M&T BANK CORPORATION ANNOUNCES SECOND QUARTER RESULTS

Rhea-AI Summary

M&T Bank Corporation reported its Q2 2023 results, with diluted earnings per share of $5.05, up from $1.08 in Q2 2022. Net income was $867 million, compared to $218 million in Q2 2022. The sale of its Collective Investment Trust business resulted in a pre-tax gain of $225 million. The company's primary focus for the second half of 2023 is serving its diverse customer base.

Positive

• Diluted earnings per common share increased by 368% in Q2 2023 compared to Q2 2022.
• Net income rose by 24% in Q2 2023 compared to Q2 2022.
• The sale of the CIT business resulted in a pre-tax gain of $225 million in Q2 2023.
• The annualized return on average assets increased to 1.70% in Q2 2023 from 0.42% in Q2 2022.
• The annualized return on average common equity increased to 14.27% in Q2 2023 from 3.21% in Q2 2022.
• For the first six months of 2023, diluted earnings per common share rose 163% to $9.06 from $3.45 in the year-earlier period.
• GAAP-basis net income for the first half of 2023 increased to $1.57 billion from $580 million in the corresponding 2022 period.
• The provision for credit losses in Q2 2023 was $150 million, compared to $302 million in Q2 2022.
• Noninterest income increased by 41% in Q2 2023 compared to Q2 2022, primarily due to a gain on the sale of the CIT business.
• Noninterest expense decreased by 8% in Q2 2023 compared to Q2 2022.
• Total assets increased to $207.7 billion at June 30, 2023, compared to $204.0 billion at June 30, 2022.

Negative

• None.

BUFFALO, N.Y., July 19, 2023 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended June 30, 2023.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $5.05 in the second quarter of 2023, up from $1.08 in the year-earlier quarter and $4.01 in the first quarter of 2023. GAAP-basis net income was $867 million in the recent quarter, $218 million in the second quarter of 2022 and $702 million in the initial 2023 quarter. GAAP-basis net income expressed as an annualized rate of return on average assets and average common shareholders' equity increased to 1.70% and 14.27%, respectively, in the second quarter of 2023 from .42% and 3.21%, respectively, in the corresponding 2022 period and 1.40% and 11.74%, respectively, in the first quarter of 2023. Non-operating merger-related expenses associated with the April 1, 2022 acquisition of People's United Financial, Inc. ("People's United") totaled $465 million ($346 million after-tax effect, or $1.94 of diluted earnings per common share) in 2022's second quarter. No merger-related expenses were incurred in the first half of 2023.

In April 2023 M&T completed the divestiture of its Collective Investment Trust ("CIT") business to a private equity firm. The sale of this business resulted in a pre-tax gain of $225 million ($157 million after tax, or $0.94 of diluted earnings per common share) in the second quarter of 2023 results of operations.

Daryl N. Bible, Chief Financial Officer, commenting on M&T's results noted, "The strong performance of our second quarter exemplifies the commitment of M&T to our operating principles and our purpose. Bolstered by the successful sale of the CIT business and healthy growth in commercial loans, we have further fortified our capital levels. Our dedication to our customers is evident through the resilience of our core deposit and funding levels. Moreover, our credit costs in the first half of 2023 were consistent with our long-term historical averages. As we move forward into the second half of 2023, our primary focus remains on serving the evolving needs of our diverse customer base by offering an extensive array of innovative products and services. I am proud of how our colleagues continue to care for our customers and make a difference in people's lives and in our communities."

Earnings Highlights
														Change 2Q23 vs.
($ in millions, except per share data)		2Q23				2Q22				1Q23				2Q22				1Q23
Net income		$	867			$	218			$	702				299	%			24	%
Net income available to common shareholders  ̶  diluted		$	841			$	192			$	676				337	%			24	%
Diluted earnings per common share		$	5.05			$	1.08			$	4.01				368	%			26	%
Annualized return on average assets			1.70	%			.42	%			1.40	%
Annualized return on average common equity			14.27	%			3.21	%			11.74	%

 

For the first six months of 2023, diluted earnings per common share rose 163% to $9.06 from $3.45 in the year-earlier period. GAAP-basis net income for the first half of 2023 increased to $1.57 billion from $580 million in the corresponding 2022 period. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in the six-month period ended June 30, 2023 was 1.55% and 13.02%, respectively, improved from .65% and 5.34%, respectively, in the similar 2022 period.

Supplemental Reporting of Non-GAAP Results of Operations.  M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature.

Merger-related expenses associated with the People's United acquisition in 2022 generally consisted of professional services, temporary help fees and other costs associated with actual or planned conversions of systems and/or integration of operations and the introduction of M&T to its new customers, costs related to terminations of existing contractual arrangements to purchase various services, severance, travel costs and, in the second quarter of 2022, an initial provision for credit losses of $242 million on loans not deemed to be purchased credit deteriorated ("PCD") on the April 1, 2022 acquisition date of People's United. Given the requirement under GAAP to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that initial provision to be a merger-related expense. Although "net operating income" as defined by M&T is not a GAAP measure, M&T's management believes that this information helps investors understand the effect of acquisition activity in reported results. The amounts of merger-related expenses in 2022 are presented in the tables that accompany this release. No merger-related expenses were incurred in the first half of 2023.

Diluted net operating earnings per common share were $5.12 in the second quarter of 2023, $3.10 in the year-earlier quarter and $4.09 in 2023's first quarter. Net operating income was $879 million in the recent quarter, up from $578 million in the second quarter of 2022 and $715 million in the initial 2023 quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income was 1.80% and 22.73%, respectively, in the second quarter of 2023, compared with 1.16% and 14.41%, respectively, in the corresponding 2022 period and 1.49% and 19.00%, respectively, in the first quarter of 2023.

Diluted net operating earnings per common share in the first six months of 2023 were $9.21, improved from $5.88 in the similar 2022 period. Net operating income during the first half of 2023 was $1.59 billion, 67% higher than $954 million recorded in the six-month period ended June 30, 2022. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.65% and 20.90%, respectively, in the initial six months of 2023, improved from 1.11% and 13.57%, respectively, in the similar 2022 period.

Taxable-equivalent Net Interest Income.  Expressed on a taxable-equivalent basis, net interest income totaled $1.81 billion in the recent quarter, compared with $1.42 billion in the second quarter of 2022 and $1.83 billion in the initial 2023 quarter. The increase from the year-earlier quarter reflects a 90 basis point widening of the net interest margin to 3.91% in the second quarter of 2023, that was damped by higher levels of borrowings. The modestly lower taxable-equivalent net interest income in the recent quarter as compared with 2023's first quarter reflects a 13 basis point narrowing of the net interest margin and a $7.09 billion rise in interest-bearing liabilities, partially offset by a $1.87 billion increase in average earning assets and by one additional day of taxable-equivalent net interest income. The decreased net interest margin predominantly resulted from higher rates paid on interest-bearing deposits.

Taxable-equivalent Net Interest Income
														Change 2Q23 vs.
($ in millions)		2Q23				2Q22				1Q23				2Q22				1Q23
Average earning assets		$	185,936			$	189,755			$	184,069				-2	%			1	%
Net interest income  ̶  taxable-equivalent		$	1,813			$	1,422			$	1,832				27	%			-1	%
Net interest margin			3.91	%			3.01	%			4.04	%

 

Provision for Credit Losses/Asset Quality.  M&T recorded a provision for credit losses of $150 million in the second quarter of 2023, compared with $302 million in the year-earlier quarter and $120 million in the first quarter of 2023. The decline in provision as compared with the 2022's second quarter is primarily due to the $242 million provision recorded in the year-earlier quarter for non-PCD loans obtained in the acquisition of People's United, partially offset by lower forecasted commercial real estate values and other loan growth. The increase in provision in the recent quarter compared with the first quarter of 2023 also reflects a decline in forecasted commercial real estate values. Net loan charge-offs were $127 million in the second quarter of 2023, $50 million in the second quarter of 2022 and $70 million in 2023's first quarter. The higher level of charge-offs in recent quarter as compared with earlier quarters reflects higher charge-offs of commercial real estate loans including office and healthcare facilities. Net loan charge-offs expressed as an annualized percentage of average loans outstanding were .38% and .16% in the second quarters of 2023 and 2022, respectively, compared with .22% in the initial 2023 quarter.

Nonaccrual loans were $2.44 billion or 1.83% of loans outstanding at June 30, 2023, compared with $2.56 billion or 1.92% at March 31, 2023 and $2.63 billion or 2.05% at June 30, 2022. The balance of nonaccrual loans at the end of the recent quarter as compared with March 31, 2023 and June 30, 2022 reflects lower levels of hospitality-related loans. Assets taken in foreclosure of defaulted loans were $43 million at June 30, 2023, $29 million at June 30, 2022 and $45 million at March 31, 2023.

Allowance for Credit Losses.  For purposes of determining the adequacy of the allowance for credit losses M&T regularly performs comprehensive analyses of its loan portfolios and assesses forecasted economic conditions. As a result of those procedures and reflecting the impact of loan growth, the allowance for credit losses totaled $2.00 billion or 1.50% of loans outstanding at June 30, 2023, compared with $1.82 billion or 1.42% of loans outstanding at June 30, 2022 and $1.98 billion or 1.49% at March 31, 2023. The acquisition of People's United loans and leases resulted in a $341 million increase in the allowance for credit losses as of April 1, 2022, including $99 million related to PCD loans and $242 million related to non-PCD loans. Including the impact of the acquisition, M&T's allowance for credit losses was $1.81 billion on April 1, 2022, or 1.42% of then outstanding loans.

Asset Quality Metrics
														Change 2Q23 vs.
($ in millions)		2Q23				2Q22				1Q23				2Q22				1Q23
At end of quarter
Nonaccrual loans		$	2,435			$	2,633			$	2,557				-7	%			-5	%
Real estate and other foreclosed assets		$	43			$	29			$	44				49	%			-4	%
Total nonperforming assets		$	2,478			$	2,662			$	2,601				-7	%			-5	%
Accruing loans past due 90 days or more (1)		$	380			$	524			$	407				-27	%			-7	%
Nonaccrual loans as % of loans outstanding			1.83	%			2.05	%			1.92	%
Allowance for credit losses		$	1,998			$	1,824			$	1,975				10	%			1	%
Allowance for credit losses as % of loans outstanding			1.50	%			1.42	%			1.49	%
For the period
Provision for credit losses		$	150			$	302			$	120				-50	%			25	%
Net charge-offs (2)			127			$	50			$	70				156	%			80	%
Net charge-offs as % of average loans (annualized)			.38	%			.16	%			.22	%

(1)	Predominantly government-guaranteed residential real estate loans.
(2)	For the quarter-ended June 30, 2022, net charge-offs and related data do not reflect $33 million of charge-offs related to PCD acquired loans.

 

Noninterest Income and Expense.  Noninterest income totaled $803 million in the second quarter of 2023, improved from $571 million in the year-earlier quarter. The increase in the recent quarter is predominantly due to a $225 million gain on the sale of the CIT business, a rise in mortgage banking revenues of $24 million reflecting higher gains on sale of residential mortgages and favorable trading and non-hedging derivative gains. Those increases were partially offset by an $18 million decline in trust income reflecting the sale of the CIT business and a $9 million decrease in insurance revenues predominantly due to the sale of M&T Insurance Agency in 2022's fourth quarter. Noninterest income was $587 million in 2023's first quarter. The comparative increase in the recent quarter was driven by the gain recorded on the sale of the CIT business in the second quarter of 2023, a $22 million increase in mortgage banking revenues resulting largely from the bulk purchase of residential mortgage loan servicing rights at the end of the first quarter of 2023, higher service charges on deposit accounts and favorable trading and non-hedging derivative gains, partially offset by lower trust income of $21 million, reflecting the sale of the CIT business, and a $20 million distribution from Bayview Lending Group LLC received in the first quarter of 2023.

Noninterest Income
														Change 2Q23 vs.
($ in millions)		2Q23				2Q22				1Q23				2Q22				1Q23
Mortgage banking revenues		$	107			$	83			$	85				29	%			26	%
Service charges on deposit accounts			119				124				113				-4	%			5	%
Trust income			172				190				194				-9	%			-11	%
Brokerage services income			25				24				24				4	%			5	%
Trading account and non-hedging derivative gains			17				2				12				631	%			44	%
Gain (loss) on bank investment securities			1				—				—				—				—
Other revenues from operations			362				148				159				145	%			127	%
Total		$	803			$	571			$	587				41	%			37	%

 

Noninterest expense aggregated $1.29 billion in the second quarter of 2023, down from $1.40 billion in the similar quarter of 2022 and $1.36 billion in the first quarter of 2023. Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets and merger-related expenses, noninterest operating expenses were $1.28 billion in the recent quarter, $1.16 billion in the second quarter of 2022 and $1.34 billion in 2023's initial quarter. The higher level of operating expenses in the recent quarter as compared with the year-earlier quarter reflects increased salaries and employee benefits expense, resulting from higher staffing levels and annual merit increases, and increases in outside data processing and software costs, expenses related to the bulk purchase of residential mortgage loan servicing rights and check fraud losses. Those higher costs were partially offset by a decline in professional services expenses reflecting lower sub-advisory fees as a result of the sale of the CIT business. The decline of operating expenses in the recent quarter as compared with the first quarter of 2023 reflects a decrease in salaries and employee benefits expense, predominantly due to seasonal stock compensation and employee benefits expenses recorded in the first quarter of 2023, partially offset by higher average staffing levels and the full quarter impact of merit increases. In addition, a decline in professional services expenses in the recent quarter, reflecting lower sub-advisory fees as a result of the sale of the CIT business, was partially offset by an increase in expenses related to the bulk purchase of residential mortgage loan servicing rights.

Noninterest Expense
														Change 2Q23 vs.
($ in millions)		2Q23				2Q22				1Q23				2Q22				1Q23
Salaries and employee benefits		$	738			$	776			$	808				-5	%			-9	%
Equipment and net occupancy			129				125				127				3	%			1	%
Outside data processing and software			106				94				106				13	%			1	%
FDIC assessments			28				22				30				24	%			-6	%
Advertising and marketing			28				21				31				37	%			-9	%
Printing, postage and supplies			14				16				14				-9	%			—
Amortization of core deposit and other intangible assets			15				18				17				-19	%			-13	%
Other costs of operations			235				331				226				-29	%			4	%
Total		$	1,293			$	1,403			$	1,359				-8	%			-5	%

 

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), measures the relationship of operating expenses to revenues. M&T's efficiency ratio was 48.9% in the second quarter of 2023, 58.3% in the year-earlier quarter and 55.5% in the first quarter of 2023.

Balance Sheet.  M&T had total assets of $207.7 billion at June 30, 2023, compared with $204.0 billion and $203.0 billion at June 30, 2022 and March 31, 2023, respectively. Loans and leases, net of unearned discount, were $133.3 billion at June 30, 2023, compared with $128.5 billion at June 30, 2022 and $132.9 billion at March 31, 2023. The higher balance of loans and leases at June 30, 2023 as compared with June 30, 2022 and March 31, 2023 predominantly reflects higher outstanding balances of commercial loans, partially offset by lower commercial real estate loans. Total deposits were $162.1 billion at the recent quarter-end and $159.1 billion at March 31, 2023, compared with $170.4 billion at June 30, 2022. The increase in deposits in the recent quarter as compared with March 31, 2023 reflects an increase in time deposits and savings and interest-checking deposits, partially offset by a decline in noninterest-bearing deposits. The lower deposit levels at June 30, 2023 as compared with the June 30, 2022 reflect lower noninterest-bearing deposits and savings and interest-checking deposits, partially offset by higher time deposits as customers shifted funds to higher yielding deposit products.

Total shareholders' equity was $25.8 billion or 12.42% of total assets at June 30, 2023, $25.8 billion or 12.64% at June 30, 2022 and $25.4 billion or 12.50% at March 31, 2023. Common shareholders' equity was $23.8 billion, or $143.41 per share, at June 30, 2023, compared with $23.8 billion, or $135.16 per share, a year earlier and $23.4 billion, or $140.88 per share, at March 31, 2023. Tangible equity per common share was $91.58 at June 30, 2023, $85.78 at June 30, 2022 and $88.81 at March 31, 2023. In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 10.58% at June 30, 2023, compared with 10.16% three months earlier.

M&T repurchased 3,505,946 shares at an average cost per share of $171.14 resulting in a total cost of $600 million in 2022's second quarter and 3,838,157 shares at an average cost per share of $154.76 resulting in a total cost, including the share repurchase excise tax, of $600 million in the first quarter of 2023. There were no share repurchases in the second quarter of 2023.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 225-9448. International participants, using any applicable international calling codes, may dial (203) 518-9708. Callers should reference M&T Bank Corporation or the conference ID #MTBQ223. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Wednesday July 26, 2023 by calling (800) 839-5642, or (402) 220-2564 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.

About M&T. M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

Forward-Looking Statements.  This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, management's beliefs and assumptions made by management.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, including economic conditions, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Future Factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Examples of Future Factors include: the impact of M&T's acquisition of People's United (as described in the next paragraph); events and developments in the financial services industry, including legislation, regulations and other governmental actions as well as business conditions affecting the industry and/or M&T and its subsidiaries, individually or collectively; economic conditions, including inflation and market volatility; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; regulatory supervision and oversight, including monetary policy and capital requirements; domestic or international political developments and other geopolitical events, including international conflicts; governmental and public policy changes, including tax policy; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; containing costs and expenses; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

In addition, Future Factors related to the acquisition of People's United include, among others: the possibility that the anticipated benefits of the transaction will not be realized when expected or at all; potential adverse reactions or changes to business, customer or employee relationships; M&T's success in executing its business plans and strategies and managing the risks involved in the foregoing; the results and costs of integration efforts; the business, economic and political conditions in the markets in which M&T and its subsidiaries operate; the outcome of any legal proceedings that may be instituted against M&T or its subsidiaries; and other factors related to the acquisition that may affect future results of M&T.

These are representative of the Future Factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2022, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date made, and M&T does not assume any duty and does not undertake to update forward-looking statements.

 

INVESTOR CONTACT:		Brian Klock
		(716) 842-5138
MEDIA CONTACT:		Maya Dillon
		(646) 735-1958

 

Financial Highlights
	Three months ended												Six months ended
	June 30												June 30
Amounts in thousands, except per share	2023				2022				Change				2023				2022				Change
Performance
Net income	$	867,034				217,522				299	%		$	1,568,658				579,696				171	%
Net income available to common shareholders		840,524				192,236				337	%			1,516,052				531,916				185	%
Per common share:
Basic earnings	$	5.07				1.08				369	%		$	9.09				3.47				162	%
Diluted earnings		5.05				1.08				368	%			9.06				3.45				163	%
Cash dividends	$	1.30				1.20				8	%		$	2.60				2.40				8	%
Common shares outstanding:
Average - diluted (1)		166,320				178,277				-7	%			167,359				153,981				9	%
Period end (2)		165,894				175,969				-6	%			165,894				175,969				-6	%
Return on (annualized):
Average total assets		1.70	%			.42	%							1.55	%			.65	%
Average common shareholders' equity		14.27	%			3.21	%							13.02	%			5.34	%
Taxable-equivalent net interest income	$	1,813,015				1,422,443				27	%		$	3,644,741				2,329,851				56	%
Yield on average earning assets		5.46	%			3.12	%							5.31	%			2.96	%
Cost of interest-bearing liabilities		2.43	%			.20	%							2.15	%			.18	%
Net interest spread		3.03	%			2.92	%							3.16	%			2.78	%
Contribution of interest-free funds		.88	%			.09	%							.81	%			.08	%
Net interest margin		3.91	%			3.01	%							3.97	%			2.86	%
Net charge-offs to average total net loans (annualized)		.38	%			.16	%							.30	%			.10	%
Net operating results (3)
Net operating income	$	878,661				577,622				52	%		$	1,593,596				953,621				67	%
Diluted net operating earnings per common share		5.12				3.10				65	%			9.21				5.88				57	%
Return on (annualized):
Average tangible assets		1.80	%			1.16	%							1.65	%			1.11	%
Average tangible common equity		22.73	%			14.41	%							20.90	%			13.57	%
Efficiency ratio		48.9	%			58.3	%							52.0	%			61.1	%
	At June 30
Loan quality	2023				2022				Change
Nonaccrual loans	$	2,435,581				2,633,005				-7	%
Real estate and other foreclosed assets		42,720				28,692				49	%
Total nonperforming assets	$	2,478,301				2,661,697				-7	%
Accruing loans past due 90 days or more (4)	$	380,079				523,662				-27	%
Government guaranteed loans included in totals above:
Nonaccrual loans	$	39,846				46,937				-15	%
Accruing loans past due 90 days or more		294,184				467,834				-37	%
Nonaccrual loans to total net loans		1.83	%			2.05	%
Allowance for credit losses to total loans		1.50	%			1.42	%

(1)	Includes common stock equivalents.
(2)	Includes common stock issuable under deferred compensation plans.
(3)	Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.
(4)	Predominantly residential real estate loans.

 

Financial Highlights, Five Quarter Trend
	Three months ended
	June 30,				March 31,				December 31,				September 30,				June 30,
Amounts in thousands, except per share	2023				2023				2022				2022				2022
Performance
Net income	$	867,034				701,624				765,371				646,596				217,522
Net income available to common shareholders		840,524				675,511				739,126				620,554				192,236
Per common share:
Basic earnings	$	5.07				4.03				4.32				3.55				1.08
Diluted earnings		5.05				4.01				4.29				3.53				1.08
Cash dividends	$	1.30				1.30				1.20				1.20				1.20
Common shares outstanding:
Average - diluted (1)		166,320				168,410				172,149				175,682				178,277
Period end (2)		165,894				165,865				169,285				172,900				175,969
Return on (annualized):
Average total assets		1.70	%			1.40	%			1.53	%			1.28	%			.42	%
Average common shareholders' equity		14.27	%			11.74	%			12.59	%			10.43	%			3.21	%
Taxable-equivalent net interest income	$	1,813,015				1,831,726				1,840,759				1,690,518				1,422,443
Yield on average earning assets		5.46	%			5.16	%			4.60	%			3.90	%			3.12	%
Cost of interest-bearing liabilities		2.43	%			1.86	%			.98	%			.41	%			.20	%
Net interest spread		3.03	%			3.30	%			3.62	%			3.49	%			2.92	%
Contribution of interest-free funds		.88	%			.74	%			.44	%			.19	%			.09	%
Net interest margin		3.91	%			4.04	%			4.06	%			3.68	%			3.01	%
Net charge-offs to average total net loans (annualized)		.38	%			.22	%			.12	%			.20	%			.16	%
Net operating results (3)
Net operating income	$	878,661				714,935				812,359				700,030				577,622
Diluted net operating earnings per common share		5.12				4.09				4.57				3.83				3.10
Return on (annualized):
Average tangible assets		1.80	%			1.49	%			1.70	%			1.44	%			1.16	%
Average tangible common equity		22.73	%			19.00	%			21.29	%			17.89	%			14.41	%
Efficiency ratio		48.9	%			55.5	%			53.3	%			53.6	%			58.3	%
	June 30,				March 31,				December 31,				September 30,				June 30,
Loan quality	2023				2023				2022				2022				2022
Nonaccrual loans	$	2,435,581				2,556,799				2,438,435				2,429,326				2,633,005
Real estate and other foreclosed assets		42,720				44,567				41,375				37,031				28,692
Total nonperforming assets	$	2,478,301				2,601,366				2,479,810				2,466,357				2,661,697
Accruing loans past due 90 days or more (4)	$	380,079				407,457				491,018				476,503				523,662
Government guaranteed loans included in totals above:
Nonaccrual loans	$	39,846				42,102				43,536				44,797				46,937
Accruing loans past due 90 days or more		294,184				306,049				363,409				423,371				467,834
Nonaccrual loans to total net loans		1.83	%			1.92	%			1.85	%			1.89	%			2.05	%
Allowance for credit losses to total loans		1.50	%			1.49	%			1.46	%			1.46	%			1.42	%

(1)	Includes common stock equivalents.
(2)	Includes common stock issuable under deferred compensation plans.
(3)	Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein
(4)	Predominantly residential real estate loans.

 

Condensed Consolidated Statement of Income
		Three months ended												Six months ended
		June 30												June 30
Dollars in thousands		2023				2022				Change				2023				2022				Change
Interest income		$	2,515,625				1,465,142				72	%		$	4,842,610				2,393,398				102	%
Interest expense			716,496				53,425				—				1,225,217				77,507				—
Net interest income			1,799,129				1,411,717				27				3,617,393				2,315,891				56
Provision for credit losses			150,000				302,000				-50				270,000				312,000				-13
Net interest income after provision for credit losses			1,649,129				1,109,717				49				3,347,393				2,003,891				67
Other income
Mortgage banking revenues			107,112				82,926				29				192,097				192,074				—
Service charges on deposit accounts			118,697				124,170				-4				232,243				225,677				3
Trust income			172,463				190,084				-9				366,265				359,297				2
Brokerage services income			25,126				24,138				4				49,167				44,328				11
Trading account and non-hedging      derivative gains			16,754				2,293				631				28,429				7,662				271
Gain (loss) on bank investment securities			1,004				(62)				—				588				(805)				—
Other revenues from operations			362,015				147,551				145				521,515				283,754				84
Total other income			803,171				571,100				41				1,390,304				1,111,987				25
Other expense
Salaries and employee benefits			737,665				776,201				-5				1,545,607				1,353,721				14
Equipment and net occupancy			128,689				124,655				3				255,593				210,467				21
Outside data processing and software			106,438				93,820				13				212,218				173,539				22
FDIC assessments			27,932				22,585				24				57,690				38,161				51
Advertising and marketing			28,353				20,635				37				59,416				36,659				62
Printing, postage and supplies			14,199				15,570				-9				28,382				25,720				10
Amortization of core deposit and other      intangible assets			14,945				18,384				-19				32,153				19,640				64
Other costs of operations			234,338				331,304				-29				460,730				504,988				-9
Total other expense			1,292,559				1,403,154				-8				2,651,789				2,362,895				12
Income before income taxes			1,159,741				277,663				318				2,085,908				752,983				177
Applicable income taxes			292,707				60,141				387				517,250				173,287				198
Net income		$	867,034				217,522				299	%		$	1,568,658				579,696				171	%

 

Condensed Consolidated Statement of Income, Five Quarter Trend
		Three months ended
		June 30,				March 31,				December 31,				September 30,				June 30,
Dollars in thousands		2023				2023				2022				2022				2022
Interest income		$	2,515,625				2,326,985				2,072,209				1,781,513				1,465,142
Interest expense			716,496				508,721				244,835				102,822				53,425
Net interest income			1,799,129				1,818,264				1,827,374				1,678,691				1,411,717
Provision for credit losses			150,000				120,000				90,000				115,000				302,000
Net interest income after provision for credit losses			1,649,129				1,698,264				1,737,374				1,563,691				1,109,717
Other income
Mortgage banking revenues			107,112				84,985				81,521				83,041				82,926
Service charges on deposit accounts			118,697				113,546				105,714				115,213				124,170
Trust income			172,463				193,802				194,843				186,577				190,084
Brokerage services income			25,126				24,041				22,463				21,086				24,138
Trading account and non-hedging      derivative gains			16,754				11,675				14,043				5,081				2,293
Gain (loss) on bank investment securities			1,004				(416)				(3,773)				(1,108)				(62)
Other revenues from operations			362,015				159,500				266,726				153,189				147,551
Total other income			803,171				587,133				681,537				563,079				571,100
Other expense
Salaries and employee benefits			737,665				807,942				697,276				736,354				776,201
Equipment and net occupancy			128,689				126,904				136,732				127,117				124,655
Outside data processing and software			106,438				105,780				107,886				95,068				93,820
FDIC assessments			27,932				29,758				24,008				28,105				22,585
Advertising and marketing			28,353				31,063				32,691				21,398				20,635
Printing, postage and supplies			14,199				14,183				15,082				14,768				15,570
Amortization of core deposit and other      intangible assets			14,945				17,208				17,600				18,384				18,384
Other costs of operations			234,338				226,392				377,013				238,059				331,304
Total other expense			1,292,559				1,359,230				1,408,288				1,279,253				1,403,154
Income before income taxes			1,159,741				926,167				1,010,623				847,517				277,663
Applicable income taxes			292,707				224,543				245,252				200,921				60,141
Net income		$	867,034				701,624				765,371				646,596				217,522

 

Condensed Consolidated Balance Sheet
		June 30
Dollars in thousands		2023				2022				Change
ASSETS
Cash and due from banks		$	1,848,386				1,688,274				9		%
Interest-bearing deposits at banks			27,106,899				33,437,454				-19
Federal funds sold and agreements to resell securities			—				250,250				-100
Trading account			137,240				133,855				3
Investment securities			27,916,455				22,801,717				22
Loans and leases:
Commercial, financial, etc.			44,683,549				39,108,676				14
Real estate - commercial			44,648,711				46,795,139				-5
Real estate - consumer			23,762,217				22,767,107				4
Consumer			20,249,252				19,815,198				2
Total loans and leases, net of unearned discount			133,343,729				128,486,120				4
Less: allowance for credit losses			1,998,366				1,823,790				10
Net loans and leases			131,345,363				126,662,330				4
Goodwill			8,465,089				8,501,357				—
Core deposit and other intangible assets			177,221				245,358				-28
Other assets			10,675,076				10,312,294				4
Total assets		$	207,671,729				204,032,889				2		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	54,937,913				72,375,515				-24		%
Interest-bearing deposits			107,120,467				97,982,881				9
Total deposits			162,058,380				170,358,396				-5
Short-term borrowings			7,907,884				1,119,321				606
Accrued interest and other liabilities			4,487,894				3,743,278				20
Long-term borrowings			7,416,638				3,017,363				146
Total liabilities			181,870,796				178,238,358				2
Shareholders' equity:
Preferred			2,010,600				2,010,600				—
Common			23,790,333				23,783,931				—
Total shareholders' equity			25,800,933				25,794,531				—
Total liabilities and shareholders' equity		$	207,671,729				204,032,889				2		%

 

Condensed Consolidated Balance Sheet, Five Quarter Trend
	June 30,				March 31,				December 31,				September 30,				June 30,
Dollars in thousands	2023				2023				2022				2022				2022
ASSETS
Cash and due from banks	$	1,848,386				1,817,740				1,517,244				2,255,810				1,688,274
Interest-bearing deposits at banks		27,106,899				22,306,425				24,958,719				25,391,528				33,437,454
Federal funds sold and agreements to resell      securities		—				—				3,000				—				250,250
Trading account		137,240				165,216				117,847				129,672				133,855
Investment securities		27,916,455				28,443,209				25,210,871				24,603,765				22,801,717
Loans and leases:
Commercial, financial, etc.		44,683,549				43,758,361				41,850,566				38,807,949				39,108,676
Real estate - commercial		44,648,711				45,072,541				45,364,571				46,138,665				46,795,139
Real estate - consumer		23,762,217				23,789,945				23,755,947				23,074,280				22,767,107
Consumer		20,249,252				20,316,845				20,593,079				20,204,693				19,815,198
Total loans and leases, net of unearned discount		133,343,729				132,937,692				131,564,163				128,225,587				128,486,120
Less: allowance for credit losses		1,998,366				1,975,110				1,925,331				1,875,591				1,823,790
Net loans and leases		131,345,363				130,962,582				129,638,832				126,349,996				126,662,330
Goodwill		8,465,089				8,490,089				8,490,089				8,501,357				8,501,357
Core deposit and other intangible assets		177,221				192,166				209,374				226,974				245,358
Other assets		10,675,076				10,578,980				10,583,865				10,496,377				10,312,294
Total assets	$	207,671,729				202,956,407				200,729,841				197,955,479				204,032,889
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	54,937,913				59,955,033				65,501,860				73,023,271				72,375,515
Interest-bearing deposits		107,120,467				99,120,207				98,013,008				90,822,117				97,982,881
Total deposits		162,058,380				159,075,240				163,514,868				163,845,388				170,358,396
Short-term borrowings		7,907,884				6,995,302				3,554,951				917,806				1,119,321
Accrued interest and other liabilities		4,487,894				4,045,804				4,377,495				4,476,456				3,743,278
Long-term borrowings		7,416,638				7,462,890				3,964,537				3,459,336				3,017,363
Total liabilities		181,870,796				177,579,236				175,411,851				172,698,986				178,238,358
Shareholders' equity:
Preferred		2,010,600				2,010,600				2,010,600				2,010,600				2,010,600
Common		23,790,333				23,366,571				23,307,390				23,245,893				23,783,931
Total shareholders' equity		25,800,933				25,377,171				25,317,990				25,256,493				25,794,531
Total liabilities and shareholders' equity	$	207,671,729				202,956,407				200,729,841				197,955,479				204,032,889

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
			Three months ended																		Change in balance							Six months ended
			June 30,						June 30,						March 31,						June 30, 2023 from							June 30												Change
Dollars in millions			2023						2022						2023						June 30,			March 31,				2023						2022						in
			Balance			Rate			Balance			Rate			Balance			Rate			2022			2023				Balance			Rate			Balance			Rate			balance
ASSETS
Interest-bearing deposits at banks		$	23,617			5.14	%		39,386			.82	%		24,312			4.64	%		-40	%		-3	%		$	23,963			4.89	%		39,041			.51	%		-39	%
Federal funds sold and agreements to resell       securities			—			5.53			250			.41			—			4.89			-100			125				—			5.34			126			.41			-100
Trading account			151			2.66			136			.59			123			2.32			10			22				136			2.50			92			.85			48
Investment securities			28,623			3.09			22,384			2.55			27,622			3.00			28			4				28,126			3.04			15,095			2.42			86
Loans and leases, net of unearned discount
Commercial, financial, etc.			44,531			6.79			37,818			3.96			42,428			6.46			18			5				43,486			6.63			30,602			3.83			42
Real estate - commercial			44,944			6.25			47,227			3.87			45,327			5.82			-5			-1				45,134			6.03			41,126			3.86			10
Real estate - consumer			23,781			4.10			22,761			3.64			23,770			3.96			4			—				23,775			4.03			19,334			3.60			23
Consumer			20,289			5.88			19,793			4.26			20,487			5.67			3			-1				20,388			5.77			18,915			4.25			8
Total loans and leases, net			133,545			6.02			127,599			3.94			132,012			5.70			5			1				132,783			5.87			109,977			3.90			21
Total earning assets			185,936			5.46			189,755			3.12			184,069			5.16			-2			1				185,008			5.31			164,331			2.96			13
Goodwill			8,473						8,501						8,490						—			—				8,482						6,560						29
Core deposit and other intangible assets			185						254						201						-27			-8				192						130						49
Other assets			9,782						10,355						9,839						-6			-1				9,810						9,393						4
Total assets		$	204,376						208,865						202,599						-2	%		1	%		$	203,492						180,414						13	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits		$	87,210			1.69			95,149			.12			88,053			1.28			-8	%		-1	%		$	87,629			1.49			81,285			.09			8	%
Time deposits			16,009			3.77			5,480			.09			11,630			3.11			192			38				13,832			3.49			4,071			.13			240
Total interest-bearing deposits			103,219			2.02			100,629			.12			99,683			1.49			3			4				101,461			1.76			85,356			.09			19
Short-term borrowings			7,539			5.11			1,126			1.22			4,994			4.69			570			51				6,273			4.94			594			1.16			957
Long-term borrowings			7,516			5.43			3,282			2.55			6,511			5.27			129			15				7,017			5.36			3,362			2.21			109
Total interest-bearing liabilities			118,274			2.43			105,037			.20			111,188			1.86			13			6				114,751			2.15			89,312			.18			28
Noninterest-bearing deposits			56,180						74,054						61,854						-24			-9				59,001						66,141						-11
Other liabilities			4,237						3,684						4,180						15			1				4,208						2,946						43
Total liabilities			178,691						182,775						177,222						-2			1				177,960						158,399						12
Shareholders' equity			25,685						26,090						25,377						-2			1				25,532						22,015						16
Total liabilities and shareholders' equity		$	204,376						208,865						202,599						-2	%		1	%		$	203,492						180,414						13	%
Net interest spread						3.03						2.92						3.30													3.16						2.78
Contribution of interest-free funds						.88						.09						.74													.81						.08
Net interest margin						3.91	%					3.01	%					4.04	%												3.97	%					2.86	%

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures
		Three months ended								Six months ended
		June 30								June 30
		2023				2022				2023				2022
Income statement data
In thousands, except per share
Net income
Net income		$	867,034				217,522				1,568,658				579,696
Amortization of core deposit and other intangible assets (1)			11,627				14,138				24,938				15,071
Merger-related expenses (1)			—				345,962				—				358,854
Net operating income		$	878,661				577,622				1,593,596				953,621
Earnings per common share
Diluted earnings per common share		$	5.05				1.08				9.06				3.45
Amortization of core deposit and other intangible assets (1)			.07				.08				.15				.10
Merger-related expenses (1)			—				1.94				—				2.33
Diluted net operating earnings per common share		$	5.12				3.10				9.21				5.88
Other expense
Other expense		$	1,292,559				1,403,154				2,651,789				2,362,895
Amortization of core deposit and other intangible assets			(14,945)				(18,384)				(32,153)				(19,640)
Merger-related expenses			—				(222,809)				—				(240,181)
Noninterest operating expense		$	1,277,614				1,161,961				2,619,636				2,103,074
Merger-related expenses
Salaries and employee benefits		$	—				85,299				—				85,386
Equipment and net occupancy			—				502				—				2,309
Outside data processing and software			—				716				—				968
Advertising and marketing			—				1,199				—				1,827
Printing, postage and supplies			—				2,460				—				3,182
Other costs of operations			—				132,633				—				146,509
Other expense			—				222,809				—				240,181
Provision for credit losses			—				242,000				—				242,000
Total		$	—				464,809				—				482,181
Efficiency ratio
Noninterest operating expense (numerator)		$	1,277,614				1,161,961				2,619,636				2,103,074
Taxable-equivalent net interest income		$	1,813,015				1,422,443				3,644,741				2,329,851
Other income			803,171				571,100				1,390,304				1,111,987
Less:  Gain (loss) on bank investment securities			1,004				(62)				588				(805)
Denominator		$	2,615,182				1,993,605				5,034,457				3,442,643
Efficiency ratio			48.9	%			58.3	%			52.0	%			61.1	%
Balance sheet data
In millions
Average assets
Average assets		$	204,376				208,865				203,492				180,414
Goodwill			(8,473)				(8,501)				(8,482)				(6,560)
Core deposit and other intangible assets			(185)				(254)				(192)				(130)
Deferred taxes			46				60				47				31
Average tangible assets		$	195,764				200,170				194,865				173,755
Average common equity
Average total equity		$	25,685				26,090				25,532				22,015
Preferred stock			(2,011)				(2,011)				(2,011)				(1,881)
Average common equity			23,674				24,079				23,521				20,134
Goodwill			(8,473)				(8,501)				(8,482)				(6,560)
Core deposit and other intangible assets			(185)				(254)				(192)				(130)
Deferred taxes			46				60				47				31
Average tangible common equity		$	15,062				15,384			$	14,894				13,475
At end of quarter
Total assets
Total assets		$	207,672				204,033
Goodwill			(8,465)				(8,501)
Core deposit and other intangible assets			(177)				(245)
Deferred taxes			44				57
Total tangible assets		$	199,074				195,344
Total common equity
Total equity		$	25,801				25,795
Preferred stock			(2,011)				(2,011)
Common equity			23,790				23,784
Goodwill			(8,465)				(8,501)
Core deposit and other intangible assets			(177)				(245)
Deferred taxes			44				57
Total tangible common equity		$	15,192				15,095

(1)	After any related tax effect.

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
		Three months ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2023				2023				2022				2022				2022
Income statement data
In thousands, except per share
Net income
Net income		$	867,034				701,624				765,371				646,596				217,522
Amortization of core deposit and other intangible assets (1)			11,627				13,311				13,559				14,141				14,138
Merger-related expenses (1)			—				—				33,429				39,293				345,962
Net operating income		$	878,661				714,935				812,359				700,030				577,622
Earnings per common share
Diluted earnings per common share		$	5.05				4.01				4.29				3.53				1.08
Amortization of core deposit and other intangible assets (1)			.07				.08				.08				.08				.08
Merger-related expenses (1)			—				—				.20				.22				1.94
Diluted net operating earnings per common share		$	5.12				4.09				4.57				3.83				3.10
Other expense
Other expense		$	1,292,559				1,359,230				1,408,288				1,279,253				1,403,154
Amortization of core deposit and other intangible assets			(14,945)				(17,208)				(17,600)				(18,384)				(18,384)
Merger-related expenses			—				—				(45,113)				(53,027)				(222,809)
Noninterest operating expense		$	1,277,614				1,342,022				1,345,575				1,207,842				1,161,961
Merger-related expenses
Salaries and employee benefits		$	—				—				3,670				13,094				85,299
Equipment and net occupancy			—				—				2,294				2,106				502
Outside data processing and software			—				—				2,193				2,277				716
Advertising and marketing			—				—				5,258				2,177				1,199
Printing, postage and supplies			—				—				2,953				651				2,460
Other costs of operations			—				—				28,745				32,722				132,633
Other expense			—				—				45,113				53,027				222,809
Provision for credit losses			—				—				—				—				242,000
Total		$	—				—				45,113				53,027				464,809
Efficiency ratio
Noninterest operating expense (numerator)		$	1,277,614				1,342,022				1,345,575				1,207,842				1,161,961
Taxable-equivalent net interest income		$	1,813,015				1,831,726				1,840,759				1,690,518				1,422,443
Other income			803,171				587,133				681,537				563,079				571,100
Less:  Gain (loss) on bank investment securities			1,004				(416)				(3,773)				(1,108)				(62)
Denominator		$	2,615,182				2,419,275				2,526,069				2,254,705				1,993,605
Efficiency ratio			48.9	%			55.5	%			53.3	%			53.6	%			58.3	%
Balance sheet data
In millions
Average assets
Average assets		$	204,376				202,599				198,592				201,131				208,865
Goodwill			(8,473)				(8,490)				(8,494)				(8,501)				(8,501)
Core deposit and other intangible assets			(185)				(201)				(218)				(236)				(254)
Deferred taxes			46				49				54				56				60
Average tangible assets		$	195,764				193,957				189,934				192,450				200,170
Average common equity
Average total equity		$	25,685				25,377				25,346				25,665				26,090
Preferred stock			(2,011)				(2,011)				(2,011)				(2,011)				(2,011)
Average common equity			23,674				23,366				23,335				23,654				24,079
Goodwill			(8,473)				(8,490)				(8,494)				(8,501)				(8,501)
Core deposit and other intangible assets			(185)				(201)				(218)				(236)				(254)
Deferred taxes			46				49				54				56				60
Average tangible common equity		$	15,062				14,724				14,677				14,973				15,384
At end of quarter
Total assets
Total assets		$	207,672				202,956				200,730				197,955				204,033
Goodwill			(8,465)				(8,490)				(8,490)				(8,501)				(8,501)
Core deposit and other intangible assets			(177)				(192)				(209)				(227)				(245)
Deferred taxes			44				47				51				54				57
Total tangible assets		$	199,074				194,321				192,082				189,281				195,344
Total common equity
Total equity		$	25,801				25,377				25,318				25,256				25,795
Preferred stock			(2,011)				(2,011)				(2,011)				(2,011)				(2,011)
Common equity			23,790				23,366				23,307				23,245				23,784
Goodwill			(8,465)				(8,490)				(8,490)				(8,501)				(8,501)
Core deposit and other intangible assets			(177)				(192)				(209)				(227)				(245)
Deferred taxes			44				47				51				54				57
Total tangible common equity		$	15,192				14,731				14,659				14,571				15,095

(1)	After any related tax effect.

 

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SOURCE M&T Bank Corporation

FAQ

What were M&T Bank's diluted earnings per share in Q2 2023?

M&T Bank's diluted earnings per share in Q2 2023 were $5.05.

What was the pre-tax gain from the sale of M&T Bank's Collective Investment Trust business in Q2 2023?

The pre-tax gain from the sale of M&T Bank's Collective Investment Trust business in Q2 2023 was $225 million.

What was M&T Bank's net income in Q2 2023?

M&T Bank's net income in Q2 2023 was $867 million.

What was the provision for credit losses in Q2 2023?

The provision for credit losses in Q2 2023 was $150 million.

What was the change in noninterest income in Q2 2023 compared to Q2 2022?

Noninterest income increased by 41% in Q2 2023 compared to Q2 2022.

What was the change in total assets from June 30, 2022, to June 30, 2023?

Total assets increased from $204.0 billion to $207.7 billion from June 30, 2022, to June 30, 2023.