Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the third quarter of 2018 were $3.53, 60% higher than $2.21 in the year-earlier quarter and 8% above $3.26 recorded in the second quarter of 2018. GAAP-basis net income in the recent quarter was $526 million, up from $356 million in the third quarter of 2017 and $493 million in the second 2018 quarter. GAAP-basis net income for the third quarter of 2018 expressed as an annualized rate of return on average assets and average common shareholders equity was 1.80% and 14.08%, respectively, improved from 1.18% and 8.89%, respectively, in the similar 2017 period and 1.70% and 13.32%, respectively, in the second quarter of 2018. As compared with 2017, income tax expense in 2018 reflects the reduction of the corporate Federal income tax rate from 35% to 21%.
Commenting on M&T's results for the recent quarter, Darren J. King, Executive Vice President and Chief Financial Officer, noted, "M&T posted another quarter of strong financial results. Growth in net interest income, fueled by a wider net interest margin, reduced credit costs and controlled operating expenses led to an 8% rise in diluted earnings per common share compared with the second quarter. Reflecting the consistency of our earnings, we increased the quarterly common stock dividend by 25% to $1.00 per share."
M&T Bank Corporation Announces Third Quarter Results | M&T Bank Corporation
