Shareholders' equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Issued and Outstanding Preferred Stock

Issued and outstanding preferred stock of M&T as of December 31, 2024 and 2023 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	2024	2023							2024		2023		2024		2023		2022
Series E (a)	—	350,000	$	1,000	—	—	—	%	$	—	$	350	$	62.58	$	64.50	$	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		556.16		500.00		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		1.05
Series I (e)	50,000	50,000	10,000		8/17/2021	9/1/2026	3.500		500		500		350.00		350.00		356.81
Series J (f)	75,000	—	10,000		5/13/2024	6/15/2029	7.500		733		—		441.67		—		—
Total	10,215,000	10,490,000							$	2,394	$	2,011

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(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 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%.