8-K
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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): July 19, 2023

 

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)

 

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):

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 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

Perpetual Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series H

MTBPrH

New York Stock Exchange

 

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 July 19, 2023, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended June 30, 2023. 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 under Item 2.02 in this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished 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 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

News Release dated July 19, 2023.

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

2


 

SIGNATURES

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: July 19, 2023

By:

/s/ Daryl N. Bible

 

 

Daryl N. Bible

 

 

Senior Executive Vice President

and Chief Financial Officer

 

3


EX-99.1

 

 

 

Exhibit 99.1

 

 

 

 

 

 

FOR IMMEDIATE RELEASE:

 

 

 

 

July 19, 2023

M&T BANK CORPORATION ANNOUNCES SECOND QUARTER RESULTS

BUFFALO, NEW YORK -- M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for the quarter ended June 30, 2023.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) were $5.05 in the second quarter of 2023, up from $1.08 in the year-earlier quarter and $4.01 in the first quarter of 2023. GAAP-basis net income was $867 million in the recent quarter, $218 million in the second quarter of 2022 and $702 million in the initial 2023 quarter. GAAP-basis net income expressed as an annualized rate of return on average assets and average common shareholders' equity increased to 1.70% and 14.27%, respectively, in the second quarter of 2023 from .42% and 3.21%, respectively, in the corresponding 2022 period and 1.40% and 11.74%, respectively, in the first quarter of 2023. Non-operating merger-related expenses associated with the April 1, 2022 acquisition of People's United Financial, Inc. ("People's United") totaled $465 million ($346 million after-tax effect, or $1.94 of diluted earnings per common share) in 2022's second quarter. No merger-related expenses were incurred in the first half of 2023.

In April 2023 M&T completed the divestiture of its Collective Investment Trust ("CIT") business to a private equity firm. The sale of this business resulted in a pre-tax gain of $225 million ($157 million after tax, or $0.94 of diluted earnings per common share) in the second quarter of 2023 results of operations.

Daryl N. Bible, Chief Financial Officer, commenting on M&T’s results noted, "The strong performance of our second quarter exemplifies the commitment of M&T to our operating principles and our purpose. Bolstered by the successful sale of the CIT business and healthy growth in commercial loans, we have further fortified our capital levels. Our dedication to our customers is evident through the resilience of our core deposit and funding levels. Moreover, our credit costs in the first half of 2023 were consistent with our long-term historical averages. As we move forward into the second half of 2023, our primary focus remains on serving the evolving needs of our diverse customer base by offering an extensive array of innovative products and services. I am proud of how our colleagues continue to care for our customers and make a difference in people’s lives and in our communities.”

 


2-2-2-2-2

M&T BANK CORPORATION

 

Earnings Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change 2Q23 vs.

 

($ in millions, except per share data)

 

2Q23

 

 

2Q22

 

 

1Q23

 

 

2Q22

 

 

1Q23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

867

 

 

$

218

 

 

$

702

 

 

 

299

%

 

 

24

%

Net income available to common shareholders ̶ diluted

 

$

841

 

 

$

192

 

 

$

676

 

 

 

337

%

 

 

24

%

Diluted earnings per common share

 

$

5.05

 

 

$

1.08

 

 

$

4.01

 

 

 

368

%

 

 

26

%

Annualized return on average assets

 

 

1.70

%

 

 

.42

%

 

 

1.40

%

 

 

 

 

 

 

Annualized return on average common equity

 

 

14.27

%

 

 

3.21

%

 

 

11.74

%

 

 

 

 

 

 

For the first six months of 2023, diluted earnings per common share rose 163% to $9.06 from $3.45 in the year-earlier period. GAAP-basis net income for the first half of 2023 increased to $1.57 billion from $580 million in the corresponding 2022 period. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in the six-month period ended June 30, 2023 was 1.55% and 13.02%, respectively, improved from .65% and 5.34%, respectively, in the similar 2022 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 and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature.

Merger-related expenses associated with the People's United acquisition in 2022 generally consisted of professional services, temporary help fees and other costs associated with actual or planned conversions of systems and/or integration of operations and the introduction of M&T to its new customers, costs related to terminations of existing contractual arrangements to purchase various services, severance, travel costs and, in the second quarter of 2022, an initial provision for credit losses of $242 million on loans not deemed to be purchased credit deteriorated ("PCD") on the April 1, 2022 acquisition date of People's United. Given the requirement under GAAP to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that initial provision to be a merger-related expense. 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. The amounts of merger-related expenses in 2022 are presented in the tables that accompany this release. No merger-related expenses were incurred in the first half of 2023.

Diluted net operating earnings per common share were $5.12 in the second quarter of 2023, $3.10 in the year-earlier quarter and $4.09 in 2023's first quarter. Net operating income was $879 million in the recent quarter, up from $578 million in the second quarter of 2022 and $715 million in the initial 2023 quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.80% and 22.73%, respectively, in the second quarter of 2023, compared with 1.16%


3-3-3-3-3

M&T BANK CORPORATION

 

and 14.41%, respectively, in the corresponding 2022 period and 1.49% and 19.00%, respectively, in the first quarter of 2023.

Diluted net operating earnings per common share in the first six months of 2023 were $9.21, improved from $5.88 in the similar 2022 period. Net operating income during the first half of 2023 was $1.59 billion, 67% higher than $954 million recorded in the six-month period ended June 30, 2022. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.65% and 20.90%, respectively, in the initial six months of 2023, improved from 1.11% and 13.57%, respectively, in the similar 2022 period.

Taxable-equivalent Net Interest Income. Expressed on a taxable-equivalent basis, net interest income totaled $1.81 billion in the recent quarter, compared with $1.42 billion in the second quarter of 2022 and $1.83 billion in the initial 2023 quarter. The increase from the year-earlier quarter reflects a 90 basis point widening of the net interest margin to 3.91% in the second quarter of 2023, that was damped by higher levels of borrowings. The modestly lower taxable-equivalent net interest income in the recent quarter as compared with 2023's first quarter reflects a 13 basis point narrowing of the net interest margin and a $7.09 billion rise in interest-bearing liabilities, partially offset by a $1.87 billion increase in average earning assets and by one additional day of taxable-equivalent net interest income. The decreased net interest margin predominantly resulted from higher rates paid on interest-bearing deposits.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable-equivalent Net Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change 2Q23 vs.

 

($ in millions)

 

2Q23

 

 

2Q22

 

 

1Q23

 

 

2Q22

 

 

1Q23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average earning assets

 

$

185,936

 

 

$

189,755

 

 

$

184,069

 

 

 

-2

%

 

 

1

%

Net interest income ̶  taxable-equivalent

 

$

1,813

 

 

$

1,422

 

 

$

1,832

 

 

 

27

%

 

 

-1

%

Net interest margin

 

 

3.91

%

 

 

3.01

%

 

 

4.04

%

 

 

 

 

 

 

Provision for Credit Losses/Asset Quality. M&T recorded a provision for credit losses of $150 million in the second quarter of 2023, compared with $302 million in the year-earlier quarter and $120 million in the first quarter of 2023. The decline in provision as compared with the 2022's second quarter is primarily due to the $242 million provision recorded in the year-earlier quarter for non-PCD loans obtained in the acquisition of People's United, partially offset by lower forecasted commercial real estate values and other loan growth. The increase in provision in the recent quarter compared with the first quarter of 2023 also reflects a decline in forecasted commercial real estate values. Net loan charge-offs were $127 million in the second quarter of 2023, $50 million in the second quarter of 2022 and $70 million in 2023’s first quarter. The higher level of charge-offs in recent quarter as compared with earlier quarters reflects higher charge-offs of commercial real estate loans including office and healthcare facilities. Net loan charge-offs expressed as an annualized percentage of average loans outstanding were .38% and .16% in the second quarters of 2023 and 2022, respectively, compared with .22% in the initial 2023 quarter.


4-4-4-4-4

M&T BANK CORPORATION

 

Nonaccrual loans were $2.44 billion or 1.83% of loans outstanding at June 30, 2023, compared with $2.56 billion or 1.92% at March 31, 2023 and $2.63 billion or 2.05% at June 30, 2022. The balance of nonaccrual loans at the end of the recent quarter as compared with March 31, 2023 and June 30, 2022 reflects lower levels of hospitality-related loans. Assets taken in foreclosure of defaulted loans were $43 million at June 30, 2023, $29 million at June 30, 2022 and $45 million at March 31, 2023.

Allowance for Credit Losses. For purposes of determining the adequacy of the allowance for credit losses M&T regularly performs comprehensive analyses of its loan portfolios and assesses forecasted economic conditions. As a result of those procedures and reflecting the impact of loan growth, the allowance for credit losses totaled $2.00 billion or 1.50% of loans outstanding at June 30, 2023, compared with $1.82 billion or 1.42% of loans outstanding at June 30, 2022 and $1.98 billion or 1.49% at March 31, 2023. The acquisition of People’s United loans and leases resulted in a $341 million increase in the allowance for credit losses as of April 1, 2022, including $99 million related to PCD loans and $242 million related to non-PCD loans. Including the impact of the acquisition, M&T’s allowance for credit losses was $1.81 billion on April 1, 2022, or 1.42% of then outstanding loans.

Asset Quality Metrics

 

 

 

 

 

 

 

 

 

 

 

 

Change 2Q23 vs.

 

($ in millions)

 

2Q23

 

 

2Q22

 

 

1Q23

 

 

2Q22

 

 

1Q23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At end of quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

2,435

 

 

$

2,633

 

 

$

2,557

 

 

 

-7

%

 

 

-5

%

Real estate and other foreclosed assets

 

$

43

 

 

$

29

 

 

$

44

 

 

 

49

%

 

 

-4

%

Total nonperforming assets

 

$

2,478

 

 

$

2,662

 

 

$

2,601

 

 

 

-7

%

 

 

-5

%

Accruing loans past due 90 days or more (1)

 

$

380

 

 

$

524

 

 

$

407

 

 

 

-27

%

 

 

-7

%

Nonaccrual loans as % of loans outstanding

 

 

1.83

%

 

 

2.05

%

 

 

1.92

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

$

1,998

 

 

$

1,824

 

 

$

1,975

 

 

 

10

%

 

 

1

%

Allowance for credit losses as % of loans outstanding

 

 

1.50

%

 

 

1.42

%

 

 

1.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

$

150

 

 

$

302

 

 

$

120

 

 

 

-50

%

 

 

25

%

Net charge-offs (2)

 

 

127

 

 

$

50

 

 

$

70

 

 

 

156

%

 

 

80

%

Net charge-offs as % of average loans (annualized)

 

 

.38

%

 

 

.16

%

 

 

.22

%

 

 

 

 

 

 

 

(1)
Predominantly government-guaranteed residential real estate loans.
(2)
For the quarter-ended June 30, 2022, net charge-offs and related data do not reflect $33 million of charge-offs related to PCD acquired loans.

Noninterest Income and Expense. Noninterest income totaled $803 million in the second quarter of 2023, improved from $571 million in the year-earlier quarter. The increase in the recent quarter is predominantly due to a $225 million gain on the sale of the CIT business, a rise in mortgage banking revenues of $24 million reflecting higher gains on sale of residential mortgages and favorable trading and non-hedging derivative gains. Those increases were partially offset by an $18 million decline in trust income reflecting the sale of the CIT business and a $9 million decrease in insurance revenues predominantly due to the sale of M&T Insurance Agency in 2022's fourth quarter. Noninterest income was $587 million in 2023’s first quarter. The comparative increase in the recent quarter was driven by the gain recorded on the sale of the CIT business in the second


5-5-5-5-5

M&T BANK CORPORATION

 

quarter of 2023, a $22 million increase in mortgage banking revenues resulting largely from the bulk purchase of residential mortgage loan servicing rights at the end of the first quarter of 2023, higher service charges on deposit accounts and favorable trading and non-hedging derivative gains, partially offset by lower trust income of $21 million, reflecting the sale of the CIT business, and a $20 million distribution from Bayview Lending Group LLC received in the first quarter of 2023.

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change 2Q23 vs.

 

($ in millions)

 

2Q23

 

 

2Q22

 

 

1Q23

 

 

2Q22

 

 

1Q23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking revenues

 

$

107

 

 

$

83

 

 

$

85

 

 

 

29

%

 

 

26

%

Service charges on deposit accounts

 

 

119

 

 

 

124

 

 

 

113

 

 

 

-4

%

 

 

5

%

Trust income

 

 

172

 

 

 

190

 

 

 

194

 

 

 

-9

%

 

 

-11

%

Brokerage services income

 

 

25

 

 

 

24

 

 

 

24

 

 

 

4

%

 

 

5

%

Trading account and non-hedging derivative gains

 

 

17

 

 

 

2

 

 

 

12

 

 

 

631

%

 

 

44

%

Gain (loss) on bank investment securities

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues from operations

 

 

362

 

 

 

148

 

 

 

159

 

 

 

145

%

 

 

127

%

Total

 

$

803

 

 

$

571

 

 

$

587

 

 

 

41

%

 

 

37

%

Noninterest expense aggregated $1.29 billion in the second quarter of 2023, down from $1.40 billion in the similar quarter of 2022 and $1.36 billion in the first quarter of 2023. 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 $1.28 billion in the recent quarter, $1.16 billion in the second quarter of 2022 and $1.34 billion in 2023’s initial quarter. The higher level of operating expenses in the recent quarter as compared with the year-earlier quarter reflects increased salaries and employee benefits expense, resulting from higher staffing levels and annual merit increases, and increases in outside data processing and software costs, expenses related to the bulk purchase of residential mortgage loan servicing rights and check fraud losses. Those higher costs were partially offset by a decline in professional services expenses reflecting lower sub-advisory fees as a result of the sale of the CIT business. The decline of operating expenses in the recent quarter as compared with the first quarter of 2023 reflects a decrease in salaries and employee benefits expense, predominantly due to seasonal stock compensation and employee benefits expenses recorded in the first quarter of 2023, partially offset by higher average staffing levels and the full quarter impact of merit increases. In addition, a decline in professional services expenses in the recent quarter, reflecting lower sub-advisory fees as a result of the sale of the CIT business, was partially offset by an increase in expenses related to the bulk purchase of residential mortgage loan servicing rights.


6-6-6-6-6

M&T BANK CORPORATION

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change 2Q23 vs.

 

($ in millions)

 

2Q23

 

 

2Q22

 

 

1Q23

 

 

2Q22

 

 

1Q23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

738

 

 

$

776

 

 

$

808

 

 

 

-5

%

 

 

-9

%

Equipment and net occupancy

 

 

129

 

 

 

125

 

 

 

127

 

 

 

3

%

 

 

1

%

Outside data processing and software

 

 

106

 

 

 

94

 

 

 

106

 

 

 

13

%

 

 

1

%

FDIC assessments

 

 

28

 

 

 

22

 

 

 

30

 

 

 

24

%

 

 

-6

%

Advertising and marketing

 

 

28

 

 

 

21

 

 

 

31

 

 

 

37

%

 

 

-9

%

Printing, postage and supplies

 

 

14

 

 

 

16

 

 

 

14

 

 

 

-9

%

 

 

 

Amortization of core deposit and other intangible assets

 

 

15

 

 

 

18

 

 

 

17

 

 

 

-19

%

 

 

-13

%

Other costs of operations

 

 

235

 

 

 

331

 

 

 

226

 

 

 

-29

%

 

 

4

%

Total

 

$

1,293

 

 

$

1,403

 

 

$

1,359

 

 

 

-8

%

 

 

-5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 48.9% in the second quarter of 2023, 58.3% in the year-earlier quarter and 55.5% in the first quarter of 2023.

Balance Sheet. M&T had total assets of $207.7 billion at June 30, 2023, compared with $204.0 billion and $203.0 billion at June 30, 2022 and March 31, 2023, respectively. Loans and leases, net of unearned discount, were $133.3 billion at June 30, 2023, compared with $128.5 billion at June 30, 2022 and $132.9 billion at March 31, 2023. The higher balance of loans and leases at June 30, 2023 as compared with June 30, 2022 and March 31, 2023 predominantly reflects higher outstanding balances of commercial loans, partially offset by lower commercial real estate loans. Total deposits were $162.1 billion at the recent quarter-end and $159.1 billion at March 31, 2023, compared with $170.4 billion at June 30, 2022. The increase in deposits in the recent quarter as compared with March 31, 2023 reflects an increase in time deposits and savings and interest-checking deposits, partially offset by a decline in noninterest-bearing deposits. The lower deposit levels at June 30, 2023 as compared with the June 30, 2022 reflect lower noninterest-bearing deposits and savings and interest-checking deposits, partially offset by higher time deposits as customers shifted funds to higher yielding deposit products.

Total shareholders' equity was $25.8 billion or 12.42% of total assets at June 30, 2023, $25.8 billion or 12.64% at June 30, 2022 and $25.4 billion or 12.50% at March 31, 2023. Common shareholders' equity was $23.8 billion, or $143.41 per share, at June 30, 2023, compared with $23.8 billion, or $135.16 per share, a year earlier and $23.4 billion, or $140.88 per share, at March 31, 2023. Tangible equity per common share was $91.58 at June 30, 2023, $85.78 at June 30, 2022 and $88.81 at March 31, 2023. 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 10.58% at June 30, 2023, compared with 10.16% three months earlier.


7-7-7-7-7

M&T BANK CORPORATION

 

M&T repurchased 3,505,946 shares at an average cost per share of $171.14 resulting in a total cost of $600 million in 2022's second quarter and 3,838,157 shares at an average cost per share of $154.76 resulting in a total cost, including the share repurchase excise tax, of $600 million in the first quarter of 2023. There were no share repurchases in the second quarter of 2023.

Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 225-9448. International participants, using any applicable international calling codes, may dial (203) 518-9708. Callers should reference M&T Bank Corporation or the conference ID #MTBQ223. 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 Wednesday July 26, 2023 by calling (800) 839-5642, or (402) 220-2564 for international participants. No conference ID or passcode is required. 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.

About M&T. M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

Forward-Looking Statements. This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, management's beliefs and assumptions made by management.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, including economic conditions, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. 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.


8-8-8-8-8

M&T BANK CORPORATION

 

Examples of Future Factors include: the impact of M&T's acquisition of People's United (as described in the next paragraph); events and developments in the financial services industry, including legislation, regulations and other governmental actions as well as business conditions affecting the industry and/or M&T and its subsidiaries, individually or collectively; economic conditions, including inflation and market volatility; 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; regulatory supervision and oversight, including monetary policy and capital requirements; domestic or international political developments and other geopolitical events, including international conflicts; governmental and public policy changes, including tax policy; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and 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 and services; containing costs and expenses; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; 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, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

In addition, Future Factors related to the acquisition of People's United include, among others: the possibility that the anticipated benefits of the transaction will not be realized when expected or at all; potential adverse reactions or changes to business, customer or employee relationships; M&T's success in executing its business plans and strategies and managing the risks involved in the foregoing; the results and costs of integration efforts; the business, economic and political conditions in the markets in which M&T and its subsidiaries operate; the outcome of any legal proceedings that may be instituted against M&T or its subsidiaries; and other factors related to the acquisition that may affect future results of M&T.

These are representative of the Future Factors that could affect the outcome of the forward-looking statements. In addition, as noted, 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.

 


9-9-9-9-9

M&T BANK CORPORATION

 

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2022, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date made, and M&T does not assume any duty and does not undertake to update forward-looking statements.

 

INVESTOR CONTACT:

 

Brian Klock

 

 

 

 

(716) 842-5138

 

 

 

 

 

 

 

MEDIA CONTACT:

 

Maya Dillon

 

 

 

 

(646) 735-1958

 

 

 


10-10-10-10-10

M&T BANK CORPORATION

 

Financial Highlights

 

Three months ended

 

 

 

 

 

Six months ended

 

 

 

 

 

June 30

 

 

 

 

 

June 30

 

 

 

 

Amounts in thousands, except per share

2023

 

 

2022

 

 

Change

 

 

2023

 

 

2022

 

 

Change

 

Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

867,034

 

 

 

217,522

 

 

 

299

%

 

$

1,568,658

 

 

 

579,696

 

 

 

171

%

Net income available to common shareholders

 

840,524

 

 

 

192,236

 

 

 

337

%

 

 

1,516,052

 

 

 

531,916

 

 

 

185

%

Per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

$

5.07

 

 

 

1.08

 

 

 

369

%

 

$

9.09

 

 

 

3.47

 

 

 

162

%

Diluted earnings

 

5.05

 

 

 

1.08

 

 

 

368

%

 

 

9.06

 

 

 

3.45

 

 

 

163

%

Cash dividends

$

1.30

 

 

 

1.20

 

 

 

8

%

 

$

2.60

 

 

 

2.40

 

 

 

8

%

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average - diluted (1)

 

166,320

 

 

 

178,277

 

 

 

-7

%

 

 

167,359

 

 

 

153,981

 

 

 

9

%

Period end (2)

 

165,894

 

 

 

175,969

 

 

 

-6

%

 

 

165,894

 

 

 

175,969

 

 

 

-6

%

Return on (annualized):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

1.70

%

 

 

.42

%

 

 

 

 

 

1.55

%

 

 

.65

%

 

 

 

Average common shareholders' equity

 

14.27

%

 

 

3.21

%

 

 

 

 

 

13.02

%

 

 

5.34

%

 

 

 

Taxable-equivalent net interest income

$

1,813,015

 

 

 

1,422,443

 

 

 

27

%

 

$

3,644,741

 

 

 

2,329,851

 

 

 

56

%

Yield on average earning assets

 

5.46

%

 

 

3.12

%

 

 

 

 

 

5.31

%

 

 

2.96

%

 

 

 

Cost of interest-bearing liabilities

 

2.43

%

 

 

.20

%

 

 

 

 

 

2.15

%

 

 

.18

%

 

 

 

Net interest spread

 

3.03

%

 

 

2.92

%

 

 

 

 

 

3.16

%

 

 

2.78

%

 

 

 

Contribution of interest-free funds

 

.88

%

 

 

.09

%

 

 

 

 

 

.81

%

 

 

.08

%

 

 

 

Net interest margin

 

3.91

%

 

 

3.01

%

 

 

 

 

 

3.97

%

 

 

2.86

%

 

 

 

Net charge-offs to average total net loans (annualized)

 

.38

%

 

 

.16

%

 

 

 

 

 

.30

%

 

 

.10

%

 

 

 

Net operating results (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income

$

878,661

 

 

 

577,622

 

 

 

52

%

 

$

1,593,596

 

 

 

953,621

 

 

 

67

%

Diluted net operating earnings per common share

 

5.12

 

 

 

3.10

 

 

 

65

%

 

 

9.21

 

 

 

5.88

 

 

 

57

%

Return on (annualized):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible assets

 

1.80

%

 

 

1.16

%

 

 

 

 

 

1.65

%

 

 

1.11

%

 

 

 

Average tangible common equity

 

22.73

%

 

 

14.41

%

 

 

 

 

 

20.90

%

 

 

13.57

%

 

 

 

Efficiency ratio

 

48.9

%

 

 

58.3

%

 

 

 

 

 

52.0

%

 

 

61.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30

 

 

 

 

 

 

 

 

 

 

 

Loan quality

2023

 

 

2022

 

 

Change

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$

2,435,581

 

 

 

2,633,005

 

 

 

-7

%

 

 

 

 

 

 

 

 

 

Real estate and other foreclosed assets

 

42,720

 

 

 

28,692

 

 

 

49

%

 

 

 

 

 

 

 

 

 

Total nonperforming assets

$

2,478,301

 

 

 

2,661,697

 

 

 

-7

%

 

 

 

 

 

 

 

 

 

Accruing loans past due 90 days or more (4)

$

380,079

 

 

 

523,662

 

 

 

-27

%

 

 

 

 

 

 

 

 

 

Government guaranteed loans included in totals above:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$

39,846

 

 

 

46,937

 

 

 

-15

%

 

 

 

 

 

 

 

 

 

Accruing loans past due 90 days or more

 

294,184

 

 

 

467,834

 

 

 

-37

%

 

 

 

 

 

 

 

 

 

Nonaccrual loans to total net loans

 

1.83

%

 

 

2.05

%

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses to total loans

 

1.50

%

 

 

1.42

%

 

 

 

 

 

 

 

 

 

 

 

 

(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 17.

(4) Predominantly residential real estate loans.

 


11-11-11-11-11

M&T BANK CORPORATION

 

Financial Highlights, Five Quarter Trend

 

Three months ended

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

Amounts in thousands, except per share

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

867,034

 

 

 

701,624

 

 

 

765,371

 

 

 

646,596

 

 

 

217,522

 

Net income available to common shareholders

 

840,524

 

 

 

675,511

 

 

 

739,126

 

 

 

620,554

 

 

 

192,236

 

Per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

$

5.07

 

 

 

4.03

 

 

 

4.32

 

 

 

3.55

 

 

 

1.08

 

Diluted earnings

 

5.05

 

 

 

4.01

 

 

 

4.29

 

 

 

3.53

 

 

 

1.08

 

Cash dividends

$

1.30

 

 

 

1.30

 

 

 

1.20

 

 

 

1.20

 

 

 

1.20

 

Common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average - diluted (1)

 

166,320

 

 

 

168,410

 

 

 

172,149

 

 

 

175,682

 

 

 

178,277

 

Period end (2)

 

165,894

 

 

 

165,865

 

 

 

169,285

 

 

 

172,900

 

 

 

175,969

 

Return on (annualized):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

1.70

%

 

 

1.40

%

 

 

1.53

%

 

 

1.28

%

 

 

.42

%

Average common shareholders' equity

 

14.27

%

 

 

11.74

%

 

 

12.59

%

 

 

10.43

%

 

 

3.21

%

Taxable-equivalent net interest income

$

1,813,015

 

 

 

1,831,726

 

 

 

1,840,759

 

 

 

1,690,518

 

 

 

1,422,443

 

Yield on average earning assets

 

5.46

%

 

 

5.16

%

 

 

4.60

%

 

 

3.90

%

 

 

3.12

%

Cost of interest-bearing liabilities

 

2.43

%

 

 

1.86

%

 

 

.98

%

 

 

.41

%

 

 

.20

%

Net interest spread

 

3.03

%

 

 

3.30

%

 

 

3.62

%

 

 

3.49

%

 

 

2.92

%

Contribution of interest-free funds

 

.88

%

 

 

.74

%

 

 

.44

%

 

 

.19

%

 

 

.09

%

Net interest margin

 

3.91

%

 

 

4.04

%

 

 

4.06

%

 

 

3.68

%

 

 

3.01

%

Net charge-offs to average total net loans (annualized)

 

.38

%

 

 

.22

%

 

 

.12

%

 

 

.20

%

 

 

.16

%

Net operating results (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income

$

878,661

 

 

 

714,935

 

 

 

812,359

 

 

 

700,030

 

 

 

577,622

 

Diluted net operating earnings per common share

 

5.12

 

 

 

4.09

 

 

 

4.57

 

 

 

3.83

 

 

 

3.10

 

Return on (annualized):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible assets

 

1.80

%

 

 

1.49

%

 

 

1.70

%

 

 

1.44

%

 

 

1.16

%

Average tangible common equity

 

22.73

%

 

 

19.00

%

 

 

21.29

%

 

 

17.89

%

 

 

14.41

%

Efficiency ratio

 

48.9

%

 

 

55.5

%

 

 

53.3

%

 

 

53.6

%

 

 

58.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

Loan quality

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

Nonaccrual loans

$

2,435,581

 

 

 

2,556,799

 

 

 

2,438,435

 

 

 

2,429,326

 

 

 

2,633,005

 

Real estate and other foreclosed assets

 

42,720

 

 

 

44,567

 

 

 

41,375

 

 

 

37,031

 

 

 

28,692

 

Total nonperforming assets

$

2,478,301

 

 

 

2,601,366

 

 

 

2,479,810

 

 

 

2,466,357

 

 

 

2,661,697

 

Accruing loans past due 90 days or more (4)

$

380,079

 

 

 

407,457

 

 

 

491,018

 

 

 

476,503

 

 

 

523,662

 

Government guaranteed loans included in totals above:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$

39,846

 

 

 

42,102

 

 

 

43,536

 

 

 

44,797

 

 

 

46,937

 

Accruing loans past due 90 days or more

 

294,184

 

 

 

306,049

 

 

 

363,409

 

 

 

423,371

 

 

 

467,834

 

Nonaccrual loans to total net loans

 

1.83

%

 

 

1.92

%

 

 

1.85

%

 

 

1.89

%

 

 

2.05

%

Allowance for credit losses to total loans

 

1.50

%

 

 

1.49

%

 

 

1.46

%

 

 

1.46

%

 

 

1.42

%

(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 18.

(4) Predominantly residential real estate loans.


12-12-12-12-12

M&T BANK CORPORATION

 

Condensed Consolidated Statement of Income

 

 

Three months ended

 

 

 

 

 

Six months ended

 

 

 

 

 

 

June 30

 

 

 

 

 

June 30

 

 

 

 

Dollars in thousands

 

2023

 

 

2022

 

 

Change

 

 

2023

 

 

2022

 

 

Change

 

Interest income

 

$

2,515,625

 

 

 

1,465,142

 

 

 

72

%

 

$

4,842,610

 

 

 

2,393,398

 

 

 

102

%

Interest expense

 

 

716,496

 

 

 

53,425

 

 

 

 

 

 

1,225,217

 

 

 

77,507

 

 

 

 

Net interest income

 

 

1,799,129

 

 

 

1,411,717

 

 

 

27

 

 

 

3,617,393

 

 

 

2,315,891

 

 

 

56

 

Provision for credit losses

 

 

150,000

 

 

 

302,000

 

 

 

-50

 

 

 

270,000

 

 

 

312,000

 

 

 

-13

 

Net interest income after provision for credit losses

 

 

1,649,129

 

 

 

1,109,717

 

 

 

49

 

 

 

3,347,393

 

 

 

2,003,891

 

 

 

67

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking revenues

 

 

107,112

 

 

 

82,926

 

 

 

29

 

 

 

192,097

 

 

 

192,074

 

 

 

 

Service charges on deposit accounts

 

 

118,697

 

 

 

124,170

 

 

 

-4

 

 

 

232,243

 

 

 

225,677

 

 

 

3

 

Trust income

 

 

172,463

 

 

 

190,084

 

 

 

-9

 

 

 

366,265

 

 

 

359,297

 

 

 

2

 

Brokerage services income

 

 

25,126

 

 

 

24,138

 

 

 

4

 

 

 

49,167

 

 

 

44,328

 

 

 

11

 

Trading account and non-hedging
     derivative gains

 

 

16,754

 

 

 

2,293

 

 

 

631

 

 

 

28,429

 

 

 

7,662

 

 

 

271

 

Gain (loss) on bank investment securities

 

 

1,004

 

 

 

(62

)

 

 

 

 

 

588

 

 

 

(805

)

 

 

 

Other revenues from operations

 

 

362,015

 

 

 

147,551

 

 

 

145

 

 

 

521,515

 

 

 

283,754

 

 

 

84

 

Total other income

 

 

803,171

 

 

 

571,100

 

 

 

41

 

 

 

1,390,304

 

 

 

1,111,987

 

 

 

25

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

737,665

 

 

 

776,201

 

 

 

-5

 

 

 

1,545,607

 

 

 

1,353,721

 

 

 

14

 

Equipment and net occupancy

 

 

128,689

 

 

 

124,655

 

 

 

3

 

 

 

255,593

 

 

 

210,467

 

 

 

21

 

Outside data processing and software

 

 

106,438

 

 

 

93,820

 

 

 

13

 

 

 

212,218

 

 

 

173,539

 

 

 

22

 

FDIC assessments

 

 

27,932

 

 

 

22,585

 

 

 

24

 

 

 

57,690

 

 

 

38,161

 

 

 

51

 

Advertising and marketing

 

 

28,353

 

 

 

20,635

 

 

 

37

 

 

 

59,416

 

 

 

36,659

 

 

 

62

 

Printing, postage and supplies

 

 

14,199

 

 

 

15,570

 

 

 

-9

 

 

 

28,382

 

 

 

25,720

 

 

 

10

 

Amortization of core deposit and other
     intangible assets

 

 

14,945

 

 

 

18,384

 

 

 

-19

 

 

 

32,153

 

 

 

19,640

 

 

 

64

 

Other costs of operations

 

 

234,338

 

 

 

331,304

 

 

 

-29

 

 

 

460,730

 

 

 

504,988

 

 

 

-9

 

Total other expense

 

 

1,292,559

 

 

 

1,403,154

 

 

 

-8

 

 

 

2,651,789

 

 

 

2,362,895

 

 

 

12

 

Income before income taxes

 

 

1,159,741

 

 

 

277,663

 

 

 

318

 

 

 

2,085,908

 

 

 

752,983

 

 

 

177

 

Applicable income taxes

 

 

292,707

 

 

 

60,141

 

 

 

387

 

 

 

517,250

 

 

 

173,287

 

 

 

198

 

Net income

 

$

867,034

 

 

 

217,522

 

 

 

299

%

 

$

1,568,658

 

 

 

579,696

 

 

 

171

%

 


13-13-13-13-13

M&T BANK CORPORATION

 

Condensed Consolidated Statement of Income, Five Quarter Trend

 

 

Three months ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

Dollars in thousands

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

Interest income

 

$

2,515,625

 

 

 

2,326,985

 

 

 

2,072,209

 

 

 

1,781,513

 

 

 

1,465,142

 

Interest expense

 

 

716,496

 

 

 

508,721

 

 

 

244,835

 

 

 

102,822

 

 

 

53,425

 

Net interest income

 

 

1,799,129

 

 

 

1,818,264

 

 

 

1,827,374

 

 

 

1,678,691

 

 

 

1,411,717

 

Provision for credit losses

 

 

150,000

 

 

 

120,000

 

 

 

90,000

 

 

 

115,000

 

 

 

302,000

 

Net interest income after provision for credit losses

 

 

1,649,129

 

 

 

1,698,264

 

 

 

1,737,374

 

 

 

1,563,691

 

 

 

1,109,717

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking revenues

 

 

107,112

 

 

 

84,985

 

 

 

81,521

 

 

 

83,041

 

 

 

82,926

 

Service charges on deposit accounts

 

 

118,697

 

 

 

113,546

 

 

 

105,714

 

 

 

115,213

 

 

 

124,170

 

Trust income

 

 

172,463

 

 

 

193,802

 

 

 

194,843

 

 

 

186,577

 

 

 

190,084

 

Brokerage services income

 

 

25,126

 

 

 

24,041

 

 

 

22,463

 

 

 

21,086

 

 

 

24,138

 

Trading account and non-hedging
     derivative gains

 

 

16,754

 

 

 

11,675

 

 

 

14,043

 

 

 

5,081

 

 

 

2,293

 

Gain (loss) on bank investment securities

 

 

1,004

 

 

 

(416

)

 

 

(3,773

)

 

 

(1,108

)

 

 

(62

)

Other revenues from operations

 

 

362,015

 

 

 

159,500

 

 

 

266,726

 

 

 

153,189

 

 

 

147,551

 

Total other income

 

 

803,171

 

 

 

587,133

 

 

 

681,537

 

 

 

563,079

 

 

 

571,100

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

737,665

 

 

 

807,942

 

 

 

697,276

 

 

 

736,354

 

 

 

776,201

 

Equipment and net occupancy

 

 

128,689

 

 

 

126,904

 

 

 

136,732

 

 

 

127,117

 

 

 

124,655

 

Outside data processing and software

 

 

106,438

 

 

 

105,780

 

 

 

107,886

 

 

 

95,068

 

 

 

93,820

 

FDIC assessments

 

 

27,932

 

 

 

29,758

 

 

 

24,008

 

 

 

28,105

 

 

 

22,585

 

Advertising and marketing

 

 

28,353

 

 

 

31,063

 

 

 

32,691

 

 

 

21,398

 

 

 

20,635

 

Printing, postage and supplies

 

 

14,199

 

 

 

14,183

 

 

 

15,082

 

 

 

14,768

 

 

 

15,570

 

Amortization of core deposit and other
     intangible assets

 

 

14,945

 

 

 

17,208

 

 

 

17,600

 

 

 

18,384

 

 

 

18,384

 

Other costs of operations

 

 

234,338

 

 

 

226,392

 

 

 

377,013

 

 

 

238,059

 

 

 

331,304

 

Total other expense

 

 

1,292,559

 

 

 

1,359,230

 

 

 

1,408,288

 

 

 

1,279,253

 

 

 

1,403,154

 

Income before income taxes

 

 

1,159,741

 

 

 

926,167

 

 

 

1,010,623

 

 

 

847,517

 

 

 

277,663

 

Applicable income taxes

 

 

292,707

 

 

 

224,543

 

 

 

245,252

 

 

 

200,921

 

 

 

60,141

 

Net income

 

$

867,034

 

 

 

701,624

 

 

 

765,371

 

 

 

646,596

 

 

 

217,522

 

 


14-14-14-14-14

M&T BANK CORPORATION

 

Condensed Consolidated Balance Sheet

 

 

June 30

 

 

 

 

 

Dollars in thousands

 

2023

 

 

2022

 

 

Change

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

1,848,386

 

 

 

1,688,274

 

 

 

9

 

%

Interest-bearing deposits at banks

 

27,106,899

 

 

 

33,437,454

 

 

 

-19

 

 

Federal funds sold and agreements to resell securities

 

 

 

 

 

250,250

 

 

 

-100

 

 

Trading account

 

137,240

 

 

 

133,855

 

 

 

3

 

 

Investment securities

 

27,916,455

 

 

 

22,801,717

 

 

 

22

 

 

Loans and leases:

 

 

 

 

 

 

 

 

 

 

Commercial, financial, etc.

 

 

44,683,549

 

 

 

39,108,676

 

 

 

14

 

 

Real estate - commercial

 

 

44,648,711

 

 

 

46,795,139

 

 

 

-5

 

 

Real estate - consumer

 

 

23,762,217

 

 

 

22,767,107

 

 

 

4

 

 

Consumer

 

 

20,249,252

 

 

 

19,815,198

 

 

 

2

 

 

Total loans and leases, net of unearned discount

 

133,343,729

 

 

 

128,486,120

 

 

 

4

 

 

Less: allowance for credit losses

 

1,998,366

 

 

 

1,823,790

 

 

 

10

 

 

Net loans and leases

 

131,345,363

 

 

 

126,662,330

 

 

 

4

 

 

Goodwill

 

8,465,089

 

 

 

8,501,357

 

 

 

 

 

Core deposit and other intangible assets

 

177,221

 

 

 

245,358

 

 

 

-28

 

 

Other assets

 

10,675,076

 

 

 

10,312,294

 

 

 

4

 

 

Total assets

$

207,671,729

 

 

 

204,032,889

 

 

 

2

 

%

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

54,937,913

 

 

 

72,375,515

 

 

 

-24

 

%

Interest-bearing deposits

 

107,120,467

 

 

 

97,982,881

 

 

 

9

 

 

Total deposits

 

162,058,380

 

 

 

170,358,396

 

 

 

-5

 

 

Short-term borrowings

 

7,907,884

 

 

 

1,119,321

 

 

 

606

 

 

Accrued interest and other liabilities

 

4,487,894

 

 

 

3,743,278

 

 

 

20

 

 

Long-term borrowings

 

7,416,638

 

 

 

3,017,363

 

 

 

146

 

 

Total liabilities

 

181,870,796

 

 

 

178,238,358

 

 

 

2

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

Preferred

 

 

2,010,600

 

 

 

2,010,600

 

 

 

 

 

Common

 

 

23,790,333

 

 

 

23,783,931

 

 

 

 

 

Total shareholders' equity

 

 

25,800,933

 

 

 

25,794,531

 

 

 

 

 

Total liabilities and shareholders' equity

$

207,671,729

 

 

 

204,032,889

 

 

 

2

 

%

 


15-15-15-15-15

M&T BANK CORPORATION

 

Condensed Consolidated Balance Sheet, Five Quarter Trend

 

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

Dollars in thousands

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

1,848,386

 

 

 

1,817,740

 

 

 

1,517,244

 

 

 

2,255,810

 

 

 

1,688,274

 

Interest-bearing deposits at banks

 

27,106,899

 

 

 

22,306,425

 

 

 

24,958,719

 

 

 

25,391,528

 

 

 

33,437,454

 

Federal funds sold and agreements to resell
     securities

 

 

 

 

 

 

 

3,000

 

 

 

 

 

 

250,250

 

Trading account

 

137,240

 

 

 

165,216

 

 

 

117,847

 

 

 

129,672

 

 

 

133,855

 

Investment securities

 

27,916,455

 

 

 

28,443,209

 

 

 

25,210,871

 

 

 

24,603,765

 

 

 

22,801,717

 

Loans and leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial, financial, etc.

 

44,683,549

 

 

 

43,758,361

 

 

 

41,850,566

 

 

 

38,807,949

 

 

 

39,108,676

 

Real estate - commercial

 

44,648,711

 

 

 

45,072,541

 

 

 

45,364,571

 

 

 

46,138,665

 

 

 

46,795,139

 

Real estate - consumer

 

23,762,217

 

 

 

23,789,945

 

 

 

23,755,947

 

 

 

23,074,280

 

 

 

22,767,107

 

Consumer

 

20,249,252

 

 

 

20,316,845

 

 

 

20,593,079

 

 

 

20,204,693

 

 

 

19,815,198

 

Total loans and leases, net of unearned discount

 

133,343,729

 

 

 

132,937,692

 

 

 

131,564,163

 

 

 

128,225,587

 

 

 

128,486,120

 

Less: allowance for credit losses

 

1,998,366

 

 

 

1,975,110

 

 

 

1,925,331

 

 

 

1,875,591

 

 

 

1,823,790

 

Net loans and leases

 

131,345,363

 

 

 

130,962,582

 

 

 

129,638,832

 

 

 

126,349,996

 

 

 

126,662,330

 

Goodwill

 

8,465,089

 

 

 

8,490,089

 

 

 

8,490,089

 

 

 

8,501,357

 

 

 

8,501,357

 

Core deposit and other intangible assets

 

177,221

 

 

 

192,166

 

 

 

209,374

 

 

 

226,974

 

 

 

245,358

 

Other assets

 

10,675,076

 

 

 

10,578,980

 

 

 

10,583,865

 

 

 

10,496,377

 

 

 

10,312,294

 

Total assets

$

207,671,729

 

 

 

202,956,407

 

 

 

200,729,841

 

 

 

197,955,479

 

 

 

204,032,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

54,937,913

 

 

 

59,955,033

 

 

 

65,501,860

 

 

 

73,023,271

 

 

 

72,375,515

 

Interest-bearing deposits

 

107,120,467

 

 

 

99,120,207

 

 

 

98,013,008

 

 

 

90,822,117

 

 

 

97,982,881

 

Total deposits

 

162,058,380

 

 

 

159,075,240

 

 

 

163,514,868

 

 

 

163,845,388

 

 

 

170,358,396

 

Short-term borrowings

 

7,907,884

 

 

 

6,995,302

 

 

 

3,554,951

 

 

 

917,806

 

 

 

1,119,321

 

Accrued interest and other liabilities

 

4,487,894

 

 

 

4,045,804

 

 

 

4,377,495

 

 

 

4,476,456

 

 

 

3,743,278

 

Long-term borrowings

 

7,416,638

 

 

 

7,462,890

 

 

 

3,964,537

 

 

 

3,459,336

 

 

 

3,017,363

 

Total liabilities

 

181,870,796

 

 

 

177,579,236

 

 

 

175,411,851

 

 

 

172,698,986

 

 

 

178,238,358

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

2,010,600

 

 

 

2,010,600

 

 

 

2,010,600

 

 

 

2,010,600

 

 

 

2,010,600

 

Common

 

23,790,333

 

 

 

23,366,571

 

 

 

23,307,390

 

 

 

23,245,893

 

 

 

23,783,931

 

Total shareholders' equity

 

25,800,933

 

 

 

25,377,171

 

 

 

25,317,990

 

 

 

25,256,493

 

 

 

25,794,531

 

Total liabilities and shareholders' equity

$

207,671,729

 

 

 

202,956,407

 

 

 

200,729,841

 

 

 

197,955,479

 

 

 

204,032,889

 


16-16-16-16-16

M&T BANK CORPORATION

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

 

 

Three months ended

 

 

Change in balance

 

 

Six months ended

 

 

 

 

 

 

June 30,

 

 

June 30,

 

 

March 31,

 

 

June 30, 2023 from

 

 

June 30

 

 

Change

 

 

Dollars in millions

 

2023

 

 

2022

 

 

2023

 

 

June 30,

 

 

March 31,

 

 

2023

 

 

2022

 

 

in

 

 

 

 

Balance

 

 

Rate

 

 

Balance

 

 

Rate

 

 

Balance

 

 

Rate

 

 

2022

 

 

2023

 

 

Balance

 

 

Rate

 

 

Balance

 

 

Rate

 

 

balance

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits at banks

 

$

23,617

 

 

 

5.14

 

%

 

39,386

 

 

 

.82

 

%

 

24,312

 

 

 

4.64

 

%

 

-40

 

%

 

-3

 

%

$

23,963

 

 

 

4.89

 

%

 

39,041

 

 

 

.51

 

%

 

-39

 

%

Federal funds sold and agreements to resell
      securities

 

 

 

 

 

5.53

 

 

 

250

 

 

 

.41

 

 

 

 

 

 

4.89

 

 

 

-100

 

 

 

125

 

 

 

 

 

 

5.34

 

 

 

126

 

 

 

.41

 

 

 

-100

 

 

Trading account

 

 

151

 

 

 

2.66

 

 

 

136

 

 

 

.59

 

 

 

123

 

 

 

2.32

 

 

 

10

 

 

 

22

 

 

 

136

 

 

 

2.50

 

 

 

92

 

 

 

.85

 

 

 

48

 

 

Investment securities

 

 

28,623

 

 

 

3.09

 

 

 

22,384

 

 

 

2.55

 

 

 

27,622

 

 

 

3.00

 

 

 

28

 

 

 

4

 

 

 

28,126

 

 

 

3.04

 

 

 

15,095

 

 

 

2.42

 

 

 

86

 

 

Loans and leases, net of unearned discount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial, financial, etc.

 

 

44,531

 

 

 

6.79

 

 

 

37,818

 

 

 

3.96

 

 

 

42,428

 

 

 

6.46

 

 

 

18

 

 

 

5

 

 

 

43,486

 

 

 

6.63

 

 

 

30,602

 

 

 

3.83

 

 

 

42

 

 

Real estate - commercial

 

 

44,944

 

 

 

6.25

 

 

 

47,227

 

 

 

3.87

 

 

 

45,327

 

 

 

5.82

 

 

 

-5

 

 

 

-1

 

 

 

45,134

 

 

 

6.03

 

 

 

41,126

 

 

 

3.86

 

 

 

10

 

 

Real estate - consumer

 

 

23,781

 

 

 

4.10

 

 

 

22,761

 

 

 

3.64

 

 

 

23,770

 

 

 

3.96

 

 

 

4

 

 

 

 

 

 

23,775

 

 

 

4.03

 

 

 

19,334

 

 

 

3.60

 

 

 

23

 

 

Consumer

 

 

20,289

 

 

 

5.88

 

 

 

19,793

 

 

 

4.26

 

 

 

20,487

 

 

 

5.67

 

 

 

3

 

 

 

-1

 

 

 

20,388

 

 

 

5.77

 

 

 

18,915

 

 

 

4.25

 

 

 

8

 

 

Total loans and leases, net

 

 

133,545

 

 

 

6.02

 

 

 

127,599

 

 

 

3.94

 

 

 

132,012

 

 

 

5.70

 

 

 

5

 

 

 

1

 

 

 

132,783

 

 

 

5.87

 

 

 

109,977

 

 

 

3.90

 

 

 

21

 

 

Total earning assets

 

 

185,936

 

 

 

5.46

 

 

 

189,755

 

 

 

3.12

 

 

 

184,069

 

 

 

5.16

 

 

 

-2

 

 

 

1

 

 

 

185,008

 

 

 

5.31

 

 

 

164,331

 

 

 

2.96

 

 

 

13

 

 

Goodwill

 

 

8,473

 

 

 

 

 

 

8,501

 

 

 

 

 

 

8,490

 

 

 

 

 

 

 

 

 

 

 

 

8,482

 

 

 

 

 

 

6,560

 

 

 

 

 

 

29

 

 

Core deposit and other intangible assets

 

 

185

 

 

 

 

 

 

254

 

 

 

 

 

 

201

 

 

 

 

 

 

-27

 

 

 

-8

 

 

 

192

 

 

 

 

 

 

130

 

 

 

 

 

 

49

 

 

Other assets

 

 

9,782

 

 

 

 

 

 

10,355

 

 

 

 

 

 

9,839

 

 

 

 

 

 

-6

 

 

 

-1

 

 

 

9,810

 

 

 

 

 

 

9,393

 

 

 

 

 

 

4

 

 

Total assets

 

$

204,376

 

 

 

 

 

 

208,865

 

 

 

 

 

 

202,599

 

 

 

 

 

 

-2

 

%

 

1

 

%

$

203,492

 

 

 

 

 

 

180,414

 

 

 

 

 

 

13

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings and interest-checking deposits

 

$

87,210

 

 

 

1.69

 

 

 

95,149

 

 

 

.12

 

 

 

88,053

 

 

 

1.28

 

 

 

-8

 

%

 

-1

 

%

$

87,629

 

 

 

1.49

 

 

 

81,285

 

 

 

.09

 

 

 

8

 

%

Time deposits

 

 

16,009

 

 

 

3.77

 

 

 

5,480

 

 

 

.09

 

 

 

11,630

 

 

 

3.11

 

 

 

192

 

 

 

38

 

 

 

13,832

 

 

 

3.49

 

 

 

4,071

 

 

 

.13

 

 

 

240

 

 

Total interest-bearing deposits

 

 

103,219

 

 

 

2.02

 

 

 

100,629

 

 

 

.12

 

 

 

99,683

 

 

 

1.49

 

 

 

3

 

 

 

4

 

 

 

101,461

 

 

 

1.76

 

 

 

85,356

 

 

 

.09

 

 

 

19

 

 

Short-term borrowings

 

 

7,539

 

 

 

5.11

 

 

 

1,126

 

 

 

1.22

 

 

 

4,994

 

 

 

4.69

 

 

 

570

 

 

 

51

 

 

 

6,273

 

 

 

4.94

 

 

 

594

 

 

 

1.16

 

 

 

957

 

 

Long-term borrowings

 

 

7,516

 

 

 

5.43

 

 

 

3,282

 

 

 

2.55

 

 

 

6,511

 

 

 

5.27

 

 

 

129

 

 

 

15

 

 

 

7,017

 

 

 

5.36

 

 

 

3,362

 

 

 

2.21

 

 

 

109

 

 

Total interest-bearing liabilities

 

 

118,274

 

 

 

2.43

 

 

 

105,037

 

 

 

.20

 

 

 

111,188

 

 

 

1.86

 

 

 

13

 

 

 

6

 

 

 

114,751

 

 

 

2.15

 

 

 

89,312

 

 

 

.18

 

 

 

28

 

 

Noninterest-bearing deposits

 

 

56,180

 

 

 

 

 

 

74,054

 

 

 

 

 

 

61,854

 

 

 

 

 

 

-24

 

 

 

-9

 

 

 

59,001

 

 

 

 

 

 

66,141

 

 

 

 

 

 

-11

 

 

Other liabilities

 

 

4,237

 

 

 

 

 

 

3,684

 

 

 

 

 

 

4,180

 

 

 

 

 

 

15

 

 

 

1

 

 

 

4,208

 

 

 

 

 

 

2,946

 

 

 

 

 

 

43

 

 

Total liabilities

 

 

178,691

 

 

 

 

 

 

182,775

 

 

 

 

 

 

177,222

 

 

 

 

 

 

-2

 

 

 

1

 

 

 

177,960

 

 

 

 

 

 

158,399

 

 

 

 

 

 

12

 

 

Shareholders' equity

 

 

25,685

 

 

 

 

 

 

26,090

 

 

 

 

 

 

25,377

 

 

 

 

 

 

-2

 

 

 

1

 

 

 

25,532

 

 

 

 

 

 

22,015

 

 

 

 

 

 

16

 

 

Total liabilities and shareholders' equity

 

$

204,376

 

 

 

 

 

 

208,865

 

 

 

 

 

 

202,599

 

 

 

 

 

 

-2

 

%

 

1

 

%

$

203,492

 

 

 

 

 

 

180,414

 

 

 

 

 

 

13

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest spread

 

 

 

 

 

3.03

 

 

 

 

 

 

2.92

 

 

 

 

 

 

3.30

 

 

 

 

 

 

 

 

 

 

 

 

3.16

 

 

 

 

 

 

2.78

 

 

 

 

 

Contribution of interest-free funds

 

 

 

 

 

.88

 

 

 

 

 

 

.09

 

 

 

 

 

 

.74

 

 

 

 

 

 

 

 

 

 

 

 

.81

 

 

 

 

 

 

.08

 

 

 

 

 

Net interest margin

 

 

 

 

 

3.91

 

%

 

 

 

 

3.01

 

%

 

 

 

 

4.04

 

%

 

 

 

 

 

 

 

 

 

 

3.97

 

%

 

 

 

 

2.86

 

%

 

 

 

 

 


17-17-17-17-17

M&T BANK CORPORATION

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30

 

 

June 30

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Income statement data

 

 

 

 

 

 

 

 

 

 

 

 

In thousands, except per share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

867,034

 

 

 

217,522

 

 

 

1,568,658

 

 

 

579,696

 

Amortization of core deposit and other intangible assets (1)

 

11,627

 

 

 

14,138

 

 

 

24,938

 

 

 

15,071

 

Merger-related expenses (1)

 

 

 

 

345,962

 

 

 

 

 

 

358,854

 

Net operating income

 

$

878,661

 

 

 

577,622

 

 

 

1,593,596

 

 

 

953,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

5.05

 

 

 

1.08

 

 

 

9.06

 

 

 

3.45

 

Amortization of core deposit and other intangible assets (1)

 

.07

 

 

 

.08

 

 

 

.15

 

 

 

.10

 

Merger-related expenses (1)

 

 

 

 

1.94

 

 

 

 

 

 

2.33

 

Diluted net operating earnings per common share

 

$

5.12

 

 

 

3.10

 

 

 

9.21

 

 

 

5.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

$

1,292,559

 

 

 

1,403,154

 

 

 

2,651,789

 

 

 

2,362,895

 

Amortization of core deposit and other intangible assets

 

 

(14,945

)

 

 

(18,384

)

 

 

(32,153

)

 

 

(19,640

)

Merger-related expenses

 

 

 

 

 

(222,809

)

 

 

 

 

 

(240,181

)

Noninterest operating expense

 

$

1,277,614

 

 

 

1,161,961

 

 

 

2,619,636

 

 

 

2,103,074

 

Merger-related expenses

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

 

 

 

85,299

 

 

 

 

 

 

85,386

 

Equipment and net occupancy

 

 

 

 

 

502

 

 

 

 

 

 

2,309

 

Outside data processing and software

 

 

 

 

 

716

 

 

 

 

 

 

968

 

Advertising and marketing

 

 

 

 

 

1,199

 

 

 

 

 

 

1,827

 

Printing, postage and supplies

 

 

 

 

 

2,460

 

 

 

 

 

 

3,182

 

Other costs of operations

 

 

 

 

 

132,633

 

 

 

 

 

 

146,509

 

Other expense

 

 

 

 

 

222,809

 

 

 

 

 

 

240,181

 

Provision for credit losses

 

 

 

 

 

242,000

 

 

 

 

 

 

242,000

 

Total

 

$

 

 

 

464,809

 

 

 

 

 

 

482,181

 

Efficiency ratio

 

 

 

 

 

 

 

 

 

 

 

Noninterest operating expense (numerator)

 

$

1,277,614

 

 

 

1,161,961

 

 

 

2,619,636

 

 

 

2,103,074

 

Taxable-equivalent net interest income

$

1,813,015

 

 

 

1,422,443

 

 

 

3,644,741

 

 

 

2,329,851

 

Other income

 

803,171

 

 

 

571,100

 

 

 

1,390,304

 

 

 

1,111,987

 

Less: Gain (loss) on bank investment securities

 

1,004

 

 

 

(62

)

 

 

588

 

 

 

(805

)

Denominator

 

$

2,615,182

 

 

 

1,993,605

 

 

 

5,034,457

 

 

 

3,442,643

 

Efficiency ratio

 

 

48.9

%

 

 

58.3

%

 

 

52.0

%

 

 

61.1

%

Balance sheet data

 

 

 

 

 

 

 

 

 

 

 

 

In millions

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

 

$

204,376

 

 

 

208,865

 

 

 

203,492

 

 

 

180,414

 

Goodwill

 

(8,473

)

 

 

(8,501

)

 

 

(8,482

)

 

 

(6,560

)

Core deposit and other intangible assets

 

(185

)

 

 

(254

)

 

 

(192

)

 

 

(130

)

Deferred taxes

 

46

 

 

 

60

 

 

 

47

 

 

 

31

 

Average tangible assets

 

$

195,764

 

 

 

200,170

 

 

 

194,865

 

 

 

173,755

 

Average common equity

 

 

 

 

 

 

 

 

 

 

 

 

Average total equity

 

$

25,685

 

 

 

26,090

 

 

 

25,532

 

 

 

22,015

 

Preferred stock

 

 

(2,011

)

 

 

(2,011

)

 

 

(2,011

)

 

 

(1,881

)

Average common equity

 

 

23,674

 

 

 

24,079

 

 

 

23,521

 

 

 

20,134

 

Goodwill

 

(8,473

)

 

 

(8,501

)

 

 

(8,482

)

 

 

(6,560

)

Core deposit and other intangible assets

 

(185

)

 

 

(254

)

 

 

(192

)

 

 

(130

)

Deferred taxes

 

46

 

 

 

60

 

 

 

47

 

 

 

31

 

Average tangible common equity

 

$

15,062

 

 

 

15,384

 

 

$

14,894

 

 

 

13,475

 

At end of quarter

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

207,672

 

 

 

204,033

 

 

 

 

 

 

 

Goodwill

 

 

(8,465

)

 

 

(8,501

)

 

 

 

 

 

 

Core deposit and other intangible assets

 

 

(177

)

 

 

(245

)

 

 

 

 

 

 

Deferred taxes

 

 

44

 

 

 

57

 

 

 

 

 

 

 

Total tangible assets

 

$

199,074

 

 

 

195,344

 

 

 

 

 

 

 

Total common equity

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

$

25,801

 

 

 

25,795

 

 

 

 

 

 

 

Preferred stock

 

 

(2,011

)

 

 

(2,011

)

 

 

 

 

 

 

Common equity

 

 

23,790

 

 

 

23,784

 

 

 

 

 

 

 

Goodwill

 

 

(8,465

)

 

 

(8,501

)

 

 

 

 

 

 

Core deposit and other intangible assets

 

 

(177

)

 

 

(245

)

 

 

 

 

 

 

Deferred taxes

 

 

44

 

 

 

57

 

 

 

 

 

 

 

Total tangible common equity

 

$

15,192

 

 

 

15,095

 

 

 

 

 

 

 

 

(1) After any related tax effect.

 

 


18-18-18-18-18

M&T BANK CORPORATION

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

 

 

Three months ended

 

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

 

2023

 

 

2023

 

 

2022

 

 

2022

 

 

2022

 

Income statement data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In thousands, except per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

867,034

 

 

 

701,624

 

 

 

765,371

 

 

 

646,596

 

 

 

217,522

 

Amortization of core deposit and other intangible assets (1)

 

 

11,627

 

 

 

13,311

 

 

 

13,559

 

 

 

14,141

 

 

 

14,138

 

Merger-related expenses (1)

 

 

 

 

 

 

 

 

33,429

 

 

 

39,293

 

 

 

345,962

 

Net operating income

 

$

878,661

 

 

 

714,935

 

 

 

812,359

 

 

 

700,030

 

 

 

577,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

5.05

 

 

 

4.01

 

 

 

4.29

 

 

 

3.53

 

 

 

1.08

 

Amortization of core deposit and other intangible assets (1)

 

 

.07

 

 

 

.08

 

 

 

.08

 

 

 

.08

 

 

 

.08

 

Merger-related expenses (1)

 

 

 

 

 

 

 

 

.20

 

 

 

.22

 

 

 

1.94

 

Diluted net operating earnings per common share

 

$

5.12

 

 

 

4.09

 

 

 

4.57

 

 

 

3.83

 

 

 

3.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

$

1,292,559

 

 

 

1,359,230

 

 

 

1,408,288

 

 

 

1,279,253

 

 

 

1,403,154

 

Amortization of core deposit and other intangible assets

 

 

(14,945

)

 

 

(17,208

)

 

 

(17,600

)

 

 

(18,384

)

 

 

(18,384

)

Merger-related expenses

 

 

 

 

 

 

 

 

(45,113

)

 

 

(53,027

)

 

 

(222,809

)

Noninterest operating expense

 

$

1,277,614

 

 

 

1,342,022

 

 

 

1,345,575

 

 

 

1,207,842

 

 

 

1,161,961

 

Merger-related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

$

 

 

 

 

 

 

3,670

 

 

 

13,094

 

 

 

85,299

 

Equipment and net occupancy

 

 

 

 

 

 

 

 

2,294

 

 

 

2,106

 

 

 

502

 

Outside data processing and software

 

 

 

 

 

 

 

 

2,193

 

 

 

2,277

 

 

 

716

 

Advertising and marketing

 

 

 

 

 

 

 

 

5,258

 

 

 

2,177

 

 

 

1,199

 

Printing, postage and supplies

 

 

 

 

 

 

 

 

2,953

 

 

 

651

 

 

 

2,460

 

Other costs of operations

 

 

 

 

 

 

 

 

28,745

 

 

 

32,722

 

 

 

132,633

 

Other expense

 

 

 

 

 

 

 

 

45,113

 

 

 

53,027

 

 

 

222,809

 

Provision for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

242,000

 

Total

 

$

 

 

 

 

 

 

45,113

 

 

 

53,027

 

 

 

464,809

 

Efficiency ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest operating expense (numerator)

 

$

1,277,614

 

 

 

1,342,022

 

 

 

1,345,575

 

 

 

1,207,842

 

 

 

1,161,961

 

Taxable-equivalent net interest income

 

$

1,813,015

 

 

 

1,831,726

 

 

 

1,840,759

 

 

 

1,690,518

 

 

 

1,422,443

 

Other income

 

 

803,171

 

 

 

587,133

 

 

 

681,537

 

 

 

563,079

 

 

 

571,100

 

Less: Gain (loss) on bank investment securities

 

 

1,004

 

 

 

(416

)

 

 

(3,773

)

 

 

(1,108

)

 

 

(62

)

Denominator

 

$

2,615,182

 

 

 

2,419,275

 

 

 

2,526,069

 

 

 

2,254,705

 

 

 

1,993,605

 

Efficiency ratio

 

 

48.9

%

 

 

55.5

%

 

 

53.3

%

 

 

53.6

%

 

 

58.3

%

Balance sheet data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assets

 

$

204,376

 

 

 

202,599

 

 

 

198,592

 

 

 

201,131

 

 

 

208,865

 

Goodwill

 

 

(8,473

)

 

 

(8,490

)

 

 

(8,494

)

 

 

(8,501

)

 

 

(8,501

)

Core deposit and other intangible assets

 

 

(185

)

 

 

(201

)

 

 

(218

)

 

 

(236

)

 

 

(254

)

Deferred taxes

 

 

46

 

 

 

49

 

 

 

54

 

 

 

56

 

 

 

60

 

Average tangible assets

 

$

195,764

 

 

 

193,957

 

 

 

189,934

 

 

 

192,450

 

 

 

200,170

 

Average common equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total equity

 

$

25,685

 

 

 

25,377

 

 

 

25,346

 

 

 

25,665

 

 

 

26,090

 

Preferred stock

 

 

(2,011

)

 

 

(2,011

)

 

 

(2,011

)

 

 

(2,011

)

 

 

(2,011

)

Average common equity

 

 

23,674

 

 

 

23,366

 

 

 

23,335

 

 

 

23,654

 

 

 

24,079

 

Goodwill

 

 

(8,473

)

 

 

(8,490

)

 

 

(8,494

)

 

 

(8,501

)

 

 

(8,501

)

Core deposit and other intangible assets

 

 

(185

)

 

 

(201

)

 

 

(218

)

 

 

(236

)

 

 

(254

)

Deferred taxes

 

 

46

 

 

 

49

 

 

 

54

 

 

 

56

 

 

 

60

 

Average tangible common equity

 

$

15,062

 

 

 

14,724

 

 

 

14,677

 

 

 

14,973

 

 

 

15,384

 

At end of quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

207,672

 

 

 

202,956

 

 

 

200,730

 

 

 

197,955

 

 

 

204,033

 

Goodwill

 

 

(8,465

)

 

 

(8,490

)

 

 

(8,490

)

 

 

(8,501

)

 

 

(8,501

)

Core deposit and other intangible assets

 

 

(177

)

 

 

(192

)

 

 

(209

)

 

 

(227

)

 

 

(245

)

Deferred taxes

 

 

44

 

 

 

47

 

 

 

51

 

 

 

54

 

 

 

57

 

Total tangible assets

 

$

199,074

 

 

 

194,321

 

 

 

192,082

 

 

 

189,281

 

 

 

195,344

 

Total common equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

$

25,801

 

 

 

25,377

 

 

 

25,318

 

 

 

25,256

 

 

 

25,795

 

Preferred stock

 

 

(2,011

)

 

 

(2,011

)

 

 

(2,011

)

 

 

(2,011

)

 

 

(2,011

)

Common equity

 

 

23,790

 

 

 

23,366

 

 

 

23,307

 

 

 

23,245

 

 

 

23,784

 

Goodwill

 

 

(8,465

)

 

 

(8,490

)

 

 

(8,490

)

 

 

(8,501

)

 

 

(8,501

)

Core deposit and other intangible assets

 

 

(177

)

 

 

(192

)

 

 

(209

)

 

 

(227

)

 

 

(245

)

Deferred taxes

 

 

44

 

 

 

47

 

 

 

51

 

 

 

54

 

 

 

57

 

Total tangible common equity

 

$

15,192

 

 

 

14,731

 

 

 

14,659

 

 

 

14,571

 

 

 

15,095

 

(1) After any related tax effect.