M&T BANK CORPORATION ANNOUNCES FOURTH QUARTER AND FULL-YEAR RESULTS

Rhea-AI Summary

M&T Bank Corporation (MTB) reported Q4 2021 earnings, with diluted EPS of $3.37, down 4% year-over-year. Net income was $458 million, reflecting a decrease from $471 million in Q4 2020. For the full year, diluted EPS rose 39% to $13.80, and net income improved to $1.86 billion. Noninterest income totaled $579 million, up 5% from Q4 2020, while noninterest expenses increased to $928 million. The Common Equity Tier 1 ratio strengthened to 11.4%. M&T remains poised for its acquisition of People's United Financial, expecting to strategically deploy capital despite rising interest rates.

Positive

• Diluted earnings per common share for 2021 rose 39% to $13.80.
• GAAP-basis net income for 2021 increased to $1.86 billion, up from $1.35 billion in 2020.
• Noninterest income reached $579 million in Q4 2021, up 5% from Q4 2020.
• Common Equity Tier 1 ratio improved to 11.4% from 10.0% in 2020.

Negative

• Diluted earnings per share in Q4 2021 decreased by 4% compared to Q4 2020.
• GAAP net income fell to $458 million in Q4 2021 from $471 million in the prior year.
• Net interest income decreased to $937 million in Q4 2021, down from $993 million in Q4 2020.
• Nonaccrual loans rose to $2.06 billion at the end of Q4 2021, up from $1.89 billion a year earlier.

BUFFALO, N.Y., Jan. 20, 2022 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the full year and quarter ended December 31, 2021.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $3.37 in the fourth quarter of 2021, compared with $3.52 in the year-earlier quarter and $3.69 in the third quarter of 2021. GAAP-basis net income was $458 million in the recent quarter, $471 million in the fourth quarter of 2020 and $495 million in the third 2021 quarter. GAAP-basis net income for the fourth quarter of 2021 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.15% and 10.91%, respectively, compared with 1.30% and 12.07%, respectively, in the similar 2020 period and 1.28% and 12.16%, respectively, in the third quarter of 2021. Included in noninterest expenses in the recent quarter were merger-related expenses associated with M&T's proposed acquisition of People's United Financial, Inc. of $21 million ($16 million after-tax effect, or $.12 of diluted earnings per common share), compared with $9 million ($7 million after-tax effect, or $.05 of diluted earnings per common share) in the third quarter of 2021. There were no merger-related expenses in the fourth quarter of 2020.

Darren J. King, Executive Vice President and Chief Financial Officer, commented on M&T's results, "Despite last year's challenging environment, M&T realized significant increases in both diluted earnings per share and net income. These results reflect our prudent credit underwriting, improved economic conditions and growth in noninterest income. Our capital position remains very strong. During the year we saw our Common Equity Tier 1 ratio increase to 11.4% from 10.0% at the end of 2020. Looking forward, we stand ready to complete our acquisition of People's United and to strategically deploy our excess liquidity and capital as we manage through a likely period of rising interest rates and elevated inflation."

Earnings Highlights
														Change 4Q21 vs.
($ in millions, except per share data)		4Q21				4Q20				3Q21				4Q20				3Q21
Net income		$	458			$	471			$	495				-3	%			-8	%
Net income available to common shareholders  ̶  diluted		$	434			$	452			$	476				-4	%			-9	%
Diluted earnings per common share		$	3.37			$	3.52			$	3.69				-4	%			-9	%
Annualized return on average assets			1.15	%			1.30	%			1.28	%
Annualized return on average common equity			10.91	%			12.07	%			12.16	%

For the year ended December 31, 2021 diluted earnings per common share were $13.80, up 39% from $9.94 in 2020. GAAP-basis net income in 2021 totaled $1.86 billion, improved significantly from $1.35 billion in 2020. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in 2021 was 1.22% and 11.54%, respectively, and 1.00% and 8.72%, respectively, in 2020. Merger-related expenses in 2021 were $44 million ($34 million after-tax effect, or $.25 of diluted earnings per common share). There were no merger-related expenses in 2020.

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. The amounts of such "nonoperating" expenses are presented in the tables that accompany this release. 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.

Diluted net operating earnings per common share were $3.50 in the final quarter of 2021, compared with $3.54 in the fourth quarter of 2020 and $3.76 in the third quarter of 2021. Net operating income aggregated $475 million in the recent quarter, $473 million in the fourth quarter of 2020 and $504 million in 2021's third quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the fourth quarter of 2021 was 1.23% and 15.98%, respectively, 1.35% and 17.53%, respectively, in the similar quarter of 2020 and 1.34% and 17.54%, respectively, in the third quarter of 2021.

Diluted net operating earnings per common share for the years ended December 31, 2021 and 2020 were $14.11 and $10.02, respectively. Net operating income in 2021 was $1.90 billion, compared with $1.36 billion in 2020. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.28% and 16.80%, respectively, in 2021 and 1.04% and 12.79%, respectively, in 2020.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis totaled $937 million in the recent quarter, down from $993 million in the fourth quarter of 2020 and $971 million in the third quarter of 2021. The decrease compared with the earlier quarters reflects lower outstanding average loan balances and a reduced net interest margin. Average loans outstanding and the net interest margin were $93.3 billion and 2.58%, respectively, in the recent quarter, compared with $98.7 billion and 3.00%, respectively, in the year earlier quarter and $95.3 billion and 2.74%, respectively, in the third quarter of 2021. Outstanding loans under the Paycheck Protection Program ("PPP") averaged $1.65 billion in 2021's fourth quarter, compared with $6.18 billion in the fourth quarter of 2020 and $3.26 billion in the third quarter of 2021. Interest income from PPP loans, including recognition of fees associated with repaid loans, was $41 million in the recent quarter, compared with $73 million in the fourth quarter of 2020 and $71 million in the third quarter of 2021. Taxable equivalent net interest income for the full year of 2021 was $3.84 billion and in 2020 was $3.88 billion. Average loans outstanding were $96.6 billion in each of 2021 and 2020, but the net interest margin declined to 2.76% in 2021 from 3.16% in 2020.

Taxable-equivalent Net Interest Income
														Change 4Q21 vs.
($ in millions)		4Q21				4Q20				3Q21				4Q20				3Q21
Average earning assets		$	144,420			$	131,916			$	140,420				9	%			3	%
Net interest income  ̶  taxable-equivalent		$	937			$	993			$	971				-6	%			-3	%
Net interest margin			2.58	%			3.00	%			2.74	%

Provision for Credit Losses/Asset Quality.  Reflecting improvements in economic conditions and the credit environment, recaptures of the provision for credit losses of $15 million and $20 million were recorded in the fourth and third quarters of 2021, respectively, compared with a provision of $75 million in the fourth quarter of 2020. A recapture of $75 million was recorded for the year ended December 31, 2021, compared with $800 million of provision for credit losses in 2020. Net loan charge-offs were $31 million during the recent quarter, compared with $97 million in the final quarter of 2020 and $40 million in the third quarter of 2021. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .13% and .39% in the fourth quarters of 2021 and 2020, respectively, and .17% in the third quarter of 2021. Net loan charge-offs during all of 2021 and 2020 aggregated $192 million and $247 million, respectively, representing .20% and .26%, respectively, of average loans outstanding.

Loans classified as nonaccrual totaled $2.06 billion at December 31, 2021, up from $1.89 billion at December 31, 2020, but down from $2.24 billion at September 30, 2021. As a percentage of loans outstanding, nonaccrual loans were 2.22%, 1.92% and 2.40% at December 31, 2021, December 31, 2020 and September 30, 2021, respectively. Assets taken in foreclosure of defaulted loans were $24 million at December 31, 2021, $35 million a year earlier and $25 million at September 30, 2021.

Allowance for Credit Losses.  M&T regularly performs comprehensive analyses of its loan portfolios for purposes of assessing the adequacy of the allowance for credit losses. As a result of those analyses, the allowance for credit losses totaled $1.47 billion or 1.58% of loans outstanding at December 31, 2021, compared with $1.74 billion or 1.76% at December 31, 2020 and $1.52 billion or 1.62% at September 30, 2021. The allowance at December 31, 2021, December 31, 2020, and September 30, 2021 represented 1.60%, 1.86%, and 1.66%, respectively, of total loans on those dates, excluding outstanding balances of PPP loans.

Asset Quality Metrics
														Change 4Q21 vs.
($ in millions)		4Q21				4Q20				3Q21				4Q20				3Q21
At end of quarter
Nonaccrual loans		$	2,060			$	1,893			$	2,242				9	%			-8	%
Real estate and other foreclosed assets		$	24			$	35			$	25				-31	%			-4	%
Total nonperforming assets		$	2,084			$	1,928			$	2,267				8	%			-8	%
Accruing loans past due 90 days or more (1)		$	963			$	859			$	1,026				12	%			-6	%
Nonaccrual loans as % of loans outstanding			2.22	%			1.92	%			2.40	%
Allowance for credit losses		$	1,469			$	1,736			$	1,515				-15	%			-3	%
Allowance for credit losses as % of loans outstanding			1.58	%			1.76	%			1.62	%
For the period
Provision for credit losses		$	(15)			$	75			$	(20)				-120	%			-25	%
Net charge-offs		$	31			$	97			$	40				-68	%			-23	%
Net charge-offs as % of average loans (annualized)			.13	%			.39	%			.17	%
(1)         Predominantly government-guaranteed residential real estate loans.

Noninterest Income and Expense.  Noninterest income was $579 million in the fourth quarter of 2021, compared with $551 million in the year-earlier quarter and $569 million in the third quarter of 2021. As compared with the final quarter of 2020, the increased level of noninterest income in the recent quarter resulted largely from higher trust income, service charges on deposit accounts and brokerage services income. The final quarter of 2021 and 2020 each reflected a $30 million distribution from Bayview Lending Group LLC ("BLG"). Compared with the third quarter of 2021, higher noninterest income in the recent quarter reflected the distribution from BLG and increased trust income, offset by lower mortgage banking revenues that reflect M&T's decision to retain recently originated mortgage loans in portfolio rather than sell such loans. No distributions from BLG were received in the third quarter of 2021.

Noninterest Income
														Change 4Q21 vs.
($ in millions)		4Q21				4Q20				3Q21				4Q20				3Q21
Mortgage banking revenues		$	139			$	140			$	160				-1	%			-13	%
Service charges on deposit accounts			105				96				105				10	%			—
Trust income			169				151				157				12	%			8	%
Brokerage services income			19				12				20				55	%			-8	%
Trading account and foreign exchange gains			6				7				6				-16	%			8	%
Gain (loss) on bank investment securities			2				2				—				-12	%			—
Other revenues from operations			139				143				121				-3	%			15	%
Total		$	579			$	551			$	569				5	%			2	%

Noninterest income rose to $2.17 billion in 2021 from $2.09 billion in 2020. The increase resulted from a $43 million, or 7%, increase in trust income and higher service charges on deposit accounts and brokerage services income, partially offset by lower trading account and foreign exchange gains.

Noninterest expense totaled $928 million in the fourth quarter of 2021, compared with $845 million in the corresponding quarter of 2020 and $899 million in the third quarter of 2021. 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 $904 million in the recent quarter, $842 million in the fourth quarter of 2020 and $888 million in 2021's third quarter. Factors contributing to the increase in noninterest operating expenses in the recent quarter as compared with the year-earlier quarter were higher costs for salaries and employee benefits (including increased incentive compensation expenses), outside data processing and software, and professional services. As compared with the third quarter of 2021, the greater level of noninterest operating expenses in the recent quarter resulted largely from seasonally higher advertising and marketing costs, increased salaries and employee benefits, and a rise in outside data processing and software.

Noninterest Expense
														Change 4Q21 vs.
($ in millions)		4Q21				4Q20				3Q21				4Q20				3Q21
Salaries and employee benefits		$	515			$	476			$	510				8	%			1	%
Equipment and net occupancy			83				84				81				-2	%			2	%
Outside data processing and software			79				68				73				16	%			8	%
FDIC assessments			19				15				19				24	%			—
Advertising and marketing			21				18				15				19	%			40	%
Printing, postage and supplies			8				9				8				-2	%			3	%
Amortization of core deposit and other intangible assets			2				3				3				-38	%			-29	%
Other costs of operations			201				172				190				17	%			5	%
Total		$	928			$	845			$	899				10	%			3	%

For the year ended December 31, 2021, noninterest expense was $3.61 billion compared with $3.39 billion in 2020. Noninterest operating expenses aggregated $3.56 billion in 2021 and $3.37 billion in 2020. As compared with the prior year, salaries and employee benefits (predominantly incentive compensation expenses), outside data processing and software, and professional services were higher in 2021.

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 59.7% in the fourth quarter of 2021, 54.6% in the year-earlier quarter and 57.7% in the third quarter of 2021. The efficiency ratio for the full year 2021 was 59.0%, compared with 56.3% in 2020.

Balance Sheet.  M&T had total assets of $155.1 billion at December 31, 2021, compared with $142.6 billion and $151.9 billion at December 31, 2020 and September 30, 2021, respectively. Loans and leases, net of unearned discount, were $92.9 billion at December 31, 2021, compared with $98.5 billion at December 31, 2020 and $93.6 billion at September 30, 2021. The lower level of loans and leases at the recent quarter-end as compared with December 31, 2020 reflects a $4.1 billion decline in commercial loans resulting from reduced balances of PPP loans outstanding. PPP loans totaled $1.2 billion at December 31, 2021, compared with $5.4 billion at December 31, 2020 and $2.2 billion at September 30, 2021. Total deposits were $131.5 billion at the recent quarter-end, $119.8 billion at December 31, 2020 and $128.7 billion at September 30, 2021. The higher amount of deposits at the two most recent quarter-ends as compared with December 31, 2020 resulted from increased non-interest bearing deposits.

Total shareholders' equity was $17.9 billion, or 11.54% of total assets at December 31, 2021, $16.2 billion, or 11.35% at December 31, 2020 and $17.5 billion, or 11.54% at September 30, 2021. Common shareholders' equity was $16.2 billion, or $125.51 per share, at December 31, 2021, compared with $14.9 billion, or $116.39 per share, a year-earlier and $15.8 billion, or $122.60 per share, at September 30, 2021. Tangible equity per common share was $89.80 at December 31, 2021, $80.52 at December 31, 2020 and $86.88 at September 30, 2021. 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 11.4% at December 31, 2021, up from 11.1% three months earlier and 10.0% at December 31, 2020.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss fourth quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (866) 518-6930. International participants, using any applicable international calling codes, may dial (203) 518-9797. Callers should reference M&T Bank Corporation or the conference ID #MTBQ421. 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 Thursday January 27, 2022 by calling (800) 934-2127, or (402) 220-1139 for international participants. No conference ID 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, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia.  Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

Who We Are.  We are a bank for communities – bringing the capabilities of a large bank with the care of a locally focused institution. Our purpose is to make a difference in people's lives serving all our stakeholders. The keys to our approach are characterized by responsible lending based on the advantages of local knowledge and scale, and our long history of being prudent stewards of our shareholders' capital.

In October 2021 M&T announced its Community Growth Plan, to provide $43 billion in loans, investments, and other financial support to create greater economic opportunity for low-to-moderate income families and neighborhoods, as well as people and communities of color. The bank's five-year Community Growth Plan has been developed in collaboration with the National Community Reinvestment Coalition in conjunction with M&T's proposed acquisition of People's United Financial Inc. and will become operational shortly after closing of the transaction.

In keeping with its community-focused approach to banking, M&T announced an expansion of the services it provides to communities with high concentrations of ethnic and racial diversity by designating an additional 99 bank branches as multicultural centers, bringing the total to 118 such centers. Located in cities across the Northeast and Mid-Atlantic, the centers will offer banking and other financial services in customers' preferred languages and employ bankers from the community who understand the cultural nuances of the individuals and neighborhoods they serve.

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, and management's beliefs and assumptions.

Statements regarding the potential effects of the COVID-19 pandemic on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements and 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, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, clients, third parties and M&T.

Also as described further below, statements regarding M&T's expectations or predictions regarding the proposed transaction between M&T and People's United Financial, Inc. ("People's United") are forward-looking statements, including statements regarding the expected timing, completion and effects of the proposed transaction as well as M&T's and People's United's expected financial results, prospects, targets, goals and outlook.  

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.  

Future factors include risks, predictions and uncertainties relating to the impact of the People's United transaction (as described in the next paragraph); the impact of the COVID-19 pandemic; 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; legislation or regulations affecting the financial services industry and/or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; 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; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; 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 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 proposed transaction between M&T and People's United include, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between M&T and People's United; the outcome of any legal proceedings that may be instituted against M&T or People's United; the possibility that the proposed transaction will not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the risk that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of either or both parties to the combination; the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where M&T and People's United do business; certain restrictions during the pendency of the merger that may impact the parties' ability to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; M&T's and People's United's success in executing their respective business plans and strategies and managing the risks involved in the foregoing; the business, economic and political conditions in the markets in which the parties operate; and other factors that may affect future results of M&T and People's United. 

Future factors related to the proposed transaction also include risks, such as, among others: that the proposed combination and its announcement could have an adverse effect on either or both parties' ability to retain customers and retain or hire key personnel and maintain relationships with customers; that the proposed combination may be more difficult or time-consuming than anticipated, including in areas such as sales force, cost containment, asset realization, systems integration and other key strategies; and that revenues following the proposed combination may be lower than expected, including for possible reasons such as unexpected costs, charges or expenses resulting from the transactions; as well as the unforeseen risks relating to liabilities of M&T or People's United that may exist, and uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic on People's United, M&T and the proposed combination.

These are representative of the future factors that could affect the outcome of the forward-looking statements. In addition, 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 2020 Form 10-K, 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 Donald MacLeod
	(716) 842-5138
MEDIA CONTACT:	Maya Dillon
	(646) 735-1958

 

Financial Highlights
		Three months ended												Year ended
		December 31												December 31
Amounts in thousands, except per share		2021				2020				Change				2021				2020				Change
Performance
Net income		$	457,968				471,140				-3	%		$	1,858,746				1,353,152				37	%
Net income available to common shareholders			434,171				451,869				-4	%			1,776,987				1,279,068				39	%
Per common share:
Basic earnings		$	3.37				3.52				-4	%		$	13.81				9.94				39	%
Diluted earnings			3.37				3.52				-4	%			13.80				9.94				39	%
Cash dividends		$	1.20				1.10				9	%		$	4.50				4.40				2	%
Common shares outstanding:
Average - diluted (1)			128,888				128,379				—				128,812				128,704				—
Period end (2)			128,705				128,333			—					128,705				128,333			—
Return on (annualized):
Average total assets			1.15	%			1.30	%							1.22	%			1.00	%
Average common shareholders' equity			10.91	%			12.07	%							11.54	%			8.72	%
Taxable-equivalent net interest income		$	937,356				993,252				-6	%		$	3,839,509				3,883,605				-1	%
Yield on average earning assets			2.64	%			3.15	%							2.84	%			3.43	%
Cost of interest-bearing liabilities			.12	%			.25	%							.14	%			.43	%
Net interest spread			2.52	%			2.90	%							2.70	%			3.00	%
Contribution of interest-free funds			.06	%			.10	%							.06	%			.16	%
Net interest margin			2.58	%			3.00	%							2.76	%			3.16	%
Net charge-offs to average total net loans (annualized)			.13	%			.39	%							.20	%			.26	%
Net operating results (3)
Net operating income		$	475,477				473,453			—				$	1,899,838				1,364,145				39	%
Diluted net operating earnings per common share			3.50				3.54				-1	%			14.11				10.02				41	%
Return on (annualized):
Average tangible assets			1.23	%			1.35	%							1.28	%			1.04	%
Average tangible common equity			15.98	%			17.53	%							16.80	%			12.79	%
Efficiency ratio			59.7	%			54.6	%							59.0	%			56.3	%
		At December 31
Loan quality		2021				2020				Change
Nonaccrual loans		$	2,060,083				1,893,299				9	%
Real estate and other foreclosed assets			23,901				34,668				-31	%
Total nonperforming assets		$	2,083,984				1,927,967				8	%
Accruing loans past due 90 days or more (4)		$	963,399				859,208				12	%
Government guaranteed loans included in totals above:
Nonaccrual loans		$	51,429				48,820				5	%
Accruing loans past due 90 days or more			927,788				798,121				16	%
Renegotiated loans		$	230,408				238,994				-4	%
Nonaccrual loans to total net loans			2.22	%			1.92	%
Allowance for credit losses to total loans			1.58	%			1.76	%

(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
		December 31,				September 30,				June 30,				March 31,				December 31,
Amounts in thousands, except per share		2021				2021				2021				2021				2020
Performance
Net income		$	457,968				495,460				458,069				447,249				471,140
Net income available to common shareholders			434,171				475,961				438,759				428,093				451,869
Per common share:
Basic earnings		$	3.37				3.70				3.41				3.33				3.52
Diluted earnings			3.37				3.69				3.41				3.33				3.52
Cash dividends		$	1.20				1.10				1.10				1.10				1.10
Common shares outstanding:
Average - diluted (1)			128,888				128,844				128,842				128,669				128,379
Period end (2)			128,705				128,699				128,686				128,658				128,333
Return on (annualized):
Average total assets			1.15	%			1.28	%			1.22	%			1.22	%			1.30	%
Average common shareholders' equity			10.91	%			12.16	%			11.55	%			11.57	%			12.07	%
Taxable-equivalent net interest income		$	937,356				970,953				946,072				985,128				993,252
Yield on average earning assets			2.64	%			2.82	%			2.85	%			3.08	%			3.15	%
Cost of interest-bearing liabilities			.12	%			.14	%			.14	%			.18	%			.25	%
Net interest spread			2.52	%			2.68	%			2.71	%			2.90	%			2.90	%
Contribution of interest-free funds			.06	%			.06	%			.06	%			.07	%			.10	%
Net interest margin			2.58	%			2.74	%			2.77	%			2.97	%			3.00	%
Net charge-offs to average total net loans (annualized)			.13	%			.17	%			.19	%			.31	%			.39	%
Net operating results (3)
Net operating income		$	475,477				504,030				462,959				457,372				473,453
Diluted net operating earnings per common share			3.50				3.76				3.45				3.41				3.54
Return on (annualized):
Average tangible assets			1.23	%			1.34	%			1.27	%			1.29	%			1.35	%
Average tangible common equity			15.98	%			17.54	%			16.68	%			17.05	%			17.53	%
Efficiency ratio			59.7	%			57.7	%			58.4	%			60.3	%			54.6	%
		December 31,				September 30,				June 30,				March 31,				December 31,
Loan quality		2021				2021				2021				2021				2020
Nonaccrual loans		$	2,060,083				2,242,263				2,242,057				1,957,106				1,893,299
Real estate and other foreclosed assets			23,901				24,786				27,902				29,797				34,668
Total nonperforming assets		$	2,083,984				2,267,049				2,269,959				1,986,903				1,927,967
Accruing loans past due 90 days or more (4)		$	963,399				1,026,080				1,077,227				1,084,553				859,208
Government guaranteed loans included in totals above:
Nonaccrual loans		$	51,429				47,358				49,796				51,668				48,820
Accruing loans past due 90 days or more			927,788				947,091				1,029,331				1,044,599				798,121
Renegotiated loans		$	230,408				242,955				236,377				242,121				238,994
Nonaccrual loans to total net loans			2.22	%			2.40	%			2.31	%			1.97	%			1.92	%
Allowance for credit losses to total loans			1.58	%			1.62	%			1.62	%			1.65	%			1.76	%

(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												Year ended
		December 31												December 31
Dollars in thousands		2021				2020				Change				2021				2020				Change
Interest income		$	958,518				1,038,890				-8	%		$	3,938,784				4,192,712				-6	%
Interest expense			24,725				49,610				-50				114,006				326,395				-65
Net interest income			933,793				989,280				-6				3,824,778				3,866,317				-1
Provision for credit losses			(15,000)				75,000				-120				(75,000)				800,000				-109
Net interest income after provision for credit losses			948,793				914,280				4				3,899,778				3,066,317				27
Other income
Mortgage banking revenues			139,267				140,441				-1				571,329				566,641				1
Service charges on deposit accounts			105,392				95,817				10				402,113				370,788				8
Trust income			168,827				151,314				12				644,716				601,884				7
Brokerage services income			18,923				12,234				55				62,791				47,428				32
Trading account and foreign exchange gains			6,027				7,204				-16				24,376				40,536				-40
Gain (loss) on bank investment securities			1,426				1,619				-12				(21,220)				(9,421)				—
Other revenues from operations			138,775				142,621				-3				482,889				470,588				3
Total other income			578,637				551,250				5				2,166,994				2,088,444				4
Other expense
Salaries and employee benefits			515,043				476,110				8				2,045,677				1,950,692				5
Equipment and net occupancy			82,641				84,228				-2				326,698				322,037				1
Outside data processing and software			78,814				68,034				16				291,839				258,480				13
FDIC assessments			18,830				15,204				24				69,704				53,803				30
Advertising and marketing			21,228				17,832				19				64,428				61,904				4
Printing, postage and supplies			8,140				8,335				-2				36,507				39,869				-8
Amortization of core deposit and other
intangible assets			1,954				3,129				-38				10,167				14,869				-32
Other costs of operations			200,850				172,136				17				766,603				683,586				12
Total other expense			927,500				845,008				10				3,611,623				3,385,240				7
Income before income taxes			599,930				620,522				-3				2,455,149				1,769,521				39
Applicable income taxes			141,962				149,382				-5				596,403				416,369				43
Net income		$	457,968				471,140				-3	%		$	1,858,746				1,353,152				37	%

 

Condensed Consolidated Statement of Income, Five Quarter Trend
		Three months ended
		December 31,				September 30,				June 30,				March 31,				December 31,
Dollars in thousands		2021				2021				2021				2021				2020
Interest income		$	958,518				992,946				970,358				1,016,962				1,038,890
Interest expense			24,725				25,696				28,018				35,567				49,610
Net interest income			933,793				967,250				942,340				981,395				989,280
Provision for credit losses			(15,000)				(20,000)				(15,000)				(25,000)				75,000
Net interest income after provision for credit losses			948,793				987,250				957,340				1,006,395				914,280
Other income
Mortgage banking revenues			139,267				159,995				133,313				138,754				140,441
Service charges on deposit accounts			105,392				105,426				98,518				92,777				95,817
Trust income			168,827				156,876				162,991				156,022				151,314
Brokerage services income			18,923				20,490				10,265				13,113				12,234
Trading account and foreign exchange gains			6,027				5,563				6,502				6,284				7,204
Gain (loss) on bank investment securities			1,426				291				(10,655)				(12,282)				1,619
Other revenues from operations			138,775				120,485				112,699				110,930				142,621
Total other income			578,637				569,126				513,633				505,598				551,250
Other expense
Salaries and employee benefits			515,043				510,422				479,134				541,078				476,110
Equipment and net occupancy			82,641				80,738				80,848				82,471				84,228
Outside data processing and software			78,814				72,782				74,492				65,751				68,034
FDIC assessments			18,830				18,810				17,876				14,188				15,204
Advertising and marketing			21,228				15,208				13,364				14,628				17,832
Printing, postage and supplies			8,140				7,917				11,133				9,317				8,335
Amortization of core deposit and other
intangible assets			1,954				2,738				2,737				2,738				3,129
Other costs of operations			200,850				190,719				185,761				189,273				172,136
Total other expense			927,500				899,334				865,345				919,444				845,008
Income before income taxes			599,930				657,042				605,628				592,549				620,522
Applicable income taxes			141,962				161,582				147,559				145,300				149,382
Net income		$	457,968				495,460				458,069				447,249				471,140

 

Condensed Consolidated Balance Sheet
		December 31
Dollars in thousands		2021				2020				Change
ASSETS
Cash and due from banks		$	1,337,577				1,552,743				-14		%
Interest-bearing deposits at banks			41,872,304				23,663,810				77
Trading account			468,031				1,068,581				-56
Investment securities			7,155,860				7,045,697				2
Loans and leases:
Commercial, financial, etc.			23,473,324				27,574,564				-15
Real estate - commercial			35,389,730				37,637,889				-6
Real estate - consumer			16,074,445				16,752,993				-4
Consumer			17,974,953				16,570,421				8
Total loans and leases, net of unearned discount			92,912,452				98,535,867				-6
Less: allowance for credit losses			1,469,226				1,736,387				-15
Net loans and leases			91,443,226				96,799,480				-6
Goodwill			4,593,112				4,593,112				—
Core deposit and other intangible assets			3,998				14,165				-72
Other assets			8,233,052				7,863,517				5
Total assets		$	155,107,160				142,601,105				9		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	60,131,480				47,572,884				26		%
Interest-bearing deposits			71,411,929				71,580,750				—
Deposits at Cayman Islands office			—				652,104				-100
Total deposits			131,543,409				119,805,738				10
Short-term borrowings			47,046				59,482				-21
Accrued interest and other liabilities			2,127,931				2,166,409				-2
Long-term borrowings			3,485,369				4,382,193				-20
Total liabilities			137,203,755				126,413,822				9
Shareholders' equity:
Preferred			1,750,000				1,250,000				40
Common			16,153,405				14,937,283				8
Total shareholders' equity			17,903,405				16,187,283				11
Total liabilities and shareholders' equity		$	155,107,160				142,601,105				9		%

 

Condensed Consolidated Balance Sheet, Five Quarter Trend
		December 31,				September 30,				June 30,				March 31,				December 31,
Dollars in thousands		2021				2021				2021				2021				2020
ASSETS
Cash and due from banks		$	1,337,577				1,479,712				1,410,468				1,258,989				1,552,743
Interest-bearing deposits at banks			41,872,304				38,445,788				33,864,824				31,407,227				23,663,810
Federal funds sold			—				—				—				1,000				—
Trading account			468,031				624,556				712,558				687,359				1,068,581
Investment securities			7,155,860				6,447,622				6,143,177				6,610,667				7,045,697
Loans and leases:
Commercial, financial, etc.			23,473,324				22,514,940				25,409,291				27,811,190				27,574,564
Real estate - commercial			35,389,730				37,023,952				37,558,775				37,425,974				37,637,889
Real estate - consumer			16,074,445				16,209,354				16,704,951				17,349,683				16,752,993
Consumer			17,974,953				17,834,648				17,440,415				16,712,233				16,570,421
Total loans and leases, net of unearned discount			92,912,452				93,582,894				97,113,432				99,299,080				98,535,867
Less: allowance for credit losses			1,469,226				1,515,024				1,575,128				1,636,206				1,736,387
Net loans and leases			91,443,226				92,067,870				95,538,304				97,662,874				96,799,480
Goodwill			4,593,112				4,593,112				4,593,112				4,593,112				4,593,112
Core deposit and other intangible assets			3,998				5,952				8,690				11,427				14,165
Other assets			8,233,052				8,236,582				8,351,574				8,248,405				7,863,517
Total assets		$	155,107,160				151,901,194				150,622,707				150,481,060				142,601,105
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	60,131,480				56,542,309				55,621,230				53,641,419				47,572,884
Interest-bearing deposits			71,411,929				72,158,987				72,647,542				74,193,255				71,580,750
Deposits at Cayman Islands office			—				—				—				641,691				652,104
Total deposits			131,543,409				128,701,296				128,268,772				128,476,365				119,805,738
Short-term borrowings			47,046				103,548				91,235				58,957				59,482
Accrued interest and other liabilities			2,127,931				2,067,188				2,042,948				2,000,727				2,166,409
Long-term borrowings			3,485,369				3,500,391				3,499,448				3,498,503				4,382,193
Total liabilities			137,203,755				134,372,423				133,902,403				134,034,552				126,413,822
Shareholders' equity:
Preferred			1,750,000				1,750,000				1,250,000				1,250,000				1,250,000
Common			16,153,405				15,778,771				15,470,304				15,196,508				14,937,283
Total shareholders' equity			17,903,405				17,528,771				16,720,304				16,446,508				16,187,283
Total liabilities and shareholders' equity		$	155,107,160				151,901,194				150,622,707				150,481,060				142,601,105

 

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates
			Three months ended																								Change in balance										Year ended
			December 31								December 31,								September 30,								December 31, 2021 from										December 31																Change
Dollars in millions			2021								2020								2021								December 31,				September 30,						2021								2020								in
			Balance				Rate				Balance				Rate				Balance				Rate				2020				2021						Balance				Rate				Balance				Rate				balance
ASSETS
Interest-bearing deposits at banks		$	44,316				.15		%		22,206				.10		%		39,036				.15		%		100		%		14		%			$	35,829				.13		%		15,329				.21		%		134		%
Federal funds sold and agreements to resell securities			—				.47				3,799				.12				—				.47				-100				—						167				.12				2,717				.26				-94
Trading account			50				1.62				50				1.97				51				2.71				1				-2						50				1.89				53				2.10				-5
Investment securities			6,804				2.12				7,195				2.25				6,019				2.19				-5				13						6,409				2.20				8,165				2.16				-22
Loans and leases, net of unearned discount
Commercial, financial, etc.			22,330				3.65				27,713				3.56				23,730				3.96				-19				-6						25,191				3.58				27,520				3.42				-8
Real estate - commercial			36,717				3.89				37,707				4.15				37,547				3.87				-3				-2						37,321				3.96				36,986				4.39				1
Real estate - consumer			16,290				3.53				16,761				3.56				16,379				3.59				-3				-1						16,770				3.55				16,215				3.82				3
Consumer			17,913				4.31				16,485				4.78				17,658				4.34				9				1						17,331				4.43				15,884				4.92				9
Total loans and leases, net			93,250				3.87				98,666				4.01				95,314				3.95				-5				-2						96,613				3.90				96,605				4.13				—
Total earning assets			144,420				2.64				131,916				3.15				140,420				2.82				9				3						139,068				2.84				122,869				3.43				13
Goodwill			4,593								4,593								4,593								—				—						4,593								4,593								—
Core deposit and other intangible assets			5								16								7								-69				-34						8								21								-59
Other assets			8,704								8,038								9,017								8				-3						9,000								7,997								13
Total assets		$	157,722								144,563								154,037								9		%		2		%			$	152,669								135,480								13		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits		$	70,518				.04				69,133				.11				70,976				.04				2		%		-1		%			$	70,879				.05				63,590				.23				11		%
Time deposits			2,914				.40				4,113				.97				3,061				.46				-29				-5						3,263				.57				4,960				1.34				-34
Deposits at Cayman Islands office			—				—				826				.11				—				—				-100				—						181				.11				1,117				.36				-84
Total interest-bearing deposits			73,432				.05				74,072				.16				74,037				.06				-1				-1						74,323				.07				69,667				.31				7
Short-term borrowings			58				.01				64				.01				91				.01				-9				-37						68				.01				62				.05				11
Long-term borrowings			3,441				1.77				5,294				1.47				3,431				1.75				-35				—						3,537				1.76				5,803				1.88				-39
Total interest-bearing liabilities			76,931				.12				79,430				.25				77,559				.14				-3				-1						77,928				.14				75,532				.43				3
Noninterest-bearing deposits			61,012								46,904								57,218								30				7						55,666								41,683								34
Other liabilities			2,166								2,016								2,151								7				1						2,166								2,274								-5
Total liabilities			140,109								128,350								136,928								9				2						135,760								119,489								14
Shareholders' equity			17,613								16,213								17,109								9				3						16,909								15,991								6
Total liabilities and shareholders' equity		$	157,722								144,563								154,037								9		%		2		%			$	152,669								135,480								13		%
Net interest spread							2.52								2.90								2.68																		2.70								3.00
Contribution of interest-free funds							.06								.10								.06																		.06								.16
Net interest margin							2.58		%						3.00		%						2.74		%																2.76		%						3.16		%

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures
			Three months ended								Year ended
			December 31								December 31
			2021				2020				2021				2020
Income statement data
In thousands, except per share
Net income
Net income			$	457,968				471,140				1,858,746				1,353,152
Amortization of core deposit and other intangible assets (1)				1,447				2,313				7,532				10,993
Merger-related expenses (1)				16,062				—				33,560				—
Net operating income			$	475,477				473,453				1,899,838				1,364,145
Earnings per common share
Diluted earnings per common share			$	3.37				3.52				13.80				9.94
Amortization of core deposit and other intangible assets (1)				.01				.02				.06				.08
Merger-related expenses (1)				.12				—				.25				—
Diluted net operating earnings per common share			$	3.50				3.54				14.11				10.02
Other expense
Other expense			$	927,500				845,008				3,611,623				3,385,240
Amortization of core deposit and other intangible assets				(1,954)				(3,129)				(10,167)				(14,869)
Merger-related expenses				(21,190)				—				(43,860)				—
Noninterest operating expense			$	904,356				841,879				3,557,596				3,370,371
Merger-related expenses
Salaries and employee benefits			$	112				—				176				—
Equipment and net occupancy				340				—				341				—
Outside data processing and software				250				—				1,119				—
Advertising and marketing				337				—				866				—
Printing, postage and supplies				186				—				2,965				—
Other costs of operations				19,965				—				38,393				—
Other expense			$	21,190				—				43,860				—
Efficiency ratio
Noninterest operating expense (numerator)			$	904,356				841,879				3,557,596				3,370,371
Taxable-equivalent net interest income			$	937,356				993,252				3,839,509				3,883,605
Other income				578,637				551,250				2,166,994				2,088,444
Less:  Gain (loss) on bank investment securities				1,426				1,619				(21,220)				(9,421)
Denominator			$	1,514,567				1,542,883				6,027,723				5,981,470
Efficiency ratio				59.7	%			54.6	%			59	%			56.3	%
Balance sheet data
In millions
Average assets
Average assets			$	157,722				144,563				152,669				135,480
Goodwill				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets				(5)				(16)				(8)				(21)
Deferred taxes				1				4				2				5
Average tangible assets			$	153,125				139,958				148,070				130,871
Average common equity
Average total equity			$	17,613				16,213				16,909				15,991
Preferred stock				(1,750)				(1,250)				(1,438)				(1,250)
Average common equity				15,863				14,963				15,471				14,741
Goodwill				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets				(5)				(16)				(8)				(21)
Deferred taxes				1				4				2				5
Average tangible common equity			$	11,266				10,358				10,872				10,132
At end of quarter
Total assets
Total assets			$	155,107				142,601
Goodwill				(4,593)				(4,593)
Core deposit and other intangible assets				(4)				(14)
Deferred taxes				1				4
Total tangible assets			$	150,511				137,998
Total common equity
Total equity			$	17,903				16,187
Preferred stock				(1,750)				(1,250)
Common equity				16,153				14,937
Goodwill				(4,593)				(4,593)
Core deposit and other intangible assets				(4)				(14)
Deferred taxes				1				4
Total tangible common equity			$	11,557				10,334
(1) After any related tax effect.

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
				Three months ended
				December 31,				September 30,				June 30,				March 31,				December 31,
				2021				2021				2021				2021				2020
Income statement data
In thousands, except per share
Net income
Net income				$	457,968				495,460				458,069				447,249				471,140
Amortization of core deposit and other intangible assets (1)					1,447				2,028				2,023				2,034				2,313
Merger-related expenses (1)					16,062				6,542				2,867				8,089				—
Net operating income				$	475,477				504,030				462,959				457,372				473,453
Earnings per common share
Diluted earnings per common share				$	3.37				3.69				3.41				3.33				3.52
Amortization of core deposit and other intangible assets (1)					.01				.02				.02				.02				.02
Merger-related expenses (1)					.12				.05				.02				.06				—
Diluted net operating earnings per common share				$	3.50				3.76				3.45				3.41				3.54
Other expense
Other expense				$	927,500				899,334				865,345				919,444				845,008
Amortization of core deposit and other intangible assets					(1,954)				(2,738)				(2,737)				(2,738)				(3,129)
Merger-related expenses					(21,190)				(8,826)				(3,893)				(9,951)				—
Noninterest operating expense				$	904,356				887,770				858,715				906,755				841,879
Merger-related expenses
Salaries and employee benefits				$	112				60				4				—				—
Equipment and net occupancy					340				1				—				—				—
Outside data processing and software					250				625				244				—				—
Advertising and marketing					337				505				24				—				—
Printing, postage and supplies					186				730				2,049				—				—
Other costs of operations					19,965				6,905				1,572				9,951				—
Other expense				$	21,190				8,826				3,893				9,951				—
Efficiency ratio
Noninterest operating expense (numerator)				$	904,356				887,770				858,715				906,755				841,879
Taxable-equivalent net interest income				$	937,356				970,953				946,072				985,128				993,252
Other income					578,637				569,126				513,633				505,598				551,250
Less:  Gain (loss) on bank investment securities					1,426				291				(10,655)				(12,282)				1,619
Denominator				$	1,514,567				1,539,788				1,470,360				1,503,008				1,542,883
Efficiency ratio					59.7	%			57.7	%			58.4	%			60.3	%			54.6	%
Balance sheet data
In millions
Average assets
Average assets				$	157,722				154,037				150,641				148,157				144,563
Goodwill					(4,593)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets					(5)				(7)				(10)				(13)				(16)
Deferred taxes					1				2				3				3				4
Average tangible assets				$	153,125				149,439				146,041				143,554				139,958
Average common equity
Average total equity				$	17,613				17,109				16,571				16,327				16,213
Preferred stock					(1,750)				(1,495)				(1,250)				(1,250)				(1,250)
Average common equity					15,863				15,614				15,321				15,077				14,963
Goodwill					(4,593)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets					(5)				(7)				(10)				(13)				(16)
Deferred taxes					1				2				3				3				4
Average tangible common equity				$	11,266				11,016				10,721				10,474				10,358
At end of quarter
Total assets
Total assets				$	155,107				151,901				150,623				150,481				142,601
Goodwill					(4,593)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets					(4)				(6)				(9)				(12)				(14)
Deferred taxes					1				2				2				3				4
Total tangible assets				$	150,511				147,304				146,023				145,879				137,998
Total common equity
Total equity				$	17,903				17,529				16,720				16,447				16,187
Preferred stock					(1,750)				(1,750)				(1,250)				(1,250)				(1,250)
Common equity					16,153				15,779				15,470				15,197				14,937
Goodwill					(4,593)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets					(4)				(6)				(9)				(12)				(14)
Deferred taxes					1				2				2				3				4
Total tangible common equity				$	11,557				11,182				10,870				10,595				10,334
(1)       After any related tax effect.

 

 

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SOURCE M&T Bank Corporation

FAQ

What were M&T Bank Corporation's Q4 2021 earnings results?

M&T Bank Corporation reported diluted earnings per share of $3.37 for Q4 2021, down 4% from Q4 2020, with net income of $458 million.

How did M&T Bank's full year 2021 performance compare to 2020?

For the full year 2021, M&T Bank reported diluted earnings per share of $13.80, a 39% increase from $9.94 in 2020, with net income rising to $1.86 billion.

What is the Common Equity Tier 1 ratio for M&T Bank at the end of 2021?

M&T Bank's Common Equity Tier 1 ratio improved to 11.4% at the end of 2021, up from 10.0% at the end of 2020.

What was the noninterest income for M&T Bank in Q4 2021?

M&T Bank's noninterest income for Q4 2021 was $579 million, which is a 5% increase compared to Q4 2020.

What factors affected M&T Bank's net interest income in Q4 2021?

M&T Bank's net interest income decreased to $937 million in Q4 2021 due to lower outstanding average loan balances and a reduced net interest margin.