M&T BANK CORP
For the period ended Sep 30, 2025. Filed Oct 27, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 27, 2025
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6. Shareholders' equity
- 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 September 30, 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 September 30, · Nine Months Ended September 30, | |||||||||||||||||||
| Series · September 30, 2025 · December 31, 2024 · September 30, 2025 · December 31, 2024 · 2025 · 2024 · 2025 · 2024 | |||||||||||||||||||
| Series E (a) | — | — | $1,000 | — | — | —% | $— | $— | $— | $23.50 | $— | $62.575 | |||||||
| Series F (b) | 50,000 | 50,000 | 10,000 | 10/28/2016 | 11/1/2026 | 5.125 | 500 | 500 | 128.125 | 128.125 | 384.375 | 384.375 | |||||||
| Series G (c) | 40,000 | 40,000 | 10,000 | 7/30/2019 | 8/1/2024 | 7.304 | 400 | 400 | 182.60 | 125.00 | 547.80 | 375.00 | |||||||
| Series H (d) | 10,000,000 | 10,000,000 | 25 | 4/1/2022 | 4/1/2027 | 5.625 | 261 | 261 | 0.3516 | 0.3516 | 1.0547 | 1.0547 | |||||||
| Series I (e) | 50,000 | 50,000 | 10,000 | 8/17/2021 | 9/1/2026 | 3.500 | 500 | 500 | 87.50 | 87.50 | 262.50 | 262.50 | |||||||
| Series J (f) | 75,000 | 75,000 | 10,000 | 5/13/2024 | 6/15/2029 | 7.500 | 733 | 733 | 187.50 | 254.17 | 562.50 | 254.17 | |||||||
| 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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