Board of Directors Declares 43rd Consecutive
Quarterly Cash Dividend of $0.25 per Share
Third
Quarter 2014 Highlights
-
Solid Earnings, Solid Returns:
-
The Company’s 3Q 2014 GAAP earnings rose sequentially and
year-over-year to $120.3 million, providing a 1.06% return on average
tangible assets and a 14.59% return on average tangible stockholders’
equity.(2)
-
Strong Held-for-Investment Loan Production:
-
Loans originated for investment totaled $2.6 billion in 3Q 2014,
including multi-family loans of $1.6 billion.
-
Continued Loan Growth:
-
Multi-family loans held for investment rose $2.2 billion in the first
nine months of this year to $22.9 billion, reflecting an annualized
growth rate of 13.9%.
- Total held-for-investment loans rose $2.4
billion during this time, to $32.3 billion, reflecting an annualized
growth rate of 10.8%.
-
Superior Asset Quality:
-
Non-performing non-covered assets fell $30.2 million, or 17.2%, from
the year-end 2013 balance and represented 0.31% of total non-covered
assets at quarter-end.
-
Strong Deposit Growth:
-
In the three and nine months ended 9/30/2014, deposits rose $955.3
million and $2.6 billion, respectively, to $28.3 billion.
-
Margin Expansion:
-
The margin rose three basis points quarter-over-quarter to 2.69% in 3Q
2014.
-
Exceptional Efficiency:
-
Operating expenses represented 1.18% of average assets and the
efficiency ratio was 43.35% in 3Q 2014. (3)
-
Solid Capital Measures:
-
Excluding accumulated other comprehensive loss, net of tax (“AOCL”),
tangible stockholders’ equity represented 7.27% of tangible assets at
9/30/2014. (2)
WESTBURY, N.Y.--(BUSINESS WIRE)--
New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”) today
reported GAAP earnings of $120.3 million, or $0.27 per diluted share,
for the three months ended September 30, 2014, exceeding the
year-earlier level by $6.1 million, or $0.01 per diluted share.
For the nine months ended September 30, 2014 and 2013, the Company
reported earnings of $354.2 million and $355.4 million, respectively,
both of which were equivalent to $0.80 per diluted share.
__________
Please Note: Footnotes are located on the last
page of text. As further discussed in the footnotes, “cash earnings,”
“tangible assets,” “average tangible assets,” “tangible stockholders’
equity,” “average tangible stockholders’ equity,” and the related
measures are all non-GAAP financial measures.
In addition, the Company reported cash earnings of $129.6 million, or
$0.29 per diluted share, for the current third quarter, and $383.9
million, or $0.87 per diluted share, for the current nine-month period. (1)
Commenting on the Company’s current third-quarter performance, President
and Chief Executive Officer Joseph R. Ficalora stated, “We were very
pleased by the results we reported this morning as they served to verify
our fundamental strengths: our solid multi-family lending niche, the
exceptional quality of our assets, and our hallmark efficiency.
“While our assets rose substantially from the December 31st balance, the
sequential increase was modest, particularly as compared to the growth
we saw at the end of March and June. Nonetheless, our portfolio of
held-for-investment loans rose $266.1 million quarter-over-quarter,
driven by a $553.0 million increase in multi-family loans.
"Our ability to limit our balance sheet growth while still growing our
principal asset was supported by various strategic actions, including
the sale of certain one-to-four family loans that were previously held
for investment. In the current quarter, we expect to sell additional
loans--C&I, as well as one-to-four family--that had been held for
investment and were subsequently classified as 'held for sale' at
quarter-end.
“Meanwhile, the quality of our assets was reflected in the absence of
any net charge-offs for the second consecutive quarter and the fact that
we, once again, recorded net recoveries. Furthermore, non-performing
non-covered assets represented 0.31% of total non-covered assets at the
end of September, while non-performing non-covered loans represented
0.25% of total non-covered loans.
“Our efficiency was largely supported by a decline in operating
expenses, mainly reflecting a decrease in the cost of managing
foreclosed properties, as well as a reduction in our FDIC insurance
premiums.
“Our earnings were also supported by a linked-quarter increase in net
interest income, as a rise in the average yield on interest-earning
assets was coupled with a rise in the average balance, and our cost of
funds held firm. The increase in net interest income also was driven by
a $6.1 million rise in prepayment penalty income, which contributed 24
basis points to our third-quarter margin of 2.69%.
“Reflecting these factors and others, we reported third quarter earnings
of $120.3 million, equivalent to diluted earnings per share of $0.27.”
Board of Directors Declares $0.25 per Share
Dividend Payable on November 20, 2014
“Given the strength of our earnings and our capital position, the Board
of Directors last night declared a quarterly cash dividend of $0.25 per
share, payable on November 20, 2014 to shareholders of record at the
close of business on November 7, 2014. This is our 82nd consecutive
quarterly cash dividend as a public institution and our 43rd consecutive
quarterly cash dividend of $0.25 per share,” Mr. Ficalora said.
Balance Sheet Summary
In the three and nine months ended September 30, 2014, total assets grew
$75.0 million and $2.0 billion, respectively, to $48.7 billion. Total
loans accounted for $35.4 billion of the September 30th balance, while
total securities accounted for $7.5 billion.
Non-Covered Loans Held for Investment
Non-covered loans held for investment represented $32.3 billion, or
91.0%, of total loans at the end of September, reflecting a nine-month
increase of $2.4 billion, or 8.1% (non-annualized). The Company
originated $8.3 billion of held-for-investment loans in the first nine
months of this year, exceeding the year-earlier nine-month volume by
$229.6 million. Third-quarter originations accounted for $2.6 billion of
the current year-to-date total, a $271.8 million decrease from the
trailing-quarter volume and a $775.5 million decrease year-over-year.
Multi-family loans represented $5.7 billion, or 68.8%, of loans produced
for investment in the current nine-month period, reflecting a $138.2
million increase from the year-earlier amount. Third-quarter
originations accounted for $1.6 billion of year-to-date originations,
down $465.0 million from the trailing-quarter volume and $972.9 million
year-over-year.
Commercial real estate (“CRE”) loans represented $1.2 billion of loans
produced for investment in the first nine months of 2014, an $86.3
million decrease from the year-earlier amount. Third-quarter
originations accounted for $434.2 million of the year-to-date volume,
reflecting a sequential increase of $97.8 million and a year-over-year
increase of $161.3 million.
The following table provides additional information about the Company’s
multi-family and CRE loan portfolios:
|
|
|
|
|
|
|
(dollars in thousands)
|
|
September 30, 2014
|
|
December 31, 2013
|
|
Multi-Family Loan Portfolio:
|
|
|
|
|
|
|
|
Loans outstanding
|
|
$22,879,994
|
|
|
$20,714,197
|
|
|
Percent of total held-for-investment loans
|
|
70.9
|
%
|
|
69.4
|
%
|
|
Average loan size
|
|
$4,807
|
|
|
$4,530
|
|
|
Expected weighted average life
|
|
2.8
|
years
|
|
2.9
|
years
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate Loan Portfolio:
|
|
|
|
|
|
|
|
Loans outstanding
|
|
$7,663,474
|
|
|
$7,366,138
|
|
|
Percent of total held-for-investment loans
|
|
23.8
|
%
|
|
24.7
|
%
|
|
Average loan size
|
|
$4,943
|
|
|
$4,720
|
|
|
Expected weighted average life
|
|
3.4
|
years
|
|
3.3
|
years
|
|
|
|
|
|
|
|
|
Also included in the September 30th balance of loans held for investment
were one-to-four family loans of $404.8 million; acquisition,
development, and construction (“ADC”) loans of $310.1 million; and
commercial and industrial (“C&I”) loans of $959.7 million, including
$471.2 million of specialty finance loans and leases. While one-to-four
family loans and ADC loans each declined over the three and nine months
ended September 30, 2014, C&I loans fell $8.5 million over the course of
the quarter but rose $145.1 million from the balance at year-end. The
nine-month increase was driven by a rise in specialty finance loans and
leases, which represented $258.0 million, or 61.9%, of the C&I loans
produced in the current third quarter, up $68.8 million and $171.2
million, respectively, from the volumes produced in the earlier periods.
Loans Held for Sale
Loans held for sale totaled $680.1 million at September 30, 2014,
exceeding the June 30th balance by $371.3 million and the December 31st
balance by a comparable amount. Included in the September 30th amount
were $397.3 million of one-to-four family and C&I loans that had been
held for investment at the end of the trailing quarter and that the
Company expects to sell in the fourth quarter of this year. The
remainder of the September 30th balance (i.e., $282.8 million) consisted
of one-to-four family loans that were originated for sale.
In the three and nine months ended September 30, 2014, one-to-four
family loans originated for sale totaled $817.1 million and $2.1
billion, as compared to $1.1 billion and $5.5 billion, respectively, in
the year-earlier periods. The average balance of loans held for sale was
$348.0 million in the current third quarter, as compared to $274.5
million and $451.0 million, respectively, in the trailing and
year-earlier three months. In the first nine months of 2014, demand for
one-to-four family loans was substantially weakened by the comparatively
higher level of residential mortgage interest rates.
Covered Loans
Primarily reflecting repayments, loans acquired in FDIC-assisted
transactions declined $284.0 million from the December 31, 2013 balance
to $2.5 billion, representing 7.1% of total loans, at September 30, 2014.
In the three months ended September 30, 2014, June 30, 2014, and
September 30, 2013, accretion on the covered loan portfolio was $34.6
million, $34.9 million, and $38.2 million, respectively. For the nine
months ended September 30, 2014 and 2013, accretion on the covered loan
portfolio was $104.2 million and $118.5 million, respectively.
Pipeline
The Company currently has a loan pipeline of approximately $3.0 billion,
including loans held for investment of approximately $2.3 billion and
one-to‐four family loans held for sale of approximately $683.4 million.
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").
Non-performing non-covered assets fell $30.2 million, or 17.2%, from the
balance at the end of December, to $144.8 million at September 30, 2014.
The decrease was the combined result of a $22.5 million, or 21.7%,
decline in non-performing non-covered loans to $81.0 million and a $7.7
million decline in non-covered OREO to $63.7 million. Reflecting the
nine-month declines, non-performing non-covered assets represented 0.31%
of total non-covered assets and non-performing non-covered loans
represented 0.25% of total non-covered loans at the current third
quarter-end. The comparable measures were 0.40% and 0.35%, respectively,
at December 31st. The declines in non-performing non-covered assets and
loans were primarily due to a group of non-performing multi-family loans
to a single borrower, in the amount of $32.2 million, that transitioned
to OREO in the second quarter and were subsequently sold at a gain in
June.
While non-performing non-covered loans rose $2.4 million sequentially,
the impact was exceeded by the benefit of a $3.4 million decline in
non-covered OREO.
Similarly, the balance of non-covered loans 30 to 89 days past due
declined $30.7 million from the December 31st balance to $6.4 million at
September 30th. As a result, total non-covered delinquencies amounted to
$151.2 million at the end of September, reflecting a nine-month
improvement of $60.9 million, or 28.7%. The nine-month decline was
primarily due to a $31.2 million reduction in past due multi-family
loans. On a linked-quarter basis, loans 30 to 89 days past due rose $2.4
million, reflecting modest increases in multi-family, one-to-four
family, and other loans.
The Company’s asset quality was further reflected in the net recoveries
it recorded in the current third quarter, as well as in the second
quarter of 2014. Net recoveries totaled $271,000 and $112,000 during the
respective quarters, each representing (0.00)% of average loans. In the
third quarter of 2013, the Company recorded net charge-offs of $4.4
million, representing a still-modest 0.01% of average loans. For the
nine months ended September 30, 2014 and 2013, net charge-offs totaled
$2.2 million and $14.6 million, representing 0.01% and 0.05% of average
loans, respectively.
The following table summarizes the Company’s non-performing non-covered
loans and assets at September 30, 2014, June 30, 2014, and December 31,
2013:
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
September 30,
2014
|
|
June 30,
2014
|
|
December 31,
2013
|
|
Non-Performing Non-Covered Assets:
|
|
|
|
|
|
|
|
Non-accrual non-covered mortgage loans:
|
|
|
|
|
|
|
|
Multi-family
|
|
$
|
29,942
|
|
$
|
33,668
|
|
$
|
58,395
|
|
Commercial real estate
|
|
|
28,586
|
|
|
27,054
|
|
|
24,550
|
|
One-to-four family
|
|
|
10,575
|
|
|
9,189
|
|
|
10,937
|
|
Acquisition, development, and construction
|
|
|
2,328
|
|
|
2,328
|
|
|
2,571
|
|
Total non-accrual non-covered mortgage loans
|
|
$
|
71,431
|
|
$
|
72,239
|
|
$
|
96,453
|
|
Other non-accrual non-covered loans
|
|
|
9,588
|
|
|
6,375
|
|
|
7,084
|
|
Total non-performing non-covered loans
|
|
$
|
81,019
|
|
$
|
78,614
|
|
$
|
103,537
|
|
Non-covered other real estate owned
|
|
|
63,738
|
|
|
67,186
|
|
|
71,392
|
|
Total non-performing non-covered assets
|
|
$
|
144,757
|
|
$
|
145,800
|
|
$
|
174,929
|
|
|
|
|
|
|
|
|
The following table presents the Company's asset quality measures at or
for the three months ended September 30, 2014, June 30, 2014, and
December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
December 31,
2013
|
|
Non-performing non-covered loans to total
|
|
|
|
|
|
|
|
|
|
|
non-covered loans
|
|
0.25
|
%
|
|
0.25
|
%
|
|
0.35
|
%
|
|
Non-performing non-covered assets to total
|
|
|
|
|
|
|
|
|
|
|
non-covered assets
|
|
0.31
|
|
|
0.32
|
|
|
0.40
|
|
|
Net (recoveries) charge-offs during the period to
|
|
|
|
|
|
|
|
|
|
|
average loans during the period (non-annualized)
|
|
(0.00
|
)
|
|
(0.00
|
)
|
|
0.01
|
|
|
Allowance for losses on non-covered loans to non-
|
|
|
|
|
|
|
|
|
|
|
performing non-covered loans
|
|
172.48
|
|
|
177.41
|
|
|
137.10
|
|
|
Allowance for losses on non-covered loans to total
|
|
|
|
|
|
|
|
|
|
|
non-covered loans
|
|
0.43
|
|
|
0.44
|
|
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
Securities represented $7.5 billion, or 15.4%, of total assets at
September 30, 2014, a $439.7 million reduction from the December 31st
balance and a $281.7 million reduction from the June 30th amount.
Securities held to maturity accounted for $7.3 billion, or 96.8%, of the
September 30th balance, and were down $402.0 million and $279.7 million,
respectively, from the earlier balances. Government-sponsored enterprise
(“GSE”) obligations represented 95.6% of total securities at the end of
September, comparable to the percentages at the earlier period-ends.
Funding Sources
Deposits totaled $28.3 billion at the end of September, reflecting a
three-month increase of $955.3 million and a nine-month increase of $2.6
billion, or 10.3% non-annualized. Reflecting the results of a strategic
campaign to attract and retain core deposits, NOW and money market
accounts rose $530.0 million and $1.9 billion, respectively, to $12.4
billion and savings accounts rose $753.3 million and $1.2 billion,
respectively, to $7.2 billion at the current third quarter-end. Deposit
growth was also fueled by a $66.9 million rise in non-interest-bearing
accounts over the course of the quarter and a $151.2 million increase
year-to-date. The growth of deposits was partly tempered by a reduction
in certificates of deposit (“CDs”) to $6.3 billion, from $6.7 billion
and $6.9 billion, respectively, at June 30, 2014 and December 31, 2013.
Deposits represented 58.2% of total assets at the end of September, an
increase from 56.3% and 55.0%, respectively, at the earlier dates.
Borrowed funds fell $708.1 million in the first nine months of this
year, to $14.4 billion, reflecting a $708.3 million decrease in
wholesale borrowings to $14.0 billion. As a result, wholesale borrowings
represented 28.8% of total assets at the end of September, as compared
to 31.6% at December 31st.
Stockholders’ Equity
Stockholders’ equity totaled $5.8 billion at the end of September, a
$42.3 million increase from the balance at December 31, 2013. Excluding
goodwill and core deposit intangibles (“CDI”) from the respective
balances, tangible stockholders’ equity rose $48.8 million to $3.3
billion at September 30, 2014. (2)
In addition, the regulatory capital ratios for both New York Community
Bank and New York Commercial Bank (together, the “Banks”) continued to
exceed the federal requirements for “well capitalized” classification,
as indicated in the table on the last page of this release. Furthermore,
if the Basel III Capital Rules, as fully phased in, had been effective
at the end of September, it is management’s expectation that the Company
and the Banks would have met all capital adequacy requirements under
such rules at that date.
Earnings Summary for the Three Months Ended
September 30, 2014
The Company generated GAAP earnings of $120.3 million in the current
third quarter, as compared to $118.7 million and $114.2 million,
respectively, in the trailing and year-earlier three months. The
Company’s earnings were equivalent to $0.27 per diluted share in this
year’s third and second quarters and $0.26 per diluted share in the
third quarter of 2013.
Net Interest Income
Net interest income rose $5.5 million sequentially, to $289.0 million,
as a $9.2 million increase in interest income exceeded a $3.7 million
increase in interest expense. Year-over-year, net interest income fell
$5.2 million as interest income declined $604,000 and interest expense
rose $4.6 million. In addition, the Company’s net interest margin rose
three basis points quarter-over-quarter and fell 35 basis points
year-over-year to 2.69%.
The following factors contributed to the linked-quarter increase in net
interest income and net interest margin:
-
Prepayment penalty income contributed $25.4 million to net interest
income in the current third quarter, up $6.1 million from the
trailing-quarter amount. In addition, prepayment penalty income
contributed 24 basis points to the current third-quarter margin,
exceeding the trailing-quarter contribution by six basis points.
Absent the contribution of prepayment penalty income, the current
third-quarter margin would have declined by three basis points.
-
The average balance of interest-earning assets rose $614.9 million
sequentially, to $43.2 billion, the net effect of a $924.2 million
increase in the average balance of loans to $35.1 billion and a $309.3
million decrease in the average balance of securities and money market
investments to $8.1 billion. The benefit of the increase in the
average balance of interest-earning assets was complemented by a
two-basis point rise in the average yield to 3.95%. The higher yield
was largely driven by a nine-basis point rise in the average yield on
securities and money market investments, and supported by the
stability of the average yield on loans. The average yield on
securities and money market investments rose to 3.28% in the current
third quarter, while the average yield on loans held steady at 4.11%.
-
The average balance of interest-bearing liabilities rose $700.4
million sequentially to $40.0 billion, as a $958.1 million increase in
the average balance of interest-bearing deposits to $25.4 billion was
tempered by a $257.8 million decline in the average balance of
borrowed funds to $14.6 billion. The average cost of interest-bearing
liabilities was 1.37% in both the current third and trailing quarters,
even as the average costs of interest-bearing deposits and borrowed
funds rose one and five basis points, respectively, to 0.60% and 2.70%.
Provision for (Recovery of) Loan Losses
Provision for Losses on Non-Covered Loans
Reflecting management’s assessment of the adequacy of the allowance for
losses on non-covered loans, no provision for such losses was recorded
in the first three quarters of 2014. In the third quarter of 2013, the
Company recorded a $5.0 million provision for losses on non-covered
loans.
(Recovery of) Provision for Losses on Covered Loans
Largely reflecting an increase in expected cash flows from certain pools
of acquired loans covered by FDIC loss-sharing agreements, the Company
recovered $3.9 million from the allowance for covered loan losses in the
three months ended September 30, 2014. The recovery was partly offset by
FDIC indemnification expense of $3.2 million, which was recorded in
non-interest income as further discussed below. In the trailing and
year-earlier quarters, the Company recorded respective provisions for
losses on covered loans of $188,000 and $9.5 million, primarily
reflecting a decrease in expected cash flows from certain pools of
covered loans. The respective provisions were partly offset by FDIC
indemnification income of $150,000 and $7.6 million, which were recorded
in non-interest income in the corresponding periods.
Non-Interest Income
Non-interest income totaled $41.3 million in the current third quarter,
reflecting a linked-quarter reduction of $11.3 million and a
year-over-year reduction of $9.4 million.
In addition to the FDIC indemnification expense mentioned above, the
linked-quarter reduction was attributable to a $9.1 million decrease in
other income to $11.6 million and far lesser declines in fee income and
net securities gains. In the second quarter of this year, the Company
recorded a gain of $6.0 million on the sale of multi-family buildings
that previously had been classified as OREO; no comparable gain was
recorded in the third quarter of this year.
The year-over-year decline in non-interest income was largely due to the
$10.7 million difference between the FDIC indemnification expense
recorded in the current third quarter and the FDIC indemnification
income recorded in the third quarter of 2013. The impact of this
difference was partly offset by a $3.4 million increase in other income,
primarily reflecting a $2.6 million increase in revenues from Peter B.
Cannell & Co., Inc.
Mortgage banking income accounted for $16.6 million of non-interest
income in the current third quarter, a $1.3 million increase from the
trailing-quarter level and a more modest increase from the year-earlier
amount. The linked-quarter increase was the net effect of a $1.7 million
rise in income from originations to $6.6 million and a $369,000 decrease
in servicing income to $10.0 million.
Non-Interest Expense
Non-interest expense fell $2.6 million sequentially and $5.1 million
year-over-year to $145.2 million in the three months ended September 30,
2014. The sequential decline was the result of a $2.6 million decrease
in operating expenses to $143.2 million and a far more modest reduction
in CDI amortization to $2.0 million. The year-over-year decline was
attributable to a $3.0 million decrease in operating expenses, together
with a $2.1 million decrease in the amortization of CDI.
While compensation and benefits expense rose $3.2 million and $950,000,
respectively, to $78.0 million, the impact of these increases was
exceeded by the benefit of sequential and year-over-year declines in
both occupancy and equipment expense and general and administrative
(“G&A”) expense. Occupancy and equipment expense fell $761,000 and
$723,000, respectively, to $23.6 million, while G&A expense feIl $5.0
million and $3.3 million, respectively, to $41.5 million. The declines
in G&A expense largely reflect a decrease in expenses related to the
management and sale of foreclosed properties, together with a decrease
in FDIC insurance premiums.
Income Tax Expense
Income tax expense totaled $68.8 million in the current third quarter,
reflecting a linked-quarter reduction of $566,000 and a year-over-year
increase of $2.8 million. While pre-tax income rose $1.0 million and
$8.9 million, respectively, to $189.1 million, the effective tax rate
declined to 36.4% in the current third quarter from 36.9% and 36.6%,
respectively, in the trailing and year-earlier three months.
About New York Community Bancorp, Inc.
One of the largest U.S. bank holding companies, with assets of $48.7
billion, New York Community Bancorp, Inc. is a leading producer of
multi-family loans on rent-regulated buildings in New York City and the
parent of New York Community Bank and New York Commercial Bank. With
deposits of $28.3 billion and 272 branches in Metro New York, New
Jersey, Florida, Ohio, and Arizona, the Company also ranks among the
largest depositories in the United States.
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, Roslyn Savings Bank,
Richmond County Savings Bank, and Roosevelt Savings Bank, all in New
York; Garden State Community Bank in New Jersey; Ohio Savings Bank in
Ohio; and AmTrust Bank in Florida and Arizona. Similarly, New York
Commercial Bank operates 18 of its 30 New York-based 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, October 22, 2014, at 8:30 a.m. (Eastern Time) to discuss its
third quarter 2014 performance and strategies. The conference call may
be accessed by dialing (866) 952-1906 (for domestic calls) or (785)
424-1825 (for international calls) and providing the following access
code: 3Q14NYCB. A replay will be available approximately two hours
following completion of the call through midnight on October 26th, and
may be accessed by calling (800) 374-1375 (domestic) or (402) 220-0682
(international) and providing the same access code. In addition, the
conference call will be webcast at ir.myNYCB.com, and archived through
5:00 p.m. on November 19, 2014.
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, capital
levels, 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 such words 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, 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, 2013 and our Forms 10-Q for the
three months ended March 31 and June 30, 2014, including in the Risk
Factors section of these and other SEC reports we file. Our
forward‐looking statements may also be subject to other risks and
uncertainties, including those we may discuss elsewhere in this news
release, on our conference call, during investor presentations, or in
our SEC filings, which are accessible on our website and at the SEC’s
website, www.sec.gov.
|
|
|
Footnotes to the Text
|
|
|
|
(1)
|
|
Cash earnings and the related profitability measures are non-GAAP
financial measures. Please see the reconciliations of our GAAP
earnings and cash earnings on page 10 of this release.
|
|
(2)
|
|
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 11 of this release.
|
|
(3)
|
|
We calculate our efficiency ratio by dividing our operating expenses
by the sum of our net interest income and non-interest income.
|
|
|
|
|
- Financial Statements and Highlights Follow -
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
CONSOLIDATED STATEMENTS OF CONDITION
|
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
(unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
662,537
|
|
|
|
$
|
644,550
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
243,032
|
|
|
|
|
280,738
|
|
|
Held-to-maturity
|
|
|
7,268,244
|
|
|
|
|
7,670,282
|
|
|
Total securities
|
|
|
7,511,276
|
|
|
|
|
7,951,020
|
|
|
Loans held for sale
|
|
|
680,147
|
|
|
|
|
306,915
|
|
|
Non-covered mortgage loans held for investment:
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
22,879,994
|
|
|
|
|
20,714,197
|
|
|
Commercial real estate
|
|
|
7,663,474
|
|
|
|
|
7,366,138
|
|
|
One-to-four family
|
|
|
404,750
|
|
|
|
|
560,730
|
|
|
Acquisition, development, and construction
|
|
|
310,144
|
|
|
|
|
343,282
|
|
|
Total non-covered mortgage loans held for investment
|
|
|
31,258,362
|
|
|
|
|
28,984,347
|
|
|
Non-covered other loans held for investment
|
|
|
993,647
|
|
|
|
|
853,642
|
|
|
Total non-covered loans held for investment
|
|
|
32,252,009
|
|
|
|
|
29,837,989
|
|
|
Less: Allowance for losses on non-covered loans
|
|
|
(139,744
|
)
|
|
|
|
(141,946
|
)
|
|
Non-covered loans held for investment, net
|
|
|
32,112,265
|
|
|
|
|
29,696,043
|
|
|
Covered loans
|
|
|
2,504,622
|
|
|
|
|
2,788,618
|
|
|
Less: Allowance for losses on covered loans
|
|
|
(45,682
|
)
|
|
|
|
(64,069
|
)
|
|
Covered loans, net
|
|
|
2,458,940
|
|
|
|
|
2,724,549
|
|
|
Total loans, net
|
|
|
35,251,352
|
|
|
|
|
32,727,507
|
|
|
Federal Home Loan Bank stock, at cost
|
|
|
520,445
|
|
|
|
|
561,390
|
|
|
Premises and equipment, net
|
|
|
300,573
|
|
|
|
|
273,299
|
|
|
FDIC loss share receivable
|
|
|
418,510
|
|
|
|
|
492,674
|
|
|
Goodwill
|
|
|
2,436,131
|
|
|
|
|
2,436,131
|
|
|
Core deposit intangibles, net
|
|
|
9,816
|
|
|
|
|
16,240
|
|
|
Other assets (includes $35,797 and $37,477, respectively, of other
real estate owned
|
|
|
|
|
|
|
|
|
covered by loss sharing agreements)
|
|
|
1,569,132
|
|
|
|
|
1,585,476
|
|
|
Total assets
|
|
$
|
48,679,772
|
|
|
|
$
|
46,688,287
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
$
|
12,409,449
|
|
|
|
$
|
10,536,947
|
|
|
Savings accounts
|
|
|
7,152,261
|
|
|
|
|
5,921,437
|
|
|
Certificates of deposit
|
|
|
6,324,385
|
|
|
|
|
6,932,096
|
|
|
Non-interest-bearing accounts
|
|
|
2,421,676
|
|
|
|
|
2,270,512
|
|
|
Total deposits
|
|
|
28,307,771
|
|
|
|
|
25,660,992
|
|
|
Borrowed funds:
|
|
|
|
|
|
|
|
|
Wholesale borrowings
|
|
|
14,034,316
|
|
|
|
|
14,742,576
|
|
|
Other borrowings
|
|
|
362,596
|
|
|
|
|
362,426
|
|
|
Total borrowed funds
|
|
|
14,396,912
|
|
|
|
|
15,105,002
|
|
|
Other liabilities
|
|
|
197,091
|
|
|
|
|
186,631
|
|
|
Total liabilities
|
|
|
42,901,774
|
|
|
|
|
40,952,625
|
|
|
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;
442,659,460 and 440,873,285
|
|
|
|
|
|
|
|
|
shares issued; and 442,648,147 and 440,809,365 shares outstanding,
respectively)
|
|
|
4,427
|
|
|
|
|
4,409
|
|
|
Paid-in capital in excess of par
|
|
|
5,362,233
|
|
|
|
|
5,346,017
|
|
|
Retained earnings
|
|
|
443,949
|
|
|
|
|
422,761
|
|
|
Treasury stock, at cost (11,313 and 63,920 shares, respectively)
|
|
|
(178
|
)
|
|
|
|
(1,032
|
)
|
|
Accumulated other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
Net unrealized gain on securities available for sale, net of tax
|
|
|
2,559
|
|
|
|
|
277
|
|
|
Net unrealized loss on the non-credit portion of
other-than-temporary impairment
|
|
|
|
|
|
|
|
|
losses, net of tax
|
|
|
(5,404
|
)
|
|
|
|
(5,604
|
)
|
|
Pension and post-retirement obligations, net of tax
|
|
|
(29,588
|
)
|
|
|
|
(31,166
|
)
|
|
Total accumulated other comprehensive loss, net of tax
|
|
|
(32,433
|
)
|
|
|
|
(36,493
|
)
|
|
Total stockholders’ equity
|
|
|
5,777,998
|
|
|
|
|
5,735,662
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
48,679,772
|
|
|
|
$
|
46,688,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
For the Nine Months Ended
|
|
|
|
Sept. 30,
|
|
June 30,
|
|
Sept. 30,
|
|
|
|
Sept. 30,
|
|
Sept. 30,
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans
|
|
$360,499
|
|
|
$350,557
|
|
|
$370,341
|
|
|
|
|
$1,056,586
|
|
|
|
$1,125,496
|
|
Securities and money market investments
|
|
66,572
|
|
|
67,325
|
|
|
57,334
|
|
|
|
|
203,678
|
|
|
|
151,560
|
|
Total interest income
|
|
427,071
|
|
|
417,882
|
|
|
427,675
|
|
|
|
|
1,260,264
|
|
|
|
1,277,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
10,632
|
|
|
9,371
|
|
|
8,613
|
|
|
|
|
28,399
|
|
|
|
27,565
|
|
Savings accounts
|
|
9,741
|
|
|
8,259
|
|
|
6,285
|
|
|
|
|
24,473
|
|
|
|
15,512
|
|
Certificates of deposit
|
|
18,330
|
|
|
18,464
|
|
|
20,206
|
|
|
|
|
55,854
|
|
|
|
64,223
|
|
Borrowed funds
|
|
99,339
|
|
|
98,296
|
|
|
98,340
|
|
|
|
|
294,867
|
|
|
|
300,465
|
|
Total interest expense
|
|
138,042
|
|
|
134,390
|
|
|
133,444
|
|
|
|
|
403,593
|
|
|
|
407,765
|
|
Net interest income
|
|
289,029
|
|
|
283,492
|
|
|
294,231
|
|
|
|
|
856,671
|
|
|
|
869,291
|
|
Provision for losses on non-covered loans
|
|
--
|
|
|
--
|
|
|
5,000
|
|
|
|
|
--
|
|
|
|
15,000
|
|
(Recovery of) provision for losses on covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans
|
|
(3,945
|
)
|
|
188
|
|
|
9,467
|
|
|
|
|
(18,387
|
)
|
|
|
18,587
|
|
Net interest income after (recovery of)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses
|
|
292,974
|
|
|
283,304
|
|
|
279,764
|
|
|
|
|
875,058
|
|
|
|
835,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income
|
|
16,606
|
|
|
15,291
|
|
|
16,205
|
|
|
|
|
46,507
|
|
|
|
65,530
|
|
Fee income
|
|
9,188
|
|
|
9,430
|
|
|
9,799
|
|
|
|
|
27,512
|
|
|
|
28,532
|
|
Bank-owned life insurance
|
|
6,888
|
|
|
6,813
|
|
|
7,916
|
|
|
|
|
20,530
|
|
|
|
22,506
|
|
Net gain on sales of securities
|
|
182
|
|
|
262
|
|
|
1,019
|
|
|
|
|
5,317
|
|
|
|
17,764
|
|
FDIC indemnification (expense) income
|
|
(3,156
|
)
|
|
150
|
|
|
7,573
|
|
|
|
|
(14,710
|
)
|
|
|
14,869
|
|
Gain on Visa shares sold
|
|
--
|
|
|
--
|
|
|
--
|
|
|
|
|
3,856
|
|
|
|
--
|
|
Other income
|
|
11,578
|
|
|
20,647
|
|
|
8,212
|
|
|
|
|
42,102
|
|
|
|
30,819
|
|
Total non-interest income
|
|
41,286
|
|
|
52,593
|
|
|
50,724
|
|
|
|
|
131,114
|
|
|
|
180,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
78,033
|
|
|
74,843
|
|
|
77,083
|
|
|
|
|
228,616
|
|
|
|
237,989
|
|
Occupancy and equipment
|
|
23,619
|
|
|
24,380
|
|
|
24,342
|
|
|
|
|
73,997
|
|
|
|
72,101
|
|
General and administrative
|
|
41,524
|
|
|
46,531
|
|
|
44,785
|
|
|
|
|
130,319
|
|
|
|
135,279
|
|
Total operating expenses
|
|
143,176
|
|
|
145,754
|
|
|
146,210
|
|
|
|
|
432,932
|
|
|
|
445,369
|
|
Amortization of core deposit intangibles
|
|
2,019
|
|
|
2,082
|
|
|
4,117
|
|
|
|
|
6,424
|
|
|
|
12,719
|
|
Total non-interest expense
|
|
145,195
|
|
|
147,836
|
|
|
150,327
|
|
|
|
|
439,356
|
|
|
|
458,088
|
|
Income before income taxes
|
|
189,065
|
|
|
188,061
|
|
|
180,161
|
|
|
|
|
566,816
|
|
|
|
557,636
|
|
Income tax expense
|
|
68,807
|
|
|
69,373
|
|
|
65,961
|
|
|
|
|
212,616
|
|
|
|
202,244
|
|
Net Income
|
|
$120,258
|
|
|
$118,688
|
|
|
$114,200
|
|
|
|
|
$ 354,200
|
|
|
|
$ 355,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$0.27
|
|
|
$0.27
|
|
|
$0.26
|
|
|
|
|
$0.80
|
|
|
|
$0.80
|
|
Diluted earnings per share
|
|
$0.27
|
|
|
$0.27
|
|
|
$0.26
|
|
|
|
|
$0.80
|
|
|
|
$0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 U.S. generally accepted accounting principles (“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 11 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 that of
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
September 30, 2014, June 30, 2014, and September 30, 2013, and for the
nine months ended September 30, 2014 and 2013, follow:
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
|
Sept. 30,
2014
|
|
June 30,
2014
|
|
Sept. 30,
2013
|
Sept. 30,
2014
|
|
Sept. 30,
2013
|
|
GAAP Earnings
|
|
$120,258
|
|
|
$118,688
|
|
|
$114,200
|
|
|
$354,200
|
|
|
$355,392
|
|
|
Additional contributions to tangible stockholders’ equity:(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
related benefit plans
|
|
6,778
|
|
|
7,278
|
|
|
5,663
|
|
|
20,720
|
|
|
16,626
|
|
|
Associated tax effects
|
|
550
|
|
|
523
|
|
|
483
|
|
|
2,569
|
|
|
797
|
|
|
Amortization of core deposit intangibles
|
|
2,019
|
|
|
2,082
|
|
|
4,117
|
|
|
6,424
|
|
|
12,719
|
|
|
Total additional contributions to tangible stockholders’ equity (1)
|
|
9,347
|
|
|
9,883
|
|
|
10,263
|
|
|
29,713
|
|
|
30,142
|
|
|
Cash earnings
|
|
$129,605
|
|
|
$128,571
|
|
|
$124,463
|
|
|
$383,913
|
|
|
$385,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Earnings per Share
|
|
$0.27
|
|
|
$0.27
|
|
|
$0.26
|
|
|
$0.80
|
|
|
$0.80
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
related benefit plans
|
|
0.02
|
|
|
0.02
|
|
|
0.01
|
|
|
0.05
|
|
|
0.04
|
|
|
Associated tax effects
|
|
--
|
|
|
--
|
|
|
--
|
|
|
0.01
|
|
|
0.01
|
|
|
Amortization of core deposit intangibles
|
|
--
|
|
|
--
|
|
|
0.01
|
|
|
0.01
|
|
|
0.03
|
|
|
Total additions
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.07
|
|
|
0.08
|
|
|
Diluted cash earnings per share
|
|
$0.29
|
|
|
$0.29
|
|
|
$0.28
|
|
|
$0.87
|
|
|
$0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Earnings Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash return on average assets
|
|
1.07
|
%
|
|
1.07
|
%
|
|
1.12
|
%
|
|
1.07
|
%
|
|
1.17
|
%
|
|
Cash return on average tangible assets (1)
|
|
1.13
|
|
|
1.13
|
|
|
1.19
|
|
|
1.13
|
|
|
1.24
|
|
|
Cash return on average stockholders’ equity
|
|
8.97
|
|
|
8.92
|
|
|
8.89
|
|
|
8.89
|
|
|
9.16
|
|
|
Cash return on average tangible stockholders’ equity (1)
|
|
15.57
|
|
|
15.50
|
|
|
15.85
|
|
|
15.47
|
|
|
16.32
|
|
|
Cash efficiency ratio (2)
|
|
41.29
|
|
|
41.20
|
|
|
40.74
|
|
|
41.73
|
|
|
40.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 11 of this release.
|
|
(2)
|
|
We calculate our cash efficiency ratio by excluding the amortization
and appreciation of shares held in our stock-related benefit plans
from our operating expenses and dividing the resultant amount by the
sum of our net interest income 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 engage in various
capital management strategies.
Tangible stockholders’ equity, adjusted tangible stockholders’ equity,
tangible assets, adjusted tangible assets, and the related non-GAAP
capital measures should not 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 non-GAAP 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 September 30, 2014, June 30, 2014, and
December 31, 2013, and the nine months ended September 30, 2014 and
2013, follow:
|
|
|
|
|
|
|
|
|
|
|
At or for the
|
|
|
|
At or for the
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
Sept. 30,
|
|
June 30,
|
|
Dec. 31,
|
|
|
|
Sept. 30,
|
|
Sept. 30,
|
|
(in thousands)
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
Total Stockholders’ Equity
|
|
$ 5,777,998
|
|
|
$ 5,761,018
|
|
|
$ 5,735,662
|
|
|
|
|
$ 5,777,998
|
|
|
$ 5,697,045
|
|
|
Less: Goodwill
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
Core deposit intangibles
|
|
(9,816
|
)
|
|
(11,835
|
)
|
|
(16,240
|
)
|
|
|
|
(9,816
|
)
|
|
(19,305
|
)
|
|
Tangible stockholders’ equity
|
|
$ 3,332,051
|
|
|
$ 3,313,052
|
|
|
$ 3,283,291
|
|
|
|
|
$ 3,332,051
|
|
|
$ 3,241,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$48,679,772
|
|
|
$48,604,772
|
|
|
$46,688,287
|
|
|
|
|
$48,679,772
|
|
|
$45,764,133
|
|
|
Less: Goodwill
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
(2,436,131
|
)
|
|
Core deposit intangibles
|
|
(9,816
|
)
|
|
(11,835
|
)
|
|
(16,240
|
)
|
|
|
|
(9,816
|
)
|
|
(19,305
|
)
|
|
Tangible assets
|
|
$46,233,825
|
|
|
$46,156,806
|
|
|
$44,235,916
|
|
|
|
|
$46,233,825
|
|
|
$43,308,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders’ Equity
|
|
$3,332,051
|
|
|
$3,313,052
|
|
|
$3,283,291
|
|
|
|
|
$3,332,051
|
|
|
$3,241,609
|
|
|
Add back: Accumulated other comprehensive loss,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of tax
|
|
32,433
|
|
|
32,584
|
|
|
36,493
|
|
|
|
|
32,433
|
|
|
59,542
|
|
|
Adjusted tangible stockholders’ equity
|
|
$3,364,484
|
|
|
$3,345,636
|
|
|
$3,319,784
|
|
|
|
|
$3,364,484
|
|
|
$3,301,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets
|
|
$46,233,825
|
|
|
$46,156,806
|
|
|
$44,235,916
|
|
|
|
|
$46,233,825
|
|
|
$43,308,697
|
|
|
Add back: Accumulated other comprehensive loss,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of tax
|
|
32,433
|
|
|
32,584
|
|
|
36,493
|
|
|
|
|
32,433
|
|
|
59,542
|
|
|
Adjusted tangible assets
|
|
$46,266,258
|
|
|
$46,189,390
|
|
|
$44,272,409
|
|
|
|
|
$46,266,258
|
|
|
$43,368,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders’ Equity
|
|
$ 5,776,440
|
|
|
$ 5,767,564
|
|
|
$ 5,643,882
|
|
|
|
|
$ 5,758,866
|
|
|
$ 5,612,547
|
|
|
Less: Average goodwill and core deposit intangibles
|
|
(2,447,277
|
)
|
|
(2,449,260
|
)
|
|
(2,454,191
|
)
|
|
|
|
(2,449,354
|
)
|
|
(2,462,313
|
)
|
|
Average tangible stockholders’ equity
|
|
$ 3,329,163
|
|
|
$ 3,318,304
|
|
|
$ 3,189,691
|
|
|
|
|
$ 3,309,512
|
|
|
$ 3,150,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets
|
|
$48,484,853
|
|
|
$47,897,289
|
|
|
$46,107,450
|
|
|
|
|
$47,757,542
|
|
|
$43,819,599
|
|
|
Less: Average goodwill and core deposit intangibles
|
|
(2,447,277
|
)
|
|
(2,449,260
|
)
|
|
(2,454,191
|
)
|
|
|
|
(2,449,354
|
)
|
|
(2,462,313
|
)
|
|
Average tangible assets
|
|
$46,037,576
|
|
|
$45,448,029
|
|
|
$43,653,259
|
|
|
|
|
$45,308,188
|
|
|
$41,357,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$120,258
|
|
|
$118,688
|
|
|
$120,155
|
|
|
|
|
$354,200
|
|
|
$355,392
|
|
|
Add back: Amortization of core deposit intangibles,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of tax
|
|
1,211
|
|
|
1,249
|
|
|
1,839
|
|
|
|
|
3,854
|
|
|
7,632
|
|
|
Adjusted net income
|
|
$121,469
|
|
|
$119,937
|
|
|
$121,994
|
|
|
|
|
$358,054
|
|
|
$363,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
NET INTEREST INCOME ANALYSIS
|
|
(dollars in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
September 30, 2014
|
|
June 30, 2014
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
$
|
35,067,046
|
|
$
|
360,499
|
|
4.11
|
%
|
|
$
|
34,142,869
|
|
$
|
350,557
|
|
4.11
|
%
|
|
Securities and money market investments
|
|
|
8,104,926
|
|
|
66,572
|
|
3.28
|
|
|
|
8,414,217
|
|
|
67,325
|
|
3.19
|
|
|
Total interest-earning assets
|
|
|
43,171,972
|
|
|
427,071
|
|
3.95
|
|
|
|
42,557,086
|
|
|
417,882
|
|
3.93
|
|
|
Non-interest-earning assets
|
|
|
5,312,881
|
|
|
|
|
|
|
|
5,340,203
|
|
|
|
|
|
|
Total assets
|
|
$
|
48,484,853
|
|
|
|
|
|
|
$
|
47,897,289
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
$
|
12,173,504
|
|
$
|
10,632
|
|
0.35
|
%
|
|
$
|
11,266,689
|
|
$
|
9,371
|
|
0.33
|
%
|
|
Savings accounts
|
|
|
6,790,281
|
|
|
9,741
|
|
0.57
|
|
|
|
6,567,458
|
|
|
8,259
|
|
0.50
|
|
|
Certificates of deposit
|
|
|
6,477,180
|
|
|
18,330
|
|
1.12
|
|
|
|
6,648,674
|
|
|
18,464
|
|
1.11
|
|
|
Total interest-bearing deposits
|
|
|
25,440,965
|
|
|
38,703
|
|
0.60
|
|
|
|
24,482,821
|
|
|
36,094
|
|
0.59
|
|
|
Borrowed funds
|
|
|
14,605,390
|
|
|
99,339
|
|
2.70
|
|
|
|
14,863,156
|
|
|
98,296
|
|
2.65
|
|
|
Total interest-bearing liabilities
|
|
|
40,046,355
|
|
|
138,042
|
|
1.37
|
|
|
|
39,345,977
|
|
|
134,390
|
|
1.37
|
|
|
Non-interest-bearing deposits
|
|
|
2,464,437
|
|
|
|
|
|
|
|
2,574,050
|
|
|
|
|
|
|
Other liabilities
|
|
|
197,621
|
|
|
|
|
|
|
|
209,698
|
|
|
|
|
|
|
Total liabilities
|
|
|
42,708,413
|
|
|
|
|
|
|
|
42,129,725
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
5,776,440
|
|
|
|
|
|
|
|
5,767,564
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
48,484,853
|
|
|
|
|
|
|
$
|
47,897,289
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
$
|
289,029
|
|
2.58
|
%
|
|
|
|
$
|
283,492
|
|
2.56
|
%
|
|
Net interest margin
|
|
|
|
|
|
2.69
|
%
|
|
|
|
|
|
2.66
|
%
|
|
Ratio of interest-earning assets to interest-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bearing liabilities
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1)
|
|
$
|
21,428,222
|
|
$20,373
|
|
0.38
|
%
|
|
$
|
20,408,197
|
|
$17,630
|
|
0.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 September 30,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
$
|
35,067,046
|
|
$
|
360,499
|
|
4.11
|
%
|
|
$
|
31,510,340
|
|
$
|
370,341
|
|
4.70
|
%
|
|
Securities and money market investments
|
|
|
8,104,926
|
|
|
66,572
|
|
3.28
|
|
|
|
7,335,838
|
|
|
57,334
|
|
3.11
|
|
|
Total interest-earning assets
|
|
|
43,171,972
|
|
|
427,071
|
|
3.95
|
|
|
|
38,846,178
|
|
|
427,675
|
|
4.40
|
|
|
Non-interest-earning assets
|
|
|
5,312,881
|
|
|
|
|
|
|
|
5,497,106
|
|
|
|
|
|
|
Total assets
|
|
$
|
48,484,853
|
|
|
|
|
|
|
$
|
44,343,284
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
$
|
12,173,504
|
|
$
|
10,632
|
|
0.35
|
%
|
|
$
|
9,433,792
|
|
$
|
8,613
|
|
0.36
|
%
|
|
Savings accounts
|
|
|
6,790,281
|
|
|
9,741
|
|
0.57
|
|
|
|
5,799,629
|
|
|
6,285
|
|
0.43
|
|
|
Certificates of deposit
|
|
|
6,477,180
|
|
|
18,330
|
|
1.12
|
|
|
|
7,335,210
|
|
|
20,206
|
|
1.09
|
|
|
Total interest-bearing deposits
|
|
|
25,440,965
|
|
|
38,703
|
|
0.60
|
|
|
|
22,568,631
|
|
|
35,104
|
|
0.62
|
|
|
Borrowed funds
|
|
|
14,605,390
|
|
|
99,339
|
|
2.70
|
|
|
|
13,437,190
|
|
|
98,340
|
|
2.90
|
|
|
Total interest-bearing liabilities
|
|
|
40,046,355
|
|
|
138,042
|
|
1.37
|
|
|
|
36,005,821
|
|
|
133,444
|
|
1.47
|
|
|
Non-interest-bearing deposits
|
|
|
2,464,437
|
|
|
|
|
|
|
|
2,449,792
|
|
|
|
|
|
|
Other liabilities
|
|
|
197,621
|
|
|
|
|
|
|
|
288,176
|
|
|
|
|
|
|
Total liabilities
|
|
|
42,708,413
|
|
|
|
|
|
|
|
38,743,789
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
5,776,440
|
|
|
|
|
|
|
|
5,599,495
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
48,484,853
|
|
|
|
|
|
|
$
|
44,343,284
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
$
|
289,029
|
|
2.58
|
%
|
|
|
|
$
|
294,231
|
|
2.93
|
%
|
|
Net interest margin
|
|
|
|
|
|
2.69
|
%
|
|
|
|
|
|
3.04
|
%
|
|
Ratio of interest-earning assets to interest-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bearing liabilities
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1)
|
|
$
|
21,428,222
|
|
$20,373
|
|
0.38
|
%
|
|
$
|
17,683,213
|
|
$14,898
|
|
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 Nine Months Ended
|
|
|
|
September 30, 2014
|
|
September 30, 2013
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Balance
|
|
Interest
|
|
Cost
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
$
|
34,081,200
|
|
$
|
1,056,586
|
|
4.13
|
%
|
|
$
|
31,688,402
|
|
$
|
1,125,496
|
|
4.74
|
%
|
|
Securities and money market investments
|
|
|
8,344,586
|
|
|
203,678
|
|
3.26
|
|
|
|
6,283,197
|
|
|
151,560
|
|
3.21
|
|
|
Total interest-earning assets
|
|
|
42,425,786
|
|
|
1,260,264
|
|
3.96
|
|
|
|
37,971,599
|
|
|
1,277,056
|
|
4.48
|
|
|
Non-interest-earning assets
|
|
|
5,331,756
|
|
|
|
|
|
|
|
5,848,000
|
|
|
|
|
|
|
Total assets
|
|
$
|
47,757,542
|
|
|
|
|
|
|
$
|
43,819,599
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
$
|
11,355,509
|
|
$
|
28,399
|
|
0.33
|
%
|
|
$
|
9,235,741
|
|
$
|
27,565
|
|
0.40
|
%
|
|
Savings accounts
|
|
|
6,424,947
|
|
|
24,473
|
|
0.51
|
|
|
|
5,122,937
|
|
|
15,512
|
|
0.40
|
|
|
Certificates of deposit
|
|
|
6,714,601
|
|
|
55,854
|
|
1.11
|
|
|
|
8,198,470
|
|
|
64,223
|
|
1.05
|
|
|
Total interest-bearing deposits
|
|
|
24,495,057
|
|
|
108,726
|
|
0.59
|
|
|
|
22,557,148
|
|
|
107,300
|
|
0.64
|
|
|
Borrowed funds
|
|
|
14,837,364
|
|
|
294,867
|
|
2.66
|
|
|
|
12,762,357
|
|
|
300,465
|
|
3.15
|
|
|
Total interest-bearing liabilities
|
|
|
39,332,421
|
|
|
403,593
|
|
1.37
|
|
|
|
35,319,505
|
|
|
407,765
|
|
1.54
|
|
|
Non-interest-bearing deposits
|
|
|
2,460,285
|
|
|
|
|
|
|
|
2,638,304
|
|
|
|
|
|
|
Other liabilities
|
|
|
205,970
|
|
|
|
|
|
|
|
249,243
|
|
|
|
|
|
|
Total liabilities
|
|
|
41,998,676
|
|
|
|
|
|
|
|
38,207,052
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
5,758,866
|
|
|
|
|
|
|
|
5,612,547
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
47,757,542
|
|
|
|
|
|
|
$
|
43,819,599
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
$
|
856,671
|
|
2.59
|
%
|
|
|
|
$
|
869,291
|
|
2.94
|
%
|
|
Net interest margin
|
|
|
|
|
|
2.69
|
%
|
|
|
|
|
|
3.05
|
%
|
|
Ratio of interest-earning assets to interest-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bearing liabilities
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1)
|
|
$
|
20,240,741
|
|
$52,872
|
|
0.35
|
%
|
|
$
|
16,996,982
|
|
$43,077
|
|
0.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Nine Months Ended
|
|
|
|
Sept. 30,
|
|
June 30,
|
|
Sept. 30,
|
|
Sept. 30,
|
|
Sept. 30,
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
GAAP EARNINGS DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$120,258
|
|
|
$118,688
|
|
|
$114,200
|
|
|
$354,200
|
|
|
$355,392
|
|
|
Basic earnings per share
|
|
0.27
|
|
|
0.27
|
|
|
0.26
|
|
|
0.80
|
|
|
0.80
|
|
|
Diluted earnings per share
|
|
0.27
|
|
|
0.27
|
|
|
0.26
|
|
|
0.80
|
|
|
0.80
|
|
|
Return on average assets
|
|
0.99
|
%
|
|
0.99
|
%
|
|
1.03
|
%
|
|
0.99
|
%
|
|
1.08
|
%
|
|
Return on average tangible assets (1)
|
|
1.06
|
|
|
1.06
|
|
|
1.11
|
|
|
1.05
|
|
|
1.17
|
|
|
Return on average stockholders’ equity
|
|
8.33
|
|
|
8.23
|
|
|
8.16
|
|
|
8.20
|
|
|
8.44
|
|
|
Return on average tangible stockholders’ equity (1)
|
|
14.59
|
|
|
14.46
|
|
|
14.86
|
|
|
14.43
|
|
|
15.36
|
|
|
Efficiency ratio (2)
|
|
43.35
|
|
|
43.37
|
|
|
42.39
|
|
|
43.83
|
|
|
42.44
|
|
|
Operating expenses to average assets
|
|
1.18
|
|
|
1.22
|
|
|
1.32
|
|
|
1.21
|
|
|
1.36
|
|
|
Interest rate spread
|
|
2.58
|
|
|
2.56
|
|
|
2.93
|
|
|
2.59
|
|
|
2.94
|
|
|
Net interest margin
|
|
2.69
|
|
|
2.66
|
|
|
3.04
|
|
|
2.69
|
|
|
3.05
|
|
|
Effective tax rate
|
|
36.39
|
|
|
36.89
|
|
|
36.61
|
|
|
37.51
|
|
|
36.27
|
|
|
Shares used for basic EPS computation
|
|
441,127,550
|
|
|
441,155,063
|
|
|
439,435,579
|
|
|
440,953,121
|
|
|
439,199,487
|
|
|
Shares used for diluted EPS computation
|
|
441,127,550
|
|
|
441,155,063
|
|
|
439,435,579
|
|
|
440,953,121
|
|
|
439,203,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 11 of this release.
|
|
(2)
|
|
We calculate our efficiency ratio by dividing our operating expenses
by the sum of our net interest income and non-interest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
December 31,
2013
|
|
CAPITAL MEASURES:
|
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
$13.05
|
|
|
$13.01
|
|
|
$13.01
|
|
|
Tangible book value per share (1)
|
|
7.53
|
|
|
7.48
|
|
|
7.45
|
|
|
Stockholders’ equity to total assets
|
|
11.87
|
%
|
|
11.85
|
%
|
|
12.29
|
%
|
|
Tangible stockholders’ equity to tangible assets (1)
|
|
7.21
|
|
|
7.18
|
|
|
7.42
|
|
|
Tangible stockholders’ equity to tangible assets excluding
|
|
|
|
|
|
|
|
|
|
|
accumulated other comprehensive loss, net of tax (1)
|
|
7.27
|
|
|
7.24
|
|
|
7.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 11 of this release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
December 31,
2013
|
|
REGULATORY CAPITAL RATIOS: (1)
|
|
|
|
|
|
|
|
|
|
|
New York Community Bank
|
|
|
|
|
|
|
|
|
|
|
Leverage capital ratio
|
|
7.65
|
%
|
|
7.66
|
%
|
|
7.86
|
%
|
|
Tier 1 risk-based capital ratio
|
|
11.63
|
|
|
11.60
|
|
|
12.22
|
|
|
Total risk-based capital ratio
|
|
12.26
|
|
|
12.25
|
|
|
12.96
|
|
|
New York Commercial Bank
|
|
|
|
|
|
|
|
|
|
|
Leverage capital ratio
|
|
10.06
|
%
|
|
10.59
|
%
|
|
11.49
|
%
|
|
Tier 1 risk-based capital ratio
|
|
13.59
|
|
|
14.52
|
|
|
14.84
|
|
|
Total risk-based capital ratio
|
|
14.02
|
|
|
14.98
|
|
|
15.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
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%.
|
New York Community Bancorp, Inc.
Investor:
Ilene A. Angarola,
516-683-4420
or
Media:
Kelly Maude Leung, 516-683-4032
Source: New York Community Bancorp, Inc.