M&T Bank Corporation (MTB) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Jan 15, 2027 — estimated from last year’s reporting date.

Consensus is $5.00 EPS for Dec 2026 across 8 estimates, ranging $4.84 to $5.14.

MTB Sep 2026

Reported Oct 16, 2026 · before the open

: 2.01%

: $4.98
: $5.08
: —
: —

Highlights

EPS and earnings: Third-quarter GAAP diluted EPS was $5.04, versus $5.32 in Q2 and $4.82 a year earlier; operating diluted EPS of $5.08 beat the $4.98 consensus by 2.0%.
Loan growth: Average loans held for investment rose $2.6 billion, or 2%, sequentially to $143.3 billion, led by $1.6 billion of commercial real estate growth.
Net interest margin: Taxable-equivalent net interest income was nearly flat sequentially at $1.805 billion, while NIM fell 5 basis points to 3.65% as funding costs rose and nonaccrual interest income declined.
Deposit funding: Average deposits grew $3.3 billion to $166.8 billion, enabling M&T to reduce average short-term borrowings by $2.8 billion to $5.2 billion.
Credit: Provision for credit losses increased to $135 million from $120 million in Q2; annualized net charge-offs rose to 35 basis points from 23, while the allowance ratio eased to 1.51%.
Expenses: Noninterest expense increased 3% sequentially to $1.393 billion, including higher technology and professional-services spending; the efficiency ratio widened to 54.4% from 52.8%.
Fee income: Noninterest income edged up to $743 million, with mortgage banking revenue rising $25 million sequentially to $152 million, mainly on increased residential loan sub-servicing.
Capital and outlook: M&T repurchased $323 million of stock and estimated CET1 at 10.16%; Q4 guidance calls for $1.83–$1.85 billion in taxable-equivalent NII and a mid-3.60s NIM.

Analysis

M&T reported $5.04 of GAAP diluted EPS and $5.08 of operating EPS for Q3 2026. Operating EPS exceeded the $4.98 consensus by 2.0%, but was below $5.35 in Q2; GAAP EPS was also down from $5.32 sequentially, while both measures improved year over year from $4.82 and $4.87, respectively. Net income of $775 million declined from $818 million in Q2 and $792 million a year earlier. The quarter’s defining feature was solid balance-sheet growth: average loans increased $2.6 billion and average deposits rose $3.3 billion, funding a $2.8 billion reduction in short-term borrowings.

That growth did not translate into higher quarterly margin. Taxable-equivalent NII was essentially unchanged at $1.805 billion, but NIM slipped five basis points to 3.65% as deposit costs increased and lower interest income on nonaccrual loans offset growth and the extra day in the quarter. Fee income was broadly steady, with stronger mortgage servicing revenue offset by softer capital-markets and Bayview income. Credit remained comparatively contained, although charge-offs and provisions rose from Q2. Higher operating costs and provisions weighed on earnings; M&T also returned capital through $323 million of buybacks. Management expects Q4 NII of $1.83–$1.85 billion, mid-3.60s NIM and modest loan growth.

Loan and deposit growth

Loans: Average loans held for investment grew $2.6 billion, or 2%, from Q2 to $143.3 billion. CRE rose $1.6 billion to $24.9 billion, consumer loans increased $634 million to $27.3 billion, and residential real estate grew $367 million to $25.2 billion; C&I was essentially unchanged at $65.9 billion.
Deposits and funding: Average deposits increased $3.3 billion to $166.8 billion, including $3.5 billion of growth in interest-bearing deposits to $123.1 billion. Average short-term borrowings fell $2.8 billion to $5.2 billion, although total interest-bearing liability costs rose 8 basis points sequentially to 2.44%.
Forward view: Management expects average loans of $145–$146 billion and average deposits of $169–$170 billion in Q4, with growth across C&I, CRE and consumer. It described CRE growth as continuing, while noting higher rates could make projects harder to finance.

Net interest income

Quarterly trend: Taxable-equivalent NII was $1.805 billion, only $1 million above Q2. The additional calendar day and earning-asset growth were offset by lower interest income on nonaccrual loans and higher funding costs.
Margin and rates: NIM declined 5 basis points sequentially to 3.65%; the interest-bearing liability cost rose 8 basis points to 2.44%, while the average earning-asset yield increased 1 basis point to 5.41%. Year over year, taxable-equivalent NII increased 2% from $1.773 billion, but NIM was down 4 basis points from 3.69%.
Q4 outlook: Management expects taxable-equivalent NII of $1.83–$1.85 billion and NIM in the mid-3.60s, with its forecast incorporating one December rate hike. It cited upcoming repricing of securities and fixed-rate loans as potential support for later periods, without providing 2027 guidance.

Credit quality

Losses and provision: Net charge-offs were $127 million, or 35 basis points annualized, versus $80 million and 23 basis points in Q2; they were below the year-ago $146 million and 42 basis points. The provision rose to $135 million from $120 million sequentially and $125 million a year earlier.
Asset quality: Nonaccrual loans increased $90 million from Q2 to $1.298 billion, or 0.90% of loans, but remained below $1.512 billion and 1.11% a year earlier. Criticized loans rose $245 million to $6.1 billion, driven mainly by C&I; management said it expects criticized balances overall to trend slightly lower near term, while allowing for some rate-related pressure.
Reserves: The allowance for loan losses was $2.179 billion, equal to 1.51% of loans, down 2 basis points sequentially and 8 basis points year over year. Management expects Q4 net charge-offs of 35–40 basis points.

Fees and expenses

Fee income: Noninterest income increased $3 million sequentially to $743 million. Mortgage banking revenue rose $25 million to $152 million, mainly as residential sub-servicing fees benefited from additional balances added in June; capital-markets and advisory revenue fell $9 million to $32 million, and other operating revenue declined $10 million, including a lower Bayview distribution.
Cost growth: Noninterest expense rose $44 million, or 3%, sequentially to $1.393 billion. Outside data processing and software increased $19 million and professional and other services rose $8 million, reflecting technology investment and enterprise initiatives; salaries increased $6 million, partly due to an additional working day.
Efficiency: The reported efficiency ratio increased to 54.4% from 52.8% in Q2, though it improved to 55.1% for the first nine months of 2026 from 56.3% in the comparable 2025 period. Q4 expense guidance is $1.39–$1.41 billion.

Capital and returns

Capital position: Estimated CET1 was 10.16%, down 3 basis points sequentially, reflecting loan growth and buybacks partly offset by capital generation. M&T transferred $8.3 billion of residential mortgage-backed securities from available-for-sale to held-to-maturity; accumulated other comprehensive income declined $588 million during the quarter as rates rose.
Shareholder returns: The company repurchased 1.3 million shares for $323 million, down from $465 million in Q2. It declared a $1.50 common dividend per share, and management expects to operate within a 10%–10.25% CET1 range for the rest of the year.
Returns: GAAP return on average assets was 1.40% and return on average common equity was 11.44%. On an operating basis, return on tangible assets was 1.47% and return on tangible common equity was 17.29%.

M&T Bank Corporation

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