Company: MTB-PJ
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006267
Chunk: 128

Company: M&T BANK CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 128
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ordinated debentures537 538 534 Asset-backed notes946 192 — Other10 10 10 Total long-term borrowings11,083 7,296 3,440 Total borrowed funds$15,523 $13,054 $4,376 

The Company uses borrowing capacity from banks, the FHLBs, the FRB of New York and others as sources of funding. Short-term borrowings represent arrangements that at the time they were entered into had a contractual maturity of one year or less. The lower levels of short-term borrowings in 2024 as compared with 2023 reflect the Company's management of liquidity.

Long-term borrowings averaged $11.1 billion in 2024 and $7.3 billion in 2023. The increased usage of borrowing facilities in 2024 reflects the Company's strategies to diversify its wholesale funding sources to provide long-term funding stabilization and prepare for proposed regulations enumerating certain long-term debt requirements as described herein in Part I, Item 1 of this Form 10-K under the heading "Resolution Planning and Resolution-Related Requirements." Table 14 provides a summary of the Company's issuances, maturities and redemptions of long-term borrowings in 2024.

Table 14

LONG-TERM BORROWING ISSUANCES, MATURITIES AND REDEMPTIONS 

(Dollars in millions)2024Issuances:Senior notes of M&T$2,341 FHLB advances2,000 Asset-backed notes1,156 Maturities/Redemptions:Subordinated notes of M&T and M&T Bank475 Junior subordinated debentures of M&T associated with Preferred Capital Securities (a)130 

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(a)Redemption resulted in a $20 million loss, which was recognized in Other costs of operations in the Consolidated Statement of Income.

Additional information regarding outstanding borrowings is provided in notes 8 and 18 of Notes to Financial Statements. 

68

Net interest margin

Taxable-equivalent net interest income can be impacted by changes in the composition of the Company’s earning assets and interest-bearing liabilities, as discussed herein, as well as changes in interest rates and spreads. Net interest spread, or the difference between the yield on earning assets and the rate paid on interest-bearing liabilities, was 2.57% in 2024, compared with 2.90% in 2023. The decline in the net interest