Company: MTB-PJ
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000036270-25-000011
Chunk: 40

Company: M&T BANK CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 at June 30, 2025 and December 31, 2024, respectively. Interest rate swap agreements entered into with customers are subject to the Company’s credit risk standards and often contain collateral provisions.

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12. Variable interest entities and asset securitizations

The Company’s securitization activities include securitizing loans originated for sale into government-issued or guaranteed mortgage-backed securities. Additionally, M&T Bank and its subsidiaries have issued asset-backed notes secured by either equipment finance loans and leases or by automobile loans. Those loans and leases were sold into special purpose trusts which in turn issued asset-backed notes to investors. The loans and leases continue to be serviced by the Company. The senior-most notes in those securitizations were purchased by third parties whereas the residual interests of the trusts were retained by the Company. As a result of the retention of the residual interests and its continued role as servicer of the loans and leases, the Company is considered to be the primary beneficiary of the securitization trusts and, accordingly, the trusts have been included in the Company's consolidated financial statements. Assets held in each special purpose trust may only be used to settle the respective obligations of the asset-backed notes issued by that trust and the holders of the asset-backed notes have no recourse to the Company. The outstanding balances of those asset-backed notes issued to third party investors are included in Long-term borrowings in the Company's Consolidated Balance Sheet. Information about the asset-backed notes issued to investors and the respective special purpose trust at June 30, 2025 and December 31, 2024 are included in the following table.(Dollars in millions)June 30, 2025December 31, 2024Issue DateCollateral TypeRemaining Loan Collateral BalanceAsset-Backed Notes to InvestorsWeighted-Average LifeWeighted-Average RateRemaining Loan Collateral BalanceAsset-Backed Notes to InvestorsAugust 2023Equipment finance loans and leases$324 $214 0.85.74 %$416 $297 March 2024Automobile loans3143021.35.28 383371August 2024Equipment finance loans and leases5884781.34.88 691561February 2025Automobile loans6416271.74.76 — — May 2025Equipment finance loans and leases6365202.04.74 — — $2,141 $1,229 M&T has issued Junior