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Borrowed Funds (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s borrowed funds:

(in millions)December 31, 2023December 31, 2022
Wholesale borrowings:
FHLB advances$19,250 $20,325 
FRB term funding
1,000 —
Total wholesale borrowings$20,250 $20,325 
Junior subordinated debentures579 575
Subordinated notes438 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 MaturityEarlier of Contractual Maturity or Next Call Date
(dollars in millions) YearAmountWeighted Average Interest Rate (1)AmountWeighted Average Interest Rate (1)
20247,350 4.57 9,100 4.37 
20251,500 5.38 1,750 5.11 
20262,500 5.37 2,500 5.37 
20274,000 4.62 3,500 4.75 
20282,400 5.17 2,400 5.17 
20321,500 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:
IssuerInterest Rate of Capital Securities and Debentures
Junior Subordinated Debentures Amount Outstanding (3)
Capital Securities Amount OutstandingDate of Original IssueStated Maturity
(dollars in millions)
New York Community Capital Trust V (BONUSES Units) (1)6.00$147 $141 Nov. 4, 2002Nov. 1, 2051
New York Community Capital Trust X (2)7.25124 120 Dec. 14, 2006Dec. 15, 2036
PennFed Capital Trust III (2)8.9031 30 June 2, 2003June 15, 2033
New York Community Capital Trust XI (2)7.2459 58 April 16, 2007June 30, 2037
Flagstar Statutory Trust II (2)8.8726 25 Dec. 26, 2002Dec. 26, 2032
Flagstar Statutory Trust III (2)8.9126 25 Feb. 19, 2003April 7, 2033
Flagstar Statutory Trust IV (2)8.8426 25 Mar. 19, 2003Mar 19, 2033
Flagstar Statutory Trust V (2)7.6626 25 Dec 29, 2004Jan. 7, 2035
Flagstar Statutory Trust VI (2)7.6626 25 Mar. 30, 2005April 7, 2035
Flagstar Statutory Trust VII (2)7.4051 50 Mar. 29, 2005June 15, 2035
Flagstar Statutory Trust VIII (2)7.1626 25 Sept. 22, 2005Oct. 7, 2035
Flagstar Statutory Trust IX (2)7.1026 25 June 28, 2007Sept. 15, 2037
Flagstar Statutory Trust X (2)8.1515 15 Aug. 31, 2007Sept 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 IssueStated MaturityInterest RateOriginal Issue Amount
November 6, 2018November 6, 2028 (1)5.900%$300
October 28, 2020November 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 4.13 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.