Borrowed Funds

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Borrowed Funds

Note 7. Borrowed Funds

The following table summarizes the Company’s borrowed funds at the dates indicated:

	June 30,		December 31,
(in millions)	2022		2021
Wholesale borrowings:
FHLB advances	$	12,850	$	15,105
Repurchase agreements		800		800
Total wholesale borrowings	$	13,650	$	15,905
Junior subordinated debentures		361		361
Subordinated notes		296		296
Total borrowed funds	$	14,307	$	16,562

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2022:

	Remaining Contractual Maturity of the Agreements
(in millions)	Overnight and Continuous		Up to 30 Days		30–90 Days		Greater than 90 Days
GSE obligations	$	—	$	—	$	—	$	800

Subordinated Notes

At June 30, 2022 and December 31, 2021, the Company had $296 million 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 points payable quarterly.

Junior Subordinated Debentures

At June 30, 2022 and December 31, 2021, the Company had $361 million of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by statutory business trusts (the “Trusts”) that issued guaranteed capital securities.

The Trusts are accounted for as unconsolidated subsidiaries, in accordance with GAAP. The proceeds of each issuance were invested in a series of junior subordinated debentures of the Company and the underlying assets of each statutory business trust are the relevant debentures. The Company has fully and unconditionally guaranteed the obligations under each trust’s capital securities to the extent set forth in a guarantee by the Company to each trust. The Trusts’ capital securities are each subject to mandatory redemption, in whole or in part, upon repayment of the debentures at their stated maturity or earlier redemption.

The following junior subordinated debentures were outstanding at June 30, 2022:

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	3.43					124			120	Dec. 14, 2006	Dec. 15, 2036	Dec. 15, 2011	(2)
PennFed Capital Trust III	5.08					31			30	June 2, 2003	June 15, 2033	June 15, 2008	(2)
New York Community Capital    Trust XI	3.90					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.