M&T BANK CORP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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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 December 31, 2025 and 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 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, · December 31, · Year Ended December 31, | |||||||||||||||||||
| Series · 2025 · 2024 · 2025 · 2024 · 2025 · 2024 · 2023 | |||||||||||||||||||
| Series E (a) | — | — | $1,000 | — | — | —% | $— | $— | $— | $62.58 | $64.50 | ||||||||
| Series F (b) | 50,000 | 50,000 | 10,000 | 10/28/2016 | 11/1/2026 | 5.125 | 500 | 500 | 512.50 | 512.50 | 512.50 | ||||||||
| Series G (c) | 40,000 | 40,000 | 10,000 | 7/30/2019 | 8/1/2024 | 7.304 | 400 | 400 | 730.40 | 556.16 | 500.00 | ||||||||
| Series H (d) | 10,000,000 | 10,000,000 | 25 | 4/1/2022 | 4/1/2027 | 5.625 | 261 | 261 | 1.41 | 1.41 | 1.41 | ||||||||
| Series I (e) | 50,000 | 50,000 | 10,000 | 8/17/2021 | 9/1/2026 | 3.500 | 500 | 500 | 350.00 | 350.00 | 350.00 | ||||||||
| Series J (f) | 75,000 | 75,000 | 10,000 | 5/13/2024 | 6/15/2029 | 7.500 | 733 | 733 | 750.00 | 441.67 | — | ||||||||
| Series K (g) | 45,000 | — | 10,000 | 10/31/2025 | 12/15/2030 | 6.350 | 440 | — | 79.38 | — | — | ||||||||
| Total | 10,260,000 | 10,215,000 | $2,834 | $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 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%. M&T redeemed all outstanding shares of the Series G Preferred Stock on February 1, 2026.
(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 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 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%.
(g)Dividends, if declared, are paid quarterly at a rate of 6.35%.
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