M&T Bank Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow

mtb-10q_20200630.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 June 30, 2020

☐	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 July 31, 2020: 128,280,043 shares.

M&T BANK CORPORATION

FORM 10-Q

For the Quarterly Period Ended June 30, 2020

Table of Contents of Information Required in Report		Page

Part I. FINANCIAL INFORMATION

Item 1.	Financial Statements.

	CONSOLIDATED BALANCE SHEET – June 30, 2020 and December 31, 2019	3

	CONSOLIDATED STATEMENT OF INCOME – Three and six months ended June 30, 2020 and 2019	4

	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME – Three and six months ended June 30, 2020 and 2019	5

	CONSOLIDATED STATEMENT OF CASH FLOWS – Six months ended June 30, 2020 and 2019	6

	CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY – Three and six months ended June 30, 2020 and 2019	7

	NOTES TO FINANCIAL STATEMENTS	8

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	53

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	92

Item 4.	Controls and Procedures.	92

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings	92

Item 1A.	Risk Factors.	93

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	95

Item 3.	Defaults Upon Senior Securities.	95

Item 4.	Mine Safety Disclosures.	95

Item 5.	Other Information.	95

Item 6.	Exhibits.	96

SIGNATURES		96

- 2 -

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

M&T BANK CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET (Unaudited)

	June 30,		December 31,
(Dollars in thousands, except per share)	2020		2019
Assets
Cash and due from banks	$	1,354,815	$	1,432,805
Interest-bearing deposits at banks		20,888,341		7,190,154
Federal funds sold		—		3,500
Trading account		1,293,534		470,129
Investment securities (includes pledged securities that can be sold or repledged of $198,375 at June 30, 2020; $200,339 at December 31, 2019)
Available for sale (cost: $5,583,688 at June 30, 2020; $6,258,276 at December 31, 2019)		5,821,274		6,318,776
Held to maturity (fair value: $2,266,087 at June 30, 2020; $2,699,206 at December 31, 2019)		2,158,982		2,656,917
Equity and other securities (cost: $453,384 at June 30, 2020; $487,041 at December 31, 2019)		474,088		521,558
Total investment securities		8,454,344		9,497,251
Loans and leases		98,197,650

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	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	2020-10-22	Earnings, Exhibits
8-K	2020-07-23	Earnings, Exhibits
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_10.htm
EX-31.2	mtb-ex312_7.htm
EX-32.1	mtb-ex321_12.htm
EX-32.2	mtb-ex322_9.htm

MTB 10Q Quarterly Report

M&T Bank Earnings 2020-06-30