Exhibit (12)(b)

M&T Bank Corporation

Computations of Consolidated Ratios of Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

	For the Six Months
	Ended June 30				Year Ended December 31
	2018		2017		2017		2016		2015		2014		2013
					(Dollars in thousands)
Excluding interest on deposits
Fixed charges:
Interest expense (excluding interest on deposits)	$	114,265		91,962		190,883		234,642		254,443		217,348		200,413
Interest factor within rent expense (a)		18,563		19,428		40,917		40,727		36,385		36,815		36,490
Preferred stock dividends		49,193		60,138		119,924		133,998		133,998		124,902		89,087
Total fixed charges	$	182,021		171,528		351,724		409,367		424,826		379,065		325,990
Earnings:
Income before income taxes (b)	$	1,112,493		1,114,634		2,323,862		2,058,398		1,674,692		1,642,245		1,765,568
Fixed charges - including preferred stock dividends		182,021		171,528		351,724		409,367		424,826		379,065		325,990
Total earnings (b)	$	1,294,514		1,286,162		2,675,586		2,467,765		2,099,518		2,021,310		2,091,558
Ratio of earnings to fixed charges, excluding interest on deposits	x	7.11		7.50		7.61		6.03		4.94		5.33		6.42
Including interest on deposits
Fixed charges:
Interest expense	$	226,751		183,986		386,751		425,984		328,257		280,431		284,105
Interest factor within rent expense (a)		18,563		19,428		40,917		40,727		36,385		36,815		36,490
Preferred stock dividends		49,193		60,138		119,924		133,998		133,998		124,902		89,087
Total fixed charges	$	294,507		263,552		547,592		600,709		498,640		442,148		409,682
Earnings:
Income before income taxes (b)	$	1,112,493		1,114,634		2,323,862		2,058,398		1,674,692		1,642,245		1,765,568
Fixed charges - including preferred stock dividends		294,507		263,552		547,592		600,709		498,640		442,148		409,682
Total earnings (b)	$	1,407,000		1,378,186		2,871,454		2,659,107		2,173,332		2,084,393		2,175,250
Ratio of earnings to fixed charges, including interest on deposits	x	4.78		5.23		5.24		4.43		4.36		4.71		5.31

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

(b) Figures prior to 2015 have been restated as a result of an accounting policy election to account for investments in qualified affordable housing projects using the proportionate amortization method.