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Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2021
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at December 31, 2021 and 2020:
|  | December 31, |
(in millions) |  | 2021 |  |  | 2020 |
Wholesale borrowings: |  |  |  |  |  |
FHLB advances |  | $ | 15,105 |  |  | $ | 14,628 |
Repurchase agreements |  |  | 800 |  |  |  | 800 |
Total wholesale borrowings |  | $ | 15,905 |  |  | $ | 15,428 |
Junior subordinated debentures |  |  | 361 |  |  |  | 360 |
Subordinated notes |  |  | 296 |  |  |  | 296 |
Total borrowed funds |  | $ | 16,562 |  |  | $ | 16,084 |
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, 2021 were as follows:
|  | Contractual Maturity |  |  | Earlier of Contractual Maturity or Next Call Date |  |
(dollars in millions) Year |  |  | Amount |  |  | Weighted Average Interest Rate (1) |  |  |  | Amount |  |  | Weighted Average Interest Rate (1) |  |
2022 |  | $ |  | 3,750 |  |  |  | 0.50 |  | % | $ |  | 11,030 |  |  |  | 1.53 |  | %
2023 |  |  |  | 2,525 |  |  |  | 0.85 |  |  |  |  | 2,725 |  |  |  | 0.91 |  |
2024 |  |  |  | 1,350 |  |  |  | 0.85 |  |  |  |  | 1,350 |  |  |  | 0.85 |  |
2025 |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
2026 |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
2027 |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
2028 |  |  |  | 4,350 |  |  |  | 2.40 |  |  |  |  | — |  |  |  | — |  |
2029 |  |  |  | 3,130 |  |  |  | 1.55 |  |  |  |  | — |  |  |  | — |  |
Total FHLB advances |  | $ |  | 15,105 |  |  |  | 1.36 |  |  | $ |  | 15,105 |  |  |  | 1.36 |  |
(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, 2021:
|  |  | Contractual Maturity |  |  |  | Earlier of Contractual Maturity or Next Call Date
(dollars in millions) Year |  |  | Amount |  |  | Weighted Average Interest Rate |  |  |  | Amount |  |  | Weighted Average Interest Rate |  |
2022 |  | $ |  | — |  |  |  | — |  | % | $ |  | 800 |  |  |  | 2.24 |  | %
2023 |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
2028 |  |  |  | 300 |  |  |  | 2.37 |  |  |  |  | — |  |  |  | — |  |
2029 |  |  |  | 500 |  |  |  | 2.16 |  |  |  |  | — |  |  |  | — |  |
|  | $ |  | 800 |  |  |  | 2.24 |  |  | $ |  | 800 |  |  |  | 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, 2021:
|  |  |  |  |  |  |  |  |  | Mortgage-Related and Other Securities |  |  |  | GSE Debentures and U.S. Treasury Obligations |
(dollars in millions) Period of Maturity |  |  | Amount |  |  | Weighted Average Interest Rate |  |  |  | Amortized Cost |  |  |  | Fair Value |  |  |  | Amortized Cost |  |  |  | Fair Value |
Greater than 90 days |  | $ |  | 800 |  |  | 2.24 | % |  | $ |  | 345 |  |  | $ |  | 343 |  |  | $ |  | 549 |  |  | $ |  | 570 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at December 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 millions) |  |  |  |  |  |  |
New York Community Capital Trust V (BONUSESSM Units) |  |  | 6.00 | % |  | $ |  | 147 |  |  | $ |  | 140 |  |  | Nov. 4, 2002 |  | Nov. 1, 2051 |  | Nov. 4, 2007 | (1)
New York Community Capital Trust X |  | 1.80 |  |  |  |  | 124 |  |  |  |  | 120 |  |  | Dec. 14, 2006 |  | Dec. 15, 2036 |  | Dec. 15, 2011 | (2)
PennFed Capital Trust III |  | 3.45 |  |  |  |  | 31 |  |  |  |  | 30 |  |  | June 2, 2003 |  | June 15, 2033 |  | June 15, 2008 | (2)
New York Community Capital Trust XI |  | 1.87 |  |  |  |  | 59 |  |  |  |  | 58 |  |  | April 16, 2007 |  | June 30, 2037 |  | June 30, 2012 | (2)
Total junior subordinated debentures |  |  |  |  | $ |  | 361 |  |  | $ |  | 348 |  |  |  |  |  |  |  |
(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, 2021 and 2020, the Company had $296 million, respectively, 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 point payable quarterly.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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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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