Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2018

The following table summarizes the Company’s borrowed funds at December 31, 2018 and 2017:

	December 31,
(in thousands)	2018		2017
Wholesale borrowings:
FHLB advances	$	13,053,661	$	12,104,500
Repurchase agreements		500,000		450,000
Federal funds purchased		—		—
Total wholesale borrowings	$	13,553,661	$	12,554,500
Junior subordinated debentures		359,508		359,179
Subordinated notes		294,697		—
Total borrowed funds	$	14,207,866	$	12,913,679

Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances

The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2018 were as follows:

	Contractual Maturity					Earlier of Contractual Maturity or Next Call Date
(dollars in thousands) Year	Amount		Weighted Average Interest Rate			Amount		Weighted Average Interest Rate
2019	$	4,431,000		1.74		$	4,431,000		1.74
2020		3,425,000		2.13			5,175,000		2.20
2021		822,661		2.40			3,422,661		2.45
2022		25,000		2.75			25,000		2.75
2028		4,350,000		2.40			—		—
Total FHLB advances	$	13,053,661		2.11	%	$	13,053,661		2.11	%

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

The following table presents an analysis of the contractual maturities and next call dates of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2018.

	Contractual Maturity					Earlier of Contractual Maturity or Next Call Date
(dollars in thousands) Year of Maturity	Amount		Weighted Average Interest Rate			Amount		Weighted Average Interest Rate
2019	$	200,000		1.69	%	$	200,000		1.69	%
2021		—		—			300,000		2.37
2028		300,000		2.37			—		—
	$	500,000		2.10	%	$	500,000		2.10	%

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, 2018:

						Mortgage-Related and Other Securities				GSE Debentures and U.S. Treasury Obligations
(dollars in thousands) Period of Maturity	Amount		Weighted Average Interest Rate			Amortized Cost		Fair Value		Amortized Cost		Fair Value
30 to 90 days	$	200,000		1.69	%	$	215,244	$	213,135	$	—	$	—
Greater than 90 days		300,000		2.37			—		—		321,163		317,683
Total	$	500,000		2.10	%	$	215,244	$	213,135	$	321,163	$	317,683

Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at December 31, 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 SM Units)		6.000	%	$	145,582	$	139,231		Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007 (1)
New York Community Capital Trust X		4.388			123,712		120,000		Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011 (2)
PennFed Capital Trust III		6.038			30,928		30,000		June 2, 2003		June 15, 2033		June 15, 2008 (2)
New York Community Capital Trust XI		4.453			59,286		57,500		April 16, 2007		June 30, 2037		June 30, 2012 (2)
Total junior subordinated debentures				$	359,508	$	346,731

(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.