	Federal Funds Purchased and Repurchase Agreements			Other Short-term Borrowings			Total
	(Dollars in thousands)
At December 31, 2018
Amount outstanding	$	198,378		$	4,200,000		$	4,398,378
Weighted-average interest rate		1.68	%		2.63	%		2.58	%
For the year ended December 31, 2018
Highest amount at a month-end	$	2,654,416		$	4,200,000
Daily-average amount outstanding		261,200			69,465		$	330,665
Weighted-average interest rate		1.49	%		2.16	%		1.63	%
At December 31, 2017
Amount outstanding	$	175,099		$	—		$	175,099
Weighted-average interest rate		0.92	%		—			0.92	%
For the year ended December 31, 2017
Highest amount at a month-end	$	204,977		$	1,500,000
Daily-average amount outstanding		188,459			16,164		$	204,623
Weighted-average interest rate		0.69	%		1.27	%		0.74	%
At December 31, 2016
Amount outstanding	$	163,442		$	—		$	163,442
Weighted-average interest rate		0.32	%		—			0.32	%
For the year ended December 31, 2016
Highest amount at a month-end	$	225,940		$	1,974,013
Daily-average amount outstanding		203,853			689,969		$	893,822
Weighted-average interest rate		0.28	%		0.44	%		0.41	%

Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. In general, federal funds purchased and short-term repurchase agreements outstanding at December 31, 2018 matured on the next business day following year-end. In addition, of the short-term borrowings with the FHLB of New York at December 31, 2018, $3.0 billion matured on the next business day and $1.2 billion matured on February 1, 2019.

At December 31, 2018, M&T Bank had lines of credit under formal agreements as follows:

At December 31, 2018, M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $18.8 billion. Additionally, M&T Bank had an available line of credit with the Federal Reserve Bank of New York totaling approximately $13.7 billion at December 31, 2018. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities.

	December 31,
	2018		2017
	(In thousands)


Senior notes of M&T Bank Corporation:
Variable rate due 2023	$	249,688	$	—
3.55% due 2023		506,021		—
Senior notes of M&T Bank:
Variable rate due 2021		349,794		—
Variable rate due 2022		249,658		249,558
1.45% due 2018		—		499,907
2.25% due 2019		645,801		644,977
2.30% due 2019		—		746,919
2.05% due 2020		737,793		739,961
2.10% due 2020		741,965		743,788
2.625% due 2021		646,301		—
2.50% due 2022		634,525		638,872
2.90% due 2025		749,488		749,404
Advances from FHLB:
Fixed rates		576,446		576,876
Agreements to repurchase securities		409,154		421,771
Subordinated notes of Wilmington Trust Corporation (a wholly owned subsidiary of M&T):
8.50% due 2018		—		200,000
Subordinated notes of M&T Bank:
Variable rate due 2020		409,361		409,361
Variable rate due 2021		500,000		500,000
3.40% due 2027		481,692		491,176
Junior subordinated debentures of M&T associated with preferred capital securities:
Fixed rates:
BSB Capital Trust I — 8.125%, due 2028		15,705		15,682
Provident Trust I — 8.29%, due 2028		27,489		26,847
Southern Financial Statutory Trust I — 10.60%, due 2030		6,713		6,664
Variable rates:
First Maryland Capital I — due 2027		147,333		146,794
First Maryland Capital II — due 2027		149,280		148,617
Allfirst Asset Trust — due 2029		96,785		96,640
BSB Capital Trust III — due 2033		15,464		15,464
Provident Statutory Trust III — due 2033		55,143		54,466
Southern Financial Capital Trust III — due 2033		8,141		8,051
Other		35,174		9,635
	$	8,444,914	$	8,141,430

The senior notes of M&T were issued in July 2018. The variable rate notes pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rate for those notes was 2.51% at December 31, 2018.

The variable rate senior notes of M&T Bank pay interest quarterly at rates that are indexed to the three-month LIBOR. The contractual interest rates for those notes ranged from 2.76% to 3.25% at December 31, 2018 and were 2.05% at December 31, 2017. The weighted-average contractual interest rate was 2.96% at December 31, 2018.

Long-term fixed rate advances from the FHLB had contractual interest rates ranging from 1.97% to 5.98%. The weighted-average contractual interest rate was 2.06%. Advances from the FHLB mature at various dates through 2035 and are secured by residential real estate loans, commercial real estate loans and investment securities.

Long-term agreements to repurchase securities had contractual interest rates that ranged from 4.09% to 4.58% at each of December 31, 2018 and 2017. The weighted-average contractual interest rates payable were 4.31% at December 31, 2018 and December 31, 2017. The agreements reflect various repurchase dates through 2020, however, the contractual maturities of the underlying investment securities extend beyond such repurchase dates. The agreements are subject to legally enforceable master netting arrangements, however, the Company has not offset any amounts related to these agreements in its consolidated financial statements. The Company posted collateral consisting primarily of government guaranteed mortgage-backed securities of $428 million and $442 million at December 31, 2018 and 2017, respectively.

The subordinated notes of M&T Bank are unsecured and are subordinate to the claims of its other creditors. The notes that mature in 2020 pay interest monthly at a rate that is indexed to the one-month LIBOR. The contractual interest rate was 3.72% and 2.78% at December 31, 2018 and 2017, respectively. The notes that mature in 2021 pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rate was 3.38% at December 31, 2018 and 2.12% at December 31, 2017. The subordinated notes of Wilmington Trust Corporation matured in April 2018.

The fixed and variable rate junior subordinated deferrable interest debentures of M&T (“Junior Subordinated Debentures”) are held by various trusts and were issued in connection with the issuance by those trusts of preferred capital securities (“Capital Securities”) and common securities (“Common Securities”). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust’s securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve Board’s risk-based capital guidelines, the Capital Securities qualify for inclusion in Tier 2 regulatory capital. The variable rate Junior Subordinated Debentures pay interest quarterly at rates that are indexed to the three-month LIBOR. Those rates ranged from 3.39% to 5.69% at December 31, 2018 and from 2.23% to 4.71% at December 31, 2017. The weighted-average variable rates payable on those Junior Subordinated Debentures were 3.94% at December 31, 2018 and 2.83% at December 31, 2017.

Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T.

The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2033) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval.