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M&T Bank Corporation Announces 2014 Fourth Quarter and Full-Year Profits
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., Jan. 20, 2015 -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for 2014.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the fourth quarter of 2014 were $1.92, up from $1.56 in the year-earlier quarter and $1.91 in the third quarter of 2014.  GAAP-basis net income in the recent quarter totaled $278 million, compared with $221 million in the fourth quarter of 2013 and $275 million in 2014's third quarter.  Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income for the recent quarter was 1.12% and 9.10%, respectively, compared with 1.03% and 7.99%, respectively, in the year-earlier quarter and 1.17% and 9.18%, respectively, in the third quarter of 2014.

For the full year of 2014, diluted earnings per common share were $7.42, compared with $8.20 for 2013.  Net income totaled $1.07 billion in 2014, compared with $1.14 billion in 2013.  The 2013 results reflect after-tax gains from investment securities and loan securitization transactions of $67 million ($110 million pre-tax) or $.51 of diluted earnings per common share.  Expressed as a rate of return on average assets and average common shareholders' equity, net income in 2014 was 1.16% and 9.08%, respectively, compared with 1.36% and 10.93%, respectively, in 2013. 

Commenting on M&T's performance in 2014, René F. Jones, Vice Chairman and Chief Financial Officer, noted, "Results for this past year's final quarter were solid.  We had improved revenues, healthy loan growth, stable expense levels and excellent credit experience.  Overall, 2014 represented a year of considerable investment in our infrastructure.  Significant progress was made on our BSA/AML, compliance, risk management and technology initiatives that will position us well moving forward.  In a year of substantial resource commitment, we further strengthened our already formidable balance sheet by raising our capital and liquidity levels."

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 $1.95 in the final quarter of 2014, compared with $1.61 in the year-earlier period and $1.94 in the third quarter of 2014.  Net operating income for the recent quarter was $282 million, compared with $228 million and $280 million in the fourth quarter of 2013 and the third quarter of 2014, respectively.  For the three months ended December 31, 2014, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.18% and 13.55%, respectively, compared with 1.11% and 12.67% in the corresponding 2013 period and 1.24% and 13.80%, respectively, in the third quarter of 2014.

For the year ended December 31, 2014, diluted net operating earnings per common share was $7.57, compared with $8.48 in 2013.  Net operating income for 2014 and 2013 totaled $1.09 billion and $1.17 billion, respectively.  Net operating income in 2014 expressed as a rate of return on average tangible assets and average tangible common shareholders' equity was 1.23% and 13.76%, respectively, compared with 1.47% and 17.79%, respectively, in 2013.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis aggregated $688 million in the fourth quarter of 2014, up 2% from $673 million earned in the year-earlier quarter and from $675 million recorded in the third quarter of 2014.  As compared with the fourth quarter of 2013, a $12.9 billion rise in average earning assets in the recent quarter, reflecting increases of $6.1 billion in average balances of interest-bearing deposits at banks and $4.6 billion in average investment securities balances, was largely offset by a 46 basis point (hundredths of one percent) decline in the net interest margin to 3.10% in the final 2014 quarter from 3.56% in the year-earlier quarter. The growth in investment securities resulted from progress made in response to new regulatory liquidity requirements that will be effective for M&T in January 2016.  The increase in taxable-equivalent net interest income as compared with the third quarter of 2014 reflects a $5.2 billion rise in average earning assets, due to higher average interest-bearing deposits at banks of $4.0 billion and a $1.0 billion rise in average loans outstanding, largely offset by a 13 basis point decline in the net interest margin, which was attributable to the increased amount of interest-bearing deposits at banks.  For the year ended December 31, 2014, net interest income on a taxable-equivalent basis aggregated $2.70 billion, little changed from 2013. A $7.7 billion or 10% increase in average earning assets in 2014 was offset by a 34 basis point narrowing of the net interest margin to 3.31% in 2014 from 3.65% in 2013.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $33 million during the recent quarter, compared with $42 million in the year-earlier quarter and $29 million in the third quarter of 2014.  Net charge-offs of loans were $32 million during the fourth quarter of 2014, compared with $42 million and $28 million in the final 2013 quarter and the third quarter of 2014, respectively.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .19% and .26% in the fourth quarter of 2014 and 2013, respectively, and .17% in 2014's third quarter.  The provision for credit losses declined 33% to $124 million in 2014 from $185 million in 2013.  Net loan charge-offs during 2014 totaled $121 million, or .19% of average loans outstanding, improved from $183 million, or .28% of average loans in 2013.

Loans classified as nonaccrual declined to $799 million, or 1.20% of total loans outstanding at December 31, 2014, improved from $874 million or 1.36% a year earlier and $848 million or 1.29% at September 30, 2014.  Assets taken in foreclosure of defaulted loans were $64 million at December 31, 2014, improved from $67 million and $68 million at December 31, 2013 and September 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 $920 million or 1.38% of loans outstanding at December 31, 2014, compared with $917 million or 1.43% a year earlier and $919 million or 1.40% at September 30, 2014. 

Noninterest Income and Expense.  Noninterest income aggregated $452 million in the recently completed quarter, up from $446 million and $451 million in the fourth quarter of 2013 and the third quarter of 2014, respectively.  The improvement as compared with the final 2013 quarter resulted from higher residential mortgage banking revenues associated with loan servicing activities.  

Noninterest income totaled $1.78 billion and $1.87 billion during the years ended December 31, 2014 and 2013, respectively.  The higher level of noninterest income in 2013 was primarily the result of net gains on investment securities and gains on securitization activities, which aggregated $110 million. Excluding those gains, noninterest income in 2014 was up $24 million from 2013. The major contributors to that improvement were higher residential mortgage banking revenues and trust income, partially offset by declines in service charges on deposit accounts and trading account and foreign exchange gains.

Noninterest expense in the fourth quarter of 2014 totaled $680 million, compared with $743 million in the year-earlier quarter and $679 million in 2014'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 $673 million in the recent quarter, compared with $733 million and $672 million in the fourth quarter of 2013 and the third quarter of 2014, respectively.  The lower noninterest operating expenses in the recent quarter as compared with the year-earlier quarter reflect a decline in professional services costs and a $40 million litigation-related accrual in the final 2013 quarter.

For the year ended December 31, 2014, noninterest expense aggregated $2.74 billion, compared with $2.64 billion in the previous year.  Noninterest operating expenses were $2.71 billion in 2014 and $2.58 billion in 2013.  The increase in noninterest operating expenses was largely attributable to higher costs for professional services and salaries associated with BSA/AML activities, compliance, capital planning and stress testing, and risk management initiatives, 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 59.1% in the recent quarter, compared with 65.5% in the year-earlier quarter and 59.7% in the third quarter of 2014.  The efficiency ratio for the full year 2014 was 60.5%, compared with 57.0% in 2013. 

Balance Sheet.  M&T had total assets of $96.7 billion at December 31, 2014, up 14% from $85.2 billion a year earlier.  Investment securities were $13.0 billion at the recent year-end, up $4.2 billion or 48% from December 31, 2013.  Loans and leases, net of unearned discount, rose 4% to $66.7 billion at the 2014 year-end from $64.1 billion at December 31, 2013.  Total deposits were $73.6 billion at the recent year-end, up 10% or $6.5 billion from $67.1 billion at December 31, 2013. 

Total shareholders' equity rose $1.0 billion or 9% to $12.3 billion at December 31, 2014 from $11.3 billion a year earlier, representing 12.76% and 13.28%, respectively, of total assets.  Common shareholders' equity was $11.1 billion, or $83.88 per share, at December 31, 2014, compared with $10.4 billion, or $79.81 per share, at December 31, 2013.  Tangible equity per common share rose 9% to $57.06 at December 31, 2014 from $52.45 a year earlier.  Common shareholders' equity per share and tangible equity per share were $83.99 and $57.10, respectively, at September 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, rose to 9.83% at December 31, 2014, improved from 9.22% and 9.76% at December 31, 2013 and September 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 9.59% as of December 31, 2014.

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 10:00 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 #65658552.  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 January 23, 2015 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #65658552.  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.

 

 

 

M&T BANK CORPORATION

                                 

Financial Highlights

                                 
     

Three months ended

           

Year ended

     

Amounts in thousands,

   

December 31

           

December 31

     

 except per share

   

2014

 

2013

 

Change

       

2014

 

2013

 

Change

 
                                   

Performance

                                 
                                   

Net income 

 

$

277,549

 

221,422

 

25

%

 

$

1,066,246

 

1,138,480

 

-6

%

Net income available to common shareholders 

   

254,239

 

203,451

 

25

%

   

978,581

 

1,062,496

 

-8

%

                                   

Per common share:

                                 

  Basic earnings 

 

$

1.93

 

1.57

 

23

%

 

$

7.47

 

8.26

 

-10

%

  Diluted earnings 

   

1.92

 

1.56

 

23

%

   

7.42

 

8.20

 

-10

%

  Cash dividends 

 

$

.70

 

.70

 

-

     

$

2.80

 

2.80

 

-

 
                                   

Common shares outstanding:

                                 

  Average - diluted (1) 

   

132,278

 

130,464

 

1

%

   

131,844

 

129,603

 

2

%

  Period end (2) 

   

132,354

 

130,564

 

1

%

   

132,354

 

130,564

 

1

%

                                   

Return on (annualized):

                                 

  Average total assets 

   

1.12

%

1.03

%

         

1.16

%

1.36

%

   

  Average common shareholders' equity 

   

9.10

%

7.99

%

         

9.08

%

10.93

%

   
                                   

Taxable-equivalent net interest income 

 

$

687,847

 

672,683

 

2

%

 

$

2,700,088

 

2,698,200

 

-

 
                                   

Yield on average earning assets 

   

3.44

%

3.92

%

         

3.65

%

4.03

%

   

Cost of interest-bearing liabilities 

   

.52

%

.56

%

         

.53

%

.60

%

   

Net interest spread 

   

2.92

%

3.36

%

         

3.12

%

3.43

%

   

Contribution of interest-free funds 

   

.18

%

.20

%

         

.19

%

.22

%

   

Net interest margin 

   

3.10

%

3.56

%

         

3.31

%

3.65

%

   
                                   

Net charge-offs to average total 

                                 

  net loans (annualized) 

   

.19

%

.26

%

         

.19

%

.28

%

   
                                   

Net operating results (3)

                                 
                                   

Net operating income 

 

$

281,929

 

227,797

 

24

%

 

$

1,086,903

 

1,174,635

 

-7

%

Diluted net operating earnings per common share 

   

1.95

 

1.61

 

21

%

   

7.57

 

8.48

 

-11

%

Return on (annualized):

                                 

  Average tangible assets 

   

1.18

%

1.11

%

         

1.23

%

1.47

%

   

  Average tangible common equity 

   

13.55

%

12.67

%

         

13.76

%

17.79

%

   

Efficiency ratio 

   

59.06

%

65.48

%

         

60.48

%

57.05

%

   
                                   
                                   
                                   
     

At December 31

                       

Loan quality

   

2014

 

2013

 

Change

                   
                                   

Nonaccrual loans 

 

$

799,151

 

874,156

 

-9

%

               

Real estate and other foreclosed assets 

   

63,635

 

66,875

 

-5

%

               

  Total nonperforming assets 

 

$

862,786

 

941,031

 

-8

%

               
                                   

Accruing loans past due 90 days or more (4) 

 

$

245,020

 

368,510

 

-34

%

               
                                   

Government guaranteed loans included in totals

                                 

  above:

                                 

  Nonaccrual loans 

 

$

69,095

 

63,647

 

9

%

               

  Accruing loans past due 90 days or more 

   

217,822

 

297,918

 

-27

%

               
                                   

Renegotiated loans 

 

$

202,633

 

257,092

 

-21

%

               
                                   

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

$

110,367

 

130,162

 

-15

%

               
                                   

Purchased impaired loans (6):

                                 

  Outstanding customer balance 

 

$

369,080

 

579,975

 

-36

%

               

  Carrying amount 

   

197,737

 

330,792

 

-40

%

               
                                   

Nonaccrual loans to total net loans  

   

1.20

%

1.36

%

                     
                                   

Allowance for credit losses to total loans 

   

1.38

%

1.43

%

                     
                                   
                                   

(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,

     

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

   

 except per share

     

2014

 

2014

 

2014

 

2014

 

2013

   
                                       

Performance

                                     
                                       

Net income

   

$

277,549

   

275,344

   

284,336

   

229,017

   

221,422

     

Net income available to common shareholders 

     

254,239

   

251,917

   

260,695

   

211,731

   

203,451

     
                                       

Per common share:

                                     

  Basic earnings 

   

$

1.93

   

1.92

   

1.99

   

1.63

   

1.57

     

  Diluted earnings 

     

1.92

   

1.91

   

1.98

   

1.61

   

1.56

     

  Cash dividends 

   

$

.70

   

.70

   

.70

   

.70

   

.70

     
                                       

Common shares outstanding:

                                     

  Average - diluted (1) 

     

132,278

   

132,128

   

131,828

   

131,126

   

130,464

     

  Period end (2) 

     

132,354

   

132,142

   

131,953

   

131,431

   

130,564

     
                                       

Return on (annualized):

                                     

  Average total assets  

     

1.12

%

 

1.17

%

 

1.27

%

 

1.07

%

 

1.03

%

   

  Average common shareholders' equity 

     

9.10

%

 

9.18

%

 

9.79

%

 

8.22

%

 

7.99

%

   
                                       

Taxable-equivalent net interest income 

   

$

687,847

   

674,900

   

674,963

   

662,378

   

672,683

     
                                       

Yield on average earning assets 

     

3.44

%

 

3.59

%

 

3.73

%

 

3.87

%

 

3.92

%

   

Cost of interest-bearing liabilities 

     

.52

%

 

.54

%

 

.51

%

 

.55

%

 

.56

%

   

Net interest spread

     

2.92

%

 

3.05

%

 

3.22

%

 

3.32

%

 

3.36

%

   

Contribution of interest-free funds 

     

.18

%

 

.18

%

 

.18

%

 

.20

%

 

.20

%

   

Net interest margin 

     

3.10

%

 

3.23

%

 

3.40

%

 

3.52

%

 

3.56

%

   
                                       

Net charge-offs to average total 

                                     

  net loans (annualized) 

     

.19

%

 

.17

%

 

.18

%

 

.20

%

 

.26

%

   
                                       

Net operating results (3)

                                     
                                       

Net operating income 

   

$

281,929

   

279,838

   

289,974

   

235,162

   

227,797

     

Diluted net operating earnings per common share 

     

1.95

   

1.94

   

2.02

   

1.66

   

1.61

     

Return on (annualized):

                                     

  Average tangible assets 

     

1.18

%

 

1.24

%

 

1.35

%

 

1.15

%

 

1.11

%

   

  Average tangible common equity 

     

13.55

%

 

13.80

%

 

14.92

%

 

12.76

%

 

12.67

%

   

Efficiency ratio 

     

59.06

%

 

59.67

%

 

59.39

%

 

63.95

%

 

65.48

%

   
                                       
                                       
                                       
               
       

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

   

Loan quality

     

2014

 

2014

 

2014

 

2014

 

2013

   
                                       

Nonaccrual loans 

   

$

799,151

   

847,784

   

880,134

   

890,893

   

874,156

     

Real estate and other foreclosed assets 

     

63,635

   

67,629

   

59,793

   

59,407

   

66,875

     

  Total nonperforming assets 

   

$

862,786

   

915,413

   

939,927

   

950,300

   

941,031

     
                                       

Accruing loans past due 90 days or more (4) 

   

$

245,020

   

312,990

   

289,016

   

307,017

   

368,510

     
                                       

Government guaranteed loans included in totals

                                     

  above:

                                     

  Nonaccrual loans 

   

$

69,095

   

68,586

   

81,817

   

75,959

   

63,647

     

  Accruing loans past due 90 days or more 

     

217,822

   

265,333

   

275,846

   

291,418

   

297,918

     
                                       

Renegotiated loans 

   

$

202,633

   

209,099

   

270,223

   

257,889

   

257,092

     
                                       

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

 

$

110,367

   

132,147

   

134,580

   

120,996

   

130,162

     
                                       

Purchased impaired loans (6):

                                     

  Outstanding customer balance 

   

$

369,080

   

429,915

   

504,584

   

534,331

   

579,975

     

  Carrying amount 

     

197,737

   

236,662

   

282,517

   

303,388

   

330,792

     
                                       

Nonaccrual loans to total net loans 

     

1.20

%

 

1.29

%

 

1.36

%

 

1.39

%

 

1.36

%

   
                                       

Allowance for credit losses to total loans 

     

1.38

%

 

1.40

%

 

1.42

%

 

1.43

%

 

1.43

%

   
       

(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

         

Year ended

     
   

December 31

         

December 31

     

Dollars in thousands

 

2014

 

2013

 

Change

     

2014

 

2013

 

Change

 
                               

Interest income 

$

756,612

 

734,466

 

3

%

 

$

2,956,877

 

2,957,334

 

-

%

Interest expense 

 

74,772

 

67,982

 

10

     

280,431

 

284,105

 

-1

 
                               

Net interest income 

 

681,840

 

666,484

 

2

     

2,676,446

 

2,673,229

 

-

 
                               

Provision for credit losses 

 

33,000

 

42,000

 

-21

     

124,000

 

185,000

 

-33

 
                               

Net interest income after

                             

   provision for credit losses 

 

648,840

 

624,484

 

4

     

2,552,446

 

2,488,229

 

3

 
                               

Other income

                             

     Mortgage banking revenues 

 

93,675

 

82,169

 

14

     

362,912

 

331,265

 

10

 

     Service charges on deposit accounts 

 

106,319

 

110,436

 

-4

     

427,956

 

446,941

 

-4

 

     Trust income 

 

128,442

 

125,876

 

2

     

508,258

 

496,008

 

2

 

     Brokerage services income 

 

15,809

 

15,807

 

-

     

67,212

 

65,647

 

2

 

     Trading account and foreign exchange gains 

 

8,397

 

13,690

 

-39

     

29,874

 

40,828

 

-27

 

     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 

 

(4,049)

 

(6,136)

 

-

     

(16,672)

 

(16,126)

 

-

 

     Other revenues from operations 

 

103,050

 

104,404

 

-1

     

399,733

 

453,985

 

-12

 

          Total other income 

 

451,643

 

446,246

 

1

     

1,779,273

 

1,865,205

 

-5

 
                               

Other expense

                             

     Salaries and employee benefits 

 

345,135

 

336,159

 

3

     

1,404,950

 

1,355,178

 

4

 

     Equipment and net occupancy

 

62,335

 

68,670

 

-9

     

269,299

 

264,327

 

2

 

     Printing, postage and supplies 

 

8,881

 

8,808

 

1

     

38,201

 

39,557

 

-3

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

7,170

 

10,439

 

-31

     

33,824

 

46,912

 

-28

 

     FDIC assessments 

 

11,695

 

17,574

 

-33

     

55,531

 

69,584

 

-20

 

     Other costs of operations 

 

244,892

 

301,422

 

-19

     

941,052

 

860,327

 

9

 

          Total other expense 

 

680,108

 

743,072

 

-8

     

2,742,857

 

2,635,885

 

4

 
                               

Income before income taxes 

 

420,375

 

327,658

 

28

     

1,588,862

 

1,717,549

 

-7

 
                               

Applicable income taxes 

 

142,826

 

106,236

 

34

     

522,616

 

579,069

 

-10

 
                               

Net income 

$

277,549

 

221,422

 

25

%

 

$

1,066,246

 

1,138,480

 

-6

%

                               

 

 

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

 

2014

 

2014

 

2014

 

2014

 

2013

                               

Interest income 

$

756,612

   

743,023

   

734,290

   

722,952

   

734,466

 

Interest expense 

 

74,772

   

73,964

   

65,176

   

66,519

   

67,982

 
                               

Net interest income 

 

681,840

   

669,059

   

669,114

   

656,433

   

666,484

 
                               

Provision for credit losses 

 

33,000

   

29,000

   

30,000

   

32,000

   

42,000

 
                               

Net interest income after

                             

   provision for credit losses 

 

648,840

   

640,059

   

639,114

   

624,433

   

624,484

 
                               

Other income

                             

     Mortgage banking revenues 

 

93,675

   

93,532

   

95,656

   

80,049

   

82,169

 

     Service charges on deposit accounts 

 

106,319

   

110,071

   

107,368

   

104,198

   

110,436

 

     Trust income  

 

128,442

   

128,671

   

129,893

   

121,252

   

125,876

 

     Brokerage services income 

 

15,809

   

17,416

   

17,487

   

16,500

   

15,807

 

     Trading account and foreign exchange gains 

 

8,397

   

6,988

   

8,042

   

6,447

   

13,690

 

     Equity in earnings of Bayview Lending Group LLC 

 

(4,049)

   

(4,114)

   

(4,055)

   

(4,454)

   

(6,136)

 

     Other revenues from operations 

 

103,050

   

98,547

   

102,021

   

96,115

   

104,404

 

          Total other income 

 

451,643

   

451,111

   

456,412

   

420,107

   

446,246

 
                               

Other expense

                             

     Salaries and employee benefits 

 

345,135

   

348,776

   

339,713

   

371,326

   

336,159

 

     Equipment and net occupancy 

 

62,335

   

67,713

   

68,084

   

71,167

   

68,670

 

     Printing, postage and supplies 

 

8,881

   

9,184

   

9,180

   

10,956

   

8,808

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

7,170

   

7,358

   

9,234

   

10,062

   

10,439

 

     FDIC assessments 

 

11,695

   

13,193

   

15,155

   

15,488

   

17,574

 

     Other costs of operations 

 

244,892

   

233,060

   

239,828

   

223,272

   

301,422

 

          Total other expense 

 

680,108

   

679,284

   

681,194

   

702,271

   

743,072

 
                               

Income before income taxes 

 

420,375

   

411,886

   

414,332

   

342,269

   

327,658

 
                               

Applicable income taxes 

 

142,826

   

136,542

   

129,996

   

113,252

   

106,236

 
                               

Net income 

$

277,549

   

275,344

   

284,336

   

229,017

   

221,422

 
                               

 

 

M&T BANK CORPORATION

               

Condensed Consolidated Balance Sheet

               
                 
     

December 31

     

Dollars in thousands

   

2014

 

2013

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks 

 

$

1,289,965

 

1,573,361

 

-18

%

                 

Interest-bearing deposits at banks 

   

6,470,867

 

1,651,138

 

292

 
                 

Federal funds sold and agreements

               

  to resell securities 

   

83,392

 

99,573

 

-16

 
                 

Trading account assets 

   

308,175

 

376,131

 

-18

 
                 

Investment securities 

   

12,993,542

 

8,796,497

 

48

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc.

   

19,461,292

 

18,705,216

 

4

 

   Real estate - commercial 

   

27,567,569

 

26,148,208

 

5

 

   Real estate - consumer 

   

8,657,301

 

8,928,221

 

-3

 

   Consumer 

   

10,982,794

 

10,291,514

 

7

 

     Total loans and leases, net of unearned discount 

   

66,668,956

 

64,073,159

 

4

 

        Less: allowance for credit losses

   

919,562

 

916,676

 

-

 
                 

  Net loans and leases 

   

65,749,394

 

63,156,483

 

4

 
                 

Goodwill 

   

3,524,625

 

3,524,625

 

-

 
                 

Core deposit and other intangible assets 

   

35,027

 

68,851

 

-49

 
                 

Other assets 

   

6,230,548

 

5,915,732

 

5

 
                 

  Total assets 

 

$

96,685,535

 

85,162,391

 

14

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits 

 

$

26,947,880

 

24,661,007

 

9

%

                 

Interest-bearing deposits 

   

46,457,591

 

42,134,859

 

10

 
                 

Deposits at Cayman Islands office 

   

176,582

 

322,746

 

-45

 
                 

  Total deposits 

   

73,582,053

 

67,118,612

 

10

 
                 

Short-term borrowings 

   

192,676

 

260,455

 

-26

 
                 

Accrued interest and other liabilities 

   

1,567,951

 

1,368,922

 

15

 
                 

Long-term borrowings 

   

9,006,959

 

5,108,870

 

76

 
                 

  Total liabilities 

   

84,349,639

 

73,856,859

 

14

 
                 

Shareholders' equity:

               
                 

   Preferred 

   

1,231,500

 

881,500

 

40

 

   Common (1) 

   

11,104,396

 

10,424,032

 

7

 
                 

     Total shareholders' equity 

   

12,335,896

 

11,305,532

 

9

 
                 

  Total liabilities and shareholders' equity 

 

$

96,685,535

 

85,162,391

 

14

%

                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $181.0 million

       at December 31, 2014 and $64.2 million at December 31, 2013.

 

 

M&T BANK CORPORATION

                               

Condensed Consolidated Balance Sheet, Five Quarter Trend

                         
         
     

December 31,

 

September 30,

   

June 30,

   

March 31,

   

December 31,

 

Dollars in thousands

   

2014

 

2014

   

2014

   

2014

   

2013

 
                                 

ASSETS

                               
                                 

Cash and due from banks 

 

$

1,289,965

   

1,445,877

   

1,827,197

   

1,671,052

   

1,573,361

 
                                 

Interest-bearing deposits at banks 

   

6,470,867

   

7,676,064

   

3,032,530

   

3,299,185

   

1,651,138

 
                                 

Federal funds sold and agreements

                               

  to resell securities 

   

83,392

   

77,766

   

90,239

   

92,066

   

99,573

 
                                 

Trading account assets 

   

308,175

   

296,913

   

313,325

   

314,807

   

376,131

 
                                 

Investment securities 

   

12,993,542

   

13,348,368

   

12,120,195

   

10,364,249

   

8,796,497

 
                                 

Loans and leases:

                               
                                 

   Commercial, financial, etc.

   

19,461,292

   

19,112,009

   

19,105,892

   

18,896,070

   

18,705,216

 

   Real estate - commercial 

   

27,567,569

   

26,942,847

   

26,374,274

   

26,104,086

   

26,148,208

 

   Real estate - consumer 

   

8,657,301

   

8,663,408

   

8,656,766

   

8,774,095

   

8,928,221

 

   Consumer 

   

10,982,794

   

10,854,095

   

10,610,761

   

10,360,827

   

10,291,514

 

     Total loans and leases, net of unearned discount 

   

66,668,956

   

65,572,359

   

64,747,693

   

64,135,078

   

64,073,159

 

        Less: allowance for credit losses

   

919,562

   

918,633

   

917,666

   

916,768

   

916,676

 
                                 

  Net loans and leases 

   

65,749,394

   

64,653,726

   

63,830,027

   

63,218,310

   

63,156,483

 
                                 

Goodwill 

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

 
                                 

Core deposit and other intangible assets 

   

35,027

   

42,197

   

49,555

   

58,789

   

68,851

 
                                 

Other assets 

   

6,230,548

   

6,162,806

   

6,047,309

   

5,987,277

   

5,915,732

 
                                 

  Total assets 

 

$

96,685,535

   

97,228,342

   

90,835,002

   

88,530,360

   

85,162,391

 
                                 
                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits 

 

$

26,947,880

   

27,440,524

   

26,088,763

   

25,244,200

   

24,661,007

 
                                 

Interest-bearing deposits 

   

46,457,591

   

46,659,442

   

43,502,602

   

43,207,286

   

42,134,859

 
                                 

Deposits at Cayman Islands office 

   

176,582

   

241,536

   

237,890

   

247,880

   

322,746

 
                                 

  Total deposits 

   

73,582,053

   

74,341,502

   

69,829,255

   

68,699,366

   

67,118,612

 
                                 

Short-term borrowings 

   

192,676

   

164,609

   

161,631

   

230,209

   

260,455

 
                                 

Accrued interest and other liabilities 

   

1,567,951

   

1,327,524

   

1,283,430

   

1,462,725

   

1,368,922

 
                                 

Long-term borrowings 

   

9,006,959

   

9,061,391

   

7,391,931

   

6,251,197

   

5,108,870

 
                                 

  Total liabilities 

   

84,349,639

   

84,895,026

   

78,666,247

   

76,643,497

   

73,856,859

 
                                 

Shareholders' equity:

                               
                                 

   Preferred 

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

   

881,500

 

   Common (1) 

   

11,104,396

   

11,101,816

   

10,937,255

   

10,655,363

   

10,424,032

 
                                 

     Total shareholders' equity 

   

12,335,896

   

12,333,316

   

12,168,755

   

11,886,863

   

11,305,532

 
                                 

  Total liabilities and shareholders' equity 

 

$

96,685,535

   

97,228,342

   

90,835,002

   

88,530,360

   

85,162,391

 
                                 
                                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $181.0 million at December 31, 2014, $25.3 million

 

         at March 31, 2014 and $64.2 million at December 31, 2013, and 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.

 

 

 

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, 2014 from

   

 

December 31,

     

Dollars in millions

   

2014

 

2013

 

2014

 

December 31,

 

September 30,

   

2014

 

2013

 

Change in

 
     

Balance

 

Rate

 

Balance

 

Rate

 

Balance

 

Rate

 

2013

 

2014

   

Balance

 

Rate

 

Balance 

 

Rate

 

balance

 

ASSETS

                                                             
                                                               

Interest-bearing deposits at banks 

 

$

9,054

 

.25

%

2,948

 

.25

%

5,083

 

.25

%

207

%

 

78

%

 

$

5,342

 

.25

%

2,139

 

.24

%

150

%

                                                               

Federal funds sold and agreements

                                                             

  to resell securities 

   

86

 

.08

 

115

 

.07

 

80

 

.07

 

-26

   

7

     

89

 

.07

 

128

 

.09

 

-31

 
                                                               

Trading account assets 

   

80

 

1.76

 

82

 

1.36

 

70

 

1.65

 

-3

   

15

     

76

 

1.81

 

78

 

1.91

 

-2

 
                                                               

Investment securities 

   

12,978

 

2.82

 

8,354

 

3.32

 

12,780

 

2.89

 

55

   

2

     

11,509

 

3.03

 

6,615

 

3.32

 

74

 
                                                               

Loans and leases, net of unearned discount

                                                             

  Commercial, financial, etc.

   

19,117

 

3.25

 

18,096

 

3.41

 

18,889

 

3.29

 

6

   

1

     

18,867

 

3.31

 

17,736

 

3.54

 

6

 

  Real estate - commercial 

   

27,064

 

4.24

 

26,231

 

4.48

 

26,487

 

4.19

 

3

   

2

     

26,461

 

4.26

 

26,083

 

4.53

 

1

 

  Real estate - consumer 

   

8,654

 

4.19

 

8,990

 

4.20

 

8,634

 

4.17

 

-4

   

-

     

8,719

 

4.23

 

10,136

 

4.12

 

-14

 

  Consumer 

   

10,932

 

4.49

 

10,233

 

4.60

 

10,753

 

4.52

 

7

   

2

     

10,618

 

4.53

 

11,098

 

4.60

 

-4

 

     Total loans and leases, net 

   

65,767

 

4.01

 

63,550

 

4.17

 

64,763

 

4.00

 

3

   

2

     

64,665

 

4.05

 

65,053

 

4.24

 

-1

 
                                                               

  Total earning assets 

   

87,965

 

3.44

 

75,049

 

3.92

 

82,776

 

3.59

 

17

   

6

     

81,681

 

3.65

 

74,013

 

4.03

 

10

 
                                                               

Goodwill 

   

3,525

     

3,525

     

3,525

     

-

   

-

     

3,525

     

3,525

     

-

 
                                                               

Core deposit and other intangible assets 

   

38

     

74

     

45

     

-48

   

-16

     

50

     

90

     

-44

 
                                                               

Other assets 

   

7,116

     

6,682

     

6,899

     

6

   

3

     

6,887

     

6,034

     

14

 
                                                               

  Total assets 

 

$

98,644

     

85,330

     

93,245

     

16

%

 

6

%

 

$

92,143

     

83,662

     

10

%

                                                               
                                                               
                                                               

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                             
                                                               

Interest-bearing deposits

                                                             

  NOW accounts 

 

$

1,083

 

.14

 

933

 

.13

 

1,037

 

.15

 

16

%

 

4

%

 

$

1,034

 

.14

 

923

 

.14

 

12

%

  Savings deposits 

   

42,949

 

.10

 

38,079

 

.14

 

41,056

 

.11

 

13

   

5

     

40,474

 

.11

 

36,739

 

.15

 

10

 

  Time deposits 

   

3,128

 

.50

 

3,617

 

.51

 

3,227

 

.47

 

-14

   

-3

     

3,290

 

.47

 

4,045

 

.65

 

-19

 

  Deposits at Cayman Islands office 

   

265

 

.22

 

414

 

.21

 

325

 

.20

 

-36

   

-18

     

327

 

.21

 

496

 

.21

 

-34

 

     Total interest-bearing deposits 

   

47,425

 

.13

 

43,043

 

.17

 

45,645

 

.14

 

10

   

4

     

45,125

 

.14

 

42,203

 

.20

 

7

 
                                                               

Short-term borrowings 

   

195

 

.05

 

287

 

.06

 

181

 

.04

 

-32

   

7

     

215

 

.05

 

390

 

.11

 

-45

 

Long-term borrowings 

   

8,954

 

2.62

 

5,009

 

3.91

 

8,547

 

2.69

 

79

   

5

     

7,492

 

2.90

 

4,941

 

4.05

 

52

 
                                                               

Total interest-bearing liabilities 

   

56,574

 

.52

 

48,339

 

.56

 

54,373

 

.54

 

17

   

4

     

52,832

 

.53

 

47,534

 

.60

 

11

 
                                                               

Noninterest-bearing deposits 

   

28,090

     

24,169

     

25,127

     

16

   

12

     

25,715

     

23,721

     

8

 
                                                               

Other liabilities 

   

1,538

     

1,713

     

1,498

     

-10

   

3

     

1,499

     

1,685

     

-11

 
                                                               

  Total liabilities 

   

86,202

     

74,221

     

80,998

     

16

   

6

     

80,046

     

72,940

     

10

 
                                                               

Shareholders' equity 

   

12,442

     

11,109

     

12,247

     

12

   

2

     

12,097

     

10,722

     

13

 
                                                               

  Total liabilities and shareholders' equity 

 

$

98,644

     

85,330

     

93,245

     

16

%

 

6

%

 

$

92,143

     

83,662

     

10

%

                                                               
                                                               

Net interest spread 

       

2.92

     

3.36

     

3.05

                   

3.12

     

3.43

     

Contribution of interest-free funds 

       

.18

     

.20

     

.18

                   

.19

     

.22

     

Net interest margin 

       

3.10

%

   

3.56

%

   

3.23

%

                 

3.31

%

   

3.65

%

 
                                                               
                                                               

 

 

M&T BANK CORPORATION

                       

Reconciliation of GAAP to Non-GAAP Measures

                   
                         
                         
       

Three months ended

   

Year ended

 
       

December 31

   

December 31

 
       

2014

 

2013

   

2014

 

2013

 

Income statement data

                       

In thousands, except per share

                       

Net income

                       

Net income 

   

$

277,549

 

221,422

 

$

1,066,246

 

1,138,480

 

Amortization of core deposit and other

                       

  intangible assets (1) 

     

4,380

 

6,375

   

20,657

 

28,644

 

Merger-related expenses (1) 

     

-

 

-

   

-

 

7,511

 

  Net operating income 

   

$

281,929

 

227,797

 

$

1,086,903

 

1,174,635

 

Earnings per common share

                       

Diluted earnings per common share 

   

$

1.92

 

1.56

 

$

7.42

 

8.20

 

Amortization of core deposit and other

                       

  intangible assets (1) 

     

.03

 

.05

   

.15

 

.22

 

Merger-related expenses (1) 

     

-

 

-

   

-

 

.06

 

  Diluted net operating earnings per common share 

$

1.95

 

1.61

 

$

7.57

 

8.48

 

Other expense

                       

Other expense 

   

$

680,108

 

743,072

 

$

2,742,857

 

2,635,885

 

Amortization of core deposit and other

                       

  intangible assets  

     

(7,170)

 

(10,439)

   

(33,824)

 

(46,912)

 

Merger-related expenses  

     

-

 

-

   

-

 

(12,364)

 

  Noninterest operating expense 

   

$

672,938

 

732,633

 

$

2,709,033

 

2,576,609

 

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) 

 

$

672,938

 

732,633

 

$

2,709,033

 

2,576,609

 

Taxable-equivalent net interest income 

     

687,847

 

672,683

   

2,700,088

 

2,698,200

 

Other income 

     

451,643

 

446,246

   

1,779,273

 

1,865,205

 

Less:  Gain on bank investment securities 

   

-

 

-

   

-

 

56,457

 

           Net OTTI losses recognized in earnings 

 

-

 

-

   

-

 

(9,800)

 

Denominator 

   

$

1,139,490

 

1,118,929

 

$

4,479,361

 

4,516,748

 

Efficiency ratio 

     

59.06

%

65.48

%

 

60.48

%

57.05

%

                         
                         

Balance sheet data

                       

In millions

                       

Average assets

                       

Average assets 

   

$

98,644

 

85,330

 

$

92,143

 

83,662

 

Goodwill 

     

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

     

(38)

 

(74)

   

(50)

 

(90)

 

Deferred taxes 

     

12

 

23

   

15

 

27

 

  Average tangible assets 

   

$

95,093

 

81,754

 

$

88,583

 

80,074

 

Average common equity

                       

Average total equity 

   

$

12,442

 

11,109

 

$

12,097

 

10,722

 

Preferred stock 

     

(1,231)

 

(881)

   

(1,192)

 

(878)

 

  Average common equity 

     

11,211

 

10,228

   

10,905

 

9,844

 

Goodwill 

     

(3,525)

 

(3,525)

   

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

     

(38)

 

(74)

   

(50)

 

(90)

 

Deferred taxes 

     

12

 

23

   

15

 

27

 

  Average tangible common equity 

   

$

7,660

 

6,652

 

$

7,345

 

6,256

 
                         

At end of quarter

                       

Total assets

                       

Total assets 

   

$

96,686

 

85,162

           

Goodwill 

     

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

     

(35)

 

(69)

           

Deferred taxes 

     

11

 

21

           

  Total tangible assets 

   

$

93,137

 

81,589

           

Total common equity

                       

Total equity 

   

$

12,336

 

11,306

           

Preferred stock 

     

(1,231)

 

(882)

           

Undeclared dividends - cumulative preferred stock 

 

(3)

 

(3)

           

  Common equity, net of undeclared cumulative

                   

    preferred dividends 

     

11,102

 

10,421

           

Goodwill 

     

(3,525)

 

(3,525)

           

Core deposit and other intangible assets 

     

(35)

 

(69)

           

Deferred taxes 

     

11

 

21

           

  Total tangible common equity 

   

$

7,553

 

6,848

           
                         
                         

(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,

 
       

2014

 

2014

 

2014

 

2014

 

2013

 

Income statement data

                         

In thousands, except per share

                         

Net income

                         

Net income 

   

$

277,549

 

275,344

 

284,336

 

229,017

 

221,422

 

Amortization of core deposit and other

                         

  intangible assets (1) 

     

4,380

 

4,494

 

5,638

 

6,145

 

6,375

 

  Net operating income 

   

$

281,929

 

279,838

 

289,974

 

235,162

 

227,797

 

Earnings per common share

                         

Diluted earnings per common share 

   

$

1.92

 

1.91

 

1.98

 

1.61

 

1.56

 

Amortization of core deposit and other

                         

  intangible assets (1) 

     

.03

 

.03

 

.04

 

.05

 

.05

 

  Diluted net operating earnings per common share 

$

1.95

 

1.94

 

2.02

 

1.66

 

1.61

 

Other expense

                         

Other expense 

   

$

680,108

 

679,284

 

681,194

 

702,271

 

743,072

 

Amortization of core deposit and other

                         

  intangible assets  

     

(7,170)

 

(7,358)

 

(9,234)

 

(10,062)

 

(10,439)

 

  Noninterest operating expense 

   

$

672,938

 

671,926

 

671,960

 

692,209

 

732,633

 

Efficiency ratio

                         

Noninterest operating expense (numerator) 

 

$

672,938

 

671,926

 

671,960

 

692,209

 

732,633

 

Taxable-equivalent net interest income 

     

687,847

 

674,900

 

674,963

 

662,378

 

672,683

 

Other income 

     

451,643

 

451,111

 

456,412

 

420,107

 

446,246

 

Denominator 

   

$

1,139,490

 

1,126,011

 

1,131,375

 

1,082,485

 

1,118,929

 

Efficiency ratio 

     

59.06

%

59.67

%

59.39

%

63.95

%

65.48

%

                           
                           

Balance sheet data

                         

In millions

                         

Average assets

                         

Average assets 

   

$

98,644

 

93,245

 

89,873

 

86,665

 

85,330

 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

     

(38)

 

(45)

 

(53)

 

(64)

 

(74)

 

Deferred taxes 

     

12

 

14

 

16

 

20

 

23

 

  Average tangible assets 

   

$

95,093

 

89,689

 

86,311

 

83,096

 

81,754

 

Average common equity

                         

Average total equity 

   

$

12,442

 

12,247

 

12,039

 

11,648

 

11,109

 

Preferred stock 

     

(1,231)

 

(1,232)

 

(1,231)

 

(1,072)

 

(881)

 

  Average common equity 

     

11,211

 

11,015

 

10,808

 

10,576

 

10,228

 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

     

(38)

 

(45)

 

(53)

 

(64)

 

(74)

 

Deferred taxes 

     

12

 

14

 

16

 

20

 

23

 

  Average tangible common equity 

   

$

7,660

 

7,459

 

7,246

 

7,007

 

6,652

 
                           

At end of quarter

                         

Total assets

                         

Total assets 

   

$

96,686

 

97,228

 

90,835

 

88,530

 

85,162

 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

     

(35)

 

(42)

 

(49)

 

(59)

 

(69)

 

Deferred taxes 

     

11

 

13

 

15

 

19

 

21

 

  Total tangible assets 

   

$

93,137

 

93,674

 

87,276

 

84,965

 

81,589

 

Total common equity

                         

Total equity 

   

$

12,336

 

12,333

 

12,169

 

11,887

 

11,306

 

Preferred stock 

     

(1,231)

 

(1,232)

 

(1,232)

 

(1,232)

 

(882)

 

Undeclared dividends - cumulative preferred stock 

 

(3)

 

(2)

 

(3)

 

(3)

 

(3)

 

  Common equity, net of undeclared cumulative

                     

    preferred dividends 

     

11,102

 

11,099

 

10,934

 

10,652

 

10,421

 

Goodwill 

     

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

     

(35)

 

(42)

 

(49)

 

(59)

 

(69)

 

Deferred taxes 

     

11

 

13

 

15

 

19

 

21

 

  Total tangible common equity 

   

$

7,553

 

7,545

 

7,375

 

7,087

 

6,848

 
                           
                           

(1) After any related tax effect.