MTB US S&P 500Russell 1000 Earnings call
M&T Bank (MTB) · Q3 2026 results and valuation
Share price: $220.19 · 2026-11-11
M&T is a New York business corporation that provides retail and commercial banking, wealth management, trust, and institutional services. The company operates through its bank subsidiaries to serve a diverse customer base. Source: 10-K annual report (2026-02-18)
Results Q3 2026 vs Q2 2026 · previous quarter · published 16 Oct 2026 and 15 Jul 2026
Management sounded restrained, in its script and in answers to analysts.
1 · Numbers
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Figures not yet filed
Outlook given
2 · How management spoke
Restrained
Less upbeat than 68% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
M&T Bank transferred $8.3 billion of residential mortgage-backed securities from available for sale to held to maturity to focus on capital generation and preservation.
Valuation
Is M&T Bank undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 2.8% growth a year (3-year revenue growth), the model's fair value is $261.14 a share — the stock trades 16% below it. Today's price assumes 0.4% growth a year.
Current price
$220.19
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+0.4% for 10 yrs
Fair value / share
$261.14
Buy below
$195.86
Price vs fair value
Undervalued 16%
Price vs buy-below price
Overvalued 12%
Read between the lines
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Guidance
Net interest margin was 3.65%, down 5 basis points from the prior quarter, reflecting the same factors that impacted net interest income.
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Guidance
MTB expects taxable equivalent NII to be $1.83 billion-$1.85 billion and interest margin to be in the mid-3.60s.
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Figure
Diluted GAAP earnings per share fell to $5.04 from $5.32 in the prior quarter.
Source quote
“Diluted GAAP earnings per share were $5.04 compared to $5.32 in the prior quarter.”
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Figure
Year-to-date net operating earnings per share increased 17% from the same period in 2025.
Source quote
“We also continue to grow earnings per share with year-to-date net operating earnings per share increasing 17% from the same period in 2025.”
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Key theme
Net charge-offs for the fourth quarter are expected to be 35-40 basis points.
4 more
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Figure
M&T Bank's focus on capital generation and preservation is also reflected in its decision to transfer $8.3 billion of residential mortgage-backed securities from available for sale to held to maturity.
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Figure
Deposit growth reduced the company's reliance on borrowings, with average short-term borrowing decreasing by $2.8 billion-$5.2 billion.
Source quote
“Importantly, the deposit growth allowed us to reduce our reliance on borrowings, with average short-term borrowing decreasing by $2.8 billion-$5.2 billion.”
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Figure
Deposit costs increased by 10 basis points quarter-over-quarter compared to the previous quarter.
Source quote
“Our deposit costs were up 10 basis points quarter-over-quarter.”
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Guidance
Management expressed optimism regarding the outlook for net interest income and net interest margin for the upcoming period.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Loan growth remains solid and deposit growth more than funded the increase, allowing us to reduce our reliance on short-term borrowings while maintaining strong net interest margin.”
“Capital markets and advisory decreased $9 million-$32 million from lower interest rate swap transactions with commercial customers and lower loan syndication activity.”
“We have a long track record of credit outperforming through all economic cycles while growing within the markets we serve.”
Full figures
Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- M&T Bank will hold its own, and I'm sure it will have good loan growth and still continue to perform really well...
- Cautionary statements about this information are included in today's earnings release materials and in the investor presentation, as well…
- M&T Bank is seeing AI help automate, augment, and reinvent work across the bank.
- Strong performance in this space
- He runs M&T Bank's CRE space, and him and his team have worked really hard to start growing its CRE portfolio...
Faded since Q2 2026
- Dropped M&T Bank also expanded its work with the Spanish government and the ICEX to help support and connect international life science...
- Dropped Only it gets to the worst case of what the asset would have been if you put it on individually,...
- Fading When you look at the June numbers and what M&T Bank put on the books, it is set to have really strong...
- Fading M&T Bank is launching new products in CRE that will take advantage of that.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure · SEC 8-K
M&T Bank Corporation announced its results of operations for the quarter ended September 30, 2026, on October 16, 2026.
- Regulation FD disclosure · SEC 8-K
M&T Bank Corporation reported net income of $1.482 billion for the six months ended June 30, 2026, compared to $1.300 billion for the same period in 2025.
- Other events · SEC 8-K
M&T Bank Corporation filed a Form 8-K on September 22, 2026, regarding other events related to its common stock and various series of preferred stock.
- Regulation FD disclosure · SEC 8-K
M&T Bank Corporation posted an investor presentation on September 14, 2026, containing forward-looking statements and non-GAAP financial measures.
- Change to shareholder rights; Articles or bylaws amended; Other events · SEC 8-K
M&T Bank Corporation filed a certificate of amendment on July 17, 2026, to modify the rights, preferences, and privileges of its security holders.
- Results of operations; Regulation FD disclosure · SEC 8-K
M&T Bank Corporation announced its results of operations for the quarter ended June 30, 2026, on July 15, 2026.
- Director or officer change · SEC 8-K
M&T Bank Corporation elected Jerry Jacobs Jr., the chief executive officer of Delaware North, to its Board of Directors and the Board of M&T Bank effective June 16, 2026.
- Regulation FD disclosure · SEC 8-K
M&T Bank Corporation posted an investor presentation on May 1, 2026, containing forward-looking statements and non-GAAP financial measures.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-21.
Cash & runway
Cash & equivalents
$1.94B
2026-06-30
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -8.4% YoY, -2.2% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 166.7M |
| Q1 2025 | 164.2M |
| Q2 2025 | 159.2M |
| Q3 2025 | 155.6M |
| Q1 2026 | 149.2M |
| Q2 2026 | 145.9M |
Shares outstanding: 144.4M (2026-07-31)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 60 filings; 50 filings parsed.
Sold by insiders
88.6K shares
$20.5M · 18 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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fourth quarter
taxable equivalent NII and interest margin
Source quote
“We expect taxable equivalent NII to be $1.83 billion-$1.85 billion and interest margin to be in the mid-3.60s.”
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December
rate hike
Source quote
“Our forecast reflects one rate hike in December.”
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fourth quarter
loan growth
Source quote
“We expect modest loan growth with average loans of $145 billion-$146 billion in growth in C&I, CRE, and consumer.”
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fourth quarter
average deposits
Source quote
“Average deposits are expected to increase to $169 billion-$170 billion with continued focus on growing customer deposits at a reasonable cost.”
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fourth quarter
non-interest income
Source quote
“Our outlook for the fourth quarter non-interest income is $710 million-$730 million, reflecting stable to modest growth across most fee income categories, except for other revenues from operations, given the benefit of Bayview distribution in the third quarter.”