M&T Bank Corporation Announces Third Quarter Profits

             M&T Bank Corporation Announces Third Quarter Profits

PR Newswire

BUFFALO, N.Y., Oct. 17, 2013

BUFFALO, N.Y., Oct. 17, 2013 /PRNewswire/ --M&T Bank Corporation ("M&T")
(NYSE: MTB) today reported its results of operations for the quarter ended
September 30, 2013.

GAAP Results of Operations. Diluted earnings per common share measured in
accordance with generally accepted accounting principles ("GAAP") for the
third quarter of 2013 were $2.11, compared with $2.17 in the year-earlier
quarter and $2.55 in the second quarter of 2013. GAAP-basis net income in the
recently completed quarter aggregated $294 million, compared with $293 million
and $348 million in the third quarter of 2012 and the second quarter of 2013,
respectively. GAAP-basis net income for the third quarter of 2013 expressed
as an annualized rate of return on average assets and average common
shareholders' equity was 1.39% and 11.06%, respectively, compared with 1.45%
and 12.40%, respectively, in the year-earlier quarter and 1.68% and 13.78%,
respectively, in 2013's second quarter.

Reflected in the recent quarter's results were after-tax gains of $34 million
from loan securitization transactions, or $.26 per diluted common share, while
the results for the immediately preceding quarter included net after-tax gains
from similar securitization transactions and from sales of investment
securities totaling $38 million, or $.29 per diluted common share. As
compared with the third quarter of 2012 and the second quarter of 2013,
declines in mortgage banking revenues and higheroperating expenses
significantly affected the recent quarter's results.

Commenting on M&T's financial performance in the third quarter of 2013, Rene
F. Jones, Executive Vice President and Chief Financial Officer, noted,
"Profits clearly softened during the quarter relative to our strong second
quarter performance. The higher interest rate environment resulted in a
significant reduction in mortgage banking revenues, while operating expenses
for the quarter were up as a result of investments we are making in several
key areas, including risk management, capital planning and stress testing,
regulatory compliance, and our technology and operatinginfrastructure. The
recent quarter was also marked by continued strengthening of our core capital
position, as reflected in the 52 basis point jump in our Tier 1 common ratio
from June 30 to September 30, to 9.07%."

Supplemental Reporting of Non-GAAP Results of Operations. M&T consistently
provides supplemental reporting of its results on a "net operating" or
"tangible" basis, from which M&T excludes the after-tax effect of amortization
of core deposit and other intangible assets (and the related goodwill, core
deposit intangible and other intangible asset balances, net of applicable
deferred tax amounts) and gains and expenses associated with merging acquired
operations into M&T, since such amounts are considered by management to be
"nonoperating" in nature. Although "net operating income" as defined by M&T
is not a GAAP measure, M&T's management believes that this information helps
investors understand the effect of acquisition activity in reported results.
Reconciliations of GAAP to non-GAAP measures are provided in the financial
tables included herein.

Diluted net operating earnings per common share, which exclude the impact of
amortization of core deposit and other intangible assets and merger-related
gains and expenses, were $2.16 in the recent quarter, compared with $2.24 and
$2.65 in the third quarter of 2012 and the second quarter of 2013,
respectively. Net operating income during the third quarter of 2013 was $301
million, compared with $302 million in the year-earlier quarter and $361
million in 2013's second quarter. Expressed as an annualized rate of return
on average tangible assets and average tangible common shareholders' equity,
net operating income was 1.48% and 17.64%, respectively, in the recent
quarter, compared with 1.56% and 21.53%, respectively, in the third quarter of
2012 and 1.81% and 22.72%, respectively, in the second quarter of 2013.

Taxable-equivalent Net Interest Income. Taxable-equivalent net interest
income totaled $679 million in the third quarter of 2013, compared with $684
million in the immediately precedingquarter. That decline was due largely to
a 10 basis point narrowing of the net interest margin, partially offset by a
$706 million increase in average earning assets. The narrowing of the net
interest margin from 3.71% in the second quarter of 2013 to 3.61% in the
recent quarter was largely the result of lower levels of prepayment fees and
interest on nonaccrual loans. Average earning assets rose in the recent
quarter as compared with the second quarter of 2013 largely due to purchases
of Ginnie Mae mortgage-backed securities. The $1.7 billion increase in
average investment securities also reflected the recent quarter's
securitization of approximately $1.0 billion of residential real estate loans
guaranteed by the FHA that were previously held in the loan portfolio. Late
in 2013's third quarter, M&T securitized and sold approximately $1.4 billion
of automobile loans held in its loan portfolio. M&T securitized the loans as
a result of changing regulatory liquidity andcapital requirements.
Taxable-equivalent net interest incomein the recent quarter rose $10 million
from $669 million in the third quarter of 2012. That improvement resulted
from a $4.0 billion increase in average earning assets, offset in part by a 16
basis point narrowing of the net interest margin that reflects the impact in
the recent quarter of significantly higher balances of lower yielding
interest-bearing deposits at the Federal Reserve Bank of New York.

Provision for Credit Losses/Asset Quality. The provision for credit losses
was $48 million in the recent quarter, compared with $46 million in the third
quarter of 2012 and $57 million in 2013's second quarter. The provision was
equal to net charge-offs in the second and third quarters of 2013, and
exceeded net charge-offs by $4 million in the third quarter of 2012.
Expressed as an annualized percentage of average loans outstanding, net
charge-offs were .29% and .26% in the third quarter of 2013 and 2012,
respectively, and .35% in the second quarter of 2013.

Loans classified as nonaccrual declined to $916 million, or 1.44% of total
loans outstanding at September 30, 2013, improved from $925 million or 1.44%
at September 30, 2012 and $965 million or 1.46% at June 30, 2013. Assets
taken in foreclosure of defaulted loans totaled $89 million at September 30,
2013, compared with $112 million and $82 million at September 30, 2012 and
June 30, 2013, respectively.

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. As a result of those analyses, the allowance
aggregated $916 million at September 30, 2013, compared with $921 million at
September 30, 2012 and $927 million at June 30, 2013. During the recent
quarter, the allowance was reduced by $11 million as a result of the
securitization and sale of $1.4 billion of automobile loans held in M&T's loan
portfolio. The allowance expressed as apercentage of outstanding loans was
1.44% at each of September 30, 2013 and 2012, compared with 1.41% at June 30,
2013.

Noninterest Income and Expense. Noninterest income totaled $477 million in
the recent quarter, compared with $446 million and $509 million in the third
quarter of 2012 and the second quarter of 2013, respectively. Reflected in
those amounts were gains from loan securitization activities of $56 million in
the recent quarter and $7 million in the second quarter of 2013. Also
reflected in noninterest income were net pre-tax gains from investment
securities of $56 million in the second quarter of 2013, compared with net
pre-tax losses of $5 million in the third quarter of 2012.

Excluding gains from loan securitization activities and gains and losses from
investment securities in all periods, noninterest income in the third quarter
of 2013 aggregated $421 million, compared with $451 million in the
year-earlier quarter and $446 million in 2013's second quarter. The
predominant contributors to the decline in such income in the recent quarter
as compared with the third quarter of 2012 and the second quarter of 2013 were
decreases in residential and commercial mortgage banking revenues. Those
decreases resulted largely from lower origination activities, in addition to a
narrowing of gain on sale margins related to residential mortgage banking
activities. As compared with the third quarter of 2012, partially offsetting
the lower mortgage banking revenues in the recent quarter was higher trust
income, due largely to wealth advisory services.

Noninterest expense in the third quarter of 2013 totaled $659 million,
compared with $616 million in the year-earlier quarter and $599 million in the
second quarter of 2013. Included in such amounts are expenses considered to
be nonoperating in natureconsisting of amortization of core deposit and other
intangible assets and merger-related expenses. Exclusive of those expenses,
noninterest operating expenses were $648 million in the recent quarter,
compared with $602 million in the third quarter of 2012 and $578 million in
2013's second quarter. The rise in noninterest operating expenses in the
recent quarter was largely attributable to higher costs for salaries and
professional services. The higher salaries expenses reflect costs incurred
during the quarter to increase M&T's loan servicing capacity to accommodate a
subservicing arrangement whereby M&T added approximately $35 billion of
residential real estate loans to its subservicing portfolio. Also
contributing to the increased salaries and to the higher professional services
expenses in the recent quarter were costs related to risk management, capital
planning and stress testing, BSA/AML compliance, and operational and
technology initiatives. Reducing expenses in the second quarter of 2013 was
the reversal of a $26 million accrual for a contingent compensation obligation
assumed in the May 2011 acquisition of Wilmington Trust that expired.

The efficiency ratio, or noninterest operating expenses divided by the sum of
taxable-equivalent net interest income and noninterest income (exclusive of
gains and losses from bank investment securities and merger-related gains),
measures the relationship of operating expenses to revenues. M&T's efficiency
ratio was 56.0% in the recent quarter, compared with 53.7% and 50.9% in the
year-earlier quarter and the second quarter of 2013, respectively.

Balance Sheet. M&T had total assets of $84.4 billion at September 30, 2013,
compared with $81.1 billion at September 30, 2012. Loans and leases, net of
unearned discount, totaled $63.7 billion at September 30, 2013, compared with
$64.1 billion a yearearlier. Total deposits aggregated $66.6 billion at the
recent quarter-end, up 4% from $64.0 billion at September 30, 2012.

Total shareholders' equity rose 11% to $11.0 billion at September 30, 2013
from $9.9 billion a year earlier, representing 13.05% and 12.27%,
respectively, of total assets. Common shareholders' equity was $10.1 billion,
or $77.81 per share, at September 30, 2013, compared with $9.1 billion, or
$71.17 per share, at September 30, 2012. Tangible equity per common share
rose 18% to $50.32 at September 30, 2013 from $42.80 at September 30, 2012.
Common shareholders' equity per share and tangible equity per common share
were $75.98 and $48.26, respectively, at June 30, 2013. In the calculation of
tangible equity per common share, common shareholders' equity is reduced by
the carrying values of goodwill and core deposit and other intangible assets,
net of applicable deferred tax balances. M&T's tangible common equity to
tangible assets ratio was 8.11% at September 30, 2013, compared with 7.04% and
7.85% at September 30, 2012 and June 30, 2013, respectively. M&T's estimated
Tier 1 common ratio, a regulatory capital measure, rose to 9.07% at September
30, 2013, up from 7.46% and 8.55% at September 30, 2012 and June 30, 2013,
respectively. M&T estimates that the ratio of Common Equity Tier 1 to
risk-weighted assets under the new capital rules approved in July 2013 on a
fully phased-in basis was approximately 8.75% as of September 30, 2013.

Conference Call. Investors will have an opportunity to listen to M&T's
conference call to discuss third quarter financial results today at 11:00 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 #76901603. The conference call will be
webcastlive through M&T's website at http://ir.mandtbank.com/events.cfm. A
replay of the call will be available until October 20, 2013 by calling
(800)585-8367, or (404)537-3406 for international participants, and by making
reference to ID #76901603. The event will also be archived and available by
7:00 p.m. today on M&T's website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T's
principal banking subsidiary, M&T Bank, operates banking offices in New York,
Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of
Columbia. Trust-related services are provided by M&T's Wilmington
Trust-affiliated companies and by M&T Bank.

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; the impact of
changes in market values on trust-related revenues;legislation affecting the
financial services industry as a whole, and M&T and its subsidiaries
individually or collectively, including tax legislation; regulatory
supervision and oversight, including monetary policy and capital requirements;
changes in accounting policies or procedures as may be required by the
Financial Accounting Standards Board or other regulatory agencies; increasing
price and product/service competition by competitors, including new entrants;
rapid technological developments and changes; the ability to continue to
introduce competitive new products and services on a timely, cost-effective
basis; the mix of products/services; containing costs and expenses;
governmental and public policy changes; protection and validity of
intellectual property rights; reliance on large customers; technological,
implementation and cost/financial risks in large, multi-year contracts; the
outcome of pending and future litigation and governmental proceedings,
including tax-related examinations and other matters; continued availability
of financing; financial resources in the amounts, at the times and on the
terms required to support M&T and its subsidiaries' future businesses; and
material differences in the actual financial results of merger, acquisition
and investment activities compared with M&T's initial expectations, including
the full realization of anticipated cost savings and revenue enhancements.

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                  Nine months ended
Amounts in           September 30                        September 30
thousands,
except per share    2013        2012        Change      2013        2012        Change
Performance
Net income        $ 294,479     293,462     -      %  $ 917,058     733,305     25     %
Net income
available to         275,356     273,896     1      %    859,000     676,842     27     %
common
shareholders
Per common share:
 Basic earnings  $ 2.13        2.18        -2     %  $ 6.69        5.39        24     %
 Diluted            2.11        2.17        -3     %    6.64        5.37        24     %
earnings
 Cash dividends  $ .70         .70         -         $ 2.10        2.10        -
Common shares
outstanding:
 Average -          130,265     126,292     3      %    129,312     125,936     3      %
diluted (1)
 Period end (2)    130,241     127,461     2      %    130,241     127,461     2      %
Return on
(annualized):
 Average total      1.39      % 1.45      %             1.48      % 1.23      %
assets
 Average common
shareholders'        11.06     % 12.40     %             11.98     % 10.55     %
equity
Taxable-equivalent
net interest       $ 679,213     669,256     1      %  $ 2,025,517   1,950,978   4      %
income
Yield on average     3.98      % 4.23      %             4.07      % 4.24      %
earning assets
Cost of
interest-bearing     .58       % .71       %             .61       % .76       %
liabilities
Net interest         3.40      % 3.52      %             3.46      % 3.48      %
spread
Contribution of
interest-free        .21       % .25       %             .22       % .25       %
funds
Net interest         3.61      % 3.77      %             3.68      % 3.73      %
margin
Net charge-offs to
average total
 net loans          .29       % .26       %             .29       % .31       %
(annualized)
Net operating
results (3)
Net operating      $ 300,968     302,060     -      %  $ 946,838     767,853     23     %
income
Diluted net
operating earnings   2.16        2.24        -4     %    6.87        5.64        22     %
per common share
Return on
(annualized):
 Average tangible   1.48      % 1.56      %             1.59      % 1.35      %
assets
 Average tangible   17.64     % 21.53     %             19.66     % 19.03     %
common equity
Efficiency ratio    56.03     % 53.73     %             54.27     % 57.11     %
                     At September 30
Loan quality         2013        2012        Change
Nonaccrual loans  $ 915,871     925,231     -1     %
Real estate and
other foreclosed     89,203      112,160     -20    %
assets
 Total
nonperforming      $ 1,005,074   1,037,391   -3     %
assets
Accruing loans
past due 90 days   $ 339,792     309,420     10     %
or more (4)
Government
guaranteed loans
included in totals
 above:
 Nonaccrual       $ 68,519      54,583      26     %
loans
 Accruing loans
past due 90 days     320,732     280,410     14     %
or more
Renegotiated       $ 259,301     266,526     -3     %
loans
Acquired accruing
loans past due 90  $ 153,585     161,424     -5     %
days or more (5)
Purchased impaired
loans (6):
 Outstanding      $ 648,118     978,731     -34    %
customer balance
 Carrying amount   357,337     528,001     -32    %
Nonaccrual loans
to total net         1.44      % 1.44      %
loans
Allowance for
credit losses to     1.44      % 1.44      %
total loans
(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) Excludes acquired loans.
(5) Acquired loans that were recorded at fair value at acquisition date. This category
does not include purchased impaired loans that are presented separately.
(6) 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    June 30,     March 31,    December     September
thousands,             30,                                    31,          30,
except per share      2013         2013         2013         2012         2012
Performance
Net income          $ 294,479      348,466      274,113      296,193      293,462
Net income
available to common    275,356      328,557      255,096      276,605      273,896
shareholders
Per common share:
 Basic earnings    $ 2.13         2.56         2.00         2.18         2.18
 Diluted earnings    2.11         2.55         1.98         2.16         2.17
 Cash dividends    $ .70          .70          .70          .70          .70
Common shares
outstanding:
 Average -            130,265      129,017      128,636      127,800      126,292
diluted (1)
 Period end (2)      130,241      129,464      128,999      128,234      127,461
Return on
(annualized):
 Average total        1.39      %  1.68      %  1.36      %  1.45      %  1.45      %
assets
 Average common
shareholders'          11.06     %  13.78     %  11.10     %  12.10     %  12.40     %
equity
Taxable-equivalent
net interest         $ 679,213      683,804      662,500      673,929      669,256
income
Yield on average       3.98      %  4.10      %  4.13      %  4.17      %  4.23      %
earning assets
Cost of
interest-bearing       .58       %  .62       %  .64       %  .67       %  .71       %
liabilities
Net interest           3.40      %  3.48      %  3.49      %  3.50      %  3.52      %
spread
Contribution of
interest-free          .21       %  .23       %  .22       %  .24       %  .25       %
funds
Net interest           3.61      %  3.71      %  3.71      %  3.74      %  3.77      %
margin
Net charge-offs to
average total
 net loans            .29       %  .35       %  .23       %  .27       %  .26       %
(annualized)
Net operating
results (3)
Net operating        $ 300,968      360,734      285,136      304,657      302,060
income
Diluted net
operating earnings     2.16         2.65         2.06         2.23         2.24
per common share
Return on
(annualized):
 Average tangible     1.48      %  1.81      %  1.48      %  1.56      %  1.56      %
assets
 Average tangible     17.64     %  22.72     %  18.71     %  20.46     %  21.53     %
common equity
Efficiency ratio      56.03     %  50.92     %  55.88     %  53.63     %  53.73     %
                       September    June 30,     March 31,    December     September
                       30,                                    31,          30,
Loan quality           2013         2013         2013         2012         2012
Nonaccrual loans    $ 915,871      964,906      1,052,794    1,013,176    925,231
Real estate and
other foreclosed       89,203       82,088       95,680       104,279      112,160
assets
 Total
nonperforming        $ 1,005,074    1,046,994    1,148,474    1,117,455    1,037,391
assets
Accruing loans
past due 90 days     $ 339,792      340,467      331,283      358,397      309,420
or more (4)
Government
guaranteed loans
included in totals
 above:
 Nonaccrual         $ 68,519       69,508       63,385       57,420       54,583
loans
 Accruing loans
past due 90 days       320,732      315,281      311,579      316,403      280,410
or more
Renegotiated         $ 259,301      263,351      272,285      271,971      266,526
loans
Acquired accruing
loans past due 90    $ 153,585      155,686      157,068      166,554      161,424
days or more (5)
Purchased impaired
loans (6):
 Outstanding        $ 648,118      725,196      790,048      828,571      978,731
customer balance
 Carrying amount     357,337      394,697      425,232      447,114      528,001
Nonaccrual loans
to total net           1.44      %  1.46      %  1.60      %  1.52      %  1.44      %
loans
Allowance for
credit losses to       1.44      %  1.41      %  1.41      %  1.39      %  1.44      %
total loans
(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) Excludes acquired loans.
(5) Acquired loans that were recorded at fair value at acquisition date. This
category does not include purchased impaired loans that are presented separately.
(6) Accruing loans that were impaired at acquisition date and recorded at fair value.



M&T BANK CORPORATION
Condensed Consolidated Statement of Income
                       Three months                  Nine months ended
                       ended
                       September 30                  September 30
Dollars in thousands   2013     2012     Change      2013       2012       Change
Interest income     $ 742,686  744,851  -      %  $ 2,222,868  2,196,332  1      %
Interest expense      69,578   82,129   -15         216,123    265,238    -19
Net interest income   673,108  662,722  2           2,006,745  1,931,094  4
Provision for credit   48,000   46,000   4           143,000    155,000    -8
losses
Net interest income
after
 provision for       625,108  616,722  1           1,863,745  1,776,094  5
credit losses
Other income
 Mortgage          64,731   106,812  -39         249,096    232,518    7
banking revenues
 Service charges   113,839  114,463  -1          336,505    334,334    1
on deposit accounts
 Trust income    123,801  115,709  7           370,132    354,937    4
 Brokerage         16,871   14,114   20          49,840     44,187     13
services income
 Trading account
and foreign exchange   8,987    8,469    6           27,138     25,278     7
gains
 Gain on bank
investment             -        372      -           56,457     9          -
securities

Other-than-temporary
impairment losses
 recognized     -        (5,672)  -           (9,800)    (33,331)   -
in earnings
 Equity in
earnings of Bayview    (3,881)  (5,183)  -           (9,990)    (16,570)   -
Lending Group LLC
 Other revenues    153,040  96,649   58          349,581    272,744    28
from operations
 Total        477,388  445,733  7           1,418,959  1,214,106  17
other income
Other expense
 Salaries and      339,332  321,746  5           1,019,019  991,530    3
employee benefits
 Equipment and     66,220   64,248   3           195,657    194,667    1
net occupancy
 Printing,
postage and            9,752    8,272    18          30,749     31,512     -2
supplies
 Amortization of
core deposit and
other
 intangible     10,628   14,085   -25         36,473     46,766     -22
assets
 FDIC              14,877   23,801   -37         52,010     77,712     -33
assessments
 Other costs of    217,817  183,875  18          558,905    540,927    3
operations
 Total        658,626  616,027  7           1,892,813  1,883,114  1
other expense
Income before income   443,870  446,428  -1          1,389,891  1,107,086  26
taxes
Applicable income      149,391  152,966  -2          472,833    373,781    27
taxes
Net income          $ 294,479  293,462  -      %  $ 917,058    733,305    25     %



M&T BANK CORPORATION
Condensed Consolidated Statement of Income, Five Quarter Trend
                          Three months ended
                          September  June 30,  March 31,  December   September
                          30,                             31,        30,
Dollars in thousands      2013       2013      2013       2012       2012
Interest income        $ 742,686    750,207   729,975    745,353    744,851
Interest expense         69,578     72,620    73,925     77,931     82,129
Net interest income      673,108    677,587   656,050    667,422    662,722
Provision for credit      48,000     57,000    38,000     49,000     46,000
losses
Net interest income
after
 provision for credit   625,108    620,587   618,050    618,422    616,722
losses
Other income
 Mortgage banking     64,731     91,262    93,103     116,546    106,812
revenues
 Service charges on   113,839    111,717   110,949    112,364    114,463
deposit accounts
 Trust income       123,801    124,728   121,603    116,915    115,709
 Brokerage services   16,871     17,258    15,711     14,872     14,114
income
 Trading account
and foreign exchange      8,987      9,224     8,927      10,356     8,469
gains
 Gain on bank         -          56,457    -          -          372
investment securities

Other-than-temporary
impairment losses
 recognized in     -          -         (9,800)    (14,491)   (5,672)
earnings
 Equity in earnings
of Bayview Lending        (3,881)    (2,453)   (3,656)    (4,941)    (5,183)
Group LLC
 Other revenues       153,040    100,496   96,045     101,543    96,649
from operations
 Total other     477,388    508,689   432,882    453,164    445,733
income
Other expense
 Salaries and         339,332    323,136   356,551    323,010    321,746
employee benefits
 Equipment and net    66,220     64,278    65,159     62,884     64,248
occupancy
 Printing, postage    9,752      10,298    10,699     10,417     8,272
and supplies
 Amortization of
core deposit and other
 intangible        10,628     12,502    13,343     13,865     14,085
assets
 FDIC assessments    14,877     17,695    19,438     23,398     23,801
 Other costs of       217,817    170,682   170,406    192,572    183,875
operations
 Total other     658,626    598,591   635,596    626,146    616,027
expense
Income before income      443,870    530,685   415,336    445,440    446,428
taxes
Applicable income         149,391    182,219   141,223    149,247    152,966
taxes
Net income             $ 294,479    348,466   274,113    296,193    293,462



M&T BANK CORPORATION
Condensed Consolidated Balance Sheet
                                     September 30
Dollars in thousands                 2013            2012            Change
ASSETS
Cash and due from banks         $   1,941,944       1,622,928       20      %
Interest-bearing deposits at         1,925,811       411,994         367
banks
Federal funds sold and
agreements
 to resell securities              117,809         -               -
Trading account assets              371,370         526,844         -30
Investment securities               8,309,773       6,624,004       25
Loans and leases:
 Commercial, financial,            17,911,149      16,704,575      7
etc
 Real estate - commercial         26,345,267      24,970,416      6
 Real estate - consumer            9,228,003       10,808,220      -15
 Consumer                         10,174,623      11,628,744      -13
 Total loans and leases,         63,659,042      64,111,955      -1
net of unearned discount
 Less: allowance for          916,370         921,223         -1
credit losses
 Net loans and leases              62,742,672      63,190,732      -1
Goodwill                            3,524,625       3,524,625       -
Core deposit and other               79,290          129,628         -39
intangible assets
                                     .
Other assets                        5,414,191       5,054,478       7
 Total assets                  $   84,427,485      81,085,233      4       %
LIABILITIES AND SHAREHOLDERS'
EQUITY
Noninterest-bearing deposits    $   24,150,771      22,968,401      5       %
Interest-bearing deposits           42,084,860      39,636,104      6
Deposits at Cayman Islands           316,510         1,402,753       -77
office
 Total deposits                    66,552,141      64,007,258      4
Short-term borrowings               246,019         592,154         -58
Accrued interest and other           1,491,797       1,570,758       -5
liabilities
Long-term borrowings                5,121,326       4,969,536       3
 Total liabilities                 73,411,283      71,139,706      3
Shareholders' equity:
 Preferred                        879,010         870,416         1
 Common (1)                       10,137,192      9,075,111       12
 Total shareholders'             11,016,202      9,945,527       11
equity
 Total liabilities and          $   84,427,485      81,085,233      4       %
shareholders' equity
(1) Reflects accumulated other comprehensive loss, net of applicable income
tax effect, of $198.1 million
 at September 30, 2013 and $230.1 million at September 30, 2012.



M&T BANK CORPORATION
Condensed Consolidated Balance Sheet, Five Quarter Trend
                       September    June 30,     March 31,    December     September
                       30,                                    31,          30,
Dollars in             2013         2013         2013         2012         2012
thousands
ASSETS
Cash and due from    $ 1,941,944    1,350,015    1,231,091    1,983,615    1,622,928
banks
Interest-bearing       1,925,811    2,555,354    1,304,770    129,945      411,994
deposits at banks
Federal funds sold
and agreements
 to resell            117,809      124,487      594,976      3,000        -
securities
Trading account        371,370      378,235      420,144      488,966      526,844
assets
Investment             8,309,773    5,210,526    5,660,831    6,074,361    6,624,004
securities
Loans and leases:
 Commercial,         17,911,149   18,021,812   17,469,138   17,776,953   16,704,575
financial, etc
 Real estate -       26,345,267   26,116,394   25,944,819   25,993,790   24,970,416
commercial
 Real estate -       9,228,003    10,399,749   11,094,577   11,240,837   10,808,220
consumer
 Consumer           10,174,623   11,433,911   11,415,733   11,559,377   11,628,744
 Total loans
and leases, net of     63,659,042   65,971,866   65,924,267   66,570,957   64,111,955
unearned discount
 Less:
allowance for          916,370      927,065      927,117      925,860      921,223
credit losses
 Net loans and        62,742,672   65,044,801   64,997,150   65,645,097   63,190,732
leases
Goodwill              3,524,625    3,524,625    3,524,625    3,524,625    3,524,625
Core deposit and
other intangible       79,290       89,918       102,420      115,763      129,628
assets
Other assets          5,414,191    4,951,044    4,975,950    5,043,431    5,054,478
 Total assets      $ 84,427,485   83,229,005   82,811,957   83,008,803   81,085,233
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Noninterest-bearing  $ 24,150,771   24,074,815   23,603,971   24,240,802   22,968,401
deposits
Interest-bearing       42,084,860   41,302,212   41,219,679   40,325,932   39,636,104
deposits
Deposits at Cayman     316,510      284,443      266,076      1,044,519    1,402,753
Islands office
 Total deposits      66,552,141   65,661,470   65,089,726   65,611,253   64,007,258
Short-term             246,019      307,740      374,593      1,074,482    592,154
borrowings
Accrued interest
and other              1,491,797    1,421,067    1,530,118    1,512,717    1,570,758
liabilities
Long-term              5,121,326    5,122,398    5,394,563    4,607,758    4,969,536
borrowings
 Total                73,411,283   72,512,675   72,389,000   72,806,210   71,139,706
liabilities
Shareholders'
equity:
 Preferred          879,010      876,796      874,627      872,500      870,416
 Common (1)        10,137,192   9,839,534    9,548,330    9,330,093    9,075,111
 Total
shareholders'          11,016,202   10,716,330   10,422,957   10,202,593   9,945,527
equity
 Total liabilities
and shareholders'    $ 84,427,485   83,229,005   82,811,957   83,008,803   81,085,233
equity
(1) Reflects accumulated other comprehensive loss, net of applicable income tax
effect, of $198.1 million at September 30, 2013, $227.8 million
 at June 30, 2013, $226.0 million at March 31, 2013, $240.3 million at
December 31, 2012 and $230.1 million at September 30, 2012.



M&T BANK CORPORATION
Condensed Consolidated Average Balance Sheet
and Annualized Taxable-equivalent Rates
                       Three months ended                              Change in           Nine months ended
                                                                       balance
                       September 30,   September 30,   June 30,        September 30,       September 30
                                                                       2013 from
Dollars in millions    2013            2012            2013            September  June     2013            2012             Change
                                                                       30,        30,                                       in
                       Balance  Rate   Balance  Rate   Balance  Rate   2012       2013     Balance  Rate   Balance  Rate   balance
ASSETS
Interest-bearing     $ 2,646    .25  % 298      .18  % 2,403    .24  % 786   %    10  %  $ 1,866    .24  % 614       .24  % 204     %
deposits at banks
Federal funds sold
and agreements
 to resell            117      .08    4        .55    199      .09    -          -41      133      .09    4         .55    -
securities
Trading account        67       1.27   94       1.13   86       1.43   -29        -23      76       2.10   96        1.45   -20
assets
Investment             6,979    3.31   6,811    3.39   5,293    3.34   2          32       6,030    3.33   7,195     3.47   -16
securities
Loans and leases,
net of unearned
discount
 Commercial,          17,798   3.50   16,504   3.73   17,713   3.61   8          -        17,615   3.59   16,115    3.72   9
financial, etc.
 Real estate -        26,129   4.51   24,995   4.61   26,051   4.72   5          -        26,033   4.55   24,764    4.56   5
commercial
 Real estate -        9,636    4.17   10,296   4.29   10,806   4.05   -6         -11      10,522   4.10   9,270     4.43   14
consumer
 Consumer            11,295   4.57   11,660   4.76   11,409   4.58   -3         -1       11,389   4.61   11,778    4.79   -3
 Total loans       64,858   4.21   63,455   4.34   65,979   4.32   2          -2       65,559   4.26   61,927    4.37   6
and leases, net
 Total earning        74,667   3.98   70,662   4.23   73,960   4.10   6          1        73,664   4.07   69,836    4.24   5
assets
Goodwill              3,525           3,525           3,525           -          -        3,525           3,525            -
Core deposit and
other intangible       84              136             95              -38        -12      96              152              -37
assets
Other assets          5,735           6,109           5,772           -6         -1       5,815           6,005            -3
 Total assets       $ 84,011          80,432          83,352          4     %    1   %  $ 83,100          79,518           5       %
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Interest-bearing
deposits
 NOW accounts      $ 924      .14    875      .15    941      .14    6     %    -2  %  $ 919      .14    848       .16    8       %
 Savings deposits    36,990   .15    33,298   .20    36,459   .15    11         1        36,287   .15    32,999    .21    10
 Time deposits       3,928    .62    5,164    .84    4,210    .71    -24        -7       4,190    .70    5,555     .88    -25
 Deposits at
Cayman Islands         392      .22    702      .19    326      .25    -44        20       524      .20    552       .19    -5
office
 Total
interest-bearing       42,234   .19    40,039   .28    41,936   .21    5          1        41,920   .21    39,954    .30    5
deposits
Short-term             299      .08    976      .15    343      .11    -69        -13      425      .12    893       .15    -52
borrowings
Long-term              5,010    3.89   5,006    4.27   5,051    4.03   -          -1       4,918    4.09   5,869     3.96   -16
borrowings
Total
interest-bearing       47,543   .58    46,021   .71    47,330   .62    3          -        47,263   .61    46,716    .76    1
liabilities
Noninterest-bearing    23,998          22,704          23,744          6          1        23,570          21,240           11
deposits
Other liabilities     1,589           1,918           1,715           -17        -7       1,676           1,994            -16
 Total                73,130          70,643          72,789          4          -        72,509          69,950           4
liabilities
Shareholders'          10,881          9,789           10,563          11         3        10,591          9,568            11
equity
 Total liabilities
and shareholders'    $ 84,011          80,432          83,352          4     %    1   %  $ 83,100          79,518           5       %
equity
Net interest                    3.40            3.52            3.48                                3.46             3.48
spread
Contribution of
interest-free                   .21             .25             .23                                 .22              .25
funds
Net interest                    3.61 %          3.77 %          3.71 %                              3.68 %           3.73 %
margin



M&T BANK CORPORATION
Reconciliation of Quarterly GAAP to Non-GAAP Measures
                             Three months ended        Nine months ended
                             September 30              September 30
                             2013        2012          2013        2012
Income statement data
In thousands, except per
share
Net income
Net income                $ 294,479     293,462     $ 917,058     733,305
Amortization of core
deposit and other
 intangible assets (1)     6,489       8,598         22,269      28,547
Merger-related expenses      -           -             7,511       6,001
(1)
 Net operating income    $ 300,968     302,060     $ 946,838     767,853
Earnings per common share
Diluted earnings per       $ 2.11        2.17        $ 6.64        5.37
common share
Amortization of core
deposit and other
 intangible assets (1)     .05         .07           .17         .22
Merger-related expenses      -           -             .06         .05
(1)
 Diluted net operating    $ 2.16        2.24        $ 6.87        5.64
earnings per common share
Other expense
Other expense             $ 658,626     616,027     $ 1,892,813   1,883,114
Amortization of core
deposit and other
 intangible assets         (10,628)    (14,085)      (36,473)    (46,766)
Merger-related expenses     -           -             (12,364)    (9,879)
 Noninterest operating    $ 647,998     601,942     $ 1,843,976   1,826,469
expense
Merger-related expenses
Salaries and employee      $ -           -           $ 836         4,997
benefits
Equipment and net            -           -             690         15
occupancy
Printing, postage and        -           -             1,825       -
supplies
Other costs of operations   -           -             9,013       4,867
 Total                   $ -           -           $ 12,364      9,879
Efficiency ratio
Noninterest operating      $ 647,998     601,942     $ 1,843,976   1,826,469
expense (numerator)
Taxable-equivalent net       679,213     669,256       2,025,517   1,950,978
interest income
Other income                477,388     445,733       1,418,959   1,214,106
Less: Gain on bank          -           372           56,457      9
investment securities
 Net OTTI losses   -           (5,672)       (9,800)     (33,331)
recognized in earnings
Denominator               $ 1,156,601   1,120,289   $ 3,397,819   3,198,406
Efficiency ratio            56.03     % 53.73     %   54.27     % 57.11     %
Balance sheet data
In millions
Average assets
Average assets            $ 84,011      80,432      $ 83,100      79,518
Goodwill                    (3,525)     (3,525)       (3,525)     (3,525)
Core deposit and other       (84)        (136)         (96)        (152)
intangible assets
Deferred taxes              25          39            28          44
 Average tangible assets $ 80,427      76,810      $ 79,507      75,885
Average common equity
Average total equity      $ 10,881      9,789       $ 10,591      9,568
Preferred stock             (878)       (870)         (876)       (868)
 Average common equity     10,003      8,919         9,715       8,700
Goodwill                    (3,525)     (3,525)       (3,525)     (3,525)
Core deposit and other       (84)        (136)         (96)        (152)
intangible assets
Deferred taxes              25          39            28          44
 Average tangible common  $ 6,419       5,297       $ 6,122       5,067
equity
At end of quarter
Total assets
Total assets              $ 84,427      81,085
Goodwill                    (3,525)     (3,525)
Core deposit and other       (79)        (129)
intangible assets
Deferred taxes              24          38
 Total tangible assets   $ 80,847      77,469
Total common equity
Total equity              $ 11,016      9,945
Preferred stock             (879)       (870)
Undeclared dividends -
cumulative preferred         (4)         (4)
stock
 Common equity, net of
undeclared cumulative
 preferred dividends     10,133      9,071
Goodwill                    (3,525)     (3,525)
Core deposit and other       (79)        (129)
intangible assets
Deferred taxes              24          38
 Total tangible common    $ 6,553       5,455
equity
(1) After any related tax effect.



M&T BANK CORPORATION
Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend
                     Three months ended
                     September   June 30,    March 31,   December    September
                     30,                                 31,         30,
                     2013        2013        2013        2012        2012
Income statement
data
In thousands,
except per share
Net income
Net income        $ 294,479     348,466     274,113     296,193     293,462
Amortization of
core deposit and
other
 intangible         6,489       7,632       8,148       8,464       8,598
assets (1)
Merger-related       -           4,636       2,875       -           -
expenses (1)
 Net operating    $ 300,968     360,734     285,136     304,657     302,060
income
Earnings per
common share
Diluted earnings   $ 2.11        2.55        1.98        2.16        2.17
per common share
Amortization of
core deposit and
other
 intangible         .05         .06         .06         .07         .07
assets (1)
Merger-related       -           .04         .02         -           -
expenses (1)
 Diluted net
operating earnings $ 2.16        2.65        2.06        2.23        2.24
per common share
Other expense
Other expense     $ 658,626     598,591     635,596     626,146     616,027
Amortization of
core deposit and
other
 intangible         (10,628)    (12,502)    (13,343)    (13,865)    (14,085)
assets
Merger-related       -           (7,632)     (4,732)     -           -
expenses
 Noninterest      $ 647,998     578,457     617,521     612,281     601,942
operating expense
Merger-related
expenses
Salaries and       $ -           300         536         -           -
employee benefits
Equipment and net    -           489         201         -           -
occupancy
Printing, postage    -           998         827         -           -
and supplies
Other costs of       -           5,845       3,168       -           -
operations
 Total           $ -           7,632       4,732       -           -
Efficiency ratio
Noninterest
operating expense  $ 647,998     578,457     617,521     612,281     601,942
(numerator)
Taxable-equivalent
net interest         679,213     683,804     662,500     673,929     669,256
income
Other income        477,388     508,689     432,882     453,164     445,733
Less: Gain on
bank investment      -           56,457      -           -           372
securities
 Net
OTTI losses          -           -           (9,800)     (14,491)    (5,672)
recognized in
earnings
Denominator       $ 1,156,601   1,136,036   1,105,182   1,141,584   1,120,289
Efficiency ratio     56.03     % 50.92     % 55.88     % 53.63     % 53.73     %
Balance sheet data
In millions
Average assets
Average assets    $ 84,011      83,352      81,913      81,366      80,432
Goodwill            (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible     (84)        (95)        (109)       (122)       (136)
assets
Deferred taxes       25          28          32          36          39
 Average tangible $ 80,427      79,760      78,311      77,755      76,810
assets
Average common
equity
Average total      $ 10,881      10,563      10,322      10,105      9,789
equity
Preferred stock     (878)       (876)       (874)       (872)       (870)
 Average common     10,003      9,687       9,448       9,233       8,919
equity
Goodwill            (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible     (84)        (95)        (109)       (122)       (136)
assets
Deferred taxes      25          28          32          36          39
 Average tangible $ 6,419       6,095       5,846       5,622       5,297
common equity
At end of quarter
Total assets
Total assets      $ 84,427      83,229      82,812      83,009      81,085
Goodwill            (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible     (79)        (90)        (102)       (116)       (129)
assets
Deferred taxes      24          27          30          34          38
 Total tangible   $ 80,847      79,641      79,215      79,402      77,469
assets
Total common
equity
Total equity      $ 11,016      10,716      10,423      10,203      9,945
Preferred stock     (879)       (877)       (875)       (873)       (870)
Undeclared
dividends -          (4)         (3)         (3)         (3)         (4)
cumulative
preferred stock
 Common equity,
net of undeclared
cumulative
 preferred        10,133      9,836       9,545       9,327       9,071
dividends
Goodwill            (3,525)     (3,525)     (3,525)     (3,525)     (3,525)
Core deposit and
other intangible     (79)        (90)        (102)       (116)       (129)
assets
Deferred taxes      24          27          30          34          38
 Total tangible   $ 6,553       6,248       5,948       5,720       5,455
common equity
(1) After any related tax effect.



SOURCE M&T Bank Corporation

Website: http://ir.mandtbank.com/events.cfm