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

BUFFALO, N.Y., Oct. 19, 2015 -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2015.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2015 were $1.93, up from $1.91 in the year-earlier quarter.  GAAP-basis net income in the recent quarter aggregated $280 million, improved from $275 million in the third quarter of 2014.  Diluted earnings per common share and GAAP-basis net income were $1.98 and $287 million, respectively, in 2015's second quarter. GAAP-basis net income for the third quarter of 2015 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.13% and 8.93%, respectively, compared with 1.17% and 9.18%, respectively, in the year-earlier quarter and 1.18% and 9.37%, respectively, in 2015's second quarter. 

Commenting on M&T's financial performance for the recent quarter, Rene F. Jones, Vice Chairman and Chief Financial Officer, noted, "Financial results for the third quarter reflected growth in net interest income and several core noninterest income categories as compared with the second quarter dampened by a slowdown in mortgage loan origination activities that depressed both residential and commercial mortgage banking revenues. Significantly, year over year revenues were up and expenses were down, and our credit quality remained strong.  We have quickly resumed working on our merger with Hudson City, and will soon be positioned with our new colleagues to bring the full array of M&T's banking products and services to the communities across New Jersey."

For the first nine months of 2015, diluted earnings per common share were $5.56, improved from $5.50 in the similar period of 2014. GAAP-basis net income for the nine-month period ended September 30, 2015 aggregated $809 million, 3% higher than $789 million in the year-earlier period.  Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income for the first nine months of 2015 was 1.11% and 8.77%, respectively, compared with 1.17% and 9.07%, respectively, in the corresponding 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 $1.95 in the third quarter of 2015, compared with $1.94 in the year-earlier quarter and $2.01 in the second quarter of 2015.  Net operating income during the recent quarter was $283 million, compared with $280 million in the third quarter of 2014 and $290 million in 2015's second quarter.  Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.18% and 12.98%, respectively, in the recent quarter, 1.24% and 13.80%, respectively, in the third quarter of 2014 and 1.24% and 13.76%, respectively, in the second quarter of 2015. 

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis totaled $699 million in the third quarter of 2015, up 4% from $675 million in the third quarter of 2014. Contributing to that improvement was a $5.7 billion increase in average earning assets, partially offset by a 9 basis point narrowing of the net interest margin.  The growth in earning assets included a $3.1 billion rise in average loans and leases and a $1.7 billion increase in average investment securities.  Taxable-equivalent net interest income in the recent quarter was up an annualized 6% from $689 million in the second 2015 quarter. That improvement reflects a $179 million increase in average loans outstanding, tempered by a 3 basis point narrowing of the net interest margin.  In each quarterly comparison, the decline in the net interest margin includes the effect of increased lower-yielding balances of investment securities and deposits held at the Federal Reserve Bank of New York.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $44 million in the recent quarter, compared with $29 million in the third quarter of 2014 and $30 million in 2015's second quarter. Net charge-offs of loans were $40 million during the third quarter of 2015, compared with $28 million and $21 million in the third quarter of 2014 and second quarter of 2015, respectively.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .24% and .17% in the third quarter of 2015 and 2014, respectively, and .13% in the second quarter of 2015.

Loans classified as nonaccrual declined to $787 million, or 1.15% of total loans outstanding at September 30, 2015, improved from $848 million or 1.29% at September 30, 2014 and $797 million or 1.17% at June 30, 2015.  Assets taken in foreclosure of defaulted loans totaled $66 million at September 30, 2015, compared with $68 million a year earlier and $64 million at June 30, 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 $934 million and $930 million at September 30 and June 30, 2015, respectively, or 1.36% of loans outstanding at each of those dates, compared with $919 million or 1.40% at September 30, 2014. 

Noninterest Income and Expense.  Noninterest income totaled $440 million in the recent quarter, compared with $451 million in the third quarter of 2014 and $497 million in the second quarter of 2015.  The decline from the second 2015 quarter was largely due to a $45 million gain in the second quarter of 2015 from the sale of M&T's trade processing business within its retirement services division and to lower mortgage banking revenues.  As compared with 2014's third quarter, the recent quarter decline reflects lower mortgage banking revenues and trust income.  The lower trust income resulted largely from the trade processing business divestiture in 2015.  

Noninterest expense in the third quarter of 2015 totaled $654 million, improved from $665 million in the year-earlier quarter and $697 million in the second 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 $650 million in the recent quarter, down from $658 million in the third quarter of 2014 and $691 million in the second quarter of 2015. The decline in operating expenses in the recent quarter as compared with the year-earlier period was predominantly attributable to lower costs for professional services, partially offset by higher salaries and employee benefit expenses.  The lower level of operating expenses as compared with the immediately preceding quarter resulted from $40 million of cash contributions made to The M&T Charitable Foundation during the second quarter of 2015. 

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 57.1% in the recent quarter, 58.4% in the year-earlier quarter and 58.2% in the second quarter of 2015.

Balance Sheet.  M&T had total assets of $97.8 billion at September 30, 2015, up from $97.2 billion a year earlier.  Investment securities were $14.5 billion at the recent quarter-end, up $1.1 billion or 9% from September 30, 2014.  Loans and leases, net of unearned discount, totaled $68.5 billion at September 30, 2015, $3.0 billion or 5% above $65.6 billion a year earlier.  Total deposits declined $1.4 billion or 2% to $72.9 billion at the recent quarter-end from $74.3 billion at September 30, 2014, largely due to lower trust-related deposits. 

Total shareholders' equity rose 5% to $12.9 billion at September 30, 2015 from $12.3 billion a year earlier, representing 13.21% and 12.68%, respectively, of total assets.  Common shareholders' equity was $11.7 billion, or $87.67 per share, at September 30, 2015, compared with $11.1 billion, or $83.99 per share, at September 30, 2014.  Tangible equity per common share rose 7% to $61.22 at September 30, 2015 from $57.10 at September 30, 2014.  Common shareholders' equity per share and tangible equity per common share were $85.90 and $59.39, respectively, at June 30, 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 10.08%. M&T's estimated Tier 1 common ratio under previously effective regulatory capital rules would have been 10.28% as of September 30, 2015.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 9:30 a.m. Eastern Time.  Those wishing to participate in the call may dial (877)780-2276.  International participants, using any applicable international calling codes, may dial (973)582-2700.  Callers should reference M&T Bank Corporation or the conference ID #57486342.  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 Thursday, October 22, 2015 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #57486342.  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

         

Nine months ended

     

Amounts in thousands,

 

September 30

         

September 30

     

 except per share

 

2015

 

2014

 

Change

     

2015

 

2014

 

Change

 
                               

Performance

                             
                               

Net income 

$

280,401

 

275,344

 

2

%

$

808,702

 

788,697

 

3

%

Net income available to common shareholders 

 

257,346

 

251,917

 

2

%

 

739,656

 

724,344

 

2

%

                               

Per common share:

                             

  Basic earnings 

$

1.94

 

1.92

 

1

%

$

5.59

 

5.54

 

1

%

  Diluted earnings 

 

1.93

 

1.91

 

1

%

 

5.56

 

5.50

 

1

%

  Cash dividends 

$

.70

 

.70

 

-

   

$

2.10

 

2.10

 

-

 
                               

Common shares outstanding:

                             

  Average - diluted (1) 

 

133,376

 

132,128

 

1

%

 

133,089

 

131,698

 

1

%

  Period end (2) 

 

133,311

 

132,142

 

1

%

 

133,311

 

132,142

 

1

%

                               

Return on (annualized):

                             

  Average total assets 

 

1.13

%

1.17

%

       

1.11

%

1.17

%

   

  Average common shareholders' equity 

 

8.93

%

9.18

%

       

8.77

%

9.07

%

   
                               

Taxable-equivalent net interest income 

$

699,075

 

674,900

 

4

%

$

2,053,649

 

2,012,241

 

2

%

                               

Yield on average earning assets 

 

3.48

%

3.59

%

       

3.51

%

3.72

%

   

Cost of interest-bearing liabilities 

 

.55

%

.54

%

       

.55

%

.53

%

   

Net interest spread 

 

2.93

%

3.05

%

       

2.96

%

3.19

%

   

Contribution of interest-free funds 

 

.21

%

.18

%

       

.20

%

.19

%

   

Net interest margin  

 

3.14

%

3.23

%

       

3.16

%

3.38

%

   
                               

Net charge-offs to average total 

                             

  net loans (annualized) 

 

.24

%

.17

%

       

.19

%

.19

%

   
                               

Net operating results (3)

                             
                               

Net operating income 

$

282,907

 

279,838

 

1

%

$

819,024

 

804,974

 

2

%

Diluted net operating earnings per common share 

 

1.95

 

1.94

 

1

%

 

5.64

 

5.62

 

-

 

Return on (annualized):

                             

  Average tangible assets 

 

1.18

%

1.24

%

       

1.17

%

1.25

%

   

  Average tangible common equity 

 

12.98

%

13.80

%

       

12.89

%

13.84

%

   

Efficiency ratio 

 

57.05

%

58.44

%

       

58.88

%

59.78

%

   
                               
                               
                               
   

At September 30

                     

Loan quality

 

2015

 

2014

 

Change

                 
                               

Nonaccrual loans 

$

787,098

 

847,784

 

-7

%

             

Real estate and other foreclosed assets 

 

66,144

 

67,629

 

-2

%

             

  Total nonperforming assets 

$

853,242

 

915,413

 

-7

%

             
                               

Accruing loans past due 90 days or more (4) 

$

231,465

 

312,990

 

-26

%

             
                               

Government guaranteed loans included in totals

                             

  above:

                             

  Nonaccrual loans 

$

48,955

 

68,586

 

-29

%

             

  Accruing loans past due 90 days or more 

 

193,998

 

265,333

 

-27

%

             
                               

Renegotiated loans 

$

189,639

 

209,099

 

-9

%

             
                               

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

$

80,827

 

132,147

 

-39

%

             
                               

Purchased impaired loans (6):

                             

  Outstanding customer balance 

$

278,979

 

429,915

 

-35

%

             

  Carrying amount 

 

149,421

 

236,662

 

-37

%

             
                               

Nonaccrual loans to total net loans 

 

1.15

%

1.29

%

                   
                               

Allowance for credit losses to total loans 

 

1.36

%

1.40

%

                   
                               
                               

(1)  Includes common stock equivalents.

(2)  Includes common stock issuable under deferred compensation plans.

(3)  Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the

       calculation of the efficiency ratio, are net of applicable income tax effects.  Reconciliations of net income with net operating income appear herein.

(4)  Excludes acquired loans. 

(5)  Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6)  Accruing loans that were impaired at acquisition date and recorded at fair value.

 

 

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

       

Three months ended

 

Amounts in thousands,

     

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 except per share

     

2015

 

2015

 

2015

 

2014

 

2014

                                   

Performance

                                 
                                   

Net income 

   

$

280,401

   

286,688

   

241,613

   

277,549

   

275,344

 

Net income available to common shareholders 

     

257,346

   

263,481

   

218,837

   

254,239

   

251,917

 
                                   

Per common share:

                                 

  Basic earnings 

   

$

1.94

   

1.99

   

1.66

   

1.93

   

1.92

 

  Diluted earning

     

1.93

   

1.98

   

1.65

   

1.92

   

1.91

 

  Cash dividends

   

$

.70

   

.70

   

.70

   

.70

   

.70

 
                                   

Common shares outstanding:

                                 

  Average - diluted (1) 

     

133,376

   

133,116

   

132,769

   

132,278

   

132,128

 

  Period end (2) 

     

133,311

   

133,099

   

132,946

   

132,354

   

132,142

 
                                   

Return on (annualized):

                                 

  Average total assets 

     

1.13

%

 

1.18

%

 

1.02

%

 

1.12

%

 

1.17

%

  Average common shareholders' equity 

     

8.93

%

 

9.37

%

 

7.99

%

 

9.10

%

 

9.18

%

                                   

Taxable-equivalent net interest income 

   

$

699,075

   

689,148

   

665,426

   

687,847

   

674,900

 
                                   

Yield on average earning assets 

     

3.48

%

 

3.52

%

 

3.54

%

 

3.44

%

 

3.59

%

Cost of interest-bearing liabilities 

     

.55

%

 

.55

%

 

.57

%

 

.52

%

 

.54

%

Net interest spread 

     

2.93

%

 

2.97

%

 

2.97

%

 

2.92

%

 

3.05

%

Contribution of interest-free funds 

     

.21

%

 

.20

%

 

.20

%

 

.18

%

 

.18

%

Net interest margin 

     

3.14

%

 

3.17

%

 

3.17

%

 

3.10

%

 

3.23

%

                                   

Net charge-offs to average total 

                                 

  net loans (annualized) 

     

.24

%

 

.13

%

 

.22

%

 

.19

%

 

.17

%

                                   

Net operating results (3)

                                 
                                   

Net operating income 

   

$

282,907

   

290,341

   

245,776

   

281,929

   

279,838

 

Diluted net operating earnings per common share 

     

1.95

   

2.01

   

1.68

   

1.95

   

1.94

 

Return on (annualized):

                                 

  Average tangible assets 

     

1.18

%

 

1.24

%

 

1.08

%

 

1.18

%

 

1.24

%

  Average tangible common equity 

     

12.98

%

 

13.76

%

 

11.90

%

 

13.55

%

 

13.80

%

Efficiency ratio 

     

57.05

%

 

58.23

%

 

61.46

%

 

57.84

%

 

58.44

%

                                   
                                   
                                   
           
       

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

Loan quality

     

2015

 

2015

 

2015

 

2014

 

2014

                                   

Nonaccrual loans 

   

$

787,098

   

797,146

   

790,586

   

799,151

   

847,784

 

Real estate and other foreclosed assets 

     

66,144

   

63,734

   

62,578

   

63,635

   

67,629

 

  Total nonperforming assets 

   

$

853,242

   

860,880

   

853,164

   

862,786

   

915,413

 
                                   

Accruing loans past due 90 days or more (4) 

   

$

231,465

   

238,568

   

236,621

   

245,020

   

312,990

 
                                   

Government guaranteed loans included in totals

                                 

  above:

                                 

  Nonaccrual loans 

   

$

48,955

   

58,259

   

60,508

   

69,095

   

68,586

 

  Accruing loans past due 90 days or more 

     

193,998

   

206,775

   

193,618

   

217,822

   

265,333

 
                                   

Renegotiated loans 

   

$

189,639

   

197,145

   

198,911

   

202,633

   

209,099

 
                                   

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

   

$

80,827

   

78,591

   

80,110

   

110,367

   

132,147

 
                                   

Purchased impaired loans (6):

                                 

  Outstanding customer balance 

   

$

278,979

   

312,507

   

335,079

   

369,080

   

429,915

 

  Carrying amount 

     

149,421

   

169,240

   

184,018

   

197,737

   

236,662

 
                                   

Nonaccrual loans to total net loans 

     

1.15

%

 

1.17

%

 

1.18

%

 

1.20

%

 

1.29

%

                                   

Allowance for credit losses to total loans 

     

1.36

%

 

1.36

%

 

1.37

%

 

1.38

%

 

1.40

%

                                   

(1)  Includes common stock equivalents.

(2)  Includes common stock issuable under deferred compensation plans.

(3)  Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the

       calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.

(4)  Excludes acquired loans. 

(5)  Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6)  Accruing loans that were impaired at acquisition date and recorded at fair value.

 

 

M&T BANK CORPORATION

 

Condensed Consolidated Statement of Income

 
                                 
   

Three months ended

         

Nine months ended

       
   

September 30

         

September 30

       

Dollars in thousands

 

2015

 

2014

 

Change

     

2015

 

2014

 

Change

   
                                 

Interest income 

$

770,026

 

743,023

 

4

%

 

$

2,268,467

 

2,200,265

 

3

%

 

Interest expense 

 

77,199

 

73,964

 

4

     

232,924

 

205,659

 

13

   
                                 

Net interest income 

 

692,827

 

669,059

 

4

     

2,035,543

 

1,994,606

 

2

   
                                 

Provision for credit losses 

 

44,000

 

29,000

 

52

     

112,000

 

91,000

 

23

   
                                 

Net interest income after

                               

   provision for credit losses 

 

648,827

 

640,059

 

1

     

1,923,543

 

1,903,606

 

1

   
                                 

Other income

                               

     Mortgage banking revenues 

 

84,035

 

93,532

 

-10

     

288,238

 

269,237

 

7

   

     Service charges on deposit accounts 

 

107,259

 

110,071

 

-3

     

314,860

 

321,637

 

-2

   

     Trust income  

 

113,744

 

128,671

 

-12

     

356,076

 

379,816

 

-6

   

     Brokerage services income 

 

16,902

 

17,416

 

-3

     

49,224

 

51,403

 

-4

   

     Trading account and foreign exchange gains 

 

8,362

 

6,988

 

20

     

20,639

 

21,477

 

-4

   

     Loss on bank investment securities 

 

-

 

-

 

-

     

(108)

 

-

 

-

   

     Equity in earnings of Bayview Lending Group LLC 

 

(3,721)

 

(4,114)

 

-

     

(11,043)

 

(12,623)

 

-

   

     Other revenues from operations 

 

113,118

 

98,547

 

15

     

359,043

 

296,683

 

21

   

          Total other income 

 

439,699

 

451,111

 

-3

     

1,376,929

 

1,327,630

 

4

   
                                 

Other expense

                               

     Salaries and employee benefits 

 

363,567

 

348,776

 

4

     

1,115,117

 

1,059,815

 

5

   

     Equipment and net occupancy 

 

68,470

 

67,713

 

1

     

201,792

 

206,964

 

-2

   

     Printing, postage and supplies 

 

8,691

 

9,184

 

-5

     

27,586

 

29,320

 

-6

   

     Amortization of core deposit and other 

                               

        intangible assets 

 

4,090

 

7,358

 

-44

     

16,848

 

26,654

 

-37

   

     FDIC assessments 

 

11,090

 

13,193

 

-16

     

32,551

 

43,836

 

-26

   

     Other costs of operations 

 

197,908

 

219,135

 

-10

     

642,925

 

656,664

 

-2

   

          Total other expense 

 

653,816

 

665,359

 

-2

     

2,036,819

 

2,023,253

 

1

   
                                 

Income before income taxes 

 

434,710

 

425,811

 

2

     

1,263,653

 

1,207,983

 

5

   
                                 

Applicable income taxes 

 

154,309

 

150,467

 

3

     

454,951

 

419,286

 

9

   
                                 

Net income 

$

280,401

 

275,344

 

2

%

 

$

808,702

 

788,697

 

3

%

 

 

 

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

                               
   

Three months ended

 
   

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

Dollars in thousands

 

2015

 

2015

 

2015

 

2014

 

2014

                               

Interest income 

$

770,026

   

760,354

   

738,087

   

756,612

   

743,023

 

Interest expense 

 

77,199

   

77,226

   

78,499

   

74,772

   

73,964

 
                               

Net interest income 

 

692,827

   

683,128

   

659,588

   

681,840

   

669,059

 
                               

Provision for credit losses 

 

44,000

   

30,000

   

38,000

   

33,000

   

29,000

 
                               

Net interest income after

                             

   provision for credit losses 

 

648,827

   

653,128

   

621,588

   

648,840

   

640,059

 
                               

Other income

                             

     Mortgage banking revenues 

 

84,035

   

102,602

   

101,601

   

93,675

   

93,532

 

     Service charges on deposit accounts 

 

107,259

   

105,257

   

102,344

   

106,319

   

110,071

 

     Trust income 

 

113,744

   

118,598

   

123,734

   

128,442

   

128,671

 

     Brokerage services income 

 

16,902

   

16,861

   

15,461

   

15,809

   

17,416

 

     Trading account and foreign exchange gains 

 

8,362

   

6,046

   

6,231

   

8,397

   

6,988

 

     Loss on bank investment securities 

 

-

   

(10)

   

(98)

   

-

   

-

 

     Equity in earnings of Bayview Lending Group LLC 

 

(3,721)

   

(3,131)

   

(4,191)

   

(4,049)

   

(4,114)

 

     Other revenues from operations 

 

113,118

   

150,804

   

95,121

   

103,050

   

98,547

 

          Total other income   

 

439,699

   

497,027

   

440,203

   

451,643

   

451,111

 
                               

Other expense

                             

     Salaries and employee benefits 

 

363,567

   

361,657

   

389,893

   

345,135

   

348,776

 

     Equipment and net occupancy 

 

68,470

   

66,852

   

66,470

   

62,335

   

67,713

 

     Printing, postage and supplies 

 

8,691

   

9,305

   

9,590

   

8,881

   

9,184

 

     Amortization of core deposit and other 

                             

        intangible assets 

 

4,090

   

5,965

   

6,793

   

7,170

   

7,358

 

     FDIC assessments 

 

11,090

   

10,801

   

10,660

   

11,695

   

13,193

 

     Other costs of operations 

 

197,908

   

242,048

   

202,969

   

231,005

   

219,135

 

          Total other expense 

 

653,816

   

696,628

   

686,375

   

666,221

   

665,359

 
                               

Income before income taxes 

 

434,710

   

453,527

   

375,416

   

434,262

   

425,811

 
                               

Applicable income taxes 

 

154,309

   

166,839

   

133,803

   

156,713

   

150,467

 
                               

Net income 

$

280,401

   

286,688

   

241,613

   

277,549

   

275,344

 

 

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

                 
     

September 30

     

Dollars in thousands

   

2015

 

2014

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks 

 

$

1,249,704

 

1,445,877

 

-14

%

                 

Interest-bearing deposits at banks 

   

4,713,266

 

7,676,064

 

-39

 
                 

Federal funds sold 

   

-

 

77,766

 

-100

 
                 

Trading account assets 

   

340,710

 

296,913

 

15

 
                 

Investment securities 

   

14,494,539

 

13,348,368

 

9

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc. 

   

20,233,177

 

19,112,009

 

6

 

   Real estate - commercial 

   

28,720,537

 

26,942,847

 

7

 

   Real estate - consumer 

   

8,211,062

 

8,663,408

 

-5

 

   Consumer 

   

11,375,472

 

10,854,095

 

5

 

     Total loans and leases, net of unearned discount 

   

68,540,248

 

65,572,359

 

5

 

        Less: allowance for credit losses 

   

933,798

 

918,633

 

2

 
                 

  Net loans and leases 

   

67,606,450

 

64,653,726

 

5

 
                 

Goodwill 

   

3,513,325

 

3,524,625

 

-

 
                 

Core deposit and other intangible assets 

   

18,179

 

42,197

 

-57

 
                 

Other assets 

   

5,860,889

 

6,162,806

 

-5

 
                 

  Total assets 

 

$

97,797,062

 

97,228,342

 

1

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits 

 

$

28,189,330

 

27,440,524

 

3

%

                 

Interest-bearing deposits 

   

44,549,028

 

46,659,442

 

-5

 
                 

Deposits at Cayman Islands office 

   

206,185

 

241,536

 

-15

 
                 

  Total deposits 

   

72,944,543

 

74,341,502

 

-2

 
                 

Short-term borrowings 

   

173,783

 

164,609

 

6

 
                 

Accrued interest and other liabilities 

   

1,582,513

 

1,327,524

 

19

 
                 

Long-term borrowings 

   

10,174,289

 

9,061,391

 

12

 
                 

  Total liabilities 

   

84,875,128

 

84,895,026

 

-

 
                 

Shareholders' equity:

               
                 

   Preferred 

   

1,231,500

 

1,231,500

 

-

 

   Common (1)  

   

11,690,434

 

11,101,816

 

5

 
                 

     Total shareholders' equity 

   

12,921,934

 

12,333,316

 

5

 
                 

  Total liabilities and shareholders' equity 

 

$

97,797,062

 

97,228,342

 

1

%

                 
                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $163.5 million at September 30,

       2015 and accumulated other comprehensive income, net of applicable income tax effect, of $12.5 million at 

       September 30, 2014.

 

 

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

       
     

September 30,

 

June 30,

   

March 31,

   

December 31,

   

September 30,

Dollars in thousands

   

2015

 

2015

   

2015

   

2014

   

2014

                               

ASSETS

                             
                               

Cash and due from banks 

 

$

1,249,704

   

1,347,858

   

1,269,816

   

1,289,965

   

1,445,877

                               

Interest-bearing deposits at banks 

   

4,713,266

   

4,045,852

   

6,291,491

   

6,470,867

   

7,676,064

                               

Federal funds sold 

   

-

   

3,000

   

97,037

   

83,392

   

77,766

                               

Trading account assets 

   

340,710

   

277,009

   

363,085

   

308,175

   

296,913

                               

Investment securities 

   

14,494,539

   

14,751,637

   

14,393,270

   

12,993,542

   

13,348,368

                               

Loans and leases:

                             
                               

   Commercial, financial, etc. 

   

20,233,177

   

20,111,028

   

19,775,494

   

19,461,292

   

19,112,009

   Real estate - commercial 

   

28,720,537

   

28,442,488

   

27,845,710

   

27,567,569

   

26,942,847

   Real estate - consumer 

   

8,211,062

   

8,444,542

   

8,504,119

   

8,657,301

   

8,663,408

   Consumer 

   

11,375,472

   

11,133,194

   

10,973,719

   

10,982,794

   

10,854,095

     Total loans and leases, net of unearned discount

   

68,540,248

   

68,131,252

   

67,099,042

   

66,668,956

   

65,572,359

        Less: allowance for credit losses 

   

933,798

   

929,987

   

921,373

   

919,562

   

918,633

                               

  Net loans and leases 

   

67,606,450

   

67,201,265

   

66,177,669

   

65,749,394

   

64,653,726

                               

Goodwill 

   

3,513,325

   

3,513,325

   

3,524,625

   

3,524,625

   

3,524,625

                               

Core deposit and other intangible assets 

   

18,179

   

22,269

   

28,234

   

35,027

   

42,197

                               

Other assets 

   

5,860,889

   

5,917,861

   

6,232,556

   

6,230,548

   

6,162,806

                               

  Total assets 

 

$

97,797,062

   

97,080,076

   

98,377,783

   

96,685,535

   

97,228,342

                               
                               

LIABILITIES AND SHAREHOLDERS' EQUITY

                             
                               

Noninterest-bearing deposits 

 

$

28,189,330

   

27,674,588

   

27,181,120

   

26,947,880

   

27,440,524

                               

Interest-bearing deposits 

   

44,549,028

   

44,787,590

   

46,234,455

   

46,457,591

   

46,659,442

                               

Deposits at Cayman Islands office 

   

206,185

   

167,441

   

178,545

   

176,582

   

241,536

                               

  Total deposits 

   

72,944,543

   

72,629,619

   

73,594,120

   

73,582,053

   

74,341,502

                               

Short-term borrowings 

   

173,783

   

153,299

   

193,495

   

192,676

   

164,609

                               

Accrued interest and other liabilities 

   

1,582,513

   

1,453,249

   

1,552,724

   

1,567,951

   

1,327,524

                               

Long-term borrowings 

   

10,174,289

   

10,175,912

   

10,509,143

   

9,006,959

   

9,061,391

                               

  Total liabilities 

   

84,875,128

   

84,412,079

   

85,849,482

   

84,349,639

   

84,895,026

                               

Shareholders' equity:

                             
                               

   Preferred 

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

   Common (1)  

   

11,690,434

   

11,436,497

   

11,296,801

   

11,104,396

   

11,101,816

                               

     Total shareholders' equity 

   

12,921,934

   

12,667,997

   

12,528,301

   

12,335,896

   

12,333,316

                               

  Total liabilities and shareholders' equity 

 

$

97,797,062

   

97,080,076

   

98,377,783

   

96,685,535

   

97,228,342

                               
                               

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $163.5 million at September 30, 2015, $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.

 

 

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

 and Annualized Taxable-equivalent Rates

                                             
     

Three months ended

 

Change in balance

 

 

 

Nine months ended

   
     

September 30,

 

September 30,

 

June 30,

 

September 30, 2015 from

 

 

 

September 30

   

Dollars in millions

   

2015

 

2014

 

2015

 

September 30,

 

June 30,

   

2015

 

2014

 

Change in

 
     

Balance

 

Rate

 

Balance

 

Rate

 

Balance

 

Rate

 

2014

 

2015

   

Balance

 

Rate

 

Balance 

 

Rate

 

balance

 

ASSETS

                                                             
                                                               

Interest-bearing deposits at banks 

 

$

6,060

 

.25

%

5,083

 

.25

%

5,326

 

.25

%

19

%

 

14

%

 

$

5,490

 

.25

%

4,091

 

.25

%

34

%

                                                               

Federal funds sold

   

-

 

-

 

80

 

.07

 

39

 

.10

 

-100

   

-100

     

45

 

.10

 

90

 

.07

 

-50

 
                                                               

Trading account assets 

   

96

 

.52

 

70

 

1.65

 

103

 

.92

 

37

   

-8

     

93

 

1.34

 

75

 

1.83

 

24

 
                                                               

Investment securities 

   

14,441

 

2.60

 

12,780

 

2.89

 

14,195

 

2.68

 

13

   

2

     

14,008

 

2.65

 

11,015

 

3.11

 

27

 
                                                               

Loans and leases, net of unearned discount

                                                             

  Commercial, financial, etc. 

   

19,939

 

3.22

 

18,889

 

3.29

 

19,973

 

3.18

 

6

   

-

     

19,791

 

3.20

 

18,783

 

3.33

 

5

 

  Real estate - commercial 

   

28,309

 

4.18

 

26,487

 

4.19

 

28,208

 

4.19

 

7

   

-

     

28,040

 

4.18

 

26,258

 

4.27

 

7

 

  Real estate - consumer 

   

8,348

 

4.17

 

8,634

 

4.17

 

8,447

 

4.19

 

-3

   

-1

     

8,455

 

4.17

 

8,740

 

4.24

 

-3

 

  Consumer 

   

11,253

 

4.46

 

10,753

 

4.52

 

11,042

 

4.46

 

5

   

2

     

11,087

 

4.47

 

10,512

 

4.54

 

5

 

     Total loans and leases, net 

   

67,849

 

3.96

 

64,763

 

4.00

 

67,670

 

3.96

 

5

   

-

     

67,373

 

3.96

 

64,293

 

4.06

 

5

 
                                                               

  Total earning assets 

   

88,446

 

3.48

 

82,776

 

3.59

 

87,333

 

3.52

 

7

   

1

     

87,009

 

3.51

 

79,564

 

3.72

 

9

 
                                                               

Goodwill 

   

3,513

     

3,525

     

3,514

     

-

   

-

     

3,517

     

3,525

     

-

 
                                                               

Core deposit and other intangible assets 

   

20

     

45

     

25

     

-56

   

-19

     

26

     

54

     

-53

 
                                                               

Other assets 

   

6,536

     

6,899

     

6,726

     

-5

   

-3

     

6,793

     

6,809

     

-

 
                                                               

  Total assets 

 

$

98,515

     

93,245

     

97,598

     

6

%

 

1

%

 

$

97,345

     

89,952

     

8

%

                                                               
                                                               
                                                               

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                             
                                                               

Interest-bearing deposits

                                                             

  NOW accounts 

 

$

1,309

 

.11

 

1,037

 

.15

 

1,333

 

.11

 

26

%

 

-2

%

 

$

1,255

 

.11

 

1,017

 

.13

 

23

%

  Savings deposits

   

41,197

 

.11

 

41,056

 

.11

 

41,712

 

.10

 

-

   

-1

     

41,477

 

.10

 

39,640

 

.12

 

5

 

  Time deposits 

   

2,858

 

.51

 

3,227

 

.47

 

2,948

 

.50

 

-11

   

-3

     

2,940

 

.50

 

3,345

 

.46

 

-12

 

  Deposits at Cayman Islands office 

   

206

 

.29

 

325

 

.20

 

212

 

.28

 

-37

   

-3

     

214

 

.28

 

348

 

.21

 

-39

 

     Total interest-bearing deposits 

   

45,570

 

.13

 

45,645

 

.14

 

46,205

 

.13

 

-

   

-1

     

45,886

 

.13

 

44,350

 

.14

 

3

 
                                                               

Short-term borrowings 

   

174

 

.07

 

181

 

.04

 

195

 

.07

 

-4

   

-11

     

188

 

.07

 

222

 

.05

 

-15

 

Long-term borrowings 

   

10,114

 

2.44

 

8,547

 

2.69

 

10,164

 

2.47

 

18

   

-

     

10,039

 

2.51

 

6,999

 

3.02

 

43

 
                                                               

Total interest-bearing liabilities 

   

55,858

 

.55

 

54,373

 

.54

 

56,564

 

.55

 

3

   

-1

     

56,113

 

.55

 

51,571

 

.53

 

9

 
                                                               

Noninterest-bearing deposits 

   

28,251

     

25,127

     

26,753

     

12

   

6

     

26,947

     

24,915

     

8

 
                                                               

Other liabilities

   

1,619

     

1,498

     

1,645

     

8

   

-2

     

1,656

     

1,486

     

11

 
                                                               

  Total liabilities 

   

85,728

     

80,998

     

84,962

     

6

   

1

     

84,716

     

77,972

     

9

 
                                                               

Shareholders' equity

   

12,787

     

12,247

     

12,636

     

4

   

1

     

12,629

     

11,980

     

5

 
                                                               

  Total liabilities and shareholders' equity 

 

$

98,515

     

93,245

     

97,598

     

6

%

 

1

%

 

$

97,345

     

89,952

     

8

%

                                                               
                                                               

Net interest spread 

       

2.93

     

3.05

     

2.97

                   

2.96

     

3.19

     

Contribution of interest-free funds 

       

.21

     

.18

     

.20

                   

.20

     

.19

     

Net interest margin  

       

3.14

%

   

3.23

%

   

3.17

%

                 

3.16

%

   

3.38

%

 

 

 

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

                         
                         
       

Three months ended

   

Nine months ended

 
       

September 30

   

September 30

 
       

2015

 

2014

   

2015

 

2014

 

Income statement data

                   

In thousands, except per share

                   

Net income

                   

Net income 

$

280,401

 

275,344

 

$

808,702

 

788,697

 

Amortization of core deposit and other

                   

  intangible assets (1) 

 

2,506

 

4,494

   

10,322

 

16,277

 

  Net operating income 

$

282,907

 

279,838

 

$

819,024

 

804,974

 

Earnings per common share

                   

Diluted earnings per common share 

$

1.93

 

1.91

 

$

5.56

 

5.50

 

Amortization of core deposit and other

                   

  intangible assets (1) 

 

.02

 

.03

   

.08

 

.12

 

  Diluted net operating earnings per common share 

$

1.95

 

1.94

 

$

5.64

 

5.62

 

Other expense

                   

Other expense 

$

653,816

 

665,359

 

$

2,036,819

 

2,023,253

 

Amortization of core deposit and other

                   

  intangible assets 

 

(4,090)

 

(7,358)

   

(16,848)

 

(26,654)

 

  Noninterest operating expense 

$

649,726

 

658,001

 

$

2,019,971

 

1,996,599

 

Efficiency ratio

                   

Noninterest operating expense (numerator) 

$

649,726

 

658,001

 

$

2,019,971

 

1,996,599

 

Taxable-equivalent net interest income 

 

699,075

 

674,900

   

2,053,649

 

2,012,241

 

Other income 

 

439,699

 

451,111

   

1,376,929

 

1,327,630

 

Less:  Loss on bank investment securities 

 

-

 

-

   

(108)

 

-

 

Denominator 

$

1,138,774

 

1,126,011

 

$

3,430,686

 

3,339,871

 

Efficiency ratio 

 

57.05

%

58.44

%

 

58.88

%

59.78

%

                         
                         

Balance sheet data

                   

In millions

                   

Average assets

                   

Average assets 

$

98,515

 

93,245

 

$

97,345

 

89,952

 

Goodwill 

 

(3,513)

 

(3,525)

   

(3,517)

 

(3,525)

 

Core deposit and other intangible assets 

 

(20)

 

(45)

   

(26)

 

(54)

 

Deferred taxes 

 

7

 

14

   

8

 

17

 

  Average tangible assets 

$

94,989

 

89,689

 

$

93,810

 

86,390

 

Average common equity

                   

Average total equity 

$

12,787

 

12,247

 

$

12,629

 

11,980

 

Preferred stock 

 

(1,232)

 

(1,232)

   

(1,232)

 

(1,179)

 

  Average common equity 

 

11,555

 

11,015

   

11,397

 

10,801

 

Goodwill 

 

(3,513)

 

(3,525)

   

(3,517)

 

(3,525)

 

Core deposit and other intangible assets 

 

(20)

 

(45)

   

(26)

 

(54)

 

Deferred taxes 

 

7

 

14

   

8

 

17

 

  Average tangible common equity 

$

8,029

 

7,459

 

$

7,862

 

7,239

 
                         

At end of quarter

                   

Total assets

                   

Total assets 

$

97,797

 

97,228

           

Goodwill 

 

(3,513)

 

(3,525)

           

Core deposit and other intangible assets 

 

(18)

 

(42)

           

Deferred taxes 

 

6

 

13

           

  Total tangible assets 

$

94,272

 

93,674

           

Total common equity

                   

Total equity 

$

12,922

 

12,333

           

Preferred stock 

 

(1,232)

 

(1,232)

           

Undeclared dividends - cumulative preferred stock 

 

(3)

 

(2)

           

  Common equity, net of undeclared cumulative

                   

    preferred dividends 

 

11,687

 

11,099

           

Goodwill 

 

(3,513)

 

(3,525)

           

Core deposit and other intangible assets 

 

(18)

 

(42)

           

Deferred taxes 

 

6

 

13

           

  Total tangible common equity 

$

8,162

 

7,545

           
                         
                         

(1) After any related tax effect.

 

 

M&T BANK CORPORATION

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

                           
                           
                           
       

Three months ended

 
       

September 30,

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 
       

2015

 

2015

 

2015

 

2014

 

2014

 

Income statement data

                     

In thousands, except per share

                     

Net income

                     

Net income 

$

280,401

 

286,688

 

241,613

 

277,549

 

275,344

 

Amortization of core deposit and other

                     

  intangible assets (1) 

 

2,506

 

3,653

 

4,163

 

4,380

 

4,494

 

  Net operating income 

$

282,907

 

290,341

 

245,776

 

281,929

 

279,838

 

Earnings per common share

                     

Diluted earnings per common share 

$

1.93

 

1.98

 

1.65

 

1.92

 

1.91

 

Amortization of core deposit and other

                     

  intangible assets (1) 

 

.02

 

.03

 

.03

 

.03

 

.03

 

  Diluted net operating earnings per common share 

$

1.95

 

2.01

 

1.68

 

1.95

 

1.94

 

Other expense

                     

Other expense 

$

653,816

 

696,628

 

686,375

 

666,221

 

665,359

 

Amortization of core deposit and other

                     

  intangible assets  

 

(4,090)

 

(5,965)

 

(6,793)

 

(7,170)

 

(7,358)

 

  Noninterest operating expense 

$

649,726

 

690,663

 

679,582

 

659,051

 

658,001

 

Efficiency ratio

                     

Noninterest operating expense (numerator) 

$

649,726

 

690,663

 

679,582

 

659,051

 

658,001

 

Taxable-equivalent net interest income 

 

699,075

 

689,148

 

665,426

 

687,847

 

674,900

 

Other income 

 

439,699

 

497,027

 

440,203

 

451,643

 

451,111

 

Less:  Loss on bank investment securities 

 

-

 

(10)

 

(98)

 

-

 

-

 

Denominator 

$

1,138,774

 

1,186,185

 

1,105,727

 

1,139,490

 

1,126,011

 

Efficiency ratio 

 

57.05

%

58.23

%

61.46

%

57.84

%

58.44

%

                           
                           

Balance sheet data

                     

In millions

                     

Average assets

                     

Average assets 

$

98,515

 

97,598

 

95,892

 

98,644

 

93,245

 

Goodwill 

 

(3,513)

 

(3,514)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(20)

 

(25)

 

(31)

 

(38)

 

(45)

 

Deferred taxes 

 

7

 

8

 

10

 

12

 

14

 

  Average tangible assets 

$

94,989

 

94,067

 

92,346

 

95,093

 

89,689

 

Average common equity

                     

Average total equity 

$

12,787

 

12,636

 

12,459

 

12,442

 

12,247

 

Preferred stock 

 

(1,232)

 

(1,232)

 

(1,232)

 

(1,231)

 

(1,232)

 

  Average common equity 

 

11,555

 

11,404

 

11,227

 

11,211

 

11,015

 

Goodwill 

 

(3,513)

 

(3,514)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(20)

 

(25)

 

(31)

 

(38)

 

(45)

 

Deferred taxes 

 

7

 

8

 

10

 

12

 

14

 

  Average tangible common equity 

$

8,029

 

7,873

 

7,681

 

7,660

 

7,459

 
                           

At end of quarter

                     

Total assets

                     

Total assets 

$

97,797

 

97,080

 

98,378

 

96,686

 

97,228

 

Goodwill 

 

(3,513)

 

(3,513)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(18)

 

(22)

 

(28)

 

(35)

 

(42)

 

Deferred taxes 

 

6

 

7

 

9

 

11

 

13

 

  Total tangible assets 

$

94,272

 

93,552

 

94,834

 

93,137

 

93,674

 

Total common equity

                     

Total equity 

$

12,922

 

12,668

 

12,528

 

12,336

 

12,333

 

Preferred stock 

 

(1,232)

 

(1,232)

 

(1,232)

 

(1,231)

 

(1,232)

 

Undeclared dividends - cumulative preferred stock 

 

(3)

 

(3)

 

(2)

 

(3)

 

(2)

 

  Common equity, net of undeclared cumulative

                     

    preferred dividends 

 

11,687

 

11,433

 

11,294

 

11,102

 

11,099

 

Goodwill 

 

(3,513)

 

(3,513)

 

(3,525)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets 

 

(18)

 

(22)

 

(28)

 

(35)

 

(42)

 

Deferred taxes 

 

6

 

7

 

9

 

11

 

13

 

  Total tangible common equity 

$

8,162

 

7,905

 

7,750

 

7,553

 

7,545

 
                           
                           

(1) After any related tax effect.