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Borrowed Funds (Tables) | 3 Months Ended
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Mar. 31, 2020
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at the dates indicated:
(in thousands) |  | March 31, 2020 |  |  | December 31, 2019 |
Wholesale Borrowings: |  |  |  |  |  |  |  |
FHLB advances |  | $ | 13,477,661 |  |  | $ | 13,102,661 |
Repurchase agreements |  |  | 800,000 |  |  |  | 800,000 |
Total wholesale borrowings |  | $ | 14,277,661 |  |  | $ | 13,902,661 |
Junior subordinated debentures |  |  | 359,961 |  |  |  | 359,866 |
Subordinated notes |  |  | 295,205 |  |  |  | 295,066 |
Total borrowed funds |  | $ | 14,932,827 |  |  | $ | 14,557,593 |
Summary of Repurchase Agreements Accounted for Secured Borrowings | The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2020:
|  | 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 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at March 31, 2020:
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 | % |  | $ | 146,035 |  |  | $ | 139,684 |  |  |  | Nov. 4, 2002 |  |  |  | Nov. 1, 2051 |  |  |  | Nov. 4, 2007 (1) |
New York Community Capital Trust X |  |  | 2.34 |  |  |  | 123,712 |  |  |  | 120,000 |  |  |  | Dec. 14, 2006 |  |  |  | Dec. 15, 2036 |  |  |  | Dec. 15, 2011 (2) |
PennFed Capital Trust III |  |  | 3.99 |  |  |  | 30,928 |  |  |  | 30,000 |  |  |  | June 2, 2003 |  |  |  | June 15, 2033 |  |  |  | June 15, 2008 (2) |
New York Community Capital Trust XI |  |  | 3.02 |  |  |  | 59,286 |  |  |  | 57,500 |  |  |  | April 16, 2007 |  |  |  | June 30, 2037 |  |  |  | June 30, 2012 (2) |
Total junior subordinated debentures |  |  |  |  |  | $ | 359,961 |  |  | $ | 347,184 |  |  |  |  |  |  |  |  |  |  |  |  |
(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 March 31, 2020 and December 31, 2019, the Company had $295.2 million and $295.1million, 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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- Definition Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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- Definition Tabular disclosure of the nature and risks of short-term collateralized financing obtained through repurchase agreements, securities lending transactions and repurchase-to-maturity transactions, accounted for as secured borrowings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL34722452-111729 + Details
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