BUFFALO, N.Y., April 16, 2018 /PRNewswire/ -- M&T Bank
Corporation ("M&T") (NYSE: MTB) today reported its results of
operations for quarter ended March 31,
2018.
GAAP Results of Operations. Diluted earnings per common
share measured in accordance with generally accepted accounting
principles ("GAAP") for the initial quarter of 2018 were
$2.23, up from $2.12 in the similar 2017 quarter and
$2.01 in the fourth quarter of
2017. GAAP-basis net income in the recent quarter aggregated
$353 million, compared with
$349 million in the first quarter of
2017 and $322 million recorded in the
final 2017 quarter. GAAP-basis net income for the first quarter of
2018 expressed as an annualized rate of return on average assets
and average common shareholders' equity was 1.22% and 9.15%,
respectively, compared with 1.15% and 8.89%, respectively, in the
year-earlier quarter and 1.06% and 8.03%, respectively, in the
fourth quarter of 2017.
During the recent quarter, M&T increased its reserve for
litigation matters by $135 million to
reflect the status of pre-existing litigation. That increase, on an
after-tax basis, reduced net income by $102
million, or $.68 of diluted
earnings per common share. In addition, income tax expense in the
first quarter of 2018 reflects the reduction of the corporate
Federal income tax rate from 35% to 21% by the Tax Cuts and Jobs
Act ("the Tax Act") that was enacted on December 22, 2017. Incremental income tax expense
recorded in the fourth quarter of 2017 related to provisions of the
Tax Act was $85 million, representing
$.56 of diluted earnings per common
share.
Darren J. King, Executive Vice
President and Chief Financial Officer, commented on M&T's
financial performance, "M&T's results for the first quarter
reflected several positive factors – a continued widening of the
net interest margin, favorable credit results, and limited core
expense growth. We continued with our capital plan by repurchasing
$721 million of common stock during
the quarter, while maintaining our regulatory capital levels far in
excess of minimum requirements. M&T is off to a good start in
2018."
Earnings
Highlights
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Change 1Q18
vs.
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($ in millions,
except per share data)
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1Q18
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1Q17
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4Q17
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1Q17
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4Q17
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Net income
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$
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353
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$
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349
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$
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322
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1
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%
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9
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%
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Net income available
to common shareholders - diluted
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$
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333
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$
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329
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$
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302
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1
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%
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10
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%
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Diluted earnings per
common share
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$
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2.23
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$
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2.12
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$
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2.01
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5
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%
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11
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%
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Annualized return on
average assets
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1.22
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%
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1.15
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%
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1.06
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%
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Annualized return on
average common equity
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9.15
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%
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8.89
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%
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8.03
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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
$2.26 in the first quarter of 2018,
$2.15 in the year-earlier quarter and
$2.04 in the fourth quarter of
2017. Net operating income for the first three months of 2018
was $357 million, compared with
$354 million in the year-earlier
period and $327 million in the final
quarter of 2017. Expressed as an annualized rate of return on
average tangible assets and average tangible common shareholders'
equity, net operating income was 1.28% and 13.51%, respectively, in
the recent quarter, compared with 1.21% and 13.05%, respectively,
in the initial quarter of 2017 and 1.12% and 11.77%,
respectively, in the fourth quarter of 2017.
Taxable-equivalent Net Interest Income. Net interest
income expressed on a taxable-equivalent basis aggregated
$980 million in the first quarter of
2018, up 6% from $922 million in the
first three months of 2017. That growth resulted from a widening of
the net interest margin to 3.71% in the recent quarter from 3.34%
in the initial 2017 quarter. The widening was offset, in part, by
lower average earning assets of $4.8
billion, including a decline in average loans and leases of
$2.0 billion, as compared with the
year-earlier quarter. Taxable-equivalent net interest income
in the fourth quarter of 2017 was also $980
million. A 15 basis point widening of the net interest
margin in the recent quarter was offset by a decline in average
earning assets of $2.2 billion as
compared with the final 2017 quarter. Average loans and leases in
the recent quarter were little changed from the fourth quarter of
2017.
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Taxable-equivalent
Net Interest Income
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Change 1Q18
vs.
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($ in
millions)
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1Q18
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1Q17
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4Q17
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1Q17
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4Q17
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Average earning
assets
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$
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107,231
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$
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112,008
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$
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109,412
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-4
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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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980
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$
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922
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$
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980
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6
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%
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—
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Net interest
margin
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3.71
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%
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3.34
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%
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3.56
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%
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Provision for Credit Losses/Asset Quality. The provision
for credit losses was $43 million in
the initial 2018 quarter, compared with $55
million in the corresponding 2017 quarter and $31 million in 2017's fourth quarter. Net
charge-offs of loans were $41 million
during the recent quarter, compared with $43
million and $27 million in the
first and fourth quarters of 2017, respectively. Expressed as
an annualized percentage of average loans outstanding, net
charge-offs were .19% in each of the first quarters of 2018 and
2017 and .12% in the fourth quarter of 2017.
Loans classified as nonaccrual totaled $865 million or .99% of total loans outstanding
at March 31, 2018, improved from
$927 million or 1.04% a year earlier
and $883 million or 1.00% at
December 31, 2017. Assets taken in foreclosure of defaulted
loans were $101 million at
March 31, 2018, compared with
$119 million at March 31, 2017 and $112
million at December 31,
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 $1.02 billion
or 1.16% of loans outstanding at each of March 31, 2018 and December 31, 2017, compared with $1.00 billion or 1.12% at March 31, 2017.
Asset Quality
Metrics
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Change 1Q18
vs.
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($ in
millions)
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1Q18
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1Q17
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4Q17
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1Q17
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4Q17
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At end of
quarter
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Nonaccrual
loans
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$
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865
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$
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927
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$
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883
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-7
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%
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-2
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%
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Real estate and other
foreclosed assets
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$
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101
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$
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119
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$
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112
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-15
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%
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-9
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%
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Total nonperforming
assets
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$
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966
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$
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1,046
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$
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995
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-8
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%
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-3
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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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235
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$
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280
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$
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244
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-16
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%
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-4
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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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1.04
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%
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1.00
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%
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Allowance for credit
losses
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$
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1,020
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$
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1,001
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$
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1,017
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2
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%
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—
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Allowance for credit
losses as % of loans outstanding
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1.16
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%
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1.12
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%
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1.16
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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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43
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$
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55
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$
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31
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-22
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%
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39
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%
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Net
charge-offs
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$
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41
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$
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43
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$
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27
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-5
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%
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49
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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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.12
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%
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_______________
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(1) Excludes loans
acquired at a discount. Predominantly residential real estate
loans.
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Noninterest Income and Expense. Noninterest income totaled
$459 million in the recent quarter,
compared with $447 million in the
first quarter of 2017 and $484
million in the final quarter of 2017. The recent
quarter's improvement as compared with the initial 2017 quarter
reflects higher trust income and a $23
million distribution from Bayview Lending Group LLC ("BLG"),
partially offset by unrealized losses on investments in equity
securities that, beginning in 2018, are reflected in the income
statement. As compared with the fourth quarter of 2017, the recent
quarter's distribution from BLG was more than offset by a decline
in mortgage banking revenues and gains realized from the sale of
investment securities in 2017.
Noninterest
Income
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Change 1Q18
vs.
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($ in
millions)
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1Q18
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1Q17
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4Q17
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1Q17
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4Q17
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Mortgage banking
revenues
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$
|
87
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$
|
85
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$
|
96
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3
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%
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-9
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%
|
Service charges on
deposit accounts
|
|
|
105
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|
|
|
104
|
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|
|
108
|
|
|
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1
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%
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|
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-2
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%
|
Trust
income
|
|
|
131
|
|
|
|
120
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|
|
|
130
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|
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9
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%
|
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|
1
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%
|
Brokerage services
income
|
|
|
13
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|
|
|
17
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|
|
13
|
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|
-23
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%
|
|
|
5
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%
|
Trading account and
foreign exchange gains
|
|
|
5
|
|
|
|
10
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|
|
|
10
|
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|
|
-52
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%
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|
-56
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%
|
Gain (loss) on bank
investment securities
|
|
|
(9)
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|
|
—
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|
|
21
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—
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|
|
|
—
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Other revenues from
operations
|
|
|
127
|
|
|
|
111
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|
106
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|
14
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%
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|
19
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%
|
Total other
income
|
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$
|
459
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$
|
447
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$
|
484
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|
3
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%
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|
-5
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%
|
Noninterest expense totaled $933
million in the first quarter of 2018, $788 million in the year-earlier quarter and
$796 million in the fourth quarter of
2017. Excluding expenses considered to be nonoperating in
nature, such as amortization of core deposit and other intangible
assets, noninterest operating expenses were $927 million in the recent quarter, $779 million in the year-earlier period and
$789 million in 2017's final quarter.
The most significant factor associated with the rise in noninterest
operating expenses in the recent quarter as compared with the
earlier quarters was a $135 million
increase in the reserve for litigation matters. The increase in
noninterest operating expenses from the fourth quarter of 2017 also
reflected seasonally higher stock-based compensation and employee
benefits expenses, partially offset by a decrease in contributions
to The M&T Charitable Foundation.
Noninterest
Expense
|
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|
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|
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Change 1Q18
vs.
|
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($ in
millions)
|
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1Q18
|
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|
1Q17
|
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4Q17
|
|
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1Q17
|
|
|
4Q17
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
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|
Salaries and employee
benefits
|
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$
|
463
|
|
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$
|
450
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|
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$
|
403
|
|
|
|
3
|
%
|
|
|
15
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%
|
Equipment and net
occupancy
|
|
|
75
|
|
|
|
74
|
|
|
|
71
|
|
|
|
1
|
%
|
|
|
5
|
%
|
Outside data
processing and software
|
|
|
49
|
|
|
|
44
|
|
|
|
50
|
|
|
|
9
|
%
|
|
|
-3
|
%
|
FDIC
assessments
|
|
|
20
|
|
|
|
29
|
|
|
|
24
|
|
|
|
-30
|
%
|
|
|
-15
|
%
|
Advertising and
marketing
|
|
|
16
|
|
|
|
16
|
|
|
|
19
|
|
|
|
1
|
%
|
|
|
-16
|
%
|
Printing, postage and
supplies
|
|
|
9
|
|
|
|
10
|
|
|
|
9
|
|
|
|
-4
|
%
|
|
|
9
|
%
|
Amortization of core
deposit and other intangible assets
|
|
|
7
|
|
|
|
9
|
|
|
|
7
|
|
|
|
-21
|
%
|
|
|
-6
|
%
|
Other costs of
operations
|
|
|
294
|
|
|
|
156
|
|
|
|
213
|
|
|
|
88
|
%
|
|
|
38
|
%
|
Total other
expense
|
|
$
|
933
|
|
|
$
|
788
|
|
|
$
|
796
|
|
|
|
18
|
%
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 64.0% in
the first quarter of 2018, 56.9% in the year-earlier quarter and
54.7% in the fourth quarter of 2017.
Balance Sheet. M&T had total assets of $118.6 billion at March
31, 2018, compared with $123.2
billion at March 31, 2017.
Loans and leases, net of unearned discount, were $87.7 billion at March 31,
2018 and $89.3 billion a year
earlier. That decrease reflects the continuing repayment of
acquired residential mortgage loans. Loans and leases outstanding
at December 31, 2017 were
$88.0 billion. The decline from the
2017 year-end to March 31, 2018
reflected acquired residential mortgage loan repayments, partially
offset by growth in commercial real estate loans. Total deposits
were $90.9 billion at the recent
quarter-end, compared with $97.0
billion at March 31, 2017,
largely the result of lower time and trust-related deposits.
Deposits outstanding at December 31,
2017 totaled $92.4
billion.
Total shareholders' equity was $15.7
billion at March 31, 2018 and
$16.2 billion a year earlier,
representing 13.24% and 13.16%, respectively, of total
assets. Common shareholders' equity was $14.5 billion, or $98.60 per share, at March
31, 2018, compared with $15.0
billion, or $97.40 per share,
a year-earlier. Tangible equity per common share was
$66.99 at March 31, 2018, compared with $67.16 at March 31,
2017. Common shareholders' equity per share and tangible
equity per common share were $100.03
and $69.08, respectively, at
December 31, 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 10.59% at March 31, 2018.
In accordance with its capital plan, M&T repurchased
3,783,282 shares of its common stock during the initial 2018
quarter at a total cost of $721
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 #4268699. 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 Friday, April 27,
2018 by calling (800) 585-8367, or (404) 537-3406 for
international participants, and by making reference to ID
#4268699. 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
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
352,610
|
|
|
|
348,927
|
|
|
|
1
|
%
|
|
Net income available
to common shareholders
|
|
|
332,749
|
|
|
|
328,567
|
|
|
|
1
|
%
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
2.24
|
|
|
|
2.13
|
|
|
|
5
|
%
|
|
Diluted
earnings
|
|
|
2.23
|
|
|
|
2.12
|
|
|
|
5
|
%
|
|
Cash
dividends
|
|
$
|
.75
|
|
|
|
.75
|
|
|
|
—
|
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
148,905
|
|
|
|
154,949
|
|
|
|
-4
|
%
|
|
Period end
(2)
|
|
|
146,799
|
|
|
|
153,781
|
|
|
|
-5
|
%
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.22
|
%
|
|
|
1.15
|
%
|
|
|
|
|
|
Average common
shareholders' equity
|
|
|
9.15
|
%
|
|
|
8.89
|
%
|
|
|
|
|
|
Taxable-equivalent
net interest income
|
|
$
|
980,326
|
|
|
|
922,259
|
|
|
|
6
|
%
|
|
Yield on average
earning assets
|
|
|
4.11
|
%
|
|
|
3.67
|
%
|
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
|
.64
|
%
|
|
|
.52
|
%
|
|
|
|
|
|
Net interest
spread
|
|
|
3.47
|
%
|
|
|
3.15
|
%
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
.24
|
%
|
|
|
.19
|
%
|
|
|
|
|
|
Net interest
margin
|
|
|
3.71
|
%
|
|
|
3.34
|
%
|
|
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.19
|
%
|
|
|
.19
|
%
|
|
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
357,498
|
|
|
|
354,035
|
|
|
|
1
|
%
|
|
Diluted net operating
earnings per common share
|
|
|
2.26
|
|
|
|
2.15
|
|
|
|
5
|
%
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.28
|
%
|
|
|
1.21
|
%
|
|
|
|
|
|
Average tangible
common equity
|
|
|
13.51
|
%
|
|
|
13.05
|
%
|
|
|
|
|
|
Efficiency
ratio
|
|
|
63.98
|
%
|
|
|
56.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
March 31
|
|
|
|
|
Loan
quality
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
Nonaccrual
loans
|
|
$
|
864,671
|
|
|
|
926,675
|
|
|
|
-7
|
%
|
|
Real estate and other
foreclosed assets
|
|
|
101,514
|
|
|
|
119,155
|
|
|
|
-15
|
%
|
|
Total nonperforming
assets
|
|
$
|
966,185
|
|
|
|
1,045,830
|
|
|
|
-8
|
%
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
235,325
|
|
|
|
280,019
|
|
|
|
-16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
36,618
|
|
|
|
39,610
|
|
|
|
-8
|
%
|
|
Accruing loans past
due 90 days or more
|
|
|
223,611
|
|
|
|
252,552
|
|
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated
loans
|
|
$
|
226,829
|
|
|
|
191,343
|
|
|
|
19
|
%
|
|
Accruing loans
acquired at a discount past due 90 days or more (5)
|
|
$
|
49,349
|
|
|
|
63,732
|
|
|
|
-23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
643,124
|
|
|
|
890,431
|
|
|
|
-28
|
%
|
|
Carrying
amount
|
|
|
378,000
|
|
|
|
552,935
|
|
|
|
-32
|
%
|
|
Nonaccrual loans to
total net loans
|
|
|
.99
|
%
|
|
|
1.04
|
%
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
|
1.16
|
%
|
|
|
1.12
|
%
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
352,610
|
|
|
|
322,403
|
|
|
|
355,923
|
|
|
|
381,053
|
|
|
|
348,927
|
|
Net income available
to common shareholders
|
|
|
332,749
|
|
|
|
302,486
|
|
|
|
335,804
|
|
|
|
360,662
|
|
|
|
328,567
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
2.24
|
|
|
|
2.01
|
|
|
|
2.22
|
|
|
|
2.36
|
|
|
|
2.13
|
|
Diluted
earnings
|
|
|
2.23
|
|
|
|
2.01
|
|
|
|
2.21
|
|
|
|
2.35
|
|
|
|
2.12
|
|
Cash
dividends
|
|
$
|
.75
|
|
|
|
.75
|
|
|
|
.75
|
|
|
|
.75
|
|
|
|
.75
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
148,905
|
|
|
|
150,348
|
|
|
|
151,691
|
|
|
|
153,276
|
|
|
|
154,949
|
|
Period end
(2)
|
|
|
146,799
|
|
|
|
150,112
|
|
|
|
151,291
|
|
|
|
152,539
|
|
|
|
153,781
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.22
|
%
|
|
|
1.06
|
%
|
|
|
1.18
|
%
|
|
|
1.27
|
%
|
|
|
1.15
|
%
|
Average common
shareholders' equity
|
|
|
9.15
|
%
|
|
|
8.03
|
%
|
|
|
8.89
|
%
|
|
|
9.67
|
%
|
|
|
8.89
|
%
|
Taxable-equivalent
net interest income
|
|
$
|
980,326
|
|
|
|
980,457
|
|
|
|
965,962
|
|
|
|
946,936
|
|
|
|
922,259
|
|
Yield on average
earning assets
|
|
|
4.11
|
%
|
|
|
3.93
|
%
|
|
|
3.89
|
%
|
|
|
3.79
|
%
|
|
|
3.67
|
%
|
Cost of
interest-bearing liabilities
|
|
|
.64
|
%
|
|
|
.59
|
%
|
|
|
.57
|
%
|
|
|
.52
|
%
|
|
|
.52
|
%
|
Net interest
spread
|
|
|
3.47
|
%
|
|
|
3.34
|
%
|
|
|
3.32
|
%
|
|
|
3.27
|
%
|
|
|
3.15
|
%
|
Contribution of
interest-free funds
|
|
|
.24
|
%
|
|
|
.22
|
%
|
|
|
.21
|
%
|
|
|
.18
|
%
|
|
|
.19
|
%
|
Net interest
margin
|
|
|
3.71
|
%
|
|
|
3.56
|
%
|
|
|
3.53
|
%
|
|
|
3.45
|
%
|
|
|
3.34
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.19
|
%
|
|
|
.12
|
%
|
|
|
.11
|
%
|
|
|
.20
|
%
|
|
|
.19
|
%
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
357,498
|
|
|
|
326,664
|
|
|
|
360,658
|
|
|
|
385,974
|
|
|
|
354,035
|
|
Diluted net operating
earnings per common share
|
|
|
2.26
|
|
|
|
2.04
|
|
|
|
2.24
|
|
|
|
2.38
|
|
|
|
2.15
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.28
|
%
|
|
|
1.12
|
%
|
|
|
1.25
|
%
|
|
|
1.33
|
%
|
|
|
1.21
|
%
|
Average tangible
common equity
|
|
|
13.51
|
%
|
|
|
11.77
|
%
|
|
|
13.03
|
%
|
|
|
14.18
|
%
|
|
|
13.05
|
%
|
Efficiency
ratio
|
|
|
63.98
|
%
|
|
|
54.65
|
%
|
|
|
56.00
|
%
|
|
|
52.74
|
%
|
|
|
56.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Loan
quality
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Nonaccrual
loans
|
|
$
|
864,671
|
|
|
|
882,598
|
|
|
|
869,362
|
|
|
|
872,374
|
|
|
|
926,675
|
|
Real estate and other
foreclosed assets
|
|
|
101,514
|
|
|
|
111,910
|
|
|
|
110,515
|
|
|
|
104,424
|
|
|
|
119,155
|
|
Total nonperforming
assets
|
|
$
|
966,185
|
|
|
|
994,508
|
|
|
|
979,877
|
|
|
|
976,798
|
|
|
|
1,045,830
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
235,325
|
|
|
|
244,405
|
|
|
|
261,288
|
|
|
|
265,461
|
|
|
|
280,019
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
36,618
|
|
|
|
35,677
|
|
|
|
34,687
|
|
|
|
39,296
|
|
|
|
39,610
|
|
Accruing loans past
due 90 days or more
|
|
|
223,611
|
|
|
|
235,489
|
|
|
|
252,072
|
|
|
|
235,227
|
|
|
|
252,552
|
|
Renegotiated
loans
|
|
$
|
226,829
|
|
|
|
221,513
|
|
|
|
226,672
|
|
|
|
221,892
|
|
|
|
191,343
|
|
Accruing loans
acquired at a discount past due 90 days or
more (5)
|
|
$
|
49,349
|
|
|
|
47,418
|
|
|
|
56,225
|
|
|
|
57,498
|
|
|
|
63,732
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
643,124
|
|
|
|
688,091
|
|
|
|
779,340
|
|
|
|
838,476
|
|
|
|
890,431
|
|
Carrying
amount
|
|
|
378,000
|
|
|
|
410,015
|
|
|
|
466,943
|
|
|
|
512,393
|
|
|
|
552,935
|
|
Nonaccrual loans to
total net loans
|
|
|
.99
|
%
|
|
|
1.00
|
%
|
|
|
.99
|
%
|
|
|
.98
|
%
|
|
|
1.04
|
%
|
Allowance for credit
losses to total loans
|
|
|
1.16
|
%
|
|
|
1.16
|
%
|
|
|
1.15
|
%
|
|
|
1.13
|
%
|
|
|
1.12
|
%
|
|
|
|
|
|
(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
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
Interest
income
|
|
$
|
1,082,150
|
|
|
|
1,006,033
|
|
|
|
8
|
%
|
|
Interest
expense
|
|
|
106,633
|
|
|
|
91,773
|
|
|
|
16
|
|
|
Net interest
income
|
|
|
975,517
|
|
|
|
914,260
|
|
|
|
7
|
|
|
Provision for credit
losses
|
|
|
43,000
|
|
|
|
55,000
|
|
|
|
-22
|
|
|
Net interest income
after provision for credit losses
|
|
|
932,517
|
|
|
|
859,260
|
|
|
|
9
|
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
87,306
|
|
|
|
84,692
|
|
|
|
3
|
|
|
Service charges on
deposit accounts
|
|
|
105,115
|
|
|
|
104,176
|
|
|
|
1
|
|
|
Trust
income
|
|
|
131,375
|
|
|
|
120,015
|
|
|
|
9
|
|
|
Brokerage services
income
|
|
|
13,392
|
|
|
|
17,384
|
|
|
|
-23
|
|
|
Trading account and
foreign exchange gains
|
|
|
4,637
|
|
|
|
9,691
|
|
|
|
-52
|
|
|
Gain (loss) on bank
investment securities
|
|
|
(9,431)
|
|
|
|
—
|
|
|
|
—
|
|
|
Other revenues from
operations
|
|
|
126,302
|
|
|
|
110,887
|
|
|
|
14
|
|
|
Total other
income
|
|
|
458,696
|
|
|
|
446,845
|
|
|
|
3
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
463,428
|
|
|
|
449,741
|
|
|
|
3
|
|
|
Equipment and net
occupancy
|
|
|
74,797
|
|
|
|
74,366
|
|
|
|
1
|
|
|
Outside data
processing and software
|
|
|
48,429
|
|
|
|
44,301
|
|
|
|
9
|
|
|
FDIC
assessments
|
|
|
20,280
|
|
|
|
28,827
|
|
|
|
-30
|
|
|
Advertising and
marketing
|
|
|
16,248
|
|
|
|
16,110
|
|
|
|
1
|
|
|
Printing, postage and
supplies
|
|
|
9,319
|
|
|
|
9,708
|
|
|
|
-4
|
|
|
Amortization of core
deposit and other intangible
assets
|
|
|
6,632
|
|
|
|
8,420
|
|
|
|
-21
|
|
|
Other costs of
operations
|
|
|
294,211
|
|
|
|
156,379
|
|
|
|
88
|
|
|
Total other
expense
|
|
|
933,344
|
|
|
|
787,852
|
|
|
|
18
|
|
|
Income before income
taxes
|
|
|
457,869
|
|
|
|
518,253
|
|
|
|
-12
|
|
|
Applicable income
taxes
|
|
|
105,259
|
|
|
|
169,326
|
|
|
|
-38
|
|
|
Net income
|
|
$
|
352,610
|
|
|
|
348,927
|
|
|
|
1
|
%
|
|
Condensed
Consolidated Statement of Income, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Dollars in
thousands
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Interest
income
|
|
$
|
1,082,150
|
|
|
|
1,074,139
|
|
|
|
1,057,210
|
|
|
|
1,030,413
|
|
|
|
1,006,033
|
|
Interest
expense
|
|
|
106,633
|
|
|
|
102,689
|
|
|
|
100,076
|
|
|
|
92,213
|
|
|
|
91,773
|
|
Net interest
income
|
|
|
975,517
|
|
|
|
971,450
|
|
|
|
957,134
|
|
|
|
938,200
|
|
|
|
914,260
|
|
Provision for credit
losses
|
|
|
43,000
|
|
|
|
31,000
|
|
|
|
30,000
|
|
|
|
52,000
|
|
|
|
55,000
|
|
Net interest income
after provision for credit losses
|
|
|
932,517
|
|
|
|
940,450
|
|
|
|
927,134
|
|
|
|
886,200
|
|
|
|
859,260
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
87,306
|
|
|
|
96,235
|
|
|
|
96,737
|
|
|
|
86,163
|
|
|
|
84,692
|
|
Service charges on
deposit accounts
|
|
|
105,115
|
|
|
|
107,783
|
|
|
|
109,356
|
|
|
|
106,057
|
|
|
|
104,176
|
|
Trust
income
|
|
|
131,375
|
|
|
|
129,669
|
|
|
|
124,900
|
|
|
|
126,797
|
|
|
|
120,015
|
|
Brokerage services
income
|
|
|
13,392
|
|
|
|
12,768
|
|
|
|
14,676
|
|
|
|
16,617
|
|
|
|
17,384
|
|
Trading account and
foreign exchange gains
|
|
|
4,637
|
|
|
|
10,468
|
|
|
|
7,058
|
|
|
|
8,084
|
|
|
|
9,691
|
|
Gain (loss) on bank
investment securities
|
|
|
(9,431)
|
|
|
|
21,296
|
|
|
|
—
|
|
|
|
(17)
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
126,302
|
|
|
|
105,834
|
|
|
|
106,702
|
|
|
|
117,115
|
|
|
|
110,887
|
|
Total other
income
|
|
|
458,696
|
|
|
|
484,053
|
|
|
|
459,429
|
|
|
|
460,816
|
|
|
|
446,845
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
463,428
|
|
|
|
402,394
|
|
|
|
398,605
|
|
|
|
398,054
|
|
|
|
449,741
|
|
Equipment and net
occupancy
|
|
|
74,797
|
|
|
|
71,363
|
|
|
|
75,558
|
|
|
|
73,797
|
|
|
|
74,366
|
|
Outside data
processing and software
|
|
|
48,429
|
|
|
|
50,033
|
|
|
|
45,761
|
|
|
|
44,575
|
|
|
|
44,301
|
|
FDIC
assessments
|
|
|
20,280
|
|
|
|
23,722
|
|
|
|
23,969
|
|
|
|
25,353
|
|
|
|
28,827
|
|
Advertising and
marketing
|
|
|
16,248
|
|
|
|
19,366
|
|
|
|
17,403
|
|
|
|
16,324
|
|
|
|
16,110
|
|
Printing, postage and
supplies
|
|
|
9,319
|
|
|
|
8,563
|
|
|
|
8,732
|
|
|
|
8,957
|
|
|
|
9,708
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
6,632
|
|
|
|
7,025
|
|
|
|
7,808
|
|
|
|
8,113
|
|
|
|
8,420
|
|
Other costs of
operations
|
|
|
294,211
|
|
|
|
213,347
|
|
|
|
228,189
|
|
|
|
175,462
|
|
|
|
156,379
|
|
Total other
expense
|
|
|
933,344
|
|
|
|
795,813
|
|
|
|
806,025
|
|
|
|
750,635
|
|
|
|
787,852
|
|
Income before income
taxes
|
|
|
457,869
|
|
|
|
628,690
|
|
|
|
580,538
|
|
|
|
596,381
|
|
|
|
518,253
|
|
Applicable income
taxes
|
|
|
105,259
|
|
|
|
306,287
|
|
|
|
224,615
|
|
|
|
215,328
|
|
|
|
169,326
|
|
Net income
|
|
$
|
352,610
|
|
|
|
322,403
|
|
|
|
355,923
|
|
|
|
381,053
|
|
|
|
348,927
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
March 31
|
|
|
|
|
|
|
Dollars in
thousands
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,291,664
|
|
|
|
1,286,962
|
|
|
|
—
|
|
%
|
Interest-bearing
deposits at banks
|
|
|
6,135,434
|
|
|
|
6,945,149
|
|
|
|
-12
|
|
|
Federal funds
sold
|
|
|
1,000
|
|
|
|
—
|
|
|
|
—
|
|
|
Trading
account
|
|
|
141,134
|
|
|
|
174,854
|
|
|
|
-19
|
|
|
Investment
securities
|
|
|
14,066,564
|
|
|
|
15,968,415
|
|
|
|
-12
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
21,697,522
|
|
|
|
22,295,376
|
|
|
|
-3
|
|
|
Real estate -
commercial
|
|
|
33,753,506
|
|
|
|
33,071,654
|
|
|
|
2
|
|
|
Real estate -
consumer
|
|
|
18,960,946
|
|
|
|
21,724,491
|
|
|
|
-13
|
|
|
Consumer
|
|
|
13,298,775
|
|
|
|
12,221,481
|
|
|
|
9
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
87,710,749
|
|
|
|
89,313,002
|
|
|
|
-2
|
|
|
Less: allowance for
credit losses
|
|
|
1,019,671
|
|
|
|
1,001,430
|
|
|
|
2
|
|
|
Net loans and
leases
|
|
|
86,691,078
|
|
|
|
88,311,572
|
|
|
|
-2
|
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
64,957
|
|
|
|
94,535
|
|
|
|
-31
|
|
|
Other
assets
|
|
|
5,637,881
|
|
|
|
5,848,652
|
|
|
|
-4
|
|
|
Total
assets
|
|
$
|
118,622,824
|
|
|
|
123,223,251
|
|
|
|
-4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
31,817,516
|
|
|
|
34,279,591
|
|
|
|
-7
|
|
%
|
Interest-bearing
deposits
|
|
|
58,851,050
|
|
|
|
62,570,167
|
|
|
|
-6
|
|
|
Deposits at Cayman
Islands office
|
|
|
278,064
|
|
|
|
192,763
|
|
|
|
44
|
|
|
Total
deposits
|
|
|
90,946,630
|
|
|
|
97,042,521
|
|
|
|
-6
|
|
|
Short-term
borrowings
|
|
|
1,626,129
|
|
|
|
185,102
|
|
|
|
—
|
|
|
Accrued interest and
other liabilities
|
|
|
1,749,320
|
|
|
|
1,694,905
|
|
|
|
3
|
|
|
Long-term
borrowings
|
|
|
8,591,051
|
|
|
|
8,087,619
|
|
|
|
6
|
|
|
Total
liabilities
|
|
|
102,913,130
|
|
|
|
107,010,147
|
|
|
|
-4
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
—
|
|
|
Common
|
|
|
14,478,194
|
|
|
|
14,981,604
|
|
|
|
-3
|
|
|
Total shareholders'
equity
|
|
|
15,709,694
|
|
|
|
16,213,104
|
|
|
|
-3
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
118,622,824
|
|
|
|
123,223,251
|
|
|
|
-4
|
|
%
|
Condensed
Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Dollars in
thousands
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,291,664
|
|
|
|
1,420,888
|
|
|
|
1,368,252
|
|
|
|
1,344,478
|
|
|
|
1,286,962
|
|
Interest-bearing
deposits at banks
|
|
|
6,135,434
|
|
|
|
5,078,903
|
|
|
|
6,306,484
|
|
|
|
5,023,829
|
|
|
|
6,945,149
|
|
Federal funds
sold
|
|
|
1,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,000
|
|
|
|
—
|
|
Trading
account
|
|
|
141,134
|
|
|
|
132,909
|
|
|
|
170,516
|
|
|
|
174,646
|
|
|
|
174,854
|
|
Investment
securities
|
|
|
14,066,564
|
|
|
|
14,664,525
|
|
|
|
15,073,926
|
|
|
|
15,816,060
|
|
|
|
15,968,415
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
21,697,522
|
|
|
|
21,742,651
|
|
|
|
21,743,251
|
|
|
|
22,191,051
|
|
|
|
22,295,376
|
|
Real estate -
commercial
|
|
|
33,753,506
|
|
|
|
33,366,373
|
|
|
|
32,914,288
|
|
|
|
33,348,991
|
|
|
|
33,071,654
|
|
Real estate -
consumer
|
|
|
18,960,946
|
|
|
|
19,613,344
|
|
|
|
20,265,162
|
|
|
|
20,960,171
|
|
|
|
21,724,491
|
|
Consumer
|
|
|
13,298,775
|
|
|
|
13,266,615
|
|
|
|
13,002,433
|
|
|
|
12,580,342
|
|
|
|
12,221,481
|
|
Total loans and leases, net of unearned discount
|
|
|
87,710,749
|
|
|
|
87,988,983
|
|
|
|
87,925,134
|
|
|
|
89,080,555
|
|
|
|
89,313,002
|
|
Less: allowance for
credit losses
|
|
|
1,019,671
|
|
|
|
1,017,198
|
|
|
|
1,013,326
|
|
|
|
1,008,225
|
|
|
|
1,001,430
|
|
Net loans and
leases
|
|
|
86,691,078
|
|
|
|
86,971,785
|
|
|
|
86,911,808
|
|
|
|
88,072,330
|
|
|
|
88,311,572
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
Core deposit and
other intangible assets
|
|
|
64,957
|
|
|
|
71,589
|
|
|
|
78,614
|
|
|
|
86,422
|
|
|
|
94,535
|
|
Other
assets
|
|
|
5,637,881
|
|
|
|
5,659,776
|
|
|
|
5,899,092
|
|
|
|
5,784,690
|
|
|
|
5,848,652
|
|
Total
assets
|
|
$
|
118,622,824
|
|
|
|
118,593,487
|
|
|
|
120,401,804
|
|
|
|
120,896,567
|
|
|
|
123,223,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
31,817,516
|
|
|
|
33,975,180
|
|
|
|
33,111,246
|
|
|
|
32,366,426
|
|
|
|
34,279,591
|
|
Interest-bearing
deposits
|
|
|
58,851,050
|
|
|
|
58,278,970
|
|
|
|
60,170,133
|
|
|
|
60,978,895
|
|
|
|
62,570,167
|
|
Deposits at Cayman
Islands office
|
|
|
278,064
|
|
|
|
177,996
|
|
|
|
232,014
|
|
|
|
195,617
|
|
|
|
192,763
|
|
Total
deposits
|
|
|
90,946,630
|
|
|
|
92,432,146
|
|
|
|
93,513,393
|
|
|
|
93,540,938
|
|
|
|
97,042,521
|
|
Short-term
borrowings
|
|
|
1,626,129
|
|
|
|
175,099
|
|
|
|
200,768
|
|
|
|
1,695,453
|
|
|
|
185,102
|
|
Accrued interest and
other liabilities
|
|
|
1,749,320
|
|
|
|
1,593,993
|
|
|
|
1,791,946
|
|
|
|
1,727,059
|
|
|
|
1,694,905
|
|
Long-term
borrowings
|
|
|
8,591,051
|
|
|
|
8,141,430
|
|
|
|
8,577,645
|
|
|
|
7,649,580
|
|
|
|
8,087,619
|
|
Total
liabilities
|
|
|
102,913,130
|
|
|
|
102,342,668
|
|
|
|
104,083,752
|
|
|
|
104,613,030
|
|
|
|
107,010,147
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
Common
|
|
|
14,478,194
|
|
|
|
15,019,319
|
|
|
|
15,086,552
|
|
|
|
15,052,037
|
|
|
|
14,981,604
|
|
Total shareholders'
equity
|
|
|
15,709,694
|
|
|
|
16,250,819
|
|
|
|
16,318,052
|
|
|
|
16,283,537
|
|
|
|
16,213,104
|
|
Total liabilities and
shareholders' equity
|
|
$
|
118,622,824
|
|
|
|
118,593,487
|
|
|
|
120,401,804
|
|
|
|
120,896,567
|
|
|
|
123,223,251
|
|
Condensed
Consolidated Average Balance Sheet and Annualized
Taxable-equivalent Rates
|
|
|
|
Three months
ended
|
|
|
Change in
balance
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31, 2018
from
|
|
|
|
Dollars in
millions
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
2017
|
|
|
2017
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
4,941
|
|
|
|
1.53
|
|
%
|
|
6,152
|
|
|
|
.80
|
|
%
|
|
6,680
|
|
|
|
1.31
|
|
%
|
|
-20
|
|
%
|
|
-26
|
|
%
|
|
Federal funds
sold
|
|
|
3
|
|
|
|
1.85
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
Trading
account
|
|
|
54
|
|
|
|
3.00
|
|
|
|
60
|
|
|
|
2.20
|
|
|
|
87
|
|
|
|
1.31
|
|
|
|
-10
|
|
|
|
-38
|
|
|
|
Investment
securities
|
|
|
14,467
|
|
|
|
2.33
|
|
|
|
15,999
|
|
|
|
2.43
|
|
|
|
14,808
|
|
|
|
2.30
|
|
|
|
-10
|
|
|
|
-2
|
|
|
|
Loans and leases, net
of unearned discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
21,547
|
|
|
|
4.28
|
|
|
|
22,290
|
|
|
|
3.66
|
|
|
|
21,562
|
|
|
|
4.06
|
|
|
|
-3
|
|
|
|
—
|
|
|
|
Real estate -
commercial
|
|
|
33,652
|
|
|
|
4.73
|
|
|
|
33,175
|
|
|
|
4.18
|
|
|
|
33,138
|
|
|
|
4.61
|
|
|
|
1
|
|
|
|
2
|
|
|
|
Real estate -
consumer
|
|
|
19,274
|
|
|
|
4.06
|
|
|
|
22,179
|
|
|
|
3.92
|
|
|
|
19,974
|
|
|
|
4.03
|
|
|
|
-13
|
|
|
|
-4
|
|
|
|
Consumer
|
|
|
13,293
|
|
|
|
5.00
|
|
|
|
12,153
|
|
|
|
4.68
|
|
|
|
13,163
|
|
|
|
4.91
|
|
|
|
9
|
|
|
|
1
|
|
|
|
Total loans and
leases, net
|
|
|
87,766
|
|
|
|
4.55
|
|
|
|
89,797
|
|
|
|
4.09
|
|
|
|
87,837
|
|
|
|
4.40
|
|
|
|
-2
|
|
|
|
—
|
|
|
|
Total earning
assets
|
|
|
107,231
|
|
|
|
4.11
|
|
|
|
112,008
|
|
|
|
3.67
|
|
|
|
109,412
|
|
|
|
3.93
|
|
|
|
-4
|
|
|
|
-2
|
|
|
|
Goodwill
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
Core deposit and other intangible
assets
|
|
|
68
|
|
|
|
|
|
|
|
98
|
|
|
|
|
|
|
|
75
|
|
|
|
|
|
|
|
-31
|
|
|
|
-9
|
|
|
|
Other
assets
|
|
|
5,792
|
|
|
|
|
|
|
|
6,279
|
|
|
|
|
|
|
|
6,146
|
|
|
|
|
|
|
|
-8
|
|
|
|
-6
|
|
|
|
Total
assets
|
|
$
|
117,684
|
|
|
|
|
|
|
|
122,978
|
|
|
|
|
|
|
|
120,226
|
|
|
|
|
|
|
|
-4
|
|
%
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking deposits
|
|
$
|
52,504
|
|
|
|
.31
|
|
|
|
53,260
|
|
|
|
.20
|
|
|
|
53,436
|
|
|
|
.29
|
|
|
|
-1
|
|
%
|
|
-2
|
|
%
|
|
Time
deposits
|
|
|
6,320
|
|
|
|
.70
|
|
|
|
9,561
|
|
|
|
.81
|
|
|
|
6,888
|
|
|
|
.70
|
|
|
|
-34
|
|
|
|
-8
|
|
|
|
Deposits at Cayman Islands
office
|
|
|
248
|
|
|
|
.62
|
|
|
|
192
|
|
|
|
.56
|
|
|
|
215
|
|
|
|
.61
|
|
|
|
29
|
|
|
|
15
|
|
|
|
Total interest-bearing deposits
|
|
|
59,072
|
|
|
|
.36
|
|
|
|
63,013
|
|
|
|
.29
|
|
|
|
60,539
|
|
|
|
.34
|
|
|
|
-6
|
|
|
|
-2
|
|
|
|
Short-term
borrowings
|
|
|
280
|
|
|
|
1.28
|
|
|
|
184
|
|
|
|
.48
|
|
|
|
178
|
|
|
|
.81
|
|
|
|
52
|
|
|
|
58
|
|
|
|
Long-term
borrowings
|
|
|
8,606
|
|
|
|
2.54
|
|
|
|
8,423
|
|
|
|
2.25
|
|
|
|
8,464
|
|
|
|
2.37
|
|
|
|
2
|
|
|
|
2
|
|
|
|
Total
interest-bearing liabilities
|
|
|
67,958
|
|
|
|
.64
|
|
|
|
71,620
|
|
|
|
.52
|
|
|
|
69,181
|
|
|
|
.59
|
|
|
|
-5
|
|
|
|
-2
|
|
|
|
Noninterest-bearing
deposits
|
|
|
32,047
|
|
|
|
|
|
|
|
33,287
|
|
|
|
|
|
|
|
32,930
|
|
|
|
|
|
|
|
-4
|
|
|
|
-3
|
|
|
|
Other
liabilities
|
|
|
1,620
|
|
|
|
|
|
|
|
1,748
|
|
|
|
|
|
|
|
1,844
|
|
|
|
|
|
|
|
-7
|
|
|
|
-12
|
|
|
|
Total
liabilities
|
|
|
101,625
|
|
|
|
|
|
|
|
106,655
|
|
|
|
|
|
|
|
103,955
|
|
|
|
|
|
|
|
-5
|
|
|
|
-2
|
|
|
|
Shareholders'
equity
|
|
|
16,059
|
|
|
|
|
|
|
|
16,323
|
|
|
|
|
|
|
|
16,271
|
|
|
|
|
|
|
|
-2
|
|
|
|
-1
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
|
117,684
|
|
|
|
|
|
|
|
122,978
|
|
|
|
|
|
|
|
120,226
|
|
|
|
|
|
|
|
-4
|
|
%
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
3.47
|
|
|
|
|
|
|
|
3.15
|
|
|
|
|
|
|
|
3.34
|
|
|
|
|
|
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
|
|
.24
|
|
|
|
|
|
|
|
.19
|
|
|
|
|
|
|
|
.22
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
|
3.71
|
|
%
|
|
|
|
|
|
3.34
|
|
%
|
|
|
|
|
|
3.56
|
|
%
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
Three months
ended
|
|
|
|
|
March 31
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
352,610
|
|
|
|
348,927
|
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
4,888
|
|
|
|
5,108
|
|
|
Net operating
income
|
|
$
|
357,498
|
|
|
|
354,035
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.23
|
|
|
|
2.12
|
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.26
|
|
|
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
933,344
|
|
|
|
787,852
|
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(6,632)
|
|
|
|
(8,420)
|
|
|
Noninterest operating
expense
|
|
$
|
926,712
|
|
|
|
779,432
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
926,712
|
|
|
|
779,432
|
|
|
Taxable-equivalent
net interest income
|
|
|
980,326
|
|
|
|
922,259
|
|
|
Other
income
|
|
|
458,696
|
|
|
|
446,845
|
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
(9,431)
|
|
|
|
—
|
|
|
Denominator
|
|
$
|
1,448,453
|
|
|
|
1,369,104
|
|
|
Efficiency
ratio
|
|
|
63.98
|
%
|
|
|
56.93
|
%
|
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
117,684
|
|
|
|
122,978
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
Core deposit and
other intangible assets
|
|
|
(68)
|
|
|
|
(98)
|
|
|
Deferred
taxes
|
|
|
18
|
|
|
|
39
|
|
|
Average tangible
assets
|
|
$
|
113,041
|
|
|
|
118,326
|
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
16,059
|
|
|
|
16,323
|
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
Average common
equity
|
|
|
14,827
|
|
|
|
15,091
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
Core deposit and
other intangible assets
|
|
|
(68)
|
|
|
|
(98)
|
|
|
Deferred
taxes
|
|
|
18
|
|
|
|
39
|
|
|
Average tangible
common equity
|
|
$
|
10,184
|
|
|
|
10,439
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
118,623
|
|
|
|
123,223
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
Core deposit and
other intangible assets
|
|
|
(65)
|
|
|
|
(95)
|
|
|
Deferred
taxes
|
|
|
17
|
|
|
|
38
|
|
|
Total tangible
assets
|
|
$
|
113,982
|
|
|
|
118,573
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
15,710
|
|
|
|
16,213
|
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
(3)
|
|
|
|
(3)
|
|
|
Common equity, net of
undeclared cumulative preferred dividends
|
|
|
14,475
|
|
|
|
14,978
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
Core deposit and
other intangible assets
|
|
|
(65)
|
|
|
|
(95)
|
|
|
Deferred
taxes
|
|
|
17
|
|
|
|
38
|
|
|
Total tangible common
equity
|
|
$
|
9,834
|
|
|
|
10,328
|
|
|
|
|
|
(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,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
352,610
|
|
|
|
322,403
|
|
|
|
355,923
|
|
|
|
381,053
|
|
|
|
348,927
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
4,888
|
|
|
|
4,261
|
|
|
|
4,735
|
|
|
|
4,921
|
|
|
|
5,108
|
|
Net operating
income
|
|
$
|
357,498
|
|
|
|
326,664
|
|
|
|
360,658
|
|
|
|
385,974
|
|
|
|
354,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.23
|
|
|
|
2.01
|
|
|
|
2.21
|
|
|
|
2.35
|
|
|
|
2.12
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.26
|
|
|
|
2.04
|
|
|
|
2.24
|
|
|
|
2.38
|
|
|
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
933,344
|
|
|
|
795,813
|
|
|
|
806,025
|
|
|
|
750,635
|
|
|
|
787,852
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(6,632)
|
|
|
|
(7,025)
|
|
|
|
(7,808)
|
|
|
|
(8,113)
|
|
|
|
(8,420)
|
|
Noninterest operating
expense
|
|
$
|
926,712
|
|
|
|
788,788
|
|
|
|
798,217
|
|
|
|
742,522
|
|
|
|
779,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
926,712
|
|
|
|
788,788
|
|
|
|
798,217
|
|
|
|
742,522
|
|
|
|
779,432
|
|
Taxable-equivalent
net interest income
|
|
|
980,326
|
|
|
|
980,457
|
|
|
|
965,962
|
|
|
|
946,936
|
|
|
|
922,259
|
|
Other
income
|
|
|
458,696
|
|
|
|
484,053
|
|
|
|
459,429
|
|
|
|
460,816
|
|
|
|
446,845
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
(9,431)
|
|
|
|
21,296
|
|
|
|
—
|
|
|
|
(17)
|
|
|
|
—
|
|
Denominator
|
|
$
|
1,448,453
|
|
|
|
1,443,214
|
|
|
|
1,425,391
|
|
|
|
1,407,769
|
|
|
|
1,369,104
|
|
Efficiency
ratio
|
|
|
63.98
|
%
|
|
|
54.65
|
%
|
|
|
56.00
|
%
|
|
|
52.74
|
%
|
|
|
56.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
117,684
|
|
|
|
120,226
|
|
|
|
119,515
|
|
|
|
120,765
|
|
|
|
122,978
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(68)
|
|
|
|
(75)
|
|
|
|
(82)
|
|
|
|
(90)
|
|
|
|
(98)
|
|
Deferred
taxes
|
|
|
18
|
|
|
|
26
|
|
|
|
32
|
|
|
|
35
|
|
|
|
39
|
|
Average tangible
assets
|
|
$
|
113,041
|
|
|
|
115,584
|
|
|
|
114,872
|
|
|
|
116,117
|
|
|
|
118,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
16,059
|
|
|
|
16,271
|
|
|
|
16,301
|
|
|
|
16,285
|
|
|
|
16,323
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
14,827
|
|
|
|
15,039
|
|
|
|
15,069
|
|
|
|
15,053
|
|
|
|
15,091
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(68)
|
|
|
|
(75)
|
|
|
|
(82)
|
|
|
|
(90)
|
|
|
|
(98)
|
|
Deferred
taxes
|
|
|
18
|
|
|
|
26
|
|
|
|
32
|
|
|
|
35
|
|
|
|
39
|
|
Average tangible
common equity
|
|
$
|
10,184
|
|
|
|
10,397
|
|
|
|
10,426
|
|
|
|
10,405
|
|
|
|
10,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
118,623
|
|
|
|
118,593
|
|
|
|
120,402
|
|
|
|
120,897
|
|
|
|
123,223
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(65)
|
|
|
|
(72)
|
|
|
|
(79)
|
|
|
|
(86)
|
|
|
|
(95)
|
|
Deferred
taxes
|
|
|
17
|
|
|
|
19
|
|
|
|
31
|
|
|
|
33
|
|
|
|
38
|
|
Total tangible
assets
|
|
$
|
113,982
|
|
|
|
113,947
|
|
|
|
115,761
|
|
|
|
116,251
|
|
|
|
118,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
15,710
|
|
|
|
16,251
|
|
|
|
16,318
|
|
|
|
16,284
|
|
|
|
16,213
|
|
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
|
|
|
14,475
|
|
|
|
15,016
|
|
|
|
15,083
|
|
|
|
15,049
|
|
|
|
14,978
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(65)
|
|
|
|
(72)
|
|
|
|
(79)
|
|
|
|
(86)
|
|
|
|
(95)
|
|
Deferred
taxes
|
|
|
17
|
|
|
|
19
|
|
|
|
31
|
|
|
|
33
|
|
|
|
38
|
|
Total tangible common
equity
|
|
$
|
9,834
|
|
|
|
10,370
|
|
|
|
10,442
|
|
|
|
10,403
|
|
|
|
10,328
|
|
|
|
|
(1)
|
After any related tax
effect.
|
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SOURCE M&T Bank Corporation