Exhibit 99

INVESTOR CONTACT:	Donald J. MacLeod	FOR IMMEDIATE RELEASE:
	(716) 842-5138	April 20, 2015
MEDIA CONTACT:	C. Michael Zabel
	(716) 842-5385

M&T BANK CORPORATION ANNOUNCES FIRST QUARTER RESULTS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”)(NYSE: MTB) today reported its results of operations for the quarter ended March 31, 2015.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the initial quarter of 2015 were $1.65, up from $1.61 in the first quarter of 2014. GAAP-basis net income in the recent quarter was $242 million, 6% higher than the $229 million earned in the year-earlier quarter. Net income for the first three months of 2015 expressed as an annualized rate of return on average assets and average common shareholders’ equity was 1.02% and 7.99%, respectively, compared with 1.07% and 8.22%, respectively, in the corresponding 2014 period.

Commenting on M&T’s results for the recent quarter, René F. Jones, Vice Chairman and Chief Financial Officer, noted, “Significantly higher mortgage banking revenues in the recent quarter helped M&T record a 6% increase in net income from the first quarter of last year. Higher origination activity led to improvement in both residential and commercial mortgage banking revenues. Credit quality remained strong during the quarter with net charge-offs continuing to be well below M&T’s historical norm. We also contained expense growth while making significant investments in our overall risk management infrastructure.

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Capital levels continued to strengthen and during the quarter we received a non-objection to our capital plan and proposed capital actions from the Federal Reserve.”

Diluted earnings per common share and net income in the fourth quarter of 2014 were $1.92 and $278 million, respectively. The annualized returns on average assets and average common shareholders’ equity in the final 2014 quarter were 1.12% and 9.10%, respectively.

Supplemental Reporting of Non-GAAP Results of Operations. M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit intangible and other intangible asset balances, net of applicable deferred tax amounts) and gains and expenses associated with merging acquired operations into M&T, since such items are considered by management to be “nonoperating” in nature. Although “net operating income” as defined by M&T is not a GAAP measure, M&T’s management believes that this information helps investors understand the effect of acquisition activity in reported results.

Diluted net operating earnings per common share were $1.68 in the first three months of 2015, compared with $1.66 and $1.95 in the first and fourth quarters of 2014, respectively. Net operating income for the first quarter of 2015 was $246 million, compared with $235 million and $282 million in the quarters ended March 31 and December 31, 2014, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity, net operating income was 1.08% and 11.90%, respectively, in the first quarter

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of 2015. The comparable returns were 1.15% and 12.76% in the year-earlier quarter and 1.18% and 13.55% in the fourth quarter of 2014.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income totaled $665 million in the initial quarter of 2015, up from $662 million in the year-earlier period. Growth in average earning assets, reflecting increases of $4.1 billion in average investment securities, $2.8 billion or 4% in average loan balances and $2.0 billion in average balances of interest-bearing deposits at banks, was largely offset by a 35 basis point (hundredths of one percent) narrowing of the net interest margin to 3.17% in the recent quarter from 3.52% in the first quarter of 2014. The growth in investment securities resulted from continued progress made in response to regulatory liquidity requirements that will become effective for M&T in January 2016. The growth in the loan portfolio reflects higher average balances of commercial loans, commercial real estate loans and consumer loans. The decline in the net interest margin was largely attributable to the higher balances of investment securities and interest-bearing deposits at banks that have substantially lower yields than loans. Net interest income and the net interest margin in the fourth quarter of 2014 were $688 million and 3.10%, respectively. The recent quarter’s decline in net interest income as compared with the immediately preceding quarter resulted largely from two less days in 2015’s initial quarter, lower average balances of interest-bearing deposits at banks and the net impact of actions taken in response to the liquidity requirements that take effect in 2016. The 7 basis point improvement in net interest margin as compared with the final 2014 quarter was largely due to the lower average balances of interest-bearing deposits at banks, partially offset

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by higher average balances of investment securities and long-term borrowings.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $38 million in the first quarter of 2015, compared with $32 million and $33 million in the first and fourth quarters of 2014, respectively. Net charge-offs of loans during the recent quarter aggregated $36 million, compared with $32 million in each of the first and fourth quarters of 2014. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .22% during the first three months of 2015, compared with .20% and .19% in the initial and final quarters of 2014, respectively.

Loans classified as nonaccrual totaled $791 million or 1.18% of total loans outstanding at March 31, 2015, improved from $891 million or 1.39% a year earlier and $799 million or 1.20% at December 31, 2014. Assets taken in foreclosure of defaulted loans totaled $63 million at March 31, 2015, compared with $59 million and $64 million at March 31, 2014 and December 31, 2014, respectively.

Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of determining the allowance for credit losses. As a result of those analyses, the allowance totaled $921 million or 1.37% of loans outstanding at March 31, 2015, compared with $917 million or 1.43% a year earlier and $920 million or 1.38% at December 31, 2014.

Noninterest Income and Expense. Noninterest income totaled $440 million in the recent quarter, $420 million in the year-earlier quarter and $452 million in the fourth quarter of 2014. The

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improvement as compared with the initial 2014 quarter resulted from higher residential and commercial mortgage banking revenues while the decline as compared with the final quarter of 2014 reflects a decrease in loan syndication fees and seasonally lower trust income and service charges on deposit accounts, partially offset by higher residential mortgage banking revenues.

Effective January 1, 2015, M&T adopted amended guidance from the Financial Accounting Standards Board for investments in qualified affordable housing projects under which the initial cost of such investments is amortized to income tax expense in proportion to the tax benefits received. The adoption of this accounting guidance did not have a significant effect on M&T’s financial position or results of operations, but did result in the restatement of the consolidated financial statements for 2014 and earlier years to remove net costs associated with qualified affordable housing projects from noninterest expense and include the amortization of the investments in income tax expense.

Reflecting the application of the new accounting guidance, noninterest expense in the first quarter of 2015 aggregated $686 million, compared with $690 million and $666 million in the first and fourth quarters of 2014, respectively. Included in such amounts are expenses considered to be nonoperating in nature consisting of amortization of core deposit and other intangible assets. Exclusive of those expenses, noninterest operating expenses were $680 million in each of the first quarters of 2015 and 2014 and $659 million in the fourth quarter of 2014. Operating expenses in the recent quarter as compared with the year-earlier period reflected lower costs for professional services, FDIC assessments and equipment and net occupancy expenses that were offset by higher salaries and

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employee benefits expenses. The rise in operating expenses from the fourth quarter of 2014 to the initial 2015 quarter was predominantly the result of seasonally higher stock-based compensation and employee benefits expenses offset, in part, by lower professional services costs.

The efficiency ratio, or noninterest operating expenses divided by the sum of taxable-equivalent net interest income and noninterest income (exclusive of gains and losses from bank investment securities), measures the relationship of operating expenses to revenues. M&T’s efficiency ratio was 61.5% in the first quarter of 2015, 62.8% in the year-earlier quarter and 57.8% in the fourth quarter of 2014.

Balance Sheet. M&T had total assets of $98.4 billion at March 31, 2015, up 11% from $88.5 billion a year earlier. Investment securities at March 31, 2015 were $14.4 billion, up $4.0 billion or 39% from March 31, 2014. Loans and leases, net of unearned discount, rose 5% to $67.1 billion at March 31, 2015 from $64.1 billion a year earlier. Total deposits were $73.6 billion at the recent quarter-end, up 7% from $68.7 billion at March 31, 2014.

Total shareholders’ equity rose 5% to $12.5 billion at March 31, 2015 from $11.9 billion at March 31, 2014, representing 12.73% and 13.43%, respectively, of total assets. Common shareholders’ equity was $11.3 billion, or $84.95 per share at March 31, 2015, up from $10.7 billion, or $81.05 per share, a year earlier. Tangible equity per common share rose 8% to $58.29 at March 31, 2015 from $53.92 a year earlier. Common shareholders’ equity per share and tangible equity per common share were $83.88 and $57.06, respectively, at December 31, 2014. In the calculation of tangible equity per common share, common shareholders’ equity is reduced by the carrying values of goodwill and core deposit

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and other intangible assets, net of applicable deferred tax balances. M&T estimates that the ratio of Common Equity Tier 1 to risk-weighted assets under the transitional capital rules that became effective for M&T on January 1, 2015 was approximately 9.78% as of March 31, 2015. M&T’s estimated Tier 1 common ratio under previously effective regulatory capital rules would have been 9.98% at March 31, 2015, compared with 9.45% and 9.83% at March 31, 2014 and December 31, 2014, respectively.

Conference Call. Investors will have an opportunity to listen to M&T’s conference call to discuss first quarter financial results today at 11:00 a.m. Eastern Time. Those wishing to participate in the call may dial (877)780-2276. International participants, using any applicable international calling codes, may dial (973)582-2700. Callers should reference M&T Bank Corporation or the conference ID #24457680. The conference call will be webcast live through M&T’s website at http://ir.mandtbank.com/events.cfm. A replay of the call will be available until Thursday, April 23, 2015 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to the ID #24457680. The event will also be archived and available by 7:00 p.m. today on M&T’s website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust- affiliated companies and by M&T Bank.

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Forward-Looking Statements. This news release contains forward-looking statements that are based on current expectations, estimates and projections about M&T’s business, management’s beliefs and assumptions made by management. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Future Factors”) which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Future Factors include changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-related revenues; legislation affecting the financial services industry as a whole, and M&T and its subsidiaries individually or collectively, including tax legislation; regulatory supervision and oversight, including monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome

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of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries’ future businesses; and material differences in the actual financial results of merger, acquisition and investment activities compared with M&T’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the Future Factors that could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.

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M&T BANK CORPORATION

Financial Highlights

Amounts in thousands,	Three months ended March 31
except per share	2015			2014			Change
Performance
Net income	$	241,613			229,017			6	%
Net income available to common shareholders		218,837			211,731			3	%
Per common share:
Basic earnings	$	1.66			1.63			2	%
Diluted earnings		1.65			1.61			2	%
Cash dividends	$	.70			.70			—
Common shares outstanding:
Average - diluted (1)		132,769			131,126			1	%
Period end (2)		132,946			131,431			1	%
Return on (annualized):
Average total assets		1.02	%		1.07	%
Average common shareholders’ equity		7.99	%		8.22	%
Taxable-equivalent net interest income	$	665,426			662,378			—
Yield on average earning assets		3.54	%		3.87	%
Cost of interest-bearing liabilities		.57	%		.55	%
Net interest spread		2.97	%		3.32	%
Contribution of interest-free funds		.20	%		.20	%
Net interest margin		3.17	%		3.52	%
Net charge-offs to average total net loans (annualized)		.22	%		.20	%
Net operating results (3)
Net operating income	$	245,776			235,162			5	%
Diluted net operating earnings per common share		1.68			1.66			1	%
Return on (annualized):
Average tangible assets		1.08	%		1.15	%
Average tangible common equity		11.90	%		12.76	%
Efficiency ratio		61.46	%		62.83	%
	At March 31
Loan quality	2015			2014			Change
Nonaccrual loans	$	790,586			890,893			-11	%
Real estate and other foreclosed assets		62,578			59,407			5	%
Total nonperforming assets	$	853,164			950,300			-10	%
Accruing loans past due 90 days or more (4)	$	236,621			307,017			-23	%
Government guaranteed loans included in totals above:
Nonaccrual loans	$	60,508			75,959			-20	%
Accruing loans past due 90 days or more		193,618			291,418			-34	%
Renegotiated loans	$	198,911			257,889			-23	%
Acquired accruing loans past due 90 days or more (5)	$	80,110			120,996			-34	%
Purchased impaired loans (6):
Outstanding customer balance	$	335,079			534,331
Carrying amount		184,018			303,388
Nonaccrual loans to total net loans		1.18	%		1.39	%
Allowance for credit losses to total loans		1.37	%		1.43	%

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 17.

(4) Excludes acquired loans.

(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

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Financial Highlights, Five Quarter Trend

	Three months ended
Amounts in thousands,	March 31,			December 31,			September 30,			June 30,			March 31,
except per share	2015			2014			2014			2014			2014
Performance
Net income	$	241,613			277,549			275,344			284,336			229,017
Net income available to common shareholders		218,837			254,239			251,917			260,695			211,731
Per common share:
Basic earnings	$	1.66			1.93			1.92			1.99			1.63
Diluted earnings		1.65			1.92			1.91			1.98			1.61
Cash dividends	$	.70			.70			.70			.70			.70
Common shares outstanding:
Average - diluted (1)		132,769			132,278			132,128			131,828			131,126
Period end (2)		132,946			132,354			132,142			131,953			131,431
Return on (annualized):
Average total assets		1.02	%		1.12	%		1.17	%		1.27	%		1.07	%
Average common shareholders’ equity		7.99	%		9.10	%		9.18	%		9.79	%		8.22	%
Taxable-equivalent net interest income	$	665,426			687,847			674,900			674,963			662,378
Yield on average earning assets		3.54	%		3.44	%		3.59	%		3.73	%		3.87	%
Cost of interest-bearing liabilities		.57	%		.52	%		.54	%		.51	%		.55	%
Net interest spread		2.97	%		2.92	%		3.05	%		3.22	%		3.32	%
Contribution of interest-free funds		.20	%		.18	%		.18	%		.18	%		.20	%
Net interest margin		3.17	%		3.10	%		3.23	%		3.40	%		3.52	%
Net charge-offs to average total net loans (annualized)		.22	%		.19	%		.17	%		.18	%		.20	%
Net operating results (3)
Net operating income	$	245,776			281,929			279,838			289,974			235,162
Diluted net operating earnings per common share		1.68			1.95			1.94			2.02			1.66
Return on (annualized):
Average tangible assets		1.08	%		1.18	%		1.24	%		1.35	%		1.15	%
Average tangible common equity		11.90	%		13.55	%		13.80	%		14.92	%		12.76	%
Efficiency ratio		61.46	%		57.84	%		58.44	%		58.20	%		62.83	%
Loan quality	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Nonaccrual loans	$	790,586			799,151			847,784			880,134			890,893
Real estate and other foreclosed assets		62,578			63,635			67,629			59,793			59,407
Total nonperforming assets	$	853,164			862,786			915,413			939,927			950,300
Accruing loans past due 90 days or more (4)	$	236,621			245,020			312,990			289,016			307,017
Government guaranteed loans included in totals above:
Nonaccrual loans	$	60,508			69,095			68,586			81,817			75,959
Accruing loans past due 90 days or more		193,618			217,822			265,333			275,846			291,418
Renegotiated loans	$	198,911			202,633			209,099			270,223			257,889
Acquired accruing loans past due 90 days or more (5)	$	80,110			110,367			132,147			134,580			120,996
Purchased impaired loans (6):
Outstanding customer balance	$	335,079			369,080			429,915			504,584			534,331
Carrying amount		184,018			197,737			236,662			282,517			303,388
Nonaccrual loans to total net loans		1.18	%		1.20	%		1.29	%		1.36	%		1.39	%
Allowance for credit losses to total loans		1.37	%		1.38	%		1.40	%		1.42	%		1.43	%

(1) Includes common stock equivalents.

(2) Includes common stock issuable under deferred compensation plans.

(3) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 17.

(4) Excludes acquired loans.

(5) Acquired loans that were recorded at fair value at acquisition date. This category does not include purchased impaired loans that are presented separately.

(6) Accruing loans that were impaired at acquisition date and recorded at fair value.

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Condensed Consolidated Statement of Income

	Three months ended
	March 31
Dollars in thousands	2015			2014			Change
Interest income	$	738,087			722,952			2	%
Interest expense		78,499			66,519			18
Net interest income		659,588			656,433			—
Provision for credit losses		38,000			32,000			19
Net interest income after provision for credit losses		621,588			624,433			—
Other income
Mortgage banking revenues		101,601			80,049			27
Service charges on deposit accounts		102,344			104,198			-2
Trust income		123,734			121,252			2
Brokerage services income		15,461			16,500			-6
Trading account and foreign exchange gains		6,231			6,447			-3
Loss on bank investment securities		(98	)		—			—
Equity in earnings of Bayview Lending Group LLC		(4,191	)		(4,454	)		—
Other revenues from operations		95,121			96,115			-1
Total other income		440,203			420,107			5
Other expense
Salaries and employee benefits		389,893			371,326			5
Equipment and net occupancy		66,470			71,167			-7
Printing, postage and supplies		9,590			10,956			-12
Amortization of core deposit and other intangible assets		6,793			10,062			-32
FDIC assessments		10,660			15,488			-31
Other costs of operations		202,969			211,235			-4
Total other expense		686,375			690,234			-1
Income before income taxes		375,416			354,306			6
Applicable income taxes		133,803			125,289			7
Net income	$	241,613			229,017			6	%

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Condensed Consolidated Statement of Income, Five Quarter Trend

	Three months ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Dollars in thousands	2015			2014			2014			2014			2014
Interest income	$	738,087			756,612			743,023			734,290			722,952
Interest expense		78,499			74,772			73,964			65,176			66,519
Net interest income		659,588			681,840			669,059			669,114			656,433
Provision for credit losses		38,000			33,000			29,000			30,000			32,000
Net interest income after provision for credit losses		621,588			648,840			640,059			639,114			624,433
Other income
Mortgage banking revenues		101,601			93,675			93,532			95,656			80,049
Service charges on deposit accounts		102,344			106,319			110,071			107,368			104,198
Trust income		123,734			128,442			128,671			129,893			121,252
Brokerage services income		15,461			15,809			17,416			17,487			16,500
Trading account and foreign exchange gains		6,231			8,397			6,988			8,042			6,447
Loss on bank investment securities		(98	)		—			—			—			—
Equity in earnings of Bayview Lending Group LLC		(4,191	)		(4,049	)		(4,114	)		(4,055	)		(4,454	)
Other revenues from operations		95,121			103,050			98,547			102,021			96,115
Total other income		440,203			451,643			451,111			456,412			420,107
Other expense
Salaries and employee benefits		389,893			345,135			348,776			339,713			371,326
Equipment and net occupancy		66,470			62,335			67,713			68,084			71,167
Printing, postage and supplies		9,590			8,881			9,184			9,180			10,956
Amortization of core deposit and other intangible assets		6,793			7,170			7,358			9,234			10,062
FDIC assessments		10,660			11,695			13,193			15,155			15,488
Other costs of operations		202,969			231,005			219,135			226,294			211,235
Total other expense		686,375			666,221			665,359			667,660			690,234
Income before income taxes		375,416			434,262			425,811			427,866			354,306
Applicable income taxes		133,803			156,713			150,467			143,530			125,289
Net income	$	241,613			277,549			275,344			284,336			229,017

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Condensed Consolidated Balance Sheet

	March 31
Dollars in thousands	2015		2014		Change
ASSETS
Cash and due from banks	$	1,269,816		1,671,052		-24	%
Interest-bearing deposits at banks		6,291,491		3,299,185		91
Federal funds sold		97,037		92,066		5
Trading account assets		363,085		314,807		15
Investment securities		14,393,270		10,364,249		39
Loans and leases:
Commercial, financial, etc.		19,775,494		18,896,070		5
Real estate - commercial		27,845,710		26,104,086		7
Real estate - consumer		8,504,119		8,774,095		-3
Consumer		10,973,719		10,360,827		6
Total loans and leases, net of unearned discount		67,099,042		64,135,078		5
Less: allowance for credit losses		921,373		916,768		1
Net loans and leases		66,177,669		63,218,310		5
Goodwill		3,524,625		3,524,625		—
Core deposit and other intangible assets		28,234		58,789		-52
Other assets		6,232,556		5,987,277		4
Total assets	$	98,377,783		88,530,360		11	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	27,181,120		25,244,200		8	%
Interest-bearing deposits		46,234,455		43,207,286		7
Deposits at Cayman Islands office		178,545		247,880		-28
Total deposits		73,594,120		68,699,366		7
Short-term borrowings		193,495		230,209		-16
Accrued interest and other liabilities		1,552,724		1,462,725		6
Long-term borrowings		10,509,143		6,251,197		68
Total liabilities		85,849,482		76,643,497		12
Shareholders’ equity:
Preferred		1,231,500		1,231,500		—
Common (1)		11,296,801		10,655,363		6
Total shareholders’ equity		12,528,301		11,886,863		5
Total liabilities and shareholders’ equity	$	98,377,783		88,530,360		11	%

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $152.5 million at March 31, 2015 and $25.3 million at March 31, 2014.

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15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

Dollars in thousands	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
ASSETS
Cash and due from banks	$	1,269,816		1,289,965		1,445,877		1,827,197		1,671,052
Interest-bearing deposits at banks		6,291,491		6,470,867		7,676,064		3,032,530		3,299,185
Federal funds sold		97,037		83,392		77,766		90,239		92,066
Trading account assets		363,085		308,175		296,913		313,325		314,807
Investment securities		14,393,270		12,993,542		13,348,368		12,120,195		10,364,249
Loans and leases:
Commercial, financial, etc.		19,775,494		19,461,292		19,112,009		19,105,892		18,896,070
Real estate - commercial		27,845,710		27,567,569		26,942,847		26,374,274		26,104,086
Real estate - consumer		8,504,119		8,657,301		8,663,408		8,656,766		8,774,095
Consumer		10,973,719		10,982,794		10,854,095		10,610,761		10,360,827
Total loans and leases, net of unearned discount		67,099,042		66,668,956		65,572,359		64,747,693		64,135,078
Less: allowance for credit losses		921,373		919,562		918,633		917,666		916,768
Net loans and leases		66,177,669		65,749,394		64,653,726		63,830,027		63,218,310
Goodwill		3,524,625		3,524,625		3,524,625		3,524,625		3,524,625
Core deposit and other intangible assets		28,234		35,027		42,197		49,555		58,789
Other assets		6,232,556		6,230,548		6,162,806		6,047,309		5,987,277
Total assets	$	98,377,783		96,685,535		97,228,342		90,835,002		88,530,360
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	27,181,120		26,947,880		27,440,524		26,088,763		25,244,200
Interest-bearing deposits		46,234,455		46,457,591		46,659,442		43,502,602		43,207,286
Deposits at Cayman Islands office		178,545		176,582		241,536		237,890		247,880
Total deposits		73,594,120		73,582,053		74,341,502		69,829,255		68,699,366
Short-term borrowings		193,495		192,676		164,609		161,631		230,209
Accrued interest and other liabilities		1,552,724		1,567,951		1,327,524		1,283,430		1,462,725
Long-term borrowings		10,509,143		9,006,959		9,061,391		7,391,931		6,251,197
Total liabilities		85,849,482		84,349,639		84,895,026		78,666,247		76,643,497
Shareholders’ equity:
Preferred		1,231,500		1,231,500		1,231,500		1,231,500		1,231,500
Common (1)		11,296,801		11,104,396		11,101,816		10,937,255		10,655,363
Total shareholders’ equity		12,528,301		12,335,896		12,333,316		12,168,755		11,886,863
Total liabilities and shareholders’ equity	$	98,377,783		96,685,535		97,228,342		90,835,002		88,530,360

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $152.5 million at March 31, 2015, $181.0 million at December 31, 2014 and $25.3 million at March 31, 2014, and accumulated other comprehensive income, net of applicable income tax effect, of $12.5 million at September 30, 2014 and $40.3 million at June 30, 2014.

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16-16-16-16-16

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

and Annualized Taxable-equivalent Rates

	Three months ended															Change in balance
	March 31,					March 31,					December 31,					March 31, 2015 from
Dollars in millions	2015					2014					2014					March 31,			December 31,
	Balance		Rate			Balance		Rate			Balance		Rate			2014			2014
ASSETS
Interest-bearing deposits at banks	$	5,073		.25	%		3,089		.25	%		9,054		.25	%		64	%		-44	%
Federal funds sold		97		.10			100		.07			86		.08			-2			14
Trading account assets		79		2.87			71		2.68			80		1.76			11			-1
Investment securities		13,376		2.67			9,265		3.34			12,978		2.82			44			3
Loans and leases, net of unearned discount
Commercial, financial, etc		19,457		3.21			18,476		3.37			19,117		3.25			5			2
Real estate - commercial		27,596		4.18			26,143		4.40			27,064		4.24			6			2
Real estate - consumer		8,572		4.15			8,844		4.19			8,654		4.19			-3			-1
Consumer		10,962		4.49			10,300		4.59			10,932		4.49			6			—
Total loans and leases, net		66,587		3.97			63,763		4.14			65,767		4.01			4			1
Total earning assets		85,212		3.54			76,288		3.87			87,965		3.44			12			-3
Goodwill		3,525					3,525					3,525					—			—
Core deposit and other intangible assets		31					64					38					-50			-18
Other assets		7,124					6,788					7,116					5			—
Total assets	$	95,892					86,665					98,644					11	%		-3	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits
NOW accounts	$	1,121		.11			988		.12			1,083		.14			14	%		4	%
Savings deposits		41,525		.10			38,358		.12			42,949		.10			8			-3
Time deposits		3,017		.50			3,460		.46			3,128		.50			-13			-4
Deposits at Cayman Islands office		224		.27			380		.22			265		.22			-41			-16
Total interest-bearing deposits		45,887		.13			43,186		.15			47,425		.13			6			-3
Short-term borrowings		196		.07			264		.05			195		.05			-26			1
Long-term borrowings		9,835		2.64			5,897		3.47			8,954		2.62			67			10
Total interest-bearing liabilities		55,918		.57			49,347		.55			56,574		.52			13			-1
Noninterest-bearing deposits		25,811					24,141					28,090					7			-8
Other liabilities		1,704					1,529					1,538					11			11
Total liabilities		83,433					75,017					86,202					11			-3
Shareholders’ equity		12,459					11,648					12,442					7			—
Total liabilities and shareholders’ equity	$	95,892					86,665					98,644					11	%		-3	%
Net interest spread				2.97					3.32					2.92
Contribution of interest-free funds				.20					.20					.18
Net interest margin				3.17	%				3.52	%				3.10	%

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17-17-17-17-17

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

	Three months ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Income statement data
In thousands, except per share
Net income
Net income	$	241,613			277,549			275,344			284,336			229,017
Amortization of core deposit and other intangible assets (1)		4,163			4,380			4,494			5,638			6,145
Net operating income	$	245,776			281,929			279,838			289,974			235,162
Earnings per common share
Diluted earnings per common share	$	1.65			1.92			1.91			1.98			1.61
Amortization of core deposit and other intangible assets (1)		.03			.03			.03			.04			.05
Diluted net operating earnings per common share	$	1.68			1.95			1.94			2.02			1.66
Other expense
Other expense	$	686,375			666,221			665,359			667,660			690,234
Amortization of core deposit and other intangible assets		(6,793	)		(7,170	)		(7,358	)		(9,234	)		(10,062	)
Noninterest operating expense	$	679,582			659,051			658,001			658,426			680,172
Efficiency ratio
Noninterest operating expense (numerator)	$	679,582			659,051			658,001			658,426			680,172
Taxable-equivalent net interest income		665,426			687,847			674,900			674,963			662,378
Other income		440,203			451,643			451,111			456,412			420,107
Less: Loss on bank investment securities		(98	)		—			—			—			—
Denominator	$	1,105,727			1,139,490			1,126,011			1,131,375			1,082,485
Efficiency ratio		61.46	%		57.84	%		58.44	%		58.20	%		62.83	%
Balance sheet data
In millions
Average assets
Average assets	$	95,892			98,644			93,245			89,873			86,665
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(31	)		(38	)		(45	)		(53	)		(64	)
Deferred taxes		10			12			14			16			20
Average tangible assets	$	92,346			95,093			89,689			86,311			83,096
Average common equity
Average total equity	$	12,459			12,442			12,247			12,039			11,648
Preferred stock		(1,232	)		(1,231	)		(1,232	)		(1,231	)		(1,072	)
Average common equity		11,227			11,211			11,015			10,808			10,576
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(31	)		(38	)		(45	)		(53	)		(64	)
Deferred taxes		10			12			14			16			20
Average tangible common equity	$	7,681			7,660			7,459			7,246			7,007
At end of quarter
Total assets
Total assets	$	98,378			96,686			97,228			90,835			88,530
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(28	)		(35	)		(42	)		(49	)		(59	)
Deferred taxes		9			11			13			15			19
Total tangible assets	$	94,834			93,137			93,674			87,276			84,965
Total common equity
Total equity	$	12,528			12,336			12,333			12,169			11,887
Preferred stock		(1,232	)		(1,231	)		(1,232	)		(1,232	)		(1,232	)
Undeclared dividends - cumulative preferred stock		(2	)		(3	)		(2	)		(3	)		(3	)
Common equity, net of undeclared cumulative preferred dividends		11,294			11,102			11,099			10,934			10,652
Goodwill		(3,525	)		(3,525	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(28	)		(35	)		(42	)		(49	)		(59	)
Deferred taxes		9			11			13			15			19
Total tangible common equity	$	7,750			7,553			7,545			7,375			7,087

(1) After any related tax effect.

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