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MTB · M&T Bank

34 filings

10-K

MTB 10-K Annual Reports

M&T Bank - 34 annual reports

Filing record · 2016–202610-K1110-Q338-K161

2025
M&T Bank Annual Report, Year Ended Dec 31, 2025
M&T Bank Corporation (MTB) reported net income of $2.85 billion for 2025, up from $2.59 billion in 2024, with diluted earnings per common share of $17.00 compared with $14.64. Net interest income rose to $6.95 billion from $6.85 billion, and net interest margin widened to 3.67% from 3.58%. Other income increased 13% to $2.74 billion, driven mainly by higher mortgage banking revenues and other revenues from operations, while the provision for credit losses fell to $505 million from $610 million, reflecting improved levels of criticized loans. Other expense rose 2% to $5.49 billion. Asset quality improved over the year: nonaccrual loans fell to $1.25 billion from $1.69 billion, and nonaccrual loans as a percent of total loans declined to 0.90% from 1.25%. Total loans were $138.7 billion at year end, with commercial real estate loans declining as the company reduced its concentration in that category. Total assets reached $213.5 billion and shareholders' equity $29.2 billion. Under a $4.0 billion repurchase authorization approved in January 2025, M&T repurchased 14.3 million common shares in 2025 for $2.66 billion. The company's CET1 ratio was 10.84% at the consolidated level, and its stress capital buffer was 2.7%, effective October 1, 2025. The filing also flags a pending civil complaint against Wilmington Trust, N.A. tied to Tricolor Holdings, LLC asset-backed transactions, for which the company does not currently expect a material financial impact and cannot estimate potential liability. Effective January 1, 2026, the company elected to measure residential mortgage servicing rights at fair value, which increased capitalized servicing assets by $263 million.
Feb 18, 2026
2024
M&T Bank Annual Report, Year Ended Dec 31, 2024
M&T Bank Corporation (NYSE: MTB) reported net income of $2.59 billion for 2024, down 6% from $2.74 billion in 2023, and diluted earnings per share of $14.64 versus $15.79. The decline reflects lower net interest income as higher deposit and borrowing costs outpaced increased yields on earning assets. Taxable-equivalent net interest income fell $267 million, or 4%, to $6.90 billion, and the net interest margin narrowed 25 basis points to 3.58%. Noninterest income declined $101 million, or 4%, mainly due to the 2023 gain on the sale of the CIT business, while noninterest expense was roughly flat at $5.36 billion. The provision for credit losses fell to $610 million from $645 million, reflecting improved performance of commercial real estate loans. At December 31, 2024, the Company had consolidated total assets of $208.1 billion, deposits of $161.1 billion and shareholders' equity of $29.0 billion. Credit metrics improved: nonaccrual loans declined to $1.69 billion from $2.17 billion, and criticized investor-owned commercial real estate loans fell to $6.0 billion from $8.8 billion. Capital remained strong, with a CET1 ratio of 11.68% at year-end and a stress capital buffer of 3.8% effective October 1, 2024. In January 2025, the board authorized a new $4.0 billion share repurchase program, replacing the prior $3.0 billion program. The filing also highlights ongoing regulatory and strategic considerations. M&T is a Category IV banking organization under the Tailoring Rules, and it faces proposed changes to capital and long-term debt requirements. The Company has also reduced its commercial real estate concentration to 136% of Tier 1 capital plus allowance, down from 183%, and uninsured deposits were estimated at $73.0 billion at year-end 2024.
Feb 19, 2025
2023
M&T Bank Annual Report, Year Ended Dec 31, 2023
M&T Bank Corporation (MTB) reported net income of $2.74 billion for 2023, up from $1.99 billion in 2022, with diluted earnings per share of $15.79 versus $11.53. Taxable-equivalent net interest income rose 22% to $7.17 billion, driven by a 44 basis point widening of the net interest margin to 3.83%, and the year included one additional quarter of operations acquired from People's United (acquired April 1, 2022). Net income also benefited from a $225 million pre-tax gain on the sale of the CIT business, partly offset by a $197 million FDIC special assessment and a $645 million provision for credit losses (up from $517 million). Credit quality showed pressure concentrated in commercial real estate. Criticized investor-owned commercial real estate loans rose to $8.8 billion, or 27% of such loans, from $7.9 billion or 22% a year earlier. Nonaccrual loans to total loans were 1.62% at year-end, down from 1.85%, and the allowance for credit losses reached $2.13 billion, or 1.59% of loans. Net charge-offs increased to $441 million from $160 million. Management reported that the company reduced its relative concentration of investor-owned commercial real estate loans during 2023. Capital and liquidity remained strong. Shareholders' equity was $27.0 billion, or 12.94% of total assets, and tangible common equity to tangible assets was 8.20%. The stress capital buffer declined to 4.0% from 4.7% effective October 1, 2023. Total deposits were $163.3 billion, and the company repurchased $600 million of common stock during 2023. Uninsured deposits were estimated at $67.0 billion.
Feb 21, 2024
2022
M&T Bank Annual Report, Year Ended Dec 31, 2022
M&T Bank Corporation (MTB) reported net income of $1.99 billion, or $11.53 of diluted earnings per common share, for 2022, compared with $1.86 billion, or $13.80, in 2021. The year was shaped by the April 1, 2022 acquisition of People's United Financial, Inc., which added $35.8 billion of loans and leases, $11.6 billion of investment securities and $53.0 billion of deposits. Taxable-equivalent net interest income rose 53% to $5.86 billion, driven by a net interest margin of 3.39% (up from 2.76%) and higher earning assets. Merger-related expenses after tax were $432 million, or $2.63 of diluted earnings per share, which reduced reported results; net operating income was $2.47 billion, or $14.42 per diluted share. Credit costs rose, with a provision for credit losses of $517 million including $242 million on non-PCD loans acquired from People's United, and nonaccrual loans of $2.44 billion (1.85% of total loans). Noninterest expense rose to $5.05 billion, and the efficiency ratio was 56.6%. Shareholders' equity reached $25.3 billion, and the company repurchased $1.8 billion of common stock in 2022 under a $3.0 billion authorization approved in July 2022. Common dividends declared totaled $4.80 per share. The filing also notes regulatory and strategic items for investors, including a Stress Capital Buffer of 4.7% effective October 1, 2022 (CET1 requirement of 9.2%), the sale of M&T Insurance Agency for a $136 million pre-tax gain, and an agreement to sell the Collective Investment Trust business of Wilmington Trust, N.A. with a gain expected in the first half of 2023. LIBOR transition, deposit funding costs and commercial real estate exposure, particularly in hotel and office sectors, are highlighted as ongoing risks.
Feb 22, 2023
2021
M&T Bank Annual Report, Year Ended Dec 31, 2021
M&T Bank Corporation (MTB), a New York bank holding company headquartered in Buffalo, reported net income of $1.86 billion, or $13.80 of diluted earnings per common share, for 2021, up from $1.35 billion, or $9.94, in 2020. Total assets were $155.1 billion, deposits $131.5 billion, and shareholders' equity $17.9 billion at December 31, 2021. The provision for credit losses was a recapture of $75 million in 2021, compared with a provision of $800 million in 2020, reflecting improved economic forecasts after the COVID-19 pandemic. Taxable-equivalent net interest income declined to $3.84 billion from $3.88 billion, as the net interest margin narrowed 40 basis points to 2.76%. The pending acquisition of People's United Financial, Inc. is the most significant development in the filing. The all-stock transaction is valued at approximately $7.8 billion and has been approved by both companies' shareholders and by the New York State Department of Financial Services and Connecticut Department of Banking, but still requires Federal Reserve Board approval. Merger-related expenses were $44 million pre-tax in 2021, or $.25 per diluted share. The filing also discloses a $1.5 billion allowance for credit losses against $92.9 billion of net loans, with nonaccrual loans rising to $2.06 billion, or 2.22% of total loans, driven largely by hotel-related commercial real estate exposure. Capital and liquidity remained strong. The Federal Reserve assigned M&T a Stress Capital Buffer of 2.5%, and common dividends declared rose to $4.50 per share in 2021 from $4.40 in 2020, after a fourth-quarter increase to $1.20 per quarter. No shares were repurchased under the $800 million authorization announced in January 2021. The filing also notes that the Federal Reserve lowered interest rates during the pandemic, pressuring net interest income, and that management expects the low-rate environment to continue weighing on the margin until general rates rise.
Feb 16, 2022
2020
M&T Bank Annual Report, Year Ended Dec 31, 2020
M&T Bank Corporation (MTB) reported net income of $1.35 billion, or $9.94 per diluted common share, for 2020, down from $1.93 billion, or $13.75 per diluted share, in 2019. The decline was driven primarily by a sharp rise in the provision for credit losses to $800 million from $176 million, reflecting the adoption of new credit loss accounting guidance on January 1, 2020 and the economic effects of the COVID-19 pandemic. Net interest income fell to $3.87 billion from $4.13 billion as the net interest margin narrowed to 3.16% from 3.84%, reflecting lower interest rates. Other income rose modestly to $2.09 billion, supported by higher mortgage banking revenues and trust income. At December 31, 2020, consolidated total assets were $142.6 billion, deposits were $119.8 billion, and shareholders' equity was $16.2 billion. Nonaccrual loans rose to $1.89 billion, or 1.92% of total loans and leases, from $963 million a year earlier, and accruing loans past due 90 days or more increased to $859 million. The company suspended share repurchases in the second half of 2020 under Federal Reserve capital preservation measures; in January 2021 its board authorized a new repurchase program of up to $800 million. A subsequent event disclosed in the filing is the agreement announced February 22, 2021 to acquire People's United Financial, Inc. in an all-stock transaction valued at approximately $7.6 billion, expected to close in the fourth quarter of 2021 subject to regulatory and shareholder approvals.
Feb 22, 2021
2019
M&T Bank Annual Report, Year Ended Dec 31, 2019
M&T Bank Corporation (MTB), a New York financial holding company headquartered in Buffalo, reported net income of $1.93 billion, or $13.75 of diluted earnings per common share, for 2019, up 1% in net income and 8% in diluted EPS from $1.92 billion, or $12.74, in 2018. At December 31, 2019 the Company had consolidated total assets of $119.9 billion, deposits of $94.8 billion and shareholders' equity of $15.7 billion. Net interest income on a taxable-equivalent basis rose to $4.15 billion, with the net interest margin widening slightly to 3.84% from 3.83%. Provision for credit losses increased 33% to $176 million, and other income rose to $2.06 billion, led by mortgage banking revenues and trust income. The filing highlights several notable 2019 items: a $50 million reserve addition for ESOP trustee legal matters, and a $48 million charge on the sale of an equity investment in an asset manager. Noninterest operating expenses rose, and the efficiency ratio was 55.66%, compared with 54.79% in 2018. The Company repurchased 8,257,000 common shares for $1.35 billion in 2019 and raised the quarterly common dividend to $1.10 per share in the fourth quarter. It also issued $400 million of Series G preferred stock and redeemed Series A and Series C preferred stock. The filing also notes regulatory and forward-looking items. M&T is classified as a Category IV firm under the Tailoring Rules and is no longer subject to the Liquidity Coverage Ratio. The Company adopted CECL (ASU 2016-13) on January 1, 2020, which increased the allowance for credit losses by $132 million. M&T also disclosed that it is subject to ESOP-related Department of Labor settlement discussions and private lawsuits, with reasonably possible losses beyond existing accruals estimated between $0 and $50 million.
Feb 20, 2020
2018
M&T Bank Annual Report, Year Ended Dec 31, 2018
M&T Bank Corporation (NYSE: MTB), headquartered in Buffalo, New York, reported net income of $1.92 billion, or $12.74 of diluted earnings per common share, for 2018, up 36% and 46% respectively from $1.41 billion, or $8.70 per diluted share, in 2017. Consolidated total assets were $120.1 billion at December 31, 2018, with deposits of $90.2 billion and shareholders' equity of $15.5 billion. Net interest margin widened to 3.83% from 3.47%, driven by higher loan yields in a rising rate environment, while average earning assets declined 3% to $106.8 billion. The provision for credit losses fell 21% to $132 million, and the efficiency ratio improved to 54.8% from 55.1%. The filing highlights several items affecting results. The company increased its reserve for legal matters by $135 million in the first quarter of 2018 in anticipation of settling a civil litigation matter related to Wilmington Trust Corporation's pre-acquisition periods, which reduced net income by $102 million after tax. The effective tax rate fell to 23.5% from 39.4% due to the Tax Cuts and Jobs Act's reduction of the federal corporate rate to 21%. Management also disclosed ongoing Department of Labor investigations and lawsuits involving Wilmington Trust, N.A.'s ESOP trustee activities, with reasonably possible losses beyond recorded liabilities estimated between $0 and $50 million. Capital return remained significant. M&T repurchased 12,295,817 common shares for $2.2 billion during 2018, and the quarterly common dividend increased to $1.00 per share in the third quarter from $.75 at the start of the year. The Federal Reserve did not object to M&T's revised 2018 capital plan, which authorized up to $1.8 billion of share repurchases over four quarters starting July 1, 2018. Common shareholders' equity was $102.69 per share at year-end.
Feb 20, 2019
2017
M&T Bank Annual Report, Year Ended Dec 31, 2017
M&T Bank Corporation (MTB) reported net income of $1.41 billion, or $8.70 per diluted common share, for 2017, up 7% in dollar terms and 12% per share from $1.32 billion, or $7.78, in 2016. Results were shaped by a $85 million incremental income tax expense from the Tax Cuts and Jobs Act, which the filing says represented $.56 of diluted earnings per share, and a $44 million non-deductible payment related to a Wilmington Trust Corporation settlement with the U.S. Attorney's Office for the District of Delaware. Net operating income, a non-GAAP measure the company uses, was $1.43 billion, or $8.82 per diluted share. Taxable-equivalent net interest income rose 9% to $3.82 billion, driven by a net interest margin that widened to 3.47% from 3.11%, while average earning assets declined 2% to $110.0 billion. The efficiency ratio improved to 55.1% from 56.1%. At December 31, 2017, the company had consolidated total assets of $118.6 billion, deposits of $92.4 billion, and shareholders' equity of $16.3 billion. Asset quality remained steady, with net charge-offs at .16% of average loans and leases, the provision for credit losses falling 12% to $168 million, and nonaccrual loans at 1.00% of total loans and leases. Capital actions were significant: the company repurchased 7,369,105 common shares for $1.21 billion during 2017, the Federal Reserve did not object to its 2017 capital plan, and on February 21, 2018, the Board approved an additional $745 million repurchase program through June 30, 2018. The company also reported the termination of a 2013 written agreement with the Federal Reserve Bank of New York related to its Bank Secrecy Act and anti-money laundering procedures, effective July 27, 2017. Other income was $1.85 billion, while other expense rose 3% to $3.14 billion, reflecting higher legal-related and professional services costs, including $64 million of additions to the reserve for legal matters.
Feb 22, 2018
2016
M&T Bank Annual Report, Year Ended Dec 31, 2016
M&T Bank Corporation (MTB), a New York financial holding company headquartered in Buffalo, reported consolidated total assets of $123.4 billion, deposits of $95.5 billion and shareholders' equity of $16.5 billion at December 31, 2016. Net income for 2016 was $1.32 billion, or $7.78 per diluted common share, up 22% and 8% respectively from 2015, driven largely by the full-year impact of the November 2015 Hudson City Bancorp acquisition. Net operating income, a non-GAAP measure excluding merger-related expenses and intangible amortization, was $1.36 billion, or $8.08 per diluted share. Taxable-equivalent net interest income rose 22% to $3.50 billion, although the net interest margin narrowed three basis points to 3.11%. The efficiency ratio improved to 56.1% from 58.0%. Credit quality metrics were stable. The provision for credit losses rose to $190 million from $170 million, net charge-offs were $157 million (.18% of average loans), and nonaccrual loans increased to $920 million, or 1.01% of total loans, largely reflecting migration of Hudson City residential mortgages. The allowance for credit losses was $989 million, or 1.09% of total loans. Management reported that the company's common equity Tier 1 ratio was 10.70% at year-end after a February 2017 revision that lowered it by 26 basis points. The board's Federal Reserve capital plan permits up to $1.15 billion of share repurchases and raises the quarterly common dividend to $.75 per share in the first quarter of 2017. The filing also highlights ongoing legal and regulatory matters. Wilmington Trust Corporation, a former subsidiary acquired by M&T, was indicted in January 2016 relating to pre-acquisition conduct, with trial scheduled for October 2, 2017. A related securities class action is scheduled for trial on June 18, 2018. Reasonably possible losses beyond recorded liabilities were estimated between $0 and $40 million. M&T also remains under a 2013 written agreement with the Federal Reserve Bank of New York concerning its BSA/AML program.
Feb 22, 2017
2015
M&T Bank Annual Report, Year Ended Dec 31, 2015
M&T Bank Corporation (MTB) reported consolidated total assets of $122.8 billion, deposits of $92.0 billion and shareholders' equity of $16.2 billion at December 31, 2015, with 16,331 full-time and 1,145 part-time employees. The company is a New York business corporation registered as a financial holding company, and its principal banking subsidiary, M&T Bank, represented 99% of consolidated assets. Net income for 2015 was $1.08 billion, or $7.18 of diluted earnings per common share, compared with $1.07 billion, or $7.42, in 2014. Net operating income, a non-GAAP measure excluding acquisition-related amortization and merger expenses, was $1.16 billion, or $7.74 per diluted share. The year was dominated by the November 1, 2015 acquisition of Hudson City Bancorp, which added about $19.0 billion of loans, $17.9 billion of deposits and $5.2 billion of total consideration, including $2.1 billion in cash and 25,953,950 M&T shares. Net interest income rose to $2.84 billion and the net interest margin narrowed to 3.14% from 3.31%, while the provision for credit losses increased to $170 million from $124 million. Other expense rose to $2.82 billion, including $76 million of merger-related expenses, and the efficiency ratio was 57.98%. Nonaccrual loans were $799 million, or .91% of loans, and the allowance for credit losses equaled 1.09% of total loans and leases. The filing also flags regulatory and legal matters for investors. Wilmington Trust Corporation, a subsidiary acquired by M&T in 2011, was indicted on January 6, 2016 relating to alleged pre-acquisition conduct, and the company is under investigation regarding FHA and government-sponsored enterprise loan origination. M&T's range of reasonably possible losses beyond recorded liabilities was stated as between $0 and $40 million. The company also operates under a written agreement with the Federal Reserve Bank of New York concerning its Bank Secrecy Act/anti-money laundering program, and it expects to be subject to the new liquidity coverage ratio requirement beginning January 1, 2016.
Feb 19, 2016
2014
M&T Bank Annual Report, Year Ended Dec 31, 2014
M&T Bank Corporation (MTB) reported net income of $1.07 billion, or $7.42 of diluted earnings per common share, for 2014, down 6% and 10%, respectively, from $1.14 billion, or $8.20 per diluted share, in 2013. The decline reflected higher other expense, which rose 4% to $2.74 billion, largely due to increased professional services and salary costs tied to BSA/AML, compliance, capital planning and stress testing, and risk management. Partially offsetting these were a 33% decline in the provision for credit losses to $124 million, higher mortgage banking revenues, and no securities gains or losses in 2014 compared with net gains on investment securities in 2013. Net interest margin narrowed to 3.31% from 3.65%, and the efficiency ratio rose to 60.5% from 57.0%. At December 31, 2014, consolidated total assets were $96.7 billion, deposits were $73.6 billion and shareholders' equity was $12.3 billion. Credit quality improved, with net charge-offs of $121 million, or .19% of average loans and leases, versus .28% in 2013, and nonaccrual loans of $799 million, or 1.20% of outstanding loans and leases. Management estimated the fully phased-in Common Equity Tier 1 ratio under the New Capital Rules, effective January 1, 2015, at approximately 9.62%. The filing also describes the pending acquisition of Hudson City Bancorp, valued at about $5.4 billion, which remains subject to regulatory approval, and the extension of the merger agreement termination date to April 30, 2015. M&T also remains subject to a June 2013 written agreement with the Federal Reserve Bank of New York related to its Bank Secrecy Act/Anti-Money Laundering program, and the DOJ investigation and securities litigation involving Wilmington Trust are ongoing.
Feb 20, 2015
2013
M&T Bank Annual Report, Year Ended Dec 31, 2013
M&T Bank Corporation (MTB) reported net income of $1.14 billion, or $8.20 of diluted earnings per common share, for 2013, up 11% and 9%, respectively, from $1.03 billion, or $7.54, in 2012. Net interest income on a taxable-equivalent basis rose 3% to $2.70 billion, though the net interest margin narrowed to 3.65% from 3.73%. The provision for credit losses declined 9% to $185 million, and net charge-offs were $183 million, or .28% of average loans and leases. Other income rose 12% to $1.87 billion, aided by securities gains, loan securitization gains and the sale of Visa and MasterCard shares, while other expense increased 5% to $2.64 billion. At December 31, 2013, the company reported consolidated total assets of $85.2 billion, deposits of $67.1 billion and shareholders' equity of $11.3 billion. Its estimated Common Equity Tier 1 ratio on a fully phased-in basis under the New Capital Rules was approximately 8.98%. Management also reported that the company faces a pending acquisition of Hudson City Bancorp, valued at about $5.0 billion, with the merger termination date extended to December 31, 2014 because of a regulatory written agreement with the Federal Reserve Bank of New York related to Bank Secrecy Act and anti-money laundering compliance. The filing also discloses ongoing SEC and DOJ investigations of Wilmington Trust Corporation, a subsidiary acquired in 2011, relating to pre-acquisition financial reporting, and a pending securities class action. Management estimates the range of reasonably possible losses beyond recorded liabilities at between $0 and $50 million in the aggregate.
Feb 21, 2014
2012
M&T Bank Annual Report, Year Ended Dec 31, 2012
M&T Bank Corporation (MTB) reported net income of $1.03 billion for 2012, or $7.54 per diluted common share, up from $859 million, or $6.35 per diluted share, in 2011. Total assets were $83.0 billion, deposits $65.6 billion and shareholders' equity $10.2 billion at December 31, 2012. The improvement was driven by higher net interest income, lower credit costs, and significantly higher mortgage banking revenues and trust income, partially offset by net investment securities losses in 2012. Results for 2012 reflect the full-year impact of the Wilmington Trust acquisition completed May 16, 2011. Credit quality improved: the provision for credit losses fell to $204 million from $270 million, and net charge-offs were $186 million, or .30% of average loans and leases, versus .47% in 2011. Nonaccrual loans were $1.01 billion, or 1.52% of loans and leases, down from 1.83%. Capital remained strong, with a Tier 1 capital ratio of 10.22% and a total capital ratio of 13.39% at year-end 2012. The filing also discloses the pending acquisition of Hudson City Bancorp, announced August 27, 2012, with an estimated purchase price of $4.2 billion and expected completion by mid-year 2013. Management highlights ongoing regulatory change under the Dodd-Frank Act and Basel III, with the Basel III implementation date postponed and no new effective date announced as of February 2013.
Feb 25, 2013
2011
M&T Bank Annual Report, Year Ended Dec 31, 2011
M&T Bank Corporation (MTB), a New York business corporation registered as a financial holding company, reported consolidated total assets of $77.9 billion, deposits of $59.4 billion and shareholders' equity of $9.3 billion at December 31, 2011. The company acquired Wilmington Trust Corporation on May 16, 2011 in a stock-for-stock transaction, which added approximately $10.8 billion of assets and $8.9 billion of deposits. For 2011, net income was $859 million, or $6.35 of diluted earnings per common share, compared with $736 million, or $5.69, in 2010. Net operating income, a non-GAAP measure the company provides, was $884 million, or $6.55 per diluted share. Net interest income rose to $2.39 billion from $2.27 billion, and the provision for credit losses fell to $270 million from $368 million. Net charge-offs declined to $265 million, or .47% of average loans and leases. Noninterest expense rose 29% to $2.48 billion, reflecting Wilmington Trust operations, a $79 million other-than-temporary impairment charge on the company's 20% investment in Bayview Lending Group LLC, and a $30 million charitable contribution. The filing reports a Tier 1 capital ratio of 9.67% and a total capital ratio of 13.26% at year-end, both above the well-capitalized minimums. The filing also flags regulatory change as a material risk. M&T became a financial holding company on March 1, 2011, and as a bank holding company with $50 billion or more in assets it is subject to the Dodd-Frank Act, proposed systemically important financial institution rules, and Basel III capital and liquidity standards. Its Tier 1 capital includes trust preferred securities that will be phased out beginning in 2013. Nonaccrual loans were $1.10 billion, or 1.83% of loans and leases, down from 2.19% a year earlier.
Feb 23, 2012
2010
M&T Bank Annual Report, Year Ended Dec 31, 2010
M&T Bank Corporation (MTB), a New York bank holding company headquartered in Buffalo, reported total assets of $68.0 billion, deposits of $49.8 billion and shareholders' equity of $8.4 billion at December 31, 2010. Net income rose to $736 million, or $5.69 diluted earnings per common share, compared with $380 million, or $2.89, in 2009. The improvement was driven mainly by a wider net interest margin, which rose to 3.84% from 3.49%, and lower provision for credit losses, which fell to $368 million from $604 million. Net charge-offs declined to $346 million from $514 million, though charge-offs remained above historical levels, particularly in residential real estate and builder/developer loans. The filing also highlights pending and completed acquisitions. M&T Bank agreed on November 1, 2010 to acquire Wilmington Trust Corporation in a stock transaction valued at $351 million, expected to close by mid-2011. It also acquired certain assets and deposits of K Bank from the FDIC, recording an after-tax gain of $17 million. The Tier 1 capital ratio was 9.47% and the total capital ratio was 13.08% at year-end. The filing notes that the Dodd-Frank Act and forthcoming Basel III rules may bring higher capital and liquidity requirements, and that M&T expects to be subject to heightened prudential standards as a bank holding company with more than $50 billion in assets. The company's common dividend was $2.80 per share in each of 2010, 2009 and 2008. Allied Irish Banks sold its 26.7 million M&T shares in November 2010, ending AIB's governance rights. Other-than-temporary impairment charges on investment securities totaled $86 million in 2010, down from $138 million in 2009, and privately issued residential mortgage-backed securities carried unrealized losses of $252 million at year-end.
Feb 22, 2011
2009
M&T Bank Annual Report, Year Ended Dec 31, 2009
M&T Bank Corporation (MTB), a New York-registered bank holding company headquartered in Buffalo, New York, reported consolidated total assets of $68.9 billion, deposits of $47.4 billion and stockholders' equity of $7.8 billion at December 31, 2009. Net income for 2009 was $380 million, or $2.89 per diluted common share, down from $556 million, or $5.01 per diluted share, in 2008. The decline was driven largely by a provision for credit losses that rose to $604 million from $412 million, net charge-offs of $514 million, and $138 million of pre-tax other-than-temporary impairment charges on privately issued CMOs and CDOs. Net operating income, a non-GAAP measure the company uses to exclude acquisition-related items, was $455 million, or $3.54 per diluted share. The year was shaped by two acquisitions. M&T acquired Provident Bankshares Corporation on May 23, 2009 in a stock transaction, adding goodwill of $332 million and roughly $4.0 billion of acquired loans, and it assumed a Bradford Bank deposit franchise from the FDIC on August 28, 2009 under a loss-share arrangement. Net interest margin widened to 3.49% from 3.38%, largely because of lower rates paid on deposits and borrowings, and noninterest-bearing deposits grew sharply. Nonaccrual loans rose to $1.33 billion, or 2.56% of loans and leases, from $755 million a year earlier, with the most significant pressure in commercial real estate and residential builder and developer loans. Allied Irish Banks, p.l.c. held approximately 22.6% of M&T common stock at year-end 2009 and has board representation and governance rights under a 2003 reorganization agreement. The company remained a well-capitalized institution, and M&T and both of its bank subsidiaries met the well-capitalized standard at December 31, 2009. M&T participated in the U.S. Treasury's TARP Capital Purchase Program, with $752 million of preferred stock outstanding related to the program. Dividends on common stock were $2.80 per share in both 2009 and 2008.
Feb 19, 2010
2008
M&T Bank Annual Report, Year Ended Dec 31, 2008
M&T Bank Corporation (MTB), a New York bank holding company headquartered in Buffalo, reported net income of $555.9 million for 2008, or $5.01 per diluted common share, down from $654.3 million ($5.95) in 2007. Total assets were $65.8 billion, deposits $42.6 billion and stockholders' equity $6.8 billion at December 31, 2008. The decline was driven mainly by a provision for credit losses of $412 million (up from $192 million), net charge-offs of $383 million, and $182 million of other-than-temporary impairment charges on investment securities, including a $153 million charge on Fannie Mae and Freddie Mac preferred stock. Net interest margin fell to 3.38% from 3.60%. The company issued $600 million of Series A Preferred Stock and warrants to the U.S. Treasury under the Capital Purchase Program in December 2008, and agreed to a pending acquisition of Provident Bankshares Corporation in a stock-for-stock transaction, expected to close in the second quarter of 2009. The filing also notes that AIB holds approximately 24.2% of M&T common stock, with governance rights tied to that stake. Management reports that all three regulated entities met the well-capitalized standard at year-end 2008. The filing flags rising risks for 2009: FDIC assessment rates were raised, which the company expects to more than double its first-quarter 2009 assessment and to weigh on results, and nonaccrual loans rose to $755 million, or 1.54% of loans, from $431 million a year earlier. Total stock price performance over 2008 fell to 66 on the five-year cumulative return index, versus 131 a year earlier.
Feb 23, 2009
2007
M&T Bank Annual Report, Year Ended Dec 31, 2007
M&T Bank Corporation reported net income of $654 million, or $5.95 per diluted share, for 2007, down 22% from $839 million ($7.37 per diluted share) in 2006. The decline was driven largely by a $127 million pre-tax other-than-temporary impairment charge on collateralized debt obligations backed by residential mortgage securities, a $23 million charge related to Visa covered litigation, and a sharply higher provision for credit losses of $192 million versus $80 million in 2006. Net operating income, which excludes intangible amortization and merger-related expenses, was $704 million, or $6.40 per diluted share. Total assets grew to $64.9 billion at year-end 2007, aided by the acquisitions of Partners Trust Financial Group and 13 First Horizon branches in late 2007. Credit quality weakened during the year. Nonperforming loans rose to $447 million, or .93% of loans and leases, from $224 million, or .52%, at year-end 2006, with Alt-A residential mortgages and loans to residential builders and developers the main contributors. Net charge-offs were $114 million, and management changed its charge-off timing for residential real estate loans. Net interest margin narrowed to 3.60% from 3.70%. Stockholders' equity was $6.5 billion, or $58.99 per share, and the company remained well capitalized at both the holding company and bank subsidiary levels. Allied Irish Banks held approximately 24.3% of common shares at year-end, with board representation and governance protections tied to that stake. The company also repurchased 4,514,800 shares in 2007 at a cost of $509 million and increased its dividend to $.70 per quarter in the third quarter, bringing 2007 dividends declared to $2.60 per share, up from $2.25 in 2006.
Feb 21, 2008
2006
M&T Bank Annual Report, Year Ended Dec 31, 2006
M&T Bank Corporation (NYSE: MTB) reported net income of $839 million, or $7.37 diluted earnings per share, for 2006, up 7% and 10% respectively from $782 million or $6.73 per diluted share in 2005. Total assets were $57.1 billion at December 31, 2006, with deposits of $39.9 billion and stockholders' equity of $6.3 billion. Net interest income on a taxable-equivalent basis rose 1% to $1.84 billion, while the net interest margin declined to 3.70% from 3.77%, reflecting higher short-term interest rates. Noninterest income rose 10% to $1.05 billion, and the provision for credit losses fell to $80 million from $88 million, with net charge-offs of $68 million. Nonperforming loans increased to $224 million, or .52% of loans and leases, from $156 million at year-end 2005, largely due to four relationships with automobile dealers totaling approximately $41 million. Management also noted the June 30, 2006 acquisition of 21 branch offices from Citibank, N.A. and the company's continued return of capital, with 3,259,000 shares repurchased in 2006 and common dividends declared of $2.25 per share. Allied Irish Banks, p.l.c. held approximately 24.2% of M&T common stock at December 31, 2006 and retains board representation and governance protections under a 2003 reorganization agreement. The filing states that M&T and its bank subsidiaries met the requirements to be classified as well capitalized at year-end 2006, and management concluded that internal control over financial reporting was effective as of December 31, 2006.
Feb 23, 2007
2005
M&T Bank Annual Report, Year Ended Dec 31, 2005
M&T Bank Corporation, a New York bank holding company headquartered in Buffalo, reported net income of $782.2 million, or $6.73 diluted earnings per share, for 2005, up from $722.5 million, or $6.00 per diluted share, in 2004. Total assets were $55.1 billion at December 31, 2005, with deposits of $37.1 billion and stockholders' equity of $5.9 billion. Taxable-equivalent net interest income rose 3% to $1.81 billion, but the net interest margin narrowed to 3.77% from 3.88% as rising short-term rates flattened the yield curve. Net charge-offs fell to $77 million, or .19% of average loans, and the provision for credit losses declined to $88 million. Noninterest income was essentially flat at $950 million, held back by a $29 million other-than-temporary impairment charge on FNMA and FHLMC preferred stock. Noninterest expense fell 2% to $1.49 billion. The company repurchased 4,891,800 shares in 2005 at an average cost of $104.18 per share and raised its quarterly dividend to $.45 per share in the second quarter of 2005, bringing full-year dividends to $1.75 per share. Allied Irish Banks, p.l.c. held approximately 23.8% of M&T's common stock at year-end 2005 following the April 2003 Allfirst acquisition. The Reorganization Agreement gives AIB board representation and certain governance protections, including limits on certain actions by M&T while AIB holds at least 15% of the shares. Both bank subsidiaries were rated well capitalized at year-end 2005.
Feb 28, 2006
2004
M&T Bank Annual Report, Year Ended Dec 31, 2004
M&T Bank Corporation, a New York bank holding company headquartered in Buffalo, reported that as of December 31, 2004 it had consolidated total assets of $52.9 billion, deposits of $35.4 billion and stockholders' equity of $5.7 billion. Net income rose to $723 million, or $6.00 per diluted share, up 26% and 21% respectively from $574 million or $4.95 per diluted share in 2003. The increase was driven largely by the full-year impact of the April 1, 2003 acquisition of Allfirst Financial Inc. from Allied Irish Banks, p.l.c. (AIB), which AIB partly paid for with 26,700,000 M&T shares and $886 million in cash. Excluding amortization of intangibles, net operating income rose 16% to $769 million. The filing shows margin pressure alongside growth. Net interest margin declined 21 basis points to 3.88% in 2004 from 4.09% in 2003, as yields on loans and securities fell and short-term funding repriced faster after the Federal Reserve's rate increases. Credit quality improved, with the provision for credit losses falling to $95 million from $131 million, net charge-offs declining to $82 million, and nonperforming loans falling to $172 million, or .45% of loans. Noninterest expense rose 5% to $1.52 billion, including a $25 million contribution to The M&T Charitable Foundation. Capital management was active. M&T repurchased 6,520,800 shares in 2004 at an average cost of $93.59, for $610 million, and paid $1.60 per share in dividends, up from $1.20. AIB held approximately 23.2% of M&T common stock at year-end 2004 and retains board representation and governance protections under the Reorganization Agreement. The company and both of its bank subsidiaries were classified as well capitalized.
Feb 25, 2005
2003
M&T Bank Annual Report, Year Ended Dec 31, 2003
M&T Bank Corporation's 2003 annual report shows a transformative year driven by the April 1, 2003 acquisition of Allfirst Financial Inc. from Allied Irish Banks, p.l.c. (AIB). Allfirst contributed approximately $16 billion in acquired assets, $10 billion of loans and leases, $11 billion of deposits, and $2 billion added to stockholders' equity. As of December 31, 2003, the Company reported consolidated total assets of $49.8 billion, deposits of $33.1 billion and stockholders' equity of $5.7 billion, up from $33.2 billion of total assets at year-end 2002. Net income for 2003 was $574 million, or $4.95 per diluted share, up 26% and 4% respectively from 2002. Net operating income, a non-GAAP measure the company uses to exclude amortization of core deposit intangibles and merger-related expenses, rose 35% to $661 million, or $5.70 per diluted share. Merger-related expenses for Allfirst totaled $60 million pre-tax ($39 million after tax). Net interest margin declined 27 basis points to 4.09% due to lower-yielding acquired portfolios, while noninterest income rose to $831 million. Credit quality remained stable, with net charge-offs of $97 million (.28% of average loans) and nonperforming loans of .67% of loans and leases. Investors should also note AIB's ownership of approximately 22.5% of M&T common stock, which carries board representation rights, certain governance protections, and restrictions on AIB's future activity under the Reorganization Agreement. The Board also declared a quarterly dividend of $.40 per share, a 33% increase from $.30, and authorized a new repurchase of up to 5,000,000 shares in February 2004.
Feb 26, 2004
2002
M&T Bank Annual Report, Year Ended Dec 31, 2002
M&T Bank Corporation (MTB) reported net income of $485.1 million, or $5.07 per diluted share, for 2002, up 28% from $378.1 million in 2001. Total assets were $33.2 billion at December 31, 2002, with deposits of $21.7 billion and stockholders' equity of $3.2 billion. Taxable-equivalent net interest income rose 7% to $1.26 billion, the net interest margin widened to 4.36% from 4.23%, and noninterest income rose 7% to $512 million. Net charge-offs rose to $108 million (.42% of average loans) from $75 million, and nonperforming loans were $215 million, or .84% of loans and leases. The central event is the pending acquisition of Allfirst Financial Inc. from Allied Irish Banks, p.l.c. (AIB), agreed September 26, 2002 and approved by M&T stockholders on December 16, 2002. M&T will issue 26.7 million shares and pay $886.1 million in cash. The filing states that AIB will then own approximately 22.5% of M&T common stock and receive board representation, governance rights, anti-dilution protections and a right of first refusal. The combined company would have about $50 billion in pro forma assets, and the acquisition is expected to close shortly after the end of the first quarter of 2003, subject to regulatory approvals. At year-end, M&T Bank and M&T Bank, N.A. were classified as well capitalized, with a total risk-based capital ratio of 11.11% and a leverage ratio of 6.97% at the consolidated level. Management repurchased shares in 2002 but discontinued purchases in the third quarter to build capital for the Allfirst transaction.
Feb 27, 2003
2001
M&T Bank Annual Report, Year Ended Dec 31, 2001
M&T Bank Corporation (Buffalo, New York) reported net income of $378.1 million, or $3.82 per diluted share, for 2001, up 32% from $286.2 million in 2000. Total assets were $31.5 billion at December 31, 2001, with deposits of $21.6 billion and stockholders' equity of $2.9 billion. Results were driven largely by growth from the Keystone Financial (October 2000) and Premier National Bancorp (February 2001) acquisitions. Taxable-equivalent net interest income rose 36% to $1.176 billion, and the net interest margin widened to 4.23% from 4.02%, helped by a steeper yield curve as the Federal Reserve cut its benchmark rate by 475 basis points during 2001. Credit costs rose with the economy. The provision for credit losses increased to $103.5 million from $38.0 million, and net charge-offs reached $75.3 million, or .31% of average loans, versus .16% in 2000. Nonperforming loans rose to $190.5 million, or .76% of loans. Noninterest income grew 47% to $477.4 million, and mortgage banking revenues increased 63% on favorable refinancing conditions. Noninterest expense also rose, and the efficiency ratio improved to 49.6% on an operating basis, from 50.2%. M&T's capital position remained strong, with all bank subsidiaries classified as well capitalized. The Tier 1 risk-based capital ratio was 7.37% and the total risk-based capital ratio was 10.72%. The company repurchased 4,396,303 shares in 2001 for $324 million and paid dividends of $1.00 per share, up from $.625. Effective January 1, 2002, M&T adopted SFAS No. 142, ceasing goodwill amortization, which the filing says will have a material impact on future results. The company had not yet completed its transitional impairment test.
Feb 28, 2002
2000
M&T Bank Annual Report, Year Ended Dec 31, 2000
M&T Bank Corporation, a New York bank holding company headquartered in Buffalo, reported consolidated total assets of $28.9 billion, deposits of $20.2 billion and stockholders' equity of $2.7 billion at December 31, 2000. Net income for 2000 was $286.2 million, or $3.44 per diluted share, up 8% and 5% respectively from $265.6 million or $3.28 per diluted share in 1999. Growth was driven largely by the October 6, 2000 Keystone Financial acquisition, which brought about $4.8 billion of loans and leases and $5.2 billion of deposits, and by the February 9, 2001 Premier National Bancorp merger, which added approximately $1.6 billion of assets and 34 banking offices in the mid-Hudson Valley of New York. Net interest income rose to $854.2 million from $759.4 million, and the net interest margin was 4.02% in both 2000 and 1999. Nonrecurring merger-related expenses were $26.0 million pre-tax ($16.4 million after-tax) in 2000. Cash net income, which excludes goodwill amortization and nonrecurring merger costs, was $358.6 million, or $4.31 per diluted share. Net charge-offs fell to .16% of average loans from .25% in 1999, and the allowance for credit losses was 1.65% of net loans at year-end. Nonperforming loans were $110.6 million, or .49% of loans, while accruing loans past due 90 days or more rose to $141.8 million, largely due to $87 million of GNMA-guaranteed loans repurchased in the fourth quarter. The company's capital position is described as well capitalized, with a Tier 1 risk-based capital ratio of 7.49%, a total risk-based capital ratio of 11.19% and a leverage ratio of 6.66% at December 31, 2000. Quarterly dividends on common stock were raised to $.25 per share in the fourth quarter of 2000, and total 2000 dividends declared were $.625 per share. The company repurchased no common stock after May 2000, when the Keystone acquisition was announced.
Mar 9, 2001
1999
M&T Bank Annual Report, Year Ended Dec 31, 1999
M&T Bank Corporation (MTB), a New York bank holding company headquartered in Buffalo, reported net income of $265.6 million, or $32.83 per diluted common share, for 1999, up 28% from $208.0 million in 1998. Consolidated total assets were $22.4 billion at December 31, 1999, with deposits of $15.4 billion and stockholders' equity of $1.8 billion. The results were supported by growth in average loans and leases, which rose 15% to $16.4 billion, and by a 13% increase in taxable-equivalent net interest income to $767 million. Net interest margin was 4.02% in 1999 compared with 4.01% in 1998. The year was shaped by acquisitions. M&T acquired FNB Rochester Corp. on June 1, 1999 and 29 upstate New York branches from The Chase Manhattan Bank on September 24, 1999, recording about $153 million of goodwill and core deposit intangible. Nonrecurring merger-related expenses were $4.7 million ($3.0 million after tax). Credit quality was stable: the provision for credit losses was $44.5 million, net charge-offs were $40.3 million (.25% of average loans), and nonperforming loans were $103.2 million, or .59% of loans and leases outstanding. Book value per share rose to $232.41 and diluted earnings per share were $32.83. The filing states that both bank subsidiaries, M&T Bank and M&T Bank, N.A., met the "well capitalized" standard at year-end 1999. Registrant Tier 1 risk-based capital was 8.27% and total risk-based capital was 10.25%. The filing also notes that the Gramm-Leach-Bliley Act, signed November 12, 1999, permits bank holding companies to affiliate with securities and insurance firms beginning March 11, 2000, and that the Registrant has elected to retain its pre-Gramm-Leach status for the present time.
Feb 25, 2000
1998
M&T Bank Annual Report, Year Ended Dec 31, 1998
M&T Bank Corporation (MTB), a bank holding company headquartered in Buffalo, New York, reported 1998 net income of $208.0 million, or $26.16 per diluted share, up 18% in net income and 4% in diluted earnings per share from $176.2 million, or $25.26, in 1997. Total assets reached $20.6 billion at December 31, 1998, deposits were $14.7 billion and stockholders' equity was $1.6 billion. The results were shaped by the April 1, 1998 acquisition of ONBANCorp, which added roughly $3.0 billion of loans and $3.8 billion of deposits and produced goodwill and core deposit intangibles of about $563 million. Merger-related expenses of $21.3 million ($14.0 million after tax) reduced 1998 earnings, and amortization of goodwill and core deposit intangible rose to $34.5 million from $7.3 million. Core profitability indicators were mixed. Net interest margin fell to 3.97% from 4.40%, and net charge-offs declined to .28% of average loans from .38%. Other income excluding a one-time $24.6 million charitable contribution and related tax-exempt income rose 32% to $255 million. Basic earnings per share were $27.30 and cash net income excluding merger costs was $251.9 million. Capital ratios were above the well-capitalized thresholds for the holding company and both banks, with a Tier 1 risk-based ratio of 8.40% and a leverage ratio of 7.02% for the Registrant. The filing also describes a pending agreement to acquire FNB Rochester Corp., with total assets of $588 million, in a transaction expected to close in the second quarter of 1999 that will be accounted for as a purchase. Half of FNB's shares will be exchanged for M&T common stock and half for cash, with holders able to elect $33.00 in cash per share. The company also reported the sale of its retail credit card business on July 31, 1998, with a pre-tax gain of approximately $3.2 million, and the company changed its name from First Empire State Corporation effective May 29, 1998.
Mar 19, 1999
1997
M&T Bank Annual Report, Year Ended Dec 31, 1997
First Empire State Corporation (now M&T Bank Corporation) reported net income of $176.2 million for 1997, or diluted earnings per common share of $25.26, up 17% and 20%, respectively, from $151.1 million or $21.08 in 1996. Total assets were $14.0 billion at December 31, 1997, with deposits of $11.2 billion and stockholders' equity of $1.0 billion. Return on average assets was 1.32% and return on average common stockholders' equity was 18.49%, compared with 1.21% and 17.60% in 1996. Taxable-equivalent net interest income rose 5% to $563 million, while net interest margin narrowed to 4.38% from 4.45%. The company's principal pending event is its agreement to merge with ONBANCorp, Inc., a Syracuse-based bank holding company with about $5.3 billion of assets, under which ONBANCorp shareholders may elect .161 of a First Empire share or $69.50 in cash per ONBANCorp share, subject to a 60%-70% stock allocation. The merger, accounted for as a purchase, was expected to close on or about April 1, 1998. Credit quality improved overall: nonperforming loans fell to $80.7 million, or .70% of loans, from $97.9 million, but net charge-offs rose to $41.8 million, driven mainly by consumer loans, which totaled $35.8 million. During 1997 the company issued $250 million of trust preferred securities through two Delaware trusts and terminated or agreed to terminate several co-branded credit card programs after poorer-than-expected results. Management stated that the company was well capitalized and that Year 2000 costs had not had a material adverse impact, with compliance expected by the end of 1998.
Mar 16, 1998
1996
M&T Bank Annual Report, Year Ended Dec 31, 1996
First Empire State Corporation, the Buffalo, New York bank holding company whose subsidiaries include Manufacturers and Traders Trust Company (M&T Bank), reported consolidated total assets of $12.9 billion, deposits of $10.5 billion and stockholders' equity of $906 million at December 31, 1996. Net income rose 15% to $151.1 million, or $21.31 per common share (primary), compared with $131.0 million, or $18.79, in 1995. Fully diluted earnings per share rose 18% to $20.97. Return on average assets was 1.21% and return on average common stockholders' equity was 17.60%. Net interest margin was 4.45%, little changed from 4.43% in 1995, and taxable-equivalent net interest income grew 9% to $536 million on 14% average loan growth. Credit costs rose modestly. The provision for possible credit losses was $43.3 million, against net charge-offs of $35.2 million, up from $21.3 million in 1995, driven mainly by consumer loans. Nonperforming loans were $97.9 million, or .91% of loans, and the allowance covered them 276 times. Noninterest income increased 17% to $170 million, aided by mortgage banking and credit card revenues. Noninterest expense rose 9% to $409 million. Management said the allowance was adequate, and the company stated it was well capitalized, with a consolidated Tier 1 risk-based ratio of 8.40% and a total risk-based ratio of 11.32%. Subsequent to year-end, the company completed a $150 million offering of 8.234% trust preferred securities on January 31, 1997, which count as Tier 1 capital. The company also planned to merge East New York Savings Bank into M&T Bank in the second quarter of 1997. A pending lawsuit by Giant of Maryland, Inc. seeks $40 million in damages, which management is vigorously defending and has sent to arbitration.
Mar 18, 1997
1995
M&T Bank Annual Report, Year Ended Dec 31, 1995
First Empire State Corporation, a New York bank holding company headquartered in Buffalo, reported consolidated total assets of $12.0 billion, deposits of $9.5 billion and stockholders' equity of $846 million at December 31, 1995. Net income rose 12% to $131.0 million, or $18.79 per common share (primary), from $117.3 million, or $16.35, in 1994. Fully diluted EPS was $17.78. Growth was driven mainly by a 15% increase in average earning assets to $11.1 billion, largely loans, and by higher mortgage banking revenues, which rose to $37.1 million from $16.0 million. Net interest margin, however, compressed to 4.43% from 4.89%, and the fourth-quarter net interest spread of 3.67% was the lowest of the year, with management stating that further rate changes or spread reductions could adversely affect net interest income. Credit quality was stable. The provision for possible credit losses fell to $40.4 million from $60.5 million, net charge-offs were $21.3 million, and nonperforming loans rose to $93.1 million, or .97% of loans, from $77.5 million. The allowance covered 282% of nonperforming loans. Capital remained above regulatory minimums, with a Tier 1 risk-based ratio of 8.53% and a total capital ratio of 11.62% for the consolidated company. The filing also notes that the FDIC's BIF assessment was substantially eliminated effective January 1, 1996, while SAIF-insured deposits remained subject to a likely special assessment that management could not precisely quantify. During 1995 the company expanded through acquisitions, including Statewide Funding and Exchange Mortgage in mortgage banking and four Chase Manhattan branches. It also formed M&T Real Estate and launched M&T Bank, N.A., which began operations on October 2, 1995. Management also said the company is actively reviewing major acquisition opportunities. The company's common stock trades on the American Stock Exchange under the symbol FES.
Mar 15, 1996
1994
M&T Bank Annual Report, Year Ended Dec 31, 1994
First Empire State Corporation, a New York bank holding company headquartered in Buffalo, reported net income of $117.3 million for 1994, up 15% from $102.0 million in 1993, with primary earnings per common share of $16.35 (up 18% from $13.87) and fully diluted earnings per share of $15.71. Consolidated total assets were $10.5 billion at December 31, 1994, deposits were $8.2 billion, and stockholders' equity was $721 million. The company operates through two wholly owned banks: Manufacturers and Traders Trust Company (M&T Bank, $8.8 billion in assets) and The East New York Savings Bank ($1.8 billion in assets). Commercial and retail banking is described as the sole significant line of business. Credit quality improved during 1994. Net charge-offs fell to $16.6 million from $35.8 million in 1993, the provision for possible credit losses declined to $60.5 million from $80.0 million, and nonperforming loans decreased to $77.5 million from $82.3 million. The allowance for possible credit losses equaled 2.96% of net loans and leases at year-end. Return on average assets was 1.17% and return on average common stockholders' equity was 16.64%. Net interest margin widened 13 basis points to 4.89%, although management said further rate changes or spread reductions could adversely affect net interest income, and a fourth-quarter 1994 net interest spread of 4.15% was the lowest of the year. The company expanded through acquisitions in December 1994, including Ithaca Bancorp, Inc. (about $44.2 million in cash) and deposits and branches purchased from Chemical Bank. It also agreed in early 1995 to acquire Statewide Funding Corporation, a mortgage banker with a servicing portfolio of about $1.0 billion, and to buy four Chase Manhattan branches. Stockholders' equity was reduced by $50.6 million of unrealized losses on available-for-sale securities, and the company repurchased treasury stock during the year, with repurchases resumed in early 1995. The filing states that management expects available liquidity to be more than adequate to meet anticipated funding needs.
Mar 24, 1995
1993-A
M&T Bank Annual Report (Amendment), Year Ended Dec 31, 1993
This filing is the Retirement Savings Plan and Trust financial statements of First Empire State Corporation, a 401(k)-style defined contribution plan covering permanent full-time employees of the company and its subsidiaries, with the audit report from Price Waterhouse dated March 15, 1994. Net assets available for plan benefits rose to $43,954,212 at December 31, 1993 from $33,625,214 at December 31, 1992. The 1993 net increase of $10,328,998 includes a $527,103 cumulative effect from a change in how the plan accounts for benefit payments payable to participants, which the auditors note in their opinion. Total contributions were $9,579,730 (employee $6,445,933; employer $3,133,797), and net investment income was $2,295,070, versus $5,011,005 in 1992. The plan's investments at December 31, 1993 totaled $43,922,622, with common stock at current value of $29,143,251 and First Empire common stock valued at $23,326,357 (165,729 shares, cost $14,913,922). Participants can direct contributions among a First Empire stock fund, a diversified equity fund, a money-market fund and a bond fund, and the plan held 2,695 active participants at year end. The filing reports that the plan acquired 36,408 shares of First Empire common stock in 1993 at a cost of $5,146,869, which is disclosed as a related-party transaction.
Mar 21, 1994
1993
M&T Bank Annual Report, Year Ended Dec 31, 1993
First Empire State Corporation, a New York bank holding company headquartered in Buffalo, reported net income of $102.0 million, or $13.87 per common share, for 1993, up from $97.9 million or $13.41 per share in 1992. At December 31, 1993, the Company had consolidated total assets of $10.4 billion, deposits of $7.4 billion and stockholders' equity of $724 million. Its operations are conducted principally through Manufacturers and Traders Trust Company (M&T Bank), with $8.6 billion of assets, and The East New York Savings Bank, with $1.8 billion of assets. Growth in 1993 was driven largely by the July 1992 Central Trust and Endicott Trust acquisitions and earlier federally assisted thrift acquisitions. The Company's net interest income rose 8% on a taxable-equivalent basis to $474.8 million, and the net interest margin was 4.76%, slightly below 4.79% in 1992. Nonperforming loans fell 28% to $82.3 million, and net charge-offs declined to $35.8 million. Management nonetheless recorded a $80.0 million provision for possible credit losses, citing caution about the economic recovery and the unsettled New York City commercial real estate market. Return on average assets was .98% and return on average common stockholders' equity was 15.61%. Both M&T Bank and East New York were classified as well capitalized, with a consolidated total risk-based Tier 1 ratio of 9.33% and a leverage ratio of 6.63%. The filing also notes that the Company adopted SFAS No. 115 on December 31, 1993, which increased stockholders' equity by $9.1 million. It discloses a 1992 securities gain of $28.1 million that inflated that year's results. The Company's common stock trades on the American Stock Exchange under the symbol FES. Management stated that it was unable to predict whether higher capital requirements would be imposed.
Mar 18, 1994