Borrowings

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Borrowings

(Dollars in millions)	June 30, 2024		December 31, 2023
Short-term borrowings
Federal funds purchased and repurchase agreements	$	264	$	316
FHLB advances	4,500		5,000
Total short-term borrowings	$	4,764	$	5,316
Long-term borrowings
Senior notes — M&T	$	3,256	$	2,482
Senior notes — M&T Bank	3,743		3,741
FHLB advances	2,005		5
Subordinated notes — M&T	75		76
Subordinated notes — M&T Bank	867		873
Junior subordinated debentures — M&T	541		540
Asset-backed notes	822		474
Other	10		10
Total long-term borrowings	$	11,319	$	8,201

In February 2024, M&T Bank advanced $2.0 billion from the FHLB of New York which matures in February 2025 at a variable rate of SOFR plus 25 basis points payable quarterly until maturity. In March 2024, M&T issued $850 million of senior notes that mature in March 2032 and pay a 6.082% fixed rate semi-annually until March 2031 after which SOFR plus 2.26% will be paid quarterly until maturity. Also in March 2024, M&T Bank issued asset-backed notes secured by automobile loans. A total of $511 million of such notes were purchased by third parties. Those asset-backed notes had a weighted-average estimated life of approximately two years and a weighted-average interest rate of 5.29% at the time of securitization. Further information about this financing transaction is provided in note 12.

M&T Bank had secured borrowing facilities available with the FHLB of New York and the FRB of New York totaling approximately $15.2 billion and $21.5 billion, respectively, at June 30, 2024. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities and could increase the availability under such facilities by pledging additional assets.