Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Borrowed Funds

The following table summarizes the Company’s borrowed funds at December 31, 2019 and 2018:

	December 31,
(in thousands)	2019		2018
Wholesale borrowings:
FHLB advances	$	13,102,661	$	13,053,661
Repurchase agreements		800,000		500,000
Total wholesale borrowings	$	13,902,661	$	13,553,661
Junior subordinated debentures		359,866		359,508
Subordinated notes		295,066		294,697
Total borrowed funds	$	14,557,593	$	14,207,866

Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances

The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2019 were as follows:

	Contractual Maturity					Earlier of Contractual Maturity or Next Call Date
(dollars in thousands) Year	Amount		Weighted Average Interest Rate			Amount		Weighted Average Interest Rate
2020	$	4,525,000		2.06		$	6,805,000		2.09
2021		822,661		2.40			4,222,661		2.30
2022		275,000		2.01			1,875,000		1.55
2023		—		—			200,000		1.61
2028		4,350,000		2.40			—		—
2029		3,130,000		1.55			—		—
Total FHLB advances	$	13,102,661		2.07	%	$	13,102,661		2.07	%

Analysis of Contractual Maturities of Outstanding Repurchase Agreements Accounted for as Secured Borrowings

The following table presents an analysis of the contractual maturities and next call dates of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2019:

	Contractual Maturity					Earlier of Contractual Maturity or Next Call Date
(dollars in thousands) Year	Amount		Weighted Average Interest Rate			Amount		Weighted Average Interest Rate
2021	$	—		—	%	$	400,000		2.31	%
2022		—		—			400,000		2.16
2028		300,000		2.37			—		—
2029		500,000		2.16			—		—
	$	800,000		2.24		$	800,000		2.24

Details of Repurchase Agreements

The following table provides the contractual maturity and weighted average interest rate of repurchase agreements, and the amortized cost and fair value of the securities collateralizing the repurchase agreements, at December 31, 2019:

						Mortgage-Related and Other Securities				GSE Debentures and U.S. Treasury Obligations
(dollars in thousands) Period of Maturity	Amount		Weighted Average Interest Rate			Amortized Cost		Fair Value		Amortized Cost		Fair Value
30 to 90 days	$	—		—		$	—	$	—	$	—	$	—
Greater than 90 days		800,000		2.24	%		232,836		238,180		636,190		637,050
Total	$	800,000		2.24	%	$	232,836	$	238,180	$	636,190	$	637,050

Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at December 31, 2019:

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)		6.00	%	$	145,940	$	139,589		Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007	(1)
New York Community Capital Trust X		3.49			123,712		120,000		Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011	(2)
PennFed Capital Trust III		5.14			30,928		30,000		June 2, 2003		June 15, 2033		June 15, 2008	(2)
New York Community Capital Trust XI		3.61			59,286		57,500		April 16, 2007		June 30, 2037		June 30, 2012	(2)
Total junior subordinated debentures				$	359,866	$	347,089

(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.

Subordinated Debt

Junior Subordinated Debentures Outstanding

At December 31, 2019 and 2018, the Company had $295.1 million and $294.7 million, respectively, of fixed-to-floating rate subordinated notes outstanding:

Date of Original Issue	Stated Maturity	Interest Rate(1)	Original Issue Amount
(dollars in thousands)
Nov. 6, 2018	Nov. 6, 2028	5.90%	$300,000

(1) From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90% per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly.