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M&T Bank Corporation Issues Revised 2013 Results Based On Litigation Settlement
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., Feb. 12, 2014 -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported that on February 10, 2014 it reached a settlement in the previously disclosed matter of Mennen, et al v. Mennen, Wilmington Trust Company, et al that was scheduled for a trial to commence yesterday in the Delaware Chancery Court.  Following that settlement, M&T recognized an increase to its reserve for litigation as of December 31, 2013 of $40 million that reduced net income from that which M&T reported on January 17, 2014 by $24 million.  The impact on diluted earnings per common share was $.18 for each of the quarter and the year ended December 31, 2013.

The effect of this increased reserve on M&T's financial information as of and for the three months and full-year ended December 31, 2013 is included in the accompanying tables.

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.

 

 

M&T BANK CORPORATION

Impact on Previously Reported Financial Information

                     
     

Three months ended

   

Year ended

Dollars in thousands,

 

December 31, 2013

   

December 31, 2013

 except per share

 

Initially

 

As

   

Initially

 

As

   

Reported

 

Revised

   

Reported

 

Revised

                   

Other costs of operations 

$

261,422

 

301,422

 

$

820,327

 

860,327

Income before income taxes 

 

367,658

 

327,658

   

1,757,549

 

1,717,549

Applicable income taxes 

 

121,936

 

106,236

   

594,769

 

579,069

Net income  

 

245,722

 

221,422

   

1,162,780

 

1,138,480

Net income available to common shareholders 

 

227,449

 

203,451

   

1,086,481

 

1,062,496

Diluted earnings per common share 

 

1.74

 

1.56

   

8.38

 

8.20

                   
                   
                   
   

At December 31, 2013

         
   

Initially

 

As

         
   

Reported

 

Revised

         
               

Other assets 

$

5,900,032

 

5,915,732

         

Accrued interest and other liabilities 

 

1,328,922

 

1,368,922

         

Total shareholders' equity 

 

11,329,832

 

11,305,532

         

Tangible common equity to tangible assets ratio 

 

8.42

%

8.39

%

       

Estimated Tier 1 common ratio 

 

9.25

%

9.22

%

       

Estimated Common Equity Tier 1 ratio (Basel III) 

 

9.01

%

8.98

%

       

 

 

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 

 

$

221,422

 

296,193

 

-25

%

 

$

1,138,480

 

1,029,498

 

11

%

Net income available to common shareholders 

   

203,451

 

276,605

 

-26

%

   

1,062,496

 

953,429

 

11

%

                                   

Per common share:

                                 

  Basic earnings

 

$

1.57

 

2.18

 

-28

%

 

$

8.26

 

7.57

 

9

%

  Diluted earnings 

   

1.56

 

2.16

 

-28

%

   

8.20

 

7.54

 

9

%

  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 

   

1.03

%

1.45

%

         

1.36

%

1.29

%

   

  Average common shareholders' equity  

   

7.99

%

12.10

%

         

10.93

%

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  

 

$

227,797

 

304,657

 

-25

%

 

$

1,174,635

 

1,072,510

 

10

%

Diluted net operating earnings per common share 

   

1.61

 

2.23

 

-28

%

   

8.48

 

7.88

 

8

%

Return on (annualized):

                                 

  Average tangible assets 

   

1.11

%

1.56

%

         

1.47

%

1.40

%

   

  Average tangible common equity 

   

12.67

%

20.46

%

         

17.79

%

19.42

%

   

Efficiency ratio 

   

65.48

%

53.63

%

         

57.05

%

56.19

%

   
                                   
                                   

(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.

 

 

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 

 

301,422

 

192,572

 

57

     

860,327

 

733,499

 

17

 

          Total other expense 

 

743,072

 

626,146

 

19

     

2,635,885

 

2,509,260

 

5

 
                               

Income before income taxes 

 

327,658

 

445,440

 

-26

     

1,717,549

 

1,552,526

 

11

 
                               

Applicable income taxes 

 

106,236

 

149,247

 

-29

     

579,069

 

523,028

 

11

 
                               

Net income 

$

221,422

 

296,193

 

-25

%

 

$

1,138,480

 

1,029,498

 

11

%

 

 

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 

   

5,915,732

 

5,043,431

 

17

 
                 

  Total assets 

 

$

85,162,391

 

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 

   

1,368,922

 

1,512,717

 

-10

 
                 

Long-term borrowings 

   

5,108,870

 

4,607,758

 

11

 
                 

  Total liabilities 

   

73,856,859

 

72,806,210

 

1

 
                 

Shareholders' equity:

               
                 

   Preferred 

   

881,500

 

872,500

 

1

 

   Common (1) 

   

10,424,032

 

9,330,093

 

12

 
                 

     Total shareholders' equity 

   

11,305,532

 

10,202,593

 

11

 
                 

  Total liabilities and shareholders' equity 

 

$

85,162,391

 

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

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 

$

221,422

 

296,193

 

$

1,138,480

 

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 

$

227,797

 

304,657

 

$

1,174,635

 

1,072,510

 

Earnings per common share

                   

Diluted earnings per common share 

$

1.56

 

2.16

 

$

8.20

 

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

$

1.61

 

2.23

 

$

8.48

 

7.88

 

Other expense

                   

Other expense 

$

743,072

 

626,146

 

$

2,635,885

 

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 

$

732,633

 

612,281

 

$

2,576,609

 

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) 

$

732,633

 

612,281

 

$

2,576,609

 

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 

 

65.48

%

53.63

%

 

57.05

%

56.19

%

                         
                         

Balance sheet data

                   

In millions

                   

At end of quarter

                   

Total assets

                   

Total assets 

$

85,162

 

83,009

           

Goodwill 

 

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

 

(69)

 

(116)

           

Deferred taxes 

 

21

 

34

           

  Total tangible assets 

$

81,589

 

79,402

           

Total common equity

                   

Total equity 

$

11,306

 

10,203

           

Preferred stock 

 

(882)

 

(873)

           

Undeclared dividends - cumulative preferred stock 

 

(3)

 

(3)

           

  Common equity, net of undeclared cumulative

                   

    preferred dividends 

 

10,421

 

9,327

           

Goodwill 

 

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

 

(69)

 

(116)

           

Deferred taxes 

 

21

 

34

           

  Total tangible common equity 

$

6,848

 

5,720

           
                         
                         

(1) After any related tax effect.

 

INVESTOR CONTACT:

Donald J. MacLeod
(716) 842-5138

MEDIA CONTACT:

C. Michael Zabel
(716) 842-5385