v3.25.2
Shareholders' equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders' equity


6. Shareholders' equity
M&T is authorized to issue 20,000,000 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. 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. Issued and outstanding preferred stock of M&T as of June 30, 2025 and December 31, 2024 is presented below:
(Dollars in millions, except per share)Shares
Issued and Outstanding		Liquidation Preference Per ShareIssuance DateEarliest Redemption DateAnnual Dividend RateCarrying AmountDividends Per Share
Three Months Ended June 30,Six Months Ended June 30,
SeriesJune 30, 2025December 31, 2024June 30, 2025December 31, 20242025202420252024
Series E (a)——$1,000 — — — %$— $— $— $22.95 $— $39.075 
Series F (b)50,00050,00010,000 10/28/201611/1/20265.125 500 500 128.125 128.125 256.25 256.25 
Series G (c)40,00040,00010,000 7/30/20198/1/20247.304 400 400 182.60 125.00 365.20 250.00 
Series H (d)10,000,00010,000,00025 4/1/20224/1/20275.625 261 261 0.3516 0.3516 0.7031 0.7031 
Series I (e)50,00050,00010,000 8/17/20219/1/20263.500 500 500 87.50 87.50 175.00 175.00 
Series J (f)75,00075,00010,000 5/13/20246/15/20297.500 733 733 187.50 — 375.00 — 
Total10,215,00010,215,000$2,394 $2,394 
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(a)On August 15, 2024, M&T redeemed all outstanding shares of the Series E Preferred Stock.
(b)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 SOFR plus 378 basis points.
(c)Dividends, if declared, were paid semi-annually at a rate of 5.0% through July 31, 2024. On August 1, 2024, the dividend rate reset at 7.304% and will reset at each subsequent five year anniversary date therefrom at a rate of the five-year U.S. Treasury rate plus 3.174%.
(d)Dividends, if declared, are paid quarterly at a rate of 5.625% through December 14, 2026 and thereafter will be paid quarterly at a rate of the three-month SOFR rate plus 428 basis points.
(e)Dividends, if declared, are paid semi-annually at a rate of 3.5% through August 31, 2026. On September 1, 2026 and at each subsequent five year anniversary date therefrom the dividend rate will reset at a rate of the five-year U.S. Treasury rate plus 2.679%.
(f)Dividends, if declared, are paid quarterly at a rate of 7.5%.