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Borrowed Funds (Tables)
 12 Months Ended
Dec. 31, 2022
Summary of Borrowed Funds

The following table summarizes the Company’s borrowed funds at December 31, 2022 and 2021:

 

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

Wholesale borrowings:

 

 

 

 

 

 

FHLB advances

 

$

20,325

 

 

$

15,105

 

Repurchase agreements

 

 

—

 

 

 

800

 

Total wholesale borrowings

 

$

20,325

 

 

$

15,905

 

Junior subordinated debentures

 

 

575

 

 

 

361

 

Subordinated notes

 

 

432

 

 

 

296

 

Total borrowed funds

 

$

21,332

 

 

$

16,562

 
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, 2022 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)

 

 

2023

 

$

 

10,325

 

 

 

3.51

 

%

$

 

15,325

 

 

 

3.26

 

%

2024

 

 

 

1,600

 

 

 

1.36

 

 

 

 

3,100

 

 

 

2.42

 

 

2025

 

 

 

—

 

 

 

—

 

 

 

 

250

 

 

 

3.50

 

 

2026

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

2027

 

 

 

2,650

 

 

 

3.77

 

 

 

 

1,250

 

 

 

3.87

 

 

2028

 

 

 

400

 

 

 

4.11

 

 

 

 

400

 

 

 

4.11

 

 

2029

 

 

 

200

 

 

 

1.61

 

 

 

 

—

 

 

 

—

 

 

2030

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

2031

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

2032

 

 

 

5,150

 

 

 

2.80

 

 

 

 

—

 

 

 

—

 

 

Total FHLB advances

 

$

 

20,325

 

 

 

3.19

 

 

$

 

20,325

 

 

 

3.19

 

 

 

(1)
Does not included the effect interest rate swap agreements.
Contractual Terms of Junior Subordinated Debentures Outstanding

The following table presents contractual terms of the junior subordinated debentures outstanding at December 31, 2022:

 

Issuer

Interest Rate
of Capital
Securities
and
Debentures

 

 

 

Junior
Subordinated
Debentures
Amount
Outstanding

 

 

 

Capital
Securities
Amount
Outstanding

 

 

Date of
Original Issue

 

Stated
Maturity

 

 

 

 

 

(dollars in millions)

 

 

 

 

 

New York Community Capital Trust V (BONUSES Units) (1)

 

6.00

%

 

$

 

147

 

 

$

 

141

 

 

Nov. 4, 2002

 

Nov. 1, 2051

New York Community Capital Trust X (2)

6.37

 

 

 

 

124

 

 

 

 

120

 

 

Dec. 14, 2006

 

Dec. 15, 2036

PennFed Capital Trust III (2)

8.02

 

 

 

 

31

 

 

 

 

30

 

 

June 2, 2003

 

June 15, 2033

New York Community Capital Trust XI (2)

6.38

 

 

 

 

59

 

 

 

 

58

 

 

April 16, 2007

 

June 30, 2037

Flagstar Statutory Trust II (2)

7.97

 

 

 

 

26

 

 

 

 

25

 

 

Dec. 26, 2002

 

Dec. 26, 2032

Flagstar Statutory Trust III (2)

7.33

 

 

 

 

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)

6.08

 

 

 

 

26

 

 

 

 

25

 

 

Dec 29, 2004

 

Jan. 7, 2035

Flagstar Statutory Trust VI (2)

6.08

 

 

 

 

26

 

 

 

 

25

 

 

Mar. 30, 2005

 

April 7, 2035

Flagstar Statutory Trust VII (2)

6.52

 

 

 

 

51

 

 

 

 

50

 

 

Mar. 29, 2005

 

June 15, 2035

Flagstar Statutory Trust VIII (2)

5.58

 

 

 

 

25

 

 

 

 

24

 

 

Sept. 22, 2005

 

Oct. 7, 2035

Flagstar Statutory Trust IX (2)

6.22

 

 

 

 

25

 

 

 

 

24

 

 

June 28, 2007

 

Sept. 15, 2037

Flagstar Statutory Trust X (2)

7.27

 

 

 

 

16

 

 

 

 

16

 

 

Aug. 31, 2007

 

Sept 15, 2037

Total junior subordinated debentures

 

 

 

$

 

608

 

 

$

 

588

 

 

 

 

 

 

(1)
Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002.
(2)
Callable at any time.
Subordinated Debt  
Contractual Terms of Junior Subordinated Debentures Outstanding

At December 31, 2022 and 2021, the Company had a total of $432 million and $296 million subordinated notes outstanding; respectively, of fixed-to-floating rate subordinated notes outstanding:

 

Date of Original Issue

 

Stated Maturity

 

Interest Rate

 

 

Original Issue
Amount

 

 

 

(dollars in millions)

 

 

 

 

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.