SECOND QUARTER 2022 DILUTED EPS UP 13% TO
$0.34 AND NON-GAAP DILUTED EPS UP 6%
TO $0.35
SECOND QUARTER RESULTS DRIVEN BY ACCELERATED
LOAN GROWTH, CONTINUED SIGNIFICANT DEPOSIT GROWTH, AND A
HIGHER NIM
BOARD OF DIRECTORS DECLARES A $0.17 DIVIDEND PER COMMON SHARE
Second Quarter 2022 Summary
- Earnings/Net Income:
-
- Diluted GAAP EPS were $0.34, up
13% on a year-over-year basis; excluding merger-related expenses
and other one-time items, diluted EPS on a non-GAAP basis were
$0.35, up 6% on a year-over-year
basis.
- Net income available to common stockholders on a GAAP basis
totaled $163 million, up 13% on a
year-over-year basis. On a non-GAAP basis, net income
available to common stockholders totaled $166 million, up 6% on a year-over-year
basis.
- Pre-provision net revenue ("PPNR") totaled $239 million, up 15% on a year-over-year basis;
excluding merger-related expenses, PPNR on a non-GAAP basis was
$243 million, up 11% on a
year-over-year basis.
- Profitability:
-
- Return on average assets and return on average tangible assets
were 1.10% and 1.17%, respectively, for the current second quarter
compared to 1.04% and 1.09%, respectively, for the second quarter
of last year.
- Return on average common stockholders' equity and return on
average tangible common stockholders' equity were 10.18% and
16.73%, respectively, compared to 9.00% and 14.54%, respectively,
for the second quarter of last year.
- The efficiency ratio improved to 35.57% for the current second
quarter compared to 37.11% for the second quarter of last
year.
- Balance Sheet:
-
- Loan growth accelerated during the second quarter of 2022, with
total loans increasing $1.8 billion
to $48.5 billion, up 15% annualized,
on a linked quarter basis. This was driven by continued
growth in the multi-family segment and a strong rebound in
specialty finance lending.
- Multi-family loans increased $1.0
billion to $36.8 billion, up
11% annualized, on a linked-quarter basis.
- The specialty finance portfolio increased $806 million to $4.1
billion, up 97% annualized, on a linked-quarter basis.
- Total deposits continued their growth trajectory, increasing by
$3.3 billion during the quarter, up
35% annualized, on a linked-quarter basis. The growth
continues to be driven by our Banking as a Service ("BaaS")
initiative and growth in loan-related deposits.
- BaaS-related deposits totaled $7.8
billion, up $2.3 billion or
43% on a linked-quarter basis.
- Loan-related deposits increased 44% on an annualized basis
compared to the first quarter of 2022, to $4.9 billion, up $494
million.
- Core deposits rose $3.1 billion
or 41% annualized to $33.2 billion,
compared to the first quarter of 2022.
- Wholesale borrowings continued to decline, dropping
$2.3 billion or 28% annualized
compared to December 31, 2021 while
declining $1.0 billion during the
second quarter to $13.7 billion, also
down 28% annualized.
- Net Interest Margin/Income:
-
- During the second quarter, our net interest margin ("NIM")
improved by nine basis points compared to the previous quarter, to
2.52%.
- Prepayment income nearly doubled during the second quarter to
$20 million compared to $11 million during the first quarter of the
year.
- Excluding the impact from prepayment income, the NIM, on a
non-GAAP basis was 2.38%, up three basis points compared to the
first quarter of 2022.
- Net interest income improved to $359
million during the second quarter, up 8% on a year-over-year
basis.
- Asset Quality:
-
- The Company's asset quality remained strong during the second
quarter with non-performing assets totaling $56 million or nine basis points of total
assets.
- Loans 30 to 89 days past due declined to $30 million or 12% on a linked-quarter
basis.
- The allowance for credit losses ("ACL") increased to
$216 million, representing 434% of
total non-performing loans and 0.45% of total loans at
quarter-end.
- At June 30, 2022, deferred loans
paying only interest and escrow declined to $139 million, down $143
million or 51% on a linked-quarter basis.
HICKSVILLE, N.Y., July 27,
2022 /PRNewswire/ -- New York Community Bancorp, Inc.
(NYSE: NYCB) (the "Company") today reported net income for the
three months ended June 30, 2022 of $171 million, up 13% compared to the $152 million the Company reported for the three
months ended June 30, 2021. Net
income available to common stockholders for the three months ended
June 30, 2022 totaled $163 million, also up 13% compared to the
$144 million the Company reported for
the three months ended June 30,
2021. Diluted EPS were $0.34
for the three months ended June 30,
2022, up 13% compared to the $0.30 the Company reported for the three months
ended June 30, 2021.
Excluding merger-related expenses and other one-time items, net
income on a non-GAAP basis was $174
million for the three months ended June 30, 2022, up 6% compared to non-GAAP net
income of $164 million for the three
months ended June 30, 2021. Net
income available to common stockholders on a non-GAAP basis for the
three months ended June 30, 2022 was
up $166 million on a non-GAAP basis,
up 6% compared to the $156 million
reported for the three months ended June
30, 2021. Non-GAAP diluted EPS for the three months
ended June 30, 2022 were $0.35, up 6% compared to non-GAAP diluted EPS of
$0.33 reported for the three months
ended June 30, 2021.
For the six months ended June 30,
2022, net income totaled $326
million compared to $297
million for the six months ended June
30, 2021, up 10%. Net income available to common
stockholders for the six months ended June
30, 2022 was $310 million, up
10% compared to $281 million the
Company reported for the six months ended June 30, 2021. Diluted EPS for the six
months ended June 30, 2022 totaled
$0.66, up 10% compared to diluted EPS
of $0.60 the Company reported for the
six months ended June 30, 2021.
Excluding merger-related expenses and other one-time items, net
income on a non-GAAP basis was $334
million for the six months ended June
30, 2022, up 8% compared to the $309
million the Company reported for the six months ended
June 30, 2021. Net income
available to common shareholders for the six months ended
June 30, 2022 was $318 million, up 9% compared to the $293 million the Company reported for the six
months ended June 30, 2021.
Non-GAAP diluted EPS for the six months ended June 30, 2022 were $0.67, up 8% compared to diluted EPS of
$0.62 the Company reported for the
six months ended June 30, 2021.
CEO COMMENTARY
Commenting on the Company's second quarter performance,
Chairman, President, and Chief Executive Officer, Thomas R. Cangemi said: "We are extremely
pleased with the Company's operating performance during the current
second quarter. By almost any measure, results exceeded
expectations, despite market volatility and higher interest
rates. We reported record net income available to common
stockholders, another quarter of record deposit growth, near-record
loan growth, record originations, a higher net interest margin, and
stable operating expenses, while asset quality remained
stellar. This resulted in strong year-over-year diluted
earnings per share growth.
"Diluted EPS were $0.34, up 13% on
a year-over-year basis, while non-GAAP diluted EPS, excluding
merger-related expenses of approximately $4
million, rose 6% to $0.35
compared to $0.33 in the
second-quarter of last year.
"One of the main highlights during the quarter was our deposit
growth. Total deposits increased $3.3
billion during the second quarter, up 35% on an annualized
basis compared to $2.9 billion of
deposit growth during the first quarter and now total more than
$41 billion. The significant
increase continues to be the result of our BaaS initiative and
continued success in garnering deposits from our borrowers.
Overall, BaaS deposits increased $2.3
billion from the first quarter to $7.8 billion, while loan-related deposits grew
nearly $500 million compared to the
first quarter and now total $4.9
billion.
"So far during the first half of 2022, loan-related deposits
have risen $921 million compared to
$475 million during all of 2021,
evidencing the Company's strategy to emphasize deposits at the
expense of wholesale borrowings. All told, since re-focusing
on this source of funding in January of last year, loan-related
deposits have increased $1.4 billion,
up about 40%.
"Meanwhile, wholesale borrowings continue to decrease, dropping
$2.3 billion during the first six
months of the year.
"We also saw continued growth in our loan portfolio, as total
loans rose $1.8 billion or 15% on an
annualized basis compared to the first quarter of the year.
This marks the third consecutive quarter of double-digit loan
growth and our growth in the second quarter was the second best
quarter on record compared only to the fourth quarter of last year
when we reported $2.2 billion of
growth. Second quarter loan growth was driven by continued
solid growth in the multi-family portfolio and a strong rebound in
the specialty finance portfolio compared to last quarter.
"Loan originations of $5.3 billion
also set a new record for the Company during the current second
quarter. This was up almost 50% compared to the first quarter
of the year and over 70% higher than what was originated during the
second quarter of last year.
"While the loan portfolio has grown significantly, we have not
compromised our standards, continuing to underwrite all of our
loans based on our conservative criteria. This is reflected
in our strong asset quality metrics, as non-performing assets
declined 20% to $56 million,
representing only nine basis points of total assets, and remain
among the best in the industry.
"Our net interest margin improved during the second quarter,
despite the Federal Reserve aggressively raising interest rates
several times so far this year. At 2.52%, the margin was up
nine basis points linked-quarter. Excluding the impact from
prepayment income, which nearly doubled during the second quarter,
the margin was still up three basis points from the previous
quarter to 2.38%.
"Our non-interest expenses remain in-check despite the Company
continuing to invest in our businesses and hiring more
people. Non-interest expenses totaled $138 million for the second quarter, which
include $4 million of merger-related
expenses. Excluding this, operating expenses were
$134 million, unchanged from the
previous quarter and up modestly on a year-over-year basis.
Our efficiency ratio was 35.57%, down compared to both the prior
and year-ago quarters.
"As you can see, we had broad-based strength during the second
quarter. None of which would have been possible without the
hard work, patience, and long hours on the part of all of our
employees.
"Finally, on the Flagstar merger front, we feel very good where
we stand right now. Over the past 15 months, both sides have
diligently worked together to get us into a strong position to
close the deal quickly once all regulatory approvals are received
in order to hit the ground running."
DIVIDEND DECLARATION
The Board of Directors declared a quarterly cash dividend of
$0.17 per share on the Company's
common stock. Based on a closing price of $9.39 as of July 26,
2022, this represents an annualized dividend yield of
7.2%. The dividend is payable on August 18, 2022 to common stockholders of record
as of August 8, 2022.
BALANCE SHEET SUMMARY
At June 30, 2022, total assets were $63.1 billion, up $3.6
billion or 12% annualized compared to December 31, 2021 and up $2.1 billion or 14% annualized compared to
March 31, 2022. Both the
year-to-date and linked-quarter growth was driven by significant
loan and deposit growth, an increase in our cash balances, offset
by a decline in wholesale borrowings, while total securities
remained relatively unchanged.
Total loans held for investment increased $2.8 billion or 12% annualized compared to
December 31, 2021 and were up
$1.8 billion or 15% annualized on a
linked-quarter basis. This was driven by continued strong
growth in the Company's core multi-family portfolio and a
significant rebound in growth in our specialty finance
portfolio.
On the liability side, total deposits rose $6.2 billion or 35% annualized compared to
December 31, 2021 and increased
$3.3 billion during the second
quarter, to $41.2 billion, also up
35% annualized on a linked-quarter basis. Once again, the
deposit growth was driven by our BaaS business and loan-related
deposits.
Given the strong deposit growth again during the second quarter,
wholesale borrowings declined to $13.7
billion at June 30, 2022, down
$2.3 billion or 28% annualized
compared to December 31, 2021 and
down $1.0 billion on a linked-quarter
basis, also down 28% annualized.
Loans
At June 30, 2022, the multi-family portfolio totaled
$36.8 billion. This represents
$2.2 billion in growth compared to
December 31, 2021, up 13% annualized
and $1.0 billion in growth or 11%
annualized on a linked-quarter basis. Our growth in this
segment continues to be driven by market share gains as competition
abates, and heightened refinancing activity as market interest
rates moved higher during the second quarter.
The specialty finance portfolio grew significantly compared to
the previous quarter. At June 30,
2022, the specialty finance portfolio totaled $4.1 billion, up $806
million on a linked-quarter basis or 97% annualized and up
$638 million or 36% annualized
compared to December 31, 2021.
As of June 30, 2022, total
commitments in the specialty finance segment were $6.6 billion, up 16% compared to $5.7 billion at March
31, 2022. Of the June
30th amount, 75% or $5 billion
are structured as floating rate obligations, which have and will
continue to benefit us in a rising rate environment. The
strong improvement this quarter was driven largely by higher
utilization rates.
The CRE portfolio totaled $6.7
billion, at June 30, 2022,
unchanged compared to the levels at both March 31, 2022 and December 31, 2021.
Originations
Loan originations set a new record for the Company during the
second quarter of the year. Loan originations for the three
months ended June 30, 2022 totaled
$5.3 billion. This was up
$1.7 billion or 49% compared to the
three months ended March 31, 2022 and
up $2.2 billion or 72% compared to
the three months ended June 30,
2021.
During the current second quarter, multi-family originations
totaled $2.9 billion, up $529 million or 22% on a linked-quarter basis and
$861 million or 41% on a
year-over-year basis. Specialty finance originations totaled
$1.9 billion, up $1.2 billion or 194% on a linked-quarter basis
and up $1.3 billion or 210% on a
year-over-year basis.
For the six months ended June 30,
2022, loan originations increased 57% to $8.8 billion compared to $5.6 billion for the six months ended
June 30, 2021. Multi-family
originations increased 51% or $1.8
billion to $5.3 billion, while
specialty finance originations more than doubled to $2.5 billion compared to $1.1 billion for the six months ended
June 30, 2021.
Second quarter originations exceeded the prior quarter's
pipeline of $2.5 billion by
$2.8 billion or more than
double. Approximately 80% of our second quarter originations
represented new money to the Bank. In addition, 37% of
originations were refinanced from our portfolio; 39% were
refinanced from other bank portfolios; and 24% were related to
property transactions.
Pipeline
The current pipeline heading into the third quarter of 2022
stands at $2.5 billion.
Approximately 72% of the pipeline represents new money to the
Bank. The current pipeline includes $1.9 billion of multi-family loans, $269 million of CRE loans, and $355 million of specialty finance loans.
Asset Quality
Non-Performing Assets
Asset quality during the second quarter remained strong.
Non-performing assets at June 30, 2022 declined $14 million or 20% to $56
million compared to the previous quarter. This
represents 0.09% of total assets compared to 0.11% at March 31, 2022. Total non-performing loans
were $50 million, down $13 million or 21% compared to the previous
quarter. This represents 0.10% of total loans compared to
0.13% at March 31, 2022.
Repossessed assets, consisting primarily of repossessed taxi
medallion loans, were $6 million at
June 30, 2022, down $1 million from the previous quarter.
Total loans past due 30 to 89 days declined $4 million or 12% to $30
million compared to the previous quarter.
Allowance for Credit Losses
At June 30, 2022, the ACL totaled $216 million, up $19
million compared to the previous quarter, and up
$17 million compared to the balance
at year-end 2021. At June 30,
2022, the ACL represented 434.11% of NPLs and 0.45% of total
loans compared to 313.18% and 0.42%, respectively, at March 31, 2022 and 611.79% and 0.44%,
respectively, at December 31,
2021.
Loan Deferral Program Update
At June 30, 2022, deferred loans paying only interest and
escrow totaled $139 million, down
$143 million or 51% compared to the
$282 million the Company reported at
March 31, 2022. At both
June 30, 2022 and March 31, 2022, the Company did not have any
borrowers on full-payment deferral.
Deposits
At June 30, 2022, total deposits were $41.2 billion, up $6.2
billion or 35% on an annualized basis compared to the
balance at December 31, 2021 and up
$3.3 billion or 35% annualized
compared to March 31, 2022. The
significant increase in deposits continues to be driven by ongoing
growth in our BaaS business and in loan-related deposits.
Interest-bearing checking and money market accounts increased
$6.0 billion to $19.2 billion compared to December 31, 2021 and $2.8
billion or 69% annualized compared to March 31, 2022. In addition to growth in
BaaS-related deposits, this category includes $4.9 billion of loan-related deposits, primarily
from our multi-family and CRE borrowers. This represents
growth of $921 million compared to
December 31, 2021 or 46% annualized
and growth of $494 million compared
to March 31, 2022, or 44%
annualized. Of the second quarter total amount, $1.6 billion or 33% were business operating
accounts compared to $1.2 billion at
March 31, 2022.
Our BaaS-related deposits fall primarily under three categories:
the traditional BaaS business, consisting largely of fintech
company deposits; government banking as a service, serving various
municipalities and the U.S. Treasury's prepaid debit card program;
and mortgage as a service, which caters to mortgage companies and
consists of escrow deposits for principal, interest payments and
tax payments.
At June 30, 2022, traditional BaaS
deposits totaled $5.5 billion;
government BaaS deposits totaled $652
million; and mortgage as a service had $1.6 billion of deposits.
CAPITAL POSITION
The Company's regulatory capital ratios continue to exceed
regulatory minimums to be classified as "Well Capitalized," the
highest regulatory classification. The table below depicts the
Company's and the Bank's regulatory capital ratios at those
respective periods.
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
REGULATORY CAPITAL
RATIOS: (1)
|
|
|
|
|
|
|
|
|
|
New York Community
Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
Common equity
tier 1 ratio
|
|
9.16
|
|
%
|
|
9.45
|
|
%
|
|
9.84
|
|
%
|
Tier 1
risk-based capital ratio
|
|
10.22
|
|
|
|
10.55
|
|
|
|
11.05
|
|
|
Total risk-based
capital ratio
|
|
12.00
|
|
|
|
12.39
|
|
|
|
13.05
|
|
|
Leverage capital
ratio
|
|
8.13
|
|
|
|
8.33
|
|
|
|
8.25
|
|
|
New York Community
Bank
|
|
|
|
|
|
|
|
|
|
Common equity
tier 1 ratio
|
|
11.26
|
|
%
|
|
11.65
|
|
%
|
|
12.26
|
|
%
|
Tier 1
risk-based capital ratio
|
|
11.26
|
|
|
|
11.65
|
|
|
|
12.26
|
|
|
Total risk-based
capital ratio
|
|
11.69
|
|
|
|
12.07
|
|
|
|
12.71
|
|
|
Leverage capital
ratio
|
|
8.96
|
|
|
|
9.20
|
|
|
|
9.15
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
The minimum regulatory requirements for classification as a
well-capitalized institution are a common equity tier 1 capital
ratio
|
of 6.5%; a tier one
risk-based capital ratio of 8.00%; a total risk-based capital ratio
of 10.00%; and a leverage capital ratio of 5.00%.
|
EARNINGS SUMMARY FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2022
Net Interest Income
For the three months ended June 30,
2022, net interest income increased $28 million on a year-over-year basis to
$359 million, up 8%. This was
driven by a $42 million or 10%
increase in interest income to $473
million, offset slightly by a $14
million or 14% increase in interest expense. This was
due to a $4.0 billion or 8% increase
in average-interest earnings assets to $57.0
billion (driven primarily by a 10% increase in average loan
balances), along with a seven basis point improvement in the
average yield to 3.32%. This was combined with a $4.7 billion or 11% increase in average
interest-bearing liabilities to $49.8
billion (largely due to a 19% increase in average
interest-bearing deposit balances), as well as a four basis point
increase in the average cost to 0.92% on a year-over-year
basis.
Included in net interest income for the three months ended
June 30, 2022 is $20 million of prepayment income compared to
$27 million of prepayment income for
the three months ended June 30,
2021. Excluding the contribution from prepayment income, net
interest income on a non-GAAP basis was $339
million, up $35 million or 12%
compared to $304 million in the
second quarter of last year.
Net interest income for the six months ended June 30, 2022 totaled $691
million compared to $649
million for the six months ended June
30, 2021, up $42 million or
6%. The six-month results were driven by a $3.7 billion or 7% increase in average
interest-earnings assets to $55.8
billion coupled with a four basis point decline in the
average yield to 3.24%. This was partially offset by an
increase in average interest-bearing liabilities to $48.7 billion, up $3.5
billion or 8% and a four basis point decline in the average
cost of funds to 0.87%.
Included in net interest income for the six months ended
June 30, 2022, was $31 million of prepayment income compared to
$47 million for the six months ended
June 30, 2021. Excluding the
contribution from prepayment income, net interest income for the
six months June 30, 2022 on a
non-GAAP basis, totaled $660 million,
up 10% compared to $602 million for
the six months ended June 30,
2021.
|
|
|
|
|
|
|
|
|
|
June 30.
2022
|
|
For the Three Months
Ended
|
|
|
compared
to
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
March 31,
|
|
June 30,
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
$
|
473
|
|
|
$
|
429
|
|
|
$
|
431
|
|
|
10 %
|
|
10 %
|
Total interest
expense
|
|
114
|
|
|
|
97
|
|
|
|
100
|
|
|
18 %
|
|
14 %
|
Net interest
income
|
|
359
|
|
|
|
332
|
|
|
|
331
|
|
|
8 %
|
|
8 %
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total prepayment
income
|
|
20
|
|
|
|
11
|
|
|
|
27
|
|
|
82 %
|
|
-26 %
|
Net interest income
excluding prepayment income
|
$
|
339
|
|
|
$
|
321
|
|
|
$
|
304
|
|
|
6 %
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
%
Change
|
(dollars in
millions)
|
|
|
|
|
|
|
|
Total interest
income
|
$
|
902
|
|
|
$
|
854
|
|
|
6 %
|
Total interest
expense
|
|
211
|
|
|
|
205
|
|
|
3 %
|
Net interest
income
|
|
691
|
|
|
|
649
|
|
|
6 %
|
Less:
|
|
|
|
|
|
|
|
Total prepayment
income
|
|
31
|
|
|
|
47
|
|
|
-34 %
|
Net interest income
excluding prepayment income
|
$
|
660
|
|
|
$
|
602
|
|
|
10 %
|
Net Interest Margin
For the three months ended June 30,
2022, the NIM increased nine basis points to 2.52% compared
to the prior quarter and two basis points compared to the year-ago
quarter. Prepayment income contributed 14 basis points to the
second quarter NIM, compared to eight basis points in the prior
quarter and 12 basis points in the year-ago quarter.
Excluding the impact from prepayment income, the second quarter NIM
on a non-GAAP basis was 2.38%, up three basis points compared to
the prior quarter and unchanged from the year-ago quarter.
For the six months ended June 30,
2022, the NIM was 2.48%, down one basis point compared to
the six months ended June 30,
2021. Prepayment income contributed 12 basis points to this
period's NIM compared to 14 basis points in the prior year's
six-month period. Excluding the impact from prepayment
income, the NIM, on a non-GAAP basis, for the six months ended
June 30, 2022 was 2.36%, up one basis
point compared to the six months ended June
30, 2021.
(Recovery of) Provision for Credit Losses
For the three months ended June 30, 2022, the Company
reported a provision for credit losses of $9
million compared to a recovery of credit losses of
$2 million in the prior quarter and
$4 million in the year-ago
quarter. For the current second quarter, the Company recorded
a net recovery of $7 million compared
to a net charge-off of $2 million in
the prior quarter and a net recovery of $6
million during the year-ago quarter.
For the six months ended June 30,
2022, the Company reported a provision for credit losses of
$7 million compared to zero for the
six months ended June 30, 2021.
For the six months ended June 30,
2022, the Company reported net recoveries of $5 million compared to net recoveries of
$7 million for the six months ended
June 30, 2021.
Pre-Provision Net Revenue
The tables below detail the Company's PPNR and related measures,
which are non-GAAP measures, for the periods noted.
For the three months ended June 30, 2022, PPNR increased
$31 million or 15% to $239 million on a year-over-year basis and
$34 million or 17% on a
linked-quarter basis. The current second quarter includes
$4 million of merger-related expenses
compared to $10 million in the
year-ago quarter and $7 million in
the previous quarter. Excluding this expense, PPNR for the
three months ended June 30, 2022 grew
$25 million or 11% on a
year-over-year basis and $31 million
or 15% on a linked-quarter basis to $243
million.
For the six months ended June 30, 2022, PPNR rose 9% to
$444 million compared to $408 million for the six months ended
June 30, 2021. The first six
months of 2022 includes $11 million
of merger-related expenses, compared to $10
million during the first six months of 2021. Excluding
this expense, PPNR for the six months ended June 30, 2022 was $455
million, up $37 million or 9%
compared to the first six months of 2021.
|
|
|
|
|
|
|
|
|
|
March 31,
2022
|
|
For the Three Months
Ended
|
|
|
compared
to
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
March 31,
|
|
June 30,
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
359
|
|
|
$
|
332
|
|
|
$
|
331
|
|
|
8 %
|
|
8 %
|
Non-interest
income
|
|
18
|
|
|
|
14
|
|
|
|
16
|
|
|
29 %
|
|
13 %
|
Total
revenues
|
|
377
|
|
|
|
346
|
|
|
|
347
|
|
|
9 %
|
|
9 %
|
Total non-interest
expense
|
|
138
|
|
|
|
141
|
|
|
|
139
|
|
|
-2 %
|
|
-1 %
|
Pre - provision
(recovery of) for net revenue (PPNR)
|
|
239
|
|
|
|
205
|
|
|
|
208
|
|
|
17 %
|
|
15 %
|
Provision (Recovery
of) for credit losses
|
|
9
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
-550 %
|
|
-325 %
|
Income before
taxes
|
|
230
|
|
|
|
207
|
|
|
|
212
|
|
|
11 %
|
|
8 %
|
Income tax
expense
|
|
59
|
|
|
|
52
|
|
|
|
60
|
|
|
13 %
|
|
-2 %
|
Net
Income
|
|
171
|
|
|
|
155
|
|
|
|
152
|
|
|
10 %
|
|
13 %
|
Preferred stock
dividends
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
0 %
|
|
0 %
|
Net income available
to common stockholders
|
$
|
163
|
|
|
$
|
147
|
|
|
$
|
144
|
|
|
11 %
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
%
Change
|
(dollars in
millions)
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
691
|
|
|
$
|
649
|
|
|
6 %
|
Non-interest
income
|
|
32
|
|
|
|
30
|
|
|
7 %
|
Total
revenues
|
|
723
|
|
|
|
679
|
|
|
6 %
|
Total non-interest
expense
|
|
279
|
|
|
|
271
|
|
|
3 %
|
Pre-provision for
net revenue (PPNR)
|
|
444
|
|
|
|
408
|
|
|
9 %
|
Provision for credit
losses
|
|
7
|
|
|
|
-
|
|
|
NM
|
Income before
taxes
|
|
437
|
|
|
|
408
|
|
|
7 %
|
Income tax
expense
|
|
111
|
|
|
|
111
|
|
|
0 %
|
Net
Income
|
|
326
|
|
|
|
297
|
|
|
10 %
|
Preferred stock
dividends
|
|
16
|
|
|
|
16
|
|
|
0 %
|
Net income available
to common stockholders
|
$
|
310
|
|
|
$
|
281
|
|
|
10 %
|
Non-Interest Income
For the three months ended June 30, 2022, non-interest
income totaled $18 million, up 13% on
a year-over-year basis and 29% on a linked-quarter basis. The
current second quarter also includes a $1.7
million gain on the sale of our former headquarters building
in Westbury, N.Y.
For the six months ended June 30,
2022, non-interest income totaled $32
million, up 7% compared to $30
million for the six months ended June
30, 2021. Included in the current six month period is
a $1 million net loss on securities
compared to no such gain or loss in the year-ago six month
period. The current six month period also includes the
aforementioned gain on the sale of our former headquarters.
Non-Interest Expense
For the three months ended June 30, 2022, non-interest
expenses totaled $138 million, down
1% compared to the three months ended June
30, 2021 and down 2% on a linked-quarter basis. The
current second quarter includes $4
million in merger-related expenses compared to $10 million in the year-ago second quarter and
$7 million in the prior
quarter. Excluding this item, total operating expenses were
$134 million, unchanged from the
previous quarter and up $5 million or
4% on a year-over-year basis. The second quarter efficiency
ratio was 35.57%, down compared to 38.65% reported for the first
quarter of 2022 and 37.11% compared to the second quarter of
2021.
For the six months ended June 30,
2022, non-interest expenses totaled $279 million, up $8
million or 3% compared to $271
million for the first six months of 2021.
Merger-related expenses for the first six months ended June 30, 2022 totaled $11
million, up $1 million or 10%
compared to $10 million during the
first six months ended June 30,
2022. The efficiency ratio for the first six months of 2022
declined to 37.04% compared to 38.46%.
Income Taxes
For the three months ended June 30, 2022, income tax
expense totaled $59 million
reflecting an effective tax rate of 25.60%, compared to income tax
expense of $60 million in the
year-ago second quarter, reflecting an effective tax rate of 28.38%
and $52 million in the prior quarter,
reflecting an effective tax rate of 25.16%. The
linked-quarter increase was driven by a higher level of pre-tax
income.
For the six months ended June 30,
2022, income tax expense totaled $111
million, unchanged compared to the six months ended
June 30, 2021. The effective
tax rate for the six months ended June 30,
2022 was 25.39% compared to 27.11% for the six months ended
June 30, 2021.
Both the three- and six-month 2021 periods included $2 million of income tax expense due to the
revaluation of deferred taxes related to a change in the
New York State tax rate.
About New York Community Bancorp, Inc.
Based in Hicksville, N.Y., 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. At June 30, 2022, the Company
reported assets of $63.1 billion,
loans of $48.5 billion, deposits of
$41.2 billion, and stockholders'
equity of $6.8 billion.
Reflecting our growth through a series of acquisitions, the Company
operates 237 branches through eight local divisions, each with a
history of service and strength: Queens County Savings Bank, Roslyn
Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank,
and Atlantic Bank in New York;
Garden State Community Bank in New
Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.
In January 2022, the Company
announced a Community Benefits Agreement in collaboration with the
National Community Reinvestment Coalition ("NCRC") and its
members. Under the NCRC agreement, NYCB has committed to
provide $28 billion in loans,
investments, and other financial support to communities and people
of color, low- and moderate-income families and communities, and
small businesses. The five-year agreement is subject to the
closing of NYCB's pending merger with Flagstar Bancorp, Inc.
On April 27, 2022, New York Community
Bancorp, Inc. and Flagstar Bancorp, Inc. mutually agreed to extend
the termination date of the merger agreement to October 31, 2022.
Post-Earnings Release Conference Call
The Company will host a conference call on Wednesday, July 27, 2022, at 8:30 a.m. (Eastern Time) to discuss its second
quarter 2022 performance. The conference call may be accessed by
dialing (877) 407-8293 (for domestic calls) or (201) 689-8349 (for
international calls) and asking for "New York Community Bancorp" or
"NYCB." A replay will be available approximately three hours
following completion of the call through 11:59 p.m. on July 31,
2022 and may be accessed by calling (877) 660-6853
(domestic) or (201) 612-7415 (international) and providing the
following conference ID: 13730743. In addition, the conference call
will be webcast at ir.myNYCB.com, and archived through 5:00 p.m. on August 24,
2022.
Cautionary Statements Regarding Forward-Looking
Information
This earnings release and the associated conference call may
include forward‐looking statements by the Company and our
authorized officers pertaining to such matters as our goals,
intentions, and expectations regarding revenues, earnings, loan
production, asset quality, capital levels, and acquisitions, among
other matters; our estimates of future costs and benefits of the
actions we may take; our assessments of probable losses on loans;
our assessments of interest rate and other market risks; and our
ability to achieve our financial and other strategic goals,
including those related to the pending merger with Flagstar
Bancorp, Inc. and the strategic relationship with Figure
Technologies, Inc.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "should," 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: the effect of the COVID-19
pandemic, including the length of time that the pandemic continues,
the potential imposition of future shelter in place orders or
additional restrictions on travel in the future, the effect of the
pandemic on the general economy and on the businesses of our
borrowers and their ability to make payments on their obligations,
the remedial actions and stimulus measures adopted by federal,
state, and local governments; the inability of employees to work
due to illness, quarantine, or government mandates; 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; 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. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our pending
merger with Flagstar Bancorp and our strategic relationship with
Figure Technologies, Inc.: the occurrence of any event, change or
other circumstances that could give rise to the right of any of the
parties to the pending transactions to terminate the agreements
governing such transactions; the outcome of any legal proceedings
that may be instituted against the Company or any other party to
the transactions; the possibility that the proposed transactions
will not close when expected or at all because required regulatory
or other approvals are not received or other conditions to the
closings are not satisfied on a timely basis or at all, or are
obtained subject to conditions that are not anticipated; the
possibility that the anticipated benefits of the proposed
transactions will not be realized when expected or at all;
diversion of management's attention from ongoing business
operations and opportunities; the possibility that the Company may
be unable to achieve expected synergies and operating efficiencies
in or as a result of the proposed transactions within the expected
timeframes or at all; revenues following the proposed transactions
may be lower than expected; and there can be no assurance that the
Community Benefits Agreement entered into with NCRC, which is
contingent upon the closing of the Company's pending merger with
Flagstar Bancorp, Inc., will achieve the results or outcome
originally expected or anticipated by us as a result of changes to
our business strategy, performance of the U.S. economy, or changes
to the laws and regulations affecting us, our customers,
communities we serve, and the U.S. economy (including, but not
limited to, tax laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K for the
year ended December 31, 2021 and in other SEC reports we file.
Our forward‐looking statements may also be subject to other risks
and uncertainties, including those we may discuss in this news
release, on our conference call, during investor presentations, or
in our SEC filings, which are accessible on our website and at the
SEC's website, www.sec.gov.
Investor/Media
Contact:
|
|
Salvatore J.
DiMartino
|
|
|
(516)
683-4286
|
- Financial Statements and Highlights Follow
-
NEW YORK COMMUNITY
BANCORP, INC.
|
CONSOLIDATED
STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December
31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
(dollars in
millions, except share data)
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
3,277
|
|
|
$
|
2,211
|
|
|
Securities:
|
|
|
|
|
|
|
|
Available-for-sale
|
|
|
5,664
|
|
|
|
5,780
|
|
|
Equity investments with
readily
|
|
|
|
|
|
|
|
determinable fair
values, at fair value
|
|
|
14
|
|
|
|
16
|
|
|
Total
securities
|
|
|
5,678
|
|
|
|
5,796
|
|
|
Mortgage loans held for
investment:
|
|
|
|
|
|
|
|
Multi-family
|
|
|
36,797
|
|
|
|
34,628
|
|
|
Commercial real
estate
|
|
|
6,715
|
|
|
|
6,701
|
|
|
One-to-four
family
|
|
|
129
|
|
|
|
160
|
|
|
Acquisition,
development, and construction
|
|
|
195
|
|
|
|
209
|
|
|
Total mortgage loans
held for investment
|
|
|
43,836
|
|
|
|
41,698
|
|
|
Other loans and leases
held for investment:
|
|
|
|
|
|
|
|
Specialty
Finance
|
|
|
4,146
|
|
|
|
3,508
|
|
|
Commercial and
industrial
|
|
|
549
|
|
|
|
526
|
|
|
Other
loans
|
|
|
6
|
|
|
|
6
|
|
|
Total other loans and
leases held for investment
|
|
|
4,701
|
|
|
|
4,040
|
|
|
Total loans and leases
held for investment
|
|
|
48,537
|
|
|
|
45,738
|
|
|
Less: Allowance
for credit losses on loans and leases
|
|
|
(216)
|
|
|
|
(199)
|
|
|
Total loans and leases
held for investment, net
|
|
|
48,321
|
|
|
|
45,539
|
|
|
Federal Home Loan Bank
stock, at cost
|
|
|
635
|
|
|
|
734
|
|
|
Premises and equipment,
net
|
|
|
252
|
|
|
|
270
|
|
|
Operating lease
right-of-use assets
|
|
|
232
|
|
|
|
249
|
|
|
Goodwill
|
|
|
2,426
|
|
|
|
2,426
|
|
|
Other assets
|
|
|
2,272
|
|
|
|
2,302
|
|
|
Total
assets
|
|
$
|
63,093
|
|
|
$
|
59,527
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
|
$
|
19,189
|
|
|
$
|
13,209
|
|
|
Savings
accounts
|
|
|
9,580
|
|
|
|
8,892
|
|
|
Certificates of
deposit
|
|
|
8,090
|
|
|
|
8,424
|
|
|
Non-interest-bearing accounts
|
|
|
4,385
|
|
|
|
4,534
|
|
|
Total
deposits
|
|
|
41,244
|
|
|
|
35,059
|
|
|
Borrowed
funds:
|
|
|
|
|
|
|
|
Wholesale
borrowings
|
|
|
13,650
|
|
|
|
15,905
|
|
|
Junior
subordinated debentures
|
|
|
361
|
|
|
|
361
|
|
|
Subordinated
notes
|
|
|
296
|
|
|
|
296
|
|
|
Total borrowed
funds
|
|
|
14,307
|
|
|
|
16,562
|
|
|
Operating lease
liabilities
|
|
|
232
|
|
|
|
249
|
|
|
Other
liabilities
|
|
|
486
|
|
|
|
613
|
|
|
Total
liabilities
|
|
|
56,269
|
|
|
|
52,483
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred stock
at par $0.01 (5,000,000 shares authorized):
|
|
|
|
|
|
|
|
Series A
(515,000 shares issued and outstanding)
|
|
|
503
|
|
|
|
503
|
|
|
Common stock at par
$0.01 (900,000,000 shares authorized; 490,439,070 and
|
|
|
|
|
|
|
|
490,439,070 shares issued; and 466,243,078 and 465,015,643 shares
outstanding, respectively)
|
|
|
5
|
|
|
|
5
|
|
|
Paid-in capital
in excess of par
|
|
|
6,114
|
|
|
|
6,126
|
|
|
Retained
earnings
|
|
|
893
|
|
|
|
741
|
|
|
Treasury stock,
at cost (24,195,992 and 25,423,427 shares, respectively)
|
|
|
(238)
|
|
|
|
(246)
|
|
|
Accumulated
other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
Net
unrealized loss on securities available for sale, net of
tax
|
|
|
(436)
|
|
|
|
(45)
|
|
|
Pension
and post-retirement obligations, net of tax
|
|
|
(31)
|
|
|
|
(31)
|
|
|
Net
unrealized gain (loss) on cash flow hedges, net of tax
|
|
|
14
|
|
|
|
(9)
|
|
|
Total
accumulated other comprehensive loss, net of tax
|
|
|
(453)
|
|
|
|
(85)
|
|
|
Total stockholders'
equity
|
|
|
6,824
|
|
|
|
7,044
|
|
|
Total liabilities
and stockholders' equity
|
|
$
|
63,093
|
|
|
$
|
59,527
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
For the Six Months
Ended
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
|
424
|
|
|
$
|
393
|
|
|
$
|
386
|
|
|
$
|
817
|
|
|
$
|
769
|
|
Securities and
money market investments
|
|
49
|
|
|
|
36
|
|
|
|
45
|
|
|
|
85
|
|
|
|
85
|
|
Total interest
income
|
|
473
|
|
|
|
429
|
|
|
|
431
|
|
|
|
902
|
|
|
|
854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
|
24
|
|
|
|
8
|
|
|
|
7
|
|
|
|
32
|
|
|
|
16
|
|
Savings
accounts
|
|
10
|
|
|
|
8
|
|
|
|
7
|
|
|
|
18
|
|
|
|
13
|
|
Certificates of
deposit
|
|
12
|
|
|
|
11
|
|
|
|
14
|
|
|
|
23
|
|
|
|
32
|
|
Borrowed
funds
|
|
68
|
|
|
|
70
|
|
|
|
72
|
|
|
|
138
|
|
|
|
144
|
|
Total interest
expense
|
|
114
|
|
|
|
97
|
|
|
|
100
|
|
|
|
211
|
|
|
|
205
|
|
Net interest
income
|
|
359
|
|
|
|
332
|
|
|
|
331
|
|
|
|
691
|
|
|
|
649
|
|
Provision (Recovery of)
for credit losses
|
|
9
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
|
7
|
|
|
|
-
|
|
Net interest
income after provision (recovery of) for credit losses
|
|
350
|
|
|
|
334
|
|
|
|
335
|
|
|
|
684
|
|
|
|
649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee
income
|
|
6
|
|
|
|
6
|
|
|
|
6
|
|
|
|
12
|
|
|
|
11
|
|
Bank-owned life
insurance
|
|
7
|
|
|
|
7
|
|
|
|
8
|
|
|
|
14
|
|
|
|
15
|
|
Net losses on
securities
|
|
-
|
|
|
|
(1)
|
|
|
|
-
|
|
|
|
(1)
|
|
|
|
-
|
|
Other
income
|
|
5
|
|
|
|
2
|
|
|
|
2
|
|
|
|
7
|
|
|
|
4
|
|
Total non-interest
income
|
|
18
|
|
|
|
14
|
|
|
|
16
|
|
|
|
32
|
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
79
|
|
|
|
80
|
|
|
|
74
|
|
|
|
159
|
|
|
|
152
|
|
Occupancy and
equipment
|
|
22
|
|
|
|
23
|
|
|
|
22
|
|
|
|
45
|
|
|
|
43
|
|
General and
administrative
|
|
33
|
|
|
|
31
|
|
|
|
33
|
|
|
|
64
|
|
|
|
66
|
|
Total operating
expenses
|
|
134
|
|
|
|
134
|
|
|
|
129
|
|
|
|
268
|
|
|
|
261
|
|
Merger-related
expenses
|
|
4
|
|
|
|
7
|
|
|
|
10
|
|
|
|
11
|
|
|
|
10
|
|
Total non-interest
expense
|
|
138
|
|
|
|
141
|
|
|
|
139
|
|
|
|
279
|
|
|
|
271
|
|
Income before income
taxes
|
|
230
|
|
|
|
207
|
|
|
|
212
|
|
|
|
437
|
|
|
|
408
|
|
Income tax
expense
|
|
59
|
|
|
|
52
|
|
|
|
60
|
|
|
|
111
|
|
|
|
111
|
|
Net
Income
|
|
171
|
|
|
|
155
|
|
|
|
152
|
|
|
|
326
|
|
|
|
297
|
|
Preferred stock
dividends
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
|
16
|
|
|
|
16
|
|
Net income
available to common stockholders
|
$
|
163
|
|
|
$
|
147
|
|
|
$
|
144
|
|
|
$
|
310
|
|
|
$
|
281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
$
|
0.66
|
|
|
$
|
0.60
|
|
Diluted
earnings per common share
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
$
|
0.66
|
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK
COMMUNITY BANCORP, INC.
RECONCILIATIONS OF CERTAIN
GAAP AND NON-GAAP FINANCIAL MEASURES
(unaudited)
While stockholders' equity, total assets, and book value per
share are financial measures that are recorded in accordance with
U.S. generally accepted accounting principles ("GAAP"), tangible
stockholders' equity, tangible assets, and tangible book value per
share are not. Nevertheless, it is management's belief that
these non-GAAP measures should be disclosed in our earnings
releases and other investor communications for the following
reasons:
- Tangible stockholders' equity is an important indication of the
Company's ability to grow organically and through business
combinations, as well as its ability to pay dividends and to engage
in various capital management strategies.
- Returns on average tangible assets and average tangible
stockholders' equity are among the profitability measures
considered by current and prospective investors, both independent
of, and in comparison with, the Company's peers.
- Tangible book value per share and the ratio of tangible
stockholders' equity to tangible assets are among the capital
measures considered by current and prospective investors, both
independent of, and in comparison with, its peers.
Tangible stockholders' equity, tangible assets, and the related
non-GAAP profitability and capital measures should not be
considered in isolation or as a substitute for stockholders'
equity, total assets, or any other profitability or capital measure
calculated in accordance with GAAP. Moreover, the manner in
which we calculate these non-GAAP measures may differ from that of
other companies reporting non-GAAP measures with similar
names.
The following table presents reconciliations of our common
stockholders' equity and tangible common stockholders' equity, our
total assets and tangible assets, and the related GAAP and non-GAAP
profitability and capital measures at or for the periods
indicated:
|
At or for
the
|
|
|
At or for
the
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
(dollars in
millions)
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Total Stockholders'
Equity
|
$
|
6,824
|
|
|
$
|
6,909
|
|
|
$
|
6,916
|
|
|
$
|
6,824
|
|
|
$
|
6,916
|
|
Less:
Goodwill
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
Preferred stock
|
|
(503)
|
|
|
|
(503)
|
|
|
|
(503)
|
|
|
|
(503)
|
|
|
|
(503)
|
|
Tangible common
stockholders' equity
|
$
|
3,895
|
|
|
$
|
3,980
|
|
|
$
|
3,987
|
|
|
$
|
3,895
|
|
|
$
|
3,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
|
63,093
|
|
|
$
|
61,005
|
|
|
$
|
57,469
|
|
|
$
|
63,093
|
|
|
$
|
57,469
|
|
Less:
Goodwill
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
Tangible
Assets
|
$
|
60,667
|
|
|
$
|
58,579
|
|
|
$
|
55,043
|
|
|
$
|
60,667
|
|
|
$
|
55,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common
stockholders' equity
|
$
|
6,398
|
|
|
$
|
6,543
|
|
|
$
|
6,368
|
|
|
$
|
6,470
|
|
|
$
|
6,369
|
|
Less: Average
goodwill
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
Average tangible
common stockholders' equity
|
$
|
3,972
|
|
|
$
|
4,117
|
|
|
$
|
3,942
|
|
|
$
|
4,044
|
|
|
$
|
3,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
|
61,988
|
|
|
$
|
59,894
|
|
|
$
|
58,114
|
|
|
$
|
60,946
|
|
|
$
|
57,215
|
|
Less: Average
goodwill
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
|
|
(2,426)
|
|
Average tangible
assets
|
$
|
59,562
|
|
|
$
|
57,468
|
|
|
$
|
55,688
|
|
|
$
|
58,520
|
|
|
$
|
54,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
|
1.10
|
%
|
|
|
1.04
|
%
|
|
|
1.04
|
%
|
|
|
1.07
|
%
|
|
|
1.04
|
%
|
Return on average
common stockholders' equity (2)
|
|
10.18
|
|
|
|
8.98
|
|
|
|
9.00
|
|
|
|
9.58
|
|
|
|
8.81
|
|
Book value per common
share
|
$
|
13.56
|
|
|
$
|
13.72
|
|
|
$
|
13.79
|
|
|
$
|
13.56
|
|
|
$
|
13.79
|
|
Common stockholders'
equity to total assets
|
|
10.02
|
|
|
|
10.50
|
|
|
|
11.16
|
|
|
|
10.02
|
|
|
|
11.16
|
|
NON-GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (1)
|
|
1.17
|
%
|
|
|
1.11
|
%
|
|
|
1.09
|
%
|
|
|
1.14
|
%
|
|
|
1.08
|
%
|
Return on average
tangible common stockholders' equity (2)
|
|
16.73
|
|
|
|
14.76
|
|
|
|
14.54
|
|
|
|
15.73
|
|
|
|
14.23
|
|
Tangible book value per
common share
|
$
|
8.35
|
|
|
$
|
8.52
|
|
|
$
|
8.57
|
|
|
$
|
8.35
|
|
|
$
|
8.57
|
|
Tangible common
stockholders' equity to tangible assets
|
|
6.42
|
|
|
|
6.79
|
|
|
|
7.24
|
|
|
|
6.42
|
|
|
|
7.24
|
|
|
|
(1)
|
To calculate return on
average assets for a period, we divide net income generated during
that period by average assets recorded during that period. To
calculate return on average tangible assets for a period, we divide
net income by average tangible assets recorded during that
period.
|
(2)
|
To calculate return on
average common stockholders' equity for a period, we divide net
income available to common stockholders generated during that
period by average common stockholders' equity recorded during that
period. To calculate return on average tangible common
stockholders' equity for a period, we divide net income available
to common stockholders generated during that period by average
tangible common stockholders' equity recorded during that
period.
|
While diluted earnings per common share, net income, net income
available to common stockholders, and total non-interest income are
financial measures that are recorded in accordance with GAAP,
financial measures that adjust these GAAP measures to exclude
expenses related to our pending merger with Flagstar, the CARES
Act-related tax benefit, and the revaluation of deferred taxes
related to New York State tax rate
changes are not. Nevertheless, it is management's belief that these
non-GAAP measures should be disclosed in our earnings release and
other investor communications because they are not considered part
of recurring operations and are included because the Company
believes they may provide useful supplemental information for
evaluating the underlying performance trends of the Company.
|
|
For the Three Months
Ended
|
|
|
For the Six Months
Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
June 30,
|
|
June 30,
|
|
(dollars in
millions, except per share data)
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
|
Net income -
GAAP
|
|
$
|
171
|
|
$
|
152
|
|
|
$
|
326
|
|
$
|
297
|
|
Merger-related
expenses, net of tax(1)
|
|
|
3
|
|
|
10
|
|
|
|
8
|
|
|
10
|
|
Revaluation of deferred
taxes related to New York State tax rate change
|
|
|
—
|
|
|
2
|
|
|
|
—
|
|
|
2
|
|
Net income -
non-GAAP
|
|
|
174
|
|
|
164
|
|
|
|
334
|
|
|
309
|
|
Preferred stock
dividends
|
|
|
8
|
|
|
8
|
|
|
|
16
|
|
|
16
|
|
Net income available to
common stockholders - non-GAAP
|
|
$
|
166
|
|
$
|
156
|
|
|
$
|
318
|
|
$
|
293
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share - GAAP
|
|
$
|
0.34
|
|
$
|
0.30
|
|
|
$
|
0.66
|
|
$
|
0.60
|
|
Diluted earnings per
common share - non-GAAP
|
|
$
|
0.35
|
|
$
|
0.33
|
|
|
$
|
0.67
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain
merger-related expenses are non-deductible.
|
|
|
|
|
|
|
|
|
|
|
While net income is a financial measure that is calculated in
accordance with GAAP, PPNR and PPNR excluding merger-related
expenses are non-GAAP financial measures. Nevertheless, it is
management's belief that these non-GAAP measures should be
disclosed in our earnings releases and other investor
communications because management believes these measures are
relevant to understanding the performance of the Company
attributable to elements other than the provision for credit losses
and the ability of the Company to generate earnings sufficient to
cover estimated credit losses. These measures also provide a
meaningful basis for comparison to other financial institutions
since it is commonly employed and is a measure frequently cited by
investors and analysts. The following table reconciles the non-GAAP
financial measures of PPNR and PPNR excluding merger-related
expenses to the comparable GAAP financial measures of net income
for the stated periods:
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
For the Three Months
Ended
|
|
|
compared
to
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
March 31,
|
|
June 30,
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
359
|
|
|
$
|
332
|
|
|
$
|
331
|
|
|
8 %
|
|
8 %
|
Non-interest
income
|
|
18
|
|
|
|
14
|
|
|
|
16
|
|
|
29 %
|
|
13 %
|
Total
revenues
|
|
377
|
|
|
|
346
|
|
|
|
347
|
|
|
9 %
|
|
9 %
|
Total non-interest
expense
|
|
138
|
|
|
|
141
|
|
|
|
139
|
|
|
-2 %
|
|
-1 %
|
Pre - provision
(recovery of) for net revenue (non-GAAP)
|
|
239
|
|
|
|
205
|
|
|
|
208
|
|
|
17 %
|
|
15 %
|
Merger-related
expenses
|
|
4
|
|
|
|
7
|
|
|
|
10
|
|
|
-43 %
|
|
-60 %
|
Pre - provision
(recovery of) for net revenue excluding merger-related expenses
(non-GAAP)
|
|
243
|
|
|
|
212
|
|
|
|
218
|
|
|
15 %
|
|
11 %
|
Provision (Recovery of)
for credit losses
|
|
9
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
NM
|
|
NM
|
Merger-related
expenses
|
|
4
|
|
|
|
7
|
|
|
|
10
|
|
|
-43 %
|
|
-60 %
|
Income before
taxes
|
|
230
|
|
|
|
207
|
|
|
|
212
|
|
|
11 %
|
|
8 %
|
Income tax
expense
|
|
59
|
|
|
|
52
|
|
|
|
60
|
|
|
13 %
|
|
-2 %
|
Net Income
(GAAP)
|
$
|
171
|
|
|
$
|
155
|
|
|
$
|
152
|
|
|
10 %
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
%
Change
|
(dollars in
millions)
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
691
|
|
|
$
|
649
|
|
|
6 %
|
Non-interest
income
|
|
32
|
|
|
|
30
|
|
|
7 %
|
Total
revenues
|
|
723
|
|
|
|
679
|
|
|
6 %
|
Total non-interest
expense
|
|
279
|
|
|
|
271
|
|
|
3 %
|
Pre-provision for
net revenue (non-GAAP)
|
|
444
|
|
|
|
408
|
|
|
9 %
|
Merger-related
expenses
|
|
11
|
|
|
|
10
|
|
|
10 %
|
Pre-provision net
revenue excluding merger-related expenses (non-GAAP)
|
|
455
|
|
|
|
418
|
|
|
9 %
|
Provision for credit
losses
|
|
7
|
|
|
|
-
|
|
|
NM
|
Merger-related
expenses
|
|
11
|
|
|
|
10
|
|
|
10 %
|
Income before
taxes
|
|
437
|
|
|
|
408
|
|
|
7 %
|
Income tax
expense
|
|
111
|
|
|
|
111
|
|
|
0 %
|
Net Income
(GAAP)
|
$
|
326
|
|
|
$
|
297
|
|
|
10 %
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
|
NET INTEREST INCOME
ANALYSIS
|
LINKED-QUARTER AND
YEAR-OVER-YEAR COMPARISONS
|
(unaudited)
|
|
|
For the Three Months
Ended
|
|
|
June 30,
2022
|
|
March 31,
2022
|
|
June 30,
2021
|
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
Average
Balance
|
|
Interest
|
|
Average
Yield/Cost
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other
loans, net
|
$
|
47,144
|
|
$
|
424
|
|
|
3.61
|
%
|
$
|
45,807
|
|
$
|
393
|
|
|
3.43
|
%
|
$
|
42,817
|
|
$
|
386
|
|
|
3.60
|
%
|
Securities
|
|
6,676
|
|
|
40
|
|
|
2.40
|
|
|
6,538
|
|
|
34
|
|
|
2.12
|
|
|
6,790
|
|
|
43
|
|
|
2.55
|
|
Interest-earning cash
and cash
equivalents
|
|
3,209
|
|
|
9
|
|
|
1.04
|
|
|
2,216
|
|
|
2
|
|
|
0.33
|
|
|
3,415
|
|
|
2
|
|
|
0.27
|
|
Total interest-earning
assets
|
|
57,029
|
|
$
|
473
|
|
|
3.32
|
%
|
|
54,561
|
|
$
|
429
|
|
|
3.15
|
%
|
|
53,022
|
|
$
|
431
|
|
|
3.25
|
%
|
Non-interest-earning
assets
|
|
4,959
|
|
|
|
|
|
|
5,333
|
|
|
|
|
|
|
5,092
|
|
|
|
|
|
Total
assets
|
$
|
61,988
|
|
|
|
|
|
$
|
59,894
|
|
|
|
|
|
$
|
58,114
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and
money market accounts
|
$
|
17,456
|
|
$
|
24
|
|
|
0.55
|
%
|
$
|
13,784
|
|
$
|
8
|
|
|
0.24
|
%
|
$
|
12,699
|
|
$
|
7
|
|
|
0.24
|
%
|
Savings
accounts
|
|
9,228
|
|
|
10
|
|
|
0.41
|
|
|
9,208
|
|
|
8
|
|
|
0.35
|
|
|
7,487
|
|
|
7
|
|
|
0.36
|
|
Certificates of
deposit
|
|
8,102
|
|
|
12
|
|
|
0.62
|
|
|
8,070
|
|
|
11
|
|
|
0.53
|
|
|
9,154
|
|
|
14
|
|
|
0.58
|
|
Total interest-bearing
deposits
|
|
34,786
|
|
|
46
|
|
|
0.53
|
|
|
31,062
|
|
|
27
|
|
|
0.35
|
|
|
29,340
|
|
|
28
|
|
|
0.38
|
|
Borrowed
funds
|
|
15,009
|
|
|
68
|
|
|
1.81
|
|
|
16,563
|
|
|
70
|
|
|
1.72
|
|
|
15,724
|
|
|
72
|
|
|
1.82
|
|
Total interest-bearing
liabilities
|
|
49,795
|
|
$
|
114
|
|
|
0.92
|
%
|
|
47,625
|
|
$
|
97
|
|
|
0.82
|
%
|
|
45,064
|
|
$
|
100
|
|
|
0.88
|
%
|
Non-interest-bearing
deposits
|
|
4,568
|
|
|
|
|
|
|
4,397
|
|
|
|
|
|
|
5,488
|
|
|
|
|
|
Other
liabilities
|
|
724
|
|
|
|
|
|
|
826
|
|
|
|
|
|
|
691
|
|
|
|
|
|
Total
liabilities
|
|
55,087
|
|
|
|
|
|
|
52,848
|
|
|
|
|
|
|
51,243
|
|
|
|
|
|
Stockholders'
equity
|
|
6,901
|
|
|
|
|
|
|
7,046
|
|
|
|
|
|
|
6,871
|
|
|
|
|
|
Total liabilities and
stockholders'
equity
|
$
|
61,988
|
|
|
|
|
|
$
|
59,894
|
|
|
|
|
|
$
|
58,114
|
|
|
|
|
|
Net interest
income/interest rate
spread
|
|
|
$
|
359
|
|
|
2.40
|
%
|
|
|
$
|
332
|
|
|
2.33
|
%
|
|
|
$
|
331
|
|
|
2.37
|
%
|
Net interest
margin
|
|
|
|
|
|
2.52
|
%
|
|
|
|
|
|
2.43
|
%
|
|
|
|
|
|
2.50
|
%
|
Ratio of
interest-earning assets to
interest-bearing liabilities
|
|
|
|
|
1.15x
|
|
|
|
|
|
1.15x
|
|
|
|
|
|
1.18x
|
|
NEW YORK
COMMUNITY BANCORP, INC.
|
NET INTEREST INCOME
ANALYSIS
|
YEAR-OVER-YEAR
COMPARISONS
|
(unaudited)
|
|
|
For the Six Months
Ended June 30,
|
|
|
2022
|
|
|
2021
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/Cost
|
|
|
Average
Balance
|
|
|
Interest
|
|
|
Average
Yield/Cost
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other
loans, net
|
$
|
46,479
|
|
|
$
|
817
|
|
|
|
3.52
|
%
|
|
$
|
42,777
|
|
|
$
|
769
|
|
|
|
3.60
|
%
|
Securities
|
|
6,607
|
|
|
|
75
|
|
|
|
2.26
|
|
|
|
6,654
|
|
|
|
82
|
|
|
|
2.46
|
|
Interest-earning cash
and cash
equivalents
|
|
2,715
|
|
|
|
10
|
|
|
|
0.75
|
|
|
|
2,630
|
|
|
|
3
|
|
|
|
0.27
|
|
Total interest-earning
assets
|
|
55,801
|
|
|
$
|
902
|
|
|
|
3.24
|
%
|
|
|
52,061
|
|
|
$
|
854
|
|
|
|
3.28
|
%
|
Non-interest-earning
assets
|
|
5,145
|
|
|
|
|
|
|
|
|
|
5,154
|
|
|
|
|
|
|
|
Total assets
|
$
|
60,946
|
|
|
|
|
|
|
|
|
$
|
57,215
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$
|
15,629
|
|
|
$
|
32
|
|
|
|
0.42
|
%
|
|
$
|
12,663
|
|
|
$
|
16
|
|
|
|
0.26
|
%
|
Savings
accounts
|
|
9,218
|
|
|
|
18
|
|
|
|
0.38
|
|
|
|
7,102
|
|
|
|
13
|
|
|
|
0.37
|
|
Certificates of
deposit
|
|
8,086
|
|
|
|
23
|
|
|
|
0.58
|
|
|
|
9,566
|
|
|
|
32
|
|
|
|
0.67
|
|
Total interest-bearing
deposits
|
|
32,933
|
|
|
|
73
|
|
|
|
0.45
|
|
|
|
29,331
|
|
|
|
61
|
|
|
|
0.42
|
|
Borrowed
funds
|
|
15,782
|
|
|
|
138
|
|
|
|
1.76
|
|
|
|
15,859
|
|
|
|
144
|
|
|
|
1.82
|
|
Total interest-bearing
liabilities
|
|
48,715
|
|
|
$
|
211
|
|
|
|
0.87
|
%
|
|
|
45,190
|
|
|
$
|
205
|
|
|
|
0.91
|
%
|
Non-interest-bearing
deposits
|
|
4,483
|
|
|
|
|
|
|
|
|
|
4,372
|
|
|
|
|
|
|
|
Other
liabilities
|
|
775
|
|
|
|
|
|
|
|
|
|
781
|
|
|
|
|
|
|
|
Total
liabilities
|
|
53,973
|
|
|
|
|
|
|
|
|
|
50,343
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
6,973
|
|
|
|
|
|
|
|
|
|
6,872
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
60,946
|
|
|
|
|
|
|
|
|
$
|
57,215
|
|
|
|
|
|
|
|
Net interest
income/interest rate spread
|
|
|
|
$
|
691
|
|
|
|
2.37
|
%
|
|
|
|
|
$
|
649
|
|
|
|
2.37
|
%
|
Net interest
margin
|
|
|
|
|
|
|
|
2.48
|
%
|
|
|
|
|
|
|
|
|
2.49
|
%
|
Ratio of
interest-earning assets to
interest-bearing liabilities
|
|
|
|
|
|
|
1.15x
|
|
|
|
|
|
|
|
|
1.15x
|
|
NEW YORK COMMUNITY
BANCORP, INC.
|
|
|
CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
For the Six Months
Ended
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
(dollars in millions
except share and per share data)
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
PROFITABILITY
MEASURES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
171
|
|
|
$
|
155
|
|
|
$
|
152
|
|
|
$
|
326
|
|
|
$
|
297
|
|
|
Net income available to
common stockholders
|
|
163
|
|
|
|
147
|
|
|
|
144
|
|
|
|
310
|
|
|
|
281
|
|
|
Basic earnings per
common share
|
|
0.34
|
|
|
|
0.31
|
|
|
|
0.30
|
|
|
|
0.66
|
|
|
|
0.60
|
|
|
Diluted earnings per
common share
|
|
0.34
|
|
|
|
0.31
|
|
|
|
0.30
|
|
|
|
0.66
|
|
|
|
0.60
|
|
|
Return on average
assets
|
|
1.10
|
|
%
|
|
1.04
|
|
%
|
|
1.04
|
|
%
|
|
1.07
|
|
%
|
|
1.04
|
|
%
|
Return on average
tangible assets (1)
|
|
1.17
|
|
|
|
1.11
|
|
|
|
1.09
|
|
|
|
1.14
|
|
|
|
1.08
|
|
|
Return on average
common stockholders' equity
|
|
10.18
|
|
|
|
8.98
|
|
|
|
9.00
|
|
|
|
9.58
|
|
|
|
8.81
|
|
|
Return on average
tangible common stockholders' equity (1)
|
|
16.73
|
|
|
|
14.76
|
|
|
|
14.54
|
|
|
|
15.73
|
|
|
|
14.23
|
|
|
Efficiency ratio
(2)
|
|
35.57
|
|
|
|
38.65
|
|
|
|
37.11
|
|
|
|
37.04
|
|
|
|
38.46
|
|
|
Operating expenses to
average assets
|
|
0.86
|
|
|
|
0.89
|
|
|
|
0.89
|
|
|
|
0.44
|
|
|
|
0.47
|
|
|
Interest rate
spread
|
|
2.40
|
|
|
|
2.33
|
|
|
|
2.37
|
|
|
|
2.37
|
|
|
|
2.37
|
|
|
Net interest
margin
|
|
2.52
|
|
|
|
2.43
|
|
|
|
2.50
|
|
|
|
2.48
|
|
|
|
2.49
|
|
|
Effective tax
rate
|
|
25.60
|
|
|
|
25.16
|
|
|
|
28.38
|
|
|
|
25.39
|
|
|
|
27.11
|
|
|
Shares used for basic
common EPS computation
|
|
465,811,096
|
|
|
|
465,138,238
|
|
|
|
464,092,947
|
|
|
|
465,476,526
|
|
|
|
463,695,136
|
|
|
Shares used for diluted
common EPS computation
|
|
466,800,072
|
|
|
|
465,946,763
|
|
|
|
464,894,538
|
|
|
|
466,375,775
|
|
|
|
464,393,521
|
|
|
Common shares
outstanding at the respective
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-ends
|
|
466,243,078
|
|
|
|
467,024,144
|
|
|
|
465,056,962
|
|
|
|
466,243,078
|
|
|
|
465,056,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See the
reconciliations of these non-GAAP measures with the comparable GAAP
measures on page 10 of this release.
|
|
|
(2) We calculate our
efficiency ratio by dividing our operating expenses by the sum of
our net interest income and non-interest income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
CAPITAL
MEASURES:
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
$
|
13.56
|
|
|
$
|
13.72
|
|
|
$
|
13.79
|
|
|
Tangible book value per
common share (1)
|
|
8.35
|
|
|
|
8.52
|
|
|
|
8.57
|
|
|
Common stockholders'
equity to total assets
|
|
10.02
|
|
%
|
|
10.50
|
|
%
|
|
11.16
|
|
%
|
Tangible common
stockholders' equity to tangible assets (1)
|
|
6.42
|
|
|
|
6.79
|
|
|
|
7.24
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
See the reconciliations of these non-GAAP measures with the
comparable GAAP measures on page 10 of this release.
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
|
|
compared
to
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
March 31,
|
|
June 30,
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
3,277
|
|
|
$
|
2,900
|
|
|
$
|
2,086
|
|
|
13 %
|
|
57 %
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
|
5,664
|
|
|
|
5,612
|
|
|
|
6,077
|
|
|
1 %
|
|
-7 %
|
Equity investments with
readily
|
|
|
|
|
|
|
|
|
|
|
|
|
determinable fair
values, at fair value
|
|
14
|
|
|
|
15
|
|
|
|
16
|
|
|
-7 %
|
|
-13 %
|
Total
securities
|
|
5,678
|
|
|
|
5,627
|
|
|
|
6,093
|
|
|
1 %
|
|
-7 %
|
Mortgage loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
|
36,797
|
|
|
|
35,777
|
|
|
|
32,565
|
|
|
3 %
|
|
13 %
|
Commercial real
estate
|
|
6,715
|
|
|
|
6,704
|
|
|
|
6,816
|
|
|
0 %
|
|
-1 %
|
One-to-four
family
|
|
129
|
|
|
|
145
|
|
|
|
190
|
|
|
-11 %
|
|
-32 %
|
Acquisition,
development, and construction
|
|
195
|
|
|
|
237
|
|
|
|
187
|
|
|
-18 %
|
|
4 %
|
Total mortgage loans
held for investment
|
|
43,836
|
|
|
|
42,863
|
|
|
|
39,758
|
|
|
2 %
|
|
10 %
|
Other loans and leases
held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
Finance
|
|
4,146
|
|
|
|
3,340
|
|
|
|
3,252
|
|
|
24 %
|
|
27 %
|
Commercial and
industrial
|
|
549
|
|
|
|
549
|
|
|
|
553
|
|
|
0 %
|
|
-1 %
|
Other
loans
|
|
6
|
|
|
|
6
|
|
|
|
12
|
|
|
0 %
|
|
-50 %
|
Total other loans and
leases held for investment
|
|
4,701
|
|
|
|
3,895
|
|
|
|
3,817
|
|
|
21 %
|
|
23 %
|
Total loans and leases
held for investment
|
|
48,537
|
|
|
|
46,758
|
|
|
|
43,575
|
|
|
4 %
|
|
11 %
|
Less: Allowance
for credit losses on loans and leases
|
|
(216)
|
|
|
|
(197)
|
|
|
|
(202)
|
|
|
10 %
|
|
7 %
|
Total loans and leases
held for investment and held for sale, net
|
|
48,321
|
|
|
|
46,561
|
|
|
|
43,373
|
|
|
4 %
|
|
11 %
|
Federal Home Loan Bank
stock, at cost
|
|
635
|
|
|
|
679
|
|
|
|
686
|
|
|
-6 %
|
|
-7 %
|
Premises and equipment,
net
|
|
252
|
|
|
|
266
|
|
|
|
278
|
|
|
-5 %
|
|
-9 %
|
Operating lease
right-of-use assets
|
|
232
|
|
|
|
243
|
|
|
|
256
|
|
|
-5 %
|
|
-9 %
|
Goodwill
|
|
2,426
|
|
|
|
2,426
|
|
|
|
2,426
|
|
|
0 %
|
|
0 %
|
Other assets
|
|
2,272
|
|
|
|
2,303
|
|
|
|
2,271
|
|
|
-1 %
|
|
0 %
|
Total
assets
|
$
|
63,093
|
|
|
$
|
61,005
|
|
|
$
|
57,469
|
|
|
3 %
|
|
10 %
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$
|
19,189
|
|
|
$
|
16,360
|
|
|
$
|
12,803
|
|
|
17 %
|
|
50 %
|
Savings
accounts
|
|
9,580
|
|
|
|
9,272
|
|
|
|
7,890
|
|
|
3 %
|
|
21 %
|
Certificates of
deposit
|
|
8,090
|
|
|
|
7,889
|
|
|
|
8,949
|
|
|
3 %
|
|
-10 %
|
Non-interest-bearing accounts
|
|
4,385
|
|
|
|
4,433
|
|
|
|
4,535
|
|
|
-1 %
|
|
-3 %
|
Total
deposits
|
|
41,244
|
|
|
|
37,954
|
|
|
|
34,177
|
|
|
9 %
|
|
21 %
|
Borrowed
funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale
borrowings
|
|
13,650
|
|
|
|
14,680
|
|
|
|
14,803
|
|
|
-7 %
|
|
-8 %
|
Junior
subordinated debentures
|
|
361
|
|
|
|
361
|
|
|
|
360
|
|
|
0 %
|
|
0 %
|
Subordinated
notes
|
|
296
|
|
|
|
296
|
|
|
|
296
|
|
|
0 %
|
|
0 %
|
Total borrowed
funds
|
|
14,307
|
|
|
|
15,337
|
|
|
|
15,459
|
|
|
-7 %
|
|
-7 %
|
Operating lease
liabilities
|
|
232
|
|
|
|
243
|
|
|
|
256
|
|
|
-5 %
|
|
-9 %
|
Other
liabilities
|
|
486
|
|
|
|
562
|
|
|
|
661
|
|
|
-14 %
|
|
-26 %
|
Total
liabilities
|
|
56,269
|
|
|
|
54,096
|
|
|
|
50,553
|
|
|
4 %
|
|
11 %
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
at par $0.01 (5,000,000 shares authorized; Series A)
|
|
503
|
|
|
|
503
|
|
|
|
503
|
|
|
0 %
|
|
0 %
|
Common stock at
par $0.01 (900,000,000 shares authorized)
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
0 %
|
|
0 %
|
Paid-in capital
in excess of par
|
|
6,114
|
|
|
|
6,107
|
|
|
|
6,111
|
|
|
0 %
|
|
0 %
|
Retained
earnings
|
|
893
|
|
|
|
809
|
|
|
|
617
|
|
|
10 %
|
|
45 %
|
Treasury stock,
at cost
|
|
(238)
|
|
|
|
(231)
|
|
|
|
(245)
|
|
|
3 %
|
|
-3 %
|
Accumulated
other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
unrealized loss on securities available for sale, net of
tax
|
|
(436)
|
|
|
|
(260)
|
|
|
|
1
|
|
|
68 %
|
|
NM
|
Pension
and post-retirement obligations, net of tax
|
|
(31)
|
|
|
|
(31)
|
|
|
|
(54)
|
|
|
0 %
|
|
-43 %
|
Net
unrealized gain (loss) on cash flow hedges, net of tax
|
|
14
|
|
|
|
7
|
|
|
|
(22)
|
|
|
100 %
|
|
-164 %
|
Total
accumulated other comprehensive loss, net of tax
|
|
(453)
|
|
|
|
(284)
|
|
|
|
(75)
|
|
|
60 %
|
|
504 %
|
Total stockholders'
equity
|
|
6,824
|
|
|
|
6,909
|
|
|
|
6,916
|
|
|
-1 %
|
|
-1 %
|
Total liabilities
and stockholders' equity
|
$
|
63,093
|
|
|
$
|
61,005
|
|
|
$
|
57,469
|
|
|
3 %
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30.
2022
|
|
For the Three Months
Ended
|
|
|
compared
to
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
March 31,
|
|
June 30,
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
|
424
|
|
|
$
|
393
|
|
|
$
|
386
|
|
|
8 %
|
|
10 %
|
Securities and
money market investments
|
|
49
|
|
|
|
36
|
|
|
|
45
|
|
|
36 %
|
|
9 %
|
Total interest
income
|
|
473
|
|
|
|
429
|
|
|
|
431
|
|
|
10 %
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
|
24
|
|
|
|
8
|
|
|
|
7
|
|
|
200 %
|
|
243 %
|
Savings
accounts
|
|
10
|
|
|
|
8
|
|
|
|
7
|
|
|
25 %
|
|
43 %
|
Certificates of
deposit
|
|
12
|
|
|
|
11
|
|
|
|
14
|
|
|
9 %
|
|
-14 %
|
Borrowed
funds
|
|
68
|
|
|
|
70
|
|
|
|
72
|
|
|
-3 %
|
|
-6 %
|
Total interest
expense
|
|
114
|
|
|
|
97
|
|
|
|
100
|
|
|
18 %
|
|
14 %
|
Net interest
income
|
|
359
|
|
|
|
332
|
|
|
|
331
|
|
|
8 %
|
|
8 %
|
Provision (Recovery of)
for credit losses
|
|
9
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
-550 %
|
|
-325 %
|
Net interest
income after provision (recovery of) for credit losses
|
|
350
|
|
|
|
334
|
|
|
|
335
|
|
|
5 %
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee
income
|
|
6
|
|
|
|
6
|
|
|
|
6
|
|
|
0 %
|
|
0 %
|
Bank-owned life
insurance
|
|
7
|
|
|
|
7
|
|
|
|
8
|
|
|
0 %
|
|
-13 %
|
Net losses on
securities
|
|
-
|
|
|
|
(1)
|
|
|
|
-
|
|
|
-100 %
|
|
NM
|
Other
income
|
|
5
|
|
|
|
2
|
|
|
|
2
|
|
|
150 %
|
|
150 %
|
Total non-interest
income
|
|
18
|
|
|
|
14
|
|
|
|
16
|
|
|
29 %
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
79
|
|
|
|
80
|
|
|
|
74
|
|
|
-1 %
|
|
7 %
|
Occupancy and
equipment
|
|
22
|
|
|
|
23
|
|
|
|
22
|
|
|
-4 %
|
|
0 %
|
General and
administrative
|
|
33
|
|
|
|
31
|
|
|
|
33
|
|
|
6 %
|
|
0 %
|
Total operating
expenses
|
|
134
|
|
|
|
134
|
|
|
|
129
|
|
|
0 %
|
|
4 %
|
Merger-related
expenses
|
|
4
|
|
|
|
7
|
|
|
|
10
|
|
|
-43 %
|
|
-60 %
|
Total non-interest
expense
|
|
138
|
|
|
|
141
|
|
|
|
139
|
|
|
-2 %
|
|
-1 %
|
Income before income
taxes
|
|
230
|
|
|
|
207
|
|
|
|
212
|
|
|
11 %
|
|
8 %
|
Income tax
expense
|
|
59
|
|
|
|
52
|
|
|
|
60
|
|
|
13 %
|
|
-2 %
|
Net
Income
|
|
171
|
|
|
|
155
|
|
|
|
152
|
|
|
10 %
|
|
13 %
|
Preferred stock
dividends
|
|
8
|
|
|
|
8
|
|
|
|
8
|
|
|
0 %
|
|
0 %
|
Net income
available to common stockholders
|
$
|
163
|
|
|
$
|
147
|
|
|
$
|
144
|
|
|
11 %
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
10 %
|
|
13 %
|
Diluted
earnings per common share
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
10 %
|
|
13 %
|
Dividends per
common share
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
0 %
|
|
0 %
|
NEW YORK COMMUNITY
BANCORP, INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION (continued)
|
|
The following tables
summarize the contribution of loan and securities prepayment income
on the Company's interest income and net interest margin for the
periods indicated.
|
|
|
For the Three Months
Ended
|
|
|
June 30, 2022
compared to
|
|
|
|
June 30,
|
|
|
March
31,
|
|
|
June 30,
|
|
|
March
31,
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Income
|
$
|
473
|
|
|
$
|
429
|
|
|
$
|
431
|
|
|
|
10
|
%
|
|
|
10
|
%
|
|
Prepayment
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
19
|
|
|
$
|
11
|
|
|
$
|
22
|
|
|
|
73
|
%
|
|
|
-14
|
%
|
|
Securities
|
|
1
|
|
|
|
—
|
|
|
|
5
|
|
|
NM
|
|
|
|
-80
|
%
|
|
Total prepayment
income
|
$
|
20
|
|
|
$
|
11
|
|
|
$
|
27
|
|
|
|
82
|
%
|
|
|
-26
|
%
|
|
GAAP Net Interest
Margin
|
|
2.52
|
|
%
|
|
2.43
|
|
%
|
|
2.50
|
|
%
|
|
9
|
|
bp
|
|
2
|
|
bp
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less prepayment income
from loans
|
|
-13
|
|
bp
|
|
-8
|
|
bp
|
|
-17
|
|
bp
|
|
-5
|
|
bp
|
|
4
|
|
bp
|
Less prepayment income
from securities
|
|
-1
|
|
|
|
—
|
|
|
|
-3
|
|
|
-1
|
|
bp
|
2
|
|
bp
|
Add excess
liquidity
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
0
|
|
bp
|
8
|
|
bp
|
Total prepayment income
contribution to net interest margin
|
|
-14
|
|
bp
|
|
-8
|
|
bp
|
|
-12
|
|
bp
|
|
-6
|
|
bp
|
|
-2
|
|
bp
|
Adjusted Net
Interest Margin (non-GAAP) (1)
|
|
2.38
|
|
%
|
|
2.35
|
|
%
|
|
2.38
|
|
%
|
|
3
|
|
bp
|
|
0
|
|
bp
|
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
%
Change
|
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
Total Interest
Income
|
$
|
902
|
|
|
$
|
854
|
|
|
|
6
|
%
|
|
Prepayment
Income:
|
|
|
|
|
|
|
|
|
|
Loans
|
$
|
30
|
|
|
$
|
41
|
|
|
|
-27
|
%
|
|
Securities
|
|
1
|
|
|
|
6
|
|
|
|
-83
|
%
|
|
Total prepayment
income
|
$
|
31
|
|
|
$
|
47
|
|
|
|
-34
|
%
|
|
GAAP Net Interest
Margin
|
|
2.48
|
%
|
|
|
2.49
|
%
|
|
|
1
|
|
bp
|
Adjustments:
|
|
|
|
.
|
|
|
|
|
|
Less prepayment income from
loans
|
|
-11
|
|
bp
|
|
-16
|
|
bp
|
5
|
|
bp
|
Less prepayment income from
securities
|
|
-1
|
|
|
|
-2
|
|
|
|
1
|
|
bp
|
Add excess
liquidity
|
|
-
|
|
|
|
4
|
|
|
|
(4)
|
|
bp
|
Total prepayment income
contribution to net interest margin
|
|
-12
|
|
bp
|
|
-14
|
|
bp
|
2
|
|
bp
|
Adjusted Net
Interest Margin (non-GAAP) (1)
|
|
2.36
|
%
|
|
|
2.35
|
%
|
|
1
|
|
bp
|
|
|
|
|
|
|
|
|
|
|
|
|
While our net interest margin, including the contribution of
prepayment income is recorded in accordance with GAAP, adjusted net
interest margin, which excludes the contribution of prepayment
income, is not. Nevertheless, management uses this non-GAAP
measure in its analysis of our performance, and believes that this
non-GAAP measure should be disclosed in our earnings releases and
other investor communications for the following reasons:
- Adjusted net interest margin gives investors a better
understanding of the effect of prepayment income and other items on
our net interest margin. Prepayment income in any given period
depends on the volume of loans that refinance or prepay, or
securities that prepay, during that period. Such activity is
largely dependent on external factors such as current market
conditions, including real estate values, and the perceived or
actual direction of market interest rates.
- Adjusted net interest margin is among the measures considered
by current and prospective investors, both independent of, and in
comparison to, our peers.
NEW YORK COMMUNITY
BANCORP, INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION (continued)
|
|
LOANS ORIGINATED FOR
INVESTMENT
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
For the Three Months
Ended
|
|
|
compared
to
|
|
June 30,
|
|
|
March
31,
|
|
|
June 30,
|
|
|
March
31,
|
|
June 30,
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Loans
Originated for Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
|
2,939
|
|
|
$
|
2,410
|
|
|
$
|
2,078
|
|
|
22 %
|
|
41 %
|
Commercial real
estate
|
|
213
|
|
|
|
281
|
|
|
|
70
|
|
|
-24 %
|
|
204 %
|
One-to-four family
residential
|
|
82
|
|
|
|
62
|
|
|
|
46
|
|
|
32 %
|
|
78 %
|
Acquisition,
development, and construction
|
|
32
|
|
|
|
40
|
|
|
|
70
|
|
|
-20 %
|
|
-54 %
|
Total mortgage loans
originated for investment
|
|
3,266
|
|
|
|
2,793
|
|
|
|
2,264
|
|
|
17 %
|
|
44 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Loans
Originated for Investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
Finance
|
|
1,877
|
|
|
|
638
|
|
|
|
606
|
|
|
194 %
|
|
210 %
|
Other commercial and
industrial
|
|
116
|
|
|
|
102
|
|
|
|
193
|
|
|
14 %
|
|
-40 %
|
Other
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
|
-50 %
|
|
-50 %
|
Total other loans
originated for investment
|
|
1,994
|
|
|
|
742
|
|
|
|
801
|
|
|
169 %
|
|
149 %
|
Total Loans
Originated for Investment
|
$
|
5,260
|
|
|
$
|
3,535
|
|
|
$
|
3,065
|
|
|
49 %
|
|
72 %
|
|
For the Six Months
Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
%
Change
|
(dollars in
millions)
|
|
|
|
|
|
|
|
Mortgage Loans
Originated for Investment:
|
|
|
|
|
|
|
|
Multi-family
|
$
|
5,349
|
|
|
$
|
3,544
|
|
|
51 %
|
Commercial real
estate
|
|
494
|
|
|
|
513
|
|
|
-4 %
|
One-to-four family
residential
|
|
144
|
|
|
|
68
|
|
|
112 %
|
Acquisition,
development, and construction
|
|
72
|
|
|
|
76
|
|
|
-5 %
|
Total mortgage loans
originated for investment
|
|
6,059
|
|
|
|
4,201
|
|
|
44 %
|
|
|
|
|
|
|
|
|
Other Loans
Originated for Investment:
|
|
|
|
|
|
|
|
Specialty
Finance
|
|
2,515
|
|
|
|
1,147
|
|
|
119 %
|
Other commercial and
industrial
|
|
218
|
|
|
|
256
|
|
|
-15 %
|
Other
|
|
3
|
|
|
|
3
|
|
|
0 %
|
Total other loans
originated for investment
|
|
2,736
|
|
|
|
1,406
|
|
|
95 %
|
Total Loans
Originated for Investment
|
$
|
8,795
|
|
|
$
|
5,607
|
|
|
57 %
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION (continued)
|
|
ASSET QUALITY
SUMMARY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents the Company's non-performing loans and assets at the
respective dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
|
|
|
|
|
|
|
|
|
compared
to
|
|
June 30,
|
|
|
March
31,
|
|
|
June 30,
|
|
|
March
31,
|
|
June 30,
|
(dollars in
millions)
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
Non-Performing
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual mortgage
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
|
18
|
|
|
$
|
22
|
|
|
$
|
9
|
|
|
-18 %
|
|
100 %
|
Commercial real
estate
|
|
27
|
|
|
|
35
|
|
|
|
12
|
|
|
-23 %
|
|
125 %
|
One-to-four family
residential
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
NM
|
|
NM
|
Acquisition,
development, and construction
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
NM
|
|
NM
|
Total non-accrual
mortgage loans
|
|
45
|
|
|
|
57
|
|
|
|
23
|
|
|
-21 %
|
|
96 %
|
Other non-accrual loans
(1)
|
|
5
|
|
|
|
6
|
|
|
|
9
|
|
|
-17 %
|
|
-44 %
|
Total non-performing
loans
|
|
50
|
|
|
|
63
|
|
|
|
32
|
|
|
-21 %
|
|
56 %
|
Repossessed assets
(2)
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
-14 %
|
|
-25 %
|
Total non-performing
assets
|
$
|
56
|
|
|
$
|
70
|
|
|
$
|
40
|
|
|
-20 %
|
|
40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
$4 million, $5 million and $9 million of non-accrual taxi
medallion-related loans
|
at June 30,
2022, March 31, 2022, and June 30, 2021,
respectively.
|
|
|
(2) Includes
$4 million, $4 million and $5 million of repossessed taxi
medallions at June 30, 2022,
|
March 31,
2022 and June 30, 2021, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents the Company's asset quality measures at the respective
dates:
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March
31,
|
|
|
June 30,
|
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to
total loans
|
|
0.10
|
|
%
|
|
0.13
|
|
%
|
|
0.07
|
|
%
|
Non-performing assets
to total assets
|
|
0.09
|
|
|
|
0.11
|
|
|
|
0.07
|
|
|
Allowance for losses on
loans to non-performing loans
|
|
434.11
|
|
|
|
313.18
|
|
|
|
641.41
|
|
|
Allowance for losses on
loans to total loans
|
|
0.45
|
|
|
|
0.42
|
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents the Company's loans 30 to 89 days past due at the
respective dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2022
|
|
|
|
|
|
|
|
|
|
|
compared
to
|
|
June 30,
|
|
|
March
31,
|
|
|
June 30,
|
|
|
March
31,
|
|
June 30,
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30 to 89 Days
Past Due:
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
|
20
|
|
|
$
|
23
|
|
|
$
|
9
|
|
|
-13 %
|
|
122 %
|
Commercial real
estate
|
|
1
|
|
|
|
4
|
|
|
|
15
|
|
|
-75 %
|
|
-93 %
|
One-to-four family
residential
|
|
7
|
|
|
|
7
|
|
|
|
—
|
|
|
0 %
|
|
NM
|
Acquisition,
development, and construction
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
NM
|
|
NM
|
Other
|
|
2
|
|
|
|
—
|
|
|
|
11
|
|
|
NM
|
|
-82 %
|
Total loans 30 to 89
days past due
|
$
|
30
|
|
|
$
|
34
|
|
|
$
|
35
|
|
|
-12 %
|
|
-14 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
|
SUPPLEMENTAL
FINANCIAL INFORMATION (continued)
|
|
The following table
summarizes the Company's net charge-offs (recoveries) for the
respective periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
For the Six Months
Ended
|
|
|
June 30,
|
|
|
March
31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Commercial real
estate
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
One-to-four family
residential
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Acquisition,
development and construction
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Other (1)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
Total
charge-offs
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
-
|
|
Commercial real
estate
|
|
(4)
|
|
|
|
—
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
|
(2)
|
|
One-to-four family
residential
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Acquisition,
development and construction
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Other (1)
|
|
(3)
|
|
|
|
(2)
|
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
(10)
|
|
Total
recoveries
|
|
(7)
|
|
|
|
(2)
|
|
|
|
(7)
|
|
|
|
(9)
|
|
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
|
(7)
|
|
|
$
|
2
|
|
|
$
|
(6)
|
|
|
$
|
(5)
|
|
|
$
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (2)
|
|
(0.01)
|
%
|
|
|
0.00
|
%
|
|
|
(0.01)
|
%
|
|
|
(0.01)
|
%
|
|
|
(0.02)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes taxi medallion loans of $(3) million, $(2) million and
$(1) million respectively for the three months ended June 30,
2022,
|
|
March 31, 2022, and
June 30, 2021, and $(5) million and $1 million, respectively for
the six months ended June 30, 2022 and 2021.
|
|
(2) Three and six months ended
presented on a non-annualized basis.
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-york-community-bancorp-inc-announces-record-net-income-and-strong-year-over-year-eps-growth-during-second-quarter-of-2022-301593870.html
SOURCE New York Community Bancorp, Inc.