BUFFALO, N.Y., April 20, 2020 /PRNewswire/ -- M&T Bank
Corporation ("M&T") (NYSE: MTB) today reported its results of
operations for the quarter ended March 31, 2020.
GAAP Results of Operations. Diluted earnings per common
share measured in accordance with generally accepted accounting
principles ("GAAP") were $1.93 in the
first quarter of 2020, compared with $3.35 in the initial 2019 quarter. GAAP-basis net
income in the recent quarter was $269
million, compared with $483
million in the year-earlier quarter. Diluted earnings per
share and GAAP-basis net income were $3.60 and $493
million, respectively, in the fourth quarter of 2019.
GAAP-basis net income for the first quarter of 2020 expressed as an
annualized rate of return on average assets and average common
shareholders' equity was .90% and 7.00%, respectively, compared
with 1.68% and 13.14%, respectively, in the similar 2019 period and
1.60% and 12.95%, respectively, in the final quarter of 2019.
Darren J. King, Executive Vice
President and Chief Financial Officer of M&T, commented, "I am
extremely proud of the way the M&T team has responded to the
COVID-19 crisis. From tellers and relationship bankers to
operational teams and head office staff, the efforts of our
colleagues to ensure that customers are receiving relief and
outstanding service when they need it most have been extraordinary.
During difficult times M&T has always been a steady and
reliable source of strength."
Effective January 1, 2020, M&T
adopted amended accounting guidance for the measurement of credit
losses on financial instruments. That guidance requires an
allowance for credit losses to be deducted from the amortized cost
basis of financial assets to present the net carrying value that is
expected to be collected over the contractual term of the assets
considering relevant information about past events, current
conditions, and reasonable and supportable forecasts that affect
the collectibility of the reported amount. The new accounting
guidance replaces the previous incurred loss model for determining
the allowance for credit losses. The adoption of the amended
guidance resulted in a $132 million
increase in the allowance for credit losses as of January 1, 2020.
M&T's first quarter 2020 results were adversely impacted by
the Coronavirus Disease 2019 ("COVID-19") pandemic, as the United States operates under a state of
emergency. Economic forecasts of the impact of COVID-19 as of the
end of the recent quarter resulted in higher estimates of expected
credit losses in M&T's loan portfolio as compared with that
estimated as of January 1, 2020.
While the full impact of COVID-19 on M&T's future financial
results is uncertain and not currently estimable, M&T believes
that impact could be material. A provision for credit losses of
$250 million was recorded in the
first quarter of 2020.
On March 27, 2020, the CARES Act
was signed into law. Among other things, the CARES Act
provides relief to borrowers, including the opportunity to defer
loan payments while not negatively affecting their credit standing,
and also provides funding opportunities for small businesses under
the Paycheck Protection Program ("PPP") from approved Small
Business Administration ("SBA") lenders, including M&T Bank,
which is one of the top ten SBA lenders in the country. For
commercial and consumer customers, M&T has provided a host of
relief options, including loan maturity extensions, payment
deferrals, fee waivers and low interest rate loan products.
On April 6, 2020, M&T provided an
online application solution for small business customers and began
accepting loan applications under the PPP.
Earnings
Highlights
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Change 1Q20
vs.
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($ in millions,
except per share data)
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1Q20
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1Q19
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4Q19
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1Q19
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4Q19
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Net income
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$
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269
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$
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483
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$
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493
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-44
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%
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-45
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%
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Net income available
to common shareholders ̶ diluted
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$
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251
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$
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462
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$
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473
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-46
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%
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-47
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%
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Diluted earnings per
common share
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$
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1.93
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$
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3.35
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$
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3.60
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-42
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%
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-46
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%
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Annualized return on
average assets
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.90
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%
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1.68
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%
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1.60
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%
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Annualized return on
average common equity
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7.00
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%
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13.14
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%
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12.95
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%
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Supplemental Reporting of Non-GAAP Results of Operations.
M&T consistently provides supplemental reporting of its results
on a "net operating" or "tangible" basis, from which M&T
excludes the after-tax effect of amortization of core deposit and
other intangible assets (and the related goodwill, core deposit
intangible and other intangible asset balances, net of applicable
deferred tax amounts) and expenses associated with merging acquired
operations into M&T, since such items are considered by
management to be "nonoperating" in nature. The amounts of
such "nonoperating" expenses are presented in the tables that
accompany this release. Although "net operating income" as
defined by M&T is not a GAAP measure, M&T's management
believes that this information helps investors understand the
effect of acquisition activity in reported results.
Diluted net operating earnings per common share were
$1.95 in the first quarter of 2020,
compared with $3.38 in the
year-earlier quarter and $3.62 in the
fourth quarter of 2019. Net operating income in 2020's
initial quarter was $272 million,
compared with $486 million in the
first quarter of 2019 and $496
million in the final quarter of 2019. 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 .94% and 10.39%, respectively, compared with
1.76% and 19.56%, respectively, in the corresponding 2019 quarter
and 1.67% and 19.08%, respectively, in the fourth quarter of
2019.
Taxable-equivalent Net Interest Income. Net interest
income expressed on a taxable-equivalent basis totaled $982 million in the recent quarter, compared with
$1.06 billion in the first quarter of
2019. That decline resulted from a 39 basis point narrowing of the
net interest margin, to 3.65% in the first three months of 2020
from 4.04% in the first quarter of 2019, that was partially offset
by the impact of a $2.1 billion or 2%
increase in average earning assets. The narrowing of the net
interest margin resulted largely from lower yields on loans, while
the rise in average earning assets reflected higher balances of
loans and deposits at the Federal Reserve Bank of New York, offset, in part, by lower average
balances of investment securities. In the final quarter of
2019, taxable-equivalent net interest income was $1.01 billion, the net interest margin was 3.64%
and average earning assets were $110.6
billion.
Taxable-equivalent
Net Interest Income
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Change 1Q20
vs.
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($ in
millions)
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1Q20
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1Q19
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4Q19
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1Q19
|
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4Q19
|
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Average earning
assets
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$
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108,226
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$
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106,096
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$
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110,581
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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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982
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$
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1,056
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$
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1,014
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-7
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%
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-3
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%
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Net interest
margin
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3.65
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%
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4.04
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%
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3.64
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%
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Provision for Credit Losses/Asset Quality. The provision
for credit losses was $250 million in
the first quarter of 2020, compared with $22
million in the year-earlier quarter and $54 million in 2019's final quarter. As noted
earlier, the significant increase in the provision in the recent
quarter as compared with the prior quarters follows the
adoption of new accounting guidance on January 1, 2020 and reflects updated assumptions
and projections as a result of COVID-19. Net loan charge-offs were
$49 million during the recent
quarter, compared with $22 million in
the initial quarter of 2019 and $41
million in the fourth quarter of 2019. Expressed as an
annualized percentage of average loans outstanding, net charge-offs
were .22% and .10% in the three-month periods ended March 31,
2020 and 2019, respectively, and .18% in the fourth quarter of
2019.
Loans classified as nonaccrual totaled $1.06 billion or 1.13% of total loans outstanding
at March 31, 2020, improved from $1.13 billion or
1.25% at January 1, 2020. The
adoption of the new accounting guidance previously mentioned
resulted in an increase in nonaccrual loans on January 1, 2020 of $171
million. Nonaccrual loans outstanding at December 31, 2019 were $963 million or 1.06% of total loans and at
March 31, 2019 were $882 million or .99%. Assets taken in foreclosure
of defaulted loans were $84 million
at March 31, 2020, compared with $81
million and $86 million at
March 31, 2019 and December 31,
2019, respectively.
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 $1.38 billion or 1.47%
of loans outstanding at March 31, 2020, compared with
$1.02 billion or 1.15% at
March 31, 2019, $1.05 billion or
1.16% at December 31, 2019 and
$1.18 billion or 1.30% as of
January 1, 2020 following adoption of
the current expected credit loss accounting rules. As noted
earlier, the adoption of amended accounting guidance resulted in an
increase to the allowance of $132
million on January 1,
2020.
Asset Quality
Metrics
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Change 1Q20
vs.
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($ in
millions)
|
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1Q20
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1Q19
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4Q19
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1Q19
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4Q19
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At end of
quarter
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Nonaccrual
loans
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$
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1,062
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$
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882
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$
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963
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20
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%
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10
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%
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Real estate and other
foreclosed assets
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$
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84
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$
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81
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$
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86
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3
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%
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-2
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%
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Total nonperforming
assets
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$
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1,146
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$
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963
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$
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1,049
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19
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%
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9
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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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530
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$
|
244
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$
|
519
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|
|
117
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%
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2
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%
|
Nonaccrual loans as %
of loans outstanding
|
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1.13
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%
|
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|
.99
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%
|
|
|
1.06
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%
|
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Allowance for credit
losses
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$
|
1,384
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$
|
1,019
|
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$
|
1,051
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|
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36
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%
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|
32
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%
|
Allowance for credit
losses as % of loans outstanding
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|
|
1.47
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%
|
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|
1.15
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%
|
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|
1.16
|
%
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For the
period
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Provision for credit
losses
|
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$
|
250
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$
|
22
|
|
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$
|
54
|
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|
|
1036
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%
|
|
|
363
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%
|
Net
charge-offs
|
|
$
|
49
|
|
|
$
|
22
|
|
|
$
|
41
|
|
|
|
122
|
%
|
|
|
19
|
%
|
Net charge-offs as %
of average loans (annualized)
|
|
|
.22
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%
|
|
|
.10
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%
|
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|
.18
|
%
|
|
|
|
|
|
|
|
|
______________
|
(1)
Predominantly residential real estate loans. Prior to 2020,
excludes loans acquired at a discount.
|
Noninterest Income and Expense. Noninterest income
increased 6% to $529 million in the
recent quarter from $501 million in
the year-earlier quarter. That improvement resulted from higher
residential mortgage banking revenues, trust income and trading
account and foreign exchange gains, partially offset by unrealized
losses on investment securities and a reduction in distributed
income from Bayview Lending Group LLC ("BLG") of $14 million. During the fourth quarter of 2019,
noninterest income totaled $521
million. The increase in such income in the recent quarter
as compared with 2019's final quarter reflected higher income from
BLG of $23 million and increased
mortgage banking revenues that were partially offset by unrealized
losses on investment securities and a decline in loan syndication
and other credit-related fees of $11
million.
Noninterest
Income
|
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
Change 1Q20
vs.
|
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($ in
millions)
|
|
1Q20
|
|
|
1Q19
|
|
|
4Q19
|
|
|
1Q19
|
|
|
4Q19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
$
|
128
|
|
|
$
|
95
|
|
|
$
|
118
|
|
|
|
34
|
%
|
|
|
8
|
%
|
Service charges on
deposit accounts
|
|
|
106
|
|
|
|
103
|
|
|
|
111
|
|
|
|
3
|
%
|
|
|
-4
|
%
|
Trust
income
|
|
|
149
|
|
|
|
133
|
|
|
|
151
|
|
|
|
12
|
%
|
|
|
-2
|
%
|
Brokerage services
income
|
|
|
13
|
|
|
|
12
|
|
|
|
12
|
|
|
|
5
|
%
|
|
|
10
|
%
|
Trading account and
foreign exchange gains
|
|
|
21
|
|
|
|
11
|
|
|
|
17
|
|
|
|
95
|
%
|
|
|
26
|
%
|
Gain (loss) on bank
investment securities
|
|
|
(21)
|
|
|
|
12
|
|
|
|
(6)
|
|
|
|
—
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
133
|
|
|
|
135
|
|
|
|
118
|
|
|
|
-1
|
%
|
|
|
13
|
%
|
Total
|
|
$
|
529
|
|
|
$
|
501
|
|
|
$
|
521
|
|
|
|
6
|
%
|
|
|
2
|
%
|
Noninterest expense totaled $906
million in the initial quarter of 2020, $894 million in the corresponding quarter of 2019
and $824 million in the fourth
quarter of 2019. Excluding expenses considered to be
nonoperating in nature, such as amortization of core deposit and
other intangible assets, noninterest operating expenses aggregated
$903 million in the recent quarter,
$889 million in the first quarter of
2019 and $819 million in 2019's
fourth quarter. Factors contributing to the higher level of
noninterest expenses in the recent quarter as compared with the
year-earlier quarter were increased costs for salaries and employee
benefits, outside data processing and software and a $10 million increase to the valuation allowance
for capitalized residential mortgage servicing rights, partially
offset by lower costs of $60 million
for legal-related matters and professional and outside services. As
compared with the fourth quarter of 2019, the higher level of
noninterest expenses in the first quarter of 2020 was largely
attributable to higher costs for salaries and employee benefits,
reflecting seasonally higher stock-based compensation and employee
benefits expenses during the recent quarter that totaled
$67 million, and changes in the
valuation allowance for capitalized residential mortgage servicing
rights. That allowance was increased by $10
million during the recent quarter, compared with a reduction
of $16 million in the fourth quarter
of 2019.
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 1Q20
vs.
|
|
($ in
millions)
|
|
1Q20
|
|
|
1Q19
|
|
|
4Q19
|
|
|
1Q19
|
|
|
4Q19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
537
|
|
|
$
|
499
|
|
|
$
|
469
|
|
|
|
8
|
%
|
|
|
14
|
%
|
Equipment and net
occupancy
|
|
|
80
|
|
|
|
79
|
|
|
|
83
|
|
|
|
—
|
|
|
|
-4
|
%
|
Outside data
processing and software
|
|
|
64
|
|
|
|
52
|
|
|
|
62
|
|
|
|
23
|
%
|
|
|
4
|
%
|
FDIC
assessments
|
|
|
12
|
|
|
|
10
|
|
|
|
12
|
|
|
|
30
|
%
|
|
|
-1
|
%
|
Advertising and
marketing
|
|
|
22
|
|
|
|
20
|
|
|
|
27
|
|
|
|
10
|
%
|
|
|
-17
|
%
|
Printing, postage and
supplies
|
|
|
11
|
|
|
|
10
|
|
|
|
10
|
|
|
|
10
|
%
|
|
|
14
|
%
|
Amortization of core
deposit and other intangible assets
|
|
|
4
|
|
|
|
5
|
|
|
|
4
|
|
|
|
-22
|
%
|
|
|
-9
|
%
|
Other costs of
operations
|
|
|
176
|
|
|
|
219
|
|
|
|
157
|
|
|
|
-20
|
%
|
|
|
12
|
%
|
Total
|
|
$
|
906
|
|
|
$
|
894
|
|
|
$
|
824
|
|
|
|
1
|
%
|
|
|
10
|
%
|
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 58.9% in
the first quarter of 2020, 57.6% in the year-earlier quarter and
53.1% in the final three months of 2019.
Balance Sheet. M&T had total assets of $124.6 billion at March 31, 2020, up from
$120.0 billion and $119.9 billion at March 31, 2019 and
December 31, 2019, respectively.
Loans and leases, net of unearned discount, were $94.1 billion at March 31, 2020,
$88.6 billion at March 31, 2019
and $90.9 billion at December 31, 2019. The increase in total loans
and leases at the recent quarter-end as compared with the end of
2019 was driven largely by growth in commercial loans of
$2.4 billion and commercial real
estate loans of $1.1 billion. Total
deposits rose to $100.2 billion at
the recent quarter end, compared with $90.5
billion at March 31, 2019 and $94.8 billion at December
31, 2019. The higher level of deposits at the recent
quarter-end as compared with the prior dates reflects increased
deposits associated with residential mortgage servicing activities,
as well as higher levels of commercial and trust demand deposits.
Much of the commercial loan and deposit growth occurred in March as
commercial customers drew down previously approved lines of
credit.
Total shareholders' equity was $15.8
billion, or 12.70% of total assets at March 31, 2020,
compared with $15.6 billion, or
12.99% at March 31, 2019 and $15.7
billion, or 13.11% at December 31,
2019. Common shareholders' equity was $14.6 billion, or $113.54 per share, at March 31, 2020,
compared with $14.4 billion, or
$105.04 per share, a year-earlier and
$14.5 billion, or $110.78 per share, at December 31, 2019. Tangible equity per
common share was $77.60 at
March 31, 2020, compared with $71.19 at March 31, 2019 and $75.44 at December 31,
2019. 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 9.20% at
March 31, 2020.
In accordance with its capital plan, M&T repurchased
2,577,000 shares of its common stock during the recent quarter at a
total cost of $374 million.
Conference Call. Investors will have an opportunity to
listen to M&T's conference call to discuss first quarter
financial results today at 11:00 a.m.
Eastern Time. Those wishing to participate in the call
may dial (877) 780-2276. International participants, using
any applicable international calling codes, may dial (973)
582-2700. Callers should reference M&T Bank Corporation
or the conference ID #5263538. The conference call will be
webcast live through M&T's website at
https://ir.mtb.com/events-presentations. A replay of the call will
be available through Monday, April 27,
2020 by calling (800) 585-8367, or (404) 537-3406 for
international participants, and by making reference to ID
#5263538. 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-presentations.
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. Any
statement that does not describe historical or current facts is a
forward-looking statement, including statements regarding the
potential effects of the Coronavirus Disease 2019 ("COVID-19")
pandemic on M&T's business, financial condition, liquidity and
results of operations. 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; risks and
uncertainties relating to the impact of the COVID-19 pandemic; 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, regulatory agencies or
legislation; 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.
Further, statements about the potential effects of the
COVID-19 pandemic on M&T's business, financial condition,
liquidity and results of operations may constitute forward-looking
statements and are subject to the risk that the actual effects may
differ, possibly materially, from what is reflected in those
forward-looking statements due to factors and future developments
that are uncertain, unpredictable and in many cases beyond our
control, including the scope and duration of the pandemic, actions
taken by governmental authorities in response to the pandemic, and
the direct and indirect impact of the pandemic on customers,
clients, third parties and M&T.
Financial
Highlights
|
|
|
|
Three months
ended
|
|
|
|
|
|
|
|
|
March 31
|
|
|
|
|
|
|
Amounts in thousands,
except per share
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
268,822
|
|
|
|
482,742
|
|
|
|
-44
|
%
|
|
Net income available
to common shareholders
|
|
|
250,701
|
|
|
|
462,086
|
|
|
|
-46
|
%
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
1.93
|
|
|
|
3.35
|
|
|
|
-42
|
%
|
|
Diluted
earnings
|
|
|
1.93
|
|
|
|
3.35
|
|
|
|
-42
|
%
|
|
Cash
dividends
|
|
$
|
1.10
|
|
|
|
1.00
|
|
|
|
10
|
%
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
129,755
|
|
|
|
137,920
|
|
|
|
-6
|
%
|
|
Period end
(2)
|
|
|
128,282
|
|
|
|
136,637
|
|
|
|
-6
|
%
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
.90
|
%
|
|
|
1.68
|
%
|
|
|
|
|
|
Average common
shareholders' equity
|
|
|
7.00
|
%
|
|
|
13.14
|
%
|
|
|
|
|
|
Taxable-equivalent
net interest income
|
|
$
|
981,868
|
|
|
|
1,056,027
|
|
|
|
-7
|
%
|
|
Yield on average
earning assets
|
|
|
4.18
|
%
|
|
|
4.71
|
%
|
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
|
.83
|
%
|
|
|
1.04
|
%
|
|
|
|
|
|
Net interest
spread
|
|
|
3.35
|
%
|
|
|
3.67
|
%
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
.30
|
%
|
|
|
.37
|
%
|
|
|
|
|
|
Net interest
margin
|
|
|
3.65
|
%
|
|
|
4.04
|
%
|
|
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.22
|
%
|
|
|
.10
|
%
|
|
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
271,705
|
|
|
|
486,440
|
|
|
|
-44
|
%
|
|
Diluted net operating
earnings per common share
|
|
|
1.95
|
|
|
|
3.38
|
|
|
|
-42
|
%
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
.94
|
%
|
|
|
1.76
|
%
|
|
|
|
|
|
Average tangible
common equity
|
|
|
10.39
|
%
|
|
|
19.56
|
%
|
|
|
|
|
|
Efficiency
ratio
|
|
|
58.91
|
%
|
|
|
57.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
March 31
|
|
|
|
|
Loan
quality
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|
Nonaccrual
loans
|
|
$
|
1,061,748
|
|
|
|
881,611
|
|
|
|
20
|
%
|
|
Real estate and other
foreclosed assets
|
|
|
83,605
|
|
|
|
81,335
|
|
|
|
3
|
%
|
|
Total nonperforming
assets
|
|
$
|
1,145,353
|
|
|
|
962,946
|
|
|
|
19
|
%
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
530,317
|
|
|
|
244,257
|
|
|
|
117
|
%
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
50,561
|
|
|
|
35,481
|
|
|
|
43
|
%
|
|
Accruing loans past
due 90 days or more
|
|
|
464,243
|
|
|
|
194,510
|
|
|
|
139
|
%
|
|
Renegotiated
loans
|
|
$
|
232,439
|
|
|
|
267,952
|
|
|
|
-13
|
%
|
|
Accruing loans
acquired at a discount past due 90 days or more (5)
|
|
|
N/A
|
|
|
|
43,995
|
|
|
|
—
|
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
|
N/A
|
|
|
|
495,163
|
|
|
|
—
|
|
|
Carrying
amount
|
|
N/A
|
|
|
|
278,783
|
|
|
|
—
|
|
|
Nonaccrual loans to
total net loans
|
|
|
1.13
|
%
|
|
|
.99
|
%
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
|
1.47
|
%
|
|
|
1.15
|
%
|
|
|
|
|
|
____________
|
(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)
|
Predominantly
residential real estate loans. Prior to 2020, excludes loans
acquired at a discount.
|
(5)
|
Prior to 2020, 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)
|
Prior to 2020,
accruing loans acquired at a discount that were impaired at
acquisition date and recorded at fair value.
|
Financial Highlights,
Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Amounts in thousands,
except per share
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
268,822
|
|
|
|
493,066
|
|
|
|
480,081
|
|
|
|
473,260
|
|
|
|
482,742
|
|
Net income available
to common shareholders
|
|
|
250,701
|
|
|
|
473,372
|
|
|
|
461,410
|
|
|
|
452,633
|
|
|
|
462,086
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
1.93
|
|
|
|
3.60
|
|
|
|
3.47
|
|
|
|
3.34
|
|
|
|
3.35
|
|
Diluted
earnings
|
|
|
1.93
|
|
|
|
3.60
|
|
|
|
3.47
|
|
|
|
3.34
|
|
|
|
3.35
|
|
Cash
dividends
|
|
$
|
1.10
|
|
|
|
1.10
|
|
|
|
1.00
|
|
|
|
1.00
|
|
|
|
1.00
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
129,755
|
|
|
|
131,549
|
|
|
|
132,999
|
|
|
|
135,464
|
|
|
|
137,920
|
|
Period end
(2)
|
|
|
128,282
|
|
|
|
130,589
|
|
|
|
132,277
|
|
|
|
134,200
|
|
|
|
136,637
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
.90
|
%
|
|
|
1.60
|
%
|
|
|
1.58
|
%
|
|
|
1.60
|
%
|
|
|
1.68
|
%
|
Average common
shareholders' equity
|
|
|
7.00
|
%
|
|
|
12.95
|
%
|
|
|
12.73
|
%
|
|
|
12.68
|
%
|
|
|
13.14
|
%
|
Taxable-equivalent
net interest income
|
|
$
|
981,868
|
|
|
|
1,014,225
|
|
|
|
1,035,469
|
|
|
|
1,047,406
|
|
|
|
1,056,027
|
|
Yield on average
earning assets
|
|
|
4.18
|
%
|
|
|
4.27
|
%
|
|
|
4.51
|
%
|
|
|
4.64
|
%
|
|
|
4.71
|
%
|
Cost of
interest-bearing liabilities
|
|
|
.83
|
%
|
|
|
.97
|
%
|
|
|
1.10
|
%
|
|
|
1.11
|
%
|
|
|
1.04
|
%
|
Net interest
spread
|
|
|
3.35
|
%
|
|
|
3.30
|
%
|
|
|
3.41
|
%
|
|
|
3.53
|
%
|
|
|
3.67
|
%
|
Contribution of
interest-free funds
|
|
|
.30
|
%
|
|
|
.34
|
%
|
|
|
.37
|
%
|
|
|
.38
|
%
|
|
|
.37
|
%
|
Net interest
margin
|
|
|
3.65
|
%
|
|
|
3.64
|
%
|
|
|
3.78
|
%
|
|
|
3.91
|
%
|
|
|
4.04
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.22
|
%
|
|
|
.18
|
%
|
|
|
.16
|
%
|
|
|
.20
|
%
|
|
|
.10
|
%
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
271,705
|
|
|
|
496,237
|
|
|
|
483,830
|
|
|
|
477,001
|
|
|
|
486,440
|
|
Diluted net operating
earnings per common share
|
|
|
1.95
|
|
|
|
3.62
|
|
|
|
3.50
|
|
|
|
3.37
|
|
|
|
3.38
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
.94
|
%
|
|
|
1.67
|
%
|
|
|
1.66
|
%
|
|
|
1.68
|
%
|
|
|
1.76
|
%
|
Average tangible
common equity
|
|
|
10.39
|
%
|
|
|
19.08
|
%
|
|
|
18.85
|
%
|
|
|
18.83
|
%
|
|
|
19.56
|
%
|
Efficiency
ratio
|
|
|
58.91
|
%
|
|
|
53.15
|
%
|
|
|
55.95
|
%
|
|
|
55.98
|
%
|
|
|
57.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Loan
quality
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Nonaccrual
loans
|
|
$
|
1,061,748
|
|
|
|
963,112
|
|
|
|
1,005,249
|
|
|
|
865,384
|
|
|
|
881,611
|
|
Real estate and other
foreclosed assets
|
|
|
83,605
|
|
|
|
85,646
|
|
|
|
79,735
|
|
|
|
72,907
|
|
|
|
81,335
|
|
Total nonperforming
assets
|
|
$
|
1,145,353
|
|
|
|
1,048,758
|
|
|
|
1,084,984
|
|
|
|
938,291
|
|
|
|
962,946
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
530,317
|
|
|
|
518,728
|
|
|
|
461,162
|
|
|
|
348,725
|
|
|
|
244,257
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
50,561
|
|
|
|
50,891
|
|
|
|
43,144
|
|
|
|
36,765
|
|
|
|
35,481
|
|
Accruing loans past
due 90 days or more
|
|
|
464,243
|
|
|
|
479,829
|
|
|
|
434,132
|
|
|
|
320,305
|
|
|
|
194,510
|
|
Renegotiated
loans
|
|
$
|
232,439
|
|
|
|
234,424
|
|
|
|
240,781
|
|
|
|
254,332
|
|
|
|
267,952
|
|
Accruing loans
acquired at a discount past due 90 days or
more
(5)
|
|
N/A
|
|
|
|
39,632
|
|
|
|
40,733
|
|
|
|
43,079
|
|
|
|
43,995
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
N/A
|
|
|
|
415,413
|
|
|
|
453,382
|
|
|
|
473,834
|
|
|
|
495,163
|
|
Carrying
amount
|
|
N/A
|
|
|
|
227,545
|
|
|
|
253,496
|
|
|
|
263,025
|
|
|
|
278,783
|
|
Nonaccrual loans to
total net loans
|
|
|
1.13
|
%
|
|
|
1.06
|
%
|
|
|
1.12
|
%
|
|
|
.96
|
%
|
|
|
.99
|
%
|
Allowance for credit
losses to total loans
|
|
|
1.47
|
%
|
|
|
1.16
|
%
|
|
|
1.16
|
%
|
|
|
1.15
|
%
|
|
|
1.15
|
%
|
____________
|
(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)
|
Predominantly
residential real estate loans. Prior to 2020, excludes loans
acquired at a discount.
|
(5)
|
Prior to 2020, 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)
|
Prior to 2020,
accruing loans acquired at a discount that were impaired at
acquisition date and recorded at fair value.
|
Condensed
Consolidated Statement of Income
|
|
|
|
Three months ended
|
|
|
|
|
|
|
|
March 31
|
|
|
|
|
|
Dollars in
thousands
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
Interest
income
|
|
$
|
1,120,419
|
|
|
|
1,226,309
|
|
|
|
-9
|
%
|
Interest
expense
|
|
|
143,614
|
|
|
|
176,249
|
|
|
|
-19
|
|
Net interest
income
|
|
|
976,805
|
|
|
|
1,050,060
|
|
|
|
-7
|
|
Provision for credit
losses
|
|
|
250,000
|
|
|
|
22,000
|
|
|
1036
|
|
Net interest income
after provision for credit losses
|
|
|
726,805
|
|
|
|
1,028,060
|
|
|
|
-29
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
127,909
|
|
|
|
95,311
|
|
|
|
34
|
|
Service charges on
deposit accounts
|
|
|
106,161
|
|
|
|
103,112
|
|
|
|
3
|
|
Trust
income
|
|
|
148,751
|
|
|
|
132,786
|
|
|
|
12
|
|
Brokerage services
income
|
|
|
13,129
|
|
|
|
12,476
|
|
|
|
5
|
|
Trading account and
foreign exchange gains
|
|
|
21,016
|
|
|
|
10,802
|
|
|
|
95
|
|
Gain (loss) on bank
investment securities
|
|
|
(20,782)
|
|
|
|
11,841
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
133,176
|
|
|
|
134,437
|
|
|
|
-1
|
|
Total other
income
|
|
|
529,360
|
|
|
|
500,765
|
|
|
|
6
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
536,843
|
|
|
|
499,200
|
|
|
|
8
|
|
Equipment and net
occupancy
|
|
|
79,640
|
|
|
|
79,347
|
|
|
|
—
|
|
Outside data
processing and software
|
|
|
64,410
|
|
|
|
52,417
|
|
|
|
23
|
|
FDIC
assessments
|
|
|
12,271
|
|
|
|
9,426
|
|
|
|
30
|
|
Advertising and
marketing
|
|
|
22,375
|
|
|
|
20,275
|
|
|
|
10
|
|
Printing, postage and
supplies
|
|
|
10,852
|
|
|
|
9,855
|
|
|
|
10
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
3,913
|
|
|
|
5,020
|
|
|
|
-22
|
|
Other costs of
operations
|
|
|
176,112
|
|
|
|
218,808
|
|
|
|
-20
|
|
Total other
expense
|
|
|
906,416
|
|
|
|
894,348
|
|
|
|
1
|
|
Income before income
taxes
|
|
|
349,749
|
|
|
|
634,477
|
|
|
|
-45
|
|
Applicable income
taxes
|
|
|
80,927
|
|
|
|
151,735
|
|
|
|
-47
|
|
Net income
|
|
$
|
268,822
|
|
|
|
482,742
|
|
|
|
-44
|
%
|
Condensed
Consolidated Statement of Income, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Dollars in
thousands
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Interest
income
|
|
$
|
1,120,419
|
|
|
|
1,185,902
|
|
|
|
1,229,469
|
|
|
|
1,237,913
|
|
|
|
1,226,309
|
|
Interest
expense
|
|
|
143,614
|
|
|
|
177,069
|
|
|
|
199,579
|
|
|
|
196,432
|
|
|
|
176,249
|
|
Net interest
income
|
|
|
976,805
|
|
|
|
1,008,833
|
|
|
|
1,029,890
|
|
|
|
1,041,481
|
|
|
|
1,050,060
|
|
Provision for credit
losses
|
|
|
250,000
|
|
|
|
54,000
|
|
|
|
45,000
|
|
|
|
55,000
|
|
|
|
22,000
|
|
Net interest income
after provision for credit losses
|
|
|
726,805
|
|
|
|
954,833
|
|
|
|
984,890
|
|
|
|
986,481
|
|
|
|
1,028,060
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
127,909
|
|
|
|
118,134
|
|
|
|
137,004
|
|
|
|
107,321
|
|
|
|
95,311
|
|
Service charges on
deposit accounts
|
|
|
106,161
|
|
|
|
110,987
|
|
|
|
111,092
|
|
|
|
107,787
|
|
|
|
103,112
|
|
Trust
income
|
|
|
148,751
|
|
|
|
151,525
|
|
|
|
143,915
|
|
|
|
144,382
|
|
|
|
132,786
|
|
Brokerage services
income
|
|
|
13,129
|
|
|
|
11,891
|
|
|
|
12,077
|
|
|
|
12,478
|
|
|
|
12,476
|
|
Trading account and
foreign exchange gains
|
|
|
21,016
|
|
|
|
16,717
|
|
|
|
16,072
|
|
|
|
18,453
|
|
|
|
10,802
|
|
Gain (loss) on bank
investment securities
|
|
|
(20,782)
|
|
|
|
(6,452)
|
|
|
|
3,737
|
|
|
|
8,911
|
|
|
|
11,841
|
|
Other revenues from
operations
|
|
|
133,176
|
|
|
|
118,238
|
|
|
|
103,882
|
|
|
|
112,763
|
|
|
|
134,437
|
|
Total other
income
|
|
|
529,360
|
|
|
|
521,040
|
|
|
|
527,779
|
|
|
|
512,095
|
|
|
|
500,765
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
536,843
|
|
|
|
469,080
|
|
|
|
476,780
|
|
|
|
455,737
|
|
|
|
499,200
|
|
Equipment and net
occupancy
|
|
|
79,640
|
|
|
|
82,892
|
|
|
|
82,690
|
|
|
|
79,150
|
|
|
|
79,347
|
|
Outside data
processing and software
|
|
|
64,410
|
|
|
|
61,720
|
|
|
|
60,360
|
|
|
|
55,234
|
|
|
|
52,417
|
|
FDIC
assessments
|
|
|
12,271
|
|
|
|
12,431
|
|
|
|
9,906
|
|
|
|
9,772
|
|
|
|
9,426
|
|
Advertising and
marketing
|
|
|
22,375
|
|
|
|
27,063
|
|
|
|
22,088
|
|
|
|
24,046
|
|
|
|
20,275
|
|
Printing, postage and
supplies
|
|
|
10,852
|
|
|
|
9,513
|
|
|
|
10,201
|
|
|
|
10,324
|
|
|
|
9,855
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
3,913
|
|
|
|
4,305
|
|
|
|
5,088
|
|
|
|
5,077
|
|
|
|
5,020
|
|
Other costs of
operations
|
|
|
176,112
|
|
|
|
156,679
|
|
|
|
210,506
|
|
|
|
233,692
|
|
|
|
218,808
|
|
Total other
expense
|
|
|
906,416
|
|
|
|
823,683
|
|
|
|
877,619
|
|
|
|
873,032
|
|
|
|
894,348
|
|
Income before income
taxes
|
|
|
349,749
|
|
|
|
652,190
|
|
|
|
635,050
|
|
|
|
625,544
|
|
|
|
634,477
|
|
Applicable income
taxes
|
|
|
80,927
|
|
|
|
159,124
|
|
|
|
154,969
|
|
|
|
152,284
|
|
|
|
151,735
|
|
Net income
|
|
$
|
268,822
|
|
|
|
493,066
|
|
|
|
480,081
|
|
|
|
473,260
|
|
|
|
482,742
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
March 31
|
|
|
|
|
|
|
Dollars in
thousands
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,298,192
|
|
|
|
1,267,260
|
|
|
|
2
|
|
%
|
Interest-bearing
deposits at banks
|
|
|
8,896,307
|
|
|
|
7,602,897
|
|
|
|
17
|
|
|
Trading
account
|
|
|
1,224,291
|
|
|
|
276,322
|
|
|
|
343
|
|
|
Investment
securities
|
|
|
8,956,590
|
|
|
|
12,536,840
|
|
|
|
-29
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
26,243,648
|
|
|
|
23,090,204
|
|
|
|
14
|
|
|
Real estate -
commercial
|
|
|
36,684,106
|
|
|
|
34,690,930
|
|
|
|
6
|
|
|
Real estate -
consumer
|
|
|
15,643,014
|
|
|
|
16,769,933
|
|
|
|
-7
|
|
|
Consumer
|
|
|
15,571,507
|
|
|
|
14,088,816
|
|
|
|
11
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
94,142,275
|
|
|
|
88,639,883
|
|
|
|
6
|
|
|
Less: allowance for
credit losses
|
|
|
1,384,366
|
|
|
|
1,019,337
|
|
|
|
36
|
|
|
Net loans and
leases
|
|
|
92,757,909
|
|
|
|
87,620,546
|
|
|
|
6
|
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
25,121
|
|
|
|
43,947
|
|
|
|
-43
|
|
|
Other
assets
|
|
|
6,826,311
|
|
|
|
6,084,281
|
|
|
|
12
|
|
|
Total
assets
|
|
$
|
124,577,833
|
|
|
|
120,025,205
|
|
|
|
4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
35,554,715
|
|
|
|
29,966,753
|
|
|
|
19
|
|
%
|
Interest-bearing
deposits
|
|
|
63,410,672
|
|
|
|
59,433,806
|
|
|
|
7
|
|
|
Deposits at Cayman
Islands office
|
|
|
1,217,921
|
|
|
|
1,069,191
|
|
|
|
14
|
|
|
Total
deposits
|
|
|
100,183,308
|
|
|
|
90,469,750
|
|
|
|
11
|
|
|
Short-term
borrowings
|
|
|
59,180
|
|
|
|
3,602,566
|
|
|
|
-98
|
|
|
Accrued interest and
other liabilities
|
|
|
2,198,116
|
|
|
|
1,889,336
|
|
|
|
16
|
|
|
Long-term
borrowings
|
|
|
6,321,435
|
|
|
|
8,476,024
|
|
|
|
-25
|
|
|
Total
liabilities
|
|
|
108,762,039
|
|
|
|
104,437,676
|
|
|
|
4
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,250,000
|
|
|
|
1,231,500
|
|
|
|
2
|
|
|
Common
|
|
|
14,565,794
|
|
|
|
14,356,029
|
|
|
|
1
|
|
|
Total shareholders'
equity
|
|
|
15,815,794
|
|
|
|
15,587,529
|
|
|
|
1
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
124,577,833
|
|
|
|
120,025,205
|
|
|
|
4
|
|
%
|
Condensed
Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
Dollars in
thousands
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,298,192
|
|
|
|
1,432,805
|
|
|
|
1,818,861
|
|
|
|
1,271,611
|
|
|
|
1,267,260
|
|
Interest-bearing
deposits at banks
|
|
|
8,896,307
|
|
|
|
7,190,154
|
|
|
|
12,495,524
|
|
|
|
8,791,753
|
|
|
|
7,602,897
|
|
Federal funds
sold
|
|
|
—
|
|
|
|
3,500
|
|
|
|
200
|
|
|
|
—
|
|
|
|
—
|
|
Trading
account
|
|
|
1,224,291
|
|
|
|
470,129
|
|
|
|
614,256
|
|
|
|
479,403
|
|
|
|
276,322
|
|
Investment
securities
|
|
|
8,956,590
|
|
|
|
9,497,251
|
|
|
|
10,677,583
|
|
|
|
11,580,249
|
|
|
|
12,536,840
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
26,243,648
|
|
|
|
23,838,168
|
|
|
|
23,201,372
|
|
|
|
23,431,408
|
|
|
|
23,090,204
|
|
Real estate -
commercial
|
|
|
36,684,106
|
|
|
|
35,541,914
|
|
|
|
34,945,231
|
|
|
|
35,194,375
|
|
|
|
34,690,930
|
|
Real estate -
consumer
|
|
|
15,643,014
|
|
|
|
16,156,094
|
|
|
|
16,500,955
|
|
|
|
16,693,737
|
|
|
|
16,769,933
|
|
Consumer
|
|
|
15,571,507
|
|
|
|
15,386,693
|
|
|
|
15,175,635
|
|
|
|
14,558,538
|
|
|
|
14,088,816
|
|
Total loans and leases, net of unearned discount
|
|
|
94,142,275
|
|
|
|
90,922,869
|
|
|
|
89,823,193
|
|
|
|
89,878,058
|
|
|
|
88,639,883
|
|
Less: allowance for
credit losses
|
|
|
1,384,366
|
|
|
|
1,051,071
|
|
|
|
1,038,437
|
|
|
|
1,029,867
|
|
|
|
1,019,337
|
|
Net loans and
leases
|
|
|
92,757,909
|
|
|
|
89,871,798
|
|
|
|
88,784,756
|
|
|
|
88,848,191
|
|
|
|
87,620,546
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
Core deposit and
other intangible assets
|
|
|
25,121
|
|
|
|
29,034
|
|
|
|
33,339
|
|
|
|
38,428
|
|
|
|
43,947
|
|
Other
assets
|
|
|
6,826,311
|
|
|
|
6,784,974
|
|
|
|
6,483,295
|
|
|
|
5,952,148
|
|
|
|
6,084,281
|
|
Total
assets
|
|
$
|
124,577,833
|
|
|
|
119,872,757
|
|
|
|
125,500,926
|
|
|
|
121,554,895
|
|
|
|
120,025,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
35,554,715
|
|
|
|
32,396,407
|
|
|
|
31,766,724
|
|
|
|
30,747,946
|
|
|
|
29,966,753
|
|
Interest-bearing
deposits
|
|
|
63,410,672
|
|
|
|
60,689,618
|
|
|
|
61,785,212
|
|
|
|
59,568,223
|
|
|
|
59,433,806
|
|
Deposits at Cayman
Islands office
|
|
|
1,217,921
|
|
|
|
1,684,044
|
|
|
|
1,561,997
|
|
|
|
1,364,855
|
|
|
|
1,069,191
|
|
Total
deposits
|
|
|
100,183,308
|
|
|
|
94,770,069
|
|
|
|
95,113,933
|
|
|
|
91,681,024
|
|
|
|
90,469,750
|
|
Short-term
borrowings
|
|
|
59,180
|
|
|
|
62,363
|
|
|
|
5,513,896
|
|
|
|
4,611,390
|
|
|
|
3,602,566
|
|
Accrued interest and
other liabilities
|
|
|
2,198,116
|
|
|
|
2,337,490
|
|
|
|
2,090,762
|
|
|
|
1,915,147
|
|
|
|
1,889,336
|
|
Long-term
borrowings
|
|
|
6,321,435
|
|
|
|
6,986,186
|
|
|
|
7,002,524
|
|
|
|
7,655,507
|
|
|
|
8,476,024
|
|
Total
liabilities
|
|
|
108,762,039
|
|
|
|
104,156,108
|
|
|
|
109,721,115
|
|
|
|
105,863,068
|
|
|
|
104,437,676
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,250,000
|
|
|
|
1,250,000
|
|
|
|
1,250,000
|
|
|
|
1,231,500
|
|
|
|
1,231,500
|
|
Common
|
|
|
14,565,794
|
|
|
|
14,466,649
|
|
|
|
14,529,811
|
|
|
|
14,460,327
|
|
|
|
14,356,029
|
|
Total shareholders'
equity
|
|
|
15,815,794
|
|
|
|
15,716,649
|
|
|
|
15,779,811
|
|
|
|
15,691,827
|
|
|
|
15,587,529
|
|
Total liabilities and
shareholders' equity
|
|
$
|
124,577,833
|
|
|
|
119,872,757
|
|
|
|
125,500,926
|
|
|
|
121,554,895
|
|
|
|
120,025,205
|
|
Condensed
Consolidated Average Balance Sheet and Annualized
Taxable-equivalent Rates
|
|
|
|
Three months
ended
|
|
|
Change in
balance
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31, 2020
from
|
|
|
Dollars in
millions
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
2019
|
|
|
2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
6,130
|
|
|
|
1.24
|
|
%
|
|
4,605
|
|
|
2.41
|
|
%
|
|
8,944
|
|
|
|
1.65
|
|
%
|
|
33
|
|
%
|
|
-31
|
|
%
|
Federal funds sold
and agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to resell
securities
|
|
|
1,224
|
|
|
|
1.34
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,279
|
|
|
|
1.68
|
|
|
|
—
|
|
|
|
-4
|
|
|
Trading
account
|
|
|
64
|
|
|
|
2.64
|
|
|
|
65
|
|
|
3.40
|
|
|
|
70
|
|
|
|
4.36
|
|
|
|
-3
|
|
|
|
-10
|
|
|
Investment
securities
|
|
|
9,102
|
|
|
|
2.22
|
|
|
|
12,949
|
|
|
2.52
|
|
|
|
10,044
|
|
|
|
2.51
|
|
|
|
-30
|
|
|
|
-9
|
|
|
Loans and leases, net
of unearned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
24,290
|
|
|
|
4.10
|
|
|
|
23,010
|
|
|
5.07
|
|
|
|
23,548
|
|
|
|
4.36
|
|
|
|
6
|
|
|
|
3
|
|
|
Real estate -
commercial
|
|
|
36,034
|
|
|
|
4.83
|
|
|
|
34,524
|
|
|
5.34
|
|
|
|
35,039
|
|
|
|
5.06
|
|
|
|
4
|
|
|
|
3
|
|
|
Real estate -
consumer
|
|
|
15,931
|
|
|
|
4.03
|
|
|
|
16,939
|
|
|
4.37
|
|
|
|
16,330
|
|
|
|
4.15
|
|
|
|
-6
|
|
|
|
-2
|
|
|
Consumer
|
|
|
15,451
|
|
|
|
5.30
|
|
|
|
14,004
|
|
|
5.51
|
|
|
|
15,327
|
|
|
|
5.26
|
|
|
|
10
|
|
|
|
1
|
|
|
Total loans and
leases, net
|
|
|
91,706
|
|
|
|
4.61
|
|
|
|
88,477
|
|
|
5.15
|
|
|
|
90,244
|
|
|
|
4.77
|
|
|
|
4
|
|
|
|
2
|
|
|
Total earning
assets
|
|
|
108,226
|
|
|
|
4.18
|
|
|
|
106,096
|
|
|
4.71
|
|
|
|
110,581
|
|
|
|
4.27
|
|
|
|
2
|
|
|
|
-2
|
|
|
Goodwill
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
4,593
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Core deposit and other intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
|
|
|
27
|
|
|
|
|
|
|
|
45
|
|
|
|
|
|
|
|
31
|
|
|
|
|
|
|
|
-40
|
|
|
|
-13
|
|
|
Other
assets
|
|
|
7,739
|
|
|
|
|
|
|
|
6,105
|
|
|
|
|
|
|
|
7,349
|
|
|
|
|
|
|
|
27
|
|
|
|
5
|
|
|
Total
assets
|
|
$
|
120,585
|
|
|
|
|
|
|
|
116,839
|
|
|
|
|
|
|
|
122,554
|
|
|
|
|
|
|
|
3
|
|
%
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
deposits
|
|
$
|
56,366
|
|
|
|
.56
|
|
|
|
52,095
|
|
|
|
.59
|
|
|
|
57,103
|
|
|
|
.66
|
|
|
|
8
|
|
%
|
|
-1
|
|
%
|
Time
deposits
|
|
|
5,672
|
|
|
|
1.55
|
|
|
|
6,351
|
|
|
|
1.35
|
|
|
|
6,015
|
|
|
|
1.58
|
|
|
|
-11
|
|
|
|
-6
|
|
|
Deposits at Cayman Islands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
office
|
|
|
1,672
|
|
|
|
.82
|
|
|
|
972
|
|
|
|
1.98
|
|
|
|
1,716
|
|
|
|
1.14
|
|
|
|
72
|
|
|
|
-3
|
|
|
Total interest-bearing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
deposits
|
|
|
63,710
|
|
|
|
.65
|
|
|
|
59,418
|
|
|
|
.70
|
|
|
|
64,834
|
|
|
|
.76
|
|
|
|
7
|
|
|
|
-2
|
|
|
Short-term
borrowings
|
|
|
58
|
|
|
|
.16
|
|
|
|
1,091
|
|
|
|
2.49
|
|
|
|
675
|
|
|
|
1.86
|
|
|
|
-95
|
|
|
|
-91
|
|
|
Long-term
borrowings
|
|
|
6,240
|
|
|
|
2.60
|
|
|
|
8,494
|
|
|
|
3.23
|
|
|
|
6,941
|
|
|
|
2.83
|
|
|
|
-27
|
|
|
|
-10
|
|
|
Total
interest-bearing liabilities
|
|
|
70,008
|
|
|
|
.83
|
|
|
|
69,003
|
|
|
|
1.04
|
|
|
|
72,450
|
|
|
|
.97
|
|
|
|
1
|
|
|
|
-3
|
|
|
Noninterest-bearing
deposits
|
|
|
32,456
|
|
|
|
|
|
|
|
30,315
|
|
|
|
|
|
|
|
32,069
|
|
|
|
|
|
|
|
7
|
|
|
|
1
|
|
|
Other
liabilities
|
|
|
2,401
|
|
|
|
|
|
|
|
1,952
|
|
|
|
|
|
|
|
2,203
|
|
|
|
|
|
|
|
23
|
|
|
|
9
|
|
|
Total
liabilities
|
|
|
104,865
|
|
|
|
|
|
|
|
101,270
|
|
|
|
|
|
|
|
106,722
|
|
|
|
|
|
|
|
4
|
|
|
|
-2
|
|
|
Shareholders'
equity
|
|
|
15,720
|
|
|
|
|
|
|
|
15,569
|
|
|
|
|
|
|
|
15,832
|
|
|
|
|
|
|
|
1
|
|
|
|
-1
|
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$
|
120,585
|
|
|
|
|
|
|
|
116,839
|
|
|
|
|
|
|
|
122,554
|
|
|
|
|
|
|
|
3
|
|
%
|
|
-2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
|
3.35
|
|
|
|
|
|
|
|
3.67
|
|
|
|
|
|
|
|
3.30
|
|
|
|
|
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
|
|
.30
|
|
|
|
|
|
|
|
.37
|
|
|
|
|
|
|
|
.34
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
|
3.65
|
|
%
|
|
|
|
|
|
4.04
|
|
%
|
|
|
|
|
|
3.64
|
|
%
|
|
|
|
|
|
|
|
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
268,822
|
|
|
|
493,066
|
|
|
|
480,081
|
|
|
|
473,260
|
|
|
|
482,742
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
2,883
|
|
|
|
3,171
|
|
|
|
3,749
|
|
|
|
3,741
|
|
|
|
3,698
|
|
Net operating
income
|
|
$
|
271,705
|
|
|
|
496,237
|
|
|
|
483,830
|
|
|
|
477,001
|
|
|
|
486,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
1.93
|
|
|
|
3.60
|
|
|
|
3.47
|
|
|
|
3.34
|
|
|
|
3.35
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.02
|
|
|
|
.02
|
|
|
|
.03
|
|
|
|
.03
|
|
|
|
.03
|
|
Diluted net operating
earnings per common share
|
|
$
|
1.95
|
|
|
|
3.62
|
|
|
|
3.50
|
|
|
|
3.37
|
|
|
|
3.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
906,416
|
|
|
|
823,683
|
|
|
|
877,619
|
|
|
|
873,032
|
|
|
|
894,348
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(3,913)
|
|
|
|
(4,305)
|
|
|
|
(5,088)
|
|
|
|
(5,077)
|
|
|
|
(5,020)
|
|
Noninterest operating
expense
|
|
$
|
902,503
|
|
|
|
819,378
|
|
|
|
872,531
|
|
|
|
867,955
|
|
|
|
889,328
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
902,503
|
|
|
|
819,378
|
|
|
|
872,531
|
|
|
|
867,955
|
|
|
|
889,328
|
|
Taxable-equivalent
net interest income
|
|
|
981,868
|
|
|
|
1,014,225
|
|
|
|
1,035,469
|
|
|
|
1,047,406
|
|
|
|
1,056,027
|
|
Other
income
|
|
|
529,360
|
|
|
|
521,040
|
|
|
|
527,779
|
|
|
|
512,095
|
|
|
|
500,765
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
(20,782)
|
|
|
|
(6,452)
|
|
|
|
3,737
|
|
|
|
8,911
|
|
|
|
11,841
|
|
Denominator
|
|
$
|
1,532,010
|
|
|
|
1,541,717
|
|
|
|
1,559,511
|
|
|
|
1,550,590
|
|
|
|
1,544,951
|
|
Efficiency
ratio
|
|
|
58.91
|
%
|
|
|
53.15
|
%
|
|
|
55.95
|
%
|
|
|
55.98
|
%
|
|
|
57.56
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
120,585
|
|
|
|
122,554
|
|
|
|
120,388
|
|
|
|
118,487
|
|
|
|
116,839
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(27)
|
|
|
|
(31)
|
|
|
|
(36)
|
|
|
|
(41)
|
|
|
|
(45)
|
|
Deferred
taxes
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
|
|
11
|
|
|
|
12
|
|
Average tangible
assets
|
|
$
|
115,972
|
|
|
|
117,938
|
|
|
|
115,769
|
|
|
|
113,864
|
|
|
|
112,213
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
15,720
|
|
|
|
15,832
|
|
|
|
15,837
|
|
|
|
15,630
|
|
|
|
15,569
|
|
Preferred
stock
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,373)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
14,470
|
|
|
|
14,582
|
|
|
|
14,464
|
|
|
|
14,398
|
|
|
|
14,337
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(27)
|
|
|
|
(31)
|
|
|
|
(36)
|
|
|
|
(41)
|
|
|
|
(45)
|
|
Deferred
taxes
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
|
|
11
|
|
|
|
12
|
|
Average tangible
common equity
|
|
$
|
9,857
|
|
|
|
9,966
|
|
|
|
9,845
|
|
|
|
9,775
|
|
|
|
9,711
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
124,578
|
|
|
|
119,873
|
|
|
|
125,501
|
|
|
|
121,555
|
|
|
|
120,025
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(25)
|
|
|
|
(29)
|
|
|
|
(33)
|
|
|
|
(38)
|
|
|
|
(44)
|
|
Deferred
taxes
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
|
|
12
|
|
Total tangible
assets
|
|
$
|
119,966
|
|
|
|
115,258
|
|
|
|
120,883
|
|
|
|
116,934
|
|
|
|
115,400
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
15,816
|
|
|
|
15,717
|
|
|
|
15,780
|
|
|
|
15,692
|
|
|
|
15,588
|
|
Preferred
stock
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,232)
|
|
|
|
(1,232)
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3)
|
|
|
|
(3)
|
|
Common equity, net of
undeclared cumulative preferred
dividends
|
|
|
14,566
|
|
|
|
14,467
|
|
|
|
14,530
|
|
|
|
14,457
|
|
|
|
14,353
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(25)
|
|
|
|
(29)
|
|
|
|
(33)
|
|
|
|
(38)
|
|
|
|
(44)
|
|
Deferred
taxes
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
|
|
12
|
|
Total tangible common
equity
|
|
$
|
9,954
|
|
|
|
9,852
|
|
|
|
9,912
|
|
|
|
9,836
|
|
|
|
9,728
|
|
____________
|
(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
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SOURCE M&T Bank Corporation