At September 30, 2021 and December 31, 2020, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:


	September 30, 2021								December 31, 2020
(Dollars in Millions)	Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount		Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount
Series A		12,510	$	1,251	$	145	$	1,106		12,510	$	1,251	$	145	$	1,106
Series B		40,000		1,000		—		1,000		40,000		1,000		—		1,000
Series F		44,000		1,100		12		1,088		44,000		1,100		12		1,088
Series I		—		—		—		—		30,000		750		5		745
Series J		40,000		1,000		7		993		40,000		1,000		7		993
Series K		23,000		575		10		565		23,000		575		10		565
Series L		20,000		500		14		486		20,000		500		14		486
Series M		30,000		750		20		730		—		—		—		—
Total preferred stock (a)		209,510	$	6,176	$	208	$	5,968		209,510	$	6,176	$	193	$	5,983

(a)	The par value of all shares issued and outstanding at September 30, 2021 and December 31, 2020, was $1.00 per share.

During the first nine months of 2021, the Company issued depositary shares representing an ownership interest in 30,000 shares of Series M

Non-Cumulative

Perpetual Preferred Stock with a liquidation preference of $25,000

per share (the “Series M Preferred Stock”). The Series M Preferred Stock has no stated maturity and will not be subject to

any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly,

in arrears, at a rate per annum equal to

4.00 percent. The Series M Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after April 15, 2026. The Series M Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to April 15, 2026 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series M Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.

During the first nine months of 2021, the Company redeemed all outstanding shares of the Series I

Non-Cumulative

Perpetual Preferred Stock (the “Series I Preferred Stock”) at a redemption price equal to the liquidation preference amount. The Company included a $5 million loss in the computation of

diluted

earnings per common share for the first nine months of 2021, which represents the stock issuance costs recorded in preferred stock upon the issuance of the Series I Preferred Stock that were reclassified to retained earnings on the date the Company provided notice of its intent to redeem the outstanding shares.