M&T Bank Corporation

M&T Bank Corp is a bank holding company (a parent company that owns banks) based in Buffalo, New York. Its roots go back to Manufacturers and Traders Bank, founded in 1856. At December 31, 2025, it had $213.5 billion in assets and $166.9 billion in deposits. Its main bank, M&T Bank, held over 99% of those assets. It serves consumers, businesses and governments through branches from Maine to Virginia and West Virginia, plus Washington, D.C. A much smaller bank, Wilmington Trust, N.A., offers institutional and wealth management services.

Most of M&T's revenue comes from net interest income. That is the gap between the interest it earns on loans and investments and the interest it pays on deposits and borrowings. In 2025, net interest income was about $6.9 billion of $9.7 billion in revenue. The other $2.7 billion was noninterest income, such as fees for trust and wealth management services. Lending focuses on consumers and small and mid-size businesses near its branches. It also makes commercial property loans, lends on apartment buildings through M&T Realty Capital, and offers equipment leasing.

By segment, the Retail Bank produced 50.2% of 2025 revenue, the Commercial Bank 30.4%, Institutional Services and Wealth Management 16.1%, and other activities 3.2%. International activities make up less than 1% of assets and revenue.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.53B, up 5.7% from a year earlier, and net income was $818.0M (+14.2%).
• For fiscal 2025, revenue was $9.69B (+4.4% year over year; +10.2% a year from FY2020 to FY2025) with a 29.4% net margin.

• Over FY2021–FY2025: $5.42B in buybacks and $4.03B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +5.2% a year over 5 years (FY2020–FY2025).
• Dividends took 31.5% of earnings in the latest fiscal year.
• Shares outstanding changed +12.2% from Oct 29, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

M&T Bank’s market value went from $24.25B at the end of 2016 to $32.41B on Nov 2, 2026, up 34%; since the end of 2025 it is up 5%.

Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 13 sales ($13.1M), 7 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in MTB

1. Tied to one region's economy. M&T's branches and most of its consumer and small-business lending are in the Northeast and Mid-Atlantic. A slowdown there could hurt loan quality and growth more than at a lender spread nationwide.
2. Profits swing with interest rates. About $6.9 billion of M&T's $9.7 billion in 2025 revenue came from the gap between interest earned and interest paid. Federal Reserve rate moves, which M&T cannot control, can squeeze that gap.
3. Loan losses if borrowers struggle. M&T had $141 billion in loans as of June 30, 2026. If consumers, businesses or commercial property owners fall behind on payments, it must set aside more for losses, which cuts profits.
4. Deposits could cost more to keep. Deposits were $168.9 billion as of June 30, 2026, and they are M&T's main source of funding. If customers move money for better rates, M&T may have to pay more or borrow at higher cost.
5. Fed stress tests can limit payouts. M&T has over $100 billion in assets, so it faces Fed stress tests (simulated severe recessions) and capital rules. Poor results or tougher requirements could limit its dividends and buybacks.
6. Acquisitions can be hard to complete. M&T reviews possible acquisitions from time to time and plans to keep doing so. Regulators may delay or block deals, and combining operations can cost more or deliver less than expected.

• Oct 16, 2026 Quarterly results released; Investor presentation or announcement
• Sep 28, 2026 Investor presentation or announcement
• Sep 22, 2026 Other company announcement
• Sep 14, 2026 Investor presentation or announcement
• Jul 21, 2026 Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
• Jul 15, 2026 Quarterly results released; Investor presentation or announcement
• Jun 16, 2026 Executive or board change
• May 1, 2026 Investor presentation or announcement
• Apr 23, 2026 Shareholder vote results
• Apr 20, 2026 Other company announcement

M&T has raised its dividend per share for at least 9 consecutive years through 2025, and the true streak may be longer. Dividends rose from about $4.41 a share in 2020 to $5.70 in 2025, about 5.2% a year. Dividends paid took 31.5% of 2025 net income. The yield was 2.72% as of October 28, 2026. From 2021 to 2025, M&T spent $5.4 billion buying back its own shares, more than the $4.0 billion it paid in dividends. Even so, shares outstanding rose 12.2% between October 2021 and July 2026. Federal Reserve stress tests can limit both kinds of payout.

M&T's shares dropped 69.7% in the 2008 financial crisis and took about 42 months from their low to recover. They fell 47.6% in the 2020 COVID crash and recovered about 13 months after the low. In 2022 they slipped 18% but recovered within about a month. A single stock carries more risk than a diversified fund.