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

Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition and amounted to $19.3 million and $23.4 million, respectively, at December 31, 2020 and 2019.

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

FHLB advances include both straight fixed-rate advances and advances under the FHLB convertible advance program, which gives the FHLB the option of either calling the advance after an initial lock-out period of up to five years and quarterly thereafter until maturity, or a one-time call at the initial call date.

The Company had $2.3 billion of short-term FHLB advances at December 31, 2020. During the twelve months ended December 31, 2020, the average balance of short-term FHLB advances were $2.1 billion, with a weighted average interest rate of .72%, generating interest expense of $15.3 million. The Company had $1.0 billion of short-term FHLB advances at December 31, 2019. During the twelve months ended December 31, 2019, the average balance of short-term FHLB advances were $52.4 million, with a weighted average interest rate of 1.9%, generating interest expense of $1.0 million. There were no short-term advances at December 31, 2018.

At December 31, 2020 and 2019, respectively, the Bank had unused lines of available credit with the FHLB of up to $7.3 billion and $7.9 billion. The Company had no overnight advances at December 31, 2020, and $100.0 million overnight FHLB advances at December 31, 2019. During the twelve months ended December 31, 2020, the average balance of overnight advances amounted to $2.0 million, with a weighted average interest rate of 1.2%, generating interest expense of $24,000. During the twelve months ended December 31, 2019, the average balances of overnight advances amounted to $3.1 million, with weighted average interest rates of 2.1%, generating interest expense of $66,000.

Total FHLB advances generated interest expense of $245.7 million, $259.0 million, and $248.0 million, in the years ended December 31, 2020, 2019, and 2018, respectively.

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

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

The Company had no short-term repurchase agreements outstanding at December 31, 2020 or 2019.

At December 31, 2020 and 2019, the accrued interest on repurchase agreements amounted to $1.7 million. The interest expense on repurchase agreements was $18.2 million, $17.7 million, and $6.8 million, in the years ended December 31, 2020, 2019, and 2018, respectively.

In 2020 and 2019, respectively, the average balances of federal funds purchased were $179.9 million and $6.8 million, with weighted average interest rates of 0.49% and 1.7%. In 2018, the average balance of federal funds purchased amounted to $620,000 with a weighted average interest rate of 2.2%. The interest expense produced by federal funds purchased was $886,000, $118,000 and $14,000 for the years ended December 31, 2020, 2019 and 2018, respectively.

At December 31, 2020 and 2019, the Company had $360.3 million and $359.9 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.

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

The Bifurcated Option Note Unit SecuritiES^SM (“BONUSES units”) included in the preceding table were issued by the Company on November 4, 2002 at a public offering price of $50.00 per share. Each of the 5,500,000 BONUSES units offered consisted of a capital security issued by New York Community Capital Trust V, a trust formed by the Company, and a warrant to purchase 2.4953 shares of the common stock of the Company (for a total of approximately 13.7 million common shares) at an effective exercise price of $20.04 per share. Each capital security has a maturity of 49 years, with a coupon, or distribution rate, of 6.00% on the $50.00 per share liquidation amount. The warrants and capital securities were non-callable for five years from the date of issuance and were not called by the Company when the five-year period passed on November 4, 2007.

The gross proceeds of the BONUSES units totaled $275.0 million and were allocated between the capital security and the warrant comprising such units in proportion to their relative values at the time of issuance. The value assigned to the warrants, $92.4 million, was recorded as a component of additional “paid-in capital” in the Company’s Consolidated Statements of Condition. The value assigned to the capital security component was $182.6 million. The $92.4 million difference between the assigned value and the stated liquidation amount of the capital securities was treated as an original issue discount, and is being amortized to interest expense over the 49-year life of the capital securities on a level-yield basis. At December 31, 2020, this discount totaled $65.4 million.

The other three trust preferred securities noted in the preceding table were formed for the purpose of issuing Company Obligated Mandatorily Redeemable Capital Securities of Subsidiary Trusts Holding Solely Junior Subordinated Debentures (collectively, the “Capital Securities”). Dividends on the Capital Securities are payable either quarterly or semi-annually and are deferrable, at the Company’s option, for up to five years. As of December 31, 2020, all dividends were current.

Interest expense on junior subordinated debentures was $18.8 million, $22.4 million, and $21.7 million, respectively, for the years ended December 31, 2020, 2019, and 2018.

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:

The interest expense on subordinated notes amounted to $18.3 million for the years ended December 31, 2020 and 2019. The interest expense on subordinated notes amounted to $2.8 million for the year ended December 31, 2018