Note 7. Borrowed Funds

The following table summarizes the Company’s borrowed funds at June 30, 2016 and December 31, 2015:


(in thousands)	June 30, 2016		December 31, 2015
Wholesale Borrowings:
FHLB advances	$	11,614,400	$	13,463,800
Repurchase agreements		1,500,000		1,500,000
Fed funds purchased		435,000		426,000

Total wholesale borrowings	$	13,549,400	$	15,389,800
Junior subordinated debentures		358,739		358,605

Total borrowed funds	$	13,908,139	$	15,748,405

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2016:


	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous		Up to 30 Days		30–90 Days		Greater than 90 Days
GSE debentures and mortgage-related securities	$	—	$	—	$	—	$	1,500,000

At June 30, 2016, the Company had $75.2 million in restricted cash which serves as collateral for certain repurchase agreements. There was no restricted cash at December 31, 2015.

At June 30, 2016 and December 31, 2015, the Company had $358.7 million and $358.6 million, respectively, of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by 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 June 30, 2016:


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	%	$	144,813	$	138,463		Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007 ⁽¹⁾
New York Community Capital Trust X		2.253			123,712		120,000		Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011 ⁽²⁾
PennFed Capital Trust III		3.903			30,928		30,000		June 2, 2003		June 15, 2033		June 15, 2008 ⁽²⁾
New York Community Capital Trust XI		2.281			59,286		57,500		April 16, 2007		June 30, 2037		June 30, 2012 ⁽²⁾

Total junior subordinated debentures				$	358,739	$	345,963

(1)	Callable subject to certain conditions as described in the prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 4, 2002.

(2)	Callable from this date forward.