BUFFALO, N.Y., April 17, 2017 /PRNewswire/ -- M&T Bank
Corporation ("M&T")(NYSE: MTB) today reported its results of operations for the quarter ended March
31, 2017.
GAAP Results of Operations. Diluted earnings per common share measured in accordance with
generally accepted accounting principles ("GAAP") for the initial quarter of 2017 were $2.12, up
23% from $1.73 in the year-earlier quarter and 7% higher than $1.98
in the final quarter of 2016. GAAP-basis net income in the recent quarter was $349 million,
17% higher than $299 million in the first quarter of 2016 and 6% above the $331 million recorded in the final 2016 quarter. Net income for the initial 2017 quarter expressed as an
annualized rate of return on average assets and average common shareholders' equity was 1.15% and 8.89%, respectively, compared
with .97% and 7.44%, respectively, in the similar 2016 period and 1.05% and 8.13%, respectively, in the fourth quarter of
2016.
During the first quarter of 2017, M&T adopted new accounting guidance for share-based transactions. That guidance
requires that all excess tax benefits and tax deficiencies associated with share-based compensation be recognized as income tax
expense or benefit in the income statement. Previously, tax effects resulting from changes in M&T's share price
subsequent to the grant date were recorded through shareholders' equity at the time of vesting or exercise. The adoption of
the amended accounting guidance resulted in an $18 million reduction of income tax expense in the
initial 2017 quarter, or $.12 of diluted earnings per common share.
Commenting on M&T's first quarter results, Darren J. King, Executive Vice President and
Chief Financial Officer, noted, "M&T's financial performance for the first quarter was strong, led by a 26 basis point
widening of the net interest margin that resulted in growth in taxable-equivalent net interest income of four percent as compared
with the preceding quarter. Expenses continued to be well-controlled, recognizing the seasonally higher costs traditionally
seen in the first quarter for stock-based compensation and employee benefits, and credit quality factors remained
stable. In accordance with our capital plan, M&T repurchased $532 million of its common
stock and increased the common stock dividend from $.70 to $.75
during the quarter."
Earnings Highlights
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Change 1Q 2017 vs.
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($ in millions, except per share data)
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1Q17
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1Q16
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4Q16
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1Q16
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4Q16
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Net income
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$
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349
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$
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299
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$
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331
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17
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%
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6
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%
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Net income available to common shareholders - diluted
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$
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329
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$
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276
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$
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308
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19
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%
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7
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%
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Diluted earnings per common share
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$
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2.12
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$
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1.73
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$
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1.98
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23
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%
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7
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%
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Annualized return on average assets
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1.15
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%
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.97
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%
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1.05
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%
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Annualized return on average common equity
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8.89
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%
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7.44
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%
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8.13
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%
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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 expenses associated with merging acquired operations into
M&T, since such items are considered by management to be "nonoperating" in nature. The amounts of such "nonoperating"
expenses are presented in the tables that accompany this release. 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.
Diluted net operating earnings per common share were $2.15 in the first quarter of 2017, up 15%
from $1.87 in the corresponding 2016 period. Net operating income for the first three months
of 2017 rose 11% to $354 million from $320 million in the year-earlier quarter. Diluted
net operating earnings per common share and net operating income in the fourth quarter of 2016 were $2.01 and $336 million, respectively.
Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net
operating income was 1.21% and 13.05%, respectively, in the initial 2017 quarter, compared with 1.09% and 11.62%, respectively,
in the year-earlier quarter and 1.10% and 11.93%, respectively, in the fourth quarter of 2016.
Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income totaled
$922 million in the first quarter of 2017, up 5% from $878 million in
the first three months of 2016. That growth resulted predominantly from a widening of the net interest margin to 3.34% in
the recent quarter from 3.18% in the initial 2016 quarter. Taxable-equivalent net interest income in the fourth quarter of
2016 was $883 million. The $39 million improvement in the recent
quarter's taxable-equivalent net interest income as compared with the final 2016 quarter was largely due to a 26 basis point
widening of the net interest margin from 3.08%.
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Taxable-equivalent Net Interest Income
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Change 1Q 2017 vs.
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($ in millions)
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1Q17
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1Q16
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4Q16
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1Q16
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4Q16
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Average earning assets
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$
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112,008
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$
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111,211
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$
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114,254
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1
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%
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-2
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%
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Net interest income - taxable equivalent
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$
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922
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$
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878
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$
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883
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5
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%
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4
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%
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Net interest margin
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3.34
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%
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3.18
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%
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3.08
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%
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Provision for Credit Losses/Asset Quality. The provision for credit losses was $55 million in the first quarter of 2017, compared with $49 million in the
year-earlier quarter and $62 million in the final 2016 quarter. Net charge-offs of loans
during the recent quarter aggregated $43 million, compared with $42
million and $49 million in the first and fourth quarters of 2016, respectively.
Expressed as an annualized percentage of average loans outstanding, net charge-offs were .19% during each of the first quarters
of 2017 and 2016, compared with .22% in the fourth quarter of 2016.
Loans classified as nonaccrual totaled $927 million, or 1.04% of total loans outstanding at
March 31, 2017, compared with $877 million or 1.00% a year earlier and $920 million or 1.01% at December 31, 2016. The higher level of nonaccrual
loans at the two most recent quarter-ends as compared with March 31, 2016 reflect the expected
migration of previously performing loans obtained in the acquisition of Hudson City Bancorp, Inc. ("Hudson City") that became
past due over 90 days after March 31, 2016. Nonaccrual Hudson City-related residential real
estate loans aggregated $207 million, $79 million and $190 million at March 31, 2017, March 31, 2016 and
December 31, 2016, respectively. Assets taken in foreclosure of defaulted loans totaled
$119 million at March 31, 2017, compared with $188 million a
year earlier and $139 million at December 31, 2016.
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. As a result of those
analyses, the allowance for credit losses totaled $1.00 billion at March 31, 2017, compared
with $963 million at a year earlier and $989 million at
December 31, 2016. The allowance expressed as a percentage of outstanding loans was 1.12% at March 31, 2017, compared with 1.10% at March 31, 2016 and 1.09% at December 31, 2016.
Asset Quality Metrics
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Change 1Q 2017 vs.
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($ in millions)
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1Q17
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1Q16
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4Q16
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1Q16
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4Q16
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At end of quarter
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Nonaccrual loans
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$
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927
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$
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877
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$
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920
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6
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%
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1
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%
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Real estate and other foreclosed assets
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$
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119
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$
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188
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$
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139
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-37
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%
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-14
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%
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Total nonperforming assets
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$
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1,046
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$
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1,065
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$
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1,059
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-2
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%
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-1
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%
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Accruing loans past due 90 days or more (1)
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$
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280
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$
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336
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$
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301
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-17
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%
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-7
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%
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Nonaccrual loans as % of loans outstanding
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1.04
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%
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1.00
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%
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1.01
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%
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Allowance for credit losses
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$
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1,001
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$
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963
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$
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989
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4
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%
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1
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%
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Allowance for credit losses as % of loans outstanding
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1.12
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%
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1.10
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%
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1.09
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%
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For the period
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Provision for credit losses
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$
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55
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$
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49
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$
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62
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12
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%
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-11
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%
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Net charge-offs
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$
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43
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$
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42
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$
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49
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1
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%
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-13
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%
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Net charge-offs as % of average loans (annualized)
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.19
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%
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.19
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%
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.22
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%
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(1)
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Excludes loans acquired at a discount. Predominantly residential real
estate loans.
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Noninterest Income and Expense. Noninterest income aggregated $447
million in the initial 2017 quarter, up 6% from $421 million in the year-earlier quarter.
Contributing to that improvement were higher trust income and credit-related fees. Noninterest income was $465 million in the final three months of 2016. The decline in such income in the recent quarter as
compared with the fourth quarter of 2016 was largely due to lower commercial and residential mortgage banking revenues.
Noninterest Income
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Change 1Q 2017 vs.
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($ in millions)
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1Q17
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1Q16
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4Q16
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1Q16
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4Q16
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Mortgage banking revenues
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$
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85
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$
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82
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$
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98
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3
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%
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-14
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%
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Service charges on deposit accounts
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104
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102
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105
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2
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%
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-1
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%
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Trust income
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120
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111
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122
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8
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%
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-2
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%
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Brokerage services income
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17
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16
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15
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9
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%
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14
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%
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Trading account and foreign exchange gains
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10
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8
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7
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30
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%
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26
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%
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Gain on bank investment securities
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—
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—
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2
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—
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—
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Other revenues from operations
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111
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102
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116
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9
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%
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-4
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%
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Total other income
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$
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447
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$
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421
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$
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465
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6
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%
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-4
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%
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Noninterest expense in the first quarter of 2017 totaled $788 million, compared with
$776 million and $769 million in the first and fourth quarters of
2016, 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 $779 million in the first three months of 2017, $741 million in the year-earlier period and $760 million in the final 2016
quarter. The higher level of operating expenses in the recent quarter as compared with the initial 2016 quarter was largely
the result of increased salaries and employee benefits costs, reflecting merit increases and higher incentive-based compensation.
As compared with the final three months of 2016, the higher level of operating expenses in the recent quarter was
predominately due to seasonally higher stock-based compensation and employee benefits expenses offset, in part, by the effect of
a $30 million contribution to The M&T Charitable Foundation in the final 2016 quarter.
Noninterest Expense
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Change 1Q 2017 vs.
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($ in millions)
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1Q17
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1Q16
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4Q16
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1Q16
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4Q16
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Salaries and employee benefits
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$
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450
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$
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432
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$
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393
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4
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%
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14
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%
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Equipment and net occupancy
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74
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74
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|
70
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|
—
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6
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%
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Outside data processing and software
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44
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43
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44
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3
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%
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1
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%
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FDIC assessments
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|
|
29
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|
25
|
|
|
|
29
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14
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%
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-1
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%
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Advertising and marketing
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16
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|
22
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|
|
21
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-25
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%
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|
-24
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%
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Printing, postage and supplies
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|
|
10
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|
|
12
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|
|
9
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-19
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%
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|
|
12
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%
|
Amortization of core deposit and other intangible assets
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|
|
9
|
|
|
|
12
|
|
|
|
9
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-32
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%
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|
|
-7
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%
|
Other costs of operations
|
|
|
156
|
|
|
|
156
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|
|
|
194
|
|
|
|
—
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|
|
-19
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%
|
Total other expense
|
|
$
|
788
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|
|
$
|
776
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|
|
$
|
769
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|
|
|
2
|
%
|
|
|
2
|
%
|
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Memo: Merger-related expenses included in above
|
|
$
|
-
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|
|
$
|
23
|
|
|
$
|
-
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|
|
|
|
|
|
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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 56.9% in the first quarter of 2017, compared with 57.0% in the
year-earlier quarter and 56.4% in the fourth quarter of 2016.
Balance Sheet. M&T had total assets of $123.2 billion at
March 31, 2017, compared with $124.6 billion a year earlier. Investment securities at
the recent quarter-end were $16.0 billion, up from $15.5 billion at
March 31, 2016. Loans and leases, net of unearned discount, rose $1.4
billion to $89.3 billion at March 31, 2017 from $87.9
billion a year earlier. Total deposits were $97.0 billion at the recent quarter-end,
up 3% from $94.2 billion at March 31, 2016.
Reflecting the impact of repurchases of M&T's common stock, total shareholders' equity was $16.2
billion at March 31, 2017, down from $16.4 billion at March 31,
2016, representing 13.16% and 13.12%, respectively, of total assets. Common shareholders' equity was $15.0 billion, or $97.40 per share, at March 31, 2017, compared with
$15.1 billion, or $95.00 per share, a year-earlier. Tangible
equity per common share increased to $67.16 at March 31, 2017 from $65.65 a year-earlier. Common shareholders' equity per share and tangible equity per common share were
$97.64 and $67.85, respectively, at December
31, 2016. 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
estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 10.66%
at March 31, 2017.
In accordance with its capital plan, M&T repurchased 3,233,196 shares of its common stock during the initial 2017 quarter
at a total cost of $532 million.
Conference Call. Investors will have an opportunity to listen to M&T's conference call to
discuss first quarter financial results today at 11:00 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 #1401624. 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 Monday, April 24, 2017 by calling (800)585-8367, or (404)537-3406 for international
participants, and by making reference to ID #1401624. 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, Maryland, New Jersey, Pennsylvania,
Delaware, Connecticut, Virginia, West Virginia 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 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.
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
|
March 31
|
|
|
|
|
|
Amounts in thousands, except per share
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
348,927
|
|
|
|
298,528
|
|
|
|
17
|
%
|
Net income available to common shareholders
|
|
|
328,567
|
|
|
|
275,748
|
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
|
|
$
|
2.13
|
|
|
|
1.74
|
|
|
|
22
|
%
|
Diluted earnings
|
|
|
2.12
|
|
|
|
1.73
|
|
|
|
23
|
%
|
Cash dividends
|
|
$
|
.75
|
|
|
|
.70
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted (1)
|
|
|
154,949
|
|
|
|
159,181
|
|
|
|
-3
|
%
|
Period end (2)
|
|
|
153,781
|
|
|
|
159,156
|
|
|
|
-3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
|
|
|
1.15
|
%
|
|
|
.97
|
%
|
|
|
|
|
Average common shareholders' equity
|
|
|
8.89
|
%
|
|
|
7.44
|
%
|
|
|
|
|
Taxable-equivalent net interest income
|
|
$
|
922,259
|
|
|
|
878,296
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on average earning assets
|
|
|
3.67
|
%
|
|
|
3.54
|
%
|
|
|
|
|
Cost of interest-bearing liabilities
|
|
|
.52
|
%
|
|
|
.53
|
%
|
|
|
|
|
Net interest spread
|
|
|
3.15
|
%
|
|
|
3.01
|
%
|
|
|
|
|
Contribution of interest-free funds
|
|
|
.19
|
%
|
|
|
.17
|
%
|
|
|
|
|
Net interest margin
|
|
|
3.34
|
%
|
|
|
3.18
|
%
|
|
|
|
|
Net charge-offs to average total net loans (annualized)
|
|
|
.19
|
%
|
|
|
.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income
|
|
$
|
354,035
|
|
|
|
320,064
|
|
|
|
11
|
%
|
Diluted net operating earnings per common share
|
|
|
2.15
|
|
|
|
1.87
|
|
|
|
15
|
%
|
Return on (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible assets
|
|
|
1.21
|
%
|
|
|
1.09
|
%
|
|
|
|
|
Average tangible common equity
|
|
|
13.05
|
%
|
|
|
11.62
|
%
|
|
|
|
|
Efficiency ratio
|
|
|
56.93
|
%
|
|
|
57.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31
|
|
|
|
|
|
Loan quality
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Nonaccrual loans
|
|
$
|
926,675
|
|
|
|
876,691
|
|
|
|
6
|
%
|
Real estate and other foreclosed assets
|
|
|
119,155
|
|
|
|
188,004
|
|
|
|
-37
|
%
|
Total nonperforming assets
|
|
$
|
1,045,830
|
|
|
|
1,064,695
|
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past due 90 days or more (4)
|
|
$
|
280,019
|
|
|
|
336,170
|
|
|
|
-17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
|
39,610
|
|
|
|
49,688
|
|
|
|
-20
|
%
|
Accruing loans past due 90 days or more
|
|
|
252,552
|
|
|
|
279,340
|
|
|
|
-10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated loans
|
|
$
|
191,343
|
|
|
|
200,771
|
|
|
|
-5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans acquired at a discount past due 90 days or more
(5)
|
|
$
|
63,732
|
|
|
|
61,767
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased impaired loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer balance
|
|
$
|
890,431
|
|
|
|
1,124,776
|
|
|
|
-21
|
%
|
Carrying amount
|
|
|
552,935
|
|
|
|
715,874
|
|
|
|
-23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to total net loans
|
|
|
1.04
|
%
|
|
|
1.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans
|
|
|
1.12
|
%
|
|
|
1.10
|
%
|
|
|
|
|
(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 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 loans acquired at a discount. Predominantly residential real
estate loans.
|
(5)
|
Loans acquired at a discount that were recorded at fair value at
acquisition date. This category does not include purchased impaired loans that are presented separately.
|
(6)
|
Accruing loans acquired at a discount that were impaired at acquisition
date and recorded at fair value.
|
Financial Highlights, Five Quarter Trend
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Amounts in thousands, except per share
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
|
|
336,031
|
|
|
|
298,528
|
|
Net income available to common shareholders
|
|
|
328,567
|
|
|
|
307,797
|
|
|
|
326,998
|
|
|
|
312,974
|
|
|
|
275,748
|
|
Per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
|
|
$
|
2.13
|
|
|
|
1.98
|
|
|
|
2.10
|
|
|
|
1.98
|
|
|
|
1.74
|
|
Diluted earnings
|
|
|
2.12
|
|
|
|
1.98
|
|
|
|
2.10
|
|
|
|
1.98
|
|
|
|
1.73
|
|
Cash dividends
|
|
$
|
.75
|
|
|
|
.70
|
|
|
|
.70
|
|
|
|
.70
|
|
|
|
.70
|
|
Common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted (1)
|
|
|
154,949
|
|
|
|
155,700
|
|
|
|
156,026
|
|
|
|
158,341
|
|
|
|
159,181
|
|
Period end (2)
|
|
|
153,781
|
|
|
|
156,213
|
|
|
|
154,987
|
|
|
|
157,917
|
|
|
|
159,156
|
|
Return on (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
|
|
|
1.15
|
%
|
|
|
1.05
|
%
|
|
|
1.12
|
%
|
|
|
1.09
|
%
|
|
|
.97
|
%
|
Average common shareholders' equity
|
|
|
8.89
|
%
|
|
|
8.13
|
%
|
|
|
8.68
|
%
|
|
|
8.38
|
%
|
|
|
7.44
|
%
|
Taxable-equivalent net interest income
|
|
$
|
922,259
|
|
|
|
883,147
|
|
|
|
865,065
|
|
|
|
870,341
|
|
|
|
878,296
|
|
Yield on average earning assets
|
|
|
3.67
|
%
|
|
|
3.45
|
%
|
|
|
3.44
|
%
|
|
|
3.51
|
%
|
|
|
3.54
|
%
|
Cost of interest-bearing liabilities
|
|
|
.52
|
%
|
|
|
.57
|
%
|
|
|
.59
|
%
|
|
|
.56
|
%
|
|
|
.53
|
%
|
Net interest spread
|
|
|
3.15
|
%
|
|
|
2.88
|
%
|
|
|
2.85
|
%
|
|
|
2.95
|
%
|
|
|
3.01
|
%
|
Contribution of interest-free funds
|
|
|
.19
|
%
|
|
|
.20
|
%
|
|
|
.20
|
%
|
|
|
.18
|
%
|
|
|
.17
|
%
|
Net interest margin
|
|
|
3.34
|
%
|
|
|
3.08
|
%
|
|
|
3.05
|
%
|
|
|
3.13
|
%
|
|
|
3.18
|
%
|
Net charge-offs to average total net loans (annualized)
|
|
|
.19
|
%
|
|
|
.22
|
%
|
|
|
.19
|
%
|
|
|
.11
|
%
|
|
|
.19
|
%
|
Net operating results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income
|
|
$
|
354,035
|
|
|
|
336,095
|
|
|
|
355,929
|
|
|
|
350,604
|
|
|
|
320,064
|
|
Diluted net operating earnings per common share
|
|
|
2.15
|
|
|
|
2.01
|
|
|
|
2.13
|
|
|
|
2.07
|
|
|
|
1.87
|
|
Return on (annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible assets
|
|
|
1.21
|
%
|
|
|
1.10
|
%
|
|
|
1.18
|
%
|
|
|
1.18
|
%
|
|
|
1.09
|
%
|
Average tangible common equity
|
|
|
13.05
|
%
|
|
|
11.93
|
%
|
|
|
12.77
|
%
|
|
|
12.68
|
%
|
|
|
11.62
|
%
|
Efficiency ratio
|
|
|
56.93
|
%
|
|
|
56.42
|
%
|
|
|
55.92
|
%
|
|
|
55.06
|
%
|
|
|
57.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Loan quality
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Nonaccrual loans
|
|
$
|
926,675
|
|
|
|
920,015
|
|
|
|
837,362
|
|
|
|
848,855
|
|
|
|
876,691
|
|
Real estate and other foreclosed assets
|
|
|
119,155
|
|
|
|
139,206
|
|
|
|
159,881
|
|
|
|
172,473
|
|
|
|
188,004
|
|
Total nonperforming assets
|
|
$
|
1,045,830
|
|
|
|
1,059,221
|
|
|
|
997,243
|
|
|
|
1,021,328
|
|
|
|
1,064,695
|
|
Accruing loans past due 90 days or more (4)
|
|
$
|
280,019
|
|
|
|
300,659
|
|
|
|
317,282
|
|
|
|
298,449
|
|
|
|
336,170
|
|
Government guaranteed loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
|
39,610
|
|
|
|
40,610
|
|
|
|
47,130
|
|
|
|
52,486
|
|
|
|
49,688
|
|
Accruing loans past due 90 days or more
|
|
|
252,552
|
|
|
|
282,659
|
|
|
|
282,077
|
|
|
|
269,962
|
|
|
|
279,340
|
|
Renegotiated loans
|
|
$
|
191,343
|
|
|
|
190,374
|
|
|
|
217,559
|
|
|
|
211,159
|
|
|
|
200,771
|
|
Accruing loans acquired at a discount past due 90 days or more
(5)
|
|
$
|
63,732
|
|
|
|
61,144
|
|
|
|
65,182
|
|
|
|
68,591
|
|
|
|
61,767
|
|
Purchased impaired loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer balance
|
|
$
|
890,431
|
|
|
|
927,446
|
|
|
|
981,105
|
|
|
|
1,040,678
|
|
|
|
1,124,776
|
|
Carrying amount
|
|
|
552,935
|
|
|
|
578,032
|
|
|
|
616,991
|
|
|
|
662,059
|
|
|
|
715,874
|
|
Nonaccrual loans to total net loans
|
|
|
1.04
|
%
|
|
|
1.01
|
%
|
|
|
.93
|
%
|
|
|
.96
|
%
|
|
|
1.00
|
%
|
Allowance for credit losses to total loans
|
|
|
1.12
|
%
|
|
|
1.09
|
%
|
|
|
1.09
|
%
|
|
|
1.10
|
%
|
|
|
1.10
|
%
|
(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 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 loans acquired at a discount. Predominantly residential real
estate loans.
|
(5)
|
Loans acquired at a discount that were recorded at fair value at
acquisition date. This category does not include purchased impaired loans that are presented separately.
|
(6)
|
Accruing loans acquired at a discount that were impaired at acquisition
date and recorded at fair value.
|
Condensed Consolidated Statement of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
|
March 31
|
|
|
|
|
|
Dollars in thousands
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Interest income
|
|
$
|
1,006,033
|
|
|
|
972,834
|
|
|
|
3
|
%
|
Interest expense
|
|
|
91,773
|
|
|
|
100,870
|
|
|
|
-9
|
|
Net interest income
|
|
|
914,260
|
|
|
|
871,964
|
|
|
|
5
|
|
Provision for credit losses
|
|
|
55,000
|
|
|
|
49,000
|
|
|
|
12
|
|
Net interest income after provision for credit losses
|
|
|
859,260
|
|
|
|
822,964
|
|
|
|
4
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenues
|
|
|
84,692
|
|
|
|
82,063
|
|
|
|
3
|
|
Service charges on deposit accounts
|
|
|
104,176
|
|
|
|
102,405
|
|
|
|
2
|
|
Trust income
|
|
|
120,015
|
|
|
|
111,077
|
|
|
|
8
|
|
Brokerage services income
|
|
|
17,384
|
|
|
|
16,004
|
|
|
|
9
|
|
Trading account and foreign exchange gains
|
|
|
9,691
|
|
|
|
7,458
|
|
|
|
30
|
|
Gain on bank investment securities
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
Other revenues from operations
|
|
|
110,887
|
|
|
|
101,922
|
|
|
|
9
|
|
Total other income
|
|
|
446,845
|
|
|
|
420,933
|
|
|
|
6
|
|
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
449,862
|
|
|
|
431,785
|
|
|
|
4
|
|
Equipment and net occupancy
|
|
|
74,366
|
|
|
|
74,178
|
|
|
|
—
|
|
Outside data processing and software
|
|
|
44,301
|
|
|
|
43,015
|
|
|
|
3
|
|
FDIC assessments
|
|
|
28,827
|
|
|
|
25,225
|
|
|
|
14
|
|
Advertising and marketing
|
|
|
16,110
|
|
|
|
21,454
|
|
|
|
-25
|
|
Printing, postage and supplies
|
|
|
9,708
|
|
|
|
11,986
|
|
|
|
-19
|
|
Amortization of core deposit and other intangible assets
|
|
|
8,420
|
|
|
|
12,319
|
|
|
|
-32
|
|
Other costs of operations
|
|
|
156,258
|
|
|
|
156,133
|
|
|
|
—
|
|
Total other expense
|
|
|
787,852
|
|
|
|
776,095
|
|
|
|
2
|
|
Income before income taxes
|
|
|
518,253
|
|
|
|
467,802
|
|
|
|
11
|
|
Applicable income taxes
|
|
|
169,326
|
|
|
|
169,274
|
|
|
|
—
|
|
Net income
|
|
$
|
348,927
|
|
|
|
298,528
|
|
|
|
17
|
%
|
Condensed Consolidated Statement of Income, Five Quarter Trend
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Dollars in thousands
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Interest income
|
|
$
|
1,006,033
|
|
|
|
982,901
|
|
|
|
969,515
|
|
|
|
970,621
|
|
|
|
972,834
|
|
Interest expense
|
|
|
91,773
|
|
|
|
107,137
|
|
|
|
111,175
|
|
|
|
106,802
|
|
|
|
100,870
|
|
Net interest income
|
|
|
914,260
|
|
|
|
875,764
|
|
|
|
858,340
|
|
|
|
863,819
|
|
|
|
871,964
|
|
Provision for credit losses
|
|
|
55,000
|
|
|
|
62,000
|
|
|
|
47,000
|
|
|
|
32,000
|
|
|
|
49,000
|
|
Net interest income after provision for credit losses
|
|
|
859,260
|
|
|
|
813,764
|
|
|
|
811,340
|
|
|
|
831,819
|
|
|
|
822,964
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking revenues
|
|
|
84,692
|
|
|
|
98,504
|
|
|
|
103,747
|
|
|
|
89,383
|
|
|
|
82,063
|
|
Service charges on deposit accounts
|
|
|
104,176
|
|
|
|
104,890
|
|
|
|
107,935
|
|
|
|
103,872
|
|
|
|
102,405
|
|
Trust income
|
|
|
120,015
|
|
|
|
122,003
|
|
|
|
118,654
|
|
|
|
120,450
|
|
|
|
111,077
|
|
Brokerage services income
|
|
|
17,384
|
|
|
|
15,233
|
|
|
|
15,914
|
|
|
|
16,272
|
|
|
|
16,004
|
|
Trading account and foreign exchange gains
|
|
|
9,691
|
|
|
|
7,692
|
|
|
|
12,754
|
|
|
|
13,222
|
|
|
|
7,458
|
|
Gain on bank investment securities
|
|
|
—
|
|
|
|
1,566
|
|
|
|
28,480
|
|
|
|
264
|
|
|
|
4
|
|
Other revenues from operations
|
|
|
110,887
|
|
|
|
115,571
|
|
|
|
103,866
|
|
|
|
104,791
|
|
|
|
101,922
|
|
Total other income
|
|
|
446,845
|
|
|
|
465,459
|
|
|
|
491,350
|
|
|
|
448,254
|
|
|
|
420,933
|
|
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
449,862
|
|
|
|
393,354
|
|
|
|
399,786
|
|
|
|
398,675
|
|
|
|
431,785
|
|
Equipment and net occupancy
|
|
|
74,366
|
|
|
|
69,976
|
|
|
|
75,263
|
|
|
|
75,724
|
|
|
|
74,178
|
|
Outside data processing and software
|
|
|
44,301
|
|
|
|
43,987
|
|
|
|
42,878
|
|
|
|
42,509
|
|
|
|
43,015
|
|
FDIC assessments
|
|
|
28,827
|
|
|
|
28,991
|
|
|
|
28,459
|
|
|
|
22,370
|
|
|
|
25,225
|
|
Advertising and marketing
|
|
|
16,110
|
|
|
|
21,074
|
|
|
|
21,996
|
|
|
|
22,613
|
|
|
|
21,454
|
|
Printing, postage and supplies
|
|
|
9,708
|
|
|
|
8,681
|
|
|
|
8,972
|
|
|
|
9,907
|
|
|
|
11,986
|
|
Amortization of core deposit and other intangible assets
|
|
|
8,420
|
|
|
|
9,089
|
|
|
|
9,787
|
|
|
|
11,418
|
|
|
|
12,319
|
|
Other costs of operations
|
|
|
156,258
|
|
|
|
193,951
|
|
|
|
165,251
|
|
|
|
166,679
|
|
|
|
156,133
|
|
Total other expense
|
|
|
787,852
|
|
|
|
769,103
|
|
|
|
752,392
|
|
|
|
749,895
|
|
|
|
776,095
|
|
Income before income taxes
|
|
|
518,253
|
|
|
|
510,120
|
|
|
|
550,298
|
|
|
|
530,178
|
|
|
|
467,802
|
|
Applicable income taxes
|
|
|
169,326
|
|
|
|
179,549
|
|
|
|
200,314
|
|
|
|
194,147
|
|
|
|
169,274
|
|
Net income
|
|
$
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
|
|
336,031
|
|
|
|
298,528
|
|
Condensed Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31
|
|
|
|
|
|
|
Dollars in thousands
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
1,286,962
|
|
|
|
1,178,175
|
|
|
|
9
|
|
%
|
Interest-bearing deposits at banks
|
|
|
6,945,149
|
|
|
|
9,545,181
|
|
|
|
-27
|
|
|
Trading account
|
|
|
174,854
|
|
|
|
467,987
|
|
|
|
-63
|
|
|
Investment securities
|
|
|
15,968,415
|
|
|
|
15,467,320
|
|
|
|
3
|
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc.
|
|
|
22,295,376
|
|
|
|
21,226,577
|
|
|
|
5
|
|
|
Real estate - commercial
|
|
|
33,071,654
|
|
|
|
29,713,293
|
|
|
|
11
|
|
|
Real estate - consumer
|
|
|
21,724,491
|
|
|
|
25,299,638
|
|
|
|
-14
|
|
|
Consumer
|
|
|
12,221,481
|
|
|
|
11,632,958
|
|
|
|
5
|
|
|
Total loans and leases, net of unearned discount
|
|
|
89,313,002
|
|
|
|
87,872,466
|
|
|
|
2
|
|
|
Less: allowance for credit losses
|
|
|
1,001,430
|
|
|
|
962,752
|
|
|
|
4
|
|
|
Net loans and leases
|
|
|
88,311,572
|
|
|
|
86,909,714
|
|
|
|
2
|
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
—
|
|
|
Core deposit and other intangible assets
|
|
|
94,535
|
|
|
|
127,949
|
|
|
|
-26
|
|
|
Other assets
|
|
|
5,848,652
|
|
|
|
6,336,194
|
|
|
|
-8
|
|
|
Total assets
|
|
$
|
123,223,251
|
|
|
|
124,625,632
|
|
|
|
-1
|
|
%
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
|
34,279,591
|
|
|
|
29,709,218
|
|
|
|
15
|
|
%
|
Interest-bearing deposits
|
|
|
62,570,167
|
|
|
|
64,338,571
|
|
|
|
-3
|
|
|
Deposits at Cayman Islands office
|
|
|
192,763
|
|
|
|
166,787
|
|
|
|
16
|
|
|
Total deposits
|
|
|
97,042,521
|
|
|
|
94,214,576
|
|
|
|
3
|
|
|
Short-term borrowings
|
|
|
185,102
|
|
|
|
1,766,826
|
|
|
|
-90
|
|
|
Accrued interest and other liabilities
|
|
|
1,694,905
|
|
|
|
1,948,142
|
|
|
|
-13
|
|
|
Long-term borrowings
|
|
|
8,087,619
|
|
|
|
10,341,035
|
|
|
|
-22
|
|
|
Total liabilities
|
|
|
107,010,147
|
|
|
|
108,270,579
|
|
|
|
-1
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
—
|
|
|
Common (1)
|
|
|
14,981,604
|
|
|
|
15,123,553
|
|
|
|
-1
|
|
|
Total shareholders' equity
|
|
|
16,213,104
|
|
|
|
16,355,053
|
|
|
|
-1
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
123,223,251
|
|
|
|
124,625,632
|
|
|
|
-1
|
|
%
|
(1)
|
Reflects accumulated other comprehensive loss, net of applicable income tax
effect, of $291.6 million at March 31, 2017 and $150.2 million at March 31, 2016.
|
Condensed Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Dollars in thousands
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
1,286,962
|
|
|
|
1,320,549
|
|
|
|
1,332,202
|
|
|
|
1,284,442
|
|
|
|
1,178,175
|
|
Interest-bearing deposits at banks
|
|
|
6,945,149
|
|
|
|
5,000,638
|
|
|
|
10,777,636
|
|
|
|
8,474,839
|
|
|
|
9,545,181
|
|
Trading account
|
|
|
174,854
|
|
|
|
323,867
|
|
|
|
488,588
|
|
|
|
506,131
|
|
|
|
467,987
|
|
Investment securities
|
|
|
15,968,415
|
|
|
|
16,250,468
|
|
|
|
14,733,574
|
|
|
|
14,963,084
|
|
|
|
15,467,320
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc.
|
|
|
22,295,376
|
|
|
|
22,610,047
|
|
|
|
21,917,163
|
|
|
|
21,469,242
|
|
|
|
21,226,577
|
|
Real estate - commercial
|
|
|
33,071,654
|
|
|
|
33,506,394
|
|
|
|
32,078,762
|
|
|
|
30,711,230
|
|
|
|
29,713,293
|
|
Real estate - consumer
|
|
|
21,724,491
|
|
|
|
22,590,912
|
|
|
|
23,584,420
|
|
|
|
24,530,249
|
|
|
|
25,299,638
|
|
Consumer
|
|
|
12,221,481
|
|
|
|
12,146,063
|
|
|
|
12,066,147
|
|
|
|
11,811,277
|
|
|
|
11,632,958
|
|
Total loans and leases, net of unearned discount
|
|
|
89,313,002
|
|
|
|
90,853,416
|
|
|
|
89,646,492
|
|
|
|
88,521,998
|
|
|
|
87,872,466
|
|
Less: allowance for credit losses
|
|
|
1,001,430
|
|
|
|
988,997
|
|
|
|
976,121
|
|
|
|
970,496
|
|
|
|
962,752
|
|
Net loans and leases
|
|
|
88,311,572
|
|
|
|
89,864,419
|
|
|
|
88,670,371
|
|
|
|
87,551,502
|
|
|
|
86,909,714
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
Core deposit and other intangible assets
|
|
|
94,535
|
|
|
|
97,655
|
|
|
|
106,744
|
|
|
|
116,531
|
|
|
|
127,949
|
|
Other assets
|
|
|
5,848,652
|
|
|
|
5,998,498
|
|
|
|
6,138,801
|
|
|
|
6,330,943
|
|
|
|
6,336,194
|
|
Total assets
|
|
$
|
123,223,251
|
|
|
|
123,449,206
|
|
|
|
126,841,028
|
|
|
|
123,820,584
|
|
|
|
124,625,632
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
|
34,279,591
|
|
|
|
33,813,896
|
|
|
|
33,127,627
|
|
|
|
30,700,066
|
|
|
|
29,709,218
|
|
Interest-bearing deposits
|
|
|
62,570,167
|
|
|
|
62,478,053
|
|
|
|
64,786,035
|
|
|
|
63,756,514
|
|
|
|
64,338,571
|
|
Deposits at Cayman Islands office
|
|
|
192,763
|
|
|
|
201,927
|
|
|
|
223,183
|
|
|
|
193,523
|
|
|
|
166,787
|
|
Total deposits
|
|
|
97,042,521
|
|
|
|
95,493,876
|
|
|
|
98,136,845
|
|
|
|
94,650,103
|
|
|
|
94,214,576
|
|
Short-term borrowings
|
|
|
185,102
|
|
|
|
163,442
|
|
|
|
213,846
|
|
|
|
407,123
|
|
|
|
1,766,826
|
|
Accrued interest and other liabilities
|
|
|
1,694,905
|
|
|
|
1,811,431
|
|
|
|
1,938,201
|
|
|
|
1,963,093
|
|
|
|
1,948,142
|
|
Long-term borrowings
|
|
|
8,087,619
|
|
|
|
9,493,835
|
|
|
|
10,211,160
|
|
|
|
10,328,751
|
|
|
|
10,341,035
|
|
Total liabilities
|
|
|
107,010,147
|
|
|
|
106,962,584
|
|
|
|
110,500,052
|
|
|
|
107,349,070
|
|
|
|
108,270,579
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
Common (1)
|
|
|
14,981,604
|
|
|
|
15,255,122
|
|
|
|
15,109,476
|
|
|
|
15,240,014
|
|
|
|
15,123,553
|
|
Total shareholders' equity
|
|
|
16,213,104
|
|
|
|
16,486,622
|
|
|
|
16,340,976
|
|
|
|
16,471,514
|
|
|
|
16,355,053
|
|
Total liabilities and shareholders' equity
|
|
$
|
123,223,251
|
|
|
|
123,449,206
|
|
|
|
126,841,028
|
|
|
|
123,820,584
|
|
|
|
124,625,632
|
|
(1)
|
Reflects accumulated other comprehensive loss, net of applicable income tax
effect, of $291.6 million at March 31, 2017, $294.6 million at December 31, 2016, $114.6 million at September 30, 2016,
$101.0 million at June 30, 2016 and $150.2 million at March 31, 2016.
|
Condensed Consolidated Average Balance Sheet and Annualized
Taxable-equivalent Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Change in balance
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31, 2017 from
|
|
|
Dollars in millions
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
2016
|
|
|
2016
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits at banks
|
|
$
|
6,152
|
|
|
|
.80
|
|
%
|
|
8,193
|
|
|
|
.51
|
|
%
|
|
8,790
|
|
|
|
.54
|
|
%
|
|
-25
|
|
%
|
|
-30
|
|
%
|
Federal funds sold
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
.77
|
|
|
|
—
|
|
|
|
—
|
|
|
|
-100
|
|
|
|
—
|
|
|
Trading account
|
|
|
60
|
|
|
|
2.20
|
|
|
|
85
|
|
|
|
1.78
|
|
|
|
70
|
|
|
|
2.05
|
|
|
|
-30
|
|
|
|
-15
|
|
|
Investment securities
|
|
|
15,999
|
|
|
|
2.43
|
|
|
|
15,348
|
|
|
|
2.60
|
|
|
|
15,417
|
|
|
|
2.28
|
|
|
|
4
|
|
|
|
4
|
|
|
Loans and leases, net of unearned discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, etc.
|
|
|
22,290
|
|
|
|
3.66
|
|
|
|
20,717
|
|
|
|
3.39
|
|
|
|
21,936
|
|
|
|
3.47
|
|
|
|
8
|
|
|
|
2
|
|
|
Real estate - commercial
|
|
|
33,175
|
|
|
|
4.18
|
|
|
|
29,426
|
|
|
|
4.16
|
|
|
|
32,822
|
|
|
|
4.01
|
|
|
|
13
|
|
|
|
1
|
|
|
Real estate - consumer
|
|
|
22,179
|
|
|
|
3.92
|
|
|
|
25,859
|
|
|
|
3.93
|
|
|
|
23,096
|
|
|
|
3.88
|
|
|
|
-14
|
|
|
|
-4
|
|
|
Consumer
|
|
|
12,153
|
|
|
|
4.68
|
|
|
|
11,582
|
|
|
|
4.55
|
|
|
|
12,123
|
|
|
|
4.53
|
|
|
|
5
|
|
|
|
—
|
|
|
Total loans and leases, net
|
|
|
89,797
|
|
|
|
4.09
|
|
|
|
87,584
|
|
|
|
3.99
|
|
|
|
89,977
|
|
|
|
3.93
|
|
|
|
3
|
|
|
|
—
|
|
|
Total earning assets
|
|
|
112,008
|
|
|
|
3.67
|
|
|
|
111,211
|
|
|
|
3.54
|
|
|
|
114,254
|
|
|
|
3.45
|
|
|
|
1
|
|
|
|
-2
|
|
|
Goodwill
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Core deposit and other intangible assets
|
|
|
98
|
|
|
|
|
|
|
|
134
|
|
|
|
|
|
|
|
102
|
|
|
|
|
|
|
|
-27
|
|
|
|
-3
|
|
|
Other assets
|
|
|
6,279
|
|
|
|
|
|
|
|
7,314
|
|
|
|
|
|
|
|
6,785
|
|
|
|
|
|
|
|
-14
|
|
|
|
-7
|
|
|
Total assets
|
|
$
|
122,978
|
|
|
|
|
|
|
|
123,252
|
|
|
|
|
|
|
|
125,734
|
|
|
|
|
|
|
|
—
|
|
%
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and interest-checking deposits
|
|
$
|
53,260
|
|
|
|
.20
|
|
|
|
50,335
|
|
|
|
.13
|
|
|
|
54,055
|
|
|
|
.20
|
|
|
|
6
|
|
%
|
|
-1
|
|
%
|
Time deposits
|
|
|
9,561
|
|
|
|
.81
|
|
|
|
12,999
|
|
|
|
.75
|
|
|
|
10,936
|
|
|
|
.86
|
|
|
|
-26
|
|
|
|
-13
|
|
|
Deposits at Cayman Islands office
|
|
|
192
|
|
|
|
.56
|
|
|
|
187
|
|
|
|
.42
|
|
|
|
206
|
|
|
|
.42
|
|
|
|
2
|
|
|
|
-7
|
|
|
Total interest-bearing deposits
|
|
|
63,013
|
|
|
|
.29
|
|
|
|
63,521
|
|
|
|
.26
|
|
|
|
65,197
|
|
|
|
.31
|
|
|
|
-1
|
|
|
|
-3
|
|
|
Short-term borrowings
|
|
|
184
|
|
|
|
.48
|
|
|
|
2,082
|
|
|
|
.42
|
|
|
|
200
|
|
|
|
.30
|
|
|
|
-91
|
|
|
|
-8
|
|
|
Long-term borrowings
|
|
|
8,423
|
|
|
|
2.25
|
|
|
|
10,528
|
|
|
|
2.21
|
|
|
|
9,901
|
|
|
|
2.26
|
|
|
|
-20
|
|
|
|
-15
|
|
|
Total interest-bearing liabilities
|
|
|
71,620
|
|
|
|
.52
|
|
|
|
76,131
|
|
|
|
.53
|
|
|
|
75,298
|
|
|
|
.57
|
|
|
|
-6
|
|
|
|
-5
|
|
|
Noninterest-bearing deposits
|
|
|
33,287
|
|
|
|
|
|
|
|
28,870
|
|
|
|
|
|
|
|
31,717
|
|
|
|
|
|
|
|
15
|
|
|
|
5
|
|
|
Other liabilities
|
|
|
1,748
|
|
|
|
|
|
|
|
1,972
|
|
|
|
|
|
|
|
2,046
|
|
|
|
|
|
|
|
-11
|
|
|
|
-15
|
|
|
Total liabilities
|
|
|
106,655
|
|
|
|
|
|
|
|
106,973
|
|
|
|
|
|
|
|
109,061
|
|
|
|
|
|
|
|
—
|
|
|
|
-2
|
|
|
Shareholders' equity
|
|
|
16,323
|
|
|
|
|
|
|
|
16,279
|
|
|
|
|
|
|
|
16,673
|
|
|
|
|
|
|
|
—
|
|
|
|
-2
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
122,978
|
|
|
|
|
|
|
|
123,252
|
|
|
|
|
|
|
|
125,734
|
|
|
|
|
|
|
|
—
|
|
%
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
|
|
|
|
3.15
|
|
|
|
|
|
|
|
3.01
|
|
|
|
|
|
|
|
2.88
|
|
|
|
|
|
|
|
|
|
|
Contribution of interest-free funds
|
|
|
|
|
|
|
.19
|
|
|
|
|
|
|
|
.17
|
|
|
|
|
|
|
|
.20
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
|
|
3.34
|
|
%
|
|
|
|
|
|
3.18
|
|
%
|
|
|
|
|
|
3.08
|
|
%
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31
|
|
|
|
2017
|
|
|
2016
|
|
Income statement data
|
|
|
|
|
|
|
|
|
In thousands, except per share
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
348,927
|
|
|
|
298,528
|
|
Amortization of core deposit and other intangible assets (1)
|
|
|
5,108
|
|
|
|
7,488
|
|
Merger-related expenses (1)
|
|
|
—
|
|
|
|
14,048
|
|
Net operating income
|
|
$
|
354,035
|
|
|
|
320,064
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
2.12
|
|
|
|
1.73
|
|
Amortization of core deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.05
|
|
Merger-related expenses (1)
|
|
|
—
|
|
|
|
.09
|
|
Diluted net operating earnings per common share
|
|
$
|
2.15
|
|
|
|
1.87
|
|
|
|
|
|
|
|
|
|
|
Other expense
|
|
|
|
|
|
|
|
|
Other expense
|
|
$
|
787,852
|
|
|
|
776,095
|
|
Amortization of core deposit and other intangible assets
|
|
|
(8,420)
|
|
|
|
(12,319)
|
|
Merger-related expenses
|
|
|
—
|
|
|
|
(23,162)
|
|
Noninterest operating expense
|
|
$
|
779,432
|
|
|
|
740,614
|
|
|
|
|
|
|
|
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
$
|
—
|
|
|
|
5,274
|
|
Equipment and net occupancy
|
|
|
—
|
|
|
|
939
|
|
Outside data processing and software
|
|
|
—
|
|
|
|
715
|
|
Advertising and marketing
|
|
|
—
|
|
|
|
4,195
|
|
Printing, postage and supplies
|
|
|
—
|
|
|
|
937
|
|
Other costs of operations
|
|
|
—
|
|
|
|
11,102
|
|
Total
|
|
$
|
—
|
|
|
|
23,162
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
|
|
|
|
|
|
|
|
|
Noninterest operating expense (numerator)
|
|
$
|
779,432
|
|
|
|
740,614
|
|
Taxable-equivalent net interest income
|
|
|
922,259
|
|
|
|
878,296
|
|
Other income
|
|
|
446,845
|
|
|
|
420,933
|
|
Less: Gain on bank investment securities
|
|
|
—
|
|
|
|
4
|
|
Denominator
|
|
$
|
1,369,104
|
|
|
|
1,299,225
|
|
Efficiency ratio
|
|
|
56.93
|
%
|
|
|
57.00
|
%
|
|
|
|
|
|
|
|
|
|
Balance sheet data
|
|
|
|
|
|
|
|
|
In millions
|
|
|
|
|
|
|
|
|
Average assets
|
|
|
|
|
|
|
|
|
Average assets
|
|
$
|
122,978
|
|
|
|
123,252
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(98)
|
|
|
|
(134)
|
|
Deferred taxes
|
|
|
39
|
|
|
|
52
|
|
Average tangible assets
|
|
$
|
118,326
|
|
|
|
118,577
|
|
Average common equity
|
|
|
|
|
|
|
|
|
Average total equity
|
|
$
|
16,323
|
|
|
|
16,279
|
|
Preferred stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common equity
|
|
|
15,091
|
|
|
|
15,047
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(98)
|
|
|
|
(134)
|
|
Deferred taxes
|
|
|
39
|
|
|
|
52
|
|
Average tangible common equity
|
|
$
|
10,439
|
|
|
|
10,372
|
|
|
|
|
|
|
|
|
|
|
At end of quarter
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
123,223
|
|
|
|
124,626
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(95)
|
|
|
|
(128)
|
|
Deferred taxes
|
|
|
38
|
|
|
|
50
|
|
Total tangible assets
|
|
$
|
118,573
|
|
|
|
119,955
|
|
Total common equity
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
16,213
|
|
|
|
16,355
|
|
Preferred stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Undeclared dividends - cumulative preferred stock
|
|
|
(3)
|
|
|
|
(3)
|
|
Common equity, net of undeclared cumulative preferred dividends
|
|
|
14,978
|
|
|
|
15,120
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(95)
|
|
|
|
(128)
|
|
Deferred taxes
|
|
|
38
|
|
|
|
50
|
|
Total tangible common equity
|
|
$
|
10,328
|
|
|
|
10,449
|
|
|
|
|
|
|
|
(1)
|
After any related tax effect.
|
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter
Trend
|
|
|
|
|
|
Three months ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Income statement data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
|
|
336,031
|
|
|
|
298,528
|
|
Amortization of core deposit and other intangible assets (1)
|
|
|
5,108
|
|
|
|
5,524
|
|
|
|
5,945
|
|
|
|
6,936
|
|
|
|
7,488
|
|
Merger-related expenses (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,637
|
|
|
|
14,048
|
|
Net operating income
|
|
$
|
354,035
|
|
|
|
336,095
|
|
|
|
355,929
|
|
|
|
350,604
|
|
|
|
320,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$
|
2.12
|
|
|
|
1.98
|
|
|
|
2.10
|
|
|
|
1.98
|
|
|
|
1.73
|
|
Amortization of core deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.04
|
|
|
|
.05
|
|
Merger-related expenses (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
.05
|
|
|
|
.09
|
|
Diluted net operating earnings per common share
|
|
$
|
2.15
|
|
|
|
2.01
|
|
|
|
2.13
|
|
|
|
2.07
|
|
|
|
1.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense
|
|
$
|
787,852
|
|
|
|
769,103
|
|
|
|
752,392
|
|
|
|
749,895
|
|
|
|
776,095
|
|
Amortization of core deposit and other intangible assets
|
|
|
(8,420)
|
|
|
|
(9,089)
|
|
|
|
(9,787)
|
|
|
|
(11,418)
|
|
|
|
(12,319)
|
|
Merger-related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12,593)
|
|
|
|
(23,162)
|
|
Noninterest operating expense
|
|
$
|
779,432
|
|
|
|
760,014
|
|
|
|
742,605
|
|
|
|
725,884
|
|
|
|
740,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
60
|
|
|
|
5,274
|
|
Equipment and net occupancy
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
339
|
|
|
|
939
|
|
Outside data processing and software
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
352
|
|
|
|
715
|
|
Advertising and marketing
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,327
|
|
|
|
4,195
|
|
Printing, postage and supplies
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
545
|
|
|
|
937
|
|
Other costs of operations
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,970
|
|
|
|
11,102
|
|
Total
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12,593
|
|
|
|
23,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating expense (numerator)
|
|
$
|
779,432
|
|
|
|
760,014
|
|
|
|
742,605
|
|
|
|
725,884
|
|
|
|
740,614
|
|
Taxable-equivalent net interest income
|
|
|
922,259
|
|
|
|
883,147
|
|
|
|
865,065
|
|
|
|
870,341
|
|
|
|
878,296
|
|
Other income
|
|
|
446,845
|
|
|
|
465,459
|
|
|
|
491,350
|
|
|
|
448,254
|
|
|
|
420,933
|
|
Less: Gain on bank investment securities
|
|
|
—
|
|
|
|
1,566
|
|
|
|
28,480
|
|
|
|
264
|
|
|
|
4
|
|
Denominator
|
|
$
|
1,369,104
|
|
|
|
1,347,040
|
|
|
|
1,327,935
|
|
|
|
1,318,331
|
|
|
|
1,299,225
|
|
Efficiency ratio
|
|
|
56.93
|
%
|
|
|
56.42
|
%
|
|
|
55.92
|
%
|
|
|
55.06
|
%
|
|
|
57.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
|
|
$
|
122,978
|
|
|
|
125,734
|
|
|
|
124,725
|
|
|
|
123,706
|
|
|
|
123,252
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(98)
|
|
|
|
(102)
|
|
|
|
(112)
|
|
|
|
(122)
|
|
|
|
(134)
|
|
Deferred taxes
|
|
|
39
|
|
|
|
40
|
|
|
|
44
|
|
|
|
48
|
|
|
|
52
|
|
Average tangible assets
|
|
$
|
118,326
|
|
|
|
121,079
|
|
|
|
120,064
|
|
|
|
119,039
|
|
|
|
118,577
|
|
Average common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total equity
|
|
$
|
16,323
|
|
|
|
16,673
|
|
|
|
16,347
|
|
|
|
16,377
|
|
|
|
16,279
|
|
Preferred stock
|
|
|
(1,232)
|
|
|
|
(1,492)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common equity
|
|
|
15,091
|
|
|
|
15,181
|
|
|
|
15,115
|
|
|
|
15,145
|
|
|
|
15,047
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(98)
|
|
|
|
(102)
|
|
|
|
(112)
|
|
|
|
(122)
|
|
|
|
(134)
|
|
Deferred taxes
|
|
|
39
|
|
|
|
40
|
|
|
|
44
|
|
|
|
48
|
|
|
|
52
|
|
Average tangible common equity
|
|
$
|
10,439
|
|
|
|
10,526
|
|
|
|
10,454
|
|
|
|
10,478
|
|
|
|
10,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
123,223
|
|
|
|
123,449
|
|
|
|
126,841
|
|
|
|
123,821
|
|
|
|
124,626
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(95)
|
|
|
|
(98)
|
|
|
|
(107)
|
|
|
|
(117)
|
|
|
|
(128)
|
|
Deferred taxes
|
|
|
38
|
|
|
|
39
|
|
|
|
42
|
|
|
|
46
|
|
|
|
50
|
|
Total tangible assets
|
|
$
|
118,573
|
|
|
|
118,797
|
|
|
|
122,183
|
|
|
|
119,157
|
|
|
|
119,955
|
|
Total common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
16,213
|
|
|
|
16,487
|
|
|
|
16,341
|
|
|
|
16,472
|
|
|
|
16,355
|
|
Preferred stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Undeclared dividends - cumulative preferred stock
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
(3)
|
|
Common equity, net of undeclared cumulative preferred dividends
|
|
|
14,978
|
|
|
|
15,252
|
|
|
|
15,106
|
|
|
|
15,237
|
|
|
|
15,120
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and other intangible assets
|
|
|
(95)
|
|
|
|
(98)
|
|
|
|
(107)
|
|
|
|
(117)
|
|
|
|
(128)
|
|
Deferred taxes
|
|
|
38
|
|
|
|
39
|
|
|
|
42
|
|
|
|
46
|
|
|
|
50
|
|
Total tangible common equity
|
|
$
|
10,328
|
|
|
|
10,600
|
|
|
|
10,448
|
|
|
|
10,573
|
|
|
|
10,449
|
|
(1)
|
After any related tax effect.
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mt-bank-corporation-announces-first-quarter-results-300440133.html
SOURCE M&T Bank Corporation