New York Community Bancorp, Inc. Reports 4th Quarter 2012 Diluted Non-GAAP Cash EPS of $0.30 (1) and Diluted GAAP EPS of $0.28
New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today
reported GAAP earnings of $122.8 million, or $0.28 per diluted share,
for the three months ended December 31, 2012, and $501.1 million, or
$1.13 per diluted share, for the twelve months ended at that date.
The Company also reported cash earnings of $133.0 million, or $0.30 per
diluted share for the current fourth quarter, and $542.0 million, or
$1.24 per diluted share, for the twelve months ended December 31, 2012.
__________
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.
The Company’s fourth quarter cash earnings added $10.2 million, or 8.3%,
more to tangible stockholders’ equity than its fourth quarter GAAP
earnings; its twelve-month cash earnings added $40.9 million, or 8.2%,
more to tangible stockholders’ equity than its twelve-month GAAP
earnings alone. (1)(2)
Commenting on the Company’s 2012 results, President and Chief Executive
Officer Joseph R. Ficalora stated, "Our 2012 performance underscored the
merits of complementing our traditional multi-family lending in New York
City with the nationwide origination of one-to-four family loans for
sale. The diversification of our revenue stream enabled us to generate
even stronger earnings in 2012 than we did in 2011, despite the
significant degree of margin pressure imposed by the low level of market
interest rates. In 2012, our earnings rose to $501.1 million, generating
a 1.28% return on average tangible assets and a 16.80% return on average
tangible stockholders' equity.(2)
"In the fourth quarter of 2012, our earnings rose year-over-year to
$122.8 million and once again provided above-industry average returns.
While net interest income declined year-over-year, together with our
margin, the declines were significantly limited by a record level of
prepayment penalty income--$39.3 million--and largely offset by a
year-over-year rise in income produced by our mortgage banking
activities. For the twelve months ended December 31, 2012, prepayment
penalty income rose 39.0% to a record $120.4 million and mortgage
banking income more than doubled during the same time.
"Another 2012 highlight was the volume of loan production. In the fourth
quarter of 2012, originations of held-for-investment loans reached a
near-record $2.8 billion, boosting the full year's production to $9.0
billion. In addition, the volume of loans originated for sale was $3.0
billion in the quarter, bringing the full-year volume to $10.9 billion.
"Notwithstanding the prepayment of our largest loan relationship in
November, as we’d expected, our portfolio of multi-family loans grew
$1.2 billion, or 6.7%, to $18.6 billion and total held-for-investment
loans rose $1.8 billion, or 6.9%, to $27.3 billion, at December 31st.
"The growth of our loan portfolio was fueled, in part, by an increase in
deposits--the result of our assumption of funds from another institution
toward the end of the second quarter, as well as a meaningful level of
organic deposit growth. At the end of the year, deposits totaled $24.9
billion, including core deposits of $15.8 billion.
"While growing our loan portfolio is an important objective, even more
so is maintaining a high level of asset quality. At the end of the year,
the balance of non-performing non-covered assets was 29.2% lower than
the year-earlier balance, and represented 0.66% of total assets, an
improvement from 0.98%. Furthermore, net charge-offs represented a mere
0.01% of average loans in the current fourth quarter, and improved from
0.35% to 0.13% for the full year. These measures are a tribute to both
our conservative underwriting standards and to the unique features of
our lending niche.
"Also worthy of mention are the actions we have been taking since the
latter part of December to reduce our wholesale funding costs in an
extremely low rate environment. To date, we've repositioned borrowed
funds of $6.0 billion, and have extended the weighted average maturity
and call date on those funds by approximately four years. The result was
a 117-basis point decline in the weighted average cost of the funds we
repositioned, which will be reflected in our first quarter 2013 results
and beyond."
Board of Directors Declares $0.25 per Share
Dividend Payable on February 22, 2013
"Yet another achievement in 2012 was the maintenance of our strong
capital position, which has been critical to our ability to engage in
strategies that enhance the value of our investors' shares. Reflecting
the strength of our earnings and capital, the Board of Directors last
night declared--for the 36th consecutive quarter--a quarterly cash
dividend of $0.25 per share. The dividend is payable on February 22nd to
shareholders of record at the close of business on February 11, 2013,"
Mr. Ficalora said.
Balance Sheet Summary
Total assets rose $2.1 billion, or 5.0%, year-over-year, to $44.1
billion at December 31, 2012. The year-end balance was consistent with
the balance at September 30, 2012.
Loans
Notwithstanding the prepayment of a $545.5 million loan relationship in
the current fourth quarter, total loans, net, rose $1.4 billion, or
4.7%, year-over-year and $339.0 million linked-quarter, to $31.6
billion, representing 71.5% of total assets at December 31, 2012.
-
Loans Held for Sale: The average balance of loans
held for sale was $1.1 billion in the current fourth quarter,
comparable to the average balances in the year-earlier and trailing
three months. While home owners were encouraged to refinance or
purchase new homes by the historically low level of mortgage interest
rates and the Fed's third round of quantitative easing, production
levels dropped off somewhat in the last month of 2012. The decline was
partly attributable to the seasonality of one-to-four family lending
and to the increase in mortgage interest rates.
-
Covered Loans: The balance of covered loans
(i.e., loans acquired in the Company's FDIC-assisted transactions)
declined $469.0 million year-over-year and $116.6 million
linked-quarter, to $3.3 billion at December 31, 2012.
-
Loans Held for Investment: Loans held for
investment rose $1.8 billion, or 6.9%, year-over-year and $461.6
million linked-quarter, to $27.3 billion at December 31, 2012. In the
three months ended at that date, originations of loans held for
investment rose to a near-record $2.8 billion, bringing the full-year
volume to $9.0 billion. Multi-family and commercial real estate
(“CRE”) loans accounted for $1.8 billion and $664.2 million,
respectively, of the current fourth quarter’s production and for $5.8
billion and $2.4 billion, respectively, of the full-year amount. The
volume of multi-family and CRE loans produced in the current fourth
quarter was largely attributable to an increase in property
transactions, as property owners anticipated changes to the U.S. tax
code being made.
The following table provides additional information about the Company's
multi-family and CRE loan portfolios:
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December 31,
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(dollars in thousands)
|
|
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2012
|
|
|
2011
|
Multi-Family Loan Portfolio:
|
|
|
|
|
|
|
|
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Loans outstanding
|
|
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$18,605,185
|
|
|
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$17,432,665
|
|
Percent of held-for-investment loans
|
|
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68.2
|
%
|
|
|
68.3
|
%
|
Average loan size
|
|
|
$4,107
|
|
|
|
$4,013
|
|
Expected weighted average life
|
|
|
2.9
|
years
|
|
|
3.3
|
years
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate Loan Portfolio:
|
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|
|
|
|
|
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Loans outstanding
|
|
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$7,436,950
|
|
|
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$6,855,888
|
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Percent of held-for-investment loans
|
|
|
27.3
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%
|
|
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26.9
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%
|
Average loan size
|
|
|
$4,571
|
|
|
|
$3,900
|
|
Expected weighted average life
|
|
|
3.4
|
years
|
|
|
3.4
|
years
|
|
|
|
|
|
|
|
|
|
At December 31, 2012, acquisition, development, and construction (“ADC”)
loans represented $397.3 million, or 1.5%, of total loans held for
investment, while other loans represented $641.6 million, or 2.4%.
Included in the latter amount were commercial and industrial ("C&I")
loans of $591.7 million, representing 92.2% of other loans.
Pipeline
The current loan pipeline is approximately $4.0 billion, with loans held
for investment and loans held for sale each accounting for $2.0 billion
of that amount.
Asset Quality
The following discussion pertains only to the Company's portfolio of
non-covered loans held for investment and non-covered other real estate
owned ("OREO").
The Company's asset quality reflected significant year-over-year
improvement as non-performing non-covered assets fell $119.8 million, or
29.2%, to $290.6 million, representing 0.66% of total assets at December
31, 2012. The following table provides a summary of the Company's
non-performing non-covered assets at that date and the prior year-end:
|
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December 31,
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(dollars in thousands)
|
|
|
2012
|
|
|
2011
|
Non-Performing Non-Covered Assets:
|
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|
|
|
|
|
Non-accrual non-covered mortgage loans:
|
|
|
|
|
|
|
Multi-family
|
|
|
$
|
163,460
|
|
|
$
|
205,064
|
Commercial real estate
|
|
|
|
56,863
|
|
|
|
68,032
|
Acquisition, development, and construction
|
|
|
|
12,091
|
|
|
|
29,886
|
One-to-four family
|
|
|
|
10,945
|
|
|
|
11,907
|
Total non-accrual non-covered mortgage loans
|
|
|
$
|
243,359
|
|
|
$
|
314,889
|
Other non-accrual non-covered loans
|
|
|
|
17,971
|
|
|
|
10,926
|
Total non-performing non-covered loans
|
|
|
$
|
261,330
|
|
|
$
|
325,815
|
Other real estate owned
|
|
|
|
29,300
|
|
|
|
84,567
|
Total non-performing non-covered assets
|
|
|
$
|
290,630
|
|
|
$
|
410,382
|
|
|
|
|
|
|
|
The balance of loans 30 to 89 days past due declined $84.1 million
year-over-year and $21.3 million linked-quarter, to $27.6 million at
December 31, 2012. As a result, total delinquencies fell $203.8 million,
or 39.0%, year-over-year to $318.2 million; on a linked-quarter basis,
the decrease was $21.2 million, or 6.2%.
In addition, net charge-offs declined $59.3 million, or 58.9%, from the
level recorded in 2011, to $41.3 million in 2012. Net charge-offs thus
represented 0.13% of average loans in the current twelve-month period,
an improvement from 0.35% in the year-earlier twelve months. Included in
the 2012 amount were fourth quarter net charge-offs of $3.1 million,
representing 0.01% of average loans.
The following table presents the Company's asset quality measures at or
for the twelve months ended December 31, 2012 and 2011:
|
|
|
|
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
Non-performing non-covered loans to total loans
|
|
|
0.85
|
%
|
|
|
1.11
|
%
|
Non-performing non-covered assets to total assets
|
|
|
0.66
|
|
|
|
0.98
|
|
Net charge-offs during the period to average loans during the period
|
|
|
0.13
|
|
|
|
0.35
|
|
Allowance for losses on non-covered loans to non-performing
non-covered loans
|
|
|
53.93
|
|
|
|
42.14
|
|
Allowance for losses on non-covered loans to total non-covered loans
|
|
|
0.52
|
|
|
|
0.54
|
|
|
|
|
|
|
|
|
|
|
Securities
Securities rose $373.0 million year-over-year and declined $230.7
million linked-quarter, to $4.9 billion at December 31, 2012. The latter
balance was equivalent to 11.1% of total assets, as compared to 10.8% at
December 31, 2011 and 11.7% at September 30, 2012. Government-sponsored
enterprise ("GSE") securities represented 91.3% of total securities at
the end of December, comparable to the percentages at the earlier dates.
Funding Sources
Deposits rose $2.6 billion, or 11.4%, year-over-year and $256.3 million
linked-quarter to $24.9 billion at December 31, 2012. The year-over-year
increase reflects the assumption of deposits from Aurora Bank FSB toward
the end of the second quarter, as well as organic retail deposit growth
over the course of the year. Certificates of deposit (“CDs”) represented
$9.1 billion, or 36.7%, of the current year-end total, while core
deposits (i.e., NOW and money market accounts, savings accounts, and
non-interest-bearing deposits) represented the remaining $15.8 billion,
or 63.3%.
Wholesale borrowings totaled $13.1 billion at December 31, 2012,
reflecting a year-over-year reduction of $371.2 million and a
linked-quarter reduction of $102.0 million. The December 31, 2012
balance represented 29.6% of total assets, as compared to 32.0% and
29.9%, respectively, at the earlier dates. In addition, the Company has
repositioned $6.0 billion of borrowed funds since late December,
resulting in a 117-basis point reduction in their weighted average cost,
and the extension of their weighted average maturity and call date by
approximately four years.
Stockholders’ Equity
Stockholders’ equity rose $90.6 million year-over-year and $13.8 million
linked-quarter, to $5.7 billion at December 31, 2012. At the same date,
tangible stockholders’ equity totaled $3.2 billion, reflecting a
year-over-year increase of $110.2 million and a linked-quarter increase
of $18.5 million. The year-over-year and linked-quarter increases were
attributable to the strength of the Company’s earnings in the twelve and
three months ended December 31, 2012. (2)
In addition, the regulatory capital ratios for both New York Community
Bank and New York Commercial Bank continued to exceed the minimum
regulatory requirements for “well capitalized” classification at
December 31, 2012, as indicated in the table on the last page of this
release.
Earnings Summary for the Three Months Ended
December 31, 2012
Net Interest Income
In the three months ended December 31, 2012, the Company recorded net
interest income of $290.0 million, reflecting a $10.3 million, or 3.4%,
reduction from the year-earlier level and a $5.1 million, or 1.8%,
increase from the trailing-quarter amount. In addition, the Company's
net interest margin fell 30 basis points year-over-year, and two basis
points linked-quarter, to 3.15% in the fourth quarter of 2012.
The following factors contributed to the changes in net interest income
and margin:
-
In 2012, the ten-year Constant Maturity Treasury rate averaged 1.71%,
34 basis points lower than the average in the prior year. The result
was an increase in refinancing activity and property transactions,
particularly in the Company's multi-family lending niche. Although
prepayment penalty income rose dramatically as refinancing activity
increased, the loan portfolio was replenished with loans that featured
lower yields. The average yield on loans and interest-earning assets
declined to 5.08% and 4.84%, respectively, in the current fourth
quarter, notwithstanding the contribution of prepayment penalties.
-
Prepayment penalty income contributed $39.3 million to the interest
income on loans in the current fourth quarter, up $10.4 million and
$7.8 million, respectively, from the year-earlier and trailing-quarter
amounts.
-
In addition, prepayment penalty income contributed 43 basis points to
the Company's net interest margin in the current fourth quarter, as
compared to 33 and 35 basis points, respectively, in the earlier
periods.
-
The year-over-year declines in the Company's net interest income and
margin were also tempered by a $2.0 billion increase in average
interest-earning assets to $36.9 billion, including a $1.5 billion
increase in average loans to $31.3 billion and a $486.5 million
increase in average securities to $5.6 billion. On a linked-quarter
basis, the average balance of interest-earning assets rose $835.2
million, reflecting a $411.4 million increase in the average loan
balance and a $423.8 million increase in the average balance of
securities.
-
The year-over-year declines in net interest income and margin were
also tempered by a 15-basis point reduction in the average cost of
interest-bearing liabilities to 1.81%, even as the average balance
rose by $1.2 billion to $34.5 billion. On a linked-quarter basis the
average cost of funds rose one basis point while the average balance
modestly declined.
Provisions for Loan Losses
The provision for losses on non-covered loans was $5.0 million in the
current fourth quarter, reflecting a year-over-year reduction of $15.0
million and a linked-quarter reduction of $5.0 million.
In addition, the Company recovered $3.3 million from the allowance for
losses on covered loans in the current fourth quarter, reflecting an
increase in expected cash flows on certain pools of acquired loans.
Because the covered loan portfolio is covered by FDIC loss sharing
agreements, the recovery in the fourth quarter of 2012 was partially
offset by FDIC indemnification expense of $2.6 million, recorded in
non-interest income. In contrast, the Company recorded a $12.7 million
provision for losses on covered loans in the year-earlier quarter, which
was partially offset by FDIC indemnification income of $10.0 million.
Similarly, the provision for losses on covered loans was $2.8 million in
the trailing quarter, and was partially offset by FDIC indemnification
income of $2.3 million.
Non-Interest Income
Non-interest income totaled $55.5 million in the current fourth quarter,
reflecting a year-over-year decrease of $4.3 million and a
linked-quarter decrease of $26.2 million. The year-over-year decline was
largely due to the FDIC indemnification expense recorded in the current
fourth quarter. The linked-quarter decline was largely due to a drop in
mortgage banking income as a rise in mortgage interest rates toward the
end of the fourth quarter combined with the seasonality of such lending
to reduce the volume of loans produced. Additional details about the
Company's fourth quarter 2012 non-interest income follow:
-
Mortgage banking income, which consists of income from originations
and servicing income, accounted for $32.6 million of non-interest
income in the current fourth quarter, reflecting a $7.9 million, or
31.9%, increase from the year-earlier level and a $20.0 million, or
38.0%, decrease from the trailing-quarter amount. Income from
originations totaled $33.7 million in the current fourth quarter, far
exceeding the impact of a $1.1 million servicing loss (net of hedges).
In the year-earlier quarter, origination income totaled $24.2 million
and servicing income amounted to $515,000. In contrast, origination
income totaled $66.5 million in the trailing quarter, exceeding the
impact of a $13.9 million servicing loss.
-
Fee income, income from bank-owned life insurance ("BOLI"), and other
income together totaled $27.2 million in the current fourth quarter,
reflecting a year-over-year increase of $3.3 million and a
linked-quarter increase of $877,000. The increases stemmed from all
three sources which, together with mortgage banking income, constitute
the Company's recurring sources of non-interest income.
-
Including mortgage banking income, non-interest income from recurring
sources totaled $59.8 million in the current fourth quarter, up $11.2
million from the year-earlier level and down $19.1 million from the
trailing-quarter amount.
Non-Interest Expense
Non-interest expense rose $8.2 million year-over-year and $1.2 million
linked-quarter, to $154.6 million in the fourth quarter of 2012.
Operating expenses accounted for $149.8 million of the current fourth
quarter total, up $8.9 million and $1.4 million, respectively, from the
earlier amounts.
The increases were attributable to the following factors:
-
Compensation and benefits expense rose $4.1 million year-over-year and
$834,000 linked-quarter, to $75.3 million, largely reflecting normal
salary increases and the granting of incentive stock awards.
-
Occupancy and equipment expense rose $1.2 million year-over-year and
fell modestly linked-quarter to $22.6 million in the fourth quarter of
2012.
-
General and administrative ("G&A") expense totaled $51.9 million in
the current fourth quarter, up $3.6 million from the year-earlier
level and $847,000 from the trailing-quarter amount. In addition to a
rise in variable mortgage banking expenses, the respective increases
reflect the costs of managing and disposing of foreclosed properties.
About New York Community Bancorp, Inc.
With assets of $44.1 billion at December 31, 2012, New York Community
Bancorp, Inc. is currently the 20th largest bank holding company in the
nation and a leading producer of multi-family mortgage loans in New York
City, with an emphasis on apartment buildings that feature below-market
rents. The Company has two bank subsidiaries: New York Community Bank, a
thrift with 240 branches serving customers throughout Metro New York,
New Jersey, Ohio, Florida, and Arizona; and New York Commercial Bank,
with 34 branches serving customers in Manhattan, Queens, Brooklyn, Long
Island, and Westchester County in New York.
Reflecting its growth through a series of acquisitions, the Community
Bank operates through seven local divisions, each with a history of
service and strength: Queens County Savings Bank in Queens; Roslyn
Savings Bank on Long Island; Richmond County Savings Bank on Staten
Island; Roosevelt Savings Bank in Brooklyn; Garden State Community Bank
in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida
and Arizona. Similarly, the Commercial Bank operates 17 of its branches
under the divisional name Atlantic Bank. Additional information about
the Company and its bank subsidiaries is available at www.myNYCB.com
and www.NewYorkCommercialBank.com.
Post-Earnings Release Conference Call
As previously announced, the Company will host a conference call on
Wednesday, January 30, 2013, at 9:30 a.m. (Eastern Time) to discuss its
fourth quarter 2012 performance and strategies. The conference call may
be accessed by dialing (800) 862-9098 (for domestic calls) or (785)
424-1051 (for international calls) and providing the following access
code: 4Q12NYCB. A replay will be available approximately two hours
following completion of the call through midnight on February 3rd, and
may be accessed by calling (800) 688-9459 (domestic) or (402) 220-1373
(international) and providing the same access code. The conference call
also will be webcast at ir.myNYCB.com, and archived through 5:00 p.m. on
February 27, 2013.
Forward-Looking Statements
This earnings release and the associated conference call may include
forward-looking statements by the Company and our authorized officers
pertaining to such matters as our goals, intentions, and expectations
regarding revenues, earnings, loan production, asset quality, and
acquisitions, among other matters; our estimates of future costs and
benefits of the actions we may take; our assessments of probable losses
on loans; our assessments of interest rate and other market risks; and
our ability to achieve our financial and other strategic goals.
Forward-looking statements are typically identified by words such as
“believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “project,” and other similar words and expressions, and are
subject to numerous assumptions, risks, and uncertainties, which change
over time. Additionally, forward-looking statements speak only as of the
date they are made; the Company does not assume any duty, and does not
undertake, to update our forward-looking statements. Furthermore,
because forward-looking statements are subject to assumptions and
uncertainties, actual results or future events could differ, possibly
materially, from those anticipated in our statements, and our future
performance could differ materially from our historical results.
Our forward-looking statements are subject to the following principal
risks and uncertainties: general economic conditions and trends, either
nationally or locally; conditions in the securities markets; changes in
interest rates; changes in deposit flows, and in the demand for deposit,
loan, and investment products and other financial services; changes in
real estate values; changes in the quality or composition of our loan or
investment portfolios; changes in competitive pressures among financial
institutions or from non-financial institutions; our ability to retain
key members of management; our ability to successfully integrate any
assets, liabilities, customers, systems, and management personnel we may
acquire into our operations, and our ability to realize related revenue
synergies and cost savings within expected time frames; changes in
legislation, regulations, and policies; and a variety of other matters
which, by their nature, are subject to significant uncertainties and/or
are beyond our control.
Greater detail regarding some of these factors is provided in our Form
10-K for the year ended December 31, 2011 and our Forms 10-Q for the
three months ended March 31, June 30, and September 30, 2012, including
in the Risk Factors section of those and other SEC reports. Our
forward-looking statements may also be subject to other risks and
uncertainties, including those we may discuss elsewhere in our news
releases, our conference calls, during our investor presentations, or in
our SEC filings, which are accessible on our web site and at the SEC’s
web site, www.sec.gov.
- Financial Statements and Highlights Follow -
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.
|
|
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NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$ 2,427,258
|
|
|
|
$ 2,001,737
|
|
Securities:
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
429,266
|
|
|
|
724,662
|
|
Held-to-maturity
|
|
|
4,484,262
|
|
|
|
3,815,854
|
|
Total securities
|
|
|
4,913,528
|
|
|
|
4,540,516
|
|
Loans held for sale
|
|
|
1,204,370
|
|
|
|
1,036,918
|
|
Non-covered mortgage loans held for investment:
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
18,605,185
|
|
|
|
17,432,665
|
|
Commercial real estate
|
|
|
7,436,950
|
|
|
|
6,855,888
|
|
Acquisition, development, and construction
|
|
|
397,288
|
|
|
|
445,387
|
|
One-to-four family
|
|
|
203,434
|
|
|
|
127,361
|
|
Total non-covered mortgage loans held for investment
|
|
|
26,642,857
|
|
|
|
24,861,301
|
|
Non-covered other loans held for investment
|
|
|
641,607
|
|
|
|
671,517
|
|
Total non-covered loans held for investment
|
|
|
27,284,464
|
|
|
|
25,532,818
|
|
Less: Allowance for losses on non-covered loans
|
|
|
(140,948
|
)
|
|
|
(137,290
|
)
|
Non-covered loans held for investment, net
|
|
|
27,143,516
|
|
|
|
25,395,528
|
|
Covered loans
|
|
|
3,284,061
|
|
|
|
3,753,031
|
|
Less: Allowance for losses on covered loans
|
|
|
(51,311
|
)
|
|
|
(33,323
|
)
|
Covered loans, net
|
|
|
3,232,750
|
|
|
|
3,719,708
|
|
Total loans, net
|
|
|
31,580,636
|
|
|
|
30,152,154
|
|
Federal Home Loan Bank stock, at cost
|
|
|
469,145
|
|
|
|
490,228
|
|
Premises and equipment, net
|
|
|
264,149
|
|
|
|
250,859
|
|
FDIC loss share receivable
|
|
|
566,479
|
|
|
|
695,179
|
|
Goodwill
|
|
|
2,436,131
|
|
|
|
2,436,131
|
|
Core deposit intangibles, net
|
|
|
32,024
|
|
|
|
51,668
|
|
Other assets (includes $45,115 and $71,400, respectively, of other
real estate owned covered by loss sharing agreements)
|
|
|
1,455,750
|
|
|
|
1,405,830
|
|
Total assets
|
|
|
$
|
44,145,100
|
|
|
|
$42,024,302
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
$
|
8,783,795
|
|
|
|
$ 8,757,198
|
|
Savings accounts
|
|
|
|
4,213,972
|
|
|
|
3,953,859
|
|
Certificates of deposit
|
|
|
|
9,120,914
|
|
|
|
7,373,263
|
|
Non-interest-bearing accounts
|
|
|
|
2,758,840
|
|
|
|
2,241,334
|
|
Total deposits
|
|
|
|
24,877,521
|
|
|
|
22,325,654
|
|
Borrowed funds:
|
|
|
|
|
|
|
|
|
Wholesale borrowings
|
|
|
|
13,067,974
|
|
|
|
13,439,193
|
|
Junior subordinated debentures
|
|
|
|
357,917
|
|
|
|
426,936
|
|
Other borrowings
|
|
|
|
4,300
|
|
|
|
94,284
|
|
Total borrowed funds
|
|
|
|
13,430,191
|
|
|
|
13,960,413
|
|
Other liabilities
|
|
|
|
181,124
|
|
|
|
172,531
|
|
Total liabilities
|
|
|
|
38,488,836
|
|
|
|
36,458,598
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred stock at par $0.01 (5,000,000 shares authorized; none
issued)
|
|
|
|
--
|
|
|
|
--
|
|
Common stock at par $0.01 (600,000,000 shares authorized;
439,133,951 and 437,426,665 shares issued, and 439,050,966 and
437,344,796 shares outstanding, respectively)
|
|
|
|
4,391
|
|
|
|
4,374
|
|
Paid-in capital in excess of par
|
|
|
|
5,327,111
|
|
|
|
5,309,269
|
|
Retained earnings
|
|
|
|
387,534
|
|
|
|
324,967
|
|
Treasury stock, at cost (82,985 and 81,869 shares, respectively)
|
|
|
|
(1,067
|
)
|
|
|
(996
|
)
|
Accumulated other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
Net unrealized gain on securities available for sale, net of tax
|
|
|
|
12,614
|
|
|
|
1,321
|
|
Net unrealized loss on the non-credit portion of
other-than-temporary impairment losses, net of tax
|
|
|
|
(13,525
|
)
|
|
|
(13,627
|
)
|
Pension and post-retirement obligations, net of tax
|
|
|
|
(60,794
|
)
|
|
|
(59,604
|
)
|
Total accumulated other comprehensive loss, net of tax
|
|
|
|
(61,705
|
)
|
|
|
(71,910
|
)
|
Total stockholders’ equity
|
|
|
|
5,656,264
|
|
|
|
5,565,704
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
44,145,100
|
|
|
|
$42,024,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Twelve Months Ended
|
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans
|
|
|
$397,904
|
|
|
|
$394,935
|
|
|
|
$414,303
|
|
|
|
$1,597,504
|
|
|
|
$1,638,651
|
|
Securities and money market investments
|
|
|
48,868
|
|
|
|
47,776
|
|
|
|
50,539
|
|
|
|
193,597
|
|
|
|
228,013
|
|
Total interest income
|
|
|
446,772
|
|
|
|
442,711
|
|
|
|
464,842
|
|
|
|
1,791,101
|
|
|
|
1,866,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
9,413
|
|
|
|
9,106
|
|
|
|
8,638
|
|
|
|
36,609
|
|
|
|
39,285
|
|
Savings accounts
|
|
|
3,328
|
|
|
|
3,288
|
|
|
|
3,459
|
|
|
|
13,677
|
|
|
|
15,488
|
|
Certificates of deposit
|
|
|
23,155
|
|
|
|
23,516
|
|
|
|
25,301
|
|
|
|
93,880
|
|
|
|
102,400
|
|
Borrowed funds
|
|
|
120,875
|
|
|
|
121,851
|
|
|
|
127,186
|
|
|
|
486,914
|
|
|
|
509,070
|
|
Total interest expense
|
|
|
156,771
|
|
|
|
157,761
|
|
|
|
164,584
|
|
|
|
631,080
|
|
|
|
666,243
|
|
Net interest income
|
|
|
290,001
|
|
|
|
284,950
|
|
|
|
300,258
|
|
|
|
1,160,021
|
|
|
|
1,200,421
|
|
Provision for losses on non-covered loans
|
|
|
5,000
|
|
|
|
10,000
|
|
|
|
20,000
|
|
|
|
45,000
|
|
|
|
79,000
|
|
(Recovery of) provision for losses on covered loans
|
|
|
(3,280
|
)
|
|
|
2,820
|
|
|
|
12,712
|
|
|
|
17,988
|
|
|
|
21,420
|
|
Net interest income after provisions for loan losses
|
|
|
288,281
|
|
|
|
272,130
|
|
|
|
267,546
|
|
|
|
1,097,033
|
|
|
|
1,100,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on other-than-temporary impairment of securities
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
(18,124
|
)
|
Mortgage banking income
|
|
|
32,574
|
|
|
|
52,581
|
|
|
|
24,688
|
|
|
|
178,643
|
|
|
|
80,674
|
|
Fee income
|
|
|
9,730
|
|
|
|
9,427
|
|
|
|
9,288
|
|
|
|
38,348
|
|
|
|
44,874
|
|
Bank-owned life insurance
|
|
|
7,334
|
|
|
|
6,781
|
|
|
|
7,041
|
|
|
|
30,502
|
|
|
|
28,384
|
|
Net gain on sales of securities
|
|
|
672
|
|
|
|
510
|
|
|
|
1,139
|
|
|
|
2,041
|
|
|
|
36,608
|
|
FDIC indemnification (expense) income
|
|
|
(2,625
|
)
|
|
|
2,256
|
|
|
|
10,009
|
|
|
|
14,390
|
|
|
|
17,633
|
|
Loss on debt redemption
|
|
|
(2,313
|
)
|
|
|
--
|
|
|
|
--
|
|
|
|
(2,313
|
)
|
|
|
--
|
|
Gain on business disposition
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
9,823
|
|
Other income
|
|
|
10,123
|
|
|
|
10,102
|
|
|
|
7,593
|
|
|
|
35,742
|
|
|
|
35,453
|
|
Total non-interest income
|
|
|
55,495
|
|
|
|
81,657
|
|
|
|
59,758
|
|
|
|
297,353
|
|
|
|
235,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
75,250
|
|
|
|
74,416
|
|
|
|
71,160
|
|
|
|
296,874
|
|
|
|
293,344
|
|
Occupancy and equipment
|
|
|
22,649
|
|
|
|
22,956
|
|
|
|
21,482
|
|
|
|
90,738
|
|
|
|
86,903
|
|
General and administrative
|
|
|
51,941
|
|
|
|
51,094
|
|
|
|
48,297
|
|
|
|
206,221
|
|
|
|
194,436
|
|
Total operating expenses
|
|
|
149,840
|
|
|
|
148,466
|
|
|
|
140,939
|
|
|
|
593,833
|
|
|
|
574,683
|
|
Amortization of core deposit intangibles
|
|
|
4,710
|
|
|
|
4,855
|
|
|
|
5,448
|
|
|
|
19,644
|
|
|
|
26,066
|
|
Total non-interest expense
|
|
|
154,550
|
|
|
|
153,321
|
|
|
|
146,387
|
|
|
|
613,477
|
|
|
|
600,749
|
|
Income before income taxes
|
|
|
189,226
|
|
|
|
200,466
|
|
|
|
180,917
|
|
|
|
780,909
|
|
|
|
734,577
|
|
Income tax expense
|
|
|
66,383
|
|
|
|
71,668
|
|
|
|
63,265
|
|
|
|
279,803
|
|
|
|
254,540
|
|
Net Income
|
|
|
$122,843
|
|
|
|
$128,798
|
|
|
|
$117,652
|
|
|
|
$ 501,106
|
|
|
|
$ 480,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
$0.28
|
|
|
|
$0.29
|
|
|
|
$0.27
|
|
|
|
$1.13
|
|
|
|
$1.09
|
|
Diluted earnings per share
|
|
|
$0.28
|
|
|
|
$0.29
|
|
|
|
$0.27
|
|
|
|
$1.13
|
|
|
|
$1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF GAAP
EARNINGS AND NON-GAAP EARNINGS (CASH EARNINGS)
(unaudited)
Although cash earnings are not a measure of performance calculated in
accordance with GAAP, we believe that they are important because of
their contribution to tangible stockholders’ equity. (Please see the
discussion and reconciliations of stockholders’ equity and tangible
stockholders’ equity that appear under “Reconciliations of GAAP and
Non-GAAP Capital Measures” on page 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
December 31, 2012, September 30, 2012, and December 31, 2011 and for the
twelve months ended December 31, 2012 and 2011 follow:
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
|
For the Three Months Ended
|
|
|
For the Twelve Months Ended
|
|
Dec. 31, 2012
|
|
|
Sept. 30, 2012
|
|
|
Dec. 31,
2011
|
|
Dec. 31, 2012
|
|
|
Dec. 31, 2011
|
GAAP Earnings
|
|
|
$122,843
|
|
|
|
$128,798
|
|
|
|
$117,652
|
|
|
|
$501,106
|
|
|
|
$480,037
|
|
Additional contributions to tangible stockholders’ equity:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-related
benefit plans
|
|
|
5,207
|
|
|
|
5,140
|
|
|
|
3,950
|
|
|
|
20,683
|
|
|
|
15,706
|
|
Associated tax effects
|
|
|
249
|
|
|
|
375
|
|
|
|
161
|
|
|
|
589
|
|
|
|
2,679
|
|
Loss on other-than-temporary impairment of securities
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
10,800
|
|
Amortization of core deposit intangibles
|
|
|
4,710
|
|
|
|
4,855
|
|
|
|
5,448
|
|
|
|
19,644
|
|
|
|
26,066
|
|
Total additional contributions to tangible stockholders’ equity (1) |
|
|
10,166
|
|
|
|
10,370
|
|
|
|
9,559
|
|
|
|
40,916
|
|
|
|
55,251
|
|
Cash earnings
|
|
|
$133,009
|
|
|
|
$139,168
|
|
|
|
$127,211
|
|
|
|
$542,022
|
|
|
|
$535,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Earnings per Share
|
|
|
$0.28
|
|
|
|
$0.29
|
|
|
|
$0.27
|
|
|
|
$1.13
|
|
|
|
$1.09
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-related
benefit plans
|
|
|
0.01
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.06
|
|
|
|
0.04
|
|
Associated tax effects
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
0.01
|
|
Loss on other-than-temporary impairment of securities
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
0.03
|
|
Amortization of core deposit intangibles
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.05
|
|
|
|
0.06
|
|
Total additions
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
0.02
|
|
|
|
0.11
|
|
|
|
0.14
|
|
Diluted cash earnings per share
|
|
|
$0.30
|
|
|
|
$0.32
|
|
|
|
$0.29
|
|
|
|
$1.24
|
|
|
|
$1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Earnings Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash return on average assets
|
|
|
1.23
|
%
|
|
|
1.29
|
%
|
|
|
1.22
|
%
|
|
|
1.28
|
%
|
|
|
1.30
|
%
|
Cash return on average tangible assets (1) |
|
|
1.31
|
|
|
|
1.37
|
|
|
|
1.30
|
|
|
|
1.35
|
|
|
|
1.39
|
|
Cash return on average stockholders’ equity
|
|
|
9.68
|
|
|
|
10.02
|
|
|
|
9.19
|
|
|
|
9.80
|
|
|
|
9.73
|
|
Cash return on average tangible stockholders’ equity (1) |
|
|
17.58
|
|
|
|
18.06
|
|
|
|
16.72
|
|
|
|
17.76
|
|
|
|
17.84
|
|
Cash efficiency ratio (2) |
|
|
41.86
|
|
|
|
39.10
|
|
|
|
38.05
|
|
|
|
39.33
|
|
|
|
38.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Tangible assets and tangible stockholders’ equity are non-GAAP
capital measures. Please see the reconciliations of our GAAP and
non-GAAP capital measures that appear on page 11 of this release.
|
(2)
|
|
We calculate our cash efficiency ratio by dividing our operating
expenses by the sum of our net interest income and non-interest
income after excluding the pertinent non-cash items from our
operating expenses and non-interest income.
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF GAAP
AND NON-GAAP CAPITAL MEASURES
(unaudited)
Although tangible stockholders’ equity, adjusted tangible stockholders’
equity, tangible assets, and adjusted tangible assets are not calculated
in accordance with GAAP, management uses these non-GAAP capital measures
in their analysis of our financial performance. We believe that these
non-GAAP capital measures are an important indication of our ability to
grow both organically and through business combinations, and, with
respect to tangible stockholders’ equity and adjusted tangible
stockholders’ equity, our ability to pay dividends and to engage in
various capital management strategies.
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 December 31, 2012, September 30, 2012,
and December 31, 2011 and the twelve months ended December 31, 2012 and
2011 follow:
|
|
|
At or for the
|
|
|
At or for the
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity
|
|
|
$ 5,656,264
|
|
|
|
$ 5,642,465
|
|
|
|
$ 5,565,704
|
|
|
|
$ 5,656,264
|
|
|
|
$ 5,565,704
|
|
Less: Goodwill
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
Core deposit intangibles
|
|
|
(32,024
|
)
|
|
|
(36,734
|
)
|
|
|
(51,668
|
)
|
|
|
(32,024
|
)
|
|
|
(51,668
|
)
|
Tangible stockholders’ equity
|
|
|
$ 3,188,109
|
|
|
|
$ 3,169,600
|
|
|
|
$ 3,077,905
|
|
|
|
$ 3,188,109
|
|
|
|
$ 3,077,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
$44,145,100
|
|
|
|
$44,093,795
|
|
|
|
$42,024,302
|
|
|
|
$44,145,100
|
|
|
|
$42,024,302
|
|
Less: Goodwill
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
|
|
(2,436,131
|
)
|
Core deposit intangibles
|
|
|
(32,024
|
)
|
|
|
(36,734
|
)
|
|
|
(51,668
|
)
|
|
|
(32,024
|
)
|
|
|
(51,668
|
)
|
Tangible assets
|
|
|
$41,676,945
|
|
|
|
$41,620,930
|
|
|
|
$39,536,503
|
|
|
|
$41,676,945
|
|
|
|
$39,536,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders’ Equity
|
|
|
$3,188,109
|
|
|
|
$3,169,600
|
|
|
|
$3,077,905
|
|
|
|
$3,188,109
|
|
|
|
$3,077,905
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
|
61,705
|
|
|
|
57,674
|
|
|
|
71,910
|
|
|
|
61,705
|
|
|
|
71,910
|
|
Adjusted tangible stockholders’ equity
|
|
|
$3,249,814
|
|
|
|
$3,227,274
|
|
|
|
$3,149,815
|
|
|
|
$3,249,814
|
|
|
|
$3,149,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets
|
|
|
$41,676,945
|
|
|
|
$41,620,930
|
|
|
|
$39,536,503
|
|
|
|
$41,676,945
|
|
|
|
$39,536,503
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
|
61,705
|
|
|
|
57,674
|
|
|
|
71,910
|
|
|
|
61,705
|
|
|
|
71,910
|
|
Adjusted tangible assets
|
|
|
$41,738,650
|
|
|
|
$41,678,604
|
|
|
|
$39,608,413
|
|
|
|
$41,738,650
|
|
|
|
$39,608,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders’ Equity
|
|
|
$ 5,498,040
|
|
|
|
$ 5,557,693
|
|
|
|
$ 5,535,114
|
|
|
|
$ 5,531,055
|
|
|
|
$ 5,501,639
|
|
Less: Average goodwill and core deposit intangibles
|
|
|
(2,471,204
|
)
|
|
|
(2,476,056
|
)
|
|
|
(2,491,327
|
)
|
|
|
(2,478,523
|
)
|
|
|
(2,500,864
|
)
|
Average tangible stockholders’ equity
|
|
|
$ 3,026,836
|
|
|
|
$ 3,081,637
|
|
|
|
$ 3,043,787
|
|
|
|
$ 3,052,532
|
|
|
|
$ 3,000,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets
|
|
|
$43,087,846
|
|
|
|
$43,205,076
|
|
|
|
$41,683,129
|
|
|
|
$42,493,455
|
|
|
|
$41,131,010
|
|
Less: Average goodwill and core deposit intangibles
|
|
|
(2,471,204
|
)
|
|
|
(2,476,056
|
)
|
|
|
(2,491,327
|
)
|
|
|
(2,478,523
|
)
|
|
|
(2,500,864
|
)
|
Average tangible assets
|
|
|
$40,616,642
|
|
|
|
$40,729,020
|
|
|
|
$39,191,802
|
|
|
|
$40,014,932
|
|
|
|
$38,630,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$122,843
|
|
|
|
$128,798
|
|
|
|
$117,652
|
|
|
|
$501,106
|
|
|
|
$480,037
|
|
Add back: Amortization of core deposit intangibles, net of tax
|
|
|
2,826
|
|
|
|
2,913
|
|
|
|
3,269
|
|
|
|
11,786
|
|
|
|
15,640
|
|
Adjusted net income
|
|
|
$125,669
|
|
|
|
$131,711
|
|
|
|
$120,921
|
|
|
|
$512,892
|
|
|
|
$495,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME ANALYSIS
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
December 31, 2012
|
|
|
September 30, 2012
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Yield/
|
|
|
Average
|
|
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Cost
|
|
|
Balance
|
|
|
Interest
|
|
|
Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
$
|
31,327,597
|
|
|
$
|
397,904
|
|
|
5.08
|
%
|
|
|
$
|
30,916,239
|
|
|
$
|
394,935
|
|
|
5.11
|
%
|
Securities and money market investments
|
|
|
|
5,606,278
|
|
|
|
48,868
|
|
|
3.49
|
|
|
|
|
5,182,436
|
|
|
|
47,776
|
|
|
3.69
|
|
Total interest-earning assets
|
|
|
|
36,933,875
|
|
|
|
446,772
|
|
|
4.84
|
|
|
|
|
36,098,675
|
|
|
|
442,711
|
|
|
4.90
|
|
Non-interest-earning assets
|
|
|
|
6,153,971
|
|
|
|
|
|
|
|
|
|
|
7,106,401
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
43,087,846
|
|
|
|
|
|
|
|
|
|
$
|
43,205,076
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
$
|
8,884,441
|
|
|
$
|
9,413
|
|
|
0.42
|
%
|
|
|
$
|
8,842,331
|
|
|
$
|
9,106
|
|
|
0.41
|
%
|
Savings accounts
|
|
|
|
4,163,544
|
|
|
|
3,328
|
|
|
0.32
|
|
|
|
|
4,127,076
|
|
|
|
3,288
|
|
|
0.32
|
|
Certificates of deposit
|
|
|
|
9,066,441
|
|
|
|
23,155
|
|
|
1.02
|
|
|
|
|
9,472,750
|
|
|
|
23,516
|
|
|
0.99
|
|
Total interest-bearing deposits
|
|
|
|
22,114,426
|
|
|
|
35,896
|
|
|
0.65
|
|
|
|
|
22,442,157
|
|
|
|
35,910
|
|
|
0.64
|
|
Borrowed funds
|
|
|
|
12,336,991
|
|
|
|
120,875
|
|
|
3.90
|
|
|
|
|
12,354,988
|
|
|
|
121,851
|
|
|
3.92
|
|
Total interest-bearing liabilities
|
|
|
|
34,451,417
|
|
|
|
156,771
|
|
|
1.81
|
|
|
|
|
34,797,145
|
|
|
|
157,761
|
|
|
1.80
|
|
Non-interest-bearing deposits
|
|
|
|
2,815,353
|
|
|
|
|
|
|
|
|
|
|
2,555,893
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
323,036
|
|
|
|
|
|
|
|
|
|
|
294,345
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
37,589,806
|
|
|
|
|
|
|
|
|
|
|
37,647,383
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
5,498,040
|
|
|
|
|
|
|
|
|
|
|
5,557,693
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
43,087,846
|
|
|
|
|
|
|
|
|
|
$
|
43,205,076
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
$
|
290,001
|
|
|
3.03
|
%
|
|
|
|
|
|
$
|
284,950
|
|
|
3.10
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
|
3.15
|
%
|
|
|
|
|
|
|
|
|
3.17
|
%
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
1.07
|
x
|
|
|
|
|
|
|
|
|
1.04
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1) |
|
|
$15,863,338
|
|
|
$12,741
|
|
|
0.32
|
%
|
|
|
$15,525,300
|
|
|
$12,394
|
|
|
0.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Yield/
|
|
|
Average
|
|
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Cost
|
|
|
Balance
|
|
|
Interest
|
|
|
Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
$
|
31,327,597
|
|
|
$
|
397,904
|
|
|
5.08
|
%
|
|
|
$
|
29,858,411
|
|
|
$
|
414,303
|
|
|
5.55
|
%
|
Securities and money market investments
|
|
|
|
5,606,278
|
|
|
|
48,868
|
|
|
3.49
|
|
|
|
|
5,119,747
|
|
|
|
50,539
|
|
|
3.95
|
|
Total interest-earning assets
|
|
|
|
36,933,875
|
|
|
|
446,772
|
|
|
4.84
|
|
|
|
|
34,978,158
|
|
|
|
464,842
|
|
|
5.31
|
|
Non-interest-earning assets
|
|
|
|
6,153,971
|
|
|
|
|
|
|
|
|
|
|
6,704,971
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
43,087,846
|
|
|
|
|
|
|
|
|
|
$
|
41,683,129
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
$
|
8,884,441
|
|
|
$
|
9,413
|
|
|
0.42
|
%
|
|
|
$
|
8,767,862
|
|
|
$
|
8,638
|
|
|
0.39
|
%
|
Savings accounts
|
|
|
|
4,163,544
|
|
|
|
3,328
|
|
|
0.32
|
|
|
|
|
3,931,038
|
|
|
|
3,459
|
|
|
0.35
|
|
Certificates of deposit
|
|
|
|
9,066,441
|
|
|
|
23,155
|
|
|
1.02
|
|
|
|
|
7,464,519
|
|
|
|
25,301
|
|
|
1.34
|
|
Total interest-bearing deposits
|
|
|
|
22,114,426
|
|
|
|
35,896
|
|
|
0.65
|
|
|
|
|
20,163,419
|
|
|
|
37,398
|
|
|
0.74
|
|
Borrowed funds
|
|
|
|
12,336,991
|
|
|
|
120,875
|
|
|
3.90
|
|
|
|
|
13,124,314
|
|
|
|
127,186
|
|
|
3.85
|
|
Total interest-bearing liabilities
|
|
|
|
34,451,417
|
|
|
|
156,771
|
|
|
1.81
|
|
|
|
|
33,287,733
|
|
|
|
164,584
|
|
|
1.96
|
|
Non-interest-bearing deposits
|
|
|
|
2,815,353
|
|
|
|
|
|
|
|
|
|
|
2,649,959
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
323,036
|
|
|
|
|
|
|
|
|
|
|
210,323
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
37,589,806
|
|
|
|
|
|
|
|
|
|
|
36,148,015
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
5,498,040
|
|
|
|
|
|
|
|
|
|
|
5,535,114
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
43,087,846
|
|
|
|
|
|
|
|
|
|
$
|
41,683,129
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
$
|
290,001
|
|
|
3.03
|
%
|
|
|
|
|
|
$
|
300,258
|
|
|
3.35
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
|
3.15
|
%
|
|
|
|
|
|
|
|
|
3.45
|
%
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
1.07
|
x
|
|
|
|
|
|
|
|
|
1.05
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1) |
|
|
$15,863,338
|
|
|
$12,741
|
|
|
0.32
|
%
|
|
|
$15,348,859
|
|
|
$12,097
|
|
|
0.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Twelve Months Ended
|
|
|
|
December 31, 2012
|
|
|
December 31, 2011
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Yield/
|
|
|
Average
|
|
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Cost
|
|
|
Balance
|
|
|
Interest
|
|
|
Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
$
|
30,906,145
|
|
|
$
|
1,597,504
|
|
|
5.17
|
%
|
|
|
$
|
29,079,468
|
|
|
$
|
1,638,651
|
|
|
5.64
|
%
|
Securities and money market investments
|
|
|
|
5,210,297
|
|
|
|
193,597
|
|
|
3.72
|
|
|
|
|
5,608,502
|
|
|
|
228,013
|
|
|
4.07
|
|
Total interest-earning assets
|
|
|
|
36,116,442
|
|
|
|
1,791,101
|
|
|
4.96
|
|
|
|
|
34,687,970
|
|
|
|
1,866,664
|
|
|
5.38
|
|
Non-interest-earning assets
|
|
|
|
6,377,013
|
|
|
|
|
|
|
|
|
|
|
6,443,040
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
42,493,455
|
|
|
|
|
|
|
|
|
|
$
|
41,131,010
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
$
|
8,833,412
|
|
|
$
|
36,609
|
|
|
0.41
|
%
|
|
|
$
|
8,641,022
|
|
|
$
|
39,285
|
|
|
0.45
|
%
|
Savings accounts
|
|
|
|
4,089,019
|
|
|
|
13,677
|
|
|
0.33
|
|
|
|
|
3,946,965
|
|
|
|
15,488
|
|
|
0.39
|
|
Certificates of deposit
|
|
|
|
8,405,143
|
|
|
|
93,880
|
|
|
1.12
|
|
|
|
|
7,420,397
|
|
|
|
102,400
|
|
|
1.38
|
|
Total interest-bearing deposits
|
|
|
|
21,327,574
|
|
|
|
144,166
|
|
|
0.68
|
|
|
|
|
20,008,384
|
|
|
|
157,173
|
|
|
0.79
|
|
Borrowed funds
|
|
|
|
12,771,311
|
|
|
|
486,914
|
|
|
3.81
|
|
|
|
|
13,136,067
|
|
|
|
509,070
|
|
|
3.88
|
|
Total interest-bearing liabilities
|
|
|
|
34,098,885
|
|
|
|
631,080
|
|
|
1.85
|
|
|
|
|
33,144,451
|
|
|
|
666,243
|
|
|
2.01
|
|
Non-interest-bearing deposits
|
|
|
|
2,575,841
|
|
|
|
|
|
|
|
|
|
|
2,222,280
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
287,674
|
|
|
|
|
|
|
|
|
|
|
262,640
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
36,962,400
|
|
|
|
|
|
|
|
|
|
|
35,629,371
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
5,531,055
|
|
|
|
|
|
|
|
|
|
|
5,501,639
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
42,493,455
|
|
|
|
|
|
|
|
|
|
$
|
41,131,010
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
$
|
1,160,021
|
|
|
3.11
|
%
|
|
|
|
|
|
$
|
1,200,421
|
|
|
3.37
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
|
3.21
|
%
|
|
|
|
|
|
|
|
|
3.46
|
%
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
1.06
|
x
|
|
|
|
|
|
|
|
|
1.05
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1) |
|
|
$15,498,272
|
|
|
$50,286
|
|
|
0.32
|
%
|
|
|
$14,810,267
|
|
|
$54,773
|
|
|
0.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Twelve Months Ended
|
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
GAAP EARNINGS DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$122,843
|
|
|
|
$128,798
|
|
|
|
$117,652
|
|
|
|
$501,106
|
|
|
|
$480,037
|
|
Basic earnings per share
|
|
|
0.28
|
|
|
|
$0.29
|
|
|
|
0.27
|
|
|
|
1.13
|
|
|
|
1.09
|
|
Diluted earnings per share
|
|
|
0.28
|
|
|
|
0.29
|
|
|
|
0.27
|
|
|
|
1.13
|
|
|
|
1.09
|
|
Return on average assets
|
|
|
1.14
|
%
|
|
|
1.19
|
%
|
|
|
1.13
|
%
|
|
|
1.18
|
%
|
|
|
1.17
|
%
|
Return on average tangible assets (1) |
|
|
1.24
|
|
|
|
1.29
|
|
|
|
1.23
|
|
|
|
1.28
|
|
|
|
1.28
|
|
Return on average stockholders’ equity
|
|
|
8.94
|
|
|
|
9.27
|
|
|
|
8.50
|
|
|
|
9.06
|
|
|
|
8.73
|
|
Return on average tangible stockholders’ equity (1) |
|
|
16.61
|
|
|
|
17.10
|
|
|
|
15.89
|
|
|
|
16.80
|
|
|
|
16.52
|
|
Efficiency ratio (2) |
|
|
43.37
|
|
|
|
40.50
|
|
|
|
39.15
|
|
|
|
40.75
|
|
|
|
40.03
|
|
Operating expenses to average assets
|
|
|
1.39
|
|
|
|
1.37
|
|
|
|
1.35
|
|
|
|
1.40
|
|
|
|
1.40
|
|
Interest rate spread
|
|
|
3.03
|
|
|
|
3.10
|
|
|
|
3.35
|
|
|
|
3.11
|
|
|
|
3.37
|
|
Net interest margin
|
|
|
3.15
|
|
|
|
3.17
|
|
|
|
3.45
|
|
|
|
3.21
|
|
|
|
3.46
|
|
Effective tax rate
|
|
|
35.1
|
%
|
|
|
35.8
|
%
|
|
|
35.0
|
%
|
|
|
35.8
|
%
|
|
|
34.7
|
%
|
Shares used for basic EPS computation
|
|
|
437,749,264
|
|
|
|
437,787,688
|
|
|
|
436,142,347
|
|
|
|
437,706,702
|
|
|
|
436,018,938
|
|
Shares used for diluted EPS computation
|
|
|
437,756,323
|
|
|
|
437,793,352
|
|
|
|
436,145,835
|
|
|
|
437,712,242
|
|
|
|
436,143,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 GAAP efficiency ratio by dividing our operating
expenses by the sum of our net interest income and non-interest
income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
Capital Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
|
$12.88
|
|
|
|
$12.85
|
|
|
|
$12.73
|
|
Tangible book value per share (1) |
|
|
7.26
|
|
|
|
7.22
|
|
|
|
7.04
|
|
Stockholders’ equity to total assets
|
|
|
12.81
|
%
|
|
|
12.80
|
%
|
|
|
13.24
|
%
|
Tangible stockholders’ equity to tangible assets (1) |
|
|
7.65
|
|
|
|
7.62
|
|
|
|
7.78
|
|
Tangible stockholders’ equity to tangible assets excluding
accumulated other comprehensive loss, net of tax (1)
|
|
|
7.79
|
|
|
|
7.74
|
|
|
|
7.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2012
|
|
|
2011
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Regulatory Capital Ratios: (1) |
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New York Community Bank
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Leverage capital ratio
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8.33
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%
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8.29
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%
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8.46
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%
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Tier 1 risk-based capital ratio
|
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12.50
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12.69
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|
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12.78
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Total risk-based capital ratio
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13.22
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|
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13.42
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13.42
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New York Commercial Bank
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Leverage capital ratio
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11.59
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%
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13.61
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%
|
|
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13.01
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%
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Tier 1 risk-based capital ratio
|
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16.64
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16.85
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17.01
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Total risk-based capital ratio
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17.24
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17.45
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17.69
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(1)
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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%.
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