Board of Directors Declares 34th Consecutive
Quarterly Cash Dividend of $0.25 per Share
2nd Quarter 2012 Highlights
-
Strong Earnings:
-
GAAP earnings rose 11.0% linked-quarter and 9.8% year-over-year to
$131.2 million, generating a 1.36% return on average tangible
assets (“ROTA”) and a 17.40% return on average tangible
stockholders’ equity (“ROTE”).(3)
-
Operating earnings rose 11.3% linked-quarter and 15.9%
year-over-year to $131.1 million, generating a 1.36% ROTA and a
17.39% ROTE. (2)(3)
-
Linked-Quarter Margin Expansion:
-
Reflecting a record level of prepayment penalty income, the margin
rose six basis points linked-quarter to 3.30%.
-
Significant Mortgage Banking Activity:
-
Mortgage banking income totaled $58.3 million, reflecting a 65.9%
increase from the trailing-quarter level and a five-fold increase
from the year-earlier amount.
-
Continued Improvement in Asset Quality:
-
Net charge-offs represented 0.05% of average loans in the quarter,
an improvement from 0.09% in 2Q 2011.
-
Non-performing non-covered assets declined $111.1 million, or
27.1%, from the end of December to $299.3 million at the end of
June. The June 30th balance represented 0.69% of total assets, an
improvement from 0.98% at December 31st.
-
Loans 30 to 89 days past due fell $73.1 million, or 65.5%, from
the year-end balance to $38.6 million at the end of June.
-
Solid Loan Production:
-
Loan originations totaled $4.6 billion, including $2.0 billion of
loans held for investment and $2.6 billion of loans held for sale.
-
Acquisition-Driven Deposit Growth:
-
Reflecting the assumption of $2.2 billion of deposits from Aurora
Bank FSB (“Aurora Bank”), deposits rose 9.0% from the March 31st
balance to $25.0 billion at the end of June.
-
Greater Efficiency:
-
The GAAP efficiency ratio improved to 38.12% from 41.39% and
40.99%, respectively, in 1Q 2012 and 2Q 2011. (4)
-
Strong Capital:
-
Tangible stockholders' equity represented 7.79% of tangible assets
at the end of the quarter, excluding accumulated other
comprehensive loss, net of tax ("AOCL"). (3)
WESTBURY, N.Y.--(BUSINESS WIRE)--
New York Community Bancorp, Inc. (NYSE: NYB) (the “Company”) today
reported GAAP earnings of $131.2 million, or $0.30 per diluted share,
for the three months ended June 30, 2012, generating a 1.36% return on
average tangible assets and a 17.40% return on average tangible
stockholders' equity. (3)
_________
Note: Please see the last page of this release for all footnotes to
the text. As further discussed in the footnotes, “operating earnings”
and “cash earnings,” “tangible assets” and “average tangible assets,”
“tangible stockholders’ equity” and “average tangible stockholders’
equity,” and the related measures are non-GAAP financial measures.
The Company also reported non-GAAP operating earnings ("operating
earnings") of $131.1 million, or $0.30 per diluted share, for the
current second quarter, and non-GAAP cash earnings ("cash earnings") of
$141.7 million, or $0.32 per diluted share. The Company’s second quarter
2012 cash earnings contributed $10.5 million more to tangible
stockholders’ equity than its second quarter 2012 GAAP earnings alone. (1)(2)(3)
For the six months ended June 30, 2012, the Company reported GAAP
earnings of $249.5 million, or $0.56 per diluted share, up from $242.6
million, or $0.55 per diluted share, in the year-earlier six months. The
Company’s current six-month GAAP earnings generated a 1.30% return on
average tangible assets and a 16.75% return on average tangible
stockholders’ equity. (3)
The Company’s current six-month operating earnings rose $18.6 million,
or 8.1%, year-over-year to $248.9 million, equivalent to a $0.04, or
7.7%, increase in diluted operating earnings per share to $0.56. The
Company’s current six-month operating earnings generated a 1.30% return
on average tangible assets and a 16.72% return on average tangible
stockholders’ equity. In addition, the Company reported cash earnings of
$269.8 million, or $0.62 per diluted share, for the current six-month
period, which added $20.4 million, or 8.2%, more to tangible capital
than its GAAP earnings alone. (1)(2)(3)
Commenting on the Company's second quarter results, President and Chief
Executive Officer Joseph R. Ficalora stated, “We’re obviously pleased by
the strength of our second quarter performance, especially in view of
the challenges posed by the narrowing spreads between short- and
long-term interest rates. Our earnings rose as loan demand grew in our
traditional market--multi-family lending--and in the nationwide market
for one-to-four family loans served by our mortgage bank.
“Multi-family loans now account for $18.2 billion, or 68.6%, of our
loans held for investment, with much of the second quarter’s growth
stemming from refinancing activity. As refinancing activity surged, so
too did our prepayment penalty income, supporting margin expansion as
well as earnings growth. In the second quarter of 2012, prepayment
penalty income added $32.0 million to our net interest income; as a
result, our margin rose on a linked-quarter basis to 3.30%.
“At the same time as our net interest income grew, so too did our
non-interest income, reflecting a significant rise in mortgage banking
revenues. In the second quarter of 2012, mortgage banking income rose to
$58.3 million, exceeding the trailing-quarter amount by 65.9%. The
growth in total revenues contributed to our recording our best
efficiency ratio in several quarters: 38.12%.
“The quarter’s highlights also extend to the quality of our assets, as
the balances of non-performing loans, other real estate owned, and net
charge-offs all declined. Non-performing assets represented 0.69% of
total assets at the end of June, as compared to 0.98% at the end of
December, and as compared to the peak of 1.77% at March 31, 2010. In
terms of dollars, non-performing assets totaled $299.3 million at the
end of the quarter, reflecting a six-month decline of $111.1 million and
a $451.5 million reduction from the peak amount.
“In addition, net charge-offs represented 0.05% of average loans in the
current second quarter, an improvement from 0.09% in last year's second
quarter and consistent with the measure in the first quarter of this
year. Also of note, loans 30 to 89 days past due declined $73.1 million,
or 65.5%, from the December 31st balance and $234.4 million, or 85.9%,
from the peak in December 2009.
Board of Directors Declares $0.25 per Share
Dividend, Payable on August 17th
“Reflecting the strength of our earnings, which reinforced our already
strong capital position, the Board of Directors last night declared our
34th consecutive quarterly cash dividend of $0.25 per share. The
dividend is payable on August 17th to shareholders of record at the
close of business on August 7, 2012,” Mr. Ficalora said.
Balance Sheet Summary
Assets
At June 30, 2012, the Company recorded total assets of $43.5 billion, up
$449.2 million from the March 31st balance and $1.5 billion from the
balance at December 31, 2011.
Loans
At June 30, 2012, loans, net, represented $30.9 billion, or 71.0%, of
total assets, reflecting a three-month increase of $340.8 million and a
six-month increase of $726.4 million. Included in the June 30th balance
were non-covered loans held for investment of $26.4 billion, loans held
for sale of $1.1 billion, and covered loans of $3.5 billion.
Non-Covered Loans Held for Investment
Loans held for investment represented $26.5 billion, or 60.9%, of total
assets at the end of the second quarter, comparable to the trailing
quarter-end balance and $959.9 million higher than the balance at
December 31st.
Multi-family loans represented $18.2 billion, or 68.6%, of total loans
held for investment at the end of the quarter, and were up $417.1
million from the March 31st balance and $753.5 million from the balance
at December 31st. In addition, originations of multi-family loans
totaled $1.3 billion in the current second quarter, reflecting a
linked-quarter increase of $226.9 million and a $736.8 million decline
year-over-year. The growth in the portfolio was driven by a surge in
refinancing activity as market interest rates remained at historically
low levels. At June 30, 2012, the average multi-family loan had a
principal balance of $4.1 million and the portfolio had an expected
weighted average life of 2.9 years.
Commercial real estate (“CRE”) loans represented $7.2 billion, or 27.0%,
of held-for-investment loans at the close of the second quarter,
reflecting a linked-quarter decrease of $419.4 million and a $302.5
million increase from the balance at December 31st. The linked-quarter
reduction was in line with management’s expectations and primarily
reflects participations of an interest in certain larger CRE loans.
Originations of CRE loans totaled $528.4 million in the current second
quarter, reflecting a linked-quarter reduction of $387.9 million and a
more modest year-over-year decrease of $90.7 million. At June 30, 2012,
the average CRE loan had a principal balance of $4.3 million and the
portfolio had an expected weighted average life of 3.4 years.
The portfolios of acquisition, development, and construction (“ADC”)
loans and other loans declined over the three and six months ended June
30, 2012. ADC loans represented $390.5 million, or 1.5%, of total loans
held for investment at the end of the second quarter, while other loans
represented $637.5 million, or 2.4%. Included in the latter balance were
$581.8 million of commercial and industrial (“C&I”) loans.
Non-Covered Loans Held for Sale
The portfolio of loans held for sale largely consists of one-to-four
family loans that are originated throughout the country by the Company’s
mortgage banking subsidiary, NYCB Mortgage Company, LLC, primarily for
sale to government-sponsored enterprises ("GSEs"). Originations of
one-to-four family loans held for sale rose $180.2 million
linked-quarter and $1.5 billion year-over-year to $2.6 billion in the
three months ended June 30, 2012.
The increase in production in the current second quarter was
attributable to the historically low level of residential mortgage
interest rates, which continued to trigger a strong volume of
refinancing activity and new home purchases. While the balance of loans
held for sale totaled $1.1 billion at June 30, 2012, the average balance
of such loans was $859.7 million during the second quarter, comparable
to the average balance in the trailing quarter and $471.4 million higher
than the average balance in the second quarter of last year.
Covered Loans
Primarily reflecting repayments, covered loans declined $127.7 million
and $236.9 million, respectively, from the balances at March 31, 2012
and December 31, 2011, to $3.5 billion at June 30, 2012. All of the
Company’s covered loans were acquired in FDIC-assisted acquisitions and
are covered by loss sharing agreements with the FDIC.
Pipeline
The current loan pipeline is approximately $4.4 billion, including loans
held for investment of approximately $1.8 billion and one-to-four family
loans held for sale of approximately $2.6 billion.
Asset Quality
The following discussion pertains only to the Company's portfolio of
non-covered loans held for investment and non-covered other real estate
owned ("OREO").
The Company’s asset quality reflected continued improvement, as
non-performing non-covered loans declined to $252.0 million at the close
of the second quarter, a $73.8 million, or 22.7%, improvement from the
balance at December 31, 2011. Non-performing non-covered loans thus
represented 0.84% of total loans at the end of the second quarter, an
improvement from 1.11% at December 31st. OREO also declined during this
time, to $47.3 million, reflecting a $37.3 million, or 44.1%, reduction
from the balance at year-end.
Reflecting the improvements in non-performing non-covered loans and
OREO, non-performing non-covered assets totaled $299.3 million at the
close of the second quarter, down $111.1 million, or 27.1%, from the
December 31st amount.
The following table provides a summary of the Company's non-performing
non-covered assets at the respective period ends:
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
(dollars in thousands)
|
|
2012
|
|
2012
|
|
2011
|
|
Non-performing non-covered mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
$
|
156,711
|
|
|
|
|
$
|
188,778
|
|
|
|
|
$
|
205,064
|
|
|
Commercial real estate
|
|
|
|
54,888
|
|
|
|
|
|
63,347
|
|
|
|
|
|
68,032
|
|
|
Acquisition, development, and construction
|
|
|
|
24,996
|
|
|
|
|
|
36,599
|
|
|
|
|
|
29,886
|
|
|
One-to-four family
|
|
|
|
8,977
|
|
|
|
|
|
9,851
|
|
|
|
|
|
11,907
|
|
|
Total non-performing non-covered mortgage loans
|
|
|
|
245,572
|
|
|
|
|
|
298,575
|
|
|
|
|
|
314,889
|
|
|
Other non-performing non-covered loans
|
|
|
|
6,434
|
|
|
|
|
|
7,549
|
|
|
|
|
|
10,926
|
|
|
Total non-performing non-covered loans
|
|
|
$
|
252,006
|
|
|
|
|
$
|
306,124
|
|
|
|
|
$
|
325,815
|
|
|
Non-covered other real estate owned
|
|
|
|
47,301
|
|
|
|
|
|
60,890
|
|
|
|
|
|
84,567
|
|
|
Total non-performing non-covered assets
|
|
|
$
|
299,307
|
|
|
|
|
$
|
367,014
|
|
|
|
|
$
|
410,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing non-covered loans to total loans
|
|
|
|
0.84
|
%
|
|
|
|
|
1.01
|
%
|
|
|
|
|
1.11
|
%
|
|
Non-performing non-covered assets to total assets
|
|
|
|
0.69
|
%
|
|
|
|
|
0.85
|
%
|
|
|
|
|
0.98
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The improvement in asset quality was further reflected in a decline in
the balance of loans 30 to 89 days past due. At June 30, 2012, such past
due loans totaled $38.6 million, down $73.1 million, or 65.5%, from the
balance at December 31st. Reflecting the improvements in non-performing
loans and loans 30 to 89 days past due, total delinquencies amounted to
$337.9 million at the close of the second quarter, down $184.2 million,
or 35.3%, from the balance at December 31st.
Net charge-offs also declined in the current second quarter, on both a
linked-quarter basis and year-over-year. In the three months ended June
30, 2012, net charge-offs totaled $13.9 million, reflecting a $1.7
million decrease from the trailing-quarter level and a $13.0 million
decrease from the year-earlier amount. As a result, net charge-offs
represented 0.05% of average loans in the current second quarter,
consistent with the measure recorded in the trailing quarter and four
basis points lower than the measure in the year-earlier three months.
The allowance for losses on non-covered loans was $137.9 million at the
close of the second quarter as compared to $137.3 million at December
31st. The June 30th balance represented 54.73% of total non-performing
non-covered loans, an increase from 42.14%.
Securities
Securities totaled $4.3 billion at June 30, 2012, representing 9.8% of
total assets, a $612.7 million decrease from the March 31st balance and
a $275.4 million decrease from the balance at December 31st. GSE
securities represented 90.6% of the balance at the end of June.
The decline in securities was primarily due to the low interest rate
environment. With market interest rates at historical lows, reducing the
yields on such assets, the Company chose to limit the deployment of its
cash flows into securities. As a result, securities available for sale
declined $161.2 million and $313.2 million, respectively, to $411.5
million over the three and six months ended June 30, 2012. At $3.9
billion, securities held to maturity were down $451.5 million from the
March 31st balance and up $37.7 million from the balance at December 31,
2011.
Funding Sources
Largely reflecting the assumption of deposits in the Aurora Bank
transaction, deposits totaled $25.0 billion at the close of the second
quarter, up $2.1 billion from the March 31st balance and $2.7 billion
from the balance at December 31, 2011. Certificates of deposit (“CDs”)
accounted for the bulk of the increase, rising $2.4 billion and $2.5
billion, respectively, from the earlier levels to $9.9 billion at June
30, 2012. CDs thus represented 39.4% of total deposits, as compared to
32.7% and 33.1%, respectively, at the earlier dates.
Core deposits (NOW and money market accounts, savings accounts, and
non-interest-bearing deposits) totaled $15.1 billion at the close of the
second quarter, reflecting a $297.0 million decrease from the March 31st
balance and a $243.1 million increase from the balance at December 31st.
The three-month decline was the net effect of a $183.0 million decrease
in NOW and money market accounts to $8.7 billion, a $167.3 million
decrease in non-interest-bearing accounts to $2.3 billion, and a $53.4
million rise in savings accounts to $4.1 billion. The six-month increase
in core deposits was the net effect of a $153.5 million increase in
savings accounts, a $154.2 million increase in non-interest-bearing
accounts, and a $64.6 million decrease in NOW and money market accounts.
Wholesale borrowings totaled $12.2 billion at the close of the second
quarter, down $1.6 billion, or 11.6%, from the March 31st balance and
$1.3 billion, or 9.5%, from the balance at December 31st. The June 30th
balance represented 28.0% of total assets, down from 32.0% at each of
the earlier dates. Other borrowings also declined, to $4.3 million, as
$90.0 million of fixed rate senior notes that had been issued in 2008
under the Temporary Liquidity Guarantee Program matured on June 22, 2012.
Stockholders’ Equity
At June 30, 2012, stockholders’ equity totaled $5.6 billion,
representing 12.90% of total assets and a book value per share of
$12.78. The June 30th balance was $31.6 million higher than the March
31, 2012 balance and $45.8 million higher than the balance at December
31, 2011. At March 31st and December 31st, stockholders’ equity
represented 12.97% and 13.24% of total assets, and book values per share
of $12.71 and $12.73, respectively.
Tangible stockholders’ equity totaled $3.1 billion at June 30, 2012,
representing 7.64% of tangible assets and a tangible book value of $7.14
per share. Excluding AOCL, the ratio of adjusted tangible stockholders’
equity to adjusted tangible assets equaled 7.79% at June 30, 2012.(3)
The Company’s subsidiary banks also reported solid levels of capital at
the end of the current second quarter, and continued to exceed the
requirements for classification as “well capitalized” institutions under
the FDIC Improvement Act. At June 30, 2012, New York Community Bank and
New York Commercial Bank had respective Tier 1 leverage capital ratios
of 8.53% and 13.30%; respective Tier 1 risk-based capital ratios of
12.82% and 16.78%; and respective total risk-based capital ratios of
13.54% and 17.43%. The minimum regulatory requirements for
classification as a “well capitalized” institution are a leverage
capital ratio of 5.00%, a Tier 1 risk-based capital ratio of 6.00%, and
a total risk-based capital ratio of 10.00%.
Earnings Summary for the Three Months Ended
June 30, 2012
The Company generated GAAP earnings of $131.2 million in the current
second quarter, up from $118.3 million and $119.5 million, respectively,
in the trailing and year-earlier three months. The current second
quarter amount was equivalent to $0.30 per diluted share, a $0.03
increase from $0.27 per diluted share in each of the earlier periods.
Operating earnings totaled $131.1 million, or $0.30 per diluted share,
in the current second quarter, up from $117.8 million, or $0.27 per
diluted share, in the trailing quarter, and $113.2 million, or $0.26 per
diluted share, in the second quarter of last year.
In the first two quarters of 2012, the differences between the Company’s
GAAP and operating earnings were solely attributable to net securities
gains, with second quarter after-tax gains amounting to $84,000 and
first quarter after-tax gains amounting to $443,000. While after-tax net
securities gains accounted for $11.2 million of the difference between
the Company’s GAAP and operating earnings in the second quarter of 2011,
the Company also recorded a $5.9 million after-tax gain on the
disposition of its insurance premium financing business during that
quarter, as well as a $10.8 million after-tax loss on the
other-than-temporary impairment (“OTTI”) of securities.(2)
Net Interest Income
Net interest income rose $8.2 million linked-quarter to $296.7 million,
notwithstanding the continued flattening of the yield curve as
intermediate-term interest rates declined to historical lows in the
three months ended June 30, 2012. As interest rates moved lower,
refinancing activity increased in the multi-family and commercial real
estate markets, triggering an increase in prepayment penalty income on a
linked-quarter basis and year-over-year. Specifically, prepayment
penalty income rose to $32.0 million in the current second quarter, from
$17.5 million and $25.9 million, respectively, in the trailing and
year-earlier three months.
While net interest income declined year-over-year, the amount of the
reduction was a comparatively modest $5.3 million. In addition to the
increase in prepayment penalty income, the impact of the yield curve on
the Company’s net interest income was tempered by an increase in the
average balance of interest-earning assets, and a continued reduction in
the Company’s funding costs.
Linked-Quarter Comparison
The linked-quarter increase in net interest income was the net effect of
an $8.3 million rise in interest income to $455.0 million and a $100,000
increase in interest expense to $158.3 million.
The modest increase in interest income was driven by the aforementioned
increase in prepayment penalty income, which contributed 35 basis points
to the average yield on interest-earning assets and 41 basis points to
the average yield on loans. While the average balance of
interest-earning assets rose $363.0 million to $35.9 billion, the
average yield rose four basis points to 5.07%. The interest income
generated by loans totaled $406.5 million, and accounted for the
majority of the increase in interest income overall. The increase in the
interest income from loans was the result of a $184.9 million rise in
the average balance of such assets to $30.8 billion and a seven-basis
point increase in the average yield to 5.28%. Securities and money
market investments accounted for the remaining $48.5 million of interest
income produced in the current second quarter, comparable to the level
produced in the first quarter of this year. While the average balance of
such assets rose $178.1 million linked-quarter, to $5.1 billion, the
average yield on such assets fell 14 basis points during this time, to
3.79%.
The modest increase in interest expense was the net effect of a $113.2
million reduction in the average balance of interest-bearing liabilities
to $33.5 billion and a one-basis point rise in the average cost of funds
to 1.90%. Interest-bearing deposits accounted for $36.4 million of the
interest expense generated during the quarter, reflecting a $462,000
increase from the trailing-quarter amount. The modest rise was the net
effect of a $323.2 million increase in the average balance of such
deposits to $20.5 billion and a one-basis point reduction in the average
cost to 0.71%. Although the Aurora Bank transaction added $2.2 billion
of deposits to the current second quarter-end balance, the effect on the
average balance and the average cost of deposits was limited in view of
the June 28, 2012 closing date.
The linked-quarter increase in interest expense was tempered by a
$362,000 decline in the interest expense produced by borrowed funds to
$121.9 million, as the average balance of such funds fell $436.5 million
to $13.0 billion, exceeding the impact of a 12-basis point rise in the
average cost of such funds to 3.78%.
Year-Over-Year Comparison
The year-over-year reduction in net interest income was the net effect
of a $14.0 million decline in interest income and an $8.7 million
decline in interest expense.
While the decline in interest income was tempered by a $1.4 billion rise
in the average balance of interest-earning assets, the benefit of that
increase was exceeded by the impact of a 37-basis point reduction in the
average yield. The interest income produced by loans fell $1.8 million
year-over-year, as the impact of a 42-basis point decline in the average
yield on such assets exceeded the benefit of a $2.1 billion increase in
the average balance. In addition, the interest income produced by
securities and money market investments fell $12.2 million as the
average balance of such assets declined $746.4 million and the average
yield declined 36 basis points.
The year-over-year reduction in interest expense was the net effect of a
$429.8 million increase in the average balance of interest-bearing
liabilities and a 13-basis point decline in the average cost of funds.
The interest expense produced by deposits fell $3.1 million during this
time, as the impact of a $465.1 million rise in the average balance was
modestly tempered by an eight-basis point decline in the average cost of
such funds. The interest expense produced by borrowed funds, meanwhile,
fell $5.6 million, as a $35.3 million decline in the average balance
occurred in tandem with a 15-basis point decline in the average cost of
such funds.
Net Interest Margin
The Company’s net interest margin was 3.30% in the current second
quarter, reflecting a six-basis point increase from the trailing-quarter
measure and a 20-basis point decrease from the measure recorded in the
second quarter of last year. The linked-quarter increase was due to the
increase in prepayment penalty income, as refinancing activity increased
in tandem with the decline in market interest rates. Prepayment penalty
income contributed 36 basis points to the margin in the current second
quarter, in contrast to 20 and 30 basis points, respectively, in the
trailing and year-earlier three months.
Provisions for Loan Losses
The provision for losses on non-covered loans was $15.0 million in the
current second quarter, consistent with the provisions recorded in the
three months ended March 31, 2012 and June 30, 2011.
In addition, the Company recorded a provision for losses on covered
loans of $18.4 million in the current second quarter, reflecting
deterioration in its acquired portfolio of home equity lines of credit
and its acquired portfolio of one-to-four family loans. In the
year-earlier quarter, the Company recorded an $8.7 million provision for
losses on covered loans. The provisions for losses on covered loans
recorded in the second quarters of 2012 and 2011 were largely offset by
FDIC indemnification income of $14.8 million and $7.6 million, recorded
in non-interest income in the respective periods.
Non-Interest Income
Non-interest income totaled $98.2 million in the current second quarter,
reflecting a $36.2 million, or 58.4%, increase from the trailing-quarter
level and a $39.3 million, or 66.8%, increase from the year-earlier
amount.
Mortgage banking income accounted for the bulk of these increases,
having risen $23.2 million and $46.5 million, respectively, from the
levels recorded in the trailing and year-earlier quarters, to $58.3
million in the three months ended June 30, 2012. These increases were
attributable to the significant volume of one-to-four family loans
produced by the Company’s mortgage banking operation, as well as
expanded pricing margins and higher servicing income. Included in the
current second quarter amount was income from originations of $53.0
million, up from $40.0 million and $9.3 million, respectively, in the
trailing and year-earlier three months.
In addition to mortgage banking income, the Company has three other
ongoing sources of non-interest income: fee income, income from
bank-owned life insurance ("BOLI"), and other income, the latter
consisting primarily of revenues from the sale of third-party investment
products and revenues generated by a New York Community Bank subsidiary,
Peter B. Cannell & Co., Inc. Revenues from these sources totaled $25.0
million in the current second quarter, as compared to $26.1 million and
$29.0 million, respectively, in the trailing and year-earlier three
months. Including mortgage banking income, non-interest income from
ongoing sources rose to $83.3 million in the current second quarter,
from $61.3 million and $40.8 million, respectively, in the corresponding
periods.
In addition, the Company recorded net securities gains of $141,000 in
the current second quarter, in contrast to $718,000 and $18.7 million,
respectively, in the trailing and year-earlier three months. While the
Company also recorded a $9.8 million gain on business disposition in the
second quarter of 2011, the benefit of that gain and the net securities
gains recorded during that quarter were tempered by an $18.1 million
OTTI loss on securities.
Non-Interest Expense
Non-interest expense consists of operating expenses (comprised of
compensation and benefits, occupancy and equipment, and general and
administrative, or G&A, expenses) and the amortization of core deposit
intangibles ("CDI"). In the three months ended June 30, 2012,
non-interest expense totaled $155.4 million, up $5.3 million from the
trailing-quarter level and comparable to the level recorded in the
year-earlier three months.
Operating expenses accounted for $150.5 million of non-interest expense
in the current second quarter, reflecting a linked-quarter increase of
$5.5 million and a year-over-year increase of $2.6 million. Compensation
and benefits expense accounted for $73.6 million of the current
second-quarter total, comparable with the levels recorded in the
trailing quarter and the year-earlier three months. Occupancy and
equipment expense rose $1.4 million and $1.5 million, respectively,
during these times to $23.2 million, while G&A expense rose $4.2 million
linked-quarter and $757,000 year-over-year to $53.7 million. The
linked-quarter increase in G&A expense was largely attributable to the
cost of managing and disposing of foreclosed properties as well as a
higher level of variable mortgage banking expenses.
Notwithstanding the increase in operating expenses, the Company reported
a GAAP efficiency ratio of 38.12% in the current second quarter, as
compared to 41.39% and 40.99%, respectively, in the trailing and
year-earlier three months. The linked-quarter improvement reflects the
increased levels of net interest income and non-interest income, while
the year-over-year improvement reflects an increase in non-interest
income alone.(4)
Income Tax Expense
Reflecting an increase in pre-tax income, income tax expense totaled
$74.8 million in the current second quarter, up $7.8 million on a
linked-quarter basis and $12.2 million year-over-year. At $206.0
million, pre-tax income was up $20.8 million from the trailing-quarter
level and $23.9 million from the year-earlier amount. In addition, the
effective tax rate was 36.3% in the current second quarter, as compared
to 36.2% and 34.4%, respectively, in the three months ended March 31,
2012 and June 30, 2011.
About New York Community Bancorp, Inc.
With assets of $43.5 billion at June 30, 2012, New York Community
Bancorp, Inc. is currently the 21st 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 more than 240 branches serving customers throughout Metro
New York, New Jersey, Ohio, Florida, and Arizona; and New York
Commercial Bank, with more than 30 branches serving customers in
Manhattan, Queens, Brooklyn, Long Island, and Westchester County in New
York.
Reflecting its growth through a series of acquisitions, the Community
Bank 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 17 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 Release Conference Call
As previously announced, the Company will host a conference call on
Wednesday, July 25, 2012, at 9:30 a.m. (Eastern Time) to discuss its
second quarter 2012 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:
2Q12NYCB. A replay will be available approximately two hours following
completion of the call through midnight on July 29th, and may be
accessed by calling 800-723-0479 (domestic) or 402-220-2650
(international) and providing the same access code. The conference call
also will be webcast at ir.myNYCB.com, and archived through 5:00 p.m. on
August 22, 2012.
Forward-Looking Statements
This earnings release and the associated conference call may include
forward-looking statements by the Company and our authorized officers
pertaining to such matters as our goals, intentions, and expectations
regarding revenues, earnings, loan production, asset quality, and
acquisitions, among other matters; our estimates of future costs and
benefits of the actions we may take; our assessments of probable losses
on loans; our assessments of interest rate and other market risks; and
our ability to achieve our financial and other strategic goals.
Forward-looking statements are typically identified by words such as
“believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “project,” and other similar words and expressions, and are
subject to numerous assumptions, risks, and uncertainties, which change
over time. Additionally, forward-looking statements speak only as of the
date they are made; the Company does not assume any duty, and does not
undertake, to update our forward-looking statements. Furthermore,
because forward-looking statements are subject to assumptions and
uncertainties, actual results or future events could differ, possibly
materially, from those anticipated in our statements, and our future
performance could differ materially from our historical results.
Our forward-looking statements are subject to the following principal
risks and uncertainties: general economic conditions and trends, either
nationally or locally; conditions in the securities markets; changes in
interest rates; changes in deposit flows, and in the demand for deposit,
loan, and investment products and other financial services; changes in
real estate values; changes in the quality or composition of our loan or
investment portfolios; changes in competitive pressures among financial
institutions or from non-financial institutions; our ability to retain
key members of management; our ability to successfully integrate any
assets, liabilities, customers, systems, and management personnel we may
acquire into our operations, including the deposits we recently assumed
from Aurora Bank, and our ability to realize related revenue synergies
and cost savings within expected time frames; changes in legislation,
regulations, and policies; and a variety of other matters which, by
their nature, are subject to significant uncertainties and/or are beyond
our control.
Greater detail regarding some of these factors is provided in our Form
10-K for the year ended December 31, 2011 and our Form 10-Q for the
three months ended March 31, 2012, including in the Risk Factors section
of those and other SEC reports. Our forward-looking statements may also
be subject to other risks and uncertainties, including those we may
discuss elsewhere in this news release, our conference call, during
investor presentations, or in our SEC filings, which are accessible on
our web site and at the SEC’s web site, www.sec.gov.
- Financial Statements and Highlights Follow -
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
CONSOLIDATED STATEMENTS OF CONDITION
|
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
Cash and cash equivalents
|
$ 3,160,673
|
|
|
$ 2,001,737
|
|
|
Securities:
|
|
|
|
|
|
|
Available-for-sale
|
411,503
|
|
|
724,662
|
|
|
Held-to-maturity
|
3,853,587
|
|
|
3,815,854
|
|
|
Total securities
|
4,265,090
|
|
|
4,540,516
|
|
|
Loans held for sale
|
1,059,340
|
|
|
1,036,918
|
|
|
Non-covered mortgage loans held for investment:
|
|
|
|
|
|
|
Multi-family
|
18,186,211
|
|
|
17,432,665
|
|
|
Commercial real estate
|
7,158,343
|
|
|
6,855,888
|
|
|
Acquisition, development, and construction
|
390,537
|
|
|
445,387
|
|
|
One-to-four family
|
120,186
|
|
|
127,361
|
|
|
Total non-covered mortgage loans held for investment
|
25,855,277
|
|
|
24,861,301
|
|
|
Non-covered other loans held for investment
|
637,478
|
|
|
671,517
|
|
|
Total non-covered loans held for investment
|
26,492,755
|
|
|
25,532,818
|
|
|
Less: Allowance for losses on non-covered loans
|
(137,914
|
)
|
|
(137,290
|
)
|
|
Non-covered loans held for investment, net
|
26,354,841
|
|
|
25,395,528
|
|
|
Covered loans
|
3,516,097
|
|
|
3,753,031
|
|
|
Less: Allowance for losses on covered loans
|
(51,771
|
)
|
|
(33,323
|
)
|
|
Covered loans, net
|
3,464,326
|
|
|
3,719,708
|
|
|
Total loans, net
|
30,878,507
|
|
|
30,152,154
|
|
|
Federal Home Loan Bank stock, at cost
|
424,269
|
|
|
490,228
|
|
|
Premises and equipment, net
|
250,675
|
|
|
250,859
|
|
|
FDIC loss share receivable
|
631,156
|
|
|
695,179
|
|
|
Goodwill
|
2,436,131
|
|
|
2,436,131
|
|
|
Core deposit intangibles, net
|
41,589
|
|
|
51,668
|
|
|
Other assets (includes $50,732 and $71,400, respectively, of other
real estate owned covered by loss sharing agreements)
|
|
1,399,257
|
|
|
1,405,830
|
|
|
Total assets
|
$43,487,347
|
|
|
$42,024,302
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
NOW and money market accounts
|
$ 8,692,549
|
|
|
$ 8,757,198
|
|
|
Savings accounts
|
4,107,372
|
|
|
3,953,859
|
|
|
Certificates of deposit
|
9,852,702
|
|
|
7,373,263
|
|
|
Non-interest-bearing accounts
|
2,344,026
|
|
|
2,189,810
|
|
|
Total deposits
|
24,996,649
|
|
|
22,274,130
|
|
|
Borrowed funds:
|
|
|
|
|
|
|
Wholesale borrowings
|
12,157,283
|
|
|
13,439,193
|
|
|
Junior subordinated debentures
|
427,029
|
|
|
426,936
|
|
|
Other borrowings
|
4,300
|
|
|
94,284
|
|
|
Total borrowed funds
|
12,588,612
|
|
|
13,960,413
|
|
|
Other liabilities
|
290,567
|
|
|
224,055
|
|
|
Total liabilities
|
37,875,828
|
|
|
36,458,598
|
|
|
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;
439,133,951 and 437,426,665 shares issued, and 439,124,100 and
437,344,796 shares outstanding, respectively)
|
|
4,391
|
|
|
4,374
|
|
|
Paid-in capital in excess of par
|
5,316,176
|
|
|
5,309,269
|
|
|
Retained earnings
|
355,215
|
|
|
324,967
|
|
|
Treasury stock, at cost (9,851 and 81,869 shares, respectively)
|
(134
|
)
|
|
(996
|
)
|
|
Accumulated other comprehensive loss, net of tax:
|
|
|
|
|
|
|
Net unrealized gain on securities available for sale, net of tax
|
5,979
|
|
|
1,321
|
|
|
Net unrealized loss on the non-credit portion of
other-than-temporary impairment losses, net of tax
|
(13,578
|
)
|
|
(13,627
|
)
|
|
Pension and post-retirement obligations, net of tax
|
(56,530
|
)
|
|
(59,604
|
)
|
|
Total accumulated other comprehensive loss, net of tax
|
(64,129
|
)
|
|
(71,910
|
)
|
|
Total stockholders’ equity
|
5,611,519
|
|
|
5,565,704
|
|
|
Total liabilities and stockholders’ equity
|
$43,487,347
|
|
|
$42,024,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans
|
|
$406,481
|
|
|
$398,184
|
|
|
$408,292
|
|
|
$804,665
|
|
|
$824,234
|
|
|
Securities and money market investments
|
|
48,499
|
|
|
48,454
|
|
|
60,716
|
|
|
96,953
|
|
|
115,697
|
|
|
Total interest income
|
|
454,980
|
|
|
446,638
|
|
|
469,008
|
|
|
901,618
|
|
|
939,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
9,357
|
|
|
8,733
|
|
|
10,398
|
|
|
18,090
|
|
|
21,552
|
|
|
Savings accounts
|
|
3,565
|
|
|
3,496
|
|
|
4,206
|
|
|
7,061
|
|
|
8,333
|
|
|
Certificates of deposit
|
|
23,489
|
|
|
23,720
|
|
|
24,952
|
|
|
47,209
|
|
|
51,926
|
|
|
Borrowed funds
|
|
121,913
|
|
|
122,275
|
|
|
127,508
|
|
|
244,188
|
|
|
252,924
|
|
|
Total interest expense
|
|
158,324
|
|
|
158,224
|
|
|
167,064
|
|
|
316,548
|
|
|
334,735
|
|
|
Net interest income
|
|
296,656
|
|
|
288,414
|
|
|
301,944
|
|
|
585,070
|
|
|
605,196
|
|
|
Provision for losses on non-covered loans
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
|
30,000
|
|
|
41,000
|
|
|
Provision for losses on covered loans
|
|
18,448
|
|
|
--
|
|
|
8,708
|
|
|
18,448
|
|
|
8,708
|
|
|
Net interest income after provisions for loan losses
|
|
263,208
|
|
|
273,414
|
|
|
278,236
|
|
|
536,622
|
|
|
555,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee income
|
|
9,433
|
|
|
9,758
|
|
|
12,143
|
|
|
19,191
|
|
|
24,042
|
|
|
Bank-owned life insurance
|
|
6,802
|
|
|
9,585
|
|
|
7,564
|
|
|
16,387
|
|
|
14,453
|
|
|
Net gain on sales of securities
|
|
141
|
|
|
718
|
|
|
18,743
|
|
|
859
|
|
|
28,735
|
|
|
Gain on business disposition
|
|
--
|
|
|
--
|
|
|
9,823
|
|
|
--
|
|
|
9,823
|
|
|
Loss on other-than-temporary impairment of securities
|
|
--
|
|
|
--
|
|
|
(18,124
|
)
|
|
--
|
|
|
(18,124
|
)
|
|
Mortgage banking income
|
|
58,323
|
|
|
35,165
|
|
|
11,774
|
|
|
93,488
|
|
|
31,712
|
|
|
FDIC indemnification income
|
|
14,759
|
|
|
--
|
|
|
7,624
|
|
|
14,759
|
|
|
7,624
|
|
|
Other income
|
|
8,747
|
|
|
6,770
|
|
|
9,341
|
|
|
15,517
|
|
|
19,233
|
|
|
Total non-interest income
|
|
98,205
|
|
|
61,996
|
|
|
58,888
|
|
|
160,201
|
|
|
117,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
73,591
|
|
|
73,617
|
|
|
73,218
|
|
|
147,208
|
|
|
145,286
|
|
|
Occupancy and equipment
|
|
23,249
|
|
|
21,884
|
|
|
21,770
|
|
|
45,133
|
|
|
43,710
|
|
|
General and administrative
|
|
53,669
|
|
|
49,517
|
|
|
52,912
|
|
|
103,186
|
|
|
98,221
|
|
|
Total operating expenses
|
|
150,509
|
|
|
145,018
|
|
|
147,900
|
|
|
295,527
|
|
|
287,217
|
|
|
Amortization of core deposit intangibles
|
|
4,920
|
|
|
5,159
|
|
|
7,144
|
|
|
10,079
|
|
|
14,529
|
|
|
Total non-interest expense
|
|
155,429
|
|
|
150,177
|
|
|
155,044
|
|
|
305,606
|
|
|
301,746
|
|
|
Income before income taxes
|
|
205,984
|
|
|
185,233
|
|
|
182,080
|
|
|
391,217
|
|
|
371,240
|
|
|
Income tax expense
|
|
74,772
|
|
|
66,980
|
|
|
62,621
|
|
|
141,752
|
|
|
128,605
|
|
|
Net Income
|
|
$131,212
|
|
|
$118,253
|
|
|
$119,459
|
|
|
$249,465
|
|
|
$242,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$0.30
|
|
|
$0.27
|
|
|
$0.27
|
|
|
$0.56
|
|
|
$0.55
|
|
|
Diluted earnings per share
|
|
$0.30
|
|
|
$0.27
|
|
|
$0.27
|
|
|
$0.56
|
|
|
$0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF GAAP
AND NON-GAAP EARNINGS (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 our operating earnings are an important
indication of our ability to generate earnings through our fundamental
business. Since they exclude the effects of certain items that are
unusual and/or difficult to predict, we believe that our operating
earnings, although non-GAAP, 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 non-GAAP measures with
similar names.
Reconciliations of our GAAP and operating earnings for the three months
ended June 30, 2012, March 31, 2012, and June 30, 2011 and for the six
months ended June 30, 2012 and 2011 follow:
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
(in thousands, except per share data)
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
GAAP Earnings
|
|
$131,212
|
|
|
$118,253
|
|
|
$119,459
|
|
|
$249,465
|
|
|
$242,635
|
|
|
Adjustments to GAAP earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sales of securities
|
|
(141
|
)
|
|
(718
|
)
|
|
(18,743
|
)
|
|
(859
|
)
|
|
(28,735
|
)
|
|
Gain on business disposition
|
|
--
|
|
|
--
|
|
|
(9,823
|
)
|
|
--
|
|
|
(9,823
|
)
|
|
Loss on other-than-temporary impairment of securities
|
|
--
|
|
|
--
|
|
|
18,124
|
|
|
--
|
|
|
18,124
|
|
|
Income tax effect
|
|
57
|
|
|
275
|
|
|
4,143
|
|
|
332
|
|
|
8,159
|
|
|
Operating earnings
|
|
$131,128
|
|
|
$117,810
|
|
|
$113,160
|
|
|
$248,938
|
|
|
$230,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Earnings per Share
|
|
$0.30
|
|
|
$0.27
|
|
|
$ 0.27
|
|
|
$0.56
|
|
|
$ 0.55
|
|
|
Adjustments to diluted GAAP earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sales of securities
|
|
--
|
|
|
--
|
|
|
(0.03
|
)
|
|
--
|
|
|
(0.04
|
)
|
|
Gain on business disposition
|
|
--
|
|
|
--
|
|
|
(0.01
|
)
|
|
--
|
|
|
(0.01
|
)
|
|
Loss on other-than-temporary impairment of securities
|
|
--
|
|
|
--
|
|
|
0.03
|
|
|
--
|
|
|
0.02
|
|
|
Diluted operating earnings per share
|
|
$0.30
|
|
|
$0.27
|
|
|
$ 0.26
|
|
|
$0.56
|
|
|
$ 0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF GAAP
EARNINGS AND NON-GAAP EARNINGS (CASH EARNINGS)
(unaudited)
Although cash earnings are not a measure of performance calculated in
accordance with GAAP, we believe that they are important because of
their contribution to tangible stockholders’ equity. (Please see the
discussion and reconciliations of stockholders’ equity and tangible
stockholders’ equity that appear under “Reconciliations of GAAP and
Non-GAAP Capital Measures” on page 13 of this release.) 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, although non-GAAP, 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 non-GAAP measures with similar names.
Reconciliations of our GAAP and cash earnings for the three months ended
June 30, 2012, March 31, 2012, and June 30, 2011 and for the six months
ended June 30, 2012 and 2011 follow:
|
(in thousands, except per share data)
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
June 30,
2012
|
|
March 31,
2012
|
|
June 30,
2011
|
June 30,
2012
|
|
June 30,
2011
|
|
GAAP Earnings
|
|
$131,212
|
|
|
$118,253
|
|
|
$119,459
|
|
|
$249,465
|
|
|
$242,635
|
|
|
Additional contributions to tangible stockholders’ equity:(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-related
benefit plans
|
|
5,265
|
|
|
5,071
|
|
|
4,005
|
|
|
10,336
|
|
|
7,617
|
|
|
Associated tax effects
|
|
319
|
|
|
(354
|
)
|
|
613
|
|
|
(35
|
)
|
|
2,252
|
|
|
Loss on other-than-temporary impairment of securities
|
|
--
|
|
|
--
|
|
|
10,800
|
|
|
--
|
|
|
10,800
|
|
|
Amortization of core deposit intangibles
|
|
4,920
|
|
|
5,159
|
|
|
7,144
|
|
|
10,079
|
|
|
14,529
|
|
|
Total additional contributions to tangible stockholders’ equity (1)
|
|
10,504
|
|
|
9,876
|
|
|
22,562
|
|
|
20,380
|
|
|
35,198
|
|
|
Cash earnings
|
|
$141,716
|
|
|
$128,129
|
|
|
$142,021
|
|
|
$269,845
|
|
|
$277,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Earnings per Share
|
|
$0.30
|
|
|
$0.27
|
|
|
$0.27
|
|
|
$0.56
|
|
|
$0.55
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-related
benefit plans
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.03
|
|
|
0.02
|
|
|
Associated tax effects
|
|
--
|
|
|
--
|
|
|
--
|
|
|
--
|
|
|
0.01
|
|
|
Loss on other-than-temporary impairment of securities
|
|
--
|
|
|
--
|
|
|
0.03
|
|
|
--
|
|
|
0.03
|
|
|
Amortization of core deposit intangibles
|
|
0.01
|
|
|
0.01
|
|
|
0.02
|
|
|
0.03
|
|
|
0.03
|
|
|
Total additions
|
|
0.02
|
|
|
0.02
|
|
|
0.06
|
|
|
0.06
|
|
|
0.09
|
|
|
Diluted cash earnings per share
|
|
$0.32
|
|
|
$0.29
|
|
|
$0.33
|
|
|
$0.62
|
|
|
$0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Earnings Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash return on average assets
|
|
1.35
|
%
|
|
1.23
|
%
|
|
1.39
|
%
|
|
1.29
|
%
|
|
1.36
|
%
|
|
Cash return on average tangible assets (1)
|
|
1.44
|
|
|
1.30
|
|
|
1.48
|
|
|
1.37
|
|
|
1.45
|
|
|
Cash return on average stockholders’ equity
|
|
10.19
|
|
|
9.27
|
|
|
10.41
|
|
|
9.75
|
|
|
10.13
|
|
|
Cash return on average tangible stockholders’ equity (1)
|
|
18.38
|
|
|
16.85
|
|
|
19.23
|
|
|
17.69
|
|
|
18.66
|
|
|
Cash efficiency ratio (2)
|
|
36.78
|
|
|
39.94
|
|
|
37.97
|
|
|
38.27
|
|
|
37.74
|
|
|
(1)
|
|
Tangible assets and tangible stockholders’ equity are non-GAAP
capital measures. Please see the reconciliations of our GAAP and
non-GAAP capital measures that appear on page 13 of this release.
|
|
(2)
|
|
We calculate our cash efficiency ratio by dividing our operating
expenses 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 GAAP
AND NON-GAAP CAPITAL MEASURES
(unaudited)
Although tangible stockholders’ equity, adjusted tangible stockholders’
equity, tangible assets, and adjusted tangible assets are not calculated
in accordance with GAAP, management uses these non-GAAP capital measures
in their analysis of our financial performance. We believe that these
non-GAAP capital 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 these
measures may differ from that of other companies reporting non-GAAP
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 June 30, 2012, March 31, 2012, and
December 31, 2011 and the six months ended June 30, 2012 and 2011 follow:
|
|
|
|
|
|
|
|
|
At or for the
|
|
At or for the
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity
|
|
$ 5,611,519
|
|
|
$ 5,579,941
|
|
|
$ 5,565,704
|
|
|
$ 5,611,519
|
|
|
$ 5,560,103
|
|
|
Less: Goodwill
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
Core deposit intangibles
|
|
(41,589
|
)
|
|
(46,508
|
)
|
|
(51,668
|
)
|
|
(41,589
|
)
|
|
(63,205
|
)
|
|
Tangible stockholders’ equity
|
|
$ 3,133,799
|
|
|
$ 3,097,302
|
|
|
$ 3,077,905
|
|
|
$ 3,133,799
|
|
|
$ 3,060,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$43,487,347
|
|
|
$43,038,151
|
|
|
$42,024,302
|
|
|
$43,487,347
|
|
|
$40,602,625
|
|
|
Less: Goodwill
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
Core deposit intangibles
|
|
(41,589
|
)
|
|
(46,508
|
)
|
|
(51,668
|
)
|
|
(41,589
|
)
|
|
(63,205
|
)
|
|
Tangible assets
|
|
$41,009,627
|
|
|
$40,555,512
|
|
|
$39,536,503
|
|
|
$41,009,627
|
|
|
$38,103,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders’ Equity
|
|
$3,133,799
|
|
|
$3,097,302
|
|
|
$3,077,905
|
|
|
$3,133,799
|
|
|
$3,060,767
|
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
64,129
|
|
|
68,702
|
|
|
71,910
|
|
|
64,129
|
|
|
50,402
|
|
|
Adjusted tangible stockholders’ equity
|
|
$3,197,928
|
|
|
$3,166,004
|
|
|
$3,149,815
|
|
|
$3,197,928
|
|
|
$3,111,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets
|
|
$41,009,627
|
|
|
$40,555,512
|
|
|
$39,536,503
|
|
|
$41,009,627
|
|
|
$38,103,289
|
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
64,129
|
|
|
68,702
|
|
|
71,910
|
|
|
64,129
|
|
|
50,402
|
|
|
Adjusted tangible assets
|
|
$41,073,756
|
|
|
$40,624,214
|
|
|
$39,608,413
|
|
|
$41,073,756
|
|
|
$38,153,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders’ Equity
|
|
$ 5,565,581
|
|
|
$ 5,528,296
|
|
|
$ 5,535,114
|
|
|
$ 5,534,277
|
|
|
$ 5,484,845
|
|
|
Less: Average goodwill and core deposit intangibles
|
|
(2,480,921
|
)
|
|
(2,486,018
|
)
|
|
(2,491,327
|
)
|
|
(2,483,469
|
)
|
|
(2,507,637
|
)
|
|
Average tangible stockholders’ equity
|
|
$ 3,084,660
|
|
|
$ 3,042,278
|
|
|
$ 3,043,787
|
|
|
$ 3,050,808
|
|
|
$ 2,977,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets
|
|
$41,916,854
|
|
|
$41,775,013
|
|
|
$41,683,129
|
|
|
$41,833,272
|
|
|
$40,783,804
|
|
|
Less: Average goodwill and core deposit intangibles
|
|
(2,480,921
|
)
|
|
(2,486,018
|
)
|
|
(2,491,327
|
)
|
|
(2,483,469
|
)
|
|
(2,507,637
|
)
|
|
Average tangible assets
|
|
$39,435,933
|
|
|
$39,288,995
|
|
|
$39,191,802
|
|
|
$39,349,803
|
|
|
$38,276,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$131,212
|
|
|
$118,253
|
|
|
$117,652
|
|
|
$249,465
|
|
|
$242,635
|
|
|
Add back: Amortization of core deposit intangibles, net of tax
|
|
2,952
|
|
|
3,095
|
|
|
3,269
|
|
|
6,047
|
|
|
8,717
|
|
|
Adjusted net income
|
|
$134,164
|
|
|
$121,348
|
|
|
$120,921
|
|
|
$255,512
|
|
|
$251,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
NET INTEREST INCOME ANALYSIS
|
|
(dollars in thousands)
|
|
(unaudited)
|
|
|
|
|
|
For the Three Months Ended
|
|
|
June 30, 2012
|
|
March 31, 2012
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
$30,780,471
|
|
$406,481
|
|
5.28
|
%
|
|
$30,595,529
|
|
$398,184
|
|
5.21
|
%
|
|
Securities and money market investments
|
5,112,683
|
|
48,499
|
|
3.79
|
|
|
4,934,593
|
|
48,454
|
|
3.93
|
|
|
Total interest-earning assets
|
35,893,154
|
|
454,980
|
|
5.07
|
|
|
35,530,122
|
|
446,638
|
|
5.03
|
|
|
Non-interest-earning assets
|
6,023,700
|
|
|
|
|
|
|
6,244,891
|
|
|
|
|
|
|
Total assets
|
$41,916,854
|
|
|
|
|
|
|
$41,775,013
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
$ 8,805,432
|
|
$ 9,357
|
|
0.43
|
%
|
|
$ 8,800,787
|
|
$ 8,733
|
|
0.40
|
%
|
|
Savings accounts
|
4,080,984
|
|
3,565
|
|
0.35
|
|
|
3,983,234
|
|
3,496
|
|
0.35
|
|
|
Certificates of deposit
|
7,641,613
|
|
23,489
|
|
1.24
|
|
|
7,420,769
|
|
23,720
|
|
1.29
|
|
|
Total interest-bearing deposits
|
20,528,029
|
|
36,411
|
|
0.71
|
|
|
20,204,790
|
|
35,949
|
|
0.72
|
|
|
Borrowed funds
|
12,983,063
|
|
121,913
|
|
3.78
|
|
|
13,419,550
|
|
122,275
|
|
3.66
|
|
|
Total interest-bearing liabilities
|
33,511,092
|
|
158,324
|
|
1.90
|
|
|
33,624,340
|
|
158,224
|
|
1.89
|
|
|
Non-interest-bearing deposits
|
2,466,411
|
|
|
|
|
|
|
2,324,849
|
|
|
|
|
|
|
Other liabilities
|
373,770
|
|
|
|
|
|
|
297,528
|
|
|
|
|
|
|
Total liabilities
|
36,351,273
|
|
|
|
|
|
|
36,246,717
|
|
|
|
|
|
|
Stockholders’ equity
|
5,565,581
|
|
|
|
|
|
|
5,528,296
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
$41,916,854
|
|
|
|
|
|
|
$41,775,013
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
$296,656
|
|
3.17
|
%
|
|
|
|
$288,414
|
|
3.14
|
%
|
|
Net interest margin
|
|
|
|
|
3.30
|
%
|
|
|
|
|
|
3.24
|
%
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
1.07
|
x
|
|
|
|
|
|
1.06
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1)
|
$15,352,827
|
|
$12,922
|
|
0.34
|
%
|
|
$15,108,870
|
|
$12,229
|
|
0.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 June 30,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
$30,780,471
|
|
$406,481
|
|
5.28
|
%
|
|
$28,643,118
|
|
$408,292
|
|
5.70
|
%
|
|
Securities and money market investments
|
5,112,683
|
|
48,499
|
|
3.79
|
|
|
5,859,082
|
|
60,716
|
|
4.15
|
|
|
Total interest-earning assets
|
35,893,154
|
|
454,980
|
|
5.07
|
|
|
34,502,200
|
|
469,008
|
|
5.44
|
|
|
Non-interest-earning assets
|
6,023,700
|
|
|
|
|
|
|
6,351,588
|
|
|
|
|
|
|
Total assets
|
$41,916,854
|
|
|
|
|
|
|
$40,853,788
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
$ 8,805,432
|
|
$ 9,357
|
|
0.43
|
%
|
|
$ 8,794,496
|
|
$ 10,398
|
|
0.47
|
%
|
|
Savings accounts
|
4,080,984
|
|
3,565
|
|
0.35
|
|
|
4,022,838
|
|
4,206
|
|
0.42
|
|
|
Certificates of deposit
|
7,641,613
|
|
23,489
|
|
1.24
|
|
|
7,245,588
|
|
24,952
|
|
1.38
|
|
|
Total interest-bearing deposits
|
20,528,029
|
|
36,411
|
|
0.71
|
|
|
20,062,922
|
|
39,556
|
|
0.79
|
|
|
Borrowed funds
|
12,983,063
|
|
121,913
|
|
3.78
|
|
|
13,018,339
|
|
127,508
|
|
3.93
|
|
|
Total interest-bearing liabilities
|
33,511,092
|
|
158,324
|
|
1.90
|
|
|
33,081,261
|
|
167,064
|
|
2.03
|
|
|
Non-interest-bearing deposits
|
2,466,411
|
|
|
|
|
|
|
1,988,889
|
|
|
|
|
|
|
Other liabilities
|
373,770
|
|
|
|
|
|
|
325,621
|
|
|
|
|
|
|
Total liabilities
|
36,351,273
|
|
|
|
|
|
|
35,395,771
|
|
|
|
|
|
|
Stockholders’ equity
|
5,565,581
|
|
|
|
|
|
|
5,458,017
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
$41,916,854
|
|
|
|
|
|
|
$40,853,788
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
$296,656
|
|
3.17
|
%
|
|
|
|
$301,944
|
|
3.41
|
%
|
|
Net interest margin
|
|
|
|
|
3.30
|
%
|
|
|
|
|
|
3.50
|
%
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
1.07
|
x
|
|
|
|
|
|
1.04
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1)
|
$15,352,827
|
|
$12,922
|
|
0.34
|
%
|
|
$14,806,223
|
|
$14,604
|
|
0.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Six Months Ended
|
|
|
June 30, 2012
|
|
June 30, 2011
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
$30,688,000
|
|
$804,665
|
|
5.25
|
%
|
|
$28,567,491
|
|
$824,234
|
|
5.77
|
%
|
|
Securities and money market investments
|
5,023,638
|
|
96,953
|
|
3.86
|
|
|
5,519,741
|
|
115,697
|
|
4.19
|
|
|
Total interest-earning assets
|
35,711,638
|
|
901,618
|
|
5.05
|
|
|
34,087,232
|
|
939,931
|
|
5.52
|
|
|
Non-interest-earning assets
|
6,121,634
|
|
|
|
|
|
|
6,696,572
|
|
|
|
|
|
|
Total assets
|
$41,833,272
|
|
|
|
|
|
|
$40,783,804
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
$ 8,803,109
|
|
$ 18,090
|
|
0.41
|
%
|
|
$ 8,613,442
|
|
$ 21,552
|
|
0.50
|
%
|
|
Savings accounts
|
4,032,109
|
|
7,061
|
|
0.35
|
|
|
3,967,038
|
|
8,333
|
|
0.42
|
|
|
Certificates of deposit
|
7,531,191
|
|
47,209
|
|
1.26
|
|
|
7,442,778
|
|
51,926
|
|
1.41
|
|
|
Total interest-bearing deposits
|
20,366,409
|
|
72,360
|
|
0.71
|
|
|
20,023,258
|
|
81,811
|
|
0.82
|
|
|
Borrowed funds
|
13,201,307
|
|
244,188
|
|
3.72
|
|
|
13,033,071
|
|
252,924
|
|
3.91
|
|
|
Total interest-bearing liabilities
|
33,567,716
|
|
316,548
|
|
1.90
|
|
|
33,056,329
|
|
334,735
|
|
2.04
|
|
|
Non-interest-bearing deposits
|
2,395,630
|
|
|
|
|
|
|
1,900,559
|
|
|
|
|
|
|
Other liabilities
|
335,649
|
|
|
|
|
|
|
342,071
|
|
|
|
|
|
|
Total liabilities
|
36,298,995
|
|
|
|
|
|
|
35,298,959
|
|
|
|
|
|
|
Stockholders’ equity
|
5,534,277
|
|
|
|
|
|
|
5,484,845
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
$41,833,272
|
|
|
|
|
|
|
$40,783,804
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
$585,070
|
|
3.15
|
%
|
|
|
|
$605,196
|
|
3.48
|
%
|
|
Net interest margin
|
|
|
|
|
3.27
|
%
|
|
|
|
|
|
3.54
|
%
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
1.06
|
x
|
|
|
|
|
|
1.03
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1)
|
$15,230,848
|
|
$25,151
|
|
0.33
|
%
|
|
$14,481,039
|
|
$29,885
|
|
0.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
For the Six Months Ended
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
GAAP EARNINGS DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$131,212
|
|
|
$118,253
|
|
|
$119,459
|
|
|
$249,465
|
|
|
$242,635
|
|
|
Basic earnings per share
|
|
$0.30
|
|
|
$0.27
|
|
|
$0.27
|
|
|
$0.56
|
|
|
$0.55
|
|
|
Diluted earnings per share
|
|
0.30
|
|
|
0.27
|
|
|
0.27
|
|
|
0.56
|
|
|
0.55
|
|
|
Return on average assets
|
|
1.25
|
%
|
|
1.13
|
%
|
|
1.17
|
%
|
|
1.19
|
%
|
|
1.19
|
%
|
|
Return on average tangible assets (1)
|
|
1.36
|
|
|
1.24
|
|
|
1.29
|
|
|
1.30
|
|
|
1.31
|
|
|
Return on average stockholders’ equity
|
|
9.43
|
|
|
8.56
|
|
|
8.75
|
|
|
9.02
|
|
|
8.85
|
|
|
Return on average tangible stockholders’ equity (1)
|
|
17.40
|
|
|
15.95
|
|
|
16.76
|
|
|
16.75
|
|
|
16.89
|
|
|
Efficiency ratio (2)
|
|
38.12
|
|
|
41.39
|
|
|
40.99
|
|
|
39.65
|
|
|
39.74
|
|
|
Operating expenses to average assets
|
|
1.44
|
|
|
1.39
|
|
|
1.45
|
|
|
1.41
|
|
|
1.41
|
|
|
Interest rate spread
|
|
3.17
|
|
|
3.14
|
|
|
3.41
|
|
|
3.15
|
|
|
3.48
|
|
|
Net interest margin
|
|
3.30
|
|
|
3.24
|
|
|
3.50
|
|
|
3.27
|
|
|
3.54
|
|
|
Shares used for basic EPS computation
|
|
437,820,639
|
|
|
437,467,859
|
|
|
436,179,448
|
|
|
437,644,249
|
|
|
435,872,952
|
|
|
Shares used for diluted EPS computation
|
|
437,824,702
|
|
|
437,473,189
|
|
|
436,616,952
|
|
|
437,648,947
|
|
|
436,519,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EARNINGS DATA: (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
|
|
$131,128
|
|
|
$117,810
|
|
|
$113,160
|
|
|
$248,938
|
|
|
$230,360
|
|
|
Basic operating earnings per share
|
|
$0.30
|
|
|
$0.27
|
|
|
$0.26
|
|
|
$0.56
|
|
|
$0.52
|
|
|
Diluted operating earnings per share
|
|
0.30
|
|
|
0.27
|
|
|
0.26
|
|
|
0.56
|
|
|
0.52
|
|
|
Return on average assets
|
|
1.25
|
%
|
|
1.13
|
%
|
|
1.11
|
%
|
|
1.19
|
%
|
|
1.13
|
%
|
|
Return on average tangible assets (1)
|
|
1.36
|
|
|
1.23
|
|
|
1.23
|
|
|
1.30
|
|
|
1.25
|
|
|
Return on average stockholders’ equity
|
|
9.42
|
|
|
8.52
|
|
|
8.29
|
|
|
9.00
|
|
|
8.40
|
|
|
Return on average tangible stockholders’ equity (1)
|
|
17.39
|
|
|
15.90
|
|
|
15.90
|
|
|
16.72
|
|
|
16.06
|
|
|
Operating efficiency ratio (2)
|
|
38.13
|
|
|
41.47
|
|
|
42.21
|
|
|
39.70
|
|
|
40.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Tangible assets and tangible stockholders’ equity are non-GAAP
capital measures. Please see the reconciliations of our GAAP and
non-GAAP capital measures on page 13 of this release.
|
|
(2)
|
|
We calculate our GAAP and operating efficiency ratios by dividing
the respective operating expenses by the respective sums of net
interest income and non-interest income. Please see the
reconciliations of our GAAP and operating earnings on page 11 of
this release.
|
|
(3)
|
|
Operating earnings and the related profitability measures are
non-GAAP financial measures. Please see the reconciliations of our
GAAP and operating earnings on page 11 of this release.
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
CONSOLIDATED FINANCIAL HIGHLIGHTS
|
|
(unaudited)
|
|
|
|
|
|
|
|
At or for the Three Months Ended
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
|
|
2012
|
|
2012
|
|
2011
|
|
CAPITAL MEASURES:
|
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
$12.78
|
|
|
$12.71
|
|
|
$12.73
|
|
|
Tangible book value per share (1)
|
|
7.14
|
|
|
7.05
|
|
|
7.04
|
|
|
Stockholders’ equity to total assets
|
|
12.90
|
%
|
|
12.97
|
%
|
|
13.24
|
%
|
|
Tangible stockholders’ equity to tangible assets (1)
|
|
7.64
|
|
|
7.64
|
|
|
7.78
|
|
|
Tangible stockholders’ equity to tangible assets excluding
accumulated other comprehensive loss, net of tax (1)
|
|
7.79
|
|
|
7.79
|
|
|
7.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Non-performing non-covered loans to total loans
|
|
0.84
|
%
|
|
1.01
|
%
|
|
1.11
|
%
|
|
Non-performing non-covered assets to total assets
|
|
0.69
|
|
|
0.85
|
|
|
0.98
|
|
|
Allowance for losses on non-covered loans to non-performing
non-covered loans
|
|
54.73
|
|
|
44.68
|
|
|
42.14
|
|
|
Allowance for losses on non-covered loans to total non-covered loans
|
|
0.52
|
|
|
0.51
|
|
|
0.54
|
|
|
Net charge-offs during the period to average loans during the period
(non-annualized)
|
|
0.05
|
|
|
0.05
|
|
|
0.07
|
|
|
Net charge-offs during the period to the average allowance for
losses on non-covered loans during the period (“allowance
utilization ratio”)
|
|
10.20
|
|
|
11.38
|
|
|
16.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Please see the reconciliations of our GAAP and non-GAAP capital
measures on page 13 of this release.
|
|
|
|
|
|
|
|
Footnotes to the Text
|
|
(1)
|
|
Cash earnings and the related profitability measures are non-GAAP
financial measures. Please see the reconciliations of our GAAP and
cash earnings on page 12 of this release.
|
|
(2)
|
|
Operating earnings and the related profitability measures are
non-GAAP financial measures. Please see the reconciliations of our
GAAP and operating earnings on page 11 of this release.
|
|
(3)
|
|
Tangible assets and tangible stockholders’ equity are non-GAAP
capital measures. Please see the reconciliations of our GAAP and
non-GAAP capital measures on page 13 of this release.
|
|
(4)
|
|
We calculate our efficiency ratio by dividing our operating
expenses by the sum of our net interest income and non-interest
income.
|
|
|
|
|
New York Community Bancorp, Inc.
Investors:
Ilene A. Angarola,
516-683-4420
or
Media:
Kelly Maude Leung, 516-683-4032
Source: New York Community Bancorp, Inc.