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Borrowed Funds (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s borrowed funds:

(in millions)March 31, 2024December 31, 2023
Wholesale borrowings:
FHLB advances$22,750 $19,250 
FRB term funding1,000 1,000 
Repurchase agreements1,958 0
Total wholesale borrowings$25,708 $20,250 
Junior subordinated debentures580 579
Subordinated notes439 438
Total borrowed funds$26,727 $21,267 
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 March 31, 2024 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)
20248,100 4.90 8,600 4.82 
20253,500 5.68 3,750 5.54 
20264,000 5.80 4,000 5.80 
20274,000 5.16 4,000 5.16 
20282,400 5.62 2,400 5.62 
2032750 3.54 — — 
Total FHLB advances$22,750 $22,750 
(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 March 31, 2024:

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 November 04, 2002November 01, 2051
New York Community Capital Trust X (2)7.19 %124 120 December 14, 2006December 15, 2036
PennFed Capital Trust III (2)8.84 %31 30 June 02, 2003June 15, 2033
New York Community Capital Trust XI (2)7.21 %59 58 April 16, 2007June 30, 2037
Flagstar Statutory Trust II (2)8.82 %26 25 December 26, 2002December 26, 2032
Flagstar Statutory Trust III (2)8.83 %26 25 February 19, 2003April 7, 2033
Flagstar Statutory Trust IV (2)8.81 %26 25 March 19, 2003March 19, 2033
Flagstar Statutory Trust V (2)7.58 %26 25 December 29, 2004January 07, 2035
Flagstar Statutory Trust VI (2)7.58 %26 25 March 30, 2005April 7, 2035
Flagstar Statutory Trust VII (2)7.34 %51 50 March 29, 2005June 15, 2035
Flagstar Statutory Trust VIII (2)7.08 %26 25 September 22, 2005October 7, 2035
Flagstar Statutory Trust IX (2)7.04 %26 25 June 28, 2007September 15, 2037
Flagstar Statutory Trust X (2)8.09 %15 15 August 31, 2007September 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.
The Company had $439 million in subordinated notes outstanding at March 31, 2024, and $438 million outstanding at December 31, 2023. All of the subordinated notes include a fixed rate of interest for a contractual period of time and then are floating thereafter as summarized in the table and information below.

Date of Original IssueStated Maturity
Interest Rate at March 31, 2024
Original Issue Amount
(1)
November 6, 2018November 6, 20288.332%$300
(2)
October 28, 2020November 1, 20304.125%$150
(1)From and including the date of original issuance to, but excluding November 6, 2023, the Notes bore interest at an initial rate of 5.90% per annum payable semi-annually. 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.