M&T BANK CORP
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
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Jun 30, 2025 · Filed Aug 4, 2025
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5. Borrowings
- 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, 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.
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.
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