M&T Bank Earnings 2021-03-31

Balance Sheet	Income Statement	Cash Flow

mtb-10q_20210331.htm

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, 2021

☐	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, 2021: 128,653,702 shares.

M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended March 31, 2021

Table of Contents of Information Required in Report		Page

Part I. FINANCIAL INFORMATION

Item 1.	Financial Statements.

	CONSOLIDATED BALANCE SHEET – March 31, 2021 and December 31, 2020	3

	CONSOLIDATED STATEMENT OF INCOME – Three months ended March 31, 2021 and 2020	4

	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three months ended March 31, 2021 and 2020	5

	CONSOLIDATED STATEMENT OF CASH FLOWS – Three months ended March 31, 2021 and 2020	6

	CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three months ended March 31, 2021 and 2020	7

	NOTES TO FINANCIAL STATEMENTS	8

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	47

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	80

Item 4.	Controls and Procedures.	80

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings	80

Item 1A.	Risk Factors.	80

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		86

- 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)	2021			2020
Assets
Cash and due from banks	$	1,258,989		$	1,552,743
Interest-bearing deposits at banks		31,407,227			23,663,810
Federal funds sold		1,000			—
Trading account		687,359			1,068,581
Investment securities (includes pledged securities that can be sold or repledged of $89,522 at March 31, 2021; $105,136 at December 31, 2020)
Available for sale (cost: $4,194,886 at March 31, 2021; $4,621,027 at December 31, 2020		4,364,437			4,822,606
Held to maturity (fair value: $1,850,210 at March 31, 2021; $1,842,281 at December 31, 2020)		1,778,135			1,748,989
Equity and other securities (cost: $455,286 at March 31, 2021; $449,008 at December 31, 2020)		468,095			474,102
Total investment securities		6,610,667			7,045,697
Loans and leases		99,691,141			98,875,788
Unearned discount		(392,061	)		(339,921	)
Loans and leases, net of unearned discount		99,299,080			98,535,867
Allowance for credit losses		(1,636,206	)		(1,736,387	)
Loans and leases, net		97,662,874			96,799,480
Premises and equipment		1,148,941			1,161,558
Goodwill		4,593,112			4,593,112
Core deposit and other intangible assets		11,427			14,165
Accrued interest and other assets		7,099,464			6,701,959
Total assets	$	150,481,060		$	142,601,105
Liabilities
Noninterest-bearing deposits	$	53,641,419		$	47,572,884
Savings and interest-checking deposits		70,679,036			67,680,840
Time deposits		3,514,219			3,899,910
Deposits at Cayman Islands office		641,691			652,104
Total deposits		128,476,365			119,805,738
Short-term borrowings		58,957			59,482
Accrued interest and other liabilities		2,000,727			2,166,409
Long-term borrowings		3,498,503			4,382,193
Total liabilities		134,034,552			126,413,822
Shareholders' equity
Preferred stock, $1.00 par, 1,000,000 shares authorize

Price	156.89	EPS	11
Shares	135	P/E	15
MCap	21,250	P/FCF	17
Net Debt	5,183	EBIT	2,467
TEV	26,433	TEV/EBIT	11
TTM 2019-09-30, in MM, except price, ratios

10-Q	2021-03-31	Filed 2021-05-06
10-K	2020-12-31	Filed 2021-02-22
10-Q	2020-09-30	Filed 2020-11-04
10-Q	2020-06-30	Filed 2020-08-05
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

8-K	2020-11-16
8-K	2020-11-06
8-K	2020-10-22
8-K	2020-07-23
8-K	2020-06-16
8-K	2020-04-21
8-K	2020-04-20
8-K	2020-01-23
8-K	2019-11-08
8-K	2019-10-17
8-K	2019-09-09
8-K	2019-07-31
8-K	2019-07-29
8-K	2019-07-18
8-K	2019-07-17
8-K	2019-05-10
8-K	2019-04-16
8-K	2019-04-15
8-K	2019-01-17
8-K	2018-11-19
8-K	2018-11-09
8-K	2018-10-17
8-K	2018-09-12
8-K	2018-07-26
8-K	2018-07-18
8-K	2018-07-17
8-K	2018-05-15
8-K	2018-04-17
8-K	2018-04-16
8-K	2018-02-21
8-K	2018-02-05
8-K	2018-01-18
8-K	2018-01-17

EX-31.1	mtb-ex311_7.htm
EX-31.2	mtb-ex312_8.htm
EX-32.1	mtb-ex321_9.htm
EX-32.2	mtb-ex322_6.htm

MTB 10Q Quarterly Report

M&T Bank Earnings 2021-03-31