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M&T Bank Corporation Announces 2010 Fourth Quarter and Full-Year Profits
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., Jan. 14, 2011-- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for 2010.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") rose 53% to $1.59 in the fourth quarter of 2010 from $1.04 in the fourth quarter of 2009 and were 7% higher than $1.48 in the third quarter of 2010.  GAAP-basis net income in the recent quarter totaled $204 million, up from $137 million and $192 million in the year-earlier quarter and the third quarter of 2010, respectively.  Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income for the fourth quarter of 2010 was 1.18% and 10.03%, respectively, compared with .79% and 7.09%, respectively, in the corresponding quarter of 2009 and 1.12% and 9.56%, respectively, in the third quarter of 2010.

The recent quarter's earnings as compared with the fourth quarter of 2009 reflect higher net interest income, resulting from a widening of the net interest margin, and a significantly lower provision for credit losses.  As compared with the third quarter of 2010, a 2% decline in noninterest operating expenses and a lower provision for credit losses contributed to the recent quarter's improved performance.  

Diluted earnings per common share for the year ended December 31, 2010 were $5.69, up 97% from $2.89 for the year ended December 31, 2009.  Net income for 2010 and 2009 was $736 million and $380 million, respectively.  Expressed as a rate of return on average assets and average common shareholders' equity, net income was 1.08% and 9.30%, respectively, in 2010, compared with .56% and 5.07%, respectively, in 2009.

Reflecting on M&T's financial results, Rene F. Jones, Executive Vice President and Chief Financial Officer, noted, "M&T recorded strong fourth quarter results, capping off a successful year.  We were encouraged by the level of our credit costs, which remained well below recent industry experience, and by late fourth quarter growth in our commercial loan and commercial real estate loan portfolios, which were up a combined $1.2 billion from September 30.  Average deposits also rose by $1.7 billion, or 4%, from the third quarter.  Capital generation remained robust as evidenced by our tangible common equity ratio, which rose to 6.19% at the 2010 year-end.  Also noteworthy, during the recent quarter we completed the FDIC-assisted acquisition transaction with K Bank and announced our planned merger with Wilmington Trust.  We are pleased with the progress achieved to date on those transactions."

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 $1.52 in the recent quarter, compared with $1.16 in the corresponding 2009 period and $1.55 in the third quarter of 2010.  Net operating income for the fourth quarters of 2010 and 2009 was $196 million and $151 million, respectively, compared with $200 million in the third quarter of 2010.  For the three months ended December 31, 2010, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.20% and 18.43%, respectively, compared with .92% and 16.73% in the similar period of 2009 and 1.24% and 19.58%, respectively, in the third quarter of 2010.

Diluted net operating earnings per common share rose 65% to $5.84 in 2010 from $3.54 in 2009.  Net operating income for 2010 and 2009 aggregated $755 million and $455 million, respectively.  Net operating income in 2010 expressed as a rate of return on average tangible assets and average tangible common shareholders' equity was 1.17% and 18.95%, respectively, compared with .71% and 13.42%, respectively, in 2009.

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest income increased 3% to $580 million in the fourth quarter of 2010 from $565 million in the year-earlier quarter, and was up an annualized 3% from $576 million in the third quarter of 2010.  The growth in such income in the recent quarter as compared with the fourth quarter of 2009 reflects a widening of the net interest margin, which improved to 3.85% from 3.71%, partially offset by a 1% decline in average earning assets.  Net interest income on a taxable-equivalent basis aggregated $2.29 billion for the full-year of 2010, 10% higher than $2.08 billion in 2009.  That improvement resulted from lower market interest rates on deposits and borrowings that led to a 35 basis point widening of the net interest margin to 3.84% in the recent year from 3.49% in 2009.  

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $85 million during the recently completed quarter, compared with $145 million in the corresponding 2009 period and $93 million in the third quarter of 2010.  Net charge-offs of loans were $77 million in the fourth quarter of 2010, representing an annualized .60% of average loans outstanding, improved from $135 million or 1.03% in the year-earlier quarter and $93 million or .73% in 2010's third quarter.  The provision for credit losses declined 39% to $368 million for the year ended December 31, 2010 from $604 million in 2009.  Net loan charge-offs in 2010 totaled $346 million, or .67% of average loans outstanding, compared with $514 million or 1.01% of average loans in 2009.

Loans classified as nonaccrual totaled $1.24 billion, or 2.38% of total loans at December 31, 2010, improved from $1.33 billion or 2.56% a year earlier, but up from $1.10 billion or 2.16% at September 30, 2010.  The increase in nonaccrual loans from September 30, 2010 to December 31, 2010 was due to the additions to nonaccrual status of two commercial real estate relationships.  The ratio of nonperforming assets to total loans plus real estate and other foreclosed assets was 2.79% at December 31, 2010, compared with 2.74% and 2.53% at December 31, 2009 and September 30, 2010, respectively.

Loans past due 90 days or more and accruing interest totaled $270 million at the recent year-end, including loans guaranteed by government-related entities of $214 million.  Such past due loans were $208 million and $215 million at December 31, 2009 and September 30, 2010, respectively, including $193 million  and $194 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 $903 million at December 31, 2010, increased from $878 million a year earlier and $895 million at September 30, 2010.  That allowance expressed as a percentage of outstanding loans was 1.74% at the recent quarter-end, compared with 1.69% at December 31, 2009 and 1.76% at September 30, 2010.  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 an allowance for credit losses.  Excluding amounts related to loans obtained in 2009 and 2010 acquisition transactions, the allowance-to-legacy loan ratio was 1.82% and 1.83% at December 31, 2010 and 2009, respectively, and 1.86% at September 30, 2010.

Noninterest Income and Expense.  Noninterest income totaled $287 million in the recent quarter, compared with $266 million and $290 million in the fourth quarter of 2009 and the third quarter of 2010, respectively.  Reflected in those amounts were net losses from investment securities of $27 million, $34 million and $8 million, each predominantly due to other-than-temporary impairment charges.  Those impairment charges reduced net income and diluted earnings per common share by $17 million or $.14 in the recent quarter, $21 million or $.18 in the year-earlier quarter and $6 million or $.05 in the third quarter of 2010.  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.  Excluding gains and losses from investment securities in all periods and the $28 million pre-tax merger-related gain realized on the K Bank transaction during the recent quarter, noninterest income was $286 million in the fourth quarter of 2010, compared with $300 million in the corresponding 2009 quarter and $298 million in the third quarter of 2010.  The declines from the final 2009 quarter and 2010's third quarter reflect lower residential mortgage banking revenues and service charges on deposit accounts, partially offset by higher trading account and foreign exchange gains and credit-related fees.  The decline in residential mortgage banking revenues in the recent quarter reflects lower origination volumes, M&T’s decision to retain for portfolio a higher proportion of originated loans rather than selling them, and increased settlements related to M&T’s obligation to repurchase previously sold loans.  

Noninterest income aggregated $1.11 billion and $1.05 billion during the years ended December 31, 2010 and 2009, respectively.  Excluding gains and losses from investment securities and merger-related gains, noninterest income was $1.16 billion in each of 2010 and 2009.  Declines in revenues related to residential mortgage banking, brokerage services and M&T's trust business were offset by higher service charges on deposit accounts, credit-related fees and other revenues from operations.

Noninterest expense in the fourth quarter of 2010 totaled $469 million, down from $478 million in the year-earlier quarter and $480 million in 2010's third quarter.  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 $455 million in each of the fourth quarters of 2010 and 2009, down from $467 million in the third quarter of 2010.  The decline from the third quarter of 2010 reflects a $6 million reduction of the allowance for impairment of capitalized residential mortgage servicing rights in the recent quarter.  In comparison, a $3 million addition to that allowance was recognized during 2010's third quarter.  

For the year ended December 31, 2010, noninterest expense aggregated $1.91 billion, compared with $1.98 billion in 2009.  Excluding those expenses considered to be nonoperating in nature, noninterest operating expenses were $1.86 billion in 2010 and $1.83 billion in 2009.  That increase was largely attributable to higher costs for professional services and advertising in 2010, and a $22 million reduction of the allowance for impairment of capitalized residential mortgage servicing rights in 2009.  For the year ended December 31, 2010, there was no change to that impairment allowance.  Partially offsetting those factors were declines in expenses related to foreclosed properties and FDIC assessments.

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 52.5% in the fourth quarter of 2010, improved from 52.7% in the year-earlier quarter and 53.4% in the third quarter of 2010.  M&T's efficiency ratio for the years ended December 31, 2010 and 2009 was 53.7% and 56.5%, respectively.

Balance Sheet.  M&T had total assets of $68.0 billion at December 31, 2010, compared with $68.9 billion a year earlier.  Loans and leases, net of unearned discount, totaled $52.0 billion at the 2010 year-end, compared with $51.9 billion at December 31, 2009.  Outstanding loans and leases at the end of 2010 grew $1.2 billion from $50.8 billion at September 30, 2010.  That growth was largely attributable to December increases in commercial loans and commercial real estate loans.  Total deposits were $49.8 billion at December 31, 2010, 5% higher than $47.4 billion at the end of 2009.  Deposits at domestic offices rose $1.8 billion, or 4%, to $48.2 billion at the recent year-end from $46.4 billion at December 31, 2009.  

Total shareholders' equity was $8.4 billion and $7.8 billion at December 31, 2010 and 2009, representing 12.29% and 11.26% respectively, of total assets.  Common shareholders' equity was $7.6 billion, or $63.54 per share at December 31, 2010, up from $7.0 billion, or $59.31 per share, a year earlier.  Tangible equity per common share was $33.26 and $28.27 at December 31, 2010 and 2009, respectively.  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 6.19% at December 31, 2010, compared with 5.13% and 5.96% at December 31, 2009 and September 30, 2010, respectively.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss fourth quarter and full-year 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 #35785107.  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 January 16, 2011 by calling (800)642-1687, or (706)645-9291 for international participants, and by making reference to ID #35785107.  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

           

Year ended

       

Amounts in thousands,

   

December 31

           

December 31

       

except per share

   

 2010

 

 2009

 

Change

       

 2010

 

 2009

 

Change

   
                                     

Performance

                                   
                                     

Net income

 

$

204,442

 

136,818

 

49

%

   

$

736,161

 

379,891

 

94

%

 

Net income available to common shareholders

   

189,678

 

122,910

 

54

       

675,853

 

332,006

 

104

   
                                     

Per common share:

                                   

 Basic earnings

 

$

1.59

 

1.05

 

51

%

   

$

5.72

 

2.90

 

97

%

 

 Diluted earnings

   

1.59

 

1.04

 

53

       

5.69

 

2.89

 

97

   

 Cash dividends

 

$

.70

 

.70

 

-

     

$

2.80

 

2.80

 

-

   
                                     

Common shares outstanding:

                                   

 Average - diluted (1)

   

119,503

 

117,672

 

2

%

     

118,843

 

114,776

 

4

%

 

 Period end (2)

   

119,774

 

118,298

 

1

       

119,774

 

118,298

 

1

   
                                     

Return on (annualized):

                                   

 Average total assets

   

1.18

%

.79

%

         

1.08

%

.56

%

     

 Average common shareholders' equity

   

10.03

%

7.09

%

         

9.30

%

5.07

%

     
                                     

Taxable-equivalent net interest income

 

$

580,227

 

564,606

 

3

%

   

$

2,291,549

 

2,077,577

 

10

%

 
                                     

Yield on average earning assets

   

4.58

%

4.58

%

         

4.61

%

4.61

%

     

Cost of interest-bearing liabilities

   

.97

%

1.13

%

         

1.02

%

1.40

%

     

Net interest spread

   

3.61

%

3.45

%

         

3.59

%

3.21

%

     

Contribution of interest-free funds

   

.24

%

.26

%

         

.25

%

.28

%

     

Net interest margin

   

3.85

%

3.71

%

         

3.84

%

3.49

%

     
                                     

Net charge-offs to average total

                                   

 net loans (annualized)

   

.60

%

1.03

%

         

.67

%

1.01

%

     
                                     

Net operating results (3)

                                   
                                     

Net operating income

 

$

196,235

 

150,776

 

30

%

   

$

755,165

 

455,376

 

66

%

 

Diluted net operating earnings per common share

   

1.52

 

1.16

 

31

       

5.84

 

3.54

 

65

   

Return on (annualized):

                                   

 Average tangible assets

   

1.20

%

.92

%

         

1.17

%

.71

%

     

 Average tangible common equity

   

18.43

%

16.73

%

         

18.95

%

13.42

%

     

Efficiency ratio

   

52.55

%

52.69

%

         

53.71

%

56.50

%

     
                                   

 
   
     

 At December 31

                         

Loan quality

   

2010

 

2009

 

Change

                     
                                     

Nonaccrual loans

 

$

1,239,194

 

1,331,702

 

-7

%

                   

Real estate and other foreclosed assets

   

220,049

 

94,604

 

133

%

                   

 Total nonperforming assets

 

$

1,459,243

 

1,426,306

 

2

%

                   
                                     

Accruing loans past due 90 days or more

 

$

269,593

 

208,080

 

30

%

                   
                                     

Renegotiated loans

 

$

233,342

 

212,548

 

10

%

                   
                                     

Government guaranteed loans included in totals

                                   

 above:

                                   

 Nonaccrual loans

 

$

56,787

 

38,579

 

47

%

                   

 Accruing loans past due 90 days or more

   

214,111

 

193,495

 

11

%

                   
                                     

Purchased impaired loans (4):

                                   

 Outstanding customer balance

 

$

219,477

 

172,772

 

27

%

                   

 Carrying amount

   

97,019

 

88,170

 

10

%

                   
                                     

Nonaccrual loans to total net loans

   

2.38

%

2.56

%

                       
                                     

Allowance for credit losses to:

                                   

 Legacy loans

   

1.82

%

1.83

%

                       

 Total loans

   

1.74

%

1.69

%

                       
                                     
                                     

(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,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

except per share

 

2010

 

2010

 

2010

 

2010

 

2009

 
                                 

Performance

                               
                                 

Net income

$

204,442

   

192,015

   

188,749

   

150,955

   

136,818

   

Net income available to common shareholders

 

189,678

   

176,789

   

173,597

   

136,431

   

122,910

   
                                 

Per common share:

                               

 Basic earnings

$

1.59

   

1.49

   

1.47

   

1.16

   

1.05

   

 Diluted earnings

 

1.59

   

1.48

   

1.46

   

1.15

   

1.04

   

 Cash dividends

$

.70

   

.70

   

.70

   

.70

   

.70

   
                                 

Common shares outstanding:

                               

 Average - diluted (1)

 

119,503

   

119,155

   

118,878

   

118,256

   

117,672

   

 Period end (2)

 

119,774

   

119,435

   

119,161

   

118,823

   

118,298

   
                                 

Return on (annualized):

                               

 Average total assets

 

1.18

%

 

1.12

%

 

1.11

%

 

.89

%

 

.79

%

 

 Average common shareholders' equity

 

10.03

%

 

9.56

%

 

9.67

%

 

7.86

%

 

7.09

%

 
                                 

Taxable-equivalent net interest income

$

580,227

   

575,733

   

573,332

   

562,257

   

564,606

   
                                 

Yield on average earning assets

 

4.58

%

 

4.65

%

 

4.63

%

 

4.59

%

 

4.58

%

 

Cost of interest-bearing liabilities

 

.97

%

 

1.03

%

 

1.04

%

 

1.04

%

 

1.13

%

 

Net interest spread

 

3.61

%

 

3.62

%

 

3.59

%

 

3.55

%

 

3.45

%

 

Contribution of interest-free funds

 

.24

%

 

.25

%

 

.25

%

 

.23

%

 

.26

%

 

Net interest margin

 

3.85

%

 

3.87

%

 

3.84

%

 

3.78

%

 

3.71

%

 
                                 

Net charge-offs to average total

                               

 net loans (annualized)

 

.60

%

 

.73

%

 

.64

%

 

.74

%

 

1.03

%

 
                                 

Net operating results (3)

                               
                                 

Net operating income

$

196,235

   

200,225

   

197,752

   

160,953

   

150,776

   

Diluted net operating earnings per common share

 

1.52

   

1.55

   

1.53

   

1.23

   

1.16

   

Return on (annualized):

                               

 Average tangible assets

 

1.20

%

 

1.24

%

 

1.23

%

 

1.00

%

 

.92

%

 

 Average tangible common equity

 

18.43

%

 

19.58

%

 

20.36

%

 

17.34

%

 

16.73

%

 

Efficiency ratio

 

52.55

%

 

53.40

%

 

53.06

%

 

55.88

%

 

52.69

%

 
                                 
                               

 
         
   

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

Loan quality

 

2010

 

2010

 

2010

 

2010

 

2009

 
                                 

Nonaccrual loans

$

1,239,194

   

1,099,560

   

1,090,135

   

1,339,992

   

1,331,702

   

Real estate and other foreclosed assets

 

220,049

   

192,600

   

192,631

   

95,362

   

94,604

   

 Total nonperforming assets

$

1,459,243

   

1,292,160

   

1,282,766

   

1,435,354

   

1,426,306

   
                                 

Accruing loans past due 90 days or more

$

269,593

   

214,769

   

203,081

   

203,443

   

208,080

   
                                 

Renegotiated loans

$

233,342

   

233,671

   

228,847

   

220,885

   

212,548

   
                                 

Government guaranteed loans included in totals

                               

 above:

                               

 Nonaccrual loans

$

56,787

   

38,232

   

40,271

   

37,048

   

38,579

   

 Accruing loans past due 90 days or more

 

214,111

   

194,223

   

187,682

   

194,523

   

193,495

   
                                 

Purchased impaired loans (4):

                               

 Outstanding customer balance

$

219,477

   

113,964

   

130,808

   

148,686

   

172,772

   

 Carrying amount

 

97,019

   

52,728

   

61,524

   

73,890

   

88,170

   
                                 

Nonaccrual loans to total net loans

 

2.38

%

 

2.16

%

 

2.13

%

 

2.60

%

 

2.56

%

 
                                 

Allowance for credit losses to:

                               

 Legacy loans

 

1.82

%

 

1.86

%

 

1.86

%

 

1.86

%

 

1.83

%

 

 Total loans

 

1.74

%

 

1.76

%

 

1.75

%

 

1.73

%

 

1.69

%

 
                                 
                                 

(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

         

Year ended

       
   

December 31

         

December 31

       

Dollars in thousands

 

 2010

 

 2009

 

Change

     

 2010

 

 2009

 

Change

   
                                 

Interest income

$

682,725

 

692,669

 

-1

%

 

$

2,729,795

 

2,725,197

 

-

%

 

Interest expense

 

108,628

 

133,950

 

-19

     

462,269

 

669,449

 

-31

   
                                 

Net interest income

 

574,097

 

558,719

 

3

     

2,267,526

 

2,055,748

 

10

   
                                 

Provision for credit losses

 

85,000

 

145,000

 

-41

     

368,000

 

604,000

 

-39

   
                                 

Net interest income after

                               

  provision for credit losses

 

489,097

 

413,719

 

18

     

1,899,526

 

1,451,748

 

31

   
                                 

Other income

                               

    Mortgage banking revenues

 

35,013

 

50,176

 

-30

     

184,625

 

207,561

 

-11

   

    Service charges on deposit accounts

 

111,129

 

127,185

 

-13

     

478,133

 

469,195

 

2

   

    Trust income

 

31,031

 

29,660

 

5

     

122,613

 

128,568

 

-5

   

    Brokerage services income

 

11,648

 

14,396

 

-19

     

49,669

 

57,611

 

-14

   

    Trading account and foreign exchange gains

 

12,755

 

6,669

 

91

     

27,286

 

23,125

 

18

   

    Gain on bank investment securities

 

861

 

354

 

-

     

2,770

 

1,165

 

-

   

    Other-than-temporary impairment losses

                               

       recognized in earnings

 

(27,567)

 

(34,296)

 

-

     

(86,281)

 

(138,297)

 

-

   

    Equity in earnings of Bayview Lending Group LLC

 

(7,415)

 

(10,635)

 

-30

     

(25,768)

 

(25,898)

 

-1

   

    Other revenues from operations

 

119,483

 

82,381

 

45

     

355,053

 

325,076

 

9

   

         Total other income

 

286,938

 

265,890

 

8

     

1,108,100

 

1,048,106

 

6

   
                                 

Other expense

                               

    Salaries and employee benefits

 

243,413

 

247,080

 

-1

     

999,709

 

1,001,873

 

-

   

    Equipment and net occupancy

 

50,879

 

53,703

 

-5

     

216,064

 

211,391

 

2

   

    Printing, postage and supplies

 

8,435

 

9,338

 

-10

     

33,847

 

38,216

 

-11

   

    Amortization of core deposit and other

                               

       intangible assets

 

13,269

 

16,730

 

-21

     

58,103

 

64,255

 

-10

   

    FDIC assessments

 

18,329

 

19,902

 

-8

     

79,324

 

96,519

 

-18

   

    Other costs of operations

 

134,949

 

131,698

 

2

     

527,790

 

568,309

 

-7

   

         Total other expense

 

469,274

 

478,451

 

-2

     

1,914,837

 

1,980,563

 

-3

   
                                 

Income before income taxes

 

306,761

 

201,158

 

52

     

1,092,789

 

519,291

 

110

   
                                 

Applicable income taxes

 

102,319

 

64,340

 

59

     

356,628

 

139,400

 

156

   
                                 

Net income

$

204,442

 

136,818

 

49

%

 

$

736,161

 

379,891

 

94

%

 
                               

 

M&T BANK CORPORATION

 

Condensed Consolidated Statement of Income, Five Quarter Trend

 
                               
   

Three months ended

 
   

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

Dollars in thousands

 

 2010

 

2010

 

2010

 

2010

 

2009

 
                               

Interest income

$

682,725

   

685,900

   

684,784

   

676,386

   

692,669

 

Interest expense

 

108,628

   

116,032

   

117,557

   

120,052

   

133,950

 
                               

Net interest income

 

574,097

   

569,868

   

567,227

   

556,334

   

558,719

 
                               

Provision for credit losses

 

85,000

   

93,000

   

85,000

   

105,000

   

145,000

 
                               

Net interest income after

                             

  provision for credit losses

 

489,097

   

476,868

   

482,227

   

451,334

   

413,719

 
                               

Other income

                             

    Mortgage banking revenues

 

35,013

   

61,052

   

47,084

   

41,476

   

50,176

 

    Service charges on deposit accounts

 

111,129

   

117,733

   

128,976

   

120,295

   

127,185

 

    Trust income

 

31,031

   

30,485

   

30,169

   

30,928

   

29,660

 

    Brokerage services income

 

11,648

   

12,127

   

12,788

   

13,106

   

14,396

 

    Trading account and foreign exchange gains

 

12,755

   

6,035

   

3,797

   

4,699

   

6,669

 

    Gain on bank investment securities

 

861

   

1,440

   

10

   

459

   

354

 

    Other-than-temporary impairment losses

                             

       recognized in earnings

 

(27,567)

   

(9,532)

   

(22,380)

   

(26,802)

   

(34,296)

 

    Equity in earnings of Bayview Lending Group LLC

 

(7,415)

   

(6,460)

   

(6,179)

   

(5,714)

   

(10,635)

 

    Other revenues from operations

 

119,483

   

77,019

   

79,292

   

79,259

   

82,381

 

         Total other income

 

286,938

   

289,899

   

273,557

   

257,706

   

265,890

 
                               

Other expense

                             

    Salaries and employee benefits

 

243,413

   

246,389

   

245,861

   

264,046

   

247,080

 

    Equipment and net occupancy

 

50,879

   

54,353

   

55,431

   

55,401

   

53,703

 

    Printing, postage and supplies

 

8,435

   

7,820

   

8,549

   

9,043

   

9,338

 

    Amortization of core deposit and other

                             

       intangible assets

 

13,269

   

13,526

   

14,833

   

16,475

   

16,730

 

    FDIC assessments

 

18,329

   

18,039

   

21,608

   

21,348

   

19,902

 

    Other costs of operations

 

134,949

   

140,006

   

129,786

   

123,049

   

131,698

 

         Total other expense

 

469,274

   

480,133

   

476,068

   

489,362

   

478,451

 
                               

Income before income taxes

 

306,761

   

286,634

   

279,716

   

219,678

   

201,158

 
                               

Applicable income taxes

 

102,319

   

94,619

   

90,967

   

68,723

   

64,340

 
                               

Net income

$

204,442

   

192,015

   

188,749

   

150,955

   

136,818

 
                             

 

M&T BANK CORPORATION 

 

Condensed Consolidated Balance Sheet

 
                   
     

December 31

       

Dollars in thousands

   

 2010

 

 2009

 

Change

   
                   

ASSETS

                 
                   

Cash and due from banks

 

$

908,755

 

1,226,223

 

-26

%

 
                   

Interest-bearing deposits at banks

   

101,222

 

133,335

 

-24

   
                   

Federal funds sold and agreements

                 

 to resell securities

   

25,000

 

20,119

 

24

   
                   

Trading account assets

   

523,834

 

386,984

 

35

   
                   

Investment securities

   

7,150,540

 

7,780,609

 

-8

   
                   

Loans and leases:

                 
                   

  Commercial, financial, etc

   

13,390,610

 

13,479,447

 

-1

   

  Real estate - commercial

   

21,183,161

 

20,949,931

 

1

   

  Real estate - consumer

   

5,928,056

 

5,463,463

 

9

   

  Consumer

   

11,488,555

 

12,043,845

 

-5

   

    Total loans and leases, net of unearned discount

   

51,990,382

 

51,936,686

 

-

   

       Less: allowance for credit losses

   

902,941

 

878,022

 

3

   
                   

 Net loans and leases

   

51,087,441

 

51,058,664

 

-

   
                   

Goodwill

   

3,524,625

 

3,524,625

 

-

   
                   

Core deposit and other intangible assets

   

125,917

 

182,418

 

-31

   
                   

Other assets

   

4,573,929

 

4,567,422

 

-

   
                   

 Total assets

 

$

68,021,263

 

68,880,399

 

-1

%

 
                   
                   

LIABILITIES AND SHAREHOLDERS' EQUITY

                 
                   

Noninterest-bearing deposits at U.S. offices

 

$

14,557,568

 

13,794,636

 

6

%

 
                   

Other deposits at U.S. offices

   

33,641,800

 

32,604,764

 

3

   
                   

Deposits at foreign office

   

1,605,916

 

1,050,438

 

53

   
                   

 Total deposits

   

49,805,284

 

47,449,838

 

5

   
                   

Short-term borrowings

   

947,432

 

2,442,582

 

-61

   
                   

Accrued interest and other liabilities

   

1,070,701

 

995,056

 

8

   
                   

Long-term borrowings

   

7,840,151

 

10,240,016

 

-23

   
                   

 Total liabilities

   

59,663,568

 

61,127,492

 

-2

   
                   

Shareholders' equity:

                 
                   

  Preferred

   

740,657

 

730,235

 

1

   

  Common (1)

   

7,617,038

 

7,022,672

 

8

   
                   

    Total shareholders' equity

   

8,357,695

 

7,752,907

 

8

   
                   

 Total liabilities and shareholders' equity

 

$

68,021,263

 

68,880,399

 

-1

%

 
                   
                   

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $205.2 million
      at December 31, 2010 and $336.0 million at December 31, 2009.

 
                 

 

M&T BANK CORPORATION

 

Condensed Consolidated Balance Sheet, Five Quarter Trend

 
         
     

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

Dollars in thousands

   

2010

 

2010

 

2010

 

2010

 

2009

 
                                 

ASSETS

                               
                                 

Cash and due from banks

 

$

908,755

   

1,070,625

   

1,045,886

   

1,033,269

   

1,226,223

 
                                 

Interest-bearing deposits at banks

   

101,222

   

401,624

   

117,826

   

121,305

   

133,335

 
                                 

Federal funds sold and agreements

                               

 to resell securities

   

25,000

   

443,700

   

10,000

   

10,400

   

20,119

 
                                 

Trading account assets

   

523,834

   

536,702

   

487,692

   

403,476

   

386,984

 
                                 

Investment securities

   

7,150,540

   

7,662,715

   

8,097,572

   

8,104,646

   

7,780,609

 
                                 

Loans and leases:

                               
                                 

  Commercial, financial, etc

   

13,390,610

   

12,788,136

   

13,017,598

   

13,220,181

   

13,479,447

 

  Real estate - commercial

   

21,183,161

   

20,580,450

   

20,612,905

   

20,724,118

   

20,949,931

 

  Real estate - consumer

   

5,928,056

   

5,754,432

   

5,729,126

   

5,664,159

   

5,463,463

 

  Consumer

   

11,488,555

   

11,668,540

   

11,701,657

   

11,835,583

   

12,043,845

 

    Total loans and leases, net of unearned discount

   

51,990,382

   

50,791,558

   

51,061,286

   

51,444,041

   

51,936,686

 

       Less: allowance for credit losses

   

902,941

   

894,720

   

894,667

   

891,265

   

878,022

 
                                 

 Net loans and leases

   

51,087,441

   

49,896,838

   

50,166,619

   

50,552,776

   

51,058,664

 
                                 

Goodwill

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

 
                                 

Core deposit and other intangible assets

   

125,917

   

139,186

   

152,712

   

167,545

   

182,418

 
                                 

Other assets

   

4,573,929

   

4,570,822

   

4,550,684

   

4,521,180

   

4,567,422

 
                                 

 Total assets

 

$

68,021,263

   

68,246,837

   

68,153,616

   

68,439,222

   

68,880,399

 
                                 
                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits at U.S. offices

 

$

14,557,568

   

14,665,603

   

13,960,723

   

13,622,819

   

13,794,636

 
                                 

Other deposits at U.S. offices

   

33,641,800

   

33,335,104

   

33,010,520

   

33,125,761

   

32,604,764

 
                                 

Deposits at foreign office

   

1,605,916

   

653,916

   

551,428

   

789,825

   

1,050,438

 
                                 

 Total deposits

   

49,805,284

   

48,654,623

   

47,522,671

   

47,538,405

   

47,449,838

 
                                 

Short-term borrowings

   

947,432

   

1,211,683

   

2,158,957

   

1,870,763

   

2,442,582

 
                                 

Accrued interest and other liabilities

   

1,070,701

   

1,157,250

   

1,114,615

   

1,048,473

   

995,056

 
                                 

Long-term borrowings

   

7,840,151

   

8,991,508

   

9,255,529

   

10,065,894

   

10,240,016

 
                                 

 Total liabilities

   

59,663,568

   

60,015,064

   

60,051,772

   

60,523,535

   

61,127,492

 
                                 

Shareholders' equity:

                               
                                 

  Preferred

   

740,657

   

737,979

   

735,350

   

732,769

   

730,235

 

  Common (1)

   

7,617,038

   

7,493,794

   

7,366,494

   

7,182,918

   

7,022,672

 
                                 

    Total shareholders' equity

   

8,357,695

   

8,231,773

   

8,101,844

   

7,915,687

   

7,752,907

 
                                 

 Total liabilities and shareholders' equity

 

$

68,021,263

   

68,246,837

   

68,153,616

   

68,439,222

   

68,880,399

 
                                 
                                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $205.2 million at December 31, 2010, $192.6 million at

 

      September 30, 2010, $197.2 million at June 30, 2010, $255.2 million at March 31, 2010 and $336.0 million at December 31, 2009.

 
                               

 

M&T BANK CORPORATION

 

Condensed Consolidated Average Balance Sheet

 

and Annualized Taxable-equivalent Rates 

 
                                                       
     

Three months ended

 

Change in balance

   

Year ended 

       
     

December 31,

 

December 31,

 

September 30,

 

December 31, 2010 from

   

 December 31

       

Dollars in millions

   

2010

 

2009

 

2010

 

December 31,

 

September 30,

   

 2010

 

 2009

 

Change in

   
     

Balance

Rate

 

Balance

Rate

 

Balance

Rate

 

2009

 

2010

   

Balance

Rate

 

Balance

Rate

 

balance

   

ASSETS

                                                     
                                                       

Interest-bearing deposits at banks

 

$

110

.15

%

74

.08

%

92

.15

%

50

%

 

19

%

 

$

102

.09

%

50

.07

%

103

%

 
                                                       

Federal funds sold and agreements

                                                     

 to resell securities

   

780

.19

 

23

.19

 

64

.26

 

-

   

-

     

221

.20

 

52

.25

 

323

   
                                                       

Trading account assets

   

165

.91

 

70

.66

 

82

.65

 

135

   

101

     

94

.84

 

87

.74

 

8

   
                                                       

Investment securities

   

7,541

4.07

 

8,197

4.63

 

7,993

4.16

 

-8

   

-6

     

8,018

4.24

 

8,403

4.79

 

-5

   
                                                       

Loans and leases, net of unearned discount

                                                     

 Commercial, financial, etc.

   

13,013

4.07

 

13,527

3.87

 

12,856

3.97

 

-4

   

1

     

13,092

3.99

 

13,855

3.79

 

-6

   

 Real estate - commercial

   

20,624

4.84

 

20,950

4.48

 

20,612

4.85

 

-2

   

-

     

20,714

4.70

 

20,085

4.45

 

3

   

 Real estate - consumer

   

5,910

5.15

 

5,457

5.37

 

5,680

5.30

 

8

   

4

     

5,746

5.28

 

5,297

5.45

 

8

   

 Consumer

   

11,594

5.18

 

12,153

5.32

 

11,687

5.22

 

-5

   

-1

     

11,745

5.22

 

11,722

5.43

 

-

   

    Total loans and leases, net

   

51,141

4.74

 

52,087

4.59

 

50,835

4.74

 

-2

   

1

     

51,297

4.70

 

50,959

4.60

 

1

   
                                                       

 Total earning assets

   

59,737

4.58

 

60,451

4.58

 

59,066

4.65

 

-1

   

1

     

59,732

4.61

 

59,551

4.61

 

-

   
                                                       

Goodwill

   

3,525

   

3,525

   

3,525

   

-

   

-

     

3,525

   

3,393

   

4

   
                                                       

Core deposit and other intangible assets

   

132

   

191

   

146

   

-31

   

-9

     

153

   

191

   

-20

   
                                                       

Other assets

   

5,108

   

4,752

   

5,074

   

8

   

1

     

4,970

   

4,337

   

15

   
                                                       

 Total assets

 

$

68,502

   

68,919

   

67,811

   

-1

%

 

1

%

 

$

68,380

   

67,472

   

1

%

 
                                                       
                                                       
                                                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                     
                                                       

Interest-bearing deposits

                                                     

 NOW accounts

 

$

608

.14

 

579

.18

 

592

.15

 

5

%

 

3

%

 

$

601

.14

 

543

.21

 

11

%

 

 Savings deposits

   

27,545

.31

 

24,237

.36

 

26,177

.33

 

14

   

5

     

26,190

.33

 

22,832

.49

 

15

   

 Time deposits

   

6,034

1.40

 

8,304

1.89

 

6,312

1.46

 

-27

   

-4

     

6,583

1.52

 

8,782

2.35

 

-25

   

 Deposits at foreign office

   

809

.17

 

1,300

.11

 

802

.16

 

-38

   

1

     

953

.14

 

1,665

.14

 

-43

   

    Total interest-bearing deposits

   

34,996

.49

 

34,420

.72

 

33,883

.53

 

2

   

3

     

34,327

.55

 

33,822

.95

 

1

   
                                                       

Short-term borrowings

   

1,439

.17

 

2,308

.17

 

1,858

.16

 

-38

   

-23

     

1,854

.16

 

2,911

.24

 

-36

   

Long-term borrowings

   

8,141

3.14

 

10,253

2.73

 

8,948

3.10

 

-21

   

-9

     

9,169

2.96

 

11,092

3.07

 

-17

   
                                                       

Total interest-bearing liabilities

   

44,576

.97

 

46,981

1.13

 

44,689

1.03

 

-5

   

-

     

45,350

1.02

 

47,825

1.40

 

-5

   
                                                       

Noninterest-bearing deposits

   

14,275

   

12,945

   

13,647

   

10

   

5

     

13,709

   

11,054

   

24

   
                                                       

Other liabilities

   

1,329

   

1,307

   

1,294

   

2

   

3

     

1,218

   

1,311

   

-7

   
                                                       

 Total liabilities

   

60,180

   

61,233

   

59,630

   

-2

   

1

     

60,277

   

60,190

   

-

   
                                                       

Shareholders' equity

   

8,322

   

7,686

   

8,181

   

8

   

2

     

8,103

   

7,282

   

11

   
                                                       

 Total liabilities and shareholders' equity

 

$

68,502

   

68,919

   

67,811

   

-1

%

 

1

%

 

$

68,380

   

67,472

   

1

%

 
                                                       
                                                       

Net interest spread

     

3.61

   

3.45

   

3.62

                 

3.59

   

3.21

       

Contribution of interest-free funds

     

.24

   

.26

   

.25

                 

.25

   

.28

       

Net interest margin

     

3.85

%

 

3.71

%

 

3.87

%

               

3.84

%

 

3.49

%

     
                                                     

 

M&T BANK CORPORATION

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures

 
                   
   

Three months ended

 

Year ended

 
   

December 31

 

December 31

 
   

2010

 

2009

 

2010

 

2009

 

Income statement data

                 

In thousands, except per share

                 

Net income

                 

Net income

$

204,442

 

136,818

$

736,161

 

379,891

 

Amortization of core deposit and other

                 

 intangible assets (1)

 

8,054

 

10,152

 

35,265

 

39,006

 

Merger-related gain (1)

 

(16,730)

 

-

 

(16,730)

 

(17,684)

 

Merger-related expenses (1)

 

469

 

3,806

 

469

 

54,163

 

 Net operating income

$

196,235

 

150,776

$

755,165

 

455,376

 

Earnings per common share

                 

Diluted earnings per common share

$

1.59

 

1.04

$

5.69

 

2.89

 

Amortization of core deposit and other

                 

 intangible assets (1)

 

.07

 

.09

 

.29

 

.34

 

Merger-related gain (1)

 

(.14)

 

-

 

(.14)

 

(.15)

 

Merger-related expenses (1)

 

-

 

.03

 

-

 

.46

 

 Diluted net operating earnings per common share

$

1.52

 

1.16

$

5.84

 

3.54

 

Other expense

                 

Other expense

$

469,274

 

478,451

$

1,914,837

 

1,980,563

 

Amortization of core deposit and other

                 

 intangible assets

 

(13,269)

 

(16,730)

 

(58,103)

 

(64,255)

 

Merger-related expenses

 

(771)

 

(6,264)

 

(771)

 

(89,157)

 

 Noninterest operating expense

$

455,234

 

455,457

$

1,855,963

 

1,827,151

 

Merger-related expenses

                 

Salaries and employee benefits

$

7

 

381

$

7

 

10,030

 

Equipment and net occupancy

 

44

 

545

 

44

 

2,975

 

Printing, postage and supplies

 

74

 

233

 

74

 

3,677

 

Other costs of operations

 

646

 

5,105

 

646

 

72,475

 

 Total

$

771

 

6,264

$

771

 

89,157

 
                   
                   

Balance sheet data

                 

In millions

                 

Average assets

                 

Average assets

$

68,502

 

68,919

$

68,380

 

67,472

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,393)

 

Core deposit and other intangible assets

 

(132)

 

(191)

 

(153)

 

(191)

 

Deferred taxes

 

24

 

37

 

29

 

33

 

 Average tangible assets

$

64,869

 

65,240

$

64,731

 

63,921

 

Average common equity

                 

Average total equity

$

8,322

 

7,686

$

8,103

 

7,282

 

Preferred stock

 

(740)

 

(729)

 

(736)

 

(666)

 

 Average common equity

 

7,582

 

6,957

 

7,367

 

6,616

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,393)

 

Core deposit and other intangible assets

 

(132)

 

(191)

 

(153)

 

(191)

 

Deferred taxes

 

24

 

37

 

29

 

33

 

 Average tangible common equity

$

3,949

 

3,278

$

3,718

 

3,065

 
                   

At end of quarter

                 

Total assets

                 

Total assets

$

68,021

 

68,880

         

Goodwill

 

(3,525)

 

(3,525)

         

Core deposit and other intangible assets

 

(126)

 

(182)

         

Deferred taxes

 

23

 

35

         

 Total tangible assets

$

64,393

 

65,208

         

Total common equity

                 

Total equity

$

8,358

 

7,753

         

Preferred stock

 

(741)

 

(730)

         

Undeclared dividends - preferred stock

 

(6)

 

(6)

         

 Common equity, net of undeclared

                 

   preferred dividends

 

7,611

 

7,017

         

Goodwill

 

(3,525)

 

(3,525)

         

Core deposit and other intangible assets

 

(126)

 

(182)

         

Deferred taxes

 

23

 

35

         

 Total tangible common equity

$

3,983

 

3,345

         
                   
                   

(1) After any related tax effect.

 
                 

 

M&T BANK CORPORATION

 

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

 
                       
   

Three months ended

 
   

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 
   

2010

 

2010

 

2010

 

2010

 

2009

 

Income statement data

                     

In thousands, except per share

                     

Net income

                     

Net income

$

204,442

 

192,015

 

188,749

 

150,955

 

136,818

 

Amortization of core deposit and other

                     

 intangible assets (1)

 

8,054

 

8,210

 

9,003

 

9,998

 

10,152

 

Merger-related gain (1)

 

(16,730)

 

-

 

-

 

-

 

-

 

Merger-related expenses (1)

 

469

 

-

 

-

 

-

 

3,806

 

 Net operating income

$

196,235

 

200,225

 

197,752

 

160,953

 

150,776

 

Earnings per common share

                     

Diluted earnings per common share

$

1.59

 

1.48

 

1.46

 

1.15

 

1.04

 

Amortization of core deposit and other

                     

 intangible assets (1)

 

.07

 

.07

 

.07

 

.08

 

.09

 

Merger-related gain (1)

 

(.14)

 

-

 

-

 

-

 

-

 

Merger-related expenses (1)

 

-

 

-

 

-

 

-

 

.03

 

 Diluted net operating earnings per common share

$

1.52

 

1.55

 

1.53

 

1.23

 

1.16

 

Other expense

                     

Other expense

$

469,274

 

480,133

 

476,068

 

489,362

 

478,451

 

Amortization of core deposit and other

                     

 intangible assets

 

(13,269)

 

(13,526)

 

(14,833)

 

(16,475)

 

(16,730)

 

Merger-related expenses

 

(771)

 

-

 

-

 

-

 

(6,264)

 

 Noninterest operating expense

$

455,234

 

466,607

 

461,235

 

472,887

 

455,457

 

Merger-related expenses

                     

Salaries and employee benefits

$

7

 

-

 

-

 

-

 

381

 

Equipment and net occupancy

 

44

 

-

 

-

 

-

 

545

 

Printing, postage and supplies

 

74

 

-

 

-

 

-

 

233

 

Other costs of operations

 

646

 

-

 

-

 

-

 

5,105

 

 Total

$

771

 

-

 

-

 

-

 

6,264

 
                       
                       

Balance sheet data

                     

In millions

                     

Average assets

                     

Average assets

$

68,502

 

67,811

 

68,334

 

68,883

 

68,919

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(132)

 

(146)

 

(160)

 

(176)

 

(191)

 

Deferred taxes

 

24

 

27

 

30

 

34

 

37

 

 Average tangible assets

$

64,869

 

64,167

 

64,679

 

65,216

 

65,240

 

Average common equity

                     

Average total equity

$

8,322

 

8,181

 

8,036

 

7,868

 

7,686

 

Preferred stock

 

(740)

 

(737)

 

(734)

 

(732)

 

(729)

 

 Average common equity

 

7,582

 

7,444

 

7,302

 

7,136

 

6,957

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(132)

 

(146)

 

(160)

 

(176)

 

(191)

 

Deferred taxes

 

24

 

27

 

30

 

34

 

37

 

 Average tangible common equity

$

3,949

 

3,800

 

3,647

 

3,469

 

3,278

 
                       

At end of quarter

                     

Total assets

                     

Total assets

$

68,021

 

68,247

 

68,154

 

68,439

 

68,880

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(126)

 

(139)

 

(152)

 

(167)

 

(182)

 

Deferred taxes

 

23

 

26

 

28

 

31

 

35

 

 Total tangible assets

$

64,393

 

64,609

 

64,505

 

64,778

 

65,208

 

Total common equity

                     

Total equity

$

8,358

 

8,232

 

8,102

 

7,916

 

7,753

 

Preferred stock

 

(741)

 

(738)

 

(735)

 

(733)

 

(730)

 

Undeclared dividends - preferred stock

 

(6)

 

(6)

 

(7)

 

(6)

 

(6)

 

 Common equity, net of undeclared

                     

   preferred dividends

 

7,611

 

7,488

 

7,360

 

7,177

 

7,017

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(126)

 

(139)

 

(152)

 

(167)

 

(182)

 

Deferred taxes

 

23

 

26

 

28

 

31

 

35

 

 Total tangible common equity

$

3,983

 

3,850

 

3,711

 

3,516

 

3,345

 
                       
                       

(1) After any related tax effect.