EXHIBIT 12.1

M&T BANK CORPORATION AND SUBSIDIARIES

Computations of Consolidated Ratios of Earnings to Fixed Charges

	Year Ended December 31
	2015		2014		2013		2012		2011
	(Dollars in thousands)
Excluding interest on deposits
Fixed charges:
Interest expense (excluding interest on deposits)	$	254,443		217,348		200,413		226,583		244,896
Interest factor within rent expense (a)		36,385		36,815		36,490		36,696		34,341
Total fixed charges	$	290,828		254,163		236,903		263,279		279,237
Earnings:
Income before income taxes	$	1,674,692		1,642,245		1,765,568		1,592,035		1,260,789
Fixed charges		290,828		254,163		236,903		263,279		279,237
Total earnings	$	1,965,520		1,896,408		2,002,471		1,855,314		1,540,026
Ratio of earnings to fixed charges, excluding interest on deposits	x	6.76		7.46		8.45		7.05		5.52
Including interest on deposits
Fixed charges:
Interest expense	$	328,257		280,431		284,105		343,169		402,331
Interest factor within rent expense (a)		36,385		36,815		36,490		36,696		34,341
Total fixed charges	$	364,642		317,246		320,595		379,865		436,672
Earnings:
Income before income taxes	$	1,674,692		1,642,245		1,765,568		1,592,035		1,260,789
Fixed charges		364,642		317,246		320,595		379,865		436,672
Total earnings	$	2,039,334		1,959,491		2,086,163		1,971,900		1,697,461
Ratio of earnings to fixed charges, including interest on deposits	x	5.59		6.18		6.51		5.19		3.89

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