Variable interest entities and asset securitizations (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Information on the Company's carrying amount of its investments in tax equity partnerships and its related future funding commitments are presented in the following table:


(Dollars in millions)	September 30, 2025		December 31, 2024
Affordable housing projects:
Carrying amount (a)	$	1,598	$	1,384
Amount of future funding commitments included in carrying amount (b)	658		467
Contingent commitments	88		69
Renewable energy:
Carrying amount (a)	115		135
Amount of future funding commitments included in carrying amount (b)	65		46
Other:
Carrying amount (a)	34		37
Amount of future funding commitments included in carrying amount	—		—

__________________________________________________________________________________

(a)Included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.

(b)Included in Accrued interest and other liabilities in the Company's Consolidated Balance Sheet.

Schedule of Asset-Backed Notes Issued to Investors

The following table summarizes the Company's short-term and long-term borrowings at September 30, 2025 and December 31, 2024.


(Dollars in millions)	September 30, 2025		December 31, 2024
Short-term borrowings
Repurchase agreements	$	59	$	60
Advances from FHLB	2,000		1,000
Total short-term borrowings	$	2,059	$	1,060

Long-term borrowings
Senior notes — M&T	$	5,605	$	4,710
Senior notes — M&T Bank	3,745		3,745
Advances from FHLB	3		2,004
Subordinated notes — M&T	747		—
Subordinated notes — M&T Bank	487		474
Junior subordinated debentures — M&T (a)	402		433
Asset-backed notes (a)	1,929		1,229
Other	10		10
Total long-term borrowings	$	12,928	$	12,605

__________________________________________________________________________________

(a) Further information about Junior Subordinated Debentures and asset-backed note financing transactions is provided in note 12.

Information about the asset-backed notes issued to investors and the respective special purpose trust at September 30, 2025 and December 31, 2024 are included in the following table.


(Dollars in millions)		September 30, 2025							December 31, 2024
Issue Date	Collateral Type	Remaining Loan Collateral Balance		Asset-Backed Notes to Investors		Weighted-Average Life (In years)	Weighted-Average Rate		Remaining Loan Collateral Balance		Asset-Backed Notes to Investors
August 2023	Equipment finance loans and leases	$	284	$	177	0.7	5.74	%	$	416	$	297
March 2024	Automobile loans	282		269		1.3	5.25		383		371
August 2024	Equipment finance loans and leases	536		437		1.5	4.87		691		561
February 2025	Automobile loans	583		568		1.5	4.74		—		—
May 2025	Equipment finance loans and leases	591		478		1.9	4.75		—		—
				$	1,929						$	1,229

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

M&T BANK CORP 10-Q