M&T Bank Corporation Logo

Print Print page   Email Email page   PDF Download PDF
« Previous Release | Next Release »



M&T Bank Corporation Announces First Quarter Profits

BUFFALO, N.Y., April 16, 2012 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2012.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the first quarter of 2012 were $1.50, compared with $1.59 in the year-earlier quarter. GAAP-basis net income in each of the initial quarters of 2012 and 2011 was $206 million. GAAP-basis net income for the first three months of 2012 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.06% and 9.04%, respectively, compared with 1.23% and 10.16%, respectively, in the similar 2011 period.

The recent quarter's earnings as compared with the first quarter of 2011 reflect higher net interest income, lower credit costs, and higher trust income and residential mortgage banking revenues. While not significant in the recent quarter, last year's earnings were lifted by $39 million of realized gains from the sale of investment securities ($24 million after-tax effect, or $.20 of diluted earnings per common share), as M&T repositioned its balance sheet in anticipation of the acquisition of Wilmington Trust Corporation ("Wilmington Trust").

Commenting on the recent quarter's performance, Rene F. Jones, Executive Vice President and Chief Financial Officer, said, "M&T's first quarter results reflect our continued progress with the integration of Wilmington Trust, lower credit costs and improvement in several revenue categories, including net interest income, mortgage banking revenues, trust income and fees for providing deposit services. Additionally, average loans grew an impressive 10% on an annualized basis as compared with the fourth quarter of 2011. The Tier 1 common ratio increased 18 basis points from the 2011 year-end to 7.04% at the end of the first quarter. Our strong first quarter positions us well for 2012."

Diluted earnings per common share and GAAP-basis net income in last year's fourth quarter were $1.04 and $148 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 .75% and 6.12%, respectively. Results for the final 2011 quarter reflected several noteworthy items, including: 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 net income in the fourth quarter of 2011 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 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 $1.59 in the recent quarter, compared with $1.67 and $1.20 in the first and fourth quarters of 2011, respectively. Net operating income for the first three months of 2012 totaled $218 million, compared with $216 million and $168 million in the quarters ended March 31, 2011 and December 31, 2011, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.18% and 16.79%, respectively, in the first quarter of 2012, compared with 1.36% and 20.16% in the year-earlier quarter and .89% and 12.36% in the final 2011 quarter.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income increased an annualized 2% to $627 million in the recent quarter from $625 million in the fourth quarter of 2011. That improvement reflects a nine basis point (hundredths of one percent) widening of the net interest margin to 3.69% from 3.60% in the immediately preceding quarter. The wider net interest margin reflects the impact of a $1.41 billion increase in average loans outstanding in 2012's initial quarter, which largely offset a decline in lower yielding balances held at the Federal Reserve Bank of New York. Taxable-equivalent net interest income increased 9% in the first quarter of 2012 from $575 million in the year-earlier quarter. The improvement in such income resulted from an $8.96 billion increase in average earning assets, partially offset by a 23 basis point narrowing of the net interest margin, both of which were attributable to the impact of the Wilmington Trust acquisition on May 16, 2011.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $49 million in the first quarter of 2012, improved from $75 million and $74 million in the first and fourth quarters of 2011, respectively. Net charge-offs of loans during the recent quarter were $48 million, down from $74 million in each of the first and fourth quarters of 2011. Net charge-offs expressed as an annualized percentage of average loans outstanding improved significantly to .32% in the first three months of 2012 from .58% and .50% in the first and fourth quarters of 2011, respectively.

Loans classified as nonaccrual totaled $1.07 billion, or 1.75% of total loans outstanding at March 31, 2012, improved from $1.08 billion or 2.08% a year earlier and $1.10 billion or 1.83% at December 31, 2011.

Assets taken in foreclosure of defaulted loans were $140 million at March 31, 2012, down from $218 million and $157 million at March 31, 2011 and December 31, 2011, respectively. The decline in such assets at the two most recent quarter-ends as compared with March 31, 2011 resulted predominantly from the sale during the second quarter of 2011 of a commercial real estate property in New York City with a carrying value of $99 million. Reflected in assets taken in foreclosure of defaulted loans at March 31, 2012 and December 31, 2011 were $40 million and $48 million, respectively, of assets related to the Wilmington Trust acquisition.

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 $909 million at March 31, 2012, compared with $904 million at March 31, 2011 and $908 million at December 31, 2011. The allowance expressed as a percentage of outstanding loans was 1.49% at March 31, 2012, compared with 1.73% and 1.51% at March 31, 2011 and December 31, 2011, respectively.

Noninterest Income and Expense. Noninterest income totaled $377 million in the first quarter of 2012, compared with $314 million and $398 million in the first and fourth quarters of 2011, respectively. Reflected in those amounts were net losses on investment securities of $11 million in the initial 2012 quarter, compared with net gains of $23 million in the first quarter of 2011 and net losses of $25 million in the fourth quarter of 2011. The net losses on investment securities during the recent quarter and the fourth quarter of 2011 were predominantly due to other-than-temporary impairment charges related to certain of M&T's privately issued collateralized mortgage obligations. Partially offsetting the previously noted realized securities gains in the initial 2011 quarter, which totaled $39 million, were $16 million of other-than-temporary impairment charges related to certain of M&T's holdings of privately issued collateralized mortgage obligations.

Excluding gains and losses from investment securities in all periods and the $55 million of income resulting from the litigation settlement in 2011's final quarter, noninterest income totaled $388 million in the recently completed quarter, up from $291 million in the first quarter of 2011 and $368 million in the final 2011 quarter. Contributing to the rise from the year-earlier quarter were higher trust income, predominantly related to the Wilmington Trust acquisition, and mortgage banking revenues. The improvement in such noninterest income as compared with the final 2011 quarter was largely due to higher residential mortgage banking revenues. Contributing to those improved revenues were higher gains on residential real estate loans and commitments to originate loans to be sold. M&T continued its program of retaining residential real estate loans on its balance sheet, effectively reducing mortgage banking revenues by approximately $21 million that would have been recognized had the loans been held for sale. That compares with approximately $11 million of similar impact in last year's final quarter.

Noninterest expense in the first quarter of 2012 totaled $640 million, compared with $500 million and $740 million in the first and fourth quarters of 2011, 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 $620 million in the recently completed quarter, $483 million in the first quarter of 2011 and $706 million in the final 2011 quarter. The most significant factor for the higher level of operating expenses in the recent quarter as compared with the year-earlier quarter was the impact of the operations obtained in the Wilmington Trust acquisition. The decrease in expenses from the fourth quarter of 2011 was largely the result of the previously noted fourth quarter charges related to the other-than-temporary impairment of M&T's investment in BLG and the $30 million charitable contribution, partially offset by recent quarter seasonally higher costs for stock-based compensation, unemployment insurance, and payroll-related taxes and employer contributions for retirement savings plan benefits related to incentive compensation payments.

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities and merger-related gains), measures the relationship of operating expenses to revenues. M&T's efficiency ratio was 61.1% in the first quarter of 2012, compared with 55.8% in the year-earlier quarter and 67.4% in the fourth quarter of 2011.

Balance Sheet. M&T had total assets of $79.2 billion at March 31, 2012, up 17% from $67.9 billion a year earlier. Loans and leases, net of unearned discount, increased $8.8 billion or 17% to $60.9 billion at the recent quarter-end from $52.1 billion at March 31, 2011, and were $826 million higher than $60.1 billion at December 31, 2011. Total deposits rose 21% to $60.9 billion at March 31, 2012 from $50.5 billion a year earlier.

Total shareholders' equity increased 11% to $9.4 billion at March 31, 2012 from $8.5 billion at March 31, 2011, representing 11.91% and 12.53%, respectively, of total assets. Common shareholders' equity was $8.6 billion, or $67.64 per share at March 31, 2012, up from $7.8 billion, or $64.43 per share, a year earlier. Tangible equity per common share rose 13% to $38.89 at March 31, 2012 from $34.38 a year earlier. Common shareholders' equity per share and tangible equity per common share were $66.82 and $37.79, respectively, at December 31, 2011. In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T's tangible common equity to tangible assets ratio was 6.51% at March 31, 2012, improved from 6.44% and 6.40% at March 31, 2011 and December 31, 2011, respectively. M&T's estimated Tier 1 common ratio was 7.04% at March 31, 2012 compared with 6.78% and 6.86% at March 31, 2011 and December 31, 2011, 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 #70075727. 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 18, 2012 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to the ID #70075727. 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


2012


2011


Change










Performance
















Net income

$

206,463


206,273


-

%

Net income available to common shareholders


188,241


190,121


-1

%









Per common share:








 Basic earnings

$

1.50


1.59


-6

%

 Diluted earnings


1.50


1.59


-6

%

 Cash dividends

$

.70


.70


-

%









Common shares outstanding:








 Average - diluted (1)


125,616


119,852


5

%

 Period end (2)


126,534


120,410


5

%









Return on (annualized):








 Average total assets


1.06

%

1.23

%



 Average common shareholders' equity


9.04

%

10.16

%











Taxable-equivalent net interest income

$

627,094


575,131


9

%









Yield on average earning assets


4.24

%

4.60

%



Cost of interest-bearing liabilities


.80

%

.91

%



Net interest spread


3.44

%

3.69

%



Contribution of interest-free funds


.25

%

.23

%



Net interest margin


3.69

%

3.92

%











Net charge-offs to average total








 net loans (annualized)


.32

%

.58

%











Net operating results (3)
















Net operating income

$

218,360


216,360


1

%

Diluted net operating earnings per common share


1.59


1.67


-5

%

Return on (annualized):








 Average tangible assets


1.18

%

1.36

%



 Average tangible common equity


16.79

%

20.16

%



Efficiency ratio


61.09

%

55.75

%





























At  March 31




Loan quality


2012


2011


Change









Nonaccrual loans

$

1,065,229


1,081,920


-2

%

Real estate and other foreclosed assets


140,297


218,203


-36

%

 Total nonperforming assets

$

1,205,526


1,300,123


-7

%









Accruing loans past due 90 days or more (4)

$

273,081


243,990


12

%









Government guaranteed loans included in totals








 above:








 Nonaccrual loans

$

44,717


36,300


23

%

 Accruing loans past due 90 days or more


252,622


209,787


20

%









Renegotiated loans

$

213,024


241,190


-12

%









Acquired accruing loans past due 90








 days or more (5)

$

165,163


115,554


43

%









Purchased impaired loans (6):








 Outstanding customer balance

$

1,158,829


206,253




 Carrying amount


604,779


88,589












Nonaccrual loans to total net loans


1.75

%

2.08

%











Allowance for credit losses to total loans


1.49

%

1.73

%



















(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.





















M&T BANK CORPORATION


















Financial Highlights, Five Quarter Trend






















Three months ended


Amounts in thousands,




March 31,


December 31,



September 30,


June 30,


March 31,

except per share




2012


2011



2011


2011


2011



















Performance




































Net income



$

206,463



147,740



183,108



322,358



206,273


Net income available to common shareholders




188,241



129,804



164,671



297,179



190,121




















Per common share:


















 Basic earnings



$

1.50



1.04



1.32



2.43



1.59


 Diluted earnings




1.50



1.04



1.32



2.42



1.59


 Cash dividends



$

.70



.70



.70



.70



.70




















Common shares outstanding:


















 Average - diluted (1)




125,616



124,736



124,860



122,796



119,852


 Period end (2)




126,534



125,752



125,678



125,622



120,410




















Return on (annualized):


















 Average total assets




1.06

%


.75

%


.94

%


1.78

%


1.23

%

 Average common shareholders' equity




9.04

%


6.12

%


7.84

%


14.94

%


10.16

%



















Taxable-equivalent net interest income



$

627,094



624,566



623,265



592,670



575,131




















Yield on average earning assets




4.24

%


4.17

%


4.29

%


4.40

%


4.60

%

Cost of interest-bearing liabilities




.80

%


.82

%


.86

%


.89

%


.91

%

Net interest spread




3.44

%


3.35

%


3.43

%


3.51

%


3.69

%

Contribution of interest-free funds




.25

%


.25

%


.25

%


.24

%


.23

%

Net interest margin




3.69

%


3.60

%


3.68

%


3.75

%


3.92

%



















Net charge-offs to average total


















 net loans (annualized)




.32

%


.50

%


.39

%


.43

%


.58

%



















Net operating results (3)




































Net operating income



$

218,360



168,410



209,996



289,487



216,360


Diluted net operating earnings per common share




1.59



1.20



1.53



2.16



1.67


Return on (annualized):


















 Average tangible assets




1.18

%


.89

%


1.14

%


1.69

%


1.36

%

 Average tangible common equity




16.79

%


12.36

%


16.07

%


24.24

%


20.16

%

Efficiency ratio




61.09

%


67.38

%


61.79

%


55.56

%


55.75

%

































































March 31,


December 31,


September 30,


June 30,


March 31,

Loan quality




2012


2011


2011


2011


2011



















Nonaccrual loans



$

1,065,229



1,097,581



1,113,788



1,117,584



1,081,920


Real estate and other foreclosed assets




140,297



156,592



149,868



158,873



218,203


 Total nonperforming assets



$

1,205,526



1,254,173



1,263,656



1,276,457



1,300,123




















Accruing loans past due 90 days or more (4)



$

273,081



287,876



239,970



239,527



243,990




















Government guaranteed loans included in totals


















 above:


















 Nonaccrual loans



$

44,717



40,529



32,937



42,337



36,300


 Accruing loans past due 90 days or more




252,622



252,503



210,407



205,644



209,787




















Renegotiated loans



$

213,024



214,379



223,233



234,726



241,190




















Acquired accruing loans past due 90


















 days or more (5)



$

165,163



163,738



211,958



228,304



115,554




















Purchased impaired loans (6):


















 Outstanding customer balance



$

1,158,829



1,267,762



1,393,777



1,473,237



206,253


 Carrying amount




604,779



653,362



703,632



752,978



88,589




















Nonaccrual loans to total net loans




1.75

%


1.83

%


1.91

%


1.91

%


2.08

%



















Allowance for credit losses to total loans




1.49

%


1.51

%


1.56

%


1.55

%


1.73

%





































(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.











M&T BANK CORPORATION








Condensed Consolidated Statement of Income


















Three months ended






March 31




Dollars in thousands


2012


2011


Change










Interest income

$

714,095


667,483


7

%









Interest expense


93,706


98,679


-5










Net interest income


620,389


568,804


9










Provision for credit losses


49,000


75,000


-35










Net interest income after








  provision for credit losses


571,389


493,804


16










Other income








    Mortgage banking revenues


56,192


45,156


24


    Service charges on deposit accounts


108,889


109,731


-1


    Trust income


116,953


29,321


299


    Brokerage services income


13,901


14,296


-3


    Trading account and foreign exchange gains


10,571


8,279


28


    Gain on bank investment securities


45


39,353


-


    Other-than-temporary impairment losses








       recognized in earnings


(11,486)


(16,041)


-


    Equity in earnings of Bayview Lending Group LLC


(4,752)


(6,678)


-


    Other revenues from operations


86,410


91,003


-5


         Total other income


376,723


314,420


20










Other expense








    Salaries and employee benefits


346,098


266,090


30


    Equipment and net occupancy


65,043


56,663


15


    Printing, postage and supplies


11,872


9,202


29


    Amortization of core deposit and other








       intangible assets


16,774


12,314


36


    FDIC assessments


28,949


19,094


52


    Other costs of operations


170,959


136,208


26


         Total other expense


639,695


499,571


28










Income before income taxes


308,417


308,653


-










Applicable income taxes


101,954


102,380


-










Net income

$

206,463


206,273


-

%


















M&T BANK CORPORATION















Condensed Consolidated Statement of Income, Five Quarter Trend


















Three months ended



March 31,


December 31,



September 30,



June 30,



March 31,

Dollars in thousands


2012


2011



2011



2011



2011
















Interest income

$

714,095



716,000



720,351



688,253



667,483

Interest expense


93,706



97,969



103,632



102,051



98,679
















Net interest income


620,389



618,031



616,719



586,202



568,804
















Provision for credit losses


49,000



74,000



58,000



63,000



75,000
















Net interest income after















  provision for credit losses


571,389



544,031



558,719



523,202



493,804
















Other income















    Mortgage banking revenues


56,192



40,573



38,141



42,151



45,156

    Service charges on deposit accounts


108,889



104,071



121,577



119,716



109,731

    Trust income


116,953



113,820



113,652



75,592



29,321

    Brokerage services income


13,901



13,341



13,907



14,926



14,296

    Trading account and foreign exchange gains


10,571



7,971



4,176



6,798



8,279

    Gain on bank investment securities


45



1



89



110,744



39,353

    Other-than-temporary impairment losses















       recognized in earnings


(11,486)



(24,822)



(9,642)



(26,530)



(16,041)

    Equity in earnings of Bayview Lending Group LLC


(4,752)



(5,419)



(6,911)



(5,223)



(6,678)

    Other revenues from operations


86,410



148,918



93,393



163,482



91,003

         Total other income


376,723



398,454



368,382



501,656



314,420
















Other expense















    Salaries and employee benefits


346,098



312,528



325,197



300,178



266,090

    Equipment and net occupancy


65,043



65,080



68,101



59,670



56,663

    Printing, postage and supplies


11,872



11,399



10,593



9,723



9,202

    Amortization of core deposit and other















       intangible assets


16,774



17,162



17,401



14,740



12,314

    FDIC assessments


28,949



27,826



26,701



26,609



19,094

    Other costs of operations


170,959



305,588



214,026



165,975



136,208

         Total other expense


639,695



739,583



662,019



576,895



499,571
















Income before income taxes


308,417



202,902



265,082



447,963



308,653
















Applicable income taxes


101,954



55,162



81,974



125,605



102,380
















Net income

$

206,463



147,740



183,108



322,358



206,273











M&T BANK CORPORATION








Condensed Consolidated Balance Sheet


















March 31




Dollars in thousands


2012


2011


Change










ASSETS
















Cash and due from banks

$

1,344,092


972,005


38

%









Interest-bearing deposits at banks


1,282,040


100,101


1,181










Federal funds sold and agreements








 to resell securities


-


10,300


-100










Trading account assets


517,620


413,737


25










Investment securities


7,195,296


6,507,165


11










Loans and leases:
















  Commercial, financial, etc.


15,938,672


13,826,299


15


  Real estate - commercial


24,486,555


20,891,615


17


  Real estate - consumer


8,696,594


6,154,960


41


  Consumer


11,799,929


11,245,807


5


    Total loans and leases, net of unearned discount


60,921,750


52,118,681


17


       Less: allowance for credit losses


909,006


903,703


1










 Net loans and leases


60,012,744


51,214,978


17










Goodwill


3,524,625


3,524,625


-










Core deposit and other intangible assets


159,619


113,603


41










Other assets


5,150,851


5,024,694


3










 Total assets

$

79,186,887


67,881,208


17

%

















LIABILITIES AND SHAREHOLDERS' EQUITY
















Noninterest-bearing deposits

$

20,648,970


15,219,562


36

%









Interest-bearing deposits


39,868,782


34,264,867


16










Deposits at Cayman Islands office


395,191


1,063,670


-63










 Total deposits


60,912,943


50,548,099


21










Short-term borrowings


511,981


504,676


1










Accrued interest and other liabilities


1,856,749


1,015,495


83










Long-term borrowings


6,476,526


7,305,420


-11










 Total liabilities


69,758,199


59,373,690


17










Shareholders' equity:
















  Preferred


866,489


743,385


17


  Common (1)


8,562,199


7,764,133


10










    Total shareholders' equity


9,428,688


8,507,518


11










 Total liabilities and shareholders' equity

$

79,186,887


67,881,208


17

%

















(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $331.3 million

      at March 31, 2012 and $197.5 million at March 31, 2011.


















M&T BANK CORPORATION















Condensed Consolidated Balance Sheet, Five Quarter Trend




















March 31,


December 31,



September 30,



June 30,



March 31,

Dollars in thousands


2012


2011



2011



2011



2011
















ASSETS






























Cash and due from banks

$

1,344,092



1,449,547



1,349,057



1,297,335



972,005
















Interest-bearing deposits at banks


1,282,040



154,960



2,226,779



2,275,450



100,101
















Federal funds sold and agreements















 to resell securities


-



2,850



5,000



415,580



10,300
















Trading account assets


517,620



561,834



605,557



502,986



413,737
















Investment securities


7,195,296



7,673,154



7,173,797



6,492,265



6,507,165
















Loans and leases:






























  Commercial, financial, etc.


15,938,672



15,734,436



15,218,502



15,040,892



13,826,299

  Real estate - commercial


24,486,555



24,411,114



23,961,306



24,263,726



20,891,615

  Real estate - consumer


8,696,594



7,923,165



7,065,451



6,970,921



6,154,960

  Consumer


11,799,929



12,027,290



12,156,005



12,265,690



11,245,807

    Total loans and leases, net of unearned discount


60,921,750



60,096,005



58,401,264



58,541,229



52,118,681

       Less: allowance for credit losses


909,006



908,290



908,525



907,589



903,703
















 Net loans and leases


60,012,744



59,187,715



57,492,739



57,633,640



51,214,978
















Goodwill


3,524,625



3,524,625



3,524,625



3,524,625



3,524,625
















Core deposit and other intangible assets


159,619



176,394



193,556



210,957



113,603
















Other assets


5,150,851



5,193,208



5,292,781



5,374,316



5,024,694
















 Total assets

$

79,186,887



77,924,287



77,863,891



77,727,154



67,881,208































LIABILITIES AND SHAREHOLDERS' EQUITY






























Noninterest-bearing deposits

$

20,648,970



20,017,883



19,637,491



18,598,828



15,219,562
















Interest-bearing deposits


39,868,782



39,020,839



39,330,027



40,078,834



34,264,867
















Deposits at Cayman Islands office


395,191



355,927



514,871



551,553



1,063,670
















 Total deposits


60,912,943



59,394,649



59,482,389



59,229,215



50,548,099
















Short-term borrowings


511,981



782,082



694,398



567,144



504,676
















Accrued interest and other liabilities


1,856,749



1,790,121



1,563,121



1,557,685



1,015,495
















Long-term borrowings


6,476,526



6,686,226



6,748,857



7,128,916



7,305,420
















 Total liabilities


69,758,199



68,653,078



68,488,765



68,482,960



59,373,690
















Shareholders' equity:






























  Preferred


866,489



864,585



862,717



860,901



743,385

  Common (1)


8,562,199



8,406,624



8,512,409



8,383,293



7,764,133
















    Total shareholders' equity


9,428,688



9,271,209



9,375,126



9,244,194



8,507,518
















 Total liabilities and shareholders' equity

$

79,186,887



77,924,287



77,863,891



77,727,154



67,881,208































(1)  Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $331.3 million at March 31, 2012, $356.4 million at

      December 31, 2011, $192.5 million at September 30, 2011, $228.8 million at June 30, 2011 and $197.5 million at March 31, 2011.



















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, 2012 from

Dollars in millions


2012


2011


2011


March 31,


December 31,



Balance

Rate


Balance

Rate


Balance

Rate


2011


2011

ASSETS
































Interest-bearing deposits at banks

$

301

.28

%

115

.13

%

1,973

.25

%

161

%


-85

%

















Federal funds sold and agreements
















 to resell securities


3

.50


15

.53


6

.38


-83



-60


















Trading account assets


93

1.57


110

1.61


82

1.30


-15



14


















Investment securities


7,507

3.54


7,219

4.17


7,633

3.48


4



-2


















Loans and leases, net of unearned discount
















 Commercial, financial, etc.


15,732

3.71


13,573

3.93


15,392

3.78


16



2


 Real estate - commercial


24,559

4.42


21,003

4.71


24,108

4.47


17



2


 Real estate - consumer


8,286

4.60


6,054

5.06


7,480

4.77


37



11


 Consumer


11,907

4.80


11,342

5.13


12,097

4.87


5



-2


    Total loans and leases, net


60,484

4.35


51,972

4.67


59,077

4.39


16



2


















 Total earning assets


68,388

4.24


59,431

4.60


68,771

4.17


15



-1


















Goodwill


3,525



3,525



3,525



-



-


















Core deposit and other intangible assets


168



119



185



40



-9


















Other assets


5,945



4,970



5,912



20



1


















 Total assets

$

78,026



68,045



78,393



15

%


-

%

















































LIABILITIES AND SHAREHOLDERS' EQUITY
































Interest-bearing deposits
















 NOW accounts

$

827

.14


628

.13


826

.15


32

%


-

%

 Savings deposits


32,410

.23


27,669

.28


32,179

.27


17



1


 Time deposits


5,960

.91


5,700

1.36


6,379

.93


5



-7


 Deposits at Cayman Islands office


496

.17


1,182

.14


512

.15


-58



-3


    Total interest-bearing deposits


39,693

.33


35,179

.45


39,896

.37


13



-1


















Short-term borrowings


828

.15


1,344

.15


674

.10


-38



23


Long-term borrowings


6,507

3.78


7,368

3.26


6,574

3.66


-12



-1


















Total interest-bearing liabilities


47,028

.80


43,891

.91


47,144

.82


7



-


















Noninterest-bearing deposits


19,598



14,501



20,103



35



-3


















Other liabilities


2,024



1,202



1,733



68



17


















 Total liabilities


68,650



59,594



68,980



15



-


















Shareholders' equity


9,376



8,451



9,413



11



-


















 Total liabilities and shareholders' equity

$

78,026



68,045



78,393



15

%


-

%

































Net interest spread



3.44



3.69



3.35







Contribution of interest-free funds



.25



.23



.25







Net interest margin



3.69

%


3.92

%


3.60

%




















M&T BANK CORPORATION












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







































Three months ended




March 31,


December 31,


September 30,


June 30,


March 31,




2012


2011


2011


2011


2011


Income statement data












In thousands, except per share












Net income












Net income

$

206,463


147,740


183,108


322,358


206,273


Amortization of core deposit and other












 intangible assets (1)


10,240


10,476


10,622


8,974


7,478


Merger-related gain (1)


-


-


-


(64,930)


-


Merger-related expenses (1)


1,657


10,194


16,266


23,085


2,609


 Net operating income

$

218,360


168,410


209,996


289,487


216,360


Earnings per common share












Diluted earnings per common share

$

1.50


1.04


1.32


2.42


1.59


Amortization of core deposit and other












 intangible assets (1)


.08


.08


.08


.07


.06


Merger-related gain (1)


-


-


-


(.52)


-


Merger-related expenses (1)


.01


.08


.13


.19


.02


 Diluted net operating earnings per common share

$

1.59


1.20


1.53


2.16


1.67


Other expense












Other expense

$

639,695


739,583


662,019


576,895


499,571


Amortization of core deposit and other












 intangible assets


(16,774)


(17,162)


(17,401)


(14,740)


(12,314)


Merger-related expenses


(2,728)


(16,393)


(26,003)


(36,996)


(4,295)


 Noninterest operating expense

$

620,193


706,028


618,615


525,159


482,962


Merger-related expenses












Salaries and employee benefits  

$

1,973


534


285


15,305


7


Equipment and net occupancy


15


189


119


25


79


Printing, postage and supplies


-


1,475


723


318


147


Other costs of operations


740


14,195


24,876


21,348


4,062


 Total

$

2,728


16,393


26,003


36,996


4,295


Efficiency ratio












Noninterest operating expense (numerator)

$

620,193


706,028


618,615


525,159


482,962


Taxable-equivalent net interest income


627,094


624,566


623,265


592,670


575,131


Other income


376,723


398,454


368,382


501,656


314,420


Less:  Gain on bank investment securities


45


1


89


110,744


39,353


          Net OTTI losses recognized in earnings


(11,486)


(24,822)


(9,642)


(26,530)


(16,041)


          Merger-related gain


-


-


-


64,930


-


Denominator

$

1,015,258


1,047,841


1,001,200


945,182


866,239


Efficiency ratio


61.09  

%

67.38  

%

61.79  

%

55.56  

%

55.75  

%

























Balance sheet data












In millions












Average assets












Average assets

$

78,026


78,393


76,908


72,454


68,045


Goodwill  


(3,525)


(3,525)


(3,525)


(3,525)


(3,525)


Core deposit and other intangible assets


(168)


(185)


(202)


(165)


(119)


Deferred taxes


48


54


58


42


22


 Average tangible assets  

$

74,381


74,737


73,239


68,806


64,423


Average common equity












Average total equity

$

9,376


9,413


9,324


8,812


8,451


Preferred stock


(866)


(864)


(862)


(716)


(743)


 Average common equity


8,510


8,549


8,462


8,096


7,708


Goodwill


(3,525)


(3,525)


(3,525)


(3,525)


(3,525)


Core deposit and other intangible assets  


(168)


(185)


(202)


(165)


(119)


Deferred taxes  


48


54


58


42


22


 Average tangible common equity

$

4,865


4,893


4,793


4,448


4,086














At end of quarter












Total assets












Total assets

$

79,187


77,924


77,864


77,727


67,881


Goodwill


(3,525)


(3,525)


(3,525)


(3,525)


(3,525)


Core deposit and other intangible assets


(160)


(176)


(193)


(210)


(113)


Deferred taxes


46


51


55


60


20


 Total tangible assets

$

75,548


74,274


74,201


74,052


64,263


Total common equity












Total equity

$

9,429


9,271


9,375


9,244


8,508


Preferred stock


(867)


(865)


(863)


(861)


(743)


Undeclared dividends - cumulative preferred stock  


(3)


(3)


(3)


(3)


(7)


 Common equity, net of undeclared cumulative












   preferred dividends


8,559


8,403


8,509


8,380


7,758


Goodwill


(3,525)


(3,525)


(3,525)


(3,525)


(3,525)


Core deposit and other intangible assets


(160)


(176)


(193)


(210)


(113)


Deferred taxes


46


51


55


60


20


 Total tangible common equity

$

4,920


4,753


4,846


4,705


4,140


























(1) After any related tax effect.




SOURCE M&T Bank Corporation

News Provided by Acquire Media

Close window | Back to top