Exhibit (12)(b)
M&T Bank Corporation
Computations of Consolidated Ratios of Earnings to Fixed Charges
and Preferred Stock Dividends
(Dollars in thousands)
Three Months Ended March 31 | Year Ended December 31 | |||||||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
Excluding interest on deposits | ||||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (excluding interest on deposits) | $ | 61,518 | 59,773 | 244,896 | 274,584 | 347,166 | 671,946 | 735,257 | ||||||||||||||||||||
Interest factor within rent expense (a) | 9,069 | 7,816 | 34,341 | 31,565 | 29,670 | 24,618 | 21,608 | |||||||||||||||||||||
Preferred stock dividends | 21,996 | 17,281 | 75,456 | 66,214 | 59,392 | 1,096 | — | |||||||||||||||||||||
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Total fixed charges | 92,583 | 84,870 | 354,693 | 372,363 | 436,228 | 697,660 | 756,865 | |||||||||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Income before income taxes | 308,417 | 308,653 | 1,224,600 | 1,092,789 | 519,291 | 739,779 | 963,537 | |||||||||||||||||||||
Fixed charges - including preferred stock dividends | 92,583 | 84,870 | 354,693 | 372,363 | 436,228 | 697,660 | 756,865 | |||||||||||||||||||||
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Total earnings | $ | 401,000 | 393,523 | 1,579,293 | 1,465,152 | 955,519 | 1,437,439 | 1,720,402 | ||||||||||||||||||||
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Ratio of earnings to fixed charges, excluding interest on deposits | x | 4.33 | 4.64 | 4.45 | 3.93 | 2.19 | 2.06 | * | 2.27 | * | ||||||||||||||||||
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Including interest on deposits | ||||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 93,706 | 98,679 | 402,331 | 462,269 | 669,449 | 1,337,795 | 1,694,576 | ||||||||||||||||||||
Interest factor within rent expense (a) | 9,069 | 7,816 | 34,341 | 31,565 | 29,670 | 24,618 | 21,608 | |||||||||||||||||||||
Preferred stock dividends | 21,996 | 17,281 | 75,456 | 66,214 | 59,392 | 1,096 | — | |||||||||||||||||||||
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Total fixed charges | 124,771 | 123,776 | 512,128 | 560,048 | 758,511 | 1,363,509 | 1,716,184 | |||||||||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Income before income taxes | 308,417 | 308,653 | 1,224,600 | 1,092,789 | 519,291 | 739,779 | 963,537 | |||||||||||||||||||||
Fixed charges - including preferred stock dividends | 124,771 | 123,776 | 512,128 | 560,048 | 758,511 | 1,363,509 | 1,716,184 | |||||||||||||||||||||
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Total earnings | $ | 433,188 | 432,429 | 1,736,728 | 1,652,837 | 1,277,802 | 2,103,288 | 2,679,721 | ||||||||||||||||||||
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Ratio of earnings to fixed charges, including interest on deposits | x | 3.47 | 3.49 | 3.39 | 2.95 | 1.68 | 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. |
* | Prior to December 23, 2008, M&T Bank Corporation had no outstanding shares of preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2008 and 2007 are not different from the ratios of earnings to fixed charges for those periods. |