M&T Bank (MTB) 8-K M&T Bank Corporation Announces 2012 Fourth Quarter

Exhibit 99

INVESTOR CONTACT:	Donald J. MacLeod	FOR IMMEDIATE RELEASE:
	(716) 842-5138	January 16, 2013
MEDIA CONTACT:	C. Michael Zabel
	(716) 842-5385

M&T BANK CORPORATION ANNOUNCES 2012 FOURTH QUARTER

AND FULL-YEAR PROFITS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for 2012.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the fourth quarter of 2012 rose 108% to $2.16 from $1.04 in the year-earlier quarter and were comparable to $2.17 in the third quarter of 2012. GAAP-basis net income in the recent quarter totaled $296 million, up from $148 million and $293 million in the fourth quarter of 2011 and the third quarter of 2012, respectively. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income for the recent quarter was 1.45% and 12.10%, respectively, compared with .75% and 6.12%, respectively, in the year-earlier quarter and 1.45% and 12.40%, respectively, in the third quarter of 2012.

For the year ended December 31, 2012, diluted earnings per common share were $7.54, up 19% from $6.35 in 2011. Net income rose to $1.03 billion in 2012 from $859 million in the previous year. Expressed as a rate of return on average assets and average common shareholders’ equity, net income in 2012 was 1.29% and 10.96%, respectively, compared with 1.16% and 9.67%, respectively, in 2011.

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M&T BANK CORPORATION

Commenting on M&T’s performance, René F. Jones, Executive Vice President and Chief Financial Officer, noted, “This was a year of tremendous accomplishment, in which M&T recorded record levels of net income and earnings per share. Revenues were up in most major categories, led by exceptional growth in mortgage banking. We continued to extend credit throughout the communities we serve, and as a result, loans rose an impressive $6.5 billion or 11% from the end of 2011, all while improving our capital base and expanding the services we offer our customers. The fourth quarter was a continuation of those trends, positioning us well for continued success in 2013. As we await shareholder and regulatory approvals for our proposed acquisition of Hudson City Bancorp, Inc., we are working diligently to prepare to welcome our new employees and customers to M&T.”

While there were no unusual items included in M&T’s results during the recent quarter, the fourth quarter of 2011 included several items of note: a $79 million (pre-tax effect) other-than-temporary impairment charge related to M&T’s 20% investment in Bayview Lending Group LLC (“BLG”); $55 million of income in full settlement of a lawsuit arising from a 2007 investment in collateralized debt obligations; and a $30 million tax-deductible cash contribution to The M&T Charitable Foundation. The after-tax impact of those three items reduced the previous year’s fourth quarter net income by $33 million, or $.26 of diluted earnings per common share.

Supplemental Reporting of Non-GAAP Results of Operations. M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit

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M&T BANK CORPORATION

intangible and other intangible asset balances, net of applicable deferred tax amounts) and expenses and gains associated with merging acquired operations into M&T, since such amounts are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results. Reconciliations of GAAP to non-GAAP measures are provided in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $2.23 in the recent quarter, compared with $1.20 in the year-earlier period and $2.24 in the third quarter of 2012. Net operating income for the fourth quarter of 2012 was $305 million, improved from $168 million in the year-earlier quarter and $302 million in the third quarter of 2012. For the three months ended December 31, 2012, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity was 1.56% and 20.46%, respectively, compared with .89% and 12.36% in the corresponding 2011 period and 1.56% and 21.53%, respectively, in the third quarter of 2012.

Diluted net operating earnings per common share rose 20% to $7.88 in 2012 from $6.55 in 2011. Net operating income for 2012 and 2011 totaled $1.07 billion and $884 million, respectively. Net operating income in 2012 expressed as a rate of return on average tangible assets and average tangible common shareholders’ equity was 1.40% and 19.42%, respectively, compared with 1.26% and 17.96%, respectively, in 2011.

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M&T BANK CORPORATION

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income aggregated $674 million in the recent quarter, up from $669 million in the third quarter of 2012. That improvement resulted from an increase in average earning assets, most notably a $1.6 billion rise in average loans and leases, partially offset by a 3 basis point narrowing of the net interest margin to 3.74% in the fourth quarter, compared with 3.77% in the immediately preceding quarter. Taxable-equivalent net interest income in the recent quarter increased $49 million from $625 million in the fourth quarter of 2011 reflecting a $2.9 billion rise in average earning assets and a 14 basis point widening of the net interest margin. For the year ended December 31, 2012, net interest income on a taxable-equivalent basis rose 9% to $2.62 billion from $2.42 billion in 2011 as a result of a 12%, or $6.5 billion, increase in average loans and leases. Significantly, the net interest margin held steady at 3.73% in 2012 as compared with the prior year despite a challenging low interest rate environment.

Provision for Credit Losses/Asset Quality. Credit quality remained strong. The provision for credit losses was $49 million during the fourth quarter of 2012, compared with $74 million in the year-earlier quarter and $46 million in the third quarter of 2012. Net charge-offs of loans were $44 million in the recent quarter, representing an annualized .27% of average loans outstanding, compared with $74 million or .50% in the final quarter of 2011 and $42 million or .26% in 2012’s third quarter. The provision for credit losses declined 24% to $204 million for the year ended December 31, 2012 from $270 million in 2011. Net loan charge-offs for the year totaled $186 million, or .30% of average loans outstanding, compared with $265 million, or .47% of average loans in 2011.

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M&T BANK CORPORATION

Loans classified as nonaccrual totaled $1.01 billion, or 1.52% of total loans at December 31, 2012, compared with $1.10 billion or 1.83% a year earlier and $925 million or 1.44% at September 30, 2012. The increase in nonaccrual loans from September 30, 2012 resulted largely from the addition of $64 million of loans to a single borrower that are fully secured by residential real estate.

Assets taken in foreclosure of defaulted loans were $104 million at December 31, 2012, down from $157 million and $112 million at December 31, 2011 and September 30, 2012, respectively.

Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the adequacy of the allowance for credit losses. Reflecting those analyses, the allowance for credit losses was $926 million at December 31, 2012, compared with $908 million a year earlier and $921 million at September 30, 2012. The allowance expressed as a percentage of outstanding loans was 1.39% at the recent quarter-end, compared with 1.51% at December 31, 2011 and 1.44% at September 30, 2012.

Noninterest Income and Expense. Noninterest income totaled $453 million in the recently completed quarter, compared with $398 million and $446 million in the final quarter of 2011 and the third quarter of 2012, respectively. Reflected in those amounts were net losses from investment securities of $14 million, $25 million and $5 million, each predominantly due to other-than-temporary impairment charges. Also included in noninterest income in the fourth quarter of 2011 was the $55 million favorable litigation settlement related to M&T’s 2007 investment in certain collateralized debt obligations, as previously noted.

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M&T BANK CORPORATION

Excluding the specific items referred to in the preceding paragraph, noninterest income was $468 million in the recent quarter, increasing from $368 million in the year-earlier quarter and $451 million in the third quarter of 2012. The rise in noninterest income in the recent quarter as compared with those earlier quarters was predominantly due to higher mortgage banking revenues.

Noninterest income aggregated $1.67 billion and $1.58 billion during the years ended December 31, 2012 and 2011, respectively. The most significant contributors to the rise in noninterest income in 2012 as compared with 2011 were higher mortgage banking revenues and trust income, the latter reflecting the full-year impact of the acquisition of Wilmington Trust Corporation (“Wilmington Trust”). Partially offsetting those factors were net gains from investment securities, the previously noted litigation settlement and merger-related gains, all reflected in M&T’s 2011 results.

Noninterest expense in the fourth quarter of 2012 totaled $626 million, compared with $740 million in the year-earlier quarter and $616 million in 2012’s third quarter. Included in such amounts are expenses considered to be nonoperating in nature consisting of amortization of core deposit and other intangible assets and merger-related expenses. Exclusive of those expenses, noninterest operating expenses were $612 million in the recent quarter, compared with $706 million and $602 million in the fourth quarter of 2011 and the third quarter of 2012, respectively. Reflected in noninterest expense in the fourth quarter of 2011 was the aforementioned $79 million impairment charge related to BLG and the $30 million charitable contribution.

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M&T BANK CORPORATION

For the year ended December 31, 2012, noninterest expense aggregated $2.51 billion, compared with $2.48 billion in the previous year. Excluding those previously noted expenses considered to be nonoperating in nature, noninterest operating expenses were $2.44 billion in 2012 and $2.33 billion in 2011. That increase was largely attributable to the full-year impact of the operations obtained in the Wilmington Trust acquisition.

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities and merger-related gains), measures the relationship of operating expenses to revenues. As a result of revenue growth that has outpaced increases in operating expenses, M&T’s efficiency ratio improved to 53.6% in the recent quarter from 67.4% in the year-earlier quarter and 53.7% in the third quarter of 2012. The efficiency ratio for the year ended December 31, 2012 was 56.2%, also improved, from 60.4% in 2011. The improved efficiency ratio reflects the significant progress made in the integration of the operations obtained in the May 2011 acquisition of Wilmington Trust.

Balance Sheet. M&T had total assets of $83.0 billion at December 31, 2012, up from $77.9 billion a year earlier. Loans and leases, net of unearned discount, totaled $66.6 billion at the 2012 year-end, $6.5 billion or 11% higher than $60.1 billion at December 31, 2011. The pace of growth in outstanding loans and leases during 2012’s final quarter remained robust, increasing $2.5 billion, or 4%, from $64.1 billion at September 30, 2012. That growth reflects increases in commercial loans, commercial real estate loans and residential real estate loans. Total deposits were $65.6 billion at December 31, 2012, $6.2

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M&T BANK CORPORATION

billion or 10% higher than $59.4 billion a year earlier and $1.6 billion or 3% above $64.0 billion at September 30, 2012.

Total shareholders’ equity rose 10% to $10.2 billion at December 31, 2012 from $9.3 billion a year earlier, representing 12.29% and 11.90% respectively, of total assets. Common shareholders’ equity was $9.3 billion, or $72.73 per share at December 31, 2012, compared with $8.4 billion, or $66.82 per share, a year earlier. Tangible equity per common share rose 18% to $44.61 at December 31, 2012 from $37.79 a year earlier. In the calculation of tangible equity per common share, common shareholders’ equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances. M&T’s tangible common equity to tangible assets ratio was 7.20% at December 31, 2012, compared with 6.40% and 7.04% at December 31, 2011 and September 30, 2012, respectively. M&T’s estimated Tier 1 common ratio was 7.57% at December 31, 2012, compared with 6.86% and 7.46% at December 31, 2011 and September 30, 2012, respectively.

Conference Call. Investors will have an opportunity to listen to M&T’s conference call to discuss fourth quarter and full-year financial results today at 10:30 a.m. Eastern Time. Those wishing to participate in the call may dial (877)780-2276. International participants, using any applicable international calling codes, may dial (973)582-2700. Callers should reference M&T Bank Corporation or the conference ID #86834125. The conference call will be webcast live on M&T’s website at
http://ir.mandtbank.com/events.cfm. A replay of the call will be available until January 19, 2013 by calling (800)585-8367, or
(404)537-3406 for international participants, and by making reference to ID #86834125. The event will also be archived and

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M&T BANK CORPORATION

available by 7:00 p.m. today on M&T’s website athttp://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

Forward-Looking Statements. This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T’s business, management’s beliefs and assumptions made by management. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Future Factors”) which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital

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requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries’ future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with M&T’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the Future Factors that could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.

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M&T BANK CORPORATION

Financial Highlights

	Three months ended December 31									Year ended December 31
Amounts in thousands, except per share	2012			2011			Change			2012			2011			Change
Performance
Net income	$	296,193			147,740			100	%	$	1,029,498			859,479			20	%
Net income available to common shareholders		276,605			129,804			113			953,429			781,765			22
Per common share:
Basic earnings	$	2.18			1.04			110	%	$	7.57			6.37			19	%
Diluted earnings		2.16			1.04			108			7.54			6.35			19
Cash dividends	$	.70			.70			—		$	2.80			2.80			—
Common shares outstanding:
Average - diluted (1)		127,800			124,736			2	%		126,405			123,079			3	%
Period end (2)		128,234			125,752			2			128,234			125,752			2
Return on (annualized):
Average total assets		1.45	%		.75	%					1.29	%		1.16	%
Average common shareholders’ equity		12.10	%		6.12	%					10.96	%		9.67	%
Taxable-equivalent net interest income	$	673,929			624,566			8	%	$	2,624,907			2,415,632			9	%
Yield on average earning assets		4.17	%		4.17	%					4.22	%		4.35	%
Cost of interest-bearing liabilities		.67	%		.82	%					.74	%		.87	%
Net interest spread		3.50	%		3.35	%					3.48	%		3.48	%
Contribution of interest-free funds		.24	%		.25	%					.25	%		.25	%
Net interest margin		3.74	%		3.60	%					3.73	%		3.73	%
Net charge-offs to average total net loans (annualized)		.27	%		.50	%					.30	%		.47	%
Net operating results (3)
Net operating income	$	304,657			168,410			81	%	$	1,072,510			884,253			21	%
Diluted net operating earnings per common share		2.23			1.20			86			7.88			6.55			20
Return on (annualized):
Average tangible assets		1.56	%		.89	%					1.40	%		1.26	%
Average tangible common equity		20.46	%		12.36	%					19.42	%		17.96	%
Efficiency ratio		53.63	%		67.38	%					56.19	%		60.43	%
	At December 31
Loan quality	2012			2011			Change
Nonaccrual loans	$	1,013,176			1,097,581			-8	%
Real estate and other foreclosed assets		104,279			156,592			-33	%
Total nonperforming assets	$	1,117,455			1,254,173			-11	%
Accruing loans past due 90 days or more (4)	$	358,397			287,876			24	%
Government guaranteed loans included in totals above:
Nonaccrual loans	$	57,420			40,529			42	%
Accruing loans past due 90 days or more		316,403			252,503			25	%
Renegotiated loans	$	271,971			214,379			27	%
Acquired accruing loans past due 90 days or more (5)	$	166,554			163,738			2	%
Purchased impaired loans (6):
Outstanding customer balance	$	828,571			1,267,762			-35	%
Carrying amount		447,114			653,362			-32	%
Nonaccrual loans to total net loans		1.52	%		1.83	%
Allowance for credit losses to total loans		1.39	%		1.51	%

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related gains and expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 18.

(4) Excludes acquired loans.

(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

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M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

	Three months ended
Amounts in thousands, except per share	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Performance
Net income	$	296,193			293,462			233,380			206,463			147,740
Net income available to common shareholders		276,605			273,896			214,716			188,241			129,804
Per common share:
Basic earnings	$	2.18			2.18			1.71			1.50			1.04
Diluted earnings		2.16			2.17			1.71			1.50			1.04
Cash dividends	$	.70			.70			.70			.70			.70
Common shares outstanding:
Average - diluted (1)		127,800			126,292			125,897			125,616			124,736
Period end (2)		128,234			127,461			126,645			126,534			125,752
Return on (annualized):
Average total assets		1.45	%		1.45	%		1.17	%		1.06	%		.75	%
Average common shareholders’ equity		12.10	%		12.40	%		10.12	%		9.04	%		6.12	%
Taxable-equivalent net interest income	$	673,929			669,256			654,628			627,094			624,566
Yield on average earning assets		4.17	%		4.23	%		4.25	%		4.24	%		4.17	%
Cost of interest-bearing liabilities		.67	%		.71	%		.76	%		.80	%		.82	%
Net interest spread		3.50	%		3.52	%		3.49	%		3.44	%		3.35	%
Contribution of interest-free funds		.24	%		.25	%		.25	%		.25	%		.25	%
Net interest margin		3.74	%		3.77	%		3.74	%		3.69	%		3.60	%
Net charge-offs to average total net loans (annualized)		.27	%		.26	%		.34	%		.32	%		.50	%
Net operating results (3)
Net operating income	$	304,657			302,060			247,433			218,360			168,410
Diluted net operating earnings per common share		2.23			2.24			1.82			1.59			1.20
Return on (annualized):
Average tangible assets		1.56	%		1.56	%		1.30	%		1.18	%		.89	%
Average tangible common equity		20.46	%		21.53	%		18.54	%		16.79	%		12.36	%
Efficiency ratio		53.63	%		53.73	%		56.86	%		61.09	%		67.38	%
Loan quality	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Nonaccrual loans	$	1,013,176			925,231			968,328			1,065,229			1,097,581
Real estate and other foreclosed assets		104,279			112,160			115,580			140,297			156,592
Total nonperforming assets	$	1,117,455			1,037,391			1,083,908			1,205,526			1,254,173
Accruing loans past due 90 days or more (4)	$	358,397			309,420			274,598			273,081			287,876
Government guaranteed loans included in totals above:
Nonaccrual loans	$	57,420			54,583			48,712			44,717			40,529
Accruing loans past due 90 days or more		316,403			280,410			255,495			252,622			252,503
Renegotiated loans	$	271,971			266,526			267,111			213,024			214,379
Acquired accruing loans past due 90 days or more (5)	$	166,554			161,424			162,487			165,163			163,738
Purchased impaired loans (6):
Outstanding customer balance	$	828,571			978,731			1,037,458			1,158,829			1,267,762
Carrying amount		447,114			528,001			560,700			604,779			653,362
Nonaccrual loans to total net loans		1.52	%		1.44	%		1.54	%		1.75	%		1.83	%
Allowance for credit losses to total loans		1.39	%		1.44	%		1.46	%		1.49	%		1.51	%

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related gains and expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 19.

(4) Excludes acquired loans.

(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

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M&T BANK CORPORATION

Condensed Consolidated Statement of Income

	Three months ended									Year ended
	December 31									December 31
Dollars in thousands	2012			2011			Change			2012			2011			Change
Interest income	$	745,353			716,000			4	%	$	2,941,685			2,792,087			5	%
Interest expense		77,931			97,969			-20			343,169			402,331			-15
Net interest income		667,422			618,031			8			2,598,516			2,389,756			9
Provision for credit losses		49,000			74,000			-34			204,000			270,000			-24
Net interest income after provision for credit losses		618,422			544,031			14			2,394,516			2,119,756			13
Other income
Mortgage banking revenues		116,546			40,573			187			349,064			166,021			110
Service charges on deposit accounts		112,364			104,071			8			446,698			455,095			-2
Trust income		116,915			113,820			3			471,852			332,385			42
Brokerage services income		14,872			13,341			11			59,059			56,470			5
Trading account and foreign exchange gains		10,356			7,971			30			35,634			27,224			31
Gain on bank investment securities		—			1			—			9			150,187			—
Other-than-temporary impairment losses recognized in earnings		(14,491	)		(24,822	)		—			(47,822	)		(77,035	)		—
Equity in earnings of Bayview Lending Group LLC		(4,941	)		(5,419	)		—			(21,511	)		(24,231	)		—
Other revenues from operations		101,543			148,918			-32			374,287			496,796			-25
Total other income		453,164			398,454			14			1,667,270			1,582,912			5
Other expense
Salaries and employee benefits		323,010			312,528			3			1,314,540			1,203,993			9
Equipment and net occupancy		62,884			65,080			-3			257,551			249,514			3
Printing, postage and supplies		10,417			11,399			-9			41,929			40,917			2
Amortization of core deposit and other intangible assets		13,865			17,162			-19			60,631			61,617			-2
FDIC assessments		23,398			27,826			-16			101,110			100,230			1
Other costs of operations		192,572			305,588			-37			733,499			821,797			-11
Total other expense		626,146			739,583			-15			2,509,260			2,478,068			1
Income before income taxes		445,440			202,902			120			1,552,526			1,224,600			27
Applicable income taxes		149,247			55,162			171			523,028			365,121			43
Net income	$	296,193			147,740			100	%	$	1,029,498			859,479			20	%

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M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

	Three months ended
Dollars in thousands	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Interest income	$	745,353			744,851			737,386			714,095			716,000
Interest expense		77,931			82,129			89,403			93,706			97,969
Net interest income		667,422			662,722			647,983			620,389			618,031
Provision for credit losses		49,000			46,000			60,000			49,000			74,000
Net interest income after provision for credit losses		618,422			616,722			587,983			571,389			544,031
Other income
Mortgage banking revenues		116,546			106,812			69,514			56,192			40,573
Service charges on deposit accounts		112,364			114,463			110,982			108,889			104,071
Trust income		116,915			115,709			122,275			116,953			113,820
Brokerage services income		14,872			14,114			16,172			13,901			13,341
Trading account and foreign exchange gains		10,356			8,469			6,238			10,571			7,971
Gain (loss) on bank investment securities		—			372			(408	)		45			1
Other-than-temporary impairment losses recognized in earnings		(14,491	)		(5,672	)		(16,173	)		(11,486	)		(24,822	)
Equity in earnings of Bayview Lending Group LLC		(4,941	)		(5,183	)		(6,635	)		(4,752	)		(5,419	)
Other revenues from operations		101,543			96,649			89,685			86,410			148,918
Total other income		453,164			445,733			391,650			376,723			398,454
Other expense
Salaries and employee benefits		323,010			321,746			323,686			346,098			312,528
Equipment and net occupancy		62,884			64,248			65,376			65,043			65,080
Printing, postage and supplies		10,417			8,272			11,368			11,872			11,399
Amortization of core deposit and other intangible assets		13,865			14,085			15,907			16,774			17,162
FDIC assessments		23,398			23,801			24,962			28,949			27,826
Other costs of operations		192,572			183,875			186,093			170,959			305,588
Total other expense		626,146			616,027			627,392			639,695			739,583
Income before income taxes		445,440			446,428			352,241			308,417			202,902
Applicable income taxes		149,247			152,966			118,861			101,954			55,162
Net income	$	296,193			293,462			233,380			206,463			147,740

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15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

	December 31
Dollars in thousands	2012		2011		Change
ASSETS
Cash and due from banks	$	1,983,615		1,449,547		37	%
Interest-bearing deposits at banks		129,945		154,960		-16
Federal funds sold and agreements to resell securities		3,000		2,850		5
Trading account assets		488,966		561,834		-13
Investment securities		6,074,361		7,673,154		-21
Loans and leases:
Commercial, financial, etc		17,776,953		15,734,436		13
Real estate - commercial		25,993,790		24,411,114		6
Real estate - consumer		11,240,837		7,923,165		42
Consumer		11,559,377		12,027,290		-4
Total loans and leases, net of unearned discount		66,570,957		60,096,005		11
Less: allowance for credit losses		925,860		908,290		2
Net loans and leases		65,645,097		59,187,715		11
Goodwill		3,524,625		3,524,625		—
Core deposit and other intangible assets		115,763		176,394		-34
Other assets		5,043,431		5,193,208		-3
Total assets	$	83,008,803		77,924,287		7	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	24,240,802		20,017,883		21	%
Interest-bearing deposits		40,325,932		39,020,839		3
Deposits at Cayman Islands office		1,044,519		355,927		193
Total deposits		65,611,253		59,394,649		10
Short-term borrowings		1,074,482		782,082		37
Accrued interest and other liabilities		1,512,717		1,790,121		-15
Long-term borrowings		4,607,758		6,686,226		-31
Total liabilities		72,806,210		68,653,078		6
Shareholders’ equity:
Preferred		872,500		864,585		1
Common (1)		9,330,093		8,406,624		11
Total shareholders’ equity		10,202,593		9,271,209		10
Total liabilities and shareholders’ equity	$	83,008,803		77,924,287		7	%

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $240.3 million at December 31, 2012 and $356.4 million at December 31, 2011.

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16-16-16-16-16

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

	December 31,			September 30,		June 30,		March 31,		December 31,
Dollars in thousands	2012			2012		2012		2012		2011
ASSETS
Cash and due from banks	$	1,983,615			1,622,928		1,421,831		1,344,092		1,449,547
Interest-bearing deposits at banks		129,945			411,994		1,069,717		1,282,040		154,960
Federal funds sold and agreements to resell securities		3,000			—		1,000		—		2,850
Trading account assets		488,966	��		526,844		544,938		517,620		561,834
Investment securities		6,074,361			6,624,004		7,057,300		7,195,296		7,673,154
Loans and leases:
Commercial, financial, etc		17,776,953			16,704,575		16,395,587		15,938,672		15,734,436
Real estate - commercial		25,993,790			24,970,416		24,898,707		24,486,555		24,411,114
Real estate - consumer		11,240,837			10,808,220		9,811,525		8,696,594		7,923,165
Consumer		11,559,377			11,628,744		11,745,453		11,799,929		12,027,290
Total loans and leases, net of unearned discount		66,570,957			64,111,955		62,851,272		60,921,750		60,096,005
Less: allowance for credit losses		925,860			921,223		917,028		909,006		908,290
Net loans and leases		65,645,097			63,190,732		61,934,244		60,012,744		59,187,715
Goodwill		3,524,625			3,524,625		3,524,625		3,524,625		3,524,625
Core deposit and other intangible assets		115,763			129,628		143,713		159,619		176,394
Other assets		5,043,431			5,054,478		5,110,210		5,150,851		5,193,208
Total assets	$	83,008,803			81,085,233		80,807,578		79,186,887		77,924,287
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	24,240,802			22,968,401		22,854,794		20,648,970		20,017,883
Interest-bearing deposits		40,325,932			39,636,104		39,327,849		39,868,782		39,020,839
Deposits at Cayman Islands office		1,044,519			1,402,753		366,164		395,191		355,927
Total deposits		65,611,253			64,007,258		62,548,807		60,912,943		59,394,649
Short-term borrowings		1,074,482			592,154		975,575		511,981		782,082
Accrued interest and other liabilities		1,512,717			1,570,758		1,965,421		1,856,749		1,790,121
Long-term borrowings		4,607,758			4,969,536		5,687,868		6,476,526		6,686,226
Total liabilities		72,806,210			71,139,706		71,177,671		69,758,199		68,653,078
Shareholders’ equity:
Preferred		872,500			870,416		868,433		866,489		864,585
Common (1)		9,330,093			9,075,111		8,761,474		8,562,199		8,406,624
Total shareholders’ equity		10,202,593			9,945,527		9,629,907		9,428,688		9,271,209
Total liabilities and shareholders’ equity	$	83,008,803			81,085,233		80,807,578		79,186,887		77,924,287

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $240.3 million at December 31, 2012, $230.1 million at September 30, 2012, $277.8 million at June 30, 2012, $331.3 million at March 31, 2012 and $356.4 million at December 31, 2011.

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17-17-17-17-17

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

	Three months ended															Change in balance						Year ended										Change in balance
	December 31,					December 31,					September 30,					December 31, 2012 from						December 31,
Dollars in millions	2012					2011					2012					December 31,			September 30,			2012					2011
	Balance		Rate			Balance		Rate			Balance		Rate			2011			2012			Balance		Rate			Balance		Rate
ASSETS
Interest-bearing deposits at banks	$	273		.15	%		1,973		.25	%		298		.18	%		-86	%		-9	%	$	528		.23	%		1,195		.25	%		-56	%
Federal funds sold and agreements to resell securities		3		.57			6		.38			4		.55			-51			-28			4		.55			180		.11			-98
Trading account assets		97		1.45			82		1.30			94		1.13			18			3			96		1.45			94		1.50			2
Investment securities		6,295		3.31			7,633		3.48			6,811		3.39			-18			-8			6,969		3.44			7,064		3.82			-1
Loans and leases, net of unearned discount
Commercial, financial, etc		16,995		3.68			15,392		3.78			16,504		3.73			10			3			16,336		3.71			14,655		3.85			11
Real estate - commercial		25,332		4.50			24,108		4.47			24,995		4.61			5			1			24,907		4.50			22,901		4.59			9
Real estate - consumer		11,087		4.10			7,480		4.77			10,296		4.29			48			8			9,727		4.33			6,778		4.93			43
Consumer		11,597		4.69			12,097		4.87			11,660		4.76			-4			-1			11,732		4.77			11,865		4.99			-1
Total loans and leases, net		65,011		4.28			59,077		4.39			63,455		4.34			10			2			62,702		4.35			56,199		4.53			12
Total earning assets		71,679		4.17			68,771		4.17			70,662		4.23			4			1			70,299		4.22			64,732		4.35			9
Goodwill		3,525					3,525					3,525					—			—			3,525					3,525					—
Core deposit and other intangible assets		122					185					136					-34			-10			144					168					-14
Other assets		6,040					5,912					6,109					2			-1			6,015					5,552					8
Total assets	$	81,366					78,393					80,432					4	%		1	%	$	79,983					73,977					8	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits
NOW accounts	$	881		.14			826		.15			875		.15			7	%		1	%	$	856		.16			753		.15			14	%
Savings deposits		34,587		.19			32,179		.27			33,298		.20			7			4			33,398		.20			30,403		.28			10
Time deposits		4,727		.79			6,379		.93			5,164		.84			-26			-8			5,347		.86			6,480		1.10			-17
Deposits at Cayman Islands office		763		.18			512		.15			702		.19			49			9			605		.19			779		.12			-22
Total interest-bearing deposits		40,958		.26			39,896		.37			40,039		.28			3			2			40,206		.29			38,415		.41			5
Short-term borrowings		677		.16			674		.10			976		.15			—			-31			839		.15			827		.12			1
Long-term borrowings		4,510		4.52			6,574		3.66			5,006		4.27			-31			-10			5,527		4.08			6,959		3.50			-21
Total interest-bearing liabilities		46,145		.67			47,144		.82			46,021		.71			-2			—			46,572		.74			46,201		.87			1
Noninterest-bearing deposits		23,311					20,103					22,704					16			3			21,761					17,273					26
Other liabilities		1,805					1,733					1,918					4			-6			1,947					1,499					30
Total liabilities		71,261					68,980					70,643					3			1			70,280					64,973					8
Shareholders’ equity		10,105					9,413					9,789					7			3			9,703					9,004					8
Total liabilities and shareholders’ equity	$	81,366					78,393					80,432					4	%		1	%	$	79,983					73,977					8	%
Net interest spread				3.50					3.35					3.52											3.48					3.48
Contribution of interest-free funds				.24					.25					.25											.25					.25
Net interest margin				3.74	%				3.60	%				3.77	%										3.73	%				3.73	%

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18-18-18-18-18

M&T BANK CORPORATION

Reconciliation of GAAP to Non-GAAP Measures

	Three months ended December 31						Year ended December 31
	2012			2011			2012			2011
Income statement data
In thousands, except per share
Net income
Net income	$	296,193			147,740		$	1,029,498			859,479
Amortization of core deposit and other intangible assets (1)		8,464			10,476			37,011			37,550
Merger-related gain (1)		—			—			—			(64,930	)
Merger-related expenses (1)		—			10,194			6,001			52,154
Net operating income	$	304,657			168,410		$	1,072,510			884,253
Earnings per common share
Diluted earnings per common share	$	2.16			1.04		$	7.54			6.35
Amortization of core deposit and other intangible assets (1)		.07			.08			.29			.30
Merger-related gain (1)		—			—			—			(.52	)
Merger-related expenses (1)		—			.08			.05			.42
Diluted net operating earnings per common share	$	2.23			1.20		$	7.88			6.55
Other expense
Other expense	$	626,146			739,583		$	2,509,260			2,478,068
Amortization of core deposit and other intangible assets		(13,865	)		(17,162	)		(60,631	)		(61,617	)
Merger-related expenses		—			(16,393	)		(9,879	)		(83,687	)
Noninterest operating expense	$	612,281			706,028		$	2,438,750			2,332,764
Merger-related expenses
Salaries and employee benefits	$	—			534		$	4,997			16,131
Equipment and net occupancy		—			189			15			412
Printing, postage and supplies		—			1,475			—			2,663
Other costs of operations		—			14,195			4,867			64,481
Total	$	—			16,393		$	9,879			83,687
Efficiency ratio
Noninterest operating expense (numerator)	$	612,281			706,028		$	2,438,750			2,332,764
Taxable-equivalent net interest income		673,929			624,566			2,624,907			2,415,632
Other income		453,164			398,454			1,667,270			1,582,912
Less: Gain (loss) on bank investment securities		—			1			9			150,187
Net OTTI losses recognized in earnings		(14,491	)		(24,822	)		(47,822	)		(77,035	)
Merger-related gain		—			—			—			64,930
Denominator	$	1,141,584			1,047,841		$	4,339,990			3,860,462
Efficiency ratio		53.63	%		67.38	%		56.19	%		60.43	%
Balance sheet data
In millions
Average assets
Average assets	$	81,366			78,393		$	79,983			73,977
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(122	)		(185	)		(144	)		(168	)
Deferred taxes		36			54			42			43
Average tangible assets	$	77,755			74,737		$	76,356			70,327
Average common equity
Average total equity	$	10,105			9,413		$	9,703			9,004
Preferred stock		(872	)		(864	)		(869	)		(797	)
Average common equity		9,233			8,549			8,834			8,207
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(122	)		(185	)		(144	)		(168	)
Deferred taxes		36			54			42			43
Average tangible common equity	$	5,622			4,893		$	5,207			4,557
At end of quarter
Total assets
Total assets	$	83,009			77,924
Goodwill		(3,525	)		(3,525	)
Core deposit and other intangible assets		(116	)		(176	)
Deferred taxes		34			51
Total tangible assets	$	79,402			74,274
Total common equity
Total equity	$	10,203			9,271
Preferred stock		(873	)		(865	)
Undeclared dividends - cumulative preferred stock		(3	)		(3	)
Common equity, net of undeclared cumulative preferred dividends		9,327			8,403
Goodwill		(3,525	)		(3,525	)
Core deposit and other intangible assets		(116	)		(176	)
Deferred taxes		34			51
Total tangible common equity	$	5,720			4,753

(1) After any related tax effect.

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19-19-19-19-19

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

	Three months ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012				December 31, 2011
Income statement data
In thousands, except per share
Net income
Net income	$	296,193			293,462			233,380			206,463				147,740
Amortization of core deposit and other intangible assets (1)		8,464			8,598			9,709			10,240				10,476
Merger-related expenses (1)		—			—			4,344			1,657				10,194
Net operating income	$	304,657			302,060			247,433			218,360				168,410
Earnings per common share
Diluted earnings per common share	$	2.16			2.17			1.71			1.50				1.04
Amortization of core deposit and other intangible assets (1)		.07			.07			.08			.08				.08
Merger-related expenses (1)		—			—			.03			.01				.08
Diluted net operating earnings per common share	$	2.23			2.24			1.82			1.59				1.20
Other expense
Other expense	$	626,146			616,027			627,392			639,695				739,583
Amortization of core deposit and other intangible assets		(13,865	)		(14,085	)		(15,907	)		(16,774	)			(17,162	)
Merger-related expenses		—			—			(7,151	)		(2,728	)			(16,393	)
Noninterest operating expense	$	612,281			601,942			604,334			620,193				706,028
Merger-related expenses
Salaries and employee benefits	$	—			—			3,024			1,973				534
Equipment and net occupancy		—			—			—			15				189
Printing, postage and supplies		—			—			—			—				1,475
Other costs of operations		—			—			4,127			740				14,195
Total	$	—			—			7,151			2,728				16,393
Efficiency ratio													��
Noninterest operating expense (numerator)	$	612,281			601,942			604,334			620,193				706,028
Taxable-equivalent net interest income		673,929			669,256			654,628			627,094				624,566
Other income		453,164			445,733			391,650			376,723				398,454
Less: Gain (loss) on bank investment securities		—			372			(408	)		45				1
Net OTTI losses recognized in earnings		(14,491	)		(5,672	)		(16,173	)		(11,486	)			(24,822	)
Denominator	$	1,141,584			1,120,289			1,062,859			1,015,258				1,047,841
Efficiency ratio		53.63	%		53.73	%		56.86	%		61.09	%			67.38	%
Balance sheet data
In millions
Average assets
Average assets	$	81,366			80,432			80,087			78,026				78,393
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)			(3,525	)
Core deposit and other intangible assets		(122	)		(136	)		(151	)		(168	)			(185	)
Deferred taxes		36			39			44			48				54
Average tangible assets	$	77,755			76,810			76,455			74,381				74,737
Average common equity
Average total equity	$	10,105			9,789			9,536			9,376				9,413
Preferred stock		(872	)		(870	)		(868	)		(866	)			(864	)
Average common equity		9,233			8,919			8,668			8,510				8,549
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)			(3,525	)
Core deposit and other intangible assets		(122	)		(136	)		(151	)		(168	)			(185	)
Deferred taxes		36			39			44			48				54
Average tangible common equity	$	5,622			5,297			5,036			4,865				4,893
At end of quarter
Total assets
Total assets	$	83,009			81,085			80,808			79,187				77,924
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)			(3,525	)
Core deposit and other intangible assets		(116	)		(129	)		(143	)		(160	)			(176	)
Deferred taxes		34			38			41			46				51
Total tangible assets	$	79,402			77,469			77,181			75,548				74,274
Total common equity
Total equity	$	10,203			9,945			9,630			9,429				9,271
Preferred stock		(873	)		(870	)		(868	)		(867	)			(865	)
Undeclared dividends - cumulative preferred stock		(3	)		(4	)		(4	)		(3	)			(3	)
Common equity, net of undeclared cumulative preferred dividends		9,327			9,071			8,758			8,559				8,403
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)			(3,525	)
Core deposit and other intangible assets		(116	)		(129	)		(143	)		(160	)			(176	)
Deferred taxes		34			38			41			46				51
Total tangible common equity	$	5,720			5,455			5,131			4,920				4,753

(1) After any related tax effect.

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