EXHIBIT 12.1
M&T BANK CORPORATION AND SUBSIDIARIES
Computations of Consolidated Ratios of Earnings to Fixed Charges
Year Ended December 31 | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Excluding interest on deposits | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense (excluding interest on deposits) | $ | 244,896 | 274,584 | 347,166 | 671,946 | 735,257 | ||||||||||||||
Interest factor within rent expense (a) | 34,341 | 31,565 | 29,670 | 24,618 | 21,608 | |||||||||||||||
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Total fixed charges | $ | 279,237 | 306,149 | 376,836 | 696,564 | 756,865 | ||||||||||||||
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Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,224,600 | 1,092,789 | 519,291 | 739,779 | 963,537 | ||||||||||||||
Fixed charges | 279,237 | 306,149 | 376,836 | 696,564 | 756,865 | |||||||||||||||
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Total earnings | $ | 1,503,837 | 1,398,938 | 896,127 | 1,436,343 | 1,720,402 | ||||||||||||||
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Ratio of earnings to fixed charges, excluding interest on deposits | x | 5.39 | 4.57 | 2.38 | 2.06 | 2.27 | ||||||||||||||
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Including interest on deposits | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 402,331 | 462,269 | 669,449 | 1,337,795 | 1,694,576 | ||||||||||||||
Interest factor within rent expense (a) | 34,341 | 31,565 | 29,670 | 24,618 | 21,608 | |||||||||||||||
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Total fixed charges | $ | 436,672 | 493,834 | 699,119 | 1,362,413 | 1,716,184 | ||||||||||||||
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Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,224,600 | 1,092,789 | 519,291 | 739,779 | 963,537 | ||||||||||||||
Fixed charges | 436,672 | 493,834 | 699,119 | 1,362,413 | 1,716,184 | |||||||||||||||
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Total earnings | $ | 1,661,272 | 1,586,623 | 1,218,410 | 2,102,192 | 2,679,721 | ||||||||||||||
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Ratio of earnings to fixed charges, including interest on deposits | x | 3.80 | 3.21 | 1.74 | 1.54 | 1.56 | ||||||||||||||
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(a) The portion of rents shown as representative of the interest factor is one-third of total net operating lease expenses.