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Shareholders' equity
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Shareholders' equity

9.    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 December 31, 2019 and 2018 is presented below:

 

 

December 31, 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. Declared dividends per share were $47.8125 in 2019 and $63.75 in each of 2018 and 2017.

(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. Declared dividends per share were $64.50 in each of 2019, 2018 and 2017.

(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. Declared dividends per share were $512.50 in each of 2019, 2018 and 2017.

(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. Declared dividends per share were $125.694 in 2019.