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): April 15, 2019
M&T BANK CORPORATION
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
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1-9861 |
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16-0968385 |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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One M&T Plaza, Buffalo, New York |
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14203 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (716) 635-4000
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
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 Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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. ☐
Item 2.02.Results of Operations and Financial Condition.
On April 15, 2019, M&T Bank Corporation announced its results of operations for the quarter ended March 31, 2019. 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.
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Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit No. |
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Exhibit Description |
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99.1 |
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News Release dated April 15, 2019.
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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.
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M&T BANK CORPORATION |
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Date: April 15, 2019 |
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By: |
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/s/ Darren J. King |
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Darren J. King |
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Executive Vice President and Chief Financial Officer |
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Exhibit 99.1
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INVESTOR CONTACT: |
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Donald J. MacLeod |
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FOR IMMEDIATE RELEASE: |
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(716) 842-5138 |
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April 15, 2019 |
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MEDIA CONTACT: |
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C. Michael Zabel |
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(716) 842-5385 |
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M&T BANK CORPORATION ANNOUNCES FIRST QUARTER RESULTS
BUFFALO, NEW YORK -- M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2019.
GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) were $3.35 in the initial 2019 quarter, 50% higher than $2.23 in the year-earlier quarter. GAAP-basis net income in the recent quarter was $483 million, up from $353 million in the first quarter of 2018. Diluted earnings per share and GAAP-basis net income were $3.76 and $546 million, respectively, in the fourth quarter of 2018. GAAP-basis net income for the first quarter of 2019 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.68% and 13.14%, respectively, compared with 1.22% and 9.15%, respectively, in the corresponding 2018 period and 1.84% and 14.80%, respectively, in the fourth quarter of 2018.
Darren J. King, Executive Vice President and Chief Financial Officer of M&T, commented on the recent quarter’s results, “M&T’s performance during the first three months of 2019 was strong. We were particularly pleased with the growth experienced in our commercial loan portfolios, which rose 3% from the fourth quarter. During the recent quarter, M&T purchased servicing rights for over $13 billion of residential real estate loans, boosting mortgage banking revenues by $8 million. Credit results continued to be solid, with net charge-offs representing an annualized .10% of average loans. Overall, it was a good start to 2019.”
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Earnings Highlights |
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Change 1Q19 vs. |
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($ in millions, except per share data) |
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1Q19 |
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1Q18 |
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4Q18 |
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1Q18 |
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4Q18 |
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Net income |
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$ |
483 |
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$ |
353 |
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$ |
546 |
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37 |
% |
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-12 |
% |
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Net income available to common shareholders ̶ diluted |
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$ |
462 |
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$ |
333 |
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$ |
525 |
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39 |
% |
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-12 |
% |
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Diluted earnings per common share |
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$ |
3.35 |
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$ |
2.23 |
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$ |
3.76 |
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50 |
% |
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-11 |
% |
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Annualized return on average assets |
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1.68 |
% |
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1.22 |
% |
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1.84 |
% |
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Annualized return on average common equity |
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13.14 |
% |
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9.15 |
% |
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14.80 |
% |
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2-2-2-2-2
M&T BANK CORPORATION
During the first quarter of 2019, M&T increased its reserve for legal matters by $50 million in conjunction with matters associated with a subsidiary’s role as trustee of Employee Stock Ownership Plans in its Institutional Client Services business. That increase, on an after-tax basis, reduced net income in the recent quarter by $37 million, or $.27 of diluted earnings per common share. Litigation-related accruals in last year’s first quarter reduced net income by $102 million, or $.68 of diluted earnings per common share. Also during the recent quarter, M&T realized $37 million of distributed income from Bayview Lending Group LLC (“BLG”), increasing net income in the quarter by $28 million, or $.20 of diluted earnings per common share. Similar income in the year-earlier quarter increased M&T’s net income in that period by $17 million, or $.11 of diluted earnings per common share.
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” expenses 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 $3.38 in the first quarter of 2019, compared with $2.26 in the first quarter of 2018 and $3.79 in the fourth quarter of 2018. Net operating income for the recent quarter was $486 million, compared with $357 million in the year-earlier period and $550 million in 2018’s fourth quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the recent quarter was 1.76% and 19.56%, respectively, compared with 1.28% and 13.51%, respectively, in the similar 2018 quarter and 1.93% and 22.16%, respectively, in the final quarter of 2018.
Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis totaled $1.06 billion in the initial 2019 quarter, up 8% from $980 million in the first quarter of 2018, due to a widening of the net interest margin in the recent quarter to 4.04% from 3.71% in the first three months of 2018. The favorable impact from that widening was partially offset by a decline in average earning assets in the recent quarter to $106.1 billion from $107.2 billion in the year-earlier period, reflecting reduced holdings of mortgage-backed securities and residential mortgage loans. Taxable-equivalent net interest income in the first quarter of 2019 was down one percent from the fourth quarter of 2018. A 12 basis point widening of the net interest margin from 3.92% in the final 2018 quarter was offset by a $2.8 billion decrease in average interest-bearing deposit balances held at the Federal Reserve Bank of New York.
3-3-3-3-3
M&T BANK CORPORATION
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Taxable-equivalent Net Interest Income |
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Change 1Q19 vs. |
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($ in millions) |
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1Q19 |
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1Q18 |
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4Q18 |
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1Q18 |
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4Q18 |
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Average earning assets |
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$ |
106,096 |
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$ |
107,231 |
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$ |
107,785 |
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-1 |
% |
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-2 |
% |
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Net interest income ̶ taxable-equivalent |
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$ |
1,056 |
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$ |
980 |
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$ |
1,065 |
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8 |
% |
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-1 |
% |
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Net interest margin |
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4.04 |
% |
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3.71 |
% |
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3.92 |
% |
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Provision for Credit Losses/Asset Quality. The provision for credit losses was $22 million in the first quarter of 2019, compared with $43 million in the year-earlier quarter and $38 million in 2018’s final quarter. Net loan charge-offs were $22 million during the recent quarter, improved from $41 million in the first quarter of 2018 and $38 million in the fourth quarter of 2018. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .10% and .19% in the first three months of 2019 and 2018, respectively, and .17% in the fourth quarter of 2018.
Loans classified as nonaccrual totaled $882 million or .99% of total loans outstanding at March 31, 2019, compared with $865 million or .99% a year earlier and $894 million or 1.01% at December 31, 2018. Assets taken in foreclosure of defaulted loans were $81 million at March 31, 2019, compared with $101 million at March 31, 2018 and $78 million at December 31, 2018.
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 $1.02 billion at each of March 31, 2019, March 31, 2018 and December 31, 2018. As a percentage of loans outstanding, the allowance was 1.15% at each of March 31, 2019 and December 31, 2018 and 1.16% at March 31, 2018.
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Asset Quality Metrics |
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Change 1Q19 vs. |
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($ in millions) |
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1Q19 |
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1Q18 |
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4Q18 |
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1Q18 |
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4Q18 |
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At end of quarter |
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Nonaccrual loans |
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$ |
882 |
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$ |
865 |
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$ |
894 |
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2 |
% |
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-1 |
% |
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Real estate and other foreclosed assets |
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$ |
81 |
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$ |
101 |
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$ |
78 |
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-20 |
% |
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4 |
% |
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Total nonperforming assets |
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$ |
963 |
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$ |
966 |
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$ |
972 |
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— |
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-1 |
% |
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Accruing loans past due 90 days or more (1) |
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$ |
244 |
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$ |
235 |
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$ |
223 |
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4 |
% |
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10 |
% |
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Nonaccrual loans as % of loans outstanding |
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.99 |
% |
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.99 |
% |
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1.01 |
% |
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Allowance for credit losses |
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$ |
1,019 |
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$ |
1,020 |
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$ |
1,019 |
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— |
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— |
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Allowance for credit losses as % of loans outstanding |
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1.15 |
% |
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1.16 |
% |
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1.15 |
% |
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For the period |
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Provision for credit losses |
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$ |
22 |
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$ |
43 |
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$ |
38 |
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-49 |
% |
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-42 |
% |
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Net charge-offs |
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$ |
22 |
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$ |
41 |
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$ |
38 |
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-45 |
% |
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-42 |
% |
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Net charge-offs as % of average loans (annualized) |
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.10 |
% |
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.19 |
% |
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.17 |
% |
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(1) |
Excludes loans acquired at a discount. Predominantly residential real estate loans. |
4-4-4-4-4
M&T BANK CORPORATION
Noninterest Income and Expense. Noninterest income totaled $501 million in the recent quarter, up 9% from $459 million in the year-earlier quarter and 4% higher than $481 million in the fourth quarter of 2018. The increases are reflective of higher mortgage banking revenues, valuation gains on equity securities and distributions from BLG.
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Noninterest Income |
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Change 1Q19 vs. |
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($ in millions) |
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1Q19 |
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1Q18 |
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4Q18 |
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1Q18 |
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4Q18 |
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Mortgage banking revenues |
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$ |
95 |
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$ |
87 |
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$ |
92 |
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9 |
% |
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3 |
% |
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Service charges on deposit accounts |
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103 |
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105 |
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109 |
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-2 |
% |
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-5 |
% |
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Trust income |
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133 |
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131 |
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135 |
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1 |
% |
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-2 |
% |
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Brokerage services income |
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12 |
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13 |
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13 |
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-7 |
% |
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-2 |
% |
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Trading account and foreign exchange gains |
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11 |
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5 |
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17 |
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133 |
% |
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-35 |
% |
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Gain (loss) on bank investment securities |
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12 |
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(9 |
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4 |
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— |
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— |
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Other revenues from operations |
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135 |
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127 |
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111 |
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6 |
% |
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21 |
% |
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Total |
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$ |
501 |
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$ |
459 |
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$ |
481 |
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9 |
% |
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4 |
% |
Noninterest expense aggregated $894 million in the first quarter of 2019, $933 million in the year-earlier quarter and $802 million in the fourth quarter of 2018. Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets, noninterest operating expenses were $889 million in the recent quarter, $927 million in the first quarter of 2018 and $797 million in the final 2018 quarter. The decrease in noninterest expense from the first quarter of 2018 was largely attributable to lower accruals for legal matters and FDIC assessments offset, in part, by higher costs for salaries and employee benefits. The higher noninterest expenses in the recent quarter as compared with the fourth quarter of 2018 reflected seasonally higher stock-based compensation and employee benefits expenses and the addition to the reserve for legal matters that were partially offset by lower charitable contributions.
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Noninterest Expense |
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Change 1Q19 vs. |
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($ in millions) |
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1Q19 |
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1Q18 |
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4Q18 |
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1Q18 |
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4Q18 |
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Salaries and employee benefits |
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$ |
499 |
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$ |
463 |
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$ |
439 |
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8 |
% |
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14 |
% |
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Equipment and net occupancy |
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79 |
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75 |
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74 |
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6 |
% |
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8 |
% |
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Outside data processing and software |
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52 |
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49 |
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50 |
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8 |
% |
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4 |
% |
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FDIC assessments |
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10 |
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20 |
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10 |
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-54 |
% |
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-4 |
% |
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Advertising and marketing |
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20 |
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16 |
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26 |
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25 |
% |
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-22 |
% |
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Printing, postage and supplies |
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10 |
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9 |
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9 |
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6 |
% |
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12 |
% |
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Amortization of core deposit and other intangible assets |
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5 |
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7 |
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5 |
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-24 |
% |
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-6 |
% |
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Other costs of operations |
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219 |
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294 |
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189 |
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-26 |
% |
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15 |
% |
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Total |
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$ |
894 |
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$ |
933 |
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$ |
802 |
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-4 |
% |
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11 |
% |
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5-5-5-5-5
M&T BANK CORPORATION
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 57.6% in the first quarter of 2019, 64.0% in the year-earlier quarter and 51.7% in the final three months of 2018.
Balance Sheet. M&T had total assets of $120.0 billion at March 31, 2019, compared with $118.6 billion and $120.1 billion at March 31, 2018 and December 31, 2018, respectively. Loans and leases, net of unearned discount, were $88.6 billion at March 31, 2019, $87.7 billion at March 31, 2018 and $88.5 billion at December 31, 2018. Total deposits were $90.5 billion at the recent quarter-end, compared with $90.9 billion at March 31, 2018 and $90.2 billion at December 31, 2018.
Total shareholders' equity was $15.6 billion at March 31, 2019 and $15.7 billion a year earlier, representing 12.99% and 13.24%, respectively, of total assets. Total shareholders’ equity was $15.5 billion, or 12.87% of total assets at December 31, 2018. Common shareholders' equity was $14.4 billion, or $105.04 per share, at March 31, 2019, compared with $14.5 billion, or $98.60 per share, a year-earlier and $14.2 billion, or $102.69 per share, at December 31, 2018. Tangible equity per common share was $71.19 at March 31, 2019, compared with $66.99 at March 31, 2018 and $69.28 at December 31, 2018. In the calculation of tangible 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 10.05% at March 31, 2019.
In accordance with its capital plan, M&T repurchased 2,150,000 shares of its common stock during the recent quarter at an average cost per share of $170.06, for a total cost of $366 million.
Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss first 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 #2869493. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Monday, April 22, 2019 by calling (800) 585-8367, or (404) 537-3406 for international participants, and by making reference to ID #2869493. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.
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.
6-6-6-6-6
M&T BANK CORPORATION
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; 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.
7-7-7-7-7
M&T BANK CORPORATION
|
|
|
Three months ended |
|
|
|
|
|
|
|||||
|
|
|
March 31 |
|
|
|
|
|
|
|||||
|
Amounts in thousands, except per share |
|
2019 |
|
|
2018 |
|
|
Change |
|
|
|||
|
Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
482,742 |
|
|
|
352,610 |
|
|
|
37 |
% |
|
|
Net income available to common shareholders |
|
|
462,086 |
|
|
|
332,749 |
|
|
|
39 |
% |
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
$ |
3.35 |
|
|
|
2.24 |
|
|
|
50 |
% |
|
|
Diluted earnings |
|
|
3.35 |
|
|
|
2.23 |
|
|
|
50 |
% |
|
|
Cash dividends |
|
$ |
1.00 |
|
|
|
.75 |
|
|
|
33 |
% |
|
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted (1) |
|
|
137,920 |
|
|
|
148,905 |
|
|
|
-7 |
% |
|
|
Period end (2) |
|
|
136,637 |
|
|
|
146,799 |
|
|
|
-7 |
% |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
1.68 |
% |
|
|
1.22 |
% |
|
|
|
|
|
|
Average common shareholders' equity |
|
|
13.14 |
% |
|
|
9.15 |
% |
|
|
|
|
|
|
Taxable-equivalent net interest income |
|
$ |
1,056,027 |
|
|
|
980,326 |
|
|
|
8 |
% |
|
|
Yield on average earning assets |
|
|
4.71 |
% |
|
|
4.11 |
% |
|
|
|
|
|
|
Cost of interest-bearing liabilities |
|
|
1.04 |
% |
|
|
.64 |
% |
|
|
|
|
|
|
Net interest spread |
|
|
3.67 |
% |
|
|
3.47 |
% |
|
|
|
|
|
|
Contribution of interest-free funds |
|
|
.37 |
% |
|
|
.24 |
% |
|
|
|
|
|
|
Net interest margin |
|
|
4.04 |
% |
|
|
3.71 |
% |
|
|
|
|
|
|
Net charge-offs to average total net loans (annualized) |
|
|
.10 |
% |
|
|
.19 |
% |
|
|
|
|
|
|
Net operating results (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income |
|
$ |
486,440 |
|
|
|
357,498 |
|
|
|
36 |
% |
|
|
Diluted net operating earnings per common share |
|
|
3.38 |
|
|
|
2.26 |
|
|
|
50 |
% |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible assets |
|
|
1.76 |
% |
|
|
1.28 |
% |
|
|
|
|
|
|
Average tangible common equity |
|
|
19.56 |
% |
|
|
13.51 |
% |
|
|
|
|
|
|
Efficiency ratio |
|
|
57.56 |
% |
|
|
63.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31 |
|
|
|
|
|||||||
|
Loan quality |
|
2019 |
|
|
2018 |
|
|
Change |
|
|
|||
|
Nonaccrual loans |
|
$ |
881,611 |
|
|
|
864,671 |
|
|
|
2 |
% |
|
|
Real estate and other foreclosed assets |
|
|
81,335 |
|
|
|
101,514 |
|
|
|
-20 |
% |
|
|
Total nonperforming assets |
|
$ |
962,946 |
|
|
|
966,185 |
|
|
|
— |
|
|
|
Accruing loans past due 90 days or more (4) |
|
$ |
244,257 |
|
|
|
235,325 |
|
|
|
4 |
% |
|
|
Government guaranteed loans included in totals above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
35,481 |
|
|
|
36,618 |
|
|
|
-3 |
% |
|
|
Accruing loans past due 90 days or more |
|
|
194,510 |
|
|
|
223,611 |
|
|
|
-13 |
% |
|
|
Renegotiated loans |
|
$ |
267,952 |
|
|
|
226,829 |
|
|
|
18 |
% |
|
|
Accruing loans acquired at a discount past due 90 days or more (5) |
|
$ |
43,995 |
|
|
|
49,349 |
|
|
|
-11 |
% |
|
|
Purchased impaired loans (6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer balance |
|
$ |
495,163 |
|
|
|
643,124 |
|
|
|
-23 |
% |
|
|
Carrying amount |
|
|
278,783 |
|
|
|
378,000 |
|
|
|
-26 |
% |
|
|
Nonaccrual loans to total net loans |
|
|
.99 |
% |
|
|
.99 |
% |
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
|
1.15 |
% |
|
|
1.16 |
% |
|
|
|
|
|
|
(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 14. |
|
(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. |
8-8-8-8-8
M&T BANK CORPORATION
Financial Highlights, Five Quarter Trend
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
Amounts in thousands, except per share |
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|||||
|
Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
482,742 |
|
|
|
546,219 |
|
|
|
526,091 |
|
|
|
493,160 |
|
|
|
352,610 |
|
|
Net income available to common shareholders |
|
|
462,086 |
|
|
|
525,328 |
|
|
|
505,365 |
|
|
|
472,600 |
|
|
|
332,749 |
|
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
$ |
3.35 |
|
|
|
3.76 |
|
|
|
3.54 |
|
|
|
3.26 |
|
|
|
2.24 |
|
|
Diluted earnings |
|
|
3.35 |
|
|
|
3.76 |
|
|
|
3.53 |
|
|
|
3.26 |
|
|
|
2.23 |
|
|
Cash dividends |
|
$ |
1.00 |
|
|
|
1.00 |
|
|
|
1.00 |
|
|
|
.80 |
|
|
|
.75 |
|
|
Common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted (1) |
|
|
137,920 |
|
|
|
139,838 |
|
|
|
142,976 |
|
|
|
144,998 |
|
|
|
148,905 |
|
|
Period end (2) |
|
|
136,637 |
|
|
|
138,534 |
|
|
|
141,479 |
|
|
|
144,261 |
|
|
|
146,799 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
|
|
1.68 |
% |
|
|
1.84 |
% |
|
|
1.80 |
% |
|
|
1.70 |
% |
|
|
1.22 |
% |
|
Average common shareholders' equity |
|
|
13.14 |
% |
|
|
14.80 |
% |
|
|
14.08 |
% |
|
|
13.32 |
% |
|
|
9.15 |
% |
|
Taxable-equivalent net interest income |
|
$ |
1,056,027 |
|
|
|
1,064,918 |
|
|
|
1,034,771 |
|
|
|
1,014,184 |
|
|
|
980,326 |
|
|
Yield on average earning assets |
|
|
4.71 |
% |
|
|
4.51 |
% |
|
|
4.40 |
% |
|
|
4.28 |
% |
|
|
4.11 |
% |
|
Cost of interest-bearing liabilities |
|
|
1.04 |
% |
|
|
.94 |
% |
|
|
.82 |
% |
|
|
.71 |
% |
|
|
.64 |
% |
|
Net interest spread |
|
|
3.67 |
% |
|
|
3.57 |
% |
|
|
3.58 |
% |
|
|
3.57 |
% |
|
|
3.47 |
% |
|
Contribution of interest-free funds |
|
|
.37 |
% |
|
|
.35 |
% |
|
|
.30 |
% |
|
|
.26 |
% |
|
|
.24 |
% |
|
Net interest margin |
|
|
4.04 |
% |
|
|
3.92 |
% |
|
|
3.88 |
% |
|
|
3.83 |
% |
|
|
3.71 |
% |
|
Net charge-offs to average total net loans (annualized) |
|
|
.10 |
% |
|
|
.17 |
% |
|
|
.07 |
% |
|
|
.16 |
% |
|
|
.19 |
% |
|
Net operating results (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income |
|
$ |
486,440 |
|
|
|
550,169 |
|
|
|
530,619 |
|
|
|
497,869 |
|
|
|
357,498 |
|
|
Diluted net operating earnings per common share |
|
|
3.38 |
|
|
|
3.79 |
|
|
|
3.56 |
|
|
|
3.29 |
|
|
|
2.26 |
|
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible assets |
|
|
1.76 |
% |
|
|
1.93 |
% |
|
|
1.89 |
% |
|
|
1.79 |
% |
|
|
1.28 |
% |
|
Average tangible common equity |
|
|
19.56 |
% |
|
|
22.16 |
% |
|
|
21.00 |
% |
|
|
19.91 |
% |
|
|
13.51 |
% |
|
Efficiency ratio |
|
|
57.56 |
% |
|
|
51.70 |
% |
|
|
51.41 |
% |
|
|
52.42 |
% |
|
|
63.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
Loan quality |
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|||||
|
Nonaccrual loans |
|
$ |
881,611 |
|
|
|
893,608 |
|
|
|
870,832 |
|
|
|
819,984 |
|
|
|
864,671 |
|
|
Real estate and other foreclosed assets |
|
|
81,335 |
|
|
|
78,375 |
|
|
|
87,333 |
|
|
|
98,062 |
|
|
|
101,514 |
|
|
Total nonperforming assets |
|
$ |
962,946 |
|
|
|
971,983 |
|
|
|
958,165 |
|
|
|
918,046 |
|
|
|
966,185 |
|
|
Accruing loans past due 90 days or more (4) |
|
$ |
244,257 |
|
|
|
222,527 |
|
|
|
254,360 |
|
|
|
223,026 |
|
|
|
235,325 |
|
|
Government guaranteed loans included in totals above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
35,481 |
|
|
|
34,667 |
|
|
|
33,570 |
|
|
|
34,870 |
|
|
|
36,618 |
|
|
Accruing loans past due 90 days or more |
|
|
194,510 |
|
|
|
192,443 |
|
|
|
195,450 |
|
|
|
202,394 |
|
|
|
223,611 |
|
|
Renegotiated loans |
|
$ |
267,952 |
|
|
|
245,367 |
|
|
|
242,892 |
|
|
|
242,528 |
|
|
|
226,829 |
|
|
Accruing loans acquired at a discount past due 90 days or more (5) |
|
$ |
43,995 |
|
|
|
39,750 |
|
|
|
44,223 |
|
|
|
47,405 |
|
|
|
49,349 |
|
|
Purchased impaired loans (6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer balance |
|
$ |
495,163 |
|
|
|
529,520 |
|
|
|
572,979 |
|
|
|
606,683 |
|
|
|
643,124 |
|
|
Carrying amount |
|
|
278,783 |
|
|
|
303,305 |
|
|
|
325,980 |
|
|
|
352,465 |
|
|
|
378,000 |
|
|
Nonaccrual loans to total net loans |
|
|
.99 |
% |
|
|
1.01 |
% |
|
|
1.00 |
% |
|
|
.93 |
% |
|
|
.99 |
% |
|
Allowance for credit losses to total loans |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.18 |
% |
|
|
1.16 |
% |
|
|
1.16 |
% |
|
(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 14. |
|
(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. |
9-9-9-9-9
M&T BANK CORPORATION
Condensed Consolidated Statement of Income
|
|
|
Three months ended |
|
|
|
|
|
|
|||||
|
|
|
March 31 |
|
|
|
|
|
|
|||||
|
Dollars in thousands |
|
2019 |
|
|
2018 |
|
|
Change |
|
|
|||
|
Interest income |
|
$ |
1,226,309 |
|
|
|
1,082,150 |
|
|
|
13 |
% |
|
|
Interest expense |
|
|
176,249 |
|
|
|
106,633 |
|
|
|
65 |
|
|
|
Net interest income |
|
|
1,050,060 |
|
|
|
975,517 |
|
|
|
8 |
|
|
|
Provision for credit losses |
|
|
22,000 |
|
|
|
43,000 |
|
|
|
-49 |
|
|
|
Net interest income after provision for credit losses |
|
|
1,028,060 |
|
|
|
932,517 |
|
|
|
10 |
|
|
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenues |
|
|
95,311 |
|
|
|
87,306 |
|
|
|
9 |
|
|
|
Service charges on deposit accounts |
|
|
103,112 |
|
|
|
105,115 |
|
|
|
-2 |
|
|
|
Trust income |
|
|
132,786 |
|
|
|
131,375 |
|
|
|
1 |
|
|
|
Brokerage services income |
|
|
12,476 |
|
|
|
13,392 |
|
|
|
-7 |
|
|
|
Trading account and foreign exchange gains |
|
|
10,802 |
|
|
|
4,637 |
|
|
|
133 |
|
|
|
Gain (loss) on bank investment securities |
|
|
11,841 |
|
|
|
(9,431 |
) |
|
|
— |
|
|
|
Other revenues from operations |
|
|
134,437 |
|
|
|
126,302 |
|
|
|
6 |
|
|
|
Total other income |
|
|
500,765 |
|
|
|
458,696 |
|
|
|
9 |
|
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
499,200 |
|
|
|
463,428 |
|
|
|
8 |
|
|
|
Equipment and net occupancy |
|
|
79,347 |
|
|
|
74,797 |
|
|
|
6 |
|
|
|
Outside data processing and software |
|
|
52,417 |
|
|
|
48,429 |
|
|
|
8 |
|
|
|
FDIC assessments |
|
|
9,426 |
|
|
|
20,280 |
|
|
|
-54 |
|
|
|
Advertising and marketing |
|
|
20,275 |
|
|
|
16,248 |
|
|
|
25 |
|
|
|
Printing, postage and supplies |
|
|
9,855 |
|
|
|
9,319 |
|
|
|
6 |
|
|
|
Amortization of core deposit and other intangible assets |
|
|
5,020 |
|
|
|
6,632 |
|
|
|
-24 |
|
|
|
Other costs of operations |
|
|
218,808 |
|
|
|
294,211 |
|
|
|
-26 |
|
|
|
Total other expense |
|
|
894,348 |
|
|
|
933,344 |
|
|
|
-4 |
|
|
|
Income before income taxes |
|
|
634,477 |
|
|
|
457,869 |
|
|
|
39 |
|
|
|
Applicable income taxes |
|
|
151,735 |
|
|
|
105,259 |
|
|
|
44 |
|
|
|
Net income |
|
$ |
482,742 |
|
|
|
352,610 |
|
|
|
37 |
% |
|
10-10-10-10-10
M&T BANK CORPORATION
Condensed Consolidated Statement of Income, Five Quarter Trend
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
Dollars in thousands |
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|||||
|
Interest income |
|
$ |
1,226,309 |
|
|
|
1,220,281 |
|
|
|
1,167,375 |
|
|
|
1,128,905 |
|
|
|
1,082,150 |
|
|
Interest expense |
|
|
176,249 |
|
|
|
161,321 |
|
|
|
138,337 |
|
|
|
120,118 |
|
|
|
106,633 |
|
|
Net interest income |
|
|
1,050,060 |
|
|
|
1,058,960 |
|
|
|
1,029,038 |
|
|
|
1,008,787 |
|
|
|
975,517 |
|
|
Provision for credit losses |
|
|
22,000 |
|
|
|
38,000 |
|
|
|
16,000 |
|
|
|
35,000 |
|
|
|
43,000 |
|
|
Net interest income after provision for credit losses |
|
|
1,028,060 |
|
|
|
1,020,960 |
|
|
|
1,013,038 |
|
|
|
973,787 |
|
|
|
932,517 |
|
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenues |
|
|
95,311 |
|
|
|
92,229 |
|
|
|
88,408 |
|
|
|
92,499 |
|
|
|
87,306 |
|
|
Service charges on deposit accounts |
|
|
103,112 |
|
|
|
108,791 |
|
|
|
108,647 |
|
|
|
106,784 |
|
|
|
105,115 |
|
|
Trust income |
|
|
132,786 |
|
|
|
135,024 |
|
|
|
133,545 |
|
|
|
137,641 |
|
|
|
131,375 |
|
|
Brokerage services income |
|
|
12,476 |
|
|
|
12,781 |
|
|
|
12,267 |
|
|
|
12,629 |
|
|
|
13,392 |
|
|
Trading account and foreign exchange gains |
|
|
10,802 |
|
|
|
16,582 |
|
|
|
6,073 |
|
|
|
5,255 |
|
|
|
4,637 |
|
|
Gain (loss) on bank investment securities |
|
|
11,841 |
|
|
|
4,219 |
|
|
|
(3,415 |
) |
|
|
2,326 |
|
|
|
(9,431 |
) |
|
Other revenues from operations |
|
|
134,437 |
|
|
|
110,970 |
|
|
|
113,769 |
|
|
|
100,280 |
|
|
|
126,302 |
|
|
Total other income |
|
|
500,765 |
|
|
|
480,596 |
|
|
|
459,294 |
|
|
|
457,414 |
|
|
|
458,696 |
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
499,200 |
|
|
|
438,928 |
|
|
|
431,371 |
|
|
|
418,537 |
|
|
|
463,428 |
|
|
Equipment and net occupancy |
|
|
79,347 |
|
|
|
73,519 |
|
|
|
77,481 |
|
|
|
73,031 |
|
|
|
74,797 |
|
|
Outside data processing and software |
|
|
52,417 |
|
|
|
50,206 |
|
|
|
50,678 |
|
|
|
49,712 |
|
|
|
48,429 |
|
|
FDIC assessments |
|
|
9,426 |
|
|
|
9,837 |
|
|
|
18,849 |
|
|
|
19,560 |
|
|
|
20,280 |
|
|
Advertising and marketing |
|
|
20,275 |
|
|
|
25,910 |
|
|
|
21,784 |
|
|
|
21,768 |
|
|
|
16,248 |
|
|
Printing, postage and supplies |
|
|
9,855 |
|
|
|
8,777 |
|
|
|
8,843 |
|
|
|
8,719 |
|
|
|
9,319 |
|
|
Amortization of core deposit and other intangible assets |
|
|
5,020 |
|
|
|
5,359 |
|
|
|
6,143 |
|
|
|
6,388 |
|
|
|
6,632 |
|
|
Other costs of operations |
|
|
218,808 |
|
|
|
189,626 |
|
|
|
160,830 |
|
|
|
178,862 |
|
|
|
294,211 |
|
|
Total other expense |
|
|
894,348 |
|
|
|
802,162 |
|
|
|
775,979 |
|
|
|
776,577 |
|
|
|
933,344 |
|
|
Income before income taxes |
|
|
634,477 |
|
|
|
699,394 |
|
|
|
696,353 |
|
|
|
654,624 |
|
|
|
457,869 |
|
|
Applicable income taxes |
|
|
151,735 |
|
|
|
153,175 |
|
|
|
170,262 |
|
|
|
161,464 |
|
|
|
105,259 |
|
|
Net income |
|
$ |
482,742 |
|
|
|
546,219 |
|
|
|
526,091 |
|
|
|
493,160 |
|
|
|
352,610 |
|
11-11-11-11-11
M&T BANK CORPORATION
Condensed Consolidated Balance Sheet
|
|
|
March 31 |
|
|
|
|
|
|
|||||
|
Dollars in thousands |
|
2019 |
|
|
2018 |
|
|
Change |
|
|
|||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
1,267,260 |
|
|
|
1,291,664 |
|
|
|
-2 |
|
% |
|
Interest-bearing deposits at banks |
|
|
7,602,897 |
|
|
|
6,135,434 |
|
|
|
24 |
|
|
|
Federal funds sold |
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
Trading account |
|
|
276,322 |
|
|
|
141,134 |
|
|
|
96 |
|
|
|
Investment securities |
|
|
12,536,840 |
|
|
|
14,066,564 |
|
|
|
-11 |
|
|
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc. |
|
|
23,090,204 |
|
|
|
21,697,522 |
|
|
|
6 |
|
|
|
Real estate - commercial |
|
|
34,690,930 |
|
|
|
33,753,506 |
|
|
|
3 |
|
|
|
Real estate - consumer |
|
|
16,769,933 |
|
|
|
18,960,946 |
|
|
|
-12 |
|
|
|
Consumer |
|
|
14,088,816 |
|
|
|
13,298,775 |
|
|
|
6 |
|
|
|
Total loans and leases, net of unearned discount |
|
|
88,639,883 |
|
|
|
87,710,749 |
|
|
|
1 |
|
|
|
Less: allowance for credit losses |
|
|
1,019,337 |
|
|
|
1,019,671 |
|
|
|
— |
|
|
|
Net loans and leases |
|
|
87,620,546 |
|
|
|
86,691,078 |
|
|
|
1 |
|
|
|
Goodwill |
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
— |
|
|
|
Core deposit and other intangible assets |
|
|
43,947 |
|
|
|
64,957 |
|
|
|
-32 |
|
|
|
Other assets |
|
|
6,084,281 |
|
|
|
5,637,881 |
|
|
|
8 |
|
|
|
Total assets |
|
$ |
120,025,205 |
|
|
|
118,622,824 |
|
|
|
1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
29,966,753 |
|
|
|
31,817,516 |
|
|
|
-6 |
|
% |
|
Interest-bearing deposits |
|
|
59,433,806 |
|
|
|
58,851,050 |
|
|
|
1 |
|
|
|
Deposits at Cayman Islands office |
|
|
1,069,191 |
|
|
|
278,064 |
|
|
|
285 |
|
|
|
Total deposits |
|
|
90,469,750 |
|
|
|
90,946,630 |
|
|
|
-1 |
|
|
|
Short-term borrowings |
|
|
3,602,566 |
|
|
|
1,626,129 |
|
|
|
122 |
|
|
|
Accrued interest and other liabilities |
|
|
1,889,336 |
|
|
|
1,749,320 |
|
|
|
8 |
|
|
|
Long-term borrowings |
|
|
8,476,024 |
|
|
|
8,591,051 |
|
|
|
-1 |
|
|
|
Total liabilities |
|
|
104,437,676 |
|
|
|
102,913,130 |
|
|
|
1 |
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
— |
|
|
|
Common |
|
|
14,356,029 |
|
|
|
14,478,194 |
|
|
|
-1 |
|
|
|
Total shareholders' equity |
|
|
15,587,529 |
|
|
|
15,709,694 |
|
|
|
-1 |
|
|
|
Total liabilities and shareholders' equity |
|
$ |
120,025,205 |
|
|
|
118,622,824 |
|
|
|
1 |
|
% |
12-12-12-12-12
M&T BANK CORPORATION
Condensed Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
|
|||||||||||||||||
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
Dollars in thousands |
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
1,267,260 |
|
|
|
1,605,439 |
|
|
|
1,311,611 |
|
|
|
1,367,594 |
|
|
|
1,291,664 |
|
|
Interest-bearing deposits at banks |
|
|
7,602,897 |
|
|
|
8,105,197 |
|
|
|
6,523,746 |
|
|
|
6,669,985 |
|
|
|
6,135,434 |
|
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
1,000 |
|
|
Trading account |
|
|
276,322 |
|
|
|
185,584 |
|
|
|
125,038 |
|
|
|
148,303 |
|
|
|
141,134 |
|
|
Investment securities |
|
|
12,536,840 |
|
|
|
12,692,813 |
|
|
|
13,073,881 |
|
|
|
13,283,002 |
|
|
|
14,066,564 |
|
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc. |
|
|
23,090,204 |
|
|
|
22,977,976 |
|
|
|
21,635,394 |
|
|
|
21,894,857 |
|
|
|
21,697,522 |
|
|
Real estate - commercial |
|
|
34,690,930 |
|
|
|
34,363,556 |
|
|
|
33,518,375 |
|
|
|
34,137,937 |
|
|
|
33,753,506 |
|
|
Real estate - consumer |
|
|
16,769,933 |
|
|
|
17,154,446 |
|
|
|
17,721,399 |
|
|
|
18,310,712 |
|
|
|
18,960,946 |
|
|
Consumer |
|
|
14,088,816 |
|
|
|
13,970,499 |
|
|
|
13,805,317 |
|
|
|
13,453,944 |
|
|
|
13,298,775 |
|
|
Total loans and leases, net of unearned discount |
|
|
88,639,883 |
|
|
|
88,466,477 |
|
|
|
86,680,485 |
|
|
|
87,797,450 |
|
|
|
87,710,749 |
|
|
Less: allowance for credit losses |
|
|
1,019,337 |
|
|
|
1,019,444 |
|
|
|
1,019,488 |
|
|
|
1,019,248 |
|
|
|
1,019,671 |
|
|
Net loans and leases |
|
|
87,620,546 |
|
|
|
87,447,033 |
|
|
|
85,660,997 |
|
|
|
86,778,202 |
|
|
|
86,691,078 |
|
|
Goodwill |
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
|
4,593,112 |
|
|
Core deposit and other intangible assets |
|
|
43,947 |
|
|
|
47,067 |
|
|
|
52,426 |
|
|
|
58,569 |
|
|
|
64,957 |
|
|
Other assets |
|
|
6,084,281 |
|
|
|
5,421,158 |
|
|
|
5,486,826 |
|
|
|
5,525,786 |
|
|
|
5,637,881 |
|
|
Total assets |
|
$ |
120,025,205 |
|
|
|
120,097,403 |
|
|
|
116,827,637 |
|
|
|
118,426,053 |
|
|
|
118,622,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
29,966,753 |
|
|
|
32,256,668 |
|
|
|
31,773,560 |
|
|
|
32,086,191 |
|
|
|
31,817,516 |
|
|
Interest-bearing deposits |
|
|
59,433,806 |
|
|
|
57,087,998 |
|
|
|
56,919,549 |
|
|
|
56,924,970 |
|
|
|
58,851,050 |
|
|
Deposits at Cayman Islands office |
|
|
1,069,191 |
|
|
|
811,906 |
|
|
|
447,287 |
|
|
|
261,427 |
|
|
|
278,064 |
|
|
Total deposits |
|
|
90,469,750 |
|
|
|
90,156,572 |
|
|
|
89,140,396 |
|
|
|
89,272,588 |
|
|
|
90,946,630 |
|
|
Short-term borrowings |
|
|
3,602,566 |
|
|
|
4,398,378 |
|
|
|
1,310,110 |
|
|
|
3,239,416 |
|
|
|
1,626,129 |
|
|
Accrued interest and other liabilities |
|
|
1,889,336 |
|
|
|
1,637,348 |
|
|
|
1,800,778 |
|
|
|
1,953,848 |
|
|
|
1,749,320 |
|
|
Long-term borrowings |
|
|
8,476,024 |
|
|
|
8,444,914 |
|
|
|
9,140,268 |
|
|
|
8,382,316 |
|
|
|
8,591,051 |
|
|
Total liabilities |
|
|
104,437,676 |
|
|
|
104,637,212 |
|
|
|
101,391,552 |
|
|
|
102,848,168 |
|
|
|
102,913,130 |
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
|
1,231,500 |
|
|
Common |
|
|
14,356,029 |
|
|
|
14,228,691 |
|
|
|
14,204,585 |
|
|
|
14,346,385 |
|
|
|
14,478,194 |
|
|
Total shareholders' equity |
|
|
15,587,529 |
|
|
|
15,460,191 |
|
|
|
15,436,085 |
|
|
|
15,577,885 |
|
|
|
15,709,694 |
|
|
Total liabilities and shareholders' equity |
|
$ |
120,025,205 |
|
|
|
120,097,403 |
|
|
|
116,827,637 |
|
|
|
118,426,053 |
|
|
|
118,622,824 |
|
13-13-13-13-13
M&T BANK CORPORATION
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
|
|
|
Three months ended |
|
|
Change in balance |
|
|
|
||||||||||||||||||||||||||
|
|
|
March 31, |
|
|
March 31, |
|
|
December 31, |
|
|
March 31, 2019 from |
|
|
|
||||||||||||||||||||
|
Dollars in millions |
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
March 31, |
|
|
December 31, |
|
|
|
|||||||||||||||||
|
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
|
2018 |
|
|
2018 |
|
|
|
||||||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits at banks |
|
$ |
4,605 |
|
|
|
2.41 |
|
% |
|
4,941 |
|
|
|
1.53 |
|
% |
|
7,394 |
|
|
|
2.23 |
|
% |
|
-7 |
|
% |
|
-38 |
|
% |
|
|
Federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
1.85 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
Trading account |
|
|
65 |
|
|
|
3.40 |
|
|
|
54 |
|
|
|
3.00 |
|
|
|
56 |
|
|
|
2.65 |
|
|
|
21 |
|
|
|
17 |
|
|
|
|
Investment securities |
|
|
12,949 |
|
|
|
2.52 |
|
|
|
14,467 |
|
|
|
2.33 |
|
|
|
13,034 |
|
|
|
2.41 |
|
|
|
-10 |
|
|
|
-1 |
|
|
|
|
Loans and leases, net of unearned discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc. |
|
|
23,010 |
|
|
|
5.07 |
|
|
|
21,547 |
|
|
|
4.28 |
|
|
|
22,376 |
|
|
|
4.92 |
|
|
|
7 |
|
|
|
3 |
|
|
|
|
Real estate - commercial |
|
|
34,524 |
|
|
|
5.34 |
|
|
|
33,652 |
|
|
|
4.73 |
|
|
|
33,586 |
|
|
|
5.27 |
|
|
|
3 |
|
|
|
3 |
|
|
|
|
Real estate - consumer |
|
|
16,939 |
|
|
|
4.37 |
|
|
|
19,274 |
|
|
|
4.06 |
|
|
|
17,421 |
|
|
|
4.31 |
|
|
|
-12 |
|
|
|
-3 |
|
|
|
|
Consumer |
|
|
14,004 |
|
|
|
5.51 |
|
|
|
13,293 |
|
|
|
5.00 |
|
|
|
13,918 |
|
|
|
5.35 |
|
|
|
5 |
|
|
|
1 |
|
|
|
|
Total loans and leases, net |
|
|
88,477 |
|
|
|
5.15 |
|
|
|
87,766 |
|
|
|
4.55 |
|
|
|
87,301 |
|
|
|
5.02 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
Total earning assets |
|
|
106,096 |
|
|
|
4.71 |
|
|
|
107,231 |
|
|
|
4.11 |
|
|
|
107,785 |
|
|
|
4.51 |
|
|
|
-1 |
|
|
|
-2 |
|
|
|
|
Goodwill |
|
|
4,593 |
|
|
|
|
|
|
|
4,593 |
|
|
|
|
|
|
|
4,593 |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
Core deposit and other intangible assets |
|
|
45 |
|
|
|
|
|
|
|
68 |
|
|
|
|
|
|
|
50 |
|
|
|
|
|
|
|
-34 |
|
|
|
-9 |
|
|
|
|
Other assets |
|
|
6,105 |
|
|
|
|
|
|
|
5,792 |
|
|
|
|
|
|
|
5,371 |
|
|
|
|
|
|
|
5 |
|
|
|
14 |
|
|
|
|
Total assets |
|
$ |
116,839 |
|
|
|
|
|
|
|
117,684 |
|
|
|
|
|
|
|
117,799 |
|
|
|
|
|
|
|
-1 |
|
% |
|
-1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-checking deposits |
|
$ |
52,095 |
|
|
|
.59 |
|
|
|
52,504 |
|
|
|
.31 |
|
|
|
51,820 |
|
|
|
.54 |
|
|
|
-1 |
|
% |
|
1 |
|
% |
|
|
Time deposits |
|
|
6,351 |
|
|
|
1.35 |
|
|
|
6,320 |
|
|
|
.70 |
|
|
|
5,960 |
|
|
|
1.07 |
|
|
|
— |
|
|
|
7 |
|
|
|
|
Deposits at Cayman Islands office |
|
|
972 |
|
|
|
1.98 |
|
|
|
248 |
|
|
|
.62 |
|
|
|
693 |
|
|
|
1.81 |
|
|
|
293 |
|
|
|
40 |
|
|
|
|
Total interest-bearing deposits |
|
|
59,418 |
|
|
|
.70 |
|
|
|
59,072 |
|
|
|
.36 |
|
|
|
58,473 |
|
|
|
.61 |
|
|
|
1 |
|
|
|
2 |
|
|
|
|
Short-term borrowings |
|
|
1,091 |
|
|
|
2.49 |
|
|
|
280 |
|
|
|
1.28 |
|
|
|
315 |
|
|
|
1.91 |
|
|
|
290 |
|
|
|
247 |
|
|
|
|
Long-term borrowings |
|
|
8,494 |
|
|
|
3.23 |
|
|
|
8,606 |
|
|
|
2.54 |
|
|
|
9,239 |
|
|
|
3.03 |
|
|
|
-1 |
|
|
|
-8 |
|
|
|
|
Total interest-bearing liabilities |
|
|
69,003 |
|
|
|
1.04 |
|
|
|
67,958 |
|
|
|
.64 |
|
|
|
68,027 |
|
|
|
.94 |
|
|
|
2 |
|
|
|
1 |
|
|
|
|
Noninterest-bearing deposits |
|
|
30,315 |
|
|
|
|
|
|
|
32,047 |
|
|
|
|
|
|
|
32,631 |
|
|
|
|
|
|
|
-5 |
|
|
|
-7 |
|
|
|
|
Other liabilities |
|
|
1,952 |
|
|
|
|
|
|
|
1,620 |
|
|
|
|
|
|
|
1,752 |
|
|
|
|
|
|
|
20 |
|
|
|
11 |
|
|
|
|
Total liabilities |
|
|
101,270 |
|
|
|
|
|
|
|
101,625 |
|
|
|
|
|
|
|
102,410 |
|
|
|
|
|
|
|
— |
|
|
|
-1 |
|
|
|
|
Shareholders' equity |
|
|
15,569 |
|
|
|
|
|
|
|
16,059 |
|
|
|
|
|
|
|
15,389 |
|
|
|
|
|
|
|
-3 |
|
|
|
1 |
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
116,839 |
|
|
|
|
|
|
|
117,684 |
|
|
|
|
|
|
|
117,799 |
|
|
|
|
|
|
|
-1 |
|
% |
|
-1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
3.67 |
|
|
|
|
|
|
|
3.47 |
|
|
|
|
|
|
|
3.57 |
|
|
|
|
|
|
|
|
|
|
|
|
Contribution of interest-free funds |
|
|
|
|
|
|
.37 |
|
|
|
|
|
|
|
.24 |
|
|
|
|
|
|
|
.35 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
4.04 |
|
% |
|
|
|
|
|
3.71 |
|
% |
|
|
|
|
|
3.92 |
|
% |
|
|
|
|
|
|
|
|
|
14-14-14-14-14
M&T BANK CORPORATION
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
|
|
|
Three months ended |
|
|||||||||||||||||
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|
2018 |
|
|||||
|
Income statement data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
482,742 |
|
|
|
546,219 |
|
|
|
526,091 |
|
|
|
493,160 |
|
|
|
352,610 |
|
|
Amortization of core deposit and other intangible assets (1) |
|
|
3,698 |
|
|
|
3,950 |
|
|
|
4,528 |
|
|
|
4,709 |
|
|
|
4,888 |
|
|
Net operating income |
|
$ |
486,440 |
|
|
|
550,169 |
|
|
|
530,619 |
|
|
|
497,869 |
|
|
|
357,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
3.35 |
|
|
|
3.76 |
|
|
|
3.53 |
|
|
|
3.26 |
|
|
|
2.23 |
|
|
Amortization of core deposit and other intangible assets (1) |
|
|
.03 |
|
|
|
.03 |
|
|
|
.03 |
|
|
|
.03 |
|
|
|
.03 |
|
|
Diluted net operating earnings per common share |
|
$ |
3.38 |
|
|
|
3.79 |
|
|
|
3.56 |
|
|
|
3.29 |
|
|
|
2.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
$ |
894,348 |
|
|
|
802,162 |
|
|
|
775,979 |
|
|
|
776,577 |
|
|
|
933,344 |
|
|
Amortization of core deposit and other intangible assets |
|
|
(5,020 |
) |
|
|
(5,359 |
) |
|
|
(6,143 |
) |
|
|
(6,388 |
) |
|
|
(6,632 |
) |
|
Noninterest operating expense |
|
$ |
889,328 |
|
|
|
796,803 |
|
|
|
769,836 |
|
|
|
770,189 |
|
|
|
926,712 |
|
|
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating expense (numerator) |
|
$ |
889,328 |
|
|
|
796,803 |
|
|
|
769,836 |
|
|
|
770,189 |
|
|
|
926,712 |
|
|
Taxable-equivalent net interest income |
|
|
1,056,027 |
|
|
|
1,064,918 |
|
|
|
1,034,771 |
|
|
|
1,014,184 |
|
|
|
980,326 |
|
|
Other income |
|
|
500,765 |
|
|
|
480,596 |
|
|
|
459,294 |
|
|
|
457,414 |
|
|
|
458,696 |
|
|
Less: Gain (loss) on bank investment securities |
|
|
11,841 |
|
|
|
4,219 |
|
|
|
(3,415 |
) |
|
|
2,326 |
|
|
|
(9,431 |
) |
|
Denominator |
|
$ |
1,544,951 |
|
|
|
1,541,295 |
|
|
|
1,497,480 |
|
|
|
1,469,272 |
|
|
|
1,448,453 |
|
|
Efficiency ratio |
|
|
57.56 |
% |
|
|
51.70 |
% |
|
|
51.41 |
% |
|
|
52.42 |
% |
|
|
63.98 |
% |
|
Balance sheet data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
116,839 |
|
|
|
117,799 |
|
|
|
115,997 |
|
|
|
116,413 |
|
|
|
117,684 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(45 |
) |
|
|
(50 |
) |
|
|
(55 |
) |
|
|
(62 |
) |
|
|
(68 |
) |
|
Deferred taxes |
|
|
12 |
|
|
|
13 |
|
|
|
14 |
|
|
|
17 |
|
|
|
18 |
|
|
Average tangible assets |
|
$ |
112,213 |
|
|
|
113,169 |
|
|
|
111,363 |
|
|
|
111,775 |
|
|
|
113,041 |
|
|
Average common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity |
|
$ |
15,569 |
|
|
|
15,389 |
|
|
|
15,549 |
|
|
|
15,533 |
|
|
|
16,059 |
|
|
Preferred stock |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
|
(1,232 |
) |
|
Average common equity |
|
|
14,337 |
|
|
|
14,157 |
|
|
|
14,317 |
|
|
|
14,301 |
|
|
|
14,827 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(45 |
) |
|
|
(50 |
) |
|
|
(55 |
) |
|
|
(62 |
) |
|
|
(68 |
) |
|
Deferred taxes |
|
|
12 |
|
|
|
13 |
|
|
|
14 |
|
|
|
17 |
|
|
|
18 |
|
|
Average tangible common equity |
|
$ |
9,711 |
|
|
|
9,527 |
|
|
|
9,683 |
|
|
|
9,663 |
|
|
|
10,184 |
|
|
At end of quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
120,025 |
|
|
|
120,097 |
|
|
|
116,828 |
|
|
|
118,426 |
|
|
|
118,623 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(44 |
) |
|
|
(47 |
) |
|
|
(52 |
) |
|
|
(59 |
) |
|
|
(65 |
) |
|
Deferred taxes |
|
|
12 |
|
|
|
13 |
|
|
|
14 |
|
|
|
16 |
|
|
|
17 |
|
|
Total tangible assets |
|
$ |
115,400 |
|
|
|
115,470 |
|
|
|
112,197 |
|
|
|
113,790 |
|
|
|
113,982 |
|
|
Total common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
$ |
15,588 |
|
|
|
15,460 |
|
|
|
15,436 |
|
|
|
15,578 |
|
|
|
15,710 |
|
|
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 |
|
|
14,353 |
|
|
|
14,225 |
|
|
|
14,201 |
|
|
|
14,343 |
|
|
|
14,475 |
|
|
Goodwill |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
|
(4,593 |
) |
|
Core deposit and other intangible assets |
|
|
(44 |
) |
|
|
(47 |
) |
|
|
(52 |
) |
|
|
(59 |
) |
|
|
(65 |
) |
|
Deferred taxes |
|
|
12 |
|
|
|
13 |
|
|
|
14 |
|
|
|
16 |
|
|
|
17 |
|
|
Total tangible common equity |
|
$ |
9,728 |
|
|
|
9,598 |
|
|
|
9,570 |
|
|
|
9,707 |
|
|
|
9,834 |
|
|
(1) |
After any related tax effect. |