M&T Bank Corporation reported its financial results for the first quarter of 2009. Net income was $64 million, down from $202 million in the first quarter of 2008. Earnings per share were $0.49. The results were impacted by $32 million in impairment charges on investment securities and a higher provision for credit losses of $158 million. However, core deposits grew by $1.7 billion or 20% annualized. Noninterest income declined from the prior year, but residential mortgage banking revenues reached a record high. Overall, M&T remained profitable in the quarter despite challenges in the broader economy.
Presentation / workshop delivered at the Women's Forum 2011 (Deauville). In this workshop, we looked at what is Twitter, why Twitter is of particular interest and the basics of how to use Twitter as an Executive.
This workshop was sponsored by Orange.
Presentation / workshop delivered at the Women's Forum 2011 (Deauville). In this workshop, we looked at what is Twitter, why Twitter is of particular interest and the basics of how to use Twitter as an Executive.
This workshop was sponsored by Orange.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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3. Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2009
M&T BANK CORPORATION
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
1-9861 16-0968385
(Commission File Number) (I.R.S. Employer Identification No.)
One M&T Plaza, Buffalo, New York 14203
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (716) 842-5445
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR 240.13e-4(c))
4. TABLE OF CONTENTS
Item 2.02. Results of Operations and Financial Condition.
Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99
5. Table of Contents
Item 2.02. Results of Operations and Financial Condition.
On April 21, 2009, M&T Bank Corporation announced its results of operations for the quarter ended March 31, 2009. The public announcement
was made by means of a news release, the text of which is set forth in Exhibit 99 hereto.
The information in this Form 8-K, including Exhibit 99 attached hereto, is being furnished under Item 2.02 and shall not be deemed to be “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor
shall it be deemed incorporated by reference in any filing of M&T Bank Corporation under the Securities Act of 1933 or the Exchange Act,
regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
99 News Release dated April 21, 2009.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
M&T BANK CORPORATION
By: /s/ René F. Jones
Date: April 21, 2009
René F. Jones
Executive Vice President and Chief Financial
Officer
-2-
6. Table of Contents
EXHIBIT INDEX
Exhibit No.
99 News Release dated April 21, 2009. Filed herewith.
-3-
7. Exhibit 99
INVESTOR CONTACT: Donald J. MacLeod FOR IMMEDIATE RELEASE:
(716) 842-5138 April 21, 2009
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, 2009.
GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles
(“GAAP”) for the first quarter of 2009 were $.49. GAAP-basis net income in the recently completed quarter totaled $64 million. GAAP-basis
net income for the initial quarter of 2009 expressed as an annualized rate of return on average assets and average common stockholders’ equity
was .40% and 3.61%, respectively.
M&T recognized $32 million (pre-tax) of other-than-temporary impairment charges in the recent quarter on certain available-for-sale
investment securities. Those charges reduced net income and diluted earnings per common share by $20 million and $.18, respectively, and
reflect M&T’s early adoption of recently issued accounting pronouncements. However, because the investment securities were previously
reflected at fair value on the consolidated balance sheet, the impairment charges did not reduce stockholders’ equity. Also reflected in the recent
quarter’s results was a provision for credit losses of $158 million, which exceeded net loan charge-offs by $58 million.
8. 2-2-2-2-2
M&T BANK CORPORATION
Commenting on M&T’s first quarter results, René F. Jones, Executive Vice President and Chief Financial Officer, noted, “Our performance
for the quarter was dampened by the impairment charges on investment securities and a higher provision for credit losses. We also experienced a
temporary decline in our net interest margin. Most important, despite those factors, we continued to remain profitable, and we generated
sufficient capital to improve our tangible capital ratio from the end of 2008, without reducing our common stock dividend. We have also seen
several positive signs in the quarter. Net charge-offs of 83 basis points of total loans were improved from last quarter and will likely stand out
favorably when compared to the top U.S. regional banks. Despite that improvement, we considered it prudent to build the allowance for credit
losses given the state of the economy. Core customer deposits grew by $1.7 billion, or an annualized 20 percent, on the heels of $1.5 billion or
18 percent growth experienced last quarter. Impressively, noninterest-bearing deposits jumped an annualized 28% from the fourth quarter.
Finally, our residential mortgage banking operations registered record revenues during the quarter.”
Diluted earnings per common share were $1.82 and $.92 in the first and fourth quarters of 2008, respectively. Net income for those respective
quarters was $202 million and $102 million. Net income expressed as an annualized rate of return on average assets and average common
stockholders’ equity for the first quarter of 2008 was 1.25% and 12.49%, respectively, compared with .63% and 6.41%, respectively, in 2008’s
final quarter. Net income for the first three months of 2008 included $29 million, or $.26 of diluted earnings per common share, as a result of
M&T Bank’s membership interest in Visa. Net income for the fourth quarter 2008 reflected other-than-temporary impairment charges on
-more-
9. 3-3-3-3-3
M&T BANK CORPORATION
certain investment securities that reduced net income and diluted earnings per common share by $14 million and $.13, respectively.
Supplemental Reporting of Non-GAAP Results of Operations. M&T consistently provides supplemental reporting of its results on a “net
operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the
related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated
with merging acquired operations into M&T, since such expenses 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. Amortization of core deposit and other intangible assets, after tax effect, was $9 million ($.09
per diluted common share) in the first quarter of 2009, compared with $11 million ($.10 per diluted common share) in the year-earlier quarter
and $10 million ($.08 per diluted common share) in the fourth quarter of 2008. Expenses associated with M&T’s pending acquisition of
Provident Bankshares Corporation (“Provident”) were $1 million, after tax effect, or $.01 of diluted earnings per common share, during the
recent quarter. Merger-related acquisition and integration expenses during the three-month period ended March 31, 2008 related to prior
acquisitions totaled $2 million, after tax effect, or $.02 of diluted earnings per common share. There were no such charges in 2008’s fourth
quarter.
Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and
merger-related expenses, were $.59 for the first quarter of 2009, compared with $1.94 in the year-earlier
-more-
10. 4-4-4-4-4
M&T BANK CORPORATION
quarter. Net operating income for the quarter ended March 31, 2009 was $75 million, compared with $216 million in the corresponding 2008
quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common stockholders’ equity, net operating
income was .50% and 9.36%, respectively, in the first quarter of 2009, compared with 1.41% and 27.86% in the initial quarter of 2008. Diluted
net operating earnings per common share and net operating income for the fourth quarter of 2008 were $1.00 and $112 million, respectively. The
annualized rates of return on average tangible assets and average tangible common stockholders’ equity were .72% and 15.01%, respectively, in
the final quarter of 2008.
Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income totaled $453 million in the first quarter of 2009, compared
with $485 million in the year-earlier quarter and $491 million in the fourth quarter of 2008. The lower net interest income in the recent quarter as
compared with the final 2008 quarter reflects a narrowing of the net interest margin, or taxable-equivalent net interest income expressed as an
annualized percentage of average earning assets, to 3.19% from 3.37%. The narrowing was largely attributable to a rapid decline in market
interest rates late in the fourth quarter of 2008 and the impact on rates earned on loans repricing more quickly than the rates paid on interest-
bearing liabilities.
Provision for Credit Losses/Asset Quality. The provision for credit losses was $158 million in the first quarter of 2009, compared with
$60 million and $151 million in the year-earlier quarter and in the fourth quarter of 2008, respectively. Net charge-offs of loans during the recent
quarter were $100 million, improved from $144 million in the final quarter of 2008. Net charge-offs were $46 million in the initial 2008 quarter.
-more-
11. 5-5-5-5-5
M&T BANK CORPORATION
Expressed as an annualized percentage of average loans outstanding, net charge-offs were .83% and .38% in the first quarter of 2009 and 2008,
respectively, and 1.17% in 2008’s fourth quarter. The excess of the provision over net charge-offs in the recent quarter was deemed necessary
due largely to a commercial loan that was transferred to nonaccrual status during the quarter and for which the full collectibility is in doubt.
The higher levels of net charge-offs in the two most recent quarters as compared with the first quarter of 2008 were largely driven by the
continuing recession being experienced in the United States. Sharp declines have been experienced in residential real estate values, which has
adversely impacted businesses and investments tied directly to the residential real estate marketplace.
Loans classified as nonaccrual totaled $1.0 billion, or 2.05% of total loans at March 31, 2009, up from $755 million or 1.54% at
December 31, 2008 and $477 million or .97% at March 31, 2008. Major factors contributing to the rise in nonaccrual loans from December 31,
2008 to the recent quarter-end were a $62 million increase in loans to builders and developers of residential real estate and a $41 million increase
in residential real estate loans, as well as the commercial loan already noted that was added to this category. Those same factors were large
contributors to the rise in nonaccrual loans at March 31, 2009 as compared with a year earlier.
Assets taken in foreclosure of defaulted loans were $100 million at March 31, 2009 and December 31, 2008, up from $53 million at
March 31, 2008. The higher levels of such assets at the two most recent quarter-ends were due to residential real
-more-
12. 6-6-6-6-6
M&T BANK CORPORATION
estate loan defaults and additions from residential real estate development projects.
In an effort to assist borrowers, M&T continues to modify the terms of select residential real estate loans, consisting largely of loans in
M&T’s portfolio of Alt-A loans. At March 31, 2009, modified loans totaled $216 million, of which $106 million were classified as nonaccrual.
The remaining modified loans were classified as renegotiated loans at March 31, 2009 and were accruing interest at that date.
Loans past due 90 days or more and accruing interest were $143 million at the end of the recently completed quarter, compared with
$81 million at March 31, 2008 and $159 million at December 31, 2008. Included in those past due but accruing amounts were loans guaranteed
by government-related entities of $127 million and $77 million at March 31, 2009 and 2008, respectively, and $114 million at December 31,
2008.
Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the
adequacy of the allowance for credit losses. Reflecting those analyses, the allowance totaled $846 million, or 1.73% of total loans, at March 31,
2009, compared with $774 million, or 1.57%, a year earlier and $788 million, or 1.61%, at December 31, 2008.
Noninterest Income and Expense. Excluding gains and losses from investment securities, noninterest income totaled $264 million and
$279 million in the first quarter of 2009 and 2008, respectively, and $265 million in 2008’s final quarter. Contributing to the lower noninterest
income in the initial 2009 quarter as compared with the similar 2008 quarter were declines
-more-
13. 7-7-7-7-7
M&T BANK CORPORATION
in credit-related fees, trust income, and trading account and foreign exchange gains. Partially offsetting those declines were significantly higher
residential mortgage banking revenues, which rose 50% to $48 million in the recent quarter from $32 million in the year-earlier period, and were
up 64% from $29 million in 2008’s final quarter. Residential mortgage loans in the pipeline, which include loans originated for sale and
commitments to originate loans for sale, surged to $4.4 billion at March 31, 2009, up 53% from a year earlier and 85% higher than at
December 31, 2008. As compared with 2008’s fourth quarter, the recent quarter’s record level of residential mortgage banking revenues were
offset by seasonally lower fees for providing consumer deposit account services and lower bank owned life insurance income and other market-
sensitive revenues.
Noninterest expense in the first quarter of 2009 aggregated $438 million, compared with $426 million and $447 million in the first and fourth
quarters of 2008, 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 these nonoperating expenses, noninterest operating expenses were
$421 million in the recently completed quarter, $404 million in the first quarter of 2008 and $431 million in the final 2008 quarter. Reflected in
such expenses in the recent quarter was a partial reversal of the valuation allowance for impairment of capitalized residential mortgage servicing
rights of $5 million, compared with additions to the valuation allowance of $5 million and $19 million in the first and fourth quarters of 2008,
respectively, and a $15 million reversal of a Visa litigation accrual in 2008’s initial quarter. Contributing to the remaining 3% increase in
operating expenses in the recent quarter as compared with the year-earlier
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M&T BANK CORPORATION
quarter were higher charges for professional services and deposit insurance. The rise in expenses from the fourth quarter of 2008 was largely the
result of seasonally higher costs for stock-based compensation, payroll-related taxes and the Company’s 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), measures the relationship of operating expenses to revenues. M&T’s efficiency
ratio was 58.7% in the first quarter of 2009, compared with 52.8% in the year-earlier period and 57.0% in the fourth quarter of 2008.
Balance Sheet. M&T had total assets of $64.9 billion at March 31, 2009, compared with $66.1 billion a year earlier. Loans and leases, net of
unearned discount, were $48.9 billion at the recent quarter-end, compared with $49.3 billion at March 31, 2008. Total deposits rose 2% to
$42.5 billion at March 31, 2009 from $41.5 billion a year earlier. Domestic deposits jumped $4.5 billion, or 13%, to $40.3 billion at the most
recent quarter-end from $35.8 billion at March 31, 2008. Total stockholders’ equity was $6.9 billion and $6.5 billion at March 31, 2009 and
2008, respectively, representing 10.64% of total assets at the recent quarter-end and 9.82% a year earlier. Common stockholders’ equity was
$6.3 billion, or $56.95 per share at March 31, 2009, compared with $6.5 billion, or $58.92 per share, a year earlier. Tangible equity per common
share was $26.90 at March 31, 2009, compared with $28.14 a year earlier. The year-over-year declines in the per share amounts for common
stockholders’ equity and tangible common equity were largely the result of higher net unrealized losses in the available-for-sale investment
securities portfolio. In the
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M&T BANK CORPORATION
calculation of tangible equity per common share, common stockholders’ equity is reduced by the carrying values of goodwill and core deposit
and other intangible assets, net of applicable deferred tax balances, which aggregated $3.3 billion and $3.4 billion at March 31, 2009 and 2008,
respectively.
M&T announced in December 2008 that it had entered into a definitive agreement to acquire Provident in a stock-for-stock transaction. The
transaction is expected to close in the second quarter of 2009, pending regulatory approvals. Provident’s shareholders approved the transaction
earlier this month.
Conference Call. Investors will have an opportunity to listen to M&T’s conference call to discuss first quarter financial results today at 3:00
p.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 #91771839. The conference call
will be webcast live through M&T’s website at http://ir.mandtbank.com/conference.cfm . A replay of the call will be available until Thursday,
April 23, 2009 by calling 800-642-1687, or 706-645-9291 for international participants, and by making reference to the ID #91771839. The
event will also be archived and available by 7:00 p.m. today on M&T’s website at http://ir.mandtbank.com/conference.cfm .
M&T is a bank holding company whose banking subsidiaries, M&T Bank and M&T Bank, National Association, operate branch offices in
New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey and the District of Columbia.
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16. 10-10-10-10-10
M&T BANK CORPORATION
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 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; 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 required capital levels; 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
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17. 11-11-11-11-11
M&T BANK CORPORATION
examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required
to support M&T and its subsidiaries’ future businesses; and material differences in the actual financial results of merger, acquisition and
investment activities compared with M&T’s initial expectations, including the full realization of anticipated cost savings and revenue
enhancements.
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.
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18. 12-12-12-12-12
M&T BANK CORPORATION
Financial Highlights
Three months ended
March 31
2009 2008 Change
Amounts in thousands, except per share
Performance
Net income $ 64,221 202,196 -68%
Per common share:
Basic earnings $ .49 1.84 -73%
Diluted earnings .49 1.82 -73
Cash dividends $ .70 .70 —
Common shares outstanding:
Average — diluted (1) 110,439 110,967 —%
Period end (2) 111,132 110,108 1
Return on (annualized):
Average total assets .40% 1.25%
Average common stockholders’ equity 3.61% 12.49%
Taxable-equivalent net interest income $ 452,740 484,633 -7%
Yield on average earning assets 4.65% 6.20%
Cost of interest-bearing liabilities 1.74% 3.26%
Net interest spread 2.91% 2.94%
Contribution of interest-free funds .28% .44%
Net interest margin 3.19% 3.38%
Net charge-offs to average total net loans (annualized) .83% .38%
Net operating results (3)
Net operating income $ 75,034 215,597 -65%
Diluted net operating earnings per common share .59 1.94 -70
Return on (annualized):
Average tangible assets .50% 1.41%
Average tangible common equity 9.36% 27.86%
Efficiency ratio 58.68% 52.85%
At March 31
Loan quality 2009 2008 Change
Nonaccrual loans $1,003,987 477,436 110%
Accruing loans past due 90 days or more 142,842 81,316 76%
Renegotiated loans 130,932 17,084 666%
Real estate and other foreclosed assets 100,270 52,805 90%
Nonaccrual loans to total net loans 2.05% .97%
Allowance for credit losses to total net loans 1.73% 1.57%
(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.
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20. 13-13-13-13-13
M&T BANK CORPORATION
Condensed Consolidated Statement of Income
Three months ended
March 31
2009 2008 Change
Dollars in thousands
Interest income $654,512 884,162 -26%
Interest expense 206,705 405,312 -49
Net interest income 447,807 478,850 -6
Provision for credit losses 158,000 60,000 163
Net interest income after provision for credit losses 289,807 418,850 -31
Other income
Mortgage banking revenues 56,233 40,070 40
Service charges on deposit accounts 101,029 103,454 -2
Trust income 34,880 40,304 -13
Brokerage services income 15,393 15,473 -1
Trading account and foreign exchange gains 1,435 4,713 -70
Gain (loss) on bank investment securities (31,624) 33,447 —
Equity in earnings of Bayview Lending Group, LLC (4,144) (1,260) —
Other revenues from operations 59,139 76,462 -23
Total other income 232,341 312,663 -26
Other expense
Salaries and employee benefits 249,392 251,871 -1
Equipment and net occupancy 48,172 46,765 3
Printing, postage and supplies 9,095 9,896 -8
Amortization of core deposit and other intangible assets 15,370 18,483 -17
Deposit insurance 5,856 1,539 281
Other costs of operations 110,461 97,150 14
Total other expense 438,346 425,704 3
Income before income taxes 83,802 305,809 -73
Applicable income taxes 19,581 103,613 -81
Net income $ 64,221 202,196 -68%
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M&T BANK CORPORATION
Condensed Consolidated Balance Sheet
March 31
2009 2008 Change
Dollars in thousands
ASSETS
Cash and due from banks $ 1,117,845 1,763,426 -37%
Interest-bearing deposits at banks 27,374 7,027 290
Federal funds sold and agreements to resell securities 125,800 12,700 891
Trading account assets 591,802 372,067 59
Investment securities 7,686,845 8,676,357 -11
Loans and leases, net of unearned discount 48,918,140 49,278,881 -1
Less: allowance for credit losses 845,971 773,624 9
Net loans and leases 48,072,169 48,505,257 -1
Goodwill 3,192,128 3,192,128 —
Core deposit and other intangible assets 168,126 230,093 -27
Other assets 3,901,106 3,326,518 17
Total assets $64,883,195 66,085,573 -2%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits at U.S. offices $ 9,544,932 7,890,326 21%
Other deposits at U.S. offices 30,763,204 27,936,260 10
Deposits at foreign office 2,169,220 5,706,424 -62
Total deposits 42,477,356 41,533,010 2
Short-term borrowings 2,641,811 6,195,434 -57
Accrued interest and other liabilities 1,326,545 1,196,756 11
Long-term borrowings 11,535,644 10,672,411 8
Total liabilities 57,981,356 59,597,611 -3
Stockholders’ equity (1) 6,901,839 6,487,962 6
Total liabilities and stockholders’ equity $64,883,195 66,085,573 -2%
(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $622.4 million at March 31, 2009 and
$259.5 million at March 31, 2008.
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22. 15-15-15-15-15
M&T BANK CORPORATION
Condensed Consolidated Average Balance Sheet
and Annualized Taxable-equivalent Rates
Three months ended
March 31
2009 2008
Change in
Balance Rate Balance Rate balance
Dollars in millions
ASSETS
Interest-bearing deposits at banks $ 20 .16% 10 1.65% 89%
Federal funds sold and agreements to resell securities 102 .23 129 2.99 -21
Trading account assets 73 .67 75 1.39 -2
Investment securities 8,490 4.81 8,924 5.24 -5
Loans and leases, net of unearned discount
Commercial, financial, etc 14,031 3.74 13,308 6.06 5
Real estate — commercial 18,795 4.40 17,994 6.35 4
Real estate — consumer 5,033 5.59 5,977 6.17 -16
Consumer 10,965 5.62 11,296 6.91 -3
Total loans and leases, net 48,824 4.64 48,575 6.40 1
Total earning assets 57,509 4.65 57,713 6.20 —
Goodwill 3,192 3,196 —
Core deposit and other intangible assets 176 239 -27
Other assets 3,889 3,867 1
Total assets $ 64,766 65,015 —%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
NOW accounts $ 536 .25 484 .85 11%
Savings deposits 21,203 .80 16,843 1.59 26
Time deposits 8,720 2.81 10,416 4.12 -16
Deposits at foreign office 2,473 .16 4,821 3.20 -49
Total interest-bearing deposits 32,932 1.28 32,564 2.63 1
Short-term borrowings 3,477 .27 7,153 3.46 -51
Long-term borrowings 11,643 3.51 10,270 5.13 13
Total interest-bearing liabilities 48,052 1.74 49,987 3.26 -4
Noninterest-bearing deposits 8,555 7,435 15
Other liabilities 1,379 1,080 28
Total liabilities 57,986 58,502 -1
Stockholders’ equity 6,780 6,513 4
Total liabilities and stockholders’ equity $ 64,766 65,015 —%
Net interest spread 2.91 2.94
Contribution of interest-free funds .28 .44
Net interest margin 3.19% 3.38%
24. 16-16-16-16-16
M&T BANK CORPORATION
Reconciliation of Quarterly GAAP to Non-GAAP Measures
Three months ended
March 31 December 31
2009 2008 2008
Income statement data
In thousands, except per share
Net income
Net income $64,221 202,196 102,241
Amortization of core deposit and other intangible assets (1) 9,337 11,241 9,543
Merger-related expenses (1) 1,476 2,160 —
Net operating income $75,034 215,597 111,784
Earnings per common share
Diluted earnings per common share $ .49 1.82 .92
Amortization of core deposit and other intangible assets (1) .09 .10 .08
Merger-related expenses (1) .01 .02 —
Diluted net operating earnings per common share $ .59 1.94 1.00
Balance sheet data
In millions
Average assets
Average assets $64,766 65,015 64,942
Goodwill (3,192) (3,196) (3,192)
Core deposit and other intangible assets (176) (239) (191)
Deferred taxes 22 34 25
Average tangible assets $61,420 61,614 61,584
Average common equity
Average common equity $ 6,212 6,513 6,299
Goodwill (3,192) (3,196) (3,192)
Core deposit and other intangible assets (176) (239) (191)
Deferred taxes 22 34 25
Average tangible common equity $ 2,866 3,112 2,941
(1) After any related tax effect.
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