BUFFALO, N.Y., July 23, 2020 /PRNewswire/ -- M&T Bank
Corporation ("M&T") (NYSE: MTB) today reported its results of
operations for the quarter ended June 30, 2020.
GAAP Results of Operations. Diluted earnings per common
share measured in accordance with generally accepted accounting
principles ("GAAP") were $1.74 in the
second quarter of 2020, compared with $3.34 in the year-earlier quarter and
$1.93 in the initial 2020 quarter.
GAAP-basis net income in the recent quarter was $241 million, compared with $473 million in the second quarter of 2019 and
$269 million in the first quarter of
2020. GAAP-basis net income for the second quarter of 2020
expressed as an annualized rate of return on average assets and
average common shareholders' equity was .71% and 6.13%,
respectively, compared with 1.60% and 12.68%, respectively, in the
corresponding 2019 period and .90% and 7.00%, respectively, in the
initial quarter of 2020.
Commenting on M&T's second quarter results, Darren J. King, Executive Vice President and
Chief Financial Officer, noted, "While the low interest rate
environment resulted in a decline in our net interest income, it
also led to a 13% improvement in mortgage banking revenue compared
with the first quarter. During the quarter we added to our
provision for credit losses and at the same time grew our Common
Equity Tier 1 ratio to 9.51%. M&T's conservatively positioned
balance sheet continues to be strong, with substantial liquidity
and sufficient capital to meet the needs of our customers and
communities."
Financial results for the second quarter of 2020 were adversely
impacted by the COVID-19 pandemic. The economic outlook at
June 30 deteriorated as compared with
what had been assumed as of the end of the first quarter of 2020,
with considerable uncertainty existing about the length and extent
of the pandemic's impact on the nation's economy. The provision for
credit losses in the recent quarter rose to $325 million from $250
million in the initial 2020 quarter and $55 million in the second quarter of 2019. The
2020 periods reflect the adoption of new accounting guidance for
the measurement of expected credit losses on financial instruments
that became effective on January 1,
2020. Spurred by the COVID-19 pandemic, the low interest
rate environment resulted in decreased taxable-equivalent net
interest income, while waivers and reduced customer transaction
activity led to lower fees earned on deposit accounts.
Earnings
Highlights
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Change 2Q20
vs.
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($ in millions,
except per share data)
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2Q20
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2Q19
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1Q20
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2Q19
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1Q20
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Net income
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$
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241
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$
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473
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$
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269
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-49
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%
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-10
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%
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Net income available
to common shareholders ̶ diluted
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$
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223
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$
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453
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$
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251
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-51
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%
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-11
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%
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Diluted earnings per
common share
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$
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1.74
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$
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3.34
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$
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1.93
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-48
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%
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-10
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%
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Annualized return on
average assets
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.71
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%
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1.60
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%
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.90
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%
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Annualized return on
average common equity
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6.13
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%
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12.68
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%
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7.00
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%
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For the first six-months of 2020, diluted earnings per common
share were $3.67, compared with
$6.69 in the year-earlier period.
GAAP-basis net income for the first half of 2020 totaled
$510 million, compared with
$956 million in the corresponding
2019 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, 2020 was .80%
and 6.56%, respectively, compared with 1.64% and 12.91%,
respectively, in the similar 2019 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 and core deposit
and other intangible asset balances, net of applicable deferred tax
amounts) and expenses associated with merging acquired operations
into M&T (when incurred), 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
$1.76 in the second quarter of 2020,
compared with $3.37 in the
year-earlier quarter and $1.95 in the
first quarter of 2020. Net operating income in 2020's second
quarter was $244 million, compared
with $477 million in the second
quarter of 2019 and $272 million in
the first quarter of 2020. 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 .74% and 9.04%, respectively, compared with 1.68% and 18.83%,
respectively, in the corresponding 2019 quarter and .94% and
10.39%, respectively, in the first quarter of 2020.
Diluted net operating earnings per common share in the first six
months of 2020 were $3.71, compared
with $6.74 in the similar 2019
period. Net operating income during the first half of 2020 was
$516 million, compared with
$963 million in the six-month period
ended June 30, 2019. Net operating income expressed as an
annualized rate of return on average tangible assets and average
tangible common shareholders' equity was .84% and 9.71%,
respectively, in the initial six months of 2020, compared with
1.72% and 19.19% respectively, in the corresponding 2019
period.
Taxable-equivalent Net Interest Income. Net interest
income expressed on a taxable-equivalent basis totaled $961 million in the recent quarter, compared with
$1.05 billion in the second quarter
of 2019. That decline resulted from a 78 basis point narrowing of
the net interest margin, to 3.13% in the second quarter of 2020
from 3.91% in the second quarter of 2019, that was partially offset
by the impact of a $16.0 billion or
15% increase in average earning assets to $123.5 billion in the second quarter of 2020 from
$107.5 billion in the year-earlier
quarter. Included in average earning assets in the recent quarter
were $4.8 billion of average loan
balances associated with the Paycheck Protection Program ("PPP")
that were funded during the quarter. In total, $6.5 billion of PPP loans originated by M&T
were outstanding at June 30, 2020. In
the first quarter of 2020, taxable-equivalent net interest income
was $982 million, the net interest
margin was 3.65% and average earning assets were $108.2 billion. As compared with the year-earlier
quarter and the initial 2020 quarter, the recent quarter's
narrowing of the net interest margin resulted largely from lower
yields on loans and deposits at the Federal Reserve Bank of
New York, while the rise in
average earning assets reflected higher balances in each of those
asset types.
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Taxable-equivalent
Net Interest Income
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Change 2Q20
vs.
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($ in
millions)
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2Q20
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2Q19
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1Q20
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2Q19
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1Q20
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Average earning
assets
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$
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123,492
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$
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107,511
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$
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108,226
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15
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%
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14
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%
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Net interest
income ̶ taxable-equivalent
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$
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961
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$
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1,047
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$
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982
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-8
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%
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-2
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%
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Net interest
margin
|
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3.13
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%
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3.91
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%
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3.65
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%
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Provision for Credit Losses/Asset Quality. The provision
for credit losses was $325 million in
the second quarter of 2020, compared with $55 million in the year-earlier quarter and
$250 million in 2020's initial
quarter. The significant increases in the provision in the two most
recent quarters as compared with the second quarter of 2019 follow
the adoption of new accounting guidance on January 1, 2020 and reflect updated economic
assumptions and projections of expected credit losses as of the end
of each of the first two quarters of 2020 that include estimates of
the impact of the COVID-19 pandemic. Net loan charge-offs were
$71 million during the recent
quarter, compared with $44 million in
the corresponding quarter of 2019 and $49
million in the first quarter of 2020. Expressed as an
annualized percentage of average loans outstanding, net charge-offs
were .29% and .20% during the three-month periods ended
June 30, 2020 and 2019, respectively, and .22% in the first
quarter of 2020. Net charge-offs were .31% of average loans in the
recent quarter, excluding the impact of PPP loans.
Loans classified as nonaccrual totaled $1.16 billion or 1.18% of total loans outstanding
at June 30, 2020. Nonaccrual loans outstanding at March 31, 2020 were $1.06
billion or 1.13% of total loans and at June 30, 2019 were $865
million or .96%. The adoption of the new accounting guidance
previously mentioned resulted in an increase in nonaccrual loans on
January 1, 2020 of $171 million. Assets taken in foreclosure of
defaulted loans were $67 million at
June 30, 2020, compared with $73
million and $84 million at
June 30, 2019 and March 31,
2020, 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 $1.64 billion or 1.68%
of loans outstanding at June 30, 2020, compared with
$1.03 billion or 1.15% at
June 30, 2019, $1.38 billion or
1.47% at March 31, 2020 and
$1.18 billion or 1.30% as of
January 1, 2020 following adoption of
the current expected credit loss accounting rules. The adoption of
the amended accounting guidance resulted in an increase to the
allowance of $132 million on
January 1, 2020. The allowance at
June 30, 2020 represented 1.79% of
total loans, excluding outstanding balances of PPP loans.
Asset Quality
Metrics
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Change 2Q20
vs.
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($ in
millions)
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2Q20
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2Q19
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1Q20
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2Q19
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1Q20
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At end of
quarter
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|
Nonaccrual
loans
|
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$
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1,157
|
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$
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865
|
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$
|
1,062
|
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|
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34
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%
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|
9
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%
|
Real estate and other
foreclosed assets
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|
$
|
67
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$
|
73
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$
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84
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-8
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%
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-20
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%
|
Total nonperforming
assets
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$
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1,224
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$
|
938
|
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$
|
1,146
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30
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%
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7
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%
|
Accruing loans past
due 90 days or more (1)
|
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$
|
536
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$
|
349
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$
|
530
|
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|
54
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%
|
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|
1
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%
|
Nonaccrual loans as %
of loans outstanding
|
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1.18
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%
|
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|
.96
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%
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|
1.13
|
%
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|
Allowance for credit
losses
|
|
$
|
1,638
|
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|
$
|
1,030
|
|
|
$
|
1,384
|
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|
|
59
|
%
|
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|
18
|
%
|
Allowance for credit
losses as % of loans outstanding
|
|
|
1.68
|
%
|
|
|
1.15
|
%
|
|
|
1.47
|
%
|
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|
|
|
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For the
period
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|
|
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|
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|
|
|
|
|
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|
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|
Provision for credit
losses
|
|
$
|
325
|
|
|
$
|
55
|
|
|
$
|
250
|
|
|
|
491
|
%
|
|
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30
|
%
|
Net
charge-offs
|
|
$
|
71
|
|
|
$
|
44
|
|
|
$
|
49
|
|
|
|
60
|
%
|
|
|
45
|
%
|
Net charge-offs as %
of average loans (annualized)
|
|
|
.29
|
%
|
|
|
.20
|
%
|
|
|
.22
|
%
|
|
|
|
|
|
|
|
|
_____________
|
(1)
|
Predominantly
residential real estate loans. Prior to 2020, excludes loans
acquired at a discount.
|
Noninterest Income and Expense. Noninterest income was
$487 million in the recent quarter,
compared with $512 million in the
year-earlier quarter and $529 million
in the first quarter of 2020. The lower level of noninterest income
in the second quarter of 2020 as compared with those prior periods
largely resulted from declines in service charges on deposit
accounts, trading account and foreign exchange gains, merchant
discount and credit card fees, and loan syndication fees, partially
offset by higher residential mortgage banking revenues and trust
income. In addition, income from Bayview Lending Group LLC of
$23 million received in 2020's
initial quarter was predominantly offset by unrealized losses on
investment securities of $21 million
during that quarter.
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Change 2Q20
vs.
|
|
($ in
millions)
|
|
2Q20
|
|
|
2Q19
|
|
|
1Q20
|
|
|
2Q19
|
|
|
1Q20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
$
|
145
|
|
|
$
|
107
|
|
|
$
|
128
|
|
|
|
35
|
%
|
|
|
13
|
%
|
Service charges on
deposit accounts
|
|
|
78
|
|
|
|
108
|
|
|
|
106
|
|
|
|
-28
|
%
|
|
|
-27
|
%
|
Trust
income
|
|
|
152
|
|
|
|
145
|
|
|
|
149
|
|
|
|
5
|
%
|
|
|
2
|
%
|
Brokerage services
income
|
|
|
10
|
|
|
|
12
|
|
|
|
13
|
|
|
|
-16
|
%
|
|
|
-20
|
%
|
Trading account and
foreign exchange gains
|
|
|
8
|
|
|
|
18
|
|
|
|
21
|
|
|
|
-55
|
%
|
|
|
-61
|
%
|
Gain (loss) on bank
investment securities
|
|
|
7
|
|
|
|
9
|
|
|
|
(21)
|
|
|
|
-22
|
%
|
|
|
—
|
|
Other revenues from
operations
|
|
|
87
|
|
|
|
113
|
|
|
|
133
|
|
|
|
-23
|
%
|
|
|
-35
|
%
|
Total
|
|
$
|
487
|
|
|
$
|
512
|
|
|
$
|
529
|
|
|
|
-5
|
%
|
|
|
-8
|
%
|
Noninterest expense totaled $807
million in the second quarter of 2020, down from
$873 million in the corresponding
quarter of 2019 and $906 million in
the first quarter of 2020. Excluding expenses considered to
be nonoperating in nature, such as amortization of core deposit and
other intangible assets, noninterest operating expenses aggregated
$803 million in the recent quarter,
$868 million in the second quarter of
2019 and $903 million in 2020's first
quarter. Factors contributing to the lower level of noninterest
expenses in the recent quarter as compared with the year-earlier
quarter were lower costs for professional and outside services and
advertising and marketing, and a $48
million charge associated with an equity investment in an
asset manager recorded in the second quarter of 2019. As compared
with the initial 2020 quarter, the lower level of noninterest
expenses in the recent quarter was largely attributable to a
decline in expenses for salaries and employee benefits, reflecting
decreased incentive compensation costs and seasonally higher
stock-based compensation and employee benefits expenses during the
first quarter, and lower advertising and marketing costs.
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 2Q20
vs.
|
|
($ in
millions)
|
|
2Q20
|
|
|
2Q19
|
|
|
1Q20
|
|
|
2Q19
|
|
|
1Q20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
459
|
|
|
$
|
456
|
|
|
$
|
537
|
|
|
|
1
|
%
|
|
|
-15
|
%
|
Equipment and net
occupancy
|
|
|
77
|
|
|
|
79
|
|
|
|
80
|
|
|
|
-3
|
%
|
|
|
-3
|
%
|
Outside data
processing and software
|
|
|
61
|
|
|
|
55
|
|
|
|
64
|
|
|
|
11
|
%
|
|
|
-5
|
%
|
FDIC
assessments
|
|
|
14
|
|
|
|
10
|
|
|
|
12
|
|
|
|
45
|
%
|
|
|
16
|
%
|
Advertising and
marketing
|
|
|
10
|
|
|
|
24
|
|
|
|
22
|
|
|
|
-59
|
%
|
|
|
-56
|
%
|
Printing, postage and
supplies
|
|
|
11
|
|
|
|
10
|
|
|
|
11
|
|
|
|
9
|
%
|
|
|
4
|
%
|
Amortization of core
deposit and other intangible assets
|
|
|
4
|
|
|
|
5
|
|
|
|
4
|
|
|
|
-23
|
%
|
|
|
—
|
|
Other costs of
operations
|
|
|
171
|
|
|
|
234
|
|
|
|
176
|
|
|
|
-27
|
%
|
|
|
-3
|
%
|
Total
|
|
$
|
807
|
|
|
$
|
873
|
|
|
$
|
906
|
|
|
|
-8
|
%
|
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 55.7% in
the second quarter of 2020, 56.0% in the year-earlier quarter and
58.9% in the first three months of 2020.
Balance Sheet. M&T had total assets of $139.5 billion at June 30, 2020, up from
$121.6 billion and $124.6 billion at June 30, 2019 and
March 31, 2020, respectively. Loans
and leases, net of unearned discount, were $97.8 billion at June 30, 2020, $89.9 billion at June 30, 2019 and
$94.1 billion at March 31, 2020. The increase in total loans and
leases at the recent quarter-end as compared with the second
quarter of 2019 was driven largely by growth in commercial loans of
$5.8 billion and commercial real
estate loans of $2.0 billion. The
commercial loan growth reflects loans originated as part of the
PPP, which totaled $6.5 billion at
June 30, 2020. Total deposits rose to
$115.0 billion at the recent
quarter-end, compared with $91.7
billion at June 30, 2019 and $100.2 billion at March
31, 2020. The higher level of deposits at the recent
quarter-end as compared with the prior dates reflects both
increased commercial and consumer deposits, as well as higher
levels of deposits associated with residential mortgage servicing
activities.
Total shareholders' equity was $15.9
billion, or 11.43% of total assets at June 30, 2020,
compared with $15.7 billion, or
12.91% at June 30, 2019 and $15.8
billion, or 12.70% at March 31,
2020. Common shareholders' equity was $14.7 billion, or $114.54 per share, at June 30, 2020,
compared with $14.5 billion, or
$107.73 per share, a year-earlier and
$14.6 billion, or $113.54 per share, at March 31, 2020. Tangible equity per common
share was $78.62 at June 30,
2020, compared with $73.29 at
June 30, 2019 and $77.60 at
March 31, 2020. 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 9.51% at June 30, 2020, up from 9.19% three
months earlier.
Conference Call. Investors will have an opportunity to
listen to M&T's conference call to discuss second 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 #9253404. 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 Thursday, July 30,
2020 by calling (800) 585-8367, or (404) 537-3406 for
international participants, and by making reference to ID
#9253404. 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 or regulation; 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
M&T's 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
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
Amounts in thousands,
except per share
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
241,054
|
|
|
|
473,260
|
|
|
|
-49
|
%
|
|
$
|
509,876
|
|
|
|
956,002
|
|
|
|
-47
|
%
|
Net income available
to common shareholders
|
|
|
223,099
|
|
|
|
452,633
|
|
|
|
-51
|
%
|
|
|
473,795
|
|
|
|
914,719
|
|
|
|
-48
|
%
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
1.74
|
|
|
|
3.34
|
|
|
|
-48
|
%
|
|
$
|
3.67
|
|
|
|
6.69
|
|
|
|
-45
|
%
|
Diluted
earnings
|
|
|
1.74
|
|
|
|
3.34
|
|
|
|
-48
|
%
|
|
|
3.67
|
|
|
|
6.69
|
|
|
|
-45
|
%
|
Cash
dividends
|
|
$
|
1.10
|
|
|
|
1.00
|
|
|
|
10
|
%
|
|
$
|
2.20
|
|
|
|
2.00
|
|
|
|
10
|
%
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
128,333
|
|
|
|
135,464
|
|
|
|
-5
|
%
|
|
|
129,044
|
|
|
|
136,685
|
|
|
|
-6
|
%
|
Period end
(2)
|
|
|
128,294
|
|
|
|
134,200
|
|
|
|
-4
|
%
|
|
|
128,294
|
|
|
|
134,200
|
|
|
|
-4
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
.71
|
%
|
|
|
1.60
|
%
|
|
|
|
|
|
|
.80
|
%
|
|
|
1.64
|
%
|
|
|
|
|
Average common
shareholders' equity
|
|
|
6.13
|
%
|
|
|
12.68
|
%
|
|
|
|
|
|
|
6.56
|
%
|
|
|
12.91
|
%
|
|
|
|
|
Taxable-equivalent
net interest income
|
|
$
|
961,371
|
|
|
|
1,047,406
|
|
|
|
-8
|
%
|
|
$
|
1,943,239
|
|
|
|
2,103,433
|
|
|
|
-8
|
%
|
Yield on average
earning assets
|
|
|
3.38
|
%
|
|
|
4.64
|
%
|
|
|
|
|
|
|
3.75
|
%
|
|
|
4.68
|
%
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
|
.40
|
%
|
|
|
1.11
|
%
|
|
|
|
|
|
|
.60
|
%
|
|
|
1.08
|
%
|
|
|
|
|
Net interest
spread
|
|
|
2.98
|
%
|
|
|
3.53
|
%
|
|
|
|
|
|
|
3.15
|
%
|
|
|
3.60
|
%
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
.15
|
%
|
|
|
.38
|
%
|
|
|
|
|
|
|
.22
|
%
|
|
|
.37
|
%
|
|
|
|
|
Net interest
margin
|
|
|
3.13
|
%
|
|
|
3.91
|
%
|
|
|
|
|
|
|
3.37
|
%
|
|
|
3.97
|
%
|
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.29
|
%
|
|
|
.20
|
%
|
|
|
|
|
|
|
.26
|
%
|
|
|
.15
|
%
|
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
243,958
|
|
|
|
477,001
|
|
|
|
-49
|
%
|
|
$
|
515,663
|
|
|
|
963,441
|
|
|
|
-46
|
%
|
Diluted net operating
earnings per common share
|
|
|
1.76
|
|
|
|
3.37
|
|
|
|
-48
|
%
|
|
|
3.71
|
|
|
|
6.74
|
|
|
|
-45
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
.74
|
%
|
|
|
1.68
|
%
|
|
|
|
|
|
|
.84
|
%
|
|
|
1.72
|
%
|
|
|
|
|
Average tangible
common equity
|
|
|
9.04
|
%
|
|
|
18.83
|
%
|
|
|
|
|
|
|
9.71
|
%
|
|
|
19.19
|
%
|
|
|
|
|
Efficiency
ratio
|
|
|
55.71
|
%
|
|
|
55.98
|
%
|
|
|
|
|
|
|
57.36
|
%
|
|
|
56.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
June 30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
quality
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
1,156,650
|
|
|
|
865,384
|
|
|
|
34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate and other
foreclosed assets
|
|
|
66,763
|
|
|
|
72,907
|
|
|
|
-8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
|
$
|
1,223,413
|
|
|
|
938,291
|
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
535,755
|
|
|
|
348,725
|
|
|
|
54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
51,165
|
|
|
|
36,765
|
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more
|
|
|
454,269
|
|
|
|
320,305
|
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated
loans
|
|
$
|
234,768
|
|
|
|
254,332
|
|
|
|
-8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans
acquired at a discount past due 90 days or more (5)
|
|
N/A
|
|
|
|
43,079
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
N/A
|
|
|
|
473,834
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
amount
|
|
N/A
|
|
|
|
263,025
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to
total net loans
|
|
|
1.18
|
%
|
|
|
.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
|
1.68
|
%
|
|
|
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
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Amounts in thousands,
except per share
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
241,054
|
|
|
|
268,822
|
|
|
|
493,066
|
|
|
|
480,081
|
|
|
|
473,260
|
|
Net income available
to common shareholders
|
|
|
223,099
|
|
|
|
250,701
|
|
|
|
473,372
|
|
|
|
461,410
|
|
|
|
452,633
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
|
$
|
1.74
|
|
|
|
1.93
|
|
|
|
3.60
|
|
|
|
3.47
|
|
|
|
3.34
|
|
Diluted
earnings
|
|
|
1.74
|
|
|
|
1.93
|
|
|
|
3.60
|
|
|
|
3.47
|
|
|
|
3.34
|
|
Cash
dividends
|
|
$
|
1.10
|
|
|
|
1.10
|
|
|
|
1.10
|
|
|
|
1.00
|
|
|
|
1.00
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
|
128,333
|
|
|
|
129,755
|
|
|
|
131,549
|
|
|
|
132,999
|
|
|
|
135,464
|
|
Period end
(2)
|
|
|
128,294
|
|
|
|
128,282
|
|
|
|
130,589
|
|
|
|
132,277
|
|
|
|
134,200
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
|
.71
|
%
|
|
|
.90
|
%
|
|
|
1.60
|
%
|
|
|
1.58
|
%
|
|
|
1.60
|
%
|
Average common
shareholders' equity
|
|
|
6.13
|
%
|
|
|
7.00
|
%
|
|
|
12.95
|
%
|
|
|
12.73
|
%
|
|
|
12.68
|
%
|
Taxable-equivalent
net interest income
|
|
$
|
961,371
|
|
|
|
981,868
|
|
|
|
1,014,225
|
|
|
|
1,035,469
|
|
|
|
1,047,406
|
|
Yield on average
earning assets
|
|
|
3.38
|
%
|
|
|
4.18
|
%
|
|
|
4.27
|
%
|
|
|
4.51
|
%
|
|
|
4.64
|
%
|
Cost of
interest-bearing liabilities
|
|
|
.40
|
%
|
|
|
.83
|
%
|
|
|
.97
|
%
|
|
|
1.10
|
%
|
|
|
1.11
|
%
|
Net interest
spread
|
|
|
2.98
|
%
|
|
|
3.35
|
%
|
|
|
3.30
|
%
|
|
|
3.41
|
%
|
|
|
3.53
|
%
|
Contribution of
interest-free funds
|
|
|
.15
|
%
|
|
|
.30
|
%
|
|
|
.34
|
%
|
|
|
.37
|
%
|
|
|
.38
|
%
|
Net interest
margin
|
|
|
3.13
|
%
|
|
|
3.65
|
%
|
|
|
3.64
|
%
|
|
|
3.78
|
%
|
|
|
3.91
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
|
.29
|
%
|
|
|
.22
|
%
|
|
|
.18
|
%
|
|
|
.16
|
%
|
|
|
.20
|
%
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
243,958
|
|
|
|
271,705
|
|
|
|
496,237
|
|
|
|
483,830
|
|
|
|
477,001
|
|
Diluted net operating
earnings per common share
|
|
|
1.76
|
|
|
|
1.95
|
|
|
|
3.62
|
|
|
|
3.50
|
|
|
|
3.37
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
|
.74
|
%
|
|
|
.94
|
%
|
|
|
1.67
|
%
|
|
|
1.66
|
%
|
|
|
1.68
|
%
|
Average tangible
common equity
|
|
|
9.04
|
%
|
|
|
10.39
|
%
|
|
|
19.08
|
%
|
|
|
18.85
|
%
|
|
|
18.83
|
%
|
Efficiency
ratio
|
|
|
55.71
|
%
|
|
|
58.91
|
%
|
|
|
53.15
|
%
|
|
|
55.95
|
%
|
|
|
55.98
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Loan
quality
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Nonaccrual
loans
|
|
$
|
1,156,650
|
|
|
|
1,061,748
|
|
|
|
963,112
|
|
|
|
1,005,249
|
|
|
|
865,384
|
|
Real estate and other
foreclosed assets
|
|
|
66,763
|
|
|
|
83,605
|
|
|
|
85,646
|
|
|
|
79,735
|
|
|
|
72,907
|
|
Total nonperforming
assets
|
|
$
|
1,223,413
|
|
|
|
1,145,353
|
|
|
|
1,048,758
|
|
|
|
1,084,984
|
|
|
|
938,291
|
|
Accruing loans past
due 90 days or more (4)
|
|
$
|
535,755
|
|
|
|
530,317
|
|
|
|
518,728
|
|
|
|
461,162
|
|
|
|
348,725
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
51,165
|
|
|
|
50,561
|
|
|
|
50,891
|
|
|
|
43,144
|
|
|
|
36,765
|
|
Accruing loans past
due 90 days or more
|
|
|
454,269
|
|
|
|
464,243
|
|
|
|
479,829
|
|
|
|
434,132
|
|
|
|
320,305
|
|
Renegotiated
loans
|
|
$
|
234,768
|
|
|
|
232,439
|
|
|
|
234,424
|
|
|
|
240,781
|
|
|
|
254,332
|
|
Accruing loans
acquired at a discount past due 90 days or
more
(5)
|
|
N/A
|
|
|
N/A
|
|
|
|
39,632
|
|
|
|
40,733
|
|
|
|
43,079
|
|
Purchased impaired
loans (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding customer
balance
|
|
N/A
|
|
|
N/A
|
|
|
|
415,413
|
|
|
|
453,382
|
|
|
|
473,834
|
|
Carrying
amount
|
|
N/A
|
|
|
N/A
|
|
|
|
227,545
|
|
|
|
253,496
|
|
|
|
263,025
|
|
Nonaccrual loans to
total net loans
|
|
|
1.18
|
%
|
|
|
1.13
|
%
|
|
|
1.06
|
%
|
|
|
1.12
|
%
|
|
|
.96
|
%
|
Allowance for credit
losses to total loans
|
|
|
1.68
|
%
|
|
|
1.47
|
%
|
|
|
1.16
|
%
|
|
|
1.16
|
%
|
|
|
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
|
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
Dollars in
thousands
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
Interest
income
|
|
$
|
1,032,242
|
|
|
|
1,237,913
|
|
|
|
-17
|
%
|
|
$
|
2,152,661
|
|
|
|
2,464,222
|
|
|
|
-13
|
%
|
Interest
expense
|
|
|
75,105
|
|
|
|
196,432
|
|
|
|
-62
|
|
|
|
218,719
|
|
|
|
372,681
|
|
|
|
-41
|
|
Net interest
income
|
|
|
957,137
|
|
|
|
1,041,481
|
|
|
|
-8
|
|
|
|
1,933,942
|
|
|
|
2,091,541
|
|
|
|
-8
|
|
Provision for credit
losses
|
|
|
325,000
|
|
|
|
55,000
|
|
|
491
|
|
|
|
575,000
|
|
|
|
77,000
|
|
|
|
647
|
|
Net interest income
after provision for credit losses
|
|
|
632,137
|
|
|
|
986,481
|
|
|
|
-36
|
|
|
|
1,358,942
|
|
|
|
2,014,541
|
|
|
|
-33
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
145,024
|
|
|
|
107,321
|
|
|
|
35
|
|
|
|
272,933
|
|
|
|
202,632
|
|
|
|
35
|
|
Service charges on
deposit accounts
|
|
|
77,455
|
|
|
|
107,787
|
|
|
|
-28
|
|
|
|
183,616
|
|
|
|
210,899
|
|
|
|
-13
|
|
Trust
income
|
|
|
151,882
|
|
|
|
144,382
|
|
|
|
5
|
|
|
|
300,633
|
|
|
|
277,168
|
|
|
|
8
|
|
Brokerage services
income
|
|
|
10,463
|
|
|
|
12,478
|
|
|
|
-16
|
|
|
|
23,592
|
|
|
|
24,954
|
|
|
|
-5
|
|
Trading account and
foreign exchange gains
|
|
|
8,290
|
|
|
|
18,453
|
|
|
|
-55
|
|
|
|
29,306
|
|
|
|
29,255
|
|
|
|
—
|
|
Gain (loss) on bank
investment securities
|
|
|
6,969
|
|
|
|
8,911
|
|
|
|
-22
|
|
|
|
(13,813)
|
|
|
|
20,752
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
87,190
|
|
|
|
112,763
|
|
|
|
-23
|
|
|
|
220,366
|
|
|
|
247,200
|
|
|
|
-11
|
|
Total other
income
|
|
|
487,273
|
|
|
|
512,095
|
|
|
|
-5
|
|
|
|
1,016,633
|
|
|
|
1,012,860
|
|
|
|
—
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
458,842
|
|
|
|
455,737
|
|
|
|
1
|
|
|
|
995,685
|
|
|
|
954,937
|
|
|
|
4
|
|
Equipment and net
occupancy
|
|
|
77,089
|
|
|
|
79,150
|
|
|
|
-3
|
|
|
|
156,729
|
|
|
|
158,497
|
|
|
|
-1
|
|
Outside data
processing and software
|
|
|
61,376
|
|
|
|
55,234
|
|
|
|
11
|
|
|
|
125,786
|
|
|
|
107,651
|
|
|
|
17
|
|
FDIC
assessments
|
|
|
14,207
|
|
|
|
9,772
|
|
|
|
45
|
|
|
|
26,478
|
|
|
|
19,198
|
|
|
|
38
|
|
Advertising and
marketing
|
|
|
9,842
|
|
|
|
24,046
|
|
|
|
-59
|
|
|
|
32,217
|
|
|
|
44,321
|
|
|
|
-27
|
|
Printing, postage and
supplies
|
|
|
11,260
|
|
|
|
10,324
|
|
|
|
9
|
|
|
|
22,112
|
|
|
|
20,179
|
|
|
|
10
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
3,913
|
|
|
|
5,077
|
|
|
|
-23
|
|
|
|
7,826
|
|
|
|
10,097
|
|
|
|
-22
|
|
Other costs of
operations
|
|
|
170,513
|
|
|
|
233,692
|
|
|
|
-27
|
|
|
|
346,625
|
|
|
|
452,500
|
|
|
|
-23
|
|
Total other
expense
|
|
|
807,042
|
|
|
|
873,032
|
|
|
|
-8
|
|
|
|
1,713,458
|
|
|
|
1,767,380
|
|
|
|
-3
|
|
Income before income
taxes
|
|
|
312,368
|
|
|
|
625,544
|
|
|
|
-50
|
|
|
|
662,117
|
|
|
|
1,260,021
|
|
|
|
-47
|
|
Applicable income
taxes
|
|
|
71,314
|
|
|
|
152,284
|
|
|
|
-53
|
|
|
|
152,241
|
|
|
|
304,019
|
|
|
|
-50
|
|
Net income
|
|
$
|
241,054
|
|
|
|
473,260
|
|
|
|
-49
|
%
|
|
$
|
509,876
|
|
|
|
956,002
|
|
|
|
-47
|
%
|
Condensed
Consolidated Statement of Income, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Dollars in
thousands
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Interest
income
|
|
$
|
1,032,242
|
|
|
|
1,120,419
|
|
|
|
1,185,902
|
|
|
|
1,229,469
|
|
|
|
1,237,913
|
|
Interest
expense
|
|
|
75,105
|
|
|
|
143,614
|
|
|
|
177,069
|
|
|
|
199,579
|
|
|
|
196,432
|
|
Net interest
income
|
|
|
957,137
|
|
|
|
976,805
|
|
|
|
1,008,833
|
|
|
|
1,029,890
|
|
|
|
1,041,481
|
|
Provision for credit
losses
|
|
|
325,000
|
|
|
|
250,000
|
|
|
|
54,000
|
|
|
|
45,000
|
|
|
|
55,000
|
|
Net interest income
after provision for credit losses
|
|
|
632,137
|
|
|
|
726,805
|
|
|
|
954,833
|
|
|
|
984,890
|
|
|
|
986,481
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
145,024
|
|
|
|
127,909
|
|
|
|
118,134
|
|
|
|
137,004
|
|
|
|
107,321
|
|
Service charges on
deposit accounts
|
|
|
77,455
|
|
|
|
106,161
|
|
|
|
110,987
|
|
|
|
111,092
|
|
|
|
107,787
|
|
Trust
income
|
|
|
151,882
|
|
|
|
148,751
|
|
|
|
151,525
|
|
|
|
143,915
|
|
|
|
144,382
|
|
Brokerage services
income
|
|
|
10,463
|
|
|
|
13,129
|
|
|
|
11,891
|
|
|
|
12,077
|
|
|
|
12,478
|
|
Trading account and
foreign exchange gains
|
|
|
8,290
|
|
|
|
21,016
|
|
|
|
16,717
|
|
|
|
16,072
|
|
|
|
18,453
|
|
Gain (loss) on bank
investment securities
|
|
|
6,969
|
|
|
|
(20,782)
|
|
|
|
(6,452)
|
|
|
|
3,737
|
|
|
|
8,911
|
|
Other revenues from
operations
|
|
|
87,190
|
|
|
|
133,176
|
|
|
|
118,238
|
|
|
|
103,882
|
|
|
|
112,763
|
|
Total other
income
|
|
|
487,273
|
|
|
|
529,360
|
|
|
|
521,040
|
|
|
|
527,779
|
|
|
|
512,095
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
458,842
|
|
|
|
536,843
|
|
|
|
469,080
|
|
|
|
476,780
|
|
|
|
455,737
|
|
Equipment and net
occupancy
|
|
|
77,089
|
|
|
|
79,640
|
|
|
|
82,892
|
|
|
|
82,690
|
|
|
|
79,150
|
|
Outside data
processing and software
|
|
|
61,376
|
|
|
|
64,410
|
|
|
|
61,720
|
|
|
|
60,360
|
|
|
|
55,234
|
|
FDIC
assessments
|
|
|
14,207
|
|
|
|
12,271
|
|
|
|
12,431
|
|
|
|
9,906
|
|
|
|
9,772
|
|
Advertising and
marketing
|
|
|
9,842
|
|
|
|
22,375
|
|
|
|
27,063
|
|
|
|
22,088
|
|
|
|
24,046
|
|
Printing, postage and
supplies
|
|
|
11,260
|
|
|
|
10,852
|
|
|
|
9,513
|
|
|
|
10,201
|
|
|
|
10,324
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
3,913
|
|
|
|
3,913
|
|
|
|
4,305
|
|
|
|
5,088
|
|
|
|
5,077
|
|
Other costs of
operations
|
|
|
170,513
|
|
|
|
176,112
|
|
|
|
156,679
|
|
|
|
210,506
|
|
|
|
233,692
|
|
Total other
expense
|
|
|
807,042
|
|
|
|
906,416
|
|
|
|
823,683
|
|
|
|
877,619
|
|
|
|
873,032
|
|
Income before income
taxes
|
|
|
312,368
|
|
|
|
349,749
|
|
|
|
652,190
|
|
|
|
635,050
|
|
|
|
625,544
|
|
Applicable income
taxes
|
|
|
71,314
|
|
|
|
80,927
|
|
|
|
159,124
|
|
|
|
154,969
|
|
|
|
152,284
|
|
Net income
|
|
$
|
241,054
|
|
|
|
268,822
|
|
|
|
493,066
|
|
|
|
480,081
|
|
|
|
473,260
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
June 30
|
|
|
|
|
|
|
Dollars in
thousands
|
|
2020
|
|
|
2019
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,354,815
|
|
|
|
1,271,611
|
|
|
|
7
|
%
|
|
Interest-bearing
deposits at banks
|
|
|
20,888,341
|
|
|
|
8,791,753
|
|
|
|
138
|
|
|
Trading
account
|
|
|
1,293,534
|
|
|
|
479,403
|
|
|
|
170
|
|
|
Investment
securities
|
|
|
8,454,344
|
|
|
|
11,580,249
|
|
|
|
-27
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
29,203,862
|
|
|
|
23,431,408
|
|
|
|
25
|
|
|
Real estate -
commercial
|
|
|
37,159,451
|
|
|
|
35,194,375
|
|
|
|
6
|
|
|
Real estate -
consumer
|
|
|
15,611,462
|
|
|
|
16,693,737
|
|
|
|
-6
|
|
|
Consumer
|
|
|
15,782,773
|
|
|
|
14,558,538
|
|
|
|
8
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
97,757,548
|
|
|
|
89,878,058
|
|
|
|
9
|
|
|
Less: allowance for
credit losses
|
|
|
1,638,236
|
|
|
|
1,029,867
|
|
|
|
59
|
|
|
Net loans and
leases
|
|
|
96,119,312
|
|
|
|
88,848,191
|
|
|
|
8
|
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
—
|
|
|
Core deposit and
other intangible assets
|
|
|
21,208
|
|
|
|
38,428
|
|
|
|
-45
|
|
|
Other
assets
|
|
|
6,812,303
|
|
|
|
5,952,148
|
|
|
|
14
|
|
|
Total
assets
|
|
$
|
139,536,969
|
|
|
|
121,554,895
|
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
45,397,843
|
|
|
|
30,747,946
|
|
|
|
48
|
%
|
|
Interest-bearing
deposits
|
|
|
68,701,832
|
|
|
|
59,568,223
|
|
|
|
15
|
|
|
Deposits at Cayman
Islands office
|
|
|
868,284
|
|
|
|
1,364,855
|
|
|
|
-36
|
|
|
Total
deposits
|
|
|
114,967,959
|
|
|
|
91,681,024
|
|
|
|
25
|
|
|
Short-term
borrowings
|
|
|
52,298
|
|
|
|
4,611,390
|
|
|
|
-99
|
|
|
Accrued interest and
other liabilities
|
|
|
2,250,316
|
|
|
|
1,915,147
|
|
|
|
18
|
|
|
Long-term
borrowings
|
|
|
6,321,291
|
|
|
|
7,655,507
|
|
|
|
-17
|
|
|
Total
liabilities
|
|
|
123,591,864
|
|
|
|
105,863,068
|
|
|
|
17
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,250,000
|
|
|
|
1,231,500
|
|
|
|
2
|
|
|
Common
|
|
|
14,695,105
|
|
|
|
14,460,327
|
|
|
|
2
|
|
|
Total shareholders'
equity
|
|
|
15,945,105
|
|
|
|
15,691,827
|
|
|
|
2
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
139,536,969
|
|
|
|
121,554,895
|
|
|
|
15
|
%
|
|
Condensed
Consolidated Balance Sheet, Five Quarter Trend
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Dollars in
thousands
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,354,815
|
|
|
|
1,298,192
|
|
|
|
1,432,805
|
|
|
|
1,818,861
|
|
|
|
1,271,611
|
|
Interest-bearing
deposits at banks
|
|
|
20,888,341
|
|
|
|
8,896,307
|
|
|
|
7,190,154
|
|
|
|
12,495,524
|
|
|
|
8,791,753
|
|
Federal funds
sold
|
|
|
—
|
|
|
|
—
|
|
|
|
3,500
|
|
|
|
200
|
|
|
|
—
|
|
Trading
account
|
|
|
1,293,534
|
|
|
|
1,224,291
|
|
|
|
470,129
|
|
|
|
614,256
|
|
|
|
479,403
|
|
Investment
securities
|
|
|
8,454,344
|
|
|
|
8,956,590
|
|
|
|
9,497,251
|
|
|
|
10,677,583
|
|
|
|
11,580,249
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
29,203,862
|
|
|
|
26,243,648
|
|
|
|
23,838,168
|
|
|
|
23,201,372
|
|
|
|
23,431,408
|
|
Real estate -
commercial
|
|
|
37,159,451
|
|
|
|
36,684,106
|
|
|
|
35,541,914
|
|
|
|
34,945,231
|
|
|
|
35,194,375
|
|
Real estate -
consumer
|
|
|
15,611,462
|
|
|
|
15,643,014
|
|
|
|
16,156,094
|
|
|
|
16,500,955
|
|
|
|
16,693,737
|
|
Consumer
|
|
|
15,782,773
|
|
|
|
15,571,507
|
|
|
|
15,386,693
|
|
|
|
15,175,635
|
|
|
|
14,558,538
|
|
Total loans and leases, net of unearned discount
|
|
|
97,757,548
|
|
|
|
94,142,275
|
|
|
|
90,922,869
|
|
|
|
89,823,193
|
|
|
|
89,878,058
|
|
Less: allowance for
credit losses
|
|
|
1,638,236
|
|
|
|
1,384,366
|
|
|
|
1,051,071
|
|
|
|
1,038,437
|
|
|
|
1,029,867
|
|
Net loans and
leases
|
|
|
96,119,312
|
|
|
|
92,757,909
|
|
|
|
89,871,798
|
|
|
|
88,784,756
|
|
|
|
88,848,191
|
|
Goodwill
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
|
|
4,593,112
|
|
Core deposit and
other intangible assets
|
|
|
21,208
|
|
|
|
25,121
|
|
|
|
29,034
|
|
|
|
33,339
|
|
|
|
38,428
|
|
Other
assets
|
|
|
6,812,303
|
|
|
|
6,826,311
|
|
|
|
6,784,974
|
|
|
|
6,483,295
|
|
|
|
5,952,148
|
|
Total
assets
|
|
$
|
139,536,969
|
|
|
|
124,577,833
|
|
|
|
119,872,757
|
|
|
|
125,500,926
|
|
|
|
121,554,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
45,397,843
|
|
|
|
35,554,715
|
|
|
|
32,396,407
|
|
|
|
31,766,724
|
|
|
|
30,747,946
|
|
Interest-bearing
deposits
|
|
|
68,701,832
|
|
|
|
63,410,672
|
|
|
|
60,689,618
|
|
|
|
61,785,212
|
|
|
|
59,568,223
|
|
Deposits at Cayman
Islands office
|
|
|
868,284
|
|
|
|
1,217,921
|
|
|
|
1,684,044
|
|
|
|
1,561,997
|
|
|
|
1,364,855
|
|
Total
deposits
|
|
|
114,967,959
|
|
|
|
100,183,308
|
|
|
|
94,770,069
|
|
|
|
95,113,933
|
|
|
|
91,681,024
|
|
Short-term
borrowings
|
|
|
52,298
|
|
|
|
59,180
|
|
|
|
62,363
|
|
|
|
5,513,896
|
|
|
|
4,611,390
|
|
Accrued interest and
other liabilities
|
|
|
2,250,316
|
|
|
|
2,198,116
|
|
|
|
2,337,490
|
|
|
|
2,090,762
|
|
|
|
1,915,147
|
|
Long-term
borrowings
|
|
|
6,321,291
|
|
|
|
6,321,435
|
|
|
|
6,986,186
|
|
|
|
7,002,524
|
|
|
|
7,655,507
|
|
Total
liabilities
|
|
|
123,591,864
|
|
|
|
108,762,039
|
|
|
|
104,156,108
|
|
|
|
109,721,115
|
|
|
|
105,863,068
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
1,250,000
|
|
|
|
1,250,000
|
|
|
|
1,250,000
|
|
|
|
1,250,000
|
|
|
|
1,231,500
|
|
Common
|
|
|
14,695,105
|
|
|
|
14,565,794
|
|
|
|
14,466,649
|
|
|
|
14,529,811
|
|
|
|
14,460,327
|
|
Total shareholders'
equity
|
|
|
15,945,105
|
|
|
|
15,815,794
|
|
|
|
15,716,649
|
|
|
|
15,779,811
|
|
|
|
15,691,827
|
|
Total liabilities and
shareholders' equity
|
|
$
|
139,536,969
|
|
|
|
124,577,833
|
|
|
|
119,872,757
|
|
|
|
125,500,926
|
|
|
|
121,554,895
|
|
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, 2020
from
|
|
|
|
June 30,
|
|
|
Change
|
|
Dollars in
millions
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
in
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
2019
|
|
|
2020
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
balance
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
16,454
|
|
|
.10
|
%
|
|
6,122
|
|
|
2.38
|
%
|
|
6,130
|
|
|
1.24
|
%
|
|
169
|
%
|
|
168
|
%
|
|
|
$
|
11,292
|
|
|
.41
|
%
|
|
5,368
|
|
|
2.39
|
%
|
|
110
|
%
|
Federal funds sold
and agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to resell
securities
|
|
|
692
|
|
|
.11
|
|
|
1
|
|
|
2.83
|
|
|
1,224
|
|
|
1.34
|
|
-
|
|
|
-43
|
|
|
|
|
958
|
|
|
.90
|
|
|
1
|
|
|
2.83
|
|
|
—
|
|
Trading
account
|
|
|
49
|
|
|
2.04
|
|
|
68
|
|
|
2.20
|
|
|
64
|
|
|
2.64
|
|
|
-28
|
|
|
-24
|
|
|
|
|
56
|
|
|
2.38
|
|
|
66
|
|
|
2.79
|
|
|
-16
|
|
Investment
securities
|
|
|
8,500
|
|
|
2.24
|
|
|
12,170
|
|
|
2.49
|
|
|
9,102
|
|
|
2.22
|
|
|
-30
|
|
|
-7
|
|
|
|
|
8,801
|
|
|
2.23
|
|
|
12,557
|
|
|
2.51
|
|
|
-30
|
|
Loans and leases, net
of unearned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
29,733
|
|
|
3.10
|
|
|
23,335
|
|
|
4.97
|
|
|
24,290
|
|
|
4.10
|
|
|
27
|
|
|
22
|
|
|
|
|
27,011
|
|
|
3.55
|
|
|
23,173
|
|
|
5.02
|
|
|
17
|
|
Real estate -
commercial
|
|
|
36,947
|
|
|
4.42
|
|
|
34,768
|
|
|
5.30
|
|
|
36,034
|
|
|
4.83
|
|
|
6
|
|
|
3
|
|
|
|
|
36,491
|
|
|
4.62
|
|
|
34,647
|
|
|
5.32
|
|
|
5
|
|
Real estate -
consumer
|
|
|
15,599
|
|
|
4.00
|
|
|
16,723
|
|
|
4.29
|
|
|
15,931
|
|
|
4.03
|
|
|
-7
|
|
|
-2
|
|
|
|
|
15,765
|
|
|
4.02
|
|
|
16,830
|
|
|
4.33
|
|
|
-6
|
|
Consumer
|
|
|
15,518
|
|
|
4.85
|
|
|
14,324
|
|
|
5.53
|
|
|
15,451
|
|
|
5.30
|
|
|
8
|
|
|
—
|
|
|
|
|
15,484
|
|
|
5.07
|
|
|
14,165
|
|
|
5.52
|
|
|
9
|
|
Total loans and
leases, net
|
|
|
97,797
|
|
|
4.05
|
|
|
89,150
|
|
|
5.09
|
|
|
91,706
|
|
|
4.61
|
|
|
10
|
|
|
7
|
|
|
|
|
94,751
|
|
|
4.32
|
|
|
88,815
|
|
|
5.12
|
|
|
7
|
|
Total earning
assets
|
|
|
123,492
|
|
|
3.38
|
|
|
107,511
|
|
|
4.64
|
|
|
108,226
|
|
|
4.18
|
|
|
15
|
|
|
14
|
|
|
|
|
115,858
|
|
|
3.75
|
|
|
106,807
|
|
|
4.68
|
|
|
8
|
|
Goodwill
|
|
|
4,593
|
|
|
|
|
|
4,593
|
|
|
|
|
|
4,593
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
4,593
|
|
|
|
|
|
4,593
|
|
|
|
|
|
—
|
|
Core deposit and other intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets
|
|
|
23
|
|
|
|
|
|
41
|
|
|
|
|
|
27
|
|
|
|
|
|
-44
|
|
|
-14
|
|
|
|
|
25
|
|
|
|
|
|
43
|
|
|
|
|
|
-42
|
|
Other
assets
|
|
|
8,338
|
|
|
|
|
|
6,342
|
|
|
|
|
|
7,739
|
|
|
|
|
|
31
|
|
|
8
|
|
|
|
|
8,037
|
|
|
|
|
|
6,224
|
|
|
|
|
|
29
|
|
Total
assets
|
|
$
|
136,446
|
|
|
|
|
|
118,487
|
|
|
|
|
|
120,585
|
|
|
|
|
|
15
|
%
|
|
13
|
%
|
|
|
$
|
128,513
|
|
|
|
|
|
117,667
|
|
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
deposits
|
|
$
|
62,927
|
|
|
.17
|
|
|
53,495
|
|
|
.69
|
|
|
56,366
|
|
|
.56
|
|
|
18
|
%
|
|
12
|
%
|
|
|
$
|
59,646
|
|
|
.35
|
|
|
52,799
|
|
|
.64
|
|
|
13
|
%
|
Time
deposits
|
|
|
5,354
|
|
|
1.49
|
|
|
6,530
|
|
|
1.53
|
|
|
5,672
|
|
|
1.55
|
|
|
-18
|
|
|
-6
|
|
|
|
|
5,513
|
|
|
1.52
|
|
|
6,441
|
|
|
1.44
|
|
|
-14
|
|
Deposits at Cayman Islands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
office
|
|
|
1,017
|
|
|
.06
|
|
|
1,247
|
|
|
1.94
|
|
|
1,672
|
|
|
.82
|
|
|
-18
|
|
|
-39
|
|
|
|
|
1,344
|
|
|
.54
|
|
|
1,110
|
|
|
1.96
|
|
|
21
|
|
Total interest-bearing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
deposits
|
|
|
69,298
|
|
|
.27
|
|
|
61,272
|
|
|
.80
|
|
|
63,710
|
|
|
.65
|
|
|
13
|
|
|
9
|
|
|
|
|
66,503
|
|
|
.45
|
|
|
60,350
|
|
|
.75
|
|
|
10
|
|
Short-term
borrowings
|
|
|
63
|
|
|
.01
|
|
|
1,263
|
|
|
2.51
|
|
|
58
|
|
|
.16
|
|
|
-95
|
|
|
9
|
|
|
|
|
60
|
|
|
.08
|
|
|
1,177
|
|
|
2.50
|
|
|
-95
|
|
Long-term
borrowings
|
|
|
6,189
|
|
|
1.86
|
|
|
8,278
|
|
|
3.20
|
|
|
6,240
|
|
|
2.60
|
|
|
-25
|
|
|
-1
|
|
|
|
|
6,215
|
|
|
2.23
|
|
|
8,386
|
|
|
3.21
|
|
|
-26
|
|
Total
interest-bearing liabilities
|
|
|
75,550
|
|
|
.40
|
|
|
70,813
|
|
|
1.11
|
|
|
70,008
|
|
|
.83
|
|
|
7
|
|
|
8
|
|
|
|
|
72,778
|
|
|
.60
|
|
|
69,913
|
|
|
1.08
|
|
|
4
|
|
Noninterest-bearing
deposits
|
|
|
42,497
|
|
|
|
|
|
30,099
|
|
|
|
|
|
32,456
|
|
|
|
|
|
41
|
|
|
31
|
|
|
|
|
37,477
|
|
|
|
|
|
30,207
|
|
|
|
|
|
24
|
|
Other
liabilities
|
|
|
2,446
|
|
|
|
|
|
1,945
|
|
|
|
|
|
2,401
|
|
|
|
|
|
26
|
|
|
2
|
|
|
|
|
2,422
|
|
|
|
|
|
1,948
|
|
|
|
|
|
24
|
|
Total
liabilities
|
|
|
120,493
|
|
|
|
|
|
102,857
|
|
|
|
|
|
104,865
|
|
|
|
|
|
17
|
|
|
15
|
|
|
|
|
112,677
|
|
|
|
|
|
102,068
|
|
|
|
|
|
10
|
|
Shareholders'
equity
|
|
|
15,953
|
|
|
|
|
|
15,630
|
|
|
|
|
|
15,720
|
|
|
|
|
|
2
|
|
|
1
|
|
|
|
|
15,836
|
|
|
|
|
|
15,599
|
|
|
|
|
|
2
|
|
Total liabilities
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders'
equity
|
|
$
|
136,446
|
|
|
|
|
|
118,487
|
|
|
|
|
|
120,585
|
|
|
|
|
|
15
|
%
|
|
13
|
%
|
|
|
$
|
128,513
|
|
|
|
|
|
117,667
|
|
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
2.98
|
|
|
|
|
|
3.53
|
|
|
|
|
|
3.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.15
|
|
|
|
|
|
3.60
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
|
.15
|
|
|
|
|
|
.38
|
|
|
|
|
|
.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.22
|
|
|
|
|
|
.37
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.13
|
%
|
|
|
|
|
3.91
|
%
|
|
|
|
|
3.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
3.37
|
%
|
|
|
|
|
3.97
|
%
|
|
|
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures
|
|
|
|
Three months
ended
|
|
|
Six months
ended
|
|
|
|
June 30
|
|
|
June 30
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
241,054
|
|
|
|
473,260
|
|
|
|
509,876
|
|
|
|
956,002
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
2,904
|
|
|
|
3,741
|
|
|
|
5,787
|
|
|
|
7,439
|
|
Net operating
income
|
|
$
|
243,958
|
|
|
|
477,001
|
|
|
|
515,663
|
|
|
|
963,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
1.74
|
|
|
|
3.34
|
|
|
|
3.67
|
|
|
|
6.69
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.02
|
|
|
|
.03
|
|
|
|
.04
|
|
|
|
.05
|
|
Diluted net operating
earnings per common share
|
|
$
|
1.76
|
|
|
|
3.37
|
|
|
|
3.71
|
|
|
|
6.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
807,042
|
|
|
|
873,032
|
|
|
|
1,713,458
|
|
|
|
1,767,380
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(3,913)
|
|
|
|
(5,077)
|
|
|
|
(7,826)
|
|
|
|
(10,097)
|
|
Noninterest operating
expense
|
|
$
|
803,129
|
|
|
|
867,955
|
|
|
|
1,705,632
|
|
|
|
1,757,283
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
803,129
|
|
|
|
867,955
|
|
|
|
1,705,632
|
|
|
|
1,757,283
|
|
Taxable-equivalent
net interest income
|
|
|
961,371
|
|
|
|
1,047,406
|
|
|
|
1,943,239
|
|
|
|
2,103,433
|
|
Other
income
|
|
|
487,273
|
|
|
|
512,095
|
|
|
|
1,016,633
|
|
|
|
1,012,860
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
6,969
|
|
|
|
8,911
|
|
|
|
(13,813)
|
|
|
|
20,752
|
|
Denominator
|
|
$
|
1,441,675
|
|
|
|
1,550,590
|
|
|
|
2,973,685
|
|
|
|
3,095,541
|
|
Efficiency
ratio
|
|
|
55.71
|
%
|
|
|
55.98
|
%
|
|
|
57.36
|
%
|
|
|
56.77
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
136,446
|
|
|
|
118,487
|
|
|
|
128,513
|
|
|
|
117,667
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(23)
|
|
|
|
(41)
|
|
|
|
(25)
|
|
|
|
(43)
|
|
Deferred
taxes
|
|
|
6
|
|
|
|
11
|
|
|
|
7
|
|
|
|
11
|
|
Average tangible
assets
|
|
$
|
131,836
|
|
|
|
113,864
|
|
|
|
123,902
|
|
|
|
113,042
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
15,953
|
|
|
|
15,630
|
|
|
|
15,836
|
|
|
|
15,599
|
|
Preferred
stock
|
|
|
(1,250)
|
|
|
|
(1,232)
|
|
|
|
(1,250)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
14,703
|
|
|
|
14,398
|
|
|
|
14,586
|
|
|
|
14,367
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(23)
|
|
|
|
(41)
|
|
|
|
(25)
|
|
|
|
(43)
|
|
Deferred
taxes
|
|
|
6
|
|
|
|
11
|
|
|
|
7
|
|
|
|
11
|
|
Average tangible
common equity
|
|
$
|
10,093
|
|
|
|
9,775
|
|
|
|
9,975
|
|
|
|
9,742
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
139,537
|
|
|
|
121,555
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(21)
|
|
|
|
(38)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
5
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
Total tangible
assets
|
|
$
|
134,928
|
|
|
|
116,934
|
|
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
15,945
|
|
|
|
15,692
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
(1,250)
|
|
|
|
(1,232)
|
|
|
|
|
|
|
|
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
—
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
Common equity, net of
undeclared cumulative preferred dividends
|
|
|
14,695
|
|
|
|
14,457
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
|
|
|
|
|
|
Core deposit and
other intangible assets
|
|
|
(21)
|
|
|
|
(38)
|
|
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
5
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
Total tangible common
equity
|
|
$
|
10,086
|
|
|
|
9,836
|
|
|
|
|
|
|
|
|
|
________________
|
(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,
|
|
|
|
2020
|
|
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2019
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
241,054
|
|
|
|
268,822
|
|
|
|
493,066
|
|
|
|
480,081
|
|
|
|
473,260
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
2,904
|
|
|
|
2,883
|
|
|
|
3,171
|
|
|
|
3,749
|
|
|
|
3,741
|
|
Net operating
income
|
|
$
|
243,958
|
|
|
|
271,705
|
|
|
|
496,237
|
|
|
|
483,830
|
|
|
|
477,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
1.74
|
|
|
|
1.93
|
|
|
|
3.60
|
|
|
|
3.47
|
|
|
|
3.34
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.02
|
|
|
|
.02
|
|
|
|
.02
|
|
|
|
.03
|
|
|
|
.03
|
|
Diluted net operating
earnings per common share
|
|
$
|
1.76
|
|
|
|
1.95
|
|
|
|
3.62
|
|
|
|
3.50
|
|
|
|
3.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
807,042
|
|
|
|
906,416
|
|
|
|
823,683
|
|
|
|
877,619
|
|
|
|
873,032
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(3,913)
|
|
|
|
(3,913)
|
|
|
|
(4,305)
|
|
|
|
(5,088)
|
|
|
|
(5,077)
|
|
Noninterest operating
expense
|
|
$
|
803,129
|
|
|
|
902,503
|
|
|
|
819,378
|
|
|
|
872,531
|
|
|
|
867,955
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
803,129
|
|
|
|
902,503
|
|
|
|
819,378
|
|
|
|
872,531
|
|
|
|
867,955
|
|
Taxable-equivalent
net interest income
|
|
|
961,371
|
|
|
|
981,868
|
|
|
|
1,014,225
|
|
|
|
1,035,469
|
|
|
|
1,047,406
|
|
Other
income
|
|
|
487,273
|
|
|
|
529,360
|
|
|
|
521,040
|
|
|
|
527,779
|
|
|
|
512,095
|
|
Less: Gain
(loss) on bank investment securities
|
|
|
6,969
|
|
|
|
(20,782)
|
|
|
|
(6,452)
|
|
|
|
3,737
|
|
|
|
8,911
|
|
Denominator
|
|
$
|
1,441,675
|
|
|
|
1,532,010
|
|
|
|
1,541,717
|
|
|
|
1,559,511
|
|
|
|
1,550,590
|
|
Efficiency
ratio
|
|
|
55.71
|
%
|
|
|
58.91
|
%
|
|
|
53.15
|
%
|
|
|
55.95
|
%
|
|
|
55.98
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
136,446
|
|
|
|
120,585
|
|
|
|
122,554
|
|
|
|
120,388
|
|
|
|
118,487
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(23)
|
|
|
|
(27)
|
|
|
|
(31)
|
|
|
|
(36)
|
|
|
|
(41)
|
|
Deferred
taxes
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
|
|
11
|
|
Average tangible
assets
|
|
$
|
131,836
|
|
|
|
115,972
|
|
|
|
117,938
|
|
|
|
115,769
|
|
|
|
113,864
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
15,953
|
|
|
|
15,720
|
|
|
|
15,832
|
|
|
|
15,837
|
|
|
|
15,630
|
|
Preferred
stock
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,373)
|
|
|
|
(1,232)
|
|
Average common
equity
|
|
|
14,703
|
|
|
|
14,470
|
|
|
|
14,582
|
|
|
|
14,464
|
|
|
|
14,398
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(23)
|
|
|
|
(27)
|
|
|
|
(31)
|
|
|
|
(36)
|
|
|
|
(41)
|
|
Deferred
taxes
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
|
|
11
|
|
Average tangible
common equity
|
|
$
|
10,093
|
|
|
|
9,857
|
|
|
|
9,966
|
|
|
|
9,845
|
|
|
|
9,775
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
139,537
|
|
|
|
124,578
|
|
|
|
119,873
|
|
|
|
125,501
|
|
|
|
121,555
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(21)
|
|
|
|
(25)
|
|
|
|
(29)
|
|
|
|
(33)
|
|
|
|
(38)
|
|
Deferred
taxes
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
Total tangible
assets
|
|
$
|
134,928
|
|
|
|
119,966
|
|
|
|
115,258
|
|
|
|
120,883
|
|
|
|
116,934
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
15,945
|
|
|
|
15,816
|
|
|
|
15,717
|
|
|
|
15,780
|
|
|
|
15,692
|
|
Preferred
stock
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,250)
|
|
|
|
(1,232)
|
|
Undeclared dividends
- cumulative preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3)
|
|
Common equity, net of
undeclared cumulative preferred
dividends
|
|
|
14,695
|
|
|
|
14,566
|
|
|
|
14,467
|
|
|
|
14,530
|
|
|
|
14,457
|
|
Goodwill
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
|
|
(4,593)
|
|
Core deposit and
other intangible assets
|
|
|
(21)
|
|
|
|
(25)
|
|
|
|
(29)
|
|
|
|
(33)
|
|
|
|
(38)
|
|
Deferred
taxes
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
10
|
|
Total tangible common
equity
|
|
$
|
10,086
|
|
|
|
9,954
|
|
|
|
9,852
|
|
|
|
9,912
|
|
|
|
9,836
|
|
__________________
|
(1)
|
After any related tax
effect.
|
INVESTOR
CONTACT:
|
Donald J.
MacLeod
|
|
(716)
842-5138
|
|
|
MEDIA
CONTACT:
|
C. Michael
Zabel
|
|
(716)
842-5385
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/mt-bank-corporation-announces-second-quarter-results-301098692.html
SOURCE M&T Bank Corporation