M&T BANK CORPMTB
M&T BANK CORP Debt Disclosure
Borrowings
Short-term borrowings have a stated maturity of one year or less at the date the Company enters into the obligation. The amounts and interest rates of short-term borrowings were as follows:
| (Dollars in millions) | Repurchase Agreements | FHLB Advances | Total | ||||||||||||||
| At December 31, 2025 | |||||||||||||||||
| Amount outstanding (a) | $ | 49 | $ | 2,100 | $ | 2,149 | |||||||||||
| Weighted-average interest rate | 1.93 | % | 3.83 | % | 3.78 | % | |||||||||||
| At December 31, 2024 | |||||||||||||||||
| Amount outstanding | $ | 60 | $ | 1,000 | $ | 1,060 | |||||||||||
| Weighted-average interest rate | 2.65 | % | 4.50 | % | 4.39 | % | |||||||||||
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(a)All outstanding short-term borrowings at December 31, 2025 are set to mature in the first quarter of 2026.
At December 31, 2025, M&T Bank had borrowing facilities available with the FHLB of New York whereby M&T Bank could borrow up to approximately $20.4 billion, of which $2.1 billion was outstanding at December 31, 2025. Additionally, M&T Bank had an available line of credit with the FRB of New York totaling approximately $25.4 billion at December 31, 2025. 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, | |||||||||||||||||||||||
| (Dollars in millions) | Maturity (a) | Stated Rate (a) | 2025 | 2024 | |||||||||||||||||||
| M&T | |||||||||||||||||||||||
| Senior notes (fixed rate) (b) | 2028 - 2036 | 4.55% - 7.41% | $ | 5,583 | $ | 4,710 | |||||||||||||||||
| Subordinated notes (fixed rate) | 2035 | 5.40% | 747 | — | |||||||||||||||||||
| Junior Subordinated Debentures: | |||||||||||||||||||||||
| Fixed rate | — | — | — | 7 | |||||||||||||||||||
| Variable rate | 2027 - 2029 | 5.17% - 5.70% | 403 | 426 | |||||||||||||||||||
| $ | 6,733 | $ | 5,143 | ||||||||||||||||||||
| M&T Bank | |||||||||||||||||||||||
| Senior notes (fixed rate) | 2028 | 4.70% - 4.76% | $ | 1,946 | $ | 3,745 | |||||||||||||||||
| Advances from FHLB (variable rate) | — | — | — | 2,000 | |||||||||||||||||||
| Advances from FHLB (fixed rate) | 2026 - 2039 | 0.00% - 5.98% | 3 | 4 | |||||||||||||||||||
| Subordinated notes (fixed rate) | 2027 | 3.40% | 489 | 474 | |||||||||||||||||||
| Asset-backed notes (fixed and variable rate) (c) | 2026 - 2032 | 4.70% - 5.74% | 1,730 | 1,229 | |||||||||||||||||||
| Other | 2027 | 4.38% | 10 | 10 | |||||||||||||||||||
| 4,178 | 7,462 | ||||||||||||||||||||||
| $ | 10,911 | $ | 12,605 | ||||||||||||||||||||
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(a)As of December 31, 2025.
(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.
The Junior Subordinated Debentures are held by various trusts and were issued in connection with the issuance by those trusts of Preferred Capital Securities and Common Securities. The proceeds from the issuances of the Preferred 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 Preferred Capital Securities represent preferred undivided interests in the assets of the corresponding trust. Under the Federal Reserve’s risk-based capital guidelines, the Preferred Capital Securities qualify for inclusion in Tier 2 regulatory capital. Holders of the Preferred 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 Preferred 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 Preferred 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 Preferred Capital Securities. The obligations under such guarantee and the Preferred Capital Securities are subordinate and junior in right of payment to all senior indebtedness of M&T. In 2025 and 2024, the Company redeemed $34 million and $130 million, respectively, par value of Junior Subordinated Debentures prior to their stated maturity dates. The early redemptions resulted in a loss of $3 million and $20 million in 2025 and 2024, respectively, which were included in Other costs of operations in the Consolidated Statement of Income.
Asset-backed notes represent the senior-most notes issued in securitization transactions that are secured by equipment finance loans and leases or automobile loans which were sold into special purpose trusts. Further information concerning these asset securitizations and the amounts of loans collateralizing the asset-back notes is included in note 4 and note 18, respectively.
Long-term borrowings at December 31, 2025 mature as follows:
| (Dollars in millions) | |||||
| Year ending December 31: | |||||
| 2026 | $ | 15 | |||
| 2027 | 992 | ||||
| 2028 | 2,553 | ||||
| 2029 | 1,803 | ||||
| 2030 | 411 | ||||
| Later years | 5,137 | ||||
| $ | 10,911 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 19, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.