M&T BANK CORPMTB

M&T BANK CORP Goodwill & Intangibles Disclosure

10-KFiled Feb 18, 20262 min read
Goodwill and other intangible assets
A summary of amortizing intangible assets follows.
(Dollars in millions)Gross Carrying
Amount		Accumulated
Amortization
Net Carrying
Amount
December 31, 2025
Core deposit$218 $164 $54 
Other31 21 10 
Total$249 $185 $64 
December 31, 2024
Core deposit$218 $131 $87 
Other43 36 7 
Total$261 $167 $94 
Estimated amortization expense in future years for such intangible assets is as follows:
(Dollars in millions)
Year ending December 31:
2026$31 
202720 
202811 
20292 
$64 
The Company completed its annual goodwill impairment test as of October 1, 2025. For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations. To test for goodwill impairment at the evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. For the Company’s annual impairment test on October 1, 2025, the Company estimated the fair value of its reporting units using an income approach (weighted 75%) and a market approach (weighted 25%). The Company’s estimation of fair value under the income approach considered discounting projected cash flows for each reporting unit based on multi-year financial forecasts, and under the market approach considered certain valuation multiples for comparable financial institutions. Reporting unit valuations also considered control premiums associated with cost savings and other benefits that might be assumed in a market transaction for such businesses. Based on the results of the goodwill impairment test, the Company concluded that the amount of recorded goodwill was not impaired at the testing date. The Company was not aware of any events occurring in the fourth quarter of 2025 that more likely than not would have resulted in an impairment of recorded goodwill at December 31, 2025.
A summary of goodwill assigned to each of the Company’s reportable segments for purposes of testing for impairment at each of December 31, 2025 and 2024 is as follows:
(Dollars in millions)
Commercial Bank$5,076 
Retail Bank3,089 
Institutional Services and Wealth Management300 
All Other— 
Total$8,465 

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 19, 2025
2023Feb 21, 2024
2022Feb 22, 2023
2021Feb 16, 2022
2020Feb 22, 2021
2019Feb 20, 2020
2018Feb 20, 2019
2017Feb 22, 2018
2016Feb 22, 2017
2015Feb 19, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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