M&T Bank (MTB) FY2014 results: revenue $4.5 billion, down 1.8% on the year
M&T Bank Corp. (MTB) reported revenue of $4.5 billion for fiscal 2014, the year ended 31 December 2014, down 1.8% on the year before. Net income was $1.1 billion, down 6.3%, and diluted earnings per share $7.42. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$4.5 billion
-1.8% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$1.1 billion
-6.3% on the year
FY2007FY2014
Diluted EPS
$7.42
-9.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
4,456
4,538
4,266
-1.8%
Interest expense
280
284
343
-1.3%
Pre-tax income
1,642
1,766
1,553
-7.0%
Income tax
576
627
523
-8.1%
Effective tax rate
35.1%
35.5%
33.7%
Net income
1,066
1,138
1,029
-6.3%
Net margin
23.9%
25.1%
24.1%
Diluted EPS
$7.42
$8.20
$7.54
-9.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,099
932
500
+17.9%
Capital expenditure
73.0
130
92.0
-43.8%
Free cash flow
1,026
802
408
+27.9%
Cash from investing
n/a
-2,204
-4,061
Cash from financing
n/a
958
4,095
Depreciation and amortisation
96.5
91.5
n/a
+5.5%
Share-based compensation
65.0
55.0
57.0
+18.2%
Dividends paid
371
365
358
+1.6%
Dividend per share
$2.80
$2.80
$2.80
0.0%
Diluted shares, weighted
132m
130m
126m
+1.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
12,336
11,306
10,203
+9.1%
Deposits
73,582
67,119
65,611
+9.6%
Repurchase agreements
193
260
1,074
-26.0%
Debt
9,200
5,369
5,682
+71.3%
Other liabilities
1,375
1,108
438
+24.1%
Total liabilities and equity
96,686
85,162
83,009
+13.5%
Fixed assets
613
634
595
-3.2%
Goodwill
3,525
3,525
3,525
0.0%
Intangible assets
35.0
68.9
116
-49.1%
Securities held for sale or to maturity
12,581
8,365
5,661
+50.4%
Loans
65,749
63,156
65,645
+4.1%
Trading assets
308
376
489
-18.1%
Cash and equivalents
1,373
1,673
1,987
-17.9%
Other assets
12,501
7,365
4,992
+69.7%
Total assets
96,686
85,162
83,009
+13.5%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.