BUFFALO, N.Y., July 19, 2017 /PRNewswire/ -- M&T Bank
Corporation ("M&T")(NYSE: MTB) today reported its results of
operations for the quarter ended June 30,
2017.
GAAP Results of Operations. Diluted earnings per common
share measured in accordance with generally accepted accounting
principles ("GAAP") for the second quarter of 2017 were
$2.35, up 19% from $1.98 in the year-earlier period and 11% higher
than $2.12 in the first quarter of
2017. GAAP-basis net income in the recently completed quarter
totaled $381 million, a 13% rise from
$336 million in the corresponding
2016 quarter and 9% above the $349
million recorded in the initial 2017 quarter.
GAAP-basis net income for the second quarter of 2017 expressed as
an annualized rate of return on average assets and average common
shareholders' equity was 1.27% and 9.67%, respectively, compared
with 1.09% and 8.38%, respectively, in the year-earlier quarter and
1.15% and 8.89%, respectively, in the first quarter of 2017.
Commenting on the recent quarter's performance, Darren J. King, Executive Vice President and
Chief Financial Officer, stated, "Financial results for M&T in
the second quarter were highlighted by a continued widening of the
net interest margin, which rose 11 basis points from the previous
quarter to 3.45%. Also contributing to the strong performance
were increased trust income and well-controlled expenses that were
in line with our expectations. As has been the case for some time,
credit quality continued to be solid as net charge-offs were modest
and nonaccrual loans decreased."
Earnings
Highlights
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Change 2Q17
vs.
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($ in millions,
except per share data)
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2Q17
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2Q16
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1Q17
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2Q16
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1Q17
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Net income
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$
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381
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$
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336
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$
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349
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13
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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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361
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$
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313
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$
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329
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15
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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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2.35
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$
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1.98
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$
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2.12
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19
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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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1.27
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%
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1.09
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%
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1.15
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%
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Annualized return on
average common equity
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9.67
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%
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8.38
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%
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8.89
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%
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For the six-month period ended June 30,
2017, diluted earnings per common share were $4.47, up 20% from $3.71 in the year-earlier period.
GAAP-basis net income for the first six months of 2017 totaled
$730 million, or 15% higher than
$635 million in the similar 2016
period. Expressed as an annualized rate of return on average
assets and average common shareholders' equity, GAAP-basis net
income in the six-month period ended June
30, 2017 was 1.21% and 9.28%, respectively, compared with
1.03% and 7.91%, respectively, in the corresponding 2016
period.
Supplemental Reporting of Non-GAAP Results of Operations.
M&T consistently provides supplemental reporting of its results
on a "net operating" or "tangible" basis, from which M&T
excludes the after-tax effect of amortization of core deposit and
other intangible assets (and the related goodwill, core deposit
intangible and other intangible asset balances, net of applicable
deferred tax amounts) and expenses associated with merging acquired
operations into M&T, since such items are considered by
management to be "nonoperating" in nature. The amounts of
such "nonoperating" expense are presented in the tables that
accompany this release. Although "net operating income" as
defined by M&T is not a GAAP measure, M&T's management
believes that this information helps investors understand the
effect of acquisition activity in reported
results.
Diluted net operating earnings per common share were
$2.38 in the recent quarter, up from
$2.07 and $2.15 in the year-earlier quarter and the first
quarter of 2017, respectively. Net operating income rose to
$386 million in the second quarter of
2017, 10% higher than $351 million in
the second quarter of 2016 and 9% above $354
million in the initial 2017 quarter. Expressed as an
annualized rate of return on average tangible assets
and average tangible common shareholders' equity, net
operating income was 1.33% and 14.18%, respectively, in the second
quarter of 2017, compared with 1.18% and 12.68%, respectively, in
the year-earlier quarter and 1.21% and 13.05%, respectively, in the
first three months of 2017.
Diluted net operating earnings per common share in the first six
months of 2017 increased 15% to $4.53
from $3.94 in the first half of
2016. Net operating income during the six-month period ended
June 30, 2017 was $740 million, a rise of 10% from $671 million in the similar 2016 period.
Net operating income expressed as an annualized rate of return on
average tangible assets and average tangible common shareholders'
equity was 1.27% and 13.61%, respectively, in the first half of
2017, compared with 1.14% and 12.15%, respectively, in the first
six months of 2016.
Taxable-equivalent Net Interest Income. Net interest
income expressed on a taxable-equivalent basis totaled $947 million in the second quarter of 2017, an
increase of $77 million, or 9%, from
$870 million in the year-earlier
quarter. That improvement resulted predominantly from a
widening of the net interest margin to 3.45% in the recent quarter
from 3.13% in the second quarter of 2016. Taxable-equivalent net
interest income in the recent quarter rose 3% from $922 million in the initial 2017 quarter.
That growth was primarily due to an 11 basis point widening of the
net interest margin from 3.34% in the first quarter of 2017.
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Taxable-equivalent
Net Interest Income
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Change 2Q17
vs.
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($ in
millions)
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2Q17
|
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2Q16
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1Q17
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2Q16
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1Q17
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Average earning
assets
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$
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109,987
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$
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111,872
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$
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112,008
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-2
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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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947
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$
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870
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$
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922
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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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3.45
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%
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3.13
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%
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3.34
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%
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Provision for Credit Losses/Asset Quality. The provision
for credit losses was $52 million in
the second quarter of 2017, compared with $32 million in the year-earlier quarter and
$55 million in the first quarter of
2017. Net charge-offs of loans were $45 million during the recent quarter, compared
with $24 million in the second
quarter of 2016 and $43 million in
the initial 2017 quarter. Expressed as an annualized
percentage of average loans outstanding, net charge-offs were .20%
and .11% in the second quarters of 2017 and 2016, respectively, and
.19% in the first quarter of 2017.
Loans classified as nonaccrual totaled $872 million, or .98% of total loans outstanding
at June 30, 2017, compared with
$927 million or 1.04% at
March 31, 2017 and $849 million
or .96% at June 30, 2016. The decline
in nonaccrual loans from March 31,
2017 to the recent quarter-end reflects the combined effect
of borrower repayment performance and charge-offs of loans in
nonaccrual status. The higher level of nonaccrual loans at the two
most recent quarter-ends as compared with June 30, 2016 reflects the migration of
previously performing loans obtained in the acquisition of Hudson
City Bancorp, Inc. ("Hudson City") that became over 90 days past
due after June 30, 2016.
Nonaccrual Hudson City-related residential real estate loans
totaled $211 million, $113 million and $207
million at June 30, 2017,
June 30, 2016 and March 31, 2017, respectively. Assets taken
in foreclosure of defaulted loans were $105
million at June 30, 2017,
compared with $172 million at
June 30, 2016 and $119 million at March 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 $1.01 billion
at June 30, 2017, compared with $970
million and $1.00 billion at
June 30, 2016 and March 31, 2017, respectively. The allowance
expressed as a percentage of outstanding loans was 1.13% at
June 30, 2017, compared with 1.10% at
June 30, 2016 and 1.12% at
March 31, 2017.
Asset Quality
Metrics
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Change 2Q17
vs.
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($ in
millions)
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2Q17
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2Q16
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1Q17
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2Q16
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1Q17
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At end of
quarter
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Nonaccrual
loans
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$
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872
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$
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849
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$
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927
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3
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%
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-6
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%
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Real estate and other
foreclosed assets
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$
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105
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$
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172
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$
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119
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|
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-39
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%
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-12
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%
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Total nonperforming
assets
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$
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977
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$
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1,021
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$
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1,046
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-4
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%
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-7
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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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265
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$
|
298
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$
|
280
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-11
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%
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-5
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%
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Nonaccrual loans as %
of loans outstanding
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|
.98
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%
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|
.96
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%
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|
1.04
|
%
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|
Allowance for credit
losses
|
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$
|
1,008
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$
|
970
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|
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$
|
1,001
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|
|
4
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%
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1
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%
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Allowance for credit
losses as % of loans outstanding
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|
|
1.13
|
%
|
|
|
1.10
|
%
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|
|
1.12
|
%
|
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For the
period
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Provision for credit
losses
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$
|
52
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$
|
32
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$
|
55
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|
|
63
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%
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-5
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%
|
Net
charge-offs
|
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$
|
45
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$
|
24
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$
|
43
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|
|
86
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%
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6
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%
|
Net charge-offs as %
of average loans (annualized)
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|
.20
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%
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.11
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%
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|
.19
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%
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(1)
|
Excludes loans
acquired at a discount. Predominantly residential real estate
loans.
|
Noninterest Income and Expense. Noninterest income totaled
$461 million in the second quarter of
2017, compared with $448 million in
the year-earlier quarter and $447
million in the initial quarter of 2017. The rise in
noninterest income in the recent quarter as compared with the
earlier quarters reflected higher trust income. An increase in
credit-related fees also contributed to the improvement as compared
with the year-earlier quarter.
Noninterest
Income
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|
|
|
Change 2Q17
vs.
|
|
($ in
millions)
|
|
2Q17
|
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|
2Q16
|
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|
1Q17
|
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|
2Q16
|
|
|
1Q17
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Mortgage banking
revenues
|
|
$
|
86
|
|
|
$
|
89
|
|
|
$
|
85
|
|
|
|
-4
|
%
|
|
|
2
|
%
|
Service charges on
deposit accounts
|
|
|
106
|
|
|
|
104
|
|
|
|
104
|
|
|
|
2
|
%
|
|
|
2
|
%
|
Trust
income
|
|
|
127
|
|
|
|
121
|
|
|
|
120
|
|
|
|
5
|
%
|
|
|
6
|
%
|
Brokerage services
income
|
|
|
17
|
|
|
|
16
|
|
|
|
17
|
|
|
|
2
|
%
|
|
|
-4
|
%
|
Trading account and
foreign exchange gains
|
|
|
8
|
|
|
|
13
|
|
|
|
10
|
|
|
|
-39
|
%
|
|
|
-17
|
%
|
Other revenues from
operations
|
|
|
117
|
|
|
|
105
|
|
|
|
111
|
|
|
|
12
|
%
|
|
|
6
|
%
|
Total other
income
|
|
$
|
461
|
|
|
$
|
448
|
|
|
$
|
447
|
|
|
|
3
|
%
|
|
|
3
|
%
|
Noninterest expense in the second quarter of 2017 totaled
$751 million, compared with $750
million in the year-earlier quarter and $788 million in the initial 2017 quarter.
Included in such amounts are expenses considered to be nonoperating
in nature consisting of amortization of core deposit and other
intangible assets and merger-related expenses. Exclusive of
those expenses, noninterest operating expenses were $743 million in the recent quarter, $726 million in the second quarter of 2016 and
$779 million in the first quarter of
2017. The most significant factors for the higher level of
operating expenses in the recent quarter as compared with the
second quarter of 2016 were increased legal costs, FDIC
assessments, and outside data processing and software
expenses. As compared with the first quarter of 2017, the
recent quarter's lower level of operating expenses was due, in
large part, to a decline in salaries and employee benefits,
including stock-based compensation, which were seasonally higher in
the initial 2017 period. That decline was partially offset by
higher legal and other professional services costs in 2017's second
quarter.
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 2Q17
vs.
|
|
($ in
millions)
|
|
2Q17
|
|
|
2Q16
|
|
|
1Q17
|
|
|
2Q16
|
|
|
1Q17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
399
|
|
|
$
|
399
|
|
|
$
|
450
|
|
|
|
—
|
|
|
|
-11
|
%
|
Equipment and net
occupancy
|
|
|
74
|
|
|
|
76
|
|
|
|
74
|
|
|
|
-3
|
%
|
|
|
-1
|
%
|
Outside data
processing and software
|
|
|
45
|
|
|
|
43
|
|
|
|
44
|
|
|
|
5
|
%
|
|
|
1
|
%
|
FDIC
assessments
|
|
|
25
|
|
|
|
22
|
|
|
|
29
|
|
|
|
13
|
%
|
|
|
-12
|
%
|
Advertising and
marketing
|
|
|
16
|
|
|
|
23
|
|
|
|
16
|
|
|
|
-28
|
%
|
|
|
1
|
%
|
Printing, postage and
supplies
|
|
|
9
|
|
|
|
10
|
|
|
|
10
|
|
|
|
-10
|
%
|
|
|
-8
|
%
|
Amortization of core
deposit and other intangible assets
|
|
|
8
|
|
|
|
11
|
|
|
|
9
|
|
|
|
-29
|
%
|
|
|
-4
|
%
|
Other costs of
operations
|
|
|
175
|
|
|
|
166
|
|
|
|
156
|
|
|
|
5
|
%
|
|
|
12
|
%
|
Total other
expense
|
|
$
|
751
|
|
|
$
|
750
|
|
|
$
|
788
|
|
|
|
—
|
|
|
|
-5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Merger-related
expenses included in above
|
|
|
—
|
|
|
$
|
13
|
|
|
|
—
|
|
|
|
-100
|
%
|
|
|
—
|
|
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 improved to
52.7% in the recent quarter from 55.1% in the second quarter of
2016 and 56.9% in the first quarter of 2017.
Balance Sheet. M&T had total assets of $120.9 billion at June 30, 2017, compared
with $123.8 billion at June 30, 2016 and $123.2
billion at March 31, 2017.
Loans and leases, net of unearned discount, totaled $89.1 billion at the recent quarter-end, modestly
changed from $88.5 billion at
June 30, 2016 and $89.3 billion at March
31, 2017. Investment securities were $15.8 billion, $15.0
billion and $16.0 billion at
June 30, 2017, June 30, 2016, and March
31, 2017, respectively. Total deposits were
$93.5 billion at June 30, 2017, compared with $94.7 billion a year earlier and $97.0 billion at March 31,
2017.
Reflecting the impact of repurchases of M&T's common stock,
total shareholders' equity declined to $16.3
billion at June 30, 2017 from
$16.5 billion a year earlier,
representing 13.47% and 13.30%, respectively, of total assets.
Total shareholders' equity was $16.2
billion, or 13.16% of total assets, at March 31, 2017. Common shareholders' equity was
$15.1 billion, or $98.66 per share, at June
30, 2017, compared with $15.2
billion, or $96.49 per share,
at June 30, 2016 and $15.0 billion, or $97.40 per share, at March
31, 2017. Tangible equity per common share rose to
$68.20 at the recent quarter-end from
$66.95 a year earlier and
$67.16 at March 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 10.80% as of June 30,
2017.
In accordance with its 2016 capital plan, M&T repurchased
1,409,807 shares of common stock during the recent quarter at an
average cost per share of $159.52,
for a total cost of $225
million. In the aggregate, during the first six months
of 2017, M&T repurchased 4,643,003 shares of common stock under
that plan at a total cost of $757
million.
Conference Call. Investors will have an opportunity to
listen to M&T's conference call to discuss second quarter
financial results today at 10:00 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# 40703727. The conference call
will be webcast live through M&T's website at
http://ir.mandtbank.com/events.cfm. A replay of the call will
be available through Wednesday, July 26,
2017 by calling (800)585-8367, or (404)537-3406 for
international participants, and by making reference to ID#
40703727. 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
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
Amounts in thousands,
except per share
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
381,053
|
|
|
|
336,031
|
|
|
|
13
|
%
|
|
$
|
729,980
|
|
|
|
634,559
|
|
|
|
15
|
%
|
Net income available
to common shareholders
|
|
|
360,662
|
|
|
|
312,974
|
|
|
|
15
|
%
|
|
|
689,217
|
|
|
|
588,707
|
|
|
|
17
|
%
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
2.36
|
|
|
|
1.98
|
|
|
|
19
|
%
|
|
$
|
4.49
|
|
|
|
3.72
|
|
|
|
21
|
%
|
Diluted
earnings
|
|
|
2.35
|
|
|
|
1.98
|
|
|
|
19
|
%
|
|
|
4.47
|
|
|
|
3.71
|
|
|
|
20
|
%
|
Cash
dividends
|
|
$
|
.75
|
|
|
|
.70
|
|
|
|
7
|
%
|
|
$
|
1.50
|
|
|
|
1.40
|
|
|
|
7
|
%
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
153,276
|
|
|
|
158,341
|
|
|
|
-3
|
%
|
|
|
154,108
|
|
|
|
158,761
|
|
|
|
-3
|
%
|
Period end
(2)
|
|
|
152,539
|
|
|
|
157,917
|
|
|
|
-3
|
%
|
|
|
152,539
|
|
|
|
157,917
|
|
|
|
-3
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.27
|
%
|
|
|
1.09
|
%
|
|
|
|
|
|
|
1.21
|
%
|
|
|
1.03
|
%
|
|
|
|
|
Average common
shareholders' equity
|
|
|
9.67
|
%
|
|
|
8.38
|
%
|
|
|
|
|
|
|
9.28
|
%
|
|
|
7.91
|
%
|
|
|
|
|
Taxable-equivalent
net interest income
|
|
$
|
946,936
|
|
|
|
870,341
|
|
|
|
9
|
%
|
|
$
|
1,869,195
|
|
|
|
1,748,637
|
|
|
|
7
|
%
|
Yield on average
earning assets
|
|
|
3.79
|
%
|
|
|
3.51
|
%
|
|
|
|
|
|
|
3.73
|
%
|
|
|
3.53
|
%
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
|
.52
|
%
|
|
|
.56
|
%
|
|
|
|
|
|
|
.52
|
%
|
|
|
.55
|
%
|
|
|
|
|
Net interest
spread
|
|
|
3.27
|
%
|
|
|
2.95
|
%
|
|
|
|
|
|
|
3.21
|
%
|
|
|
2.98
|
%
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
.18
|
%
|
|
|
.18
|
%
|
|
|
|
|
|
|
.19
|
%
|
|
|
.17
|
%
|
|
|
|
|
Net interest
margin
|
|
|
3.45
|
%
|
|
|
3.13
|
%
|
|
|
|
|
|
|
3.40
|
%
|
|
|
3.15
|
%
|
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.20
|
%
|
|
|
.11
|
%
|
|
|
|
|
|
|
.20
|
%
|
|
|
.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
385,974
|
|
|
|
350,604
|
|
|
|
10
|
%
|
|
$
|
740,009
|
|
|
|
670,668
|
|
|
|
10
|
%
|
Diluted net operating
earnings per common share
|
|
|
2.38
|
|
|
|
2.07
|
|
|
|
15
|
%
|
|
|
4.53
|
|
|
|
3.94
|
|
|
|
15
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.33
|
%
|
|
|
1.18
|
%
|
|
|
|
|
|
|
1.27
|
%
|
|
|
1.14
|
%
|
|
|
|
|
Average tangible
common equity
|
|
|
14.18
|
%
|
|
|
12.68
|
%
|
|
|
|
|
|
|
13.61
|
%
|
|
|
12.15
|
%
|
|
|
|
|
Efficiency
ratio
|
|
|
52.74
|
%
|
|
|
55.06
|
%
|
|
|
|
|
|
|
54.81
|
%
|
|
|
56.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
quality
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
872,374
|
|
|
|
848,855
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate and other
foreclosed assets
|
|
|
104,424
|
|
|
|
172,473
|
|
|
|
-39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
|
$
|
976,798
|
|
|
|
1,021,328
|
|
|
|
-4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
265,461
|
|
|
|
298,449
|
|
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
39,296
|
|
|
|
52,486
|
|
|
|
-25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more
|
|
|
235,227
|
|
|
|
269,962
|
|
|
|
-13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated
loans
|
|
$
|
221,892
|
|
|
|
211,159
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans
acquired at a discount past due 90 days or
more (5)
|
|
$
|
57,498
|
|
|
|
68,591
|
|
|
|
-16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
838,476
|
|
|
|
1,040,678
|
|
|
|
-19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
amount
|
|
|
512,393
|
|
|
|
662,059
|
|
|
|
-23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to
total net loans
|
|
|
.98
|
%
|
|
|
.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
|
1.13
|
%
|
|
|
1.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes common stock
equivalents.
|
(2)
|
Includes common stock
issuable under deferred compensation plans.
|
(3)
|
Excludes amortization
and balances related to goodwill and core deposit and other
intangible assets and merger-related expenses which, except in
the
calculation of the efficiency ratio, are net of applicable income
tax effects. Reconciliations of net income with net operating
income appear herein.
|
(4)
|
Excludes loans
acquired at a discount. Predominantly residential real estate
loans.
|
(5)
|
Loans acquired at a
discount that were recorded at fair value at acquisition date. This
category does not include purchased impaired loans that are
presented separately.
|
(6)
|
Accruing loans
acquired at a discount that were impaired at acquisition date and
recorded at fair value.
|
Financial Highlights, Five Quarter Trend
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Amounts in thousands,
except per share
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
381,053
|
|
|
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
|
|
336,031
|
|
Net income available
to common shareholders
|
|
|
360,662
|
|
|
|
328,567
|
|
|
|
307,797
|
|
|
|
326,998
|
|
|
|
312,974
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
2.36
|
|
|
|
2.13
|
|
|
|
1.98
|
|
|
|
2.10
|
|
|
|
1.98
|
|
Diluted
earnings
|
|
|
2.35
|
|
|
|
2.12
|
|
|
|
1.98
|
|
|
|
2.10
|
|
|
|
1.98
|
|
Cash
dividends
|
|
$
|
.75
|
|
|
|
.75
|
|
|
|
.70
|
|
|
|
.70
|
|
|
|
.70
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
153,276
|
|
|
|
154,949
|
|
|
|
155,700
|
|
|
|
156,026
|
|
|
|
158,341
|
|
Period end
(2)
|
|
|
152,539
|
|
|
|
153,781
|
|
|
|
156,213
|
|
|
|
154,987
|
|
|
|
157,917
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
1.27
|
%
|
|
|
1.15
|
%
|
|
|
1.05
|
%
|
|
|
1.12
|
%
|
|
|
1.09
|
%
|
Average common
shareholders' equity
|
|
|
9.67
|
%
|
|
|
8.89
|
%
|
|
|
8.13
|
%
|
|
|
8.68
|
%
|
|
|
8.38
|
%
|
Taxable-equivalent
net interest income
|
|
$
|
946,936
|
|
|
|
922,259
|
|
|
|
883,147
|
|
|
|
865,065
|
|
|
|
870,341
|
|
Yield on average
earning assets
|
|
|
3.79
|
%
|
|
|
3.67
|
%
|
|
|
3.45
|
%
|
|
|
3.44
|
%
|
|
|
3.51
|
%
|
Cost of
interest-bearing liabilities
|
|
|
.52
|
%
|
|
|
.52
|
%
|
|
|
.57
|
%
|
|
|
.59
|
%
|
|
|
.56
|
%
|
Net interest
spread
|
|
|
3.27
|
%
|
|
|
3.15
|
%
|
|
|
2.88
|
%
|
|
|
2.85
|
%
|
|
|
2.95
|
%
|
Contribution of
interest-free funds
|
|
|
.18
|
%
|
|
|
.19
|
%
|
|
|
.20
|
%
|
|
|
.20
|
%
|
|
|
.18
|
%
|
Net interest
margin
|
|
|
3.45
|
%
|
|
|
3.34
|
%
|
|
|
3.08
|
%
|
|
|
3.05
|
%
|
|
|
3.13
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.20
|
%
|
|
|
.19
|
%
|
|
|
.22
|
%
|
|
|
.19
|
%
|
|
|
.11
|
%
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
385,974
|
|
|
|
354,035
|
|
|
|
336,095
|
|
|
|
355,929
|
|
|
|
350,604
|
|
Diluted net operating
earnings per common share
|
|
|
2.38
|
|
|
|
2.15
|
|
|
|
2.01
|
|
|
|
2.13
|
|
|
|
2.07
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
1.33
|
%
|
|
|
1.21
|
%
|
|
|
1.10
|
%
|
|
|
1.18
|
%
|
|
|
1.18
|
%
|
Average tangible
common equity
|
|
|
14.18
|
%
|
|
|
13.05
|
%
|
|
|
11.93
|
%
|
|
|
12.77
|
%
|
|
|
12.68
|
%
|
Efficiency
ratio
|
|
|
52.74
|
%
|
|
|
56.93
|
%
|
|
|
56.42
|
%
|
|
|
55.92
|
%
|
|
|
55.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Loan
quality
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Nonaccrual
loans
|
|
$
|
872,374
|
|
|
|
926,675
|
|
|
|
920,015
|
|
|
|
837,362
|
|
|
|
848,855
|
|
Real estate and other
foreclosed assets
|
|
|
104,424
|
|
|
|
119,155
|
|
|
|
139,206
|
|
|
|
159,881
|
|
|
|
172,473
|
|
Total nonperforming
assets
|
|
$
|
976,798
|
|
|
|
1,045,830
|
|
|
|
1,059,221
|
|
|
|
997,243
|
|
|
|
1,021,328
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
265,461
|
|
|
|
280,019
|
|
|
|
300,659
|
|
|
|
317,282
|
|
|
|
298,449
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
39,296
|
|
|
|
39,610
|
|
|
|
40,610
|
|
|
|
47,130
|
|
|
|
52,486
|
|
Accruing loans past
due 90 days or more
|
|
|
235,227
|
|
|
|
252,552
|
|
|
|
282,659
|
|
|
|
282,077
|
|
|
|
269,962
|
|
Renegotiated
loans
|
|
$
|
221,892
|
|
|
|
191,343
|
|
|
|
190,374
|
|
|
|
217,559
|
|
|
|
211,159
|
|
Accruing loans
acquired at a discount past due 90 days or
more (5)
|
|
$
|
57,498
|
|
|
|
63,732
|
|
|
|
61,144
|
|
|
|
65,182
|
|
|
|
68,591
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
$
|
838,476
|
|
|
|
890,431
|
|
|
|
927,446
|
|
|
|
981,105
|
|
|
|
1,040,678
|
|
Carrying
amount
|
|
|
512,393
|
|
|
|
552,935
|
|
|
|
578,032
|
|
|
|
616,991
|
|
|
|
662,059
|
|
Nonaccrual loans to
total net loans
|
|
|
.98
|
%
|
|
|
1.04
|
%
|
|
|
1.01
|
%
|
|
|
.93
|
%
|
|
|
.96
|
%
|
Allowance for credit
losses to total loans
|
|
|
1.13
|
%
|
|
|
1.12
|
%
|
|
|
1.09
|
%
|
|
|
1.09
|
%
|
|
|
1.10
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes common stock
equivalents.
|
(2)
|
Includes common stock
issuable under deferred compensation plans.
|
(3)
|
Excludes amortization
and balances related to goodwill and core deposit and other
intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net of applicable income
tax effects. Reconciliations of net income with net operating
income appear herein.
|
(4)
|
Excludes loans
acquired at a discount. Predominantly residential real estate
loans.
|
(5)
|
Loans acquired at a
discount that were recorded at fair value at acquisition date. This
category does not include purchased impaired loans that are
presented separately.
|
(6)
|
Accruing loans
acquired at a discount that were impaired at acquisition date and
recorded at fair value.
|
Condensed Consolidated Statement of Income
|
|
Three months ended
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
Dollars in
thousands
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Interest
income
|
|
$
|
1,030,413
|
|
|
|
970,621
|
|
|
|
6
|
%
|
|
$
|
2,036,446
|
|
|
|
1,943,455
|
|
|
|
5
|
%
|
Interest
expense
|
|
|
92,213
|
|
|
|
106,802
|
|
|
|
-14
|
|
|
|
183,986
|
|
|
|
207,672
|
|
|
|
-11
|
|
Net interest
income
|
|
|
938,200
|
|
|
|
863,819
|
|
|
|
9
|
|
|
|
1,852,460
|
|
|
|
1,735,783
|
|
|
|
7
|
|
Provision for credit
losses
|
|
|
52,000
|
|
|
|
32,000
|
|
|
|
63
|
|
|
|
107,000
|
|
|
|
81,000
|
|
|
|
32
|
|
Net interest income
after provision for credit losses
|
|
|
886,200
|
|
|
|
831,819
|
|
|
|
7
|
|
|
|
1,745,460
|
|
|
|
1,654,783
|
|
|
|
5
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
86,163
|
|
|
|
89,383
|
|
|
|
-4
|
|
|
|
170,855
|
|
|
|
171,446
|
|
|
|
—
|
|
Service charges on
deposit accounts
|
|
|
106,057
|
|
|
|
103,872
|
|
|
|
2
|
|
|
|
210,233
|
|
|
|
206,277
|
|
|
|
2
|
|
Trust
income
|
|
|
126,797
|
|
|
|
120,450
|
|
|
|
5
|
|
|
|
246,812
|
|
|
|
231,527
|
|
|
|
7
|
|
Brokerage services
income
|
|
|
16,617
|
|
|
|
16,272
|
|
|
|
2
|
|
|
|
34,001
|
|
|
|
32,276
|
|
|
|
5
|
|
Trading account and
foreign exchange gains
|
|
|
8,084
|
|
|
|
13,222
|
|
|
|
-39
|
|
|
|
17,775
|
|
|
|
20,680
|
|
|
|
-14
|
|
Gain (loss) on bank
investment securities
|
|
|
(17)
|
|
|
|
264
|
|
|
|
—
|
|
|
|
(17)
|
|
|
|
268
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
117,115
|
|
|
|
104,791
|
|
|
|
12
|
|
|
|
228,002
|
|
|
|
206,713
|
|
|
|
10
|
|
Total other
income
|
|
|
460,816
|
|
|
|
448,254
|
|
|
|
3
|
|
|
|
907,661
|
|
|
|
869,187
|
|
|
|
4
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
398,900
|
|
|
|
398,675
|
|
|
|
—
|
|
|
|
848,762
|
|
|
|
830,460
|
|
|
|
2
|
|
Equipment and net
occupancy
|
|
|
73,797
|
|
|
|
75,724
|
|
|
|
-3
|
|
|
|
148,163
|
|
|
|
149,902
|
|
|
|
-1
|
|
Outside data
processing and software
|
|
|
44,575
|
|
|
|
42,509
|
|
|
|
5
|
|
|
|
88,876
|
|
|
|
85,524
|
|
|
|
4
|
|
FDIC
assessments
|
|
|
25,353
|
|
|
|
22,370
|
|
|
|
13
|
|
|
|
54,180
|
|
|
|
47,595
|
|
|
|
14
|
|
Advertising and
marketing
|
|
|
16,324
|
|
|
|
22,613
|
|
|
|
-28
|
|
|
|
32,434
|
|
|
|
44,067
|
|
|
|
-26
|
|
Printing, postage and
supplies
|
|
|
8,957
|
|
|
|
9,907
|
|
|
|
-10
|
|
|
|
18,665
|
|
|
|
21,893
|
|
|
|
-15
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
8,113
|
|
|
|
11,418
|
|
|
|
-29
|
|
|
|
16,533
|
|
|
|
23,737
|
|
|
|
-30
|
|
Other costs of
operations
|
|
|
174,616
|
|
|
|
166,679
|
|
|
|
5
|
|
|
|
330,874
|
|
|
|
322,812
|
|
|
|
2
|
|
Total other
expense
|
|
|
750,635
|
|
|
|
749,895
|
|
|
|
—
|
|
|
|
1,538,487
|
|
|
|
1,525,990
|
|
|
|
1
|
|
Income before income
taxes
|
|
|
596,381
|
|
|
|
530,178
|
|
|
|
12
|
|
|
|
1,114,634
|
|
|
|
997,980
|
|
|
|
12
|
|
Applicable income
taxes
|
|
|
215,328
|
|
|
|
194,147
|
|
|
|
11
|
|
|
|
384,654
|
|
|
|
363,421
|
|
|
|
6
|
|
Net income
|
|
$
|
381,053
|
|
|
|
336,031
|
|
|
|
13
|
%
|
|
$
|
729,980
|
|
|
|
634,559
|
|
|
|
15
|
%
|
Condensed Consolidated Statement of Income, Five Quarter
Trend
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Dollars in
thousands
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Interest
income
|
|
$
|
1,030,413
|
|
|
|
1,006,033
|
|
|
|
982,901
|
|
|
|
969,515
|
|
|
|
970,621
|
|
Interest
expense
|
|
|
92,213
|
|
|
|
91,773
|
|
|
|
107,137
|
|
|
|
111,175
|
|
|
|
106,802
|
|
Net interest
income
|
|
|
938,200
|
|
|
|
914,260
|
|
|
|
875,764
|
|
|
|
858,340
|
|
|
|
863,819
|
|
Provision for credit
losses
|
|
|
52,000
|
|
|
|
55,000
|
|
|
|
62,000
|
|
|
|
47,000
|
|
|
|
32,000
|
|
Net interest income
after provision for credit losses
|
|
|
886,200
|
|
|
|
859,260
|
|
|
|
813,764
|
|
|
|
811,340
|
|
|
|
831,819
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
86,163
|
|
|
|
84,692
|
|
|
|
98,504
|
|
|
|
103,747
|
|
|
|
89,383
|
|
Service charges on
deposit accounts
|
|
|
106,057
|
|
|
|
104,176
|
|
|
|
104,890
|
|
|
|
107,935
|
|
|
|
103,872
|
|
Trust
income
|
|
|
126,797
|
|
|
|
120,015
|
|
|
|
122,003
|
|
|
|
118,654
|
|
|
|
120,450
|
|
Brokerage services
income
|
|
|
16,617
|
|
|
|
17,384
|
|
|
|
15,233
|
|
|
|
15,914
|
|
|
|
16,272
|
|
Trading account and
foreign exchange gains
|
|
|
8,084
|
|
|
|
9,691
|
|
|
|
7,692
|
|
|
|
12,754
|
|
|
|
13,222
|
|
Gain (loss) on bank
investment securities
|
|
|
(17)
|
|
|
|
—
|
|
|
|
1,566
|
|
|
|
28,480
|
|
|
|
264
|
|
Other revenues from
operations
|
|
|
117,115
|
|
|
|
110,887
|
|
|
|
115,571
|
|
|
|
103,866
|
|
|
|
104,791
|
|
Total other
income
|
|
|
460,816
|
|
|
|
446,845
|
|
|
|
465,459
|
|
|
|
491,350
|
|
|
|
448,254
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
398,900
|
|
|
|
449,862
|
|
|
|
393,354
|
|
|
|
399,786
|
|
|
|
398,675
|
|
Equipment and net
occupancy
|
|
|
73,797
|
|
|
|
74,366
|
|
|
|
69,976
|
|
|
|
75,263
|
|
|
|
75,724
|
|
Outside data
processing and software
|
|
|
44,575
|
|
|
|
44,301
|
|
|
|
43,987
|
|
|
|
42,878
|
|
|
|
42,509
|
|
FDIC
assessments
|
|
|
25,353
|
|
|
|
28,827
|
|
|
|
28,991
|
|
|
|
28,459
|
|
|
|
22,370
|
|
Advertising and
marketing
|
|
|
16,324
|
|
|
|
16,110
|
|
|
|
21,074
|
|
|
|
21,996
|
|
|
|
22,613
|
|
Printing, postage and
supplies
|
|
|
8,957
|
|
|
|
9,708
|
|
|
|
8,681
|
|
|
|
8,972
|
|
|
|
9,907
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
8,113
|
|
|
|
8,420
|
|
|
|
9,089
|
|
|
|
9,787
|
|
|
|
11,418
|
|
Other costs of
operations
|
|
|
174,616
|
|
|
|
156,258
|
|
|
|
193,951
|
|
|
|
165,251
|
|
|
|
166,679
|
|
Total other
expense
|
|
|
750,635
|
|
|
|
787,852
|
|
|
|
769,103
|
|
|
|
752,392
|
|
|
|
749,895
|
|
Income before income
taxes
|
|
|
596,381
|
|
|
|
518,253
|
|
|
|
510,120
|
|
|
|
550,298
|
|
|
|
530,178
|
|
Applicable income
taxes
|
|
|
215,328
|
|
|
|
169,326
|
|
|
|
179,549
|
|
|
|
200,314
|
|
|
|
194,147
|
|
Net income
|
|
$
|
381,053
|
|
|
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
|
|
336,031
|
|
Condensed Consolidated Balance Sheet
|
|
June 30
|
|
|
|
|
|
|
Dollars in
thousands
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,344,478
|
|
|
|
1,284,442
|
|
|
|
5
|
|
%
|
Interest-bearing
deposits at banks
|
|
|
5,023,829
|
|
|
|
8,474,839
|
|
|
|
-41
|
|
|
Federal funds
sold
|
|
|
1,000
|
|
|
|
—
|
|
|
|
—
|
|
|
Trading
account
|
|
|
174,646
|
|
|
|
506,131
|
|
|
|
-65
|
|
|
Investment
securities
|
|
|
15,816,060
|
|
|
|
14,963,084
|
|
|
|
6
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
22,191,051
|
|
|
|
21,469,242
|
|
|
|
3
|
|
|
Real estate -
commercial
|
|
|
33,348,991
|
|
|
|
30,711,230
|
|
|
|
9
|
|
|
Real estate -
consumer
|
|
|
20,960,171
|
|
|
|
24,530,249
|
|
|
|
-15
|
|
|
Consumer
|
|
|
12,580,342
|
|
|
|
11,811,277
|
|
|
|
7
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
89,080,555
|
|
|
|
88,521,998
|
|
|
|
1
|
|
|
Less: allowance for
credit losses
|
|
|
1,008,225
|
|
|
|
970,496
|
|
|
|
4
|
|
|
Net loans and
leases
|
|
|
88,072,330
|
|
|
|
87,551,502
|
|
|
|
1
|
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
86,422
|
|
|
|
116,531
|
|
|
|
-26
|
|
|
Other
assets
|
|
|
5,784,690
|
|
|
|
6,330,943
|
|
|
|
-9
|
|
|
Total
assets
|
|
$
|
120,896,567
|
|
|
|
123,820,584
|
|
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
32,366,426
|
|
|
|
30,700,066
|
|
|
|
5
|
|
%
|
Interest-bearing
deposits
|
|
|
60,978,895
|
|
|
|
63,756,514
|
|
|
|
-4
|
|
|
Deposits at Cayman
Islands office
|
|
|
195,617
|
|
|
|
193,523
|
|
|
|
1
|
|
|
Total
deposits
|
|
|
93,540,938
|
|
|
|
94,650,103
|
|
|
|
-1
|
|
|
Short-term
borrowings
|
|
|
1,695,453
|
|
|
|
407,123
|
|
|
|
316
|
|
|
Accrued interest and
other liabilities
|
|
|
1,727,059
|
|
|
|
1,963,093
|
|
|
|
-12
|
|
|
Long-term
borrowings
|
|
|
7,649,580
|
|
|
|
10,328,751
|
|
|
|
-26
|
|
|
Total
liabilities
|
|
|
104,613,030
|
|
|
|
107,349,070
|
|
|
|
-3
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
—
|
|
|
Common (1)
|
|
|
15,052,037
|
|
|
|
15,240,014
|
|
|
|
-1
|
|
|
Total shareholders'
equity
|
|
|
16,283,537
|
|
|
|
16,471,514
|
|
|
|
-1
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
120,896,567
|
|
|
|
123,820,584
|
|
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
(1)
|
Reflects accumulated
other comprehensive loss, net of applicable income tax effect, of
$270.1 million at June 30, 2017 and $101.0 million at June 30,
2016.
|
Condensed Consolidated Balance Sheet, Five Quarter Trend
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Dollars in
thousands
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,344,478
|
|
|
|
1,286,962
|
|
|
|
1,320,549
|
|
|
|
1,332,202
|
|
|
|
1,284,442
|
|
Interest-bearing
deposits at banks
|
|
|
5,023,829
|
|
|
|
6,945,149
|
|
|
|
5,000,638
|
|
|
|
10,777,636
|
|
|
|
8,474,839
|
|
Federal funds
sold
|
|
|
1,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Trading
account
|
|
|
174,646
|
|
|
|
174,854
|
|
|
|
323,867
|
|
|
|
488,588
|
|
|
|
506,131
|
|
Investment
securities
|
|
|
15,816,060
|
|
|
|
15,968,415
|
|
|
|
16,250,468
|
|
|
|
14,733,574
|
|
|
|
14,963,084
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
22,191,051
|
|
|
|
22,295,376
|
|
|
|
22,610,047
|
|
|
|
21,917,163
|
|
|
|
21,469,242
|
|
Real estate -
commercial
|
|
|
33,348,991
|
|
|
|
33,071,654
|
|
|
|
33,506,394
|
|
|
|
32,078,762
|
|
|
|
30,711,230
|
|
Real estate -
consumer
|
|
|
20,960,171
|
|
|
|
21,724,491
|
|
|
|
22,590,912
|
|
|
|
23,584,420
|
|
|
|
24,530,249
|
|
Consumer
|
|
|
12,580,342
|
|
|
|
12,221,481
|
|
|
|
12,146,063
|
|
|
|
12,066,147
|
|
|
|
11,811,277
|
|
Total loans and
leases, net of unearned
discount
|
|
|
89,080,555
|
|
|
|
89,313,002
|
|
|
|
90,853,416
|
|
|
|
89,646,492
|
|
|
|
88,521,998
|
|
Less: allowance for
credit losses
|
|
|
1,008,225
|
|
|
|
1,001,430
|
|
|
|
988,997
|
|
|
|
976,121
|
|
|
|
970,496
|
|
Net loans and
leases
|
|
|
88,072,330
|
|
|
|
88,311,572
|
|
|
|
89,864,419
|
|
|
|
88,670,371
|
|
|
|
87,551,502
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
Core deposit and
other intangible assets
|
|
|
86,422
|
|
|
|
94,535
|
|
|
|
97,655
|
|
|
|
106,744
|
|
|
|
116,531
|
|
Other
assets
|
|
|
5,784,690
|
|
|
|
5,848,652
|
|
|
|
5,998,498
|
|
|
|
6,138,801
|
|
|
|
6,330,943
|
|
Total
assets
|
|
$
|
120,896,567
|
|
|
|
123,223,251
|
|
|
|
123,449,206
|
|
|
|
126,841,028
|
|
|
|
123,820,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
32,366,426
|
|
|
|
34,279,591
|
|
|
|
32,813,896
|
|
|
|
33,127,627
|
|
|
|
30,700,066
|
|
Interest-bearing
deposits
|
|
|
60,978,895
|
|
|
|
62,570,167
|
|
|
|
62,478,053
|
|
|
|
64,786,035
|
|
|
|
63,756,514
|
|
Deposits at Cayman
Islands office
|
|
|
195,617
|
|
|
|
192,763
|
|
|
|
201,927
|
|
|
|
223,183
|
|
|
|
193,523
|
|
Total
deposits
|
|
|
93,540,938
|
|
|
|
97,042,521
|
|
|
|
95,493,876
|
|
|
|
98,136,845
|
|
|
|
94,650,103
|
|
Short-term
borrowings
|
|
|
1,695,453
|
|
|
|
185,102
|
|
|
|
163,442
|
|
|
|
213,846
|
|
|
|
407,123
|
|
Accrued interest and
other liabilities
|
|
|
1,727,059
|
|
|
|
1,694,905
|
|
|
|
1,811,431
|
|
|
|
1,938,201
|
|
|
|
1,963,093
|
|
Long-term
borrowings
|
|
|
7,649,580
|
|
|
|
8,087,619
|
|
|
|
9,493,835
|
|
|
|
10,211,160
|
|
|
|
10,328,751
|
|
Total
liabilities
|
|
|
104,613,030
|
|
|
|
107,010,147
|
|
|
|
106,962,584
|
|
|
|
110,500,052
|
|
|
|
107,349,070
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
Common (1)
|
|
|
15,052,037
|
|
|
|
14,981,604
|
|
|
|
15,255,122
|
|
|
|
15,109,476
|
|
|
|
15,240,014
|
|
Total shareholders'
equity
|
|
|
16,283,537
|
|
|
|
16,213,104
|
|
|
|
16,486,622
|
|
|
|
16,340,976
|
|
|
|
16,471,514
|
|
Total liabilities and
shareholders' equity
|
|
$
|
120,896,567
|
|
|
|
123,223,251
|
|
|
|
123,449,206
|
|
|
|
126,841,028
|
|
|
|
123,820,584
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects accumulated
other comprehensive loss, net of applicable income tax effect, of
$270.1 million at June 30, 2017, $291.6
million at March 31, 2017, $294.6 million at December 31, 2016,
$114.6 million at September 30, 2016 and $101.0 million at
June 30, 2016.
|
Condensed Consolidated Average Balance Sheet and Annualized
Taxable-equivalent Rates
|
|
Three months
ended
|
|
Change in
balance
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
March 31,
|
|
June 30, 2017
from
|
|
|
June 30
|
|
|
Change
|
|
|
Dollars in
millions
|
|
2017
|
|
2016
|
|
2017
|
|
June 30,
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
|
in
|
|
|
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
2016
|
|
2017
|
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
|
|
balance
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
4,741
|
|
1.03
|
%
|
|
8,711
|
|
.51
|
%
|
|
6,152
|
|
.80
|
%
|
|
-46
|
%
|
|
-23
|
%
|
|
$
|
5,443
|
|
.90
|
%
|
|
8,452
|
|
.51
|
%
|
|
-36
|
%
|
|
Federal funds
sold
|
|
|
1
|
|
1.44
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
Trading
account
|
|
|
64
|
|
1.50
|
|
|
92
|
|
1.58
|
|
|
60
|
|
2.20
|
|
|
-31
|
|
|
7
|
|
|
|
62
|
|
1.84
|
|
|
88
|
|
1.68
|
|
|
-30
|
|
|
Investment
securities
|
|
|
15,913
|
|
2.36
|
|
|
14,914
|
|
2.49
|
|
|
15,999
|
|
2.43
|
|
|
7
|
|
|
-1
|
|
|
|
15,956
|
|
2.40
|
|
|
15,131
|
|
2.55
|
|
|
5
|
|
|
Loans and leases, net
of unearned
discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
22,350
|
|
3.84
|
|
|
21,450
|
|
3.47
|
|
|
22,290
|
|
3.66
|
|
|
4
|
|
|
—
|
|
|
|
22,320
|
|
3.75
|
|
|
21,083
|
|
3.43
|
|
|
6
|
|
|
Real estate -
commercial
|
|
|
33,214
|
|
4.30
|
|
|
30,134
|
|
4.09
|
|
|
33,175
|
|
4.18
|
|
|
10
|
|
|
—
|
|
|
|
33,195
|
|
4.24
|
|
|
29,780
|
|
4.12
|
|
|
11
|
|
|
Real estate -
consumer
|
|
|
21,318
|
|
3.94
|
|
|
24,858
|
|
3.94
|
|
|
22,179
|
|
3.92
|
|
|
-14
|
|
|
-4
|
|
|
|
21,746
|
|
3.93
|
|
|
25,359
|
|
3.94
|
|
|
-14
|
|
|
Consumer
|
|
|
12,386
|
|
4.78
|
|
|
11,713
|
|
4.55
|
|
|
12,153
|
|
4.68
|
|
|
6
|
|
|
2
|
|
|
|
12,270
|
|
4.73
|
|
|
11,648
|
|
4.55
|
|
|
5
|
|
|
Total loans and
leases, net
|
|
|
89,268
|
|
4.19
|
|
|
88,155
|
|
3.99
|
|
|
89,797
|
|
4.09
|
|
|
1
|
|
|
-1
|
|
|
|
89,531
|
|
4.14
|
|
|
87,870
|
|
3.99
|
|
|
2
|
|
|
Total earning
assets
|
|
|
109,987
|
|
3.79
|
|
|
111,872
|
|
3.51
|
|
|
112,008
|
|
3.67
|
|
|
-2
|
|
|
-2
|
|
|
|
110,992
|
|
3.73
|
|
|
111,541
|
|
3.53
|
|
|
—
|
|
|
Goodwill
|
|
|
4,593
|
|
|
|
|
4,593
|
|
|
|
|
4,593
|
|
|
|
|
—
|
|
|
—
|
|
|
|
4,593
|
|
|
|
|
4,593
|
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
90
|
|
|
|
|
122
|
|
|
|
|
98
|
|
|
|
|
-26
|
|
|
-8
|
|
|
|
94
|
|
|
|
|
128
|
|
|
|
|
-26
|
|
|
Other
assets
|
|
|
6,095
|
|
|
|
|
7,119
|
|
|
|
|
6,279
|
|
|
|
|
-14
|
|
|
-3
|
|
|
|
6,186
|
|
|
|
|
7,217
|
|
|
|
|
-14
|
|
|
Total
assets
|
|
$
|
120,765
|
|
|
|
|
123,706
|
|
|
|
|
122,978
|
|
|
|
|
-2
|
%
|
|
-2
|
%
|
|
$
|
121,865
|
|
|
|
|
123,479
|
|
|
|
|
-1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking
deposits
|
|
$
|
53,611
|
|
.23
|
|
|
51,847
|
|
.16
|
|
|
53,260
|
|
.20
|
|
|
3
|
%
|
|
1
|
%
|
|
$
|
53,437
|
|
.21
|
|
|
51,091
|
|
.15
|
|
|
5
|
%
|
|
Time
deposits
|
|
|
8,559
|
|
.76
|
|
|
12,755
|
|
.85
|
|
|
9,561
|
|
.81
|
|
|
-33
|
|
|
-10
|
|
|
|
9,057
|
|
.79
|
|
|
12,877
|
|
.80
|
|
|
-30
|
|
|
Deposits at Cayman
Islands office
|
|
|
163
|
|
.69
|
|
|
182
|
|
.40
|
|
|
192
|
|
.56
|
|
|
-11
|
|
|
-15
|
|
|
|
177
|
|
.62
|
|
|
185
|
|
.41
|
|
|
-4
|
|
|
Total interest-bearing
deposits
|
|
|
62,333
|
|
.30
|
|
|
64,784
|
|
.30
|
|
|
63,013
|
|
.29
|
|
|
-4
|
|
|
-1
|
|
|
|
62,671
|
|
.30
|
|
|
64,153
|
|
.28
|
|
|
-2
|
|
|
Short-term
borrowings
|
|
|
212
|
|
.71
|
|
|
1,078
|
|
.43
|
|
|
184
|
|
.48
|
|
|
-80
|
|
|
15
|
|
|
|
199
|
|
.60
|
|
|
1,579
|
|
.42
|
|
|
-87
|
|
|
Long-term
borrowings
|
|
|
8,292
|
|
2.16
|
|
|
10,297
|
|
2.27
|
|
|
8,423
|
|
2.25
|
|
|
-19
|
|
|
-2
|
|
|
|
8,357
|
|
2.20
|
|
|
10,413
|
|
2.24
|
|
|
-20
|
|
|
Total
interest-bearing liabilities
|
|
|
70,837
|
|
.52
|
|
|
76,159
|
|
.56
|
|
|
71,620
|
|
.52
|
|
|
-7
|
|
|
-1
|
|
|
|
71,227
|
|
.52
|
|
|
76,145
|
|
.55
|
|
|
-6
|
|
|
Noninterest-bearing
deposits
|
|
|
31,868
|
|
|
|
|
29,249
|
|
|
|
|
33,287
|
|
|
|
|
9
|
|
|
-4
|
|
|
|
32,574
|
|
|
|
|
29,059
|
|
|
|
|
12
|
|
|
Other
liabilities
|
|
|
1,775
|
|
|
|
|
1,921
|
|
|
|
|
1,748
|
|
|
|
|
-8
|
|
|
2
|
|
|
|
1,760
|
|
|
|
|
1,947
|
|
|
|
|
-10
|
|
|
Total
liabilities
|
|
|
104,480
|
|
|
|
|
107,329
|
|
|
|
|
106,655
|
|
|
|
|
-3
|
|
|
-2
|
|
|
|
105,561
|
|
|
|
|
107,151
|
|
|
|
|
-1
|
|
|
Shareholders'
equity
|
|
|
16,285
|
|
|
|
|
16,377
|
|
|
|
|
16,323
|
|
|
|
|
-1
|
|
|
—
|
|
|
|
16,304
|
|
|
|
|
16,328
|
|
|
|
|
—
|
|
|
Total liabilities and
shareholders'
equity
|
|
$
|
120,765
|
|
|
|
|
123,706
|
|
|
|
|
122,978
|
|
|
|
|
-2
|
%
|
|
-2
|
%
|
|
$
|
121,865
|
|
|
|
|
123,479
|
|
|
|
|
-1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
3.27
|
|
|
|
|
2.95
|
|
|
|
|
3.15
|
|
|
|
|
|
|
|
|
|
|
|
3.21
|
|
|
|
|
2.98
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
.18
|
|
|
|
|
.18
|
|
|
|
|
.19
|
|
|
|
|
|
|
|
|
|
|
|
.19
|
|
|
|
|
.17
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
3.45
|
%
|
|
|
|
3.13
|
%
|
|
|
|
3.34
|
%
|
|
|
|
|
|
|
|
|
|
|
3.40
|
%
|
|
|
|
3.15
|
%
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Measures
|
|
Three months
ended
|
|
|
Six months
ended
|
|
|
|
June 30
|
|
|
June 30
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
381,053
|
|
|
|
336,031
|
|
|
|
729,980
|
|
|
|
634,559
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
4,921
|
|
|
|
6,936
|
|
|
|
10,029
|
|
|
|
14,424
|
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
|
7,637
|
|
|
|
—
|
|
|
|
21,685
|
|
Net operating
income
|
|
$
|
385,974
|
|
|
|
350,604
|
|
|
|
740,009
|
|
|
|
670,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.35
|
|
|
|
1.98
|
|
|
|
4.47
|
|
|
|
3.71
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.04
|
|
|
|
.06
|
|
|
|
.09
|
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
|
.05
|
|
|
|
—
|
|
|
|
.14
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.38
|
|
|
|
2.07
|
|
|
|
4.53
|
|
|
|
3.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
750,635
|
|
|
|
749,895
|
|
|
|
1,538,487
|
|
|
|
1,525,990
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(8,113)
|
|
|
|
(11,418)
|
|
|
|
(16,533)
|
|
|
|
(23,737)
|
|
Merger-related
expenses
|
|
|
—
|
|
|
|
(12,593)
|
|
|
|
—
|
|
|
|
(35,755)
|
|
Noninterest operating
expense
|
|
$
|
742,522
|
|
|
|
725,884
|
|
|
|
1,521,954
|
|
|
|
1,466,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
—
|
|
|
|
60
|
|
|
|
—
|
|
|
|
5,334
|
|
Equipment and net
occupancy
|
|
|
—
|
|
|
|
339
|
|
|
|
—
|
|
|
|
1,278
|
|
Outside data
processing and software
|
|
|
—
|
|
|
|
352
|
|
|
|
—
|
|
|
|
1,067
|
|
Advertising and
marketing
|
|
|
—
|
|
|
|
6,327
|
|
|
|
—
|
|
|
|
10,522
|
|
Printing, postage and
supplies
|
|
|
—
|
|
|
|
545
|
|
|
|
—
|
|
|
|
1,482
|
|
Other costs of
operations
|
|
|
—
|
|
|
|
4,970
|
|
|
|
—
|
|
|
|
16,072
|
|
Total
|
|
$
|
—
|
|
|
|
12,593
|
|
|
|
—
|
|
|
|
35,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
742,522
|
|
|
|
725,884
|
|
|
|
1,521,954
|
|
|
|
1,466,498
|
|
Taxable-equivalent
net interest income
|
|
|
946,936
|
|
|
|
870,341
|
|
|
|
1,869,195
|
|
|
|
1,748,637
|
|
Other
income
|
|
|
460,816
|
|
|
|
448,254
|
|
|
|
907,661
|
|
|
|
869,187
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
(17)
|
|
|
|
264
|
|
|
|
(17)
|
|
|
|
268
|
|
Denominator
|
|
$
|
1,407,769
|
|
|
|
1,318,331
|
|
|
|
2,776,873
|
|
|
|
2,617,556
|
|
Efficiency
ratio
|
|
|
52.74
|
%
|
|
|
55.06
|
%
|
|
|
54.81
|
%
|
|
|
56.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
120,765
|
|
|
|
123,706
|
|
|
|
121,865
|
|
|
|
123,479
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(90)
|
|
|
|
(122)
|
|
|
|
(94)
|
|
|
|
(128)
|
|
Deferred
taxes
|
|
|
35
|
|
|
|
48
|
|
|
|
37
|
|
|
|
50
|
|
Average tangible
assets
|
|
$
|
116,117
|
|
|
|
119,039
|
|
|
|
117,215
|
|
|
|
118,808
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
16,285
|
|
|
|
16,377
|
|
|
|
16,304
|
|
|
|
16,328
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
15,053
|
|
|
|
15,145
|
|
|
|
15,072
|
|
|
|
15,096
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(90)
|
|
|
|
(122)
|
|
|
|
(94)
|
|
|
|
(128)
|
|
Deferred
taxes
|
|
|
35
|
|
|
|
48
|
|
|
|
37
|
|
|
|
50
|
|
Average tangible
common equity
|
|
$
|
10,405
|
|
|
|
10,478
|
|
|
|
10,422
|
|
|
|
10,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
120,897
|
|
|
|
123,821
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(86)
|
|
|
|
(117)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
33
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
Total tangible
assets
|
|
$
|
116,251
|
|
|
|
119,157
|
|
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
16,284
|
|
|
|
16,472
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
|
|
|
|
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
Common equity, net of
undeclared cumulative preferred dividends
|
|
|
15,049
|
|
|
|
15,237
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(86)
|
|
|
|
(117)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
33
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
Total tangible common
equity
|
|
$
|
10,403
|
|
|
|
10,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) After any related
tax effect.
|
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five
Quarter Trend
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
2016
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
381,053
|
|
|
|
348,927
|
|
|
|
330,571
|
|
|
|
349,984
|
|
|
|
336,031
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
4,921
|
|
|
|
5,108
|
|
|
|
5,524
|
|
|
|
5,945
|
|
|
|
6,936
|
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,637
|
|
Net operating
income
|
|
$
|
385,974
|
|
|
|
354,035
|
|
|
|
336,095
|
|
|
|
355,929
|
|
|
|
350,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.35
|
|
|
|
2.12
|
|
|
|
1.98
|
|
|
|
2.10
|
|
|
|
1.98
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.04
|
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
.05
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.38
|
|
|
|
2.15
|
|
|
|
2.01
|
|
|
|
2.13
|
|
|
|
2.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
750,635
|
|
|
|
787,852
|
|
|
|
769,103
|
|
|
|
752,392
|
|
|
|
749,895
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(8,113)
|
|
|
|
(8,420)
|
|
|
|
(9,089)
|
|
|
|
(9,787)
|
|
|
|
(11,418)
|
|
Merger-related
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12,593)
|
|
Noninterest operating
expense
|
|
$
|
742,522
|
|
|
|
779,432
|
|
|
|
760,014
|
|
|
|
742,605
|
|
|
|
725,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
60
|
|
Equipment and net
occupancy
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
339
|
|
Outside data
processing and software
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
352
|
|
Advertising and
marketing
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,327
|
|
Printing, postage and
supplies
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
545
|
|
Other costs of
operations
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,970
|
|
Total
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
742,522
|
|
|
|
779,432
|
|
|
|
760,014
|
|
|
|
742,605
|
|
|
|
725,884
|
|
Taxable-equivalent
net interest income
|
|
|
946,936
|
|
|
|
922,259
|
|
|
|
883,147
|
|
|
|
865,065
|
|
|
|
870,341
|
|
Other
income
|
|
|
460,816
|
|
|
|
446,845
|
|
|
|
465,459
|
|
|
|
491,350
|
|
|
|
448,254
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
(17)
|
|
|
|
—
|
|
|
|
1,566
|
|
|
|
28,480
|
|
|
|
264
|
|
Denominator
|
|
$
|
1,407,769
|
|
|
|
1,369,104
|
|
|
|
1,347,040
|
|
|
|
1,327,935
|
|
|
|
1,318,331
|
|
Efficiency
ratio
|
|
|
52.74
|
%
|
|
|
56.93
|
%
|
|
|
56.42
|
%
|
|
|
55.92
|
%
|
|
|
55.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
120,765
|
|
|
|
122,978
|
|
|
|
125,734
|
|
|
|
124,725
|
|
|
|
123,706
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(90)
|
|
|
|
(98)
|
|
|
|
(102)
|
|
|
|
(112)
|
|
|
|
(122)
|
|
Deferred
taxes
|
|
|
35
|
|
|
|
39
|
|
|
|
40
|
|
|
|
44
|
|
|
|
48
|
|
Average tangible
assets
|
|
$
|
116,117
|
|
|
|
118,326
|
|
|
|
121,079
|
|
|
|
120,064
|
|
|
|
119,039
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
16,285
|
|
|
|
16,323
|
|
|
|
16,673
|
|
|
|
16,347
|
|
|
|
16,377
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,492)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
15,053
|
|
|
|
15,091
|
|
|
|
15,181
|
|
|
|
15,115
|
|
|
|
15,145
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(90)
|
|
|
|
(98)
|
|
|
|
(102)
|
|
|
|
(112)
|
|
|
|
(122)
|
|
Deferred
taxes
|
|
|
35
|
|
|
|
39
|
|
|
|
40
|
|
|
|
44
|
|
|
|
48
|
|
Average tangible
common equity
|
|
$
|
10,405
|
|
|
|
10,439
|
|
|
|
10,526
|
|
|
|
10,454
|
|
|
|
10,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
120,897
|
|
|
|
123,223
|
|
|
|
123,449
|
|
|
|
126,841
|
|
|
|
123,821
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(86)
|
|
|
|
(95)
|
|
|
|
(98)
|
|
|
|
(107)
|
|
|
|
(117)
|
|
Deferred
taxes
|
|
|
33
|
|
|
|
38
|
|
|
|
39
|
|
|
|
42
|
|
|
|
46
|
|
Total tangible
assets
|
|
$
|
116,251
|
|
|
|
118,573
|
|
|
|
118,797
|
|
|
|
122,183
|
|
|
|
119,157
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
16,284
|
|
|
|
16,213
|
|
|
|
16,487
|
|
|
|
16,341
|
|
|
|
16,472
|
|
Preferred
stock
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
(3)
|
|
|
|
(3)
|
|
Common equity, net of
undeclared cumulative preferred dividends
|
|
|
15,049
|
|
|
|
14,978
|
|
|
|
15,252
|
|
|
|
15,106
|
|
|
|
15,237
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(86)
|
|
|
|
(95)
|
|
|
|
(98)
|
|
|
|
(107)
|
|
|
|
(117)
|
|
Deferred
taxes
|
|
|
33
|
|
|
|
38
|
|
|
|
39
|
|
|
|
42
|
|
|
|
46
|
|
Total tangible common
equity
|
|
$
|
10,403
|
|
|
|
10,328
|
|
|
|
10,600
|
|
|
|
10,448
|
|
|
|
10,573
|
|
|
|
|
|
|
(1) After any related
tax effect.
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content:http://www.prnewswire.com/news-releases/mt-bank-corporation-announces-second-quarter-results-300490641.html
SOURCE M&T Bank Corporation