EX-99 2 d244662dex99.htm EX-99 EX-99

Exhibit 99

 

INVESTOR CONTACT:    Donald J. MacLeod    FOR IMMEDIATE RELEASE:
   (716) 842-5138    October 19, 2011
MEDIA CONTACT:    C. Michael Zabel   
   (716) 842-5385   
     

M&T BANK CORPORATION ANNOUNCES THIRD QUARTER PROFITS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”)(NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2011.

GAAP Results of Operations.    Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the third quarter of 2011 were $1.32, compared with $1.48 in the year-earlier quarter. GAAP-basis net income in the recent quarter aggregated $183 million, compared with $192 million in the third quarter of 2010. GAAP-basis net income for the third quarter of 2011 expressed as an annualized rate of return on average assets and average common shareholders’ equity was .94% and 7.84%, respectively, compared with 1.12% and 9.56%, respectively, in the year-earlier quarter.

As compared with the third quarter of 2010, the recent quarter’s performance reflected higher net interest income, a lower provision for credit losses and significantly higher trust income. Those positive factors were muted by higher noninterest expenses and lower residential mortgage banking revenues. The increased net interest income, trust income and noninterest expenses were each predominantly related to the acquisition of Wilmington Trust Corporation (“Wilmington Trust”) on May 16, 2011. Included in noninterest expenses in the recent quarter were merger-related expenses associated with the Wilmington Trust acquisition of $16 million, after applicable tax effect, or $.13 of diluted earnings

 

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M&T BANK CORPORATION

 

per common share. Such expenses were related to systems conversions and other costs of integrating operations and introducing Wilmington Trust’s former customers to M&T’s products and services. There were no merger-related expenses in the year-earlier quarter.

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 and gains associated with merging acquired operations into M&T, since such amounts are considered by management to be “nonoperating” in nature. 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. Reconciliations of GAAP to non-GAAP measures are provided in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $1.53 in the recent quarter, down 1% from $1.55 in the third quarter of 2010. Net operating income during the third quarter of 2011 was $210 million, up 5% from $200 million in the year-earlier quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity, net operating income was 1.14% and 16.26%, respectively, in the recent quarter, compared with 1.24% and 19.58% in the third quarter of 2010.

 

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M&T BANK CORPORATION

 

Commenting on M&T’s financial results in the third quarter of 2011, René F. Jones, Executive Vice President and Chief Financial Officer, said, “The recent quarter’s results reflect the impact of M&T’s acquisition of Wilmington Trust. Notably, in late-August the major loan and deposit systems of Wilmington Trust were successfully converted to those of M&T, culminating a significant resource commitment. Now that the conversions are behind us, we are well positioned to turn our attention towards achieving the economic benefits from combining the organizations.”

Further commenting on recent quarter highlights, Mr. Jones noted, “Despite the continued challenging economic environment and turbulent markets, which dampened our fee income relative to the second quarter, we experienced a number of positive trends. We were pleased with the credit performance for the period. Specifically, net charge-offs declined for the fourth consecutive quarter. We also continued to experience solid growth in customer deposits.”

Taxable-equivalent Net Interest Income.    Taxable-equivalent net interest income totaled $623 million in the third quarter of 2011, up from $576 million in the year-earlier period and $593 million in the second quarter of 2011. The improvement in such income from the prior periods resulted from higher average earning assets, partially offset by a narrowing of the net interest margin. The net interest margin was 3.68% in the recent quarter, compared with 3.87% in the third quarter of 2010 and 3.75% in the second quarter of 2011. The higher levels of average earning assets in the two most recent quarters as compared with the third quarter of 2010 were predominantly due to the impact of the Wilmington Trust acquisition, which added approximately $9.6 billion of earning assets on the May 16, 2011 acquisition date. The

 

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M&T BANK CORPORATION

 

narrowing of the net interest margin in the recent quarter as compared with the year-earlier quarter and the second 2011 quarter also reflected the impact of the Wilmington Trust transaction, including significantly higher earning balances on deposit with the Federal Reserve.

Provision for Credit Losses/Asset Quality.    The provision for credit losses was $58 million in the recent quarter, improved from $93 million in the third quarter of 2010 and $63 million in 2011’s second quarter. Net charge-offs of loans totaled $57 million during the third quarter of 2011, compared with $93 million and $59 million in the quarters ended September 30, 2010 and June 30, 2011, respectively. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .39% and .73% in the third quarter of 2011 and 2010, respectively, and .43% in the second quarter of 2011.

Effective September 30, 2011, M&T has begun to separately report “other acquired impaired loans.” M&T defines other acquired impaired loans as loans that ceased performing in accordance with their contractual terms and became impaired subsequent to their acquisition date. Nevertheless, in accordance with GAAP, such loans are included in accounting pools which continue to accrue interest. Other acquired impaired loans, which had previously been aggregated with nonaccrual loans, totaled $218 million or .37% of total loans at September 30, 2011, compared with $141 million or .24% at June 30, 2011 and $98 million or .19% at September 30, 2010. The increase in such loans from June 30, 2011 was due to loans obtained in the acquisition of Wilmington Trust.

 

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M&T BANK CORPORATION

 

Nonaccrual loans, which exclude other acquired impaired loans, were little changed from June 30, 2011. Such loans totaled $1.11 billion and $1.12 billion at September 30 and June 30, 2011, respectively, or 1.91% of total loans at each of those dates, compared with $1.00 billion or 1.97% at September 30, 2010.

Assets taken in foreclosure of defaulted loans were $150 million at September 30, 2011, down from $193 million at September 30, 2010 and $159 million at June 30, 2011. The decrease in such assets at the two most recent quarter-ends as compared with September 30, 2010 resulted from the sale during 2011’s second quarter of a commercial real estate property in New York City with a carrying value of $99 million. Reflected in assets taken in foreclosure of defaulted loans at September 30 and June 30, 2011 were $51 million and $57 million, respectively, of assets related to the Wilmington Trust acquisition.

Loans past due 90 days or more and accruing interest totaled $310 million at September 30, 2011, down from $373 million at June 30, 2011. Included in such past due but accruing loans at the two most recent quarter-ends were $64 million and $130 million, respectively, of loans obtained in the Wilmington Trust acquisition. At September 30, 2010, loans past due 90 days or more and accruing interest were $215 million. Included in this category were $212 million, $207 million and $194 million of loans guaranteed by government-related entities at September 30, 2011, June 30, 2011 and September 30, 2010, 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 was $909 million at September 30, 2011, compared with $895 million at

 

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M&T BANK CORPORATION

 

September 30, 2010 and $908 million at June 30, 2011. Beginning in 2009, GAAP requires that expected credit losses associated with loans obtained in an acquisition be reflected in the estimation of loan fair value as of each respective acquisition date and prohibits any carry-over of the acquired entity’s allowance for credit losses. Excluding amounts related to loans obtained in acquisition transactions subsequent to 2008, the allowance-to-legacy loan ratio was 1.79% at September 30, 2011, compared with 1.86% at September 30, 2010 and 1.80% at June 30, 2011.

Noninterest Income and Expense.    Noninterest income totaled $368 million in the recent quarter, compared with $290 million and $502 million in the third quarter of 2010 and the second quarter of 2011, respectively. Reflected in such income were net pre-tax losses from investment securities of $10 million and $8 million in the recent quarter and the third quarter of 2010, respectively, and net pre-tax gains from investment securities of $84 million in the second quarter of 2011.

Excluding gains and losses from investment securities in all periods and the non-taxable gain of $65 million recorded in the second quarter of 2011 related to the Wilmington Trust acquisition, noninterest income in the third quarter of 2011 aggregated $378 million, up from $298 million in the third quarter of 2010 and $353 million in 2011’s second quarter. Contributing to those increases were significantly higher trust income, predominantly due to the Wilmington Trust transaction, partially offset by a decline in residential mortgage banking revenues. That decline reflected M&T’s decision to retain the majority of residential mortgage loan originations in the recent quarter rather than selling them.

 

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M&T BANK CORPORATION

 

Noninterest expense in the third quarter of 2011 aggregated $662 million, compared with $480 million in the year-earlier quarter and $577 million in the second quarter of 2011. Included in such amounts are expenses considered to be nonoperating in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses. Exclusive of those expenses, noninterest operating expenses were $619 million in the recent quarter, compared with $467 million in the third quarter of 2010 and $525 million in 2011’s second quarter. The most significant factor for the higher levels of operating expenses in the two most recent quarters as compared with the third quarter of 2010 was the impact of the operations obtained in the Wilmington Trust acquisition mid-way through 2011’s second quarter.

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 and merger-related gains), measures the relationship of operating expenses to revenues. M&T’s efficiency ratio was 61.8% in the recent quarter, compared with 53.4% and 55.6% in the year-earlier quarter and the second quarter of 2011, respectively. The higher ratio in the recent quarter reflects expenses associated with the operations obtained in the Wilmington Trust acquisition. M&T should begin to realize certain cost savings related to that acquisition transaction during the final quarter of 2011, but expects that the full realization of operating efficiencies will not happen until 2012.

Balance Sheet.    M&T had total assets of $77.9 billion at September 30, 2011, compared with $68.2 billion at September 30, 2010. Loans and leases, net of unearned discount, were $58.4 billion at September 30, 2011, compared with $50.8 billion a year

 

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M&T BANK CORPORATION

 

earlier. Total deposits aggregated $59.5 billion at the recent quarter-end, up 22% from $48.7 billion at September 30, 2010.

Total shareholders’ equity rose 14% to $9.4 billion at September 30, 2011 from $8.2 billion a year earlier, representing 12.04% and 12.06%, respectively, of total assets. Common shareholders’ equity was $8.5 billion, or $67.70 per share, at September 30, 2011, compared with $7.5 billion, or $62.69 per share, at September 30, 2010. Tangible equity per common share rose 18% to $38.11 at September 30, 2011 from $32.23 at September 30, 2010. Common shareholders’ equity per share and tangible equity per common share were $66.71 and $37.00, respectively, at June 30, 2011. 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’s tangible common equity to tangible assets ratio was 6.46% at September 30, 2011, compared with 5.96% and 6.28% at September 30, 2010 and June 30, 2011, respectively. M&T’s estimated Tier 1 common ratio rose to 6.89% at September 30, 2011, improved from 6.42% and 6.67% at September 30, 2010 and June 30, 2011, respectively.

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 #18665770. The conference call will be webcast live on M&T’s website at http://ir.mandtbank.com/events.cfm. A replay of the call will be available until Friday, October 21, 2011 by calling (800)585-8367, or (404)537-3406 for international

 

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M&T BANK CORPORATION

 

participants, and by making reference to ID #18665770. The event will also be archived and available by 5:00 p.m. today on M&T’s website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates retail and commercial bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey, the District of Columbia and Ontario, Canada. 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

 

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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 other 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.

 

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M&T BANK CORPORATION

 

Financial Highlights

 

Amounts in thousands,

except per share

    Three months ended
September 30		     Change     Nine months ended
September 30		     Change  
   2011     2010       2011     2010    

Performance

             

Net income

    $ 183,108        192,015        -5 %    $ 711,739        531,719        34 % 

Net income available to common shareholders

      164,671        176,789        -7        651,966        486,831        34   

Per common share:

             

Basic earnings

    $ 1.32        1.49        -11 %    $ 5.34        4.12        30 % 

Diluted earnings

      1.32        1.48        -11        5.32        4.10        30   

Cash dividends

    $ .70        .70        —        $ 2.10        2.10        —     

Common shares outstanding:

             

Average - diluted (1)

      124,860        119,155        5 %      122,521        118,766        3 % 

Period end (2)

      125,678        119,435        5        125,678        119,435        5   

Return on (annualized):

             

Average total assets

      .94 %      1.12 %        1.31 %      1.04 %   

Average common shareholders’ equity

      7.84 %      9.56 %        10.94 %      9.05 %   

Taxable-equivalent net interest income

    $ 623,265        575,733        8 %    $ 1,791,066        1,711,322        5 % 

Yield on average earning assets

      4.29 %      4.65 %        4.42 %      4.62 %   

Cost of interest-bearing liabilities

      .86 %      1.03 %        .89 %      1.04 %   

Net interest spread

      3.43 %      3.62 %        3.53 %      3.58 %   

Contribution of interest-free funds

      .25 %      .25 %        .25 %      .25 %   

Net interest margin

      3.68 %      3.87 %        3.78 %      3.83 %   

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

      .39 %      .73 %        .46 %      .70 %   

Net operating results (3)

             

Net operating income

    $ 209,996        200,225        5 %    $ 715,843        558,930        28 % 

Diluted net operating earnings per common share

      1.53        1.55        -1        5.36        4.33        24   

Return on (annualized):

             

Average tangible assets

      1.14 %      1.24 %        1.39 %      1.16 %   

Average tangible common equity

      16.26 %      19.58 %        20.16 %      19.13 %   

Efficiency ratio

      61.79 %      53.40 %        57.84 %      54.10 %   
     At September 30     Change                    
     2011     2010                      

Loan quality

             

Nonaccrual loans

    $ 1,113,788        1,001,454        11 %       

Real estate and other foreclosed assets

      149,868        192,600        -22 %       
  

 

 

    

 

 

          

Total nonperforming assets

    $ 1,263,656        1,194,054        6 %       
  

 

 

    

 

 

          

Other acquired impaired loans (4)

    $ 217,759        98,106        122 %       

Accruing loans past due 90 days or more (6)

    $ 309,966        214,769        44 %       

Renegotiated loans

    $ 223,233        233,671        -4 %       

Government guaranteed loans included in totals above:

             

Nonaccrual loans

    $ 32,937        37,218        -12 %       

Other acquired impaired loans

      40,961        1,014        —   %       

Accruing loans past due 90 days or more

      211,808        194,223        9 %       

Purchased impaired loans (5):

             

Outstanding customer balance

    $ 1,393,777        113,964        —   %       

Carrying amount

      703,632        52,728        —   %       

Nonaccrual loans to total net loans

      1.91 %      1.97 %         

Allowance for credit losses to:

             

Legacy loans

      1.79 %      1.86 %         

Total loans

      1.56 %      1.76 %         

 

(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 gains and 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 on page 18.

 

(4) Acquired loans that ceased performing in accordance with their contractual terms and became impaired subsequent to the acquisition date, but are included in accounting pools that continue to accrue interest.

 

(5) Accruing loans that were impaired at acquisition date and recorded at fair value.

 

(6) Excludes purchased impaired and other acquired impaired loans.

 

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Financial Highlights, Five Quarter Trend

 

     Three months ended  

Amounts in thousands,

except per share

    September 30,
2011		     June 30,
2011		     March 31,
2011		     December 31,
2010		     September 30,
2010		  

Performance

           

Net income

    $ 183,108        322,358        206,273        204,442        192,015   

Net income available to common shareholders

      164,671        297,179        190,121        189,678        176,789   

Per common share:

           

Basic earnings

    $ 1.32        2.43        1.59        1.59        1.49   

Diluted earnings

      1.32        2.42        1.59        1.59        1.48   

Cash dividends

    $ .70        .70        .70        .70        .70   

Common shares outstanding:

           

Average - diluted (1)

      124,860        122,796        119,852        119,503        119,155   

Period end (2)

      125,678        125,622        120,410        119,774        119,435   

Return on (annualized):

           

Average total assets

      .94 %      1.78 %      1.23 %      1.18 %      1.12 % 

Average common shareholders’ equity

      7.84 %      14.94 %      10.16 %      10.03 %      9.56 % 

Taxable-equivalent net interest income

    $ 623,265        592,670        575,131        580,227        575,733   

Yield on average earning assets

      4.29 %      4.40 %      4.60 %      4.58 %      4.65 % 

Cost of interest-bearing liabilities

      .86 %      .89 %      .91 %      .97 %      1.03 % 

Net interest spread

      3.43 %      3.51 %      3.69 %      3.61 %      3.62 % 

Contribution of interest-free funds

      .25 %      .24 %      .23 %      .24 %      .25 % 

Net interest margin

      3.68 %      3.75 %      3.92 %      3.85 %      3.87 % 

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

      .39 %      .43 %      .58 %      .60 %      .73 % 

Net operating results (3)

           

Net operating income

    $ 209,996        289,487        216,360        196,235        200,225   

Diluted net operating earnings per common share

      1.53        2.16        1.67        1.52        1.55   

Return on (annualized):

           

Average tangible assets

      1.14 %      1.69 %      1.36 %      1.20 %      1.24 % 

Average tangible common equity

      16.26 %      24.40 %      20.16 %      18.43 %      19.58 % 

Efficiency ratio

      61.79 %      55.56 %      55.75 %      52.55 %      53.40 % 
     September 30,
2011		     June 30,
2011		     March 31,
2011		     December 31,
2010		     September 30,
2010		  

Loan quality

           

Nonaccrual loans

    $ 1,113,788        1,117,584        1,081,920        1,139,740        1,001,454   

Real estate and other foreclosed assets

      149,868        158,873        218,203        220,049        192,600   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total nonperforming assets

    $ 1,263,656        1,276,457        1,300,123        1,359,789        1,194,054   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other acquired impaired loans (4)

    $ 217,759        141,391        129,191        99,454        98,106   

Accruing loans past due 90 days or more (6)

    $ 309,966        373,197        264,480        269,593        214,769   

Renegotiated loans

    $ 223,233        234,726        241,190        233,342        233,671   

Government guaranteed loans included in totals above:

           

Nonaccrual loans

    $ 32,937        42,337        36,300        39,883        37,218   

Other acquired impaired loans

      40,961        36,395        33,053        16,904        1,014   

Accruing loans past due 90 days or more

      211,808        207,135        214,505        214,111        194,223   

Purchased impaired loans (5):

           

Outstanding customer balance

    $ 1,393,777        1,473,237        206,253        219,477        113,964   

Carrying amount

      703,632        752,978        88,589        97,019        52,728   

Nonaccrual loans to total net loans

      1.91 %      1.91 %      2.08 %      2.19 %      1.97 % 

Allowance for credit losses to:

           

Legacy loans

      1.79 %      1.80 %      1.81 %      1.82 %      1.86 % 

Total loans

      1.56 %      1.55 %      1.73 %      1.74 %      1.76 % 

 

(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 gains and 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 on page 19.

 

(4) Acquired loans that ceased performing in accordance with their contractual terms and became impaired subsequent to the acquisition date, but are included in accounting pools that continue to accrue interest.

 

(5) Accruing loans that were impaired at acquisition date and recorded at fair value.

 

(6) Excludes purchased impaired and other acquired impaired loans.

 

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M&T BANK CORPORATION

 

Condensed Consolidated Statement of Income

 

     Three months ended
September 30		           Nine months ended
September 30		        
Dollars in thousands    2011     2010     Change     2011     2010     Change  

Interest income

    $ 720,351        685,900        5 %    $ 2,076,087        2,047,070        1 % 

Interest expense

      103,632        116,032        -11        304,362        353,641        -14   
  

 

 

    

 

 

      

 

 

    

 

 

    

Net interest income

      616,719        569,868        8        1,771,725        1,693,429        5   

Provision for credit losses

      58,000        93,000        -38        196,000        283,000        -31   
  

 

 

    

 

 

      

 

 

    

 

 

    

Net interest income after provision for credit losses

      558,719        476,868        17        1,575,725        1,410,429        12   

Other income

             

Mortgage banking revenues

      38,141        61,052        -38        125,448        149,612        -16   

Service charges on deposit accounts

      121,577        117,733        3        351,024        367,004        -4   

Trust income

      113,652        30,485        273        218,565        91,582        139   

Brokerage services income

      13,907        12,127        15        43,129        38,021        13   

Trading account and foreign exchange gains

      4,176        6,035        -31        19,253        14,531        32   

Gain on bank investment securities

      89        1,440        —          150,186        1,909        —     

Other-than-temporary impairment losses recognized in earnings

      (9,642 )      (9,532 )      —          (52,213 )      (58,714 )      —     

Equity in earnings of Bayview Lending Group LLC

      (6,911 )      (6,460 )      —          (18,812 )      (18,353 )      —     

Other revenues from operations

      93,393        77,019        21        347,878        235,570        48   
  

 

 

    

 

 

      

 

 

    

 

 

    

Total other income

      368,382        289,899        27        1,184,458        821,162        44   

Other expense

             

Salaries and employee benefits

      325,197        246,389        32        891,465        756,296        18   

Equipment and net occupancy

      68,101        54,353        25        184,434        165,185        12   

Printing, postage and supplies

      10,593        7,820        35        29,518        25,412        16   

Amortization of core deposit and other intangible assets

      17,401        13,526        29        44,455        44,834        -1   

FDIC assessments

      26,701        18,039        48        72,404        60,995        19   

Other costs of operations

      214,026        140,006        53        516,209        392,841        31   
  

 

 

    

 

 

      

 

 

    

 

 

    

Total other expense

      662,019        480,133        38        1,738,485        1,445,563        20   

Income before income taxes

      265,082        286,634        -8        1,021,698        786,028        30   

Applicable income taxes

      81,974        94,619        -13        309,959        254,309        22   
  

 

 

    

 

 

      

 

 

    

 

 

    

Net income

    $ 183,108        192,015        -5 %    $ 711,739        531,719        34 % 
  

 

 

    

 

 

      

 

 

    

 

 

    

 

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14-14-14-14-14

M&T BANK CORPORATION

 

Condensed Consolidated Statement of Income, Five Quarter Trend

 

     Three months ended  
Dollars in thousands    September 30,
2011		     June 30,
2011		     March 31,
2011		     December 31,
2010		     September 30,
2010		  

Interest income

    $ 720,351        688,253        667,483        682,725        685,900   

Interest expense

      103,632        102,051        98,679        108,628        116,032   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

      616,719        586,202        568,804        574,097        569,868   

Provision for credit losses

      58,000        63,000        75,000        85,000        93,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income after provision for credit losses

      558,719        523,202        493,804        489,097        476,868   

Other income

           

Mortgage banking revenues

      38,141        42,151        45,156        35,013        61,052   

Service charges on deposit accounts

      121,577        119,716        109,731        111,129        117,733   

Trust income

      113,652        75,592        29,321        31,031        30,485   

Brokerage services income

      13,907        14,926        14,296        11,648        12,127   

Trading account and foreign exchange gains

      4,176        6,798        8,279        12,755        6,035   

Gain on bank investment securities

      89        110,744        39,353        861        1,440   

Other-than-temporary impairment losses recognized in earnings

      (9,642 )      (26,530 )      (16,041 )      (27,567 )      (9,532 ) 

Equity in earnings of Bayview Lending Group LLC

      (6,911 )      (5,223 )      (6,678 )      (7,415 )      (6,460 ) 

Other revenues from operations

      93,393        163,482        91,003        119,483        77,019   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other income

      368,382        501,656        314,420        286,938        289,899   

Other expense

           

Salaries and employee benefits

      325,197        300,178        266,090        243,413        246,389   

Equipment and net occupancy

      68,101        59,670        56,663        50,879        54,353   

Printing, postage and supplies

      10,593        9,723        9,202        8,435        7,820   

Amortization of core deposit and other intangible assets

      17,401        14,740        12,314        13,269        13,526   

FDIC assessments

      26,701        26,609        19,094        18,329        18,039   

Other costs of operations

      214,026        165,975        136,208        134,949        140,006   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other expense

      662,019        576,895        499,571        469,274        480,133   

Income before income taxes

      265,082        447,963        308,653        306,761        286,634   

Applicable income taxes

      81,974        125,605        102,380        102,319        94,619   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 183,108        322,358        206,273        204,442        192,015   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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15-15-15-15-15

M&T BANK CORPORATION

 

Condensed Consolidated Balance Sheet

 

     September 30         
Dollars in thousands    2011      2010      Change  

ASSETS

         

Cash and due from banks

    $ 1,349,057         1,070,625         26 % 

Interest-bearing deposits at banks

      2,226,779         401,624         454   

Federal funds sold and agreements to resell securities

      5,000         443,700         -99   

Trading account assets

      605,557         536,702         13   

Investment securities

      7,173,797         7,662,715         -6   

Loans and leases:

         

Commercial, financial, etc.

      15,218,502         12,788,136         19   

Real estate - commercial

      23,961,306         20,580,450         16   

Real estate - consumer

      7,065,451         5,754,432         23   

Consumer

      12,156,005         11,668,540         4   
  

 

 

     

 

 

     

Total loans and leases, net of unearned discount

      58,401,264         50,791,558         15   

Less: allowance for credit losses

      908,525         894,720         2   
  

 

 

     

 

 

     

Net loans and leases

      57,492,739         49,896,838         15   

Goodwill

      3,524,625         3,524,625         —     

Core deposit and other intangible assets

      257,656         139,186         85   

Other assets

      5,228,681         4,570,822         14   
  

 

 

     

 

 

     

Total assets

    $ 77,863,891         68,246,837         14 % 
  

 

 

     

 

 

     

LIABILITIES AND SHAREHOLDERS’ EQUITY

         

Noninterest-bearing deposits

    $ 19,637,491         14,665,603         34 % 

Interest-bearing deposits

      39,330,027         33,335,104         18   

Deposits at Cayman Islands office

      514,871         653,916         -21   
  

 

 

     

 

 

     

Total deposits

      59,482,389         48,654,623         22   

Short-term borrowings

      694,398         1,211,683         -43   

Accrued interest and other liabilities

      1,563,121         1,157,250         35   

Long-term borrowings

      6,748,857         8,991,508         -25   
  

 

 

     

 

 

     

Total liabilities

      68,488,765         60,015,064         14   

Shareholders’ equity:

         

Preferred

      862,717         737,979         17   

Common (1)

      8,512,409         7,493,794         14   
  

 

 

     

 

 

     

Total shareholders’ equity

      9,375,126         8,231,773         14   
  

 

 

     

 

 

     

Total liabilities and shareholders’ equity

    $ 77,863,891         68,246,837         14 % 
  

 

 

     

 

 

     

 

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $192.5 million at September 30, 2011 and $192.6 million at September 30, 2010.

 

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16-16-16-16-16

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

 

     September 30,      June 30,      March 31,      December 31,      September 30,  
Dollars in thousands    2011      2011      2011      2010      2010  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

ASSETS

               

Cash and due from banks

 

    $ 1,349,057         1,297,335         972,005         908,755         1,070,625   

Interest-bearing deposits at banks

 

      2,226,779         2,275,450         100,101         101,222         401,624   

Federal funds sold and agreements to resell securities

 

      5,000         415,580         10,300         25,000         443,700   

Trading account assets

 

      605,557         502,986         413,737         523,834         536,702   

Investment securities

 

      7,173,797         6,492,265         6,507,165         7,150,540         7,662,715   

Loans and leases:

 

               

Commercial, financial, etc.

      15,218,502         15,040,892         13,826,299         13,390,610         12,788,136   

Real estate - commercial

      23,961,306         24,263,726         20,891,615         21,183,161         20,580,450   

Real estate - consumer

      7,065,451         6,970,921         6,154,960         5,928,056         5,754,432   

Consumer

      12,156,005         12,265,690         11,245,807         11,488,555         11,668,540   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total loans and leases, net of unearned discount

      58,401,264         58,541,229         52,118,681         51,990,382         50,791,558   

Less: allowance for credit losses

 

      908,525         907,589         903,703         902,941         894,720   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net loans and leases

 

      57,492,739         57,633,640         51,214,978         51,087,441         49,896,838   

Goodwill

 

      3,524,625         3,524,625         3,524,625         3,524,625         3,524,625   

Core deposit and other intangible assets

 

      257,656         275,057         113,603         125,917         139,186   

Other assets

 

      5,228,681         5,310,216         5,024,694         4,573,929         4,570,822   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

 

    $ 77,863,891         77,727,154         67,881,208         68,021,263         68,246,837   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

               

Noninterest-bearing deposits

 

    $ 19,637,491         18,598,828         15,219,562         14,557,568         14,665,603   

Interest-bearing deposits

 

      39,330,027         40,078,834         34,264,867         33,641,800         33,335,104   

Deposits at Cayman Islands office

 

      514,871         551,553         1,063,670         1,605,916         653,916   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total deposits

 

      59,482,389         59,229,215         50,548,099         49,805,284         48,654,623   

Short-term borrowings

 

      694,398         567,144         504,676         947,432         1,211,683   

Accrued interest and other liabilities

 

      1,563,121         1,557,685         1,015,495         1,070,701         1,157,250   

Long-term borrowings

 

      6,748,857         7,128,916         7,305,420         7,840,151         8,991,508   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

      68,488,765         68,482,960         59,373,690         59,663,568         60,015,064   

Shareholders’ equity:

 

               

Preferred

      862,717         860,901         743,385         740,657         737,979   

Common (1)

      8,512,409         8,383,293         7,764,133         7,617,038         7,493,794   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total shareholders’ equity

      9,375,126         9,244,194         8,507,518         8,357,695         8,231,773   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities and shareholders’ equity

    $ 77,863,891         77,727,154         67,881,208         68,021,263         68,246,837   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

 

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $192.5 million at September 30, 2011, $228.8 million at June 30, 2011, $197.5 million at March 31, 2011, $205.2 million at December 31, 2010 and $192.6 million at September 30, 2010.

 

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17-17-17-17-17

M&T BANK CORPORATION

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

 

     Three months ended           Nine months ended September 30        
     September 30,
2011		     September 30,
2010		     June 30,
2011		     Change in  balance
September 30, 2011 from		     2011     2010     Change  in
balance		  
Dollars in millions    Balance      Rate     Balance      Rate     Balance      Rate     September 30,
2010		     June 30,
2011		     Balance      Rate     Balance      Rate    

ASSETS

                                

Interest-bearing deposits at banks

    $ 1,861         .25 %      92         .15 %      804         .24 %      —   %      131 %    $ 933         .24 %      100         .06 %      834 % 

Federal funds sold and agreements to resell securities

      76         .14        64         .26        622         .09        20        -88        238         .10        33         .27        628   

Trading account assets

      85         1.75        82         .65        101         1.32        3        -16        98         1.55        69         .79        41   

Investment securities

      7,005         3.65        7,993         4.16        6,394         4.03        -12        10        6,872         3.95        8,180         4.29        -16   

Loans and leases, net of unearned discount Commercial, financial, etc.

      15,007         3.82        12,856         3.97        14,623         3.89        17        3        14,406         3.88        13,118         3.96        10   

Real estate - commercial

      23,979         4.62        20,612         4.85        22,471         4.59        16        7        22,495         4.64        20,745         4.66        8   

Real estate - consumer

      7,002         4.95        5,680         5.30        6,559         5.00        23        7        6,542         5.00        5,691         5.32        15   

Consumer

      12,200         4.95        11,687         5.22        11,808         5.03        4        3        11,787         5.03        11,795         5.24        —     
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Total loans and leases, net

      58,188         4.51        50,835         4.74        55,461         4.55        14        5        55,230         4.57        51,349         4.69        8   
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Total earning assets

      67,215         4.29        59,066         4.65        63,382         4.40        14        6        63,371         4.42        59,731         4.62        6   

Goodwill

      3,525           3,525           3,525           —          —          3,525           3,525           —     

Core deposit and other intangible assets

      266           146           198           83        35        195           160           22   

Other assets

      5,902           5,074           5,349           16        10        5,398           4,923           10   
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Total assets

    $ 76,908           67,811           72,454           13 %      6 %    $ 72,489           68,339           6 % 
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

LIABILITIES AND SHAREHOLDERS’ EQUITY

                                

Interest-bearing deposits

                                

NOW accounts

    $ 814         .17        592         .15        742         .15        37 %      10 %    $ 729         .15        599         .14        22 % 

Savings deposits

      31,654         .28        26,177         .33        30,043         .28        21        5        29,804         .28        25,733         .33        16   

Time deposits

      7,169         .98        6,312         1.46        6,657         1.16        14        8        6,514         1.15        6,767         1.56        -4   

Deposits at Cayman Islands office

      614         .12        802         .16        820         .09        -23        -25        869         .12        1,002         .14        -13   
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Total interest-bearing deposits

      40,251         .40        33,883         .53        38,262         .42        19        5        37,916         .42        34,101         .56        11   
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Short-term borrowings

      592         .15        1,858         .16        707         .08        -68        -16        878         .13        1,994         .16        -56   

Long-term borrowings

      6,829         3.63        8,948         3.10        7,076         3.48        -24        -3        7,089         3.45        9,516         2.91        -26   
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Total interest-bearing liabilities

      47,672         .86        44,689         1.03        46,045         .89        7        4        45,883         .89        45,611         1.04        1   

Noninterest-bearing deposits

      18,222           13,647           16,195           34        13        16,320           13,518           21   

Other liabilities

      1,690           1,294           1,402           31        21        1,420           1,180           20   
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Total liabilities

      67,584           59,630           63,642           13        6        63,623           60,309           5   

Shareholders’ equity

      9,324           8,181           8,812           14        6        8,866           8,030           10   
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Total liabilities and shareholders’ equity

    $ 76,908           67,811           72,454           13 %      6 %    $ 72,489           68,339           6 % 
  

 

 

       

 

 

       

 

 

           

 

 

       

 

 

       

Net interest spread

         3.43           3.62           3.51               3.53           3.58     

Contribution of interest-free funds

         .25           .25           .24               .25           .25     

Net interest margin

         3.68 %         3.87 %         3.75 %             3.78 %         3.83 %   

 

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18-18-18-18-18

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

 

     Three months ended
September 30		     Nine months ended
September 30		  
     2011     2010     2011     2010  

Income statement data

         

In thousands, except per share

         

Net income

         

Net income

    $ 183,108        192,015      $ 711,739        531,719   

Amortization of core deposit and other intangible assets (1)

      10,622        8,210        27,074        27,211   

Merger-related gain (1)

      —          —          (64,930 )      —     

Merger-related expenses (1)

      16,266        —          41,960        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Net operating income

    $ 209,996        200,225      $ 715,843        558,930   
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per common share

         

Diluted earnings per common share

    $ 1.32        1.48      $ 5.32        4.10   

Amortization of core deposit and other intangible assets (1)

      .08        .07        .22        .23   

Merger-related gain (1)

      —          —          (.52 )      —     

Merger-related expenses (1)

      .13        —          .34        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted net operating earnings per common share

    $ 1.53        1.55      $ 5.36        4.33   
  

 

 

    

 

 

    

 

 

    

 

 

  

Other expense

         

Other expense

    $ 662,019        480,133      $ 1,738,485        1,445,563   

Amortization of core deposit and other intangible assets

      (17,401 )      (13,526 )      (44,455 )      (44,834 ) 

Merger-related expenses

      (26,003 )      —          (67,294 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Noninterest operating expense

    $ 618,615        466,607      $ 1,626,736        1,400,729   
  

 

 

    

 

 

    

 

 

    

 

 

  

Merger-related expenses

         

Salaries and employee benefits

    $ 285        —        $ 15,597        —     

Equipment and net occupancy

      119        —          223        —     

Printing, postage and supplies

      723        —          1,188        —     

Other costs of operations

      24,876        —          50,286        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 26,003        —        $ 67,294        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance sheet data

         

In millions

         

Average assets

         

Average assets

    $ 76,908        67,811      $ 72,489        68,339   

Goodwill

      (3,525 )      (3,525 )      (3,525 )      (3,525 ) 

Core deposit and other intangible assets

      (266 )      (146 )      (195 )      (160 ) 

Deferred taxes

      65        27        44        30   
  

 

 

    

 

 

    

 

 

    

 

 

  

Average tangible assets

    $ 73,182        64,167      $ 68,813        64,684   
  

 

 

    

 

 

    

 

 

    

 

 

  

Average common equity

         

Average total equity

    $ 9,324        8,181      $ 8,866        8,030   

Preferred stock

      (862 )      (737 )      (774 )      (735 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Average common equity

      8,462        7,444        8,092        7,295   

Goodwill

      (3,525 )      (3,525 )      (3,525 )      (3,525 ) 

Core deposit and other intangible assets

      (266 )      (146 )      (195 )      (160 ) 

Deferred taxes

      65        27        44        30   
  

 

 

    

 

 

    

 

 

    

 

 

  

Average tangible common equity

    $ 4,736        3,800      $ 4,416        3,640   
  

 

 

    

 

 

    

 

 

    

 

 

  

At end of quarter

         

Total assets

         

Total assets

    $ 77,864        68,247       

Goodwill

      (3,525 )      (3,525 )     

Core deposit and other intangible assets

      (257 )      (139 )     

Deferred taxes

      63        26       
  

 

 

    

 

 

      

Total tangible assets

    $ 74,145        64,609       
  

 

 

    

 

 

      

Total common equity

         

Total equity

    $ 9,375        8,232       

Preferred stock

      (863 )      (738 )     

Undeclared dividends—cumulative preferred stock

      (3 )      (6 )     
  

 

 

    

 

 

      

Common equity, net of undeclared cumulative preferred dividends

      8,509        7,488       

Goodwill

      (3,525 )      (3,525 )     

Core deposit and other intangible assets

      (257 )      (139 )     

Deferred taxes

      63        26       
  

 

 

    

 

 

      

Total tangible common equity

    $ 4,790        3,850       
  

 

 

    

 

 

      

 

(1) After any related tax effect.

 

-more-

 

19-19-19-19-19

M&T BANK CORPORATION

 

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

 

     Three months ended  
     September 30,
2011		     June 30,
2011		     March 31,
2011		     December 31,
2010		     September 30,
2010		  

Income statement data

           

In thousands, except per share

           

Net income

           

Net income

    $ 183,108        322,358        206,273        204,442        192,015   

Amortization of core deposit and other intangible assets (1)

      10,622        8,974        7,478        8,054        8,210   

Merger-related gain (1)

      —          (64,930 )      —          (16,730 )      —     

Merger-related expenses (1)

      16,266        23,085        2,609        469        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net operating income

    $ 209,996        289,487        216,360        196,235        200,225   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per common share

           

Diluted earnings per common share

    $ 1.32        2.42        1.59        1.59        1.48   

Amortization of core deposit and other intangible assets (1)

      .08        .07        .06        .07        .07   

Merger-related gain (1)

      —          (.52 )      —          (.14 )      —     

Merger-related expenses (1)

      .13        .19        .02        —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted net operating earnings per common share

    $ 1.53        2.16        1.67        1.52        1.55   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other expense

           

Other expense

    $ 662,019        576,895        499,571        469,274        480,133   

Amortization of core deposit and other intangible assets

      (17,401 )      (14,740 )      (12,314 )      (13,269 )      (13,526 ) 

Merger-related expenses

      (26,003 )      (36,996 )      (4,295 )      (771 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Noninterest operating expense

    $ 618,615        525,159        482,962        455,234        466,607   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Merger-related expenses

           

Salaries and employee benefits

    $ 285        15,305        7        7        —     

Equipment and net occupancy

      119        25        79        44        —     

Printing, postage and supplies

      723        318        147        74        —     

Other costs of operations

      24,876        21,348        4,062        646        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 26,003        36,996        4,295        771        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance sheet data

           

In millions

           

Average assets

           

Average assets

    $ 76,908        72,454        68,045        68,502        67,811   

Goodwill

      (3,525 )      (3,525 )      (3,525 )      (3,525 )      (3,525 ) 

Core deposit and other intangible assets

      (266 )      (198 )      (119 )      (132 )      (146 ) 

Deferred taxes

      65        46        22        24        27   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average tangible assets

    $ 73,182        68,777        64,423        64,869        64,167   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average common equity

           

Average total equity

    $ 9,324        8,812        8,451        8,322        8,181   

Preferred stock

      (862 )      (716 )      (743 )      (740 )      (737 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average common equity

      8,462        8,096        7,708        7,582        7,444   

Goodwill

      (3,525 )      (3,525 )      (3,525 )      (3,525 )      (3,525 ) 

Core deposit and other intangible assets

      (266 )      (198 )      (119 )      (132 )      (146 ) 

Deferred taxes

      65        46        22        24        27   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average tangible common equity

    $ 4,736        4,419        4,086        3,949        3,800   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

At end of quarter

           

Total assets

           

Total assets

    $ 77,864        77,727        67,881        68,021        68,247   

Goodwill

      (3,525 )      (3,525 )      (3,525 )      (3,525 )      (3,525 ) 

Core deposit and other intangible assets

      (257 )      (275 )      (113 )      (126 )      (139 ) 

Deferred taxes

      63        68        20        23        26   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total tangible assets

    $ 74,145        73,995        64,263        64,393        64,609   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total common equity

           

Total equity

    $ 9,375        9,244        8,508        8,358        8,232   

Preferred stock

      (863 )      (861 )      (743 )      (741 )      (738 ) 

Undeclared dividends - cumulative preferred stock

      (3 )      (3 )      (7 )      (6 )      (6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Common equity, net of undeclared cumulative preferred dividends

      8,509        8,380        7,758        7,611        7,488   

Goodwill

      (3,525 )      (3,525 )      (3,525 )      (3,525 )      (3,525 ) 

Core deposit and other intangible assets

      (257 )      (275 )      (113 )      (126 )      (139 ) 

Deferred taxes

      63        68        20        23        26   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total tangible common equity

    $ 4,790        4,648        4,140        3,983        3,850   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) After any related tax effect.

 

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