v3.26.1
Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings


4. Borrowings

The following table summarizes the Company's short-term and long-term borrowings at March 31, 2026 and December 31, 2025.
(Dollars in millions)March 31, 2026December 31, 2025
Short-term borrowings
Repurchase agreements$51 $49 
Advances from FHLB7,800 2,100 
Total short-term borrowings$7,851 $2,149 
Long-term borrowings
Senior notes — M&T$5,550 $5,583 
Senior notes — M&T Bank1,946 1,946 
Advances from FHLB3 3 
Subordinated notes — M&T747 747 
Subordinated notes — M&T Bank489 489 
Junior subordinated debentures — M&T (a)403 403 
Asset-backed notes (a)2,027 1,730 
Other10 10 
Total long-term borrowings$11,175 $10,911 
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(a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 11.
At March 31, 2026, M&T Bank had borrowing facilities available with the FHLB of New York whereby M&T Bank could borrow up to approximately $20.7 billion, of which $7.8 billion was outstanding at March 31, 2026. Additionally, M&T Bank had an available line of credit with the FRB of New York totaling approximately $26.5 billion at March 31, 2026. 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.
In April 2026, M&T issued $500 million of subordinated notes that mature in April 2036 and pay a fixed rate of 5.295% semi-annually until April 2031 which, unless redeemed by M&T at that time, will reset to the U.S. Treasury rate for a five year maturity plus 1.38% until maturity. In April and May 2026, M&T Bank issued a combined $1.2 billion of senior unsecured notes that mature in April 2030 and pay a 4.548% fixed rate semi-annually until April 2029 after which SOFR plus 0.94% will be paid quarterly until maturity.