Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Borrowed Funds

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

	December 31,
(in thousands)	2013		2012
Wholesale borrowings:
FHLB advances	$	10,872,576	$	8,842,974
Repurchase agreements		3,425,000		4,125,000
Federal funds purchased		445,000		100,000
Total wholesale borrowings	$	14,742,576	$	13,067,974
Other borrowings:
Junior subordinated debentures		358,126		357,917
Preferred stock of subsidiaries		4,300		4,300
Total other borrowings		362,426		362,217
Total borrowed funds	$	15,105,002	$	13,430,191

Contractual Maturities and Next Call Dates of Outstanding Federal Home Loan Bank Advances

The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2013 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
2014	$	3,373,117		0.43	%	$	5,135,317		1.32	%
2015		200,719		2.92			1,315,719		3.12
2016		—		—			900,000		3.01
2017		630,521		3.02			3,520,312		3.35
2018		932,676		3.03			997		2.92
2019		1,865,000		3.15			—		—
2020		650,000		2.90			—		—
2022		1,410,000		3.41			—		—
2023		1,810,312		3.34			—		—
2025		231		7.82			231		7.82
Total FHLB advances	$	10,872,576		2.33	%	$	10,872,576		2.33	%

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

The following table presents an analysis of the contractual maturities and the next call dates of the Company’s outstanding repurchase agreements at December 31, 2013:

	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
2014	$	—		—	%	$	2,100,000		3.55	%
2015		100,000		2.17			100,000		2.17
2016		182,000		3.25			595,000		3.54
2017		450,000		4.04			380,000		3.14
2018		1,600,000		3.48			250,000		3.23
2020		513,000		3.32			—		—
2023		580,000		3.24			—		—
	$	3,425,000		3.44	%	$	3,425,000		3.44	%

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, 2013:

						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	$	3,425,000		3.44	%	$	2,791,591	$	2,798,199	$	1,366,895	$	1,270,525

Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at December 31, 2013:

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)
New York Community Capital Trust V (BONUSESSM Units)		6.000	%	$	144,200	$	137,849	November 4, 2002	November 1, 2051	November 4, 2007 (1)
New York Community Capital Trust X		1.843			123,712		120,000	December 14, 2006	December 15, 2036	December 15, 2011 (2)
PennFed Capital Trust III		3.493			30,928		30,000	June 2, 2003	June 15, 2033	June 15, 2008 (2)
New York Community Capital Trust XI		1.897			59,286		57,500	April 16, 2007	June 30, 2037	June 30, 2012 (2)
Total junior subordinated debentures				$	358,126	$	345,349

(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.