New York Community Bancorp, Inc. Reports 1st Quarter 2013 Diluted Non-GAAP Cash EPS of $0.29 (1) and Diluted GAAP EPS of $0.27
New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today
reported GAAP earnings of $118.7 million, or $0.27 per diluted share,
and cash earnings of $128.6 million, or $0.29 per diluted share, for the
three months ended March 31, 2013.(1)
__________
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.
Commenting on the Company’s first quarter results, President and Chief
Executive Officer Joseph R. Ficalora stated, “In the first quarter of
2013, we generated GAAP earnings of $118.7 million, providing a 1.19%
return on average tangible assets and a 15.34% return on average
tangible stockholders’ equity.(2) At $0.27, our diluted
earnings per share were consistent with the year-earlier level and a
penny shy of the level recorded in the fourth quarter of last year.
“Our results reflect a number of strengths, including the growth of our
held-for-investment loans at an annualized rate of 12.2%, to $28.1
billion, which was driven by the growth of our multi-family loan
portfolio. Multi-family loans totaled $19.2 billion at the end of the
quarter, reflecting an annualized growth rate of 13.4%.
“The growth of our loan portfolio occurred in tandem with a decline in
non-performing non-covered assets, as well as a reduction in the balance
of loans 30 to 89 days past due. Non-performing non-covered assets fell
$103.1 million year-over-year—a 28.1% improvement—and, on a
linked-quarter basis, were down $26.7 million, or 9.2%, to $263.9
million. In addition, loans 30 to 89 days past due fell 67.5%
year-over-year, and 28.2% linked-quarter, to $19.8 million, and net
charge-offs represented a modest 0.02% of average loans in the first
three months of this year.
“I also would like to make mention of our net interest income and
margin, both of which were affected by a linked-quarter reduction in
income from prepayment penalties. In the first quarter of 2013,
prepayment penalty income contributed $19.9 million to net interest
income—in contrast to $39.3 million in the fourth quarter of 2012. Of
the latter amount, $17.9 million stemmed from one prepayment—of a $545.5
million loan relationship with a single borrower. The same prepayment
accounted for 19 of the 43 basis points contributed by prepays to our
fourth quarter margin. Excluding the impact of this one large
prepayment, prepayment penalty income contributed 24 basis points to our
fourth quarter margin--more consistent with the 21 basis points
contributed to our margin by prepays in the first quarter of this year.(3)
“Excluding prepays entirely, the difference between our current first
and fourth quarter 2012 margins is a linked-quarter increase of two
basis points. The stability of our margin, absent the impact of
prepayment penalty income, was largely attributable to the growth of our
average interest-earning assets to $37.1 billion, and a 20-basis point
reduction in our average cost of funds to 1.61%. The linked-quarter
decline was largely due to the repositioning of $6.0 billion of borrowed
funds that began late in the fourth quarter and continued in the first
two weeks of 2013. (3)
“At $26.1 million, mortgage banking income continued to contribute to
our earnings, although to a lesser extent than it did in the fourth
quarter of last year. While fewer loans were produced for sale, this was
not unexpected, given the seasonality of the residential mortgage
business, and the linked-quarter rise in residential mortgage interest
rates.”
Board of Directors Declares $0.25 per Share
Dividend Payable on May 17, 2013
"Reflecting the continued strength of our earnings and capital--tangible
stockholders' equity rose to $3.2 billion at the end of the quarter--the
Board of Directors last night declared, for the 37th consecutive
quarter, a quarterly cash dividend of $0.25 per share. The dividend is
payable on May 17th to shareholders of record at the close of business
on May 7, 2013," Mr. Ficalora said.
Balance Sheet Summary
Total assets rose $366.6 million in the first three months of 2013, to
$44.5 billion at March 31st.
Loans
Loans represented $31.8 billion, or 71.4%, of total assets at the close
of the current first quarter, a $222.5 million increase from the balance
at December 31, 2012.
Loans Held for Investment
In the first three months of 2013, total loans held for investment rose
$829.9 million to $28.1 billion, reflecting an annualized growth rate of
12.2%. The March 31st balance represented 63.2% of total assets, as
compared to 61.8% at December 31, 2012. Multi-family loans accounted for
$622.8 million of the three-month increase, while commercial real estate
(“CRE”) loans and one-to-four family loans accounted for $106.3 million
and $101.9 million, respectively.
Originations of held-for-investment loans totaled $2.2 billion in the
current first quarter, reflecting a year-over-year increase of $99.2
million and a linked-quarter reduction of $589.5 million. Multi-family
loans represented $1.5 billion of the current first quarter’s
production, up $491.6 million from the year-earlier volume and down
$256.2 million from the volume recorded in the fourth quarter of 2012.
CRE loans accounted for $386.4 million of the loans produced for
investment in the current first quarter, reflecting a year-over-year
decrease of $529.8 million and a linked-quarter decrease of $277.8
million. The linked-quarter decline in originations of multi-family and
CRE credits was due to two primary factors: the seasonality of such
lending, and the high level of property transactions that occurred in
the trailing quarter as borrowers anticipated changes being made to the
U.S. tax code.
The following table provides additional information about the
multi-family and CRE loan portfolios:
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(dollars in thousands)
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March 31, 2013
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December 31, 2012
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Multi-Family Loan Portfolio:
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Loans outstanding
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$19,228,034
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$18,605,185
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Percent of held-for-investment loans
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68.4
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%
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68.2
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%
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Average loan size
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$4,234
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$4,107
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Expected weighted average life
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2.9
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years
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2.9
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years
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Commercial Real Estate Loan Portfolio:
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Loans outstanding
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$7,543,238
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$7,436,950
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Percent of held-for-investment loans
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26.8
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%
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27.3
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%
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Average loan size
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$4,656
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$4,571
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Expected weighted average life
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3.4
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years
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3.4
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years
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Reflecting the aforementioned volume of originations, one-to-four family
loans accounted for $305.3 million, or 1.1%, of loans held for
investment at the end of the current first quarter, as compared to
$203.4 million, or 0.75%, at December 31, 2012. Acquisition,
development, and construction (“ADC”) loans represented $398.4 million,
or 1.4%, of total loans held for investment and other loans represented
$639.4 million, or 2.3%, at March 31st.
Loans Held for Sale
The average balance of loans held for sale was $935.8 million in the
current first quarter, reflecting a linked-quarter decrease of $116.8
million and a year-over-year increase of $91.5 million. In the first
three months of 2013, the Company originated loans held for sale of $2.4
billion, down $125.7 million and $592.9 million, respectively, from the
year-earlier and trailing-quarter amounts. In addition to reflecting
seasonal factors, the decline in production reflects the rise in
residential mortgage interest rates during the three months ended March
31, 2013.
Covered Loans
Primarily reflecting repayments, loans acquired in FDIC-assisted
transactions declined $117.2 million from the balance at the end of
December, to $3.2 billion at March 31, 2013.
Pipeline
The current loan pipeline is approximately $3.5 billion, including loans
held for investment of approximately $1.8 billion and one-to-four family
loans held for sale of approximately $1.7 billion.
Asset Quality
The following discussion pertains only to the Company's portfolio of
non-covered loans held for investment and non-covered other real estate
owned ("OREO").
The Company’s asset quality improved in the current first quarter, as
reflected in the following table:
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(dollars in thousands)
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March 31, 2013
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December 31, 2012
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March 31, 2012
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Non-Performing Non-Covered Assets:
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Non-accrual non-covered mortgage loans:
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Multi-family
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$109,688
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$163,460
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$188,778
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Commercial real estate
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55,735
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56,863
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63,347
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Acquisition, development, and construction
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8,959
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12,091
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36,599
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One-to-four family
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11,317
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10,945
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9,851
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Total non-accrual non-covered mortgage loans
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$185,699
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$243,359
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$298,575
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Other non-accrual non-covered loans
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7,914
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17,971
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7,549
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Total non-performing non-covered loans
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$193,613
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$261,330
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$306,124
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Other real estate owned
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70,319
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29,300
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60,890
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Total non-performing non-covered assets
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$263,932
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$290,630
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$367,014
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The linked-quarter increase in OREO to $70.3 million was attributable to
a $41.6 million multi-family loan that moved from non-accrual status to
OREO.
In addition, the balance of loans 30 to 89 days past due declined $41.1
million year-over-year, and $7.8 million since the end of December, to
$19.8 million at March 31, 2013. Reflecting the reductions in loans 30
to 89 days past due and non-performing assets, total delinquencies at
that date equaled $283.7 million, an improvement from $427.9 million and
$318.2 million, respectively, at March 31, 2012 and December 31, 2012.
Net charge-offs fell $10.0 million year-over-year, and rose $2.5 million
linked-quarter, to $5.6 million, representing 0.02% of average loans in
the three months ended March 31, 2013. In the first and fourth quarters
of 2012, the comparable measures were 0.05% and 0.01%, respectively. The
allowance for losses on non-covered loans totaled $140.4 million at the
end of the current first quarter, representing 0.50% of total
non-covered loans and 72.51% of non-performing non-covered loans.
The following table presents the Company's asset quality measures at or
for the three months ended March 31, 2013, December 31, 2012, and March
31, 2012:
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March 31, 2013
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December 31, 2012
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March 31, 2012
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Non-performing non-covered loans to total loans
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0.62
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%
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0.85
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%
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1.01
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%
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Non-performing non-covered assets to total assets
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0.59
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0.66
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0.85
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Net charge-offs during the period to average loans during the
period (non-annualized)
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0.02
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0.01
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0.05
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Allowance for losses on non-covered loans to non-performing
non-covered loans
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72.51
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53.93
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44.68
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Allowance for losses on non-covered loans to total non-covered
loans
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0.50
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0.52
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0.51
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Securities
Total securities rose $550.7 million, or 11.2%, to $5.5 billion,
representing 12.3% of total assets at March 31st. Government-sponsored
enterprise ("GSE") securities represented 92.2% of total securities at
the end of the current first quarter, as compared to 91.3% at December
31, 2012. Securities held to maturity represented $5.1 billion, or
94.1%, of the March 31, 2013 total, while available-for-sale securities
represented the remaining 5.9%.
Funding Sources
Deposits rose $600.2 million from the balance at the end of December to
$25.5 billion, representing 57.2% of total assets, at March 31, 2013.
The increase was organic in nature, as customers across the Company’s
five-state franchise responded favorably to a retail deposit campaign.
As a result, savings accounts rose $632.4 million to $4.8 billion in the
current first quarter and NOW and money market accounts rose $514.0
million to $9.3 billion. Deposit growth was partly offset by a $468.1
million decline in certificates of deposit (“CDs”) to $8.7 billion and a
$78.2 million decrease in non-interest-bearing accounts to $2.7 billion.
Wholesale borrowings totaled $12.8 billion at the end of the current
first quarter, down $251.7 million from the balance at December 31, 2012.
Stockholders’ Equity
Stockholders’ equity totaled $5.7 billion at the close of the current
first quarter, reflecting a $9.4 million increase from the balance at
December 31, 2012. Tangible stockholders’ equity also rose during this
time, by $13.8 million, to $3.2 billion at March 31, 2013.
In addition, the regulatory capital ratios for both New York Community
Bank and New York Commercial Bank continued to exceed the federal
requirements for “well capitalized” classification, as indicated in the
table on the last page of this release.
Earnings Summary for the Three Months Ended
March 31, 2013
Net Interest Income
In the three months ended March 31, 2013, the Company recorded net
interest income of $275.2 million, reflecting a $13.2 million, or 4.6%,
reduction from the year-earlier level and a $14.8 million, or 5.1%,
reduction from the trailing-quarter amount. While interest expense fell
$20.6 million year-over-year and $19.1 million linked-quarter, to $137.6
million, interest income fell $33.8 million and $34.0 million,
respectively, to $412.8 million over the corresponding periods. In
addition, the Company's net interest margin was 2.95% in the current
first quarter, as compared to 3.24% in the year-earlier quarter and
3.15% in the fourth quarter of 2012.
The following factors contributed to the changes in net interest income
and margin:
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Prepayment penalty income accounted for $19.9 million of the interest
income recorded in the current first quarter, as compared to $17.5
million and $39.3 million, respectively, in the three months ended
March 31, 2012 and December 31, 2012. The primary reason for the
linked-quarter decline was the prepayment of a $545.5 million loan
relationship in November, which generated $17.9 million of prepayment
penalty income in the fourth quarter of 2012.
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Prepayment penalty income contributed 21 basis points to the Company’s
margin in the current first quarter, as compared to 20 basis points in
the year-earlier quarter and 43 basis points in the trailing three
months. Included in the trailing-quarter amount were 19 basis points
stemming from the prepayment of the aforementioned large loan
relationship. Absent the contribution of prepayment penalty income,
the Company’s margin was two basis points higher in the current first
quarter than it was in the fourth quarter of 2012. (3)
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The linked-quarter declines in the Company's net interest income and
margin were tempered by a $122.4 million increase in the average
balance of interest-earning assets to $37.1 billion, the net effect of
a $287.4 million increase in average loans to $31.6 billion and a
$165.0 million reduction in average securities to $5.4 billion,
primarily reflecting sales. In addition, the average cost of
interest-bearing liabilities fell 20 basis points, to 1.61% in the
current first quarter, largely reflecting a 55-basis point decline in
the average cost of borrowed funds to 3.35%. The latter decline was
largely due to the repositioning of $6.0 billion of borrowed funds
that began in the latter part of December and continued in the first
two weeks of 2013.
Provisions for Loan Losses
The provision for losses on non-covered loans was $5.0 million in the
current first quarter, $10.0 million less than the year-earlier level
and consistent with the level recorded in the fourth quarter of 2012.
In addition, the Company recorded a $4.5 million provision for losses on
covered loans in the current first quarter, in contrast to a recovery of
$3.3 million from the covered loan loss allowance in the trailing
three-month period. Because the covered loan portfolio is covered by
FDIC loss sharing agreements, the provision recorded in the current
first quarter was partially offset by FDIC indemnification income of
$3.6 million, which was recorded in non-interest income in the same
three-month period. Similarly, the recovery recorded in the trailing
quarter was partially offset by FDIC indemnification expense of $2.6
million, which was recorded in non-interest income in the fourth quarter
of 2012.
Non-Interest Income
Non-interest income rose $13.6 million year-over-year, and $20.1 million
linked-quarter, to $75.6 million in the three months ended March 31,
2013. While FDIC indemnification income and a rise in other income
contributed to these increases, the primary contributor was securities
gains, as further discussed below:
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The Company recorded securities gains of $16.6 million in the current
first quarter, in contrast to $718,000 and $672,000, respectively, in
the year-earlier and trailing three-month periods.
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In addition, other income rose $6.4 million year-over-year and $3.1
million linked-quarter, to $13.2 million, primarily reflecting the
recovery of $3.9 million on a security that previously had been
classified as other than temporarily impaired.
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The rise in other income more than offset modest declines in fee
income and income from bank-owned life insurance (”BOLI”) in the
current first quarter, to $8.8 million and $7.3 million, respectively.
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The increase in non-interest income was largely offset by a decline in
mortgage banking income as seasonality combined with an increase in
residential mortgage interest rates during the current first quarter
to result in a lower level of refinancing activity. Specifically,
mortgage banking income fell $9.1 million year-over-year, and $6.5
million linked-quarter, to $26.1 million in the first quarter of this
year. Income from originations accounted for $25.9 million of the
current first quarter total and servicing income accounted for the
rest.
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Together, mortgage banking income, fee income, BOLI income, and other
income totaled $55.3 million in the current first quarter, as compared
to $61.3 million and $59.8 million, respectively, in the three months
ended March 31, 2012 and December 31, 2012.
Non-Interest Expense
Non-interest expense rose $5.9 million year-over-year, and $1.5 million
linked-quarter, to $156.1 million in the first three months of 2013.
Operating expenses accounted for $151.7 million of non-interest expense
in the current first quarter, rising $6.7 million and $1.8 million,
respectively, from the year-earlier and trailing-quarter amounts. A
summary of the factors contributing to these increases follows:
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Primarily reflecting non-recurring severance and retirement costs of
$6.0 million, compensation and benefits expense rose $9.9 million
year-over-year, and $8.3 million linked-quarter, to $83.5 million in
the three months ended March 31, 2013. The remainder of the increase
was due to higher payroll taxes, normal year-end salary increases, and
the granting of incentive stock awards.
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General and administrative expense declined $4.9 million
year-over-year, and $7.4 million linked-quarter, to $44.6 million,
primarily reflecting a reduction in FDIC deposit insurance premiums
and a decline in legal and other professional fees.
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Occupancy and equipment expense rose $1.7 million year-over-year, and
$1.0 million linked-quarter, to $23.6 million.
About New York Community Bancorp, Inc.
With assets of $44.5 billion at March 31, 2013, 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 35 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 18 of its branches
under the divisional name Atlantic Bank. Additional information about
the Company and its bank subsidiaries is available at www.myNYCB.com
and www.NewYorkCommercialBank.com.
Post-Earnings Release Conference Call
As previously announced, the Company will host a conference call on
Wednesday, April 24, 2013, at 9:30 a.m. (Eastern Time) to discuss its
first quarter 2013 performance and strategies. The conference call may
be accessed by dialing (866) 952-1906 (for domestic calls) or (785)
424-1825 (for international calls) and providing the following access
code: 1Q13NYCB. A replay will be available approximately two hours
following completion of the call through midnight on April 28th, and may
be accessed by calling (800) 283-4642 (domestic) or (402) 220-0857
(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
May 22, 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, 2012, including in the Risk Factors
section of that and other SEC reports. Our forward-looking statements
may also be subject to other risks and uncertainties, including those we
may discuss elsewhere in this news release, 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 -
|
Footnotes to the Text
|
|
(1)
|
|
|
Cash earnings and the related profitability measures are non-GAAP
financial measures. Please see the reconciliations of our GAAP
earnings and cash earnings on page 10 of this release.
|
(2)
|
|
|
Tangible assets and tangible stockholders’ equity are non-GAAP
capital measures. Please see the reconciliations of our GAAP and
non-GAAP capital measures on page 11 of this release.
|
(3)
|
|
|
Net interest income totaled $275.2 million in the three months ended
March 31, 2013, as compared to $288.4 million and $290.0 million,
respectively, in the three months ended March 31, 2012 and December
31, 2012. Prepayment penalty income contributed $19.9 million to net
interest income in the current first quarter, as compared to $17.5
million and $39.3 million, respectively, in the earlier periods.
Similarly, the Company’s net interest margin was 2.95% in the
current first quarter, as compared to 3.24% in the year-earlier
quarter and 3.15% in the trailing three months. Prepayment penalty
income contributed 21 basis points to the current first quarter
margin, as compared to 20 and 43 basis points, respectively, in the
earlier periods.
|
(4)
|
|
|
We define total revenues as the sum of net interest income and
non-interest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
December 31,
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$ 2,055,058
|
|
|
|
|
|
$ 2,427,258
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
324,361
|
|
|
|
|
|
429,266
|
|
Held-to-maturity
|
|
|
5,139,826
|
|
|
|
|
|
4,484,262
|
|
Total securities
|
|
|
5,464,187
|
|
|
|
|
|
4,913,528
|
|
Loans held for sale
|
|
|
718,095
|
|
|
|
|
|
1,204,370
|
|
Non-covered mortgage loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
19,228,034
|
|
|
|
|
|
18,605,185
|
|
Commercial real estate
|
|
|
7,543,238
|
|
|
|
|
|
7,436,950
|
|
Acquisition, development, and construction
|
|
|
398,405
|
|
|
|
|
|
397,288
|
|
One-to-four family
|
|
|
305,339
|
|
|
|
|
|
203,434
|
|
Total non-covered mortgage loans held for investment
|
|
|
27,475,016
|
|
|
|
|
|
26,642,857
|
|
Non-covered other loans held for investment
|
|
|
639,361
|
|
|
|
|
|
641,607
|
|
Total non-covered loans held for investment
|
|
|
28,114,377
|
|
|
|
|
|
27,284,464
|
|
Less: Allowance for losses on non-covered loans
|
|
|
(140,387
|
)
|
|
|
|
|
(140,948
|
)
|
Non-covered loans held for investment, net
|
|
|
27,973,990
|
|
|
|
|
|
27,143,516
|
|
Covered loans
|
|
|
3,166,897
|
|
|
|
|
|
3,284,061
|
|
Less: Allowance for losses on covered loans
|
|
|
(55,813
|
)
|
|
|
|
|
(51,311
|
)
|
Covered loans, net
|
|
|
3,111,084
|
|
|
|
|
|
3,232,750
|
|
Total loans, net
|
|
|
31,803,169
|
|
|
|
|
|
31,580,636
|
|
Federal Home Loan Bank stock, at cost
|
|
|
456,557
|
|
|
|
|
|
469,145
|
|
Premises and equipment, net
|
|
|
264,660
|
|
|
|
|
|
264,149
|
|
FDIC loss share receivable
|
|
|
548,604
|
|
|
|
|
|
566,479
|
|
Goodwill
|
|
|
2,436,131
|
|
|
|
|
|
2,436,131
|
|
Core deposit intangibles, net
|
|
|
27,603
|
|
|
|
|
|
32,024
|
|
Other assets (includes $46,887 and $45,115, respectively, of other
real estate owned covered by loss sharing agreements)
|
|
|
1,455,749
|
|
|
|
|
|
1,455,750
|
|
Total assets
|
|
|
$
|
44,511,718
|
|
|
|
|
|
$44,145,100
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
$
|
9,297,827
|
|
|
|
|
|
$ 8,783,795
|
|
Savings accounts
|
|
|
|
4,846,361
|
|
|
|
|
|
4,213,972
|
|
Certificates of deposit
|
|
|
|
8,652,828
|
|
|
|
|
|
9,120,914
|
|
Non-interest-bearing accounts
|
|
|
|
2,680,656
|
|
|
|
|
|
2,758,840
|
|
Total deposits
|
|
|
|
25,477,672
|
|
|
|
|
|
24,877,521
|
|
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
Wholesale borrowings
|
|
|
|
12,816,301
|
|
|
|
|
|
13,067,974
|
|
Junior subordinated debentures
|
|
|
|
357,967
|
|
|
|
|
|
357,917
|
|
Other borrowings
|
|
|
|
4,300
|
|
|
|
|
|
4,300
|
|
Total borrowed funds
|
|
|
|
13,178,568
|
|
|
|
|
|
13,430,191
|
|
Other liabilities
|
|
|
|
189,864
|
|
|
|
|
|
181,124
|
|
Total liabilities
|
|
|
|
38,846,104
|
|
|
|
|
|
38,488,836
|
|
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;
440,867,068 and 439,133,951 shares issued, and 440,867,068 and
439,050,966 shares outstanding, respectively)
|
|
|
|
4,409
|
|
|
|
|
|
4,391
|
|
Paid-in capital in excess of par
|
|
|
|
5,327,491
|
|
|
|
|
|
5,327,111
|
|
Retained earnings
|
|
|
|
396,242
|
|
|
|
|
|
387,534
|
|
Treasury stock, at cost (0 and 82,985 shares, respectively)
|
|
|
|
--
|
|
|
|
|
|
(1,067
|
)
|
Accumulated other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain on securities available for sale, net of tax
|
|
|
|
10,277
|
|
|
|
|
|
12,614
|
|
Net unrealized loss on the non-credit portion of
other-than-temporary impairment losses, net of tax
|
|
|
|
(13,497
|
)
|
|
|
|
|
(13,525
|
)
|
Pension and post-retirement obligations, net of tax
|
|
|
|
(59,308
|
)
|
|
|
|
|
(60,794
|
)
|
Total accumulated other comprehensive loss, net of tax
|
|
|
|
(62,528
|
)
|
|
|
|
|
(61,705
|
)
|
Total stockholders’ equity
|
|
|
|
5,665,614
|
|
|
|
|
|
5,656,264
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
44,511,718
|
|
|
|
|
|
$44,145,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2012
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans
|
|
|
|
|
|
$
|
366,999
|
|
|
|
$
|
397,904
|
|
|
|
$
|
398,184
|
Securities and money market investments
|
|
|
|
|
|
|
45,808
|
|
|
|
|
48,868
|
|
|
|
|
48,454
|
Total interest income
|
|
|
|
|
|
|
412,807
|
|
|
|
|
446,772
|
|
|
|
|
446,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
|
|
9,175
|
|
|
|
|
9,413
|
|
|
|
|
8,733
|
Savings accounts
|
|
|
|
|
|
|
4,021
|
|
|
|
|
3,328
|
|
|
|
|
3,496
|
Certificates of deposit
|
|
|
|
|
|
|
22,235
|
|
|
|
|
23,155
|
|
|
|
|
23,720
|
Borrowed funds
|
|
|
|
|
|
|
102,200
|
|
|
|
|
120,875
|
|
|
|
|
122,275
|
Total interest expense
|
|
|
|
|
|
|
137,631
|
|
|
|
|
156,771
|
|
|
|
|
158,224
|
Net interest income
|
|
|
|
|
|
|
275,176
|
|
|
|
|
290,001
|
|
|
|
|
288,414
|
Provision for losses on non-covered loans
|
|
|
|
|
|
|
5,000
|
|
|
|
|
5,000
|
|
|
|
|
15,000
|
Provision for (recovery of) losses on covered loans
|
|
|
|
|
|
|
4,502
|
|
|
|
|
(3,280
|
)
|
|
|
|
--
|
Net interest income after provisions
for loan losses
|
|
|
|
|
|
|
265,674
|
|
|
|
|
288,281
|
|
|
|
|
273,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income
|
|
|
|
|
|
|
26,109
|
|
|
|
|
32,574
|
|
|
|
|
35,165
|
Fee income
|
|
|
|
|
|
|
8,772
|
|
|
|
|
9,730
|
|
|
|
|
9,758
|
Bank-owned life insurance
|
|
|
|
|
|
|
7,253
|
|
|
|
|
7,334
|
|
|
|
|
9,585
|
Gain on sales of securities
|
|
|
|
|
|
|
16,622
|
|
|
|
|
672
|
|
|
|
|
718
|
FDIC indemnification income (expense)
|
|
|
|
|
|
|
3,602
|
|
|
|
|
(2,625
|
)
|
|
|
|
--
|
Loss on debt redemption
|
|
|
|
|
|
|
--
|
|
|
|
|
(2,313
|
)
|
|
|
|
--
|
Other income
|
|
|
|
|
|
|
13,193
|
|
|
|
|
10,123
|
|
|
|
|
6,770
|
Total non-interest income
|
|
|
|
|
|
|
75,551
|
|
|
|
|
55,495
|
|
|
|
|
61,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
|
83,506
|
|
|
|
|
75,250
|
|
|
|
|
73,617
|
Occupancy and equipment
|
|
|
|
|
|
|
23,600
|
|
|
|
|
22,649
|
|
|
|
|
21,884
|
General and administrative
|
|
|
|
|
|
|
44,569
|
|
|
|
|
51,941
|
|
|
|
|
49,517
|
Total operating expenses
|
|
|
|
|
|
|
151,675
|
|
|
|
|
149,840
|
|
|
|
|
145,018
|
Amortization of core deposit intangibles
|
|
|
|
|
|
|
4,421
|
|
|
|
|
4,710
|
|
|
|
|
5,159
|
Total non-interest expense
|
|
|
|
|
|
|
156,096
|
|
|
|
|
154,550
|
|
|
|
|
150,177
|
Income before income taxes
|
|
|
|
|
|
|
185,129
|
|
|
|
|
189,226
|
|
|
|
|
185,233
|
Income tax expense
|
|
|
|
|
|
|
66,454
|
|
|
|
|
66,383
|
|
|
|
|
66,980
|
Net Income
|
|
|
|
|
|
$
|
118,675
|
|
|
|
$
|
122,843
|
|
|
|
$
|
118,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
|
$0.27
|
|
|
|
$0.28
|
|
|
|
$0.27
|
Diluted earnings per share
|
|
|
|
|
|
$0.27
|
|
|
|
$0.28
|
|
|
|
$0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
March 31, 2013, December 31, 2012, and March 31, 2012 follow:
(in thousands, except per share data)
|
|
|
|
|
For the Three Months Ended
|
|
|
|
March 31, 2013
|
|
|
|
Dec. 31, 2012
|
|
|
|
March 31, 2012
|
GAAP Earnings
|
|
|
|
|
$
|
118,675
|
|
|
|
|
$
|
122,843
|
|
|
|
|
$
|
118,253
|
|
Additional contributions to tangible stockholders’ equity:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-related
benefit plans
|
|
|
|
|
|
5,537
|
|
|
|
|
|
5,207
|
|
|
|
|
|
5,071
|
|
Associated tax effects
|
|
|
|
|
|
(64
|
)
|
|
|
|
|
249
|
|
|
|
|
|
(354
|
)
|
Amortization of core deposit intangibles
|
|
|
|
|
|
4,421
|
|
|
|
|
|
4,710
|
|
|
|
|
|
5,159
|
|
Total additional contributions to tangible stockholders’ equity (1) |
|
|
|
|
|
9,894
|
|
|
|
|
|
10,166
|
|
|
|
|
|
9,876
|
|
Cash earnings
|
|
|
|
|
$
|
128,569
|
|
|
|
|
$
|
133,009
|
|
|
|
|
$
|
128,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Earnings per Share
|
|
|
|
|
$0.27
|
|
|
|
|
$0.28
|
|
|
|
|
$0.27
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and appreciation of shares held in stock-related
benefit plans
|
|
|
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
Associated tax effects
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
Amortization of core deposit intangibles
|
|
|
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
Total additions
|
|
|
|
|
|
0.02
|
|
|
|
|
|
0.02
|
|
|
|
|
|
0.02
|
|
Diluted cash earnings per share
|
|
|
|
|
$0.29
|
|
|
|
|
$0.30
|
|
|
|
|
$0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Earnings Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash return on average assets
|
|
|
|
|
|
1.19
|
%
|
|
|
|
|
1.23
|
%
|
|
|
|
|
1.23
|
%
|
Cash return on average tangible assets (1) |
|
|
|
|
|
1.26
|
|
|
|
|
|
1.31
|
|
|
|
|
|
1.30
|
|
Cash return on average stockholders’ equity
|
|
|
|
|
|
9.13
|
|
|
|
|
|
9.68
|
|
|
|
|
|
9.27
|
|
Cash return on average tangible stockholders’ equity (1) |
|
|
|
|
|
16.25
|
|
|
|
|
|
17.58
|
|
|
|
|
|
16.85
|
|
Cash efficiency ratio (2) |
|
|
|
|
|
41.67
|
|
|
|
|
|
41.86
|
|
|
|
|
|
39.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 excluding the amortization
and appreciation of shares held in our stock-related benefit plans
from our operating expenses and dividing the resultant amount by the
sum of our net interest income and non-interest income.
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF GAAP
AND NON-GAAP CAPITAL MEASURES
(unaudited)
Although tangible stockholders’ equity, adjusted tangible stockholders’
equity, tangible assets, and adjusted tangible assets are not calculated
in accordance with GAAP, management uses these non-GAAP capital measures
in their analysis of our financial performance. We believe that these
non-GAAP capital measures are an important indication of our ability to
grow both organically and through business combinations, and, with
respect to tangible stockholders’ equity and adjusted tangible
stockholders’ equity, our ability to pay dividends and 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 March 31, 2013 and December 31, 2012
follow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
|
Dec. 31,
|
|
|
|
|
|
2013
|
|
|
|
2012
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity
|
|
|
|
|
$
|
5,665,614
|
|
|
|
|
|
$
|
5,656,264
|
|
Less: Goodwill
|
|
|
|
|
|
(2,436,131
|
)
|
|
|
|
|
|
(2,436,131
|
)
|
Core deposit intangibles
|
|
|
|
|
|
(27,603
|
)
|
|
|
|
|
|
(32,024
|
)
|
Tangible stockholders’ equity
|
|
|
|
|
$
|
3,201,880
|
|
|
|
|
|
$
|
3,188,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
|
|
$
|
44,511,718
|
|
|
|
|
|
$
|
44,145,100
|
|
Less: Goodwill
|
|
|
|
|
|
(2,436,131
|
)
|
|
|
|
|
|
(2,436,131
|
)
|
Core deposit intangibles
|
|
|
|
|
|
(27,603
|
)
|
|
|
|
|
|
(32,024
|
)
|
Tangible assets
|
|
|
|
|
$
|
42,047,984
|
|
|
|
|
|
$
|
41,676,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders’ Equity
|
|
|
|
|
$
|
3,201,880
|
|
|
|
|
|
$
|
3,188,109
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
|
|
|
|
62,528
|
|
|
|
|
|
|
61,705
|
|
Adjusted tangible stockholders’ equity
|
|
|
|
|
$
|
3,264,408
|
|
|
|
|
|
$
|
3,249,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets
|
|
|
|
|
$
|
42,047,984
|
|
|
|
|
|
$
|
41,676,945
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
|
|
|
|
62,528
|
|
|
|
|
|
|
61,705
|
|
Adjusted tangible assets
|
|
|
|
|
$
|
42,110,512
|
|
|
|
|
|
$
|
41,738,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders’ Equity
|
|
|
|
|
$
|
5,630,877
|
|
|
|
|
|
$
|
5,498,040
|
|
Less: Average goodwill and core deposit intangibles
|
|
|
|
|
|
(2,466,622
|
)
|
|
|
|
|
|
(2,471,204
|
)
|
Average tangible stockholders’ equity
|
|
|
|
|
$
|
3,164,255
|
|
|
|
|
|
$
|
3,026,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets
|
|
|
|
|
$
|
43,243,259
|
|
|
|
|
|
$
|
43,087,846
|
|
Less: Average goodwill and core deposit intangibles
|
|
|
|
|
|
(2,466,622
|
)
|
|
|
|
|
|
(2,471,204
|
)
|
Average tangible assets
|
|
|
|
|
$
|
40,776,637
|
|
|
|
|
|
$
|
40,616,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
$
|
118,675
|
|
|
|
|
|
$
|
122,843
|
|
Add back: Amortization of core deposit intangibles, net of tax
|
|
|
|
|
|
2,653
|
|
|
|
|
|
|
2,826
|
|
Adjusted net income
|
|
|
|
|
$
|
121,328
|
|
|
|
|
|
$
|
125,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME ANALYSIS
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
March 31, 2013
|
|
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
$
|
31,615,006
|
|
|
|
$
|
366,999
|
|
|
|
4.65
|
%
|
|
|
|
$
|
31,327,597
|
|
|
|
$
|
397,904
|
|
|
|
5.08
|
%
|
Securities and money market investments
|
|
|
|
5,441,285
|
|
|
|
|
45,808
|
|
|
|
3.37
|
|
|
|
|
|
5,606,278
|
|
|
|
|
48,868
|
|
|
|
3.49
|
|
Total interest-earning assets
|
|
|
|
37,056,291
|
|
|
|
|
412,807
|
|
|
|
4.46
|
|
|
|
|
|
36,933,875
|
|
|
|
|
446,772
|
|
|
|
4.84
|
|
Non-interest-earning assets
|
|
|
|
6,186,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,153,971
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
43,243,259
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,087,846
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
$
|
8,969,149
|
|
|
|
$
|
9,175
|
|
|
|
0.41
|
%
|
|
|
|
$
|
8,884,441
|
|
|
|
$
|
9,413
|
|
|
|
0.42
|
%
|
Savings accounts
|
|
|
|
4,509,093
|
|
|
|
|
4,021
|
|
|
|
0.36
|
|
|
|
|
|
4,163,544
|
|
|
|
|
3,328
|
|
|
|
0.32
|
|
Certificates of deposit
|
|
|
|
8,860,679
|
|
|
|
|
22,235
|
|
|
|
1.02
|
|
|
|
|
|
9,066,441
|
|
|
|
|
23,155
|
|
|
|
1.02
|
|
Total interest-bearing deposits
|
|
|
|
22,338,921
|
|
|
|
|
35,431
|
|
|
|
0.64
|
|
|
|
|
|
22,114,426
|
|
|
|
|
35,896
|
|
|
|
0.65
|
|
Borrowed funds
|
|
|
|
12,381,287
|
|
|
|
|
102,200
|
|
|
|
3.35
|
|
|
|
|
|
12,336,991
|
|
|
|
|
120,875
|
|
|
|
3.90
|
|
Total interest-bearing liabilities
|
|
|
|
34,720,208
|
|
|
|
|
137,631
|
|
|
|
1.61
|
|
|
|
|
|
34,451,417
|
|
|
|
|
156,771
|
|
|
|
1.81
|
|
Non-interest-bearing deposits
|
|
|
|
2,673,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,815,353
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
218,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
323,036
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
37,612,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,589,806
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
5,630,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,498,040
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
43,243,259
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
43,087,846
|
|
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
|
$
|
275,176
|
|
|
|
2.85
|
%
|
|
|
|
|
|
|
|
$
|
290,001
|
|
|
|
3.03
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
3.15
|
%
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
1.07
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.07
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1) |
|
|
$
|
16,152,121
|
|
|
|
$
|
13,196
|
|
|
|
0.33
|
%
|
|
|
|
$
|
15,863,338
|
|
|
|
$
|
12,741
|
|
|
|
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 March 31,
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
$
|
31,615,006
|
|
|
|
$
|
366,999
|
|
|
|
4.65
|
%
|
|
|
|
$
|
30,595,529
|
|
|
|
$
|
398,184
|
|
|
|
5.21
|
%
|
Securities and money market investments
|
|
5,441,285
|
|
|
|
|
45,808
|
|
|
|
3.37
|
|
|
|
|
|
4,934,593
|
|
|
|
|
48,454
|
|
|
|
3.93
|
|
Total interest-earning assets
|
|
37,056,291
|
|
|
|
|
412,807
|
|
|
|
4.46
|
|
|
|
|
|
35,530,122
|
|
|
|
|
446,638
|
|
|
|
5.03
|
|
Non-interest-earning assets
|
|
6,186,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,244,891
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
43,243,259
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41,775,013
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
$
|
8,969,149
|
|
|
|
$
|
9,175
|
|
|
|
0.41
|
%
|
|
|
|
$
|
8,800,787
|
|
|
|
$
|
8,733
|
|
|
|
0.40
|
%
|
Savings accounts
|
|
4,509,093
|
|
|
|
|
4,021
|
|
|
|
0.36
|
|
|
|
|
|
3,983,234
|
|
|
|
|
3,496
|
|
|
|
0.35
|
|
Certificates of deposit
|
|
8,860,679
|
|
|
|
|
22,235
|
|
|
|
1.02
|
|
|
|
|
|
7,420,769
|
|
|
|
|
23,720
|
|
|
|
1.29
|
|
Total interest-bearing deposits
|
|
22,338,921
|
|
|
|
|
35,431
|
|
|
|
0.64
|
|
|
|
|
|
20,204,790
|
|
|
|
|
35,949
|
|
|
|
0.72
|
|
Borrowed funds
|
|
12,381,287
|
|
|
|
|
102,200
|
|
|
|
3.35
|
|
|
|
|
|
13,419,550
|
|
|
|
|
122,275
|
|
|
|
3.66
|
|
Total interest-bearing liabilities
|
|
34,720,208
|
|
|
|
|
137,631
|
|
|
|
1.61
|
|
|
|
|
|
33,624,340
|
|
|
|
|
158,224
|
|
|
|
1.89
|
|
Non-interest-bearing deposits
|
|
2,673,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,377,534
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
218,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244,843
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
37,612,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,246,717
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
5,630,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,528,296
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
$
|
43,243,259
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
41,775,013
|
|
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
$
|
275,176
|
|
|
|
2.85
|
%
|
|
|
|
|
|
|
|
$
|
288,414
|
|
|
|
3.14
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
3.24
|
%
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
1.07
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.06
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1) |
$
|
16,152,121
|
|
|
|
$
|
13,196
|
|
|
|
0.33
|
%
|
|
|
|
$
|
15,161,555
|
|
|
|
$
|
12,229
|
|
|
|
0.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refers to all deposits other than certificates of deposit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in thousands, except share and per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
|
December 31,
|
|
|
|
March 31,
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2012
|
GAAP EARNINGS DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$118,675
|
|
|
|
|
$122,843
|
|
|
|
|
$118,253
|
|
Basic earnings per share
|
|
|
|
|
|
0.27
|
|
|
|
|
|
0.28
|
|
|
|
|
|
0.27
|
|
Diluted earnings per share
|
|
|
|
|
|
0.27
|
|
|
|
|
|
0.28
|
|
|
|
|
|
0.27
|
|
Return on average assets
|
|
|
|
|
|
1.10
|
%
|
|
|
|
|
1.14
|
%
|
|
|
|
|
1.13
|
%
|
Return on average tangible assets (1) |
|
|
|
|
|
1.19
|
|
|
|
|
|
1.24
|
|
|
|
|
|
1.24
|
|
Return on average stockholders’ equity
|
|
|
|
|
|
8.43
|
|
|
|
|
|
8.94
|
|
|
|
|
|
8.56
|
|
Return on average tangible stockholders’ equity (1) |
|
|
|
|
|
15.34
|
|
|
|
|
|
16.61
|
|
|
|
|
|
15.95
|
|
Efficiency ratio (2) |
|
|
|
|
|
43.25
|
|
|
|
|
|
43.37
|
|
|
|
|
|
41.39
|
|
Operating expenses to average assets
|
|
|
|
|
|
1.40
|
|
|
|
|
|
1.39
|
|
|
|
|
|
1.39
|
|
Interest rate spread
|
|
|
|
|
|
2.85
|
|
|
|
|
|
3.03
|
|
|
|
|
|
3.14
|
|
Net interest margin
|
|
|
|
|
|
2.95
|
|
|
|
|
|
3.15
|
|
|
|
|
|
3.24
|
|
Effective tax rate
|
|
|
|
|
|
35.9
|
|
|
|
|
|
35.1
|
|
|
|
|
|
36.2
|
|
Shares used for basic EPS computation
|
|
|
|
|
|
438,703,468
|
|
|
|
|
|
437,749,264
|
|
|
|
|
|
437,467,859
|
|
Shares used for diluted EPS computation
|
|
|
|
|
|
438,708,520
|
|
|
|
|
|
437,756,323
|
|
|
|
|
|
437,473,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2013
|
|
|
|
December 31, 2012
|
|
|
|
March 31, 2012
|
CAPITAL MEASURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
|
|
|
$12.85
|
|
|
|
|
$12.88
|
|
|
|
|
$12.71
|
|
Tangible book value per share (1) |
|
|
|
|
7.26
|
|
|
|
|
7.26
|
|
|
|
|
7.05
|
|
Stockholders’ equity to total assets
|
|
|
|
|
12.73
|
%
|
|
|
|
12.81
|
%
|
|
|
|
12.97
|
%
|
Tangible stockholders’ equity to tangible assets (1) |
|
|
|
|
7.61
|
|
|
|
|
7.65
|
|
|
|
|
7.64
|
|
Tangible stockholders’ equity to tangible assets excluding
accumulated other comprehensive loss, net of tax (1) |
|
|
|
|
7.75
|
|
|
|
|
7.79
|
|
|
|
|
7.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2013
|
|
|
|
December 31, 2012
|
|
|
|
March 31, 2012
|
REGULATORY CAPITAL RATIOS:(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Community Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage capital ratio
|
|
|
|
|
8.31
|
%
|
|
|
|
8.33
|
%
|
|
|
|
8.47
|
%
|
Tier 1 risk-based capital ratio
|
|
|
|
|
12.39
|
|
|
|
|
12.50
|
|
|
|
|
12.63
|
|
Total risk-based capital ratio
|
|
|
|
|
13.13
|
|
|
|
|
13.22
|
|
|
|
|
13.27
|
|
New York Commercial Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage capital ratio
|
|
|
|
|
11.26
|
%
|
|
|
|
11.59
|
%
|
|
|
|
13.35
|
%
|
Tier 1 risk-based capital ratio
|
|
|
|
|
16.12
|
|
|
|
|
16.64
|
|
|
|
|
16.89
|
|
Total risk-based capital ratio
|
|
|
|
|
16.63
|
|
|
|
|
17.24
|
|
|
|
|
17.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
The minimum regulatory requirements for classification as a well
capitalized institution are a leverage capital ratio of 5.00%; a
Tier 1 risk-based capital ratio of 6.00%; and a total risk-based
capital ratio of 10.00%.
|
|
|
|
|
|
|
|
|
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130424005357r1&sid=ntxv4&distro=nx)