INVESTOR CONTACT:		Donald J. MacLeod		FOR IMMEDIATE RELEASE:
		(716) 842-5138		January 14, 2011
MEDIA CONTACT:		C. Michael Zabel
		(716) 842-5385

M&T BANK CORPORATION ANNOUNCES 2010 FOURTH QUARTER
AND FULL-YEAR PROFITS

BUFFALO, NEW YORK — M&T Bank Corporation (“M&T”)(NYSE: MTB) today reported its results of operations for 2010.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles (“GAAP”) rose 53% to $1.59 in the fourth quarter of 2010 from $1.04 in the fourth quarter of 2009 and were 7% higher than $1.48 in the third quarter of 2010. GAAP-basis net income in the recent quarter totaled $204 million, up from $137 million and $192 million in the year-earlier quarter and the third quarter of 2010, respectively. Expressed as an annualized rate of return on average assets and average common shareholders’ equity, GAAP-basis net income for the fourth quarter of 2010 was 1.18% and 10.03%, respectively, compared with .79% and 7.09%, respectively, in the corresponding quarter of 2009 and 1.12% and 9.56%, respectively, in the third quarter of 2010.

The recent quarter’s earnings as compared with the fourth quarter of 2009 reflect higher net interest income, resulting from a widening of the net interest margin, and a significantly lower provision for credit losses. As compared with the third quarter of 2010, a 2% decline in noninterest operating expenses and a lower provision for credit losses contributed to the recent quarter’s improved performance.

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M&T BANK CORPORATION

Diluted earnings per common share for the year ended December 31, 2010 were $5.69, up 97% from $2.89 for the year ended December 31, 2009. Net income for 2010 and 2009 was $736 million and $380 million, respectively. Expressed as a rate of return on average assets and average common shareholders’ equity, net income was 1.08% and 9.30%, respectively, in 2010, compared with .56% and 5.07%, respectively, in 2009.

Reflecting on M&T’s financial results, René F. Jones, Executive Vice President and Chief Financial Officer, noted, “M&T recorded strong fourth quarter results, capping off a successful year. We were encouraged by the level of our credit costs, which remained well below recent industry experience, and by late fourth quarter growth in our commercial loan and commercial real estate loan portfolios, which were up a combined $1.2 billion from September 30. Average deposits also rose by $1.7 billion, or 4%, from the third quarter. Capital generation remained robust as evidenced by our tangible common equity ratio, which rose to 6.19% at the 2010 year-end. Also noteworthy, during the recent quarter we completed the FDIC-assisted acquisition transaction with K Bank and announced our planned merger with Wilmington Trust. We are pleased with the progress achieved to date on those transactions.”

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 gains and expenses associated with merging acquired operations into M&T, since such amounts are considered by management to be “nonoperating” in nature. Although

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M&T BANK CORPORATION

“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 in the financial tables included herein.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related gains and expenses, were $1.52 in the recent quarter, compared with $1.16 in the corresponding 2009 period and $1.55 in the third quarter of 2010. Net operating income for the fourth quarters of 2010 and 2009 was $196 million and $151 million, respectively, compared with $200 million in the third quarter of 2010. For the three months ended December 31, 2010, net operating income expressed as an annualized rate of return on average tangible assets and average tangible common shareholders’ equity was 1.20% and 18.43%, respectively, compared with .92% and 16.73% in the similar period of 2009 and 1.24% and 19.58%, respectively, in the third quarter of 2010.

Diluted net operating earnings per common share rose 65% to $5.84 in 2010 from $3.54 in 2009. Net operating income for 2010 and 2009 aggregated $755 million and $455 million, respectively. Net operating income in 2010 expressed as a rate of return on average tangible assets and average tangible common shareholders’ equity was 1.17% and 18.95%, respectively, compared with .71% and 13.42%, respectively, in 2009.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income increased 3% to $580 million in the fourth quarter of 2010 from $565 million in the year-earlier quarter, and was up an annualized 3% from $576 million in the third quarter of 2010. The growth in such income in the recent

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M&T BANK CORPORATION

quarter as compared with the fourth quarter of 2009 reflects a widening of the net interest margin, which improved to 3.85% from 3.71%, partially offset by a 1% decline in average earning assets. Net interest income on a taxable-equivalent basis aggregated $2.29 billion for the full-year of 2010, 10% higher than $2.08 billion in 2009. That improvement resulted from lower market interest rates on deposits and borrowings that led to a 35 basis point widening of the net interest margin to 3.84% in the recent year from 3.49% in 2009.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $85 million during the recently completed quarter, compared with $145 million in the corresponding 2009 period and $93 million in the third quarter of 2010. Net charge-offs of loans were $77 million in the fourth quarter of 2010, representing an annualized .60% of average loans outstanding, improved from $135 million or 1.03% in the year-earlier quarter and $93 million or .73% in 2010’s third quarter. The provision for credit losses declined 39% to $368 million for the year ended December 31, 2010 from $604 million in 2009. Net loan charge-offs in 2010 totaled $346 million, or .67% of average loans outstanding, compared with $514 million or 1.01% of average loans in 2009.

Loans classified as nonaccrual totaled $1.24 billion, or 2.38% of total loans at December 31, 2010, improved from $1.33 billion or 2.56% a year earlier, but up from $1.10 billion or 2.16% at September 30, 2010. The increase in nonaccrual loans from September 30, 2010 to December 31, 2010 was due to the additions to nonaccrual status of two commercial real estate relationships. The ratio of nonperforming assets to total loans plus real

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M&T BANK CORPORATION

estate and other foreclosed assets was 2.79% at December 31, 2010, compared with 2.74% and 2.53% at December 31, 2009 and September 30, 2010, respectively.

Loans past due 90 days or more and accruing interest totaled $270 million at the recent year-end, including loans guaranteed by government-related entities of $214 million. Such past due loans were $208 million and $215 million at December 31, 2009 and September 30, 2010, respectively, including $193 million and $194 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 $903 million at December 31, 2010, increased from $878 million a year earlier and $895 million at September 30, 2010. That allowance expressed as a percentage of outstanding loans was 1.74% at the recent quarter-end, compared with 1.69% at December 31, 2009 and 1.76% at September 30, 2010. 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 carry-over of an allowance for credit losses. Excluding amounts related to loans obtained in 2009 and 2010 acquisition transactions, the allowance-to-legacy loan ratio was 1.82% and 1.83% at December 31, 2010 and 2009, respectively, and 1.86% at September 30, 2010.

Noninterest Income and Expense. Noninterest income totaled $287 million in the recent quarter, compared with $266 million and $290 million in the fourth quarter of 2009 and the third quarter of 2010, respectively. Reflected in those amounts were net

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M&T BANK CORPORATION

losses from investment securities of $27 million, $34 million and $8 million, each predominantly due to other-than-temporary impairment charges. Those impairment charges reduced net income and diluted earnings per common share by $17 million or $.14 in the recent quarter, $21 million or $.18 in the year-earlier quarter and $6 million or $.05 in the third quarter of 2010. Such charges reflected write-downs of certain of M&T’s holdings of privately issued collateralized mortgage obligations and collateralized debt obligations backed by pooled trust preferred securities. Excluding gains and losses from investment securities in all periods and the $28 million pre-tax merger-related gain realized on the K Bank transaction during the recent quarter, noninterest income was $286 million in the fourth quarter of 2010, compared with $300 million in the corresponding 2009 quarter and $298 million in the third quarter of 2010. The declines from the final 2009 quarter and 2010’s third quarter reflect lower residential mortgage banking revenues and service charges on deposit accounts, partially offset by higher trading account and foreign exchange gains and credit-related fees. The decline in residential mortgage banking revenues in the recent quarter reflects lower origination volumes, M&T’s decision to retain for portfolio a higher proportion of originated loans rather than selling them, and increased settlements related to M&T’s obligation to repurchase previously sold loans.

Noninterest income aggregated $1.11 billion and $1.05 billion during the years ended December 31, 2010 and 2009, respectively. Excluding gains and losses from investment securities and merger-related gains, noninterest income was $1.16 billion in each of 2010 and 2009. Declines in revenues related to residential mortgage banking, brokerage services and M&T’s trust

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M&T BANK CORPORATION

business were offset by higher service charges on deposit accounts, credit-related fees and other revenues from operations.

Noninterest expense in the fourth quarter of 2010 totaled $469 million, down from $478 million in the year-earlier quarter and $480 million in 2010’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 those expenses, noninterest operating expenses were $455 million in each of the fourth quarters of 2010 and 2009, down from $467 million in the third quarter of 2010. The decline from the third quarter of 2010 reflects a $6 million reduction of the allowance for impairment of capitalized residential mortgage servicing rights in the recent quarter. In comparison, a $3 million addition to that allowance was recognized during 2010’s third quarter.

For the year ended December 31, 2010, noninterest expense aggregated $1.91 billion, compared with $1.98 billion in 2009. Excluding those expenses considered to be nonoperating in nature, noninterest operating expenses were $1.86 billion in 2010 and $1.83 billion in 2009. That increase was largely attributable to higher costs for professional services and advertising in 2010, and a $22 million reduction of the allowance for impairment of capitalized residential mortgage servicing rights in 2009. For the year ended December 31, 2010, there was no change to that impairment allowance. Partially offsetting those factors were declines in expenses related to foreclosed properties and FDIC assessments.

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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 merger-related gains), measures the relationship of operating expenses to revenues. M&T’s efficiency ratio was 52.5% in the fourth quarter of 2010, improved from 52.7% in the year-earlier quarter and 53.4% in the third quarter of 2010. M&T’s efficiency ratio for the years ended December 31, 2010 and 2009 was 53.7% and 56.5%, respectively.

Balance Sheet. M&T had total assets of $68.0 billion at December 31, 2010, compared with $68.9 billion a year earlier. Loans and leases, net of unearned discount, totaled $52.0 billion at the 2010 year-end, compared with $51.9 billion at December 31, 2009. Outstanding loans and leases at the end of 2010 grew $1.2 billion from $50.8 billion at September 30, 2010. That growth was largely attributable to December increases in commercial loans and commercial real estate loans. Total deposits were $49.8 billion at December 31, 2010, 5% higher than $47.4 billion at the end of 2009. Deposits at domestic offices rose $1.8 billion, or 4%, to $48.2 billion at the recent year-end from $46.4 billion at December 31, 2009.

Total shareholders’ equity was $8.4 billion and $7.8 billion at December 31, 2010 and 2009, representing 12.29% and 11.26% respectively, of total assets. Common shareholders’ equity was $7.6 billion, or $63.54 per share at December 31, 2010, up from $7.0 billion, or $59.31 per share, a year earlier. Tangible equity per common share was $33.26 and $28.27 at December 31, 2010 and 2009, respectively. In the calculation of tangible equity per common share, common shareholders’ equity is reduced by the carrying values of goodwill and core deposit and other intangible assets, net of applicable deferred tax balances.

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M&T BANK CORPORATION

M&T’s tangible common equity to tangible assets ratio was 6.19% at December 31, 2010, compared with 5.13% and 5.96% at December 31, 2009 and September 30, 2010, 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 10:30 a.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 #35785107. 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 January 16, 2011 by calling (800)642-1687, or (706)645-9291 for international participants, and by making reference to ID #35785107. The event will also be archived and available by 6:00 p.m. today on M&T’s website at http://ir.mandtbank.com/conference.cfm.

M&T is a bank holding company headquartered in Buffalo, New York. M&T’s banking subsidiaries, M&T Bank and M&T Bank, National Association, operate retail and commercial bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey, the District of Columbia and Ontario, Canada.

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

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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 capital requirements; 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-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.

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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.

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12-12-12-12-12

M&T BANK CORPORATION
Financial Highlights

			Three months ended												Year ended
Amounts in thousands,			December 31												December 31
except per share			2010				2009				Change				2010				2009				Change
Performance
Net income		$	204,442				136,818				49	%		$	736,161				379,891				94	%
Net income available to common shareholders			189,678				122,910				54				675,853				332,006				104
Per common share:
Basic earnings		$	1.59				1.05				51	%		$	5.72				2.90				97	%
Diluted earnings			1.59				1.04				53				5.69				2.89				97
Cash dividends		$	.70				.70				—			$	2.80				2.80				—
Common shares outstanding:
Average — diluted (1)			119,503				117,672				2	%			118,843				114,776				4	%
Period end (2)			119,774				118,298				1				119,774				118,298				1
Return on (annualized):
Average total assets			1.18	%			.79	%							1.08	%			.56	%
Average common shareholders’ equity			10.03	%			7.09	%							9.30	%			5.07	%
Taxable-equivalent net interest income		$	580,227				564,606				3	%		$	2,291,549				2,077,577				10	%
Yield on average earning assets			4.58	%			4.58	%							4.61	%			4.61	%
Cost of interest-bearing liabilities			.97	%			1.13	%							1.02	%			1.40	%
Net interest spread			3.61	%			3.45	%							3.59	%			3.21	%
Contribution of interest-free funds			.24	%			.26	%							.25	%			.28	%
Net interest margin			3.85	%			3.71	%							3.84	%			3.49	%
Net charge-offs to average total net loans (annualized)			.60	%			1.03	%							.67	%			1.01	%
Net operating results (3)
Net operating income		$	196,235				150,776				30	%		$	755,165				455,376				66	%
Diluted net operating earnings per common share			1.52				1.16				31				5.84				3.54				65
Return on (annualized):
Average tangible assets			1.20	%			.92	%							1.17	%			.71	%
Average tangible common equity			18.43	%			16.73	%							18.95	%			13.42	%
Efficiency ratio			52.55	%			52.69	%							53.71	%			56.50	%
			At December 31
Loan quality			2010				2009				Change
Nonaccrual loans		$	1,239,194				1,331,702				-7	%
Real estate and other foreclosed assets			220,049				94,604				133	%
Total nonperforming assets		$	1,459,243				1,426,306				2	%
Accruing loans past due 90 days or more		$	269,593				208,080				30	%
Renegotiated loans		$	233,342				212,548				10	%
Government guaranteed loans included in totals above:
Nonaccrual loans		$	56,787				38,579				47	%
Accruing loans past due 90 days or more			214,111				193,495				11	%
Purchased impaired loans (4):
Outstanding customer balance		$	219,477				172,772				27	%
Carrying amount			97,019				88,170				10	%
Nonaccrual loans to total net loans			2.38	%			2.56	%
Allowance for credit losses to:
Legacy loans			1.82	%			1.83	%
Total loans			1.74	%			1.69	%

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13-13-13-13-13

M&T BANK CORPORATION
Financial Highlights, Five Quarter Trend

		Three months ended
Amounts in thousands,		December 31,				September 30,				June 30,				March 31,				December 31,
except per share		2010				2010				2010				2010				2009
Performance
Net income		$	204,442				192,015				188,749				150,955				136,818
Net income available to common shareholders			189,678				176,789				173,597				136,431				122,910
Per common share:
Basic earnings		$	1.59				1.49				1.47				1.16				1.05
Diluted earnings			1.59				1.48				1.46				1.15				1.04
Cash dividends		$	.70				.70				.70				.70				.70
Common shares outstanding:
Average — diluted (1)			119,503				119,155				118,878				118,256				117,672
Period end (2)			119,774				119,435				119,161				118,823				118,298
Return on (annualized):
Average total assets			1.18	%			1.12	%			1.11	%			.89	%			.79	%
Average common shareholders’ equity			10.03	%			9.56	%			9.67	%			7.86	%			7.09	%
Taxable-equivalent net interest income		$	580,227				575,733				573,332				562,257				564,606
Yield on average earning assets			4.58	%			4.65	%			4.63	%			4.59	%			4.58	%
Cost of interest-bearing liabilities			.97	%			1.03	%			1.04	%			1.04	%			1.13	%
Net interest spread			3.61	%			3.62	%			3.59	%			3.55	%			3.45	%
Contribution of interest-free funds			.24	%			.25	%			.25	%			.23	%			.26	%
Net interest margin			3.85	%			3.87	%			3.84	%			3.78	%			3.71	%
Net charge-offs to average total net loans (annualized)			.60	%			.73	%			.64	%			.74	%			1.03	%
Net operating results (3)
Net operating income		$	196,235				200,225				197,752				160,953				150,776
Diluted net operating earnings per common share			1.52				1.55				1.53				1.23				1.16
Return on (annualized):
Average tangible assets			1.20	%			1.24	%			1.23	%			1.00	%			.92	%
Average tangible common equity			18.43	%			19.58	%			20.36	%			17.34	%			16.73	%
Efficiency ratio			52.55	%			53.40	%			53.06	%			55.88	%			52.69	%

		December 31,				September 30,				June 30,				March 31,				December 31,
Loan quality		2010				2010				2010				2010				2009
Nonaccrual loans		$	1,239,194				1,099,560				1,090,135				1,339,992				1,331,702
Real estate and other foreclosed assets			220,049				192,600				192,631				95,362				94,604
Total nonperforming assets		$	1,459,243				1,292,160				1,282,766				1,435,354				1,426,306
Accruing loans past due 90 days or more		$	269,593				214,769				203,081				203,443				208,080
Renegotiated loans		$	233,342				233,671				228,847				220,885				212,548
Government guaranteed loans included in totals above:
Nonaccrual loans		$	56,787				38,232				40,271				37,048				38,579
Accruing loans past due 90 days or more			214,111				194,223				187,682				194,523				193,495
Purchased impaired loans (4):
Outstanding customer balance		$	219,477				113,964				130,808				148,686				172,772
Carrying amount			97,019				52,728				61,524				73,890				88,170
Nonaccrual loans to total net loans			2.38	%			2.16	%			2.13	%			2.60	%			2.56	%
Allowance for credit losses to:
Legacy loans			1.82	%			1.86	%			1.86	%			1.86	%			1.83	%
Total loans			1.74	%			1.76	%			1.75	%			1.73	%			1.69	%

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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		2010				2009				Change				2010				2009				Change
Interest income		$	682,725				692,669				-1	%		$	2,729,795				2,725,197				—	%
Interest expense			108,628				133,950				-19				462,269				669,449				-31
Net interest income			574,097				558,719				3				2,267,526				2,055,748				10
Provision for credit losses			85,000				145,000				-41				368,000				604,000				-39
Net interest income after provision for credit losses			489,097				413,719				18				1,899,526				1,451,748				31
Other income
Mortgage banking revenues			35,013				50,176				-30				184,625				207,561				-11
Service charges on deposit accounts			111,129				127,185				-13				478,133				469,195				2
Trust income			31,031				29,660				5				122,613				128,568				-5
Brokerage services income			11,648				14,396				-19				49,669				57,611				-14
Trading account and foreign exchange gains			12,755				6,669				91				27,286				23,125				18
Gain on bank investment securities			861				354				—				2,770				1,165				—
Other-than-temporary impairment losses recognized in earnings			(27,567	)			(34,296	)			—				(86,281	)			(138,297	)			—
Equity in earnings of Bayview Lending Group LLC			(7,415	)			(10,635	)			-30				(25,768	)			(25,898	)			-1
Other revenues from operations			119,483				82,381				45				355,053				325,076				9
Total other income			286,938				265,890				8				1,108,100				1,048,106				6
Other expense
Salaries and employee benefits			243,413				247,080				-1				999,709				1,001,873				—
Equipment and net occupancy			50,879				53,703				-5				216,064				211,391				2
Printing, postage and supplies			8,435				9,338				-10				33,847				38,216				-11
Amortization of core deposit and other intangible assets			13,269				16,730				-21				58,103				64,255				-10
FDIC assessments			18,329				19,902				-8				79,324				96,519				-18
Other costs of operations			134,949				131,698				2				527,790				568,309				-7
Total other expense			469,274				478,451				-2				1,914,837				1,980,563				-3
Income before income taxes			306,761				201,158				52				1,092,789				519,291				110
Applicable income taxes			102,319				64,340				59				356,628				139,400				156
Net income		$	204,442				136,818				49	%		$	736,161				379,891				94	%

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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		2010				2010				2010				2010				2009
Interest income		$	682,725				685,900				684,784				676,386				692,669
Interest expense			108,628				116,032				117,557				120,052				133,950
Net interest income			574,097				569,868				567,227				556,334				558,719
Provision for credit losses			85,000				93,000				85,000				105,000				145,000
Net interest income after provision for credit losses			489,097				476,868				482,227				451,334				413,719
Other income
Mortgage banking revenues			35,013				61,052				47,084				41,476				50,176
Service charges on deposit accounts			111,129				117,733				128,976				120,295				127,185
Trust income			31,031				30,485				30,169				30,928				29,660
Brokerage services income			11,648				12,127				12,788				13,106				14,396
Trading account and foreign exchange gains			12,755				6,035				3,797				4,699				6,669
Gain on bank investment securities			861				1,440				10				459				354
Other-than-temporary impairment losses recognized in earnings			(27,567	)			(9,532	)			(22,380	)			(26,802	)			(34,296	)
Equity in earnings of Bayview Lending Group LLC			(7,415	)			(6,460	)			(6,179	)			(5,714	)			(10,635	)
Other revenues from operations			119,483				77,019				79,292				79,259				82,381
Total other income			286,938				289,899				273,557				257,706				265,890
Other expense
Salaries and employee benefits			243,413				246,389				245,861				264,046				247,080
Equipment and net occupancy			50,879				54,353				55,431				55,401				53,703
Printing, postage and supplies			8,435				7,820				8,549				9,043				9,338
Amortization of core deposit and other intangible assets			13,269				13,526				14,833				16,475				16,730
FDIC assessments			18,329				18,039				21,608				21,348				19,902
Other costs of operations			134,949				140,006				129,786				123,049				131,698
Total other expense			469,274				480,133				476,068				489,362				478,451
Income before income taxes			306,761				286,634				279,716				219,678				201,158
Applicable income taxes			102,319				94,619				90,967				68,723				64,340
Net income		$	204,442				192,015				188,749				150,955				136,818

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16-16-16-16-16

M&T BANK CORPORATION
Condensed Consolidated Balance Sheet

			December 31
Dollars in thousands			2010				2009				Change
ASSETS
Cash and due from banks		$	908,755				1,226,223				-26	%
Interest-bearing deposits at banks			101,222				133,335				-24
Federal funds sold and agreements to resell securities			25,000				20,119				24
Trading account assets			523,834				386,984				35
Investment securities			7,150,540				7,780,609				-8
Loans and leases:
Commercial, financial, etc.			13,390,610				13,479,447				-1
Real estate — commercial			21,183,161				20,949,931				1
Real estate — consumer			5,928,056				5,463,463				9
Consumer			11,488,555				12,043,845				-5
Total loans and leases, net of unearned discount			51,990,382				51,936,686				—
Less: allowance for credit losses			902,941				878,022				3
Net loans and leases			51,087,441				51,058,664				—
Goodwill			3,524,625				3,524,625				—
Core deposit and other intangible assets			125,917				182,418				-31
Other assets			4,573,929				4,567,422				—
Total assets		$	68,021,263				68,880,399				-1	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits at U.S. offices		$	14,557,568				13,794,636				6	%
Other deposits at U.S. offices			33,641,800				32,604,764				3
Deposits at foreign office			1,605,916				1,050,438				53
Total deposits			49,805,284				47,449,838				5
Short-term borrowings			947,432				2,442,582				-61
Accrued interest and other liabilities			1,070,701				995,056				8
Long-term borrowings			7,840,151				10,240,016				-23
Total liabilities			59,663,568				61,127,492				-2
Shareholders’ equity:
Preferred			740,657				730,235				1
Common (1)			7,617,038				7,022,672				8
Total shareholders’ equity			8,357,695				7,752,907				8
Total liabilities and shareholders’ equity		$	68,021,263				68,880,399				-1	%

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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			2010				2010				2010				2010				2009
ASSETS
Cash and due from banks		$	908,755				1,070,625				1,045,886				1,033,269				1,226,223
Interest-bearing deposits at banks			101,222				401,624				117,826				121,305				133,335
Federal funds sold and agreements to resell securities			25,000				443,700				10,000				10,400				20,119
Trading account assets			523,834				536,702				487,692				403,476				386,984
Investment securities			7,150,540				7,662,715				8,097,572				8,104,646				7,780,609
Loans and leases:
Commercial, financial, etc.			13,390,610				12,788,136				13,017,598				13,220,181				13,479,447
Real estate — commercial			21,183,161				20,580,450				20,612,905				20,724,118				20,949,931
Real estate — consumer			5,928,056				5,754,432				5,729,126				5,664,159				5,463,463
Consumer			11,488,555				11,668,540				11,701,657				11,835,583				12,043,845
Total loans and leases, net of unearned discount			51,990,382				50,791,558				51,061,286				51,444,041				51,936,686
Less: allowance for credit losses			902,941				894,720				894,667				891,265				878,022
Net loans and leases			51,087,441				49,896,838				50,166,619				50,552,776				51,058,664
Goodwill			3,524,625				3,524,625				3,524,625				3,524,625				3,524,625
Core deposit and other intangible assets			125,917				139,186				152,712				167,545				182,418
Other assets			4,573,929				4,570,822				4,550,684				4,521,180				4,567,422
Total assets		$	68,021,263				68,246,837				68,153,616				68,439,222				68,880,399
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits at U.S. offices		$	14,557,568				14,665,603				13,960,723				13,622,819				13,794,636
Other deposits at U.S. offices			33,641,800				33,335,104				33,010,520				33,125,761				32,604,764
Deposits at foreign office			1,605,916				653,916				551,428				789,825				1,050,438
Total deposits			49,805,284				48,654,623				47,522,671				47,538,405				47,449,838
Short-term borrowings			947,432				1,211,683				2,158,957				1,870,763				2,442,582
Accrued interest and other liabilities			1,070,701				1,157,250				1,114,615				1,048,473				995,056
Long-term borrowings			7,840,151				8,991,508				9,255,529				10,065,894				10,240,016
Total liabilities			59,663,568				60,015,064				60,051,772				60,523,535				61,127,492
Shareholders’ equity:
Preferred			740,657				737,979				735,350				732,769				730,235
Common (1)			7,617,038				7,493,794				7,366,494				7,182,918				7,022,672
Total shareholders’ equity			8,357,695				8,231,773				8,101,844				7,915,687				7,752,907
Total liabilities and shareholders’ equity		$	68,021,263				68,246,837				68,153,616				68,439,222				68,880,399

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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, 2010 from								December 31
			2010								2009								2010								December 31,				September 30,				2010								2009								Change in
Dollars in millions			Balance				Rate				Balance				Rate				Balance				Rate				2009				2010				Balance				Rate				Balance				Rate				balance
ASSETS
Interest-bearing deposits at banks		$	110				.15	%			74				.08	%			92				.15	%			50	%			19	%		$	102				.09	%			50				.07	%			103	%
Federal funds sold and agreements to resell securities			780				.19				23				.19				64				.26				—				—				221				.20				52				.25				323
Trading account assets			165				.91				70				.66				82				.65				135				101				94				.84				87				.74				8
Investment securities			7,541				4.07				8,197				4.63				7,993				4.16				-8				-6				8,018				4.24				8,403				4.79				-5
Loans and leases, net of unearned discount
Commercial, financial, etc.			13,013				4.07				13,527				3.87				12,856				3.97				-4				1				13,092				3.99				13,855				3.79				-6
Real estate — commercial			20,624				4.84				20,950				4.48				20,612				4.85				-2				—				20,714				4.70				20,085				4.45				3
Real estate — consumer			5,910				5.15				5,457				5.37				5,680				5.30				8				4				5,746				5.28				5,297				5.45				8
Consumer			11,594				5.18				12,153				5.32				11,687				5.22				-5				-1				11,745				5.22				11,722				5.43				—
Total loans and leases, net			51,141				4.74				52,087				4.59				50,835				4.74				-2				1				51,297				4.70				50,959				4.60				1
Total earning assets			59,737				4.58				60,451				4.58				59,066				4.65				-1				1				59,732				4.61				59,551				4.61				—
Goodwill			3,525								3,525								3,525								—				—				3,525								3,393								4
Core deposit and other intangible assets			132								191								146								-31				-9				153								191								-20
Other assets			5,108								4,752								5,074								8				1				4,970								4,337								15
Total assets		$	68,502								68,919								67,811								-1	%			1	%		$	68,380								67,472								1	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits
NOW accounts		$	608				.14				579				.18				592				.15				5	%			3	%		$	601				.14				543				.21				11	%
Savings deposits			27,545				.31				24,237				.36				26,177				.33				14				5				26,190				.33				22,832				.49				15
Time deposits			6,034				1.40				8,304				1.89				6,312				1.46				-27				-4				6,583				1.52				8,782				2.35				-25
Deposits at foreign office			809				.17				1,300				.11				802				.16				-38				1				953				.14				1,665				.14				-43
Total interest-bearing deposits			34,996				.49				34,420				.72				33,883				.53				2				3				34,327				.55				33,822				.95				1
Short-term borrowings			1,439				.17				2,308				.17				1,858				.16				-38				-23				1,854				.16				2,911				.24				-36
Long-term borrowings			8,141				3.14				10,253				2.73				8,948				3.10				-21				-9				9,169				2.96				11,092				3.07				-17
Total interest-bearing liabilities			44,576				.97				46,981				1.13				44,689				1.03				-5				—				45,350				1.02				47,825				1.40				-5
Noninterest-bearing deposits			14,275								12,945								13,647								10				5				13,709								11,054								24
Other liabilities			1,329								1,307								1,294								2				3				1,218								1,311								-7
Total liabilities			60,180								61,233								59,630								-2				1				60,277								60,190								—
Shareholders’ equity			8,322								7,686								8,181								8				2				8,103								7,282								11
Total liabilities and shareholders’ equity		$	68,502								68,919								67,811								-1	%			1	%		$	68,380								67,472								1	%
Net interest spread							3.61								3.45								3.62																3.59								3.21
Contribution of interest-free funds							.24								.26								.25																.25								.28
Net interest margin							3.85	%							3.71	%							3.87	%															3.84	%							3.49	%