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M&T Bank Corporation Announces First Quarter Results

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 shareholders 



255,096


188,241


36

















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 common share



2.06


1.59


30





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 (4) 


$

331,283


273,081


21

%















Government guaranteed loans included in totals












  above:












  Nonaccrual loans 


$

63,385


44,717


42

%



  Accruing loans past due 90 days or more 



311,579


252,622


23

%















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 loans 



1.41

%

1.49

%



















(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,




March 31,


December 31,



September 30,


June 30,


March 31,




 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 common shareholders 




255,096



276,605



273,896



214,716



188,241


























Per common share:





















  Basic earnings 



$

2.00



2.18



2.18



1.71



1.50





  Diluted earnings 




1.98



2.16



2.17



1.71



1.50





  Cash dividends 



$

.70



.70



.70



.70



.70


























Common shares outstanding:





















  Average - diluted (1) 




128,636



127,800



126,292



125,897



125,616





  Period end (2) 




128,999



128,234



127,461



126,645



126,534


























Return on (annualized):





















  Average total assets 




1.36

%


1.45

%


1.45

%


1.17

%


1.06

%




  Average common shareholders' equity  




11.10

%


12.10

%


12.40

%


10.12

%


9.04

%

























Taxable-equivalent net interest income 



$

662,500



673,929



669,256



654,628



627,094


























Yield on average earning assets 




4.13

%


4.17

%


4.23

%


4.25

%


4.24

%




Cost of interest-bearing liabilities 




.64

%


.67

%


.71

%


.76

%


.80

%




Net interest spread 




3.49

%


3.50

%


3.52

%


3.49

%


3.44

%




Contribution of interest-free funds 




.22

%


.24

%


.25

%


.25

%


.25

%




Net interest margin 




3.71

%


3.74

%


3.77

%


3.74

%


3.69

%

























Net charge-offs to average total 





















  net loans (annualized) 




.23

%


.27

%


.26

%


.34

%


.32

%

























Net operating results (3)










































Net operating income 



$

285,136



304,657



302,060



247,433



218,360





Diluted net operating earnings per common share




2.06



2.23



2.24



1.82



1.59





Return on (annualized):





















  Average tangible assets 




1.48

%


1.56

%


1.56

%


1.30

%


1.18

%




  Average tangible common equity 




18.71

%


20.46

%


21.53

%


18.54

%


16.79

%




Efficiency ratio 




55.88

%


53.63

%


53.73

%


56.86

%


61.09

%
















































































March 31,


December 31,


September 30,


June 30,


March 31,




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 assets 




95,680



104,279



112,160



115,580



140,297





  Total nonperforming assets 



$

1,148,474



1,117,455



1,037,391



1,083,908



1,205,526


























Accruing loans past due 90 days or more (4) 



$

331,283



358,397



309,420



274,598



273,081


























Government guaranteed loans included in totals





















  above:





















  Nonaccrual loans 



$

63,385



57,420



54,583



48,712



44,717





  Accruing loans past due 90 days or more 




311,579



316,403



280,410



255,495



252,622


























Renegotiated loans 



$

272,285



271,971



266,526



267,111



213,024


























Acquired accruing loans past due 90 





















  days or more (5) 



$

157,068



166,554



161,424



162,487



165,163


























Purchased impaired loans (6):





















  Outstanding customer balance 



$

790,048



828,571



978,731



1,037,458



1,158,829





  Carrying amount 




425,232



447,114



528,001



560,700



604,779


























Nonaccrual loans to total net loans 




1.60

%


1.52

%


1.44

%


1.54

%


1.75

%

























Allowance for credit losses to total loans 




1.41

%


1.39

%


1.44

%


1.46

%


1.49

%



























(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






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 gains 


8,927


10,571


-16


     Gain on bank investment securities 


-


45


-


     Other-than-temporary impairment losses 








        recognized in earnings 


(9,800)


(11,486)


-


     Equity in earnings of Bayview Lending Group LLC 


(3,656)


(4,752)


-


     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 31,


December 31,



September 30,



June 30,



March 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 losses 


38,000



49,000



46,000



60,000



49,000




















Net interest income after

















   provision for credit losses 


618,050



618,422



616,722



587,983



571,389




















Other income

















     Mortgage banking revenues 


93,103



116,546



106,812



69,514



56,192



     Service charges on deposit accounts  


110,949



112,364



114,463



110,982



108,889



     Trust income 


121,603



116,915



115,709



122,275



116,953



     Brokerage services income 


15,711



14,872



14,114



16,172



13,901



     Trading account and foreign exchange gains 


8,927



10,356



8,469



6,238



10,571



     Gain (loss) on bank investment securities 


-



-



372



(408)



45



     Other-than-temporary impairment losses 

















        recognized in earnings 


(9,800)



(14,491)



(5,672)



(16,173)



(11,486)



     Equity in earnings of Bayview Lending Group LLC 


(3,656)



(4,941)



(5,183)



(6,635)



(4,752)



     Other revenues from operations


96,045



101,543



96,649



89,685



86,410



          Total other income 


432,882



453,164



445,733



391,650



376,723




















Other expense

















     Salaries and employee benefits 


356,551



323,010



321,746



323,686



346,098



     Equipment and net occupancy 


65,159



62,884



64,248



65,376



65,043



     Printing, postage and supplies 


10,699



10,417



8,272



11,368



11,872



     Amortization of core deposit and other 

















        intangible assets 


13,343



13,865



14,085



15,907



16,774



     FDIC assessments 


19,438



23,398



23,801



24,962



28,949



     Other costs of operations 


170,406



192,572



183,875



186,093



170,959



          Total other expense 


635,596



626,146



616,027



627,392



639,695




















Income before income taxes 


415,336



445,440



446,428



352,241



308,417




















Applicable income taxes 


141,223



149,247



152,966



118,861



101,954




















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 banks 



1,304,770


1,282,040


2











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 of unearned discount



65,924,267


60,921,750


8


        Less: allowance for credit losses 



927,117


909,006


2











  Net loans and leases



64,997,150


60,012,744


8











Goodwill 



3,524,625


3,524,625


-











Core deposit and other intangible assets 



102,420


159,619


-36











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 office 



266,076


395,191


-33











  Total deposits 



65,089,726


60,912,943


7











Short-term borrowings 



374,593


511,981


-27











Accrued interest and other liabilities 



1,530,118


1,856,749


-18











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 shareholders' equity


$

82,811,957


79,186,887


5

%



















(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 31,



September 30,



June 30,



March 31,


Dollars in thousands



2013


2012



2012



2012



2012



















ASSETS


































Cash and due from banks 


$

1,231,091



1,983,615



1,622,928



1,421,831



1,344,092



















Interest-bearing deposits at banks 



1,304,770



129,945



411,994



1,069,717



1,282,040



















Federal funds sold and agreements

















  to resell securities 



594,976



3,000



-



1,000



-



















Trading account assets  



420,144



488,966



526,844



544,938



517,620



















Investment securities 



5,660,831



6,074,361



6,624,004



7,057,300



7,195,296



















Loans and leases:


































   Commercial, financial, etc 



17,469,138



17,776,953



16,704,575



16,395,587



15,938,672


   Real estate - commercial 



25,944,819



25,993,790



24,970,416



24,898,707



24,486,555


   Real estate - consumer 



11,094,577



11,240,837



10,808,220



9,811,525



8,696,594


   Consumer 



11,415,733



11,559,377



11,628,744



11,745,453



11,799,929


     Total loans and leases, net of unearned discount 



65,924,267



66,570,957



64,111,955



62,851,272



60,921,750


        Less: allowance for credit losses 



927,117



925,860



921,223



917,028



909,006



















  Net loans and leases 



64,997,150



65,645,097



63,190,732



61,934,244



60,012,744



















Goodwill 



3,524,625



3,524,625



3,524,625



3,524,625



3,524,625



















Core deposit and other intangible assets 



102,420



115,763



129,628



143,713



159,619



















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