EXHIBIT 12.1
M&T BANK CORPORATION AND SUBSIDIARIES
Computations of Consolidated Ratios of Earnings to Fixed Charges
Year Ended December 31 | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Excluding interest on deposits | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense (excluding interest on deposits) | $ | 254,443 | 217,348 | 200,413 | 226,583 | 244,896 | ||||||||||||||
Interest factor within rent expense (a) | 36,385 | 36,815 | 36,490 | 36,696 | 34,341 | |||||||||||||||
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Total fixed charges | $ | 290,828 | 254,163 | 236,903 | 263,279 | 279,237 | ||||||||||||||
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Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,674,692 | 1,642,245 | 1,765,568 | 1,592,035 | 1,260,789 | ||||||||||||||
Fixed charges | 290,828 | 254,163 | 236,903 | 263,279 | 279,237 | |||||||||||||||
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Total earnings | $ | 1,965,520 | 1,896,408 | 2,002,471 | 1,855,314 | 1,540,026 | ||||||||||||||
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Ratio of earnings to fixed charges, excluding interest on deposits | x | 6.76 | 7.46 | 8.45 | 7.05 | 5.52 | ||||||||||||||
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Including interest on deposits | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 328,257 | 280,431 | 284,105 | 343,169 | 402,331 | ||||||||||||||
Interest factor within rent expense (a) | 36,385 | 36,815 | 36,490 | 36,696 | 34,341 | |||||||||||||||
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Total fixed charges | $ | 364,642 | 317,246 | 320,595 | 379,865 | 436,672 | ||||||||||||||
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Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,674,692 | 1,642,245 | 1,765,568 | 1,592,035 | 1,260,789 | ||||||||||||||
Fixed charges | 364,642 | 317,246 | 320,595 | 379,865 | 436,672 | |||||||||||||||
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Total earnings | $ | 2,039,334 | 1,959,491 | 2,086,163 | 1,971,900 | 1,697,461 | ||||||||||||||
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Ratio of earnings to fixed charges, including interest on deposits | x | 5.59 | 6.18 | 6.51 | 5.19 | 3.89 | ||||||||||||||
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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. |