XML 51 R41.htm IDEA: XBRL DOCUMENT
v3.24.3

Borrowed Funds (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s borrowed funds:
(in millions) | September 30, 2024 |  | December 31, 2023
Wholesale borrowings: |  |  |
FHLB advances | $ | 18,250 |  |  | $ | 19,250 |
Federal Reserve Bank term funding | 1,000 |  |  | 1,000 |
Repurchase agreements | 60 |  |  | —
Total wholesale borrowings | $ | 19,310 |  |  | $ | 20,250 |
Junior subordinated debentures | 581 |  |  | 579
Subordinated notes | 442 |  |  | 438
Total borrowed funds | $ | 20,333 |  |  | $ | 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 September 30, 2024 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 | $ | 5,100 |  |  | 3.20 |  |  | $ | 5,100 |  |  | 3.01 |
2025 | 2,500 |  |  | 3.79 |  |  | 2,750 |  |  | 3.77 |
2026 | 4,000 |  |  | 5.42 |  |  | 4,000 |  |  | 5.42 |
2027 | 4,000 |  |  | 4.92 |  |  | 4,000 |  |  | 4.92 |
2028 | 2,400 |  |  | 5.31 |  |  | 2,400 |  |  | 5.31 |
2032 | 250 |  |  | 1.17 |  |  | — |  |  | — |
Total FHLB advances | $ | 18,250 |  |  |  |  | $ | 18,250 |  |  |
(1)Does not included the effect of interest rate swap agreements. Represents current coupon rate; most advances are floating rate.
Schedule of Subordinated Borrowing | The following table presents contractual terms of the junior subordinated debentures outstanding at September 30, 2024:
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 |  |  | November 04, 2002 |  | November 01, 2051
New York Community Capital Trust X (2) | 6.81 | % |  | 124 |  |  | 120 |  |  | December 14, 2006 |  | December 15, 2036
PennFed Capital Trust III (2) | 8.46 | % |  | 31 |  |  | 30 |  |  | June 02, 2003 |  | June 15, 2033
New York Community Capital Trust XI (2) | 6.52 | % |  | 59 |  |  | 58 |  |  | April 16, 2007 |  | June 30, 2037
Flagstar Statutory Trust II (2) | 8.17 | % |  | 26 |  |  | 25 |  |  | December 26, 2002 |  | December 26, 2032
Flagstar Statutory Trust III (2) | 8.81 | % |  | 26 |  |  | 25 |  |  | February 19, 2003 |  | April 7, 2033
Flagstar Statutory Trust IV (2) | 8.12 | % |  | 26 |  |  | 25 |  |  | March 19, 2003 |  | March 19, 2033
Flagstar Statutory Trust V (2) | 7.56 | % |  | 26 |  |  | 25 |  |  | December 29, 2004 |  | January 07, 2035
Flagstar Statutory Trust VI (2) | 7.56 | % |  | 26 |  |  | 25 |  |  | March 30, 2005 |  | April 7, 2035
Flagstar Statutory Trust VII (2) | 6.96 | % |  | 51 |  |  | 50 |  |  | March 29, 2005 |  | June 15, 2035
Flagstar Statutory Trust VIII (2) | 7.06 | % |  | 26 |  |  | 25 |  |  | September 22, 2005 |  | October 7, 2035
Flagstar Statutory Trust IX (2) | 6.66 | % |  | 26 |  |  | 25 |  |  | June 28, 2007 |  | September 15, 2037
Flagstar Statutory Trust X (2) | 7.71 | % |  | 15 |  |  | 15 |  |  | August 31, 2007 |  | September 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 Bancorp acquisition fair value adjustments o f $28 million. The Company had $442 million in subordinated notes outstanding at September 30, 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 Issue |  | Stated Maturity |  | Interest Rate at September 30, 2024 |  | Original Issue Amount
(1) | November 6, 2018 |  | November 6, 2028 |  | 8.269% |  | $ | 300
(2) | October 28, 2020 |  | November 1, 2030 |  | 4.125% |  | $ | 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 percent 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 Secured Overnight Financing 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 Secured Overnight Financing Rate 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of advance from Federal Home Loan Bank (FHLBank). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 + Details
Name: | us-gaap_ScheduleOfFederalHomeLoanBankAdvancesByBranchOfFHLBBankTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 + Details
Name: | us-gaap_ScheduleOfSubordinatedBorrowingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration