M&T Bank Corp at Barclays Global Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Your kind of franchise spans Northeast New England and M-Atlantic from maybe a branch presence and obviously several businesses on a national scale. Maybe just kind of updates in terms of what you're hearing and seeing from your customers.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And then I guess when we think about M&T, you've been in kind of slower markets, while many of your peers are kind of focused on building a presence in higher-growth markets. Maybe just kind of talk to kind of your confidence in your strategic direction.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And maybe I guess maybe the best start kind of against that backdrop, maybe just running through the income statement. Starting on net interest income, kind of 1Q, 2Q call as you kind of tempered your outlook. Look at the slides last night, it slightly tempered your outlook. Again, maybe just talk a little bit on kind of what's driving those changes.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. Maybe put up the first ARS question. I guess maybe kind of delve a little bit more into loan growth. I guess, earlier in the year, C&I was an area of strength. Looking at -- obviously, with the C&I is a pretty broad term. But maybe within that, where you're seeing strength, where is the potential weakness and maybe your outlook there?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And then if we could put up the next ARS question, but we'll get to that answer in a bit. But maybe shifting to CRE, you kind of talked about the -- maybe taking a little bit longer to bottom out. You've also kind of mentioned it's maybe a bit more competitive than you would have thought. Maybe just kind of talk to when do you think that book could start to grow again? What areas of it do you want to grow and opportunities.

Question: Jason Goldberg - Barclays Services Corp - Analyst : And then just lastly, on the consumer side, recreational finance and direct auto were pretty strong in the first half of the year. I'm not sure if tariff played a role. But maybe is your outlook for those consumers?

Question: Jason Goldberg - Barclays Services Corp - Analyst : And maybe just shift gears to the deposit side of the house in terms of just what you're seeing in terms of mix balances and maybe just rate paid, the Fed is likely going to cut 25 basis points, how do you think about deposit beta and the outlook for year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 1:45PM, MTB.N - M&T Bank Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess, we historically thought of M&T as fairly asset-sensitive bank. I feel like it's a different balance sheet construct today. Maybe just address that and what is the ideal environment for you?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. Okay. So mid to high 360s for this year and then you're thinking low 370s for next year.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Make sense. And I guess as kind of tying that kind of the whole discussion together so far, you're obviously putting together your 2026 budget. As you think about kind of NII growth, maybe kind of what are some of the puts and takes and kind of considerations. And look on the screen, that's kind of buy-side consensus forecast for NII growth for next year.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Makes sense. Maybe turning to fee income. One of the takeaways from the deck last light was potentially exceeding the top end of the range. So maybe just kind of what are the areas of strength and kind of what's driving that outperformance.

Question: Jason Goldberg - Barclays Services Corp - Analyst : Helpful. And maybe the next ARS question as we shift to expenses. I guess, Daryl, you kind of talked to upper end, if not above your kind of fee income guide. Yes, also talking to the lower end expense guide. So most banks where they're kind of seeing up fee income outperformance, you're kind of seeing expense go higher to support that. You kind of able to maintain your kind of expense all on the lower end. Maybe just kind of talk to the philosophy and the ability to do that.

Question: Jason Goldberg - Barclays Services Corp - Analyst : So I guess when you kind of plan the 2026 budget, which I know you're looking forward to is like 3% to baseline number you start with. And just -- I know you've talked in the past about several kind of big projects that I assume were expensive that I imagine kind of coming to completion on just how does that inform that figure?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Helpful. And then maybe shifting gears to credit quality. We've seen criticized classified loans kind of continue to come down for several quartile. Maybe just talk to in terms of a on in general, and then we can kind of delve into deeper and to stuff.

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess getting, I guess, criticized loans under 6%. I guess how does that kind of inform your view of kind of the allowance for reserves and can we see on provision like? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 1:45PM, MTB.N - M&T Bank Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : And then maybe shifting gears to capital deployment. I mean, last quarter, I think it was over $1 billion of stock repurchase, which was a [1.1] a big number from what we've seen in the prior quarters you got a nice dividend bump over the summer -- just maybe talk to just how you're thinking about deploying the capital you're generating.

Question: Jason Goldberg - Barclays Services Corp - Analyst : So, I guess, we had you in London and May kind of mentioned for the first time, 10% could be the number. Is that like a year-end 2026 target? Or how are we thinking about that?

Question: Jason Goldberg - Barclays Services Corp - Analyst : You mentioned you found the bank to buy and it's yourself. But it does feel like the regulatory construct has improved. There seems to be a pickup in activity. M&T has historically been a very good acquirer and it's some is an acquirer of choice. Just how do you think about the current landscape with respect to inorganic growth?

Question: Jason Goldberg - Barclays Services Corp - Analyst : I guess earlier, you talked about some of the systems work you're doing were on those projects. Is that preclude you from doing something near term or you could do both at the same time?

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. And then you mentioned kind of the easing of a regulatory M&A environment. Just maybe talk to other pockets to be the regulatory changes or supervisory changes that you're seeing that maybe makes your life a little bit easier. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 1:45PM, MTB.N - M&T Bank Corp at Barclays Global Financial Services Conference

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. Any questions from the audience, we could put up the last ASR question. I've got to put this up when we're talking about acquisitions. But any questions for the audience? Just go ahead and I'll. Unidentified Participant (technical difficulty) To generalize, I'd say, regional banks apart from we're in the late stages of rebuilding , whereas the biggest banks have a lot of excess capital, bringing it down, and it's just going to accelerate with deregulation. Doesn't that mean that you think that the biggest banks are going to compete hard on price compared to the regional banks? .

Question: Jason Goldberg - Barclays Services Corp - Analyst : Got it. I guess, Daryl, I'll give you the last -- word here. But I looked at your slide deck last night. And on many, many metrics, M&T seems to be outperforming the peer group kind of one, three, five, you can kind of pick your time frame, I look at the stock, it's kind of underperformed the bank index. So maybe just talk to what do you think is driving that? What do you think is kind of misunderstood about the bank?