Borrowed Funds

9 Months Ended

Sep. 30, 2015

Borrowed Funds

Note 7. Borrowed Funds

The following table summarizes the Company’s borrowed funds at September 30, 2015 and December 31, 2014:

(in thousands)	September 30, 2015		December 31, 2014
Wholesale borrowings:
FHLB advances	$	10,529,244	$	10,183,132
Repurchase agreements		3,325,000		3,425,000
Fed funds purchased		511,000		260,000
Total wholesale borrowings	$	14,365,244	$	13,868,132
Junior subordinated debentures		358,541		358,355
Total borrowed funds	$	14,723,785	$	14,226,487

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at September 30, 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	$	--	$	--	$	--	$	3,325,000	$	3,325,000

At September 30, 2015 and December 31, 2014, the Company had $358.5 million and $358.4 million, respectively, 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 September 30, 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 September 30, 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%		$144,615		$138,264	Nov. 4, 2002	Nov. 1, 2051	Nov. 4, 2007 (1)
New York Community Capital Trust X	1.937		123,712		120,000	Dec. 14, 2006	Dec. 15, 2036	Dec. 15, 2011 (2)
PennFed Capital Trust III	3.587		30,928		30,000	June 2, 2003	June 15, 2033	June 15, 2008 (2)
New York Community Capital Trust XI	1.977		59,286		57,500	April 16, 2007	June 30, 2037	June 30, 2012 (2)
Total junior subordinated debentures			$358,541		$345,764

(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.