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

BUFFALO, N.Y., July 20, 2016 -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended June 30, 2016.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the second quarter of 2016 were $1.98, equal to the year-earlier period and up from $1.73 recorded in the first quarter of 2016.  GAAP-basis net income in the recently completed quarter totaled $336 million, up 17% from $287 million in the second quarter of 2015 and 13% from $299 million in the initial 2016 quarter.  GAAP-basis net income for the second quarter of 2016 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.09% and 8.38%, respectively, compared with 1.18% and 9.37%, respectively, in the year-earlier quarter and .97% and 7.44%, respectively, in the first quarter of 2016.

Commenting on the recent quarter's performance, Darren J. King, Executive Vice President and Chief Financial Officer, noted, "M&T's second quarter performance reflects impressive loan growth in our commercial portfolios, continued strong credit quality and further improved operating efficiency, contributing to an 11% rise in diluted net operating earnings per share.  Average balances of loans to commercial customers grew an annualized 11% from the first quarter, while levels of net charge-offs and nonperforming loans improved.  During the quarter we received a non-objection from the Federal Reserve to our 2016 capital plan and proposed capital actions that include a common stock repurchase program and an increase in the common stock dividend." 

For the six-month period ended June 30, 2016, diluted earnings per common share were $3.71, improved 2% from $3.63 in the year-earlier period.  GAAP-basis net income for the first half of 2016 totaled $635 million, 20% higher than $528 million in the corresponding 2015 period.  Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in the six-month period ended June 30, 2016 was 1.03% and 7.91%, respectively, compared with 1.10% and 8.69%, respectively, in the similar 2015 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 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" expense are presented in the tables that accompany this release.  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 $2.07 in the recent quarter, up from $2.01 and $1.87 in the year-earlier quarter and the first quarter of 2016, respectively. Net operating income rose to $351 million in the second quarter of 2016, 21% above $290 million in the second quarter of 2015 and 10% higher than $320 million in the initial 2016 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 12.68%, respectively, in the second quarter of 2016, 1.24% and 13.76%, respectively, in the second quarter of 2015 and 1.09% and 11.62%, respectively, in the first quarter of 2016.

Diluted net operating earnings per common share in the first six months of 2016 were $3.94, up 7% from $3.69 in the first half of 2015.  Net operating income during the six-month period ended June 30, 2016 was $671 million, 25% higher than $536 million in the corresponding 2015 period.  Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.14% and 12.15%, respectively, in the first half of 2016, compared with 1.16% and 12.85%, respectively, in the first six months of 2015.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis totaled $870 million in the recent quarter, up 26% from $689 million in the second quarter of 2015.  That improvement resulted predominantly from a 28% rise in average earning assets, which grew to $111.9 billion in the second quarter of 2016 from $87.3 billion in the year-earlier quarter.  The growth in average earning assets reflects the November 2015 acquisition of Hudson City Bancorp, Inc. ("Hudson City") that added approximately $17.2 billion in average loans in the recent quarter.  The net interest margin in the second quarter of 2016 was 3.13%, compared with 3.17% in the year-earlier quarter.  Taxable-equivalent net interest income and the net interest margin in the initial 2016 quarter were $878 million and 3.18%, respectively.   

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $32 million in the second quarter of 2016, compared with $30 million in the year-earlier quarter and $49 million in the initial 2016 quarter.  Net charge-offs of loans were $24 million during the recent quarter, compared with $21 million in the second quarter of 2015 and $42 million in the first quarter of 2016.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .11% and .13% in the second quarters of 2016 and 2015, respectively, and .19% in the first quarter of 2016.

Loans classified as nonaccrual totaled $849 million, or .96% of total loans outstanding at June 30, 2016, compared with $797 million or 1.17% a year earlier and $877 million or 1.00% at March 31, 2016.  The higher level of nonaccrual loans at the two most recent quarter-ends as compared with June 30, 2015 reflects the normal migration of previously performing loans obtained in the acquisition of Hudson City that became over 90 days past due during the first half of 2016 and, as such, were not identifiable as purchased impaired as of the acquisition date.  Assets taken in foreclosure of defaulted loans were $172 million at June 30, 2016, compared with $64 million at June 30, 2015 and $188 million at March 31, 2016.  The higher level of such assets at the two most recent quarter-ends resulted from residential real estate properties associated with 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 $970 million at June 30, 2016 and $963 million at March 31, 2016, representing 1.10% of loans outstanding at each of those dates.  The allowance was $930 million or 1.36% of loans at June 30, 2015.  The decline in those ratios at the two most recent quarter-ends as compared with June 30, 2015 reflects the impact of residential mortgage loans obtained in the Hudson City acquisition.   

Noninterest Income and Expense.  Noninterest income totaled $448 million in the second quarter of 2016, compared with $497 million in the year-earlier quarter and $421 million in the first quarter of 2016.  Reflected in noninterest income in the second quarter of 2015 was a $45 million pre-tax gain realized from the April 2015 sale of the trade processing business within the retirement services division.  After considering the impact of that gain, total noninterest income in the recent quarter was little changed from the second quarter of 2015.  As compared with the first quarter of 2016, the recent quarter's 6% rise in noninterest income was largely due to higher trust income and mortgage banking revenues.

Noninterest expense in the second quarter of 2016 totaled $750 million, compared with $697 million in the year-earlier quarter and $776 million in the first quarter of 2016.  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 $726 million in the recent quarter, compared with $691 million in the second quarter of 2015 and $741 million in 2016's initial quarter.  The most significant factor for the higher level of operating expenses in the recent quarter as compared with the second quarter of 2015 was the impact of operations obtained in the Hudson City acquisition, which was partially offset by a $40 million cash contribution made to The M&T Charitable Foundation in the second 2015 quarter.  As compared with the first quarter of 2016, the recent quarter's lower level of operating expenses was due, in large part, to a decline in salaries and employee benefits, including stock-based compensation, which were seasonally higher in the initial 2016 period. 

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 improved to 55.1% in the recent quarter from 58.2% in the second quarter of 2015 and 57.0% in the first quarter of 2016. 

Balance Sheet.  M&T had total assets of $123.8 billion at June 30, 2016 and $124.6 billion at March 31, 2016, up from $97.1 billion at June 30, 2015. Loans and leases, net of unearned discount, totaled $88.5 billion at the recent quarter-end, up $20.4 billion or 30% from $68.1 billion at June 30, 2015 and up an annualized 3% from $87.9 billion at March 31, 2016.  During 2016's second quarter, loans to commercial customers grew $1.2 billion, while residential real estate loans, largely comprised of mortgage loans obtained in the Hudson City acquisition, declined $769 million.  As loans grew in the recent quarter, investment securities declined to $15.0 billion at June 30, 2016 from $15.5 billion at March 31, 2016.  Investment securities totaled $14.8 billion at June 30, 2015.  Total deposits rose to $94.7 billion at June 30, 2016 from $72.6 billion a year earlier and $94.2 billion at March 31, 2016.

Reflecting $3.1 billion of common equity issued in the acquisition of Hudson City, total shareholders' equity rose $3.8 billion or 30% to $16.5 billion at June 30, 2016 from $12.7 billion a year earlier, representing 13.30% and 13.05%, respectively, of total assets.  Common shareholders' equity was $15.2 billion, or $96.49 per share, at June 30, 2016, up from $11.4 billion, or $85.90 per share, at June 30, 2015 and $15.1 billion, or $95.00 per share, at March 31, 2016.  Tangible equity per common share rose 13% to $66.95 at the recent quarter-end from $59.39 a year earlier and was up 2% from $65.65 at March 31, 2016.  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 regulatory capital rules was approximately 11.01% as of June 30, 2016. 

In accordance with its 2015 capital plan, M&T repurchased 1,319,487 shares of common stock during the recent quarter at an average cost per share of $116.71, for a total cost of $154 million.  In the aggregate, during the first six months of 2016, M&T repurchased 2,268,032 shares of common stock under that plan at an average cost per share of $111.99, for a total cost of $254 million.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 11:00 a.m. Eastern Time.  Those wishing to participate in the call may dial (877)780-2276.  International participants, using any applicable international calling codes, may dial (973)582-2700.  Callers should reference M&T Bank Corporation or the conference ID# 38736794. 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 Saturday, July 23, 2016 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID# 38736794.  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

           

Six months ended

     

Amounts in thousands,

   

June 30

           

June 30

     

 except per share

   

2016

 

2015

 

Change

       

2016

 

2015

 

Change

 
                                   

Performance

                                 
                                   

Net income

 

$

336,031

 

286,688

 

17

%

 

$

634,559

 

528,301

 

20

%

Net income available to common shareholders

   

312,974

 

263,481

 

19

%

   

588,707

 

482,313

 

22

%

                                   

Per common share:

                                 

  Basic earnings

 

$

1.98

 

1.99

 

-1

%

 

$

3.72

 

3.65

 

2

%

  Diluted earnings

   

1.98

 

1.98

 

-

       

3.71

 

3.63

 

2

%

  Cash dividends

 

$

.70

 

.70

 

-

     

$

1.40

 

1.40

 

-

 
                                   

Common shares outstanding:

                                 

  Average - diluted (1)

   

158,341

 

133,116

 

19

%

   

158,761

 

132,944

 

19

%

  Period end (2)

   

157,917

 

133,099

 

19

%

   

157,917

 

133,099

 

19

%

                                   

Return on (annualized):

                                 

  Average total assets

   

1.09

%

1.18

%

         

1.03

%

1.10

%

   

  Average common shareholders' equity

   

8.38

%

9.37

%

         

7.91

%

8.69

%

   
                                   

Taxable-equivalent net interest income

 

$

870,341

 

689,148

 

26

%

 

$

1,748,637

 

1,354,574

 

29

%

                                   

Yield on average earning assets

   

3.51

%

3.52

%

         

3.53

%

3.53

%

   

Cost of interest-bearing liabilities

   

.56

%

.55

%

         

.55

%

.56

%

   

Net interest spread

   

2.95

%

2.97

%

         

2.98

%

2.97

%

   

Contribution of interest-free funds

   

.18

%

.20

%

         

.17

%

.20

%

   

Net interest margin

   

3.13

%

3.17

%

         

3.15

%

3.17

%

   
                                   

Net charge-offs to average total 

                                 

  net loans (annualized)

   

.11

%

.13

%

         

.15

%

.17

%

   
                                   

Net operating results (3)

                                 
                                   

Net operating income

 

$

350,604

 

290,341

 

21

%

 

$

670,668

 

536,117

 

25

%

Diluted net operating earnings per common share

   

2.07

 

2.01

 

3

%

   

3.94

 

3.69

 

7

%

Return on (annualized):

                                 

  Average tangible assets

   

1.18

%

1.24

%

         

1.14

%

1.16

%

   

  Average tangible common equity

   

12.68

%

13.76

%

         

12.15

%

12.85

%

   

Efficiency ratio

   

55.06

%

58.23

%

         

56.03

%

59.79

%

   
                                   
                                   
                                   
     

At  June 30

                       

Loan quality

   

2016

 

2015

 

Change

                   
                                   

Nonaccrual loans

 

$

848,855

 

797,146

 

6

%

               

Real estate and other foreclosed assets

   

172,473

 

63,734

 

171

%

               

  Total nonperforming assets

 

$

1,021,328

 

860,880

 

19

%

               
                                   

Accruing loans past due 90 days or more (4)

 

$

298,449

 

238,568

 

25

%

               
                                   

Government guaranteed loans included in totals above:

                                 

  Nonaccrual loans

 

$

52,486

 

58,259

 

-10

%

               

  Accruing loans past due 90 days or more

   

269,962

 

206,775

 

31

%

               
                                   

Renegotiated loans

 

$

211,159

 

197,145

 

7

%

               
                                   

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

 

 

$

 

68,591

 

 

78,591

 

 

-13

 

%

               
                                 

Purchased impaired loans (6):

                                 

  Outstanding customer balance

 

$

1,040,678

 

312,507

 

233

%

               

  Carrying amount

   

662,059

 

169,240

 

291

%

               
                                   

Nonaccrual loans to total net loans

   

.96

%

1.17

%

                     
                                   

Allowance for credit losses to total loans

   

1.10

%

1.36

%

                     

 

(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,

     

June 30,

 

March 31,

   

December 31,

   

September 30,

 

June 30,

 except per share

     

2016

 

2016

   

2015

   

2015

 

2015

                                   

Performance

                                 
                                   

Net income

   

$

336,031

   

298,528

   

270,965

   

280,401

   

286,688

 

Net income available to common shareholders

     

312,974

   

275,748

   

248,059

   

257,346

   

263,481

 
                                   

Per common share:

                                 

  Basic earnings

   

$

1.98

   

1.74

   

1.65

   

1.94

   

1.99

 

  Diluted earnings

     

1.98

   

1.73

   

1.65

   

1.93

   

1.98

 

  Cash dividends

   

$

.70

   

.70

   

.70

   

.70

   

.70

 
                                   

Common shares outstanding:

                                 

  Average - diluted (1)

     

158,341

   

159,181

   

150,718

   

133,376

   

133,116

 

  Period end (2)

     

157,917

   

159,156

   

159,600

   

133,311

   

133,099

 
                                   

Return on (annualized):

                                 

  Average total assets

     

1.09

%

 

.97

%

 

.93

%

 

1.13

%

 

1.18

%

  Average common shareholders' equity

     

8.38

%

 

7.44

%

 

7.22

%

 

8.93

%

 

9.37

%

                                   

Taxable-equivalent net interest income

   

$

870,341

   

878,296

   

813,401

   

699,075

   

689,148

 
                                   

Yield on average earning assets

     

3.51

%

 

3.54

%

 

3.48

%

 

3.48

%

 

3.52

%

Cost of interest-bearing liabilities

     

.56

%

 

.53

%

 

.54

%

 

.55

%

 

.55

%

Net interest spread

     

2.95

%

 

3.01

%

 

2.94

%

 

2.93

%

 

2.97

%

Contribution of interest-free funds

     

.18

%

 

.17

%

 

.18

%

 

.21

%

 

.20

%

Net interest margin

     

3.13

%

 

3.18

%

 

3.12

%

 

3.14

%

 

3.17

%

                                   

Net charge-offs to average total 

                                 

  net loans (annualized)

     

.11

%

 

.19

%

 

.18

%

 

.24

%

 

.13

%

                                   

Net operating results (3)

                                 
                                   

Net operating income 

   

$

350,604

   

320,064

   

337,613

   

282,907

   

290,341

 

Diluted net operating earnings per common share

     

2.07

   

1.87

   

2.09

   

1.95

   

2.01

 

Return on (annualized):

                                 

  Average tangible assets

     

1.18

%

 

1.09

%

 

1.21

%

 

1.18

%

 

1.24

%

  Average tangible common equity

     

12.68

%

 

11.62

%

 

13.26

%

 

12.98

%

 

13.76

%

Efficiency ratio

     

55.06

%

 

57.00

%

 

55.53

%

 

57.05

%

 

58.23

%

                                   
                                   
                                   
           
       

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

Loan quality

     

2016

 

2016

 

2015

 

2015

 

2015

                                   

Nonaccrual loans

   

$

848,855

   

876,691

   

799,409

   

787,098

   

797,146

 

Real estate and other foreclosed assets

     

172,473

   

188,004

   

195,085

   

66,144

   

63,734

 

  Total nonperforming assets

   

$

1,021,328

   

1,064,695

   

994,494

   

853,242

   

860,880

 
                                   

Accruing loans past due 90 days or more (4)

   

$

298,449

   

336,170

   

317,441

   

231,465

   

238,568

 
                                   

Government guaranteed loans included in totals above:

                                 

  Nonaccrual loans

   

$

52,486

   

49,688

   

47,052

   

48,955

   

58,259

 

  Accruing loans past due 90 days or more

     

269,962

   

279,340

   

276,285

   

193,998

   

206,775

 
                                   

Renegotiated loans

   

$

211,159

   

200,771

   

182,865

   

189,639

   

197,145

 
                                   

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

   

 

$

 

68,591

   

 

61,767

   

 

68,473

   

 

80,827

   

 

78,591

 
                                   

Purchased impaired loans (6):

                                 

  Outstanding customer balance

   

$

1,040,678

   

1,124,776

   

1,204,004

   

278,979

   

312,507

 

  Carrying amount

     

662,059

   

715,874

   

768,329

   

149,421

   

169,240

 
                                   

Nonaccrual loans to total net loans

     

.96

%

 

1.00

%

 

.91

%

 

1.15

%

 

1.17

%

                                   

Allowance for credit losses to total loans

     

1.10

%

 

1.10

%

 

1.09

%

 

1.36

%

 

1.36

%

 

(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

         

Six months ended

     
   

June 30

         

June 30

     

Dollars in thousands

 

2016

 

2015

 

Change

     

2016

 

2015

 

Change

 
                               

Interest income

$

970,621

 

760,354

 

28

%

 

$

1,943,455

 

1,498,441

 

30

%

Interest expense

 

106,802

 

77,226

 

38

     

207,672

 

155,725

 

33

 
                               

Net interest income

 

863,819

 

683,128

 

26

     

1,735,783

 

1,342,716

 

29

 
                               

Provision for credit losses

 

32,000

 

30,000

 

7

     

81,000

 

68,000

 

19

 
                               

Net interest income after

                             

   provision for credit losses

 

831,819

 

653,128

 

27

     

1,654,783

 

1,274,716

 

30

 
                               

Other income

                             

     Mortgage banking revenues

 

89,383

 

102,602

 

-13

     

171,446

 

204,203

 

-16

 

     Service charges on deposit accounts

 

103,872

 

105,257

 

-1

     

206,277

 

207,601

 

-1

 

     Trust income

 

120,450

 

118,598

 

2

     

231,527

 

242,332

 

-4

 

     Brokerage services income

 

16,272

 

16,861

 

-3

     

32,276

 

32,322

 

-

 

     Trading account and foreign exchange gains

 

13,222

 

6,046

 

119

     

20,680

 

12,277

 

68

 

     Gain (loss) on bank investment securities

 

264

 

(10)

 

-

     

268

 

(108)

 

-

 

     Other revenues from operations

 

104,791

 

147,673

 

-29

     

206,713

 

238,603

 

-13

 

          Total other income

 

448,254

 

497,027

 

-10

     

869,187

 

937,230

 

-7

 
                               

Other expense

                             

     Salaries and employee benefits

 

398,675

 

361,657

 

10

     

830,460

 

751,550

 

10

 

     Equipment and net occupancy

 

75,724

 

66,852

 

13

     

149,902

 

133,322

 

12

 

     Printing, postage and supplies

 

9,907

 

9,305

 

6

     

21,893

 

18,895

 

16

 

     Amortization of core deposit and other 

                             

        intangible assets

 

11,418

 

5,965

 

91

     

23,737

 

12,758

 

86

 

     FDIC assessments

 

22,370

 

10,801

 

107

     

47,595

 

21,461

 

122

 

     Other costs of operations

 

231,801

 

242,048

 

-4

     

452,403

 

445,017

 

2

 

          Total other expense

 

749,895

 

696,628

 

8

     

1,525,990

 

1,383,003

 

10

 
                               

Income before income taxes

 

530,178

 

453,527

 

17

     

997,980

 

828,943

 

20

 
                               

Applicable income taxes

 

194,147

 

166,839

 

16

     

363,421

 

300,642

 

21

 
                               

Net income

$

336,031

 

286,688

 

17

%

 

$

634,559

 

528,301

 

20

%

 

 

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

                               
   

Three months ended

 
   

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

Dollars in thousands

 

2016

 

2016

 

2015

 

2015

 

2015

                               

Interest income

$

970,621

   

972,834

   

902,377

   

770,026

   

760,354

 

Interest expense

 

106,802

   

100,870

   

95,333

   

77,199

   

77,226

 
                               

Net interest income

 

863,819

   

871,964

   

807,044

   

692,827

   

683,128

 
                               

Provision for credit losses

 

32,000

   

49,000

   

58,000

   

44,000

   

30,000

 
                               

Net interest income after

                             

   provision for credit losses

 

831,819

   

822,964

   

749,044

   

648,827

   

653,128

 
                               

Other income

                             

     Mortgage banking revenues

 

89,383

   

82,063

   

87,500

   

84,035

   

102,602

 

     Service charges on deposit accounts

 

103,872

   

102,405

   

105,748

   

107,259

   

105,257

 

     Trust income

 

120,450

   

111,077

   

114,564

   

113,744

   

118,598

 

     Brokerage services income

 

16,272

   

16,004

   

15,546

   

16,902

   

16,861

 

     Trading account and foreign exchange gains

 

13,222

   

7,458

   

9,938

   

8,362

   

6,046

 

     Gain (loss) on bank investment securities

 

264

   

4

   

(22)

   

-

   

(10)

 

     Other revenues from operations

 

104,791

   

101,922

   

114,834

   

109,397

   

147,673

 

          Total other income

 

448,254

   

420,933

   

448,108

   

439,699

   

497,027

 
                               

Other expense

                             

     Salaries and employee benefits

 

398,675

   

431,785

   

434,413

   

363,567

   

361,657

 

     Equipment and net occupancy

 

75,724

   

74,178

   

70,747

   

68,470

   

66,852

 

     Printing, postage and supplies

 

9,907

   

11,986

   

10,905

   

8,691

   

9,305

 

     Amortization of core deposit and other 

                             

        intangible assets

 

11,418

   

12,319

   

9,576

   

4,090

   

5,965

 

     FDIC assessments

 

22,370

   

25,225

   

19,562

   

11,090

   

10,801

 

     Other costs of operations

 

231,801

   

220,602

   

240,910

   

197,908

   

242,048

 

          Total other expense

 

749,895

   

776,095

   

786,113

   

653,816

   

696,628

 
                               

Income before income taxes

 

530,178

   

467,802

   

411,039

   

434,710

   

453,527

 
                               

Applicable income taxes

 

194,147

   

169,274

   

140,074

   

154,309

   

166,839

 
                               

Net income

$

336,031

   

298,528

   

270,965

   

280,401

   

286,688

 

 

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

                 
     

June 30

     

Dollars in thousands

   

2016

 

2015

 

Change

 
                 

ASSETS

               
                 

Cash and due from banks

 

$

1,284,442

 

1,347,858

 

-5

%

                 

Interest-bearing deposits at banks

   

8,474,839

 

4,045,852

 

109

 
                 

Federal funds sold

   

-

 

3,000

 

-100

 
                 

Trading account assets

   

506,131

 

277,009

 

83

 
                 

Investment securities

   

14,963,084

 

14,751,637

 

1

 
                 

Loans and leases:

               
                 

   Commercial, financial, etc. 

   

21,469,242

 

20,111,028

 

7

 

   Real estate - commercial

   

30,711,230

 

28,442,488

 

8

 

   Real estate - consumer

   

24,530,249

 

8,444,542

 

190

 

   Consumer

   

11,811,277

 

11,133,194

 

6

 

     Total loans and leases, net of unearned discount

   

88,521,998

 

68,131,252

 

30

 

        Less: allowance for credit losses

   

970,496

 

929,987

 

4

 
                 

  Net loans and leases

   

87,551,502

 

67,201,265

 

30

 
                 

Goodwill

   

4,593,112

 

3,513,325

 

31

 
                 

Core deposit and other intangible assets

   

116,531

 

22,269

 

423

 
                 

Other assets

   

6,330,943

 

5,917,861

 

7

 
                 

  Total assets

 

$

123,820,584

 

97,080,076

 

28

%

                 
                 

LIABILITIES AND SHAREHOLDERS' EQUITY

               
                 

Noninterest-bearing deposits

 

$

30,700,066

 

27,674,588

 

11

%

                 

Interest-bearing deposits

   

63,756,514

 

44,787,590

 

42

 
                 

Deposits at Cayman Islands office

   

193,523

 

167,441

 

16

 
                 

  Total deposits

   

94,650,103

 

72,629,619

 

30

 
                 

Short-term borrowings

   

407,123

 

153,299

 

166

 
                 

Accrued interest and other liabilities

   

1,963,093

 

1,453,249

 

35

 
                 

Long-term borrowings

   

10,328,751

 

10,175,912

 

2

 
                 

  Total liabilities

   

107,349,070

 

84,412,079

 

27

 
                 

Shareholders' equity:

               
                 

   Preferred

   

1,231,500

 

1,231,500

 

-

 

   Common (1) 

   

15,240,014

 

11,436,497

 

33

 
                 

     Total shareholders' equity

   

16,471,514

 

12,667,997

 

30

 
                 

  Total liabilities and shareholders' equity

 

$

123,820,584

 

97,080,076

 

28

%

 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $101.0 million at June 30, 2016 and $217.5 million at June 30, 2015.

 

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

         
     

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

Dollars in thousands

   

2016

 

2016

 

2015

 

2015

 

2015

                                 

ASSETS

                               
                                 

Cash and due from banks

 

$

1,284,442

   

1,178,175

   

1,368,040

   

1,249,704

   

1,347,858

 
                                 

Interest-bearing deposits at banks

   

8,474,839

   

9,545,181

   

7,594,350

   

4,713,266

   

4,045,852

 
                                 

Federal funds sold

   

-

   

-

   

-

   

-

   

3,000

 
                                 

Trading account assets

   

506,131

   

467,987

   

273,783

   

340,710

   

277,009

 
                                 

Investment securities

   

14,963,084

   

15,467,320

   

15,656,439

   

14,494,539

   

14,751,637

 
                                 

Loans and leases:

                               
                                 

   Commercial, financial, etc. 

   

21,469,242

   

21,226,577

   

20,422,338

   

20,233,177

   

20,111,028

 

   Real estate - commercial

   

30,711,230

   

29,713,293

   

29,197,311

   

28,720,537

   

28,442,488

 

   Real estate - consumer

   

24,530,249

   

25,299,638

   

26,270,103

   

8,211,062

   

8,444,542

 

   Consumer

   

11,811,277

   

11,632,958

   

11,599,747

   

11,375,472

   

11,133,194

 

     Total loans and leases, net of unearned discount

   

88,521,998

   

87,872,466

   

87,489,499

   

68,540,248

   

68,131,252

 

        Less: allowance for credit losses

   

970,496

   

962,752

   

955,992

   

933,798

   

929,987

 
                                 

  Net loans and leases

   

87,551,502

   

86,909,714

   

86,533,507

   

67,606,450

   

67,201,265

 
                                 

Goodwill

   

4,593,112

   

4,593,112

   

4,593,112

   

3,513,325

   

3,513,325

 
                                 

Core deposit and other intangible assets

   

116,531

   

127,949

   

140,268

   

18,179

   

22,269

 
                                 

Other assets

   

6,330,943

   

6,336,194

   

6,628,385

   

5,860,889

   

5,917,861

 
                                 

  Total assets

 

$

123,820,584

   

124,625,632

   

122,787,884

   

97,797,062

   

97,080,076

 
                                 
                                 

LIABILITIES AND SHAREHOLDERS' EQUITY

                               
                                 

Noninterest-bearing deposits

 

$

30,700,066

   

29,709,218

   

29,110,635

   

28,189,330

   

27,674,588

 
                                 

Interest-bearing deposits

   

63,756,514

   

64,338,571

   

62,677,036

   

44,549,028

   

44,787,590

 
                                 

Deposits at Cayman Islands office

   

193,523

   

166,787

   

170,170

   

206,185

   

167,441

 
                                 

  Total deposits

   

94,650,103

   

94,214,576

   

91,957,841

   

72,944,543

   

72,629,619

 
                                 

Short-term borrowings

   

407,123

   

1,766,826

   

2,132,182

   

173,783

   

153,299

 
                                 

Accrued interest and other liabilities

   

1,963,093

   

1,948,142

   

1,870,714

   

1,582,513

   

1,453,249

 
                                 

Long-term borrowings

   

10,328,751

   

10,341,035

   

10,653,858

   

10,174,289

   

10,175,912

 
                                 

  Total liabilities

   

107,349,070

   

108,270,579

   

106,614,595

   

84,875,128

   

84,412,079

 
                                 

Shareholders' equity:

                               
                                 

   Preferred

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

   

1,231,500

 

   Common (1) 

   

15,240,014

   

15,123,553

   

14,941,789

   

11,690,434

   

11,436,497

 
                                 

     Total shareholders' equity

   

16,471,514

   

16,355,053

   

16,173,289

   

12,921,934

   

12,667,997

 
                                 

  Total liabilities and shareholders' equity

 

$

123,820,584

   

124,625,632

   

122,787,884

   

97,797,062

   

97,080,076

 

 

(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $101.0 million at June 30, 2016, $150.2 million at March 31, 2016, $251.6 million at December 31, 2015, $163.5 million at September 30, 2015 and $217.5 million at June 30, 2015.

 

 

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

 and Annualized Taxable-equivalent Rates

                                                     
     

Three months ended

 

Change in balance

   

Six months ended

     
     

June 30,

 

June 30,

 

March 31,

 

June 30, 2016 from

   

June 30

     

Dollars in millions

   

2016

 

2015

 

2016

 

June 30,

 

March 31,

   

2016

 

2015

 

Change in

 
     

Balance

Rate

 

Balance

Rate

 

Balance

Rate

 

2015

 

2016

   

Balance

Rate

 

Balance 

Rate

 

balance

 

ASSETS

                                                   
                                                     

Interest-bearing deposits at banks

 

$

8,711

.51

%

5,326

.25

%

8,193

.51

%

64

%

 

6

%

 

$

8,452

.51

%

5,200

.25

%

63

%

                                                     

Federal funds sold

   

-

-

 

39

.10

 

1

.77

 

-100

   

-100

     

-

-

 

68

.10

 

-100

 
                                                     

Trading account assets

   

92

1.58

 

103

.92

 

85

1.78

 

-11

   

8

     

88

1.68

 

91

1.76

 

-3

 
                                                     

Investment securities

   

14,914

2.49

 

14,195

2.68

 

15,348

2.60

 

5

   

-3

     

15,131

2.55

 

13,787

2.67

 

10

 
                                                     

Loans and leases, net of unearned discount

                                                   

  Commercial, financial, etc. 

   

21,450

3.47

 

19,973

3.18

 

20,717

3.39

 

7

   

4

     

21,083

3.43

 

19,717

3.19

 

7

 

  Real estate - commercial

   

30,134

4.09

 

28,208

4.19

 

29,426

4.16

 

7

   

2

     

29,780

4.12

 

27,904

4.18

 

7

 

  Real estate - consumer

   

24,858

3.94

 

8,447

4.19

 

25,859

3.93

 

194

   

-4

     

25,359

3.94

 

8,509

4.17

 

198

 

  Consumer

   

11,713

4.55

 

11,042

4.46

 

11,582

4.55

 

6

   

1

     

11,648

4.55

 

11,002

4.48

 

6

 

     Total loans and leases, net

   

88,155

3.99

 

67,670

3.96

 

87,584

3.99

 

30

   

1

     

87,870

3.99

 

67,132

3.97

 

31

 
                                                     

  Total earning assets

   

111,872

3.51

 

87,333

3.52

 

111,211

3.54

 

28

   

1

     

111,541

3.53

 

86,278

3.53

 

29

 
                                                     

Goodwill

   

4,593

   

3,514

   

4,593

   

31

   

     

4,593

   

3,520

   

31

 
                                                     

Core deposit and other intangible assets

   

122

   

25

   

134

   

388

   

-9

     

128

   

28

   

354

 
                                                     

Other assets

   

7,119

   

6,726

   

7,314

   

6

   

-3

     

7,217

   

6,924

   

4

 
                                                     

  Total assets

 

$

123,706

   

97,598

   

123,252

   

27

%

 

%

 

$

123,479

   

96,750

   

28

%

                                                     
                                                     
                                                     

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                   
                                                     

Interest-bearing deposits

                                                   

  Interest-checking deposits

 

$

1,332

.12

 

1,333

.11

 

1,359

.12

 

%

 

-2

%

 

$

1,345

.12

 

1,228

.11

 

10

%

  Savings deposits

   

50,515

.16

 

41,712

.10

 

48,976

.13

 

21

   

3

     

49,746

.15

 

41,619

.10

 

20

 

  Time deposits

   

12,755

.85

 

2,948

.50

 

12,999

.75

 

333

   

-2

     

12,877

.80

 

2,982

.50

 

332

 

  Deposits at Cayman Islands office

   

182

.40

 

212

.28

 

187

.42

 

-14

   

-3

     

185

.41

 

218

.27

 

-15

 

     Total interest-bearing deposits

   

64,784

.30

 

46,205

.13

 

63,521

.26

 

40

   

2

     

64,153

.28

 

46,047

.13

 

39

 
                                                     

Short-term borrowings

   

1,078

.43

 

195

.07

 

2,082

.42

 

452

   

-48

     

1,579

.42

 

196

.07

 

707

 

Long-term borrowings

   

10,297

2.27

 

10,164

2.47

 

10,528

2.21

 

1

   

-2

     

10,413

2.24

 

10,000

2.55

 

4

 
                                                     

Total interest-bearing liabilities

   

76,159

.56

 

56,564

.55

 

76,131

.53

 

35

   

     

76,145

.55

 

56,243

.56

 

35

 
                                                     

Noninterest-bearing deposits

   

29,249

   

26,753

   

28,870

   

9

   

1

     

29,059

   

26,285

   

11

 
                                                     

Other liabilities

   

1,921

   

1,645

   

1,972

   

17

   

-3

     

1,947

   

1,674

   

16

 
                                                     

  Total liabilities

   

107,329

   

84,962

   

106,973

   

26

   

     

107,151

   

84,202

   

27

 
                                                     

Shareholders' equity

   

16,377

   

12,636

   

16,279

   

30

   

1

     

16,328

   

12,548

   

30

 
                                                     

  Total liabilities and shareholders' equity

 

$

123,706

   

97,598

   

123,252

   

27

%

 

%

 

$

123,479

   

96,750

   

28

%

                                                     
                                                     

Net interest spread

     

2.95

   

2.97

   

3.01

                 

2.98

   

2.97

     

Contribution of interest-free funds

     

.18

   

.20

   

.17

                 

.17

   

.20

     

Net interest margin 

     

3.13

%

 

3.17

%

 

3.18

%

               

3.15

%

 

3.17

%

 

 

 

M&T BANK CORPORATION

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures

 
                         
                         
       

Three months ended

   

Six months ended

 
       

June 30

   

June 30

 
       

2016

 

2015

   

2016

 

2015

 

Income statement data

                       

In thousands, except per share

                       

Net income

                       

Net income

   

$

336,031

 

286,688

 

$

634,559

 

528,301

 

Amortization of core deposit and other

                       

  intangible assets (1)

     

6,936

 

3,653

   

14,424

 

7,816

 

Merger-related expenses (1)

     

7,637

 

-

   

21,685

 

-

 

  Net operating income

   

$

350,604

 

290,341

 

$

670,668

 

536,117

 

Earnings per common share

                       

Diluted earnings per common share

   

$

1.98

 

1.98

 

$

3.71

 

3.63

 

Amortization of core deposit and other

                       

  intangible assets (1)

     

.04

 

.03

   

.09

 

.06

 

Merger-related expenses (1)

     

.05

 

-

   

.14

 

-

 

  Diluted net operating earnings per common share

$

2.07

 

2.01

 

$

3.94

 

3.69

 

Other expense

                       

Other expense

   

$

749,895

 

696,628

 

$

1,525,990

 

1,383,003

 

Amortization of core deposit and other

                       

  intangible assets

     

(11,418)

 

(5,965)

   

(23,737)

 

(12,758)

 

Merger-related expenses

     

(12,593)

 

-

   

(35,755)

 

-

 

  Noninterest operating expense

   

$

725,884

 

690,663

 

$

1,466,498

 

1,370,245

 

Merger-related expenses

                       

Salaries and employee benefits

   

$

60

 

-

 

$

5,334

 

-

 

Equipment and net occupancy

     

339

 

-

   

1,278

 

-

 

Printing, postage and supplies

     

545

 

-

   

1,482

 

-

 

Other costs of operations

     

11,649

 

-

   

27,661

 

-

 

  Total

   

$

12,593

 

-

 

$

35,755

 

-

 

Efficiency ratio

                       

Noninterest operating expense (numerator)

   

$

725,884

 

690,663

 

$

1,466,498

 

1,370,245

 

Taxable-equivalent net interest income

     

870,341

 

689,148

   

1,748,637

 

1,354,574

 

Other income

     

448,254

 

497,027

   

869,187

 

937,230

 

Less:  Gain (loss) on bank investment securities

 

264

 

(10)

   

268

 

(108)

 

Denominator

   

$

1,318,331

 

1,186,185

 

$

2,617,556

 

2,291,912

 

Efficiency ratio

     

55.06

%

58.23

%

 

56.03

%

59.79

%

                         
                         

Balance sheet data

                       

In millions

                       

Average assets

                       

Average assets

   

$

123,706

 

97,598

 

$

123,479

 

96,750

 

Goodwill

     

(4,593)

 

(3,514)

   

(4,593)

 

(3,520)

 

Core deposit and other intangible assets

     

(122)

 

(25)

   

(128)

 

(28)

 

Deferred taxes

     

48

 

8

   

50

 

9

 

  Average tangible assets

   

$

119,039

 

94,067

 

$

118,808

 

93,211

 

Average common equity

                       

Average total equity

   

$

16,377

 

12,636

 

$

16,328

 

12,548

 

Preferred stock

     

(1,232)

 

(1,232)

   

(1,232)

 

(1,232)

 

  Average common equity

     

15,145

 

11,404

   

15,096

 

11,316

 

Goodwill

     

(4,593)

 

(3,514)

   

(4,593)

 

(3,520)

 

Core deposit and other intangible assets

     

(122)

 

(25)

   

(128)

 

(28)

 

Deferred taxes

     

48

 

8

   

50

 

9

 

  Average tangible common equity

   

$

10,478

 

7,873

 

$

10,425

 

7,777

 
                         

At end of quarter

                       

Total assets

                       

Total assets

   

$

123,821

 

97,080

           

Goodwill

     

(4,593)

 

(3,513)

           

Core deposit and other intangible assets

     

(117)

 

(22)

           

Deferred taxes

     

46

 

7

           

  Total tangible assets

   

$

119,157

 

93,552

           

Total common equity

                       

Total equity

   

$

16,472

 

12,668

           

Preferred stock

     

(1,232)

 

(1,232)

           

Undeclared dividends - cumulative preferred stock

   

(3)

 

(3)

           

  Common equity, net of undeclared cumulative

                       

    preferred dividends

     

15,237

 

11,433

           

Goodwill

     

(4,593)

 

(3,513)

           

Core deposit and other intangible assets

     

(117)

 

(22)

           

Deferred taxes

     

46

 

7

           

  Total tangible common equity

   

$

10,573

 

7,905

           

 

(1) After any related tax effect.

 

 

M&T BANK CORPORATION

 

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

 
                         
                         
                         
     

Three months ended

 
     

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

 
     

2016

 

2016

 

2015

 

2015

 

2015

 

Income statement data

                       

In thousands, except per share

                       

Net income

                       

Net income

 

$

336,031

 

298,528

 

270,965

 

280,401

 

286,688

 

Amortization of core deposit and other

                       

  intangible assets (1)

   

6,936

 

7,488

 

5,828

 

2,506

 

3,653

 

Merger-related expenses (1)

   

7,637

 

14,048

 

60,820

 

-

 

-

 

  Net operating income

 

$

350,604

 

320,064

 

337,613

 

282,907

 

290,341

 

Earnings per common share

                       

Diluted earnings per common share

 

$

1.98

 

1.73

 

1.65

 

1.93

 

1.98

 

Amortization of core deposit and other

                       

  intangible assets (1)

   

.04

 

.05

 

.04

 

.02

 

.03

 

Merger-related expenses (1)

   

.05

 

.09

 

.40

 

-

 

-

 

  Diluted net operating earnings per common share

$

2.07

 

1.87

 

2.09

 

1.95

 

2.01

 

Other expense

                       

Other expense

 

$

749,895

 

776,095

 

786,113

 

653,816

 

696,628

 

Amortization of core deposit and other

                       

  intangible assets

   

(11,418)

 

(12,319)

 

(9,576)

 

(4,090)

 

(5,965)

 

Merger-related expenses

   

(12,593)

 

(23,162)

 

(75,976)

 

-

 

-

 

  Noninterest operating expense

 

$

725,884

 

740,614

 

700,561

 

649,726

 

690,663

 

Merger-related expenses

                       

Salaries and employee benefits

 

$

60

 

5,274

 

51,287

 

-

 

-

 

Equipment and net occupancy

   

339

 

939

 

3

 

-

 

-

 

Printing, postage and supplies

   

545

 

937

 

504

 

-

 

-

 

Other costs of operations

   

11,649

 

16,012

 

24,182

 

-

 

-

 

  Other expense

   

12,593

 

23,162

 

75,976

 

-

 

-

 

Provision for credit losses

   

-

 

-

 

21,000

 

-

 

-

 

  Total

 

$

12,593

 

23,162

 

96,976

 

-

 

-

 

Efficiency ratio

                       

Noninterest operating expense (numerator)

 

$

725,884

 

740,614

 

700,561

 

649,726

 

690,663

 

Taxable-equivalent net interest income

   

870,341

 

878,296

 

813,401

 

699,075

 

689,148

 

Other income

   

448,254

 

420,933

 

448,108

 

439,699

 

497,027

 

Less:  Gain (loss) on bank investment securities

   

264

 

4

 

(22)

 

-

 

(10)

 

Denominator

 

$

1,318,331

 

1,299,225

 

1,261,531

 

1,138,774

 

1,186,185

 

Efficiency ratio

   

55.06

%

57.00

%

55.53

%

57.05

%

58.23

%

                         
                         

Balance sheet data

                       

In millions

                       

Average assets

                       

Average assets

 

$

123,706

 

123,252

 

115,052

 

98,515

 

97,598

 

Goodwill

   

(4,593)

 

(4,593)

 

(4,218)

 

(3,513)

 

(3,514)

 

Core deposit and other intangible assets

   

(122)

 

(134)

 

(101)

 

(20)

 

(25)

 

Deferred taxes

   

48

 

52

 

39

 

7

 

8

 

  Average tangible assets

 

$

119,039

 

118,577

 

110,772

 

94,989

 

94,067

 

Average common equity

                       

Average total equity

 

$

16,377

 

16,279

 

15,007

 

12,787

 

12,636

 

Preferred stock

   

(1,232)

 

(1,232)

 

(1,232)

 

(1,232)

 

(1,232)

 

  Average common equity

   

15,145

 

15,047

 

13,775

 

11,555

 

11,404

 

Goodwill

   

(4,593)

 

(4,593)

 

(4,218)

 

(3,513)

 

(3,514)

 

Core deposit and other intangible assets

   

(122)

 

(134)

 

(101)

 

(20)

 

(25)

 

Deferred taxes

   

48

 

52

 

39

 

7

 

8

 

  Average tangible common equity

 

$

10,478

 

10,372

 

9,495

 

8,029

 

7,873

 
                         

At end of quarter

                       

Total assets

                       

Total assets

 

$

123,821

 

124,626

 

122,788

 

97,797

 

97,080

 

Goodwill

   

(4,593)

 

(4,593)

 

(4,593)

 

(3,513)

 

(3,513)

 

Core deposit and other intangible assets

   

(117)

 

(128)

 

(140)

 

(18)

 

(22)

 

Deferred taxes

   

46

 

50

 

54

 

6

 

7

 

  Total tangible assets

 

$

119,157

 

119,955

 

118,109

 

94,272

 

93,552

 

Total common equity

                       

Total equity

 

$

16,472

 

16,355

 

16,173

 

12,922

 

12,668

 

Preferred stock

   

(1,232)

 

(1,232)

 

(1,232)

 

(1,232)

 

(1,232)

 

Undeclared dividends - cumulative preferred stock

   

(3)

 

(3)

 

(2)

 

(3)

 

(3)

 

  Common equity, net of undeclared cumulative

                       

    preferred dividends

   

15,237

 

15,120

 

14,939

 

11,687

 

11,433

 

Goodwill

   

(4,593)

 

(4,593)

 

(4,593)

 

(3,513)

 

(3,513)

 

Core deposit and other intangible assets

   

(117)

 

(128)

 

(140)

 

(18)

 

(22)

 

Deferred taxes

   

46

 

50

 

54

 

6

 

7

 

  Total tangible common equity

 

$

10,573

 

10,449

 

10,260

 

8,162

 

7,905

 

 

 

(1) After any related tax effect.