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Share Name | Share Symbol | Market | Type |
---|---|---|---|
M&T Bank Corporation | NYSE:MTB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 164.65 | 2 | 12:09:44 |
BUFFALO, N.Y., July 18, 2024 /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $655 million or $3.73 of diluted earnings per common share.
(Dollars in millions, except per share data) | 2Q24 | 1Q24 | 2Q23 | |||
Earnings Highlights | ||||||
Net interest income | $ 1,718 | $ 1,680 | $ 1,799 | |||
Taxable-equivalent adjustment | 13 | 12 | 14 | |||
Net interest income - taxable-equivalent | 1,731 | 1,692 | 1,813 | |||
Provision for credit losses | 150 | 200 | 150 | |||
Noninterest income | 584 | 580 | 803 | |||
Noninterest expense | 1,297 | 1,396 | 1,293 | |||
Net income | 655 | 531 | 867 | |||
Net income available to common shareholders - diluted | 626 | 505 | 841 | |||
Diluted earnings per common share | 3.73 | 3.02 | 5.05 | |||
Return on average assets - annualized | 1.24 % | 1.01 % | 1.70 % | |||
Return on average common shareholders' equity - annualized | 9.95 | 8.14 | 14.27 | |||
Average Balance Sheet | ||||||
Total assets | $ 211,981 | $ 211,478 | $ 204,376 | |||
Interest-bearing deposits at banks | 29,294 | 30,647 | 23,617 | |||
Investment securities | 29,695 | 28,587 | 28,623 | |||
Loans and leases, net of unearned discount | 134,588 | 133,796 | 133,545 | |||
Deposits | 163,491 | 164,065 | 159,399 | |||
Borrowings | 16,452 | 16,001 | 15,055 | |||
Selected Ratios | ||||||
(Amounts expressed as a percent, except per share data) | ||||||
Net interest margin | 3.59 % | 3.52 % | 3.91 % | |||
Efficiency ratio | 55.3 | 60.8 | 48.9 | |||
Net charge-offs to average total loans - annualized | .41 | .42 | .38 | |||
Allowance for credit losses to total loans | 1.63 | 1.62 | 1.50 | |||
Nonaccrual loans to total loans | 1.50 | 1.71 | 1.83 | |||
Common equity Tier 1 ("CET1") capital ratio (1) | 11.44 | 11.08 | 10.59 | |||
Common shareholders' equity per share | $ 153.57 | $ 150.90 | $ 143.41 |
(1) June 30, 2024 CET1 capital ratio is estimated. |
Financial Highlights
Chief Financial Officer Commentary
"Building on a strong start to the year, the second quarter results reflect a 24% increase in diluted earnings per common share from the first quarter. We continued to grow our commercial and industrial and consumer loan portfolios, while lessening our commercial real estate exposure. Credit metrics improved as both nonaccrual and total criticized loans declined sequentially. Liquidity and capital positions are exceptional, and we are pleased with the reduction in our stress capital buffer that becomes effective later this year. Our team continues to diligently deploy resources while controlling expense growth. We are grateful for our employees' commitment to our customers and communities which was again on full display in the first half of 2024 through various community events and volunteer engagements throughout our footprint."
- Daryl N. Bible, M&T's Chief Financial Officer
Contact: | ||
Investor Relations: | Brian Klock | 716.842.5138 |
Media Relations: | Frank Lentini | 929.651.0447 |
Non-GAAP Measures (1) | ||||||||||
Change | Change | |||||||||
(Dollars in millions, except per share data) | 2Q24 | 1Q24 | 1Q24 | 2Q23 | 2Q23 | |||||
Net operating income | $ 665 | $ 543 | 22 % | $ 879 | -24 % | |||||
Diluted net operating earnings per common share | 3.79 | 3.09 | 23 | 5.12 | -26 | |||||
Annualized return on average tangible assets | 1.31 % | 1.08 % | 1.80 % | |||||||
Annualized return on average tangible common equity | 15.27 | 12.67 | 22.73 | |||||||
Efficiency ratio | 55.3 | 60.8 | 48.9 | |||||||
Tangible equity per common share | $ 102.42 | $ 99.54 | 3 | $ 91.58 | 12 |
(1) A reconciliation of non-GAAP measures is included in the tables that accompany this release. |
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.
Taxable-equivalent Net Interest Income | ||||||||||
Change | Change | |||||||||
(Dollars in millions) | 2Q24 | 1Q24 | 1Q24 | 2Q23 | 2Q23 | |||||
Average earning assets | $ 193,676 | $ 193,135 | — % | $ 185,936 | 4 % | |||||
Average interest-bearing liabilities | 132,209 | 131,451 | 1 | 118,274 | 12 | |||||
Net interest income - taxable-equivalent | 1,731 | 1,692 | 2 | 1,813 | -5 | |||||
Yield on average earning assets | 5.82 % | 5.74 % | 5.46 % | |||||||
Cost of interest-bearing liabilities | 3.26 | 3.26 | 2.43 | |||||||
Net interest spread | 2.56 | 2.48 | 3.03 | |||||||
Net interest margin | 3.59 | 3.52 | 3.91 |
Taxable-equivalent net interest income increased $39 million, or 2%, from the first quarter of 2024.
Taxable-equivalent net interest income decreased $82 million, or 5%, compared with the year-earlier second quarter.
Average Earning Assets | ||||||||||
Change | Change | |||||||||
(Dollars in millions) | 2Q24 | 1Q24 | 1Q24 | 2Q23 | 2Q23 | |||||
Interest-bearing deposits at banks | $ 29,294 | $ 30,647 | -4 % | $ 23,617 | 24 % | |||||
Trading account | 99 | 105 | -6 | 151 | -34 | |||||
Investment securities | 29,695 | 28,587 | 4 | 28,623 | 4 | |||||
Loans and leases, net of unearned discount | ||||||||||
Commercial and industrial | 58,152 | 56,821 | 2 | 54,572 | 7 | |||||
Real estate - commercial | 31,458 | 32,696 | -4 | 34,903 | -10 | |||||
Real estate - consumer | 23,006 | 23,136 | -1 | 23,781 | -3 | |||||
Consumer | 21,972 | 21,143 | 4 | 20,289 | 8 | |||||
Total loans and leases, net | 134,588 | 133,796 | 1 | 133,545 | 1 | |||||
Total earning assets | $ 193,676 | $ 193,135 | — | $ 185,936 | 4 |
Average earning assets increased $541 million from the first quarter of 2024.
Average earning assets increased $7.7 billion, or 4%, from the year-earlier second quarter.
Average Interest-bearing Liabilities | ||||||||||
Change | Change | |||||||||
(Dollars in millions) | 2Q24 | 1Q24 | 1Q24 | 2Q23 | 2Q23 | |||||
Interest-bearing deposits | ||||||||||
Savings and interest-checking deposits | $ 95,955 | $ 94,867 | 1 % | $ 87,210 | 10 % | |||||
Time deposits | 19,802 | 20,583 | -4 | 16,009 | 24 | |||||
Total interest-bearing deposits | 115,757 | 115,450 | — | 103,219 | 12 | |||||
Short-term borrowings | 4,962 | 6,228 | -20 | 7,539 | -34 | |||||
Long-term borrowings | 11,490 | 9,773 | 18 | 7,516 | 53 | |||||
Total interest-bearing liabilities | $ 132,209 | $ 131,451 | 1 | $ 118,274 | 12 | |||||
Brokered savings and interest-checking | $ 8,193 | $ 8,030 | 2 % | $ 3,754 | 118 % | |||||
Brokered time deposits | 3,826 | 5,193 | -26 | 6,873 | -44 | |||||
Total brokered deposits | $ 12,019 | $ 13,223 | -9 | $ 10,627 | 13 |
Average interest-bearing liabilities increased $758 million, or 1%, from the first quarter of 2024.
Average interest-bearing liabilities increased $13.9 billion, or 12%, from the second quarter of 2023.
Provision for Credit Losses/Asset Quality | ||||||||||
Change 2Q24 vs. | Change 2Q24 vs. | |||||||||
(Dollars in millions) | 2Q24 | 1Q24 | 1Q24 | 2Q23 | 2Q23 | |||||
At end of quarter | ||||||||||
Nonaccrual loans | $ 2,024 | $ 2,302 | -12 % | $ 2,435 | -17 % | |||||
Real estate and other foreclosed assets | 33 | 38 | -16 | 43 | -23 | |||||
Total nonperforming assets | 2,057 | 2,340 | -12 | 2,478 | -17 | |||||
Accruing loans past due 90 days or more (1) | 233 | 297 | -21 | 380 | -39 | |||||
Nonaccrual loans as % of loans outstanding | 1.50 % | 1.71 % | 1.83 % | |||||||
Allowance for credit losses | $ 2,204 | $ 2,191 | 1 | $ 1,998 | 10 | |||||
Allowance for credit losses as % of loans outstanding | 1.63 % | 1.62 % | 1.50 % | |||||||
For the period | ||||||||||
Provision for credit losses | $ 150 | $ 200 | -25 | $ 150 | — | |||||
Net charge-offs | 137 | 138 | -1 | 127 | 8 | |||||
Net charge-offs as % of average loans (annualized) | .41 % | .42 % | .38 % |
(1) Predominantly government-guaranteed residential real estate loans. |
M&T recorded a provision for credit losses of $150 million in each of the second quarters of 2024 and 2023, compared with $200 million in 2024's initial quarter. The lower provision for credit losses in the most recent quarter as compared with the first quarter of 2024 reflects lower commercial real estate loans, including criticized loans, and modest improvement in forecasted real estate prices, partially offset by growth in certain sectors of M&T's commercial and industrial and consumer loan portfolios. Net charge-offs totaled $137 million in 2024's second quarter as compared with $138 million in 2024's first quarter and $127 million in the year-earlier quarter.
Nonaccrual loans were $2.0 billion at June 30, 2024, $278 million lower than March 31, 2024 and $411 million lower than June 30, 2023, respectively. The lower level of nonaccrual loans at the recent quarter end as compared with the March 31, 2024 and June 30, 2023 was predominantly attributable to a decrease in commercial real estate nonaccrual loans. The decline in commercial real estate nonaccrual loans from the second quarter of 2023 was partially offset by an increase in commercial and industrial nonaccrual loans.
Noninterest Income | ||||||||||
Change | Change | |||||||||
(Dollars in millions) | 2Q24 | 1Q24 | 1Q24 | 2Q23 | 2Q23 | |||||
Mortgage banking revenues | $ 106 | $ 104 | 1 % | $ 107 | -1 % | |||||
Service charges on deposit accounts | 127 | 124 | 3 | 119 | 8 | |||||
Trust income | 170 | 160 | 6 | 172 | -1 | |||||
Brokerage services income | 30 | 29 | 5 | 25 | 21 | |||||
Trading account and other non-hedging derivative gains | 7 | 9 | -29 | 17 | -61 | |||||
Gain (loss) on bank investment securities | (8) | 2 | — | 1 | — | |||||
Other revenues from operations | 152 | 152 | — | 362 | -58 | |||||
Total | $ 584 | $ 580 | 1 | $ 803 | -27 |
Noninterest income in the second quarter of 2024 increased $4 million, or 1%, from 2024's first quarter.
Noninterest income declined $219 million, or 27%, as compared with the year-earlier second quarter.
Noninterest Expense | ||||||||||
Change | Change | |||||||||
(Dollars in millions) | 2Q24 | 1Q24 | 1Q24 | 2Q23 | 2Q23 | |||||
Salaries and employee benefits | $ 764 | $ 833 | -8 % | $ 738 | 4 % | |||||
Equipment and net occupancy | 125 | 129 | -3 | 129 | -3 | |||||
Outside data processing and software | 124 | 120 | 4 | 106 | 17 | |||||
Professional and other services | 91 | 85 | 6 | 100 | -10 | |||||
FDIC assessments | 37 | 60 | -38 | 28 | 32 | |||||
Advertising and marketing | 27 | 20 | 34 | 28 | -5 | |||||
Amortization of core deposit and other intangible assets | 13 | 15 | -15 | 15 | -15 | |||||
Other costs of operations | 116 | 134 | -13 | 149 | -21 | |||||
Total | $ 1,297 | $ 1,396 | -7 | $ 1,293 | — |
Noninterest expense aggregated $1.30 billion in the recent quarter, down from $1.40 billion in the first quarter of 2024.
Noninterest expense increased $4 million from the second quarter of 2023.
Income Taxes
The Company's effective income tax rate was 23.4% in the second quarter of 2024, compared with 20.0% and 25.2% in the first quarter of 2024 and second quarter of 2023, respectively. The first quarter of 2024 income tax expense reflects a net discrete tax benefit related to the resolution of a tax matter inherited from the acquisition of People's United Financial, Inc.
Capital | ||||||
2Q24 | 1Q24 | 2Q23 | ||||
CET1 | 11.44 % | (1) | 11.08 % | 10.59 % | ||
Tier 1 capital | 13.22 | (1) | 12.38 | 11.91 | ||
Total capital | 14.87 | (1) | 14.04 | 13.71 | ||
Tangible capital – common | 8.55 | 8.03 | 7.63 |
(1) June 30, 2024 capital ratios are estimated. |
M&T's capital ratios remained well above the minimum set forth by regulatory requirements. The Company issued $750 million par value of Perpetual 7.5% Non-Cumulative Preferred Stock (Series J) in May 2024. Cash dividends declared on M&T's common and preferred stock totaled $228 million and $27 million, respectively, for the quarter ended June 30, 2024. M&T's current stress capital buffer is 4.0%. In June 2024, the Federal Reserve released the results of its most recent supervisory stress tests. Based on those results, M&T's stress capital buffer is estimated to be 3.8% effective October 1, 2024.
The CET1 capital ratio for M&T was estimated at 11.44% as of June 30, 2024. M&T's total risk-weighted assets at June 30, 2024 are estimated to be $155 billion.
Conference Call
Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ224. 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 July 25, 2024 by calling (800) 727-5306, or (402) 220-2670 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.
About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.
Forward-Looking Statements
This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, 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. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.
Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.
While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events and developments in the financial services industry, including industry conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; the impact of the People's United Financial, Inc. acquisition; domestic or international political developments and other geopolitical events, including international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and 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; federal, state or local legislation and/or regulations affecting the financial services industry, 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; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; 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; 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; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.
These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.
M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2023, 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 they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.
Financial Highlights
Three months ended | Six months ended | ||||||||||
June 30, | June 30, | ||||||||||
(Dollars in millions, except per share, shares in thousands) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||
Performance | |||||||||||
Net income | $ 655 | $ 867 | -25 % | $ 1,186 | $ 1,569 | -24 % | |||||
Net income available to common shareholders | 626 | 841 | -26 | 1,131 | 1,516 | -25 | |||||
Per common share: | |||||||||||
Basic earnings | 3.75 | 5.07 | -26 | 6.79 | 9.09 | -25 | |||||
Diluted earnings | 3.73 | 5.05 | -26 | 6.76 | 9.06 | -25 | |||||
Cash dividends | 1.35 | 1.30 | 4 | 2.65 | 2.60 | 2 | |||||
Common shares outstanding: | |||||||||||
Average - diluted (1) | 167,659 | 166,320 | 1 | 167,372 | 167,359 | — | |||||
Period end (2) | 167,225 | 165,894 | 1 | 167,225 | 165,894 | 1 | |||||
Return on (annualized): | |||||||||||
Average total assets | 1.24 % | 1.70 % | 1.13 % | 1.55 % | |||||||
Average common shareholders' equity | 9.95 | 14.27 | 9.05 | 13.02 | |||||||
Taxable-equivalent net interest income | $ 1,731 | $ 1,813 | -5 | $ 3,423 | $ 3,645 | -6 | |||||
Yield on average earning assets | 5.82 % | 5.46 % | 5.78 % | 5.31 % | |||||||
Cost of interest-bearing liabilities | 3.26 | 2.43 | 3.26 | 2.15 | |||||||
Net interest spread | 2.56 | 3.03 | 2.52 | 3.16 | |||||||
Contribution of interest-free funds | 1.03 | .88 | 1.04 | .81 | |||||||
Net interest margin | 3.59 | 3.91 | 3.56 | 3.97 | |||||||
Net charge-offs to average total net loans (annualized) | .41 | .38 | .41 | .30 | |||||||
Net operating results (3) | |||||||||||
Net operating income | $ 665 | $ 879 | -24 | $ 1,208 | $ 1,594 | -24 | |||||
Diluted net operating earnings per common share | 3.79 | 5.12 | -26 | 6.89 | 9.21 | -25 | |||||
Return on (annualized): | |||||||||||
Average tangible assets | 1.31 % | 1.80 % | 1.20 % | 1.65 % | |||||||
Average tangible common equity | 15.27 | 22.73 | 13.99 | 20.90 | |||||||
Efficiency ratio | 55.3 | 48.9 | 58.0 | 52.0 | |||||||
At June 30, | |||||||||||
Loan quality | 2024 | 2023 | Change | ||||||||
Nonaccrual loans | $ 2,024 | $ 2,435 | -17 % | ||||||||
Real estate and other foreclosed assets | 33 | 43 | -23 | ||||||||
Total nonperforming assets | $ 2,057 | $ 2,478 | -17 | ||||||||
Accruing loans past due 90 days or more (4) | $ 233 | $ 380 | -39 | ||||||||
Government guaranteed loans included in totals above: | |||||||||||
Nonaccrual loans | $ 64 | $ 40 | 61 | ||||||||
Accruing loans past due 90 days or more | 215 | 294 | -27 | ||||||||
Nonaccrual loans to total loans | 1.50 % | 1.83 % | |||||||||
Allowance for credit losses to total loans | 1.63 | 1.50 | |||||||||
Additional information | |||||||||||
Period end common stock price | $ 151.36 | $ 123.76 | 22 | ||||||||
Domestic banking offices | 957 | 996 | -4 | ||||||||
Full time equivalent employees | 22,110 | 22,946 | -4 |
(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 appears 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, | |||||
(Dollars in millions, except per share, shares in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||
Performance | |||||||||
Net income | $ 655 | $ 531 | $ 482 | $ 690 | $ 867 | ||||
Net income available to common shareholders | 626 | 505 | 457 | 664 | 841 | ||||
Per common share: | |||||||||
Basic earnings | 3.75 | 3.04 | 2.75 | 4.00 | 5.07 | ||||
Diluted earnings | 3.73 | 3.02 | 2.74 | 3.98 | 5.05 | ||||
Cash dividends | 1.35 | 1.30 | 1.30 | 1.30 | 1.30 | ||||
Common shares outstanding: | |||||||||
Average - diluted (1) | 167,659 | 167,084 | 166,731 | 166,570 | 166,320 | ||||
Period end (2) | 167,225 | 166,724 | 166,149 | 165,970 | 165,894 | ||||
Return on (annualized): | |||||||||
Average total assets | 1.24 % | 1.01 % | .92 % | 1.33 % | 1.70 % | ||||
Average common shareholders' equity | 9.95 | 8.14 | 7.41 | 10.99 | 14.27 | ||||
Taxable-equivalent net interest income | $ 1,731 | $ 1,692 | $ 1,735 | $ 1,790 | $ 1,813 | ||||
Yield on average earning assets | 5.82 % | 5.74 % | 5.73 % | 5.62 % | 5.46 % | ||||
Cost of interest-bearing liabilities | 3.26 | 3.26 | 3.17 | 2.83 | 2.43 | ||||
Net interest spread | 2.56 | 2.48 | 2.56 | 2.79 | 3.03 | ||||
Contribution of interest-free funds | 1.03 | 1.04 | 1.05 | 1.00 | .88 | ||||
Net interest margin | 3.59 | 3.52 | 3.61 | 3.79 | 3.91 | ||||
Net charge-offs to average total net loans (annualized) | .41 | .42 | .44 | .29 | .38 | ||||
Net operating results (3) | |||||||||
Net operating income | $ 665 | $ 543 | $ 494 | $ 702 | $ 879 | ||||
Diluted net operating earnings per common share | 3.79 | 3.09 | 2.81 | 4.05 | 5.12 | ||||
Return on (annualized): | |||||||||
Average tangible assets | 1.31 % | 1.08 % | .98 % | 1.41 % | 1.80 % | ||||
Average tangible common equity | 15.27 | 12.67 | 11.70 | 17.41 | 22.73 | ||||
Efficiency ratio | 55.3 | 60.8 | 62.1 | 53.7 | 48.9 | ||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||
Loan quality | 2024 | 2024 | 2023 | 2023 | 2023 | ||||
Nonaccrual loans | $ 2,024 | $ 2,302 | $ 2,166 | $ 2,342 | $ 2,435 | ||||
Real estate and other foreclosed assets | 33 | 38 | 39 | 37 | 43 | ||||
Total nonperforming assets | $ 2,057 | $ 2,340 | $ 2,205 | $ 2,379 | $ 2,478 | ||||
Accruing loans past due 90 days or more (4) | $ 233 | $ 297 | $ 339 | $ 354 | $ 380 | ||||
Government guaranteed loans included in totals above: | |||||||||
Nonaccrual loans | $ 64 | $ 62 | $ 53 | $ 40 | $ 40 | ||||
Accruing loans past due 90 days or more | 215 | 244 | 298 | 269 | 294 | ||||
Nonaccrual loans to total loans | 1.50 % | 1.71 % | 1.62 % | 1.77 % | 1.83 % | ||||
Allowance for credit losses to total loans | 1.63 | 1.62 | 1.59 | 1.55 | 1.50 | ||||
Additional information | |||||||||
Period end common stock price | $ 151.36 | $ 145.44 | $ 137.08 | $ 126.45 | $ 123.76 | ||||
Domestic banking offices | 957 | 958 | 961 | 967 | 996 | ||||
Full time equivalent employees | 22,110 | 21,927 | 21,980 | 22,424 | 22,946 |
(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 appears herein. | ||||
(4) | Predominantly residential real estate loans. |
Condensed Consolidated Statement of Income | |||||||||||
Three months ended | Six months ended | ||||||||||
June 30, | June 30, | ||||||||||
(Dollars in millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||
Interest income | $ 2,789 | $ 2,516 | 11 % | $ 5,534 | $ 4,843 | 14 % | |||||
Interest expense | 1,071 | 717 | 50 | 2,136 | 1,226 | 74 | |||||
Net interest income | 1,718 | 1,799 | -5 | 3,398 | 3,617 | -6 | |||||
Provision for credit losses | 150 | 150 | — | 350 | 270 | 30 | |||||
Net interest income after provision for credit losses | 1,568 | 1,649 | -5 | 3,048 | 3,347 | -9 | |||||
Other income | |||||||||||
Mortgage banking revenues | 106 | 107 | -1 | 210 | 192 | 9 | |||||
Service charges on deposit accounts | 127 | 119 | 8 | 251 | 232 | 8 | |||||
Trust income | 170 | 172 | -1 | 330 | 366 | -10 | |||||
Brokerage services income | 30 | 25 | 21 | 59 | 49 | 21 | |||||
Trading account and other non-hedging | 7 | 17 | -61 | 16 | 28 | -44 | |||||
Gain (loss) on bank investment securities | (8) | 1 | — | (6) | 1 | — | |||||
Other revenues from operations | 152 | 362 | -58 | 304 | 522 | -42 | |||||
Total other income | 584 | 803 | -27 | 1,164 | 1,390 | -16 | |||||
Other expense | |||||||||||
Salaries and employee benefits | 764 | 738 | 4 | 1,597 | 1,546 | 3 | |||||
Equipment and net occupancy | 125 | 129 | -3 | 254 | 256 | -1 | |||||
Outside data processing and software | 124 | 106 | 17 | 244 | 212 | 15 | |||||
Professional and other services | 91 | 100 | -10 | 176 | 225 | -22 | |||||
FDIC assessments | 37 | 28 | 32 | 97 | 58 | 67 | |||||
Advertising and marketing | 27 | 28 | -5 | 47 | 59 | -20 | |||||
Amortization of core deposit and other | 13 | 15 | -15 | 28 | 32 | -14 | |||||
Other costs of operations | 116 | 149 | -21 | 250 | 264 | -5 | |||||
Total other expense | 1,297 | 1,293 | — | 2,693 | 2,652 | 2 | |||||
Income before income taxes | 855 | 1,159 | -26 | 1,519 | 2,085 | -27 | |||||
Applicable income taxes | 200 | 292 | -32 | 333 | 516 | -36 | |||||
Net income | $ 655 | $ 867 | -25 % | $ 1,186 | $ 1,569 | -24 % |
Condensed Consolidated Statement of Income, Five Quarter Trend | |||||||||
Three months ended | |||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||
(Dollars in millions) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||
Interest income | $ 2,789 | $ 2,745 | $ 2,740 | $ 2,641 | $ 2,516 | ||||
Interest expense | 1,071 | 1,065 | 1,018 | 866 | 717 | ||||
Net interest income | 1,718 | 1,680 | 1,722 | 1,775 | 1,799 | ||||
Provision for credit losses | 150 | 200 | 225 | 150 | 150 | ||||
Net interest income after provision for credit losses | 1,568 | 1,480 | 1,497 | 1,625 | 1,649 | ||||
Other income | |||||||||
Mortgage banking revenues | 106 | 104 | 112 | 105 | 107 | ||||
Service charges on deposit accounts | 127 | 124 | 121 | 121 | 119 | ||||
Trust income | 170 | 160 | 159 | 155 | 172 | ||||
Brokerage services income | 30 | 29 | 26 | 27 | 25 | ||||
Trading account and other non-hedging | 7 | 9 | 11 | 9 | 17 | ||||
Gain (loss) on bank investment securities | (8) | 2 | 4 | — | 1 | ||||
Other revenues from operations | 152 | 152 | 145 | 143 | 362 | ||||
Total other income | 584 | 580 | 578 | 560 | 803 | ||||
Other expense | |||||||||
Salaries and employee benefits | 764 | 833 | 724 | 727 | 738 | ||||
Equipment and net occupancy | 125 | 129 | 134 | 131 | 129 | ||||
Outside data processing and software | 124 | 120 | 114 | 111 | 106 | ||||
Professional and other services | 91 | 85 | 99 | 89 | 100 | ||||
FDIC assessments | 37 | 60 | 228 | 29 | 28 | ||||
Advertising and marketing | 27 | 20 | 26 | 23 | 28 | ||||
Amortization of core deposit and other | 13 | 15 | 15 | 15 | 15 | ||||
Other costs of operations | 116 | 134 | 110 | 153 | 149 | ||||
Total other expense | 1,297 | 1,396 | 1,450 | 1,278 | 1,293 | ||||
Income before income taxes | 855 | 664 | 625 | 907 | 1,159 | ||||
Applicable income taxes | 200 | 133 | 143 | 217 | 292 | ||||
Net income | $ 655 | $ 531 | $ 482 | $ 690 | $ 867 |
Condensed Consolidated Balance Sheet | |||||
June 30, | |||||
(Dollars in millions) | 2024 | 2023 | Change | ||
ASSETS | |||||
Cash and due from banks | $ 1,778 | $ 1,848 | -4 % | ||
Interest-bearing deposits at banks | 24,792 | 27,107 | -9 | ||
Trading account | 99 | 137 | -28 | ||
Investment securities | 29,894 | 27,917 | 7 | ||
Loans and leases, net of unearned discount: | |||||
Commercial and industrial | 60,027 | 54,699 | 10 | ||
Real estate - commercial | 29,532 | 34,634 | -15 | ||
Real estate - consumer | 23,003 | 23,762 | -3 | ||
Consumer | 22,440 | 20,249 | 11 | ||
Total loans and leases, net | 135,002 | 133,344 | 1 | ||
Less: allowance for credit losses | 2,204 | 1,998 | 10 | ||
Net loans and leases | 132,798 | 131,346 | 1 | ||
Goodwill | 8,465 | 8,465 | — | ||
Core deposit and other intangible assets | 119 | 177 | -32 | ||
Other assets | 10,910 | 10,675 | 2 | ||
Total assets | $ 208,855 | $ 207,672 | 1 % | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Noninterest-bearing deposits | $ 47,729 | $ 54,938 | -13 % | ||
Interest-bearing deposits | 112,181 | 107,120 | 5 | ||
Total deposits | 159,910 | 162,058 | -1 | ||
Short-term borrowings | 4,764 | 7,908 | -40 | ||
Accrued interest and other liabilities | 4,438 | 4,488 | -1 | ||
Long-term borrowings | 11,319 | 7,417 | 53 | ||
Total liabilities | 180,431 | 181,871 | -1 | ||
Shareholders' equity: | |||||
Preferred | 2,744 | 2,011 | 36 | ||
Common | 25,680 | 23,790 | 8 | ||
Total shareholders' equity | 28,424 | 25,801 | 10 | ||
Total liabilities and shareholders' equity | $ 208,855 | $ 207,672 | 1 % |
Condensed Consolidated Balance Sheet, Five Quarter Trend | |||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||
(Dollars in millions) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||
ASSETS | |||||||||
Cash and due from banks | $ 1,778 | $ 1,695 | $ 1,731 | $ 1,769 | $ 1,848 | ||||
Interest-bearing deposits at banks | 24,792 | 32,144 | 28,069 | 30,114 | 27,107 | ||||
Trading account | 99 | 99 | 106 | 137 | 137 | ||||
Investment securities | 29,894 | 28,496 | 26,897 | 27,336 | 27,917 | ||||
Loans and leases, net of unearned discount: | |||||||||
Commercial and industrial | 60,027 | 57,897 | 57,010 | 54,891 | 54,699 | ||||
Real estate - commercial | 29,532 | 32,416 | 33,003 | 33,741 | 34,634 | ||||
Real estate - consumer | 23,003 | 23,076 | 23,264 | 23,448 | 23,762 | ||||
Consumer | 22,440 | 21,584 | 20,791 | 20,275 | 20,249 | ||||
Total loans and leases, net | 135,002 | 134,973 | 134,068 | 132,355 | 133,344 | ||||
Less: allowance for credit losses | 2,204 | 2,191 | 2,129 | 2,052 | 1,998 | ||||
Net loans and leases | 132,798 | 132,782 | 131,939 | 130,303 | 131,346 | ||||
Goodwill | 8,465 | 8,465 | 8,465 | 8,465 | 8,465 | ||||
Core deposit and other intangible assets | 119 | 132 | 147 | 162 | 177 | ||||
Other assets | 10,910 | 11,324 | 10,910 | 10,838 | 10,675 | ||||
Total assets | $ 208,855 | $ 215,137 | $ 208,264 | $ 209,124 | $ 207,672 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Noninterest-bearing deposits | $ 47,729 | $ 50,578 | $ 49,294 | $ 53,787 | $ 54,938 | ||||
Interest-bearing deposits | 112,181 | 116,618 | 113,980 | 110,341 | 107,120 | ||||
Total deposits | 159,910 | 167,196 | 163,274 | 164,128 | 162,058 | ||||
Short-term borrowings | 4,764 | 4,795 | 5,316 | 6,731 | 7,908 | ||||
Accrued interest and other liabilities | 4,438 | 4,527 | 4,516 | 4,946 | 4,488 | ||||
Long-term borrowings | 11,319 | 11,450 | 8,201 | 7,123 | 7,417 | ||||
Total liabilities | 180,431 | 187,968 | 181,307 | 182,928 | 181,871 | ||||
Shareholders' equity: | |||||||||
Preferred | 2,744 | 2,011 | 2,011 | 2,011 | 2,011 | ||||
Common | 25,680 | 25,158 | 24,946 | 24,185 | 23,790 | ||||
Total shareholders' equity | 28,424 | 27,169 | 26,957 | 26,196 | 25,801 | ||||
Total liabilities and shareholders' equity | $ 208,855 | $ 215,137 | $ 208,264 | $ 209,124 | $ 207,672 |
Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates | |||||||||||||||||||||||||
Three months ended | Change in balance | Six months ended | |||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, 2024 from | June 30, | Change | ||||||||||||||||||||
(Dollars in millions) | 2024 | 2024 | 2023 | March 31, | June 30, | 2024 | 2023 | in | |||||||||||||||||
Balance | Rate | Balance | Rate | Balance | Rate | 2024 | 2023 | Balance | Rate | Balance | Rate | balance | |||||||||||||
ASSETS | |||||||||||||||||||||||||
Interest-bearing deposits at banks | $ 29,294 | 5.50 % | $ 30,647 | 5.49 % | $ 23,617 | 5.14 % | -4 % | 24 % | $ 29,971 | 5.50 % | $ 23,963 | 4.89 % | 25 % | ||||||||||||
Trading account | 99 | 3.47 | 105 | 3.42 | 151 | 2.66 | -6 | -34 | 102 | 3.45 | 136 | 2.50 | -25 | ||||||||||||
Investment securities | 29,695 | 3.61 | 28,587 | 3.30 | 28,623 | 3.09 | 4 | 4 | 29,141 | 3.46 | 28,126 | 3.04 | 4 | ||||||||||||
Loans and leases, net of unearned discount: | |||||||||||||||||||||||||
Commercial and industrial | 58,152 | 7.04 | 56,821 | 6.99 | 54,572 | 6.63 | 2 | 7 | 57,486 | 7.01 | 53,531 | 6.47 | 7 | ||||||||||||
Real estate - commercial | 31,458 | 6.38 | 32,696 | 6.36 | 34,903 | 6.38 | -4 | -10 | 32,077 | 6.37 | 35,089 | 6.14 | -9 | ||||||||||||
Real estate - consumer | 23,006 | 4.32 | 23,136 | 4.28 | 23,781 | 4.10 | -1 | -3 | 23,071 | 4.30 | 23,775 | 4.03 | -3 | ||||||||||||
Consumer | 21,972 | 6.61 | 21,143 | 6.54 | 20,289 | 5.88 | 4 | 8 | 21,558 | 6.58 | 20,388 | 5.77 | 6 | ||||||||||||
Total loans and leases, net | 134,588 | 6.38 | 133,796 | 6.32 | 133,545 | 6.02 | 1 | 1 | 134,192 | 6.35 | 132,783 | 5.87 | 1 | ||||||||||||
Total earning assets | 193,676 | 5.82 | 193,135 | 5.74 | 185,936 | 5.46 | — | 4 | 193,406 | 5.78 | 185,008 | 5.31 | 5 | ||||||||||||
Goodwill | 8,465 | 8,465 | 8,473 | — | — | 8,465 | 8,482 | — | |||||||||||||||||
Core deposit and other intangible assets | 126 | 140 | 185 | -10 | -32 | 133 | 192 | -31 | |||||||||||||||||
Other assets | 9,714 | 9,738 | 9,782 | — | -1 | 9,725 | 9,810 | -1 | |||||||||||||||||
Total assets | $ 211,981 | $ 211,478 | $ 204,376 | — % | 4 % | $ 211,729 | $ 203,492 | 4 % | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||
Savings and interest-checking deposits | $ 95,955 | 2.59 % | $ 94,867 | 2.61 % | $ 87,210 | 1.69 % | 1 % | 10 % | $ 95,411 | 2.60 % | $ 87,629 | 1.49 % | 9 % | ||||||||||||
Time deposits | 19,802 | 4.41 | 20,583 | 4.41 | 16,009 | 3.77 | -4 | 24 | 20,192 | 4.41 | 13,832 | 3.49 | 46 | ||||||||||||
Total interest-bearing deposits | 115,757 | 2.90 | 115,450 | 2.93 | 103,219 | 2.02 | — | 12 | 115,603 | 2.91 | 101,461 | 1.76 | 14 | ||||||||||||
Short-term borrowings | 4,962 | 5.62 | 6,228 | 5.42 | 7,539 | 5.11 | -20 | -34 | 5,595 | 5.51 | 6,273 | 4.94 | -11 | ||||||||||||
Long-term borrowings | 11,490 | 5.83 | 9,773 | 5.81 | 7,516 | 5.43 | 18 | 53 | 10,631 | 5.82 | 7,017 | 5.36 | 52 | ||||||||||||
Total interest-bearing liabilities | 132,209 | 3.26 | 131,451 | 3.26 | 118,274 | 2.43 | 1 | 12 | 131,829 | 3.26 | 114,751 | 2.15 | 15 | ||||||||||||
Noninterest-bearing deposits | 47,734 | 48,615 | 56,180 | -2 | -15 | 48,175 | 59,001 | -18 | |||||||||||||||||
Other liabilities | 4,293 | 4,393 | 4,237 | -2 | 1 | 4,343 | 4,208 | 3 | |||||||||||||||||
Total liabilities | 184,236 | 184,459 | 178,691 | — | 3 | 184,347 | 177,960 | 4 | |||||||||||||||||
Shareholders' equity | 27,745 | 27,019 | 25,685 | 3 | 8 | 27,382 | 25,532 | 7 | |||||||||||||||||
Total liabilities and shareholders' equity | $ 211,981 | $ 211,478 | $ 204,376 | — % | 4 % | $ 211,729 | $ 203,492 | 4 % | |||||||||||||||||
Net interest spread | 2.56 | 2.48 | 3.03 | 2.52 | 3.16 | ||||||||||||||||||||
Contribution of interest-free funds | 1.03 | 1.04 | .88 | 1.04 | .81 | ||||||||||||||||||||
Net interest margin | 3.59 % | 3.52 % | 3.91 % | 3.56 % | 3.97 % |
Reconciliation of Quarterly GAAP to Non-GAAP Measures | |||||||
Three months ended | Six months ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(Dollars in millions, except per share) | |||||||
Income statement data | |||||||
Net income | |||||||
Net income | $ 655 | $ 867 | $ 1,186 | $ 1,569 | |||
Amortization of core deposit and other intangible assets (1) | 10 | 12 | 22 | 25 | |||
Net operating income | $ 665 | $ 879 | $ 1,208 | $ 1,594 | |||
Earnings per common share | |||||||
Diluted earnings per common share | $ 3.73 | $ 5.05 | $ 6.76 | $ 9.06 | |||
Amortization of core deposit and other intangible assets (1) | .06 | .07 | .13 | .15 | |||
Diluted net operating earnings per common share | $ 3.79 | $ 5.12 | $ 6.89 | $ 9.21 | |||
Other expense | |||||||
Other expense | $ 1,297 | $ 1,293 | $ 2,693 | $ 2,652 | |||
Amortization of core deposit and other intangible assets | (13) | (15) | (28) | (32) | |||
Noninterest operating expense | $ 1,284 | $ 1,278 | $ 2,665 | $ 2,620 | |||
Efficiency ratio | |||||||
Noninterest operating expense (numerator) | $ 1,284 | $ 1,278 | $ 2,665 | $ 2,620 | |||
Taxable-equivalent net interest income | $ 1,731 | $ 1,813 | $ 3,423 | $ 3,645 | |||
Other income | 584 | 803 | 1,164 | 1,390 | |||
Less: Gain (loss) on bank investment securities | (8) | 1 | (6) | 1 | |||
Denominator | $ 2,323 | $ 2,615 | $ 4,593 | $ 5,034 | |||
Efficiency ratio | 55.3 % | 48.9 % | 58.0 % | 52.0 % | |||
Balance sheet data | |||||||
Average assets | |||||||
Average assets | $ 211,981 | $ 204,376 | $ 211,729 | $ 203,492 | |||
Goodwill | (8,465) | (8,473) | (8,465) | (8,482) | |||
Core deposit and other intangible assets | (126) | (185) | (133) | (192) | |||
Deferred taxes | 30 | 46 | 32 | 47 | |||
Average tangible assets | $ 203,420 | $ 195,764 | $ 203,163 | $ 194,865 | |||
Average common equity | |||||||
Average total equity | $ 27,745 | $ 25,685 | $ 27,382 | $ 25,532 | |||
Preferred stock | (2,405) | (2,011) | (2,208) | (2,011) | |||
Average common equity | 25,340 | 23,674 | 25,174 | 23,521 | |||
Goodwill | (8,465) | (8,473) | (8,465) | (8,482) | |||
Core deposit and other intangible assets | (126) | (185) | (133) | (192) | |||
Deferred taxes | 30 | 46 | 32 | 47 | |||
Average tangible common equity | $ 16,779 | $ 15,062 | $ 16,608 | $ 14,894 | |||
At end of quarter | |||||||
Total assets | |||||||
Total assets | $ 208,855 | $ 207,672 | |||||
Goodwill | (8,465) | (8,465) | |||||
Core deposit and other intangible assets | (119) | (177) | |||||
Deferred taxes | 31 | 44 | |||||
Total tangible assets | $ 200,302 | $ 199,074 | |||||
Total common equity | |||||||
Total equity | $ 28,424 | $ 25,801 | |||||
Preferred stock | (2,744) | (2,011) | |||||
Common equity | 25,680 | 23,790 | |||||
Goodwill | (8,465) | (8,465) | |||||
Core deposit and other intangible assets | (119) | (177) | |||||
Deferred taxes | 31 | 44 | |||||
Total tangible common equity | $ 17,127 | $ 15,192 |
(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, | |||||
2024 | 2024 | 2023 | 2023 | 2023 | |||||
(Dollars in millions, except per share) | |||||||||
Income statement data | |||||||||
Net income | |||||||||
Net income | $ 655 | $ 531 | $ 482 | $ 690 | $ 867 | ||||
Amortization of core deposit and other intangible assets (1) | 10 | 12 | 12 | 12 | 12 | ||||
Net operating income | $ 665 | $ 543 | $ 494 | $ 702 | $ 879 | ||||
Earnings per common share | |||||||||
Diluted earnings per common share | $ 3.73 | $ 3.02 | $ 2.74 | $ 3.98 | $ 5.05 | ||||
Amortization of core deposit and other intangible assets (1) | .06 | .07 | .07 | .07 | .07 | ||||
Diluted net operating earnings per common share | $ 3.79 | $ 3.09 | $ 2.81 | $ 4.05 | $ 5.12 | ||||
Other expense | |||||||||
Other expense | $ 1,297 | $ 1,396 | $ 1,450 | $ 1,278 | $ 1,293 | ||||
Amortization of core deposit and other intangible assets | (13) | (15) | (15) | (15) | (15) | ||||
Noninterest operating expense | $ 1,284 | $ 1,381 | $ 1,435 | $ 1,263 | $ 1,278 | ||||
Efficiency ratio | |||||||||
Noninterest operating expense (numerator) | $ 1,284 | $ 1,381 | $ 1,435 | $ 1,263 | $ 1,278 | ||||
Taxable-equivalent net interest income | $ 1,731 | $ 1,692 | $ 1,735 | $ 1,790 | $ 1,813 | ||||
Other income | 584 | 580 | 578 | 560 | 803 | ||||
Less: Gain (loss) on bank investment securities | (8) | 2 | 4 | — | 1 | ||||
Denominator | $ 2,323 | $ 2,270 | $ 2,309 | $ 2,350 | $ 2,615 | ||||
Efficiency ratio | 55.3 % | 60.8 % | 62.1 % | 53.7 % | 48.9 % | ||||
Balance sheet data | |||||||||
Average assets | |||||||||
Average assets | $ 211,981 | $ 211,478 | $ 208,752 | $ 205,791 | $ 204,376 | ||||
Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,473) | ||||
Core deposit and other intangible assets | (126) | (140) | (154) | (170) | (185) | ||||
Deferred taxes | 30 | 33 | 39 | 43 | 46 | ||||
Average tangible assets | $ 203,420 | $ 202,906 | $ 200,172 | $ 197,199 | $ 195,764 | ||||
Average common equity | |||||||||
Average total equity | $ 27,745 | $ 27,019 | $ 26,500 | $ 26,020 | $ 25,685 | ||||
Preferred stock | (2,405) | (2,011) | (2,011) | (2,011) | (2,011) | ||||
Average common equity | 25,340 | 25,008 | 24,489 | 24,009 | 23,674 | ||||
Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,473) | ||||
Core deposit and other intangible assets | (126) | (140) | (154) | (170) | (185) | ||||
Deferred taxes | 30 | 33 | 39 | 43 | 46 | ||||
Average tangible common equity | $ 16,779 | $ 16,436 | $ 15,909 | $ 15,417 | $ 15,062 | ||||
At end of quarter | |||||||||
Total assets | |||||||||
Total assets | $ 208,855 | $ 215,137 | $ 208,264 | $ 209,124 | $ 207,672 | ||||
Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||
Core deposit and other intangible assets | (119) | (132) | (147) | (162) | (177) | ||||
Deferred taxes | 31 | 34 | 37 | 41 | 44 | ||||
Total tangible assets | $ 200,302 | $ 206,574 | $ 199,689 | $ 200,538 | $ 199,074 | ||||
Total common equity | |||||||||
Total equity | $ 28,424 | $ 27,169 | $ 26,957 | $ 26,197 | $ 25,801 | ||||
Preferred stock | (2,744) | (2,011) | (2,011) | (2,011) | (2,011) | ||||
Common equity | 25,680 | 25,158 | 24,946 | 24,186 | 23,790 | ||||
Goodwill | (8,465) | (8,465) | (8,465) | (8,465) | (8,465) | ||||
Core deposit and other intangible assets | (119) | (132) | (147) | (162) | (177) | ||||
Deferred taxes | 31 | 34 | 37 | 41 | 44 | ||||
Total tangible common equity | $ 17,127 | $ 16,595 | $ 16,371 | $ 15,600 | $ 15,192 |
(1) After any related tax effect. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/mt-bank-corporation-nysemtb-announces-second-quarter-2024-results-302200026.html
SOURCE M&T Bank Corporation
Copyright 2024 PR Newswire
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