the estimated purchase price considering the closing price of m & t 's common stock of $ 125.62 on december 31 , 2014 was $ 5.4 billion . as of december 31 , 2014 , hudson city reported $ 36.6 billion of assets , including $ 21.7 billion of loans ( predominantly residential real estate loans ) and $ 7.9 billion of investment securities , and $ 31.8 billion of liabilities , including $ 19.4 billion of deposits . the merger has received the approval of the common shareholders of m & t and hudson city . however , the merger is subject to a number of conditions , including regulatory approvals . on june 17 , 2013 , m & t and m & t bank entered into a written agreement with the federal reserve bank of new york . under the terms of the agreement , m & t and m & t bank are required to submit to the federal reserve bank of new york a revised compliance risk management program designed to ensure compliance with the bank secrecy act and anti-money-laundering laws and regulations ( bsa/aml ) and to take certain other steps to enhance their compliance practices . the company commenced a major initiative , including the hiring of outside consulting firms , intended to fully address those regulator concerns . m & t and m & t bank continue to make progress towards completing this initiative . in view of the timeframe required to implement this initiative , demonstrate its efficacy to the satisfaction of the regulators and otherwise meet any other regulatory requirements that may be imposed in connection with these matters , m & t and hudson city have extended the date after which either party may elect to terminate the merger agreement if the merger has not yet been completed to april 30 , 2015. nevertheless , m & t 's pending acquisition of hudson city remains subject to regulatory approval , including approval by the federal reserve , and certain other closing conditions and , as a result , there can be no assurances that the merger will be completed by that date . recent legislative developments the dodd-frank wall street reform and consumer protection act ( dodd-frank act ) that was signed into law on july 21 , 2010 has and will continue to significantly change the bank regulatory structure and affect the lending , deposit , investment , trading and operating activities of financial institutions and their holding companies , and the system of regulatory oversight of the company . the dodd-frank act requires various federal agencies to adopt a broad range of new implementing rules and regulations , and to prepare numerous studies and reports for congress . not all of the rules required or expected to be implemented under the dodd-frank act have been proposed or adopted , and certain of the rules that have been proposed or adopted under the dodd-frank act are subject to phase-in or transitional periods . the implications of the dodd-frank act for the company 's businesses continue to depend to a large extent on the implementation of the legislation by the federal reserve and other agencies . a discussion of the provisions of the dodd-frank act is included in part i , item 1 of this form 10-k. in july 2013 , the federal reserve , the office of the comptroller of the currency and the federal deposit insurance corporation approved final rules ( the new capital rules ) establishing a new comprehensive capital framework for u.s. banking organizations . these rules went into effect as to m & t on january 1 , 2015. the new capital rules generally implement the basel committee on banking supervision 's ( the basel committee ) december 2010 final capital framework for strengthening international capital standards ( referred to as basel iii ) and are intended to ensure that banking organizations have adequate capital levels given the risk levels of assets and off-balance sheet obligations . the new capital rules substantially revise the risk-based capital requirements applicable to bank holding companies and their depository institution subsidiaries , including m & t and m & t bank , as compared to the u.s. general risk-based capital rules that were applicable to m & t and m & t bank through december 31 , 2014 . 39 the new capital rules also preclude certain hybrid securities , such as trust preferred securities , from inclusion in bank holding companies ' tier 1 capital , subject to phase-out in the case of bank holding companies , such as m & t , that had $ 15 billion or more in total consolidated assets as of december 31 , 2009. as a result , beginning in 2015 , 25 % of m & t 's trust preferred securities will be includable in tier 1 capital , and in 2016 and thereafter , none of m & t 's trust preferred securities will be includable in tier 1 capital . trust preferred securities no longer included in m & t 's tier 1 capital may nonetheless be included as a component of tier 2 capital on a permanent basis without phase-out and irrespective of whether such securities otherwise meet the revised definition of tier 2 capital set forth in the new capital rules . in the first quarter of 2014 , m & t redeemed $ 350 million of 8.50 % junior subordinated debentures associated with the trust preferred capital securities of m & t capital trust iv and issued a like amount of 6.45 % preferred stock that qualifies as tier 1 regulatory capital . a detailed discussion of the new capital rules is included in part i , item 1 of this form 10-k under the heading capital requirements. management believes that the company is in compliance with the revised capital adequacy requirements . story_separator_special_tag the rise in noninterest operating expenses from 2012 to 2013 was largely attributable to higher costs for professional services and salaries , partially offset by lower fdic assessments . in addition , the company reached a legal settlement of a previously disclosed lawsuit related to issues that were alleged to occur at wilmington trust prior to its acquisition by m & t that led to a $ 40 million loss accrual as of december 31 , 2013. that accrual was partially offset by the reversal of an accrual for a contingent compensation obligation assumed in the may 2011 acquisition of wilmington trust that expired , resulting in a $ 26 million reduction of other costs of operations in 2013. the efficiency ratio measures the relationship of operating expenses to revenues . the company 's efficiency ratio , or noninterest operating expenses ( as previously defined ) divided by the sum of taxable-equivalent net interest income and noninterest income ( exclusive of gains and losses from bank investment securities ) , was 60.5 % in 2014 , compared with 57.0 % and 56.2 % in 2013 and 2012 , respectively . the calculations of the efficiency ratio are presented in table 2 . 43 table 1 earnings summary dollars in millions replace_table_token_8_th ( a ) changes were calculated from unrounded amounts . ( b ) interest income data are on a taxable-equivalent basis . the taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes . this adjustment , which is related to interest received on qualified municipal securities , industrial revenue financings and preferred equity securities , is based on a composite income tax rate of approximately 39 % . ( c ) includes other-than-temporary impairment losses , if any . supplemental reporting of non-gaap results of operations as a result of business combinations and other acquisitions , the company had intangible assets consisting of goodwill and core deposit and other intangible assets totaling $ 3.6 billion at each of december 31 , 2014 , 2013 and 2012. included in such intangible assets was goodwill of $ 3.5 billion at each of those dates . amortization of core deposit and other intangible assets , after tax effect , totaled $ 21 million , $ 29 million and $ 37 million during 2014 , 2013 and 2012 , respectively . m & t consistently provides supplemental reporting of its results on a net operating or tangible basis , from which m & t excludes the after-tax effect of amortization of core deposit and other intangible assets ( and the related goodwill , core deposit intangible and other intangible asset balances , net of applicable deferred tax amounts ) and gains and expenses associated with merging acquired operations into the company , since such items are considered by management to be nonoperating in nature . those merger-related expenses generally consist of professional services and other temporary help fees associated with the actual or planned conversion of systems and or integration of operations ; costs related to branch and office consolidations ; costs related to termination of existing contractual arrangements to purchase various services ; initial marketing and promotion expenses designed to introduce m & t bank to its new customers ; severance for former employees ; incentive compensation costs ; travel costs ; and printing , supplies and other costs of completing the transactions and commencing operations in new markets and offices . although net operating income as defined by m & t is not a gaap measure , m & t 's management believes that this information helps investors understand the effect of acquisition activity in reported results . net operating income was $ 1.09 billion in 2014 , compared with $ 1.17 billion in 2013. diluted net operating earnings per common share in 2014 were $ 7.57 , compared with $ 8.48 in 2013. net operating income and diluted net operating earnings per common share were $ 1.07 billion and $ 7.88 , respectively , in 2012 . 44 table 2 reconciliation of gaap to non-gaap measures replace_table_token_9_th ( a ) after any related tax effect . 45 net operating income expressed as a rate of return on average tangible assets was 1.23 % in 2014 , compared with 1.47 % in 2013 and 1.40 % in 2012. net operating income represented a return on average tangible common equity of 13.76 % in 2014 , compared with 17.79 % and 19.42 % in 2013 and 2012 , respectively . reconciliations of gaap amounts with corresponding non-gaap amounts are presented in table 2. net interest income/lending and funding activities taxable-equivalent net interest income aggregated $ 2.70 billion in each of 2014 and 2013. growth in average earning assets in 2014 was offset by a narrowing of the net interest margin . average earning assets rose 10 % to $ 81.7 billion in 2014 from $ 74.0 billion in 2013 , the result of higher average balances of investment securities and interest-bearing deposits at the federal reserve bank of new york . the net interest margin narrowed to 3.31 % in 2014 from 3.65 % in 2013. contributing to that decline was a 19 basis point reduction in the average yield on loans and leases and the lower yielding cash balances on deposit with the federal reserve bank of new york . average loans and leases declined $ 388 million or 1 % to $ 64.7 billion in 2014 from $ 65.1 billion in 2013. commercial loans and leases averaged $ 18.9 billion in 2014 , $ 1.1 billion or 6 % higher than in the prior year . that growth reflected increased demand by customers . average balances of commercial real estate loans increased 1 % or $ 379 million to $ 26.5 billion in 2014 from $ 26.1 billion in 2013. average residential real estate balances declined to $ 8.7 billion in 2014 from $ 10.1 billion in the preceding year

debt ratings replace_table_token_23_th certain customers of the company obtain financing through the issuance of variable rate demand bonds ( vrdbs ) . the vrdbs are generally enhanced by letters of credit provided by m & t bank . m & t bank oftentimes acts as remarketing agent for the vrdbs and , at its discretion , may from time-to-time own some of the vrdbs while such instruments are remarketed . when this occurs , the vrdbs are classified as trading account assets in the company 's consolidated balance sheet . nevertheless , m & t bank is not contractually obligated to purchase the vrdbs . there were no vrdbs in the company 's trading account at december 31 , 2014 , while the value of vrdbs in the company 's trading account at december 31 , 2013 totaled $ 25 million . the total amount of vrdbs outstanding backed by m & t bank letters of credit was $ 2.0 billion and $ 1.7 billion at december 31 , 2014 and 2013 , respectively . m & t bank also serves as remarketing agent for most of those bonds . table 17 maturity distribution of selected loans ( a ) replace_table_token_24_th ( a ) the data do not include nonaccrual loans . the company enters into contractual obligations in the normal course of business which require future cash payments . the contractual amounts and timing of those payments as of december 31 , 2014 are summarized in table 18. off-balance sheet commitments to customers may impact liquidity , including commitments to extend credit , standby letters of credit , commercial letters of credit , financial guarantees and indemnification contracts , and commitments to sell real estate loans .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt ratings replace_table_token_23_th certain customers of the company obtain financing through the issuance of variable rate demand bonds ( vrdbs ) . the vrdbs are generally enhanced by letters of credit provided by m & t bank . m & t bank oftentimes acts as remarketing agent for the vrdbs and , at its discretion , may from time-to-time own some of the vrdbs while such instruments are remarketed . when this occurs , the vrdbs are classified as trading account assets in the company 's consolidated balance sheet . nevertheless , m & t bank is not contractually obligated to purchase the vrdbs . there were no vrdbs in the company 's trading account at december 31 , 2014 , while the value of vrdbs in the company 's trading account at december 31 , 2013 totaled $ 25 million . the total amount of vrdbs outstanding backed by m & t bank letters of credit was $ 2.0 billion and $ 1.7 billion at december 31 , 2014 and 2013 , respectively . m & t bank also serves as remarketing agent for most of those bonds . table 17 maturity distribution of selected loans ( a ) replace_table_token_24_th ( a ) the data do not include nonaccrual loans . the company enters into contractual obligations in the normal course of business which require future cash payments . the contractual amounts and timing of those payments as of december 31 , 2014 are summarized in table 18. off-balance sheet commitments to customers may impact liquidity , including commitments to extend credit , standby letters of credit , commercial letters of credit , financial guarantees and indemnification contracts , and commitments to sell real estate loans .
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 Suspicious Activity Report : the estimated purchase price considering the closing price of m & t 's common stock of $ 125.62 on december 31 , 2014 was $ 5.4 billion . as of december 31 , 2014 , hudson city reported $ 36.6 billion of assets , including $ 21.7 billion of loans ( predominantly residential real estate loans ) and $ 7.9 billion of investment securities , and $ 31.8 billion of liabilities , including $ 19.4 billion of deposits . the merger has received the approval of the common shareholders of m & t and hudson city . however , the merger is subject to a number of conditions , including regulatory approvals . on june 17 , 2013 , m & t and m & t bank entered into a written agreement with the federal reserve bank of new york . under the terms of the agreement , m & t and m & t bank are required to submit to the federal reserve bank of new york a revised compliance risk management program designed to ensure compliance with the bank secrecy act and anti-money-laundering laws and regulations ( bsa/aml ) and to take certain other steps to enhance their compliance practices . the company commenced a major initiative , including the hiring of outside consulting firms , intended to fully address those regulator concerns . m & t and m & t bank continue to make progress towards completing this initiative . in view of the timeframe required to implement this initiative , demonstrate its efficacy to the satisfaction of the regulators and otherwise meet any other regulatory requirements that may be imposed in connection with these matters , m & t and hudson city have extended the date after which either party may elect to terminate the merger agreement if the merger has not yet been completed to april 30 , 2015. nevertheless , m & t 's pending acquisition of hudson city remains subject to regulatory approval , including approval by the federal reserve , and certain other closing conditions and , as a result , there can be no assurances that the merger will be completed by that date . recent legislative developments the dodd-frank wall street reform and consumer protection act ( dodd-frank act ) that was signed into law on july 21 , 2010 has and will continue to significantly change the bank regulatory structure and affect the lending , deposit , investment , trading and operating activities of financial institutions and their holding companies , and the system of regulatory oversight of the company . the dodd-frank act requires various federal agencies to adopt a broad range of new implementing rules and regulations , and to prepare numerous studies and reports for congress . not all of the rules required or expected to be implemented under the dodd-frank act have been proposed or adopted , and certain of the rules that have been proposed or adopted under the dodd-frank act are subject to phase-in or transitional periods . the implications of the dodd-frank act for the company 's businesses continue to depend to a large extent on the implementation of the legislation by the federal reserve and other agencies . a discussion of the provisions of the dodd-frank act is included in part i , item 1 of this form 10-k. in july 2013 , the federal reserve , the office of the comptroller of the currency and the federal deposit insurance corporation approved final rules ( the new capital rules ) establishing a new comprehensive capital framework for u.s. banking organizations . these rules went into effect as to m & t on january 1 , 2015. the new capital rules generally implement the basel committee on banking supervision 's ( the basel committee ) december 2010 final capital framework for strengthening international capital standards ( referred to as basel iii ) and are intended to ensure that banking organizations have adequate capital levels given the risk levels of assets and off-balance sheet obligations . the new capital rules substantially revise the risk-based capital requirements applicable to bank holding companies and their depository institution subsidiaries , including m & t and m & t bank , as compared to the u.s. general risk-based capital rules that were applicable to m & t and m & t bank through december 31 , 2014 . 39 the new capital rules also preclude certain hybrid securities , such as trust preferred securities , from inclusion in bank holding companies ' tier 1 capital , subject to phase-out in the case of bank holding companies , such as m & t , that had $ 15 billion or more in total consolidated assets as of december 31 , 2009. as a result , beginning in 2015 , 25 % of m & t 's trust preferred securities will be includable in tier 1 capital , and in 2016 and thereafter , none of m & t 's trust preferred securities will be includable in tier 1 capital . trust preferred securities no longer included in m & t 's tier 1 capital may nonetheless be included as a component of tier 2 capital on a permanent basis without phase-out and irrespective of whether such securities otherwise meet the revised definition of tier 2 capital set forth in the new capital rules . in the first quarter of 2014 , m & t redeemed $ 350 million of 8.50 % junior subordinated debentures associated with the trust preferred capital securities of m & t capital trust iv and issued a like amount of 6.45 % preferred stock that qualifies as tier 1 regulatory capital . a detailed discussion of the new capital rules is included in part i , item 1 of this form 10-k under the heading capital requirements. management believes that the company is in compliance with the revised capital adequacy requirements . story_separator_special_tag the rise in noninterest operating expenses from 2012 to 2013 was largely attributable to higher costs for professional services and salaries , partially offset by lower fdic assessments . in addition , the company reached a legal settlement of a previously disclosed lawsuit related to issues that were alleged to occur at wilmington trust prior to its acquisition by m & t that led to a $ 40 million loss accrual as of december 31 , 2013. that accrual was partially offset by the reversal of an accrual for a contingent compensation obligation assumed in the may 2011 acquisition of wilmington trust that expired , resulting in a $ 26 million reduction of other costs of operations in 2013. the efficiency ratio measures the relationship of operating expenses to revenues . the company 's efficiency ratio , or noninterest operating expenses ( as previously defined ) divided by the sum of taxable-equivalent net interest income and noninterest income ( exclusive of gains and losses from bank investment securities ) , was 60.5 % in 2014 , compared with 57.0 % and 56.2 % in 2013 and 2012 , respectively . the calculations of the efficiency ratio are presented in table 2 . 43 table 1 earnings summary dollars in millions replace_table_token_8_th ( a ) changes were calculated from unrounded amounts . ( b ) interest income data are on a taxable-equivalent basis . the taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes . this adjustment , which is related to interest received on qualified municipal securities , industrial revenue financings and preferred equity securities , is based on a composite income tax rate of approximately 39 % . ( c ) includes other-than-temporary impairment losses , if any . supplemental reporting of non-gaap results of operations as a result of business combinations and other acquisitions , the company had intangible assets consisting of goodwill and core deposit and other intangible assets totaling $ 3.6 billion at each of december 31 , 2014 , 2013 and 2012. included in such intangible assets was goodwill of $ 3.5 billion at each of those dates . amortization of core deposit and other intangible assets , after tax effect , totaled $ 21 million , $ 29 million and $ 37 million during 2014 , 2013 and 2012 , respectively . m & t consistently provides supplemental reporting of its results on a net operating or tangible basis , from which m & t excludes the after-tax effect of amortization of core deposit and other intangible assets ( and the related goodwill , core deposit intangible and other intangible asset balances , net of applicable deferred tax amounts ) and gains and expenses associated with merging acquired operations into the company , since such items are considered by management to be nonoperating in nature . those merger-related expenses generally consist of professional services and other temporary help fees associated with the actual or planned conversion of systems and or integration of operations ; costs related to branch and office consolidations ; costs related to termination of existing contractual arrangements to purchase various services ; initial marketing and promotion expenses designed to introduce m & t bank to its new customers ; severance for former employees ; incentive compensation costs ; travel costs ; and printing , supplies and other costs of completing the transactions and commencing operations in new markets and offices . although net operating income as defined by m & t is not a gaap measure , m & t 's management believes that this information helps investors understand the effect of acquisition activity in reported results . net operating income was $ 1.09 billion in 2014 , compared with $ 1.17 billion in 2013. diluted net operating earnings per common share in 2014 were $ 7.57 , compared with $ 8.48 in 2013. net operating income and diluted net operating earnings per common share were $ 1.07 billion and $ 7.88 , respectively , in 2012 . 44 table 2 reconciliation of gaap to non-gaap measures replace_table_token_9_th ( a ) after any related tax effect . 45 net operating income expressed as a rate of return on average tangible assets was 1.23 % in 2014 , compared with 1.47 % in 2013 and 1.40 % in 2012. net operating income represented a return on average tangible common equity of 13.76 % in 2014 , compared with 17.79 % and 19.42 % in 2013 and 2012 , respectively . reconciliations of gaap amounts with corresponding non-gaap amounts are presented in table 2. net interest income/lending and funding activities taxable-equivalent net interest income aggregated $ 2.70 billion in each of 2014 and 2013. growth in average earning assets in 2014 was offset by a narrowing of the net interest margin . average earning assets rose 10 % to $ 81.7 billion in 2014 from $ 74.0 billion in 2013 , the result of higher average balances of investment securities and interest-bearing deposits at the federal reserve bank of new york . the net interest margin narrowed to 3.31 % in 2014 from 3.65 % in 2013. contributing to that decline was a 19 basis point reduction in the average yield on loans and leases and the lower yielding cash balances on deposit with the federal reserve bank of new york . average loans and leases declined $ 388 million or 1 % to $ 64.7 billion in 2014 from $ 65.1 billion in 2013. commercial loans and leases averaged $ 18.9 billion in 2014 , $ 1.1 billion or 6 % higher than in the prior year . that growth reflected increased demand by customers . average balances of commercial real estate loans increased 1 % or $ 379 million to $ 26.5 billion in 2014 from $ 26.1 billion in 2013. average residential real estate balances declined to $ 8.7 billion in 2014 from $ 10.1 billion in the preceding year

