EX-99.1 2 d115471dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

INVESTOR CONTACT:   

Donald J. MacLeod

(716) 842-5138

  

FOR IMMEDIATE RELEASE:

January 19, 2016

MEDIA CONTACT:   

C. Michael Zabel

(716) 842-5385

  

M&T BANK CORPORATION ANNOUNCES 2015 FOURTH QUARTER

AND FULL-YEAR PROFITS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for 2015.

GAAP Results of Operations. Reflecting the impact of merger-related expenses associated with its recent acquisition, M&T’s diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the fourth quarter of 2015 were $1.65, compared with $1.92 in the year-earlier quarter and $1.93 in the third quarter of 2015. GAAP-basis net income in the recent quarter was $271 million, compared with $278 million in the final quarter of 2014 and $280 million in 2015’s third quarter. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income for the recent quarter was .93% and 7.22%, respectively, compared with 1.12% and 9.10%, respectively, in the year-earlier quarter and 1.13% and 8.93%, respectively, in the third quarter of 2015.

Commenting on M&T’s performance in 2015, René F. Jones, Vice Chairman and Chief Financial Officer, noted, “M&T posted strong financial performance in the fourth quarter, reflecting our recent merger, growth in revenues, controlled expenses and continued solid credit quality, resulting in a 7% increase in diluted net operating earnings per common share from the year-earlier quarter. We are pleased with all that was accomplished in the quarter. On

 

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M&T BANK CORPORATION

 

November 1, we welcomed our Hudson City colleagues and valued customers into the M&T family. The full integration of Hudson City’s operations will be completed in February after the conversion of the deposit system and branch network. The merger with Hudson City brings exceptional opportunities for M&T, and we are excited to offer our broad array of products and services to both existing and new customers. While financial results for the fourth quarter reflect only two months of the operations associated with Hudson City, the acquisition has already had a positive impact on M&T’s operating results and capital position, contributing to a 13% rise in tangible book value per share from the 2014 year end.”

M&T’s fourth quarter results reflect its acquisition of Hudson City Bancorp, Inc. (“Hudson City”), effective November 1, 2015, including the payment of cash consideration of $2.1 billion and the issuance of 25,953,950 common shares. Results of the operations acquired from Hudson City have been reflected in M&T’s results since the acquisition date. Assets acquired in the transaction totaled approximately $34.6 billion, including $19.0 billion of loans and $7.9 billion of investment securities, while liabilities assumed were $31.5 billion, including $17.9 billion of deposits and $13.2 billion of borrowings. In early November, M&T restructured its balance sheet by selling $5.8 billion of investment securities obtained in the acquisition and repaying $10.6 billion of borrowings assumed in the transaction. Merger-related expenses incurred during the final 2015 quarter aggregated $61 million after-tax effect, or $.40 of diluted earnings per common share.

For the full year of 2015, diluted earnings per common share were $7.18, compared with $7.42 for 2014. Net income totaled $1.08 billion in 2015, up from $1.07 billion in 2014. Expressed

 

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M&T BANK CORPORATION

 

as a rate of return on average assets and average common shareholders’ equity, net income in 2015 was 1.06% and 8.32%, respectively, compared with 1.16% and 9.08%, respectively, in 2014.

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 gains 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. Reflected in merger-related expenses in the fourth quarter of 2015 was a provision for credit losses of $21 million. GAAP requires that acquired loans be recorded at estimated fair value, which includes the use of interest rate and credit loss assumptions to project estimated cash flows. GAAP also provides that an allowance for credit losses associated with probable incurred losses on loans acquired at a premium also be recognized. Accordingly, M&T recorded a $21 million provision related to such loans obtained in the Hudson City acquisition. Given the requirement to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that provision to be a merger-related expense. 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.

 

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M&T BANK CORPORATION

 

Diluted net operating earnings per common share were $2.09 in the fourth quarter of 2015, improved from $1.95 in each of the year-earlier period and the third quarter of 2015. Net operating income for 2015’s final quarter rose to $338 million, up 20% and 19% from $282 million and $283 million in the fourth quarter of 2014 and the third quarter of 2015, respectively. For the quarter ended December 31, 2015, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity was 1.21% and 13.26%, respectively, compared with 1.18% and 13.55%, respectively, in the similar 2014 period and 1.18% and 12.98%, respectively, in the third quarter of 2015.

For the year ended December 31, 2015, diluted net operating earnings per common share were $7.74, up 2% from $7.57 in 2014. Net operating income in 2015 rose 6% to $1.16 billion from $1.09 billion in 2014. Net operating income in 2015 expressed as a rate of return on average tangible assets and average tangible common shareholders’ equity was 1.18% and 13.00%, respectively, compared with 1.23% and 13.76%, respectively, in 2014.

Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis aggregated $813 million in the fourth quarter of 2015, up 18% from $688 million earned in the year-earlier period and 16% higher than $699 million recorded in the third quarter of 2015. The growth in such income in the recent quarter resulted from higher earning assets. Average earning assets rose to $103.6 billion in the recent quarter, 18% above $88.0 billion in the fourth quarter of 2014 and 17% higher than $88.4 billion in 2015’s third quarter. Those increases were predominantly the result of the Hudson City acquisition that added approximately $14.6 billion to average

 

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M&T BANK CORPORATION

 

earning assets in the recent quarter. Also reflective of the Hudson City acquisition, the net interest margin was 3.12% in 2015’s fourth quarter, compared with 3.10% in the final quarter of 2014 and 3.14% in the third quarter of 2015. Net interest income on a taxable-equivalent basis totaled $2.87 billion for the full-year 2015, 6% higher than $2.70 billion in 2014. That improvement resulted from a $9.5 billion increase in average earning assets, partially offset by a narrowing of the net interest margin to 3.14% in 2015 from 3.31% in 2014.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $58 million during the fourth quarter of 2015, compared with $33 million in the year-earlier quarter and $44 million in the third quarter of 2015. Net charge-offs of loans were $36 million during the recent quarter, compared with $32 million in the final quarter of 2014 and $40 million in the third quarter of 2015. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .18% and .19% in the fourth quarter of 2015 and 2014, respectively, and .24% in 2015’s third quarter. The provision for credit losses was $170 million for the year ended December 31, 2015, compared with $124 million in 2014. Net loan charge-offs during 2015 and 2014 totaled $134 million and $121 million, respectively, or .19% of average loans outstanding in each of those years. As already noted, a $21 million provision was recorded in the fourth quarter of 2015, in accordance with GAAP, related to loans obtained in the Hudson City acquisition that had a fair value in excess of outstanding principal. GAAP provides that an allowance for credit losses on such loans be recorded beyond the recognition of the fair value of the loans at the acquisition date.

 

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M&T BANK CORPORATION

 

Loans classified as nonaccrual were $799 million, or .91% of total loans outstanding at December 31, 2015, compared with $799 million or 1.20% a year earlier and $787 million or 1.15% at September 30, 2015. Assets taken in foreclosure of defaulted loans were $195 million at the end of 2015, compared with $64 million and $66 million at December 31, 2014 and September 30, 2015, respectively. The higher level of such assets at the 2015 year-end resulted from residential real estate properties obtained in the Hudson City acquisition.

Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the adequacy of the allowance for credit losses. As a result of those analyses, the allowance for credit losses totaled $956 million at December 31, 2015, compared with $920 million a year earlier and $934 million at September 30, 2015. The allowance expressed as a percentage of outstanding loans was 1.09% at the end of 2015, compared with 1.38% at December 31, 2014 and 1.36% at September 30, 2015. The decline in that ratio from September 30, 2015 and December 31, 2014 reflects the impact of residential mortgage loans obtained in the Hudson City acquisition.

Noninterest Income and Expense. Noninterest income totaled $448 million in the recently completed quarter, compared with $452 million in the fourth quarter of 2014 and $440 million in the third quarter of 2015. The modest decline as compared with the final 2014 quarter resulted from lower trust income and residential mortgage banking revenues associated with loan servicing activities, partially offset by higher credit-related fees. The decline in trust income was predominantly the result of the second quarter 2015 sale of M&T’s trade processing business within its retirement services division. Contributing to the

 

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M&T BANK CORPORATION

 

recent quarter’s increase in noninterest income as compared with the immediately preceding quarter were higher commercial mortgage banking revenues and credit-related fees.

Noninterest income aggregated $1.83 billion and $1.78 billion during the years ended December 31, 2015 and 2014, respectively. Reflected in that improvement were higher commercial mortgage banking revenues and a $45 million gain from the sale of M&T’s trade processing business that was partially offset by lower trust income associated with that divested business.

Noninterest expense in the final quarter of 2015 totaled $786 million, compared with $666 million in the year-earlier quarter and $654 million in the third quarter of 2015. 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 $701 million in the fourth quarter of 2015, compared with $659 million in the year-earlier quarter and $650 million in the third quarter of 2015. The most significant factor for the higher level of operating expenses in the recent quarter was the impact of the operations obtained in the Hudson City acquisition.

For the year ended December 31, 2015, noninterest expenses totaled $2.82 billion, compared with $2.69 billion in the previous year. Noninterest operating expenses were $2.72 billion in 2015 and $2.66 billion in 2014. That increase reflects noninterest operating expenses associated with Hudson City.

 

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M&T BANK CORPORATION

 

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 55.5% in the recent quarter, compared with 57.8% in the year-earlier quarter and 57.1% in the third quarter of 2015. The efficiency ratio for the full year 2015 was 58.0%, compared with 59.3% in 2014.

Balance Sheet. M&T had total assets of $122.8 billion at December 31, 2015, up 27% from $96.7 billion a year earlier. Investment securities were $15.7 billion at the recent year-end, up $2.7 billion or 20% from December 31, 2014. Loans and leases, net of unearned discount, rose 31% to $87.5 billion at the 2015 year-end from $66.7 billion at December 31, 2014. Total deposits were $92.0 billion at the recent year-end, up 25% or $18.4 billion from $73.6 billion at December 31, 2014.

Total shareholders’ equity rose $3.8 billion or 31% to $16.2 billion at December 31, 2015 from $12.3 billion a year earlier, representing 13.17% and 12.76%, respectively, of total assets. Common shareholders’ equity was $14.9 billion, or $93.60 per share, at December 31, 2015, compared with $11.1 billion, or $83.88 per share, at December 31, 2014. Tangible equity per common share rose 13% to $64.28 at December 31, 2015 from $57.06 a year earlier. Common shareholders’ equity per share and tangible equity per common share were $87.67 and $61.22, respectively, at September 30, 2015. 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 the transitional capital rules

 

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that became effective for M&T on January 1, 2015 was approximately 11.06% at the 2015 year-end.

Conference Call. Investors will have an opportunity to listen to M&T’s conference call to discuss fourth quarter and full-year 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 #25536663. The conference call will be webcast live through M&T’s website at http://ir.mandtbank.com/events.cfm. A replay of the call will be available through January 22, 2016 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #25536663. The event will also be archived and available by 7:00 p.m. today on M&T’s website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

Forward-Looking Statements. This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T’s business, management’s beliefs and assumptions made by management. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Future Factors”) which are difficult to predict. Therefore, actual outcomes and results

 

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may differ materially from what is expressed or forecasted in such forward-looking statements.

Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries’ future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with M&T’s initial expectations, including

 

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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

 

     Three months ended           Year ended        
     December 31           December 31        
Amounts in thousands, except per share    2015     2014     Change     2015     2014     Change  

Performance

            

Net income

   $ 270,965        277,549        -2   $ 1,079,667        1,066,246        1

Net income available to common shareholders

     248,059        254,239        -2     987,724        978,581        1

Per common share:

            

Basic earnings

   $ 1.65        1.93        -15   $ 7.22        7.47        -3

Diluted earnings

     1.65        1.92        -14     7.18        7.42        -3

Cash dividends

   $ .70        .70        —        $ 2.80        2.80        —     

Common shares outstanding:

            

Average - diluted (1)

     150,718        132,278        14     137,533        131,844        4

Period end (2)

     159,600        132,354        21     159,600        132,354        21

Return on (annualized):

            

Average total assets

     .93     1.12       1.06     1.16  

Average common shareholders’ equity

     7.22     9.10       8.32     9.08  

Taxable-equivalent net interest income

   $ 813,401        687,847        18   $ 2,867,050        2,700,088        6

Yield on average earning assets

     3.48     3.44       3.50     3.65  

Cost of interest-bearing liabilities

     .54     .52       .55     .53  

Net interest spread

     2.94     2.92       2.95     3.12  

Contribution of interest-free funds

     .18     .18       .19     .19  

Net interest margin

     3.12     3.10       3.14     3.31  

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

     .18     .19       .19     .19  

Net operating results (3)

            

Net operating income

   $ 337,613        281,929        20   $ 1,156,637        1,086,903        6

Diluted net operating earnings per common share

     2.09        1.95        7     7.74        7.57        2

Return on (annualized):

            

Average tangible assets

     1.21     1.18       1.18     1.23  

Average tangible common equity

     13.26     13.55       13.00     13.76  

Efficiency ratio

     55.53     57.84       57.98     59.29  

 

     At December 31        
     2015     2014     Change  

Loan quality

      

Nonaccrual loans

   $ 799,409        799,151        —     

Real estate and other foreclosed assets

     195,085        63,635        207
  

 

 

   

 

 

   

Total nonperforming assets

   $ 994,494        862,786        15
  

 

 

   

 

 

   

Accruing loans past due 90 days or more (4)

   $ 273,086        245,020        11

Government guaranteed loans included in totals above:

      

Nonaccrual loans

   $ 47,052        69,095        -32

Accruing loans past due 90 days or more

     231,930        217,822        6

Renegotiated loans

   $ 182,865        202,633        -10

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

   $ 68,473        110,367        -38

Purchased impaired loans (6):

      

Outstanding customer balance

   $ 1,218,711        369,080        230

Carrying amount

     783,036        197,737        296

Nonaccrual loans to total net loans

     .91     1.20  

Allowance for credit losses to total loans

     1.09     1.38  

 

(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 on page 19.
(4) Excludes loans acquired at a discount.
(5) Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.
(6) Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value.

 

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M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

 

     Three months ended  
Amounts in thousands, except per share    December 31,
2015
    September 30,
2015
    June 30,
2015
    March 31,
2015
    December 31,
2014
 

Performance

          

Net income

   $ 270,965        280,401        286,688        241,613        277,549   

Net income available to common shareholders

     248,059        257,346        263,481        218,837        254,239   

Per common share:

          

Basic earnings

   $ 1.65        1.94        1.99        1.66        1.93   

Diluted earnings

     1.65        1.93        1.98        1.65        1.92   

Cash dividends

   $ .70        .70        .70        .70        .70   

Common shares outstanding:

          

Average - diluted (1)

     150,718        133,376        133,116        132,769        132,278   

Period end (2)

     159,600        133,311        133,099        132,946        132,354   

Return on (annualized):

          

Average total assets

     .93     1.13     1.18     1.02     1.12

Average common shareholders’ equity

     7.22     8.93     9.37     7.99     9.10

Taxable-equivalent net interest income

   $ 813,401        699,075        689,148        665,426        687,847   

Yield on average earning assets

     3.48     3.48     3.52     3.54     3.44

Cost of interest-bearing liabilities

     .54     .55     .55     .57     .52

Net interest spread

     2.94     2.93     2.97     2.97     2.92

Contribution of interest-free funds

     .18     .21     .20     .20     .18

Net interest margin

     3.12     3.14     3.17     3.17     3.10

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

     .18     .24     .13     .22     .19

Net operating results (3)

          

Net operating income

   $ 337,613        282,907        290,341        245,776        281,929   

Diluted net operating earnings per common share

     2.09        1.95        2.01        1.68        1.95   

Return on (annualized):

          

Average tangible assets

     1.21     1.18     1.24     1.08     1.18

Average tangible common equity

     13.26     12.98     13.76     11.90     13.55

Efficiency ratio

     55.53     57.05     58.23     61.46     57.84
     December 31,
2015
    September 30,
2015
    June 30,
2015
    March 31,
2015
    December 31,
2014
 

Loan quality

          

Nonaccrual loans

   $ 799,409        787,098        797,146        790,586        799,151   

Real estate and other foreclosed assets

     195,085        66,144        63,734        62,578        63,635   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming assets

   $ 994,494        853,242        860,880        853,164        862,786   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accruing loans past due 90 days or more (4)

   $ 273,086        231,465        238,568        236,621        245,020   

Government guaranteed loans included in totals above:

          

Nonaccrual loans

   $ 47,052        48,955        58,259        60,508        69,095   

Accruing loans past due 90 days or more

     231,930        193,998        206,775        193,618        217,822   

Renegotiated loans

   $ 182,865        189,639        197,145        198,911        202,633   

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

   $ 68,473        80,827        78,591        80,110        110,367   

Purchased impaired loans (6):

          

Outstanding customer balance

   $ 1,218,711        278,979        312,507        335,079        369,080   

Carrying amount

     783,036        149,421        169,240        184,018        197,737   

Nonaccrual loans to total net loans

     .91     1.15     1.17     1.18     1.20

Allowance for credit losses to total loans

     1.09     1.36     1.36     1.37     1.38

 

(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 on page 20.
(4) Excludes loans acquired at a discount.
(5) Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.
(6) Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value.

 

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M&T BANK CORPORATION

Condensed Consolidated Statement of Income

 

     Three months ended
December 31
          Year ended
December 31
       
Dollars in thousands    2015     2014     Change     2015     2014     Change  

Interest income

   $ 902,377        756,612        19   $ 3,170,844        2,956,877        7

Interest expense

     95,333        74,772        27        328,257        280,431        17   
  

 

 

   

 

 

     

 

 

   

 

 

   

Net interest income

     807,044        681,840        18        2,842,587        2,676,446        6   

Provision for credit losses

     58,000        33,000        76        170,000        124,000        37   
  

 

 

   

 

 

     

 

 

   

 

 

   

Net interest income after provision for credit losses

     749,044        648,840        15        2,672,587        2,552,446        5   

Other income

            

Mortgage banking revenues

     87,500        93,675        -7        375,738        362,912        4   

Service charges on deposit accounts

     105,748        106,319        -1        420,608        427,956        -2   

Trust income

     114,564        128,442        -11        470,640        508,258        -7   

Brokerage services income

     15,546        15,809        -2        64,770        67,212        -4   

Trading account and foreign exchange gains

     9,938        8,397        18        30,577        29,874        2   

Loss on bank investment securities

     (22     —          —          (130     —          —     

Equity in earnings of Bayview Lending Group LLC

     (3,224     (4,049     —          (14,267     (16,672     —     

Other revenues from operations

     118,058        103,050        15        477,101        399,733        19   
  

 

 

   

 

 

     

 

 

   

 

 

   

Total other income

     448,108        451,643        -1        1,825,037        1,779,273        3   

Other expense

            

Salaries and employee benefits

     434,413        345,135        26        1,549,530        1,404,950        10   

Equipment and net occupancy

     70,747        62,335        13        272,539        269,299        1   

Printing, postage and supplies

     10,905        8,881        23        38,491        38,201        1   

Amortization of core deposit and other intangible assets

     9,576        7,170        34        26,424        33,824        -22   

FDIC assessments

     19,562        11,695        67        52,113        55,531        -6   

Other costs of operations

     240,910        231,005        4        883,835        887,669        —     
  

 

 

   

 

 

     

 

 

   

 

 

   

Total other expense

     786,113        666,221        18        2,822,932        2,689,474        5   

Income before income taxes

     411,039        434,262        -5        1,674,692        1,642,245        2   

Applicable income taxes

     140,074        156,713        -11        595,025        575,999        3   
  

 

 

   

 

 

     

 

 

   

 

 

   

Net income

   $ 270,965        277,549        -2   $ 1,079,667        1,066,246        1
  

 

 

   

 

 

     

 

 

   

 

 

   

 

- more -


 

15-15-15-15-15

 

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

 

     Three months ended  
Dollars in thousands    December 31,
2015
    September 30,
2015
    June 30,
2015
    March 31,
2015
    December 31,
2014
 

Interest income

   $ 902,377        770,026        760,354        738,087        756,612   

Interest expense

     95,333        77,199        77,226        78,499        74,772   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     807,044        692,827        683,128        659,588        681,840   

Provision for credit losses

     58,000        44,000        30,000        38,000        33,000   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision for credit losses

     749,044        648,827        653,128        621,588        648,840   

Other income

          

Mortgage banking revenues

     87,500        84,035        102,602        101,601        93,675   

Service charges on deposit accounts

     105,748        107,259        105,257        102,344        106,319   

Trust income

     114,564        113,744        118,598        123,734        128,442   

Brokerage services income

     15,546        16,902        16,861        15,461        15,809   

Trading account and foreign exchange gains

     9,938        8,362        6,046        6,231        8,397   

Loss on bank investment securities

     (22     —          (10     (98     —     

Equity in earnings of Bayview Lending Group LLC

     (3,224     (3,721     (3,131     (4,191     (4,049

Other revenues from operations

     118,058        113,118        150,804        95,121        103,050   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income

     448,108        439,699        497,027        440,203        451,643   

Other expense

          

Salaries and employee benefits

     434,413        363,567        361,657        389,893        345,135   

Equipment and net occupancy

     70,747        68,470        66,852        66,470        62,335   

Printing, postage and supplies

     10,905        8,691        9,305        9,590        8,881   

Amortization of core deposit and other intangible assets

     9,576        4,090        5,965        6,793        7,170   

FDIC assessments

     19,562        11,090        10,801        10,660        11,695   

Other costs of operations

     240,910        197,908        242,048        202,969        231,005   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense

     786,113        653,816        696,628        686,375        666,221   

Income before income taxes

     411,039        434,710        453,527        375,416        434,262   

Applicable income taxes

     140,074        154,309        166,839        133,803        156,713   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 270,965        280,401        286,688        241,613        277,549   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

- more -


 

16-16-16-16-16

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

 

     December 31      Change  
Dollars in thousands    2015      2014     

ASSETS

        

Cash and due from banks

   $ 1,368,040         1,289,965         6

Interest-bearing deposits at banks

     7,594,350         6,470,867         17   

Federal funds sold

     —           83,392         -100   

Trading account assets

     273,783         308,175         -11   

Investment securities

     15,656,439         12,993,542         20   

Loans and leases:

        

Commercial, financial, etc.

     20,422,338         19,461,292         5   

Real estate - commercial

     29,197,311         27,567,569         6   

Real estate - consumer

     26,270,103         8,657,301         203   

Consumer

     11,599,747         10,982,794         6   
  

 

 

    

 

 

    

Total loans and leases, net of unearned discount

     87,489,499         66,668,956         31   

Less: allowance for credit losses

     955,992         919,562         4   
  

 

 

    

 

 

    

Net loans and leases

     86,533,507         65,749,394         32   

Goodwill

     4,593,112         3,524,625         30   

Core deposit and other intangible assets

     140,268         35,027         300   

Other assets

     6,628,385         6,230,548         6   
  

 

 

    

 

 

    

Total assets

   $ 122,787,884         96,685,535         27
  

 

 

    

 

 

    

LIABILITIES AND SHAREHOLDERS’ EQUITY

        

Noninterest-bearing deposits

   $ 29,110,635         26,947,880         8

Interest-bearing deposits

     62,677,036         46,457,591         35   

Deposits at Cayman Islands office

     170,170         176,582         -4   
  

 

 

    

 

 

    

Total deposits

     91,957,841         73,582,053         25   

Short-term borrowings

     2,132,182         192,676         1007   

Accrued interest and other liabilities

     1,870,714         1,567,951         19   

Long-term borrowings

     10,653,858         9,006,959         18   
  

 

 

    

 

 

    

Total liabilities

     106,614,595         84,349,639         26   

Shareholders’ equity:

        

Preferred

     1,231,500         1,231,500         —     

Common (1)

     14,941,789         11,104,396         35   
  

 

 

    

 

 

    

Total shareholders’ equity

     16,173,289         12,335,896         31   
  

 

 

    

 

 

    

Total liabilities and shareholders’ equity

   $ 122,787,884         96,685,535         27
  

 

 

    

 

 

    

 

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $251.6 million at December 31, 2015 and $181.0 million at December 31, 2014.

 

-more-


 

17-17-17-17-17

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

 

Dollars in thousands    December 31,
2015
     September 30,
2015
     June 30,
2015
     March 31,
2015
     December 31,
2014
 

ASSETS

              

Cash and due from banks

   $ 1,368,040         1,249,704         1,347,858         1,269,816         1,289,965   

Interest-bearing deposits at banks

     7,594,350         4,713,266         4,045,852         6,291,491         6,470,867   

Federal funds sold

     —           —           3,000         97,037         83,392   

Trading account assets

     273,783         340,710         277,009         363,085         308,175   

Investment securities

     15,656,439         14,494,539         14,751,637         14,393,270         12,993,542   

Loans and leases:

              

Commercial, financial, etc.

     20,422,338         20,233,177         20,111,028         19,775,494         19,461,292   

Real estate - commercial

     29,197,311         28,720,537         28,442,488         27,845,710         27,567,569   

Real estate - consumer

     26,270,103         8,211,062         8,444,542         8,504,119         8,657,301   

Consumer

     11,599,747         11,375,472         11,133,194         10,973,719         10,982,794   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total loans and leases, net of unearned discount

     87,489,499         68,540,248         68,131,252         67,099,042         66,668,956   

Less: allowance for credit losses

     955,992         933,798         929,987         921,373         919,562   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net loans and leases

     86,533,507         67,606,450         67,201,265         66,177,669         65,749,394   

Goodwill

     4,593,112         3,513,325         3,513,325         3,524,625         3,524,625   

Core deposit and other intangible assets

     140,268         18,179         22,269         28,234         35,027   

Other assets

     6,628,385         5,860,889         5,917,861         6,232,556         6,230,548   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 122,787,884         97,797,062         97,080,076         98,377,783         96,685,535   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

              

Noninterest-bearing deposits

   $ 29,110,635         28,189,330         27,674,588         27,181,120         26,947,880   

Interest-bearing deposits

     62,677,036         44,549,028         44,787,590         46,234,455         46,457,591   

Deposits at Cayman Islands office

     170,170         206,185         167,441         178,545         176,582   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total deposits

     91,957,841         72,944,543         72,629,619         73,594,120         73,582,053   

Short-term borrowings

     2,132,182         173,783         153,299         193,495         192,676   

Accrued interest and other liabilities

     1,870,714         1,582,513         1,453,249         1,552,724         1,567,951   

Long-term borrowings

     10,653,858         10,174,289         10,175,912         10,509,143         9,006,959   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     106,614,595         84,875,128         84,412,079         85,849,482         84,349,639   

Shareholders’ equity:

              

Preferred

     1,231,500         1,231,500         1,231,500         1,231,500         1,231,500   

Common (1)

     14,941,789         11,690,434         11,436,497         11,296,801         11,104,396   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total shareholders’ equity

     16,173,289         12,921,934         12,667,997         12,528,301         12,335,896   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 122,787,884         97,797,062         97,080,076         98,377,783         96,685,535   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $251.6 million at December 31, 2015, $163.5 million at September 30, 2015, $217.5 million at June 30, 2015, $152.5 million at March 31, 2015 and $181.0 million at December 31, 2014.

 

-more-


 

18-18-18-18-18

 

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

and Annualized Taxable-equivalent Rates

 

    Three months ended     Change in balance     Year ended        
    December 31,     December 31,     September 30,     December 31, 2015 from     December 31,        
Dollars in millions   2015     2014     2015     December 31,
2014
    September 30,
2015
    2015     2014     Change in
balance
 
    Balance     Rate     Balance     Rate     Balance     Rate         Balance     Rate     Balance     Rate    

ASSETS

                         

Interest-bearing deposits at banks

  $ 6,622        .30     9,054        .25     6,060        .25     -27     9   $ 5,775        .26     5,342        .25     8

Federal funds sold and agreements to resell securities

    1        .54        86        .08        —          —          -99        —          34        .10        89        .07        -62   

Trading account assets

    68        1.88        80        1.76        96        .52        -16        -29        86        1.44        76        1.81        13   

Investment securities

    15,786        2.55        12,978        2.82        14,441        2.60        22        9        14,456        2.62        11,509        3.03        26   

Loans and leases, net of unearned discount

                         

Commercial, financial, etc.

    20,221        3.23        19,117        3.25        19,939        3.22        6        1        19,899        3.21        18,867        3.31        5   

Real estate - commercial

    28,973        4.11        27,064        4.24        28,309        4.18        7        2        28,276        4.16        26,461        4.26        7   

Real estate - consumer

    20,369        4.01        8,654        4.19        8,348        4.17        135        144        11,458        4.09        8,719        4.23        31   

Consumer

    11,547        4.44        10,932        4.49        11,253        4.46        6        3        11,203        4.46        10,618        4.53        6   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total loans and leases, net

    81,110        3.92        65,767        4.01        67,849        3.96        23        20        70,836        3.95        64,665        4.05        10   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total earning assets

    103,587        3.48        87,965        3.44        88,446        3.48        18        17        91,187        3.50        81,681        3.65        12   

Goodwill

    4,218          3,525          3,513          20        20        3,694          3,525          5   

Core deposit and other intangible assets

    101          38          20          164        403        45          50          -11   

Other assets

    7,146          7,116          6,536          —          9        6,854          6,887          —     
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total assets

  $ 115,052          98,644          98,515          17     17   $ 101,780          92,143          10
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

LIABILITIES AND SHAREHOLDERS’ EQUITY

                         

Interest-bearing deposits

                         

Interest-checking

  $ 1,331        .11        1,083        .14        1,309        .11        23     2   $ 1,275        .11        1,034        .14        23

Savings deposits

    45,974        .11        42,949        .10        41,197        .11        7        12        42,610        .10        40,474        .11        5   

Time deposits

    9,686        .65        3,128        .50        2,858        .51        210        239        4,641        .58        3,290        .47        41   

Deposits at Cayman Islands office

    224        .30        265        .22        206        .29        -16        9        216        .28        327        .21        -34   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total interest-bearing deposits

    57,215        .21        47,425        .13        45,570        .13        21        26        48,742        .15        45,125        .14        8   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Short-term borrowings

    1,615        .39        195        .05        174        .07        729        828        548        .31        215        .05        155   

Long-term borrowings

    10,748        2.36        8,954        2.62        10,114        2.44        20        6        10,217        2.47        7,492        2.90        36   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total interest-bearing liabilities

    69,578        .54        56,574        .52        55,858        .55        23        25        59,507        .55        52,832        .53        13   

Noninterest-bearing deposits

    28,443          28,090          28,251          1        1        27,324          25,715          6   

Other liabilities

    2,024          1,538          1,619          32        25        1,721          1,499          15   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total liabilities

    100,045          86,202          85,728          16        17        88,552          80,046          11   

Shareholders’ equity

    15,007          12,442          12,787          21        17        13,228          12,097          9   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total liabilities and shareholders’ equity

  $ 115,052          98,644          98,515          17     17   $ 101,780          92,143          10
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Net interest spread

      2.94          2.92          2.93              2.95          3.12     

Contribution of interest-free funds

      .18          .18          .21              .19          .19     

Net interest margin

      3.12       3.10       3.14           3.14       3.31  

 

-more-


 

19-19-19-19-19

 

M&T BANK CORPORATION

Reconciliation of GAAP to Non-GAAP Measures

 

     Three months ended
December 31
    Year ended
December 31
 
     2015     2014     2015     2014  

Income statement data

                        
In thousands, except per share                         

Net income

        

Net income

   $ 270,965        277,549      $ 1,079,667        1,066,246   

Amortization of core deposit and other intangible assets (1)

     5,828        4,380        16,150        20,657   

Merger-related expenses (1)

     60,820        —          60,820        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income

   $ 337,613        281,929      $ 1,156,637        1,086,903   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share

        

Diluted earnings per common share

   $ 1.65        1.92      $ 7.18        7.42   

Amortization of core deposit and other intangible assets (1)

     .04        .03        .12        .15   

Merger-related expenses (1)

     .40        —          .44        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net operating earnings per common share

   $ 2.09        1.95      $ 7.74        7.57   
  

 

 

   

 

 

   

 

 

   

 

 

 

Other expense

        

Other expense

   $ 786,113        666,221      $ 2,822,932        2,689,474   

Amortization of core deposit and other intangible assets

     (9,576     (7,170     (26,424     (33,824

Merger-related expenses

     (75,976     —          (75,976     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Noninterest operating expense

   $ 700,561        659,051      $ 2,720,532        2,655,650   
  

 

 

   

 

 

   

 

 

   

 

 

 

Merger-related expenses

        

Salaries and employee benefits

   $ 51,287        —        $ 51,287        —     

Equipment and net occupancy

     3        —          3        —     

Printing, postage and supplies

     504        —          504        —     

Other costs of operations

     24,182        —          24,182        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Other expense

     75,976        —          75,976        —     

Provision for credit losses

     21,000        —          21,000        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 96,976        —        $ 96,976        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

        

Noninterest operating expense (numerator)

   $ 700,561        659,051      $ 2,720,532        2,655,650   
  

 

 

   

 

 

   

 

 

   

 

 

 

Taxable-equivalent net interest income

     813,401        687,847        2,867,050        2,700,088   

Other income

     448,108        451,643        1,825,037        1,779,273   

Less: Loss on bank investment securities

     (22     —          (130     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator

   $ 1,261,531        1,139,490      $ 4,692,217        4,479,361   
  

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

     55.53     57.84     57.98     59.29
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance sheet data

                        
In millions                         

Average assets

        

Average assets

   $ 115,052        98,644      $ 101,780        92,143   

Goodwill

     (4,218     (3,525     (3,694     (3,525

Core deposit and other intangible assets

     (101     (38     (45     (50

Deferred taxes

     39        12        16        15   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible assets

   $ 110,772        95,093      $ 98,057        88,583   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

        

Average total equity

   $ 15,007        12,442      $ 13,228        12,097   

Preferred stock

     (1,232     (1,231     (1,232     (1,192
  

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

     13,775        11,211        11,996        10,905   

Goodwill

     (4,218     (3,525     (3,694     (3,525

Core deposit and other intangible assets

     (101     (38     (45     (50

Deferred taxes

     39        12        16        15   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible common equity

   $ 9,495        7,660      $ 8,273        7,345   
  

 

 

   

 

 

   

 

 

   

 

 

 

At end of quarter

        

Total assets

        

Total assets

   $ 122,788        96,686       

Goodwill

     (4,593     (3,525    

Core deposit and other intangible assets

     (140     (35    

Deferred taxes

     54        11       
  

 

 

   

 

 

     

Total tangible assets

   $ 118,109        93,137       
  

 

 

   

 

 

     

Total common equity

        

Total equity

   $ 16,173        12,336       

Preferred stock

     (1,232     (1,231    

Undeclared dividends - cumulative preferred stock

     (2     (3    
  

 

 

   

 

 

     

Common equity, net of undeclared cumulative preferred dividends

     14,939        11,102       

Goodwill

     (4,593     (3,525    

Core deposit and other intangible assets

     (140     (35    

Deferred taxes

     54        11       
  

 

 

   

 

 

     

Total tangible common equity

   $ 10,260        7,553       
  

 

 

   

 

 

     

 

(1) After any related tax effect.

 

-more-


 

20-20-20-20-20

 

M&T BANK CORPORATION

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

 

     Three months ended  
     December 31,
2015
    September 30,
2015
    June 30,
2015
    March 31,
2015
    December 31,
2014
 

Income statement data

                              
In thousands, except per share                               

Net income

          

Net income

   $ 270,965        280,401        286,688        241,613        277,549   

Amortization of core deposit and other intangible assets (1)

     5,828        2,506        3,653        4,163        4,380   

Merger-related expenses (1)

     60,820        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income

   $ 337,613        282,907        290,341        245,776        281,929   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share

          

Diluted earnings per common share

   $ 1.65        1.93        1.98        1.65        1.92   

Amortization of core deposit and other intangible assets (1)

     .04        .02        .03        .03        .03   

Merger-related expenses (1)

     .40        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net operating earnings per common share

   $ 2.09        1.95        2.01        1.68        1.95   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other expense

          

Other expense

   $ 786,113        653,816        696,628        686,375        666,221   

Amortization of core deposit and other intangible assets

     (9,576     (4,090     (5,965     (6,793     (7,170

Merger-related expenses

     (75,976     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noninterest operating expense

   $ 700,561        649,726        690,663        679,582        659,051   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Merger-related expenses

          

Salaries and employee benefits

   $ 51,287        —          —          —          —     

Equipment and net occupancy

     3        —          —          —          —     

Printing, postage and supplies

     504        —          —          —          —     

Other costs of operations

     24,182        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other expense

     75,976        —          —          —          —     

Provision for credit losses

     21,000        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 96,976        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

          

Noninterest operating expense (numerator)

   $ 700,561        649,726        690,663        679,582        659,051   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Taxable-equivalent net interest income

     813,401        699,075        689,148        665,426        687,847   

Other income

     448,108        439,699        497,027        440,203        451,643   

Less: Loss on bank investment securities

     (22     —          (10     (98     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Denominator

   $ 1,261,531        1,138,774        1,186,185        1,105,727        1,139,490   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

     55.53     57.05     58.23     61.46     57.84
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance sheet data

                              
In millions                               

Average assets

          

Average assets

   $ 115,052        98,515        97,598        95,892        98,644   

Goodwill

     (4,218     (3,513     (3,514     (3,525     (3,525

Core deposit and other intangible assets

     (101     (20     (25     (31     (38

Deferred taxes

     39        7        8        10        12   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible assets

   $ 110,772        94,989        94,067        92,346        95,093   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

          

Average total equity

   $ 15,007        12,787        12,636        12,459        12,442   

Preferred stock

     (1,232     (1,232     (1,232     (1,232     (1,231
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

     13,775        11,555        11,404        11,227        11,211   

Goodwill

     (4,218     (3,513     (3,514     (3,525     (3,525

Core deposit and other intangible assets

     (101     (20     (25     (31     (38

Deferred taxes

     39        7        8        10        12   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible common equity

   $ 9,495        8,029        7,873        7,681        7,660   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

At end of quarter

          

Total assets

          

Total assets

   $ 122,788        97,797        97,080        98,378        96,686   

Goodwill

     (4,593     (3,513     (3,513     (3,525     (3,525

Core deposit and other intangible assets

     (140     (18     (22     (28     (35

Deferred taxes

     54        6        7        9        11   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total tangible assets

   $ 118,109        94,272        93,552        94,834        93,137   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total common equity

          

Total equity

   $ 16,173        12,922        12,668        12,528        12,336   

Preferred stock

     (1,232     (1,232     (1,232     (1,232     (1,231

Undeclared dividends - cumulative preferred stock

     (2     (3     (3     (2     (3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Common equity, net of undeclared cumulative preferred dividends

     14,939        11,687        11,433        11,294        11,102   

Goodwill

     (4,593     (3,513     (3,513     (3,525     (3,525

Core deposit and other intangible assets

     (140     (18     (22     (28     (35

Deferred taxes

     54        6        7        9        11   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total tangible common equity

   $ 10,260        8,162        7,905        7,750        7,553   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) After any related tax effect.

 

###