v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings


5. Borrowings

The following table summarizes the Company's short-term and long-term borrowings at June 30, 2026 and December 31, 2025.
(Dollars in millions)June 30, 2026December 31, 2025
Short-term borrowings
Repurchase agreements$64 $49 
Advances from FHLB4,550 2,100 
Total short-term borrowings$4,614 $2,149 
Long-term borrowings
Senior notes — M&T$5,497 $5,583 
Senior notes — M&T Bank3,142 1,946 
Advances from FHLB3 3 
Subordinated notes — M&T1,245 747 
Subordinated notes — M&T Bank489 489 
Junior subordinated debentures — M&T (a)403 403 
Asset-backed notes (a)2,779 1,730 
Other10 10 
Total long-term borrowings$13,568 $10,911 
__________________________________________________________________________________
(a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 12.
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.
At June 30, 2026, M&T Bank had borrowing facilities available with the FHLB of New York whereby M&T Bank could borrow up to approximately $20.0 billion, of which $4.6 billion was outstanding at June 30, 2026. Additionally, M&T Bank had an available line of credit with the FRB of New York totaling approximately $26.1 billion at June 30, 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.