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Borrowings | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Borrowings | Borrowings
(Dollars in millions) | September 30, 2024 |  | December 31, 2023
Short-term borrowings |  |  |
Federal funds purchased and repurchase agreements | $ | 105 |  |  | $ | 316 |
FHLB advances | 2,500 |  |  | 5,000 |
Total short-term borrowings | $ | 2,605 |  |  | $ | 5,316 |
Long-term borrowings |  |  |
Senior notes — M&T | $ | 3,371 |  |  | $ | 2,482 |
Senior notes — M&T Bank | 3,744 |  |  | 3,741 |
FHLB advances | 2,004 |  |  | 5 |
Subordinated notes — M&T | 75 |  |  | 76 |
Subordinated notes — M&T Bank | 482 |  |  | 873 |
Junior subordinated debentures — M&T | 543 |  |  | 540 |
Asset-backed notes | 1,354 |  |  | 474 |
Other | 10 |  |  | 10 |
Total long-term borrowings | $ | 11,583 |  |  | $ | 8,201 |
In August 2024, a subsidiary of M&T Bank issued asset-backed notes secured by equipment finance loans and leases. A total of $650 million of such notes 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 4.87% at the time of securitization. Further information about this financing transaction is provided in note 12. In February 2024, M&T Bank advanced $2.0 billion from the FHLB of New York which matures in February 2025 at a variable rate of SOFR plus 25 basis points payable quarterly until maturity. In March 2024, M&T issued $850 million of senior notes that mature in March 2032 and pay a 6.082% fixed rate semi-annually until March 2031 after which SOFR plus 2.26% will be paid quarterly until maturity. Also in March 2024, M&T Bank issued asset-backed notes secured by automobile loans. A total of $511 million of such notes 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 5.29% at the time of securitization. Further information about this financing transaction is provided in note 12. M&T Bank had secured borrowing facilities available with the FHLB of New York and the FRB of New York totaling approximately $15.8 billion and $23.8 billion, respectively, at September 30, 2024. 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 by pledging additional assets.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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