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, 2017
Amount outstanding	$	175,099		$	—		$	175,099
Weighted-average interest rate		0.92	%		—			0.92	%
For the year ended December 31, 2017
Highest amount at a month-end	$	204,977		$	1,500,000
Daily-average amount outstanding		188,459			16,164		$	204,623
Weighted-average interest rate		0.69	%		1.27	%		0.74	%
At December 31, 2016
Amount outstanding	$	163,442		$	—		$	163,442
Weighted-average interest rate		0.32	%		—			0.32	%
For the year ended December 31, 2016
Highest amount at a month-end	$	225,940		$	1,974,013
Daily-average amount outstanding		203,853			689,969		$	893,822
Weighted-average interest rate		0.28	%		0.44	%		0.41	%
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	%

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, 2017 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 matured at various dates during 2016.

At December 31, 2017, M&T Bank had lines of credit under formal agreements as follows:

	(In thousands)

Outstanding borrowings	$	576,954
Unused		31,624,206

At December 31, 2017, M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $20.2 billion. Additionally, M&T Bank had an available line of credit with the Federal Reserve Bank of New York totaling approximately $12.0 billion at December 31, 2017. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities.

Long-term borrowings were as follows:

	December 31,
	2017		2016
	(In thousands)
Senior notes of M&T Bank:
Variable rate due 2017	$	—	$	550,000
Variable rate due 2022		249,558		—
1.25% due 2017		—		499,999
1.40% due 2017		—		749,946
1.45% due 2018		499,907		501,829
2.25% due 2019		644,977		649,012
2.30% due 2019		746,919		749,473
2.10% due 2020		743,788		749,735
2.05% due 2020		739,961		—
2.50% due 2022		638,872		—
2.90% due 2025		749,404		749,320
Advances from FHLB:
Fixed rates		576,876		1,154,737
Agreements to repurchase securities		421,771		1,084,694
Subordinated notes of Wilmington Trust Corporation (a wholly owned subsidiary of M&T):
8.50% due 2018		200,000		207,651
Subordinated notes of M&T Bank:
6.625% due 2017		—		409,526
5.585% due 2020, variable rate commenced 2015		409,361		409,361
5.629% due 2021, variable rate commenced 2016		500,000		500,000
3.40% due 2027		491,176		—
Junior subordinated debentures of M&T associated with preferred capital securities:
Fixed rates:
BSB Capital Trust I — 8.125%, due 2028		15,682		15,659
Provident Trust I — 8.29%, due 2028		26,847		26,293
Southern Financial Statutory Trust I — 10.60%, due 2030		6,664		6,620
Variable rates:
First Maryland Capital I — due 2027		146,794		146,256
First Maryland Capital II — due 2027		148,617		147,954
Allfirst Asset Trust — due 2029		96,640		96,494
BSB Capital Trust III — due 2033		15,464		15,464
Provident Statutory Trust III — due 2033		54,466		53,834
Southern Financial Capital Trust III — due 2033		8,051		7,968
Other		9,635		12,010
	$	8,141,430	$	9,493,835

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 were 2.05% at December 31, 2017 and ranged from 1.18% to 1.26% at December 31, 2016. The weighted-average contractual interest rate was 1.22% at December 31, 2016.

Long-term fixed rate advances from the FHLB had contractual interest rates ranging from 1.97% to 5.98% at December 31, 2017 and from 1.17% to 7.32% at December 31, 2016. The weighted-average contractual interest rate was 2.06% at December 31, 2017 and 1.65% at December 31, 2016. 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 4.09% to 4.58% at December 31, 2017 and from 3.65% to 4.58% at December 31, 2016. The weighted-average contractual interest rates payable were 4.31% at December 31, 2017 and 4.05% at December 31, 2016. 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 $442 million and $1.1 billion at December 31, 2017 and 2016, 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 rates were 2.78% and 1.97% at December 31, 2017 and 2016, respectively. The subordinated notes of M&T Bank that mature in 2021 converted to variable rate notes in December 2016. Those notes now pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rate was 2.12% at December 31, 2017 and 1.57% at December 31, 2016.

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 risk-based capital guidelines, the Capital Securities qualify for inclusion in Tier 2 regulatory capital. The variable rate Junior Subordinated Debentures pay interest quarterly at rates that are indexed to the three-month LIBOR. Those rates ranged from 2.23% to 4.71% at December 31, 2017 and from 1.74% to 4.23% at December 31, 2016. The weighted-average variable rates payable on those Junior Subordinated Debentures were 2.83% at December 31, 2017 and 2.33% at December 31, 2016.

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.

Long-term borrowings at December 31, 2017 mature as follows:

	(In thousands)
Year ending December 31:
2018	$	701,256
2019		2,282,016
2020		2,005,383
2021		502,487
2022		888,430
Later years		1,761,858
	$	8,141,430