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Borrowed Funds (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Borrowed Funds

The following table summarizes the Company’s borrowed funds at December 31, 2021 and 2020:

 

 

 

December 31,

 

(in millions)

 

2021

 

 

2020

 

Wholesale borrowings:

 

 

 

 

 

 

FHLB advances

 

$

15,105

 

 

$

14,628

 

Repurchase agreements

 

 

800

 

 

 

800

 

Total wholesale borrowings

 

$

15,905

 

 

$

15,428

 

Junior subordinated debentures

 

 

361

 

 

 

360

 

Subordinated notes

 

 

296

 

 

 

296

 

Total borrowed funds

 

$

16,562

 

 

$

16,084

 
Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances

The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2021 were as follows:

 

 

 

Contractual Maturity

 

 

Earlier of Contractual
Maturity or Next Call Date

 

 

(dollars in millions)
Year

 

 

Amount

 

 

Weighted
Average
Interest
Rate (1)

 

 

 

Amount

 

 

Weighted
Average
Interest
Rate (1)

 

 

2022

 

$

 

3,750

 

 

 

0.50

 

%

$

 

11,030

 

 

 

1.53

 

%

2023

 

 

 

2,525

 

 

 

0.85

 

 

 

 

2,725

 

 

 

0.91

 

 

2024

 

 

 

1,350

 

 

 

0.85

 

 

 

 

1,350

 

 

 

0.85

 

 

2025

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

2026

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

2027

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

2028

 

 

 

4,350

 

 

 

2.40

 

 

 

 

—

 

 

 

—

 

 

2029

 

 

 

3,130

 

 

 

1.55

 

 

 

 

—

 

 

 

—

 

 

Total FHLB advances

 

$

 

15,105

 

 

 

1.36

 

 

$

 

15,105

 

 

 

1.36

 

 

 

(1)
Does not included the effect interest rate swap agreements.
Analysis of Contractual Maturities of Outstanding Repurchase Agreements Accounted for as Secured Borrowings

The following table presents an analysis of the contractual maturities and next call dates of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2021:

 

 

 

 

Contractual Maturity

 

 

 

Earlier of Contractual
Maturity or Next
Call Date

(dollars in millions)
Year

 

 

Amount

 

 

Weighted
Average
Interest
Rate

 

 

 

Amount

 

 

Weighted
Average
Interest
Rate

 

 

2022

 

$

 

—

 

 

 

—

 

%

$

 

800

 

 

 

2.24

 

%

2023

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

2028

 

 

 

300

 

 

 

2.37

 

 

 

 

—

 

 

 

—

 

 

2029

 

 

 

500

 

 

 

2.16

 

 

 

 

—

 

 

 

—

 

 

 

 

$

 

800

 

 

 

2.24

 

 

$

 

800

 

 

 

2.24

 

 
Details of Repurchase Agreements

The following table provides the contractual maturity and weighted average interest rate of repurchase agreements, and the amortized cost and fair value of the securities collateralizing the repurchase agreements, at December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

Mortgage-Related
and Other Securities

 

 

 

GSE Debentures and
U.S. Treasury
Obligations

 

(dollars in millions)
Period of Maturity

 

 

Amount

 

 

Weighted
Average
Interest
Rate

 

 

 

Amortized
Cost

 

 

 

Fair
Value

 

 

 

Amortized
Cost

 

 

 

Fair
Value

 

Greater than 90 days

 

$

 

800

 

 

2.24

%

 

$

 

345

 

 

$

 

343

 

 

$

 

549

 

 

$

 

570

 
Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at December 31, 2021:

 

Issuer

 

Interest Rate
of Capital
Securities
and
Debentures

 

 

 

Junior
Subordinated
Debentures
Amount
Outstanding

 

 

 

Capital
Securities
Amount
Outstanding

 

 

Date of
Original Issue

 

Stated
Maturity

 

First Optional
Redemption
Date

 

 

 

 

 

 

(dollars in millions)

 

 

 

 

 

 

 

New York Community Capital
   Trust V (BONUSESSM Units)

 

 

6.00

%

 

$

 

147

 

 

$

 

140

 

 

Nov. 4, 2002

 

Nov. 1, 2051

 

Nov. 4, 2007

(1)

New York Community Capital
   Trust X

 

1.80

 

 

 

 

124

 

 

 

 

120

 

 

Dec. 14, 2006

 

Dec. 15, 2036

 

Dec. 15, 2011

(2)

PennFed Capital Trust III

 

3.45

 

 

 

 

31

 

 

 

 

30

 

 

June 2, 2003

 

June 15, 2033

 

June 15, 2008

(2)

New York Community Capital
   Trust XI

 

1.87

 

 

 

 

59

 

 

 

 

58

 

 

April 16, 2007

 

June 30, 2037

 

June 30, 2012

(2)

Total junior subordinated debentures

 

 

 

 

$

 

361

 

 

$

 

348

 

 

 

 

 

 

 

 

 

(1)
Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002.
(2)
Callable from this date forward.
Subordinated Debt  
Junior Subordinated Debentures Outstanding

At December 31, 2021 and 2020, the Company had $296 million, respectively, of fixed-to-floating rate subordinated notes outstanding:

 

Date of Original Issue

 

Stated Maturity

 

Interest Rate(1)

 

 

Original Issue
Amount

 

 

 

(dollars in millions)

 

 

 

 

Nov. 6, 2018

 

Nov. 6, 2028

 

 

5.90

%

 

$

300

 

 

(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% 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.