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M&T Bank Corporation Announces Third Quarter Profits

Oct 17, 2013

BUFFALO, N.Y.—M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2013.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2013 were $2.11, compared with $2.17 in the year-earlier quarter and $2.55 in the second quarter of 2013.  GAAP-basis net income in the recently completed quarter aggregated $294 million, compared with $293 million and $348 million in the third quarter of 2012 and the second quarter of 2013, respectively.  GAAP-basis net income for the third quarter of 2013 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.39% and 11.06%, respectively, compared with 1.45% and 12.40%, respectively, in the year-earlier quarter and 1.68% and 13.78%, respectively, in 2013's second quarter.

Reflected in the recent quarter's results were after-tax gains of $34 million from loan securitization transactions, or $.26 per diluted common share, while the results for the immediately preceding quarter included net after-tax gains from similar securitization transactions and from sales of investment securities totaling $38 million, or $.29 per diluted common share.  As compared with the third quarter of 2012 and the second quarter of 2013, declines in mortgage banking revenues and higher operating expenses significantly affected the recent quarter's results.

Commenting on M&T's financial performance in the third quarter of 2013, Rene F. Jones, Executive Vice President and Chief Financial Officer, noted, "Profits clearly softened during the quarter relative to our strong second quarter performance.  The higher interest rate environment resulted in a significant reduction in mortgage banking revenues, while operating expenses for the quarter were up as a result of investments we are making in several key areas, including risk management, capital planning and stress testing, regulatory compliance, and our technology and operating infrastructure.  The recent quarter was also marked by continued strengthening of our core capital position, as reflected in the 52 basis point jump in our Tier 1 common ratio from June 30 to September 30, to 9.07%."

Supplemental Reporting of Non-GAAP Results of Operations.  M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains and expenses associated with merging acquired operations into M&T, since such amounts are considered by management to be "nonoperating" in nature.  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.  Reconciliations of GAAP to non-GAAP measures are provided in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $2.16 in the recent quarter, compared with $2.24 and $2.65 in the third quarter of 2012 and the second quarter of 2013, respectively.  Net operating income during the third quarter of 2013 was $301 million, compared with $302 million in the year-earlier quarter and $361 million in 2013's second quarter.  Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.48% and 17.64%, respectively, in the recent quarter, compared with 1.56% and 21.53%, respectively, in the third quarter of 2012 and 1.81% and 22.72%, respectively, in the second quarter of 2013. 

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest income totaled $679 million in the third quarter of 2013, compared with $684 million in the immediately preceding quarter.  That decline was due largely to a 10 basis point narrowing of the net interest margin, partially offset by a $706 million increase in average earning assets.  The narrowing of the net interest margin from 3.71% in the second quarter of 2013 to 3.61% in the recent quarter was largely the result of lower levels of prepayment fees and interest on nonaccrual loans.  Average earning assets rose in the recent quarter as compared with the second quarter of 2013 largely due to purchases of Ginnie Mae mortgage-backed securities.  The $1.7 billion increase in average investment securities also reflected the recent quarter's securitization of approximately $1.0 billion of residential real estate loans guaranteed by the FHA that were previously held in the loan portfolio.  Late in 2013's third quarter, M&T securitized and sold approximately $1.4 billion of automobile loans held in its loan portfolio.  M&T securitized the loans as a result of changing regulatory liquidity and capital requirements.  Taxable-equivalent net interest income in the recent quarter rose $10 million from $669 million in the third quarter of 2012.  That improvement resulted from a $4.0 billion increase in average earning assets, offset in part by a 16 basis point narrowing of the net interest margin that reflects the impact in the recent quarter of significantly higher balances of lower yielding interest-bearing deposits at the Federal Reserve Bank of New York.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $48 million in the recent quarter, compared with $46 million in the third quarter of 2012 and $57 million in 2013's second quarter.  The provision was equal to net charge-offs in the second and third quarters of 2013, and exceeded net charge-offs by $4 million in the third quarter of 2012.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .29% and .26% in the third quarter of 2013 and 2012, respectively, and .35% in the second quarter of 2013.

Loans classified as nonaccrual declined to $916 million, or 1.44% of total loans outstanding at September 30, 2013, improved from $925 million or 1.44% at September 30, 2012 and $965 million or 1.46% at June 30, 2013.  Assets taken in foreclosure of defaulted loans totaled $89 million at September 30, 2013, compared with $112 million and $82 million at September 30, 2012 and June 30, 2013, respectively.

Allowance for Credit Losses.  M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the adequacy of the allowance for credit losses.  As a result of those analyses, the allowance aggregated $916 million at September 30, 2013, compared with $921 million at September 30, 2012 and $927 million at June 30, 2013.  During the recent quarter, the allowance was reduced by $11 million as a result of the securitization and sale of $1.4 billion of automobile loans held in M&T's loan portfolio.  The allowance expressed as a percentage of outstanding loans was 1.44% at each of September 30, 2013 and 2012, compared with 1.41% at June 30, 2013.

Noninterest Income and Expense.  Noninterest income totaled $477 million in the recent quarter, compared with $446 million and $509 million in the third quarter of 2012 and the second quarter of 2013, respectively.  Reflected in those amounts were gains from loan securitization activities of $56 million in the recent quarter and $7 million in the second quarter of 2013.  Also reflected in noninterest income were net pre-tax gains from investment securities of $56 million in the second quarter of 2013, compared with net pre-tax losses of $5 million in the third quarter of 2012.

Excluding gains from loan securitization activities and gains and losses from investment securities in all periods, noninterest income in the third quarter of 2013 aggregated $421 million, compared with $451 million in the year-earlier quarter and $446 million in 2013's second quarter.  The predominant contributors to the decline in such income in the recent quarter as compared with the third quarter of 2012 and the second quarter of 2013 were decreases in residential and commercial mortgage banking revenues.  Those decreases resulted largely from lower origination activities, in addition to a narrowing of gain on sale margins related to residential mortgage banking activities.  As compared with the third quarter of 2012, partially offsetting the lower mortgage banking revenues in the recent quarter was higher trust income, due largely to wealth advisory services.

Noninterest expense in the third quarter of 2013 totaled $659 million, compared with $616 million in the year-earlier quarter and $599 million in the second quarter of 2013.  Included in such amounts are expenses considered to be nonoperating in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses.  Exclusive of those expenses, noninterest operating expenses were $648 million in the recent quarter, compared with $602 million in the third quarter of 2012 and $578 million in 2013's second quarter.  The rise in noninterest operating expenses in the recent quarter was largely attributable to higher costs for salaries and professional services.  The higher salaries expenses reflect costs incurred during the quarter to increase M&T's loan servicing capacity to accommodate a subservicing arrangement whereby M&T added approximately $35 billion of residential real estate loans to its subservicing portfolio.  Also contributing to the increased salaries and to the higher professional services expenses in the recent quarter were costs related to risk management, capital planning and stress testing, BSA/AML compliance, and operational and technology initiatives.  Reducing expenses in the second quarter of 2013 was the reversal of a $26 million accrual for a contingent compensation obligation assumed in the May 2011 acquisition of Wilmington Trust that expired. 

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 and merger-related gains), measures the relationship of operating expenses to revenues.  M&T's efficiency ratio was 56.0% in the recent quarter, compared with 53.7% and 50.9% in the year-earlier quarter and the second quarter of 2013, respectively.

Balance Sheet.  M&T had total assets of $84.4 billion at September 30, 2013, compared with $81.1 billion at September 30, 2012.  Loans and leases, net of unearned discount, totaled $63.7 billion at September 30, 2013, compared with $64.1 billion a year earlier.  Total deposits aggregated $66.6 billion at the recent quarter-end, up 4% from $64.0 billion at September 30, 2012. 

Total shareholders' equity rose 11% to $11.0 billion at September 30, 2013 from $9.9 billion a year earlier, representing 13.05% and 12.27%, respectively, of total assets.  Common shareholders' equity was $10.1 billion, or $77.81 per share, at September 30, 2013, compared with $9.1 billion, or $71.17 per share, at September 30, 2012.  Tangible equity per common share rose 18% to $50.32 at September 30, 2013 from $42.80 at September 30, 2012.  Common shareholders' equity per share and tangible equity per common share were $75.98 and $48.26, respectively, at June 30, 2013.  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's tangible common equity to tangible assets ratio was 8.11% at September 30, 2013, compared with 7.04% and 7.85% at September 30, 2012 and June 30, 2013, respectively.  M&T's estimated Tier 1 common ratio, a regulatory capital measure, rose to 9.07% at September 30, 2013, up from 7.46% and 8.55% at September 30, 2012 and June 30, 2013, respectively.  M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under the new capital rules approved in July 2013 on a fully phased-in basis was approximately 8.75% as of September 30, 2013.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 11:00 a.m. Eastern Time.  Those wishing to participate in the call may dial (877)780-2276.  International participants, using any applicable international calling codes, may dial (973)582-2700.  Callers should reference M&T Bank Corporation or the conference ID #76901603.  The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/events.cfm.  A replay of the call will be available until October 20, 2013 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #76901603.  The event will also be archived and available by 7:00 p.m. today on M&T's website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York.  M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia.  Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

Forward-Looking Statements.  This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T's business, management's beliefs and assumptions made by management.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Future Factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the Future Factors that could affect the outcome of the forward-looking statements.  In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.

Investor Contact:
Donald J. MacLeod
(716) 842 5138

Media Contact:
C. Michael Zabel
(716) 842-5385

 

M&T BANK CORPORATION

                       

Financial Highlights

                       
     

Three months ended

         

Nine months ended

     

Amounts in thousands,

 

September 30

         

September 30

     

 except per share

 

2013

 

2012

 

Change

     

2013

 

2012

 

Change

 
                                 

Performance

                             
                                 

Net income 

$

294,479

 

293,462

 

-

%

 

$

917,058

 

733,305

 

25

%

Net income available to common shareholders 

 

275,356

 

273,896

 

1

%

   

859,000

 

676,842

 

27

%

                                 

Per common share:

                             

  Basic earnings 

$

2.13

 

2.18

 

-2

%

 

$

6.69

 

5.39

 

24

%

  Diluted earnings 

 

2.11

 

2.17

 

-3

%

   

6.64

 

5.37

 

24

%

  Cash dividends 

$

.70

 

.70

 

-

   

$

2.10

 

2.10

 

-

 
                                 

Common shares outstanding:

                             

  Average - diluted (1)

 

130,265

 

126,292

 

3

%

   

129,312

 

125,936

 

3

%

  Period end (2) 

 

130,241

 

127,461

 

2

%

   

130,241

 

127,461

 

2

%

                                 

Return on (annualized):

                             

  Average total assets 

 

1.39

%

1.45

%

       

1.48

%

1.23

%

   

  Average common shareholders' equity  

 

11.06

%

12.40

%

       

11.98

%

10.55

%

   
                                 

Taxable-equivalent net interest income 

$

679,213

 

669,256

 

1

%

 

$

2,025,517

 

1,950,978

 

4

%

                                 

Yield on average earning assets 

 

3.98

%

4.23

%

       

4.07

%

4.24

%

   

Cost of interest-bearing liabilities 

 

.58

%

.71

%

       

.61

%

.76

%

   

Net interest spread

 

3.40

%

3.52

%

       

3.46

%

3.48

%

   

Contribution of interest-free funds 

 

.21

%

.25

%

       

.22

%

.25

%

   

Net interest margin  

 

3.61

%

3.77

%

       

3.68

%

3.73

%

   
                                 

Net charge-offs to average total 

                             

  net loans (annualized) 

 

.29

%

.26

%

       

.29

%

.31

%

   
                                 

Net operating results (3)

                             
                                 

Net operating income 

$

300,968

 

302,060

 

-

%

 

$

946,838

 

767,853

 

23

%

Diluted net operating earnings per common share 

 

2.16

 

2.24

 

-4

%

   

6.87

 

5.64

 

22

%

Return on (annualized):

                             

  Average tangible assets 

 

1.48

%

1.56

%

       

1.59

%

1.35

%

   

  Average tangible common equity 

 

17.64

%

21.53

%

       

19.66

%

19.03

%

   

Efficiency ratio 

 

56.03

%

53.73

%

       

54.27

%

57.11

%

   
                                 
                                 
                                 
     

At September 30

                     

Loan quality

 

2013

 

2012

 

Change

                 
                                 

Nonaccrual loans 

$

915,871

 

925,231

 

-1

%

               

Real estate and other foreclosed assets

   

89,203

 

112,160

 

-20

%

               

  Total nonperforming assets 

$

1,005,074

 

1,037,391

 

-3

%

               
                               

Accruing loans past due 90 days or more (4) 

$

339,792

 

309,420

 

10

%

               
                                 

Government guaranteed loans included in totals

                             

  above:

                             

  Nonaccrual loans 

$

68,519

 

54,583

 

26

%

               

  Accruing loans past due 90 days or more 

 

320,732

 

280,410

 

14

%

               
                                 

Renegotiated loans 

$

259,301

 

266,526

 

-3

%

               
                                 

Acquired accruing loans past due 90 days or more (5) 

$

153,585

 

161,424

 

-5

%

               
                                 

Purchased impaired loans (6):

                             

  Outstanding customer balance 

$

648,118

 

978,731

 

-34

%

               

  Carrying amount 

 

357,337

 

528,001

 

-32

%

               
                                 

Nonaccrual loans to total net loans 

 

1.44

%

1.44

%

                   
                                 

Allowance for credit losses to total loans 

 

1.44

%

1.44

%

                   
                                 
                                 

(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 gains and 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 herein.

(4)  Excludes acquired loans. 

(5)  Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6)  Accruing loans that were impaired at acquisition date and recorded at fair value.

 

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

       

Three months ended

Amounts in thousands,

   

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 except per share

   

2013

 

2013

 

2013

 

2012

 

2012

                                   

Performance

                               
                                   

Net income 

 

$

294,479

   

348,466

   

274,113

   

296,193

   

293,462

 

Net income available to common shareholders 

   

275,356

   

328,557

   

255,096

   

276,605

   

273,896

 
                                   

Per common share:

                               

  Basic earnings 

 

$

2.13

   

2.56

   

2.00

   

2.18

   

2.18

 

  Diluted earnings 

   

2.11

   

2.55

   

1.98

   

2.16

   

2.17

 

  Cash dividends 

 

$

.70

   

.70

   

.70

   

.70

   

.70

 
                                   

Common shares outstanding:

                               

  Average - diluted (1) 

     

130,265

   

129,017

   

128,636

   

127,800

   

126,292

 

  Period end (2) 

     

130,241

   

129,464

   

128,999

   

128,234

   

127,461

 
                                   

Return on (annualized):

                                 

  Average total assets 

     

1.39

%

 

1.68

%

 

1.36

%

 

1.45

%

 

1.45

%

  Average common shareholders' equity 

     

11.06

%

 

13.78

%

 

11.10

%

 

12.10

%

 

12.40

%

                                   

Taxable-equivalent net interest income 

   

$

679,213

   

683,804

   

662,500

   

673,929

   

669,256

 
                                   

Yield on average earning assets 

     

3.98

%

 

4.10

%

 

4.13

%

 

4.17

%

 

4.23

%

Cost of interest-bearing liabilities 

     

.58

%

 

.62

%

 

.64

%

 

.67

%

 

.71

%

Net interest spread 

     

3.40

%

 

3.48

%

 

3.49

%

 

3.50

%

 

3.52

%

Contribution of interest-free funds 

     

.21

%

 

.23

%

 

.22

%

 

.24

%

 

.25

%

Net interest margin 

     

3.61

%

 

3.71

%

 

3.71

%

 

3.74

%

 

3.77

%

                                   

Net charge-offs to average total 

                                 

  net loans (annualized) 

     

.29

%

 

.35

%

 

.23

%

 

.27

%

 

.26

%

                                   

Net operating results (3)

                                 
                                   

Net operating income  

   

$

300,968

   

360,734

   

285,136

   

304,657

   

302,060

 

Diluted net operating earnings per common share 

   

2.16

   

2.65

   

2.06

   

2.23

   

2.24

 

Return on (annualized):

                                 

  Average tangible assets 

     

1.48

%

 

1.81

%

 

1.48

%

 

1.56

%

 

1.56

%

  Average tangible common equity 

     

17.64

%

 

22.72

%

 

18.71

%

 

20.46

%

 

21.53

%

Efficiency ratio 

     

56.03

%

 

50.92

%

 

55.88

%

 

53.63

%

 

53.73

%

                                   
                                   
                                   
           
       

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

Loan quality

     

2013

 

2013

 

2013

 

2012

 

2012

                                   

Nonaccrual loans 

   

$

915,871

   

964,906

   

1,052,794

   

1,013,176

   

925,231

 

Real estate and other foreclosed assets 

     

89,203

   

82,088

   

95,680

   

104,279

   

112,160

 

  Total nonperforming assets 

   

$

1,005,074

   

1,046,994

   

1,148,474

   

1,117,455

   

1,037,391

 
                                   

Accruing loans past due 90 days or more (4) 

   

$

339,792

   

340,467

   

331,283

   

358,397

   

309,420

 
                                   

Government guaranteed loans included in totals

                                 

  above:

                                 

  Nonaccrual loans 

   

$

68,519

   

69,508

   

63,385

   

57,420

   

54,583

 

  Accruing loans past due 90 days or more 

     

320,732

   

315,281

   

311,579

   

316,403

   

280,410

 
                                   

Renegotiated loans 

   

$

259,301

   

263,351

   

272,285

   

271,971

   

266,526

 
                                   

Acquired accruing loans past due 90 days or more (5) 

 

$

153,585

   

155,686

   

157,068

   

166,554

   

161,424

 
                                   

Purchased impaired loans (6):

                                 

  Outstanding customer balance 

   

$

648,118

   

725,196

   

790,048

   

828,571

   

978,731

 

  Carrying amount 

     

357,337

   

394,697

   

425,232

   

447,114

   

528,001

 
                                   

Nonaccrual loans to total net loans 

     

1.44

%

 

1.46

%

 

1.60

%

 

1.52

%

 

1.44

%

                                   

Allowance for credit losses to total loans 

     

1.44

%

 

1.41

%

 

1.41

%

 

1.39

%

 

1.44

%

                                   

(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 gains and 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 herein.

(4)  Excludes acquired loans. 

(5)  Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6)  Accruing loans that were impaired at acquisition date and recorded at fair value.

 

 

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

                               
   

Three months ended

         

Nine months ended

     
   

September 30

         

September 30

     

Dollars in thousands

 

2013

 

2012

 

Change

     

2013

 

2012

 

Change

 
                               

Interest income 

$

742,686

 

744,851

 

-

%

 

$

2,222,868

 

2,196,332

 

1

%

Interest expense 

 

69,578

 

82,129

 

-15

     

216,123

 

265,238

 

-19

 
                               

Net interest income 

 

673,108

 

662,722

 

2

     

2,006,745

 

1,931,094

 

4

 
                               

Provision for credit losses 

 

48,000

 

46,000

 

4

     

143,000

 

155,000

 

-8

 
                               

Net interest income after

                             

   provision for credit losses 

 

625,108

 

616,722

 

1

     

1,863,745

 

1,776,094

 

5

 
                               

Other income

                             

     Mortgage banking revenues 

 

64,731

 

106,812

 

-39

     

249,096

 

232,518

 

7

 

     Service charges on deposit accounts 

 

113,839

 

114,463

 

-1

     

336,505

 

334,334

 

1

 

     Trust income  

 

123,801

 

115,709

 

7

     

370,132

 

354,937

 

4

 

     Brokerage services income 

 

16,871

 

14,114

 

20

     

49,840

 

44,187

 

13

 

     Trading account and foreign exchange gains 

 

8,987

 

8,469

 

6

     

27,138

 

25,278

 

7

 

     Gain on bank investment securities 

 

-

 

372

 

-

     

56,457

 

9

 

-

 

     Other-than-temporary impairment losses 

                             

        recognized in earnings 

 

-

 

(5,672)

 

-

     

(9,800)

 

(33,331)

 

-

 

     Equity in earnings of Bayview Lending Group LLC 

 

(3,881)

 

(5,183)

 

-

     

(9,990)

 

(16,570)

 

-

 

     Other revenues from operations 

 

153,040

 

96,649

 

58

     

349,581

 

272,744

 

28

 

          Total other income 

 

477,388

 

445,733

 

7

     

1,418,959

 

1,214,106

 

17

 
                               

Other expense

                             

     Salaries and employee benefits 

 

339,332

 

321,746

 

5

     

1,019,019

 

991,530

 

3

 

     Equipment and net occupancy 

 

66,220

 

64,248

 

3

     

195,657

 

194,667

 

1

 

     Printing, postage and supplies 

 

9,752

 

8,272

 

18

     

30,749

 

31,512

 

-2

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

10,628

 

14,085

 

-25

     

36,473

 

46,766

 

-22

 

     FDIC assessments 

 

14,877

 

23,801

 

-37

     

52,010

 

77,712

 

-33

 

     Other costs of operations 

 

217,817

 

183,875

 

18

     

558,905

 

540,927

 

3

 

          Total other expense 

 

658,626

 

616,027

 

7

     

1,892,813

 

1,883,114

 

1

 
                               

Income before income taxes 

 

443,870

 

446,428

 

-1

     

1,389,891

 

1,107,086

 

26

 
                               

Applicable income taxes 

 

149,391

 

152,966

 

-2

     

472,833

 

373,781

 

27

 
                               

Net income 

$

294,479

 

293,462

 

-

%

 

$

917,058

 

733,305

 

25

%

                               

 

 

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

                               
   

Three months ended

   

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

Dollars in thousands

 

2013

 

2013

 

2013

 

2012

 

2012

                               

Interest income 

$

742,686

   

750,207

   

729,975

   

745,353

   

744,851

 

Interest expense 

 

69,578

   

72,620

   

73,925

   

77,931

   

82,129

 
                               

Net interest income 

 

673,108

   

677,587

   

656,050

   

667,422

   

662,722

 
                               

Provision for credit losses 

 

48,000

   

57,000

   

38,000

   

49,000

   

46,000

 
                               

Net interest income after

                             

   provision for credit losses 

 

625,108

   

620,587

   

618,050

   

618,422

   

616,722

 
                               

Other income

                             

     Mortgage banking revenues 

 

64,731

   

91,262

   

93,103

   

116,546

   

106,812

 

     Service charges on deposit accounts 

 

113,839

   

111,717

   

110,949

   

112,364

   

114,463

 

     Trust income  

 

123,801

   

124,728

   

121,603

   

116,915

   

115,709

 

     Brokerage services income 

 

16,871

   

17,258

   

15,711

   

14,872

   

14,114

 

     Trading account and foreign exchange gains 

 

8,987

   

9,224

   

8,927

   

10,356

   

8,469

 

     Gain on bank investment securities 

 

-

   

56,457

   

-

   

-

   

372

 

     Other-than-temporary impairment losses 

                             

        recognized in earnings 

 

-

   

-

   

(9,800)

   

(14,491)

   

(5,672)

 

     Equity in earnings of Bayview Lending Group LLC 

 

(3,881)

   

(2,453)

   

(3,656)

   

(4,941)

   

(5,183)

 

     Other revenues from operations 

 

153,040

   

100,496

   

96,045

   

101,543

   

96,649

 

          Total other income 

 

477,388

   

508,689

   

432,882

   

453,164

   

445,733

 
                               

Other expense

                             

     Salaries and employee benefits 

 

339,332

   

323,136

   

356,551

   

323,010

   

321,746

 

     Equipment and net occupancy 

 

66,220

   

64,278

   

65,159

   

62,884

   

64,248

 

     Printing, postage and supplies 

 

9,752

   

10,298

   

10,699

   

10,417

   

8,272

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

10,628

   

12,502

   

13,343

   

13,865

   

14,085

 

     FDIC assessments 

 

14,877

   

17,695

   

19,438

   

23,398

   

23,801

 

     Other costs of operations  

 

217,817

   

170,682

   

170,406

   

192,572

   

183,875

 

          Total other expense 

 

658,626

   

598,591

   

635,596

   

626,146

   

616,027

 
                               

Income before income taxes 

 

443,870

   

530,685

   

415,336

   

445,440

   

446,428

 
                               

Applicable income taxes 

 

149,391

   

182,219

   

141,223

   

149,247

   

152,966

 
                               

Net income 

$

294,479

   

348,466

   

274,113

   

296,193

   

293,462

 
                               

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

                 
     

September 30

     

Dollars in thousands

   

2013

 

2012

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks 

 

$

1,941,944

 

1,622,928

 

20

%

                 

Interest-bearing deposits at banks 

   

1,925,811

 

411,994

 

367

 
                 

Federal funds sold and agreements

               

  to resell securities 

   

117,809

 

-

 

-

 
                 

Trading account assets 

   

371,370

 

526,844

 

-30

 
                 

Investment securities 

   

8,309,773

 

6,624,004

 

25

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc 

   

17,911,149

 

16,704,575

 

7

 

   Real estate - commercial 

   

26,345,267

 

24,970,416

 

6

 

   Real estate - consumer

   

9,228,003

 

10,808,220

 

-15

 

   Consumer 

   

10,174,623

 

11,628,744

 

-13

 

     Total loans and leases, net of unearned discount 

   

63,659,042

 

64,111,955

 

-1

 

        Less: allowance for credit losses 

   

916,370

 

921,223

 

-1

 
                 

  Net loans and leases 

   

62,742,672

 

63,190,732

 

-1

 
                 

Goodwill 

   

3,524,625

 

3,524,625

 

-

 
                 

Core deposit and other intangible assets 

   

79,290

 

129,628

 

-39

 
     

.

         

Other assets 

   

5,414,191

 

5,054,478

 

7

 
                 

  Total assets 

 

$

84,427,485

 

81,085,233

 

4

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits 

 

$

24,150,771

 

22,968,401

 

5

%

                 

Interest-bearing deposits 

   

42,084,860

 

39,636,104

 

6

 
                 

Deposits at Cayman Islands office 

   

316,510

 

1,402,753

 

-77

 
                 

  Total deposits 

   

66,552,141

 

64,007,258

 

4

 
                 

Short-term borrowings 

   

246,019

 

592,154

 

-58

 
                 

Accrued interest and other liabilities  

   

1,491,797

 

1,570,758

 

-5

 
                 

Long-term borrowings 

   

5,121,326

 

4,969,536

 

3

 
                 

  Total liabilities 

   

73,411,283

 

71,139,706

 

3

 
                 

Shareholders' equity:

               
                 

   Preferred 

   

879,010

 

870,416

 

1

 

   Common (1) 

   

10,137,192

 

9,075,111

 

12

 
                 

     Total shareholders' equity 

   

11,016,202

 

9,945,527

 

11

 
                 

  Total liabilities and shareholders' equity 

 

$

84,427,485

 

81,085,233

 

4

%

                 
                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $198.1 million

 

       at September 30, 2013 and $230.1 million at September 30, 2012.

 
                 

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

         
     

September 30,

 

June 30,

   

March 31,

   

December 31,

   

September 30,

 

Dollars in thousands

   

2013

 

2013

   

2013

   

2012

   

2012

 
                                 

ASSETS

                               
                                 

Cash and due from banks 

 

$

1,941,944

   

1,350,015

   

1,231,091

   

1,983,615

   

1,622,928

 
                                 

Interest-bearing deposits at banks 

   

1,925,811

   

2,555,354

   

1,304,770

   

129,945

   

411,994

 
                                 

Federal funds sold and agreements

                               

  to resell securities 

   

117,809

   

124,487

   

594,976

   

3,000

   

-

 
                                 

Trading account assets 

   

371,370

   

378,235

   

420,144

   

488,966

   

526,844

 
                                 

Investment securities 

   

8,309,773

   

5,210,526

   

5,660,831

   

6,074,361

   

6,624,004

 
                                 

Loans and leases:

                               
                                 

   Commercial, financial, etc 

   

17,911,149

   

18,021,812

   

17,469,138

   

17,776,953

   

16,704,575

 

   Real estate - commercial 

   

26,345,267

   

26,116,394

   

25,944,819

   

25,993,790

   

24,970,416

 

   Real estate - consumer 

   

9,228,003

   

10,399,749

   

11,094,577

   

11,240,837

   

10,808,220

 

   Consumer 

   

10,174,623

   

11,433,911

   

11,415,733

   

11,559,377

   

11,628,744

 

     Total loans and leases, net of unearned discount 

   

63,659,042

   

65,971,866

   

65,924,267

   

66,570,957

   

64,111,955

 

        Less: allowance for credit losses 

   

916,370

   

927,065

   

927,117

   

925,860

   

921,223

 
                                 

  Net loans and leases 

   

62,742,672

   

65,044,801

   

64,997,150

   

65,645,097

   

63,190,732

 
                                 

Goodwill 

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

 
                                 

Core deposit and other intangible assets 

   

79,290

   

89,918

   

102,420

   

115,763

   

129,628

 
                                 

Other assets 

   

5,414,191

   

4,951,044

   

4,975,950

   

5,043,431

   

5,054,478

 
                                 

  Total assets 

 

$

84,427,485

   

83,229,005

   

82,811,957

   

83,008,803

   

81,085,233

 
                                 
                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits 

 

$

24,150,771

   

24,074,815

   

23,603,971

   

24,240,802

   

22,968,401

 
                                 

Interest-bearing deposits 

   

42,084,860

   

41,302,212

   

41,219,679

   

40,325,932

   

39,636,104

 
                                 

Deposits at Cayman Islands office 

   

316,510

   

284,443

   

266,076

   

1,044,519

   

1,402,753

 
                                 

  Total deposits 

   

66,552,141

   

65,661,470

   

65,089,726

   

65,611,253

   

64,007,258

 
                                 

Short-term borrowings 

   

246,019

   

307,740

   

374,593

   

1,074,482

   

592,154

 
                                 

Accrued interest and other liabilities 

   

1,491,797

   

1,421,067

   

1,530,118

   

1,512,717

   

1,570,758

 
                                 

Long-term borrowings 

   

5,121,326

   

5,122,398

   

5,394,563

   

4,607,758

   

4,969,536

 
                                 

  Total liabilities 

   

73,411,283

   

72,512,675

   

72,389,000

   

72,806,210

   

71,139,706

 
                                 

Shareholders' equity:

                               
                                 

   Preferred 

   

879,010

   

876,796

   

874,627

   

872,500

   

870,416

 

   Common (1)  

   

10,137,192

   

9,839,534

   

9,548,330

   

9,330,093

   

9,075,111

 
                                 

     Total shareholders' equity 

   

11,016,202

   

10,716,330

   

10,422,957

   

10,202,593

   

9,945,527

 
                                 

  Total liabilities and shareholders' equity 

 

$

84,427,485

   

83,229,005

   

82,811,957

   

83,008,803

   

81,085,233

 
                                 
                                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $198.1 million at September 30, 2013, $227.8 million

 

         at June 30, 2013, $226.0 million at March 31, 2013, $240.3 million at December 31, 2012 and $230.1 million at September 30, 2012.

 
                                 

 

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

 and Annualized Taxable-equivalent Rates

                                                               
     

Three months ended

 

Change in balance

   

 

Nine months ended

     
     

September 30,

 

September 30,

 

June 30,

 

September 30, 2013 from

   

 

September 30

     

Dollars in millions

   

2013

 

2012

 

2013

 

September 30,

 

June 30,

   

2013

 

2012

 

Change in

 
     

Balance

 

Rate

 

Balance

 

Rate

 

Balance

 

Rate

 

2012

 

2013

   

Balance

 

Rate

 

Balance 

 

Rate

 

balance

 

ASSETS

                                                             
                                                               

Interest-bearing deposits at banks 

 

$

2,646

 

.25

%

298

 

.18

%

2,403

 

.24

%

786

%

 

10

%

 

$

1,866

 

.24

%

614

 

.24

%

204

%

                                                               

Federal funds sold and agreements

                                                             

  to resell securities 

   

117

 

.08

 

4

 

.55

 

199

 

.09

 

-

   

-41

     

133

 

.09

 

4

 

.55

 

-

 
                                                               

Trading account assets 

   

67

 

1.27

 

94

 

1.13

 

86

 

1.43

 

-29

   

-23

     

76

 

2.10

 

96

 

1.45

 

-20

 
                                                               

Investment securities 

   

6,979

 

3.31

 

6,811

 

3.39

 

5,293

 

3.34

 

2

   

32

     

6,030

 

3.33

 

7,195

 

3.47

 

-16

 
                                                               

Loans and leases, net of unearned discount

                                                             

  Commercial, financial, etc. 

   

17,798

 

3.50

 

16,504

 

3.73

 

17,713

 

3.61

 

8

   

-

     

17,615

 

3.59

 

16,115

 

3.72

 

9

 

  Real estate - commercial 

   

26,129

 

4.51

 

24,995

 

4.61

 

26,051

 

4.72

 

5

   

-

     

26,033

 

4.55

 

24,764

 

4.56

 

5

 

  Real estate - consumer 

   

9,636

 

4.17

 

10,296

 

4.29

 

10,806

 

4.05

 

-6

   

-11

     

10,522

 

4.10

 

9,270

 

4.43

 

14

 

  Consumer 

   

11,295

 

4.57

 

11,660

 

4.76

 

11,409

 

4.58

 

-3

   

-1

     

11,389

 

4.61

 

11,778

 

4.79

 

-3

 

     Total loans and leases, net 

   

64,858

 

4.21

 

63,455

 

4.34

 

65,979

 

4.32

 

2

   

-2

     

65,559

 

4.26

 

61,927

 

4.37

 

6

 
                                                               

  Total earning assets 

   

74,667

 

3.98

 

70,662

 

4.23

 

73,960

 

4.10

 

6

   

1

     

73,664

 

4.07

 

69,836

 

4.24

 

5

 
                                                               

Goodwill 

   

3,525

     

3,525

     

3,525

     

-

   

-

     

3,525

     

3,525

     

-

 
                                                               

Core deposit and other intangible assets 

   

84

     

136

     

95

     

-38

   

-12

     

96

     

152

     

-37

 
                                                               

Other assets 

   

5,735

     

6,109

     

5,772

     

-6

   

-1

     

5,815

     

6,005

     

-3

 
                                                               

  Total assets

 

$

84,011

     

80,432

     

83,352

     

4

%

 

1

%

 

$

83,100

     

79,518

     

5

%

                                                               
                                                               
                                                               

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                             
                                                               

Interest-bearing deposits

                                                             

  NOW accounts 

 

$

924

 

.14

 

875

 

.15

 

941

 

.14

 

6

%

 

-2

%

 

$

919

 

.14

 

848

 

.16

 

8

%

  Savings deposits 

   

36,990

 

.15

 

33,298

 

.20

 

36,459

 

.15

 

11

   

1

     

36,287

 

.15

 

32,999

 

.21

 

10

 

  Time deposits 

   

3,928

 

.62

 

5,164

 

.84

 

4,210

 

.71

 

-24

   

-7

     

4,190

 

.70

 

5,555

 

.88

 

-25

 

  Deposits at Cayman Islands office 

   

392

 

.22

 

702

 

.19

 

326

 

.25

 

-44

   

20

     

524

 

.20

 

552

 

.19

 

-5

 

     Total interest-bearing deposits  

   

42,234

 

.19

 

40,039

 

.28

 

41,936

 

.21

 

5

   

1

     

41,920

 

.21

 

39,954

 

.30

 

5

 
                                                               

Short-term borrowings 

   

299

 

.08

 

976

 

.15

 

343

 

.11

 

-69

   

-13

     

425

 

.12

 

893

 

.15

 

-52

 

Long-term borrowings 

   

5,010

 

3.89

 

5,006

 

4.27

 

5,051

 

4.03

 

-

   

-1

     

4,918

 

4.09

 

5,869

 

3.96

 

-16

 
                                                               

Total interest-bearing liabilities 

   

47,543

 

.58

 

46,021

 

.71

 

47,330

 

.62

 

3

   

-

     

47,263

 

.61

 

46,716

 

.76

 

1

 
                                                               

Noninterest-bearing deposits 

   

23,998

     

22,704

     

23,744

     

6

   

1

     

23,570

     

21,240

     

11

 
                                                               

Other liabilities 

   

1,589

     

1,918

     

1,715

     

-17

   

-7

     

1,676

     

1,994

     

-16

 
                                                               

  Total liabilities 

   

73,130

     

70,643

     

72,789

     

4

   

-

     

72,509

     

69,950

     

4

 
                                                               

Shareholders' equity 

   

10,881

     

9,789

     

10,563

     

11

   

3

     

10,591

     

9,568

     

11

 
                                                               

  Total liabilities and shareholders' equity 

 

$

84,011

     

80,432

     

83,352

     

4

%

 

1

%

 

$

83,100

     

79,518

     

5

%

                                                               
                                                               

Net interest spread 

       

3.40

     

3.52

     

3.48

                   

3.46

     

3.48

     

Contribution of interest-free funds 

       

.21

     

.25

     

.23

                   

.22

     

.25

     

Net interest margin  

       

3.61

%

   

3.77

%

   

3.71

%

                 

3.68

%

   

3.73

%

   
                                                               

 

 

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

                         
                         
       

Three months ended

   

Nine months ended

 
       

September 30

   

September 30

 
       

2013

 

2012

   

2013

 

2012

 

Income statement data

                   

In thousands, except per share

                   

Net income

                   

Net income 

$

294,479

 

293,462

 

$

917,058

 

733,305

 

Amortization of core deposit and other

                   

  intangible assets (1) 

 

6,489

 

8,598

   

22,269

 

28,547

 

Merger-related expenses (1) 

 

-

 

-

   

7,511

 

6,001

 

  Net operating income 

$

300,968

 

302,060

 

$

946,838

 

767,853

 

Earnings per common share

                   

Diluted earnings per common share 

$

2.11

 

2.17

 

$

6.64

 

5.37

 

Amortization of core deposit and other

                   

  intangible assets (1) 

 

.05

 

.07

   

.17

 

.22

 

Merger-related expenses (1) 

 

-

 

-

   

.06

 

.05

 

  Diluted net operating earnings per common share 

$

2.16

 

2.24

 

$

6.87

 

5.64

 

Other expense

                   

Other expense 

$

658,626

 

616,027

 

$

1,892,813

 

1,883,114

 

Amortization of core deposit and other

                   

  intangible assets 

 

(10,628)

 

(14,085)

   

(36,473)

 

(46,766)

 

Merger-related expenses 

 

-

 

-

   

(12,364)

 

(9,879)

 

  Noninterest operating expense 

$

647,998

 

601,942

 

$

1,843,976

 

1,826,469

 

Merger-related expenses

                   

Salaries and employee benefits 

$

-

 

-

 

$

836

 

4,997

 

Equipment and net occupancy 

 

-

 

-

   

690

 

15

 

Printing, postage and supplies 

 

-

 

-

   

1,825

 

-

 

Other costs of operations 

 

-

 

-

   

9,013

 

4,867

 

  Total 

$

-

 

-

 

$

12,364

 

9,879

 

Efficiency ratio

                   

Noninterest operating expense (numerator) 

$

647,998

 

601,942

 

$

1,843,976

 

1,826,469

 

Taxable-equivalent net interest income 

 

679,213

 

669,256

   

2,025,517

 

1,950,978

 

Other income 

 

477,388

 

445,733

   

1,418,959

 

1,214,106

 

Less:  Gain on bank investment securities 

 

-

 

372

   

56,457

 

9

 

           Net OTTI losses recognized in earnings 

 

-

 

(5,672)

   

(9,800)

 

(33,331)

 

Denominator 

$

1,156,601

 

1,120,289

 

$

3,397,819

 

3,198,406

 

Efficiency ratio 

 

56.03

%

53.73

%

 

54.27

%

57.11

%

                         
                         

Balance sheet data

                   

In millions

                   

Average assets

                   

Average assets 

$

84,011

 

80,432

 

$

83,100

 

79,518

 

Goodwill 

 

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(84)

 

(136)

   

(96)

 

(152)

 

Deferred taxes 

 

25

 

39

   

28

 

44

 

  Average tangible assets 

$

80,427

 

76,810

 

$

79,507

 

75,885

 

Average common equity

                   

Average total equity 

$

10,881

 

9,789

 

$

10,591

 

9,568

 

Preferred stock 

 

(878)

 

(870)

   

(876)

 

(868)

 

  Average common equity 

 

10,003

 

8,919

   

9,715

 

8,700

 

Goodwill 

 

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(84)

 

(136)

   

(96)

 

(152)

 

Deferred taxes 

 

25

 

39

   

28

 

44

 

  Average tangible common equity 

$

6,419

 

5,297

 

$

6,122

 

5,067

 
                         

At end of quarter

                   

Total assets

                   

Total assets 

$

84,427

 

81,085

           

Goodwill 

 

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

 

(79)

 

(129)

           

Deferred taxes 

 

24

 

38

           

  Total tangible assets 

$

80,847

 

77,469

           

Total common equity

                   

Total equity 

$

11,016

 

9,945

           

Preferred stock 

 

(879)

 

(870)

           

Undeclared dividends - cumulative preferred stock 

 

(4)

 

(4)

           

  Common equity, net of undeclared cumulative

                   

    preferred dividends 

 

10,133

 

9,071

           

Goodwill 

 

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

 

(79)

 

(129)

           

Deferred taxes 

 

24

 

38

           

  Total tangible common equity 

$

6,553

 

5,455

           
                         
                         

(1) After any related tax effect.

                         

 

 

M&T BANK CORPORATION

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

                           
                           
                           
       

Three months ended

 
       

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 
       

2013

 

2013

 

2013

 

2012

 

2012

 

Income statement data

                     

In thousands, except per share

                     

Net income

                     

Net income 

$

294,479

 

348,466

 

274,113

 

296,193

 

293,462

 

Amortization of core deposit and other

                     

  intangible assets (1) 

 

6,489

 

7,632

 

8,148

 

8,464

 

8,598

 

Merger-related expenses (1) 

 

-

 

4,636

 

2,875

 

-

 

-

 

  Net operating income 

$

300,968

 

360,734

 

285,136

 

304,657

 

302,060

 

Earnings per common share

                     

Diluted earnings per common share 

$

2.11

 

2.55

 

1.98

 

2.16

 

2.17

 

Amortization of core deposit and other

                     

  intangible assets (1) 

 

.05

 

.06

 

.06

 

.07

 

.07

 

Merger-related expenses (1) 

 

-

 

.04

 

.02

 

-

 

-

 

  Diluted net operating earnings per common share 

$

2.16

 

2.65

 

2.06

 

2.23

 

2.24

 

Other expense

                     

Other expense 

$

658,626

 

598,591

 

635,596

 

626,146

 

616,027

 

Amortization of core deposit and other

                     

  intangible assets  

 

(10,628)

 

(12,502)

 

(13,343)

 

(13,865)

 

(14,085)

 

Merger-related expenses  

 

-

 

(7,632)

 

(4,732)

 

-

 

-

 

  Noninterest operating expense 

$

647,998

 

578,457

 

617,521

 

612,281

 

601,942

 

Merger-related expenses

                     

Salaries and employee benefits 

$

-

 

300

 

536

 

-

 

-

 

Equipment and net occupancy 

 

-

 

489

 

201

 

-

 

-

 

Printing, postage and supplies 

 

-

 

998

 

827

 

-

 

-

 

Other costs of operations 

 

-

 

5,845

 

3,168

 

-

 

-

 

  Total 

$

-

 

7,632

 

4,732

 

-

 

-

 

Efficiency ratio

                     

Noninterest operating expense (numerator) 

$

647,998

 

578,457

 

617,521

 

612,281

 

601,942

 

Taxable-equivalent net interest income 

 

679,213

 

683,804

 

662,500

 

673,929

 

669,256

 

Other income 

 

477,388

 

508,689

 

432,882

 

453,164

 

445,733

 

Less:  Gain on bank investment securities 

 

-

 

56,457

 

-

 

-

 

372

 

           Net OTTI losses recognized in earnings

 

-

 

-

 

(9,800)

 

(14,491)

 

(5,672)

 

Denominator 

$

1,156,601

 

1,136,036

 

1,105,182

 

1,141,584

 

1,120,289

 

Efficiency ratio

 

56.03

%

50.92

%

55.88

%

53.63

%

53.73

%

                           
                           

Balance sheet data

                     

In millions

                     

Average assets

                     

Average assets 

$

84,011

 

83,352

 

81,913

 

81,366

 

80,432

 

Goodwill 

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(84)

 

(95)

 

(109)

 

(122)

 

(136)

 

Deferred taxes

 

25

 

28

 

32

 

36

 

39

 

  Average tangible assets 

$

80,427

 

79,760

 

78,311

 

77,755

 

76,810

 

Average common equity

                     

Average total equity 

$

10,881

 

10,563

 

10,322

 

10,105

 

9,789

 

Preferred stock 

 

(878)

 

(876)

 

(874)

 

(872)

 

(870)

 

  Average common equity 

 

10,003

 

9,687

 

9,448

 

9,233

 

8,919

 

Goodwill 

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(84)

 

(95)

 

(109)

 

(122)

 

(136)

 

Deferred taxes 

 

25

 

28

 

32

 

36

 

39

 

  Average tangible common equity 

$

6,419

 

6,095

 

5,846

 

5,622

 

5,297

 
                           

At end of quarter

                     

Total assets

                     

Total assets 

$

84,427

 

83,229

 

82,812

 

83,009

 

81,085

 

Goodwill 

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(79)

 

(90)

 

(102)

 

(116)

 

(129)

 

Deferred taxes 

 

24

 

27

 

30

 

34

 

38

 

  Total tangible assets 

$

80,847

 

79,641

 

79,215

 

79,402

 

77,469

 

Total common equity

                     

Total equity 

$

11,016

 

10,716

 

10,423

 

10,203

 

9,945

 

Preferred stock 

 

(879)

 

(877)

 

(875)

 

(873)

 

(870)

 

Undeclared dividends - cumulative preferred stock 

 

(4)

 

(3)

 

(3)

 

(3)

 

(4)

 

  Common equity, net of undeclared cumulative

                     

    preferred dividends 

 

10,133

 

9,836

 

9,545

 

9,327

 

9,071

 

Goodwill 

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(79)

 

(90)

 

(102)

 

(116)

 

(129)

 

Deferred taxes 

 

24

 

27

 

30

 

34

 

38

 

  Total tangible common equity 

$

6,553

 

6,248

 

5,948

 

5,720

 

5,455

 
                           
                           

(1) After any related tax effect.

                           

 


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