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Borrowed Funds
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
The following table summarizes the Company’s borrowed funds:


March 31, 2025December 31, 2024
Wholesale borrowings:
FHLB advances$13,150 $13,400 
Federal Reserve Bank term funding
— — 
Total wholesale borrowings$13,150 $13,400 
Junior subordinated debentures583 582
Subordinated notes445 444
Total borrowed funds$14,178 $14,426 

Our FHLB available capacity has been expanded from overnight funding to 6-month tenor on new and rollover of existing advances. Our FHLB available capacity was $5.8 billion and $6.6 billion at March 31, 2025 and December 31, 2024, respectively. On April 15th, 2025, our borrowing tender limit changed from a 6-month tenor on new and rollover of existing advances to a 12-month tenor.

Accrued interest on borrowed funds is included in Other liabilities in the Condensed Consolidated Statements of Condition and amounted to $49 million and $51 million, respectively, at March 31, 2025 and December 31, 2024.
FHLB Advances

The contractual maturities and the next call dates of FHLB advances outstanding at March 31, 2025 were as follows:
Contractual MaturityEarlier of Contractual Maturity or Next Call Date
Year
Amount
Weighted Average Interest Rate
Amount
Weighted Average Interest Rate
2025$3,500 4.64 $3,750 4.56 
20263,000 4.87 3,000 4.87 
20274,000 4.58 4,000 4.58 
20282,400 4.85 2,400 4.85 
2032250 3.50 — — 
Total FHLB advances$13,150 $13,150 

Our FHLB advances include 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.

Junior Subordinated Debentures

The Company had $610 million at March 31, 2025 and December 31, 2024, 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 March 31, 2025:

IssuerInterest Rate of Capital Securities and Debentures
Junior Subordinated Debentures Amount Outstanding
Capital Securities Amount OutstandingDate of Original IssueStated Maturity
New York Community Capital Trust V (BONUSES Units) (1)
6.00 %$148 $141 November 04, 2002November 01, 2051
New York Community Capital Trust X (2)
6.16 %124 120 December 14, 2006December 15, 2036
PennFed Capital Trust III (2)
7.81 %31 30 June 02, 2003June 15, 2033
New York Community Capital Trust XI (2)
6.21 %59 58 April 16, 2007June 30, 2037
Flagstar Statutory Trust II (2)(3)
7.81 %26 25 December 26, 2002December 26, 2032
Flagstar Statutory Trust III (2)(3)
7.81 %26 25 February 19, 2003April 7, 2033
Flagstar Statutory Trust IV (2)(3)
7.81 %26 25 March 19, 2003March 19, 2033
Flagstar Statutory Trust V (2)(3)
6.56 %26 25 December 29, 2004January 07, 2035
Flagstar Statutory Trust VI (2)(3)
6.56 %26 25 March 30, 2005April 7, 2035
Flagstar Statutory Trust VII (2)(3)
6.31 %51 50 March 29, 2005June 15, 2035
Flagstar Statutory Trust VIII (2)(3)
6.06 %26 25 September 22, 2005October 7, 2035
Flagstar Statutory Trust IX (2)(3)
6.01 %26 25 June 28, 2007September 15, 2037
Flagstar Statutory Trust X (2)(3)
7.06 %15 15 August 31, 2007September 15, 2037
Total junior subordinated debentures
$610 $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 acquisition fair value adjustments of $27 million.
Subordinated Notes

At March 31, 2025 and December 31, 2024, the Company had a total of $445 million and $444 million subordinated notes outstanding, respectively, of fixed-to-floating rate subordinated notes outstanding:
Date of Original IssueStated MaturityInterest RateOriginal Issue Amount
(1)
November 6, 2018November 6, 20287.343%$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 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.