EXHIBIT 12.1

M&T BANK CORPORATION AND SUBSIDIARIES

Computations of Consolidated Ratios of Earnings to Fixed Charges

		Year Ended December 31
		2016		2015		2014		2013		2012
		(Dollars in thousands)
Excluding interest on deposits
Fixed charges:
Interest expense (excluding interest on deposits)		$	234,642		254,443		217,348		200,413		226,583
Interest factor within rent expense (a)			40,727		36,385		36,815		36,490		36,696
Total fixed charges		$	275,369		290,828		254,163		236,903		263,279
Earnings:
Income before income taxes		$	2,058,398		1,674,692		1,642,245		1,765,568		1,592,035
Fixed charges			275,369		290,828		254,163		236,903		263,279
Total earnings			2,333,767		1,965,520		1,896,408		2,002,471		1,855,314
Ratio of earnings to fixed charges, excluding interest    on deposits	x		8.48		6.76		7.46		8.45		7.05
Including interest on deposits
Fixed charges:
Interest expense		$	425,984		328,257		280,431		284,105		343,169
Interest factor within rent expense (a)			40,727		36,385		36,815		36,490		36,696
Total fixed charges		$	466,711		364,642		317,246		320,595		379,865
Earnings:
Income before income taxes		$	2,058,398		1,674,692		1,642,245		1,765,568		1,592,035
Fixed charges			466,711		364,642		317,246		320,595		379,865
Total earnings			2,525,109		2,039,334		1,959,491		2,086,163		1,971,900
Ratio of earnings to fixed charges, including interest    on deposits	x		5.41		5.59		6.18		6.51		5.19

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