M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) $20,833,000 in 2007 and $19,667,000 in 2006 and is eliminated in “All Other” net interest income and income tax expense (benefit).
(b) Including the impact in the “All Other” category of the merger-related expenses described in note 2.
(c) Effective January 1, 2008, the Company changed its internal profitability reporting to move a New York Citybased lending unit from the Commercial Banking segment to the Commercial Real Estate segment.
Accordingly, financial information presented herein for periods prior to January 1, 2008 has been reclassified to conform to current year presentation.
As a result, total revenues and net income decreased in the Commercial Banking segment and increased in the Commercial Real Estate segment for the year ended December 31, 2007 by $27 million and $14 million, respectively, and for the year ended December 31, 2006 by $23 million and $12 million, respectively, as compared with amounts previously reported.
The lending unit had average total assets of $667 million and $589 million during 2007 and 2006, respectively.
Accordingly, average total assets presented for those periods differ from amounts previously reported.
The Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals through the Company’s banking office network and several other delivery channels, including business banking centers, telephone banking, Internet banking and automated teller machines.
The Commercial Banking segment provides a wide range of credit products and banking services to middle-market and large commercial customers, mainly within the markets the Company serves.
Among the services provided by this segment are commercial lending and leasing, letters of credit, deposit products and cash management services.
The Commercial Real Estate segment provides credit services which are secured by various types of multifamily residential and commercial real estate and deposit services to its customers.
Activities of this segment include the origination, sales and servicing of commercial real estate loans.
The Discretionary Portfolio segment includes securities, residential mortgage loans and other assets; short-term and long-term borrowed funds; brokered certificates of deposit and interest rate swap agreements related thereto; and offshore branch deposits.
This segment also provides foreign exchange services to customers.
The Residential Mortgage Banking segment originates and services residential mortgage loans for consumers and sells substantially all of those loans in the secondary market to investors or to the Discretionary Portfolio segment.
The segment periodically purchases servicing rights to loans that have been originated by other entities.
This segment also originates and services loans to developers of residential real estate properties.
Residential mortgage loans held for sale are included in the Residential Mortgage Banking segment.
The Retail Banking segment offers a variety of services to consumers through several delivery channels that include banking offices, automated teller machines, telephone banking and Internet banking.
The “All Other” category includes other operating activities of the Company that are not directly attributable to the reported segments as determined in accordance with SFAS No.131, the difference between the provision for credit losses and the calculated provision allocated to the reportable segments; goodwill and core deposit and other intangible assets resulting from acquisitions of financial institutions; merger-related expenses resulting from acquisitions; the net impact of the Company’s internal funds transfer pricing methodology; eliminations of transactions between reportable segments; certain nonrecurring transactions; the residual effects of unallocated support systems and general and administrative expenses; and the impact of interest rate risk management strategies.
The amount of intersegment activity eliminated in arriving at consolidated totals was included in the “All Other” category as follows:
## Table 0 ##
The Company conducts substantially all of its operations in the United States.
There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues.
Table 4 COMMON SHAREHOLDER DATA
## Table 1 ##
Table 5 CHANGES IN INTEREST INCOME AND EXPENSE(a)
## Table 2 ##
(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.
Volume declines in cement, some agricultural products, and newsprint shipments partially offset the increases.
Operating Expenses

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Year Ended December 31</td></tr><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td></td><td colspan="3">(In thousands)</td></tr><tr><td>Revenues</td><td>$-42,738</td><td>$-49,800</td><td>$-70,789</td></tr><tr><td>Expenses</td><td>-19,198</td><td>-14,119</td><td>-20,760</td></tr><tr><td>Income taxes (benefit)</td><td>-9,578</td><td>-14,519</td><td>-20,357</td></tr><tr><td>Net income (loss)</td><td>-13,962</td><td>-21,162</td><td>-29,672</td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td><td>2005</td><td>2004</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>$5.04</td><td>$6.05</td><td>$7.55</td><td>$6.88</td><td>$6.14</td></tr><tr><td>Diluted</td><td>5.01</td><td>5.95</td><td>7.37</td><td>6.73</td><td>6.00</td></tr><tr><td>Cash dividends declared</td><td>2.80</td><td>2.60</td><td>2.25</td><td>1.75</td><td>1.60</td></tr><tr><td>Common stockholders’ equity at year-end</td><td>56.29</td><td>58.99</td><td>56.94</td><td>52.39</td><td>49.68</td></tr><tr><td>Tangible common stockholders’ equity at year-end</td><td>25.94</td><td>27.98</td><td>28.57</td><td>25.91</td><td>23.62</td></tr><tr><td>Dividend payout ratio</td><td>55.62%</td><td>43.12%</td><td>29.79%</td><td>25.42%</td><td>26.00%</td></tr></table>
<table><tr><td></td><td colspan="3">2008 Compared with 2007</td><td colspan="3">2007 Compared with 2006</td></tr><tr><td></td><td>Total</td><td colspan="2">Resulting from Changes in:</td><td>Total</td><td colspan="2">Resulting from Changes in:</td></tr><tr><td></td><td>Change</td><td>Volume</td><td>Rate</td><td>Change</td><td>Volume</td><td>Rate</td></tr><tr><td></td><td colspan="6">(Increase (decrease) in thousands)</td></tr><tr><td>Interest income</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and leases, including fees</td><td>$-328,595</td><td>316,338</td><td>-644,933</td><td>$231,565</td><td>190,322</td><td>41,243</td></tr><tr><td>Deposits at banks</td><td>-191</td><td>36</td><td>-227</td><td>-72</td><td>-112</td><td>40</td></tr><tr><td>Federal funds sold and agreements to resell securities</td><td>-21,764</td><td>-11,664</td><td>-10,100</td><td>18,238</td><td>19,560</td><td>-1,322</td></tr><tr><td>Trading account</td><td>802</td><td>250</td><td>552</td><td>-1,702</td><td>-612</td><td>-1,090</td></tr><tr><td>Investment securities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies</td><td>80,487</td><td>70,137</td><td>10,350</td><td>-21,058</td><td>-26,626</td><td>5,568</td></tr><tr><td>Obligations of states and political subdivisions</td><td>624</td><td>1,169</td><td>-545</td><td>-1,604</td><td>-2,618</td><td>1,014</td></tr><tr><td>Other</td><td>2,443</td><td>8,964</td><td>-6,521</td><td>6,519</td><td>-3,559</td><td>10,078</td></tr><tr><td>Total interest income</td><td>$-266,194</td><td></td><td></td><td>$231,886</td><td></td><td></td></tr><tr><td>Interest expense</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing deposits</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>NOW accounts</td><td>$-1,744</td><td>383</td><td>-2,127</td><td>$1,177</td><td>208</td><td>969</td></tr><tr><td>Savings deposits</td><td>-2,230</td><td>47,542</td><td>-49,772</td><td>48,770</td><td>8,463</td><td>40,307</td></tr><tr><td>Time deposits</td><td>-165,989</td><td>-44,273</td><td>-121,716</td><td>-55,136</td><td>-83,855</td><td>28,719</td></tr><tr><td>Deposits at foreign office</td><td>-123,507</td><td>-9,424</td><td>-114,083</td><td>29,642</td><td>28,553</td><td>1,089</td></tr><tr><td>Short-term borrowings</td><td>-131,452</td><td>32,037</td><td>-163,489</td><td>46,229</td><td>43,484</td><td>2,745</td></tr><tr><td>Long-term borrowings</td><td>68,141</td><td>153,793</td><td>-85,652</td><td>127,342</td><td>132,210</td><td>-4,868</td></tr><tr><td>Total interest expense</td><td>$-356,781</td><td></td><td></td><td>$198,024</td><td></td><td></td></tr></table>

Question: What is the growing rate of Cash dividends declared in the year with the most Diluted?
Answer: 0.28571
Reasoning program: subtract(2.25,1.75), divide(#0,1.75)