Table of Contents ITEM 2.
Properties.
The following table summarizes the facilities we lease as of December 31, 2017, including the location and size of each principal facility, and their designated use.
We believe our facilities are adequate for our current and near-term needs, and will be able to locate additional facilities as needed.
## Table 0 ##
*Excludes approximately 309,000 square feet for which the leases do not commence until 2018 and beyond.
ITEM 3.
Legal Proceedings.
We are involved in various lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and contractual matters.
In connection with these matters, we assess, on a regular basis, the probability and range of possible loss based on the developments in these matters.
A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated.
Because litigation is inherently unpredictable and unfavorable results could occur, assessing contingencies is highly subjective and requires judgments about future events.
We regularly review outstanding legal matters to determine the adequacy of the liabilities accrued and related disclosures.
The amount of ultimate loss may differ from these estimates.
Each matter presents its own unique circumstances, and prior litigation does not necessarily provide a reliable basis on which to predict the outcome, or range of outcomes, in any individual proceeding.
Because of the uncertainties related to the occurrence, amount, and range of loss on any pending litigation or claim, we are currently unable to predict their ultimate outcome, and, with respect to any pending litigation or claim where no liability has been accrued, to make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome.
In the event opposing litigants in outstanding litigations or claims ultimately succeed at trial and any subsequent appeals on their claims, any potential loss or charges in excess of any established accruals, individually or in the aggregate, could have a material adverse effect on our business, financial condition, results of operations, and/or cash flows in the period in which the unfavorable outcome occurs or becomes probable, and potentially in future periods.
ITEM 4.
Mine Safety Disclosures.
Not applicable
M & T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) funding and other requirements.
Loan commitments often have fixed expiration dates and contain termination and other clauses which provide for relief from funding in the event of significant deterioration in the credit quality of the customer.
The rates and terms of the Company’s loan commitments, credit guarantees and letters of credit are competitive with other financial institutions operating in markets served by the Company.
The Company believes that the carrying amounts, which are included in other liabilities, are reasonable estimates of the fair value of these financial instruments.
The Company does not believe that the estimated information presented herein is representative of the earnings power or value of the Company.
The preceding analysis, which is inherently limited in depicting fair value, also does not consider any value associated with existing customer relationships nor the ability of the Company to create value through loan origination, deposit gathering or fee generating activities.
Many of the estimates presented herein are based upon the use of highly subjective information and assumptions and, accordingly, the results may not be precise.
Management believes that fair value estimates may not be comparable between financial institutions due to the wide range of permitted valuation techniques and numerous estimates which must be made.
Furthermore, because the disclosed fair value amounts were estimated as of the balance sheet date, the amounts actually realized or paid upon maturity or settlement of the various financial instruments could be significantly different.20.
Commitments and contingencies In the normal course of business, various commitments and contingent liabilities are outstanding.
The following table presents the Company’s significant commitments.
Certain of these commitments are not included in the Company’s consolidated balance sheet.
## Table 1 ##
Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee.
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party.
Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, whereas commercial letters of credit are issued to facilitate commerce and typically result in the commitment being funded when the underlying transaction is consummated between the customer and third party.
The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies.
Collateral may be obtained based on management’s assessment of the customer’s creditworthiness.
Financial guarantees and indemnification contracts are oftentimes similar to standby letters of credit and include mandatory purchase agreements issued to ensure that customer obligations are fulfilled, recourse obligations associated with sold loans, and other guarantees of customer performance or compliance with designated rules and regulations.
Included in financial guarantees and indemnification contracts are loan principal amounts sold with recourse in conjunction with the Company’s
Table 4 COMMON SHAREHOLDER DATA
## Table 2 ##
Table 5 CHANGES IN INTEREST INCOME AND EXPENSE(a)
## Table 3 ##
(a) Interest income data are on a taxable-equivalent basis.
The apportionment of changes resulting from the combined effect of both volume and rate was based on the separately determined volume and rate changes.
Item 1A.
Risk Factors.
M&T and its subsidiaries could be adversely impacted by various risks and uncertainties which are difficult to predict.
As a financial institution, the Company has significant exposure to market risk, including interest-rate risk, liquidity risk and credit risk, among others.
Adverse experience with these or other risks could have a material impact on the Company’s financial condition and results of operations, as well as on the value of the Company’s financial instruments in general, and M&T’s common stock, in particular.

<table><tr><td>Location</td><td>Approximate Square Feet</td><td>Operation</td><td>LeaseExpiration Dates</td></tr><tr><td>San Diego, CA</td><td>1,218,000</td><td>R&D, Manufacturing, Warehouse, Distribution, and Administrative</td><td>2018 – 2031</td></tr><tr><td>San Francisco Bay Area, CA</td><td>616,000</td><td>R&D, Manufacturing, Warehouse, and Administrative</td><td>2018 – 2025</td></tr><tr><td>Singapore</td><td>395,000</td><td>R&D, Manufacturing, Warehouse, Distribution, and Administrative</td><td>2018 – 2025</td></tr><tr><td>Cambridge, United Kingdom*</td><td>92,000</td><td>R&D, Manufacturing, and Administrative</td><td>2020 – 2024</td></tr><tr><td>Eindhoven, the Netherlands</td><td>42,000</td><td>Distribution and Administrative</td><td>2020</td></tr><tr><td>Madison, WI*</td><td>73,000</td><td>R&D, Manufacturing, Warehouse, Distribution, and Administrative</td><td>2018 – 2019</td></tr><tr><td>Other*</td><td>78,000</td><td>Administrative</td><td>2018 – 2022</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31</td></tr><tr><td></td><td> 2006</td><td> 2005</td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>Commitments to extend credit</td><td></td><td></td></tr><tr><td>Home equity lines of credit</td><td>$5,450,382</td><td>$4,903,834</td></tr><tr><td>Commercial real estate loans to be sold</td><td>65,784</td><td>41,662</td></tr><tr><td>Other commercial real estate and construction</td><td>3,008,353</td><td>2,249,805</td></tr><tr><td>Residential real estate loans to be sold</td><td>679,591</td><td>351,898</td></tr><tr><td>Other residential real estate</td><td>493,122</td><td>848,015</td></tr><tr><td>Commercial and other</td><td>7,344,263</td><td>6,843,170</td></tr><tr><td>Standby letters of credit</td><td>3,622,860</td><td>3,523,234</td></tr><tr><td>Commercial letters of credit</td><td>30,209</td><td>47,360</td></tr><tr><td>Financial guarantees and indemnification contracts</td><td>1,036,117</td><td>1,186,385</td></tr><tr><td>Commitments to sell real estate loans</td><td>1,932,306</td><td>1,164,360</td></tr></table>
<table><tr><td></td><td>2006</td><td>2005</td><td>2004</td><td>2003</td><td> 2002</td></tr><tr><td>Per share</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></tr><tr><td>Basic</td><td>$7.55</td><td>$6.88</td><td>$6.14</td><td>$5.08</td><td>$4.94</td></tr><tr><td>Diluted</td><td>7.37</td><td>6.73</td><td>6.00</td><td>4.95</td><td>4.78</td></tr><tr><td>Cash dividends declared</td><td>2.25</td><td>1.75</td><td>1.60</td><td>1.20</td><td>1.05</td></tr><tr><td>Stockholders’ equity at year-end</td><td>56.94</td><td>52.39</td><td>49.68</td><td>47.55</td><td>34.82</td></tr><tr><td>Tangible stockholders’ equity at year-end</td><td>28.57</td><td>25.91</td><td>23.62</td><td>21.97</td><td>22.04</td></tr><tr><td>Dividend payout ratio</td><td>29.79%</td><td>25.42%</td><td>26.00%</td><td>23.62%</td><td>21.24%</td></tr></table>
<table><tr><td></td><td colspan="3"> 2006 Compared with 2005</td><td colspan="3">2005 Compared with 2004</td></tr><tr><td></td><td>Total</td><td colspan="2"> Resulting from Changes in:</td><td>Total</td><td colspan="2">Resulting from Changes in:</td></tr><tr><td></td><td>Change</td><td>Volume</td><td> Rate</td><td>Change</td><td>Volume</td><td>Rate</td></tr><tr><td></td><td colspan="6">(Increase (decrease) in thousands)</td></tr><tr><td>Interest income</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and leases, including fees</td><td>$508,777</td><td>121,931</td><td>386,846</td><td>$446,762</td><td>133,491</td><td>313,271</td></tr><tr><td>Deposits at banks</td><td>203</td><td>39</td><td>164</td><td>104</td><td>-15</td><td>119</td></tr><tr><td>Federal funds sold and agreements to resell securities</td><td>4,789</td><td>3,495</td><td>1,294</td><td>674</td><td>392</td><td>282</td></tr><tr><td>Trading account</td><td>902</td><td>204</td><td>698</td><td>1,126</td><td>301</td><td>825</td></tr><tr><td>Investment securities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies</td><td>-12,859</td><td>-24,339</td><td>11,480</td><td>-24,425</td><td>-26,869</td><td>2,444</td></tr><tr><td>Obligations of states and political subdivisions</td><td>-637</td><td>-1,479</td><td>842</td><td>-4,157</td><td>-2,415</td><td>-1,742</td></tr><tr><td>Other</td><td>26,580</td><td>8,545</td><td>18,035</td><td>69,859</td><td>56,376</td><td>13,483</td></tr><tr><td>Total interest income</td><td>$527,755</td><td></td><td></td><td>$489,943</td><td></td><td></td></tr><tr><td>Interest expense</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing deposits</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>NOW accounts</td><td>$1,279</td><td>216</td><td>1,063</td><td>$380</td><td>-594</td><td>974</td></tr><tr><td>Savings deposits</td><td>62,098</td><td>-4,684</td><td>66,782</td><td>47,381</td><td>-2,601</td><td>49,982</td></tr><tr><td>Time deposits</td><td>256,732</td><td>124,211</td><td>132,521</td><td>140,060</td><td>58,514</td><td>81,546</td></tr><tr><td>Deposits at foreign office</td><td>58,226</td><td>-6,908</td><td>65,134</td><td>77,088</td><td>11,031</td><td>66,057</td></tr><tr><td>Short-term borrowings</td><td>69,997</td><td>-12,406</td><td>82,403</td><td>86,681</td><td>-3,668</td><td>90,349</td></tr><tr><td>Long-term borrowings</td><td>53,869</td><td>-18,229</td><td>72,098</td><td>78,601</td><td>21,319</td><td>57,282</td></tr><tr><td>Total interest expense</td><td>$502,201</td><td></td><td></td><td>$430,191</td><td></td><td></td></tr></table>

Question: What's the average of the Stockholders'equity at year-end for Net income in the years where Other residential real estate for Commitments to extend credit is positive?
Answer: 54.665