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0000950152-08-004142.txt : 200805190000950152-08-004142.hdr.sgml : 2008051920080519164621ACCESSION NUMBER:0000950152-08-004142CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:42CONFORMED PERIOD OF REPORT:20080519ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080519DATE AS OF CHANGE:20080519

FILER:

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:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-09861FILM NUMBER:08845765

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

8-K1l31729ae8vk.htmM&T BANK CORPORATION 8-K

M&T Bank Corporation 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May19, 2008

M&T BANK CORPORATION

(Exact name of registrant as specified in its charter)

New York

(State or other jurisdiction of incorporation)

1-9861

16-0968385

(Commission File Number)

(I.R.S. Employer Identification No.)

One M&T Plaza, Buffalo, New York

14203

(Address of principal executive offices)

(Zip Code)

Registrants telephone number, including area code:(716)842-5445

(NOT APPLICABLE)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions (see General InstructionsA.2. below):

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e4(c) under the Exchange Act (17CFR 240.13e-4(c))

Item7.01. RegulationFD Disclosure.

On May20, 2008, representatives of M&T Bank Corporation will deliver a presentation toinvestors and analysts at the Lehman Brothers Financial Services Conference in London, England. Acopy of this presentation is attached as Exhibit99.

The information in this Form 8-K, including Exhibit99 attached hereto, shall not be deemed tobe filed for purposes of Section18 of the Securities Exchange Act of 1934 (the Exchange Act),or otherwise subject to the liability of such section, nor shall it be deemed incorporated byreference in any filing of M&T under the Securities Act of 1933 or the Exchange Act, regardless ofany general incorporation language in such filing, unless expressly incorporated by specificreference in such filing.

Item9.01. Financial Statements and Exhibits.

(c)Exhibits.

Exhibit No.

99

M&T Bank Corporation Presentation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

M&T BANK CORPORATION

Date: May 19, 2008 By: /s/ Michael R. Spychola

Michael R. Spychola

Senior Vice President
and Controller

- 2 -

EXHIBIT INDEX

Exhibit No.

99

M&T Bank CorporationPresentation. Filed herewith.

- 3 -

EX-992l31729aexv99.htmEX-99

EX-99

Exhibit 99

Lehman Brothers

2008 Financial Services Conference

May 20, 2008

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 - A Name known in Buffalo since 1856

One of the 20 Largest U.S. Banks

$10.3 Billion Market Cap

$66 Billion in assets

687 branches in 7 States and the District

of Columbia

Serving customers in 1.8 million households

and +150,000 businesses

13,300+ employees

1,500+ ATM's

M&T Bank Corporation

2008 Q1 Results & Operating Philosophy

Investments/Initiatives

Shareholder Focus = Long Term Performance

Earnings Summary

1) Excludes merger-related expenses and amortization expense associated with intangible assets. Intangible Amortization net of tax: 1Q2007 =$11.2MM, 4Q2007 = $9.7MM, 1Q2008 = $11.2MM. Merger-related expenses net of tax: 4Q2007 = $9.1MM, 1Q2008 = $2.2MM

($ in millions, except EPS)

Benefit from Visa IPO

$33mm or $0.18 per share securities gain

$15mm or $0.08 per share partial reversal of 4Q07 accrual

Net interest margin - 3.38%, down 7bp from 4Q07

3bp from the full quarter effect of PRTR/FHN acquisitions

4bp from issuance of $400mm sub-debt; $350mm Trustpreferred

Average loans up 22% annualized from 4Q07; 17% ex-acquisitions

EOP loans up 11% annualized from 12/31/07

First Quarter 2008 Highlights

Key Ratios

Excludes amortization related to intangible assets and merger-related expenses.

Net Operating Income less dividends paid over average tangible common equity.

Excludes Securities Gains/(Losses).

2006 FY

2007 FY

1Q07

Actual

4Q07

Actual

1Q08

Actual

Net Interest Margin

3.70%

3.60%

3.64%

3.45%

3.38%

Return on Assets:

Tangible

(1)

1.67%

1.27%

1.40%

0.57%

1.41%

GAAP

1.50%

1.12%

1.25%

0.42%

1.25%

Return on Common Equity:

Tangible

(1)

29.55%

22.58%

24.11%

10.49%

27.86%

GAAP

13.89%

10.47%

11.38%

4.05%

12.49%

Capital Generation Rate

(2)

21.17%

13.54%

15.64%

0.86%

17.91%

Equity to Assets - Tangible

(1)

5.84%

5.01%

5.73%

5.01%

4.94%

Efficiency Ratio - Tangible

(1) (3)

51.51%

52.77%

55.09%

54.30%

52.85%

Allowance to Loans (EOP)

1.51%

1.58%

1.52%

1.58%

1.57%

Net Charge-Offs to Avg. Loans

0.16%

0.26%

0.16%

0.46%

0.38%

Net Interest Margin

Source: SNL Interactive.

Note: Top 50 banks based on asset size as of March 31, 2008.

Operating Philosophy

Consistent and conservative philosophy

Longstanding culture - developed through history ofvery high insider ownership

Shareholder oriented decision making

Diverse business mix and geography

Tangible Capital Generation - Q1 2008


Allowance to Loans - Q1 2008

Source: SNL Interactive

Allowance Coverage of Net Charge-Offs (in years) - Q1 2008

Source: SNL Interactive

Consistent Credit Culture

Operate Community Banking business model

14-region banking footprint

Relationship lender, not a transaction lender

Little appetite for syndicated loans

Small, niche-focused investment banking capability

Don't tighten and loosen credit standards through cycles

Disciplined pricing approach

Underwrite our own consumer loans

Investment Securities - Portfolio Composition

As of March 31, 2008

M&T Bank Corporation - As at Loans*

Investor CRE

24%

Consumer

23%

Prime

10%

Alt-A

2%

Residential

Const. & Dev.

4%

Owner

Occupied CRE

9%

Commercial &

Industrial

28%

ResidentialReal Estate12%

Commercial Real Estate 37%

As of 3/312008

As of March 31, 2008

NPL Size

# of Credits

%

$ 000s

%

>$15.0 MM

2

0%

$66,819

13%

$5 to $15 MM

4

0%

39,178

8%

$1 to $5 MM

25

0%

54,347

11%

< $1 MM

11,707

100%

334,176

68%

TOTAL

11,738

100%

$494,520

100%

Granularity of Non-Performing Loans

Consumer Loans - 30-89 day Delinquency EOP Trend1

Note: Computed from loan and delinquency balances as reported in FRY9C

Total Loan $ MM

6,513

Alt A $ MM

1,077

%

17%

Q108 Alt A exposure

Total Loan $ MM

562

Alt A $ MM

54

%

10%

Q108 Alt A exposure

Consumer Loans - Net Charge Off Ratios

Note: Computed from loan and net charge-off balances as reported in FRY9C. EOP loanbalances used to compute average loan balances. Q108 net charge-offs are as reported.NCO ratio for Q108 is annualized.

Historical Credit Cycle - Annual Trend, 1991-1Q08



Loan growth slowing from pace of past two quarters

Targeting growth in the mid-to-upper single digitsfor remainder of the year

Strength in C&I / CRE

Slow or no growth in consumer / residentialmortgages

Focus on deposit growth - multiple initiatives

Outlook

Continued modest NIM pressure

Focus on expenses - esp. PRTR synergies

NCOs continue to trend higher

No share repurchase until capital ratios back totarget range

Outlook





Economically Diverse Footprint

Operating Efficiency Ratio

Note: Ratio excludes amortization expense associated with intangible assets, merger-related expenses, and G/L on investment securities.



2008 Planned Growth in Operating Expenses

Initiatives

Partners & First

Horizon

Core Franchise

29% ofgrowth

33% ofgrowth

38% ofgrowth


Segmented growth strategy

Region's Growth Profile and M&T's Share

Investments & Initiatives Vary by Market

Low share - high growth

Moderate share - high growth

High share - reliable growth

Key:

Western NewYork

Rochester

Syracuse

Southern

Albany/HudsonValleyNorth

Tarrytown

NYC

NewJersey

NorthernPA

Central &WesternPA

Southeast PA

Philadelphia

Chesapeake

Baltimore

Gtr.Washington

Differences in market share andrelative growth rates require region-specific growth strategies

Segmented Growth Strategy

Strengthens M&T's Market Position in Upstate NY

Partners Trust branches

M&T Bank Corporation branches

Syracuse

Utica-Rome

Binghamton

Increased Focus on I-One* Region

22% CAGR

Net Income from I-One region as a percentage of Total Bank Net Income

Includes Greater Baltimore, Greater Washington, D.C., Chesapeake and Southeastern PAregions.

Distribution Network - Total Activity

Since 2003, M&T has made a concerted effort to update andexpand the branch network into higher growth corridors.

Over the past 24 months, actions taken include:

BWI Airport Branch de novo

7 additional de-novo branches

9 branch renovations

12 branch relocations

Acquired 11 Mid-Atlantic branches

Over the next two years we will continue fine tune the existingbranch system through additional renovations/relocations whileselectively adding de-novo branches in three targeted communitiesin the Maryland suburbs of Washington DC

Metro Markets

Focused on Commercial Business lines (MiddleMarket, Healthcare, Real Estate, Business Banking).

Opened Saddle Brook office in Bergen County, NJ inDecember 2007.

Continued investments in these markets.





M&T Bank Corporation - Consistent Performance

Consistent Growth in Net Operating Earnings*

19% CAGR since 1983

9% CAGR over past 10 years

Consistent Growth in Dividends*

18% CAGR since 1983

Ranked in top 10 of Top 50 banks for 10 year stock priceperformance**

* Through December 31, 2007 ** From 3/31/1998 to 3/31/2008

Return of Capital to Shareholders

Cumulative Capital Retained, Dividends and Share Repurchases

1983 - Q1 2008

$2.6 Billion

$2.0 Billion

$1.1 Billion Share Repurchases Dividends Capital Retained 3244.2 1582.9 2157

$3.2 Billion

$2.2 Billion

$1.6 Billion

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%

21.6% Annual rate of return since 1980*

19th best return of the entire universe of almost 800 U.S.based stocks that have traded publicly since 1980

$3,999 invested in M&T in 1980 would be worth $1 million today

M&T Bank Corporation... a solid investment

*CAGR calculated assuming reinvestment of dividends through March 31, 2008

Source: IDC & Factset

Lehman Brothers

2008 Financial Services Conference

May 20, 2008

Appendix

Reconciliation of GAAP and Non-GAAP Results of Operation

* Excludes gain/loss on sale of securities.

Net Income

and Earnings Per Share

1Q08

4Q07

1Q07

2007

2006

$'s in millions

Net income

$202.2

$64.9

$176.0

$654.3

$839.2

Intangible amortization,

net of tax

11.2

9.7

11.2

40.5

38.5

Merger-related expenses,

net of tax

2.2

9.1

- -

9.0

3.0

Net operating income

$215.6

$83.7

$187.2

$703.8

$880.7

Earnings Per Share

Diluted earnings per share

$1.82

$0.60

$1.57

$5.95

$7.37

Intangible amortization,

net of tax

0.10

0.09

0.10

0.37

0.33

Merger-related expenses,

net of tax

0.02

0.08

- -

0.08

0.03

Diluted net operating

earnings per share

$1.94

$0.77

$1.67

$6.40

$7.73

Efficiency Ratio

$'s in millions

Non-interest expenses

$425.7

$445.5

$399.0

$1,627.7

$1,551.7

less: intangible amortization

18.5

16.0

18.4

66.5

63.0

less: merger-related expenses

3.5

14.9

- -

14.9

5.0

Adjusted net operating expenses

$403.7

$414.6

$380.6

$1,546.3

$1,483.7

Adjusted T.E. revenues*

$763.8

$763.6

$691.0

$2,930.2

$2,880.5

Net operating efficiency ratio

52.9%

54.3%

55.1%

52.8%

51.5%



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