M & T Bank Corp

Record profitability + broad-based earnings strength (good; “best ever”) - GAAP diluted EPS: $5.32 (vs $4.13 prior quarter) = highest quarterly diluted EPS in M&T history. - Net income: $818MM (vs $664MM). - ROA / ROCE: 1.51% / 12.3%. - ROA/operating: Net operating income $823MM; diluted operating EPS $5.35; ROTA/ROTCE 1.59% / 18.57%. - NII momentum: Highest quarterly NII since 2023; also record fee income excluding notable prior-period items.

Strong loan growth and stable margin; likely mild NII/NIM pressure later (surprising/important) - Net interest margin (NIM): 3.70%, unchanged quarter-over-quarter; taxable-equivalent NII $1.8B (+$41MM / +2%). - Loan growth: Average loans +$3B to $141.4B; drivers were: - Commercial loans +$2.3B to $66B (middle market utilization up; more “permanent” loans; multiple specialty businesses grew). - CRE loans +$57MM to $23.6B with strong origination; end-of-period CRE +$1.1B since March to $24.5B (multifamily + industrial). - Residential mortgage +1% to $25.1B; consumer +2% to $26.7B (HELOC/recreational finance). - Loan yields: +4 bps to 5.89% (notably helped by higher CRE yields and some non-accrual-related interest). - Guidance implies potential NII softness mid-year cadence: they guided for NII in the lower half of $7.2B–$7.35B, suggesting some modest compression vs early-year level, even though loan growth is accelerating.

Asset quality improved; credit costs contained (good) - Net charge-offs: 23 bps (vs 31 bps prior quarter); $80MM. - Criticized loans: down $0.7B; ninth consecutive quarterly decline. - Non-accrual loans: down 3% to $1.2B; non-accrual ratio 84 bps. - Provision for credit losses: $120MM while net charge-offs were $80MM (so allowance still being built, but deterioration remains limited). - Full-year expectation raised/updated: net charge-offs now expected at ~37 bps for the year (credit remains a bright spot).