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Exhibit 99

 

INVESTOR CONTACT:    Donald J. MacLeod   

FOR IMMEDIATE RELEASE:

   (716) 842-5138   

January 16, 2013

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

M&T BANK CORPORATION ANNOUNCES 2012 FOURTH QUARTER

AND FULL-YEAR PROFITS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for 2012.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the fourth quarter of 2012 rose 108% to $2.16 from $1.04 in the year-earlier quarter and were comparable to $2.17 in the third quarter of 2012. GAAP-basis net income in the recent quarter totaled $296 million, up from $148 million and $293 million in the fourth quarter of 2011 and the third quarter of 2012, respectively. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income for the recent quarter was 1.45% and 12.10%, respectively, compared with .75% and 6.12%, respectively, in the year-earlier quarter and 1.45% and 12.40%, respectively, in the third quarter of 2012.

For the year ended December 31, 2012, diluted earnings per common share were $7.54, up 19% from $6.35 in 2011. Net income rose to $1.03 billion in 2012 from $859 million in the previous year. Expressed as a rate of return on average assets and average common shareholders’ equity, net income in 2012 was 1.29% and 10.96%, respectively, compared with 1.16% and 9.67%, respectively, in 2011.


2-2-2-2-2

M&T BANK CORPORATION

 

Commenting on M&T’s performance, René F. Jones, Executive Vice President and Chief Financial Officer, noted, “This was a year of tremendous accomplishment, in which M&T recorded record levels of net income and earnings per share. Revenues were up in most major categories, led by exceptional growth in mortgage banking. We continued to extend credit throughout the communities we serve, and as a result, loans rose an impressive $6.5 billion or 11% from the end of 2011, all while improving our capital base and expanding the services we offer our customers. The fourth quarter was a continuation of those trends, positioning us well for continued success in 2013. As we await shareholder and regulatory approvals for our proposed acquisition of Hudson City Bancorp, Inc., we are working diligently to prepare to welcome our new employees and customers to M&T.”

While there were no unusual items included in M&T’s results during the recent quarter, the fourth quarter of 2011 included several items of note: a $79 million (pre-tax effect) other-than-temporary impairment charge related to M&T’s 20% investment in Bayview Lending Group LLC (“BLG”); $55 million of income in full settlement of a lawsuit arising from a 2007 investment in collateralized debt obligations; and a $30 million tax-deductible cash contribution to The M&T Charitable Foundation. The after-tax impact of those three items reduced the previous year’s fourth quarter net income by $33 million, or $.26 of diluted earnings per common share.

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

 

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3-3-3-3-3

M&T BANK CORPORATION

 

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 $2.23 in the recent quarter, compared with $1.20 in the year-earlier period and $2.24 in the third quarter of 2012. Net operating income for the fourth quarter of 2012 was $305 million, improved from $168 million in the year-earlier quarter and $302 million in the third quarter of 2012. For the three months ended December 31, 2012, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity was 1.56% and 20.46%, respectively, compared with .89% and 12.36% in the corresponding 2011 period and 1.56% and 21.53%, respectively, in the third quarter of 2012.

Diluted net operating earnings per common share rose 20% to $7.88 in 2012 from $6.55 in 2011. Net operating income for 2012 and 2011 totaled $1.07 billion and $884 million, respectively. Net operating income in 2012 expressed as a rate of return on average tangible assets and average tangible common shareholders’ equity was 1.40% and 19.42%, respectively, compared with 1.26% and 17.96%, respectively, in 2011.

 

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4-4-4-4-4

M&T BANK CORPORATION

 

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income aggregated $674 million in the recent quarter, up from $669 million in the third quarter of 2012. That improvement resulted from an increase in average earning assets, most notably a $1.6 billion rise in average loans and leases, partially offset by a 3 basis point narrowing of the net interest margin to 3.74% in the fourth quarter, compared with 3.77% in the immediately preceding quarter. Taxable-equivalent net interest income in the recent quarter increased $49 million from $625 million in the fourth quarter of 2011 reflecting a $2.9 billion rise in average earning assets and a 14 basis point widening of the net interest margin. For the year ended December 31, 2012, net interest income on a taxable-equivalent basis rose 9% to $2.62 billion from $2.42 billion in 2011 as a result of a 12%, or $6.5 billion, increase in average loans and leases. Significantly, the net interest margin held steady at 3.73% in 2012 as compared with the prior year despite a challenging low interest rate environment.

Provision for Credit Losses/Asset Quality. Credit quality remained strong. The provision for credit losses was $49 million during the fourth quarter of 2012, compared with $74 million in the year-earlier quarter and $46 million in the third quarter of 2012. Net charge-offs of loans were $44 million in the recent quarter, representing an annualized .27% of average loans outstanding, compared with $74 million or .50% in the final quarter of 2011 and $42 million or .26% in 2012’s third quarter. The provision for credit losses declined 24% to $204 million for the year ended December 31, 2012 from $270 million in 2011. Net loan charge-offs for the year totaled $186 million, or .30% of average loans outstanding, compared with $265 million, or .47% of average loans in 2011.

 

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5-5-5-5-5

M&T BANK CORPORATION

 

Loans classified as nonaccrual totaled $1.01 billion, or 1.52% of total loans at December 31, 2012, compared with $1.10 billion or 1.83% a year earlier and $925 million or 1.44% at September 30, 2012. The increase in nonaccrual loans from September 30, 2012 resulted largely from the addition of $64 million of loans to a single borrower that are fully secured by residential real estate.

Assets taken in foreclosure of defaulted loans were $104 million at December 31, 2012, down from $157 million and $112 million at December 31, 2011 and September 30, 2012, 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. Reflecting those analyses, the allowance for credit losses was $926 million at December 31, 2012, compared with $908 million a year earlier and $921 million at September 30, 2012. The allowance expressed as a percentage of outstanding loans was 1.39% at the recent quarter-end, compared with 1.51% at December 31, 2011 and 1.44% at September 30, 2012.

Noninterest Income and Expense. Noninterest income totaled $453 million in the recently completed quarter, compared with $398 million and $446 million in the final quarter of 2011 and the third quarter of 2012, respectively. Reflected in those amounts were net losses from investment securities of $14 million, $25 million and $5 million, each predominantly due to other-than-temporary impairment charges. Also included in noninterest income in the fourth quarter of 2011 was the $55 million favorable litigation settlement related to M&T’s 2007 investment in certain collateralized debt obligations, as previously noted.

 

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6-6-6-6-6

M&T BANK CORPORATION

 

Excluding the specific items referred to in the preceding paragraph, noninterest income was $468 million in the recent quarter, increasing from $368 million in the year-earlier quarter and $451 million in the third quarter of 2012. The rise in noninterest income in the recent quarter as compared with those earlier quarters was predominantly due to higher mortgage banking revenues.

Noninterest income aggregated $1.67 billion and $1.58 billion during the years ended December 31, 2012 and 2011, respectively. The most significant contributors to the rise in noninterest income in 2012 as compared with 2011 were higher mortgage banking revenues and trust income, the latter reflecting the full-year impact of the acquisition of Wilmington Trust Corporation (“Wilmington Trust”). Partially offsetting those factors were net gains from investment securities, the previously noted litigation settlement and merger-related gains, all reflected in M&T’s 2011 results.

Noninterest expense in the fourth quarter of 2012 totaled $626 million, compared with $740 million in the year-earlier quarter and $616 million in 2012’s third quarter. 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 $612 million in the recent quarter, compared with $706 million and $602 million in the fourth quarter of 2011 and the third quarter of 2012, respectively. Reflected in noninterest expense in the fourth quarter of 2011 was the aforementioned $79 million impairment charge related to BLG and the $30 million charitable contribution.

 

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7-7-7-7-7

M&T BANK CORPORATION

 

For the year ended December 31, 2012, noninterest expense aggregated $2.51 billion, compared with $2.48 billion in the previous year. Excluding those previously noted expenses considered to be nonoperating in nature, noninterest operating expenses were $2.44 billion in 2012 and $2.33 billion in 2011. That increase was largely attributable to the full-year impact of the operations obtained in the Wilmington Trust acquisition.

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. As a result of revenue growth that has outpaced increases in operating expenses, M&T’s efficiency ratio improved to 53.6% in the recent quarter from 67.4% in the year-earlier quarter and 53.7% in the third quarter of 2012. The efficiency ratio for the year ended December 31, 2012 was 56.2%, also improved, from 60.4% in 2011. The improved efficiency ratio reflects the significant progress made in the integration of the operations obtained in the May 2011 acquisition of Wilmington Trust.

Balance Sheet. M&T had total assets of $83.0 billion at December 31, 2012, up from $77.9 billion a year earlier. Loans and leases, net of unearned discount, totaled $66.6 billion at the 2012 year-end, $6.5 billion or 11% higher than $60.1 billion at December 31, 2011. The pace of growth in outstanding loans and leases during 2012’s final quarter remained robust, increasing $2.5 billion, or 4%, from $64.1 billion at September 30, 2012. That growth reflects increases in commercial loans, commercial real estate loans and residential real estate loans. Total deposits were $65.6 billion at December 31, 2012, $6.2

 

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8-8-8-8-8

M&T BANK CORPORATION

 

billion or 10% higher than $59.4 billion a year earlier and $1.6 billion or 3% above $64.0 billion at September 30, 2012.

Total shareholders’ equity rose 10% to $10.2 billion at December 31, 2012 from $9.3 billion a year earlier, representing 12.29% and 11.90% respectively, of total assets. Common shareholders’ equity was $9.3 billion, or $72.73 per share at December 31, 2012, compared with $8.4 billion, or $66.82 per share, a year earlier. Tangible equity per common share rose 18% to $44.61 at December 31, 2012 from $37.79 a year earlier. 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 7.20% at December 31, 2012, compared with 6.40% and 7.04% at December 31, 2011 and September 30, 2012, respectively. M&T’s estimated Tier 1 common ratio was 7.57% at December 31, 2012, compared with 6.86% and 7.46% at December 31, 2011 and September 30, 2012, respectively.

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 10:30 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 #86834125. 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 January 19, 2013 by calling (800)585-8367, or
(404)537-3406 for international participants, and by making reference to ID #86834125. The event will also be archived and

 

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M&T BANK CORPORATION

 

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, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

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

Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital

 

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M&T BANK CORPORATION

 

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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11-11-11-11-11

 

M&T BANK CORPORATION

Financial Highlights

 

     Three months ended
December 31
          Year ended December 31        
Amounts in thousands, except per share    2012     2011     Change     2012     2011     Change  

Performance

            

Net income

   $ 296,193        147,740        100   $ 1,029,498        859,479        20

Net income available to common shareholders

     276,605        129,804        113        953,429        781,765        22   

Per common share:

            

Basic earnings

   $ 2.18        1.04        110   $ 7.57        6.37        19

Diluted earnings

     2.16        1.04        108        7.54        6.35        19   

Cash dividends

   $ .70        .70        —        $ 2.80        2.80        —     

Common shares outstanding:

            

Average - diluted (1)

     127,800        124,736        2     126,405        123,079        3

Period end (2)

     128,234        125,752        2        128,234        125,752        2   

Return on (annualized):

            

Average total assets

     1.45     .75       1.29     1.16  

Average common shareholders’ equity

     12.10     6.12       10.96     9.67  

Taxable-equivalent net interest income

   $ 673,929        624,566        8   $ 2,624,907        2,415,632        9

Yield on average earning assets

     4.17     4.17       4.22     4.35  

Cost of interest-bearing liabilities

     .67     .82       .74     .87  

Net interest spread

     3.50     3.35       3.48     3.48  

Contribution of interest-free funds

     .24     .25       .25     .25  

Net interest margin

     3.74     3.60       3.73     3.73  

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

     .27     .50       .30     .47  

Net operating results (3)

            

Net operating income

   $ 304,657        168,410        81   $ 1,072,510        884,253        21

Diluted net operating earnings per common share

     2.23        1.20        86        7.88        6.55        20   

Return on (annualized):

            

Average tangible assets

     1.56     .89       1.40     1.26  

Average tangible common equity

     20.46     12.36       19.42     17.96  

Efficiency ratio

     53.63     67.38       56.19     60.43  
     At December 31              
Loan quality    2012     2011     Change    

Nonaccrual loans

   $ 1,013,176        1,097,581        -8  

Real estate and other foreclosed assets

     104,279        156,592        -33  
  

 

 

   

 

 

     

Total nonperforming assets

   $ 1,117,455        1,254,173        -11  
  

 

 

   

 

 

     

Accruing loans past due 90 days or more (4)

   $ 358,397        287,876        24  

Government guaranteed loans included in totals above:

        

Nonaccrual loans

   $ 57,420        40,529        42  

Accruing loans past due 90 days or more

     316,403        252,503        25  

Renegotiated loans

   $ 271,971        214,379        27  

Acquired accruing loans past due 90 days or
more (5)

   $ 166,554        163,738        2  

Purchased impaired loans (6):

        

Outstanding customer balance

   $ 828,571        1,267,762        -35  

Carrying amount

     447,114        653,362        -32  

Nonaccrual loans to total net loans

     1.52     1.83    

Allowance for credit losses to total loans

     1.39     1.51    

 

(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) Excludes acquired loans.
(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.
(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

 

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12-12-12-12-12

 

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

 

     Three months ended  
Amounts in thousands, except per share    December 31,
2012
    September 30,
2012
    June 30,
2012
    March 31,
2012
    December 31,
2011
 

Performance

          

Net income

   $ 296,193        293,462        233,380        206,463        147,740   

Net income available to common shareholders

     276,605        273,896        214,716        188,241        129,804   

Per common share:

          

Basic earnings

   $ 2.18        2.18        1.71        1.50        1.04   

Diluted earnings

     2.16        2.17        1.71        1.50        1.04   

Cash dividends

   $ .70        .70        .70        .70        .70   

Common shares outstanding:

          

Average - diluted (1)

     127,800        126,292        125,897        125,616        124,736   

Period end (2)

     128,234        127,461        126,645        126,534        125,752   

Return on (annualized):

          

Average total assets

     1.45     1.45     1.17     1.06     .75

Average common shareholders’ equity

     12.10     12.40     10.12     9.04     6.12

Taxable-equivalent net interest income

   $ 673,929        669,256        654,628        627,094        624,566   

Yield on average earning assets

     4.17     4.23     4.25     4.24     4.17

Cost of interest-bearing liabilities

     .67     .71     .76     .80     .82

Net interest spread

     3.50     3.52     3.49     3.44     3.35

Contribution of interest-free funds

     .24     .25     .25     .25     .25

Net interest margin

     3.74     3.77     3.74     3.69     3.60

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

     .27     .26     .34     .32     .50

Net operating results (3)

          

Net operating income

   $ 304,657        302,060        247,433        218,360        168,410   

Diluted net operating earnings per common share

     2.23        2.24        1.82        1.59        1.20   

Return on (annualized):

          

Average tangible assets

     1.56     1.56     1.30     1.18     .89

Average tangible common equity

     20.46     21.53     18.54     16.79     12.36

Efficiency ratio

     53.63     53.73     56.86     61.09     67.38
Loan quality    December 31,
2012
    September 30,
2012
    June 30,
2012
    March 31,
2012
    December 31,
2011
 

Nonaccrual loans

   $ 1,013,176        925,231        968,328        1,065,229        1,097,581   

Real estate and other foreclosed assets

     104,279        112,160        115,580        140,297        156,592   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming assets

   $ 1,117,455        1,037,391        1,083,908        1,205,526        1,254,173   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accruing loans past due 90 days or more (4)

   $ 358,397        309,420        274,598        273,081        287,876   

Government guaranteed loans included in totals above:

          

Nonaccrual loans

   $ 57,420        54,583        48,712        44,717        40,529   

Accruing loans past due 90 days or more

     316,403        280,410        255,495        252,622        252,503   

Renegotiated loans

   $ 271,971        266,526        267,111        213,024        214,379   

Acquired accruing loans past due 90 days or more (5)

   $ 166,554        161,424        162,487        165,163        163,738   

Purchased impaired loans (6):

          

Outstanding customer balance

   $ 828,571        978,731        1,037,458        1,158,829        1,267,762   

Carrying amount

     447,114        528,001        560,700        604,779        653,362   

Nonaccrual loans to total net loans

     1.52     1.44     1.54     1.75     1.83

Allowance for credit losses to total loans

     1.39     1.44     1.46     1.49     1.51

 

(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) Excludes acquired loans.
(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.
(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

 

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13-13-13-13-13

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

 

     Three months ended           Year ended        
     December 31           December 31        
Dollars in thousands    2012     2011     Change     2012     2011     Change  

Interest income

   $ 745,353        716,000        4   $ 2,941,685        2,792,087        5

Interest expense

     77,931        97,969        -20        343,169        402,331        -15   
  

 

 

   

 

 

     

 

 

   

 

 

   

Net interest income

     667,422        618,031        8        2,598,516        2,389,756        9   

Provision for credit losses

     49,000        74,000        -34        204,000        270,000        -24   
  

 

 

   

 

 

     

 

 

   

 

 

   

Net interest income after provision for credit losses

     618,422        544,031        14        2,394,516        2,119,756        13   

Other income

            

Mortgage banking revenues

     116,546        40,573        187        349,064        166,021        110   

Service charges on deposit accounts

     112,364        104,071        8        446,698        455,095        -2   

Trust income

     116,915        113,820        3        471,852        332,385        42   

Brokerage services income

     14,872        13,341        11        59,059        56,470        5   

Trading account and foreign exchange gains

     10,356        7,971        30        35,634        27,224        31   

Gain on bank investment securities

     —          1        —          9        150,187        —     

Other-than-temporary impairment losses recognized in earnings

     (14,491     (24,822     —          (47,822     (77,035     —     

Equity in earnings of Bayview Lending Group LLC

     (4,941     (5,419     —          (21,511     (24,231     —     

Other revenues from operations

     101,543        148,918        -32        374,287        496,796        -25   
  

 

 

   

 

 

     

 

 

   

 

 

   

Total other income

     453,164        398,454        14        1,667,270        1,582,912        5   

Other expense

            

Salaries and employee benefits

     323,010        312,528        3        1,314,540        1,203,993        9   

Equipment and net occupancy

     62,884        65,080        -3        257,551        249,514        3   

Printing, postage and supplies

     10,417        11,399        -9        41,929        40,917        2   

Amortization of core deposit and other intangible assets

     13,865        17,162        -19        60,631        61,617        -2   

FDIC assessments

     23,398        27,826        -16        101,110        100,230        1   

Other costs of operations

     192,572        305,588        -37        733,499        821,797        -11   
  

 

 

   

 

 

     

 

 

   

 

 

   

Total other expense

     626,146        739,583        -15        2,509,260        2,478,068        1   

Income before income taxes

     445,440        202,902        120        1,552,526        1,224,600        27   

Applicable income taxes

     149,247        55,162        171        523,028        365,121        43   
  

 

 

   

 

 

     

 

 

   

 

 

   

Net income

   $ 296,193        147,740        100   $ 1,029,498        859,479        20
  

 

 

   

 

 

     

 

 

   

 

 

   

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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    December 31,
2012
    September 30,
2012
    June 30,
2012
    March 31,
2012
    December 31,
2011
 

Interest income

   $ 745,353        744,851        737,386        714,095        716,000   

Interest expense

     77,931        82,129        89,403        93,706        97,969   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     667,422        662,722        647,983        620,389        618,031   

Provision for credit losses

     49,000        46,000        60,000        49,000        74,000   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision for credit losses

     618,422        616,722        587,983        571,389        544,031   

Other income

          

Mortgage banking revenues

     116,546        106,812        69,514        56,192        40,573   

Service charges on deposit accounts

     112,364        114,463        110,982        108,889        104,071   

Trust income

     116,915        115,709        122,275        116,953        113,820   

Brokerage services income

     14,872        14,114        16,172        13,901        13,341   

Trading account and foreign exchange gains

     10,356        8,469        6,238        10,571        7,971   

Gain (loss) on bank investment securities

     —          372        (408     45        1   

Other-than-temporary impairment losses recognized in earnings

     (14,491     (5,672     (16,173     (11,486     (24,822

Equity in earnings of Bayview Lending Group LLC

     (4,941     (5,183     (6,635     (4,752     (5,419

Other revenues from operations

     101,543        96,649        89,685        86,410        148,918   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income

     453,164        445,733        391,650        376,723        398,454   

Other expense

          

Salaries and employee benefits

     323,010        321,746        323,686        346,098        312,528   

Equipment and net occupancy

     62,884        64,248        65,376        65,043        65,080   

Printing, postage and supplies

     10,417        8,272        11,368        11,872        11,399   

Amortization of core deposit and other intangible assets

     13,865        14,085        15,907        16,774        17,162   

FDIC assessments

     23,398        23,801        24,962        28,949        27,826   

Other costs of operations

     192,572        183,875        186,093        170,959        305,588   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense

     626,146        616,027        627,392        639,695        739,583   

Income before income taxes

     445,440        446,428        352,241        308,417        202,902   

Applicable income taxes

     149,247        152,966        118,861        101,954        55,162   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 296,193        293,462        233,380        206,463        147,740   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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15-15-15-15-15

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

 

     December 31         
Dollars in thousands    2012      2011      Change  

ASSETS

        

Cash and due from banks

   $ 1,983,615         1,449,547         37

Interest-bearing deposits at banks

     129,945         154,960         -16   

Federal funds sold and agreements to resell securities

     3,000         2,850         5   

Trading account assets

     488,966         561,834         -13   

Investment securities

     6,074,361         7,673,154         -21   

Loans and leases:

        

Commercial, financial, etc

     17,776,953         15,734,436         13   

Real estate - commercial

     25,993,790         24,411,114         6   

Real estate - consumer

     11,240,837         7,923,165         42   

Consumer

     11,559,377         12,027,290         -4   
  

 

 

    

 

 

    

Total loans and leases, net of unearned discount

     66,570,957         60,096,005         11   

Less: allowance for credit losses

     925,860         908,290         2   
  

 

 

    

 

 

    

Net loans and leases

     65,645,097         59,187,715         11   

Goodwill

     3,524,625         3,524,625         —     

Core deposit and other intangible assets

     115,763         176,394         -34   

Other assets

     5,043,431         5,193,208         -3   
  

 

 

    

 

 

    

Total assets

   $ 83,008,803         77,924,287         7
  

 

 

    

 

 

    

LIABILITIES AND SHAREHOLDERS’ EQUITY

        

Noninterest-bearing deposits

   $ 24,240,802         20,017,883         21

Interest-bearing deposits

     40,325,932         39,020,839         3   

Deposits at Cayman Islands office

     1,044,519         355,927         193   
  

 

 

    

 

 

    

Total deposits

     65,611,253         59,394,649         10   

Short-term borrowings

     1,074,482         782,082         37   

Accrued interest and other liabilities

     1,512,717         1,790,121         -15   

Long-term borrowings

     4,607,758         6,686,226         -31   
  

 

 

    

 

 

    

Total liabilities

     72,806,210         68,653,078         6   

Shareholders’ equity:

        

Preferred

     872,500         864,585         1   

Common (1)

     9,330,093         8,406,624         11   
  

 

 

    

 

 

    

Total shareholders’ equity

     10,202,593         9,271,209         10   
  

 

 

    

 

 

    

Total liabilities and shareholders’ equity

   $ 83,008,803         77,924,287         7
  

 

 

    

 

 

    

 

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $240.3 million at December 31, 2012 and $356.4 million at December 31, 2011.

 

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16-16-16-16-16

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

 

     December 31,      September 30,      June 30,      March 31,      December 31,  
Dollars in thousands    2012      2012      2012      2012      2011  

ASSETS

              

Cash and due from banks

   $ 1,983,615         1,622,928         1,421,831         1,344,092         1,449,547   

Interest-bearing deposits at banks

     129,945         411,994         1,069,717         1,282,040         154,960   

Federal funds sold and agreements to resell securities

     3,000         —           1,000         —           2,850   

Trading account assets

     488,966         526,844         544,938         517,620         561,834   

Investment securities

     6,074,361         6,624,004         7,057,300         7,195,296         7,673,154   

Loans and leases:

              

Commercial, financial, etc

     17,776,953         16,704,575         16,395,587         15,938,672         15,734,436   

Real estate - commercial

     25,993,790         24,970,416         24,898,707         24,486,555         24,411,114   

Real estate - consumer

     11,240,837         10,808,220         9,811,525         8,696,594         7,923,165   

Consumer

     11,559,377         11,628,744         11,745,453         11,799,929         12,027,290   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total loans and leases, net of unearned discount

     66,570,957         64,111,955         62,851,272         60,921,750         60,096,005   

Less: allowance for credit losses

     925,860         921,223         917,028         909,006         908,290   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net loans and leases

     65,645,097         63,190,732         61,934,244         60,012,744         59,187,715   

Goodwill

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

Core deposit and other intangible assets

     115,763         129,628         143,713         159,619         176,394   

Other assets

     5,043,431         5,054,478         5,110,210         5,150,851         5,193,208   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 83,008,803         81,085,233         80,807,578         79,186,887         77,924,287   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

              

Noninterest-bearing deposits

   $ 24,240,802         22,968,401         22,854,794         20,648,970         20,017,883   

Interest-bearing deposits

     40,325,932         39,636,104         39,327,849         39,868,782         39,020,839   

Deposits at Cayman Islands office

     1,044,519         1,402,753         366,164         395,191         355,927   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total deposits

     65,611,253         64,007,258         62,548,807         60,912,943         59,394,649   

Short-term borrowings

     1,074,482         592,154         975,575         511,981         782,082   

Accrued interest and other liabilities

     1,512,717         1,570,758         1,965,421         1,856,749         1,790,121   

Long-term borrowings

     4,607,758         4,969,536         5,687,868         6,476,526         6,686,226   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     72,806,210         71,139,706         71,177,671         69,758,199         68,653,078   

Shareholders’ equity:

              

Preferred

     872,500         870,416         868,433         866,489         864,585   

Common (1)

     9,330,093         9,075,111         8,761,474         8,562,199         8,406,624   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total shareholders’ equity

     10,202,593         9,945,527         9,629,907         9,428,688         9,271,209   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 83,008,803         81,085,233         80,807,578         79,186,887         77,924,287   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $240.3 million at December 31, 2012, $230.1 million at September 30, 2012, $277.8 million at June 30, 2012, $331.3 million at March 31, 2012 and $356.4 million at December 31, 2011.

 

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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     Change in balance     Year ended     Change
in
balance
 
    December 31,     December 31,     September 30,     December 31, 2012 from     December 31,    
Dollars in millions   2012     2011     2012     December 31,     September 30,     2012     2011    
    Balance     Rate     Balance     Rate     Balance     Rate     2011     2012     Balance     Rate     Balance     Rate    

ASSETS

                         

Interest-bearing deposits at banks

  $ 273        .15     1,973        .25     298        .18     -86     -9   $ 528        .23     1,195        .25     -56

Federal funds sold and agreements to resell securities

    3        .57        6        .38        4        .55        -51        -28        4        .55        180        .11        -98   

Trading account assets

    97        1.45        82        1.30        94        1.13        18        3        96        1.45        94        1.50        2   

Investment securities

    6,295        3.31        7,633        3.48        6,811        3.39        -18        -8        6,969        3.44        7,064        3.82        -1   

Loans and leases, net of unearned discount

                         

Commercial, financial, etc

    16,995        3.68        15,392        3.78        16,504        3.73        10        3        16,336        3.71        14,655        3.85        11   

Real estate - commercial

    25,332        4.50        24,108        4.47        24,995        4.61        5        1        24,907        4.50        22,901        4.59        9   

Real estate - consumer

    11,087        4.10        7,480        4.77        10,296        4.29        48        8        9,727        4.33        6,778        4.93        43   

Consumer

    11,597        4.69        12,097        4.87        11,660        4.76        -4        -1        11,732        4.77        11,865        4.99        -1   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total loans and leases, net

    65,011        4.28        59,077        4.39        63,455        4.34        10        2        62,702        4.35        56,199        4.53        12   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total earning assets

    71,679        4.17        68,771        4.17        70,662        4.23        4        1        70,299        4.22        64,732        4.35        9   

Goodwill

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

Core deposit and other intangible assets

    122          185          136          -34        -10        144          168          -14   

Other assets

    6,040          5,912          6,109          2        -1        6,015          5,552          8   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total assets

  $ 81,366          78,393          80,432          4     1   $ 79,983          73,977          8
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

LIABILITIES AND SHAREHOLDERS’ EQUITY

                         

Interest-bearing deposits

                         

NOW accounts

  $ 881        .14        826        .15        875        .15        7     1   $ 856        .16        753        .15        14

Savings deposits

    34,587        .19        32,179        .27        33,298        .20        7        4        33,398        .20        30,403        .28        10   

Time deposits

    4,727        .79        6,379        .93        5,164        .84        -26        -8        5,347        .86        6,480        1.10        -17   

Deposits at Cayman Islands office

    763        .18        512        .15        702        .19        49        9        605        .19        779        .12        -22   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total interest-bearing deposits

    40,958        .26        39,896        .37        40,039        .28        3        2        40,206        .29        38,415        .41        5   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Short-term borrowings

    677        .16        674        .10        976        .15        —          -31        839        .15        827        .12        1   

Long-term borrowings

    4,510        4.52        6,574        3.66        5,006        4.27        -31        -10        5,527        4.08        6,959        3.50        -21   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total interest-bearing liabilities

    46,145        .67        47,144        .82        46,021        .71        -2        —          46,572        .74        46,201        .87        1   

Noninterest-bearing deposits

    23,311          20,103          22,704          16        3        21,761          17,273          26   

Other liabilities

    1,805          1,733          1,918          4        -6        1,947          1,499          30   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total liabilities

    71,261          68,980          70,643          3        1        70,280          64,973          8   

Shareholders’ equity

    10,105          9,413          9,789          7        3        9,703          9,004          8   
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Total liabilities and shareholders’ equity

  $ 81,366          78,393          80,432          4     1   $ 79,983          73,977          8
 

 

 

     

 

 

     

 

 

         

 

 

     

 

 

     

Net interest spread

      3.50          3.35          3.52              3.48          3.48     

Contribution of interest-free funds

      .24          .25          .25              .25          .25     

Net interest margin

      3.74       3.60       3.77           3.73       3.73  

 

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18-18-18-18-18

 

M&T BANK CORPORATION

Reconciliation of GAAP to Non-GAAP Measures

 

     Three months ended
December 31
    Year ended
December 31
 
     2012     2011     2012     2011  

Income statement data

        

In thousands, except per share

        

Net income

        

Net income

   $ 296,193        147,740      $ 1,029,498        859,479   

Amortization of core deposit and other intangible assets (1)

     8,464        10,476        37,011        37,550   

Merger-related gain (1)

     —          —          —          (64,930

Merger-related expenses (1)

     —          10,194        6,001        52,154   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income

   $ 304,657        168,410      $ 1,072,510        884,253   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share

        

Diluted earnings per common share

   $ 2.16        1.04      $ 7.54        6.35   

Amortization of core deposit and other intangible assets (1)

     .07        .08        .29        .30   

Merger-related gain (1)

     —          —          —          (.52

Merger-related expenses (1)

     —          .08        .05        .42   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net operating earnings per common share

   $ 2.23        1.20      $ 7.88        6.55   
  

 

 

   

 

 

   

 

 

   

 

 

 

Other expense

        

Other expense

   $ 626,146        739,583      $ 2,509,260        2,478,068   

Amortization of core deposit and other intangible assets

     (13,865     (17,162     (60,631     (61,617

Merger-related expenses

     —          (16,393     (9,879     (83,687
  

 

 

   

 

 

   

 

 

   

 

 

 

Noninterest operating expense

   $ 612,281        706,028      $ 2,438,750        2,332,764   
  

 

 

   

 

 

   

 

 

   

 

 

 

Merger-related expenses

        

Salaries and employee benefits

   $ —          534      $ 4,997        16,131   

Equipment and net occupancy

     —          189        15        412   

Printing, postage and supplies

     —          1,475        —          2,663   

Other costs of operations

     —          14,195        4,867        64,481   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ —          16,393      $ 9,879        83,687   
  

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

        

Noninterest operating expense (numerator)

   $ 612,281        706,028      $ 2,438,750        2,332,764   
  

 

 

   

 

 

   

 

 

   

 

 

 

Taxable-equivalent net interest income

     673,929        624,566        2,624,907        2,415,632   

Other income

     453,164        398,454        1,667,270        1,582,912   

Less: Gain (loss) on bank investment securities

     —          1        9        150,187   

Net OTTI losses recognized in earnings

     (14,491     (24,822     (47,822     (77,035

Merger-related gain

     —          —          —          64,930   
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator

   $ 1,141,584        1,047,841      $ 4,339,990        3,860,462   
  

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

     53.63     67.38     56.19     60.43
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance sheet data

        

In millions

        

Average assets

        

Average assets

   $ 81,366        78,393      $ 79,983        73,977   

Goodwill

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

Core deposit and other intangible assets

     (122     (185     (144     (168

Deferred taxes

     36        54        42        43   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible assets

   $ 77,755        74,737      $ 76,356        70,327   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

        

Average total equity

   $ 10,105        9,413      $ 9,703        9,004   

Preferred stock

     (872     (864     (869     (797
  

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

     9,233        8,549        8,834        8,207   

Goodwill

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

Core deposit and other intangible assets

     (122     (185     (144     (168

Deferred taxes

     36        54        42        43   
  

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible common equity

   $ 5,622        4,893      $ 5,207        4,557   
  

 

 

   

 

 

   

 

 

   

 

 

 

At end of quarter

        

Total assets

        

Total assets

   $ 83,009        77,924       

Goodwill

     (3,525     (3,525    

Core deposit and other intangible assets

     (116     (176    

Deferred taxes

     34        51       
  

 

 

   

 

 

     

Total tangible assets

   $ 79,402        74,274       
  

 

 

   

 

 

     

Total common equity

        

Total equity

   $ 10,203        9,271       

Preferred stock

     (873     (865    

Undeclared dividends - cumulative preferred stock

     (3     (3    
  

 

 

   

 

 

     

Common equity, net of undeclared cumulative preferred dividends

     9,327        8,403       

Goodwill

     (3,525     (3,525    

Core deposit and other intangible assets

     (116     (176    

Deferred taxes

     34        51       
  

 

 

   

 

 

     

Total tangible common equity

   $ 5,720        4,753       
  

 

 

   

 

 

     

 

(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  
     December 31,
2012
    September 30,
2012
    June 30,
2012
    March 31,
2012
    December 31,
2011
 

Income statement data

          

In thousands, except per share

          

Net income

          

Net income

   $ 296,193        293,462        233,380        206,463        147,740   

Amortization of core deposit and other intangible assets (1)

     8,464        8,598        9,709        10,240        10,476   

Merger-related expenses (1)

     —          —          4,344        1,657        10,194   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net operating income

   $ 304,657        302,060        247,433        218,360        168,410   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per common share

          

Diluted earnings per common share

   $ 2.16        2.17        1.71        1.50        1.04   

Amortization of core deposit and other intangible assets (1)

     .07        .07        .08        .08        .08   

Merger-related expenses (1)

     —          —          .03        .01        .08   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net operating earnings per common share

   $ 2.23        2.24        1.82        1.59        1.20   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other expense

          

Other expense

   $ 626,146        616,027        627,392        639,695        739,583   

Amortization of core deposit and other intangible assets

     (13,865     (14,085     (15,907     (16,774     (17,162

Merger-related expenses

     —          —          (7,151     (2,728     (16,393
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noninterest operating expense

   $ 612,281        601,942        604,334        620,193        706,028   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Merger-related expenses

          

Salaries and employee benefits

   $ —          —          3,024        1,973        534   

Equipment and net occupancy

     —          —          —          15        189   

Printing, postage and supplies

     —          —          —          —          1,475   

Other costs of operations

     —          —          4,127        740        14,195   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ —          —          7,151        2,728        16,393   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

          

Noninterest operating expense (numerator)

   $ 612,281        601,942        604,334        620,193        706,028   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Taxable-equivalent net interest income

     673,929        669,256        654,628        627,094        624,566   

Other income

     453,164        445,733        391,650        376,723        398,454   

Less: Gain (loss) on bank investment securities

     —          372        (408     45        1   

Net OTTI losses recognized in earnings

     (14,491     (5,672     (16,173     (11,486     (24,822
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Denominator

   $ 1,141,584        1,120,289        1,062,859        1,015,258        1,047,841   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Efficiency ratio

     53.63     53.73     56.86     61.09     67.38
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance sheet data

          

In millions

          

Average assets

          

Average assets

   $ 81,366        80,432        80,087        78,026        78,393   

Goodwill

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

Core deposit and other intangible assets

     (122     (136     (151     (168     (185

Deferred taxes

     36        39        44        48        54   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible assets

   $ 77,755        76,810        76,455        74,381        74,737   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

          

Average total equity

   $ 10,105        9,789        9,536        9,376        9,413   

Preferred stock

     (872     (870     (868     (866     (864
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average common equity

     9,233        8,919        8,668        8,510        8,549   

Goodwill

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

Core deposit and other intangible assets

     (122     (136     (151     (168     (185

Deferred taxes

     36        39        44        48        54   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average tangible common equity

   $ 5,622        5,297        5,036        4,865        4,893   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

At end of quarter

          

Total assets

          

Total assets

   $ 83,009        81,085        80,808        79,187        77,924   

Goodwill

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

Core deposit and other intangible assets

     (116     (129     (143     (160     (176

Deferred taxes

     34        38        41        46        51   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total tangible assets

   $ 79,402        77,469        77,181        75,548        74,274   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total common equity

          

Total equity

   $ 10,203        9,945        9,630        9,429        9,271   

Preferred stock

     (873     (870     (868     (867     (865

Undeclared dividends - cumulative preferred stock

     (3     (4     (4     (3     (3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Common equity, net of undeclared cumulative preferred dividends

     9,327        9,071        8,758        8,559        8,403   

Goodwill

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

Core deposit and other intangible assets

     (116     (129     (143     (160     (176

Deferred taxes

     34        38        41        46        51   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total tangible common equity

   $ 5,720        5,455        5,131        4,920        4,753   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) After any related tax effect.

 

###