Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2016

The following table summarizes the Company’s borrowed funds at December 31, 2016 and 2015:


	December 31,
(in thousands)	2016		2015
Wholesale borrowings:
FHLB advances	$	11,664,500	$	13,463,800
Repurchase agreements		1,500,000		1,500,000
Federal funds purchased		150,000		426,000

Total wholesale borrowings	$	13,314,500	$	15,389,800

Junior subordinated debentures		358,879		358,605

Total borrowed funds	$	13,673,379	$	15,748,405

Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances

The following table presents an analysis of the contractual maturities of the Company’s outstanding FHLB advances at December 31, 2016, none of which had callable features.


	Contractual Maturity
(dollars in thousands) Year of Maturity	Amount		Weighted Average Interest Rate
2017	$	1,860,000		1.21	%
2018		4,423,500		1.50
2019		3,881,000		1.71
2020		1,500,000		1.93

Total FHLB advances	$	11,664,500		1.58	%

Analysis of Contractual Maturities of Outstanding Repurchase Agreements Accounted for as Secured Borrowings

The following table presents an analysis of the contractual maturities of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2016. None of these repurchase agreements had callable features.


	Contractual Maturity
(dollars in thousands) Year of Maturity	Amount		Weighted Average Interest Rate
2017	$	1,250,000		1.19	%
2018		250,000		3.06

Total	$	1,500,000		1.50	%

Details of Repurchase Agreements

The following table provides the contractual maturity and weighted average interest rate of repurchase agreements, and the amortized cost and fair value (including accrued interest) of the securities collateralizing the repurchase agreements, at December 31, 2016:


						Mortgage-Related and Other Securities				GSE Debentures and U.S. Treasury Obligations
(dollars in thousands) Contractual Maturity	Amount		Weighted Average Interest Rate			Amortized Cost		Fair Value		Amortized Cost		Fair Value
Greater than 90 days	$	1,500,000		1.50	%	$	1,307,121	$	1,351,515	$	256,217	$	258,835

Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at December 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 (BONUSES^SM Units)		6.000	%	$	144,953	$	138,602	Nov. 4, 2002	Nov. 1, 2051	Nov. 4, 2007 ⁽¹⁾
New York Community Capital Trust X		2.563			123,712		120,000	Dec. 14, 2006	Dec. 15, 2036	Dec. 15, 2011 ⁽²⁾
PennFed Capital Trust III		4.213			30,928		30,000	June 2, 2003	June 15, 2033	June 15, 2008 ⁽²⁾
New York Community Capital Trust XI		2.648			59,286		57,500	April 16, 2007	June 30, 2037	June 30, 2012 ⁽²⁾

Total junior subordinated debentures				$	358,879	$	346,102

(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.