Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Borrowings

The amounts and interest rates of short-term borrowings were as follows:

(Dollars in millions)	Repurchase Agreements			FHLB Advances			Total
At December 31, 2024
Amount outstanding	$	60		$	1,000		$	1,060
Weighted-average interest rate	2.65		%	4.50		%	4.39		%
At December 31, 2023
Amount outstanding	$	316		$	5,000		$	5,316
Weighted-average interest rate	3.26		%	5.35		%	5.23		%

Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. All outstanding short-term borrowings at December 31, 2024 are set to mature in the first quarter of 2025.

At December 31, 2024, M&T Bank had borrowing facilities available with the FHLB of New York whereby M&T Bank could borrow up to approximately $17.7 billion. Additionally, M&T Bank had an available line of credit with the FRB of New York totaling approximately $24.5 billion at December 31, 2024. Outstanding borrowings on such facilities totaled $3.0 billion at December 31, 2024. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities.

Long-term borrowings were as follows:

			December 31,
(Dollars in millions)	Maturity (a)	Stated Rate (a)	2024		2023
M&T
Senior notes (fixed rate) (b)	2028 - 2036	4.55% - 7.41%	$	4,710	$	2,482
Subordinated notes (fixed rate)	—	—	—		76
Junior subordinated debentures:
Fixed rate	2030	10.60%	7		55
Variable rate	2027 - 2033	5.70% - 8.20%	426		485
			$	5,143	$	3,098
M&T Bank
Senior notes (fixed rate)	2025 - 2028	2.90% - 5.40%	$	3,745	$	3,741
Advances from FHLB (variable rate)	2025	4.74%	2,000		—
Advances from FHLB (fixed rate)	2025 - 2039	0.00% - 5.98%	4		5
Subordinated notes (fixed rate)	2027	3.40%	474		873
Asset-backed notes (c)	2025 - 2032	4.86% - 5.76%	1,229		474
Other	2027	4.38%	10		10
			7,462		5,103
			$	12,605	$	8,201

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(a)As of December 31, 2024.

(b)Terms generally convert to variable rate in the final year before maturity, at which time the notes are redeemable at par.

(c)Represents weighted-average stated rates determined at the individual securitization level.

The Junior Subordinated Debentures are held by various trusts and were issued in connection with the issuance by those trusts of Preferred Capital Securities and Common Securities. The proceeds from the issuances of the Preferred 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 Preferred Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve’s risk-based capital guidelines, the Preferred Capital Securities qualify for inclusion in Tier 2 regulatory capital. Holders of the Preferred 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 Preferred 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 Preferred 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 Preferred Capital Securities. The obligations under such guarantee and the Preferred Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. In December 2024, the Company redeemed $130 million par value of Junior Subordinated Debentures prior to their stated maturity dates. The early redemptions resulted in a loss of $20 million, which was recognized in Other costs of operations in the Consolidated Statement of Income.

Asset-backed notes represent the senior-most notes issued in securitization transactions that are secured by equipment finance loans and leases and automobile loans which were sold into special purpose trusts. Further information concerning these asset securitizations and the amounts of loans collateralizing the asset-back notes is included in note 4 and note 18, respectively.

Long-term borrowings at December 31, 2024 mature as follows:

(Dollars in millions)
Year ending December 31:
2025	$	3,270
2026	1,299
2027	788
2028	1,680
2029	1,575
Later years	3,993
	$	12,605