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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Amounts and Interest Rates of Short-term Borrowings | The amounts and interest rates of short-term borrowings were as follows:
(Dollars in millions) | Repurchase Agreements |  | FHLB Advances |  | Total
At December 31, 2024 |  |  |  |  |
Amount outstanding | $ | 60 |  |  | $ | 1,000 |  |  | $ | 1,060 |
Weighted-average interest rate | 2.65 | % |  | 4.50 | % |  | 4.39 | %
At December 31, 2023 |  |  |  |  |
Amount outstanding | $ | 316 |  |  | $ | 5,000 |  |  | $ | 5,316 |
Weighted-average interest rate | 3.26 | % |  | 5.35 | % |  | 5.23 | %
Long-term Borrowings | Long-term borrowings were as follows:
|  |  |  |  | December 31,
(Dollars in millions) | Maturity (a) |  | Stated Rate (a) |  | 2024 |  | 2023
M&T |  |  |  |  |  |  |
Senior notes (fixed rate) (b) | 2028 - 2036 |  | 4.55% - 7.41% |  | $ | 4,710 |  |  | $ | 2,482 |
Subordinated notes (fixed rate) | — |  | — |  | — |  |  | 76 |
Junior subordinated debentures: |  |  |  |  |  |  |
Fixed rate | 2030 |  | 10.60% |  | 7 |  |  | 55 |
Variable rate | 2027 - 2033 |  | 5.70% - 8.20% |  | 426 |  |  | 485 |
|  |  |  |  | $ | 5,143 |  |  | $ | 3,098 |
M&T Bank |  |  |  |  |  |  |
Senior notes (fixed rate) | 2025 - 2028 |  | 2.90% - 5.40% |  | $ | 3,745 |  |  | $ | 3,741 |
Advances from FHLB (variable rate) | 2025 |  | 4.74% |  | 2,000 |  |  | — |
Advances from FHLB (fixed rate) | 2025 - 2039 |  | 0.00% - 5.98% |  | 4 |  |  | 5 |
Subordinated notes (fixed rate) | 2027 |  | 3.40% |  | 474 |  |  | 873 |
Asset-backed notes (c) | 2025 - 2032 |  | 4.86% - 5.76% |  | 1,229 |  |  | 474 |
Other | 2027 |  | 4.38% |  | 10 |  |  | 10 |
|  |  |  |  | 7,462 |  |  | 5,103 |
|  |  |  |  | $ | 12,605 |  |  | $ | 8,201 |
__________________________________________________________________________________ (a)As of December 31, 2024. (b)Terms generally convert to variable rate in the final year before maturity, at which time the notes are redeemable at par. (c)Represents weighted-average stated rates determined at the individual securitization level.
Maturity of Long-term Borrowings | Long-term borrowings at December 31, 2024 mature as follows:
(Dollars in millions) |
Year ending December 31: |
2025 | $ | 3,270 |
2026 | 1,299 |
2027 | 788 |
2028 | 1,680 |
2029 | 1,575 |
Later years | 3,993 |
| $ | 12,605 |

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