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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-9861

 

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

 

 

New York

 

16-0968385

(State or other jurisdiction of

incorporation or organization)

 

(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

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbols

Name of Each Exchange on Which Registered

Common Stock, $.50 par value

MTB

New York Stock Exchange

6.375% Cumulative Perpetual Preferred Stock,

Series A, $1,000 liquidation preference per share

MTBPr

New York Stock Exchange

6.375% Cumulative Perpetual Preferred Stock,

Series C, $1,000 liquidation preference per share

MTBPrC

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

  

Smaller reporting company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).       Yes      No

Number of shares of the registrant's Common Stock, $0.50 par value, outstanding as of the close of business on July 31, 2019: 133,666,679 shares.

 

 

 


M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended June 30, 2019

 

Table of Contents of Information Required in Report

 

Page

 

 

 

 

 

Part I.  FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements.

 

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEET – June 30, 2019 and December 31, 2018

 

3

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF INCOME –Three and six months ended June 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME –Three and six months ended June 30, 2019 and 2018

 

5

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS – Six months ended June 30, 2019 and 2018

 

6

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three and six months ended June 30, 2019 and 2018

 

7

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

9

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

55

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk.

 

91

 

 

 

 

 

Item 4.

 

Controls and Procedures.

 

91

 

 

 

 

 

Part II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings.

 

91

 

 

 

 

 

Item 1A.

 

Risk Factors

 

92

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

92

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities.

 

92

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

 

92

 

 

 

 

 

Item 5.

 

Other Information.

 

92

 

 

 

 

 

Item 6.

 

Exhibits.

 

93

 

 

 

 

 

SIGNATURES

 

93

 

 

 

 

 

 

 

 

- 2 -


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

 

 

 

June 30,

 

 

December 31,

 

(Dollars in thousands, except per share)

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,271,611

 

 

$

1,605,439

 

Interest-bearing deposits at banks

 

 

8,791,753

 

 

 

8,105,197

 

Trading account

 

 

479,403

 

 

 

185,584

 

Investment securities (includes pledged securities that can be sold or repledged of

   $167,935 at June 30, 2019; $487,365 at December 31, 2018)

 

 

 

 

 

 

 

 

Available for sale (cost: $7,359,445 at June 30, 2019;

   $8,869,423 at December 31, 2018)

 

 

7,380,340

 

 

 

8,682,509

 

Held to maturity (fair value: $3,630,158 at June 30, 2019;

   $3,255,483 at December 31, 2018)

 

 

3,604,233

 

 

 

3,316,640

 

Equity and other securities (cost: $558,440 at June 30, 2019;

   $677,187 at December 31, 2018)

 

 

595,676

 

 

 

693,664

 

Total investment securities

 

 

11,580,249

 

 

 

12,692,813

 

Loans and leases

 

 

90,142,482

 

 

 

88,733,492

 

Unearned discount

 

 

(264,424

)

 

 

(267,015

)

Loans and leases, net of unearned discount

 

 

89,878,058

 

 

 

88,466,477

 

Allowance for credit losses

 

 

(1,029,867

)

 

 

(1,019,444

)

Loans and leases, net

 

 

88,848,191

 

 

 

87,447,033

 

Premises and equipment

 

 

1,066,511

 

 

 

647,408

 

Goodwill

 

 

4,593,112

 

 

 

4,593,112

 

Core deposit and other intangible assets

 

 

38,428

 

 

 

47,067

 

Accrued interest and other assets

 

 

4,885,637

 

 

 

4,773,750

 

Total assets

 

$

121,554,895

 

 

$

120,097,403

 

Liabilities

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

30,747,946

 

 

$

32,256,668

 

Savings and interest-checking deposits

 

 

53,221,672

 

 

 

50,963,744

 

Time deposits

 

 

6,346,551

 

 

 

6,124,254

 

Deposits at Cayman Islands office

 

 

1,364,855

 

 

 

811,906

 

Total deposits

 

 

91,681,024

 

 

 

90,156,572

 

Short-term borrowings

 

 

4,611,390

 

 

 

4,398,378

 

Accrued interest and other liabilities

 

 

1,915,147

 

 

 

1,637,348

 

Long-term borrowings

 

 

7,655,507

 

 

 

8,444,914

 

Total liabilities

 

 

105,863,068

 

 

 

104,637,212

 

Shareholders' equity

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par, 1,000,000 shares authorized;

   Issued and outstanding: Liquidation preference of $1,000 per

   share: 731,500 shares at June 30, 2019 and December 31, 2018;

   Liquidation preference of $10,000 per share: 50,000

   shares at June 30, 2019 and December 31, 2018

 

 

1,231,500

 

 

 

1,231,500

 

Common stock, $.50 par, 250,000,000 shares authorized,

   159,741,898 shares issued at June 30, 2019;

   159,765,044 shares issued at December 31, 2018

 

 

79,871

 

 

 

79,883

 

Common stock issuable, 21,327 shares at June 30, 2019;

   24,563 shares at December 31, 2018

 

 

1,526

 

 

 

1,726

 

Additional paid-in capital

 

 

6,577,603

 

 

 

6,579,342

 

Retained earnings

 

 

12,162,278

 

 

 

11,516,672

 

Accumulated other comprehensive income (loss), net

 

 

(112,958

)

 

 

(420,081

)

Treasury stock — common, at cost — 25,563,347 shares at June 30, 2019;

    21,255,275 shares at December 31, 2018

 

 

(4,247,993

)

 

 

(3,528,851

)

Total shareholders’ equity

 

 

15,691,827

 

 

 

15,460,191

 

Total liabilities and shareholders’ equity

 

$

121,554,895

 

 

$

120,097,403

 

 

See accompanying notes to financial statements.

- 3 -


M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

 

 

Three Months Ended June 30

 

 

Six Months Ended June 30

 

(In thousands, except per share)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases, including fees

 

$

1,125,577

 

 

$

1,024,471

 

 

$

2,243,490

 

 

$

2,004,440

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully taxable

 

 

75,578

 

 

 

82,019

 

 

 

155,989

 

 

 

164,871

 

Exempt from federal taxes

 

 

77

 

 

 

172

 

 

 

172

 

 

 

420

 

Deposits at banks

 

 

36,325

 

 

 

21,869

 

 

 

63,732

 

 

 

40,546

 

Other

 

 

356

 

 

 

374

 

 

 

839

 

 

 

778

 

Total interest income

 

 

1,237,913

 

 

 

1,128,905

 

 

 

2,464,222

 

 

 

2,211,055

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings and interest-checking deposits

 

 

91,557

 

 

 

48,738

 

 

 

167,695

 

 

 

89,265

 

Time deposits

 

 

24,931

 

 

 

11,362

 

 

 

46,012

 

 

 

22,298

 

Deposits at Cayman Islands office

 

 

6,039

 

 

 

542

 

 

 

10,777

 

 

 

923

 

Short-term borrowings

 

 

7,893

 

 

 

1,383

 

 

 

14,606

 

 

 

2,266

 

Long-term borrowings

 

 

66,012

 

 

 

58,093

 

 

 

133,591

 

 

 

111,999

 

Total interest expense

 

 

196,432

 

 

 

120,118

 

 

 

372,681

 

 

 

226,751

 

Net interest income

 

 

1,041,481

 

 

 

1,008,787

 

 

 

2,091,541

 

 

 

1,984,304

 

Provision for credit losses

 

 

55,000

 

 

 

35,000

 

 

 

77,000

 

 

 

78,000

 

Net interest income after provision for credit losses

 

 

986,481

 

 

 

973,787

 

 

 

2,014,541

 

 

 

1,906,304

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking revenues

 

 

107,321

 

 

 

92,499

 

 

 

202,632

 

 

 

179,805

 

Service charges on deposit accounts

 

 

107,787

 

 

 

106,784

 

 

 

210,899

 

 

 

211,899

 

Trust income

 

 

144,382

 

 

 

137,641

 

 

 

277,168

 

 

 

269,016

 

Brokerage services income

 

 

12,478

 

 

 

12,629

 

 

 

24,954

 

 

 

26,021

 

Trading account and foreign exchange gains