Board of Directors Declares $0.25 per
Share Quarterly Cash Dividend
1Q 2010 Performance Highlights
-- Operating Earnings Growth: Operating earnings rose 42.2% year-over-year
and 29.0% linked-quarter to $126.1 million.(1)
-- Higher Net Interest Income:Net interest income rose 42.4% year-over-year
and 15.8% linked-quarter to $294.6 million.
-- Expanded Net Interest Margin:At 3.41%, the margin was 52 basis points
wider year-over-year and eight basis points wider linked-quarter.
-- Increased Non-Interest Income:Non-interest income rose $33.2 million
year-over-year to $55.4 million.
-- Above-Average Asset Quality:At $10.0 million, net charge-offs equaled
0.04% of average loans in the quarter; non-performing assets represented
1.77% of total assets at quarter-end.
-- Bolt-on Acquisition of Desert Hills Bank:On March 26th, the Company
added deposits of approximately $400 million, assets of approximately
$450 million, and six branches in Arizona through its FDIC-assisted
Desert Hills Bank acquisition.
-- Increased Capital Strength:Excluding accumulated other comprehensive
loss, net of tax ("AOCL"), the ratio of adjusted tangible stockholders'
equity to adjusted tangible assets rose eight basis points
linked-quarter to 7.33%. Including AOCL, the ratio of tangible
stockholders' equity to tangible assets rose 10 basis points
linked-quarter to 7.23%.(3)
-- Lower Securities/Assets Ratio:The ratio of securities to total assets
declined to 13.1% at March 31st.
-- Continued Efficiency:The GAAP and operating efficiency ratios were
36.82% and 36.05%, respectively.(4)
Note: Please see the last page of this release for footnotes
to the text.
WESTBURY, N.Y.--(BUSINESS WIRE)--
New York Community Bancorp, Inc. (NYSE: NYB) (the "Company") today
reported that its first quarter 2010 GAAP earnings rose $35.7 million,
or 40.2%, year-over-year to $124.4 million, equivalent to a $0.03, or
11.5%, increase in diluted earnings per share to $0.29.
The Company also reported that its first quarter 2010 operating earnings
rose $37.4 million, or 42.2%, year-over-year to $126.1 million which,
like its first quarter 2010 GAAP earnings, were equivalent to a $0.03,
or 11.5%, increase in diluted earnings per share to $0.29. The
difference between the Company's GAAP and operating earnings in the
current first quarter was attributable to after-tax acquisition-related
costs of $1.7 million stemming from its recent FDIC-assisted
transactions: the AmTrust Bank ("AmTrust") acquisition in early December
and the Desert Hills Bank ("Desert Hills") acquisition on March 26th.
On a linked-quarter basis, the Company's first quarter 2010 operating
earnings were up $28.4 million, or 29.0%, equivalent to a $0.03, or
11.5%, increase in diluted operating earnings per share. (1)
The Company also reported cash earnings of $137.0 million, or $0.32 per
diluted share, in the current first quarter, which added $12.7 million,
or 10.2%, more to tangible capital than its first quarter 2010 GAAP
earnings alone. (2) (3)
Commenting on the Company's first quarter 2010 performance, Chairman,
President, and Chief Executive Officer Joseph R. Ficalora stated, "The
merits of our growth-through-acquisition strategy were evident in our
first quarter performance, as our operating earnings rose 42.2%
year-over-year to $126.1 million and, on a diluted per-share basis, were
up more than 11% to $0.29. The highly accretive nature of our AmTrust
Bank acquisition in early December is also reflected in several other
performance metrics, including the 42.4% increase in our net interest
income, the 150% increase in our non-interest income, and the expansion
of our net interest margin from 2.89% to 3.41%, year-over-year.
"Yet another benefit of the AmTrust acquisition was the significant
liquidity it provided in the form of readily saleable securities and
cash. We would expect the flexibility afforded by such liquid assets to
be beneficial to us as we focus on building our loan portfolio in the
uncertain period ahead.
"We followed the AmTrust transaction with our Desert Hills Bank
transaction--a prime example of the kind of bolt-on acquisition we are
likely to do in future periods. Four months after expanding into Arizona
through the AmTrust acquisition, we increased our franchise there from
12 to 18 branches, strengthening both our presence and our deposit
market share. While the Desert Hills acquisition had little effect on
our first quarter 2010 earnings, the addition of its deposits and assets
are reflected on our balance sheet.
"Retail deposits rose more than $820 million over the course of the
quarter, and totaled $20.2 billion at the end of March. In addition to
the $375 million in deposits assumed in the Desert Hills transaction,
retail deposits rose $247 million organically in the Metro New York
region and $198 million organically in the three new states we serve.
This is contrary to the experience of most acquirers, who typically see
an outflow of deposits following a significant ownership change. We
attribute our ability to retain and attract deposits in our new markets
to the high level of service being provided, as well as to our
reputation for strength and stability.
"We also acquired assets of approximately $450 million in the Desert
Hills transaction, including loans of approximately $200 million. Like
the loans we acquired in the AmTrust deal, the Desert Hills loans are
covered by loss sharing agreements with the FDIC. These agreements are
among the reasons for our focus on FDIC transactions, given that they
substantially mitigate the inherent credit risk.
"While covered loans totaled $4.8 billion at the end of the quarter,
non-covered loans held for investment rose to $23.4 billion, including
$16.8 billion of multi-family loans. Although the volume of multi-family
loans we produced was somewhat subdued as property owners generally
refrained from buying new properties, as well as refinancing, the $442.8
million of multi-family loans we produced in the current first quarter
exceeded the year-earlier first quarter volume by $125 million.
"Any discussion of lending these days is likely to be followed by a
discussion of asset quality. While non-performing assets rose to $750.8
million, representing 1.77% of total assets, our actual losses in the
quarter were $10.0 million, representing a modest 0.04% of average
loans. Reflecting our assessment of our loans and our loan loss
allowance, we recorded a $20.0 million loan loss provision in the
quarter, boosting the allowance to $137.4 million at March 31st.
"We also increased our tangible capital during the quarter, as reflected
in the three-month improvement in our measures of capital strength. At
March 31st, tangible stockholders' equity represented 7.23% of tangible
assets--a 10-basis point increase--and our tangible book value per share
rose to $6.63, a $0.10 increase. The growth of our tangible capital, as
well as the improvements in such measures, were the result of having
sold 1.8 million shares of common stock directly to investors through
our Dividend Reinvestment and Stock Purchase Plan in order to capitalize
the Desert Hills acquisition on March 26th."
Board of Directors Declares $0.25 per
Share Dividend, Payable on May 18th
"In view of the strength of our capital and the continued strength of
our earnings, the Board of Directors last night declared a quarterly
cash dividend of $0.25 per share. The dividend is payable on May 18,
2010 to shareholders of record at the close of business on May 5th," Mr.
Ficalora said.
Balance Sheet Summary at March 31, 2010
Total assets rose $284.7 million from the December 31st balance to $42.4
billion at March 31, 2010. The increase largely reflects the assets
acquired in the Desert Hills transaction, which amounted to
approximately $450 million.
Similarly, liabilities rose $230.3 million from the year-end 2009
balance to $37.0 billion at March 31st. The increase reflects deposits
of approximately $400 million that were assumed in the Desert Hills
acquisition, as well as the organic growth of retail deposits in the
various markets served by the Company.
Loans
At March 31, 2010, loans, net, represented $28.8 billion, or 67.9%, of
total assets, signifying a $538.6 million increase from the year-end
2009 amount. Covered loans accounted for $4.8 billion, or 16.5%, of
loans, net at the end of the quarter, a $257.0 million decrease from the
balance at December 31st.
The remainder of the portfolio consisted of non-covered loans totaling
$23.4 billion, up $41.2 million from the December 31, 2009 amount.
Included in the March 31st balance were $764.4 million of one- to
four-family loans held for sale, primarily to Fannie Mae and Freddie
Mac. During the quarter, $1.3 billion of such one- to four-family loans
were originated for sale.
Multi-family loan originations totaled $442.8 million in the quarter,
with commercial real estate ("CRE"), acquisition, development, and
construction ("ADC"), and commercial and industrial ("C&I") loans
accounting for $131.3 million, $29.8 million, and $141.3 million, of
first quarter 2010 originations, respectively.
Non-Covered Loans
Multi-family loans represented $16.8 billion, or 71.6%, of non-covered
loans held for investment at the end of the current first quarter, and
were up $38.0 million from the balance at December 31, 2009. CRE loans
accounted for $5.1 billion, or 21.6%, of non-covered loans held for
investment, and were up $77.6 million from the year-end amount.
At March 31, 2010, the average multi-family loan had a principal balance
of $4.0 million and the average CRE loan had a principal balance of $2.8
million. The portfolios of multi-family and CRE loans had average
loan-to-value ratios at origination of 60.9% and 53.9%, respectively,
and expected weighted average lives of 4.2 years and 4.0 years,
respectively, at quarter-end.
The balance of ADC loans continued to decline in the current first
quarter. At March 31, 2010, ADC loans represented $647.7 million, or
2.8%, of non-covered loans held for investment, down $18.2 million
linked-quarter and $75.2 million year-over-year. The Company generally
has been limiting its ADC loan originations to advances that were
committed prior to the onset of the downward credit cycle turn.
Other loans represented $730.4 million, or 3.1%, of non-covered loans
held for investment at the close of the current first quarter, a
linked-quarter reduction of $41.1 million and a $121.6 million reduction
year-over-year. C&I loans accounted for $696.5 million of the balance at
March 31, 2010.
Covered Loans
In connection with the Company's AmTrust and Desert Hills acquisitions,
the Company entered into loss sharing agreements with the FDIC. Under
the terms of the AmTrust agreements, the FDIC will reimburse the Company
for 80% of losses on acquired loans up to $907.0 million and for 95% of
losses beyond that amount. Under the terms of the Desert Hills
agreements, the FDIC will reimburse the Company for 80% of losses on
acquired loans up to $101.4 million and for 95% of losses beyond that
amount.
Pipeline
At the present time, our loan pipeline is approximately $1.2 billion,
including loans originated for investment of approximately $318.0
million.
Asset Quality
The Company recorded net charge-offs of $10.0 million in the current
first quarter, as compared to $9.2 million and $5.1 million,
respectively, in the trailing and year-earlier three months. Net
charge-offs equaled 0.04% of average loans in both the current and
trailing quarters, and 0.02% of average loans in the first quarter of
2009.
Non-covered multi-family loans accounted for $6.1 million of net
charge-offs in the current first quarter, with non-covered ADC, C&I, and
one- to four-family and other loans accounting for $1.5 million, $2.3
million, and $189,000, respectively. No CRE loans were charged off in
the first quarter of 2010.
At March 31, 2010, non-performing assets represented $750.8 million, or
1.77%, of total assets, as compared to $593.3 million, or 1.41%, of
total assets, at December 31, 2009. Included in the March 31, 2010
amount were non-performing loans of $734.7 million, representing 2.61%
of total loans at the end of the quarter and a $156.6 million increase
from the balance at year-end. In addition, other real estate owned
("OREO") equaled $16.1 million, reflecting a three-month increase of
$942,000.
Non-covered multi-family loans accounted for $482.0 million of
non-performing loans at the end of the current first quarter, with
non-covered CRE and ADC loans accounting for $97.1 million and $110.1
million, respectively. In addition, non-performing loans included
non-covered one- to four-family loans of $15.6 million and non-covered
other loans of $29.9 million at March 31, 2010. Loans 30 to 89 days
delinquent declined $55.1 million, or 20.2%, to $217.9 million at the
end of the quarter from the level recorded at December 31st.
The Company recorded a $20.0 million provision for loan losses in the
current first quarter, $10.0 million less than the trailing-quarter
provision and $14.0 million greater than the provision recorded in the
first quarter of 2009. The net effect of the first quarter 2010
provision and net charge-offs was a $10.0 million increase in the
allowance for loan losses to $137.4 million from the balance recorded at
December 31, 2009. While the allowance for loan losses represented
18.71% of non-performing loans at the end of the current first quarter,
it was 13.7 times greater than the net charge-offs recorded during the
three months ended March 31, 2010.
Securities
Securities represented $5.6 billion, or 13.1%, of total assets at the
close of the current first quarter, a $180.0 million reduction from the
balance at year-end 2009. Government-sponsored enterprise securities
represented approximately 92% of the securities portfolio at March 31,
2010.
Available-for-sale securities accounted for $1.1 billion, or 19.9%, of
total securities at the close of the current first quarter, and were
down $414.4 million, or 27.3%, from the December 31, 2009 amount.
Held-to-maturity securities rose $234.4 million to $4.5 billion,
representing 80.1% of total securities at March 31st.
Funding Sources
In the first quarter of 2010, as in the trailing quarter, the Company's
liquidity was further enhanced by an FDIC-assisted acquisition.
Reflecting the deposits acquired in the Desert Hills transaction, as
well as organic deposit growth, deposits rose $414.8 million from the
December 31st balance to $22.7 billion at March 31st. In addition, the
Company's ratio of deposits to total assets rose to 53.6% from 52.9%
during this time. Reflecting the benefit of both the AmTrust and Desert
Hills acquisitions, the ratio of deposits to total assets at the end of
the current first quarter compared even more favorably with the 43.5%
ratio at March 31, 2009.
Certificates of deposit ("CDs") accounted for $9.2 billion, or 40.4%, of
total deposits at the close of the current first quarter, reflecting a
$131.9 million increase from the year-end 2009 amount. Core deposits
(defined as all deposits other than CDs) rose $282.9 million during this
time to $13.5 billion, and represented 59.6% of total deposits at March
31, 2010. NOW and money market accounts represented the bulk of the
increase in core deposits, rising $260.6 million to $8.0 billion, while
savings accounts rose $85.7 million to $3.9 billion.
Non-interest-bearing deposits totaled $1.7 billion at the end of the
first quarter, a $63.3 million reduction from the balance at year-end.
Largely reflecting a $285.7 million decline in wholesale borrowings to
$12.8 billion, the balance of borrowed funds fell $288.8 million from
the December 31st balance to $13.9 billion at March 31, 2010.
Stockholders' Equity
Stockholders' equity rose $54.4 million over the course of the quarter
to $5.4 billion at March 31, 2010. During this time, the ratio of
stockholders' equity to total assets rose four basis points to 12.77%
and the Company's book value per share rose $0.06 to $12.46.
The Company calculates book value per share by excluding the number of
unallocated Employee Stock Ownership Plan ("ESOP") shares from the
number of shares outstanding. At March 31, 2010 and December 31, 2009,
the Company's book value per share was calculated on the basis of
435,216,657 and 432,898,084 shares, respectively. The increase in the
number of shares at March 31st includes 1.8 million shares that were
issued during the quarter through the direct purchase feature of the
Company's Dividend Reinvestment and Stock Purchase Plan ("DRP").
Tangible stockholders' equity rose $59.0 million from the year-end 2009
balance to $2.9 billion at March 31, 2010. During this time, the ratio
of tangible equity to tangible assets rose ten basis points to 7.23% and
the Company's tangible book value per share rose $0.10 to $6.63.
Excluding AOCL from the calculation, the ratio of adjusted tangible
equity to adjusted tangible assets rose eight basis points over the
course of the quarter to 7.33%. The increase in tangible stockholders'
equity and the related capital measures reflects the $28.9 million that
was generated through the Company's DRP to capitalize the Desert Hills
acquisition.(3)
The Company's subsidiary banks also reported solid levels of capital at
the end of December, and continued to exceed the requirements for
classification as "well capitalized" institutions under the FDIC
Improvement Act. At March 31, 2010, New York Community Bank had a
leverage capital ratio of 8.29%, exceeding the minimum required for
"well capitalized" classification by 329 basis points. At the same time,
New York Commercial Bank had a leverage capital ratio of 11.87%,
exceeding the minimum required for such classification by 687 basis
points.
Earnings Summary for the Three Months
Ended March 31, 2010
The Company recorded first quarter 2010 GAAP earnings of $124.4 million,
a $35.7 million, or 40.2%, increase from the level recorded in the first
quarter of 2009. Included in the first quarter 2010 amount were
after-tax acquisition-related costs of $1.7 million; excluding these
costs, the Company generated first quarter 2010 operating earnings of
$126.1 million, which were up $37.4 million, or 42.2%, year-over-year.
In the first quarter of 2009, the Company's GAAP and operating earnings
were identical and amounted to $88.7 million.(1)
On a diluted per-share basis, the Company's first quarter 2010 GAAP
earnings and operating earnings were both equivalent to $0.29, and were
both $0.03, or 11.5%, higher than the diluted GAAP and operating
earnings per share produced in the first quarter of 2009.(1)
Net Interest Income
Net interest income rose $87.7 million, or 42.4%, year-over-year to
$294.6 million, as an $82.3 million increase in interest income to
$482.4 million combined with a $5.4 million reduction in interest
expense to $187.8 million. On a linked-quarter basis, net interest
income was up $40.1 million, or 15.8%, the net effect of a $52.5 million
increase in interest income and a $12.4 million increase in interest
expense. While the linked-quarter increase largely reflects the
three-month benefit of the AmTrust transaction, the year-over-year
increase also reflects the benefits of organic loan growth and the
historically low level of the federal funds rate.
Interest Income
Reflecting the assets acquired in the AmTrust transaction, as well as
organic loan production, the average balance of interest-earning assets
rose $6.0 billion year-over-year to $34.3 billion, significantly
exceeding the impact of a four-basis point decline in the average yield
to 5.62%. The higher balance was due to a $6.2 billion increase in
average loans to $28.3 billion, which far exceeded the impact of a
$156.1 million reduction in the average balance of securities and money
market investments to $6.0 billion. While the average yield on loans
rose two basis points year-over-year to 5.85% in the current first
quarter, the increase was exceeded by a 51-basis point decline in the
average yield on securities and money market investments to 4.55%. The
interest income produced by loans rose $92.0 million year-over-year, to
$413.7 million, more than offsetting the impact of a $9.7 million
decline in the interest produced by securities and money market
investments to $68.7 million.
On a linked-quarter basis, the average balance of interest-earning
assets was up $3.7 billion and the average yield was up two basis
points. Reflecting the three-month benefit of the AmTrust transaction,
the average balance of loans rose $3.6 billion over the course of the
quarter, and the average yield on loans rose 10 basis points. During
this time, the average balance of securities and money market
investments rose $85.8 million and the average yield on these assets
fell 47 basis points. As a result, the interest income produced by loans
rose $58.6 million during the quarter; the interest income generated by
securities and money market investments declined by $6.0 million during
this time.
Interest Expense
In the first quarter of 2010, the Company's interest expense continued
to benefit from the maintenance of the federal funds rate at a
historically low level, and from the acquisition-driven infusion of
lower-cost funds. Although the average balance of interest-bearing
liabilities rose $8.4 billion year-over-year to $35.1 billion, the cost
of such liabilities declined 76 basis points during this time to 2.17%.
Interest-bearing deposits generated interest expense of $59.7 million in
the current first quarter, a $4.8 million reduction from the
year-earlier amount. The decrease was the net effect of an $8.5 billion
rise in the average balance to $21.2 billion and a 93-basis point
reduction in the average cost of such funds to 1.14%. Borrowed funds
generated first quarter 2010 interest expense of $128.1 million,
modestly below the year-earlier level, the net effect of a $132.5
million decline in the average balance to $13.9 billion and a two-basis
point increase in the average cost to 3.73%.
On a linked-quarter basis, the average balance of interest-bearing
liabilities rose $5.5 billion, while the average cost of funds declined
19 basis points. The interest expense produced by interest-bearing
deposits rose $13.5 million during this time, the net effect of a $5.4
billion increase in the average balance and a two-basis point reduction
in the average cost of funds. The interest expense produced by borrowed
funds declined by $1.1 million over the course of the quarter despite a
$137.9 million increase in the average balance and a one-basis point
increase in the average cost of such funds.
Interest Rate Spread and Net Interest Margin
Reflecting the same factors that drove the increase in net interest
income, the Company's spread and margin expanded in the first quarter of
2010. At 3.45%, the spread was up 72 basis points year-over-year and 21
basis points linked-quarter, and the margin rose 52 and eight basis
points, respectively, to 3.41%.
Prepayment penalties were a negligible factor in these measures, having
totaled $1.3 million in the current first quarter, and $2.0 million and
$1.2 million, respectively, in the trailing and year-earlier three-month
periods.
Provision for Loan Losses
The provision for loan losses is based on management's assessment of the
adequacy of the loan loss allowance which, in turn, is based on its
evaluation of inherent losses in the loan portfolio in accordance with
GAAP. This evaluation considers several factors, including the current
and historical performance of the loan portfolio; its inherent risk
characteristics; the level of non-performing loans and charge-offs;
delinquency levels and trends; local economic and market conditions;
declines in real estate values; and the levels of unemployment and
vacancy rates.
At $20.0 million, the first quarter 2010 provision for loan losses was
$10.0 million less than the provision in the trailing quarter and $14.0
million greater than the year-earlier amount. Reflecting the first
quarter 2010 provision and net charge-offs of $10.0 million, the
allowance for loan losses rose $10.0 million from the December 31st
balance to $137.4 million at March 31st. The year-over-year increase in
the loan loss allowance was $42.1 million, or 44.2%.
Non-Interest Income
The Company has three primary components of non-interest income: fee
income, income from bank-owned life insurance ("BOLI"), and other
income. The combined non-interest income from these revenue sources rose
to $55.4 million in the current first quarter from $22.2 million in the
first quarter of 2009.
The increase stemmed from all three components of non-interest income
and were primarily attributable to the AmTrust acquisition, which added
66 branches to the Company's franchise on December 4, 2009. In addition
to a 50.3% rise in fee income and an 8.2% rise in BOLI income, other
income rose more than four-fold to $34.1 million from $6.0 million in
the first quarter of 2009. The latter increase was largely attributable
to mortgage banking and servicing fees stemming from the acquisition of
AmTrust's mortgage banking operation, which aggregates one- to
four-family loans for sale to Fannie Mae and Freddie Mac.
Non-Interest Expense
Largely reflecting the three-month impact of the AmTrust acquisition in
December, non-interest expense totaled $136.7 million in the current
first quarter, representing a year-over-year increase of $47.1 million.
Operating expenses accounted for $128.9 million of the first quarter
2010 total, and were up $44.9 million over the twelve-month period.
Compensation and benefits expense accounted for the bulk of these
increases, having risen $24.5 million year-over-year to $66.9 million,
largely reflecting the addition of AmTrust's branch and back-office
staff.
Occupancy and equipment expense rose $2.9 million from the March 31,
2009 level to $21.7 million at March 31, 2010. Although the Desert Hills
acquisition added six branches to the Company's franchise toward the end
of the current first quarter, the increase was almost entirely due to
the addition of AmTrust's 66 branches in Ohio, Florida, and Arizona on
December 4th.
General and administrative ("G&A") expense rose $17.5 million
year-over-year to $40.3 million, once again reflecting the Company's
acquisition-driven growth. Also included in the first quarter 2010
amount were acquisition-related costs of $2.7 million stemming from the
acquisitions of both AmTrust and Desert Hills. There were no comparable
charges in the first quarter of 2009. In addition to the significant
growth of the Company during this time, the year-over-year increase in
G&A expense reflects a $6.3 million, or 102.7%, increase in its FDIC
insurance premiums.
Income Tax Expense
The Company recorded income tax expense of $68.9 million in the current
first quarter, as compared to $44.8 million in the three months ended
March 31, 2009. The year-over-year rise was attributable to a $59.7
million increase in pre-tax income to $193.2 million and an increase in
the effective tax rate from 33.56% to 35.64%.
About New York Community Bancorp, Inc.
With assets of $42.4 billion at March 31, 2010, New York Community
Bancorp, Inc. is the 22nd largest bank holding company in the nation and
a leading producer of multi-family mortgage loans in New York City, with
an emphasis on apartment buildings that feature below-market rents. The
Company has two bank subsidiaries: New York Community Bank, a thrift
with 247 branches serving customers throughout Metro New York, New
Jersey, Florida, Ohio, and Arizona; and New York Commercial Bank, with
35 branches serving customers in Manhattan, Queens, Brooklyn, Long
Island, and Westchester County in New York.
Reflecting its growth through a series of acquisitions, including the
recent AmTrust and Desert Hills transactions, the Community Bank now
operates through seven local divisions, each with a history of service
and strength: Queens County Savings Bank in Queens; Roslyn Savings Bank
on Long Island; Richmond County Savings Bank on Staten Island; Roosevelt
Savings Bank in Brooklyn; Garden State Community Bank in New Jersey;
Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.
Similarly, the Commercial Bank operates 18 of its branches under the
divisional name Atlantic Bank. Additional information about the Company
and its bank subsidiaries is available at www.myNYCB.com
and www.NewYorkCommercialBank.com.
Post-Earnings Conference Call
The Company will host a conference call on April 21, 2010 at 9:30 a.m.
(ET) to discuss its first quarter 2010 performance and strategies. The
conference call may be accessed by dialing 800-862-9098 (for domestic
calls) or 785-424-1051 (for international calls) and providing the
following access code: 1Q10NYCB. A replay will be available
approximately two hours following completion of the call through
midnight on April 26th, and may be accessed by calling 800-243-8160
(domestic) or 402-220-9032 (international) and providing the same access
code. The conference call will also be webcast, and may be accessed by
visiting the Company's web site, www.myNYCB.com,
clicking on "Investor Relations," and following the prompts. The webcast
will be archived through 5:00 p.m. on May 19, 2010.
Forward-looking Statements and
Associated Risk Factors
This release, like many written and oral communications presented by New
York Community Bancorp, Inc. and our authorized officers, may contain
certain forward-looking statements regarding our prospective performance
and strategies within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. We intend such forward-looking statements to be
covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995, and
are including this statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and
describe future plans, strategies, and expectations of the Company, are
generally identified by use of the words "anticipate," "believe,"
"estimate," "expect," "intend," "plan," "project," "seek," "strive,"
"try," or future or conditional verbs such as "will," "would," "should,"
"could," "may," or similar expressions. Our ability to predict results
or the actual effects of our plans or strategies is inherently
uncertain. Accordingly, actual results may differ materially from
anticipated results.
There are a number of factors, many of which are beyond our control,
that could cause actual conditions, events, or results to differ
significantly from those described in the forward-looking statements.
These factors include, but are not limited to: general economic
conditions, either nationally or in some or all of the areas in which we
and our customers conduct our respective businesses; conditions in the
securities markets and real estate markets or the banking industry;
changes in interest rates, which may affect our net income, prepayment
penalty income, and other future cash flows, or the market value of our
assets, including our investment securities; changes in deposit flows
and wholesale borrowing facilities; changes in the demand for deposit,
loan, and investment products and other financial services in the
markets we serve; changes in our credit ratings or in our ability to
access the capital markets; changes in our customer base or in the
financial or operating performances of our customers' businesses;
changes in real estate values, which could impact the quality of the
assets securing the loans in our portfolio; changes in the quality or
composition of our loan or securities portfolios; changes in competitive
pressures among financial institutions or from non-financial
institutions; the ability to successfully integrate any assets,
liabilities, customers, systems, and management personnel we may
acquire, including those acquired in the AmTrust and Desert Hills
transactions, into our operations and our ability to realize related
revenue synergies and cost savings within expected time frames; our use
of derivatives to mitigate our interest rate exposure; our ability to
retain key members of management; our timely development of new lines of
business and competitive products or services in a changing environment,
and the acceptance of such products or services by our customers; any
breach in performance by the Community Bank under our loss sharing
agreements with the FDIC; any interruption or breach of security
resulting in failures or disruptions in customer account management,
general ledger, deposit, loan, or other systems; any interruption in
customer service due to circumstances beyond our control; potential
exposure to unknown or contingent liabilities of companies we have
acquired or target for acquisition, including those of AmTrust and
Desert Hills; the outcome of pending or threatened litigation, or of
other matters before regulatory agencies, whether currently existing or
commencing in the future; environmental conditions that exist or may
exist on properties owned by, leased by, or mortgaged to the Company;
operational issues stemming from, and/or capital spending necessitated
by, the potential need to adapt to industry changes in information
technology systems, on which we are highly dependent; changes in our
estimates of future reserves based upon the periodic review thereof
under relevant regulatory and accounting requirements; changes in our
capital management policies, including those regarding business
combinations, dividends, and share repurchases, among others; changes in
legislation, regulation, policies, or administrative practices, whether
by judicial, governmental, or legislative action, including, but not
limited to, those pertaining to banking, securities, taxation, rent
regulation and housing, environmental protection, and insurance, and the
ability to comply with such changes in a timely manner; additional FDIC
special assessments or required assessment prepayments; changes in
accounting principles, policies, practices, or guidelines; the ability
to keep pace with, and implement on a timely basis, technological
changes; changes in the monetary and fiscal policies of the U.S.
Government, including policies of the U.S. Department of the Treasury
and the Board of Governors of the Federal Reserve System; war or
terrorist activities; and other economic, competitive, governmental,
regulatory, and geopolitical factors affecting our operations, pricing,
and services.
It should be noted that we routinely evaluate opportunities to expand
through acquisition and frequently conduct due diligence activities in
connection with such opportunities. As a result, acquisition discussions
and, in some cases, negotiations, may take place at any time, and
acquisitions involving cash, debt, or equity securities may occur.
Additionally, the timing and occurrence or non-occurrence of events may
be subject to circumstances beyond our control.
Readers are cautioned not to place undue reliance on the forward-looking
statements contained herein, which speak only as of the date of this
release. Except as required by applicable law or regulation, we
undertake no obligation to update these forward-looking statements to
reflect events or circumstances that occur after the date on which such
statements were made.
- Financial Statements and Highlights Follow -
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(in thousands, except share data)
March 31, December 31,
2010 2009
(unaudited)
Assets
Cash and cash equivalents $ 2,547,889 $ 2,670,857
Securities available for sale:
Mortgage-related 679,912 774,205
Other 424,384 744,441
Total available-for-sale securities 1,104,296 1,518,646
Securities held to maturity:
Mortgage-related 2,187,537 2,465,956
Other 2,270,431 1,757,641
Total held-to-maturity securities 4,457,968 4,223,597
Total securities 5,562,264 5,742,243
Loans held for sale 764,358 --
Non-covered mortgage loans held for investment:
Multi-family 16,773,658 16,735,684
Commercial real estate 5,065,044 4,987,410
Acquisition, development, and construction 647,667 665,912
One- to four-family 200,940 216,078
Total non-covered mortgage loans held for 22,687,309 22,605,084
investment
Non-covered other loans held for investment 730,447 771,515
Total non-covered loans held for investment 23,417,756 23,376,599
Less: Allowance for loan losses (137,443 ) (127,491 )
Non-covered loans held for investment, net 23,280,313 23,249,108
Covered loans (includes $351,322 of loans held 4,759,139 5,016,100
for sale at December 31, 2009)
Total loans, net 28,803,810 28,265,208
Federal Home Loan Bank stock, at cost 444,118 496,742
Premises and equipment, net 202,514 205,165
FDIC loss share receivable 796,841 743,276
Goodwill 2,436,401 2,436,401
Core deposit intangibles, net 101,108 105,764
Other assets (includes $44,554 of OREO covered
by FDIC loss sharing agreements at March 31, 1,543,616 1,488,213
2010)
Total assets $ 42,438,561 $ 42,153,869
Liabilities and Stockholders' Equity
Deposits:
NOW and money market accounts $ 7,966,846 $ 7,706,288
Savings accounts 3,873,954 3,788,294
Certificates of deposit 9,185,762 9,053,891
Non-interest-bearing accounts 1,704,659 1,767,938
Total deposits 22,731,221 22,316,411
Borrowed funds:
Wholesale borrowings 12,795,024 13,080,769
Junior subordinated debentures 427,251 427,371
Other borrowings 653,575 656,546
Total borrowed funds 13,875,850 14,164,686
Other liabilities 410,205 305,870
Total liabilities 37,017,276 36,786,967
Stockholders' equity:
Preferred stock at par $0.01 (5,000,000 shares -- --
authorized; none issued)
Common stock at par $0.01 (600,000,000 shares
authorized; 435,441,094 and 433,197,332 shares 4,354 4,332
issued, respectively; 435,441,094 and
433,197,332 shares outstanding, respectively)
Paid-in capital in excess of par 5,272,490 5,238,231
Retained earnings 191,388 175,193
Unallocated common stock held by ESOP (716 ) (951 )
Accumulated other comprehensive loss, net of
tax:
Net unrealized loss on securities and non-credit
portion of other-than-temporary impairment (3,611 ) (6,274 )
("OTTI") losses, net of tax
Net unrealized loss on securities transferred
from available for sale to held to maturity, net (3,752 ) (3,927 )
of tax
Pension and post-retirement obligations, net of (38,868 ) (39,702 )
tax
Total accumulated other comprehensive loss, net (46,231 ) (49,903 )
of tax
Total stockholders' equity 5,421,285 5,366,902
Total liabilities and stockholders' equity $ 42,438,561 $ 42,153,869
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
For the Three Months Ended
March 31,
2010 2009
(unaudited) (unaudited)
Interest Income:
Mortgage and other loans $ 413,675 $ 321,717
Securities and money market investments 68,703 78,389
Total interest income 482,378 400,106
Interest Expense:
NOW and money market accounts 16,431 7,563
Savings accounts 5,745 4,216
Certificates of deposit 37,553 52,723
Borrowed funds 128,065 128,689
Total interest expense 187,794 193,191
Net interest income 294,584 206,915
Provision for loan losses 20,000 6,000
Net interest income after provision for loan losses 274,584 200,915
Non-Interest Income:
Fee income 13,965 9,291
Bank-owned life insurance 7,401 6,840
Net loss on sale of securities (8 ) --
Other 34,017 6,045
Total non-interest income 55,375 22,176
Non-Interest Expense:
Operating expenses:
Compensation and benefits 66,900 42,422
Occupancy and equipment 21,665 18,736
General and administrative 40,290 22,753
Total operating expenses 128,855 83,911
Amortization of core deposit intangibles 7,892 5,687
Total non-interest expense 136,747 89,598
Income before income taxes 193,212 133,493
Income tax expense 68,860 44,804
Net Income $ 124,352 $ 88,689
Basic earnings per share $ 0.29 $ 0.26
Diluted earnings per share $ 0.29 $ 0.26
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATION OF GAAP AND OPERATING EARNINGS
(unaudited)
Although operating earnings are not a measure of performance calculated in
accordance with U.S. generally accepted accounting principles ("GAAP"), we
believe that operating earnings are an important indication of our ability to
generate earnings through our fundamental banking business. Since operating
earnings exclude the effects of certain items that are unusual and/or difficult
to predict, we believe that our operating earnings provide useful supplemental
information to both management and investors in evaluating our financial
results.
Operating earnings should not be considered in isolation or as a substitute for
net income, cash flows from operating activities, or other income or cash flow
statement data calculated in accordance with GAAP. Moreover, the manner in which
we calculate our operating earnings may differ from that of other companies
reporting measures with similar names.
Reconciliations of our GAAP and operating earnings for the three months ended
March 31, 2010, December 31, 2009, and March 31, 2009 follow:
For the Three Months Ended
March 31, December 31, March 31,
(in thousands, except per share data) 2010 2009 2009
GAAP Earnings $ 124,352 $ 154,936 $ 88,689
Adjustments to GAAP earnings:
Acquisition-related costs 2,682 7,530 --
Gain on AmTrust acquisition -- (139,607 ) --
Loss on OTTI of securities -- 43,530 --
Gain on debt repurchases/exchange -- (4,337 ) --
Gain on termination of servicing hedge -- (3,078 ) --
Income tax effect (956 ) 38,741 --
Operating earnings $ 126,078 $ 97,715 $ 88,689
Diluted GAAP Earnings per Share $ 0.29 $ 0.41 $ 0.26
Adjustments to diluted GAAP earnings per
share:
Acquisition-related costs -- 0.01 --
Gain on AmTrust acquisition -- (0.22 ) --
Loss on OTTI of securities -- 0.07 --
Gain on debt repurchases/exchange -- (0.01 ) --
Gain on termination of servicing hedge -- -- --
Diluted operating earnings per share $ 0.29 $ 0.26 $ 0.26
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATION OF GAAP AND CASH EARNINGS
(unaudited)
Although cash earnings are not a measure of performance calculated in accordance
with GAAP, we believe that this measure is important because of its contribution
to tangible stockholders' equity. (Please see the discussion and reconciliations
of stockholders' equity and tangible stockholders' equity that appear on the
following page.) We calculate cash earnings by adding back to GAAP earnings
certain items that have been charged against them but that are added to, rather
than subtracted from, tangible stockholders' equity. For this reason, we believe
that cash earnings are useful to investors seeking to evaluate our financial
performance and to compare our performance with other companies in the banking
industry that also report cash earnings.
Cash earnings should not be considered in isolation or as a substitute
for net income, cash flows from operating activities, or other income or
cash flow statement data calculated in accordance with GAAP. Moreover,
the manner in which we calculate cash earnings may differ from that of
other companies reporting measures with similar names.
Reconciliations of our GAAP and cash earnings for the three months ended
March 31, 2010 and March 31, 2009 follow:
For the Three Months Ended
(in thousands, except per share data) March 31,
2010 2009
GAAP Earnings $ 124,352 $ 88,689
Additional contributions to tangible stockholders'
equity:(1)
Amortization and appreciation of shares held in 4,057 3,484
stock-related benefit plans
Associated tax effects 657 1,887
Dividends on unallocated ESOP shares 75 158
Amortization of core deposit intangibles 7,892 5,687
Total additional contributions to tangible 12,681 11,216
stockholders' equity (1)
Cash earnings $ 137,033 $ 99,905
Diluted GAAP Earnings per Share $ 0.29 $ 0.26
Additional contributions to diluted GAAP earnings
per share:
Amortization and appreciation of shares held in 0.01 0.01
stock-related benefit plans
Associated tax effects -- --
Dividends on unallocated ESOP shares -- --
Amortization of core deposit intangibles 0.02 0.02
Total additional contributions to diluted GAAP 0.03 0.03
earnings per share
Diluted cash earnings per share $ 0.32 $ 0.29
Cash Earnings Data:
Cash return on average assets 1.29 % 1.24 %
Cash return on average tangible assets (1) 1.37 1.35
Cash return on average stockholders' equity 10.22 9.60
Cash return on average tangible stockholders' equity 19.40 24.37
(1)
Cash efficiency ratio (2) 35.66 35.11
Please see the reconciliations of stockholders' equity and tangible
(1) stockholders' equity, total assets and tangible assets, and the related
measures that appear on the following page.
We calculate our cash efficiency ratio by dividing our operating expenses
(2) by the sum of our net interest income and non-interest income after
excluding the pertinent non-cash items from our operating expenses and
non-interest income.
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF STOCKHOLDERS' EQUITY AND TANGIBLE STOCKHOLDERS' EQUITY,
TOTAL ASSETS AND TANGIBLE ASSETS, AND THE RELATED MEASURES
(unaudited)
Although tangible stockholders' equity, adjusted tangible stockholders' equity,
tangible assets, and adjusted tangible assets are not measures that are
calculated in accordance with GAAP, management uses these non-GAAP measures in
their analysis of our performance. We believe that these non-GAAP measures are
an important indication of our ability to grow both organically and through
business combinations, and, with respect to tangible stockholders' equity and
adjusted tangible stockholders' equity, our ability to pay dividends and to
engage in various capital management strategies.
Neither tangible stockholders' equity, adjusted tangible stockholders'
equity, tangible assets, adjusted tangible assets, nor the related
measures should be considered in isolation or as a substitute for
stockholders' equity, total assets, or any other measure calculated in
accordance with GAAP. Moreover, the manner in which we calculate our
tangible stockholders' equity, adjusted tangible stockholders' equity,
tangible assets, adjusted tangible assets, and the related measures may
differ from that of other companies reporting measures with similar
names.
Reconciliations of our stockholders' equity, tangible stockholders'
equity, and adjusted tangible stockholders' equity; total assets,
tangible assets, and adjusted tangible assets; and the related measures
at or for the three months ended March 31, 2010 and December 31, 2009
follow:
At or for the
Three Months Ended
March 31, December 31,
2010 2009
(in thousands)
Total Stockholders' Equity $ 5,421,285 $ 5,366,902
Less: Goodwill (2,436,401 ) (2,436,401 )
Core deposit intangibles (101,108 ) (105,764 )
Tangible stockholders' equity $ 2,883,776 $ 2,824,737
Total Assets $ 42,438,561 $ 42,153,869
Less: Goodwill (2,436,401 ) (2,436,401 )
Core deposit intangibles (101,108 ) (105,764 )
Tangible assets $ 39,901,052 $ 39,611,704
Tangible Stockholders' Equity $ 2,883,776 $ 2,824,737
Add back: Accumulated other comprehensive 46,231 49,903
loss, net of tax
Adjusted tangible stockholders' equity $ 2,930,007 $ 2,874,640
Tangible Assets $ 39,901,052 $ 39,611,704
Add back: Accumulated other comprehensive 46,231 49,903
loss, net of tax
Adjusted tangible assets $ 39,947,283 $ 39,661,607
Average Stockholders' Equity $ 5,364,326 $ 4,597,470
Less: Average goodwill and core deposit (2,539,585 ) (2,518,149 )
intangibles
Average tangible stockholders' equity $ 2,824,741 $ 2,079,321
Average Assets $ 42,513,151 $ 35,716,019
Less: Average goodwill and core deposit (2,539,585 ) (2,518,149 )
intangibles
Average tangible assets $ 39,973,566 $ 33,197,870
Net Income $ 124,352 $ 154,936
Add back: Amortization of core deposit 4,814 3,804
intangibles, net of tax
Adjusted net income $ 129,166 $ 158,740
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME ANALYSIS
(dollars in thousands)
(unaudited)
For the Three Months Ended March 31,
2010 2009
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
Assets:
Interest-earning
assets:
Mortgage and other $ 28,289,706 $ 413,675 5.85 % $ 22,108,647 $ 321,717 5.83 %
loans, net
Securities and money 6,044,687 68,703 4.55 6,200,776 78,389 5.06
market investments
Total
interest-earning 34,334,393 482,378 5.62 28,309,423 400,106 5.66
assets
Non-interest-earning 8,178,758 3,887,498
assets
Total assets $ 42,513,151 $ 32,196,921
Liabilities and
Stockholders'
Equity:
Interest-bearing
deposits:
NOW and money market $ 8,363,939 $ 16,431 0.80 % $ 3,662,920 $ 7,563 0.84 %
accounts
Savings accounts 3,820,433 5,745 0.61 2,602,051 4,216 0.66
Certificates of 8,977,527 37,553 1.70 6,390,655 52,723 3.35
deposit
Total
interest-bearing 21,161,899 59,729 1.14 12,655,626 64,502 2.07
deposits
Borrowed funds 13,909,058 128,065 3.73 14,041,521 128,689 3.71
Total
interest-bearing 35,070,957 187,794 2.17 26,697,147 193,191 2.93
liabilities
Non-interest-bearing 1,696,176 1,143,996
deposits
Other liabilities 381,692 193,567
Total liabilities 37,148,825 28,034,710
Stockholders' equity 5,364,326 4,162,211
Total liabilities
and stockholders' $ 42,513,151 $ 32,196,921
equity
Net interest
income/interest rate $ 294,584 3.45 % $ 206,915 2.73 %
spread
Net interest margin 3.41 % 2.89 %
Ratio of
interest-earning
assets to 0.98 x 1.06 x
interest-bearing
liabilities
Core deposits (1) $ 13,880,548 $ 22,176 0.65 % $ 7,408,967 $ 11,779 0.64 %
(1) Refers to all deposits other than certificates of deposit.
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME ANALYSIS
(dollars in thousands)
(unaudited)
For the Three Months Ended
March 31, 2010 December 31, 2009
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
Assets:
Interest-earning
assets:
Mortgage and other $ 28,289,706 $ 413,675 5.85 % $ 24,705,898 $ 355,124 5.75 %
loans, net
Securities and money 6,044,687 68,703 4.55 5,958,918 74,750 5.02
market investments
Total
interest-earning 34,334,393 482,378 5.62 30,664,816 429,874 5.60
assets
Non-interest-earning 8,178,758 5,051,203
assets
Total assets $ 42,513,151 $ 35,716,019
Liabilities and
Stockholders'
Equity:
Interest-bearing
deposits:
NOW and money market $ 8,363,939 $ 16,431 0.80 % $ 5,928,202 $ 11,531 0.77 %
accounts
Savings accounts 3,820,433 5,745 0.61 3,198,211 4,391 0.54
Certificates of 8,977,527 37,553 1.70 6,645,878 30,346 1.81
deposit
Total
interest-bearing 21,161,899 59,729 1.14 15,772,291 46,268 1.16
deposits
Borrowed funds 13,909,058 128,065 3.73 13,771,132 129,141 3.72
Total
interest-bearing 35,070,957 187,794 2.17 29,543,423 175,409 2.36
liabilities
Non-interest-bearing 1,696,176 1,394,761
deposits
Other liabilities 381,692 180,365
Total liabilities 37,148,825 31,118,549
Stockholders' equity 5,364,326 4,597,470
Total liabilities
and stockholders' $ 42,513,151 $ 35,716,019
equity
Net interest
income/interest rate $ 294,584 3.45 % $ 254,465 3.24 %
spread
Net interest margin 3.41 % 3.33 %
Ratio of
interest-earning
assets to 0.98 x 1.04 x
interest-bearing
liabilities
Core deposits (1) $ 13,880,548 $ 22,176 0.65 % $ 10,521,174 $ 15,922 0.60 %
(1) Refers to all deposits other than certificates of deposit.
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in thousands, except share and per share data)
(unaudited)
For the Three Months Ended March 31,
2010 2009
GAAP EARNINGS DATA:
Net income $124,352 $88,689
Basic earnings per share 0.29 0.26
Diluted earnings per share 0.29 0.26
Return on average assets 1.17 % 1.10 %
Return on average tangible assets (1) 1.29 1.24
Return on average stockholders' equity 9.27 8.52
Return on average tangible stockholders' 18.29 22.48
equity (1)
Efficiency ratio (2) 36.82 36.63
Operating expenses to average assets 1.21 1.04
Interest rate spread 3.45 2.73
Net interest margin 3.41 2.89
Shares used for basic EPS computation 432,131,304 343,323,162
Shares used for diluted EPS computation 432,446,674 343,401,009
OPERATING EARNINGS DATA:(3)
Operating earnings $126,078 $88,689
Basic operating earnings per share 0.29 0.26
Diluted operating earnings per share 0.29 0.26
Return on average assets 1.19 % 1.10 %
Return on average tangible assets (1) 1.31 1.24
Return on average stockholders' equity 9.40 8.52
Return on average tangible stockholders' 18.54 22.48
equity (1)
Operating efficiency ratio (2) 36.05 36.63
Interest rate spread 3.45 2.73
Net interest margin 3.41 2.89
Shares used for basic operating EPS 432,131,304 343,323,162
computation
Shares used for diluted operating EPS 432,446,674 343,401,009
computation
Please see the reconciliations of stockholders' equity and tangible
(1) stockholders' equity, total assets and tangible assets, and the related
measures earlier in this release.
We calculate our GAAP and operating efficiency ratios by dividing the
(2) respective operating expenses by the respective sums of net interest income
and non-interest income. Please see the reconciliations of GAAP and
operating earnings earlier in this release.
(3) Please see the reconciliations of GAAP and operating earnings earlier in
this release.
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
At or for the Three Months Ended
March 31, December 31,
2010 2009
BALANCE SHEET DATA:
Book value per share $12.46 $12.40
Tangible book value per share (1) 6.63 6.53
Stockholders' equity to total assets 12.77 % 12.73 %
Tangible stockholders' equity to tangible 7.23 7.13
assets (1)
Tangible stockholders' equity to tangible
assets excluding accumulated other 7.33 7.25
comprehensive loss, net of tax (1)
Shares used for book value and tangible book 435,216,657 432,898,084
value per share computations (1)
Total shares issued and outstanding 435,441,094 433,197,332
ASSET QUALITY RATIOS:
Non-performing loans to total loans 2.61 % 2.04 %
Non-performing assets to total assets 1.77 1.41
Allowance for loan losses to non-performing 18.71 22.05
loans
Allowance for loan losses to total loans 0.49 0.45
Net charge-offs during the period to average 0.04 0.04
loans outstanding during the period
Net charge-offs during the period to the
average allowance for loan losses during the 7.95 8.58
period
Please see the reconciliations of stockholders' equity and tangible
(1) stockholders' equity, total assets and tangible assets, and the related
measures earlier in this release.
Footnotes to the Text
(1) Please see the reconciliations of our GAAP and operating earnings that
appear elsewhere in this release.
(2) Please see the reconciliations of our GAAP and cash earnings that appear
elsewhere in this release.
Please see the reconciliations of our stockholders' equity and tangible
(3) stockholders' equity, total assets and tangible assets, and the related
measures that appear elsewhere in this release.
We calculate our GAAP and operating efficiency ratios by dividing the
(4) respective operating expenses by the respective sums of net interest income
and non-interest income. Please see the reconciliations of GAAP and
operating earnings that appear elsewhere in this release.
Source: New York Community Bancorp, Inc.
Contact: New York Community Bancorp, Inc.
Ilene A. Angarola, 516-683-4420
Executive Vice President & Director
Investor Relations and Corp. Communications