Closes Sale of Mortgage Banking Business and Residential Assets Covered under FDIC Loss Share Agreements

Board of Directors Declares a $0.17 per Common Share Dividend

Third Quarter 2017 Highlights

• Earnings:
  • Net income totaled $110.5 million compared to $115.3 million in the second quarter.
  • Net income available to common shareholders totaled $102.3 million compared to $107.0 million in the second quarter.
  • The return on average assets was 0.91% and the return on average common stockholders’ equity was 6.53%. ⁽¹⁾
  • The return on average tangible assets was 0.96% and the return on average tangible common stockholders’ equity was 10.69%. ^{(1) (2)}
  • The sale of our covered loans and mortgage banking business, including a $21 billion mortgage servicing rights portfolio resulted in a gain of $82.0 million on a pre-tax basis.
  • The provision for losses on non-covered loans was $44.6 million due to charge-offs in the taxi medallion-related portfolio.

• Net Interest Margin:
  • The net interest margin declined 12 basis points to 2.53%.
  • Prepayment income added 16 basis points to the net interest margin.

• Balance Sheet:
  • As a result of the sale of the mortgage banking business and covered loans, our cash position increased to $3.3 billion, which will be reinvested into higher-yielding assets.
  • Loan originations totaled $2.8 billion, including $2.3 billion of loans held for investment, up 24% sequentially.
  • Total non-covered loans totaled $37.5 billion, up $255.2 million, or 1% from the trailing quarter-end.

• Asset Quality:
  • Non-performing non-covered assets represented $84.7 million, or 0.17%, of total non-covered assets.
  • Non-performing non-covered loans represented $69.0 million, or 0.18%, of total non-covered loans.
  • Net charge-offs totaled $40.4 million, or 0.11%, of average loans.
  • The allowance for loan losses represented 230.42% of non-performing non-covered loans.

• Capital Position:
  • Tier 1 Risk-Based Capital Ratio was 13.04% at September 30, 2017 compared to 12.64% at June 30, 2017.
  • Common Equity Tier 1 Risk-Based Capital Ratio was 11.53% at September 30, 2017 compared to 11.16% at June 30, 2017.

(1) Return on average assets and on average tangible assets is calculated using net income. Return on average common stockholders’ equity and on average tangible common stockholders’ equity is calculated using net income available to common shareholders.
(2) “Tangible assets” and “tangible common stockholders’ equity” are non-GAAP financial measures. See the discussion and reconciliations of these non-GAAP measures with the comparable GAAP measures on page 8 of this release.

WESTBURY, N.Y.--(BUSINESS WIRE)-- New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”) today reported net income of $110.5 million for the three months ended September 30, 2017, down 4% from the $115.3 million reported for the three months ended June 30, 2017. Net income available to common shareholders also declined 4% from the prior three-month period to $102.3 million, or $0.21 per diluted common share.

Commenting on the Company’s performance, President and Chief Executive Officer Joseph R. Ficalora stated, “The Company’s performance during the third quarter was impacted by several factors. Foremost amongst these was the sale of our mortgage banking business, including our mortgage servicing rights portfolio, which had an aggregate unpaid principal balance of $21 billion, to Freedom Mortgage Corporation. This transaction closed on September 29, 2017, and we expect to see the benefits, including lower expenses, beginning in the fourth quarter.

“On July 28, 2017, we closed on the sale of our one-to-four family residential assets covered under our Loss Share Agreements with the FDIC to an affiliate of Cerberus Capital Management, L.P. In connection with this transaction, we received cash proceeds of $1.9 billion, generating excess liquidity which will be redeployed into higher-yielding assets going forward.

“Combined, these two transactions generated a pre-tax gain of $82.0 million and were accretive to capital. As we stated at the time of announcement, these transactions are consistent with our overall strategic objectives and allow us to focus on our core business model, including growth through acquisitions.

“In the third quarter, we recorded a provision expense for losses on non-covered loans of $44.6 million related to taxi medallion loans. Our taxi medallion-related portfolio now stands at $99.1 million or a very manageable 0.3% of total loans. Aside from the taxi medallion portfolio, the asset quality metrics in our core multi-family and commercial real estate portfolios remain strong. In fact, excluding the medallion-related charge-offs, the Company would have reported net recoveries this quarter.

“Also, a positive trend emerged this quarter. Our held-for-investment loan originations rose 24% from the previous quarter, reflecting improved market conditions and increased demand. While some of this increase was offset by prepayments, we did enjoy modest loan growth during the quarter, after nearly three years of not growing the balance sheet. Given our strong pipeline, we expect this positive trend to continue in the quarters ahead.”

Board of Directors Declares $0.17 per Common Share Dividend Payable on November 21, 2017

Reflecting our earnings and our capital position, the Board of Directors last night declared a quarterly cash dividend on the Company’s common stock of $0.17 per share. The dividend is payable on November 21, 2017 to common shareholders of record as of November 7, 2017, and represents a dividend yield of 5.3% based on yesterday’s closing price.

BALANCE SHEET SUMMARY

Total assets at the end of the third quarter were $48.5 billion, up incrementally from the end of the second quarter but down modestly from December 31, 2016. Total deposits of $28.9 billion were relatively unchanged compared to the prior-quarter and year-end 2016 balances.

For the four quarters ended September 30, 2017, the Company’s total consolidated assets averaged $48.6 billion, below the current SIFI threshold of $50.0 billion.

Loans

Covered Loans

Reflecting the previously announced termination of our Loss Share Agreements (LSA) with the FDIC and subsequent sale of our one-to-four family residential mortgage-related assets covered under the LSA, covered loans were zero at September 30, 2017. On July 28, 2017 the Company completed the sale of its covered loans to an affiliate of Cerberus Capital Management, L.P. In connection with the closing, the Company received proceeds of $1.9 billion, which were invested in cash and cash equivalents as of September 30, 2017.

Non-Covered Loans Held for Investment

Total non-covered loans held for investment were $37.5 billion, up 0.7% and 0.3%, respectively, from June 30, 2017 and December 31, 2016. On a sequential basis, total non-covered mortgage loans held for investment increased $309.3 million, or 1% (3.5% annualized) to $35.5 billion, including multi-family loan growth of 1.1% (4.3% annualized). This was partially offset by a 2.4% (9.5% annualized) sequential decline in commercial and industrial (“C&I”) loans, largely the result of prepayments.

Total loans originated for investment increased 24% on a sequential basis, to $2.3 billion, including 50% growth in multi-family originations and 30% growth in commercial real estate (“CRE”) loan originations. The growth in loan originations during the current third quarter reflects improved market conditions and increased demand. The Company continues to originate multi-family and CRE loans which adhere to its conservative underwriting standards.

Non-Covered Loans Originated for Sale

Total loans originated for sale were $501.8 million, down 11% on a sequential basis. The decline was attributable to the Company’s decision to exit the wholesale residential mortgage business, as well as a higher level of mortgage interest rates. The sale of the mortgage banking business was announced on June 27, 2017 and closed on September 29, 2017.

Pipeline

The Company has approximately $2.1 billion of loans in its current pipeline, including $1.5 billion of multi-family loans.

Funding Sources

Deposits

Total deposits of $28.9 billion were unchanged compared to both the trailing quarter-end and from the prior year-end. However, the mix of deposits shifted during the third quarter as interest-bearing checking and money market accounts and savings accounts declined 4% and 3%, respectively, while certificates of deposit and non-interest-bearing accounts rose 7% and 2%, respectively.

Borrowed Funds

The Company’s borrowed funds totaled $12.4 billion at the end of the current third quarter, unchanged from the end of the second quarter. Borrowed funds declined 10% from year-end 2016, due entirely to a 10% decrease in wholesale borrowings to $12.0 billion.

Stockholders’ Equity

Total stockholders’ equity rose 10%, to $6.8 billion, at the current third-quarter end from the year-end 2016 balance and was relatively unchanged from the June 30, 2017 balance. The year-to-date increase is due mainly to the $502.8 million preferred stock offering completed in March of this year.

Common stockholders’ equity represented 12.91% of total assets at September 30, 2017 compared to 12.89% at June 30, 2017. Book value per common share was $12.79 at September 30, 2017 compared to $12.74 at June 30, 2017.

Excluding goodwill of $2.4 billion, tangible common stockholders’ equity rose 0.7% to $3.8 billion, representing 8.30% of tangible assets, compared to 8.27% at June 30, 2017. Tangible book value per common share was $7.81 at the end of the current third quarter compared to $7.76 at June 30, 2017. ⁽²⁾

In addition, all regulatory capital ratios for the Company and its two subsidiary banks continued to exceed the regulatory requirements for “Well Capitalized” classification.

Asset Quality

The following discussion pertains only to the Company's portfolio of non-covered loans held for investment (excluding purchased credit-impaired, or “PCI,” loans) and non-covered repossessed assets.

Non-performing non-covered assets declined 7% to $84.7 million, or 0.17%, of total non-covered assets at the end of the current third quarter as compared to $91.6 million, or 0.20%, of total non-covered assets at June 30, 2017. Non-performing non-covered loans decreased 16% to $69.0 million, or 0.18%, of total non-covered loans at the end of the current third quarter as compared to $82.0 million, or 0.22%, of total non-covered loans at June 30, 2017.

During the quarter, non-accrual non-covered mortgage loans declined 22% to $24.3 million, while other non-accrual non-covered loans, which primarily consisted of taxi medallion loans, decreased 12% to $44.7 million. These improvements were partially offset by a 64% increase, to $15.8 million, in non-covered repossessed assets.

Net charge-offs for the current third quarter rose to $40.4 million, or 0.11%, of average loans compared to $11.4 million, or 0.03%, of average loans in the second quarter of 2017. The increase was due to charge-offs on the taxi medallion-related loan portfolio. Taxi medallion loans accounted for $40.6 million of this quarter’s charge-offs compared to $11.3 million in the trailing quarter. Excluding these charge-offs, the Company would have recorded net recoveries during the quarter. At September 30, 2017, the Company’s total taxi medallion-related exposure was $105.6 million.

EARNINGS SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017

The Company reported net income of $110.5 million for the three months ended September 30, 2017, down 4% from the $115.3 million reported for the three months ended June 30, 2017. Net income available to common shareholders also declined 4% from the prior three-month period to $102.3 million, or $0.21 per diluted common share.

Net Interest Income

Net interest income for the third quarter of 2017 declined 4% sequentially and 13% year-over-year to $276.3 million, due to higher interest expenses, resulting from an increase in our cost of funds and lower interest income. The lower level of interest income during the quarter was due to the sale of our covered loan portfolio, which closed at the end of July and resulted in excess liquidity which was invested at lower yields. This was partially offset by modest loan growth along with stable loan yields.

Net Interest Margin

The Company’s net interest margin declined 12 basis points sequentially and 38 basis points from the year-ago quarter to 2.53% in the current third quarter. Excluding the 16-basis point contribution from prepayment income in the current quarter, the net interest margin would have declined 14 basis points to 2.37% from the prior quarter. (See table on page 14).

Provision for Loan Losses

The Company reported a $44.6 million provision for losses on non-covered loans in the current third quarter compared to $11.6 million and $1.2 million, respectively, for the three months ended June 30, 2017 and September 30, 2016. The elevated provision during the quarter was related to the aforementioned increase in charge-offs in our taxi medallion loan portfolio.

Non-Interest Income

Non-interest income totaled $108.9 million, up 116% from the trailing quarter level and 168% from the year-earlier amount. The linked quarter and year-over-year improvements were driven by the $82.0 million gain on sale of our covered loan portfolio and mortgage banking operations, both of which closed during the third quarter.

Non-Interest Expense

Non-interest expense totaled $162.2 million in the current third quarter, down 1% from the trailing-quarter level and up modestly from the year-earlier quarter. Merger-related expenses were $2.2 million in the year-earlier period; there were no comparable expenses in the third quarter of 2017. Our efficiency ratio improved to 42.1% in the current third quarter compared to 48.4% in the trailing quarter. This was mainly due to the gain on the sale of our covered loans and mortgage banking operations and, to a lesser extent, lower operating expenses.

About New York Community Bancorp, Inc.

One of the largest U.S. bank holding companies, with assets of $48.5 billion, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. With deposits of $28.9 billion and 255 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 currently 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 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 currently 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 25, 2017, at 8:30 a.m. (Eastern Time) to discuss its third quarter 2017 performance. The conference call may be accessed by dialing (877) 407-8293 (for domestic calls) or (201) 689-8349 (for international calls) and asking for “New York Community Bancorp” or “NYCB.” A replay will be available approximately three hours following completion of the call through 11:59 p.m. on October 29, 2017 and may be accessed by calling (877) 660-6853 (domestic) or (201) 612-7415 (international) and providing the following conference ID: 13671104. In addition, the conference call will be webcast at ir.myNYCB.com, and archived through 5:00 p.m. on November 22, 2017.

Cautionary Statements Regarding Forward-Looking Information

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 obtain the necessary shareholder and regulatory approvals of any acquisitions we may propose; 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.

More information regarding some of these factors is provided in the Risk Factors section of our Form 10‐K for the year ended December 31, 2016 and in other SEC reports we file. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss 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.

- Financial Statements and Highlights Follow ‐

NEW YORK COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF CONDITION
		September 30,					December 31,
		2017					2016
(in thousands, except share data)		(unaudited)
Assets
Cash and cash equivalents		$	3,277,427				$	557,850
Securities:
Available-for-sale			3,031,026					104,281
Held-to-maturity			--					3,712,776
Total securities			3,031,026					3,817,057
Loans held for sale			104,938					409,152
Non-covered mortgage loans held for investment:
Multi-family			27,162,401					26,961,486
Commercial real estate			7,552,777					7,727,258
One-to-four family			413,235					381,081
Acquisition, development, and construction			385,543					380,522
Total non-covered mortgage loans held for investment			35,513,956					35,450,347
Other non-covered loans:
Commercial and industrial			1,988,577					1,908,308
Other loans			3,666					24,067
Total non-covered other loans held for investment			1,992,243					1,932,375
Total non-covered loans held for investment			37,506,199					37,382,722
Less: Allowance for losses on non-covered loans			(158,918	)				(158,290	)
Non-covered loans held for investment, net			37,347,281					37,224,432
Covered loans			--					1,698,133
Less: Allowance for losses on covered loans			--					(23,701	)
Covered loans, net			--					1,674,432
Total loans, net			37,452,219					39,308,016
Federal Home Loan Bank stock, at cost			579,474					590,934
Premises and equipment, net			375,482					373,675
FDIC loss share receivable			--					243,686
Goodwill			2,436,131					2,436,131
Core deposit intangibles, net			--					208
Other assets (includes $16,990 of other real estate owned covered by loss sharing agreements at December 31, 2016)			1,306,132					1,598,998
Total assets		$	48,457,891				$	48,926,555
Liabilities and Stockholders’ Equity
Deposits:
Interest-bearing checking and money market accounts		$	12,338,949				$	13,395,080
Savings accounts			4,996,578					5,280,374
Certificates of deposit			8,802,573					7,577,170
Non-interest-bearing accounts			2,755,097					2,635,279
Total deposits			28,893,197					28,887,903
Borrowed funds:
Wholesale borrowings			12,004,500					13,314,500
Junior subordinated debentures			359,102					358,879
Total borrowed funds			12,363,602					13,673,379
Other liabilities			441,438					241,282
Total liabilities			41,698,237					42,802,564
Stockholders’ equity:
Preferred stock at par $0.01 (5,000,000 shares authorized):
Series A (515,000 shares issued and outstanding)			502,840					--
Common stock at par $0.01 (900,000,000 shares authorized; 489,072,101 and 487,067,889
shares issued; and 489,061,848 and 487,056,676 shares outstanding, respectively)			4,891					4,871
Paid-in capital in excess of par			6,063,813					6,047,558
Retained earnings			192,607					128,435
Treasury stock, at cost (10,253 and 11,213 shares, respectively)			(130	)				(160	)
Accumulated other comprehensive loss, net of tax:
Net unrealized gain (loss) on securities available for sale, net of tax			47,917					(753	)
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses, net of tax			(5,221	)				(5,241	)
Pension and post-retirement obligations, net of tax			(47,063	)				(50,719	)
Total accumulated other comprehensive loss, net of tax			(4,367	)				(56,713	)
Total stockholders’ equity			6,759,654					6,123,991
Total liabilities and stockholders’ equity		$	48,457,891				$	48,926,555

NEW YORK COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited)
		For the Three Months Ended												For the Nine Months Ended
		Sept. 30,				June 30,				Sept. 30,				Sept. 30,				Sept. 30,
(in thousands, except per share data)		2017				2017				2016				2017				2016
Interest Income:
Mortgage and other loans		$	350,990			$	361,330			$	367,932			$	1,070,722			$	1,099,137
Securities and money market investments			42,685				37,745				48,164				121,147				160,384
Total interest income			393,675				399,075				416,096				1,191,869				1,259,521
Interest Expense:
Interest-bearing checking and money market accounts			27,620				24,084				15,866				71,413				45,771
Savings accounts			7,109				7,150				7,439				21,069				25,001
Certificates of deposit			27,649				24,006				20,501				73,786				55,129
Borrowed funds			54,954				56,066				53,867				166,572				161,758
Total interest expense			117,332				111,306				97,673				332,840				287,659
Net interest income			276,343				287,769				318,423				859,029				971,862
Provision for losses on non-covered loans			44,585				11,645				1,234				58,017				6,699
Recovery of losses on covered loans			--				(17,906	)			(1,289	)			(23,701	)			(6,035	)
Net interest income after provision for (recovery
of) loan losses			231,758				294,030				318,478				824,713				971,198
Non-Interest Income:
Mortgage banking income			1,486				8,196				12,925				19,446				24,020
Fee income			7,972				8,151				8,640				23,983				24,480
Bank-owned life insurance			8,314				6,519				7,029				21,170				23,208
Net (loss) gain on sales of loans			(76	)			1,397				3,465				1,055				15,118
Net gain on sales of securities			--				26,936				237				28,915				413
FDIC indemnification expense			--				(14,325	)			(1,031	)			(18,961	)			(4,828	)
Gain on sale of covered loans and mortgage
banking operations			82,026				--				--				82,026				--
Other income			9,206				13,563				9,330				33,903				30,787
Total non-interest income			108,928				50,437				40,595				191,537				113,198
Non-Interest Expense:
Operating expenses:
Compensation and benefits			91,594				92,860				86,079				280,008				261,230
Occupancy and equipment			25,133				23,403				24,347				73,595				73,837
General and administrative			45,483				47,472				48,506				139,131				139,309
Total operating expenses			162,210				163,735				158,932				492,734				474,376
Amortization of core deposit intangibles			24				30				542				208				1,994
Merger-related expenses			--				--				2,211				--				4,674
Total non-interest expense			162,234				163,765				161,685				492,942				481,044
Income before income taxes			178,452				180,702				197,388				523,308				603,352
Income tax expense			67,984				65,447				72,089				193,628				221,684
Net Income		$	110,468			$	115,255			$	125,299			$	329,680			$	381,668
Preferred stock dividends			8,207				8,207				--				16,414				--
Net income available to common shareholders		$	102,261			$	107,048			$	125,299			$	313,266			$	381,668
Basic earnings per common share		$	0.21			$	0.22			$	0.26			$	0.64			$	0.78
Diluted earnings per common share		$	0.21			$	0.22			$	0.26			$	0.64			$	0.78

NEW YORK COMMUNITY BANCORP, INC.

RECONCILIATIONS OF CERTAIN GAAP AND NON-GAAP FINANCIAL MEASURES

(unaudited)

While stockholders’ equity, total assets, and book value per share are financial measures that are recorded in accordance with U.S. generally accepted accounting principles (“GAAP”), tangible stockholders’ equity, tangible assets, and tangible book value per share are not. Nevertheless, it is management’s belief that these non-GAAP measures should be disclosed in our earnings releases and other investor communications for the following reasons:

1.		Tangible stockholders’ equity is an important indication of the Company’s ability to grow organically and through business combinations, as well as its ability to pay dividends and to engage in various capital management strategies.
2.		Returns on average tangible assets and average tangible stockholders’ equity are among the profitability measures considered by current and prospective investors, both independent of, and in comparison with, the Company’s peers.
3.		Tangible book value per share and the ratio of tangible stockholders’ equity to tangible assets are among the capital measures considered by current and prospective investors, both independent of, and in comparison with, its peers.

Tangible stockholders’ equity, tangible assets, and the related non-GAAP profitability and capital measures should not be considered in isolation or as a substitute for stockholders’ equity, total assets, or any other profitability or capital 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.

The following table presents reconciliations of our common stockholders’ equity and tangible common stockholders’ equity, our total assets and tangible assets, and the related GAAP and non-GAAP profitability and capital measures at or for the three months ended September 30, 2017, June 30, 2017, and September 30, 2016 and the nine months ended September 30, 2017 and 2016:

			At or for the Three Months Ended									At or for the Nine Months Ended
			Sept. 30,			June 30,			Sept. 30,			Sept. 30,			Sept. 30,
(dollars in thousands)			2017			2017			2016			2017			2016
Total Stockholders’ Equity			$	6,759,654		$	6,734,778		$	6,090,512		$	6,759,654		$	6,090,512
Less:	Goodwill			(2,436,131)			(2,436,131)			(2,436,131)			(2,436,131)			(2,436,131)
	Core deposit intangibles (“CDI”)			--			(24)			(605)			--			(605)
	Preferred stock			(502,840)			(502,840)			--			(502,840)			--
Tangible common stockholders’ equity			$	3,820,683		$	3,795,783		$	3,653,776		$	3,820,683		$	3,653,776
Total Assets			$	48,457,891		$	48,347,658		$	49,462,620		$	48,457,891		$	49,462,620
Less:	Goodwill			(2,436,131)			(2,436,131)			(2,436,131)			(2,436,131)			(2,436,131)
	CDI			--			(24)			(605)			--			(605)
Tangible assets			$	46,021,760		$	45,911,503		$	47,025,884		$	46,021,760		$	47,025,884
Average Common Stockholders’ Equity			$	6,262,792		$	6,147,238		$	6,081,003		$	6,187,514		$	6,028,044
Less: Average goodwill and CDI				(2,436,146)			(2,436,175)			(2,437,092)			(2,436,202)			(2,437,726)
Average tangible common stockholders’ equity			$	3,826,646		$	3,711,063		$	3,643,911		$	3,751,312		$	3,590,318
Average Assets			$	48,526,259		$	49,069,164		$	49,159,171		$	48,776,475		$	49,269,748
Less: Average goodwill and CDI				(2,436,146)			(2,436,175)			(2,437,092)			(2,436,202)			(2,437,726)
Average tangible assets			$	46,090,113		$	46,632,989		$	46,722,079		$	46,340,273		$	46,832,022
Net Income Available to Common Shareholders			$	102,261		$	107,048		$	125,299		$	313,266		$	381,668
Add back: Amortization of CDI, net of tax				14			18			325			125			1,196
Adjusted net income available to common shareholders			$	102,275		$	107,066		$	125,624		$	313,391		$	382,864
GAAP MEASURES:
Return on average assets (1)				0.91%			0.94%			1.02%			0.90%			1.03%
Return on average common stockholders’ equity (2)				6.53			6.97			8.24			6.75			8.44
Common stockholders’ equity to total assets				12.91			12.89			12.31			12.91			12.31
Book value per common share			$	12.79		$	12.74		$	12.50		$	12.79		$	12.50
NON-GAAP MEASURES:
Return on average tangible assets (1)				0.96%			0.99%			1.08%			0.95%			1.09%
Return on average tangible common stockholders’ equity (2)				10.69			11.54			13.79			11.14			14.22
Tangible common stockholders’ equity to tangible assets				8.30			8.27			7.77			8.30			7.77
Tangible book value per common share			$	7.81		$	7.76		$	7.50		$	7.81		$	7.50

(1)		To calculate return on average assets for a period, we divide net income generated during that period by average assets recorded during that period. To calculate return on average tangible assets for a period, we adjust net income generated during that period by adding back the amortization of CDI, net of tax, and then divide that adjusted net income by average tangible assets recorded during that period.
(2)		To calculate return on average common stockholders’ equity for a period, we divide net income available to common shareholders generated during that period by average common stockholders’ equity recorded during that period. To calculate return on average tangible common stockholders’ equity for a period, we adjust net income available to common shareholders generated during that period by adding back the amortization of CDI, net of tax, and then divide that adjusted net income by average tangible common stockholders’ equity recorded during that period.

NEW YORK COMMUNITY BANCORP, INC. NET INTEREST INCOME ANALYSIS LINKED-QUARTER AND YEAR-OVER-YEAR COMPARISONS (unaudited)
		For the Three Months Ended
		September 30, 2017									June 30, 2017									September 30, 2016
								Average									Average									Average
		Average						Yield/			Average						Yield/			Average						Yield/
(dollars in thousands)		Balance			Interest			Cost			Balance			Interest			Cost			Balance			Interest			Cost
Assets:
Interest-earning assets:
Mortgage and other loans, net		$	37,791,476		$	350,990		3.71	%		$	39,113,348		$	361,330		3.70	%		$	39,337,380		$	367,932		3.74	%
Securities			3,597,699			34,359		3.81				4,226,369			37,732		3.55				4,426,703			48,160		4.34
Interest-earning cash and cash equivalents			2,474,307			8,326		1.34				8,858			13		0.59				8,629			4		0.18
Total interest-earning assets			43,863,482			393,675		3.59				43,348,575			399,075		3.68				43,772,712			416,096		3.80
Non-interest-earning assets			4,662,777									5,720,589									5,386,459
Total assets		$	48,526,259								$	49,069,164								$	49,159,171
Liabilities and Stockholders’ Equity:
Interest-bearing deposits:
Interest-bearing checking and money market
accounts		$	12,672,720		$	27,620		0.86	%		$	12,971,440		$	24,084		0.74	%		$	13,356,174		$	15,866		0.47	%
Savings accounts			5,006,499			7,109		0.56				5,260,397			7,150		0.55				5,629,135			7,439		0.53
Certificates of deposit			8,533,404			27,649		1.29				7,827,633			24,006		1.23				7,245,325			20,501		1.13
Total interest-bearing deposits			26,212,623			62,378		0.94				26,059,470			55,240		0.85				26,230,634			43,806		0.66
Borrowed funds			12,397,681			54,954		1.76				13,195,987			56,066		1.70				13,802,662			53,867		1.55
Total interest-bearing liabilities			38,610,304			117,332		1.21				39,255,457			111,306		1.14				40,033,296			97,673		0.97
Non-interest-bearing deposits			2,766,701									2,960,164									2,832,569
Other liabilities			383,622									203,237									212,303
Total liabilities			41,760,627									42,418,858									43,078,168
Stockholders’ equity			6,765,632									6,650,306									6,081,003
Total liabilities and stockholders’ equity		$	48,526,259								$	49,069,164								$	49,159,171
Net interest income/interest rate spread					$	276,343		2.38	%					$	287,769		2.54	%					$	318,423		2.83	%
Net interest margin								2.53	%								2.65	%								2.91	%
Ratio of interest-earning assets to interest-bearing
liabilities								1.14	x								1.10	x								1.09	x

NEW YORK COMMUNITY BANCORP, INC. NET INTEREST INCOME ANALYSIS YEAR-OVER-YEAR COMPARISON (unaudited)
		For the Nine Months Ended September 30,
		2017									2016
								Average									Average
		Average						Yield/			Average						Yield/
(dollars in thousands)		Balance			Interest			Cost			Balance			Interest			Cost
Assets:
Interest-earning assets:
Mortgage and other loans, net		$	38,652,113		$	1,070,722		3.69	%		$	38,878,111		$	1,099,137		3.77	%
Securities			4,052,154			112,800		3.72				5,065,917			160,373		4.22
Interest-earning cash and cash equivalents			832,463			8,347		1.34				8,749			11		0.17
Total interest-earning assets			43,536,730			1,191,869		3.65				43,952,777			1,259,521		3.82
Non-interest-earning assets			5,239,745									5,316,971
Total assets		$	48,776,475								$	49,269,748
Liabilities and Stockholders’ Equity:
Interest-bearing deposits:
Interest-bearing checking and money market
accounts		$	12,950,570		$	71,413		0.74	%		$	13,349,201		$	45,771		0.46	%
Savings accounts			5,171,645			21,069		0.54				6,112,342			25,001		0.55
Certificates of deposit			8,019,142			73,786		1.23				6,700,188			55,129		1.10
Total interest-bearing deposits			26,141,357			166,268		0.85				26,161,731			125,901		0.64
Borrowed funds			12,992,691			166,572		1.71				14,083,459			161,758		1.53
Total interest-bearing liabilities			39,134,048			332,840		1.14				40,245,190			287,659		0.95
Non-interest-bearing deposits			2,820,923									2,817,043
Other liabilities			269,132									179,471
Total liabilities			42,224,103									43,241,704
Stockholders’ equity			6,552,372									6,028,044
Total liabilities and stockholders’ equity		$	48,776,475								$	49,269,748
Net interest income/interest rate spread					$	859,029		2.51	%					$	971,862		2.87	%
Net interest margin								2.63	%								2.95	%
Ratio of interest-earning assets to interest-
bearing liabilities								1.11	x								1.09	x

NEW YORK COMMUNITY BANCORP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
			For the Three Months Ended												For the Nine Months Ended
			Sept. 30,				June 30,				Sept. 30,				Sept. 30,				Sept. 30,
(dollars in thousands except share and per share data)			2017				2017				2016				2017				2016
PROFITABILITY MEASURES:
Net income			$	110,468			$	115,255			$	125,299			$	329,680			$	381,668
Net income available to common shareholders				102,261				107,048				125,299				313,266				381,668
Basic earnings per common share				0.21				0.22				0.26				0.64				0.78
Diluted earnings per common share				0.21				0.22				0.26				0.64				0.78
Return on average assets				0.91	%			0.94	%			1.02	%			0.90	%			1.03	%
Return on average tangible assets (1)				0.96				0.99				1.08				0.95				1.09
Return on average common stockholders’
equity				6.53				6.97				8.24				6.75				8.44
Return on average tangible common stockholders’ equity (1)				10.69				11.54				13.79				11.14				14.22
Efficiency ratio (2)				42.10				48.41				44.27				46.90				43.72
Operating expenses to average assets				1.34				1.33				1.29				1.35				1.28
Interest rate spread				2.38				2.54				2.83				2.51				2.87
Net interest margin				2.53				2.65				2.91				2.63				2.95
Effective tax rate				38.10				36.22				36.52				37.00				36.74
Shares used for basic common EPS computation				487,274,303				487,282,404				485,352,998				487,025,614				485,087,197
Shares used for diluted common EPS computation				487,274,303				487,282,404				485,352,998				487,025,614				485,087,197
Common shares outstanding at the respective
period-ends				489,061,848				489,023,298				487,066,151				489,061,848				487,066,151

(1)		See the reconciliations of these non-GAAP measures with the comparable GAAP measures on page 8 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.

				Sept. 30, 2017					June 30, 2017					Sept. 30, 2016
CAPITAL MEASURES:
Book value per common share				$	12.79				$	12.74				$	12.50
Tangible book value per common share (1)					7.81					7.76					7.50
Common stockholders’ equity to total assets					12.91	%				12.89	%				12.31	%
Tangible common stockholders’ equity to tangible assets (1)					8.30					8.27					7.77

(1)		See the reconciliations of these non-GAAP measures with the comparable GAAP measures on page 8 of this release.

				Sept. 30, 2017				June 30, 2017				Sept. 30, 2016
REGULATORY CAPITAL RATIOS: (1)
New York Community Bancorp, Inc.
Common equity tier 1 ratio				11.53	%			11.16	%			10.25	%
Tier 1 risk-based capital ratio				13.04				12.64				10.25
Total risk-based capital ratio				14.57				14.11				11.72
Leverage capital ratio				9.40				9.23				7.95
New York Community Bank
Common equity tier 1 ratio				13.60	%			13.11	%			10.83	%
Tier 1 risk-based capital ratio				13.60				13.11				10.83
Total risk-based capital ratio				14.02				13.52				11.31
Leverage capital ratio				9.80				9.53				8.43
New York Commercial Bank
Common equity tier 1 ratio				15.01	%			15.36	%			13.31	%
Tier 1 risk-based capital ratio				15.01				15.36				13.31
Total risk-based capital ratio				16.26				16.47				14.19
Leverage capital ratio				11.07				11.24				10.26

(1)		The minimum regulatory requirements for classification as a well-capitalized institution are a common equity tier 1 capital ratio of 6.50%; a tier 1 risk-based capital ratio of 8.00%; a total risk-based capital ratio of 10.00%; and a leverage capital ratio of 5.00%.

NEW YORK COMMUNITY BANCORP, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
								Sept. 30, 2017
								compared to
		Sept. 30,		June 30,		Dec. 31,		June 30,		Dec. 31,
		2017		2017		2016		2017		2016
(in thousands, except share data)		(unaudited)		(unaudited)
Assets
Cash and cash equivalents		$3,277,427		$1,129,846		$557,850		190%		488%
Securities:
Available-for-sale		3,031,026		3,171,117		104,281		-4%		2807%
Held-to-maturity		-		-		3,712,776		NM		NM
Total securities		3,031,026		3,171,117		3,817,057		-4%		-21%
Loans held for sale		104,938		1,803,724		409,152		-94%		-74%
Non-covered mortgage loans held for investment:
Multi-family		27,162,401		26,875,621		26,961,486		1%		1%
Commercial real estate		7,552,777		7,543,501		7,727,258		0%		-2%
One-to-four family		413,235		412,945		381,081		0%		8%
Acquisition, development, and construction		385,543		372,571		380,522		3%		1%
Total non-covered mortgage loans held for investment		35,513,956		35,204,638		35,450,347		1%		0%
Other non-covered loans:
Commercial and industrial		1,988,577		2,036,867		1,908,308		-2%		4%
Other loans		3,666		9,534		24,067		-62%		-85%
Total non-covered other loans held for investment		1,992,243		2,046,401		1,932,375		-3%		3%
Total non-covered loans held for investment		37,506,199		37,251,039		37,382,722		1%		0%
Less: Allowance for losses on non-covered loans		(158,918)		(154,683)		(158,290)		3%		0%
Non-covered loans held for investment, net		37,347,281		37,096,356		37,224,432		1%		0%
Covered loans		-		-		1,698,133		NM		NM
Less: Allowance for losses on covered loans		-		-		(23,701)		NM		NM
Covered loans, net		-		-		1,674,432		NM		NM
Total loans, net		37,452,219		38,900,080		39,308,016		-4%		-5%
Federal Home Loan Bank stock, at cost		579,474		589,067		590,934		-2%		-2%
Premises and equipment, net		375,482		380,322		373,675		-1%		0%
FDIC loss share receivable		-		187,973		243,686		NM		NM
Goodwill		2,436,131		2,436,131		2,436,131		0%		0%
Core deposit intangibles, net		-		24		208		NM		NM
Other assets (includes $16,801 and $16,990 of other real estate
owned covered by loss sharing agreements at June 30, 2017
and December 31, 2016, respectively)		1,306,132		1,553,098		1,598,998		-16%		-18%
Total assets		$48,457,891		$48,347,658		$48,926,555		0%		-1%
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing checking and money market accounts		$12,338,949		$12,813,876		$13,395,080		-4%		-8%
Savings accounts		4,996,578		5,136,373		5,280,374		-3%		-5%
Certificates of deposit		8,802,573		8,230,853		7,577,170		7%		16%
Non-interest-bearing accounts		2,755,097		2,712,463		2,635,279		2%		5%
Total deposits		28,893,197		28,893,565		28,887,903		0%		0%
Borrowed funds:
Wholesale borrowings		12,004,500		12,004,500		13,314,500		0%		-10%
Junior subordinated debentures		359,102		359,026		358,879		0%		0%
Total borrowed funds		12,363,602		12,363,526		13,673,379		0%		-10%
Other liabilities		441,438		355,789		241,282		24%		83%
Total liabilities		41,698,237		41,612,880		42,802,564		0%		-3%
Stockholders' equity:
Preferred stock at par $0.01 (5,000,000 shares authorized):
Series A (515,000 shares issued and outstanding)		502,840		502,840		-		0%		NM
Common stock at par $0.01 (900,000,000 shares authorized; 489,072,101,
489,060,712 and 487,067,889 shares issued; and 489,061,848,
489,023,298 and 487,056,676 shares outstanding, respectively)		4,891		4,891		4,871		0%		0%
Paid-in capital in excess of par		6,063,813		6,055,441		6,047,558		0%		0%
Retained earnings		192,607		173,409		128,435		11%		50%
Treasury stock, at cost (10,253, 37,414 and 11,213 shares, respectively)		(130)		(502)		(160)		-74%		-19%
Accumulated other comprehensive loss, net of tax:
Net unrealized gain (loss) on securities available for sale, net of tax		47,917		52,202		(753)		-8%		NM
Net unrealized loss on the non-credit portion of other-than-temporary
impairment losses, net of tax		(5,221)		(5,221)		(5,241)		0%		0%
Pension and post-retirement obligations, net of tax		(47,063)		(48,282)		(50,719)		-3%		-7%
Total accumulated other comprehensive loss, net of tax		(4,367)		(1,301)		(56,713)		236%		-92%
Total stockholders' equity		6,759,654		6,734,778		6,123,991		0%		10%
Total liabilities and stockholders' equity		$48,457,891		$48,347,658		$48,926,555		0%		-1%

NEW YORK COMMUNITY BANCORP, INC.
SUPPLEMENTAL FINANCIAL INFORMATION (continued)
(unaudited)
								Sept. 30, 2017
		For the Three Months Ended						compared to
		Sept. 30,		June 30,		Sept. 30,		June 30,		Sept. 30,
		2017		2017		2016		2017		2016
(in thousands, except per share data)
Interest Income:
Mortgage and other loans		$350,990		$361,330		$367,932		-3%		-5%
Securities and money market investments		42,685		37,745		48,164		13%		-11%
Total interest income		393,675		399,075		416,096		-1%		-5%
Interest Expense:
Interest-bearing checking and money market accounts		27,620		24,084		15,866		15%		74%
Savings accounts		7,109		7,150		7,439		-1%		-4%
Certificates of deposit		27,649		24,006		20,501		15%		35%
Borrowed funds		54,954		56,066		53,867		-2%		2%
Total interest expense		117,332		111,306		97,673		5%		20%
Net interest income		276,343		287,769		318,423		-4%		-13%
Provision for losses on non-covered loans		44,585		11,645		1,234		283%		NM
Recovery of losses on covered loans		-		(17,906)		(1,289)		NM		NM
Net interest income after provision for (recovery of)
loan losses		231,758		294,030		318,478		-21%		-27%
Non-Interest Income:
Mortgage banking income		1,486		8,196		12,925		NM		NM
Fee income		7,972		8,151		8,640		-2%		-8%
Bank-owned life insurance		8,314		6,519		7,029		28%		18%
Net (loss) gain on sales of loans		(76)		1,397		3,465		NM		NM
Net gain on sales of securities		-		26,936		237		NM		NM
FDIC indemnification expense		-		(14,325)		(1,031)		NM		NM
Gain on sale of covered loans and mortgage banking
operations		82,026		-		-		NM		NM
Other income		9,206		13,563		9,330		-32%		-1%
Total non-interest income		108,928		50,437		40,595		116%		168%
Non-Interest Expense:
Operating expenses:
Compensation and benefits		91,594		92,860		86,079		-1%		6%
Occupancy and equipment		25,133		23,403		24,347		7%		3%
General and administrative		45,483		47,472		48,506		-4%		-6%
Total operating expenses		162,210		163,735		158,932		-1%		2%
Amortization of core deposit intangibles		24		30		542		-20%		-96%
Merger-related expenses		-		-		2,211		NM		NM
Total non-interest expense		162,234		163,765		161,685		-1%		0%
Income before taxes		178,452		180,702		197,388		-1%		-10%
Income tax expense		67,984		65,447		72,089		4%		-6%
Net Income		$ 110,468		$ 115,255		$ 125,299		-4%		-12%
Preferred stock dividends		8,207		8,207		-		0%		NM
Net Income available to common shareholders		$102,261		$107,048		$125,299		-4%		-18%
Basic earnings per common share		$0.21		$0.22		$0.26		-5%		-19%
Diluted earnings per common share		$0.21		$0.22		$0.26		-5%		-19%
Dividends per common share		$0.17		$0.17		$0.17

The following table summarizes the contribution of loan and securities prepayment income on the Company's interest income and net interest margin for the periods indicated.

			For the Three Months Ended									Sept. 30, 2017 compared to
			Sept. 30,			June 30,			Sept. 30,			June 30,			Sept. 30,
			2017			2017			2016			2017			2016
(dollars in thousands)
Total Interest Income			$393,675			$399,075			$416,096			-1%			-5%
Prepayment Income:
Loans			$14,076			$13,285			$13,422			6%			5%
Securities			2,488			1,708			8,947			46%			-72%
Total prepayment income			$16,564			$14,993			$22,369			10%			-26%
GAAP Net Interest Margin			2.53%			2.65%			2.91%			-12		bp	-38		bp
Less:
Prepayment income from loans			13		bp	12		bp	12		bp	1		bp	1		bp
Prepayment income from securities			3			2			8			1		bp	-5		bp
Total prepayment income contribution
to net interest margin			16		bp	14		bp	20		bp	2		bp	-4		bp
Adjusted Net Interest Margin (non-GAAP)			2.37%			2.51%			2.71%			-14		bp	-34		bp

While our net interest margin, including the contribution of prepayment income, is recorded in accordance with GAAP, adjusted net interest margin, which excludes the contribution of prepayment income, is not. Nevertheless, management uses this non-GAAP measure in its analysis of our performance, and believes that this non-GAAP measure should be disclosed in our earnings releases and other investor communications for the following reasons:

1.		Adjusted net interest margin gives investors a better understanding of the effect of prepayment income on our net interest margin. Prepayment income in any given period depends on the volume of loans that refinance or prepay, or securities that prepay, during that period. Such activity is largely dependent on external factors such as current market conditions, including real estate values, and the perceived or actual direction of market interest rates.
2.		Adjusted net interest margin is among the measures considered by current and prospective investors, both independent of, and in comparison with, our peers.

MORTGAGE BANKING INCOME
(unaudited)
												Sept. 30, 2017
		For the Three Months Ended										compared to
		Sept. 30,				June 30,			Sept. 30,			June 30,			Sept. 30,
		2017				2017			2016			2017			2016
(in thousands)
Mortgage banking income:
Income from originations		$	2,109			$	4,394		$	10,884		-52	%		-81	%
Servicing (loss) income			(623	)			3,802			2,041		-116	%		-131	%
Total mortgage banking income		$	1,486			$	8,196		$	12,925		-82	%		-89	%

LOANS ORIGINATED FOR INVESTMENT
(unaudited)
												Sept. 30, 2017
		For the Three Months Ended										compared to
		Sept. 30,			June 30,			Sept. 30,				June 30,			Sept. 30,
		2017			2017			2016				2017			2016
(in thousands)
Mortgage Loans Originated for Investment:
Multi-family		$	1,432,424		$	952,265		$	1,276,358			50	%		12	%
Commercial real estate			249,773			192,072			345,543			30	%		-28	%
One-to-four family residential			22,047			50,697			101,365			-57	%		-78	%
Acquisition, development, and construction			21,754			20,836			17,855			4	%		22	%
Total mortgage loans originated for investment			1,725,998			1,215,870			1,741,121			42	%		-1	%
Other Loans Originated for Investment:
Specialty Finance			468,735			498,918			369,308			-6	%		27	%
Other commercial and industrial			115,569			150,787			151,279			-23	%		-24	%
Other			700			785			894			-11	%		-22	%
Total other loans originated for investment			585,004			650,490			521,481			-10	%		12	%
Total Loans Originated for Investment		$	2,311,002		$	1,866,360		$	2,262,602			24	%		2	%
		For the Nine Months Ended
		Sept. 30,			Sept. 30,
		2017			2016			Change (%)
(in thousands)
Mortgage Loans Originated for Investment:
Multi-family		$	3,339,302		$	4,529,904			-26	%
Commercial real estate			692,187			892,676			-22	%
One-to-four family residential			116,603			248,020			-53	%
Acquisition, development, and construction			55,509			123,849			-55	%
Total mortgage loans originated for investment			4,203,601			5,794,449			-27	%
Other Loans Originated for Investment:
Specialty Finance			1,236,817			907,551			36	%
Other commercial and industrial			388,511			451,340			-14	%
Other			2,370			3,010			-21	%
Total other loans originated for investment			1,627,698			1,361,901			20	%
Total Loans Originated for Investment		$	5,831,299		$	7,156,350			-19	%

The following table provides certain information about the Company's multi-family and CRE loan portfolios at the respective dates:

								Sept. 30, 2017
		At or For the Three Months Ended						compared to
		Sept. 30,		June 30,		Dec. 31,		June 30			Dec. 31,
		2017		2017		2016		2017			2016
(dollars in thousands)
Multi-Family Loan Portfolio:
Loans outstanding		$27,162,401		$26,875,621		$26,961,486		1%			1%
Percent of total held-for-investment loans		72.4%		72.1%		72.1%		30		bp	30		bp
Average principal balance		$5,558		$5,457		$5,454		2%			2%
Weighted average life (in years)		2.7		3.2		2.9		-16%			-7%
Commercial Real Estate Loan Portfolio:
Loans outstanding		$7,552,777		$7,543,501		$7,727,258		0%			-2%
Percent of total held-for-investment loans		20.1%		20.3%		20.7%		-20		bp	-60		bp
Average principal balance		$5,721		$5,727		$5,644		0%			1%
Weighted average life (in years)		2.9		3.0		3.4		-3%			-15%

ASSET QUALITY SUMMARY

(unaudited)

The following table presents the Company's non-performing non-covered loans and assets at the respective dates:

									Sept. 30, 2017
									compared to
			Sept. 30,		June 30,		Dec. 31,		June 30,		Dec. 31,
(in thousands)			2017		2017		2016		2017		2016
Non-Performing Non-Covered Assets:
Non-accrual non-covered mortgage loans:
Multi-family			$11,018		$9,820		$13,558		12%		-19%
Commercial real estate			4,923		4,497		9,297		9%		-47%
One-to-four family residential			2,179		10,724		9,679		-80%		-77%
Acquisition, development, and construction			6,200		6,200		6,200		0%		0%
Total non-accrual non-covered mortgage loans			24,320		31,241		38,734		-22%		-37%
Other non-accrual non-covered loans (1)			44,650		50,747		17,735		-12%		152%
Total non-performing non-covered loans			68,970		81,988		56,469		-16%		22%
Non-covered repossessed assets (2)			15,753		9,593		11,607		64%		36%
Total non-performing non-covered assets			$84,723		$91,581		$68,076		-7%		24%

(1)		Includes $43.4 million, $48.3 million, and $15.2 million of non-accrual taxi medallion-related loans at September 30, 2017, June 30, 2017 and December 31, 2016, respectively.
(2)		Includes $6.5 million of repossessed taxi medallions at September 30, 2017.

The following table presents the Company's asset quality measures at the respective dates:

				Sept. 30,		June 30,			Dec. 31,
				2017		2017			2016
Non-performing non-covered loans to total
non-covered loans				0.18	%	0.22		%	0.15		%
Non-performing non-covered assets
to total non-covered assets				0.17		0.20			0.14
Allowance for losses on non-covered loans to
non-performing non-covered loans				230.42		186.39		(1)	277.19		(1)
Allowance for losses on non-covered loans to
total non-covered loans				0.42		0.41		(1)	0.42		(1)

(1)		Excludes the allowance for losses on PCI loans.

The following table presents the Company's non-covered loans 30 to 89 days past due at the respective dates:

									Sept. 30, 2017
									compared to
			Sept. 30,		June 30,		Dec. 31,		June 30,		Dec. 31,
			2017		2017		2016		2017		2016
(in thousands)
Non-Covered Loans 30 to 89 Days Past Due:
Multi-family			$602		$4,201		$28		-86%		2050%
Commercial real estate			450		1,586		-		-72%		NM
One-to-four family residential			676		297		2,844		128%		-76%
Acquisition, development, and construction			-		-		-		NA		NA
Other (1)			3,425		6,051		7,511		-43%		-54%
Total non-covered loans 30 to 89 days past due			$5,153		$12,135		$10,383		-58%		-50%

(1)		Includes $3.4 million, $6.0 million, and $6.8 million of non-accrual taxi medallion-related loans at September 30, 2017, June 30, 2017, and December 31, 2016, respectively.

The following table summarizes the Company’s net charge-offs (recoveries) for the respective periods:

			For the Three Months Ended												For the Nine Months Ended
			Sept. 30,				June 30,				Sept. 30,				Sept. 30,				Sept. 30,
			2017				2017				2016				2017				2016
(dollars in thousands)
Charge-offs:
Multi-family			$	279			$	-			$	-			$	279			$	-
Commercial real estate				-				-				-				-				-
One-to-four family residential				6				90				17				96				170
Acquisition, development, and
construction				-				-				-				-				-
Other (1)				40,557				11,816				57				58,203				1,155
Total charge-offs				40,842				11,906				74				58,578				1,325
Recoveries:
Multi-family				($28	)		$	-			$	(78	)			($28	)			($78	)
Commercial real estate				(373	)			(10	)			(33	)			(398	)			(780	)
One-to-four family residential				-				-				-				-				(226	)
Acquisition, development, and
construction				(14	)			(55	)			-				(169	)			(167	)
Other (1)				(77	)			(429	)			(375	)			(594	)			(956	)
Total recoveries				(492	)			(494	)			(486	)			(1,189	)			(2,207	)
Net charge-offs (recoveries)			$	40,350			$	11,412			$	(412	)		$	57,389			$	(882	)
Net charge-offs (recoveries) to
average loans (2)				0.11	%			0.03	%			(0.00	%)			0.15	%			(0.00	%)

(1)		Includes taxi medallion-related loans of $40.6 million, $11.3 million, and $49,000, respectively, for the three months ended September 30, 2017, June 30, 2017, and September 30, 2016 and $54.8 million and $265,000, respectively, for the nine months ended September 30, 2017 and 2016.
(2)		Non-annualized.

Source: New York Community Bancorp, Inc.