Exhibit 99

INVESTOR CONTACT:	Donald J. MacLeod	FOR IMMEDIATE RELEASE:
	(716) 842-5138	October 19, 2015
MEDIA CONTACT:	C. Michael Zabel
	(716) 842-5385

M&T BANK CORPORATION ANNOUNCES THIRD QUARTER RESULTS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”) (NYSE: MTB) today reported its results of operations for the quarter ended September 30, 2015.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the third quarter of 2015 were $1.93, up from $1.91 in the year-earlier quarter. GAAP-basis net income in the recent quarter aggregated $280 million, improved from $275 million in the third quarter of 2014. Diluted earnings per common share and GAAP-basis net income were $1.98 and $287 million, respectively, in 2015’s second quarter. GAAP-basis net income for the third quarter of 2015 expressed as an annualized rate of return on average assets and average common shareholders’ equity was 1.13% and 8.93%, respectively, compared with 1.17% and 9.18%, respectively, in the year-earlier quarter and 1.18% and 9.37%, respectively, in 2015’s second quarter.

Commenting on M&T’s financial performance for the recent quarter, René F. Jones, Vice Chairman and Chief Financial Officer, noted, “Financial results for the third quarter reflected growth in net interest income and several core noninterest income categories as compared with the second quarter dampened by a slowdown in mortgage loan origination

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M&T BANK CORPORATION

activities that depressed both residential and commercial mortgage banking revenues. Significantly, year over year revenues were up and expenses were down, and our credit quality remained strong. We have quickly resumed working on our merger with Hudson City, and will soon be positioned with our new colleagues to bring the full array of M&T’s banking products and services to the communities across New Jersey.”

For the first nine months of 2015, diluted earnings per common share were $5.56, improved from $5.50 in the similar period of 2014. GAAP-basis net income for the nine-month period ended September 30, 2015 aggregated $809 million, 3% higher than $789 million in the year-earlier period. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income for the first nine months of 2015 was 1.11% and 8.77%, respectively, compared with 1.17% and 9.07%, respectively, in the corresponding 2014 period.

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.

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M&T BANK CORPORATION

Diluted net operating earnings per common share were $1.95 in the third quarter of 2015, compared with $1.94 in the year-earlier quarter and $2.01 in the second quarter of 2015. Net operating income during the recent quarter was $283 million, compared with $280 million in the third quarter of 2014 and $290 million in 2015’s second quarter. Expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity, net operating income was 1.18% and 12.98%, respectively, in the recent quarter, 1.24% and 13.80%, respectively, in the third quarter of 2014 and 1.24% and 13.76%, respectively, in the second quarter of 2015.

Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis totaled $699 million in the third quarter of 2015, up 4% from $675 million in the third quarter of 2014. Contributing to that improvement was a $5.7 billion increase in average earning assets, partially offset by a 9 basis point narrowing of the net interest margin. The growth in earning assets included a $3.1 billion rise in average loans and leases and a $1.7 billion increase in average investment securities. Taxable-equivalent net interest income in the recent quarter was up an annualized 6% from $689 million in the second 2015 quarter. That improvement reflects a $179 million increase in average loans outstanding, tempered by a 3 basis point narrowing of the net interest margin. In each quarterly comparison, the decline in the net interest margin includes the effect of increased lower-yielding balances of investment securities and deposits held at the Federal Reserve Bank of New York.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $44 million in the recent quarter, compared with $29 million in the third quarter of 2014 and $30 million in

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M&T BANK CORPORATION

2015’s second quarter. Net charge-offs of loans were $40 million during the third quarter of 2015, compared with $28 million and $21 million in the third quarter of 2014 and second quarter of 2015, respectively. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .24% and .17% in the third quarter of 2015 and 2014, respectively, and .13% in the second quarter of 2015.

Loans classified as nonaccrual declined to $787 million, or 1.15% of total loans outstanding at September 30, 2015, improved from $848 million or 1.29% at September 30, 2014 and $797 million or 1.17% at June 30, 2015. Assets taken in foreclosure of defaulted loans totaled $66 million at September 30, 2015, compared with $68 million a year earlier and $64 million at June 30, 2015.

Allowance for Credit Losses. M&T regularly performs detailed analyses of individual borrowers and portfolios for purposes of assessing the adequacy of the allowance for credit losses. As a result of those analyses, the allowance totaled $934 million and $930 million at September 30 and June 30, 2015, respectively, or 1.36% of loans outstanding at each of those dates, compared with $919 million or 1.40% at September 30, 2014.

Noninterest Income and Expense. Noninterest income totaled $440 million in the recent quarter, compared with $451 million in the third quarter of 2014 and $497 million in the second quarter of 2015. The decline from the second 2015 quarter was largely due to a $45 million gain in the second quarter of 2015 from the sale of M&T’s trade processing business within its retirement services division and to lower mortgage banking revenues. As compared with 2014’s third quarter, the recent quarter decline reflects lower mortgage banking revenues and trust income. The lower

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M&T BANK CORPORATION

trust income resulted largely from the trade processing business divestiture in 2015.

Noninterest expense in the third quarter of 2015 totaled $654 million, improved from $665 million in the year-earlier quarter and $697 million in the second quarter of 2015. 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 $650 million in the recent quarter, down from $658 million in the third quarter of 2014 and $691 million in the second quarter of 2015. The decline in operating expenses in the recent quarter as compared with the year-earlier period was predominantly attributable to lower costs for professional services, partially offset by higher salaries and employee benefit expenses. The lower level of operating expenses as compared with the immediately preceding quarter resulted from $40 million of cash contributions made to The M&T Charitable Foundation during the second quarter of 2015.

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 57.1% in the recent quarter, 58.4% in the year-earlier quarter and 58.2% in the second quarter of 2015.

Balance Sheet. M&T had total assets of $97.8 billion at September 30, 2015, up from $97.2 billion a year earlier. Investment securities were $14.5 billion at the recent quarter-end, up $1.1 billion or 9% from September 30, 2014. Loans and leases, net of unearned discount, totaled $68.5 billion at

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September 30, 2015, $3.0 billion or 5% above $65.6 billion a year earlier. Total deposits declined $1.4 billion or 2% to $72.9 billion at the recent quarter-end from $74.3 billion at September 30, 2014, largely due to lower trust-related deposits.

Total shareholders’ equity rose 5% to $12.9 billion at September 30, 2015 from $12.3 billion a year earlier, representing 13.21% and 12.68%, respectively, of total assets. Common shareholders’ equity was $11.7 billion, or $87.67 per share, at September 30, 2015, compared with $11.1 billion, or $83.99 per share, at September 30, 2014. Tangible equity per common share rose 7% to $61.22 at September 30, 2015 from $57.10 at September 30, 2014. Common shareholders’ equity per share and tangible equity per common share were $85.90 and $59.39, respectively, at June 30, 2015. In the calculation of tangible equity per common share, common shareholders’ equity is reduced by the carrying values of goodwill and core deposit 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 10.08%. M&T’s estimated Tier 1 common ratio under previously effective regulatory capital rules would have been 10.28% as of September 30, 2015.

Conference Call. Investors will have an opportunity to listen to M&T’s conference call to discuss third quarter financial results today at 9:30 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 #57486342. 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 through Thursday,

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October 22, 2015 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #57486342. 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.

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

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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 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

	Three months ended September 30									Nine months ended September 30
Amounts in thousands, except per share	2015			2014			Change			2015			2014			Change
Performance
Net income	$	280,401			275,344			2	%	$	808,702			788,697			3	%
Net income available to common shareholders		257,346			251,917			2	%		739,656			724,344			2	%
Per common share:
Basic earnings	$	1.94			1.92			1	%	$	5.59			5.54			1	%
Diluted earnings		1.93			1.91			1	%		5.56			5.50			1	%
Cash dividends	$	.70			.70			—		$	2.10			2.10			—
Common shares outstanding:
Average - diluted (1)		133,376			132,128			1	%		133,089			131,698			1	%
Period end (2)		133,311			132,142			1	%		133,311			132,142			1	%
Return on (annualized):
Average total assets		1.13	%		1.17	%					1.11	%		1.17	%
Average common shareholders’ equity		8.93	%		9.18	%					8.77	%		9.07	%
Taxable-equivalent net interest income	$	699,075			674,900			4	%	$	2,053,649			2,012,241			2	%
Yield on average earning assets		3.48	%		3.59	%					3.51	%		3.72	%
Cost of interest-bearing liabilities		.55	%		.54	%					.55	%		.53	%
Net interest spread		2.93	%		3.05	%					2.96	%		3.19	%
Contribution of interest-free funds		.21	%		.18	%					.20	%		.19	%
Net interest margin		3.14	%		3.23	%					3.16	%		3.38	%
Net charge-offs to average total net loans (annualized)		.24	%		.17	%					.19	%		.19	%
Net operating results (3)
Net operating income	$	282,907			279,838			1	%	$	819,024			804,974			2	%
Diluted net operating earnings per common share		1.95			1.94			1	%		5.64			5.62			—
Return on (annualized):
Average tangible assets		1.18	%		1.24	%					1.17	%		1.25	%
Average tangible common equity		12.98	%		13.80	%					12.89	%		13.84	%
Efficiency ratio		57.05	%		58.44	%					58.88	%		59.78	%
	At September 30
	2015			2014			Change
Loan quality
Nonaccrual loans	$	787,098			847,784			-7	%
Real estate and other foreclosed assets		66,144			67,629			-2	%
Total nonperforming assets	$	853,242			915,413			-7	%
Accruing loans past due 90 days or more (4)	$	231,465			312,990			-26	%
Government guaranteed loans included in totals above:
Nonaccrual loans	$	48,955			68,586			-29	%
Accruing loans past due 90 days or more		193,998			265,333			-27	%
Renegotiated loans	$	189,639			209,099			-9	%
Acquired accruing loans past due 90 days or more (5)	$	80,827			132,147			-39	%
Purchased impaired loans (6):
Outstanding customer balance	$	278,979			429,915			-35	%
Carrying amount		149,421			236,662			-37	%
Nonaccrual loans to total net loans		1.15	%		1.29	%
Allowance for credit losses to total loans		1.36	%		1.40	%

(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 16.

(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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M&T BANK CORPORATION

Financial Highlights, Five Quarter Trend

	Three months ended
Amounts in thousands, except per share	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Performance
Net income	$	280,401			286,688			241,613			277,549			275,344
Net income available to common shareholders		257,346			263,481			218,837			254,239			251,917
Per common share:
Basic earnings	$	1.94			1.99			1.66			1.93			1.92
Diluted earnings		1.93			1.98			1.65			1.92			1.91
Cash dividends	$	.70			.70			.70			.70			.70
Common shares outstanding:
Average - diluted (1)		133,376			133,116			132,769			132,278			132,128
Period end (2)		133,311			133,099			132,946			132,354			132,142
Return on (annualized):
Average total assets		1.13	%		1.18	%		1.02	%		1.12	%		1.17	%
Average common shareholders’ equity		8.93	%		9.37	%		7.99	%		9.10	%		9.18	%
Taxable-equivalent net interest income	$	699,075			689,148			665,426			687,847			674,900
Yield on average earning assets		3.48	%		3.52	%		3.54	%		3.44	%		3.59	%
Cost of interest-bearing liabilities		.55	%		.55	%		.57	%		.52	%		.54	%
Net interest spread		2.93	%		2.97	%		2.97	%		2.92	%		3.05	%
Contribution of interest-free funds		.21	%		.20	%		.20	%		.18	%		.18	%
Net interest margin		3.14	%		3.17	%		3.17	%		3.10	%		3.23	%
Net charge-offs to average total net loans (annualized)		.24	%		.13	%		.22	%		.19	%		.17	%
Net operating results (3)
Net operating income	$	282,907			290,341			245,776			281,929			279,838
Diluted net operating earnings per common share		1.95			2.01			1.68			1.95			1.94
Return on (annualized):
Average tangible assets		1.18	%		1.24	%		1.08	%		1.18	%		1.24	%
Average tangible common equity		12.98	%		13.76	%		11.90	%		13.55	%		13.80	%
Efficiency ratio		57.05	%		58.23	%		61.46	%		57.84	%		58.44	%
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Loan quality
Nonaccrual loans	$	787,098			797,146			790,586			799,151			847,784
Real estate and other foreclosed assets		66,144			63,734			62,578			63,635			67,629
Total nonperforming assets	$	853,242			860,880			853,164			862,786			915,413
Accruing loans past due 90 days or more (4)	$	231,465			238,568			236,621			245,020			312,990
Government guaranteed loans included in totals above:
Nonaccrual loans	$	48,955			58,259			60,508			69,095			68,586
Accruing loans past due 90 days or more		193,998			206,775			193,618			217,822			265,333
Renegotiated loans	$	189,639			197,145			198,911			202,633			209,099
Acquired accruing loans past due 90 days or more (5)	$	80,827			78,591			80,110			110,367			132,147
Purchased impaired loans (6):
Outstanding customer balance	$	278,979			312,507			335,079			369,080			429,915
Carrying amount		149,421			169,240			184,018			197,737			236,662
Nonaccrual loans to total net loans		1.15	%		1.17	%		1.18	%		1.20	%		1.29	%
Allowance for credit losses to total loans		1.36	%		1.36	%		1.37	%		1.38	%		1.40	%

(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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M&T BANK CORPORATION

Condensed Consolidated Statement of Income

	Three months ended September 30									Nine months ended September 30
Dollars in thousands	2015			2014			Change			2015			2014			Change
Interest income	$	770,026			743,023			4	%	$	2,268,467			2,200,265			3	%
Interest expense		77,199			73,964			4			232,924			205,659			13
Net interest income		692,827			669,059			4			2,035,543			1,994,606			2
Provision for credit losses		44,000			29,000			52			112,000			91,000			23
Net interest income after provision for credit losses		648,827			640,059			1			1,923,543			1,903,606			1
Other income
Mortgage banking revenues		84,035			93,532			-10			288,238			269,237			7
Service charges on deposit accounts		107,259			110,071			-3			314,860			321,637			-2
Trust income		113,744			128,671			-12			356,076			379,816			-6
Brokerage services income		16,902			17,416			-3			49,224			51,403			-4
Trading account and foreign exchange gains		8,362			6,988			20			20,639			21,477			-4
Loss on bank investment securities		—			—			—			(108	)		—			—
Equity in earnings of Bayview Lending Group LLC		(3,721	)		(4,114	)		—			(11,043	)		(12,623	)		—
Other revenues from operations		113,118			98,547			15			359,043			296,683			21
Total other income		439,699			451,111			-3			1,376,929			1,327,630			4
Other expense
Salaries and employee benefits		363,567			348,776			4			1,115,117			1,059,815			5
Equipment and net occupancy		68,470			67,713			1			201,792			206,964			-2
Printing, postage and supplies		8,691			9,184			-5			27,586			29,320			-6
Amortization of core deposit and other intangible assets		4,090			7,358			-44			16,848			26,654			-37
FDIC assessments		11,090			13,193			-16			32,551			43,836			-26
Other costs of operations		197,908			219,135			-10			642,925			656,664			-2
Total other expense		653,816			665,359			-2			2,036,819			2,023,253			1
Income before income taxes		434,710			425,811			2			1,263,653			1,207,983			5
Applicable income taxes		154,309			150,467			3			454,951			419,286			9
Net income	$	280,401			275,344			2	%	$	808,702			788,697			3	%

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M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

	Three months ended
Dollars in thousands	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Interest income	$	770,026			760,354			738,087			756,612			743,023
Interest expense		77,199			77,226			78,499			74,772			73,964
Net interest income		692,827			683,128			659,588			681,840			669,059
Provision for credit losses		44,000			30,000			38,000			33,000			29,000
Net interest income after provision for credit losses		648,827			653,128			621,588			648,840			640,059
Other income
Mortgage banking revenues		84,035			102,602			101,601			93,675			93,532
Service charges on deposit accounts		107,259			105,257			102,344			106,319			110,071
Trust income		113,744			118,598			123,734			128,442			128,671
Brokerage services income		16,902			16,861			15,461			15,809			17,416
Trading account and foreign exchange gains		8,362			6,046			6,231			8,397			6,988
Loss on bank investment securities		—			(10	)		(98	)		—			—
Equity in earnings of Bayview Lending Group LLC		(3,721	)		(3,131	)		(4,191	)		(4,049	)		(4,114	)
Other revenues from operations		113,118			150,804			95,121			103,050			98,547
Total other income		439,699			497,027			440,203			451,643			451,111
Other expense
Salaries and employee benefits		363,567			361,657			389,893			345,135			348,776
Equipment and net occupancy		68,470			66,852			66,470			62,335			67,713
Printing, postage and supplies		8,691			9,305			9,590			8,881			9,184
Amortization of core deposit and other intangible assets		4,090			5,965			6,793			7,170			7,358
FDIC assessments		11,090			10,801			10,660			11,695			13,193
Other costs of operations		197,908			242,048			202,969			231,005			219,135
Total other expense		653,816			696,628			686,375			666,221			665,359
Income before income taxes		434,710			453,527			375,416			434,262			425,811
Applicable income taxes		154,309			166,839			133,803			156,713			150,467
Net income	$	280,401			286,688			241,613			277,549			275,344

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M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

	September 30
Dollars in thousands	2015		2014		Change
ASSETS
Cash and due from banks	$	1,249,704		1,445,877		-14	%
Interest-bearing deposits at banks		4,713,266		7,676,064		-39
Federal funds sold		—		77,766		-100
Trading account assets		340,710		296,913		15
Investment securities		14,494,539		13,348,368		9
Loans and leases:
Commercial, financial, etc.		20,233,177		19,112,009		6
Real estate - commercial		28,720,537		26,942,847		7
Real estate - consumer		8,211,062		8,663,408		-5
Consumer		11,375,472		10,854,095		5
Total loans and leases, net of unearned discount		68,540,248		65,572,359		5
Less: allowance for credit losses		933,798		918,633		2
Net loans and leases		67,606,450		64,653,726		5
Goodwill		3,513,325		3,524,625		—
Core deposit and other intangible assets		18,179		42,197		-57
Other assets		5,860,889		6,162,806		-5
Total assets	$	97,797,062		97,228,342		1	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	28,189,330		27,440,524		3	%
Interest-bearing deposits		44,549,028		46,659,442		-5
Deposits at Cayman Islands office		206,185		241,536		-15
Total deposits		72,944,543		74,341,502		-2
Short-term borrowings		173,783		164,609		6
Accrued interest and other liabilities		1,582,513		1,327,524		19
Long-term borrowings		10,174,289		9,061,391		12
Total liabilities		84,875,128		84,895,026		—
Shareholders’ equity:
Preferred		1,231,500		1,231,500		—
Common (1)		11,690,434		11,101,816		5
Total shareholders’ equity		12,921,934		12,333,316		5
Total liabilities and shareholders’ equity	$	97,797,062		97,228,342		1	%

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $163.5 million at September 30, 2015 and accumulated other comprehensive income, net of applicable income tax effect, of $12.5 million at September 30, 2014.

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14-14-14-14-14

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

Dollars in thousands	September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014
ASSETS
Cash and due from banks	$	1,249,704		1,347,858		1,269,816		1,289,965		1,445,877
Interest-bearing deposits at banks		4,713,266		4,045,852		6,291,491		6,470,867		7,676,064
Federal funds sold		—		3,000		97,037		83,392		77,766
Trading account assets		340,710		277,009		363,085		308,175		296,913
Investment securities		14,494,539		14,751,637		14,393,270		12,993,542		13,348,368
Loans and leases:
Commercial, financial, etc.		20,233,177		20,111,028		19,775,494		19,461,292		19,112,009
Real estate - commercial		28,720,537		28,442,488		27,845,710		27,567,569		26,942,847
Real estate - consumer		8,211,062		8,444,542		8,504,119		8,657,301		8,663,408
Consumer		11,375,472		11,133,194		10,973,719		10,982,794		10,854,095
Total loans and leases, net of unearned discount		68,540,248		68,131,252		67,099,042		66,668,956		65,572,359
Less: allowance for credit losses		933,798		929,987		921,373		919,562		918,633
Net loans and leases		67,606,450		67,201,265		66,177,669		65,749,394		64,653,726
Goodwill		3,513,325		3,513,325		3,524,625		3,524,625		3,524,625
Core deposit and other intangible assets		18,179		22,269		28,234		35,027		42,197
Other assets		5,860,889		5,917,861		6,232,556		6,230,548		6,162,806
Total assets	$	97,797,062		97,080,076		98,377,783		96,685,535		97,228,342
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	28,189,330		27,674,588		27,181,120		26,947,880		27,440,524
Interest-bearing deposits		44,549,028		44,787,590		46,234,455		46,457,591		46,659,442
Deposits at Cayman Islands office		206,185		167,441		178,545		176,582		241,536
Total deposits		72,944,543		72,629,619		73,594,120		73,582,053		74,341,502
Short-term borrowings		173,783		153,299		193,495		192,676		164,609
Accrued interest and other liabilities		1,582,513		1,453,249		1,552,724		1,567,951		1,327,524
Long-term borrowings		10,174,289		10,175,912		10,509,143		9,006,959		9,061,391
Total liabilities		84,875,128		84,412,079		85,849,482		84,349,639		84,895,026
Shareholders’ equity:
Preferred		1,231,500		1,231,500		1,231,500		1,231,500		1,231,500
Common (1)		11,690,434		11,436,497		11,296,801		11,104,396		11,101,816
Total shareholders’ equity		12,921,934		12,667,997		12,528,301		12,335,896		12,333,316
Total liabilities and shareholders’ equity	$	97,797,062		97,080,076		98,377,783		96,685,535		97,228,342

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $163.5 million at September 30, 2015, $217.5 million at June 30, 2015, $152.5 million at March 31, 2015 and $181.0 million at December 31, 2014 and accumulated other comprehensive income, net of applicable income tax effect, of $12.5 million at September 30, 2014.

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15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

	Three months ended															Change in balance						Nine months ended
	September 30,					September 30,					June 30,					September 30, 2015 from						September 30
Dollars in millions	2015					2014					2015					September 30,			June 30,			2015					2014					Change in balance
	Balance		Rate			Balance		Rate			Balance		Rate			2014			2015			Balance		Rate			Balance		Rate
ASSETS
Interest-bearing deposits at banks	$	6,060		.25	%		5,083		.25	%		5,326		.25	%		19	%		14	%	$	5,490		.25	%		4,091		.25	%		34	%
Federal funds sold		—		—			80		.07			39		.10			-100			-100			45		.10			90		.07			-50
Trading account assets		96		.52			70		1.65			103		.92			37			-8			93		1.34			75		1.83			24
Investment securities		14,441		2.60			12,780		2.89			14,195		2.68			13			2			14,008		2.65			11,015		3.11			27
Loans and leases, net of unearned discount
Commercial, financial, etc.		19,939		3.22			18,889		3.29			19,973		3.18			6			—			19,791		3.20			18,783		3.33			5
Real estate - commercial		28,309		4.18			26,487		4.19			28,208		4.19			7			—			28,040		4.18			26,258		4.27			7
Real estate - consumer		8,348		4.17			8,634		4.17			8,447		4.19			-3			-1			8,455		4.17			8,740		4.24			-3
Consumer		11,253		4.46			10,753		4.52			11,042		4.46			5			2			11,087		4.47			10,512		4.54			5
Total loans and leases, net		67,849		3.96			64,763		4.00			67,670		3.96			5			—			67,373		3.96			64,293		4.06			5
Total earning assets		88,446		3.48			82,776		3.59			87,333		3.52			7			1			87,009		3.51			79,564		3.72			9
Goodwill		3,513					3,525					3,514					—			—			3,517					3,525					—
Core deposit and other intangible assets		20					45					25					-56			-19			26					54					-53
Other assets		6,536					6,899					6,726					-5			-3			6,793					6,809					—
Total assets	$	98,515					93,245					97,598					6	%		1	%	$	97,345					89,952					8	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing deposits
NOW accounts	$	1,309		.11			1,037		.15			1,333		.11			26	%		-2	%	$	1,255		.11			1,017		.13			23	%
Savings deposits		41,197		.11			41,056		.11			41,712		.10			—			-1			41,477		.10			39,640		.12			5
Time deposits		2,858		.51			3,227		.47			2,948		.50			-11			-3			2,940		.50			3,345		.46			-12
Deposits at Cayman Islands office		206		.29			325		.20			212		.28			-37			-3			214		.28			348		.21			-39
Total interest-bearing deposits		45,570		.13			45,645		.14			46,205		.13			—			-1			45,886		.13			44,350		.14			3
Short-term borrowings		174		.07			181		.04			195		.07			-4			-11			188		.07			222		.05			-15
Long-term borrowings		10,114		2.44			8,547		2.69			10,164		2.47			18			—			10,039		2.51			6,999		3.02			43
Total interest-bearing liabilities		55,858		.55			54,373		.54			56,564		.55			3			-1			56,113		.55			51,571		.53			9
Noninterest-bearing deposits		28,251					25,127					26,753					12			6			26,947					24,915					8
Other liabilities		1,619					1,498					1,645					8			-2			1,656					1,486					11
Total liabilities		85,728					80,998					84,962					6			1			84,716					77,972					9
Shareholders' equity		12,787					12,247					12,636					4			1			12,629					11,980					5
Total liabilities and shareholders' equity	$	98,515					93,245					97,598					6	%		1	%	$	97,345					89,952					8	%
Net interest spread				2.93					3.05					2.97											2.96					3.19
Contribution of interest-free funds				.21					.18					.20											.20					.19
Net interest margin				3.14	%				3.23	%				3.17	%										3.16	%				3.38	%

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16-16-16-16-16

M&T BANK CORPORATION

Reconciliation of Quarterly GAAP to Non-GAAP Measures

	Three months ended September 30						Nine months ended September 30
	2015			2014			2015			2014
Income statement data
In thousands, except per share
Net income
Net income	$	280,401			275,344		$	808,702			788,697
Amortization of core deposit and other intangible assets (1)		2,506			4,494			10,322			16,277
Net operating income	$	282,907			279,838		$	819,024			804,974
Earnings per common share
Diluted earnings per common share	$	1.93			1.91		$	5.56			5.50
Amortization of core deposit and other intangible assets (1)		.02			.03			.08			.12
Diluted net operating earnings per common share	$	1.95			1.94		$	5.64			5.62
Other expense
Other expense	$	653,816			665,359		$	2,036,819			2,023,253
Amortization of core deposit and other intangible assets		(4,090	)		(7,358	)		(16,848	)		(26,654	)
Noninterest operating expense	$	649,726			658,001		$	2,019,971			1,996,599
Efficiency ratio
Noninterest operating expense (numerator)	$	649,726			658,001		$	2,019,971			1,996,599
Taxable-equivalent net interest income		699,075			674,900			2,053,649			2,012,241
Other income		439,699			451,111			1,376,929			1,327,630
Less: Loss on bank investment securities		—			—			(108	)		—
Denominator	$	1,138,774			1,126,011		$	3,430,686			3,339,871
Efficiency ratio		57.05	%		58.44	%		58.88	%		59.78	%
Balance sheet data
In millions
Average assets
Average assets	$	98,515			93,245		$	97,345			89,952
Goodwill		(3,513	)		(3,525	)		(3,517	)		(3,525	)
Core deposit and other intangible assets		(20	)		(45	)		(26	)		(54	)
Deferred taxes		7			14			8			17
Average tangible assets	$	94,989			89,689		$	93,810			86,390
Average common equity
Average total equity	$	12,787			12,247		$	12,629			11,980
Preferred stock		(1,232	)		(1,232	)		(1,232	)		(1,179	)
Average common equity		11,555			11,015			11,397			10,801
Goodwill		(3,513	)		(3,525	)		(3,517	)		(3,525	)
Core deposit and other intangible assets		(20	)		(45	)		(26	)		(54	)
Deferred taxes		7			14			8			17
Average tangible common equity	$	8,029			7,459		$	7,862			7,239
At end of quarter
Total assets
Total assets	$	97,797			97,228
Goodwill		(3,513	)		(3,525	)
Core deposit and other intangible assets		(18	)		(42	)
Deferred taxes		6			13
Total tangible assets	$	94,272			93,674
Total common equity
Total equity	$	12,922			12,333
Preferred stock		(1,232	)		(1,232	)
Undeclared dividends - cumulative preferred stock		(3	)		(2	)
Common equity, net of undeclared cumulative preferred dividends		11,687			11,099
Goodwill		(3,513	)		(3,525	)
Core deposit and other intangible assets		(18	)		(42	)
Deferred taxes		6			13
Total tangible common equity	$	8,162			7,545

(1) After any related tax effect.

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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
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Income statement data
In thousands, except per share
Net income
Net income	$	280,401			286,688			241,613			277,549			275,344
Amortization of core deposit and other intangible assets (1)		2,506			3,653			4,163			4,380			4,494
Net operating income	$	282,907			290,341			245,776			281,929			279,838
Earnings per common share
Diluted earnings per common share	$	1.93			1.98			1.65			1.92			1.91
Amortization of core deposit and other intangible assets (1)		.02			.03			.03			.03			.03
Diluted net operating earnings per common share	$	1.95			2.01			1.68			1.95			1.94
Other expense
Other expense	$	653,816			696,628			686,375			666,221			665,359
Amortization of core deposit and other intangible assets		(4,090	)		(5,965	)		(6,793	)		(7,170	)		(7,358	)
Noninterest operating expense	$	649,726			690,663			679,582			659,051			658,001
Efficiency ratio
Noninterest operating expense (numerator)	$	649,726			690,663			679,582			659,051			658,001
Taxable-equivalent net interest income		699,075			689,148			665,426			687,847			674,900
Other income		439,699			497,027			440,203			451,643			451,111
Less: Loss on bank investment securities		—			(10	)		(98	)		—			—
Denominator	$	1,138,774			1,186,185			1,105,727			1,139,490			1,126,011
Efficiency ratio		57.05	%		58.23	%		61.46	%		57.84	%		58.44	%
Balance sheet data
In millions
Average assets
Average assets	$	98,515			97,598			95,892			98,644			93,245
Goodwill		(3,513	)		(3,514	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(20	)		(25	)		(31	)		(38	)		(45	)
Deferred taxes		7			8			10			12			14
Average tangible assets	$	94,989			94,067			92,346			95,093			89,689
Average common equity
Average total equity	$	12,787			12,636			12,459			12,442			12,247
Preferred stock		(1,232	)		(1,232	)		(1,232	)		(1,231	)		(1,232	)
Average common equity		11,555			11,404			11,227			11,211			11,015
Goodwill		(3,513	)		(3,514	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(20	)		(25	)		(31	)		(38	)		(45	)
Deferred taxes		7			8			10			12			14
Average tangible common equity	$	8,029			7,873			7,681			7,660			7,459
At end of quarter
Total assets
Total assets	$	97,797			97,080			98,378			96,686			97,228
Goodwill		(3,513	)		(3,513	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(18	)		(22	)		(28	)		(35	)		(42	)
Deferred taxes		6			7			9			11			13
Total tangible assets	$	94,272			93,552			94,834			93,137			93,674
Total common equity
Total equity	$	12,922			12,668			12,528			12,336			12,333
Preferred stock		(1,232	)		(1,232	)		(1,232	)		(1,231	)		(1,232	)
Undeclared dividends - cumulative preferred stock		(3	)		(3	)		(2	)		(3	)		(2	)
Common equity, net of undeclared cumulative preferred dividends		11,687			11,433			11,294			11,102			11,099
Goodwill		(3,513	)		(3,513	)		(3,525	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(18	)		(22	)		(28	)		(35	)		(42	)
Deferred taxes		6			7			9			11			13
Total tangible common equity	$	8,162			7,905			7,750			7,553			7,545

(1) After any related tax effect.

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