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Borrowed Funds
 3 Months Ended
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.