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M&T Bank Corporation Announces Third Quarter Results

BUFFALO, N.Y., Oct. 17, 2019 /PRNewswire/ -- M&T Bank Corporation ("M&T") (MTB) today reported its results of operations for the quarter ended September 30, 2019.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") were $3.47 in the third quarter of 2019, compared with $3.53 in the year-earlier quarter. GAAP-basis net income in the recent quarter was $480 million, compared with $526 million in the third quarter of 2018. GAAP-basis diluted earnings per common share and net income for the second quarter of 2019 were $3.34 and $473 million, respectively. GAAP-basis net income for the third quarter of 2019 expressed as an annualized rate of return on average assets and average common shareholders' equity was 1.58% and 12.73%, respectively, compared with 1.80% and 14.08%, respectively, in the corresponding 2018 quarter and 1.60% and 12.68%, respectively, in the second quarter of 2019. For the nine-month period ended September 30, 2019, diluted earnings per common share were $10.16, up 13% from $9.00 in the similar 2018 period. GAAP-basis net income for the first nine months of 2019 totaled $1.44 billion, 5% higher than $1.37 million in the year-earlier period. Expressed as an annualized rate of return on average assets and average common shareholders' equity, GAAP-basis net income in the nine-month period ended September 30, 2019 was 1.62% and 12.85%, respectively, improved from 1.57% and 12.16%, respectively, in the corresponding 2018 period.

Commenting on M&T's third quarter results, Darren J. King, Executive Vice President and Chief Financial Officer, noted, "Overall, M&T's results were in line with our expectations given the current interest rate and economic environment. During the recent quarter we realized increased total revenues, highlighted by 28% growth in our mortgage banking businesses. Higher operating expenses reflecting investments in mortgage banking and technology accompanied the revenue growth."

Earnings Highlights





































Change 3Q19 vs.


($ in millions, except per share data)


3Q19



3Q18



2Q19



3Q18



2Q19























Net income


$

480



$

526



$

473




-9

%



1

%

Net income available to common shareholders ̶ diluted


$

461



$

505



$

453




-9

%



2

%

Diluted earnings per common share


$

3.47



$

3.53



$

3.34




-2

%



4

%

Annualized return on average assets



1.58

%



1.80

%



1.60

%









Annualized return on average common equity



12.73

%



14.08

%



12.68

%









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 items are considered by management to be "nonoperating" in nature. The amounts of such "nonoperating" expenses are presented in the tables that accompany this release. 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.

Diluted net operating earnings per common share were $3.50 in the third quarter of 2019, compared with $3.56 in the year-earlier quarter and $3.37 in the second quarter of 2019. Net operating income in the recent quarter was $484 million, compared with $531 million in 2018's third quarter and $477 million in the second quarter of 2019. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity, net operating income in the recent quarter was 1.66% and 18.85%, respectively, compared with 1.89% and 21.00%, respectively, in the similar 2018 quarter and 1.68% and 18.83%, respectively, in 2019's second quarter.

Diluted net operating earnings per common share in the first nine months of 2019 rose 13% to $10.24 from $9.10 in the corresponding period of 2018. Net operating income during the nine-month period ended September 30, 2019 was $1.45 billion, up 4% from $1.39 billion in the year-earlier period. Net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders' equity was 1.70% and 19.07%, respectively, in the first nine months of 2019, compared with 1.65% and 18.09%, respectively, in the similar period of 2018.

Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis totaled $1.04 billion in the third quarter of 2019, little changed from the year-earlier quarter. The impact of higher average earning assets, which rose to $108.6 billion in the recent quarter from $105.8 billion in the year-earlier period, was offset by a 10 basis point narrowing of the net interest margin, to 3.78% in 2019's third quarter from 3.88% in the third quarter of 2018. Taxable-equivalent net interest income in the recent quarter declined $12 million from $1.05 billion in the second quarter of 2019 due to a 13 basis point narrowing of the net interest margin that was largely offset by higher average earning assets.

Taxable-equivalent Net Interest Income





































Change 3Q19 vs.


($ in millions)


3Q19



3Q18



2Q19



3Q18



2Q19























Average earning assets


$

108,643



$

105,835



$

107,511




3

%



1

%

Net interest income ̶ taxable-equivalent


$

1,035



$

1,035



$

1,047







-1

%

Net interest margin



3.78

%



3.88

%



3.91

%









Provision for Credit Losses/Asset Quality. The provision for credit losses was $45 million in the third quarter of 2019, compared with $16 million in the year-earlier quarter and $55 million in the second quarter of 2019. Net loan charge-offs were $36 million during the recent quarter, compared with $16 million in the third quarter of 2018 and $44 million in 2019's second quarter. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .16% and .07% in the third quarters of 2019 and 2018, respectively, and .20% in the second quarter of 2019.

Loans classified as nonaccrual totaled $1.01 billion or 1.12% of total loans outstanding at September 30, 2019, compared with $871 million or 1.00% a year earlier and $865 million or .96% at June 30, 2019. The higher balance at September 30, 2019 reflects the addition of a commercial loan for $119 million to a wholesale distributor. Assets taken in foreclosure of defaulted loans were $80 million at September 30, 2019, compared with $87 million and $73 million at September 30, 2018 and June 30, 2019, respectively.

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. As a result of those analyses, the allowance for credit losses increased to $1.04 billion or 1.16% of loans outstanding at September 30, 2019, compared with $1.02 billion or 1.18% at September 30, 2018 and $1.03 billion or 1.15% at June 30, 2019.

Asset Quality Metrics





































Change 3Q19 vs.


($ in millions)


3Q19



3Q18



2Q19



3Q18



2Q19























At end of quarter





















Nonaccrual loans


$

1,005



$

871



$

865




15

%



16

%

Real estate and other foreclosed assets


$

80



$

87



$

73




-9

%



9

%

Total nonperforming assets


$

1,085



$

958



$

938




13

%



16

%

Accruing loans past due 90 days or more (1)


$

461



$

254



$

349




81

%



32

%

Nonaccrual loans as % of loans outstanding



1.12

%



1.00

%



.96

%






























Allowance for credit losses


$

1,038



$

1,019



$

1,030




2

%



1

%

Allowance for credit losses as % of loans outstanding



1.16

%



1.18

%



1.15

%






























For the period





















Provision for credit losses


$

45



$

16



$

55




181

%



-18

%

Net charge-offs


$

36



$

16



$

44




131

%



-18

%

Net charge-offs as % of average loans (annualized)



.16

%



.07

%



.20

%










__________________

(1) Excludes loans acquired at a discount. Predominantly residential real estate loans.

Noninterest Income and Expense. Noninterest income totaled $528 million in the third quarter of 2019, up 15% from $459 million in the year-earlier quarter and 3% higher than $512 million in the second quarter of 2019. The recent quarter's improvement as compared with the earlier quarters was due to significantly higher residential and commercial mortgage banking revenues.

Noninterest Income





































Change 3Q19 vs.


($ in millions)


3Q19



3Q18



2Q19



3Q18



2Q19























Mortgage banking revenues


$

137



$

88



$

107




55

%



28

%

Service charges on deposit accounts



111




109




108




2

%



3

%

Trust income



144




133




145




8

%




Brokerage services income



12




12




12




-2

%



-3

%

Trading account and foreign exchange gains



16




6




18




165

%



-13

%

Gain (loss) on bank investment securities



4




(3)




9







-58

%

Other revenues from operations



104




114




113




-9

%



-8

%

Total


$

528



$

459



$

512




15

%



3

%

Noninterest expense aggregated $878 million in the recent quarter, $776 million in 2018's third quarter and $873 million in the second quarter of 2019. Excluding expenses considered to be nonoperating in nature, such as amortization of core deposit and other intangible assets, noninterest operating expenses were $873 million in the recent quarter, $770 million in the third quarter of 2018 and $868 million in the second quarter of 2019. Significant factors contributing to the higher level of noninterest expenses in the recent quarter were increased costs for salaries and employee benefits, professional services, and additions to the valuation allowance for capitalized mortgage servicing rights. Such additions were $14 million in the recent quarter and $9 million in the second quarter of 2019 and reflect the impact of lower interest rates on the valuation of servicing rights. M&T recognized a $48 million charge in the second quarter of 2019 associated with the sale of an equity investment in an asset manager.

Noninterest Expense





































Change 3Q19 vs.


($ in millions)


3Q19



3Q18



2Q19



3Q18



2Q19























Salaries and employee benefits


$

477



$

431



$

456




11

%



5

%

Equipment and net occupancy



83




77




79




7

%



4

%

Outside data processing and software



60




51




55




19

%



9

%

FDIC assessments



10




19




10




-47

%



1

%

Advertising and marketing



22




22




24




1

%



-8

%

Printing, postage and supplies



10




9




10




15

%



-1

%

Amortization of core deposit and other intangible assets



5




6




5




-17

%




Other costs of operations



211




161




234




31

%



-10

%

Total


$

878



$

776



$

873




13

%



1

%

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 55.9% in the third quarter of 2019, 51.4% in the year-earlier quarter and 56.0% in the second quarter of 2019.

Balance Sheet. M&T had total assets of $125.5 billion at September 30, 2019, compared with $116.8 billion and $121.6 billion at September 30, 2018 and June 30, 2019, respectively. Loans and leases, net of unearned discount, were $89.8 billion at the recent quarter-end, $86.7 billion at September 30, 2018 and $89.9 billion at June 30, 2019. Total deposits were $95.1 billion at September 30, 2019, up from $89.1 billion a year earlier and $91.7 billion at June 30, 2019. The higher level of deposits at the recent quarter-end as compared with the prior dates reflects increased deposits associated with residential mortgage servicing activities.

Total shareholders' equity was $15.8 billion, or 12.6% of total assets at September 30, 2019, compared with $15.4 billion, or 13.21% at September 30, 2018 and $15.7 billion, or 12.91% at June 30, 2019. Common shareholders' equity was $14.5 billion, or $109.84 per share, at September 30, 2019, compared with $14.2 billion, or $100.38 per share, a year-earlier and $14.5 billion, or $107.73 per share, at June 30, 2019. Tangible equity per common share was $74.93 at September 30, 2019, compared with $67.64 at September 30, 2018 and $73.29 at June 30, 2019. In the calculation of tangible equity per common share, common shareholders' equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under regulatory capital rules was approximately 9.81% at September 30, 2019.

In accordance with its capital plan, M&T repurchased 1,933,000 shares of its common stock during the recent quarter at an average cost per share of $155.18, for a total cost of $300 million. In the aggregate, during the first nine months of 2019, M&T repurchased 6,533,000 shares of common stock at a total cost of $1.07 billion.

Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 11:00 a.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 #9382126. The conference call will be webcast live through M&T's website at https://ir.mtb.com/events-presentations. A replay of the call will be available through Thursday, October 24, 2019 by calling (800) 585-8367, or (404) 537-3406 for international participants, and by making reference to ID #9382126. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/events-presentations.

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

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; the impact of changes in market values on trust-related revenues; 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 capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or 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 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.

Financial Highlights



Three months ended







Nine months ended








September 30







September 30






Amounts in thousands, except per share


2019



2018



Change



2019



2018



Change


Performance

























Net income


$

480,081




526,091




-9

%


$

1,436,083




1,371,861




5

%

Net income available to common shareholders



461,410




505,365




-9

%



1,376,129




1,310,703




5

%

Per common share:

























Basic earnings


$

3.47




3.54




-2

%


$

10.16




9.01




13

%

Diluted earnings



3.47




3.53




-2

%



10.16




9.00




13

%

Cash dividends


$

1.00




1.00






$

3.00




2.55




18

%

Common shares outstanding:

























Average - diluted (1)



132,999




142,976




-7

%



135,443




145,605




-7

%

Period end (2)



132,277




141,479




-7

%



132,277




141,479




-7

%

Return on (annualized):

























Average total assets



1.58

%



1.80

%







1.62

%



1.57

%





Average common shareholders' equity



12.73

%



14.08

%







12.85

%



12.16

%





Taxable-equivalent net interest income


$

1,035,469




1,034,771






$

3,138,902




3,029,281




4

%

Yield on average earning assets



4.51

%



4.40

%







4.62

%



4.26

%





Cost of interest-bearing liabilities



1.10

%



.82

%







1.09

%



.72

%





Net interest spread



3.41

%



3.58

%







3.53

%



3.54

%





Contribution of interest-free funds



.37

%



.30

%







.38

%



.27

%





Net interest margin



3.78

%



3.88

%







3.91

%



3.81

%





Net charge-offs to average total net loans (annualized)



.16

%



.07

%







.15

%



.14

%





Net operating results (3)

























Net operating income


$

483,830




530,619




-9

%


$

1,447,271




1,385,986




4

%

Diluted net operating earnings per common share



3.50




3.56




-2

%



10.24




9.10




13

%

Return on (annualized):

























Average tangible assets



1.66

%



1.89

%







1.70

%



1.65

%





Average tangible common equity



18.85

%



21.00

%







19.07

%



18.09

%





Efficiency ratio



55.95

%



51.41

%







56.49

%



55.87

%
































At September 30
















Loan quality


2019



2018



Change














Nonaccrual loans


$

1,005,249




870,832




15

%













Real estate and other foreclosed assets



79,735




87,333




-9

%













Total nonperforming assets


$

1,084,984




958,165




13

%













Accruing loans past due 90 days or more (4)


$

461,162




254,360




81

%













Government guaranteed loans included in totals above:

























Nonaccrual loans


$

43,144




33,570




29

%













Accruing loans past due 90 days or more



434,132




195,450




122

%













Renegotiated loans


$

240,781




242,892




-1

%













Accruing loans acquired at a discount past due 90 days or more (5)


$

40,733




44,223




-8

%













Purchased impaired loans (6):

























Outstanding customer balance


$

453,382




572,979




-21

%













Carrying amount



253,496




325,980




-22

%













Nonaccrual loans to total net loans



1.12

%



1.00

%

















Allowance for credit losses to total loans



1.16

%



1.18

%










































__________________

(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. Reconciliations of net income with net operating income appear herein.

(4)

Excludes loans acquired at a discount. Predominantly residential real estate loans.

(5)

Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6)

Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value.

Financial Highlights, Five Quarter Trend



Three months ended




September 30,



June 30,



March 31,



December 31,



September 30,


Amounts in thousands, except per share


2019



2019



2019



2018



2018


Performance





















Net income


$

480,081




473,260




482,742




546,219




526,091


Net income available to common shareholders



461,410




452,633




462,086




525,328




505,365


Per common share:





















Basic earnings


$

3.47




3.34




3.35




3.76




3.54


Diluted earnings



3.47




3.34




3.35




3.76




3.53


Cash dividends


$

1.00




1.00




1.00




1.00




1.00


Common shares outstanding:





















Average - diluted (1)



132,999




135,464




137,920




139,838




142,976


Period end (2)



132,277




134,200




136,637




138,534




141,479


Return on (annualized):





















Average total assets



1.58

%



1.60

%



1.68

%



1.84

%



1.80

%

Average common shareholders' equity



12.73

%



12.68

%



13.14

%



14.80

%



14.08

%

Taxable-equivalent net interest income


$

1,035,469




1,047,406




1,056,027




1,064,918




1,034,771


Yield on average earning assets



4.51

%



4.64

%



4.71

%



4.51

%



4.40

%

Cost of interest-bearing liabilities



1.10

%



1.11

%



1.04

%



.94

%



.82

%

Net interest spread



3.41

%



3.53

%



3.67

%



3.57

%



3.58

%

Contribution of interest-free funds



.37

%



.38

%



.37

%



.35

%



.30

%

Net interest margin



3.78

%



3.91

%



4.04

%



3.92

%



3.88

%

Net charge-offs to average total net loans (annualized)



.16

%



.20

%



.10

%



.17

%



.07

%

Net operating results (3)





















Net operating income


$

483,830




477,001




486,440




550,169




530,619


Diluted net operating earnings per common share



3.50




3.37




3.38




3.79




3.56


Return on (annualized):





















Average tangible assets



1.66

%



1.68

%



1.76

%



1.93

%



1.89

%

Average tangible common equity



18.85

%



18.83

%



19.56

%



22.16

%



21.00

%

Efficiency ratio



55.95

%



55.98

%



57.56

%



51.70

%



51.41

%
























September 30,



June 30,



March 31,



December 31,



September 30,


Loan quality


2019



2019



2019



2018



2018


Nonaccrual loans


$

1,005,249




865,384




881,611




893,608




870,832


Real estate and other foreclosed assets



79,735




72,907




81,335




78,375




87,333


Total nonperforming assets


$

1,084,984




938,291




962,946




971,983




958,165


Accruing loans past due 90 days or more (4)


$

461,162




348,725




244,257




222,527




254,360


Government guaranteed loans included in totals above:





















Nonaccrual loans


$

43,144




36,765




35,481




34,667




33,570


Accruing loans past due 90 days or more



434,132




320,305




194,510




192,443




195,450


Renegotiated loans


$

240,781




254,332




267,952




245,367




242,892


Accruing loans acquired at a discount past due 90 days or

more (5)


$

40,733




43,079




43,995




39,750




44,223


Purchased impaired loans (6):





















Outstanding customer balance


$

453,382




473,834




495,163




529,520




572,979


Carrying amount



253,496




263,025




278,783




303,305




325,980


Nonaccrual loans to total net loans



1.12

%



.96

%



.99

%



1.01

%



1.00

%

Allowance for credit losses to total loans



1.16

%



1.15

%



1.15

%



1.15

%



1.18

%






















______________________

(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. Reconciliations of net income with net operating income appear herein.

(4)

Excludes loans acquired at a discount. Predominantly residential real estate loans.

(5)

Loans acquired at a discount that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6)

Accruing loans acquired at a discount that were impaired at acquisition date and recorded at fair value.

Condensed Consolidated Statement of Income



Three months ended







Nine months ended








September 30







September 30






Dollars in thousands


2019



2018



Change



2019



2018



Change


Interest income


$

1,229,469




1,167,375




5

%


$

3,693,691




3,378,430




9

%

Interest expense



199,579




138,337




44




572,260




365,088




57


Net interest income



1,029,890




1,029,038







3,121,431




3,013,342




4


Provision for credit losses



45,000




16,000




181




122,000




94,000




30


Net interest income after provision for credit losses



984,890




1,013,038




-3




2,999,431




2,919,342




3


Other income

























Mortgage banking revenues



137,004




88,408




55




339,636




268,213




27


Service charges on deposit accounts



111,092




108,647




2




321,991




320,546





Trust income



143,915




133,545




8




421,083




402,561




5


Brokerage services income



12,077




12,267




-2




37,031




38,288




-3


Trading account and foreign exchange gains



16,072




6,073




165




45,327




15,965




184


Gain (loss) on bank investment securities



3,737




(3,415)







24,489




(10,520)





Other revenues from operations



103,882




113,769




-9




351,082




340,351




3


Total other income



527,779




459,294




15




1,540,639




1,375,404




12


Other expense

























Salaries and employee benefits



476,780




431,371




11




1,431,717




1,313,336




9


Equipment and net occupancy



82,690




77,481




7




241,187




225,309




7


Outside data processing and software



60,360




50,678




19




168,011




148,819




13


FDIC assessments



9,906




18,849




-47




29,104




58,689




-50


Advertising and marketing



22,088




21,784




1




66,409




59,800




11


Printing, postage and supplies



10,201




8,843




15




30,380




26,881




13


Amortization of core deposit and other
intangible assets



5,088




6,143




-17




15,185




19,163




-21


Other costs of operations



210,506




160,830




31




663,006




633,903




5


Total other expense



877,619




775,979




13




2,644,999




2,485,900




6


Income before income taxes



635,050




696,353




-9




1,895,071




1,808,846




5


Applicable income taxes



154,969




170,262




-9




458,988




436,985




5


Net income


$

480,081




526,091




-9

%


$

1,436,083




1,371,861




5

%

Condensed Consolidated Statement of Income, Five Quarter Trend



Three months ended




September 30,



June 30,



March 31,



December 31,



September 30,


Dollars in thousands


2019



2019



2019



2018



2018


Interest income


$

1,229,469




1,237,913




1,226,309




1,220,281




1,167,375


Interest expense



199,579




196,432




176,249




161,321




138,337


Net interest income



1,029,890




1,041,481




1,050,060




1,058,960




1,029,038


Provision for credit losses



45,000




55,000




22,000




38,000




16,000


Net interest income after provision for credit losses



984,890




986,481




1,028,060




1,020,960




1,013,038


Other income





















Mortgage banking revenues



137,004




107,321




95,311




92,229




88,408


Service charges on deposit accounts



111,092




107,787




103,112




108,791




108,647


Trust income



143,915




144,382




132,786




135,024




133,545


Brokerage services income



12,077




12,478




12,476




12,781




12,267


Trading account and foreign exchange gains



16,072




18,453




10,802




16,582




6,073


Gain (loss) on bank investment securities



3,737




8,911




11,841




4,219




(3,415)


Other revenues from operations



103,882




112,763




134,437




110,970




113,769


Total other income



527,779




512,095




500,765




480,596




459,294


Other expense





















Salaries and employee benefits



476,780




455,737




499,200




438,928




431,371


Equipment and net occupancy



82,690




79,150




79,347




73,519




77,481


Outside data processing and software



60,360




55,234




52,417




50,206




50,678


FDIC assessments



9,906




9,772




9,426




9,837




18,849


Advertising and marketing



22,088




24,046




20,275




25,910




21,784


Printing, postage and supplies



10,201




10,324




9,855




8,777




8,843


Amortization of core deposit and other
intangible assets



5,088




5,077




5,020




5,359




6,143


Other costs of operations



210,506




233,692




218,808




189,626




160,830


Total other expense



877,619




873,032




894,348




802,162




775,979


Income before income taxes



635,050




625,544




634,477




699,394




696,353


Applicable income taxes



154,969




152,284




151,735




153,175




170,262


Net income


$

480,081




473,260




...