INVESTOR CONTACT:		Donald J. MacLeod		FOR IMMEDIATE RELEASE: January 20, 2010
		(716) 842-5138

MEDIA CONTACT:		C. Michael Zabel
		(716) 842-5385

M&T BANK CORPORATION ANNOUNCES 2009 FOURTH QUARTER
AND FULL-YEAR PROFITS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”)(NYSE: MTB) today reported its results of operations for 2009.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) increased to $1.04 in the fourth quarter of 2009, up 13% from 2008’s fourth quarter. GAAP-basis net income in the recent quarter totaled $137 million. Expressed as an annualized rate of return on average assets and average common stockholders’ equity, GAAP-basis net income for the fourth quarter of 2009 was .79% and 7.09%, respectively.

During the recent quarter, M&T recognized $21 million of after-tax other-than-temporary impairment charges on certain available-for-sale investment securities. However, because those investment securities were previously reflected at fair value on the consolidated balance sheet, the impairment charges did not reduce shareholders’ equity. M&T also incurred merger-related expenses of $4 million, after applicable tax effect, associated with its second quarter acquisition of Provident Bankshares Corporation (“Provident”) and with its third quarter agreement with the Federal Deposit Insurance Corporation (“FDIC”) to assume all of the deposits and acquire certain assets of Bradford Bank (“Bradford”). Aggregating $25 million, those two charges reduced diluted earnings per common share in the final

-more-

2-2-2-2-2

M&T BANK CORPORATION

quarter of 2009 by $.21. GAAP-basis diluted earnings per common share and net income for the year ended December 31, 2009 were $2.89 and $380 million, respectively. Reflected in 2009’s results were $36 million of net merger-related expenses, after tax effect, or $.31 of diluted earnings per common share. GAAP-basis net income for 2009 expressed as a rate of return on average assets and average common stockholders’ equity was .56% and 5.07%, respectively.

Reflecting on M&T’s financial performance, René F. Jones, Executive Vice President and Chief Financial Officer, commented, “By sticking with our approach of providing lending and banking services in our local markets, M&T produced solid earnings for both the fourth quarter and the full-year of 2009. We were pleased to see a continued widening of our net interest margin, which improved 10 basis points to 3.71% in the quarter. That key measure has increased for three consecutive quarters. Credit costs in the fourth quarter were down slightly and continue to be below current industry experience. The tangible common equity ratio strengthened impressively during the recent quarter, and was 5.13% at the end of 2009, up from 4.89% at September 30, 2009. Finally, our 2009 acquisitions of Provident and Bradford in the Mid-Atlantic region have proved to be meaningful, both in terms of the customer base to which we now provide our banking services and in our profitability, as they supplemented M&T’s full-year diluted net operating earnings per common share by $.16.”

Diluted earnings per common share were $.92 and $.97 in the fourth quarter of 2008 and the third quarter of 2009, respectively. Net income for those respective quarters was $102 million and $128 million. Net income expressed as an annualized rate of return on average assets and average common

-more-

3-3-3-3-3

M&T BANK CORPORATION

stockholders’ equity for the fourth quarter of 2008 was .63% and 6.41%, respectively, compared with .73% and 6.72%, respectively, in the third quarter of 2009. For the year ended December 31, 2008, diluted earnings per common share and net income were $5.01 and $556 million, respectively. Expressed as a rate of return on average assets and average common stockholders’ equity, net income was .85% and 8.64%, respectively, in 2008.

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 expenses associated with merging acquired operations into M&T, since such expenses are considered by management to be “nonoperating” in nature. 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. Reconciliations of GAAP to non-GAAP measures are provided herein on pages 19 and 20.

During the fourth quarter of 2009, diluted net operating earnings per common share were $1.16, up 16% from $1.00 in the similar 2008 period and 18% above $.98 in 2009’s third quarter. Net operating income for the fourth quarters of 2009 and 2008 was $151 million and $112 million, respectively, compared with $129 million in the third quarter of 2009. For the three months ended December 31, 2009, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common equity was .92% and 16.73%, respectively, up

-more-

4-4-4-4-4

M&T BANK CORPORATION

from .72% and 15.01% in the corresponding period of 2008 and .78% and 14.87%, respectively, in 2009’s third quarter.

Diluted net operating earnings per common share were $3.54 in 2009 and $5.39 in 2008. Net operating income for 2009 and 2008 aggregated $455 million and $599 million, respectively. Net operating income in 2009 expressed as a rate of return on average tangible assets and average tangible common stockholders’ equity was .71% and 13.42%, respectively, compared with .97% and 19.63% in 2008.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income was $565 million during the fourth quarter of 2009, up 15% from $491 million in the similar 2008 quarter and 2% higher than $553 million in the third quarter of 2009. The growth in such income as compared with the third quarter of 2009 reflects a widening of the net interest margin, which improved to 3.71% from 3.61%. That improvement resulted from lower interest rates paid on deposits and borrowings and continued growth in noninterest-bearing deposits.

Taxable-equivalent net interest income was $2.08 billion in 2009, 6% higher than $1.96 billion in 2008. Contributing to that improvement was growth in average loans and leases outstanding, which rose 4% to $51.0 billion in 2009 from $48.8 billion in 2008, and a widening of the net interest margin, which rose to 3.49% from 3.38%. The increase in average loans and leases was attributable to the 2009 acquisition transactions and the improved net interest margin resulted from lower interest rates paid on deposits and borrowings.

-more-

5-5-5-5-5

M&T BANK CORPORATION

Provision for Credit Losses/Asset Quality. The provision for credit losses was $145 million during the recently completed quarter, compared with $151 million in the corresponding 2008 period. Net charge-offs of loans were $135 million in the final quarter of 2009, representing an annualized 1.03% of average loans outstanding, improved from $144 million or 1.17% in the year-earlier quarter. During 2009’s third quarter, the provision for credit losses totaled $154 million and net charge-offs aggregated $141 million, or 1.07% of average loans outstanding. The provision for credit losses rose to $604 million for the year ended December 31, 2009 from $412 million in 2008. Net loan charge-offs in 2009 totaled $514 million, or 1.01% of average loans outstanding, compared with $383 million or .78% of average loans in 2008.

Reflecting the poor economic environment and its impact on businesses and consumers, loans classified as nonaccrual totaled $1.33 billion, or 2.56% of total loans at December 31, 2009, compared with $755 million or 1.54% a year earlier and $1.23 billion or 2.35% at September 30, 2009. Assets taken in foreclosure of defaulted loans were $95 million at December 31, 2009, compared with $100 million at December 31, 2008 and $85 million at September 30, 2009.

In an effort to assist borrowers, M&T has modified the terms of select residential real estate loans, consisting largely of loans in M&T’s portfolio of Alt-A loans. At December 31, 2009, outstanding balances of those modified loans totaled $292 million, of which $108 million were classified as nonaccrual. The remaining modified loans have demonstrated payment capability consistent with the modified terms and, accordingly, were classified as renegotiated loans and were accruing interest at the 2009 year-end.

-more-

6-6-6-6-6

M&T BANK CORPORATION

Loans past due 90 days or more and accruing interest totaled $208 million at the recent year-end, including loans guaranteed by government-related entities of $193 million. Such past due loans were $159 million and $183 million at December 31, 2008 and September 30, 2009, respectively, including $114 million and $173 million of government guaranteed loans at those respective dates.

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. Reflecting those analyses, the allowance for credit losses was $878 million at December 31, 2009, increased from $788 million a year earlier and $868 million at September 30, 2009. Beginning in 2009, GAAP requires that expected credit losses associated with loans obtained in an acquisition be reflected in the estimation of loan fair value as of each respective acquisition date and prohibits any carryover of an allowance for credit losses. Excluding loans obtained in the Provident and Bradford acquisition transactions, the allowance-to-legacy loan ratio increased to 1.83% at December 31, 2009 from 1.61% at December 31, 2008. That same ratio was 1.81% at September 30, 2009.

Noninterest Income and Expense. Excluding gains and losses from investment securities, noninterest income of $300 million in the fourth quarter of 2009 was up 13% from $265 million in the similar 2008 quarter. Also excluding gains and losses from investment securities and the $29 million gain recorded on the Bradford transaction, noninterest income in 2009’s third quarter was $296 million. On the same basis, noninterest income was $1.16 billion in 2009, 6% higher than $1.09 billion in 2008. Contributing to the improvements in the 2009 periods as compared

-more-

7-7-7-7-7

M&T BANK CORPORATION

with 2008 were higher mortgage banking revenues and service charges on acquisition-related deposit accounts.

Noninterest expense in the final quarter of 2009 totaled $478 million, compared with $447 million in the year-earlier quarter and $500 million in 2009’s third quarter. 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 these expenses, noninterest operating expenses were $455 million in the recent quarter, compared with $431 million in 2008’s fourth quarter and $469 million in the third quarter of 2009. Noninterest expense for the year ended December 31, 2009 totaled $1.98 billion, compared with $1.73 billion in 2008. Excluding those expenses considered to be nonoperating in nature, noninterest operating expenses were $1.83 billion in 2009 and $1.66 billion in 2008. The higher levels of operating expenses in the 2009 periods as compared with 2008 were due largely to the operations obtained in the 2009 acquisitions and higher deposit insurance assessments, including a $33 million special assessment levied by the FDIC in the second quarter of 2009. Partially offsetting those factors were reversals of the valuation allowance for capitalized residential mortgage servicing rights of $4 million in the fourth quarter and $22 million for the full year of 2009, as compared with additions to that allowance of $19 million and $16 million in those respective periods of 2008. Contributing to the decline in noninterest operating expenses from the third to the fourth quarter of 2009 were lower costs for salaries, including incentive compensation.

-more-

8-8-8-8-8

M&T BANK CORPORATION

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 and gains on merger transactions), measures the relationship of operating expenses to revenues. M&T’s efficiency ratio improved to 52.7% in the fourth quarter of 2009 from 57.0% in the year-earlier quarter and 55.2% in the third quarter of 2009. M&T’s efficiency ratio for the years ended December 31, 2009 and 2008 was 56.5% and 54.4%, respectively. If the second quarter 2009 special assessment by the FDIC was excluded from the computation, the efficiency ratio for 2009 would have been 55.5%.

Balance Sheet. M&T had total assets of $68.9 billion at December 31, 2009, up from $65.8 billion a year earlier. Loans and leases, net of unearned discount, totaled $51.9 billion at the 2009 year-end, up 6% from $49.0 billion at December 31, 2008. Total deposits were $47.4 billion at December 31, 2009, 11% higher than $42.6 billion at the end of 2008. Deposits at domestic offices rose $7.9 billion, or 20%, to $46.4 billion at the recent year-end from $38.5 billion at December 31, 2008. When excluding the impact of the 2009 acquisition transactions, core customer deposits jumped 16% to $39.9 billion at December 31, 2009 from $34.3 billion a year earlier. That substantial rise was largely driven by a $4.0 billion or 45% increase in noninterest-bearing deposits.

Total stockholders’ equity was $7.8 billion and $6.8 billion at December 31, 2009 and 2008, representing 11.26% and 10.31% respectively, of total assets. Common stockholders’ equity was $7.0 billion, or $59.31 per share at December 31, 2009, up from $6.2 billion, or $56.29 per share, a year earlier. Tangible equity per common share was $28.27 and $25.94 at December 31,

-more-

9-9-9-9-9

M&T BANK CORPORATION

2009 and 2008, respectively. In the calculation of tangible equity per common share, stockholders’ equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances, which aggregated $3.7 billion and $3.4 billion at December 31, 2009 and 2008, respectively. M&T’s tangible common equity to tangible assets ratio was 5.13% at December 31, 2009, compared with 4.59% and 4.89% at December 31, 2008 and September 30, 2009, respectively.

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 2:00 p.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 #49940743. The conference call will be webcast live on M&T’s website at http://ir.mandtbank.com/conference.cfm. A replay of the call will be available until Friday, January 22, 2010 by calling 800-642-1687, or 706-645-9291 for international participants, and by making reference to ID #49940743. The event will also be archived and available by 7:00 p.m. today on M&T’s website at http://ir.mandtbank.com/conference.cfm.

M&T is a bank holding company whose banking subsidiaries, M&T Bank and M&T Bank, National Association, operate branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey and the District of Columbia.

-more-

10-10-10-10-10

M&T BANK CORPORATION

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 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; 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 required capital levels; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other 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-

-more-

11-11-11-11-11

M&T BANK CORPORATION

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 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.

-more-

12-12-12-12-12

M&T BANK CORPORATION
Financial Highlights

		Three months ended											Year ended
		December 31											December 31
Amounts in thousands, except per share		2009				2008				Change			2009				2008				Change
Performance
Net income		$	136,818				102,241			34	%		$	379,891				555,887				–32	%
Net income available to common shareholders			122,910				101,451			21				332,006				555,096				–40
Per common share:
Basic earnings		$	1.05				.92			14	%		$	2.90				5.04				–42	%
Diluted earnings			1.04				.92			13				2.89				5.01				–42
Cash dividends		$	.70				.70			—			$	2.80				2.80				—
Common shares outstanding:
Average — diluted (1)			117,672				110,620			6	%			114,776				110,904				3	%
Period end (2)			118,298				110,444			7				118,298				110,444				7
Return on (annualized):
Average total assets			.79	%			.63	%						.56	%			.85	%
Average common stockholders’ equity			7.09	%			6.41	%						5.07	%			8.64	%
Taxable-equivalent net interest income		$	564,606				491,042			15	%		$	2,077,577				1,961,657				6	%
Yield on average earning assets			4.58	%			5.35	%						4.61	%			5.69	%
Cost of interest-bearing liabilities			1.13	%			2.32	%						1.40	%			2.68	%
Net interest spread			3.45	%			3.03	%						3.21	%			3.01	%
Contribution of interest-free funds			.26	%			.34	%						.28	%			.37	%
Net interest margin			3.71	%			3.37	%						3.49	%			3.38	%
Net charge-offs to average total net loans (annualized)			1.03	%			1.17	%						1.01	%			.78	%
Net operating results (3)
Net operating income		$	150,776				111,784			35	%			$455,376				598,551				–24	%
Diluted net operating earnings per common share			1.16				1.00			16				3.54				5.39				–34
Return on (annualized):
Average tangible assets			.92	%			.72	%						.71	%			.97	%
Average tangible common equity			16.73	%			15.01	%						13.42	%			19.63	%
Efficiency ratio			52.69	%			57.03	%						56.50	%			54.35	%

		At December 31
		2009				2008				Change
Loan quality
Nonaccrual loans		$	1,331,702				755,397				76	%
Real estate and other foreclosed assets			94,604				99,617				-5	%
Total nonperforming assets		$	1,426,306				855,014				67	%
Accruing loans past due 90 days or more		$	208,080				158,991				31	%
Government guaranteed loans included in totals above:
Nonaccrual loans		$	38,579				32,506				19	%
Accruing loans past due 90 days or more			193,495				114,183				69	%
Renegotiated loans		$	212,548				91,575				132	%
Purchased impaired loans (4):
Outstanding customer balance		$	172,772				—				—	%
Carrying amount			88,170				—				—	%
Nonaccrual loans to total net loans			2.56	%			1.54	%
Allowance for credit losses to:
M&T legacy loans			1.83	%			1.61	%
Total loans			1.69	%			1.61	%

- more -

13-13-13-13-13

M&T BANK CORPORATION
Financial Highlights, Five Quarter Trend

		Three months ended
		December 31,				September 30,				June 30,				March 31,				December 31,
Amounts in thousands, except per share		2009				2009				2009				2009				2008
Performance
Net income		$	136,818				127,664				51,188				64,221				102,241
Net income available to common shareholders			122,910				113,894				40,516				54,618				101,451
Per common share:
Basic earnings		$	1.05				.97				.36				.49				.92
Diluted earnings			1.04				.97				.36				.49				.92
Cash dividends		$	.70				.70				.70				.70				.70
Common shares outstanding:
Average — diluted (1)			117,672				117,547				113,521				110,439				110,620
Period end (2)			118,298				118,156				118,012				111,132				110,444
Return on (annualized):
Average total assets			.79	%			.73	%			.31	%			.40	%			.63	%
Average common stockholders’ equity			7.09	%			6.72	%			2.53	%			3.61	%			6.41	%
Taxable-equivalent net interest income		$	564,606				553,450				506,781				452,740				491,042
Yield on average earning assets			4.58	%			4.60	%			4.62	%			4.65	%			5.35	%
Cost of interest-bearing liabilities			1.13	%			1.26	%			1.47	%			1.74	%			2.32	%
Net interest spread			3.45	%			3.34	%			3.15	%			2.91	%			3.03	%
Contribution of interest-free funds			.26	%			.27	%			.28	%			.28	%			.34	%
Net interest margin			3.71	%			3.61	%			3.43	%			3.19	%			3.37	%
Net charge-offs to average total net loans (annualized)			1.03	%			1.07	%			1.09	%			.83	%			1.17	%
Net operating results (3)
Net operating income		$	150,776				128,761				100,805				75,034				111,784
Diluted net operating earnings per common share			1.16				.98				.79				.59				1.00
Return on (annualized):
Average tangible assets			.92	%			.78	%			.64	%			.50	%			.72	%
Average tangible common equity			16.73	%			14.87	%			12.08	%			9.36	%			15.01	%
Efficiency ratio			52.69	%			55.21	%			60.03	%			58.68	%			57.03	%
		December 31,				September 30,				June 30,				March 31,				December 31,
		2009				2009				2009				2009				2008
Loan quality
Nonaccrual loans		$	1,331,702				1,228,341				1,111,423				1,003,987				755,397
Real estate and other foreclosed assets			94,604				84,676				90,461				100,270				99,617
Total nonperforming assets		$	1,426,306				1,313,017				1,201,884				1,104,257				855,014
Accruing loans past due 90 days or more		$	208,080				182,750				155,125				142,842				158,991
Government guaranteed loans included in totals above:
Nonaccrual loans		$	38,579				38,590				38,075				38,460				32,506
Accruing loans past due 90 days or more			193,495				172,701				143,886				127,237				114,183
Renegotiated loans		$	212,548				190,917				170,950				130,932				91,575
Purchased impaired loans (4):
Outstanding customer balance		$	172,772				209,138				170,400				—				—
Carrying amount			88,170				108,058				97,730				—				—
Nonaccrual loans to total net loans			2.56	%			2.35	%			2.11	%			2.05	%			1.54	%
Allowance for credit losses to:
M&T legacy loans			1.83	%			1.81	%			1.76	%			1.73	%			1.61	%
Total loans			1.69	%			1.66	%			1.62	%			1.73	%			1.61	%

- more -

14-14-14-14-14

M&T BANK CORPORATION
Condensed Consolidated Statement of Income

		Three months ended												Year ended
		December 31												December 31
Dollars in thousands		2009				2008				Change				2009				2008				Change
Interest income		$	692,669				774,501				–11	%		$	2,725,197				3,277,591				–17	%
Interest expense			133,950				288,426				–54				669,449				1,337,795				–50
Net interest income			558,719				486,075				15				2,055,748				1,939,796				6
Provision for credit losses			145,000				151,000				–4				604,000				412,000				47
Net interest income after provision for credit losses			413,719				335,075				23				1,451,748				1,527,796				–5
Other income
Mortgage banking revenues			50,176				39,721				26				207,561				156,012				33
Service charges on deposit accounts			127,185				106,367				20				469,195				430,532				9
Trust income			29,660				36,630				–19				128,568				156,149				–18
Brokerage services income			14,396				15,284				–6				57,611				64,186				–10
Trading account and foreign exchange gains			6,669				2,003				233				23,125				17,630				31
Gain on bank investment securities			354				392				—				1,165				34,470				—
Total other-than-temporary impairment (“OTTI”) losses			(61,626	)			(23,896	)			—				(264,363	)			(182,221	)			—
Portion of OTTI losses recognized in other comprehensive income (before taxes)			27,330				—				—				126,066				—				—
Net OTTI losses recognized in earnings			(34,296	)			(23,896	)			—				(138,297	)			(182,221	)			—
Equity in earnings of Bayview Lending Group LLC			(10,635	)			(8,687	)			—				(25,898	)			(37,453	)			—
Other revenues from operations			82,381				73,603				12				325,076				299,674				8
Total other income			265,890				241,417				10				1,048,106				938,979				12
Other expense
Salaries and employee benefits			247,080				232,410				6				1,001,873				957,086				5
Equipment and net occupancy			53,703				47,795				12				211,391				188,845				12
Printing, postage and supplies			9,338				8,401				11				38,216				35,860				7
Amortization of core deposit and other intangible assets			16,730				15,708				7				64,255				66,646				–4
Deposit insurance			19,902				2,094				850				96,519				6,689				1,343
Other costs of operations			131,698				140,411				–6				568,309				471,870				20
Total other expense			478,451				446,819				7				1,980,563				1,726,996				15
Income before income taxes			201,158				129,673				55				519,291				739,779				–30
Applicable income taxes			64,340				27,432				135				139,400				183,892				–24
Net income		$	136,818				102,241				34	%		$	379,891				555,887				–32	%

- more -

15-15-15-15-15

M&T BANK CORPORATION

Condensed Consolidated Statement of Income, Five Quarter Trend

		Three months ended
		December 31,				September 30,				June 30,				March 31,				December 31,
Dollars in thousands		2009				2009				2009				2009				2008
Interest income		$	692,669				700,593				677,423				654,512				774,501
Interest expense			133,950				152,938				175,856				206,705				288,426
Net interest income			558,719				547,655				501,567				447,807				486,075
Provision for credit losses			145,000				154,000				147,000				158,000				151,000
Net interest income after provision for credit losses			413,719				393,655				354,567				289,807				335,075
Other income
Mortgage banking revenues			50,176				48,169				52,983				56,233				39,721
Service charges on deposit accounts			127,185				128,502				112,479				101,029				106,367
Trust income			29,660				31,586				32,442				34,880				36,630
Brokerage services income			14,396				14,329				13,493				15,393				15,284
Trading account and foreign exchange gains			6,669				7,478				7,543				1,435				2,003
Gain (loss) on bank investment securities			354				(56	)			292				575				392
Total other-than-temporary impairment (“OTTI”) losses			(61,626	)			(64,232	)			(75,697	)			(62,808	)			(23,896	)
Portion of OTTI losses recognized in other comprehensive income (before taxes)			27,330				17,199				50,928				30,609				—
Net OTTI losses recognized in earnings			(34,296	)			(47,033	)			(24,769	)			(32,199	)			(23,896	)
Equity in earnings of Bayview Lending Group LLC			(10,635	)			(10,912	)			(207	)			(4,144	)			(8,687	)
Other revenues from operations			82,381				106,163				77,393				59,139				73,603
Total other income			265,890				278,226				271,649				232,341				241,417
Other expense
Salaries and employee benefits			247,080				255,449				249,952				249,392				232,410
Equipment and net occupancy			53,703				58,195				51,321				48,172				47,795
Printing, postage and supplies			9,338				8,229				11,554				9,095				8,401
Amortization of core deposit and other intangible assets			16,730				16,924				15,231				15,370				15,708
Deposit insurance			19,902				21,124				49,637				5,856				2,094
Other costs of operations			131,698				140,135				186,015				110,461				140,411
Total other expense			478,451				500,056				563,710				438,346				446,819
Income before income taxes			201,158				171,825				62,506				83,802				129,673
Applicable income taxes			64,340				44,161				11,318				19,581				27,432
Net income		$	136,818				127,664				51,188				64,221				102,241

- more -

16-16-16-16-16

M&T BANK CORPORATION
Condensed Consolidated Balance Sheet

		December 31
Dollars in thousands		2009				2008				Change
ASSETS
Cash and due from banks		$	1,226,223				1,546,804				–21	%
Interest-bearing deposits at banks			133,335				10,284				1,197
Federal funds sold and agreements to resell securities			20,119				111,347				–82
Trading account assets			386,984				617,821				–37
Investment securities			7,780,609				7,919,207				–2
Loans and leases:
Commercial, financial, etc.			13,479,447				14,261,882				–5
Real estate — commercial			20,949,931				18,837,665				11
Real estate — consumer			5,463,463				4,904,424				11
Consumer			12,043,845				10,996,492				10
Total loans and leases, net of unearned discount			51,936,686				49,000,463				6
Less: allowance for credit losses			878,022				787,904				11
Net loans and leases			51,058,664				48,212,559				6
Goodwill			3,524,625				3,192,128				10
Core deposit and other intangible assets			182,418				183,496				–1
Other assets			4,567,422				4,022,111				14
Total assets		$	68,880,399				65,815,757				5	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits at U.S. offices		$	13,794,636				8,856,114				56	%
Other deposits at U.S. offices			32,604,764				29,677,163				10
Deposits at foreign office			1,050,438				4,047,986				–74
Total deposits			47,449,838				42,581,263				11
Short-term borrowings			2,442,582				3,009,735				–19
Accrued interest and other liabilities			995,056				1,364,879				–27
Long-term borrowings			10,240,016				12,075,149				–15
Total liabilities			61,127,492				59,031,026				4
Stockholders’ equity:
Preferred			730,235				567,463				29
Common (1)			7,022,672				6,217,268				13
Total stockholders’ equity			7,752,907				6,784,731				14
Total liabilities and stockholders’ equity		$	68,880,399				65,815,757				5	%

17-17-17-17-17

M&T BANK CORPORATION
Condensed Consolidated Balance Sheet, Five Quarter Trend

		December 31,				September 30,				June 30,				March 31,				December 31,
Dollars in thousands		2009				2009				2009				2009				2008
ASSETS
Cash and due from banks		$	1,226,223				1,356,508				1,148,428				1,117,845				1,546,804
Interest-bearing deposits at banks			133,335				54,443				59,950				27,374				10,284
Federal funds sold and agreements to resell securities			20,119				17,206				2,300				125,800				111,347
Trading account assets			386,984				497,064				495,324				591,802				617,821
Investment securities			7,780,609				7,634,262				8,155,434				7,686,845				7,919,207
Loans and leases:
Commercial, financial, etc.			13,479,447				13,517,538				14,180,609				13,986,663				14,261,882
Real estate — commercial			20,949,931				21,007,376				20,787,198				18,833,865				18,837,665
Real estate — consumer			5,463,463				5,427,260				5,471,775				5,171,953				4,904,424
Consumer			12,043,845				12,251,598				12,275,062				10,925,659				10,996,492
Total loans and leases, net of unearned discount			51,936,686				52,203,772				52,714,644				48,918,140				49,000,463
Less: allowance for credit losses			878,022				867,874				855,365				845,971				787,904
Net loans and leases			51,058,664				51,335,898				51,859,279				48,072,169				48,212,559
Goodwill			3,524,625				3,524,625				3,524,625				3,192,128				3,192,128
Core deposit and other intangible assets			182,418				199,148				216,072				168,126				183,496
Other assets			4,567,422				4,378,296				4,451,805				3,901,106				4,022,111
Total assets		$	68,880,399				68,997,450				69,913,217				64,883,195				65,815,757
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits at U.S. offices		$	13,794,636				12,730,083				12,403,999				9,544,932				8,856,114
Other deposits at U.S. offices			32,604,764				32,813,698				33,265,704				30,763,204				29,677,163
Deposits at foreign office			1,050,438				1,318,070				1,085,004				2,169,220				4,047,986
Total deposits			47,449,838				46,861,851				46,754,707				42,477,356				42,581,263
Short-term borrowings			2,442,582				2,927,268				2,951,149				2,641,811				3,009,735
Accrued interest and other liabilities			995,056				1,241,576				1,238,959				1,326,545				1,364,879
Long-term borrowings			10,240,016				10,354,392				11,568,238				11,535,644				12,075,149
Total liabilities			61,127,492				61,385,087				62,513,053				57,981,356				59,031,026
Stockholders’ equity:
Preferred			730,235				727,748				725,472				568,284				567,463
Common (1)			7,022,672				6,884,615				6,674,692				6,333,555				6,217,268
Total stockholders’ equity			7,752,907				7,612,363				7,400,164				6,901,839				6,784,731
Total liabilities and stockholders’ equity		$	68,880,399				68,997,450				69,913,217				64,883,195				65,815,757

-more-

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, 2009 from								December 31
		2009								2008								2009								December 31,				September 30,				2009								2008								Change in
Dollars in millions		Balance				Rate				Balance				Rate				Balance				Rate				2008				2009				Balance				Rate				Balance				Rate				balance
ASSETS
Interest-bearing deposits at banks		$	74				.08	%			13				.55	%			66				.04	%			470	%			12	%		$	50				.07	%			10				1.07	%			397	%
Federal funds sold and agreements to resell securities			23				.19				103				.41				11				.58				–77				103				52				.25				109				1.91				–52
Trading account assets			70				.66				99				3.16				83				.82				–29				–15				87				.74				79				1.95				9
Investment securities			8,197				4.63				8,894				4.90				8,420				4.81				–8				–3				8,403				4.79				8,973				5.05				–6
Loans and leases, net of unearned discount
Commercial, financial, etc.			13,527				3.87				14,213				4.74				13,801				3.78				–5				–2				13,855				3.79				13,802				5.24				—
Real estate — commercial			20,950				4.48				18,666				5.55				20,843				4.48				12				1				20,085				4.45				18,428				5.82				9
Real estate — consumer			5,457				5.37				4,904				5.85				5,429				5.43				11				1				5,297				5.45				5,465				6.03				–3
Consumer			12,153				5.32				11,027				6.08				12,247				5.37				10				–1				11,722				5.43				11,150				6.43				5
Total loans and leases, net			52,087				4.59				48,810				5.45				52,320				4.58				7				—				50,959				4.60				48,845				5.82				4
Total earning assets			60,451				4.58				57,919				5.35				60,900				4.60				4				–1				59,551				4.61				58,016				5.69				3
Goodwill			3,525								3,192								3,525								10				—				3,393								3,193								6
Core deposit and other intangible assets			191								191								208								—				–8				191								214								–11
Other assets			4,752								3,640								4,521								31				5				4,337								3,709								17
Total assets		$	68,919								64,942								69,154								6	%			—	%		$	67,472								65,132								4	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
NOW accounts		$	579				.18				528				.45				541				.21				10	%			7	%		$	543				.21				502				.58				8	%
Savings deposits			24,237				.36				19,540				1.27				23,367				.37				24				4				22,832				.49				18,170				1.37				26
Time deposits			8,304				1.89				9,388				3.06				9,246				2.17				–12				–10				8,782				2.35				9,583				3.45				–8
Deposits at foreign office			1,300				.11				2,985				.71				1,444				.13				–56				–10				1,665				.14				3,986				2.12				–58
Total interest-bearing deposits			34,420				.72				32,441				1.72				34,598				.84				6				–1				33,822				.95				32,241				2.07				5
Short-term borrowings			2,308				.17				4,950				.82				2,663				.26				–53				–13				2,911				.24				6,086				2.34				–52
Long-term borrowings			10,253				2.73				12,058				4.55				11,008				2.80				–15				–7				11,092				3.07				11,605				4.56				–4
Total interest-bearing liabilities			46,981				1.13				49,449				2.32				48,269				1.26				–5				–3				47,825				1.40				49,932				2.68				–4
Noninterest-bearing deposits			12,945								8,006								12,122								62				7				11,054								7,674								44
Other liabilities			1,307								1,133								1,242								15				5				1,311								1,089								20
Total liabilities			61,233								58,588								61,633								5				–1				60,190								58,695								3
Stockholders’ equity			7,686								6,354								7,521								21				2				7,282								6,437								13
Total liabilities and stockholders’ equity		$	68,919								64,942								69,154								6	%			—	%		$	67,472								65,132								4	%
Net interest spread							3.45								3.03								3.34																3.21								3.01
Contribution of interest-free funds							.26								.34								.27																.28								.37
Net interest margin							3.71	%							3.37	%							3.61	%															3.49	%							3.38	%