BUFFALO, N.Y., Oct. 18, 2017
/PRNewswire/ -- M&T Bank Corporation ("M&T")(NYSE: MTB)
today reported its results of operations for the quarter ended
September 30, 2017.
GAAP Results of Operations. Diluted earnings per common
share measured in accordance with generally accepted accounting
principles ("GAAP") for the third quarter of 2017 were $2.21, up 5% from $2.10 in the year-earlier period. GAAP-basis net
income in the recently completed quarter totaled $356 million, 2% above $350 million in the third quarter of 2016.
Diluted earnings per common share and GAAP-basis net income for the
second quarter of 2017 were $2.35 and
$381 million, respectively.
GAAP-basis net income for the third quarter of 2017 expressed as an
annualized rate of return on average assets and average common
shareholders' equity was 1.18% and 8.89%, respectively, compared
with 1.12% and 8.68%, respectively, in the year-earlier quarter and
1.27% and 9.67%, respectively, in the second quarter of 2017.
On October 9, 2017, Wilmington
Trust Corporation, a wholly owned subsidiary of M&T, reached an
agreement with the U.S. Attorney's Office for the District of
Delaware related to alleged
conduct that took place between 2009 and 2010 prior to the
acquisition of Wilmington Trust Corporation by M&T. Under terms
of the agreement, Wilmington Trust Corporation was required to
pay $60 million and settled
the government's claims. The settlement amount included
$16 million previously payed to the
U.S. Securities and Exchange Commission in a related action.
The result was a payment of $44
million that is not deductible for income tax
purposes. Wilmington Trust did not admit any liability.
Commenting on M&T's financial results for the recent
quarter, Darren J. King, Executive
Vice President and Chief Financial Officer, stated, "Once again,
M&T has delivered very strong financial results through its
core businesses producing solid returns for shareholders.
Performance in the third quarter benefited from a widening of the
net interest margin, lower credit costs and continued strong fee
income and well-controlled expenses. We believe the recently
announced agreement between Wilmington Trust Corporation and the
U.S. Attorney's Office for the District of Delaware is in the Company's best interest and
we are pleased to have that legal proceeding behind us."
Earnings
Highlights
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Change 3Q17
vs.
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($ in millions,
except per share data)
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3Q17
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3Q16
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2Q17
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3Q16
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2Q17
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Net income
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$
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356
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$
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350
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$
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381
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2
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%
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-7
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%
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Net income available
to common shareholders - diluted
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$
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336
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$
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327
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$
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361
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3
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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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2.21
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$
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2.10
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$
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2.35
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5
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%
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-6
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%
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Annualized return on
average assets
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1.18
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%
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1.12
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%
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1.27
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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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8.68
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%
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9.67
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%
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For the nine-month period ended September
30, 2017, diluted earnings per common share were
$6.69, up 15% from $5.80 in the corresponding 2016 period.
GAAP-basis net income for the first nine months of 2017 totaled
$1.09 billion, 10% higher than
$985 million in the year-earlier
period. Expressed as an annualized rate of return on average
assets and average common shareholders' equity, GAAP-basis net
income in the nine-month period ended September 30, 2017 was 1.20% and 9.15%,
respectively, compared with 1.06% and 8.17%, respectively, in the
similar 2016 period.
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" expense 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
$2.24 in the recent quarter, compared
with $2.13 and $2.38 in 2016's third quarter and the second
quarter of 2017, respectively. Net operating income was
$361 million in the third quarter of
2017, compared with $356 million in
the corresponding quarter of 2016 and $386
million in the second quarter of 2017. Expressed as an
annualized rate of return on average tangible assets and average
tangible common shareholders' equity, net operating income was
1.25% and 13.03%, respectively, in the third quarter of 2017,
compared with 1.18% and 12.77%, respectively, in the year-earlier
quarter and 1.33% and 14.18%, respectively, in the second quarter
of 2017.
Diluted net operating earnings per common share in the first
nine months of 2017 increased 12% to $6.78 from $6.07 in
the year-earlier period. Net operating income during the nine-month
period ended September 30, 2017 was
$1.10 billion, up 7% from
$1.03 billion in the like-2016
period. Net operating income expressed as an annualized rate
of return on average tangible assets and average tangible common
shareholders' equity was 1.26% and 13.42%, respectively, in the
first nine months of 2017, compared with 1.15% and 12.36%,
respectively, in the nine-month period ended September 30, 2016.
Taxable-equivalent Net Interest Income. Net interest
income expressed on a taxable-equivalent basis totaled $966 million in the third quarter of 2017, an
increase of $101 million, or 12%,
from $865 million in the year-earlier
quarter. That improvement resulted predominantly from a
widening of the net interest margin to 3.53% in the recent quarter
from 3.05% in the third quarter of 2016. Taxable-equivalent net
interest income in the recent quarter rose 2% from $947 million in the second quarter of 2017.
That growth was primarily due to an 8 basis point widening of the
net interest margin from 3.45% in the second quarter of 2017.
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Taxable-equivalent
Net Interest Income
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Change 3Q17
vs.
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($ in
millions)
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3Q17
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3Q16
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2Q17
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3Q16
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2Q17
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Average earning
assets
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$
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108,642
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$
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112,864
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$
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109,987
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-4
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%
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-1
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%
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Net interest income -
taxable-equivalent
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$
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966
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$
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865
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$
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947
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12
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%
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2
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%
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Net interest
margin
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3.53
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%
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3.05
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%
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3.45
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%
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Provision for Credit Losses/Asset Quality. The provision
for credit losses was $30 million in
the third quarter of 2017, compared with $47
million in 2016's third quarter and $52 million in the second quarter of 2017.
Net charge-offs of loans were $25
million during the recent quarter, compared with
$41 million in the third quarter of
2016 and $45 million in the second
quarter of 2017. Expressed as an annualized percentage of
average loans outstanding, net charge-offs were .11% and .19% in
the third quarter of 2017 and 2016, respectively, and .20% in the
second 2017 quarter.
Loans classified as nonaccrual totaled $869 million, or .99% of total loans outstanding
at September 30, 2017, compared with
$872 million or .98% at June 30, 2017 and $837
million or .93% at September 30,
2016. The higher levels of nonaccrual loans at the two most
recent quarter-ends as compared with September 30, 2016 reflect the migration of
previously performing loans obtained in the acquisition of Hudson
City Bancorp, Inc. ("Hudson City") that became over 90 days past
due after September 30, 2016.
Nonaccrual Hudson City-related residential real estate loans
totaled $211 million at each of
September 30, 2017 and June 30, 2017, compared with $149 million at September
30, 2016. Assets taken in foreclosure of defaulted loans
were $111 million at September 30, 2017, compared with $160 million at September
30, 2016 and $105 million at
June 30, 2017.
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 $1.01 billion
at each of September 30, 2017 and
June 30, 2017, compared with
$976 million at September 30, 2016. The allowance expressed
as a percentage of outstanding loans was 1.15% at September 30, 2017, compared with 1.09% at
September 30, 2016 and 1.13% at
June 30, 2017.
Asset Quality
Metrics
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Change 3Q17
vs.
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($ in
millions)
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3Q17
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3Q16
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2Q17
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3Q16
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2Q17
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At end of
quarter
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Nonaccrual
loans
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$
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869
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$
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837
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$
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872
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4
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%
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—
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Real estate and other
foreclosed assets
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$
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111
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$
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160
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$
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105
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-31
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%
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6
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%
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Total nonperforming
assets
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$
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980
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$
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997
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$
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977
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-2
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%
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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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261
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$
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317
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$
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265
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-18
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%
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-2
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%
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Nonaccrual loans as %
of loans outstanding
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.99
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%
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.93
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%
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.98
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%
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Allowance for credit
losses
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$
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1,013
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$
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976
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$
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1,008
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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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1.15
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%
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1.09
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%
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1.13
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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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30
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$
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47
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$
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52
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-36
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%
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|
-42
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%
|
Net
charge-offs
|
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$
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25
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$
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41
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$
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45
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-40
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%
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-45
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%
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Net charge-offs as %
of average loans (annualized)
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.11
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%
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.19
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%
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.20
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%
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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 $459 million in the recent
quarter, compared with $491 million
in the third quarter of 2016 and $461
million in the second quarter of 2017. The decline in
noninterest income in the recent quarter as compared with the
corresponding quarter of 2016 was predominantly the result of
$28 million of gains on investment
securities recognized during that 2016 quarter. Higher trust income
in the third quarter of 2017 was offset by lower mortgage banking
revenues as compared with the year-earlier period. As compared with
2017's second quarter, a 12% rise in mortgage banking revenues
during the recent quarter was offset by a decline in credit-related
fees.
Noninterest
Income
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|
|
Change 3Q17
vs.
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($ in
millions)
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3Q17
|
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3Q16
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|
2Q17
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|
3Q16
|
|
|
2Q17
|
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|
|
|
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|
Mortgage banking
revenues
|
|
$
|
97
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|
|
$
|
104
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|
|
$
|
86
|
|
|
|
-7
|
%
|
|
|
12
|
%
|
Service charges on
deposit accounts
|
|
|
109
|
|
|
|
108
|
|
|
|
106
|
|
|
|
1
|
%
|
|
|
3
|
%
|
Trust
income
|
|
|
125
|
|
|
|
119
|
|
|
|
127
|
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|
|
5
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%
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-1
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%
|
Brokerage services
income
|
|
|
15
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|
|
|
16
|
|
|
|
17
|
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|
|
-8
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%
|
|
|
-12
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%
|
Trading account and
foreign exchange gains
|
|
|
7
|
|
|
|
13
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|
|
|
8
|
|
|
|
-45
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%
|
|
|
-13
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%
|
Gain on bank
investment securities
|
|
|
—
|
|
|
|
28
|
|
|
|
—
|
|
|
|
-100
|
%
|
|
|
—
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|
Other revenues from
operations
|
|
|
106
|
|
|
|
103
|
|
|
|
117
|
|
|
|
3
|
%
|
|
|
-9
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%
|
Total other
income
|
|
$
|
459
|
|
|
$
|
491
|
|
|
$
|
461
|
|
|
|
-6
|
%
|
|
|
—
|
|
Noninterest expense in the third quarter of 2017 totaled
$806 million, compared with $752
million in the year-earlier quarter and $751 million in the second 2017 quarter.
Excluding expenses considered to be nonoperating in nature,
such as amortization of core deposit and other intangible
assets and merger-related expenses, noninterest operating expenses
were $798 million in the recent
quarter, compared with $743 million
in each of the third quarter of 2016 and the second quarter of
2017. As of September 30, 2017,
M&T increased its reserve for legal matters by $50 million. Higher professional services
costs also contributed to the rise in operating expenses in the
recent quarter as compared with the noted earlier quarters.
Noninterest
Expense
|
|
|
|
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|
|
|
|
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|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
Change 3Q17
vs.
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($ in
millions)
|
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3Q17
|
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|
3Q16
|
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|
2Q17
|
|
|
3Q16
|
|
|
2Q17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
399
|
|
|
$
|
400
|
|
|
$
|
399
|
|
|
|
—
|
|
|
|
—
|
|
Equipment and net
occupancy
|
|
|
75
|
|
|
|
75
|
|
|
|
74
|
|
|
|
—
|
|
|
|
2
|
%
|
Outside data
processing and software
|
|
|
46
|
|
|
|
43
|
|
|
|
45
|
|
|
|
7
|
%
|
|
|
3
|
%
|
FDIC
assessments
|
|
|
24
|
|
|
|
28
|
|
|
|
25
|
|
|
|
-16
|
%
|
|
|
-5
|
%
|
Advertising and
marketing
|
|
|
17
|
|
|
|
22
|
|
|
|
16
|
|
|
|
-21
|
%
|
|
|
7
|
%
|
Printing, postage and
supplies
|
|
|
9
|
|
|
|
9
|
|
|
|
9
|
|
|
|
-3
|
%
|
|
|
-3
|
%
|
Amortization of core
deposit and other intangible assets
|
|
|
8
|
|
|
|
10
|
|
|
|
8
|
|
|
|
-20
|
%
|
|
|
-4
|
%
|
Other costs of
operations
|
|
|
228
|
|
|
|
165
|
|
|
|
175
|
|
|
|
38
|
%
|
|
|
30
|
%
|
Total other
expense
|
|
$
|
806
|
|
|
$
|
752
|
|
|
$
|
751
|
|
|
|
7
|
%
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 56.0%,
55.9% and 52.7% in the quarters ended September 30, 2017, September 30, 2016 and June 30, 2017, respectively.
Balance Sheet. M&T had total assets of $120.4 billion at September 30, 2017,
compared with $126.8 billion at
September 30, 2016 and $120.9 billion at June 30,
2017. Loans and leases, net of unearned discount, totaled
$87.9 billion at the recent
quarter-end, compared with $89.6
billion at September 30, 2016
and $89.1 billion at June 30, 2017. Investment securities were
$15.1 billion, $14.7 billion and $15.8
billion at September 30, 2017,
September 30, 2016, and June 30, 2017, respectively. Total deposits
were $93.5 billion at each of
September 30, 2017 and June 30, 2017, compared with $98.1 billion at September
30, 2016.
Total shareholders' equity at each of September 30, 2017, September 30, 2016 and June 30, 2017 was $16.3
billion, representing 13.55%, 12.88% and 13.47% of total
assets, respectively. Common shareholders' equity was $15.1 billion at each of those dates, or
$99.70 per share at September 30, 2017, $97.47 per share at September 30, 2016 and $98.66 per share at June
30, 2017. Tangible equity per common share rose to
$69.02 at the recent quarter-end from
$67.42 a year earlier and
$68.20 at June
30, 2017. 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 10.98% as
of September 30, 2017.
In accordance with its 2017 capital plan, M&T repurchased
1,382,746 shares of common stock during the recent quarter at an
average cost per share of $162.52,
for a total cost of $225
million. In the aggregate, during the first nine
months of 2017, M&T repurchased 6,025,749 shares of common
stock under the 2017 and 2016 capital plans at a total cost of
$982 million.
Conference Call. Investors will have an opportunity to
listen to M&T's conference call to discuss third 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# 87313424. 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 through Wednesday, October 25,
2017 by calling (800) 585-8367, or (404) 537-3406 for
international participants, and by making reference to ID#
87313424. 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
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30
|
|
|
|
|
|
|
September 30
|
|
|
|
|
|
Amounts in thousands,
except per share
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
355,923
|
|
|
|
349,984
|
|
|
|
2
|
%
|
|
$
|
1,085,903
|
|
|
|
984,543
|
|
|
|
10
|
%
|
Net income available
to common shareholders
|
|
|
335,804
|
|
|
|
326,998
|
|
|
|
3
|
%
|
|
|
1,025,023
|
|
|
|
915,686
|
|
|
|
12
|
%
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
2.22
|
|
|
|
2.10
|
|
|
|
6
|
%
|
|
$
|
6.71
|
|
|
|
5.82
|
|
|
|
15
|
%
|
Diluted
earnings
|
|
|
2.21
|
|
|
|
2.10
|
|
|
|
5
|
%
|
|
|
6.69
|
|
|
|
5.80
|
|
|
|
15
|
%
|
Cash
dividends
|
|
$
|
.75
|
|
|
|
.70
|
|
|
|
7
|
%
|
|
$
|
2.25
|
|
|
|
2.10
|
|
|
|
7
|
%
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
151,691
|
|
|
|
156,026
|
|
|
|
-3
|
%
|
|
|
153,293
|
|
|
|
157,843
|
|
|
|
-3
|
%
|
Period end
(2)
|
|
|
151,291
|
|
|
|
154,987
|
|
|
|
-2
|
%
|
|
|
151,291
|
|
|
|
154,987
|
|
|
|
-2
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.18
|
%
|
|
|
1.12
|
%
|
|
|
|
|
|
|
1.20
|
%
|
|
|
1.06
|
%
|
|
|
|
|
Average common
shareholders' equity
|
|
|
8.89
|
%
|
|
|
8.68
|
%
|
|
|
|
|
|
|
9.15
|
%
|
|
|
8.17
|
%
|
|
|
|
|
Taxable-equivalent
net interest income
|
|
$
|
965,962
|
|
|
|
865,065
|
|
|
|
12
|
%
|
|
$
|
2,835,157
|
|
|
|
2,613,702
|
|
|
|
8
|
%
|
Yield on average
earning assets
|
|
|
3.89
|
%
|
|
|
3.44
|
%
|
|
|
|
|
|
|
3.79
|
%
|
|
|
3.50
|
%
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
|
.57
|
%
|
|
|
.59
|
%
|
|
|
|
|
|
|
.54
|
%
|
|
|
.56
|
%
|
|
|
|
|
Net interest
spread
|
|
|
3.32
|
%
|
|
|
2.85
|
%
|
|
|
|
|
|
|
3.25
|
%
|
|
|
2.94
|
%
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
.21
|
%
|
|
|
.20
|
%
|
|
|
|
|
|
|
.19
|
%
|
|
|
.18
|
%
|
|
|
|
|
Net interest
margin
|
|
|
3.53
|
%
|
|
|
3.05
|
%
|
|
|
|
|
|
|
3.44
|
%
|
|
|
3.12
|
%
|
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.11
|
%
|
|
|
.19
|
%
|
|
|
|
|
|
|
.17
|
%
|
|
|
.16
|
%
|
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
360,658
|
|
|
|
355,929
|
|
|
|
1
|
%
|
|
$
|
1,100,667
|
|
|
|
1,026,597
|
|
|
|
7
|
%
|
Diluted net operating
earnings per common share
|
|
|
2.24
|
|
|
|
2.13
|
|
|
|
5
|
%
|
|
|
6.78
|
|
|
|
6.07
|
|
|
|
12
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.25
|
%
|
|
|
1.18
|
%
|
|
|
|
|
|
|
1.26
|
%
|
|
|
1.15
|
%
|
|
|
|
|
Average tangible
common equity
|
|
|
13.03
|
%
|
|
|
12.77
|
%
|
|
|
|
|
|
|
13.42
|
%
|
|
|
12.36
|
%
|
|
|
|
|
Efficiency
ratio
|
|
|
56.00
|
%
|
|
|
55.92
|
%
|
|
|
|
|
|
|
55.21
|
%
|
|
|
55.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
September 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
quality
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
869,362
|
|
|
|
837,362
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate and other
foreclosed assets
|
|
|
110,515
|
|
|
|
159,881
|
|
|
|
-31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
|
$
|
979,877
|
|
|
|
997,243
|
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
261,288
|
|
|
|
317,282
|
|
|
|
-18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
34,687
|
|
|
|
47,130
|
|
|
|
-26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more
|
|
|
252,072
|
|
|
|
282,077
|
|
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated
loans
|
|
$
|
226,672
|
|
|
|
217,559
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans
acquired at a discount past due 90 days or more (5)
|
|
$
|
56,225
|
|
|
|
65,182
|
|
|
|
-14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
779,340
|
|
|
|
981,105
|
|
|
|
-21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
amount
|
|
|
466,943
|
|
|
|
616,991
|
|
|
|
-24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to
total net loans
|
|
|
.99
|
%
|
|
|
.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
|
1.15
|
%
|
|
|
1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
(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
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September 30,
|
|
Amounts in thousands,
except per share
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
355,923
|
|
|
|
381,053
|
|
|
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
Net income available
to common shareholders
|
|
|
335,804
|
|
|
|
360,662
|
|
|
|
328,567
|
|
|
|
307,797
|
|
|
|
326,998
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
2.22
|
|
|
|
2.36
|
|
|
|
2.13
|
|
|
|
1.98
|
|
|
|
2.10
|
|
Diluted
earnings
|
|
|
2.21
|
|
|
|
2.35
|
|
|
|
2.12
|
|
|
|
1.98
|
|
|
|
2.10
|
|
Cash
dividends
|
|
$
|
.75
|
|
|
|
.75
|
|
|
|
.75
|
|
|
|
.70
|
|
|
|
.70
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
151,691
|
|
|
|
153,276
|
|
|
|
154,949
|
|
|
|
155,700
|
|
|
|
156,026
|
|
Period end
(2)
|
|
|
151,291
|
|
|
|
152,539
|
|
|
|
153,781
|
|
|
|
156,213
|
|
|
|
154,987
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.18
|
%
|
|
|
1.27
|
%
|
|
|
1.15
|
%
|
|
|
1.05
|
%
|
|
|
1.12
|
%
|
Average common
shareholders' equity
|
|
|
8.89
|
%
|
|
|
9.67
|
%
|
|
|
8.89
|
%
|
|
|
8.13
|
%
|
|
|
8.68
|
%
|
Taxable-equivalent
net interest income
|
|
$
|
965,962
|
|
|
|
946,936
|
|
|
|
922,259
|
|
|
|
883,147
|
|
|
|
865,065
|
|
Yield on average
earning assets
|
|
|
3.89
|
%
|
|
|
3.79
|
%
|
|
|
3.67
|
%
|
|
|
3.45
|
%
|
|
|
3.44
|
%
|
Cost of
interest-bearing liabilities
|
|
|
.57
|
%
|
|
|
.52
|
%
|
|
|
.52
|
%
|
|
|
.57
|
%
|
|
|
.59
|
%
|
Net interest
spread
|
|
|
3.32
|
%
|
|
|
3.27
|
%
|
|
|
3.15
|
%
|
|
|
2.88
|
%
|
|
|
2.85
|
%
|
Contribution of
interest-free funds
|
|
|
.21
|
%
|
|
|
.18
|
%
|
|
|
.19
|
%
|
|
|
.20
|
%
|
|
|
.20
|
%
|
Net interest
margin
|
|
|
3.53
|
%
|
|
|
3.45
|
%
|
|
|
3.34
|
%
|
|
|
3.08
|
%
|
|
|
3.05
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.11
|
%
|
|
|
.20
|
%
|
|
|
.19
|
%
|
|
|
.22
|
%
|
|
|
.19
|
%
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
360,658
|
|
|
|
385,974
|
|
|
|
354,035
|
|
|
|
336,095
|
|
|
|
355,929
|
|
Diluted net operating
earnings per common share
|
|
|
2.24
|
|
|
|
2.38
|
|
|
|
2.15
|
|
|
|
2.01
|
|
|
|
2.13
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.25
|
%
|
|
|
1.33
|
%
|
|
|
1.21
|
%
|
|
|
1.10
|
%
|
|
|
1.18
|
%
|
Average tangible
common equity
|
|
|
13.03
|
%
|
|
|
14.18
|
%
|
|
|
13.05
|
%
|
|
|
11.93
|
%
|
|
|
12.77
|
%
|
Efficiency
ratio
|
|
|
56.00
|
%
|
|
|
52.74
|
%
|
|
|
56.93
|
%
|
|
|
56.42
|
%
|
|
|
55.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September 30,
|
|
Loan
quality
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Nonaccrual
loans
|
|
$
|
869,362
|
|
|
|
872,374
|
|
|
|
926,675
|
|
|
|
920,015
|
|
|
|
837,362
|
|
Real estate and other
foreclosed assets
|
|
|
110,515
|
|
|
|
104,424
|
|
|
|
119,155
|
|
|
|
139,206
|
|
|
|
159,881
|
|
Total nonperforming
assets
|
|
$
|
979,877
|
|
|
|
976,798
|
|
|
|
1,045,830
|
|
|
|
1,059,221
|
|
|
|
997,243
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
261,288
|
|
|
|
265,461
|
|
|
|
280,019
|
|
|
|
300,659
|
|
|
|
317,282
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
34,687
|
|
|
|
39,296
|
|
|
|
39,610
|
|
|
|
40,610
|
|
|
|
47,130
|
|
Accruing loans past
due 90 days or more
|
|
|
252,072
|
|
|
|
235,227
|
|
|
|
252,552
|
|
|
|
282,659
|
|
|
|
282,077
|
|
Renegotiated
loans
|
|
$
|
226,672
|
|
|
|
221,892
|
|
|
|
191,343
|
|
|
|
190,374
|
|
|
|
217,559
|
|
Accruing loans
acquired at a discount past due 90 days or
more
(5)
|
|
$
|
56,225
|
|
|
|
57,498
|
|
|
|
63,732
|
|
|
|
61,144
|
|
|
|
65,182
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
779,340
|
|
|
|
838,476
|
|
|
|
890,431
|
|
|
|
927,446
|
|
|
|
981,105
|
|
Carrying
amount
|
|
|
466,943
|
|
|
|
512,393
|
|
|
|
552,935
|
|
|
|
578,032
|
|
|
|
616,991
|
|
Nonaccrual loans to
total net loans
|
|
|
.99
|
%
|
|
|
.98
|
%
|
|
|
1.04
|
%
|
|
|
1.01
|
%
|
|
|
.93
|
%
|
Allowance for credit
losses to total loans
|
|
|
1.15
|
%
|
|
|
1.13
|
%
|
|
|
1.12
|
%
|
|
|
1.09
|
%
|
|
|
1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
(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
|
|
|
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30
|
|
|
|
|
|
|
September 30
|
|
|
|
|
|
Dollars in
thousands
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Interest
income
|
|
$
|
1,057,210
|
|
|
|
969,515
|
|
|
|
9
|
%
|
|
$
|
3,093,656
|
|
|
|
2,912,970
|
|
|
|
6
|
%
|
Interest
expense
|
|
|
100,076
|
|
|
|
111,175
|
|
|
|
-10
|
|
|
|
284,062
|
|
|
|
318,847
|
|
|
|
-11
|
|
Net interest
income
|
|
|
957,134
|
|
|
|
858,340
|
|
|
|
12
|
|
|
|
2,809,594
|
|
|
|
2,594,123
|
|
|
|
8
|
|
Provision for credit
losses
|
|
|
30,000
|
|
|
|
47,000
|
|
|
|
-36
|
|
|
|
137,000
|
|
|
|
128,000
|
|
|
|
7
|
|
Net interest income
after provision for credit losses
|
|
|
927,134
|
|
|
|
811,340
|
|
|
|
14
|
|
|
|
2,672,594
|
|
|
|
2,466,123
|
|
|
|
8
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
96,737
|
|
|
|
103,747
|
|
|
|
-7
|
|
|
|
267,592
|
|
|
|
275,193
|
|
|
|
-3
|
|
Service charges on
deposit accounts
|
|
|
109,356
|
|
|
|
107,935
|
|
|
|
1
|
|
|
|
319,589
|
|
|
|
314,212
|
|
|
|
2
|
|
Trust
income
|
|
|
124,900
|
|
|
|
118,654
|
|
|
|
5
|
|
|
|
371,712
|
|
|
|
350,181
|
|
|
|
6
|
|
Brokerage services
income
|
|
|
14,676
|
|
|
|
15,914
|
|
|
|
-8
|
|
|
|
48,677
|
|
|
|
48,190
|
|
|
|
1
|
|
Trading account and
foreign exchange gains
|
|
|
7,058
|
|
|
|
12,754
|
|
|
|
-45
|
|
|
|
24,833
|
|
|
|
33,434
|
|
|
|
-26
|
|
Gain (loss) on bank
investment securities
|
|
|
—
|
|
|
|
28,480
|
|
|
|
-100
|
|
|
|
(17)
|
|
|
|
28,748
|
|
|
|
-100
|
|
Other revenues from
operations
|
|
|
106,702
|
|
|
|
103,866
|
|
|
|
3
|
|
|
|
334,704
|
|
|
|
310,579
|
|
|
|
8
|
|
Total other
income
|
|
|
459,429
|
|
|
|
491,350
|
|
|
|
-6
|
|
|
|
1,367,090
|
|
|
|
1,360,537
|
|
|
|
—
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
399,089
|
|
|
|
399,786
|
|
|
|
—
|
|
|
|
1,247,851
|
|
|
|
1,230,246
|
|
|
|
1
|
|
Equipment and net
occupancy
|
|
|
75,558
|
|
|
|
75,263
|
|
|
|
—
|
|
|
|
223,721
|
|
|
|
225,165
|
|
|
|
-1
|
|
Outside data
processing and software
|
|
|
45,761
|
|
|
|
42,878
|
|
|
|
7
|
|
|
|
134,637
|
|
|
|
128,402
|
|
|
|
5
|
|
FDIC
assessments
|
|
|
23,969
|
|
|
|
28,459
|
|
|
|
-16
|
|
|
|
78,149
|
|
|
|
76,054
|
|
|
|
3
|
|
Advertising and
marketing
|
|
|
17,403
|
|
|
|
21,996
|
|
|
|
-21
|
|
|
|
49,837
|
|
|
|
66,063
|
|
|
|
-25
|
|
Printing, postage and
supplies
|
|
|
8,732
|
|
|
|
8,972
|
|
|
|
-3
|
|
|
|
27,397
|
|
|
|
30,865
|
|
|
|
-11
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
7,808
|
|
|
|
9,787
|
|
|
|
-20
|
|
|
|
24,341
|
|
|
|
33,524
|
|
|
|
-27
|
|
Other costs of
operations
|
|
|
227,705
|
|
|
|
165,251
|
|
|
|
38
|
|
|
|
558,579
|
|
|
|
488,063
|
|
|
|
14
|
|
Total other
expense
|
|
|
806,025
|
|
|
|
752,392
|
|
|
|
7
|
|
|
|
2,344,512
|
|
|
|
2,278,382
|
|
|
|
3
|
|
Income before income
taxes
|
|
|
580,538
|
|
|
|
550,298
|
|
|
|
5
|
|
|
|
1,695,172
|
|
|
|
1,548,278
|
|
|
|
9
|
|
Applicable income
taxes
|
|
|
224,615
|
|
|
|
200,314
|
|
|
|
12
|
|
|
|
609,269
|
|
|
|
563,735
|
|
|
|
8
|
|
Net income
|
|
$
|
355,923
|
|
|
|
349,984
|
|
|
|
2
|
%
|
|
$
|
1,085,903
|
|
|
|
984,543
|
|
|
|
10
|
%
|
Condensed
Consolidated Statement of Income, Five Quarter Trend
|
|
|
|
|
|
Three months
ended
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
Dollars in
thousands
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Interest
income
|
|
$
|
1,057,210
|
|
|
|
1,030,413
|
|
|
|
1,006,033
|
|
|
|
982,901
|
|
|
|
969,515
|
|
Interest
expense
|
|
|
100,076
|
|
|
|
92,213
|
|
|
|
91,773
|
|
|
|
107,137
|
|
|
|
111,175
|
|
Net interest
income
|
|
|
957,134
|
|
|
|
938,200
|
|
|
|
914,260
|
|
|
|
875,764
|
|
|
|
858,340
|
|
Provision for credit
losses
|
|
|
30,000
|
|
|
|
52,000
|
|
|
|
55,000
|
|
|
|
62,000
|
|
|
|
47,000
|
|
Net interest income
after provision for credit losses
|
|
|
927,134
|
|
|
|
886,200
|
|
|
|
859,260
|
|
|
|
813,764
|
|
|
|
811,340
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
96,737
|
|
|
|
86,163
|
|
|
|
84,692
|
|
|
|
98,504
|
|
|
|
103,747
|
|
Service charges on
deposit accounts
|
|
|
109,356
|
|
|
|
106,057
|
|
|
|
104,176
|
|
|
|
104,890
|
|
|
|
107,935
|
|
Trust
income
|
|
|
124,900
|
|
|
|
126,797
|
|
|
|
120,015
|
|
|
|
122,003
|
|
|
|
118,654
|
|
Brokerage services
income
|
|
|
14,676
|
|
|
|
16,617
|
|
|
|
17,384
|
|
|
|
15,233
|
|
|
|
15,914
|
|
Trading account and
foreign exchange gains
|
|
|
7,058
|
|
|
|
8,084
|
|
|
|
9,691
|
|
|
|
7,692
|
|
|
|
12,754
|
|
Gain (loss) on bank
investment securities
|
|
|
—
|
|
|
|
(17)
|
|
|
|
—
|
|
|
|
1,566
|
|
|
|
28,480
|
|
Other revenues from
operations
|
|
|
106,702
|
|
|
|
117,115
|
|
|
|
110,887
|
|
|
|
115,571
|
|
|
|
103,866
|
|
Total other
income
|
|
|
459,429
|
|
|
|
460,816
|
|
|
|
446,845
|
|
|
|
465,459
|
|
|
|
491,350
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
399,089
|
|
|
|
398,900
|
|
|
|
449,862
|
|
|
|
393,354
|
|
|
|
399,786
|
|
Equipment and net
occupancy
|
|
|
75,558
|
|
|
|
73,797
|
|
|
|
74,366
|
|
|
|
69,976
|
|
|
|
75,263
|
|
Outside data
processing and software
|
|
|
45,761
|
|
|
|
44,575
|
|
|
|
44,301
|
|
|
|
43,987
|
|
|
|
42,878
|
|
FDIC
assessments
|
|
|
23,969
|
|
|
|
25,353
|
|
|
|
28,827
|
|
|
|
28,991
|
|
|
|
28,459
|
|
Advertising and
marketing
|
|
|
17,403
|
|
|
|
16,324
|
|
|
|
16,110
|
|
|
|
21,074
|
|
|
|
21,996
|
|
Printing, postage and
supplies
|
|
|
8,732
|
|
|
|
8,957
|
|
|
|
9,708
|
|
|
|
8,681
|
|
|
|
8,972
|
|
Amortization of core
deposit and other intangible assets
|
|
|
7,808
|
|
|
|
8,113
|
|
|
|
8,420
|
|
|
|
9,089
|
|
|
|
9,787
|
|
Other costs of
operations
|
|
|
227,705
|
|
|
|
174,616
|
|
|
|
156,258
|
|
|
|
193,951
|
|
|
|
165,251
|
|
Total other
expense
|
|
|
806,025
|
|
|
|
750,635
|
|
|
|
787,852
|
|
|
|
769,103
|
|
|
|
752,392
|
|
Income before income
taxes
|
|
|
580,538
|
|
|
|
596,381
|
|
|
|
518,253
|
|
|
|
510,120
|
|
|
|
550,298
|
|
Applicable income
taxes
|
|
|
224,615
|
|
|
|
215,328
|
|
|
|
169,326
|
|
|
|
179,549
|
|
|
|
200,314
|
|
Net income
|
|
$
|
355,923
|
|
|
|
381,053
|
|
|
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30
|
|
|
|
|
|
|
Dollars in
thousands
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,368,252
|
|
|
|
1,332,202
|
|
|
|
3
|
|
%
|
Interest-bearing
deposits at banks
|
|
|
6,306,484
|
|
|
|
10,777,636
|
|
|
|
-41
|
|
|
Trading
account
|
|
|
170,516
|
|
|
|
488,588
|
|
|
|
-65
|
|
|
Investment
securities
|
|
|
15,073,926
|
|
|
|
14,733,574
|
|
|
|
2
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
21,743,251
|
|
|
|
21,917,163
|
|
|
|
-1
|
|
|
Real estate -
commercial
|
|
|
32,914,288
|
|
|
|
32,078,762
|
|
|
|
3
|
|
|
Real estate -
consumer
|
|
|
20,265,162
|
|
|
|
23,584,420
|
|
|
|
-14
|
|
|
Consumer
|
|
|
13,002,433
|
|
|
|
12,066,147
|
|
|
|
8
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
87,925,134
|
|
|
|
89,646,492
|
|
|
|
-2
|
|
|
Less: allowance for
credit losses
|
|
|
1,013,326
|
|
|
|
976,121
|
|
|
|
4
|
|
|
Net loans and
leases
|
|
|
86,911,808
|
|
|
|
88,670,371
|
|
|
|
-2
|
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
78,614
|
|
|
|
106,744
|
|
|
|
-26
|
|
|
Other
assets
|
|
|
5,899,092
|
|
|
|
6,138,801
|
|
|
|
-4
|
|
|
Total
assets
|
|
$
|
120,401,804
|
|
|
|
126,841,028
|
|
|
|
-5
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
33,111,246
|
|
|
|
33,127,627
|
|
|
|
—
|
|
%
|
Interest-bearing
deposits
|
|
|
60,170,133
|
|
|
|
64,786,035
|
|
|
|
-7
|
|
|
Deposits at Cayman
Islands office
|
|
|
232,014
|
|
|
|
223,183
|
|
|
|
4
|
|
|
Total
deposits
|
|
|
93,513,393
|
|
|
|
98,136,845
|
|
|
|
-5
|
|
|
Short-term
borrowings
|
|
|
200,768
|
|
|
|
213,846
|
|
|
|
-6
|
|
|
Accrued interest and
other liabilities
|
|
|
1,791,946
|
|
|
|
1,938,201
|
|
|
|
-8
|
|
|
Long-term
borrowings
|
|
|
8,577,645
|
|
|
|
10,211,160
|
|
|
|
-16
|
|
|
Total
liabilities
|
|
|
104,083,752
|
|
|
|
110,500,052
|
|
|
|
-6
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
—
|
|
|
Common (1)
|
|
|
15,086,552
|
|
|
|
15,109,476
|
|
|
|
—
|
|
|
Total shareholders'
equity
|
|
|
16,318,052
|
|
|
|
16,340,976
|
|
|
|
—
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
120,401,804
|
|
|
|
126,841,028
|
|
|
|
-5
|
|
%
|
__________
(1)
|
Reflects accumulated
other comprehensive loss, net of applicable income tax effect, of
$247.9 million at September 30, 2017 and $114.6 million at
September 30, 2016.
|
Condensed
Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
Dollars in
thousands
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,368,252
|
|
|
|
1,344,478
|
|
|
|
1,286,962
|
|
|
|
1,320,549
|
|
|
|
1,332,202
|
|
Interest-bearing
deposits at banks
|
|
|
6,306,484
|
|
|
|
5,023,829
|
|
|
|
6,945,149
|
|
|
|
5,000,638
|
|
|
|
10,777,636
|
|
Federal funds
sold
|
|
|
—
|
|
|
|
1,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Trading
account
|
|
|
170,516
|
|
|
|
174,646
|
|
|
|
174,854
|
|
|
|
323,867
|
|
|
|
488,588
|
|
Investment
securities
|
|
|
15,073,926
|
|
|
|
15,816,060
|
|
|
|
15,968,415
|
|
|
|
16,250,468
|
|
|
|
14,733,574
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
21,743,251
|
|
|
|
22,191,051
|
|
|
|
22,295,376
|
|
|
|
22,610,047
|
|
|
|
21,917,163
|
|
Real estate -
commercial
|
|
|
32,914,288
|
|
|
|
33,348,991
|
|
|
|
33,071,654
|
|
|
|
33,506,394
|
|
|
|
32,078,762
|
|
Real estate -
consumer
|
|
|
20,265,162
|
|
|
|
20,960,171
|
|
|
|
21,724,491
|
|
|
|
22,590,912
|
|
|
|
23,584,420
|
|
Consumer
|
|
|
13,002,433
|
|
|
|
12,580,342
|
|
|
|
12,221,481
|
|
|
|
12,146,063
|
|
|
|
12,066,147
|
|
Total loans and
leases, net of unearned discount
|
|
|
87,925,134
|
|
|
|
89,080,555
|
|
|
|
89,313,002
|
|
|
|
90,853,416
|
|
|
|
89,646,492
|
|
Less: allowance for
credit losses
|
|
|
1,013,326
|
|
|
|
1,008,225
|
|
|
|
1,001,430
|
|
|
|
988,997
|
|
|
|
976,121
|
|
Net loans and
leases
|
|
|
86,911,808
|
|
|
|
88,072,330
|
|
|
|
88,311,572
|
|
|
|
89,864,419
|
|
|
|
88,670,371
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
Core deposit and
other intangible assets
|
|
|
78,614
|
|
|
|
86,422
|
|
|
|
94,535
|
|
|
|
97,655
|
|
|
|
106,744
|
|
Other
assets
|
|
|
5,899,092
|
|
|
|
5,784,690
|
|
|
|
5,848,652
|
|
|
|
5,998,498
|
|
|
|
6,138,801
|
|
Total
assets
|
|
$
|
120,401,804
|
|
|
|
120,896,567
|
|
|
|
123,223,251
|
|
|
|
123,449,206
|
|
|
|
126,841,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
33,111,246
|
|
|
|
32,366,426
|
|
|
|
34,279,591
|
|
|
|
32,813,896
|
|
|
|
33,127,627
|
|
Interest-bearing
deposits
|
|
|
60,170,133
|
|
|
|
60,978,895
|
|
|
|
62,570,167
|
|
|
|
62,478,053
|
|
|
|
64,786,035
|
|
Deposits at Cayman
Islands office
|
|
|
232,014
|
|
|
|
195,617
|
|
|
|
192,763
|
|
|
|
201,927
|
|
|
|
223,183
|
|
Total
deposits
|
|
|
93,513,393
|
|
|
|
93,540,938
|
|
|
|
97,042,521
|
|
|
|
95,493,876
|
|
|
|
98,136,845
|
|
Short-term
borrowings
|
|
|
200,768
|
|
|
|
1,695,453
|
|
|
|
185,102
|
|
|
|
163,442
|
|
|
|
213,846
|
|
Accrued interest and
other liabilities
|
|
|
1,791,946
|
|
|
|
1,727,059
|
|
|
|
1,694,905
|
|
|
|
1,811,431
|
|
|
|
1,938,201
|
|
Long-term
borrowings
|
|
|
8,577,645
|
|
|
|
7,649,580
|
|
|
|
8,087,619
|
|
|
|
9,493,835
|
|
|
|
10,211,160
|
|
Total
liabilities
|
|
|
104,083,752
|
|
|
|
104,613,030
|
|
|
|
107,010,147
|
|
|
|
106,962,584
|
|
|
|
110,500,052
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
Common (1)
|
|
|
15,086,552
|
|
|
|
15,052,037
|
|
|
|
14,981,604
|
|
|
|
15,255,122
|
|
|
|
15,109,476
|
|
Total shareholders'
equity
|
|
|
16,318,052
|
|
|
|
16,283,537
|
|
|
|
16,213,104
|
|
|
|
16,486,622
|
|
|
|
16,340,976
|
|
Total liabilities and
shareholders' equity
|
|
$
|
120,401,804
|
|
|
|
120,896,567
|
|
|
|
123,223,251
|
|
|
|
123,449,206
|
|
|
|
126,841,028
|
|
___________
(1)
|
Reflects accumulated
other comprehensive loss, net of applicable income tax effect, of
$247.9 million at September 30, 2017, $270.1 million at June
30, 2017, $291.6 million at March 31, 2017, $294.6 million at
December 31, 2016 and $114.6 million at September 30,
2016.
|
Condensed
Consolidated Average Balance Sheet and Annualized
Taxable-equivalent Rates
|
|
|
|
Three months
ended
|
|
|
|
Change in
balance
|
|
|
|
Nine months
ended
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
June 30,
|
|
|
|
September 30,
2017 from
|
|
|
|
September 30
|
|
|
|
Change
|
|
|
Dollars in
millions
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
September 30,
|
|
|
|
June 30,
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
in
|
|
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
balance
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
4,740
|
|
|
|
1.25
|
|
%
|
|
9,681
|
|
|
|
.51
|
|
%
|
|
4,741
|
|
|
|
1.03
|
|
%
|
|
-51
|
|
%
|
|
—
|
|
%
|
|
$
|
5,206
|
|
|
|
1.01
|
|
%
|
|
8,864
|
|
|
|
.51
|
|
%
|
|
-41
|
|
%
|
Federal funds
sold
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1.44
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Trading
account
|
|
|
73
|
|
|
|
1.92
|
|
|
|
90
|
|
|
|
1.52
|
|
|
|
64
|
|
|
|
1.50
|
|
|
|
-19
|
|
|
|
15
|
|
|
|
|
66
|
|
|
|
1.87
|
|
|
|
89
|
|
|
|
1.62
|
|
|
|
-26
|
|
|
Investment
securities
|
|
|
15,443
|
|
|
|
2.28
|
|
|
|
14,361
|
|
|
|
2.38
|
|
|
|
15,913
|
|
|
|
2.36
|
|
|
|
8
|
|
|
|
-3
|
|
|
|
|
15,783
|
|
|
|
2.36
|
|
|
|
14,873
|
|
|
|
2.49
|
|
|
|
6
|
|
|
Loans and leases, net
of unearned discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
21,734
|
|
|
|
3.98
|
|
|
|
21,480
|
|
|
|
3.44
|
|
|
|
22,350
|
|
|
|
3.84
|
|
|
|
1
|
|
|
|
-3
|
|
|
|
|
22,122
|
|
|
|
3.83
|
|
|
|
21,216
|
|
|
|
3.43
|
|
|
|
4
|
|
|
Real estate -
commercial
|
|
|
33,257
|
|
|
|
4.50
|
|
|
|
31,252
|
|
|
|
4.00
|
|
|
|
33,214
|
|
|
|
4.30
|
|
|
|
6
|
|
|
|
—
|
|
|
|
|
33,216
|
|
|
|
4.33
|
|
|
|
30,274
|
|
|
|
4.08
|
|
|
|
10
|
|
|
Real estate -
consumer
|
|
|
20,609
|
|
|
|
3.96
|
|
|
|
24,058
|
|
|
|
3.92
|
|
|
|
21,318
|
|
|
|
3.94
|
|
|
|
-14
|
|
|
|
-3
|
|
|
|
|
21,363
|
|
|
|
3.94
|
|
|
|
24,922
|
|
|
|
3.93
|
|
|
|
-14
|
|
|
Consumer
|
|
|
12,786
|
|
|
|
4.89
|
|
|
|
11,942
|
|
|
|
4.55
|
|
|
|
12,386
|
|
|
|
4.78
|
|
|
|
7
|
|
|
|
3
|
|
|
|
|
12,444
|
|
|
|
4.79
|
|
|
|
11,747
|
|
|
|
4.55
|
|
|
|
6
|
|
|
Total loans and
leases, net
|
|
|
88,386
|
|
|
|
4.32
|
|
|
|
88,732
|
|
|
|
3.93
|
|
|
|
89,268
|
|
|
|
4.19
|
|
|
|
—
|
|
|
|
-1
|
|
|
|
|
89,145
|
|
|
|
4.20
|
|
|
|
88,159
|
|
|
|
3.97
|
|
|
|
1
|
|
|
Total earning
assets
|
|
|
108,642
|
|
|
|
3.89
|
|
|
|
112,864
|
|
|
|
3.44
|
|
|
|
109,987
|
|
|
|
3.79
|
|
|
|
-4
|
|
|
|
-1
|
|
|
|
|
110,200
|
|
|
|
3.79
|
|
|
|
111,985
|
|
|
|
3.50
|
|
|
|
-2
|
|
|
Goodwill
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
82
|
|
|
|
|
|
|
|
112
|
|
|
|
|
|
|
|
90
|
|
|
|
|
|
|
|
-26
|
|
|
|
-9
|
|
|
|
|
90
|
|
|
|
|
|
|
|
123
|
|
|
|
|
|
|
|
-26
|
|
|
Other
assets
|
|
|
6,198
|
|
|
|
|
|
|
|
7,156
|
|
|
|
|
|
|
|
6,095
|
|
|
|
|
|
|
|
-13
|
|
|
|
2
|
|
|
|
|
6,190
|
|
|
|
|
|
|
|
7,196
|
|
|
|
|
|
|
|
-14
|
|
|
Total
assets
|
|
$
|
119,515
|
|
|
|
|
|
|
|
124,725
|
|
|
|
|
|
|
|
120,765
|
|
|
|
|
|
|
|
-4
|
|
%
|
|
-1
|
|
%
|
|
$
|
121,073
|
|
|
|
|
|
|
|
123,897
|
|
|
|
|
|
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking deposits
|
|
$
|
53,287
|
|
|
|
.28
|
|
|
|
52,516
|
|
|
|
.18
|
|
|
|
53,611
|
|
|
|
.23
|
|
|
|
1
|
|
%
|
|
-1
|
|
%
|
|
$
|
53,386
|
|
|
|
.24
|
|
|
|
51,570
|
|
|
|
.16
|
|
|
|
4
|
|
%
|
Time
deposits
|
|
|
7,673
|
|
|
|
.72
|
|
|
|
12,334
|
|
|
|
.90
|
|
|
|
8,559
|
|
|
|
.76
|
|
|
|
-38
|
|
|
|
-10
|
|
|
|
|
8,591
|
|
|
|
.77
|
|
|
|
12,694
|
|
|
|
.83
|
|
|
|
-32
|
|
|
Deposits at Cayman
Islands office
|
|
|
169
|
|
|
|
.73
|
|
|
|
220
|
|
|
|
.37
|
|
|
|
163
|
|
|
|
.69
|
|
|
|
-23
|
|
|
|
4
|
|
|
|
|
175
|
|
|
|
.66
|
|
|
|
197
|
|
|
|
.39
|
|
|
|
-11
|
|
|
Total interest-bearing
deposits
|
|
|
61,129
|
|
|
|
.34
|
|
|
|
65,070
|
|
|
|
.32
|
|
|
|
62,333
|
|
|
|
.30
|
|
|
|
-6
|
|
|
|
-2
|
|
|
|
|
62,152
|
|
|
|
.31
|
|
|
|
64,461
|
|
|
|
.29
|
|
|
|
-4
|
|
|
Short-term
borrowings
|
|
|
244
|
|
|
|
.90
|
|
|
|
231
|
|
|
|
.29
|
|
|
|
212
|
|
|
|
.71
|
|
|
|
6
|
|
|
|
15
|
|
|
|
|
213
|
|
|
|
.72
|
|
|
|
1,127
|
|
|
|
.41
|
|
|
|
-81
|
|
|
Long-term
borrowings
|
|
|
8,033
|
|
|
|
2.35
|
|
|
|
10,287
|
|
|
|
2.28
|
|
|
|
8,292
|
|
|
|
2.16
|
|
|
|
-22
|
|
|
|
-3
|
|
|
|
|
8,248
|
|
|
|
2.25
|
|
|
|
10,370
|
|
|
|
2.25
|
|
|
|
-20
|
|
|
Total
interest-bearing liabilities
|
|
|
69,406
|
|
|
|
.57
|
|
|
|
75,588
|
|
|
|
.59
|
|
|
|
70,837
|
|
|
|
.52
|
|
|
|
-8
|
|
|
|
-2
|
|
|
|
|
70,613
|
|
|
|
.54
|
|
|
|
75,958
|
|
|
|
.56
|
|
|
|
-7
|
|
|
Noninterest-bearing
deposits
|
|
|
32,005
|
|
|
|
|
|
|
|
30,782
|
|
|
|
|
|
|
|
31,868
|
|
|
|
|
|
|
|
4
|
|
|
|
—
|
|
|
|
|
32,382
|
|
|
|
|
|
|
|
29,638
|
|
|
|
|
|
|
|
9
|
|
|
Other
liabilities
|
|
|
1,803
|
|
|
|
|
|
|
|
2,008
|
|
|
|
|
|
|
|
1,775
|
|
|
|
|
|
|
|
-10
|
|
|
|
2
|
|
|
|
|
1,775
|
|
|
|
|
|
|
|
1,967
|
|
|
|
|
|
|
|
-10
|
|
|
Total
liabilities
|
|
|
103,214
|
|
|
|
|
|
|
|
108,378
|
|
|
|
|
|
|
|
104,480
|
|
|
|
|
|
|
|
-5
|
|
|
|
-1
|
|
|
|
|
104,770
|
|
|
|
|
|
|
|
107,563
|
|
|
|
|
|
|
|
-3
|
|
|
Shareholders'
equity
|
|
|
16,301
|
|
|
|
|
|
|
|
16,347
|
|
|
|
|
|
|
|
16,285
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
16,303
|
|
|
|
|
|
|
|
16,334
|
|
|
|
|
|
|
|
—
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
119,515
|
|
|
|
|
|
|
|
124,725
|
|
|
|
|
|
|
|
120,765
|
|
|
|
|
|
|
|
-4
|
|
%
|
|
-1
|
|
%
|
|
$
|
121,073
|
|
|
|
|
|
|
|
123,897
|
|
|
|
|
|
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
3.32
|
|
|
|
|
|
|
|
2.85
|
|
|
|
|
|
|
|
3.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.25
|
|
|
|
|
|
|
|
2.94
|
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
|
|
.21
|
|
|
|
|
|
|
|
.20
|
|
|
|
|
|
|
|
.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.19
|
|
|
|
|
|
|
|
.18
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
|
3.53
|
|
%
|
|
|
|
|
|
3.05
|
|
%
|
|
|
|
|
|
3.45
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.44
|
|
%
|
|
|
|
|
|
3.12
|
|
%
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Nine months
ended
|
|
|
|
September 30
|
|
|
September 30
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
355,923
|
|
|
|
349,984
|
|
|
|
1,085,903
|
|
|
|
984,543
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
4,735
|
|
|
|
5,945
|
|
|
|
14,764
|
|
|
|
20,369
|
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,685
|
|
Net operating
income
|
|
$
|
360,658
|
|
|
|
355,929
|
|
|
|
1,100,667
|
|
|
|
1,026,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.21
|
|
|
|
2.10
|
|
|
|
6.69
|
|
|
|
5.80
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.09
|
|
|
|
.13
|
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
.14
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.24
|
|
|
|
2.13
|
|
|
|
6.78
|
|
|
|
6.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
806,025
|
|
|
|
752,392
|
|
|
|
2,344,512
|
|
|
|
2,278,382
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(7,808)
|
|
|
|
(9,787)
|
|
|
|
(24,341)
|
|
|
|
(33,524)
|
|
Merger-related
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(35,755)
|
|
Noninterest operating
expense
|
|
$
|
798,217
|
|
|
|
742,605
|
|
|
|
2,320,171
|
|
|
|
2,209,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,334
|
|
Equipment and net
occupancy
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,278
|
|
Outside data
processing and software
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,067
|
|
Advertising and
marketing
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,522
|
|
Printing, postage and
supplies
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,482
|
|
Other costs of
operations
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,072
|
|
Total
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
35,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
798,217
|
|
|
|
742,605
|
|
|
|
2,320,171
|
|
|
|
2,209,103
|
|
Taxable-equivalent
net interest income
|
|
|
965,962
|
|
|
|
865,065
|
|
|
|
2,835,157
|
|
|
|
2,613,702
|
|
Other
income
|
|
|
459,429
|
|
|
|
491,350
|
|
|
|
1,367,090
|
|
|
|
1,360,537
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
—
|
|
|
|
28,480
|
|
|
|
(17)
|
|
|
|
28,748
|
|
Denominator
|
|
$
|
1,425,391
|
|
|
|
1,327,935
|
|
|
|
4,202,264
|
|
|
|
3,945,491
|
|
Efficiency
ratio
|
|
|
56.00
|
%
|
|
|
55.92
|
%
|
|
|
55.21
|
%
|
|
|
55.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
119,515
|
|
|
|
124,725
|
|
|
|
121,073
|
|
|
|
123,897
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(82)
|
|
|
|
(112)
|
|
|
|
(90)
|
|
|
|
(123)
|
|
Deferred
taxes
|
|
|
32
|
|
|
|
44
|
|
|
|
35
|
|
|
|
48
|
|
Average tangible
assets
|
|
$
|
114,872
|
|
|
|
120,064
|
|
|
|
116,425
|
|
|
|
119,229
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
16,301
|
|
|
|
16,347
|
|
|
|
16,303
|
|
|
|
16,334
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,231)
|
|
Average common
equity
|
|
|
15,069
|
|
|
|
15,115
|
|
|
|
15,071
|
|
|
|
15,103
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(82)
|
|
|
|
(112)
|
|
|
|
(90)
|
|
|
|
(123)
|
|
Deferred
taxes
|
|
|
32
|
|
|
|
44
|
|
|
|
35
|
|
|
|
48
|
|
Average tangible
common equity
|
|
$
|
10,426
|
|
|
|
10,454
|
|
|
|
10,423
|
|
|
|
10,435
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
120,402
|
|
|
|
126,841
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(79)
|
|
|
|
(107)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
31
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
Total tangible
assets
|
|
$
|
115,761
|
|
|
|
122,183
|
|
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
16,318
|
|
|
|
16,341
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
|
|
|
|
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
Common equity, net of
undeclared cumulative preferred dividends
|
|
|
15,083
|
|
|
|
15,106
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(79)
|
|
|
|
(107)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
31
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
Total tangible common
equity
|
|
$
|
10,442
|
|
|
|
10,448
|
|
|
|
|
|
|
|
|
|
___________
(1) After any
related tax effect.
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
355,923
|
|
|
|
381,053
|
|
|
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
4,735
|
|
|
|
4,921
|
|
|
|
5,108
|
|
|
|
5,524
|
|
|
|
5,945
|
|
Net operating
income
|
|
$
|
360,658
|
|
|
|
385,974
|
|
|
|
354,035
|
|
|
|
336,095
|
|
|
|
355,929
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.21
|
|
|
|
2.35
|
|
|
|
2.12
|
|
|
|
1.98
|
|
|
|
2.10
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.24
|
|
|
|
2.38
|
|
|
|
2.15
|
|
|
|
2.01
|
|
|
|
2.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
806,025
|
|
|
|
750,635
|
|
|
|
787,852
|
|
|
|
769,103
|
|
|
|
752,392
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(7,808)
|
|
|
|
(8,113)
|
|
|
|
(8,420)
|
|
|
|
(9,089)
|
|
|
|
(9,787)
|
|
Noninterest operating
expense
|
|
$
|
798,217
|
|
|
|
742,522
|
|
|
|
779,432
|
|
|
|
760,014
|
|
|
|
742,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
798,217
|
|
|
|
742,522
|
|
|
|
779,432
|
|
|
|
760,014
|
|
|
|
742,605
|
|
Taxable-equivalent
net interest income
|
|
|
965,962
|
|
|
|
946,936
|
|
|
|
922,259
|
|
|
|
883,147
|
|
|
|
865,065
|
|
Other
income
|
|
|
459,429
|
|
|
|
460,816
|
|
|
|
446,845
|
|
|
|
465,459
|
|
|
|
491,350
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
—
|
|
|
|
(17)
|
|
|
|
—
|
|
|
|
1,566
|
|
|
|
28,480
|
|
Denominator
|
|
$
|
1,425,391
|
|
|
|
1,407,769
|
|
|
|
1,369,104
|
|
|
|
1,347,040
|
|
|
|
1,327,935
|
|
Efficiency
ratio
|
|
|
56.00
|
%
|
|
|
52.74
|
%
|
|
|
56.93
|
%
|
|
|
56.42
|
%
|
|
|
55.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
119,515
|
|
|
|
120,765
|
|
|
|
122,978
|
|
|
|
125,734
|
|
|
|
124,725
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(82)
|
|
|
|
(90)
|
|
|
|
(98)
|
|
|
|
(102)
|
|
|
|
(112)
|
|
Deferred
taxes
|
|
|
32
|
|
|
|
35
|
|
|
|
39
|
|
|
|
40
|
|
|
|
44
|
|
Average tangible
assets
|
|
$
|
114,872
|
|
|
|
116,117
|
|
|
|
118,326
|
|
|
|
121,079
|
|
|
|
120,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
16,301
|
|
|
|
16,285
|
|
|
|
16,323
|
|
|
|
16,673
|
|
|
|
16,347
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,492)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
15,069
|
|
|
|
15,053
|
|
|
|
15,091
|
|
|
|
15,181
|
|
|
|
15,115
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(82)
|
|
|
|
(90)
|
|
|
|
(98)
|
|
|
|
(102)
|
|
|
|
(112)
|
|
Deferred
taxes
|
|
|
32
|
|
|
|
35
|
|
|
|
39
|
|
|
|
40
|
|
|
|
44
|
|
Average tangible
common equity
|
|
$
|
10,426
|
|
|
|
10,405
|
|
|
|
10,439
|
|
|
|
10,526
|
|
|
|
10,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
120,402
|
|
|
|
120,897
|
|
|
|
123,223
|
|
|
|
123,449
|
|
|
|
126,841
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(79)
|
|
|
|
(86)
|
|
|
|
(95)
|
|
|
|
(98)
|
|
|
|
(107)
|
|
Deferred
taxes
|
|
|
31
|
|
|
|
33
|
|
|
|
38
|
|
|
|
39
|
|
|
|
42
|
|
Total tangible
assets
|
|
$
|
115,761
|
|
|
|
116,251
|
|
|
|
118,573
|
|
|
|
118,797
|
|
|
|
122,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
16,318
|
|
|
|
16,284
|
|
|
|
16,213
|
|
|
|
16,487
|
|
|
|
16,341
|
|
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
|
|
|
15,083
|
|
|
|
15,049
|
|
|
|
14,978
|
|
|
|
15,252
|
|
|
|
15,106
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(79)
|
|
|
|
(86)
|
|
|
|
(95)
|
|
|
|
(98)
|
|
|
|
(107)
|
|
Deferred
taxes
|
|
|
31
|
|
|
|
33
|
|
|
|
38
|
|
|
|
39
|
|
|
|
42
|
|
Total tangible common
equity
|
|
$
|
10,442
|
|
|
|
10,403
|
|
|
|
10,328
|
|
|
|
10,600
|
|
|
|
10,448
|
|
__________
(1) After any related tax
effect.
|
View original
content:http://www.prnewswire.com/news-releases/mt-bank-corporation-announces-third-quarter-results-300538734.html
SOURCE M&T Bank Corporation