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M&T Bank Corporation Announces First Quarter Results

BUFFALO, N.Y., April 20, 2020 -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2020.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $1.93 in the first quarter of 2020, compared with $3.35 in the initial 2019 quarter. GAAP-basis net income in the recent quarter was $269 million, compared with $483 million in the year-earlier quarter. Diluted earnings per share and GAAP-basis net income were $3.60 and $493 million, respectively, in the fourth quarter of 2019. GAAP-basis net income for the first quarter of 2020 expressed as an annualized rate of return on average assets and average common shareholders' equity was .90% and 7.00%, respectively, compared with 1.68% and 13.14%, respectively, in the similar 2019 period and 1.60% and 12.95%, respectively, in the final quarter of 2019.

Darren J. King, Executive Vice President and Chief Financial Officer of M&T, commented, "I am extremely proud of the way the M&T team has responded to the COVID-19 crisis.  From tellers and relationship bankers to operational teams and head office staff, the efforts of our colleagues to ensure that customers are receiving relief and outstanding service when they need it most have been extraordinary. During difficult times M&T has always been a steady and reliable source of strength."

Effective January 1, 2020, M&T adopted amended accounting guidance for the measurement of credit losses on financial instruments.  That guidance requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets to present the net carrying value that is expected to be collected over the contractual term of the assets considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount.  The new accounting guidance replaces the previous incurred loss model for determining the allowance for credit losses.  The adoption of the amended guidance resulted in a $132 million increase in the allowance for credit losses as of January 1, 2020.

M&T's first quarter 2020 results were adversely impacted by the Coronavirus Disease 2019 ("COVID-19") pandemic, as the United States operates under a state of emergency. Economic forecasts of the impact of COVID-19 as of the end of the recent quarter resulted in higher estimates of expected credit losses in M&T's loan portfolio as compared with that estimated as of January 1, 2020. While the full impact of COVID-19 on M&T's future financial results is uncertain and not currently estimable, M&T believes that impact could be material. A provision for credit losses of $250 million was recorded in the first quarter of 2020.

On March 27, 2020, the CARES Act was signed into law.  Among other things, the CARES Act provides relief to borrowers, including the opportunity to defer loan payments while not negatively affecting their credit standing, and also provides funding opportunities for small businesses under the Paycheck Protection Program ("PPP") from approved Small Business Administration ("SBA") lenders, including M&T Bank, which is one of the top ten SBA lenders in the country. For commercial and consumer customers, M&T has provided a host of relief options, including loan maturity extensions, payment deferrals, fee waivers and low interest rate loan products.  On April 6, 2020, M&T provided an online application solution for small business customers and began accepting loan applications under the PPP.

Earnings Highlights

 
                                         
                           

Change 1Q20 vs.

 

($ in millions, except per share data)

 

1Q20

   

1Q19

   

4Q19

   

1Q19

   

4Q19

 
                                         

Net income

 

$

269

   

$

483

   

$

493

     

-44

%

   

-45

%

Net income available to common shareholders  ̶  diluted

 

$

251

   

$

462

   

$

473

     

-46

%

   

-47

%

Diluted earnings per common share

 

$

1.93

   

$

3.35

   

$

3.60

     

-42

%

   

-46

%

Annualized return on average assets

   

.90

%

   

1.68

%

   

1.60

%

               

Annualized return on average common equity

   

7.00

%

   

13.14

%

   

12.95

%

               

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 $1.95 in the first quarter of 2020, compared with $3.38 in the year-earlier quarter and $3.62 in the fourth quarter of 2019.  Net operating income in 2020's initial quarter was $272 million, compared with $486 million in the first quarter of 2019 and $496 million in the final quarter of 2019. 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 .94% and 10.39%, respectively, compared with 1.76% and 19.56%, respectively, in the corresponding 2019 quarter and 1.67% and 19.08%, respectively, in the fourth quarter of 2019.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis totaled $982 million in the recent quarter, compared with $1.06 billion in the first quarter of 2019. That decline resulted from a 39 basis point narrowing of the net interest margin, to 3.65% in the first three months of 2020 from 4.04% in the first quarter of 2019, that was partially offset by the impact of a $2.1 billion or 2% increase in average earning assets. The narrowing of the net interest margin resulted largely from lower yields on loans, while the rise in average earning assets reflected higher balances of loans and deposits at the Federal Reserve Bank of New York, offset, in part, by lower average balances of investment securities.  In the final quarter of 2019, taxable-equivalent net interest income was $1.01 billion, the net interest margin was 3.64% and average earning assets were $110.6 billion.

Taxable-equivalent Net Interest Income

 
                                         
                           

Change 1Q20 vs.

 

($ in millions)

 

1Q20

   

1Q19

   

4Q19

   

1Q19

   

4Q19

 
                                         

Average earning assets

 

$

108,226

   

$

106,096

   

$

110,581

     

2

%

   

-2

%

Net interest income  ̶  taxable-equivalent

 

$

982

   

$

1,056

   

$

1,014

     

-7

%

   

-3

%

Net interest margin

   

3.65

%

   

4.04

%

   

3.64

%

               

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $250 million in the first quarter of 2020, compared with $22 million in the year-earlier quarter and $54 million in 2019's final quarter. As noted earlier, the significant increase in the provision in the recent quarter as compared with the prior quarters follows the adoption of new accounting guidance on January 1, 2020 and reflects updated assumptions and projections as a result of COVID-19. Net loan charge-offs were $49 million during the recent quarter, compared with $22 million in the initial quarter of 2019 and $41 million in the fourth quarter of 2019. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .22% and .10% in the three-month periods ended March 31, 2020 and 2019, respectively, and .18% in the fourth quarter of 2019.

Loans classified as nonaccrual totaled $1.06 billion or 1.13% of total loans outstanding at March 31, 2020, improved from $1.13 billion or 1.25% at January 1, 2020. The adoption of the new accounting guidance previously mentioned resulted in an increase in nonaccrual loans on January 1, 2020 of $171 million. Nonaccrual loans outstanding at December 31, 2019 were $963 million or 1.06% of total loans and at March 31, 2019 were $882 million or .99%. Assets taken in foreclosure of defaulted loans were $84 million at March 31, 2020, compared with $81 million and $86 million at March 31, 2019 and December 31, 2019, respectively.

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 $1.38 billion or 1.47% of loans outstanding at March 31, 2020, compared with $1.02 billion or 1.15% at March 31, 2019, $1.05 billion or 1.16% at December 31, 2019 and $1.18 billion or 1.30% as of January 1, 2020 following adoption of the current expected credit loss accounting rules. As noted earlier, the adoption of amended accounting guidance resulted in an increase to the allowance of $132 million on January 1, 2020.

Asset Quality Metrics

 
                           

Change 1Q20 vs.

 

($ in millions)

 

1Q20

   

1Q19

   

4Q19

   

1Q19

   

4Q19

 
                                         

At end of quarter

                                       

Nonaccrual loans

 

$

1,062

   

$

882

   

$

963

     

20

%

   

10

%

Real estate and other foreclosed assets

 

$

84

   

$

81

   

$

86

     

3

%

   

-2

%

Total nonperforming assets

 

$

1,146

   

$

963

   

$

1,049

     

19

%

   

9

%

Accruing loans past due 90 days or more (1)

 

$

530

   

$

244

   

$

519

     

117

%

   

2

%

Nonaccrual loans as % of loans outstanding

   

1.13

%

   

.99

%

   

1.06

%

               
                                         

Allowance for credit losses

 

$

1,384

   

$

1,019

   

$

1,051

     

36

%

   

32

%

Allowance for credit losses as % of loans outstanding

   

1.47

%

   

1.15

%

   

1.16

%

               
                                         

For the period

                                       

Provision for credit losses

 

$

250

   

$

22

   

$

54

     

1036

%

   

363

%

Net charge-offs

 

$

49

   

$

22

   

$

41

     

122

%

   

19

%

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

   

.22

%

   

.10

%

   

.18

%

               

______________

(1)         Predominantly residential real estate loans. Prior to 2020, excludes loans acquired at a discount.

Noninterest Income and Expense.  Noninterest income increased 6% to $529 million in the recent quarter from $501 million in the year-earlier quarter. That improvement resulted from higher residential mortgage banking revenues, trust income and trading account and foreign exchange gains, partially offset by unrealized losses on investment securities and a reduction in distributed income from Bayview Lending Group LLC ("BLG") of $14 million. During the fourth quarter of 2019, noninterest income totaled $521 million. The increase in such income in the recent quarter as compared with 2019's final quarter reflected higher income from BLG of $23 million and increased mortgage banking revenues that were partially offset by unrealized losses on investment securities and a decline in loan syndication and other credit-related fees of $11 million.

Noninterest Income

 
                                         
                           

Change 1Q20 vs.

 

($ in millions)

 

1Q20

   

1Q19

   

4Q19

   

1Q19

   

4Q19

 
                                         

Mortgage banking revenues

 

$

128

   

$

95

   

$

118

     

34

%

   

8

%

Service charges on deposit accounts

   

106

     

103

     

111

     

3

%

   

-4

%

Trust income

   

149

     

133

     

151

     

12

%

   

-2

%

Brokerage services income

   

13

     

12

     

12

     

5

%

   

10

%

Trading account and foreign exchange gains

   

21

     

11

     

17

     

95

%

   

26

%

Gain (loss) on bank investment securities

   

(21)

     

12

     

(6)

     

     

 

Other revenues from operations

   

133

     

135

     

118

     

-1

%

   

13

%

Total

 

$

529

   

$

501

   

$

521

     

6

%

   

2

%

Noninterest expense totaled $906 million in the initial quarter of 2020, $894 million in the corresponding quarter of 2019 and $824 million in the fourth quarter of 2019.  Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets, noninterest operating expenses aggregated $903 million in the recent quarter, $889 million in the first quarter of 2019 and $819 million in 2019's fourth quarter. Factors contributing to the higher level of noninterest expenses in the recent quarter as compared with the year-earlier quarter were increased costs for salaries and employee benefits, outside data processing and software and a $10 million increase to the valuation allowance for capitalized residential mortgage servicing rights, partially offset by lower costs of $60 million for legal-related matters and professional and outside services. As compared with the fourth quarter of 2019, the higher level of noninterest expenses in the first quarter of 2020 was largely attributable to higher costs for salaries and employee benefits, reflecting seasonally higher stock-based compensation and employee benefits expenses during the recent quarter that totaled $67 million, and changes in the valuation allowance for capitalized residential mortgage servicing rights. That allowance was increased by $10 million during the recent quarter, compared with a reduction of $16 million in the fourth quarter of 2019.

Noninterest Expense

 
                                         
                           

Change 1Q20 vs.

 

($ in millions)

 

1Q20

   

1Q19

   

4Q19

   

1Q19

   

4Q19

 
                                         

Salaries and employee benefits

 

$

537

   

$

499

   

$

469

     

8

%

   

14

%

Equipment and net occupancy

   

80

     

79

     

83

     

     

-4

%

Outside data processing and software

   

64

     

52

     

62

     

23

%

   

4

%

FDIC assessments

   

12

     

10

     

12

     

30

%

   

-1

%

Advertising and marketing

   

22

     

20

     

27

     

10

%

   

-17

%

Printing, postage and supplies

   

11

     

10

     

10

     

10

%

   

14

%

Amortization of core deposit and other intangible assets

   

4

     

5

     

4

     

-22

%

   

-9

%

Other costs of operations

   

176

     

219

     

157

     

-20

%

   

12

%

Total

 

$

906

   

$

894

   

$

824

     

1

%

   

10

%

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 58.9% in the first quarter of 2020, 57.6% in the year-earlier quarter and 53.1% in the final three months of 2019.

Balance Sheet.  M&T had total assets of $124.6 billion at March 31, 2020, up from $120.0 billion and $119.9 billion at March 31, 2019 and December 31, 2019, respectively. Loans and leases, net of unearned discount, were $94.1 billion at March 31, 2020, $88.6 billion at March 31, 2019 and $90.9 billion at December 31, 2019. The increase in total loans and leases at the recent quarter-end as compared with the end of 2019 was driven largely by growth in commercial loans of $2.4 billion and commercial real estate loans of $1.1 billion. Total deposits rose to $100.2 billion at the recent quarter end, compared with $90.5 billion at March 31, 2019 and $94.8 billion at December 31, 2019. The higher level of deposits at the recent quarter-end as compared with the prior dates reflects increased deposits associated with residential mortgage servicing activities, as well as higher levels of commercial and trust demand deposits. Much of the commercial loan and deposit growth occurred in March as commercial customers drew down previously approved lines of credit.

Total shareholders' equity was $15.8 billion, or 12.70% of total assets at March 31, 2020, compared with $15.6 billion, or 12.99% at March 31, 2019 and $15.7 billion, or 13.11% at December 31, 2019. Common shareholders' equity was $14.6 billion, or $113.54 per share, at March 31, 2020, compared with $14.4 billion, or $105.04 per share, a year-earlier and $14.5 billion, or $110.78 per share, at December 31, 2019.  Tangible equity per common share was $77.60 at March 31, 2020, compared with $71.19 at March 31, 2019 and $75.44 at December 31, 2019. 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 9.20% at March 31, 2020.

In accordance with its capital plan, M&T repurchased 2,577,000 shares of its common stock during the recent quarter at a total cost of $374 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 #5263538.  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 through Monday, April 27, 2020 by calling (800) 585-8367, or (404) 537-3406 for international participants, and by making reference to ID #5263538.  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.  Any statement that does not describe historical or current facts is a forward-looking statement, including statements regarding the potential effects of the Coronavirus Disease 2019 ("COVID-19") pandemic on M&T's business, financial condition, liquidity and results of operations. 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; risks and uncertainties relating to the impact of the COVID-19 pandemic; 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, regulatory agencies or legislation; 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.

Further, statements about the potential effects of the COVID-19 pandemic on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, clients, third parties and M&T.

Financial Highlights

 
   

Three months ended

           
   

March 31

           

Amounts in thousands, except per share

 

2020

   

2019

   

Change

   

Performance

                         

Net income

 

$

268,822

     

482,742

     

-44

%

 

Net income available to common shareholders

   

250,701

     

462,086

     

-46

%

 

Per common share:

                         

Basic earnings

 

$

1.93

     

3.35

     

-42

%

 

Diluted earnings

   

1.93

     

3.35

     

-42

%

 

Cash dividends

 

$

1.10

     

1.00

     

10

%

 

Common shares outstanding:                 

                         

Average - diluted (1)

   

129,755

     

137,920

     

-6

%

 

Period end (2)

   

128,282

     

136,637

     

-6

%

 

Return on (annualized):

                         

Average total assets

   

.90

%

   

1.68

%

         

Average common shareholders' equity

   

7.00

%

   

13.14

%

         

Taxable-equivalent net interest income

 

$

981,868

     

1,056,027

     

-7

%

 

Yield on average earning assets

   

4.18

%

   

4.71

%

         

Cost of interest-bearing liabilities

   

.83

%

   

1.04

%

         

Net interest spread

   

3.35

%

   

3.67

%

         

Contribution of interest-free funds

   

.30

%

   

.37

%

         

Net interest margin

   

3.65

%

   

4.04

%

         

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

   

.22

%

   

.10

%

         

Net operating results (3)

                         

Net operating income

 

$

271,705

     

486,440

     

-44

%

 

Diluted net operating earnings per common share

   

1.95

     

3.38

     

-42

%

 

Return on (annualized):

                         

Average tangible assets

   

.94

%

   

1.76

%

         

Average tangible common equity

   

10.39

%

   

19.56

%

         

Efficiency ratio

   

58.91

%

   

57.56

%

         
                           
   

At March 31

       

Loan quality

 

2020

   

2019

   

Change

   

Nonaccrual loans

 

$

1,061,748

     

881,611

     

20

%

 

Real estate and other foreclosed assets

   

83,605

     

81,335

     

3

%

 

Total nonperforming assets

 

$

1,145,353

     

962,946

     

19

%

 

Accruing loans past due 90 days or more (4)

 

$

530,317

     

244,257

     

117

%

 

Government guaranteed loans included in totals above:

                         

Nonaccrual loans

 

$

50,561

     

35,481

     

43

%

 

Accruing loans past due 90 days or more

   

464,243

     

194,510

     

139

%

 

Renegotiated loans

 

$

232,439

     

267,952

     

-13

%

 

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

   

N/A

     

43,995

     

   

Purchased impaired loans (6):

                         

Outstanding customer balance

   

N/A

     

495,163

     

   

Carrying amount

 

N/A

     

278,783

     

   

Nonaccrual loans to total net loans

   

1.13

%

   

.99

%

         

Allowance for credit losses to total loans

   

1.47

%

   

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)

Predominantly residential real estate loans.  Prior to 2020, excludes loans acquired at a discount.

(5)

Prior to 2020, 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)

Prior to 2020, 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

 

2020

   

2019

   

2019

   

2019

   

2019

 

Performance

                                       

Net income

 

$

268,822

     

493,066

     

480,081

     

473,260

     

482,742

 

Net income available to common shareholders

   

250,701

     

473,372

     

461,410

     

452,633

     

462,086

 

Per common share:

                                       

Basic earnings

 

$

1.93

     

3.60

     

3.47

     

3.34

     

3.35

 

Diluted earnings

   

1.93

     

3.60

     

3.47

     

3.34

     

3.35

 

Cash dividends

 

$

1.10

     

1.10

     

1.00

     

1.00

     

1.00

 

Common shares outstanding:

                                       

Average - diluted (1)

   

129,755

     

131,549

     

132,999

     

135,464

     

137,920

 

Period end (2)

   

128,282

     

130,589

     

132,277

     

134,200

     

136,637

 

Return on (annualized):

                                       

Average total assets

   

.90

%

   

1.60

%

   

1.58

%

   

1.60

%

   

1.68

%

Average common shareholders' equity

   

7.00

%

   

12.95

%

   

12.73

%

   

12.68

%

   

13.14

%

Taxable-equivalent net interest income

 

$

981,868

     

1,014,225

     

1,035,469

     

1,047,406

     

1,056,027

 

Yield on average earning assets

   

4.18

%

   

4.27

%

   

4.51

%

   

4.64

%

   

4.71

%

Cost of interest-bearing liabilities

   

.83

%

   

.97

%

   

1.10

%

   

1.11

%

   

1.04

%

Net interest spread

   

3.35

%

   

3.30

%

   

3.41

%

   

3.53

%

   

3.67

%

Contribution of interest-free funds

   

.30

%

   

.34

%

   

.37

%

   

.38

%

   

.37

%

Net interest margin

   

3.65

%

   

3.64

%

   

3.78

%

   

3.91

%

   

4.04

%

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

   

.22

%

   

.18

%

   

.16

%

   

.20

%

   

.10

%

Net operating results (3)

                                       

Net operating income

 

$

271,705

     

496,237

     

483,830

     

477,001

     

486,440

 

Diluted net operating earnings per common share

   

1.95

     

3.62

     

3.50

     

3.37

     

3.38

 

Return on (annualized):

                                       

Average tangible assets

   

.94

%

   

1.67

%

   

1.66

%

   

1.68

%

   

1.76

%

Average tangible common equity

   

10.39

%

   

19.08

%

   

18.85

%

   

18.83

%

   

19.56

%

Efficiency ratio

   

58.91

%

   

53.15

%

   

55.95

%

   

55.98

%

   

57.56

%

                                         
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

Loan quality

 

2020

   

2019

   

2019

   

2019

   

2019

 

Nonaccrual loans

 

$

1,061,748

     

963,112

     

1,005,249

     

865,384

     

881,611

 

Real estate and other foreclosed assets

   

83,605

     

85,646

     

79,735

     

72,907

     

81,335

 

Total nonperforming assets

 

$

1,145,353

     

1,048,758

     

1,084,984

     

938,291

     

962,946

 

Accruing loans past due 90 days or more (4)

 

$

530,317

     

518,728

     

461,162

     

348,725

     

244,257

 

Government guaranteed loans included in totals above:

                                       

Nonaccrual loans

 

$

50,561

     

50,891

     

43,144

     

36,765

     

35,481

 

Accruing loans past due 90 days or more

   

464,243

     

479,829

     

434,132

     

320,305

     

194,510

 

Renegotiated loans

 

$

232,439

     

234,424

     

240,781

     

254,332

     

267,952

 

Accruing loans acquired at a discount past due 90 days or

        more (5)

 

N/A

     

39,632

     

40,733

     

43,079

     

43,995

 

Purchased impaired loans (6):

                                       

Outstanding customer balance

 

N/A

     

415,413

     

453,382

     

473,834

     

495,163

 

Carrying amount

 

N/A

     

227,545

     

253,496

     

263,025

     

278,783

 

Nonaccrual loans to total net loans

   

1.13

%

   

1.06

%

   

1.12

%

   

.96

%

   

.99

%

Allowance for credit losses to total loans

   

1.47

%

   

1.16

%

   

1.16

%

   

1.15

%

   

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)

Predominantly residential real estate loans.  Prior to 2020, excludes loans acquired at a discount.

(5)

Prior to 2020, 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)

Prior to 2020, 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

 

2020

   

2019

   

Change

 

Interest income

 

$

1,120,419

     

1,226,309

     

-9

%

Interest expense

   

143,614

     

176,249

     

-19

 

Net interest income

   

976,805

     

1,050,060

     

-7

 

Provision for credit losses

   

250,000

     

22,000

   

1036

 

Net interest income after provision for credit losses

   

726,805

     

1,028,060

     

-29

 

Other income

                       

Mortgage banking revenues

   

127,909

     

95,311

     

34

 

Service charges on deposit accounts

   

106,161

     

103,112

     

3

 

Trust income

   

148,751

     

132,786

     

12

 

Brokerage services income

   

13,129

     

12,476

     

5

 

Trading account and foreign exchange gains

   

21,016

     

10,802

     

95

 

Gain (loss) on bank investment securities

   

(20,782)

     

11,841

     

 

Other revenues from operations

   

133,176

     

134,437

     

-1

 

Total other income

   

529,360

     

500,765

     

6

 

Other expense

                       

Salaries and employee benefits

   

536,843

     

499,200

     

8

 

Equipment and net occupancy

   

79,640

     

79,347

     

 

Outside data processing and software

   

64,410

     

52,417

     

23

 

FDIC assessments

   

12,271

     

9,426

     

30

 

Advertising and marketing

   

22,375

     

20,275

     

10

 

Printing, postage and supplies

   

10,852

     

9,855

     

10

 

Amortization of core deposit and other
   intangible assets

   

3,913

     

5,020

     

-22

 

Other costs of operations

   

176,112

     

218,808

     

-20

 

Total other expense

   

906,416

     

894,348

     

1

 

Income before income taxes

   

349,749

     

634,477

     

-45

 

Applicable income taxes

   

80,927

     

151,735

     

-47

 

Net income

 

$

268,822

     

482,742

     

-44

%

 

Condensed Consolidated Statement of Income, Five Quarter Trend

 
   

Three months ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

Dollars in thousands

 

2020

   

2019

   

2019

   

2019

   

2019

 

Interest income

 

$

1,120,419

     

1,185,902

     

1,229,469

     

1,237,913

     

1,226,309

 

Interest expense

   

143,614

     

177,069

     

199,579

     

196,432

     

176,249

 

Net interest income

   

976,805

     

1,008,833

     

1,029,890

     

1,041,481

     

1,050,060

 

Provision for credit losses

   

250,000

     

54,000

     

45,000

     

55,000

     

22,000

 

Net interest income after provision for credit losses

   

726,805

     

954,833

     

984,890

     

986,481

     

1,028,060

 

Other income

                                       

Mortgage banking revenues

   

127,909

     

118,134

     

137,004

     

107,321

     

95,311

 

Service charges on deposit accounts

   

106,161

     

110,987

     

111,092

     

107,787

     

103,112

 

Trust income

   

148,751

     

151,525

     

143,915

     

144,382

     

132,786

 

Brokerage services income

   

13,129

     

11,891

     

12,077

     

12,478

     

12,476

 

Trading account and foreign exchange gains

   

21,016

     

16,717

     

16,072

     

18,453

     

10,802

 

Gain (loss) on bank investment securities

   

(20,782)

     

(6,452)

     

3,737

     

8,911

     

11,841

 

Other revenues from operations

   

133,176

     

118,238

     

103,882

     

112,763

     

134,437

 

Total other income

   

529,360

     

521,040

     

527,779

     

512,095

     

500,765

 

Other expense

                                       

Salaries and employee benefits

   

536,843

     

469,080

     

476,780

     

455,737

     

499,200

 

Equipment and net occupancy

   

79,640

     

82,892

     

82,690

     

79,150

     

79,347

 

Outside data processing and software

   

64,410

     

61,720

     

60,360

     

55,234

     

52,417

 

FDIC assessments

   

12,271

     

12,431

     

9,906

     

9,772

     

9,426

 

Advertising and marketing

   

22,375

     

27,063

     

22,088

     

24,046

     

20,275

 

Printing, postage and supplies

   

10,852

     

9,513

     

10,201

     

10,324

     

9,855

 

Amortization of core deposit and other
   intangible assets

   

3,913

     

4,305

     

5,088

     

5,077

     

5,020

 

Other costs of operations

   

176,112

     

156,679

     

210,506

     

233,692

     

218,808

 

Total other expense

   

906,416

     

823,683

     

877,619

     

873,032

     

894,348

 

Income before income taxes

   

349,749

     

652,190

     

635,050

     

625,544

     

634,477

 

Applicable income taxes

   

80,927

     

159,124

     

154,969

     

152,284

     

151,735

 

Net income

 

$

268,822

     

493,066

     

480,081

     

473,260

     

482,742

 

 

Condensed Consolidated Balance Sheet

 
   

March 31

           

Dollars in thousands

 

2020

   

2019

   

Change

   

ASSETS

                         

Cash and due from banks

 

$

1,298,192

     

1,267,260

     

2

 

%

Interest-bearing deposits at banks

   

8,896,307

     

7,602,897

     

17

   

Trading account

   

1,224,291

     

276,322

     

343

   

Investment securities

   

8,956,590

     

12,536,840

     

-29

   

Loans and leases:

                         

Commercial, financial, etc.

   

26,243,648

     

23,090,204

     

14

   

Real estate - commercial

   

36,684,106

     

34,690,930

     

6

   

Real estate - consumer

   

15,643,014

     

16,769,933

     

-7

   

Consumer

   

15,571,507

     

14,088,816

     

11

   

Total loans and leases, net of unearned discount

   

94,142,275

     

88,639,883

     

6

   

Less: allowance for credit losses

   

1,384,366

     

1,019,337

     

36

   

Net loans and leases

   

92,757,909

     

87,620,546

     

6

   

Goodwill

   

4,593,112

     

4,593,112

     

   

Core deposit and other intangible assets

   

25,121

     

43,947

     

-43

   

Other assets

   

6,826,311

     

6,084,281

     

12

   

Total assets

 

$

124,577,833

     

120,025,205

     

4

 

%

                           

LIABILITIES AND SHAREHOLDERS' EQUITY

                         

Noninterest-bearing deposits

 

$

35,554,715

     

29,966,753

     

19

 

%

Interest-bearing deposits

   

63,410,672

     

59,433,806

     

7

   

Deposits at Cayman Islands office

   

1,217,921

     

1,069,191

     

14

   

Total deposits

   

100,183,308

     

90,469,750

     

11

   

Short-term borrowings

   

59,180

     

3,602,566

     

-98

   

Accrued interest and other liabilities

   

2,198,116

     

1,889,336

     

16

   

Long-term borrowings

   

6,321,435

     

8,476,024

     

-25

   

Total liabilities

   

108,762,039

     

104,437,676

     

4

   

Shareholders' equity:

                         

Preferred

   

1,250,000

     

1,231,500

     

2

   

Common

   

14,565,794

     

14,356,029

     

1

   

Total shareholders' equity

   

15,815,794

     

15,587,529

     

1

   

Total liabilities and shareholders' equity

 

$

124,577,833

     

120,025,205

     

4

 

%

 

Condensed Consolidated Balance Sheet, Five Quarter Trend

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

Dollars in thousands

 

2020

   

2019

   

2019

   

2019

   

2019

 

ASSETS

                                       

Cash and due from banks

 

$

1,298,192

     

1,432,805

     

1,818,861

     

1,271,611

     

1,267,260

 

Interest-bearing deposits at banks

   

8,896,307

     

7,190,154

     

12,495,524

     

8,791,753

     

7,602,897

 

Federal funds sold

   

     

3,500

     

200

     

     

 

Trading account

   

1,224,291

     

470,129

     

614,256

     

479,403

     

276,322

 

Investment securities

   

8,956,590

     

9,497,251

     

10,677,583

     

11,580,249

     

12,536,840

 

Loans and leases:

                                       

Commercial, financial, etc.

   

26,243,648

     

23,838,168

     

23,201,372

     

23,431,408

     

23,090,204

 

Real estate - commercial

   

36,684,106

     

35,541,914

     

34,945,231

     

35,194,375

     

34,690,930

 

Real estate - consumer

   

15,643,014

     

16,156,094

     

16,500,955

     

16,693,737

     

16,769,933

 

Consumer

   

15,571,507

     

15,386,693

     

15,175,635

     

14,558,538

     

14,088,816

 

Total loans and leases, net of unearned discount

   

94,142,275

     

90,922,869

     

89,823,193

     

89,878,058

     

88,639,883

 

Less: allowance for credit losses

   

1,384,366

     

1,051,071

     

1,038,437

     

1,029,867

     

1,019,337

 

Net loans and leases

   

92,757,909

     

89,871,798

     

88,784,756

     

88,848,191

     

87,620,546

 

Goodwill

   

4,593,112

     

4,593,112

     

4,593,112

     

4,593,112

     

4,593,112

 

Core deposit and other intangible assets

   

25,121

     

29,034

     

33,339

     

38,428

     

43,947

 

Other assets

   

6,826,311

     

6,784,974

     

6,483,295

     

5,952,148

     

6,084,281

 

Total assets

 

$

124,577,833

     

119,872,757

     

125,500,926

     

121,554,895

     

120,025,205

 
                                         

LIABILITIES AND SHAREHOLDERS' EQUITY

                                       

Noninterest-bearing deposits

 

$

35,554,715

     

32,396,407

     

31,766,724

     

30,747,946

     

29,966,753

 

Interest-bearing deposits

   

63,410,672

     

60,689,618

     

61,785,212

     

59,568,223

     

59,433,806

 

Deposits at Cayman Islands office

   

1,217,921

     

1,684,044

     

1,561,997

     

1,364,855

     

1,069,191

 

Total deposits

   

100,183,308

     

94,770,069

     

95,113,933

     

91,681,024

     

90,469,750

 

Short-term borrowings

   

59,180

     

62,363

     

5,513,896

     

4,611,390

     

3,602,566

 

Accrued interest and other liabilities

   

2,198,116

     

2,337,490

     

2,090,762

     

1,915,147

     

1,889,336

 

Long-term borrowings

   

6,321,435

     

6,986,186

     

7,002,524

     

7,655,507

     

8,476,024

 

Total liabilities

   

108,762,039

     

104,156,108

     

109,721,115

     

105,863,068

     

104,437,676

 

Shareholders' equity:

                                       

Preferred

   

1,250,000

     

1,250,000

     

1,250,000

     

1,231,500

     

1,231,500

 

Common

   

14,565,794

     

14,466,649

     

14,529,811

     

14,460,327

     

14,356,029

 

Total shareholders' equity

   

15,815,794

     

15,716,649

     

15,779,811

     

15,691,827

     

15,587,529

 

Total liabilities and shareholders' equity

 

$

124,577,833

     

119,872,757

     

125,500,926

     

121,554,895

     

120,025,205

 

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

 
   

Three months ended

   

Change in balance

   
   

March 31,

   

March 31,

   

December 31,

   

March 31, 2020 from

   

Dollars in millions

 

2020

   

2019

   

2019

   

March 31,

   

December 31,

   
   

Balance

   

Rate

   

Balance

   

Rate

   

Balance

   

Rate

   

2019

   

2019

   

ASSETS

                                                                 

Interest-bearing deposits at banks

 

$

6,130

     

1.24

 

%

 

4,605

   

2.41

 

%

 

8,944

     

1.65

 

%

 

33

 

%

 

-31

 

%

Federal funds sold and agreements

                                                                 

to resell securities

   

1,224

     

1.34

     

     

     

1,279

     

1.68

     

     

-4

   

Trading account

   

64

     

2.64

     

65

   

3.40

     

70

     

4.36

     

-3

     

-10

   

Investment securities

   

9,102

     

2.22

     

12,949

   

2.52

     

10,044

     

2.51

     

-30

     

-9

   

Loans and leases, net of unearned

                                                                 

discount

                                                                 

Commercial, financial, etc.

   

24,290

     

4.10

     

23,010

   

5.07

     

23,548

     

4.36

     

6

     

3

   

Real estate - commercial

   

36,034

     

4.83

     

34,524

   

5.34

     

35,039

     

5.06

     

4

     

3

   

Real estate - consumer

   

15,931

     

4.03

     

16,939

   

4.37

     

16,330

     

4.15

     

-6

     

-2

   

Consumer

   

15,451

     

5.30

     

14,004

   

5.51

     

15,327

     

5.26

     

10

     

1

   

Total loans and leases, net

   

91,706

     

4.61

     

88,477

   

5.15

     

90,244

     

4.77

     

4

     

2

   

Total earning assets

   

108,226

     

4.18

     

106,096

   

4.71

     

110,581

     

4.27

     

2

     

-2

   

Goodwill

   

4,593

             

4,593

             

4,593

             

     

   

Core deposit and other intangible

                                                                 

assets

   

27

             

45

             

31

             

-40

     

-13

   

Other assets

   

7,739

             

6,105

             

7,349

             

27

     

5

   

Total assets

 

$

120,585

             

116,839

             

122,554

             

3

 

%

 

-2

 

%

                                                                   

LIABILITIES AND SHAREHOLDERS' EQUITY

                                                                 

Interest-bearing deposits

                                                                 

Savings and interest-checking

                                                                 

deposits

 

$

56,366

     

.56

     

52,095

     

.59

     

57,103

     

.66

     

8

 

%

 

-1

 

%

Time deposits

   

5,672

     

1.55

     

6,351

     

1.35

     

6,015

     

1.58

     

-11

     

-6

   

Deposits at Cayman Islands

                                                                 

office

   

1,672

     

.82

     

972

     

1.98

     

1,716

     

1.14

     

72

     

-3

   

Total interest-bearing

                                                                 

deposits

   

63,710

     

.65

     

59,418

     

.70

     

64,834

     

.76

     

7

     

-2

   

Short-term borrowings

   

58

     

.16

     

1,091

     

2.49

     

675

     

1.86

     

-95

     

-91

   

Long-term borrowings

   

6,240

     

2.60

     

8,494

     

3.23

     

6,941

     

2.83

     

-27

     

-10

   

Total interest-bearing liabilities

   

70,008

     

.83

     

69,003

     

1.04

     

72,450

     

.97

     

1

     

-3

   

Noninterest-bearing deposits

   

32,456

             

30,315

             

32,069

             

7

     

1

   

Other liabilities

   

2,401

             

1,952

             

2,203

             

23

     

9

   

Total liabilities

   

104,865

             

101,270

             

106,722

             

4

     

-2

   

Shareholders' equity

   

15,720

             

15,569

             

15,832

             

1

     

-1

   

Total liabilities and

                                                                 

shareholders' equity

 

$

120,585

             

116,839

             

122,554

             

3

 

%

 

-2

 

%

                                                                   

Net interest spread

           

3.35

             

3.67

             

3.30

                   

Contribution of interest-free funds

           

.30

             

.37

             

.34

                   

Net interest margin

           

3.65

 

%

         

4.04

 

%

         

3.64

 

%

               

 

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

 
   

Three months ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 
   

2020

   

2019

   

2019

   

2019

   

2019

 

Income statement data

                                       

In thousands, except per share

                                       

Net income

                                       

Net income

 

$

268,822

     

493,066

     

480,081

     

473,260

     

482,742

 

Amortization of core deposit and other intangible assets (1)

   

2,883

     

3,171

     

3,749

     

3,741

     

3,698

 

Net operating income

 

$

271,705

     

496,237

     

483,830

     

477,001

     

486,440

 
                                         

Earnings per common share

                                       

Diluted earnings per common share

 

$

1.93

     

3.60

     

3.47

     

3.34

     

3.35

 

Amortization of core deposit and other intangible assets (1)

   

.02

     

.02

     

.03

     

.03

     

.03

 

Diluted net operating earnings per common share

 

$

1.95

     

3.62

     

3.50

     

3.37

     

3.38

 
                                         

Other expense

                                       

Other expense

 

$

906,416

     

823,683

     

877,619

     

873,032

     

894,348

 

Amortization of core deposit and other intangible assets

   

(3,913)

     

(4,305)

     

(5,088)

     

(5,077)

     

(5,020)

 

Noninterest operating expense

 

$

902,503

     

819,378

     

872,531

     

867,955

     

889,328

 

Efficiency ratio

                                       

Noninterest operating expense (numerator)

 

$

902,503

     

819,378

     

872,531

     

867,955

     

889,328

 

Taxable-equivalent net interest income

   

981,868

     

1,014,225

     

1,035,469

     

1,047,406

     

1,056,027

 

Other income

   

529,360

     

521,040

     

527,779

     

512,095

     

500,765

 

Less:  Gain (loss) on bank investment securities

   

(20,782)

     

(6,452)

     

3,737

     

8,911

     

11,841

 

Denominator

 

$

1,532,010

     

1,541,717

     

1,559,511

     

1,550,590

     

1,544,951

 

Efficiency ratio

   

58.91

%

   

53.15

%

   

55.95

%

   

55.98

%

   

57.56

%

Balance sheet data

                                       

In millions

                                       

Average assets

                                       

Average assets

 

$

120,585

     

122,554

     

120,388

     

118,487

     

116,839

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(27)

     

(31)

     

(36)

     

(41)

     

(45)

 

Deferred taxes

   

7

     

8

     

10

     

11

     

12

 

Average tangible assets

 

$

115,972

     

117,938

     

115,769

     

113,864

     

112,213

 

Average common equity

                                       

Average total equity

 

$

15,720

     

15,832

     

15,837

     

15,630

     

15,569

 

Preferred stock

   

(1,250)

     

(1,250)

     

(1,373)

     

(1,232)

     

(1,232)

 

Average common equity

   

14,470

     

14,582

     

14,464

     

14,398

     

14,337

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(27)

     

(31)

     

(36)

     

(41)

     

(45)

 

Deferred taxes

   

7

     

8

     

10

     

11

     

12

 

Average tangible common equity

 

$

9,857

     

9,966

     

9,845

     

9,775

     

9,711

 

At end of quarter

                                       

Total assets

                                       

Total assets

 

$

124,578

     

119,873

     

125,501

     

121,555

     

120,025

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(25)

     

(29)

     

(33)

     

(38)

     

(44)

 

Deferred taxes

   

6

     

7

     

8

     

10

     

12

 

Total tangible assets

 

$

119,966

     

115,258

     

120,883

     

116,934

     

115,400

 

Total common equity

                                       

Total equity

 

$

15,816

     

15,717

     

15,780

     

15,692

     

15,588

 

Preferred stock

   

(1,250)

     

(1,250)

     

(1,250)

     

(1,232)

     

(1,232)

 

Undeclared dividends - cumulative preferred stock

   

     

     

     

(3)

     

(3)

 

Common equity, net of undeclared cumulative preferred
       dividends

   

14,566

     

14,467

     

14,530

     

14,457

     

14,353

 

Goodwill

   

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

     

(4,593)

 

Core deposit and other intangible assets

   

(25)

     

(29)

     

(33)

     

(38)

     

(44)

 

Deferred taxes

   

6

     

7

     

8

     

10

     

12

 

Total tangible common equity

 

$

9,954

     

9,852

     

9,912

     

9,836

     

9,728

 

____________

(1)       After any related tax effect.

 

INVESTOR CONTACT: Donald J. MacLeod
(716) 842-5138

MEDIA CONTACT: C. Michael Zabel
(716) 842-5385

M&T Bank Corporation