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

BUFFALO, N.Y., July 16, 2015 -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended June 30, 2015.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the second quarter of 2015 were $1.98, equal to the year-earlier period and 20% higher than the $1.65 recorded in the first quarter of 2015.  GAAP-basis net income in the recently completed quarter totaled $287 million, up from $284 million and $242 million in the second quarter of 2014 and the initial 2015 quarter, respectively.  GAAP-basis net income for the second quarter of 2015 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.18% and 9.37%, respectively, compared with 1.27% and 9.79%, respectively, in the year-earlier quarter and 1.02% and 7.99%, respectively, in the first quarter of 2015.

The recent quarter's results reflect two noteworthy items.  In early April 2015, M&T sold the trade processing business within the retirement services division of its Institutional Client Services business.  That sale resulted in an after-tax gain of approximately $23 million ($45 million pre-tax).  Also during the second quarter of 2015, M&T made $40 million of tax-deductible cash contributions to The M&T Charitable Foundation.  The after-tax impact of those two items lowered net income and diluted earnings per common share during the recent quarter by approximately $1 million and $.01, respectively.

Commenting on the recent quarter's performance, René F. Jones, Vice Chairman and Chief Financial Officer, noted, "M&T's results for the second quarter reflect strong activity in our commercial loan portfolios, as we experienced 10% annualized growth in balances and significantly higher loan syndication fees as compared with the first quarter.  Charge-offs remained at historically low levels and expenses during the quarter were again well-contained.  We were pleased to make a significant contribution to The M&T Charitable Foundation, so that it may continue to support the communities we serve.  M&T's performance in the second quarter was indicative of what we do best – focusing on prudent banking practices that result in internal capital generation while striving to exceed our customers' needs." 

For the six-month period ended June 30, 2015, diluted earnings per common share were $3.63, up from $3.59 in the year-earlier period.  GAAP-basis net income for the first half of 2015 totaled $528 million, 3% higher than $513 million in the corresponding 2014 period.  Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in the six-month period ended June 30, 2015 was 1.10% and 8.69%, respectively, compared with 1.17% and 9.02%, respectively, in the similar 2014 period.

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 $2.01 in the recent quarter, compared with $2.02 and $1.68 in the year-earlier quarter and the first quarter of 2015, respectively. Net operating income during each of the second quarters of 2015 and 2014 was $290 million, compared with $246 million in the initial 2015 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 13.76%, respectively, in the second quarter of 2015.  The comparable returns were 1.35% and 14.92% in the second quarter of 2014 and 1.08% and 11.90% in the first quarter of 2015.

Diluted net operating earnings per common share in the first six months of 2015 were $3.69, compared with $3.68 in the first half of 2014.  Net operating income during the six-month period ended June 30, 2015 was $536 million, 2% higher than $525 million in the similar 2014 period.  Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.16% and 12.85%, respectively, in the first half of 2015, compared with 1.25% and 13.86%, respectively, in the first six months of 2014.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis aggregated $689 million in the second quarter of 2015, up 4% from $665 million in the first quarter of 2015.  That improvement reflects a $2.1 billion increase in average earning assets, including a $1.1 billion increase in average loans and an $819 million rise in average investment securities resulting from continued purchases of mortgage-backed securities.  The net interest margin during each of the first two quarters of 2015 was 3.17%.  Taxable-equivalent net interest income in the recent quarter was up 2% from $675 million in the year-earlier period.  The effect of growth in average earning assets, predominantly due to increases of $3.2 billion in average investment securities and $3.3 billion in average loans and leases, was partially offset by a 23 basis point narrowing of the net interest margin in the recent quarter from 3.40% in the second quarter of 2014.  The increases in investment securities reflect continued progress made in response to regulatory liquidity requirements that will become effective for M&T in January 2016.   

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $30 million in each of the second quarters of 2015 and 2014, compared with $38 million in the first quarter of 2015.  Net charge-offs of loans were $21 million during the recent quarter, improved from $29 million in the second quarter of 2014 and $36 million in the first quarter of 2015.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .13% and .18% in the second quarters of 2015 and 2014, respectively, and .22% in the first quarter of 2015.

Loans classified as nonaccrual totaled $797 million, or 1.17% of total loans outstanding at June 30, 2015, compared with $880 million or 1.36% a year earlier and $791 million or 1.18% at March 31, 2015.  Assets taken in foreclosure of defaulted loans were $64 million at June 30, 2015, compared with $60 million at June 30, 2014 and $63 million at March 31, 2015.

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 $930 million or 1.36% of loans outstanding at June 30, 2015, compared with $918 million or 1.42% of loans at June 30, 2014 and $921 million or 1.37% of loans at March 31, 2015. 

Noninterest Income and Expense.  Noninterest income aggregated $497 million in the second quarter of 2015, up from $456 million in the year-earlier quarter and $440 million in the first quarter of 2015.  Reflected in the recent quarter's total was the $45 million pre-tax gain realized from the sale of the trade processing business noted earlier.  Revenues from the divested business, which had been recorded as trust income, aggregated $10 million in the year-ago quarter and $9 million in the first quarter of 2015.  After considering the impact of the recent quarter gain and the revenues recorded in prior quarters related to the sold business, noninterest income in the recent quarter was improved from the second quarter of 2014 and from the initial 2015 quarter.  As compared with the second quarter of 2014, higher mortgage banking revenues and loan syndication fees contributed to that improvement. On that same basis, the rise in noninterest income from the first quarter of 2015 was largely due to higher loan syndication fees, trust income and fees for providing deposit account services.

Noninterest expense in the second quarter of 2015 totaled $697 million, up from $668 million in the year-earlier quarter and $686 million in the first quarter of 2015.  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 $691 million in the recent quarter, compared with $658 million in the second quarter of 2014 and $680 million in 2015's initial quarter.  Reflected in operating expenses in the recent quarter was the aforementioned higher level of contribution to The M&T Charitable Foundation. 

Without the impact of charitable contributions, noninterest operating expenses in the recent quarter declined from the year-earlier quarter. Higher salaries and employee benefits expenses were more than offset by lower expenses for professional services, FDIC assessments and litigation-related costs.  On that same basis, as compared with the initial 2015 quarter, the recent quarter's lower level of operating expenses was due, in large part, to a decline in salaries and employee benefits, including stock-based compensation, which were seasonally higher in the initial 2015 period.  Also contributing to the decline were reduced costs for professional services that were mitigated by higher legal fees.  The lower operating expense level in the recent quarter was reflective of the noted sale of the trade processing business.

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 58.2% in each of the second quarters of 2015 and 2014, compared with 61.5% in the first quarter of 2015.  Excluding the impact of the two notable items in the recent quarter, the efficiency ratio was 57.0%. 

Balance Sheet.  M&T had total assets of $97.1 billion at June 30, 2015, up 7% from $90.8 billion a year earlier.  Investment securities were $14.8 billion at June 30, 2015, up $2.6 billion or 22% from June 30, 2014.  Loans and leases, net of unearned discount, totaled $68.1 billion at the recent quarter-end, up $3.4 billion or 5% from $64.7 billion at June 30, 2014.  Total deposits rose 4% to $72.6 billion at June 30, 2015 from $69.8 billion a year earlier.

Total shareholders' equity grew 4% to $12.7 billion at June 30, 2015 from $12.2 billion a year earlier, representing 13.05% and 13.40%, respectively, of total assets.  Common shareholders' equity was $11.4 billion, or $85.90 per share, at June 30, 2015, up from $10.9 billion, or $82.86 per share, at June 30, 2014.  Tangible equity per common share rose 6% to $59.39 at the recent quarter-end from $55.89 a year earlier.  Common shareholders' equity per share and tangible equity per common share were $84.95 and $58.29, respectively, at March 31, 2015.  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 estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under the transitional capital rules that became effective for M&T on January 1, 2015 was approximately 9.92%.  M&T's estimated Tier 1 common ratio under previously effective regulatory capital rules would have been 10.11% as of June 30, 2015.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss second quarter 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# 78536183. 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 through Monday, July 20, 2015 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID# 78536183.  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

           

Six months ended

     

Amounts in thousands,

   

June 30

           

June 30

     

 except per share

   

2015

 

2014

 

Change

       

2015

 

2014

 

Change

 
                                   

Performance

                                 
                                   

Net income

 

$

286,688

 

284,336

 

1

%

 

$

528,301

 

513,353

 

3

%

Net income available to common shareholders

   

263,481

 

260,695

 

1

%

   

482,313

 

472,429

 

2

%

                                   

Per common share:

                                 

  Basic earnings

 

$

1.99

 

1.99

 

-

     

$

3.65

 

3.62

 

1

%

  Diluted earnings

   

1.98

 

1.98

 

-

       

3.63

 

3.59

 

1

%

  Cash dividends

 

$

.70

 

.70

 

-

     

$

1.40

 

1.40

 

-

 
                                   

Common shares outstanding:

                                 

  Average - diluted (1)

   

133,116

 

131,828

 

1

%

   

132,944

 

131,479

 

1

%

  Period end (2)

   

133,099

 

131,953

 

1

%

   

133,099

 

131,953

 

1

%

                                   

Return on (annualized):

                                 

  Average total assets

   

1.18

%

1.27

%

         

1.10

%

1.17

%

   

  Average common shareholders' equity

   

9.37

%

9.79

%

         

8.69

%

9.02

%

   
                                   

Taxable-equivalent net interest income

 

$

689,148

 

674,963

 

2

%

 

$

1,354,574

 

1,337,341

 

1

%

                                   

Yield on average earning assets

   

3.52

%

3.73

%

         

3.53

%

3.80

%

   

Cost of interest-bearing liabilities

   

.55

%

.51

%

         

.56

%

.53

%

   

Net interest spread

   

2.97

%

3.22

%

         

2.97

%

3.27

%

   

Contribution of interest-free funds

   

.20

%

.18

%

         

.20

%

.19

%

   

Net interest margin

   

3.17

%

3.40

%

         

3.17

%

3.46

%

   
                                   

Net charge-offs to average total 

                                 

  net loans (annualized)

   

.13

%

.18

%

         

.17

%

.19

%

   
                                   

Net operating results (3)

                                 
                                   

Net operating income

 

$

290,341

 

289,974

 

-

     

$

536,117

 

525,136

 

2

%

Diluted net operating earnings per common share

   

2.01

 

2.02

 

-

       

3.69

 

3.68

 

-

 

Return on (annualized):

                                 

  Average tangible assets

   

1.24

%

1.35

%

         

1.16

%

1.25

%

   

  Average tangible common equity

   

13.76

%

14.92

%

         

12.85

%

13.86

%

   

Efficiency ratio

   

58.23

%

58.20

%

         

59.79

%

60.46

%

   
                                   
                                   
                                   
     

At  June 30

                       

Loan quality

   

2015

 

2014

 

Change

                   
                                   

Nonaccrual loans

 

$

797,146

 

880,134

 

-9

%

               

Real estate and other foreclosed assets

   

63,734

 

59,793

 

7

%

               

  Total nonperforming assets

 

$

860,880

 

939,927

 

-8

%

               
                                   

Accruing loans past due 90 days or more (4)

 

$

238,568

 

289,016

 

-17

%

               
                                   

Government guaranteed loans included in totals

                                 

  above:

                                 

  Nonaccrual loans

 

$

58,259

 

81,817

 

-29

%

               

  Accruing loans past due 90 days or more

   

206,775

 

275,846

 

-25

%

               
                                   

Renegotiated loans

 

$

197,145

 

270,223

 

-27

%

               
                                   

Acquired accruing loans past due 90 

                                 

  days or more (5)

 

$

78,591

 

134,580

 

-42

%

               
                                   

Purchased impaired loans (6):

                                 

  Outstanding customer balance

 

$

294,381

 

504,584

 

-42

%

               

  Carrying amount

   

169,240

 

282,517

 

-40

%

               
                                   

Nonaccrual loans to total net loans

   

1.17

%

1.36

%

                     
                                   

Allowance for credit losses to total loans

   

1.36

%

1.42

%

                     
 
 

(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,

     

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 except per share

     

2015

 

2015

 

2014

 

2014

 

2014

                                   

Performance

                                 
                                   

Net income

   

$

286,688

   

241,613

   

277,549

   

275,344

   

284,336

 

Net income available to common shareholders

     

263,481

   

218,837

   

254,239

   

251,917

   

260,695

 
                                   

Per common share:

                                 

  Basic earnings

   

$

1.99

   

1.66

   

1.93

   

1.92

   

1.99

 

  Diluted earnings

     

1.98

   

1.65

   

1.92

   

1.91

   

1.98

 

  Cash dividends

   

$

.70

   

.70

   

.70

   

.70

   

.70

 
                                   

Common shares outstanding:

                                 

  Average - diluted (1)

     

133,116

   

132,769

   

132,278

   

132,128

   

131,828

 

  Period end (2)

     

133,099

   

132,946

   

132,354

   

132,142

   

131,953

 
                                   

Return on (annualized):

                                 

  Average total assets

     

1.18

%

 

1.02

%

 

1.12

%

 

1.17

%

 

1.27

%

  Average common shareholders' equity

     

9.37

%

 

7.99

%

 

9.10

%

 

9.18

%

 

9.79

%

                                   

Taxable-equivalent net interest income

   

$

689,148

   

665,426

   

687,847

   

674,900

   

674,963

 
                                   

Yield on average earning assets

     

3.52

%

 

3.54

%

 

3.44

%

 

3.59

%

 

3.73

%

Cost of interest-bearing liabilities

     

.55

%

 

.57

%

 

.52

%

 

.54

%

 

.51

%

Net interest spread

     

2.97

%

 

2.97

%

 

2.92

%

 

3.05

%

 

3.22

%

Contribution of interest-free funds

     

.20

%

 

.20

%

 

.18

%

 

.18

%

 

.18

%

Net interest margin

     

3.17

%

 

3.17

%

 

3.10

%

 

3.23

%

 

3.40

%

                                   

Net charge-offs to average total 

                                 

  net loans (annualized)

     

.13

%

 

.22

%

 

.19

%

 

.17

%

 

.18

%

                                   

Net operating results (3)

                                 
                                   

Net operating income

   

$

290,341

   

245,776

   

281,929

   

279,838

   

289,974

 

Diluted net operating earnings per common share

     

2.01

   

1.68

   

1.95

   

1.94

   

2.02

 

Return on (annualized):

                                 

  Average tangible assets

     

1.24

%

 

1.08

%

 

1.18

%

 

1.24

%

 

1.35

%

  Average tangible common equity

     

13.76

%

 

11.90

%

 

13.55

%

 

13.80

%

 

14.92

%

Efficiency ratio

     

58.23

%

 

61.46

%

 

57.84

%

 

58.44

%

 

58.20

%

                                   
                                   
                                   
           
       

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

Loan quality

     

2015

 

2015

 

2014

 

2014

 

2014

                                   

Nonaccrual loans

   

$

797,146

   

790,586

   

799,151

   

847,784

   

880,134

 

Real estate and other foreclosed assets

     

63,734

   

62,578

   

63,635

   

67,629

   

59,793

 

  Total nonperforming assets

   

$

860,880

   

853,164

   

862,786

   

915,413

   

939,927

 
                                   

Accruing loans past due 90 days or more (4)

   

$

238,568

   

236,621

   

245,020

   

312,990

   

289,016

 
                                   

Government guaranteed loans included in totals

                                 

  above:

                                 

  Nonaccrual loans

   

$

58,259

   

60,508

   

69,095

   

68,586

   

81,817

 

  Accruing loans past due 90 days or more

     

206,775

   

193,618

   

217,822

   

265,333

   

275,846

 
                                   

Renegotiated loans

   

$

197,145

   

198,911

   

202,633

   

209,099

   

270,223

 
                                   

Acquired accruing loans past due 90 

                                 

  days or more (5)

   

$

78,591

   

80,110

   

110,367

   

132,147

   

134,580

 
                                   

Purchased impaired loans (6):

                                 

  Outstanding customer balance

   

$

294,381

   

335,079

   

369,080

   

429,915

   

504,584

 

  Carrying amount

     

169,240

   

184,018

   

197,737

   

236,662

   

282,517

 
                                   

Nonaccrual loans to total net loans

     

1.17

%

 

1.18

%

 

1.20

%

 

1.29

%

 

1.36

%

                                   

Allowance for credit losses to total loans

     

1.36

%

 

1.37

%

 

1.38

%

 

1.40

%

 

1.42

%

 
 

(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

         

Six months ended

     
   

June 30

         

June 30

     

Dollars in thousands

 

2015

 

2014

 

Change

     

2015

 

2014

 

Change

 
                               

Interest income

$

760,354

 

734,290

 

4

%

 

$

1,498,441

 

1,457,242

 

3

%

Interest expense

 

77,226

 

65,176

 

18

     

155,725

 

131,695

 

18

 
                               

Net interest income

 

683,128

 

669,114

 

2

     

1,342,716

 

1,325,547

 

1

 
                               

Provision for credit losses

 

30,000

 

30,000

 

-

     

68,000

 

62,000

 

10

 
                               

Net interest income after

                             

   provision for credit losses

 

653,128

 

639,114

 

2

     

1,274,716

 

1,263,547

 

1

 
                               

Other income

                             

     Mortgage banking revenues

 

102,602

 

95,656

 

7

     

204,203

 

175,705

 

16

 

     Service charges on deposit accounts

 

105,257

 

107,368

 

-2

     

207,601

 

211,566

 

-2

 

     Trust income 

 

118,598

 

129,893

 

-9

     

242,332

 

251,145

 

-4

 

     Brokerage services income

 

16,861

 

17,487

 

-4

     

32,322

 

33,987

 

-5

 

     Trading account and foreign exchange gains

 

6,046

 

8,042

 

-25

     

12,277

 

14,489

 

-15

 

     Loss on bank investment securities

 

(10)

 

-

 

-

     

(108)

 

-

 

-

 

     Equity in earnings of Bayview Lending Group LLC

 

(3,131)

 

(4,055)

 

-

     

(7,322)

 

(8,509)

 

-

 

     Other revenues from operations

 

150,804

 

102,021

 

48

     

245,925

 

198,136

 

24

 

          Total other income

 

497,027

 

456,412

 

9

     

937,230

 

876,519

 

7

 
                               

Other expense

                             

     Salaries and employee benefits

 

361,657

 

339,713

 

6

     

751,550

 

711,039

 

6

 

     Equipment and net occupancy

 

66,852

 

68,084

 

-2

     

133,322

 

139,251

 

-4

 

     Printing, postage and supplies

 

9,305

 

9,180

 

1

     

18,895

 

20,136

 

-6

 

     Amortization of core deposit and other 

                             

        intangible assets

 

5,965

 

9,234

 

-35

     

12,758

 

19,296

 

-34

 

     FDIC assessments

 

10,801

 

15,155

 

-29

     

21,461

 

30,643

 

-30

 

     Other costs of operations

 

242,048

 

226,294

 

7

     

445,017

 

437,529

 

2

 

          Total other expense

 

696,628

 

667,660

 

4

     

1,383,003

 

1,357,894

 

2

 
                               

Income before income taxes

 

453,527

 

427,866

 

6

     

828,943

 

782,172

 

6

 
                               

Applicable income taxes

 

166,839

 

143,530

 

16

     

300,642

 

268,819

 

12

 
                               

Net income

$

286,688

 

284,336

 

1

%

 

$

528,301

 

513,353

 

3

%

 

 

 

M&T BANK CORPORATION

                             

Condensed Consolidated Statement of Income, Five Quarter Trend

                         
                               
   

Three months ended

 
   

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

Dollars in thousands

 

2015

 

2015

 

2014

 

2014

 

2014

                               

Interest income

$

760,354

   

738,087

   

756,612

   

743,023

   

734,290

 

Interest expense

 

77,226

   

78,499

   

74,772

   

73,964

   

65,176

 
                               

Net interest income

 

683,128

   

659,588

   

681,840

   

669,059

   

669,114

 
                               

Provision for credit losses

 

30,000

   

38,000

   

33,000

   

29,000

   

30,000

 
                               

Net interest income after

                             

   provision for credit losses

 

653,128

   

621,588

   

648,840

   

640,059

   

639,114

 
                               

Other income

                             

     Mortgage banking revenues

 

102,602

   

101,601

   

93,675

   

93,532

   

95,656

 

     Service charges on deposit accounts

 

105,257

   

102,344

   

106,319

   

110,071

   

107,368

 

     Trust income

 

118,598

   

123,734

   

128,442

   

128,671

   

129,893

 

     Brokerage services income

 

16,861

   

15,461

   

15,809

   

17,416

   

17,487

 

     Trading account and foreign exchange gains

 

6,046

   

6,231

   

8,397

   

6,988

   

8,042

 

     Loss on bank investment securities

 

(10)

   

(98)

   

-

   

-

   

-

 

     Equity in earnings of Bayview Lending Group LLC

 

(3,131)

   

(4,191)

   

(4,049)

   

(4,114)

   

(4,055)

 

     Other revenues from operations

 

150,804

   

95,121

   

103,050

   

98,547

   

102,021

 

          Total other income

 

497,027

   

440,203

   

451,643

   

451,111

   

456,412

 
                               

Other expense

                             

     Salaries and employee benefits

 

361,657

   

389,893

   

345,135

   

348,776

   

339,713

 

     Equipment and net occupancy

 

66,852

   

66,470

   

62,335

   

67,713

   

68,084

 

     Printing, postage and supplies

 

9,305

   

9,590

   

8,881

   

9,184

   

9,180

 

     Amortization of core deposit and other 

                             

        intangible assets

 

5,965

   

6,793

   

7,170

   

7,358

   

9,234

 

     FDIC assessments

 

10,801

   

10,660

   

11,695

   

13,193

   

15,155

 

     Other costs of operations

 

242,048

   

202,969

   

231,005

   

219,135

   

226,294

 

          Total other expense

 

696,628

   

686,375

   

666,221

   

665,359

   

667,660

 
                               

Income before income taxes

 

453,527

   

375,416

   

434,262

   

425,811

   

427,866

 
                               

Applicable income taxes

 

166,839

   

133,803

   

156,713

   

150,467

   

143,530

 
                               

Net income

$

286,688

   

241,613

   

277,549

   

275,344

   

284,336

 

 

 

 

M&T BANK CORPORATION

               

Condensed Consolidated Balance Sheet

               
                 
     

June 30

     

Dollars in thousands

   

2015

 

2014

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks

 

$

1,347,858

 

1,827,197

 

-26

%

                 

Interest-bearing deposits at banks

   

4,045,852

 

3,032,530

 

33

 
                 

Federal funds sold

   

3,000

 

90,239

 

-97

 
                 

Trading account assets

   

277,009

 

313,325

 

-12

 
                 

Investment securities

   

14,751,637

 

12,120,195

 

22

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc.

   

20,111,028

 

19,105,892

 

5

 

   Real estate - commercial

   

28,442,488

 

26,374,274

 

8

 

   Real estate - consumer

   

8,444,542

 

8,656,766

 

-2

 

   Consumer

   

11,133,194

 

10,610,761

 

5

 

     Total loans and leases, net of unearned discount

   

68,131,252

 

64,747,693

 

5

 

        Less: allowance for credit losses

   

929,987

 

917,666

 

1

 
                 

  Net loans and leases

   

67,201,265

 

63,830,027

 

5

 
                 

Goodwill

   

3,513,325

 

3,524,625

 

-

 
                 

Core deposit and other intangible assets

   

22,269

 

49,555

 

-55

 
                 

Other assets

   

5,917,861

 

6,047,309

 

-2

 
                 

  Total assets

 

$

97,080,076

 

90,835,002

 

7

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits

 

$

27,674,588

 

26,088,763

 

6

%

                 

Interest-bearing deposits

   

44,787,590

 

43,502,602

 

3

 
                 

Deposits at Cayman Islands office

   

167,441

 

237,890

 

-30

 
                 

  Total deposits

   

72,629,619

 

69,829,255

 

4

 
                 

Short-term borrowings

   

153,299

 

161,631

 

-5

 
                 

Accrued interest and other liabilities

   

1,453,249

 

1,283,430

 

13

 
                 

Long-term borrowings

   

10,175,912

 

7,391,931

 

38

 
                 

  Total liabilities

   

84,412,079

 

78,666,247

 

7

 
                 

Shareholders' equity:

               
                 

   Preferred

   

1,231,500

 

1,231,500

 

-

 

   Common (1)

   

11,436,497

 

10,937,255

 

5

 
                 

     Total shareholders' equity

   

12,667,997

 

12,168,755

 

4

 
                 

  Total liabilities and shareholders' equity

 

$

97,080,076

 

90,835,002

 

7

%

 

(1)

Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $217.5 million at June 30, 2015

 

  and accumulated other comprehensive income, net of applicable income tax effect, of $40.3 million at June 30, 2014.

 


 

M&T BANK CORPORATION

                               

Condensed Consolidated Balance Sheet, Five Quarter Trend

                           
         
     

June 30,

 

March 31,

   

December 31,

   

September 30,

   

June 30,

 

Dollars in thousands

   

2015

 

2015

   

2014

   

2014

   

2014

 
                                 

ASSETS

                               
                                 

Cash and due from banks

 

$

1,347,858

   

1,269,816

   

1,289,965

   

1,445,877

   

1,827,197

 
                                 

Interest-bearing deposits at banks

   

4,045,852

   

6,291,491

   

6,470,867

   

7,676,064

   

3,032,530

 
                                 

Federal funds sold

   

3,000

   

97,037

   

83,392

   

77,766

   

90,239

 
                                 

Trading account assets

   

277,009

   

363,085

   

308,175

   

296,913

   

313,325

 
                                 

Investment securities

   

14,751,637

   

14,393,270

   

12,993,542

   

13,348,368

   

12,120,195

 
                                 

Loans and leases:

                               
                                 

   Commercial, financial, etc.

   

20,111,028

   

19,775,494

   

19,461,292

   

19,112,009

   

19,105,892

 

   Real estate - commercial

   

28,442,488

   

27,845,710

   

27,567,569

   

26,942,847

   

26,374,274

 

   Real estate - consumer

   

8,444,542

   

8,504,119

   

8,657,301

   

8,663,408

   

8,656,766

 

   Consumer

   

11,133,194

   

10,973,719

   

10,982,794

   

10,854,095

   

10,610,761

 

     Total loans and leases, net of unearned discount

   

68,131,252

   

67,099,042

   

66,668,956

   

65,572,359

   

64,747,693

 

        Less: allowance for credit losses

   

929,987

   

921,373

   

919,562

   

918,633

   

917,666

 
                                 

  Net loans and leases

   

67,201,265

   

66,177,669

   

65,749,394

   

64,653,726

   

63,830,027

 
                                 

Goodwill

   

3,513,325

   

3,524,625

   

3,524,625

   

3,524,625

   

3,524,625

 
                                 

Core deposit and other intangible assets

   

22,269

   

28,234

   

35,027

   

42,197

   

49,555

 
                                 

Other assets

   

5,917,861

   

6,232,556

   

6,230,548

   

6,162,806

   

6,047,309

 
                                 

  Total assets

 

$

97,080,076

   

98,377,783

   

96,685,535

   

97,228,342

   

90,835,002

 
                                 
                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits

 

$

27,674,588

   

27,181,120

   

26,947,880

   

27,440,524

   

26,088,763

 
                                 

Interest-bearing deposits

   

44,787,590

   

46,234,455

   

46,457,591

   

46,659,442

   

43,502,602

 
                                 

Deposits at Cayman Islands office

   

167,441

   

178,545

   

176,582

   

241,536

   

237,890

 
                                 

  Total deposits

   

72,629,619

   

73,594,120

   

73,582,053

   

74,341,502

   

69,829,255

 
                                 

Short-term borrowings

   

153,299

   

193,495

   

192,676

   

164,609

   

161,631

 
                                 

Accrued interest and other liabilities

   

1,453,249

   

1,552,724

   

1,567,951

   

1,327,524

   

1,283,430

 
                                 

Long-term borrowings

   

10,175,912

   

10,509,143

   

9,006,959

   

9,061,391

   

7,391,931

 
                                 

  Total liabilities

   

84,412,079

   

85,849,482

   

84,349,639

   

84,895,026

   

78,666,247

 
                                 

Shareholders' equity:

                               
                                 

   Preferred

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

 

   Common (1)

   

11,436,497

   

11,296,801

   

11,104,396

   

11,101,816

   

10,937,255

 
                                 

     Total shareholders' equity

   

12,667,997

   

12,528,301

   

12,335,896

   

12,333,316

   

12,168,755

 
                                 

  Total liabilities and shareholders' equity

 

$

97,080,076

   

98,377,783

   

96,685,535

   

97,228,342

   

90,835,002

 
 
 

(1)

Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $217.5 million at June 30, 2015, $152.5 million at

 

  March 31, 2015 and $181.0 million at December 31, 2014, 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

   

 

Six months ended

     
     

June 30,

 

June 30,

 

March 31,

 

June 30, 2015 from

   

 

June 30

     

Dollars in millions

   

2015

 

2014

 

2015

 

June 30,

 

March 31,

   

2015

 

2014

 

Change in

 
     

Balance

Rate

 

Balance

Rate

 

Balance

Rate

 

2014

 

2015

   

Balance

Rate

 

Balance 

Rate

 

balance

 

ASSETS

                                                   
                                                     

Interest-bearing deposits at banks 

 

$

5,326

.25

%

4,080

.25

%

5,073

.25

%

31

%

 

5

%

 

$

5,200

.25

%

3,587

.25

%

45

%

                                                     

Federal funds sold

   

39

.10

 

90

.07

 

97

.10

 

-57

   

-60

     

68

.10

 

95

.07

 

-28

 
                                                     

Trading account assets

   

103

.92

 

84

1.25

 

79

2.87

 

23

   

31

     

91

1.76

 

78

1.91

 

17

 
                                                     

Investment securities

   

14,195

2.68

 

10,959

3.19

 

13,376

2.67

 

30

   

6

     

13,787

2.67

 

10,117

3.26

 

36

 
                                                     

Loans and leases, net of unearned discount

                                                   

  Commercial, financial, etc.

   

19,973

3.18

 

18,978

3.34

 

19,457

3.21

 

5

   

3

     

19,717

3.19

 

18,728

3.35

 

5

 

  Real estate - commercial

   

28,208

4.19

 

26,140

4.22

 

27,596

4.18

 

8

   

2

     

27,904

4.18

 

26,141

4.31

 

7

 

  Real estate - consumer

   

8,447

4.19

 

8,746

4.36

 

8,572

4.15

 

-3

   

-1

     

8,509

4.17

 

8,795

4.27

 

-3

 

  Consumer

   

11,042

4.46

 

10,479

4.52

 

10,962

4.49

 

5

   

1

     

11,002

4.48

 

10,390

4.56

 

6

 

     Total loans and leases, net

   

67,670

3.96

 

64,343

4.05

 

66,587

3.97

 

5

   

2

     

67,132

3.97

 

64,054

4.09

 

5

 
                                                     

  Total earning assets

   

87,333

3.52

 

79,556

3.73

 

85,212

3.54

 

10

   

2

     

86,278

3.53

 

77,931

3.80

 

11

 
                                                     

Goodwill

   

3,514

   

3,525

   

3,525

   

   

     

3,520

   

3,525

   

 
                                                     

Core deposit and other intangible assets

   

25

   

53

   

31

   

-54

   

-21

     

28

   

59

   

-52

 
                                                     

Other assets

   

6,726

   

6,739

   

7,124

   

   

-6

     

6,924

   

6,763

   

2

 
                                                     

  Total assets

 

$

97,598

   

89,873

   

95,892

   

9

%

 

2

%

 

$

96,750

   

88,278

   

10

%

                                                     
                                                     
                                                     

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                   
                                                     

Interest-bearing deposits

                                                   

  NOW accounts

 

$

1,333

.11

 

1,026

.13

 

1,121

.11

 

30

%

 

19

%

 

$

1,228

.11

 

1,007

.13

 

22

%

  Savings deposits

   

41,712

.10

 

39,478

.11

 

41,525

.10

 

6

   

     

41,619

.10

 

38,921

.12

 

7

 

  Time deposits

   

2,948

.50

 

3,350

.46

 

3,017

.50

 

-12

   

-2

     

2,982

.50

 

3,404

.46

 

-12

 

  Deposits at Cayman Islands office

   

212

.28

 

339

.21

 

224

.27

 

-38

   

-5

     

218

.27

 

360

.22

 

-39

 

     Total interest-bearing deposits

   

46,205

.13

 

44,193

.14

 

45,887

.13

 

5

   

1

     

46,047

.13

 

43,692

.15

 

5

 
                                                     

Short-term borrowings

   

195

.07

 

220

.05

 

196

.07

 

-11

   

-1

     

196

.07

 

242

.05

 

-19

 

Long-term borrowings

   

10,164

2.47

 

6,525

3.05

 

9,835

2.64

 

56

   

3

     

10,000

2.55

 

6,213

3.25

 

61

 
                                                     

Total interest-bearing liabilities

   

56,564

.55

 

50,938

.51

 

55,918

.57

 

11

   

1

     

56,243

.56

 

50,147

.53

 

12

 
                                                     

Noninterest-bearing deposits

   

26,753

   

25,466

   

25,811

   

5

   

4

     

26,285

   

24,807

   

6

 
                                                     

Other liabilities

   

1,645

   

1,430

   

1,704

   

15

   

-3

     

1,674

   

1,479

   

13

 
                                                     

  Total liabilities

   

84,962

   

77,834

   

83,433

   

9

   

2

     

84,202

   

76,433

   

10

 
                                                     

Shareholders' equity

   

12,636

   

12,039

   

12,459

   

5

   

1

     

12,548

   

11,845

   

6

 
                                                     

  Total liabilities and shareholders' equity

 

$

97,598

   

89,873

   

95,892

   

9

%

 

2

%

 

$

96,750

   

88,278

   

10

%

                                                     
                                                     

Net interest spread

     

2.97

   

3.22

   

2.97

                 

2.97

   

3.27

     

Contribution of interest-free funds

     

.20

   

.18

   

.20

                 

.20

   

.19

     

Net interest margin 

     

3.17

%

 

3.40

%

 

3.17

%

               

3.17

%

 

3.46

%

 

 

 

 

M&T BANK CORPORATION

                       

Reconciliation of Quarterly GAAP to Non-GAAP Measures

                 
                         
                         
       

Three months ended

   

Six months ended

 
       

June 30

   

June 30

 
       

2015

 

2014

   

2015

 

2014

 

Income statement data

                       

In thousands, except per share

                       

Net income

                       

Net income

   

$

286,688

 

284,336

 

$

528,301

 

513,353

 

Amortization of core deposit and other

                       

  intangible assets (1)

     

3,653

 

5,638

   

7,816

 

11,783

 

  Net operating income

   

$

290,341

 

289,974

 

$

536,117

 

525,136

 

Earnings per common share

                       

Diluted earnings per common share

   

$

1.98

 

1.98

 

$

3.63

 

3.59

 

Amortization of core deposit and other

                       

  intangible assets (1)

     

.03

 

.04

   

.06

 

.09

 

  Diluted net operating earnings per common share

$

2.01

 

2.02

 

$

3.69

 

3.68

 

Other expense

                       

Other expense

   

$

696,628

 

667,660

 

$

1,383,003

 

1,357,894

 

Amortization of core deposit and other

                       

  intangible assets

     

(5,965)

 

(9,234)

   

(12,758)

 

(19,296)

 

  Noninterest operating expense

   

$

690,663

 

658,426

 

$

1,370,245

 

1,338,598

 

Efficiency ratio

                       

Noninterest operating expense (numerator)

 

$

690,663

 

658,426

 

$

1,370,245

 

1,338,598

 

Taxable-equivalent net interest income

     

689,148

 

674,963

   

1,354,574

 

1,337,341

 

Other income

     

497,027

 

456,412

   

937,230

 

876,519

 

Less:  Loss on bank investment securities

   

(10)

 

-

   

(108)

 

-

 

Denominator

   

$

1,186,185

 

1,131,375

 

$

2,291,912

 

2,213,860

 

Efficiency ratio

     

58.23

%

58.20

%

 

59.79

%

60.46

%

                         
                         

Balance sheet data

                       

In millions

                       

Average assets

                       

Average assets

   

$

97,598

 

89,873

 

$

96,750

 

88,278

 

Goodwill

     

(3,514)

 

(3,525)

   

(3,520)

 

(3,525)

 

Core deposit and other intangible assets

     

(25)

 

(53)

   

(28)

 

(59)

 

Deferred taxes

     

8

 

16

   

9

 

18

 

  Average tangible assets

   

$

94,067

 

86,311

 

$

93,211

 

84,712

 

Average common equity

                       

Average total equity

   

$

12,636

 

12,039

 

$

12,548

 

11,845

 

Preferred stock

     

(1,232)

 

(1,231)

   

(1,232)

 

(1,152)

 

  Average common equity

     

11,404

 

10,808

   

11,316

 

10,693

 

Goodwill

     

(3,514)

 

(3,525)

   

(3,520)

 

(3,525)

 

Core deposit and other intangible assets

     

(25)

 

(53)

   

(28)

 

(59)

 

Deferred taxes

     

8

 

16

   

9

 

18

 

  Average tangible common equity

   

$

7,873

 

7,246

 

$

7,777

 

7,127

 
                         

At end of quarter

                       

Total assets

                       

Total assets

   

$

97,080

 

90,835

           

Goodwill

     

(3,513)

 

(3,525)

           

Core deposit and other intangible assets

     

(22)

 

(49)

           

Deferred taxes

     

7

 

15

           

  Total tangible assets

   

$

93,552

 

87,276

           

Total common equity

                       

Total equity

   

$

12,668

 

12,169

           

Preferred stock

     

(1,232)

 

(1,232)

           

Undeclared dividends - cumulative preferred stock

 

(3)

 

(3)

           

  Common equity, net of undeclared cumulative

                   

    preferred dividends

     

11,433

 

10,934

           

Goodwill

     

(3,513)

 

(3,525)

           

Core deposit and other intangible assets

     

(22)

 

(49)

           

Deferred taxes

     

7

 

15

           

  Total tangible common equity

   

$

7,905

 

7,375

           
 
   

(1) After any related tax effect.


 

 

 

M&T BANK CORPORATION

                         

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

             
                           
                           
                           
       

Three months ended

 
       

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 
       

2015

 

2015

 

2014

 

2014

 

2014

 

Income statement data

                         

In thousands, except per share

                         

Net income

                         

Net income

   

$

286,688

 

241,613

 

277,549

 

275,344

 

284,336

 

Amortization of core deposit and other

                         

  intangible assets (1)

     

3,653

 

4,163

 

4,380

 

4,494

 

5,638

 

  Net operating income

   

$

290,341

 

245,776

 

281,929

 

279,838

 

289,974

 

Earnings per common share

                         

Diluted earnings per common share

   

$

1.98

 

1.65

 

1.92

 

1.91

 

1.98

 

Amortization of core deposit and other

                         

  intangible assets (1)

     

.03

 

.03

 

.03

 

.03

 

.04

 

  Diluted net operating earnings per common share

$

2.01

 

1.68

 

1.95

 

1.94

 

2.02

 

Other expense

                         

Other expense

   

$

696,628

 

686,375

 

666,221

 

665,359

 

667,660

 

Amortization of core deposit and other

                         

  intangible assets

     

(5,965)

 

(6,793)

 

(7,170)

 

(7,358)

 

(9,234)

 

  Noninterest operating expense

   

$

690,663

 

679,582

 

659,051

 

658,001

 

658,426

 

Efficiency ratio

                         

Noninterest operating expense (numerator)

 

$

690,663

 

679,582

 

659,051

 

658,001

 

658,426

 

Taxable-equivalent net interest income

     

689,148

 

665,426

 

687,847

 

674,900

 

674,963

 

Other income

     

497,027

 

440,203

 

451,643

 

451,111

 

456,412

 

Less:  Loss on bank investment securities

   

(10)

 

(98)

 

-

 

-

 

-

 

Denominator

   

$

1,186,185

 

1,105,727

 

1,139,490

 

1,126,011

 

1,131,375

 

Efficiency ratio

     

58.23

%

61.46

%

57.84

%

58.44

%

58.20

%

                           
                           

Balance sheet data

                         

In millions

                         

Average assets

                         

Average assets

   

$

97,598

 

95,892

 

98,644

 

93,245

 

89,873

 

Goodwill

     

(3,514)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

     

(25)

 

(31)

 

(38)

 

(45)

 

(53)

 

Deferred taxes

     

8

 

10

 

12

 

14

 

16

 

  Average tangible assets

   

$

94,067

 

92,346

 

95,093

 

89,689

 

86,311

 

Average common equity

                         

Average total equity

   

$

12,636

 

12,459

 

12,442

 

12,247

 

12,039

 

Preferred stock

     

(1,232)

 

(1,232)

 

(1,231)

 

(1,232)

 

(1,231)

 

  Average common equity

     

11,404

 

11,227

 

11,211

 

11,015

 

10,808

 

Goodwill

     

(3,514)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

     

(25)

 

(31)

 

(38)

 

(45)

 

(53)

 

Deferred taxes

     

8

 

10

 

12

 

14

 

16

 

  Average tangible common equity

   

$

7,873

 

7,681

 

7,660

 

7,459

 

7,246

 
                           

At end of quarter

                         

Total assets

                         

Total assets

   

$

97,080

 

98,378

 

96,686

 

97,228

 

90,835

 

Goodwill

     

(3,513)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

     

(22)

 

(28)

 

(35)

 

(42)

 

(49)

 

Deferred taxes

     

7

 

9

 

11

 

13

 

15

 

  Total tangible assets

   

$

93,552

 

94,834

 

93,137

 

93,674

 

87,276

 

Total common equity

                         

Total equity

   

$

12,668

 

12,528

 

12,336

 

12,333

 

12,169

 

Preferred stock

     

(1,232)

 

(1,232)

 

(1,231)

 

(1,232)

 

(1,232)

 

Undeclared dividends - cumulative preferred stock 

 

(3)

 

(2)

 

(3)

 

(2)

 

(3)

 

  Common equity, net of undeclared cumulative

                     

    preferred dividends

     

11,433

 

11,294

 

11,102

 

11,099

 

10,934

 

Goodwill

     

(3,513)

 

(3,525)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

     

(22)

 

(28)

 

(35)

 

(42)

 

(49)

 

Deferred taxes

     

7

 

9

 

11

 

13

 

15

 

  Total tangible common equity

   

$

7,905

 

7,750

 

7,553

 

7,545

 

7,375

 
 
   

(1) After any related tax effect.