EXHIBIT 12.1

M&T BANK CORPORATION AND SUBSIDIARIES

Computations of Consolidated Ratios of Earnings to Fixed Charges

	Year Ended December 31
	2012		2011		2010		2009		2008
	(Dollars in thousands)
Excluding interest on deposits
Fixed charges:
Interest expense (excluding interest on deposits)	$	226,583		244,896		274,584		347,166		671,946
Interest factor within rent expense (a)		36,696		34,341		31,565		29,670		24,618
Total fixed charges	$	263,279		279,237		306,149		376,836		696,564
Earnings:
Income before income taxes	$	1,552,526		1,224,600		1,092,789		519,291		739,779
Fixed charges		263,279		279,237		306,149		376,836		696,564
Total earnings	$	1,815,805		1,503,837		1,398,938		896,127		1,436,343
Ratio of earnings to fixed charges, excluding interest on deposits	x	6.90		5.39		4.57		2.38		2.06
Including interest on deposits
Fixed charges:
Interest expense	$	343,169		402,331		462,269		669,449		1,337,795
Interest factor within rent expense (a)		36,696		34,341		31,565		29,670		24,618
Total fixed charges	$	379,865		436,672		493,834		699,119		1,362,413
Earnings:
Income before income taxes	$	1,552,526		1,224,600		1,092,789		519,291		739,779
Fixed charges		379,865		436,672		493,834		699,119		1,362,413
Total earnings	$	1,932,391		1,661,272		1,586,623		1,218,410		2,102,192
Ratio of earnings to fixed charges, including interest on deposits	x	5.09		3.80		3.21		1.74		1.54

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