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
Total fixed charges	$	279,237		306,149		376,836		696,564		756,865
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
Total earnings	$	1,503,837		1,398,938		896,127		1,436,343		1,720,402
Ratio of earnings to fixed charges, excluding interest on deposits	x	5.39		4.57		2.38		2.06		2.27
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
Total fixed charges	$	436,672		493,834		699,119		1,362,413		1,716,184
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
Total earnings	$	1,661,272		1,586,623		1,218,410		2,102,192		2,679,721
Ratio of earnings to fixed charges, including interest on deposits	x	3.80		3.21		1.74		1.54		1.56

(a) The portion of rents shown as representative of the interest factor is one-third of total net operating lease expenses.