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M&T Bank Corporation Announces Third Quarter Profits
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., Oct. 20 -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2010.

GAAP Results of Operations.  Diluted  earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2010 rose 53% to $1.48 from $.97 in the year-earlier quarter and were 1% above the $1.46 earned in the second quarter of 2010.  GAAP-basis net income in the recent quarter aggregated $192 million, up from $128 million and $189 million in the third quarter of 2009 and the second 2010 quarter, respectively.  GAAP-basis net income for the third quarter of 2010 expressed as an annualized rate of return on average assets and average common stockholders' equity was 1.12% and 9.56%, respectively, compared with .73% and 6.72%, respectively, in the year-earlier quarter and 1.11% and 9.67%, respectively, in the second quarter of 2010.

Commenting on M&T's financial results in the recent quarter, Rene F. Jones, Executive Vice President and Chief Financial Officer, noted, "Revenues and net income held up nicely this quarter and were each improved from a year-earlier, despite lower fee income from deposit service charges resulting from the recently adopted changes in regulation.  Once again, credit costs remained well-controlled.  Customer loan balances charged off during the recent quarter declined by $49 million, or 34%, from last year's third quarter.  This represents a welcome sign of the improvement in economic conditions relative to a year ago."

The recent quarter's earnings as compared with the third quarter of 2009 reflect higher net interest income, resulting from a widening of the net interest margin, and a lower provision for credit losses.  Also contributing to the improved performance as compared with the year-earlier quarter were lower other-than-temporary impairment charges on certain available-for-sale investment securities, which after applicable tax effect totaled $6 million and $29 million during the quarters ended September 30, 2010 and 2009, respectively.  Reflected in the results for the third quarter of 2009 were net merger-related gains of $9 million (after-tax), or $.08 of diluted earnings per common share, related to 2009 acquisitions.  As compared with the second quarter of 2010, a recent quarter rise in mortgage banking revenues and lower other-than-temporary impairment charges on available-for-sale investment securities were partially offset by a decline in service charges on deposit accounts.

Supplemental Reporting of Non-GAAP Results of Operations.  M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and expenses and gains 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, rose for the sixth consecutive quarter, totaling $1.55 in the recent quarter, improved from $.98 in the third quarter of 2009 and $1.53 in the second quarter of 2010.  Net operating income during the third quarter of 2010 was $200 million, up from $129 million and $198 million in the third quarter of 2009 and the second quarter of 2010, respectively.  Expressed as an annualized rate of return on average tangible assets and average tangible common stockholders' equity, net operating income was 1.24% and 19.58%, respectively, in the recent quarter, compared with .78% and 14.87% in the year-earlier quarter and 1.23% and 20.36% in the second quarter of 2010.

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest income totaled $576 million in the third quarter of 2010, up from $553 million in the year-earlier period and $573 million in the second quarter of 2010.  The improvement in such income from the third quarter of 2009 reflects a 26 basis point widening of the net interest margin, which rose to 3.87% from 3.61%.  As compared with the second quarter of 2010, a 3 basis point improvement in the recent quarter's net interest margin was partly offset by a 1% decline in average earning assets.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $93 million in the recent quarter, compared with $154 million in the third quarter of 2009 and $85 million in 2010's second quarter.  Net charge-offs of loans totaled $93 million during the third quarter of 2010, compared with $141 million and $82 million in the quarters ended September 30, 2009 and June 30, 2010, respectively.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .73% and 1.07% in the third quarter of 2010 and 2009, respectively, and .64% in the second quarter of 2010.

Loans classified as nonaccrual totaled $1.10 billion, or 2.16% of total loans at September 30, 2010, compared with $1.23 billion or 2.35% a year earlier and $1.09 billion or 2.13% at June 30, 2010.  Assets taken in foreclosure of defaulted loans were $193 million at each of June 30 and September 30, 2010, up from $85 million at September 30, 2009.  The higher level of such assets at the two most recent quarter-ends resulted from the second quarter 2010 transfer of $98 million of collateral related to a single commercial real estate loan.  The ratio of nonperforming assets to total loans plus real estate and other foreclosed assets was 2.53% at September 30, 2010, compared with 2.51% and 2.50% at September 30, 2009 and June 30, 2010, respectively.

Loans past due 90 days or more and accruing interest totaled $215 million at the end of the recent quarter, including loans guaranteed by government-related entities of $194 million.  Such past due loans were $183 million and $203 million at September 30, 2009 and June 30, 2010, respectively, including $173 million and $188 million of government guaranteed loans at those respective dates.

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.  Reflecting those analyses, the allowance for credit losses was $895 million at each of June 30 and September 30, 2010, compared with $868 million at September 30, 2009.  That allowance expressed as a percentage of outstanding loans was 1.76% at the recent quarter-end, compared with 1.66% at September 30, 2009 and 1.75% at June 30, 2010.  Beginning in 2009, GAAP requires that expected credit losses associated with loans obtained in an acquisition be reflected in the estimation of loan fair value as of each respective acquisition date and prohibits any carry-over of the acquired entity's allowance for credit losses.  Excluding amounts related to loans obtained in 2009 acquisition transactions, the allowance-to-legacy loan ratio was 1.86% at the two most recent quarter-ends, compared with 1.81% at September 30, 2009.

Noninterest Income and Expense.  Noninterest income totaled $290 million in the recent quarter, compared with $278 million and $274 million in the third quarter of 2009 and the second quarter of 2010, respectively.  Reflected in those amounts were net losses from investment securities of $8 million, $47 million and $22 million, each predominantly due to other-than-temporary impairment charges.  During each of those quarters, such charges reflected write-downs of certain of M&T's holdings of privately issued collateralized mortgage obligations and collateralized debt obligations backed by pooled trust preferred securities.  In addition, during 2010's second quarter, other-than-temporary impairment charges included a $12 million write-down of American Depositary Shares of Allied Irish Banks, p.l.c., which were obtained in M&T's acquisition of Allfirst Financial Inc. in 2003.  Excluding gains and losses from investment securities and a pre-tax merger-related gain of $29 million in the third quarter of 2009, noninterest income in the third quarter of 2010 aggregated $298 million, up from $296 million in each of the third quarter of 2009 and the second 2010 quarter.  The higher level of noninterest income in the recent quarter resulted largely from higher mortgage banking revenues that were largely offset by declines in service charges on deposit accounts.  The lower level of deposit service charge revenues was attributable to new regulations that went into effect July 1, 2010 for new customers and August 15, 2010 for pre-existing customers.  Such regulations require depositors to elect to be subject to fees for certain deposit account services.

Noninterest expense in the third quarter of 2010 aggregated $480 million, compared with $500 million in the year-earlier quarter and $476 million in the second quarter of 2010.  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 these expenses, noninterest operating expenses were $467 million in the recent quarter, compared with $469 million in the third quarter of 2009 and $461 million in 2010's second quarter.  

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 expenses and gains), measures the relationship of operating expenses to revenues.  M&T's efficiency ratio was 53.4% in the recent quarter, compared with 55.2% and 53.1% in the year-earlier quarter and the second quarter of 2010, respectively.  

Balance Sheet.  M&T had total assets of $68.2 billion at September 30, 2010, compared with $69.0 billion at September 30, 2009.  Loans and leases, net of unearned discount, were $50.8 billion at September 30, 2010, down 3% from $52.2 billion a year earlier.  Total deposits aggregated $48.7 billion at the recent quarter-end, up 4% from $46.9 billion at September 30, 2009.  Reflecting a $1.9 billion or 15% increase in noninterest-bearing deposits, deposits at domestic offices rose $2.5 billion, or 5%, to $48.0 billion at the recent quarter-end from $45.5 billion at September 30, 2009.  

Total stockholders' equity rose 8% to $8.2 billion at September 30, 2010 from $7.6 billion a year earlier, representing 12.06% and 11.03%, respectively, of total assets.  Common stockholders' equity was $7.5 billion, or $62.69 per share, at September 30, 2010, compared with $6.9 billion, or $58.22 per share, at September 30, 2009.  Tangible equity per common share rose to $32.23 at September 30, 2010 from $27.03 at September 30, 2009.  In the calculation of tangible equity per common share, common stockholders' 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 5.96% at September 30, 2010, compared with 4.89% and 5.75% at September 30, 2009 and June 30, 2010, respectively.

Allied Irish Banks, p.l.c. initiated steps in early October to divest its holdings of M&T common shares. In a public offering, 26.7 million of Contingent Mandatorily Exchangeable Notes, each note exchangeable for one share of M&T common stock, were sold in a single day.  The notes were distributed directly to one hundred twenty-three institutional investors as well as through retail delivery channels.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 10:30 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 #17941643.  The conference call will be webcast live on M&T's website at http://ir.mandtbank.com/conference.cfm.  A replay of the call will be available until Friday, October 22, 2010 by calling (800)642-1687, or (706)645-9291 for international participants, and by making reference to ID #17941643.  The event will also be archived and available by 6:00 p.m. today on M&T's website at http://ir.mandtbank.com/conference.cfm.

M&T is a bank holding company headquartered in Buffalo, New York.  M&T's banking subsidiaries, M&T Bank and M&T Bank, National Association, operate retail and commercial bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey, the District of Columbia and Ontario, Canada.

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; 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.

M&T BANK CORPORATION

Financial Highlights

 
   

Three months ended

       

Nine months ended

       

Amounts in thousands,

 

September 30

       

September 30

       

except per share

 

 2010

 

 2009

 

Change

   

 2010

 

 2009

 

Change

   
                               

Performance

                             
                               

Net income

$

192,015

 

127,664

 

50

%

$

531,719

 

243,073

 

119

%

 

Net income available to common equity

 

179,306

 

115,143

 

56

   

493,735

 

211,429

 

134

   
                               

Per common share:

                             

 Basic earnings

$

1.49

 

.97

 

54

%

$

4.12

 

1.84

 

124

%

 

 Diluted earnings

 

1.48

 

.97

 

53

   

4.10

 

1.84

 

123

   

 Cash dividends

$

.70

 

.70

 

-

 

$

2.10

 

2.10

 

         -

   
                               

Common shares outstanding:

                             

 Average - diluted (1)

 

119,155

 

117,547

 

1

%

 

118,766

 

113,800

 

4

%

 

 Period end (2)

 

119,435

 

118,156

 

1

   

119,435

 

118,156

 

1

   
                               

Return on (annualized):

                             

 Average total assets

 

1.12

%

.73

%

     

1.04

%

.49

%

     

 Average common stockholders' equity

 

9.56

%

6.72

%

     

9.05

%

4.35

%

     
                               

Taxable-equivalent net interest income

$

575,733

 

553,450

 

4

%

$

1,711,322

 

1,512,971

 

13

%

 
                               

Yield on average earning assets

 

4.65

%

4.60

%

     

4.62

%

4.62

%

     

Cost of interest-bearing liabilities

 

1.03

%

1.26

%

     

1.04

%

1.49

%

     

Net interest spread

 

3.62

%

3.34

%

     

3.58

%

3.13

%

     

Contribution of interest-free funds

 

.25

%

.27

%

     

.25

%

.28

%

     

Net interest margin  

 

3.87

%

3.61

%

     

3.83

%

3.41

%

     
                               

Net charge-offs to average total

                             

 net loans (annualized)

 

.73

%

1.07

%

     

.70

%

1.00

%

     
                               

Net operating results (3)

                             
                               

Net operating income  

$

200,225

 

128,761

 

56

%

$

558,930

 

304,600

 

83

%

 

Diluted net operating earnings per common share

 

1.55

 

.98

 

58

   

4.33

 

2.37

 

83

   

Return on (annualized):

                             

 Average tangible assets

 

1.24

%

.78

%

     

1.16

%

.64

%

     

 Average tangible common equity

 

19.58

%

14.87

%

     

19.13

%

12.19

%

     

Efficiency ratio

 

53.40

%

55.21

%

     

54.10

%

57.90

%

     
                             

 
   
   

At September 30

               

Loan quality

 

 2010

 

 2009

 

Change

           
                         

Nonaccrual loans

$

1,099,560

 

1,228,341

 

-10

%

         

Real estate and other foreclosed assets

 

192,600

 

84,676

 

127

%

         

 Total nonperforming assets

$

1,292,160

 

1,313,017

 

-2

%

         
                         

Accruing loans past due 90 days or more

$

214,769

 

182,750

 

18

%

         
                         

Renegotiated loans

$

233,671

 

190,917

 

22

%

         
                         

Government guaranteed loans included in totals

                       

 above:

                       

 Nonaccrual loans

$

38,232

 

38,590

 

-1

%

         

 Accruing loans past due 90 days or more

 

194,223

 

172,701

 

12

%

         
                         

Purchased impaired loans (4):

                       

 Outstanding customer balance

$

113,964

 

209,138

 

-46

%

         

 Carrying amount

 

52,728

 

108,058

 

-51

%

         
                         

Nonaccrual loans to total net loans

 

2.16

%

2.35

%

             
                         

Allowance for credit losses to:

                       

 Legacy loans

 

1.86

%

1.81

%

             

 Total loans

 

1.76

%

1.66

%

             
                         

(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)  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

   

2010

2010

 

2010

 

2009

 

2009

 
                                 

Performance

                               
                                 

Net income

 

$

192,015

 

188,749

   

150,955

   

136,818

   

127,664

   

Net income available to common equity

   

179,306

 

176,088

   

138,341

   

124,251

   

115,143

   
                                 

Per common share:

                               

 Basic earnings

 

$

1.49

 

1.47

   

1.16

   

1.05

   

.97

   

 Diluted earnings

   

1.48

 

1.46

   

1.15

   

1.04

   

.97

   

 Cash dividends

 

$

.70

 

.70

   

.70

   

.70

   

.70

   
                                 

Common shares outstanding:

                               

 Average - diluted (1)

   

119,155

 

118,878

   

118,256

   

117,672

   

117,547

   

 Period end (2)

   

119,435

 

119,161

   

118,823

   

118,298

   

118,156

   
                                 

Return on (annualized):

                               

 Average total assets  

   

1.12

%

1.11

%

 

.89

%

 

.79

%

 

.73

%

 

 Average common stockholders' equity

   

9.56

%

9.67

%

 

7.86

%

 

7.09

%

 

6.72

%

 
                                 

Taxable-equivalent net interest income

 

$

575,733

 

573,332

   

562,257

   

564,606

   

553,450

   
                                 

Yield on average earning assets

   

4.65

%

4.63

%

 

4.59

%

 

4.58

%

 

4.60

%

 

Cost of interest-bearing liabilities

   

1.03

%

1.04

%

 

1.04

%

 

1.13

%

 

1.26

%

 

Net interest spread

   

3.62

%

3.59

%

 

3.55

%

 

3.45

%

 

3.34

%

 

Contribution of interest-free funds

   

.25

%

.25

%

 

.23

%

 

.26

%

 

.27

%

 

Net interest margin

   

3.87

%

3.84

%

 

3.78

%

 

3.71

%

 

3.61

%

 
                                 

Net charge-offs to average total

                               

 net loans (annualized)

   

.73

%

.64

%

 

.74

%

 

1.03

%

 

1.07

%

 
                                 

Net operating results (3)

                               
                                 

Net operating income

 

$

200,225

 

197,752

   

160,953

   

150,776

   

128,761

   

Diluted net operating earnings per common share

   

1.55

 

1.53

   

1.23

   

1.16

   

.98

   

Return on (annualized):

                               

 Average tangible assets

   

1.24

%

1.23

%

 

1.00

%

 

.92

%

 

.78

%

 

 Average tangible common equity

   

19.58

%

20.36

%

 

17.34

%

 

16.73

%

 

14.87

%

 

Efficiency ratio

   

53.40

%

53.06

%

 

55.88

%

 

52.69

%

 

55.21

%

 
                                 
                                 
                                 
           
     

September 30,

June 30,

 

March 31,

 

December 31,

 

September 30,

 

Loan quality

   

2010

2010

 

2010

 

2009

 

2009

 
                                 

Nonaccrual loans

 

$

1,099,560

 

1,090,135

   

1,339,992

   

1,331,702

   

1,228,341

   

Real estate and other foreclosed assets

   

192,600

 

192,631

   

95,362

   

94,604

   

84,676

   

 Total nonperforming assets

 

$

1,292,160

 

1,282,766

   

1,435,354

   

1,426,306

   

1,313,017

   
                                 

Accruing loans past due 90 days or more

 

$

214,769

 

203,081

   

203,443

   

208,080

   

182,750

   
                                 

Renegotiated loans

 

$

233,671

 

228,847

   

220,885

   

212,548

   

190,917

   
                                 

Government guaranteed loans included in totals

                               

 above:

                               

 Nonaccrual loans

 

$

38,232

 

40,271

   

37,048

   

38,579

   

38,590

   

 Accruing loans past due 90 days or more

   

194,223

 

187,682

   

194,523

   

193,495

   

172,701

   
                                 

Purchased impaired loans (4):

                               

 Outstanding customer balance

 

$

113,964

 

130,808

   

148,686

   

172,772

   

209,138

   

 Carrying amount

   

52,728

 

61,524

   

73,890

   

88,170

   

108,058

   
                                 

Nonaccrual loans to total net loans

   

2.16

%

2.13

%

 

2.60

%

 

2.56

%

 

2.35

%

 
                                 

Allowance for credit losses to:

                               

 Legacy loans

   

1.86

%

1.86

%

 

1.86

%

 

1.83

%

 

1.81

%

 

 Total loans

   

1.76

%

1.75

%

 

1.73

%

 

1.69

%

 

1.66

%

 
                                 

(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)  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

 

 2010

 

 2009

 

Change

     

 2010

 

 2009

 

Change

   
                                 
                                 

Interest income

$

685,900

 

700,593

 

-2

%

 

$

2,047,070

 

2,032,528

 

1

%

 

Interest expense

 

116,032

 

152,938

 

-24

     

353,641

 

535,499

 

-34

   
                                 

Net interest income

 

569,868

 

547,655

 

4

     

1,693,429

 

1,497,029

 

13

   
                                 

Provision for credit losses

 

93,000

 

154,000

 

-40

     

283,000

 

459,000

 

-38

   
                                 

Net interest income after

                               

  provision for credit losses

 

476,868

 

393,655

 

21

     

1,410,429

 

1,038,029

 

36

   
                                 

Other income

                               

    Mortgage banking revenues

 

61,052

 

48,169

 

27

     

149,612

 

157,385

 

-5

   

    Service charges on deposit accounts

 

117,733

 

128,502

 

-8

     

367,004

 

342,010

 

7

   

    Trust income  

 

30,485

 

31,586

 

-3

     

91,582

 

98,908

 

-7

   

    Brokerage services income

 

12,127

 

14,329

 

-15

     

38,021

 

43,215

 

-12

   

    Trading account and foreign exchange gains

 

6,035

 

7,478

 

-19

     

14,531

 

16,456

 

-12

   

    Gain (loss) on bank investment securities

 

1,440

 

(56)

 

-

     

1,909

 

811

 

-

   

    Other-than-temporary impairment losses

                               

       recognized in earnings

 

(9,532)

 

(47,033)

 

-

     

(58,714)

 

(104,001)

 

-

   

    Equity in earnings of Bayview Lending Group LLC

 

(6,460)

 

(10,912)

 

-

     

(18,353)

 

(15,263)

 

-

   

    Other revenues from operations

 

77,019

 

106,163

 

-27

     

235,570

 

242,695

 

-3

   

         Total other income

 

289,899

 

278,226

 

4

     

821,162

 

782,216

 

5

   
                                 

Other expense

                               

    Salaries and employee benefits

 

246,389

 

255,449

 

-4

     

756,296

 

754,793

 

-

   

    Equipment and net occupancy

 

54,353

 

58,195

 

-7

     

165,185

 

157,688

 

5

   

    Printing, postage and supplies

 

7,820

 

8,229

 

-5

     

25,412

 

28,878

 

-12

   

    Amortization of core deposit and other

                               

       intangible assets

 

13,526

 

16,924

 

-20

     

44,834

 

47,525

 

-6

   

    FDIC assessments

 

18,039

 

21,124

 

-15

     

60,995

 

76,617

 

-20

   

    Other costs of operations  

 

140,006

 

140,135

 

-

     

392,841

 

436,611

 

-10

   

         Total other expense

 

480,133

 

500,056

 

-4

     

1,445,563

 

1,502,112

 

-4

   
                                 

Income before income taxes

 

286,634

 

171,825

 

67

     

786,028

 

318,133

 

147

   
                                 

Applicable income taxes

 

94,619

 

44,161

 

114

     

254,309

 

75,060

 

239

   
                                 

Net income

$

192,015

 

127,664

 

50

%

 

$

531,719

 

243,073

 

119

%

 
                               

 

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

 

 2010

 

2010

 

2010

 

2009

 

2009

 
                       

Interest income

$

685,900

 

684,784

 

676,386

 

692,669

 

700,593

 

Interest expense

 

116,032

 

117,557

 

120,052

 

133,950

 

152,938

 
                       

Net interest income

 

569,868

 

567,227

 

556,334

 

558,719

 

547,655

 
                       

Provision for credit losses

 

93,000

 

85,000

 

105,000

 

145,000

 

154,000

 
                       

Net interest income after

                     

  provision for credit losses

 

476,868

 

482,227

 

451,334

 

413,719

 

393,655

 
                       

Other income

                     

    Mortgage banking revenues

 

61,052

 

47,084

 

41,476

 

50,176

 

48,169

 

    Service charges on deposit accounts

 

117,733

 

128,976

 

120,295

 

127,185

 

128,502

 

    Trust income

 

30,485

 

30,169

 

30,928

 

29,660

 

31,586

 

    Brokerage services income

 

12,127

 

12,788

 

13,106

 

14,396

 

14,329

 

    Trading account and foreign exchange gains

 

6,035

 

3,797

 

4,699

 

6,669

 

7,478

 

    Gain (loss) on bank investment securities

 

1,440

 

10

 

459

 

354

 

(56)

 

    Other-than-temporary impairment losses

                     

       recognized in earnings

 

(9,532)

 

(22,380)

 

(26,802)

 

(34,296)

 

(47,033)

 

    Equity in earnings of Bayview Lending Group LLC

 

(6,460)

 

(6,179)

 

(5,714)

 

(10,635)

 

(10,912)

 

    Other revenues from operations

 

77,019

 

79,292

 

79,259

 

82,381

 

106,163

 

         Total other income

 

289,899

 

273,557

 

257,706

 

265,890

 

278,226

 
                       

Other expense

                     

    Salaries and employee benefits

 

246,389

 

245,861

 

264,046

 

247,080

 

255,449

 

    Equipment and net occupancy

 

54,353

 

55,431

 

55,401

 

53,703

 

58,195

 

    Printing, postage and supplies

 

7,820

 

8,549

 

9,043

 

9,338

 

8,229

 

    Amortization of core deposit and other

                     

       intangible assets

 

13,526

 

14,833

 

16,475

 

16,730

 

16,924

 

    FDIC assessments

 

18,039

 

21,608

 

21,348

 

19,902

 

21,124

 

    Other costs of operations  

 

140,006

 

129,786

 

123,049

 

131,698

 

140,135

 

         Total other expense

 

480,133

 

476,068

 

489,362

 

478,451

 

500,056

 
                       

Income before income taxes

 

286,634

 

279,716

 

219,678

 

201,158

 

171,825

 
                       

Applicable income taxes

 

94,619

 

90,967

 

68,723

 

64,340

 

44,161

 
                       

Net income

$

192,015

 

188,749

 

150,955

 

136,818

 

127,664

 
                     

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

 
     

September 30

       

Dollars in thousands

   

 2010

 

 2009

 

Change

   
                   

ASSETS

                 
                   

Cash and due from banks

 

$

1,070,625

 

1,356,508

 

-21

%

 
                   

Interest-bearing deposits at banks

   

401,624

 

54,443

 

638

   
                   

Federal funds sold and agreements

                 

 to resell securities

   

443,700

 

17,206

 

-

   
                   

Trading account assets

   

536,702

 

497,064

 

8

   
                   

Investment securities

   

7,662,715

 

7,634,262

 

-

   
                   

Loans and leases:

                 
                   

  Commercial, financial, etc

   

12,788,136

 

13,517,538

 

-5

   

  Real estate - commercial

   

20,580,450

 

21,007,376

 

-2

   

  Real estate - consumer

   

5,754,432

 

5,427,260

 

6

   

  Consumer

   

11,668,540

 

12,251,598

 

-5

   

    Total loans and leases, net of unearned discount

   

50,791,558

 

52,203,772

 

-3

   

       Less: allowance for credit losses

   

894,720

 

867,874

 

3

   
                   

 Net loans and leases

   

49,896,838

 

51,335,898

 

-3

   
                   

Goodwill

   

3,524,625

 

3,524,625

 

-

   
                   

Core deposit and other intangible assets

   

139,186

 

199,148

 

-30

   
                   

Other assets

   

4,570,822

 

4,378,296

 

4

   
                   

 Total assets

 

$

68,246,837

 

68,997,450

 

-1

%

 
                   
                   

LIABILITIES AND STOCKHOLDERS' EQUITY

                 
                   

Noninterest-bearing deposits at U.S. offices

 

$

14,665,603

 

12,730,083

 

15

%

 
                   

Other deposits at U.S. offices

   

33,335,104

 

32,813,698

 

2

   
                   

Deposits at foreign office

   

653,916

 

1,318,070

 

-50

   
                   

 Total deposits

   

48,654,623

 

46,861,851

 

4

   
                   

Short-term borrowings

   

1,211,683

 

2,927,268

 

-59

   
                   

Accrued interest and other liabilities

   

1,157,250

 

1,241,576

 

-7

   
                   

Long-term borrowings

   

8,991,508

 

10,354,392

 

-13

   
                   

 Total liabilities

   

60,015,064

 

61,385,087

 

-2

   
                   

Stockholders' equity:

                 
                   

  Preferred

   

737,979

 

727,748

 

1

   

  Common (1)

   

7,493,794

 

6,884,615

 

9

   
                   

    Total stockholders' equity

   

8,231,773

 

7,612,363

 

8

   
                   

 Total liabilities and stockholders' equity

 

$

68,246,837

 

68,997,450

 

-1

%

 
                   
                   

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $192.6 million

      at September 30, 2010 and $419.3 million at September 30, 2009.

 
                 

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

 
     

September 30,

 

June 30,

 

March 31,

 

December 31,

   

September 30,

 

Dollars in thousands

   

 2010

 

2010

 

2010

   

2009

   

2009

 
                                 

ASSETS

                               
                                 

Cash and due from banks

 

$

1,070,625

   

1,045,886

   

1,033,269

   

1,226,223

   

1,356,508

 
                                 

Interest-bearing deposits at banks

   

401,624

   

117,826

   

121,305

   

133,335

   

54,443

 
                                 

Federal funds sold and agreements

                               

 to resell securities

   

443,700

   

10,000

   

10,400

   

20,119

   

17,206

 
                                 

Trading account assets

   

536,702

   

487,692

   

403,476

   

386,984

   

497,064

 
                                 

Investment securities

   

7,662,715

   

8,097,572

   

8,104,646

   

7,780,609

   

7,634,262

 
                                 

Loans and leases:

                               
                                 

  Commercial, financial, etc

   

12,788,136

   

13,017,598

   

13,220,181

   

13,479,447

   

13,517,538

 

  Real estate - commercial

   

20,580,450

   

20,612,905

   

20,724,118

   

20,949,931

   

21,007,376

 

  Real estate - consumer

   

5,754,432

   

5,729,126

   

5,664,159

   

5,463,463

   

5,427,260

 

  Consumer

   

11,668,540

   

11,701,657

   

11,835,583

   

12,043,845

   

12,251,598

 

    Total loans and leases, net of unearned discount

   

50,791,558

   

51,061,286

   

51,444,041

   

51,936,686

   

52,203,772

 

       Less: allowance for credit losses

   

894,720

   

     894,667

   

     891,265

   

        878,022

   

         867,874

 
                                 

 Net loans and leases

   

49,896,838

   

50,166,619

   

50,552,776

   

51,058,664

   

51,335,898

 
                                 

Goodwill

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

 
                                 

Core deposit and other intangible assets

   

139,186

   

152,712

   

167,545

   

182,418

   

199,148

 
                                 

Other assets

   

4,570,822

   

4,550,684

   

4,521,180

   

4,567,422

   

4,378,296

 
                                 

 Total assets

 

$

68,246,837

   

68,153,616

   

68,439,222

   

68,880,399

   

68,997,450

 
                                 
                                 

LIABILITIES AND STOCKHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits at U.S. offices

 

$

14,665,603

   

13,960,723

   

13,622,819

   

13,794,636

   

12,730,083

 
                                 

Other deposits at U.S. offices

   

33,335,104

   

33,010,520

   

33,125,761

   

32,604,764

   

32,813,698

 
                                 

Deposits at foreign office

   

653,916

   

551,428

   

789,825

   

1,050,438

   

1,318,070

 
                                 

 Total deposits

   

48,654,623

   

47,522,671

   

47,538,405

   

47,449,838

   

46,861,851

 
                                 

Short-term borrowings

   

1,211,683

   

2,158,957

   

1,870,763

   

2,442,582

   

2,927,268

 
                                 

Accrued interest and other liabilities

   

1,157,250

   

1,114,615

   

1,048,473

   

995,056

   

1,241,576

 
                                 

Long-term borrowings

   

8,991,508

   

9,255,529

   

10,065,894

   

10,240,016

   

10,354,392

 
                                 

 Total liabilities

   

60,015,064

   

60,051,772

   

60,523,535

   

61,127,492

   

61,385,087

 
                                 

Stockholders' equity:

                               
                                 

  Preferred

   

737,979

   

735,350

   

732,769

   

730,235

   

         727,748

 

  Common (1)

   

7,493,794

   

7,366,494

   

7,182,918

   

7,022,672

   

6,884,615

 
                                 

    Total stockholders' equity

   

8,231,773

   

8,101,844

   

7,915,687

   

7,752,907

   

7,612,363

 
                                 

 Total liabilities and stockholders' equity

 

$

68,246,837

   

68,153,616

   

68,439,222

   

68,880,399

   

68,997,450

 
                                 
                                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $192.6 million
     at September 30, 2010, $197.2 million at June 30, 2010, $255.2 million at March 31, 2010, $336.0
     million at December 31, 2009 and $419.3 million at September 30, 2009.

 
                               

 

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, 2010 from

 

September 30

       
     

2010

 

2009

 

2010

 

September 30,

 

June 30,

   

2010

 

2009

 

Change
in

   
     

Balance

Rate

 

Balance

Rate

 

Balance

Rate

 

2009

 

2010

   

Balance

Rate

 

Balance

Rate

 

balance

   

ASSETS

                                                     
                                                       

Interest-bearing deposits at banks

 

$

92

.15

%

66

.04

%

81

.02

%

41

%

 

14

%

 

$

100

.06

%

43

.06

%

134

%

 
                                                       

Federal funds sold and agreements
 to resell securities

                                                     
   

64

.26

 

11

.58

 

10

.41

 

457

   

531

     

33

.27

 

62

.25

 

-47

   
                                                       

Trading account assets

   

82

.65

 

83

.82

 

66

.96

 

-1

   

23

     

69

.79

 

92

.76

 

-24

   
                                                       

Investment securities

   

7,993

4.16

 

8,420

4.81

 

8,376

4.27

 

-5

   

-5

     

8,180

4.29

 

8,472

4.84

 

-3

   
                                                       

Loans and leases, net of unearned discount

                                                     

Commercial, financial, etc

   

12,856

3.97

 

13,801

3.78

 

13,096

4.03

 

-7

   

-2

     

13,118

3.96

 

13,965

3.76

 

-6

   

Real estate - commercial.

   

20,612

4.85

 

20,843

4.48

 

20,759

4.64

 

-1

   

-1

     

20,745

4.66

 

19,793

4.45

 

5

   

Real estate - consumer

   

5,680

5.30

 

5,429

5.43

 

5,653

5.35

 

5

   

-

     

5,691

5.32

 

5,243

5.47

 

9

   

Consumer

   

11,687

5.22

 

12,247

5.37

 

11,770

5.24

 

-5

   

-1

     

11,795

5.24

 

11,578

5.47

 

2

   

Total loans and leases, net

   

50,835

4.74

 

52,320

4.58

 

51,278

4.71

 

-3

   

-1

     

51,349

4.69

 

50,579

4.60

 

2

   
                                                       

Total earning assets

   

59,066

4.65

 

60,900

4.60

 

59,811

4.63

 

-3

   

-1

     

59,731

4.62

 

59,248

4.62

 

1

   
                                                       

Goodwill

   

3,525

   

3,525

   

3,525

   

-

   

-

     

3,525

   

3,349

   

5

   
                                                       

Core deposit and other intangible assets

   

146

   

208

   

160

   

-30

   

-9

     

160

   

191

   

-16

   
                                                       

Other assets

   

5,074

   

4,521

   

4,838

   

12

   

5

     

4,923

   

4,196

   

17

   
                                                       

 Total assets

 

$

67,811

   

69,154

   

68,334

   

-2

%

 

-1

%

 

$

68,339

   

66,984

   

2

%

 
                                                       
                                                       
                                                       

LIABILITIES AND STOCKHOLDERS' EQUITY

                                                     
                                                       

Interest-bearing deposits

                                                     

NOW accounts

 

$

592

.15

 

541

.21

 

619

.14

 

9

%

 

-4

%

 

$

599

.14

 

531

.22

 

13

%

 

Savings deposits

   

26,177

.33

 

23,367

.37

 

25,942

.33

 

12

   

1

     

25,733

.33

 

22,358

.54

 

15

   

Time deposits

   

6,312

1.46

 

9,246

2.17

 

6,789

1.55

 

-32

   

-7

     

6,767

1.56

 

8,943

2.49

 

-24

   

Deposits at foreign office

   

802

.16

 

1,444

.13

 

972

.16

 

-44

   

-18

     

1,002

.14

 

1,788

.15

 

-44

   

Total interest-bearing deposits

   

33,883

.53

 

34,598

.84

 

34,322

.56

 

-2

   

-1

     

34,101

.56

 

33,620

1.03

 

1

   
                                                       

Short-term borrowings

   

1,858

.16

 

2,663

.26

 

1,763

.17

 

-30

   

5

     

1,994

.16

 

3,114

.26

 

-36

   

Long-term borrowings

   

8,948

3.10

 

11,008

2.80

 

9,454

2.91

 

-19

   

-5

     

9,516

2.91

 

11,376

3.17

 

-16

   
                                                       

Total interest-bearing liabilities

   

44,689

1.03

 

48,269

1.26

 

45,539

1.04

 

-7

   

-2

     

45,611

1.04

 

48,110

1.49

 

-5

   
                                                       

Noninterest-bearing deposits

   

13,647

   

12,122

   

13,610

   

13

   

-

     

13,518

   

10,416

   

30

   
                                                       

Other liabilities

   

1,294

   

1,242

   

1,149

   

4

   

13

     

1,180

   

1,313

   

-10

   
                                                       

Total liabilities

   

59,630

   

61,633

   

60,298

   

-3

   

-1

     

60,309

   

59,839

   

1

   
                                                       

Stockholders' equity

   

8,181

   

7,521

   

8,036

   

9

   

2

     

8,030

   

7,145

   

12

   
                                                       

Total liabilities and stockholders' equity

 

$

67,811

   

69,154

   

68,334

   

-2

%

 

-1

%

 

$

68,339

   

66,984

   

2

%

 
                                                       
                                                       

Net interest spread

     

3.62

   

3.34

   

3.59

                 

3.58

   

3.13

       

Contribution of interest-free funds

     

.25

   

.27

   

.25

                 

.25

   

.28

       

Net interest margin

     

3.87

%

 

3.61

%

 

3.84

%

               

3.83

%

 

3.41

%

     
                                                     

 

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

 
     

Three months ended

   

Nine months ended

 
     

September 30

   

September 30

 
     

2010

 

2009

   

2010

 

2009

 

Income statement data

                     

In thousands, except per share

                     

Net income

                     

Net income

 

$

192,015

 

127,664

 

$

531,719

 

243,073

 

Amortization of core deposit and other

                     

 intangible assets (1)

   

8,210

 

10,270

   

27,211

 

28,854

 

Merger-related gain (1)

   

-

 

(17,684)

       

(17,684)

 

Merger-related expenses (1)

   

-

 

8,511

   

-

 

50,357

 

 Net operating income

 

$

200,225

 

128,761

 

$

558,930

 

304,600

 

Earnings per common share

                     

Diluted earnings per common share

 

$

1.48

 

.97

 

$

4.10

 

1.84

 

Amortization of core deposit and other

                     

 intangible assets (1)

   

.07

 

.09

   

.23

 

.25

 

Merger-related gain (1)

   

-

 

(.15)

   

-

 

(.15)

 

Merger-related expenses (1)

   

-

 

.07

   

-

 

.43

 

 Diluted net operating earnings per common share

 

$

1.55

 

.98

 

$

4.33

 

2.37

 

Other expense

                     

Other expense

 

$

480,133

 

500,056

 

$

1,445,563

 

1,502,112

 

Amortization of core deposit and other

                     

 intangible assets  

   

(13,526)

 

(16,924)

   

(44,834)

 

(47,525)

 

Merger-related expenses  

   

-

 

(14,010)

   

-

 

(82,893)

 

 Noninterest operating expense

 

$

466,607

 

469,122

 

$

1,400,729

 

1,371,694

 

Merger-related expenses

                     

Salaries and employee benefits

 

$

-

 

870

 

$

-

 

9,649

 

Equipment and net occupancy

   

-

 

1,845

   

-

 

2,430

 

Printing, postage and supplies

   

-

 

629

   

-

 

3,444

 

Other costs of operations

   

-

 

10,666

   

-

 

67,370

 

 Total

 

$

-

 

14,010

 

$

-

 

82,893

 
                       
                       

Balance sheet data

                     

In millions

                     

Average assets

                     

Average assets

 

$

67,811

 

69,154

 

$

68,339

 

66,984

 

Goodwill

   

(3,525)

 

(3,525)

   

(3,525)

 

(3,349)

 

Core deposit and other intangible assets

   

(146)

 

(208)

   

(160)

 

(191)

 

Deferred taxes

   

27

 

41

   

30

 

31

 

 Average tangible assets

 

$

64,167

 

65,462

 

$

64,684

 

63,475

 

Average common equity

                     

Average total equity

 

$

8,181

 

7,521

 

$

8,030

 

7,145

 

Preferred stock

   

(737)

 

(727)

   

(735)

 

(644)

 

 Average common equity

   

7,444

 

6,794

   

7,295

 

6,501

 

Goodwill

   

(3,525)

 

(3,525)

   

(3,525)

 

(3,349)

 

Core deposit and other intangible assets

   

(146)

 

(208)

   

(160)

 

(191)

 

Deferred taxes

   

27

 

41

   

30

 

31

 

 Average tangible common equity

 

$

3,800

 

3,102

 

$

3,640

 

2,992

 
                       

At end of quarter

                     

Total assets

                     

Total assets

 

$

68,247

 

68,997

           

Goodwill

   

(3,525)

 

(3,525)

           

Core deposit and other intangible assets

   

(139)

 

(199)

           

Deferred taxes

   

26

 

39

           

 Total tangible assets

 

$

64,609

 

65,312

           

Total common equity

                     

Total equity

 

$

8,232

 

7,612

           

Preferred stock

   

(738)

 

(728)

           

Undeclared dividends - preferred stock

   

(6)

 

(5)

           

 Common equity, net of undeclared

                     

   preferred dividends

   

7,488

 

6,879

           

Goodwill

   

(3,525)

 

(3,525)

           

Core deposit and other intangible assets

   

(139)

 

(199)

           

Deferred taxes

   

26

 

39

           

 Total tangible common equity

 

$

3,850

 

3,194

           
                       
                       

(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,

 
     

2010

 

2010

 

2010

 

2009

 

2009

 

Income statement data

                       

In thousands, except per share

                       

Net income

                       

Net income

 

$

192,015

 

188,749

 

150,955

 

136,818

 

127,664

 

Amortization of core deposit and other

                       

 intangible assets (1)

   

8,210

 

9,003

 

9,998

 

10,152

 

10,270

 

Merger-related gain (1)

   

-

 

-

 

-

 

-

 

(17,684)

 

Merger-related expenses (1)

   

-

 

-

 

-

 

3,806

 

8,511

 

 Net operating income

 

$

200,225

 

197,752

 

160,953

 

150,776

 

128,761

 

Earnings per common share

                       

Diluted earnings per common share

 

$

1.48

 

1.46

 

1.15

 

1.04

 

.97

 

Amortization of core deposit and other

                       

 intangible assets (1)

   

.07

 

.07

 

.08

 

.09

 

.09

 

Merger-related gain (1)

   

-

 

-

 

-

 

-

 

(.15)

 

Merger-related expenses (1)

   

-

 

-

 

-

 

.03

 

.07

 

 Diluted net operating earnings per common share

 

$

1.55

 

1.53

 

1.23

 

1.16

 

.98

 

Other expense

                       

Other expense

 

$

480,133

 

476,068

 

489,362

 

478,451

 

500,056

 

Amortization of core deposit and other

                       

 intangible assets  

   

(13,526)

 

(14,833)

 

(16,475)

 

(16,730)

 

(16,924)

 

Merger-related expenses  

   

-

 

-

 

-

 

(6,264)

 

(14,010)

 

 Noninterest operating expense

 

$

466,607

 

461,235

 

472,887

 

455,457

 

469,122

 

Merger-related expenses

                       

Salaries and employee benefits

 

$

-

 

-

 

-

 

381

 

870

 

Equipment and net occupancy

   

-

 

-

 

-

 

545

 

1,845

 

Printing, postage and supplies

   

-

 

-

 

-

 

233

 

629

 

Other costs of operations

   

-

 

-

 

-

 

5,105

 

10,666

 

 Total

 

$

-

 

-

 

-

 

6,264

 

14,010

 
                         
                         

Balance sheet data

                       

In millions

                       

Average assets

                       

Average assets

 

$

67,811

 

68,334

 

68,883

 

68,919

 

69,154

 

Goodwill

   

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

   

(146)

 

(160)

 

(176)

 

(191)

 

(208)

 

Deferred taxes

   

27

 

30

 

34

 

37

 

41

 

 Average tangible assets

 

$

64,167

 

64,679

 

65,216

 

65,240

 

65,462

 

Average common equity

                       

Average total equity

 

$

8,181

 

8,036

 

7,868

 

7,686

 

7,521

 

Preferred stock

   

(737)

 

(734)

 

(732)

 

(729)

 

(727)

 

 Average common equity

   

7,444

 

7,302

 

7,136

 

6,957

 

6,794

 

Goodwill

   

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

   

(146)

 

(160)

 

(176)

 

(191)

 

(208)

 

Deferred taxes

   

27

 

30

 

34

 

37

 

41

 

 Average tangible common equity

 

$

3,800

 

3,647

 

3,469

 

3,278

 

3,102

 
                         

At end of quarter

                       

Total assets

                       

Total assets

 

$

68,247

 

68,154

 

68,439

 

68,880

 

68,997

 

Goodwill

   

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

   

(139)

 

(152)

 

(167)

 

(182)

 

(199)

 

Deferred taxes

   

26

 

28

 

31

 

35

 

39

 

 Total tangible assets

 

$

64,609

 

64,505

 

64,778

 

65,208

 

65,312

 

Total common equity

                       

Total equity

 

$

8,232

 

8,102

 

7,916

 

7,753

 

7,612

 

Preferred stock

   

(738)

 

(735)

 

(733)

 

(730)

 

(728)

 

Undeclared dividends - preferred stock

   

(6)

 

(7)

 

(6)

 

(6)

 

(5)

 

 Common equity, net of undeclared

                       

   preferred dividends

   

7,488

 

7,360

 

7,177

 

7,017

 

6,879

 

Goodwill

   

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

   

(139)

 

(152)

 

(167)

 

(182)

 

(199)

 

Deferred taxes

   

26

 

28

 

31

 

35

 

39

 

 Total tangible common equity

 

$

3,850

 

3,711

 

3,516

 

3,345

 

3,194

 
                         
                         

(1) After any related tax effect.

 
                       

 

Media Contact: 

C. Michael Zabel 

(716) 842-5385

Investor Contact:

Donald J. MacLeod

(716) 842-5138