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MTB · M&T Bank

50 filings

10-Q

MTB 10-Q Quarterly Reports

M&T Bank - 50 quarterly reports

Filing 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.

  1. Deal closed8-K · Jan ’16Jan ’16
  2. Leadership change8-K · Feb ’21Feb ’21
  3. Leadership change8-K · Jan ’23Jan ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25
  1. 2026-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2026

    M&T Bank Corporation reported net income of $818 million for the second quarter of 2026, up from $716 million in the second quarter of 2025, and net income of $1.48 billion for the six months ended June 30, 2026, compared with $1.30 billion a year earlier. Diluted earnings per common share were $5.32 for the quarter and $9.44 for the six months. Net interest income rose to $1.79 billion for the quarter, and total other income reached $740 million. The company's net interest margin was 3.70% in both the second quarter and first quarter of 2026. Total assets grew to $219.26 billion at June 30, 2026, from $213.51 billion at December 31, 2025, with loans increasing to $143.19 billion. Nonaccrual loans declined to $1.21 billion from $1.25 billion at year-end 2025. The company's results in the period were supported by a change in accounting for residential mortgage loan servicing rights, which it elected to measure at fair value effective January 1, 2026. This election increased capitalized servicing assets by $263 million and raised retained earnings by $197 million after tax. Share repurchases remained significant, with 7.6 million common shares repurchased for $1.71 billion in the first six months of 2026, and a new $5.0 billion repurchase authorization was approved on March 30, 2026. Preferred stock was reduced by the redemption of Series G shares for $400 million, and the company issued new subordinated and senior notes during the period. M&T reported a CET1 capital ratio of 10.19% and a total capital ratio of 13.73% at June 30, 2026. Wilmington Trust, N.A. faces a civil complaint related to Tricolor Holdings, LLC asset-backed securitization transactions, and the company stated it cannot estimate potential liability from that matter, though it does not expect it to be material to its financial position.

    Aug 4, 2026
  2. 2026-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2026

    M&T Bank Corporation reported net income of $664 million for the first quarter of 2026, up from $584 million in the first quarter of 2025, and diluted earnings per common share of $4.13 compared with $3.32 a year earlier. Net interest income rose to $1.75 billion from $1.70 billion, with the net interest margin at 3.71% versus 3.66%. Total other income was $689 million, including a $33 million distribution from M&T's investment in BLG. Total other expense was $1.44 billion, up from $1.42 billion. Compared with the fourth quarter of 2025, net income declined from $759 million, reflecting seasonal salary costs of $115 million and a $15 million increase in the provision for credit losses to $140 million. The balance sheet grew modestly, with total assets of $214.74 billion at March 31, 2026, versus $213.51 billion at year-end 2025. Total shareholders' equity fell to $27.97 billion from $29.18 billion, largely due to $1.25 billion of common share repurchases and the $400 million redemption of Series G preferred stock. Short-term borrowings increased to $7.85 billion from $2.15 billion. Nonaccrual loans were $1.24 billion, or 0.89% of total loans, and the allowance for loan losses stood at $2.14 billion, or 1.53% of loans. Regulatory CET1 capital ratio for the consolidated company was 10.33%. The filing also discloses a change in accounting for residential mortgage servicing rights, which are now measured at fair value beginning January 1, 2026, adding $197 million after tax to retained earnings. Management disclosed ongoing litigation involving Wilmington Trust, N.A. related to Tricolor Holdings, LLC, for which no loss estimate can yet be made, and a new $5.0 billion share repurchase authorization was approved on March 30, 2026.

    May 5, 2026
  3. 2025-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2025

    M&T Bank Corporation's Form 10-Q for the quarter ended September 30, 2025 reports net income of $792 million for the third quarter, up from $721 million a year earlier, and diluted earnings per common share of $4.82 versus $4.02. For the nine months, net income was $2.09 billion ($2,092 million) compared with $1.91 billion, and diluted earnings per share were $12.34 versus $10.78. Net interest income rose to $1.76 billion for the quarter, the net interest margin was 3.68% (taxable-equivalent) versus 3.62% in the second quarter, and total other income reached $752 million, up from $606 million a year earlier. Credit metrics improved year over year. The provision for credit losses was $125 million for the quarter and $380 million for the nine months, down from $470 million a year earlier. Nonaccrual loans fell to $1.51 billion from $1.93 billion a year earlier, and the commercial real estate criticized loan balance declined $2.2 billion from December 31, 2024. Total loans were $136.97 billion at September 30, 2025, and total deposits were $163.43 billion. Capital returns were significant. M&T repurchased 11.6 million shares for $2.2 billion in the first nine months of 2025, and common dividends were $1.50 per share in the quarter. The filing also discloses a Tricolor Holdings, LLC bankruptcy affecting Wilmington Trust, N.A. in its custodian and trust roles, where the company believes litigation is probable but cannot estimate potential liability.

    Oct 27, 2025
  4. 2025-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2025

    M&T Bank Corporation reported net income of $716 million for the second quarter of 2025, up from $655 million in the second quarter of 2024, and $1.30 billion for the six months ended June 30, 2025, compared with $1.19 billion a year earlier. Diluted earnings per common share were $4.24 for the quarter and $7.55 for the six months. Total other income rose to $683 million in the quarter, and net interest income was $1.71 billion. Versus the first quarter of 2025, net income rose $132 million, helped by higher noninterest income, including a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the divestiture of Wilmington Trust SP Services Inc. The net interest margin was 3.62% in the quarter, down from 3.66% in the first quarter of 2025. Credit metrics were mixed. The provision for credit losses was $125 million in the quarter and $255 million for the six months, down from $350 million a year earlier. Nonaccrual loans were $1.57 billion at June 30, 2025, or 1.16% of total loans, compared with 1.50% a year earlier, while accruing loans past due 90 days or more rose to $496 million from $233 million at June 30, 2024. Criticized investor-owned commercial real estate loans declined to $4.6 billion from $5.4 billion at March 31, 2025. Capital and liquidity remained strong. Shareholders' equity was $28.5 billion at June 30, 2025, and M&T repurchased 6,073,957 common shares in the quarter at a total cost of $1.1 billion under a $4.0 billion program authorized in January 2025. The consolidated CET1 capital ratio was 10.99%, and the company estimated its stress capital buffer would be 2.7% effective October 1, 2025. Total deposits were $164.5 billion, and the company reported $87.8 billion of available liquidity sources.

    Aug 4, 2025
  5. 2025-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2025

    M&T Bank Corporation's Form 10-Q for the quarter ended March 31, 2025 reports net income of $584 million, or $3.32 diluted earnings per common share, compared with $531 million and $3.02 in the first quarter of 2024. Net interest income was $1.70 billion, up from $1.68 billion a year earlier, and the net interest margin widened to 3.66% from 3.52%. Provision for credit losses fell to $130 million from $200 million, while other expense rose to $1.42 billion from $1.40 billion, driven in part by seasonally higher salaries and employee benefits of $110 million in the quarter. Credit metrics improved. Nonaccrual loans declined to $1.54 billion from $1.69 billion at December 31, 2024, and nonaccrual loans as a percent of total loans and leases were 1.14%, down from 1.25%. Criticized investor-owned commercial real estate loans fell to $5.4 billion from $6.0 billion. The allowance for credit losses was $2.2 billion, or 1.63% of loans and leases, up from 1.61%, which the filing attributes to a modest deterioration in macroeconomic forecasts. Capital and liquidity remained strong. Total shareholders' equity was $28.99 billion, and M&T repurchased 3,415,303 common shares for a total cost of $662 million under a new $4.0 billion authorization approved January 22, 2025. The CET1 capital ratio for M&T on a consolidated basis was 11.50%, and total liquidity sources were about $89.1 billion. Average deposits declined to $161.2 billion from $164.1 billion a year earlier.

    May 5, 2025
  6. 2024-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2024

    M&T Bank Corporation reported net income of $721 million for the third quarter of 2024, up from $655 million in the second quarter of 2024, and $1.907 billion for the first nine months of 2024, down from $2.259 billion in the 2023 period. Diluted earnings per common share were $4.02 for the quarter and $10.78 for the nine months. The nine-month decline primarily reflects a $225 million gain on the April 2023 sale of the CIT business in the prior-year period, along with a 33 basis-point narrowing of the net interest margin to 3.58% from 3.91%. Net interest margin improved to 3.62% in the third quarter from 3.59% in the second quarter, and the provision for credit losses fell to $120 million from $150 million. Credit quality metrics improved on a sequential basis. Nonaccrual loans declined to $1.926 billion at September 30, 2024 from $2.024 billion at June 30, 2024, and criticized investor-owned commercial real estate loans totaled $6.7 billion, down from $7.6 billion. Total deposits were $164.6 billion and total assets were $211.8 billion at quarter end. Shareholders' equity rose to $28.9 billion, reflecting a $733 million issuance of Series J preferred stock and the $350 million redemption of Series E preferred stock. M&T repurchased 1,190,054 common shares in the third quarter for $200 million. The company's CET1 ratio was 11.54% at September 30, 2024. The filing notes that the Federal Reserve's stress capital buffer of 3.8% became effective on October 1, 2024, and that the FOMC reduced the federal funds target rate by 50 basis points in September 2024.

    Nov 5, 2024
  7. 2024-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2024

    M&T Bank Corporation's Form 10-Q for the quarter ended June 30, 2024 reports net income of $655 million for the second quarter of 2024, compared with $867 million in the second quarter of 2023, and $1.19 billion for the six months ended June 30, 2024, compared with $1.57 billion a year earlier. Diluted earnings per common share were $3.73 for the quarter and $6.76 for the first half. The decline in the year-to-date figures reflects a narrowing of the net interest margin to 3.56% from 3.97%, an absence of the $225 million gain on the April 2023 sale of the CIT business, and a $34 million FDIC special assessment in 2024. Compared with the first quarter of 2024, second-quarter net income rose $124 million, with the net interest margin expanding to 3.59% from 3.52% and the provision for credit losses falling to $150 million from $200 million. Credit metrics were mixed. Nonaccrual loans declined to $2.02 billion at June 30, 2024 from $2.17 billion at December 31, 2023, and the allowance for credit losses rose to $2.20 billion, or 1.63% of loans and leases. Criticized investor-owned commercial real estate loans totaled $7.6 billion, or 26% of such loans. Net charge-offs were $137 million in the quarter, equal to an annualized 0.41% of average loans. Total criticized commercial and industrial and commercial real estate loans were $12.1 billion, or 13.5% of those loan categories, down from 14.3% at March 31, 2024. Funding and capital were also in focus. Total deposits fell to $159.9 billion from $163.3 billion at year-end 2023, while long-term borrowings rose to $11.3 billion from $8.2 billion, including a $2.0 billion FHLB advance and $850 million of senior notes issued in March 2024. M&T issued $733 million of Series J preferred stock in May 2024 and announced its intention to redeem all 350,000 shares of Series E preferred stock on August 15, 2024. Shareholders' equity was $28.4 billion, and the CET1 ratio was 11.45%. M&T's stress capital buffer is estimated at 3.8%, effective October 1, 2024.

    Aug 5, 2024
  8. 2024-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2024

    M&T Bank Corporation's first-quarter 2024 Form 10-Q reports net income of $531 million, or $3.02 diluted earnings per common share, compared with $702 million, or $4.01 diluted, in the first quarter of 2023. Net interest income fell to $1.68 billion from $1.82 billion a year earlier, as the net interest margin narrowed to 3.52% from 4.04%, reflecting higher rates paid on deposits and borrowings. The provision for credit losses rose to $200 million from $120 million, citing declines in commercial real estate values and a deterioration in loans to nonautomotive dealers and healthcare facilities. Total other expense rose to $1.40 billion, including a $29 million incremental FDIC special assessment. Balance sheet growth was driven by funding. Total assets increased to $215.14 billion from $208.26 billion at year-end 2023, with interest-bearing deposits at banks rising to $32.14 billion. Long-term borrowings increased to $11.45 billion from $8.20 billion, including a $2.0 billion FHLB advance and an $850 million senior note issuance in March 2024. Nonaccrual loans were $2.30 billion, up $136 million from year-end 2023, largely due to commercial and industrial loans. Shareholders' equity was $27.17 billion, and the common equity tier 1 ratio for the consolidated company was 11.08%. For investors, the quarter shows resilient but pressured earnings: revenue is held back by margin compression and elevated credit costs, while capital and liquidity metrics remain strong. Management reported net operating income of $543 million and a diluted net operating EPS of $3.09 as supplemental non-GAAP measures.

    May 3, 2024
  9. 2023-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2023

    M&T Bank Corporation's Form 10-Q for the quarter ended September 30, 2023 reports net income of $689.9 million for the third quarter, up from $646.6 million in the third quarter of 2022 but down from $867.0 million in the second quarter of 2023, which included a $225 million pre-tax gain on the sale of the CIT business. For the first nine months of 2023, net income was $2.26 billion versus $1.23 billion a year earlier, helped by a full period of People's United operations, and diluted earnings per common share were $13.05 for the nine-month period. Net interest margin was 3.79% in the third quarter, up from 3.68% a year earlier but down from 3.91% in the second quarter, and the provision for credit losses was $150 million in the quarter. Total assets were $209.1 billion at September 30, 2023 and shareholders' equity was $26.2 billion. The filing highlights rising funding costs and pressure on commercial real estate. Interest expense rose to $866.0 million in the quarter from $102.8 million a year earlier, and time deposits grew to $20.0 billion from $10.1 billion at year-end 2022. Nonaccrual loans were $2.34 billion, or 1.77% of loans, and criticized commercial real estate loans remained elevated, with investor-owned commercial real estate comprising $8.0 billion, or 72%, of total criticized loans. Management also disclosed an estimated $183 million FDIC special assessment, expected to be recorded in the quarter of enactment. Capital and shareholder returns remained substantial. The company repurchased $600 million of common stock during the first nine months of 2023 and paid common dividends of $1.30 per share in each of the recent quarters. The company's CET1 ratio was 10.95% on a consolidated basis at September 30, 2023, and the stress capital buffer was 4.7% at that date, with a 4.0% buffer effective October 1, 2023. The filing also notes Moody's downgrade of M&T's senior and subordinated debt ratings from A3 to Baa1 in August 2023.

    Nov 6, 2023
  10. 2023-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2023

    M&T Bank Corporation's Form 10-Q for the quarter ended June 30, 2023 reports net income of $867.0 million for the second quarter of 2023, compared with $217.5 million in the second quarter of 2022, and $1.57 billion for the first six months of 2023 versus $579.7 million a year earlier. Diluted earnings per common share were $5.05 for the quarter and $9.06 for the six months. Results were lifted by a $225 million pre-tax gain on the sale of the Collective Investment Trust (CIT) business, completed April 29, 2023. Net interest income rose to $1.80 billion in the quarter from $1.41 billion, and the filing states the net interest margin was 3.91%, up from 3.01% a year earlier, reflecting the rising rate environment. Provision for credit losses was $150 million in the quarter, down from $302 million in the year-earlier quarter. Balance sheet figures show total assets of $207.67 billion at June 30, 2023, up from $200.73 billion at December 31, 2022, with total deposits of $162.06 billion versus $163.51 billion. Short-term borrowings rose to $7.91 billion and long-term borrowings to $7.42 billion, and the company issued $1.0 billion of senior notes in January 2023 plus $1.3 billion and $1.2 billion of additional senior notes. Nonaccrual loans were $2.44 billion, or 1.83% of total loans and leases, and accruing loans past due 90 days or more were $380 million. Shareholders' equity was $25.80 billion, and no share repurchases occurred in the second quarter after $600 million of repurchases in the first quarter. The filing also discloses a proposed FDIC special assessment that M&T estimates at $183 million, to be expensed in the quarter of enactment, and notes that Moody's downgraded the senior and subordinated debt ratings of M&T and M&T Bank from A3 to Baa1 on August 7, 2023.

    Aug 8, 2023
  11. 2023-Q1-A

    M&T Bank Quarterly Report (Amendment) for Q1 Ended Mar 31, 2023

    M&T Bank Corporation reported net income of $701.6 million for the first quarter of 2023, compared with $362.2 million in the first quarter of 2022, with diluted earnings per common share of $4.01 versus $2.62. Net interest income rose to $1.82 billion from $904.2 million, reflecting the People's United acquisition completed April 1, 2022 and higher interest rates; the filing states the net interest margin was 4.04%, compared with 2.65% a year earlier. The provision for credit losses increased to $120.0 million from $10.0 million, and nonaccrual loans were $2.56 billion, or 1.92% of total loans and leases, compared with $2.13 billion, or 2.32%, at March 31, 2022. Total assets were $202.96 billion at March 31, 2023, and total deposits declined to $159.08 billion from $163.51 billion at December 31, 2022, while short-term and long-term borrowings rose. Shareholders' equity was $25.38 billion. During the quarter the company repurchased 3,838,157 common shares for approximately $600 million and raised its quarterly common dividend to $1.30 per share from $1.20. The filing also notes that the sale of the Collective Investment Trust business was completed in April 2023, with a pre-tax gain of approximately $225 million expected in the second quarter of 2023. Management reports that People's United operations not yet converted to M&T systems were excluded from internal control assessment for the quarter.

    May 15, 2023
  12. 2023-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2023

    M&T Bank Corporation reported net income of $701.6 million for the three months ended March 31, 2023, compared with $362.2 million in the first quarter of 2022, and diluted earnings per common share of $4.01 versus $2.62. Net interest income rose to $1.82 billion from $904.2 million, reflecting the April 1, 2022 acquisition of People's United Financial, Inc. and a net interest margin of 4.04% versus 2.65% a year earlier. Net operating income, a non-GAAP measure the company uses to exclude acquisition-related intangible amortization and merger expenses, was $715 million, or $4.09 per diluted share. The company's total assets were $202.96 billion at March 31, 2023, and shareholders' equity was $25.38 billion, or 12.50% of total assets. Credit metrics showed pressure in commercial real estate. The provision for credit losses was $120 million, compared with $10 million a year earlier, and the allowance for credit losses stood at $1.98 billion. Nonaccrual loans were $2.56 billion, or 1.92% of total loans and leases, versus 2.32% a year earlier. Management cited concerns about commercial real estate values in the health care and office building sectors, and investor-owned commercial real estate made up $7.6 billion, or 72%, of total criticized loans. Capital and liquidity actions included $600 million of share repurchases in the quarter, a common dividend increase to $1.30 per share from $1.20, and $3.5 billion of new senior notes issued in January 2023. The filing also discloses a pending gain of approximately $225 million on the sale of the Collective Investment Trust business, which closed in April 2023 and is expected to be recognized in the second quarter.

    May 5, 2023
  13. 2022-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2022

    M&T Bank Corporation's Form 10-Q for the quarter ended September 30, 2022 shows third-quarter net income of $646.6 million, or $3.53 diluted earnings per common share, up from $495.5 million a year earlier. The results reflect the April 1, 2022 acquisition of People's United Financial, Inc., which was valued at approximately $8.4 billion and added $35.8 billion of loans and leases, $11.6 billion of investment securities and $53.0 billion of deposits. Total assets were $197.96 billion at quarter-end, compared with $155.11 billion at December 31, 2021, and goodwill rose to $8.50 billion. Net interest income reached $1.68 billion for the quarter, versus $967.3 million a year earlier, and the taxable-equivalent net interest margin was 3.68%, compared with 2.74% in the third quarter of 2021. Credit quality metrics were mixed. The provision for credit losses was $115 million in the third quarter, following $302 million in the second quarter that included a $242 million provision on non-PCD acquired loans. Nonaccrual loans were $2.43 billion, or 1.89% of total loans and leases, compared with 2.40% a year earlier. Net charge-offs were $63 million, and the allowance for credit losses totaled $1.88 billion. Noninterest expense rose to $1.28 billion from $899 million, driven largely by People's United operations and $53 million of merger-related expenses in the quarter. The filing also reports that M&T repurchased $600 million of common stock in the quarter under a $3.0 billion program authorized on July 19, 2022, and that it agreed to sell M&T Insurance Agency, Inc., with an expected pre-tax gain of approximately $135 million, a transaction completed on October 31, 2022. Shareholders' equity was $25.26 billion at September 30, 2022, representing 12.76% of total assets. The regulatory capital ratios for M&T on a consolidated basis were 10.75% for Common Equity Tier 1 and 13.96% for total capital. Net operating income, a non-GAAP measure that excludes acquisition-related intangible amortization and merger-related expenses, was $700 million, or $3.83 per diluted share.

    Nov 7, 2022
  14. 2022-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2022

    M&T Bank Corporation (MTB) reported net income of $217.5 million for the second quarter of 2022, compared with $458.1 million in the second quarter of 2021, and diluted earnings per common share of $1.08 versus $3.41. For the first six months of 2022, net income was $579.7 million, or $3.45 diluted earnings per share, compared with $905.3 million, or $6.73, in the first half of 2021. The results reflect 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 $47.4 billion of deposits, and contributed to a $3.9 billion goodwill balance. Merger-related expenses were $346 million after tax ($465 million pre-tax) in the quarter, or $1.94 per diluted share, and included a $242 million provision for credit losses on acquired non-PCD loans. Net opering income, a non-GAAP measure the company uses to exclude merger-related and intangible amortization costs, was $578 million in the second quarter, or $3.10 per diluted share, compared with $463 million, or $3.45, a year earlier. Net interest income rose to $1.41 billion from $942 million, and the net interest margin widened to 3.01% from 2.77%. Total assets reached $204.0 billion at June 30, 2022, and shareholders' equity was $25.8 billion. Nonaccrual loans were $2.63 billion, or 2.05% of total loans and leases, up from $2.24 billion, or 2.31%, a year earlier, while accruing loans past due 90 days or more declined to $524 million from $1.08 billion. The company repurchased 3,505,946 common shares for $600 million in the quarter, and on July 19, 2022 its board authorized a new repurchase program of up to $3.0 billion. Common stock dividends declared were $1.20 per share in the quarter. Regulatory capital ratios remained above minimums, with consolidated common equity Tier 1 at 10.94% and total capital at 14.27% as of June 30, 2022.

    Aug 5, 2022
  15. 2022-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2022

    M&T Bank Corporation reported first-quarter 2022 net income of $362.2 million, or $2.62 diluted earnings per common share, down from $447.2 million, or $3.33 per share, in the first quarter of 2021. Net income available to common shareholders was $339.6 million. Net interest income fell to $904.2 million from $981.4 million, with the net interest margin narrowing to 2.65% from 2.97%, reflecting a $7.2 billion decline in average loans and leases and lower loan yields. Other income rose to $540.9 million from $505.6 million, aided by higher trust income and a $30 million distribution from Bayview Lending Group, while mortgage banking revenues declined to $109.1 million. Total other expense increased to $959.7 million from $919.4 million. The provision for credit losses was $10.0 million, compared with a credit of $25.0 million a year earlier, and net charge-offs were $6.9 million. Total assets declined to $149.86 billion at March 31, 2022 from $155.11 billion at December 31, 2021, largely because interest-bearing deposits at banks fell to $36.03 billion from $41.87 billion. Total deposits fell to $126.32 billion from $131.54 billion, and shareholders' equity was $17.88 billion, essentially unchanged. Nonaccrual loans rose to $2.13 billion, or 2.32% of total loans and leases, from $2.06 billion, or 2.22%, at year-end 2021. Accumulated other comprehensive loss widened to $377.4 million from $127.6 million, driven by unrealized losses on investment securities and cash flow hedges. The filing states that M&T completed its acquisition of People's United Financial, Inc. on April 1, 2022, at a purchase price of approximately $8.4 billion, issuing 50,325,004 common shares. As of March 31, 2022, People's United reported total assets of approximately $63.0 billion, including $36.3 billion of loans and $53.0 billion of deposits. Merger-related expenses were approximately $17 million in the quarter.

    May 5, 2022
  16. 2021-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2021

    M&T Bank Corporation's Form 10-Q for the quarter ended September 30, 2021 reports net income of $495.5 million for the third quarter of 2021, up from $372.1 million in the third quarter of 2020, and diluted earnings per common share of $3.69 (versus $2.75). For the first nine months of 2021, net income was $1.40 billion, or $10.43 of diluted earnings per common share, compared with $882.0 million or $6.42 a year earlier. The results reflect a provision for credit losses that was a recapture of $20 million in the quarter, compared with a $150 million provision in the third quarter of 2020, as improved economic forecasts reduced expected credit losses. Net interest income rose modestly to $967.3 million in the quarter from $943.1 million, while the net interest margin declined to 2.74% from 2.95% a year earlier, which the filing attributes to a higher proportion of low-yielding balances at the Federal Reserve Bank of New York. Total other income increased to $569.1 million, and total other expense rose to $899.3 million, including $9 million of merger-related expenses. Total assets reached $151.9 billion at September 30, 2021, and shareholders' equity was $17.5 billion, including $1.75 billion of preferred stock after the August 2021 issuance of 50,000 Series I preferred shares. The filing describes the pending acquisition of People's United Financial, Inc., an all-stock transaction valued at approximately $7.6 billion that has been approved by both companies' boards and shareholders but remains subject to Federal Reserve Board approval. Nonaccrual loans rose to $2.24 billion, or 2.40% of total loans and leases, from $1.24 billion, or 1.26%, a year earlier, largely reflecting hotel-related commercial real estate loans, and the company reports that COVID-19 continues to affect certain sectors.

    Nov 5, 2021
  17. 2021-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2021

    M&T Bank Corporation reported net income of $458 million for the second quarter of 2021, compared with $241 million in the second quarter of 2020, and diluted earnings per common share of $3.41 versus $1.74. For the first six months of 2021, net income was $905 million, or $6.73 per diluted share, compared with $510 million, or $3.67, a year earlier. The company recorded a provision for credit losses recapture of $15 million in the second quarter of 2021, compared with a provision of $325 million in the second quarter of 2020, reflecting improved economic forecasts since the pandemic-driven reserve builds of 2020. Net interest income was $942 million in the quarter versus $957 million a year earlier, as the net interest margin narrowed to 2.77% from 3.13%, largely due to lower rates and higher low-yielding balances at the Federal Reserve Bank of New York. Total deposits rose to $128.3 billion at June 30, 2021 from $119.8 billion at December 31, 2020, while total loans and leases, net of unearned discount, were $97.1 billion. Nonaccrual loans increased to $2.24 billion, or 2.31% of total loans and leases, from $1.16 billion, or 1.18%, a year earlier, with the filing citing pandemic effects on hospitality-sector borrowers. The filing also details the pending acquisition of People's United Financial, Inc., an all-stock transaction valued at approximately $7.4 billion, which the companies' shareholders have approved and which is expected to close in the fourth quarter of 2021 subject to regulatory approvals. Shareholders' equity was $16.7 billion at June 30, 2021, representing 11.10% of total assets, and M&T stated it does not expect share repurchases while the acquisition is pending.

    Aug 5, 2021
  18. 2021-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2021

    M&T Bank Corporation's first-quarter 2021 Form 10-Q reports net income of $447.2 million, or $3.33 per diluted common share, compared with $268.8 million in the first quarter of 2020. Net interest income rose slightly to $981.4 million from $976.8 million, while the provision for credit losses was a $25.0 million recapture versus a $250.0 million provision a year earlier, reflecting improved macroeconomic forecasts at March 31, 2021. Total other income fell to $505.6 million from $529.4 million, and total other expense rose to $919.4 million from $906.4 million. The net interest margin narrowed to 2.97% from 3.65% as the Federal Reserve lowered rates in March 2020. Total assets grew to $150.48 billion at March 31, 2021 from $142.60 billion at December 31, 2020, driven by a rise in interest-bearing deposits at banks to $31.41 billion and in total deposits to $128.48 billion. Nonaccrual loans increased to $1.96 billion, or 1.97% of total loans and leases, from $1.89 billion at year-end 2020, and accruing loans past due 90 days or more rose to $1.08 billion, predominantly residential real estate loans. Shareholders' equity was $16.45 billion. The company disclosed a pending all-stock acquisition of People's United Financial, Inc., valued at approximately $7.7 billion, which is expected to close in the fourth quarter of 2021 subject to regulatory and shareholder approvals. M&T incurred about $10 million of pre-tax merger-related expenses in the quarter and did not repurchase shares under its new $800 million authorization, as it does not expect repurchases while the People's United deal is pending. Common dividends of $1.10 per share were declared in the quarter.

    May 6, 2021
  19. 2020-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2020

    M&T Bank Corporation's Form 10-Q for the quarter ended September 30, 2020 shows third-quarter net income of $372.1 million, or $2.75 diluted earnings per common share, compared with $480.1 million ($3.47) in the third quarter of 2019 and $241.1 million in the second quarter of 2020. For the nine months ended September 30, 2020, net income was $882.0 million, or $6.42 per diluted share, versus $1.44 billion ($10.16) a year earlier. The filing attributes the decline primarily to a sharply higher provision for credit losses, which totaled $725 million for the first nine months of 2020 compared with $122 million in the prior year period, reflecting the adoption of new credit loss accounting on January 1, 2020 and the economic effects of the COVID-19 pandemic. Net interest income also fell, to $2.88 billion from $3.12 billion, as the net interest margin narrowed to 2.95% in the quarter from 3.78% a year earlier. Balance sheet growth was substantial. Total assets rose to $138.63 billion at September 30, 2020 from $119.87 billion at December 31, 2019, driven largely by a $20.20 billion increase in interest-bearing deposits at banks and a $7.72 billion increase in total deposits to $115.16 billion. Loans and leases, net of unearned discount, grew to $98.45 billion, including $6.5 billion of Paycheck Protection Program loans. The allowance for credit losses increased to $1.76 billion, or 1.79% of loans and leases, against $1.05 billion at year-end 2019. Nonaccrual loans rose to $1.24 billion, or 1.26% of total loans and leases. Shareholders' equity was $16.10 billion, and the company has ceased share repurchases for the time being, with no repurchases in the second or third quarters of 2020. Management states that the pandemic could have a material impact on future results. It expects continued pressure on net interest margin from the low-rate environment, possible further provisions and charge-offs, and reduced fee income in areas such as service charges, interchange and trust income. Approximately 9,378.6 million of COVID-19 related loan modifications were outstanding at September 30, 2020, substantially all scheduled to expire in the fourth quarter of 2020.

    Nov 4, 2020
  20. 2020-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2020

    M&T Bank Corporation's Form 10-Q for the quarter ended June 30, 2020 shows net income of $241 million, or $1.74 of diluted earnings per common share, for the second quarter, compared with $473 million, or $3.34, in the year-earlier quarter. Net income for the first half of 2020 was $510 million, or $3.67 per diluted share, versus $956 million, or $6.69, in the first half of 2019. The provision for credit losses rose to $325 million in the quarter from $55 million a year earlier, and to $575 million for the six months, reflecting the adoption of the new credit loss standard on January 1, 2020 and a deteriorating economic outlook tied to COVID-19. The filing states that the adoption increased the allowance for credit losses by $132 million, and that the allowance stood at $1.64 billion, or 1.68% of loans and leases, at June 30, 2020. Net interest income fell to $957 million in the quarter from $1.04 billion a year earlier, as the net interest margin narrowed to 3.13% from 3.91% amid lower interest rates. Total deposits grew to $115.0 billion from $94.8 billion at December 31, 2019, and total assets reached $139.5 billion. Nonaccrual loans rose to $1.16 billion, or 1.18% of total loans and leases. The company ceased share repurchases, and M&T's Board had not repurchased shares in the second quarter of 2020. The filing states that the COVID-19 pandemic could have a material impact on future results, and it describes the company's participation in the Paycheck Protection Program, under which $6.5 billion of loans had been funded by June 30, 2020.

    Aug 5, 2020
  21. 2020-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2020

    M&T Bank Corporation's first-quarter 2020 Form 10-Q reports net income of $268.8 million, or $1.93 per diluted common share, down from $482.7 million, or $3.35 per diluted share, in the first quarter of 2019. The results were adversely affected by the COVID-19 pandemic: the provision for credit losses rose to $250.0 million from $22.0 million a year earlier, and the company states that the pandemic could have a material impact on its future financial results. Management also notes that the adoption of the new credit loss standard on January 1, 2020 added $132 million to the allowance for credit losses. The allowance totaled $1.38 billion at March 31, 2020, compared with $1.18 billion on January 1, 2020. Net interest income fell to $976.8 million from $1,050.1 million, with the net interest margin at 3.65% versus 4.04% a year earlier, reflecting lower interest rates following Federal Reserve rate cuts. Total other income rose to $529.4 million from $500.8 million, led by higher mortgage banking revenues ($127.9 million versus $95.3 million) and trust income ($148.8 million versus $132.8 million), partly offset by a $20.8 million loss on bank investment securities. Total other expense increased to $906.4 million from $894.3 million. Total assets grew to $124.6 billion from $119.9 billion at year-end 2019, driven largely by a $5.4 billion increase in net deposits, and shareholders' equity reached $15.8 billion. Management states that it has ceased repurchasing common stock for the time being in light of the pandemic, that loan customers have requested COVID-19 relief including modifications on $14.1 billion of commercial balances and $15.2 billion of residential real estate balances through April 30, 2020, and that the company had approved 32,440 Paycheck Protection Program loans totaling $7.0 billion through the same date. Common dividends declared were $1.10 per share for the quarter.

    May 7, 2020
  22. 2019-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2019

    M&T Bank Corporation reported net income of $480.1 million, or $3.47 of diluted earnings per common share, for the third quarter of 2019, compared with $526.1 million, or $3.53 per diluted share, in the third quarter of 2018. For the first nine months of 2019, net income was $1.44 billion, or $10.16 per diluted share, versus $1.37 billion, or $9.00 per diluted share, a year earlier. Net interest income for the quarter was $1.03 billion, roughly flat year over year, as the net interest margin narrowed to 3.78% from 3.88%, which management attributed largely to higher rates paid on deposits and lower loan yields following Federal Reserve rate cuts. Average loans and leases rose to $90.1 billion, and the provision for credit losses increased to $45 million from $16 million. Total other income rose to $527.8 million in the quarter from $459.3 million, driven by higher mortgage banking revenues ($137.0 million versus $88.4 million) and trust income ($143.9 million versus $133.5 million). Other expense increased to $877.6 million from $776.0 million, reflecting higher salaries and employee benefits and a $48 million charge recorded in the second quarter related to the sale of an investment in an asset manager. The efficiency ratio was 55.9% for the quarter versus 51.4% a year earlier. Shareholders' equity totaled $15.8 billion at September 30, 2019, and the company repurchased 6,533,000 common shares for $1.07 billion during the first nine months of 2019, while issuing $400 million of Series G preferred stock and redeeming $381.5 million of Series A and Series C preferred stock. The filing also notes a $50 million expense recorded in the first quarter of 2019 to increase the reserve for legal matters tied to Wilmington Trust, N.A.'s role as trustee of Employee Stock Ownership Plans, and a July 2019 settlement in principle with the Department of Labor on certain pending ESOP matters. The company expects the allowance for credit losses to increase by 5 to 15 percent upon adoption of the new credit loss standard on January 1, 2020.

    Nov 5, 2019
  23. 2019-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2019

    M&T Bank Corporation reported net income of $473 million, or $3.34 per diluted common share, for the second quarter of 2019, compared with $493 million, or $3.26 per diluted share, in the year-earlier quarter. For the first six months of 2019, net income was $956 million, or $6.69 per diluted share, versus $846 million, or $5.48, in the first half of 2018. Net operating income, a non-GAAP measure the company provides, was $477 million for the quarter. Net interest margin widened to 3.91% from 3.83% a year earlier, while the provision for credit losses rose to $55 million from $35 million. Total other expense increased to $873 million, which includes a $48 million charge to write down an equity-method investment in an asset manager. Total assets were $121.55 billion at June 30, 2019, and total deposits were $91.68 billion. Shareholders' equity was $15.69 billion. Nonaccrual loans were $865 million, or .96% of total loans and leases, compared with $820 million, or .93%, a year earlier. Accruing loans past due 90 days or more, excluding loans acquired at a discount, rose to $349 million, or .39% of total loans, from $223 million, or .25%, a year earlier, with a substantial portion attributable to government-guaranteed loans. During the first half of 2019, M&T repurchased common shares at a total cost of $768 million. Looking ahead, M&T announced a 2019 Capital Plan reflecting net capital distributions of approximately $1.9 billion over the four quarters beginning July 1, 2019, and the Board authorized a new repurchase program of up to $1.635 billion in July 2019. In July 2019, the company issued 40,000 shares of Series G preferred stock and expected to redeem its Series A and Series C preferred shares on August 30, 2019. The company also reported a July 2019 settlement in principle with the Department of Labor regarding certain ESOP trustee matters, which it does not expect to have a material incremental impact on its financial position.

    Aug 5, 2019
  24. 2019-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2019

    M&T Bank Corporation's first-quarter 2019 Form 10-Q reports net income of $482.7 million, or $3.35 of diluted earnings per common share, compared with $352.6 million, or $2.23 per diluted share, in the first quarter of 2018. The quarter absorbed a $50 million increase in the reserve for legal matters tied to Wilmington Trust, N.A.'s role as ESOP trustee, which reduced net income by $37 million, or $.27 per diluted share, while $37 million of distributed income from Bayview Lending Group LLC added $28 million, or $.20 per diluted share. Net interest income rose to $1.05 billion from $975.5 million, and the net interest margin widened to 4.04% from 3.71% a year earlier, reflecting higher short-term interest rates. The provision for credit losses fell to $22 million from $43 million, and net charge-offs were $22.1 million. Total assets were $120.03 billion at March 31, 2019, essentially flat from $120.10 billion at December 31, 2018. Total deposits rose to $90.47 billion, and shareholders' equity was $15.59 billion, or 12.99% of total assets. Over the quarter the company repurchased 2,150,000 common shares for $366 million, and remaining authorization under its program was $436 million as of March 31, 2019. Nonaccrual loans were $882 million, or .99% of total loans and leases. The company adopted the new lease accounting standard on January 1, 2019, recording right-of-use assets of $394 million and related liabilities of $399 million, with no material effect on the income statement. The filing also discloses that the company's Wilmington Trust subsidiary faces Department of Labor investigations and lawsuits related to ESOP trustee activities, and that the reasonably possible range of losses beyond the recorded liability is between $0 and $100 million. Regulatory capital ratios at the consolidated level were 10.03% CET1 and 13.56% total capital.

    May 2, 2019
  25. 2018-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2018

    M&T Bank Corporation's Form 10-Q for the quarter ended September 30, 2018 reports net income of $526 million, or $3.53 of diluted earnings per common share, for the third quarter of 2018, compared with $356 million, or $2.21 per diluted share, a year earlier. For the nine months ended September 30, 2018, net income was $1.37 billion, or $9.00 per diluted share, versus $1.09 billion, or $6.69, in the same period of 2017. Results were supported by a wider net interest margin of 3.88% in the quarter (from 3.53%), which the filing attributes mainly to higher short-term interest rates, partly offset by a $2.8 billion decline in average earning assets. The first quarter of 2018 included a $135 million addition to the reserve for litigation related to Wilmington Trust Corporation, and the lower federal corporate tax rate under the Tax Cuts and Jobs Act reduced the effective tax rate to 24.5% in the quarter. Credit quality remained stable. The provision for credit losses fell to $16 million in the third quarter from $30 million a year earlier, and net charge-offs were $16 million, or .07% of average loans annualized. Nonaccrual loans were $871 million, or 1.00% of total loans and leases, and the allowance for credit losses was $1.02 billion, or 1.18% of total loans and leases. Total deposits declined to $89.1 billion from $92.4 billion at December 31, 2017, while shareholders' equity was $15.4 billion, or 13.21% of total assets. Capital actions were significant during the period. M&T repurchased 9,235,817 common shares for $1.7 billion in the first nine months of 2018 and raised its quarterly common dividend to $1.00 per share in the third quarter from $.75 a year earlier. The company also disclosed a $1.8 billion share repurchase program running through June 30, 2019, and the Wilmington Trust class action settlement of $200 million was paid in the third quarter, subject to final court approval expected in the fourth quarter of 2018.

    Nov 5, 2018
  26. 2018-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2018

    M&T Bank Corporation's Form 10-Q for the quarter ended June 30, 2018 reports net income of $493.2 million, or $3.26 per diluted common share, for the second quarter of 2018, compared with $381.1 million, or $2.35 per diluted share, in the second quarter of 2017. For the six months ended June 30, 2018, net income was $845.8 million, or $5.48 per diluted share, versus $730.0 million, or $4.47, a year earlier. Results were helped by a higher net interest margin, which the filing states widened to 3.83% in the second quarter from 3.45% a year earlier, and by a lower federal income tax rate under the Tax Act. Net income for the first quarter of 2018 was reduced by a $135 million addition to the litigation reserve tied to a Wilmington Trust class action, which the filing says has an agreed $200 million settlement that is within the reserve. Total assets were $118.4 billion at June 30, 2018, essentially flat from $118.6 billion at December 31, 2017. Total deposits declined to $89.3 billion from $92.4 billion, while short-term borrowings rose to $3.2 billion from $175 million, and shareholders' equity was $15.6 billion. Nonaccrual loans fell to $820 million, or .93% of total loans and leases, from $883 million, or 1.00%, at year-end 2017. The company repurchased 2,608,376 shares in the second quarter for $475 million and increased its quarterly common dividend to $.80 per share from $.75. In July 2018 its board authorized a new repurchase program of up to $1.8 billion. Average loans and leases declined 2% year over year to $87.4 billion in the second quarter, driven by a 13% decline in residential real estate loans tied to the Hudson City portfolio, while consumer loans rose 8%. Investment securities fell to $13.3 billion at quarter-end from $14.7 billion at December 31, 2017.

    Aug 2, 2018
  27. 2018-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2018

    M&T Bank Corporation reported net income of $352.6 million, or $2.23 per diluted common share, for the first quarter of 2018, compared with $348.9 million, or $2.12 per diluted share, in the first quarter of 2017. Results were affected by a $135 million increase in the reserve for litigation matters, related to the Wilmington Trust class action, which reduced net income by $102 million or $.68 per diluted share. Income tax expense also reflected the reduction of the federal corporate tax rate from 35% to 21% under the Tax Act. Net interest income rose to $975.5 million from $914.3 million, and the net interest margin widened to 3.71% from 3.34% a year earlier, reflecting higher short-term interest rates. Average loans and leases declined 2% to $87.8 billion. Noninterest expense rose to $933.3 million from $787.9 million, driven largely by the litigation reserve increase. The efficiency ratio was 64.0%, compared with 56.9% a year earlier. Credit quality was stable: nonaccrual loans were $865 million, or .99% of total loans and leases, versus 1.04% a year earlier, and the provision for credit losses fell to $43 million from $55 million. Shareholders' equity was $15.7 billion, or 13.24% of total assets. During the quarter the company repurchased 3,783,282 common shares for a total cost of $721 million. The filing also notes that the company adopted new accounting guidance requiring equity securities to be measured at fair value through net income, which produced $9 million of net unrealized losses in the quarter. The Wilmington Trust class action reached an agreement in principle in April 2018, with the anticipated settlement amount within the existing litigation reserve.

    May 4, 2018
  28. 2017-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2017

    M&T Bank Corporation reported net income of $355.9 million, or $2.21 of diluted earnings per common share, for the third quarter of 2017, compared with $350.0 million, or $2.10, in the third quarter of 2016. For the first nine months of 2017, net income was $1.09 billion, or $6.69 of diluted earnings per share, versus $984.5 million, or $5.80, a year earlier. Net interest income rose to $957.1 million in the quarter from $858.3 million, with the net interest margin widening to 3.53% from 3.05%, largely reflecting Federal Reserve rate increases. Third-quarter results were reduced by a $50 million addition to the reserve for legal matters 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, which together reduced net income by $48 million, or $.31 per diluted share. Total assets declined to $120.4 billion at September 30, 2017 from $123.4 billion at December 31, 2016, while total deposits fell to $93.5 billion from $95.5 billion. Shareholders' equity was $16.3 billion, or 13.55% of total assets. The company repurchased 6,025,749 common shares for $982 million during the first nine months of 2017 and declared quarterly common dividends of $.75 per share. Credit metrics were stable: the allowance for credit losses was $1.01 billion, or 1.15% of total loans and leases, and nonaccrual loans were $869 million, or .99% of loans. The filing also notes that the Federal Reserve Bank of New York terminated its 2013 written agreement with M&T and M&T Bank related to Bank Secrecy Act and anti-money-laundering compliance on July 25, 2017. Regulatory capital ratios remained above minimums, with consolidated common equity Tier 1 at 10.98% and total capital at 14.87%.

    Nov 3, 2017
  29. 2017-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2017

    M&T Bank Corporation reported net income of $381 million, or $2.35 diluted earnings per common share, for the second quarter of 2017, compared with $336 million, or $1.98, in the second quarter of 2016. For the six months ended June 30, 2017, net income was $730 million, or $4.47 diluted earnings per share, versus $635 million, or $3.71, a year earlier. Net operating income, a non-GAAP measure the company provides, was $386 million for the quarter, or $2.38 per diluted share. Taxable-equivalent net interest income rose 9% year over year to $947 million, driven by a net interest margin of 3.45% versus 3.13% in the prior-year quarter, reflecting Federal Reserve rate increases in December 2016, March 2017 and June 2017. Credit quality was broadly stable. The provision for credit losses was $52 million for the quarter, and net charge-offs were $45 million, or an annualized .20% of average loans and leases. Nonaccrual loans were $872 million, or .98% of total loans and leases, down from $927 million at March 31, 2017. The allowance for credit losses was $1.01 billion, or 1.13% of total loans and leases. Total loans and leases were $89.1 billion, and total deposits were $93.5 billion at June 30, 2017, down from $95.5 billion at December 31, 2016. Capital returns remained a focus. During the first half of 2017, M&T repurchased 4,643,003 common shares for $757 million and paid $231 million in common dividends. The quarterly common dividend was raised to $.75 per share. The Federal Reserve did not object to the 2017 Capital Plan, which allows repurchases of up to $900 million over the four quarters beginning July 1, 2017. The filing also notes that on July 25, 2017 the Federal Reserve Bank of New York terminated a 2013 written agreement covering BSA/AML compliance. The Wilmington Trust subsidiary faces a criminal trial scheduled for October 2, 2017, and a securities class action with trial set for June 18, 2018.

    Aug 7, 2017
  30. 2017-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2017

    M&T Bank Corporation (MTB) reported net income of $348.9 million, or $2.12 per diluted common share, for the first quarter of 2017, compared with $298.5 million, or $1.73 per diluted share, in the first quarter of 2016. The filing attributes $18 million, or $.12 per diluted share, of the increase in earnings to the adoption of new share-based compensation guidance, which moved excess tax benefits into income tax expense. Net operating income was $354.0 million, or $2.15 per diluted share, versus $320.1 million, or $1.87, a year earlier. Return on average assets was 1.15% and return on average common shareholders' equity was 8.89%. Net interest income rose to $914.3 million from $872.0 million, and taxable-equivalent net interest margin widened to 3.34% from 3.18%, reflecting Federal Reserve rate increases in December 2016 and March 2017. Total other income increased to $446.8 million from $420.9 million, led by higher trust income and other revenues, while total other expense rose to $787.9 million from $776.1 million. The provision for credit losses increased to $55.0 million from $49.0 million, and nonaccrual loans were $926.7 million, or 1.04% of total loans and leases. The allowance for credit losses stood at $1.0 billion, or 1.12% of total loans and leases. Balance sheet highlights include total assets of $123.2 billion, total deposits of $97.0 billion, and total shareholders' equity of $16.2 billion at March 31, 2017. During the quarter, M&T repurchased 3,233,196 common shares for $532 million and raised its quarterly common dividend to $.75 per share from $.70. Long-term borrowings declined to $8.1 billion from $9.5 billion.

    May 5, 2017
  31. 2016-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2016

    M&T Bank Corporation's Form 10-Q for the quarter ended September 30, 2016 reports net income of $349,984 thousand ($350 million) for the third quarter of 2016, or $2.10 of diluted earnings per common share, compared with $280,401 thousand ($1.93 per diluted share) in the year-earlier quarter. For the first nine months of 2016, net income was $984,543 thousand ($5.80 diluted EPS), versus $808,702 thousand ($5.56) a year earlier. Results were lifted by the November 1, 2015 acquisition of Hudson City Bancorp, which added $19.0 billion of loans and about $17.9 billion of deposits at acquisition, and by a $28 million pre-tax gain from selling substantially all of the company's collateralized debt obligations in response to the Volcker Rule. Net interest income rose to $858,340 thousand in the quarter from $692,827 thousand, while the net interest margin narrowed to 3.05% from 3.14% a year earlier. Credit quality metrics were mixed. Nonaccrual loans totaled $837 million, or .93% of total loans and leases, compared with $787 million or 1.15% at September 30, 2015, and the provision for credit losses rose to $47,000 thousand from $44,000 thousand. Total shareholders' equity was $16.34 billion at quarter-end, and the company repurchased 3,039,563 common shares for $350 million during the quarter, with $604 million repurchased in the first nine months. Management noted a revised 2016 Capital Plan allowing up to $1.15 billion of common share repurchases over four quarters starting July 1, 2016, and expected to redeem its Series D preferred stock in December 2016 after issuing Series F preferred stock on October 28, 2016. The filing also discloses ongoing legal matters, including a January 2016 indictment of Wilmington Trust Corporation, a subsidiary acquired by M&T in 2011, relating to conduct before the acquisition, with trial scheduled to begin October 2, 2017. The company also reported that it paid $64 million in May 2016 to settle a government investigation concerning FHA and agency-sold loan underwriting without admitting liability.

    Nov 4, 2016
  32. 2016-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2016

    M&T Bank Corporation reported net income of $336 million for the second quarter of 2016, compared with $287 million in the year-earlier quarter, with diluted earnings per common share of $1.98 in both periods. For the first half of 2016, net income was $635 million, or $3.71 of diluted earnings per common share, versus $528 million, or $3.63, in the first half of 2015. Net operating income, a non-GAAP measure the company uses to exclude acquisition-related intangible amortization and merger-related expenses, was $351 million in the quarter, or $2.07 per diluted share. Total assets were $123.82 billion at June 30, 2016, and the annualized return on average total assets was 1.09% in the quarter. Net interest income rose to $863.8 million in the quarter from $683.1 million a year earlier, reflecting the Hudson City Bancorp acquisition completed on November 1, 2015. Average loans and leases rose 30% to $88.2 billion, while the net interest margin narrowed to 3.13% from 3.17%. Credit quality was stable. The provision for credit losses was $32 million in the quarter, and net charge-offs were $24 million, or an annualized .11% of average loans and leases. Nonaccrual loans were $849 million, or .96% of total loans and leases, compared with $797 million, or 1.17%, a year earlier. The company attributed the rise in nonaccrual residential loans to the migration of previously performing Hudson City loans. Other expense was $750 million in the quarter, including $12.6 million of merger-related expenses, and the efficiency ratio improved to 55.1% from 58.2% a year earlier. Capital position strengthened. Shareholders' equity was $16.5 billion, or 13.30% of total assets. The Federal Reserve did not object to M&T's 2016 Capital Plan, which allows repurchases of up to $1.15 billion of common shares over the four quarters starting July 1, 2016, and a quarterly dividend increase to $.75 per share in the first quarter of 2017 of up to $.05. The company also disclosed a $64 million settlement with the government over FHA loan origination, and an indictment of Wilmington Trust Corporation relating to pre-acquisition conduct, with trial scheduled for January 17, 2017.

    Aug 4, 2016
  33. 2016-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2016

    M&T Bank Corporation's first-quarter 2016 Form 10-Q reports net income of $298.5 million, or $1.73 per diluted common share, compared with $241.6 million, or $1.65 per diluted share, in the first quarter of 2015. Net operating income, a non-GAAP measure the company uses to exclude amortization of intangibles and merger-related expenses from the Hudson City acquisition completed November 1, 2015, was $320 million, or $1.87 per diluted share. Total assets were $124.6 billion at March 31, 2016, up from $122.8 billion at December 31, 2015, and shareholders' equity was $16.4 billion. Net interest income rose to $872.0 million from $659.6 million a year earlier, largely reflecting the Hudson City acquisition, and the net interest margin was 3.18%. Credit metrics were mixed. The provision for credit losses rose to $49.0 million from $38.0 million, and net charge-offs were $42.2 million. Nonaccrual loans totaled $876.7 million, or 1.00% of total loans and leases, compared with 1.18% a year earlier, and the increase from year-end reflects Hudson City loans that became more than 90 days past due. Other income fell to $420.9 million from $440.2 million, driven by lower mortgage banking revenues, while other expense rose to $776.1 million from $686.4 million, including $23.2 million of merger-related expenses. The company repurchased 948,545 common shares for $100 million in the quarter. The filing also discloses an ongoing government investigation into FHA-insured and conventional loans sold to Freddie Mac and Fannie Mae, for which management expects no material impact, and a May 2011 indictment of Wilmington Trust Corporation, a subsidiary, relating to pre-acquisition conduct, which the company says it will vigorously defend. The reasonably possible range of additional losses from pending litigation was disclosed as between $0 and $40 million.

    Apr 29, 2016
  34. 2015-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2015

    M&T Bank Corporation's third-quarter 2015 Form 10-Q reports net income of $280.4 million, or $1.93 per diluted common share, compared with $275.3 million, or $1.91 per diluted share, in the third quarter of 2014. For the first nine months of 2015, net income was $808.7 million, or $5.56 per diluted share, versus $788.7 million, or $5.50, a year earlier. Net interest income rose to $692.8 million for the quarter from $669.1 million, while the provision for credit losses increased to $44.0 million from $29.0 million. Net charge-offs were $40.2 million for the quarter, up from $28.0 million a year earlier, and the net interest margin narrowed to 3.14% from 3.23%. The balance sheet grew to $97.80 billion in total assets at September 30, 2015, from $96.69 billion at December 31, 2014. Total deposits were $72.94 billion, and shareholders' equity was $12.92 billion. Long-term borrowings rose to $10.17 billion from $9.01 billion, reflecting a $1.5 billion senior note issuance in February 2015. The filing states that the Hudson City Bancorp acquisition, valued at approximately $5.3 billion with 60% stock and 40% cash consideration, is expected to close on or about November 1, 2015, pending customary closing conditions after the Federal Reserve and New York State approvals. The filing also discloses an ongoing government investigation relating to FHA-insured loans and loans sold to Freddie Mac and Fannie Mae, as well as a DOJ investigation and a securities class action related to pre-acquisition Wilmington Trust activities. Management states that the reasonably possible losses beyond recorded liabilities for pending litigation were between $0 and $40 million, though the company does not believe the outcomes will be material to its consolidated financial position.

    Oct 30, 2015
  35. 2015-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2015

    M&T Bank Corporation (MTB) reported net income of $286.7 million for the second quarter of 2015, compared with $284.3 million in the year-earlier quarter, with diluted earnings per common share of $1.98, equal to the year-earlier period. For the first half of 2015, net income was $528.3 million, or $3.63 of diluted earnings per common share, compared with $513.4 million, or $3.59, in the first six months of 2014. Results included an after-tax gain of approximately $23 million ($45 million pre-tax) from the sale of the trade processing business, offset by $40 million of tax-deductible cash contributions to The M&T Charitable Foundation, which together reduced net income by approximately $1 million. Net interest margin was 3.17% in the second quarter, down from 3.40% a year earlier, as the yield on earning assets fell while average earning assets grew to $87.3 billion. Total assets were $97.08 billion at June 30, 2015, and shareholders' equity was $12.67 billion. Provision for credit losses was $30 million in each of the second quarters of 2015 and 2014, and nonaccrual loans were 1.17% of total loans and leases, down from 1.36% a year earlier. The filing also reports that the pending acquisition of Hudson City Bancorp, valued at approximately $5.5 billion, still requires regulatory approval, and the merger agreement's termination date was extended to October 31, 2015. The filing discloses ongoing government investigations relating to FHA-insured loans and loans sold to Freddie Mac and Fannie Mae, with settlement discussions having begun, as well as a DOJ investigation and a securities class action involving Wilmington Trust. Management states that a range of reasonably possible losses beyond recorded liabilities was between $0 and $40 million.

    Aug 5, 2015
  36. 2015-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2015

    M&T Bank Corporation reported net income of $241.6 million, or $1.65 of diluted earnings per common share, for the first quarter of 2015, compared with $229.0 million, or $1.61 per diluted share, in the first quarter of 2014. Net operating income was $246 million, or $1.68 per diluted share. The annualized return on average total assets was 1.02%, and the annualized return on average common shareholders' equity was 7.99%. Net interest income rose to $659.6 million from $656.4 million, while the net interest margin narrowed to 3.17% from 3.52% a year earlier, reflecting growth in lower-yielding investment securities and deposits at the Federal Reserve Bank of New York. Total assets were $98.38 billion at March 31, 2015, and total deposits were $73.59 billion. Credit quality metrics were stable. The provision for credit losses was $38 million, net charge-offs were $36.2 million (.22% of average loans and leases annualized), and nonaccrual loans were $791 million, or 1.18% of total loans and leases. The allowance for credit losses was $921 million, or 1.37% of total loans and leases. Other income rose to $440.2 million from $420.1 million, driven by a $22 million increase in mortgage banking revenues. Other expense was $686.4 million, down from $690.2 million. The filing highlights the pending acquisition of Hudson City Bancorp, valued at approximately $5.5 billion as of March 31, 2015. The Federal Reserve Board intends to act on the merger application no later than September 30, 2015, and the date after which either party may terminate the agreement was extended to October 31, 2015. The filing also notes a June 2013 written agreement with the Federal Reserve Bank of New York concerning BSA/AML compliance, and ongoing DOJ and securities litigation involving Wilmington Trust. Common equity totaled $84.95 per share, and the company's 2015 Capital Plan permits a $.70 quarterly dividend and up to $200 million in share repurchases during the first half of 2016.

    May 8, 2015
  37. 2014-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2014

    M&T Bank Corporation (MTB) reported net income of $275.3 million, or $1.91 of diluted earnings per common share, for the third quarter of 2014, compared with $294.5 million, or $2.11 per diluted share, in the third quarter of 2013. For the first nine months of 2014, net income was $788.7 million, or $5.50 per diluted share, versus $917.1 million, or $6.64 per diluted share, a year earlier. Net operating income, a non-GAAP measure the company provides, was $280 million for the quarter. The decline was driven by a narrower net interest margin, which fell to 3.23% from 3.61% a year earlier, and higher other expense, which rose to $679.3 million from $658.6 million, with management attributing the increase largely to BSA/AML compliance, capital planning, stress testing and risk management initiatives. Balance sheet growth was concentrated in liquidity assets. Total assets rose to $97.23 billion at September 30, 2014 from $85.16 billion at December 31, 2013, driven by a jump in interest-bearing deposits at banks to $7.68 billion from $1.65 billion and investment securities to $13.35 billion from $8.80 billion. Total deposits increased to $74.34 billion, and long-term borrowings rose to $9.06 billion. Loans and leases, net, grew modestly to $64.65 billion from $63.16 billion. Shareholders' equity reached $12.33 billion, including $1.23 billion of preferred stock following the issuance of 350,000 Series E preferred shares in February 2014. The filing highlights a pending acquisition of Hudson City Bancorp, valued at approximately $5.4 billion as of September 30, 2014. The merger has received shareholder approval but remains subject to regulatory approvals. The parties extended the date after which either may terminate the agreement to December 31, 2014, citing the timeframe needed to address a Federal Reserve Bank of New York written agreement on BSA/AML compliance. The company also disclosed that the CET1 ratio under the new capital rules was estimated at approximately 9.50% on a fully phased-in basis.

    Nov 6, 2014
  38. 2014-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2014

    M&T Bank Corporation reported net income of $284 million, or $1.98 of diluted earnings per common share, for the second quarter of 2014, compared with $348 million, or $2.55 per diluted share, in the year-earlier quarter. For the first six months of 2014, net income was $513 million, or $3.59 per diluted share, versus $623 million, or $4.53, in the first half of 2013. The decline was driven largely by higher other expense, which rose to $681 million in the quarter from $599 million, including a $12 million litigation-related accrual, and by lower net interest income and other income. Net interest income fell to $669 million from $678 million, and the provision for credit losses dropped to $30 million from $57 million, partly offsetting the pressure. The balance sheet grew substantially. Total assets reached $90.84 billion at June 30, 2014, up from $85.16 billion at December 31, 2013, driven by a rise in total investment securities to $12.12 billion from $8.80 billion and in interest-bearing deposits at banks to $3.03 billion from $1.65 billion. Total deposits increased to $69.83 billion, and long-term borrowings rose to $7.39 billion from $5.11 billion, reflecting senior notes issued by M&T Bank during the period. Shareholders' equity increased to $12.17 billion, supported by the issuance of $350 million of Series E preferred stock. Nonaccrual loans were $880 million, or 1.36% of total loans and leases. The pending acquisition of Hudson City Bancorp, valued at approximately $5.4 billion, remains subject to regulatory approvals. The filing states that the parties extended the merger agreement's termination date to December 31, 2014, due to the timeframe needed to address a Federal Reserve Bank of New York written agreement concerning Bank Secrecy Act and anti-money-laundering compliance. Other expense increased in part because of costs for professional services and salaries tied to BSA/AML compliance and other operational initiatives.

    Aug 7, 2014
  39. 2014-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2014

    M&T Bank Corporation reported net income of $229.0 million, or $1.61 per diluted common share, for the first quarter of 2014, compared with $274.1 million, or $1.98 per diluted share, in the first quarter of 2013. Net operating income, a non-GAAP measure the company uses to exclude acquisition-related amortization and merger costs, was $235.2 million, or $1.66 per diluted share. Total other expense rose to $702.3 million from $635.6 million, driven by higher professional services and salary costs tied to BSA/AML compliance, capital planning, stress testing, and other operational initiatives. Net interest income was essentially flat at $656.4 million, while the provision for credit losses fell to $32.0 million from $38.0 million. Total assets grew to $88.53 billion at March 31, 2014, from $85.16 billion at December 31, 2013, driven by a $1.65 billion rise in interest-bearing deposits at banks and a $1.57 billion increase in total investment securities. Total deposits increased to $68.70 billion, and long-term borrowings rose to $6.25 billion. Shareholders' equity reached $11.89 billion, including $1.23 billion of preferred stock after the February 2014 issuance of $350 million of Series E preferred stock. The company redeemed $350 million of 8.50% trust preferred securities in February 2014. Nonaccrual loans were $891 million, or 1.39% of total loans and leases. The filing states that the pending acquisition of Hudson City Bancorp, valued at approximately $5.2 billion, remains subject to regulatory approvals, including Federal Reserve approval. The companies extended the date after which either party may terminate the merger agreement to December 31, 2014, citing the timeframe needed to address a June 2013 written agreement with the Federal Reserve Bank of New York on Bank Secrecy Act and anti-money-laundering compliance. The company also reported a Common Equity Tier 1 ratio of approximately 9.22% on a fully phased-in basis under the new capital rules, and the Federal Reserve did not object to its 2014 Capital Plan.

    May 8, 2014
  40. 2013-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2013

    M&T Bank Corporation (MTB) reported net income of $294 million, or $2.11 per diluted common share, for the third quarter of 2013, compared with $293 million, or $2.17 per diluted share, in the year-earlier quarter. For the first nine months of 2013, net income was $917 million, or $6.64 per diluted share, versus $733 million, or $5.37, in the same period of 2012. Net interest income rose to $2.01 billion for the nine months from $1.93 billion, while the provision for credit losses fell to $143 million from $155 million. Other income reached $1.42 billion for the nine months, aided by $56 million of net gains on bank investment securities and $63 million of securitization gains. The third-quarter net interest margin narrowed to 3.61% from 3.77% a year earlier. The balance sheet grew to $84.4 billion in total assets at September 30, 2013, from $83.0 billion at December 31, 2012, with total deposits of $66.6 billion and shareholders' equity of $11.0 billion. Loans and leases, net of unearned discount, declined to $63.7 billion from $66.6 billion, while interest-bearing deposits at banks and investment securities increased. Nonaccrual loans were $916 million, or 1.44% of total loans and leases. The company also disclosed a pending acquisition of Hudson City Bancorp, valued at approximately $4.8 billion, whose outside date was extended to January 31, 2014, following a June 2013 written agreement with the Federal Reserve Bank of New York concerning Bank Secrecy Act and anti-money-laundering compliance. The filing also describes SEC and DOJ investigations of Wilmington Trust Corporation, a subsidiary acquired by M&T, relating to pre-acquisition financial reporting, with reasonably possible losses beyond recorded liabilities estimated between $0 and $70 million.

    Nov 12, 2013
  41. 2013-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2013

    M&T Bank Corporation (filed as M&T Bank Corporation) reported net income of $348.5 million, or $2.55 of diluted earnings per common share, for the second quarter of 2013, compared with $233.4 million, or $1.71 per diluted share, a year earlier. For the first six months of 2013, net income was $622.6 million, or $4.53 per diluted share, versus $439.8 million, or $3.20, in the first half of 2012. Results were helped by a $56.5 million gain on bank investment securities, including a $90 million gain on Visa Class B shares and a $13 million gain on MasterCard Class B shares, and by a $26 million reversal of a Wilmington Trust-related contingent compensation accrual. These were partly offset by a pre-tax loss of approximately $46 million from the sale of about $1.0 billion of privately issued mortgage-backed securities. Net interest income rose to $677.6 million in the quarter from $648.0 million a year earlier, and total assets were $83.23 billion at June 30, 2013. Total deposits were $65.66 billion and shareholders' equity was $10.72 billion. Nonaccrual loans totaled $965 million, or 1.46% of total loans and leases, and net charge-offs were .35% of average loans and leases in the quarter. The provision for credit losses was $57 million in the quarter. The pending acquisition of Hudson City Bancorp, valued at approximately $4.7 billion as of June 30, 2013, remains subject to regulatory approvals. M&T and its principal banking subsidiary entered into a written agreement with the Federal Reserve Bank of New York on June 17, 2013 related to Bank Secrecy Act and anti-money-laundering compliance. The parties extended the date after which either may terminate the merger agreement from August 27, 2013 to January 31, 2014, and the filing states there can be no assurance the merger will close by that date.

    Aug 8, 2013
  42. 2013-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2013

    M&T Bank Corporation's first-quarter 2013 Form 10-Q reports net income of $274.1 million, or $1.98 per diluted common share, compared with $206.5 million, or $1.50 per diluted share, in the first quarter of 2012. Net income for the fourth quarter of 2012 was $296 million, or $2.16 per diluted share. The annualized return on average total assets was 1.36%, compared with 1.06% a year earlier. Net operating income, a non-GAAP measure that excludes amortization of intangibles and merger-related expenses, was $285 million, or $2.06 per diluted share. Total assets were $82.8 billion at March 31, 2013, and total shareholders' equity was $10.4 billion. Net loan charge-offs were $37 million, or .23% annualized, and the provision for credit losses fell to $38 million from $49 million a year earlier. The filing's most significant item is the pending acquisition of Hudson City Bancorp, valued at approximately $4.4 billion as of March 31, 2013. On April 12, 2013, M&T said the regulatory determination would take longer because the Federal Reserve identified concerns with the company's Bank Secrecy Act and anti-money-laundering compliance program. M&T has begun a major remediation initiative, including hiring an outside consulting firm. The merger agreement's termination date was extended from August 27, 2013 to January 31, 2014, and there can be no assurance the deal will close by then. Hudson City had $40.3 billion of assets at March 31, 2013, and M&T forecasts repaying about $12 billion of its long-term borrowings after closing. The quarter also showed higher net interest income and a stronger net interest margin, with taxable-equivalent net interest income of $663 million and a margin of 3.71%. Mortgage banking revenues rose to $93 million from $56 million. Long-term borrowings increased to $5.39 billion from $4.61 billion at year-end 2012, reflecting $800 million of new senior notes issued in March 2013. Nonaccrual loans were $1.05 billion, or 1.60% of total loans and leases.

    May 9, 2013
  43. 2012-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2012

    M&T Bank Corporation (MTB) reported net income of $293.5 million, or $2.17 per diluted common share, for the third quarter of 2012, compared with $183.1 million, or $1.32 per diluted share, in the year-earlier quarter. For the first nine months of 2012, net income was $733.3 million, or $5.37 per diluted share, versus $711.7 million, or $5.32, in the same period of 2011. The filing states an annualized return on average total assets of 1.45% for the quarter and a 12.40% annualized return on average common shareholders' equity. Net interest income rose to $662.7 million in the quarter from $616.7 million, while the provision for credit losses fell to $46 million from $58 million. Total assets were $81.09 billion at September 30, 2012, and total deposits were $64.01 billion. The quarter's results were supported by higher other income, led by mortgage banking revenues of $106.8 million versus $38.1 million a year earlier, and by trust income that reflects the Wilmington Trust acquisition completed May 16, 2011. Other expense fell to $616.0 million from $662.0 million, which the filing attributes in part to lower merger-related expenses; there were no merger-related expenses in the third quarter of 2012. Credit quality improved, with nonaccrual loans at $925.2 million, or 1.44% of total loans and leases, down from $1.11 billion, or 1.91%, a year earlier. The allowance for credit losses was $921.2 million. The filing also describes the pending acquisition of Hudson City Bancorp, Inc., announced August 27, 2012, with Hudson City shareholders to receive consideration valued at .08403 of an M&T share, split 60% common stock and 40% cash. Hudson City had $41.9 billion of assets at September 30, 2012, and the merger is expected to close by mid-year 2013. In August 2012 the U.S. Treasury sold its holdings of M&T's Series A and Series C preferred stock to the public, allowing M&T to exit the TARP program.

    Nov 6, 2012
  44. 2012-Q2-A

    M&T Bank Quarterly Report (Amendment) for Q2 Ended Jun 30, 2012

    M&T Bank Corporation (MTB) reported net income of $233.4 million, or $1.71 per diluted common share, for the quarter ended June 30, 2012, compared with $322.4 million, or $2.42 per diluted share, in the second quarter of 2011. For the six months ended June 30, 2012, net income was $439.8 million, or $3.20 per diluted share, versus $528.6 million, or $4.02, a year earlier. The prior-year periods included gains from investment securities sales and a $65 million non-taxable gain on the May 16, 2011 Wilmington Trust acquisition. Management also presents net operating income of $247 million for the quarter ($1.82 per diluted share), a non-GAAP measure that excludes acquisition-related intangible amortization and merger-related expenses. Total assets rose to $80.81 billion at June 30, 2012, from $77.92 billion at December 31, 2011, while loans and leases, net of unearned discount, increased to $62.85 billion from $60.10 billion. Total deposits grew to $62.55 billion from $59.39 billion, and total shareholders' equity reached $9.63 billion. Net interest income for the quarter was $647.98 million, up from $586.20 million a year earlier, and the provision for credit losses was $60 million, down from $63 million. Other income fell to $391.65 million from $501.66 million, mainly because of the 2011 securities gains and acquisition gain. Credit metrics improved modestly: nonaccrual loans totaled $968 million, or 1.54% of total loans and leases, compared with 1.91% a year earlier, and net charge-offs were .34% of average loans on an annualized basis. Trust income rose to $122.3 million from $75.6 million, reflecting the Wilmington Trust acquisition. The filing is Amendment No. 1 to the original Form 10-Q, filed the same day solely to correct typographical errors in the discussion of lower estimated principal losses on acquired loans; no financial figures changed.

    Aug 9, 2012
  45. 2012-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2012

    M&T Bank Corporation (MTB) reported net income of $233.4 million, or $1.71 per diluted common share, for the second quarter of 2012, compared with $322.4 million, or $2.42 per diluted share, in the second quarter of 2011. For the first six months of 2012, net income was $439.8 million, or $3.20 per diluted share, versus $528.6 million, or $4.02, a year earlier. The company's results in the 2011 periods were boosted by securities gains and a $65 million non-taxable gain tied to the May 16, 2011 acquisition of Wilmington Trust Corporation. Net operating income, a non-GAAP measure the company uses to exclude acquisition-related items, was $247.4 million, or $1.82 per diluted share, in the quarter. Balance sheet growth was substantial. Total assets rose to $80.81 billion at June 30, 2012 from $77.92 billion at December 31, 2011, with loans and leases, net of unearned discount, increasing to $62.85 billion from $60.10 billion and total deposits rising to $62.55 billion from $59.39 billion. Shareholders' equity reached $9.63 billion. Net interest income was $647.98 million in the quarter, up from $586.20 million a year earlier, and the provision for credit losses declined to $60 million from $63 million. Nonaccrual loans fell to $968 million, or 1.54% of total loans and leases, from $1.12 billion, or 1.91%, a year earlier. Other income was $391.65 million in the quarter, down from $501.66 million, reflecting the absence of the prior year's securities gains, while trust income increased to $122.3 million from $75.6 million largely due to the Wilmington Trust acquisition. Other expense rose to $627.4 million from $576.9 million, driven mainly by operations acquired with Wilmington Trust. The filing also notes that $400 million of subordinated capital notes were redeemed on July 2, 2012, and that privately issued mortgage-backed securities continued to carry significant unrealized losses.

    Aug 9, 2012
  46. 2012-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2012

    M&T Bank Corporation's first-quarter 2012 Form 10-Q reports net income of $206.5 million, or $1.50 per diluted common share, essentially flat versus $206.3 million in the first quarter of 2011 (diluted EPS of $1.59 a year earlier). The quarter's results reflect the May 16, 2011 acquisition of Wilmington Trust Corporation, which added loans, deposits, and trust income, and drove higher salaries, other expenses, and total assets. Total assets were $79.19 billion at March 31, 2012, up from $77.92 billion at December 31, 2011, and shareholders' equity was $9.43 billion. Net interest income rose to $620.4 million from $568.8 million, while the provision for credit losses fell to $49.0 million from $75.0 million, and net charge-offs were $48.3 million. Credit quality and margin trends were mixed. Nonaccrual loans totaled $1.07 billion, or 1.75% of total loans and leases, versus 2.08% a year earlier, and accruing loans past due 90 days or more were $273 million. The net interest margin was 3.69%, compared with 3.92% in the year-earlier quarter. Other expense rose to $639.7 million from $499.6 million, and the efficiency ratio was 61.09%. Other-than-temporary impairment charges of $11.5 million were recorded on privately issued mortgage-backed securities, and the filing notes approximately $43 million of unrealized losses on trust preferred and other debt securities. The filing also notes that $300 million of 5.375% senior notes mature in May 2012, that approximately $580 million was available for dividends from banking subsidiaries, and that the company did not repurchase common shares in the quarter. The quarterly common dividend was $.70 per share. Management's regulatory capital ratios were 9.85% Tier 1 and 13.43% total capital for the consolidated company.

    May 10, 2012
  47. 2011-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2011

    M&T Bank Corporation reported net income of $183 million, or $1.32 per diluted common share, for the third quarter of 2011, compared with $192 million, or $1.48 per diluted share, in the year-earlier quarter. For the nine months ended September 30, 2011, net income was $712 million, or $5.32 per diluted share, versus $532 million, or $4.10, a year earlier. Results were shaped by the May 16, 2011 acquisition of Wilmington Trust Corporation, which added $10.8 billion of assets, $6.4 billion of loans and leases, and $8.9 billion of deposits, and produced a $65 million non-taxable gain. Merger-related expenses were $26 million in the third quarter and $67 million year to date. The third-quarter results reflected lower provisions for credit losses, which were $58 million versus $93 million a year earlier, and higher other expense, which rose to $662 million from $480 million, largely due to the acquired operations. Net interest margin declined to 3.68% from 3.87%, which the filing attributes partly to the Wilmington Trust acquisition and higher deposits held at the Federal Reserve Bank of New York. Nonaccrual loans were $1.11 billion, or 1.91% of total loans and leases. The efficiency ratio was 61.8%, compared with 53.4% a year earlier. At September 30, 2011, total assets were $77.9 billion and total shareholders' equity was $9.4 billion, including $500 million of Series D preferred stock issued in May 2011 and $370 million of Series A preferred stock redeemed in the same quarter. The filing notes that the Dodd-Frank Act will phase out trust preferred securities from Tier 1 capital beginning January 1, 2013, and that debit card interchange fee rules effective October 1, 2011 are expected to reduce service charges by $15 million to $20 million in the fourth quarter.

    Nov 9, 2011
  48. 2011-Q2

    M&T Bank Quarterly Report for Q2 Ended Jun 30, 2011

    M&T Bank Corporation's second-quarter 2011 Form 10-Q reports net income of $322 million, or $2.42 of diluted earnings per common share, for the three months ended June 30, 2011, compared with $189 million, or $1.46 per diluted share, in the year-earlier quarter. For the first six months, net income was $529 million, or $4.02 per diluted share, versus $340 million, or $2.61, in 2010. The quarter includes a $65 million non-taxable gain on the May 16, 2011 acquisition of Wilmington Trust Corporation, which issued 4,694,486 M&T common shares valued at $406 million, and $37 million of pre-tax merger-related expenses. Gains on bank investment securities of $111 million, largely from sales of residential mortgage-backed securities, also boosted results, while the filing discloses $27 million of pre-tax other-than-temporary impairment charges on privately issued mortgage-backed securities. Total assets rose to $77.73 billion at June 30, 2011, from $68.02 billion at December 31, 2010, and total deposits increased to $59.23 billion from $49.81 billion, largely reflecting the Wilmington Trust acquisition, which added $8.9 billion of deposits and $6.4 billion of loans. Shareholders' equity increased to $9.24 billion. Nonaccrual loans were $1.26 billion, or 2.15% of total loans and leases, compared with 2.38% at December 31, 2010, and the allowance for credit losses was $908 million, or 1.55% of total loans and leases. Net charge-offs were $59 million in the quarter, compared with $82 million in the second quarter of 2010. M&T also redeemed $370 million of its Series A preferred stock, issued $500 million of 6.875% non-cumulative Series D preferred stock, and reported a tangible common equity ratio of 6.28%. Management reported a net interest margin of 3.75% for the quarter, down from 3.84% a year earlier, which it attributed partly to the Wilmington Trust acquisition and higher balances held at the Federal Reserve Bank of New York.

    Aug 9, 2011
  49. 2011-Q1

    M&T Bank Quarterly Report for Q1 Ended Mar 31, 2011

    M&T Bank Corporation's first-quarter 2011 Form 10-Q reports net income of $206.3 million, or $1.59 per diluted common share, compared with $151.0 million, or $1.15 per diluted share, in the first quarter of 2010. The filing states that the annualized return on average total assets was 1.23%, versus .89% a year earlier, and that the net interest margin widened to 3.92% from 3.78%. Net operating income, a non-GAAP measure the company uses to exclude acquisition-related amortization and merger expenses, was $216.4 million, or $1.67 per diluted share. Results were supported by $39.4 million of pre-tax gains on the sale of Fannie Mae and Freddie Mac mortgage-backed securities, partly offset by $16.0 million of net other-than-temporary impairment losses on privately issued CMOs. Credit metrics improved year over year. The provision for credit losses fell to $75.0 million from $105.0 million, and net charge-offs were $74.2 million, or .58% of average loans and leases, compared with .74% in the first quarter of 2010. Nonaccrual loans totaled $1.21 billion, or 2.32% of total loans and leases, down from $1.34 billion, or 2.60%, a year earlier. The allowance for credit losses was $904 million, or 1.73% of total loans and leases. Total assets were $67.88 billion and shareholders' equity was $8.51 billion at March 31, 2011. The filing also details the pending acquisition of Wilmington Trust Corporation. The Federal Reserve approved the deal on April 26, 2011, and state approvals were still pending. M&T states it expects to redeem $330 million of Wilmington Trust's TARP preferred stock at closing, repay an additional $370 million of TARP preferred stock by the end of the second quarter, and issue $500 million of new perpetual preferred stock. The K Bank transaction with the FDIC, completed in November 2010, produced an after-tax gain of $17 million ($28 million pre-tax).

    Apr 29, 2011
  50. 2010-Q3

    M&T Bank Quarterly Report for Q3 Ended Sep 30, 2010

    M&T Bank Corporation reported net income of $192.0 million, or $1.48 per diluted common share, for the third quarter of 2010, compared with $127.7 million, or $.97 per diluted share, in the third quarter of 2009. For the nine months ended September 30, 2010, net income was $531.7 million, or $4.10 per diluted share, versus $243.1 million, or $1.84 per diluted share, a year earlier. Net operating income, a non-GAAP measure the company presents, was $200.2 million for the quarter, or $1.55 per diluted share. Provision for credit losses fell to $93.0 million in the quarter from $154.0 million a year earlier, and net charge-offs were $92.9 million. Total assets were $68.25 billion at September 30, 2010, and total deposits rose to $48.65 billion from $47.45 billion at December 31, 2009, while long-term borrowings declined to $8.99 billion from $10.24 billion. Nonaccrual loans were $1.10 billion, or 2.16% of total loans and leases, and the allowance for credit losses was $894.7 million. Net interest margin widened to 3.87% in the quarter from 3.61% a year earlier. Other-than-temporary impairment charges on investment securities were $9.5 million in the quarter, and the company's privately issued residential mortgage-backed securities carried substantial unrealized losses. Subsequent to quarter end, on November 1, 2010, M&T agreed to acquire Wilmington Trust Corporation in a stock-for-stock transaction valued at $351 million, plus the assumption of $330 million of TARP preferred stock; the merger is expected to close by mid-year 2011. The filing also notes that AIB, which held 22.4% of M&T's common shares, announced on November 4, 2010 that it had completed the sale of its 26.7 million M&T shares.

    Nov 5, 2010