Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2015

Summary of 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

Summary of Repurchase Agreements Accounted for Secured Borrowings

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

Junior Subordinated Debentures Outstanding

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 (BONUSESSM Units)	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.