M&T BANK CORP

5. Borrowings

The following table summarizes the Company's short-term and long-term borrowings at September 30, 2026 and December 31, 2025.

(a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 12.

In October 2026, M&T Bank issued $850 million of senior unsecured notes that mature in January 2030 and pay a fixed rate of 5.481% semi-annually until January 2029 which, unless redeemed by M&T Bank at that time, will reset to SOFR plus 0.81% until maturity. Also in October 2026, M&T Bank issued $350 million of senior unsecured notes that mature in January 2030, pay a floating rate of SOFR plus 0.82% quarterly and are redeemable at the Company's option beginning in January 2029. 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 afive 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 fixed rate of 4.548% semi-annually until April 2029 which, unless redeemed by M&T Bank at that time, will reset to SOFR plus 0.94% until maturity.

At September 30, 2026, M&T Bank had borrowing facilities available with the FHLB of New York whereby M&T Bank could borrow up to approximately $19.8 billion, of which $6.3 billion was outstanding at September 30, 2026. Additionally, M&T Bank had an available line of credit with the FRB of New York totaling approximately $27.0 billion at September 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.

• 27 -