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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
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. On May 13, 2024, M&T issued 75,000 shares of Perpetual 7.5% Non-Cumulative Preferred Stock, Series J, with a liquidation preference of $10,000 per share. On August 15, 2024, M&T redeemed all outstanding shares of its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E. Issued and outstanding preferred stock of M&T as of September 30, 2024 and December 31, 2023 is presented in the following table.
| September 30, 2024 |  | December 31, 2023
(Dollars in millions) | Shares Issued and Outstanding |  | Carrying Value |  | Shares Issued and Outstanding |  | Carrying Value
Series E (a) |  |  |  |  |  |  |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock $1,000 liquidation preference per share | — |  |  | $ | — |  |  | 350,000 |  |  | $ | 350 |
Series F (b) |  |  |  |  |  |  |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock $10,000 liquidation preference per share | 50,000 |  |  | 500 |  |  | 50,000 |  |  | 500 |
Series G (c) |  |  |  |  |  |  |
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock $10,000 liquidation preference per share | 40,000 |  |  | 400 |  |  | 40,000 |  |  | 400 |
Series H (d) |  |  |  |  |  |  |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock $25 liquidation preference per share | 10,000,000 |  |  | 261 |  |  | 10,000,000 |  |  | 261 |
Series I (e) |  |  |  |  |  |  |
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock $10,000 liquidation preference per share | 50,000 |  |  | 500 |  |  | 50,000 |  |  | 500 |
Series J (f) |  |  |  |  |  |  |
Fixed-Rate Non-Cumulative Perpetual Preferred Stock $10,000 liquidation preference per share | 75,000 |  |  | 733 |  |  | — |  |  | — |
_______________________________________________________________ (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. 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. (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 7.246% 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%. The shares became redeemable in whole or in part on 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. (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. The shares are redeemable in whole or in part on or after April 1, 2027. 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. (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%. The shares are redeemable in whole or in part on or after September 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. (f)Dividends, if declared, are paid quarterly at a rate of 7.5%. The shares are redeemable in whole or in part on or after June 15, 2029. 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.

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