M&T Bank Q3 2026: EPS $5.04 (+4.6%) as Buybacks Offset Flat Profit

M&T Bank Corporation (NYSE: MTB), the Buffalo regional, reported third-quarter 2026 net income of $775 million — down 2.1% from $792 million a year ago — yet diluted earnings per share rose 4.6% to $5.04 from $4.82, because the diluted share count shrank 7.3% to 145.2 million. Operating EPS of $5.08 excluded $7 million of intangible amortization. Net interest income grew 1.8% to $1,793 million ($1,805 million taxable-equivalent) as interest expense fell 4.9% to $874 million while interest income held nearly flat at $2,667 million; the margin printed 3.65%, down 4 basis points from a year ago. Other income slipped 1.2% to $743 million — trust up 6.0% to $230 million and mortgage up 3.4% to $152 million, offset by other revenues down 24.1% to $85 million — and the $1.50 quarterly dividend held flat.

Credit improved on every line that matters: the provision was $135 million, up 8.0% year over year but against net charge-offs annualizing just 0.35% (down from 0.42%), nonaccrual loans fell 14.1% to $1,298 million, and the allowance eased to 1.51% of loans from 1.59%. Expenses grew 2.2% to $1,393 million — salaries flat at $832 million while outside data processing jumped 25.4% to $173 million — nudging the efficiency ratio to 54.4% from 53.6%. Pretax income of $1,008 million slipped 1.6% after a flat $233 million tax provision. Capital kept returning through the buyback: the CET1 ratio ended at 10.16% versus 10.99% a year ago, branches fell 4% to 906 and headcount 4% to 21,562, and the stock closed the quarter at $217.60, up 10.1% year over year.

The Headline Numbers​

* Balance-sheet figures as of September 30, 2026 versus December 31, 2025; CET1 a year ago is September 30, 2025.

Nine-month net income to common of $2,133 million is up 7.7% year over year, with diluted EPS of $14.48 up 17.3% from $12.34 on the shrunken share count. Loans grew $7,121 million year-to-date to $144,756 million — commercial and industrial up $2,967 million, commercial real estate up $2,226 million — funded less by deposits (up just $601 million to $167,510 million, with noninterest-bearing down $1,690 million) than by borrowings: short-term borrowings nearly tripled to $6,373 million (up $4,224 million) and long-term borrowings rose $2,737 million to $13,648 million. Total equity slipped $1,018 million to $28,159 million as buybacks outran retained earnings, while preferred stock rose $183 million to $3,017 million.

Five years in the ledger: People's United, then the grind​

The ledger runs FY2021–FY2025 plus this quarter. Total revenue compounded from $5,992 million to $9,690 million, with the step change in FY2022 when the People's United acquisition closed: goodwill nearly doubled from $4,593 million to $8,490 million, loans jumped $38,937 million, and $3,331 million of treasury stock was reissued for the deal. Three artifacts reward a look: FY2021's provision is a $(75) million recapture; FY2023's other expense carries the $315 million FDIC special assessment; and FY2025 is the record year on every line — revenue $9,690 million, net interest income $6,948 million, net income to common $2,699 million, diluted EPS $17.00 — with treasury stock doubling to $(4,917) million as buybacks accelerated. The diluted share count tells the compounding story in one line: 158.8 million for FY2025, 145.2 million this quarter. Every annual income statement and balance sheet, plus this quarter's 8-K statements, is modeled as examinable Beancount below.

Sources​

• Q3 2026 earnings release (Form 8-K, October 16, 2026)
• Form 10-K for fiscal year 2025
• Form 10-K for fiscal year 2022