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, 2025 | | December 31, 2024 | | Short-term borrowings | | | | | Repurchase agreements | $ | 71 | | | $ | 60 | | | Advances from FHLB | 2,000 | | | 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 Bank | 3,744 | | | 3,745 | | | Advances from FHLB | 4 | | | 2,004 | | | Subordinated notes — M&T Bank | 485 | | | 474 | | | Junior subordinated debentures — M&T (a) | 402 | | | 433 | | | Asset-backed notes (a) | 2,141 | | | 1,229 | | | Other | 10 | | | 10 | | | Total long-term borrowings | $ | 12,380 | | | $ | 12,605 | |
__________________________________________________________________________________ (a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 12. Information about the asset-backed notes issued to investors and the respective special purpose trust at June 30, 2025 and December 31, 2024 are included in the following table. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | | | June 30, 2025 | | December 31, 2024 | | Issue Date | | Collateral Type | | Remaining Loan Collateral Balance | | Asset-Backed Notes to Investors | | Weighted-Average Life | | Weighted-Average Rate | | Remaining Loan Collateral Balance | | Asset-Backed Notes to Investors | | August 2023 | | Equipment finance loans and leases | | $ | 324 | | | $ | 214 | | | 0.8 | | 5.74 | % | | $ | 416 | | | $ | 297 | | | March 2024 | | Automobile loans | | 314 | | 302 | | 1.3 | | 5.28 | | | 383 | | 371 | | August 2024 | | Equipment finance loans and leases | | 588 | | 478 | | 1.3 | | 4.88 | | | 691 | | 561 | | February 2025 | | Automobile loans | | 641 | | 627 | | 1.7 | | 4.76 | | | — | | | — | | | May 2025 | | Equipment finance loans and leases | | 636 | | 520 | | 2.0 | | 4.74 | | | — | | | — | | | | | | | | | $ | 2,141 | | | | | | | | | $ | 1,229 | |
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