Investor Presentaiton
24
Reconciliation of GAAP and Non-GAAP Measures
Net Income
$ in millions
Net income
Intangible amortization*
Merger-related items*
Net operating income
PPNR
2017
2018
2019
2020
2021
2022
4Q21
3Q22
4Q22
$
1,408.3 $
19.0
1,918.1 $
18.1
1,929.1 $ 1,353.2 $
14.4
11.0
$
1,427.3 $
1,936.2 $
1,943.5 $
1,364.1 $
1,858.7 $
7.5
33.6
1,899.8 $
1,991.7
42.8
$
458.0 $
646.6 $ 765.4
1.4
14.1
13.6
431.6
16.1
39.3
33.4
2,466.0
$
475.5 $
700.0 $
812.4
Net Income for EPS
$
1,327.5 $
Preferred Div., Amort. of Pref. Stock &
80.8
Unvested Stock Awards
Income Taxes
915.6
1,836.0 $
82.1
590.2
1,849.5 $
79.6
GAAP Pre-tax Income
2,323.9
Provision for credit losses
Pre-Tax, Pre-Provision Net Revenue
$
168.0
2,491.9 $
2,508.2
132.0
2,640.2 $
618.1
2,547.3
176.0
2,723.3 $
74.1
416.4
1,769.5
800.0
2,569.5 $
1,279.1 $ 1,777.0 $ 1,891.5
81.8
$
434.2 $
620.6 $
739.1
100.2
23.8
26.0
26.2
596.4
619.5
142.0
200.9
245.3
2,455.1
2,611.1
599.9
847.5
1,010.6
(75.0)
2,380.1
$
517.0
3,128.1
(15.0)
115.0
90.0
$
584.9 $
962.5 $1,100.6
Earnings Per Share
Diluted earnings per share
$
Intangible amortization*
8.70 $
0.12
12.74 $
0.12
13.75 $
0.11
9.94 $
0.08
13.80 $
11.53 $
3.37 $
3.53 $ 4.29
0.06
0.26
0.01
0.08
0.08
Merger-related items*
0.25
2.63
0.12
0.22
0.20
Diluted net operating EPS
$
8.82
12.86 $
13.86
10.02 $
14.11 $
14.42
$
3.50 $
3.83 $
4.57
Efficiency Ratio
$ in millions
Non-interest expenses
$
3,140.3 $
less: intangible amortization
31.4
3,288.1
24.5
$
3,468.7 $
19.5
3,385.2 $
14.9
3,611.6 $
10.2
5,050.4
55.6
$
927.5
2.0
$1,279.3 $ 1,408.3
18.4
17.6
less: merger-related expenses
43.9
338.3
21.2
53.0
45.1
Non-interest operating expenses
$
3,109.0 $
3,263.5 $
3,449.2 $
3,370.4 $
3,557.6 $
4,656.5
$
904.4 $ 1,207.8 $ 1,345.6
Tax equivalent revenues
$
less: gain/(loss) on sale of securities
5,666.8 $
21.3
5,950.2 $
(6.3)
6,214.8 $
18.0
5,972.0 $
(9.4)
6,006.5 $
(21.2)
8,217.7
(5.7)
$1,516.0 $ 2,253.6 $ 2,522.3
1.4
(1.1) (3.8)
less: net OTTI losses recognized
less: merger-related gains
Denominator for efficiency ratio
$
5,645.5 $ 5,956.5 $ 6,196.8
5,981.5 $
6,027.7 $ 8,223.4
Net operating efficiency ratio
55.1%
54.8%
55.7%
56.3%
59.0%
56.6%
$ 1,514.6 $ 2,254.7 $ 2,526.1
59.7%
53.6%
53.3%
Notes: Numbers may not foot due to rounding
*Net of tax
M&T Bank CorporationView entire presentation