EXHIBIT 12.1

M&T BANK CORPORATION AND SUBSIDIARIES

Computations of Consolidated Ratios of Earnings to Fixed Charges

		Year Ended December 31
		2017		2016		2015		2014		2013
		(Dollars in thousands)
Excluding interest on deposits
Fixed charges:
Interest expense (excluding interest on deposits)		$	190,883		234,642		254,443		217,348		200,413
Interest factor within rent expense (a)			40,917		40,727		36,385		36,815		36,490
Total fixed charges		$	231,800		275,369		290,828		254,163		236,903
Earnings:
Income before income taxes		$	2,323,862		2,058,398		1,674,692		1,642,245		1,765,568
Fixed charges			231,800		275,369		290,828		254,163		236,903
Total earnings		$	2,555,662		2,333,767		1,965,520		1,896,408		2,002,471
Ratio of earnings to fixed charges, excluding interest    on deposits	x		11.03		8.48		6.76		7.46		8.45
Including interest on deposits
Fixed charges:
Interest expense		$	386,751		425,984		328,257		280,431		284,105
Interest factor within rent expense (a)			40,917		40,727		36,385		36,815		36,490
Total fixed charges		$	427,668		466,711		364,642		317,246		320,595
Earnings:
Income before income taxes		$	2,323,862		2,058,398		1,674,692		1,642,245		1,765,568
Fixed charges			427,668		466,711		364,642		317,246		320,595
Total earnings		$	2,751,530		2,525,109		2,039,334		1,959,491		2,086,163
Ratio of earnings to fixed charges, including interest    on deposits	x		6.43		5.41		5.59		6.18		6.51

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