Borrowed Funds

3 Months Ended

Mar. 31, 2018

Borrowed Funds

Note 7. Borrowed Funds

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

(in thousands)	March 31, 2018		December 31, 2017
Wholesale Borrowings:
FHLB advances	$	12,534,500	$	12,104,500
Repurchase agreements		450,000		450,000
Total wholesale borrowings	$	12,984,500	$	12,554,500
Junior subordinated debentures		359,259		359,179
Total borrowed funds	$	13,343,759	$	12,913,679

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2018:

	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous		Up to 30 Days		30–90 Days		Greater than 90 Days
GSE obligations	$	—	$	250,000	$	—	$	200,000

At March 31, 2018 and December 31, 2017, the Company had $359.3 million and $359.2 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 March 31, 2018:

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	%	$	145,333	$	138,982		Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007 (1)
New York Community Capital Trust X		3.725			123,712		120,000		Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011 (2)
PennFed Capital Trust III		5.375			30,928		30,000		June 2, 2003		June 15, 2033		June 15, 2008 (2)
New York Community Capital Trust XI		3.958			59,286		57,500		April 16, 2007		June 30, 2037		June 30, 2012 (2)
Total junior subordinated debentures				$	359,259	$	346,482

(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.