M&T Bank (MTB) Q3 2026 earnings summary

Executive summary

• Q3 net income was $775m and diluted EPS was $5.04; net income fell 2% YoY and 5% QoQ.

• Average loans grew $2.6b QoQ and deposits rose $3.3b, supporting lending growth and reducing reliance on short-term borrowings.

• Operating net income was $780m, operating EPS was $5.08, and operating ROTCE was 17.29%.

Financial highlights

• Revenue was $2.536b, up 1% YoY; GAAP net interest income was $1.793b and taxable-equivalent NII was $1.805b, both up 2% YoY.

• Noninterest income was $743m, down 1% YoY; mortgage banking revenue rose $25m QoQ to $152m, while capital markets and advisory fell $9m to $32m.

• Noninterest expense was $1.393b, up 2% YoY and 3% QoQ; higher technology and professional-services costs contributed to the increase.

• Notable items included a $28m pretax earnout payment tied to the 2023 CIT business sale and an $8m FDIC special assessment.

• Nine-month net income rose 8% YoY to $2.257b and diluted EPS increased 17% to $14.48.

Outlook and guidance

• Q4 taxable-equivalent NII guidance is $1.83b–$1.85b, with NIM expected in the mid-3.60s; the forecast assumes one additional rate increase in Q4.

• Q4 average loans, including loans held for sale, are guided to $145b–$146b and deposits to $169b–$170b; loan growth is expected across C&I, CRE and consumer.

• Q4 fee income guidance is $710m–$730m, GAAP expenses including intangible amortization are $1.39b–$1.41b, and net charge-offs are expected at 35–40 bps.

• CET1 is expected at 10.0%–10.25% through year-end; 17% operating ROTCE remains an attainable but challenging 2027 objective.

• CRE growth expectations were mid-single digit, plus or minus; higher rates could temper overall loan demand in 2027.