BUFFALO, N.Y., — M&T Bank Corporation has reported its results of operations for the full year and quarter ended December 31, 2022.
Net income was $765 million in the recent quarter, $458 million in the fourth quarter of 2021 and $647 million in the third 2022 quarter. The annualized rate of return on average assets was 1.53% in the fourth quarter of 2022, improved from 1.15% in the corresponding 2021 period and 1.28% in the third quarter of 2022.
The results reflect non-operating merger-related expenses associated with the acquisition of People's United Financial, Inc. of $45 million in the recent quarter, compared with $21 million in the year-earlier quarter and $53 million in the third quarter of 2022.
Darren J. King, Chief Financial Officer, commenting on M&T's results noted, "We are extremely pleased with our results, both in the fourth quarter as well as full year 2022. Diluted net operating earnings per share increased in each quarter following our acquisition of People's United, including by 19% in the fourth quarter. The integration of the acquired franchise, expansion of the net interest margin and solid growth in commercial loan balances position M&T to continue its strong performance into 2023."
M&T has declared a quarterly dividend of $1.30 per share on its common stock. This represents an increase of $.10 per share, or 8 percent, from the previous $1.20 per share dividend paid in the fourth quarter of 2022. The dividend will be payable March 31, 2023 to shareholders of record at the close of business on March 6, 2023
Additionally, M&T declared a quarterly dividend of $0.3515625 per share on its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H. The dividend will be payable March 15, 2023 to shareholders of record at the close of business on March 1, 2023.
