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Borrowings
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
(Dollars in millions)September 30, 2024December 31, 2023
Short-term borrowings
Federal funds purchased and repurchase agreements$105 $316 
FHLB advances2,500 5,000 
Total short-term borrowings$2,605 $5,316 
Long-term borrowings
Senior notes — M&T$3,371 $2,482 
Senior notes — M&T Bank3,744 3,741 
FHLB advances2,004 5 
Subordinated notes — M&T75 76 
Subordinated notes — M&T Bank482 873 
Junior subordinated debentures — M&T543 540 
Asset-backed notes1,354 474 
Other10 10 
Total long-term borrowings$11,583 $8,201 
In August 2024, a subsidiary of M&T Bank issued asset-backed notes secured by equipment finance loans and leases. A total of $650 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 4.87% at the time of securitization. Further information about this financing transaction is provided in note 12.
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 $15.8 billion and $23.8 billion, respectively, at September 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.