v3.25.2
Borrowings
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowings


5. Borrowings

The following table summarizes the Company's short-term and long-term borrowings at June 30, 2025 and December 31, 2024.
(Dollars in millions)June 30, 2025December 31, 2024
Short-term borrowings
Repurchase agreements$71 $60 
Advances from FHLB2,000 1,000 
Total short-term borrowings$2,071 $1,060 
Long-term borrowings
Senior notes — M&T$5,594 $4,710 
Senior notes — M&T Bank3,744 3,745 
Advances from FHLB4 2,004 
Subordinated notes — M&T Bank485 474 
Junior subordinated debentures — M&T (a)402 433 
Asset-backed notes (a)2,141 1,229 
Other10 10 
Total long-term borrowings$12,380 $12,605 
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(a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 12.
In June 2025, M&T issued $750 million of senior notes that mature in July 2031 and pay a 5.179% fixed rate semi-annually until July 2030 after which SOFR plus 1.40% will be paid quarterly until maturity. Also in June 2025, M&T Bank issued $750 million of senior notes that mature in July 2028 and pay a 4.762% fixed rate semi-annually until July 2027 after which SOFR plus 0.95% will be paid quarterly until maturity. In July 2025, M&T issued $750 million of subordinated notes that mature in July 2035 and pay a 5.40% fixed rate semi-annually until July 2030 after which, unless redeemed by M&T at that time, the fixed rate will reset to the U.S. Treasury rate for a five year maturity plus 1.43% until maturity.
M&T Bank had secured borrowing facilities available with the FHLB of New York and the FRB of New York totaling approximately $18.1 billion and $24.7 billion, respectively, at June 30, 2025. 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.