Board of Directors Declares $0.17 Per Share
Quarterly Cash Dividend
Fourth Quarter 2015 Highlights
-
Successful Strategic Debt Repositioning:
-
The strategic debt repositioning announced on 10/29/2015 in
conjunction with the signing of a definitive merger agreement with
Astoria Financial Corporation (NYSE: AF) was completed in December.
-
$10.4 billion of wholesale borrowings with an average cost of 3.16%
were replaced by a like amount of wholesale borrowings having an
average cost of 1.58%.
- The 50% reduction in the average cost of
wholesale borrowings will result in an annual after-tax benefit to
earnings of approximately $100 million beginning in 2016.
-
Capital Raise Completed:
-
A one-time after-tax debt repositioning charge of $546.8 million was
more than offset by the proceeds of a follow-on common stock offering
completed in 4Q 2015. The offering generated proceeds of $630.5
million.
-
Strong Non-GAAP Earnings and Margin:
-
Excluding the after-tax debt repositioning charge and $3.2 million of
after-tax merger-related expenses, the Company generated non-GAAP
earnings of $145.2 million, or $0.31 per diluted share, in 4Q 2015. (1)
-
Excluding the impact of the debt repositioning charge on the Company’s
net interest margin, the margin rose 39 basis points sequentially to
2.95%. (2)
-
Record Loan Production Results in Significant
Loan Growth:
- The Company originated $3.7
billion of held-for-investment loans in 4Q 2015, boosting the
twelve-month total to a record $12.7 billion.
- Multi-family
loans held for investment rose $2.1 billion, or 9.0%, year-over-year
to $26.0 billion; absent the sale of multi-family loans through
participations, the portfolio would have risen $3.3 billion, or 13.6%.
-
Increasingly Exceptional Asset Quality:
-
Non-performing non-covered assets fell $78.0 million, or 56.2%, from
the 12/31/2014 balance to $60.9 million, representing 0.13% of total
non-covered assets, at 12/31/2015.
- Non-performing non-covered
loans fell $30.1 million, or 39.1%, to $46.8 million, representing
0.13% of total non-covered loans at that date.
-
Strong Efficiency:
-
Excluding the impact of the pre-tax debt repositioning charge and
pre-tax merger-related expenses, the efficiency ratio was 41.27% in 4Q
2015. (3)
New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”) today
reported non-GAAP earnings of $145.2 million, or $0.31 per diluted
share, for the three months ended December 31, 2015 and $502.8 million,
or $1.11 per diluted share, for the twelve months ended at that date.(1)
_______________
|
Please Note: Footnotes are located on the last page of text.
Reconciliations of our GAAP and non-GAAP financial results may be
found on pages 13 -17 of this release.
|
|
On a GAAP basis (i.e., in accordance with U.S. generally accepted
accounting principles), the Company reported a loss of $404.8 million,
or $0.87 per diluted share, in the three months ended December 31, 2015
and a loss of $47.2 million, or $0.11 per diluted share, for the full
year.
The difference between the Company’s GAAP and non-GAAP earnings was
attributable to certain charges and expenses that were incurred in
connection with the Company’s October 29th announcement that it had
signed a definitive agreement to merge with Astoria Financial
Corporation (“Astoria Financial”) in an earnings-accretive transaction,
and that it would be engaging in a strategic debt repositioning in the
fourth quarter of the year.
During the quarter, the Company prepaid $10.4 billion of wholesale
borrowings, which resulted in a one-time after-tax debt repositioning
charge of $546.8 million. The repositioning is expected to result in an
annual after-tax benefit of approximately $100 million to the Company's
earnings beginning in 2016.
To offset the impact on capital of the debt repositioning charge, the
Company engaged in a follow-on common stock offering in the fourth
quarter. The offering generated proceeds of $630.5 million, thus
increasing the Company’s capital at December 31st.
In addition, the Company recorded after-tax merger-related expenses of
$3.2 million in the three months ended December 31, 2015.
Commenting on the Company’s financial results and its strategic actions,
President and Chief Executive Officer Joseph R. Ficalora stated, “The
fourth quarter of 2015 was a pivotal time in our evolution, as we
announced our plans to merge with Astoria Financial Corporation in an
exciting transaction that will strengthen our earnings capacity and our
capital position, while also creating the pre-eminent community bank in
Metro New York. In addition to substantially increasing our share of
deposits, the merger will strengthen our lending capacity.
“We had been looking to engage in a merger of sufficient size to
leverage the costs of becoming a Systemically Important Financial
Institution, and one that would be immediately accretive to our earnings
and tangible book value per share. This is the merger we waited for…the
one that was most compelling…and we expect our post-merger performance
to prove that it was well worth the wait.
“Among the key strategies we announced in conjunction with the merger
were a significant debt repositioning and a follow-on offering of our
common stock. In connection with the repositioning in the fourth
quarter, we prepaid $10.4 billion of wholesale borrowings with an
average cost of 3.16%, and replaced them with an equal amount of
wholesale borrowings having an average cost of 1.58%. We expect the
results we report three months from now to reflect the initial benefits
of these actions, which were designed to be the catalyst for meaningful
earnings and capital growth for years to come. Together, the
repositioning and the Astoria Financial merger--upon its completion--are
expected to be 20% accretive to our 2017 earnings and 6% accretive to
tangible book value per share at the merger’s close.
“As to our common stock offering, it more than fulfilled its intention:
to offset the impact on capital of the debt repositioning charge.
Together, the debt repositioning and the sale of the shares we offered
were even more beneficial to the combined company than we originally
thought. In addition to the benefit to our earnings going forward, the
combination of these strategies added $83.7 million to our capital.
“As pleased as we are with the results to date of the pivotal actions
we’ve taken, so too are we pleased with the results produced through our
day-to-day business of producing high-quality held-for-investment loans.
In the last three months of 2015, we established a new record for the
volume of held-for-investment loans produced in a single quarter--$3.7
billion. We also set a new record for the volume produced in a single
year. In the twelve months ended December 31, 2015, we produced
held-for-investment loans of $12.7 billion, exceeding the year-earlier
volume by 15.1%.
“Furthermore, in a year when we sold $1.9 billion of loans--at a net
gain of $26.1 million--our portfolio of held-for-investment loans rose
$2.7 billion to $35.8 billion, representing a year-over-year increase of
8.3%. Absent the strategic sale of such loans—which was largely through
participations--that percentage rises to 11.6%.
“As for asset quality, our numbers tell the story, with non-performing
non-covered assets representing 0.13% of total non-covered assets and
non-performing non-covered loans representing 0.13% of total non-covered
loans at December 31st. The balances at the end of the year were the
lowest in 31 quarters, reflecting year-over-year declines in
non-performing non-covered loans and assets of $30.1 million and $78.0
million, or 39.1% and 56.2%, respectively.
“On the heels of a quarter that set the stage for earnings and capital
growth and, to date, our largest acquisition, we look forward to a
rewarding year in 2016.”
Board of Directors Declares $0.17 per Share
Dividend Payable on February 19, 2016
“Consistent with the capital plans we announced at the end of
October--which included the debt repositioning, the capital raise, and
the proposed merger with Astoria Financial --the Board of Directors last
night declared a quarterly cash dividend of $0.17 per share. The
dividend will be payable on February 19, 2016 to shareholders of record
as of February 8th, and represents a dividend yield of 4.6% based on
last night’s closing price,” Mr. Ficalora said.
BALANCE SHEET SUMMARY
The Company recorded total assets of $50.3 billion at December 31, 2015,
a linked-quarter increase of $1.3 billion and a $1.8 billion increase
year-over-year. Loans, net accounted for $38.0 billion, or 75.5%, of the
current year-end balance, while securities accounted for $6.2 billion,
or 12.3%.
Loans
Covered Loans
Covered loans represented $2.1 billion, or 5.4%, of total loans at the
end of this December, reflecting a year-over-year reduction of $368.5
million. The decline was primarily due to repayments.
Accretion on the covered loan portfolio was $33.9 million and $137.1
million, respectively, in the three and twelve months ended December 31,
2015, as compared to $35.9 million and $140.1 million, respectively, in
the year-earlier three- and twelve-month periods.
Non-Covered Loans Held for Investment
Non-covered loans held for investment represented $35.8 billion, or
93.6%, of total loans at the end of this December, reflecting a
linked-quarter increase of $1.6 billion and a year-over-year increase of
$2.7 billion, or 8.3%. In the twelve months ended December 31, 2015, the
Company originated $12.7 billion of held-for-investment loans,
establishing a new record, and exceeding the year-earlier volume by $1.7
billion, or 15.1%. Included in the current twelve-month amount were
fourth-quarter originations of $3.7 billion, a $933.7 million increase
from the trailing quarter’s volume and a $993.7 million increase
year-over-year.
In the three and twelve months ended December 31, 2015, the Company sold
$355.9 million and $1.2 billion, respectively, of multi-family loans,
largely through participations; an additional $632.7 million of
commercial real estate (“CRE”) loans were also sold during the year. As
a result, the sale of multi-family loans produced net gains of $4.4
million in the current fourth quarter and, together with the CRE loans
sold, produced net gains of $26.1 million for the full year.
The following table summarizes the Company’s production of loans held
for investment in the three months ended December 31, 2015, September
30, 2015, and December 31, 2014 and in the twelve months ended December
31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Twelve Months Ended
|
|
|
|
|
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
Dec. 31,
|
|
|
(in thousands)
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
Mortgage Loans Originated for Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
|
|
|
$
|
2,778,623
|
|
|
|
|
$
|
2,179,280
|
|
|
|
|
$
|
1,879,470
|
|
|
|
|
$
|
9,214,336
|
|
|
|
|
$
|
7,584,154
|
|
|
Commercial real estate
|
|
|
|
|
|
|
492,883
|
|
|
|
|
|
254,041
|
|
|
|
|
|
417,715
|
|
|
|
|
|
1,842,062
|
|
|
|
|
|
1,661,066
|
|
|
One-to-four family
|
|
|
|
|
|
|
12,863
|
|
|
|
|
|
2,424
|
|
|
|
|
|
24,525
|
|
|
|
|
|
21,265
|
|
|
|
|
|
287,577
|
|
|
Acquisition, development, and construction
|
|
|
|
|
|
|
13,433
|
|
|
|
|
|
27,628
|
|
|
|
|
|
17,351
|
|
|
|
|
|
155,312
|
|
|
|
|
|
96,762
|
|
|
Total mortgage loans originated for investment
|
|
|
|
|
|
$
|
3,297,802
|
|
|
|
|
$
|
2,463,373
|
|
|
|
|
$
|
2,339,061
|
|
|
|
|
$
|
11,232,975
|
|
|
|
|
$
|
9,629,559
|
|
|
Other Loans Originated for Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty finance
|
|
|
|
|
|
$
|
334,525
|
|
|
|
|
$
|
206,108
|
|
|
|
|
$
|
296,310
|
|
|
|
|
$
|
1,067,672
|
|
|
|
|
$
|
848,482
|
|
|
Other commercial and industrial
|
|
|
|
|
|
|
87,001
|
|
|
|
|
|
116,338
|
|
|
|
|
|
89,894
|
|
|
|
|
|
367,699
|
|
|
|
|
|
530,330
|
|
|
Other
|
|
|
|
|
|
|
1,008
|
|
|
|
|
|
804
|
|
|
|
|
|
1,386
|
|
|
|
|
|
4,674
|
|
|
|
|
|
6,253
|
|
|
Total other loans originated for investment
|
|
|
|
|
|
$
|
422,534
|
|
|
|
|
$
|
323,250
|
|
|
|
|
$
|
387,590
|
|
|
|
|
$
|
1,440,045
|
|
|
|
|
$
|
1,385,065
|
|
|
Total loans originated for investment
|
|
|
|
|
|
$
|
3,720,336
|
|
|
|
|
$
|
2,786,623
|
|
|
|
|
$
|
2,726,651
|
|
|
|
|
$
|
12,673,020
|
|
|
|
|
$
|
11,014,624
|
|
|
Multi-family loans represented $26.0 billion of loans held for
investment at the end of this December, reflecting a linked-quarter
increase of $1.3 billion and a $2.1 billion, or 9.0%, increase from the
balance at December 31, 2014. Were it not for the aforementioned sale of
multi-family loans totaling $1.2 billion, the portfolio would have grown
$3.3 billion, or 13.6%, year-over-year. The impact of the sale of loans
was more than offset by the record volume of multi-family loans
originated, as reflected in the table above.
CRE loans represented $7.9 billion of loans held for investment at the
end of this December, reflecting a linked-quarter increase of $214.5
million and a year-over-year increase of $223.1 million. While the
production of CRE loans rose $181.0 million year-over-year to $1.8
billion, the impact was somewhat tempered by the aforementioned sale of
CRE loans. Absent the sale of CRE loans totaling $632.7 million, the
portfolio would have grown 11.0% year-over-year to $8.5 billion at
December 31st.
The following table provides additional information about the Company’s
multi-family and CRE loan portfolios at December 31, 2015 and 2014:
|
|
|
|
|
December 31,
|
|
|
(dollars in thousands)
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Multi-Family Loan Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans outstanding
|
|
|
|
|
$
|
25,989,100
|
|
|
|
|
$
|
23,849,038
|
|
|
|
Percent of total held-for-investment loans
|
|
|
|
|
|
72.7
|
%
|
|
|
|
|
72.2
|
%
|
|
|
Average principal balance
|
|
|
|
|
|
$5,307
|
|
|
|
|
|
$5,001
|
|
|
|
Weighted average life
|
|
|
|
|
|
2.8
|
years
|
|
|
|
|
3.0
|
years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate Loan Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans outstanding
|
|
|
|
|
$
|
7,860,162
|
|
|
|
|
$
|
7,637,061
|
|
|
|
Percent of total held-for-investment loans
|
|
|
|
|
|
22.0
|
%
|
|
|
|
|
23.1
|
%
|
|
|
Average principal balance
|
|
|
|
|
|
$5,376
|
|
|
|
|
|
$4,991
|
|
|
|
Weighted average life
|
|
|
|
|
|
3.2
|
years
|
|
|
|
|
3.2
|
years
|
|
|
Also included in the year-end balance of loans held for investment were
one-to-four family loans of $116.8 million; acquisition, development,
and construction (“ADC”) loans of $311.5 million; and other loans of
$1.5 billion, as compared to $138.9 million, $257.9 million, and $1.1
billion, respectively, at December 31, 2014. The year-over-year rise in
other loans reflects a $249.4 million increase in specialty finance
loans and leases to $882.9 million and a $93.5 million increase in other
commercial and industrial (“C&I”) loans to $570.1 million. The latter
increase largely reflects the transfer of certain other C&I loans in the
amount of $158.5 million from “held for sale” to “held for investment”
in the first quarter of 2015.
Non-Covered Loans Held for Sale
In 2015, the volume of non-covered loans originated for sale rose $1.5
billion to $4.7 billion, as consumers were encouraged to buy new homes
or refinance by the low level of residential mortgage interest rates
that prevailed throughout the year. Included in the current twelve-month
amount were fourth-quarter originations of $832.5 million, reflecting a
sequential decline of $128.1 million and a year-over-year decrease of
$142.2 million.
Non-covered loans held for sale totaled $367.2 million at the end of
December, reflecting three- and twelve-month reductions of $13.4 million
and $12.2 million, respectively. In the three and twelve months ended
December 31, 2015, the average balance of loans held for sale was $362.2
million and $490.6 million, respectively, as compared to $738.5 million
and $399.1 million, respectively, in the three and twelve months ended
December 31, 2014.
Pipeline
The Company currently has approximately $2.4 billion of loans in its
pipeline, including loans held for investment of approximately $1.9
billion and one-to‐four family loans held for sale of approximately $500
million.
Asset Quality
The following discussion pertains only to the Company's portfolio of
non-covered loans held for investment (excluding purchased
credit-impaired loans) and non-covered other real estate owned ("OREO").
The Company’s asset quality reflected significant improvement over the
course of 2015:
-
Non-performing non-covered assets declined $78.0 million, or 56.2%, to
$60.9 million at the end of this December, including a $17.9 million,
or 22.8%, decrease in the fourth quarter of the year.
-
The year-over-year decline was attributable to a $30.1 million
reduction in non-performing non-covered loans to $46.8 million and a
$47.9 million reduction in OREO to $14.1 million. The balances of
non-performing non-covered assets and loans at the end of December are
the lowest balances recorded since the second quarter of 2008.
-
The year-over-year decline in OREO was primarily due to the sale of
two multi-family properties in the second and fourth quarters in the
amounts of $41.6 million and $9.1 million, respectively. The
respective sales resulted in net gains recorded in “Other”
non-interest income of $7.8 million and $4.6 million.
-
The year-over-year decline in non-performing loans was primarily due
to a $17.2 million decrease in non-performing multi-family loans to
$13.9 million, together with a $9.9 million decline in non-performing
CRE loans to $14.9 million. Reflecting these reductions, as well as
declines in non-performing ADC and other loans, non-performing
non-covered loans represented 0.13% of total non-covered loans at the
end of this December, as compared to 0.23% at December 31, 2014. In
addition, non-performing non-covered assets represented 0.13% of total
non-performing assets at the end of this December, as compared to
0.30% at the prior year-end.
-
The Company recorded net recoveries of $8.2 million in 2015, including
$1.2 million in the fourth quarter of the year. In 2014, the Company
recorded net charge-offs of $2.1 million, after net recoveries of
$384,000 were recorded in the last six months of that year.
The following table summarizes the Company’s non-performing non-covered
loans and assets at December 31, 2015 and 2014:
|
|
|
|
December 31,
|
|
|
(in thousands)
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Non-Performing Non-Covered Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual non-covered mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
|
|
$
|
13,904
|
|
|
|
|
|
$
|
31,089
|
|
|
Commercial real estate
|
|
|
|
|
|
14,920
|
|
|
|
|
|
|
24,824
|
|
|
One-to-four family
|
|
|
|
|
|
12,259
|
|
|
|
|
|
|
11,032
|
|
|
Acquisition, development, and construction
|
|
|
|
|
|
27
|
|
|
|
|
|
|
654
|
|
|
Total non-accrual non-covered mortgage loans
|
|
|
|
|
$
|
41,110
|
|
|
|
|
|
$
|
67,599
|
|
|
Other non-accrual non-covered loans
|
|
|
|
|
|
5,715
|
|
|
|
|
|
|
9,351
|
|
|
Total non-performing non-covered loans
|
|
|
|
|
$
|
46,825
|
|
|
|
|
|
$
|
76,950
|
|
|
Non-covered other real estate owned
|
|
|
|
|
|
14,065
|
|
|
|
|
|
|
61,956
|
|
|
Total non-performing non-covered assets
|
|
|
|
|
$
|
60,890
|
|
|
|
|
|
$
|
138,906
|
|
|
The following table presents the Company's asset quality measures at or
for the three months ended December 31, 2015 and 2014:
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Non-performing non-covered loans to total non-covered loans
|
|
|
|
|
0.13
|
%
|
|
|
|
0.23
|
%
|
|
|
Non-performing non-covered assets to total non-covered
assets
|
|
|
|
|
0.13
|
|
|
|
|
0.30
|
|
|
|
Net recoveries during the period to average loans during
the period (non-annualized)
|
|
|
|
|
(0.00
|
)
|
|
|
|
(0.00
|
)
|
|
|
Allowance for losses on non-covered loans to non- performing
non-covered loans
|
|
|
|
|
310.08
|
|
|
|
|
181.75
|
|
|
|
Allowance for losses on non-covered loans to total non-covered
loans
|
|
|
|
|
0.41
|
|
|
|
|
0.42
|
|
|
|
Loans 30 to 89 days past due totaled $6.6 million at the end of this
December, reflecting a $982,000 reduction from the September 30th
balance and a $413,000 increase from the balance at the prior year-end.
The linked-quarter decline was primarily attributable to a $4.4 million
reduction in CRE loans to $178,000, which offset the impact of a $3.1
million increase in multi-family loans to $4.8 million and a $257,000
increase in one-to-four family loans to $1.1 million. The remainder of
the linked-quarter decline in loans 30 to 89 days past due was
attributable to a modest reduction in the balance of other loans. There
were no ADC loans 30 to 89 days past due at the current year-end.
The net effect of the year-over-year reduction in non-performing
non-covered assets and the modest year-over-year rise in loans 30 to 89
days past due was a $77.6 million, or 53.5%, reduction in total
delinquencies to $67.5 million at December 31, 2015.
Securities
Consistent with management’s short-term objective of maintaining the
Company’s assets below the current threshold for a Systemically
Important Financial Institution, securities represented $6.2 billion, or
12.3%, of total assets at the end of this December, a $922.8 million
reduction from the balance at December 31, 2014. The year-over-year
decline was largely due to calls and repayments of securities.
Government-sponsored enterprise (“GSE”) obligations represented 94.8% of
total securities at the end of this December, as compared to 95.5% at
the prior year-end.
Funding Sources
Deposits rose $98.0 million year-over-year to $28.4 billion,
representing 56.5% of total assets at December 31, 2015. While
certificates of deposit (“CDs”) fell $1.1 billion year-over-year, to
$5.3 billion, the decrease was exceeded by a $1.2 billion increase in
all other deposits combined to $23.1 billion. Non-interest-bearing
accounts represented $196.8 million of the $1.2 billion increase, with
savings accounts representing $489.9 million and NOW and money market
accounts representing $519.4 million of the year-over-year rise.
Borrowed funds rose $1.5 billion year-over-year to $15.7 billion,
representing 31.3% of total assets, at December 31, 2015. Wholesale
borrowings accounted for $15.4 billion of the year-end balance, a $1.5
billion increase from the year-earlier amount. As previously mentioned,
the Company prepaid $10.4 billion of primarily puttable wholesale
borrowings during the current fourth quarter and replaced them with a
like amount of wholesale borrowings with fixed maturities.
Stockholders’ Equity
Stockholders’ equity rose $152.9 million year-over-year to $5.9 billion,
representing 11.79% of total assets and a book value of $12.24 per share
at December 31, 2015. At the prior year-end, stockholders’ equity
represented 11.91% of total assets and a book value of $13.06 per share.
The increase in stockholders’ equity largely reflects the aforementioned
net proceeds of the follow-on common stock offering announced on October
29th. Pursuant to the offering, the Company issued 40,625,000 shares on
November 4, 2015, generating proceeds of $630.5 million. Reflecting the
follow-on offering, the Company had 484,943,308 shares outstanding at
the end of this December, as compared to 442,587,190 at December 31,
2014.
Excluding goodwill and core deposit intangibles (“CDI”) from the
respective balances, tangible stockholders’ equity rose $158.2 million
year-over-year, to $3.5 billion, representing 7.30% of tangible assets
and a tangible book value of $7.21 per share at December 31, 2015. (4)
Reflecting the capital rules under Basel III that took effect on January
1, 2015, 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.
RESULTS OF OPERATIONS FOR THE THREE MONTHS
ENDED DECEMBER 31, 2015
Summary of Results of Operations
In the fourth quarter of 2015, the Company recorded a one-time pre-tax
debt repositioning charge of $915.0 million in connection with the
prepayment of $10.4 billion of wholesale borrowings. In accordance with
Accounting Standards Codification (“ASC”) No. 470-50, $773.8 million of
the debt repositioning charge was recorded in interest expense and the
remaining $141.2 million of the charge was recorded in non-interest
expense. In addition, the Company’s fourth quarter non-interest expense
included a pre-tax charge of $3.7 million in connection with the
proposed merger with Astoria Financial. On an after-tax basis, the
entire debt repositioning charge was equivalent to $546.8 million and
the merger-related expenses were equivalent to $3.2 million.
Excluding the after-tax debt repositioning charge and the after-tax
merger-related expenses, the Company generated non-GAAP earnings of
$145.2 million, or $0.31 per diluted share, in the current fourth
quarter, as compared to GAAP earnings of $114.7 million and $131.2
million, respectively, in the trailing and year-earlier three months.
The latter amounts were equivalent to $0.26 per diluted share and $0.30
per diluted share, respectively. (1) Including the debt
repositioning charge and the merger-related expenses (i.e., on a GAAP
basis), the Company recorded a loss of $404.8 million, or $0.87 per
diluted share, in the three months ended December 31, 2015.
The GAAP and non-GAAP per-share figures reported for the current fourth
quarter partly reflect the impact of the shares that were issued in
connection with the Company’s follow-on offering of common stock. The
issuance of 40,625,000 shares generated proceeds of $630.5 million which
more than offset the impact on capital of the after-tax debt
repositioning charge.
Net Interest (Loss) Income
While the benefit of the strategic debt repositioning will be reflected
in the Company’s 2016 earnings and thereafter, the inclusion of the
related charge in interest expense in the current fourth quarter
resulted in a net interest loss. Excluding the impact of the one-time
charge, the Company recorded net interest income of $324.6 million
(hereinafter referred to as “adjusted net interest income”) and a net
interest margin of 2.95% (hereinafter referred to as “adjusted net
interest margin”). (2)
Given the significant impact of the debt repositioning charge on the
Company’s fourth quarter net interest income, a comparison with the
amounts and measures in the trailing and year-earlier quarters, would
not be meaningful. To provide an understanding of the impact of the debt
repositioning charge and clarify the net interest income produced
through ongoing operations, the Company has presented its net interest
income analysis for the three and twelve months ended December 31, 2015
both with and without the $773.8 million charge recorded in interest
expense. The respective analyses are located on pages 15 through 17 of
this release. In particular, readers are encouraged to compare the
following line items, which were directly impacted by the debt
repositioning charge: the interest expense on average borrowed funds;
the average cost of borrowed funds; total interest expense; the average
cost of interest-bearing liabilities; net interest income; interest rate
spread; and net interest margin.
As the interest income produced in the fourth quarter of 2015 and the
interest expense produced by interest-bearing deposits during that time
were not impacted by the debt repositioning charge, a discussion of
those components of net interest income follows:
Interest Income
-
Interest income rose $8.0 million sequentially and $1.7 million
year-over-year to $424.5 million in the three months ended December
31, 2015.
-
The sequential increase was attributable to a $350.0 million rise in
the average balance of interest-earning assets to $44.1 billion and a
five-basis point rise in the average yield to 3.85%. While the average
balance of securities and money market investments fell $454.3 million
sequentially to $6.9 billion, the average loan balance rose $804.4
million to $37.2 billion during this time. Conversely, the average
yield on loans dropped five basis points to 3.88% in the current
fourth quarter, while the average yield on securities and money market
investments rose 49 basis points to 3.68%. The latter increase was
primarily due to yield maintenance fees of $8.5 million that were
received on securities that prepaid.
-
The year-over-year increase in interest income was attributable to a
$496.0 million increase in the average balance of interest-earning
assets, which exceeded the impact of a two-basis point drop in the
average yield. While the average balance of loans rose $1.5 billion
year-over-year, the average balance of securities and money market
investments fell $959.6 million. Conversely, the average yield on
loans fell 12 basis points from the year-earlier level while the
average yield on securities and money market investments rose 39 basis
points, primarily reflecting yield maintenance fees.
-
Prepayment penalty income on loans and securities contributed $25.9
million to interest income in the current fourth quarter, with loans
and securities accounting for $17.4 million and $8.5 million,
respectively. In the third quarter of 2015, prepayment penalty income
on loans and securities contributed $24.5 million to net interest
income, with loans and securities accounting for $23.1 million and
$1.4 million, respectively. In the fourth quarter of 2014, prepayment
penalty income on loans contributed $21.8 million to net interest
income; there was no prepayment penalty income from securities during
that time.
-
As a result, prepayment penalty income on loans and securities
contributed 24 basis points to the current fourth-quarter margin (with
loans and securities accounting for 16 and eight basis points,
respectively, of the total), as compared to 22 basis points in the
trailing quarter (with loans accounting for 21 basis points). In the
fourth quarter of 2014, the contribution of prepayment penalty income
to the margin was 20 basis points, entirely from loans. Absent the
contributions of prepayment penalty income in the respective quarters,
the margin (excluding the debt repositioning charge) would have been
2.71% in the current fourth quarter, 37 basis points wider than the
trailing-quarter margin and 30 basis points wider than the margin in
the fourth quarter of 2014.
Interest-Bearing Deposits
-
In the fourth quarter of 2015, interest-bearing deposits generated
interest expense of $39.2 million, down $829,000 and $1.8 million,
respectively, from the levels recorded in the trailing and
year-earlier three months.
-
The sequential decline was the net effect of a $29.8 million rise in
the average balance to $25.9 billion and a one-basis point decline in
the average cost of such funds to 0.60%.
-
The year-over-year decline was the net effect of a $222.9 million drop
in the average balance and a two-basis point decline in the average
cost.
Recovery of Loan Losses
Recovery of Losses on Non-Covered Loans
Reflecting management’s assessment of the adequacy of the allowance for
losses on non-covered loans and the net recoveries recorded in the
quarter, the Company recovered $80,000 from the allowance for
non-covered loan losses in the fourth quarter of 2015. In the third
quarter of the year, the Company recovered $512,000 from the non-covered
loan loss allowance; there was no provision for, or recovery of,
non-covered loan losses recorded in the fourth quarter of 2014.
Recovery of Losses on Covered Loans
Reflecting an increase in the cash flows expected from certain pools of
acquired loans covered by FDIC loss-sharing agreements, the Company
recovered $6.2 million from the allowance for covered loan losses in the
current fourth quarter, as compared to $8.5 million and $200,000,
respectively, in the trailing and year-earlier three months. The
recoveries recorded in the respective quarters were largely offset by
FDIC indemnification expense of $5.0 million, $6.8 million, and
$160,000. FDIC indemnification expense is recorded in “Other”
non-interest income, as further discussed below.
Non-Interest Income
Non-interest income totaled $59.0 million in the current fourth quarter,
reflecting a linked-quarter increase of $21.5 million and a
year-over-year decrease of $11.4 million. The following factors
contributed to the linked-quarter increase:
-
Mortgage banking income rose $4.8 million sequentially to $12.3
million, as a $1.6 million decline in income from originations to $5.9
million was exceeded by the difference between the $6.4 million of
mortgage servicing income recorded in the current fourth quarter and
the $50,000 servicing loss recorded in the trailing three months. In
the third quarter of 2015, the level of mortgage banking income
recorded was adversely impacted by a decline in hedge effectiveness.
-
Other non-interest income rose $12.7 million sequentially, to $33.6
million, largely reflecting a $13.3 million gain on the sale of a
bank-owned property.
-
Net securities gains rose $3.0 million sequentially to $3.1 million.
-
FDIC indemnification expense declined $1.8 million to $5.0 million in
the current fourth quarter as the recovery of losses on covered loans
fell $2.3 million from the level recorded in the trailing three months.
The following factors contributed to the year-over-year decline in
non-interest income:
-
Mortgage banking income fell $4.2 million year-over-year as a $2.8
million decline in income from originations combined with a $1.4
million decline in servicing income.
-
The Company recorded net securities gains of $8.7 million in the
fourth quarter of 2014, exceeding the current fourth-quarter amount by
$5.6 million.
-
FDIC indemnification expense totaled $160,000 in the year-earlier
fourth quarter as compared to $5.0 million in the fourth quarter of
2015. The increase was consistent with the rise in the recovery of
covered loan losses from $200,000 in the year-earlier fourth quarter
to $6.2 million in the fourth quarter of 2015.
-
The impact of these factors was only partly offset by a $3.8 million
increase in other non-interest income, including the gain on the sale
of a branch building noted above. In the fourth quarter of 2014, the
Company’s other non-interest income was increased by the recovery of
$17.3 million on a security that had previously been written off.
Non-Interest Expense
Largely reflecting the $141.2 million debt repositioning charge and $3.7
million of merger-related expenses, non-interest expense totaled $309.8
million in the fourth quarter of 2015. Excluding these two items, the
Company’s non-interest expense totaled $164.9 million in the current
fourth quarter, as compared to $147.3 million and $148.1 million,
respectively, in the trailing and year-earlier three months.
Operating expenses represented $163.7 million of total non-interest
expense in the current fourth quarter, reflecting a linked-quarter
increase of $17.7 million and a $17.5 million increase year-over-year.
While occupancy and equipment expense fell $757,000 sequentially to
$25.2 million, compensation and benefits expense rose $4.0 million to
$88.2 million, and general and administrative (“G&A") expense rose $14.5
million to $50.3 million during the same time.
The linked-quarter rise in compensation and benefits expense primarily
reflects an increase in medical benefits expense and incentive
compensation, while the increase in G&A expense primarily reflects
non-income-related taxes of $5.4 million resulting from the debt
repositioning, in addition to an increase in FDIC insurance premiums and
professional fees. In the third quarter of 2015, the Company’s G&A
expense included a $3.1 million reduction in non-income-related taxes.
The year-over-year increase in operating expenses was the result of a
$9.9 million increase in compensation and benefits expense, a $7.4
million increase in G&A expense, and a modest rise in occupancy and
equipment expense. While the year-over-year rise in G&A expense was
primarily due to the same factors as the linked-quarter increase, the
year-over-year rise in compensation and benefits expense was largely due
to an increase in medical benefits expense and pension expenses, as well
as normal salary increases and incentive stock awards.
Income Tax Expense
Largely reflecting the pre-tax debt repositioning charge of $915.0
million and the $3.7 million of pre-tax merger-related expenses, the
Company recorded an income tax benefit of $288.8 million in the current
fourth quarter, as compared to income tax expense of $64.0 million and
$75.1 million, respectively, in the trailing quarter and year-earlier
three months.
As a result of the debt repositioning charge and the merger-related
expenses, the Company recorded a pre-tax loss of $693.6 million in the
current fourth quarter and an effective tax rate of 41.6%. In the three
months ended September 30, 2015 and December 31, 2014, the Company
recorded pre-tax income of $178.7 million and $206.3 million and the
respective effective tax rates were 35.8% and 36.4%. Excluding the debt
repositioning charge and the merger-related expenses, the Company would
have recorded pre-tax income of $230.5 million in the current fourth
quarter and an effective tax rate of 37.0%.
About New York Community Bancorp, Inc.
One of the largest U.S. bank holding companies, with assets of $50.3
billion, New York Community Bancorp, Inc. is a leading producer of
multi-family loans on non-luxury, rent-regulated apartment buildings in
New York City, and the parent of New York Community Bank and New York
Commercial Bank. With deposits of $28.4 billion and 258 branches in
Metro New York, New Jersey, Florida, Ohio, and Arizona, the Company also
ranks among the largest depositories in the United States.
Reflecting its growth through a series of acquisitions, the Community
Bank currently operates through seven local divisions, each with a
history of service and strength: Queens County Savings Bank, Roslyn
Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank
in New York; Garden State Community Bank in New Jersey; Ohio Savings
Bank in Ohio; and AmTrust Bank in Florida and Arizona. Similarly, New
York Commercial Bank currently operates 18 of its 30 New York-based
branches under the divisional name Atlantic Bank. Additional information
about the Company and its bank subsidiaries is available at www.myNYCB.com
and www.NewYorkCommercialBank.com.
Post-Earnings Release Conference Call
As previously announced, the Company will host a conference call on
Wednesday, January 27, 2016, at 8:30 a.m. (Eastern Standard Time) to
discuss its fourth quarter 2015 performance and strategies. The
conference call may be accessed by dialing (877) 407-8293 (for domestic
calls) or (201) 689-8349 (for international calls) and asking for “New
York Community Bancorp” or “NYCB”. A replay will be available
approximately three hours following completion of the call through 11:59
p.m. on January 31st, and may be accessed by calling (877) 660-6853
(domestic) or (201) 612-7415 (international) and providing the following
conference ID: 13627422. In addition, the conference call will be
webcast at ir.myNYCB.com, and archived through 5:00 p.m. on February 24,
2016.
Cautionary Statements Regarding Forward-Looking
Information
This earnings release and the associated conference call may include
forward‐looking statements by the Company and our authorized officers
pertaining to such matters as our goals, intentions, and expectations
regarding revenues, earnings, loan production, asset quality, capital
levels, and acquisitions, among other matters, including the proposed
merger with Astoria Financial; our estimates of future costs and
benefits of the actions we may take; our assessments of probable losses
on loans; our assessments of interest rate and other market risks; and
our ability to achieve our financial and other strategic goals.
Forward‐looking statements are typically identified by such words as
“believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “project,” and other similar words and expressions, and are
subject to numerous assumptions, risks, and uncertainties, which change
over time. Additionally, forward‐looking statements speak only as of the
date they are made; the Company does not assume any duty, and does not
undertake, to update our forward‐looking statements. Furthermore,
because forward‐looking statements are subject to assumptions and
uncertainties, actual results or future events could differ, possibly
materially, from those anticipated in our statements, and our future
performance could differ materially from our historical results.
Our forward‐looking statements are subject to the following principal
risks and uncertainties: general economic conditions and trends, either
nationally or locally; conditions in the securities markets; changes in
interest rates; changes in deposit flows, and in the demand for deposit,
loan, and investment products and other financial services; changes in
real estate values; changes in the quality or composition of our loan or
investment portfolios; changes in competitive pressures among financial
institutions or from non‐financial institutions; our ability to obtain
the necessary shareholder and regulatory approvals of any acquisitions
we may propose, including the Astoria Financial merger; our ability to
successfully integrate any assets, liabilities, customers, systems, and
management personnel we may acquire into our operations, and our ability
to realize related revenue synergies and cost savings within expected
time frames; changes in legislation, regulations, and policies; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control.
More information regarding some of these factors is provided in the Risk
Factors section of our Form 10‐K for the year ended December 31, 2014
and in other SEC reports we file, including our Forms 10-Q for the three
months ended March 31, June 30, and September 30, 2015. Our
forward‐looking statements may also be subject to other risks and
uncertainties, including those we may discuss in this news release, on
our conference call, during investor presentations, or in our SEC
filings, which are accessible on our website and at the SEC’s website, www.sec.gov.
Important Additional Information
This press release and the related conference call include certain
communications that are made in respect of the proposed merger
transaction involving the Company and Astoria Financial. The Company has
filed a registration statement on Form S-4 with the SEC, which includes
a joint proxy statement of Astoria Financial and the Company and a
prospectus of the Company, and each party will file other documents
regarding the proposed transaction with the SEC. A definitive joint
proxy statement/prospectus will also be sent to shareholders of Astoria
Financial and of the Company seeking any required stockholder approvals. Before
making any voting or investment decision, investors and security holders
of Astoria Financial and the Company are urged to carefully read the
entire registration statement and joint proxy statement/prospectus, as
well as any amendments or supplements to these documents, because they
will contain important information about the proposed transaction.
The documents filed by the Company and Astoria Financial with the SEC
may be obtained free of charge at the SEC’s website at www.sec.gov.
In addition, the documents filed by the Company may be obtained free of
charge at its website at http://ir.mynycb.com/
and the documents filed by Astoria Financial may be obtained free of
charge at its website at http://ir.astoriabank.com/.
Alternatively, these documents, when available, can be obtained free of
charge from the Company upon written request to New York Community
Bancorp, Inc., Attn: Corporate Secretary, 615 Merrick Avenue, Westbury,
New York 11590 or by calling (516) 683-4420, or from Astoria Financial
upon written request to Astoria Financial Corporation, Attn: Monte N.
Redman, President, One Astoria Bank Plaza, Lake Success, New York 11042
or by calling (516) 327-3000.
The Company, Astoria Financial, their directors, executive officers, and
certain other persons may be deemed to be participants in the
solicitation of proxies from the Company’s and Astoria Financial’s
stockholders in favor of the approval of the merger. Information about
the directors and executive officers of the Company and their ownership
of its common stock is set forth in the proxy statement for its 2015
annual meeting of stockholders, as previously filed with the SEC on
April 24, 2015. Information about the directors and executive officers
of Astoria Financial and their ownership of its common stock is set
forth in the proxy statement for its 2015 annual meeting of
stockholders, as previously filed with the SEC on April 17, 2015.
Stockholders may obtain additional information regarding the interests
of such participants by reading the registration statement and the proxy
statement/prospectus.
|
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|
|
|
|
|
Footnotes to the Text
|
|
|
|
|
(1)
|
|
|
Please see the reconciliations of our GAAP loss and our non-GAAP
earnings on page 13 of this release.
|
(2)
|
|
|
Please see the reconciliations of our net interest margin as
calculated in accordance with GAAP and our adjusted net interest
margin, which is a non-GAAP measure, on pages 15 - 17 of this
release.
|
(3)
|
|
|
We calculate our efficiency ratio by dividing our operating
expenses by the sum of our net interest income and non-interest
income. We calculated our non-GAAP efficiency ratio for the three
and twelve months ended December 31, 2015 by subtracting the
merger-related expenses and non-income-related taxes from our
operating expenses and the respective portions of the debt
repositioning charge from our net interest income, and
non-interest income, and dividing the adjusted operating expenses
by the adjusted net interest income and non-interest income.
|
(4)
|
|
|
Tangible assets and tangible stockholders’ equity are non-GAAP
financial measures. Please see the reconciliations of our GAAP and
non-GAAP financial measures on page 14 of this release.
|
|
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|
- Financial Statements and Highlights Follow ‐
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
|
CONSOLIDATED STATEMENTS OF CONDITION
|
|
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
537,674
|
|
|
|
|
$
|
564,150
|
|
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
|
|
|
204,255
|
|
|
|
|
|
173,783
|
|
|
|
Held-to-maturity
|
|
|
|
|
|
5,969,390
|
|
|
|
|
|
6,922,667
|
|
|
|
Total securities
|
|
|
|
|
|
6,173,645
|
|
|
|
|
|
7,096,450
|
|
|
|
Loans held for sale
|
|
|
|
|
|
367,221
|
|
|
|
|
|
379,399
|
|
|
|
Non-covered mortgage loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
|
|
|
|
25,989,100
|
|
|
|
|
|
23,849,038
|
|
|
|
Commercial real estate
|
|
|
|
|
|
7,860,162
|
|
|
|
|
|
7,637,061
|
|
|
|
Acquisition, development, and construction
|
|
|
|
|
|
311,479
|
|
|
|
|
|
257,850
|
|
|
|
One-to-four family
|
|
|
|
|
|
116,841
|
|
|
|
|
|
138,915
|
|
|
|
Total non-covered mortgage loans held for investment
|
|
|
|
|
|
34,277,582
|
|
|
|
|
|
31,882,864
|
|
|
|
Non-covered other loans held for investment
|
|
|
|
|
|
1,485,622
|
|
|
|
|
|
1,142,092
|
|
|
|
Total non-covered loans held for investment
|
|
|
|
|
|
35,763,204
|
|
|
|
|
|
33,024,956
|
|
|
|
Less: Allowance for losses on non-covered loans
|
|
|
|
|
|
(147,124
|
)
|
|
|
|
|
(139,857
|
)
|
|
|
Non-covered loans held for investment, net
|
|
|
|
|
|
35,616,080
|
|
|
|
|
|
32,885,099
|
|
|
|
Covered loans
|
|
|
|
|
|
2,060,089
|
|
|
|
|
|
2,428,622
|
|
|
|
Less: Allowance for losses on covered loans
|
|
|
|
|
|
(31,395
|
)
|
|
|
|
|
(45,481
|
)
|
|
|
Covered loans, net
|
|
|
|
|
|
2,028,694
|
|
|
|
|
|
2,383,141
|
|
|
|
Total loans, net
|
|
|
|
|
|
38,011,995
|
|
|
|
|
|
35,647,639
|
|
|
|
Federal Home Loan Bank stock, at cost
|
|
|
|
|
|
663,971
|
|
|
|
|
|
515,327
|
|
|
|
Premises and equipment, net
|
|
|
|
|
|
322,307
|
|
|
|
|
|
319,002
|
|
|
|
FDIC loss share receivable
|
|
|
|
|
|
314,915
|
|
|
|
|
|
397,811
|
|
|
|
Goodwill
|
|
|
|
|
|
2,436,131
|
|
|
|
|
|
2,436,131
|
|
|
|
Core deposit intangibles, net
|
|
|
|
|
|
2,599
|
|
|
|
|
|
7,943
|
|
|
|
Other assets (includes $25,817 and $32,048, respectively, of other
real estate owned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
covered by loss sharing agreements)
|
|
|
|
|
|
1,854,559
|
|
|
|
|
|
1,574,764
|
|
|
|
Total assets
|
|
|
|
|
$
|
50,317,796
|
|
|
|
|
$
|
48,559,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
$
|
13,069,019
|
|
|
|
|
$
|
12,549,600
|
|
|
|
Savings accounts
|
|
|
|
|
|
7,541,566
|
|
|
|
|
|
7,051,622
|
|
|
|
Certificates of deposit
|
|
|
|
|
|
5,312,487
|
|
|
|
|
|
6,420,598
|
|
|
|
Non-interest-bearing accounts
|
|
|
|
|
|
2,503,686
|
|
|
|
|
|
2,306,914
|
|
|
|
Total deposits
|
|
|
|
|
|
28,426,758
|
|
|
|
|
|
28,328,734
|
|
|
|
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale borrowings
|
|
|
|
|
|
15,389,800
|
|
|
|
|
|
13,868,132
|
|
|
|
Junior subordinated debentures
|
|
|
|
|
|
358,605
|
|
|
|
|
|
358,355
|
|
|
|
Total borrowed funds
|
|
|
|
|
|
15,748,405
|
|
|
|
|
|
14,226,487
|
|
|
|
Other liabilities
|
|
|
|
|
|
207,937
|
|
|
|
|
|
222,181
|
|
|
|
Total liabilities
|
|
|
|
|
|
44,383,100
|
|
|
|
|
|
42,777,402
|
|
|
|
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;
484,968,024 and 442,659,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shares issued; and 484,943,308 and 442,587,190 shares outstanding,
respectively)
|
|
|
|
|
|
4,850
|
|
|
|
|
|
4,427
|
|
|
|
Paid-in capital in excess of par
|
|
|
|
|
|
6,023,882
|
|
|
|
|
|
5,369,623
|
|
|
|
(Accumulated deficit) retained earnings
|
|
|
|
|
|
(36,568
|
)
|
|
|
|
|
464,569
|
|
|
|
Treasury stock, at cost (24,716 and 72,270 shares, respectively)
|
|
|
|
|
|
(447
|
)
|
|
|
|
|
(1,118
|
)
|
|
|
Accumulated other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain on securities available for sale, net of tax
|
|
|
|
|
|
3,031
|
|
|
|
|
|
2,990
|
|
|
|
Net unrealized loss on the non-credit portion of
other-than-temporary impairment losses, net of tax
|
|
|
|
|
|
(5,318
|
)
|
|
|
|
|
(5,387
|
)
|
|
|
Pension and post-retirement obligations, net of tax
|
|
|
|
|
|
(54,734
|
)
|
|
|
|
|
(53,289
|
)
|
|
|
Total accumulated other comprehensive loss, net of tax
|
|
|
|
|
|
(57,021
|
)
|
|
|
|
|
(55,686
|
)
|
|
|
Total stockholders’ equity
|
|
|
|
|
|
5,934,696
|
|
|
|
|
|
5,781,815
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$
|
50,317,796
|
|
|
|
|
$
|
48,559,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
(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,
|
|
|
|
|
|
|
|
2015
|
|
|
2015
|
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans
|
|
|
|
|
|
$ 361,043
|
|
|
|
|
|
$357,916
|
|
|
|
|
|
$358,298
|
|
|
|
|
|
$1,441,462
|
|
|
|
|
|
$1,414,884
|
|
|
|
Securities and money market investments
|
|
|
|
|
|
63,458
|
|
|
|
|
|
58,634
|
|
|
|
|
|
64,505
|
|
|
|
|
|
250,122
|
|
|
|
|
|
268,183
|
|
|
|
Total interest income
|
|
|
|
|
|
424,501
|
|
|
|
|
|
416,550
|
|
|
|
|
|
422,803
|
|
|
|
|
|
1,691,584
|
|
|
|
|
|
1,683,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
|
11,918
|
|
|
|
|
|
11,770
|
|
|
|
|
|
11,109
|
|
|
|
|
|
46,467
|
|
|
|
|
|
39,508
|
|
|
|
Savings accounts
|
|
|
|
|
|
12,779
|
|
|
|
|
|
12,739
|
|
|
|
|
|
11,254
|
|
|
|
|
|
50,776
|
|
|
|
|
|
35,727
|
|
|
|
Certificates of deposit
|
|
|
|
|
|
14,522
|
|
|
|
|
|
15,539
|
|
|
|
|
|
18,657
|
|
|
|
|
|
62,906
|
|
|
|
|
|
74,511
|
|
|
|
Borrowed funds
|
|
|
|
|
|
60,728
|
|
|
|
|
|
97,090
|
|
|
|
|
|
98,101
|
|
|
|
|
|
349,604
|
|
|
|
|
|
392,968
|
|
|
|
Borrowed funds (debt repositioning charge)
|
|
|
|
|
|
773,756
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
773,756
|
|
|
|
|
|
--
|
|
|
|
Total interest expense
|
|
|
|
|
|
873,703
|
|
|
|
|
|
137,138
|
|
|
|
|
|
139,121
|
|
|
|
|
|
1,283,509
|
|
|
|
|
|
542,714
|
|
|
|
Net interest (loss) income
|
|
|
|
|
|
(449,202
|
)
|
|
|
|
|
279,412
|
|
|
|
|
|
283,682
|
|
|
|
|
|
408,075
|
|
|
|
|
|
1,140,353
|
|
|
|
Recovery of losses on non-covered loans
|
|
|
|
|
|
(80
|
)
|
|
|
|
|
(512
|
)
|
|
|
|
|
--
|
|
|
|
|
|
(3,334
|
)
|
|
|
|
|
--
|
|
|
|
Recovery of losses on covered loans
|
|
|
|
|
|
(6,237
|
)
|
|
|
|
|
(8,516
|
)
|
|
|
|
|
(200
|
)
|
|
|
|
|
(11,670
|
)
|
|
|
|
|
(18,587
|
)
|
|
|
Net interest (loss) income after recovery of loan losses
|
|
|
|
|
|
(442,885
|
)
|
|
|
|
|
288,440
|
|
|
|
|
|
283,882
|
|
|
|
|
|
423,079
|
|
|
|
|
|
1,158,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking income
|
|
|
|
|
|
12,265
|
|
|
|
|
|
7,474
|
|
|
|
|
|
16,446
|
|
|
|
|
|
54,113
|
|
|
|
|
|
62,953
|
|
|
|
Fee income
|
|
|
|
|
|
8,121
|
|
|
|
|
|
8,765
|
|
|
|
|
|
9,073
|
|
|
|
|
|
34,058
|
|
|
|
|
|
36,585
|
|
|
|
Bank-owned life insurance
|
|
|
|
|
|
6,946
|
|
|
|
|
|
7,117
|
|
|
|
|
|
6,620
|
|
|
|
|
|
27,541
|
|
|
|
|
|
27,150
|
|
|
|
Net gain on sales of securities
|
|
|
|
|
|
3,111
|
|
|
|
|
|
140
|
|
|
|
|
|
8,712
|
|
|
|
|
|
4,054
|
|
|
|
|
|
14,029
|
|
|
|
FDIC indemnification expense
|
|
|
|
|
|
(4,989
|
)
|
|
|
|
|
(6,813
|
)
|
|
|
|
|
(160
|
)
|
|
|
|
|
(9,336
|
)
|
|
|
|
|
(14,870
|
)
|
|
|
Other income
|
|
|
|
|
|
33,587
|
|
|
|
|
|
20,904
|
|
|
|
|
|
29,788
|
|
|
|
|
|
100,333
|
|
|
|
|
|
75,746
|
|
|
|
Total non-interest income
|
|
|
|
|
|
59,041
|
|
|
|
|
|
37,587
|
|
|
|
|
|
70,479
|
|
|
|
|
|
210,763
|
|
|
|
|
|
201,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits
|
|
|
|
|
|
88,171
|
|
|
|
|
|
84,177
|
|
|
|
|
|
78,232
|
|
|
|
|
|
342,624
|
|
|
|
|
|
306,848
|
|
|
|
Occupancy and equipment
|
|
|
|
|
|
25,219
|
|
|
|
|
|
25,976
|
|
|
|
|
|
25,019
|
|
|
|
|
|
102,435
|
|
|
|
|
|
99,016
|
|
|
|
General and administrative
|
|
|
|
|
|
50,345
|
|
|
|
|
|
35,875
|
|
|
|
|
|
42,987
|
|
|
|
|
|
170,541
|
|
|
|
|
|
173,306
|
|
|
|
Total operating expenses
|
|
|
|
|
|
163,735
|
|
|
|
|
|
146,028
|
|
|
|
|
|
146,238
|
|
|
|
|
|
615,600
|
|
|
|
|
|
579,170
|
|
|
|
Amortization of core deposit intangibles
|
|
|
|
|
|
1,135
|
|
|
|
|
|
1,280
|
|
|
|
|
|
1,873
|
|
|
|
|
|
5,344
|
|
|
|
|
|
8,297
|
|
|
|
Debt repositioning charge
|
|
|
|
|
|
141,209
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
141,209
|
|
|
|
|
|
--
|
|
|
|
Merger-related expenses
|
|
|
|
|
|
3,702
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
3,702
|
|
|
|
|
|
--
|
|
|
|
Total non-interest expense
|
|
|
|
|
|
309,781
|
|
|
|
|
|
147,308
|
|
|
|
|
|
148,111
|
|
|
|
|
|
765,855
|
|
|
|
|
|
587,467
|
|
|
|
(Loss) income before income taxes
|
|
|
|
|
|
(693,625
|
)
|
|
|
|
|
178,719
|
|
|
|
|
|
206,250
|
|
|
|
|
|
(132,013
|
)
|
|
|
|
|
773,066
|
|
|
|
Income tax (benefit) expense
|
|
|
|
|
|
(288,818
|
)
|
|
|
|
|
64,031
|
|
|
|
|
|
75,053
|
|
|
|
|
|
(84,857
|
)
|
|
|
|
|
287,669
|
|
|
|
Net (Loss) Income
|
|
|
|
|
|
$(404,807
|
)
|
|
|
|
|
$114,688
|
|
|
|
|
|
$131,197
|
|
|
|
|
|
$ (47,156
|
)
|
|
|
|
|
$ 485,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings per share
|
|
|
|
|
|
$(0.87
|
)
|
|
|
|
|
$0.26
|
|
|
|
|
|
$0.30
|
|
|
|
|
|
$(0.11
|
)
|
|
|
|
|
$1.09
|
|
|
|
Diluted (loss) earnings per share
|
|
|
|
|
|
$(0.87
|
)
|
|
|
|
|
$0.26
|
|
|
|
|
|
$0.30
|
|
|
|
|
|
$(0.11
|
)
|
|
|
|
|
$1.09
|
|
|
|
Adjustments to diluted GAAP (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt repositioning charge
|
|
|
|
|
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.22
|
|
|
|
|
|
|
|
|
|
Merger-related expenses
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
Diluted non-GAAP earnings per share(1)(2)
|
|
|
|
|
|
$ 0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Footing differences are due to rounding.
|
(2) Please see the discussion of our GAAP loss and
non-GAAP earnings on page 14 of this release.
|
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF GAAP
LOSS AND NON-GAAP EARNINGS
(unaudited)
Although they are not calculated in accordance with U.S. generally
accepted accounting principles (“GAAP”), we believe that our non-GAAP
earnings are an important indication of our ability to generate earnings
through our fundamental business. Since they exclude the effects of
certain items that are unusual and/or difficult to predict (in this
case, the aforementioned debt repositioning charge and merger-related
expenses), we believe that our non-GAAP earnings provide useful
supplemental information to both management and investors in evaluating
our financial performance in the three and twelve months ended December
31, 2015.
Our non-GAAP earnings should not be considered in isolation or as a
substitute for net (loss) income, cash flows from operating activities,
or other (loss) income or cash flow statement data that are calculated
in accordance with GAAP. Moreover, the manner in which we calculate our
non-GAAP earnings may differ from that of other companies also reporting
non-GAAP results.
Reconciliations of our GAAP loss and non-GAAP earnings for the three and
twelve months ended December 31, 2015 follow:
(in thousands, except per share data)
|
|
|
|
|
For the Three Months Ended December 31, 2015
|
|
|
|
For the Twelve Months Ended December 31, 2015
|
|
GAAP Loss
|
|
|
|
|
$(404,807
|
)
|
|
|
|
$ (47,156
|
)
|
|
Adjustments to GAAP Loss:
|
|
|
|
|
|
|
|
|
|
|
Debt repositioning charge
|
|
|
|
|
914,965
|
|
|
|
|
914,965
|
|
|
State and local non-income taxes resulting from the loss on
debt repositioning and recorded in G&A expense
|
|
|
|
|
5,440
|
|
|
|
|
5,440
|
|
|
Merger-related expenses
|
|
|
|
|
3,702
|
|
|
|
|
3,702
|
|
|
Income tax effect
|
|
|
|
|
(374,110
|
)
|
|
|
|
(374,110
|
)
|
|
Non-GAAP Earnings
|
|
|
|
|
$ 145,190
|
|
|
|
|
$ 502,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted GAAP Loss per Share
|
|
|
|
|
$(0.87
|
)
|
|
|
|
$(0.11
|
)
|
|
Adjustments to diluted GAAP loss per share:
|
|
|
|
|
|
|
|
|
|
|
Debt repositioning charge
|
|
|
|
|
1.17
|
|
|
|
|
1.22
|
|
|
Merger-related expenses
|
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
Diluted non-GAAP earnings per share(1)
|
|
|
|
|
$ 0.31
|
|
|
|
|
$ 1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Footing differences are due to rounding.
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
RECONCILIATIONS OF GAAP
AND NON-GAAP FINANCIAL 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 financial
measures in their analysis of our performance. We believe that these
non-GAAP financial measures are an important indication of our ability
to grow both organically and through business combinations, and, with
respect to tangible stockholders’ equity and adjusted tangible
stockholders’ equity, our ability to pay dividends and engage in various
capital management strategies.
Tangible stockholders’ equity, adjusted tangible stockholders’ equity,
tangible assets, adjusted tangible assets, and the related non-GAAP
financial 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 financial 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, 2015, September 30, 2015,
and December 31, 2014, and for the twelve months ended December 31, 2015
and 2014, 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,
|
|
|
(in thousands)
|
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
Total Stockholders’ Equity
|
|
|
|
|
$ 5,934,696
|
|
|
|
|
$ 5,826,837
|
|
|
|
|
$ 5,781,815
|
|
|
|
|
$ 5,934,696
|
|
|
|
|
$ 5,781,815
|
|
|
|
Less: Goodwill
|
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
Core deposit intangibles
|
|
|
|
|
(2,599
|
)
|
|
|
|
(3,734
|
)
|
|
|
|
(7,943
|
)
|
|
|
|
(2,599
|
)
|
|
|
|
(7,943
|
)
|
|
|
Tangible stockholders’ equity
|
|
|
|
|
$ 3,495,966
|
|
|
|
|
$ 3,386,972
|
|
|
|
|
$ 3,337,741
|
|
|
|
|
$ 3,495,966
|
|
|
|
|
$ 3,337,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
|
|
$50,317,796
|
|
|
|
|
$49,045,482
|
|
|
|
|
$48,559,217
|
|
|
|
|
$50,317,796
|
|
|
|
|
$48,559,217
|
|
|
|
Less: Goodwill
|
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
|
(2,436,131
|
)
|
|
|
Core deposit intangibles
|
|
|
|
|
(2,599
|
)
|
|
|
|
(3,734
|
)
|
|
|
|
(7,943
|
)
|
|
|
|
(2,599
|
)
|
|
|
|
(7,943
|
)
|
|
|
Tangible assets
|
|
|
|
|
$47,879,066
|
|
|
|
|
$46,605,617
|
|
|
|
|
$46,115,143
|
|
|
|
|
$47,879,066
|
|
|
|
|
$46,115,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders’ Equity
|
|
|
|
|
$3,495,966
|
|
|
|
|
$3,386,972
|
|
|
|
|
$3,337,741
|
|
|
|
|
$3,495,966
|
|
|
|
|
$3,337,741
|
|
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
|
|
|
57,021
|
|
|
|
|
53,427
|
|
|
|
|
55,686
|
|
|
|
|
57,021
|
|
|
|
|
55,686
|
|
|
|
Adjusted tangible stockholders’ equity
|
|
|
|
|
$3,552,987
|
|
|
|
|
$3,440,399
|
|
|
|
|
$3,393,427
|
|
|
|
|
$3,552,987
|
|
|
|
|
$3,393,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets
|
|
|
|
|
$47,879,066
|
|
|
|
|
$46,605,617
|
|
|
|
|
$46,115,143
|
|
|
|
|
$47,879,066
|
|
|
|
|
$46,115,143
|
|
|
|
Add back: Accumulated other comprehensive loss, net of tax
|
|
|
|
|
57,021
|
|
|
|
|
53,427
|
|
|
|
|
55,686
|
|
|
|
|
57,021
|
|
|
|
|
55,686
|
|
|
|
Adjusted tangible assets
|
|
|
|
|
$47,936,087
|
|
|
|
|
$46,659,044
|
|
|
|
|
$46,170,829
|
|
|
|
|
$47,936,087
|
|
|
|
|
$46,170,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders’ Equity
|
|
|
|
|
$ 5,819,461
|
|
|
|
|
$ 5,822,699
|
|
|
|
|
$ 5,798,260
|
|
|
|
|
$ 5,813,636
|
|
|
|
|
$ 5,768,795
|
|
|
|
Less: Average goodwill and core deposit intangibles
|
|
|
|
|
(2,439,433
|
)
|
|
|
|
(2,440,708
|
)
|
|
|
|
(2,445,262
|
)
|
|
|
|
(2,441,406
|
)
|
|
|
|
(2,448,322
|
)
|
|
|
Average tangible stockholders’ equity
|
|
|
|
|
$ 3,380,028
|
|
|
|
|
$ 3,381,991
|
|
|
|
|
$ 3,352,998
|
|
|
|
|
$ 3,372,230
|
|
|
|
|
$ 3,320,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets
|
|
|
|
|
$49,403,650
|
|
|
|
|
$48,970,353
|
|
|
|
|
$48,870,512
|
|
|
|
|
$48,870,205
|
|
|
|
|
$48,038,072
|
|
|
|
Less: Average goodwill and core deposit intangibles
|
|
|
|
|
(2,439,433
|
)
|
|
|
|
(2,440,708
|
)
|
|
|
|
(2,445,262
|
)
|
|
|
|
(2,441,406
|
)
|
|
|
|
(2,448,322
|
)
|
|
|
Average tangible assets
|
|
|
|
|
$46,964,217
|
|
|
|
|
$46,529,645
|
|
|
|
|
$46,425,250
|
|
|
|
|
$46,428,799
|
|
|
|
|
$45,589,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
|
|
|
|
|
$(404,807
|
)
|
|
|
|
$114,688
|
|
|
|
|
$131,197
|
|
|
|
|
$(47,156
|
)
|
|
|
|
$485,397
|
|
|
|
Add back: Amortization of core deposit intangibles, net of tax
|
|
|
|
|
681
|
|
|
|
|
768
|
|
|
|
|
1,124
|
|
|
|
|
3,206
|
|
|
|
|
4,978
|
|
|
|
Adjusted net (loss) income
|
|
|
|
|
$(404,126
|
)
|
|
|
|
$115,456
|
|
|
|
|
$132,321
|
|
|
|
|
$(43,950
|
)
|
|
|
|
$490,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income
|
|
|
|
|
$145,190
|
|
|
|
|
$114,688
|
|
|
|
|
$131,197
|
|
|
|
|
$502,841
|
|
|
|
|
$485,397
|
|
|
|
Add back: Amortization of core deposit intangibles, net of tax
|
|
|
|
|
681
|
|
|
|
|
768
|
|
|
|
|
1,124
|
|
|
|
|
3,206
|
|
|
|
|
4,978
|
|
|
|
Adjusted non-GAAP net income
|
|
|
|
|
$145,871
|
|
|
|
|
$115,456
|
|
|
|
|
$132,321
|
|
|
|
|
$506,047
|
|
|
|
|
$490,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME
ANALYSES (NON-GAAP AND GAAP)
(unaudited)
The first table on this page presents an analysis of the Company’s
fourth quarter 2015 net interest income as if the aforementioned $773.8
million debt repositioning charge recorded in interest expense in
accordance with ASC 470-50 had not been recorded. Although such adjusted
net interest income is not a measure of performance calculated in
accordance with GAAP, we believe that it is an important indication of
our ability to generate net interest income through our fundamental
banking business and therefore provides useful supplemental information
to management and investors in evaluating our financial results.
The following line items are presented in the adjusted net interest
income analysis for the fourth quarter of 2015 absent the impact of the
debt repositioning charge: interest expense on and average cost of
borrowed funds; interest expense on and average cost of interest-bearing
liabilities; net interest income; interest rate spread; and net interest
margin. No adjustments have been made to these items for the three
months ended September 30, 2015. Furthermore, none of these adjusted
items should be considered in isolation or as a substitute for net
interest (loss) income or its component measures, which appear in the
second table on this page.
|
|
|
ADJUSTED NET INTEREST INCOME ANALYSIS
(NON-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
(dollars in thousands)
|
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
|
|
$37,240,361
|
|
|
|
$361,043
|
|
|
|
3.88
|
%
|
|
|
|
$36,435,984
|
|
|
|
$357,916
|
|
|
|
3.93
|
%
|
|
|
Securities and money market investments
|
|
|
|
|
6,871,407
|
|
|
|
63,458
|
|
|
|
3.68
|
|
|
|
|
7,325,746
|
|
|
|
58,634
|
|
|
|
3.19
|
|
|
|
Total interest-earning assets
|
|
|
|
|
44,111,768
|
|
|
|
424,501
|
|
|
|
3.85
|
|
|
|
|
43,761,730
|
|
|
|
416,550
|
|
|
|
3.80
|
|
|
|
Non-interest-earning assets
|
|
|
|
|
5,291,882
|
|
|
|
|
|
|
|
|
|
|
|
|
5,208,623
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,970,353
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
$12,930,306
|
|
|
|
$ 11,918
|
|
|
|
0.37
|
%
|
|
|
|
$12,728,206
|
|
|
|
$ 11,770
|
|
|
|
0.37
|
%
|
|
|
Savings accounts
|
|
|
|
|
7,579,895
|
|
|
|
12,779
|
|
|
|
0.67
|
|
|
|
|
7,446,936
|
|
|
|
12,739
|
|
|
|
0.68
|
|
|
|
Certificates of deposit
|
|
|
|
|
5,356,629
|
|
|
|
14,522
|
|
|
|
1.08
|
|
|
|
|
5,661,888
|
|
|
|
15,539
|
|
|
|
1.09
|
|
|
|
Total interest-bearing deposits
|
|
|
|
|
25,866,830
|
|
|
|
39,219
|
|
|
|
0.60
|
|
|
|
|
25,837,030
|
|
|
|
40,048
|
|
|
|
0.61
|
|
|
|
Borrowed funds
|
|
|
|
|
14,813,371
|
|
|
|
60,728
|
|
|
|
1.63
|
|
|
|
|
14,522,556
|
|
|
|
97,090
|
|
|
|
2.65
|
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
40,680,201
|
|
|
|
99,947
|
|
|
|
0.98
|
|
|
|
|
40,359,586
|
|
|
|
137,138
|
|
|
|
1.35
|
|
|
|
Non-interest-bearing deposits
|
|
|
|
|
2,740,355
|
|
|
|
|
|
|
|
|
|
|
|
|
2,576,350
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
163,633
|
|
|
|
|
|
|
|
|
|
|
|
|
211,718
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
43,584,189
|
|
|
|
|
|
|
|
|
|
|
|
|
43,147,654
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
5,819,461
|
|
|
|
|
|
|
|
|
|
|
|
|
5,822,699
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,970,353
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
|
|
|
$324,554
|
|
|
|
2.87
|
%
|
|
|
|
|
|
|
|
$279,412
|
|
|
|
2.45
|
%
|
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
2.56
|
%
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME ANALYSIS (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
(dollars in thousands)
|
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
|
|
$37,240,361
|
|
|
|
$ 361,043
|
|
|
|
|
3.88
|
%
|
|
|
|
$36,435,984
|
|
|
|
$357,916
|
|
|
|
3.93
|
%
|
|
|
Securities and money market investments
|
|
|
|
|
6,871,407
|
|
|
|
63,458
|
|
|
|
|
3.68
|
|
|
|
|
7,325,746
|
|
|
|
58,634
|
|
|
|
3.19
|
|
|
|
Total interest-earning assets
|
|
|
|
|
44,111,768
|
|
|
|
424,501
|
|
|
|
|
3.85
|
|
|
|
|
43,761,730
|
|
|
|
416,550
|
|
|
|
3.80
|
|
|
|
Non-interest-earning assets
|
|
|
|
|
5,291,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,208,623
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,970,353
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
$12,930,306
|
|
|
|
$ 11,918
|
|
|
|
|
0.37
|
%
|
|
|
|
$12,728,206
|
|
|
|
$ 11,770
|
|
|
|
0.37
|
%
|
|
|
Savings accounts
|
|
|
|
|
7,579,895
|
|
|
|
12,779
|
|
|
|
|
0.67
|
|
|
|
|
7,446,936
|
|
|
|
12,739
|
|
|
|
0.68
|
|
|
|
Certificates of deposit
|
|
|
|
|
5,356,629
|
|
|
|
14,522
|
|
|
|
|
1.08
|
|
|
|
|
5,661,888
|
|
|
|
15,539
|
|
|
|
1.09
|
|
|
|
Total interest-bearing deposits
|
|
|
|
|
25,866,830
|
|
|
|
39,219
|
|
|
|
|
0.60
|
|
|
|
|
25,837,030
|
|
|
|
40,048
|
|
|
|
0.61
|
|
|
|
Borrowed funds
|
|
|
|
|
14,813,371
|
|
|
|
834,484
|
|
|
|
|
22.35
|
|
|
|
|
14,522,556
|
|
|
|
97,090
|
|
|
|
2.65
|
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
40,680,201
|
|
|
|
873,703
|
|
|
|
|
8.52
|
|
|
|
|
40,359,586
|
|
|
|
137,138
|
|
|
|
1.35
|
|
|
|
Non-interest-bearing deposits
|
|
|
|
|
2,740,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,576,350
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
163,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
211,718
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
43,584,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,147,654
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
5,819,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,822,699
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,970,353
|
|
|
|
|
|
|
|
|
|
|
|
Net interest (loss) income/interest rate spread
|
|
|
|
|
|
|
|
|
$(449,202
|
)
|
|
|
|
(4.67)
|
%
|
|
|
|
|
|
|
|
$279,412
|
|
|
|
2.45
|
%
|
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.01)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
2.56
|
%
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME
ANALYSES (NON-GAAP AND GAAP)
(unaudited)
The first table on this page presents an analysis of the Company’s
fourth quarter 2015 net interest income as if the aforementioned $773.8
million debt repositioning charge recorded in interest expense in
accordance with ASC 470-50 had not been recorded. Although such adjusted
net interest income is not a measure of performance calculated in
accordance with GAAP, we believe that it is an important indication of
our ability to generate net interest income through our fundamental
banking business and therefore provides useful supplemental information
to management and investors in evaluating our financial results.
The following line items are presented in the adjusted net interest
income analysis for the fourth quarter of 2015 absent the impact of the
debt repositioning charge: interest expense on and average cost of
borrowed funds; interest expense on and average cost of interest-bearing
liabilities; net interest income; interest rate spread; and net interest
margin. No adjustments have been made to these items for the three
months ended December 31, 2014. Furthermore, none of these adjusted
items should be considered in isolation or as a substitute for net
interest (loss) income or its component measures, which appear in the
second table on this page.
|
ADJUSTED NET INTEREST INCOME ANALYSIS
(NON-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
(dollars in thousands)
|
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
|
|
$37,240,361
|
|
|
|
$ 361,043
|
|
|
|
3.88
|
%
|
|
|
|
$35,784,839
|
|
|
|
$358,298
|
|
|
|
4.00
|
%
|
Securities and money market investments
|
|
|
|
|
6,871,407
|
|
|
|
63,458
|
|
|
|
3.68
|
|
|
|
|
7,830,979
|
|
|
|
64,505
|
|
|
|
3.29
|
|
Total interest-earning assets
|
|
|
|
|
44,111,768
|
|
|
|
424,501
|
|
|
|
3.85
|
|
|
|
|
43,615,818
|
|
|
|
422,803
|
|
|
|
3.87
|
|
Non-interest-earning assets
|
|
|
|
|
5,291,882
|
|
|
|
|
|
|
|
|
|
|
|
|
5,254,694
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,870,512
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
$12,930,306
|
|
|
|
$ 11,918
|
|
|
|
0.37
|
%
|
|
|
|
$12,478,182
|
|
|
|
$ 11,109
|
|
|
|
0.35
|
%
|
Savings accounts
|
|
|
|
|
7,579,895
|
|
|
|
12,779
|
|
|
|
0.67
|
|
|
|
|
7,100,938
|
|
|
|
11,254
|
|
|
|
0.63
|
|
Certificates of deposit
|
|
|
|
|
5,356,629
|
|
|
|
14,522
|
|
|
|
1.08
|
|
|
|
|
6,510,626
|
|
|
|
18,657
|
|
|
|
1.14
|
|
Total interest-bearing deposits
|
|
|
|
|
25,866,830
|
|
|
|
39,219
|
|
|
|
0.60
|
|
|
|
|
26,089,746
|
|
|
|
41,020
|
|
|
|
0.62
|
|
Borrowed funds
|
|
|
|
|
14,813,371
|
|
|
|
60,728
|
|
|
|
1.63
|
|
|
|
|
14,244,337
|
|
|
|
98,101
|
|
|
|
2.73
|
|
Total interest-bearing liabilities
|
|
|
|
|
40,680,201
|
|
|
|
99,947
|
|
|
|
0.98
|
|
|
|
|
40,334,083
|
|
|
|
139,121
|
|
|
|
1.37
|
|
Non-interest-bearing deposits
|
|
|
|
|
2,740,355
|
|
|
|
|
|
|
|
|
|
|
|
|
2,545,450
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
163,633
|
|
|
|
|
|
|
|
|
|
|
|
|
192,719
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
43,584,189
|
|
|
|
|
|
|
|
|
|
|
|
|
43,072,252
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
5,819,461
|
|
|
|
|
|
|
|
|
|
|
|
|
5,798,260
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,870,512
|
|
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
|
|
|
$324,554
|
|
|
|
2.87
|
%
|
|
|
|
|
|
|
|
$283,682
|
|
|
|
2.50
|
%
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
2.61
|
%
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME ANALYSIS (GAAP)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
(dollars in thousands)
|
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
|
|
$37,240,361
|
|
|
|
$ 361,043
|
|
|
|
|
3.88
|
%
|
|
|
|
$35,784,839
|
|
|
|
$358,298
|
|
|
|
4.00
|
%
|
|
|
Securities and money market investments
|
|
|
|
|
6,871,407
|
|
|
|
63,458
|
|
|
|
|
3.68
|
|
|
|
|
7,830,979
|
|
|
|
64,505
|
|
|
|
3.29
|
|
|
|
Total interest-earning assets
|
|
|
|
|
44,111,768
|
|
|
|
424,501
|
|
|
|
|
3.85
|
|
|
|
|
43,615,818
|
|
|
|
422,803
|
|
|
|
3.87
|
|
|
|
Non-interest-earning assets
|
|
|
|
|
5,291,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,254,694
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,870,512
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
$12,930,306
|
|
|
|
$ 11,918
|
|
|
|
|
0.37
|
%
|
|
|
|
$12,478,182
|
|
|
|
$ 11,109
|
|
|
|
0.35
|
%
|
|
|
Savings accounts
|
|
|
|
|
7,579,895
|
|
|
|
12,779
|
|
|
|
|
0.67
|
|
|
|
|
7,100,938
|
|
|
|
11,254
|
|
|
|
0.63
|
|
|
|
Certificates of deposit
|
|
|
|
|
5,356,629
|
|
|
|
14,522
|
|
|
|
|
1.08
|
|
|
|
|
6,510,626
|
|
|
|
18,657
|
|
|
|
1.14
|
|
|
|
Total interest-bearing deposits
|
|
|
|
|
25,866,830
|
|
|
|
39,219
|
|
|
|
|
0.60
|
|
|
|
|
26,089,746
|
|
|
|
41,020
|
|
|
|
0.62
|
|
|
|
Borrowed funds
|
|
|
|
|
14,813,371
|
|
|
|
834,484
|
|
|
|
|
22.35
|
|
|
|
|
14,244,337
|
|
|
|
98,101
|
|
|
|
2.73
|
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
40,680,201
|
|
|
|
873,703
|
|
|
|
|
8.52
|
|
|
|
|
40,334,083
|
|
|
|
139,121
|
|
|
|
1.37
|
|
|
|
Non-interest-bearing deposits
|
|
|
|
|
2,740,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,545,450
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
163,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
192,719
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
43,584,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,072,252
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
5,819,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,798,260
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$49,403,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,870,512
|
|
|
|
|
|
|
|
|
|
|
|
Net interest (loss) income/interest rate spread
|
|
|
|
|
|
|
|
|
$(449,202
|
)
|
|
|
|
(4.67)
|
%
|
|
|
|
|
|
|
|
$283,682
|
|
|
|
2.50
|
%
|
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.01)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
2.61
|
%
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME
ANALYSES (NON-GAAP AND GAAP)
(unaudited)
The first table on this page presents an analysis of the Company’s net
interest income for the 12 months ended December 31, 2015 as if the
aforementioned $773.8 million debt repositioning charge recorded in
interest expense in accordance with ASC 470-50 had not been recorded.
Although such adjusted net interest income is not a measure of
performance calculated in accordance with GAAP, we believe that it is an
important indication of our ability to generate net interest income
through our fundamental banking business and therefore provides useful
supplemental information to management and investors in evaluating our
financial results.
The following line items are presented in the adjusted net interest
income analysis for the 12 months ended December 31, 2015 absent the
impact of the debt repositioning charge: interest expense on and average
cost of borrowed funds; interest expense on and average cost of
interest-bearing liabilities; net interest income; interest rate spread;
and net interest margin. No adjustments have been made to these items
for the 12 months ended December 31, 2014. None of the adjusted items
should be considered in isolation or as a substitute for net interest
(loss) income or its component measures, which appear in the second
table on this page.
ADJUSTED NET INTEREST INCOME ANALYSIS
(NON-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
(dollars in thousands)
|
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
|
|
$36,343,407
|
|
|
|
$1,441,462
|
|
|
|
3.97
|
%
|
|
|
|
$34,510,611
|
|
|
|
$1,414,884
|
|
|
|
4.10
|
%
|
|
|
Securities and money market investments
|
|
|
|
|
7,278,562
|
|
|
|
250,122
|
|
|
|
3.44
|
|
|
|
|
8,215,129
|
|
|
|
268,183
|
|
|
|
3.26
|
|
|
|
Total interest-earning assets
|
|
|
|
|
43,621,969
|
|
|
|
1,691,584
|
|
|
|
3.88
|
|
|
|
|
42,725,740
|
|
|
|
1,683,067
|
|
|
|
3.94
|
|
|
|
Non-interest-earning assets
|
|
|
|
|
5,248,236
|
|
|
|
|
|
|
|
|
|
|
|
|
5,312,332
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$48,870,205
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,038,072
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
$12,674,236
|
|
|
|
$ 46,467
|
|
|
|
0.37
|
%
|
|
|
|
$11,638,484
|
|
|
|
$ 39,508
|
|
|
|
0.34
|
%
|
|
|
Savings accounts
|
|
|
|
|
7,546,417
|
|
|
|
50,776
|
|
|
|
0.67
|
|
|
|
|
6,595,334
|
|
|
|
35,727
|
|
|
|
0.54
|
|
|
|
Certificates of deposit
|
|
|
|
|
5,698,437
|
|
|
|
62,906
|
|
|
|
1.10
|
|
|
|
|
6,663,188
|
|
|
|
74,511
|
|
|
|
1.12
|
|
|
|
Total interest-bearing deposits
|
|
|
|
|
25,919,090
|
|
|
|
160,149
|
|
|
|
0.62
|
|
|
|
|
24,897,006
|
|
|
|
149,746
|
|
|
|
0.60
|
|
|
|
Borrowed funds
|
|
|
|
|
14,275,818
|
|
|
|
349,604
|
|
|
|
2.45
|
|
|
|
|
14,687,889
|
|
|
|
392,968
|
|
|
|
2.68
|
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
40,194,908
|
|
|
|
509,753
|
|
|
|
1.27
|
|
|
|
|
39,584,895
|
|
|
|
542,714
|
|
|
|
1.37
|
|
|
|
Non-interest-bearing deposits
|
|
|
|
|
2,660,220
|
|
|
|
|
|
|
|
|
|
|
|
|
2,481,751
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
201,441
|
|
|
|
|
|
|
|
|
|
|
|
|
202,631
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
43,056,569
|
|
|
|
|
|
|
|
|
|
|
|
|
42,269,277
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
5,813,636
|
|
|
|
|
|
|
|
|
|
|
|
|
5,768,795
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$48,870,205
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,038,072
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
|
|
|
$1,181,831
|
|
|
|
2.61
|
%
|
|
|
|
|
|
|
|
$1,140,353
|
|
|
|
2.57
|
%
|
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
2.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
2.67
|
%
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
1.09
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
NET INTEREST INCOME ANALYSIS (GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
|
Average
|
|
|
|
|
|
|
|
Yield/
|
|
|
(dollars in thousands)
|
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
|
Balance
|
|
|
|
Interest
|
|
|
|
Cost
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other loans, net
|
|
|
|
|
$36,343,407
|
|
|
|
$1,441,462
|
|
|
|
3.97
|
%
|
|
|
|
$34,510,611
|
|
|
|
$1,414,884
|
|
|
|
4.10
|
%
|
|
|
Securities and money market investments
|
|
|
|
|
7,278,562
|
|
|
|
250,122
|
|
|
|
3.44
|
|
|
|
|
8,215,129
|
|
|
|
268,183
|
|
|
|
3.26
|
|
|
|
Total interest-earning assets
|
|
|
|
|
43,621,969
|
|
|
|
1,691,584
|
|
|
|
3.88
|
|
|
|
|
42,725,740
|
|
|
|
1,683,067
|
|
|
|
3.94
|
|
|
|
Non-interest-earning assets
|
|
|
|
|
5,248,236
|
|
|
|
|
|
|
|
|
|
|
|
|
5,312,332
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
$48,870,205
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,038,072
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW and money market accounts
|
|
|
|
|
$12,674,236
|
|
|
|
$ 46,467
|
|
|
|
0.37
|
%
|
|
|
|
$11,638,484
|
|
|
|
$ 39,508
|
|
|
|
0.34
|
%
|
|
|
Savings accounts
|
|
|
|
|
7,546,417
|
|
|
|
50,776
|
|
|
|
0.67
|
|
|
|
|
6,595,334
|
|
|
|
35,727
|
|
|
|
0.54
|
|
|
|
Certificates of deposit
|
|
|
|
|
5,698,437
|
|
|
|
62,906
|
|
|
|
1.10
|
|
|
|
|
6,663,188
|
|
|
|
74,511
|
|
|
|
1.12
|
|
|
|
Total interest-bearing deposits
|
|
|
|
|
25,919,090
|
|
|
|
160,149
|
|
|
|
0.62
|
|
|
|
|
24,897,006
|
|
|
|
149,746
|
|
|
|
0.60
|
|
|
|
Borrowed funds
|
|
|
|
|
14,275,818
|
|
|
|
1,123,360
|
|
|
|
7.87
|
|
|
|
|
14,687,889
|
|
|
|
392,968
|
|
|
|
2.68
|
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
40,194,908
|
|
|
|
1,283,509
|
|
|
|
3.19
|
|
|
|
|
39,584,895
|
|
|
|
542,714
|
|
|
|
1.37
|
|
|
|
Non-interest-bearing deposits
|
|
|
|
|
2,660,220
|
|
|
|
|
|
|
|
|
|
|
|
|
2,481,751
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
|
|
201,441
|
|
|
|
|
|
|
|
|
|
|
|
|
202,631
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
43,056,569
|
|
|
|
|
|
|
|
|
|
|
|
|
42,269,277
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
5,813,636
|
|
|
|
|
|
|
|
|
|
|
|
|
5,768,795
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$48,870,205
|
|
|
|
|
|
|
|
|
|
|
|
|
$48,038,072
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/interest rate spread
|
|
|
|
|
|
|
|
|
$408,075
|
|
|
|
0.69
|
%
|
|
|
|
|
|
|
|
$1,140,353
|
|
|
|
2.57
|
%
|
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
0.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
2.67
|
%
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
1.09
|
x
|
|
|
|
|
|
|
|
|
|
|
|
1.08
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL
HIGHLIGHTS
(unaudited)
The following table presents our non-GAAP earnings (which exclude the
debt repositioning charge and merger-related expenses recorded in the
three and twelve months ended December 31, 2015), followed by our GAAP
loss (which includes those amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
For the Twelve Months Ended
|
|
|
|
|
|
|
|
Dec. 31,
|
|
|
|
Sept. 30,
|
|
|
|
Dec. 31,
|
|
|
|
Dec. 31,
|
|
|
|
Dec. 31,
|
|
|
(dollars in thousands except share and per share data)
|
|
|
|
|
2015
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
NON-GAAP EARNINGS: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
|
|
|
|
|
$145,190
|
|
|
|
|
$114,688
|
|
|
|
|
$131,197
|
|
|
|
|
$502,841
|
|
|
|
|
$485,397
|
|
|
|
Basic non-GAAP earnings per share
|
|
|
|
|
0.31
|
|
|
|
|
0.26
|
|
|
|
|
0.30
|
|
|
|
|
1.11
|
|
|
|
|
1.09
|
|
|
|
Diluted non-GAAP earnings per share
|
|
|
|
|
0.31
|
|
|
|
|
0.26
|
|
|
|
|
0.30
|
|
|
|
|
1.11
|
|
|
|
|
1.09
|
|
|
|
Return on average assets
|
|
|
|
|
1.18
|
%
|
|
|
|
0.94
|
%
|
|
|
|
1.07
|
%
|
|
|
|
1.03
|
%
|
|
|
|
1.01
|
%
|
|
|
Return on average tangible assets (2)
|
|
|
|
|
1.24
|
|
|
|
|
0.99
|
|
|
|
|
1.14
|
|
|
|
|
1.09
|
|
|
|
|
1.08
|
|
|
|
Return on average stockholders’ equity
|
|
|
|
|
9.98
|
|
|
|
|
7.88
|
|
|
|
|
9.05
|
|
|
|
|
8.65
|
|
|
|
|
8.41
|
|
|
|
Return on average tangible stockholders’ equity (2)
|
|
|
|
|
17.26
|
|
|
|
|
13.66
|
|
|
|
|
15.79
|
|
|
|
|
15.01
|
|
|
|
|
14.77
|
|
|
|
Efficiency ratio (3)
|
|
|
|
|
41.27
|
|
|
|
|
46.07
|
|
|
|
|
41.29
|
|
|
|
|
43.81
|
|
|
|
|
43.16
|
|
|
|
Operating expenses to average assets
|
|
|
|
|
1.28
|
|
|
|
|
1.19
|
|
|
|
|
1.20
|
|
|
|
|
1.25
|
|
|
|
|
1.21
|
|
|
|
Interest rate spread
|
|
|
|
|
2.87
|
|
|
|
|
2.45
|
|
|
|
|
2.50
|
|
|
|
|
2.61
|
|
|
|
|
2.57
|
|
|
|
Net interest margin
|
|
|
|
|
2.95
|
|
|
|
|
2.56
|
|
|
|
|
2.61
|
|
|
|
|
2.71
|
|
|
|
|
2.67
|
|
|
|
Effective tax rate
|
|
|
|
|
37.01
|
|
|
|
|
35.83
|
|
|
|
|
36.39
|
|
|
|
|
36.52
|
|
|
|
|
37.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP LOSS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
|
$(404,807
|
)
|
|
|
|
$114,688
|
|
|
|
|
$131,197
|
|
|
|
|
$(47,156
|
)
|
|
|
|
$485,397
|
|
|
|
Basic (loss) earnings per share
|
|
|
|
|
(0.87
|
)
|
|
|
|
0.26
|
|
|
|
|
0.30
|
|
|
|
|
(0.11
|
)
|
|
|
|
1.09
|
|
|
|
Diluted (loss) earnings per share
|
|
|
|
|
(0.87
|
)
|
|
|
|
0.26
|
|
|
|
|
0.30
|
|
|
|
|
(0.11
|
)
|
|
|
|
1.09
|
|
|
|
Return on average assets
|
|
|
|
|
(3.28
|
)%
|
|
|
|
0.94
|
%
|
|
|
|
1.07
|
%
|
|
|
|
(0.10
|
)%
|
|
|
|
1.01
|
%
|
|
|
Return on average tangible assets (2)
|
|
|
|
|
(3.44
|
)
|
|
|
|
0.99
|
|
|
|
|
1.14
|
|
|
|
|
(0.09
|
)
|
|
|
|
1.08
|
|
|
|
Return on average stockholders’ equity
|
|
|
|
|
(27.82
|
)
|
|
|
|
7.88
|
|
|
|
|
9.05
|
|
|
|
|
(0.81
|
)
|
|
|
|
8.41
|
|
|
|
Return on average tangible stockholders’ equity (2)
|
|
|
|
|
(47.83
|
)
|
|
|
|
13.66
|
|
|
|
|
15.79
|
|
|
|
|
(1.30
|
)
|
|
|
|
14.77
|
|
|
|
Efficiency ratio (3)
|
|
|
|
|
(41.97
|
)
|
|
|
|
46.07
|
|
|
|
|
41.29
|
|
|
|
|
99.48
|
|
|
|
|
43.16
|
|
|
|
Operating expenses to average assets
|
|
|
|
|
1.33
|
|
|
|
|
1.19
|
|
|
|
|
1.20
|
|
|
|
|
1.26
|
|
|
|
|
1.21
|
|
|
|
Interest rate spread
|
|
|
|
|
(4.67
|
)
|
|
|
|
2.45
|
|
|
|
|
2.50
|
|
|
|
|
0.69
|
|
|
|
|
2.57
|
|
|
|
Net interest margin
|
|
|
|
|
(4.01
|
)
|
|
|
|
2.56
|
|
|
|
|
2.61
|
|
|
|
|
0.94
|
|
|
|
|
2.67
|
|
|
|
Effective tax rate
|
|
|
|
|
41.64
|
|
|
|
|
35.83
|
|
|
|
|
36.39
|
|
|
|
|
64.28
|
|
|
|
|
37.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for basic EPS computation
|
|
|
|
|
468,289,624
|
|
|
|
|
442,707,699
|
|
|
|
|
441,091,905
|
|
|
|
|
448,982,223
|
|
|
|
|
440,988,102
|
|
|
|
Shares used for diluted EPS computation
|
|
|
|
|
468,289,624
|
|
|
|
|
442,707,699
|
|
|
|
|
441,091,905
|
|
|
|
|
448,982,223
|
|
|
|
|
440,988,102
|
|
|
|
Shares outstanding at the respective period-ends
|
|
|
|
|
484,943,308
|
|
|
|
|
444,319,494
|
|
|
|
|
442,587,190
|
|
|
|
|
484,943,308
|
|
|
|
|
442,587,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Please see the reconciliations of our GAAP loss and non-GAAP
earnings on page 13 of this release.
|
(2)
|
|
Please see the reconciliations of our GAAP and non-GAAP financial
measures on page 14 of this release.
|
(3)
|
|
We calculate our non-GAAP efficiency ratio for the three and
twelve months ended December 31, 2015 by subtracting the
merger-related expenses and non-income-related taxes from our
operating expenses and the respective portions of the debt
repositioning charge from our net interest income and non-interest
income, and dividing the adjusted operating expenses by the
adjusted net interest income and non-interest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
September 30, 2015
|
|
|
|
December 31, 2014
|
|
|
|
CAPITAL MEASURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share
|
|
|
|
|
$12.24
|
|
|
|
|
$13.11
|
|
|
|
|
$13.06
|
|
|
|
|
Tangible book value per share (1)
|
|
|
|
|
7.21
|
|
|
|
|
7.62
|
|
|
|
|
7.54
|
|
|
|
|
Stockholders’ equity to total assets
|
|
|
|
|
11.79
|
%
|
|
|
|
11.88
|
%
|
|
|
|
11.91
|
%
|
|
|
|
Tangible stockholders’ equity to tangible assets (1)
|
|
|
|
|
7.30
|
|
|
|
|
7.27
|
|
|
|
|
7.24
|
|
|
|
|
Tangible stockholders’ equity to tangible assets excluding accumulated
other comprehensive loss, net of tax (1)
|
|
|
|
|
7.41
|
|
|
|
|
7.37
|
|
|
|
|
7.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
REGULATORY CAPITAL RATIOS: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
New York Community Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 ratio
|
|
|
|
|
11.03
|
%
|
|
|
|
11.22
|
%
|
|
|
|
NA
|
%
|
|
|
|
Leverage capital ratio
|
|
|
|
|
8.04
|
|
|
|
|
7.80
|
|
|
|
|
7.73
|
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
|
|
11.03
|
|
|
|
|
11.22
|
|
|
|
|
12.02
|
|
|
|
|
Total risk-based capital ratio
|
|
|
|
|
11.56
|
|
|
|
|
11.79
|
|
|
|
|
12.66
|
|
|
|
|
New York Commercial Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 ratio
|
|
|
|
|
14.16
|
%
|
|
|
|
13.31
|
%
|
|
|
|
NA
|
%
|
|
|
|
Leverage capital ratio
|
|
|
|
|
10.02
|
|
|
|
|
9.66
|
|
|
|
|
9.25
|
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
|
|
14.16
|
|
|
|
|
13.31
|
|
|
|
|
12.08
|
|
|
|
|
Total risk-based capital ratio
|
|
|
|
|
14.75
|
|
|
|
|
13.89
|
|
|
|
|
12.47
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
(1)
|
|
Please see the reconciliations of our GAAP and non-GAAP financial
measures on page 14 of this release.
|
(2)
|
|
At December 31, 2015 and September 30, 2015, the minimum regulatory
requirements for classification as a well-capitalized institution
were a common equity
|
|
|
tier 1 capital ratio of 6.50%; a leverage capital ratio of 5.00%; a
tier 1 risk-based capital ratio of 8.00%; and a total risk-based
capital ratio of 10.00%.
|
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|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160127005377/en/
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