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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2025
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. 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 March 31, 2025 and December 31, 2024 is presented below:
(Dollars in millions, except per share) | Shares Issued and Outstanding |  | Liquidation Preference Per Share |  | Issuance Date |  | Earliest Redemption Date |  | Annual Dividend Rate |  | Carrying Amount |  | Dividends Per Share
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three Months Ended March 31, |  |
Series | March 31, 2025 |  | December 31, 2024 |  |  |  |  |  |  |  |  |  | March 31, 2025 |  | December 31, 2024 |  | 2025 |  | 2024 |  |
Series E (a) | — |  | — |  | $ | 1,000 |  |  | — |  |  | — |  |  | — | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16.125 |  |  |
Series F (b) | 50,000 |  | 50,000 |  | 10,000 |  |  | 10/28/2016 |  | 11/1/2026 |  | 5.125 |  |  | 500 |  |  | 500 |  |  | 128.125 |  |  | 128.125 |  |  |
Series G (c) | 40,000 |  | 40,000 |  | 10,000 |  |  | 7/30/2019 |  | 8/1/2024 |  | 7.304 |  |  | 400 |  |  | 400 |  |  | 182.60 |  |  | 125.00 |  |  |
Series H (d) | 10,000,000 |  | 10,000,000 |  | 25 |  |  | 4/1/2022 |  | 4/1/2027 |  | 5.625 |  |  | 261 |  |  | 261 |  |  | 0.3516 |  |  | 0.3516 |  |  |
Series I (e) | 50,000 |  | 50,000 |  | 10,000 |  |  | 8/17/2021 |  | 9/1/2026 |  | 3.500 |  |  | 500 |  |  | 500 |  |  | 87.50 |  |  | 87.50 |  |  |
Series J (f) | 75,000 |  | 75,000 |  | 10,000 |  |  | 5/13/2024 |  | 6/15/2029 |  | 7.500 |  |  | 733 |  |  | 733 |  |  | 187.50 |  |  | — |  |  |
Total | 10,215,000 |  | 10,215,000 |  |  |  |  |  |  |  |  |  | $ | 2,394 |  |  | $ | 2,394 |  |  |  |  |  |  |
__________________________________________________________________________________ (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%.

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