Borrowed Funds

3 Months Ended

Mar. 31, 2019

Note 7. Borrowed Funds

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

(in thousands)	March 31, 2019		December 31, 2018
Wholesale Borrowings:
FHLB advances	$	11,803,661	$	13,053,661
Repurchase agreements		800,000		500,000
Total wholesale borrowings	$	12,603,661	$	13,553,661
Junior subordinated debentures		359,594		359,508
Subordinated notes		294,655		294,697
Total borrowed funds	$	13,257,910	$	14,207,866

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2019:

	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and Continuous		Up to 30 Days		30–90 Days		Greater than 90 Days
GSE obligations	$	—	$	—	$	—	$	800,000

Subordinated Notes

On November 6, 2018, the Company issued $300.0 million aggregate principal amount of our 5.90% Fixed-to-Floating Rate Subordinated Notes due 2028 (the “Notes”). The Notes will mature on November 6, 2028. From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90% per annum, payable semi-annually in arrears on May 6 and November 6 of each year, commencing on May 6, 2019. Unless redeemed, from and including November 6, 2023 to but excluding the Maturity Date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis points, payable quarterly in arrears on February 6, May 6, August 6 and November 6 of each year, commencing on February 6, 2024.

Junior Subordinated Debentures

The following junior subordinated debentures were outstanding at March 31, 2019:

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	%	$	145,668	$	139,317		Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007 (1)
New York Community Capital Trust X		4.202			123,712		120,000		Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011 (2)
PennFed Capital Trust III		5.861			30,928		30,000		June 2, 2003		June 15, 2033		June 15, 2008 (2)
New York Community Capital Trust XI		4.242			59,286		57,500		April 16, 2007		June 30, 2037		June 30, 2012 (2)
Total junior subordinated debentures				$	359,594	$	346,817

(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.

At March 31, 2019 and December 31, 2018, the Company had $359.6 million and $359.5 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.