Company Quick10K Filing
⚲
M&T Bank
Financials
Price156.89 EPS11
Shares135 P/E15
MCap21,250 P/FCF17
Net Debt5,183 EBIT2,467
TEV26,433 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-19
Reports
8-K 2020-04-21 Officers, Shareholder Vote
8-K 2020-04-20 Earnings, Other Events, Exhibits
8-K 2020-01-23 Earnings, Exhibits
8-K 2019-11-08 Regulation FD, Exhibits
8-K 2019-10-17 Earnings, Exhibits
8-K 2019-09-09 Regulation FD, Exhibits
8-K 2019-07-31 Other Events, Exhibits
8-K 2019-07-29 Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-07-17 Other Events
8-K 2019-05-10 Regulation FD, Exhibits
8-K 2019-04-16 Shareholder Vote
8-K 2019-04-15 Earnings, Exhibits
8-K 2019-01-17 Earnings, Exhibits
8-K 2018-11-19 Officers, Exhibits
8-K 2018-11-09 Regulation FD, Exhibits
8-K 2018-10-17 Earnings, Exhibits
8-K 2018-09-12 Regulation FD, Exhibits
8-K 2018-07-26 Other Events, Exhibits
8-K 2018-07-18 Earnings, Exhibits
8-K 2018-07-17 Other Events
8-K 2018-05-15 Officers, Exhibits
8-K 2018-04-17 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-04-16 Earnings, Exhibits
8-K 2018-02-21 Other Events, Exhibits
8-K 2018-02-05 Other Events
8-K 2018-01-18 Earnings, Exhibits
8-K 2018-01-17 Officers

MTB 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
Exhibits
EX-10.1 mtb-ex101_136.htm
EX-10.2 mtb-ex102_138.htm
EX-10.3 mtb-ex103_137.htm
EX-31.1 mtb-ex311_6.htm
EX-31.2 mtb-ex312_9.htm
EX-32.1 mtb-ex321_8.htm
EX-32.2 mtb-ex322_7.htm

M&T Bank Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
mtb-10q_20200331.htm
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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 March 31, 2020

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

 

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 April 30, 2020: 128,272,673 shares.

 

 

 

M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended March 31, 2020

 

Table of Contents of Information Required in Report

 

Page

 

 

 

 

 

Part I.  FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements.

 

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEET – March 31, 2020 and December 31, 2019

 

3

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF INCOME – Three months ended March 31, 2020 and 2019

 

4

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three months ended March 31, 2020 and 2019

 

5

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS – Three months ended March 31, 2020 and 2019

 

6

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three months ended March 31, 2020 and 2019

 

7

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

8

 

 

 

 

 

Item 2.

 

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

 

46

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk.

 

81

 

 

 

 

 

Item 4.

 

Controls and Procedures.

 

81

 

 

 

 

 

Part II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

81

 

 

 

 

 

Item 1A.

 

Risk Factors.

 

82

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

84

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities.

 

84

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

 

84

 

 

 

 

 

Item 5.

 

Other Information.

 

84

 

 

 

 

 

Item 6.

 

Exhibits.

 

85

 

 

 

 

 

SIGNATURES

 

85

 

 

 

 

 

 

 

 

- 2 -

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

 

 

 

March 31,

 

 

December 31,

 

(Dollars in thousands, except per share)

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,298,192

 

 

$

1,432,805

 

Interest-bearing deposits at banks

 

 

8,896,307

 

 

 

7,190,154

 

Federal funds sold

 

 

—

 

 

 

3,500

 

Trading account

 

 

1,224,291

 

 

 

470,129

 

Investment securities (includes pledged securities that can be sold or repledged of

   $195,217 at March 31, 2020; $200,339 at December 31, 2019)

 

 

 

 

 

 

 

 

Available for sale (cost: $5,948,056 at March 31, 2020;

   $6,258,276 at December 31, 2019)

 

 

6,139,979

 

 

 

6,318,776

 

Held to maturity (fair value: $2,397,849 at March 31, 2020;

   $2,699,206 at December 31, 2019)

 

 

2,300,642

 

 

 

2,656,917

 

Equity and other securities (cost: $502,234 at March 31, 2020;

   $487,041 at December 31, 2019)

 

 

515,969

 

 

 

521,558

 

Total investment securities

 

 

8,956,590

 

 

 

9,497,251

 

Loans and leases

 

 

94,408,178

 

 

 

91,188,525

 

Unearned discount

 

 

(265,903

)

 

 

(265,656

)

Loans and leases, net of unearned discount

 

 

94,142,275

 

 

 

90,922,869

 

Allowance for credit losses

 

 

(1,384,366

)

 

 

(1,051,071

)

Loans and leases, net

 

 

92,757,909

 

 

 

89,871,798

 

Premises and equipment

 

 

1,154,558

 

 

 

1,140,924

 

Goodwill

 

 

4,593,112

 

 

 

4,593,112

 

Core deposit and other intangible assets

 

 

25,121

 

 

 

29,034

 

Accrued interest and other assets

 

 

5,671,753

 

 

 

5,644,050

 

Total assets

 

$

124,577,833

 

 

$

119,872,757

 

Liabilities

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

35,554,715

 

 

$

32,396,407

 

Savings and interest-checking deposits

 

 

57,956,331

 

 

 

54,932,162

 

Time deposits

 

 

5,454,341

 

 

 

5,757,456

 

Deposits at Cayman Islands office

 

 

1,217,921

 

 

 

1,684,044

 

Total deposits

 

 

100,183,308

 

 

 

94,770,069

 

Short-term borrowings

 

 

59,180

 

 

 

62,363

 

Accrued interest and other liabilities

 

 

2,198,116

 

 

 

2,337,490

 

Long-term borrowings

 

 

6,321,435

 

 

 

6,986,186

 

Total liabilities

 

 

108,762,039

 

 

 

104,156,108

 

Shareholders' equity

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par, 1,000,000 shares authorized;

   Issued and outstanding: Liquidation preference of $1,000 per

   share: 350,000 shares at March 31, 2020 and December 31, 2019; Liquidation preference of

   $10,000 per share: 90,000 shares at March 31, 2020 and December 31, 2019

 

 

1,250,000

 

 

 

1,250,000

 

Common stock, $.50 par, 250,000,000 shares authorized,

   159,741,898 shares issued at March 31, 2020 and December 31, 2019

 

 

79,871

 

 

 

79,871

 

Common stock issuable, 17,641 shares at March 31, 2020;

   21,534 shares at December 31, 2019

 

 

1,292

 

 

 

1,566

 

Additional paid-in capital

 

 

6,588,407

 

 

 

6,593,539

 

Retained earnings

 

 

12,837,390

 

 

 

12,820,916

 

Accumulated other comprehensive income (loss), net

 

 

209,833

 

 

 

(206,680

)

Treasury stock — common, at cost — 31,477,259 shares at March 31, 2020;

    29,174,402 shares at December 31, 2019

 

 

(5,150,999

)

 

 

(4,822,563

)

Total shareholders’ equity

 

 

15,815,794

 

 

 

15,716,649

 

Total liabilities and shareholders’ equity

 

$

124,577,833

 

 

$

119,872,757

 

 

See accompanying notes to financial statements.

- 3 -

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

 

 

 

Three Months Ended March 31

 

(In thousands, except per share)

 

2020

 

 

2019

 

Interest income

 

 

 

 

 

 

 

 

Loans and leases, including fees

 

$

1,046,821

 

 

$

1,117,913

 

Investment securities

 

 

 

 

 

 

 

 

Fully taxable

 

 

50,110

 

 

 

80,411

 

Exempt from federal taxes

 

 

75

 

 

 

95

 

Deposits at banks

 

 

18,966

 

 

 

27,407

 

Other

 

 

4,447

 

 

 

483

 

Total interest income

 

 

1,120,419

 

 

 

1,226,309

 

Interest expense

 

 

 

 

 

 

 

 

Savings and interest-checking deposits

 

 

78,002

 

 

 

76,138

 

Time deposits

 

 

21,872

 

 

 

21,081

 

Deposits at Cayman Islands office

 

 

3,419

 

 

 

4,738

 

Short-term borrowings

 

 

23

 

 

 

6,713

 

Long-term borrowings

 

 

40,298

 

 

 

67,579

 

Total interest expense

 

 

143,614

 

 

 

176,249

 

Net interest income

 

 

976,805

 

 

 

1,050,060

 

Provision for credit losses

 

 

250,000

 

 

 

22,000

 

Net interest income after provision for credit losses

 

 

726,805

 

 

 

1,028,060

 

Other income

 

 

 

 

 

 

 

 

Mortgage banking revenues

 

 

127,909

 

 

 

95,311

 

Service charges on deposit accounts