e425 · Subject Company: Partners Trust Financial Group, Inc. Commission File No. 001-31277
Transcript of e425 · Subject Company: Partners Trust Financial Group, Inc. Commission File No. 001-31277
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0000950152-07-009073.txt : 200711150000950152-07-009073.hdr.sgml : 2007111520071115100234ACCESSION NUMBER:0000950152-07-009073CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:38FILED AS OF DATE:20071115DATE AS OF CHANGE:20071115
SUBJECT COMPANY:
COMPANY DATA:COMPANY CONFORMED NAME:PARTNERS TRUST FINANCIAL GROUP INCCENTRAL INDEX KEY:0001163345STANDARD INDUSTRIAL CLASSIFICATION:NATIONAL COMMERCIAL BANKS [6021]IRS NUMBER:752993918FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-31277FILM NUMBER:071247973
BUSINESS ADDRESS:STREET 1:233 GENESEE STREETCITY:UTICASTATE:NYZIP:13501BUSINESS PHONE:8007654968
MAIL ADDRESS:STREET 1:233 GENESEE STCITY:UTICASTATE:NYZIP:13501
FILED BY:
COMPANY DATA:COMPANY CONFORMED NAME:M&T BANK CORPCENTRAL INDEX KEY:0000036270STANDARD INDUSTRIAL CLASSIFICATION:STATE COMMERCIAL BANKS [6022]IRS NUMBER:160968385STATE OF INCORPORATION:NYFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:425
BUSINESS ADDRESS:STREET 1:C/O CORPORATE REPORTINGSTREET 2:ONE M&T PLAZA 5TH FLOORCITY:BUFFALOSTATE:NYZIP:14203BUSINESS PHONE:7168425390
MAIL ADDRESS:STREET 1:C/O CORPORAE REPORTINGSTREET 2:ONE M&T PLAZA 5TH FLRCITY:BUFFALOSTATE:NYZIP:14203
FORMER COMPANY:FORMER CONFORMED NAME:FIRST EMPIRE STATE CORPDATE OF NAME CHANGE:19920703
4251l28892ae425.htmM&T BANK CORPORATION FORM 425
e425
Pursuant to Rule425 under the Securities Act of 1933 and
Deemed filed pursuant to Rule14a-12 of the Securities Exchange Act of 1934
Commission File No.001-31277
Merrill Lynch Financial Services
Investor Conference
November 15, 2007
Disclaimer
This presentation contains forward looking statements within the meaning of the Private SecuritiesLitigation Reform Act giving the Company's expectations or predictions of future financial or businessperformance 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 variationsof such words or by similar expressions. These forward-looking statements are subject to numerousassumptions, risks and uncertainties which change over time. Forward-looking statements speak onlyas 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 thispresentation, the following factors among others, could cause actual results to differ materially fromforward-looking statements or historical performance: changes in asset quality and credit risk; theinability 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 anddeposit practices; customer disintermediation; the introduction, withdrawal, success and timing ofbusiness initiatives; competitive conditions; the inability to realize cost savings or revenues or toimplement integration plans and other consequences associated with mergers, acquisitions anddivestitures; economic conditions; and the impact, extent and timing of technological changes, capitalmanagement activities, and other actions of the Federal Reserve Board and legislative and regulatoryactions and reforms.
Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are notforecasts and may not reflect actual results.
M&T Bank Corporation
Company Background & Recent Results
Loan and Investment Portfolios / Credit
Recent Events / Outlook
Shareholder Focus
Top 20 US-based Bank Holding Company
$10.4 billion market capitalization
$60 billion total assets
Over 660 branches in seven states / District ofColumbia
Over 1,500 ATMs across retail bank footprint
Over 1.5 million retail customers
Over 130,000 commercial customers
M&T Bank Corporation - Overview
Earnings Summary
(1) Excludes merger-related expenses and amortization expense associated with intangible assets. Intangible Amortization net oftax: 3Q2006 = $12.2MM, 2Q2007 = $10.0MM, 3Q2007 = $9.6MM. Merger-related expenses: 3Q2006 = $0.7MM.
($ in millions, except EPS)
Third Quarter 2007 highlights
Linked quarter NIM decrease from 3.67% to 3.65%
2 bps drop due to 1 additional day in Q3 vs. Q2
Fee income decreased $30MM from the linked quarter
Income from BLG fell $19MM due to timing ofsecuritizations
$1MM linked quarter decrease in operating expenses
$76MM Linked quarter increase in NPLs,
Residential development / construction ($42mm)
Residential mortgages ($26mm), primarily non-Agency
NCOs flat at 20bps
Impact from Bayview Lending Group
Pro-rata equity income from Bayview Lending Group
3Q loss of $11 million vs. 2Q profit of $8 million
Dilutive to EPS by 9 cents per share for 3Q and YTD
3Q results reflect run rate of origination franchise withoutany securitization revenue
Executed two securitizations totaling $862 million
Impact to be reflected in 4Q results
Expect BLG results to fluctuate from quarter to quarter -depending on size and timing of securitizations
Quarterly Key Ratios
(1) Excludes amortization related to intangible assets and merger-related expenses.
Excludes Securities Gains/(Losses).
Net Interest Margin
Source: SNL Financial. Peer median is median of top 50 banks by asset size onSeptember 30, 2007.
M&T Bank Corporation
Company Background & Recent Results
Loan and Investment Portfolios / Credit
Recent Events / Outlook
Shareholder Focus
M&T Bank Corporation - Average Loans
($ in billions)
* annualized
"Headline" Commercial Portfolios
Auto dealer floor plan loans
NPLs $34 million at September 30, down from 3Q06 and2Q07
Deterioration appears to have reached an inflection point
Residential builder / developer loans
About $1.8 billion outstanding1
Vast majority within banking footprint
Completed focused reviews in Sept. 2006 and May 2007
Next review currently in process
(1) Excludes approximately $400 million of construction loans to individuals
Consumer Credit -Underwriting data
Weighted Average
Weighted Average
FICO Score
Loan to Value (LTV)
HELOC
750
66%
HELOANS
739
68%
Indirect Auto
732
111%
Non-Agency Mortgages In portfolio
707
74%
Consumer Loans - 30-89 day Delinquency Trend1
2002Y
2003Y
2004Y
2005Y
2006Y
Sep-06
Jun-07
Sep-07
HELOCs
0.35%
0.47%
0.30%
0.44%
0.53%
0.53%
0.50%
0.56%
Resid. Mortgages - 1st lien
6.13%
5.50%
4.12%
3.08%
2.92%
2.91%
3.20%
3.49%
Resid. Mortgages 2nd lien
1.31%
1.90%
1.41%
2.67%
2.98%
2.58%
2.41%
3.36%
Other Consumer
1.15%
1.14%
1.14%
1.60%
1.78%
1.63%
1.56%
1.75%
Subtotal
2.39%
2.10%
1.69%
1.79%
1.93%
1.82%
1.95%
2.16%
Annual
Quarterly
(1) Computed from end-of-period loan and delinquency balances as reported in FRY9C
Source: SNL Interactive
Historical Credit Cycle - Annual Trend, 1991-Q3 2007
Securities Portfolio as of September 30, 2007
Securities portfolio totaled $8 billion at September 30
Equals 13% of total assets vs top-50 bank median of 17%
Effective duration just under 2.0 years
Approximately 75% mortgage related securities
Unrealized losses about $100 million - pretax
AAA Rated
48.9%
Agency
MBS/CMO
22.0%
CDO*
0.8%
< BBB
0.1%
AA Rated
2.2%
A to BBB
1.5%
All Other
18.7%
US Treasury &
Agency
Securities
4.4%
Municipal Bonds
1.4%
Investment Securities - Credit Rating Distribution
MBS/CMO
Non-Agency
52.7%
* Moody's dropped rating from Aa2 to Baa3 on CDO rated AA by S&P. Moody's also droppedrating from Aaa to Baa1 on one of two CDO's rated AAA by S&P. See slide 19
CDO Exposure as of September 30, 2007
$132mm CDO exposure in 3 separate securities
Two initially rated triple-A and one double-A
Mixed R/E and non-R/E collateral
Includes about 42% sub-prime ABS
Carried as available-for-sale
Marked to market through equity
Market value of $66mm at September 30, 2007
CDO Exposure - recent developments
Current unrealized loss estimated at $100mm
Fair value of $31mm
Two securities recently downgraded by Moody's
Aaa tranche to Baa1
Aa2 tranche to Baa3
S&P ratings unchanged at AAA and AA
Third security remains AAA/Aaa
All three securities current with principal and interest
If losses are deemed other than temporary in the future,mark to market losses (on an after-tax basis) would reducenet income
M&T Bank Corporation
Company Background & Recent Results
Loan and Investment Portfolios / Credit
Recent Events / Outlook
Shareholder Focus
Recent Events / Pending Acquisitions
Partners Trust acquisition
First Horizon Branch acquisition
Transaction: Merger of Partners Trust into M&T
Price: $12.50 per PRTR share
Financing: 50% cash / 50% M&T stock
Financial highlights:
Merger-related charges recognized in quarterwhich deal closes
Accretive to 2008 Net Operating Earnings
Accretive to 2009 GAAP Earnings
Partners Trust Transaction Highlights
Strengthens M&T's Market Position in Upstate NY
155,000 households
15 branches in Utica-Rome MSA (proforma #1 position)
10 branches in Binghamton MSA (proforma #1 position)
8 branches in Syracuse MSA (proforma #1 position)
33 branches and 46 ATMs (before divestitures)
M&T has 48 branches in these markets with $2.4 billion indeposits
16 M&T branches within 1 mile of a Partners Trust branch
Source: SNL Financial and company filings.
1. Data as of or for the quarter ended June 30, 2007.
Transaction: Purchase of 13 FHN Mid-Atlantic branches
Price: Not disclosed
Financing: Earnings retention; no stock issued
Financial impact:
Merger-related charges recognized in quarterwhich deal closes
13 FHN branches in Mid-Atlantic
3 Baltimore metro area
1 Bethesda, MD
9 Northern Virginia area
$250 million total loans
About 1/3 consumer, primarily home equity
About 2/3 commercial
$230 million deposits
Accelerates M&T's Mid-Atlantic Expansion
Low risk transactions; achievable cost savings
IRR for each comfortably exceeds acquisition hurdle rate
PRTR branch/back office overlap offers significantconsolidation opportunity
FHN branches offer some consolidation opportunity
More importantly, accelerates planned expansion in theMid-Atlantic
"Classic" M&T In-market transactions
M&T - Outlook
NIM pressure
Credit costs
Continued pressure from residential builder portfolio
Rising losses on non-Agency mortgages
NCO ratio rising to 30-35 basis points
Two acquisitions likely to close in 4Q07
Merger charges incurred in quarter of closing
Some possibility of additional charges in future periods
VISA settlement
Capital management
M&T Bank Corporation
Company Background & Recent Results
Loan and Investment Portfolios / Credit
Recent Events / Outlook
Shareholder Focus
What Makes M&T Unique?*
Management's Interestaligned withShareholders' Interests
Over 50% Ownershipbetween AIB, M&TInsiders and WarrenBuffett
AIB
Berkshire
Hathaway-
Warren
Buffett
Other
Shareholders
M&T
Management,
Directors and
Employees
* As of 2/28/07. Includes options & deferred bonus shares.
48.1%
21.4%
6.1%
24.4%
Return of Capital to Shareholders
Cumulative Capital Retained, Dividends and Share Repurchases
1983 - Q3 2007
$2.6 Billion
$2.0 Billion
$1.1 Billion Share Repurchases Dividends Capital Retained 3231.8 1429 2023.9 =sum(
$3.2 Billion
$2.0 Billion
$1.4 Billion
Note: Percentages do not add to 100% due to rounding.
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2.11 2.53 2.5 3.13 3.24 3.58 4.78 4.95 6 6.73 7.37 0.078 0.088 0.56 0.56 0.87 1.05 0.34 0.75 0.38 0.3 0.36
* Net operating EPS excludes amortization of intangible assets and merger-related costs.
Note: GAAP and net operating EPS in 1998-2002 have been restated for expensing
stock options.
M&T Diluted EPS 1996 - 2006, GAAP & Net Operating*
1996 - 2006 EPS CAGR GAAP 13.3% Net Operating* 13.4%
$3.69
$4.11
$4.63
$5.12
$5.70
$6.38
$3.06
$2.61
$2.19
$7.03
GAAP EPS
Net Operating EPS
$7.73
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Diluted Net Operating Earnings 0.09 0.29 0.39 0.46 0.48 0.6 0.57 0.79 0.92 1.3 1.34 1.57 1.8 2.19 2.61 3.06 3.69 4.11 4.63 5.12 5.7 6.38 7.03 7.73 Dividends 0.05 0.053 0.063 0.07 0.08 0.095 0.11 0.125 0.14 0.16 0.19 0.22 0.25 0.28 0.32 0.38 0.45 0.625 1 1.05 1.2 1.6 1.75 2.25
M&T Per Share Data 1983-2006
+21%CAGR
Note: Data prior to 1998 does not include provisions of SFAS No. 123 and
No.148 stock option expensing. CAGRs calculated using 1983 as base year.
+18%CAGR
$7.73
23.0% Annual rate of return since 1980
17th best return of the entire universe of over 800 U.S. basedstocks that have traded publicly since 1980
M&T Bank Corporation... a solid investment
*CAGR calculated assuming reinvestment of dividends through September 30, 2007.
Source: IDC & Factset
$3,165 invested in M&T in 1980 would be worth $1 million today
Merrill Lynch Financial Services
Investor Conference
November 15, 2007
Appendix
Reconciliation of GAAP and Non-GAAP Results of Operation
Reconciliation of GAAP and Non-GAAP Results of Operation
Reconciliation of GAAP and Non-GAAP Results of Operation
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