Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Borrowed Funds

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

(in thousands)	March 31, 2020		December 31, 2019
Wholesale Borrowings:
FHLB advances	$	13,477,661	$	13,102,661
Repurchase agreements		800,000		800,000
Total wholesale borrowings	$	14,277,661	$	13,902,661
Junior subordinated debentures		359,961		359,866
Subordinated notes		295,205		295,066
Total borrowed funds	$	14,932,827	$	14,557,593

Summary of Repurchase Agreements Accounted for Secured Borrowings

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2020:

	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous		Up to 30 Days		30–90 Days		Greater than 90 Days
GSE obligations	$	—	$	—	$	—	$	800,000

Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at March 31, 2020:

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	%	$	146,035	$	139,684		Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007(1)
New York Community Capital Trust X		2.34			123,712		120,000		Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011(2)
PennFed Capital Trust III		3.99			30,928		30,000		June 2, 2003		June 15, 2033		June 15, 2008(2)
New York Community Capital Trust XI		3.02			59,286		57,500		April 16, 2007		June 30, 2037		June 30, 2012(2)
Total junior subordinated debentures				$	359,961	$	347,184

(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 March 31, 2020 and December 31, 2019, the Company had $295.2 million and $295.1million, 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.