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Borrowed Funds | 3 Months Ended
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Mar. 31, 2016
Borrowed Funds | Note 7. Borrowed Funds The following table summarizes the Company’s borrowed funds at March 31, 2016 and December 31, 2015:
(in thousands) |  | March 31, 2016 |  |  | December 31, 2015 |
Wholesale borrowings: |  |  |  |  |  |  |  |
FHLB advances |  | $ | 10,933,100 |  |  | $ | 13,463,800 |
Repurchase agreements |  |  | 1,500,000 |  |  |  | 1,500,000 |
Fed funds purchased |  |  | 553,000 |  |  |  | 426,000 |
Total wholesale borrowings |  | $ | 12,986,100 |  |  | $ | 15,389,800 |
Junior subordinated debentures |  |  | 358,672 |  |  |  | 358,605 |
Total borrowed funds |  | $ | 13,344,772 |  |  | $ | 15,748,405 |
The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2016:
|  | Remaining Contractual Maturity of the Agreements |
(in thousands) |  | Overnight and Continuous |  |  | Up to 30 Days |  |  | 30–90 Days |  |  | Greater than 90 Days |
GSE debentures and mortgage-related securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,500,000 |
At March 31, 2016 and December 31, 2015, the Company had $358.7 million and $358.6 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 March 31, 2016:
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) |  |  | 6.000 | % |  | $ | 144,746 |  |  | $ | 138,395 |  |  |  | Nov. 4, 2002 |  |  |  | Nov. 1, 2051 |  |  |  | Nov. 4, 2007 | (1)
New York Community Capital Trust X |  |  | 2.234 |  |  |  | 123,712 |  |  |  | 120,000 |  |  |  | Dec. 14, 2006 |  |  |  | Dec. 15, 2036 |  |  |  | Dec. 15, 2011 | (2)
PennFed Capital Trust III |  |  | 3.884 |  |  |  | 30,928 |  |  |  | 30,000 |  |  |  | June 2, 2003 |  |  |  | June 15, 2033 |  |  |  | June 15, 2008 | (2)
New York Community Capital Trust XI |  |  | 2.279 |  |  |  | 59,286 |  |  |  | 57,500 |  |  |  | April 16, 2007 |  |  |  | June 30, 2037 |  |  |  | June 30, 2012 | (2)
Total junior subordinated debentures |  |  |  |  |  | $ | 358,672 |  |  | $ | 345,895 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Callable subject to certain conditions as described in the prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 4, 2002.
(2) | Callable from this date forward.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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