XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.24.3

Borrowed Funds | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed Funds 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 |
Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition and amounted to $109 million and $50 million, respectively, at September 30, 2024 and December 31, 2023. FHLB Advances 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. FHLB advances include straight fixed-rate advances, floating rate advances and advances under the FHLB convertible advance program, which gives the FHLB the option of either calling the advance after an initial lock-out period of up to five years and quarterly thereafter until maturity, or a one-time call at the initial call date. Federal Reserve Advances No discount window borrowings are outstanding as of September 30, 2024 as all such borrowings were repaid in September 2024. The Company had $1.0 billion drawn under the Bank Term Funding Program at September 30, 2024, which was scheduled to mature in December 2024 and was repaid in October 2024. See Note 20 - Subsequent Events. Junior Subordinated Debentures The Company had $609 million at both September 30, 2024 and December 31, 2023, 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, 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. Subordinated Notes 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 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration