
- Net interest margin, which was 3.65% in the third quarter of 2026.
- Growth in commercial real estate, consumer and residential real estate loan balances.
- Credit migration, including nonaccrual loans, accruing loans past due 90 days or more, provision for credit losses and net charge-offs.
- Technology infrastructure costs, including outside data processing and software and professional and other services expense.
- Mortgage loan sub-servicing income following the additional $62.9 billion of residential mortgage loans sub-serviced beginning in June 2026.
- CET1 capital ratio, estimated at 10.16% at September 30, 2026, and the effect of unrealized losses on investment securities available for sale.
Balance sheet and cash flow
- Total assets were $220,510 million at September 30, 2026, compared with $219,261 million at June 30, 2026 and $211,277 million at September 30, 2025.
- Total loans were $144,756 million at September 30, 2026, compared with $142,530 million at June 30, 2026 and $136,345 million at September 30, 2025.
- Total deposits were $167,510 million at September 30, 2026, compared with $168,885 million at June 30, 2026 and $163,426 million at September 30, 2025.
- Interest-bearing deposits at banks were $14,342 million at September 30, 2026, compared with $15,499 million at June 30, 2026 and $16,751 million at September 30, 2025.
- In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with net unrealized gains of $8 million.
- Accumulated other comprehensive income declined $588 million in the recent quarter.
- No operating cash flow or free cash flow was reported.
Analysis
M&T reported third-quarter GAAP net income of $775 million and diluted earnings per common share of $5.04. Net income was down from $818 million in the second quarter of 2026 and from $792 million in the third quarter of 2025, although diluted earnings per common share increased from $4.82 a year earlier. Net operating income was $780 million and diluted net operating earnings per common share were $5.08. The release attributes the sequential profile to a combination of nominal taxable-equivalent net interest income growth, modest fee-income growth, higher expenses and a higher provision for credit losses.
Balance-sheet demand remained constructive. Average loans increased $2.6 billion sequentially, led by $1.6 billion of higher average commercial real estate loans, $634 million of higher consumer loans and $367 million of higher residential real estate loans. Average deposits were $166,777 million. Taxable-equivalent net interest income was $1,805 million, nominally higher sequentially and up $32 million, or 2%, year over year. Net interest margin, however, was 3.65%, below 3.70% in the second quarter and 3.69% a year earlier, as the cost of interest-bearing liabilities was 2.44 versus 2.36 in the preceding quarter.
Fee income mix was uneven. Total other income was $743 million, flat sequentially and down 1% year over year. Mortgage banking revenues rose to $152 million from $127 million sequentially as residential mortgage loan sub-servicing income increased following the June commencement of sub-servicing for $62.9 billion of additional residential mortgage loans. This was partly offset by lower capital markets and advisory revenues and a lower BLG distribution. Expenses increased to $1,393 million from $1,349 million in the prior quarter, with software and technology infrastructure, professional services and an additional working day cited as drivers. The efficiency ratio increased to 54.4% from 52.8%.
Credit quality showed mixed sequential movement but improvement from the year-earlier period. The allowance for loan losses as a percent of loans outstanding declined to 1.51% from 1.53% sequentially and 1.59% a year earlier. Nonaccrual loans rose to $1,298 million from $1,208 million sequentially, while total nonperforming assets rose to $1,326 million from $1,231 million. Both were below the year-earlier levels. The provision for credit losses rose to $135 million from $120 million sequentially, and net charge-offs increased to $127 million from $80 million.
Capital remains above regulatory minimums, but the quarter included pressure from share repurchases and unrealized securities losses. M&T repurchased 1.3 million common shares for $323 million and declared common and preferred dividends of $217 million and $42 million. CET1 was estimated at 10.16% at September 30, 2026, versus 10.19% at June 30, 2026. Accumulated other comprehensive income declined $588 million in the recent quarter, and the tangible common equity to tangible asset ratio declined 22 basis points sequentially. The filing did not provide forward financial guidance.
Management, verbatim
M&T's third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people's lives. I want to thank our employees for their ongoing commitment to the communities and customers we serve.
Daryl N. Bible, M&T's Chief Financial Officer
Not in the filing
stated, not guessed- Forward guidance for revenue, net interest income, margin, expenses, tax rate, credit costs, capital returns or other financial measures was not reported.
- Prior outlook was not provided.
- GAAP total revenue was not reported.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Cash and cash equivalents as a separately identified cash balance was not reported.
- Operating segment results were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
M&T Bank filed a Form 8‑K reporting its Q3 2026 financial results, including net income, EPS, loan growth, and a share repurchase program.
Ticker impact
M&T Bank disclosed Q3 2026 earnings, net income $775M, EPS $5.04, and a $323M share repurchase in an 8‑K filing.
likely slight downside as the market prices in the earnings miss and lower guidance expectations
Quarterly results fell short of the previous quarter and the share buyback size is modest relative to market cap, limiting upside catalysts.
Market effects
Banking sector may see modest pressure as regional banks report similar earnings trends.
U.S. financial markets could experience slight pullback in bank indices.
Limited, primarily affects U.S. regional banking stocks.
Counterpoint
If the buyback is viewed as a confidence signal, the stock could hold or rally despite earnings decline.
Key entities
- CompanyM&T Bank Corporation
U.S. regional bank reporting Q3 2026 results.
