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News Release
 One M&T Plaza, Buffalo, NY 14203April 15, 2026
M&T Bank Corporation (NYSE:MTB) announces first quarter 2026 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $664 million or $4.13 of diluted earnings per common share.
(Dollars in millions, except per share data)1Q264Q251Q25
Earnings Highlights
Net interest income$1,752 $1,779 $1,695 
Taxable-equivalent adjustment11 11 12 
Net interest income - taxable-equivalent1,763 1,790 1,707 
Provision for credit losses140 125 130 
Noninterest income689 696 611 
Noninterest expense1,438 1,379 1,415 
Net income664 759 584 
Net income available to common shareholders - diluted620 718 547 
Diluted earnings per common share4.13 4.67 3.32 
Return on average assets - annualized1.26 %1.41 %1.14 %
Return on average common shareholders' equity - annualized9.67 10.87 8.36 
Average Balance Sheet
Total assets$213,828 $212,891 $208,321 
Interest-bearing deposits at banks16,231 17,964 19,695 
Investment securities37,845 36,705 34,480 
Loans138,423 137,600 134,844 
Deposits164,268 165,057 161,220 
Borrowings16,759 14,619 14,154 
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin3.71 %3.69 %3.66 %
Efficiency ratio (1)58.3 55.1 60.5 
Net charge-offs to average total loans - annualized.31 .54 .34 
Allowance for loan losses to total loans1.53 1.53 1.63 
Nonaccrual loans to total loans.89 .90 1.14 
Common equity Tier 1 ("CET1") capital ratio (2)10.33 10.84 11.50 
Common shareholders' equity per share$173.82 $173.49 $163.62 
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(2) CET1 capital ratio at March 31, 2026 is estimated.
Financial Highlights
•Net interest margin widened 2 basis points from the fourth quarter of 2025 to 3.71% in the recent quarter reflecting a decline in funding costs that outpaced a reduction in yields received on earning assets.
•Growth in average loans in the recent quarter reflects higher average balances of commercial and industrial loans, partially offset by lower average balances of commercial real estate and consumer loans.
•Noninterest income reflects the impact of the Company's election on January 1, 2026 to prospectively measure its residential mortgage loan servicing right assets at fair value and lower gains on commercial mortgage loans originated for sale, partially offset by a $33 million distribution from M&T's investment in Bayview Lending Group LLC ("BLG") in the recent quarter.
•The increase in noninterest expense includes seasonal salaries and employee benefits expense of $115 million, partially offset by lower other costs of operations reflecting a $30 million contribution to The M&T Charitable Foundation and amortization of residential mortgage loan servicing right assets each in the fourth quarter of 2025.
•The allowance for loan losses as a percent of total loans remained unchanged at March 31, 2026.
•In the recent quarter M&T repurchased 5.5 million shares of its common stock in accordance with its capital plan resulting in a total cost of $1.25 billion. M&T's CET1 capital ratio is estimated to be 10.33% at March 31, 2026.
Chief Financial Officer Commentary
"M&T continued to produce strong operating results and return capital to its shareholders in the recent quarter while investing in its businesses and expanding its operational capabilities in support of our strategic objectives of operational excellence and teaming for growth to meet the needs of our customers and make a difference in people's lives. I am pleased to report the successful conversion of our core general ledger platform earlier this week."

- 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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First Quarter 2026 Results
 Non-GAAP Measures (1)
(Dollars in millions, except per share data)1Q264Q25Change 1Q26 vs. 4Q251Q25Change 1Q26 vs. 1Q25
Net operating income$671 $767 -12 %$594 13 %
Diluted net operating earnings per common share4.18 4.72 -11 3.38 24 
Annualized return on average tangible assets1.33 %1.49 %1.21 %
Annualized return on average tangible common equity14.51 16.24 12.53 
Efficiency ratio58.3 55.1 60.5 
Tangible equity per common share$115.96 $117.45 -1 $111.13 4 

(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)1Q264Q25Change 1Q26 vs. 4Q251Q25Change 1Q26 vs. 1Q25
Average earning assets$192,594 $192,366 — %$189,116 2 %
Average interest-bearing liabilities136,480 135,492 1 129,938 5 
Net interest income - taxable-equivalent1,763 1,790 -2 1,707 3 
Yield on average earning assets5.36 %5.46 %5.52 %
Cost of interest-bearing liabilities2.33 2.51 2.70 
Net interest spread3.03 2.95 2.82 
Net interest margin3.71 3.69 3.66 
Taxable-equivalent net interest income decreased $27 million, or 2%, as compared with the fourth quarter of 2025 reflecting two less calendar days in the recent quarter. Taxable-equivalent net interest income increased $56 million, or 3%, as compared with the year-earlier first quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements.

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First Quarter 2026 Results
 Average Earning Assets
(Dollars in millions)1Q264Q25Change 1Q26 vs. 4Q251Q25Change 1Q26 vs. 1Q25
Interest-bearing deposits at banks$16,231 $17,964 -10 %$19,695 -18 %
Trading account95 97 -2 97 -3 
Investment securities37,845 36,705 3 34,480 10 
Loans
Commercial and industrial63,804 62,257 2 61,056 5 
Real estate - commercial23,496 24,101 -3 26,259 -11 
Real estate - residential24,817 24,765 — 23,176 7 
Consumer26,306 26,477 -1 24,353 8 
Total loans138,423 137,600 1 134,844 3 
Total earning assets$192,594 $192,366 — $189,116 2 
Average earning assets rose $228 million from the fourth quarter of 2025 reflecting loan growth and purchases of investment securities, partially offset by a decrease in interest-bearing deposits at banks. Loan growth in the recent quarter reflected higher average commercial and industrial loan balances of $1.5 billion, including higher balances of loans to the financial and insurance industry, partially offset by lower average balances of commercial real estate loans of $605 million and consumer loans of $171 million.
Average earning assets increased $3.5 billion from the first quarter of 2025. Average interest-bearing deposits at banks decreased $3.5 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $2.7 billion, including growth in loans to the financial and insurance industry, an increase in average residential real estate loan balances of $1.6 billion and higher average consumer loan balances of $2.0 billion, reflecting growth in average balances of recreational finance, automobile loans and home equity loans and lines of credit. Those increases were partially offset by a $2.8 billion decline in average commercial real estate loan balances, reflecting payoffs.

 Average Interest-bearing Liabilities
(Dollars in millions)1Q264Q25Change 1Q26 vs. 4Q251Q25Change 1Q26 vs. 1Q25
Interest-bearing deposits
Savings and interest-checking deposits$106,593 $107,287 -1 %$101,564 5 %
Time deposits13,128 13,586 -3 14,220 -8 
Total interest-bearing deposits119,721 120,873 -1 115,784 3 
Short-term borrowings5,695 2,064 176 2,869 98 
Long-term borrowings11,064 12,555 -12 11,285 -2 
Total interest-bearing liabilities$136,480 $135,492 1 $129,938 5 
Average interest-bearing liabilities in the recent quarter rose $988 million from the fourth quarter of 2025 reflecting an increase in short-term borrowings from the FHLB of New York, partially offset by a decline in average interest-bearing deposits and long-term borrowings, including maturities of senior notes.
Average interest-bearing liabilities increased $6.5 billion from the first quarter of 2025, as growth in average savings and interest-checking deposits of $5.0 billion and higher average short-term borrowings from the FHLB of New York were partially offset by a $1.1 billion decline in average time deposits due to maturities.
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First Quarter 2026 Results
Provision for Credit Losses/Asset Quality
(Dollars in millions)1Q264Q25Change
1Q26 vs. 4Q25		1Q25Change
1Q26 vs. 1Q25
At end of quarter
Nonaccrual loans$1,240 $1,252 -1 %$1,540 -19 %
Real estate and other foreclosed assets27 35 -23 34 -22 
Total nonperforming assets1,267 1,287 -2 1,574 -20 
Accruing loans past due 90 days or more (1)646 561 15 384 68 
Nonaccrual loans as % of loans outstanding.89 %.90 %1.14 %
Allowance for loan losses$2,136 $2,116 1 $2,200 -3 
Allowance for loan losses as % of loans outstanding1.53 %1.53 %1.63 %
Reserve for unfunded credit commitments$95 $80 19 $60 58 
For the period
Provision for loan losses$125 $140 -11 $130 -4 
Provision for unfunded credit commitments15 (15)— — — 
Total provision for credit losses140 125 12 130 8 
Net charge-offs105 185 -44 114 -8 
Net charge-offs as % of average loans (annualized).31 %.54 %.34 %

(1)Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $140 million in the first quarter of 2026 as compared with $125 million in the immediately preceding quarter and $130 million in the first quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.53% at each of March 31, 2026 and December 31, 2025, improved from 1.63% at March 31, 2025. The 10 basis-point improvement from March 31, 2025 reflects lower levels of criticized loans.
Nonaccrual loans were $1.2 billion and $1.3 billion at March 31, 2026 and December 31, 2025, respectively, compared with $1.5 billion at March 31, 2025. The lower level of nonaccrual loans at March 31, 2026 and December 31, 2025 as compared with March 31, 2025 reflects decreases in commercial and industrial, commercial real estate and consumer nonaccrual loans.
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First Quarter 2026 Results
 Noninterest Income
(Dollars in millions)1Q264Q25Change 1Q26 vs. 4Q251Q25Change 1Q26 vs. 1Q25
Mortgage banking revenues$127 $155 -18 %$118 8 %
Service charges on deposit accounts139 140 -1 133 5 
Trust income183 184 -1 177 3 
Brokerage services income35 34 3 32 9 
Trading account and other non-hedging derivative gains14 19 -26 9 43 
Gain (loss) on bank investment securities4 1 238 — — 
Other revenues from operations187 163 14 142 31 
Total $689 $696 -1 $611 13 
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead beginning in 2026, fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.

Noninterest income in the first quarter of 2026 decreased $7 million, or 1%, from 2025's fourth quarter.
•Mortgage banking revenues declined $28 million reflecting the impact of the Company's fair value accounting election described above that reduced residential mortgage banking revenues and lower gains on commercial mortgage loans originated for sale.
•Trading account and other non-hedging derivative gains decreased $5 million reflecting a decrease in revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $24 million reflecting a $33 million distribution from M&T's investment in BLG in the recent quarter, partially offset by lower merchant discount and credit card fees.
Noninterest income rose $78 million, or 13%, as compared with the first quarter of 2025.
•Mortgage banking revenues increased $9 million reflecting a rise in residential mortgage loan servicing income, partially offset by the impact of the Company's accounting election in 2026 described above.
•Service charges on deposit accounts increased $6 million reflecting higher commercial service charges.
•Trust income rose $6 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 $5 million reflecting higher revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $45 million reflecting a $33 million distribution from M&T's investment in BLG and higher letter of credit and other credit-related fees each in the recent quarter.

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First Quarter 2026 Results
 Noninterest Expense
(Dollars in millions)1Q264Q25Change 1Q26 vs. 4Q251Q25Change 1Q26 vs. 1Q25
Salaries and employee benefits$914 $809 13 %$887 3 %
Equipment and net occupancy133 134 — 132 — 
Outside data processing and software144 146 -2 136 5 
Professional and other services93 105 -11 84 11 
FDIC assessments23 (8)— 23 — 
Advertising and marketing21 32 -35 22 -6 
Amortization of core deposit and other intangible assets9 10 -1 13 -27 
Other costs of operations101 151 -34 118 -15 
Total $1,438 $1,379 4 $1,415 2 
Noninterest expense rose $59 million, or 4%, from the fourth quarter of 2025.
•Salaries and employee benefits expense increased $105 million reflecting $115 million of seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expenses and the impact of annual merit increases, partially offset by two less working days and lower employee staffing levels in the first quarter of 2026.
•Professional and other services expense declined $12 million reflecting lower legal and review costs.
•Higher FDIC assessments reflect a reduction of estimated special assessment expense of $29 million in the fourth quarter of 2025.
•Advertising and marketing expense declined $11 million reflecting the seasonality of advertising campaigns.
•Other costs of operations decreased $50 million reflecting a contribution to The M&T Charitable Foundation of $30 million and the amortization associated with residential mortgage loan servicing right assets each in the fourth quarter of 2025.
Noninterest expense increased $23 million, or 2%, from the first quarter of 2025.
•Salaries and employee benefits expense increased $27 million reflecting higher salaries expense from annual merit and other increases and a rise in stock-based incentive compensation.
•Outside data processing and software costs rose $8 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 $9 million reflecting higher legal and review costs.
•Other costs of operations decreased $17 million reflecting the amortization associated with residential mortgage loan servicing right assets in the first quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.

Income Taxes
The Company's effective income tax rate was 23.0% in the first quarter of 2026, compared with 21.8% and 23.2% in the fourth and first quarters of 2025, respectively. The lower effective income tax rate in 2025's final quarter reflects a discrete income tax benefit of $8 million claimed on prior year tax returns.

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First Quarter 2026 Results
Capital and Liquidity
1Q264Q251Q25
CET110.33 %(1)10.84 %11.50 %
Tier 1 capital11.81 (1)12.59 13.04 
Total capital13.61 (1)14.44 14.50 
Tangible capital – common8.26 8.70 8.95 

(1)Capital ratios at March 31, 2026 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 $224 million and $43 million, respectively, for the quarter ended March 31, 2026.
As a result of the Company's accounting election on January 1, 2026 to prospectively measure residential mortgage loan servicing right assets at fair value, the Company recorded an increase in capitalized servicing assets included in accrued interest and other assets of $263 million and a corresponding after-tax increase to retained earnings of $197 million, representing an 8 basis-point increase to CET1 capital on the election date.
M&T repurchased $1.25 billion of its common stock in accordance with its capital plan during the recent quarter, compared with $507 million and $662 million in the fourth quarter of 2025 and the first quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.33% as of March 31, 2026. M&T's total risk-weighted assets at March 31, 2026 are estimated to be $164.2 billion. Reflecting share repurchase activity and loan growth in the recent quarter, M&T's tangible common equity to tangible asset ratio at March 31, 2026 decreased 44 basis points from December 31, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on March 31, 2026 was 107%, 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 first 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 #MTBQ126. 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 Wednesday April 22, 2026, by calling (800) 723-5759 or (402) 220-2662 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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First Quarter 2026 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, 2025, 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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First Quarter 2026 Results
Financial Highlights
Three Months Ended
March 31,
(Dollars in millions, except per share, shares in thousands)20262025Change
Performance
Net income$664 $584 14 %
Net income available to common shareholders620 547 13 
Per common share:
Basic earnings4.16 3.33 25 
Diluted earnings4.13 3.32 24 
Cash dividends1.50 1.35 11 
Common shares outstanding:
Average - diluted150,109 165,047 -9 
Period end146,917 162,552 -10 
Return on (annualized):
Average total assets1.26 %1.14 %
Average common shareholders' equity9.67 8.36 
Taxable-equivalent net interest income$1,763 $1,707 3 
Yield on average earning assets5.36 %5.52 %
Cost of interest-bearing liabilities2.33 2.70 
Net interest spread3.03 2.82 
Contribution of interest-free funds.68 .84 
Net interest margin3.71 3.66 
Net charge-offs to average total net loans (annualized).31 .34 
Net operating results (1)
Net operating income$671 $594 13 
Diluted net operating earnings per common share4.18 3.38 24 
Return on (annualized):
Average tangible assets1.33 %1.21 %
Average tangible common equity14.51 12.53 
Efficiency ratio58.3 60.5 
At March 31,
Loan quality20262025Change
Nonaccrual loans$1,240 $1,540 -19 %
Real estate and other foreclosed assets27 34 -22 
Total nonperforming assets$1,267 $1,574 -20 
Accruing loans past due 90 days or more (2)$646 $384 68 
Government guaranteed loans included in totals above:
Nonaccrual loans$85 $69 22 
Accruing loans past due 90 days or more634 368 72 
Nonaccrual loans to total loans.89 %1.14 %
Allowance for loan losses to total loans1.53 1.63 
Additional information
Period end common stock price$206.72 $178.75 16 
Full-service domestic banking offices (3)930 955 -3 
Full-time equivalent employees21,866 22,291 -2 

(1) 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 16.
(2) Predominantly government-guaranteed residential real estate loans.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.

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First Quarter 2026 Results
Financial Highlights, Five Quarter Trend
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
(Dollars in millions, except per share, shares in thousands)20262025202520252025
Performance
Net income$664 $759 $792 $716 $584 
Net income available to common shareholders620 718 754 679 547 
Per common share:
Basic earnings4.16 4.71 4.85 4.26 3.33 
Diluted earnings4.13 4.67 4.82 4.24 3.32 
Cash dividends1.50 1.50 1.50 1.35 1.35 
Common shares outstanding:
Average - diluted150,109 153,712 156,553 160,005 165,047 
Period end146,917 151,840 154,518 156,532 162,552 
Return on (annualized):
Average total assets1.26 %1.41 %1.49 %1.37 %1.14 %
Average common shareholders' equity9.67 10.87 11.45 10.39 8.36 
Taxable-equivalent net interest income$1,763 $1,790 $1,773 $1,722 $1,707 
Yield on average earning assets5.36 %5.46 %5.59 %5.51 %5.52 %
Cost of interest-bearing liabilities2.33 2.51 2.71 2.71 2.70 
Net interest spread3.03 2.95 2.88 2.80 2.82 
Contribution of interest-free funds.68 .74 .80 .82 .84 
Net interest margin3.71 3.69 3.68 3.62 3.66 
Net charge-offs to average total net loans (annualized).31 .54 .42 .32 .34 
Net operating results (1)
Net operating income$671 $767 $798 $724 $594 
Diluted net operating earnings per common share4.18 4.72 4.87 4.28 3.38 
Return on (annualized):
Average tangible assets1.33 %1.49 %1.56 %1.44 %1.21 %
Average tangible common equity14.51 16.24 17.13 15.54 12.53 
Efficiency ratio58.3 55.1 53.6 55.2 60.5 
March 31,December 31,September 30,June 30,March 31,
Loan quality20262025202520252025
Nonaccrual loans$1,240 $1,252 $1,512 $1,573 $1,540 
Real estate and other foreclosed assets27 35 37 30 34 
Total nonperforming assets$1,267 $1,287 $1,549 $1,603 $1,574 
Accruing loans past due 90 days or more (2)$646 $561 $432 $496 $384 
Government guaranteed loans included in totals above:
Nonaccrual loans85 83 71 75 69 
Accruing loans past due 90 days or more634 543 403 450 368 
Nonaccrual loans to total loans.89 %.90 %1.10 %1.16 %1.14 %
Allowance for loan losses to total loans1.53 1.53 1.58 1.61 1.63 
Additional information
Period end common stock price$206.72 $201.48 $197.62 $193.99 $178.75 
Full-service domestic banking offices (3)930 942 942 941 955 
Full-time equivalent employees21,866 22,080 22,383 22,590 22,291 

(1) 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 16.
(2) Predominantly government-guaranteed residential real estate loans.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.
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First Quarter 2026 Results
Condensed Consolidated Statement of Income
Three Months Ended
March 31,
(Dollars in millions)20262025Change
Interest income$2,536 $2,560 -1 %
Interest expense784 865 -9 
Net interest income1,752 1,695 3 
Provision for credit losses140 130 8 
Net interest income after provision for credit losses1,612 1,565 3 
Other income
Mortgage banking revenues127 118 8 
Service charges on deposit accounts139 133 5 
Trust income183 177 3 
Brokerage services income35 32 9 
Trading account and other non-hedging derivative gains14 9 43 
Gain (loss) on bank investment securities4 — — 
Other revenues from operations187 142 31 
Total other income689 611 13 
Other expense
Salaries and employee benefits914 887 3 
Equipment and net occupancy133 132 — 
Outside data processing and software144 136 5 
Professional and other services93 84 11 
FDIC assessments23 23 — 
Advertising and marketing21 22 -6 
Amortization of core deposit and other intangible assets9 13 -27 
Other costs of operations101 118 -15 
Total other expense1,438 1,415 2 
Income before taxes863 761 13 
Income taxes199 177 12 
Net income$664 $584 14 %

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First Quarter 2026 Results
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
(Dollars in millions)20262025202520252025
Interest income$2,536 $2,637 $2,680 $2,609 $2,560 
Interest expense784 858 919 896 865 
Net interest income1,752 1,779 1,761 1,713 1,695 
Provision for credit losses140 125 125 125 130 
Net interest income after provision for credit losses1,612 1,654 1,636 1,588 1,565 
Other income
Mortgage banking revenues127 155 147 130 118 
Service charges on deposit accounts139 140 141 137 133 
Trust income183 184 181 182 177 
Brokerage services income35 34 34 31 32 
Trading account and other non-hedging
derivative gains		14 19 18 12 9 
Gain (loss) on bank investment securities4 1 1 — — 
Other revenues from operations187 163 230 191 142 
Total other income689 696 752 683 611 
Other expense
Salaries and employee benefits914 809 833 813 887 
Equipment and net occupancy133 134 129 130 132 
Outside data processing and software144 146 138 138 136 
Professional and other services93 105 81 86 84 
FDIC assessments23 (8)13 22 23 
Advertising and marketing21 32 23 25 22 
Amortization of core deposit and other
intangible assets		9 10 10 9 13 
Other costs of operations101 151 136 113 118 
Total other expense1,438 1,379 1,363 1,336 1,415 
Income before taxes863 971 1,025 935 761 
Income taxes199 212 233 219 177 
Net income$664 $759 $792 $716 $584 

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First Quarter 2026 Results
Condensed Consolidated Balance Sheet
March 31,
(Dollars in millions)20262025Change
ASSETS
Cash and due from banks$1,903 $2,109 -10 %
Interest-bearing deposits at banks14,445 20,656 -30 
Trading account92 96 -4 
Investment securities38,621 35,137 10 
Loans:
Commercial and industrial65,391 60,596 8 
Real estate - commercial23,345 25,867 -10 
Real estate - residential24,857 23,284 7 
Consumer26,321 24,827 6 
Total loans139,914 134,574 4 
Less: allowance for loan losses2,136 2,200 -3 
Net loans137,778 132,374 4 
Goodwill8,465 8,465 — 
Core deposit and other intangible assets55 93 -41 
Other assets13,377 11,391 17 
Total assets$214,736 $210,321 2 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$45,892 $49,051 -6 %
Interest-bearing deposits117,849 116,358 1 
Total deposits163,741 165,409 -1 
Short-term borrowings7,851 1,573 399 
Long-term borrowings11,175 10,496 6 
Accrued interest and other liabilities3,997 3,852 4 
Total liabilities186,764 181,330 3 
Shareholders' equity:
Preferred2,434 2,394 2 
Common25,538 26,597 -4 
Total shareholders' equity27,972 28,991 -4 
Total liabilities and shareholders' equity$214,736 $210,321 2 %
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First Quarter 2026 Results
Condensed Consolidated Balance Sheet, Five Quarter Trend
March 31,December 31,September 30,June 30,March 31,
(Dollars in millions)20262025202520252025
ASSETS
Cash and due from banks$1,903 $1,701 $1,950 $2,128 $2,109 
Interest-bearing deposits at banks14,445 17,068 16,751 19,297 20,656 
Trading account92 97 95 93 96 
Investment securities38,621 36,649 36,864 35,568 35,137 
Loans:
Commercial and industrial65,391 63,548 61,887 61,660 60,596 
Real estate - commercial23,345 23,819 24,046 24,567 25,867 
Real estate - residential24,857 24,874 24,662 24,117 23,284 
Consumer26,321 26,461 26,379 25,772 24,827 
Total loans139,914 138,702 136,974 136,116 134,574 
Less: allowance for loan losses2,136 2,116 2,161 2,197 2,200 
Net loans137,778 136,586 134,813 133,919 132,374 
Goodwill8,465 8,465 8,465 8,465 8,465 
Core deposit and other intangible assets55 64 74 84 93 
Other assets13,377 12,880 12,265 12,030 11,391 
Total assets$214,736 $213,510 $211,277 $211,584 $210,321 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$45,892 $46,509 $44,994 $47,485 $49,051 
Interest-bearing deposits117,849 120,400 118,432 116,968 116,358 
Total deposits163,741 166,909 163,426 164,453 165,409 
Short-term borrowings7,851 2,149 2,059 2,071 1,573 
Long-term borrowings11,175 10,911 12,928 12,380 10,496 
Accrued interest and other liabilities3,997 4,364 4,136 4,155 3,852 
Total liabilities186,764 184,333 182,549 183,059 181,330 
Shareholders' equity:
Preferred2,434 2,834 2,394 2,394 2,394 
Common25,538 26,343 26,334 26,131 26,597 
Total shareholders' equity27,972 29,177 28,728 28,525 28,991 
Total liabilities and shareholders' equity$214,736 $213,510 $211,277 $211,584 $210,321 
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First Quarter 2026 Results
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months EndedChange in Balance
March 31,December 31,March 31,March 31, 2026 from
202620252025December 31,March 31,
(Dollars in millions)BalanceRateBalanceRateBalanceRate20252025
ASSETS
Interest-bearing deposits at banks$16,231 3.71 %$17,964 3.98 %$19,695 4.48 %-10 %-18 %
Trading account95 3.44 97 3.42 97 3.42 -2 -3 
Investment securities37,845 4.26 36,705 4.17 34,480 4.00 3 10 
Loans:
Commercial and industrial63,804 6.00 62,257 6.22 61,056 6.36 2 5 
Real estate - commercial23,496 6.03 24,101 6.21 26,259 6.16 -3 -11 
Real estate - residential24,817 4.56 24,765 4.60 23,176 4.44 — 7 
Consumer26,306 6.48 26,477 6.58 24,353 6.57 -1 8 
Total loans138,423 5.86 137,600 6.00 134,844 6.06 1 3 
Total earning assets192,594 5.36 192,366 5.46 189,116 5.52 — 2 
Goodwill8,465 8,465 8,465 — — 
Core deposit and other intangible assets59 69 92 -14 -35 
Other assets12,710 11,991 10,648 6 19 
Total assets$213,828 $212,891 $208,321 — %3 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking
      deposits		$106,593 1.84 %$107,287 2.04 %$101,564 2.20 %-1 %5 %
Time deposits13,128 3.01 13,586 3.18 14,220 3.54 -3 -8 
Total interest-bearing deposits119,721 1.96 120,873 2.17 115,784 2.37 -1 3 
Short-term borrowings5,695 3.86 2,064 4.21 2,869 4.52 176 98 
Long-term borrowings11,064 5.49 12,555 5.51 11,285 5.65 -12 -2 
Total interest-bearing liabilities136,480 2.33 135,492 2.51 129,938 2.70 1 5 
Noninterest-bearing deposits44,547 44,184 45,436 1 -2 
Other liabilities4,153 4,245 3,949 -2 5 
Total liabilities185,180 183,921 179,323 1 3 
Shareholders' equity28,648 28,970 28,998 -1 -1 
Total liabilities and shareholders' equity$213,828 $212,891 $208,321 — %3 %
Net interest spread3.03 2.95 2.82 
Contribution of interest-free funds.68 .74 .84 
Net interest margin3.71 %3.69 %3.66 %

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First Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
20262025202520252025
(Dollars in millions, except per share)
Income statement data
Net income
Net income$664 $759 $792 $716 $584 
Amortization of core deposit and other intangible assets (1)7 8 6 8 10 
Net operating income$671 $767 $798 $724 $594 
Earnings per common share
Diluted earnings per common share$4.13 $4.67 $4.82 $4.24 $3.32 
Amortization of core deposit and other intangible assets (1).05 .05 .05 .04 .06 
Diluted net operating earnings per common share$4.18 $4.72 $4.87 $4.28 $3.38 
Other expense
Other expense$1,438 $1,379 $1,363 $1,336 $1,415 
Amortization of core deposit and other intangible assets(9)(10)(10)(9)(13)
Noninterest operating expense$1,429 $1,369 $1,353 $1,327 $1,402 
Efficiency ratio
Noninterest operating expense (numerator)$1,429 $1,369 $1,353 $1,327 $1,402 
Taxable-equivalent net interest income$1,763 $1,790 $1,773 $1,722 $1,707 
Other income689 696 752 683 611 
Less: Gain (loss) on bank investment securities4 1 1 — — 
Denominator$2,448 $2,485 $2,524 $2,405 $2,318 
Efficiency ratio58.3 %55.1 %53.6 %55.2 %60.5 %
Balance sheet data
Average assets
Average assets$213,828 $212,891 $211,053 $210,261 $208,321 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(59)(69)(79)(89)(92)
Deferred taxes19 22 24 26 27 
Average tangible assets$205,323 $204,379 $202,533 $201,733 $199,791 
Average common equity
Average total equity$28,648 $28,970 $28,583 $28,666 $28,998 
Preferred stock(2,576)(2,691)(2,394)(2,394)(2,394)
Average common equity26,072 26,279 26,189 26,272 26,604 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(59)(69)(79)(89)(92)
Deferred taxes19 22 24 26 27 
Average tangible common equity$17,567 $17,767 $17,669 $17,744 $18,074 
At end of quarter
Total assets
Total assets$214,736 $213,510 $211,277 $211,584 $210,321 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(55)(64)(74)(84)(93)
Deferred taxes18 20 23 25 26 
Total tangible assets$206,234 $205,001 $202,761 $203,060 $201,789 
Total common equity
Total equity$27,972 $29,177 $28,728 $28,525 $28,991 
Preferred stock(2,434)(2,834)(2,394)(2,394)(2,394)
Common equity25,538 26,343 26,334 26,131 26,597 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(55)(64)(74)(84)(93)
Deferred taxes18 20 23 25 26 
Total tangible common equity$17,036 $17,834 $17,818 $17,607 $18,065 

(1) After any related tax effect.
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