Note 7. Borrowed Funds

The following table summarizes the Company’s borrowed funds at September 30, 2013 and December 31, 2012:


(in thousands)	September 30, 2013			December 31, 2012
Wholesale borrowings:
FHLB advances		$	10,678,070		$	8,842,974
Repurchase agreements			3,425,000			4,125,000
Fed funds purchased			100,000			100,000

Total wholesale borrowings		$	14,203,070		$	13,067,974

Other borrowings:
Junior subordinated debentures			358,072			357,917
Preferred stock of subsidiaries			4,300			4,300

Total other borrowings			362,372			362,217

Total borrowed funds		$	14,565,442		$	13,430,191

At September 30, 2013 and December 31, 2012, the Company had $358.1 million and $357.9 million, respectively, of junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by wholly-owned 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 September 30, 2013:

Issuer

Interest Rate of
Capital Securities
and Debentures

Junior
Subordinated
Debenture
Carrying
Amount

Capital
Securities
Amount
Outstanding

Date of
Original Issue

Stated Maturity

First Optional
Redemption Date

(dollars in thousands)

New York Community Capital Trust V (BONUSES^SM Units)

6.000

$144,146

$137,795

Nov. 4, 2002

Nov. 1, 2051

Nov. 4, 2007 ⁽¹⁾

New York Community Capital Trust X

1.854

123,712

120,000

Dec. 14, 2006

Dec. 15, 2036

Dec. 15, 2011⁽²⁾

PennFed Capital Trust III

3.504

30,928

30,000

June 2, 2003

June 15, 2033

June 15, 2008 ⁽²⁾

New York Community Capital Trust XI

1.898

59,286

57,500

April 16, 2007

June 30, 2037

June 30, 2012 ⁽²⁾

Total junior subordinated debentures

$358,072

$345,295

(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.

On December 31, 2012, the Company redeemed the following junior subordinated debentures totaling $69.2 million: Haven Capital Trust II, Queens County Capital Trust I, Queens Statutory Trust I, LIF Statutory Trust I, and PennFed Capital Trust II. As a result, a $2.3 million loss on debt redemption was recorded in non-interest income in the fourth quarter of 2012.