2Q‘26 Earnings: Solid Loan Growth w/ CRE Inflection; Stable Deposit Costs

Research evidence excerpt

2Q‘26 Earnings: Solid Loan Growth w/ CRE Inflection; Stable Deposit Costs

USA | Large-Cap & Mid-Cap Banks

M&T Bank Corp EquityJulyResearch15, 2026

TARGET CHANGE2Q'26 Earnings: Solid Loan Growth w/ CRE

RATING BUYInflection; Stable Deposit Costs

PRICE $241.85^

MTB posted a solid quarter and raised FY26 loan growth and fee income

guidance. NIM was stable Q/Q at 3.70% and modestly above our estimate PRICE TARGET | % TO PT $300.00 ($275.00) | +24%

and consensus. Despite ongoing concerns around deposit pricing headwinds, 52W HIGH-LOW $246.48 - $174.76

interest bearing deposit costs declined 2 bp Q/Q and total cost of deposits FLOAT (%) | ADV MM (USD) 100.7% | 274.90

declined 1 bp Q/Q. Loan growth was a clear positive, with broad-based MARKET CAP $35.1B

expansion across portfolios, and CRE balances appear to have reached their TICKER MTB ^Prior trading day's closing price unless otherwise

long-awaited inflection point. noted.

Key trends. Core EPS of $5.32 beat both our ($4.66) and consensus ($4.68) estimates, and core FY (Dec) CHANGE TO JEFe JEF vs CONS

PPNR of $1.2 bn was above our and consensus estimates of $1.1 bn. Fee income exceeded 2026 2027 2026 2027

our expectations, driven in part by a $47 million distribution from BLG (Bayview) and continued EPS* +1% NM +1% NM

strength in trust revenues, while expenses came in below forecast. Deposit trends were mixed, with

REV* <1% NM NM NM

avg balances below expectations but strong EOP growth across both IB and NIB deposits, with

management expecting deposit momentum to build in the back half of the year. Credit quality also

2026 ($) Q1A Q2A Q3 Q4 FY

improved broadly, supported by lower net charge-offs, NPAs, and criticized loans.

REV* 2,441.0 2,532.0 2,511.6 2,532.6 10,017.2