MTB - 2Q26 Call - 4 TruTakes

研报英文原文证据摘录

MTB - 2Q26 Call - 4 TruTakes

Truist Securities

Equity Research Report July 15, 2026

FINANCIALS: Regional Banks M&T Bank Corporation (MTB)

MTB - 2Q26 Call - 4 TruTakes Brian Foran

212-303-4146

Brian.Foran@truist.com

The theme of M&T's call was a willingness to give a little on the margin and buybacks to

drive more balance sheet growth. The near term commentary probably leads to flat to slightly

Erin Kim down revisions to 3Q/4Q numbers, with then the debate being whether the improved growth 212-303-4151

Erin.Kim@truist.com leads to upside to both EPS and the multiple in 2027 and beyond. For now it all has the

stock bouncing around flat after being up +2% on the initial print.

NIM: The NIM is currently 3.70%, and they are willing to let that drift lower to drive growth.

Current Price (Jul. 14, $241.85 They see the full year in the high 3.60s. Analysts probed on the exit run-rate and into 2027, 2026)

they seemed to point to it staying above 3.65%, there was one reference to as low as 3.60%,

Stock Rating HOLD but then a clarification of that being a multi-year range. Either way consensus is 3.69% for

Unchanged the next several quarters so that will slip a bit. Against that, the question will be how much

scope there is to take balance sheet growth up - there was no commentary on 2027 and

Price Target $230.00 beyond, but the general tone was positive on business momentum and consensus next year

Unchanged has loan growth at 4% and earning asset growth at 3%.

LOANS: They see another strong 3Q for CRE based on "a very robust pipeline" spanning

every property type except office. With the Basel rule changes, they are also going to dip

4 Page Document their toe into SSFA structures in CRE and launched a new CRE warehouse product as well.