Shareholders' equity (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Issued and Outstanding Preferred Stock

Issued and outstanding preferred stock of M&T as of September 30, 2016 and December 31, 2015 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 D (b)
Fixed Rate Non-cumulative Perpetual Preferred Stock, $10,000     liquidation preference per share		50,000	$	500,000
Series E (c)
Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock,     $1,000 liquidation preference per share		350,000	$	350,000

(a) Dividends, if declared, are paid at 6.375%.  Warrants to purchase M&T common stock at $73.86 per share issued in connection with the Series A preferred stock expire in 2018 and totaled 713,855 at September 30, 2016 and 719,175 at December 31, 2015.

(b) Dividends, if declared, are paid semi-annually at a rate of 6.875% per year. The shares became redeemable in whole or in part on June 15, 2016.

(c) 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 (hundredths of one percent).  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.