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Borrowed Funds
 9 Months Ended
Sep. 30, 2017
Borrowed Funds

Note 7. Borrowed Funds

The following table summarizes the Company’s borrowed funds at the dates indicated:

 

(in thousands)    September 30,
2017		      December 31,
2016		  

Wholesale Borrowings:

      

FHLB advances

    $ 11,554,500      $ 11,664,500  

Repurchase agreements

      450,000        1,500,000  

Federal funds purchased

      —          150,000  
  

 

 

     

 

 

  

Total wholesale borrowings

    $ 12,004,500      $ 13,314,500  

Junior subordinated debentures

      359,102        358,879  
  

 

 

     

 

 

  

Total borrowed funds

    $ 12,363,602      $ 13,673,379  
  

 

 

     

 

 

  

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at September 30, 2017:

 

     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

    $ —        $ —        $ —        $ 450,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

At September 30, 2017 and December 31, 2016, the Company had $359.1 million and $358.9 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 September 30, 2017:

 

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 %    $ 145,176     $ 138,825       Nov. 4, 2002       Nov. 1, 2051     Nov. 4, 2007  (1) 

New York Community Capital Trust X

     2.920       123,712       120,000       Dec. 14, 2006       Dec. 15, 2036       Dec. 15, 2011  (2) 

PennFed Capital Trust III

     4.570       30,928       30,000       June 2, 2003       June 15, 2033       June 15, 2008  (2) 

New York Community Capital Trust XI

     2.985       59,286       57,500       April 16, 2007       June 30, 2037       June 30, 2012  (2) 
   

 

 

    

 

 

        

Total junior subordinated debentures

     $ 359,102     $ 346,325        
   

 

 

    

 

 

        

 

(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.