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M&T Bank Corporation Announces 2013 Fourth Quarter And Full-Year Profits
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., Jan. 17, 2014 -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for 2013.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the fourth quarter of 2013 were $1.74, compared with $2.16 in the year-earlier quarter and $2.11 in the third quarter of 2013.  GAAP-basis net income in the recent quarter totaled $246 million, compared with $296 million and $294 million in the fourth quarter of 2012 and the third quarter of 2013, respectively.  Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income for the recent quarter was 1.14% and 8.93%, respectively, compared with 1.45% and 12.10%, respectively, in the year-earlier quarter and 1.39% and 11.06%, respectively, in the third quarter of 2013.

For the full year of 2013, diluted earnings per common share were $8.38, up 11% from $7.54 for 2012.  Net income rose to $1.16 billion in 2013 from $1.03 billion in 2012.  Expressed as a rate of return on average assets and average common shareholders' equity, net income in 2013 was 1.39% and 11.18%, respectively, compared with 1.29% and 10.96%, respectively, in 2012.  

Reflecting on M&T's performance in 2013, Rene F. Jones, Executive Vice President and Chief Financial Officer, commented, "While expenses were elevated by investments in our infrastructure during 2013, M&T achieved a net operating return on average tangible common shareholders' equity of 18.17% for the full year.  Our core capital position strengthened, as the Tier 1 common ratio grew to 9.25% at the 2013 year-end, up 17 basis points from September 30 and 168 basis points higher than at December 31, 2012.  We are also pleased with the continued improvement in credit quality.  M&T's liquidity and risk profile was enhanced during the year through several actions, including replacing less liquid investment securities with Ginnie Mae securities and the securitization of loans held in the loan portfolio.  During the final two quarters of 2013 we invested heavily in several key areas, including risk management, capital planning and stress testing, regulatory compliance, and other operational and technology initiatives.  Those investments will better position M&T for the future."

Supplemental Reporting of Non-GAAP Results of Operations.  M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and expenses and gains associated with merging acquired operations into M&T, since such amounts are considered by management to be "nonoperating" in nature.  Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results.  Reconciliations of GAAP to non-GAAP measures are provided in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $1.79 in the recent quarter, compared with $2.23 in the year-earlier period and $2.16 in the third quarter of 2013.  Net operating income for the fourth quarter of 2013 was $252 million, compared with $305 million and $301 million in the final quarter of 2012 and the third quarter of 2013, respectively.  For the three months ended December 31, 2013, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.22% and 14.12%, respectively, compared with 1.56% and 20.46% in the corresponding 2012 period and 1.48% and 17.64%, respectively, in the third quarter of 2013.

For the year ended December 31, 2013, diluted net operating earnings per common share increased 10% to $8.66 from $7.88 in 2012.  Net operating income for 2013 and 2012 totaled $1.20 billion and $1.07 billion, respectively.  Net operating income in 2013 expressed as a rate of return on average tangible assets and average tangible common shareholders' equity was 1.50% and 18.17%, respectively, compared with 1.40% and 19.42%, respectively, in 2012.

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest income aggregated $673 million in the fourth quarter of 2013, compared with $679 million in the immediately preceding quarter.  That decline resulted from a five basis point narrowing of the net interest margin to 3.56% in the recent quarter from 3.61% in 2013's third quarter, partially offset by an increase in average earning assets.  Taxable-equivalent net interest income in the recent quarter was little changed from the $674 million earned in the fourth quarter of 2012.  For the year ended December 31, 2013, net interest income on a taxable-equivalent basis rose 3% to $2.70 billion from $2.62 billion in 2012 as a result of a $3.7 billion or 5% increase in average earning assets, partially offset by an eight basis point narrowing of the net interest margin to 3.65% in 2013 from 3.73% in 2012.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $42 million during the fourth quarter of 2013, down from $49 million in the year-earlier quarter and $48 million in the third quarter of 2013.  The provision was equal to net charge-offs in the third and fourth quarters of 2013, and exceeded net charge-offs by $5 million in the fourth quarter of 2012.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .26% and .27% in the final quarter of 2013 and 2012, respectively, and .29% in 2013's third quarter.  The provision for credit losses declined 9% to $185 million for the year ended December 31, 2013 from $204 million in 2012.  Net loan charge-offs for 2013 totaled $183 million, or .28% of average loans outstanding, improved from $186 million, or .30% of average loans in 2012.

Loans classified as nonaccrual declined to $871 million, or 1.36% of total loans at December 31, 2013, from $1.01 billion or 1.52% a year earlier and $916 million or 1.44% at September 30, 2013.  Assets taken in foreclosure of defaulted loans were $67 million at December 31, 2013, down from $104 million and $89 million at December 31, 2012 and September 30, 2013, respectively.  

Allowance for Credit Losses.  M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the adequacy of the allowance for credit losses.  As a result of those analyses, the allowance totaled $917 million at December 31, 2013, compared with $926 million a year earlier and $916 million at September 30, 2013.  The allowance expressed as a percentage of outstanding loans was 1.43% at the recent quarter-end, compared with 1.39% at December 31, 2012 and 1.44% at September 30, 2013.  

Noninterest Income and Expense.  Noninterest income aggregated $446 million in the recently completed quarter, compared with $453 million and $477 million in the final quarter of 2012 and the third quarter of 2013, respectively.  Reflected in noninterest income in the third quarter of 2013 were gains from loan securitization activities of $56 million.  Net losses from investment securities of $14 million were reflected in noninterest income in the fourth quarter of 2012, due to other-than-temporary impairment charges.  There were no similar gains or losses in 2013's final quarter. 

Excluding gains from securitization activities and losses from investment securities, noninterest income was $446 million in the recent quarter, compared with $468 million in the year-earlier quarter and $421 million in the third quarter of 2013.  As compared with the immediately preceding quarter, the recent quarter's improvement resulted largely from higher mortgage banking revenues, primarily related to increased servicing activities.  The decline in noninterest income as compared with the final 2012 quarter was predominantly due to lower mortgage banking revenues, partially offset by higher trust income.    

Noninterest income aggregated $1.87 billion and $1.67 billion during the years ended December 31, 2013 and 2012, respectively.  That rise was primarily the result of net gains on investment securities and gains on securitization activities, which aggregated $110 million in 2013, compared with net losses on investment securities of $48 million in 2012, supplemented by higher trust income in 2013.

Noninterest expense in the fourth quarter of 2013 totaled $703 million, up from $626 million in the year-earlier quarter and $659 million in 2013'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.  Exclusive of those expenses, noninterest operating expenses were $693 million in the recent quarter, up from $612 million and $648 million in the fourth quarter of 2012 and the third quarter of 2013, respectively.  The higher noninterest operating expenses in the recent quarter reflect increased costs for professional services largely associated with investments in M&T's infrastructure related to BSA/AML compliance, capital planning and stress testing, risk management, and operational and technology initiatives.  Those increases amounted to approximately $40 million when compared to the immediately preceding quarter and $50 million in comparison to the fourth quarter of 2012.  The higher level of expenses in the recent quarter as compared with the year-earlier quarter also reflects salaries associated with M&T's expanded residential mortgage loan sub-servicing activities.

For the year ended December 31, 2013, noninterest expense aggregated $2.60 billion, compared with $2.51 billion in the previous year.  Noninterest operating expenses were $2.54 billion in 2013 and $2.44 billion in 2012.  That increase was largely attributable to higher costs for professional services and salaries, partially offset by lower 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), measures the relationship of operating expenses to revenues.  M&T's efficiency ratio was 61.9% in the recent quarter, compared with 53.6% in the year-earlier quarter and 56.0% in the third quarter of 2013.  The efficiency ratio for the full year of 2013 was unchanged from 2012 at 56.2%.   

Balance Sheet.  M&T had total assets of $85.1 billion at December 31, 2013, up from $83.0 billion a year earlier.  Loans and leases, net of unearned discount, totaled $64.1 billion at the 2013 year-end, compared with $66.6 billion at December 31, 2012.  After considering the impact of the loan securitization transactions during 2013 and a $919 million decline in loans held for sale, M&T experienced growth in its loan portfolio from December 31, 2012 to the 2013 year-end.  Total deposits were $67.1 billion at the recent year-end, $1.5 billion higher than $65.6 billion at December 31, 2012. 

Total shareholders' equity rose $1.1 billion or 11% to $11.3 billion at December 31, 2013 from $10.2 billion a year earlier, representing 13.31% and 12.29%, respectively, of total assets.  Common shareholders' equity was $10.4 billion, or $80.00 per share, at December 31, 2013, compared with $9.3 billion, or $72.73 per share, at December 31, 2012.  Tangible equity per common share rose 18% to $52.64 at December 31, 2013 from $44.61 a year earlier.  Common shareholders' equity per share and tangible equity per share were $77.81 and $50.32, respectively, at September 30, 2013.  In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances.  M&T's tangible common equity to tangible assets ratio was 8.42% at December 31, 2013, compared with 7.20% and 8.11% at December 31, 2012 and September 30, 2013, respectively. M&T's estimated Tier 1 common ratio, a regulatory capital measure, rose to 9.25% at December 31, 2013 from 7.57% and 9.08% at December 31, 2012 and September 30, 2013, respectively.  M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under the new capital rules approved in July 2013 on a fully phased-in basis was approximately 9.01% as of December 31, 2013.

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 #31841565.  The conference call will be webcast live on M&T's website at http://ir.mandtbank.com/events.cfm.  A replay of the call will  be available until January 20, 2014 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #31841565.  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

         

Year ended

     
 

Amounts in thousands,

   

December 31

         

December 31

     
 

 except per share

   

2013

 

2012

 

Change

     

2013

 

2012

 

Change

 
                                   
 

Performance

                               
                                   
 

Net income 

 

$

245,722

 

296,193

 

-17

%

 

$

1,162,780

 

1,029,498

 

13

%

 

Net income available to common shareholders 

   

227,449

 

276,605

 

-18

%

   

1,086,481

 

953,429

 

14

%

                                   
 

Per common share:

                               
 

  Basic earnings 

 

$

1.76

 

2.18

 

-19

%

 

$

8.44

 

7.57

 

11

%

 

  Diluted earnings 

   

1.74

 

2.16

 

-19

%

   

8.38

 

7.54

 

11

%

 

  Cash dividends 

 

$

.70

 

.70

 

-

   

$

2.80

 

2.80

 

-

 
                                   
 

Common shares outstanding:

                               
 

  Average - diluted (1) 

   

130,464

 

127,800

 

2

%

   

129,603

 

126,405

 

3

%

 

  Period end (2) 

   

130,564

 

128,234

 

2

%

   

130,564

 

128,234

 

2

%

                                   
 

Return on (annualized):

                               
 

  Average total assets 

   

1.14

%

1.45

%

       

1.39

%

1.29

%

   
 

  Average common shareholders' equity 

   

8.93

%

12.10

%

       

11.18

%

10.96

%

   
                                   
 

Taxable-equivalent net interest income 

 

$

672,683

 

673,929

 

-

   

$

2,698,200

 

2,624,907

 

3

%

                                   
 

Yield on average earning assets 

   

3.92

%

4.17

%

       

4.03

%

4.22

%

   
 

Cost of interest-bearing liabilities 

   

.56

%

.67

%

       

.60

%

.74

%

   
 

Net interest spread 

   

3.36

%

3.50

%

       

3.43

%

3.48

%

   
 

Contribution of interest-free funds 

   

.20

%

.24

%

       

.22

%

.25

%

   
 

Net interest margin 

   

3.56

%

3.74

%

       

3.65

%

3.73

%

   
                                   
 

Net charge-offs to average total 

                               
 

  net loans (annualized) 

   

.26

%

.27

%

       

.28

%

.30

%

   
                                   
 

Net operating results (3)

                               
                                   
 

Net operating income 

 

$

252,097

 

304,657

 

-17

%

 

$

1,198,935

 

1,072,510

 

12

%

 

Diluted net operating earnings per common share

   

1.79

 

2.23

 

-20

%

   

8.66

 

7.88

 

10

%

 

Return on (annualized):

                               
 

  Average tangible assets 

   

1.22

%

1.56

%

       

1.50

%

1.40

%

   
 

  Average tangible common equity 

   

14.12

%

20.46

%

       

18.17

%

19.42

%

   
 

Efficiency ratio 

   

61.90

%

53.63

%

       

56.16

%

56.19

%

   
                                   
                                   
                                   
       

At December 31

                     
 

Loan quality

   

2013

 

2012

 

Change

                 
                                   
 

Nonaccrual loans 

 

$

871,280

 

1,013,176

 

-14

%

               
 

Real estate and other foreclosed assets 

   

66,875

 

104,279

 

-36

%

               
 

  Total nonperforming assets 

 

$

938,155

 

1,117,455

 

-16

%

               
                                   
 

Accruing loans past due 90 days or more (4) 

 

$

368,510

 

358,397

 

3

%

               
                                   
 

Government guaranteed loans included in totals

                               
 

  above:

                               
 

  Nonaccrual loans 

 

$

63,647

 

57,420

 

11

%

               
 

  Accruing loans past due 90 days or more 

   

297,918

 

316,403

 

-6

%

               
                                   
 

Renegotiated loans 

 

$

257,092

 

271,971

 

-5

%

               
                                   
 

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

$

129,782

 

166,554

 

-22

%

               
                                   
 

Purchased impaired loans (6):

                               
 

  Outstanding customer balance 

 

$

579,975

 

828,571

 

-30

%

               
 

  Carrying amount 

   

330,792

 

447,114

 

-26

%

               
                                   
 

Nonaccrual loans to total net loans 

   

1.36

%

1.52

%

                   
                                   
 

Allowance for credit losses to total loans 

   

1.43

%

1.39

%

                   
                                   
                                   
 

(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,

   

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

   

 except per share

   

2013

 

2013

 

2013

 

2013

 

2012

   
                                       

Performance

                                     
                                       

Net income

 

$

245,722

   

294,479

   

348,466

   

274,113

   

296,193

     

Net income available to common shareholders 

   

227,449

   

275,356

   

328,557

   

255,096

   

276,605

     
                                       

Per common share:

                                   

  Basic earnings 

 

$

1.76

   

2.13

   

2.56

   

2.00

   

2.18

     

  Diluted earnings 

   

1.74

   

2.11

   

2.55

   

1.98

   

2.16

     

  Cash dividends 

 

$

.70

   

.70

   

.70

   

.70

   

.70

     
                                       

Common shares outstanding:

                                   

  Average - diluted (1) 

   

130,464

   

130,265

   

129,017

   

128,636

   

127,800

     

  Period end (2)

   

130,564

   

130,241

   

129,464

   

128,999

   

128,234

     
                                       

Return on (annualized):

                                   

  Average total assets 

   

1.14

%

 

1.39

%

 

1.68

%

 

1.36

%

 

1.45

%

   

  Average common shareholders' equity 

   

8.93

%

 

11.06

%

 

13.78

%

 

11.10

%

 

12.10

%

   
                                       

Taxable-equivalent net interest income 

 

$

672,683

   

679,213

   

683,804

   

662,500

   

673,929

     
                                       

Yield on average earning assets 

   

3.92

%

 

3.98

%

 

4.10

%

 

4.13

%

 

4.17

%

   

Cost of interest-bearing liabilities 

   

.56

%

 

.58

%

 

.62

%

 

.64

%

 

.67

%

   

Net interest spread 

   

3.36

%

 

3.40

%

 

3.48

%

 

3.49

%

 

3.50

%

   

Contribution of interest-free funds 

   

.20

%

 

.21

%

 

.23

%

 

.22

%

 

.24

%

   

Net interest margin 

   

3.56

%

 

3.61

%

 

3.71

%

 

3.71

%

 

3.74

%

   
                                       

Net charge-offs to average total 

                                   

  net loans (annualized) 

   

.26

%

 

.29

%

 

.35

%

 

.23

%

 

.27

%

   
                                       

Net operating results (3)

                                   
                                       

Net operating income 

 

$

252,097

   

300,968

   

360,734

   

285,136

   

304,657

     

Diluted net operating earnings per common share 

   

1.79

   

2.16

   

2.65

   

2.06

   

2.23

     

Return on (annualized):

                                   

  Average tangible assets 

   

1.22

%

 

1.48

%

 

1.81

%

 

1.48

%

 

1.56

%

   

  Average tangible common equity 

   

14.12

%

 

17.64

%

 

22.72

%

 

18.71

%

 

20.46

%

   

Efficiency ratio 

   

61.90

%

 

56.03

%

 

50.92

%

 

55.88

%

 

53.63

%

   
                                       
                                       
                                       
               
       

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

   

Loan quality

   

2013

 

2013

 

2013

 

2013

 

2012

   
                                       

Nonaccrual loans 

 

$

871,280

   

915,871

   

964,906

   

1,052,794

   

1,013,176

     

Real estate and other foreclosed assets 

   

66,875

   

89,203

   

82,088

   

95,680

   

104,279

     

  Total nonperforming assets 

 

$

938,155

   

1,005,074

   

1,046,994

   

1,148,474

   

1,117,455

     
                                       

Accruing loans past due 90 days or more (4) 

 

$

368,510

   

339,792

   

340,467

   

331,283

   

358,397

     
                                       

Government guaranteed loans included in totals

                                   

  above:

                                   

  Nonaccrual loans 

 

$

63,647

   

68,519

   

69,508

   

63,385

   

57,420

     

  Accruing loans past due 90 days or more 

   

297,918

   

320,732

   

315,281

   

311,579

   

316,403

     
                                       

Renegotiated loans 

 

$

257,092

   

259,301

   

263,351

   

272,285

   

271,971

     
                                       

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

 

$

129,782

   

153,585

   

155,686

   

157,068

   

166,554

     
                                       

Purchased impaired loans (6):

                                   

  Outstanding customer balance 

 

$

579,975

   

648,118

   

725,196

   

790,048

   

828,571

     

  Carrying amount 

   

330,792

   

357,337

   

394,697

   

425,232

   

447,114

     
                                       

Nonaccrual loans to total net loans 

   

1.36

%

 

1.44

%

 

1.46

%

 

1.60

%

 

1.52

%

   
                                       

Allowance for credit losses to total loans 

   

1.43

%

 

1.44

%

 

1.41

%

 

1.41

%

 

1.39

%

   
                                       
                                       

(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

         

Year ended

     
   

December 31

         

December 31

     

Dollars in thousands

 

2013

 

2012

 

Change

     

2013

 

2012

 

Change

 
                               

Interest income 

$

734,466

 

745,353

 

-1

%

 

$

2,957,334

 

2,941,685

 

1

%

Interest expense 

 

67,982

 

77,931

 

-13

     

284,105

 

343,169

 

-17

 
                               

Net interest income 

 

666,484

 

667,422

 

-

     

2,673,229

 

2,598,516

 

3

 
                               

Provision for credit losses 

 

42,000

 

49,000

 

-14

     

185,000

 

204,000

 

-9

 
                               

Net interest income after

                             

   provision for credit losses 

 

624,484

 

618,422

 

1

     

2,488,229

 

2,394,516

 

4

 
                               

Other income

                             

     Mortgage banking revenues 

 

82,169

 

116,546

 

-29

     

331,265

 

349,064

 

-5

 

     Service charges on deposit accounts 

 

110,436

 

112,364

 

-2

     

446,941

 

446,698

 

-

 

     Trust income 

 

125,876

 

116,915

 

8

     

496,008

 

471,852

 

5

 

     Brokerage services income 

 

15,807

 

14,872

 

6

     

65,647

 

59,059

 

11

 

     Trading account and foreign exchange gains 

 

13,690

 

10,356

 

32

     

40,828

 

35,634

 

15

 

     Gain on bank investment securities 

 

-

 

-

 

-

     

56,457

 

9

 

-

 

     Other-than-temporary impairment losses 

                             

        recognized in earnings 

 

-

 

(14,491)

 

-

     

(9,800)

 

(47,822)

 

-

 

     Equity in earnings of Bayview Lending Group LLC 

 

(6,136)

 

(4,941)

 

-

     

(16,126)

 

(21,511)

 

-

 

     Other revenues from operations 

 

104,404

 

101,543

 

3

     

453,985

 

374,287

 

21

 

          Total other income 

 

446,246

 

453,164

 

-2

     

1,865,205

 

1,667,270

 

12

 
                               

Other expense

                             

     Salaries and employee benefits 

 

336,159

 

323,010

 

4

     

1,355,178

 

1,314,540

 

3

 

     Equipment and net occupancy 

 

68,670

 

62,884

 

9

     

264,327

 

257,551

 

3

 

     Printing, postage and supplies 

 

8,808

 

10,417

 

-15

     

39,557

 

41,929

 

-6

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

10,439

 

13,865

 

-25

     

46,912

 

60,631

 

-23

 

     FDIC assessments 

 

17,574

 

23,398

 

-25

     

69,584

 

101,110

 

-31

 

     Other costs of operations  

 

261,422

 

192,572

 

36

     

820,327

 

733,499

 

12

 

          Total other expense 

 

703,072

 

626,146

 

12

     

2,595,885

 

2,509,260

 

3

 
                               

Income before income taxes 

 

367,658

 

445,440

 

-17

     

1,757,549

 

1,552,526

 

13

 
                               

Applicable income taxes 

 

121,936

 

149,247

 

-18

     

594,769

 

523,028

 

14

 
                               

Net income 

$

245,722

 

296,193

 

-17

%

 

$

1,162,780

 

1,029,498

 

13

%

                               

 

 

 

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

 

2013

 

2013

 

2013

 

2013

 

2012

                               

Interest income 

$

734,466

   

742,686

   

750,207

   

729,975

   

745,353

 

Interest expense 

 

67,982

   

69,578

   

72,620

   

73,925

   

77,931

 
                               

Net interest income 

 

666,484

   

673,108

   

677,587

   

656,050

   

667,422

 
                               

Provision for credit losses 

 

42,000

   

48,000

   

57,000

   

38,000

   

49,000

 
                               

Net interest income after

                             

   provision for credit losses 

 

624,484

   

625,108

   

620,587

   

618,050

   

618,422

 
                               

Other income

                             

     Mortgage banking revenues 

 

82,169

   

64,731

   

91,262

   

93,103

   

116,546

 

     Service charges on deposit accounts 

 

110,436

   

113,839

   

111,717

   

110,949

   

112,364

 

     Trust income 

 

125,876

   

123,801

   

124,728

   

121,603

   

116,915

 

     Brokerage services income 

 

15,807

   

16,871

   

17,258

   

15,711

   

14,872

 

     Trading account and foreign exchange gains 

 

13,690

   

8,987

   

9,224

   

8,927

   

10,356

 

     Gain on bank investment securities 

 

-

   

-

   

56,457

   

-

   

-

 

     Other-than-temporary impairment losses 

                             

        recognized in earnings 

 

-

   

-

   

-

   

(9,800)

   

(14,491)

 

     Equity in earnings of Bayview Lending Group LLC 

 

(6,136)

   

(3,881)

   

(2,453)

   

(3,656)

   

(4,941)

 

     Other revenues from operations 

 

104,404

   

153,040

   

100,496

   

96,045

   

101,543

 

          Total other income 

 

446,246

   

477,388

   

508,689

   

432,882

   

453,164

 
                               

Other expense

                             

     Salaries and employee benefits 

 

336,159

   

339,332

   

323,136

   

356,551

   

323,010

 

     Equipment and net occupancy 

 

68,670

   

66,220

   

64,278

   

65,159

   

62,884

 

     Printing, postage and supplies 

 

8,808

   

9,752

   

10,298

   

10,699

   

10,417

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

10,439

   

10,628

   

12,502

   

13,343

   

13,865

 

     FDIC assessments 

 

17,574

   

14,877

   

17,695

   

19,438

   

23,398

 

     Other costs of operations  

 

261,422

   

217,817

   

170,682

   

170,406

   

192,572

 

          Total other expense 

 

703,072

   

658,626

   

598,591

   

635,596

   

626,146

 
                               

Income before income taxes 

 

367,658

   

443,870

   

530,685

   

415,336

   

445,440

 
                               

Applicable income taxes 

 

121,936

   

149,391

   

182,219

   

141,223

   

149,247

 
                               

Net income 

$

245,722

   

294,479

   

348,466

   

274,113

   

296,193

 
                               

 

 

 

M&T BANK CORPORATION

           

Condensed Consolidated Balance Sheet

           
                 
     

December 31

     

Dollars in thousands

   

2013

 

2012

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks 

 

$

1,573,361

 

1,983,615

 

-21

%

                 

Interest-bearing deposits at banks 

   

1,651,138

 

129,945

 

-

 
                 

Federal funds sold and agreements

               

  to resell securities 

   

99,573

 

3,000

 

-

 
                 

Trading account assets 

   

376,131

 

488,966

 

-23

 
                 

Investment securities 

   

8,796,497

 

6,074,361

 

45

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc. 

   

18,705,216

 

17,776,953

 

5

 

   Real estate - commercial 

   

26,148,208

 

25,993,790

 

1

 

   Real estate - consumer 

   

8,928,221

 

11,240,837

 

-21

 

   Consumer 

   

10,291,514

 

11,559,377

 

-11

 

     Total loans and leases, net of unearned discount 

   

64,073,159

 

66,570,957

 

-4

 

        Less: allowance for credit losses 

   

916,676

 

925,860

 

-1

 
                 

  Net loans and leases 

   

63,156,483

 

65,645,097

 

-4

 
                 

Goodwill 

   

3,524,625

 

3,524,625

 

-

 
                 

Core deposit and other intangible assets 

   

68,851

 

115,763

 

-41

 
                 

Other assets 

   

5,900,032

 

5,043,431

 

17

 
                 

  Total assets 

 

$

85,146,691

 

83,008,803

 

3

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits 

 

$

24,661,007

 

24,240,802

 

2

%

                 

Interest-bearing deposits 

   

42,134,859

 

40,325,932

 

4

 
                 

Deposits at Cayman Islands office 

   

322,746

 

1,044,519

 

-69

 
                 

  Total deposits 

   

67,118,612

 

65,611,253

 

2

 
                 

Short-term borrowings 

   

260,455

 

1,074,482

 

-76

 
                 

Accrued interest and other liabilities 

   

1,328,922

 

1,512,717

 

-12

 
                 

Long-term borrowings 

   

5,108,870

 

4,607,758

 

11

 
                 

  Total liabilities 

   

73,816,859

 

72,806,210

 

1

 
                 

Shareholders' equity:

               
                 

   Preferred 

   

881,500

 

872,500

 

1

 

   Common (1)  

   

10,448,332

 

9,330,093

 

12

 
                 

     Total shareholders' equity 

   

11,329,832

 

10,202,593

 

11

 
                 

  Total liabilities and shareholders' equity 

 

$

85,146,691

 

83,008,803

 

3

%

                 
                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $64.2 million

 

       at December 31, 2013 and $240.3 million at December 31, 2012.

 
                 

 

 

 

M&T BANK CORPORATION

                         

Condensed Consolidated Balance Sheet, Five Quarter Trend

                         
         
     

December 31,

 

September 30,

   

June 30,

   

March 31,

   

December 31,

 

Dollars in thousands

   

2013

 

2013

   

2013

   

2013

   

2012

 
                                 

ASSETS

                               
                                 

Cash and due from banks 

 

$

1,573,361

   

1,941,944

   

1,350,015

   

1,231,091

   

1,983,615

 
                                 

Interest-bearing deposits at banks 

   

1,651,138

   

1,925,811

   

2,555,354

   

1,304,770

   

129,945

 
                                 

Federal funds sold and agreements

                               

  to resell securities 

   

99,573

   

117,809

   

124,487

   

594,976

   

3,000

 
                                 

Trading account assets 

   

376,131

   

371,370

   

378,235

   

420,144

   

488,966

 
                                 

Investment securities 

   

8,796,497

   

8,309,773

   

5,210,526

   

5,660,831

   

6,074,361

 
                                 

Loans and leases:

                               
                                 

   Commercial, financial, etc. 

   

18,705,216

   

17,911,149

   

18,021,812

   

17,469,138

   

17,776,953

 

   Real estate - commercial 

   

26,148,208

   

26,345,267

   

26,116,394

   

25,944,819

   

25,993,790

 

   Real estate - consumer 

   

8,928,221

   

9,228,003

   

10,399,749

   

11,094,577

   

11,240,837

 

   Consumer 

   

10,291,514

   

10,174,623

   

11,433,911

   

11,415,733

   

11,559,377

 

     Total loans and leases, net of unearned discount 

 

64,073,159

   

63,659,042

   

65,971,866

   

65,924,267

   

66,570,957

 

        Less: allowance for credit losses 

   

916,676

   

916,370

   

927,065

   

927,117

   

925,860

 
                                 

  Net loans and leases 

   

63,156,483

   

62,742,672

   

65,044,801

   

64,997,150

   

65,645,097

 
                                 

Goodwill 

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

 
                                 

Core deposit and other intangible assets 

   

68,851

   

79,290

   

89,918

   

102,420

   

115,763

 
                                 

Other assets 

   

5,900,032

   

5,414,191

   

4,951,044

   

4,975,950

   

5,043,431

 
                                 

  Total assets 

 

$

85,146,691

   

84,427,485

   

83,229,005

   

82,811,957

   

83,008,803

 
                                 
                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits 

 

$

24,661,007

   

24,150,771

   

24,074,815

   

23,603,971

   

24,240,802

 
                                 

Interest-bearing deposits 

   

42,134,859

   

42,084,860

   

41,302,212

   

41,219,679

   

40,325,932

 
                                 

Deposits at Cayman Islands office 

   

322,746

   

316,510

   

284,443

   

266,076

   

1,044,519

 
                                 

  Total deposits 

   

67,118,612

   

66,552,141

   

65,661,470

   

65,089,726

   

65,611,253

 
                                 

Short-term borrowings

   

260,455

   

246,019

   

307,740

   

374,593

   

1,074,482

 
                                 

Accrued interest and other liabilities 

   

1,328,922

   

1,491,797

   

1,421,067

   

1,530,118

   

1,512,717

 
                                 

Long-term borrowings 

   

5,108,870

   

5,121,326

   

5,122,398

   

5,394,563

   

4,607,758

 
                                 

  Total liabilities 

   

73,816,859

   

73,411,283

   

72,512,675

   

72,389,000

   

72,806,210

 
                                 

Shareholders' equity:

                               
                                 

   Preferred 

   

881,500

   

879,010

   

876,796

   

874,627

   

872,500

 

   Common (1) 

   

10,448,332

   

10,137,192

   

9,839,534

   

9,548,330

   

9,330,093

 
                                 

     Total shareholders' equity 

   

11,329,832

   

11,016,202

   

10,716,330

   

10,422,957

   

10,202,593

 
                                 

  Total liabilities and shareholders' equity 

 

$

85,146,691

   

84,427,485

   

83,229,005

   

82,811,957

   

83,008,803

 
                                 
                                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $64.2 million at December 31, 2013, $198.1 million at September 30, 2013, $227.8 million at June 30, 2013, $226.0 million at March 31, 2013 and $240.3 million at December 31, 2012.

 
 
                                 

 

 

 

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, 2013 from

   

 

December 31,

     

Dollars in millions

   

2013

 

2012

 

2013

 

December 31,

 

September 30,

   

2013

 

2012

 

Change in

     

Balance

 

Rate

 

Balance

 

Rate

 

Balance

 

Rate

 

2012

 

2013

   

Balance

 

Rate

 

Balance 

 

Rate

 

balance

 

ASSETS

                                                             
                                                               

Interest-bearing deposits at banks 

 

$

2,948

 

.25

%

273

 

.15

%

2,646

 

.25

%

982

%

 

11

%

 

$

2,139

 

.24

%

528

 

.23

%

305

%

                                                               

Federal funds sold and agreements

                                                             

  to resell securities 

   

115

 

.07

 

3

 

.57

 

117

 

.08

 

-

   

-2

     

128

 

.09

 

4

 

.55

 

-

 
                                                               

Trading account assets 

   

82

 

1.36

 

97

 

1.45

 

67

 

1.27

 

-15

   

23

     

78

 

1.91

 

96

 

1.45

 

-19

 
                                                               

Investment securities 

   

8,354

 

3.32

 

6,295

 

3.31

 

6,979

 

3.31

 

33

   

20

     

6,615

 

3.32

 

6,969

 

3.44

 

-5

 
                                                               

Loans and leases, net of unearned discount

                                                             

  Commercial, financial, etc. 

   

18,096

 

3.41

 

16,995

 

3.68

 

17,798

 

3.50

 

6

   

2

     

17,736

 

3.54

 

16,336

 

3.71

 

9

 

  Real estate - commercial

   

26,231

 

4.48

 

25,332

 

4.50

 

26,129

 

4.51

 

4

   

-

     

26,083

 

4.53

 

24,907

 

4.50

 

5

 

  Real estate - consumer 

   

8,990

 

4.20

 

11,087

 

4.10

 

9,636

 

4.17

 

-19

   

-7

     

10,136

 

4.12

 

9,727

 

4.33

 

4

 

  Consumer 

   

10,233

 

4.60

 

11,597

 

4.69

 

11,295

 

4.57

 

-12

   

-9

     

11,098

 

4.60

 

11,732

 

4.77

 

-5

 

     Total loans and leases, net 

   

63,550

 

4.17

 

65,011

 

4.28

 

64,858

 

4.21

 

-2

   

-2

     

65,053

 

4.24

 

62,702

 

4.35

 

4

 
                                                               

  Total earning assets 

   

75,049

 

3.92

 

71,679

 

4.17

 

74,667

 

3.98

 

5

   

1

     

74,013

 

4.03

 

70,299

 

4.22

 

5

 
                                                               

Goodwill 

   

3,525

     

3,525

     

3,525

     

-

   

-

     

3,525

     

3,525

     

-

 
                                                               

Core deposit and other intangible assets 

   

74

     

122

     

84

     

-40

   

-13

     

90

     

144

     

-37

 
                                                               

Other assets 

   

6,682

     

6,040

     

5,735

     

11

   

17

     

6,034

     

6,015

     

-

 
                                                               

  Total assets 

 

$

85,330

     

81,366

     

84,011

     

5

%

 

2

%

 

$

83,662

     

79,983

     

5

%

                                                               
                                                               
                                                               

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                         
                                                               

Interest-bearing deposits

                                                             

  NOW accounts 

 

$

933

 

.13

 

881

 

.14

 

924

 

.14

 

6

%

 

1

%

 

$

923

 

.14

 

856

 

.16

 

8

%

  Savings deposits 

   

38,079

 

.14

 

34,587

 

.19

 

36,990

 

.15

 

10

   

3

     

36,739

 

.15

 

33,398

 

.20

 

10

 

  Time deposits 

   

3,617

 

.51

 

4,727

 

.79

 

3,928

 

.62

 

-23

   

-8

     

4,045

 

.65

 

5,347

 

.86

 

-24

 

  Deposits at Cayman Islands office 

   

414

 

.21

 

763

 

.18

 

392

 

.22

 

-46

   

6

     

496

 

.21

 

605

 

.19

 

-18

 

     Total interest-bearing deposits 

   

43,043

 

.17

 

40,958

 

.26

 

42,234

 

.19

 

5

   

2

     

42,203

 

.20

 

40,206

 

.29

 

5

 
                                                               

Short-term borrowings 

   

287

 

.06

 

677

 

.16

 

299

 

.08

 

-58

   

-4

     

390

 

.11

 

839

 

.15

 

-54

 

Long-term borrowings 

   

5,009

 

3.91

 

4,510

 

4.52

 

5,010

 

3.89

 

11

   

-

     

4,941

 

4.05

 

5,527

 

4.08

 

-11

 
                                                               

Total interest-bearing liabilities 

   

48,339

 

.56

 

46,145

 

.67

 

47,543

 

.58

 

5

   

2

     

47,534

 

.60

 

46,572

 

.74

 

2

 
                                                               

Noninterest-bearing deposits 

   

24,169

     

23,311

     

23,998

     

4

   

1

     

23,721

     

21,761

     

9

 
                                                               

Other liabilities 

   

1,713

     

1,805

     

1,589

     

-5

   

8

     

1,685

     

1,947

     

-13

 
                                                               

  Total liabilities 

   

74,221

     

71,261

     

73,130

     

4

   

1

     

72,940

     

70,280

     

4

 
                                                               

Shareholders' equity 

   

11,109

     

10,105

     

10,881

     

10

   

2

     

10,722

     

9,703

     

10

 
                                                               

  Total liabilities and shareholders' equity 

 

$

85,330

     

81,366

     

84,011

     

5

%

 

2

%

 

$

83,662

     

79,983

     

5

%

                                                               
                                                               

Net interest spread 

       

3.36

     

3.50

     

3.40

                   

3.43

     

3.48

     

Contribution of interest-free funds 

       

.20

     

.24

     

.21

                   

.22

     

.25

     

Net interest margin 

       

3.56

%

   

3.74

%

   

3.61

%

                 

3.65

%

   

3.73

%

   
                                                               

 

 

 

M&T BANK CORPORATION

                 

Reconciliation of GAAP to Non-GAAP Measures

                 
                         
                         
       

Three months ended

   

Year ended

 
       

December 31

   

December 31

 
       

2013

 

2012

   

2013

 

2012

 

Income statement data

                       

In thousands, except per share

                       

Net income

                       

Net income 

   

$

245,722

 

296,193

 

$

1,162,780

 

1,029,498

 

Amortization of core deposit and other

                     

  intangible assets (1) 

     

6,375

 

8,464

   

28,644

 

37,011

 

Merger-related expenses (1) 

     

-

 

-

   

7,511

 

6,001

 

  Net operating income 

   

$

252,097

 

304,657

 

$

1,198,935

 

1,072,510

 

Earnings per common share

                       

Diluted earnings per common share 

   

$

1.74

 

2.16

 

$

8.38

 

7.54

 

Amortization of core deposit and other

                     

  intangible assets (1) 

     

.05

 

.07

   

.22

 

.29

 

Merger-related expenses (1) 

     

-

 

-

   

.06

 

.05

 

  Diluted net operating earnings per common share 

$

1.79

 

2.23

 

$

8.66

 

7.88

 

Other expense

                       

Other expense 

   

$

703,072

 

626,146

 

$

2,595,885

 

2,509,260

 

Amortization of core deposit and other

                     

  intangible assets 

     

(10,439)

 

(13,865)

   

(46,912)

 

(60,631)

 

Merger-related expenses 

     

-

 

-

   

(12,364)

 

(9,879)

 

  Noninterest operating expense 

   

$

692,633

 

612,281

 

$

2,536,609

 

2,438,750

 

Merger-related expenses

                       

Salaries and employee benefits 

   

$

-

 

-

 

$

836

 

4,997

 

Equipment and net occupancy 

     

-

 

-

   

690

 

15

 

Printing, postage and supplies 

     

-

 

-

   

1,825

 

-

 

Other costs of operations 

     

-

 

-

   

9,013

 

4,867

 

  Total 

   

$

-

 

-

 

$

12,364

 

9,879

 

Efficiency ratio

                       

Noninterest operating expense (numerator) 

$

692,633

 

612,281

 

$

2,536,609

 

2,438,750

 

Taxable-equivalent net interest income 

   

672,683

 

673,929

   

2,698,200

 

2,624,907

 

Other income 

     

446,246

 

453,164

   

1,865,205

 

1,667,270

 

Less:  Gain on bank investment securities 

 

-

 

-

   

56,457

 

9

 

           Net OTTI losses recognized in earnings 

 

-

 

(14,491)

   

(9,800)

 

(47,822)

 

Denominator 

   

$

1,118,929

 

1,141,584

 

$

4,516,748

 

4,339,990

 

Efficiency ratio 

     

61.90

%

53.63

%

 

56.16

%

56.19

%

                         
                         

Balance sheet data

                       

In millions

                       

Average assets

                       

Average assets 

   

$

85,330

 

81,366

 

$

83,662

 

79,983

 

Goodwill 

     

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

   

(74)

 

(122)

   

(90)

 

(144)

 

Deferred taxes 

     

23

 

36

   

27

 

42

 

  Average tangible assets 

   

$

81,754

 

77,755

 

$

80,074

 

76,356

 

Average common equity

                       

Average total equity 

   

$

11,109

 

10,105

 

$

10,722

 

9,703

 

Preferred stock 

     

(881)

 

(872)

   

(878)

 

(869)

 

  Average common equity

     

10,228

 

9,233

   

9,844

 

8,834

 

Goodwill 

     

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

   

(74)

 

(122)

   

(90)

 

(144)

 

Deferred taxes 

     

23

 

36

   

27

 

42

 

  Average tangible common equity 

   

$

6,652

 

5,622

 

$

6,256

 

5,207

 
                         

At end of quarter

                       

Total assets

                       

Total assets 

   

$

85,147

 

83,009

           

Goodwill 

     

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

     

(69)

 

(116)

           

Deferred taxes 

     

21

 

34

           

  Total tangible assets 

   

$

81,574

 

79,402

           

Total common equity

                       

Total equity 

   

$

11,330

 

10,203

           

Preferred stock

     

(882)

 

(873)

           

Undeclared dividends - cumulative preferred stock 

 

(3)

 

(3)

           

  Common equity, net of undeclared cumulative

                   

    preferred dividends 

     

10,445

 

9,327

           

Goodwill 

     

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

   

(69)

 

(116)

           

Deferred taxes 

     

21

 

34

           

  Total tangible common equity 

   

$

6,872

 

5,720

           
                         
                         

(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,

 
       

2013

 

2013

 

2013

 

2013

 

2012

 

Income statement data

                         

In thousands, except per share

                         

Net income

                         

Net income

$

245,722

 

294,479

 

348,466

 

274,113

 

296,193

 

Amortization of core deposit and other

                       

  intangible assets (1)

 

6,375

 

6,489

 

7,632

 

8,148

 

8,464

 

Merger-related expenses (1)

 

-

 

-

 

4,636

 

2,875

 

-

 

  Net operating income

$

252,097

 

300,968

 

360,734

 

285,136

 

304,657

 

Earnings per common share

                         

Diluted earnings per common share

$

1.74

 

2.11

 

2.55

 

1.98

 

2.16

 

Amortization of core deposit and other

                       

  intangible assets (1)

 

.05

 

.05

 

.06

 

.06

 

.07

 

Merger-related expenses (1)

 

-

 

-

 

.04

 

.02

 

-

 

  Diluted net operating earnings per common share

$

1.79

 

2.16

 

2.65

 

2.06

 

2.23

 

Other expense

                         

Other expense

$

703,072

 

658,626

 

598,591

 

635,596

 

626,146

 

Amortization of core deposit and other

                       

  intangible assets

 

(10,439)

 

(10,628)

 

(12,502)

 

(13,343)

 

(13,865)

 

Merger-related expenses

 

-

 

-

 

(7,632)

 

(4,732)

 

-

 

  Noninterest operating expense

$

692,633

 

647,998

 

578,457

 

617,521

 

612,281

 

Merger-related expenses

                         

Salaries and employee benefits

$

-

 

-

 

300

 

536

 

-

 

Equipment and net occupancy

 

-

 

-

 

489

 

201

 

-

 

Printing, postage and supplies

 

-

 

-

 

998

 

827

 

-

 

Other costs of operations

 

-

 

-

 

5,845

 

3,168

 

-

 

  Total

$

-

 

-

 

7,632

 

4,732

 

-

 

Efficiency ratio

                         

Noninterest operating expense (numerator)

$

692,633

 

647,998

 

578,457

 

617,521

 

612,281

 

Taxable-equivalent net interest income

 

672,683

 

679,213

 

683,804

 

662,500

 

673,929

 

Other income

 

446,246

 

477,388

 

508,689

 

432,882

 

453,164

 

Less:  Gain on bank investment securities

 

-

 

-

 

56,457

 

-

 

-

 

           Net OTTI losses recognized in earnings

 

-

 

-

 

-

 

(9,800)

 

(14,491)

 

Denominator

$

1,118,929

 

1,156,601

 

1,136,036

 

1,105,182

 

1,141,584

 

Efficiency ratio

 

61.90

%

56.03

%

50.92

%

55.88

%

53.63

%

                           
                           

Balance sheet data

                         

In millions

                         

Average assets

                         

Average assets

$

85,330

 

84,011

 

83,352

 

81,913

 

81,366

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(74)

 

(84)

 

(95)

 

(109)

 

(122)

 

Deferred taxes

 

23

 

25

 

28

 

32

 

36

 

  Average tangible assets

$

81,754

 

80,427

 

79,760

 

78,311

 

77,755

 

Average common equity

                         

Average total equity

$

11,109

 

10,881

 

10,563

 

10,322

 

10,105

 

Preferred stock

 

(881)

 

(878)

 

(876)

 

(874)

 

(872)

 

  Average common equity

 

10,228

 

10,003

 

9,687

 

9,448

 

9,233

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(74)

 

(84)

 

(95)

 

(109)

 

(122)

 

Deferred taxes

 

23

 

25

 

28

 

32

 

36

 

  Average tangible common equity

$

6,652

 

6,419

 

6,095

 

5,846

 

5,622

 
                           

At end of quarter

                         

Total assets

                         

Total assets

$

85,147

 

84,427

 

83,229

 

82,812

 

83,009

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(69)

 

(79)

 

(90)

 

(102)

 

(116)

 

Deferred taxes

 

21

 

24

 

27

 

30

 

34

 

  Total tangible assets

$

81,574

 

80,847

 

79,641

 

79,215

 

79,402

 

Total common equity

                         

Total equity

$

11,330

 

11,016

 

10,716

 

10,423

 

10,203

 

Preferred stock

(882)

 

(879)

 

(877)

 

(875)

 

(873)

 

Undeclared dividends - cumulative preferred stock

 

(3)

 

(4)

 

(3)

 

(3)

 

(3)

 

  Common equity, net of undeclared cumulative

                     

    preferred dividends

 

10,445

 

10,133

 

9,836

 

9,545

 

9,327

 

Goodwill

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

 

(69)

 

(79)

 

(90)

 

(102)

 

(116)

 

Deferred taxes

 

21

 

24

 

27

 

30

 

34

 

  Total tangible common equity

$

6,872

 

6,553

 

6,248

 

5,948

 

5,720

 
                           
                           

(1) After any related tax effect.