01—Abstract
Summary
Summary of the 10-Q filed August 4, 2026. Cited figures are marked; the original filing is the authoritative source.
M&T Bank Corporation reported net income of $818 milliona for the second quarter of 2026, up from $716 million in the second quarter of 2025, and net income of $1.48 billion for the six months ended June 30, 2026, compared with $1.30 billion a year earlier.
Diluted earnings per common share were $5.32b for the quarter and $9.44 for the six months. Net interest income rose to $1.79 billion for the quarter, and total other income reached $740 million. The company's net interest margin was 3.70% in both the second quarter and first quarter of 2026.
Total assets grew to $219.26 billionc at June 30, 2026, from $213.51 billion at December 31, 2025, with loans increasing to $143.19 billion. Nonaccrual loans declined to $1.21 billion from $1.25 billion at year-end 2025. The company's results in the period were supported by a change in accounting for residential mortgage loan servicing rights, which it elected to measure at fair value effective January 1, 2026.
This election increased capitalized servicing assets by $263 milliond and raised retained earnings by $197 million after tax. Share repurchases remained significant, with 7.6 million common shares repurchased for $1.71 billion in the first six months of 2026, and a new $5.0 billion repurchase authorization was approved on March 30, 2026. Preferred stock was reduced by the redemption of Series G shares for $400 million, and the company issued new subordinated and senior notes during the period.
M&T reported a CET1 capital ratio of 10.19% and a total capital ratio of 13.73% at June 30, 2026. Wilmington Trust, N.A. faces a civil complaint related to Tricolor Holdings, LLC asset-backed securitization transactions, and the company stated it cannot estimate potential liability from that matter, though it does not expect it to be material to its financial position.
02—Key points
Key Highlights
- Net income of $818 million in Q2 2026 versus $716 million in Q2 2025; six-month net income of $1.48 billion versus $1.30 billion.
- Diluted earnings per common share of $5.32 for Q2 2026 and $9.44 for the six months ended June 30, 2026.
- Net interest margin of 3.70% in both Q2 2026 and Q1 2026; six-month margin of 3.70% versus 3.64% a year earlier.
- Total assets of $219.26 billion and loans of $143.19 billion at June 30, 2026.
- Share repurchases of $1.71 billion for the first six months of 2026, under a new $5.0 billion authorization approved March 30, 2026.
- CET1 capital ratio of 10.19% and total capital ratio of 13.73% at June 30, 2026.
- Wilmington Trust, N.A. named in a civil complaint related to Tricolor Holdings, LLC; the company does not expect a material financial effect at June 30, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 4, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $442.00M$417.00M | +6.0% |
| Net Income | $818.00M$716.00M | +14.2% |
| EPS (Basic) | $5.35$4.26 | +25.6% |
| EPS (Diluted) | $5.32$4.24 | +25.5% |
| Shares Outstanding (Basic) | 145.89M159.22M | −8.4% |
| Shares Outstanding (Diluted) | 146.76M160.00M | −8.3% |
05—Questions
Frequently Asked Questions
What drove the increase in net income in the second quarter of 2026?
Net income rose $154 million from the first quarter of 2026 to $818 million, reflecting a $41 million increase in taxable-equivalent net interest income (including an additional calendar day), a $51 million increase in other income driven by a $47 million BLG distribution and higher trust income, and an $89 million decrease in other expense that reflected seasonal first-quarter compensation costs. The provision for credit losses also declined $20 million.
How did the change in accounting for residential mortgage servicing rights affect results?
Effective January 1, 2026, M&T elected to measure residential mortgage loan servicing right assets at fair value, with changes reflected in mortgage banking revenues. Amortization previously recorded in other costs of operations is no longer recorded. The election increased capitalized servicing assets by $263 million and retained earnings by $197 million after tax, a CET1 ratio increase of 8 basis points on the election date.
What is the status of the company's capital and share repurchases?
At June 30, 2026, M&T's CET1 ratio was 10.19% and total capital ratio was 13.73%, against regulatory minimums of 4.50% and 8.00%, respectively, exclusive of buffers. During the second quarter, M&T repurchased 2.1 million shares for $465 million. The company redeemed all 40,000 Series G preferred shares for $400 million on February 1, 2026, and issued 60,000 shares of Series L preferred stock in July 2026.
What credit quality trends are reported?
Nonaccrual loans were $1.21 billion at June 30, 2026, down from $1.25 billion at December 31, 2025 and $1.57 billion at June 30, 2025. The allowance for loan losses was $2.18 billion, or 1.52% of total loans. Net charge-offs were $80 million in the second quarter of 2026, or an annualized 0.23% of average loans, compared with $105 million in the first quarter of 2026.
What legal matter does the company disclose?
Wilmington Trust, N.A., a subsidiary, faces a civil complaint filed January 12, 2026 by certain note holders over alleged breaches of contract and fiduciary duty related to Tricolor Holdings, LLC asset-backed securitizations. Wilmington Trust filed a motion to dismiss on July 14, 2026. The company states it may incur losses but cannot estimate potential liability at this time, and does not expect losses to be material to its financial position at June 30, 2026.
06—Continue