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Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Borrowed Funds

The following table summarizes the Company’s borrowed funds at December 31, 2020 and 2019:

		December 31,
(in thousands)		2020					2019
Wholesale borrowings:
FHLB advances		$		14,627,661			$	13,102,661
Repurchase agreements				800,000				800,000
Total wholesale borrowings		$		15,427,661			$	13,902,661
Junior subordinated debentures				360,259				359,866
Subordinated notes				295,624				295,066
Total borrowed funds		$		16,083,544			$	14,557,593

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, 2020 were as follows:

		Contractual Maturity									Earlier of Contractual Maturity or Next Call Date
(dollars in thousands) Year			Amount				Weighted Average Interest Rate (1)					Amount				Weighted Average Interest Rate (1)
2021		$		3,272,661				0.87		%	$		8,952,661				1.73		%
2022				550,000				1.31					2,150,000				1.43
2023				2,525,000				0.85					2,725,000				0.91
2024				800,000				0.53					800,000				0.53
2028				4,350,000				2.40					—				—
2029				3,130,000				1.55					—				—
Total FHLB advances		$		14,627,661				1.47			$		14,627,661				1.47

(1) Does not included the effect interest rate swap agreements.

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, 2020:

			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, 2020:

											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
Greater than 90 days		$		800,000			2.24	%		$		286,198			$		304,261			$		571,182			$		573,344

Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at December 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 (BONUSESSM Units)			6.00	%		$		146,333			$		139,982			Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007	(1)
New York Community Capital    Trust X		1.82						123,712					120,000			Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011	(2)
PennFed Capital Trust III		3.47						30,928					30,000			June 2, 2003		June 15, 2033		June 15, 2008	(2)
New York Community Capital    Trust XI		1.89						59,286					57,500			April 16, 2007		June 30, 2037		June 30, 2012	(2)
Total junior subordinated debentures						$		360,259			$		347,482

(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, 2020 and 2019, the Company had $295.6 million and $295.1 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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