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M&T Bank Corporation Announces Third Quarter Results
BUFFALO, N.Y., Oct. 17, 2018 -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2018.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2018 were $3.53, 60% higher than $2.21 in the year-earlier quarter and 8% above $3.26 recorded in the second quarter of 2018.  GAAP-basis net income in the recent quarter was $526 million, up from $356 million in the third quarter of 2017 and $493 million in the second 2018 quarter. GAAP-basis net income for the third quarter of 2018 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.80% and 14.08%, respectively, improved from 1.18% and 8.89%, respectively, in the similar 2017 period and 1.70% and 13.32%, respectively, in the second quarter of 2018. As compared with 2017, income tax expense in 2018 reflects the reduction of the corporate Federal income tax rate from 35% to 21%.

Commenting on M&T's results for the recent quarter, Darren J. King, Executive Vice President and Chief Financial Officer, noted, "M&T posted another quarter of strong financial results. Growth in net interest income, fueled by a wider net interest margin, reduced credit costs and controlled operating expenses led to an 8% rise in diluted earnings per common share compared with the second quarter. Reflecting the consistency of our earnings, we increased the quarterly common stock dividend by 25% to $1.00 per share."

Earnings Highlights

 
                                         
                           

Change 3Q18 vs.

 

($ in millions, except per share data)

 

3Q18

   

3Q17

   

2Q18

   

3Q17

   

2Q18

 
                                         

Net income

 

$

526

   

$

356

   

$

493

     

48

%

   

7

%

Net income available to common shareholders - diluted

 

$

505

   

$

336

   

$

473

     

50

%

   

7

%

Diluted earnings per common share

 

$

3.53

   

$

2.21

   

$

3.26

     

60

%

   

8

%

Annualized return on average assets

   

1.80

%

   

1.18

%

   

1.70

%

               

Annualized return on average common equity

   

14.08

%

   

8.89

%

   

13.32

%

               

For the first nine months of 2018, diluted earnings per common share were $9.00, up 35% from $6.69 in the year-earlier period. GAAP-basis net income for the nine-month period ended September 30, 2018 totaled $1.37 billion, 26% above $1.09 billion in the corresponding 2017 period. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in the first nine months of 2018 was 1.57% and 12.16%, respectively, improved from 1.20% and 9.15%, respectively, in the year-earlier 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" 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 $3.56 in the recent quarter, up from $2.24 in the third quarter of 2017 and $3.29 in the second quarter of 2018.  Net operating income for the third quarter of 2018 was $531 million, compared with $361 million in the year-earlier period and $498 million in 2018's second quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the recent quarter was 1.89% and 21.00%, respectively, improved from 1.25% and 13.03%, respectively, in the similar 2017 quarter and 1.79% and 19.91%, respectively, in the second quarter of 2018.

Diluted net operating earnings per common share in the first nine months of 2018 increased to $9.10 from $6.78 in the corresponding 2017 period. Net operating income during the nine-month period ended September 30, 2018 was $1.39 billion, up from $1.10 billion in the year-earlier period. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.65% and 18.09%, respectively, in the first nine months of 2018, compared with 1.26% and 13.42%, respectively, in the year-earlier period.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis totaled $1.03 billion in 2018's third quarter, 7% higher than $966 million in the year-earlier quarter and 2% above $1.01 billion in the second quarter of 2018. That growth resulted from a widening of the net interest margin to 3.88% in the recent quarter from 3.53% in the third quarter of 2017 and 3.83% in the second quarter of 2018. In each quarterly comparison, the impact of the improved margin was partially offset by lower average balances of loans and investment securities.

                                         

Taxable-equivalent Net Interest Income

 
                                         
                           

Change 3Q18 vs.

 

($ in millions)

 

3Q18

   

3Q17

   

2Q18

   

3Q17

   

2Q18

 
                                         

Average earning assets

 

$

105,835

   

$

108,642

   

$

106,210

     

-3

%

   

 

Net interest income  ̶  taxable-equivalent

 

$

1,035

   

$

966

   

$

1,014

     

7

%

   

2

%

Net interest margin

   

3.88

%

   

3.53

%

   

3.83

%

               

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $16 million in the third quarter of 2018, compared with $30 million in the year-earlier quarter and $35 million in 2018's second quarter. Reflecting significantly higher recoveries of previously charged-off loans, net loan charge-offs were $16 million during the recent quarter, compared with $25 million in the third quarter of 2017 and $35 million in the second quarter of 2018.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .07% and .11% in the third quarters of 2018 and 2017, respectively, and .16% in the second quarter of 2018.

Loans classified as nonaccrual totaled $871 million or 1.00% of total loans outstanding at September 30, 2018, compared with $869 million or .99% a year earlier and $820 million or .93% at June 30, 2018. Assets taken in foreclosure of defaulted loans were $87 million at September 30, 2018, improved from $111 million at September 30, 2017 and $98 million at June 30, 2018.

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 $1.02 billion or 1.18% of loans outstanding at September 30, 2018, compared with $1.01 billion or 1.15% at September 30, 2017 and $1.02 billion or 1.16% at June 30, 2018.

Asset Quality Metrics

 
                                         
                           

Change 3Q18 vs.

 

($ in millions)

 

3Q18

   

3Q17

   

2Q18

   

3Q17

   

2Q18

 
                                         

At end of quarter

                                       

Nonaccrual loans

 

$

871

   

$

869

   

$

820

     

     

6

%

Real estate and other foreclosed assets

 

$

87

   

$

111

   

$

98

     

-21

%

   

-11

%

Total nonperforming assets

 

$

958

   

$

980

   

$

918

     

-2

%

   

4

%

Accruing loans past due 90 days or more (1)

 

$

254

   

$

261

   

$

223

     

-3

%

   

14

%

Nonaccrual loans as % of loans outstanding

   

1.00

%

   

.99

%

   

.93

%

               
                                         

Allowance for credit losses

 

$

1,019

   

$

1,013

   

$

1,019

     

1

%

   

 

Allowance for credit losses as % of loans outstanding

   

1.18

%

   

1.15

%

   

1.16

%

               
                                         

For the period

                                       

Provision for credit losses

 

$

16

   

$

30

   

$

35

     

-47

%

   

-54

%

Net charge-offs

 

$

16

   

$

25

   

$

35

     

-37

%

   

-56

%

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

   

.07

%

   

.11

%

   

.16

%

               

_________________________________________

(1)      Excludes loans acquired at a discount.  Predominantly residential real estate loans.

Noninterest Income and Expense.  Noninterest income totaled $459 million in each of the third quarters of 2018 and 2017 and $457 million in the second quarter of 2018. As compared with the third quarter of 2017, higher trust income and credit-related fees in the recent quarter were predominantly offset by lower mortgage banking revenues and valuation losses on equity securities. Higher credit-related fees in the recent quarter were offset by a decline in mortgage banking revenues, seasonally lower trust income and valuation losses on equity securities as compared with the second quarter of 2018.

Noninterest Income

 
                                         
                           

Change 3Q18 vs.

 

($ in millions)

 

3Q18

   

3Q17

   

2Q18

   

3Q17

   

2Q18

 
                                         

Mortgage banking revenues

 

$

88

   

$

97

   

$

92

     

-9

%

   

-4

%

Service charges on deposit accounts

   

109

     

109

     

107

     

-1

%

   

2

%

Trust income

   

133

     

125

     

138

     

7

%

   

-3

%

Brokerage services income

   

12

     

15

     

13

     

-16

%

   

-3

%

Trading account and foreign exchange gains

   

6

     

7

     

5

     

-14

%

   

16

%

Gain (loss) on bank investment securities

   

(3)

     

     

2

     

     

 

Other revenues from operations

   

114

     

106

     

100

     

7

%

   

13

%

Total other income

 

$

459

   

$

459

   

$

457

     

     

 

Noninterest expense aggregated $776 million in the third quarter of 2018, $806 million in the year-earlier quarter and $777 million in the second quarter of 2018.  Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets, noninterest operating expenses were $770 million in each of the two most recent quarters and $798 million in the third quarter of 2017. The decline in noninterest expense in the third quarter of 2018 as compared with the year-earlier quarter reflected a $50 million increase to the reserve for legal matters in the third quarter of 2017 that was partially offset by higher salaries and employee benefits expenses in the recent quarter. As compared with the second quarter of 2018, lower costs for professional services in the recent quarter were largely offset by higher salaries and employee benefits expenses.

Noninterest Expense

 
                                         
                           

Change 3Q18 vs.

 

($ in millions)

 

3Q18

   

3Q17

   

2Q18

   

3Q17

   

2Q18

 
                                         

Salaries and employee benefits

 

$

431

   

$

399

   

$

419

     

8

%

   

3

%

Equipment and net occupancy

   

77

     

75

     

73

     

3

%

   

6

%

Outside data processing and software

   

51

     

46

     

49

     

11

%

   

2

%

FDIC assessments

   

19

     

24

     

20

     

-21

%

   

-4

%

Advertising and marketing

   

22

     

17

     

22

     

25

%

   

 

Printing, postage and supplies

   

9

     

9

     

9

     

1

%

   

1

%

Amortization of core deposit and other intangible assets

   

6

     

8

     

6

     

-21

%

   

-4

%

Other costs of operations

   

161

     

228

     

179

     

-30

%

   

-10

%

Total other expense

 

$

776

   

$

806

   

$

777

     

-4

%

   

 

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 51.4% in the third quarter of 2018, 56.0% in the corresponding 2017 quarter and 52.4% in the second quarter of 2018.

Balance Sheet.  M&T had total assets of $116.8 billion at September 30, 2018, compared with $120.4 billion and $118.4 billion at September 30, 2017 and June 30, 2018, respectively. Loans and leases, net of unearned discount, were $86.7 billion at September 30, 2018, $87.9 billion at September 30, 2017 and $87.8 billion at June 30, 2018. The decline from September 30, 2017 reflects repayments of acquired residential mortgage loans, partially offset by growth in commercial real estate loans and consumer loans. The lower outstanding balances of loans and leases at the recent quarter-end as compared with June 30, 2018 reflect acquired residential mortgage loan repayments and a decline in commercial real estate loans, predominantly loans held for sale. Total deposits were $89.1 billion at the recent quarter-end, compared with $93.5 billion at September 30, 2017 and $89.3 billion at June 30, 2018. The decrease from September 30, 2017 reflects maturities of time deposits, and lower commercial savings and noninterest-bearing deposits.

Total shareholders' equity was $15.4 billion at September 30, 2018 and $16.3 billion a year earlier, representing 13.21% and 13.55%, respectively, of total assets. Total shareholders' equity was $15.6 billion, or 13.15% of total assets at June 30, 2018. Common shareholders' equity was $14.2 billion, or $100.38 per share, at September 30, 2018, compared with $15.1 billion, or $99.70 per share, a year-earlier and $14.3 billion, or $99.43 per share, at June 30, 2018.  Tangible equity per common share was $67.64 at September 30, 2018, compared with $69.02 at September 30, 2017 and $67.29 at June 30, 2018. 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 10.44% at September 30, 2018.

In accordance with its 2018 capital plan, M&T repurchased 2,844,159 shares of its common stock during the recent quarter at an average cost per share of $175.27, for a total cost of $498 million. In the aggregate, during the first nine months of 2018, M&T repurchased 9,235,817 shares of common stock at a total cost of $1.7 billion.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss third 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 #1797788.  The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available until Wednesday, October 24, by calling (800) 585-8367, or (404) 537-3406 for international participants, and by making reference to ID #1797788.  The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.

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

           

Nine months ended

         
   

September 30

           

September 30

         

Amounts in thousands, except per share

 

2018

   

2017

   

Change

   

2018

   

2017

   

Change

 

Performance

                                               

Net income

 

$

526,091

     

355,923

     

48

%

 

$

1,371,861

     

1,085,903

     

26

%

Net income available to common shareholders

   

505,365

     

335,804

     

50

%

   

1,310,703

     

1,025,023

     

28

%

Per common share:

                                               

Basic earnings

 

$

3.54

     

2.22

     

59

%

 

$

9.01

     

6.71

     

34

%

Diluted earnings

   

3.53

     

2.21

     

60

%

   

9.00

     

6.69

     

35

%

Cash dividends

 

$

1.00

     

.75

     

33

%

 

$

2.55

     

2.25

     

13

%

Common shares outstanding:

                                               

Average - diluted (1)

   

142,976

     

151,691

     

-6

%

   

145,605

     

153,293

     

-5

%

Period end (2)

   

141,479

     

151,291

     

-6

%

   

141,479

     

151,291

     

-6

%

Return on (annualized):

                                               

Average total assets

   

1.80

%

   

1.18

%

           

1.57

%

   

1.20

%

       

Average common shareholders' equity

   

14.08

%

   

8.89

%

           

12.16

%

   

9.15

%

       

Taxable-equivalent net interest income

 

$

1,034,771

     

965,962

     

7

%

 

$

3,029,281

     

2,835,157

     

7

%

Yield on average earning assets

   

4.40

%

   

3.89

%

           

4.26

%

   

3.79

%

       

Cost of interest-bearing liabilities

   

.82

%

   

.57

%

           

.72

%

   

.54

%

       

Net interest spread

   

3.58

%

   

3.32

%

           

3.54

%

   

3.25

%

       

Contribution of interest-free funds

   

.30

%

   

.21

%

           

.27

%

   

.19

%

       

Net interest margin

   

3.88

%

   

3.53

%

           

3.81

%

   

3.44

%

       

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

   

.07

%

   

.11

%

           

.14

%

   

.17

%

       

Net operating results (3)

                                               

Net operating income

 

$

530,619

     

360,658

     

47

%

 

$

1,385,986

     

1,100,667

     

26

%

Diluted net operating earnings per common share

   

3.56

     

2.24

     

59

%

   

9.10

     

6.78

     

34

%

Return on (annualized):

                                               

Average tangible assets

   

1.89

%

   

1.25

%

           

1.65

%

   

1.26

%

       

Average tangible common equity

   

21.00

%

   

13.03

%

           

18.09

%

   

13.42

%

       

Efficiency ratio

   

51.41

%

   

56.00

%

           

55.87

%

   

55.21

%

       
                                                 
   

At September 30

                             

Loan quality

 

2018

   

2017

   

Change

                         

Nonaccrual loans

 

$

870,832

     

869,362

     

                         

Real estate and other foreclosed assets

   

87,333

     

110,515

     

-21

%

                       

Total nonperforming assets

 

$

958,165

     

979,877

     

-2

%

                       

Accruing loans past due 90 days or more (4)

 

$

254,360

     

261,288

     

-3

%

                       

Government guaranteed loans included in totals above:

                                               

Nonaccrual loans

 

$

33,570

     

34,687

     

-3

%

                       

Accruing loans past due 90 days or more

   

195,450

     

252,072

     

-22

%

                       

Renegotiated loans

 

$

242,892

     

226,672

     

7

%

                       

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

 

$

47,681

     

56,225

     

-15

%

                       

Purchased impaired loans (6):

                                               

Outstanding customer balance

 

$

572,979

     

779,340

     

-26

%

                       

Carrying amount

   

325,980

     

466,943

     

-30

%

                       

Nonaccrual loans to total net loans

   

1.00

%

   

.99

%

                               

Allowance for credit losses to total loans

   

1.18

%

   

1.15

%

                               

___________________________

(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

 
   

September 30,

   

June 30,

   

March 31,

   

December 31,

   

September 30,

 

Amounts in thousands, except per share

 

2018

   

2018

   

2018

   

2017

   

2017

 

Performance

                                       

Net income

 

$

526,091

     

493,160

     

352,610

     

322,403

     

355,923

 

Net income available to common shareholders

   

505,365

     

472,600

     

332,749

     

302,486

     

335,804

 

Per common share:

                                       

Basic earnings

 

$

3.54

     

3.26

     

2.24

     

2.01

     

2.22

 

Diluted earnings

   

3.53

     

3.26

     

2.23

     

2.01

     

2.21

 

Cash dividends

 

$

1.00

     

.80

     

.75

     

.75

     

.75

 

Common shares outstanding:

                                       

Average - diluted (1)

   

142,976

     

144,998

     

148,905

     

150,348

     

151,691

 

Period end (2)

   

141,479

     

144,261

     

146,799

     

150,112

     

151,291

 

Return on (annualized):

                                       

Average total assets

   

1.80

%

   

1.70

%

   

1.22

%

   

1.06

%

   

1.18

%

Average common shareholders' equity

   

14.08

%

   

13.32

%

   

9.15

%

   

8.03

%

   

8.89

%

Taxable-equivalent net interest income

 

$

1,034,771

     

1,014,184

     

980,326

     

980,457

     

965,962

 

Yield on average earning assets

   

4.40

%

   

4.28

%

   

4.11

%

   

3.93

%

   

3.89

%

Cost of interest-bearing liabilities

   

.82

%

   

.71

%

   

.64

%

   

.59

%

   

.57

%

Net interest spread

   

3.58

%

   

3.57

%

   

3.47

%

   

3.34

%

   

3.32

%

Contribution of interest-free funds

   

.30

%

   

.26

%

   

.24

%

   

.22

%

   

.21

%

Net interest margin

   

3.88

%

   

3.83

%

   

3.71

%

   

3.56

%

   

3.53

%

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

   

.07

%

   

.16

%

   

.19

%

   

.12

%

   

.11

%

Net operating results (3)

                                       

Net operating income

 

$

530,619

     

497,869

     

357,498

     

326,664

     

360,658

 

Diluted net operating earnings per common share

   

3.56

     

3.29

     

2.26

     

2.04

     

2.24

 

Return on (annualized):

                                       

Average tangible assets

   

1.89

%

   

1.79

%

   

1.28

%

   

1.12

%

   

1.25

%

Average tangible common equity

   

21.00

%

   

19.91

%

   

13.51

%

   

11.77

%

   

13.03

%

Efficiency ratio

   

51.41

%

   

52.42

%

   

63.98

%

   

54.65

%

   

56.00

%

                                         
   

September 30,

   

June 30,

   

March 31,

   

December 31,

   

September 30,

 

Loan quality

 

2018

   

2018

   

2018

   

2017

   

2017

 

Nonaccrual loans

 

$

870,832

     

819,984

     

864,671

     

882,598

     

869,362

 

Real estate and other foreclosed assets

   

87,333

     

98,062

     

101,514

     

111,910

     

110,515

 

Total nonperforming assets

 

$

958,165

     

918,046

     

966,185

     

994,508

     

979,877

 

Accruing loans past due 90 days or more (4)

 

$

254,360

     

223,026

     

235,325

     

244,405

     

261,288

 

Government guaranteed loans included in totals above:

                                       

Nonaccrual loans

 

$

33,570

     

34,870

     

36,618

     

35,677

     

34,687

 

Accruing loans past due 90 days or more

   

195,450

     

202,394

     

223,611

     

235,489

     

252,072

 

Renegotiated loans

 

$

242,892

     

242,528

     

226,829

     

221,513

     

226,672

 

Accruing loans acquired at a discount past due 90 days or

        more (5)

 

$

47,681

     

47,405

     

49,349

     

47,418

     

56,225

 

Purchased impaired loans (6):

                                       

Outstanding customer balance

 

$

572,979

     

606,683

     

643,124

     

688,091

     

779,340

 

Carrying amount

   

325,980

     

352,465

     

378,000

     

410,015

     

466,943

 

Nonaccrual loans to total net loans

   

1.00

%

   

.93

%

   

.99

%

   

1.00

%

   

.99

%

Allowance for credit losses to total loans

   

1.18

%

   

1.16

%

   

1.16

%

   

1.16

%

   

1.15

%

 

(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

           

Nine months ended

         
   

September 30

           

September 30

         

Dollars in thousands

 

2018

   

2017

   

Change

   

2018

   

2017

   

Change

 

Interest income

 

$

1,167,375

     

1,057,210

     

10

%

 

$

3,378,430

     

3,093,656

     

9

%

Interest expense

   

138,337

     

100,076

     

38

     

365,088

     

284,062

     

29

 

Net interest income

   

1,029,038

     

957,134

     

8

     

3,013,342

     

2,809,594

     

7

 

Provision for credit losses

   

16,000

     

30,000

     

-47

     

94,000

     

137,000

     

-31

 

Net interest income after provision for credit losses

   

1,013,038

     

927,134

     

9

     

2,919,342

     

2,672,594

     

9

 

Other income

                                               

Mortgage banking revenues

   

88,408

     

96,737

     

-9

     

268,213

     

267,592

     

 

Service charges on deposit accounts

   

108,647

     

109,356

     

-1

     

320,546

     

319,589

     

 

Trust income

   

133,545

     

124,900

     

7

     

402,561

     

371,712

     

8

 

Brokerage services income

   

12,267

     

14,676

     

-16

     

38,288

     

48,677

     

-21

 

Trading account and foreign exchange gains

   

6,073

     

7,058

     

-14

     

15,965

     

24,833

     

-36

 

Loss on bank investment securities

   

(3,415)

     

     

     

(10,520)

     

(17)

     

 

Other revenues from operations

   

113,769

     

106,702

     

7

     

340,351

     

334,704

     

2

 

Total other income

   

459,294

     

459,429

     

     

1,375,404

     

1,367,090

     

1

 

Other expense

                                               

Salaries and employee benefits

   

431,371

     

398,605

     

8

     

1,313,336

     

1,246,400

     

5

 

Equipment and net occupancy

   

77,481

     

75,558

     

3

     

225,309

     

223,721

     

1

 

Outside data processing and software

   

50,678

     

45,761

     

11

     

148,819

     

134,637

     

11

 

FDIC assessments

   

18,849

     

23,969

     

-21

     

58,689

     

78,149

     

-25

 

Advertising and marketing

   

21,784

     

17,403

     

25

     

59,800

     

49,837

     

20

 

Printing, postage and supplies

   

8,843

     

8,732

     

1

     

26,881

     

27,397

     

-2

 

Amortization of core deposit and other
   intangible assets

   

6,143

     

7,808

     

-21

     

19,163

     

24,341

     

-21

 

Other costs of operations

   

160,830

     

228,189

     

-30

     

633,903

     

560,030

     

13

 

Total other expense

   

775,979

     

806,025

     

-4

     

2,485,900

     

2,344,512

     

6

 

Income before income taxes

   

696,353

     

580,538

     

20

     

1,808,846

     

1,695,172

     

7

 

Applicable income taxes

   

170,262

     

224,615

     

-24

     

436,985

     

609,269

     

-28

 

Net income

 

$

526,091

     

355,923

     

48

%

 

$

1,371,861

     

1,085,903

     

26

%

 

 

Condensed Consolidated Statement of Income, Five Quarter Trend

   

Three months ended

 
   

September 30,

   

June 30,

   

March 31,

   

December 31,

   

September 30,

 

Dollars in thousands

 

2018

   

2018

   

2018

   

2017

   

2017

 

Interest income

 

$

1,167,375

     

1,128,905

     

1,082,150

     

1,074,139

     

1,057,210

 

Interest expense

   

138,337

     

120,118

     

106,633

     

102,689

     

100,076

 

Net interest income

   

1,029,038

     

1,008,787

     

975,517

     

971,450

     

957,134

 

Provision for credit losses

   

16,000

     

35,000

     

43,000

     

31,000

     

30,000

 

Net interest income after provision for credit losses

   

1,013,038

     

973,787

     

932,517

     

940,450

     

927,134

 

Other income

                                       

Mortgage banking revenues

   

88,408

     

92,499

     

87,306

     

96,235

     

96,737

 

Service charges on deposit accounts

   

108,647

     

106,784

     

105,115

     

107,783

     

109,356

 

Trust income

   

133,545

     

137,641

     

131,375

     

129,669

     

124,900

 

Brokerage services income

   

12,267

     

12,629

     

13,392

     

12,768

     

14,676

 

Trading account and foreign exchange gains

   

6,073

     

5,255

     

4,637

     

10,468

     

7,058

 

Gain (loss) on bank investment securities

   

(3,415)

     

2,326

     

(9,431)

     

21,296

     

 

Other revenues from operations

   

113,769

     

100,280

     

126,302

     

105,834

     

106,702

 

Total other income

   

459,294

     

457,414

     

458,696

     

484,053

     

459,429

 

Other expense

                                       

Salaries and employee benefits

   

431,371

     

418,537

     

463,428

     

402,394

     

398,605

 

Equipment and net occupancy

   

77,481

     

73,031

     

74,797

     

71,363

     

75,558

 

Outside data processing and software

   

50,678

     

49,712

     

48,429

     

50,033

     

45,761

 

FDIC assessments

   

18,849

     

19,560

     

20,280

     

23,722

     

23,969

 

Advertising and marketing

   

21,784

     

21,768

     

16,248

     

19,366

     

17,403

 

Printing, postage and supplies

   

8,843

     

8,719

     

9,319

     

8,563

     

8,732

 

Amortization of core deposit and other
     
intangible assets

   

6,143

     

6,388

     

6,632

     

7,025

     

7,808

 

Other costs of operations

   

160,830

     

178,862

     

294,211

     

213,347

     

228,189

 

Total other expense

   

775,979

     

776,577

     

933,344

     

795,813

     

806,025

 

Income before income taxes

   

696,353

     

654,624

     

457,869

     

628,690

     

580,538

 

Applicable income taxes

   

170,262

     

161,464

     

105,259

     

306,287

     

224,615

 

Net income

 

$

526,091

     

493,160

     

352,610

     

322,403

     

355,923

 

 

 

Condensed Consolidated Balance Sheet

   

September 30

           

Dollars in thousands

 

2018

   

2017

   

Change

   

ASSETS

                         

Cash and due from banks

 

$

1,311,611

     

1,368,252

     

-4

 

%

Interest-bearing deposits at banks

   

6,523,746

     

6,306,484

     

3

   

Trading account

   

125,038

     

170,516

     

-27

   

Investment securities

   

13,073,881

     

15,073,926

     

-13

   

Loans and leases:

                         

Commercial, financial, etc.

   

21,635,394

     

21,743,251

     

   

Real estate - commercial

   

33,518,375

     

32,914,288

     

2

   

Real estate - consumer

   

17,721,399

     

20,265,162

     

-13

   

Consumer

   

13,805,317

     

13,002,433

     

6

   

Total loans and leases, net of unearned discount

   

86,680,485

     

87,925,134

     

-1

   

Less: allowance for credit losses

   

1,019,488

     

1,013,326

     

1

   

Net loans and leases

   

85,660,997

     

86,911,808

     

-1

   

Goodwill

   

4,593,112

     

4,593,112

     

   

Core deposit and other intangible assets

   

52,426

     

78,614

     

-33

   

Other assets

   

5,486,826

     

5,899,092

     

-7

   

Total assets

 

$

116,827,637

     

120,401,804

     

-3

 

%

                           

LIABILITIES AND SHAREHOLDERS' EQUITY

                         

Noninterest-bearing deposits

 

$

31,773,560

     

33,111,246

     

-4

 

%

Interest-bearing deposits

   

56,919,549

     

60,170,133

     

-5

   

Deposits at Cayman Islands office

   

447,287

     

232,014

     

93

   

Total deposits

   

89,140,396

     

93,513,393

     

-5

   

Short-term borrowings

   

1,310,110

     

200,768

     

553

   

Accrued interest and other liabilities

   

1,800,778

     

1,791,946

     

   

Long-term borrowings

   

9,140,268

     

8,577,645

     

7

   

Total liabilities

   

101,391,552

     

104,083,752

     

-3

   

Shareholders' equity:

                         

Preferred

   

1,231,500

     

1,231,500

     

   

Common

   

14,204,585

     

15,086,552

     

-6

   

Total shareholders' equity

   

15,436,085

     

16,318,052

     

-5

   

Total liabilities and shareholders' equity

 

$

116,827,637

     

120,401,804

     

-3

 

%

 

 

Condensed Consolidated Balance Sheet, Five Quarter Trend

   

September 30,

   

June 30,

   

March 31,

   

December 31,

   

September 30,

 

Dollars in thousands

 

2018

   

2018

   

2018

   

2017

   

2017

 

ASSETS

                                       

Cash and due from banks

 

$

1,311,611

     

1,367,594

     

1,291,664

     

1,420,888

     

1,368,252

 

Interest-bearing deposits at banks

   

6,523,746

     

6,669,985

     

6,135,434

     

5,078,903

     

6,306,484

 

Federal funds sold

   

     

1,500

     

1,000

     

     

 

Trading account

   

125,038

     

148,303

     

141,134

     

132,909

     

170,516

 

Investment securities

   

13,073,881

     

13,283,002

     

14,066,564

     

14,664,525

     

15,073,926

 

Loans and leases:

                                       

Commercial, financial, etc.

   

21,635,394

     

21,894,857

     

21,697,522

     

21,742,651

     

21,743,251

 

Real estate - commercial

   

33,518,375

     

34,137,937

     

33,753,506

     

33,366,373

     

32,914,288

 

Real estate - consumer

   

17,721,399

     

18,310,712

     

18,960,946

     

19,613,344

     

20,265,162

 

Consumer

   

13,805,317

     

13,453,944

     

13,298,775

     

13,266,615

     

13,002,433

 

Total loans and leases, net of unearned discount

   

86,680,485

     

87,797,450

     

87,710,749

     

87,988,983

     

87,925,134

 

Less: allowance for credit losses

   

1,019,488

     

1,019,248

     

1,019,671

     

1,017,198

     

1,013,326

 

Net loans and leases

   

85,660,997

     

86,778,202

     

86,691,078

     

86,971,785

     

86,911,808

 

Goodwill

   

4,593,112

     

4,593,112

     

4,593,112

     

4,593,112

     

4,593,112

 

Core deposit and other intangible assets

   

52,426

     

58,569

     

64,957

     

71,589

     

78,614

 

Other assets

   

5,486,826

     

5,525,786

     

5,637,881

     

5,659,776

     

5,899,092

 

Total assets

 

$

116,827,637

     

118,426,053

     

118,622,824

     

118,593,487

     

120,401,804

 
                                         

LIABILITIES AND SHAREHOLDERS' EQUITY

                                       

Noninterest-bearing deposits

 

$

31,773,560

     

32,086,191

     

31,817,516

     

33,975,180

     

33,111,246

 

Interest-bearing deposits

   

56,919,549

     

56,924,970

     

58,851,050

     

58,278,970

     

60,170,133

 

Deposits at Cayman Islands office

   

447,287

     

261,427

     

278,064

     

177,996

     

232,014

 

Total deposits

   

89,140,396

     

89,272,588

     

90,946,630

     

92,432,146

     

93,513,393

 

Short-term borrowings

   

1,310,110

     

3,239,416

     

1,626,129

     

175,099

     

200,768

 

Accrued interest and other liabilities

   

1,800,778

     

1,953,848

     

1,749,320

     

1,593,993

     

1,791,946

 

Long-term borrowings

   

9,140,268

     

8,382,316

     

8,591,051

     

8,141,430

     

8,577,645

 

Total liabilities

   

101,391,552

     

102,848,168

     

102,913,130

     

102,342,668

     

104,083,752

 

Shareholders' equity:

                                       

Preferred

   

1,231,500

     

1,231,500

     

1,231,500

     

1,231,500

     

1,231,500

 

Common

   

14,204,585

     

14,346,385

     

14,478,194

     

15,019,319

     

15,086,552

 

Total shareholders' equity

   

15,436,085

     

15,577,885

     

15,709,694

     

16,250,819

     

16,318,052

 

Total liabilities and shareholders' equity

 

$

116,827,637

     

118,426,053

     

118,622,824

     

118,593,487

     

120,401,804

 

 

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

   

Three months ended

   

Change in balance

     

Nine months ended

           
   

September 30,

   

September 30,

   

June 30,

   

September 30, 2018 from

     

September 30,

   

Change

   

Dollars in millions

 

2018

   

2017

   

2018

   

September 30,

   

June 30,

     

2018

   

2017

   

in

   
   

Balance

   

Rate

   

Balance

   

Rate

   

Balance

   

Rate

   

2017

   

2018

     

Balance

   

Rate

   

Balance

   

Rate

   

balance

   
 

ASSETS

 

Interest-bearing deposits at banks

 

$

5,207

     

1.98

%

   

4,740

     

1.25

%

   

4,890

     

1.79

%

   

10

%

   

6

%

   

$

5,014

     

1.77

%

   

5,206

     

1.01

%

   

-4

%

 

Federal funds sold

   

     

     

     

     

1

     

2.23

     

     

       

1

     

1.92

     

     

     

   

Trading account

   

65

     

1.78

     

73

     

1.92

     

57

     

2.92

     

-11

     

14

       

59

     

2.52

     

66

     

1.87

     

-10

   

Investment securities

   

13,431

     

2.37

     

15,443

     

2.28

     

13,856

     

2.38

     

-13

     

-3

       

13,917

     

2.36

     

15,783

     

2.36

     

-12

   

Loans and leases, net of unearned discount

                                                                                                           

Commercial, financial, etc.

   

21,689

     

4.68

     

21,734

     

3.98

     

21,709

     

4.49

     

     

       

21,649

     

4.48

     

22,122

     

3.83

     

-2

   

Real estate - commercial

   

33,800

     

5.10

     

33,257

     

4.50

     

33,687

     

4.95

     

2

     

       

33,713

     

4.93

     

33,216

     

4.33

     

1

   

Real estate - consumer

   

18,006

     

4.21

     

20,609

     

3.96

     

18,644

     

4.15

     

-13

     

-3

       

18,637

     

4.14

     

21,363

     

3.94

     

-13

   

Consumer

   

13,637

     

5.26

     

12,786

     

4.89

     

13,366

     

5.14

     

7

     

2

       

13,433

     

5.14

     

12,444

     

4.79

     

8

   

Total loans and leases, net

   

87,132

     

4.86

     

88,386

     

4.32

     

87,406

     

4.73

     

-1

     

       

87,432

     

4.71

     

89,145

     

4.20

     

-2

   

Total earning assets

   

105,835

     

4.40

     

108,642

     

3.89

     

106,210

     

4.28

     

-3

     

       

106,423

     

4.26

     

110,200

     

3.79

     

-3

   

Goodwill

   

4,593

             

4,593

             

4,593

             

     

       

4,593

             

4,593

             

   

Core deposit and other intangible assets

   

55

             

82

             

62

             

-33

     

-10

       

62

             

90

             

-32

   

Other assets

   

5,514

             

6,198

             

5,548

             

-11

     

-1

       

5,598

             

6,190

             

-10

   

Total assets

 

$

115,997

             

119,515

             

116,413

             

-3

%

   

%

   

$

116,676

             

121,073

             

-4

%

 
                                                                                                             

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                                                                           

Interest-bearing deposits

                                                                                                           

Savings and interest-checking deposits

 

$

51,552

     

.43

     

53,287

     

.28

     

52,547

     

.37

     

-3

%

   

-2

%

   

$

52,198

     

.37

     

53,386

     

.24

     

-2

%

 

Time deposits

   

5,826

     

.88

     

7,673

     

.72

     

5,997

     

.76

     

-24

     

-3

       

6,046

     

.78

     

8,591

     

.77

     

-30

   

Deposits at Cayman Islands office

   

407

     

1.52

     

169

     

.73

     

225

     

.97

     

140

     

81

       

294

     

1.13

     

175

     

.66

     

68

   

Total interest-bearing deposits

   

57,785

     

.49

     

61,129

     

.34

     

58,769

     

.41

     

-5

     

-2

       

58,538

     

.42

     

62,152

     

.31

     

-6

   

Short-term borrowings

   

374

     

1.70

     

244

     

.90

     

353

     

1.57

     

53

     

6

       

336

     

1.54

     

213

     

.72

     

57

   

Long-term borrowings

   

9,047

     

2.90

     

8,033

     

2.35

     

8,480

     

2.75

     

13

     

7

       

8,712

     

2.73

     

8,248

     

2.25

     

6

   

Total interest-bearing liabilities

   

67,206

     

.82

     

69,406

     

.57

     

67,602

     

.71

     

-3

     

-1

       

67,586

     

.72

     

70,613

     

.54

     

-4

   

Noninterest-bearing deposits

   

31,467

             

32,005

             

31,426

             

-2

     

       

31,644

             

32,382

             

-2

   

Other liabilities

   

1,775

             

1,803

             

1,852

             

-2

     

-4

       

1,734

             

1,775

             

-2

   

Total liabilities

   

100,448

             

103,214

             

100,880

             

-3

     

       

100,964

             

104,770

             

-4

   

Shareholders' equity

   

15,549

             

16,301

             

15,533

             

-5

     

       

15,712

             

16,303

             

-4

   

Total liabilities and shareholders' equity

 

$

115,997

             

119,515

             

116,413

             

-3

%

   

%

   

$

116,676

             

121,073

             

-4

%

 
                                                                                                             

Net interest spread

           

3.58

             

3.32

             

3.57

                               

3.54

             

3.25

           

Contribution of interest-free funds

           

.30

             

.21

             

.26

                               

.27

             

.19

           

Net interest margin

           

3.88

%

           

3.53

%

           

3.83

%

                             

3.81

%

           

3.44

%

         

 

 

Reconciliation of GAAP to Non-GAAP Measures

   

Three months ended

   

Nine months ended

 
   

September 30

   

September 30

 
   

2018

   

2017

   

2018

   

2017

 

Income statement data

                               

In thousands, except per share

                               

Net income

                               

Net income

 

$

526,091

     

355,923

     

1,371,861

     

1,085,903

 

Amortization of core deposit and other intangible assets (1)

   

4,528

     

4,735

     

14,125

     

14,764

 

Net operating income

 

$

530,619

     

360,658

     

1,385,986

     

1,100,667

 
                                 

Earnings per common share

                               

Diluted earnings per common share

 

$

3.53

     

2.21

     

9.00

     

6.69

 

Amortization of core deposit and other intangible assets (1)

   

.03

     

.03

     

.10

     

.09

 

Diluted net operating earnings per common share

 

$

3.56

     

2.24

     

9.10

     

6.78

 
                                 

Other expense

                               

Other expense

 

$

775,979

     

806,025

     

2,485,900

     

2,344,512

 

Amortization of core deposit and other intangible assets

   

(6,143)

     

(7,808)

     

(19,163)

     

(24,341)

 

Noninterest operating expense

 

$

769,836

     

798,217

     

2,466,737

     

2,320,171

 

Efficiency ratio

                               

Noninterest operating expense (numerator)

 

$

769,836

     

798,217

     

2,466,737

     

2,320,171

 

Taxable-equivalent net interest income

   

1,034,771

     

965,962

     

3,029,281

     

2,835,157

 

Other income

   

459,294

     

459,429

     

1,375,404

     

1,367,090

 

Less:  Loss on bank investment securities

   

(3,415)

     

     

(10,520)

     

(17)

 

Denominator

 

$

1,497,480

     

1,425,391

     

4,415,205

     

4,202,264

 

Efficiency ratio

   

51.41

%

   

56.00

%

   

55.87

%

   

55.21

%

Balance sheet data

                               

In millions

                               

Average assets

                               

Average assets

 

$

115,997

     

119,515

     

116,676

     

121,073

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(55)

     

(82)

     

(62)

     

(90)

 

Deferred taxes

   

14

     

32

     

16

     

35

 

Average tangible assets

 

$

111,363

     

114,872

     

112,037

     

116,425

 

Average common equity

                               

Average total equity

 

$

15,549

     

16,301

     

15,712

     

16,303

 

Preferred stock

   

(1,232)

     

(1,232)

     

(1,232)

     

(1,232)

 

Average common equity

   

14,317

     

15,069

     

14,480

     

15,071

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(55)

     

(82)

     

(62)

     

(90)

 

Deferred taxes

   

14

     

32

     

16

     

35

 

Average tangible common equity

 

$

9,683

     

10,426

     

9,841

     

10,423

 

At end of quarter

                               

Total assets

                               

Total assets

 

$

116,828

     

120,402

                 

Goodwill

   

(4,593)

     

(4,593)

                 

Core deposit and other intangible assets

   

(52)

     

(79)

                 

Deferred taxes

   

14

     

31

                 

Total tangible assets

 

$

112,197

     

115,761

                 

Total common equity

                               

Total equity

 

$

15,436

     

16,318

                 

Preferred stock

   

(1,232)

     

(1,232)

                 

Undeclared dividends - cumulative preferred stock

   

(3)

     

(3)

                 

Common equity, net of undeclared cumulative preferred dividends

   

14,201

     

15,083

                 

Goodwill

   

(4,593)

     

(4,593)

                 

Core deposit and other intangible assets

   

(52)

     

(79)

                 

Deferred taxes

   

14

     

31

                 

Total tangible common equity

 

$

9,570

     

10,442

                 

________________________

(1)       After any related tax effect.

 

 

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

   

Three months ended

 
   

September 30,

   

June 30,

   

March 31,

   

December 31,

   

September 30,

 
   

2018

   

2018

   

2018

   

2017

   

2017

 

Income statement data

                                       

In thousands, except per share

                                       

Net income

                                       

Net income

 

$

526,091

     

493,160

     

352,610

     

322,403

     

355,923

 

Amortization of core deposit and other intangible assets (1)

   

4,528

     

4,709

     

4,888

     

4,261

     

4,735

 

Net operating income

 

$

530,619

     

497,869

     

357,498

     

326,664

     

360,658

 
                                         

Earnings per common share

                                       

Diluted earnings per common share

 

$

3.53

     

3.26

     

2.23

     

2.01

     

2.21

 

Amortization of core deposit and other intangible assets (1)

   

.03

     

.03

     

.03

     

.03

     

.03

 

Diluted net operating earnings per common share

 

$

3.56

     

3.29

     

2.26

     

2.04

     

2.24

 
                                         

Other expense

                                       

Other expense

 

$

775,979

     

776,577

     

933,344

     

795,813

     

806,025

 

Amortization of core deposit and other intangible assets

   

(6,143)

     

(6,388)

     

(6,632)

     

(7,025)

     

(7,808)

 

Noninterest operating expense

 

$

769,836

     

770,189

     

926,712

     

788,788

     

798,217

 

Efficiency ratio

                                       

Noninterest operating expense (numerator)

 

$

769,836

     

770,189

     

926,712

     

788,788

     

798,217

 

Taxable-equivalent net interest income

   

1,034,771

     

1,014,184

     

980,326

     

980,457

     

965,962

 

Other income

   

459,294

     

457,414

     

458,696

     

484,053

     

459,429

 

Less:  Gain (loss) on bank investment securities

   

(3,415)

     

2,326

     

(9,431)

     

21,296

     

 

Denominator

 

$

1,497,480

     

1,469,272

     

1,448,453

     

1,443,214

     

1,425,391

 

Efficiency ratio

   

51.41

%

   

52.42

%

   

63.98

%

   

54.65

%

   

56.00

%

Balance sheet data

                                       

In millions

                                       

Average assets

                                       

Average assets

 

$

115,997

     

116,413

     

117,684

     

120,226

     

119,515

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(55)

     

(62)

     

(68)

     

(75)

     

(82)

 

Deferred taxes

   

14

     

17

     

18

     

26

     

32

 

Average tangible assets

 

$

111,363

     

111,775

     

113,041

     

115,584

     

114,872

 

Average common equity

                                       

Average total equity

 

$

15,549

     

15,533

     

16,059

     

16,271

     

16,301

 

Preferred stock

   

(1,232)

     

(1,232)

     

(1,232)

     

(1,232)

     

(1,232)

 

Average common equity

   

14,317

     

14,301

     

14,827

     

15,039

     

15,069

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(55)

     

(62)

     

(68)

     

(75)

     

(82)

 

Deferred taxes

   

14

     

17

     

18

     

26

     

32

 

Average tangible common equity

 

$

9,683

     

9,663

     

10,184

     

10,397

     

10,426

 

At end of quarter

                                       

Total assets

                                       

Total assets

 

$

116,828

     

118,426

     

118,623

     

118,593

     

120,402

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(52)

     

(59)

     

(65)

     

(72)

     

(79)

 

Deferred taxes

   

14

     

16

     

17

     

19

     

31

 

Total tangible assets

 

$

112,197

     

113,790

     

113,982

     

113,947

     

115,761

 

Total common equity

                                       

Total equity

 

$

15,436

     

15,578

     

15,710

     

16,251

     

16,318

 

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

   

14,201

     

14,343

     

14,475

     

15,016

     

15,083

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(52)

     

(59)

     

(65)

     

(72)

     

(79)

 

Deferred taxes

   

14

     

16

     

17

     

19

     

31

 

Total tangible common equity

 

$

9,570

     

9,707

     

9,834

     

10,370

     

10,442

 

__________________________

(1)       After any related tax effect.

 

M&T Bank Corporation

INVESTOR CONTACT: 

Donald J. MacLeod 
(716) 842-5138

MEDIA CONTACT: 

C. Michael Zabel
(716) 842-5385