M&T Bank Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge Offs for the Fourth Quarter Ended December 31, 2017
For the year the company reported, interest income of $4,167,795,000 compared to $3,895,871,000 a year ago. Net interest income was $3,781,044,000 compared to $3,469,887,000 a year ago. Total other income was $1,851,143,000 compared to $1,825,996,000 a year ago. Income before income taxes was $2,323,862,000 compared to $2,058,398,000 a year ago. Net income was $1,408,306,000 compared to $1,315,114,000 a year ago. Net operating income was $1,427,331,000 or $8.82 per diluted net operating earnings per common share compared to $1,362,692,000 or $8.08 per diluted net operating earnings per common share a year ago. Net income available to common shareholders was $1,327,517,000 or $8.70 per diluted share compared to $1,223,481,000 or $7.78 per diluted share a year ago. Annualized return on average assets was 1.17% compared to 1.06% a year ago. Annualized return on average common equity was 8.87% compared to 8.16% a year ago.
For the fourth quarter, the company reported net charge-offs of loans were $27 million compared with $49 million and $25 million in the fourth quarter of 2016 and the third quarter of 2017, respectively.