EXHIBIT 12.1

M&T BANK CORPORATION AND SUBSIDIARIES

Computations of Consolidated Ratios of Earnings to Fixed Charges

	Year Ended December 31
	2013		2012		2011		2010		2009
	(Dollars in thousands)
Excluding interest on deposits
Fixed charges:
Interest expense (excluding interest on deposits)	$	200,413		226,583		244,896		274,584		347,166
Interest factor within rent expense (a)		36,490		36,696		34,341		31,565		29,670
Total fixed charges	$	236,903		263,279		279,237		306,149		376,836
Earnings:
Income before income taxes	$	1,757,549		1,552,526		1,224,600		1,092,789		519,291
Fixed charges		236,903		263,279		279,237		306,149		376,836
Total earnings	$	1,994,452		1,815,805		1,503,837		1,398,938		896,127
Ratio of earnings to fixed charges, excluding interest on deposits	x	8.42		6.90		5.39		4.57		2.38
Including interest on deposits
Fixed charges:
Interest expense	$	284,105		343,169		402,331		462,269		669,449
Interest factor within rent expense (a)		36,490		36,696		34,341		31,565		29,670
Total fixed charges	$	320,595		379,865		436,672		493,834		699,119
Earnings:
Income before income taxes	$	1,757,549		1,552,526		1,224,600		1,092,789		519,291
Fixed charges		320,595		379,865		436,672		493,834		699,119
Total earnings	$	2,078,144		1,932,391		1,661,272		1,586,623		1,218,410
Ratio of earnings to fixed charges, including interest on deposits	x	6.48		5.09		3.80		3.21		1.74

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