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M&T Bank Corporation Announces Third Quarter Profits

BUFFALO, N.Y., Oct. 17, 2012 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2012.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2012 rose 64% to $2.17 from $1.32 in the year-earlier quarter and were 27% higher than $1.71 in the second quarter of 2012.  GAAP-basis net income in the recent quarter aggregated $293 million, up from $183 million and $233 million in the third quarter of 2011 and the second quarter of 2012, respectively.  GAAP-basis net income for the third quarter of 2012 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.45% and 12.40%, respectively, compared with .94% and 7.84%, respectively, in the year-earlier quarter and 1.17% and 10.12%, respectively, in the second quarter of 2012.

The recent quarter's results as compared with each of the third quarter of 2011 and the second quarter of 2012 reflect higher mortgage banking revenues, increases in taxable-equivalent net interest income and a lower provision for credit losses. In addition, expenses in the recent quarter declined $46 million, or 7%, from the year-earlier quarter, predominantly due to the integration of the operations obtained in the May 2011 acquisition of Wilmington Trust Corporation.

Commenting on M&T's financial performance in the third quarter of 2012, Rene F. Jones, Executive Vice President and Chief Financial Officer, said, "Earnings for the quarter were exceptionally strong.  While revenue from mortgage banking activities rose $37 million, or 54%, from the second quarter, loan growth, wider margins, prudent expense management and continuing improvement in credit quality combined for an impressive quarter.  Revenue from residential mortgage banking activities rose 76% from the second quarter and net interest income increased due to solid loan growth and a 3 basis point expansion of the net interest margin.  Credit metrics continued to improve, as nonaccrual loans declined from June 30, and the ratio of net charge-offs to average loans improved to .26% in the recent quarter, a level not seen since the beginning of the economic recession in late-2007."

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 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 $2.24 in the recent quarter, up 46% and 23% from $1.53 and $1.82 in the third quarter of 2011 and the second quarter of 2012, respectively.  Net operating income during the third quarter of 2012 was $302 million, improved from $210 million in the year-earlier quarter and $247 million in 2012's second quarter.  Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.56% and 21.53%, respectively, in the recent quarter, compared with 1.14% and 16.07%, respectively, in the third quarter of 2011 and 1.30% and 18.54%, respectively, in the second quarter of 2012.

Taxable-equivalent Net Interest Income.  Taxable-equivalent net interest income totaled $669 million in the third quarter of 2012, up an annualized 9% from $655 million in the second quarter of 2012.  That improvement was due largely to a 3 basis point widening of the net interest margin and a $212 million increase in average earning assets.  The net interest margin was 3.77% in the recent quarter, compared with 3.74% in the second quarter of 2012.  The higher level of average earning assets in the recent quarter as compared with the second quarter of 2012 was predominantly due to a $1.6 billion increase in average loans and leases, largely offset by declines in average balances of lower yielding money-market assets and investment securities.  Taxable-equivalent net interest income in the recent quarter rose $46 million from $623 million in the third quarter of 2011.  That improvement reflected a $3.4 billion increase in average earning assets and a 9 basis point widening of the net interest margin.

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $46 million in the recent quarter, improved from $58 million in the third quarter of 2011 and $60 million in 2012's second quarter.  Net charge-offs of loans totaled $42 million during the third quarter of 2012, down from $57 million and $52 million in the quarters ended September 30, 2011 and June 30, 2012, respectively.  Expressed as an annualized percentage of average loans outstanding, net charge-offs were .26% and .39% in the third quarter of 2012 and 2011, respectively, and .34% in the second quarter of 2012.

Loans classified as nonaccrual declined to $925 million, or 1.44% of total loans outstanding at September 30, 2012, improved from $1.11 billion or 1.91% at September 30, 2011 and $968 million or 1.54% at June 30, 2012.

Assets taken in foreclosure of defaulted loans were $112 million at September 30, 2012, down from $150 million at September 30, 2011 and $116 million at June 30, 2012. 

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 $921 million at September 30, 2012, compared with $909 million at September 30, 2011 and $917 million at June 30, 2012.  The allowance expressed as a percentage of outstanding loans was 1.44% at September 30, 2012, down from 1.56% at September 30, 2011 and 1.46% at June 30, 2012.

Noninterest Income and Expense.  Noninterest income totaled $446 million in the recent quarter, compared with $368 million and $392 million in the third quarter of 2011 and the second quarter of 2012, respectively.  Reflected in those amounts were net pre-tax losses from investment securities of $5 million, $10 million and $17 million in the recent quarter, the third quarter of 2011, and the second quarter of 2012, respectively. The net securities losses were predominantly due to other-than-temporary impairment charges related to certain of M&T's holding of privately issued collateralized mortgage obligations.  

Excluding losses from investment securities in all periods, noninterest income in the third quarter of 2012 aggregated $451 million, up from $378 million in the third quarter of 2011 and $408 million in 2012's second quarter.  The rise in noninterest income in the recent quarter as compared with the year-earlier quarter and the second quarter of 2012 was predominantly due to higher mortgage banking revenues.  

Noninterest expense in the third quarter of 2012 totaled $616 million, compared with $662 million in the year-earlier quarter and $627 million in the second quarter of 2012.  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 $602 million in the recent quarter, down from $619 million in the third quarter of 2011 and $604 million in 2012's second quarter, due largely to the continued realization of synergies from the integration into M&T of the operations obtained from Wilmington Trust Corporation

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities and merger-related gains), measures the relationship of operating expenses to revenues.  M&T's efficiency ratio was 53.7% in the recent quarter, significantly improved from 61.8% and 56.9% in the year-earlier quarter and the second quarter of 2012, respectively.

Balance Sheet.  M&T had total assets of $81.1 billion at September 30, 2012, compared with $77.9 billion at September 30, 2011.  Loans and leases, net of unearned discount, increased $5.7 billion, or 10%, to $64.1 billion at September 30, 2012 from $58.4 billion a year earlier.  Total deposits aggregated $64.0 billion at the recent quarter-end, up 8% from $59.5 billion at September 30, 2011. 

Total shareholders' equity rose 6% to $9.9 billion at September 30, 2012 from $9.4 billion a year earlier, representing 12.27% and 12.04%, respectively, of total assets.  Common shareholders' equity was $9.1 billion, or $71.17 per share, at September 30, 2012, compared with $8.5 billion, or $67.70 per share, at September 30, 2011.  Tangible equity per common share rose 11% to $42.80 at September 30, 2012 from $38.56 at September 30, 2011. Common shareholders' equity per share and tangible equity per common share were $69.15 and $40.52, respectively, at June 30, 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 7.04% at September 30, 2012, compared with 6.53% and 6.65% at September 30, 2011 and June 30, 2012, respectively.  M&T's estimated Tier 1 common ratio, a regulatory capital measure, rose to 7.47% at September 30, 2012, improved from 6.87% and 7.15% at September 30, 2011 and June 30, 2012, respectively.

Other notable events during the third quarter of 2012 included the announcement that M&T and Hudson City Bancorp, Inc. ("Hudson City") had entered into a definitive merger agreement whereby M&T would acquire Hudson City.  Completing M&T's exit from the TARP program, the United States Treasury Department ("U.S. Treasury") sold M&T Series A and Series C Preferred Stock to the public and no longer holds any shares of M&T's preferred stock.  Subject to common shareholder approval, M&T had modified certain of the terms of its Series A and Series C Preferred Stock which had been held by the U.S. Treasury.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss third 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 #38101096.  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 October 20, 2012 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #38101096.  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) 842-5462



MEDIA CONTACT:   

C. Michael Zabel


(716) 842-5385

 


M&T BANK CORPORATION








Financial Highlights















Three months ended







Nine months ended





Amounts in thousands,



September 30







September 30





 except per share



2012


2011


Change





2012


2011


Change






















Performance






































Net income


$

293,462


183,108


60

%


$

733,305


711,739


3

%


Net income available to common shareholders 



273,896


164,671


66

%



676,842


651,966


4

%





















Per common share:



















  Basic earnings 


$

2.18


1.32


65

%


$

5.39


5.34


1

%


  Diluted earnings 



2.17


1.32


64

%



5.37


5.32


1

%


  Cash dividends 


$

.70


.70


-




$

2.10


2.10


-






















Common shares outstanding:



















  Average - diluted (1) 



126,292


124,860


1

%



125,936


122,521


3

%


  Period end (2) 



127,461


125,678


1

%



127,461


125,678


1

%





















Return on (annualized):



















  Average total assets 



1.45

%

.94

%






1.23

%

1.31

%




  Average common shareholders' equity 



12.40

%

7.84

%






10.55

%

10.94

%























Taxable-equivalent net interest income 


$

669,256


623,265


7

%


$

1,950,978


1,791,066


9

%





















Yield on average earning assets 



4.23

%

4.29

%






4.24

%

4.42

%




Cost of interest-bearing liabilities 



.71

%

.86

%






.76

%

.89

%




Net interest spread 



3.52

%

3.43

%






3.48

%

3.53

%




Contribution of interest-free funds 



.25

%

.25

%






.25

%

.25

%




Net interest margin 



3.77

%

3.68

%






3.73

%

3.78

%























Net charge-offs to average total 



















  net loans (annualized) 



.26

%

.39

%






.31

%

.46

%























Net operating results (3)






































Net operating income 


$

302,060


209,996


44

%


$

767,853


715,843


7

%


Diluted net operating earnings per common share



2.24


1.53


46

%



5.64


5.36


5

%


Return on (annualized):



















  Average tangible assets 



1.56

%

1.14

%






1.35

%

1.39

%




  Average tangible common equity 



21.53

%

16.07

%






19.03

%

20.03

%




Efficiency ratio 



53.73

%

61.79

%






57.11

%

57.84

%
































































 

At September 30














Loan quality



2012


2011


Change































Nonaccrual loans 


$

925,231


1,113,788


-17

%










Real estate and other foreclosed assets 



112,160


149,868


-25

%










  Total nonperforming assets 


$

1,037,391


1,263,656


-18

%





























Accruing loans past due 90 days or more (4) 


$

309,420


239,970


29

%





























Government guaranteed loans included in totals



















  above:



















  Nonaccrual loans 


$

54,583


32,937


66

%










  Accruing loans past due 90 days or more 



280,410


210,407


33

%





























Renegotiated loans 


$

266,526


223,233


19

%





























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


$

161,424


211,958


-24

%





























Purchased impaired loans (6):



















  Outstanding customer balance 


$

978,731


1,393,777


-30

%










  Carrying amount 



528,001


703,632


-25

%





























Nonaccrual loans to total net loans 



1.44

%

1.91

%
































Allowance for credit losses to total loans 



1.44

%

1.56

%



















































(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 herein.



(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,




September 30,


June 30,


March 31,


December 31,


September 30,


 except per share




2012


2012


2012


2011


2011





















Performance






































Net income 



$

293,462



233,380



206,463



147,740



183,108



Net income available to common shareholders 




273,896



214,716



188,241



129,804



164,671






















Per common share:



















  Basic earnings 



$

2.18



1.71



1.50



1.04



1.32



  Diluted earnings 




2.17



1.71



1.50



1.04



1.32



  Cash dividends 



$

.70



.70



.70



.70



.70






















Common shares outstanding:



















  Average - diluted (1) 




126,292



125,897



125,616



124,736



124,860



  Period end (2) 




127,461



126,645



126,534



125,752



125,678






















Return on (annualized):



















  Average total assets 




1.45

%


1.17

%

1.06

%

.75

%


.94

%


  Average common shareholders' equity 




12.40

%


10.12

%

9.04

%

6.12

%


7.84

%





















Taxable-equivalent net interest income 



$

669,256



654,628



627,094



624,566



623,265






















Yield on average earning assets 




4.23

%


4.25

%

4.24

%

4.17

%


4.29

%


Cost of interest-bearing liabilities 




.71

%


.76

%

.80

%

.82

%


.86

%


Net interest spread 




3.52

%


3.49

%

3.44

%

3.35

%


3.43

%


Contribution of interest-free funds 




.25

%


.25

%

.25

%

.25

%


.25

%


Net interest margin  




3.77

%


3.74

%

3.69

%

3.60

%


3.68

%





















Net charge-offs to average total 



















  net loans (annualized) 




.26

%


.34

%


.32

%


.50

%


.39

%





















Net operating results (3)






































Net operating income  



$

302,060



247,433



218,360



168,410



209,996



Diluted net operating earnings per common share 




2.24



1.82



1.59



1.20



1.53



Return on (annualized):



















  Average tangible assets 




1.56

%


1.30

%

1.18

%

.89

%


1.14

%


  Average tangible common equity 




21.53

%


18.54

%

16.79

%

12.36

%


16.07

%


Efficiency ratio 




53.73

%


56.86

%

61.09

%

67.38

%


61.79

%






































































September 30,


June 30,


March 31,


December 31,


September 30,


Loan quality




2012


2012


2012


2011


2011





















Nonaccrual loans 



$

925,231



968,328



1,065,229



1,097,581



1,113,788



Real estate and other foreclosed assets 




112,160



115,580



140,297



156,592



149,868



  Total nonperforming assets 



$

1,037,391



1,083,908



1,205,526



1,254,173



1,263,656






















Accruing loans past due 90 days or more (4) 



$

309,420



274,598



273,081



287,876



239,970






















Government guaranteed loans included in totals



















  above:



















  Nonaccrual loans 



$

54,583



48,712



44,717



40,529



32,937



  Accruing loans past due 90 days or more 




280,410



255,495



252,622



252,503



210,407






















Renegotiated loans 



$

266,526



267,111



213,024



214,379



223,233






















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



$

161,424



162,487



165,163



163,738



211,958






















Purchased impaired loans (6):



















  Outstanding customer balance 



$

978,731



1,037,458



1,158,829



1,267,762



1,393,777



  Carrying amount 




528,001



560,700



604,779



653,362



703,632






















Nonaccrual loans to total net loans 




1.44

%


1.54

%


1.75

%

1.83

%

1.91

%




















Allowance for credit losses to total loans 




1.44

%


1.46

%


1.49

%

1.51

%

1.56

%




















(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 herein.

(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






Nine months ended






September 30






September 30




Dollars in thousands


2012


2011


Change




2012


2011


Change


















Interest income 

$

744,851


720,351


3

%


$

2,196,332


2,076,087


6

%

Interest expense 


82,129


103,632


-21




265,238


304,362


-13


















Net interest income 


662,722


616,719


7




1,931,094


1,771,725


9


















Provision for credit losses 


46,000


58,000


-21




155,000


196,000


-21


















Net interest income after
















   provision for credit losses 


616,722


558,719


10




1,776,094


1,575,725


13


















Other income
















     Mortgage banking revenues 


106,812


38,141


180




232,518


125,448


85


     Service charges on deposit accounts 


114,463


121,577


-6




334,334


351,024


-5


     Trust income  


115,709


113,652


2




354,937


218,565


62


     Brokerage services income 


14,114


13,907


1




44,187


43,129


2


     Trading account and foreign exchange gains 


8,469


4,176


103




25,278


19,253


31


     Gain on bank investment securities 


372


89


-




9


150,186


-


     Other-than-temporary impairment losses 
















        recognized in earnings 


(5,672)


(9,642)


-




(33,331)


(52,213)


-


     Equity in earnings of Bayview Lending Group LLC 


(5,183)


(6,911)


-




(16,570)


(18,812)


-


     Other revenues from operations 


96,649


93,393


3




272,744


347,878


-22


          Total other income 


445,733


368,382


21




1,214,106


1,184,458


3


















Other expense
















     Salaries and employee benefits 


321,746


325,197


-1




991,530


891,465


11


     Equipment and net occupancy 


64,248


68,101


-6




194,667


184,434


6


     Printing, postage and supplies 


8,272


10,593


-22




31,512


29,518


7


     Amortization of core deposit and other 
















        intangible assets 


14,085


17,401


-19




46,766


44,455


5


     FDIC assessments 


23,801


26,701


-11




77,712


72,404


7


     Other costs of operations 


183,875


214,026


-14




540,927


516,209


5


          Total other expense 


616,027


662,019


-7




1,883,114


1,738,485


8


















Income before income taxes 


446,428


265,082


68




1,107,086


1,021,698


8


















Applicable income taxes 


152,966


81,974


87




373,781


309,959


21


















Net income 

$

293,462


183,108


60

%


$

733,305


711,739


3

%

















 

M&T BANK CORPORATION






Condensed Consolidated Statement of Income, Five Quarter Trend
























Three months ended




September 30,


June 30,


March 31,


December 31,


September 30,

Dollars in thousands


2012


2012


2012


2011


2011

















Interest income 

$

744,851



737,386



714,095



716,000



720,351


Interest expense 


82,129



89,403



93,706



97,969



103,632


















Net interest income 


662,722



647,983



620,389



618,031



616,719


















Provision for credit losses 


46,000



60,000



49,000



74,000



58,000


















Net interest income after
















   provision for credit losses 


616,722



587,983



571,389



544,031



558,719


















Other income
















     Mortgage banking revenues 


106,812



69,514



56,192



40,573



38,141


     Service charges on deposit accounts 


114,463



110,982



108,889



104,071



121,577


     Trust income 


115,709



122,275



116,953



113,820



113,652


     Brokerage services income 


14,114



16,172



13,901



13,341



13,907


     Trading account and foreign exchange gains 


8,469



6,238



10,571



7,971



4,176


     Gain (loss) on bank investment securities 


372



(408)



45



1



89


     Other-than-temporary impairment losses 
















        recognized in earnings 


(5,672)



(16,173)



(11,486)



(24,822)



(9,642)


     Equity in earnings of Bayview Lending Group LLC 


(5,183)



(6,635)



(4,752)



(5,419)



(6,911)


     Other revenues from operations 


96,649



89,685



86,410



148,918



93,393


          Total other income 


445,733



391,650



376,723



398,454



368,382


















Other expense
















     Salaries and employee benefits 


321,746



323,686



346,098



312,528



325,197


     Equipment and net occupancy 


64,248



65,376



65,043



65,080



68,101


     Printing, postage and supplies 


8,272



11,368



11,872



11,399



10,593


     Amortization of core deposit and other 
















        intangible assets 


14,085



15,907



16,774



17,162



17,401


     FDIC assessments 


23,801



24,962



28,949



27,826



26,701


     Other costs of operations  


183,875



186,093



170,959



305,588



214,026


          Total other expense 


616,027



627,392



639,695



739,583



662,019


















Income before income taxes 


446,428



352,241



308,417



202,902



265,082


















Applicable income taxes 


152,966



118,861



101,954



55,162



81,974


















Net income 

$

293,462



233,380



206,463



147,740



183,108


















M&T BANK CORPORATION









Condensed Consolidated Balance Sheet





















September 30




Dollars in thousands



2012


2011


Change











ASSETS


















Cash and due from banks 


$

1,622,928


1,349,057


20

%










Interest-bearing deposits at banks



411,994


2,226,779


-81











Federal funds sold and agreements









  to resell securities 



-


5,000


-











Trading account assets 



526,844


605,557


-13











Investment securities 



6,624,004


7,173,797


-8











Loans and leases:


















   Commercial, financial, etc 



16,704,575


15,218,502


10


   Real estate - commercial 



24,970,416


23,961,306


4


   Real estate - consumer 



10,808,220


7,065,451


53


   Consumer 



11,628,744


12,156,005


-4


     Total loans and leases, net of unearned discount 



64,111,955


58,401,264


10


        Less: allowance for credit losses 



921,223


908,525


1











  Net loans and leases 



63,190,732


57,492,739


10











Goodwill 



3,524,625


3,524,625


-











Core deposit and other intangible assets 



129,628


193,556


-33











Other assets 



5,054,478


5,292,781


-5











  Total assets 


$

81,085,233


77,863,891


4

%



















LIABILITIES AND SHAREHOLDERS' EQUITY


















Noninterest-bearing deposits 


$

22,968,401


19,637,491


17

%










Interest-bearing deposits 



39,636,104


39,330,027


1











Deposits at Cayman Islands office 



1,402,753


514,871


172











  Total deposits 



64,007,258


59,482,389


8











Short-term borrowings



592,154


694,398


-15











Accrued interest and other liabilities 



1,570,758


1,563,121


-











Long-term borrowings 



4,969,536


6,748,857


-26











  Total liabilities 



71,139,706


68,488,765


4