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News Release
 One M&T Plaza, Buffalo, NY 14203January 16, 2026
M&T Bank Corporation (NYSE:MTB) announces fourth quarter and full-year 2025 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $759 million or $4.67 of diluted earnings per common share and full-year net income of $2.85 billion or $17.00 of diluted earnings per common share.
(Dollars in millions, except per share data)4Q253Q254Q2420252024
Earnings Highlights
Net interest income$1,779 $1,761 $1,728 $6,948 $6,852 
Taxable-equivalent adjustment11 12 12 44 50 
Net interest income - taxable-equivalent1,790 1,773 1,740 6,992 6,902 
Provision for credit losses125 125 140 505 610 
Noninterest income696 752 657 2,742 2,427 
Noninterest expense1,379 1,363 1,363 5,493 5,359 
Net income759 792 681 2,851 2,588 
Net income available to common shareholders - diluted718 754 644 2,699 2,449 
Diluted earnings per common share4.67 4.82 3.86 17.00 14.64 
Return on average assets - annualized1.41 %%1.49 %%1.28 %%1.35 %%1.23 %%
Return on average common shareholders' equity - annualized10.87 11.45 9.75 10.27 9.54 
Average Balance Sheet
Total assets$212,891 $211,053 $211,853 $210,645 $211,220 
Interest-bearing deposits at banks17,964 17,739 23,602 18,767 27,244 
Investment securities36,705 36,559 33,679 35,778 30,755 
Loans137,600 136,527 135,723 136,103 134,717 
Deposits165,057 162,706 164,639 163,107 163,423 
Borrowings14,619 15,633 14,228 14,671 15,523 
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin3.69 %%3.68 %%3.58 %%3.67 %%3.58 %%
Efficiency ratio (1)55.1 53.6 56.8 56.0 56.9 
Net charge-offs to average total loans - annualized.54 .42 .47 .41 .41 
Allowance for loan losses to total loans1.53 1.58 1.61 1.53 1.61 
Nonaccrual loans to total loans.90 1.10 1.25 .90 1.25 
Common equity Tier 1 ("CET1") capital ratio (2)10.84 10.99 11.68 10.84 11.68 
Common shareholders' equity per share$173.49 $170.43 $160.90 $173.49 $160.90 
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at December 31, 2025 is estimated.
Financial Highlights
•Taxable-equivalent net interest income increased $17 million in the recent quarter as compared with the third quarter of 2025 reflecting loan and deposit growth.
•Average loans in the recent quarter reflect commercial and industrial, residential real estate and consumer loan growth, partially offset by a nominal reduction in the average balance of commercial real estate loans.
•Noninterest income reflects higher mortgage banking revenues and trust income in the recent quarter, more than offset by a $28 million distribution of an earnout payment 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") and a $12 million gain on the sale of equipment leases each in the third quarter of 2025.
•The increase in noninterest expense reflects higher professional and other services expense, partially offset by lower salaries and employee benefits expense. A decline in FDIC assessments resulting from a decrease in the FDIC's loss estimate associated with certain failed banks was offset by a $30 million contribution to The M&T Charitable Foundation.
•Reflecting better asset quality metrics and modestly improved macroeconomic forecasts, the allowance for loan losses as a percent of total loans declined 5 basis points to 1.53% at December 31, 2025.
•In 2025 M&T increased its quarterly dividend by 11%, repurchased 9% of its outstanding shares and grew tangible equity per common share by 7%. M&T's CET1 capital ratio is estimated to be 10.84% at December 31, 2025.
Chief Financial Officer Commentary
"M&T finished 2025 with another quarter of strong financial performance. For the full-year 2025, M&T achieved a 16% increase in diluted earnings per common share, meaningfully reduced its level of criticized loans and improved its efficiency ratio while continuing to expand and improve our capabilities. M&T's fundamentals remain strong, positioning the Company for growth as we enter the new year. As we close out 2025, I'd like to thank my colleagues for their unwavering commitment to our customers and the communities we serve."
- Daryl N. Bible, M&T's Chief Financial Officer

Contact:
Investor Relations: Rajiv Ranjan    716.842.5138
Steve Wendelboe    716.842.5138
Media Relations: Frank Lentini     929.651.0447

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Fourth Quarter 2025 Results
 Non-GAAP Measures (1)
(Dollars in millions, except per share data)4Q253Q25Change 4Q25 vs. 3Q254Q24Change 4Q25 vs. 4Q24
Net operating income$767 $798 -4 %%$691 11 %%
Diluted net operating earnings per common share4.72 4.87 -3 3.92 20 
Annualized return on average tangible assets1.49 %%1.56 %%1.35 %%
Annualized return on average tangible common equity16.24 17.13 14.66 
Efficiency ratio55.1 53.6 56.8 
Tangible equity per common share$117.45 $115.31 2 $109.36 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.

For the year ended December 31, 2025, diluted net operating earnings per common share were $17.20, compared with $14.88 in 2024. Net operating income was $2.88 billion and $2.63 billion in 2025 and 2024, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in 2025 was 1.43% and 15.36%, respectively, compared with 1.30% and 14.54%, respectively, in 2024.
 Taxable-equivalent Net Interest Income
(Dollars in millions)4Q253Q25Change 4Q25 vs. 3Q254Q24Change 4Q25 vs. 4Q24
Average earning assets$192,366 $190,920 1 %%$193,106 — %%
Average interest-bearing liabilities135,492 134,283 1 132,313 2 
Net interest income - taxable-equivalent1,790 1,773 1 1,740 3 
Yield on average earning assets5.46 %%5.59 %%5.60 %%
Cost of interest-bearing liabilities2.51 2.71 2.94 
Net interest spread2.95 2.88 2.66 
Net interest margin3.69 3.68 3.58 
Taxable-equivalent net interest income increased $17 million, or 1%, in the recent quarter as compared with the third quarter of 2025 and $50 million, or 3%, as compared with the year-earlier fourth quarter reflecting loan and deposit growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements.

Taxable-equivalent net interest income increased $90 million, or 1%, for the full-year 2025 as compared with 2024 reflecting loan growth and favorable earning asset and interest-bearing liability repricing, including a reduction of the negative impact from interest rate swap agreements, as the net interest margin widened 9 basis points.
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Fourth Quarter 2025 Results
 Average Earning Assets
(Dollars in millions)4Q253Q25Change 4Q25 vs. 3Q254Q24Change 4Q25 vs. 4Q24
Interest-bearing deposits at banks$17,964 $17,739 1 %%$23,602 -24 %%
Trading account97 95 2 102 -5 
Investment securities36,705 36,559 — 33,679 9 
Loans
Commercial and industrial62,257 61,716 1 60,704 3 
Real estate - commercial24,101 24,353 -1 27,896 -14 
Real estate - residential24,765 24,359 2 23,088 7 
Consumer26,477 26,099 1 24,035 10 
Total loans137,600 136,527 1 135,723 1 
Total earning assets$192,366 $190,920 1 $193,106 — 
Average earning assets increased $1.4 billion from the third quarter of 2025 reflecting loan growth and an increase in average interest-bearing deposits at banks. Contributing to the increase in average loans in the recent quarter were higher average commercial and industrial loans, including loans to motor vehicle and recreational finance dealers, residential real estate loans and consumer loans, predominantly recreational finance loans and home equity loans and lines of credit. Partially offsetting that loan growth was a decline in average commercial real estate loans of $252 million.
Average earning assets decreased $740 million from the fourth quarter of 2024. Average interest-bearing deposits at banks decreased $5.6 billion as liquidity was deployed into investment securities purchases and loan growth. The growth in average loans reflected higher average balances of commercial and industrial loans of $1.6 billion, including a rise in loans in the financial and insurance industry, an increase in average residential real estate loans of $1.7 billion and higher average consumer loans of $2.4 billion, reflecting a rise in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Partially offsetting those increases in average loans was a $3.8 billion decline in average commercial real estate loans, reflecting payoffs.


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Fourth Quarter 2025 Results

 Average Interest-bearing Liabilities
(Dollars in millions)4Q253Q25Change 4Q25 vs. 3Q254Q24Change 4Q25 vs. 4Q24
Interest-bearing deposits
Savings and interest-checking deposits$107,287 $104,660 3 %%$102,127 5 %%
Time deposits13,586 13,990 -3 15,958 -15 
Total interest-bearing deposits120,873 118,650 2 118,085 2 
Short-term borrowings2,064 2,844 -27 2,563 -19 
Long-term borrowings12,555 12,789 -2 11,665 8 
Total interest-bearing liabilities$135,492 $134,283 1 $132,313 2 
Average interest-bearing liabilities in the recent quarter rose $1.2 billion from the third quarter of 2025 reflecting growth in average savings and interest-checking deposits that reduced the use of higher cost funding from short-term borrowings from the FHLB of New York.
Average interest-bearing liabilities increased $3.2 billion from the fourth quarter of 2024, reflecting higher average interest-bearing deposits that included a $5.2 billion increase in average savings and interest-checking deposits, partially offset by lower average time deposits of $2.4 billion reflecting maturities. Average borrowings increased modestly.

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Fourth Quarter 2025 Results
Provision for Credit Losses/Asset Quality
(Dollars in millions)4Q253Q25Change
4Q25 vs. 3Q25		4Q24Change
4Q25 vs. 4Q24
At end of quarter
Nonaccrual loans$1,252 $1,512 -17 %%$1,690 -26 %%
Real estate and other foreclosed assets35 37 -7 35 -1 
Total nonperforming assets1,287 1,549 -17 1,725 -25 
Accruing loans past due 90 days or more (1)561 432 30 338 66 
Nonaccrual loans as % of loans outstanding.90 %%1.10 %%1.25 %%
Allowance for loan losses$2,116 $2,161 -2 $2,184 -3 
Allowance for loan losses as % of loans outstanding1.53 %%1.58 %%1.61 %%
Reserve for unfunded credit commitments$80 $95 -16 $60 33 
For the period
Provision for loan losses$140 $110 27 $140 — 
Provision for unfunded credit commitments(15)15 — — — 
Total provision for credit losses125 125 — 140 -11 
Net charge-offs185 146 28 160 16 
Net charge-offs as % of average loans (annualized).54 %%.42 %%.47 %%

(1)Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $125 million in each of the fourth and third quarters of 2025 as compared with $140 million in 2024's final quarter. The provision for credit losses was $505 million in 2025 as compared with $610 million in 2024. The allowance for loan losses as a percent of loans outstanding decreased from 1.61% at December 31, 2024 to 1.58% at September 30, 2025 and 1.53% at December 31, 2025 reflecting lower levels of criticized loans, predominantly commercial real estate loans. For 2025 and 2024, net charge-offs totaled $553 million and $555 million, respectively, representing .41% of average loans outstanding for each period. Net charge-offs in the final quarter of 2025 reflected three charge-offs totaling $106 million, which had been previously identified by the Company.
Nonaccrual loans were $1.3 billion at December 31, 2025, compared with $1.5 billion at September 30, 2025 and $1.7 billion at December 31, 2024. The lower level of nonaccrual loans at the recent quarter end as compared with September 30, 2025 and December 31, 2024 predominantly reflects decreases in commercial and industrial and commercial real estate nonaccrual loans.
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Fourth Quarter 2025 Results
 Noninterest Income
(Dollars in millions)4Q253Q25Change 4Q25 vs. 3Q254Q24Change 4Q25 vs. 4Q24
Mortgage banking revenues$155 $147 5 %%$117 32 %%
Service charges on deposit accounts140 141 -1 131 6 
Trust income184 181 2 175 5 
Brokerage services income34 34 -1 30 9 
Trading account and other non-hedging derivative gains19 18 1 10 102 
Gain (loss) on bank investment securities1 1 — 18 -93 
Other revenues from operations163 230 -29 176 -7 
Total $696 $752 -7 $657 6 
Noninterest income in the fourth quarter of 2025 decreased $56 million, or 7%, from 2025's third quarter.
•Mortgage banking revenues rose $8 million reflecting higher gains on sales of commercial mortgage loans.
•Trust income increased $3 million largely due to the Company's global capital markets business.
•Other revenues from operations decreased $67 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 sale of equipment leases each in the third quarter of 2025.
Noninterest income rose $39 million, or 6%, as compared with the fourth quarter of 2024.
•Mortgage banking revenues increased $38 million predominantly due to a rise in residential mortgage loan servicing income and higher gains on sales of commercial mortgage loans.
•Service charges on deposit accounts increased $9 million reflecting higher commercial service charges.
•Trust income rose $9 million reflecting higher revenues from the Company's global capital markets and wealth advisory services businesses.
•Trading account and other non-hedging derivative gains increased $9 million reflecting an increase in revenues from interest rate swap transactions with commercial customers.
•The lower gain on bank investment securities reflects realized gains on the sales of Fannie Mae and Freddie Mac preferred securities in the fourth quarter of 2024.
•Other revenues from operations decreased $13 million reflecting a $23 million distribution from M&T's investment in BLG in the fourth quarter of 2024, partially offset by higher merchant discount and credit card fees and letter of credit and other credit-related fees in the recent quarter.

Noninterest income rose $315 million, or 13%, to $2.74 billion in 2025 as compared with $2.43 billion in 2024, reflecting higher mortgage banking revenues, service charges on deposit accounts, trust income and other revenues from operations. The increase in other revenues from operations included a $28 million distribution of an earnout payment related to the Company's 2023 sale of its CIT business, a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio, a $12 million gain on the sale of equipment leases, a $10 million gain on the sale of a subsidiary that specialized in institutional services each in 2025 and higher letter of credit and other credit-related fees, partially offset by higher distributions from M&T's investment in BLG in 2024.
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Fourth Quarter 2025 Results
 Noninterest Expense
(Dollars in millions)4Q253Q25Change 4Q25 vs. 3Q254Q24Change 4Q25 vs. 4Q24
Salaries and employee benefits$809 $833 -3 %%$790 2 %%
Equipment and net occupancy134 129 3 133 — 
Outside data processing and software146 138 6 125 18 
Professional and other services105 81 31 80 30 
FDIC assessments(8)13 — 24 — 
Advertising and marketing32 23 39 30 7 
Amortization of core deposit and other intangible assets10 10 — 13 -24 
Other costs of operations151 136 12 168 -9 
Total $1,379 $1,363 1 $1,363 1 
Noninterest expense rose $16 million, or 1%, from the third quarter of 2025.
•Salaries and employee benefits expense decreased $24 million reflecting lower severance-related and other employee benefit expenses.
•Outside data processing and software costs increased $8 million reflecting higher software maintenance expense and a write-off of certain capitalized project costs due to re-prioritization.
•Professional and other services expense rose $24 million reflecting legal and review costs.
•FDIC assessment expense reflects reductions of the estimated special assessment of $29 million in the recent quarter as compared with $8 million in the third quarter of 2025 resulting from decreases in the FDIC's loss estimates associated with certain failed banks.
•Advertising and marketing expense rose $9 million reflecting seasonal campaigns.
•Other costs of operations increased $15 million reflecting a $30 million contribution to The M&T Charitable Foundation, partially offset by a pension settlement gain of $8 million resulting from the purchase of annuities for plan participants that represented approximately $270 million of the Company's pension benefit obligation, each in the recent quarter, and an impairment of a renewable energy tax credit investment in the third quarter of 2025.
Noninterest expense increased $16 million, or 1%, from the fourth quarter of 2024.
•Salaries and employee benefits expense increased $19 million reflecting higher salaries expense from annual merit and other increases.
•Outside data processing and software costs rose $21 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
•Professional and other services expense increased $25 million reflecting legal and review costs.
•FDIC assessment expense declined $32 million reflecting a reduction of the estimated special assessment.
•Other costs of operations decreased $17 million reflecting vacated facility write-downs and a loss on the redemption of certain of M&T's trust preferred obligations each in the fourth quarter of 2024, partially offset by a $30 million contribution to The M&T Charitable Foundation in the recent quarter.

For the year ended December 31, 2025, noninterest expense aggregated $5.49 billion, up 2% from $5.36 billion in 2024. The $134 million increase in noninterest expenses reflected higher salaries and employee benefits expense, resulting from annual merit and other increases, an increase in medical benefits costs, severance-related costs and higher stock compensation expense, and a rise in outside data processing and software costs, partially offset by lower FDIC assessment expense.
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Fourth Quarter 2025 Results
Income Taxes
The Company's effective income tax rate was 21.8% in the fourth quarter of 2025, compared with 22.8% in each of the third quarter of 2025 and the fourth quarter of 2024. The lower effective income tax rate in the recent quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns. The Company's effective tax rates were 22.8% and 21.8% in 2025 and 2024, respectively. The increase in the effective income tax rate in 2025 as compared with 2024 reflects the recognition of a discrete tax benefit claimed on a prior year tax return and a net discrete tax benefit related to the resolution of an income tax matter inherited from the acquisition of People's United Financial, Inc. each in 2024, partially offset by the recent quarter discrete income tax benefit.
Capital and Liquidity
4Q253Q254Q24
CET110.84 %%(1)10.99 %%11.68 %%
Tier 1 capital12.59 (1)12.49 13.21 
Total capital14.43 (1)14.35 14.73 
Tangible capital – common8.70 8.79 9.07 

(1)Capital ratios at December 31, 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 $230 million and $39 million, respectively, for the quarter ended December 31, 2025.
The CET1 capital ratio for M&T was estimated at 10.84% as of December 31, 2025. M&T's total risk-weighted assets at December 31, 2025 are estimated to be $161.9 billion.
M&T repurchased 2.7 million shares of its common stock in accordance with its capital plan during the recent quarter at an average cost per share of $183.30 resulting in a total cost, including the share repurchase excise tax, of $507 million, compared with 2.1 million and 1.0 million shares at an average cost per share of $193.46 and $206.70 and a total cost, including the share repurchase excise tax, of $409 million and $200 million in the third quarter of 2025 and the fourth quarter of 2024, respectively. Reflecting loan growth in the recent quarter M&T's tangible common equity to tangible asset ratio at December 31, 2025 decreased 9 basis points from September 30, 2025.
While not subject to the liquidity coverage ratio requirements ("LCR"), M&T estimates that its LCR on December 31, 2025 was 109%, 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 fourth quarter financial results today at 8:00 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 #MTBQ425. 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 Friday January 23, 2026, by calling (800) 695-2185 or (402) 530-9028 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.
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Fourth 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.
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Fourth Quarter 2025 Results
Financial Highlights
Three Months EndedYear Ended
December 31,December 31,
(Dollars in millions, except per share, shares in thousands)20252024Change20252024Change
Performance
Net income$759 $681 12 %%$2,851 $2,588 10 %%
Net income available to common shareholders718 644 11 2,699 2,449 10 
Per common share:
Basic earnings4.71 3.88 21 17.10 14.71 16 
Diluted earnings4.67 3.86 21 17.00 14.64 16 
Cash dividends1.50 1.35 11 5.70 5.35 7 
Common shares outstanding:
Average - diluted (1)153,712 166,969 -8 158,791 167,319 -5 
Period end (2)151,840 165,526 -8 151,840 165,526 -8 
Return on (annualized):
Average total assets1.41 %%1.28 %%1.35 %%1.23 %%
Average common shareholders' equity10.87 9.75 10.27 9.54 
Taxable-equivalent net interest income$1,790 $1,740 3 $6,992 $6,902 1 
Yield on average earning assets5.46 %%5.60 %%5.52 %%5.74 %%
Cost of interest-bearing liabilities2.51 2.94 2.66 3.17 
Net interest spread2.95 2.66 2.86 2.57 
Contribution of interest-free funds.74 .92 .81 1.01 
Net interest margin3.69 3.58 3.67 3.58 
Net charge-offs to average total net loans (annualized).54 .47 .41 .41 
Net operating results (3)
Net operating income$767 $691 11 $2,883 $2,630 10 
Diluted net operating earnings per common share4.72 3.92 20 17.20 14.88 16 
Return on (annualized):
Average tangible assets1.49 %%1.35 %%1.43 %%1.30 %%
Average tangible common equity16.24 14.66 15.36 14.54 
Efficiency ratio55.1 56.8 56.0 56.9 
At December 31,
Loan quality20252024Change
Nonaccrual loans$1,252 $1,690 -26 %%
Real estate and other foreclosed assets35 35 -1 
Total nonperforming assets$1,287 $1,725 -25 
Accruing loans past due 90 days or more (4)$561 $338 66 
Government guaranteed loans included in totals above:
Nonaccrual loans$83 $69 20 
Accruing loans past due 90 days or more543 318 71 
Nonaccrual loans to total loans.90 %%1.25 %%
Allowance for loan losses to total loans1.53 1.61 
Additional information
Period end common stock price$201.48 $188.01 7 
Domestic banking offices 942 955 -1 
Full time equivalent employees22,080 22,101 — 

(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.

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Fourth Quarter 2025 Results
Financial Highlights, Five Quarter Trend
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
(Dollars in millions, except per share, shares in thousands)20252025202520252024
Performance
Net income$759 $792 $716 $584 $681 
Net income available to common shareholders718 754 679 547 644 
Per common share:
Basic earnings4.71 4.85 4.26 3.33 3.88 
Diluted earnings4.67 4.82 4.24 3.32 3.86 
Cash dividends1.50 1.50 1.35 1.35 1.35 
Common shares outstanding:
Average - diluted (1)153,712 156,553 160,005 165,047 166,969 
Period end (2)151,840 154,518 156,532 162,552 165,526 
Return on (annualized):
Average total assets1.41 %%1.49 %%1.37 %%1.14 %%1.28 %%
Average common shareholders' equity10.87 11.45 10.39 8.36 9.75 
Taxable-equivalent net interest income$1,790 $1,773 $1,722 $1,707 $1,740 
Yield on average earning assets5.46 %%5.59 %%5.51 %%5.52 %%5.60 %%
Cost of interest-bearing liabilities2.51 2.71 2.71 2.70 2.94 
Net interest spread2.95 2.88 2.80 2.82 2.66 
Contribution of interest-free funds.74 .80 .82 .84 .92 
Net interest margin3.69 3.68 3.62 3.66 3.58 
Net charge-offs to average total net loans (annualized).54 .42 .32 .34 .47 
Net operating results (3)
Net operating income$767 $798 $724 $594 $691 
Diluted net operating earnings per common share4.72 4.87 4.28 3.38 3.92 
Return on (annualized):
Average tangible assets1.49 %%1.56 %%1.44 %%1.21 %%1.35 %%
Average tangible common equity16.24 17.13 15.54 12.53 14.66 
Efficiency ratio55.1 53.6 55.2 60.5 56.8 
December 31,September 30,June 30,March 31,December 31,
Loan quality20252025202520252024
Nonaccrual loans$1,252 $1,512 $1,573 $1,540 $1,690 
Real estate and other foreclosed assets35 37 30 34 35 
Total nonperforming assets$1,287 $1,549 $1,603 $1,574 $1,725 
Accruing loans past due 90 days or more (4)$561 $432 $496 $384 $338 
Government guaranteed loans included in totals above:
Nonaccrual loans83 71 75 69 69 
Accruing loans past due 90 days or more543 403 450 368 318 
Nonaccrual loans to total loans.90 %%1.10 %%1.16 %%1.14 %%1.25 %%
Allowance for loan losses to total loans1.53 1.58 1.61 1.63 1.61 
Additional information
Period end common stock price$201.48 $197.62 $193.99 $178.75 $188.01 
Domestic banking offices942 942 941 955 955 
Full time equivalent employees22,080 22,383 22,590 22,291 22,101 

(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 18.
(4) Predominantly government-guaranteed residential real estate loans.
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Fourth Quarter 2025 Results
Condensed Consolidated Statement of Income
Three Months EndedYear Ended
December 31,December 31,
(Dollars in millions)20252024Change20252024Change
Interest income$2,637 $2,707 -3 %%$10,486 $11,026 -5 %%
Interest expense858 979 -12 3,538 4,174 -15 
Net interest income1,779 1,728 3 6,948 6,852 1 
Provision for credit losses125 140 -11 505 610 -17 
Net interest income after provision for credit losses1,654 1,588 4 6,443 6,242 3 
Other income
Mortgage banking revenues155 117 32 550 436 26 
Service charges on deposit accounts140 131 6 551 514 7 
Trust income184 175 5 724 675 7 
Brokerage services income34 30 9 131 121 8 
Trading account and other non-hedging
derivative gains		19 10 102 58 39 48 
Gain (loss) on bank investment securities1 18 -93 2 10 -82 
Other revenues from operations163 176 -7 726 632 15 
Total other income696 657 6 2,742 2,427 13 
Other expense
Salaries and employee benefits809 790 2 3,342 3,162 6 
Equipment and net occupancy134 133 — 525 512 2 
Outside data processing and software146 125 18 558 492 14 
Professional and other services105 80 30 356 344 3 
FDIC assessments(8)24 — 50 146 -66 
Advertising and marketing32 30 7 102 104 -2 
Amortization of core deposit and other
intangible assets		10 13 -24 42 53 -21 
Other costs of operations151 168 -9 518 546 -5 
Total other expense1,379 1,363 1 5,493 5,359 2 
Income before taxes971 882 10 3,692 3,310 12 
Income taxes212 201 5 841 722 16 
Net income$759 $681 12 %%$2,851 $2,588 10 %%

12
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Fourth Quarter 2025 Results
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
(Dollars in millions)20252025202520252024
Interest income$2,637 $2,680 $2,609 $2,560 $2,707 
Interest expense858 919 896 865 979 
Net interest income1,779 1,761 1,713 1,695 1,728 
Provision for credit losses125 125 125 130 140 
Net interest income after provision for credit losses1,654 1,636 1,588 1,565 1,588 
Other income
Mortgage banking revenues155 147 130 118 117 
Service charges on deposit accounts140 141 137 133 131 
Trust income184 181 182 177 175 
Brokerage services income34 34 31 32 30 
Trading account and other non-hedging
derivative gains		19 18 12 9 10 
Gain (loss) on bank investment securities1 1 — — 18 
Other revenues from operations163 230 191 142 176 
Total other income696 752 683 611 657 
Other expense
Salaries and employee benefits809 833 813 887 790 
Equipment and net occupancy134 129 130 132 133 
Outside data processing and software146 138 138 136 125 
Professional and other services105 81 86 84 80 
FDIC assessments(8)13 22 23 24 
Advertising and marketing32 23 25 22 30 
Amortization of core deposit and other
intangible assets		10 10 9 13 13 
Other costs of operations151 136 113 118 168 
Total other expense1,379 1,363 1,336 1,415 1,363 
Income before taxes971 1,025 935 761 882 
Income taxes212 233 219 177 201 
Net income$759 $792 $716 $584 $681 

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Fourth Quarter 2025 Results
Condensed Consolidated Balance Sheet
December 31,
(Dollars in millions)20252024Change
ASSETS
Cash and due from banks$1,701 $1,909 -11 %%
Interest-bearing deposits at banks17,068 18,873 -10 
Trading account97 101 -4 
Investment securities36,649 34,051 8 
Loans:
Commercial and industrial63,548 61,481 3 
Real estate - commercial23,819 26,764 -11 
Real estate - residential24,874 23,166 7 
Consumer26,461 24,170 9 
Total loans138,702 135,581 2 
Less: allowance for loan losses2,116 2,184 -3 
Net loans136,586 133,397 2 
Goodwill8,465 8,465 — 
Core deposit and other intangible assets64 94 -32 
Other assets12,880 11,215 15 
Total assets$213,510 $208,105 3 %%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$46,509 $46,020 1 %%
Interest-bearing deposits120,400 115,075 5 
Total deposits166,909 161,095 4 
Short-term borrowings2,149 1,060 103 
Long-term borrowings10,911 12,605 -13 
Accrued interest and other liabilities4,364 4,318 1 
Total liabilities184,333 179,078 3 
Shareholders' equity:
Preferred2,834 2,394 18 
Common26,343 26,633 -1 
Total shareholders' equity29,177 29,027 1 
Total liabilities and shareholders' equity$213,510 $208,105 3 %%
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Fourth Quarter 2025 Results
Condensed Consolidated Balance Sheet, Five Quarter Trend
December 31,September 30,June 30,March 31,December 31,
(Dollars in millions)20252025202520252024
ASSETS
Cash and due from banks$1,701 $1,950 $2,128 $2,109 $1,909 
Interest-bearing deposits at banks17,068 16,751 19,297 20,656 18,873 
Trading account97 95 93 96 101 
Investment securities36,649 36,864 35,568 35,137 34,051 
Loans:
Commercial and industrial63,548 61,887 61,660 60,596 61,481 
Real estate - commercial23,819 24,046 24,567 25,867 26,764 
Real estate - residential24,874 24,662 24,117 23,284 23,166 
Consumer26,461 26,379 25,772 24,827 24,170 
Total loans138,702 136,974 136,116 134,574 135,581 
Less: allowance for loan losses2,116 2,161 2,197 2,200 2,184 
Net loans136,586 134,813 133,919 132,374 133,397 
Goodwill8,465 8,465 8,465 8,465 8,465 
Core deposit and other intangible assets64 74 84 93 94 
Other assets12,880 12,265 12,030 11,391 11,215 
Total assets$213,510 $211,277 $211,584 $210,321 $208,105 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$46,509 $44,994 $47,485 $49,051 $46,020 
Interest-bearing deposits120,400 118,432 116,968 116,358 115,075 
Total deposits166,909 163,426 164,453 165,409 161,095 
Short-term borrowings2,149 2,059 2,071 1,573 1,060 
Long-term borrowings10,911 12,928 12,380 10,496 12,605 
Accrued interest and other liabilities4,364 4,136 4,155 3,852 4,318 
Total liabilities184,333 182,549 183,059 181,330 179,078 
Shareholders' equity:
Preferred2,834 2,394 2,394 2,394 2,394 
Common26,343 26,334 26,131 26,597 26,633 
Total shareholders' equity29,177 28,728 28,525 28,991 29,027 
Total liabilities and shareholders' equity$213,510 $211,277 $211,584 $210,321 $208,105 
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Fourth Quarter 2025 Results
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months EndedChange in BalanceYear Ended
December 31,September 30,December 31,December 31, 2025 fromDecember 31,Change
202520252024September 30,December 31,20252024in
(Dollars in millions)BalanceRateBalanceRateBalanceRate20252024BalanceRateBalance RateBalance
ASSETS
Interest-bearing deposits at banks$17,964 3.98 %%$17,739 4.43 %%$23,602 4.80 %%1 %%-24 %%$18,767 4.35 %%$27,244 5.33 %%-31 %%
Trading account97 3.42 95 3.48 102 3.37 2 -5 96 3.45 102 3.42 -6 
Investment securities (1)36,705 4.17 36,559 4.13 33,679 3.88 — 9 35,778 4.03 30,755 3.64 16 
Loans:
Commercial and industrial62,257 6.22 61,716 6.45 60,704 6.56 1 3 61,520 6.36 58,871 6.90 4 
Real estate - commercial24,101 6.21 24,353 6.35 27,896 6.25 -1 -14 25,004 6.26 30,271 6.32 -17 
Real estate - residential24,765 4.60 24,359 4.59 23,088 4.45 2 7 24,001 4.54 23,056 4.36 4 
Consumer26,477 6.58 26,099 6.60 24,035 6.65 1 10 25,578 6.58 22,519 6.63 14 
Total loans137,600 6.00 136,527 6.14 135,723 6.17 1 1 136,103 6.08 134,717 6.31 1 
Total earning assets192,366 5.46 190,920 5.59 193,106 5.60 1 — 190,744 5.52 192,818 5.74 -1 
Goodwill8,465 8,465 8,465 — — 8,465 8,465 — 
Core deposit and other intangible assets69 79 100 -12 -31 82 120 -32 
Other assets11,991 11,589 10,182 3 18 11,354 9,817 16 
Total assets$212,891 $211,053 $211,853 1 %%— %%$210,645 $211,220 — %%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking
      deposits		$107,287 2.04 %%$104,660 2.23 %%$102,127 2.44 %%3 %%5 %%$104,385 2.17 %%$97,824 2.57 %%7 %%
Time deposits13,586 3.18 13,990 3.38 15,958 3.95 -3 -15 14,020 3.39 18,339 4.26 -24 
Total interest-bearing deposits120,873 2.17 118,650 2.36 118,085 2.64 2 2 118,405 2.32 116,163 2.84 2 
Short-term borrowings2,064 4.21 2,844 4.50 2,563 4.93 -27 -19 2,774 4.45 4,440 5.45 -38 
Long-term borrowings12,555 5.51 12,789 5.59 11,665 5.57 -2 8 11,897 5.61 11,083 5.76 7 
Total interest-bearing liabilities135,492 2.51 134,283 2.71 132,313 2.94 1 2 133,076 2.66 131,686 3.17 1 
Noninterest-bearing deposits44,184 44,056 46,554 — -5 44,702 47,260 -5 
Other liabilities4,245 4,131 4,279 3 -1 4,063 4,222 -4 
Total liabilities183,921 182,470 183,146 1 — 181,841 183,168 -1 
Shareholders' equity28,970 28,583 28,707 1 1 28,804 28,052 3 
Total liabilities and shareholders' equity$212,891 $211,053 $211,853 1 %%— %%$210,645 $211,220 — %%
Net interest spread2.95 2.88 2.66 2.86 2.57 
Contribution of interest-free funds.74 .80 .92 .81 1.01 
Net interest margin3.69 %%3.68 %%3.58 %%3.67 %%3.58 %%
(1) Yields on investment securities for the year ended December 31, 2025 reflect $18 million 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.
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Fourth Quarter 2025 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
(Dollars in millions, except per share)
Income statement data
Net income
Net income$759 $681 $2,851 $2,588 
Amortization of core deposit and other intangible assets (1)8 10 32 42 
Net operating income$767 $691 $2,883 $2,630 
Earnings per common share
Diluted earnings per common share$4.67 $3.86 $17.00 $14.64 
Amortization of core deposit and other intangible assets (1).05 .06 .20 .24 
Diluted net operating earnings per common share$4.72 $3.92 $17.20 $14.88 
Other expense
Other expense$1,379 $1,363 $5,493 $5,359 
Amortization of core deposit and other intangible assets(10)(13)(42)(53)
Noninterest operating expense$1,369 $1,350 $5,451 $5,306 
Efficiency ratio
Noninterest operating expense (numerator)$1,369 $1,350 $5,451 $5,306 
Taxable-equivalent net interest income$1,790 $1,740 $6,992 $6,902 
Other income696 657 2,742 2,427 
Less: Gain (loss) on bank investment securities1 18 2 10 
Denominator$2,485 $2,379 $9,732 $9,319 
Efficiency ratio55.1 %%56.8 %%56.0 %%56.9 %%
Balance sheet data
Average assets
Average assets$212,891 $211,853 $210,645 $211,220 
Goodwill(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(69)(100)(82)(120)
Deferred taxes22 29 24 33 
Average tangible assets$204,379 $203,317 $202,122 $202,668 
Average common equity
Average total equity$28,970 $28,707 $28,804 $28,052 
Preferred stock(2,691)(2,394)(2,468)(2,344)
Average common equity26,279 26,313 26,336 25,708 
Goodwill(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(69)(100)(82)(120)
Deferred taxes22 29 24 33 
Average tangible common equity$17,767 $17,777 $17,813 $17,156 
At end of quarter
Total assets
Total assets$213,510 $208,105 
Goodwill(8,465)(8,465)
Core deposit and other intangible assets(64)(94)
Deferred taxes20 28 
Total tangible assets$205,001 $199,574 
Total common equity
Total equity$29,177 $29,027 
Preferred stock(2,834)(2,394)
Common equity26,343 26,633 
Goodwill(8,465)(8,465)
Core deposit and other intangible assets(64)(94)
Deferred taxes20 28 
Total tangible common equity$17,834 $18,102 
(1) After any related tax effect.
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Fourth Quarter 2025 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
December 31,September 30,June 30,March 31,December 31,
20252025202520252024
(Dollars in millions, except per share)
Income statement data
Net income
Net income$759 $792 $716 $584 $681 
Amortization of core deposit and other intangible assets (1)8 6 8 10 10 
Net operating income$767 $798 $724 $594 $691 
Earnings per common share
Diluted earnings per common share$4.67 $4.82 $4.24 $3.32 $3.86 
Amortization of core deposit and other intangible assets (1).05 .05 .04 .06 .06 
Diluted net operating earnings per common share$4.72 $4.87 $4.28 $3.38 $3.92 
Other expense
Other expense$1,379 $1,363 $1,336 $1,415 $1,363 
Amortization of core deposit and other intangible assets(10)(10)(9)(13)(13)
Noninterest operating expense$1,369 $1,353 $1,327 $1,402 $1,350 
Efficiency ratio
Noninterest operating expense (numerator)$1,369 $1,353 $1,327 $1,402 $1,350 
Taxable-equivalent net interest income$1,790 $1,773 $1,722 $1,707 $1,740 
Other income696 752 683 611 657 
Less: Gain (loss) on bank investment securities1 1 — — 18 
Denominator$2,485 $2,524 $2,405 $2,318 $2,379 
Efficiency ratio55.1 %%53.6 %%55.2 %%60.5 %%56.8 %%
Balance sheet data
Average assets
Average assets$212,891 $211,053 $210,261 $208,321 $211,853 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(69)(79)(89)(92)(100)
Deferred taxes22 24 26 27 29 
Average tangible assets$204,379 $202,533 $201,733 $199,791 $203,317 
Average common equity
Average total equity$28,970 $28,583 $28,666 $28,998 $28,707 
Preferred stock(2,691)(2,394)(2,394)(2,394)(2,394)
Average common equity26,279 26,189 26,272 26,604 26,313 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(69)(79)(89)(92)(100)
Deferred taxes22 24 26 27 29 
Average tangible common equity$17,767 $17,669 $17,744 $18,074 $17,777 
At end of quarter
Total assets
Total assets$213,510 $211,277 $211,584 $210,321 $208,105 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(64)(74)(84)(93)(94)
Deferred taxes20 23 25 26 28 
Total tangible assets$205,001 $202,761 $203,060 $201,789 $199,574 
Total common equity
Total equity$29,177 $28,728 $28,525 $28,991 $29,027 
Preferred stock(2,834)(2,394)(2,394)(2,394)(2,394)
Common equity26,343 26,334 26,131 26,597 26,633 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(64)(74)(84)(93)(94)
Deferred taxes20 23 25 26 28 
Total tangible common equity$17,834 $17,818 $17,607 $18,065 $18,102 

(1) After any related tax effect.
18