UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 18, 2017
M&T BANK CORPORATION
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
|
1-9861 |
|
16-0968385 |
|
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
One M&T Plaza, Buffalo, New York |
|
14203 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (716) 635-4000
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On October 18, 2017, M&T Bank Corporation announced its results of operations for the quarter ended September 30, 2017. The public announcement was made by means of a news release, the text of which is set forth in Exhibit 99.1 hereto.
The information in this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished under Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of M&T Bank Corporation under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
|
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
|
Exhibit No. |
|
Exhibit Description |
|
|
|
|
||
|
99.1 |
|
||
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
M&T BANK CORPORATION |
||
|
|
|
|||
|
Date: October 18, 2017 |
|
By: |
|
/s/ Darren J. King |
|
|
|
|
|
Darren J. King |
|
|
|
|
|
Executive Vice President and Chief Financial Officer |
3
Exhibit 99.1
|
INVESTOR CONTACT: |
|
Donald J. MacLeod |
|
FOR IMMEDIATE RELEASE: |
|
|
|
(716) 842-5138 |
|
October 18, 2017 |
|
|
|
|
|
|
|
MEDIA CONTACT: |
|
C. Michael Zabel |
|
|
|
|
|
(716) 842-5385 |
|
|
M&T BANK CORPORATION ANNOUNCES THIRD QUARTER RESULTS
BUFFALO, NEW YORK -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2017.
GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2017 were $2.21, up 5% from $2.10 in the year-earlier period. GAAP-basis net income in the recently completed quarter totaled $356 million, 2% above $350 million in the third quarter of 2016. Diluted earnings per common share and GAAP-basis net income for the second quarter of 2017 were $2.35 and $381 million, respectively. GAAP-basis net income for the third quarter of 2017 expressed as an annualized rate of return on average assets and average common shareholders’ equity was 1.18% and 8.89%, respectively, compared with 1.12% and 8.68%, respectively, in the year-earlier quarter and 1.27% and 9.67%, respectively, in the second quarter of 2017.
On October 9, 2017, Wilmington Trust Corporation, a wholly owned subsidiary of M&T, reached an agreement with the U.S. Attorney’s Office for the District of Delaware related to alleged conduct that took place between 2009 and 2010 prior to the acquisition of Wilmington Trust Corporation by M&T. Under terms of the agreement, Wilmington Trust Corporation was required to pay $60 million and settled the government’s claims. The settlement amount included $16 million previously paid to the U.S. Securities and Exchange Commission in a related action. The result was a payment of $44 million that is not deductible for income tax purposes. Wilmington Trust did not admit any liability.
Commenting on M&T’s financial results for the recent quarter, Darren J. King, Executive Vice President and Chief Financial Officer, stated, “Once again, M&T has delivered very strong financial results through its core businesses producing solid returns for shareholders. Performance in the third quarter benefited from a widening of the net interest margin, lower credit costs and continued strong fee income and well-controlled expenses. We believe the recently announced agreement between Wilmington Trust Corporation and the U.S. Attorney’s Office for the District of Delaware is in the Company’s best interest and we are pleased to have that legal proceeding behind us.”
-more-
2-2-2-2-2
M&T BANK CORPORATION
|
Earnings Highlights |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 3Q17 vs. |
|
|||||
|
($ in millions, except per share data) |
|
3Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
356 |
|
|
$ |
350 |
|
|
$ |
381 |
|
|
|
2 |
% |
|
|
-7 |
% |
|
Net income available to common shareholders - diluted |
|
$ |
336 |
|
|
$ |
327 |
|
|
$ |
361 |
|
|
|
3 |
% |
|
|
-7 |
% |
|
Diluted earnings per common share |
|
$ |
2.21 |
|
|
$ |
2.10 |
|
|
$ |
2.35 |
|
|
|
5 |
% |
|
|
-6 |
% |
|
Annualized return on average assets |
|
|
1.18 |
% |
|
|
1.12 |
% |
|
|
1.27 |
% |
|
|
|
|
|
|
|
|
|
Annualized return on average common equity |
|
|
8.89 |
% |
|
|
8.68 |
% |
|
|
9.67 |
% |
|
|
|
|
|
|
|
|
For the nine-month period ended September 30, 2017, diluted earnings per common share were $6.69, up 15% from $5.80 in the corresponding 2016 period. GAAP-basis net income for the first nine months of 2017 totaled $1.09 billion, 10% higher than $985 million in the year-earlier period. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income in the nine-month period ended September 30, 2017 was 1.20% and 9.15%, respectively, compared with 1.06% and 8.17%, respectively, in the similar 2016 period.
Supplemental Reporting of Non-GAAP Results of Operations. 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, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T, since such items are considered by management to be "nonoperating" in nature. The amounts of such "nonoperating" expense are presented in the tables that accompany this release. Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results.
Diluted net operating earnings per common share were $2.24 in the recent quarter, compared with $2.13 and $2.38 in 2016’s third quarter and the second quarter of 2017, respectively. Net operating income was $361 million in the third quarter of 2017, compared with $356 million in the corresponding quarter of 2016 and $386 million in the second quarter of 2017. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.25% and 13.03%, respectively, in the third quarter of 2017, compared with 1.18% and 12.77%, respectively, in the year-earlier quarter and 1.33% and 14.18%, respectively, in the second quarter of 2017.
Diluted net operating earnings per common share in the first nine months of 2017 increased 12% to $6.78 from $6.07 in the year-earlier period. Net operating income during the nine-month period ended September 30, 2017 was $1.10 billion, up 7% from $1.03 billion in the like-2016 period. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity was 1.26% and 13.42%,
-more-
3-3-3-3-3
M&T BANK CORPORATION
respectively, in the first nine months of 2017, compared with 1.15% and 12.36%, respectively, in the nine-month period ended September 30, 2016.
Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis totaled $966 million in the third quarter of 2017, an increase of $101 million, or 12%, from $865 million in the year-earlier quarter. That improvement resulted predominantly from a widening of the net interest margin to 3.53% in the recent quarter from 3.05% in the third quarter of 2016. Taxable-equivalent net interest income in the recent quarter rose 2% from $947 million in the second quarter of 2017. That growth was primarily due to an 8 basis point widening of the net interest margin from 3.45% in the second quarter of 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable-equivalent Net Interest Income |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 3Q17 vs. |
|
|||||
|
($ in millions) |
|
3Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
|
$ |
108,642 |
|
|
$ |
112,864 |
|
|
$ |
109,987 |
|
|
|
-4 |
% |
|
|
-1 |
% |
|
Net interest income - taxable-equivalent |
|
$ |
966 |
|
|
$ |
865 |
|
|
$ |
947 |
|
|
|
12 |
% |
|
|
2 |
% |
|
Net interest margin |
|
|
3.53 |
% |
|
|
3.05 |
% |
|
|
3.45 |
% |
|
|
|
|
|
|
|
|
Provision for Credit Losses/Asset Quality. The provision for credit losses was $30 million in the third quarter of 2017, compared with $47 million in 2016’s third quarter and $52 million in the second quarter of 2017. Net charge-offs of loans were $25 million during the recent quarter, compared with $41 million in the third quarter of 2016 and $45 million in the second quarter of 2017. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .11% and .19% in the third quarter of 2017 and 2016, respectively, and .20% in the second 2017 quarter.
Loans classified as nonaccrual totaled $869 million, or .99% of total loans outstanding at September 30, 2017, compared with $872 million or .98% at June 30, 2017 and $837 million or .93% at September 30, 2016. The higher levels of nonaccrual loans at the two most recent quarter-ends as compared with September 30, 2016 reflect the migration of previously performing loans obtained in the acquisition of Hudson City Bancorp, Inc. (“Hudson City”) that became over 90 days past due after September 30, 2016. Nonaccrual Hudson City-related residential real estate loans totaled $211 million at each of September 30, 2017 and June 30, 2017, compared with $149 million at September 30, 2016. Assets taken in foreclosure of defaulted loans were $111 million at September 30, 2017, compared with $160 million at September 30, 2016 and $105 million at June 30, 2017.
Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the adequacy of the allowance for credit losses. As a result of those analyses, the allowance for credit losses totaled $1.01 billion at each of September 30, 2017 and June 30, 2017, compared
-more-
4-4-4-4-4
M&T BANK CORPORATION
with $976 million at September 30, 2016. The allowance expressed as a percentage of outstanding loans was 1.15% at September 30, 2017, compared with 1.09% at September 30, 2016 and 1.13% at June 30, 2017.
|
Asset Quality Metrics |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 3Q17 vs. |
|
|||||
|
($ in millions) |
|
3Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
869 |
|
|
$ |
837 |
|
|
$ |
872 |
|
|
|
4 |
% |
|
|
— |
|
|
Real estate and other foreclosed assets |
|
$ |
111 |
|
|
$ |
160 |
|
|
$ |
105 |
|
|
|
-31 |
% |
|
|
6 |
% |
|
Total nonperforming assets |
|
$ |
980 |
|
|
$ |
997 |
|
|
$ |
977 |
|
|
|
-2 |
% |
|
|
— |
|
|
Accruing loans past due 90 days or more (1) |
|
$ |
261 |
|
|
$ |
317 |
|
|
$ |
265 |
|
|
|
-18 |
% |
|
|
-2 |
% |
|
Nonaccrual loans as % of loans outstanding |
|
|
.99 |
% |
|
|
.93 |
% |
|
|
.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
$ |
1,013 |
|
|
$ |
976 |
|
|
$ |
1,008 |
|
|
|
4 |
% |
|
|
1 |
% |
|
Allowance for credit losses as % of loans outstanding |
|
|
1.15 |
% |
|
|
1.09 |
% |
|
|
1.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
$ |
30 |
|
|
$ |
47 |
|
|
$ |
52 |
|
|
|
-36 |
% |
|
|
-42 |
% |
|
Net charge-offs |
|
$ |
25 |
|
|
$ |
41 |
|
|
$ |
45 |
|
|
|
-40 |
% |
|
|
-45 |
% |
|
Net charge-offs as % of average loans (annualized) |
|
|
.11 |
% |
|
|
.19 |
% |
|
|
.20 |
% |
|
|
|
|
|
|
|
|
|
(1) |
Excludes loans acquired at a discount. Predominantly residential real estate loans. |
Noninterest Income and Expense. Noninterest income aggregated $459 million in the recent quarter, compared with $491 million in the third quarter of 2016 and $461 million in the second quarter of 2017. The decline in noninterest income in the recent quarter as compared with the corresponding quarter of 2016 was predominantly the result of $28 million of gains on investment securities recognized during that 2016 quarter. Higher trust income in the third quarter of 2017 was offset by lower mortgage banking revenues as compared with the year-earlier period. As compared with 2017’s second quarter, a 12% rise in mortgage banking revenues during the recent quarter was offset by a decline in credit-related fees.
|
Noninterest Income |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 3Q17 vs. |
|
|||||
|
($ in millions) |
|
3Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenues |
|
$ |
97 |
|
|
$ |
104 |
|
|
$ |
86 |
|
|
|
-7 |
% |
|
|
12 |
% |
|
Service charges on deposit accounts |
|
|
109 |
|
|
|
108 |
|
|
|
106 |
|
|
|
1 |
% |
|
|
3 |
% |
|
Trust income |
|
|
125 |
|
|
|
119 |
|
|
|
127 |
|
|
|
5 |
% |
|
|
-1 |
% |
|
Brokerage services income |
|
|
15 |
|
|
|
16 |
|
|
|
17 |
|
|
|
-8 |
% |
|
|
-12 |
% |
|
Trading account and foreign exchange gains |
|
|
7 |
|
|
|
13 |
|
|
|
8 |
|
|
|
-45 |
% |
|
|
-13 |
% |
|
Gain on bank investment securities |
|
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
-100 |
% |
|
|
— |
|
|
Other revenues from operations |
|
|
106 |
|
|
|
103 |
|
|
|
117 |
|
|
|
3 |
% |
|
|
-9 |
% |
|
Total other income |
|
$ |
459 |
|
|
$ |
491 |
|
|
$ |
461 |
|
|
|
-6 |
% |
|
|
— |
|
-more-
5-5-5-5-5
M&T BANK CORPORATION
Noninterest expense in the third quarter of 2017 totaled $806 million, compared with $752 million in the year-earlier quarter and $751 million in the second 2017 quarter. Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets and merger-related expenses, noninterest operating expenses were $798 million in the recent quarter, compared with $743 million in each of the third quarter of 2016 and the second quarter of 2017. As of September 30, 2017, M&T increased its reserve for legal matters by $50 million. Higher professional services costs also contributed to the rise in operating expenses in the recent quarter as compared with the noted earlier quarters.
|
Noninterest Expense |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 3Q17 vs. |
|
|||||
|
($ in millions) |
|
3Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|
3Q16 |
|
|
2Q17 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
399 |
|
|
$ |
400 |
|
|
$ |
399 |
|
|
|
— |
|
|
|
— |
|
|
Equipment and net occupancy |
|
|
75 |
|
|
|
75 |
|
|
|
74 |
|
|
|
— |
|
|
|
2 |
% |
|
Outside data processing and software |
|
|
46 |
|
|
|
43 |
|
|
|
45 |
|
|
|
7 |
% |
|
|
3 |
% |
|
FDIC assessments |
|
|
24 |
|
|
|
28 |
|
|
|
25 |
|
|
|
-16 |
% |
|
|
-5 |
% |
|
Advertising and marketing |
|
|
17 |
|
|
|
22 |
|
|
|
16 |
|
|
|
-21 |
% |
|
|
7 |
% |
|
Printing, postage and supplies |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
-3 |
% |
|
|
-3 |
% |
|
Amortization of core deposit and other intangible assets |
|
|
8 |
|
|
|
10 |
|
|
|
8 |
|
|
|
-20 |
% |
|
|
-4 |
% |
|
Other costs of operations |
|
|
228 |
|
|
|
165 |
|
|
|
175 |
|
|
|
38 |
% |
|
|
30 |
% |
|
Total other expense |
|
$ |
806 |
|
|
$ |
752 |
|
|
$ |
751 |
|
|
|
7 |
% |
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), measures the relationship of operating expenses to revenues. M&T's efficiency ratio was 56.0%, 55.9% and 52.7% in the quarters ended September 30, 2017, September 30, 2016 and June 30, 2017, respectively.
Balance Sheet. M&T had total assets of $120.4 billion at September 30, 2017, compared with $126.8 billion at September 30, 2016 and $120.9 billion at June 30, 2017. Loans and leases, net of unearned discount, totaled $87.9 billion at the recent quarter-end, compared with $89.6 billion at September 30, 2016 and $89.1 billion at June 30, 2017. Investment securities were $15.1 billion, $14.7 billion and $15.8 billion at September 30, 2017, September 30, 2016, and June 30, 2017, respectively. Total deposits were $93.5 billion at each of September 30, 2017 and June 30, 2017, compared with $98.1 billion at September 30, 2016.
Total shareholders' equity at each of September 30, 2017, September 30, 2016 and June 30, 2017 was $16.3 billion, representing 13.55%, 12.88% and 13.47% of total assets, respectively. Common shareholders' equity was $15.1 billion at each of those dates, or $99.70 per share at September 30, 2017, $97.47 per share at September 30, 2016 and $98.66 per share at June 30, 2017. Tangible equity per common share rose to $69.02 at the recent quarter-end from $67.42 a year earlier and $68.20 at June 30, 2017. In the calculation of tangible
-more-
6-6-6-6-6
M&T BANK CORPORATION
equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 10.98% as of September 30, 2017.
In accordance with its 2017 capital plan, M&T repurchased 1,382,746 shares of common stock during the recent quarter at an average cost per share of $162.52, for a total cost of $225 million. In the aggregate, during the first nine months of 2017, M&T repurchased 6,025,749 shares of common stock under the 2017 and 2016 capital plans at a total cost of $982 million.
Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (877) 780-2276. International participants, using any applicable international calling codes, may dial (973) 582-2700. Callers should reference M&T Bank Corporation or the conference ID# 87313424. The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/events.cfm. A replay of the call will be available through Wednesday, October 25, 2017 by calling (800) 585-8367, or (404) 537-3406 for international participants, and by making reference to ID# 87313424. The event will also be archived and available by
7:00 p.m. today on M&T's website at http://ir.mandtbank.com/events.cfm.
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
Forward-Looking Statements. This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T's business, management's beliefs and assumptions made by management. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Future Factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.
Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; 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-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation;
-more-
7-7-7-7-7
M&T BANK CORPORATION
regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid 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/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; 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 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 Future Factors that could affect the outcome of the forward-looking statements. In addition, 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, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.
-more-
8-8-8-8-8
M&T BANK CORPORATION
|
|
|
Three months ended |
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
||||||||||
|
|
|
September 30 |
|
|
|
|
|
|
September 30 |
|
|
|
|
|
||||||||||
|
Amounts in thousands, except per share |
|
2017 |
|
|
2016 |
|
|
Change |
|
|
2017 |
|
|
2016 |
|
|
Change |
|
||||||
|
Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
355,923 |
|
|
|
349,984 |
|
|
|
2 |
% |
|
$ |
1,085,903 |
|
|
|
984,543 |
|
|
|
10 |
% |
|
Net income available to common shareholders |
|
|
335,804 |
|
|
|
326,998 |
|
|
|
3 |
% |
|
|
1,025,023 |
|
|
|
915,686 |
|
|
|
12 |
% |
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
$ |
2.22 |
|
|
|
2.10 |
|
|
|
6 |
% |
|
$ |
6.71 |
|
|
|
5.82 |
|
|
|
15 |
% |
|
Diluted earnings |
|
|
2.21 |
|
|
|
2.10 |
|
|
|
5 |
% |
|
|
6.69 |
|
|
|
5.80 |
|
|
|
15 |
% |
|
Cash dividends |
|
$ |
.75 |
|
|
|
.70 |
|
|
|
7 |
% |
|
$ |
2.25 |
|
|
|
2.10 |
|
|
|
7 |
% |
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted (1) |
|
|
151,691 |
|
|
|
156,026 |
|
|
|
-3 |
% |
|
|
153,293 |
|
|
|
157,843 |
|
|
|
-3 |
% |
|
Period end (2) |
|
|
151,291 |
|
|
|
154,987 |
|
|
|
-2 |
% |
|
|
151,291 |
|
|
|
154,987 |
|
|
|
-2 |
% |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
1.18 |
% |
|
|
1.12 |
% |
|
|
|
|
|
|
1.20 |
% |
|
|
1.06 |
% |
|
|
|
|
|
Average common shareholders' equity |
|
|
8.89 |
% |
|
|
8.68 |
% |
|
|
|
|
|
|
9.15 |
% |
|
|
8.17 |
% |
|
|
|
|
|
Taxable-equivalent net interest income |
|
$ |
965,962 |
|
|
|
865,065 |
|
|
|
12 |
% |
|
$ |
2,835,157 |
|
|
|
2,613,702 |
|
|
|
8 |
% |
|
Yield on average earning assets |
|
|
3.89 |
% |
|
|
3.44 |
% |
|
|
|
|
|
|
3.79 |
% |
|
|
3.50 |
% |
|
|
|
|
|
Cost of interest-bearing liabilities |
|
|
.57 |
% |
|
|
.59 |
% |
|
|
|
|
|
|
.54 |
% |
|
|
.56 |
% |
|
|
|
|
|
Net interest spread |
|
|
3.32 |
% |
|
|
2.85 |
% |
|
|
|
|
|
|
3.25 |
% |
|
|
2.94 |
% |
|
|
|
|
|
Contribution of interest-free funds |
|
|
.21 |
% |
|
|
.20 |
% |
|
|
|
|
|
|
.19 |
% |
|
|
.18 |
% |
|
|
|
|
|
Net interest margin |
|
|
3.53 |
% |
|
|
3.05 |
% |
|
|
|
|
|
|
3.44 |
% |
|
|
3.12 |
% |
|
|
|
|
|
Net charge-offs to average total net loans (annualized) |
|
|
.11 |
% |
|
|
.19 |
% |
|
|
|
|
|
|
.17 |
% |
|
|
.16 |
% |
|
|
|
|
|
Net operating results (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income |
|
$ |
360,658 |
|
|
|
355,929 |
|
|
|
1 |
% |
|
$ |
1,100,667 |
|
|
|
1,026,597 |
|
|
|
7 |
% |
|
Diluted net operating earnings per common share |
|
|
2.24 |
|
|
|
2.13 |
|
|
|
5 |
% |
|
|
6.78 |
|
|
|
6.07 |
|
|
|
12 |
% |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible assets |
|
|
1.25 |
% |
|
|
1.18 |
% |
|
|
|
|
|
|
1.26 |
% |
|
|
1.15 |
% |
|
|
|
|
|
Average tangible common equity |
|
|
13.03 |
% |
|
|
12.77 |
% |
|
|
|
|
|
|
13.42 |
% |
|
|
12.36 |
% |
|
|
|
|
|
Efficiency ratio |
|
|
56.00 |
% |
|
|
55.92 |
% |
|
|
|
|
|
|
55.21 |
% |
|
|
55.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Loan quality |
|
2017 |
|
|
2016 |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Nonaccrual loans |
|
$ |
869,362 |
|
|
|
837,362 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate and other foreclosed assets |
|
|
110,515 |
|
|
|
159,881 |
|
|
|
-31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets |
|
$ |
979,877 |
|
|
|
997,243 |
|
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past due 90 days or more (4) |
|
$ |
261,288 |
|
|
|
317,282 |
|
|
|
-18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed loans included in totals above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
34,687 |
|
|
|
47,130 |
|
|
|
-26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past due 90 days or more |
|
|
252,072 |
|
|
|
282,077 |
|
|
|
-11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated loans |
|
$ |
226,672 |
|
|
|
217,559 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans acquired at a discount past due 90 days or more (5) |
|
$ |
56,225 |
|
|
|
65,182 |
|
|
|
-14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased impaired loans (6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer balance |
|
$ |
779,340 |
|
|
|
981,105 |
|
|
|
-21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
|
466,943 |
|
|
|
616,991 |
|
|
|
-24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
|
|
|
0 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to total net loans |
|
|
.99 |
% |
|
|
.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
|
1.15 |
% |
|
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes common stock equivalents. |
|
(2) |
Includes common stock issuable under deferred compensation plans. |
|
(3) |
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 15. |
|
(4) |
Excludes loans acquired at a discount. Predominantly residential real estate loans. |
|
(5) |
Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. |
|
(6) |
Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value. |
-more-
9-9-9-9-9
M&T BANK CORPORATION
Financial Highlights, Five Quarter Trend
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
|
Amounts in thousands, except per share |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
355,923 |
|
|
|
381,053 |
|
|
|
348,927 |
|
|
|
330,571 |
|
|
|
349,984 |
|
|
Net income available to common shareholders |
|
|
335,804 |
|
|
|
360,662 |
|
|
|
328,567 |
|
|
|
307,797 |
|
|
|
326,998 |
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
$ |
2.22 |
|
|
|
2.36 |
|
|
|
2.13 |
|
|
|
1.98 |
|
|
|
2.10 |
|
|
Diluted earnings |
|
|
2.21 |
|
|
|
2.35 |
|
|
|
2.12 |
|
|
|
1.98 |
|
|
|
2.10 |
|
|
Cash dividends |
|
$ |
.75 |
|
|
|
.75 |
|
|
|
.75 |
|
|
|
.70 |
|
|
|
.70 |
|
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted (1) |
|
|
151,691 |
|
|
|
153,276 |
|
|
|
154,949 |
|
|
|
155,700 |
|
|
|
156,026 |
|
|
Period end (2) |
|
|
151,291 |
|
|
|
152,539 |
|
|
|
153,781 |
|
|
|
156,213 |
|
|
|
154,987 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
1.18 |
% |
|
|
1.27 |
% |
|
|
1.15 |
% |
|
|
1.05 |
% |
|
|
1.12 |
% |
|
Average common shareholders' equity |
|
|
8.89 |
% |
|
|
9.67 |
% |
|
|
8.89 |
% |
|
|
8.13 |
% |
|
|
8.68 |
% |
|
Taxable-equivalent net interest income |
|
$ |
965,962 |
|
|
|
946,936 |
|
|
|
922,259 |
|
|
|
883,147 |
|
|
|
865,065 |
|
|
Yield on average earning assets |
|
|
3.89 |
% |
|
|
3.79 |
% |
|
|
3.67 |
% |
|
|
3.45 |
% |
|
|
3.44 |
% |
|
Cost of interest-bearing liabilities |
|
|
.57 |
% |
|
|
.52 |
% |
|
|
.52 |
% |
|
|
.57 |
% |
|
|
.59 |
% |
|
Net interest spread |
|
|
3.32 |
% |
|
|
3.27 |
% |
|
|
3.15 |
% |
|
|
2.88 |
% |
|
|
2.85 |
% |
|
Contribution of interest-free funds |
|
|
.21 |
% |
|
|
.18 |
% |
|
|
.19 |
% |
|
|
.20 |
% |
|
|
.20 |
% |
|
Net interest margin |
|
|
3.53 |
% |
|
|
3.45 |
% |
|
|
3.34 |
% |
|
|
3.08 |
% |
|
|
3.05 |
% |
|
Net charge-offs to average total net loans (annualized) |
|
|
.11 |
% |
|
|
.20 |
% |
|
|
.19 |
% |
|
|
.22 |
% |
|
|
.19 |
% |
|
Net operating results (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income |
|
$ |
360,658 |
|
|
|
385,974 |
|
|
|
354,035 |
|
|
|
336,095 |
|
|
|
355,929 |
|
|
Diluted net operating earnings per common share |
|
|
2.24 |
|
|
|
2.38 |
|
|
|
2.15 |
|
|
|
2.01 |
|
|
|
2.13 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible assets |
|
|
1.25 |
% |
|
|
1.33 |
% |
|
|
1.21 |
% |
|
|
1.10 |
% |
|
|
1.18 |
% |
|
Average tangible common equity |
|
|
13.03 |
% |
|
|
14.18 |
% |
|
|
13.05 |
% |
|
|
11.93 |
% |
|
|
12.77 |
% |
|
Efficiency ratio |
|
|
56.00 |
% |
|
|
52.74 |
% |
|
|
56.93 |
% |
|
|
56.42 |
% |
|
|
55.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
|
Loan quality |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
Nonaccrual loans |
|
$ |
869,362 |
|
|
|
872,374 |
|
|
|
926,675 |
|
|
|
920,015 |
|
|
|
837,362 |
|
|
Real estate and other foreclosed assets |
|
|
110,515 |
|
|
|
104,424 |
|
|
|
119,155 |
|
|
|
139,206 |
|
|
|
159,881 |
|
|
Total nonperforming assets |
|
$ |
979,877 |
|
|
|
976,798 |
|
|
|
1,045,830 |
|
|
|
1,059,221 |
|
|
|
997,243 |
|
|
Accruing loans past due 90 days or more (4) |
|
$ |
261,288 |
|
|
|
265,461 |
|
|
|
280,019 |
|
|
|
300,659 |
|
|
|
317,282 |
|
|
Government guaranteed loans included in totals above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
34,687 |
|
|
|
39,296 |
|
|
|
39,610 |
|
|
|
40,610 |
|
|
|
47,130 |
|
|
Accruing loans past due 90 days or more |
|
|
252,072 |
|
|
|
235,227 |
|
|
|
252,552 |
|
|
|
282,659 |
|
|
|
282,077 |
|
|
Renegotiated loans |
|
$ |
226,672 |
|
|
|
221,892 |
|
|
|
191,343 |
|
|
|
190,374 |
|
|
|
217,559 |
|
|
Accruing loans acquired at a discount past due 90 days or more (5) |
|
$ |
56,225 |
|
|
|
57,498 |
|
|
|
63,732 |
|
|
|
61,144 |
|
|
|
65,182 |
|
|
Purchased impaired loans (6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer balance |
|
$ |
779,340 |
|
|
|
838,476 |
|
|
|
890,431 |
|
|
|
927,446 |
|
|
|
981,105 |
|
|
Carrying amount |
|
|
466,943 |
|
|
|
512,393 |
|
|
|
552,935 |
|
|
|
578,032 |
|
|
|
616,991 |
|
|
Nonaccrual loans to total net loans |
|
|
.99 |
% |
|
|
.98 |
% |
|
|
1.04 |
% |
|
|
1.01 |
% |
|
|
.93 |
% |
|
Allowance for credit losses to total loans |
|
|
1.15 |
% |
|
|
1.13 |
% |
|
|
1.12 |
% |
|
|
1.09 |
% |
|
|
1.09 |
% |
|
(1) |
Includes common stock equivalents. |
|
(2) |
Includes common stock issuable under deferred compensation plans. |
|
(3) |
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 16. |
|
(4) |
Excludes loans acquired at a discount. Predominantly residential real estate loans. |
|
(5) |
Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately. |
|
(6) |
Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value. |
-more-
10-10-10-10-10
M&T BANK CORPORATION
Condensed Consolidated Statement of Income
|
|
|
Three months ended |
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
||||||||||
|
|
|
September 30 |
|
|
|
|
|
|
September 30 |
|
|
|
|
|
||||||||||
|
Dollars in thousands |
|
2017 |
|
|
2016 |
|
|
Change |
|
|
2017 |
|
|
2016 |
|
|
Change |
|
||||||
|
Interest income |
|
$ |
1,057,210 |
|
|
|
969,515 |
|
|
|
9 |
% |
|
$ |
3,093,656 |
|
|
|
2,912,970 |
|
|
|
6 |
% |
|
Interest expense |
|
|
100,076 |
|
|
|
111,175 |
|
|
|
-10 |
|
|
|
284,062 |
|
|
|
318,847 |
|
|
|
-11 |
|
|
Net interest income |
|
|
957,134 |
|
|
|
858,340 |
|
|
|
12 |
|
|
|
2,809,594 |
|
|
|
2,594,123 |
|
|
|
8 |
|
|
Provision for credit losses |
|
|
30,000 |
|
|
|
47,000 |
|
|
|
-36 |
|
|
|
137,000 |
|
|
|
128,000 |
|
|
|
7 |
|
|
Net interest income after provision for credit losses |
|
|
927,134 |
|
|
|
811,340 |
|
|
|
14 |
|
|
|
2,672,594 |
|
|
|
2,466,123 |
|
|
|
8 |
|
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenues |
|
|
96,737 |
|
|
|
103,747 |
|
|
|
-7 |
|
|
|
267,592 |
|
|
|
275,193 |
|
|
|
-3 |
|
|
Service charges on deposit accounts |
|
|
109,356 |
|
|
|
107,935 |
|
|
|
1 |
|
|
|
319,589 |
|
|
|
314,212 |
|
|
|
2 |
|
|
Trust income |
|
|
124,900 |
|
|
|
118,654 |
|
|
|
5 |
|
|
|
371,712 |
|
|
|
350,181 |
|
|
|
6 |
|
|
Brokerage services income |
|
|
14,676 |
|
|
|
15,914 |
|
|
|
-8 |
|
|
|
48,677 |
|
|
|
48,190 |
|
|
|
1 |
|
|
Trading account and foreign exchange gains |
|
|
7,058 |
|
|
|
12,754 |
|
|
|
-45 |
|
|
|
24,833 |
|
|
|
33,434 |
|
|
|
-26 |
|
|
Gain (loss) on bank investment securities |
|
|
— |
|
|
|
28,480 |
|
|
|
-100 |
|
|
|
(17 |
) |
|
|
28,748 |
|
|
|
-100 |
|
|
Other revenues from operations |
|
|
106,702 |
|
|
|
103,866 |
|
|
|
3 |
|
|
|
334,704 |
|
|
|
310,579 |
|
|
|
8 |
|
|
Total other income |
|
|
459,429 |
|
|
|
491,350 |
|
|
|
-6 |
|
|
|
1,367,090 |
|
|
|
1,360,537 |
|
|
|
— |
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
399,089 |
|
|
|
399,786 |
|
|
|
— |
|
|
|
1,247,851 |
|
|
|
1,230,246 |
|
|
|
1 |
|
|
Equipment and net occupancy |
|
|
75,558 |
|
|
|
75,263 |
|
|
|
— |
|
|
|
223,721 |
|
|
|
225,165 |
|
|
|
-1 |
|
|
Outside data processing and software |
|
|
45,761 |
|
|
|
42,878 |
|
|
|
7 |
|
|
|
134,637 |
|
|
|
128,402 |
|
|
|
5 |
|
|
FDIC assessments |
|
|
23,969 |
|
|
|
28,459 |
|
|
|
-16 |
|
|
|
78,149 |
|
|
|
76,054 |
|
|
|
3 |
|
|
Advertising and marketing |
|
|
17,403 |
|
|
|
21,996 |
|
|
|
-21 |
|
|
|
49,837 |
|
|
|
66,063 |
|
|
|
-25 |
|
|
Printing, postage and supplies |
|
|
8,732 |
|
|
|
8,972 |
|
|
|
-3 |
|
|
|
27,397 |
|
|
|
30,865 |
|
|
|
-11 |
|
|
Amortization of core deposit and other intangible assets |
|
|
7,808 |
|
|
|
9,787 |
|
|
|
-20 |
|
|
|
24,341 |
|
|
|
33,524 |
|
|
|
-27 |
|
|
Other costs of operations |
|
|
227,705 |
|
|
|
165,251 |
|
|
|
38 |
|
|
|
558,579 |
|
|
|
488,063 |
|
|
|
14 |
|
|
Total other expense |
|
|
806,025 |
|
|
|
752,392 |
|
|
|
7 |
|
|
|
2,344,512 |
|
|
|
2,278,382 |
|
|
|
3 |
|
|
Income before income taxes |
|
|
580,538 |
|
|
|
550,298 |
|
|
|
5 |
|
|
|
1,695,172 |
|
|
|
1,548,278 |
|
|
|
9 |
|
|
Applicable income taxes |
|
|
224,615 |
|
|
|
200,314 |
|
|
|
12 |
|
|
|
609,269 |
|
|
|
563,735 |
|
|
|
8 |
|
|
Net income |
|
$ |
355,923 |
|
|
|
349,984 |
|
|
|
2 |
% |
|
$ |
1,085,903 |
|
|
|
984,543 |
|
|
|
10 |
% |
-more-
11-11-11-11-11
M&T BANK CORPORATION
Condensed Consolidated Statement of Income, Five Quarter Trend
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
|
Dollars in thousands |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
Interest income |
|
$ |
1,057,210 |
|
|
|
1,030,413 |
|
|
|
1,006,033 |
|
|
|
982,901 |
|
|
|
969,515 |
|
|
Interest expense |
|
|
100,076 |
|
|
|
92,213 |
|
|
|
91,773 |
|
|
|
107,137 |
|
|
|
111,175 |
|
|
Net interest income |
|
|
957,134 |
|
|
|
938,200 |
|
|
|
914,260 |
|
|
|
875,764 |
|
|
|
858,340 |
|
|
Provision for credit losses |
|
|
30,000 |
|
|
|
52,000 |
|
|
|
55,000 |
|
|
|
62,000 |
|
|
|
47,000 |
|
|
Net interest income after provision for credit losses |
|
|
927,134 |
|
|
|
886,200 |
|
|
|
859,260 |
|
|
|
813,764 |
|
|
|
811,340 |
|
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenues |
|
|
96,737 |
|
|
|
86,163 |
|
|
|
84,692 |
|
|
|
98,504 |
|
|
|
103,747 |
|
|
Service charges on deposit accounts |
|
|
109,356 |
|
|
|
106,057 |
|
|
|
104,176 |
|
|
|
104,890 |
|
|
|
107,935 |
|
|
Trust income |
|
|
124,900 |
|
|
|
126,797 |
|
|
|
120,015 |
|
|
|
122,003 |
|
|
|
118,654 |
|
|
Brokerage services income |
|
|
14,676 |
|
|
|
16,617 |
|
|
|
17,384 |
|
|
|
15,233 |
|
|
|
15,914 |
|
|
Trading account and foreign exchange gains |
|
|
7,058 |
|
|
|
8,084 |
|
|
|
9,691 |
|
|
|
7,692 |
|
|
|
12,754 |
|
|
Gain (loss) on bank investment securities |
|
|
— |
|
|
|
(17 |
) |
|
|
— |
|
|
|
1,566 |
|
|
|
28,480 |
|
|
Other revenues from operations |
|
|
106,702 |
|
|
|
117,115 |
|
|
|
110,887 |
|
|
|
115,571 |
|
|
|
103,866 |
|
|
Total other income |
|
|
459,429 |
|
|
|
460,816 |
|
|
|
446,845 |
|
|
|
465,459 |
|
|
|
491,350 |
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
399,089 |
|
|
|
398,900 |
|
|
|
449,862 |
|
|
|
393,354 |
|
|
|
399,786 |
|
|
Equipment and net occupancy |
|
|
75,558 |
|
|
|
73,797 |
|
|
|
74,366 |
|
|
|
69,976 |
|
|
|
75,263 |
|
|
Outside data processing and software |
|
|
45,761 |
|
|
|
44,575 |
|
|
|
44,301 |
|
|
|
43,987 |
|
|
|
42,878 |
|
|
FDIC assessments |
|
|
23,969 |
|
|
|
25,353 |
|
|
|
28,827 |
|
|
|
28,991 |
|
|
|
28,459 |
|
|
Advertising and marketing |
|
|
17,403 |
|
|
|
16,324 |
|
|
|
16,110 |
|
|
|
21,074 |
|
|
|
21,996 |
|
|
Printing, postage and supplies |
|
|
8,732 |
|
|
|
8,957 |
|
|
|
9,708 |
|
|
|
8,681 |
|
|
|
8,972 |
|
|
Amortization of core deposit and other intangible assets |
|
|
7,808 |
|
|
|
8,113 |
|
|
|
8,420 |
|
|
|
9,089 |
|
|
|
9,787 |
|
|
Other costs of operations |
|
|
227,705 |
|
|
|
174,616 |
|
|
|
156,258 |
|
|
|
193,951 |
|
|
|
165,251 |
|
|
Total other expense |
|
|
806,025 |
|
|
|
750,635 |
|
|
|
787,852 |
|
|
|
769,103 |
|
|
|
752,392 |
|
|
Income before income taxes |
|
|
580,538 |
|
|
|
596,381 |
|
|
|
518,253 |
|
|
|
510,120 |
|
|
|
550,298 |
|
|
Applicable income taxes |
|
|
224,615 |
|
|
|
215,328 |
|
|
|
169,326 |
|
|
|
179,549 |
|
|
|
200,314 |
|
|
Net income |
|
$ |
355,923 |
|
|
|
381,053 |
|
|
|
348,927 |
|
|
|
330,571 |
|
|
|
349,984 |
|
-more-
12-12-12-12-12
M&T BANK CORPORATION
Condensed Consolidated Balance Sheet
|
|
|
September 30 |
|
|
|
|
|
|
|||||
|
Dollars in thousands |
|
2017 |
|
|
2016 |
|
|
Change |
|
|
|||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
1,368,252 |
|
|
|
1,332,202 |
|
|
|
3 |
|
% |
|
Interest-bearing deposits at banks |
|
|
6,306,484 |
|
|
|
10,777,636 |
|
|
|
-41 |
|
|
|
Trading account |
|
|
170,516 |
|
|
|
488,588 |
|
|
|
-65 |
|
|
|
Investment securities |
|
|
15,073,926 |
|
|
|
14,733,574 |
|
|
|
2 |
|
|
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc. |
|
|
21,743,251 |
|
|
|
21,917,163 |
|
|
|
-1 |
|
|
|
Real estate - commercial |
|
|
32,914,288 |
|
|
|
32,078,762 |
|
|
|
3 |
|
|
|
Real estate - consumer |
|
|
20,265,162 |
|
|
|
23,584,420 |
|
|
|
-14 |
|
|
|
Consumer |
|
|
13,002,433 |
|
|
|
12,066,147 |
|
|
|
8 |
|
|
|
Total loans and leases, net of unearned discount |
|
|
87,925,134 |
|
|
|
89,646,492 |
|
|
|
-2 |
|
|
|
Less: allowance for credit losses |
|
|
1,013,326 |
|
|
|
976,121 |
|
|
|
4 |
|
|
|
Net loans and leases |
|
|
86,911,808 |
|
|
|
88,670,371 |
|
|
|
-2 |
|
|
|
Goodwill |
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
— |
|
|
|
Core deposit and other intangible assets |
|
|
78,614 |
|
|
|
106,744 |
|
|
|
-26 |
|
|
|
Other assets |
|
|
5,899,092 |
|
|
|
6,138,801 |
|
|
|
-4 |
|
|
|
Total assets |
|
$ |
120,401,804 |
|
|
|
126,841,028 |
|
|
|
-5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
33,111,246 |
|
|
|
33,127,627 |
|
|
|
— |
|
% |
|
Interest-bearing deposits |
|
|
60,170,133 |
|
|
|
64,786,035 |
|
|
|
-7 |
|
|
|
Deposits at Cayman Islands office |
|
|
232,014 |
|
|
|
223,183 |
|
|
|
4 |
|
|
|
Total deposits |
|
|
93,513,393 |
|
|
|
98,136,845 |
|
|
|
-5 |
|
|
|
Short-term borrowings |
|
|
200,768 |
|
|
|
213,846 |
|
|
|
-6 |
|
|
|
Accrued interest and other liabilities |
|
|
1,791,946 |
|
|
|
1,938,201 |
|
|
|
-8 |
|
|
|
Long-term borrowings |
|
|
8,577,645 |
|
|
|
10,211,160 |
|
|
|
-16 |
|
|
|
Total liabilities |
|
|
104,083,752 |
|
|
|
110,500,052 |
|
|
|
-6 |
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
— |
|
|
|
Common (1) |
|
|
15,086,552 |
|
|
|
15,109,476 |
|
|
|
— |
|
|
|
Total shareholders' equity |
|
|
16,318,052 |
|
|
|
16,340,976 |
|
|
|
— |
|
|
|
Total liabilities and shareholders' equity |
|
$ |
120,401,804 |
|
|
|
126,841,028 |
|
|
|
-5 |
|
% |
|
(1) |
Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $247.9 million at September 30, 2017 and $114.6 million at September 30, 2016. |
-more-
13-13-13-13-13
M&T BANK CORPORATION
Condensed Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
|
|||||||||||||||||
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
|
Dollars in thousands |
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
1,368,252 |
|
|
|
1,344,478 |
|
|
|
1,286,962 |
|
|
|
1,320,549 |
|
|
|
1,332,202 |
|
|
Interest-bearing deposits at banks |
|
|
6,306,484 |
|
|
|
5,023,829 |
|
|
|
6,945,149 |
|
|
|
5,000,638 |
|
|
|
10,777,636 |
|
|
Federal funds sold |
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Trading account |
|
|
170,516 |
|
|
|
174,646 |
|
|
|
174,854 |
|
|
|
323,867 |
|
|
|
488,588 |
|
|
Investment securities |
|
|
15,073,926 |
|
|
|
15,816,060 |
|
|
|
15,968,415 |
|
|
|
16,250,468 |
|
|
|
14,733,574 |
|
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc. |
|
|
21,743,251 |
|
|
|
22,191,051 |
|
|
|
22,295,376 |
|
|
|
22,610,047 |
|
|
|
21,917,163 |
|
|
Real estate - commercial |
|
|
32,914,288 |
|
|
|
33,348,991 |
|
|
|
33,071,654 |
|
|
|
33,506,394 |
|
|
|
32,078,762 |
|
|
Real estate - consumer |
|
|
20,265,162 |
|
|
|
20,960,171 |
|
|
|
21,724,491 |
|
|
|
22,590,912 |
|
|
|
23,584,420 |
|
|
Consumer |
|
|
13,002,433 |
|
|
|
12,580,342 |
|
|
|
12,221,481 |
|
|
|
12,146,063 |
|
|
|
12,066,147 |
|
|
Total loans and leases, net of unearned discount |
|
|
87,925,134 |
|
|
|
89,080,555 |
|
|
|
89,313,002 |
|
|
|
90,853,416 |
|
|
|
89,646,492 |
|
|
Less: allowance for credit losses |
|
|
1,013,326 |
|
|
|
1,008,225 |
|
|
|
1,001,430 |
|
|
|
988,997 |
|
|
|
976,121 |
|
|
Net loans and leases |
|
|
86,911,808 |
|
|
|
88,072,330 |
|
|
|
88,311,572 |
|
|
|
89,864,419 |
|
|
|
88,670,371 |
|
|
Goodwill |
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
Core deposit and other intangible assets |
|
|
78,614 |
|
|
|
86,422 |
|
|
|
94,535 |
|
|
|
97,655 |
|
|
|
106,744 |
|
|
Other assets |
|
|
5,899,092 |
|
|
|
5,784,690 |
|
|
|
5,848,652 |
|
|
|
5,998,498 |
|
|
|
6,138,801 |
|
|
Total assets |
|
$ |
120,401,804 |
|
|
|
120,896,567 |
|
|
|
123,223,251 |
|
|
|
123,449,206 |
|
|
|
126,841,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
33,111,246 |
|
|
|
32,366,426 |
|
|
|
34,279,591 |
|
|
|
32,813,896 |
|
|
|
33,127,627 |
|
|
Interest-bearing deposits |
|
|
60,170,133 |
|
|
|
60,978,895 |
|
|
|
62,570,167 |
|
|
|
62,478,053 |
|
|
|
64,786,035 |
|
|
Deposits at Cayman Islands office |
|
|
232,014 |
|
|
|
195,617 |
|
|
|
192,763 |
|
|
|
201,927 |
|
|
|
223,183 |
|
|
Total deposits |
|
|
93,513,393 |
|
|
|
93,540,938 |
|
|
|
97,042,521 |
|
|
|
95,493,876 |
|
|
|
98,136,845 |
|
|
Short-term borrowings |
|
|
200,768 |
|
|
|
1,695,453 |
|
|
|
185,102 |
|
|
|
163,442 |
|
|
|
213,846 |
|
|
Accrued interest and other liabilities |
|
|
1,791,946 |
|
|
|
1,727,059 |
|
|
|
1,694,905 |
|
|
|
1,811,431 |
|
|
|
1,938,201 |
|
|
Long-term borrowings |
|
|
8,577,645 |
|
|
|
7,649,580 |
|
|
|
8,087,619 |
|
|
|
9,493,835 |
|
|
|
10,211,160 |
|
|
Total liabilities |
|
|
104,083,752 |
|
|
|
104,613,030 |
|
|
|
107,010,147 |
|
|
|
106,962,584 |
|
|
|
110,500,052 |
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
Common (1) |
|
|
15,086,552 |
|
|
|
15,052,037 |
|
|
|
14,981,604 |
|
|
|
15,255,122 |
|
|
|
15,109,476 |
|
|
Total shareholders' equity |
|
|
16,318,052 |
|
|
|
16,283,537 |
|
|
|
16,213,104 |
|
|
|
16,486,622 |
|
|
|
16,340,976 |
|
|
Total liabilities and shareholders' equity |
|
$ |
120,401,804 |
|
|
|
120,896,567 |
|
|
|
123,223,251 |
|
|
|
123,449,206 |
|
|
|
126,841,028 |
|
|
(1) |
Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $247.9 million at September 30, 2017, $270.1 million at June 30, 2017, $291.6 million at March 31, 2017, $294.6 million at December 31, 2016 and $114.6 million at September 30, 2016. |
-more-
14-14-14-14-14
M&T BANK CORPORATION
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
|
|
|
Three months ended |
|
|
Change in balance |
|
|
|
Nine months ended |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
|
June 30, |
|
|
September 30, 2017 from |
|
|
|
September 30 |
|
|
Change |
|
|
||||||||||||||||||||||||||||||||||
|
Dollars in millions |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
September 30, |
|
|
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
in |
|
|
||||||||||||||||||||||||||||
|
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
|
2016 |
|
|
2017 |
|
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
|
balance |
|
|
|||||||||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits at banks |
|
$ |
4,740 |
|
|
|
1.25 |
|
% |
|
9,681 |
|
|
|
.51 |
|
% |
|
4,741 |
|
|
|
1.03 |
|
% |
|
-51 |
|
% |
|
— |
|
% |
|
$ |
5,206 |
|
|
|
1.01 |
|
% |
|
8,864 |
|
|
|
.51 |
|
% |
|
-41 |
|
% |
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1.44 |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
Trading account |
|
|
73 |
|
|
|
1.92 |
|
|
|
90 |
|
|
|
1.52 |
|
|
|
64 |
|
|
|
1.50 |
|
|
|
-19 |
|
|
|
15 |
|
|
|
|
66 |
|
|
|
1.87 |
|
|
|
89 |
|
|
|
1.62 |
|
|
|
-26 |
|
|
|
Investment securities |
|
|
15,443 |
|
|
|
2.28 |
|
|
|
14,361 |
|
|
|
2.38 |
|
|
|
15,913 |
|
|
|
2.36 |
|
|
|
8 |
|
|
|
-3 |
|
|
|
|
15,783 |
|
|
|
2.36 |
|
|
|
14,873 |
|
|
|
2.49 |
|
|
|
6 |
|
|
|
Loans and leases, net of unearned discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc. |
|
|
21,734 |
|
|
|
3.98 |
|
|
|
21,480 |
|
|
|
3.44 |
|
|
|
22,350 |
|
|
|
3.84 |
|
|
|
1 |
|
|
|
-3 |
|
|
|
|
22,122 |
|
|
|
3.83 |
|
|
|
21,216 |
|
|
|
3.43 |
|
|
|
4 |
|
|
|
Real estate - commercial |
|
|
33,257 |
|
|
|
4.50 |
|
|
|
31,252 |
|
|
|
4.00 |
|
|
|
33,214 |
|
|
|
4.30 |
|
|
|
6 |
|
|
|
— |
|
|
|
|
33,216 |
|
|
|
4.33 |
|
|
|
30,274 |
|
|
|
4.08 |
|
|
|
10 |
|
|
|
Real estate - consumer |
|
|
20,609 |
|
|
|
3.96 |
|
|
|
24,058 |
|
|
|
3.92 |
|
|
|
21,318 |
|
|
|
3.94 |
|
|
|
-14 |
|
|
|
-3 |
|
|
|
|
21,363 |
|
|
|
3.94 |
|
|
|
24,922 |
|
|
|
3.93 |
|
|
|
-14 |
|
|
|
Consumer |
|
|
12,786 |
|
|
|
4.89 |
|
|
|
11,942 |
|
|
|
4.55 |
|
|
|
12,386 |
|
|
|
4.78 |
|
|
|
7 |
|
|
|
3 |
|
|
|
|
12,444 |
|
|
|
4.79 |
|
|
|
11,747 |
|
|
|
4.55 |
|
|
|
6 |
|
|
|
Total loans and leases, net |
|
|
88,386 |
|
|
|
4.32 |
|
|
|
88,732 |
|
|
|
3.93 |
|
|
|
89,268 |
|
|
|
4.19 |
|
|
|
— |
|
|
|
-1 |
|
|
|
|
89,145 |
|
|
|
4.20 |
|
|
|
88,159 |
|
|
|
3.97 |
|
|
|
1 |
|
|
|
Total earning assets |
|
|
108,642 |
|
|
|
3.89 |
|
|
|
112,864 |
|
|
|
3.44 |
|
|
|
109,987 |
|
|
|
3.79 |
|
|
|
-4 |
|
|
|
-1 |
|
|
|
|
110,200 |
|
|
|
3.79 |
|
|
|
111,985 |
|
|
|
3.50 |
|
|
|
-2 |
|
|
|
Goodwill |
|
|
4,593 |
|
|
|
|
|
|
|
4,593 |
|
|
|
|
|
|
|
4,593 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
4,593 |
|
|
|
|
|
|
|
4,593 |
|
|
|
|
|
|
|
— |
|
|
|
Core deposit and other intangible assets |
|
|
82 |
|
|
|
|
|
|
|
112 |
|
|
|
|
|
|
|
90 |
|
|
|
|
|
|
|
-26 |
|
|
|
-9 |
|
|
|
|
90 |
|
|
|
|
|
|
|
123 |
|
|
|
|
|
|
|
-26 |
|
|
|
Other assets |
|
|
6,198 |
|
|
|
|
|
|
|
7,156 |
|
|
|
|
|
|
|
6,095 |
|
|
|
|
|
|
|
-13 |
|
|
|
2 |
|
|
|
|
6,190 |
|
|
|
|
|
|
|
7,196 |
|
|
|
|
|
|
|
-14 |
|
|
|
Total assets |
|
$ |
119,515 |
|
|
|
|
|
|
|
124,725 |
|
|
|
|
|
|
|
120,765 |
|
|
|
|
|
|
|
-4 |
|
% |
|
-1 |
|
% |
|
$ |
121,073 |
|
|
|
|
|
|
|
123,897 |
|
|
|
|
|
|
|
-2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-checking deposits |
|
$ |
53,287 |
|
|
|
.28 |
|
|
|
52,516 |
|
|
|
.18 |
|
|
|
53,611 |
|
|
|
.23 |
|
|
|
1 |
|
% |
|
-1 |
|
% |
|
$ |
53,386 |
|
|
|
.24 |
|
|
|
51,570 |
|
|
|
.16 |
|
|
|
4 |
|
% |
|
Time deposits |
|
|
7,673 |
|
|
|
.72 |
|
|
|
12,334 |
|
|
|
.90 |
|
|
|
8,559 |
|
|
|
.76 |
|
|
|
-38 |
|
|
|
-10 |
|
|
|
|
8,591 |
|
|
|
.77 |
|
|
|
12,694 |
|
|
|
.83 |
|
|
|
-32 |
|
|
|
Deposits at Cayman Islands office |
|
|
169 |
|
|
|
.73 |
|
|
|
220 |
|
|
|
.37 |
|
|
|
163 |
|
|
|
.69 |
|
|
|
-23 |
|
|
|
4 |
|
|
|
|
175 |
|
|
|
.66 |
|
|
|
197 |
|
|
|
.39 |
|
|
|
-11 |
|
|
|
Total interest-bearing deposits |
|
|
61,129 |
|
|
|
.34 |
|
|
|
65,070 |
|
|
|
.32 |
|
|
|
62,333 |
|
|
|
.30 |
|
|
|
-6 |
|
|
|
-2 |
|
|
|
|
62,152 |
|
|
|
.31 |
|
|
|
64,461 |
|
|
|
.29 |
|
|
|
-4 |
|
|
|
Short-term borrowings |
|
|
244 |
|
|
|
.90 |
|
|
|
231 |
|
|
|
.29 |
|
|
|
212 |
|
|
|
.71 |
|
|
|
6 |
|
|
|
15 |
|
|
|
|
213 |
|
|
|
.72 |
|
|
|
1,127 |
|
|
|
.41 |
|
|
|
-81 |
|
|
|
Long-term borrowings |
|
|
8,033 |
|
|
|
2.35 |
|
|
|
10,287 |
|
|
|
2.28 |
|
|
|
8,292 |
|
|
|
2.16 |
|
|
|
-22 |
|
|
|
-3 |
|
|
|
|
8,248 |
|
|
|
2.25 |
|
|
|
10,370 |
|
|
|
2.25 |
|
|
|
-20 |
|
|
|
Total interest-bearing liabilities |
|
|
69,406 |
|
|
|
.57 |
|
|
|
75,588 |
|
|
|
.59 |
|
|
|
70,837 |
|
|
|
.52 |
|
|
|
-8 |
|
|
|
-2 |
|
|
|
|
70,613 |
|
|
|
.54 |
|
|
|
75,958 |
|
|
|
.56 |
|
|
|
-7 |
|
|
|
Noninterest-bearing deposits |
|
|
32,005 |
|
|
|
|
|
|
|
30,782 |
|
|
|
|
|
|
|
31,868 |
|
|
|
|
|
|
|
4 |
|
|
|
— |
|
|
|
|
32,382 |
|
|
|
|
|
|
|
29,638 |
|
|
|
|
|
|
|
9 |
|
|
|
Other liabilities |
|
|
1,803 |
|
|
|
|
|
|
|
2,008 |
|
|
|
|
|
|
|
1,775 |
|
|
|
|
|
|
|
-10 |
|
|
|
2 |
|
|
|
|
1,775 |
|
|
|
|
|
|
|
1,967 |
|
|
|
|
|
|
|
-10 |
|
|
|
Total liabilities |
|
|
103,214 |
|
|
|
|
|
|
|
108,378 |
|
|
|
|
|
|
|
104,480 |
|
|
|
|
|
|
|
-5 |
|
|
|
-1 |
|
|
|
|
104,770 |
|
|
|
|
|
|
|
107,563 |
|
|
|
|
|
|
|
-3 |
|
|
|
Shareholders' equity |
|
|
16,301 |
|
|
|
|
|
|
|
16,347 |
|
|
|
|
|
|
|
16,285 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
16,303 |
|
|
|
|
|
|
|
16,334 |
|
|
|
|
|
|
|
— |
|
|
|
Total liabilities and shareholders' equity |
|
$ |
119,515 |
|
|
|
|
|
|
|
124,725 |
|
|
|
|
|
|
|
120,765 |
|
|
|
|
|
|
|
-4 |
|
% |
|
-1 |
|
% |
|
$ |
121,073 |
|
|
|
|
|
|
|
123,897 |
|
|
|
|
|
|
|
-2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
3.32 |
|
|
|
|
|
|
|
2.85 |
|
|
|
|
|
|
|
3.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.25 |
|
|
|
|
|
|
|
2.94 |
|
|
|
|
|
|
|
Contribution of interest-free funds |
|
|
|
|
|
|
.21 |
|
|
|
|
|
|
|
.20 |
|
|
|
|
|
|
|
.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.19 |
|
|
|
|
|
|
|
.18 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
3.53 |
|
% |
|
|
|
|
|
3.05 |
|
% |
|
|
|
|
|
3.45 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.44 |
|
% |
|
|
|
|
|
3.12 |
|
% |
|
|
|
|
-more-
15-15-15-15-15
M&T BANK CORPORATION
Reconciliation of GAAP to Non-GAAP Measures
|
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
|
September 30 |
|
|
September 30 |
|
||||||||||
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
Income statement data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
355,923 |
|
|
|
349,984 |
|
|
|
1,085,903 |
|
|
|
984,543 |
|
|
Amortization of core deposit and other intangible assets (1) |
|
|
4,735 |
|
|
|
5,945 |
|
|
|
14,764 |
|
|
|
20,369 |
|
|
Merger-related expenses (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,685 |
|
|
Net operating income |
|
$ |
360,658 |
|
|
|
355,929 |
|
|
|
1,100,667 |
|
|
|
1,026,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
2.21 |
|
|
|
2.10 |
|
|
|
6.69 |
|
|
|
5.80 |
|
|
Amortization of core deposit and other intangible assets (1) |
|
|
.03 |
|
|
|
.03 |
|
|
|
.09 |
|
|
|
.13 |
|
|
Merger-related expenses (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
.14 |
|
|
Diluted net operating earnings per common share |
|
$ |
2.24 |
|
|
|
2.13 |
|
|
|
6.78 |
|
|
|
6.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
$ |
806,025 |
|
|
|
752,392 |
|
|
|
2,344,512 |
|
|
|
2,278,382 |
|
|
Amortization of core deposit and other intangible assets |
|
|
(7,808 |
) |
|
|
(9,787 |
) |
|
|
(24,341 |
) |
|
|
(33,524 |
) |
|
Merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35,755 |
) |
|
Noninterest operating expense |
|
$ |
798,217 |
|
|
|
742,605 |
|
|
|
2,320,171 |
|
|
|
2,209,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,334 |
|
|
Equipment and net occupancy |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,278 |
|
|
Outside data processing and software |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,067 |
|
|
Advertising and marketing |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,522 |
|
|
Printing, postage and supplies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,482 |
|
|
Other costs of operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,072 |
|
|
Total |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating expense (numerator) |
|
$ |
798,217 |
|
|
|
742,605 |
|
|
|
2,320,171 |
|
|
|
2,209,103 |
|
|
Taxable-equivalent net interest income |
|
|
965,962 |
|
|
|
865,065 |
|
|
|
2,835,157 |
|
|
|
2,613,702 |
|
|
Other income |
|
|
459,429 |
|
|
|
491,350 |
|
|
|
1,367,090 |
|
|
|
1,360,537 |
|
|
Less: Gain (loss) on bank investment securities |
|
|
— |
|
|
|
28,480 |
|
|
|
(17 |
) |
|
|
28,748 |
|
|
Denominator |
|
$ |
1,425,391 |
|
|
|
1,327,935 |
|
|
|
4,202,264 |
|
|
|
3,945,491 |
|
|
Efficiency ratio |
|
|
56.00 |
% |
|
|
55.92 |
% |
|
|
55.21 |
% |
|
|
55.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
119,515 |
|
|
|
124,725 |
|
|
|
121,073 |
|
|
|
123,897 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(82 |
) |
|
|
(112 |
) |
|
|
(90 |
) |
|
|
(123 |
) |
|
Deferred taxes |
|
|
32 |
|
|
|
44 |
|
|
|
35 |
|
|
|
48 |
|
|
Average tangible assets |
|
$ |
114,872 |
|
|
|
120,064 |
|
|
|
116,425 |
|
|
|
119,229 |
|
|
Average common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity |
|
$ |
16,301 |
|
|
|
16,347 |
|
|
|
16,303 |
|
|
|
16,334 |
|
|
Preferred stock |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,231 |
) |
|
Average common equity |
|
|
15,069 |
|
|
|
15,115 |
|
|
|
15,071 |
|
|
|
15,103 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(82 |
) |
|
|
(112 |
) |
|
|
(90 |
) |
|
|
(123 |
) |
|
Deferred taxes |
|
|
32 |
|
|
|
44 |
|
|
|
35 |
|
|
|
48 |
|
|
Average tangible common equity |
|
$ |
10,426 |
|
|
|
10,454 |
|
|
|
10,423 |
|
|
|
10,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
At end of quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
120,402 |
|
|
|
126,841 |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
|
|
|
|
|
|
|
Core deposit and other intangible assets |
|
|
(79 |
) |
|
|
(107 |
) |
|
|
|
|
|
|
|
|
|
Deferred taxes |
|
|
31 |
|
|
|
42 |
|
|
|
|
|
|
|
|
|
|
Total tangible assets |
|
$ |
115,761 |
|
|
|
122,183 |
|
|
|
|
|
|
|
|
|
|
Total common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
$ |
16,318 |
|
|
|
16,341 |
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
|
|
|
|
|
|
|
Undeclared dividends - cumulative preferred stock |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
Common equity, net of undeclared cumulative preferred dividends |
|
|
15,083 |
|
|
|
15,106 |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
|
|
|
|
|
|
|
Core deposit and other intangible assets |
|
|
(79 |
) |
|
|
(107 |
) |
|
|
|
|
|
|
|
|
|
Deferred taxes |
|
|
31 |
|
|
|
42 |
|
|
|
|
|
|
|
|
|
|
Total tangible common equity |
|
$ |
10,442 |
|
|
|
10,448 |
|
|
|
|
|
|
|
|
|
|
(1) |
After any related tax effect. |
-more-
16-16-16-16-16
M&T BANK CORPORATION
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|||||
|
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
2016 |
|
|||||
|
Income statement data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
355,923 |
|
|
|
381,053 |
|
|
|
348,927 |
|
|
|
330,571 |
|
|
|
349,984 |
|
|
Amortization of core deposit and other intangible assets (1) |
|
|
4,735 |
|
|
|
4,921 |
|
|
|
5,108 |
|
|
|
5,524 |
|
|
|
5,945 |
|
|
Net operating income |
|
$ |
360,658 |
|
|
|
385,974 |
|
|
|
354,035 |
|
|
|
336,095 |
|
|
|
355,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
2.21 |
|
|
|
2.35 |
|
|
|
2.12 |
|
|
|
1.98 |
|
|
|
2.10 |
|
|
Amortization of core deposit and other intangible assets (1) |
|
|
.03 |
|
|
|
.03 |
|
|
|
.03 |
|
|
|
.03 |
|
|
|
.03 |
|
|
Diluted net operating earnings per common share |
|
$ |
2.24 |
|
|
|
2.38 |
|
|
|
2.15 |
|
|
|
2.01 |
|
|
|
2.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
$ |
806,025 |
|
|
|
750,635 |
|
|
|
787,852 |
|
|
|
769,103 |
|
|
|
752,392 |
|
|
Amortization of core deposit and other intangible assets |
|
|
(7,808 |
) |
|
|
(8,113 |
) |
|
|
(8,420 |
) |
|
|
(9,089 |
) |
|
|
(9,787 |
) |
|
Noninterest operating expense |
|
$ |
798,217 |
|
|
|
742,522 |
|
|
|
779,432 |
|
|
|
760,014 |
|
|
|
742,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating expense (numerator) |
|
$ |
798,217 |
|
|
|
742,522 |
|
|
|
779,432 |
|
|
|
760,014 |
|
|
|
742,605 |
|
|
Taxable-equivalent net interest income |
|
|
965,962 |
|
|
|
946,936 |
|
|
|
922,259 |
|
|
|
883,147 |
|
|
|
865,065 |
|
|
Other income |
|
|
459,429 |
|
|
|
460,816 |
|
|
|
446,845 |
|
|
|
465,459 |
|
|
|
491,350 |
|
|
Less: Gain (loss) on bank investment securities |
|
|
— |
|
|
|
(17 |
) |
|
|
— |
|
|
|
1,566 |
|
|
|
28,480 |
|
|
Denominator |
|
$ |
1,425,391 |
|
|
|
1,407,769 |
|
|
|
1,369,104 |
|
|
|
1,347,040 |
|
|
|
1,327,935 |
|
|
Efficiency ratio |
|
|
56.00 |
% |
|
|
52.74 |
% |
|
|
56.93 |
% |
|
|
56.42 |
% |
|
|
55.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
119,515 |
|
|
|
120,765 |
|
|
|
122,978 |
|
|
|
125,734 |
|
|
|
124,725 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(82 |
) |
|
|
(90 |
) |
|
|
(98 |
) |
|
|
(102 |
) |
|
|
(112 |
) |
|
Deferred taxes |
|
|
32 |
|
|
|
35 |
|
|
|
39 |
|
|
|
40 |
|
|
|
44 |
|
|
Average tangible assets |
|
$ |
114,872 |
|
|
|
116,117 |
|
|
|
118,326 |
|
|
|
121,079 |
|
|
|
120,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity |
|
$ |
16,301 |
|
|
|
16,285 |
|
|
|
16,323 |
|
|
|
16,673 |
|
|
|
16,347 |
|
|
Preferred stock |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,492 |
) |
|
|
(1,232 |
) |
|
Average common equity |
|
|
15,069 |
|
|
|
15,053 |
|
|
|
15,091 |
|
|
|
15,181 |
|
|
|
15,115 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(82 |
) |
|
|
(90 |
) |
|
|
(98 |
) |
|
|
(102 |
) |
|
|
(112 |
) |
|
Deferred taxes |
|
|
32 |
|
|
|
35 |
|
|
|
39 |
|
|
|
40 |
|
|
|
44 |
|
|
Average tangible common equity |
|
$ |
10,426 |
|
|
|
10,405 |
|
|
|
10,439 |
|
|
|
10,526 |
|
|
|
10,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
120,402 |
|
|
|
120,897 |
|
|
|
123,223 |
|
|
|
123,449 |
|
|
|
126,841 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(79 |
) |
|
|
(86 |
) |
|
|
(95 |
) |
|
|
(98 |
) |
|
|
(107 |
) |
|
Deferred taxes |
|
|
31 |
|
|
|
33 |
|
|
|
38 |
|
|
|
39 |
|
|
|
42 |
|
|
Total tangible assets |
|
$ |
115,761 |
|
|
|
116,251 |
|
|
|
118,573 |
|
|
|
118,797 |
|
|
|
122,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
$ |
16,318 |
|
|
|
16,284 |
|
|
|
16,213 |
|
|
|
16,487 |
|
|
|
16,341 |
|
|
Preferred stock |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
Undeclared dividends - cumulative preferred stock |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
Common equity, net of undeclared cumulative preferred dividends |
|
|
15,083 |
|
|
|
15,049 |
|
|
|
14,978 |
|
|
|
15,252 |
|
|
|
15,106 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(79 |
) |
|
|
(86 |
) |
|
|
(95 |
) |
|
|
(98 |
) |
|
|
(107 |
) |
|
Deferred taxes |
|
|
31 |
|
|
|
33 |
|
|
|
38 |
|
|
|
39 |
|
|
|
42 |
|
|
Total tangible common equity |
|
$ |
10,442 |
|
|
|
10,403 |
|
|
|
10,328 |
|
|
|
10,600 |
|
|
|
10,448 |
|
|
(1) |
After any related tax effect. |
###