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

BUFFALO, N.Y., Oct. 17, 2014 -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2014.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2014 were $1.91, compared with $2.11 in the year-earlier quarter and $1.98 in the second quarter of 2014.  GAAP-basis net income in the recently completed quarter aggregated $275 million, compared with $294 million and $284 million in the third quarter of 2013 and the second quarter of 2014, respectively.  GAAP-basis net income for the third quarter of 2014 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.17% and 9.18%, respectively, compared with 1.39% and 11.06%, respectively, in the year-earlier quarter and 1.27% and 9.79%, respectively, in 2014's second quarter.  Reflected in last year's third quarter profits were after-tax gains of $34 million from loan securitization transactions that added $.26 of diluted earnings per common share to that quarter's results.

Commenting on M&T's financial performance for the recent quarter, Rene F. Jones, Vice Chairman and Chief Financial Officer, noted, "Revenue levels were largely unchanged in comparison with the linked quarter.  Average loans grew modestly and fee income declined slightly from the strong second quarter performance.  Most important was the substantial progress we have made on our key initiatives related to strengthening M&T's BSA/AML, compliance and risk management infrastructure.  That progress led to the continuation of an elevated level of operating expenses, but we firmly believe that our decision to invest in these initiatives is money well-spent.  Significantly, credit quality remained quite strong, as reflected in lower levels of nonperforming loans and net charge-offs when compared with the previous quarter."

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. 

Diluted net operating earnings per common share were $1.94 in the third quarter of 2014, compared with $2.16 and $2.02 in the year-earlier quarter and the second quarter of 2014, respectively.  Net operating income during the recent quarter was $280 million, compared with $301 million in the third quarter of 2013 and $290 million in 2014's second quarter.  Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.24% and 13.80%, respectively, in the recent quarter, compared with 1.48% and 17.64%, respectively, in the third quarter of 2013 and 1.35% and 14.92%, respectively, in the second quarter of 2014. 

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis totaled $675 million in each of the second and third quarters of 2014.  A 17 basis point decline in the net interest margin to 3.23% in the recent quarter was offset by a $3.2 billion increase in average earning assets, including a $1.8 billion rise in average investment securities.  Taxable-equivalent net interest income in the recent quarter was down $4 million from $679 million in the year-earlier period reflecting a 38 basis point decline of the net interest margin from 3.61% in the third quarter of 2013 that was substantially offset by an $8.1 billion rise in average earning assets, including $5.8 billion of investment securities.  In each quarterly comparison, the decline in the net interest margin was attributable to increased lower-yielding balances of investment securities and deposits held at the Federal Reserve Bank of New York combined with continuing downward pressure on yields earned on loans. The growth in investment securities resulted from progress made in response to new regulatory liquidity requirements that were recently finalized and will become effective for M&T in January 2016.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $29 million in the recent quarter, compared with $48 million in the third quarter of 2013 and $30 million in 2014's second quarter. Net charge-offs of loans were $28 million during 2014's third quarter, compared with $48 million and $29 million in the third quarter of 2013 and second quarter of 2014, respectively.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .17% and .29% in the third quarter of 2014 and 2013, respectively, and .18% in the second quarter of 2014.

Loans classified as nonaccrual declined to $848 million, or 1.29% of total loans outstanding at September 30, 2014, improved from $916 million or 1.44% at September 30, 2013 and $880 million or 1.36% at June 30, 2014.  Assets taken in foreclosure of defaulted loans totaled $68 million at September 30, 2014, compared with $89 million and $60 million at September 30, 2013 and June 30, 2014, 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 $919 million or 1.40% of loans outstanding at September 30, 2014, compared with $916 million or 1.44% at September 30, 2013 and $918 million or 1.42% at June 30, 2014. 

Noninterest Income and Expense.  Noninterest income totaled $451 million in the recent quarter, little changed from $456 million in the second quarter of 2014, but down from $477 million in the third quarter of 2013 when $56 million of pre-tax gains from loan securitization transactions were realized.  Excluding those gains, noninterest income in the year-earlier quarter aggregated $421 million. The improvement in the recent quarter as compared with 2013's third quarter, exclusive of the gains from securitizations, resulted predominantly from higher residential mortgage banking revenues associated with loan servicing activities. 

Noninterest expenses in the third quarter of 2014 totaled $679 million, compared with $659 million in the year-earlier quarter and $681 million in the second quarter of 2014.  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 $672 million in each of the two most recent quarters and $648 million in the third quarter of 2013. The higher level of operating expenses in the recent quarter as compared with the year-earlier period was predominantly attributable to increased costs for professional services and salaries associated with BSA/AML activities, compliance, capital planning and stress testing, and risk management initiatives. 

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 59.7% in the recent quarter, 59.4% in the second quarter of 2014 and 56.0% in 2013's third quarter.

Balance Sheet.  M&T had total assets of $97.2 billion at September 30, 2014, up 15% from $84.4 billion a year earlier.  Investment securities were $13.3 billion at the recent quarter-end, up $5.0 billion or 61% from September 30, 2013.  M&T added investment securities during 2013 and 2014 through purchase and loan securitization transactions in order to enhance its liquidity position in response to new regulatory requirements.   Loans and leases, net of unearned discount, totaled $65.6 billion at September 30, 2014, $1.9 billion or 3% above $63.7 billion a year earlier.  Total deposits rose 12% to $74.3 billion at the recent quarter-end from $66.6 billion at September 30, 2013. 

Total shareholders' equity also rose 12% to $12.3 billion at September 30, 2014 from $11.0 billion a year earlier, representing 12.68% and 13.05%, respectively, of total assets.  Common shareholders' equity was $11.1 billion, or $83.99 per share, at September 30, 2014, compared with $10.1 billion, or $77.81 per share, at September 30, 2013.  Tangible equity per common share rose 13% to $57.10 at September 30, 2014 from $50.32 at September 30, 2013.  Common shareholders' equity per share and tangible equity per common share were $82.86 and $55.89, respectively, at June 30, 2014.  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 estimated Tier 1 common ratio, a regulatory capital measure, continued to increase and was 9.77% at September 30, 2014, compared with 9.08% and 9.63% at September 30, 2013 and June 30, 2014, respectively.  M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under the capital rules approved in July 2013 on a fully phased-in basis was approximately 9.52% as of September 30, 2014.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 11:00 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 #15231149.  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 October 20, 2014 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #15231149.  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 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

           

Nine months ended

     

Amounts in thousands,

 

September 30

           

September 30

     

 except per share

 

2014

 

2013

 

Change

       

2014

 

2013

 

Change

 
                                 

Performance

                               
                                 

Net income 

$

275,344

 

294,479

 

-6

%

 

$

788,697

 

917,058

 

-14

%

Net income available to common shareholders 

 

251,917

 

275,356

 

-9

%

   

724,344

 

859,000

 

-16

%

                                 

Per common share:

                               

  Basic earnings 

$

1.92

 

2.13

 

-10

%

 

$

5.54

 

6.69

 

-17

%

  Diluted earnings 

 

1.91

 

2.11

 

-9

%

   

5.50

 

6.64

 

-17

%

  Cash dividends 

$

.70

 

.70

 

-

     

$

2.10

 

2.10

 

-

 
                                 

Common shares outstanding:

                               

  Average - diluted (1) 

 

132,128

 

130,265

 

1

%

   

131,698

 

129,312

 

2

%

  Period end (2) 

 

132,142

 

130,241

 

1

%

   

132,142

 

130,241

 

1

%

                                 

Return on (annualized):

                               

  Average total assets  

 

1.17

%

1.39

%

         

1.17

%

1.48

%

   

  Average common shareholders' equity  

 

9.18

%

11.06

%

         

9.07

%

11.98

%

   
                                 

Taxable-equivalent net interest income 

$

674,900

 

679,213

 

-1

%

 

$

2,012,241

 

2,025,517

 

-1

%

                                 

Yield on average earning assets 

 

3.59

%

3.98

%

         

3.72

%

4.07

%

   

Cost of interest-bearing liabilities 

 

.54

%

.58

%

         

.53

%

.61

%

   

Net interest spread 

 

3.05

%

3.40

%

         

3.19

%

3.46

%

   

Contribution of interest-free funds 

 

.18

%

.21

%

         

.19

%

.22

%

   

Net interest margin 

 

3.23

%

3.61

%

         

3.38

%

3.68

%

   
                                 

Net charge-offs to average total 

                               

  net loans (annualized) 

 

.17

%

.29

%

         

.19

%

.29

%

   
                                 

Net operating results (3)

                               
                                 

Net operating income  

$

279,838

 

300,968

 

-7

%

 

$

804,974

 

946,838

 

-15

%

Diluted net operating earnings per common share 

 

1.94

 

2.16

 

-10

%

   

5.62

 

6.87

 

-18

%

Return on (annualized):

                               

  Average tangible assets 

 

1.24

%

1.48

%

         

1.25

%

1.59

%

   

  Average tangible common equity 

 

13.80

%

17.64

%

         

13.84

%

19.66

%

   

Efficiency ratio 

 

59.67

%

56.03

%

         

60.96

%

54.27

%

   
                                 
                                 
                                 
   

At September 30

                       

Loan quality

 

2014

 

2013

 

Change

                   
                                 

Nonaccrual loans 

$

847,784

 

915,871

 

-7

%

               

Real estate and other foreclosed assets 

 

67,629

 

89,203

 

-24

%

               

  Total nonperforming assets 

$

915,413

 

1,005,074

 

-9

%

               
                                 

Accruing loans past due 90 days or more (4) 

$

312,990

 

339,792

 

-8

%

               
                                 

Government guaranteed loans included in totals

                               

  above:

                               

  Nonaccrual loans 

$

68,586

 

68,519

 

-

%

               

  Accruing loans past due 90 days or more 

 

265,333

 

320,732

 

-17

%

               
                                 

Renegotiated loans 

$

209,099

 

259,301

 

-19

%

               
                                 

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

$

132,147

 

153,585

 

-14

%

               
                                 

Purchased impaired loans (6):

                               

  Outstanding customer balance 

$

429,915

 

648,118

 

-34

%

               

  Carrying amount 

 

236,662

 

357,337

 

-34

%

               
                                 

Nonaccrual loans to total net loans 

 

1.29

%

1.44

%

                     
                                 

Allowance for credit losses to total loans 

 

1.40

%

1.44

%

                     
                                 
                                 

(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 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,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 except per share

 

2014

 

2014

 

2014

 

2013

 

2013

                               

Performance

                             
                               

Net income 

$

275,344

   

284,336

   

229,017

   

221,422

   

294,479

 

Net income available to common shareholders 

 

251,917

   

260,695

   

211,731

   

203,451

   

275,356

 
                               

Per common share:

                             

  Basic earnings 

$

1.92

   

1.99

   

1.63

   

1.57

   

2.13

 

  Diluted earnings 

 

1.91

   

1.98

   

1.61

   

1.56

   

2.11

 

  Cash dividends 

$

.70

   

.70

   

.70

   

.70

   

.70

 
                               

Common shares outstanding:

                             

  Average - diluted (1) 

 

132,128

   

131,828

   

131,126

   

130,464

   

130,265

 

  Period end (2) 

 

132,142

   

131,953

   

131,431

   

130,564

   

130,241

 
                               

Return on (annualized):

                             

  Average total assets 

 

1.17

%

 

1.27

%

 

1.07

%

 

1.03

%

 

1.39

%

  Average common shareholders' equity 

 

9.18

%

 

9.79

%

 

8.22

%

 

7.99

%

 

11.06

%

                               

Taxable-equivalent net interest income 

$

674,900

   

674,963

   

662,378

   

672,683

   

679,213

 
                               

Yield on average earning assets 

 

3.59

%

 

3.73

%

 

3.87

%

 

3.92

%

 

3.98

%

Cost of interest-bearing liabilities 

 

.54

%

 

.51

%

 

.55

%

 

.56

%

 

.58

%

Net interest spread 

 

3.05

%

 

3.22

%

 

3.32

%

 

3.36

%

 

3.40

%

Contribution of interest-free funds 

 

.18

%

 

.18

%

 

.20

%

 

.20

%

 

.21

%

Net interest margin 

 

3.23

%

 

3.40

%

 

3.52

%

 

3.56

%

 

3.61

%

                               

Net charge-offs to average total 

                             

  net loans (annualized) 

 

.17

%

 

.18

%

 

.20

%

 

.26

%

 

.29

%

                               

Net operating results (3)

                             
                               

Net operating income 

$

279,838

   

289,974

   

235,162

   

227,797

   

300,968

 

Diluted net operating earnings per common share

 

1.94

   

2.02

   

1.66

   

1.61

   

2.16

Return on (annualized):

                             

  Average tangible assets 

 

1.24

%

 

1.35

%

 

1.15

%

 

1.11

%

 

1.48

%

  Average tangible common equity 

 

13.80

%

 

14.92

%

 

12.76

%

 

12.67

%

 

17.64

%

Efficiency ratio 

 

59.67

%

 

59.39

%

 

63.95

%

 

65.48

%

 

56.03

%

                               
                               
                               
       
   

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

Loan quality

 

2014

 

2014

 

2014

 

2013

 

2013

                               

Nonaccrual loans 

$

847,784

   

880,134

   

890,893

   

874,156

   

915,871

 

Real estate and other foreclosed assets 

 

67,629

   

59,793

   

59,407

   

66,875

   

89,203

 

  Total nonperforming assets 

$

915,413

   

939,927

   

950,300

   

941,031

   

1,005,074

 
                               

Accruing loans past due 90 days or more (4)  

$

312,990

   

289,016

   

307,017

   

368,510

   

339,792

 
                               

Government guaranteed loans included in totals above:

                             
                               

  Nonaccrual loans 

$

68,586

   

81,817

   

75,959

   

63,647

   

68,519

 

  Accruing loans past due 90 days or more 

 

265,333

   

275,846

   

291,418

   

297,918

   

320,732

 
                               

Renegotiated loans 

$

209,099

   

270,223

   

257,889

   

257,092

   

259,301

 
                               

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

$

132,147

   

134,580

   

120,996

   

130,162

   

153,585

 
                               

Purchased impaired loans (6):

                             

  Outstanding customer balance 

$

429,915

   

504,584

   

534,331

   

579,975

   

648,118

 

  Carrying amount 

 

236,662

   

282,517

   

303,388

   

330,792

   

357,337

 
                               

Nonaccrual loans to total net loans 

 

1.29

%

 

1.36

%

 

1.39

%

 

1.36

%

 

1.44

%

                               

Allowance for credit losses to total loans 

 

1.40

%

 

1.42

%

 

1.43

%

 

1.43

%

 

1.44

%

                               

(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 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

         

Nine months ended

     
   

September 30

         

September 30

     

Dollars in thousands

 

2014

 

2013

 

Change

     

2014

 

2013

 

Change

 
                               

Interest income 

$

743,023

 

742,686

 

-

%

 

$

2,200,265

 

2,222,868

 

-1

%

Interest expense 

 

73,964

 

69,578

 

6

     

205,659

 

216,123

 

-5

 
                               

Net interest income 

 

669,059

 

673,108

 

-1

     

1,994,606

 

2,006,745

 

-1

 
                               

Provision for credit losses 

 

29,000

 

48,000

 

-40

     

91,000

 

143,000

 

-36

 
                               

Net interest income after

                             

   provision for credit losses 

 

640,059

 

625,108

 

2

     

1,903,606

 

1,863,745

 

2

 
                               

Other income

                             

     Mortgage banking revenues 

 

93,532

 

64,731

 

44

     

269,237

 

249,096

 

8

 

     Service charges on deposit accounts 

 

110,071

 

113,839

 

-3

     

321,637

 

336,505

 

-4

 

     Trust income  

 

128,671

 

123,801

 

4

     

379,816

 

370,132

 

3

 

     Brokerage services income 

 

17,416

 

16,871

 

3

     

51,403

 

49,840

 

3

 

     Trading account and foreign exchange gains 

 

6,988

 

8,987

 

-22

     

21,477

 

27,138

 

-21

 

     Gain on bank investment securities 

 

-

 

-

 

-

     

-

 

56,457

 

-

 

     Other-than-temporary impairment losses 

                             

        recognized in earnings 

 

-

 

-

 

-

     

-

 

(9,800)

 

-

 

     Equity in earnings of Bayview Lending Group LLC

 

(4,114)

 

(3,881)

 

-

     

(12,623)

 

(9,990)

 

-

 

     Other revenues from operations 

 

98,547

 

153,040

 

-36

     

296,683

 

349,581

 

-15

 

          Total other income 

 

451,111

 

477,388

 

-6

     

1,327,630

 

1,418,959

 

-6

 
                               

Other expense

                             

     Salaries and employee benefits 

 

348,776

 

339,332

 

3

     

1,059,815

 

1,019,019

 

4

 

     Equipment and net occupancy 

 

67,713

 

66,220

 

2

     

206,964

 

195,657

 

6

 

     Printing, postage and supplies 

 

9,184

 

9,752

 

-6

     

29,320

 

30,749

 

-5

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

7,358

 

10,628

 

-31

     

26,654

 

36,473

 

-27

 

     FDIC assessments 

 

13,193

 

14,877

 

-11

     

43,836

 

52,010

 

-16

 

     Other costs of operations  

 

233,060

 

217,817

 

7

     

696,160

 

558,905

 

25

 

          Total other expense 

 

679,284

 

658,626

 

3

     

2,062,749

 

1,892,813

 

9

 
                               

Income before income taxes 

 

411,886

 

443,870

 

-7

     

1,168,487

 

1,389,891

 

-16

 
                               

Applicable income taxes

 

136,542

 

149,391

 

-9

     

379,790

 

472,833

 

-20

 
                               

Net income 

$

275,344

 

294,479

 

-6

%

 

$

788,697

 

917,058

 

-14

%

                               

 

 

M&T BANK CORPORATION

                       

Condensed Consolidated Statement of Income, Five Quarter Trend

             
                               
   

Three months ended

 
   

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

Dollars in thousands

 

2014

 

2014

 

2014

 

2013

 

2013

                               

Interest income 

$

743,023

   

734,290

   

722,952

   

734,466

   

742,686

 

Interest expense 

 

73,964

   

65,176

   

66,519

   

67,982

   

69,578

 
                               

Net interest income 

 

669,059

   

669,114

   

656,433

   

666,484

   

673,108

 
                               

Provision for credit losses 

 

29,000

   

30,000

   

32,000

   

42,000

   

48,000

 
                               

Net interest income after

                             

   provision for credit losses 

 

640,059

   

639,114

   

624,433

   

624,484

   

625,108

 
                               

Other income

                             

     Mortgage banking revenues 

 

93,532

   

95,656

   

80,049

   

82,169

   

64,731

 

     Service charges on deposit accounts 

 

110,071

   

107,368

   

104,198

   

110,436

   

113,839

 

     Trust income 

 

128,671

   

129,893

   

121,252

   

125,876

   

123,801

 

     Brokerage services income 

 

17,416

   

17,487

   

16,500

   

15,807

   

16,871

 

     Trading account and foreign exchange gains 

 

6,988

   

8,042

   

6,447

   

13,690

   

8,987

 

     Equity in earnings of Bayview Lending Group LLC 

 

(4,114)

   

(4,055)

   

(4,454)

   

(6,136)

   

(3,881)

 

     Other revenues from operations 

 

98,547

   

102,021

   

96,115

   

104,404

   

153,040

 

          Total other income 

 

451,111

   

456,412

   

420,107

   

446,246

   

477,388

 
                               

Other expense

                             

     Salaries and employee benefits 

 

348,776

   

339,713

   

371,326

   

336,159

   

339,332

 

     Equipment and net occupancy 

 

67,713

   

68,084

   

71,167

   

68,670

   

66,220

 

     Printing, postage and supplies 

 

9,184

   

9,180

   

10,956

   

8,808

   

9,752

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

7,358

   

9,234

   

10,062

   

10,439

   

10,628

 

     FDIC assessments 

 

13,193

   

15,155

   

15,488

   

17,574

   

14,877

 

     Other costs of operations 

 

233,060

   

239,828

   

223,272

   

301,422

   

217,817

 

          Total other expense 

 

679,284

   

681,194

   

702,271

   

743,072

   

658,626

 
                               

Income before income taxes 

 

411,886

   

414,332

   

342,269

   

327,658

   

443,870

 
                               

Applicable income taxes 

 

136,542

   

129,996

   

113,252

   

106,236

   

149,391

 
                               

Net income 

$

275,344

   

284,336

   

229,017

   

221,422

   

294,479

 
                               
                               

 

 

M&T BANK CORPORATION

       

Condensed Consolidated Balance Sheet

       
               
   

September 30

     

Dollars in thousands

 

2014

 

2013

 

Change

 
               

ASSETS

             
               

Cash and due from banks 

$

1,445,877

 

1,941,944

 

-26

%

               

Interest-bearing deposits at banks 

 

7,676,064

 

1,925,811

 

299

 
               

Federal funds sold and agreements

             

  to resell securities 

 

77,766

 

117,809

 

-34

 
               

Trading account assets 

 

296,913

 

371,370

 

-20

 
               

Investment securities 

 

13,348,368

 

8,309,773

 

61

 
               

Loans and leases:

             
               

   Commercial, financial, etc. 

 

19,112,009

 

17,911,149

 

7

 

   Real estate - commercial 

 

26,942,847

 

26,345,267

 

2

 

   Real estate - consumer      

 

8,663,408

 

9,228,003

 

-6

 

   Consumer 

 

10,854,095

 

10,174,623

 

7

 

     Total loans and leases, net of unearned discount 

 

65,572,359

 

63,659,042

 

3

 

        Less: allowance for credit losses 

 

918,633

 

916,370

 

-

 
               

  Net loans and leases 

 

64,653,726

 

62,742,672

 

3

 
               

Goodwill 

 

3,524,625

 

3,524,625

 

-

 
               

Core deposit and other intangible assets 

 

42,197

 

79,290

 

-47

 
   

.

 

.

     

Other assets 

 

6,162,806

 

5,414,191

 

14

 
               

  Total assets 

$

97,228,342

 

84,427,485

 

15

%

               
               

LIABILITIES AND SHAREHOLDERS' EQUITY

             
               

Noninterest-bearing deposits 

$

27,440,524

 

24,150,771

 

14

%

             

Interest-bearing deposits 

 

46,659,442

 

42,084,860

 

11

 
               

Deposits at Cayman Islands office 

 

241,536

 

316,510

 

-24

 
               

  Total deposits 

 

74,341,502

 

66,552,141

 

12

 
               

Short-term borrowings 

 

164,609

 

246,019

 

-33

 
               

Accrued interest and other liabilities 

 

1,327,524

 

1,491,797

 

-11

 
               

Long-term borrowings 

 

9,061,391

 

5,121,326

 

77

 
               

  Total liabilities 

 

84,895,026

 

73,411,283

 

16

 
               

Shareholders' equity:

             
               

   Preferred 

 

1,231,500

 

879,010

 

40

 

   Common (1) 

 

11,101,816

 

10,137,192

 

10

 
               

     Total shareholders' equity 

 

12,333,316

 

11,016,202

 

12

 
               

  Total liabilities and shareholders' equity 

$

97,228,342

 

84,427,485

 

15

%

               
               

(1)  Reflects accumulated other comprehensive income, net of applicable income tax effect, of $12.5 million at September 30, 2014, and accumulated other comprehensive loss, net of applicable income tax effect, $198.1 million at September 30, 2013.

               

 

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

                   
         
     

September 30,

 

June 30,

   

March 31,

   

December 31,

   

September 30,

 

Dollars in thousands

   

2014

 

2014

   

2014

   

2013

   

2013

 
                                 

ASSETS

                               
                                 

Cash and due from banks 

 

$

1,445,877

   

1,827,197

   

1,671,052

   

1,573,361

   

1,941,944

 
                                 

Interest-bearing deposits at banks 

   

7,676,064

   

3,032,530

   

3,299,185

   

1,651,138

   

1,925,811

 
                                 

Federal funds sold and agreements to resell securities 

   

77,766

   

90,239

   

92,066

   

99,573

   

117,809

 
                                 

Trading account assets 

   

296,913

   

313,325

   

314,807

   

376,131

   

371,370

 
                                 

Investment securities 

   

13,348,368

   

12,120,195

   

10,364,249

   

8,796,497

   

8,309,773

 
                                 

Loans and leases:

                               
                                 

   Commercial, financial, etc. 

   

19,112,009

   

19,105,892

   

18,896,070

   

18,705,216

   

17,911,149

 

   Real estate - commercial 

   

26,942,847

   

26,374,274

   

26,104,086

   

26,148,208

   

26,345,267

 

   Real estate - consumer 

   

8,663,408

   

8,656,766

   

8,774,095

   

8,928,221

   

9,228,003

 

   Consumer 

   

10,854,095

   

10,610,761

   

10,360,827

   

10,291,514

   

10,174,623

 

     Total loans and leases, net of unearned discount.

   

65,572,359

   

64,747,693

   

64,135,078

   

64,073,159

   

63,659,042

 

        Less: allowance for credit losses 

   

918,633

   

917,666

   

916,768

   

916,676

   

916,370

 
                                 

  Net loans and leases 

   

64,653,726

   

63,830,027

   

63,218,310

   

63,156,483

   

62,742,672

 
                                 

Goodwill 

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

 
                                 

Core deposit and other intangible assets 

   

42,197

   

49,555

   

58,789

   

68,851

   

79,290

 
                                 

Other assets 

   

6,162,806

   

6,047,309

   

5,987,277

   

5,915,732

   

5,414,191

 
                                 

  Total assets 

 

$

97,228,342

   

90,835,002

   

88,530,360

   

85,162,391

   

84,427,485

 
                                 
                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits 

 

$

27,440,524

   

26,088,763

   

25,244,200

   

24,661,007

   

24,150,771

 
                                 

Interest-bearing deposits 

 

46,659,442

   

43,502,602

   

43,207,286

   

42,134,859

   

42,084,860

 
                                 

Deposits at Cayman Islands office 

   

241,536

   

237,890

   

247,880

   

322,746

   

316,510

 
                                 

  Total deposits 

   

74,341,502

   

69,829,255

   

68,699,366

   

67,118,612

   

66,552,141

 
                                 

Short-term borrowings 

   

164,609

   

161,631

   

230,209

   

260,455

   

246,019

 
                                 

Accrued interest and other liabilities 

   

1,327,524

   

1,283,430

   

1,462,725

   

1,368,922

   

1,491,797

 
                                 

Long-term borrowings 

   

9,061,391

   

7,391,931

   

6,251,197

   

5,108,870

   

5,121,326

 
                                 

  Total liabilities 

   

84,895,026

   

78,666,247

   

76,643,497

   

73,856,859

   

73,411,283

 
                                 

Shareholders' equity:

                               
                                 

   Preferred 

   

1,231,500

   

1,231,500

   

1,231,500

   

881,500

   

879,010

 

   Common (1)  

   

11,101,816

   

10,937,255

   

10,655,363

   

10,424,032

   

10,137,192

 
                                 

     Total shareholders' equity 

   

12,333,316

   

12,168,755

   

11,886,863

   

11,305,532

   

11,016,202

 
                                 

  Total liabilities and shareholders' equity 

 

$

97,228,342

   

90,835,002

   

88,530,360

   

85,162,391

   

84,427,485

 
                                 
                                 

(1)  Reflects accumulated other comprehensive income, net of applicable income tax effect, of $12.5 million at September 30, 2014 and $40.3 million at June 30, 2014, and accumulated other comprehensive loss, net of applicable income tax effect, of $25.3 million at March 31, 2014, $64.2 million at December 31, 2013 and $198.1 million at September 30, 2013.

 

 

M&T BANK CORPORATION

                     

Condensed Consolidated Average Balance Sheet

                                                 

 and Annualized Taxable-equivalent Rates

                                                 
                                                             
   

Three months ended

 

Change in balance

       

 

Nine months ended

         
   

September 30,

 

September 30,

 

June 30,

 

September 30, 2014 from

       

 

September 30

         

Dollars in millions

 

2014

 

2013

 

2014

 

September 30,

 

June 30,

   

2014

 

2013

 

Change in

 
   

Balance

 

Rate

 

Balance

 

Rate

 

Balance

 

Rate

 

2013

 

2014

   

Balance

 

Rate

 

Balance 

 

Rate

 

balance

 

ASSETS

                                                           
                                                             

Interest-bearing deposits at banks 

$

5,083

 

.25

%

2,646

 

.25

%

4,080

 

.25

%

92

%

 

25

%

 

$

4,091

 

.25

%

1,866

 

.24

%

119

%

                                                             

Federal funds sold and agreements

                                                           

  to resell securities 

 

80

 

.07

 

117

 

.08

 

90

 

.07

 

-32

   

-12

     

90

 

.07

 

133

 

.09

 

-32

 
                                                             

Trading account assets 

 

70

 

1.65

 

67

 

1.27

 

84

 

1.25

 

4

   

-17

     

75

 

1.83

 

76

 

2.10

 

-2

 
                                                             

Investment securities 

 

12,780

 

2.89

 

6,979

 

3.31

 

10,959

 

3.19

 

83

   

17

     

11,015

 

3.11

 

6,030

 

3.33

 

83

 
                                                             

Loans and leases, net of unearned discount

                                                           

  Commercial, financial, etc. 

 

18,889

 

3.29

 

17,798

 

3.50

 

18,978

 

3.34

 

6

   

-

     

18,783

 

3.33

 

17,615

 

3.59

 

7

 

  Real estate - commercial

 

26,487

 

4.19

 

26,129

 

4.51

 

26,140

 

4.22

 

1

   

1

     

26,258

 

4.27

 

26,033

 

4.55

 

1

 

  Real estate - consumer 

 

8,634

 

4.17

 

9,636

 

4.17

 

8,746

 

4.36

 

-10

   

-1

     

8,740

 

4.24

 

10,522

 

4.10

 

-17

 

  Consumer 

 

10,753

 

4.52

 

11,295

 

4.57

 

10,479

 

4.52

 

-5

   

3

     

10,512

 

4.54

 

11,389

 

4.61

 

-8

 

     Total loans and leases, net 

 

64,763

 

4.00

 

64,858

 

4.21

 

64,343

 

4.05

 

-

   

1

     

64,293

 

4.06

 

65,559

 

4.26

 

-2

 
                                                             

  Total earning assets 

 

82,776

 

3.59

 

74,667

 

3.98

 

79,556

 

3.73

 

11

   

4

     

79,564

 

3.72

 

73,664

 

4.07

 

8

 
                                                             

Goodwill 

 

3,525

     

3,525

     

3,525

     

-

   

-

     

3,525

     

3,525

     

-

 
                                                             

Core deposit and other intangible assets 

 

45

     

84

     

53

     

-46

   

-15

     

54

     

96

     

-44

 
                                                             

Other assets 

 

6,899

     

5,735

     

6,739

     

20

   

2

     

6,809

     

5,815

     

17

 
                                                             

  Total assets 

$

93,245

     

84,011

     

89,873

     

11

%

 

4

%

 

$

89,952

     

83,100

     

8

%

                                                             
                                                             
                                                             

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                           
                                                             

Interest-bearing deposits

                                                           

  NOW accounts 

$

1,037

 

.15

 

924

 

.14

 

1,026

 

.13

 

12

%

 

1

%

 

$

1,017

 

.13

 

919

 

.14

 

11

%

  Savings deposits 

 

41,056

 

.11

 

36,990

 

.15

 

39,478

 

.11

 

11

   

4

     

39,640

 

.12

 

36,287

 

.15

 

9

 

  Time deposits 

 

3,227

 

.47

 

3,928

 

.62

 

3,350

 

.46

 

-18

   

-4

     

3,345

 

.46

 

4,190

 

.70

 

-20

 

  Deposits at Cayman Islands office 

 

325

 

.20

 

392

 

.22

 

339

 

.21

 

-17

   

-4

     

348

 

.21

 

524

 

.20

 

-34

 

     Total interest-bearing deposits 

 

45,645

 

.14

 

42,234

 

.19

 

44,193

 

.14

 

8

   

3

     

44,350

 

.14

 

41,920

 

.21

 

6

 
                                                             

Short-term borrowings 

 

181

 

.04

 

299

 

.08

 

220

 

.05

 

-39

   

-17

     

222

 

.05

 

425

 

.12

 

-48

 

Long-term borrowings 

 

8,547

 

2.69

 

5,010

 

3.89

 

6,525

 

3.05

 

71

   

31

     

6,999

 

3.02

 

4,918

 

4.09

 

42

 
                                                             

Total interest-bearing liabilities 

 

54,373

 

.54

 

47,543

 

.58

 

50,938

 

.51

 

14

   

7

     

51,571

 

.53

 

47,263

 

.61

 

9

 
                                                             

Noninterest-bearing deposits 

 

25,127

     

23,998

     

25,466

     

5

   

-1

     

24,915

     

23,570

     

6

 
                                                             

Other liabilities 

 

1,498

     

1,589

     

1,430

     

-6

   

5

     

1,486

     

1,676

     

-11

 
                                                             

  Total liabilities 

 

80,998

     

73,130

     

77,834

     

11

   

4

     

77,972

     

72,509

     

8

 
                                                             

Shareholders' equity 

 

12,247

     

10,881

     

12,039

     

13

   

2

     

11,980

     

10,591

     

13

 
                                                             

  Total liabilities and shareholders' equity 

$

93,245

     

84,011

     

89,873

     

11

%

 

4

%

 

$

89,952

     

83,100

     

8

%

                                                             
                                                             

Net interest spread 

     

3.05

     

3.40

     

3.22

                   

3.19

     

3.46

     

Contribution of interest-free funds 

     

.18

     

.21

     

.18

                   

.19

     

.22

     

Net interest margin  

     

3.23

%

   

3.61

%

   

3.40

%

                 

3.38

%

   

3.68

%

 

 

 

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

           
                     
                     
   

Three months ended

   

Nine months ended

 
   

September 30

   

September 30

 
   

2014

 

2013

   

2014

 

2013

 

Income statement data

                   

In thousands, except per share

                   

Net income

                   

Net income 

$

275,344

 

294,479

 

$

788,697

 

917,058

 

Amortization of core deposit and other

                   

  intangible assets (1) 

 

4,494

 

6,489

   

16,277

 

22,269

 

Merger-related expenses (1) 

 

-

 

-

   

-

 

7,511

 

  Net operating income 

$

279,838

 

300,968

 

$

804,974

 

946,838

 

Earnings per common share

                   

Diluted earnings per common share 

$

1.91

 

2.11

 

$

5.50

 

6.64

 

Amortization of core deposit and other

                   

  intangible assets (1) 

 

.03

 

.05

   

.12

 

.17

 

Merger-related expenses (1) 

 

-

 

-

   

-

 

.06

 

  Diluted net operating earnings per common share 

$

1.94

 

2.16

 

$

5.62

 

6.87

 

Other expense

                   

Other expense 

$

679,284

 

658,626

 

$

2,062,749

 

1,892,813

 

Amortization of core deposit and other

                   

  intangible assets  

 

(7,358)

 

(10,628)

   

(26,654)

 

(36,473)

 

Merger-related expenses  

 

-

 

-

   

-

 

(12,364)

 

  Noninterest operating expense 

$

671,926

 

647,998

 

$

2,036,095

 

1,843,976

 

Merger-related expenses

                   

Salaries and employee benefits 

$

-

 

-

 

$

-

 

836

 

Equipment and net occupancy 

 

-

 

-

   

-

 

690

 

Printing, postage and supplies 

 

-

 

-

   

-

 

1,825

 

Other costs of operations 

 

-

 

-

   

-

 

9,013

 

  Total 

$

-

 

-

 

$

-

 

12,364

 

Efficiency ratio

                   

Noninterest operating expense (numerator) 

$

671,926

 

647,998

 

$

2,036,095

 

1,843,976

 

Taxable-equivalent net interest income 

 

674,900

 

679,213

   

2,012,241

 

2,025,517

 

Other income 

 

451,111

 

477,388

   

1,327,630

 

1,418,959

 

Less:  Gain on bank investment securities 

 

-

 

-

   

-

 

56,457

 

           Net OTTI losses recognized in earnings 

 

-

 

-

   

-

 

(9,800)

 

Denominator 

$

1,126,011

 

1,156,601

 

$

3,339,871

 

3,397,819

 

Efficiency ratio 

 

59.67

%

56.03

%

 

60.96

%

54.27

%

                     
                   

Balance sheet data

                   

In millions

                   

Average assets

                   

Average assets 

$

93,245

 

84,011

 

$

89,952

 

83,100

 

Goodwill 

 

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(45)

 

(84)

   

(54)

 

(96)

 

Deferred taxes 

 

14

 

25

   

17

 

28

 

  Average tangible assets 

$

89,689

 

80,427

 

$

86,390

 

79,507

 

Average common equity

                   

Average total equity 

$

12,247

 

10,881

 

$

11,980

 

10,591

 

Preferred stock 

 

(1,232)

 

(878)

   

(1,179)

 

(876)

 

  Average common equity 

 

11,015

 

10,003

   

10,801

 

9,715

 

Goodwill 

 

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(45)

 

(84)

   

(54)

 

(96)

 

Deferred taxes 

 

14

 

25

   

17

 

28

 

  Average tangible common equity 

$

7,459

 

6,419

 

$

7,239

 

6,122

 
                     

At end of quarter

                   

Total assets

                   

Total assets 

$

97,228

 

84,427

           

Goodwill 

 

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

 

(42)

 

(79)

           

Deferred taxes 

 

13

 

24

           

  Total tangible assets 

$

93,674

 

80,847

           

Total common equity

                   

Total equity 

$

12,333

 

11,016

           

Preferred stock 

 

(1,232)

 

(879)

           

Undeclared dividends - cumulative preferred stock 

 

(2)

 

(4)

           

  Common equity, net of undeclared cumulative

                   

    preferred dividends 

 

11,099

 

10,133

           

Goodwill 

 

(3,525)

 

(3,525)

           

Core deposit and other intangible assets

 

(42)

 

(79)

           

Deferred taxes 

 

13

 

24

           

  Total tangible common equity 

$

7,545

 

6,553

           
                     
                     

(1) After any related tax effect.

               

 

 

 

M&T BANK CORPORATION

                         
 

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

             
                             
                             
                             
         

Three months ended

 
         

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 
         

2014

 

2014

 

2014

 

2013

 

2013

 
 

Income statement data

                         
 

In thousands, except per share

                         
 

Net income

                         
 

Net income 

   

$

275,344

 

284,336

 

229,017

 

221,422

 

294,479

 
 

Amortization of core deposit and other

                       
 

  intangible assets (1) 

     

4,494

 

5,638

 

6,145

 

6,375

 

6,489

 
 

  Net operating income 

   

$

279,838

 

289,974

 

235,162

 

227,797

 

300,968

 
 

Earnings per common share

                         
 

Diluted earnings per common share 

 

$

1.91

 

1.98

 

1.61

 

1.56

 

2.11

 
 

Amortization of core deposit and other

                       
 

  intangible assets (1) 

     

.03

 

.04

 

.05

 

.05

 

.05

 
 

  Diluted net operating earnings per common share 

$

1.94

 

2.02

 

1.66

 

1.61

 

2.16

 
 

Other expense

                         
 

Other expense 

   

$

679,284

 

681,194

 

702,271

 

743,072

 

658,626

 
 

Amortization of core deposit and other

                       
 

  intangible assets  

     

(7,358)

 

(9,234)

 

(10,062)

 

(10,439)

 

(10,628)

 
 

  Noninterest operating expense 

   

$

671,926

 

671,960

 

692,209

 

732,633

 

647,998

 
 

Efficiency ratio

                         
 

Noninterest operating expense (numerator)

$

671,926

 

671,960

 

692,209

 

732,633

 

647,998

 
 

Taxable-equivalent net interest income 

   

674,900

 

674,963

 

662,378

 

672,683

 

679,213

 
 

Other income  

     

451,111

 

456,412

 

420,107

 

446,246

 

477,388

 
 

Denominator 

   

$

1,126,011

 

1,131,375

 

1,082,485

 

1,118,929

 

1,156,601

 
 

Efficiency ratio 

     

59.67

%

59.39

%

63.95

%

65.48

%

56.03

%

                           
                             
 

Balance sheet data

                         
 

In millions

                         
 

Average assets

                         
 

Average assets 

   

$

93,245

 

89,873

 

86,665

 

85,330

 

84,011

 
 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 
 

Core deposit and other intangible assets 

 

(45)

 

(53)

 

(64)

 

(74)

 

(84)

 
 

Deferred taxes 

     

14

 

16

 

20

 

23

 

25

 
 

  Average tangible assets 

   

$

89,689

 

86,311

 

83,096

 

81,754

 

80,427

 
 

Average common equity

                         
 

Average total equity 

   

$

12,247

 

12,039

 

11,648

 

11,109

 

10,881

 
 

Preferred stock 

     

(1,232)

 

(1,231)

 

(1,072)

 

(881)

 

(878)

 
 

  Average common equity 

     

11,015

 

10,808

 

10,576

 

10,228

 

10,003

 
 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 
 

Core deposit and other intangible assets 

 

(45)

 

(53)

 

(64)

 

(74)

 

(84)

 
 

Deferred taxes 

     

14

 

16

 

20

 

23

 

25

 
 

  Average tangible common equity 

   

$

7,459

 

7,246

 

7,007

 

6,652

 

6,419

 
                             
 

At end of quarter

                         
 

Total assets

                         
 

Total assets 

   

$

97,228

 

90,835

 

88,530

 

85,162

 

84,427

 
 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 
 

Core deposit and other intangible assets 

 

(42)

 

(49)

 

(59)

 

(69)

 

(79)

 
 

Deferred taxes 

     

13

 

15

 

19

 

21

 

24

 
 

  Total tangible assets 

   

$

93,674

 

87,276

 

84,965

 

81,589

 

80,847

 
 

Total common equity

                         
 

Total equity 

   

$

12,333

 

12,169

 

11,887

 

11,306

 

11,016

 
 

Preferred stock 

     

(1,232)

 

(1,232)

 

(1,232)

 

(882)

 

(879)

 
 

Undeclared dividends - cumulative preferred stock 

 

(2)

 

(3)

 

(3)

 

(3)

 

(4)

 
 

  Common equity, net of undeclared cumulative

                   
 

    preferred dividends 

     

11,099

 

10,934

 

10,652

 

10,421

 

10,133

 
 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 
 

Core deposit and other intangible assets 

 

(42)

 

(49)

 

(59)

 

(69)

 

(79)

 
 

Deferred taxes 

     

13

 

15

 

19

 

21

 

24

 
 

  Total tangible common equity 

   

$

7,545

 

7,375

 

7,087

 

6,848

 

6,553

 
                             
                             
 

(1) After any related tax effect.