M&T BANK CORP
For the period ended Mar 31, 2025. Filed May 5, 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.
Mar 31, 2025 · Filed May 5, 2025
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5. 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 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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