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Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s borrowed funds:
(in millions) | December 31, 2023 |  | December 31, 2022
Wholesale borrowings: |  |  |
FHLB advances | $ | 19,250 |  |  | $ | 20,325 |
FRB term funding | 1,000 |  |  | —
Total wholesale borrowings | $ | 20,250 |  |  | $ | 20,325 |
Junior subordinated debentures | 579 |  |  | 575
Subordinated notes | 438 |  |  | 432
Total borrowed funds | $ | 21,267 |  |  | $ | 21,332 |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2023 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)
2024 | 7,350 |  |  | 4.57 |  |  | 9,100 |  |  | 4.37 |
2025 | 1,500 |  |  | 5.38 |  |  | 1,750 |  |  | 5.11 |
2026 | 2,500 |  |  | 5.37 |  |  | 2,500 |  |  | 5.37 |
2027 | 4,000 |  |  | 4.62 |  |  | 3,500 |  |  | 4.75 |
2028 | 2,400 |  |  | 5.17 |  |  | 2,400 |  |  | 5.17 |
2032 | 1,500 |  |  | 3.43 |  |  | — |  |  | — |
Total FHLB advances | $ | 19,250 |  |  |  |  | $ | 19,250 |  |  |
(1)Does not included the effect interest rate swap agreements.
Schedule of Subordinated Borrowing | The following table presents contractual terms of the junior subordinated debentures outstanding at December 31, 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) | 7.25 |  | 124 |  |  | 120 |  |  | Dec. 14, 2006 |  | Dec. 15, 2036
PennFed Capital Trust III (2) | 8.90 |  | 31 |  |  | 30 |  |  | June 2, 2003 |  | June 15, 2033
New York Community Capital Trust XI (2) | 7.24 |  | 59 |  |  | 58 |  |  | April 16, 2007 |  | June 30, 2037
Flagstar Statutory Trust II (2) | 8.87 |  | 26 |  |  | 25 |  |  | Dec. 26, 2002 |  | Dec. 26, 2032
Flagstar Statutory Trust III (2) | 8.91 |  | 26 |  |  | 25 |  |  | Feb. 19, 2003 |  | April 7, 2033
Flagstar Statutory Trust IV (2) | 8.84 |  | 26 |  |  | 25 |  |  | Mar. 19, 2003 |  | Mar 19, 2033
Flagstar Statutory Trust V (2) | 7.66 |  | 26 |  |  | 25 |  |  | Dec 29, 2004 |  | Jan. 7, 2035
Flagstar Statutory Trust VI (2) | 7.66 |  | 26 |  |  | 25 |  |  | Mar. 30, 2005 |  | April 7, 2035
Flagstar Statutory Trust VII (2) | 7.40 |  | 51 |  |  | 50 |  |  | Mar. 29, 2005 |  | June 15, 2035
Flagstar Statutory Trust VIII (2) | 7.16 |  | 26 |  |  | 25 |  |  | Sept. 22, 2005 |  | Oct. 7, 2035
Flagstar Statutory Trust IX (2) | 7.10 |  | 26 |  |  | 25 |  |  | June 28, 2007 |  | Sept. 15, 2037
Flagstar Statutory Trust X (2) | 8.15 |  | 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 $30 million. At December 31, 2023 and December 31, 2022, the Company had a total of $438 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 b asis points payable quarterly. (2)From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.13 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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