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 First Quarter Results
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., April 17, 2017 -- M&T Bank Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2017.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the initial quarter of 2017 were $2.12, up 23% from $1.73 in the year-earlier quarter and 7% higher than $1.98 in the final quarter of 2016.  GAAP-basis net income in the recent quarter was $349 million, 17% higher than $299 million in the first quarter of 2016 and 6% above the $331 million recorded in the final 2016 quarter.  Net income for the initial 2017 quarter expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.15% and 8.89%, respectively, compared with .97% and 7.44%, respectively, in the similar 2016 period and 1.05% and 8.13%, respectively, in the fourth quarter of 2016. 

During the first quarter of 2017, M&T adopted new accounting guidance for share-based transactions.  That guidance requires that all excess tax benefits and tax deficiencies associated with share-based compensation be recognized as income tax expense or benefit in the income statement.  Previously, tax effects resulting from changes in M&T's share price subsequent to the grant date were recorded through shareholders' equity at the time of vesting or exercise.  The adoption of the amended accounting guidance resulted in an $18 million reduction of income tax expense in the initial 2017 quarter, or $.12 of diluted earnings per common share.

Commenting on M&T's first quarter results, Darren J. King, Executive Vice President and Chief Financial Officer, noted, "M&T's financial performance for the first quarter was strong, led by a 26 basis point widening of the net interest margin that resulted in growth in taxable-equivalent net interest income of four percent as compared with the preceding quarter.  Expenses continued to be well-controlled, recognizing the seasonally higher costs traditionally seen in the first quarter for stock-based compensation and employee benefits, and credit quality factors remained stable.  In accordance with our capital plan, M&T repurchased $532 million of its common stock and increased the common stock dividend from $.70 to $.75 during the quarter."

 

Earnings Highlights

 
                                         
                           

Change 1Q 2017 vs.

 

($ in millions, except per share data)

 

1Q17

   

1Q16

   

4Q16

   

1Q16

   

4Q16

 
                                         

Net income

 

$

349

   

$

299

   

$

331

     

17

%

   

6

%

Net income available to common shareholders - diluted

 

$

329

   

$

276

   

$

308

     

19

%

   

7

%

Diluted earnings per common share

 

$

2.12

   

$

1.73

   

$

1.98

     

23

%

   

7

%

Annualized return on average assets

   

1.15

%

   

.97

%

   

1.05

%

               

Annualized return on average common equity

   

8.89

%

   

7.44

%

   

8.13

%

               

 

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" expenses 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 $2.15 in the first quarter of 2017, up 15% from $1.87 in the corresponding 2016 period.  Net operating income for the first three months of 2017 rose 11% to $354 million from $320 million in the year-earlier quarter.  Diluted net operating earnings per common share and net operating income in the fourth quarter of 2016 were $2.01 and $336 million, respectively. 

Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.21% and 13.05%, respectively, in the initial 2017 quarter, compared with 1.09% and 11.62%, respectively, in the year-earlier quarter and 1.10% and 11.93%, respectively, in the fourth quarter of 2016.

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest income totaled $922 million in the first quarter of 2017, up 5% from $878 million in the first three months of 2016.  That growth resulted predominantly from a widening of the net interest margin to 3.34% in the recent quarter from 3.18% in the initial 2016 quarter.  Taxable-equivalent net interest income in the fourth quarter of 2016 was $883 million. The $39 million improvement in the recent quarter's taxable-equivalent net interest income as compared with the final 2016 quarter was largely due to a 26 basis point widening of the net interest margin from 3.08%.

 

                                         

Taxable-equivalent Net Interest Income

 
                                         
                           

Change 1Q 2017 vs.

 

($ in millions)

 

1Q17

   

1Q16

   

4Q16

   

1Q16

   

4Q16

 
                                         

Average earning assets

 

$

112,008

   

$

111,211

   

$

114,254

     

1

%

   

-2

%

Net interest income - taxable equivalent

 

$

922

   

$

878

   

$

883

     

5

%

   

4

%

Net interest margin

   

3.34

%

   

3.18

%

   

3.08

%

               

 

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $55 million in the first quarter of 2017, compared with $49 million in the year-earlier quarter and $62 million in the final 2016 quarter.  Net charge-offs of loans during the recent quarter aggregated $43 million, compared with $42 million and $49 million in the first and fourth quarters of 2016, respectively.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .19% during each of the first quarters of 2017 and 2016, compared with .22% in the fourth quarter of 2016.

Loans classified as nonaccrual totaled $927 million, or 1.04% of total loans outstanding at March 31, 2017, compared with $877 million or 1.00% a year earlier and $920 million or 1.01% at December 31, 2016.  The higher level of nonaccrual loans at the two most recent quarter-ends as compared with March 31, 2016 reflect the expected migration of previously performing loans obtained in the acquisition of Hudson City Bancorp, Inc. ("Hudson City") that became past due over 90 days after March 31, 2016.  Nonaccrual Hudson City-related residential real estate loans aggregated $207 million, $79 million and $190 million at March 31, 2017, March 31, 2016 and December 31, 2016, respectively.  Assets taken in foreclosure of defaulted loans totaled $119 million at March 31, 2017, compared with $188 million a year earlier and $139 million at December 31, 2016.

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 $1.00 billion at March 31, 2017, compared with $963 million at a year earlier and $989 million at December 31, 2016.  The allowance expressed as a percentage of outstanding loans was 1.12% at March 31, 2017, compared with 1.10% at March 31, 2016 and 1.09% at December 31, 2016.

 

Asset Quality Metrics

 
                                         
                           

Change 1Q 2017 vs.

 

($ in millions)

 

1Q17

   

1Q16

   

4Q16

   

1Q16

   

4Q16

 
                                         

At end of quarter

                                       

Nonaccrual loans

 

$

927

   

$

877

   

$

920

     

6

%

   

1

%

Real estate and other foreclosed assets

 

$

119

   

$

188

   

$

139

     

-37

%

   

-14

%

Total nonperforming assets

 

$

1,046

   

$

1,065

   

$

1,059

     

-2

%

   

-1

%

Accruing loans past due 90 days or more (1)

 

$

280

   

$

336

   

$

301

     

-17

%

   

-7

%

Nonaccrual loans as % of loans outstanding

   

1.04

%

   

1.00

%

   

1.01

%

               
                                         

Allowance for credit losses

 

$

1,001

   

$

963

   

$

989

     

4

%

   

1

%

Allowance for credit losses as % of loans outstanding

   

1.12

%

   

1.10

%

   

1.09

%

               
                                         

For the period

                                       

Provision for credit losses

 

$

55

   

$

49

   

$

62

     

12

%

   

-11

%

Net charge-offs

 

$

43

   

$

42

   

$

49

     

1

%

   

-13

%

Net charge-offs as % of average loans (annualized)

   

.19

%

   

.19

%

   

.22

%

               

 

(1)

Excludes loans acquired at a discount.  Predominantly residential real estate loans.

 

Noninterest Income and Expense.  Noninterest income aggregated $447 million in the initial 2017 quarter, up 6% from $421 million in the year-earlier quarter.  Contributing to that improvement were higher trust income and credit-related fees. Noninterest income was $465 million in the final three months of 2016.  The decline in such income in the recent quarter as compared with the fourth quarter of 2016 was largely due to lower commercial and residential mortgage banking revenues.

 

Noninterest Income

 
                                         
                           

Change 1Q 2017 vs.

 

($ in millions)

 

1Q17

   

1Q16

   

4Q16

   

1Q16

   

4Q16

 
                                         

Mortgage banking revenues

 

$

85

   

$

82

   

$

98

     

3

%

   

-14

%

Service charges on deposit accounts

   

104

     

102

     

105

     

2

%

   

-1

%

Trust income

   

120

     

111

     

122

     

8

%

   

-2

%

Brokerage services income

   

17

     

16

     

15

     

9

%

   

14

%

Trading account and foreign exchange gains

   

10

     

8

     

7

     

30

%

   

26

%

Gain on bank investment securities

   

     

     

2

     

     

 

Other revenues from operations

   

111

     

102

     

116

     

9

%

   

-4

%

Total other income

 

$

447

   

$

421

   

$

465

     

6

%

   

-4

%

 

Noninterest expense in the first quarter of 2017 totaled $788 million, compared with $776 million and $769 million in the first and fourth quarters of 2016, respectively.  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 $779 million in the first three months of 2017, $741 million in the year-earlier period and $760 million in the final 2016 quarter.  The higher level of operating expenses in the recent quarter as compared with the initial 2016 quarter was largely the result of increased salaries and employee benefits costs, reflecting merit increases and higher incentive-based compensation.  As compared with the final three months of 2016, the higher level of operating expenses in the recent quarter was predominately due to seasonally higher stock-based compensation and employee benefits expenses offset, in part, by the effect of a $30 million contribution to The M&T Charitable Foundation in the final 2016 quarter.

 

Noninterest Expense

 
                                         
                           

Change 1Q 2017 vs.

 

($ in millions)

 

1Q17

   

1Q16

   

4Q16

   

1Q16

   

4Q16

 
                                         

Salaries and employee benefits

 

$

450

   

$

432

   

$

393

     

4

%

   

14

%

Equipment and net occupancy

   

74

     

74

     

70

     

     

6

%

Outside data processing and software

   

44

     

43

     

44

     

3

%

   

1

%

FDIC assessments

   

29

     

25

     

29

     

14

%

   

-1

%

Advertising and marketing

   

16

     

22

     

21

     

-25

%

   

-24

%

Printing, postage and supplies

   

10

     

12

     

9

     

-19

%

   

12

%

Amortization of core deposit and other intangible assets

   

9

     

12

     

9

     

-32

%

   

-7

%

Other costs of operations

   

156

     

156

     

194

     

     

-19

%

Total other expense

 

$

788

   

$

776

   

$

769

     

2

%

   

2

%

                                         

Memo: Merger-related expenses included in above

 

$

-

   

$

23

   

$

-

                 

 

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 56.9% in the first quarter of 2017, compared with 57.0% in the year-earlier quarter and 56.4% in the fourth quarter of 2016.

Balance Sheet.  M&T had total assets of $123.2 billion at March 31, 2017, compared with $124.6 billion a year earlier.  Investment securities at the recent quarter-end were $16.0 billion, up from $15.5 billion at March 31, 2016.  Loans and leases, net of unearned discount, rose $1.4 billion to $89.3 billion at March 31, 2017 from $87.9 billion a year earlier.  Total deposits were $97.0 billion at the recent quarter-end, up 3% from $94.2 billion at March 31, 2016.

Reflecting the impact of repurchases of M&T's common stock, total shareholders' equity was $16.2 billion at March 31, 2017, down from $16.4 billion at March 31, 2016, representing 13.16% and 13.12%, respectively, of total assets.  Common shareholders' equity was $15.0 billion, or $97.40 per share, at March 31, 2017, compared with $15.1 billion, or $95.00 per share, a year-earlier.  Tangible equity per common share increased to $67.16 at March 31, 2017 from $65.65 a year-earlier.  Common shareholders' equity per share and tangible equity per common share were $97.64 and $67.85, respectively, at December 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 10.66% at March 31, 2017.

In accordance with its capital plan, M&T repurchased 3,233,196 shares of its common stock during the initial 2017 quarter at a total cost of $532 million

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss first 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 #1401624.  The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/events.cfm. A replay of the call will be available until Monday, April 24, 2017 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #1401624.  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.

 

 

Financial Highlights

       
         
   

Three months ended

         
   

March 31

         

Amounts in thousands, except per share

 

2017

   

2016

   

Change

 

Performance

                       

Net income

 

$

348,927

     

298,528

     

17

%

Net income available to common shareholders

   

328,567

     

275,748

     

19

%

                         

Per common share:

                       

Basic earnings

 

$

2.13

     

1.74

     

22

%

Diluted earnings

   

2.12

     

1.73

     

23

%

Cash dividends

 

$

.75

     

.70

     

7

%

                         

Common shares outstanding:

                       

Average - diluted (1)

   

154,949

     

159,181

     

-3

%

Period end (2)

   

153,781

     

159,156

     

-3

%

                       

Return on (annualized):

                       

Average total assets

   

1.15

%

   

.97

%

       

Average common shareholders' equity

   

8.89

%

   

7.44

%

       

Taxable-equivalent net interest income

 

$

922,259

     

878,296

     

5

%

                         

Yield on average earning assets

   

3.67

%

   

3.54

%

       

Cost of interest-bearing liabilities

   

.52

%

   

.53

%

       

Net interest spread

   

3.15

%

   

3.01

%

       

Contribution of interest-free funds

   

.19

%

   

.17

%

       

Net interest margin

   

3.34

%

   

3.18

%

       

Net charge-offs to average total net loans (annualized)

   

.19

%

   

.19

%

       
                         

Net operating results (3)

                       

Net operating income

 

$

354,035

     

320,064

     

11

%

Diluted net operating earnings per common share

   

2.15

     

1.87

     

15

%

Return on (annualized):

                       

Average tangible assets

   

1.21

%

   

1.09

%

       

Average tangible common equity

   

13.05

%

   

11.62

%

       

Efficiency ratio

   

56.93

%

   

57.00

%

       
                         
   

At March 31

         

Loan quality

 

2017

   

2016

   

Change

 

Nonaccrual loans

 

$

926,675

     

876,691

     

6

%

Real estate and other foreclosed assets

   

119,155

     

188,004

     

-37

%

Total nonperforming assets

 

$

1,045,830

     

1,064,695

     

-2

%

                         

Accruing loans past due 90 days or more (4)

 

$

280,019

     

336,170

     

-17

%

                         

Government guaranteed loans included in totals above:

                       

Nonaccrual loans

 

$

39,610

     

49,688

     

-20

%

Accruing loans past due 90 days or more

   

252,552

     

279,340

     

-10

%

                         

Renegotiated loans

 

$

191,343

     

200,771

     

-5

%

                         

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

 

$

63,732

     

61,767

     

3

%

                         

Purchased impaired loans (6):

                       

Outstanding customer balance

 

$

890,431

     

1,124,776

     

-21

%

Carrying amount

   

552,935

     

715,874

     

-23

%

                         

Nonaccrual loans to total net loans

   

1.04

%

   

1.00

%

       
                         

Allowance for credit losses to total loans

   

1.12

%

   

1.10

%

       

 

(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.  Predominantly residential real estate loans.

(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.

 

 

Financial Highlights, Five Quarter Trend

 
   
   

Three months ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

Amounts in thousands, except per share

 

2017

   

2016

   

2016

   

2016

   

2016

 

Performance

                                       

Net income

 

$

348,927

     

330,571

     

349,984

     

336,031

     

298,528

 

Net income available to common shareholders

   

328,567

     

307,797

     

326,998

     

312,974

     

275,748

 

Per common share:

                                       

Basic earnings

 

$

2.13

     

1.98

     

2.10

     

1.98

     

1.74

 

Diluted earnings

   

2.12

     

1.98

     

2.10

     

1.98

     

1.73

 

Cash dividends

 

$

.75

     

.70

     

.70

     

.70

     

.70

 

Common shares outstanding:

                                       

Average - diluted (1)

   

154,949

     

155,700

     

156,026

     

158,341

     

159,181

 

Period end (2)

   

153,781

     

156,213

     

154,987

     

157,917

     

159,156

 

Return on (annualized):

                                       

Average total assets

   

1.15

%

   

1.05

%

   

1.12

%

   

1.09

%

   

.97

%

Average common shareholders' equity

   

8.89

%

   

8.13

%

   

8.68

%

   

8.38

%

   

7.44

%

Taxable-equivalent net interest income

 

$

922,259

     

883,147

     

865,065

     

870,341

     

878,296

 

Yield on average earning assets

   

3.67

%

   

3.45

%

   

3.44

%

   

3.51

%

   

3.54

%

Cost of interest-bearing liabilities

   

.52

%

   

.57

%

   

.59

%

   

.56

%

   

.53

%

Net interest spread

   

3.15

%

   

2.88

%

   

2.85

%

   

2.95

%

   

3.01

%

Contribution of interest-free funds

   

.19

%

   

.20

%

   

.20

%

   

.18

%

   

.17

%

Net interest margin

   

3.34

%

   

3.08

%

   

3.05

%

   

3.13

%

   

3.18

%

Net charge-offs to average total net loans (annualized)

   

.19

%

   

.22

%

   

.19

%

   

.11

%

   

.19

%

Net operating results (3)

                                       

Net operating income

 

$

354,035

     

336,095

     

355,929

     

350,604

     

320,064

 

Diluted net operating earnings per common share

   

2.15

     

2.01

     

2.13

     

2.07

     

1.87

 

Return on (annualized):

                                       

Average tangible assets

   

1.21

%

   

1.10

%

   

1.18

%

   

1.18

%

   

1.09

%

Average tangible common equity

   

13.05

%

   

11.93

%

   

12.77

%

   

12.68

%

   

11.62

%

Efficiency ratio

   

56.93

%

   

56.42

%

   

55.92

%

   

55.06

%

   

57.00

%

                                         
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

Loan quality

 

2017

   

2016

   

2016

   

2016

   

2016

 

Nonaccrual loans

 

$

926,675

     

920,015

     

837,362

     

848,855

     

876,691

 

Real estate and other foreclosed assets

   

119,155

     

139,206

     

159,881

     

172,473

     

188,004

 

Total nonperforming assets

 

$

1,045,830

     

1,059,221

     

997,243

     

1,021,328

     

1,064,695

 

Accruing loans past due 90 days or more (4)

 

$

280,019

     

300,659

     

317,282

     

298,449

     

336,170

 

Government guaranteed loans included in totals above:

                                       

Nonaccrual loans

 

$

39,610

     

40,610

     

47,130

     

52,486

     

49,688

 

Accruing loans past due 90 days or more

   

252,552

     

282,659

     

282,077

     

269,962

     

279,340

 

Renegotiated loans

 

$

191,343

     

190,374

     

217,559

     

211,159

     

200,771

 

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

 

$

63,732

     

61,144

     

65,182

     

68,591

     

61,767

 

Purchased impaired loans (6):

                                       

Outstanding customer balance

 

$

890,431

     

927,446

     

981,105

     

1,040,678

     

1,124,776

 

Carrying amount

   

552,935

     

578,032

     

616,991

     

662,059

     

715,874

 

Nonaccrual loans to total net loans

   

1.04

%

   

1.01

%

   

.93

%

   

.96

%

   

1.00

%

Allowance for credit losses to total loans

   

1.12

%

   

1.09

%

   

1.09

%

   

1.10

%

   

1.10

%

 

(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.  Predominantly residential real estate loans.

(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. 

 

 

Condensed Consolidated Statement of Income

       
               
   

Three months ended

         
   

March 31

         

Dollars in thousands

 

2017

   

2016

   

Change

 

Interest income

 

$

1,006,033

     

972,834

     

3

%

Interest expense

   

91,773

     

100,870

     

-9

 

Net interest income

   

914,260

     

871,964

     

5

 

Provision for credit losses

   

55,000

     

49,000

     

12

 

Net interest income after provision for credit losses

   

859,260

     

822,964

     

4

 

Other income

                       

Mortgage banking revenues

   

84,692

     

82,063

     

3

 

Service charges on deposit accounts

   

104,176

     

102,405

     

2

 

Trust income

   

120,015

     

111,077

     

8

 

Brokerage services income

   

17,384

     

16,004

     

9

 

Trading account and foreign exchange gains

   

9,691

     

7,458

     

30

 

Gain on bank investment securities

   

     

4

     

 

Other revenues from operations

   

110,887

     

101,922

     

9

 

Total other income

   

446,845

     

420,933

     

6

 

Other expense

                       

Salaries and employee benefits

   

449,862

     

431,785

     

4

 

Equipment and net occupancy

   

74,366

     

74,178

     

 

Outside data processing and software

   

44,301

     

43,015

     

3

 

FDIC assessments

   

28,827

     

25,225

     

14

 

Advertising and marketing

   

16,110

     

21,454

     

-25

 

Printing, postage and supplies

   

9,708

     

11,986

     

-19

 

Amortization of core deposit and other intangible assets

   

8,420

     

12,319

     

-32

 

Other costs of operations

   

156,258

     

156,133

     

 

Total other expense

   

787,852

     

776,095

     

2

 

Income before income taxes

   

518,253

     

467,802

     

11

 

Applicable income taxes

   

169,326

     

169,274

     

 

Net income

 

$

348,927

     

298,528

     

17

%

 

 

 

Condensed Consolidated Statement of Income, Five Quarter Trend

 
   
   

Three months ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

Dollars in thousands

 

2017

   

2016

   

2016

   

2016

   

2016

 

Interest income

 

$

1,006,033

     

982,901

     

969,515

     

970,621

     

972,834

 

Interest expense

   

91,773

     

107,137

     

111,175

     

106,802

     

100,870

 

Net interest income

   

914,260

     

875,764

     

858,340

     

863,819

     

871,964

 

Provision for credit losses

   

55,000

     

62,000

     

47,000

     

32,000

     

49,000

 

Net interest income after provision for credit losses

   

859,260

     

813,764

     

811,340

     

831,819

     

822,964

 

Other income

                                       

Mortgage banking revenues

   

84,692

     

98,504

     

103,747

     

89,383

     

82,063

 

Service charges on deposit accounts

   

104,176

     

104,890

     

107,935

     

103,872

     

102,405

 

Trust income

   

120,015

     

122,003

     

118,654

     

120,450

     

111,077

 

Brokerage services income

   

17,384

     

15,233

     

15,914

     

16,272

     

16,004

 

Trading account and foreign exchange gains

   

9,691

     

7,692

     

12,754

     

13,222

     

7,458

 

Gain on bank investment securities

   

     

1,566

     

28,480

     

264

     

4

 

Other revenues from operations

   

110,887

     

115,571

     

103,866

     

104,791

     

101,922

 

Total other income

   

446,845

     

465,459

     

491,350

     

448,254

     

420,933

 

Other expense

                                       

Salaries and employee benefits

   

449,862

     

393,354

     

399,786

     

398,675

     

431,785

 

Equipment and net occupancy

   

74,366

     

69,976

     

75,263

     

75,724

     

74,178

 

Outside data processing and software

   

44,301

     

43,987

     

42,878

     

42,509

     

43,015

 

FDIC assessments

   

28,827

     

28,991

     

28,459

     

22,370

     

25,225

 

Advertising and marketing

   

16,110

     

21,074

     

21,996

     

22,613

     

21,454

 

Printing, postage and supplies

   

9,708

     

8,681

     

8,972

     

9,907

     

11,986

 

Amortization of core deposit and other intangible assets

   

8,420

     

9,089

     

9,787

     

11,418

     

12,319

 

Other costs of operations

   

156,258

     

193,951

     

165,251

     

166,679

     

156,133

 

Total other expense

   

787,852

     

769,103

     

752,392

     

749,895

     

776,095

 

Income before income taxes

   

518,253

     

510,120

     

550,298

     

530,178

     

467,802

 

Applicable income taxes

   

169,326

     

179,549

     

200,314

     

194,147

     

169,274

 

Net income

 

$

348,927

     

330,571

     

349,984

     

336,031

     

298,528

 

 

 

 

Condensed Consolidated Balance Sheet

           
               
   

March 31

           

Dollars in thousands

 

2017

   

2016

   

Change

   

ASSETS

                         

Cash and due from banks

 

$

1,286,962

     

1,178,175

     

9

 

%

Interest-bearing deposits at banks

   

6,945,149

     

9,545,181

     

-27

   

Trading account

   

174,854

     

467,987

     

-63

   

Investment securities

   

15,968,415

     

15,467,320

     

3

   

Loans and leases:

                         

Commercial, financial, etc.

   

22,295,376

     

21,226,577

     

5

   

Real estate - commercial

   

33,071,654

     

29,713,293

     

11

   

Real estate - consumer

   

21,724,491

     

25,299,638

     

-14

   

Consumer

   

12,221,481

     

11,632,958

     

5

   

Total loans and leases, net of unearned discount

   

89,313,002

     

87,872,466

     

2

   

Less: allowance for credit losses

   

1,001,430

     

962,752

     

4

   

Net loans and leases

   

88,311,572

     

86,909,714

     

2

   

Goodwill

   

4,593,112

     

4,593,112

     

   

Core deposit and other intangible assets

   

94,535

     

127,949

     

-26

   

Other assets

   

5,848,652

     

6,336,194

     

-8

   

Total assets

 

$

123,223,251

     

124,625,632

     

-1

 

%

LIABILITIES AND SHAREHOLDERS' EQUITY

                         

Noninterest-bearing deposits

 

$

34,279,591

     

29,709,218

     

15

 

%

Interest-bearing deposits

   

62,570,167

     

64,338,571

     

-3

   

Deposits at Cayman Islands office

   

192,763

     

166,787

     

16

   

Total deposits

   

97,042,521

     

94,214,576

     

3

   

Short-term borrowings

   

185,102

     

1,766,826

     

-90

   

Accrued interest and other liabilities

   

1,694,905

     

1,948,142

     

-13

   

Long-term borrowings

   

8,087,619

     

10,341,035

     

-22

   

Total liabilities

   

107,010,147

     

108,270,579

     

-1

   

Shareholders' equity:

                         

Preferred

   

1,231,500

     

1,231,500

     

   

Common (1)

   

14,981,604

     

15,123,553

     

-1

   

Total shareholders' equity

   

16,213,104

     

16,355,053

     

-1

   

Total liabilities and shareholders' equity

 

$

123,223,251

     

124,625,632

     

-1

 

%

 

(1)

Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $291.6 million at March 31, 2017 and $150.2 million at March 31, 2016.

 

 

 

Condensed Consolidated Balance Sheet, Five Quarter Trend

                   
                       
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

Dollars in thousands

 

2017

   

2016

   

2016

   

2016

   

2016

 

ASSETS

                                       

Cash and due from banks

 

$

1,286,962

     

1,320,549

     

1,332,202

     

1,284,442

     

1,178,175

 

Interest-bearing deposits at banks

   

6,945,149

     

5,000,638

     

10,777,636

     

8,474,839

     

9,545,181

 

Trading account

   

174,854

     

323,867

     

488,588

     

506,131

     

467,987

 

Investment securities

   

15,968,415

     

16,250,468

     

14,733,574

     

14,963,084

     

15,467,320

 

Loans and leases:

                                       

Commercial, financial, etc.

   

22,295,376

     

22,610,047

     

21,917,163

     

21,469,242

     

21,226,577

 

Real estate - commercial

   

33,071,654

     

33,506,394

     

32,078,762

     

30,711,230

     

29,713,293

 

Real estate - consumer

   

21,724,491

     

22,590,912

     

23,584,420

     

24,530,249

     

25,299,638

 

Consumer

   

12,221,481

     

12,146,063

     

12,066,147

     

11,811,277

     

11,632,958

 

Total loans and leases, net of unearned discount

   

89,313,002

     

90,853,416

     

89,646,492

     

88,521,998

     

87,872,466

 

Less: allowance for credit losses

   

1,001,430

     

988,997

     

976,121

     

970,496

     

962,752

 

Net loans and leases

   

88,311,572

     

89,864,419

     

88,670,371

     

87,551,502

     

86,909,714

 

Goodwill

   

4,593,112

     

4,593,112

     

4,593,112

     

4,593,112

     

4,593,112

 

Core deposit and other intangible assets

   

94,535

     

97,655

     

106,744

     

116,531

     

127,949

 

Other assets

   

5,848,652

     

5,998,498

     

6,138,801

     

6,330,943

     

6,336,194

 

Total assets

 

$

123,223,251

     

123,449,206

     

126,841,028

     

123,820,584

     

124,625,632

 

LIABILITIES AND SHAREHOLDERS' EQUITY

                                       

Noninterest-bearing deposits

 

$

34,279,591

     

32,813,896

     

33,127,627

     

30,700,066

     

29,709,218

 

Interest-bearing deposits

   

62,570,167

     

62,478,053

     

64,786,035

     

63,756,514

     

64,338,571

 

Deposits at Cayman Islands office

   

192,763

     

201,927

     

223,183

     

193,523

     

166,787

 

Total deposits

   

97,042,521

     

95,493,876

     

98,136,845

     

94,650,103

     

94,214,576

 

Short-term borrowings

   

185,102

     

163,442

     

213,846

     

407,123

     

1,766,826

 

Accrued interest and other liabilities

   

1,694,905

     

1,811,431

     

1,938,201

     

1,963,093

     

1,948,142

 

Long-term borrowings

   

8,087,619

     

9,493,835

     

10,211,160

     

10,328,751

     

10,341,035

 

Total liabilities

   

107,010,147

     

106,962,584

     

110,500,052

     

107,349,070

     

108,270,579

 

Shareholders' equity:

                                       

Preferred

   

1,231,500

     

1,231,500

     

1,231,500

     

1,231,500

     

1,231,500

 

Common (1)

   

14,981,604

     

15,255,122

     

15,109,476

     

15,240,014

     

15,123,553

 

Total shareholders' equity

   

16,213,104

     

16,486,622

     

16,340,976

     

16,471,514

     

16,355,053

 

Total liabilities and shareholders' equity

 

$

123,223,251

     

123,449,206

     

126,841,028

     

123,820,584

     

124,625,632

 

 

(1)

Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $291.6 million at March 31, 2017, $294.6 million at December 31, 2016, $114.6 million at September 30, 2016, $101.0 million at June 30, 2016 and $150.2 million at March 31, 2016.

 

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

         
           
   

Three months ended

   

Change in balance

   
   

March 31,

   

March 31,

   

December 31,

   

March 31, 2017 from

   

Dollars in millions

 

2017

   

2016

   

2016

   

March 31,

   

December 31,

   
   

Balance

   

Rate

   

Balance

   

Rate

   

Balance

   

Rate

   

2016

   

2016

   

ASSETS

                                                                 

Interest-bearing deposits at banks

 

$

6,152

     

.80

 

%

 

8,193

     

.51

 

%

 

8,790

     

.54

 

%

 

-25

 

%

 

-30

 

%

Federal funds sold

   

     

     

1

     

.77

     

     

     

-100

     

   

Trading account

   

60

     

2.20

     

85

     

1.78

     

70

     

2.05

     

-30

     

-15

   

Investment securities

   

15,999

     

2.43

     

15,348

     

2.60

     

15,417

     

2.28

     

4

     

4

   

Loans and leases, net of unearned discount

                                                                 

Commercial, financial, etc.

   

22,290

     

3.66

     

20,717

     

3.39

     

21,936

     

3.47

     

8

     

2

   

Real estate - commercial

   

33,175

     

4.18

     

29,426

     

4.16

     

32,822

     

4.01

     

13

     

1

   

Real estate - consumer

   

22,179

     

3.92

     

25,859

     

3.93

     

23,096

     

3.88

     

-14

     

-4

   

Consumer

   

12,153

     

4.68

     

11,582

     

4.55

     

12,123

     

4.53

     

5

     

   

Total loans and leases, net

   

89,797

     

4.09

     

87,584

     

3.99

     

89,977

     

3.93

     

3

     

   

Total earning assets

   

112,008

     

3.67

     

111,211

     

3.54

     

114,254

     

3.45

     

1

     

-2

   

Goodwill

   

4,593

             

4,593

             

4,593

             

     

   

Core deposit and other intangible assets

   

98

             

134

             

102

             

-27

     

-3

   

Other assets

   

6,279

             

7,314

             

6,785

             

-14

     

-7

   

Total assets

 

$

122,978

             

123,252

             

125,734

             

 

%

 

-2

 

%

                                                                   

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                                 

Interest-bearing deposits

                                                                 

Savings and interest-checking deposits

 

$

53,260

     

.20

     

50,335

     

.13

     

54,055

     

.20

     

6

 

%

 

-1

 

%

Time deposits

   

9,561

     

.81

     

12,999

     

.75

     

10,936

     

.86

     

-26

     

-13

   

Deposits at Cayman Islands office

   

192

     

.56

     

187

     

.42

     

206

     

.42

     

2

     

-7

   

Total interest-bearing deposits

   

63,013

     

.29

     

63,521

     

.26

     

65,197

     

.31

     

-1

     

-3

   

Short-term borrowings

   

184

     

.48

     

2,082

     

.42

     

200

     

.30

     

-91

     

-8

   

Long-term borrowings

   

8,423

     

2.25

     

10,528

     

2.21

     

9,901

     

2.26

     

-20

     

-15

   

Total interest-bearing liabilities

   

71,620

     

.52

     

76,131

     

.53

     

75,298

     

.57

     

-6

     

-5

   

Noninterest-bearing deposits

   

33,287

             

28,870

             

31,717

             

15

     

5

   

Other liabilities

   

1,748

             

1,972

             

2,046

             

-11

     

-15

   

Total liabilities

   

106,655

             

106,973

             

109,061

             

     

-2

   

Shareholders' equity

   

16,323

             

16,279

             

16,673

             

     

-2

   

Total liabilities and shareholders' equity

 

$

122,978

             

123,252

             

125,734

             

 

%

 

-2

 

%

                                                                   

Net interest spread

           

3.15

             

3.01

             

2.88

                   

Contribution of interest-free funds

           

.19

             

.17

             

.20

                   

Net interest margin

           

3.34

 

%

         

3.18

 

%

         

3.08

 

%

               

 

 

 

Reconciliation of GAAP to Non-GAAP Measures

 
       
   

Three months ended

 
   

March 31

 
   

2017

   

2016

 

Income statement data

               

In thousands, except per share

               

Net income

               

Net income

 

$

348,927

     

298,528

 

Amortization of core deposit and other intangible assets (1)

   

5,108

     

7,488

 

Merger-related expenses (1)

   

     

14,048

 

Net operating income

 

$

354,035

     

320,064

 
                 

Earnings per common share

               

Diluted earnings per common share

 

$

2.12

     

1.73

 

Amortization of core deposit and other intangible assets (1)

   

.03

     

.05

 

Merger-related expenses (1)

   

     

.09

 

Diluted net operating earnings per common share

 

$

2.15

     

1.87

 
                 

Other expense

               

Other expense

 

$

787,852

     

776,095

 

Amortization of core deposit and other intangible assets

   

(8,420)

     

(12,319)

 

Merger-related expenses

   

     

(23,162)

 

Noninterest operating expense

 

$

779,432

     

740,614

 
                 

Merger-related expenses

               

Salaries and employee benefits

 

$

     

5,274

 

Equipment and net occupancy

   

     

939

 

Outside data processing and software

   

     

715

 

Advertising and marketing

   

     

4,195

 

Printing, postage and supplies

   

     

937

 

Other costs of operations

   

     

11,102

 

Total

 

$

     

23,162

 
                 

Efficiency ratio

               

Noninterest operating expense (numerator)

 

$

779,432

     

740,614

 

Taxable-equivalent net interest income

   

922,259

     

878,296

 

Other income

   

446,845

     

420,933

 

Less:  Gain on bank investment securities

   

     

4

 

Denominator

 

$

1,369,104

     

1,299,225

 

Efficiency ratio

   

56.93

%

   

57.00

%

                 

Balance sheet data

               

In millions

               

Average assets

               

Average assets

 

$

122,978

     

123,252

 

Goodwill

   

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(98)

     

(134)

 

Deferred taxes

   

39

     

52

 

Average tangible assets

 

$

118,326

     

118,577

 

Average common equity

               

Average total equity

 

$

16,323

     

16,279

 

Preferred stock

   

(1,232)

     

(1,232)

 

Average common equity

   

15,091

     

15,047

 

Goodwill

   

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(98)

     

(134)

 

Deferred taxes

   

39

     

52

 

Average tangible common equity

 

$

10,439

     

10,372

 
                 

At end of quarter

               

Total assets

               

Total assets

 

$

123,223

     

124,626

 

Goodwill

   

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(95)

     

(128)

 

Deferred taxes

   

38

     

50

 

Total tangible assets

 

$

118,573

     

119,955

 

Total common equity

               

Total equity

 

$

16,213

     

16,355

 

Preferred stock

   

(1,232)

     

(1,232)

 

Undeclared dividends - cumulative preferred stock

   

(3)

     

(3)

 

Common equity, net of undeclared cumulative preferred dividends

   

14,978

     

15,120

 

Goodwill

   

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(95)

     

(128)

 

Deferred taxes

   

38

     

50

 

Total tangible common equity

 

$

10,328

     

10,449

 
   
   
   

(1)

After any related tax effect.

 

 

 

 

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

 
   
   

Three months ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 
   

2017

   

2016

   

2016

   

2016

   

2016

 

Income statement data

                                       

In thousands, except per share

                                       

Net income

                                       

Net income

 

$

348,927

     

330,571

     

349,984

     

336,031

     

298,528

 

Amortization of core deposit and other intangible assets (1)

   

5,108

     

5,524

     

5,945

     

6,936

     

7,488

 

Merger-related expenses (1)

   

     

     

     

7,637

     

14,048

 

Net operating income

 

$

354,035

     

336,095

     

355,929

     

350,604

     

320,064

 
                                         

Earnings per common share

                                       

Diluted earnings per common share

 

$

2.12

     

1.98

     

2.10

     

1.98

     

1.73

 

Amortization of core deposit and other intangible assets (1)

   

.03

     

.03

     

.03

     

.04

     

.05

 

Merger-related expenses (1)

   

     

     

     

.05

     

.09

 

Diluted net operating earnings per common share

 

$

2.15

     

2.01

     

2.13

     

2.07

     

1.87

 
                                         

Other expense

                                       

Other expense

 

$

787,852

     

769,103

     

752,392

     

749,895

     

776,095

 

Amortization of core deposit and other intangible assets

   

(8,420)

     

(9,089)

     

(9,787)

     

(11,418)

     

(12,319)

 

Merger-related expenses

   

     

     

     

(12,593)

     

(23,162)

 

Noninterest operating expense

 

$

779,432

     

760,014

     

742,605

     

725,884

     

740,614

 
                                         

Merger-related expenses

                                       

Salaries and employee benefits

 

$

     

     

     

60

     

5,274

 

Equipment and net occupancy

   

     

     

     

339

     

939

 

Outside data processing and software

   

     

     

     

352

     

715

 

Advertising and marketing

   

     

     

     

6,327

     

4,195

 

Printing, postage and supplies

   

     

     

     

545

     

937

 

Other costs of operations

   

     

     

     

4,970

     

11,102

 

Total

 

$

     

     

     

12,593

     

23,162

 
                                         

Efficiency ratio

                                       

Noninterest operating expense (numerator)

 

$

779,432

     

760,014

     

742,605

     

725,884

     

740,614

 

Taxable-equivalent net interest income

   

922,259

     

883,147

     

865,065

     

870,341

     

878,296

 

Other income

   

446,845

     

465,459

     

491,350

     

448,254

     

420,933

 

Less:  Gain on bank investment securities

   

     

1,566

     

28,480

     

264

     

4

 

Denominator

 

$

1,369,104

     

1,347,040

     

1,327,935

     

1,318,331

     

1,299,225

 

Efficiency ratio

   

56.93

%

   

56.42

%

   

55.92

%

   

55.06

%

   

57.00

%

                                         

Balance sheet data

                                       

In millions

                                       

Average assets

                                       

Average assets

 

$

122,978

     

125,734

     

124,725

     

123,706

     

123,252

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(98)

     

(102)

     

(112)

     

(122)

     

(134)

 

Deferred taxes

   

39

     

40

     

44

     

48

     

52

 

Average tangible assets

 

$

118,326

     

121,079

     

120,064

     

119,039

     

118,577

 

Average common equity

                                       

Average total equity

 

$

16,323

     

16,673

     

16,347

     

16,377

     

16,279

 

Preferred stock

   

(1,232)

     

(1,492)

     

(1,232)

     

(1,232)

     

(1,232)

 

Average common equity

   

15,091

     

15,181

     

15,115

     

15,145

     

15,047

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(98)

     

(102)

     

(112)

     

(122)

     

(134)

 

Deferred taxes

   

39

     

40

     

44

     

48

     

52

 

Average tangible common equity

 

$

10,439

     

10,526

     

10,454

     

10,478

     

10,372

 
                                         

At end of quarter

                                       

Total assets

                                       

Total assets

 

$

123,223

     

123,449

     

126,841

     

123,821

     

124,626

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(95)

     

(98)

     

(107)

     

(117)

     

(128)

 

Deferred taxes

   

38

     

39

     

42

     

46

     

50

 

Total tangible assets

 

$

118,573

     

118,797

     

122,183

     

119,157

     

119,955

 

Total common equity

                                       

Total equity

 

$

16,213

     

16,487

     

16,341

     

16,472

     

16,355

 

Preferred stock

   

(1,232)

     

(1,232)

     

(1,232)

     

(1,232)

     

(1,232)

 

Undeclared dividends - cumulative preferred stock

   

(3)

     

(3)

     

(3)

     

(3)

     

(3)

 

Common equity, net of undeclared cumulative preferred dividends

   

14,978

     

15,252

     

15,106

     

15,237

     

15,120

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(95)

     

(98)

     

(107)

     

(117)

     

(128)

 

Deferred taxes

   

38

     

39

     

42

     

46

     

50

 

Total tangible common equity

 

$

10,328

     

10,600

     

10,448

     

10,573

     

10,449

 

 

(1)

After any related tax effect.