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v3.19.3.a.u2

Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2019
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at December 31, 2019 and 2018:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Wholesale borrowings: |  |  |  |  |  |  |  |
FHLB advances |  | $ | 13,102,661 |  |  | $ | 13,053,661 |
Repurchase agreements |  |  | 800,000 |  |  |  | 500,000 |
Total wholesale borrowings |  | $ | 13,902,661 |  |  | $ | 13,553,661 |
Junior subordinated debentures |  |  | 359,866 |  |  |  | 359,508 |
Subordinated notes |  |  | 295,066 |  |  |  | 294,697 |
Total borrowed fund s |  | $ | 14,557,593 |  |  | $ | 14,207,866 |
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, 2019 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 |
2020 |  | $ | 4,525,000 |  |  |  | 2.06 |  |  | $ | 6,805,000 |  |  |  | 2.09 |
2021 |  |  | 822,661 |  |  |  | 2.40 |  |  |  | 4,222,661 |  |  |  | 2.30 |
2022 |  |  | 275,000 |  |  |  | 2.01 |  |  |  | 1,875,000 |  |  |  | 1.55 |
2023 |  |  | — |  |  |  | — |  |  |  | 200,000 |  |  |  | 1.61
2028 |  |  | 4,350,000 |  |  |  | 2.40 |  |  |  | — |  |  |  | — |
2029 |  |  | 3,130,000 |  |  |  | 1.55 |  |  |  | — |  |  |  | — |
Total FHLB advance s |  | $ | 13,102,661 |  |  |  | 2.07 | % |  | $ | 13,102,661 |  |  |  | 2.07 | %
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, 2019 :
|  | Contractual Maturity |  |  | Earlier of Contractual Maturity or Next Call Date |
(dollars in thousands) Year |  | Amount |  |  | Weighted Average Interest Rate |  |  | Amount |  |  | Weighted Average Interest Rate |
2021 |  | $ | — |  |  |  | — | % |  | $ | 400,000 |  |  |  | 2.31 | %
2022 |  |  | — |  |  |  | — |  |  |  | 400,000 |  |  |  | 2.16 |
2028 |  |  | 300,000 |  |  |  | 2.37 |  |  |  | — |  |  |  | — |
2029 |  |  | 500,000 |  |  |  | 2.16 |  |  |  | — |  |  |  | — |
|  | $ | 800,000 |  |  |  | 2.24 |  |  | $ | 800,000 |  |  |  | 2.24 |
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 of the securities collateralizing the repurchase agreements, at December 31, 2019:
|  |  |  |  |  |  |  | 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 |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Greater than 90 days |  |  | 800,000 |  |  |  | 2.24 | % |  |  | 232,836 |  |  |  | 238,180 |  |  |  | 636,190 |  |  |  | 637,050 |
Total |  | $ | 800,000 |  |  |  | 2.24 | % |  | $ | 232,836 |  |  | $ | 238,180 |  |  | $ | 636,190 |  |  | $ | 637,050 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at December 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) |  |  | 6.00 | % |  | $ | 145,940 |  |  | $ | 139,589 |  |  |  | Nov. 4, 2002 |  |  |  | Nov. 1, 2051 |  |  |  | Nov. 4, 2007 | (1)
New York Community Capital Trust X |  |  | 3.49 |  |  |  | 123,712 |  |  |  | 120,000 |  |  |  | Dec. 14, 2006 |  |  |  | Dec. 15, 2036 |  |  |  | Dec. 15, 2011 | (2)
PennFed Capital Trust III |  |  | 5.14 |  |  |  | 30,928 |  |  |  | 30,000 |  |  |  | June 2, 2003 |  |  |  | June 15, 2033 |  |  |  | June 15, 2008 | (2)
New York Community Capital Trust XI |  |  | 3.61 |  |  |  | 59,286 |  |  |  | 57,500 |  |  |  | April 16, 2007 |  |  |  | June 30, 2037 |  |  |  | June 30, 2012 | (2)
Total junior subordinated debentures |  |  |  |  |  | $ | 359,866 |  |  | $ | 347,089 |  |  |  |  |  |  |  |  |  |  |  |  |
(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.
Subordinated Debt |
Junior Subordinated Debentures Outstanding | At December 31, 2019 and 2018, the Company had $295.1 million and $294.7 million, respectively, of fixed-to-floating rate subordinated notes outstanding:
Date of Original Issue |  | Stated Maturity |  | Interest Rate (1) |  | Original Issue Amount
(dollars in thousands)
Nov. 6, 2018 |  | Nov. 6, 2028 |  | 5.90% |  | $300,000
(1) | 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. 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 point payable quarterly.

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