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v3.22.4

Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2022
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at December 31, 2022 and 2021:
|  | December 31, |
(in millions) |  | 2022 |  |  | 2021 |
Wholesale borrowings: |  |  |  |  |  |
FHLB advances |  | $ | 20,325 |  |  | $ | 15,105 |
Repurchase agreements |  |  | — |  |  |  | 800 |
Total wholesale borrowings |  | $ | 20,325 |  |  | $ | 15,905 |
Junior subordinated debentures |  |  | 575 |  |  |  | 361 |
Subordinated notes |  |  | 432 |  |  |  | 296 |
Total borrowed funds |  | $ | 21,332 |  |  | $ | 16,562 |
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, 2022 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) |  |
2023 |  | $ |  | 10,325 |  |  |  | 3.51 |  | % | $ |  | 15,325 |  |  |  | 3.26 |  | %
2024 |  |  |  | 1,600 |  |  |  | 1.36 |  |  |  |  | 3,100 |  |  |  | 2.42 |  |
2025 |  |  |  | — |  |  |  | — |  |  |  |  | 250 |  |  |  | 3.50 |  |
2026 |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
2027 |  |  |  | 2,650 |  |  |  | 3.77 |  |  |  |  | 1,250 |  |  |  | 3.87 |  |
2028 |  |  |  | 400 |  |  |  | 4.11 |  |  |  |  | 400 |  |  |  | 4.11 |  |
2029 |  |  |  | 200 |  |  |  | 1.61 |  |  |  |  | — |  |  |  | — |  |
2030 |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
2031 |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |
2032 |  |  |  | 5,150 |  |  |  | 2.80 |  |  |  |  | — |  |  |  | — |  |
Total FHLB advances |  | $ |  | 20,325 |  |  |  | 3.19 |  |  | $ |  | 20,325 |  |  |  | 3.19 |  |
(1) Does not included the effect interest rate swap agreements.
Contractual Terms of Junior Subordinated Debentures Outstanding | The following table presents contractual terms of the junior subordinated debentures outstanding at December 31, 2022:
Issuer | Interest Rate of Capital Securities and Debentures |  |  |  | Junior Subordinated Debentures Amount Outstanding |  |  |  | Capital Securities Amount Outstanding |  |  | Date of Original Issue |  | Stated Maturity
|  |  |  |  | (dollars in millions) |  |  |  |  |
New York Community Capital Trust V (BONUSES Units) (1) |  | 6.00 | % |  | $ |  | 147 |  |  | $ |  | 141 |  |  | Nov. 4, 2002 |  | Nov. 1, 2051
New York Community Capital Trust X (2) | 6.37 |  |  |  |  | 124 |  |  |  |  | 120 |  |  | Dec. 14, 2006 |  | Dec. 15, 2036
PennFed Capital Trust III (2) | 8.02 |  |  |  |  | 31 |  |  |  |  | 30 |  |  | June 2, 2003 |  | June 15, 2033
New York Community Capital Trust XI (2) | 6.38 |  |  |  |  | 59 |  |  |  |  | 58 |  |  | April 16, 2007 |  | June 30, 2037
Flagstar Statutory Trust II (2) | 7.97 |  |  |  |  | 26 |  |  |  |  | 25 |  |  | Dec. 26, 2002 |  | Dec. 26, 2032
Flagstar Statutory Trust III (2) | 7.33 |  |  |  |  | 26 |  |  |  |  | 25 |  |  | Feb. 19, 2003 |  | April 7, 2033
Flagstar Statutory Trust IV (2) | 7.98 |  |  |  |  | 26 |  |  |  |  | 25 |  |  | Mar. 19, 2003 |  | Mar 19, 2033
Flagstar Statutory Trust V (2) | 6.08 |  |  |  |  | 26 |  |  |  |  | 25 |  |  | Dec 29, 2004 |  | Jan. 7, 2035
Flagstar Statutory Trust VI (2) | 6.08 |  |  |  |  | 26 |  |  |  |  | 25 |  |  | Mar. 30, 2005 |  | April 7, 2035
Flagstar Statutory Trust VII (2) | 6.52 |  |  |  |  | 51 |  |  |  |  | 50 |  |  | Mar. 29, 2005 |  | June 15, 2035
Flagstar Statutory Trust VIII (2) | 5.58 |  |  |  |  | 25 |  |  |  |  | 24 |  |  | Sept. 22, 2005 |  | Oct. 7, 2035
Flagstar Statutory Trust IX (2) | 6.22 |  |  |  |  | 25 |  |  |  |  | 24 |  |  | June 28, 2007 |  | Sept. 15, 2037
Flagstar Statutory Trust X (2) | 7.27 |  |  |  |  | 16 |  |  |  |  | 16 |  |  | Aug. 31, 2007 |  | Sept 15, 2037
Total junior subordinated debentures |  |  |  | $ |  | 608 |  |  | $ |  | 588 |  |  |  |  |
(1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable at any time.
Subordinated Debt |
Contractual Terms of Junior Subordinated Debentures Outstanding | At December 31, 2022 and 2021, the Company had a total of $432 million and $296 million subordinated notes outstanding; respectively, of fixed-to-floating rate subordinated notes outstanding:
Date of Original Issue |  | Stated Maturity |  | Interest Rate |  |  | Original Issue Amount |
|  | (dollars in millions) |  |  |  |
November 6, 2018 |  | November 6, 2028 (1) |  |  | 5.900 | % |  | $ | 300 |
October 28, 2020 |  | November 1, 2030 (2) |  |  | 4.125 | % |  |  | 150 |
(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 percent 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. (2) From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date.

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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 https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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