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Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Borrowed Funds

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

(in thousands)		March 31, 2021							December 31, 2020
Wholesale Borrowings:
FHLB advances		$	14,302,661					$		14,627,661
Repurchase agreements			800,000							800,000
Total wholesale borrowings		$	15,102,661					$		15,427,661
Junior subordinated debentures			360,362							360,259
Subordinated notes			295,764							295,624
Total borrowed funds		$	15,758,787					$		16,083,544

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, 2021:

		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, 2021:

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	%		$	146,436			$	140,085			Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007(1)
New York Community Capital Trust X			1.78				123,712				120,000			Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011 (2)
PennFed Capital Trust III			3.43				30,928				30,000			June 2, 2003		June 15, 2033		June 15, 2008 (2)
New York Community Capital Trust XI			1.85				59,286				57,500			April 16, 2007		June 30, 2037		June 30, 2012 (2)
Total junior subordinated debentures						$	360,362			$	347,585

(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, 2021 and December 31, 2020, the Company had $295.8 million and $295.6 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 points payable quarterly.

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-Publisher FASB
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