Enable Java Script

Either your browser does not support JavaScript, or you have JavaScript disabled.
You must have a JavaScript-enabled browser to use this site.

Microsoft Internet Explorer

To turn on JavaScript in Internet Explorer, follow these steps:

  1. On the Tools menu, click Internet Options, and then click the Security tab.
  2. Click the Web content zone that you are using (for example, click Local Intranet),
    and then click Custom Level button.
  3. Locate Active scripting under Scripting settings. Click to select the Enable radio button.
  4. Click OK button on Security Settings and Internet Options windows to save your changes.

To download Internet Explorer 7, click here.

Firefox

To turn on JavaScript in Firefox, follow these steps:

  1. On the Tools menu, click Options.., and then click the Content tab.
  2. Click to select the Enable JavaScript check box.
  3. Click OK button to save the setting.

To download Firefox 2, click here.

Safari

To turn on JavaScript in Safari, follow these steps:

  1. Open Safari
  2. On the Safari menu, click on Preferences.
  3. Click the Security icon.
  4. Click on Enable JavaScript next to the Web Content section if it is not checked
  5. Close the Preferences window
  6. Close and restart Safari.

Opera 9.xx series

To turn on JavaScript in Opera 9.xx series, follow these steps:

  1. Open Opera.
  2. On the Tools menu, click Preferences.
  3. Click Content in the Preferences list.
  4. Check the box next to Enable JavaScript.
  5. Click the JavaScript Options button to open the JavaScript Options box.
  6. Check the boxes that you want to allow.
  7. Click OK.
  8. Click OK.

Google Chrome(v0.4.154.23)

To turn on JavaScript in Google Chrome(v0.4.154.23), follow these steps:

  1. First close any open Chrome windows.
  2. Right click on a blank area of your Desktop.
  3. Select New.
  4. Create a new Shortcut with the following in the "Type the location of the item:" text box:
    • For Windows Vista:
      %userprofile%\Local\Google\Chrome\Application\chrome.exe -enable-javascript
    • For Windows XP:
      "%userprofile%\Local Settings\Application Data\Google\chrome.exe" -enable-javascript
      Note: You'll have to enclose the file path for Windows XP in quotes due to there being spaces in it.
M&T Bank Corporation Announces 2015 Fourth Quarter And Full-Year Profits
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., Jan. 19, 2016 -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for 2015.

GAAP Results of Operations.  Reflecting the impact of merger-related expenses associated with its recent acquisition, M&T's diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the fourth quarter of 2015 were $1.65, compared with $1.92 in the year-earlier quarter and $1.93 in the third quarter of 2015.  GAAP-basis net income in the recent quarter was $271 million, compared with $278 million in the final quarter of 2014 and $280 million in 2015's third quarter.  Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income for the recent quarter was .93% and 7.22%, respectively, compared with 1.12% and 9.10%, respectively, in the year-earlier quarter and 1.13% and 8.93%, respectively, in the third quarter of 2015.

Commenting on M&T's performance in 2015, René F. Jones, Vice Chairman and Chief Financial Officer, noted, "M&T posted strong financial performance in the fourth quarter, reflecting our recent merger, growth in revenues, controlled expenses and continued solid credit quality, resulting in a 7% increase in diluted net operating earnings per common share from the year-earlier quarter.  We are pleased with all that was accomplished in the quarter.  On November 1, we welcomed our Hudson City colleagues and valued customers into the M&T family.  The full integration of Hudson City's operations will be completed in February after the conversion of the deposit system and branch network.  The merger with Hudson City brings exceptional opportunities for M&T, and we are excited to offer our broad array of products and services to both existing and new customers.  While financial results for the fourth quarter reflect only two months of the operations associated with Hudson City, the acquisition has already had a positive impact on M&T's operating results and capital position, contributing to a 13% rise in tangible book value per share from the 2014 year end."

M&T's fourth quarter results reflect its acquisition of Hudson City Bancorp, Inc. ("Hudson City"), effective November 1, 2015, including the payment of cash consideration of $2.1 billion and the issuance of 25,953,950 common shares.  Results of the operations acquired from Hudson City have been reflected in M&T's results since the acquisition date.  Assets acquired in the transaction totaled approximately $34.6 billion, including $19.0 billion of loans and $7.9 billion of investment securities, while liabilities assumed were $31.5 billion, including $17.9 billion of deposits and $13.2 billion of borrowings.  In early November, M&T restructured its balance sheet by selling $5.8 billion of investment securities obtained in the acquisition and repaying $10.6 billion of borrowings assumed in the transaction.  Merger-related expenses incurred during the final 2015 quarter aggregated $61 million after-tax effect, or $.40 of diluted earnings per common share.

For the full year of 2015, diluted earnings per common share were $7.18, compared with $7.42 for 2014.  Net income totaled $1.08 billion in 2015, up from $1.07 billion in 2014.  Expressed as a rate of return on average assets and average common shareholders' equity, net income in 2015 was 1.06% and 8.32%, respectively, compared with 1.16% and 9.08%, respectively, in 2014. 

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.  The amounts of such "nonoperating" expenses are presented in the tables that accompany this release.  Reflected in merger-related expenses in the fourth quarter of 2015 was a provision for credit losses of $21 million.  GAAP requires that acquired loans be recorded at estimated fair value, which includes the use of interest rate and credit loss assumptions to project estimated cash flows.  GAAP also provides that an allowance for credit losses associated with probable incurred losses on loans acquired at a premium also be recognized.  Accordingly, M&T recorded a $21 million provision related to such loans obtained in the Hudson City acquisition.  Given the requirement to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that provision to be a merger-related expense.  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 $2.09 in the fourth quarter of 2015, improved from $1.95 in each of the year-earlier period and the third quarter of 2015.  Net operating income for 2015's final quarter rose to $338 million, up 20% and 19% from $282 million and $283 million in the fourth quarter of 2014 and the third quarter of 2015, respectively.  For the quarter ended December 31, 2015, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.21% and 13.26%, respectively, compared with 1.18% and 13.55%, respectively, in the similar 2014 period and 1.18% and 12.98%, respectively, in the third quarter of 2015.

For the year ended December 31, 2015, diluted net operating earnings per common share were $7.74, up 2% from $7.57 in 2014.  Net operating income in 2015 rose 6% to $1.16 billion from $1.09 billion in 2014.  Net operating income in 2015 expressed as a  rate of return on average tangible assets and average tangible common shareholders' equity was 1.18% and 13.00%, respectively, compared with 1.23% and 13.76%, respectively, in 2014.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis aggregated $813 million in the fourth quarter of 2015, up 18% from $688 million earned in the year-earlier period and 16% higher than $699 million recorded in the third quarter of 2015.  The growth in such income in the recent quarter resulted from higher earning assets.  Average earning assets rose to $103.6 billion in the recent quarter, 18% above $88.0 billion in the fourth quarter of 2014 and 17% higher than $88.4 billion in 2015's third quarter.  Those increases were predominantly the result of the Hudson City acquisition that added approximately $14.6 billion to average earning assets in the recent quarter.  Also reflective of the Hudson City acquisition, the net interest margin was 3.12% in 2015's fourth quarter, compared with 3.10% in the final quarter of 2014 and 3.14% in the third quarter of 2015.  Net interest income on a taxable-equivalent basis totaled $2.87 billion for the full-year 2015, 6% higher than $2.70 billion in 2014.  That improvement resulted from a $9.5 billion increase in average earning assets, partially offset by a narrowing of the net interest margin to 3.14% in 2015 from 3.31% in 2014.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $58 million during the fourth quarter of 2015, compared with $33 million in the year-earlier quarter and $44 million in the third quarter of 2015.  Net charge-offs of loans were $36 million during the recent quarter, compared with $32 million in the final quarter of 2014 and $40 million in the third quarter of 2015.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .18% and .19% in the fourth quarter of 2015 and 2014, respectively, and .24% in 2015's third quarter.  The provision for credit losses was $170 million for the year ended December 31, 2015, compared with $124 million in 2014.  Net loan charge-offs during 2015 and 2014 totaled $134 million and $121 million, respectively, or .19% of average loans outstanding in each of those years.  As already noted, a $21 million provision was recorded in the fourth quarter of 2015, in accordance with GAAP, related to loans obtained in the Hudson City acquisition that had a fair value in excess of outstanding principal.  GAAP provides that an allowance for credit losses on such loans be recorded beyond the recognition of the fair value of the loans at the acquisition date. 

Loans classified as nonaccrual were $799 million, or .91% of total loans outstanding at December 31, 2015, compared with $799 million or 1.20% a year earlier and $787 million or 1.15% at September 30, 2015.  Assets taken in foreclosure of defaulted loans were $195 million at the end of 2015, compared with $64 million and $66 million at December 31, 2014 and September 30, 2015, respectively.  The higher level of such assets at the 2015 year-end resulted from residential real estate properties obtained in the Hudson City acquisition. 

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 for credit losses totaled $956 million at December 31, 2015, compared with $920 million a year earlier and $934 million at September 30, 2015.  The allowance expressed as a percentage of outstanding loans was 1.09% at the end of 2015, compared with 1.38% at December 31, 2014 and 1.36% at September 30, 2015.  The decline in that ratio from September 30, 2015 and December 31, 2014 reflects the impact of residential mortgage loans obtained in the Hudson City acquisition. 

Noninterest Income and Expense.  Noninterest income totaled $448 million in the recently completed quarter, compared with $452 million in the fourth quarter of 2014 and $440 million in the third quarter of 2015.  The modest decline as compared with the final 2014 quarter resulted from lower trust income and residential mortgage banking revenues associated with loan servicing activities, partially offset by higher credit-related fees.  The decline in trust income was predominantly the result of the second quarter 2015 sale of M&T's trade processing business within its retirement services division.  Contributing to the recent quarter's increase in noninterest income as compared with the immediately preceding quarter were higher commercial mortgage banking revenues and credit-related fees.    

Noninterest income aggregated $1.83 billion and $1.78 billion during the years ended December 31, 2015 and 2014, respectively.  Reflected in that improvement were higher commercial mortgage banking revenues and a $45 million gain from the sale of M&T's trade processing business that was partially offset by lower trust income associated with that divested business.

Noninterest expense in the final quarter of 2015 totaled $786 million, compared with $666 million in the year-earlier quarter and $654 million in the third 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 and merger-related expenses.  Exclusive of those expenses, noninterest operating expenses were $701 million in  the fourth quarter of 2015, compared with $659 million in the year-earlier quarter and $650 million in the third quarter of 2015.  The most significant factor for the higher level of operating expenses in the recent quarter was the impact of the operations obtained in the Hudson City acquisition. 

For the year ended December 31, 2015, noninterest expenses totaled $2.82 billion, compared with $2.69 billion in the previous year.  Noninterest operating expenses were $2.72 billion in 2015 and $2.66 billion in 2014.  That increase reflects noninterest operating expenses associated with Hudson City.

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 55.5% in the recent quarter, compared with 57.8% in the year-earlier quarter and 57.1% in the third quarter of 2015.  The efficiency ratio for the full year 2015 was 58.0%, compared with 59.3% in 2014.  

Balance Sheet.  M&T had total assets of $122.8 billion at December 31, 2015, up 27% from $96.7 billion a year earlier.  Investment securities were $15.7 billion at the recent year-end, up $2.7 billion or 20% from December 31, 2014.  Loans and leases, net of unearned discount, rose 31% to $87.5 billion at the 2015 year-end from $66.7 billion at December 31, 2014.     

Total deposits were $92.0 billion at the recent year-end, up 25% or $18.4 billion from $73.6 billion at December 31, 2014. 

Total shareholders' equity rose $3.8 billion or 31% to $16.2 billion at December 31, 2015 from $12.3 billion a year earlier, representing 13.17% and 12.76%, respectively, of total assets.  Common shareholders' equity was $14.9 billion, or $93.60 per share, at December 31, 2015, compared with $11.1 billion, or $83.88 per share, at December 31, 2014.  Tangible equity per common share rose 13% to $64.28 at December 31, 2015 from $57.06 a year earlier.  Common shareholders' equity per share and tangible equity per common share were $87.67 and $61.22, respectively, at September 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 11.06% at the 2015 year-end. 

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss fourth quarter and full-year financial results today at 11:00 a.m. Eastern Time.  Those wishing to participate in the call may dial (877)780-2276.

International participants, using any applicable international calling codes, may dial (973)582-2700.  Callers should reference M&T Bank Corporation or the conference ID #25536663.  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 January 22, 2016 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #25536663.  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, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia.  Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

Forward-Looking Statements. This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T's business, management's beliefs and assumptions made by management.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Future Factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes;   protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the Future Factors that could affect the outcome of the forward-looking statements.  In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.

 

 

M&T BANK CORPORATION

                                 

Financial Highlights

                                 
     

Three months ended

           

Year ended

     

Amounts in thousands,

   

December 31

           

December 31

     

 except per share

   

2015

 

2014

 

Change

       

2015

 

2014

 

Change

 
                                   

Performance

                                 
                                   

Net income

 

$

270,965

 

277,549

 

-2

%

 

$

1,079,667

 

1,066,246

 

1

%

Net income available to common shareholders

   

248,059

 

254,239

 

-2

%

   

987,724

 

978,581

 

1

%

                                   

Per common share:

                                 

  Basic earnings

 

$

1.65

 

1.93

 

-15

%

 

$

7.22

 

7.47

 

-3

%

  Diluted earnings

   

1.65

 

1.92

 

-14

%

   

7.18

 

7.42

 

-3

%

  Cash dividends

 

$

.70

 

.70

 

-

     

$

2.80

 

2.80

 

-

 
                                   

Common shares outstanding:

                                 

  Average - diluted (1)

   

150,718

 

132,278

 

14

%

   

137,533

 

131,844

 

4

%

  Period end (2)

   

159,600

 

132,354

 

21

%

   

159,600

 

132,354

 

21

%

                                   

Return on (annualized):

                                 

  Average total assets 

   

.93

%

1.12

%

         

1.06

%

1.16

%

   

  Average common shareholders' equity

   

7.22

%

9.10

%

         

8.32

%

9.08

%

   
                                   

Taxable-equivalent net interest income

 

$

813,401

 

687,847

 

18

%

 

$

2,867,050

 

2,700,088

 

6

%

                                   

Yield on average earning assets

   

3.48

%

3.44

%

         

3.50

%

3.65

%

   

Cost of interest-bearing liabilities

   

.54

%

.52

%

         

.55

%

.53

%

   

Net interest spread

   

2.94

%

2.92

%

         

2.95

%

3.12

%

   

Contribution of interest-free funds

   

.18

%

.18

%

         

.19

%

.19

%

   

Net interest margin

   

3.12

%

3.10

%

         

3.14

%

3.31

%

   
                                   

Net charge-offs to average total 

                                 

  net loans (annualized)

   

.18

%

.19

%

         

.19

%

.19

%

   
                                   

Net operating results (3)

                                 
                                   

Net operating income

 

$

337,613

 

281,929

 

20

%

 

$

1,156,637

 

1,086,903

 

6

%

Diluted net operating earnings per common share

   

2.09

 

1.95

 

7

%

   

7.74

 

7.57

 

2

%

Return on (annualized):

                                 

  Average tangible assets

   

1.21

%

1.18

%

         

1.18

%

1.23

%

   

  Average tangible common equity

   

13.26

%

13.55

%

         

13.00

%

13.76

%

   

Efficiency ratio

   

55.53

%

57.84

%

         

57.98

%

59.29

%

   
                                   
                                   
                                   
     

 

At December 31

                       

Loan quality

   

2015

 

2014

 

Change

                   
                                   

Nonaccrual loans

 

$

799,409

 

799,151

 

-

                   

Real estate and other foreclosed assets

   

195,085

 

63,635

 

207

%

               

  Total nonperforming assets

 

$

994,494

 

862,786

 

15

%

               
                                   

Accruing loans past due 90 days or more (4)

 

$

273,086

 

245,020

 

11

%

               
                                   

Government guaranteed loans included in totals

                                 

  above:

                                 

  Nonaccrual loans

 

$

47,052

 

69,095

 

-32

%

               

  Accruing loans past due 90 days or more

   

231,930

 

217,822

 

6

%

               
                                   

Renegotiated loans

 

$

182,865

 

202,633

 

-10

%

               
                                   

Accruing loans acquired at a discount past due 90 days or more (5)

$

68,473

 

110,367

 

-38

%

               
                                   

Purchased impaired loans (6):

                                 

  Outstanding customer balance

 

$

1,218,711

 

369,080

 

230

%

               

  Carrying amount

   

783,036

 

197,737

 

296

%

               
                                   

Nonaccrual loans to total net loans

   

.91

%

1.20

%

                     
                                   

Allowance for credit losses to total loans

   

1.09

%

1.38

%

                     
                                   
                                   

(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 loans acquired at a discount. 

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

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

 

 

 

M&T BANK CORPORATION

                                   

Financial Highlights, Five Quarter Trend

                                   
       

Three months ended

 

Amounts in thousands,

     

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

 except per share

     

2015

 

2015

 

2015

 

2015

 

2014

 
                                     

Performance

                                   
                                     

Net income

   

$

270,965

   

280,401

   

286,688

   

241,613

   

277,549

   

Net income available to common shareholders

     

248,059

   

257,346

   

263,481

   

218,837

   

254,239

   
                                     

Per common share:

                                   

  Basic earnings

   

$

1.65

   

1.94

   

1.99

   

1.66

   

1.93

   

  Diluted earnings

     

1.65

   

1.93

   

1.98

   

1.65

   

1.92

   

  Cash dividends

   

$

.70

   

.70

   

.70

   

.70

   

.70

   
                                     

Common shares outstanding:

                                   

  Average - diluted (1)

     

150,718

   

133,376

   

133,116

   

132,769

   

132,278

   

  Period end (2)

     

159,600

   

133,311

   

133,099

   

132,946

   

132,354

   
                                     

Return on (annualized):

                                   

  Average total assets 

     

.93

%

 

1.13

%

 

1.18

%

 

1.02

%

 

1.12

%

 

  Average common shareholders' equity

     

7.22

%

 

8.93

%

 

9.37

%

 

7.99

%

 

9.10

%

 
                                     

Taxable-equivalent net interest income

   

$

813,401

   

699,075

   

689,148

   

665,426

   

687,847

   
                                     

Yield on average earning assets

     

3.48

%

 

3.48

%

 

3.52

%

 

3.54

%

 

3.44

%

 

Cost of interest-bearing liabilities

     

.54

%

 

.55

%

 

.55

%

 

.57

%

 

.52

%

 

Net interest spread

     

2.94

%

 

2.93

%

 

2.97

%

 

2.97

%

 

2.92

%

 

Contribution of interest-free funds

     

.18

%

 

.21

%

 

.20

%

 

.20

%

 

.18

%

 

Net interest margin 

     

3.12

%

 

3.14

%

 

3.17

%

 

3.17

%

 

3.10

%

 
                                     

Net charge-offs to average total 

                                   

  net loans (annualized)

     

.18

%

 

.24

%

 

.13

%

 

.22

%

 

.19

%

 
                                     

Net operating results (3)

                                   
                                     

Net operating income

   

$

337,613

   

282,907

   

290,341

   

245,776

   

281,929

   

Diluted net operating earnings per common share

     

2.09

   

1.95

   

2.01

   

1.68

   

1.95

   

Return on (annualized):

                                   

  Average tangible assets

     

1.21

%

 

1.18

%

 

1.24

%

 

1.08

%

 

1.18

%

 

  Average tangible common equity

     

13.26

%

 

12.98

%

 

13.76

%

 

11.90

%

 

13.55

%

 

Efficiency ratio

     

55.53

%

 

57.05

%

 

58.23

%

 

61.46

%

 

57.84

%

 
                                     
                                     
                                     
             
       

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 

Loan quality

     

2015

 

2015

 

2015

 

2015

 

2014

 
                                     

Nonaccrual loans

   

$

799,409

   

787,098

   

797,146

   

790,586

   

799,151

   

Real estate and other foreclosed assets

     

195,085

   

66,144

   

63,734

   

62,578

   

63,635

   

  Total nonperforming assets

   

$

994,494

   

853,242

   

860,880

   

853,164

   

862,786

   
                                     

Accruing loans past due 90 days or more (4)

   

$

273,086

   

231,465

   

238,568

   

236,621

   

245,020

   
                                     

Government guaranteed loans included in totals

                                   

  above:

                                   

  Nonaccrual loans

   

$

47,052

   

48,955

   

58,259

   

60,508

   

69,095

   

  Accruing loans past due 90 days or more

     

231,930

   

193,998

   

206,775

   

193,618

   

217,822

   
                                     

Renegotiated loans

   

$

182,865

   

189,639

   

197,145

   

198,911

   

202,633

   
                                     

Accruing loans acquired at a discount past due 90 days or more (5)

 

$

68,473

   

80,827

   

78,591

   

80,110

   

110,367

   
                                     

Purchased impaired loans (6):

                                   

  Outstanding customer balance

   

$

1,218,711

   

278,979

   

312,507

   

335,079

   

369,080

   

  Carrying amount

     

783,036

   

149,421

   

169,240

   

184,018

   

197,737

   
                                     

Nonaccrual loans to total net loans

     

.91

%

 

1.15

%

 

1.17

%

 

1.18

%

 

1.20

%

 
                                     

Allowance for credit losses to total loans

     

1.09

%

 

1.36

%

 

1.36

%

 

1.37

%

 

1.38

%

 
                                     
                                     

(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 loans acquired at a discount. 

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

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

 

 

 

M&T BANK CORPORATION

                             

Condensed Consolidated Statement of Income

                             
                               
   

Three months ended

         

Year ended

     
   

December 31

         

December 31

     

Dollars in thousands

 

2015

 

2014

 

Change

     

2015

 

2014

 

Change

 
                               

Interest income

$

902,377

 

756,612

 

19

%

 

$

3,170,844

 

2,956,877

 

7

%

Interest expense

 

95,333

 

74,772

 

27

     

328,257

 

280,431

 

17

 
                               

Net interest income

 

807,044

 

681,840

 

18

     

2,842,587

 

2,676,446

 

6

 
                               

Provision for credit losses

 

58,000

 

33,000

 

76

     

170,000

 

124,000

 

37

 
                               

Net interest income after

                             

   provision for credit losses

 

749,044

 

648,840

 

15

     

2,672,587

 

2,552,446

 

5

 
                               

Other income

                             

     Mortgage banking revenues

 

87,500

 

93,675

 

-7

     

375,738

 

362,912

 

4

 

     Service charges on deposit accounts

 

105,748

 

106,319

 

-1

     

420,608

 

427,956

 

-2

 

     Trust income

 

114,564

 

128,442

 

-11

     

470,640

 

508,258

 

-7

 

     Brokerage services income

 

15,546

 

15,809

 

-2

     

64,770

 

67,212

 

-4

 

     Trading account and foreign exchange gains

 

9,938

 

8,397

 

18

     

30,577

 

29,874

 

2

 

     Loss on bank investment securities

 

(22)

 

-

 

-

     

(130)

 

-

 

-

 

     Equity in earnings of Bayview Lending Group LLC

 

(3,224)

 

(4,049)

 

-

     

(14,267)

 

(16,672)

 

-

 

     Other revenues from operations

 

118,058

 

103,050

 

15

     

477,101

 

399,733

 

19

 

          Total other income

 

448,108

 

451,643

 

-1

     

1,825,037

 

1,779,273

 

3

 
                               

Other expense

                             

     Salaries and employee benefits

 

434,413

 

345,135

 

26

     

1,549,530

 

1,404,950

 

10

 

     Equipment and net occupancy

 

70,747

 

62,335

 

13

     

272,539

 

269,299

 

1

 

     Printing, postage and supplies

 

10,905

 

8,881

 

23

     

38,491

 

38,201

 

1

 

     Amortization of core deposit and other 

                             

        intangible assets

 

9,576

 

7,170

 

34

     

26,424

 

33,824

 

-22

 

     FDIC assessments

 

19,562

 

11,695

 

67

     

52,113

 

55,531

 

-6

 

     Other costs of operations

 

240,910

 

231,005

 

4

     

883,835

 

887,669

 

-

 

          Total other expense

 

786,113

 

666,221

 

18

     

2,822,932

 

2,689,474

 

5

 
                               

Income before income taxes

 

411,039

 

434,262

 

-5

     

1,674,692

 

1,642,245

 

2

 
                               

Applicable income taxes

 

140,074

 

156,713

 

-11

     

595,025

 

575,999

 

3

 
                               

Net income

$

270,965

 

277,549

 

-2

%

 

$

1,079,667

 

1,066,246

 

1

%

 

 

 

M&T BANK CORPORATION

                             

Condensed Consolidated Statement of Income, Five Quarter Trend

                         
                                 
     

Three months ended

 
     

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

Dollars in thousands

   

2015

 

2015

 

2015

 

2015

 

2014

                                 

Interest income

 

$

902,377

   

770,026

   

760,354

   

738,087

   

756,612

 

Interest expense

   

95,333

   

77,199

   

77,226

   

78,499

   

74,772

 
                                 

Net interest income

   

807,044

   

692,827

   

683,128

   

659,588

   

681,840

 
                                 

Provision for credit losses

   

58,000

   

44,000

   

30,000

   

38,000

   

33,000

 
                                 

Net interest income after

                               

   provision for credit losses

   

749,044

   

648,827

   

653,128

   

621,588

   

648,840

 
                                 

Other income

                               

     Mortgage banking revenues

   

87,500

   

84,035

   

102,602

   

101,601

   

93,675

 

     Service charges on deposit accounts

   

105,748

   

107,259

   

105,257

   

102,344

   

106,319

 

     Trust income

   

114,564

   

113,744

   

118,598

   

123,734

   

128,442

 

     Brokerage services income

   

15,546

   

16,902

   

16,861

   

15,461

   

15,809

 

     Trading account and foreign exchange gains

   

9,938

   

8,362

   

6,046

   

6,231

   

8,397

 

     Loss on bank investment securities

   

(22)

   

-

   

(10)

   

(98)

   

-

 

     Equity in earnings of Bayview Lending Group LLC

   

(3,224)

   

(3,721)

   

(3,131)

   

(4,191)

   

(4,049)

 

     Other revenues from operations

   

118,058

   

113,118

   

150,804

   

95,121

   

103,050

 

          Total other income

   

448,108

   

439,699

   

497,027

   

440,203

   

451,643

 
                                 

Other expense

                               

     Salaries and employee benefits

   

434,413

   

363,567

   

361,657

   

389,893

   

345,135

 

     Equipment and net occupancy

   

70,747

   

68,470

   

66,852

   

66,470

   

62,335

 

     Printing, postage and supplies

   

10,905

   

8,691

   

9,305

   

9,590

   

8,881

 

     Amortization of core deposit and other 

                               

        intangible assets

   

9,576

   

4,090

   

5,965

   

6,793

   

7,170

 

     FDIC assessments

   

19,562

   

11,090

   

10,801

   

10,660

   

11,695

 

     Other costs of operations

   

240,910

   

197,908

   

242,048

   

202,969

   

231,005

 

          Total other expense

   

786,113

   

653,816

   

696,628

   

686,375

   

666,221

 
                                 

Income before income taxes

   

411,039

   

434,710

   

453,527

   

375,416

   

434,262

 
                                 

Applicable income taxes

   

140,074

   

154,309

   

166,839

   

133,803

   

156,713

 
                                 

Net income

 

$

270,965

   

280,401

   

286,688

   

241,613

   

277,549

 

 

 

 

M&T BANK CORPORATION

               

Condensed Consolidated Balance Sheet

               
                 
     

December 31

     

Dollars in thousands

   

2015

 

2014

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks

 

$

1,368,040

 

1,289,965

 

6

%

                 

Interest-bearing deposits at banks

   

7,594,350

 

6,470,867

 

17

 
                 

Federal funds sold

   

-

 

83,392

 

-100

 
                 

Trading account assets

   

273,783

 

308,175

 

-11

 
                 

Investment securities

   

15,656,439

 

12,993,542

 

20

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc.

   

20,422,338

 

19,461,292

 

5

 

   Real estate - commercial

   

29,197,311

 

27,567,569

 

6

 

   Real estate - consumer

   

26,270,103

 

8,657,301

 

203

 

   Consumer

   

11,599,747

 

10,982,794

 

6

 

     Total loans and leases, net of unearned discount

   

87,489,499

 

66,668,956

 

31

 

        Less: allowance for credit losses

   

955,992

 

919,562

 

4

 
                 

  Net loans and leases

   

86,533,507

 

65,749,394

 

32

 
                 

Goodwill

   

4,593,112

 

3,524,625

 

30

 
                 

Core deposit and other intangible assets

   

140,268

 

35,027

 

300

 
                 

Other assets

   

6,628,385

 

6,230,548

 

6

 
                 

  Total assets

 

$

122,787,884

 

96,685,535

 

27

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits

 

$

29,110,635

 

26,947,880

 

8

%

                 

Interest-bearing deposits

   

62,677,036

 

46,457,591

 

35

 
                 

Deposits at Cayman Islands office

   

170,170

 

176,582

 

-4

 
                 

  Total deposits

   

91,957,841

 

73,582,053

 

25

 
                 

Short-term borrowings

   

2,132,182

 

192,676

 

1007

 
                 

Accrued interest and other liabilities

   

1,870,714

 

1,567,951

 

19

 
                 

Long-term borrowings

   

10,653,858

 

9,006,959

 

18

 
                 

  Total liabilities

   

106,614,595

 

84,349,639

 

26

 
                 

Shareholders' equity:

               
                 

   Preferred

   

1,231,500

 

1,231,500

 

-

 

   Common (1)

   

14,941,789

 

11,104,396

 

35

 
                 

     Total shareholders' equity

   

16,173,289

 

12,335,896

 

31

 
                 

  Total liabilities and shareholders' equity

 

$

122,787,884

 

96,685,535

 

27

%

                 
                 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $251.6 million

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

 

 

 

M&T BANK CORPORATION

                             

Condensed Consolidated Balance Sheet, Five Quarter Trend

                         
       
     

December 31,

 

September 30,

   

June 30,

   

March 31,

   

December 31,

Dollars in thousands

   

2015

 

2015

   

2015

   

2015

   

2014

                               

ASSETS

                             
                               

Cash and due from banks

 

$

1,368,040

   

1,249,704

   

1,347,858

   

1,269,816

   

1,289,965

                               

Interest-bearing deposits at banks

   

7,594,350

   

4,713,266

   

4,045,852

   

6,291,491

   

6,470,867

                               

Federal funds sold

   

-

   

-

   

3,000

   

97,037

   

83,392

                               

Trading account assets

   

273,783

   

340,710

   

277,009

   

363,085

   

308,175

                               

Investment securities

   

15,656,439

   

14,494,539

   

14,751,637

   

14,393,270

   

12,993,542

                               

Loans and leases:

                             
                               

   Commercial, financial, etc.

   

20,422,338

   

20,233,177

   

20,111,028

   

19,775,494

   

19,461,292

   Real estate - commercial

   

29,197,311

   

28,720,537

   

28,442,488

   

27,845,710

   

27,567,569

   Real estate - consumer

   

26,270,103

   

8,211,062

   

8,444,542

   

8,504,119

   

8,657,301

   Consumer

   

11,599,747

   

11,375,472

   

11,133,194

   

10,973,719

   

10,982,794

     Total loans and leases, net of unearned discount

   

87,489,499

   

68,540,248

   

68,131,252

   

67,099,042

   

66,668,956

        Less: allowance for credit losses

   

955,992

   

933,798

   

929,987

   

921,373

   

919,562

                               

  Net loans and leases

   

86,533,507

   

67,606,450

   

67,201,265

   

66,177,669

   

65,749,394

                               

Goodwill

   

4,593,112

   

3,513,325

   

3,513,325

   

3,524,625

   

3,524,625

                               

Core deposit and other intangible assets

   

140,268

   

18,179

   

22,269

   

28,234

   

35,027

                               

Other assets

   

6,628,385

   

5,860,889

   

5,917,861

   

6,232,556

   

6,230,548

                               

  Total assets

 

$

122,787,884

   

97,797,062

   

97,080,076

   

98,377,783

   

96,685,535

                               
                               

LIABILITIES AND SHAREHOLDERS' EQUITY

                             
                               

Noninterest-bearing deposits

 

$

29,110,635

   

28,189,330

   

27,674,588

   

27,181,120

   

26,947,880

                               

Interest-bearing deposits

   

62,677,036

   

44,549,028

   

44,787,590

   

46,234,455

   

46,457,591

                               

Deposits at Cayman Islands office

   

170,170

   

206,185

   

167,441

   

178,545

   

176,582

                               

  Total deposits

   

91,957,841

   

72,944,543

   

72,629,619

   

73,594,120

   

73,582,053

                               

Short-term borrowings

   

2,132,182

   

173,783

   

153,299

   

193,495

   

192,676

                               

Accrued interest and other liabilities

   

1,870,714

   

1,582,513

   

1,453,249

   

1,552,724

   

1,567,951

                               

Long-term borrowings

   

10,653,858

   

10,174,289

   

10,175,912

   

10,509,143

   

9,006,959

                               

  Total liabilities

   

106,614,595

   

84,875,128

   

84,412,079

   

85,849,482

   

84,349,639

                               

Shareholders' equity:

                             
                               

   Preferred

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

   Common (1)

   

14,941,789

   

11,690,434

   

11,436,497

   

11,296,801

   

11,104,396

                               

     Total shareholders' equity

   

16,173,289

   

12,921,934

   

12,667,997

   

12,528,301

   

12,335,896

                               

  Total liabilities and shareholders' equity

 

$

122,787,884

   

97,797,062

   

97,080,076

   

98,377,783

   

96,685,535

                               
                               

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $251.6 million at December 31, 2015, $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.

 

 

 

M&T BANK CORPORATION

                                                             

Condensed Consolidated Average Balance Sheet

                                                         

 and Annualized Taxable-equivalent Rates

                                                             
                                                               
     

Three months ended

 

Change in balance

   

 

 

Year ended

     
     

December 31,

 

December 31,

 

September 30,

 

December 31, 2015 from

   

 

December 31,

     

Dollars in millions

   

2015

 

2014

 

2015

 

December 31,

 

September 30,

   

2015

 

2014

 

Change in

 
     

Balance

 

Rate

 

Balance

 

Rate

 

Balance

 

Rate

 

2014

 

2015

   

Balance

 

Rate

 

Balance 

 

Rate

 

balance

 

ASSETS

                                                             
                                                               

Interest-bearing deposits at banks

 

$

6,622

 

.30

%

9,054

 

.25

%

6,060

 

.25

%

-27

%

 

9

%

 

$

5,775

 

.26

%

5,342

 

.25

%

8

%

                                                               

Federal funds sold and agreements

                                                             

  to resell securities

   

1

 

.54

 

86

 

.08

 

-

 

-

 

-99

   

-

     

34

 

.10

 

89

 

.07

 

-62

 
                                                               

Trading account assets

   

68

 

1.88

 

80

 

1.76

 

96

 

.52

 

-16

   

-29

     

86

 

1.44

 

76

 

1.81

 

13

 
                                                               

Investment securities

   

15,786

 

2.55

 

12,978

 

2.82

 

14,441

 

2.60

 

22

   

9

     

14,456

 

2.62

 

11,509

 

3.03

 

26

 
                                                               

Loans and leases, net of unearned discount

                                                             

  Commercial, financial, etc.

   

20,221

 

3.23

 

19,117

 

3.25

 

19,939

 

3.22

 

6

   

1

     

19,899

 

3.21

 

18,867

 

3.31

 

5

 

  Real estate - commercial

   

28,973

 

4.11

 

27,064

 

4.24

 

28,309

 

4.18

 

7

   

2

     

28,276

 

4.16

 

26,461

 

4.26

 

7

 

  Real estate - consumer

   

20,369

 

4.01

 

8,654

 

4.19

 

8,348

 

4.17

 

135

   

144

     

11,458

 

4.09

 

8,719

 

4.23

 

31

 

  Consumer

   

11,547

 

4.44

 

10,932

 

4.49

 

11,253

 

4.46

 

6

   

3

     

11,203

 

4.46

 

10,618

 

4.53

 

6

 

     Total loans and leases, net

   

81,110

 

3.92

 

65,767

 

4.01

 

67,849

 

3.96

 

23

   

20

     

70,836

 

3.95

 

64,665

 

4.05

 

10

 
                                                               

  Total earning assets

   

103,587

 

3.48

 

87,965

 

3.44

 

88,446

 

3.48

 

18

   

17

     

91,187

 

3.50

 

81,681

 

3.65

 

12

 
                                                               

Goodwill

   

4,218

     

3,525

     

3,513

     

20

   

20

     

3,694

     

3,525

     

5

 
                                                               

Core deposit and other intangible assets

   

101

     

38

     

20

     

164

   

403

     

45

     

50

     

-11

 
                                                               

Other assets

   

7,146

     

7,116

     

6,536

     

-

   

9

     

6,854

     

6,887

     

-

 
                                                               

  Total assets

 

$

115,052

     

98,644

     

98,515

     

17

%

 

17

%

 

$

101,780

     

92,143

     

10

%

                                                               
                                                               
                                                               

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                             
                                                               

Interest-bearing deposits

                                                             

  Interest-checking

 

$

1,331

 

.11

 

1,083

 

.14

 

1,309

 

.11

 

23

%

 

2

%

 

$

1,275

 

.11

 

1,034

 

.14

 

23

%

  Savings deposits

   

45,974

 

.11

 

42,949

 

.10

 

41,197

 

.11

 

7

   

12

     

42,610

 

.10

 

40,474

 

.11

 

5

 

  Time deposits

   

9,686

 

.65

 

3,128

 

.50

 

2,858

 

.51

 

210

   

239

     

4,641

 

.58

 

3,290

 

.47

 

41

 

  Deposits at Cayman Islands office

   

224

 

.30

 

265

 

.22

 

206

 

.29

 

-16

   

9

     

216

 

.28

 

327

 

.21

 

-34

 

     Total interest-bearing deposits

   

57,215

 

.21

 

47,425

 

.13

 

45,570

 

.13

 

21

   

26

     

48,742

 

.15

 

45,125

 

.14

 

8

 
                                                               

Short-term borrowings

   

1,615

 

.39

 

195

 

.05

 

174

 

.07

 

729

   

828

     

548

 

.31

 

215

 

.05

 

155

 

Long-term borrowings

   

10,748

 

2.36

 

8,954

 

2.62

 

10,114

 

2.44

 

20

   

6

     

10,217

 

2.47

 

7,492

 

2.90

 

36

 
                                                               

Total interest-bearing liabilities

   

69,578

 

.54

 

56,574

 

.52

 

55,858

 

.55

 

23

   

25

     

59,507

 

.55

 

52,832

 

.53

 

13

 
                                                               

Noninterest-bearing deposits

   

28,443

     

28,090

     

28,251

     

1

   

1

     

27,324

     

25,715

     

6

 
                                                               

Other liabilities

   

2,024

     

1,538

     

1,619

     

32

   

25

     

1,721

     

1,499

     

15

 
                                                               

  Total liabilities

   

100,045

     

86,202

     

85,728

     

16

   

17

     

88,552

     

80,046

     

11

 
                                                               

Shareholders' equity

   

15,007

     

12,442

     

12,787

     

21

   

17

     

13,228

     

12,097

     

9

 
                                                               

  Total liabilities and shareholders' equity

 

$

115,052

     

98,644

     

98,515

     

17

%

 

17

%

 

$

101,780

     

92,143

     

10

%

                                                               
                                                               

Net interest spread

       

2.94

     

2.92

     

2.93

                   

2.95

     

3.12

     

Contribution of interest-free funds

       

.18

     

.18

     

.21

                   

.19

     

.19

     

Net interest margin 

       

3.12

%

   

3.10

%

   

3.14

%

                 

3.14

%

   

3.31

%

 

 

 

 

 

M&T BANK CORPORATION

                       
 

Reconciliation of GAAP to Non-GAAP Measures

                   
                           
                           
         

Three months ended

   

Year ended

 
         

December 31

   

December 31

 
         

2015

 

2014

   

2015

 

2014

 
 

Income statement data

                       
 

In thousands, except per share

                       
 

Net income

                       
 

Net income

   

$

270,965

 

277,549

 

$

1,079,667

 

1,066,246

 
 

Amortization of core deposit and other

                       
 

  intangible assets (1)

     

5,828

 

4,380

   

16,150

 

20,657

 
 

Merger-related expenses (1)

     

60,820

 

-

   

60,820

 

-

 
 

  Net operating income

   

$

337,613

 

281,929

 

$

1,156,637

 

1,086,903

 
 

Earnings per common share

                       
 

Diluted earnings per common share

   

$

1.65

 

1.92

 

$

7.18

 

7.42

 
 

Amortization of core deposit and other

                       
 

  intangible assets (1)

     

.04

 

.03

   

.12

 

.15

 
 

Merger-related expenses (1)

     

.40

 

-

   

.44

 

-

 
 

  Diluted net operating earnings per common share

$

2.09

 

1.95

 

$

7.74

 

7.57

 
 

Other expense

                       
 

Other expense

   

$

786,113

 

666,221

 

$

2,822,932

 

2,689,474

 
 

Amortization of core deposit and other

                       
 

  intangible assets

     

(9,576)

 

(7,170)

   

(26,424)

 

(33,824)

 
 

Merger-related expenses

     

(75,976)

 

-

   

(75,976)

 

-

 
 

  Noninterest operating expense

   

$

700,561

 

659,051

 

$

2,720,532

 

2,655,650

 
 

Merger-related expenses

                       
 

Salaries and employee benefits

   

$

51,287

 

-

 

$

51,287

 

-

 
 

Equipment and net occupancy

     

3

 

-

   

3

 

-

 
 

Printing, postage and supplies

     

504

 

-

   

504

 

-

 
 

Other costs of operations

     

24,182

 

-

   

24,182

 

-

 
 

  Other expense

     

75,976

 

-

   

75,976

 

-

 
 

Provision for credit losses

     

21,000

 

-

   

21,000

 

-

 
 

  Total

   

$

96,976

 

-

 

$

96,976

 

-

 
 

Efficiency ratio

                       
 

Noninterest operating expense (numerator)

 

$

700,561

 

659,051

 

$

2,720,532

 

2,655,650

 
 

Taxable-equivalent net interest income

     

813,401

 

687,847

   

2,867,050

 

2,700,088

 
 

Other income

     

448,108

 

451,643

   

1,825,037

 

1,779,273

 
 

Less:  Loss on bank investment securities

   

(22)

 

-

   

(130)

 

-

 
 

Denominator

   

$

1,261,531

 

1,139,490

 

$

4,692,217

 

4,479,361

 
 

Efficiency ratio

     

55.53

%

57.84

%

 

57.98

%

59.29

%

                           
                           
 

Balance sheet data

                       
 

In millions

                       
 

Average assets

                       
 

Average assets

   

$

115,052

 

98,644

 

$

101,780

 

92,143

 
 

Goodwill

     

(4,218)

 

(3,525)

   

(3,694)

 

(3,525)

 
 

Core deposit and other intangible assets

     

(101)

 

(38)

   

(45)

 

(50)

 
 

Deferred taxes

     

39

 

12

   

16

 

15

 
 

  Average tangible assets

   

$

110,772

 

95,093

 

$

98,057

 

88,583

 
 

Average common equity

                       
 

Average total equity

   

$

15,007

 

12,442

 

$

13,228

 

12,097

 
 

Preferred stock

     

(1,232)

 

(1,231)

   

(1,232)

 

(1,192)

 
 

  Average common equity

     

13,775

 

11,211

   

11,996

 

10,905

 
 

Goodwill

     

(4,218)

 

(3,525)

   

(3,694)

 

(3,525)

 
 

Core deposit and other intangible assets

     

(101)

 

(38)

   

(45)

 

(50)

 
 

Deferred taxes

     

39

 

12

   

16

 

15

 
 

  Average tangible common equity

   

$

9,495

 

7,660

 

$

8,273

 

7,345

 
                           
 

At end of quarter

                       
 

Total assets

                       
 

Total assets

   

$

122,788

 

96,686

           
 

Goodwill

     

(4,593)

 

(3,525)

           
 

Core deposit and other intangible assets

     

(140)

 

(35)

           
 

Deferred taxes

     

54

 

11

           
 

  Total tangible assets

   

$

118,109

 

93,137

           
 

Total common equity

                       
 

Total equity

   

$

16,173

 

12,336

           
 

Preferred stock

     

(1,232)

 

(1,231)

           
 

Undeclared dividends - cumulative preferred stock

 

(2)

 

(3)

           
 

  Common equity, net of undeclared cumulative

                   
 

    preferred dividends

     

14,939

 

11,102

           
 

Goodwill

     

(4,593)

 

(3,525)

           
 

Core deposit and other intangible assets

     

(140)

 

(35)

           
 

Deferred taxes

     

54

 

11

           
 

  Total tangible common equity

   

$

10,260

 

7,553

           
                           
                           
 

(1) After any related tax effect.

                       

 

 

 

M&T BANK CORPORATION

                         

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

             
                           
                           
                           
       

Three months ended

 
       

December 31,

 

September 30,

 

June 30,

 

March 31,

 

December 31,

 
       

2015

 

2015

 

2015

 

2015

 

2014

 

Income statement data

                         

In thousands, except per share

                         

Net income

                         

Net income

   

$

270,965

 

280,401

 

286,688

 

241,613

 

277,549

 

Amortization of core deposit and other

                         

  intangible assets (1)

     

5,828

 

2,506

 

3,653

 

4,163

 

4,380

 

Merger-related expenses (1)

     

60,820

 

-

 

-

 

-

 

-

 

  Net operating income

   

$

337,613

 

282,907

 

290,341

 

245,776

 

281,929

 

Earnings per common share

                         

Diluted earnings per common share

   

$

1.65

 

1.93

 

1.98

 

1.65

 

1.92

 

Amortization of core deposit and other

                         

  intangible assets (1)

     

.04

 

.02

 

.03

 

.03

 

.03

 

Merger-related expenses (1)

     

.40

 

-

 

-

 

-

 

-

 

  Diluted net operating earnings per common share

$

2.09

 

1.95

 

2.01

 

1.68

 

1.95

 

Other expense

                         

Other expense

   

$

786,113

 

653,816

 

696,628

 

686,375

 

666,221

 

Amortization of core deposit and other

                         

  intangible assets

     

(9,576)

 

(4,090)

 

(5,965)

 

(6,793)

 

(7,170)

 

Merger-related expenses

     

(75,976)

 

-

 

-

 

-

 

-

 

  Noninterest operating expense

   

$

700,561

 

649,726

 

690,663

 

679,582

 

659,051

 

Merger-related expenses

                         

Salaries and employee benefits

   

$

51,287

 

-

 

-

 

-

 

-

 

Equipment and net occupancy

     

3

 

-

 

-

 

-

 

-

 

Printing, postage and supplies

     

504

 

-

 

-

 

-

 

-

 

Other costs of operations

     

24,182

 

-

 

-

 

-

 

-

 

  Other expense

     

75,976

 

-

 

-

 

-

 

-

 

Provision for credit losses

     

21,000

 

-

 

-

 

-

 

-

 

  Total

   

$

96,976

 

-

 

-

 

-

 

-

 

Efficiency ratio

                         

Noninterest operating expense (numerator)

 

$

700,561

 

649,726

 

690,663

 

679,582

 

659,051

 

Taxable-equivalent net interest income

     

813,401

 

699,075

 

689,148

 

665,426

 

687,847

 

Other income

     

448,108

 

439,699

 

497,027

 

440,203

 

451,643

 

Less:  Loss on bank investment securities

   

(22)

 

-

 

(10)

 

(98)

 

-

 

Denominator

   

$

1,261,531

 

1,138,774

 

1,186,185

 

1,105,727

 

1,139,490

 

Efficiency ratio

     

55.53

%

57.05

%

58.23

%

61.46

%

57.84

%

                           
                           

Balance sheet data

                         

In millions

                         

Average assets

                         

Average assets

   

$

115,052

 

98,515

 

97,598

 

95,892

 

98,644

 

Goodwill

     

(4,218)

 

(3,513)

 

(3,514)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

     

(101)

 

(20)

 

(25)

 

(31)

 

(38)

 

Deferred taxes

     

39

 

7

 

8

 

10

 

12

 

  Average tangible assets

   

$

110,772

 

94,989

 

94,067

 

92,346

 

95,093

 

Average common equity

                         

Average total equity

   

$

15,007

 

12,787

 

12,636

 

12,459

 

12,442

 

Preferred stock

     

(1,232)

 

(1,232)

 

(1,232)

 

(1,232)

 

(1,231)

 

  Average common equity

     

13,775

 

11,555

 

11,404

 

11,227

 

11,211

 

Goodwill

     

(4,218)

 

(3,513)

 

(3,514)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

     

(101)

 

(20)

 

(25)

 

(31)

 

(38)

 

Deferred taxes

     

39

 

7

 

8

 

10

 

12

 

  Average tangible common equity

   

$

9,495

 

8,029

 

7,873

 

7,681

 

7,660

 
                           

At end of quarter

                         

Total assets

                         

Total assets

   

$

122,788

 

97,797

 

97,080

 

98,378

 

96,686

 

Goodwill

     

(4,593)

 

(3,513)

 

(3,513)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

     

(140)

 

(18)

 

(22)

 

(28)

 

(35)

 

Deferred taxes

     

54

 

6

 

7

 

9

 

11

 

  Total tangible assets

   

$

118,109

 

94,272

 

93,552

 

94,834

 

93,137

 

Total common equity

                         

Total equity

   

$

16,173

 

12,922

 

12,668

 

12,528

 

12,336

 

Preferred stock

     

(1,232)

 

(1,232)

 

(1,232)

 

(1,232)

 

(1,231)

 

Undeclared dividends - cumulative preferred stock

 

(2)

 

(3)

 

(3)

 

(2)

 

(3)

 

  Common equity, net of undeclared cumulative

                     

    preferred dividends

     

14,939

 

11,687

 

11,433

 

11,294

 

11,102

 

Goodwill

     

(4,593)

 

(3,513)

 

(3,513)

 

(3,525)

 

(3,525)

 

Core deposit and other intangible assets

     

(140)

 

(18)

 

(22)

 

(28)

 

(35)

 

Deferred taxes

     

54

 

6

 

7

 

9

 

11

 

  Total tangible common equity

   

$

10,260

 

8,162

 

7,905

 

7,750

 

7,553

 
                           
                           

(1) After any related tax effect.