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M&T Bank Corporation Announces First Quarter Profits
PRNewswire-FirstCall
BUFFALO, N.Y.

M&T Bank Corporation ("M&T") today reported its results of operations for the quarter ended March 31, 2010.

GAAP Results of Operations. Diluted earnings per common share measured in accordance with generally accepted accounting principles ("GAAP") for the first quarter of 2010 rose to $1.15, up 135% from $.49 in the first quarter of 2009 and 11% higher than $1.04 in the final 2009 quarter. GAAP-basis net income in the recently completed quarter totaled $151 million, compared with $64 million in the year-earlier quarter and $137 million in the fourth quarter of 2009. GAAP-basis net income for the initial quarter of 2010 expressed as an annualized rate of return on average assets and average common stockholders' equity was .89% and 7.86%, respectively, improved from .40% and 3.61%, respectively, in the initial quarter of 2009 and from .79% and 7.09%, respectively, in the fourth quarter of 2009.

Commenting on the recent quarter's performance, René F. Jones, Executive Vice President and Chief Financial Officer, noted, "M&T posted strong financial results in the first quarter, led by lower credit costs and further widening of our net interest margin. Average core deposits were up again for this period, rising an annualized 6% from the fourth quarter of last year. Our tangible common equity ratio rose significantly from the 2009 year-end, up 30 basis points to 5.43%. The results illustrate how our fundamental business philosophy of offering banking services to consumers and businesses in our local communities, of prudent underwriting based on local knowledge and of making acquisitions only when and where they make sense has never been more relevant."

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.

Diluted net operating earnings per common share, which exclude the impact of amortization of core deposit and other intangible assets and merger-related expenses, increased for the fourth consecutive quarter, aggregating $1.23 in the recent quarter, up from $.59 and $1.16 in the first and fourth quarters of 2009, respectively. Net operating income for the quarter ended March 31, 2010 rose to $161 million, improved from $75 million and $151 million in the quarters ended March 31, 2009 and December 31, 2009, respectively. Expressed as an annualized rate of return on average tangible assets and average tangible common stockholders' equity, net operating income was 1.00% and 17.34%, respectively, in the first quarter of 2010, up from .50% and 9.36% in the initial quarter of 2009 and .92% and 16.73% in the final 2009 quarter.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest income totaled $562 million in the first quarter of 2010, compared with $453 million in the year-earlier quarter and $565 million in the final quarter of 2009. The significant improvement from 2009's initial quarter reflects a 59 basis point widening of the net interest margin, or taxable-equivalent net interest income expressed as an annualized percentage of average earning assets, and a higher level of average earning assets, which rose $2.8 billion or 5% to $60.3 billion from $57.5 billion in the first quarter of 2009. The net interest margin was 3.78% in the recent quarter, compared with 3.19% in the first 2009 quarter. The most significant factors for the higher net interest margin were lower interest rates paid on deposits and long-term borrowings. The higher earning asset level in the recent quarter resulted from the impact of assets obtained in the 2009 acquisitions related to Provident Bankshares Corporation ("Provident") and Bradford Bank ("Bradford"), which totaled approximately $5.5 billion at the respective acquisition dates. Net interest margin in the recent quarter improved 7 basis points from 3.71% in last year's fourth quarter.

Provision for Credit Losses/Asset Quality. The provision for credit losses was $105 million in the first quarter of 2010, down from $158 million and $145 million in the year-earlier quarter and in the fourth quarter of 2009, respectively. Net charge-offs of loans during the recent quarter were $95 million, down from $100 million in the initial quarter of 2009 and $135 million in the final 2009 quarter. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .74% and .83% in the first quarters of 2010 and 2009, respectively, and 1.03% in 2009's final quarter.

Reflecting the impact of the poor economic environment on businesses and consumers, loans classified as nonaccrual totaled $1.34 billion, or 2.60% of total loans at March 31, 2010, compared with $1.33 billion or 2.56% at December 31, 2009 and $1.00 billion or 2.05% at March 31, 2009. During the recent quarter, an increase in loans obtained in the Provident and Bradford transactions classified as nonaccrual was largely offset by a decline in nonaccrual loans associated with the legacy M&T portfolio. Assets taken in foreclosure of defaulted loans were $95 million at each of March 31, 2010 and December 31, 2009, compared with $100 million at March 31, 2009.

Loans past due 90 days or more and accruing interest totaled $203 million at the end of the recently completed quarter, including loans guaranteed by government-related entities of $195 million. Such past due loans were $143 million and $208 million at March 31, 2009 and December 31, 2009, respectively, including $127 million and $193 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 totaled $891 million at March 31, 2010, increased from $846 million a year earlier and $878 million at December 31, 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 the acquired entity's allowance for credit losses. Excluding loans obtained in the Provident and Bradford acquisition transactions, the allowance-to-legacy loan ratio increased to 1.86% at March 31, 2010 from 1.73% at March 31, 2009. That same ratio was 1.83% at December 31, 2009.

Noninterest Income and Expense. Noninterest income aggregated $258 million in the first quarter of 2010, compared with $232 million and $266 million in the first and fourth quarters of 2009, respectively. Reflected in those amounts were losses from investment securities of $26 million, $32 million and $34 million, respectively, each predominantly due to other-than-temporary impairment charges related to certain of M&T's privately issued collateralized mortgage obligations held in the available-for-sale investment securities portfolio. Because those investment securities were previously reflected at fair value on the consolidated balance sheet, the impairment charges did not reduce stockholders' equity.

Excluding gains and losses from investment securities, noninterest income of $284 million in the recently completed quarter was up 8% from $264 million in the initial quarter of 2009. Contributing to that rise were service charges on acquisition-related deposit accounts and higher credit-related fees, partially offset by lower mortgage banking revenues. Noninterest income in the fourth quarter of 2009, also excluding gains and losses from investment securities, totaled $300 million. The decline in such income during the recent quarter as compared with the final 2009 quarter was due, in part, to lower service charges on deposit accounts and mortgage banking revenues.

Noninterest expense in the first quarter of 2010 aggregated $489 million, compared with $438 million and $478 million in the first and fourth quarters of 2009, respectively. 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 $473 million in the recently completed quarter, $421 million in the first quarter of 2009 and $455 million in the final 2009 quarter. The higher level of operating expenses in the recent quarter as compared with the year-earlier quarter was due largely to the operations obtained in the 2009 acquisitions and higher FDIC assessments. The rise in expenses from the fourth quarter of 2009 was largely the result of seasonally higher costs for stock-based compensation, payroll-related taxes and the Company's contributions for retirement savings plan benefits related to incentive compensation payments.

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 was 55.9% in the first quarter of 2010, compared with 58.7% in the year-earlier period and 52.7% in the fourth quarter of 2009.

Balance Sheet. M&T had total assets of $68.4 billion at March 31, 2010, up from $64.9 billion a year earlier. Loans and leases, net of unearned discount, were $51.4 billion at the recent quarter-end, up 5% from $48.9 billion at March 31, 2009. Total deposits rose 12% to $47.5 billion at March 31, 2010 from $42.5 billion a year earlier. Deposits at domestic offices increased $6.4 billion, or 16%, to $46.7 billion at the most recent quarter-end from $40.3 billion at March 31, 2009.

Total stockholders' equity increased 15% to $7.9 billion at March 31, 2010 from $6.9 billion at March 31, 2009, representing 11.57% of total assets at the recent quarter-end and 10.64% a year earlier. Common stockholders' equity was $7.2 billion, or $60.40 per share at March 31, 2010, up from $6.3 billion, or $56.95 per share, a year earlier. Tangible equity per common share rose to $29.59 at March 31, 2010 from $26.90 a year earlier. Common stockholders' equity per share and tangible equity per common share were $59.31 and $28.27, respectively, at December 31, 2009. In the calculation of tangible equity per common share, common 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 $3.3 billion at March 31, 2010 and 2009, respectively. M&T's tangible common equity to tangible assets ratio was 5.43% at March 31, 2010, compared with 4.86% and 5.13% at March 31, 2009 and December 31, 2009, respectively.

Conference Call. Investors will have an opportunity to listen to M&T's conference call to discuss first quarter financial results today at 9:30 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 #68684577. The conference call will be webcast live through M&T's website at http://ir.mandtbank.com/conference.cfm. A replay of the call will be available until Wednesday, April 21, 2010 by calling (800)642-1687, or (706)645-9291 for international participants, and by making reference to the ID #68684577. 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.

  INVESTOR CONTACT:      Donald J. MacLeod
                         (716) 842-5138

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





  M&T BANK CORPORATION
  Financial Highlights

                                          Three months ended
  Amounts in thousands,                        March 31
                                               --------
   except per share                           2010            2009  Change
                                              ----            ----  ------

  Performance
  -----------

  Net income                              $150,955          64,221      135%
  Net income available to common
   equity                                  138,341          55,322      150

  Per common share:
    Basic earnings                           $1.16             .49      137%
    Diluted earnings                          1.15             .49      135
    Cash dividends                            $.70             .70        -

  Common shares outstanding:
    Average - diluted (1)                  118,256         110,439        7%
    Period end (2)                         118,823         111,132        7

  Return on (annualized):
    Average total assets                       .89%            .40%
    Average common stockholders' equity       7.86%           3.61%

  Taxable-equivalent net interest
   income                                 $562,257         452,740       24%

  Yield on average earning assets             4.59%           4.65%
  Cost of interest-bearing
   liabilities                                1.04%           1.74%
  Net interest spread                         3.55%           2.91%
  Contribution of interest-free funds          .23%            .28%
  Net interest margin                         3.78%           3.19%

  Net charge-offs to average total
    net loans (annualized)                     .74%            .83%

  Net operating results (3)
  -------------------------

  Net operating income                    $160,953          75,034      115%
  Diluted net operating earnings per
   common share                               1.23             .59      108
  Return on (annualized):
    Average tangible assets                   1.00%            .50%
    Average tangible common equity           17.34%           9.36%
  Efficiency ratio                           55.88%          58.68%



                                               At March 31
                                               -----------
  Loan quality                                2010            2009   Change
  ------------                                ----            ----   ------

  Nonaccrual loans                      $1,339,992       1,003,987       33%
  Real estate and other foreclosed
   assets                                   95,362         100,270       -5%
    Total nonperforming assets          $1,435,354       1,104,257       30%
                                        ==========       =========

  Accruing loans past due 90 days or
   more                                   $203,443         142,842       42%

  Renegotiated loans                      $220,885         130,932       69%

  Government guaranteed loans
   included in totals
    above:
    Nonaccrual loans                       $37,048          38,460       -4%
    Accruing loans past due 90 days or
     more                                  194,523         127,237       53%

  Purchased impaired loans (4):
    Outstanding customer balance          $148,686               -        -
    Carrying amount                         73,890               -        -

  Nonaccrual loans to total net loans         2.60%           2.05%

  Allowance for credit losses to:
    Legacy loans                              1.86%           1.73%
    Total loans                               1.73%           1.73%


  (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

                               Three months ended
                               ------------------
  Amounts in                                            September
   thousands,           March 31,         December 31,                30,
   except per share              2010           2009             2009
                                 ----           ----             ----

  Performance
  -----------

  Net income            $150,955        136,818          127,664
  Net income
   available to
   common equity         138,341        124,251          115,143

  Per common share:
    Basic earnings         $1.16           1.05              .97
    Diluted earnings        1.15           1.04              .97
    Cash dividends          $.70            .70              .70

  Common shares
   outstanding:
    Average -diluted
     (1)                 118,256        117,672          117,547
    Period end (2)       118,823        118,298          118,156

  Return on
   (annualized):
    Average total
     assets                  .89%           .79%             .73%
    Average common
     stockholders'
     equity                 7.86%          7.09%            6.72%

  Taxable-
   equivalent net
   interest income      $562,257        564,606          553,450

  Yield on average
   earning assets           4.59%          4.58%            4.60%
  Cost of interest-
   bearing
   liabilities              1.04%          1.13%            1.26%
  Net interest
   spread                   3.55%          3.45%            3.34%
  Contribution of
   interest-free
   funds                     .23%           .26%             .27%
  Net interest
   margin                   3.78%          3.71%            3.61%

  Net charge-offs
   to average total
    net loans
     (annualized)            .74%          1.03%            1.07%

  Net operating
   results (3)
  -------------

  Net operating
   income               $160,953        150,776          128,761
  Diluted net
   operating
   earnings per
   common share             1.23           1.16              .98
  Return on
   (annualized):
    Average tangible
     assets                 1.00%           .92%             .78%
    Average tangible
     common equity         17.34%         16.73%           14.87%
  Efficiency ratio         55.88%         52.69%           55.21%




                                                       September
                        March 31,         December 31,               30,
  Loan quality                   2010           2009             2009
  ------------                   ----           ----             ----

  Nonaccrual loans    $1,339,992      1,331,702        1,228,341
  Real estate and
   other foreclosed
   assets                 95,362         94,604           84,676
    Total
     nonperforming
     assets           $1,435,354      1,426,306        1,313,017
                      ==========      =========        =========

  Accruing loans
   past due 90 days
   or more              $203,443        208,080          182,750

  Renegotiated
   loans                $220,885        212,548          190,917

  Government
   guaranteed loans
   included in
   totals
    above:
    Nonaccrual loans     $37,048         38,579           38,590
    Accruing loans
     past due 90 days
     or more             194,523        193,495          172,701

  Purchased
   impaired loans
   (4):
    Outstanding
     customer balance   $148,686        172,772          209,138
    Carrying amount       73,890         88,170          108,058

  Nonaccrual loans
   to total net
   loans                    2.60%          2.56%            2.35%

  Allowance for
   credit losses
   to:
    Legacy loans            1.86%          1.83%            1.81%
    Total loans             1.73%          1.69%            1.66%





                                           Three months ended
                                           ------------------
  Amounts in thousands,                  June 30,             March 31,
   except per share                             2009                  2009
                                                ----                  ----

  Performance
  -----------

  Net income                             51,188                64,221
  Net income available to common
   equity                                40,964                55,322

  Per common share:
    Basic earnings                          .36                   .49
    Diluted earnings                        .36                   .49
    Cash dividends                          .70                   .70

  Common shares outstanding:
    Average - diluted (1)               113,521               110,439
    Period end (2)                      118,012               111,132

  Return on (annualized):
    Average total assets                    .31%                  .40%
    Average common stockholders'
     equity                                2.53%                 3.61%

  Taxable-equivalent net interest
   income                               506,781               452,740

  Yield on average earning assets          4.62%                 4.65%
  Cost of interest-bearing
   liabilities                             1.47%                 1.74%
  Net interest spread                      3.15%                 2.91%
  Contribution of interest-free
   funds                                    .28%                  .28%
  Net interest margin                      3.43%                 3.19%

  Net charge-offs to average total
    net loans (annualized)                 1.09%                  .83%

  Net operating results (3)
  -------------------------

  Net operating income                  100,805                75,034
  Diluted net operating earnings
   per common share                         .79                   .59
  Return on (annualized):
    Average tangible assets                 .64%                  .50%
    Average tangible common equity        12.08%                 9.36%
  Efficiency ratio                        60.03%                58.68%




                                         June 30,            March 31,
  Loan quality                                  2009                  2009
  ------------                                  ----                  ----

  Nonaccrual loans                    1,111,423             1,003,987
  Real estate and other foreclosed
   assets                                90,461               100,270
    Total nonperforming assets        1,201,884             1,104,257
                                      =========             =========

  Accruing loans past due 90 days
   or more                              155,125               142,842

  Renegotiated loans                    170,950               130,932

  Government guaranteed loans
   included in totals
    above:
    Nonaccrual loans                     38,075                38,460
    Accruing loans past due 90 days
     or more                            143,886               127,237

  Purchased impaired loans (4):
    Outstanding customer balance        170,400                     -
    Carrying amount                      97,730                     -

  Nonaccrual loans to total net
   loans                                   2.11%                 2.05%

  Allowance for credit losses to:
    Legacy loans                           1.76%                 1.73%
    Total loans                            1.62%                 1.73%


  (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
                                              March 31
                                              --------
  Dollars in thousands                      2010           2009  Change
                                            ----           ----  ------

  Interest income                       $676,386        654,512        3%
  Interest expense                       120,052        206,705      -42
                                         -------        -------

  Net interest income                    556,334        447,807       24

  Provision for credit losses            105,000        158,000      -34
                                         -------        -------

  Net interest income after
     provision for credit losses         451,334        289,807       56

  Other income
       Mortgage banking revenues          41,476         56,233      -26
       Service charges on deposit
        accounts                         120,295        101,029       19
       Trust income                       30,928         34,880      -11
       Brokerage services income          13,106         15,393      -15
       Trading account and foreign
        exchange gains                     4,699          1,435      227
       Gain on bank investment
        securities                           459            575        -
       Other-than-temporary impairment
        losses
          recognized in earnings         (26,802)       (32,199)       -
       Equity in earnings of Bayview
        Lending Group LLC                 (5,714)        (4,144)       -
       Other revenues from operations     79,259         59,139       34
                                          ------         ------
            Total other income           257,706        232,341       11

  Other expense
       Salaries and employee benefits    264,046        249,392        6
       Equipment and net occupancy        55,401         48,172       15
       Printing, postage and supplies      9,043          9,095       -1
       Amortization of core deposit and
        other
          intangible assets               16,475         15,370        7
       FDIC assessments                   21,348          5,856      265
       Other costs of operations         123,049        110,461       11
                                         -------        -------
            Total other expense          489,362        438,346       12

  Income before income taxes             219,678         83,802      162

  Applicable income taxes                 68,723         19,581      251
                                          ------         ------

  Net income                            $150,955         64,221      135%
                                        ========         ======






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

                                         Three months ended
                                         ------------------
                                                  December      September
                                  March 31,             31,          30,
  Dollars in thousands                   2010         2009         2009
                                         ----         ----         ----

  Interest income                $676,386      692,669      700,593
  Interest expense                120,052      133,950      152,938
                                  -------      -------      -------

  Net interest income             556,334      558,719      547,655

  Provision for credit
   losses                         105,000      145,000      154,000
                                  -------      -------      -------

  Net interest income
   after
     provision for credit
      losses                      451,334      413,719      393,655

  Other income
       Mortgage banking
        revenues                   41,476       50,176       48,169
       Service charges on
        deposit accounts          120,295      127,185      128,502
       Trust income                30,928       29,660       31,586
       Brokerage services
        income                     13,106       14,396       14,329
       Trading account and
        foreign exchange gains      4,699        6,669        7,478
       Gain (loss) on bank
        investment securities         459          354          (56)
       Other-than-temporary
        impairment losses
          recognized in earnings  (26,802)    (34,296)      (47,033)
       Equity in earnings of
        Bayview Lending Group
        LLC                        (5,714)    (10,635)      (10,912)
       Other revenues from
        operations                 79,259       82,381      106,163
                                   ------       ------      -------
            Total other income    257,706      265,890      278,226

  Other expense
       Salaries and employee
        benefits                  264,046      247,080      255,449
       Equipment and net
        occupancy                  55,401       53,703       58,195
       Printing, postage and
        supplies                    9,043        9,338        8,229
       Amortization of core
        deposit and other
          intangible assets        16,475       16,730       16,924
       FDIC assessments            21,348       19,902       21,124
       Other costs of
        operations                123,049      131,698      140,135
                                  -------      -------      -------
            Total other expense   489,362      478,451      500,056

  Income before income
   taxes                          219,678      201,158      171,825

  Applicable income taxes          68,723       64,340       44,161
                                   ------       ------       ------

  Net income                     $150,955      136,818      127,664
                                 ========      =======      =======





                                            Three months ended
                                            ------------------
                                                                 March
                                               June 30,               31,
  Dollars in thousands                               2009          2009
                                                     ----          ----

  Interest income                             677,423           654,512
  Interest expense                            175,856           206,705
                                              -------           -------

  Net interest income                         501,567           447,807

  Provision for credit losses                 147,000           158,000
                                              -------           -------

  Net interest income after
     provision for credit losses              354,567           289,807

  Other income
       Mortgage banking revenues               52,983            56,233
       Service charges on deposit accounts    112,479           101,029
       Trust income                            32,442            34,880
       Brokerage services income               13,493            15,393
       Trading account and foreign
        exchange gains                          7,543             1,435
       Gain (loss) on bank investment
        securities                                292               575
       Other-than-temporary impairment
        losses
          recognized in earnings              (24,769)         (32,199)
       Equity in earnings of Bayview
        Lending Group LLC                        (207)           (4,144)
       Other revenues from operations          77,393            59,139
                                               ------            ------
            Total other income                271,649           232,341

  Other expense
       Salaries and employee benefits         249,952           249,392
       Equipment and net occupancy             51,321            48,172
       Printing, postage and supplies          11,554             9,095
       Amortization of core deposit and
        other
          intangible assets                    15,231            15,370
       FDIC assessments                        49,637             5,856
       Other costs of operations              186,015           110,461
                                              -------           -------
            Total other expense               563,710           438,346

  Income before income taxes                   62,506            83,802

  Applicable income taxes                      11,318            19,581
                                               ------            ------

  Net income                                   51,188            64,221
                                               ======            ======






  M&T BANK CORPORATION
  Condensed Consolidated Balance Sheet

                                               March 31
                                               --------
  Dollars in thousands                             2010       2009 Change
                                                   ----       ---- ------

  ASSETS

  Cash and due from banks                    $1,033,269  1,117,845      -8%

  Interest-bearing deposits at banks            121,305     27,374     343

  Federal funds sold and agreements
    to resell securities                         10,400    125,800     -92

  Trading account assets                        403,476    591,802     -32

  Investment securities                       8,104,646  7,686,845       5

  Loans and leases:

     Commercial, financial, etc              13,220,181 13,986,663      -5
     Real estate - commercial                20,724,118 18,833,865      10
     Real estate - consumer                   5,664,159  5,171,953      10
     Consumer                                11,835,583 10,925,659       8
                                             ---------- ----------
       Total loans and leases, net of
        unearned discount                    51,444,041 48,918,140       5
          Less: allowance for credit losses     891,265    845,971       5
                                                -------    -------

    Net loans and leases                     50,552,776 48,072,169       5

  Goodwill                                    3,524,625  3,192,128      10

  Core deposit and other intangible
   assets                                       167,545    168,126       -

  Other assets                                4,521,180  3,901,106      16
                                              ---------  ---------

    Total assets                            $68,439,222 64,883,195       5%
                                            =========== ==========


  LIABILITIES AND STOCKHOLDERS'
   EQUITY

  Noninterest-bearing deposits at
   U.S. offices                             $13,622,819  9,544,932      43%

  Other deposits at U.S. offices             33,125,761 30,763,204       8

  Deposits at foreign office                    789,825  2,169,220     -64
                                                -------  ---------

    Total deposits                           47,538,405 42,477,356      12

  Short-term borrowings                       1,870,763  2,641,811     -29

  Accrued interest and other
   liabilities                                1,048,473  1,326,545     -21

  Long-term borrowings                       10,065,894 11,535,644     -13
                                             ---------- ----------

    Total liabilities                        60,523,535 57,981,356       4

  Stockholders' equity:

     Preferred                                  732,769    568,284      29
     Common (1)                               7,182,918  6,333,555      13
                                              ---------  ---------

       Total stockholders' equity             7,915,687  6,901,839      15
                                              ---------  ---------

    Total liabilities and stockholders'
     equity                                 $68,439,222 64,883,195       5%
                                            =========== ==========


  (1)  Reflects accumulated other comprehensive loss, net of applicable
  income tax effect, of $255.2 million at March 31, 2010 and $622.4
  million at March 31, 2009.






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

                               March 31,      December 31,    September 30,
  Dollars in
   thousands                            2010           2009           2009
                                        ----           ----           ----

  ASSETS

  Cash and due from
   banks                      $1,033,269      1,226,223      1,356,508

  Interest-bearing
   deposits at banks             121,305        133,335         54,443

  Federal funds sold
   and agreements
    to resell
     securities                   10,400         20,119         17,206

  Trading account
   assets                        403,476        386,984        497,064

  Investment
   securities                  8,104,646      7,780,609      7,634,262

  Loans and leases:

     Commercial,
      financial, etc          13,220,181     13,479,447     13,517,538
     Real estate -
      commercial              20,724,118     20,949,931     21,007,376
     Real estate -
      consumer                 5,664,159      5,463,463      5,427,260
     Consumer                 11,835,583     12,043,845     12,251,598
                              ----------     ----------     ----------
       Total loans and
        leases, net of
        unearned discount     51,444,041     51,936,686     52,203,772
          Less: allowance
           for credit losses     891,265        878,022        867,874
                                 -------        -------        -------

    Net loans and
     leases                   50,552,776     51,058,664     51,335,898

  Goodwill                     3,524,625      3,524,625      3,524,625

  Core deposit and
   other intangible
   assets                        167,545        182,418        199,148

  Other assets                 4,521,180      4,567,422      4,378,296
                               ---------      ---------      ---------

    Total assets             $68,439,222     68,880,399     68,997,450
                             ===========     ==========     ==========


  LIABILITIES AND
   STOCKHOLDERS'
   EQUITY

  Noninterest-
   bearing deposits
   at U.S. offices           $13,622,819     13,794,636     12,730,083

  Other deposits at
   U.S. offices               33,125,761     32,604,764     32,813,698

  Deposits at
   foreign office                789,825      1,050,438      1,318,070
                                 -------      ---------      ---------

    Total deposits            47,538,405     47,449,838     46,861,851

  Short-term
   borrowings                  1,870,763      2,442,582      2,927,268

  Accrued interest
   and other
   liabilities                 1,048,473        995,056      1,241,576

  Long-term
   borrowings                 10,065,894     10,240,016     10,354,392
                              ----------     ----------     ----------

    Total liabilities         60,523,535     61,127,492     61,385,087

  Stockholders'
   equity:

     Preferred                   732,769        730,235        727,748
     Common (1)                7,182,918      7,022,672      6,884,615
                               ---------      ---------      ---------

       Total
        stockholders'
        equity                 7,915,687      7,752,907      7,612,363
                               ---------      ---------      ---------

    Total liabilities
     and stockholders'
     equity                  $68,439,222     68,880,399     68,997,450
                             ===========     ==========     ==========





                                                 June 30,          March 31,
  Dollars in thousands                                 2009            2009
                                                       ----            ----

  ASSETS

  Cash and due from banks                     1,148,428           1,117,845

  Interest-bearing deposits at banks             59,950              27,374

  Federal funds sold and agreements
    to resell securities                          2,300             125,800

  Trading account assets                        495,324             591,802

  Investment securities                       8,155,434           7,686,845

  Loans and leases:

     Commercial, financial, etc              14,180,609          13,986,663
     Real estate - commercial                20,787,198          18,833,865
     Real estate - consumer                   5,471,775           5,171,953
     Consumer                                12,275,062          10,925,659
                                             ----------          ----------
       Total loans and leases, net of
        unearned discount                    52,714,644          48,918,140
          Less: allowance for credit losses     855,365             845,971
                                                -------             -------

    Net loans and leases                     51,859,279          48,072,169

  Goodwill                                    3,524,625           3,192,128

  Core deposit and other intangible
   assets                                       216,072             168,126

  Other assets                                4,451,805           3,901,106
                                              ---------           ---------

    Total assets                             69,913,217          64,883,195
                                             ==========          ==========


  LIABILITIES AND STOCKHOLDERS' EQUITY

  Noninterest-bearing deposits at U.S.
   offices                                   12,403,999           9,544,932

  Other deposits at U.S. offices             33,265,704          30,763,204

  Deposits at foreign office                  1,085,004           2,169,220
                                              ---------           ---------

    Total deposits                           46,754,707          42,477,356

  Short-term borrowings                       2,951,149           2,641,811

  Accrued interest and other
   liabilities                                1,238,959           1,326,545

  Long-term borrowings                       11,568,238          11,535,644
                                             ----------          ----------

    Total liabilities                        62,513,053          57,981,356

  Stockholders' equity:

     Preferred                                  725,472             568,284
     Common (1)                               6,674,692           6,333,555
                                              ---------           ---------

       Total stockholders' equity             7,400,164           6,901,839
                                              ---------           ---------

    Total liabilities and stockholders'
     equity                                  69,913,217          64,883,195




  (1)  Reflects accumulated other comprehensive loss, net of applicable
  income tax effect, of $255.2 million at March 31, 2010, $336.0
  million at December 31, 2009, $419.3 million at September 30, 2009,
  $580.8 million at June 30, 2009 and $622.4 million at March 31,
  2009.






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

                                    Three months ended
                                    ------------------
                           March 31,        March 31,     December 31,
  Dollars in millions              2010             2009           2009
                                   ----             ----           ----
                          Balance Rate   Balance   Rate   Balance Rate
                          ------- ----   -------   ----   ------- ----
  ASSETS

  Interest-bearing
   deposits at banks         $127   .02%      20     .16%      74   .08%

  Federal funds sold
   and agreements
    to resell securities       24   .22      102     .23       23   .19

  Trading account
   assets                      60   .80       73     .67       70   .66

  Investment securities     8,172  4.44    8,490    4.81    8,197  4.63

  Loans and leases, net
   of unearned discount
    Commercial,
     financial, etc.       13,408  3.88   14,031    3.74   13,527  3.87
    Real estate -
     commercial            20,867  4.48   18,795    4.40   20,950  4.48
    Real estate -
     consumer               5,742  5.31    5,033    5.59    5,457  5.37
    Consumer               11,931  5.26   10,965    5.62   12,153  5.32
       Total loans and
        leases, net        51,948  4.63   48,824    4.64   52,087  4.59
                           ------         ------           ------

    Total earning assets   60,331  4.59   57,509    4.65   60,451  4.58

  Goodwill                  3,525          3,192            3,525

  Core deposit and
   other intangible
   assets                     176            176              191

  Other assets              4,851          3,889            4,752
                            -----          -----            -----

    Total assets          $68,883         64,766           68,919
                          =======         ======           ======



  LIABILITIES AND
   STOCKHOLDERS' EQUITY

  Interest-bearing
   deposits
    NOW accounts             $585   .14      536     .25      579   .18
    Savings deposits       25,068   .33   21,203     .80   24,237   .36
    Time deposits           7,210  1.66    8,720    2.81    8,304  1.89
    Deposits at foreign
     office                 1,237   .11    2,473     .16    1,300   .11
       Total interest-
        bearing deposits   34,100   .60   32,932    1.28   34,420   .72
                           ------         ------           ------

  Short-term borrowings     2,367   .15    3,477     .27    2,308   .17
  Long-term borrowings     10,160  2.74   11,643    3.51   10,253  2.73
                           ------         ------           ------

  Total interest-
   bearing liabilities     46,627  1.04   48,052    1.74   46,981  1.13

  Noninterest-bearing
   deposits                13,294          8,555           12,945

  Other liabilities         1,094          1,379            1,307
                            -----          -----            -----

    Total liabilities      61,015         57,986           61,233

  Stockholders' equity      7,868          6,780            7,686
                            -----          -----            -----

    Total liabilities and
     stockholders' equity $68,883         64,766           68,919
                          =======         ======           ======


  Net interest spread              3.55             2.91           3.45
  Contribution of
   interest-free funds              .23              .28            .26
  Net interest margin              3.78%            3.19%          3.71%





                                         Change in balance
                                        March 31, 2010 from
                                        -------------------
                                       March           December
  Dollars in millions                   31,             31,
                                        2009             2009
                                        ----             ----
  ASSETS

  Interest-bearing deposits at
   banks                             535%              73%

  Federal funds sold and
   agreements
    to resell securities             -76                4

  Trading account assets             -18              -14

  Investment securities               -4                -

  Loans and leases, net of
   unearned discount
    Commercial, financial, etc.       -4               -1
    Real estate - commercial          11                -
    Real estate - consumer            14                5
    Consumer                           9               -2
       Total loans and leases, net     6                -

    Total earning assets               5                -

  Goodwill                            10                -

  Core deposit and other
   intangible assets                   -               -8

  Other assets                        25                2

    Total assets                       6%               -  %



  LIABILITIES AND STOCKHOLDERS'
   EQUITY

  Interest-bearing deposits
    NOW accounts                       9%               1%
    Savings deposits                  18                3
    Time deposits                    -17              -13
    Deposits at foreign office       -50               -5
       Total interest-bearing
        deposits                       4               -1

  Short-term borrowings              -32                3
  Long-term borrowings               -13               -1

  Total interest-bearing
   liabilities                        -3               -1

  Noninterest-bearing deposits        55                3

  Other liabilities                  -21              -16

    Total liabilities                  5                -

  Stockholders' equity                16                2

    Total liabilities and
     stockholders' equity              6%               -  %


  Net interest spread
  Contribution of interest-free
   funds
  Net interest margin






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

                                        Three months ended
                                        ------------------
                                                  December September
                                        March 31,     31,      30,
                                             2010       2009     2009
                                             ----       ----     ----
  Income statement data
  ---------------------
  In thousands, except per share
  Net income
  Net income                             $150,955    136,818  127,664
  Amortization of core deposit and
   other
    intangible assets (1)                   9,998     10,152   10,270
  Merger-related gain (1)                       -          -  (17,684)
  Merger-related expenses (1)                   -      3,806    8,511
                                              ---      -----    -----
    Net operating income                 $160,953    150,776  128,761
                                         ========    =======  =======
  Earnings per common share
  Diluted earnings per common share         $1.15       1.04      .97
  Amortization of core deposit and
   other
    intangible assets (1)                     .08        .09      .09
  Merger-related gain (1)                       -          -     (.15)
  Merger-related expenses (1)                   -        .03      .07
                                              ---        ---      ---
    Diluted net operating earnings per
     common share                           $1.23       1.16      .98
                                            =====       ====      ===
  Other expense
  Other expense                          $489,362    478,451  500,056
  Amortization of core deposit and
   other
    intangible assets                     (16,475)   (16,730) (16,924)
  Merger-related expenses                       -     (6,264) (14,010)
                                              ---     ------  -------
    Noninterest operating expense        $472,887    455,457  469,122
                                         ========    =======  =======
  Merger-related expenses
  Salaries and employee benefits       $        -        381      870
  Equipment and net occupancy                   -        545    1,845
  Printing, postage and supplies                -        233      629
  Other costs of operations                     -      5,105   10,666
                                              ---      -----   ------
    Total                              $        -      6,264   14,010
                                              ===      =====   ======


  Balance sheet data
  ------------------
  In millions
  Average assets
  Average assets                          $68,883     68,919   69,154
  Goodwill                                 (3,525)    (3,525)  (3,525)
  Core deposit and other intangible
   assets                                    (176)      (191)    (208)
  Deferred taxes                               34         37       41
                                              ---        ---      ---
    Average tangible assets               $65,216     65,240   65,462
                                          =======     ======   ======
  Average common equity
  Average total equity                     $7,868      7,686    7,521
  Preferred stock                            (732)      (729)    (727)
                                             ----       ----     ----
    Average common equity                   7,136      6,957    6,794
  Goodwill                                 (3,525)    (3,525)  (3,525)
  Core deposit and other intangible
   assets                                    (176)      (191)    (208)
  Deferred taxes                               34         37       41
                                              ---        ---      ---
    Average tangible common equity         $3,469      3,278    3,102
                                           ======      =====    =====

  At end of quarter
  Total assets
  Total assets                            $68,439     68,880   68,997
  Goodwill                                 (3,525)    (3,525)  (3,525)
  Core deposit and other intangible
   assets                                    (167)      (182)    (199)
  Deferred taxes                               31         35       39
                                              ---        ---      ---
    Total tangible assets                 $64,778     65,208   65,312
                                          =======     ======   ======
  Total common equity
  Total equity                             $7,916      7,753    7,612
  Preferred stock                            (733)      (730)    (728)
  Undeclared dividends -preferred
   stock                                       (6)        (6)      (5)
                                              ---        ---      ---
    Common equity, net of undeclared
      preferred dividends                   7,177      7,017    6,879
  Goodwill                                 (3,525)    (3,525)  (3,525)
  Core deposit and other intangible
   assets                                    (167)      (182)    (199)
  Deferred taxes                               31         35       39
                                              ---        ---      ---
    Total tangible common equity           $3,516      3,345    3,194





                                         Three months ended
                                         ------------------
                                         June 30,       March 31,
                                              2009           2009
                                              ----           ----
  Income statement data
  ---------------------
  In thousands, except per share
  Net income
  Net income                                51,188         64,221
  Amortization of core deposit and
   other
    intangible assets (1)                    9,247          9,337
  Merger-related gain (1)                        -              -
  Merger-related expenses (1)               40,370          1,476
                                            ------          -----
    Net operating income                   100,805         75,034
                                           =======         ======
  Earnings per common share
  Diluted earnings per common share            .36            .49
  Amortization of core deposit and
   other
    intangible assets (1)                      .08            .09
  Merger-related gain (1)                        -              -
  Merger-related expenses (1)                  .35            .01
                                               ---            ---
    Diluted net operating earnings per
     common share                              .79            .59
                                               ===            ===
  Other expense
  Other expense                            563,710        438,346
  Amortization of core deposit and
   other
    intangible assets                      (15,231)       (15,370)
  Merger-related expenses                  (66,457)        (2,426)
                                           -------         ------
    Noninterest operating expense          482,022        420,550
                                           =======        =======
  Merger-related expenses
  Salaries and employee benefits             8,768             11
  Equipment and net occupancy                  581              4
  Printing, postage and supplies             2,514            301
  Other costs of operations                 54,594          2,110
                                            ------          -----
    Total                                   66,457          2,426
                                            ======          =====


  Balance sheet data
  ------------------
  In millions
  Average assets
  Average assets                            66,984         64,766
  Goodwill                                  (3,326)        (3,192)
  Core deposit and other intangible
   assets                                     (188)          (176)
  Deferred taxes                                30             22
                                               ---            ---
    Average tangible assets                 63,500         61,420
                                            ======         ======
  Average common equity
  Average total equity                       7,127          6,780
  Preferred stock                             (636)          (568)
                                              ----           ----
    Average common equity                    6,491          6,212
  Goodwill                                  (3,326)        (3,192)
  Core deposit and other intangible
   assets                                     (188)          (176)
  Deferred taxes                                30             22
                                               ---            ---
    Average tangible common equity           3,007          2,866
                                             =====          =====

  At end of quarter
  Total assets
  Total assets                              69,913         64,883
  Goodwill                                  (3,525)        (3,192)
  Core deposit and other intangible
   assets                                     (216)          (168)
  Deferred taxes                                43             21
                                               ---            ---
    Total tangible assets                   66,215         61,544
                                            ======         ======
  Total common equity
  Total equity                               7,400          6,902
  Preferred stock                             (725)          (568)
  Undeclared dividends -preferred
   stock                                        (6)            (5)
                                               ---            ---
    Common equity, net of undeclared
      preferred dividends                    6,669          6,329
  Goodwill                                  (3,525)        (3,192)
  Core deposit and other intangible
   assets                                     (216)          (168)
  Deferred taxes                                43             21
                                               ---            ---
    Total tangible common equity             2,971          2,990




  (1) After any related tax effect.

 

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(716) 842-5385

Investor Contact:

Donald J. MacLeod

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