Note 7. Borrowed Funds

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


	June 30,			December 31,
(in thousands)	2018			2017
Wholesale Borrowings:
FHLB advances		$	13,234,500		$	12,104,500
Repurchase agreements			200,000			450,000

Total wholesale borrowings		$	13,434,500		$	12,554,500
Junior subordinated debentures			359,339			359,179

Total borrowed funds		$	13,793,839		$	12,913,679

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2018:


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

At June 30, 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 June 30, 2018:

Interest

Rate

Junior

of Capital

Subordinated

Capital

Securities

Debentures

Securities

and

Amount

Date of

First Optional

Issuer

Debentures

Outstanding

Original Issue

Stated Maturity

Redemption Date

(dollars in thousands)

New York Community Capital Trust V (BONUSES^SM Units)

6.000

$145,413

$139,062

Nov. 4, 2002

Nov. 1, 2051

Nov. 4, 2007 ⁽¹⁾

New York Community Capital Trust X

3.941

123,712

120,000

Dec. 14, 2006

Dec. 15, 2036

Dec. 15, 2011 ⁽²⁾

PennFed Capital Trust III

5.591

30,928

30,000

June 2, 2003

June 15, 2033

June 15, 2008 ⁽²⁾

New York Community Capital Trust XI

3.987

59,286

57,500

April 16, 2007

June 30, 2037

June 30, 2012 ⁽²⁾

Total junior subordinated debentures

$359,339

$346,562

(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.