M&T BANK CORPORATION ANNOUNCES SECOND QUARTER RESULTS

Rhea-AI Summary

M&T Bank Corporation (MTB) reported Q2 2022 earnings of $1.08 per share, down from $3.41 in Q2 2021 and $2.62 in Q1 2022, with net income at $218 million, a 53% decrease year-over-year. The recent quarter reflects significant merger-related expenses of $465 million from the acquisition of People's United Financial, leading to a 68% drop in diluted earnings. Despite these challenges, net interest income surged to $1.42 billion, boosted by rising interest rates and increased earning assets. The company's capital position remains robust with a Common Equity Tier 1 ratio of 10.9%.

Positive

• Net interest income increased by 50% year-over-year to $1.42 billion.
• Total deposits rose to $170.4 billion, up from $128.3 billion a year earlier due to the People's United acquisition.
• Capital position remains strong with a Common Equity Tier 1 ratio of 10.9%.

Negative

• Diluted earnings per share dropped 68% compared to Q2 2021.
• Net income decreased by 53% year-over-year, reflecting acquisition-related expenses.
• Provision for credit losses totaled $302 million, including a $242 million merger-related provision.

BUFFALO, N.Y., July 20,2022 /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) today reported its results of operations for the quarter ended June 30, 2022.

GAAP Results of Operations.  Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $1.08 in the second quarter of 2022, compared with $3.41 in the year-earlier quarter and $2.62 in the first quarter of 2022. GAAP-basis net income was $218 million in the recent quarter, $458 million in the second quarter of 2021 and $362 million in the first 2022 quarter. GAAP-basis net income in the second quarter of 2022 expressed as an annualized rate of return on average assets and average common shareholders' equity was .42% and 3.21%, respectively, compared with 1.22% and 11.55%, respectively, in the similar 2021 period and .97% and 8.55%, respectively, in the first quarter of 2022. M&T's second quarter 2022 results reflect a full-quarter impact of its April 1, 2022 acquisition of People's United Financial, Inc. ("People's United"). However, the results reflect non-operating merger-related expenses associated with the acquisition of $465 million ($346 million after-tax effect, or $1.94 of diluted earnings per common share) in the recent quarter, compared with $4 million ($3 million after-tax effect, or $.02 of diluted earnings per common share) in the year-earlier quarter and $17 million ($13 million after-tax effect, or $.10 of diluted earnings per share) in the initial quarter of 2022.

The closing of the acquisition of People's United resulted in the issuance of 50.3 million common shares. Pursuant to the terms of the merger agreement, People's United shareholders received consideration valued at .118 of an M&T common share in exchange for each common share of People's United. Additionally, People's United outstanding preferred stock was converted into shares of Series H preferred stock of M&T (NYSE: MTBPrH). The fair value of assets acquired in the transaction totaled approximately $64.2 billion, including $35.8 billion of loans and leases, while liabilities assumed were approximately $55.5 billion, including $53.0 billion of deposits. The purchase price totaled approximately $8.4 billion (with the price based on M&T's close price of $164.66 per share as of April 1, 2022). The transaction resulted in approximately $3.9 billion of goodwill recorded on M&T's balance sheet. The company anticipates transferring financial records of People's United to M&T's core operating systems by the end of the third quarter.

Darren J. King, Chief Financial Officer, commented on M&T's results, "We were extremely pleased with the second quarter results and our continued momentum following the acquisition of People's United. Higher average earning assets and the benefits from an increased net interest margin helped drive revenue growth, while expenses remained well controlled. Although financial results for the recent quarter reflect significant merger-related expenses, the acquisition has already had a positive impact on M&T's net operating results. In addition, our capital position remains very strong with an estimated Common Equity Tier 1 ratio of 10.9%."

Earnings Highlights
														Change 2Q22 vs.
($ in millions, except per share data)		2Q22				2Q21				1Q22				2Q21				1Q22
Net income		$	218			$	458			$	362				-53	%			-40	%
Net income available to common shareholders  ̶  diluted		$	192			$	439			$	340				-56	%			-43	%
Diluted earnings per common share		$	1.08			$	3.41			$	2.62				-68	%			-59	%
Annualized return on average assets			.42	%			1.22	%			.97	%
Annualized return on average common equity			3.21	%			11.55	%			8.55	%

 

For the first six-months of 2022, diluted earnings per common share were $3.45, compared with $6.73 in the year-earlier period. GAAP-basis net income was $580 million and $905 million in the first half of 2022 and 2021, respectively.  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, 2022 was .65% and 5.34%, respectively, compared with 1.22% and 11.56%, respectively, in the similar 2021 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. The amounts of such "nonoperating" expenses are presented in the tables that accompany this release.

Reflected in merger-related expenses in the second quarter of 2022 was a provision for credit losses of $242 million. GAAP requires that acquired loans be recorded at estimated fair value, which includes the use of interest rate and expected credit loss assumptions to forecast estimated cash flows. GAAP also provides that an allowance for credit losses on loans acquired, but not classified as purchased credit deteriorated ("PCD") also be recognized. Accordingly, M&T recorded a $242 million provision related to such loans obtained in the People's United acquisition. Given the requirement 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 provision to be a merger-related expense. Other merger-related expenses generally consist of professional services and other temporary help fees associated with actual or planned conversions of systems and/or integration of operations, costs related to terminations of existing contractual arrangements to purchase various services, severance and travel costs. 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 $3.10 in the second quarter of 2022, compared with $3.45 in the year-earlier quarter and $2.73 in the first quarter of 2022. Net operating income aggregated $578 million in the recent quarter, $463 million in the second quarter of 2021 and $376 million in 2022's first quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the second quarter of 2022 was 1.16% and 14.41%, respectively, 1.27% and 16.68%, respectively, in the similar quarter of 2021 and 1.04% and 12.44%, respectively, in the first quarter of 2022.

Diluted net operating earnings per common share in the first six months of 2022 totaled $5.88, compared with $6.84 in the similar 2021 period. Net operating income during the first half of 2022 was $954 million, up from $920 million in the six-month period ended June 30, 2021. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.11% and 13.57%, respectively, in the initial six months of 2022, compared with 1.28% and 16.86%, respectively, in the similar 2021 period.

Taxable-equivalent Net Interest Income.  Net interest income expressed on a taxable-equivalent basis totaled $1.42 billion in the recent quarter, compared with $946 million in the second quarter of 2021 and $907 million in the first quarter of 2022. The increase compared with the earlier quarters reflects a higher net interest margin and the impact of earning assets obtained in the acquisition of People's United that totaled approximately $56.6 billion on April 1, 2022. Average earning assets rose to $189.8 billion in the recent quarter, 39% above the $136.9 billion average in the second quarter of 2021 and 37% higher than $138.6 billion in 2022's first quarter. Average loans outstanding were $127.6 billion in the second quarter of 2022, compared with $98.6 billion in the year earlier quarter and $92.2 billion in the first quarter of 2022. Reflecting the impact of rising interest rates, the net interest margin increased to 3.01% in the second quarter of 2022, up from 2.77% in the corresponding quarter of 2021 and 2.65% in the first quarter of 2022. 

Taxable-equivalent Net Interest Income
														Change 2Q22 vs.
($ in millions)		2Q22				2Q21				1Q22				2Q21				1Q22
Average earning assets		$	189,755			$	136,951			$	138,624				39	%			37	%
Net interest income  ̶  taxable-equivalent		$	1,422			$	946			$	907				50	%			57	%
Net interest margin			3.01	%			2.77	%			2.65	%

 

Provision for Credit Losses/Asset Quality.  The provision for credit losses was $302 million in the second quarter of 2022. As already noted, included in that amount was a $242 million provision, recorded in accordance with GAAP, related to loans obtained in the People's United acquisition that were considered non-PCD. GAAP provides that an allowance for credit losses on such loans be recorded beyond the recognition of the fair value of the loans at the acquisition date. In addition to that merger-related provision, M&T recorded a provision for credit losses of $60 million in the recent quarter. A $10 million provision was recorded in the initial quarter of 2022 and a $15 million provision recovery in the second quarter of 2021. Net loan charge-offs were $50 million in the second quarter of 2022, $46 million in the second quarter of 2021 and $7 million in 2022's first quarter. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .16% and .19% in the second quarters of 2022 and 2021, respectively, and .03% in the first quarter of 2022.

Loans classified as nonaccrual totaled $2.63 billion at June 30, 2022, up from $2.24 billion at June 30, 2021 and $2.13 billion at March 31, 2022. The increase in the balance of nonaccrual loans resulted from loans obtained in the acquisition of People's United. Nonaccrual loans as a percentage of total loans declined to 2.05% at the recent quarter-end from 2.31% a year earlier and 2.32% at March 31, 2022. Assets taken in foreclosure of defaulted loans were $29 million at June 30, 2022, $28 million a year earlier and $24 million at March 31, 2022.

Allowance for Credit Losses.  M&T regularly performs comprehensive analyses of its loan portfolios and assesses forecasted economic conditions for purposes of determining the adequacy of the allowance for credit losses. As a result of those procedures, the allowance for credit losses totaled $1.82 billion or 1.42% of loans outstanding at June 30, 2022. 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. The allowance for credit losses was $1.58 billion or 1.62% of loans outstanding at June 30, 2021 and $1.47 billion or 1.60% at March 31, 2022.

Asset Quality Metrics
														Change 2Q22 vs.
($ in millions)		2Q22				2Q21				1Q22				2Q21				1Q22
At end of quarter
Nonaccrual loans		$	2,633			$	2,242			$	2,134				17	%			23	%
Real estate and other foreclosed assets		$	29			$	28			$	24				3	%			22	%
Total nonperforming assets		$	2,662			$	2,270			$	2,158				17	%			23	%
Accruing loans past due 90 days or more (1)		$	524			$	1,077			$	777				-51	%			-33	%
Nonaccrual loans as % of loans outstanding			2.05	%			2.31	%			2.32	%
Allowance for credit losses		$	1,824			$	1,575			$	1,472				16	%			24	%
Allowance for credit losses as % of loans outstanding			1.42	%			1.62	%			1.60	%
For the period
Provision for credit losses		$	302			$	(15)			$	10				—				—
Net charge-offs (2)		$	50			$	46			$	7				8	%			—
Net charge-offs as % of average loans (annualized) (2)			.16	%			.19	%			.03	%

_________________________
(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 $571 million in the second quarter of 2022, up from $514 million in the year-earlier quarter. People's United-related revenues in the recent quarter added approximately $79 million to noninterest income, including $33 million in service charges on deposit accounts and $14 million in trust income. Excluding People's United-related revenues, the lower level of noninterest income in the most recent quarter as compared with the second quarter of 2021 reflects decreased mortgage banking revenues impacted by M&T's decision to retain recently originated mortgage loans in portfolio rather than sell such loans while still selling select lower-yielding mortgage loans, partially offset by higher trust income and brokerage services income. Noninterest income was $541 million in this year's first quarter. The comparative decline in the recent quarter, excluding People's United-related revenues, was predominantly the result of decreased mortgage banking revenues and receipt of a $30 million distribution resulting from M&T's investment in Bayview Lending Group in 2022's initial quarter, whereas no similar distribution was received in the recent quarter. Those declines were partially offset by higher trust income and increased merchant discount and credit card fees included in other revenues from operations.

Noninterest Income
														Change 2Q22 vs.
($ in millions)		2Q22				2Q21				1Q22				2Q21				1Q22
Mortgage banking revenues		$	83			$	133			$	109				-38	%			-24	%
Service charges on deposit accounts			124				99				102				26	%			22	%
Trust income			190				163				169				17	%			12	%
Brokerage services income			24				10				20				135	%			20	%
Trading account and foreign exchange gains			2				7				5				-65	%			-57	%
Gain (loss) on bank investment securities			—				(11)				(1)				—				—
Other revenues from operations			148				113				137				31	%			8	%
Total		$	571			$	514			$	541				11	%			6	%

 

Noninterest expense totaled $1.40 billion in the second quarter of 2022, compared with $865 million in the similar quarter of 2021 and $960 million in the first quarter of 2022. 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 $1.16 billion in the recent quarter, $859 million in the second quarter of 2021 and $941 million in 2022's first quarter. The most significant factor for the higher level of operating expenses in the recent quarter was the impact of operations obtained in the People's United acquisition.

Noninterest Expense
														Change 2Q22 vs.
($ in millions)		2Q22				2Q21				1Q22				2Q21				1Q22
Salaries and employee benefits		$	776			$	479			$	578				62	%			34	%
Equipment and net occupancy			125				81				86				54	%			45	%
Outside data processing and software			94				74				80				26	%			18	%
FDIC assessments			22				18				16				26	%			45	%
Advertising and marketing			21				13				16				54	%			29	%
Printing, postage and supplies			16				11				10				40	%			53	%
Amortization of core deposit and other intangible assets			18				3				1				—				—
Other costs of operations			331				186				173				78	%			91	%
Total		$	1,403			$	865			$	960				62	%			46	%

 

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 58.3% in the second quarter of 2022, 58.4% in the year-earlier quarter and 64.9% in the first quarter of 2022. The higher ratio in 2022's first quarter reflects seasonally higher salaries and employee benefits expenses in that quarter.

Balance Sheet.  M&T had total assets of $204.0 billion at June 30, 2022, compared with $150.6 billion and $149.9 billion at June 30, 2021 and March 31, 2022, respectively. Loans and leases, net of unearned discount, were $128.5 billion at June 30, 2022, compared with $97.1 billion at June 30, 2021 and $91.8 billion at March 31, 2022. The higher level of loans and leases at the recent quarter-end as compared with the earlier dates noted is largely a reflection of balances associated with the acquisition of People's United. Also reflective of that acquisition, total deposits rose to $170.4 billion at the recent quarter-end, compared with $128.3 billion a year earlier and $126.3 billion at March 31, 2022.

Total shareholders' equity was $25.8 billion or 12.64% of total assets at June 30, 2022, $16.7 billion or 11.10% at June 30, 2021 and $17.9 billion or 11.93% at March 31, 2022. Common shareholders' equity was $23.8 billion, or $135.16 per share, at June 30, 2022, compared with $15.5 billion, or $120.22 per share, a year-earlier and $16.1 billion, or $124.93 per share, at March 31, 2022. Tangible equity per common share was $85.78 at June 30, 2022, $84.47 at June 30, 2021 and $89.33 at March 31, 2022. 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 10.9% at June 30, 2022, compared with 11.7% three months earlier and 10.7% at June 30, 2021.

In accordance with its capital plan, M&T repurchased 3,505,946 shares of its common stock during the recent quarter at an average cost per share of $171.14 resulting in a total cost of $600 million.

Conference Call.  Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 10:00 a.m. Eastern Time. Those wishing to participate in the call may dial (888) 632-3384. International participants, using any applicable international calling codes, may dial (785) 830-1914. Callers should reference M&T Bank Corporation or the conference ID #MTBQ222. 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 27, 2022 by calling (800) 925-9346, or (402) 220-5380 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, 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.

Upon closing the acquisition of People's United, M&T and The M&T Charitable Foundation launched a series of investments and activities to support communities across New England and New York. Among those efforts was the announcement of the Amplify Fund – a philanthropic investment to drive sustainable impact across the legacy People's United region. The Fund will be deployed over three years to benefit historically under-represented, low- and moderate-income communities using a racial equity and justice lens.

Last month, the company also launched a Multicultural Small Business Innovation Lab in Bridgeport, Connecticut. This follows successful initiatives in Buffalo and Harrisburg. The seven-week program is designed to help local multicultural business owners thrive, grow and pursue new ideas by providing guidance and skills to expand and operate their businesses. It will accept as many as 50 entrepreneurs and is part of M&T Bank's mission to build a culturally fluent bank that understands the needs of the communities it serves and provide the resources to address those needs.

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 events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, 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. As described further below, statements regarding M&T's expectations or predictions regarding the acquisition of People's United are also forward-looking statements, including statements regarding the 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 the impact of the People's United transaction (as described in the next paragraph); the impact of the war in Ukraine; the impact of the COVID-19 pandemic; economic conditions including inflation and supply chain issues; 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; governmental and public policy changes; 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 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 outcome of any legal proceedings that may be instituted against M&T; 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 does business; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships; M&T's success in executing its business plans and strategies and managing the risks involved in the foregoing; the business, economic and political conditions in the markets in which M&T operates; and other factors that may affect future results of M&T. 

Future factors related to the acquisition also include risks, such as, among others: that there could be an adverse effect on M&T's ability to retain customers and retain or hire key personnel and maintain relationships with customers; that integration efforts 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; that profitability following the combination may be lower than expected including for possible reasons such as lower than expected revenues or higher or unexpected costs, charges or expenses resulting from the transaction; unforeseen risks that may exist; and other factors 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, 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, 2021, 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		2022				2021				Change				2022				2021				Change
Performance
Net income		$	217,522				458,069				-53	%		$	579,696				905,318				-36	%
Net income available to common shareholders			192,236				438,759				-56	%			531,916				866,852				-39	%
Per common share:
Basic earnings		$	1.08				3.41				-68	%		$	3.47				6.74				-49	%
Diluted earnings			1.08				3.41				-68	%			3.45				6.73				-49	%
Cash dividends		$	1.20				1.10				9	%		$	2.40				2.20				9	%
Common shares outstanding:
Average - diluted (1)			178,277				128,842				38	%			153,981				128,756				20	%
Period end (2)			175,969				128,686				37	%			175,969				128,686				37	%
Return on (annualized):
Average total assets			.42	%			1.22	%							.65	%			1.22	%
Average common shareholders' equity			3.21	%			11.55	%							5.34	%			11.56	%
Taxable-equivalent net interest income		$	1,422,443				946,072				50	%		$	2,329,851				1,931,200				21	%
Yield on average earning assets			3.12	%			2.85	%							2.96	%			2.97	%
Cost of interest-bearing liabilities			.20	%			.14	%							.18	%			.17	%
Net interest spread			2.92	%			2.71	%							2.78	%			2.80	%
Contribution of interest-free funds			.09	%			.06	%							.08	%			.07	%
Net interest margin			3.01	%			2.77	%							2.86	%			2.87	%
Net charge-offs to average total net loans (annualized)			.16	%			.19	%							.10	%			.25	%
Net operating results (3)
Net operating income		$	577,622				462,959				25	%		$	953,621				920,331				4	%
Diluted net operating earnings per common share			3.10				3.45				-10	%			5.88				6.84				-14	%
Return on (annualized):
Average tangible assets			1.16	%			1.27	%							1.11	%			1.28	%
Average tangible common equity			14.41	%			16.68	%							13.57	%			16.86	%
Efficiency ratio			58.3	%			58.4	%							61.1	%			59.4	%
		At June 30
Loan quality		2022				2021				Change
Nonaccrual loans		$	2,633,005				2,242,057				17	%
Real estate and other foreclosed assets			28,692				27,902				3	%
Total nonperforming assets		$	2,661,697				2,269,959				17	%
Accruing loans past due 90 days or more (4)		$	523,662				1,077,227				-51	%
Government guaranteed loans included in totals above:
Nonaccrual loans		$	46,937				49,796				-6	%
Accruing loans past due 90 days or more			467,834				1,029,331				-55	%
Renegotiated loans		$	276,584				236,377				17	%
Nonaccrual loans to total net loans			2.05	%			2.31	%
Allowance for credit losses to total loans			1.42	%			1.62	%

_________________________
(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		2022				2022				2021				2021				2021
Performance
Net income		$	217,522				362,174				457,968				495,460				458,069
Net income available to common shareholders			192,236				339,590				434,171				475,961				438,759
Per common share:
Basic earnings		$	1.08				2.63				3.37				3.70				3.41
Diluted earnings			1.08				2.62				3.37				3.69				3.41
Cash dividends		$	1.20				1.20				1.20				1.10				1.10
Common shares outstanding:
Average - diluted (1)			178,277				129,416				128,888				128,844				128,842
Period end (2)			175,969				129,080				128,705				128,699				128,686
Return on (annualized):
Average total assets			.42	%			.97	%			1.15	%			1.28	%			1.22	%
Average common shareholders' equity			3.21	%			8.55	%			10.91	%			12.16	%			11.55	%
Taxable-equivalent net interest income		$	1,422,443				907,408				937,356				970,953				946,072
Yield on average earning assets			3.12	%			2.72	%			2.64	%			2.82	%			2.85	%
Cost of interest-bearing liabilities			.20	%			.13	%			.12	%			.14	%			.14	%
Net interest spread			2.92	%			2.59	%			2.52	%			2.68	%			2.71	%
Contribution of interest-free funds			.09	%			.06	%			.06	%			.06	%			.06	%
Net interest margin			3.01	%			2.65	%			2.58	%			2.74	%			2.77	%
Net charge-offs to average total net loans (annualized)			.16	%			.03	%			.13	%			.17	%			.19	%
Net operating results (3)
Net operating income		$	577,622				375,999				475,477				504,030				462,959
Diluted net operating earnings per common share			3.10				2.73				3.50				3.76				3.45
Return on (annualized):
Average tangible assets			1.16	%			1.04	%			1.23	%			1.34	%			1.27	%
Average tangible common equity			14.41	%			12.44	%			15.98	%			17.54	%			16.68	%
Efficiency ratio			58.3	%			64.9	%			59.7	%			57.7	%			58.4	%
		June 30,				March 31,				December 31,				September 30,				June 30,
Loan quality		2022				2022				2021				2021				2021
Nonaccrual loans		$	2,633,005				2,134,231				2,060,083				2,242,263				2,242,057
Real estate and other foreclosed assets			28,692				23,524				23,901				24,786				27,902
Total nonperforming assets		$	2,661,697				2,157,755				2,083,984				2,267,049				2,269,959
Accruing loans past due 90 days or more (4)		$	523,662				776,751				963,399				1,026,080				1,077,227
Government guaranteed loans included in totals above:
Nonaccrual loans		$	46,937				46,151				51,429				47,358				49,796
Accruing loans past due 90 days or more			467,834				689,831				927,788				947,091				1,029,331
Renegotiated loans		$	276,584				242,108				230,408				242,955				236,377
Nonaccrual loans to total net loans			2.05	%			2.32	%			2.22	%			2.40	%			2.31	%
Allowance for credit losses to total loans			1.42	%			1.60	%			1.58	%			1.62	%			1.62	%

____________________________
(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		2022				2021				Change				2022				2021				Change
Interest income		$	1,465,142				970,358				51	%		$	2,393,398				1,987,320				20	%
Interest expense			53,425				28,018				91				77,507				63,585				22
Net interest income			1,411,717				942,340				50				2,315,891				1,923,735				20
Provision for credit losses			302,000				(15,000)				—				312,000				(40,000)				—
Net interest income after provision for credit losses			1,109,717				957,340				16				2,003,891				1,963,735				2
Other income
Mortgage banking revenues			82,926				133,313				-38				192,074				272,067				-29
Service charges on deposit accounts			124,170				98,518				26				225,677				191,295				18
Trust income			190,084				162,991				17				359,297				319,013				13
Brokerage services income			24,138				10,265				135				44,328				23,378				90
Trading account and foreign exchange gains			2,293				6,502				-65				7,662				12,786				-40
Gain (loss) on bank investment securities			(62)				(10,655)				—				(805)				(22,937)				—
Other revenues from operations			147,551				112,699				31				283,754				223,629				27
Total other income			571,100				513,633				11				1,111,987				1,019,231				9
Other expense
Salaries and employee benefits			776,201				479,134				62				1,353,721				1,020,212				33
Equipment and net occupancy			124,655				80,848				54				210,467				163,319				29
Outside data processing and software			93,820				74,492				26				173,539				140,243				24
FDIC assessments			22,585				17,876				26				38,161				32,064				19
Advertising and marketing			20,635				13,364				54				36,659				27,992				31
Printing, postage and supplies			15,570				11,133				40				25,720				20,450				26
Amortization of core deposit and other    intangible assets			18,384				2,737				572				19,640				5,475				259
Other costs of operations			331,304				185,761				78				504,988				375,034				35
Total other expense			1,403,154				865,345				62				2,362,895				1,784,789				32
Income before income taxes			277,663				605,628				-54				752,983				1,198,177				-37
Applicable income taxes			60,141				147,559				-59				173,287				292,859				-41
Net income		$	217,522				458,069				-53	%		$	579,696				905,318				-36	%

 

Condensed Consolidated Statement of Income, Five Quarter Trend
		Three months ended
		June 30,				March 31,				December 31,				September 30,				June 30,
Dollars in thousands		2022				2022				2021				2021				2021
Interest income		$	1,465,142				928,256				958,518				992,946				970,358
Interest expense			53,425				24,082				24,725				25,696				28,018
Net interest income			1,411,717				904,174				933,793				967,250				942,340
Provision for credit losses			302,000				10,000				(15,000)				(20,000)				(15,000)
Net interest income after provision for credit losses			1,109,717				894,174				948,793				987,250				957,340
Other income
Mortgage banking revenues			82,926				109,148				139,267				159,995				133,313
Service charges on deposit accounts			124,170				101,507				105,392				105,426				98,518
Trust income			190,084				169,213				168,827				156,876				162,991
Brokerage services income			24,138				20,190				18,923				20,490				10,265
Trading account and foreign exchange gains			2,293				5,369				6,027				5,563				6,502
Gain (loss) on bank investment securities			(62)				(743)				1,426				291				(10,655)
Other revenues from operations			147,551				136,203				138,775				120,485				112,699
Total other income			571,100				540,887				578,637				569,126				513,633
Other expense
Salaries and employee benefits			776,201				577,520				515,043				510,422				479,134
Equipment and net occupancy			124,655				85,812				82,641				80,738				80,848
Outside data processing and software			93,820				79,719				78,814				72,782				74,492
FDIC assessments			22,585				15,576				18,830				18,810				17,876
Advertising and marketing			20,635				16,024				21,228				15,208				13,364
Printing, postage and supplies			15,570				10,150				8,140				7,917				11,133
Amortization of core deposit and other intangible assets			18,384				1,256				1,954				2,738				2,737
Other costs of operations			331,304				173,684				200,850				190,719				185,761
Total other expense			1,403,154				959,741				927,500				899,334				865,345
Income before income taxes			277,663				475,320				599,930				657,042				605,628
Applicable income taxes			60,141				113,146				141,962				161,582				147,559
Net income		$	217,522				362,174				457,968				495,460				458,069

 

Condensed Consolidated Balance Sheet
		June 30
Dollars in thousands		2022				2021				Change
ASSETS
Cash and due from banks		$	1,688,274				1,410,468				20		%
Interest-bearing deposits at banks			33,437,454				33,864,824				-1
Federal funds sold and agreements to resell securities			250,250				—				100
Trading account			278,696				712,558				-61
Investment securities			22,801,717				6,143,177				271
Loans and leases:
Commercial, financial, etc.			39,108,676				25,409,291				54
Real estate - commercial			46,795,139				37,558,775				25
Real estate - consumer			22,767,107				16,704,951				36
Consumer			19,815,198				17,440,415				14
Total loans and leases, net of unearned discount			128,486,120				97,113,432				32
Less: allowance for credit losses			1,823,790				1,575,128				16
Net loans and leases			126,662,330				95,538,304				33
Goodwill			8,501,357				4,593,112				85
Core deposit and other intangible assets			245,358				8,690				—
Other assets			10,167,453				8,351,574				22
Total assets		$	204,032,889				150,622,707				35		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	72,375,515				55,621,230				30		%
Interest-bearing deposits			97,982,881				72,647,542				35
Total deposits			170,358,396				128,268,772				33
Short-term borrowings			1,119,321				91,235				—
Accrued interest and other liabilities			3,743,278				2,042,948				83
Long-term borrowings			3,017,363				3,499,448				-14
Total liabilities			178,238,358				133,902,403				33
Shareholders' equity:
Preferred			2,010,600				1,250,000				61
Common			23,783,931				15,470,304				54
Total shareholders' equity			25,794,531				16,720,304				54
Total liabilities and shareholders' equity		$	204,032,889				150,622,707				35		%

 

Condensed Consolidated Balance Sheet, Five Quarter Trend
		June 30,				March 31,				December 31,				September 30,				June 30,
Dollars in thousands		2022				2022				2021				2021				2021
ASSETS
Cash and due from banks		$	1,688,274				1,411,460				1,337,577				1,479,712				1,410,468
Interest-bearing deposits at banks			33,437,454				36,025,382				41,872,304				38,445,788				33,864,824
Federal funds sold and agreements to resell securities			250,250				—				—				—				—
Trading account			278,696				197,558				468,031				624,556				712,558
Investment securities			22,801,717				9,356,832				7,155,860				6,447,622				6,143,177
Loans and leases:
Commercial, financial, etc.			39,108,676				23,496,017				23,473,324				22,514,940				25,409,291
Real estate - commercial			46,795,139				34,553,558				35,389,730				37,023,952				37,558,775
Real estate - consumer			22,767,107				15,595,879				16,074,445				16,209,354				16,704,951
Consumer			19,815,198				18,162,938				17,974,953				17,834,648				17,440,415
Total   loans   and   leases,   net   of   unearned   discount			128,486,120				91,808,392				92,912,452				93,582,894				97,113,432
Less: allowance for credit losses			1,823,790				1,472,359				1,469,226				1,515,024				1,575,128
Net loans and leases			126,662,330				90,336,033				91,443,226				92,067,870				95,538,304
Goodwill			8,501,357				4,593,112				4,593,112				4,593,112				4,593,112
Core deposit and other intangible assets			245,358				2,742				3,998				5,952				8,690
Other assets			10,167,453				7,940,433				8,233,052				8,236,582				8,351,574
Total assets		$	204,032,889				149,863,552				155,107,160				151,901,194				150,622,707
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	72,375,515				58,520,366				60,131,480				56,542,309				55,621,230
Interest-bearing deposits			97,982,881				67,798,347				71,411,929				72,158,987				72,647,542
Total deposits			170,358,396				126,318,713				131,543,409				128,701,296				128,268,772
Short-term borrowings			1,119,321				50,307				47,046				103,548				91,235
Accrued interest and other liabilities			3,743,278				2,174,925				2,127,931				2,067,188				2,042,948
Long-term borrowings			3,017,363				3,443,587				3,485,369				3,500,391				3,499,448
Total liabilities			178,238,358				131,987,532				137,203,755				134,372,423				133,902,403
Shareholders' equity:
Preferred			2,010,600				1,750,000				1,750,000				1,750,000				1,250,000
Common			23,783,931				16,126,020				16,153,405				15,778,771				15,470,304
Total shareholders' equity			25,794,531				17,876,020				17,903,405				17,528,771				16,720,304
Total liabilities and shareholders' equity		$	204,032,889				149,863,552				155,107,160				151,901,194				150,622,707

 

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, 2022 from										June 30,																Change
Dollars in millions			2022								2021								2022								June 30,				March 31,						2022								2021								in
			Balance				Rate				Balance				Rate				Balance				Rate				2021				2022						Balance				Rate				Balance				Rate				balance
ASSETS
Interest-bearing deposits at banks		$	39,386				.82		%		32,081				.11		%		38,693				.19		%		23		%		2		%			$	39,041				.51		%		29,886				.11		%		31		%
Federal funds sold and agreements to resell securities			250				.41				—				.48				—				.71				100				100						126				.41				337				.12				-63
Trading account			136				.59				49				1.76				48				1.61				175				182						92				.85				49				1.60				86
Investment securities			22,384				2.55				6,211				2.23				7,724				2.06				260				190						15,095				2.42				6,407				2.25				136
Loans and leases, net of unearned discount
Commercial, financial, etc.			37,818				3.96				27,055				3.26				23,305				3.61				40				62						30,602				3.83				27,387				3.39				12
Real estate - commercial			47,227				3.87				37,419				3.92				34,957				3.86				26				35						41,126				3.86				37,513				4.04				10
Real estate - consumer			22,761				3.64				17,022				3.54				15,870				3.55				34				43						19,334				3.60				17,212				3.54				12
Consumer			19,793				4.26				17,114				4.44				18,027				4.23				16				10						18,915				4.25				16,869				4.53				12
Total loans and leases, net			127,599				3.94				98,610				3.79				92,159				3.85				29				38						109,977				3.90				98,981				3.89				11
Total earning assets			189,755				3.12				136,951				2.85				138,624				2.72				39				37						164,331				2.96				135,660				2.97				21
Goodwill			8,501								4,593								4,593								85				85						6,560								4,593								43
Core deposit and other intangible assets			254								10								3								—				—						130								11								—
Other assets			10,355								9,087								8,428								14				23						9,393								9,142								3
Total assets		$	208,865								150,641								151,648								39		%		38		%			$	180,414								149,406								21		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
Savings and interest-checking deposits		$	95,149				.12				71,561				.05				67,267				.04				33		%		41		%			$	81,285				.09				71,013				.06				14		%
Time deposits			5,480				.09				3,358				.61				2,647				.21				63				107						4,071				.13				3,544				.69				15
Deposits at Cayman Islands office			—				—				50				.12				—				—				-100				—						—				—				365				.11				-100
Total interest-bearing deposits			100,629				.12				74,969				.07				69,914				.05				34				44						85,356				.09				74,922				.09				14
Short-term borrowings			1,126				1.22				61				.01				56				.01				—				—						594				1.16				61				.01				—
Long-term borrowings			3,282				2.55				3,429				1.74				3,442				1.88				-4				-5						3,362				2.21				3,639				1.76				-8
Total interest-bearing liabilities			105,037				.20				78,459				.14				73,412				.13				34				43						89,312				.18				78,622				.17				14
Noninterest-bearing deposits			74,054								53,444								58,141								39				27						66,141								52,159								27
Other liabilities			3,684								2,167								2,201								70				67						2,946								2,175								35
Total liabilities			182,775								134,070								133,754								36				37						158,399								132,956								19
Shareholders' equity			26,090								16,571								17,894								57				46						22,015								16,450								34
Total liabilities and shareholders' equity		$	208,865								150,641								151,648								39		%		38		%			$	180,414								149,406								21		%
Net interest spread							2.92								2.71								2.59																		2.78								2.80
Contribution of interest-free funds							.09								.06								.06																		.08								.07
Net interest margin							3.01		%						2.77		%						2.65		%																2.86		%						2.87		%

 

Reconciliation of Quarterly GAAP to Non-GAAP Measures
		Three months ended								Six months ended
		June 30								June 30
		2022				2021				2022				2021
Income statement data
In thousands, except per share
Net income
Net income		$	217,522				458,069				579,696				905,318
Amortization of core deposit and other intangible assets (1)			14,138				2,023				15,071				4,057
Merger-related expenses (1)			345,962				2,867				358,854				10,956
Net operating income		$	577,622				462,959				953,621				920,331
Earnings per common share
Diluted earnings per common share		$	1.08				3.41				3.45				6.73
Amortization of core deposit and other intangible assets (1)			.08				.02				.10				.03
Merger-related expenses (1)			1.94				.02				2.33				.08
Diluted net operating earnings per common share		$	3.10				3.45				5.88				6.84
Other expense
Other expense		$	1,403,154				865,345				2,362,895				1,784,789
Amortization of core deposit and other intangible assets			(18,384)				(2,737)				(19,640)				(5,475)
Merger-related expenses			(222,809)				(3,893)				(240,181)				(13,844)
Noninterest operating expense		$	1,161,961				858,715				2,103,074				1,765,470
Merger-related expenses
Salaries and employee benefits		$	85,299				4				85,386				4
Equipment and net occupancy			502				—				2,309				—
Outside data processing and software			716				244				968				244
Advertising and marketing			1,199				24				1,827				24
Printing, postage and supplies			2,460				2,049				3,182				2,049
Other costs of operations			132,633				1,572				146,509				11,523
Other expense			222,809				3,893				240,181				13,844
Provision for credit losses			242,000				—				242,000				—
Total		$	464,809			$	3,893			$	482,181			$	13,844
Efficiency ratio
Noninterest operating expense (numerator)		$	1,161,961				858,715				2,103,074				1,765,470
Taxable-equivalent net interest income		$	1,422,443				946,072				2,329,851				1,931,200
Other income			571,100				513,633				1,111,987				1,019,231
Less:  Gain (loss) on bank investment securities			(62)				(10,655)				(805)				(22,937)
Denominator		$	1,993,605				1,470,360				3,442,643				2,973,368
Efficiency ratio			58.3	%			58.4	%			61.1	%			59.4	%
Balance sheet data
In millions
Average assets
Average assets		$	208,865				150,641				180,414				149,406
Goodwill			(8,501)				(4,593)				(6,560)				(4,593)
Core deposit and other intangible assets			(254)				(10)				(130)				(11)
Deferred taxes			60				3				31				3
Average tangible assets		$	200,170				146,041				173,755				144,805
Average common equity
Average total equity		$	26,090				16,571				22,015				16,450
Preferred stock			(2,011)				(1,250)				(1,881)				(1,250)
Average common equity			24,079				15,321				20,134				15,200
Goodwill			(8,501)				(4,593)				(6,560)				(4,593)
Core deposit and other intangible assets			(254)				(10)				(130)				(11)
Deferred taxes			60				3				31				3
Average tangible common equity		$	15,384				10,721				13,475				10,599
At end of quarter
Total assets
Total assets		$	204,033				150,623
Goodwill			(8,501)				(4,593)
Core deposit and other intangible assets			(245)				(9)
Deferred taxes			57				2
Total tangible assets		$	195,344				146,023
Total common equity
Total equity		$	25,795				16,720
Preferred stock			(2,011)				(1,250)
Common equity			23,784				15,470
Goodwill			(8,501)				(4,593)
Core deposit and other intangible assets			(245)				(9)
Deferred taxes			57				2
Total tangible common equity		$	15,095				10,870

________________________
(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,
		2022				2022				2021				2021				2021
Income statement data
In thousands, except per share
Net income
Net income		$	217,522				362,174				457,968				495,460				458,069
Amortization of core deposit and other intangible assets (1)			14,138				933				1,447				2,028				2,023
Merger-related expenses (1)			345,962				12,892				16,062				6,542				2,867
Net operating income		$	577,622				375,999				475,477				504,030				462,959
Earnings per common share
Diluted earnings per common share		$	1.08				2.62				3.37				3.69				3.41
Amortization of core deposit and other intangible assets (1)			.08				.01				.01				.02				.02
Merger-related expenses (1)			1.94				.10				.12				.05				.02
Diluted net operating earnings per common share		$	3.10				2.73				3.50				3.76				3.45
Other expense
Other expense		$	1,403,154				959,741				927,500				899,334				865,345
Amortization of core deposit and other intangible assets			(18,384)				(1,256)				(1,954)				(2,738)				(2,737)
Merger-related expenses			(222,809)				(17,372)				(21,190)				(8,826)				(3,893)
Noninterest operating expense		$	1,161,961				941,113				904,356				887,770				858,715
Merger-related expenses
Salaries and employee benefits		$	85,299				87				112				60				4
Equipment and net occupancy			502				1,807				340				1				—
Outside data processing and software			716				252				250				625				244
Advertising and marketing			1,199				628				337				505				24
Printing, postage and supplies			2,460				722				186				730				2,049
Other costs of operations			132,633				13,876				19,965				6,905				1,572
Other expense			222,809				17,372				21,190				8,826				3,893
Provision for credit losses			242,000				—				—				—				—
Total		$	464,809				17,372				21,190				8,826				3,893
Efficiency ratio
Noninterest operating expense (numerator)		$	1,161,961				941,113				904,356				887,770				858,715
Taxable-equivalent net interest income		$	1,422,443				907,408				937,356				970,953				946,072
Other income			571,100				540,887				578,637				569,126				513,633
Less:  Gain (loss) on bank investment securities			(62)				(743)				1,426				291				(10,655)
Denominator		$	1,993,605				1,449,038				1,514,567				1,539,788				1,470,360
Efficiency ratio			58.3	%			64.9	%			59.7	%			57.7	%			58.4	%
Balance sheet data
In millions
Average assets
Average assets		$	208,865				151,648				157,722				154,037				150,641
Goodwill			(8,501)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets			(254)				(3)				(5)				(7)				(10)
Deferred taxes			60				1				1				2				3
Average tangible assets		$	200,170				147,053				153,125				149,439				146,041
Average common equity
Average total equity		$	26,090				17,894				17,613				17,109				16,571
Preferred stock			(2,011)				(1,750)				(1,750)				(1,495)				(1,250)
Average common equity			24,079				16,144				15,863				15,614				15,321
Goodwill			(8,501)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets			(254)				(3)				(5)				(7)				(10)
Deferred taxes			60				1				1				2				3
Average tangible common equity		$	15,384				11,549				11,266				11,016				10,721
At end of quarter
Total assets
Total assets		$	204,033				149,864				155,107				151,901				150,623
Goodwill			(8,501)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets			(245)				(3)				(4)				(6)				(9)
Deferred taxes			57				1				1				2				2
Total tangible assets		$	195,344				145,269				150,511				147,304				146,023
Total common equity
Total equity		$	25,795				17,876				17,903				17,529				16,720
Preferred stock			(2,011)				(1,750)				(1,750)				(1,750)				(1,250)
Common equity			23,784				16,126				16,153				15,779				15,470
Goodwill			(8,501)				(4,593)				(4,593)				(4,593)				(4,593)
Core deposit and other intangible assets			(245)				(3)				(4)				(6)				(9)
Deferred taxes			57				1				1				2				2
Total tangible common equity		$	15,095				11,531				11,557				11,182				10,870

_______________________
(1)	After any related tax effect.

 

 

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SOURCE M&T Bank Corporation

FAQ

What were the earnings results for M&T Bank (MTB) in Q2 2022?

M&T Bank reported diluted earnings per share of $1.08 for Q2 2022, down from $3.41 in Q2 2021.

How did the acquisition of People's United impact M&T Bank's (MTB) financial performance?

The acquisition resulted in significant merger-related expenses of $465 million, affecting net income and diluted earnings per share.

What is the Common Equity Tier 1 ratio for M&T Bank (MTB) as of June 30, 2022?

M&T Bank's Common Equity Tier 1 ratio was 10.9% at June 30, 2022.

What is M&T Bank's (MTB) outlook following the Q2 2022 earnings report?

Despite the significant merger-related expenses, M&T Bank remains optimistic about revenue growth due to increased earning assets and improved net interest margins.