BUFFALO,
N.Y., July 19, 2023 /PRNewswire/ -- M&T
Bank Corporation ("M&T") (NYSE: MTB) today reported its results
of operations for the quarter ended June 30,
2023.
GAAP Results of Operations. Diluted earnings per common
share measured in accordance with generally accepted accounting
principles ("GAAP") were $5.05 in the
second quarter of 2023, up from $1.08
in the year-earlier quarter and $4.01
in the first quarter of 2023. GAAP-basis net income was
$867 million in the recent quarter,
$218 million in the second quarter of
2022 and $702 million in the initial
2023 quarter. GAAP-basis net income expressed as an annualized rate
of return on average assets and average common shareholders' equity
increased to 1.70% and 14.27%, respectively, in the second quarter
of 2023 from .42% and 3.21%, respectively, in the corresponding
2022 period and 1.40% and 11.74%, respectively, in the first
quarter of 2023. Non-operating merger-related expenses associated
with the April 1, 2022 acquisition of
People's United Financial, Inc. ("People's United") totaled
$465 million ($346 million after-tax effect, or $1.94 of diluted earnings per common share) in
2022's second quarter. No merger-related expenses were incurred in
the first half of 2023.
In April 2023 M&T completed
the divestiture of its Collective Investment Trust ("CIT") business
to a private equity firm. The sale of this business resulted in a
pre-tax gain of $225 million
($157 million after tax, or
$0.94 of diluted earnings per common
share) in the second quarter of 2023 results of operations.
Daryl N. Bible, Chief Financial
Officer, commenting on M&T's results noted, "The strong
performance of our second quarter exemplifies the commitment of
M&T to our operating principles and our purpose. Bolstered by
the successful sale of the CIT business and healthy growth in
commercial loans, we have further fortified our capital levels. Our
dedication to our customers is evident through the resilience of
our core deposit and funding levels. Moreover, our credit costs in
the first half of 2023 were consistent with our long-term
historical averages. As we move forward into the second half of
2023, our primary focus remains on serving the evolving needs of
our diverse customer base by offering an extensive array of
innovative products and services. I am proud of how our colleagues
continue to care for our customers and make a difference in
people's lives and in our communities."
Earnings
Highlights
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Change 2Q23
vs.
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($ in millions, except
per share data)
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2Q23
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2Q22
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1Q23
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2Q22
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1Q23
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Net income
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$
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867
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$
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218
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$
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702
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299
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%
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24
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%
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Net income available to
common shareholders ̶ diluted
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$
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841
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$
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192
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$
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676
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337
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%
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24
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%
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Diluted earnings per
common share
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$
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5.05
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$
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1.08
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$
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4.01
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368
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%
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26
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%
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Annualized return on
average assets
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1.70
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%
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.42
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%
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1.40
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%
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Annualized return on
average common equity
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14.27
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%
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3.21
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%
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11.74
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%
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For the first six months of 2023, diluted earnings per common
share rose 163% to $9.06 from
$3.45 in the year-earlier period.
GAAP-basis net income for the first half of 2023 increased to
$1.57 billion from $580 million in the corresponding 2022 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, 2023
was 1.55% and 13.02%, respectively, improved from .65% and 5.34%,
respectively, in the similar 2022 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.
Merger-related expenses associated with the People's United
acquisition in 2022 generally consisted of professional services,
temporary help fees and other costs associated with actual or
planned conversions of systems and/or integration of operations and
the introduction of M&T to its new customers, costs related to
terminations of existing contractual arrangements to purchase
various services, severance, travel costs and, in the second
quarter of 2022, an initial provision for credit losses of
$242 million on loans not deemed to
be purchased credit deteriorated ("PCD") on the April 1, 2022 acquisition date of People's
United. Given the requirement under GAAP to recognize such
losses above and beyond the impact of forecasted losses used in
determining the fair value of acquired loans, M&T considers
that initial provision to be a merger-related expense. 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.
The amounts of merger-related expenses in 2022 are presented in the
tables that accompany this release. No merger-related expenses were
incurred in the first half of 2023.
Diluted net operating earnings per common share were
$5.12 in the second quarter of 2023,
$3.10 in the year-earlier quarter and
$4.09 in 2023's first quarter. Net
operating income was $879 million in
the recent quarter, up from $578
million in the second quarter of 2022 and $715 million in the initial 2023 quarter.
Expressed as an annualized rate of return on average tangible
assets and average tangible common shareholders' equity, net
operating income was 1.80% and 22.73%, respectively, in the second
quarter of 2023, compared with 1.16% and 14.41%, respectively, in
the corresponding 2022 period and 1.49% and 19.00%, respectively,
in the first quarter of 2023.
Diluted net operating earnings per common share in the first six
months of 2023 were $9.21, improved
from $5.88 in the similar 2022
period. Net operating income during the first half of 2023 was
$1.59 billion, 67% higher than
$954 million recorded in the
six-month period ended June 30, 2022.
Net operating income expressed as an annualized rate of return on
average tangible assets and average tangible common shareholders'
equity was 1.65% and 20.90%, respectively, in the initial six
months of 2023, improved from 1.11% and 13.57%, respectively, in
the similar 2022 period.
Taxable-equivalent Net Interest Income. Expressed on a
taxable-equivalent basis, net interest income totaled $1.81 billion in the recent quarter, compared
with $1.42 billion in the second
quarter of 2022 and $1.83 billion in
the initial 2023 quarter. The increase from the year-earlier
quarter reflects a 90 basis point widening of the net interest
margin to 3.91% in the second quarter of 2023, that was damped by
higher levels of borrowings. The modestly lower taxable-equivalent
net interest income in the recent quarter as compared with 2023's
first quarter reflects a 13 basis point narrowing of the net
interest margin and a $7.09 billion
rise in interest-bearing liabilities, partially offset by a
$1.87 billion increase in average
earning assets and by one additional day of taxable-equivalent net
interest income. The decreased net interest margin predominantly
resulted from higher rates paid on interest-bearing deposits.
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Taxable-equivalent
Net Interest Income
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Change 2Q23
vs.
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($ in
millions)
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2Q23
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2Q22
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1Q23
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2Q22
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1Q23
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Average earning
assets
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$
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185,936
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$
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189,755
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$
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184,069
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-2
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%
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1
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%
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Net interest
income ̶ taxable-equivalent
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$
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1,813
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$
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1,422
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$
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1,832
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27
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%
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-1
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%
|
Net interest
margin
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3.91
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%
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3.01
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%
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4.04
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%
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Provision for Credit Losses/Asset Quality. M&T
recorded a provision for credit losses of $150 million in the second quarter of 2023,
compared with $302 million in the
year-earlier quarter and $120 million
in the first quarter of 2023. The decline in provision as compared
with the 2022's second quarter is primarily due to the $242 million provision recorded in the
year-earlier quarter for non-PCD loans obtained in the acquisition
of People's United, partially offset by lower forecasted commercial
real estate values and other loan growth. The increase in provision
in the recent quarter compared with the first quarter of 2023 also
reflects a decline in forecasted commercial real estate values. Net
loan charge-offs were $127 million in
the second quarter of 2023, $50
million in the second quarter of 2022 and $70 million in 2023's first quarter. The higher
level of charge-offs in recent quarter as compared with earlier
quarters reflects higher charge-offs of commercial real estate
loans including office and healthcare facilities. Net loan
charge-offs expressed as an annualized percentage of average loans
outstanding were .38% and .16% in the second quarters of 2023 and
2022, respectively, compared with .22% in the initial 2023
quarter.
Nonaccrual loans were $2.44
billion or 1.83% of loans outstanding at June 30, 2023,
compared with $2.56 billion or 1.92%
at March 31, 2023 and $2.63
billion or 2.05% at June 30, 2022. The balance of
nonaccrual loans at the end of the recent quarter as compared with
March 31, 2023 and June 30, 2022 reflects lower levels of
hospitality-related loans. Assets taken in foreclosure of defaulted
loans were $43 million at
June 30, 2023, $29 million at
June 30, 2022 and $45 million at
March 31, 2023.
Allowance for Credit Losses. For purposes of determining
the adequacy of the allowance for credit losses M&T regularly
performs comprehensive analyses of its loan portfolios and assesses
forecasted economic conditions. As a result of those procedures and
reflecting the impact of loan growth, the allowance for credit
losses totaled $2.00 billion or 1.50%
of loans outstanding at June 30, 2023, compared with
$1.82 billion or 1.42% of loans
outstanding at June 30, 2022 and $1.98
billion or 1.49% at March 31, 2023. The acquisition of
People's United loans and leases resulted in a $341 million increase in the allowance for credit
losses as of April 1, 2022, including
$99 million related to PCD loans and
$242 million related to non-PCD
loans. Including the impact of the acquisition, M&T's allowance
for credit losses was $1.81 billion
on April 1, 2022, or 1.42% of then
outstanding loans.
Asset Quality
Metrics
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Change 2Q23
vs.
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($ in
millions)
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2Q23
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2Q22
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1Q23
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2Q22
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1Q23
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At end of
quarter
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Nonaccrual
loans
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$
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2,435
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$
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2,633
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$
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2,557
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-7
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%
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-5
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%
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Real estate and other
foreclosed assets
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$
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43
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$
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29
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$
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44
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49
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%
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-4
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%
|
Total nonperforming
assets
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$
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2,478
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$
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2,662
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$
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2,601
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-7
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%
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-5
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%
|
Accruing loans past due
90 days or more (1)
|
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$
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380
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$
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524
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$
|
407
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-27
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%
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-7
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%
|
Nonaccrual loans as %
of loans outstanding
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1.83
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%
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2.05
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%
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|
1.92
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%
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Allowance for credit
losses
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|
$
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1,998
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$
|
1,824
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$
|
1,975
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10
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%
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1
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%
|
Allowance for credit
losses as % of loans outstanding
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1.50
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%
|
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1.42
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%
|
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|
1.49
|
%
|
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For the
period
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Provision for credit
losses
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|
$
|
150
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$
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302
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$
|
120
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-50
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%
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|
25
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%
|
Net charge-offs
(2)
|
|
|
127
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|
$
|
50
|
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$
|
70
|
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|
|
156
|
%
|
|
|
80
|
%
|
Net charge-offs as % of
average loans (annualized)
|
|
|
.38
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%
|
|
|
.16
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%
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|
|
.22
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%
|
|
|
|
|
|
|
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(1)
|
Predominantly
government-guaranteed residential real estate loans.
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(2)
|
For the quarter-ended
June 30, 2022, net charge-offs and related data do not reflect $33
million of charge-offs related to PCD acquired loans.
|
Noninterest Income and Expense. Noninterest income totaled
$803 million in the second quarter of
2023, improved from $571 million in
the year-earlier quarter. The increase in the recent quarter is
predominantly due to a $225 million
gain on the sale of the CIT business, a rise in mortgage banking
revenues of $24 million reflecting
higher gains on sale of residential mortgages and favorable trading
and non-hedging derivative gains. Those increases were partially
offset by an $18 million decline in
trust income reflecting the sale of the CIT business and a
$9 million decrease in insurance
revenues predominantly due to the sale of M&T Insurance Agency
in 2022's fourth quarter. Noninterest income was $587 million in 2023's first quarter. The
comparative increase in the recent quarter was driven by the gain
recorded on the sale of the CIT business in the second quarter of
2023, a $22 million increase in
mortgage banking revenues resulting largely from the bulk purchase
of residential mortgage loan servicing rights at the end of the
first quarter of 2023, higher service charges on deposit accounts
and favorable trading and non-hedging derivative gains, partially
offset by lower trust income of $21
million, reflecting the sale of the CIT business, and a
$20 million distribution from Bayview
Lending Group LLC received in the first quarter of 2023.
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
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Change 2Q23
vs.
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($ in
millions)
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2Q23
|
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2Q22
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1Q23
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2Q22
|
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1Q23
|
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|
Mortgage banking
revenues
|
|
$
|
107
|
|
|
$
|
83
|
|
|
$
|
85
|
|
|
|
29
|
%
|
|
|
26
|
%
|
Service charges on
deposit accounts
|
|
|
119
|
|
|
|
124
|
|
|
|
113
|
|
|
|
-4
|
%
|
|
|
5
|
%
|
Trust income
|
|
|
172
|
|
|
|
190
|
|
|
|
194
|
|
|
|
-9
|
%
|
|
|
-11
|
%
|
Brokerage services
income
|
|
|
25
|
|
|
|
24
|
|
|
|
24
|
|
|
|
4
|
%
|
|
|
5
|
%
|
Trading account and
non-hedging derivative gains
|
|
|
17
|
|
|
|
2
|
|
|
|
12
|
|
|
|
631
|
%
|
|
|
44
|
%
|
Gain (loss) on bank
investment securities
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
362
|
|
|
|
148
|
|
|
|
159
|
|
|
|
145
|
%
|
|
|
127
|
%
|
Total
|
|
$
|
803
|
|
|
$
|
571
|
|
|
$
|
587
|
|
|
|
41
|
%
|
|
|
37
|
%
|
Noninterest expense aggregated $1.29
billion in the second quarter of 2023, down from
$1.40 billion in the similar quarter
of 2022 and $1.36 billion in the
first quarter of 2023. Excluding expenses considered to be
nonoperating in nature, such as amortization of core deposit and
other intangible assets and merger-related expenses, noninterest
operating expenses were $1.28 billion
in the recent quarter, $1.16 billion
in the second quarter of 2022 and $1.34
billion in 2023's initial quarter. The higher level of
operating expenses in the recent quarter as compared with the
year-earlier quarter reflects increased salaries and employee
benefits expense, resulting from higher staffing levels and annual
merit increases, and increases in outside data processing and
software costs, expenses related to the bulk purchase of
residential mortgage loan servicing rights and check
fraud losses. Those higher costs were partially offset
by a decline in professional services expenses reflecting lower
sub-advisory fees as a result of the sale of the CIT business. The
decline of operating expenses in the recent quarter as compared
with the first quarter of 2023 reflects a decrease in salaries and
employee benefits expense, predominantly due to seasonal stock
compensation and employee benefits expenses recorded in the first
quarter of 2023, partially offset by higher average staffing levels
and the full quarter impact of merit increases. In addition, a
decline in professional services expenses in the recent quarter,
reflecting lower sub-advisory fees as a result of the sale of the
CIT business, was partially offset by an increase in expenses
related to the bulk purchase of residential mortgage loan servicing
rights.
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change 2Q23
vs.
|
|
($ in
millions)
|
|
2Q23
|
|
|
2Q22
|
|
|
1Q23
|
|
|
2Q22
|
|
|
1Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
738
|
|
|
$
|
776
|
|
|
$
|
808
|
|
|
|
-5
|
%
|
|
|
-9
|
%
|
Equipment and net
occupancy
|
|
|
129
|
|
|
|
125
|
|
|
|
127
|
|
|
|
3
|
%
|
|
|
1
|
%
|
Outside data processing
and software
|
|
|
106
|
|
|
|
94
|
|
|
|
106
|
|
|
|
13
|
%
|
|
|
1
|
%
|
FDIC
assessments
|
|
|
28
|
|
|
|
22
|
|
|
|
30
|
|
|
|
24
|
%
|
|
|
-6
|
%
|
Advertising and
marketing
|
|
|
28
|
|
|
|
21
|
|
|
|
31
|
|
|
|
37
|
%
|
|
|
-9
|
%
|
Printing, postage and
supplies
|
|
|
14
|
|
|
|
16
|
|
|
|
14
|
|
|
|
-9
|
%
|
|
|
—
|
|
Amortization of core
deposit and other intangible assets
|
|
|
15
|
|
|
|
18
|
|
|
|
17
|
|
|
|
-19
|
%
|
|
|
-13
|
%
|
Other costs of
operations
|
|
|
235
|
|
|
|
331
|
|
|
|
226
|
|
|
|
-29
|
%
|
|
|
4
|
%
|
Total
|
|
$
|
1,293
|
|
|
$
|
1,403
|
|
|
$
|
1,359
|
|
|
|
-8
|
%
|
|
|
-5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 48.9% in the
second quarter of 2023, 58.3% in the year-earlier quarter and 55.5%
in the first quarter of 2023.
Balance Sheet. M&T had total assets of $207.7 billion at June 30, 2023, compared
with $204.0 billion and $203.0 billion at June 30, 2022 and
March 31, 2023, respectively. Loans and leases, net of
unearned discount, were $133.3
billion at June 30, 2023, compared with $128.5 billion at June 30, 2022 and
$132.9 billion at March 31,
2023. The higher balance of loans and leases at June 30, 2023 as compared with June 30, 2022
and March 31, 2023 predominantly reflects higher outstanding
balances of commercial loans, partially offset by lower commercial
real estate loans. Total deposits were $162.1 billion at the recent quarter-end and
$159.1 billion at March 31,
2023, compared with $170.4 billion at
June 30, 2022. The increase in deposits in the recent quarter
as compared with March 31, 2023
reflects an increase in time deposits and savings and
interest-checking deposits, partially offset by a decline in
noninterest-bearing deposits. The lower deposit levels at
June 30, 2023 as compared with the
June 30, 2022 reflect lower
noninterest-bearing deposits and savings and interest-checking
deposits, partially offset by higher time deposits as customers
shifted funds to higher yielding deposit products.
Total shareholders' equity was $25.8
billion or 12.42% of total assets at June 30, 2023,
$25.8 billion or 12.64% at
June 30, 2022 and $25.4 billion
or 12.50% at March 31, 2023. Common shareholders' equity was
$23.8 billion, or $143.41 per share, at June 30, 2023,
compared with $23.8 billion, or
$135.16 per share, a year earlier and
$23.4 billion, or $140.88 per share, at March 31, 2023.
Tangible equity per common share was $91.58 at June 30, 2023, $85.78 at June 30, 2022 and $88.81 at March 31, 2023. In the calculation
of tangible equity per common share, common shareholders' equity is
reduced by the carrying values of goodwill and core deposit and
other intangible assets, net of applicable deferred tax balances.
M&T estimates that the ratio of Common Equity Tier 1 to
risk-weighted assets under regulatory capital rules was
approximately 10.58% at June 30,
2023, compared with 10.16% three months earlier.
M&T repurchased 3,505,946 shares at an average cost per
share of $171.14 resulting in a total
cost of $600 million in 2022's second
quarter and 3,838,157 shares at an average cost per share of
$154.76 resulting in a total cost,
including the share repurchase excise tax, of $600 million in the first quarter of 2023. There
were no share repurchases in the second quarter of 2023.
Conference Call. Investors will have an opportunity to
listen to M&T's conference call to discuss second quarter
financial results today at 8:00 a.m. Eastern
Time. Those wishing to participate in the call may dial
(800) 225-9448. International participants, using any applicable
international calling codes, may dial (203) 518-9708. Callers
should reference M&T Bank Corporation or the conference ID
#MTBQ223. 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 Wednesday July 26, 2023 by calling (800)
839-5642, or (402) 220-2564 for international participants. No
conference ID or passcode is required. 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.
About M&T. M&T is a financial holding company
headquartered in Buffalo, New
York. M&T's principal banking subsidiary, M&T Bank,
provides banking products and services in 12 states across the
eastern U.S. from Maine to
Virginia and Washington, D.C. Trust-related services are
provided in select markets in the U.S. and abroad by M&T's
Wilmington Trust-affiliated companies and by M&T Bank. For more
information on M&T Bank, visit www.mtb.com.
Forward-Looking Statements. This news release
and related conference call may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 and the rules and regulations of the SEC. Any statement
that does not describe historical or current facts is a
forward-looking statement, including statements based on current
expectations, estimates and projections about M&T's business,
management's beliefs and assumptions made by management.
Statements regarding the potential effects of events or
factors specific to M&T and/or the financial industry as a
whole, as well as national and global events generally, including
economic conditions, on M&T's business, financial condition,
liquidity and results of operations may constitute forward-looking
statements. Such statements 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.
Forward-looking statements are typically identified by words
such as "believe," "expect," "anticipate," "intend," "target,"
"estimate," "continue," or "potential," by future conditional verbs
such as "will," "would," "should," "could," or "may," or by
variations of such words or by similar expressions. 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.
Examples of Future Factors include: the impact of M&T's
acquisition of People's United (as described in the next
paragraph); events and developments in the financial services
industry, including legislation, regulations and other governmental
actions as well as business conditions affecting the industry
and/or M&T and its subsidiaries, individually or collectively;
economic conditions, including inflation and market volatility;
changes in interest rates, spreads on earning assets and
interest-bearing liabilities, and interest rate sensitivity;
prepayment speeds, loan originations, credit losses and market
values on loans, collateral securing loans, and other assets;
sources of liquidity; common shares outstanding; common stock price
volatility; fair value of and number of stock-based compensation
awards to be issued in future periods; the impact of changes in
market values on trust-related revenues; regulatory supervision and
oversight, including monetary policy and capital requirements;
domestic or international political developments and other
geopolitical events, including international conflicts;
governmental and public policy changes, including tax policy; the
outcome of pending and future litigation and governmental
proceedings, including tax-related examinations and other matters;
changes in accounting policies or procedures as may be required by
the Financial Accounting Standards Board, regulatory agencies or
legislation; increasing price, product and 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 and services; containing costs and
expenses; protection and validity of intellectual property rights;
reliance on large customers; technological, implementation and
cost/financial risks in large, multi-year contracts; 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, divestment and
investment activities compared with M&T's initial expectations,
including the full realization of anticipated cost savings and
revenue enhancements.
In addition, Future Factors related to the acquisition of
People's United include, among others: the possibility that the
anticipated benefits of the transaction will not be realized when
expected or at all; potential adverse reactions or changes to
business, customer or employee relationships; M&T's success in
executing its business plans and strategies and managing the risks
involved in the foregoing; the results and costs of integration
efforts; the business, economic and political conditions in the
markets in which M&T and its subsidiaries operate; the outcome
of any legal proceedings that may be instituted against M&T or
its subsidiaries; and other factors related to the acquisition that
may affect future results of M&T.
These are representative of the Future Factors that could
affect the outcome of the forward-looking statements. In addition,
as noted, 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.
M&T provides further detail regarding these risks and
uncertainties in its Form 10-K for the year ended December 31, 2022, including in the Risk Factors
section of such report, as well as in other SEC filings.
Forward-looking statements speak only as of the date made, and
M&T does not assume any duty and does not undertake to update
forward-looking statements.
INVESTOR
CONTACT:
|
|
Brian Klock
|
|
|
|
|
(716)
842-5138
|
|
|
|
|
|
|
|
MEDIA
CONTACT:
|
|
Maya Dillon
|
|
|
|
|
(646)
735-1958
|
|
|
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
June 30
|
|
|
|
|
|
June 30
|
|
|
|
|
Amounts in thousands,
except per share
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
867,034
|
|
|
|
217,522
|
|
|
|
299
|
%
|
|
$
|
1,568,658
|
|
|
|
579,696
|
|
|
|
171
|
%
|
Net income available to
common shareholders
|
|
840,524
|
|
|
|
192,236
|
|
|
|
337
|
%
|
|
|
1,516,052
|
|
|
|
531,916
|
|
|
|
185
|
%
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
$
|
5.07
|
|
|
|
1.08
|
|
|
|
369
|
%
|
|
$
|
9.09
|
|
|
|
3.47
|
|
|
|
162
|
%
|
Diluted
earnings
|
|
5.05
|
|
|
|
1.08
|
|
|
|
368
|
%
|
|
|
9.06
|
|
|
|
3.45
|
|
|
|
163
|
%
|
Cash
dividends
|
$
|
1.30
|
|
|
|
1.20
|
|
|
|
8
|
%
|
|
$
|
2.60
|
|
|
|
2.40
|
|
|
|
8
|
%
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
166,320
|
|
|
|
178,277
|
|
|
|
-7
|
%
|
|
|
167,359
|
|
|
|
153,981
|
|
|
|
9
|
%
|
Period end
(2)
|
|
165,894
|
|
|
|
175,969
|
|
|
|
-6
|
%
|
|
|
165,894
|
|
|
|
175,969
|
|
|
|
-6
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
1.70
|
%
|
|
|
.42
|
%
|
|
|
|
|
|
1.55
|
%
|
|
|
.65
|
%
|
|
|
|
Average common
shareholders' equity
|
|
14.27
|
%
|
|
|
3.21
|
%
|
|
|
|
|
|
13.02
|
%
|
|
|
5.34
|
%
|
|
|
|
Taxable-equivalent net
interest income
|
$
|
1,813,015
|
|
|
|
1,422,443
|
|
|
|
27
|
%
|
|
$
|
3,644,741
|
|
|
|
2,329,851
|
|
|
|
56
|
%
|
Yield on average
earning assets
|
|
5.46
|
%
|
|
|
3.12
|
%
|
|
|
|
|
|
5.31
|
%
|
|
|
2.96
|
%
|
|
|
|
Cost of
interest-bearing liabilities
|
|
2.43
|
%
|
|
|
.20
|
%
|
|
|
|
|
|
2.15
|
%
|
|
|
.18
|
%
|
|
|
|
Net interest
spread
|
|
3.03
|
%
|
|
|
2.92
|
%
|
|
|
|
|
|
3.16
|
%
|
|
|
2.78
|
%
|
|
|
|
Contribution of
interest-free funds
|
|
.88
|
%
|
|
|
.09
|
%
|
|
|
|
|
|
.81
|
%
|
|
|
.08
|
%
|
|
|
|
Net interest
margin
|
|
3.91
|
%
|
|
|
3.01
|
%
|
|
|
|
|
|
3.97
|
%
|
|
|
2.86
|
%
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
.38
|
%
|
|
|
.16
|
%
|
|
|
|
|
|
.30
|
%
|
|
|
.10
|
%
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
$
|
878,661
|
|
|
|
577,622
|
|
|
|
52
|
%
|
|
$
|
1,593,596
|
|
|
|
953,621
|
|
|
|
67
|
%
|
Diluted net operating
earnings per common share
|
|
5.12
|
|
|
|
3.10
|
|
|
|
65
|
%
|
|
|
9.21
|
|
|
|
5.88
|
|
|
|
57
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
1.80
|
%
|
|
|
1.16
|
%
|
|
|
|
|
|
1.65
|
%
|
|
|
1.11
|
%
|
|
|
|
Average tangible
common equity
|
|
22.73
|
%
|
|
|
14.41
|
%
|
|
|
|
|
|
20.90
|
%
|
|
|
13.57
|
%
|
|
|
|
Efficiency
ratio
|
|
48.9
|
%
|
|
|
58.3
|
%
|
|
|
|
|
|
52.0
|
%
|
|
|
61.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
June 30
|
|
|
|
|
|
|
|
|
|
|
|
Loan
quality
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
2,435,581
|
|
|
|
2,633,005
|
|
|
|
-7
|
%
|
|
|
|
|
|
|
|
|
|
Real estate and other
foreclosed assets
|
|
42,720
|
|
|
|
28,692
|
|
|
|
49
|
%
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
$
|
2,478,301
|
|
|
|
2,661,697
|
|
|
|
-7
|
%
|
|
|
|
|
|
|
|
|
|
Accruing loans past due
90 days or more (4)
|
$
|
380,079
|
|
|
|
523,662
|
|
|
|
-27
|
%
|
|
|
|
|
|
|
|
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
39,846
|
|
|
|
46,937
|
|
|
|
-15
|
%
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more
|
|
294,184
|
|
|
|
467,834
|
|
|
|
-37
|
%
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to
total net loans
|
|
1.83
|
%
|
|
|
2.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
1.50
|
%
|
|
|
1.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
Financial Highlights,
Five Quarter Trend
|
|
|
|
|
|
|
Three months
ended
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Amounts in thousands,
except per share
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
867,034
|
|
|
|
701,624
|
|
|
|
765,371
|
|
|
|
646,596
|
|
|
|
217,522
|
|
Net income available to
common shareholders
|
|
840,524
|
|
|
|
675,511
|
|
|
|
739,126
|
|
|
|
620,554
|
|
|
|
192,236
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
$
|
5.07
|
|
|
|
4.03
|
|
|
|
4.32
|
|
|
|
3.55
|
|
|
|
1.08
|
|
Diluted
earnings
|
|
5.05
|
|
|
|
4.01
|
|
|
|
4.29
|
|
|
|
3.53
|
|
|
|
1.08
|
|
Cash
dividends
|
$
|
1.30
|
|
|
|
1.30
|
|
|
|
1.20
|
|
|
|
1.20
|
|
|
|
1.20
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
166,320
|
|
|
|
168,410
|
|
|
|
172,149
|
|
|
|
175,682
|
|
|
|
178,277
|
|
Period end
(2)
|
|
165,894
|
|
|
|
165,865
|
|
|
|
169,285
|
|
|
|
172,900
|
|
|
|
175,969
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
1.70
|
%
|
|
|
1.40
|
%
|
|
|
1.53
|
%
|
|
|
1.28
|
%
|
|
|
.42
|
%
|
Average common
shareholders' equity
|
|
14.27
|
%
|
|
|
11.74
|
%
|
|
|
12.59
|
%
|
|
|
10.43
|
%
|
|
|
3.21
|
%
|
Taxable-equivalent net
interest income
|
$
|
1,813,015
|
|
|
|
1,831,726
|
|
|
|
1,840,759
|
|
|
|
1,690,518
|
|
|
|
1,422,443
|
|
Yield on average
earning assets
|
|
5.46
|
%
|
|
|
5.16
|
%
|
|
|
4.60
|
%
|
|
|
3.90
|
%
|
|
|
3.12
|
%
|
Cost of
interest-bearing liabilities
|
|
2.43
|
%
|
|
|
1.86
|
%
|
|
|
.98
|
%
|
|
|
.41
|
%
|
|
|
.20
|
%
|
Net interest
spread
|
|
3.03
|
%
|
|
|
3.30
|
%
|
|
|
3.62
|
%
|
|
|
3.49
|
%
|
|
|
2.92
|
%
|
Contribution of
interest-free funds
|
|
.88
|
%
|
|
|
.74
|
%
|
|
|
.44
|
%
|
|
|
.19
|
%
|
|
|
.09
|
%
|
Net interest
margin
|
|
3.91
|
%
|
|
|
4.04
|
%
|
|
|
4.06
|
%
|
|
|
3.68
|
%
|
|
|
3.01
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
.38
|
%
|
|
|
.22
|
%
|
|
|
.12
|
%
|
|
|
.20
|
%
|
|
|
.16
|
%
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
$
|
878,661
|
|
|
|
714,935
|
|
|
|
812,359
|
|
|
|
700,030
|
|
|
|
577,622
|
|
Diluted net operating
earnings per common share
|
|
5.12
|
|
|
|
4.09
|
|
|
|
4.57
|
|
|
|
3.83
|
|
|
|
3.10
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
1.80
|
%
|
|
|
1.49
|
%
|
|
|
1.70
|
%
|
|
|
1.44
|
%
|
|
|
1.16
|
%
|
Average tangible
common equity
|
|
22.73
|
%
|
|
|
19.00
|
%
|
|
|
21.29
|
%
|
|
|
17.89
|
%
|
|
|
14.41
|
%
|
Efficiency
ratio
|
|
48.9
|
%
|
|
|
55.5
|
%
|
|
|
53.3
|
%
|
|
|
53.6
|
%
|
|
|
58.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Loan
quality
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
Nonaccrual
loans
|
$
|
2,435,581
|
|
|
|
2,556,799
|
|
|
|
2,438,435
|
|
|
|
2,429,326
|
|
|
|
2,633,005
|
|
Real estate and other
foreclosed assets
|
|
42,720
|
|
|
|
44,567
|
|
|
|
41,375
|
|
|
|
37,031
|
|
|
|
28,692
|
|
Total nonperforming
assets
|
$
|
2,478,301
|
|
|
|
2,601,366
|
|
|
|
2,479,810
|
|
|
|
2,466,357
|
|
|
|
2,661,697
|
|
Accruing loans past due
90 days or more (4)
|
$
|
380,079
|
|
|
|
407,457
|
|
|
|
491,018
|
|
|
|
476,503
|
|
|
|
523,662
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
39,846
|
|
|
|
42,102
|
|
|
|
43,536
|
|
|
|
44,797
|
|
|
|
46,937
|
|
Accruing loans past
due 90 days or more
|
|
294,184
|
|
|
|
306,049
|
|
|
|
363,409
|
|
|
|
423,371
|
|
|
|
467,834
|
|
Nonaccrual loans to
total net loans
|
|
1.83
|
%
|
|
|
1.92
|
%
|
|
|
1.85
|
%
|
|
|
1.89
|
%
|
|
|
2.05
|
%
|
Allowance for credit
losses to total loans
|
|
1.50
|
%
|
|
|
1.49
|
%
|
|
|
1.46
|
%
|
|
|
1.46
|
%
|
|
|
1.42
|
%
|
|
|
(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.
|
Condensed Consolidated
Statement of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
Six months
ended
|
|
|
|
|
|
|
June 30
|
|
|
|
|
|
June 30
|
|
|
|
|
Dollars in
thousands
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
Interest
income
|
|
$
|
2,515,625
|
|
|
|
1,465,142
|
|
|
|
72
|
%
|
|
$
|
4,842,610
|
|
|
|
2,393,398
|
|
|
|
102
|
%
|
Interest
expense
|
|
|
716,496
|
|
|
|
53,425
|
|
|
|
—
|
|
|
|
1,225,217
|
|
|
|
77,507
|
|
|
|
—
|
|
Net interest
income
|
|
|
1,799,129
|
|
|
|
1,411,717
|
|
|
|
27
|
|
|
|
3,617,393
|
|
|
|
2,315,891
|
|
|
|
56
|
|
Provision for credit
losses
|
|
|
150,000
|
|
|
|
302,000
|
|
|
|
-50
|
|
|
|
270,000
|
|
|
|
312,000
|
|
|
|
-13
|
|
Net interest income
after provision for credit losses
|
|
|
1,649,129
|
|
|
|
1,109,717
|
|
|
|
49
|
|
|
|
3,347,393
|
|
|
|
2,003,891
|
|
|
|
67
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
107,112
|
|
|
|
82,926
|
|
|
|
29
|
|
|
|
192,097
|
|
|
|
192,074
|
|
|
|
—
|
|
Service charges on
deposit accounts
|
|
|
118,697
|
|
|
|
124,170
|
|
|
|
-4
|
|
|
|
232,243
|
|
|
|
225,677
|
|
|
|
3
|
|
Trust
income
|
|
|
172,463
|
|
|
|
190,084
|
|
|
|
-9
|
|
|
|
366,265
|
|
|
|
359,297
|
|
|
|
2
|
|
Brokerage services
income
|
|
|
25,126
|
|
|
|
24,138
|
|
|
|
4
|
|
|
|
49,167
|
|
|
|
44,328
|
|
|
|
11
|
|
Trading account and
non-hedging
derivative gains
|
|
|
16,754
|
|
|
|
2,293
|
|
|
|
631
|
|
|
|
28,429
|
|
|
|
7,662
|
|
|
|
271
|
|
Gain (loss) on bank
investment securities
|
|
|
1,004
|
|
|
|
(62)
|
|
|
|
—
|
|
|
|
588
|
|
|
|
(805)
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
362,015
|
|
|
|
147,551
|
|
|
|
145
|
|
|
|
521,515
|
|
|
|
283,754
|
|
|
|
84
|
|
Total other
income
|
|
|
803,171
|
|
|
|
571,100
|
|
|
|
41
|
|
|
|
1,390,304
|
|
|
|
1,111,987
|
|
|
|
25
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
737,665
|
|
|
|
776,201
|
|
|
|
-5
|
|
|
|
1,545,607
|
|
|
|
1,353,721
|
|
|
|
14
|
|
Equipment and net
occupancy
|
|
|
128,689
|
|
|
|
124,655
|
|
|
|
3
|
|
|
|
255,593
|
|
|
|
210,467
|
|
|
|
21
|
|
Outside data
processing and software
|
|
|
106,438
|
|
|
|
93,820
|
|
|
|
13
|
|
|
|
212,218
|
|
|
|
173,539
|
|
|
|
22
|
|
FDIC
assessments
|
|
|
27,932
|
|
|
|
22,585
|
|
|
|
24
|
|
|
|
57,690
|
|
|
|
38,161
|
|
|
|
51
|
|
Advertising and
marketing
|
|
|
28,353
|
|
|
|
20,635
|
|
|
|
37
|
|
|
|
59,416
|
|
|
|
36,659
|
|
|
|
62
|
|
Printing, postage and
supplies
|
|
|
14,199
|
|
|
|
15,570
|
|
|
|
-9
|
|
|
|
28,382
|
|
|
|
25,720
|
|
|
|
10
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
14,945
|
|
|
|
18,384
|
|
|
|
-19
|
|
|
|
32,153
|
|
|
|
19,640
|
|
|
|
64
|
|
Other costs of
operations
|
|
|
234,338
|
|
|
|
331,304
|
|
|
|
-29
|
|
|
|
460,730
|
|
|
|
504,988
|
|
|
|
-9
|
|
Total other
expense
|
|
|
1,292,559
|
|
|
|
1,403,154
|
|
|
|
-8
|
|
|
|
2,651,789
|
|
|
|
2,362,895
|
|
|
|
12
|
|
Income before income
taxes
|
|
|
1,159,741
|
|
|
|
277,663
|
|
|
|
318
|
|
|
|
2,085,908
|
|
|
|
752,983
|
|
|
|
177
|
|
Applicable income
taxes
|
|
|
292,707
|
|
|
|
60,141
|
|
|
|
387
|
|
|
|
517,250
|
|
|
|
173,287
|
|
|
|
198
|
|
Net income
|
|
$
|
867,034
|
|
|
|
217,522
|
|
|
|
299
|
%
|
|
$
|
1,568,658
|
|
|
|
579,696
|
|
|
|
171
|
%
|
Condensed Consolidated
Statement of Income, Five Quarter Trend
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Dollars in
thousands
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
Interest
income
|
|
$
|
2,515,625
|
|
|
|
2,326,985
|
|
|
|
2,072,209
|
|
|
|
1,781,513
|
|
|
|
1,465,142
|
|
Interest
expense
|
|
|
716,496
|
|
|
|
508,721
|
|
|
|
244,835
|
|
|
|
102,822
|
|
|
|
53,425
|
|
Net interest
income
|
|
|
1,799,129
|
|
|
|
1,818,264
|
|
|
|
1,827,374
|
|
|
|
1,678,691
|
|
|
|
1,411,717
|
|
Provision for credit
losses
|
|
|
150,000
|
|
|
|
120,000
|
|
|
|
90,000
|
|
|
|
115,000
|
|
|
|
302,000
|
|
Net interest income
after provision for credit losses
|
|
|
1,649,129
|
|
|
|
1,698,264
|
|
|
|
1,737,374
|
|
|
|
1,563,691
|
|
|
|
1,109,717
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
107,112
|
|
|
|
84,985
|
|
|
|
81,521
|
|
|
|
83,041
|
|
|
|
82,926
|
|
Service charges on
deposit accounts
|
|
|
118,697
|
|
|
|
113,546
|
|
|
|
105,714
|
|
|
|
115,213
|
|
|
|
124,170
|
|
Trust
income
|
|
|
172,463
|
|
|
|
193,802
|
|
|
|
194,843
|
|
|
|
186,577
|
|
|
|
190,084
|
|
Brokerage services
income
|
|
|
25,126
|
|
|
|
24,041
|
|
|
|
22,463
|
|
|
|
21,086
|
|
|
|
24,138
|
|
Trading account and
non-hedging
derivative gains
|
|
|
16,754
|
|
|
|
11,675
|
|
|
|
14,043
|
|
|
|
5,081
|
|
|
|
2,293
|
|
Gain (loss) on bank
investment securities
|
|
|
1,004
|
|
|
|
(416)
|
|
|
|
(3,773)
|
|
|
|
(1,108)
|
|
|
|
(62)
|
|
Other revenues from
operations
|
|
|
362,015
|
|
|
|
159,500
|
|
|
|
266,726
|
|
|
|
153,189
|
|
|
|
147,551
|
|
Total other
income
|
|
|
803,171
|
|
|
|
587,133
|
|
|
|
681,537
|
|
|
|
563,079
|
|
|
|
571,100
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
737,665
|
|
|
|
807,942
|
|
|
|
697,276
|
|
|
|
736,354
|
|
|
|
776,201
|
|
Equipment and net
occupancy
|
|
|
128,689
|
|
|
|
126,904
|
|
|
|
136,732
|
|
|
|
127,117
|
|
|
|
124,655
|
|
Outside data
processing and software
|
|
|
106,438
|
|
|
|
105,780
|
|
|
|
107,886
|
|
|
|
95,068
|
|
|
|
93,820
|
|
FDIC
assessments
|
|
|
27,932
|
|
|
|
29,758
|
|
|
|
24,008
|
|
|
|
28,105
|
|
|
|
22,585
|
|
Advertising and
marketing
|
|
|
28,353
|
|
|
|
31,063
|
|
|
|
32,691
|
|
|
|
21,398
|
|
|
|
20,635
|
|
Printing, postage and
supplies
|
|
|
14,199
|
|
|
|
14,183
|
|
|
|
15,082
|
|
|
|
14,768
|
|
|
|
15,570
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
14,945
|
|
|
|
17,208
|
|
|
|
17,600
|
|
|
|
18,384
|
|
|
|
18,384
|
|
Other costs of
operations
|
|
|
234,338
|
|
|
|
226,392
|
|
|
|
377,013
|
|
|
|
238,059
|
|
|
|
331,304
|
|
Total other
expense
|
|
|
1,292,559
|
|
|
|
1,359,230
|
|
|
|
1,408,288
|
|
|
|
1,279,253
|
|
|
|
1,403,154
|
|
Income before income
taxes
|
|
|
1,159,741
|
|
|
|
926,167
|
|
|
|
1,010,623
|
|
|
|
847,517
|
|
|
|
277,663
|
|
Applicable income
taxes
|
|
|
292,707
|
|
|
|
224,543
|
|
|
|
245,252
|
|
|
|
200,921
|
|
|
|
60,141
|
|
Net income
|
|
$
|
867,034
|
|
|
|
701,624
|
|
|
|
765,371
|
|
|
|
646,596
|
|
|
|
217,522
|
|
Condensed Consolidated
Balance Sheet
|
|
|
|
June 30
|
|
|
|
|
|
Dollars in
thousands
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,848,386
|
|
|
|
1,688,274
|
|
|
|
9
|
|
%
|
Interest-bearing
deposits at banks
|
|
|
27,106,899
|
|
|
|
33,437,454
|
|
|
|
-19
|
|
|
Federal funds sold and
agreements to resell securities
|
|
|
—
|
|
|
|
250,250
|
|
|
|
-100
|
|
|
Trading
account
|
|
|
137,240
|
|
|
|
133,855
|
|
|
|
3
|
|
|
Investment
securities
|
|
|
27,916,455
|
|
|
|
22,801,717
|
|
|
|
22
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
44,683,549
|
|
|
|
39,108,676
|
|
|
|
14
|
|
|
Real estate -
commercial
|
|
|
44,648,711
|
|
|
|
46,795,139
|
|
|
|
-5
|
|
|
Real estate -
consumer
|
|
|
23,762,217
|
|
|
|
22,767,107
|
|
|
|
4
|
|
|
Consumer
|
|
|
20,249,252
|
|
|
|
19,815,198
|
|
|
|
2
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
133,343,729
|
|
|
|
128,486,120
|
|
|
|
4
|
|
|
Less: allowance for
credit losses
|
|
|
1,998,366
|
|
|
|
1,823,790
|
|
|
|
10
|
|
|
Net loans and
leases
|
|
|
131,345,363
|
|
|
|
126,662,330
|
|
|
|
4
|
|
|
Goodwill
|
|
|
8,465,089
|
|
|
|
8,501,357
|
|
|
|
—
|
|
|
Core deposit and other
intangible assets
|
|
|
177,221
|
|
|
|
245,358
|
|
|
|
-28
|
|
|
Other assets
|
|
|
10,675,076
|
|
|
|
10,312,294
|
|
|
|
4
|
|
|
Total
assets
|
|
$
|
207,671,729
|
|
|
|
204,032,889
|
|
|
|
2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
54,937,913
|
|
|
|
72,375,515
|
|
|
|
-24
|
|
%
|
Interest-bearing
deposits
|
|
|
107,120,467
|
|
|
|
97,982,881
|
|
|
|
9
|
|
|
Total
deposits
|
|
|
162,058,380
|
|
|
|
170,358,396
|
|
|
|
-5
|
|
|
Short-term
borrowings
|
|
|
7,907,884
|
|
|
|
1,119,321
|
|
|
|
606
|
|
|
Accrued interest and
other liabilities
|
|
|
4,487,894
|
|
|
|
3,743,278
|
|
|
|
20
|
|
|
Long-term
borrowings
|
|
|
7,416,638
|
|
|
|
3,017,363
|
|
|
|
146
|
|
|
Total
liabilities
|
|
|
181,870,796
|
|
|
|
178,238,358
|
|
|
|
2
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
2,010,600
|
|
|
|
2,010,600
|
|
|
|
—
|
|
|
Common
|
|
|
23,790,333
|
|
|
|
23,783,931
|
|
|
|
—
|
|
|
Total shareholders'
equity
|
|
|
25,800,933
|
|
|
|
25,794,531
|
|
|
|
—
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
207,671,729
|
|
|
|
204,032,889
|
|
|
|
2
|
|
%
|
Condensed Consolidated
Balance Sheet, Five Quarter Trend
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
Dollars in
thousands
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
1,848,386
|
|
|
|
1,817,740
|
|
|
|
1,517,244
|
|
|
|
2,255,810
|
|
|
|
1,688,274
|
|
Interest-bearing
deposits at banks
|
|
27,106,899
|
|
|
|
22,306,425
|
|
|
|
24,958,719
|
|
|
|
25,391,528
|
|
|
|
33,437,454
|
|
Federal funds sold and
agreements to resell
securities
|
|
—
|
|
|
|
—
|
|
|
|
3,000
|
|
|
|
—
|
|
|
|
250,250
|
|
Trading
account
|
|
137,240
|
|
|
|
165,216
|
|
|
|
117,847
|
|
|
|
129,672
|
|
|
|
133,855
|
|
Investment
securities
|
|
27,916,455
|
|
|
|
28,443,209
|
|
|
|
25,210,871
|
|
|
|
24,603,765
|
|
|
|
22,801,717
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
44,683,549
|
|
|
|
43,758,361
|
|
|
|
41,850,566
|
|
|
|
38,807,949
|
|
|
|
39,108,676
|
|
Real estate -
commercial
|
|
44,648,711
|
|
|
|
45,072,541
|
|
|
|
45,364,571
|
|
|
|
46,138,665
|
|
|
|
46,795,139
|
|
Real estate -
consumer
|
|
23,762,217
|
|
|
|
23,789,945
|
|
|
|
23,755,947
|
|
|
|
23,074,280
|
|
|
|
22,767,107
|
|
Consumer
|
|
20,249,252
|
|
|
|
20,316,845
|
|
|
|
20,593,079
|
|
|
|
20,204,693
|
|
|
|
19,815,198
|
|
Total loans and leases, net of unearned discount
|
|
133,343,729
|
|
|
|
132,937,692
|
|
|
|
131,564,163
|
|
|
|
128,225,587
|
|
|
|
128,486,120
|
|
Less: allowance for
credit losses
|
|
1,998,366
|
|
|
|
1,975,110
|
|
|
|
1,925,331
|
|
|
|
1,875,591
|
|
|
|
1,823,790
|
|
Net loans and
leases
|
|
131,345,363
|
|
|
|
130,962,582
|
|
|
|
129,638,832
|
|
|
|
126,349,996
|
|
|
|
126,662,330
|
|
Goodwill
|
|
8,465,089
|
|
|
|
8,490,089
|
|
|
|
8,490,089
|
|
|
|
8,501,357
|
|
|
|
8,501,357
|
|
Core deposit and other
intangible assets
|
|
177,221
|
|
|
|
192,166
|
|
|
|
209,374
|
|
|
|
226,974
|
|
|
|
245,358
|
|
Other assets
|
|
10,675,076
|
|
|
|
10,578,980
|
|
|
|
10,583,865
|
|
|
|
10,496,377
|
|
|
|
10,312,294
|
|
Total
assets
|
$
|
207,671,729
|
|
|
|
202,956,407
|
|
|
|
200,729,841
|
|
|
|
197,955,479
|
|
|
|
204,032,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
54,937,913
|
|
|
|
59,955,033
|
|
|
|
65,501,860
|
|
|
|
73,023,271
|
|
|
|
72,375,515
|
|
Interest-bearing
deposits
|
|
107,120,467
|
|
|
|
99,120,207
|
|
|
|
98,013,008
|
|
|
|
90,822,117
|
|
|
|
97,982,881
|
|
Total
deposits
|
|
162,058,380
|
|
|
|
159,075,240
|
|
|
|
163,514,868
|
|
|
|
163,845,388
|
|
|
|
170,358,396
|
|
Short-term
borrowings
|
|
7,907,884
|
|
|
|
6,995,302
|
|
|
|
3,554,951
|
|
|
|
917,806
|
|
|
|
1,119,321
|
|
Accrued interest and
other liabilities
|
|
4,487,894
|
|
|
|
4,045,804
|
|
|
|
4,377,495
|
|
|
|
4,476,456
|
|
|
|
3,743,278
|
|
Long-term
borrowings
|
|
7,416,638
|
|
|
|
7,462,890
|
|
|
|
3,964,537
|
|
|
|
3,459,336
|
|
|
|
3,017,363
|
|
Total
liabilities
|
|
181,870,796
|
|
|
|
177,579,236
|
|
|
|
175,411,851
|
|
|
|
172,698,986
|
|
|
|
178,238,358
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
2,010,600
|
|
|
|
2,010,600
|
|
|
|
2,010,600
|
|
|
|
2,010,600
|
|
|
|
2,010,600
|
|
Common
|
|
23,790,333
|
|
|
|
23,366,571
|
|
|
|
23,307,390
|
|
|
|
23,245,893
|
|
|
|
23,783,931
|
|
Total shareholders'
equity
|
|
25,800,933
|
|
|
|
25,377,171
|
|
|
|
25,317,990
|
|
|
|
25,256,493
|
|
|
|
25,794,531
|
|
Total liabilities and
shareholders' equity
|
$
|
207,671,729
|
|
|
|
202,956,407
|
|
|
|
200,729,841
|
|
|
|
197,955,479
|
|
|
|
204,032,889
|
|
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, 2023
from
|
|
|
|
June 30
|
|
|
Change
|
|
Dollars in
millions
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
June 30,
|
|
|
March 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
in
|
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
2022
|
|
|
2023
|
|
|
|
Balance
|
|
|
Rate
|
|
|
Balance
|
|
|
Rate
|
|
|
balance
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
23,617
|
|
|
5.14
|
%
|
|
39,386
|
|
|
.82
|
%
|
|
24,312
|
|
|
4.64
|
%
|
|
-40
|
%
|
|
-3
|
%
|
|
$
|
23,963
|
|
|
4.89
|
%
|
|
39,041
|
|
|
.51
|
%
|
|
-39
|
%
|
Federal funds sold and
agreements to resell
securities
|
|
|
—
|
|
|
5.53
|
|
|
250
|
|
|
.41
|
|
|
—
|
|
|
4.89
|
|
|
-100
|
|
|
125
|
|
|
|
—
|
|
|
5.34
|
|
|
126
|
|
|
.41
|
|
|
-100
|
|
Trading
account
|
|
|
151
|
|
|
2.66
|
|
|
136
|
|
|
.59
|
|
|
123
|
|
|
2.32
|
|
|
10
|
|
|
22
|
|
|
|
136
|
|
|
2.50
|
|
|
92
|
|
|
.85
|
|
|
48
|
|
Investment
securities
|
|
|
28,623
|
|
|
3.09
|
|
|
22,384
|
|
|
2.55
|
|
|
27,622
|
|
|
3.00
|
|
|
28
|
|
|
4
|
|
|
|
28,126
|
|
|
3.04
|
|
|
15,095
|
|
|
2.42
|
|
|
86
|
|
Loans and leases, net
of unearned discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
etc.
|
|
|
44,531
|
|
|
6.79
|
|
|
37,818
|
|
|
3.96
|
|
|
42,428
|
|
|
6.46
|
|
|
18
|
|
|
5
|
|
|
|
43,486
|
|
|
6.63
|
|
|
30,602
|
|
|
3.83
|
|
|
42
|
|
Real estate -
commercial
|
|
|
44,944
|
|
|
6.25
|
|
|
47,227
|
|
|
3.87
|
|
|
45,327
|
|
|
5.82
|
|
|
-5
|
|
|
-1
|
|
|
|
45,134
|
|
|
6.03
|
|
|
41,126
|
|
|
3.86
|
|
|
10
|
|
Real estate -
consumer
|
|
|
23,781
|
|
|
4.10
|
|
|
22,761
|
|
|
3.64
|
|
|
23,770
|
|
|
3.96
|
|
|
4
|
|
|
—
|
|
|
|
23,775
|
|
|
4.03
|
|
|
19,334
|
|
|
3.60
|
|
|
23
|
|
Consumer
|
|
|
20,289
|
|
|
5.88
|
|
|
19,793
|
|
|
4.26
|
|
|
20,487
|
|
|
5.67
|
|
|
3
|
|
|
-1
|
|
|
|
20,388
|
|
|
5.77
|
|
|
18,915
|
|
|
4.25
|
|
|
8
|
|
Total loans and
leases, net
|
|
|
133,545
|
|
|
6.02
|
|
|
127,599
|
|
|
3.94
|
|
|
132,012
|
|
|
5.70
|
|
|
5
|
|
|
1
|
|
|
|
132,783
|
|
|
5.87
|
|
|
109,977
|
|
|
3.90
|
|
|
21
|
|
Total earning
assets
|
|
|
185,936
|
|
|
5.46
|
|
|
189,755
|
|
|
3.12
|
|
|
184,069
|
|
|
5.16
|
|
|
-2
|
|
|
1
|
|
|
|
185,008
|
|
|
5.31
|
|
|
164,331
|
|
|
2.96
|
|
|
13
|
|
Goodwill
|
|
|
8,473
|
|
|
|
|
8,501
|
|
|
|
|
8,490
|
|
|
|
|
—
|
|
|
—
|
|
|
|
8,482
|
|
|
|
|
6,560
|
|
|
|
|
29
|
|
Core deposit and other intangible
assets
|
|
|
185
|
|
|
|
|
254
|
|
|
|
|
201
|
|
|
|
|
-27
|
|
|
-8
|
|
|
|
192
|
|
|
|
|
130
|
|
|
|
|
49
|
|
Other assets
|
|
|
9,782
|
|
|
|
|
10,355
|
|
|
|
|
9,839
|
|
|
|
|
-6
|
|
|
-1
|
|
|
|
9,810
|
|
|
|
|
9,393
|
|
|
|
|
4
|
|
Total
assets
|
|
$
|
204,376
|
|
|
|
|
208,865
|
|
|
|
|
202,599
|
|
|
|
|
-2
|
%
|
|
1
|
%
|
|
$
|
203,492
|
|
|
|
|
180,414
|
|
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking deposits
|
|
$
|
87,210
|
|
|
1.69
|
|
|
95,149
|
|
|
.12
|
|
|
88,053
|
|
|
1.28
|
|
|
-8
|
%
|
|
-1
|
%
|
|
$
|
87,629
|
|
|
1.49
|
|
|
81,285
|
|
|
.09
|
|
|
8
|
%
|
Time
deposits
|
|
|
16,009
|
|
|
3.77
|
|
|
5,480
|
|
|
.09
|
|
|
11,630
|
|
|
3.11
|
|
|
192
|
|
|
38
|
|
|
|
13,832
|
|
|
3.49
|
|
|
4,071
|
|
|
.13
|
|
|
240
|
|
Total interest-bearing
deposits
|
|
|
103,219
|
|
|
2.02
|
|
|
100,629
|
|
|
.12
|
|
|
99,683
|
|
|
1.49
|
|
|
3
|
|
|
4
|
|
|
|
101,461
|
|
|
1.76
|
|
|
85,356
|
|
|
.09
|
|
|
19
|
|
Short-term
borrowings
|
|
|
7,539
|
|
|
5.11
|
|
|
1,126
|
|
|
1.22
|
|
|
4,994
|
|
|
4.69
|
|
|
570
|
|
|
51
|
|
|
|
6,273
|
|
|
4.94
|
|
|
594
|
|
|
1.16
|
|
|
957
|
|
Long-term
borrowings
|
|
|
7,516
|
|
|
5.43
|
|
|
3,282
|
|
|
2.55
|
|
|
6,511
|
|
|
5.27
|
|
|
129
|
|
|
15
|
|
|
|
7,017
|
|
|
5.36
|
|
|
3,362
|
|
|
2.21
|
|
|
109
|
|
Total interest-bearing
liabilities
|
|
|
118,274
|
|
|
2.43
|
|
|
105,037
|
|
|
.20
|
|
|
111,188
|
|
|
1.86
|
|
|
13
|
|
|
6
|
|
|
|
114,751
|
|
|
2.15
|
|
|
89,312
|
|
|
.18
|
|
|
28
|
|
Noninterest-bearing
deposits
|
|
|
56,180
|
|
|
|
|
74,054
|
|
|
|
|
61,854
|
|
|
|
|
-24
|
|
|
-9
|
|
|
|
59,001
|
|
|
|
|
66,141
|
|
|
|
|
-11
|
|
Other
liabilities
|
|
|
4,237
|
|
|
|
|
3,684
|
|
|
|
|
4,180
|
|
|
|
|
15
|
|
|
1
|
|
|
|
4,208
|
|
|
|
|
2,946
|
|
|
|
|
43
|
|
Total
liabilities
|
|
|
178,691
|
|
|
|
|
182,775
|
|
|
|
|
177,222
|
|
|
|
|
-2
|
|
|
1
|
|
|
|
177,960
|
|
|
|
|
158,399
|
|
|
|
|
12
|
|
Shareholders'
equity
|
|
|
25,685
|
|
|
|
|
26,090
|
|
|
|
|
25,377
|
|
|
|
|
-2
|
|
|
1
|
|
|
|
25,532
|
|
|
|
|
22,015
|
|
|
|
|
16
|
|
Total liabilities and
shareholders' equity
|
|
$
|
204,376
|
|
|
|
|
208,865
|
|
|
|
|
202,599
|
|
|
|
|
-2
|
%
|
|
1
|
%
|
|
$
|
203,492
|
|
|
|
|
180,414
|
|
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
3.03
|
|
|
|
|
2.92
|
|
|
|
|
3.30
|
|
|
|
|
|
|
|
|
|
3.16
|
|
|
|
|
2.78
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
.88
|
|
|
|
|
.09
|
|
|
|
|
.74
|
|
|
|
|
|
|
|
|
|
.81
|
|
|
|
|
.08
|
|
|
|
Net interest
margin
|
|
|
|
|
3.91
|
%
|
|
|
|
3.01
|
%
|
|
|
|
4.04
|
%
|
|
|
|
|
|
|
|
|
3.97
|
%
|
|
|
|
2.86
|
%
|
|
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures
|
|
|
|
Three months
ended
|
|
|
Six months
ended
|
|
|
|
June 30
|
|
|
June 30
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
867,034
|
|
|
|
217,522
|
|
|
|
1,568,658
|
|
|
|
579,696
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
11,627
|
|
|
|
14,138
|
|
|
|
24,938
|
|
|
|
15,071
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
345,962
|
|
|
|
—
|
|
|
|
358,854
|
|
Net operating
income
|
|
$
|
878,661
|
|
|
|
577,622
|
|
|
|
1,593,596
|
|
|
|
953,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
5.05
|
|
|
|
1.08
|
|
|
|
9.06
|
|
|
|
3.45
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.07
|
|
|
|
.08
|
|
|
|
.15
|
|
|
|
.10
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
1.94
|
|
|
|
—
|
|
|
|
2.33
|
|
Diluted net operating
earnings per common share
|
|
$
|
5.12
|
|
|
|
3.10
|
|
|
|
9.21
|
|
|
|
5.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
1,292,559
|
|
|
|
1,403,154
|
|
|
|
2,651,789
|
|
|
|
2,362,895
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(14,945)
|
|
|
|
(18,384)
|
|
|
|
(32,153)
|
|
|
|
(19,640)
|
|
Merger-related
expenses
|
|
|
—
|
|
|
|
(222,809)
|
|
|
|
—
|
|
|
|
(240,181)
|
|
Noninterest operating
expense
|
|
$
|
1,277,614
|
|
|
|
1,161,961
|
|
|
|
2,619,636
|
|
|
|
2,103,074
|
|
Merger-related
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
—
|
|
|
|
85,299
|
|
|
|
—
|
|
|
|
85,386
|
|
Equipment and net
occupancy
|
|
|
—
|
|
|
|
502
|
|
|
|
—
|
|
|
|
2,309
|
|
Outside data processing
and software
|
|
|
—
|
|
|
|
716
|
|
|
|
—
|
|
|
|
968
|
|
Advertising and
marketing
|
|
|
—
|
|
|
|
1,199
|
|
|
|
—
|
|
|
|
1,827
|
|
Printing, postage and
supplies
|
|
|
—
|
|
|
|
2,460
|
|
|
|
—
|
|
|
|
3,182
|
|
Other costs of
operations
|
|
|
—
|
|
|
|
132,633
|
|
|
|
—
|
|
|
|
146,509
|
|
Other
expense
|
|
|
—
|
|
|
|
222,809
|
|
|
|
—
|
|
|
|
240,181
|
|
Provision for credit
losses
|
|
|
—
|
|
|
|
242,000
|
|
|
|
—
|
|
|
|
242,000
|
|
Total
|
|
$
|
—
|
|
|
|
464,809
|
|
|
|
—
|
|
|
|
482,181
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
1,277,614
|
|
|
|
1,161,961
|
|
|
|
2,619,636
|
|
|
|
2,103,074
|
|
Taxable-equivalent net
interest income
|
|
$
|
1,813,015
|
|
|
|
1,422,443
|
|
|
|
3,644,741
|
|
|
|
2,329,851
|
|
Other income
|
|
|
803,171
|
|
|
|
571,100
|
|
|
|
1,390,304
|
|
|
|
1,111,987
|
|
Less: Gain (loss)
on bank investment securities
|
|
|
1,004
|
|
|
|
(62)
|
|
|
|
588
|
|
|
|
(805)
|
|
Denominator
|
|
$
|
2,615,182
|
|
|
|
1,993,605
|
|
|
|
5,034,457
|
|
|
|
3,442,643
|
|
Efficiency
ratio
|
|
|
48.9
|
%
|
|
|
58.3
|
%
|
|
|
52.0
|
%
|
|
|
61.1
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
204,376
|
|
|
|
208,865
|
|
|
|
203,492
|
|
|
|
180,414
|
|
Goodwill
|
|
|
(8,473)
|
|
|
|
(8,501)
|
|
|
|
(8,482)
|
|
|
|
(6,560)
|
|
Core deposit and other
intangible assets
|
|
|
(185)
|
|
|
|
(254)
|
|
|
|
(192)
|
|
|
|
(130)
|
|
Deferred
taxes
|
|
|
46
|
|
|
|
60
|
|
|
|
47
|
|
|
|
31
|
|
Average tangible
assets
|
|
$
|
195,764
|
|
|
|
200,170
|
|
|
|
194,865
|
|
|
|
173,755
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
25,685
|
|
|
|
26,090
|
|
|
|
25,532
|
|
|
|
22,015
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(1,881)
|
|
Average common
equity
|
|
|
23,674
|
|
|
|
24,079
|
|
|
|
23,521
|
|
|
|
20,134
|
|
Goodwill
|
|
|
(8,473)
|
|
|
|
(8,501)
|
|
|
|
(8,482)
|
|
|
|
(6,560)
|
|
Core deposit and other
intangible assets
|
|
|
(185)
|
|
|
|
(254)
|
|
|
|
(192)
|
|
|
|
(130)
|
|
Deferred
taxes
|
|
|
46
|
|
|
|
60
|
|
|
|
47
|
|
|
|
31
|
|
Average tangible
common equity
|
|
$
|
15,062
|
|
|
|
15,384
|
|
|
$
|
14,894
|
|
|
|
13,475
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
207,672
|
|
|
|
204,033
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,501)
|
|
|
|
|
|
|
|
Core deposit and other
intangible assets
|
|
|
(177)
|
|
|
|
(245)
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
44
|
|
|
|
57
|
|
|
|
|
|
|
|
Total tangible
assets
|
|
$
|
199,074
|
|
|
|
195,344
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
25,801
|
|
|
|
25,795
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
|
|
|
|
Common
equity
|
|
|
23,790
|
|
|
|
23,784
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,501)
|
|
|
|
|
|
|
|
Core deposit and other
intangible assets
|
|
|
(177)
|
|
|
|
(245)
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
44
|
|
|
|
57
|
|
|
|
|
|
|
|
Total tangible common
equity
|
|
$
|
15,192
|
|
|
|
15,095
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2022
|
|
|
2022
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands, except
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
867,034
|
|
|
|
701,624
|
|
|
|
765,371
|
|
|
|
646,596
|
|
|
|
217,522
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
11,627
|
|
|
|
13,311
|
|
|
|
13,559
|
|
|
|
14,141
|
|
|
|
14,138
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
33,429
|
|
|
|
39,293
|
|
|
|
345,962
|
|
Net operating
income
|
|
$
|
878,661
|
|
|
|
714,935
|
|
|
|
812,359
|
|
|
|
700,030
|
|
|
|
577,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
5.05
|
|
|
|
4.01
|
|
|
|
4.29
|
|
|
|
3.53
|
|
|
|
1.08
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.07
|
|
|
|
.08
|
|
|
|
.08
|
|
|
|
.08
|
|
|
|
.08
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
.20
|
|
|
|
.22
|
|
|
|
1.94
|
|
Diluted net operating
earnings per common share
|
|
$
|
5.12
|
|
|
|
4.09
|
|
|
|
4.57
|
|
|
|
3.83
|
|
|
|
3.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
1,292,559
|
|
|
|
1,359,230
|
|
|
|
1,408,288
|
|
|
|
1,279,253
|
|
|
|
1,403,154
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(14,945)
|
|
|
|
(17,208)
|
|
|
|
(17,600)
|
|
|
|
(18,384)
|
|
|
|
(18,384)
|
|
Merger-related
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(45,113)
|
|
|
|
(53,027)
|
|
|
|
(222,809)
|
|
Noninterest operating
expense
|
|
$
|
1,277,614
|
|
|
|
1,342,022
|
|
|
|
1,345,575
|
|
|
|
1,207,842
|
|
|
|
1,161,961
|
|
Merger-related
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
—
|
|
|
|
—
|
|
|
|
3,670
|
|
|
|
13,094
|
|
|
|
85,299
|
|
Equipment and net
occupancy
|
|
|
—
|
|
|
|
—
|
|
|
|
2,294
|
|
|
|
2,106
|
|
|
|
502
|
|
Outside data processing
and software
|
|
|
—
|
|
|
|
—
|
|
|
|
2,193
|
|
|
|
2,277
|
|
|
|
716
|
|
Advertising and
marketing
|
|
|
—
|
|
|
|
—
|
|
|
|
5,258
|
|
|
|
2,177
|
|
|
|
1,199
|
|
Printing, postage and
supplies
|
|
|
—
|
|
|
|
—
|
|
|
|
2,953
|
|
|
|
651
|
|
|
|
2,460
|
|
Other costs of
operations
|
|
|
—
|
|
|
|
—
|
|
|
|
28,745
|
|
|
|
32,722
|
|
|
|
132,633
|
|
Other
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
45,113
|
|
|
|
53,027
|
|
|
|
222,809
|
|
Provision for credit
losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
242,000
|
|
Total
|
|
$
|
—
|
|
|
|
—
|
|
|
|
45,113
|
|
|
|
53,027
|
|
|
|
464,809
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
1,277,614
|
|
|
|
1,342,022
|
|
|
|
1,345,575
|
|
|
|
1,207,842
|
|
|
|
1,161,961
|
|
Taxable-equivalent net
interest income
|
|
$
|
1,813,015
|
|
|
|
1,831,726
|
|
|
|
1,840,759
|
|
|
|
1,690,518
|
|
|
|
1,422,443
|
|
Other income
|
|
|
803,171
|
|
|
|
587,133
|
|
|
|
681,537
|
|
|
|
563,079
|
|
|
|
571,100
|
|
Less: Gain (loss)
on bank investment securities
|
|
|
1,004
|
|
|
|
(416)
|
|
|
|
(3,773)
|
|
|
|
(1,108)
|
|
|
|
(62)
|
|
Denominator
|
|
$
|
2,615,182
|
|
|
|
2,419,275
|
|
|
|
2,526,069
|
|
|
|
2,254,705
|
|
|
|
1,993,605
|
|
Efficiency
ratio
|
|
|
48.9
|
%
|
|
|
55.5
|
%
|
|
|
53.3
|
%
|
|
|
53.6
|
%
|
|
|
58.3
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
204,376
|
|
|
|
202,599
|
|
|
|
198,592
|
|
|
|
201,131
|
|
|
|
208,865
|
|
Goodwill
|
|
|
(8,473)
|
|
|
|
(8,490)
|
|
|
|
(8,494)
|
|
|
|
(8,501)
|
|
|
|
(8,501)
|
|
Core deposit and other
intangible assets
|
|
|
(185)
|
|
|
|
(201)
|
|
|
|
(218)
|
|
|
|
(236)
|
|
|
|
(254)
|
|
Deferred
taxes
|
|
|
46
|
|
|
|
49
|
|
|
|
54
|
|
|
|
56
|
|
|
|
60
|
|
Average tangible
assets
|
|
$
|
195,764
|
|
|
|
193,957
|
|
|
|
189,934
|
|
|
|
192,450
|
|
|
|
200,170
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
25,685
|
|
|
|
25,377
|
|
|
|
25,346
|
|
|
|
25,665
|
|
|
|
26,090
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
Average common
equity
|
|
|
23,674
|
|
|
|
23,366
|
|
|
|
23,335
|
|
|
|
23,654
|
|
|
|
24,079
|
|
Goodwill
|
|
|
(8,473)
|
|
|
|
(8,490)
|
|
|
|
(8,494)
|
|
|
|
(8,501)
|
|
|
|
(8,501)
|
|
Core deposit and other
intangible assets
|
|
|
(185)
|
|
|
|
(201)
|
|
|
|
(218)
|
|
|
|
(236)
|
|
|
|
(254)
|
|
Deferred
taxes
|
|
|
46
|
|
|
|
49
|
|
|
|
54
|
|
|
|
56
|
|
|
|
60
|
|
Average tangible
common equity
|
|
$
|
15,062
|
|
|
|
14,724
|
|
|
|
14,677
|
|
|
|
14,973
|
|
|
|
15,384
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
207,672
|
|
|
|
202,956
|
|
|
|
200,730
|
|
|
|
197,955
|
|
|
|
204,033
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,490)
|
|
|
|
(8,490)
|
|
|
|
(8,501)
|
|
|
|
(8,501)
|
|
Core deposit and other
intangible assets
|
|
|
(177)
|
|
|
|
(192)
|
|
|
|
(209)
|
|
|
|
(227)
|
|
|
|
(245)
|
|
Deferred
taxes
|
|
|
44
|
|
|
|
47
|
|
|
|
51
|
|
|
|
54
|
|
|
|
57
|
|
Total tangible
assets
|
|
$
|
199,074
|
|
|
|
194,321
|
|
|
|
192,082
|
|
|
|
189,281
|
|
|
|
195,344
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
25,801
|
|
|
|
25,377
|
|
|
|
25,318
|
|
|
|
25,256
|
|
|
|
25,795
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
Common
equity
|
|
|
23,790
|
|
|
|
23,366
|
|
|
|
23,307
|
|
|
|
23,245
|
|
|
|
23,784
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,490)
|
|
|
|
(8,490)
|
|
|
|
(8,501)
|
|
|
|
(8,501)
|
|
Core deposit and other
intangible assets
|
|
|
(177)
|
|
|
|
(192)
|
|
|
|
(209)
|
|
|
|
(227)
|
|
|
|
(245)
|
|
Deferred
taxes
|
|
|
44
|
|
|
|
47
|
|
|
|
51
|
|
|
|
54
|
|
|
|
57
|
|
Total tangible common
equity
|
|
$
|
15,192
|
|
|
|
14,731
|
|
|
|
14,659
|
|
|
|
14,571
|
|
|
|
15,095
|
|
|
|
(1)
|
After any related tax
effect.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/mt-bank-corporation-announces-second-quarter-results-301880769.html
SOURCE M&T Bank Corporation