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M&T Bank Annual Report, Year Ended Dec 31, 1999

Filing Date
Filed February 25, 2000
Period End
December 31, 1999
In the record · 2016–202610-K1110-Q338-K161

MTB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 161 current reports (8-K) between 2016 and 2026.

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01—Abstract

Summary

Summary of the 10-K filed February 25, 2000. Cited figures are marked; the original filing is the authoritative source.

M&T Bank Corporation (MTB), a New York bank holding company headquartered in Buffalo, reported net income of $265.6 milliona, or $32.83 per diluted common share, for 1999, up 28% from $208.0 million in 1998.

Consolidated total assets were $22.4 billionb 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 millionc 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 milliond, 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.

02—Key points

Key Highlights

  1. Net income of $265.6 million in 1999, up 28% from $208.0 million in 1998; diluted EPS of $32.83, up 25% from $26.16.
  2. Consolidated total assets of $22.4 billion, deposits of $15.4 billion and stockholders' equity of $1.8 billion at December 31, 1999.
  3. Average loans and leases rose 15% to $16.4 billion; taxable-equivalent net interest income rose 13% to $767 million.
  4. Net interest margin of 4.02% in 1999 versus 4.01% in 1998; return on average assets of 1.26% and return on average common equity of 15.30%.
  5. Acquisitions of FNB Rochester Corp. (June 1999) and 29 Chase upstate New York branches (September 1999) added about $153 million of goodwill and core deposit intangible.
  6. Net charge-offs were .25% of average loans in 1999, down from .28% in 1998; nonperforming loans were .59% of loans and leases.
  7. Cash dividends rose to $4.50 per share from $3.80; both bank subsidiaries were classified as well capitalized at year-end.

03—Questions

Frequently Asked Questions

  1. How did M&T Bank Corporation perform financially in 1999?

    The filing reports 1999 net income of $265.6 million, or $32.83 per diluted share, compared with $208.0 million, or $26.16 per diluted share, in 1998. Return on average assets was 1.26% and return on average common equity was 15.30%.

  2. What acquisitions did M&T complete in 1999?

    M&T acquired FNB Rochester Corp. on June 1, 1999, paying $76 million in cash and issuing 122,516 shares, and acquired 29 upstate New York branches from The Chase Manhattan Bank on September 24, 1999. The Company recorded about $153 million of goodwill and core deposit intangible in connection with these transactions.

  3. How is the credit quality of M&T's loan portfolio?

    The provision for credit losses was $44.5 million in 1999, and net charge-offs were $40.3 million, or .25% of average loans. Nonperforming loans totaled $103.2 million, or .59% of loans and leases outstanding at December 31, 1999. The allowance for credit losses was $316.2 million, or 1.82% of net loans and leases.

  4. Are M&T's banking subsidiaries adequately capitalized?

    The filing states that M&T, Olympia, M&T Bank and M&T Bank, N.A. all met the definition of well capitalized at year-end 1999. For the Registrant on a consolidated basis, the Tier 1 risk-based capital ratio was 8.27%, the total risk-based capital ratio was 10.25%, and the leverage ratio was 6.92%.

  5. How might the Gramm-Leach-Bliley Act affect M&T?

    The filing says the Act, signed November 12, 1999, permits combinations among banks, securities firms and insurance companies beginning March 11, 2000. M&T qualifies to become a financial holding company but has elected to retain its pre-Gramm-Leach status for the present time.

04—Continue

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