M&T Bank: Solid 2Q: CRE Inflection, Broad-Based Loan Growth, Fee Strength Bright Spots; 2H Fee Slowdown Implied

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M&T Bank: Solid 2Q: CRE Inflection, Broad-Based Loan Growth, Fee Strength Bright Spots; 2H Fee Slowdown Implied

J P M O R G A N North America Equity Research

16 July 2026

M&T Bank Neutral

MTB, MTB US

Solid 2Q: CRE Inflection, Broad-Based Loan Growth, Price (15 Jul 26):$248.53

Fee Strength Bright Spots; 2H Fee Slowdown Implied Price Target (Dec-26):$251.50

M&T posted good 2Q EPS of $5.32. The positive surprise was the extent of the Banks — Large-Cap

ACpositive inflection of CRE this quarter, which returned to sizable growth after many Andrew J Dietrich

quarters of decline, as well as good growth in C&I across middle market, business (1-212) 622-4244

banking, and specialty verticals. Despite the stronger loan momentum, M&T aj.dietrich@jpmorgan.com

maintained its full-year 2026 NII outlook, reflecting some incremental margin Vivek Juneja

pressure. M&T signaled willingness to give up a bit of NIM and buybacks for (1-212) 622-6465

balance sheet growth, neither of which is inherently negative in our view. M&T has vivek.juneja@jpmorgan.com

an industry-leading NIM and balance sheet growth has been a challenge, and Sai M Nettem

optimizing somewhat for growth over margin would be positive if it drove faster (1-212) 622-2666

sai.nettem@jpmorgan.com

EPS growth. Fee income remains a bright spot, with broad-based momentum in J.P. Morgan Securities LLC

several businesses, plus another sizable BLG distribution, driving M&T to raise its

full-year fee income outlook. However, the guide implies a very sharp slowdown

in growth in 2H even after excluding all BLG distributions, which seems Key Changes (FYE Dec)

conservative in our view. Credit quality trends continued to improve with criticized Prev Cur Δ

loans down for a 9th consecutive quarter. Adj. EPS - 26E ($) 18.65 19.32 3.6%