BORROWED FUNDS (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Borrowed Funds

The following table summarizes the Company’s borrowed funds at December 31, 2011 and 2010:

	December 31,
(in thousands)	2011		2010
FHLB advances	$	9,314,193	$	8,375,659
Repurchase agreements		4,125,000		4,125,000
Junior subordinated debentures		426,936		426,992
Senior notes		89,984		601,865
Preferred stock of subsidiaries		4,300		6,600
Total borrowed funds	$	13,960,413	$	13,536,116

Contractual Maturities and Next Call Dates of Outstanding FHLB Advances

The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2011 were as follows:

	Contractual Maturity					Earlier of Contractual Maturity or Next Call Date
(dollars in thousands) Year of Maturity	Amount		Weighted Average Interest Rate			Amount		Weighted Average Interest Rate
2012	$	1,614,353		0.34	%	$	9,285,343		3.34	%
2013		85,991		3.25			25,991		3.40
2014		105,557		1.99			495		0.66
2015		600,807		3.50			807		0.69
2016		2,115,000		4.35			—		—
2017		3,856,146		4.13			—		—
2018		936,085		3.03			1,303		3.09
2025		254		7.82			254		7.82
Total FHLB advances	$	9,314,193		3.34	%	$	9,314,193		3.34	%

Analysis of Contractual Maturities and Next Call Dates of Outstanding Repurchase Agreements

The following table presents on analysis of the contractual maturities and the next call dates of the Company’s outstanding repurchase agreements at December 31, 2011:

	Contractual Maturity					Earlier of Contractual Maturity or Next Call Date
(dollars in thousands) Year of Maturity	Amount		Weighted Average Interest Rate			Amount		Weighted Average Interest Rate
2012	$	—		—	%	$	3,643,000		3.61	%
2013		700,000		3.04			200,000		2.83
2015		100,000		2.50			100,000		2.50
2016		345,000		4.09			182,000		3.58
2017		1,080,000		4.08			—		—
2018		1,600,000		3.48			—		—
2020		300,000		2.93			—		—
	$	4,125,000		3.54	%	$	4,125,000		3.54	%

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 (including accrued interest) of the securities collateralizing the repurchase agreements, at December 31, 2011:

						Mortgage-Related and Other Securities				GSE Debentures and U.S. Treasury Obligations
(dollars in thousands) Contractual Maturity	Amount		Weighted Average Interest Rate			Amortized Cost		Fair Value		Amortized Cost		Fair Value
Over 90 days	$	4,125,000		3.54	%	$	3,251,187	$	3,398,156	$	930,826	$	946,670

Junior subordinated debentures outstanding

The following junior subordinated debentures were outstanding at December 31, 2011:

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 thousands)
Haven Capital Trust II		10.250	%	$	23,333	$	22,550	May 26, 1999	June 30, 2029	June 30, 2009(1)
Queens County Capital Trust I		11.045			10,309		10,000	July 26, 2000	July 19, 2030	July 19, 2010(2)
Queens Statutory Trust I		10.600			15,464		15,000	September 7, 2000	September 7, 2030	September 7, 2010(1)
New York Community Capital Trust V (BONUSESSM Units)		6.000			143,800		137,449	November 4, 2002	November 1, 2051	November 4, 2007(2)
New York Community Capital Trust X		2.146			123,712		120,000	December 14, 2006	December 15, 2036	December 15, 2011(3)
LIF Statutory Trust I		10.600			7,732		7,500	September 7, 2000	September 7, 2030	September 7, 2010(1)
PennFed Capital Trust II		10.180			12,372		12,000	March 28, 2001	June 8, 2031	June 8, 2011(1)
PennFed Capital Trust III		3.796			30,928		30,000	June 2, 2003	June 15, 2033	June 15, 2008(3)
New York Community Capital Trust XI		2.229			59,286		57,500	April 16, 2007	June 30, 2037	June 30, 2012(3)
Total junior subordinated debentures				$	426,936	$	411,999

(1) Callable at a premium from this date forward.

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

(3) Callable from this date forward.