Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Parent company financial statements [Abstract]

Parent company financial statements

26.    Parent company financial statements

Condensed Balance Sheet

	December 31
	2011		2010
	(In thousands)
Assets
Cash in subsidiary bank	$	3,798	$	1,784
Due from consolidated bank subsidiaries
Money-market savings		645,330		481,340
Current income tax receivable		—		2,664
Total due from consolidated bank subsidiaries		645,330		484,004
Investments in consolidated subsidiaries
Banks and bank holding company		9,929,758		9,048,703
Other		16,025		30,978
Investments in unconsolidated subsidiaries (note 19)		34,091		34,257
Investment in Bayview Lending Group LLC		115,000		219,800
Other assets		82,358		88,976
Total assets	$	10,826,360	$	9,908,502
Liabilities
Due to consolidated bank subsidiaries	$	30	$	20
Accrued expenses and other liabilities		75,828		73,283
Long-term borrowings (a)		1,479,293		1,477,504
Total liabilities		1,555,151		1,550,807
Shareholders’ equity		9,271,209		8,357,695
Total liabilities and shareholders’ equity	$	10,826,360	$	9,908,502

Condensed Statement of Income

	Year Ended December 31
	2011			2010			2009
	(In thousands, except per share)
Income
Dividends from consolidated bank subsidiaries	$	715,000		$	500,000		$	—
Equity in earnings of Bayview Lending Group LLC		(24,231	)		(25,768	)		(25,898	)
Other income		67,829			(5,435	)		10,670
Total income		758,598			468,797			(15,228	)
Expense
Interest on long-term borrowings		90,959			91,073			93,331
Other expense (b)		87,368			7,447			5,427
Total expense		178,327			98,520			98,758
Income (loss) before income taxes and equity in undistributed income of subsidiaries		580,271			370,277			(113,986	)
Income tax credits		50,460			48,416			42,740
Income (loss) before equity in undistributed income of subsidiaries		630,731			418,693			(71,246	)
Equity in undistributed income of subsidiaries
Net income of subsidiaries		943,748			817,468			451,137
Less: dividends received		(715,000	)		(500,000	)		—
Equity in undistributed income of subsidiaries		228,748			317,468			451,137
Net income	$	859,479		$	736,161		$	379,891
Net income per common share
Basic	$	6.37		$	5.72		$	2.90
Diluted		6.35			5.69			2.89

(a) Includes $300 million 5.375% senior notes of M&T issued in 2007 that mature in May 2012.

(b) In 2011 includes $79 million write-down of Investment in Bayview Lending Group LLC.

Condensed Statement of Cash Flows

	Year Ended December 31
	2011			2010			2009
	(In thousands)
Cash flows from operating activities
Net income	$	859,479		$	736,161		$	379,891
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(228,748	)		(317,468	)		(451,137	)
Provision for deferred income taxes		(10,349	)		2,237			291
Asset write-downs		79,012			—			—
Net change in accrued income and expense		44,336			43,567			14,589
Net cash provided (used) by operating activities		743,730			464,497			(56,366	)
Cash flows from investing activities
Proceeds from sales of investment securities		1,987			2,591			—
Proceeds from maturities of investment securities		4,400			1,150			6,600
Purchases of investment securities		—			(2,225	)		(1,855	)
Investment in subsidiary		—			—			(120,000	)
Proceeds from repayment of advances to subsidiaries		—			—			200,000
Purchase of Wilmington Trust Corporation preferred stock		(330,000	)		—			—
Other, net		2,833			1,033			15,088
Net cash provided (used) by investing activities		(320,780	)		2,549			99,833
Cash flows from financing activities
Payments on long-term borrowings		—			—			(111,046	)
Dividends paid — common		(350,129	)		(335,303	)		(325,706	)
Dividends paid — preferred		(48,203	)		(40,225	)		(31,946	)
Proceeds from subsidiary for issuance of common stock to defined benefit pension plan		—			—			44,289
Proceeds from issuance of preferred stock		495,000			—			—
Redemption of preferred stock		(370,000	)		—			—
Other, net		16,386			63,122			12,255
Net cash used by financing activities		(256,946	)		(312,406	)		(412,154	)
Net increase (decrease) in cash and cash equivalents		166,004			154,640			(368,687	)
Cash and cash equivalents at beginning of year		483,124			328,484			697,171
Cash and cash equivalents at end of year	$	649,128		$	483,124		$	328,484
Supplemental disclosure of cash flow information
Interest received during the year	$	2,082		$	1,581		$	4,960
Interest paid during the year		87,184			87,456			92,247
Income taxes received during the year		57,964			50,882			45,745