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Borrowed Funds (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Borrowed Funds

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

(dollars in millions)		June 30, 2021				December 31, 2020
Wholesale Borrowings:
FHLB advances		$	14,003			$	14,628
Repurchase agreements			800				800
Total wholesale borrowings		$	14,803			$	15,428
Junior subordinated debentures			360				360
Subordinated notes			296				296
Total borrowed funds		$	15,459			$	16,084

Summary of Repurchase Agreements Accounted for Secured Borrowings

The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2021:

		Remaining Contractual Maturity of the Agreements
(dollars in millions)		Overnight and Continuous				Up to 30 Days				30–90 Days				Greater than 90 Days
GSE obligations		$	—			$	—			$	—			$	800

Junior Subordinated Debentures Outstanding

The following junior subordinated debentures were outstanding at June 30, 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 millions)
New York Community Capital Trust V    (BONUSESSM Units)		6.00	%		$	146			$	140			Nov. 4, 2002		Nov. 1, 2051		Nov. 4, 2007(1)
New York Community Capital Trust X		1.72				124				120			Dec. 14, 2006		Dec. 15, 2036		Dec. 15, 2011 (2)
PennFed Capital Trust III		3.37				31				30			June 2, 2003		June 15, 2033		June 15, 2008 (2)
New York Community Capital Trust XI		1.80				59				57			April 16, 2007		June 30, 2037		June 30, 2012 (2)
Total junior subordinated debentures					$	360			$	347

(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 June 30, 2021 and December 31, 2020, the Company had $296 million of fixed-to-floating rate subordinated notes outstanding:

Date of Original Issue		Stated Maturity		Interest Rate(1)				Original Issue Amount
(dollars in millions)
Nov. 6, 2018		Nov. 6, 2028			5.90	%		$	300

(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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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 7
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