M&T BANK CORP MTB
M&T is a New York business corporation that has elected to be treated as an FHC under the BHCA and is a BHC under Article III-A of the New York Banking Law. M&T was incorporated in November 1969. At December 31, 2025, M&T had two wholly-owned bank subsidiaries: M&T Bank and Wilmington Trust, N.A. The banks collectively offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers. The Company had consolidated total assets of $213.5 billion, deposits of $166.9 billion and shareholders' equity of $29.2 billion at December 31, 2025. The principal executive offices of M&T and M&T Bank are located in Buffalo, New York.
M&T Bank is a banking corporation that is incorporated under the laws of the State of New York. M&T Bank is a member of the Federal Reserve System and the FHLB System, and its deposits are insured by the FDIC through its DIF up to applicable limits. M&T acquired all of the issued and outstanding shares of the capital stock of M&T Bank in December 1969. The stock of M&T Bank represents a major asset of M&T. M&T Bank operates under a charter granted by the State of New York in 1892, and the continuity of its banking business is traced to the organization of Manufacturers and Traders Bank in 1856. M&T Bank provides banking products and services through a domestic banking office and ATM network located throughout New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia and the District of Columbia. As a commercial bank, M&T Bank offers a broad range of financial services to a diverse base of consumers, businesses, professional clients, governmental entities and financial institutions located in its markets. Lending is generally focused on consumers residing in areas where M&T Bank maintains banking offices, and on small and medium-size businesses based in those areas, although loans are originated through offices in other states and in Ontario, Canada. M&T Bank and certain of its subsidiaries also offer commercial mortgage loans secured by income producing properties or properties used by borrowers in a trade or business. Additional financial services are provided through other operating subsidiaries of M&T Bank including M&T Realty Capital which engages in multifamily commercial real estate lending and provides loan servicing to purchasers of the loans it originates, and LEAF Commercial Capital Inc. and M&T Equipment Finance Corp. which provide equipment leasing and financing services. Trust and other fiduciary services are offered by M&T Bank and through its wholly-owned subsidiary, Wilmington Trust Company. At December 31, 2025, M&T Bank and its subsidiaries represented over 99% of the consolidated assets of the Company.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.66B | $1.54B | $1.48B | $1.52B | $5.99B | $5.95B | $6.19B | $5.93B | $5.63B | $5.30B |
| Interest expense | $6.95B | $6.85B | $7.12B | $5.82B | $114.0M | $326.4M | $749.3M | $526.4M | $386.8M | $426.0M |
| Pre-tax income | $3.69B | $3.31B | $3.62B | $2.61B | $2.46B | $1.77B | $2.55B | $2.51B | $2.32B | $2.06B |
| Income tax | $841.0M | $722.0M | $878.0M | $620.0M | $596.0M | $416.4M | $618.1M | $590.2M | $915.6M | $743.3M |
| Net income | $2.85B | $2.59B | $2.74B | $1.99B | $1.86B | $1.35B | $1.93B | $1.92B | $1.41B | $1.32B |
| EPS, basic | 17.10 | 14.71 | 15.85 | 11.59 | 13.81 | 9.94 | 13.76 | 12.75 | 8.72 | 7.80 |
| EPS, diluted | 17.00 | 14.64 | 15.79 | 11.53 | 13.80 | 9.94 | 13.75 | 12.74 | 8.70 | 7.78 |
| Shares, diluted (wtd. avg.) | $158.8M | $167.3M | $167.0M | $164.0M | $128.8M | $128.7M | $134.5M | $144.2M | $152.6M | $157.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.77B | $20.78B | $29.80B | $26.48B | $1.34B | $1.55B | $1.44B | $1.61B | $1.42B | $1.32B |
| Property, plant and equipment | $1.63B | $1.71B | $1.74B | $1.65B | $1.14B | $1.16B | $1.14B | $647.4M | $646.5M | $675.3M |
| Goodwill | $8.46B | $8.46B | $8.46B | $8.49B | $4.59B | $4.59B | $4.59B | $4.59B | $4.59B | $4.59B |
| Other intangibles | $64.0M | $94.0M | $147.0M | $209.0M | $4.0M | $14.2M | $29.0M | $47.1M | $71.6M | $97.7M |
| Total assets | $213.51B | $208.10B | $208.26B | $200.73B | $155.11B | $142.60B | $119.87B | $120.10B | $118.59B | $123.45B |
| Short-term debt | $2.15B | $1.06B | $5.32B | $3.56B | $47.0M | $59.5M | $62.4M | $4.40B | $175.1M | $163.4M |
| Long-term debt | $10.91B | $12.61B | $8.20B | $3.96B | $3.49B | $4.38B | $6.99B | $8.44B | $8.14B | $9.49B |
| Total liabilities | $184.33B | $179.08B | $181.31B | $175.41B | $137.20B | $126.41B | $104.16B | $104.64B | $102.34B | $106.96B |
| Retained earnings | $20.88B | $19.08B | $17.52B | $15.75B | $14.65B | $13.44B | $12.82B | $11.52B | $10.16B | $9.22B |
| Total equity | $29.18B | $29.03B | $26.96B | $25.32B | $17.90B | $16.19B | $15.72B | $15.46B | $16.25B | $16.49B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.00B | $3.61B | $3.90B | $4.57B | $2.71B | $789.2M | $2.36B | $2.09B | $2.78B | $1.18B |
| Depreciation and amortisation | $323.0M | $316.0M | $304.0M | $282.0M | — | — | — | — | — | — |
| Capital expenditure | — | — | $256.0M | $214.0M | $149.0M | $172.0M | $178.0M | $98.0M | $79.0M | $108.0M |
| Investing cash flow | -$6.82B | -$9.75B | -$4.76B | $16.59B | -$13.63B | -$22.02B | $727.0M | -$1.41B | $3.39B | -$720.8M |
| Financing cash flow | $1.80B | -$2.88B | $4.18B | -$20.98B | $10.70B | $21.35B | -$3.25B | -$495.2M | -$6.08B | -$510.1M |
| Dividends paid | $899.0M | $895.0M | $868.0M | $784.0M | $580.0M | $568.1M | $552.1M | $510.4M | $457.4M | $441.9M |
| Buybacks | $2.63B | $396.0M | $594.0M | $1.80B | — | $373.8M | $1.35B | $2.19B | $1.21B | $641.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000036270-26-000010.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |
| ALLY | Ally Financial Inc. | $13.30B | 18.5x | 3.8% |