Exhibit 99

 

INVESTOR CONTACT:		Donald J. MacLeod (716) 842-5138		FOR IMMEDIATE RELEASE: April 16, 2012
MEDIA CONTACT:		C. Michael Zabel (716) 842-5385

M&T BANK CORPORATION ANNOUNCES FIRST QUARTER PROFITS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2012.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the first quarter of 2012 were $1.50, compared with $1.59 in the year-earlier quarter. GAAP-basis net income in each of the initial quarters of 2012 and 2011 was $206 million. GAAP-basis net income for the first three months of 2012 expressed as an annualized rate of return on average assets and average common shareholders’ equity was 1.06% and 9.04%, respectively, compared with 1.23% and 10.16%, respectively, in the similar 2011 period.

The recent quarter’s earnings as compared with the first quarter of 2011 reflect higher net interest income, lower credit costs, and higher trust income and residential mortgage banking revenues. While not significant in the recent quarter, last year’s earnings were lifted by $39 million of realized gains from the sale of investment securities ($24 million after-tax effect, or $.20 of diluted earnings per common share), as M&T repositioned its balance sheet in anticipation of the acquisition of Wilmington Trust Corporation (“Wilmington Trust”).

 

-more-

---

 

2-2-2-2-2

M&T BANK CORPORATION

 

Commenting on the recent quarter’s performance, René F. Jones, Executive Vice President and Chief Financial Officer, said, “M&T’s first quarter results reflect our continued progress with the integration of Wilmington Trust, lower credit costs and improvement in several revenue categories, including net interest income, mortgage banking revenues, trust income and fees for providing deposit services. Additionally, average loans grew an impressive 10% on an annualized basis as compared with the fourth quarter of 2011. The Tier 1 common ratio increased 18 basis points from the 2011 year-end to 7.04% at the end of the first quarter. Our strong first quarter positions us well for 2012.”

Diluted earnings per common share and GAAP-basis net income in last year’s fourth quarter were $1.04 and $148 million, respectively. GAAP-basis net income in that quarter expressed as an annualized rate of return on average assets and average common shareholders’ equity was .75% and 6.12%, respectively. Results for the final 2011 quarter reflected several noteworthy items, including: a $79 million (pre-tax effect) other-than-temporary impairment charge related to M&T’s 20% investment in Bayview Lending Group LLC (“BLG”); $55 million of income in full settlement of a lawsuit arising from a 2007 investment in collateralized debt obligations; and a $30 million tax-deductible cash contribution to The M&T Charitable Foundation. The after-tax impact of those three items reduced net income in the fourth quarter of 2011 by $33 million, or $.26 of diluted earnings per common share.

Supplemental Reporting of Non-GAAP Results of Operations. M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other

 

-more-

---

 

3-3-3-3-3

M&T BANK CORPORATION

 

intangible assets (and the related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains and expenses associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Reconciliations of GAAP to non-GAAP measures are provided in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $1.59 in the recent quarter, compared with $1.67 and $1.20 in the first and fourth quarters of 2011, respectively. Net operating income for the first three months of 2012 totaled $218 million, compared with $216 million and $168 million in the quarters ended March 31, 2011 and December 31, 2011, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity, net operating income was 1.18% and 16.79%, respectively, in the first quarter of 2012, compared with 1.36% and 20.16% in the year-earlier quarter and .89% and 12.36% in the final 2011 quarter.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income increased an annualized 2% to $627 million in the recent quarter from $625 million in the fourth quarter of 2011. That improvement reflects a nine basis point (hundredths of one percent) widening of the net interest margin to 3.69% from 3.60% in the immediately preceding quarter. The wider net interest margin reflects the impact of a $1.41 billion increase in average loans outstanding in 2012’s initial quarter, which largely offset a

 

-more-

---

 

4-4-4-4-4

M&T BANK CORPORATION

 

decline in lower yielding balances held at the Federal Reserve Bank of New York. Taxable-equivalent net interest income increased 9% in the first quarter of 2012 from $575 million in the year-earlier quarter. The improvement in such income resulted from an $8.96 billion increase in average earning assets, partially offset by a 23 basis point narrowing of the net interest margin, both of which were attributable to the impact of the Wilmington Trust acquisition on May 16, 2011.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $49 million in the first quarter of 2012, improved from $75 million and $74 million in the first and fourth quarters of 2011, respectively. Net charge-offs of loans during the recent quarter were $48 million, down from $74 million in each of the first and fourth quarters of 2011. Net charge-offs expressed as an annualized percentage of average loans outstanding improved significantly to .32% in the first three months of 2012 from .58% and .50% in the first and fourth quarters of 2011, respectively.

Loans classified as nonaccrual totaled $1.07 billion, or 1.75% of total loans outstanding at March 31, 2012, from $1.08 billion or 2.08% a year earlier and $1.10 billion or 1.83% at December 31, 2011.

Assets taken in foreclosure of defaulted loans were $140 million at March 31, 2012, down from $218 million and $157 million at March 31, 2011 and December 31, 2011, respectively. The decline in such assets at the two most recent quarter-ends as compared with March 31, 2011 resulted predominantly from the sale during the second quarter of 2011 of a commercial real estate property in New York City with a carrying value of $99 million. Reflected in assets taken in foreclosure of defaulted loans at March 31, 2012 and

 

-more-

---

 

5-5-5-5-5

M&T BANK CORPORATION

 

December 31, 2011 were $40 million and $48 million, respectively, of assets related to the Wilmington Trust acquisition.

Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of determining the allowance for credit losses. As a result of those analyses, the allowance totaled $909 million at March 31, 2012, compared with $904 million at March 31, 2011 and $908 million at December 31, 2011. The allowance expressed as a percentage of outstanding loans was 1.49% at March 31, 2012, compared with 1.73% and 1.51% at March 31, 2011 and December 31, 2011, respectively.

Noninterest Income and Expense. Noninterest income totaled $377 million in the first quarter of 2012, compared with $314 million and $398 million in the first and fourth quarters of 2011, respectively. Reflected in those amounts were net losses on investment securities of $11 million in the initial 2012 quarter, compared with net gains of $23 million in the first quarter of 2011 and net losses of $25 million in the fourth quarter of 2011. The net losses on investment securities during the recent quarter and the fourth quarter of 2011 were predominantly due to other-than-temporary impairment charges related to certain of M&T’s privately issued collateralized mortgage obligations. Partially offsetting the previously noted realized securities gains in the initial 2011 quarter, which totaled $39 million, were $16 million of other-than-temporary impairment charges related to certain of M&T’s holdings of privately issued collateralized mortgage obligations.

Excluding gains and losses from investment securities in all periods and the $55 million of income resulting from the litigation settlement in 2011’s final quarter, noninterest income

 

-more-

---

 

6-6-6-6-6

M&T BANK CORPORATION

 

totaled $388 million in the recently completed quarter, up from $291 million in the first quarter of 2011 and $368 million in the final 2011 quarter. Contributing to the rise from the year-earlier quarter were higher trust income, predominantly related to the Wilmington Trust acquisition, and mortgage banking revenues. The improvement in such noninterest income as compared with the final 2011 quarter was largely due to higher residential mortgage banking revenues. Contributing to those improved revenues were higher gains on residential real estate loans and commitments to originate loans to be sold. M&T continued its program of retaining residential real estate loans on its balance sheet, effectively reducing mortgage banking revenues by approximately $21 million that would have been recognized had the loans been held for sale. That compares with approximately $11 million of similar impact in last year’s final quarter.

Noninterest expense in the first quarter of 2012 totaled $640 million, compared with $500 million and $740 million in the first and fourth quarters of 2011, respectively. Included in such amounts are expenses considered to be nonoperating in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses. Exclusive of those expenses, noninterest operating expenses were $620 million in the recently completed quarter, $483 million in the first quarter of 2011 and $706 million in the final 2011 quarter. The most significant factor for the higher level of operating expenses in the recent quarter as compared with the year-earlier quarter was the impact of the operations obtained in the Wilmington Trust acquisition. The decrease in expenses from the fourth quarter of 2011 was largely the result of the previously noted fourth quarter charges related to the other-than-temporary impairment of M&T’s investment in BLG and the $30 million charitable contribution, partially offset by recent quarter seasonally higher costs for

 

-more-

---

 

7-7-7-7-7

M&T BANK CORPORATION

 

stock-based compensation, unemployment insurance, and payroll-related taxes and employer contributions for retirement savings plan benefits related to incentive compensation payments.

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities and merger-related gains), measures the relationship of operating expenses to revenues. M&T’s efficiency ratio was 61.1% in the first quarter of 2012, compared with 55.8% in the year-earlier quarter and 67.4% in the fourth quarter of 2011.

Balance Sheet. M&T had total assets of $79.2 billion at March 31, 2012, up 17% from $67.9 billion a year earlier. Loans and leases, net of unearned discount, increased $8.8 billion or 17% to $60.9 billion at the recent quarter-end from $52.1 billion at March 31, 2011, and were $826 million higher than $60.1 billion at December 31, 2011. Total deposits rose 21% to $60.9 billion at March 31, 2012 from $50.5 billion a year earlier.

Total shareholders’ equity increased 11% to $9.4 billion at March 31, 2012 from $8.5 billion at March 31, 2011, representing 11.91% and 12.53%, respectively, of total assets. Common shareholders’ equity was $8.6 billion, or $67.64 per share at March 31, 2012, up from $7.8 billion, or $64.43 per share, a year earlier. Tangible equity per common share rose 13% to $38.89 at March 31, 2012 from $34.38 a year earlier. Common shareholders’ equity per share and tangible equity per common share were $66.82 and $37.79, respectively, at December 31, 2011. In the calculation of tangible equity per common share, common shareholders’ equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T’s tangible common equity to tangible assets ratio was 6.51% at

 

-more-

---

 

8-8-8-8-8

M&T BANK CORPORATION

 

March 31, 2012, improved from 6.44% and 6.40% at March 31, 2011 and December 31, 2011, respectively. M&T’s estimated Tier 1 common ratio was 7.04% at March 31, 2012 compared with 6.78% and 6.86% at March 31, 2011 and December 31, 2011, respectively.

Conference Call. Investors will have an opportunity to listen to M&T’s conference call to discuss first quarter financial results today at 10:30 a.m. Eastern Time. Those wishing to participate in the call may dial (877)780-2276. International participants, using any applicable international calling codes, may dial (973)582-2700. Callers should reference M&T Bank Corporation or the conference ID #70075727. The conference call will be webcast live through M&T’s website at http://ir.mandtbank.com/events.cfm. A replay of the call will be available until Wednesday, April 18, 2012 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to the ID #70075727. The event will also be archived and available by 7:00 p.m. today on M&T’s website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

Forward-Looking Statements. This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T’s business, management’s beliefs and assumptions made by management. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Future Factors”) which are

 

-more-

---

 

9-9-9-9-9

M&T BANK CORPORATION

 

difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

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

 

-more-

---

 

10-10-10-10-10

M&T BANK CORPORATION

 

with M&T’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

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

 

-more-

---

 

11-11-11-11-11

 

M&T BANK CORPORATION

Financial Highlights

 

		Three months ended March 31
Amounts in thousands, except per share		2012				2011				Change
Performance
Net income		$	206,463				206,273				—	%
Net income available to common shareholders			188,241				190,121				-1	%
Per common share:
Basic earnings		$	1.50				1.59				-6	%
Diluted earnings			1.50				1.59				-6	%
Cash dividends		$	.70				.70				—	%
Common shares outstanding:
Average - diluted (1)			125,616				119,852				5	%
Period end (2)			126,534				120,410				5	%
Return on (annualized):
Average total assets			1.06	%			1.23	%
Average common shareholders’ equity			9.04	%			10.16	%
Taxable-equivalent net interest income		$	627,094				575,131				9	%
Yield on average earning assets			4.24	%			4.60	%
Cost of interest-bearing liabilities			.80	%			.91	%
Net interest spread			3.44	%			3.69	%
Contribution of interest-free funds			.25	%			.23	%
Net interest margin			3.69	%			3.92	%
Net charge-offs to average total net loans (annualized)			.32	%			.58	%
Net operating results (3)
Net operating income		$	218,360				216,360				1	%
Diluted net operating earnings per common share			1.59				1.67				-5	%
Return on (annualized):
Average tangible assets			1.18	%			1.36	%
Average tangible common equity			16.79	%			20.16	%
Efficiency ratio			61.09	%			55.75	%
		At March 31
Loan quality		2012				2011				Change
Nonaccrual loans		$	1,065,229				1,081,920				-2	%
Real estate and other foreclosed assets			140,297				218,203				-36	%
Total nonperforming assets		$	1,205,526				1,300,123				-7	%
Accruing loans past due 90 days or more (4)		$	273,081				243,990				12	%
Government guaranteed loans included in totals above:
Nonaccrual loans		$	44,717				36,300				23	%
Accruing loans past due 90 days or more			252,622				209,787				20	%
Renegotiated loans		$	213,024				241,190				-12	%
Acquired accruing loans past due 90 days or more (5)		$	165,163				115,554				43	%
Purchased impaired loans (6):
Outstanding customer balance		$	1,158,829				206,253
Carrying amount			604,779				88,589
Nonaccrual loans to total net loans			1.75	%			2.08	%
Allowance for credit losses to total loans			1.49	%			1.73	%

 

(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 gains and 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 on page 18.

 

(4)	Excludes acquired loans.

 

(5)	Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

 

(6)	Accruing loans that were impaired at acquisition date and recorded at fair value.

 

-more-

---

 

12-12-12-12-12

 

M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

 

		Three months ended
Amounts in thousands, except per share		March 31, 2012				December  31, 2011				September  30, 2011				June 30, 2011				March 31, 2011
Performance
Net income		$	206,463				147,740				183,108				322,358				206,273
Net income available to common shareholders			188,241				129,804				164,671				297,179				190,121
Per common share:
Basic earnings		$	1.50				1.04				1.32				2.43				1.59
Diluted earnings			1.50				1.04				1.32				2.42				1.59
Cash dividends		$	.70				.70				.70				.70				.70
Common shares outstanding:
Average - diluted (1)			125,616				124,736				124,860				122,796				119,852
Period end (2)			126,534				125,752				125,678				125,622				120,410
Return on (annualized):
Average total assets			1.06	%			.75	%			.94	%			1.78	%			1.23	%
Average common shareholders’ equity			9.04	%			6.12	%			7.84	%			14.94	%			10.16	%
Taxable-equivalent net interest income		$	627,094				624,566				623,265				592,670				575,131
Yield on average earning assets			4.24	%			4.17	%			4.29	%			4.40	%			4.60	%
Cost of interest-bearing liabilities			.80	%			.82	%			.86	%			.89	%			.91	%
Net interest spread			3.44	%			3.35	%			3.43	%			3.51	%			3.69	%
Contribution of interest-free funds			.25	%			.25	%			.25	%			.24	%			.23	%
Net interest margin			3.69	%			3.60	%			3.68	%			3.75	%			3.92	%
Net charge-offs to average total net loans (annualized)			.32	%			.50	%			.39	%			.43	%			.58	%
Net operating results (3)
Net operating income		$	218,360				168,410				209,996				289,487				216,360
Diluted net operating earnings per common share			1.59				1.20				1.53				2.16				1.67
Return on (annualized):
Average tangible assets			1.18	%			.89	%			1.14	%			1.69	%			1.36	%
Average tangible common equity			16.79	%			12.36	%			16.07	%			24.24	%			20.16	%
Efficiency ratio			61.09	%			67.38	%			61.79	%			55.56	%			55.75	%
Loan quality		March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				March 31, 2011
Nonaccrual loans		$	1,065,229				1,097,581				1,113,788				1,117,584				1,081,920
Real estate and other foreclosed assets			140,297				156,592				149,868				158,873				218,203
Total nonperforming assets		$	1,205,526				1,254,173				1,263,656				1,276,457				1,300,123
Accruing loans past due 90 days or more (4)		$	273,081				287,876				239,970				239,527				243,990
Government guaranteed loans included in totals above:
Nonaccrual loans		$	44,717				40,529				32,937				42,337				36,300
Accruing loans past due 90 days or more			252,622				252,503				210,407				205,644				209,787
Renegotiated loans		$	213,024				214,379				223,233				234,726				241,190
Acquired accruing loans past due 90 days or more (5)		$	165,163				163,738				211,958				228,304				115,554
Purchased impaired loans (6):
Outstanding customer balance		$	1,158,829				1,267,762				1,393,777				1,473,237				206,253
Carrying amount			604,779				653,362				703,632				752,978				88,589
Nonaccrual loans to total net loans			1.75	%			1.83	%			1.91	%			1.91	%			2.08	%
Allowance for credit losses to total loans			1.49	%			1.51	%			1.56	%			1.55	%			1.73	%

 

(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 gains and 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 on page 18.

 

(4)	Excludes acquired loans.

 

(5)	Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

 

(6)	Accruing loans that were impaired at acquisition date and recorded at fair value.

 

-more-

---

 

13-13-13-13-13

 

M&T BANK CORPORATION

Condensed Consolidated Statement of Income

 

		Three months ended March 31
Dollars in thousands		2012				2011				Change
Interest income		$	714,095				667,483				7	%
Interest expense			93,706				98,679				-5
Net interest income			620,389				568,804				9
Provision for credit losses			49,000				75,000				-35
Net interest income after provision for credit losses			571,389				493,804				16
Other income
Mortgage banking revenues			56,192				45,156				24
Service charges on deposit accounts			108,889				109,731				-1
Trust income			116,953				29,321				299
Brokerage services income			13,901				14,296				-3
Trading account and foreign exchange gains			10,571				8,279				28
Gain on bank investment securities			45				39,353				—
Other-than-temporary impairment losses recognized in earnings			(11,486	)			(16,041	)			—
Equity in earnings of Bayview Lending Group LLC			(4,752	)			(6,678	)			—
Other revenues from operations			86,410				91,003				-5
Total other income			376,723				314,420				20
Other expense
Salaries and employee benefits			346,098				266,090				30
Equipment and net occupancy			65,043				56,663				15
Printing, postage and supplies			11,872				9,202				29
Amortization of core deposit and other intangible assets			16,774				12,314				36
FDIC assessments			28,949				19,094				52
Other costs of operations			170,959				136,208				26
Total other expense			639,695				499,571				28
Income before income taxes			308,417				308,653				—
Applicable income taxes			101,954				102,380				—
Net income		$	206,463				206,273				—	%

 

-more-

---

 

14-14-14-14-14

 

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

 

		Three months ended
Dollars in thousands		March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				March 31, 2011
Interest income		$	714,095				716,000				720,351				688,253				667,483
Interest expense			93,706				97,969				103,632				102,051				98,679
Net interest income			620,389				618,031				616,719				586,202				568,804
Provision for credit losses			49,000				74,000				58,000				63,000				75,000
Net interest income after provision for credit losses			571,389				544,031				558,719				523,202				493,804
Other income
Mortgage banking revenues			56,192				40,573				38,141				42,151				45,156
Service charges on deposit accounts			108,889				104,071				121,577				119,716				109,731
Trust income			116,953				113,820				113,652				75,592				29,321
Brokerage services income			13,901				13,341				13,907				14,926				14,296
Trading account and foreign exchange gains			10,571				7,971				4,176				6,798				8,279
Gain on bank investment securities			45				1				89				110,744				39,353
Other-than-temporary impairment losses recognized in earnings			(11,486	)			(24,822	)			(9,642	)			(26,530	)			(16,041	)
Equity in earnings of Bayview Lending Group LLC			(4,752	)			(5,419	)			(6,911	)			(5,223	)			(6,678	)
Other revenues from operations			86,410				148,918				93,393				163,482				91,003
Total other income			376,723				398,454				368,382				501,656				314,420
Other expense
Salaries and employee benefits			346,098				312,528				325,197				300,178				266,090
Equipment and net occupancy			65,043				65,080				68,101				59,670				56,663
Printing, postage and supplies			11,872				11,399				10,593				9,723				9,202
Amortization of core deposit and other intangible assets			16,774				17,162				17,401				14,740				12,314
FDIC assessments			28,949				27,826				26,701				26,609				19,094
Other costs of operations			170,959				305,588				214,026				165,975				136,208
Total other expense			639,695				739,583				662,019				576,895				499,571
Income before income taxes			308,417				202,902				265,082				447,963				308,653
Applicable income taxes			101,954				55,162				81,974				125,605				102,380
Net income		$	206,463				147,740				183,108				322,358				206,273

 

-more-

---

 

15-15-15-15-15

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

 

		March 31
Dollars in thousands		2012				2011				Change
ASSETS
Cash and due from banks		$	1,344,092				972,005				38	%
Interest-bearing deposits at banks			1,282,040				100,101				1,181
Federal funds sold and agreements to resell securities			—				10,300				-100
Trading account assets			517,620				413,737				25
Investment securities			7,195,296				6,507,165				11
Loans and leases:
Commercial, financial, etc			15,938,672				13,826,299				15
Real estate - commercial			24,486,555				20,891,615				17
Real estate - consumer			8,696,594				6,154,960				41
Consumer			11,799,929				11,245,807				5
Total loans and leases, net of unearned discount			60,921,750				52,118,681				17
Less: allowance for credit losses			909,006				903,703				1
Net loans and leases			60,012,744				51,214,978				17
Goodwill			3,524,625				3,524,625				—
Core deposit and other intangible assets			159,619				113,603				41
Other assets			5,150,851				5,024,694				3
Total assets		$	79,186,887				67,881,208				17	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits		$	20,648,970				15,219,562				36	%
Interest-bearing deposits			39,868,782				34,264,867				16
Deposits at Cayman Islands office			395,191				1,063,670				-63
Total deposits			60,912,943				50,548,099				21
Short-term borrowings			511,981				504,676				1
Accrued interest and other liabilities			1,856,749				1,015,495				83
Long-term borrowings			6,476,526				7,305,420				-11
Total liabilities			69,758,199				59,373,690				17
Shareholders’ equity:
Preferred			866,489				743,385				17
Common (1)			8,562,199				7,764,133				10
Total shareholders’ equity			9,428,688				8,507,518				11
Total liabilities and shareholders’ equity		$	79,186,887				67,881,208				17	%

 

(1)	Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $331.3 million at March 31, 2012 and $197.5 million at March 31, 2011.

 

-more-

---

 

16-16-16-16-16

 

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

 

Dollars in thousands		March 31, 2012				December  31, 2011				September  30, 2011				June 30, 2011				March 31, 2011
ASSETS
Cash and due from banks		$	1,344,092				1,449,547				1,349,057				1,297,335				972,005
Interest-bearing deposits at banks			1,282,040				154,960				2,226,779				2,275,450				100,101
Federal funds sold and agreements to resell securities			—				2,850				5,000				415,580				10,300
Trading account assets			517,620				561,834				605,557				502,986				413,737
Investment securities			7,195,296				7,673,154				7,173,797				6,492,265				6,507,165
Loans and leases:
Commercial, financial, etc			15,938,672				15,734,436				15,218,502				15,040,892				13,826,299
Real estate - commercial			24,486,555				24,411,114				23,961,306				24,263,726				20,891,615
Real estate - consumer			8,696,594				7,923,165				7,065,451				6,970,921				6,154,960
Consumer			11,799,929				12,027,290				12,156,005				12,265,690				11,245,807
Total loans and leases, net of unearned discount			60,921,750				60,096,005				58,401,264				58,541,229				52,118,681
Less: allowance for credit losses			909,006				908,290				908,525				907,589				903,703
Net loans and leases			60,012,744				59,187,715				57,492,739				57,633,640				51,214,978
Goodwill			3,524,625				3,524,625				3,524,625				3,524,625				3,524,625
Core deposit and other intangible assets			159,619				176,394				193,556				210,957				113,603
Other assets			5,150,851				5,193,208				5,292,781				5,374,316				5,024,694
Total assets		$	79,186,887				77,924,287				77,863,891				77,727,154				67,881,208
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits		$	20,648,970				20,017,883				19,637,491				18,598,828				15,219,562
Interest-bearing deposits			39,868,782				39,020,839				39,330,027				40,078,834				34,264,867
Deposits at Cayman Islands office			395,191				355,927				514,871				551,553				1,063,670
Total deposits			60,912,943				59,394,649				59,482,389				59,229,215				50,548,099
Short-term borrowings			511,981				782,082				694,398				567,144				504,676
Accrued interest and other liabilities			1,856,749				1,790,121				1,563,121				1,557,685				1,015,495
Long-term borrowings			6,476,526				6,686,226				6,748,857				7,128,916				7,305,420
Total liabilities			69,758,199				68,653,078				68,488,765				68,482,960				59,373,690
Shareholders’ equity:
Preferred			866,489				864,585				862,717				860,901				743,385
Common (1)			8,562,199				8,406,624				8,512,409				8,383,293				7,764,133
Total shareholders’ equity			9,428,688				9,271,209				9,375,126				9,244,194				8,507,518
Total liabilities and shareholders’ equity		$	79,186,887				77,924,287				77,863,891				77,727,154				67,881,208

 

(1)	Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $331.3 million at March 31, 2012, $356.4 million at December 31, 2011, $192.5 million at September 30, 2011, $228.8 million at June 30, 2011 and $197.5 million at March 31, 2011.

 

-more-

---

 

17-17-17-17-17

 

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

and Annualized Taxable-equivalent Rates

 

		Three months ended																								Change in balance March 31, 2012 from
Dollars in millions		March 31, 2012								March 31, 2011								December 31, 2011								March  31, 2011				December  31, 2011
		Balance				Rate				Balance				Rate				Balance				Rate
ASSETS
Interest-bearing deposits at banks		$	301				.28	%			115				.13	%			1,973				.25	%			161	%			-85	%
Federal funds sold and agreements to resell securities			3				.50				15				.53				6				.38				-83				-60
Trading account assets			93				1.57				110				1.61				82				1.30				-15				14
Investment securities			7,507				3.54				7,219				4.17				7,633				3.48				4				-2
Loans and leases, net of unearned discount
Commercial, financial, etc			15,732				3.71				13,573				3.93				15,392				3.78				16				2
Real estate - commercial			24,559				4.42				21,003				4.71				24,108				4.47				17				2
Real estate - consumer			8,286				4.60				6,054				5.06				7,480				4.77				37				11
Consumer			11,907				4.80				11,342				5.13				12,097				4.87				5				-2
Total loans and leases, net			60,484				4.35				51,972				4.67				59,077				4.39				16				2
Total earning assets			68,388				4.24				59,431				4.60				68,771				4.17				15				-1
Goodwill			3,525								3,525								3,525								—				—
Core deposit and other intangible assets			168								119								185								40				-9
Other assets			5,945								4,970								5,912								20				1
Total assets		$	78,026								68,045								78,393								15	%			—	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits
NOW accounts		$	827				.14				628				.13				826				.15				32	%			—	%
Savings deposits			32,410				.23				27,669				.28				32,179				.27				17				1
Time deposits			5,960				.91				5,700				1.36				6,379				.93				5				-7
Deposits at Cayman Islands office			496				.17				1,182				.14				512				.15				-58				-3
Total interest-bearing deposits			39,693				.33				35,179				.45				39,896				.37				13				-1
Short-term borrowings			828				.15				1,344				.15				674				.10				-38				23
Long-term borrowings			6,507				3.78				7,368				3.26				6,574				3.66				-12				-1
Total interest-bearing liabilities			47,028				.80				43,891				.91				47,144				.82				7				—
Noninterest-bearing deposits			19,598								14,501								20,103								35				-3
Other liabilities			2,024								1,202								1,733								68				17
Total liabilities			68,650								59,594								68,980								15				—
Shareholders’ equity			9,376								8,451								9,413								11				—
Total liabilities and shareholders’ equity		$	78,026								68,045								78,393								15	%			—	%
Net interest spread							3.44								3.69								3.35
Contribution of interest-free funds							.25								.23								.25
Net interest margin							3.69	%							3.92	%							3.60	%

 

-more-

---

 

18-18-18-18-18

 

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

 

		Three months ended
		March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				March 31, 2011
Income statement data
In thousands, except per share
Net income
Net income		$	206,463				147,740				183,108				322,358				206,273
Amortization of core deposit and other intangible assets (1)			10,240				10,476				10,622				8,974				7,478
Merger-related gain (1)			—				—				—				(64,930	)			—
Merger-related expenses (1)			1,657				10,194				16,266				23,085				2,609
Net operating income		$	218,360				168,410				209,996				289,487				216,360
Earnings per common share
Diluted earnings per common share		$	1.50				1.04				1.32				2.42				1.59
Amortization of core deposit and other intangible assets (1)			.08				.08				.08				.07				.06
Merger-related gain (1)			—				—				—				(.52	)			—
Merger-related expenses (1)			.01				.08				.13				.19				.02
Diluted net operating earnings per common share		$	1.59				1.20				1.53				2.16				1.67
Other expense
Other expense		$	639,695				739,583				662,019				576,895				499,571
Amortization of core deposit and other intangible assets			(16,774	)			(17,162	)			(17,401	)			(14,740	)			(12,314	)
Merger-related expenses			(2,728	)			(16,393	)			(26,003	)			(36,996	)			(4,295	)
Noninterest operating expense		$	620,193				706,028				618,615				525,159				482,962
Merger-related expenses
Salaries and employee benefits		$	1,973				534				285				15,305				7
Equipment and net occupancy			15				189				119				25				79
Printing, postage and supplies			—				1,475				723				318				147
Other costs of operations			740				14,195				24,876				21,348				4,062
Total		$	2,728				16,393				26,003				36,996				4,295
Efficiency ratio
Noninterest operating expense (numerator)		$	620,193				706,028				618,615				525,159				482,962
Taxable-equivalent net interest income			627,094				624,566				623,265				592,670				575,131
Other income			376,723				398,454				368,382				501,656				314,420
Less: Gain on bank investment securities			45				1				89				110,744				39,353
Net OTTI losses recognized in earnings			(11,486	)			(24,822	)			(9,642	)			(26,530	)			(16,041	)
Merger-related gain			—				—				—				64,930				—
Denominator		$	1,015,258				1,047,841				1,001,200				945,182				866,239
Efficiency ratio			61.09	%			67.38	%			61.79	%			55.56	%			55.75	%
Balance sheet data
In millions
Average assets
Average assets		$	78,026				78,393				76,908				72,454				68,045
Goodwill			(3,525	)			(3,525	)			(3,525	)			(3,525	)			(3,525	)
Core deposit and other intangible assets			(168	)			(185	)			(202	)			(165	)			(119	)
Deferred taxes			48				54				58				42				22
Average tangible assets		$	74,381				74,737				73,239				68,806				64,423
Average common equity
Average total equity		$	9,376				9,413				9,324				8,812				8,451
Preferred stock			(866	)			(864	)			(862	)			(716	)			(743	)
Average common equity			8,510				8,549				8,462				8,096				7,708
Goodwill			(3,525	)			(3,525	)			(3,525	)			(3,525	)			(3,525	)
Core deposit and other intangible assets			(168	)			(185	)			(202	)			(165	)			(119	)
Deferred taxes			48				54				58				42				22
Average tangible common equity		$	4,865				4,893				4,793				4,448				4,086
At end of quarter
Total assets
Total assets		$	79,187				77,924				77,864				77,727				67,881
Goodwill			(3,525	)			(3,525	)			(3,525	)			(3,525	)			(3,525	)
Core deposit and other intangible assets			(160	)			(176	)			(193	)			(210	)			(113	)
Deferred taxes			46				51				55				60				20
Total tangible assets		$	75,548				74,274				74,201				74,052				64,263
Total common equity
Total equity		$	9,429				9,271				9,375				9,244				8,508
Preferred stock			(867	)			(865	)			(863	)			(861	)			(743	)
Undeclared dividends - cumulative preferred stock			(3	)			(3	)			(3	)			(3	)			(7	)
Common equity, net of undeclared cumulative preferred dividends			8,559				8,403				8,509				8,380				7,758
Goodwill			(3,525	)			(3,525	)			(3,525	)			(3,525	)			(3,525	)
Core deposit and other intangible assets			(160	)			(176	)			(193	)			(210	)			(113	)
Deferred taxes			46				51				55				60				20
Total tangible common equity		$	4,920				4,753				4,846				4,705				4,140

 

(1)	After any related tax effect.

 

-more-