Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

5. Borrowings

	September 30, 2023		December 31, 2022
	(In thousands)
Short-term borrowings
Federal funds purchased and repurchase agreements	$	530,663	$	354,670
FHLB Advances		6,200,000		3,200,281
Total short-term borrowings	$	6,730,663	$	3,554,951
Long-term borrowings
Asset-backed notes	$	516,668	$	—
FHLB Advances		4,956		5,183
Senior notes - M&T		1,377,985		1,220,965
Senior notes - M&T Bank		3,741,161		1,249,141
Subordinated notes - M&T		76,339		77,337
Subordinated notes - M&T Bank		857,876		866,296
Junior subordinated debentures - M&T		538,932		536,080
Other		9,509		9,535
Total long-term borrowings	$	7,123,426	$	3,964,537

In August 2023, a subsidiary of M&T Bank issued asset-backed notes secured by equipment finance loans and leases. A total of $550 million of such notes, representing the senior-most notes in the securitization, were purchased by third parties. Those asset-backed notes had a weighted average estimated life of approximately two years and a weighted average interest rate of 5.84% at the time of securitization. Further information about this financing transaction is provided in note 11 of Notes to Financial Statements herein.

In January 2023, M&T issued $1.0 billion of senior notes that mature in January 2034 and pay a 5.05% fixed rate semi-annually until January 2033 after which SOFR plus 1.85% will be paid quarterly until maturity. Additionally, in January 2023 M&T Bank issued $1.3 billion of senior notes that mature in January 2026 and pay a fixed rate of 4.65% semi-annually until maturity and $1.2 billion of senior notes that mature in January 2028 and pay a fixed rate of 4.70% semi-annually until maturity. In October 2023, M&T issued $750 million of senior notes that mature in October 2029 and pay a fixed rate of 7.41% semi-annually until October 2028 after which SOFR plus 2.80% will be paid quarterly until maturity.

M&T Bank had secured borrowing facilities available with the FHLB of New York and the FRB of New York totaling approximately $14.3 billion and $15.8 billion, respectively, at September 30, 2023. 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, or other available programs including the Bank Term Funding Program of the FRB of New York, by pledging additional assets.