M&T Bank’s first quarter results for 2026 reflected steady execution, with revenue in line with Wall Street expectations and adjusted earnings per share surpassing estimates. Management attributed the quarter’s performance to robust growth in commercial and industrial lending, a rebound in commercial real estate originations late in the quarter, and double-digit fee income growth across categories. CFO Daryl Bible highlighted the bank’s “selective approach to underwriting and deposit pricing discipline,” noting that asset quality continued to improve while criticized loan balances declined meaningfully. Management also pointed to a strong capital position, which enabled significant share repurchases this quarter.

Is now the time to buy MTB? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From M&T Bank’s Q1 Earnings Call

• Manan Gosalia (Morgan Stanley) asked about the bank’s stance on adopting the expanded risk-based approach (ERBA) for regulatory capital. CFO Daryl Bible clarified that while the proposal is under review, the bank could opt in if it remains advantageous, balancing benefits with potential implementation costs.

• Scott Siefers (Piper Sandler) inquired about factors behind the net interest margin coming in below prior expectations. Bible cited a slow start in consumer indirect lending due to weather, typical seasonal CRE patterns, and deposit growth challenges, noting a cautious approach to guidance.

• Gerard Cassidy (RBC Capital Markets) questioned the drivers behind the growth in non-deposit financial institution (NDFI) portfolios. Bible explained that core businesses like mortgage warehouse lending, REIT lending, and fund banking were primary contributors, with a focus on risk management and operational efficiency.

• Ken Usdin (Autonomous Research) sought more detail on fee income growth, specifically the mortgage subservicing outlook. Bible shared expectations for new subservicing balances to add $30–40 million in annual revenue at attractive margins, starting in the second half.

• John Pancari (Evercore ISI) probed the reasons for increased selectivity in underwriting. Bible responded that M&T Bank prioritizes loan structure over pricing, aiming to maintain credit standards rather than pursue aggressive loan growth.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) whether CRE and C&I loan growth sustains its recent momentum, (2) the impact of new mortgage subservicing contracts and treasury management expansion on fee income, and (3) the bank’s ability to maintain deposit cost discipline as interest rates shift. We will also track M&T Bank’s capital actions in response to regulatory changes and evolving macroeconomic risks.

M&T Bank currently trades at $216.00, down from $220.51 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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