The expanded buyback program is designed to return excess capital to shareholders and potentially enhance earnings per share, while preserving the bank’s regulatory capital ratios as repurchases are executed. The bank may acquire shares on the open market or through privately negotiated transactions, with the volume, timing and prices determined at management’s discretion and subject to regulatory constraints. M&T Bank’s Board of Directors authorized a new common stock repurchase program of up to $5.0 billion, replacing the previous $4.0 billion authorization that terminated on March 30, 2026.