false00000362700000036270us-gaap:CommonStockMember2024-01-182024-01-1800000362702024-01-182024-01-180000036270mtb:SeriesHFixedToFloatingRateNonCumulativePerpetualPreferredStockMember2024-01-182024-01-18

 

 

 

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): January 18, 2024

 

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. ☐

 

 

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Item 2.02. Results of Operations and Financial Condition.

On January 18, 2024, M&T Bank Corporation (“M&T”) announced its results of operations for the quarter ended and year ended December 31, 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 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 January 18, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

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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: January 18, 2024		By:		/s/ Daryl N. Bible
				Daryl N. Bible
				Senior Executive Vice President and Chief Financial Officer

 

3

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Exhibit 99.1

 

One M&T Plaza, Buffalo, NY 14203	News Release January 18, 2024
M&T Bank Corporation (NYSE:MTB) announces fourth quarter and full-year 2023 results

M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $482 million or $2.74 of diluted earnings per common share and full-year net income of $2.74 billion or $15.79 of diluted earnings per common share.

 

 

(Dollars in millions, except per share data)		4Q23				3Q23				4Q22				2023				2022
Earnings Highlights
Net interest income		$	1,722			$	1,775			$	1,827			$	7,115			$	5,822
Taxable-equivalent adjustment			13				15				14				54				39
Net interest income - taxable-equivalent			1,735				1,790				1,841				7,169				5,861
Provision for credit losses			225				150				90				645				517
Noninterest income			578				560				682				2,528				2,357
Noninterest expense			1,450				1,278				1,408				5,379				5,050
Net income			482				690				765				2,741				1,992
Net income available to common shareholders - diluted			457				664				739				2,636				1,891
Diluted earnings per common share			2.74				3.98				4.29				15.79				11.53
Return on average assets - annualized			.92	%			1.33	%			1.53	%			1.33	%			1.05	%
Return on average common shareholders' equity - annualized			7.41	%			10.99	%			12.59	%			11.06	%			8.67	%
Average Balance Sheet
Total assets		$	208,752			$	205,791			$	198,592			$	205,397			$	190,252
Interest-bearing deposits at banks			30,153				26,657				25,089				26,202				33,435
Investment securities			27,490				27,993				25,297				27,932				19,897
Loans and leases, net of unearned discount			132,770				132,617				129,406				132,738				119,297
Deposits			164,713				162,688				163,468				162,094				158,491
Borrowings			13,057				12,585				5,385				13,054				4,376
Selected Ratios
(Amounts expressed as a percent, except per share data)
Net interest margin			3.61	%			3.79	%			4.06	%			3.83	%			3.39	%
Efficiency ratio			62.1				53.7				53.3				54.9				56.6
Net charge-offs to average total loans - annualized			.44				.29				.12				.33				.13
Allowance for credit losses to total loans			1.59				1.55				1.46				1.59				1.46
Nonaccrual loans to total loans			1.62				1.77				1.85				1.62				1.85
Common equity Tier 1 ("CET1") capital ratio (1)			10.98				10.95				10.44				10.98				10.44
Common shareholders' equity per share		$	150.15			$	145.72			$	137.68			$	150.15			$	137.68

 

 

(1) December 31, 2023 CET1 capital ratio is estimated.

 

Financial Highlights

 

Chief Financial Officer Commentary

"M&T enters 2024 with stronger levels of capital, liquidity and credit reserves than a year earlier. Average commercial and consumer loans as well as average deposits all increased in the final quarter of 2023, and expenses remained well controlled after considering the FDIC special assessment. With commercial real estate values and higher interest rates impacting our commercial clientele, our relationship-based approach gives us confidence in our ability to work through those challenges with our customers and appropriately assess the associated credit risk and loss reserves. Over the past year we have strengthened relationships with our customers and welcomed new ones. We thank our employees for consistently showing up within the communities we serve to make a difference."

- Daryl N. Bible, M&T's Chief Financial Officer

 

Contact:

Investor Relations: Brian Klock 716.842.5138

Media Relations: Frank Lentini 929.651.0447

 

 

 

 

 

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	Fourth Quarter 2023 Results

 

Non-GAAP Measures (1)
										Change 4Q23 vs.								Change 4Q23 vs.
($ in millions, except per share data)		4Q23				3Q23				3Q23				4Q22				4Q22
Net operating income		$	494			$	702				-30	%		$	812				-39	%
Diluted net operating earnings per common share		$	2.81			$	4.05				-31	%		$	4.57				-39	%
Annualized return on average tangible assets			.98	%			1.41	%							1.70	%
Annualized return on average tangible common equity			11.70	%			17.41	%							21.29	%
Efficiency ratio			62.1	%			53.7	%							53.3	%
Tangible equity per common share		$	98.54			$	93.99				5	%		$	86.59				14	%

 

 

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 Financial, Inc. ("People's United") acquisition in 2022 generally consisted of:

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 year ended December 31, 2023.

For the year ended December 31, 2023, diluted net operating earnings per common share were $16.08, compared with $14.42 in 2022. Net operating income was $2.79 billion and $2.47 billion in 2023 and 2022, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity, net operating income in 2023 was 1.42% and 17.60%, respectively, compared with 1.35% and 16.70%, respectively, in 2022.

 

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	Fourth Quarter 2023 Results

 

Taxable-equivalent Net Interest Income
										Change 4Q23 vs.								Change 4Q23 vs.
($ in millions)		4Q23				3Q23				3Q23				4Q22				4Q22
Average earning assets		$	190,536			$	187,403				2	%		$	179,914				6	%
Average interest-bearing liabilities		$	127,646			$	121,388				5	%		$	98,635				29	%
Net interest income ̶  taxable-equivalent		$	1,735			$	1,790				-3	%		$	1,841				-6	%
Yield on average earning assets			5.73	%			5.62	%							4.60	%
Cost of interest-bearing liabilities			3.17	%			2.83	%							0.98	%
Net interest spread			2.56	%			2.79	%							3.62	%
Net interest margin			3.61	%			3.79	%							4.06	%

Taxable-equivalent net interest income decreased $55 million, or 3%, from the third quarter of 2023.

Taxable-equivalent net interest income decreased $106 million, or 6%, compared with the year-earlier quarter.

 

Taxable-equivalent net interest income was $7.17 billion in 2023, an increase of $1.31 billion, or 22% from $5.86 billion in 2022.

 

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	Fourth Quarter 2023 Results

 

Provision for Credit Losses/Asset Quality
										Change 4Q23 vs.								Change 4Q23 vs.
($ in millions)		4Q23				3Q23				3Q23				4Q22				4Q22
At end of quarter
Nonaccrual loans		$	2,166			$	2,342				-8	%		$	2,439				-11	%
Real estate and other foreclosed assets			39				37				4	%			41				-7	%
Total nonperforming assets		$	2,205			$	2,379				-7	%		$	2,480				-11	%
Accruing loans past due 90 days or more (1)		$	339			$	354				-4	%		$	491				-31	%
Nonaccrual loans as % of loans outstanding			1.62	%			1.77	%							1.85	%
Allowance for credit losses		$	2,129			$	2,052				4	%		$	1,925				11	%
Allowance for credit losses as % of loans outstanding			1.59	%			1.55	%							1.46	%
For the period
Provision for credit losses		$	225			$	150				50	%		$	90				150	%
Net charge-offs		$	148			$	96				54	%		$	40				268	%
Net charge-offs as % of average loans (annualized)			.44	%			.29	%							.12	%

 

M&T recorded a provision for credit losses of $225 million in the fourth quarter of 2023 and $150 million in the immediately preceding quarter, compared with $90 million in the fourth quarter of 2022. The comparatively higher provisions for credit losses in the most recent two quarters as compared with the fourth quarter of 2022 reflect commercial real estate values and higher interest rates contributing to a modest deterioration in the performance of loans to commercial borrowers. The provision for credit losses was $645 million in 2023, compared with $517 million in 2022. As previously described, included in the second quarter of 2022 was the $242 million provision related to loans obtained in the People’s United acquisition that were considered non-PCD. Reflective of variability in the timing and amount of commercial real estate charge-offs, net charge-offs totaled $148 million in 2023's fourth quarter as compared with $96 million in the immediately preceding quarter. Net charge-offs were $40 million in the year-earlier quarter. As compared with the year-earlier fourth quarter, the two most recent quarter net charge-offs reflect higher levels of commercial real estate loan and commercial and industrial loan net charge-offs. Net charge-offs were $442 million and $160 million in 2023 and 2022, respectively, representing .33% and .13%, respectively, of average loans outstanding.

Nonaccrual loans were $2.17 billion at December 31, 2023, $176 million lower than at September 30, 2023 and $272 million lower than at December 31, 2022. The lower level of nonaccrual loans at the recent quarter end as compared with the immediately preceding quarter end was attributable to a decline in commercial real estate nonaccrual loans, including the impact of net charge-offs, and residential real estate nonaccrual loans. The decrease in nonaccrual loans at December 31, 2023 as compared with December 31, 2022 was predominantly due to lower levels of commercial real estate nonaccrual loans and residential real estate nonaccrual loans, partially offset by a rise in commercial and industrial nonaccrual loans.

4

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	Fourth Quarter 2023 Results

 

Noninterest Income
										Change 4Q23 vs.								Change 4Q23 vs.
($ in millions)		4Q23				3Q23				3Q23				4Q22				4Q22
Mortgage banking revenues		$	112			$	105				8	%		$	82				38	%
Service charges on deposit accounts			121				121				—				106				14	%
Trust income			159				155				2	%			195				-19	%
Brokerage services income			26				27				-3	%			22				17	%
Trading account and non-hedging derivative gains			11				9				23	%			14				-18	%
Gain (loss) on bank investment securities			4				—				—				(4	)			—
Other revenues from operations			145				143				2	%			267				-45	%
Total		$	578			$	560				3	%		$	682				-15	%

Noninterest income in the fourth quarter of 2023 increased $19 million, or 3%, as compared with 2023's third quarter.

Noninterest income declined $103 million, or 15%, as compared with the year-earlier fourth quarter.

 

Noninterest income rose $172 million, or 7%, to $2.53 billion in 2023 as compared with $2.36 billion in 2022, reflecting the sale of the CIT business in the second quarter of 2023, the sale of MTIA in the fourth quarter of 2022 and one additional quarter of revenues in 2023 from operations acquired from People's United. Other favorable factors contributing to the rise in noninterest income included higher mortgage banking revenues and trading account and non-hedging derivatives gains.

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	Fourth Quarter 2023 Results

 

Noninterest Expense
										Change 4Q23 vs.								Change 4Q23 vs.
($ in millions)		4Q23				3Q23				3Q23				4Q22				4Q22
Salaries and employee benefits		$	724			$	727				—			$	697				4	%
Equipment and net occupancy			134				131				2	%			137				-2	%
Outside data processing and software			114				111				3	%			108				6	%
Professional and other services			99				89				12	%			145				-32	%
FDIC assessments			228				29				676	%			24				849	%
Advertising and marketing			26				23				11	%			32				-22	%
Amortization of core deposit and other intangible assets			15				15				—				18				-15	%
Other costs of operations			110				153				-28	%			247				-55	%
Total		$	1,450			$	1,278				14	%		$	1,408				3	%

In the fourth quarter of 2023, the Company began presenting "professional and other services" as an individual component of "other expense" while combining the presentation of "printing, postage, and supplies" into "other costs of operations" within the Consolidated Statement of Income. Prior periods were reclassified to conform to the current presentation.

Noninterest expense aggregated $1.45 billion in the recent quarter, up from $1.28 billion in the third quarter of 2023. Excluding the amortization of core deposit and other intangible assets considered to be nonoperating in nature, noninterest operating expenses increased $173 million, or 14%, to $1.44 billion in the recent quarter from $1.26 billion in the immediately preceding quarter.

Noninterest expense increased $42 million from the fourth quarter of 2022. Noninterest operating expenses aggregated $1.35 billion in the fourth quarter of 2022 after excluding $45 million of merger-related expenses, considered to be nonoperating in nature, associated with the People's United acquisition and $18 million of amortization of core deposit and other intangible assets. Noninterest operating expenses increased $90 million, or 7%, from the year-earlier quarter inclusive of the following:

 

For the year ended December 31, 2023, noninterest expense aggregated $5.38 billion, compared with $5.05 billion in 2022. Noninterest operating expenses were $5.32 billion in 2023, compared with $4.66 billion in 2022 after excluding $338 million of merger-related expenses, considered to be nonoperating in nature, incurred in 2022 associated with the People's United acquisition and $62 million and $56 million of amortization of core

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	Fourth Quarter 2023 Results

 

deposit and other intangible assets in 2023 and 2022, respectively. The $661 million increase in noninterest operating expenses reflected one additional quarter of operations acquired from People's United, higher salaries and employee benefits expenses from merit and other salary increases, a rise in incentive compensation and increases in employee benefits costs, including severance, and higher FDIC assessments inclusive of the special assessment in the recent quarter.

 

Average Earning Assets
										Change 4Q23 vs.								Change 4Q23 vs.
($ in millions)		4Q23				3Q23				3Q23				4Q22				4Q22
Interest-bearing deposits at banks		$	30,153			$	26,657				13	%		$	25,089				20	%
Trading account			123				136				-10	%			122				1	%
Investment securities			27,490				27,993				-2	%			25,297				9	%
Loans and leases, net of unearned discount
Commercial and industrial			55,420				54,567				2	%			49,955				11	%
Real estate - commercial			33,455				34,288				-2	%			35,773				-6	%
Real estate - consumer			23,339				23,573				-1	%			23,334				—
Consumer			20,556				20,189				2	%			20,344				1	%
Total loans and leases, net			132,770				132,617				—				129,406				3	%
Total earning assets		$	190,536			$	187,403				2	%		$	179,914				6	%

At December 31, 2023, the Company reclassified the substantial majority of its loans secured by commercial real estate that were considered owner-occupied to commercial and industrial loans to reflect the variation in the management and underlying risk profile of such loans as compared with investor-owned commercial real estate loans. Prior periods were reclassified to conform to the current presentation.

Average earning assets increased $3.1 billion, or 2%, from the third quarter of 2023.

 

Average earning assets increased $10.6 billion, or 6%, from the year-earlier fourth quarter.

 

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	Fourth Quarter 2023 Results

 

Average Interest-bearing Liabilities
										Change 4Q23 vs.								Change 4Q23 vs.
($ in millions)		4Q23				3Q23				3Q23				4Q22				4Q22
Interest-bearing deposits
Savings and interest-checking deposits		$	93,365			$	89,274				5	%		$	87,068				7	%
Time deposits			21,224				19,528				9	%			6,182				243	%
Total interest-bearing deposits			114,589				108,802				5	%			93,250				23	%
Short-term borrowings			5,156				5,346				-4	%			1,632				216	%
Long-term borrowings			7,901				7,240				9	%			3,753				111	%
Total interest-bearing liabilities		$	127,646			$	121,388				5	%		$	98,635				29	%

Average interest-bearing liabilities increased $6.3 billion, or 5%, from the third quarter of 2023.

Average interest-bearing liabilities increased $29.0 billion, or 29%, from the fourth quarter of 2022.

Capital
		4Q23				3Q23				4Q22
CET1			10.98	%	(1)		10.95	%			10.44	%
Tier 1 capital			12.29	%	(1)		12.27	%			11.79	%
Total capital			13.99	%	(1)		13.99	%			13.60	%
Tangible capital – common			8.20	%			7.78	%			7.63	%

 

 

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $217 million and $25 million, respectively, for the quarter ended December 31, 2023. M&T did not repurchase any shares of its common stock in the fourth quarter of 2023.

The CET1 capital ratio for M&T was estimated at 10.98% as of December 31, 2023. M&T's total risk-weighted assets at December 31, 2023 are estimated to be $154 billion.

M&T repurchased 3,838,157 shares of its common stock in accordance with its capital plan during the first quarter of 2023 for a total cost, including the share repurchase excise tax, of $600 million. There were no other share repurchases in 2023. M&T repurchased a total of 10,453,282 shares for a total cost of $1.8 billion in 2022.

 

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	Fourth Quarter 2023 Results

 

Other

In the fourth quarter of 2023 the Company completed modifications to its management reporting system to conform its internal profitability reporting with certain organizational changes that resulted in the realignment of its business operations into three reportable segments: Commercial Bank, Retail Bank and Institutional Services and Wealth Management. The change will be reflected in the Company's upcoming Annual Report on Form 10-K filing for the year ended December 31, 2023.

Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss fourth quarter financial results today at 10:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ423. 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 Thursday January 25, 2024 by calling (800) 839-2485, or (402) 220-7222 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, and management's beliefs and assumptions.

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, 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 which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecast.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and

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	Fourth Quarter 2023 Results

 

expenses; changes in the Company's credit ratings; the impact of the People's United acquisition; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and 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; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; 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; 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; 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.

These are representative of the 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, and other factors.

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 assumes no duty and does not undertake to update forward-looking statements.

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	Fourth Quarter 2023 Results

 

Financial Highlights

	Three months ended												Year ended
	December 31												December 31
Dollars in millions, except per share, shares in thousands	2023				2022				Change				2023				2022				Change
Performance
Net income	$	482				765				-37	%		$	2,741				1,992				38	%
Net income available to common shareholders		457				739				-38	%			2,636				1,891				39	%
Per common share:
Basic earnings	$	2.75				4.32				-36	%		$	15.85				11.59				37	%
Diluted earnings		2.74				4.29				-36	%			15.79				11.53				37	%
Cash dividends		1.30				1.20				8	%			5.20				4.80				8	%
Common shares outstanding:
Average - diluted (1)		166,731				172,149				-3	%			167,002				164,030				2	%
Period end (2)		166,149				169,285				-2	%			166,149				169,285				-2	%
Return on (annualized):
Average total assets		.92	%			1.53	%							1.33	%			1.05	%
Average common shareholders' equity		7.41	%			12.59	%							11.06	%			8.67	%
Taxable-equivalent net interest income	$	1,735				1,841				-6	%		$	7,169				5,861				22	%
Yield on average earning assets		5.73	%			4.60	%							5.50	%			3.64	%
Cost of interest-bearing liabilities		3.17	%			.98	%							2.60	%			.45	%
Net interest spread		2.56	%			3.62	%							2.90	%			3.19	%
Contribution of interest-free funds		1.05	%			.44	%							.93	%			.20	%
Net interest margin		3.61	%			4.06	%							3.83	%			3.39	%
Net charge-offs to average total net loans (annualized)		.44	%			.12	%							.33	%			.13	%
Net operating results (3)
Net operating income	$	494				812				-39	%		$	2,789				2,466				13	%
Diluted net operating earnings per common share		2.81				4.57				-39	%			16.08				14.42				12	%
Return on (annualized):
Average tangible assets		.98	%			1.70	%							1.42	%			1.35	%
Average tangible common equity		11.70	%			21.29	%							17.60	%			16.70	%
Efficiency ratio		62.1	%			53.3	%							54.9	%			56.6	%
	At December 31
Loan quality	2023				2022				Change
Nonaccrual loans	$	2,166				2,439				-11	%
Real estate and other foreclosed assets		39				41				-7	%
Total nonperforming assets	$	2,205				2,480				-11	%
Accruing loans past due 90 days or more (4)	$	339				491				-31	%
Government guaranteed loans included in totals above:
Nonaccrual loans	$	53				44				22	%
Accruing loans past due 90 days or more		298				363				-18	%
Nonaccrual loans to total net loans		1.62	%			1.85	%
Allowance for credit losses to total loans		1.59	%			1.46	%

 

(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.

 

11

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	Fourth Quarter 2023 Results

 

Financial Highlights, Five Quarter Trend

	Three months ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Dollars in millions, except per share, shares in thousands	2023				2023				2023				2023				2022
Performance
Net income	$	482				690				867				702				765
Net income available to common shareholders		457				664				841				676				739
Per common share:
Basic earnings	$	2.75				4.00				5.07				4.03				4.32
Diluted earnings		2.74				3.98				5.05				4.01				4.29
Cash dividends		1.30				1.30				1.30				1.30				1.20
Common shares outstanding:
Average - diluted (1)		166,731				166,570				166,320				168,410				172,149
Period end (2)		166,149				165,970				165,894				165,865				169,285
Return on (annualized):
Average total assets		.92	%			1.33	%			1.70	%			1.40	%			1.53	%
Average common shareholders' equity		7.41	%			10.99	%			14.27	%			11.74	%			12.59	%
Taxable-equivalent net interest income	$	1,735				1,790				1,813				1,832				1,841
Yield on average earning assets		5.73	%			5.62	%			5.46	%			5.16	%			4.60	%
Cost of interest-bearing liabilities		3.17	%			2.83	%			2.43	%			1.86	%			.98	%
Net interest spread		2.56	%			2.79	%			3.03	%			3.30	%			3.62	%
Contribution of interest-free funds		1.05	%			1.00	%			.88	%			.74	%			.44	%
Net interest margin		3.61	%			3.79	%			3.91	%			4.04	%			4.06	%
Net charge-offs to average total net loans (annualized)		.44	%			.29	%			.38	%			.22	%			.12	%
Net operating results (3)
Net operating income	$	494				702				879				715				812
Diluted net operating earnings per common share		2.81				4.05				5.12				4.09				4.57
Return on (annualized):
Average tangible assets		.98	%			1.41	%			1.80	%			1.49	%			1.70	%
Average tangible common equity		11.70	%			17.41	%			22.73	%			19.00	%			21.29	%
Efficiency ratio		62.1	%			53.7	%			48.9	%			55.5	%			53.3	%
	December 31,				September 30,				June 30,				March 31,				December 31,
Loan quality	2023				2023				2023				2023				2022
Nonaccrual loans	$	2,166				2,342				2,435				2,557				2,439
Real estate and other foreclosed assets		39				37				43				44				41
Total nonperforming assets	$	2,205				2,379				2,478				2,601				2,480
Accruing loans past due 90 days or more (4)	$	339				354				380				407				491
Government guaranteed loans included in totals above:
Nonaccrual loans	$	53				40				40				42				44
Accruing loans past due 90 days or more		298				269				294				306				363
Nonaccrual loans to total net loans		1.62	%			1.77	%			1.83	%			1.92	%			1.85	%
Allowance for credit losses to total loans		1.59	%			1.55	%			1.50	%			1.49	%			1.46	%

 

(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 19.

(4) Predominantly residential real estate loans.

12

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	Fourth Quarter 2023 Results

 

Condensed Consolidated Statement of Income

		Three months ended												Year ended
		December 31												December 31
Dollars in millions		2023				2022				Change				2023				2022				Change
Interest income		$	2,740				2,072				32	%		$	10,224				6,247				64	%
Interest expense			1,018				245				316				3,109				425				631
Net interest income			1,722				1,827				-6				7,115				5,822				22
Provision for credit losses			225				90				150				645				517				25
Net interest income after provision for credit losses			1,497				1,737				-14				6,470				5,305				22
Other income
Mortgage banking revenues			112				82				38				409				357				15
Service charges on deposit accounts			121				106				14				475				447				6
Trust income			159				195				-19				680				741				-8
Brokerage services income			26				22				17				102				88				17
Trading account and non-hedging      derivative gains			11				14				-18				49				27				84
Gain (loss) on bank investment securities			4				(4	)			—				4				(6	)			—
Other revenues from operations			145				267				-45				809				703				15
Total other income			578				682				-15				2,528				2,357				7
Other expense
Salaries and employee benefits			724				697				4				2,997				2,787				8
Equipment and net occupancy			134				137				-2				520				474				10
Outside data processing and software			114				108				6				437				376				16
Professional and other services			99				145				-32				413				509				-19
FDIC assessments			228				24				849				315				90				249
Advertising and marketing			26				32				-22				108				90				19
Amortization of core deposit and other      intangible assets			15				18				-15				62				56				12
Other costs of operations			110				247				-55				527				668				-21
Total other expense			1,450				1,408				3				5,379				5,050				7
Income before income taxes			625				1,011				-38				3,619				2,612				39
Applicable income taxes			143				246				-42				878				620				42
Net income		$	482				765				-37	%		$	2,741				1,992				38	%

 

13

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	Fourth Quarter 2023 Results

 

Condensed Consolidated Statement of Income, Five Quarter Trend

		Three months ended
		December 31,				September 30,				June 30,				March 31,				December 31,
Dollars in millions		2023				2023				2023				2023				2022
Interest income		$	2,740				2,641				2,516				2,327				2,072
Interest expense			1,018				866				717				509				245
Net interest income			1,722				1,775				1,799				1,818				1,827
Provision for credit losses			225				150				150				120				90
Net interest income after provision for credit losses			1,497				1,625				1,649				1,698				1,737
Other income
Mortgage banking revenues			112				105				107				85				82
Service charges on deposit accounts			121				121				119				113				106
Trust income			159				155				172				194				195
Brokerage services income			26				27				25				24				22
Trading account and non-hedging      derivative gains			11				9				17				12				14
Gain (loss) on bank investment securities			4				—				1				—				(4	)
Other revenues from operations			145				143				362				159				267
Total other income			578				560				803				587				682
Other expense
Salaries and employee benefits			724				727				738				808				697
Equipment and net occupancy			134				131				129				127				137
Outside data processing and software			114				111				106				106				108
Professional and other services			99				89				100				125				145
FDIC assessments			228				29				28				30				24
Advertising and marketing			26				23				28				31				32
Amortization of core deposit and other      intangible assets			15				15				15				17				18
Other costs of operations			110				153				149				115				247
Total other expense			1,450				1,278				1,293				1,359				1,408
Income before income taxes			625				907				1,159				926				1,011
Applicable income taxes			143				217				292				224				246
Net income		$	482				690				867				702				765

 

14

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	Fourth Quarter 2023 Results

 

Condensed Consolidated Balance Sheet

		December 31
Dollars in millions		2023				2022				Change
ASSETS
Cash and due from banks		$	1,731				1,517				14		%
Interest-bearing deposits at banks			28,069				24,959				12
Federal funds sold and agreements to resell securities			—				3				-100
Trading account			106				118				-10
Investment securities			26,897				25,211				7
Loans and leases:
Commercial and industrial			57,010				51,919				10
Real estate - commercial			33,003				35,296				-6
Real estate - consumer			23,264				23,756				-2
Consumer			20,791				20,593				1
Total loans and leases, net of unearned discount			134,068				131,564				2
Less: allowance for credit losses			2,129				1,925				11
Net loans and leases			131,939				129,639				2
Goodwill			8,465				8,490				—
Core deposit and other intangible assets			147				209				-30
Other assets			10,910				10,584				3
Total assets		$	208,264				200,730				4		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	49,294				65,502				-25		%
Interest-bearing deposits			113,980				98,013				16
Total deposits			163,274				163,515				—
Short-term borrowings			5,316				3,555				50
Accrued interest and other liabilities			4,516				4,377				3
Long-term borrowings			8,201				3,965				107
Total liabilities			181,307				175,412				3
Shareholders' equity:
Preferred			2,011				2,011				—
Common			24,946				23,307				7
Total shareholders' equity			26,957				25,318				6
Total liabilities and shareholders' equity		$	208,264				200,730				4		%
SUMMARY OF RECLASSIFICATION OF OWNER-OCCUPIED LOANS
Commercial and industrial previously reported						$	41,850
Reclassification of certain owner-occupied loans							10,069
Commercial and industrial after reclassification						$	51,919
Real estate - commercial previously reported						$	45,365
Reclassification of certain owner-occupied loans							(10,069	)
Real estate - commercial after reclassification						$	35,296

 

15

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	Fourth Quarter 2023 Results

 

Condensed Consolidated Balance Sheet, Five Quarter Trend

	December 31,				September 30,				June 30,				March 31,				December 31,
Dollars in millions	2023				2023				2023				2023				2022
ASSETS
Cash and due from banks	$	1,731				1,769				1,848				1,818				1,517
Interest-bearing deposits at banks		28,069				30,114				27,107				22,306				24,959
Federal funds sold and agreements to resell securities		—				—				—				—				3
Trading account		106				137				137				165				118
Investment securities		26,897				27,336				27,917				28,443				25,211
Loans and leases:
Commercial and industrial		57,010				54,891				54,699				53,934				51,919
Real estate - commercial		33,003				33,741				34,634				34,897				35,296
Real estate - consumer		23,264				23,448				23,762				23,790				23,756
Consumer		20,791				20,275				20,249				20,317				20,593
Total loans and leases, net of unearned discount		134,068				132,355				133,344				132,938				131,564
Less: allowance for credit losses		2,129				2,052				1,998				1,975				1,925
Net loans and leases		131,939				130,303				131,346				130,963				129,639
Goodwill		8,465				8,465				8,465				8,490				8,490
Core deposit and other intangible assets		147				162				177				192				209
Other assets		10,910				10,838				10,675				10,579				10,584
Total assets	$	208,264				209,124				207,672				202,956				200,730
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	49,294				53,787				54,938				59,955				65,502
Interest-bearing deposits		113,980				110,341				107,120				99,120				98,013
Total deposits		163,274				164,128				162,058				159,075				163,515
Short-term borrowings		5,316				6,731				7,908				6,995				3,555
Accrued interest and other liabilities		4,516				4,946				4,488				4,046				4,377
Long-term borrowings		8,201				7,123				7,417				7,463				3,965
Total liabilities		181,307				182,928				181,871				177,579				175,412
Shareholders' equity:
Preferred		2,011				2,011				2,011				2,011				2,011
Common		24,946				24,185				23,790				23,366				23,307
Total shareholders' equity		26,957				26,196				25,801				25,377				25,318
Total liabilities and shareholders' equity	$	208,264				209,124				207,672				202,956				200,730
SUMMARY OF RECLASSIFICATION OF OWNER-OCCUPIED LOANS
Commercial and industrial previously reported					$	45,058				44,684				43,758				41,850
Reclassification of certain owner-occupied loans						9,833				10,015				10,176				10,069
Commercial and industrial after reclassification					$	54,891				54,699				53,934				51,919
Real estate - commercial previously reported					$	43,574				44,649				45,073				45,365
Reclassification of certain owner-occupied loans						(9,833	)			(10,015	)			(10,176	)			(10,069	)
Real estate - commercial after reclassification					$	33,741				34,634				34,897				35,296

 

16

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	Fourth Quarter 2023 Results

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

 

		Three months ended																								Change in balance								Year ended
		December 31,								September 30,								December 31,								December 31, 2023 from								December 31,																Change
Dollars in millions		2023								2023								2022								September 30,				December 31,				2023								2022								in
		Balance				Rate				Balance				Rate				Balance				Rate				2023				2022				Balance				Rate				Balance				Rate				balance
ASSETS
Interest-bearing deposits at banks		$	30,153				5.48		%		26,657				5.40		%		25,089				3.75		%		13		%		20		%	$	26,202				5.19		%		33,435				1.52		%		-22		%
Federal funds sold and agreements to      resell securities			—				5.79				—				5.79				—				4.32				—				-78				—				5.39				70				.43				-100
Trading account			123				3.80				136				4.05				122				2.13				-10				1				133				3.20				109				1.49				21
Investment securities			27,490				3.13				27,993				3.14				25,297				2.77				-2				9				27,932				3.09				19,897				2.59				40
Loans and leases, net of unearned discount
Commercial and industrial			55,420				7.01				54,567				6.86				49,955				5.65				2				11				54,271				6.71				44,127				4.62				23
Real estate - commercial			33,455				6.54				34,288				6.50				35,773				5.04				-2				-6				34,473				6.33				34,375				4.35				—
Real estate - consumer			23,339				4.25				23,573				4.14				23,334				3.92				-1				—				23,614				4.11				21,257				3.75				11
Consumer			20,556				6.42				20,189				6.16				20,344				5.28				2				1				20,380				6.03				19,538				4.65				4
Total loans and leases, net			132,770				6.33				132,617				6.19				129,406				5.12				—				3				132,738				6.07				119,297				4.41				11
Total earning assets			190,536				5.73				187,403				5.62				179,914				4.60				2				6				187,005				5.50				172,808				3.64				8
Goodwill			8,465								8,465								8,494								—				—				8,473								7,537								12
Core deposit and other intangible assets			154								170								218								-9				-29				177								179								-1
Other assets			9,597								9,753								9,966								-2				-4				9,742								9,728								—
Total assets		$	208,752								205,791								198,592								1		%		5		%	$	205,397								190,252								8		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits		$	93,365				2.58				89,274				2.20				87,068				.76				5		%		7		%	$	89,489				1.95				84,753				.32				6		%
Time deposits			21,224				4.30				19,528				4.09				6,182				1.29				9				243				17,131				3.92				4,850				.49				253
Total interest-bearing deposits			114,589				2.90				108,802				2.54				93,250				.80				5				23				106,620				2.27				89,603				.33				19
Short-term borrowings			5,156				5.27				5,346				5.16				1,632				3.24				-4				216				5,758				5.07				936				2.08				515
Long-term borrowings			7,901				5.70				7,240				5.52				3,753				4.65				9				111				7,296				5.49				3,440				3.23				112
Total interest-bearing liabilities			127,646				3.17				121,388				2.83				98,635				.98				5				29				119,674				2.60				93,979				.45				27
Noninterest-bearing deposits			50,124								53,886								70,218								-7				-29				55,474								68,888								-19
Other liabilities			4,482								4,497								4,393								—				2				4,350								3,575								22
Total liabilities			182,252								179,771								173,246								1				5				179,498								166,442								8
Shareholders' equity			26,500								26,020								25,346								2				5				25,899								23,810								9
Total liabilities and shareholders'      equity		$	208,752								205,791								198,592								1		%		5		%	$	205,397								190,252								8		%
Net interest spread							2.56								2.79								3.62																2.90								3.19
Contribution of interest-free funds							1.05								1.00								.44																.93								.20
Net interest margin							3.61		%						3.79		%						4.06		%														3.83		%						3.39		%
SUMMARY OF RECLASSIFICATION OF OWNER-OCCUPIED LOANS
Commercial and industrial previously reported										$	44,625				7.01				40,038				5.76																			$	34,926				4.68
Reclassification of certain owner-occupied loans											9,942								9,917																								9,201
Commercial and industrial after reclassification										$	54,567				6.86				49,955				5.65																			$	44,127				4.62
Real estate - commercial previously reported										$	44,230				6.41				45,690				5.06																			$	43,576				4.35
Reclassification of certain owner-occupied loans											(9,942	)							(9,917	)																							(9,201	)
Real estate - commercial after reclassification										$	34,288				6.50				35,773				5.04																			$	34,375				4.35

 

17

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	Fourth Quarter 2023 Results

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures

		Three months ended								Year ended
		December 31								December 31
		2023				2022				2023				2022
Income statement data
In millions, except per share
Net income
Net income		$	482				765			$	2,741				1,992
Amortization of core deposit and other intangible assets (1)			12				14				48				43
Merger-related expenses (1)			—				33				—				431
Net operating income		$	494				812				2,789				2,466
Earnings per common share
Diluted earnings per common share		$	2.74				4.29			$	15.79				11.53
Amortization of core deposit and other intangible assets (1)			.07				.08				.29				.26
Merger-related expenses (1)			—				.20				—				2.63
Diluted net operating earnings per common share		$	2.81				4.57				16.08				14.42
Other expense
Other expense		$	1,450				1,408			$	5,379				5,050
Amortization of core deposit and other intangible assets			(15	)			(18	)			(62	)			(56	)
Merger-related expenses			—				(45	)			—				(338	)
Noninterest operating expense		$	1,435				1,345			$	5,317				4,656
Merger-related expenses
Salaries and employee benefits		$	—				4			$	—				102
Equipment and net occupancy			—				2				—				7
Outside data processing and software			—				2				—				5
Professional and other services			—				16				—				72
Advertising and marketing			—				5				—				9
Other costs of operations			—				16				—				143
Other expense			—				45				—				338
Provision for credit losses			—				—				—				242
Total		$	—				45			$	—				580
Efficiency ratio
Noninterest operating expense (numerator)		$	1,435				1,345			$	5,317				4,656
Taxable-equivalent net interest income		$	1,735				1,841			$	7,169				5,861
Other income			578				682				2,528				2,357
Less: Gain (loss) on bank investment securities			4				(4	)			4				(6	)
Denominator		$	2,309				2,527			$	9,693				8,224
Efficiency ratio			62.1	%			53.3	%			54.9	%			56.6	%
Balance sheet data
In millions
Average assets
Average assets		$	208,752				198,592			$	205,397				190,252
Goodwill			(8,465	)			(8,494	)			(8,473	)			(7,537	)
Core deposit and other intangible assets			(154	)			(218	)			(177	)			(179	)
Deferred taxes			39				54				44				43
Average tangible assets		$	200,172				189,934			$	196,791				182,579
Average common equity
Average total equity		$	26,500				25,346			$	25,899				23,810
Preferred stock			(2,011	)			(2,011	)			(2,011	)			(1,946	)
Average common equity			24,489				23,335				23,888				21,864
Goodwill			(8,465	)			(8,494	)			(8,473	)			(7,537	)
Core deposit and other intangible assets			(154	)			(218	)			(177	)			(179	)
Deferred taxes			39				54				44				43
Average tangible common equity		$	15,909				14,677			$	15,282				14,191
At end of quarter
Total assets
Total assets		$	208,264				200,730
Goodwill			(8,465	)			(8,490	)
Core deposit and other intangible assets			(147	)			(209	)
Deferred taxes			37				51
Total tangible assets		$	199,689				192,082
Total common equity
Total equity		$	26,957				25,318
Preferred stock			(2,011	)			(2,011	)
Common equity			24,946				23,307
Goodwill			(8,465	)			(8,490	)
Core deposit and other intangible assets			(147	)			(209	)
Deferred taxes			37				51
Total tangible common equity		$	16,371				14,659

 

(1) After any related tax effect.

 

 

18

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	Fourth Quarter 2023 Results

 

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

		Three months ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2023				2023				2023				2023				2022
Income statement data
In millions, except per share
Net income
Net income		$	482				690				867				702				765
Amortization of core deposit and other intangible assets (1)			12				12				12				13				14
Merger-related expenses (1)			—				—				—				—				33
Net operating income		$	494				702				879				715				812
Earnings per common share
Diluted earnings per common share		$	2.74				3.98				5.05				4.01				4.29
Amortization of core deposit and other intangible assets (1)			.07				.07				.07				.08				.08
Merger-related expenses (1)			—				—				—				—				.20
Diluted net operating earnings per common share		$	2.81				4.05				5.12				4.09				4.57
Other expense
Other expense		$	1,450				1,278				1,293				1,359				1,408
Amortization of core deposit and other intangible assets			(15	)			(15	)			(15	)			(17	)			(18	)
Merger-related expenses			—				—				—				—				(45	)
Noninterest operating expense		$	1,435				1,263				1,278				1,342				1,345
Merger-related expenses
Salaries and employee benefits		$	—				—				—				—				4
Equipment and net occupancy			—				—				—				—				2
Outside data processing and software			—				—				—				—				2
Professional and other services			—				—				—				—				16
Advertising and marketing			—				—				—				—				5
Other costs of operations			—				—				—				—				16
Other expense			—				—				—				—				45
Provision for credit losses			—				—				—				—				—
Total		$	—				—				—				—				45
Efficiency ratio
Noninterest operating expense (numerator)		$	1,435				1,263				1,278				1,342				1,345
Taxable-equivalent net interest income		$	1,735				1,790				1,813				1,832				1,841
Other income			578				560				803				587				682
Less: Gain (loss) on bank investment securities			4				—				1				—				(4	)
Denominator		$	2,309				2,350				2,615				2,419				2,527
Efficiency ratio			62.1	%			53.7	%			48.9	%			55.5	%			53.3	%
Balance sheet data
In millions
Average assets
Average assets		$	208,752				205,791				204,376				202,599				198,592
Goodwill			(8,465	)			(8,465	)			(8,473	)			(8,490	)			(8,494	)
Core deposit and other intangible assets			(154	)			(170	)			(185	)			(201	)			(218	)
Deferred taxes			39				43				46				49				54
Average tangible assets		$	200,172				197,199				195,764				193,957				189,934
Average common equity
Average total equity		$	26,500				26,020				25,685				25,377				25,346
Preferred stock			(2,011	)			(2,011	)			(2,011	)			(2,011	)			(2,011	)
Average common equity			24,489				24,009				23,674				23,366				23,335
Goodwill			(8,465	)			(8,465	)			(8,473	)			(8,490	)			(8,494	)
Core deposit and other intangible assets			(154	)			(170	)			(185	)			(201	)			(218	)
Deferred taxes			39				43				46				49				54
Average tangible common equity		$	15,909				15,417				15,062				14,724				14,677
At end of quarter
Total assets
Total assets		$	208,264				209,124				207,672				202,956				200,730
Goodwill			(8,465	)			(8,465	)			(8,465	)			(8,490	)			(8,490	)
Core deposit and other intangible assets			(147	)			(162	)			(177	)			(192	)			(209	)
Deferred taxes			37				41				44				47				51
Total tangible assets		$	199,689				200,538				199,074				194,321				192,082
Total common equity
Total equity		$	26,957				26,197				25,801				25,377				25,318
Preferred stock			(2,011	)			(2,011	)			(2,011	)			(2,011	)			(2,011	)
Common equity			24,946				24,186				23,790				23,366				23,307
Goodwill			(8,465	)			(8,465	)			(8,465	)			(8,490	)			(8,490	)
Core deposit and other intangible assets			(147	)			(162	)			(177	)			(192	)			(209	)
Deferred taxes			37				41				44				47				51
Total tangible common equity		$	16,371				15,600				15,192				14,731				14,659

 

(1) After any related tax effect.

 

19

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