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Borrowed Funds (Tables)
 12 Months Ended
Dec. 31, 2017
Summary of Borrowed Funds

The following table summarizes the Company’s borrowed funds at December 31, 2017 and 2016:

 

     December 31,  
(in thousands)    2017      2016  

Wholesale borrowings:

      

FHLB advances

    $ 12,104,500      $ 11,664,500  

Repurchase agreements

      450,000        1,500,000  

Federal funds purchased

      —          150,000  
  

 

 

     

 

 

  

Total wholesale borrowings

    $ 12,554,500      $ 13,314,500  

Junior subordinated debentures

      359,179        358,879  
  

 

 

     

 

 

  

Total borrowed funds

    $ 12,913,679      $ 13,673,379  
  

 

 

     

 

 

  
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, 2017, none of which had callable features.

 

     Contractual Maturity  

(dollars in thousands)

Year of Maturity

    Amount      Weighted Average
Interest Rate		  

2018

    $ 3,923,500        1.51  

2019

      4,431,000        1.74  

2020

      3,150,000        2.09  

2021

      600,000        2.21  
  

 

 

     

 

 

  

Total FHLB advances

    $ 12,104,500        1.78 % 
  

 

 

     

 

 

  
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, 2017. None of these repurchase agreements had callable features.

 

     Contractual Maturity  

(dollars in thousands)

Year of Maturity

    Amount      Weighted Average
Interest Rate		  

2018

    $ 250,000        3.04  

2019

      200,000        1.69  
  

 

 

     

 

 

  

Total

    $ 450,000        2.44 % 
  

 

 

     

 

 

  
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, 2017:

 

                  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

    $ 450,000        2.44 %    $ 216,076      $ 217,383      $ 248,065      $ 249,489  
Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at December 31, 2017:

 

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 %      $145,253      $ 138,902        Nov. 4, 2002        Nov. 1, 2051        Nov. 4, 2007  (1) 

New York Community Capital Trust X

      3.188       123,712        120,000        Dec. 14, 2006        Dec. 15, 2036        Dec. 15, 2011  (2) 

PennFed Capital Trust III

      4.838       30,928        30,000        June 2, 2003        June 15, 2033        June 15, 2008  (2) 

New York Community Capital Trust XI

      3.345       59,286        57,500        April 16, 2007        June 30, 2037        June 30, 2012  (2) 
    

 

 

     

 

 

           

Total junior subordinated debentures

        $359,179      $ 346,402           
    

 

 

     

 

 

           

 

(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.