Shareholders’ equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Shareholders’ equity

6. Shareholders’ equity           

M&T is authorized to issue 1,000,000 shares of preferred stock with a $1.00 par value per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference, but have no general voting rights.

Issued and outstanding preferred stock of M&T as of September 30, 2019 and December 31, 2018 is presented below:

	September 30, 2019				December 31,2018
	Shares Issued and Outstanding		Carrying Value		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		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		50,000	$	500,000
Series G (d)
Fixed-Rate Reset Non-cumulative Perpetual Preferred Stock,     $10,000 liquidation preference per share		40,000	$	400,000		—		—

(a)The shares were fully redeemed in August 2019, having received the approval of the Federal Reserve to redeem such shares after issuing the Series G

preferred stock.

(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.

(d) Dividends, if declared, are paid semi-annually at a rate of 5.0% through July 31, 2024 and thereafter will be paid semiannually at a rate of the five-year U.S. Treasury rate plus 3.174%.  The shares are redeemable in whole or in part on or after August 1, 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.

For each of the three-month periods ended September 30, 2019 and 2018, dividends declared per share were: Series A- $15.9375; Series C - $15.9375; Series E - $16.125; and Series F - $128.125. For each of the nine-month periods ended September 30, 2019 and 2018, dividends per share were: Series A- $47.8125; Series C - $47.8125; Series E - $48.375; and Series F - $384.375.