M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results

M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results

PR Newswire

BUFFALO, N.Y., July 15, 2026

BUFFALO, N.Y., July 15, 2026 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $818 million or $5.32 of diluted earnings per common share.(Dollars in millions, except per share data)2Q261Q262Q25Earnings HighlightsNet interest income$ 1,792$ 1,752$ 1,713Taxable-equivalent adjustment12119Net interest income - taxable-equivalent1,8041,7631,722Provision for credit losses120140125Noninterest income740689683Noninterest expense1,3491,4381,336Net income818664716Net income available to common shareholders - diluted781620679Diluted earnings per common share5.324.134.24Return on average assets - annualized1.51 %1.26 %1.37 %Return on average common shareholders' equity - annualized12.309.6710.39Average Balance SheetTotal assets$ 216,532$ 213,828$ 210,261Interest-bearing deposits at banks15,06116,23119,698Investment securities38,72837,84535,335Loans141,427138,423135,407Deposits (1)163,524164,176163,258Borrowings20,79416,75914,263Selected Ratios(Amounts expressed as a percent, except per share data)Net interest margin (1)3.70 %3.70 %3.62 %Efficiency ratio (2)52.858.355.2Net charge-offs to average total loans - annualized.23.31.32Allowance for loan losses to total loans1.521.531.61Nonaccrual loans to total loans.84.891.16Common equity Tier 1 ("CET1") capital ratio (3)10.1910.3310.99Common shareholders' equity per share$ 176.03$ 173.82$ 166.94(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.(2)A reconciliation of non-GAAP measures is included in the tables that accompany this release.(3)CET1 capital ratio at June 30, 2026 is estimated.Financial HighlightsTaxable-equivalent net interest income increased $41 million in the recent quarter as compared with the first quarter of 2026 reflecting an additional day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The net interest margin remained at 3.70%.A $3.0 billion increase in average loan balances in the recent quarter spanned all loan categories including $2.3 billion of growth in average commercial and industrial loans. Commercial real estate loans at June 30, 2026 increased $1.1 billion from March 31, 2026.Noninterest income in the recent quarter reflects a higher distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), an increase in trust income and a rise in revenues from interest rate swap agreements entered into for commercial customers.The decline in noninterest expense reflects seasonal salaries and employee benefits expense recognized in the first quarter of 2026.The allowance for loan losses as a percent of total loans declined 1 basis point to 1.52% at June 30, 2026.In the recent quarter, M&T repurchased 2.1 million shares of its common stock at a total cost of $465 million. M&T's CET1 capital ratio is estimated to be 10.19% at June 30, 2026.Chief Financial Officer Commentary"M&T generated record earnings per share in the second quarter, reflecting strong contributions from our commercial, retail and institutional services and wealth management businesses. These results reflect the enduring strength of our franchise and the dedication of our employees to making a meaningful difference in the lives of our customers and communities. I want to thank my M&T colleagues. As a result of their commitment, M&T continues to create lasting value for everyone we serve."- Daryl N. Bible, M&T's Chief Financial OfficerContact: Investor Relations: Rajiv Ranjan 716.842.5138Steve Wendelboe716.842.5138Media Relations: Frank Lentini 929.651.0447 Non-GAAP Measures (1)(Dollars in millions, except per share data)2Q261Q26Change 2Q26 vs.1Q262Q25Change 2Q26 vs.2Q25Net operating income$ 823$ 67123 %$ 72414 %Diluted net operating earnings per common share5.354.18284.2825Annualized return on average tangible assets1.59 %1.33 %1.44 %Annualized return on average tangible common equity18.5714.5115.54Efficiency ratio52.858.355.2Tangible equity per common share$ 117.41$ 115.961$ 112.484(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 (1)(Dollars in millions)2Q261Q26Change2Q26 vs.1Q262Q25Change2Q26 vs. 2Q25Average earning assets$ 195,216$ 192,5941 %$ 190,5352 %Average interest-bearing liabilities (2)140,354136,3883132,3686Net interest income - taxable-equivalent1,8041,76321,7225Yield on average earning assets (2)5.40 %5.35 %5.51 %Cost of interest-bearing liabilities (2)2.362.322.71Net interest spread3.043.032.80Net interest margin (2)3.703.703.62(1)Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table herein.(2)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.Taxable-equivalent net interest income increased $41 million, or 2%, compared with the first quarter of 2026 reflecting an additional calendar day, higher interest income from nonaccrual loans and growth in average loans in the recent quarter. Taxable-equivalent net interest income increased $82 million, or 5%, as compared with the year-earlier second quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements. Average Earning Assets(Dollars in millions)2Q261Q26Change2Q26 vs. 1Q262Q25Change2Q26 vs.2Q25Interest-bearing deposits at banks$ 15,061$ 16,231-7 %$ 19,698-24 %Investment securities38,72837,845235,33510Loans (1)Commercial and industrial66,06963,804461,0368Real estate - commercial23,55323,496—25,333-7Real estate - residential25,08624,817123,6846Consumer26,71926,306225,3545Total loans141,427138,4232135,4074Other —95-10095-100Total earning assets$ 195,216$ 192,5941$ 190,5352(1) Supplemental information on loan balances is included in the accompanying table herein.Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities predominantly in the immediately preceding quarter. The increase in average loans reflected broad-based growth in average commercial and industrial loan balances of $2.3 billion and higher average commercial real estate loan balances of $57 million, average residential real estate loan balances of $269 million and average consumer loan balances of $413 million.Average earning assets increased $4.7 billion from the second quarter of 2025. Average interest-bearing deposits at banks decreased $4.6 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 $5.0 billion, including growth in loans spanning most industry types, residential real estate loans of $1.4 billion and consumer loans of $1.4 billion. Those increases were partially offset by a $1.8 billion decline in average commercial real estate loan balances, reflecting payoffs. Average Interest-bearing Liabilities(Dollars in millions)2Q261Q26Change2Q26 vs.1Q262Q25Change2Q26 vs.2Q25Interest-bearing depositsSavings and interest-checking deposits (1)$ 105,752$ 106,570-1 %$ 103,9342 %Time deposits (1)13,80813,059614,171-3Total interest-bearing deposits (1)119,560119,629—118,1051Short-term borrowings8,0165,695413,327141Long-term borrowings12,77811,0641510,93617Total interest-bearing liabilities (1)$ 140,354$ 136,3883$ 132,3686(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.Average interest-bearing liabilities in the recent quarter rose $4.0 billion from the first quarter of 2026 reflecting an increase in average short-term borrowings from the FHLB of New York and average long-term borrowings from issuances of senior notes and securitizations.Average interest-bearing liabilities increased $8.0 billion from the second quarter of 2025 reflecting growth in average savings and interest-checking deposits of $1.8 billion and higher average short-term borrowings from the FHLB of New York and long-term borrowings from issuances of senior notes and securitizations.Provision for Credit Losses/Asset Quality(Dollars in millions)2Q261Q26Change 2Q26 vs.1Q262Q25Change 2Q26 vs.2Q25At end of quarterNonaccrual loans$ 1,208$ 1,240-3 %$ 1,573-23 %Real estate and other foreclosed assets2327-1430-25Total nonperforming assets1,2311,267-31,603-23Accruing loans past due 90 days or more (1)603646-749622Nonaccrual loans as % of loans outstanding.84 %.89 %1.16 %Allowance for loan losses$ 2,176$ 2,1362$ 2,197-1Allowance for loan losses as % of loans outstanding1.52 %1.53 %1.61 %Reserve for unfunded credit commitments$ 95$ 95—$ 8019For the periodProvision for loan losses$ 120$ 125-4$ 10514Provision for unfunded credit commitments—15-10020-100Total provision for credit losses120140-14125-4Net charge-offs80105-23108-26Net charge-offs as % of average loans (annualized).23 %.31 %.32 %(1)Predominantly government-guaranteed residential real estate loans.The provision for credit losses was $120 million in the second quarter of 2026 as compared with $140 million in the immediately preceding quarter and $125 million in the second quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.52% at June 30, 2026 and 1.53% at March 31, 2026, improved from 1.61% at June 30, 2025. That improvement reflects lower levels of criticized loans.Nonaccrual loans were $1.2 billion at each of June 30, 2026 and March 31, 2026, compared with $1.6 billion at June 30, 2025. The lower level of nonaccrual loans at June 30, 2026 and March 31, 2026 as compared with June 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans. Noninterest Income(Dollars in millions)2Q261Q26Change2Q26 vs. 1Q262Q25Change2Q26 vs.2Q25Mortgage banking revenues (1)$ 127$ 127— %$ 130-2 %Service charges on deposit accounts14413941374Trust income19718381829Brokerage services income353523113Trading account and other non-hedging derivative gains22146112100Gain (loss) on bank investment securities24-57——Other revenues from operations (2)2131871419112Total $ 740$ 6898$ 6838(1)Supplemental information on mortgage banking activities is included in the accompanying table herein.(2)Supplemental information on other revenues from operations is included in the accompanying table herein.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 second quarter of 2026 increased $51 million, or 8%, from 2026's first quarter.Trust income rose $14 million reflecting higher revenues from the Company's institutional services and wealth management businesses, including seasonal tax service fees.Trading account and other non-hedging derivative gains increased $8 million reflecting higher revenues from interest rate swap transactions with commercial customers.Other revenues from operations increased $26 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees.Noninterest income rose $57 million, or 8%, as compared with the second quarter of 2025.Service charges on deposit accounts increased $7 million reflecting higher commercial and consumer service charges.Trust income rose $15 million reflecting higher revenues from the Company's institutional services and wealth management businesses.Trading account and other non-hedging derivative gains increased $10 million reflecting higher revenues from interest rate swap transactions with commercial customers.Other revenues from operations increased $22 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025. Noninterest Expense(Dollars in millions)2Q261Q26Change2Q26 vs.1Q262Q25Change2Q26 vs.2Q25Salaries and employee benefits$ 826$ 914-10 %$ 8132 %Equipment and net occupancy129133-2130—Outside data processing and software154144813812Professional and other services8993-5862FDIC assessments1823-2722-21Advertising and marketing272131258Amortization of core deposit and other intangible assets79-269-27Other costs of operations99101-2113-12Total $ 1,349$ 1,438-6$ 1,3361Noninterest expense declined $89 million, or 6%, from the first quarter of 2026.Salaries and employee benefits expense decreased $88 million reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 and lower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases and an additional working day in the recent quarter.Outside data processing and software costs increased $10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.Noninterest expense increased $13 million, or 1%, from the second quarter of 2025.Salaries and employee benefits expense increased $13 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels in the recent quarter.Outside data processing and software costs rose $16 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.Other costs of operations decreased $14 million reflecting the amortization associated with residential mortgage loan servicing right assets in the second quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan.Income TaxesThe Company's effective income tax rate was 23.1% in the second quarter of 2026, compared with 23.0% and 23.4% in the first quarter of 2026 and the second quarter of 2025, respectively.Capital and Liquidity2Q261Q262Q25CET110.19 %(1)10.33 %10.99 %Tier 1 capital11.64(1)11.8112.50Total capital13.72(1)13.6113.96Tangible capital – common8.078.268.67(1)Capital ratios at June 30, 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 $220 million and $35 million, respectively, for the quarter ended June 30, 2026. M&T's current stress capital buffer is 2.7%.M&T repurchased shares of its common stock at a cost of $465 million during the recent quarter, compared with $1.25 billion and $1.08 billion in the first quarter of 2026 and the second quarter of 2025, respectively.The CET1 capital ratio for M&T was estimated at 10.19% as of June 30, 2026. M&T's total risk-weighted assets at June 30, 2026 are estimated to be $167.9 billion. Reflecting loan growth and share repurchase activity in the recent quarter, M&T's tangible common equity to tangible asset ratio at June 30, 2026 decreased 19 basis points from March 31, 2026 and 60 basis points from June 30, 2025.While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on June 30, 2026 was 106%, 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 CallInvestors will have an opportunity to listen to M&T's conference call to discuss second 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 #MTBQ226. 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 July 22, 2026, by calling (800) 695-2533 or (402) 530-9029 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&TM&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. Forward-Looking StatementsThis 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.Financial HighlightsThree Months EndedSix Months EndedJune 30,June 30,(Dollars in millions, except per share, shares in thousands)20262025Change20262025ChangePerformanceNet income$ 818$ 71614 %$ 1,482$ 1,30014 %Net income available to common shareholders781679151,4011,22614Per common share:Basic earnings5.354.26269.497.5825Diluted earnings5.324.24259.447.5525Cash dividends1.501.35113.002.7011Common shares outstanding:Average - diluted146,758160,005-8148,424162,511-9Period end144,933156,532-7144,933156,532-7Return on (annualized):Average total assets1.51 %1.37 %1.39 %1.25 %Average common shareholders' equity12.3010.3910.989.37Taxable-equivalent net interest income$ 1,804$ 1,7225$ 3,567$ 3,4294Yield on average earning assets (1)5.40 %5.51 %5.38 %5.51 %Cost of interest-bearing liabilities (1)2.362.712.352.70Net interest spread (1)3.042.803.032.81Contribution of interest-free funds (1).66.82.67.83Net interest margin3.703.623.703.64Net charge-offs to average total net loans (annualized).23.32.27.33Net operating results (2)Net operating income$ 823$ 72414$ 1,494$ 1,31813Diluted net operating earnings per common share5.354.28259.527.6624Return on (annualized):Average tangible assets1.59 %1.44 %1.46 %1.32 %Average tangible common equity18.5715.5416.5214.03Efficiency ratio52.855.255.557.8At June 30,Loan quality20262025ChangeNonaccrual loans$ 1,208$ 1,573-23 %Real estate and other foreclosed assets2330-25Total nonperforming assets$ 1,231$ 1,603-23Accruing loans past due 90 days or more$ 603$ 49622Government guaranteed loans included in totals above:Nonaccrual loans$ 78$ 754Accruing loans past due 90 days or more58645030Nonaccrual loans to total loans.84 %1.16 %Allowance for loan losses to total loans1.521.61Additional informationPeriod end common stock price$ 238.01$ 193.9923Full-service domestic banking offices (3)911941-3Full-time equivalent employees21,66222,590-4(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.(2)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 herein.(3)In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.Financial Highlights, Five Quarter TrendThree Months EndedJune 30,March 31,December 31,September 30,June 30,(Dollars in millions, except per share, shares in thousands)20262026202520252025PerformanceNet income$ 818$ 664$ 759$ 792$ 716Net income available to common shareholders781620718754679Per common share:Basic earnings5.354.164.714.854.26Diluted earnings5.324.134.674.824.24Cash dividends1.501.501.501.501.35Common shares outstanding:Average - diluted146,758150,109153,712156,553160,005Period end144,933146,917151,840154,518156,532Return on (annualized):Average total assets1.51 %1.26 %1.41 %1.49 %1.37 %Average common shareholders' equity12.309.6710.8711.4510.39Taxable-equivalent net interest income$ 1,804$ 1,763$ 1,790$ 1,773$ 1,722Yield on average earning assets (1)5.40 %5.35 %5.47 %5.60 %5.51 %Cost of interest-bearing liabilities (1)2.362.322.522.722.71Net interest spread3.043.032.952.882.80Contribution of interest-free funds (1).66.67.75.81.82Net interest margin (1)3.703.703.703.693.62Net charge-offs to average total net loans (annualized).23.31.54.42.32Net operating results (2)Net operating income$ 823$ 671$ 767$ 798$ 724Diluted net operating earnings per common share5.354.184.724.874.28Return on (annualized):Average tangible assets1.59 %1.33 %1.49 %1.56 %1.44 %Average tangible common equity18.5714.5116.2417.1315.54Efficiency ratio52.858.355.153.655.2June 30,March 31,December 31,September 30,June 30,Loan quality20262026202520252025Nonaccrual loans$ 1,208$ 1,240$ 1,252$ 1,512$ 1,573Real estate and other foreclosed assets2327353730Total nonperforming assets$ 1,231$ 1,267$ 1,287$ 1,549$ 1,603Accruing loans past due 90 days or more$ 603$ 646$ 561$ 432$ 496Government guaranteed loans included in totals above:Nonaccrual loans7885837175Accruing loans past due 90 days or more586634543403450Nonaccrual loans to total loans.84 %.89 %.90 %1.10 %1.16 %Allowance for loan losses to total loans1.521.531.531.581.61Additional informationPeriod end common stock price$ 238.01$ 206.72$ 201.48$ 197.62$ 193.99Full-service domestic banking offices (3)911930942942941Full-time equivalent employees21,66221,86622,08022,38322,590(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.(2)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 herein.(3)In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.Condensed Consolidated Statement of IncomeThree Months EndedSix Months EndedJune 30,June 30,(Dollars in millions)20262025Change20262025ChangeInterest income$ 2,620$ 2,609— %$ 5,156$ 5,169— %Interest expense828896-81,6121,761-8Net interest income1,7921,71353,5443,4084Provision for credit losses120125-42602552Net interest income after provision for credit losses1,6721,58853,2843,1534Other incomeMortgage banking revenues127130-22542482Service charges on deposit accounts14413742832705Trust income19718293803596Brokerage services income353113706311Trading account and other non-hedgingderivative gains2212100362174Gain (loss) on bank investment securities2——6——Other revenues from operations2131911240033320Total other income74068381,4291,29410Other expenseSalaries and employee benefits82681321,7401,7002Equipment and net occupancy129130—262262—Outside data processing and software154138122982749Professional and other services898621821707FDIC assessments1822-214145-10Advertising and marketing2725848471Amortization of core deposit and otherintangible assets79-271622-27Other costs of operations99113-12200231-13Total other expense1,3491,33612,7872,7511Income before taxes1,063935141,9261,69614Income taxes2452191244439612Net income$ 818$ 71614 %$ 1,482$ 1,30014 %Condensed Consolidated Statement of Income, Five Quarter TrendThree Months EndedJune 30,March 31,December 31,September 30,June 30,(Dollars in millions)20262026202520252025Interest income$ 2,620$ 2,536$ 2,637$ 2,680$ 2,609Interest expense828784858919896Net interest income1,7921,7521,7791,7611,713Provision for credit losses120140125125125Net interest income after provision for credit losses1,6721,6121,6541,6361,588Other incomeMortgage banking revenues127127155147130Service charges on deposit accounts144139140141137Trust income197183184181182Brokerage services income3535343431Trading account and other non-hedging derivative gains2214191812Gain (loss) on bank investment securities2411—Other revenues from operations213187163230191Total other income740689696752683Other expenseSalaries and employee benefits826914809833813Equipment and net occupancy129133134129130Outside data processing and software154144146138138Professional and other services89931058186FDIC assessments1823(8)1322Advertising and marketing2721322325Amortization of core deposit and other intangible assets7910109Other costs of operations99101151136113Total other expense1,3491,4381,3791,3631,336Income before taxes1,0638639711,025935Income taxes245199212233219Net income$ 818$ 664$ 759$ 792$ 716Condensed Consolidated Balance SheetJune 30,(Dollars in millions)20262025ChangeASSETSCash and due from banks$ 1,939$ 2,128-9 %Interest-bearing deposits at banks15,49919,297-20Investment securities38,37435,5688Loans:Commercial and industrial66,14361,6607Real estate - commercial24,49224,567—Real estate - residential25,38424,1175Consumer27,17425,7725Total loans143,193136,1165Less: allowance for loan losses2,1762,197-1Net loans141,017133,9195Goodwill8,4658,465—Core deposit and other intangible assets4884-43Other assets13,91912,12315Total assets$ 219,261$ 211,5844 %LIABILITIES AND SHAREHOLDERS' EQUITYNoninterest-bearing deposits$ 48,295$ 47,4852 %Interest-bearing deposits120,590116,9683Total deposits168,885164,4533Short-term borrowings4,6142,071123Long-term borrowings13,56812,38010Accrued interest and other liabilities4,2484,1552Total liabilities191,315183,0595Shareholders' equity:Preferred2,4342,3942Common25,51226,131-2Total shareholders' equity27,94628,525-2Total liabilities and shareholders' equity$ 219,261$ 211,5844 %Condensed Consolidated Balance Sheet, Five Quarter TrendJune 30,March 31,December 31,September 30,June 30,(Dollars in millions)20262026202520252025ASSETSCash and due from banks$ 1,939$ 1,903$ 1,701$ 1,950$ 2,128Interest-bearing deposits at banks15,49914,44517,06816,75119,297Investment securities38,37438,62136,64936,86435,568Loans:Commercial and industrial66,14365,39163,54861,88761,660Real estate - commercial24,49223,34523,81924,04624,567Real estate - residential25,38424,85724,87424,66224,117Consumer27,17426,32126,46126,37925,772Total loans143,193139,914138,702136,974136,116Less: allowance for loan losses2,1762,1362,1162,1612,197Net loans141,017137,778136,586134,813133,919Goodwill8,4658,4658,4658,4658,465Core deposit and other intangible assets4855647484Other assets13,91913,46912,97712,36012,123Total assets$ 219,261$ 214,736$ 213,510$ 211,277$ 211,584LIABILITIES AND SHAREHOLDERS' EQUITYNoninterest-bearing deposits$ 48,295$ 45,892$ 46,509$ 44,994$ 47,485Interest-bearing deposits120,590117,849120,400118,432116,968Total deposits168,885163,741166,909163,426164,453Short-term borrowings4,6147,8512,1492,0592,071Long-term borrowings13,56811,17510,91112,92812,380Accrued interest and other liabilities4,2483,9974,3644,1364,155Total liabilities191,315186,764184,333182,549183,059Shareholders' equity:Preferred2,4342,4342,8342,3942,394Common25,51225,53826,34326,33426,131Total shareholders' equity27,94627,97229,17728,72828,525Total liabilities and shareholders' equity$ 219,261$ 214,736$ 213,510$ 211,277$ 211,584Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent RatesThree Months EndedChange in BalanceSix Months EndedJune 30,March 31,June 30,June 30, 2026 fromJune 30,Change202620262025March 31,June 30,20262025in(Dollars in millions)BalanceRateBalanceRateBalanceRate20262025BalanceRateBalance RateBalanceASSETSInterest-bearing deposits at banks$ 15,0613.72 %$ 16,2313.71 %$ 19,6984.47 %-7 %-24 %$ 15,6423.72 %$ 19,6974.48 %-21 %Investment securities (1) (2)38,7284.2937,8454.2235,3353.8021038,2894.2534,9093.8810Loans:Commercial and industrial66,0696.0063,8046.0061,0366.404864,9426.0061,0466.386Real estate - commercial (1)23,5536.2723,4966.1125,3336.40—-723,5256.1925,7946.32-9Real estate - residential25,0864.6424,8174.5623,6844.521624,9524.6023,4314.486Consumer26,7196.4626,3066.4825,3546.572526,5146.4724,8566.577Total loans (1)141,4275.89138,4235.85135,4076.1024139,9335.87135,1276.084Other (1)——953.49953.47-100-10047—963.47-51Total earning assets (1)195,2165.40192,5945.35190,5355.5112193,9115.38189,8295.512Goodwill8,4658,4658,465——8,4658,465—Core deposit and other intangible assets515989-13-425590-39Other assets12,80012,71011,17211512,75510,91217Total assets$ 216,532$ 213,828$ 210,2611 %3 %$ 215,186$ 209,2963 %LIABILITIES AND SHAREHOLDERS' EQUITYInterest-bearing depositsSavings and interest-checking deposits (1)$ 105,7521.81 %$ 106,5701.84 %$ 103,9342.24 %-1 %2 %$ 106,1591.82 %$ 102,7412.22 %3 %Time deposits (1)13,8083.0213,0593.0214,1713.486-313,4353.0214,1403.52-5Total interest-bearing deposits (1)119,5601.95119,6291.97118,1052.39—1119,5941.96116,8812.382Short-term borrowings8,0163.865,6953.863,3274.49411416,8623.863,1004.51121Long-term borrowings (1)12,7785.3311,0645.4110,9365.70151711,9265.3711,1095.647Total interest-bearing liabilities (1)140,3542.36136,3882.32132,3682.7136138,3822.35131,0902.706Noninterest-bearing deposits43,96444,54745,153-1-344,25445,294-2Other liabilities (1)4,2754,2454,074154,2594,0814Total liabilities188,593185,180181,59524186,895180,4654Shareholders' equity27,93928,64828,666-2-328,29128,831-2Total liabilities and shareholders' equity$ 216,532$ 213,828$ 210,2611 %3 %$ 215,186$ 209,2963 %Net interest spread (1)3.043.032.803.032.81Contribution of interest-free funds (1).66.67.82.67.83Net interest margin (1)3.70 %3.70 %3.62 %3.70 %3.64 %(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.(2)Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.Supplemental Information - Loan BalancesJune 30,March 31,December 31,September 30,June 30,(Dollars in millions)20262026202520252025Commercial and industrialCommercial and industrial excluding owner-occupied real estate by industry:Financial and insurance$ 13,852$ 13,545$ 12,794$ 12,084$ 12,138Services8,5598,2357,9107,6897,646Motor vehicle and recreational finance dealers6,9727,0697,1916,6376,502Manufacturing6,4076,4246,1126,2416,189Wholesale 4,3434,3594,3864,2464,246Transportation, communications, utilities4,2083,9373,8903,7553,807Retail3,3303,3163,0983,1143,079Construction2,4502,3112,2652,2062,275Health services1,7121,8411,8221,7801,879Real estate investors1,5261,6681,5791,5061,314Other1,4001,3651,3031,5681,377Total commercial and industrial excluding owner-occupied real estate54,75954,07052,35050,82650,452Owner-occupied real estate by industry:Services2,3622,3772,3682,3082,402Motor vehicle and recreational finance dealers2,1802,2172,2342,1622,239Retail1,9261,9161,8931,8251,808Health services1,4641,3351,2681,3201,313Wholesale1,0351,029978975951Manufacturing712727791783785Real estate investors607617616634630Other1,0981,1031,0501,0541,080Total owner-occupied real estate11,38411,32111,19811,06111,208Total commercial and industrial66,14365,39163,54861,88761,660Commercial real estatePermanent finance by property type:Apartments/Multifamily7,1246,6286,8376,5486,082Retail/Service4,2594,2374,1644,3204,435Industrial/Warehouse3,2762,4622,2972,1752,098Office3,1473,2823,4233,4873,720Hotel1,6651,7271,7431,7761,889Health Services1,5831,5071,5481,5541,669Other 180187180202262Total permanent21,23420,03020,19220,06220,155Construction/Development3,2583,3153,6273,9844,412Total commercial real estate24,49223,34523,81924,04624,567Residential real estateResidential real estate25,38424,85724,87424,66224,117ConsumerHome equity lines and loans4,8914,7964,8074,7304,634Recreational finance14,85614,14414,09214,15213,666Automobile4,9695,0165,1675,2235,260Other2,4582,3652,3952,2742,212Total consumer27,17426,32126,46126,37925,772Total loans$ 143,193$ 139,914$ 138,702$ 136,974$ 136,116Supplemental Information - Mortgage Banking ActivitiesThree Months EndedChangeSix Months EndedChangeJune 30,March 31,June 30,June 30,(Dollars in millions)20262026Amount%20262025Amount%Residential mortgage banking revenuesGains on loans originated for sale$ 7$ 8$ (1)-9 %$ 15$ 14$ 15 %Loan servicing:Loan servicing fees3332126570(5)-6Changes in fair value of mortgage loan servicing right assets, net of hedging activities(11)(13)215(24)—(24)—Loan sub-servicing and other fees676259129953435Total loan servicing898181017016553Total residential mortgage banking revenues$ 96$ 89$ 78 %$ 185$ 179$ 63 %New commitments to originate loans for sale$ 411$ 400$ 113 %$ 811$ 612$ 19933 %June 30,March 31,December 31,September 30,June 30,(Dollars in millions)20262026202520252025Balances at period endLoans held for sale$ 256$ 327$ 441$ 327$ 222Commitments to originate loans for sale258222224329248Commitments to sell loans467544645576407Capitalized mortgage loan servicing assets540542287305326Loans serviced for others35,25335,58635,87336,42136,952Loans sub-serviced for others183,599123,968156,938161,785157,608Total loans serviced for others$ 218,852$ 159,554$ 192,811$ 198,206$ 194,560Three Months EndedChangeSix Months EndedChangeJune 30,March 31,June 30,June 30,(Dollars in millions)20262026Amount%20262025Amount%Commercial mortgage banking revenuesGains on loans originated for sale$ 13$ 18$ (5)-28 %$ 31$ 30$ 13 %Loan servicing fees and other1820(2)-113839(1)—Total commercial mortgage banking revenues$ 31$ 38$ (7)-19 %$ 69$ 69$ —1 %Loans originated for sale to other investors$ 746$ 1,135$ (389)-34 %$ 1,881$ 2,087$ (206)-10 %June 30,March 31,December 31,September 30,June 30,(Dollars in millions)20262026202520252025Balances at period endLoans held for sale$ 259$ 359$ 484$ 278$ 361Commitments to originate loans for sale4855297731,074659Commitments to sell loans7409031,2531,2921,017Capitalized mortgage loan servicing assets136138132123124Loans serviced for others31,36830,93430,30928,95728,416Loans sub-serviced for others4,0724,1944,2314,2974,209Total loans serviced for others$ 35,440$ 35,128$ 34,540$ 33,254$ 32,625Supplemental Information - Other Revenues from OperationsThree Months EndedSix Months EndedJune 30,March 31,ChangeJune 30,June 30,Change(Dollars in millions)20262026Amount%20262025Amount%Letter of credit and other credit-related fees$ 55$ 54$ 1— %$ 109$ 107$ 22 %Merchant discount and credit card fees47416178889(1)-2Bank owned life insurance revenue201825383538Equipment operating lease income1111—12225(3)-12BLG income4733144380—80—Other33303116377(14)-17Total other revenues from operations$ 213$ 187$ 2614 %$ 400$ 333$ 6720 %Three Months EndedJune 30,March 31,December 31,September 30,June 30,(Dollars in millions)20262026202520252025Letter of credit and other credit-related fees$ 55$ 54$ 57$ 55$ 58Merchant discount and credit card fees4741465150Bank owned life insurance revenue2018192117Equipment operating lease income1111111214BLG income4733—20—Other3330307152Total other revenues from operations$ 213$ 187$ 163$ 230$ 191Supplemental Information - Interest Rate Swap Agreements(Dollars in billions)June 30, 2026September 30, 2026December 31, 2026March 31, 2027June 30, 2027September 30, 2027December 31, 2027Fair value hedges:Active$ 6.1$ 6.1$ 6.1$ 6.1$ 6.1$ 5.1$ 5.1Cash flow hedges:Active16.013.714.514.012.710.79.6Forward-starting10.25.04.22.0———Fair value hedges - weighted-average fixed rate:Active3.56 %3.56 %3.56 %3.56 %3.56 %3.66 %3.66 %Cash flow hedges - weighted-average fixed rate:Active3.823.623.623.603.643.633.57Forward-starting3.523.643.653.91———Reconciliation of Quarterly GAAP to Non-GAAP MeasuresThree Months EndedSix Months EndedJune 30,June 30,2026202520262025(Dollars in millions, except per share)Income statement dataNet incomeNet income$ 818$ 716$ 1,482$ 1,300Amortization of core deposit and other intangible assets (1)581218Net operating income$ 823$ 724$ 1,494$ 1,318Earnings per common shareDiluted earnings per common share$ 5.32$ 4.24$ 9.44$ 7.55Amortization of core deposit and other intangible assets (1).03.04.08.11Diluted net operating earnings per common share$ 5.35$ 4.28$ 9.52$ 7.66Other expenseOther expense$ 1,349$ 1,336$ 2,787$ 2,751Amortization of core deposit and other intangible assets(7)(9)(16)(22)Noninterest operating expense$ 1,342$ 1,327$ 2,771$ 2,729Efficiency ratioNoninterest operating expense (numerator)$ 1,342$ 1,327$ 2,771$ 2,729Taxable-equivalent net interest income$ 1,804$ 1,722$ 3,567$ 3,429Other income7406831,4291,294Less: Gain (loss) on bank investment securities2—6—Denominator$ 2,542$ 2,405$ 4,990$ 4,723Efficiency ratio52.8 %55.2 %55.5 %57.8 %Balance sheet dataAverage assetsAverage assets$ 216,532$ 210,261$ 215,186$ 209,296Goodwill(8,465)(8,465)(8,465)(8,465)Core deposit and other intangible assets(51)(89)(55)(90)Deferred taxes17261826Average tangible assets$ 208,033$ 201,733$ 206,684$ 200,767Average common equityAverage total equity$ 27,939$ 28,666$ 28,291$ 28,831Preferred stock(2,434)(2,394)(2,505)(2,394)Average common equity25,50526,27225,78626,437Goodwill(8,465)(8,465)(8,465)(8,465)Core deposit and other intangible assets(51)(89)(55)(90)Deferred taxes17261826Average tangible common equity$ 17,006$ 17,744$ 17,284$ 17,908At end of quarterTotal assetsTotal assets$ 219,261$ 211,584Goodwill(8,465)(8,465)Core deposit and other intangible assets(48)(84)Deferred taxes1725Total tangible assets$ 210,765$ 203,060Total common equityTotal equity$ 27,946$ 28,525Preferred stock(2,434)(2,394)Common equity25,51226,131Goodwill(8,465)(8,465)Core deposit and other intangible assets(48)(84)Deferred taxes1725Total tangible common equity$ 17,016$ 17,607(1)After any related tax effect.Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter TrendThree Months EndedJune 30,March 31,December 31,September 30,June 30,20262026202520252025(Dollars in millions, except per share)Income statement dataNet incomeNet income$ 818$ 664$ 759$ 792$ 716Amortization of core deposit and other intangible assets (1)57868Net operating income$ 823$ 671$ 767$ 798$ 724Earnings per common shareDiluted earnings per common share$ 5.32$ 4.13$ 4.67$ 4.82$ 4.24Amortization of core deposit and other intangible assets (1).03.05.05.05.04Diluted net operating earnings per common share$ 5.35$ 4.18$ 4.72$ 4.87$ 4.28Other expenseOther expense$ 1,349$ 1,438$ 1,379$ 1,363$ 1,336Amortization of core deposit and other intangible assets(7)(9)(10)(10)(9)Noninterest operating expense$ 1,342$ 1,429$ 1,369$ 1,353$ 1,327Efficiency ratioNoninterest operating expense (numerator)$ 1,342$ 1,429$ 1,369$ 1,353$ 1,327Taxable-equivalent net interest income$ 1,804$ 1,763$ 1,790$ 1,773$ 1,722Other income740689696752683Less: Gain (loss) on bank investment securities2411—Denominator$ 2,542$ 2,448$ 2,485$ 2,524$ 2,405Efficiency ratio52.8 %58.3 %55.1 %53.6 %55.2 %Balance sheet dataAverage assetsAverage assets$ 216,532$ 213,828$ 212,891$ 211,053$ 210,261Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)Core deposit and other intangible assets(51)(59)(69)(79)(89)Deferred taxes1719222426Average tangible assets$ 208,033$ 205,323$ 204,379$ 202,533$ 201,733Average common equityAverage total equity$ 27,939$ 28,648$ 28,970$ 28,583$ 28,666Preferred stock(2,434)(2,576)(2,691)(2,394)(2,394)Average common equity25,50526,07226,27926,18926,272Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)Core deposit and other intangible assets(51)(59)(69)(79)(89)Deferred taxes1719222426Average tangible common equity$ 17,006$ 17,567$ 17,767$ 17,669$ 17,744At end of quarterTotal assetsTotal assets$ 219,261$ 214,736$ 213,510$ 211,277$ 211,584Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)Core deposit and other intangible assets(48)(55)(64)(74)(84)Deferred taxes1718202325Total tangible assets$ 210,765$ 206,234$ 205,001$ 202,761$ 203,060Total common equityTotal equity$ 27,946$ 27,972$ 29,177$ 28,728$ 28,525Preferred stock(2,434)(2,434)(2,834)(2,394)(2,394)Common equity25,51225,53826,34326,33426,131Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)Core deposit and other intangible assets(48)(55)(64)(74)(84)Deferred taxes1718202325Total tangible common equity$ 17,016$ 17,036$ 17,834$ 17,818$ 17,607(1)After any related tax effect.