Borrowed Funds

9 Months Ended

Sep. 30, 2020

Note 7. Borrowed Funds

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

(in thousands)	September 30, 2020		December 31, 2019
Wholesale Borrowings:
FHLB advances	$	14,227,661	$	13,102,661
Repurchase agreements		800,000		800,000
Total wholesale borrowings	$	15,027,661	$	13,902,661
Junior subordinated debentures		360,157		359,866
Subordinated notes		295,485		295,066
Total borrowed funds	$	15,683,303	$	14,557,593

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

Subordinated Notes

At September 30, 2020 and December 31, 2019, the Company had $295.5 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 points payable quarterly.

Junior Subordinated Debentures

At September 30, 2020 and December 31, 2019, the Company had $360.2 million and $359.9 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 September 30, 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 (BONUSES^SM Units)		6.00	%	$	146,231	$	139,880	Nov. 4, 2002	Nov. 1, 2051	Nov. 4, 2007⁽¹⁾
New York Community Capital Trust X		1.85			123,712		120,000	Dec. 14, 2006	Dec. 15, 2036	Dec. 15, 2011 ⁽²⁾
PennFed Capital Trust III		3.50			30,928		30,000	June 2, 2003	June 15, 2033	June 15, 2008 ⁽²⁾
New York Community Capital Trust XI		1.87			59,286		57,500	April 16, 2007	June 30, 2037	June 30, 2012 ⁽²⁾
Total junior subordinated debentures				$	360,157	$	347,380

(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.