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M&T Bank Corporation Announces First Quarter Results



             M&T Bank Corporation Announces First Quarter Results

PR Newswire

BUFFALO, N.Y., April 15, 2013

BUFFALO, N.Y., April 15, 2013 /PRNewswire/ -- M&T Bank Corporation
("M&T")(NYSE: MTB) today reported its results of operations for the quarter
ended March 31, 2013.

GAAP Results of Operations.  Diluted earnings per common share measured in
accordance with generally accepted accounting principles ("GAAP") for the
first quarter of 2013 were $1.98, up 32% from $1.50 in the year-earlier
quarter.  GAAP-basis net income in the recent quarter was $274 million, 33%
higher than $206 million in the initial 2012 quarter.  GAAP-basis net income
for the first three months of 2013 expressed as an annualized rate of return
on average assets and average common shareholders' equity was 1.36% and
11.10%, respectively, compared with 1.06% and 9.04%, respectively, in the
corresponding 2012 period.  The improved results in the recent quarter as
compared with the first quarter of 2012 reflect higher net interest income and
noninterest income, led by residential mortgage banking revenues, and lower
credit costs.

Commenting on M&T's results for the recent quarter, Rene F. Jones, Executive
Vice President and Chief Financial Officer, noted, "M&T's results for the
quarter truly reflect the strength of our operating model.  Residential
mortgage banking revenues continued to be robust and trust income grew nicely
from last year's fourth quarter.  Credit costs in the recent quarter were well
below our historical trends, with the ratio of net charge-offs to average
loans improving to .23%.  Our financial performance has allowed us to make
continued investments in our infrastructure while improving our capital
ratios, as demonstrated by a 36 basis point increase in our Tier 1 common
ratio during the quarter."

Diluted earnings per common share and GAAP-basis net income in the fourth
quarter of 2012 were $2.16 and $296 million, respectively.  GAAP-basis net
income in that quarter expressed as an annualized rate of return on average
assets and average common shareholders' equity was 1.45% and 12.10%,
respectively.  Results for the first quarter of 2013 as compared with the
final 2012 quarter reflect a decline in residential mortgage banking revenues
and seasonally higher stock-based compensation and benefits costs.

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.  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 $2.06 in the recent quarter, compared with $1.59 and
$2.23 in the first and fourth quarters of 2012, respectively.  Net operating
income for the first three months of 2013 totaled $285 million, compared with
$218 million and $305 million in the quarters ended March 31, 2012 and
December 31, 2012, respectively.  Expressed as an annualized rate of return on
average tangible assets and average tangible common shareholders' equity, net
operating income was 1.48% and 18.71%, respectively, in the first quarter of
2013, compared with 1.18% and 16.79% in the year-earlier quarter and 1.56% and
20.46% in the final 2012 quarter.

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest
income rose 6% to $663 million in the recent quarter from $627 million in the
year-earlier quarter.  That improvement resulted from an increase in average
earning assets, fueled by $5.4 billion of growth in average loans and leases. 
Also contributing to the improvement was a two basis point widening of the net
interest margin to 3.71% from 3.69% in the first quarter of 2012. 
Taxable-equivalent net interest income declined in the first quarter of 2013
from $674 million in the immediately preceding quarter.  That decrease
reflects two less days in the recent quarter. 

Provision for Credit Losses/Asset Quality.  The provision for credit losses
was $38 million in the first quarter of 2013, improved from $49 million in
each of the first and fourth quarters of 2012.  Net charge-offs of loans
during the recent quarter were $37 million, down from $48 million in the first
quarter of 2012 and $44 million in the final 2012 quarter.  Net charge-offs
expressed as an annualized percentage of average loans outstanding were .23%
during the first three months of 2013, improved significantly from .32% and
.27% in the first and fourth quarters of 2012, respectively. 

Loans classified as nonaccrual totaled $1.05 billion, or 1.60% of total loans
outstanding at March 31, 2013, compared with $1.07 billion or 1.75% a year
earlier and $1.01 billion or 1.52% at December 31, 2012.  A change in the
method of identifying nonaccrual home equity loans and lines of credit to
reflect the repayment performance of the related senior lien loan that is not
owned by M&T contributed to the modest increase in nonaccrual loans from the
2012 year-end to the recent quarter-end.

Assets taken in foreclosure of defaulted loans continued to decline and
totaled $96 million at March 31, 2013, compared with $140 million and $104
million at March 31, 2012 and December 31, 2012, respectively. 

Allowance for Credit Losses.  M&T regularly performs detailed analyses of
individual borrowers and portfolios for purposes of determining the allowance
for credit losses.  As a result of those analyses, the allowance totaled $927
million at March 31, 2013, compared with $909 million at March 31, 2012 and
$926 million at December 31, 2012.  The allowance expressed as a percentage of
outstanding loans was 1.41% at March 31, 2013, compared with 1.49% and 1.39%
at March 31, 2012 and December 31, 2012, respectively. 

Noninterest Income and Expense.  Noninterest income totaled $433 million in
the first quarter of 2013, compared with $377 million and $453 million in the
first and fourth quarters of 2012, respectively.  Contributing to the
improvement from the year-earlier quarter was a $37 million rise in mortgage
banking revenues, resulting from increased loan volumes and wider margins, and
higher trust income.  The higher noninterest income in the final 2012 quarter
reflected record mortgage banking revenues that were $23 million higher than
in the first quarter of 2013.

Noninterest expense in 2013's first quarter totaled $636 million, compared
with $640 million and $626 million in the first and fourth quarters of 2012,
respectively.  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 $618 million in the recently completed
quarter, $620 million in the first quarter of 2012 and $612 million in the
final 2012 quarter.  As compared with the fourth quarter of 2012, seasonally
higher stock-based compensation and benefits costs were reflected in
noninterest operating expenses in the first quarters of 2013 and 2012.

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 55.9% in the
first quarter of 2013, compared with 61.1% in the year-earlier quarter and
53.6% in the fourth quarter of 2012.

Balance Sheet.  M&T had total assets of $82.8 billion at March 31, 2013, up 5%
from $79.2 billion a year earlier.  Loans and leases, net of unearned
discount, increased $5.0 billion or 8% to $65.9 billion at the recent
quarter-end from $60.9 billion at March 31, 2012.  Total deposits rose 7% to
$65.1 billion at March 31, 2013 from $60.9 billion a year earlier. 

Total shareholders' equity increased 11% to $10.4 billion at March 31, 2013
from $9.4 billion at March 31, 2012, representing 12.59% and 11.91%,
respectively, of total assets.  Common shareholders' equity was $9.5 billion,
or $73.99 per share at March 31, 2013, up from $8.6 billion, or $67.64 per
share, a year earlier.  Tangible equity per common share rose 19% to $46.11 at
March 31, 2013 from $38.89 a year earlier.  Common shareholders' equity per
share and tangible equity per common share were $72.73 and $44.61,
respectively, at December 31, 2012.  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 7.51% at March 31, 2013, improved from 6.51% and 7.20% at March 31, 2012
and December 31, 2012, respectively.  M&T's estimated Tier 1 common ratio, a
regulatory capital measure, was 7.93% at March 31, 2013, compared with 7.04%
and 7.57% at March 31, 2012 and December 31, 2012, respectively.

Conference Call.  Investors will have an opportunity to listen to M&T's
conference call to discuss first quarter 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 #34438289.  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 until Wednesday, April 17, 2013 by
calling (800)585-8367, or (404)537-3406 for international participants, and by
making reference to the ID #34438289.  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,
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 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.

INVESTOR CONTACT: Donald J. MacLeod
                  (716) 842-5138 
MEDIA CONTACT:    C. Michael Zabel
                  (716) 842-5385  

 

 M&T BANK CORPORATION
 Financial Highlights
                                             Three months ended
 Amounts in thousands,                       March 31
  except per share                           2013        2012        Change
 Performance
 Net income                                $ 274,113     206,463     33     %
 Net income available to common              255,096     188,241     36
 shareholders 
 Per common share:
   Basic earnings                          $ 2.00        1.50        33     %
   Diluted earnings                          1.98        1.50        32
   Cash dividends                          $ .70         .70         -
 Common shares outstanding:
   Average - diluted (1)                     128,636     125,616     2      %
   Period end (2)                            128,999     126,534     2
 Return on (annualized):
   Average total assets                      1.36      % 1.06      %
   Average common shareholders' equity       11.10     % 9.04      %
 Taxable-equivalent net interest income    $ 662,500     627,094     6      %
 Yield on average earning assets             4.13      % 4.24      %
 Cost of interest-bearing liabilities        .64       % .80       %
 Net interest spread                         3.49      % 3.44      %
 Contribution of interest-free funds         .22       % .25       %
 Net interest margin                         3.71      % 3.69      %
 Net charge-offs to average total 
   net loans (annualized)                    .23       % .32       %
 Net operating results (3)
 Net operating income                      $ 285,136     218,360     31     %
 Diluted net operating earnings per          2.06        1.59        30
 common share
 Return on (annualized):
   Average tangible assets                   1.48      % 1.18      %
   Average tangible common equity            18.71     % 16.79     %
 Efficiency ratio                            55.88     % 61.09     %
                                              

                                             At  March 31
 Loan quality                                2013        2012        Change
 Nonaccrual loans                          $ 1,052,794   1,065,229   -1     %
 Real estate and other foreclosed assets     95,680      140,297     -32    %
   Total nonperforming assets              $ 1,148,474   1,205,526   -5     %
 Accruing loans past due 90 days or more   $ 331,283     273,081     21     %
 (4) 
 Government guaranteed loans included in
 totals
   above:
   Nonaccrual loans                        $ 63,385      44,717      42     %
   Accruing loans past due 90 days or        311,579     252,622     23     %
 more 
 Renegotiated loans                        $ 272,285     213,024     28     %
 Acquired accruing loans past due 90 
   days or more (5)                        $ 157,068     165,163     -5     %
 Purchased impaired loans (6):
   Outstanding customer balance            $ 790,048     1,158,829
   Carrying amount                           425,232     604,779
 Nonaccrual loans to total net loans         1.60      % 1.75      %
 Allowance for credit losses to total        1.41      % 1.49      %
 loans 

(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
    Excludes amortization and balances related to goodwill and core deposit
    and other intangible assets and merger-related gains and expenses which,
(3) except in the calculation of the efficiency ratio, are net of applicable
    income tax effects.  Reconciliations of net income with net operating
    income appear herein.
(4) Excludes acquired loans. 
    Acquired loans that were recorded at fair value at acquisition date. This
(5) 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.

M&T BANK CORPORATION
Financial Highlights, Five
Quarter Trend
                       Three months ended
Amounts in             March 31,    December     September    June 30,     March 31,
thousands,                          31,          30,
 except per share      2013         2012         2012         2012         2012
Performance
Net income           $ 274,113      296,193      293,462      233,380      206,463
Net income
available to           255,096      276,605      273,896      214,716      188,241
common
shareholders 
Per common share:
  Basic earnings     $ 2.00         2.18         2.18         1.71         1.50
  Diluted              1.98         2.16         2.17         1.71         1.50
earnings 
  Cash dividends     $ .70          .70          .70          .70          .70
Common shares
outstanding:
  Average -            128,636      127,800      126,292      125,897      125,616
diluted (1) 
  Period end (2)       128,999      128,234      127,461      126,645      126,534
Return on
(annualized):
  Average total        1.36      %  1.45      %  1.45      %  1.17      %  1.06      %
assets 
  Average common
shareholders'          11.10     %  12.10     %  12.40     %  10.12     %  9.04      %
equity  
Taxable-equivalent
net interest         $ 662,500      673,929      669,256      654,628      627,094
income 
Yield on average       4.13      %  4.17      %  4.23      %  4.25      %  4.24      %
earning assets 
Cost of
interest-bearing       .64       %  .67       %  .71       %  .76       %  .80       %
liabilities 
Net interest           3.49      %  3.50      %  3.52      %  3.49      %  3.44      %
spread 
Contribution of
interest-free          .22       %  .24       %  .25       %  .25       %  .25       %
funds 
Net interest           3.71      %  3.74      %  3.77      %  3.74      %  3.69      %
margin 
Net charge-offs to
average total 
  net loans            .23       %  .27       %  .26       %  .34       %  .32       %
(annualized) 
Net operating
results (3)
Net operating        $ 285,136      304,657      302,060      247,433      218,360
income 
Diluted net
operating earnings     2.06         2.23         2.24         1.82         1.59
per common share
Return on
(annualized):
  Average tangible     1.48      %  1.56      %  1.56      %  1.30      %  1.18      %
assets 
  Average tangible     18.71     %  20.46     %  21.53     %  18.54     %  16.79     %
common equity 
Efficiency ratio       55.88     %  53.63     %  53.73     %  56.86     %  61.09     %
                       March 31,    December     September    June 30,     March 31,
                                    31,          30,
Loan quality           2013         2012         2012         2012         2012
Nonaccrual loans     $ 1,052,794    1,013,176    925,231      968,328      1,065,229
Real estate and
other foreclosed       95,680       104,279      112,160      115,580      140,297
assets 
  Total
nonperforming        $ 1,148,474    1,117,455    1,037,391    1,083,908    1,205,526
assets 
Accruing loans
past due 90 days     $ 331,283      358,397      309,420      274,598      273,081
or more (4) 
Government
guaranteed loans
included in totals
  above:
  Nonaccrual         $ 63,385       57,420       54,583       48,712       44,717
loans 
  Accruing loans
past due 90 days       311,579      316,403      280,410      255,495      252,622
or more 
Renegotiated         $ 272,285      271,971      266,526      267,111      213,024
loans 
Acquired accruing
loans past due 90 
  days or more       $ 157,068      166,554      161,424      162,487      165,163
(5) 
Purchased impaired
loans (6):
  Outstanding        $ 790,048      828,571      978,731      1,037,458    1,158,829
customer balance 
  Carrying amount      425,232      447,114      528,001      560,700      604,779
Nonaccrual loans
to total net           1.60      %  1.52      %  1.44      %  1.54      %  1.75      %
loans 
Allowance for
credit losses to       1.41      %  1.39      %  1.44      %  1.46      %  1.49      %
total loans 

(1) Includes common stock equivalents.
(2) Includes common stock issuable under deferred compensation plans.
    Excludes amortization and balances related to goodwill and core deposit
    and other intangible assets and merger-related gains and expenses which,
(3) except in the calculation of the efficiency ratio, are net of applicable
    income tax effects. Reconciliations of net income with net operating
    income appear herein.
(4) Excludes acquired loans. 
    Acquired loans that were recorded at fair value at acquisition date. This
(5) 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.

M&T BANK CORPORATION
Condensed Consolidated Statement of Income
                                                  Three months ended
                                                  March 31
Dollars in thousands                              2013      2012      Change
Interest income                                 $ 729,975   714,095   2      %
Interest expense                                  73,925    93,706    -21
Net interest income                               656,050   620,389   6
Provision for credit losses                       38,000    49,000    -22
Net interest income after
   provision for credit losses                    618,050   571,389   8
Other income
     Mortgage banking revenues                    93,103    56,192    66
     Service charges on deposit accounts          110,949   108,889   2
     Trust income                                 121,603   116,953   4
     Brokerage services income                    15,711    13,901    13
     Trading account and foreign exchange         8,927     10,571    -16
gains 
     Gain on bank investment securities           -         45        -
     Other-than-temporary impairment losses 
        recognized in earnings                    (9,800)   (11,486)  -
     Equity in earnings of Bayview Lending        (3,656)   (4,752)   -
Group LLC 
     Other revenues from operations               96,045    86,410    11
          Total other income                      432,882   376,723   15
Other expense
     Salaries and employee benefits               356,551   346,098   3
     Equipment and net occupancy                  65,159    65,043    -
     Printing, postage and supplies               10,699    11,872    -10
     Amortization of core deposit and other 
        intangible assets                         13,343    16,774    -20
     FDIC assessments                             19,438    28,949    -33
     Other costs of operations                    170,406   170,959   -
          Total other expense                     635,596   639,695   -1
Income before income taxes                        415,336   308,417   35
Applicable income taxes                           141,223   101,954   39
Net income                                      $ 274,113   206,463   33     %

 

M&T BANK CORPORATION
Condensed Consolidated Statement of Income, Five
Quarter Trend
                        Three months ended
                        March     December   September   June 30,   March
                        31,       31,        30,                    31,
Dollars in thousands    2013      2012       2012        2012       2012
Interest income       $ 729,975   745,353    744,851     737,386    714,095
Interest expense        73,925    77,931     82,129      89,403     93,706
Net interest income     656,050   667,422    662,722     647,983    620,389
Provision for credit    38,000    49,000     46,000      60,000     49,000
losses 
Net interest income
after
   provision for        618,050   618,422    616,722     587,983    571,389
credit losses 
Other income
     Mortgage banking   93,103    116,546    106,812     69,514     56,192
revenues 
     Service charges    110,949   112,364    114,463     110,982    108,889
on deposit accounts  
     Trust income       121,603   116,915    115,709     122,275    116,953
     Brokerage          15,711    14,872     14,114      16,172     13,901
services income 
     Trading account
and foreign exchange    8,927     10,356     8,469       6,238      10,571
gains 
     Gain (loss) on
bank investment         -         -          372         (408)      45
securities 
    
Other-than-temporary
impairment losses 
        recognized in   (9,800)   (14,491)   (5,672)     (16,173)   (11,486)
earnings 
     Equity in
earnings of Bayview     (3,656)   (4,941)    (5,183)     (6,635)    (4,752)
Lending Group LLC 
     Other revenues     96,045    101,543    96,649      89,685     86,410
from operations
          Total other   432,882   453,164    445,733     391,650    376,723
income 
Other expense
     Salaries and       356,551   323,010    321,746     323,686    346,098
employee benefits 
     Equipment and      65,159    62,884     64,248      65,376     65,043
net occupancy 
     Printing,          10,699    10,417     8,272       11,368     11,872
postage and supplies 
     Amortization of
core deposit and
other 
        intangible      13,343    13,865     14,085      15,907     16,774
assets 
     FDIC               19,438    23,398     23,801      24,962     28,949
assessments 
     Other costs of     170,406   192,572    183,875     186,093    170,959
operations 
          Total other   635,596   626,146    616,027     627,392    639,695
expense 
Income before income    415,336   445,440    446,428     352,241    308,417
taxes 
Applicable income       141,223   149,247    152,966     118,861    101,954
taxes 
Net income            $ 274,113   296,193    293,462     233,380    206,463

 

M&T BANK CORPORATION
Condensed Consolidated Balance
Sheet
                                         March 31
Dollars in thousands                     2013          2012          Change
ASSETS
Cash and due from banks              $   1,231,091     1,344,092     -8      %
Interest-bearing deposits at             1,304,770     1,282,040     2
banks 
Federal funds sold and
agreements
  to resell securities                   594,976       -             -
Trading account assets                   420,144       517,620       -19
Investment securities                    5,660,831     7,195,296     -21
Loans and leases:
   Commercial, financial, etc            17,469,138    15,938,672    10
   Real estate - commercial              25,944,819    24,486,555    6
   Real estate - consumer                11,094,577    8,696,594     28
   Consumer                              11,415,733    11,799,929    -3
     Total loans and leases, net         65,924,267    60,921,750    8
of unearned discount
        Less: allowance for              927,117       909,006       2
credit losses 
  Net loans and leases                   64,997,150    60,012,744    8
Goodwill                                 3,524,625     3,524,625     -
Core deposit and other                   102,420       159,619       -36
intangible assets 
Other assets                             4,975,950     5,150,851     -3
  Total assets                       $   82,811,957    79,186,887    5       %
LIABILITIES AND SHAREHOLDERS'
EQUITY
Noninterest-bearing deposits         $   23,603,971    20,648,970    14      %
Interest-bearing deposits                41,219,679    39,868,782    3
Deposits at Cayman Islands               266,076       395,191       -33
office 
  Total deposits                         65,089,726    60,912,943    7
Short-term borrowings                    374,593       511,981       -27
Accrued interest and other               1,530,118     1,856,749     -18
liabilities 
Long-term borrowings                     5,394,563     6,476,526     -17
  Total liabilities                      72,389,000    69,758,199    4
Shareholders' equity:
   Preferred                             874,627       866,489       1
   Common (1)                            9,548,330     8,562,199     12
     Total shareholders' equity          10,422,957    9,428,688     11
  Total liabilities and              $   82,811,957    79,186,887    5       %
shareholders' equity
(1)  Reflects accumulated other comprehensive loss, net of applicable income
tax effect, of $226.0 million
       at March 31, 2013 and $331.3
million at March 31, 2012.

 

M&T BANK
CORPORATION
Condensed Consolidated
Balance Sheet, Five
Quarter Trend
                       March 31,    December     September    June 30,     March 31,
                                    31,          30,
Dollars in             2013         2012         2012         2012         2012
thousands
ASSETS
Cash and due from    $ 1,231,091    1,983,615    1,622,928    1,421,831    1,344,092
banks 
Interest-bearing       1,304,770    129,945      411,994      1,069,717    1,282,040
deposits at banks 
Federal funds sold
and agreements
  to resell            594,976      3,000        -            1,000        -
securities 
Trading account        420,144      488,966      526,844      544,938      517,620
assets  
Investment             5,660,831    6,074,361    6,624,004    7,057,300    7,195,296
securities 
Loans and leases:
   Commercial,         17,469,138   17,776,953   16,704,575   16,395,587   15,938,672
financial, etc 
   Real estate -       25,944,819   25,993,790   24,970,416   24,898,707   24,486,555
commercial 
   Real estate -       11,094,577   11,240,837   10,808,220   9,811,525    8,696,594
consumer 
   Consumer            11,415,733   11,559,377   11,628,744   11,745,453   11,799,929
     Total loans
and leases, net of     65,924,267   66,570,957   64,111,955   62,851,272   60,921,750
unearned discount 
        Less:
allowance for          927,117      925,860      921,223      917,028      909,006
credit losses 
  Net loans and        64,997,150   65,645,097   63,190,732   61,934,244   60,012,744
leases 
Goodwill               3,524,625    3,524,625    3,524,625    3,524,625    3,524,625
Core deposit and
other intangible       102,420      115,763      129,628      143,713      159,619
assets 
Other assets           4,975,950    5,043,431    5,054,478    5,110,210    5,150,851
  Total assets       $ 82,811,957   83,008,803   81,085,233   80,807,578   79,186,887
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Noninterest-bearing  $ 23,603,971   24,240,802   22,968,401   22,854,794   20,648,970
deposits 
Interest-bearing       41,219,679   40,325,932   39,636,104   39,327,849   39,868,782
deposits 
Deposits at Cayman     266,076      1,044,519    1,402,753    366,164      395,191
Islands office 
  Total deposits       65,089,726   65,611,253   64,007,258   62,548,807   60,912,943
Short-term             374,593      1,074,482    592,154      975,575      511,981
borrowings 
Accrued interest
and other              1,530,118    1,512,717    1,570,758    1,965,421    1,856,749
liabilities 
Long-term              5,394,563    4,607,758    4,969,536    5,687,868    6,476,526
borrowings 
  Total                72,389,000   72,806,210   71,139,706   71,177,671   69,758,199
liabilities 
Shareholders'
equity:
   Preferred           874,627      872,500      870,416      868,433      866,489
   Common (1)          9,548,330    9,330,093    9,075,111    8,761,474    8,562,199
     Total
shareholders'          10,422,957   10,202,593   9,945,527    9,629,907    9,428,688
equity 
  Total liabilities
and shareholders'    $ 82,811,957   83,008,803   81,085,233   80,807,578   79,186,887
equity 
(1)  Reflects accumulated other comprehensive loss, net of applicable income tax
effect, of $226.0 million at March 31, 2013, $240.3 million at
       December 31, 2012, $230.1 million at September 30, 2012, $277.8
million at June 30, 2012 and $331.3 million at March 31, 2012.

 

M&T BANK CORPORATION
Condensed Consolidated Average
Balance Sheet
 and Annualized Taxable-equivalent
Rates
                       Three months ended                           Change in
                                                                    balance
                       March 31,      March 31,      December 31,   March 31, 2013
                                                                    from
Dollars in millions    2013           2012           2012           March  December
                                                                    31,    31,
                       Balance Rate   Balance Rate   Balance Rate   2012   2012
ASSETS
Interest-bearing     $ 527     .21  % 301     .28  % 273     .15  % 75  %  93    %
deposits at banks 
Federal funds sold
and agreements
  to resell            81      .13    3       .50    3       .57    -      -
securities 
Trading account        76      3.60   93      1.57   97      1.45   -19    -22
assets 
Investment             5,803   3.33   7,507   3.54   6,295   3.31   -23    -8
securities
Loans and leases,
net of unearned
discount
  Commercial,          17,328  3.66   15,732  3.71   16,995  3.68   10     2
financial, etc
  Real estate -        25,915  4.41   24,559  4.42   25,332  4.50   6      2
commercial 
  Real estate -        11,142  4.09   8,286   4.60   11,087  4.10   34     -
consumer 
  Consumer             11,467  4.66   11,907  4.80   11,597  4.69   -4     -1
     Total loans       65,852  4.24   60,484  4.35   65,011  4.28   9      1
and leases, net 
  Total earning        72,339  4.13   68,388  4.24   71,679  4.17   6      1
assets 
Goodwill               3,525          3,525          3,525          -      -
Core deposit and
other intangible       109            168            122            -35    -11
assets 
Other assets           5,940          5,945          6,040          -      -2
  Total assets       $ 81,913         78,026         81,366         5   %  1     %
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Interest-bearing
deposits
  NOW accounts       $ 893     .15    827     .14    881     .14    8   %  1     %
  Savings deposits     35,394  .16    32,410  .23    34,587  .19    9      2
  Time deposits        4,438   .75    5,960   .91    4,727   .79    -26    -6
  Deposits at
Cayman Islands         859     .18    496     .17    763     .18    73     13
office 
     Total
interest-bearing       41,584  .22    39,693  .33    40,958  .26    5      2
deposits 
Short-term             637     .15    828     .15    677     .16    -23    -6
borrowings 
Long-term              4,688   4.39   6,507   3.78   4,510   4.52   -28    4
borrowings 
Total
interest-bearing       46,909  .64    47,028  .80    46,145  .67    -      2
liabilities 
Noninterest-bearing    22,956         19,598         23,311         17     -2
deposits 
Other liabilities      1,726          2,024          1,805          -15    -4
  Total                71,591         68,650         71,261         4      -
liabilities 
Shareholders'          10,322         9,376          10,105         10     2
equity 
  Total liabilities
and shareholders'    $ 81,913         78,026         81,366         5   %  1     %
equity
Net interest                   3.49           3.44           3.50
spread 
Contribution of
interest-free                  .22            .25            .24
funds 
Net interest                   3.71 %         3.69 %         3.74 %
margin 

M&T BANK CORPORATION
Reconciliation of Quarterly GAAP to Non-GAAP Measures,
Five Quarter Trend
                       Three months ended
                       March 31,   December    September   June 30,    March 31,
                                   31,         30,
                       2013        2012        2012        2012        2012
Income statement
data
In thousands,
except per share
Net income
Net income           $ 274,113     296,193     293,462     233,380     206,463
Amortization of
core deposit and
other
  intangible           8,148       8,464       8,598       9,709       10,240
assets (1) 
Merger-related         2,875       -           -           4,344       1,657
expenses (1) 
  Net operating      $ 285,136     304,657     302,060     247,433     218,360
income 
Earnings per
common share
Diluted earnings     $ 1.98        2.16        2.17        1.71        1.50
per common share 
Amortization of
core deposit and
other
  intangible           .06         .07         .07         .08         .08
assets (1) 
Merger-related         .02         -           -           .03         .01
expenses (1)
  Diluted net
operating earnings   $ 2.06        2.23        2.24        1.82        1.59
per common share 
Other expense
Other expense        $ 635,596     626,146     616,027     627,392     639,695
Amortization of
core deposit and
other
  intangible           (13,343)    (13,865)    (14,085)    (15,907)    (16,774)
assets 
Merger-related         (4,732)     -           -           (7,151)     (2,728)
expenses 
  Noninterest        $ 617,521     612,281     601,942     604,334     620,193
operating expense 
Merger-related
expenses
Salaries and         $ 536         -           -           3,024       1,973
employee benefits 
Equipment and net      201         -           -           -           15
occupancy 
Printing, postage      827         -           -           -           -
and supplies 
Other costs of         3,168       -           -           4,127       740
operations
  Total              $ 4,732       -           -           7,151       2,728
Efficiency ratio
Noninterest
operating expense    $ 617,521     612,281     601,942     604,334     620,193
(numerator) 
Taxable-equivalent
net interest           662,500     673,929     669,256     654,628     627,094
income 
Other income           432,882     453,164     445,733     391,650     376,723
Less:  Gain (loss)
on bank investment     -           -           372         (408)       45
securities 
           Net OTTI
losses recognized in   (9,800)     (14,491)    (5,672)     (16,173)    (11,486)
earnings 
Denominator          $ 1,105,182   1,141,584   1,120,289   1,062,859   1,015,258
Efficiency ratio       55.88     % 53.63     % 53.73     % 56.86     % 61.09     %
Balance sheet data
In millions
Average assets
Average assets       $ 81,913      81,366      80,432      80,087      78,026
Goodwill               (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible       (109)       (122)       (136)       (151)       (168)
assets 
Deferred taxes         32          36          39          44          48
  Average tangible   $ 78,311      77,755      76,810      76,455      74,381
assets 
Average common
equity
Average total        $ 10,322      10,105      9,789       9,536       9,376
equity 
Preferred stock        (874)       (872)       (870)       (868)       (866)
  Average common       9,448       9,233       8,919       8,668       8,510
equity 
Goodwill               (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible       (109)       (122)       (136)       (151)       (168)
assets 
Deferred taxes         32          36          39          44          48
  Average tangible   $ 5,846       5,622       5,297       5,036       4,865
common equity 
At end of quarter
Total assets
Total assets         $ 82,812      83,009      81,085      80,808      79,187
Goodwill               (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible       (102)       (116)       (129)       (143)       (160)
assets 
Deferred taxes         30          34          38          41          46
  Total tangible     $ 79,215      79,402      77,469      77,181      75,548
assets 
Total common
equity
Total equity         $ 10,423      10,203      9,945       9,630       9,429
Preferred stock        (875)       (873)       (870)       (868)       (867)
Undeclared dividends
- cumulative           (3)         (3)         (4)         (4)         (3)
preferred stock 
  Common equity, net
of undeclared
cumulative
    preferred          9,545       9,327       9,071       8,758       8,559
dividends 
Goodwill               (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible       (102)       (116)       (129)       (143)       (160)
assets 
Deferred taxes         30          34          38          41          46
  Total tangible     $ 5,948       5,720       5,455       5,131       4,920
common equity
(1) After any
related tax
effect.

SOURCE M&T Bank Corporation

Website: http://www.mandtbank.com
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