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Shareholders' equity (Tables)
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Issued and Outstanding Preferred Stock

Issued and outstanding preferred stock of M&T as of March 31, 2018 and December 31, 2017 is presented below:

 

 

 

Shares

Issued and

Outstanding

 

 

Carrying Value

 

 

 

(Dollars in thousands)

 

Series A (a)

 

 

 

 

 

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock,

    $1,000 liquidation preference per share

 

 

230,000

 

 

$

230,000

 

Series C (a)

 

 

 

 

 

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock,

    $1,000 liquidation preference per share

 

 

151,500

 

 

$

151,500

 

Series E (b)

 

 

 

 

 

 

 

 

Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock,

    $1,000 liquidation preference per share

 

 

350,000

 

 

$

350,000

 

Series F (c)

 

 

 

 

 

 

 

 

Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock,

    $10,000 liquidation preference per share

 

 

50,000

 

 

$

500,000

 

 

(a)

Dividends, if declared, are paid at 6.375%.  Warrants to purchase M&T common stock at $73.75 per share issued in connection with the Series A preferred stock expire on December 23, 2018 and totaled 220,034 at March 31, 2018.

(b)

Dividends, if declared, are paid semi-annually at a rate of 6.45% through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 361 basis points.  The shares are redeemable in whole or in part on or after February 15, 2024.  Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence.

(c)

Dividends, if declared, are paid semi-annually at a rate of 5.125% through October 31, 2026 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 352 basis points.  The shares are redeemable in whole or in part on or after November 1, 2026.  Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence.