Exhibit 99.1
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News Release
 One M&T Plaza, Buffalo, NY 14203July 15, 2026
M&T Bank Corporation (NYSE:MTB) announces second quarter 2026 results
M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $818 million or $5.32 of diluted earnings per common share.
(Dollars in millions, except per share data)2Q261Q262Q25
Earnings Highlights
Net interest income$1,792 $1,752 $1,713 
Taxable-equivalent adjustment12 11 9 
Net interest income - taxable-equivalent1,804 1,763 1,722 
Provision for credit losses120 140 125 
Noninterest income740 689 683 
Noninterest expense1,349 1,438 1,336 
Net income818 664 716 
Net income available to common shareholders - diluted781 620 679 
Diluted earnings per common share5.32 4.13 4.24 
Return on average assets - annualized1.51 %1.26 %1.37 %
Return on average common shareholders' equity - annualized12.30 9.67 10.39 
Average Balance Sheet
Total assets$216,532 $213,828 $210,261 
Interest-bearing deposits at banks15,061 16,231 19,698 
Investment securities38,728 37,845 35,335 
Loans141,427 138,423 135,407 
Deposits (1)163,524 164,176 163,258 
Borrowings20,794 16,759 14,263 
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin (1)3.70 %3.70 %3.62 %
Efficiency ratio (2)52.8 58.3 55.2 
Net charge-offs to average total loans - annualized.23 .31 .32 
Allowance for loan losses to total loans1.52 1.53 1.61 
Nonaccrual loans to total loans.84 .89 1.16 
Common equity Tier 1 ("CET1") capital ratio (3)10.19 10.33 10.99 
Common shareholders' equity per share$176.03 $173.82 $166.94 
(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized
taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to
conform to the current presentation.
(2) A reconciliation of non-GAAP measures is included in the tables that accompany this release.
(3) CET1 capital ratio at June 30, 2026 is estimated.
Financial Highlights
•Taxable-equivalent net interest income increased $41 million in the recent quarter as compared with the first quarter of 2026 reflecting an additional day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The net interest margin remained at 3.70%.
•A $3.0 billion increase in average loan balances in the recent quarter spanned all loan categories including $2.3 billion of growth in average commercial and industrial loans. Commercial real estate loans at June 30, 2026 increased $1.1 billion from March 31, 2026.
•Noninterest income in the recent quarter reflects a higher distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), an increase in trust income and a rise in revenues from interest rate swap agreements entered into for commercial customers.
•The decline in noninterest expense reflects seasonal salaries and employee benefits expense recognized in the first quarter of 2026.
•The allowance for loan losses as a percent of total loans declined 1 basis point to 1.52% at June 30, 2026.
•In the recent quarter, M&T repurchased 2.1 million shares of its common stock at a total cost of $465 million. M&T's CET1 capital ratio is estimated to be 10.19% at June 30, 2026.
Chief Financial Officer Commentary
"M&T generated record earnings per share in the second quarter, reflecting strong contributions from our commercial, retail and institutional services and wealth management businesses. These results reflect the enduring strength of our franchise and the dedication of our employees to making a meaningful difference in the lives of our customers and communities. I want to thank my M&T colleagues. As a result of their commitment, M&T continues to create lasting value for everyone we serve."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:
Investor Relations: Rajiv Ranjan716.842.5138
                               Steve Wendelboe716.842.5138
Media Relations: Frank Lentini 929.651.0447

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Second Quarter 2026 Results
 Non-GAAP Measures (1)
(Dollars in millions, except per share data)2Q261Q26Change 2Q26 vs. 1Q262Q25Change 2Q26 vs. 2Q25
Net operating income$823 $671 23 %$724 14 %
Diluted net operating earnings per common share5.35 4.18 28 4.28 25 
Annualized return on average tangible assets1.59 %1.33 %1.44 %
Annualized return on average tangible common equity18.57 14.51 15.54 
Efficiency ratio52.8 58.3 55.2 
Tangible equity per common share$117.41 $115.96 1 $112.48 4 

(1)A reconciliation of non-GAAP measures is included in the tables that accompany this release.
M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.

 Taxable-equivalent Net Interest Income (1)
(Dollars in millions)2Q261Q26Change 2Q26 vs. 1Q262Q25Change 2Q26 vs. 2Q25
Average earning assets$195,216 $192,594 1 %$190,535 2 %
Average interest-bearing liabilities (2)140,354 136,388 3 132,368 6 
Net interest income - taxable-equivalent1,804 1,763 2 1,722 5 
Yield on average earning assets (2)5.40 %5.35 %5.51 %
Cost of interest-bearing liabilities (2)2.36 2.32 2.71 
Net interest spread3.04 3.03 2.80 
Net interest margin (2)3.70 3.70 3.62 

(1)Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table on page 15.
(2)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
Taxable-equivalent net interest income increased $41 million, or 2%, compared with the first quarter of 2026 reflecting an additional calendar day, higher interest income from nonaccrual loans and growth in average loans in the recent quarter. Taxable-equivalent net interest income increased $82 million, or 5%, as compared with the year-earlier second quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements.

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Second Quarter 2026 Results
 Average Earning Assets
(Dollars in millions)2Q261Q26Change 2Q26 vs. 1Q262Q25Change 2Q26 vs. 2Q25
Interest-bearing deposits at banks$15,061 $16,231 -7 %$19,698 -24 %
Investment securities38,728 37,845 2 35,335 10 
Loans (1)
Commercial and industrial66,069 63,804 4 61,036 8 
Real estate - commercial23,553 23,496 — 25,333 -7 
Real estate - residential25,086 24,817 1 23,684 6 
Consumer26,719 26,306 2 25,354 5 
Total loans141,427 138,423 2 135,407 4 
Other — 95 -100 95 -100 
Total earning assets$195,216 $192,594 1 $190,535 2 

(1)Supplemental information on loan balances is included in the accompanying table on page 16.

Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities predominantly in the immediately preceding quarter. The increase in average loans reflected broad-based growth in average commercial and industrial loan balances of $2.3 billion and higher average commercial real estate loan balances of $57 million, average residential real estate loan balances of $269 million and average consumer loan balances of $413 million.
Average earning assets increased $4.7 billion from the second quarter of 2025. Average interest-bearing deposits at banks decreased $4.6 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $5.0 billion, including growth in loans spanning most industry types, residential real estate loans of $1.4 billion and consumer loans of $1.4 billion. Those increases were partially offset by a $1.8 billion decline in average commercial real estate loan balances, reflecting payoffs.

 Average Interest-bearing Liabilities
(Dollars in millions)2Q261Q26Change 2Q26 vs. 1Q262Q25Change 2Q26 vs. 2Q25
Interest-bearing deposits
Savings and interest-checking deposits (1)$105,752 $106,570 -1 %$103,934 2 %
Time deposits (1)13,808 13,059 6 14,171 -3 
Total interest-bearing deposits (1)119,560 119,629 — 118,105 1 
Short-term borrowings8,016 5,695 41 3,327 141 
Long-term borrowings12,778 11,064 15 10,936 17 
Total interest-bearing liabilities (1)$140,354 $136,388 3 $132,368 6 

(1)In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

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Second Quarter 2026 Results
Average interest-bearing liabilities in the recent quarter rose $4.0 billion from the first quarter of 2026 reflecting an increase in average short-term borrowings from the FHLB of New York and average long-term borrowings from issuances of senior notes and securitizations.
Average interest-bearing liabilities increased $8.0 billion from the second quarter of 2025 reflecting growth in average savings and interest-checking deposits of $1.8 billion and higher average short-term borrowings from the FHLB of New York and long-term borrowings from issuances of senior notes and securitizations.

Provision for Credit Losses/Asset Quality
(Dollars in millions)2Q261Q26Change
2Q26 vs. 1Q26		2Q25Change
2Q26 vs. 2Q25
At end of quarter
Nonaccrual loans$1,208 $1,240 -3 %$1,573 -23 %
Real estate and other foreclosed assets23 27 -14 30 -25 
Total nonperforming assets1,231 1,267 -3 1,603 -23 
Accruing loans past due 90 days or more (1)603 646 -7 496 22 
Nonaccrual loans as % of loans outstanding.84 %.89 %1.16 %
Allowance for loan losses$2,176 $2,136 2 $2,197 -1 
Allowance for loan losses as % of loans outstanding1.52 %1.53 %1.61 %
Reserve for unfunded credit commitments$95 $95 — $80 19 
For the period
Provision for loan losses$120 $125 -4 $105 14 
Provision for unfunded credit commitments— 15 -100 20 -100 
Total provision for credit losses120 140 -14 125 -4 
Net charge-offs80 105 -23 108 -26 
Net charge-offs as % of average loans (annualized).23 %.31 %.32 %

(1)Predominantly government-guaranteed residential real estate loans.
The provision for credit losses was $120 million in the second quarter of 2026 as compared with $140 million in the immediately preceding quarter and $125 million in the second quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.52% at June 30, 2026 and 1.53% at March 31, 2026, improved from 1.61% at June 30, 2025. That improvement reflects lower levels of criticized loans.
Nonaccrual loans were $1.2 billion at each of June 30, 2026 and March 31, 2026, compared with $1.6 billion at June 30, 2025. The lower level of nonaccrual loans at June 30, 2026 and March 31, 2026 as compared with June 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.
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Second Quarter 2026 Results
 Noninterest Income
(Dollars in millions)2Q261Q26Change 2Q26 vs. 1Q262Q25Change 2Q26 vs. 2Q25
Mortgage banking revenues (1)$127 $127 — %$130 -2 %
Service charges on deposit accounts144 139 4 137 4 
Trust income197 183 8 182 9 
Brokerage services income35 35 2 31 13 
Trading account and other non-hedging derivative gains22 14 61 12 100 
Gain (loss) on bank investment securities2 4 -57 — — 
Other revenues from operations (2)213 187 14 191 12 
Total $740 $689 8 $683 8 

(1)Supplemental information on mortgage banking activities is included in the accompanying table on page 17.
(2)Supplemental information on other revenues from operations is included in the accompanying table on page 18.
Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead beginning in 2026, fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.

Noninterest income in the second quarter of 2026 increased $51 million, or 8%, from 2026's first quarter.
•Trust income rose $14 million reflecting higher revenues from the Company's institutional services and wealth management businesses, including seasonal tax service fees.
•Trading account and other non-hedging derivative gains increased $8 million reflecting higher revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $26 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees.
Noninterest income rose $57 million, or 8%, as compared with the second quarter of 2025.
•Service charges on deposit accounts increased $7 million reflecting higher commercial and consumer service charges.
•Trust income rose $15 million reflecting higher revenues from the Company's institutional services and wealth management businesses.
•Trading account and other non-hedging derivative gains increased $10 million reflecting higher revenues from interest rate swap transactions with commercial customers.
•Other revenues from operations increased $22 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025.

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Second Quarter 2026 Results
 Noninterest Expense
(Dollars in millions)2Q261Q26Change 2Q26 vs. 1Q262Q25Change 2Q26 vs. 2Q25
Salaries and employee benefits$826 $914 -10 %$813 2 %
Equipment and net occupancy129 133 -2 130 — 
Outside data processing and software154 144 8 138 12 
Professional and other services89 93 -5 86 2 
FDIC assessments18 23 -27 22 -21 
Advertising and marketing27 21 31 25 8 
Amortization of core deposit and other intangible assets7 9 -26 9 -27 
Other costs of operations99 101 -2 113 -12 
Total $1,349 $1,438 -6 $1,336 1 
Noninterest expense declined $89 million, or 6%, from the first quarter of 2026.
•Salaries and employee benefits expense decreased $88 million reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 and lower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases and an additional working day in the recent quarter.
•Outside data processing and software costs increased $10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
Noninterest expense increased $13 million, or 1%, from the second quarter of 2025.
•Salaries and employee benefits expense increased $13 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels in the recent quarter.
•Outside data processing and software costs rose $16 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems.
•Other costs of operations decreased $14 million reflecting the amortization associated with residential mortgage loan servicing right assets in the second quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan.

Income Taxes
The Company's effective income tax rate was 23.1% in the second quarter of 2026, compared with 23.0% and 23.4% in the first quarter of 2026 and the second quarter of 2025, respectively.





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Second Quarter 2026 Results
Capital and Liquidity
2Q261Q262Q25
CET110.19 %(1)10.33 %10.99 %
Tier 1 capital11.64 (1)11.81 12.50 
Total capital13.72 (1)13.61 13.96 
Tangible capital – common8.07 8.26 8.67 

(1)Capital ratios at June 30, 2026 are estimated.
M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $220 million and $35 million, respectively, for the quarter ended June 30, 2026. M&T's current stress capital buffer is 2.7%.
M&T repurchased shares of its common stock at a cost of $465 million during the recent quarter, compared with $1.25 billion and $1.08 billion in the first quarter of 2026 and the second quarter of 2025, respectively.
The CET1 capital ratio for M&T was estimated at 10.19% as of June 30, 2026. M&T's total risk-weighted assets at June 30, 2026 are estimated to be $167.9 billion. Reflecting loan growth and share repurchase activity in the recent quarter, M&T's tangible common equity to tangible asset ratio at June 30, 2026 decreased 19 basis points from March 31, 2026 and 60 basis points from June 30, 2025.
While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on June 30, 2026 was 106%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ226. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday July 22, 2026, by calling (800) 695-2533 or (402) 530-9029 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.

About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.











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Second Quarter 2026 Results
Forward-Looking Statements
This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.
Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.
Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.
While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.
These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.
M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.
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Second Quarter 2026 Results
Financial Highlights
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in millions, except per share, shares in thousands)20262025Change20262025Change
Performance
Net income$818 $716 14 %$1,482 $1,300 14 %
Net income available to common shareholders781 679 15 1,401 1,226 14 
Per common share:
Basic earnings5.35 4.26 26 9.49 7.58 25 
Diluted earnings5.32 4.24 25 9.44 7.55 25 
Cash dividends1.50 1.35 11 3.00 2.70 11 
Common shares outstanding:
Average - diluted146,758 160,005 -8 148,424 162,511 -9 
Period end144,933 156,532 -7 144,933 156,532 -7 
Return on (annualized):
Average total assets1.51 %1.37 %1.39 %1.25 %
Average common shareholders' equity12.30 10.39 10.98 9.37 
Taxable-equivalent net interest income$1,804 $1,722 5 $3,567 $3,429 4 
Yield on average earning assets (1)5.40 %5.51 %5.38 %5.51 %
Cost of interest-bearing liabilities (1)2.36 2.71 2.35 2.70 
Net interest spread (1)3.04 2.80 3.03 2.81 
Contribution of interest-free funds (1).66 .82 .67 .83 
Net interest margin3.70 3.62 3.70 3.64 
Net charge-offs to average total net loans (annualized).23 .32 .27 .33 
Net operating results (2)
Net operating income$823 $724 14 $1,494 $1,318 13 
Diluted net operating earnings per common share5.35 4.28 25 9.52 7.66 24 
Return on (annualized):
Average tangible assets1.59 %1.44 %1.46 %1.32 %
Average tangible common equity18.57 15.54 16.52 14.03 
Efficiency ratio52.8 55.2 55.5 57.8 
At June 30,
Loan quality20262025Change
Nonaccrual loans$1,208 $1,573 -23 %
Real estate and other foreclosed assets23 30 -25 
Total nonperforming assets$1,231 $1,603 -23 
Accruing loans past due 90 days or more$603 $496 22 
Government guaranteed loans included in totals above:
Nonaccrual loans$78 $75 4 
Accruing loans past due 90 days or more586 450 30 
Nonaccrual loans to total loans.84 %1.16 %
Allowance for loan losses to total loans1.52 1.61 
Additional information
Period end common stock price$238.01 $193.99 23 
Full-service domestic banking offices (3)911 941 -3 
Full-time equivalent employees21,662 22,590 -4 

(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
(2) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net operating income appear on page 19.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.

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Second Quarter 2026 Results
Financial Highlights, Five Quarter Trend
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(Dollars in millions, except per share, shares in thousands)20262026202520252025
Performance
Net income$818 $664 $759 $792 $716 
Net income available to common shareholders781 620 718 754 679 
Per common share:
Basic earnings5.35 4.16 4.71 4.85 4.26 
Diluted earnings5.32 4.13 4.67 4.82 4.24 
Cash dividends1.50 1.50 1.50 1.50 1.35 
Common shares outstanding:
Average - diluted146,758 150,109 153,712 156,553 160,005 
Period end144,933 146,917 151,840 154,518 156,532 
Return on (annualized):
Average total assets1.51 %1.26 %1.41 %1.49 %1.37 %
Average common shareholders' equity12.30 9.67 10.87 11.45 10.39 
Taxable-equivalent net interest income$1,804 $1,763 $1,790 $1,773 $1,722 
Yield on average earning assets (1)5.40 %5.35 %5.47 %5.60 %5.51 %
Cost of interest-bearing liabilities (1)2.36 2.32 2.52 2.72 2.71 
Net interest spread3.04 3.03 2.95 2.88 2.80 
Contribution of interest-free funds (1).66 .67 .75 .81 .82 
Net interest margin (1)3.70 3.70 3.70 3.69 3.62 
Net charge-offs to average total net loans (annualized).23 .31 .54 .42 .32 
Net operating results (2)
Net operating income$823 $671 $767 $798 $724 
Diluted net operating earnings per common share5.35 4.18 4.72 4.87 4.28 
Return on (annualized):
Average tangible assets1.59 %1.33 %1.49 %1.56 %1.44 %
Average tangible common equity18.57 14.51 16.24 17.13 15.54 
Efficiency ratio52.8 58.3 55.1 53.6 55.2 
June 30,March 31,December 31,September 30,June 30,
Loan quality20262026202520252025
Nonaccrual loans$1,208 $1,240 $1,252 $1,512 $1,573 
Real estate and other foreclosed assets23 27 35 37 30 
Total nonperforming assets$1,231 $1,267 $1,287 $1,549 $1,603 
Accruing loans past due 90 days or more$603 $646 $561 $432 $496 
Government guaranteed loans included in totals above:
Nonaccrual loans78 85 83 71 75 
Accruing loans past due 90 days or more586 634 543 403 450 
Nonaccrual loans to total loans.84 %.89 %.90 %1.10 %1.16 %
Allowance for loan losses to total loans1.52 1.53 1.53 1.58 1.61 
Additional information
Period end common stock price$238.01 $206.72 $201.48 $197.62 $193.99 
Full-service domestic banking offices (3)911 930 942 942 941 
Full-time equivalent employees21,662 21,866 22,080 22,383 22,590 

(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
(2) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net
of applicable income tax effects. Reconciliations of net income with net operating income appear on page 20.
(3) In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.

10
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Second Quarter 2026 Results
Condensed Consolidated Statement of Income
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in millions)20262025Change20262025Change
Interest income$2,620 $2,609 — %$5,156 $5,169 — %
Interest expense828 896 -8 1,612 1,761 -8 
Net interest income1,792 1,713 5 3,544 3,408 4 
Provision for credit losses120 125 -4 260 255 2 
Net interest income after provision for credit losses1,672 1,588 5 3,284 3,153 4 
Other income
Mortgage banking revenues127 130 -2 254 248 2 
Service charges on deposit accounts144 137 4 283 270 5 
Trust income197 182 9 380 359 6 
Brokerage services income35 31 13 70 63 11 
Trading account and other non-hedging
derivative gains		22 12 100 36 21 74 
Gain (loss) on bank investment securities2 — — 6 — — 
Other revenues from operations213 191 12 400 333 20 
Total other income740 683 8 1,429 1,294 10 
Other expense
Salaries and employee benefits826 813 2 1,740 1,700 2 
Equipment and net occupancy129 130 — 262 262 — 
Outside data processing and software154 138 12 298 274 9 
Professional and other services89 86 2 182 170 7 
FDIC assessments18 22 -21 41 45 -10 
Advertising and marketing27 25 8 48 47 1 
Amortization of core deposit and other
intangible assets		7 9 -27 16 22 -27 
Other costs of operations99 113 -12 200 231 -13 
Total other expense1,349 1,336 1 2,787 2,751 1 
Income before taxes1,063 935 14 1,926 1,696 14 
Income taxes245 219 12 444 396 12 
Net income$818 $716 14 %$1,482 $1,300 14 %

11
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Second Quarter 2026 Results
Condensed Consolidated Statement of Income, Five Quarter Trend
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(Dollars in millions)20262026202520252025
Interest income$2,620 $2,536 $2,637 $2,680 $2,609 
Interest expense828 784 858 919 896 
Net interest income1,792 1,752 1,779 1,761 1,713 
Provision for credit losses120 140 125 125 125 
Net interest income after provision for credit losses1,672 1,612 1,654 1,636 1,588 
Other income
Mortgage banking revenues127 127 155 147 130 
Service charges on deposit accounts144 139 140 141 137 
Trust income197 183 184 181 182 
Brokerage services income35 35 34 34 31 
Trading account and other non-hedging
derivative gains		22 14 19 18 12 
Gain (loss) on bank investment securities2 4 1 1 — 
Other revenues from operations213 187 163 230 191 
Total other income740 689 696 752 683 
Other expense
Salaries and employee benefits826 914 809 833 813 
Equipment and net occupancy129 133 134 129 130 
Outside data processing and software154 144 146 138 138 
Professional and other services89 93 105 81 86 
FDIC assessments18 23 (8)13 22 
Advertising and marketing27 21 32 23 25 
Amortization of core deposit and other
intangible assets		7 9 10 10 9 
Other costs of operations99 101 151 136 113 
Total other expense1,349 1,438 1,379 1,363 1,336 
Income before taxes1,063 863 971 1,025 935 
Income taxes245 199 212 233 219 
Net income$818 $664 $759 $792 $716 

12
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Second Quarter 2026 Results
Condensed Consolidated Balance Sheet
June 30,
(Dollars in millions)20262025Change
ASSETS
Cash and due from banks$1,939 $2,128 -9 %
Interest-bearing deposits at banks15,499 19,297 -20 
Investment securities38,374 35,568 8 
Loans:
Commercial and industrial66,143 61,660 7 
Real estate - commercial24,492 24,567 — 
Real estate - residential25,384 24,117 5 
Consumer27,174 25,772 5 
Total loans143,193 136,116 5 
Less: allowance for loan losses2,176 2,197 -1 
Net loans141,017 133,919 5 
Goodwill8,465 8,465 — 
Core deposit and other intangible assets48 84 -43 
Other assets13,919 12,123 15 
Total assets$219,261 $211,584 4 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$48,295 $47,485 2 %
Interest-bearing deposits120,590 116,968 3 
Total deposits168,885 164,453 3 
Short-term borrowings4,614 2,071 123 
Long-term borrowings13,568 12,380 10 
Accrued interest and other liabilities4,248 4,155 2 
Total liabilities191,315 183,059 5 
Shareholders' equity:
Preferred2,434 2,394 2 
Common25,512 26,131 -2 
Total shareholders' equity27,946 28,525 -2 
Total liabilities and shareholders' equity$219,261 $211,584 4 %
13
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Second Quarter 2026 Results
Condensed Consolidated Balance Sheet, Five Quarter Trend
June 30,March 31,December 31,September 30,June 30,
(Dollars in millions)20262026202520252025
ASSETS
Cash and due from banks$1,939 $1,903 $1,701 $1,950 $2,128 
Interest-bearing deposits at banks15,499 14,445 17,068 16,751 19,297 
Investment securities38,374 38,621 36,649 36,864 35,568 
Loans:
Commercial and industrial66,143 65,391 63,548 61,887 61,660 
Real estate - commercial24,492 23,345 23,819 24,046 24,567 
Real estate - residential25,384 24,857 24,874 24,662 24,117 
Consumer27,174 26,321 26,461 26,379 25,772 
Total loans143,193 139,914 138,702 136,974 136,116 
Less: allowance for loan losses2,176 2,136 2,116 2,161 2,197 
Net loans141,017 137,778 136,586 134,813 133,919 
Goodwill8,465 8,465 8,465 8,465 8,465 
Core deposit and other intangible assets48 55 64 74 84 
Other assets13,919 13,469 12,977 12,360 12,123 
Total assets$219,261 $214,736 $213,510 $211,277 $211,584 
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits$48,295 $45,892 $46,509 $44,994 $47,485 
Interest-bearing deposits120,590 117,849 120,400 118,432 116,968 
Total deposits168,885 163,741 166,909 163,426 164,453 
Short-term borrowings4,614 7,851 2,149 2,059 2,071 
Long-term borrowings13,568 11,175 10,911 12,928 12,380 
Accrued interest and other liabilities4,248 3,997 4,364 4,136 4,155 
Total liabilities191,315 186,764 184,333 182,549 183,059 
Shareholders' equity:
Preferred2,434 2,434 2,834 2,394 2,394 
Common25,512 25,538 26,343 26,334 26,131 
Total shareholders' equity27,946 27,972 29,177 28,728 28,525 
Total liabilities and shareholders' equity$219,261 $214,736 $213,510 $211,277 $211,584 
14
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Second Quarter 2026 Results
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
Three Months EndedChange in BalanceSix Months Ended
June 30,March 31,June 30,June 30, 2026 fromJune 30,Change
202620262025March 31,June 30,20262025in
(Dollars in millions)BalanceRateBalanceRateBalanceRate20262025BalanceRateBalance RateBalance
ASSETS
Interest-bearing deposits at banks$15,061 3.72 %$16,231 3.71 %$19,698 4.47 %-7 %-24 %$15,642 3.72 %$19,697 4.48 %-21 %
Investment securities (1) (2)38,728 4.29 37,845 4.22 35,335 3.80 2 10 38,289 4.25 34,909 3.88 10 
Loans:
Commercial and industrial66,069 6.00 63,804 6.00 61,036 6.40 4 8 64,942 6.00 61,046 6.38 6 
Real estate - commercial (1)23,553 6.27 23,496 6.11 25,333 6.40 — -7 23,525 6.19 25,794 6.32 -9 
Real estate - residential25,086 4.64 24,817 4.56 23,684 4.52 1 6 24,952 4.60 23,431 4.48 6 
Consumer26,719 6.46 26,306 6.48 25,354 6.57 2 5 26,514 6.47 24,856 6.57 7 
Total loans (1)141,427 5.89 138,423 5.85 135,407 6.10 2 4 139,933 5.87 135,127 6.08 4 
Other (1)— — 95 3.49 95 3.47 -100 -100 47 — 96 3.47 -51 
Total earning assets (1)195,216 5.40 192,594 5.35 190,535 5.51 1 2 193,911 5.38 189,829 5.51 2 
Goodwill8,465 8,465 8,465 — — 8,465 8,465 — 
Core deposit and other intangible assets51 59 89 -13 -42 55 90 -39 
Other assets12,800 12,710 11,172 1 15 12,755 10,912 17 
Total assets$216,532 $213,828 $210,261 1 %3 %$215,186 $209,296 3 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking
      deposits (1)		$105,752 1.81 %$106,570 1.84 %$103,934 2.24 %-1 %2 %$106,159 1.82 %$102,741 2.22 %3 %
Time deposits (1)13,808 3.02 13,059 3.02 14,171 3.48 6 -3 13,435 3.02 14,140 3.52 -5 
Total interest-bearing deposits (1)119,560 1.95 119,629 1.97 118,105 2.39 — 1 119,594 1.96 116,881 2.38 2 
Short-term borrowings8,016 3.86 5,695 3.86 3,327 4.49 41 141 6,862 3.86 3,100 4.51 121 
Long-term borrowings (1)12,778 5.33 11,064 5.41 10,936 5.70 15 17 11,926 5.37 11,109 5.64 7 
Total interest-bearing liabilities (1)140,354 2.36 136,388 2.32 132,368 2.71 3 6 138,382 2.35 131,090 2.70 6 
Noninterest-bearing deposits43,964 44,547 45,153 -1 -3 44,254 45,294 -2 
Other liabilities (1)4,275 4,245 4,074 1 5 4,259 4,081 4 
Total liabilities188,593 185,180 181,595 2 4 186,895 180,465 4 
Shareholders' equity27,939 28,648 28,666 -2 -3 28,291 28,831 -2 
Total liabilities and shareholders' equity$216,532 $213,828 $210,261 1 %3 %$215,186 $209,296 3 %
Net interest spread (1)3.04 3.03 2.80 3.03 2.81 
Contribution of interest-free funds (1).66 .67 .82 .67 .83 
Net interest margin (1)3.70 %3.70 %3.62 %3.70 %3.64 %

(1) In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.
(2) Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.

15
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Second Quarter 2026 Results




Supplemental Information - Loan Balances
June 30,March 31,December 31,September 30,June 30,
(Dollars in millions)20262026202520252025
Commercial and industrial
Commercial and industrial excluding
   owner-occupied real estate by industry:
Financial and insurance$13,852 $13,545 $12,794 $12,084 $12,138 
Services8,559 8,235 7,910 7,689 7,646 
Motor vehicle and recreational finance dealers6,972 7,069 7,191 6,637 6,502 
Manufacturing6,407 6,424 6,112 6,241 6,189 
Wholesale 4,343 4,359 4,386 4,246 4,246 
Transportation, communications, utilities4,208 3,937 3,890 3,755 3,807 
Retail3,330 3,316 3,098 3,114 3,079 
Construction2,450 2,311 2,265 2,206 2,275 
Health services1,712 1,841 1,822 1,780 1,879 
Real estate investors1,526 1,668 1,579 1,506 1,314 
Other1,400 1,365 1,303 1,568 1,377 
Total commercial and industrial
   excluding owner-occupied real estate		54,759 54,070 52,350 50,826 50,452 
Owner-occupied real estate by industry:
Services2,362 2,377 2,368 2,308 2,402 
Motor vehicle and recreational finance dealers2,180 2,217 2,234 2,162 2,239 
Retail1,926 1,916 1,893 1,825 1,808 
Health services1,464 1,335 1,268 1,320 1,313 
Wholesale1,035 1,029 978 975 951 
Manufacturing712 727 791 783 785 
Real estate investors607 617 616 634 630 
Other1,098 1,103 1,050 1,054 1,080 
Total owner-occupied real estate11,384 11,321 11,198 11,061 11,208 
Total commercial and industrial66,143 65,391 63,548 61,887 61,660 
Commercial real estate
Permanent finance by property type:
Apartments/Multifamily7,124 6,628 6,837 6,548 6,082 
Retail/Service4,259 4,237 4,164 4,320 4,435 
Industrial/Warehouse3,276 2,462 2,297 2,175 2,098 
Office3,147 3,282 3,423 3,487 3,720 
Hotel1,665 1,727 1,743 1,776 1,889 
Health Services1,583 1,507 1,548 1,554 1,669 
Other 180 187 180 202 262 
Total permanent21,234 20,030 20,192 20,062 20,155 
Construction/Development3,258 3,315 3,627 3,984 4,412 
Total commercial real estate24,492 23,345 23,819 24,046 24,567 
Residential real estate
Residential real estate25,384 24,857 24,874 24,662 24,117 
Consumer
Home equity lines and loans4,891 4,796 4,807 4,730 4,634 
Recreational finance14,856 14,144 14,092 14,152 13,666 
Automobile4,969 5,016 5,167 5,223 5,260 
Other2,458 2,365 2,395 2,274 2,212 
Total consumer27,174 26,321 26,461 26,379 25,772 
Total loans$143,193 $139,914 $138,702 $136,974 $136,116 






16
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Second Quarter 2026 Results




Supplemental Information - Mortgage Banking Activities
Three Months EndedChangeSix Months EndedChange
June 30,March 31,June 30,June 30,
(Dollars in millions)20262026Amount%20262025Amount%
Residential mortgage banking revenues
Gains on loans originated for sale$7 $8 $(1)-9 %$15 $14 $1 5 %
Loan servicing:
Loan servicing fees33 32 1 2 65 70 (5)-6 
Changes in fair value of mortgage loan
   servicing right assets, net of hedging activities		(11)(13)2 15 (24)— (24)— 
Loan sub-servicing and other fees67 62 5 9 129 95 34 35 
Total loan servicing89 81 8 10 170 165 5 3 
Total residential mortgage banking revenues$96 $89 $7 8 %$185 $179 $6 3 %
New commitments to originate loans for sale$411 $400 $11 3 %$811 $612 $199 33 %
June 30,March 31,December 31,September 30,June 30,
(Dollars in millions)20262026202520252025
Balances at period end
Loans held for sale$256 $327 $441 $327 $222 
Commitments to originate loans for sale258 222 224 329 248 
Commitments to sell loans467 544 645 576 407 
Capitalized mortgage loan servicing assets540 542 287 305 326 
Loans serviced for others35,253 35,586 35,873 36,421 36,952 
Loans sub-serviced for others183,599 123,968 156,938 161,785 157,608 
Total loans serviced for others$218,852 $159,554 $192,811 $198,206 $194,560 


Three Months EndedChangeSix Months EndedChange
June 30,March 31,June 30,June 30,
(Dollars in millions)20262026Amount%20262025Amount%
Commercial mortgage banking revenues
Gains on loans originated for sale$13 $18 $(5)-28 %$31 $30 $1 3 %
Loan servicing fees and other18 20 (2)-11 38 39 (1)— 
Total commercial mortgage banking revenues$31 $38 $(7)-19 %$69 $69 $— 1 %
Loans originated for sale to other investors$746 $1,135 $(389)-34 %$1,881 $2,087 $(206)-10 %
June 30,March 31,December 31,September 30,June 30,
(Dollars in millions)20262026202520252025
Balances at period end
Loans held for sale$259 $359 $484 $278 $361 
Commitments to originate loans for sale485 529 773 1,074 659 
Commitments to sell loans740 903 1,253 1,292 1,017 
Capitalized mortgage loan servicing assets136 138 132 123 124 
Loans serviced for others31,368 30,934 30,309 28,957 28,416 
Loans sub-serviced for others4,072 4,194 4,231 4,297 4,209 
Total loans serviced for others$35,440 $35,128 $34,540 $33,254 $32,625 







17
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Second Quarter 2026 Results




Supplemental Information - Other Revenues from Operations
Three Months EndedSix Months Ended
June 30,March 31,ChangeJune 30,June 30,Change
(Dollars in millions)20262026Amount%20262025Amount%
Letter of credit and other credit-related fees$55 $54 $1 — %$109 $107 $2 2 %
Merchant discount and credit card fees47 41 6 17 88 89 (1)-2 
Bank owned life insurance revenue20 18 2 5 38 35 3 8 
Equipment operating lease income11 11 — 1 22 25 (3)-12 
BLG income47 33 14 43 80 — 80 — 
Other33 30 3 11 63 77 (14)-17 
Total other revenues from operations$213 $187 $26 14 %$400 $333 $67 20 %

Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(Dollars in millions)20262026202520252025
Letter of credit and other credit-related fees$55 $54 $57 $55 $58 
Merchant discount and credit card fees47 41 46 51 50 
Bank owned life insurance revenue20 18 19 21 17 
Equipment operating lease income11 11 11 12 14 
BLG income47 33 — 20 — 
Other33 30 30 71 52 
Total other revenues from operations$213 $187 $163 $230 $191 

Supplemental Information - Interest Rate Swap Agreements
(Dollars in billions)June 30, 2026September 30, 2026December 31, 2026March 31, 2027June 30, 2027September 30, 2027December 31, 2027
Fair value hedges:
Active$6.1 $6.1 $6.1 $6.1 $6.1 $5.1 $5.1 
Cash flow hedges:
Active16.0 13.7 14.5 14.0 12.7 10.7 9.6 
Forward-starting10.2 5.0 4.2 2.0 — — — 
Fair value hedges -
   weighted-average fixed rate:
Active3.56 %3.56 %3.56 %3.56 %3.56 %3.66 %3.66 %
Cash flow hedges -
   weighted-average fixed rate:
Active3.82 3.62 3.62 3.60 3.64 3.63 3.57 
Forward-starting3.52 3.64 3.65 3.91 — — — 
18
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Second Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(Dollars in millions, except per share)
Income statement data
Net income
Net income$818 $716 $1,482 $1,300 
Amortization of core deposit and other intangible assets (1)5 8 12 18 
Net operating income$823 $724 $1,494 $1,318 
Earnings per common share
Diluted earnings per common share$5.32 $4.24 $9.44 $7.55 
Amortization of core deposit and other intangible assets (1).03 .04 .08 .11 
Diluted net operating earnings per common share$5.35 $4.28 $9.52 $7.66 
Other expense
Other expense$1,349 $1,336 $2,787 $2,751 
Amortization of core deposit and other intangible assets(7)(9)(16)(22)
Noninterest operating expense$1,342 $1,327 $2,771 $2,729 
Efficiency ratio
Noninterest operating expense (numerator)$1,342 $1,327 $2,771 $2,729 
Taxable-equivalent net interest income$1,804 $1,722 $3,567 $3,429 
Other income740 683 1,429 1,294 
Less: Gain (loss) on bank investment securities2 — 6 — 
Denominator$2,542 $2,405 $4,990 $4,723 
Efficiency ratio52.8 %55.2 %55.5 %57.8 %
Balance sheet data
Average assets
Average assets$216,532 $210,261 $215,186 $209,296 
Goodwill(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(51)(89)(55)(90)
Deferred taxes17 26 18 26 
Average tangible assets$208,033 $201,733 $206,684 $200,767 
Average common equity
Average total equity$27,939 $28,666 $28,291 $28,831 
Preferred stock(2,434)(2,394)(2,505)(2,394)
Average common equity25,505 26,272 25,786 26,437 
Goodwill(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(51)(89)(55)(90)
Deferred taxes17 26 18 26 
Average tangible common equity$17,006 $17,744 $17,284 $17,908 
At end of quarter
Total assets
Total assets$219,261 $211,584 
Goodwill(8,465)(8,465)
Core deposit and other intangible assets(48)(84)
Deferred taxes17 25 
Total tangible assets$210,765 $203,060 
Total common equity
Total equity$27,946 $28,525 
Preferred stock(2,434)(2,394)
Common equity25,512 26,131 
Goodwill(8,465)(8,465)
Core deposit and other intangible assets(48)(84)
Deferred taxes17 25 
Total tangible common equity$17,016 $17,607 
(1) After any related tax effect.
19
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Second Quarter 2026 Results
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
(Dollars in millions, except per share)
Income statement data
Net income
Net income$818 $664 $759 $792 $716 
Amortization of core deposit and other intangible assets (1)5 7 8 6 8 
Net operating income$823 $671 $767 $798 $724 
Earnings per common share
Diluted earnings per common share$5.32 $4.13 $4.67 $4.82 $4.24 
Amortization of core deposit and other intangible assets (1).03 .05 .05 .05 .04 
Diluted net operating earnings per common share$5.35 $4.18 $4.72 $4.87 $4.28 
Other expense
Other expense$1,349 $1,438 $1,379 $1,363 $1,336 
Amortization of core deposit and other intangible assets(7)(9)(10)(10)(9)
Noninterest operating expense$1,342 $1,429 $1,369 $1,353 $1,327 
Efficiency ratio
Noninterest operating expense (numerator)$1,342 $1,429 $1,369 $1,353 $1,327 
Taxable-equivalent net interest income$1,804 $1,763 $1,790 $1,773 $1,722 
Other income740 689 696 752 683 
Less: Gain (loss) on bank investment securities2 4 1 1 — 
Denominator$2,542 $2,448 $2,485 $2,524 $2,405 
Efficiency ratio52.8 %58.3 %55.1 %53.6 %55.2 %
Balance sheet data
Average assets
Average assets$216,532 $213,828 $212,891 $211,053 $210,261 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(51)(59)(69)(79)(89)
Deferred taxes17 19 22 24 26 
Average tangible assets$208,033 $205,323 $204,379 $202,533 $201,733 
Average common equity
Average total equity$27,939 $28,648 $28,970 $28,583 $28,666 
Preferred stock(2,434)(2,576)(2,691)(2,394)(2,394)
Average common equity25,505 26,072 26,279 26,189 26,272 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(51)(59)(69)(79)(89)
Deferred taxes17 19 22 24 26 
Average tangible common equity$17,006 $17,567 $17,767 $17,669 $17,744 
At end of quarter
Total assets
Total assets$219,261 $214,736 $213,510 $211,277 $211,584 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(48)(55)(64)(74)(84)
Deferred taxes17 18 20 23 25 
Total tangible assets$210,765 $206,234 $205,001 $202,761 $203,060 
Total common equity
Total equity$27,946 $27,972 $29,177 $28,728 $28,525 
Preferred stock(2,434)(2,434)(2,834)(2,394)(2,394)
Common equity25,512 25,538 26,343 26,334 26,131 
Goodwill(8,465)(8,465)(8,465)(8,465)(8,465)
Core deposit and other intangible assets(48)(55)(64)(74)(84)
Deferred taxes17 18 20 23 25 
Total tangible common equity$17,016 $17,036 $17,834 $17,818 $17,607 

(1) After any related tax effect.
20