Borrowed Funds

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Borrowed Funds

Note 7. Borrowed Funds

The following table summarizes the Company’s borrowed funds at September 30, 2014 and December 31, 2013:

	September 30,		December 31,
(in thousands)	2014		2013
Wholesale borrowings:
FHLB advances	$	10,312,316	$	10,872,576
Repurchase agreements		3,425,000		3,425,000
Fed funds purchased		297,000		445,000
Total wholesale borrowings	$	14,034,316	$	14,742,576
Other borrowings:
Junior subordinated debentures	$	358,296	$	358,126
Preferred stock of subsidiaries		4,300		4,300
Total other borrowings	$	362,596	$	362,426
Total borrowed funds	$	14,396,912	$	15,105,002

At September 30, 2014 and December 31, 2013, the Company had $358.3 million and $358.1 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 capital securities qualified as Tier 1 capital of the Company at those dates. However, with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the qualification of capital securities as Tier 1 capital will be phased out by January 1, 2016.

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, 2014:

			Junior
	Interest Rate		Subordinated		Capital
	of Capital		Debenture		Securities
	Securities and		Carrying		Amount		Date of		First Optional
Issuer	Debentures		Amount		Outstanding		Original Issue	Stated Maturity	Redemption Date
			(dollars in thousands)
New York Community Capital    Trust V (BONUSESSM Units)		6.000%	$	144,370	$	138,019	Nov. 4, 2002	Nov. 1, 2051	Nov. 4, 2007 (1)
New York Community Capital    Trust X		1.834		123,712		120,000	Dec. 14, 2006	Dec. 15, 2036	Dec. 15, 2011 (2)
PennFed Capital Trust III		3.484		30,928		30,000	June 2, 2003	June 15, 2033	June 15, 2008 (2)
New York Community    Capital Trust XI		1.883		59,286		57,500	April 16, 2007	June 30, 2037	June 30, 2012 (2)
Total junior subordinated    debentures			$	358,296	$	345,519

(1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November4, 2002.

(2) Callable from this date forward.