BUFFALO, N.Y.,
Jan. 17, 2019 /PRNewswire/
-- M&T Bank Corporation ("M&T") (NYSE: MTB) today
reported its results of operations for 2018.
GAAP Results of Operations. Diluted
earnings per common share measured in accordance with generally
accepted accounting principles ("GAAP") were $3.76 in the fourth quarter of 2018, 87% higher
than $2.01 in the year-earlier
quarter and 7% above $3.53 in the
third quarter of 2018. GAAP-basis net income in the recent
quarter was $546 million, up from
$322 million in the fourth quarter of
2017 and $526 million in the third
2018 quarter. GAAP-basis net income for the fourth quarter of 2018
expressed as an annualized rate of return on average assets and
average common shareholders' equity was 1.84% and 14.80%,
respectively, improved from 1.06% and 8.03%, respectively, in the
corresponding 2017 period and 1.80% and 14.08%, respectively, in
the third quarter of 2018. In December
2018, M&T received approval from the Internal Revenue
Service to change its tax return treatment for certain loan fees
retroactive to 2017. Given the reduction of the Federal income tax
rate in 2018, that change in treatment resulted in a $15 million reduction of income tax expense in
the recent quarter. The impact of that benefit on net income was
offset by a $20 million contribution
to The M&T Charitable Foundation in the fourth quarter that,
after applicable tax effect, reduced net income by $15 million. As compared with 2017, income tax
expense in all 2018 periods reflects the reduction of the corporate
Federal income tax rate from 35% to 21%. M&T's results in
2017's final quarter were reduced by $98
million, or $.65 of diluted
earnings per common share, predominantly reflecting the impact of
that lower tax rate on the carrying values of M&T's net
deferred tax assets and other items.
Commenting on M&T's financial performance,
Darren J. King, Executive Vice
President and Chief Financial Officer, noted, "We are extremely
pleased with M&T's performance this past quarter and for 2018
as a whole. Our results reflect a continuation of many
positive factors including growth in interest and noninterest
revenues, subdued credit costs and well-controlled expenses.
Average balances of loans to commercial customers rose in the
recent quarter and year-end commercial balances grew $2.2 billion from the end of the third quarter.
We believe M&T is well positioned as we enter 2019."
Earnings Highlights
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Change 4Q18
vs.
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($ in millions,
except per share data)
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4Q18
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4Q17
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3Q18
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4Q17
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3Q18
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Net income
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$
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546
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$
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322
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$
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526
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69
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%
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4
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%
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Net income available
to common shareholders ̶ diluted
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$
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525
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$
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302
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$
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505
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74
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%
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4
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%
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Diluted earnings per
common share
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$
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3.76
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$
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2.01
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$
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3.53
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87
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%
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7
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%
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Annualized return on
average assets
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1.84
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%
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1.06
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%
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1.80
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%
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Annualized return on
average common equity
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14.80
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%
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8.03
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%
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14.08
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%
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Diluted earnings per common share were $12.74 for the year ended December 31, 2018,
46% higher than $8.70 in 2017.
GAAP-basis net income for 2018 aggregated $1.92 billion, up 36% from $1.41 billion in 2017. Expressed as a rate of
return on average assets and average common shareholders' equity,
GAAP-basis net income for 2018 was 1.64% and 12.82%, respectively,
improved from 1.17% and 8.87%, respectively, in 2017.
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
$3.79 in the recent quarter, compared
with $2.04 in the fourth quarter of
2017 and $3.56 in the third quarter
of 2018. Net operating income for the fourth quarter of 2018
was $550 million, compared with
$327 million in the year-earlier
period and $531 million in 2018's
third quarter. Expressed as an annualized rate of return on average
tangible assets and average tangible common shareholders' equity,
net operating income in the recent quarter was 1.93% and 22.16%,
respectively, compared with 1.12% and 11.77%, respectively, in the
corresponding 2017 quarter and 1.89% and 21.00%, respectively, in
the third quarter of 2018.
For the year ended December 31, 2018, diluted net
operating earnings per common share were $12.86, compared with $8.82 in 2017. Net operating income in 2018
increased 36% to $1.94 billion from
$1.43 billion in 2017. Net operating
income expressed as a rate of return on average tangible assets and
average tangible common shareholders' equity was 1.72% and 19.09%,
respectively, in 2018, compared with 1.23% and 13.00%,
respectively, in 2017.
Taxable-equivalent Net Interest Income.
Net interest income expressed on a taxable-equivalent basis totaled
$1.06 billion in 2018's fourth
quarter, improved 9% from $980
million in the year-earlier quarter and 3% above
$1.03 billion in the third quarter of
2018. That growth predominantly resulted from a widening of the net
interest margin to 3.92% in the recent quarter from 3.56% in the
fourth quarter of 2017 and 3.88% in the third quarter of 2018 that
reflects generally higher interest rates. Taxable-equivalent net
interest income for the full year of 2018 increased 7% to
$4.09 billion from $3.82 billion in 2017. The net interest margin
was 3.83% in 2018 and 3.47% in 2017.
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Taxable-equivalent Net Interest
Income
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Change 4Q18
vs.
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($ in
millions)
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4Q18
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4Q17
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3Q18
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4Q17
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3Q18
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Average earning
assets
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$
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107,785
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$
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109,412
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$
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105,835
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-1
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%
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2
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%
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Net interest
income ̶ taxable-equivalent
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$
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1,065
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$
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980
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$
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1,035
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9
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%
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3
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%
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Net interest
margin
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3.92
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%
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3.56
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%
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3.88
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%
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Provision for Credit Losses/Asset
Quality. The provision for credit losses was
$38 million in the fourth quarter of
2018, compared with $31 million in
the year-earlier quarter and $16
million in 2018's third quarter. Net loan charge-offs were
$38 million during the recent
quarter, compared with $27 million in
the fourth quarter of 2017 and $16
million in the third quarter of 2018. The lower net
charge-offs in 2018's third quarter reflected significantly higher
recoveries of previously charged-off loans. Expressed as an
annualized percentage of average loans outstanding, net charge-offs
were .17% and .12% in the final quarters of 2018 and 2017,
respectively, and .07% in the third quarter of 2018. The provision
for credit losses was $132 million
for the year ended December 31, 2018,
compared with $168 million in 2017.
Net loan charge-offs during 2018 and 2017 aggregated $130 million and $140
million, respectively, or .15% and .16%, respectively, of
average loans outstanding.
Loans classified as nonaccrual totaled $894 million or 1.01% of total loans outstanding
at December 31, 2018, compared with $883 million or 1.00% a year earlier and
$871 million or 1.00% at
September 30, 2018. Assets taken in foreclosure of defaulted
loans were $78 million at
December 31, 2018, improved from $112
million at December 31, 2017 and $87 million at September 30,
2018.
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 $1.02
billion at each of December 31, 2018, December 31,
2017 and September 30, 2018. As a percentage of loans
outstanding, the allowance was 1.15% and 1.16% at December 31,
2018 and 2017, respectively, and 1.18% at September 30,
2018.
Asset Quality Metrics
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Change 4Q18
vs.
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($ in
millions)
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4Q18
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4Q17
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3Q18
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4Q17
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3Q18
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At end of quarter
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Nonaccrual
loans
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$
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894
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$
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883
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$
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871
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1
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%
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3
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%
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Real estate and other
foreclosed assets
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$
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78
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$
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112
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$
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87
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-30
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%
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-10
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%
|
Total nonperforming
assets
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$
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972
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$
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995
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$
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958
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-2
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%
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1
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%
|
Accruing loans past
due 90 days or more (1)
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$
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223
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$
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244
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$
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254
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-9
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%
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-13
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%
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Nonaccrual loans as %
of loans outstanding
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1.01
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%
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1.00
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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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1,019
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$
|
1,017
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$
|
1,019
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|
—
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|
|
—
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|
Allowance for credit
losses as % of loans outstanding
|
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|
1.15
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%
|
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|
1.16
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%
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|
|
1.18
|
%
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For the period
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Provision for credit
losses
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$
|
38
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$
|
31
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$
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16
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|
|
23
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%
|
|
|
138
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%
|
Net
charge-offs
|
|
$
|
38
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|
$
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27
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|
$
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16
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|
|
40
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%
|
|
|
141
|
%
|
Net charge-offs as %
of average loans (annualized)
|
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|
.17
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%
|
|
|
.12
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%
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|
.07
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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 $481
million in the recent quarter, little changed from
$484 million in the fourth quarter of
2017, but up from $459 million in the
third quarter of 2018. As compared with the fourth quarter of 2017,
higher credit-related fees, trading account and foreign exchange
gains, and trust income in the recent quarter were offset by a
decline in residential mortgage banking revenues and lower gains on
investment securities. Higher trading account and foreign exchange
gains, valuation gains on equity securities and increased
commercial mortgage banking revenues in the recent quarter
contributed to the improvement from the third quarter of
2018.
Noninterest Income
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|
|
Change 4Q18
vs.
|
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($ in
millions)
|
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4Q18
|
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|
4Q17
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|
3Q18
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|
4Q17
|
|
|
3Q18
|
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|
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|
|
|
|
|
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|
|
Mortgage banking
revenues
|
|
$
|
92
|
|
|
$
|
96
|
|
|
$
|
88
|
|
|
|
-4
|
%
|
|
|
4
|
%
|
Service charges on
deposit accounts
|
|
|
109
|
|
|
|
108
|
|
|
|
109
|
|
|
|
1
|
%
|
|
|
—
|
|
Trust
income
|
|
|
135
|
|
|
|
130
|
|
|
|
133
|
|
|
|
4
|
%
|
|
|
1
|
%
|
Brokerage services
income
|
|
|
13
|
|
|
|
13
|
|
|
|
12
|
|
|
|
—
|
|
|
|
4
|
%
|
Trading account and
foreign exchange gains
|
|
|
17
|
|
|
|
10
|
|
|
|
6
|
|
|
|
58
|
%
|
|
|
173
|
%
|
Gain (loss) on bank
investment securities
|
|
|
4
|
|
|
|
21
|
|
|
|
(3)
|
|
|
|
-80
|
%
|
|
|
—
|
|
Other revenues from
operations
|
|
|
111
|
|
|
|
106
|
|
|
|
114
|
|
|
|
5
|
%
|
|
|
-2
|
%
|
Total other
income
|
|
$
|
481
|
|
|
$
|
484
|
|
|
$
|
459
|
|
|
|
-1
|
%
|
|
|
5
|
%
|
Noninterest income aggregated $1.86
billion in 2018 and $1.85
billion in 2017. Higher trust income in 2018 was largely
offset by the impact of investment securities gains in
2017.
Noninterest expense aggregated $802
million in the fourth quarter of 2018, $796 million in the year-earlier quarter and
$776 million in the third quarter of
2018. Excluding expenses considered to be nonoperating in
nature, such as amortization of core deposit and other intangible
assets, noninterest operating expenses were $797 million in the recent quarter, $789 million in the fourth quarter of 2017 and
$770 million in the third quarter of
2018. Higher salaries and employee benefits expenses in the recent
quarter were largely offset by lower charitable contributions and
FDIC assessments as compared with the fourth quarter of 2017. The
higher level of noninterest expense in the final 2018 quarter as
compared with the third quarter of 2018 was attributable to
increased charitable contributions and costs for professional
services and salaries and employee benefits, that were partially
offset by lower FDIC assessments.
Noninterest Expense
|
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
Change 4Q18
vs.
|
|
($ in
millions)
|
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4Q18
|
|
|
4Q17
|
|
|
3Q18
|
|
|
4Q17
|
|
|
3Q18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
439
|
|
|
$
|
402
|
|
|
$
|
431
|
|
|
|
9
|
%
|
|
|
2
|
%
|
Equipment and net
occupancy
|
|
|
74
|
|
|
|
71
|
|
|
|
77
|
|
|
|
3
|
%
|
|
|
-5
|
%
|
Outside data
processing and software
|
|
|
50
|
|
|
|
50
|
|
|
|
51
|
|
|
|
—
|
|
|
|
-1
|
%
|
FDIC
assessments
|
|
|
10
|
|
|
|
24
|
|
|
|
19
|
|
|
|
-59
|
%
|
|
|
-48
|
%
|
Advertising and
marketing
|
|
|
26
|
|
|
|
19
|
|
|
|
22
|
|
|
|
34
|
%
|
|
|
19
|
%
|
Printing, postage and
supplies
|
|
|
9
|
|
|
|
9
|
|
|
|
9
|
|
|
|
2
|
%
|
|
|
-1
|
%
|
Amortization of core
deposit and other intangible assets
|
|
|
5
|
|
|
|
7
|
|
|
|
6
|
|
|
|
-24
|
%
|
|
|
-13
|
%
|
Other costs of
operations
|
|
|
189
|
|
|
|
214
|
|
|
|
161
|
|
|
|
-11
|
%
|
|
|
18
|
%
|
Total other
expense
|
|
$
|
802
|
|
|
$
|
796
|
|
|
$
|
776
|
|
|
|
1
|
%
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2018, noninterest
expense aggregated $3.29 billion,
compared with $3.14 billion in 2017.
Noninterest operating expenses were $3.26
billion and $3.11 billion in
2018 and 2017, respectively. The higher level of such expenses in
2018 resulted largely from increased costs for salaries and
employee benefits, professional services and legal-related
matters.
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 51.7% in
the fourth quarter of 2018, 54.7% in the corresponding 2017 quarter
and 51.4% in the third quarter of 2018. The efficiency ratio for
the full year 2018 was 54.8%, improved from 55.1% in
2017.
Balance Sheet. M&T had total assets
of $120.1 billion at
December 31, 2018, compared with $118.6
billion and $116.8 billion at
December 31, 2017 and September 30, 2018, respectively.
Loans and leases, net of unearned discount, were $88.5 billion at December 31, 2018,
$88.0 billion at December 31,
2017 and $86.7 billion at
September 30, 2018. Contributing to the higher outstanding
balances of loans and leases at the recent quarter-end as compared
with September 30, 2018 were growth in commercial loans and
commercial real estate loans that was partially offset by acquired
residential mortgage loan repayments. Total deposits were
$90.2 billion at the recent year-end,
compared with $92.4 billion at
December 31, 2017 and $89.1
billion at September 30, 2018.
Total shareholders' equity was $15.5 billion at December 31, 2018 and
$16.3 billion a year earlier,
representing 12.87% and 13.70%, respectively, of total assets.
Total shareholders' equity was $15.4
billion, or 13.21% of total assets at September 30,
2018. Common shareholders' equity was $14.2
billion, or $102.69 per share,
at December 31, 2018, compared with $15.0 billion, or $100.03 per share, a year-earlier and
$14.2 billion, or $100.38 per share, at September 30,
2018. Tangible equity per common share was $69.28 at December 31, 2018, compared with
$69.08 at December 31, 2017 and
$67.64 at September 30, 2018. 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 10.13% at December 31,
2018.
In accordance with its 2018 capital plan, M&T
repurchased 3,060,000 shares of its common stock during the recent
quarter at an average cost per share of $163.34, for a total cost of $500 million. In the aggregate, during the 2018,
M&T repurchased 12,295,817 shares of common stock at a total
cost of $2.2 billion.
Conference Call. Investors will have an
opportunity to listen to M&T's conference call to discuss
fourth 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
#8982419. The conference call will be webcast live through
M&T's website at https://ir.mtb.com/events.cfm. A replay of the
call will be available through Thursday,
January 24, 2019 by calling (800) 585-8367, or (404)
537-3406 for international participants, and by making reference to
ID #8982419. The event will also be archived and available by
3:00 p.m. today on M&T's website
at https://ir.mtb.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
|
|
|
|
|
|
|
Year ended
|
|
|
|
|
|
|
|
December 31
|
|
|
|
|
|
|
December 31
|
|
|
|
|
|
Amounts in thousands,
except per share
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
546,219
|
|
|
|
322,403
|
|
|
|
69
|
%
|
|
$
|
1,918,080
|
|
|
|
1,408,306
|
|
|
|
36
|
%
|
Net income available
to common shareholders
|
|
|
525,328
|
|
|
|
302,486
|
|
|
|
74
|
%
|
|
|
1,836,035
|
|
|
|
1,327,517
|
|
|
|
38
|
%
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
3.76
|
|
|
|
2.01
|
|
|
|
87
|
%
|
|
$
|
12.75
|
|
|
|
8.72
|
|
|
|
46
|
%
|
Diluted
earnings
|
|
|
3.76
|
|
|
|
2.01
|
|
|
|
87
|
%
|
|
|
12.74
|
|
|
|
8.70
|
|
|
|
46
|
%
|
Cash
dividends
|
|
$
|
1.00
|
|
|
|
.75
|
|
|
|
33
|
%
|
|
$
|
3.55
|
|
|
|
3.00
|
|
|
|
18
|
%
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
139,838
|
|
|
|
150,348
|
|
|
|
-7
|
%
|
|
|
144,151
|
|
|
|
152,551
|
|
|
|
-6
|
%
|
Period end
(2)
|
|
|
138,534
|
|
|
|
150,112
|
|
|
|
-8
|
%
|
|
|
138,534
|
|
|
|
150,112
|
|
|
|
-8
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.84
|
%
|
|
|
1.06
|
%
|
|
|
|
|
|
|
1.64
|
%
|
|
|
1.17
|
%
|
|
|
|
|
Average common
shareholders' equity
|
|
|
14.80
|
%
|
|
|
8.03
|
%
|
|
|
|
|
|
|
12.82
|
%
|
|
|
8.87
|
%
|
|
|
|
|
Taxable-equivalent
net interest income
|
|
$
|
1,064,918
|
|
|
|
980,457
|
|
|
|
9
|
%
|
|
$
|
4,094,199
|
|
|
|
3,815,614
|
|
|
|
7
|
%
|
Yield on average
earning assets
|
|
|
4.51
|
%
|
|
|
3.93
|
%
|
|
|
|
|
|
|
4.33
|
%
|
|
|
3.82
|
%
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
|
.94
|
%
|
|
|
.59
|
%
|
|
|
|
|
|
|
.78
|
%
|
|
|
.55
|
%
|
|
|
|
|
Net interest
spread
|
|
|
3.57
|
%
|
|
|
3.34
|
%
|
|
|
|
|
|
|
3.55
|
%
|
|
|
3.27
|
%
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
.35
|
%
|
|
|
.22
|
%
|
|
|
|
|
|
|
.28
|
%
|
|
|
.20
|
%
|
|
|
|
|
Net interest
margin
|
|
|
3.92
|
%
|
|
|
3.56
|
%
|
|
|
|
|
|
|
3.83
|
%
|
|
|
3.47
|
%
|
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.17
|
%
|
|
|
.12
|
%
|
|
|
|
|
|
|
.15
|
%
|
|
|
.16
|
%
|
|
|
|
|
Net operating results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
550,169
|
|
|
|
326,664
|
|
|
|
68
|
%
|
|
$
|
1,936,155
|
|
|
|
1,427,331
|
|
|
|
36
|
%
|
Diluted net operating
earnings per common share
|
|
|
3.79
|
|
|
|
2.04
|
|
|
|
86
|
%
|
|
|
12.86
|
|
|
|
8.82
|
|
|
|
46
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.93
|
%
|
|
|
1.12
|
%
|
|
|
|
|
|
|
1.72
|
%
|
|
|
1.23
|
%
|
|
|
|
|
Average tangible
common equity
|
|
|
22.16
|
%
|
|
|
11.77
|
%
|
|
|
|
|
|
|
19.09
|
%
|
|
|
13.00
|
%
|
|
|
|
|
Efficiency
ratio
|
|
|
51.70
|
%
|
|
|
54.65
|
%
|
|
|
|
|
|
|
54.79
|
%
|
|
|
55.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan quality
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
893,608
|
|
|
|
882,598
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate and other
foreclosed assets
|
|
|
78,375
|
|
|
|
111,910
|
|
|
|
-30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
|
$
|
971,983
|
|
|
|
994,508
|
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
222,527
|
|
|
|
244,405
|
|
|
|
-9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
34,667
|
|
|
|
35,677
|
|
|
|
-3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more
|
|
|
192,443
|
|
|
|
235,489
|
|
|
|
-18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated
loans
|
|
$
|
245,367
|
|
|
|
221,513
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans
acquired at a discount past due 90 days or more (5)
|
|
$
|
39,750
|
|
|
|
47,418
|
|
|
|
-16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
529,520
|
|
|
|
688,091
|
|
|
|
-23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
amount
|
|
|
303,305
|
|
|
|
410,015
|
|
|
|
-26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to
total net loans
|
|
|
1.01
|
%
|
|
|
1.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
|
1.15
|
%
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Amounts in thousands,
except per share
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
546,219
|
|
|
|
526,091
|
|
|
|
493,160
|
|
|
|
352,610
|
|
|
|
322,403
|
|
Net income available
to common shareholders
|
|
|
525,328
|
|
|
|
505,365
|
|
|
|
472,600
|
|
|
|
332,749
|
|
|
|
302,486
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
3.76
|
|
|
|
3.54
|
|
|
|
3.26
|
|
|
|
2.24
|
|
|
|
2.01
|
|
Diluted
earnings
|
|
|
3.76
|
|
|
|
3.53
|
|
|
|
3.26
|
|
|
|
2.23
|
|
|
|
2.01
|
|
Cash
dividends
|
|
$
|
1.00
|
|
|
|
1.00
|
|
|
|
.80
|
|
|
|
.75
|
|
|
|
.75
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
139,838
|
|
|
|
142,976
|
|
|
|
144,998
|
|
|
|
148,905
|
|
|
|
150,348
|
|
Period end
(2)
|
|
|
138,534
|
|
|
|
141,479
|
|
|
|
144,261
|
|
|
|
146,799
|
|
|
|
150,112
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.84
|
%
|
|
|
1.80
|
%
|
|
|
1.70
|
%
|
|
|
1.22
|
%
|
|
|
1.06
|
%
|
Average common
shareholders' equity
|
|
|
14.80
|
%
|
|
|
14.08
|
%
|
|
|
13.32
|
%
|
|
|
9.15
|
%
|
|
|
8.03
|
%
|
Taxable-equivalent
net interest income
|
|
$
|
1,064,918
|
|
|
|
1,034,771
|
|
|
|
1,014,184
|
|
|
|
980,326
|
|
|
|
980,457
|
|
Yield on average
earning assets
|
|
|
4.51
|
%
|
|
|
4.40
|
%
|
|
|
4.28
|
%
|
|
|
4.11
|
%
|
|
|
3.93
|
%
|
Cost of
interest-bearing liabilities
|
|
|
.94
|
%
|
|
|
.82
|
%
|
|
|
.71
|
%
|
|
|
.64
|
%
|
|
|
.59
|
%
|
Net interest
spread
|
|
|
3.57
|
%
|
|
|
3.58
|
%
|
|
|
3.57
|
%
|
|
|
3.47
|
%
|
|
|
3.34
|
%
|
Contribution of
interest-free funds
|
|
|
.35
|
%
|
|
|
.30
|
%
|
|
|
.26
|
%
|
|
|
.24
|
%
|
|
|
.22
|
%
|
Net interest
margin
|
|
|
3.92
|
%
|
|
|
3.88
|
%
|
|
|
3.83
|
%
|
|
|
3.71
|
%
|
|
|
3.56
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.17
|
%
|
|
|
.07
|
%
|
|
|
.16
|
%
|
|
|
.19
|
%
|
|
|
.12
|
%
|
Net operating results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
550,169
|
|
|
|
530,619
|
|
|
|
497,869
|
|
|
|
357,498
|
|
|
|
326,664
|
|
Diluted net operating
earnings per common share
|
|
|
3.79
|
|
|
|
3.56
|
|
|
|
3.29
|
|
|
|
2.26
|
|
|
|
2.04
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.93
|
%
|
|
|
1.89
|
%
|
|
|
1.79
|
%
|
|
|
1.28
|
%
|
|
|
1.12
|
%
|
Average tangible
common equity
|
|
|
22.16
|
%
|
|
|
21.00
|
%
|
|
|
19.91
|
%
|
|
|
13.51
|
%
|
|
|
11.77
|
%
|
Efficiency
ratio
|
|
|
51.70
|
%
|
|
|
51.41
|
%
|
|
|
52.42
|
%
|
|
|
63.98
|
%
|
|
|
54.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Loan quality
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
Nonaccrual
loans
|
|
$
|
893,608
|
|
|
|
870,832
|
|
|
|
819,984
|
|
|
|
864,671
|
|
|
|
882,598
|
|
Real estate and other
foreclosed assets
|
|
|
78,375
|
|
|
|
87,333
|
|
|
|
98,062
|
|
|
|
101,514
|
|
|
|
111,910
|
|
Total nonperforming
assets
|
|
$
|
971,983
|
|
|
|
958,165
|
|
|
|
918,046
|
|
|
|
966,185
|
|
|
|
994,508
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
222,527
|
|
|
|
254,360
|
|
|
|
223,026
|
|
|
|
235,325
|
|
|
|
244,405
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
34,667
|
|
|
|
33,570
|
|
|
|
34,870
|
|
|
|
36,618
|
|
|
|
35,677
|
|
Accruing loans past
due 90 days or more
|
|
|
192,443
|
|
|
|
195,450
|
|
|
|
202,394
|
|
|
|
223,611
|
|
|
|
235,489
|
|
Renegotiated
loans
|
|
$
|
245,367
|
|
|
|
242,892
|
|
|
|
242,528
|
|
|
|
226,829
|
|
|
|
221,513
|
|
Accruing loans
acquired at a discount past due 90 days or
more
(5)
|
|
$
|
39,750
|
|
|
|
44,223
|
|
|
|
47,405
|
|
|
|
49,349
|
|
|
|
47,418
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
529,520
|
|
|
|
572,979
|
|
|
|
606,683
|
|
|
|
643,124
|
|
|
|
688,091
|
|
Carrying
amount
|
|
|
303,305
|
|
|
|
325,980
|
|
|
|
352,465
|
|
|
|
378,000
|
|
|
|
410,015
|
|
Nonaccrual loans to
total net loans
|
|
|
1.01
|
%
|
|
|
1.00
|
%
|
|
|
.93
|
%
|
|
|
.99
|
%
|
|
|
1.00
|
%
|
Allowance for credit
losses to total loans
|
|
|
1.15
|
%
|
|
|
1.18
|
%
|
|
|
1.16
|
%
|
|
|
1.16
|
%
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
Year ended
|
|
|
|
|
|
|
|
December 31
|
|
|
|
|
|
|
December 31
|
|
|
|
|
|
Dollars in
thousands
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
Interest
income
|
|
$
|
1,220,281
|
|
|
|
1,074,139
|
|
|
|
14
|
%
|
|
$
|
4,598,711
|
|
|
|
4,167,795
|
|
|
|
10
|
%
|
Interest
expense
|
|
|
161,321
|
|
|
|
102,689
|
|
|
|
57
|
|
|
|
526,409
|
|
|
|
386,751
|
|
|
|
36
|
|
Net interest
income
|
|
|
1,058,960
|
|
|
|
971,450
|
|
|
|
9
|
|
|
|
4,072,302
|
|
|
|
3,781,044
|
|
|
|
8
|
|
Provision for credit
losses
|
|
|
38,000
|
|
|
|
31,000
|
|
|
|
23
|
|
|
|
132,000
|
|
|
|
168,000
|
|
|
|
-21
|
|
Net interest income
after provision for credit losses
|
|
|
1,020,960
|
|
|
|
940,450
|
|
|
|
9
|
|
|
|
3,940,302
|
|
|
|
3,613,044
|
|
|
|
9
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
92,229
|
|
|
|
96,235
|
|
|
|
-4
|
|
|
|
360,442
|
|
|
|
363,827
|
|
|
|
-1
|
|
Service charges on
deposit accounts
|
|
|
108,791
|
|
|
|
107,783
|
|
|
|
1
|
|
|
|
429,337
|
|
|
|
427,372
|
|
|
|
—
|
|
Trust
income
|
|
|
135,024
|
|
|
|
129,669
|
|
|
|
4
|
|
|
|
537,585
|
|
|
|
501,381
|
|
|
|
7
|
|
Brokerage services
income
|
|
|
12,781
|
|
|
|
12,768
|
|
|
|
—
|
|
|
|
51,069
|
|
|
|
61,445
|
|
|
|
-17
|
|
Trading account and
foreign exchange gains
|
|
|
16,582
|
|
|
|
10,468
|
|
|
|
58
|
|
|
|
32,547
|
|
|
|
35,301
|
|
|
|
-8
|
|
Gain (loss) on bank
investment securities
|
|
|
4,219
|
|
|
|
21,296
|
|
|
|
-80
|
|
|
|
(6,301)
|
|
|
|
21,279
|
|
|
|
-130
|
|
Other revenues from
operations
|
|
|
110,970
|
|
|
|
105,834
|
|
|
|
5
|
|
|
|
451,321
|
|
|
|
440,538
|
|
|
|
2
|
|
Total other
income
|
|
|
480,596
|
|
|
|
484,053
|
|
|
|
-1
|
|
|
|
1,856,000
|
|
|
|
1,851,143
|
|
|
|
—
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
438,928
|
|
|
|
402,394
|
|
|
|
9
|
|
|
|
1,752,264
|
|
|
|
1,648,794
|
|
|
|
6
|
|
Equipment and net
occupancy
|
|
|
73,519
|
|
|
|
71,363
|
|
|
|
3
|
|
|
|
298,828
|
|
|
|
295,084
|
|
|
|
1
|
|
Outside data
processing and software
|
|
|
50,206
|
|
|
|
50,033
|
|
|
|
—
|
|
|
|
199,025
|
|
|
|
184,670
|
|
|
|
8
|
|
FDIC
assessments
|
|
|
9,837
|
|
|
|
23,722
|
|
|
|
-59
|
|
|
|
68,526
|
|
|
|
101,871
|
|
|
|
-33
|
|
Advertising and
marketing
|
|
|
25,910
|
|
|
|
19,366
|
|
|
|
34
|
|
|
|
85,710
|
|
|
|
69,203
|
|
|
|
24
|
|
Printing, postage and
supplies
|
|
|
8,777
|
|
|
|
8,563
|
|
|
|
2
|
|
|
|
35,658
|
|
|
|
35,960
|
|
|
|
-1
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
5,359
|
|
|
|
7,025
|
|
|
|
-24
|
|
|
|
24,522
|
|
|
|
31,366
|
|
|
|
-22
|
|
Other costs of
operations
|
|
|
189,626
|
|
|
|
213,347
|
|
|
|
-11
|
|
|
|
823,529
|
|
|
|
773,377
|
|
|
|
6
|
|
Total other
expense
|
|
|
802,162
|
|
|
|
795,813
|
|
|
|
1
|
|
|
|
3,288,062
|
|
|
|
3,140,325
|
|
|
|
5
|
|
Income before income
taxes
|
|
|
699,394
|
|
|
|
628,690
|
|
|
|
11
|
|
|
|
2,508,240
|
|
|
|
2,323,862
|
|
|
|
8
|
|
Applicable income
taxes
|
|
|
153,175
|
|
|
|
306,287
|
|
|
|
-50
|
|
|
|
590,160
|
|
|
|
915,556
|
|
|
|
-36
|
|
Net income
|
|
$
|
546,219
|
|
|
|
322,403
|
|
|
|
69
|
%
|
|
$
|
1,918,080
|
|
|
|
1,408,306
|
|
|
|
36
|
%
|
Condensed
Consolidated Statement of Income, Five Quarter Trend
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Dollars in
thousands
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
Interest
income
|
|
$
|
1,220,281
|
|
|
|
1,167,375
|
|
|
|
1,128,905
|
|
|
|
1,082,150
|
|
|
|
1,074,139
|
|
Interest
expense
|
|
|
161,321
|
|
|
|
138,337
|
|
|
|
120,118
|
|
|
|
106,633
|
|
|
|
102,689
|
|
Net interest
income
|
|
|
1,058,960
|
|
|
|
1,029,038
|
|
|
|
1,008,787
|
|
|
|
975,517
|
|
|
|
971,450
|
|
Provision for credit
losses
|
|
|
38,000
|
|
|
|
16,000
|
|
|
|
35,000
|
|
|
|
43,000
|
|
|
|
31,000
|
|
Net interest income
after provision for credit losses
|
|
|
1,020,960
|
|
|
|
1,013,038
|
|
|
|
973,787
|
|
|
|
932,517
|
|
|
|
940,450
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
92,229
|
|
|
|
88,408
|
|
|
|
92,499
|
|
|
|
87,306
|
|
|
|
96,235
|
|
Service charges on
deposit accounts
|
|
|
108,791
|
|
|
|
108,647
|
|
|
|
106,784
|
|
|
|
105,115
|
|
|
|
107,783
|
|
Trust
income
|
|
|
135,024
|
|
|
|
133,545
|
|
|
|
137,641
|
|
|
|
131,375
|
|
|
|
129,669
|
|
Brokerage services
income
|
|
|
12,781
|
|
|
|
12,267
|
|
|
|
12,629
|
|
|
|
13,392
|
|
|
|
12,768
|
|
Trading account and
foreign exchange gains
|
|
|
16,582
|
|
|
|
6,073
|
|
|
|
5,255
|
|
|
|
4,637
|
|
|
|
10,468
|
|
Gain (loss) on bank
investment securities
|
|
|
4,219
|
|
|
|
(3,415)
|
|
|
|
2,326
|
|
|
|
(9,431)
|
|
|
|
21,296
|
|
Other revenues from
operations
|
|
|
110,970
|
|
|
|
113,769
|
|
|
|
100,280
|
|
|
|
126,302
|
|
|
|
105,834
|
|
Total other
income
|
|
|
480,596
|
|
|
|
459,294
|
|
|
|
457,414
|
|
|
|
458,696
|
|
|
|
484,053
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
438,928
|
|
|
|
431,371
|
|
|
|
418,537
|
|
|
|
463,428
|
|
|
|
402,394
|
|
Equipment and net
occupancy
|
|
|
73,519
|
|
|
|
77,481
|
|
|
|
73,031
|
|
|
|
74,797
|
|
|
|
71,363
|
|
Outside data
processing and software
|
|
|
50,206
|
|
|
|
50,678
|
|
|
|
49,712
|
|
|
|
48,429
|
|
|
|
50,033
|
|
FDIC
assessments
|
|
|
9,837
|
|
|
|
18,849
|
|
|
|
19,560
|
|
|
|
20,280
|
|
|
|
23,722
|
|
Advertising and
marketing
|
|
|
25,910
|
|
|
|
21,784
|
|
|
|
21,768
|
|
|
|
16,248
|
|
|
|
19,366
|
|
Printing, postage and
supplies
|
|
|
8,777
|
|
|
|
8,843
|
|
|
|
8,719
|
|
|
|
9,319
|
|
|
|
8,563
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
5,359
|
|
|
|
6,143
|
|
|
|
6,388
|
|
|
|
6,632
|
|
|
|
7,025
|
|
Other costs of
operations
|
|
|
189,626
|
|
|
|
160,830
|
|
|
|
178,862
|
|
|
|
294,211
|
|
|
|
213,347
|
|
Total other
expense
|
|
|
802,162
|
|
|
|
775,979
|
|
|
|
776,577
|
|
|
|
933,344
|
|
|
|
795,813
|
|
Income before income
taxes
|
|
|
699,394
|
|
|
|
696,353
|
|
|
|
654,624
|
|
|
|
457,869
|
|
|
|
628,690
|
|
Applicable income
taxes
|
|
|
153,175
|
|
|
|
170,262
|
|
|
|
161,464
|
|
|
|
105,259
|
|
|
|
306,287
|
|
Net income
|
|
$
|
546,219
|
|
|
|
526,091
|
|
|
|
493,160
|
|
|
|
352,610
|
|
|
|
322,403
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
December 31
|
|
|
|
|
|
|
Dollars in
thousands
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,605,439
|
|
|
|
1,420,888
|
|
|
|
13
|
|
%
|
Interest-bearing
deposits at banks
|
|
|
8,105,197
|
|
|
|
5,078,903
|
|
|
|
60
|
|
|
Trading
account
|
|
|
185,584
|
|
|
|
132,909
|
|
|
|
40
|
|
|
Investment
securities
|
|
|
12,692,813
|
|
|
|
14,664,525
|
|
|
|
-13
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
22,977,976
|
|
|
|
21,742,651
|
|
|
|
6
|
|
|
Real estate -
commercial
|
|
|
34,363,556
|
|
|
|
33,366,373
|
|
|
|
3
|
|
|
Real estate -
consumer
|
|
|
17,154,446
|
|
|
|
19,613,344
|
|
|
|
-13
|
|
|
Consumer
|
|
|
13,970,499
|
|
|
|
13,266,615
|
|
|
|
5
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
88,466,477
|
|
|
|
87,988,983
|
|
|
|
1
|
|
|
Less: allowance for
credit losses
|
|
|
1,019,444
|
|
|
|
1,017,198
|
|
|
|
—
|
|
|
Net loans and
leases
|
|
|
87,447,033
|
|
|
|
86,971,785
|
|
|
|
1
|
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
47,067
|
|
|
|
71,589
|
|
|
|
-34
|
|
|
Other
assets
|
|
|
5,421,158
|
|
|
|
5,659,776
|
|
|
|
-4
|
|
|
Total
assets
|
|
$
|
120,097,403
|
|
|
|
118,593,487
|
|
|
|
1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
32,256,668
|
|
|
|
33,975,180
|
|
|
|
-5
|
|
%
|
Interest-bearing
deposits
|
|
|
57,087,998
|
|
|
|
58,278,970
|
|
|
|
-2
|
|
|
Deposits at Cayman
Islands office
|
|
|
811,906
|
|
|
|
177,996
|
|
|
|
356
|
|
|
Total
deposits
|
|
|
90,156,572
|
|
|
|
92,432,146
|
|
|
|
-2
|
|
|
Short-term
borrowings
|
|
|
4,398,378
|
|
|
|
175,099
|
|
|
|
—
|
|
|
Accrued interest and
other liabilities
|
|
|
1,637,348
|
|
|
|
1,593,993
|
|
|
|
3
|
|
|
Long-term
borrowings
|
|
|
8,444,914
|
|
|
|
8,141,430
|
|
|
|
4
|
|
|
Total
liabilities
|
|
|
104,637,212
|
|
|
|
102,342,668
|
|
|
|
2
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
—
|
|
|
Common
|
|
|
14,228,691
|
|
|
|
15,019,319
|
|
|
|
-5
|
|
|
Total shareholders'
equity
|
|
|
15,460,191
|
|
|
|
16,250,819
|
|
|
|
-5
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
120,097,403
|
|
|
|
118,593,487
|
|
|
|
1
|
|
%
|
Condensed
Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Dollars in
thousands
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,605,439
|
|
|
|
1,311,611
|
|
|
|
1,367,594
|
|
|
|
1,291,664
|
|
|
|
1,420,888
|
|
Interest-bearing
deposits at banks
|
|
|
8,105,197
|
|
|
|
6,523,746
|
|
|
|
6,669,985
|
|
|
|
6,135,434
|
|
|
|
5,078,903
|
|
Federal funds
sold
|
|
|
—
|
|
|
|
—
|
|
|
|
1,500
|
|
|
|
1,000
|
|
|
|
—
|
|
Trading
account
|
|
|
185,584
|
|
|
|
125,038
|
|
|
|
148,303
|
|
|
|
141,134
|
|
|
|
132,909
|
|
Investment
securities
|
|
|
12,692,813
|
|
|
|
13,073,881
|
|
|
|
13,283,002
|
|
|
|
14,066,564
|
|
|
|
14,664,525
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
22,977,976
|
|
|
|
21,635,394
|
|
|
|
21,894,857
|
|
|
|
21,697,522
|
|
|
|
21,742,651
|
|
Real estate -
commercial
|
|
|
34,363,556
|
|
|
|
33,518,375
|
|
|
|
34,137,937
|
|
|
|
33,753,506
|
|
|
|
33,366,373
|
|
Real estate -
consumer
|
|
|
17,154,446
|
|
|
|
17,721,399
|
|
|
|
18,310,712
|
|
|
|
18,960,946
|
|
|
|
19,613,344
|
|
Consumer
|
|
|
13,970,499
|
|
|
|
13,805,317
|
|
|
|
13,453,944
|
|
|
|
13,298,775
|
|
|
|
13,266,615
|
|
Total loans and leases, net of unearned discount
|
|
|
88,466,477
|
|
|
|
86,680,485
|
|
|
|
87,797,450
|
|
|
|
87,710,749
|
|
|
|
87,988,983
|
|
Less: allowance for
credit losses
|
|
|
1,019,444
|
|
|
|
1,019,488
|
|
|
|
1,019,248
|
|
|
|
1,019,671
|
|
|
|
1,017,198
|
|
Net loans and
leases
|
|
|
87,447,033
|
|
|
|
85,660,997
|
|
|
|
86,778,202
|
|
|
|
86,691,078
|
|
|
|
86,971,785
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
Core deposit and
other intangible assets
|
|
|
47,067
|
|
|
|
52,426
|
|
|
|
58,569
|
|
|
|
64,957
|
|
|
|
71,589
|
|
Other
assets
|
|
|
5,421,158
|
|
|
|
5,486,826
|
|
|
|
5,525,786
|
|
|
|
5,637,881
|
|
|
|
5,659,776
|
|
Total
assets
|
|
$
|
120,097,403
|
|
|
|
116,827,637
|
|
|
|
118,426,053
|
|
|
|
118,622,824
|
|
|
|
118,593,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
32,256,668
|
|
|
|
31,773,560
|
|
|
|
32,086,191
|
|
|
|
31,817,516
|
|
|
|
33,975,180
|
|
Interest-bearing
deposits
|
|
|
57,087,998
|
|
|
|
56,919,549
|
|
|
|
56,924,970
|
|
|
|
58,851,050
|
|
|
|
58,278,970
|
|
Deposits at Cayman
Islands office
|
|
|
811,906
|
|
|
|
447,287
|
|
|
|
261,427
|
|
|
|
278,064
|
|
|
|
177,996
|
|
Total
deposits
|
|
|
90,156,572
|
|
|
|
89,140,396
|
|
|
|
89,272,588
|
|
|
|
90,946,630
|
|
|
|
92,432,146
|
|
Short-term
borrowings
|
|
|
4,398,378
|
|
|
|
1,310,110
|
|
|
|
3,239,416
|
|
|
|
1,626,129
|
|
|
|
175,099
|
|
Accrued interest and
other liabilities
|
|
|
1,637,348
|
|
|
|
1,800,778
|
|
|
|
1,953,848
|
|
|
|
1,749,320
|
|
|
|
1,593,993
|
|
Long-term
borrowings
|
|
|
8,444,914
|
|
|
|
9,140,268
|
|
|
|
8,382,316
|
|
|
|
8,591,051
|
|
|
|
8,141,430
|
|
Total
liabilities
|
|
|
104,637,212
|
|
|
|
101,391,552
|
|
|
|
102,848,168
|
|
|
|
102,913,130
|
|
|
|
102,342,668
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
Common
|
|
|
14,228,691
|
|
|
|
14,204,585
|
|
|
|
14,346,385
|
|
|
|
14,478,194
|
|
|
|
15,019,319
|
|
Total shareholders'
equity
|
|
|
15,460,191
|
|
|
|
15,436,085
|
|
|
|
15,577,885
|
|
|
|
15,709,694
|
|
|
|
16,250,819
|
|
Total liabilities and
shareholders' equity
|
|
$
|
120,097,403
|
|
|
|
116,827,637
|
|
|
|
118,426,053
|
|
|
|
118,622,824
|
|
|
|
118,593,487
|
|
Condensed
Consolidated Average Balance Sheet and Annualized
Taxable-equivalent Rates
|
|
|
|
|
Three months
ended
|
|
|
Change in
balance
|
|
|
|
Year ended
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
2018 from
|
|
|
|
December 31,
|
|
|
Change
|
Dollars in
millions
|
|
2018
|
|
2017
|
|
|
2018
|
|
|
December 31,
|
|
|
September 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
in
|
|
|
Balance
|
|
|
Rate
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
2017
|
|
|
2018
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
balance
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
7,394
|
|
|
2.23
|
%
|
|
6,680
|
|
|
1.31
|
%
|
|
|
5,207
|
|
|
1.98
|
%
|
|
|
11
|
%
|
|
|
42
|
%
|
|
|
$
|
5,614
|
|
|
1.93
|
%
|
|
|
5,578
|
|
|
1.10
|
%
|
|
|
1
|
%
|
Federal funds
sold
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
1
|
|
|
1.95
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
Trading
account
|
|
|
56
|
|
|
2.65
|
|
|
87
|
|
|
1.31
|
|
|
|
65
|
|
|
1.78
|
|
|
|
-35
|
|
|
|
-14
|
|
|
|
|
58
|
|
|
2.55
|
|
|
|
71
|
|
|
1.70
|
|
|
|
-18
|
|
Investment
securities
|
|
|
13,034
|
|
|
2.41
|
|
|
14,808
|
|
|
2.30
|
|
|
|
13,431
|
|
|
2.37
|
|
|
|
-12
|
|
|
|
-3
|
|
|
|
|
13,694
|
|
|
2.37
|
|
|
|
15,538
|
|
|
2.34
|
|
|
|
-12
|
|
Loans and leases, net
of unearned
discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
22,376
|
|
|
4.92
|
|
|
21,562
|
|
|
4.06
|
|
|
|
21,689
|
|
|
4.68
|
|
|
|
4
|
|
|
|
3
|
|
|
|
|
21,832
|
|
|
4.60
|
|
|
|
21,981
|
|
|
3.88
|
|
|
|
-1
|
|
Real estate -
commercial
|
|
|
33,586
|
|
|
5.27
|
|
|
33,138
|
|
|
4.61
|
|
|
|
33,800
|
|
|
5.10
|
|
|
|
1
|
|
|
|
-1
|
|
|
|
|
33,682
|
|
|
5.01
|
|
|
|
33,196
|
|
|
4.40
|
|
|
|
1
|
|
Real estate -
consumer
|
|
|
17,421
|
|
|
4.31
|
|
|
19,974
|
|
|
4.03
|
|
|
|
18,006
|
|
|
4.21
|
|
|
|
-13
|
|
|
|
-3
|
|
|
|
|
18,330
|
|
|
4.18
|
|
|
|
21,013
|
|
|
3.96
|
|
|
|
-13
|
|
Consumer
|
|
|
13,918
|
|
|
5.35
|
|
|
13,163
|
|
|
4.91
|
|
|
|
13,637
|
|
|
5.26
|
|
|
|
6
|
|
|
|
2
|
|
|
|
|
13,555
|
|
|
5.19
|
|
|
|
12,625
|
|
|
4.82
|
|
|
|
7
|
|
Total loans and
leases, net
|
|
|
87,301
|
|
|
5.02
|
|
|
87,837
|
|
|
4.40
|
|
|
|
87,132
|
|
|
4.86
|
|
|
|
-1
|
|
|
|
—
|
|
|
|
|
87,399
|
|
|
4.79
|
|
|
|
88,815
|
|
|
4.25
|
|
|
|
-2
|
|
Total earning
assets
|
|
|
107,785
|
|
|
4.51
|
|
|
109,412
|
|
|
3.93
|
|
|
|
105,835
|
|
|
4.40
|
|
|
|
-1
|
|
|
|
2
|
|
|
|
|
106,766
|
|
|
4.33
|
|
|
|
110,002
|
|
|
3.82
|
|
|
|
-3
|
|
Goodwill
|
|
|
4,593
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
4,593
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
—
|
|
Core deposit and other intangible
assets
|
|
|
50
|
|
|
|
|
|
75
|
|
|
|
|
|
|
55
|
|
|
|
|
|
|
-34
|
|
|
|
-11
|
|
|
|
|
59
|
|
|
|
|
|
|
86
|
|
|
|
|
|
|
-32
|
|
Other
assets
|
|
|
5,371
|
|
|
|
|
|
6,146
|
|
|
|
|
|
|
5,514
|
|
|
|
|
|
|
-13
|
|
|
|
-3
|
|
|
|
|
5,541
|
|
|
|
|
|
|
6,179
|
|
|
|
|
|
|
-10
|
|
Total
assets
|
|
$
|
117,799
|
|
|
|
|
|
120,226
|
|
|
|
|
|
|
115,997
|
|
|
|
|
|
|
-2
|
%
|
|
|
2
|
%
|
|
|
$
|
116,959
|
|
|
|
|
|
|
120,860
|
|
|
|
|
|
|
-3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking
deposits
|
|
$
|
51,820
|
|
|
.54
|
|
|
53,436
|
|
|
.29
|
|
|
|
51,552
|
|
|
.43
|
|
|
|
-3
|
%
|
|
|
1
|
%
|
|
|
$
|
52,102
|
|
|
.41
|
|
|
|
53,399
|
|
|
.25
|
|
|
|
-2
|
%
|
Time
deposits
|
|
|
5,960
|
|
|
1.07
|
|
|
6,888
|
|
|
.70
|
|
|
|
5,826
|
|
|
.88
|
|
|
|
-13
|
|
|
|
2
|
|
|
|
|
6,025
|
|
|
.85
|
|
|
|
8,161
|
|
|
.75
|
|
|
|
-26
|
|
Deposits at Cayman Islands
office
|
|
|
693
|
|
|
1.81
|
|
|
215
|
|
|
.61
|
|
|
|
407
|
|
|
1.52
|
|
|
|
223
|
|
|
|
70
|
|
|
|
|
394
|
|
|
1.43
|
|
|
|
185
|
|
|
.64
|
|
|
|
114
|
|
Total interest-bearing deposits
|
|
|
58,473
|
|
|
.61
|
|
|
60,539
|
|
|
.34
|
|
|
|
57,785
|
|
|
.49
|
|
|
|
-3
|
|
|
|
1
|
|
|
|
|
58,521
|
|
|
.47
|
|
|
|
61,745
|
|
|
.32
|
|
|
|
-5
|
|
Short-term
borrowings
|
|
|
315
|
|
|
1.91
|
|
|
178
|
|
|
.81
|
|
|
|
374
|
|
|
1.70
|
|
|
|
77
|
|
|
|
-16
|
|
|
|
|
331
|
|
|
1.63
|
|
|
|
205
|
|
|
.74
|
|
|
|
62
|
|
Long-term
borrowings
|
|
|
9,239
|
|
|
3.03
|
|
|
8,464
|
|
|
2.37
|
|
|
|
9,047
|
|
|
2.90
|
|
|
|
9
|
|
|
|
2
|
|
|
|
|
8,845
|
|
|
2.81
|
|
|
|
8,302
|
|
|
2.28
|
|
|
|
7
|
|
Total
interest-bearing liabilities
|
|
|
68,027
|
|
|
.94
|
|
|
69,181
|
|
|
.59
|
|
|
|
67,206
|
|
|
.82
|
|
|
|
-2
|
|
|
|
1
|
|
|
|
|
67,697
|
|
|
.78
|
|
|
|
70,252
|
|
|
.55
|
|
|
|
-4
|
|
Noninterest-bearing
deposits
|
|
|
32,631
|
|
|
|
|
|
32,930
|
|
|
|
|
|
|
31,467
|
|
|
|
|
|
|
-1
|
|
|
|
4
|
|
|
|
|
31,893
|
|
|
|
|
|
|
32,520
|
|
|
|
|
|
|
-2
|
|
Other
liabilities
|
|
|
1,752
|
|
|
|
|
|
1,844
|
|
|
|
|
|
|
1,775
|
|
|
|
|
|
|
-5
|
|
|
|
-1
|
|
|
|
|
1,739
|
|
|
|
|
|
|
1,793
|
|
|
|
|
|
|
-3
|
|
Total
liabilities
|
|
|
102,410
|
|
|
|
|
|
103,955
|
|
|
|
|
|
|
100,448
|
|
|
|
|
|
|
-1
|
|
|
|
2
|
|
|
|
|
101,329
|
|
|
|
|
|
|
104,565
|
|
|
|
|
|
|
-3
|
|
Shareholders'
equity
|
|
|
15,389
|
|
|
|
|
|
16,271
|
|
|
|
|
|
|
15,549
|
|
|
|
|
|
|
-5
|
|
|
|
-1
|
|
|
|
|
15,630
|
|
|
|
|
|
|
16,295
|
|
|
|
|
|
|
-4
|
|
Total liabilities
and
shareholders' equity
|
|
$
|
117,799
|
|
|
|
|
|
120,226
|
|
|
|
|
|
|
115,997
|
|
|
|
|
|
|
-2
|
%
|
|
|
2
|
%
|
|
|
$
|
116,959
|
|
|
|
|
|
|
120,860
|
|
|
|
|
|
|
-3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
3.57
|
|
|
|
|
|
3.34
|
|
|
|
|
|
|
3.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.55
|
|
|
|
|
|
|
3.27
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
|
.35
|
|
|
|
|
|
.22
|
|
|
|
|
|
|
.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.28
|
|
|
|
|
|
|
.20
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.92
|
%
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
3.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.83
|
%
|
|
|
|
|
|
3.47
|
%
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Year ended
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
546,219
|
|
|
|
322,403
|
|
|
|
1,918,080
|
|
|
|
1,408,306
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
3,950
|
|
|
|
4,261
|
|
|
|
18,075
|
|
|
|
19,025
|
|
Net operating
income
|
|
$
|
550,169
|
|
|
|
326,664
|
|
|
|
1,936,155
|
|
|
|
1,427,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
3.76
|
|
|
|
2.01
|
|
|
|
12.74
|
|
|
|
8.70
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.12
|
|
|
|
.12
|
|
Diluted net operating
earnings per common share
|
|
$
|
3.79
|
|
|
|
2.04
|
|
|
|
12.86
|
|
|
|
8.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
802,162
|
|
|
|
795,813
|
|
|
|
3,288,062
|
|
|
|
3,140,325
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(5,359)
|
|
|
|
(7,025)
|
|
|
|
(24,522)
|
|
|
|
(31,366)
|
|
Noninterest operating
expense
|
|
$
|
796,803
|
|
|
|
788,788
|
|
|
|
3,263,540
|
|
|
|
3,108,959
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
796,803
|
|
|
|
788,788
|
|
|
|
3,263,540
|
|
|
|
3,108,959
|
|
Taxable-equivalent
net interest income
|
|
|
1,064,918
|
|
|
|
980,457
|
|
|
|
4,094,199
|
|
|
|
3,815,614
|
|
Other
income
|
|
|
480,596
|
|
|
|
484,053
|
|
|
|
1,856,000
|
|
|
|
1,851,143
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
4,219
|
|
|
|
21,296
|
|
|
|
(6,301)
|
|
|
|
21,279
|
|
Denominator
|
|
$
|
1,541,295
|
|
|
|
1,443,214
|
|
|
|
5,956,500
|
|
|
|
5,645,478
|
|
Efficiency
ratio
|
|
|
51.70
|
%
|
|
|
54.65
|
%
|
|
|
54.79
|
%
|
|
|
55.07
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
117,799
|
|
|
|
120,226
|
|
|
|
116,959
|
|
|
|
120,860
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(50)
|
|
|
|
(75)
|
|
|
|
(59)
|
|
|
|
(86)
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
26
|
|
|
|
16
|
|
|
|
33
|
|
Average tangible
assets
|
|
$
|
113,169
|
|
|
|
115,584
|
|
|
|
112,323
|
|
|
|
116,214
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
15,389
|
|
|
|
16,271
|
|
|
|
15,630
|
|
|
|
16,295
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
14,157
|
|
|
|
15,039
|
|
|
|
14,398
|
|
|
|
15,063
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(50)
|
|
|
|
(75)
|
|
|
|
(59)
|
|
|
|
(86)
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
26
|
|
|
|
16
|
|
|
|
33
|
|
Average tangible
common equity
|
|
$
|
9,527
|
|
|
|
10,397
|
|
|
|
9,762
|
|
|
|
10,417
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
120,097
|
|
|
|
118,593
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(47)
|
|
|
|
(72)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
Total tangible
assets
|
|
$
|
115,470
|
|
|
|
113,947
|
|
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
15,460
|
|
|
|
16,251
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
|
|
|
|
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
Common equity, net of
undeclared cumulative preferred dividends
|
|
|
14,225
|
|
|
|
15,016
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(47)
|
|
|
|
(72)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
Total tangible common
equity
|
|
$
|
9,598
|
|
|
|
10,370
|
|
|
|
|
|
|
|
|
|
(1)
|
After any related tax
effect.
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
546,219
|
|
|
|
526,091
|
|
|
|
493,160
|
|
|
|
352,610
|
|
|
|
322,403
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
3,950
|
|
|
|
4,528
|
|
|
|
4,709
|
|
|
|
4,888
|
|
|
|
4,261
|
|
Net operating
income
|
|
$
|
550,169
|
|
|
|
530,619
|
|
|
|
497,869
|
|
|
|
357,498
|
|
|
|
326,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
3.76
|
|
|
|
3.53
|
|
|
|
3.26
|
|
|
|
2.23
|
|
|
|
2.01
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
Diluted net operating
earnings per common share
|
|
$
|
3.79
|
|
|
|
3.56
|
|
|
|
3.29
|
|
|
|
2.26
|
|
|
|
2.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
802,162
|
|
|
|
775,979
|
|
|
|
776,577
|
|
|
|
933,344
|
|
|
|
795,813
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(5,359)
|
|
|
|
(6,143)
|
|
|
|
(6,388)
|
|
|
|
(6,632)
|
|
|
|
(7,025)
|
|
Noninterest operating
expense
|
|
$
|
796,803
|
|
|
|
769,836
|
|
|
|
770,189
|
|
|
|
926,712
|
|
|
|
788,788
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
796,803
|
|
|
|
769,836
|
|
|
|
770,189
|
|
|
|
926,712
|
|
|
|
788,788
|
|
Taxable-equivalent
net interest income
|
|
|
1,064,918
|
|
|
|
1,034,771
|
|
|
|
1,014,184
|
|
|
|
980,326
|
|
|
|
980,457
|
|
Other
income
|
|
|
480,596
|
|
|
|
459,294
|
|
|
|
457,414
|
|
|
|
458,696
|
|
|
|
484,053
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
4,219
|
|
|
|
(3,415)
|
|
|
|
2,326
|
|
|
|
(9,431)
|
|
|
|
21,296
|
|
Denominator
|
|
$
|
1,541,295
|
|
|
|
1,497,480
|
|
|
|
1,469,272
|
|
|
|
1,448,453
|
|
|
|
1,443,214
|
|
Efficiency
ratio
|
|
|
51.70
|
%
|
|
|
51.41
|
%
|
|
|
52.42
|
%
|
|
|
63.98
|
%
|
|
|
54.65
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
117,799
|
|
|
|
115,997
|
|
|
|
116,413
|
|
|
|
117,684
|
|
|
|
120,226
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(50)
|
|
|
|
(55)
|
|
|
|
(62)
|
|
|
|
(68)
|
|
|
|
(75)
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
14
|
|
|
|
17
|
|
|
|
18
|
|
|
|
26
|
|
Average tangible
assets
|
|
$
|
113,169
|
|
|
|
111,363
|
|
|
|
111,775
|
|
|
|
113,041
|
|
|
|
115,584
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
15,389
|
|
|
|
15,549
|
|
|
|
15,533
|
|
|
|
16,059
|
|
|
|
16,271
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
14,157
|
|
|
|
14,317
|
|
|
|
14,301
|
|
|
|
14,827
|
|
|
|
15,039
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(50)
|
|
|
|
(55)
|
|
|
|
(62)
|
|
|
|
(68)
|
|
|
|
(75)
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
14
|
|
|
|
17
|
|
|
|
18
|
|
|
|
26
|
|
Average tangible
common equity
|
|
$
|
9,527
|
|
|
|
9,683
|
|
|
|
9,663
|
|
|
|
10,184
|
|
|
|
10,397
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
120,097
|
|
|
|
116,828
|
|
|
|
118,426
|
|
|
|
118,623
|
|
|
|
118,593
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(47)
|
|
|
|
(52)
|
|
|
|
(59)
|
|
|
|
(65)
|
|
|
|
(72)
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
14
|
|
|
|
16
|
|
|
|
17
|
|
|
|
19
|
|
Total tangible
assets
|
|
$
|
115,470
|
|
|
|
112,197
|
|
|
|
113,790
|
|
|
|
113,982
|
|
|
|
113,947
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
15,460
|
|
|
|
15,436
|
|
|
|
15,578
|
|
|
|
15,710
|
|
|
|
16,251
|
|
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
|
|
|
14,225
|
|
|
|
14,201
|
|
|
|
14,343
|
|
|
|
14,475
|
|
|
|
15,016
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(47)
|
|
|
|
(52)
|
|
|
|
(59)
|
|
|
|
(65)
|
|
|
|
(72)
|
|
Deferred
taxes
|
|
|
13
|
|
|
|
14
|
|
|
|
16
|
|
|
|
17
|
|
|
|
19
|
|
Total tangible common
equity
|
|
$
|
9,598
|
|
|
|
9,570
|
|
|
|
9,707
|
|
|
|
9,834
|
|
|
|
10,370
|
|
(1)
|
After any related tax
effect.
|
INVESTOR
CONTACT:
|
Donald J.
MacLeod
|
|
(716)
842-5138
|
|
|
MEDIA
CONTACT:
|
C. Michael
Zabel
|
|
(716)
842-5385
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/mt-bank-corporation-announces-2018-fourth-quarter-and-full-year-results-300780143.html
SOURCE M&T Bank Corporation