Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2023

The following table summarizes the Company’s borrowed funds:


(in millions)	March 31, 2023		December 31, 2022
Wholesale borrowings:
FHLB advances	$	20,350	$	20,325

Total wholesale borrowings	$	20,350	$	20,325
Junior subordinated debentures	576		575
Subordinated notes	434		432
Total borrowed funds	$	21,360	$	21,332

Schedule of Subordinated Borrowing

The following table presents contractual terms of the junior subordinated debentures outstanding at March 31, 2023:


Issuer	Interest Rate of Capital Securities and Debentures	Junior Subordinated Debentures Amount Outstanding (3)		Capital Securities Amount Outstanding		Date of Original Issue	Stated Maturity
		(dollars in millions)
New York Community Capital Trust V (BONUSES Units) (1)	0.06	$	147	$	141	Nov. 4, 2002	Nov. 1, 2051
New York Community Capital Trust X (2)	6.47	124		120		Dec. 14, 2006	Dec. 15, 2036
PennFed Capital Trust III (2)	8.12	31		30		June 2, 2003	June 15, 2033
New York Community Capital Trust XI (2)	6.81	59		58		April 16, 2007	June 30, 2037
Flagstar Statutory Trust II (2)	8.38	26		25		Dec. 26, 2002	Dec. 26, 2032
Flagstar Statutory Trust III (2)	8.08	26		25		Feb. 19, 2003	April 7, 2033
Flagstar Statutory Trust IV (2)	7.98	26		25		Mar. 19, 2003	Mar 19, 2033
Flagstar Statutory Trust V (2)	6.83	26		25		Dec 29, 2004	Jan. 7, 2035
Flagstar Statutory Trust VI (2)	6.83	26		25		Mar. 30, 2005	April 7, 2035
Flagstar Statutory Trust VII (2)	6.62	52		50		Mar. 29, 2005	June 15, 2035
Flagstar Statutory Trust VIII (2)	6.33	26		25		Sept. 22, 2005	Oct. 7, 2035
Flagstar Statutory Trust IX (2)	6.32	26		25		June 28, 2007	Sept. 15, 2037
Flagstar Statutory Trust X (2)	7.37	15		15		Aug. 31, 2007	Sept 15, 2037
Total junior subordinated debentures (3)		$	610	$	589

(1)Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002.

(2)Callable at any time.

(3)Excludes Flagstar Acquisition fair value adjustments of $32 million.

At March 31, 2023 and December 31, 2022, the Company had a total of $434 million and $432 million subordinated notes outstanding; respectively, of fixed-to-floating rate subordinated notes outstanding:


Date of Original Issue	Stated Maturity	Interest Rate	Original Issue Amount
November 6, 2018	November 6, 2028 (1)	5.900%	$	300
October 28, 2020	November 1, 2030 (2)	4.125%	$	150

(1)From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90 percent per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly.

(2)From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date.