9. Borrowings

The amounts and interest rates of short-term borrowings were as follows:


	Federal Funds Purchased and Repurchase Agreements			Other Short-term Borrowings			Total
	(Dollars in thousands)
At December 31, 2012
Amount outstanding	$	1,074,482		$	—		$	1,074,482
Weighted-average interest rate		0.11	%		—			0.11	%
For the year ended December 31, 2012
Highest amount at a month-end	$	1,224,194		$	50,016
Daily-average amount outstanding		822,859			16,043		$	838,902
Weighted-average interest rate		0.15	%		0.57	%		0.15	%
At December 31, 2011
Amount outstanding	$	732,059		$	50,023		$	782,082
Weighted-average interest rate		0.04	%		0.70	%		0.09	%
For the year ended December 31, 2011
Highest amount at a month-end	$	1,389,237		$	142,927
Daily-average amount outstanding		706,749			120,059		$	826,808
Weighted-average interest rate		0.11	%		0.18	%		0.12	%
At December 31, 2010
Amount outstanding	$	866,555		$	80,877		$	947,432
Weighted-average interest rate		0.19	%		0.20	%		0.19	%
For the year ended December 31, 2010
Highest amount at a month-end	$	2,612,727		$	236,842
Daily-average amount outstanding		1,749,525			104,508		$	1,854,033
Weighted-average interest rate		0.15	%		0.33	%		0.16	%

Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. In general, federal funds purchased and short-term repurchase agreements outstanding at December 31, 2012 matured on the next business day following year-end. Other short-term borrowings at December 31, 2011 included $50 million of borrowings from FHLBs. There were no similar borrowings at December 31, 2012.

At December 31, 2012, the Company had lines of credit under formal agreements as follows:


	M&T		M&T Bank		Wilmington Trust, N.A.
	(In thousands)
Outstanding borrowings	$	—	$	29,586	$	—
Unused		30,000		21,127,615		309,658

M&T has a revolving credit agreement with an unaffiliated commercial bank whereby M&T may borrow up to $30 million at its discretion through November 25, 2013. At December 31, 2012, M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $9.8 billion. Additionally, M&T Bank and Wilmington Trust, National Association (“Wilmington Trust, N.A.”), a wholly owned subsidiary of M&T, had available lines of credit with the Federal Reserve Bank of New York totaling approximately $11.7 billion at December 31, 2012. M&T Bank and Wilmington Trust, N.A. are required to pledge loans and investment securities as collateral for these borrowing facilities.

Long-term borrowings were as follows:


	December 31,
	2012		2011
	(In thousands)
Senior notes of M&T — 5.375% due 2012	$	—	$	299,991
Advances from FHLB:
Variable rates		—		1,000,000
Fixed rates		30,066		398,407
Agreements to repurchase securities		1,400,000		1,400,000
Subordinated notes of Wilmington Trust Corporation
(a wholly owned subsidiary of M&T):
4.875% due 2013		251,298		255,839
8.50% due 2018		230,255		237,194
Subordinated notes of M&T Bank:
3.85% due 2013, variable rate commenced in 2008		—		400,000
6.625% due 2017		455,439		452,655
9.50% due 2018		50,000		50,000
5.585% due 2020, variable rate commencing 2015		385,669		378,917
5.629% due 2021, variable rate commencing 2016		583,097		589,516
Junior subordinated debentures of M&T associated with preferred capital securities:
Fixed rates:
M&T Capital Trust I — 8.234%, due 2027		154,640		154,640
M&T Capital Trust II — 8.277%, due 2027		103,093		103,093
M&T Capital Trust III — 9.25%, due 2027		66,434		66,759
BSB Capital Trust I — 8.125%, due 2028		15,566		15,542
Provident Trust I — 8.29%, due 2028		24,746		24,483
Southern Financial Statutory Trust I — 10.60%, due 2030		6,496		6,474
M&T Capital Trust IV — 8.50%, due 2068		350,010		350,010
Variable rates:
First Maryland Capital I — due 2027		144,102		143,564
First Maryland Capital II — due 2027		145,301		144,638
Allfirst Asset Trust — due 2029		95,913		95,768
BSB Capital Trust III — due 2033		15,464		15,464
Provident Trust III — due 2033		51,694		51,244
Southern Financial Capital Trust III — due 2033		7,683		7,623
Other		40,792		44,405

	$	4,607,758	$	6,686,226

Long-term variable rate advances from the FHLB had contractual interest rates that ranged from 0.26% to 0.36% at December 31, 2011. The weighted-average contractual interest rate was 0.29% at December 31, 2011. Long-term fixed rate advances from the FHLB had contractual interest rates ranging from 3.48% to 7.32% at December 31, 2012 and 0.79% to 7.32% at December 31, 2011. The weighted-average contractual interest rates payable were 4.64% at December 31, 2012 and 3.52% at December 31, 2011. Advances from the FHLB mature at various dates through 2035 and are secured by residential real estate loans, commercial real estate loans and investment securities.

Long-term agreements to repurchase securities had contractual interest rates that ranged from 3.61% to 4.30% at December 31, 2012 and 2011. The weighted-average contractual interest rates were 3.90% at each of those dates. The agreements outstanding at December 31, 2012 reflect various repurchase dates through 2017, however, the contractual maturities of the underlying investment securities extend beyond such repurchase dates.

The subordinated notes of M&T Bank and Wilmington Trust Corporation are unsecured and are subordinate to the claims of other creditors of those entities. On July 2, 2012, M&T Bank redeemed $400 million of subordinated capital notes that were due to mature in 2013.

The fixed and floating rate junior subordinated deferrable interest debentures of M&T (“Junior Subordinated Debentures”) are held by various trusts and were issued in connection with the issuance by those trusts of preferred capital securities (“Capital Securities”) and common securities (“Common Securities”). The proceeds from the issuances of the Capital Securities and the Common Securities were used by the trusts to purchase the Junior Subordinated Debentures. The Common Securities of each of those trusts are wholly owned by M&T and are the only class of each trust’s securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve Board’s current risk-based capital guidelines, the Capital Securities are includable in M&T’s Tier 1 capital as of December 31, 2012. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act that was signed into law on July 21, 2010 provides for a three-year phase-in related to the exclusion of trust preferred capital securities from Tier 1 capital for large financial institutions, including M&T. That phase-in period began on January 1, 2013. The variable rate Junior Subordinated Debentures pay interest quarterly at rates that are indexed to the three-month LIBOR. Those rates ranged from 1.16% to 3.69% at December 31, 2012 and from 1.28% to 3.92% at December 31, 2011. The weighted-average variable rates payable on those Junior Subordinated Debentures were 1.75% and 1.87% at December 31, 2012 and 2011, respectively.

Holders of the Capital Securities receive preferential cumulative cash distributions unless M&T exercises its right to extend the payment of interest on the Junior Subordinated Debentures as allowed by the terms of each such debenture, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, M&T may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. In the event of an extended interest period exceeding twenty quarterly periods for $350 million of Junior Subordinated Debentures due January 31, 2068, M&T must fund the payment of accrued and unpaid interest through an alternative payment mechanism, which requires M&T to issue common stock, non-cumulative perpetual preferred stock or warrants to purchase common stock until M&T has raised an amount of eligible proceeds at least equal to the aggregate amount of accrued and unpaid deferred interest on the Junior Subordinated Debentures due January 31, 2068. In general, the agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by M&T of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T.

The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the Trusts. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates (ranging from 2027 to 2068) of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after an optional redemption prior to contractual maturity contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part, subject to possible regulatory approval.

Long-term borrowings at December 31, 2012 mature as follows:


	(In thousands)
Year ending December 31:
2013	$	258,102
2014		22,436
2015		5,784
2016		805,129
2017		1,059,716
Later years		2,456,591

	$	4,607,758