BUFFALO,
N.Y., Jan. 18, 2024 /PRNewswire/ -- M&T Bank
Corporation ("M&T" or "the Company") reports quarterly net
income of $482 million or
$2.74 of diluted earnings per common
share and full-year net income of $2.74
billion or $15.79 of diluted
earnings per common share.
(Dollars in
millions, except per share data)
|
|
4Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
2023
|
|
|
2022
|
|
Earnings
Highlights
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
1,722
|
|
|
$
|
1,775
|
|
|
$
|
1,827
|
|
|
$
|
7,115
|
|
|
$
|
5,822
|
|
Taxable-equivalent
adjustment
|
|
|
13
|
|
|
|
15
|
|
|
|
14
|
|
|
|
54
|
|
|
|
39
|
|
Net interest income -
taxable-equivalent
|
|
|
1,735
|
|
|
|
1,790
|
|
|
|
1,841
|
|
|
|
7,169
|
|
|
|
5,861
|
|
Provision for credit
losses
|
|
|
225
|
|
|
|
150
|
|
|
|
90
|
|
|
|
645
|
|
|
|
517
|
|
Noninterest
income
|
|
|
578
|
|
|
|
560
|
|
|
|
682
|
|
|
|
2,528
|
|
|
|
2,357
|
|
Noninterest
expense
|
|
|
1,450
|
|
|
|
1,278
|
|
|
|
1,408
|
|
|
|
5,379
|
|
|
|
5,050
|
|
Net income
|
|
|
482
|
|
|
|
690
|
|
|
|
765
|
|
|
|
2,741
|
|
|
|
1,992
|
|
Net income available to
common shareholders - diluted
|
|
|
457
|
|
|
|
664
|
|
|
|
739
|
|
|
|
2,636
|
|
|
|
1,891
|
|
Diluted earnings per
common share
|
|
|
2.74
|
|
|
|
3.98
|
|
|
|
4.29
|
|
|
|
15.79
|
|
|
|
11.53
|
|
Return on average
assets - annualized
|
|
|
.92
|
%
|
|
|
1.33
|
%
|
|
|
1.53
|
%
|
|
|
1.33
|
%
|
|
|
1.05
|
%
|
Return on average
common shareholders' equity - annualized
|
|
|
7.41
|
%
|
|
|
10.99
|
%
|
|
|
12.59
|
%
|
|
|
11.06
|
%
|
|
|
8.67
|
%
|
Average Balance
Sheet
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
208,752
|
|
|
$
|
205,791
|
|
|
$
|
198,592
|
|
|
$
|
205,397
|
|
|
$
|
190,252
|
|
Interest-bearing
deposits at banks
|
|
|
30,153
|
|
|
|
26,657
|
|
|
|
25,089
|
|
|
|
26,202
|
|
|
|
33,435
|
|
Investment
securities
|
|
|
27,490
|
|
|
|
27,993
|
|
|
|
25,297
|
|
|
|
27,932
|
|
|
|
19,897
|
|
Loans and leases, net
of unearned discount
|
|
|
132,770
|
|
|
|
132,617
|
|
|
|
129,406
|
|
|
|
132,738
|
|
|
|
119,297
|
|
Deposits
|
|
|
164,713
|
|
|
|
162,688
|
|
|
|
163,468
|
|
|
|
162,094
|
|
|
|
158,491
|
|
Borrowings
|
|
|
13,057
|
|
|
|
12,585
|
|
|
|
5,385
|
|
|
|
13,054
|
|
|
|
4,376
|
|
Selected
Ratios
|
|
|
|
|
|
|
|
(Amounts expressed
as a percent, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
3.61
|
%
|
|
|
3.79
|
%
|
|
|
4.06
|
%
|
|
|
3.83
|
%
|
|
|
3.39
|
%
|
Efficiency
ratio
|
|
|
62.1
|
|
|
|
53.7
|
|
|
|
53.3
|
|
|
|
54.9
|
|
|
|
56.6
|
|
Net charge-offs to
average total loans - annualized
|
|
|
.44
|
|
|
|
.29
|
|
|
|
.12
|
|
|
|
.33
|
|
|
|
.13
|
|
Allowance for credit
losses to total loans
|
|
|
1.59
|
|
|
|
1.55
|
|
|
|
1.46
|
|
|
|
1.59
|
|
|
|
1.46
|
|
Nonaccrual loans to
total loans
|
|
|
1.62
|
|
|
|
1.77
|
|
|
|
1.85
|
|
|
|
1.62
|
|
|
|
1.85
|
|
Common equity Tier 1
("CET1") capital ratio (1)
|
|
|
10.98
|
|
|
|
10.95
|
|
|
|
10.44
|
|
|
|
10.98
|
|
|
|
10.44
|
|
Common shareholders'
equity per share
|
|
$
|
150.15
|
|
|
$
|
145.72
|
|
|
$
|
137.68
|
|
|
$
|
150.15
|
|
|
$
|
137.68
|
|
(1) December 31, 2023
CET1 capital ratio is estimated.
|
Financial Highlights
- The CET1 capital ratio increased 3 basis points to an estimated
10.98% at December 31, 2023, compared
with 10.95% at September 30, 2023,
modestly strengthening the Company's capital position.
- Net interest margin of 3.61% in the recent quarter narrowed
from 3.79% in the third quarter of 2023 reflecting higher costs
paid on deposits amidst a continued shift of customer funds to
interest-bearing products.
- Growth in average commercial and industrial loans in the recent
quarter was largely offset by a decline in commercial real estate
loans.
- Reflecting continued demand for interest-bearing products,
average deposits increased 1% from the third quarter of 2023.
- Higher provision for credit losses in the recent quarter
reflects continued pressure on investor-owned commercial real
estate borrowers and a $1.7 billion
increase in loan balances from September 30,
2023 to December 31,
2023.
- Noninterest expense in the fourth quarter of 2023 includes an
FDIC special assessment of $197
million ($146 million net of
tax or $0.88 of diluted earnings per
common share).
Chief Financial Officer Commentary
"M&T enters 2024 with stronger levels of capital, liquidity
and credit reserves than a year earlier. Average commercial and
consumer loans as well as average deposits all increased in the
final quarter of 2023, and expenses remained well controlled after
considering the FDIC special assessment. With commercial real
estate values and higher interest rates impacting our commercial
clientele, our relationship-based approach gives us confidence in
our ability to work through those challenges with our customers and
appropriately assess the associated credit risk and loss reserves.
Over the past year we have strengthened relationships with our
customers and welcomed new ones. We thank our employees for
consistently showing up within the communities we serve to make a
difference."
- Daryl N.
Bible, M&T's Chief Financial Officer
Contact:
|
|
|
Investor
Relations:
|
Brian Klock
|
716.842.5138
|
Media
Relations:
|
Frank
Lentini
|
929.651.0447
|
Non-GAAP
Measures (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
4Q23 vs.
|
|
|
|
|
|
Change
4Q23 vs.
|
|
($ in millions, except
per share data)
|
|
4Q23
|
|
|
3Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
4Q22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
|
494
|
|
|
$
|
702
|
|
|
|
-30
|
%
|
|
$
|
812
|
|
|
|
-39
|
%
|
Diluted net operating
earnings per common share
|
|
$
|
2.81
|
|
|
$
|
4.05
|
|
|
|
-31
|
%
|
|
$
|
4.57
|
|
|
|
-39
|
%
|
Annualized return on
average tangible assets
|
|
|
.98
|
%
|
|
|
1.41
|
%
|
|
|
|
|
|
1.70
|
%
|
|
|
|
Annualized return on
average tangible common equity
|
|
|
11.70
|
%
|
|
|
17.41
|
%
|
|
|
|
|
|
21.29
|
%
|
|
|
|
Efficiency
ratio
|
|
|
62.1
|
%
|
|
|
53.7
|
%
|
|
|
|
|
|
53.3
|
%
|
|
|
|
Tangible equity per
common share
|
|
$
|
98.54
|
|
|
$
|
93.99
|
|
|
|
5
|
%
|
|
$
|
86.59
|
|
|
|
14
|
%
|
_______________
|
(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.
Merger-related expenses associated with the People's United
Financial, Inc. ("People's United") acquisition in 2022 generally
consisted of:
- Professional services, temporary help fees and other costs
associated with actual or planned conversions of systems and/or
integration of operations and the introduction of M&T to its
new customers.
- Costs related to terminations of existing contractual
arrangements to purchase various services, severance and travel
costs.
- An initial provision for credit losses of $242 million in the second quarter of 2022 on
loans not deemed to be purchased credit deteriorated ("PCD") on the
April 1, 2022 acquisition date.
The amounts of merger-related expenses in 2022 are presented in
the tables that accompany this release. No merger-related expenses
were incurred in the year ended December 31,
2023.
For the year ended December 31,
2023, diluted net operating earnings per common share were
$16.08, compared with $14.42 in 2022. Net operating income was
$2.79 billion and $2.47 billion in 2023 and 2022, respectively.
Expressed as an annualized rate of return on average tangible
assets and average tangible common shareholders' equity, net
operating income in 2023 was 1.42% and 17.60%, respectively,
compared with 1.35% and 16.70%, respectively, in 2022.
Taxable-equivalent Net Interest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
4Q23 vs.
|
|
|
|
|
|
Change
4Q23 vs.
|
|
($ in
millions)
|
|
4Q23
|
|
|
3Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
4Q22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning
assets
|
|
$
|
190,536
|
|
|
$
|
187,403
|
|
|
|
2
|
%
|
|
$
|
179,914
|
|
|
|
6
|
%
|
Average
interest-bearing liabilities
|
|
$
|
127,646
|
|
|
$
|
121,388
|
|
|
|
5
|
%
|
|
$
|
98,635
|
|
|
|
29
|
%
|
Net interest income -
taxable-equivalent
|
|
$
|
1,735
|
|
|
$
|
1,790
|
|
|
|
-3
|
%
|
|
$
|
1,841
|
|
|
|
-6
|
%
|
Yield on average
earning assets
|
|
|
5.73
|
%
|
|
|
5.62
|
%
|
|
|
|
|
|
4.60
|
%
|
|
|
|
Cost of
interest-bearing liabilities
|
|
|
3.17
|
%
|
|
|
2.83
|
%
|
|
|
|
|
|
0.98
|
%
|
|
|
|
Net interest
spread
|
|
|
2.56
|
%
|
|
|
2.79
|
%
|
|
|
|
|
|
3.62
|
%
|
|
|
|
Net interest
margin
|
|
|
3.61
|
%
|
|
|
3.79
|
%
|
|
|
|
|
|
4.06
|
%
|
|
|
|
Taxable-equivalent net interest income decreased $55 million, or 3%, from the third quarter of
2023.
- Average interest-bearing deposits increased $5.8 billion and the rates paid on such deposits
rose 36 basis points.
- Average long-term borrowings increased $661 million.
- The yield on average loans and leases increased 14 basis
points.
- Average interest-bearing deposits at banks increased
$3.5 billion.
Taxable-equivalent net interest income decreased $106 million, or 6%, compared with the
year-earlier quarter.
- Average interest-bearing deposits rose $21.3 billion and the rates paid on those
deposits increased 210 basis points.
- Average borrowings increased $7.7
billion.
- Yields earned on average loans and leases and average
interest-bearing deposits at banks increased 121 basis points and
173 basis points, respectively.
- Average interest-bearing deposits at banks and average loans
and leases increased $5.1 billion and
$3.4 billion, respectively.
- The yield on average investment securities increased by 36
basis points.
Taxable-equivalent net interest income was $7.17 billion in 2023, an increase of
$1.31 billion, or 22% from
$5.86 billion in 2022.
- Average earning assets increased $14.2
billion to $187.0 billion in
2023 from $172.8 billion in 2022,
reflecting the impact of one additional quarter of assets acquired
from People's United on April 1,
2022, partially offset by lower average interest-bearing
deposits at banks.
- Yields on average loans and leases and interest-bearing
deposits at banks increased 166 basis points and 367 basis points,
respectively.
- Average interest-bearing liabilities increased $25.7 billion also reflecting the impact of one
additional quarter of liabilities assumed in the acquisition of
People's United.
- Rates paid on average interest-bearing deposits increased 194
basis points.
Provision for Credit
Losses/Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
4Q23 vs.
|
|
|
|
|
|
Change
4Q23 vs.
|
|
($ in
millions)
|
|
4Q23
|
|
|
3Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
4Q22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
2,166
|
|
|
$
|
2,342
|
|
|
|
-8
|
%
|
|
$
|
2,439
|
|
|
|
-11
|
%
|
Real estate and other
foreclosed assets
|
|
|
39
|
|
|
|
37
|
|
|
|
4
|
%
|
|
|
41
|
|
|
|
-7
|
%
|
Total nonperforming
assets
|
|
$
|
2,205
|
|
|
$
|
2,379
|
|
|
|
-7
|
%
|
|
$
|
2,480
|
|
|
|
-11
|
%
|
Accruing loans past due
90 days or more (1)
|
|
$
|
339
|
|
|
$
|
354
|
|
|
|
-4
|
%
|
|
$
|
491
|
|
|
|
-31
|
%
|
Nonaccrual loans as %
of loans outstanding
|
|
|
1.62
|
%
|
|
|
1.77
|
%
|
|
|
|
|
|
1.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
$
|
2,129
|
|
|
$
|
2,052
|
|
|
|
4
|
%
|
|
$
|
1,925
|
|
|
|
11
|
%
|
Allowance for credit
losses as % of loans outstanding
|
|
|
1.59
|
%
|
|
|
1.55
|
%
|
|
|
|
|
|
1.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
$
|
225
|
|
|
$
|
150
|
|
|
|
50
|
%
|
|
$
|
90
|
|
|
|
150
|
%
|
Net
charge-offs
|
|
$
|
148
|
|
|
$
|
96
|
|
|
|
54
|
%
|
|
$
|
40
|
|
|
|
268
|
%
|
Net charge-offs as % of
average loans (annualized)
|
|
|
.44
|
%
|
|
|
.29
|
%
|
|
|
|
|
|
.12
|
%
|
|
|
|
_______________
|
(1) Predominantly
government-guaranteed residential real estate loans.
|
M&T recorded a provision for credit losses of $225 million in the fourth quarter of 2023 and
$150 million in the immediately
preceding quarter, compared with $90
million in the fourth quarter of 2022. The comparatively
higher provisions for credit losses in the most recent two quarters
as compared with the fourth quarter of 2022 reflect commercial real
estate values and higher interest rates contributing to a modest
deterioration in the performance of loans to commercial borrowers.
The provision for credit losses was $645
million in 2023, compared with $517
million in 2022. As previously described, included in the
second quarter of 2022 was the $242
million provision related to loans obtained in the People's
United acquisition that were considered non-PCD. Reflective of
variability in the timing and amount of commercial real estate
charge-offs, net charge-offs totaled $148
million in 2023's fourth quarter as compared with
$96 million in the immediately
preceding quarter. Net charge-offs were $40
million in the year-earlier quarter. As compared with the
year-earlier fourth quarter, the two most recent quarter net
charge-offs reflect higher levels of commercial real estate loan
and commercial and industrial loan net charge-offs. Net charge-offs
were $442 million and $160 million in 2023 and 2022, respectively,
representing .33% and .13%, respectively, of average loans
outstanding.
Nonaccrual loans were $2.17
billion at December 31, 2023,
$176 million lower than at
September 30, 2023 and $272 million lower than at December 31, 2022. The lower level of nonaccrual
loans at the recent quarter end as compared with the immediately
preceding quarter end was attributable to a decline in commercial
real estate nonaccrual loans, including the impact of net
charge-offs, and residential real estate nonaccrual loans. The
decrease in nonaccrual loans at December 31,
2023 as compared with December 31,
2022 was predominantly due to lower levels of commercial
real estate nonaccrual loans and residential real estate nonaccrual
loans, partially offset by a rise in commercial and industrial
nonaccrual loans.
Noninterest
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
4Q23 vs.
|
|
|
|
|
|
Change
4Q23 vs.
|
|
($ in
millions)
|
|
4Q23
|
|
|
3Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
4Q22
|
|
Mortgage banking
revenues
|
|
$
|
112
|
|
|
$
|
105
|
|
|
|
8
|
%
|
|
$
|
82
|
|
|
|
38
|
%
|
Service charges on
deposit accounts
|
|
|
121
|
|
|
|
121
|
|
|
|
—
|
|
|
|
106
|
|
|
|
14
|
%
|
Trust income
|
|
|
159
|
|
|
|
155
|
|
|
|
2
|
%
|
|
|
195
|
|
|
|
-19
|
%
|
Brokerage services
income
|
|
|
26
|
|
|
|
27
|
|
|
|
-3
|
%
|
|
|
22
|
|
|
|
17
|
%
|
Trading account and
non-hedging derivative gains
|
|
|
11
|
|
|
|
9
|
|
|
|
23
|
%
|
|
|
14
|
|
|
|
-18
|
%
|
Gain (loss) on bank
investment securities
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4)
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
145
|
|
|
|
143
|
|
|
|
2
|
%
|
|
|
267
|
|
|
|
-45
|
%
|
Total
|
|
$
|
578
|
|
|
$
|
560
|
|
|
|
3
|
%
|
|
$
|
682
|
|
|
|
-15
|
%
|
Noninterest income in the fourth quarter of 2023 increased
$19 million, or 3%, as compared with
2023's third quarter.
- Mortgage banking revenues increased $8
million reflecting higher margins on sales of commercial
real estate loans.
- Gain (loss) on bank investment securities increased
$4 million, which includes unrealized
gains on Fannie Mae and Freddie Mac preferred stock and other
equity securities.
- Trust income increased $3 million
reflecting improved sales activity.
- Other revenues from operations rose $3
million resulting from comparatively favorable letter of
credit and other credit-related fees.
Noninterest income declined $103
million, or 15%, as compared with the year-earlier fourth
quarter.
- Other revenues from operations declined $121 million due to a $136
million gain on sale of M&T Insurance Agency ("MTIA") in
fourth quarter of 2022, partially offset by a rise in tax-exempt
income earned from bank owned life insurance and higher letter of
credit and other credit-related fees.
- Trust income decreased $36
million reflecting lower revenues associated with the
Company's Collective Investment Trust ("CIT") business following
its sale in April 2023.
- Mortgage banking revenues rose $31
million due to higher servicing income related to the bulk
purchase of residential real estate loan servicing rights in the
first quarter of 2023 and higher gains on sales of commercial and
residential real estate loans.
- Service charges on deposit accounts increased $15 million predominantly due to People's United
conversion-related fee waivers in the fourth quarter of 2022 and a
rise in commercial service charges.
Noninterest income rose $172
million, or 7%, to $2.53
billion in 2023 as compared with $2.36 billion in 2022, reflecting the sale of the
CIT business in the second quarter of 2023, the sale of MTIA in the
fourth quarter of 2022 and one additional quarter of revenues in
2023 from operations acquired from People's United. Other favorable
factors contributing to the rise in noninterest income included
higher mortgage banking revenues and trading account and
non-hedging derivatives gains.
Noninterest
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
4Q23 vs.
|
|
|
|
|
|
Change
4Q23 vs.
|
|
($ in
millions)
|
|
4Q23
|
|
|
3Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
4Q22
|
|
Salaries and employee
benefits
|
|
$
|
724
|
|
|
$
|
727
|
|
|
|
—
|
|
|
$
|
697
|
|
|
|
4
|
%
|
Equipment and net
occupancy
|
|
|
134
|
|
|
|
131
|
|
|
|
2
|
%
|
|
|
137
|
|
|
|
-2
|
%
|
Outside data processing
and software
|
|
|
114
|
|
|
|
111
|
|
|
|
3
|
%
|
|
|
108
|
|
|
|
6
|
%
|
Professional and other
services
|
|
|
99
|
|
|
|
89
|
|
|
|
12
|
%
|
|
|
145
|
|
|
|
-32
|
%
|
FDIC
assessments
|
|
|
228
|
|
|
|
29
|
|
|
|
676
|
%
|
|
|
24
|
|
|
|
849
|
%
|
Advertising and
marketing
|
|
|
26
|
|
|
|
23
|
|
|
|
11
|
%
|
|
|
32
|
|
|
|
-22
|
%
|
Amortization of core
deposit and other intangible assets
|
|
|
15
|
|
|
|
15
|
|
|
|
—
|
|
|
|
18
|
|
|
|
-15
|
%
|
Other costs of
operations
|
|
|
110
|
|
|
|
153
|
|
|
|
-28
|
%
|
|
|
247
|
|
|
|
-55
|
%
|
Total
|
|
$
|
1,450
|
|
|
$
|
1,278
|
|
|
|
14
|
%
|
|
$
|
1,408
|
|
|
|
3
|
%
|
In the fourth quarter of 2023, the Company began presenting
"professional and other services" as an individual component of
"other expense" while combining the presentation of "printing,
postage, and supplies" into "other costs of operations" within the
Consolidated Statement of Income. Prior periods were reclassified
to conform to the current presentation.
Noninterest expense aggregated $1.45
billion in the recent quarter, up from $1.28 billion in the third quarter of 2023.
Excluding the amortization of core deposit and other intangible
assets considered to be nonoperating in nature, noninterest
operating expenses increased $173
million, or 14%, to $1.44
billion in the recent quarter from $1.26 billion in the immediately preceding
quarter.
- Fourth quarter of 2023 expenses include a $197 million special assessment from the
FDIC.
- Professional and other services operating expenses rose
$10 million reflecting lower
legal-related expenses in 2023's third quarter.
- Other costs of operations decreased $43
million reflecting losses associated with certain retail
banking activities recognized in the third quarter of 2023 and
lower merchant discount and credit card fees.
Noninterest expense increased $42
million from the fourth quarter of 2022. Noninterest
operating expenses aggregated $1.35
billion in the fourth quarter of 2022 after excluding
$45 million of merger-related
expenses, considered to be nonoperating in nature, associated with
the People's United acquisition and $18
million of amortization of core deposit and other intangible
assets. Noninterest operating expenses increased $90 million, or 7%, from the year-earlier quarter
inclusive of the following:
- FDIC assessments increased $204
million reflecting the $197
million FDIC special assessment.
- Other costs of operations decreased $122
million reflecting a $135
million charitable contribution to The M&T Charitable
Foundation in the year-earlier quarter.
- Salaries and employee benefits expenses increased $31 million reflecting higher severance and other
employee benefits expenses.
- Professional and other services operating expenses declined
$30 million including lower
sub-advisory fees resulting from the sale of the CIT business.
For the year ended December 31,
2023, noninterest expense aggregated $5.38 billion, compared with $5.05 billion in 2022. Noninterest operating
expenses were $5.32 billion in 2023,
compared with $4.66 billion in 2022
after excluding $338 million of
merger-related expenses, considered to be nonoperating in nature,
incurred in 2022 associated with the People's United acquisition
and $62 million and $56 million of amortization of core deposit and
other intangible assets in 2023 and 2022, respectively. The
$661 million increase in noninterest
operating expenses reflected one additional quarter of operations
acquired from People's United, higher salaries and employee
benefits expenses from merit and other salary increases, a rise in
incentive compensation and increases in employee benefits costs,
including severance, and higher FDIC assessments inclusive of the
special assessment in the recent quarter.
Average
Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
4Q23 vs.
|
|
|
|
|
|
Change
4Q23 vs.
|
|
($ in
millions)
|
|
4Q23
|
|
|
3Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
4Q22
|
|
Interest-bearing
deposits at banks
|
|
$
|
30,153
|
|
|
$
|
26,657
|
|
|
|
13
|
%
|
|
$
|
25,089
|
|
|
|
20
|
%
|
Trading
account
|
|
|
123
|
|
|
|
136
|
|
|
|
-10
|
%
|
|
|
122
|
|
|
|
1
|
%
|
Investment
securities
|
|
|
27,490
|
|
|
|
27,993
|
|
|
|
-2
|
%
|
|
|
25,297
|
|
|
|
9
|
%
|
Loans and leases, net
of unearned discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
55,420
|
|
|
|
54,567
|
|
|
|
2
|
%
|
|
|
49,955
|
|
|
|
11
|
%
|
Real estate -
commercial
|
|
|
33,455
|
|
|
|
34,288
|
|
|
|
-2
|
%
|
|
|
35,773
|
|
|
|
-6
|
%
|
Real estate -
consumer
|
|
|
23,339
|
|
|
|
23,573
|
|
|
|
-1
|
%
|
|
|
23,334
|
|
|
|
—
|
|
Consumer
|
|
|
20,556
|
|
|
|
20,189
|
|
|
|
2
|
%
|
|
|
20,344
|
|
|
|
1
|
%
|
Total loans and
leases, net
|
|
|
132,770
|
|
|
|
132,617
|
|
|
|
—
|
|
|
|
129,406
|
|
|
|
3
|
%
|
Total earning
assets
|
|
$
|
190,536
|
|
|
$
|
187,403
|
|
|
|
2
|
%
|
|
$
|
179,914
|
|
|
|
6
|
%
|
At December 31, 2023, the Company
reclassified the substantial majority of its loans secured by
commercial real estate that were considered owner-occupied to
commercial and industrial loans to reflect the variation in the
management and underlying risk profile of such loans as compared
with investor-owned commercial real estate loans. Prior periods
were reclassified to conform to the current presentation.
Average earning assets increased $3.1
billion, or 2%, from the third quarter of 2023.
- Average interest-bearing deposits at banks increased
$3.5 billion due to increased
liquidity from a rise in average deposits and higher levels of
borrowings.
- Average loans and leases increased a modest $153 million primarily reflective of growth in
average balances of commercial and industrial loans and consumer
loans, largely offset by a decline in average commercial real
estate and residential real estate loans. The growth in commercial
and industrial loans was mainly attributable to financial and
insurance industry customers and motor vehicle and recreational
finance dealers.
- Average investment securities declined $503 million primarily due to pay downs of fixed
rate mortgage-backed securities.
Average earning assets increased $10.6
billion, or 6%, from the year-earlier fourth quarter.
- Average interest-bearing deposits at banks increased
$5.1 billion due to increased
liquidity from a rise in average deposits and higher levels of
borrowings.
- Average loans and leases increased $3.4
billion predominantly due to higher average balances of
commercial and industrial loans reflecting lending activities to
financial and insurance industry customers and motor vehicle and
recreational finance dealers, partially offset by a $2.3 billion decline in average commercial real
estate loans.
- Average investment securities increased $2.2 billion due to the purchases of additional
investment securities in the fourth quarter of 2022 and the first
quarter of 2023.
Average
Interest-bearing Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
4Q23 vs.
|
|
|
|
|
|
Change
4Q23 vs.
|
|
($ in
millions)
|
|
4Q23
|
|
|
3Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
|
4Q22
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking deposits
|
|
$
|
93,365
|
|
|
$
|
89,274
|
|
|
|
5
|
%
|
|
$
|
87,068
|
|
|
|
7
|
%
|
Time
deposits
|
|
|
21,224
|
|
|
|
19,528
|
|
|
|
9
|
%
|
|
|
6,182
|
|
|
|
243
|
%
|
Total interest-bearing
deposits
|
|
|
114,589
|
|
|
|
108,802
|
|
|
|
5
|
%
|
|
|
93,250
|
|
|
|
23
|
%
|
Short-term
borrowings
|
|
|
5,156
|
|
|
|
5,346
|
|
|
|
-4
|
%
|
|
|
1,632
|
|
|
|
216
|
%
|
Long-term
borrowings
|
|
|
7,901
|
|
|
|
7,240
|
|
|
|
9
|
%
|
|
|
3,753
|
|
|
|
111
|
%
|
Total interest-bearing
liabilities
|
|
$
|
127,646
|
|
|
$
|
121,388
|
|
|
|
5
|
%
|
|
$
|
98,635
|
|
|
|
29
|
%
|
Average interest-bearing liabilities increased $6.3 billion, or 5%, from the third quarter of
2023.
- Average interest-bearing deposits increased $5.8 billion, including a $4.8 billion increase in average non-brokered
deposits.
- Average borrowings increased $472
million predominantly due to the issuance of medium-term
senior notes totaling $1.0 billion in
the fourth quarter of 2023, partially offset by modestly lower
levels of average short-term borrowings from the Federal Home Loan
Bank ("FHLB") of New York.
Average interest-bearing liabilities increased $29.0 billion, or 29%, from the fourth quarter of
2022.
- Average interest-bearing deposits rose $21.3 billion, including an $11.6 billion increase in average non-brokered
deposits.
- Average borrowings increased $7.7
billion reflecting the issuances of senior notes totaling
$3.5 billion and $1.0 billion in the first and fourth quarters of
2023, respectively, and increases in short-term borrowings from the
FHLB of New York.
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q23
|
|
|
3Q23
|
|
|
4Q22
|
|
CET1
|
|
|
10.98
|
%
|
(1)
|
|
10.95
|
%
|
|
|
10.44
|
%
|
Tier 1
capital
|
|
|
12.29
|
%
|
(1)
|
|
12.27
|
%
|
|
|
11.79
|
%
|
Total
capital
|
|
|
13.99
|
%
|
(1)
|
|
13.99
|
%
|
|
|
13.60
|
%
|
Tangible capital –
common
|
|
|
8.20
|
%
|
|
|
7.78
|
%
|
|
|
7.63
|
%
|
_______________
|
(1)
December 31, 2023 capital ratios are estimated.
|
M&T's capital ratios remained well above the minimum set
forth by regulatory requirements. Cash dividends declared on
M&T's common and preferred stock totaled $217 million and $25
million, respectively, for the quarter ended
December 31, 2023. M&T did not repurchase any shares of
its common stock in the fourth quarter of 2023.
The CET1 capital ratio for M&T was estimated at 10.98% as of
December 31, 2023. M&T's total risk-weighted assets at
December 31, 2023 are estimated to be $154 billion.
M&T repurchased 3,838,157 shares of its common stock in
accordance with its capital plan during the first quarter of 2023
for a total cost, including the share repurchase excise tax, of
$600 million. There were no other
share repurchases in 2023. M&T repurchased a total of
10,453,282 shares for a total cost of $1.8
billion in 2022.
Other
In the fourth quarter of 2023 the Company completed
modifications to its management reporting system to conform its
internal profitability reporting with certain organizational
changes that resulted in the realignment of its business operations
into three reportable segments: Commercial Bank, Retail Bank and
Institutional Services and Wealth Management. The change will be
reflected in the Company's upcoming Annual Report on Form 10-K
filing for the year ended December 31,
2023.
Conference Call
Investors will have an opportunity to listen to M&T's
conference call to discuss fourth quarter financial results today
at 10:00 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 #MTBQ423. The
conference call will be webcast live through M&T's website at
https://ir.mtb.com/events-presentations. A replay of the call will
be available through Thursday January 25,
2024 by calling (800) 839-2485, or (402) 220-7222 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 forecast.
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 the Company's
credit ratings; the impact of the People's United 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, 2022, including in the Risk Factors
section of such report, as well as in other SEC filings.
Forward-looking statements speak only as of the date made, and
M&T assumes no duty and does not undertake to update
forward-looking statements.
Financial
Highlights
|
|
|
Three months
ended
|
|
|
|
|
|
Year ended
|
|
|
|
|
|
December 31
|
|
|
|
|
|
December 31
|
|
|
|
|
Dollars in millions,
except per share, shares in thousands
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
482
|
|
|
|
765
|
|
|
|
-37
|
%
|
|
$
|
2,741
|
|
|
|
1,992
|
|
|
|
38
|
%
|
Net income available to
common shareholders
|
|
457
|
|
|
|
739
|
|
|
|
-38
|
%
|
|
|
2,636
|
|
|
|
1,891
|
|
|
|
39
|
%
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
$
|
2.75
|
|
|
|
4.32
|
|
|
|
-36
|
%
|
|
$
|
15.85
|
|
|
|
11.59
|
|
|
|
37
|
%
|
Diluted
earnings
|
|
2.74
|
|
|
|
4.29
|
|
|
|
-36
|
%
|
|
|
15.79
|
|
|
|
11.53
|
|
|
|
37
|
%
|
Cash
dividends
|
|
1.30
|
|
|
|
1.20
|
|
|
|
8
|
%
|
|
|
5.20
|
|
|
|
4.80
|
|
|
|
8
|
%
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
166,731
|
|
|
|
172,149
|
|
|
|
-3
|
%
|
|
|
167,002
|
|
|
|
164,030
|
|
|
|
2
|
%
|
Period end
(2)
|
|
166,149
|
|
|
|
169,285
|
|
|
|
-2
|
%
|
|
|
166,149
|
|
|
|
169,285
|
|
|
|
-2
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
.92
|
%
|
|
|
1.53
|
%
|
|
|
|
|
|
1.33
|
%
|
|
|
1.05
|
%
|
|
|
|
Average common
shareholders' equity
|
|
7.41
|
%
|
|
|
12.59
|
%
|
|
|
|
|
|
11.06
|
%
|
|
|
8.67
|
%
|
|
|
|
Taxable-equivalent net
interest income
|
$
|
1,735
|
|
|
|
1,841
|
|
|
|
-6
|
%
|
|
$
|
7,169
|
|
|
|
5,861
|
|
|
|
22
|
%
|
Yield on average
earning assets
|
|
5.73
|
%
|
|
|
4.60
|
%
|
|
|
|
|
|
5.50
|
%
|
|
|
3.64
|
%
|
|
|
|
Cost of
interest-bearing liabilities
|
|
3.17
|
%
|
|
|
.98
|
%
|
|
|
|
|
|
2.60
|
%
|
|
|
.45
|
%
|
|
|
|
Net interest
spread
|
|
2.56
|
%
|
|
|
3.62
|
%
|
|
|
|
|
|
2.90
|
%
|
|
|
3.19
|
%
|
|
|
|
Contribution of
interest-free funds
|
|
1.05
|
%
|
|
|
.44
|
%
|
|
|
|
|
|
.93
|
%
|
|
|
.20
|
%
|
|
|
|
Net interest
margin
|
|
3.61
|
%
|
|
|
4.06
|
%
|
|
|
|
|
|
3.83
|
%
|
|
|
3.39
|
%
|
|
|
|
Net charge-offs to
average total net loans (annualized)
|
|
.44
|
%
|
|
|
.12
|
%
|
|
|
|
|
|
.33
|
%
|
|
|
.13
|
%
|
|
|
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
$
|
494
|
|
|
|
812
|
|
|
|
-39
|
%
|
|
$
|
2,789
|
|
|
|
2,466
|
|
|
|
13
|
%
|
Diluted net operating
earnings per common share
|
|
2.81
|
|
|
|
4.57
|
|
|
|
-39
|
%
|
|
|
16.08
|
|
|
|
14.42
|
|
|
|
12
|
%
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
.98
|
%
|
|
|
1.70
|
%
|
|
|
|
|
|
1.42
|
%
|
|
|
1.35
|
%
|
|
|
|
Average tangible
common equity
|
|
11.70
|
%
|
|
|
21.29
|
%
|
|
|
|
|
|
17.60
|
%
|
|
|
16.70
|
%
|
|
|
|
Efficiency
ratio
|
|
62.1
|
%
|
|
|
53.3
|
%
|
|
|
|
|
|
54.9
|
%
|
|
|
56.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
December 31
|
|
|
|
|
|
|
|
|
|
|
|
Loan
quality
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
2,166
|
|
|
|
2,439
|
|
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
Real estate and other
foreclosed assets
|
|
39
|
|
|
|
41
|
|
|
|
-7
|
%
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets
|
$
|
2,205
|
|
|
|
2,480
|
|
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
Accruing loans past due
90 days or more (4)
|
$
|
339
|
|
|
|
491
|
|
|
|
-31
|
%
|
|
|
|
|
|
|
|
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
53
|
|
|
|
44
|
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
Accruing loans past
due 90 days or more
|
|
298
|
|
|
|
363
|
|
|
|
-18
|
%
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans to
total net loans
|
|
1.62
|
%
|
|
|
1.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to total loans
|
|
1.59
|
%
|
|
|
1.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________
|
(1)
|
Includes common stock
equivalents.
|
(2)
|
Includes common stock
issuable under deferred compensation plans.
|
(3)
|
Excludes amortization
and balances related to goodwill and core deposit and other
intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net of applicable income
tax effects. Reconciliations of net income with net operating
income appear herein.
|
(4)
|
Predominantly
residential real estate loans.
|
Financial Highlights,
Five Quarter Trend
|
|
|
Three months
ended
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Dollars in millions,
except per share, shares in thousands
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
482
|
|
|
|
690
|
|
|
|
867
|
|
|
|
702
|
|
|
|
765
|
|
Net income available to
common shareholders
|
|
457
|
|
|
|
664
|
|
|
|
841
|
|
|
|
676
|
|
|
|
739
|
|
Per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings
|
$
|
2.75
|
|
|
|
4.00
|
|
|
|
5.07
|
|
|
|
4.03
|
|
|
|
4.32
|
|
Diluted
earnings
|
|
2.74
|
|
|
|
3.98
|
|
|
|
5.05
|
|
|
|
4.01
|
|
|
|
4.29
|
|
Cash
dividends
|
|
1.30
|
|
|
|
1.30
|
|
|
|
1.30
|
|
|
|
1.30
|
|
|
|
1.20
|
|
Common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average - diluted
(1)
|
|
166,731
|
|
|
|
166,570
|
|
|
|
166,320
|
|
|
|
168,410
|
|
|
|
172,149
|
|
Period end
(2)
|
|
166,149
|
|
|
|
165,970
|
|
|
|
165,894
|
|
|
|
165,865
|
|
|
|
169,285
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
.92
|
%
|
|
|
1.33
|
%
|
|
|
1.70
|
%
|
|
|
1.40
|
%
|
|
|
1.53
|
%
|
Average common
shareholders' equity
|
|
7.41
|
%
|
|
|
10.99
|
%
|
|
|
14.27
|
%
|
|
|
11.74
|
%
|
|
|
12.59
|
%
|
Taxable-equivalent net
interest income
|
$
|
1,735
|
|
|
|
1,790
|
|
|
|
1,813
|
|
|
|
1,832
|
|
|
|
1,841
|
|
Yield on average
earning assets
|
|
5.73
|
%
|
|
|
5.62
|
%
|
|
|
5.46
|
%
|
|
|
5.16
|
%
|
|
|
4.60
|
%
|
Cost of
interest-bearing liabilities
|
|
3.17
|
%
|
|
|
2.83
|
%
|
|
|
2.43
|
%
|
|
|
1.86
|
%
|
|
|
.98
|
%
|
Net interest
spread
|
|
2.56
|
%
|
|
|
2.79
|
%
|
|
|
3.03
|
%
|
|
|
3.30
|
%
|
|
|
3.62
|
%
|
Contribution of
interest-free funds
|
|
1.05
|
%
|
|
|
1.00
|
%
|
|
|
.88
|
%
|
|
|
.74
|
%
|
|
|
.44
|
%
|
Net interest
margin
|
|
3.61
|
%
|
|
|
3.79
|
%
|
|
|
3.91
|
%
|
|
|
4.04
|
%
|
|
|
4.06
|
%
|
Net charge-offs to
average total net loans (annualized)
|
|
.44
|
%
|
|
|
.29
|
%
|
|
|
.38
|
%
|
|
|
.22
|
%
|
|
|
.12
|
%
|
Net operating
results (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
$
|
494
|
|
|
|
702
|
|
|
|
879
|
|
|
|
715
|
|
|
|
812
|
|
Diluted net operating
earnings per common share
|
|
2.81
|
|
|
|
4.05
|
|
|
|
5.12
|
|
|
|
4.09
|
|
|
|
4.57
|
|
Return on
(annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
assets
|
|
.98
|
%
|
|
|
1.41
|
%
|
|
|
1.80
|
%
|
|
|
1.49
|
%
|
|
|
1.70
|
%
|
Average tangible
common equity
|
|
11.70
|
%
|
|
|
17.41
|
%
|
|
|
22.73
|
%
|
|
|
19.00
|
%
|
|
|
21.29
|
%
|
Efficiency
ratio
|
|
62.1
|
%
|
|
|
53.7
|
%
|
|
|
48.9
|
%
|
|
|
55.5
|
%
|
|
|
53.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Loan
quality
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Nonaccrual
loans
|
$
|
2,166
|
|
|
|
2,342
|
|
|
|
2,435
|
|
|
|
2,557
|
|
|
|
2,439
|
|
Real estate and other
foreclosed assets
|
|
39
|
|
|
|
37
|
|
|
|
43
|
|
|
|
44
|
|
|
|
41
|
|
Total nonperforming
assets
|
$
|
2,205
|
|
|
|
2,379
|
|
|
|
2,478
|
|
|
|
2,601
|
|
|
|
2,480
|
|
Accruing loans past due
90 days or more (4)
|
$
|
339
|
|
|
|
354
|
|
|
|
380
|
|
|
|
407
|
|
|
|
491
|
|
Government guaranteed
loans included in totals above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
53
|
|
|
|
40
|
|
|
|
40
|
|
|
|
42
|
|
|
|
44
|
|
Accruing loans past
due 90 days or more
|
|
298
|
|
|
|
269
|
|
|
|
294
|
|
|
|
306
|
|
|
|
363
|
|
Nonaccrual loans to
total net loans
|
|
1.62
|
%
|
|
|
1.77
|
%
|
|
|
1.83
|
%
|
|
|
1.92
|
%
|
|
|
1.85
|
%
|
Allowance for credit
losses to total loans
|
|
1.59
|
%
|
|
|
1.55
|
%
|
|
|
1.50
|
%
|
|
|
1.49
|
%
|
|
|
1.46
|
%
|
_______________
|
(1)
|
Includes common stock
equivalents.
|
(2)
|
Includes common stock
issuable under deferred compensation plans.
|
(3)
|
Excludes amortization
and balances related to goodwill and core deposit and other
intangible assets and merger-related expenses which, except in the
calculation of the efficiency ratio, are net of applicable income
tax effects. Reconciliations of net income with net operating
income appear herein.
|
(4)
|
Predominantly
residential real estate loans.
|
Condensed Consolidated
Statement of Income
|
|
|
|
Three months ended
|
|
|
|
|
|
Year ended
|
|
|
|
|
|
|
December 31
|
|
|
|
|
|
December 31
|
|
|
|
|
Dollars in
millions
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
Interest
income
|
|
$
|
2,740
|
|
|
|
2,072
|
|
|
|
32
|
%
|
|
$
|
10,224
|
|
|
|
6,247
|
|
|
|
64
|
%
|
Interest
expense
|
|
|
1,018
|
|
|
|
245
|
|
|
|
316
|
|
|
|
3,109
|
|
|
|
425
|
|
|
|
631
|
|
Net interest
income
|
|
|
1,722
|
|
|
|
1,827
|
|
|
|
-6
|
|
|
|
7,115
|
|
|
|
5,822
|
|
|
|
22
|
|
Provision for credit
losses
|
|
|
225
|
|
|
|
90
|
|
|
|
150
|
|
|
|
645
|
|
|
|
517
|
|
|
|
25
|
|
Net interest income
after provision for credit losses
|
|
|
1,497
|
|
|
|
1,737
|
|
|
|
-14
|
|
|
|
6,470
|
|
|
|
5,305
|
|
|
|
22
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
112
|
|
|
|
82
|
|
|
|
38
|
|
|
|
409
|
|
|
|
357
|
|
|
|
15
|
|
Service charges on
deposit accounts
|
|
|
121
|
|
|
|
106
|
|
|
|
14
|
|
|
|
475
|
|
|
|
447
|
|
|
|
6
|
|
Trust
income
|
|
|
159
|
|
|
|
195
|
|
|
|
-19
|
|
|
|
680
|
|
|
|
741
|
|
|
|
-8
|
|
Brokerage services
income
|
|
|
26
|
|
|
|
22
|
|
|
|
17
|
|
|
|
102
|
|
|
|
88
|
|
|
|
17
|
|
Trading account and
non-hedging
derivative gains
|
|
|
11
|
|
|
|
14
|
|
|
|
-18
|
|
|
|
49
|
|
|
|
27
|
|
|
|
84
|
|
Gain (loss) on bank
investment securities
|
|
|
4
|
|
|
|
(4)
|
|
|
|
—
|
|
|
|
4
|
|
|
|
(6)
|
|
|
|
—
|
|
Other revenues from
operations
|
|
|
145
|
|
|
|
267
|
|
|
|
-45
|
|
|
|
809
|
|
|
|
703
|
|
|
|
15
|
|
Total other
income
|
|
|
578
|
|
|
|
682
|
|
|
|
-15
|
|
|
|
2,528
|
|
|
|
2,357
|
|
|
|
7
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
724
|
|
|
|
697
|
|
|
|
4
|
|
|
|
2,997
|
|
|
|
2,787
|
|
|
|
8
|
|
Equipment and net
occupancy
|
|
|
134
|
|
|
|
137
|
|
|
|
-2
|
|
|
|
520
|
|
|
|
474
|
|
|
|
10
|
|
Outside data
processing and software
|
|
|
114
|
|
|
|
108
|
|
|
|
6
|
|
|
|
437
|
|
|
|
376
|
|
|
|
16
|
|
Professional and other
services
|
|
|
99
|
|
|
|
145
|
|
|
|
-32
|
|
|
|
413
|
|
|
|
509
|
|
|
|
-19
|
|
FDIC
assessments
|
|
|
228
|
|
|
|
24
|
|
|
|
849
|
|
|
|
315
|
|
|
|
90
|
|
|
|
249
|
|
Advertising and
marketing
|
|
|
26
|
|
|
|
32
|
|
|
|
-22
|
|
|
|
108
|
|
|
|
90
|
|
|
|
19
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
15
|
|
|
|
18
|
|
|
|
-15
|
|
|
|
62
|
|
|
|
56
|
|
|
|
12
|
|
Other costs of
operations
|
|
|
110
|
|
|
|
247
|
|
|
|
-55
|
|
|
|
527
|
|
|
|
668
|
|
|
|
-21
|
|
Total other
expense
|
|
|
1,450
|
|
|
|
1,408
|
|
|
|
3
|
|
|
|
5,379
|
|
|
|
5,050
|
|
|
|
7
|
|
Income before income
taxes
|
|
|
625
|
|
|
|
1,011
|
|
|
|
-38
|
|
|
|
3,619
|
|
|
|
2,612
|
|
|
|
39
|
|
Applicable income
taxes
|
|
|
143
|
|
|
|
246
|
|
|
|
-42
|
|
|
|
878
|
|
|
|
620
|
|
|
|
42
|
|
Net income
|
|
$
|
482
|
|
|
|
765
|
|
|
|
-37
|
%
|
|
$
|
2,741
|
|
|
|
1,992
|
|
|
|
38
|
%
|
Condensed Consolidated
Statement of Income, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Dollars in
millions
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Interest
income
|
|
$
|
2,740
|
|
|
|
2,641
|
|
|
|
2,516
|
|
|
|
2,327
|
|
|
|
2,072
|
|
Interest
expense
|
|
|
1,018
|
|
|
|
866
|
|
|
|
717
|
|
|
|
509
|
|
|
|
245
|
|
Net interest
income
|
|
|
1,722
|
|
|
|
1,775
|
|
|
|
1,799
|
|
|
|
1,818
|
|
|
|
1,827
|
|
Provision for credit
losses
|
|
|
225
|
|
|
|
150
|
|
|
|
150
|
|
|
|
120
|
|
|
|
90
|
|
Net interest income
after provision for credit losses
|
|
|
1,497
|
|
|
|
1,625
|
|
|
|
1,649
|
|
|
|
1,698
|
|
|
|
1,737
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
revenues
|
|
|
112
|
|
|
|
105
|
|
|
|
107
|
|
|
|
85
|
|
|
|
82
|
|
Service charges on
deposit accounts
|
|
|
121
|
|
|
|
121
|
|
|
|
119
|
|
|
|
113
|
|
|
|
106
|
|
Trust
income
|
|
|
159
|
|
|
|
155
|
|
|
|
172
|
|
|
|
194
|
|
|
|
195
|
|
Brokerage services
income
|
|
|
26
|
|
|
|
27
|
|
|
|
25
|
|
|
|
24
|
|
|
|
22
|
|
Trading account and
non-hedging
derivative gains
|
|
|
11
|
|
|
|
9
|
|
|
|
17
|
|
|
|
12
|
|
|
|
14
|
|
Gain (loss) on bank
investment securities
|
|
|
4
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
(4)
|
|
Other revenues from
operations
|
|
|
145
|
|
|
|
143
|
|
|
|
362
|
|
|
|
159
|
|
|
|
267
|
|
Total other
income
|
|
|
578
|
|
|
|
560
|
|
|
|
803
|
|
|
|
587
|
|
|
|
682
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
724
|
|
|
|
727
|
|
|
|
738
|
|
|
|
808
|
|
|
|
697
|
|
Equipment and net
occupancy
|
|
|
134
|
|
|
|
131
|
|
|
|
129
|
|
|
|
127
|
|
|
|
137
|
|
Outside data
processing and software
|
|
|
114
|
|
|
|
111
|
|
|
|
106
|
|
|
|
106
|
|
|
|
108
|
|
Professional and other
services
|
|
|
99
|
|
|
|
89
|
|
|
|
100
|
|
|
|
125
|
|
|
|
145
|
|
FDIC
assessments
|
|
|
228
|
|
|
|
29
|
|
|
|
28
|
|
|
|
30
|
|
|
|
24
|
|
Advertising and
marketing
|
|
|
26
|
|
|
|
23
|
|
|
|
28
|
|
|
|
31
|
|
|
|
32
|
|
Amortization of core
deposit and other
intangible assets
|
|
|
15
|
|
|
|
15
|
|
|
|
15
|
|
|
|
17
|
|
|
|
18
|
|
Other costs of
operations
|
|
|
110
|
|
|
|
153
|
|
|
|
149
|
|
|
|
115
|
|
|
|
247
|
|
Total other
expense
|
|
|
1,450
|
|
|
|
1,278
|
|
|
|
1,293
|
|
|
|
1,359
|
|
|
|
1,408
|
|
Income before income
taxes
|
|
|
625
|
|
|
|
907
|
|
|
|
1,159
|
|
|
|
926
|
|
|
|
1,011
|
|
Applicable income
taxes
|
|
|
143
|
|
|
|
217
|
|
|
|
292
|
|
|
|
224
|
|
|
|
246
|
|
Net income
|
|
$
|
482
|
|
|
|
690
|
|
|
|
867
|
|
|
|
702
|
|
|
|
765
|
|
Condensed Consolidated
Balance Sheet
|
|
|
|
December 31
|
|
|
|
|
|
Dollars in
millions
|
|
2023
|
|
|
2022
|
|
|
Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
1,731
|
|
|
|
1,517
|
|
|
|
14
|
|
%
|
Interest-bearing
deposits at banks
|
|
|
28,069
|
|
|
|
24,959
|
|
|
|
12
|
|
|
Federal funds sold and
agreements to resell securities
|
|
|
—
|
|
|
|
3
|
|
|
|
-100
|
|
|
Trading
account
|
|
|
106
|
|
|
|
118
|
|
|
|
-10
|
|
|
Investment
securities
|
|
|
26,897
|
|
|
|
25,211
|
|
|
|
7
|
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
57,010
|
|
|
|
51,919
|
|
|
|
10
|
|
|
Real estate -
commercial
|
|
|
33,003
|
|
|
|
35,296
|
|
|
|
-6
|
|
|
Real estate -
consumer
|
|
|
23,264
|
|
|
|
23,756
|
|
|
|
-2
|
|
|
Consumer
|
|
|
20,791
|
|
|
|
20,593
|
|
|
|
1
|
|
|
Total loans and
leases, net of unearned discount
|
|
|
134,068
|
|
|
|
131,564
|
|
|
|
2
|
|
|
Less: allowance for
credit losses
|
|
|
2,129
|
|
|
|
1,925
|
|
|
|
11
|
|
|
Net loans and
leases
|
|
|
131,939
|
|
|
|
129,639
|
|
|
|
2
|
|
|
Goodwill
|
|
|
8,465
|
|
|
|
8,490
|
|
|
|
—
|
|
|
Core deposit and other
intangible assets
|
|
|
147
|
|
|
|
209
|
|
|
|
-30
|
|
|
Other assets
|
|
|
10,910
|
|
|
|
10,584
|
|
|
|
3
|
|
|
Total
assets
|
|
$
|
208,264
|
|
|
|
200,730
|
|
|
|
4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
|
49,294
|
|
|
|
65,502
|
|
|
|
-25
|
|
%
|
Interest-bearing
deposits
|
|
|
113,980
|
|
|
|
98,013
|
|
|
|
16
|
|
|
Total
deposits
|
|
|
163,274
|
|
|
|
163,515
|
|
|
|
—
|
|
|
Short-term
borrowings
|
|
|
5,316
|
|
|
|
3,555
|
|
|
|
50
|
|
|
Accrued interest and
other liabilities
|
|
|
4,516
|
|
|
|
4,377
|
|
|
|
3
|
|
|
Long-term
borrowings
|
|
|
8,201
|
|
|
|
3,965
|
|
|
|
107
|
|
|
Total
liabilities
|
|
|
181,307
|
|
|
|
175,412
|
|
|
|
3
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
|
2,011
|
|
|
|
2,011
|
|
|
|
—
|
|
|
Common
|
|
|
24,946
|
|
|
|
23,307
|
|
|
|
7
|
|
|
Total shareholders'
equity
|
|
|
26,957
|
|
|
|
25,318
|
|
|
|
6
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
208,264
|
|
|
|
200,730
|
|
|
|
4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF
RECLASSIFICATION OF OWNER-OCCUPIED LOANS
|
Commercial and
industrial previously reported
|
|
|
|
|
$
|
41,850
|
|
|
|
|
|
Reclassification of
certain owner-occupied loans
|
|
|
|
|
|
10,069
|
|
|
|
|
|
Commercial and
industrial after reclassification
|
|
|
|
|
$
|
51,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate -
commercial previously reported
|
|
|
|
|
$
|
45,365
|
|
|
|
|
|
Reclassification of
certain owner-occupied loans
|
|
|
|
|
|
(10,069)
|
|
|
|
|
|
Real estate -
commercial after reclassification
|
|
|
|
|
$
|
35,296
|
|
|
|
|
|
Condensed Consolidated
Balance Sheet, Five Quarter Trend
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
Dollars in
millions
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
1,731
|
|
|
|
1,769
|
|
|
|
1,848
|
|
|
|
1,818
|
|
|
|
1,517
|
|
Interest-bearing
deposits at banks
|
|
28,069
|
|
|
|
30,114
|
|
|
|
27,107
|
|
|
|
22,306
|
|
|
|
24,959
|
|
Federal funds sold and
agreements to resell securities
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
Trading
account
|
|
106
|
|
|
|
137
|
|
|
|
137
|
|
|
|
165
|
|
|
|
118
|
|
Investment
securities
|
|
26,897
|
|
|
|
27,336
|
|
|
|
27,917
|
|
|
|
28,443
|
|
|
|
25,211
|
|
Loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
57,010
|
|
|
|
54,891
|
|
|
|
54,699
|
|
|
|
53,934
|
|
|
|
51,919
|
|
Real estate -
commercial
|
|
33,003
|
|
|
|
33,741
|
|
|
|
34,634
|
|
|
|
34,897
|
|
|
|
35,296
|
|
Real estate -
consumer
|
|
23,264
|
|
|
|
23,448
|
|
|
|
23,762
|
|
|
|
23,790
|
|
|
|
23,756
|
|
Consumer
|
|
20,791
|
|
|
|
20,275
|
|
|
|
20,249
|
|
|
|
20,317
|
|
|
|
20,593
|
|
Total loans and leases, net of unearned discount
|
|
134,068
|
|
|
|
132,355
|
|
|
|
133,344
|
|
|
|
132,938
|
|
|
|
131,564
|
|
Less: allowance for
credit losses
|
|
2,129
|
|
|
|
2,052
|
|
|
|
1,998
|
|
|
|
1,975
|
|
|
|
1,925
|
|
Net loans and
leases
|
|
131,939
|
|
|
|
130,303
|
|
|
|
131,346
|
|
|
|
130,963
|
|
|
|
129,639
|
|
Goodwill
|
|
8,465
|
|
|
|
8,465
|
|
|
|
8,465
|
|
|
|
8,490
|
|
|
|
8,490
|
|
Core deposit and other
intangible assets
|
|
147
|
|
|
|
162
|
|
|
|
177
|
|
|
|
192
|
|
|
|
209
|
|
Other assets
|
|
10,910
|
|
|
|
10,838
|
|
|
|
10,675
|
|
|
|
10,579
|
|
|
|
10,584
|
|
Total
assets
|
$
|
208,264
|
|
|
|
209,124
|
|
|
|
207,672
|
|
|
|
202,956
|
|
|
|
200,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
49,294
|
|
|
|
53,787
|
|
|
|
54,938
|
|
|
|
59,955
|
|
|
|
65,502
|
|
Interest-bearing
deposits
|
|
113,980
|
|
|
|
110,341
|
|
|
|
107,120
|
|
|
|
99,120
|
|
|
|
98,013
|
|
Total
deposits
|
|
163,274
|
|
|
|
164,128
|
|
|
|
162,058
|
|
|
|
159,075
|
|
|
|
163,515
|
|
Short-term
borrowings
|
|
5,316
|
|
|
|
6,731
|
|
|
|
7,908
|
|
|
|
6,995
|
|
|
|
3,555
|
|
Accrued interest and
other liabilities
|
|
4,516
|
|
|
|
4,946
|
|
|
|
4,488
|
|
|
|
4,046
|
|
|
|
4,377
|
|
Long-term
borrowings
|
|
8,201
|
|
|
|
7,123
|
|
|
|
7,417
|
|
|
|
7,463
|
|
|
|
3,965
|
|
Total
liabilities
|
|
181,307
|
|
|
|
182,928
|
|
|
|
181,871
|
|
|
|
177,579
|
|
|
|
175,412
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
|
|
2,011
|
|
|
|
2,011
|
|
|
|
2,011
|
|
|
|
2,011
|
|
|
|
2,011
|
|
Common
|
|
24,946
|
|
|
|
24,185
|
|
|
|
23,790
|
|
|
|
23,366
|
|
|
|
23,307
|
|
Total shareholders'
equity
|
|
26,957
|
|
|
|
26,196
|
|
|
|
25,801
|
|
|
|
25,377
|
|
|
|
25,318
|
|
Total liabilities and
shareholders' equity
|
$
|
208,264
|
|
|
|
209,124
|
|
|
|
207,672
|
|
|
|
202,956
|
|
|
|
200,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF
RECLASSIFICATION OF OWNER-OCCUPIED LOANS
|
|
Commercial and
industrial previously reported
|
|
|
|
$
|
45,058
|
|
|
|
44,684
|
|
|
|
43,758
|
|
|
|
41,850
|
|
Reclassification of
certain owner-occupied loans
|
|
|
|
|
9,833
|
|
|
|
10,015
|
|
|
|
10,176
|
|
|
|
10,069
|
|
Commercial and
industrial after reclassification
|
|
|
|
$
|
54,891
|
|
|
|
54,699
|
|
|
|
53,934
|
|
|
|
51,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate -
commercial previously reported
|
|
|
|
$
|
43,574
|
|
|
|
44,649
|
|
|
|
45,073
|
|
|
|
45,365
|
|
Reclassification of
certain owner-occupied loans
|
|
|
|
|
(9,833)
|
|
|
|
(10,015)
|
|
|
|
(10,176)
|
|
|
|
(10,069)
|
|
Real estate -
commercial after reclassification
|
|
|
|
$
|
33,741
|
|
|
|
34,634
|
|
|
|
34,897
|
|
|
|
35,296
|
|
Condensed Consolidated
Average Balance Sheet and Annualized Taxable-equivalent
Rates
|
|
|
|
|
Three months
ended
|
|
|
|
Change in
balance
|
|
|
|
Year ended
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
September 30,
|
|
|
|
December 31,
|
|
|
|
December 31, 2023
from
|
|
|
|
December 31,
|
|
|
|
Change
|
|
|
Dollars in
millions
|
|
|
2023
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
September 30,
|
|
|
|
December 31,
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
in
|
|
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
Balance
|
|
|
|
Rate
|
|
|
|
balance
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits at banks
|
|
$
|
30,153
|
|
|
|
5.48
|
|
%
|
|
26,657
|
|
|
|
5.40
|
|
%
|
|
25,089
|
|
|
|
3.75
|
|
%
|
|
13
|
|
%
|
|
20
|
|
%
|
$
|
26,202
|
|
|
|
5.19
|
|
%
|
|
33,435
|
|
|
|
1.52
|
|
%
|
|
-22
|
|
%
|
Federal funds sold and
agreements to
resell securities
|
|
|
—
|
|
|
|
5.79
|
|
|
|
—
|
|
|
|
5.79
|
|
|
|
—
|
|
|
|
4.32
|
|
|
|
—
|
|
|
|
-78
|
|
|
|
—
|
|
|
|
5.39
|
|
|
|
70
|
|
|
|
.43
|
|
|
|
-100
|
|
|
Trading
account
|
|
|
123
|
|
|
|
3.80
|
|
|
|
136
|
|
|
|
4.05
|
|
|
|
122
|
|
|
|
2.13
|
|
|
|
-10
|
|
|
|
1
|
|
|
|
133
|
|
|
|
3.20
|
|
|
|
109
|
|
|
|
1.49
|
|
|
|
21
|
|
|
Investment
securities
|
|
|
27,490
|
|
|
|
3.13
|
|
|
|
27,993
|
|
|
|
3.14
|
|
|
|
25,297
|
|
|
|
2.77
|
|
|
|
-2
|
|
|
|
9
|
|
|
|
27,932
|
|
|
|
3.09
|
|
|
|
19,897
|
|
|
|
2.59
|
|
|
|
40
|
|
|
Loans and leases, net
of unearned discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
55,420
|
|
|
|
7.01
|
|
|
|
54,567
|
|
|
|
6.86
|
|
|
|
49,955
|
|
|
|
5.65
|
|
|
|
2
|
|
|
|
11
|
|
|
|
54,271
|
|
|
|
6.71
|
|
|
|
44,127
|
|
|
|
4.62
|
|
|
|
23
|
|
|
Real estate -
commercial
|
|
|
33,455
|
|
|
|
6.54
|
|
|
|
34,288
|
|
|
|
6.50
|
|
|
|
35,773
|
|
|
|
5.04
|
|
|
|
-2
|
|
|
|
-6
|
|
|
|
34,473
|
|
|
|
6.33
|
|
|
|
34,375
|
|
|
|
4.35
|
|
|
|
—
|
|
|
Real estate -
consumer
|
|
|
23,339
|
|
|
|
4.25
|
|
|
|
23,573
|
|
|
|
4.14
|
|
|
|
23,334
|
|
|
|
3.92
|
|
|
|
-1
|
|
|
|
—
|
|
|
|
23,614
|
|
|
|
4.11
|
|
|
|
21,257
|
|
|
|
3.75
|
|
|
|
11
|
|
|
Consumer
|
|
|
20,556
|
|
|
|
6.42
|
|
|
|
20,189
|
|
|
|
6.16
|
|
|
|
20,344
|
|
|
|
5.28
|
|
|
|
2
|
|
|
|
1
|
|
|
|
20,380
|
|
|
|
6.03
|
|
|
|
19,538
|
|
|
|
4.65
|
|
|
|
4
|
|
|
Total loans and
leases, net
|
|
|
132,770
|
|
|
|
6.33
|
|
|
|
132,617
|
|
|
|
6.19
|
|
|
|
129,406
|
|
|
|
5.12
|
|
|
|
—
|
|
|
|
3
|
|
|
|
132,738
|
|
|
|
6.07
|
|
|
|
119,297
|
|
|
|
4.41
|
|
|
|
11
|
|
|
Total earning
assets
|
|
|
190,536
|
|
|
|
5.73
|
|
|
|
187,403
|
|
|
|
5.62
|
|
|
|
179,914
|
|
|
|
4.60
|
|
|
|
2
|
|
|
|
6
|
|
|
|
187,005
|
|
|
|
5.50
|
|
|
|
172,808
|
|
|
|
3.64
|
|
|
|
8
|
|
|
Goodwill
|
|
|
8,465
|
|
|
|
|
|
|
8,465
|
|
|
|
|
|
|
8,494
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,473
|
|
|
|
|
|
|
7,537
|
|
|
|
|
|
|
12
|
|
|
Core deposit and other intangible
assets
|
|
|
154
|
|
|
|
|
|
|
170
|
|
|
|
|
|
|
218
|
|
|
|
|
|
|
-9
|
|
|
|
-29
|
|
|
|
177
|
|
|
|
|
|
|
179
|
|
|
|
|
|
|
-1
|
|
|
Other assets
|
|
|
9,597
|
|
|
|
|
|
|
9,753
|
|
|
|
|
|
|
9,966
|
|
|
|
|
|
|
-2
|
|
|
|
-4
|
|
|
|
9,742
|
|
|
|
|
|
|
9,728
|
|
|
|
|
|
|
—
|
|
|
Total
assets
|
|
$
|
208,752
|
|
|
|
|
|
|
205,791
|
|
|
|
|
|
|
198,592
|
|
|
|
|
|
|
1
|
|
%
|
|
5
|
|
%
|
$
|
205,397
|
|
|
|
|
|
|
190,252
|
|
|
|
|
|
|
8
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and
interest-checking deposits
|
|
$
|
93,365
|
|
|
|
2.58
|
|
|
|
89,274
|
|
|
|
2.20
|
|
|
|
87,068
|
|
|
|
.76
|
|
|
|
5
|
|
%
|
|
7
|
|
%
|
$
|
89,489
|
|
|
|
1.95
|
|
|
|
84,753
|
|
|
|
.32
|
|
|
|
6
|
|
%
|
Time
deposits
|
|
|
21,224
|
|
|
|
4.30
|
|
|
|
19,528
|
|
|
|
4.09
|
|
|
|
6,182
|
|
|
|
1.29
|
|
|
|
9
|
|
|
|
243
|
|
|
|
17,131
|
|
|
|
3.92
|
|
|
|
4,850
|
|
|
|
.49
|
|
|
|
253
|
|
|
Total interest-bearing
deposits
|
|
|
114,589
|
|
|
|
2.90
|
|
|
|
108,802
|
|
|
|
2.54
|
|
|
|
93,250
|
|
|
|
.80
|
|
|
|
5
|
|
|
|
23
|
|
|
|
106,620
|
|
|
|
2.27
|
|
|
|
89,603
|
|
|
|
.33
|
|
|
|
19
|
|
|
Short-term
borrowings
|
|
|
5,156
|
|
|
|
5.27
|
|
|
|
5,346
|
|
|
|
5.16
|
|
|
|
1,632
|
|
|
|
3.24
|
|
|
|
-4
|
|
|
|
216
|
|
|
|
5,758
|
|
|
|
5.07
|
|
|
|
936
|
|
|
|
2.08
|
|
|
|
515
|
|
|
Long-term
borrowings
|
|
|
7,901
|
|
|
|
5.70
|
|
|
|
7,240
|
|
|
|
5.52
|
|
|
|
3,753
|
|
|
|
4.65
|
|
|
|
9
|
|
|
|
111
|
|
|
|
7,296
|
|
|
|
5.49
|
|
|
|
3,440
|
|
|
|
3.23
|
|
|
|
112
|
|
|
Total interest-bearing
liabilities
|
|
|
127,646
|
|
|
|
3.17
|
|
|
|
121,388
|
|
|
|
2.83
|
|
|
|
98,635
|
|
|
|
.98
|
|
|
|
5
|
|
|
|
29
|
|
|
|
119,674
|
|
|
|
2.60
|
|
|
|
93,979
|
|
|
|
.45
|
|
|
|
27
|
|
|
Noninterest-bearing
deposits
|
|
|
50,124
|
|
|
|
|
|
|
53,886
|
|
|
|
|
|
|
70,218
|
|
|
|
|
|
|
-7
|
|
|
|
-29
|
|
|
|
55,474
|
|
|
|
|
|
|
68,888
|
|
|
|
|
|
|
-19
|
|
|
Other
liabilities
|
|
|
4,482
|
|
|
|
|
|
|
4,497
|
|
|
|
|
|
|
4,393
|
|
|
|
|
|
|
—
|
|
|
|
2
|
|
|
|
4,350
|
|
|
|
|
|
|
3,575
|
|
|
|
|
|
|
22
|
|
|
Total
liabilities
|
|
|
182,252
|
|
|
|
|
|
|
179,771
|
|
|
|
|
|
|
173,246
|
|
|
|
|
|
|
1
|
|
|
|
5
|
|
|
|
179,498
|
|
|
|
|
|
|
166,442
|
|
|
|
|
|
|
8
|
|
|
Shareholders'
equity
|
|
|
26,500
|
|
|
|
|
|
|
26,020
|
|
|
|
|
|
|
25,346
|
|
|
|
|
|
|
2
|
|
|
|
5
|
|
|
|
25,899
|
|
|
|
|
|
|
23,810
|
|
|
|
|
|
|
9
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
208,752
|
|
|
|
|
|
|
205,791
|
|
|
|
|
|
|
198,592
|
|
|
|
|
|
|
1
|
|
%
|
|
5
|
|
%
|
$
|
205,397
|
|
|
|
|
|
|
190,252
|
|
|
|
|
|
|
8
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
2.56
|
|
|
|
|
|
|
2.79
|
|
|
|
|
|
|
3.62
|
|
|
|
|
|
|
|
|
|
|
|
|
2.90
|
|
|
|
|
|
|
3.19
|
|
|
|
|
|
Contribution of
interest-free funds
|
|
|
|
|
|
1.05
|
|
|
|
|
|
|
1.00
|
|
|
|
|
|
|
.44
|
|
|
|
|
|
|
|
|
|
|
|
|
.93
|
|
|
|
|
|
|
.20
|
|
|
|
|
|
Net interest
margin
|
|
|
|
|
|
3.61
|
|
%
|
|
|
|
|
3.79
|
|
%
|
|
|
|
|
4.06
|
|
%
|
|
|
|
|
|
|
|
|
|
|
3.83
|
|
%
|
|
|
|
|
3.39
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF
RECLASSIFICATION OF OWNER-OCCUPIED LOANS
|
Commercial and
industrial previously reported
|
|
|
$
|
44,625
|
|
|
|
7.01
|
|
|
|
40,038
|
|
|
|
5.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
34,926
|
|
|
|
4.68
|
|
|
|
|
|
Reclassification of
certain owner-occupied loans
|
|
|
|
9,942
|
|
|
|
|
|
|
9,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,201
|
|
|
|
|
|
|
|
|
Commercial and
industrial after reclassification
|
|
|
$
|
54,567
|
|
|
|
6.86
|
|
|
|
49,955
|
|
|
|
5.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
44,127
|
|
|
|
4.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate -
commercial previously reported
|
|
|
$
|
44,230
|
|
|
|
6.41
|
|
|
|
45,690
|
|
|
|
5.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,576
|
|
|
|
4.35
|
|
|
|
|
|
Reclassification of
certain owner-occupied loans
|
|
|
|
(9,942)
|
|
|
|
|
|
|
(9,917)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,201)
|
|
|
|
|
|
|
|
|
Real estate -
commercial after reclassification
|
|
|
$
|
34,288
|
|
|
|
6.50
|
|
|
|
35,773
|
|
|
|
5.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
34,375
|
|
|
|
4.35
|
|
|
|
|
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures
|
|
|
|
Three months
ended
|
|
|
Year ended
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions, except per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
482
|
|
|
|
765
|
|
|
$
|
2,741
|
|
|
|
1,992
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
12
|
|
|
|
14
|
|
|
|
48
|
|
|
|
43
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
33
|
|
|
|
—
|
|
|
|
431
|
|
Net operating
income
|
|
$
|
494
|
|
|
|
812
|
|
|
|
2,789
|
|
|
|
2,466
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.74
|
|
|
|
4.29
|
|
|
$
|
15.79
|
|
|
|
11.53
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.07
|
|
|
|
.08
|
|
|
|
.29
|
|
|
|
.26
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
.20
|
|
|
|
—
|
|
|
|
2.63
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.81
|
|
|
|
4.57
|
|
|
|
16.08
|
|
|
|
14.42
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
1,450
|
|
|
|
1,408
|
|
|
$
|
5,379
|
|
|
|
5,050
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(15)
|
|
|
|
(18)
|
|
|
|
(62)
|
|
|
|
(56)
|
|
Merger-related
expenses
|
|
|
—
|
|
|
|
(45)
|
|
|
|
—
|
|
|
|
(338)
|
|
Noninterest operating
expense
|
|
$
|
1,435
|
|
|
|
1,345
|
|
|
$
|
5,317
|
|
|
|
4,656
|
|
Merger-related
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
—
|
|
|
|
4
|
|
|
$
|
—
|
|
|
|
102
|
|
Equipment and net
occupancy
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
7
|
|
Outside data processing
and software
|
|
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
5
|
|
Professional and other
services
|
|
|
—
|
|
|
|
16
|
|
|
|
—
|
|
|
|
72
|
|
Advertising and
marketing
|
|
|
—
|
|
|
|
5
|
|
|
|
—
|
|
|
|
9
|
|
Other costs of
operations
|
|
|
—
|
|
|
|
16
|
|
|
|
—
|
|
|
|
143
|
|
Other
expense
|
|
|
—
|
|
|
|
45
|
|
|
|
—
|
|
|
|
338
|
|
Provision for credit
losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
242
|
|
Total
|
|
$
|
—
|
|
|
|
45
|
|
|
$
|
—
|
|
|
|
580
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
1,435
|
|
|
|
1,345
|
|
|
$
|
5,317
|
|
|
|
4,656
|
|
Taxable-equivalent net
interest income
|
|
$
|
1,735
|
|
|
|
1,841
|
|
|
$
|
7,169
|
|
|
|
5,861
|
|
Other income
|
|
|
578
|
|
|
|
682
|
|
|
|
2,528
|
|
|
|
2,357
|
|
Less: Gain (loss)
on bank investment securities
|
|
|
4
|
|
|
|
(4)
|
|
|
|
4
|
|
|
|
(6)
|
|
Denominator
|
|
$
|
2,309
|
|
|
|
2,527
|
|
|
$
|
9,693
|
|
|
|
8,224
|
|
Efficiency
ratio
|
|
|
62.1
|
%
|
|
|
53.3
|
%
|
|
|
54.9
|
%
|
|
|
56.6
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
208,752
|
|
|
|
198,592
|
|
|
$
|
205,397
|
|
|
|
190,252
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,494)
|
|
|
|
(8,473)
|
|
|
|
(7,537)
|
|
Core deposit and other
intangible assets
|
|
|
(154)
|
|
|
|
(218)
|
|
|
|
(177)
|
|
|
|
(179)
|
|
Deferred
taxes
|
|
|
39
|
|
|
|
54
|
|
|
|
44
|
|
|
|
43
|
|
Average tangible
assets
|
|
$
|
200,172
|
|
|
|
189,934
|
|
|
$
|
196,791
|
|
|
|
182,579
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
26,500
|
|
|
|
25,346
|
|
|
$
|
25,899
|
|
|
|
23,810
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(1,946)
|
|
Average common
equity
|
|
|
24,489
|
|
|
|
23,335
|
|
|
|
23,888
|
|
|
|
21,864
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,494)
|
|
|
|
(8,473)
|
|
|
|
(7,537)
|
|
Core deposit and other
intangible assets
|
|
|
(154)
|
|
|
|
(218)
|
|
|
|
(177)
|
|
|
|
(179)
|
|
Deferred
taxes
|
|
|
39
|
|
|
|
54
|
|
|
|
44
|
|
|
|
43
|
|
Average tangible
common equity
|
|
$
|
15,909
|
|
|
|
14,677
|
|
|
$
|
15,282
|
|
|
|
14,191
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
208,264
|
|
|
|
200,730
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,490)
|
|
|
|
|
|
|
|
Core deposit and other
intangible assets
|
|
|
(147)
|
|
|
|
(209)
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
37
|
|
|
|
51
|
|
|
|
|
|
|
|
Total tangible
assets
|
|
$
|
199,689
|
|
|
|
192,082
|
|
|
|
|
|
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
26,957
|
|
|
|
25,318
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
|
|
|
|
Common
equity
|
|
|
24,946
|
|
|
|
23,307
|
|
|
|
|
|
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,490)
|
|
|
|
|
|
|
|
Core deposit and other
intangible assets
|
|
|
(147)
|
|
|
|
(209)
|
|
|
|
|
|
|
|
Deferred
taxes
|
|
|
37
|
|
|
|
51
|
|
|
|
|
|
|
|
Total tangible common
equity
|
|
$
|
16,371
|
|
|
|
14,659
|
|
|
|
|
|
|
|
_______________
|
(1)
|
After any related tax
effect.
|
Reconciliation of
Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
|
|
|
|
Three months
ended
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Income statement
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions, except per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
482
|
|
|
|
690
|
|
|
|
867
|
|
|
|
702
|
|
|
|
765
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
12
|
|
|
|
12
|
|
|
|
12
|
|
|
|
13
|
|
|
|
14
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
33
|
|
Net operating
income
|
|
$
|
494
|
|
|
|
702
|
|
|
|
879
|
|
|
|
715
|
|
|
|
812
|
|
Earnings per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$
|
2.74
|
|
|
|
3.98
|
|
|
|
5.05
|
|
|
|
4.01
|
|
|
|
4.29
|
|
Amortization of core
deposit and other intangible assets (1)
|
|
|
.07
|
|
|
|
.07
|
|
|
|
.07
|
|
|
|
.08
|
|
|
|
.08
|
|
Merger-related expenses
(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
.20
|
|
Diluted net operating
earnings per common share
|
|
$
|
2.81
|
|
|
|
4.05
|
|
|
|
5.12
|
|
|
|
4.09
|
|
|
|
4.57
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
$
|
1,450
|
|
|
|
1,278
|
|
|
|
1,293
|
|
|
|
1,359
|
|
|
|
1,408
|
|
Amortization of core
deposit and other intangible assets
|
|
|
(15)
|
|
|
|
(15)
|
|
|
|
(15)
|
|
|
|
(17)
|
|
|
|
(18)
|
|
Merger-related
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(45)
|
|
Noninterest operating
expense
|
|
$
|
1,435
|
|
|
|
1,263
|
|
|
|
1,278
|
|
|
|
1,342
|
|
|
|
1,345
|
|
Merger-related
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
Equipment and net
occupancy
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
Outside data processing
and software
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
Professional and other
services
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16
|
|
Advertising and
marketing
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
Other costs of
operations
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16
|
|
Other
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
45
|
|
Provision for credit
losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Total
|
|
$
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
45
|
|
Efficiency
ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest operating
expense (numerator)
|
|
$
|
1,435
|
|
|
|
1,263
|
|
|
|
1,278
|
|
|
|
1,342
|
|
|
|
1,345
|
|
Taxable-equivalent net
interest income
|
|
$
|
1,735
|
|
|
|
1,790
|
|
|
|
1,813
|
|
|
|
1,832
|
|
|
|
1,841
|
|
Other income
|
|
|
578
|
|
|
|
560
|
|
|
|
803
|
|
|
|
587
|
|
|
|
682
|
|
Less: Gain (loss)
on bank investment securities
|
|
|
4
|
|
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
(4)
|
|
Denominator
|
|
$
|
2,309
|
|
|
|
2,350
|
|
|
|
2,615
|
|
|
|
2,419
|
|
|
|
2,527
|
|
Efficiency
ratio
|
|
|
62.1
|
%
|
|
|
53.7
|
%
|
|
|
48.9
|
%
|
|
|
55.5
|
%
|
|
|
53.3
|
%
|
Balance sheet
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
assets
|
|
$
|
208,752
|
|
|
|
205,791
|
|
|
|
204,376
|
|
|
|
202,599
|
|
|
|
198,592
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,465)
|
|
|
|
(8,473)
|
|
|
|
(8,490)
|
|
|
|
(8,494)
|
|
Core deposit and other
intangible assets
|
|
|
(154)
|
|
|
|
(170)
|
|
|
|
(185)
|
|
|
|
(201)
|
|
|
|
(218)
|
|
Deferred
taxes
|
|
|
39
|
|
|
|
43
|
|
|
|
46
|
|
|
|
49
|
|
|
|
54
|
|
Average tangible
assets
|
|
$
|
200,172
|
|
|
|
197,199
|
|
|
|
195,764
|
|
|
|
193,957
|
|
|
|
189,934
|
|
Average common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
equity
|
|
$
|
26,500
|
|
|
|
26,020
|
|
|
|
25,685
|
|
|
|
25,377
|
|
|
|
25,346
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
Average common
equity
|
|
|
24,489
|
|
|
|
24,009
|
|
|
|
23,674
|
|
|
|
23,366
|
|
|
|
23,335
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,465)
|
|
|
|
(8,473)
|
|
|
|
(8,490)
|
|
|
|
(8,494)
|
|
Core deposit and other
intangible assets
|
|
|
(154)
|
|
|
|
(170)
|
|
|
|
(185)
|
|
|
|
(201)
|
|
|
|
(218)
|
|
Deferred
taxes
|
|
|
39
|
|
|
|
43
|
|
|
|
46
|
|
|
|
49
|
|
|
|
54
|
|
Average tangible
common equity
|
|
$
|
15,909
|
|
|
|
15,417
|
|
|
|
15,062
|
|
|
|
14,724
|
|
|
|
14,677
|
|
At end of
quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
208,264
|
|
|
|
209,124
|
|
|
|
207,672
|
|
|
|
202,956
|
|
|
|
200,730
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,465)
|
|
|
|
(8,465)
|
|
|
|
(8,490)
|
|
|
|
(8,490)
|
|
Core deposit and other
intangible assets
|
|
|
(147)
|
|
|
|
(162)
|
|
|
|
(177)
|
|
|
|
(192)
|
|
|
|
(209)
|
|
Deferred
taxes
|
|
|
37
|
|
|
|
41
|
|
|
|
44
|
|
|
|
47
|
|
|
|
51
|
|
Total tangible
assets
|
|
$
|
199,689
|
|
|
|
200,538
|
|
|
|
199,074
|
|
|
|
194,321
|
|
|
|
192,082
|
|
Total common
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
26,957
|
|
|
|
26,197
|
|
|
|
25,801
|
|
|
|
25,377
|
|
|
|
25,318
|
|
Preferred
stock
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
|
|
(2,011)
|
|
Common
equity
|
|
|
24,946
|
|
|
|
24,186
|
|
|
|
23,790
|
|
|
|
23,366
|
|
|
|
23,307
|
|
Goodwill
|
|
|
(8,465)
|
|
|
|
(8,465)
|
|
|
|
(8,465)
|
|
|
|
(8,490)
|
|
|
|
(8,490)
|
|
Core deposit and other
intangible assets
|
|
|
(147)
|
|
|
|
(162)
|
|
|
|
(177)
|
|
|
|
(192)
|
|
|
|
(209)
|
|
Deferred
taxes
|
|
|
37
|
|
|
|
41
|
|
|
|
44
|
|
|
|
47
|
|
|
|
51
|
|
Total tangible common
equity
|
|
$
|
16,371
|
|
|
|
15,600
|
|
|
|
15,192
|
|
|
|
14,731
|
|
|
|
14,659
|
|
_______________
|
(1)
|
After any related tax
effect.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/mt-bank-corporation-nyse-mtb-announces-fourth-quarter-and-full-year-2023-results-302038261.html
SOURCE M&T Bank Corporation