v3.25.3
Borrowed Funds (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s borrowed funds:


September 30, 2025December 31, 2024
Wholesale borrowings:
FHLB advances$12,150 $13,400 
Total wholesale borrowings$12,150 $13,400 
Junior subordinated debentures584 582
Subordinated notes448 444
Total borrowed funds$13,182 $14,426 
Schedule of Federal Home Loan Bank Advances
The contractual maturities and the next call dates of FHLB advances outstanding at September 30, 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$2,500 4.36 $2,750 4.28 
20263,000 4.70 3,000 4.70 
20274,000 4.47 4,000 4.47 
20282,400 4.71 2,400 4.71 
2032250 3.50 — — 
Total FHLB advances$12,150 $12,150 
Schedule of Subordinated Borrowing
The following table presents contractual terms of the junior subordinated debentures outstanding at September 30, 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 $142 November 04, 2002November 01, 2051
New York Community Capital Trust X (2)
5.90 %124 120 December 14, 2006December 15, 2036
PennFed Capital Trust III (2)
7.55 %31 30 June 02, 2003June 15, 2033
New York Community Capital Trust XI (2)
5.91 %59 58 April 16, 2007June 30, 2037
Flagstar Statutory Trust II (2)(3)
7.51 %26 25 December 26, 2002December 26, 2032
Flagstar Statutory Trust III (2)(3)
7.83 %26 25 February 19, 2003April 7, 2033
Flagstar Statutory Trust IV (2)(3)
7.51 %26 25 March 19, 2003March 19, 2033
Flagstar Statutory Trust V (2)(3)
6.58 %26 25 December 29, 2004January 07, 2035
Flagstar Statutory Trust VI (2)(3)
6.58 %26 25 March 30, 2005April 7, 2035
Flagstar Statutory Trust VII (2)(3)
6.05 %51 50 March 29, 2005June 15, 2035
Flagstar Statutory Trust VIII (2)(3)
6.08 %26 25 September 22, 2005October 7, 2035
Flagstar Statutory Trust IX (2)(3)
5.75 %26 25 June 28, 2007September 15, 2037
Flagstar Statutory Trust X (2)(3)
6.80 %15 15 August 31, 2007September 15, 2037
Total junior subordinated debentures
$610 $590 
(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 $26 million.
At September 30, 2025 and December 31, 2024, we had a total of $448 million and $444 million, respectively, of fixed-to-floating rate subordinated notes outstanding:

Date of Original IssueStated MaturityInterest RateOriginal Issue Amount
(1)
November 6, 2018November 6, 20287.296%$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 SOFR 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. We have the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date.