North Fork Bancorporation, Inc. (NYSE: NFB) reported earnings and
earnings per share, strong growth in its commercial business,
improvements in net interest margin, gain on sale margins, and
asset quality as well as continued balance sheet repositioning and
substantial completion of its common share repurchase program.
Highlights in the current period include: -- A net interest margin
of 3.62%, an improvement of 10 basis points compared to the
previous quarter. -- Stabilized gain on loan sale margins. -- 27%
annualized growth in commercial loans and 23% annualized growth in
total loans, excluding residential mortgages. -- 54% decline in
total non-performing assets, linked quarter. -- Further reductions
in securities and residential mortgages as the balance sheet
repositioning program continued. -- The purchase of 14.2 million
shares of common stock under the share repurchase program. --
Returns on average tangible equity and tangible assets of 27.5% and
1.65%, respectively. -- 14% increase in cash dividends. "Despite
the challenging operating environment, we made substantial progress
toward our goal of transforming our balance sheet this year leading
to a stabilization of our profitability measurements as we had
hoped for," said John Adam Kanas, Chairman, President and Chief
Executive Officer. Net Earnings and Returns Net income for the year
ended December 31, 2005 was $949 million or diluted earnings per
share of $2.01 compared to $553 million last year or diluted
earnings per share of $1.85 representing increases of 72% and 9%,
respectively. Net income for the quarter ended December 31, 2005
was $210 million or $.45 diluted earnings per share compared to
$222 million or diluted earnings per share of $.47 for the
comparable period in 2004. The decline in year over year quarterly
earnings was due to the flat yield curve and the decision to
reposition the balance sheet, thereby reducing interest earning
assets. The Company's returns on average tangible equity and assets
for the full year were 31% and 1.81%, respectively. For the quarter
ended December 31, 2005, net interest income and net interest
margin were $441.9 million and 3.62%, respectively, compared to
$474.8 million and 3.85% in 2004. On a linked quarter basis, the
net interest margin increased by 10 basis points. Net interest
income increased modestly, linked quarter. The Company advised that
further improvements in its net interest margin are not expected in
the near term considering the inverted yield curve. A modest
decline may occur. The Company continued its previously disclosed
balance sheet repositioning program in the quarter. Investment
securities and residential mortgages declined by $704 million and
$440 million, respectively. As a result of commercial loan growth,
the share repurchase program, and pay off of brokered time
deposits, total borrowings remained unchanged, linked quarter. No
further changes are expected in the near term relating to the
repositioning strategy. "A stronger, less vulnerable balance sheet
is our goal," said John Kanas. "We are very flexible and can change
this strategy if the interest rate environment should improve. We
have little confidence however, of seeing a more friendly rate
environment any time soon," he added. At quarter end, the Company
identified $570 million of investment securities as other than
temporarily impaired that were sold in the first quarter of 2006.
Consequently, a securities loss of approximately $6 million was
recognized. The Company will reinvest the sales proceeds into
higher yielding securities. Loans Loans held-for-investment at
December 31, 2005 amounted to $33.2 billion compared to $30.4
billion in 2004. On a linked quarter basis, loans
held-for-investment, excluding residential loans, increased by $992
million, an annualized growth rate of 23%. Total commercial loans
increased 27% on an annualized basis to $10.9 billion. The
commercial and industrial component rose to $4.7 billion, an
increase of 36% on an annualized basis. As planned, in connection
with the balance sheet repositioning, residential loans declined by
$440 million in the quarter. Further reductions are expected in
2006 as the Company changes its asset mix to a greater proportion
of commercial loans. The demand for the Company's commercial
banking services has been intense with its loan pipeline, excluding
residential loans, remaining at record levels. "We have experienced
remarkable growth in every loan component in our commercial banking
model," said John Kanas. "We expect further advances from the
GreenPoint Mortgage commercial mortgage wholesale channel," he
added. Non-performing assets declined, linked quarter, by
approximately $56 million or 54% and by $163 million or 77% from
the beginning of the year. Net charge-offs in the quarter were 14
basis points. The modest increase in net charge-offs of 6 basis
points, linked quarter, was caused primarily by the sale of
non-performing loans at a loss of $2.9 million. The overall
allowance for loan losses to non-performing loans improved to 703%.
The allowance for loan losses of $218 million, when allocated
between residential mortgages and all other commercial loans, was
.36% and 1.09%, respectively. Deposits At December 31, 2005 total
deposits were $36.6 billion, substantially unchanged from the
previous quarter. Commercial deposit growth, especially in demand
deposits, offset declines experienced in consumer accounts. "We
have chosen to concentrate on our commercial business avoiding the
rate war being waged for consumer deposits," said John Kanas.
"GreenPoint branch business deposit growth is gaining momentum each
day," he added. Non-Interest Income / Expenses The efficiency ratio
in the final quarter of the year rose slightly to 41.17%; however,
the Company remains among the industry's most efficient. Consumer
related fees and service charges have been impacted by competition
and retail customer attrition. Growth in business fees have offset
in part the declining trend. Operating expenses in the quarter
includes a $15.4 million charge for facility and branch
consolidations relating to the GreenPoint conversion into North
Fork. Non-interest income include a $15.1 million gain on the sale
of a minor interest in a non-public mortgage finance entity. The
previous earnings contribution of this interest was not
significant. Mortgage Banking Business The Company's mortgage
banking subsidiary, GreenPoint Mortgage, generated originations of
$9.4 billion in the quarter, contrary to original industry
expectations. The spread on loan sales was 105 basis points,
reversing declining trends. Gain on sale of loans was $92 million
in the quarter compared to $114 million in the prior quarter. At
December 31, 2005, the mortgage pipeline was $5.3 billion. "We are
on target with our plans to significantly expand commercial
mortgage originations through GreenPoint," said John Kanas.
"Changing the origination mix toward commercial will offset
industry declining origination expectations in residential
mortgages while adding valuable assets to our balance sheet," he
said. In the quarter, the Company recovered approximately $2.3
million of the temporary impairment on the mortgage servicing
rights. At December 31, 2005, mortgage servicing rights of $267
million, net of reserve, was 92 basis points of the unpaid
principal balance of the related loans serviced. Increase in Cash
Dividend and Share Repurchases On December 13, 2005, the Board
declared an increase of 14% in its regular quarterly cash dividend
to $.25 per common share. The dividend will be payable February 15,
2006, to shareholders of record at the close of business on January
27, 2006. To date, the Company purchased 14.2 million shares under
its previously announced 16 million common share repurchase program
at an average price of $26.23 per share. Audio Webcast A recorded
audio webcast reviewing North Fork's results will be available at
8:30 a.m. Eastern Time on January 19, 2006. It is available through
the Company's website www.northforkbank.com. A call-in number is
also available by dialing toll free (US and Canada) 1-888-350-0137,
PIN # 3210 or (International) 1-402-220-5110, PIN # 3210. The
webcast will be archived for 5 business days. North Fork is a
regional bank holding company headquartered in New York conducting
commercial and retail banking from approximately 353 branch
locations in the Tri-State area, with a complementary national
mortgage banking business. This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about North Fork's plans,
objectives, expectations and intentions and other statements that
are not historical facts. Such statements are based upon the
current beliefs and expectations of North Fork's management
regarding future events, many of which by their nature are
inherently uncertain and beyond management's control. Actual
results may differ materially from those set forth in the
forward-looking statements. The following factors, among others,
could cause legislative or regulatory changes, actual results to
differ from those set forth in these forward-looking statements:
changes in the interest rate environment; changes in the securities
and real estate markets; increased competition and its effect on
pricing, changes in monetary and fiscal policies of the U.S.
government, changes in accounting principles, policies, practices
or guidelines. Additional factors that could cause North Fork's
results to differ materially from those described in the
forward-looking statements can be found in the 2004 Annual Report
on Form 10-K of North Fork (including under the heading
"Forward-Looking Statements"), and in the Quarterly Reports on Form
10-Q of North Fork filed with the Securities and Exchange
Commission ("SEC") and available at the SEC's internet site
(http://www.sec.gov). The forward-looking statements in this press
release speak only as of the date of the press release, and North
Fork assumes no obligation to update the forward-looking statements
or to update the reasons why actual results could differ from those
contained in the forward-looking statements. -0- *T North Fork
Bancorporation, Inc. Consolidated Statements of Income (Unaudited)
Three Months Ended Twelve Months Ended (in thousands, except per
December December December December share amounts) 31, 2005 31,
2004 31, 2005 31, 2004 ----------------------------------------
Interest Income: Loans Held-for-Investment $486,263 $432,826
$1,880,297 $1,078,684 Loans Held-for-Sale 75,468 64,391 285,221
64,391 Mortgage-Backed Securities 104,415 142,561 493,718 352,816
Other Securities 28,934 29,346 116,887 78,743 Money Market
Investments 455 662 2,358 3,518
---------------------------------------- Total Interest Income
695,535 669,786 2,778,481 1,578,152
---------------------------------------- Interest Expense: Savings,
NOW & Money Market Deposits 102,255 56,042 345,622 113,082 Time
Deposits 56,376 29,204 179,630 66,056 Federal Funds Purchased &
Collateralized Borrowings 72,842 93,217 363,430 187,008 Other
Borrowings 22,123 16,501 79,918 36,785
---------------------------------------- Total Interest Expense
253,596 194,964 968,600 402,931
---------------------------------------- Net Interest Income
441,939 474,822 1,809,881 1,175,221 Provision for Loan Losses 9,000
7,689 36,000 27,189 ---------------------------------------- Net
Interest Income after Provision for Loan Losses 432,939 467,133
1,773,881 1,148,032 ----------------------------------------
Non-Interest Income: Mortgage Banking Income (3) 92,648 57,086
420,838 60,842 Customer Related Fees & Service Charges 40,984
43,901 166,872 114,481 Investment Management, Commissions &
Trust Fees 8,824 12,852 38,962 25,181 Other Operating Income 11,417
11,385 53,592 31,992 Securities (Losses)/Gains, net (6,220) 951
10,139 12,656 Gain on Sale of Other Investments 15,108 3,351 15,108
3,351 ---------------------------------------- Total Non-Interest
Income 162,761 129,526 705,511 248,503
---------------------------------------- Non-Interest Expense:
Employee Compensation & Benefits 139,298 135,568 549,981
306,781 Occupancy & Equipment, net 50,169 46,253 192,079
106,174 Amortization of Identifiable Intangibles 9,244 9,444 36,643
15,109 Other Operating Expenses 60,310 64,277 230,764 127,738
Facility Closures Expense 15,382 - 15,382 -
---------------------------------------- Total Non-Interest Expense
274,403 255,542 1,024,849 555,802
---------------------------------------- Income Before Income Taxes
321,297 341,117 1,454,543 840,733 Provision for Income Taxes
110,847 119,367 505,696 287,737
---------------------------------------- Net Income $210,450
$221,750 $948,847 $552,996 ========================================
Earnings Per Share: Basic $0.45 $0.48 $2.03 $1.88 Diluted $0.45
$0.47 $2.01 $1.85 See accompanying notes appended to the financial
data and summaries North Fork Bancorporation, Inc. Consolidated
Balance Sheets (Unaudited) (in thousands, except December 31,
September 30, December 31, per share amounts) 2005 2005 2004
------------ ------------- ------------ Assets: Cash & Due from
Banks $1,037,406 $740,251 $972,506 Money Market Investments 24,843
17,808 90,394 Securities: Available-for-Sale 11,295,977 11,989,260
15,444,625 Held-to-Maturity 104,210 114,505 142,573 ------------
------------- ------------ Total Securities 11,400,187 12,103,765
15,587,198 ------------ ------------- ------------ Loans: Loans
Held-for-Sale 4,359,267 4,701,550 5,775,945 Loans
Held-for-Investment 33,232,236 32,672,962 30,453,334 Less:
Allowance for Loan Losses 217,939 220,347 211,097 ------------
------------- ------------ Net Loans Held-for- Investment
33,014,297 32,452,615 30,242,237 ------------ -------------
------------ Goodwill 5,918,116 5,914,562 5,878,277 Identifiable
Intangibles 114,091 123,334 150,734 Premises & Equipment
438,040 433,775 416,003 Mortgage Servicing Rights 267,424 267,347
254,857 Accrued Income Receivable 205,892 198,909 205,189 Other
Assets 837,308 946,477 1,093,715 ------------ -------------
------------ Total Assets $57,616,871 $57,900,393 $60,667,055
============ ============= ============ Liabilities and
Stockholders' Equity: Deposits: Demand $7,639,231 $7,478,359
$6,738,302 Savings, NOW & Money Market 20,910,161 21,115,093
20,598,994 Time 8,067,181 8,218,634 7,475,132 ------------
------------- ------------ Total Deposits 36,616,573 36,812,086
34,812,428 ------------ ------------- ------------ Federal Funds
Purchased & Collateralized Borrowings 9,700,621 9,572,995
14,593,027 Other Borrowings 1,477,364 1,485,392 1,506,318
------------ ------------- ------------ Total Borrowings 11,177,985
11,058,387 16,099,345 ------------ ------------- ------------
Accrued Interest Payable 102,229 91,376 70,029 Dividends Payable
116,754 105,153 104,025 Accrued Expenses & Other Liabilities
601,089 568,846 700,149 ------------ ------------- ------------
Total Liabilities $48,614,630 $48,635,848 $51,785,976 ------------
------------- ------------ Stockholders' Equity: Common Stock, par
value $0.01; authorized 1,000,000,000 shares; issued 480,592,358
shares at December 31, 2005 $4,806 $4,799 $4,745 Additional Paid in
Capital 7,035,314 7,020,325 6,968,493 Retained Earnings 2,581,047
2,486,847 2,064,148 Accumulated Other Comprehensive (Loss)/Income
(108,898) (89,052) 240 Deferred Compensation (154,772) (109,111)
(125,174) Treasury Stock at Cost; 13,576,252 shares at December 31,
2005 (355,256) (49,263) (31,373) ------------ -------------
------------ Total Stockholders' Equity 9,002,241 9,264,545
8,881,079 ------------ ------------- ------------ Total Liabilities
and Stockholders' Equity $57,616,871 $57,900,393 $60,667,055
============ ============= ============ See accompanying notes
appended to the financial data and summaries North Fork
Bancorporation, Inc. Selected Financial Data and Balance Sheet
Components (Unaudited) Three Months Ended Twelve Months Ended
December December December December SELECTED FINANCIAL DATA: 31,
2005 31, 2004 31, 2005 31, 2004
---------------------------------------- (in thousands, except
ratios and per share amounts) Per Share: Net Income - Basic $0.45
$0.48 $2.03 $1.88 Net Income - Diluted $0.45 $0.47 $2.01 $1.85
Average Shares Outstanding - Basic 463,336 463,909 467,306 294,491
Average Shares Outstanding - Diluted 467,868 471,651 472,791
299,219 Cash Dividends $0.25 $0.22 $0.91 $0.84 Dividend Payout
Ratio 55% 47% 46% 47% Tangible Book Value $6.36 $6.03 $6.36 $6.03
Selected Financial Data: Return on Average Total Assets 1.43% 1.50%
1.59% 1.68% Return on Average Tangible Assets (1) 1.65% 1.71% 1.81%
1.82% Return on Average Equity 9.12% 10.00% 10.36% 15.01% Return on
Average Tangible Equity (1) 27.50% 30.35% 31.02% 33.88% Tangible
Equity to Tangible Assets 5.76% 5.22% 5.76% 5.22% Efficiency Ratio
(2) 41.17% 40.31% 37.98% 37.56% Yield on Interest Earning Assets
5.64% 5.39% 5.52% 5.46% Cost of Funds 2.48% 1.82% 2.28% 1.71% Net
Interest Margin 3.62% 3.85% 3.63% 4.09% December September December
31, 2005 30, 2005 31, 2004 ------------------------------ Risk
Based Capital: Tier 1 10.26% 11.00% 9.90% Total 12.73% 13.57%
12.50% Leverage Ratio 6.70% 7.09% 6.22% December September December
31, 2005 30, 2005 31, 2004 -------------------------------------
Quarterly Average Balance Sheet: Total Assets $58,232,383
$58,731,915 $58,746,739 Securities 11,786,052 12,531,822 15,315,473
Loans Held-for-Sale 5,221,652 5,401,495 4,887,454 Loans
Held-for-Investment 32,846,757 32,361,793 29,883,578 Goodwill &
Identifiable Intangibles 6,034,399 6,014,839 5,833,655 Demand
Deposits 7,771,142 7,547,759 6,593,969 Interest Bearing Deposits
29,368,629 29,642,762 27,302,465 Federal Funds Purchased &
Collateralized Borrowings 9,740,160 10,057,604 13,859,327 Other
Borrowings 1,484,866 1,505,651 1,516,032 Stockholders' Equity
9,157,876 9,293,861 8,820,845 Tangible Stockholders' Equity
3,123,477 3,279,022 2,987,190 See accompanying notes appended to
the financial data and summaries North Fork Bancorporation, Inc.
Selected Financial Data and Balance Sheet Components (Unaudited)
BALANCE SHEET COMPONENTS: The following table shows the securities
portfolio composition for the periods ended: December September
December 31, 2005 30, 2005 31, 2004 (in thousands)
------------------------------------- Securities -
Available-for-Sale: Collateralized Mortgage Obligations $6,921,074
$7,391,107 $9,820,056 Agency Pass-Through Certificates 1,956,487
2,138,524 2,737,067 State & Municipal Obligations 881,238
844,866 920,112 Equity Securities 670,673 669,072 794,005 U.S.
Treasury & Government Agencies 231,152 272,247 363,775 Other
Securities 635,353 673,444 809,610
------------------------------------- Total Securities
Available-for-Sale $11,295,977 $11,989,260 $15,444,625 Securities
Held-to-Maturity 104,210 114,505 142,573
------------------------------------- Total Securities $11,400,187
$12,103,765 $15,587,198 ===================================== The
following tables represent the components of the loans held-for-
sale and held-for-investment portfolios for the periods ended:
December 31, September 30, December 31, 2005 2005 2004 (in
thousands) ------------ ------------- ------------ Loans
Held-for-Sale: Residential Mortgages $3,824,547 $4,225,128
$4,339,581 Home Equity 496,656 434,824 1,380,247 ------------
------------- ------------ Total $4,321,203 $4,659,952 $5,719,828
Deferred Origination Costs 38,064 41,598 56,117 ------------
------------- ------------ Total Loans Held-for-Sale $4,359,267
$4,701,550 $5,775,945 ============ ============= ============
December 31, September 30, December 31, 2005 2005 2004 (in
thousands) ------------ ------------- ------------ Loans
Held-for-Investment: Commercial Mortgages $6,206,416 $5,896,835
$5,369,656 Commercial & Industrial 4,709,440 4,324,758
3,046,820 ------------ ------------- ------------ Total Commercial
10,915,856 10,221,593 8,416,476 Residential Mortgages 15,068,443
15,508,008 15,668,938 Multi-Family Mortgages 4,821,642 4,626,777
4,254,405 Consumer 1,558,782 1,569,386 1,604,863 Construction and
Land 829,273 716,049 480,162 ------------ -------------
------------ Total $33,193,996 $32,641,813 $30,424,844 Deferred
Origination Costs, net 38,240 31,149 28,490 ------------
------------- ------------ Total Loans Held-for- Investment
$33,232,236 $32,672,962 $30,453,334 ============ =============
============ See accompanying notes appended to the financial data
and summaries North Fork Bancorporation, Inc. Selected Financial
Data and Balance Sheet Components (Unaudited) The following tables
represent the components of non-performing assets for the periods
ended: December September December 31, 2005 30, 2005 31, 2004
(dollars in thousands) --------- --------- --------- Non-Performing
Assets: Commercial Mortgages $498 $5,451 $16,890 Commercial &
Industrial 7,970 8,137 8,730 --------- --------- --------- Total
Commercial 8,468 13,588 25,620 Residential Mortgages 19,315 48,257
103,745 Multi-Family Mortgages 550 335 1,290 Consumer 2,684 2,399
3,178 Construction and Land - 600 - --------- --------- ---------
Non-Performing Loans Held-for- Investment $31,017 $65,179 $133,833
Non-Performing Loans Held-for-Sale 13,931 33,137 60,858 Other Real
Estate 4,101 7,149 17,410 --------- --------- --------- Total
Non-Performing Assets $49,049 $105,465 $212,101 ========= =========
========= December September December 31, 2005 30, 2005 31, 2004
--------- --------- --------- Allowance for Loan Losses to Non-
Performing Loans Held-for-Investment 703% 338% 158% Allowance for
Loan Losses to Total Loans Held-for-Investment 0.66 0.67 0.69
Non-Performing Loans Held-for-Investment to Total Loans
Held-for-Investment 0.09 0.20 0.44 Non-Performing Assets to Total
Assets 0.09 0.18 0.35 Quarterly Net Charge-offs to Average Loans
Held-for-Investment 0.14 0.08 0.14 The following table represents
the impact of allocating the allowance for loan losses as of
December 31, 2005 and September 30, 2005, into our two primary
portfolio segments: December 31, 2005
--------------------------------------- Commercial &
Residential & All Other (dollars in thousands) Total
Multi-Family Loans ------------ ------------- ------------ Loans
Held-for-Investment $33,232,236 $19,928,325 $13,303,911 Allowance
for Loan Losses Allocated $217,939 $72,481 $145,458 Non-Performing
Loans Held-for- Investment $31,017 $19,865 $11,152 Allowance for
Loan Losses to Loans Held-for-Investment 0.66 % 0.36 % 1.09 %
============ ============= ============ Allowance for Loan Losses
to Non-Performing Loans Held-for-Investment 703% 365% 1304%
============ ============= ============ September 30, 2005
--------------------------------------- Commercial &
Residential & All Other (dollars in thousands) Total
Multi-Family Loans ------------ ------------- ------------ Loans
Held-for-Investment $32,672,962 $20,165,934 $12,507,028 Allowance
for Loan Losses Allocated $220,347 $73,724 $146,623 Non-Performing
Loans Held-for- Investment $65,179 $48,592 $16,587 Allowance for
Loan Losses to Loans Held- for-Investment 0.67 % 0.37 % 1.17 %
============ ============= ============ Allowance for Loan Losses
to Non- Performing Loans Held-for- Investment 338% 152% 884%
============ ============= ============ See accompanying notes
appended to the financial data and summaries North Fork
Bancorporation, Inc. Net Interest Margin Analysis (Unaudited) The
following table presents a linked quarter analysis of net interest
income, on a tax equivalent basis, by each major category of
interest earning assets and interest bearing liabilities: For the
Three Months Ended: December 31, 2005 ----------------------------
Average Average Balance Interest Rate (dollars in thousands)
---------------------------- Interest Earning Assets: Loans
Held-for-Investment $32,846,757 $488,643 5.90% Loan Held-for-Sale
5,221,652 75,468 5.73% Securities 11,786,052 144,064 4.85% Money
Market Investments 35,311 493 5.54% --------------------- Total
Interest Earning Assets $49,889,772 $708,668 5.64%
--------------------- Non-Interest Earning Assets: Cash and Due
from Banks $1,005,731 Other Assets 7,336,880 ------------ Total
Assets $58,232,383 ------------ Interest Bearing Liabilities:
Savings, NOW & Money Market Deposits $21,229,823 $102,255 1.91%
Time Deposits 8,138,806 56,376 2.75% --------------------- Total
Savings and Time Deposits 29,368,629 158,631 2.14% Fed. Funds
Purchased & Collateralized Borrowings 9,740,160 72,842 2.97%
Other Borrowings 1,484,866 22,123 5.91% --------------------- Total
Borrowings 11,225,026 94,965 3.36% --------------------- Total
Interest Bearing Liabilities $40,593,655 $253,596 2.48%
--------------------- Interest Rate Spread 3.16% Non-Interest
Bearing Liabilities: Demand Deposits $7,771,142 Other Liabilities
709,710 ------------ Total Liabilities 49,074,507 Stockholders'
Equity 9,157,876 ------------ Total Liabilities and Stockholders'
Equity $58,232,383 ------------ Net Interest Income and Net
Interest Margin $455,072 3.62% Less: Tax Equivalent Adjustment
(13,133) --------- Net Interest Income $441,939 --------- For the
Three Months Ended: September 30, 2005 ----------------------------
Average Average Balance Interest Rate (dollars in thousands)
---------------------------- Interest Earning Assets: Loans
Held-for-Investment $32,361,793 $471,627 5.78% Loan Held-for-Sale
5,401,495 69,840 5.13% Securities 12,531,822 152,447 4.83% Money
Market Investments 38,668 529 5.43% --------------------- Total
Interest Earning Assets $50,333,778 $694,443 5.47%
--------------------- Non-Interest Earning Assets: Cash and Due
from Banks $1,012,515 Other Assets 7,385,622 ------------ Total
Assets $58,731,915 ------------ Interest Bearing Liabilities:
Savings, NOW & Money Market Deposits $21,419,573 $91,316 1.69%
Time Deposits 8,223,189 49,397 2.38% --------------------- Total
Savings and Time Deposits 29,642,762 140,713 1.88% Fed. Funds
Purchased & Collateralized Borrowings 10,057,604 86,343 3.41%
Other Borrowings 1,505,651 20,684 5.45% --------------------- Total
Borrowings 11,563,255 107,027 3.67% --------------------- Total
Interest Bearing Liabilities $41,206,017 $247,740 2.39%
--------------------- Interest Rate Spread 3.08% Non-Interest
Bearing Liabilities: Demand Deposits $7,547,759 Other Liabilities
684,278 ------------ Total Liabilities 49,438,054 Stockholders'
Equity 9,293,861 ------------ Total Liabilities and Stockholders'
Equity $58,731,915 ------------ Net Interest Income and Net
Interest Margin $446,703 3.52% Less: Tax Equivalent Adjustment
(12,153) --------- Net Interest Income $434,550 --------- See
accompanying notes appended to the financial data and summaries
North Fork Bancorporation, Inc. Mortgage Banking - Financial
Highlights (Unaudited) Year-to-Date Quarterly Highlights
-------------------------- (dollars in thousands) December 31,
December 31, September 30, 2005 2005 2005
--------------------------------------- Comparative Mortgage Loan
Volumes ------------------------------- Total Applications Received
$72,345,985 $15,613,973 $17,254,701 ------------ ------------
------------- Loans Originated: Specialty Products (a) $19,148,814
$4,787,403 $4,827,831 Home Equity 5,450,355 1,114,617 1,280,684
Jumbo/Agency 17,657,230 3,488,135 4,302,550 ------------
------------ ------------- Total Loans Originated $42,256,399
$9,390,155 $10,411,065 ============ ============ =============
Pipeline (b) $5,325,629 $5,325,629 $6,376,081 Interest Rate Lock
Commitments (c) 2,386,809 2,386,809 2,349,097 Loans Held-for-Sale
4,359,267 4,359,267 4,701,550 Loan Sales (3): Specialty Products
$18,360,430 $4,570,651 $5,061,097 Home Equity 5,413,700 865,665
1,500,767 Jumbo/Agency 13,338,986 3,277,851 4,381,960 ------------
------------ ------------- Total Loan Sales $37,113,116 $8,714,167
$10,943,824 ============ ============ ============= Average Margin
on Loan Sales: Specialty Products 1.27% 1.18% 1.13% Home Equity
1.74% 1.49% 1.88% Jumbo/Agency 0.78% 0.76% 0.65% ------------
------------ ------------- Average Margin on Loan Sales 1.16% 1.05%
1.04% ============ ============ ============= Gains on Sale of
Loans (3): Specialty Products $233,028 $53,867 $56,956 Home Equity
94,098 12,929 28,172 Jumbo/Agency 103,484 24,819 28,459
------------ ------------ ------------- Total Gain on Sale of Loans
(d) $430,610 $91,615 $113,587 ============ ============
============= Quarterly Highlights ------------------------------
(dollars in thousands) June 30, March 31, 2005 2005
------------------------------ Comparative Mortgage Loan Volumes
---------------------------------------- Total Applications
Received $21,195,474 $18,281,837 ------------------------------
Loans Originated: Specialty Products (a) $5,302,469 $4,231,111 Home
Equity 1,566,306 1,488,748 Jumbo/Agency 5,553,487 4,313,058
------------------------------ Total Loans Originated $12,422,262
$10,032,917 ============================== Pipeline (b) $7,594,398
$7,407,671 Interest Rate Lock Commitments (c) 2,891,179 2,523,344
Loans Held-for-Sale 6,398,119 5,350,823 Loan Sales (3): Specialty
Products $4,394,898 $4,333,784 Home Equity 1,466,771 1,580,497
Jumbo/Agency 3,240,177 2,438,998 ------------------------------
Total Loan Sales $9,101,846 $8,353,279
============================== Average Margin on Loan Sales:
Specialty Products 1.35% 1.45% Home Equity 2.05% 1.45% Jumbo/Agency
0.92% 0.84% ------------------------------ Average Margin on Loan
Sales 1.31% 1.27% ============================== Gains on Sale of
Loans (3): Specialty Products $59,455 $62,750 Home Equity 30,139
22,858 Jumbo/Agency 29,655 20,551 ------------------------------
Total Gain on Sale of Loans (d) $119,249 $106,159
============================== (a) Specialty products include: Alt
A, No Doc and A minus programs. (b) The pipeline represents
applications received, but not yet funded. (c) Represents
commitments to lend where the rates are guaranteed to the borrower
for a specific period of time. (d) Gain on sale of loans differ
from amounts reported under generally accepted accounting
principles on the accompanying income statement due to the fair
value adjustment on loans held-for-sale totaling $(.5) million. See
accompanying notes appended to the financial data and summaries
North Fork Bancorporation, Inc. Notes to the Financial Data and
Summaries (1) This press release contains certain supplemental
financial information, described in the following notes, which has
been determined by methods other than Generally Accepted Accounting
Principles ("GAAP") that management uses in its analysis of the
Company's performance. Management believes these non-GAAP financial
measures provide information useful to investors in understanding
the underlying operational performance of the Company, its business
and performance trends and facilitates comparisons with the
performance of others in the financial services industry. Return on
average tangible assets and return on average tangible equity,
which represent non-GAAP measures are computed, on an annualized
basis, as follows: -- Return on average tangible assets is computed
by dividing net income, plus amortization of identifiable
intangible assets, net of taxes by average total assets less
average goodwill and average identifiable intangible assets. --
Return on average tangible equity is computed by dividing net
income, plus amortization of identifiable intangible assets, net of
taxes by average total stockholders' equity less average goodwill
and average identifiable intangible assets. Three Months Ended
Twelve Months Ended December December December December (dollars in
thousands) 31, 2005 31, 2004 31, 2005 31, 2004
------------------------------------------------ Net Income, as
Reported $210,450 $221,750 $948,847 $552,996 Add: Amortization of
identifiable Intangibles Assets, Net of Taxes 6,054 6,139 23,902
9,939 ------------------------------------------------ Net Income
adjusted for Intangible Assets $216,504 $227,889 $972,749 $562,935
------------------------------------------------ Average Total
Assets $58,232,383 $58,746,739 $59,654,950 $32,900,141 Less:
Average Goodwill 5,914,615 5,677,527 5,891,738 1,960,559 Less:
Average Identifiable Intangible Assets 119,784 156,128 133,486
62,374 ------------------------------------------------ Average
Total Tangible Assets $52,197,984 $52,913,084 $53,629,726
$30,877,208 ------------------------------------------------
Average Stockholders' Equity $9,157,876 $8,820,845 $9,160,693
$3,684,525 Less: Average Goodwill 5,914,615 5,677,527 5,891,738
1,960,559 Less: Average Identifiable Intangible Assets 119,784
156,128 133,486 62,374
------------------------------------------------ Average Tangible
Stockholders' Equity $3,123,477 $2,987,190 $3,135,469 $1,661,592
------------------------------------------------ Return on Average
Tangible Assets 1.65% 1.71% 1.81% 1.82% Return on Average Tangible
Stockholders' Equity 27.50% 30.35% 31.02% 33.88% (2) The efficiency
ratio, which represents a non-GAAP measure, is defined as the ratio
of non-interest expense net of amortization of identifiable
intangibles and facility closures expense to net interest income on
a tax equivalent basis and other non-interest income net of
securities gains/(losses), temporary recovery/(impairment) charge
on mortgage servicing rights and gain on sale of other investments.
(3) The table below represents the components of mortgage banking
income for the periods indicated: Three Months Ended Twelve Months
Ended December December December December (dollars in thousands)
31, 2005 31, 2004 31, 2005 31, 2004
---------------------------------------- Mortgage Banking Income:
Gain on Sale of Loans Held- for-Sale (a) $91,615 $52,938 $431,145
$53,710 Mortgage Banking Fees, net 22,318 25,006 100,173 27,990
Amortization of Mortgage Servicing Rights (23,590) (20,858)
(87,354) (20,858) Temporary Recovery/(Impairment) - Mortgage
Servicing Rights 2,305 - (23,126) -
---------------------------------------- Total Mortgage Banking
Income $92,648 $57,086 $420,838 $60,842
======================================== (a) Gain on sale margins
on loan sales include the impact of the valuation of mortgage loans
held-for-sale and interest rate lock commitments, the impact of the
valuation of derivatives utilized to manage the exposure to
interest rate risk associated with mortgage loan commitments and
mortgage loans held-for-sale, and the impact of adjustments related
to reserves established for representations and warranties made in
conjunction with loan sales. *T
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