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M&T Bank Corporation Announces First Quarter Results
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., April 15, 2013 -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2013.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the first quarter of 2013 were $1.98, up 32% from $1.50 in the year-earlier quarter.  GAAP-basis net income in the recent quarter was $274 million, 33% higher than $206 million in the initial 2012 quarter.  GAAP-basis net income for the first three months of 2013 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.36% and 11.10%, respectively, compared with 1.06% and 9.04%, respectively, in the corresponding 2012 period.  The improved results in the recent quarter as compared with the first quarter of 2012 reflect higher net interest income and noninterest income, led by residential mortgage banking revenues, and lower credit costs.

Commenting on M&T's results for the recent quarter, Rene F. Jones, Executive Vice President and Chief Financial Officer, noted, "M&T's results for the quarter truly reflect the strength of our operating model.  Residential mortgage banking revenues continued to be robust and trust income grew nicely from last year's fourth quarter.  Credit costs in the recent quarter were well below our historical trends, with the ratio of net charge-offs to average loans improving to .23%.  Our financial performance has allowed us to make continued investments in our infrastructure while improving our capital ratios, as demonstrated by a 36 basis point increase in our Tier 1 common ratio during the quarter."

Diluted earnings per common share and GAAP-basis net income in the fourth quarter of 2012 were $2.16 and $296 million, respectively.  GAAP-basis net income in that quarter expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.45% and 12.10%, respectively.  Results for the first quarter of 2013 as compared with the final 2012 quarter reflect a decline in residential mortgage banking revenues and seasonally higher stock-based compensation and benefits costs.

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 items are considered by management to be "nonoperating" in nature.  Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results.  Reconciliations of GAAP to non-GAAP measures are provided in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $2.06 in the recent quarter, compared with $1.59 and $2.23 in the first and fourth quarters of 2012, respectively.  Net operating income for the first three months of 2013 totaled $285 million, compared with $218 million and $305 million in the quarters ended March 31, 2012 and December 31, 2012, respectively.  Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.48% and 18.71%, respectively, in the first quarter of 2013, compared with 1.18% and 16.79% in the year-earlier quarter and 1.56% and 20.46% in the final 2012 quarter.

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest income rose 6% to $663 million in the recent quarter from $627 million in the year-earlier quarter.  That improvement resulted from an increase in average earning assets, fueled by $5.4 billion of growth in average loans and leases.  Also contributing to the improvement was a two basis point widening of the net interest margin to 3.71% from 3.69% in the first quarter of 2012.  Taxable-equivalent net interest income declined in the first quarter of 2013 from $674 million in the immediately preceding quarter.  That decrease reflects two less days in the recent quarter. 

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $38 million in the first quarter of 2013, improved from $49 million in each of the first and fourth quarters of 2012.  Net charge-offs of loans during the recent quarter were $37 million, down from $48 million in the first quarter of 2012 and $44 million in the final 2012 quarter.  Net charge-offs expressed as an annualized percentage of average loans outstanding were .23% during the first three months of 2013, improved significantly from .32% and .27% in the first and fourth quarters of 2012, respectively. 

Loans classified as nonaccrual totaled $1.05 billion, or 1.60% of total loans outstanding at March 31, 2013, compared with $1.07 billion or 1.75% a year earlier and $1.01 billion or 1.52% at December 31, 2012.  A change in the method of identifying nonaccrual home equity loans and lines of credit to reflect the repayment performance of the related senior lien loan that is not owned by M&T contributed to the modest increase in nonaccrual loans from the 2012 year-end to the recent quarter-end.

Assets taken in foreclosure of defaulted loans continued to decline and totaled $96 million at March 31, 2013, compared with $140 million and $104 million at March 31, 2012 and December 31, 2012, respectively. 

Allowance for Credit Losses.  M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of determining the allowance for credit losses.  As a result of those analyses, the allowance totaled $927 million at March 31, 2013, compared with $909 million at March 31, 2012 and $926 million at December 31, 2012.  The allowance expressed as a percentage of outstanding loans was 1.41% at March 31, 2013, compared with 1.49% and 1.39% at March 31, 2012 and December 31, 2012, respectively. 

Noninterest Income and Expense.  Noninterest income totaled $433 million in the first quarter of 2013, compared with $377 million and $453 million in the first and fourth quarters of 2012, respectively.  Contributing to the improvement from the year-earlier quarter was a $37 million rise in mortgage banking revenues, resulting from increased loan volumes and wider margins, and higher trust income.  The higher noninterest income in the final 2012 quarter reflected record mortgage banking revenues that were $23 million higher than in the first quarter of 2013.

Noninterest expense in 2013's first quarter totaled $636 million, compared with $640 million and $626 million in the first and fourth quarters of 2012, respectively.  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 $618 million in the recently completed quarter, $620 million in the first quarter of 2012 and $612 million in the final 2012 quarter.  As compared with the fourth quarter of 2012, seasonally higher stock-based compensation and benefits costs were reflected in noninterest operating expenses in the first quarters of 2013 and 2012.

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), measures the relationship of operating expenses to revenues.  M&T's efficiency ratio was 55.9% in the first quarter of 2013, compared with 61.1% in the year-earlier quarter and 53.6% in the fourth quarter of 2012.

Balance Sheet.  M&T had total assets of $82.8 billion at March 31, 2013, up 5% from $79.2 billion a year earlier.  Loans and leases, net of unearned discount, increased $5.0 billion or 8% to $65.9 billion at the recent quarter-end from $60.9 billion at March 31, 2012.  Total deposits rose 7% to $65.1 billion at March 31, 2013 from $60.9 billion a year earlier. 

Total shareholders' equity increased 11% to $10.4 billion at March 31, 2013 from $9.4 billion at March 31, 2012, representing 12.59% and 11.91%, respectively, of total assets.  Common shareholders' equity was $9.5 billion, or $73.99 per share at March 31, 2013, up from $8.6 billion, or $67.64 per share, a year earlier.  Tangible equity per common share rose 19% to $46.11 at March 31, 2013 from $38.89 a year earlier.  Common shareholders' equity per share and tangible equity per common share were $72.73 and $44.61, respectively, at December 31, 2012.  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 7.51% at March 31, 2013, improved from 6.51% and 7.20% at March 31, 2012 and December 31, 2012, respectively.  M&T's estimated Tier 1 common ratio, a regulatory capital measure, was 7.93% at March 31, 2013, compared with 7.04% and 7.57% at March 31, 2012 and December 31, 2012, respectively.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss first 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 #34438289.  The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/events.cfm.  A replay of the call will be available until Wednesday, April 17, 2013 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to the ID #34438289.  The event will also be archived and available by 7:00 p.m. today on M&T's website at http://ir.mandtbank.com/events.cfm.  

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

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

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

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

 

INVESTOR CONTACT:

Donald J. MacLeod

 

(716) 842-5138 

   

MEDIA CONTACT:  

C. Michael Zabel

 

(716) 842-5385  

 

 

 

 

                       
 

M&T BANK CORPORATION

                   
 

Financial Highlights

                   
       

Three months ended

         
 

Amounts in thousands,

   

March 31

         
 

 except per share

   

2013

 

2012

 

Change

     
                       
 

Performance

                   
                       
 

Net income 

 

$

274,113

 

206,463

 

33

%

 
 

Net income available to common shareholders 

   

255,096

 

188,241

 

36

     
                       
 

Per common share:

                   
 

  Basic earnings 

 

$

2.00

 

1.50

 

33

%

 
 

  Diluted earnings 

   

1.98

 

1.50

 

32

     
 

  Cash dividends 

 

$

.70

 

.70

 

-

     
                       
 

Common shares outstanding:

                   
 

  Average - diluted (1) 

   

128,636

 

125,616

 

2

%

 
 

  Period end (2) 

   

128,999

 

126,534

 

2

     
                       
 

Return on (annualized):

                   
 

  Average total assets 

   

1.36

%

1.06

%

       
 

  Average common shareholders' equity  

   

11.10

%

9.04

%

       
                       
 

Taxable-equivalent net interest income 

 

$

662,500

 

627,094

 

6

%

 
                       
 

Yield on average earning assets 

   

4.13

%

4.24

%

       
 

Cost of interest-bearing liabilities 

   

.64

%

.80

%

       
 

Net interest spread 

   

3.49

%

3.44

%

       
 

Contribution of interest-free funds 

   

.22

%

.25

%

       
 

Net interest margin  

   

3.71

%

3.69

%

       
                       
 

Net charge-offs to average total 

                   
 

  net loans (annualized) 

   

.23

%

.32

%

       
                       
 

Net operating results (3)

                   
                       
 

Net operating income 

 

$

285,136

 

218,360

 

31

%

 
 

Diluted net operating earnings per common share

   

2.06

 

1.59

 

30

     
 

Return on (annualized):

                   
 

  Average tangible assets 

   

1.48

%

1.18

%

       
 

  Average tangible common equity 

   

18.71

%

16.79

%

       
 

Efficiency ratio 

   

55.88

%

61.09

%

       
                       
                       
                       
       

 

At  March 31

         
 

Loan quality

   

2013

 

2012

 

Change

     
                       
 

Nonaccrual loans 

 

$

1,052,794

 

1,065,229

 

-1

%

 
 

Real estate and other foreclosed assets 

   

95,680

 

140,297

 

-32

%

 
 

  Total nonperforming assets 

 

$

1,148,474

 

1,205,526

 

-5

%

 
                       
 

Accruing loans past due 90 days or more (4) 

 

$

331,283

 

273,081

 

21

%

 
                       
 

Government guaranteed loans included in totals

                   
 

  above:

                   
 

  Nonaccrual loans 

 

$

63,385

 

44,717

 

42

%

 
 

  Accruing loans past due 90 days or more 

   

311,579

 

252,622

 

23

%

 
                       
 

Renegotiated loans 

 

$

272,285

 

213,024

 

28

%

 
                       
 

Acquired accruing loans past due 90 

                   
 

  days or more (5) 

 

$

157,068

 

165,163

 

-5

%

 
                       
 

Purchased impaired loans (6):

                   
 

  Outstanding customer balance 

 

$

790,048

 

1,158,829

         
 

  Carrying amount 

   

425,232

 

604,779

         
                       
 

Nonaccrual loans to total net loans 

   

1.60

%

1.75

%

       
                       
 

Allowance for credit losses to total loans 

   

1.41

%

1.49

%

       
                       
   

(1)

Includes common stock equivalents.

(2)

Includes common stock issuable under deferred compensation plans.

(3)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related gains and expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects.  Reconciliations of net income with net operating income appear herein.

(4)

Excludes acquired loans. 

(5)

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

(6)

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

   

M&T BANK CORPORATION

                               

Financial Highlights, Five Quarter Trend

                               
       

Three months ended

       

Amounts in thousands,

     

March 31,

 

December 31,

   

September 30,

 

June 30,

 

March 31,

     

 except per share

     

2013

 

2012

   

2012

 

2012

 

2012

     
                                         

Performance

                                       
                                         

Net income 

   

$

274,113

   

296,193

   

293,462

   

233,380

   

206,463

       

Net income available to common shareholders 

     

255,096

   

276,605

   

273,896

   

214,716

   

188,241

       
                                         

Per common share:

                                       

  Basic earnings 

   

$

2.00

   

2.18

   

2.18

   

1.71

   

1.50

       

  Diluted earnings 

     

1.98

   

2.16

   

2.17

   

1.71

   

1.50

       

  Cash dividends 

   

$

.70

   

.70

   

.70

   

.70

   

.70

       
                                         

Common shares outstanding:

                                       

  Average - diluted (1) 

     

128,636

   

127,800

   

126,292

   

125,897

   

125,616

       

  Period end (2) 

     

128,999

   

128,234

   

127,461

   

126,645

   

126,534

       
                                         

Return on (annualized):

                                       

  Average total assets 

     

1.36

%

 

1.45

%

 

1.45

%

 

1.17

%

 

1.06

%

     

  Average common shareholders' equity  

     

11.10

%

 

12.10

%

 

12.40

%

 

10.12

%

 

9.04

%

     
                                         

Taxable-equivalent net interest income 

   

$

662,500

   

673,929

   

669,256

   

654,628

   

627,094

       
                                         

Yield on average earning assets 

     

4.13

%

 

4.17

%

 

4.23

%

 

4.25

%

 

4.24

%

     

Cost of interest-bearing liabilities 

     

.64

%

 

.67

%

 

.71

%

 

.76

%

 

.80

%

     

Net interest spread 

     

3.49

%

 

3.50

%

 

3.52

%

 

3.49

%

 

3.44

%

     

Contribution of interest-free funds 

     

.22

%

 

.24

%

 

.25

%

 

.25

%

 

.25

%

     

Net interest margin 

     

3.71

%

 

3.74

%

 

3.77

%

 

3.74

%

 

3.69

%

     
                                         

Net charge-offs to average total 

                                       

  net loans (annualized) 

     

.23

%

 

.27

%

 

.26

%

 

.34

%

 

.32

%

     
                                         

Net operating results (3)

                                       
                                         

Net operating income 

   

$

285,136

   

304,657

   

302,060

   

247,433

   

218,360

       

Diluted net operating earnings per common share

     

2.06

   

2.23

   

2.24

   

1.82

   

1.59

       

Return on (annualized):

                                       

  Average tangible assets 

     

1.48

%

 

1.56

%

 

1.56

%

 

1.30

%

 

1.18

%

     

  Average tangible common equity 

     

18.71

%

 

20.46

%

 

21.53

%

 

18.54

%

 

16.79

%

     

Efficiency ratio 

     

55.88

%

 

53.63

%

 

53.73

%

 

56.86

%

 

61.09

%

     
                                         
                                         
                                         
                 
       

March 31,

 

December 31,

 

September 30,

 

June 30,

 

March 31,

     

Loan quality

     

2013

 

2012

 

2012

 

2012

 

2012

     
                                         

Nonaccrual loans 

   

$

1,052,794

   

1,013,176

   

925,231

   

968,328

   

1,065,229

       

Real estate and other foreclosed assets 

     

95,680

   

104,279

   

112,160

   

115,580

   

140,297

       

  Total nonperforming assets 

   

$

1,148,474

   

1,117,455

   

1,037,391

   

1,083,908

   

1,205,526

       
                                         

Accruing loans past due 90 days or more (4) 

   

$

331,283

   

358,397

   

309,420

   

274,598

   

273,081

       
                                         

Government guaranteed loans included in totals

                                       

  above:

                                       

  Nonaccrual loans 

   

$

63,385

   

57,420

   

54,583

   

48,712

   

44,717

       

  Accruing loans past due 90 days or more 

     

311,579

   

316,403

   

280,410

   

255,495

   

252,622

       
                                         

Renegotiated loans 

   

$

272,285

   

271,971

   

266,526

   

267,111

   

213,024

       
                                         

Acquired accruing loans past due 90 

                                       

  days or more (5) 

   

$

157,068

   

166,554

   

161,424

   

162,487

   

165,163

       
                                         

Purchased impaired loans (6):

                                       

  Outstanding customer balance 

   

$

790,048

   

828,571

   

978,731

   

1,037,458

   

1,158,829

       

  Carrying amount 

     

425,232

   

447,114

   

528,001

   

560,700

   

604,779

       
                                         

Nonaccrual loans to total net loans 

     

1.60

%

 

1.52

%

 

1.44

%

 

1.54

%

 

1.75

%

     
                                         

Allowance for credit losses to total loans 

     

1.41

%

 

1.39

%

 

1.44

%

 

1.46

%

 

1.49

%

     
                                         
   

(1)

Includes common stock equivalents.

(2)

Includes common stock issuable under deferred compensation plans.

(3)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related gains and expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.

(4)

Excludes acquired loans. 

(5)

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

(6)

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

   

 

M&T BANK CORPORATION

             

Condensed Consolidated Statement of Income

             
               
   

Three months ended

     
   

March 31

     

Dollars in thousands

 

2013

 

2012

 

Change

 
               

Interest income 

$

729,975

 

714,095

 

2

%

Interest expense 

 

73,925

 

93,706

 

-21

 
               

Net interest income 

 

656,050

 

620,389

 

6

 
               

Provision for credit losses 

 

38,000

 

49,000

 

-22

 
               

Net interest income after

             

   provision for credit losses 

 

618,050

 

571,389

 

8

 
               

Other income

             

     Mortgage banking revenues 

 

93,103

 

56,192

 

66

 

     Service charges on deposit accounts 

 

110,949

 

108,889

 

2

 

     Trust income 

 

121,603

 

116,953

 

4

 

     Brokerage services income 

 

15,711

 

13,901

 

13

 

     Trading account and foreign exchange gains 

 

8,927

 

10,571

 

-16

 

     Gain on bank investment securities 

 

-

 

45

 

-

 

     Other-than-temporary impairment losses 

             

        recognized in earnings 

 

(9,800)

 

(11,486)

 

-

 

     Equity in earnings of Bayview Lending Group LLC 

 

(3,656)

 

(4,752)

 

-

 

     Other revenues from operations 

 

96,045

 

86,410

 

11

 

          Total other income 

 

432,882

 

376,723

 

15

 
               

Other expense

             

     Salaries and employee benefits 

 

356,551

 

346,098

 

3

 

     Equipment and net occupancy 

 

65,159

 

65,043

 

-

 

     Printing, postage and supplies 

 

10,699

 

11,872

 

-10

 

     Amortization of core deposit and other 

             

        intangible assets 

 

13,343

 

16,774

 

-20

 

     FDIC assessments 

 

19,438

 

28,949

 

-33

 

     Other costs of operations 

 

170,406

 

170,959

 

-

 

          Total other expense 

 

635,596

 

639,695

 

-1

 
               

Income before income taxes 

 

415,336

 

308,417

 

35

 
               

Applicable income taxes 

 

141,223

 

101,954

 

39

 
               

Net income 

$

274,113

 

206,463

 

33

%

               
               

 

M&T BANK CORPORATION

                           

Condensed Consolidated Statement of Income, Five Quarter Trend

               
                                 
   

Three months ended

   
   

March 31,

 

December 31,

   

September 30,

   

June 30,

   

March 31,

   

Dollars in thousands

 

2013

 

2012

   

2012

   

2012

   

2012

   
                                 

Interest income 

$

729,975

   

745,353

   

744,851

   

737,386

   

714,095

   

Interest expense 

 

73,925

   

77,931

   

82,129

   

89,403

   

93,706

   
                                 

Net interest income 

 

656,050

   

667,422

   

662,722

   

647,983

   

620,389

   
                                 

Provision for credit losses 

 

38,000

   

49,000

   

46,000

   

60,000

   

49,000

   
                                 

Net interest income after

                               

   provision for credit losses 

 

618,050

   

618,422

   

616,722

   

587,983

   

571,389

   
                                 

Other income

                               

     Mortgage banking revenues 

 

93,103

   

116,546

   

106,812

   

69,514

   

56,192

   

     Service charges on deposit accounts  

 

110,949

   

112,364

   

114,463

   

110,982

   

108,889

   

     Trust income 

 

121,603

   

116,915

   

115,709

   

122,275

   

116,953

   

     Brokerage services income 

 

15,711

   

14,872

   

14,114

   

16,172

   

13,901

   

     Trading account and foreign exchange gains 

 

8,927

   

10,356

   

8,469

   

6,238

   

10,571

   

     Gain (loss) on bank investment securities 

 

-

   

-

   

372

   

(408)

   

45

   

     Other-than-temporary impairment losses 

                               

        recognized in earnings 

 

(9,800)

   

(14,491)

   

(5,672)

   

(16,173)

   

(11,486)

   

     Equity in earnings of Bayview Lending Group LLC 

 

(3,656)

   

(4,941)

   

(5,183)

   

(6,635)

   

(4,752)

   

     Other revenues from operations

 

96,045

   

101,543

   

96,649

   

89,685

   

86,410

   

          Total other income 

 

432,882

   

453,164

   

445,733

   

391,650

   

376,723

   
                                 

Other expense

                               

     Salaries and employee benefits 

 

356,551

   

323,010

   

321,746

   

323,686

   

346,098

   

     Equipment and net occupancy 

 

65,159

   

62,884

   

64,248

   

65,376

   

65,043

   

     Printing, postage and supplies 

 

10,699

   

10,417

   

8,272

   

11,368

   

11,872

   

     Amortization of core deposit and other 

                               

        intangible assets 

 

13,343

   

13,865

   

14,085

   

15,907

   

16,774

   

     FDIC assessments 

 

19,438

   

23,398

   

23,801

   

24,962

   

28,949

   

     Other costs of operations 

 

170,406

   

192,572

   

183,875

   

186,093

   

170,959

   

          Total other expense 

 

635,596

   

626,146

   

616,027

   

627,392

   

639,695

   
                                 

Income before income taxes 

 

415,336

   

445,440

   

446,428

   

352,241

   

308,417

   
                                 

Applicable income taxes 

 

141,223

   

149,247

   

152,966

   

118,861

   

101,954

   
                                 

Net income 

$

274,113

   

296,193

   

293,462

   

233,380

   

206,463

   
                                 

 

 

M&T BANK CORPORATION

               

Condensed Consolidated Balance Sheet

               
                 
     

March 31

     

Dollars in thousands

   

2013

 

2012

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks

 

$

1,231,091

 

1,344,092

 

-8

%

                 

Interest-bearing deposits at banks 

   

1,304,770

 

1,282,040

 

2

 
                 

Federal funds sold and agreements

               

  to resell securities 

   

594,976

 

-

 

-

 
                 

Trading account assets

   

420,144

 

517,620

 

-19

 
                 

Investment securities 

   

5,660,831

 

7,195,296

 

-21

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc 

   

17,469,138

 

15,938,672

 

10

 

   Real estate - commercial 

   

25,944,819

 

24,486,555

 

6

 

   Real estate - consumer 

   

11,094,577

 

8,696,594

 

28

 

   Consumer 

   

11,415,733

 

11,799,929

 

-3

 

     Total loans and leases, net of unearned discount

   

65,924,267

 

60,921,750

 

8

 

        Less: allowance for credit losses 

   

927,117

 

909,006

 

2

 
                 

  Net loans and leases

   

64,997,150

 

60,012,744

 

8

 
                 

Goodwill 

   

3,524,625

 

3,524,625

 

-

 
                 

Core deposit and other intangible assets 

   

102,420

 

159,619

 

-36

 
                 

Other assets 

   

4,975,950

 

5,150,851

 

-3

 
                 

  Total assets 

 

$

82,811,957

 

79,186,887

 

5

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits 

 

$

23,603,971

 

20,648,970

 

14

%

                 

Interest-bearing deposits 

   

41,219,679

 

39,868,782

 

3

 
                 

Deposits at Cayman Islands office 

   

266,076

 

395,191

 

-33

 
                 

  Total deposits 

   

65,089,726

 

60,912,943

 

7

 
                 

Short-term borrowings 

   

374,593

 

511,981

 

-27

 
                 

Accrued interest and other liabilities 

   

1,530,118

 

1,856,749

 

-18

 
                 

Long-term borrowings 

   

5,394,563

 

6,476,526

 

-17

 
                 

  Total liabilities 

   

72,389,000

 

69,758,199

 

4

 
                 

Shareholders' equity:

               
                 

   Preferred 

   

874,627

 

866,489

 

1

 

   Common (1)  

   

9,548,330

 

8,562,199

 

12

 
                 

     Total shareholders' equity 

   

10,422,957

 

9,428,688

 

11

 
                 

  Total liabilities and shareholders' equity

 

$

82,811,957

 

79,186,887

 

5

%

                 
                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $226.0 million

 

       at March 31, 2013 and $331.3 million at March 31, 2012.

           

 

 

M&T BANK CORPORATION

                               

Condensed Consolidated Balance Sheet, Five Quarter Trend

                           
         
     

March 31,

 

December 31,