on the underlying exposure.
For derivative contracts that are designated and qualify as cash fl ow hedges, the effective portion of gains and losses on these contracts is reported as a component of other comprehensive income and reclassifi ed into earnings in the same period the hedged transaction affects earnings.
Hedge ineffectiveness is immediately recognized in earnings.
Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change.
We may enter into foreign currency forward and option contracts to reduce the effect of fl uctuating currency exchange rates (principally the euro, the British pound, and the Japanese yen).
Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures.
Forward contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies.
These contracts are recorded at fair value with the gain or loss recognized in other—net.
The purchased option contracts are used to hedge anticipated foreign currency transactions, primarily intercompany inventory activities expected to occur within the next year.
These contracts are designated as cash fl ow hedges of those future transactions and the impact on earnings is included in cost of sales.
We may enter into foreign currency forward contracts and currency swaps as fair value hedges of fi rm commitments.
Forward and option contracts generally have maturities not exceeding 12 months.
In the normal course of business, our operations are exposed to fl uctuations in interest rates.
These fl uctuations can vary the costs of fi nancing, investing, and operating.
We address a portion of these risks through a controlled program of risk management that includes the use of derivative fi nancial instruments.
The objective of controlling these risks is to limit the impact of fl uctuations in interest rates on earnings.
Our primary interest rate risk exposure results from changes in short-term U. S.  dollar interest rates.
In an effort to manage interest rate exposures, we strive to achieve an acceptable balance between fi xed and fl oating rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance.
Interest rate swaps or collars that convert our fi xedrate debt or investments to a fl oating rate are designated as fair value hedges of the underlying instruments.
Interest rate swaps or collars that convert fl oating rate debt or investments to a fi xed rate are designated as cash fl ow hedges.
Interest expense on the debt is adjusted to include the payments made or received under the swap agreements.
Goodwill and other intangibles: Goodwill is not amortized.
All other intangibles arising from acquisitions and research alliances have fi nite lives and are amortized over their estimated useful lives, ranging from 5 to 20 years, using the straight-line method.
The weighted-average amortization period for developed product technology is approximately 12 years.
Amortization expense for 2008, 2007, and 2006 was $193.4 million, $172.8 million, and $7.6 million before tax, respectively.
The estimated amortization expense for each of the fi ve succeeding years approximates $280 million before tax, per year.
Substantially all of the amortization expense is included in cost of sales.
See Note 3 for further discussion of goodwill and other intangibles acquired in 2008 and 2007.
Goodwill and other intangible assets at December 31 were as follows:
## Table 0 ##
Goodwill and net other intangibles are reviewed to assess recoverability at least annually and when certain impairment indicators are present.
No signifi cant impairments occurred with respect to the carrying value of our goodwill or other intangible assets in 2008, 2007, or 2006.
Property and equipment: Property and equipment is stated on the basis of cost.
Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and 3 to 18 years for equipment).
We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the
Table 24 RECONCILIATION OF QUARTERLY GAAP TO NON-GAAP MEASURES
## Table 1 ##
(a) After any related tax effect.
M & T BANK CORPORAT ION AND SUBSIDIARIES Notes to Financial Statements — (Continued) delinquent or foreclosed loans from the trusts by the Company in 2009 or 2008.
The Company has not provided financial or other support to the trusts during 2009 or 2008 that was not contractually required.
Certain cash flows between the Company and the trusts were as follows:
## Table 2 ##
A summary of the fair values of retained subordinated interests resulting from the Company’s residential mortgage loan securitization activities follows.
Although the estimated fair values of the retained subordinated interests were obtained from independent pricing sources, the Company has modeled the sensitivity of such fair values to changes in certain assumptions as summarized in the table below.
These calculated sensitivities are hypothetical and actual changes in the fair value may differ significantly from the amounts presented herein.
The effect of a variation in a particular assumption on the fair values is calculated without changing any other assumption.
In reality, changes in one factor may result in changes in another which may magnify or counteract the sensitivities.
The changes in assumptions are presumed to be instantaneous.
The hypothetical effect of adverse changes on the Company’s retained capitalized servicing assets at December 31, 2009 is included in note 7.
## Table 3 ##
The subordinated retained securities do not have pro rata participation in loan principal prepayments for the first seven years of each securitization.
The assumed weighted-average discount rate is 815 basis points higher than the weighted-average coupon of the underlying mortgage loans at Decem- ber 31, 2009.20.
Fair value measurements GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value.
The Company has not made any fair value elections as of December 31, 2009.
Pursuant to GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
A three-level hierarchy exists in GAAP for fair value measurements based upon the inputs to the valuation of an asset or liability.  ?
Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities.  ?
Level 2 — Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market.  ?
Level 3 — Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability.
When available, the Company attempts to use quoted market prices in active markets to determine fair value and classifies such items as Level 1 or Level 2.
If quoted market prices in active markets are not
short-term borrowings from the Federal Reserve totaled $1.0 billion.
Those borrowings were bid for by the Company through the Federal Reserve’s TAF program and had maturities of 84 days.
As a source of funding and to enhance regulatory capital ratios, during January 2008, M&T Capital Trust IV issued $350 million of Enhanced Trust Preferred Securities bearing a fixed rate of interest of 8.50% and maturing in 2068.
The related junior subordinated debentures are included in long-term borrowings.
Such securities qualify for inclusion in the Company’s Tier 1 Capital as defined by federal regulators.
The Company has issued subordinated capital notes from time to time to provide liquidity and enhance regulatory capital ratios.
Such notes qualify for inclusion in the Company’s total capital as defined by federal regulators.
Information about the Company’s borrowings is included in note 9 of Notes to Financial Statements.
The Company has informal and sometimes reciprocal sources of funding available through various arrangements for unsecured short-term borrowings from a wide group of banks and other financial institutions.
Short-term federal funds borrowings were $2.1 billion and $809 million at December 31, 2009 and 2008, respectively.
In general, those borrowings were unsecured and matured on the next business day.
As already noted, offshore branch deposits and brokered certificates of deposit have been used by the Company as an alternative to short-term borrowings.
Offshore branch deposits also generally mature on the next business day and totaled $1.1 billion and $4.0 billion at December 31, 2009 and 2008, respectively.
Outstanding brokered time deposits at December 31, 2009 and December 31, 2008 were $868 million and $487 million, respectively.
Such deposits at December 31, 2009 included $813 million of brokered time deposits obtained in the acquisition of Provident.
At December 31, 2009, the weighted-average remaining term to maturity of brokered time deposits was 21 months.
Certain of these brokered deposits have provisions that allow for early redemption.
The Company also had brokered NOW and brokered money-market deposit accounts which aggregated $618 million and $537 million at December 31, 2009 and 2008, respectively.
The Company’s ability to obtain funding from these or other sources could be negatively affected should the Company experience a substantial deterioration in its financial condition or its debt ratings, or should the availability of short-term funding become restricted due to a disruption in the financial markets.
The Company attempts to quantify such credit-event risk by modeling scenarios that estimate the liquidity impact resulting from a short-term ratings downgrade over various grading levels.
Such impact is estimated by attempting to measure the effect on available unsecured lines of credit, available capacity from secured borrowing sources and securitizable assets.
Information about the credit ratings of M&T and M&T Bank is presented in table 15.
Additional information regarding the terms and maturities of all of the Company’s short-term and long-term borrowings is provided in note 9 of Notes to Financial Statements.
In addition to deposits and borrowings, other sources of liquidity include maturities of investment securities and other earning assets, repayments of loans and investment securities, and cash generated from operations, such as fees collected for services.
Table 15 DEBT RATINGS

<table><tr><td></td><td>2008</td><td>2007</td></tr><tr><td>Goodwill</td><td>$1,167.5</td><td>$745.7</td></tr><tr><td>Developed product technology — gross</td><td>3,035.4</td><td>1,767.5</td></tr><tr><td>Less accumulated amortization</td><td>-346.6</td><td>-162.6</td></tr><tr><td>Developed product technology — net</td><td>2,688.8</td><td>1,604.9</td></tr><tr><td>Other intangibles — gross</td><td>243.2</td><td>142.8</td></tr><tr><td>Less accumulated amortization</td><td>-45.4</td><td>-38.0</td></tr><tr><td>Other intangibles — net</td><td>197.8</td><td>104.8</td></tr><tr><td>Total intangibles — net</td><td>$4,054.1</td><td>$2,455.4</td></tr></table>
<table><tr><td></td><td colspan="4">2009 Quarters</td><td colspan="4">2008 Quarters</td></tr><tr><td></td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td></tr><tr><td> Income statement data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><i>In thousands, except per share</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> Net income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$136,818</td><td>$127,664</td><td>$51,188</td><td>$64,221</td><td>$102,241</td><td>$91,185</td><td>$160,265</td><td>$202,196</td></tr><tr><td>Amortization of core deposit and other intangible assets(a)</td><td>10,152</td><td>10,270</td><td>9,247</td><td>9,337</td><td>9,543</td><td>9,624</td><td>10,096</td><td>11,241</td></tr><tr><td>Merger-related gain(a)</td><td>—</td><td>-17,684</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Merger-related expenses(a)</td><td>3,806</td><td>8,511</td><td>40,370</td><td>1,476</td><td>—</td><td>—</td><td>—</td><td>2,160</td></tr><tr><td>Net operating income</td><td>$150,776</td><td>$128,761</td><td>$100,805</td><td>$75,034</td><td>$111,784</td><td>$100,809</td><td>$170,361</td><td>$215,597</td></tr><tr><td> Earnings per common share</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Diluted earnings per common share</td><td>$1.04</td><td>$.97</td><td>$.36</td><td>$.49</td><td>$.92</td><td>$.82</td><td>$1.44</td><td>$1.82</td></tr><tr><td>Amortization of core deposit and other intangible assets(a)</td><td>.09</td><td>.09</td><td>.08</td><td>.09</td><td>.08</td><td>.09</td><td>.09</td><td>.10</td></tr><tr><td>Merger-related gain(a)</td><td>—</td><td>-.15</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Merger-related expenses(a)</td><td>.03</td><td>.07</td><td>.35</td><td>.01</td><td>—</td><td>—</td><td>—</td><td>.02</td></tr><tr><td>Diluted net operating earnings per common share</td><td>$1.16</td><td>$.98</td><td>$.79</td><td>$.59</td><td>$1.00</td><td>$.91</td><td>$1.53</td><td>$1.94</td></tr><tr><td> Other expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other expense</td><td>$478,451</td><td>$500,056</td><td>$563,710</td><td>$438,346</td><td>$446,819</td><td>$434,763</td><td>$419,710</td><td>$425,704</td></tr><tr><td>Amortization of core deposit and other intangible assets</td><td>-16,730</td><td>-16,924</td><td>-15,231</td><td>-15,370</td><td>-15,708</td><td>-15,840</td><td>-16,615</td><td>-18,483</td></tr><tr><td>Merger-related expenses</td><td>-6,264</td><td>-14,010</td><td>-66,457</td><td>-2,426</td><td>—</td><td>—</td><td>—</td><td>-3,547</td></tr><tr><td>Noninterest operating expense</td><td>$455,457</td><td>$469,122</td><td>$482,022</td><td>$420,550</td><td>$431,111</td><td>$418,923</td><td>$403,095</td><td>$403,674</td></tr><tr><td> Merger-related expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Salaries and employee benefits</td><td>$381</td><td>$870</td><td>$8,768</td><td>$11</td><td>$—</td><td>$—</td><td>$—</td><td>$62</td></tr><tr><td>Equipment and net occupancy</td><td>545</td><td>1,845</td><td>581</td><td>4</td><td>—</td><td>—</td><td>—</td><td>49</td></tr><tr><td>Printing, postage and supplies</td><td>233</td><td>629</td><td>2,514</td><td>301</td><td>—</td><td>—</td><td>—</td><td>367</td></tr><tr><td>Other costs of operations</td><td>5,105</td><td>10,666</td><td>54,594</td><td>2,110</td><td>—</td><td>—</td><td>—</td><td>3,069</td></tr><tr><td>Total</td><td>$6,264</td><td>$14,010</td><td>$66,457</td><td>$2,426</td><td>$—</td><td>$—</td><td>$—</td><td>$3,547</td></tr><tr><td> Balance sheet data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><i>In millions</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> Average assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average assets</td><td>$68,919</td><td>$69,154</td><td>$66,984</td><td>$64,766</td><td>$64,942</td><td>$64,997</td><td>$65,584</td><td>$65,015</td></tr><tr><td>Goodwill</td><td>-3,525</td><td>-3,525</td><td>-3,326</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,196</td></tr><tr><td>Core deposit and other intangible assets</td><td>-191</td><td>-208</td><td>-188</td><td>-176</td><td>-191</td><td>-206</td><td>-222</td><td>-239</td></tr><tr><td>Deferred taxes</td><td>37</td><td>41</td><td>30</td><td>22</td><td>25</td><td>28</td><td>31</td><td>34</td></tr><tr><td>Average tangible assets</td><td>$65,240</td><td>$65,462</td><td>$63,500</td><td>$61,420</td><td>$61,584</td><td>$61,627</td><td>$62,201</td><td>$61,614</td></tr><tr><td> Average common equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average total equity</td><td>$7,686</td><td>$7,521</td><td>$7,127</td><td>$6,780</td><td>$6,354</td><td>$6,415</td><td>$6,469</td><td>$6,513</td></tr><tr><td>Preferred stock</td><td>-729</td><td>-727</td><td>-636</td><td>-568</td><td>-55</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Average common equity</td><td>6,957</td><td>6,794</td><td>6,491</td><td>6,212</td><td>6,299</td><td>6,415</td><td>6,469</td><td>6,513</td></tr><tr><td>Goodwill</td><td>-3,525</td><td>-3,525</td><td>-3,326</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,196</td></tr><tr><td>Core deposit and other intangible assets</td><td>-191</td><td>-208</td><td>-188</td><td>-176</td><td>-191</td><td>-206</td><td>-222</td><td>-239</td></tr><tr><td>Deferred taxes</td><td>37</td><td>41</td><td>30</td><td>22</td><td>25</td><td>28</td><td>31</td><td>34</td></tr><tr><td>Average tangible common equity</td><td>$3,278</td><td>$3,102</td><td>$3,007</td><td>$2,866</td><td>$2,941</td><td>$3,045</td><td>$3,086</td><td>$3,112</td></tr><tr><td> At end of quarter</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> Total assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$68,880</td><td>$68,997</td><td>$69,913</td><td>$64,883</td><td>$65,816</td><td>$65,247</td><td>$65,893</td><td>$66,086</td></tr><tr><td>Goodwill</td><td>-3,525</td><td>-3,525</td><td>-3,525</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,192</td></tr><tr><td>Core deposit and other intangible assets</td><td>-182</td><td>-199</td><td>-216</td><td>-168</td><td>-183</td><td>-199</td><td>-214</td><td>-230</td></tr><tr><td>Deferred taxes</td><td>35</td><td>39</td><td>43</td><td>21</td><td>23</td><td>27</td><td>30</td><td>32</td></tr><tr><td>Total tangible assets</td><td>$65,208</td><td>$65,312</td><td>$66,215</td><td>$61,544</td><td>$62,464</td><td>$61,883</td><td>$62,517</td><td>$62,696</td></tr><tr><td> Total common equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total equity</td><td>$7,753</td><td>$7,612</td><td>$7,400</td><td>$6,902</td><td>$6,785</td><td>$6,417</td><td>$6,519</td><td>$6,488</td></tr><tr><td>Preferred stock</td><td>-730</td><td>-728</td><td>-725</td><td>-568</td><td>-568</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Unamortized discount and undeclared dividends — preferred stock</td><td>-6</td><td>-5</td><td>-6</td><td>-5</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total common equity</td><td>7,017</td><td>6,879</td><td>6,669</td><td>6,329</td><td>6,217</td><td>6,417</td><td>6,519</td><td>6,488</td></tr><tr><td>Goodwill</td><td>-3,525</td><td>-3,525</td><td>-3,525</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,192</td><td>-3,192</td></tr><tr><td>Core deposit and other intangible assets</td><td>-182</td><td>-199</td><td>-216</td><td>-168</td><td>-183</td><td>-199</td><td>-214</td><td>-230</td></tr><tr><td>Deferred taxes</td><td>35</td><td>39</td><td>43</td><td>21</td><td>23</td><td>27</td><td>30</td><td>32</td></tr><tr><td>Total tangible common equity</td><td>$3,345</td><td>$3,194</td><td>$2,971</td><td>$2,990</td><td>$2,865</td><td>$3,053</td><td>$3,143</td><td>$3,098</td></tr></table>
<table><tr><td></td><td colspan="2"> Year Ended December 31</td></tr><tr><td></td><td> 2009</td><td> 2008</td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>Principal and interest payments on retained securities</td><td>$115,830</td><td>$109,779</td></tr><tr><td>Servicing fees received</td><td>1,312</td><td>1,571</td></tr></table>
<table><tr><td></td><td> Fair   Value</td><td>Weighted- Average Prepayment Speed</td><td>Weighted- Average Discount Rate</td><td>Annual Expected Credit Defaults</td></tr><tr><td></td><td colspan="4">(Dollars in thousands)</td></tr><tr><td>Retained subordinated interests:</td><td></td><td></td><td></td><td></td></tr><tr><td>As of securitization date</td><td>$91,705</td><td>23.81%</td><td>7.68%</td><td>0.09%</td></tr><tr><td>As of December 31, 2009</td><td>30,875</td><td>10.44%</td><td>13.86%</td><td>0.11%</td></tr><tr><td>Impact on fair value of 10% adverse change</td><td></td><td>$-324</td><td>$-1,327</td><td>$-47</td></tr><tr><td>Impact on fair value of 20% adverse change</td><td></td><td>-659</td><td>-2,547</td><td>-99</td></tr></table>

Question: What is the growing rate of Diluted earnings per common share in the years with the least Merger-related expenses(a)??
Answer: -0.74825