Note 7. Borrowed Funds

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


(in thousands)	September 30, 2018			December 31, 2017
Wholesale Borrowings:
FHLB advances		$	13,281,000		$	12,104,500
Repurchase agreements			200,000			450,000

Total wholesale borrowings		$	13,481,000		$	12,554,500
Junior subordinated debentures			359,422			359,179

Total borrowed funds		$	13,840,422		$	12,913,679

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at September 30, 2018:


	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous			Up to 30 Days			30–90 Days			Greater than 90 Days
GSE obligations		$	--		$	--		$	--		$	200,000

At September 30, 2018 and December 31, 2017, the Company had $359.4 million and $359.2 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, 2018:


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^SMUnits)		6.000%		$	145,496		$	139,145	Nov. 4, 2002	Nov. 1, 2051	Nov. 4, 2007 ⁽¹⁾
New York Community Capital Trust X		3.934			123,712			120,000	Dec. 14, 2006	Dec. 15, 2036	Dec. 15, 2011 ⁽²⁾
PennFed Capital Trust III		5.584			30,928			30,000	June 2, 2003	June 15, 2033	June 15, 2008 ⁽²⁾
New York Community Capital Trust XI		4.046			59,286			57,500	April 16, 2007	June 30, 2037	June 30, 2012 ⁽²⁾

Total junior subordinated debentures				$	359,422		$	346,645

(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.