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Borrowed Funds | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed Funds The following table summarizes the Company’s borrowed funds:
(in millions) | September 30, 2023 |  | December 31, 2022
Wholesale borrowings: |  |  |
FHLB advances | $ | 13,023 |  |  | $ | 20,325 |
Fed Funds purchased | 547 |  |  | — |
Total wholesale borrowings | $ | 13,570 |  |  | $ | 20,325 |
Junior subordinated debentures | 578 |  |  | 575
Subordinated notes | 437 |  |  | 432
Total borrowed funds | $ | 14,585 |  |  | $ | 21,332 |
Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition and amounted to $46 million and $37 million, respectively, at September 30, 2023 and December 31, 2022. Junior Subordinated Debentures At September 30, 2023 and December 31, 2022, the Company had $609 million and $608 million, respectively, of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by statutory business trusts (the “Trusts”) that issued guaranteed capital securities, excluding purchase accounting adjustments. The following table presents contractual terms of the junior subordinated debentures outstanding at September 30, 2023:
Issuer | Interest Rate of Capital Securities and Debentures |  | Junior Subordinated Debentures Amount Outstanding (3) |  | 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) | 7.27 |  | 124 |  |  | 120 |  |  | Dec. 14, 2006 |  | Dec. 15, 2036
PennFed Capital Trust III (2) | 8.92 |  | 31 |  |  | 30 |  |  | June 2, 2003 |  | June 15, 2033
New York Community Capital Trust XI (2) | 7.31 |  | 59 |  |  | 58 |  |  | April 16, 2007 |  | June 30, 2037
Flagstar Statutory Trust II (2) | 8.91 |  | 26 |  |  | 25 |  |  | Dec. 26, 2002 |  | Dec. 26, 2032
Flagstar Statutory Trust III (2) | 8.82 |  | 26 |  |  | 25 |  |  | Feb. 19, 2003 |  | April 7, 2033
Flagstar Statutory Trust IV (2) | 8.91 |  | 26 |  |  | 25 |  |  | Mar. 19, 2003 |  | Mar 19, 2033
Flagstar Statutory Trust V (2) | 7.57 |  | 26 |  |  | 25 |  |  | Dec 29, 2004 |  | Jan. 7, 2035
Flagstar Statutory Trust VI (2) | 7.57 |  | 26 |  |  | 25 |  |  | Mar. 30, 2005 |  | April 7, 2035
Flagstar Statutory Trust VII (2) | 7.42 |  | 51 |  |  | 50 |  |  | Mar. 29, 2005 |  | June 15, 2035
Flagstar Statutory Trust VIII (2) | 7.07 |  | 26 |  |  | 25 |  |  | Sept. 22, 2005 |  | Oct. 7, 2035
Flagstar Statutory Trust IX (2) | 7.12 |  | 26 |  |  | 25 |  |  | June 28, 2007 |  | Sept. 15, 2037
Flagstar Statutory Trust X (2) | 8.17 |  | 15 |  |  | 15 |  |  | Aug. 31, 2007 |  | Sept 15, 2037
Total junior subordinated debentures (3) |  |  | $ | 609 |  |  | $ | 589 |  |  |  |  |
(1)Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2)Callable at any time. (3)Excludes Flagstar Acquisition fair value adjustments of $31 million. Subordinated Notes At September 30, 2023 and December 31, 2022, the Company had a total of $437 million and $432 million subordinated notes outstanding; respectively, of fixed-to-floating rate subordinated notes outstanding:
Date of Original Issue |  | Stated Maturity |  | Interest Rate |  | Original Issue Amount
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 SOFR rate plus 304.16 basis points 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 The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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