v3.26.1
Shareholders' equity
 6 Months Ended
Jun. 30, 2026
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, 2026 and December 31, 2025 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, 2026December 31, 2025June 30, 2026December 31, 20252026202520262025
Series F (a)50,000 50,000 $10,000 10/28/201611/1/20265.125 %$500 $500 $128.13 $128.13 $256.25 $256.25 
Series G (b)—40,00010,000 — — — — 400 — 182.60 182.60 365.20 
Series H (c)10,000,00010,000,00025 4/1/20224/1/20275.625 261 261 0.35 0.35 0.70 0.70 
Series I (d)50,00050,00010,000 8/17/20219/1/20263.500 500 500 87.50 87.50 175.00 175.00 
Series J (e)75,00075,00010,000 5/13/20246/15/20297.500 733 733 187.50 187.50 375.00 375.00 
Series K (f)45,00045,00010,000 10/31/202512/15/20306.350 440 440 158.75 — 317.50 — 
Total10,220,00010,260,000$2,434 $2,834 
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(a)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.
(b)On February 1, 2026, M&T redeemed all outstanding shares of the Series G Preferred Stock at par value.
(c)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.
(d)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%.
(e)Dividends, if declared, are paid quarterly at a rate of 7.5%.
(f)Dividends, if declared, are paid quarterly at a rate of 6.35%.
In July 2026 M&T issued 60,000 shares of Perpetual Non-cumulative Preferred Stock Series L, with a liquidation preference of $10,000 per share. Holders of the Series L preferred stock are entitled to receive, if declared, dividends at an annual rate of 6.625%, payable quarterly in arrears until redemption. The Series L preferred stock may be redeemed at M&T's option on any dividend payment date on or after September 15, 2031 or at any time within 90 days following an event whereby the shares no longer qualify as Tier 1 capital.