EXHIBIT 12.1
M&T BANK CORPORATION AND SUBSIDIARIES
Computations of Consolidated Ratios of Earnings to Fixed Charges
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| Year Ended December 31 |
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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| (Dollars in thousands) |
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Excluding interest on deposits |
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Fixed charges: |
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Interest expense (excluding interest on deposits) |
| $ | 190,883 |
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|
| 234,642 |
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| 254,443 |
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| 217,348 |
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| 200,413 |
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Interest factor within rent expense (a) |
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| 40,917 |
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| 40,727 |
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| 36,385 |
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| 36,815 |
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| 36,490 |
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Total fixed charges |
| $ | 231,800 |
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|
| 275,369 |
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| 290,828 |
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| 254,163 |
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| 236,903 |
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Earnings: |
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Income before income taxes |
| $ | 2,323,862 |
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| 2,058,398 |
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| 1,674,692 |
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| 1,642,245 |
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|
| 1,765,568 |
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Fixed charges |
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| 231,800 |
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| 275,369 |
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| 290,828 |
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| 254,163 |
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| 236,903 |
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Total earnings |
| $ | 2,555,662 |
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|
| 2,333,767 |
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| 1,965,520 |
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| 1,896,408 |
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| 2,002,471 |
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Ratio of earnings to fixed charges, excluding interest on deposits | x |
| 11.03 |
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| 8.48 |
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| 6.76 |
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| 7.46 |
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| 8.45 |
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Including interest on deposits |
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Fixed charges: |
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Interest expense |
| $ | 386,751 |
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|
| 425,984 |
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| 328,257 |
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| 280,431 |
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| 284,105 |
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Interest factor within rent expense (a) |
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| 40,917 |
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| 40,727 |
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| 36,385 |
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| 36,815 |
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| 36,490 |
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Total fixed charges |
| $ | 427,668 |
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| 466,711 |
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| 364,642 |
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| 317,246 |
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| 320,595 |
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Earnings: |
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Income before income taxes |
| $ | 2,323,862 |
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| 2,058,398 |
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| 1,674,692 |
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|
| 1,642,245 |
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| 1,765,568 |
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Fixed charges |
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| 427,668 |
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| 466,711 |
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| 364,642 |
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| 317,246 |
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| 320,595 |
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Total earnings |
| $ | 2,751,530 |
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| 2,525,109 |
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| 2,039,334 |
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| 1,959,491 |
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| 2,086,163 |
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Ratio of earnings to fixed charges, including interest on deposits | x |
| 6.43 |
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| 5.41 |
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| 5.59 |
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| 6.18 |
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| 6.51 |
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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. |