Exhibit 99.1

INVESTOR CONTACT:	Donald J. MacLeod (716) 842-5138	FOR IMMEDIATE RELEASE: January 19, 2016
MEDIA CONTACT:	C. Michael Zabel (716) 842-5385

M&T BANK CORPORATION ANNOUNCES 2015 FOURTH QUARTER

AND FULL-YEAR PROFITS

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

GAAP Results of Operations. Reflecting the impact of merger-related expenses associated with its recent acquisition, M&T’s diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) for the fourth quarter of 2015 were $1.65, compared with $1.92 in the year-earlier quarter and $1.93 in the third quarter of 2015. GAAP-basis net income in the recent quarter was $271 million, compared with $278 million in the final quarter of 2014 and $280 million in 2015’s third quarter. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income for the recent quarter was .93% and 7.22%, respectively, compared with 1.12% and 9.10%, respectively, in the year-earlier quarter and 1.13% and 8.93%, respectively, in the third quarter of 2015.

Commenting on M&T’s performance in 2015, René F. Jones, Vice Chairman and Chief Financial Officer, noted, “M&T posted strong financial performance in the fourth quarter, reflecting our recent merger, growth in revenues, controlled expenses and continued solid credit quality, resulting in a 7% increase in diluted net operating earnings per common share from the year-earlier quarter. We are pleased with all that was accomplished in the quarter. On

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November 1, we welcomed our Hudson City colleagues and valued customers into the M&T family. The full integration of Hudson City’s operations will be completed in February after the conversion of the deposit system and branch network. The merger with Hudson City brings exceptional opportunities for M&T, and we are excited to offer our broad array of products and services to both existing and new customers. While financial results for the fourth quarter reflect only two months of the operations associated with Hudson City, the acquisition has already had a positive impact on M&T’s operating results and capital position, contributing to a 13% rise in tangible book value per share from the 2014 year end.”

M&T’s fourth quarter results reflect its acquisition of Hudson City Bancorp, Inc. (“Hudson City”), effective November 1, 2015, including the payment of cash consideration of $2.1 billion and the issuance of 25,953,950 common shares. Results of the operations acquired from Hudson City have been reflected in M&T’s results since the acquisition date. Assets acquired in the transaction totaled approximately $34.6 billion, including $19.0 billion of loans and $7.9 billion of investment securities, while liabilities assumed were $31.5 billion, including $17.9 billion of deposits and $13.2 billion of borrowings. In early November, M&T restructured its balance sheet by selling $5.8 billion of investment securities obtained in the acquisition and repaying $10.6 billion of borrowings assumed in the transaction. Merger-related expenses incurred during the final 2015 quarter aggregated $61 million after-tax effect, or $.40 of diluted earnings per common share.

For the full year of 2015, diluted earnings per common share were $7.18, compared with $7.42 for 2014. Net income totaled $1.08 billion in 2015, up from $1.07 billion in 2014. Expressed

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as a rate of return on average assets and average common shareholders’ equity, net income in 2015 was 1.06% and 8.32%, respectively, compared with 1.16% and 9.08%, respectively, in 2014.

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. The amounts of such “nonoperating” expenses are presented in the tables that accompany this release. Reflected in merger-related expenses in the fourth quarter of 2015 was a provision for credit losses of $21 million. GAAP requires that acquired loans be recorded at estimated fair value, which includes the use of interest rate and credit loss assumptions to project estimated cash flows. GAAP also provides that an allowance for credit losses associated with probable incurred losses on loans acquired at a premium also be recognized. Accordingly, M&T recorded a $21 million provision related to such loans obtained in the Hudson City acquisition. Given the requirement to recognize such losses above and beyond the impact of forecasted losses used in determining the fair value of acquired loans, M&T considers that provision to be a merger-related expense. 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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Diluted net operating earnings per common share were $2.09 in the fourth quarter of 2015, improved from $1.95 in each of the year-earlier period and the third quarter of 2015. Net operating income for 2015’s final quarter rose to $338 million, up 20% and 19% from $282 million and $283 million in the fourth quarter of 2014 and the third quarter of 2015, respectively. For the quarter ended December 31, 2015, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity was 1.21% and 13.26%, respectively, compared with 1.18% and 13.55%, respectively, in the similar 2014 period and 1.18% and 12.98%, respectively, in the third quarter of 2015.

For the year ended December 31, 2015, diluted net operating earnings per common share were $7.74, up 2% from $7.57 in 2014. Net operating income in 2015 rose 6% to $1.16 billion from $1.09 billion in 2014. Net operating income in 2015 expressed as a rate of return on average tangible assets and average tangible common shareholders’ equity was 1.18% and 13.00%, respectively, compared with 1.23% and 13.76%, respectively, in 2014.

Taxable-equivalent Net Interest Income. Net interest income expressed on a taxable-equivalent basis aggregated $813 million in the fourth quarter of 2015, up 18% from $688 million earned in the year-earlier period and 16% higher than $699 million recorded in the third quarter of 2015. The growth in such income in the recent quarter resulted from higher earning assets. Average earning assets rose to $103.6 billion in the recent quarter, 18% above $88.0 billion in the fourth quarter of 2014 and 17% higher than $88.4 billion in 2015’s third quarter. Those increases were predominantly the result of the Hudson City acquisition that added approximately $14.6 billion to average

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earning assets in the recent quarter. Also reflective of the Hudson City acquisition, the net interest margin was 3.12% in 2015’s fourth quarter, compared with 3.10% in the final quarter of 2014 and 3.14% in the third quarter of 2015. Net interest income on a taxable-equivalent basis totaled $2.87 billion for the full-year 2015, 6% higher than $2.70 billion in 2014. That improvement resulted from a $9.5 billion increase in average earning assets, partially offset by a narrowing of the net interest margin to 3.14% in 2015 from 3.31% in 2014.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $58 million during the fourth quarter of 2015, compared with $33 million in the year-earlier quarter and $44 million in the third quarter of 2015. Net charge-offs of loans were $36 million during the recent quarter, compared with $32 million in the final quarter of 2014 and $40 million in the third quarter of 2015. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .18% and .19% in the fourth quarter of 2015 and 2014, respectively, and .24% in 2015’s third quarter. The provision for credit losses was $170 million for the year ended December 31, 2015, compared with $124 million in 2014. Net loan charge-offs during 2015 and 2014 totaled $134 million and $121 million, respectively, or .19% of average loans outstanding in each of those years. As already noted, a $21 million provision was recorded in the fourth quarter of 2015, in accordance with GAAP, related to loans obtained in the Hudson City acquisition that had a fair value in excess of outstanding principal. GAAP provides that an allowance for credit losses on such loans be recorded beyond the recognition of the fair value of the loans at the acquisition date.

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Loans classified as nonaccrual were $799 million, or .91% of total loans outstanding at December 31, 2015, compared with $799 million or 1.20% a year earlier and $787 million or 1.15% at September 30, 2015. Assets taken in foreclosure of defaulted loans were $195 million at the end of 2015, compared with $64 million and $66 million at December 31, 2014 and September 30, 2015, respectively. The higher level of such assets at the 2015 year-end resulted from residential real estate properties obtained in the Hudson City acquisition.

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 for credit losses totaled $956 million at December 31, 2015, compared with $920 million a year earlier and $934 million at September 30, 2015. The allowance expressed as a percentage of outstanding loans was 1.09% at the end of 2015, compared with 1.38% at December 31, 2014 and 1.36% at September 30, 2015. The decline in that ratio from September 30, 2015 and December 31, 2014 reflects the impact of residential mortgage loans obtained in the Hudson City acquisition.

Noninterest Income and Expense. Noninterest income totaled $448 million in the recently completed quarter, compared with $452 million in the fourth quarter of 2014 and $440 million in the third quarter of 2015. The modest decline as compared with the final 2014 quarter resulted from lower trust income and residential mortgage banking revenues associated with loan servicing activities, partially offset by higher credit-related fees. The decline in trust income was predominantly the result of the second quarter 2015 sale of M&T’s trade processing business within its retirement services division. Contributing to the

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recent quarter’s increase in noninterest income as compared with the immediately preceding quarter were higher commercial mortgage banking revenues and credit-related fees.

Noninterest income aggregated $1.83 billion and $1.78 billion during the years ended December 31, 2015 and 2014, respectively. Reflected in that improvement were higher commercial mortgage banking revenues and a $45 million gain from the sale of M&T’s trade processing business that was partially offset by lower trust income associated with that divested business.

Noninterest expense in the final quarter of 2015 totaled $786 million, compared with $666 million in the year-earlier quarter and $654 million in the third 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 and merger-related expenses. Exclusive of those expenses, noninterest operating expenses were $701 million in the fourth quarter of 2015, compared with $659 million in the year-earlier quarter and $650 million in the third quarter of 2015. The most significant factor for the higher level of operating expenses in the recent quarter was the impact of the operations obtained in the Hudson City acquisition.

For the year ended December 31, 2015, noninterest expenses totaled $2.82 billion, compared with $2.69 billion in the previous year. Noninterest operating expenses were $2.72 billion in 2015 and $2.66 billion in 2014. That increase reflects noninterest operating expenses associated with Hudson City.

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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 55.5% in the recent quarter, compared with 57.8% in the year-earlier quarter and 57.1% in the third quarter of 2015. The efficiency ratio for the full year 2015 was 58.0%, compared with 59.3% in 2014.

Balance Sheet. M&T had total assets of $122.8 billion at December 31, 2015, up 27% from $96.7 billion a year earlier. Investment securities were $15.7 billion at the recent year-end, up $2.7 billion or 20% from December 31, 2014. Loans and leases, net of unearned discount, rose 31% to $87.5 billion at the 2015 year-end from $66.7 billion at December 31, 2014. Total deposits were $92.0 billion at the recent year-end, up 25% or $18.4 billion from $73.6 billion at December 31, 2014.

Total shareholders’ equity rose $3.8 billion or 31% to $16.2 billion at December 31, 2015 from $12.3 billion a year earlier, representing 13.17% and 12.76%, respectively, of total assets. Common shareholders’ equity was $14.9 billion, or $93.60 per share, at December 31, 2015, compared with $11.1 billion, or $83.88 per share, at December 31, 2014. Tangible equity per common share rose 13% to $64.28 at December 31, 2015 from $57.06 a year earlier. Common shareholders’ equity per share and tangible equity per common share were $87.67 and $61.22, respectively, at September 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

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that became effective for M&T on January 1, 2015 was approximately 11.06% at the 2015 year-end.

Conference Call. Investors will have an opportunity to listen to M&T’s conference call to discuss fourth quarter and full-year 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 #25536663. 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 January 22, 2016 by calling (800)585-8367, or (404)537-3406 for international participants, and by making reference to ID #25536663. 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, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia 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

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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 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

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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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Financial Highlights

	Three months ended									Year ended
	December 31									December 31
Amounts in thousands, except per share	2015			2014			Change			2015			2014			Change
Performance
Net income	$	270,965			277,549			-2	%	$	1,079,667			1,066,246			1	%
Net income available to common shareholders		248,059			254,239			-2	%		987,724			978,581			1	%
Per common share:
Basic earnings	$	1.65			1.93			-15	%	$	7.22			7.47			-3	%
Diluted earnings		1.65			1.92			-14	%		7.18			7.42			-3	%
Cash dividends	$	.70			.70			—		$	2.80			2.80			—
Common shares outstanding:
Average - diluted (1)		150,718			132,278			14	%		137,533			131,844			4	%
Period end (2)		159,600			132,354			21	%		159,600			132,354			21	%
Return on (annualized):
Average total assets		.93	%		1.12	%					1.06	%		1.16	%
Average common shareholders’ equity		7.22	%		9.10	%					8.32	%		9.08	%
Taxable-equivalent net interest income	$	813,401			687,847			18	%	$	2,867,050			2,700,088			6	%
Yield on average earning assets		3.48	%		3.44	%					3.50	%		3.65	%
Cost of interest-bearing liabilities		.54	%		.52	%					.55	%		.53	%
Net interest spread		2.94	%		2.92	%					2.95	%		3.12	%
Contribution of interest-free funds		.18	%		.18	%					.19	%		.19	%
Net interest margin		3.12	%		3.10	%					3.14	%		3.31	%
Net charge-offs to average total net loans (annualized)		.18	%		.19	%					.19	%		.19	%
Net operating results (3)
Net operating income	$	337,613			281,929			20	%	$	1,156,637			1,086,903			6	%
Diluted net operating earnings per common share		2.09			1.95			7	%		7.74			7.57			2	%
Return on (annualized):
Average tangible assets		1.21	%		1.18	%					1.18	%		1.23	%
Average tangible common equity		13.26	%		13.55	%					13.00	%		13.76	%
Efficiency ratio		55.53	%		57.84	%					57.98	%		59.29	%

	At December 31
	2015			2014			Change
Loan quality
Nonaccrual loans	$	799,409			799,151			—
Real estate and other foreclosed assets		195,085			63,635			207	%
Total nonperforming assets	$	994,494			862,786			15	%
Accruing loans past due 90 days or more (4)	$	273,086			245,020			11	%
Government guaranteed loans included in totals above:
Nonaccrual loans	$	47,052			69,095			-32	%
Accruing loans past due 90 days or more		231,930			217,822			6	%
Renegotiated loans	$	182,865			202,633			-10	%
Accruing loans acquired at a discount past due 90 days or more (5)	$	68,473			110,367			-38	%
Purchased impaired loans (6):
Outstanding customer balance	$	1,218,711			369,080			230	%
Carrying amount		783,036			197,737			296	%
Nonaccrual loans to total net loans		.91	%		1.20	%
Allowance for credit losses to total loans		1.09	%		1.38	%

(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 19.

(4) Excludes loans acquired at a discount.

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

(6) Accruing loans acquired at a discount 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, except per share	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Performance
Net income	$	270,965			280,401			286,688			241,613			277,549
Net income available to common shareholders		248,059			257,346			263,481			218,837			254,239
Per common share:
Basic earnings	$	1.65			1.94			1.99			1.66			1.93
Diluted earnings		1.65			1.93			1.98			1.65			1.92
Cash dividends	$	.70			.70			.70			.70			.70
Common shares outstanding:
Average - diluted (1)		150,718			133,376			133,116			132,769			132,278
Period end (2)		159,600			133,311			133,099			132,946			132,354
Return on (annualized):
Average total assets		.93	%		1.13	%		1.18	%		1.02	%		1.12	%
Average common shareholders’ equity		7.22	%		8.93	%		9.37	%		7.99	%		9.10	%
Taxable-equivalent net interest income	$	813,401			699,075			689,148			665,426			687,847
Yield on average earning assets		3.48	%		3.48	%		3.52	%		3.54	%		3.44	%
Cost of interest-bearing liabilities		.54	%		.55	%		.55	%		.57	%		.52	%
Net interest spread		2.94	%		2.93	%		2.97	%		2.97	%		2.92	%
Contribution of interest-free funds		.18	%		.21	%		.20	%		.20	%		.18	%
Net interest margin		3.12	%		3.14	%		3.17	%		3.17	%		3.10	%
Net charge-offs to average total net loans (annualized)		.18	%		.24	%		.13	%		.22	%		.19	%
Net operating results (3)
Net operating income	$	337,613			282,907			290,341			245,776			281,929
Diluted net operating earnings per common share		2.09			1.95			2.01			1.68			1.95
Return on (annualized):
Average tangible assets		1.21	%		1.18	%		1.24	%		1.08	%		1.18	%
Average tangible common equity		13.26	%		12.98	%		13.76	%		11.90	%		13.55	%
Efficiency ratio		55.53	%		57.05	%		58.23	%		61.46	%		57.84	%
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Loan quality
Nonaccrual loans	$	799,409			787,098			797,146			790,586			799,151
Real estate and other foreclosed assets		195,085			66,144			63,734			62,578			63,635
Total nonperforming assets	$	994,494			853,242			860,880			853,164			862,786
Accruing loans past due 90 days or more (4)	$	273,086			231,465			238,568			236,621			245,020
Government guaranteed loans included in totals above:
Nonaccrual loans	$	47,052			48,955			58,259			60,508			69,095
Accruing loans past due 90 days or more		231,930			193,998			206,775			193,618			217,822
Renegotiated loans	$	182,865			189,639			197,145			198,911			202,633
Accruing loans acquired at a discount past due 90 days or more (5)	$	68,473			80,827			78,591			80,110			110,367
Purchased impaired loans (6):
Outstanding customer balance	$	1,218,711			278,979			312,507			335,079			369,080
Carrying amount		783,036			149,421			169,240			184,018			197,737
Nonaccrual loans to total net loans		.91	%		1.15	%		1.17	%		1.18	%		1.20	%
Allowance for credit losses to total loans		1.09	%		1.36	%		1.36	%		1.37	%		1.38	%

(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 20.

(4) Excludes loans acquired at a discount.

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

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

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Condensed Consolidated Statement of Income

	Three months ended December 31									Year ended December 31
Dollars in thousands	2015			2014			Change			2015			2014			Change
Interest income	$	902,377			756,612			19	%	$	3,170,844			2,956,877			7	%
Interest expense		95,333			74,772			27			328,257			280,431			17
Net interest income		807,044			681,840			18			2,842,587			2,676,446			6
Provision for credit losses		58,000			33,000			76			170,000			124,000			37
Net interest income after provision for credit losses		749,044			648,840			15			2,672,587			2,552,446			5
Other income
Mortgage banking revenues		87,500			93,675			-7			375,738			362,912			4
Service charges on deposit accounts		105,748			106,319			-1			420,608			427,956			-2
Trust income		114,564			128,442			-11			470,640			508,258			-7
Brokerage services income		15,546			15,809			-2			64,770			67,212			-4
Trading account and foreign exchange gains		9,938			8,397			18			30,577			29,874			2
Loss on bank investment securities		(22	)		—			—			(130	)		—			—
Equity in earnings of Bayview Lending Group LLC		(3,224	)		(4,049	)		—			(14,267	)		(16,672	)		—
Other revenues from operations		118,058			103,050			15			477,101			399,733			19
Total other income		448,108			451,643			-1			1,825,037			1,779,273			3
Other expense
Salaries and employee benefits		434,413			345,135			26			1,549,530			1,404,950			10
Equipment and net occupancy		70,747			62,335			13			272,539			269,299			1
Printing, postage and supplies		10,905			8,881			23			38,491			38,201			1
Amortization of core deposit and other intangible assets		9,576			7,170			34			26,424			33,824			-22
FDIC assessments		19,562			11,695			67			52,113			55,531			-6
Other costs of operations		240,910			231,005			4			883,835			887,669			—
Total other expense		786,113			666,221			18			2,822,932			2,689,474			5
Income before income taxes		411,039			434,262			-5			1,674,692			1,642,245			2
Applicable income taxes		140,074			156,713			-11			595,025			575,999			3
Net income	$	270,965			277,549			-2	%	$	1,079,667			1,066,246			1	%

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15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

	Three months ended
Dollars in thousands	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Interest income	$	902,377			770,026			760,354			738,087			756,612
Interest expense		95,333			77,199			77,226			78,499			74,772
Net interest income		807,044			692,827			683,128			659,588			681,840
Provision for credit losses		58,000			44,000			30,000			38,000			33,000
Net interest income after provision for credit losses		749,044			648,827			653,128			621,588			648,840
Other income
Mortgage banking revenues		87,500			84,035			102,602			101,601			93,675
Service charges on deposit accounts		105,748			107,259			105,257			102,344			106,319
Trust income		114,564			113,744			118,598			123,734			128,442
Brokerage services income		15,546			16,902			16,861			15,461			15,809
Trading account and foreign exchange gains		9,938			8,362			6,046			6,231			8,397
Loss on bank investment securities		(22	)		—			(10	)		(98	)		—
Equity in earnings of Bayview Lending Group LLC		(3,224	)		(3,721	)		(3,131	)		(4,191	)		(4,049	)
Other revenues from operations		118,058			113,118			150,804			95,121			103,050
Total other income		448,108			439,699			497,027			440,203			451,643
Other expense
Salaries and employee benefits		434,413			363,567			361,657			389,893			345,135
Equipment and net occupancy		70,747			68,470			66,852			66,470			62,335
Printing, postage and supplies		10,905			8,691			9,305			9,590			8,881
Amortization of core deposit and other intangible assets		9,576			4,090			5,965			6,793			7,170
FDIC assessments		19,562			11,090			10,801			10,660			11,695
Other costs of operations		240,910			197,908			242,048			202,969			231,005
Total other expense		786,113			653,816			696,628			686,375			666,221
Income before income taxes		411,039			434,710			453,527			375,416			434,262
Applicable income taxes		140,074			154,309			166,839			133,803			156,713
Net income	$	270,965			280,401			286,688			241,613			277,549

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16-16-16-16-16

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet

	December 31				Change
Dollars in thousands	2015		2014
ASSETS
Cash and due from banks	$	1,368,040		1,289,965		6	%
Interest-bearing deposits at banks		7,594,350		6,470,867		17
Federal funds sold		—		83,392		-100
Trading account assets		273,783		308,175		-11
Investment securities		15,656,439		12,993,542		20
Loans and leases:
Commercial, financial, etc.		20,422,338		19,461,292		5
Real estate - commercial		29,197,311		27,567,569		6
Real estate - consumer		26,270,103		8,657,301		203
Consumer		11,599,747		10,982,794		6
Total loans and leases, net of unearned discount		87,489,499		66,668,956		31
Less: allowance for credit losses		955,992		919,562		4
Net loans and leases		86,533,507		65,749,394		32
Goodwill		4,593,112		3,524,625		30
Core deposit and other intangible assets		140,268		35,027		300
Other assets		6,628,385		6,230,548		6
Total assets	$	122,787,884		96,685,535		27	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	29,110,635		26,947,880		8	%
Interest-bearing deposits		62,677,036		46,457,591		35
Deposits at Cayman Islands office		170,170		176,582		-4
Total deposits		91,957,841		73,582,053		25
Short-term borrowings		2,132,182		192,676		1007
Accrued interest and other liabilities		1,870,714		1,567,951		19
Long-term borrowings		10,653,858		9,006,959		18
Total liabilities		106,614,595		84,349,639		26
Shareholders’ equity:
Preferred		1,231,500		1,231,500		—
Common (1)		14,941,789		11,104,396		35
Total shareholders’ equity		16,173,289		12,335,896		31
Total liabilities and shareholders’ equity	$	122,787,884		96,685,535		27	%

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $251.6 million at December 31, 2015 and $181.0 million at December 31, 2014.

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17-17-17-17-17

M&T BANK CORPORATION

Condensed Consolidated Balance Sheet, Five Quarter Trend

Dollars in thousands	December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014
ASSETS
Cash and due from banks	$	1,368,040		1,249,704		1,347,858		1,269,816		1,289,965
Interest-bearing deposits at banks		7,594,350		4,713,266		4,045,852		6,291,491		6,470,867
Federal funds sold		—		—		3,000		97,037		83,392
Trading account assets		273,783		340,710		277,009		363,085		308,175
Investment securities		15,656,439		14,494,539		14,751,637		14,393,270		12,993,542
Loans and leases:
Commercial, financial, etc.		20,422,338		20,233,177		20,111,028		19,775,494		19,461,292
Real estate - commercial		29,197,311		28,720,537		28,442,488		27,845,710		27,567,569
Real estate - consumer		26,270,103		8,211,062		8,444,542		8,504,119		8,657,301
Consumer		11,599,747		11,375,472		11,133,194		10,973,719		10,982,794
Total loans and leases, net of unearned discount		87,489,499		68,540,248		68,131,252		67,099,042		66,668,956
Less: allowance for credit losses		955,992		933,798		929,987		921,373		919,562
Net loans and leases		86,533,507		67,606,450		67,201,265		66,177,669		65,749,394
Goodwill		4,593,112		3,513,325		3,513,325		3,524,625		3,524,625
Core deposit and other intangible assets		140,268		18,179		22,269		28,234		35,027
Other assets		6,628,385		5,860,889		5,917,861		6,232,556		6,230,548
Total assets	$	122,787,884		97,797,062		97,080,076		98,377,783		96,685,535
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	29,110,635		28,189,330		27,674,588		27,181,120		26,947,880
Interest-bearing deposits		62,677,036		44,549,028		44,787,590		46,234,455		46,457,591
Deposits at Cayman Islands office		170,170		206,185		167,441		178,545		176,582
Total deposits		91,957,841		72,944,543		72,629,619		73,594,120		73,582,053
Short-term borrowings		2,132,182		173,783		153,299		193,495		192,676
Accrued interest and other liabilities		1,870,714		1,582,513		1,453,249		1,552,724		1,567,951
Long-term borrowings		10,653,858		10,174,289		10,175,912		10,509,143		9,006,959
Total liabilities		106,614,595		84,875,128		84,412,079		85,849,482		84,349,639
Shareholders’ equity:
Preferred		1,231,500		1,231,500		1,231,500		1,231,500		1,231,500
Common (1)		14,941,789		11,690,434		11,436,497		11,296,801		11,104,396
Total shareholders’ equity		16,173,289		12,921,934		12,667,997		12,528,301		12,335,896
Total liabilities and shareholders’ equity	$	122,787,884		97,797,062		97,080,076		98,377,783		96,685,535

(1) Reflects accumulated other comprehensive loss, net of applicable income tax effect, of $251.6 million at December 31, 2015, $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.

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18-18-18-18-18

M&T BANK CORPORATION

Condensed Consolidated Average Balance Sheet

and Annualized Taxable-equivalent Rates

	Three months ended															Change in balance						Year ended
	December 31,					December 31,					September 30,					December 31, 2015 from						December 31,
Dollars in millions	2015					2014					2015					December 31, 2014			September 30, 2015			2015					2014					Change in balance
	Balance		Rate			Balance		Rate			Balance		Rate									Balance		Rate			Balance		Rate
ASSETS
Interest-bearing deposits at banks	$	6,622		.30	%		9,054		.25	%		6,060		.25	%		-27	%		9	%	$	5,775		.26	%		5,342		.25	%		8	%
Federal funds sold and agreements to resell securities		1		.54			86		.08			—		—			-99			—			34		.10			89		.07			-62
Trading account assets		68		1.88			80		1.76			96		.52			-16			-29			86		1.44			76		1.81			13
Investment securities		15,786		2.55			12,978		2.82			14,441		2.60			22			9			14,456		2.62			11,509		3.03			26
Loans and leases, net of unearned discount
Commercial, financial, etc.		20,221		3.23			19,117		3.25			19,939		3.22			6			1			19,899		3.21			18,867		3.31			5
Real estate - commercial		28,973		4.11			27,064		4.24			28,309		4.18			7			2			28,276		4.16			26,461		4.26			7
Real estate - consumer		20,369		4.01			8,654		4.19			8,348		4.17			135			144			11,458		4.09			8,719		4.23			31
Consumer		11,547		4.44			10,932		4.49			11,253		4.46			6			3			11,203		4.46			10,618		4.53			6
Total loans and leases, net		81,110		3.92			65,767		4.01			67,849		3.96			23			20			70,836		3.95			64,665		4.05			10
Total earning assets		103,587		3.48			87,965		3.44			88,446		3.48			18			17			91,187		3.50			81,681		3.65			12
Goodwill		4,218					3,525					3,513					20			20			3,694					3,525					5
Core deposit and other intangible assets		101					38					20					164			403			45					50					-11
Other assets		7,146					7,116					6,536					—			9			6,854					6,887					—
Total assets	$	115,052					98,644					98,515					17	%		17	%	$	101,780					92,143					10	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits
Interest-checking	$	1,331		.11			1,083		.14			1,309		.11			23	%		2	%	$	1,275		.11			1,034		.14			23	%
Savings deposits		45,974		.11			42,949		.10			41,197		.11			7			12			42,610		.10			40,474		.11			5
Time deposits		9,686		.65			3,128		.50			2,858		.51			210			239			4,641		.58			3,290		.47			41
Deposits at Cayman Islands office		224		.30			265		.22			206		.29			-16			9			216		.28			327		.21			-34
Total interest-bearing deposits		57,215		.21			47,425		.13			45,570		.13			21			26			48,742		.15			45,125		.14			8
Short-term borrowings		1,615		.39			195		.05			174		.07			729			828			548		.31			215		.05			155
Long-term borrowings		10,748		2.36			8,954		2.62			10,114		2.44			20			6			10,217		2.47			7,492		2.90			36
Total interest-bearing liabilities		69,578		.54			56,574		.52			55,858		.55			23			25			59,507		.55			52,832		.53			13
Noninterest-bearing deposits		28,443					28,090					28,251					1			1			27,324					25,715					6
Other liabilities		2,024					1,538					1,619					32			25			1,721					1,499					15
Total liabilities		100,045					86,202					85,728					16			17			88,552					80,046					11
Shareholders’ equity		15,007					12,442					12,787					21			17			13,228					12,097					9
Total liabilities and shareholders’ equity	$	115,052					98,644					98,515					17	%		17	%	$	101,780					92,143					10	%
Net interest spread				2.94					2.92					2.93											2.95					3.12
Contribution of interest-free funds				.18					.18					.21											.19					.19
Net interest margin				3.12	%				3.10	%				3.14	%										3.14	%				3.31	%

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19-19-19-19-19

M&T BANK CORPORATION

Reconciliation of GAAP to Non-GAAP Measures

	Three months ended December 31						Year ended December 31
	2015			2014			2015			2014
Income statement data
In thousands, except per share
Net income
Net income	$	270,965			277,549		$	1,079,667			1,066,246
Amortization of core deposit and other intangible assets (1)		5,828			4,380			16,150			20,657
Merger-related expenses (1)		60,820			—			60,820			—
Net operating income	$	337,613			281,929		$	1,156,637			1,086,903
Earnings per common share
Diluted earnings per common share	$	1.65			1.92		$	7.18			7.42
Amortization of core deposit and other intangible assets (1)		.04			.03			.12			.15
Merger-related expenses (1)		.40			—			.44			—
Diluted net operating earnings per common share	$	2.09			1.95		$	7.74			7.57
Other expense
Other expense	$	786,113			666,221		$	2,822,932			2,689,474
Amortization of core deposit and other intangible assets		(9,576	)		(7,170	)		(26,424	)		(33,824	)
Merger-related expenses		(75,976	)		—			(75,976	)		—
Noninterest operating expense	$	700,561			659,051		$	2,720,532			2,655,650
Merger-related expenses
Salaries and employee benefits	$	51,287			—		$	51,287			—
Equipment and net occupancy		3			—			3			—
Printing, postage and supplies		504			—			504			—
Other costs of operations		24,182			—			24,182			—
Other expense		75,976			—			75,976			—
Provision for credit losses		21,000			—			21,000			—
Total	$	96,976			—		$	96,976			—
Efficiency ratio
Noninterest operating expense (numerator)	$	700,561			659,051		$	2,720,532			2,655,650
Taxable-equivalent net interest income		813,401			687,847			2,867,050			2,700,088
Other income		448,108			451,643			1,825,037			1,779,273
Less: Loss on bank investment securities		(22	)		—			(130	)		—
Denominator	$	1,261,531			1,139,490		$	4,692,217			4,479,361
Efficiency ratio		55.53	%		57.84	%		57.98	%		59.29	%
Balance sheet data
In millions
Average assets
Average assets	$	115,052			98,644		$	101,780			92,143
Goodwill		(4,218	)		(3,525	)		(3,694	)		(3,525	)
Core deposit and other intangible assets		(101	)		(38	)		(45	)		(50	)
Deferred taxes		39			12			16			15
Average tangible assets	$	110,772			95,093		$	98,057			88,583
Average common equity
Average total equity	$	15,007			12,442		$	13,228			12,097
Preferred stock		(1,232	)		(1,231	)		(1,232	)		(1,192	)
Average common equity		13,775			11,211			11,996			10,905
Goodwill		(4,218	)		(3,525	)		(3,694	)		(3,525	)
Core deposit and other intangible assets		(101	)		(38	)		(45	)		(50	)
Deferred taxes		39			12			16			15
Average tangible common equity	$	9,495			7,660		$	8,273			7,345
At end of quarter
Total assets
Total assets	$	122,788			96,686
Goodwill		(4,593	)		(3,525	)
Core deposit and other intangible assets		(140	)		(35	)
Deferred taxes		54			11
Total tangible assets	$	118,109			93,137
Total common equity
Total equity	$	16,173			12,336
Preferred stock		(1,232	)		(1,231	)
Undeclared dividends - cumulative preferred stock		(2	)		(3	)
Common equity, net of undeclared cumulative preferred dividends		14,939			11,102
Goodwill		(4,593	)		(3,525	)
Core deposit and other intangible assets		(140	)		(35	)
Deferred taxes		54			11
Total tangible common equity	$	10,260			7,553

(1) After any related tax effect.

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20-20-20-20-20

M&T BANK CORPORATION

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

	Three months ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Income statement data
In thousands, except per share
Net income
Net income	$	270,965			280,401			286,688			241,613			277,549
Amortization of core deposit and other intangible assets (1)		5,828			2,506			3,653			4,163			4,380
Merger-related expenses (1)		60,820			—			—			—			—
Net operating income	$	337,613			282,907			290,341			245,776			281,929
Earnings per common share
Diluted earnings per common share	$	1.65			1.93			1.98			1.65			1.92
Amortization of core deposit and other intangible assets (1)		.04			.02			.03			.03			.03
Merger-related expenses (1)		.40			—			—			—			—
Diluted net operating earnings per common share	$	2.09			1.95			2.01			1.68			1.95
Other expense
Other expense	$	786,113			653,816			696,628			686,375			666,221
Amortization of core deposit and other intangible assets		(9,576	)		(4,090	)		(5,965	)		(6,793	)		(7,170	)
Merger-related expenses		(75,976	)		—			—			—			—
Noninterest operating expense	$	700,561			649,726			690,663			679,582			659,051
Merger-related expenses
Salaries and employee benefits	$	51,287			—			—			—			—
Equipment and net occupancy		3			—			—			—			—
Printing, postage and supplies		504			—			—			—			—
Other costs of operations		24,182			—			—			—			—
Other expense		75,976			—			—			—			—
Provision for credit losses		21,000			—			—			—			—
Total	$	96,976			—			—			—			—
Efficiency ratio
Noninterest operating expense (numerator)	$	700,561			649,726			690,663			679,582			659,051
Taxable-equivalent net interest income		813,401			699,075			689,148			665,426			687,847
Other income		448,108			439,699			497,027			440,203			451,643
Less: Loss on bank investment securities		(22	)		—			(10	)		(98	)		—
Denominator	$	1,261,531			1,138,774			1,186,185			1,105,727			1,139,490
Efficiency ratio		55.53	%		57.05	%		58.23	%		61.46	%		57.84	%
Balance sheet data
In millions
Average assets
Average assets	$	115,052			98,515			97,598			95,892			98,644
Goodwill		(4,218	)		(3,513	)		(3,514	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(101	)		(20	)		(25	)		(31	)		(38	)
Deferred taxes		39			7			8			10			12
Average tangible assets	$	110,772			94,989			94,067			92,346			95,093
Average common equity
Average total equity	$	15,007			12,787			12,636			12,459			12,442
Preferred stock		(1,232	)		(1,232	)		(1,232	)		(1,232	)		(1,231	)
Average common equity		13,775			11,555			11,404			11,227			11,211
Goodwill		(4,218	)		(3,513	)		(3,514	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(101	)		(20	)		(25	)		(31	)		(38	)
Deferred taxes		39			7			8			10			12
Average tangible common equity	$	9,495			8,029			7,873			7,681			7,660
At end of quarter
Total assets
Total assets	$	122,788			97,797			97,080			98,378			96,686
Goodwill		(4,593	)		(3,513	)		(3,513	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(140	)		(18	)		(22	)		(28	)		(35	)
Deferred taxes		54			6			7			9			11
Total tangible assets	$	118,109			94,272			93,552			94,834			93,137
Total common equity
Total equity	$	16,173			12,922			12,668			12,528			12,336
Preferred stock		(1,232	)		(1,232	)		(1,232	)		(1,232	)		(1,231	)
Undeclared dividends - cumulative preferred stock		(2	)		(3	)		(3	)		(2	)		(3	)
Common equity, net of undeclared cumulative preferred dividends		14,939			11,687			11,433			11,294			11,102
Goodwill		(4,593	)		(3,513	)		(3,513	)		(3,525	)		(3,525	)
Core deposit and other intangible assets		(140	)		(18	)		(22	)		(28	)		(35	)
Deferred taxes		54			6			7			9			11
Total tangible common equity	$	10,260			8,162			7,905			7,750			7,553

(1) After any related tax effect.

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