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, 2015
Amount outstanding	$	150,546		$	1,981,636		$	2,132,182
Weighted-average interest rate		0.06	%		0.43	%		0.40	%
For the year ended December 31, 2015
Highest amount at a month-end	$	202,951		$	1,989,257
Daily-average amount outstanding		187,167			360,838		$	548,005
Weighted-average interest rate		0.08	%		0.43	%		0.31	%
At December 31, 2014
Amount outstanding	$	192,676			—		$	192,676
Weighted-average interest rate		0.07	%		—			0.07	%
For the year ended December 31, 2014
Highest amount at a month-end	$	280,350			—
Daily-average amount outstanding		214,736			—		$	214,736
Weighted-average interest rate		0.05	%		—			0.05	%
At December 31, 2013
Amount outstanding	$	260,455			—		$	260,455
Weighted-average interest rate		0.04	%		—			0.04	%
For the year ended December 31, 2013
Highest amount at a month-end	$	563,879			—
Daily-average amount outstanding		390,034			—		$	390,034
Weighted-average interest rate		0.11	%		—			0.11	%

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, 2015 matured on the next business day following year-end. Other short-term borrowings at December 31, 2015 represent borrowings from the FHLB of New York that were assumed in the acquisition of Hudson City. Those borrowings mature at various dates in 2016.

At December 31, 2015, the Company had lines of credit under formal agreements as follows:


	M&T Bank		Wilmington Trust, N.A.
	(In thousands)
Outstanding borrowings	$	3,108,243	$	—
Unused		29,189,620		147,739

At December 31, 2015, M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $20.5 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 $11.9 billion at December 31, 2015. 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,
	2015		2014
	(In thousands)
Senior notes of M&T Bank:
Variable rate due 2016	$	300,000	$	300,000
Variable rate due 2017		550,000		550,000
1.25% due 2017		499,984		499,969
1.40% due 2017		749,851		749,756
1.45% due 2018		503,527		503,118
2.25% due 2019		648,628		648,243
2.30% due 2019		749,219		748,965
2.10% due 2020		749,650		—
2.90% due 2025		749,236		—
Advances from FHLB:
Fixed rates		1,158,216		1,161,514
Agreements to repurchase securities		1,899,281		1,400,000
Subordinated notes of Wilmington Trust Corporation (a wholly owned subsidiary of M&T):
8.50% due 2018		213,417		218,883
Subordinated notes of M&T Bank:
6.625% due 2017		419,800		428,627
5.585% due 2020, variable rate commenced 2015		409,361		400,846
5.629% due 2021, variable rate commencing 2016		518,797		538,961
Junior subordinated debentures of M&T associated with preferred capital securities:
Fixed rates:
M&T Capital Trust I — 8.234%, due 2027		—		154,640
M&T Capital Trust II — 8.277%, due 2027		—		103,093
M&T Capital Trust III — 9.25%, due 2027		—		65,784
BSB Capital Trust I — 8.125%, due 2028		15,635		15,612
Provident Trust I — 8.29%, due 2028		25,817		25,405
Southern Financial Statutory Trust I — 10.60%, due 2030		6,583		6,550
Variable rates:
First Maryland Capital I — due 2027		145,717		145,179
First Maryland Capital II — due 2027		147,291		146,627
Allfirst Asset Trust — due 2029		96,349		96,204
BSB Capital Trust III — due 2033		15,464		15,464
Provident Statutory Trust III — due 2033		53,244		52,692
Southern Financial Capital Trust III — due 2033		7,889		7,816
Other		20,902		23,011

	$	10,653,858	$	9,006,959

The variable rate senior notes of M&T Bank pay interest quarterly at rates that are indexed to the three-month LIBOR. The contractual interest rates for those notes ranged from 0.62% to 0.75% at December 31, 2015 and from 0.54% to 0.61% at December 31, 2014. The weighted-average contractual interest rates payable were 0.69% at December 31, 2015 and 0.56% at December 31, 2014.

Long-term fixed rate advances from the FHLB had contractual interest rates ranging from 1.17% to 7.32% with a weighted-average contractual interest rate of 1.66% at December 31, 2015 and 1.68% at December 31, 2014. 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 4.58% at December 31, 2015 and from 3.61% to 4.30% at December 31, 2014. The weighted-average contractual interest rates payable were 4.00% at December 31, 2015 and 3.90% at December 31, 2014. The agreements reflect various repurchase dates through 2020, however, the contractual maturities of the underlying investment securities extend beyond such repurchase dates. The agreements are subject to legally enforceable master netting arrangements, however, the Company has not offset any amounts related to these agreements in its consolidated financial statements. The Company posted collateral consisting primarily of government guaranteed mortgage-backed securities of $2.0 billion and $1.5 billion at December 31, 2015 and 2014, respectively.

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. The subordinated notes of M&T Bank that mature in 2020 converted to variable rate notes in December 2015. These notes now pay interest monthly at a rate that is indexed to the one-month LIBOR. The contractual interest rate was 1.64% at December 31, 2015. The subordinated notes of M&T Bank that mature in 2021 will convert to variable rate notes in December 2016. These notes will then pay interest quarterly at a rate that is indexed to the three-month LIBOR.

The fixed and variable 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 were includable in M&T’s Tier 1 capital through December 31, 2014. In 2015, only 25% of then-outstanding securities were included in Tier 1 capital and beginning in 2016 none of the securities will be included in Tier 1 capital. The variable rate Junior Subordinated Debentures pay interest quarterly at rates that are indexed to the three-month LIBOR. Those rates ranged from 1.18% to 3.67% at December 31, 2015 and from 1.08% to 3.58% at December 31, 2014. The weighted-average variable rates payable on those Junior Subordinated Debentures were 1.78% at December 31, 2015 and 1.66% at December 31, 2014.

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 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 2033) 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. On April 15, 2015, M&T redeemed all of the issued and outstanding Capital Securities issued by M&T Capital Trust I, M&T Capital Trust II and M&T Capital Trust III, and the related Junior Subordinated Debentures held by those respective trusts. In the aggregate, $323 million of Junior Subordinated Debentures were redeemed.

Long-term borrowings at December 31, 2015 mature as follows:


	(In thousands)
Year ending December 31:
2016	$	1,106,613
2017		3,452,420
2018		719,574
2019		2,306,326
2020		1,272,561
Later years		1,796,364

	$	10,653,858