	Federal Funds Purchased and Repurchase Agreements			Other Short-term Borrowings			Total
	(Dollars in thousands)
At December 31, 2020
Amount outstanding	$	59,482		$	—		$	59,482
Weighted-average interest rate		0.01	%		—			0.01	%
For the year ended December 31, 2020
Highest amount at a month-end	$	82,893		$	—
Daily-average amount outstanding		61,551			—		$	61,551
Weighted-average interest rate		0.05	%		—			0.05	%
At December 31, 2019
Amount outstanding	$	62,363		$	—		$	62,363
Weighted-average interest rate		0.14	%		—			0.14	%
For the year ended December 31, 2019
Highest amount at a month-end	$	3,402,566		$	5,000,000
Daily-average amount outstanding		260,322			799,068		$	1,059,390
Weighted-average interest rate		1.86	%		2.49	%		2.34	%
At December 31, 2018
Amount outstanding	$	198,378		$	4,200,000		$	4,398,378
Weighted-average interest rate		1.68	%		2.63	%		2.58	%
For the year ended December 31, 2018
Highest amount at a month-end	$	2,654,416		$	4,200,000
Daily-average amount outstanding		261,200			69,465		$	330,665
Weighted-average interest rate		1.49	%		2.16	%		1.63	%

Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. In general, short-term repurchase agreements outstanding at December 31, 2020 matured on the next business day following year-end.

At December 31, 2020, M&T Bank had lines of credit under formal agreements as follows:

At December 31, 2020, M&T Bank had borrowing facilities available with the FHLBs whereby M&T Bank could borrow up to approximately $19.0 billion. Additionally, M&T Bank had an available line of credit with the Federal Reserve Bank of New York totaling approximately

$13.0 billion at December 31, 2020. M&T Bank is required to pledge loans and investment securities as collateral for these borrowing facilities.

	December 31,
	2020		2019
	(In thousands)
Senior notes of M&T:
Variable rate due 2023	$	249,824	$	249,756
3.55% due 2023		533,369		520,454
Senior notes of M&T Bank:
Variable rate due 2021		349,992		349,893
Variable rate due 2022		249,858		249,758
2.05% due 2020		—		749,254
2.10% due 2020		—		749,864
2.625% due 2021		—		654,136
2.50% due 2022		664,400		652,714
2.90% due 2025		749,656		749,572
Advances from FHLB:
Fixed rates		1,683		1,815
Agreements to repurchase securities		—		101,679
Subordinated notes of M&T Bank:
Variable rate due 2020		—		409,361
Variable rate due 2021		500,000		500,000
3.40% due 2027		552,194		514,353
Junior subordinated debentures of M&T associated with preferred capital securities:
Fixed rates:
BSB Capital Trust I — 8.125%, due 2028		15,752		15,728
Provident Trust I — 8.29%, due 2028		29,099		28,235
Southern Financial Statutory Trust I — 10.60%, due 2030		6,836		6,770
Variable rates:
First Maryland Capital I — due 2027		148,409		147,871
First Maryland Capital II — due 2027		150,606		149,943
Allfirst Asset Trust — due 2029		97,075		96,930
BSB Capital Trust III — due 2033		15,464		15,464
Provident Statutory Trust III — due 2033		56,641		55,867
Southern Financial Capital Trust III — due 2033		8,338		8,236
Other		2,997		8,533
	$	4,382,193	$	6,986,186

The variable rate notes of M&T pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rates for those notes were .90% at December 31, 2020 and 2.62% at December 31, 2019.

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 .49% to .83% at December 31, 2020 and 2.21% to 2.54% at December 31, 2019. The weighted-average contractual interest rate was 0.63% at December 31, 2020 and 2.34% at December 31, 2019.

Long-term fixed rate advances from the FHLB had weighted-average contractual interest rates of 5.82% at December 31, 2020 and December 31, 2019. Advances from the FHLB outstanding at December 31, 2020 mature in 2029 and 2035 and are secured by residential real estate loans, commercial real estate loans and investment securities.

The agreement to repurchase securities outstanding at December 31, 2019 had a contractual interest rate of 4.29%. The Company posted collateral consisting primarily of government guaranteed mortgage-backed securities of $108 million at December 31, 2019.

The subordinated notes of M&T Bank are unsecured and are subordinate to the claims of its other creditors. The notes that were repaid in 2020 paid interest monthly at a rate that was indexed to the one-month LIBOR. The contractual interest rate was 3.02% at maturity and December 31, 2019. The notes that mature in 2021 pay interest quarterly at a rate that is indexed to the three-month LIBOR. The contractual interest rate was 0.87% at December 31, 2020 and 2.55% at December 31, 2019.

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 1.06% to 3.59% at December 31, 2020 and from 2.76% to 5.34% at December 31, 2019. The weighted-average variable rates payable on those Junior Subordinated Debentures were 1.65% at December 31, 2020 and 3.37% at December 31, 2019.

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.