EXHIBIT 12.1
M&T BANK CORPORATION AND SUBSIDIARIES
Computations of Consolidated Ratios of Earnings to Fixed Charges
Year Ended December 31 | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Excluding interest on deposits | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense (excluding interest on deposits) | $ | 347,166 | 671,946 | 735,257 | 561,686 | 437,820 | ||||||||||||||
Interest factor within rent expense (a) | 29,670 | 24,618 | 21,608 | 20,135 | 19,217 | |||||||||||||||
Total fixed charges | $ | 376,836 | 696,564 | 756,865 | 581,821 | 457,037 | ||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 519,291 | 739,779 | 963,537 | 1,231,642 | 1,170,919 | ||||||||||||||
Fixed charges | 376,836 | 696,564 | 756,865 | 581,821 | 457,037 | |||||||||||||||
Total earnings | $ | 896,127 | 1,436,343 | 1,720,402 | 1,813,463 | 1,627,956 | ||||||||||||||
Ratio of earnings to fixed charges, excluding interest on deposits | x | 2.38 | 2.06 | 2.27 | 3.12 | 3.56 | ||||||||||||||
Including interest on deposits | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 669,449 | 1,337,795 | 1,694,576 | 1,496,552 | 994,351 | ||||||||||||||
Interest factor within rent expense (a) | 29,670 | 24,618 | 21,608 | 20,135 | 19,217 | |||||||||||||||
Total fixed charges | $ | 699,119 | 1,362,413 | 1,716,184 | 1,516,687 | 1,013,568 | ||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 519,291 | 739,779 | 963,537 | 1,231,642 | 1,170,919 | ||||||||||||||
Fixed charges | 699,119 | 1,362,413 | 1,716,184 | 1,516,687 | 1,013,568 | |||||||||||||||
Total earnings | $ | 1,218,410 | 2,102,192 | 2,679,721 | 2,748,329 | 2,184,487 | ||||||||||||||
Ratio of earnings to fixed charges, including interest on deposits | x | 1.74 | 1.54 | 1.56 | 1.81 | 2.16 | ||||||||||||||
(a) | The portion of rents shown as representative of the interest factor is one-third of total net operating lease expenses. |