Table 23 QUARTERLY TRENDS
## Table 0 ##
(a) Excludes impact of merger-related gains and expenses and net securities transactions.
(b) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related gains and expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects.
A reconciliation of net income and net operating income appears in Table 24.
(c) The difference between total assets and total tangible assets, and common stockholders’ equity and tangible common stockholders’ equity, represents goodwill, core deposit and other intangible assets, net of applicable deferred tax balances.
A reconciliation of such balances appears in Table 24.
M & T BANK CORPORAT ION AND SUBSIDIARIES Notes to Financial Statements — (Continued) 2009.
The pledged securities included securities of the U. S.  Treasury and federal agencies and mortgagebacked securities.4.
Loans and leases Total gross loans and leases outstanding were comprised of the following:
## Table 1 ##
One-to-four family residential mortgage loans held for sale were $530 million at December 31, 2009 and $352 million at December 31, 2008.
Commercial mortgage loans held for sale were $123 million at December 31, 2009 and $156 million at December 31, 2008.
As of December 31, 2009, approximately $16 million of one-to-four family residential mortgage loans serviced for others had been sold with credit recourse.
As of December 31, 2009, approximately $1.3 billion of commercial mortgage loan balances serviced for others had been sold with recourse in conjunction with the Company’s participation in the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program.
At December 31, 2009 the Company estimated that the recourse obligations described above were not material to the Company’s consolidated financial position.
There have been no material losses incurred as a result of those credit recourse arrangements.
Nonaccrual loans totaled $1,331,702,000 at December 31, 2009 and $755,397,000 at December 31, 2008.
Renegotiated loans (loans which had been renegotiated at below-market interest rates or for which other concessions were granted, but are accruing interest) were $212,548,000 and $91,575,000 at December 31, 2009 and 2008, respectively.
During 2009 and 2008, to assist borrowers the Company modified the terms of select residential real estate loans consisting largely of loans in the Company’s portfolio of Alt-A loans.
At December 31, 2009, outstanding balances of those modified loans totaled approximately $292 million.
Of that total, $108 million were included in nonaccrual loans at December 31, 2009.
The remaining $184 million of such modified loans have demonstrated payment capability consistent with the modified terms and accordingly, were classified as renegotiated loans and were accruing interest at the 2009 year-end.
If nonaccrual and renegotiated loans had been accruing interest at their originally contracted terms, interest income on such loans would have amounted to $99,618,000 in 2009 and $61,666,000 in 2008.
The actual amounts included in interest income during 2009 and 2008 on such loans were $43,920,000 and $36,747,000, respectively.
The recorded investment in loans considered impaired for purposes of applying GAAP was $1,311,616,000 and $616,743,000 at December 31, 2009 and 2008, respectively.
The recorded investment in loans considered impaired for which there was a related valuation allowance for impairment included in the allowance for credit losses and the amount of such impairment allowance were $1,077,626,000 and $244,137,000, respectively, at December 31, 2009 and $501,873,000 and $123,674,000, respectively, at December 31, 2008.
The recorded investment in loans considered impaired for which there was no related valuation allowance for impairment was $233,990,000 and $114,870,000 at December 31, 2009
At December 31, 2015 and 2014, we had a modest working capital surplus.
This reflects a strong cash position that provides enhanced liquidity in an uncertain economic environment.
In addition, we believe we have adequate access to capital markets to meet any foreseeable cash requirements, and we have sufficient financial capacity to satisfy our current liabilities.
## Table 2 ##
Operating Activities Cash provided by operating activities decreased in 2015 compared to 2014 due to lower net income and changes in working capital, partially offset by the timing of tax payments.
Federal tax law provided for 100% bonus depreciation for qualified investments made during 2011 and 50% bonus depreciation for qualified investments made during 2012-2013.
As a result, the Company deferred a substantial portion of its 2011-2013 income tax expense, contributing to the positive operating cash flow in those years.
Congress extended 50% bonus depreciation for 2014, but this extension occurred in December, and the related benefit was realized in 2015, rather than 2014.
Similarly, in December of 2015, Congress extended bonus depreciation through 2019, which delayed the benefit of 2015 bonus depreciation into 2016.
Bonus depreciation will be at a rate of 50% for 2015, 2016 and 2017, 40% for 2018 and 30% for 2019.
Higher net income in 2014 increased cash provided by operating activities compared to 2013, despite higher income tax payments.2014 income tax payments were higher than 2013 primarily due to higher income, but also because we paid taxes previously deferred by bonus depreciation.
Investing Activities Higher capital investments in locomotives and freight cars, including $327 million in early lease buyouts, which we exercised due to favorable economic terms and market conditions, drove the increase in cash used in investing activities in 2015 compared to 2014.
Higher capital investments, including the early buyout of the long-term operating lease of our headquarters building for approximately $261 million, drove the increase in cash used in investing activities in 2014 compared to 2013.
Significant investments also were made for new locomotives, freight cars and containers, and capacity and commercial facility projects.
Capital investments in 2014 also included $99 million for the early buyout of locomotives and freight cars under long-term operating leases, which we exercised due to favorable economic terms and market conditions.

<table><tr><td></td><td colspan="4">2009 Quarters</td><td colspan="4"> 2008 Quarters</td></tr><tr><td> Earnings and dividends</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><i>Amounts 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>Interest income (taxable-equivalent basis)</td><td>$698,556</td><td>$706,388</td><td>$682,637</td><td>$659,445</td><td>$779,468</td><td>$806,614</td><td>$823,425</td><td>$889,945</td></tr><tr><td>Interest expense</td><td>133,950</td><td>152,938</td><td>175,856</td><td>206,705</td><td>288,426</td><td>313,115</td><td>330,942</td><td>405,312</td></tr><tr><td>Net interest income</td><td>564,606</td><td>553,450</td><td>506,781</td><td>452,740</td><td>491,042</td><td>493,499</td><td>492,483</td><td>484,633</td></tr><tr><td>Less: provision for credit losses</td><td>145,000</td><td>154,000</td><td>147,000</td><td>158,000</td><td>151,000</td><td>101,000</td><td>100,000</td><td>60,000</td></tr><tr><td>Other income</td><td>265,890</td><td>278,226</td><td>271,649</td><td>232,341</td><td>241,417</td><td>113,717</td><td>271,182</td><td>312,663</td></tr><tr><td>Less: 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>Income before income taxes</td><td>207,045</td><td>177,620</td><td>67,720</td><td>88,735</td><td>134,640</td><td>71,453</td><td>243,955</td><td>311,592</td></tr><tr><td>Applicable income taxes (benefit)</td><td>64,340</td><td>44,161</td><td>11,318</td><td>19,581</td><td>27,432</td><td>-24,992</td><td>77,839</td><td>103,613</td></tr><tr><td>Taxable-equivalent adjustment</td><td>5,887</td><td>5,795</td><td>5,214</td><td>4,933</td><td>4,967</td><td>5,260</td><td>5,851</td><td>5,783</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>Net income available to common shareholders</td><td>$122,910</td><td>$113,894</td><td>40,516</td><td>54,618</td><td>101,451</td><td>91,185</td><td>160,265</td><td>202,196</td></tr><tr><td>Per common share data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic earnings</td><td>$1.05</td><td>$.97</td><td>$.36</td><td>$.49</td><td>$.92</td><td>$.83</td><td>$1.45</td><td>$1.84</td></tr><tr><td>Diluted earnings</td><td>1.04</td><td>.97</td><td>.36</td><td>.49</td><td>.92</td><td>.82</td><td>1.44</td><td>1.82</td></tr><tr><td>Cash dividends</td><td>$.70</td><td>$.70</td><td>$.70</td><td>$.70</td><td>$.70</td><td>$.70</td><td>$.70</td><td>$.70</td></tr><tr><td>Average common shares outstanding</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>117,506</td><td>117,370</td><td>113,218</td><td>110,439</td><td>110,370</td><td>110,265</td><td>110,191</td><td>110,017</td></tr><tr><td>Diluted</td><td>117,672</td><td>117,547</td><td>113,521</td><td>110,439</td><td>110,620</td><td>110,807</td><td>111,227</td><td>110,967</td></tr><tr><td> Performance ratios, annualized</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Return on</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average assets</td><td>.79%</td><td>.73%</td><td>.31%</td><td>.40%</td><td>.63%</td><td>.56%</td><td>.98%</td><td>1.25%</td></tr><tr><td>Average common stockholders’ equity</td><td>7.09%</td><td>6.72%</td><td>2.53%</td><td>3.61%</td><td>6.41%</td><td>5.66%</td><td>9.96%</td><td>12.49%</td></tr><tr><td>Net interest margin on average earning assets (taxable-equivalent basis)</td><td>3.71%</td><td>3.61%</td><td>3.43%</td><td>3.19%</td><td>3.37%</td><td>3.39%</td><td>3.39%</td><td>3.38%</td></tr><tr><td>Nonaccrual loans to total loans and leases, net of unearned discount</td><td>2.56%</td><td>2.35%</td><td>2.11%</td><td>2.05%</td><td>1.54%</td><td>1.41%</td><td>1.16%</td><td>.97%</td></tr><tr><td>Efficiency ratio(a)</td><td>54.62%</td><td>57.21%</td><td>61.93%</td><td>60.82%</td><td>59.11%</td><td>57.24%</td><td>54.57%</td><td>55.27%</td></tr><tr><td> Net operating (tangible) results(b)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net operating income (in thousands)</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>Diluted net operating income 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>Annualized return on</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average tangible assets</td><td>.92%</td><td>.78%</td><td>.64%</td><td>.50%</td><td>.72%</td><td>.65%</td><td>1.10%</td><td>1.41%</td></tr><tr><td>Average tangible common stockholders’ equity</td><td>16.73%</td><td>14.87%</td><td>12.08%</td><td>9.36%</td><td>15.01%</td><td>13.17%</td><td>22.20%</td><td>27.86%</td></tr><tr><td>Efficiency ratio(a)</td><td>52.69%</td><td>55.21%</td><td>60.03%</td><td>58.68%</td><td>57.03%</td><td>55.16%</td><td>52.41%</td><td>52.85%</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, except per share</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average balances</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets(c)</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>Total tangible assets(c)</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>Earning assets</td><td>60,451</td><td>60,900</td><td>59,297</td><td>57,509</td><td>57,919</td><td>57,971</td><td>58,465</td><td>57,713</td></tr><tr><td>Investment securities</td><td>8,197</td><td>8,420</td><td>8,508</td><td>8,490</td><td>8,894</td><td>9,303</td><td>8,770</td><td>8,924</td></tr><tr><td>Loans and leases, net of unearned discount</td><td>52,087</td><td>52,320</td><td>50,554</td><td>48,824</td><td>48,810</td><td>48,477</td><td>49,522</td><td>48,575</td></tr><tr><td>Deposits</td><td>47,365</td><td>46,720</td><td>43,846</td><td>41,487</td><td>40,447</td><td>39,503</td><td>39,711</td><td>39,999</td></tr><tr><td>Common stockholders’ equity(c)</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>Tangible common stockholders’ equity(c)</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(c)</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>Total tangible assets(c)</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>Earning assets</td><td>59,928</td><td>59,993</td><td>61,044</td><td>56,823</td><td>57,107</td><td>57,430</td><td>57,949</td><td>58,030</td></tr><tr><td>Investment securities</td><td>7,781</td><td>7,634</td><td>8,155</td><td>7,687</td><td>7,919</td><td>8,433</td><td>8,659</td><td>8,676</td></tr><tr><td>Loans and leases, net of unearned discount</td><td>51,937</td><td>52,204</td><td>52,715</td><td>48,918</td><td>49,000</td><td>48,694</td><td>49,115</td><td>49,279</td></tr><tr><td>Deposits</td><td>47,450</td><td>46,862</td><td>46,755</td><td>42,477</td><td>42,581</td><td>42,501</td><td>41,926</td><td>41,533</td></tr><tr><td>Common stockholders’ equity(c)</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>Tangible common stockholders’ equity(c)</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><tr><td>Equity per common share</td><td>59.31</td><td>58.22</td><td>56.51</td><td>56.95</td><td>56.29</td><td>58.17</td><td>59.12</td><td>58.92</td></tr><tr><td>Tangible equity per common share</td><td>28.27</td><td>27.03</td><td>25.17</td><td>26.90</td><td>25.94</td><td>27.67</td><td>28.50</td><td>28.14</td></tr><tr><td> Market price per common share</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>High</td><td>$69.89</td><td>$67.46</td><td>$61.87</td><td>$59.08</td><td>$99.50</td><td>$108.53</td><td>$98.38</td><td>$94.03</td></tr><tr><td>Low</td><td>59.09</td><td>50.33</td><td>43.50</td><td>29.11</td><td>52.20</td><td>53.61</td><td>69.90</td><td>70.49</td></tr><tr><td>Closing</td><td>66.89</td><td>62.32</td><td>50.93</td><td>45.24</td><td>57.41</td><td>89.25</td><td>70.54</td><td>80.48</td></tr></table>
<table><tr><td></td><td colspan="2"> 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>Loans</td><td></td><td></td></tr><tr><td>Commercial, financial, agricultural, etc.</td><td>$11,913,437</td><td>$12,848,070</td></tr><tr><td>Real estate:</td><td></td><td></td></tr><tr><td>Residential</td><td>5,401,932</td><td>4,675,065</td></tr><tr><td>Commercial</td><td>16,345,601</td><td>14,548,938</td></tr><tr><td>Construction</td><td>4,726,570</td><td>4,568,368</td></tr><tr><td>Consumer</td><td>12,041,617</td><td>11,004,275</td></tr><tr><td>Total loans</td><td>50,429,157</td><td>47,644,716</td></tr><tr><td>Leases</td><td></td><td></td></tr><tr><td>Commercial</td><td>1,877,300</td><td>1,715,021</td></tr><tr><td>Total loans and leases</td><td>$52,306,457</td><td>$49,359,737</td></tr></table>
<table><tr><td>Millions</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Cash provided by operating activities</td><td>$7,344</td><td>$7,385</td><td>$6,823</td></tr><tr><td>Cash used in investing activities</td><td>-4,476</td><td>-4,249</td><td>-3,405</td></tr><tr><td>Cash used in financing activities</td><td>-3,063</td><td>-2,982</td><td>-3,049</td></tr><tr><td>Net change in cash and cash equivalents</td><td>$-195</td><td>$154</td><td>$369</td></tr></table>

Question: In the year with lowest amount of Other income for First, what's the increasing rate of Less: other expense?
Answer: 0.0297