Note 7. Borrowed Funds

The following table summarizes the Company’s borrowed funds at March 31, 2015 and December 31, 2014:


(in thousands)	March 31, 2015		December 31, 2014
Wholesale borrowings:
FHLB advances	$	8,985,987	$	10,183,132
Repurchase agreements		3,425,000		3,425,000
Fed funds purchased		495,000		260,000

Total wholesale borrowings	$	12,905,987	$	13,868,132
Junior subordinated debentures		358,415		358,355

Total borrowed funds	$	13,264,402	$	14,226,487

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2015:


	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous		Up to 30 Days		30–90 Days		Greater than 90 Days		Total
GSE debentures and mortgage-related securities	$	--	$	--	$	100,000	$	3,325,000	$	3,425,000

At both March 31, 2015 and December 31, 2014, the Company had $358.4 million of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by statutory business trusts (the “Trusts”) that issued guaranteed capital securities. Reflecting the adoption of the Basel III capital rules on January 1, 2015, 25% of the capital securities qualified as Tier 1 capital of the Company at March 31, 2015. At December 31, 2014, 100% of the capital securities qualified as Tier 1 capital of the Company.

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 March 31, 2015:

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 (BONUSES^SMUnits)

6.000%

$144,489

$138,138

Nov. 4, 2002

Nov. 1, 2051

Nov. 4, 2007 ⁽¹⁾

New York Community Capital Trust X

1.871

123,712

120,000

Dec. 14, 2006

Dec. 15, 2036

Dec. 15, 2011 ⁽²⁾

PennFed Capital Trust III

3.521

30,928

30,000

June 2, 2003

June 15, 2033

June 15, 2008 ⁽²⁾

New York Community Capital Trust XI

1.923

59,286

57,500

April 16, 2007

June 30, 2037

June 30, 2012 ⁽²⁾

Total junior subordinated debentures

$358,415

$345,638

(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.