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M&T Bank Corporation Announces 2009 Fourth Quarter and Full-Year Profits

BUFFALO, N.Y., Jan 20, 2010 /PRNewswire via COMTEX News Network/ -- 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 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 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.

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 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.

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.

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 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.

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, 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.

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-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.






    M&T BANK CORPORATION
    Financial Highlights
                            Three months
                               ended                   Year ended
    Amounts in thousands,   December 31                December 31
     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
                                 ------------------------
    Loan quality                     2009           2008    Change
    ------------                 ----------       -------   ------

    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%

    --------------------------------------------------------------------------
    (1)  Includes common stock equivalents.
    (2)  Includes common stock issuable under deferred compensation plans.
    (3)  Excludes amortization and balances related to goodwill and core
         deposit and other intangible assets and merger-related gains and
         expenses which, except in the calculation of the efficiency ratio,
         are net of applicable income tax effects.  Reconciliations of net
         income with net operating income appear herein.
    (4)  Accruing loans that were impaired at acquisition date and recorded
         at fair value.


    M&T BANK CORPORATION
    Financial Highlights, Five Quarter Trend


    Amounts in                       Three months ended
     thousands,   ------------------------------------------------------------
     except per   December 31, September 30,  June 30,  March 31, December 31,
     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,
    Loan quality     2009          2009         2009      2009       2008
    ------------  ------------ -------------  --------  --------- ------------

    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%

    --------------------------------------------------------------------------
    (1)  Includes common stock equivalents.
    (2)  Includes common stock issuable under deferred compensation plans.
    (3)  Excludes amortization and balances related to goodwill and core
         deposit and other intangible assets and merger-related gains and
         expenses which, except in the calculation of the efficiency ratio,
         are net of applicable income tax effects.  Reconciliations of net
         income with net operating income appear herein.
    (4)  Accruing loans that were impaired at acquisition date and recorded
         at fair value.



    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%
                         ========  =======        ==========  =========




    M&T BANK CORPORATION
    Condensed Consolidated Statement of Income, Five Quarter Trend

                                        Three months ended
                           ---------------------------------------------
                           December  September   June    March  December
    Dollars in                31,        30,      30,      31,     31,
     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
                           ========   =======   ======   ======  =======




    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%
                                        =========== ==========
    -----------------------------------------------------------------------
     (1)  Reflects accumulated other comprehensive loss, net of applicable
         income tax effect, of $336.0 million at December 31, 2009 and
         $736.9 million at December 31, 2008.




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

                       December   September     June      March    December
    Dollars in            31,        30,         30,        31,       31,
     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
                      =========== ========== ========== ========== ==========

    -------------------------------------------------------------------------
     (1)  Reflects accumulated other comprehensive loss, net of applicable
         income tax effect, of $336.0 million at December 31, 2009,
         $419.3 million at September 30, 2009, $580.8 million at June 30,
         2009, $622.4 million at March 31, 2009, and $736.9 million at
         December 31, 2008.




    M&T BANK CORPORATION
    Condensed Consolidated Average Balance Sheet
     and Annualized Taxable-equivalent Rates

                                                 Three months ended
                                     ----------------------------------------
                                     December 31,  December 31, September 30,
    Dollars in millions                 2009          2008          2009
                                     ------------  ------------  ------------
                                     Balance Rate  Balance Rate  Balance Rate
                                     ------- ----  ------- ----  ------- ----
    ASSETS

    Interest-bearing deposits at
     banks                           $    74  .08%      13  .55%      66  .04%

    Federal funds sold and agreements
      to resell securities                23  .19      103  .41       11  .58

    Trading account assets                70  .66       99 3.16       83  .82

    Investment securities              8,197 4.63    8,894 4.90    8,420 4.81

    Loans and leases, net of
     unearned discount
       Commercial, financial, etc.    13,527 3.87   14,213 4.74   13,801 3.78
       Real estate - commercial       20,950 4.48   18,666 5.55   20,843 4.48
       Real estate - consumer          5,457 5.37    4,904 5.85    5,429 5.43
       Consumer                       12,153 5.32   11,027 6.08   12,247 5.37
                                     -------       -------       -------
          Total loans and
           leases, net                52,087 4.59   48,810 5.45   52,320 4.58
                                     -------       -------       -------

      Total earning assets            60,451 4.58   57,919 5.35   60,900 4.60

    Goodwill                           3,525         3,192         3,525

    Core deposit and other
     intangible assets                   191           191           208

    Other assets                       4,752         3,640         4,521
                                     -------       -------       -------

      Total assets                   $68,919        64,942        69,154
                                     =======       =======       =======

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Interest-bearing deposits
       NOW accounts                  $   579  .18      528  .45      541  .21
       Savings deposits               24,237  .36   19,540 1.27   23,367  .37
       Time deposits                   8,304 1.89    9,388 3.06    9,246 2.17
       Deposits at foreign office      1,300  .11    2,985  .71    1,444  .13
                                     -------       -------       -------
          Total interest-bearing
           deposits                   34,420  .72   32,441 1.72   34,598  .84
                                     -------       -------       -------

    Short-term borrowings              2,308  .17    4,950  .82    2,663  .26
    Long-term borrowings              10,253 2.73   12,058 4.55   11,008 2.80
                                     -------       -------       -------

    Total interest-bearing
     liabilities                      46,981 1.13   49,449 2.32   48,269 1.26

    Noninterest-bearing deposits      12,945         8,006        12,122

    Other liabilities                  1,307         1,133         1,242
                                     -------       -------       -------

      Total liabilities               61,233        58,588        61,633

    Stockholders' equity               7,686         6,354         7,521
                                     -------       -------       -------

      Total liabilities and
       stockholders' equity          $68,919        64,942        69,154
                                     =======       =======       =======


    Net interest spread                      3.45          3.03          3.34
    Contribution of interest-free funds       .26           .34           .27
    Net interest margin                      3.71%         3.37%         3.61%




                                                    Change in balance
                                                 December 31, 2009 from
                                              ----------------------------
                                              December 31,   September 30,
    Dollars in millions                           2008           2009
                                              ------------   -------------
    ASSETS

    Interest-bearing deposits at banks             470%           12%

    Federal funds sold and agreements
      to resell securities                         -77           103

    Trading account assets                         -29           -15

    Investment securities                           -8            -3

    Loans and leases, net of unearned discount
      Commercial, financial, etc.                   -5            -2
      Real estate - commercial                      12             1
      Real estate - consumer                        11             1
      Consumer                                      10            -1
         Total loans and leases, net                 7             -

      Total earning assets                           4            -1

    Goodwill                                        10             -

    Core deposit and other intangible assets         -            -8

    Other assets                                    31             5

      Total assets                                   6%            -%



    LIABILITIES AND STOCKHOLDERS' EQUITY

    Interest-bearing deposits
      NOW accounts                                  10%            7%
      Savings deposits                              24             4
      Time deposits                                -12           -10
      Deposits at foreign office                   -56           -10
         Total interest-bearing deposits             6            -1

    Short-term borrowings                          -53           -13
    Long-term borrowings                           -15            -7

    Total interest-bearing liabilities              -5            -3

    Noninterest-bearing deposits                    62             7

    Other liabilities                               15             5

      Total liabilities                              5            -1

    Stockholders' equity                            21             2

      Total liabilities and stockholders' equity     6%            -%




                                                Year ended
                                                December 31
                                        ---------------------------
    Dollars in millions                     2009           2008
                                        ------------  -------------  Change in
                                        Balance Rate  Balance  Rate   balance
                                        ------- ----  -------- ----   -------
    ASSETS

    Interest-bearing deposits at banks $    50  .07%       10 1.07%     397%

    Federal funds sold and agreements
     to resell securities                   52  .25       109 1.91      -52

    Trading account assets                  87  .74        79 1.95        9

    Investment securities                8,403 4.79     8,973 5.05       -6

    Loans and leases, net of unearned
     discount
       Commercial, financial, etc.      13,855 3.79    13,802 5.24        -
       Real estate - commercial         20,085 4.45    18,428 5.82        9
       Real estate - consumer            5,297 5.45     5,465 6.03       -3
       Consumer                         11,722 5.43    11,150 6.43        5
                                       -------        -------
          Total loans and leases, net   50,959 4.60    48,845 5.82        4
                                       -------        -------

      Total earning assets              59,551 4.61    58,016 5.69        3

    Goodwill                             3,393          3,193             6

    Core deposit and other intangible
     assets                                191            214           -11

    Other assets                         4,337          3,709            17
                                       -------        -------

      Total assets                     $67,472         65,132             4%
                                       =======        =======



    LIABILITIES AND STOCKHOLDERS' EQUITY

    Interest-bearing deposits
       NOW accounts                    $   543  .21       502  .58        8%
       Savings deposits                 22,832  .49    18,170 1.37       26
       Time deposits                     8,782 2.35     9,583 3.45       -8
       Deposits at foreign office        1,665  .14     3,986 2.12      -58
                                       -------        -------
          Total interest-bearing
           deposits                     33,822  .95    32,241 2.07        5
                                       -------        -------

    Short-term borrowings                2,911  .24     6,086 2.34      -52
    Long-term borrowings                11,092 3.07    11,605 4.56       -4
                                       -------        -------

    Total interest-bearing
     liabilities                        47,825 1.40    49,932 2.68       -4

    Noninterest-bearing deposits        11,054          7,674            44

    Other liabilities                    1,311          1,089            20
                                       -------        -------

       Total liabilities                60,190         58,695             3

    Stockholders' equity                 7,282          6,437            13
                                       -------        -------

       Total liabilities and
        stockholders' equity           $67,472         65,132             4%
                                       =======        =======


    Net interest spread                        3.21           3.01
    Contribution of interest-free funds         .28            .37
    Net interest margin                        3.49%          3.38%



    M&T BANK CORPORATION
    Reconciliation of Quarterly GAAP to Non-GAAP Measures


                                  Three months ended        Year ended
                                     December 31            December 31
                                    2009     2008         2009        2008
                                  --------  -------    ----------  ---------
    Income statement data
    ---------------------
    In thousands, except per share
    Net income
    Net income                    $136,818  102,241    $  379,891    555,887
    Amortization of core deposit
     and other intangible
     assets (1)                     10,152    9,543        39,006     40,504
    Merger-related gain (1)              -        -       (17,684)         -
    Merger-related expenses (1)      3,806        -        54,163      2,160
                                  --------  -------    ----------  ---------
      Net operating income        $150,776  111,784    $  455,376    598,551
                                  ========  =======    ==========  =========
    Earnings per common share
    Diluted earnings per common
     share                        $   1.04      .92    $     2.89       5.01
    Amortization of core deposit
     and other intangible
     assets (1)                        .09      .08           .34        .36
    Merger-related gain (1)              -        -          (.15)         -
    Merger-related expenses (1)        .03        -           .46        .02
                                  --------  -------    ----------  ---------
      Diluted net operating
       earnings per common share  $   1.16     1.00    $     3.54       5.39
                                  ========  =======    ==========  =========
    Other expense
    Other expense                 $478,451  446,819    $1,980,563  1,726,996
    Amortization of core deposit
     and other intangible assets   (16,730) (15,708)      (64,255)   (66,646)
    Merger-related expenses         (6,264)       -       (89,157)    (3,547)
                                  --------  -------    ----------  ---------
      Noninterest operating
       expense                    $455,457  431,111    $1,827,151  1,656,803
                                  ========  =======    ==========  =========
    Merger-related expenses
    Salaries and employee
     benefits                     $    381        -    $   10,030         62
    Equipment and net occupancy        545        -         2,975         49
    Printing, postage and
     supplies                          233        -         3,677        367
    Other costs of operations        5,105        -        72,475      3,069
                                  --------  -------    ----------  ---------
      Total                       $  6,264        -    $   89,157      3,547
                                  ========  =======    ==========  =========

    Balance sheet data
    ------------------
    In millions
    Average assets
    Average assets                $ 68,919   64,942    $   67,472     65,132
    Goodwill                        (3,525)  (3,192)       (3,393)    (3,193)
    Core deposit and other
     intangible assets                (191)    (191)         (191)      (214)
    Deferred taxes                      37       25            33         30
                                  --------  -------    ----------  ---------
      Average tangible assets     $ 65,240   61,584    $   63,921     61,755
                                  ========  =======    ==========  =========
    Average common equity
    Average total equity          $  7,686    6,354    $    7,282      6,437
    Preferred stock                   (729)     (55)         (666)       (14)
                                  --------  -------    ----------  ---------
      Average common equity          6,957    6,299         6,616      6,423
    Goodwill                        (3,525)  (3,192)       (3,393)    (3,193)
    Core deposit and other
     intangible assets                (191)    (191)         (191)      (214)
    Deferred taxes                      37       25            33         30
                                  --------  -------    ----------  ---------
      Average tangible common
       equity                     $  3,278    2,941    $    3,065      3,046
                                  ========  =======    ==========  =========

    At end of quarter
    Total assets
    Total assets                  $ 68,880   65,816    $   68,880     65,816
    Goodwill                        (3,525)  (3,192)       (3,525)    (3,192)
    Core deposit and other
     intangible assets                (182)    (183)         (182)      (183)
    Deferred taxes                      35       23            35         23
                                  --------  -------    ----------  ---------
      Total tangible assets       $ 65,208   62,464    $   65,208     62,464
                                  ========  =======    ==========  =========
    Total common equity
    Total equity                  $  7,753    6,785    $    7,753      6,785
    Preferred stock                   (730)    (568)         (730)      (568)
    Unamortized discount and
     undeclared dividends -
     preferred stock                    (6)       -            (6)         -
                                  --------  -------    ----------  ---------
      Total common equity            7,017    6,217         7,017      6,217
    Goodwill                        (3,525)  (3,192)       (3,525)    (3,192)
    Core deposit and other
     intangible assets                (182)    (183)         (182)      (183)
    Deferred taxes                      35       23            35         23
                                  --------  -------    ----------  ---------
      Total tangible common
       equity                     $  3,345    2,865    $    3,345      2,865
                                  ========  =======    ==========  =========

    ------------------------------------------------------------------------
    (1) After any related tax effect.



    M&T BANK CORPORATION
    Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

                                        Three months ended
                  ------------------------------------------------------------
                  December 31, September 30,  June 30,  March 31, December 31,
                      2009         2009         2009       2009       2008
                  ------------ ------------- --------- ---------- ------------
    Income statement data
    ---------------------
    In thousands,
     except per share
    Net income
    Net income       $136,818       127,664    51,188     64,221      102,241
    Amortization of
     core deposit and
     other intangible
     assets (1)        10,152        10,270     9,247      9,337        9,543
    Merger-related
     gain (1)               -       (17,684)        -          -            -
    Merger-related
     expenses (1)       3,806         8,511    40,370      1,476            -
                  ------------ ------------- --------- ---------- ------------
      Net operating
       income        $150,776       128,761   100,805     75,034      111,784
                  ============ ============= ========= ========== ============
    Earnings per
     common share
    Diluted earnings
     per common
     share           $   1.04           .97       .36        .49          .92
    Amortization of
     core deposit and
     other intangible
     assets (1)           .09           .09       .08        .09          .08
    Merger-related
     gain (1)               -          (.15)        -          -            -
    Merger-related
     expenses (1)         .03           .07       .35        .01            -
                  ------------ ------------- --------- ---------- ------------
      Diluted net
       operating
       earnings
       per common
       share         $   1.16           .98       .79        .59         1.00
                  ============ ============= ========= ========== ============
    Other expense
    Other expense    $478,451       500,056   563,710    438,346      446,819
    Amortization of
     core deposit
     and other
     intangible
     assets           (16,730)      (16,924)  (15,231)   (15,370)     (15,708)
    Merger-related
     expenses          (6,264)      (14,010)  (66,457)    (2,426)           -
                  ------------ ------------- --------- ---------- ------------
      Noninterest
       operating
       expense       $455,457       469,122   482,022    420,550      431,111
                  ============ ============= ========= ========== ============
    Merger-related
     expenses
    Salaries and
     employee
     benefits        $    381           870     8,768         11            -
    Equipment and net
     occupancy            545         1,845       581          4            -
    Printing, postage
     and supplies         233           629     2,514        301            -
    Other costs of
     operations         5,105        10,666    54,594      2,110            -
                  ------------ ------------- --------- ---------- ------------
      Total          $  6,264        14,010    66,457      2,426            -
                  ============ ============= ========= ========== ============


    Balance sheet data
    ------------------
    In millions
    Average assets
    Average assets   $ 68,919        69,154    66,984     64,766       64,942
    Goodwill           (3,525)       (3,525)   (3,326)    (3,192)      (3,192)
    Core deposit and
     other intangible
     assets              (191)         (208)     (188)      (176)        (191)
    Deferred taxes         37            41        30         22           25
                  ------------ ------------- --------- ---------- ------------
      Average
       tangible
       assets        $ 65,240        65,462    63,500     61,420       61,584
                  ============ ============= ========= ========== ============
    Average common
     equity
    Average total
     equity          $  7,686         7,521     7,127      6,780        6,354
    Preferred
     stock               (729)         (727)     (636)      (568)         (55)
                  ------------ ------------- --------- ---------- ------------
      Average common
       equity           6,957         6,794     6,491      6,212        6,299
    Goodwill           (3,525)       (3,525)   (3,326)    (3,192)      (3,192)
    Core deposit
     and other
     intangible
     assets              (191)         (208)     (188)      (176)        (191)
    Deferred taxes         37            41        30         22           25
                  ------------ ------------- --------- ---------- ------------
      Average
       tangible
       common
       equity        $  3,278         3,102     3,007      2,866        2,941
                  ============ ============= ========= ========== ============

    At end of quarter
    Total assets
    Total assets    $  68,880        68,997    69,913     64,883       65,816
    Goodwill           (3,525)       (3,525)   (3,525)    (3,192)      (3,192)
    Core deposit
     and other
     intangible
     assets              (182)         (199)     (216)      (168)        (183)
    Deferred taxes         35            39        43         21           23
                  ------------ ------------- --------- ---------- ------------
      Total tangible
       assets       $  65,208        65,312    66,215     61,544       62,464
                  ============ ============= ========= ========== ============
    Total common
     equity
    Total equity    $   7,753         7,612     7,400      6,902        6,785
    Preferred stock      (730)         (728)     (725)      (568)        (568)
    Unamortized
     discount and
     undeclared
     dividends -
     preferred
     stock                 (6)           (5)       (6)        (5)           -
                  ------------ ------------- --------- ---------- ------------
      Total common
       equity           7,017         6,879     6,669      6,329        6,217
    Goodwill           (3,525)       (3,525)   (3,525)    (3,192)      (3,192)
    Core deposit
     and other
     intangible
     assets              (182)         (199)     (216)      (168)        (183)
    Deferred taxes         35            39        43         21           23
                  ------------ ------------- --------- ---------- ------------
      Total
       tangible
       common
       equity       $   3,345         3,194     2,971      2,990        2,865
                  ============ ============= ========= ========== ============

    --------------------------------------------------------------------------
    (1) After any related tax effect.




SOURCE M&T Bank Corporation

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