10-Q 1 mtb-20220930.htm 10-Q 10-Q
2027-01-01August 31, 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-9861

 

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

 

 

New York

 

16-0968385

(State or other jurisdiction of

incorporation or organization)

 

(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) 635-4000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbols

Name of Each Exchange on Which Registered

Common Stock, $.50 par value

MTB

New York Stock Exchange

Perpetual Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series H

MTBPrH

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

Number of shares of the registrant's Common Stock, $0.50 par value, outstanding as of the close of business on November 1, 2022: 172,613,343 shares.

 

 

- 1 -


 

M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended September 30, 2022

 

Table of Contents of Information Required in Report

 

Page

 

 

 

 

 

Part I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEET – September 30, 2022 and December 31, 2021

 

3

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF INCOME – Three and nine months ended September 30, 2022 and 2021

 

4

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three and nine months ended September 30, 2022 and 2021

 

5

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS – Nine months ended September 30, 2022 and 2021

 

6

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three and nine months ended September 30, 2022 and 2021

 

7

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

8

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

52

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

89

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

89

 

 

 

 

 

Part II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

90

 

 

 

 

 

Item 1A.

 

Risk Factors

 

90

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

90

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

91

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

91

 

 

 

 

 

Item 5.

 

Other Information

 

91

 

 

 

 

 

Item 6.

 

Exhibits

 

91

 

 

 

 

 

SIGNATURES

 

92

 

 

 

 

 

 

- 2 -


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(Dollars in thousands, except per share)

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

2,255,810

 

 

$

1,337,577

 

Interest-bearing deposits at banks

 

 

25,391,528

 

 

 

41,872,304

 

Trading account

 

 

129,672

 

 

 

49,745

 

Investment securities

 

 

 

 

 

 

Available for sale (cost: $11,340,155 at September 30, 2022;
   $
3,849,347 at December 31, 2021)

 

 

10,870,346

 

 

 

3,955,804

 

Held to maturity (fair value: $11,554,655 at September 30, 2022;
   $
2,771,290 at December 31, 2021)

 

 

12,898,862

 

 

 

2,734,674

 

Equity and other securities (cost: $832,604 at September 30, 2022;
   $
461,516 at December 31, 2021)

 

 

834,557

 

 

 

465,382

 

Total investment securities

 

 

24,603,765

 

 

 

7,155,860

 

Loans and leases

 

 

128,608,538

 

 

 

93,136,678

 

Unearned discount

 

 

(382,951

)

 

 

(224,226

)

Loans and leases, net of unearned discount

 

 

128,225,587

 

 

 

92,912,452

 

Allowance for credit losses

 

 

(1,875,591

)

 

 

(1,469,226

)

Loans and leases, net

 

 

126,349,996

 

 

 

91,443,226

 

Premises and equipment

 

 

1,620,339

 

 

 

1,144,765

 

Goodwill

 

 

8,501,357

 

 

 

4,593,112

 

Core deposit and other intangible assets

 

 

226,974

 

 

 

3,998

 

Accrued interest and other assets

 

 

8,876,038

 

 

 

7,506,573

 

Total assets

 

$

197,955,479

 

 

$

155,107,160

 

Liabilities

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

73,023,271

 

 

$

60,131,480

 

Savings and interest-checking deposits

 

 

86,015,700

 

 

 

68,603,966

 

Time deposits

 

 

4,806,417

 

 

 

2,807,963

 

Total deposits

 

 

163,845,388

 

 

 

131,543,409

 

Short-term borrowings

 

 

917,806

 

 

 

47,046

 

Accrued interest and other liabilities

 

 

4,476,456

 

 

 

2,127,931

 

Long-term borrowings

 

 

3,459,336

 

 

 

3,485,369

 

Total liabilities

 

 

172,698,986

 

 

 

137,203,755

 

Shareholders' equity

 

 

 

 

 

 

Preferred stock, $1.00 par, 20,000,000 shares authorized;
   Issued and outstanding: Liquidation preference of $
1,000 per share: 350,000
   shares at September 30, 2022 and December 31, 2021; Liquidation preference of
   $
10,000 per share: 140,000 shares at September 30, 2022 and December 31, 2021;
   Liquidation preference of $
25 per share: 10,000,000 shares at September 30, 2022

 

 

2,010,600

 

 

 

1,750,000

 

Common stock, $.50 par, 250,000,000 shares authorized,
   
179,436,779 shares issued at September 30, 2022 and
   
159,741,898 shares issued at December 31, 2021

 

 

89,718

 

 

 

79,871

 

Common stock issuable, 13,951 shares at September 30, 2022;
   
15,769 shares at December 31, 2021

 

 

1,098

 

 

 

1,212

 

Additional paid-in capital

 

 

9,994,395

 

 

 

6,635,000

 

Retained earnings

 

 

15,219,828

 

 

 

14,646,448

 

Accumulated other comprehensive income (loss), net

 

 

(899,993

)