![]() Sanford C. Bernstein Strategic Decisions Conference 2012 May 31, 2012 Exhibit 99 |
![]() 2 Disclaimer This presentation contains forward looking statements within the meaning of the Private Securities Litigation Reform Act giving the Company's expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could" or "may," or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty to update forward-looking statements. In addition to factors previously disclosed in our SEC reports and those identified elsewhere in this presentation, the following factors among others, could cause actual results to differ materially from forward-looking statements or historical performance: changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of M&T products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms, including those associated with the Dodd-Frank Wall Street Reform and Consumer Protection Act. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. |
![]() 3 Top 20 US-based full-service commercial bank holding company by assets and Top 15 by market cap Founded in 1856 $79 billion total assets 761 domestic branches and more than 2,000 ATMs 15,479 employees located in New York, Maryland, Pennsylvania, Washington, D.C., Virginia, West Virginia and Delaware Over 2 million consumer/retail household customers 208,000 commercial customers M&T Bank Corporate Profile As of 03/31/12 |
![]() 4 Most honored bank in 2011 Greenwich Excellence Awards for Small Business Banking: 12 national awards and 2 regional awards Highest number of awards among all 750 banks rated by business customers Received the highest possible Community Reinvestment Act (CRA) rating on every exam since 1982 M&T Charitable Foundation has contributed over $147 million to not-for-profit organizations in its communities over the past 10 years Contributed $40 million to M&T Charitable Foundation in 2011 More than 3,000 M&T employees volunteer with 5,100 different not-for-profit organizations Strong long-term returns for shareholders Customers, Communities & Shareholders |
![]() 5 Strong Presence In Our Communities #1 Small Business Administration Lender in: Baltimore Binghamton Buffalo Philadelphia Rochester Syracuse Washington, DC Wilmington Ranked 6 th Nationally Ranked 3 rd in Eastern U.S. #1 market share for lead bank relationships among middle market clients in: (1) Baltimore Binghamton Buffalo Harrisburg Northern Pennsylvania Rochester Syracuse State of Maryland overall State of Delaware overall (1) Independent 3 party market research (2) Reflects in-market deposits only #1 or #2 deposit market share in 8 of top 10 communities: #2 in Baltimore #1 in Binghamton #1 in Buffalo #2 in Harrisburg #2 in Rochester #1 in Syracuse #1 Wilmington / State of Delaware (2) #1 in York We lend in the markets where we live and work to people and enterprises whom we know rd |
![]() ![]() 6 GAAP Earnings 2006 2007 2008 2009 2010 2011 1Q12 Net Income ($MM) 839 654 556 380 736 859 206 EPS ($ per share) 7.37 5.95 5.01 2.89 5.69 6.35 1.50 Net Operating Earnings Net Operating Income ($MM) 881 704 599 455 755 884 218 Net Operating EPS ($ per share) 7.73 6.40 5.39 3.54 5.84 6.55 1.59 Earnings Summary Net Operating Income and Net Operating EPS are non-GAAP financial measures (Excludes merger-related gains and expenses and amortization expense associated with intangible assets ). Refer to the Appendix for a reconciliation between these measures and GAAP |
![]() 7 Strong credit through crisis Focused on returns Consistent capital generation (1) The Efficiency Ratio and Pre-tax, Pre-provision Earnings are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is available in the appendix. The Efficiency Ratio reflects non-interest expense (excluding amortization expense associated with intangible assets and merger-related expenses) as a percentage of fully taxable equivalent net interest income and non-interest revenues (excluding gains or losses from securities transactions and merger-related gains). (2) Excludes merger-related gains and expenses and amortization expense associated with intangible assets. Key Measures 2006 2007 2008 2009 2010 2011 1Q12 Net Interest Margin 3.70% 3.60% 3.38% 3.49% 3.84% 3.73% 3.69% Efficiency Ratio - Tangible (1) 51.51% 52.77% 54.35% 56.50% 53.71% 60.43% 61.09% Pre-tax, Pre-provision Earnings ($MM) (1) 1,312 1,156 1,152 1,123 1,461 1,495 357 Allowance to Loans (As At) 1.51% 1.58% 1.61% 1.69% 1.74% 1.51% 1.49% Net Charge-Offs to Loans 0.16% 0.26% 0.78% 1.01% 0.67% 0.47% 0.32% Net Operating Return on Tangible Assets (2) 1.67% 1.27% 0.97% 0.71% 1.17% 1.26% 1.18% Tangible Common Equity (2) 29.55% 22.58% 19.63% 13.42% 18.95% 17.96% 16.79% Common Equity to Assets - Tangible 5.84% 5.01% 4.59% 5.13% 6.19% 6.40% 6.51% Tier 1 Common Capital Ratio 6.42% 5.62% 6.08% 5.66% 6.51% 6.86% 7.04% Tier 1 Capital Ratio 7.74% 6.84% 8.83% 8.59% 9.47% 9.68% 9.85% Total Capital Ratio 11.78% 11.18% 12.83% 12.30% 13.08% 13.26% 13.43% Leverage Ratio 7.20% 6.59% 8.35% 8.43% 9.33% 9.28% 9.53% TBV per Share 28.57 27.98 25.94 28.27 33.26 37.79 38.89 Superior pre-credit earnings |
![]() 8 Efficiency Ratio M&T’s Philosophy: Efficiently Delivering Banking Services 52.25% 60.43% 61.09% 56.28% 64.33% 65.02% 45% 50% 55% 60% 65% 70% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 1Q12 MTB Peer Median Efficiency Ratio reflects non-interest expense (excluding amortization expense associated with intangible assets, merger-related expenses and other non-recurring expenses) as a percentage of fully taxable equivalent net interest income and non-interest revenues (excluding gains from securities transactions and merger-related gains). The Efficiency Ratio is a non-GAAP measure. See Appendix for a reconciliation to GAAP measures. 2011 & 1Q12 results influenced by Wilmington Trust |
![]() 9 51.5% 60.4% 46.0% 48.0% 50.0% 52.0% 54.0% 56.0% 58.0% 60.0% 62.0% MTB Efficiency Ratio - 2006 Elevated Credit Cycle Expenses Higher FDIC Expenses Lower Revenue from Reg E & Durbin Wilmington Trust Impact MTB Efficiency Ratio - 2011 Drivers of Increase in Efficiency Ratio 2006 - 2011 Estimated Drivers of M&T’s Increased Efficiency Ratio: 2006 - 2011 1.5 – 2.0% 2.5 – 3.0% 1.0 – 1.5% 2.5 – 3.0% Efficiency Ratio reflects non-interest expense (excluding amortization expense associated with intangible assets, merger-related expenses and other non-recurring expenses) as a percentage of fully taxable equivalent net interest income and non-interest revenues (excluding gains from securities transactions and merger-related gains). |
![]() 10 M&T’s Community Lending – Granular Loan Portfolio Source: M&T Bank Corporation 2011 10-K Key attributes: many small loans and moderate risk geography Dollars in Billions Total Commercial & Industrial $4.1 $4.1 $6.3 $0.9 $0.2 $0.1 $15.7 Percent by Size 26% 26% 40% 6% 1% 1% 100% Total Commercial Real Estate $3.7 $7.8 $9.8 $1.7 $1.2 $0.2 $24.4 Percent by Size 15% 32% 40% 7% 5% 1% 100% Total Commercial Loans $7.8 $11.9 $16.1 $2.7 $1.4 $0.3 $40.1 Percent by Size 19% 30% 40% 7% 4% 1% 100% Cumulative Percent by Size 19% 49% 89% 96% 99% 100% Total Commercial Loans - $40.1 Billion At December 31, 2011 Commercial Loan Granularity $0-1 $1-5 $5-30 $30-50 $50-100 $100+ Million Million Million Million Million Million Totals |
![]() 11 Relative Loss Rate (1) BBT CMA COF FITB HBAN KEY MTB PNC RF SNV STI ZION BAC C JPM USB WFC 1991 39% 38% NA 60% 40% 57% 61% 95% 22% 39% 61% 82% 159% NA 230% 74% 60% 1992 40% 52% NA 62% 59% 81% 68% 99% 28% 64% 55% 40% 94% NA 154% 100% 62% 1993 28% 54% NA 45% 43% 65% 76% 95% 32% 58% 60% (36%) 60% NA 187% 92% 84% 1994 35% 56% NA 68% 56% 56% 55% 81% 54% 92% 57% 46% 69% NA 265% 85% 113% 1995 71% 79% NA 69% 74% 50% 70% 100% 52% 96% 64% 27% 82% NA 119% 71% 137% 1996 96% 76% NA 112% 91% 81% 101% 77% 51% 77% 77% 41% 93% NA 101% 73% 142% 1997 118% 75% NA 121% 100% 107% 111% 87% 81% 83% 61% 79% 102% NA 67% 137% 172% 1998 76% 65% NA 127% 90% 95% 95% 125% 100% 79% 91% 81% 164% NA 96% 94% 338% 1999 75% 58% NA 107% 75% 88% 85% 58% 113% 62% 79% 93% 101% 107% 119% 122% 127% 2000 60% 40% NA 48% 70% 98% 43% 51% 90% 45% 35% 90% 100% Bernstein bank analysis of Relative Loss Rates – Focused on Long Term Underwriting Trends Source: FDIC and Sanford Bernstein. (1) Expected loss rates for each period are calculated by multiplying each bank's loan concentration by type by the actual industry-wide loss rate by type. Dividing each bank's actual NCO rate by the expected loss rate yields the bank's relative loss rate. JPM, PNC and WFC 2009 and 2010 results affected by recent acquisitions of WaMu, National City, Wachovia, respectively. 148% 86% 122% 111% 2001 65% 46% NA 70% 103% 112% 53% 298% 81% 38% 46% 43% 111% 114% 85% 128% 98% 2002 67% 96% NA 44% 121% 118% 59% 56% 62% 38% 62% 53% 87% 116% 117% 90% 81% 2003 71% 102% NA 74% 106% 106% 44% 76% 71% 62% 52% 69% 82% 113% 85% 100% 79% 2004 94% 139% NA 91% 93% 149% 58% 71% 128% 92% 53% 74% 89% 125% 100% 91% 103% 2005 92% 121% 136% 112% 118% 135% 62% 20% 130% 151% 56% 56% 119% 137% 84% 86% 135% 2006 98% 61% 171% 123% 117% 78% 62% 103% 144% 147% 72% 80% 116% 155% 80% 76% 144% 2007 77% 75% 147% 98% 332% 70% 56% 67% 75% 124% 67% 47% 94% 141% 87% 67% 129% 2008 63% 90% 166% 228% 156% 130% 69% 60% 132% 121% 94% 81% 105% 144% 98% 70% 134% 2009 67% 82% 133% 116% 165% 140% 46% 65% 101% 188% 104% 118% 107% 155% 109% 69% 83% 2010 103% 70% 117% 128% 115% 138% 33% 85% 155% 219% 115% 117% 105% 145% 107% 79% 97% 2011 108% 76% 95% 104% 85% 95% 36% 79% 181% 183% 125% 97% 108% 157% 88% 83% 96% 2008Q1 58% 141% 182% 133% 59% 74% 49% 66% 67% 127% 100% 78% 93% 135% 107% 63% 128% 2008Q2 54% 98% 168% 127% 58% 240% 77% 56% 80% 82% 81% 64% 97% 135% 98% 65% 100% 2008Q3 63% 86% 162% 145% 62% 107% 64% 51% 130% 101% 83% 74% 97% 132% 103% 70% 112% 2008Q4 57% 60% 152% 355% 289% 89% 66% 59% 169% 129% 87% 84% 104% 152% 82% 65% 133% 2009Q1 77% 78% 142% 109% 185% 136% 48% 51% 92% 181% 96% 87% 108% 164% 94% 70% 72% 2009Q2 64% 89% 113% 104% 143% 115% 46% 71% 85% 170% 94% 133% 108% 154% 106% 63% 74% 2009Q3 60% 84% 115% 122% 148% 133% 43% 57% 114% 234% 118% 139% 116% 145% 114% 66% 85% 2009Q4 55% 72% 124% 106% 168% 151% 36% 68% 103% 147% 90% 92% 94% 153% 109% 63% 84% 2010Q1 68% 78% 106% 106% 111% 146% 32% 67% 137% 181% 114% 100% 102% 118% 108% 68% 94% 2010Q2 100% 69% 96% 91% 140% 140% 30% 91% 144% 267% 111% 118% 102% 125% 88% 77% 93% 2010Q3 143% 65% 105% 215% 97% 124% 35% 73% 178% 154% 114% 117% 93% 149% 93% 76% 95% 2010Q4 87% 59% 104% 83% 89% 102% 29% 99% 163% 255% 104% 126% 93% 150% 104% 73% 91% 2011Q1 90% 79% 98% 109% 109% 107% 38% 86% 154% 177% 120% 109% 98% 166% 88% 78% 94% 2011Q2 106% 83% 91% 98% 67% 85% 30% 74% 188% 202% 114% 93% 108% 153% 87% 82% 90% 2011Q3 108% 76% 79% 91% 71% 78% 29% 70% 193% 184% 120% 92% 116% 144% 75% 76% 90% 2011Q4 105% 58% 100% 86% 68% 77% 39% 64% 174% 158% 117% 87% 101% 151% 97% 75% 94% Cycle Cumul. 80% 77% 117% 129% 136% 120% 42% 70% 133% 178% 103% 103% 101% 145% 98% 70% 95% 10-Yr Avg 83% 85% 131% 120% 137% 123% 47% 71% 126% 161% 95% 97% 102% 141% 99% 78% 101% 5-Yr Avg 84% 78% 126% 135% 146% 125% 45% 73% 135% 183% 107% 105% 105% 152% 101% 73% 101% Median 71% 75% 136% 98% 93% 95% 61% 79% 81% 83% 62% 74% 101% 141% 100% 86% 111% St Dev 25% 25% 27% 42% 61% 30% 21% 53% 44% 53% 23% 34% 25% 19% 51% 21% 58% |
![]() 12 Industry Aggregate NCOs and MTB Relative Loss Rate Source: Regulatory Data per SNL. Relative Loss Rate per Bernstein Research, with post-publication updates 61% 68% 76% 55% 70% 101% 111% 95% 85% 43% 53% 59% 44% 58% 62% 62% 56% 69% 44% 32% 34% MTB Relative Loss Rate MTB vs. Industry - relative loss experience, after adjusting MTB loan mix to industry loan mix Industry Aggregate Net Charge-off Ratio MTB Net Charge-off Ratio Over the long-term, M&T recorded significantly less net charge-offs vs. the Industry |
![]() 13 17.5% 16.0% 11.1% 10.3% 9.6% 9.3% 8.0% 7.8% 6.9% 6.0% 5.1% 3.1% Peer Median 8.6% Industry 9.6% 0% 5% 10% 15% 20% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 MTB Total Loans 9.3% 9.1% 8.7% 8.5% 7.5% 7.1% 4.8% 4.1% 4.0% 3.8% 2.8% 0.6% Peer Median 5.9% Industry 3.6% 0% 3% 6% 9% 12% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 MTB Comm. Real Estate 15.7% 11.0% 8.9% 8.5% 7.7% 6.7% 6.1% 5.0% 4.9% 4.5% 3.4% 2.9% Peer Median 6.4% Industry 6.0% 0% 5% 9% 14% 18% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 MTB Commercial & Industrial 36.5% 33.2% 29.9% 26.4% 21.3% 20.8% 19.8% 16.6% 15.7% 15.3% 10.2% 8.0% Peer Median 20.3% Industry 17.5% 0% 10% 20% 30% 40% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 MTB Construction 12.0% 11.2% 9.8% 8.7% 8.2% 5.5% 5.0% 4.7% 4.7% 4.4% 3.9% 2.7% Peer Median 5.2% Industry 6.8% 0% 3% 6% 9% 12% 15% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 MTB Peer 9 Peer 10 Peer 11 Residential Mortgage 26.4% 14.3% 9.8% 9.1% 7.3% 5.3% 5.2% 5.2% 4.5% 3.3% 3.3% 1.8% Peer Median 5.3% Industry 10.2% 0% 6% 12% 18% 24% 30% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 MTB HELOC Strong Underwriting Across All Portfolios *Represents cumulative net credit losses from 3Q07 through 4Q11 as a percentage of average loans over that period. Note: Industry data reflects an aggregate of commercial bank data per SNL. Loss experience through the financial crisis 3Q07 – 4Q11* |
![]() 14 M&T Ranks Lowest for Volatility in FDIC’s Core Earnings Metric (1) Core Earnings Ratio per the FDIC. Volatility calculated as the standard deviation of change in 4qtr core earnings / average 5qtr end of period assets (Core earnings = net income, excl. securities gain / loss and extraordinary items). Source: Regulatory FR-Y9C reported data per SNL Financial. Earnings Earnings Negative Core Earnings Large Cap Banks Volatility (1) Rank Volatility (1) Rank (# of Quarters) MTB 2.8% 2 7.6% 1 0 USB 17.5% 13 9.1% 2 0 BBT 8.9% 11 14.0% 3 0 WFC 4.0% 6 17.6% 4 0 JPM 33.2% 14 41.3% 5 0 PNC 58.8% 15 44.2% 6 0 BAC 378.2% 16 78.0% 7 6 CMA 6.7% 9 135.6% 8 4 RF 2.5% 1 166.3% 9 11 COF NA NA 183.4% 10 3 SNV 3.8% 4 187.7% 11 14 STI 3.9% 5 200.4% 12 7 ZION 7.2% 10 212.9% 13 10 KEY 5.9% 8 345.2% 14 9 C 4.6% 7 412.1% 15 8 FITB 3.2% 3 683.4% 16 5 HBAN 9.2% 12 2791.4% 17 7 Large Cap Median 6.3% 166.3% 5 10 Years : 1991 - 2000 10 Years : 2001 - 2011 M&T has been a uniquely strong and stable performer, through good times and bad |
![]() 15 M&T’s strength during economic crises has provided growth opportunities |
![]() 16 M&T’s long-term superior profitability demonstrated: Operating returns on Avg. Tangible Common Equity 26.0% 13.4% 18.9% 18.0% 21.1% -12.0% 5.5% 10.9% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 MTB Peer Median Operating Return on Avg. Tangible Common Equity = Operating Earnings divided by Avg. Tangible Common Equity. Operating Earnings = Net Income Available to Common less Nonrecurring Revenue & Expense (as reported by SNL for Peer banks) and Amortization Expense. Avg. Tang Common Equity = Avg. Common Equity less Avg. Intangible Assets. |
![]() 17 Consistent Earnings & Dividends: 1983 – 1Q12 Note: Data prior to 1998 does not include provisions of SFAS No. 123 and No. 148 stock option expensing. Net Operating Income and Net Operating EPS are non-GAAP financial measures. Refer to the Appendix for a reconciliation between these measures and GAAP M&T maintained its dividend and experienced no losses through the recent crisis |
![]() 18 For FY2012, expect NIM lower than FY2011’s 3.73% Expect continued pressure to core NIM 2Q12 inflows of trust deposits will also impact NIM but not NII Credit trends continue moderate improvement Expect some lumpiness in credit metrics Expect normal decline from 1Q12 seasonally high compensation expense Remaining Wilmington Trust systems integration targeted for end of 2Q 2012 Outlook Consistent with Remarks on April earnings call |
![]() 19 Strong Long-term Returns to Shareholders Highest annual stock price appreciation among top 100 banks since 1983 19.3% annual total return since 1980 Highest total return among top 50 banks since 2000 $3,418 invested in M&T in 1980 would be worth $1 million today |
![]() Sanford C. Bernstein Strategic Decisions Conference 2012 May 31, 2012 |
![]() 21 Appendix |
![]() 22 1 1983 Stock Prices Source: Compustat and/or SNL Of the largest 100 banks operating in 1983, only 23 remain today Among the remaining, M&T ranks 1 st in stock price growth M&T Bank Corporation… a solid investment Stock Closing Price at Return 4/30/2012 3/31/1983 CAGR Rank Company Name Ticker ($) ($) 1 (%) 1 M&T Bank Corporation MTB 86.27 1.34 15.4 2 State Street Corporation STT 46.22 1.06 13.9 3 U.S. Bancorp USB 32.17 0.92 13.0 4 Northern Trust Corporation NTRS 47.56 1.51 12.6 5 Wells Fargo & Company WFC 33.42 1.18 12.2 23 — — 2.6 Median — — 7.8 MTB Price @ Median Growth Rate 11.96 1.34 7.8 |
![]() 23 19.3% Annual rate of return since 1980* – 22 nd best return of the entire universe of over 700 U.S. based stocks that have traded publicly since 1980 $3,418 invested in M&T in 1980 would be worth $1 million today *CAGR calculated assuming reinvestment of dividends through February 29, 2012. M&T Bank Corporation… a solid investment Rank Company Name Industry Annual Return 1 Eaton Vance Corp. Financials 25.1 2 Limited Brands Inc. Consumer Discretionary 23.3 3 Gap Inc. Consumer Discretionary 22.8 4 Progressive Corp. Financials 22.8 5 TJX Cos. Consumer Discretionary 22.6 6 Stryker Corp. Health Care 22.2 7 Wal-Mart Stores Inc. Consumer Staples 21.8 8 Hasbro Inc. Consumer Discretionary 21.6 9 Mylan Inc. Health Care 21.6 10 Precision Castparts Corp. Industrials 21.4 11 Leucadia National Corp. Financials 20.9 12 Raven Industries Inc. Industrials 20.9 13 Valspar Corp. Materials 20.7 14 State Street Corp. Financials 20.3 15 HollyFrontier Corp. Energy 20.3 16 Danaher Corp. Industrials 20.3 17 Berkshire Hathaway Inc. Cl A Financials 20.2 18 Robert Half International Inc. Industrials 19.8 19 Forest Laboratories Inc. Health Care 19.8 20 Family Dollar Stores Inc. Consumer Discretionary 19.4 21 Graco Inc. Industrials 19.4 22 M&T Bank Corp. Financials 19.3 |
![]() 24 Total Returns to Shareholders (1) Largest 50 banks by market capitalization as of January 1, 2000 (1) Total Return To Shareholder from 12/31/1999 to 12/31/2011, as sourced from Barclays Capital and SNL Financial. |
![]() 25 2011 Peer Group - Largest 12 Regional Banks BB&T Corporation M&T Bank Corporation Capital One Financial Corporation PNC Financial Services Group, Inc. Comerica Incorporated Regions Financial Corporation Fifth Third Bancorp Synovus Financial Corp. SunTrust Banks, Inc. Huntington Bancshares Incorporated Zions Bancorporation KeyCorp |
![]() 26 Reconciliation of GAAP and Non-GAAP Measures Net Income 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 $'s in millions Net income $268.2 $353.1 $456.7 $573.9 $722.5 $782.2 $839.2 $654.3 $555.9 $379.9 $736.2 $859.5 $206.5 Intangible amortization* 56.1 99.4 32.5 47.8 46.1 34.7 38.5 40.5 40.5 39.0 35.3 37.6 10.2 Merger-related items* 16.4 4.8 - 39.2 - - 3.0 9.1 2.2 36.5 (16.3) (12.8) 1.7 Net operating income $340.7 $457.3 $489.2 $660.9 $768.6 $816.9 $880.7 $703.8 $598.6 $455.4 $755.2 $884.3 $218.4 Pre-Tax, Pre-Provision Income Net Income for EPS $268.2 $353.1 $456.8 $573.9 $722.5 $782.2 $839.2 $654.3 $555.1 $332.0 $675.9 $781.8 $188.2 Preferred Div., Amort. of Pref. Stock & Unvested Stock Awards $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.8 $47.9 $60.3 $77.7 $18.2 Income Taxes $154.1 $198.6 $219.2 $276.7 $344.0 $388.7 $392.5 $309.3 $183.9 $139.4 $356.6 $365.1 $102.0 GAAP Pre-tax Income $422.3 $551.6 $675.9 $850.7 $1,066.5 $1,170.9 $1,231.6 $963.5 $739.8 $519.3 $1,092.8 $1,224.6 $308.4 Provision for credit losses 38.0 103.5 122.0 131.0 95.0 88.0 80.0 192.0 412.0 604.0 368.0 270.0 49.0 Pre-Tax, Pre-Provision Income $460.3 $655.1 $797.9 $981.7 $1,161.5 $1,258.9 $1,311.6 $1,155.5 $1,151.8 $1,123.3 $1,460.8 $1,494.6 $357.4 Earnings Per Share Diluted earnings per share $3.24 $3.58 $4.78 $4.95 $6.00 $6.73 $7.37 $5.95 $5.01 $2.89 $5.69 $6.35 $1.50 Intangible amortization* 0.67 1.00 0.34 0.41 0.38 0.30 0.33 0.37 0.36 0.34 0.29 0.30 0.08 Merger-related items* 0.20 0.05 - 0.34 - - 0.03 0.08 0.02 0.31 (0.14) (0.10) 0.01 Diluted net operating earnings per share $4.11 $4.63 $5.12 $5.70 $6.38 $7.03 $7.73 $6.40 $5.39 $3.54 $5.84 $6.55 $1.59 Efficiency Ratio $'s in millions Non-interest expenses $718.6 $980.6 $961.6 $1,448.2 $1,516.0 $1,485.1 $1,551.7 $1,627.7 $1,727.0 $1,980.6 $1,914.8 $2,478.1 $639.7 less: intangible amortization 69.6 121.7 51.5 78.2 75.4 56.8 63.0 66.5 66.6 64.3 58.1 61.6 16.8 less: merger-related expenses 26.0 8.0 - 60.4 - - 5.0 14.9 3.5 89.2 0.8 83.7 2.7 Non-interest operating expenses $623.0 $850.9 $910.1 $1,309.6 $1,440.6 $1,428.3 $1,483.7 $1,546.3 $1,656.8 $1,827.2 $1,856.0 $2,332.8 $620.2 FTE net interest income $864.7 $1,175.8 $1,261.6 $1,615.1 $1,751.9 $1,811.6 $1,837.2 $1,871.0 $1,961.6 $2,077.6 $2,291.5 $2,415.6 $627.1 plus: Other Income $324.7 $477.5 $512.0 $831.1 $943.0 $949.7 $1,045.9 $933.1 $939.0 $1,048.1 $1,108.1 $1,582.9 $376.7 less: gain/(loss) on sale of securities (3.1) 1.9 (0.6) 2.5 2.9 1.2 2.6 1.2 34.4 1.2 2.8 150.2 0.0 less: net OTTI losses recognized - - - - - (29.4) - (127.3) (182.2) (138.3) (86.3) (77.0) (11.5) less: merger-related gains - - - - - - - - - 29.1 27.5 64.9 - Denominator for efficiency ratio $1,192.5 $1,651.4 $1,774.2 $2,443.7 $2,692.0 $2,789.5 $2,880.5 $2,930.2 $3,048.4 $3,233.7 $3,455.6 $3,860.5 $1,015.3 Net operating efficiency ratio 52.3% 51.5% 51.3% 53.6% 53.5% 51.2% 51.5% 52.8% 54.4% 56.5% 53.7% 60.4% 61.1% *Net of tax |
![]() 27 Reconciliation of GAAP and Non-GAAP Measures Average Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 $'s in millions Average assets 23,670 $ 30,842 $ 31,935 $ 45,349 $ 51,517 $ 54,135 $ 55,839 $ 58,545 $ 65,132 $ 67,472 $ 68,380 $ 73,977 $ 78,026 $ Goodwill (641) (1,126) (1,098) (2,456) (2,904) (2,904) (2,908) (2,933) (3,193) (3,393) (3,525) (3,525) (3,525) Core deposit and other intangible assets (125) (196) (143) (233) (201) (135) (191) (221) (214) (191) (153) (168) (168) Deferred taxes 30 56 46 - - 52 38 24 30 33 29 43 48 Average tangible assets 22,934 $ 29,576 $ 30,740 $ 42,660 $ 48,412 $ 51,148 $ 52,778 $ 55,415 $ 61,755 $ 63,921 $ 64,731 $ 70,327 $ 74,381 $ Average Common Equity $'s in millions Average common equity 2,045 $ 2,975 $ 3,026 $ 4,941 $ 5,701 $ 5,798 $ 6,041 $ 6,247 $ 6,423 $ 6,616 $ 7,367 $ 8,207 $ 8,510 $ Goodwill (641) (1,126) (1,098) (2,456) (2,904) (2,904) (2,908) (2,933) (3,193) (3,393) (3,525) (3,525) (3,525) Core deposit and other intangible assets (125) (196) (143) (233) (201) (135) (191) (221) (214) (191) (153) (168) (168) Deferred taxes 30 56 46 68 76 52 38 24 30 33 29 43 48 Average tangible common equity 1,309 $ 1,709 $ 1,831 $ 2,320 $ 2,672 $ 2,811 $ 2,980 $ 3,117 $ 3,046 $ 3,065 $ 3,718 $ 4,557 $ 4,866 $ |