SECOND QUARTER 2023 DILUTED EPS OF $0.55 AND $0.47
DILUTED EPS, AS ADJUSTED, MORE THAN DOUBLE COMPARED TO FIRST
QUARTER 2023
NET INTEREST MARGIN EXPANDED 61 BASIS POINTS SEQUENTIALLY,
TOPPING 3.00%
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS WAS $405 MILLION AND A RECORD $345 MILLION ON AN AS ADJUSTED
BASIS
FUNDING COMPOSITION CONTINUES TO IMPROVE AS CORE DEPOSITS
INCREASE AND WHOLESALE BORROWINGS DECLINED $5 BILLION
CAPITAL RATIOS TREND HIGHER AND TANGIBLE BOOK VALUE PER SHARE
INCREASED 4%
HIRED SIX PRIVATE BANKING TEAMS FORMERLY WITH FIRST REPUBLIC
BANK
Second Quarter
2023 Summary
•
EPS/Net Income:
–
Second quarter 2023 diluted EPS on a GAAP basis of $0.55, includes a
number of merger-related items, the largest of which was an
additional $141 million bargain purchase gain related to the
Signature Bank ("Signature") transaction.
–
As adjusted, second quarter 2023 diluted
EPS were $0.47 up 104% compared to $0.23 for first quarter
2023.
–
Second quarter 2023 net income available to common stockholders was
$405 million compared to $2.0 billion in first quarter
2023, which included an initial bargain purchase gain of
$2.0 billion.
–
As adjusted, second quarter 2023 net
income available to common stockholders was $345 million, up
117% compared to $159 million in first quarter
2023.
–
Second quarter 2023 pre-provision net revenue ("PPNR") was $541 million,
compared to $2.2 billion in first quarter 2023.
–
As adjusted, second quarter 2023 PPNR was
$509 million compared to $263 million in the first
quarter of 2023, up 94%.
•
Net Interest Margin/Income:
–
Second quarter 2023 net interest income ("NIM") improved to 3.21%, up 61
basis points compared to first quarter 2023.
–
Net interest income during second quarter
2023 totaled $900 million, up 62% as compared to
$555 million during the previous quarter of 2023, primarily
due to a full quarter's benefit from the Signature transaction and
higher average cash balances.
•
Balance Sheet:
–
Total deposits were $88.5 billion at
June 30, 2023, up $3.7 billion or 4% compared to
March 31, 2023, as growth in non-interest-bearing deposits
offset declines in CDs and brokered deposits.
–
Total assets of $118.8 billion at
June 30, 2023 declined $4.9 billion compared to
March 31, 2023, primarily due to a decline in cash balances, a
portion of which was used to paydown wholesale borrowings.
This was partially offset by growth in the loan
portfolio.
–
Total loans held for
investment increased $731 million or 1% to $83.3 billion
at June 30, 2023 compared to March 31, 2023, driven by
growth in the commercial loan portfolio.
–
Commercial and
industrial loans ("C&I") totaled $23.9 billion at
June 30, 2023, up $504 million or 2% compared to
March 31, 2023.
–
Commercial loans represent 44% of total
loans, unchanged compared to last quarter.
–
Wholesale borrowings declined $5 million
or 24% to $15.4 billion at June 30, 2023.
•
Asset Quality:
–
Non-performing assets ("NPAs") were
$246 million at June 30, 2023 or 0.21% of total
assets.
–
Non-performing loans ("NPLs") were
$233 million at June 30, 2023 or 0.28% of total
loans.
–
The allowance for credit losses totaled
$594 million at June 30, 2023 or 255.40% of non-performing
loans and 0.71% of total loans.
–
Net recoveries were $1 million
during second quarter 2023 compared to $7 million of net
recoveries during second quarter 2022 and zero in the previous
quarter.
|
HICKSVILLE, N.Y., July 27,
2023 /PRNewswire/ -- New York Community Bancorp, Inc.
(NYSE: NYCB) (the "Company") today reported net income for the
three months ended June 30, 2023 of
$413 million compared to $2.0 billion for the three months ended
March 31, 2023. Net income
available to common stockholders for the three months ended
June 30, 2023 was $405 million compared to $2.0 billion for the three months ended
March 31, 2023. Diluted EPS
totaled $0.55 for the three months
ended June 30, 2023 compared to
$2.87 for the three months ended
March 31, 2023.
Second quarter 2023 net income and diluted EPS were
impacted by a bargain purchase gain of $141 million arising
from the Signature transaction. As adjusted for this item and
other merger-related items related to both the Flagstar acquisition
and the Signature transaction, net income for the three months
ended June 30, 2023 totaled
$353 million, up 111% compared to $167 million for the
three months ended March 31,
2023. Likewise, net income available to common stockholders
as adjusted, was $345 million for the three months ended
June 30, 2023 compared to
$159 million for the three months ended March 31, 2023, up 117%. As adjusted,
diluted EPS for the three months ended June
30, 2023 was $0.47 compared to
$0.23 for the three months ended
March 31, 2023, up 104%.
For the six months ended June 30,
2023, the Company reported net income of $2.4 billion compared to $326 million
for the six months ended June 30,
2022. Net income available to common stockholders for the six
months ended June 30, 2023 were also
$2.4 billion compared to
$310 million for the six months ended June 30, 2022. Diluted EPS for the six
months ended June 30, 2023 were
$3.37 compared to $0.66 for the six months ended June 30, 2022.
Our six-month net income and diluted EPS include a bargain
purchase gain of $2.1 billion
arising from the Signature transaction. As adjusted for this
item and for other merger-related items arising from both the
Flagstar acquisition and the Signature transaction, net income for
the six months ended June 30, 2023
was $519 million, up 55% compared to the six months ended
June 30, 2022. Net income
available to common stockholders, as adjusted, totaled
$503 million for the six months ended June 30, 2023, up 58% compared to the six months
ended June 30, 2022. Diluted
EPS, as adjusted were $0.71 for the
six months ended June 30, 2023
compared to $0.67 for the six months
ended June 30, 2022.
CEO COMMENTARY
Commenting on the Company's operating results and performance,
President and Chief Executive Officer, Thomas R. Cangemi said: "I am very pleased by
our strong operating performance during the second quarter.
This was the first full quarter with all three legacy banks
combined under one umbrella. We believe that our results are
only beginning to show the true underlying core earnings power of
the combined organization.
"For the second quarter of the year, we reported diluted
earnings per share of $0.55. As
adjusted for merger-related items, diluted earnings per share were
0.47, up 34% on a year-over-year basis and more than double what we
reported in the first quarter of the year. Moreover, our net
income available to common stockholders, as adjusted was a record
$345 million. On the net
interest margin front, the NIM came in at 3.21%, up 61 basis points
compared to the first quarter of the year, as we benefited from
both higher yields on our assets and an increase in the level of
non-interest-bearing deposits.
"We also reported very positive balance sheet trends. Our
funding composition continues to improve as core deposits have
increased over the past quarter, while our reliance on wholesale
borrowings has declined. Total deposits increased
$3.7 billion or 17% annualized on
a linked-quarter basis to $88.5
billion, as the increase in non-interest-bearing deposits
more than offset the decline in other categories including CDs and
deposits related to loan portfolios we did not acquire from
Signature. Non-interest-bearing deposits now represent 29% of
total deposits.
"At the same time, wholesale borrowings declined 24% or
$4.9 billion during the current
quarter, as we used some of the cash from the Signature transaction
to reduce the level of FHLB-NY borrowings. On the lending
front, total loans were up modestly despite the higher interest
rate environment and is reflective of our diversification efforts,
as growth in the commercial portfolio offset declines in other
lending verticals. Commercial loans represented 44% of total
loans at quarter end.
"Our asset quality remains strong. Our overall metrics are
still among the best in the industry, with NPAs at a mere 21 basis
points of total assets, even though we had an uptick in
non-performing loans. Additionally, we had a net recovery of
$1 million during the quarter.
"Last week we shared some exciting news. The Company
expanded its private banking business, which was added as part of
the Signature transaction, by hiring six teams formerly with First
Republic Bank. These teams are highly-regarded and considered
among the best in the industry - they are part of our strategy to
create a premier private banking division, dedicated to delivering
best-in-class service to high-net worth individuals and their
businesses. These teams blend well with our existing teams,
with each having a shared culture of providing a personalized
customer experience through a single-point-of-contact model.
We welcome them to the new Flagstar and look forward to achieving
great things together.
"Finally, our results would never be possible without the
contribution and dedication of all of our teammates, which now
number almost 10,000 strong. I would personally like to thank
them for their commitment to our customers and Company."
DIVIDEND DECLARATION
On July 25, 2023, the Company's
Board of Directors declared a quarterly cash dividend of
$0.17 per share on the Company's
common stock. Based on last night's closing price of
$12.38, this represents an annualized
dividend yield of 5.5%. The dividend is payable on
August 17, 2023 to common
stockholders of record as of August 7,
2023.
BALANCE SHEET SUMMARY
At June 30, 2023 total assets were $118.8 billion compared to $123.7 billion at March 31, 2023 and
$90.1 billion at
December 31, 2022. The linked-quarter decrease was
driven by lower balances of cash and cash equivalents, which was
used to pay down wholesale borrowings.
Total loans and leases held for investment were $83.3 billion at June 30, 2023 compared
to $82.5 billion at
March 31, 2023 and $69.0 billion at December 31,
2022. The linked-quarter growth was driven by growth in the
commercial real estate ("CRE") and the C&I portfolios, while
other categories were either flat or declined modestly.
The securities portfolio totaled $7.8 billion at June 30, 2023, compared
to $7.6 billion at
March 31, 2023 and $9.1 billion at December 31,
2022. As of June 30, 2023, all of the Company's
securities were designated as "Available-for-Sale", unchanged from
March 31, 2023.
Total deposits at June 30, 2023 were $88.5 billion compared to $84.8 billion at March 31, 2023 and
$58.7 billion at
December 31, 2022. The linked-quarter increase was due
to a 29% increase in non-interest-bearing accounts, primarily due
to an increase in custodial deposits related to the Signature
transaction, partially offset by a decrease in other higher cost
deposit categories.
Wholesale borrowings at June 30, 2023 totaled $15.4 billion, down $5.0
billion or 24% on both a linked-quarter and year-to-date
basis. The Company has approximately $4.9 billion of wholesale borrowings at a
weighted average rate of 2.41% that are either maturing or can be
called during the second half of 2023.
Loans
At June 30, 2023, total C&I loans were $23.9 billion compared to $23.4 billion at March 31, 2023.
The linked-quarter increase was driven by continued growth in
the mortgage warehouse business. Mortgage warehouse loans
rose $638 million or 12% on a
linked-quarter basis, due to several competitors exiting the market
and Flagstar's market-leading position in this vertical.
The multi-family loan portfolio was $37.8 billion at June 30, 2023, down
slightly compared to $38.0 billion at March 31, 2023.
The slight decline during the current second quarter was due to a
combination of higher interest rates and lower transaction
volumes.
CRE loans increased $427 million at June 30, 2023 to
$13.1 billion compared to
$12.7 billion at March 31,
2023.
One-to-four family residential loans totaled $5.9 billion at June 30, 2023 unchanged
compared to the prior quarter. Other loans totaled
$2.6 billion at June 30, 2023
also unchanged compared to the prior quarter. This portfolio
is mostly consumer loans.
Loans held-for-sale at June 30, 2023 totaled $2.2 billion, up from $1.3 billion at March 31,
2023.
Total commercial loans represent 44% of total loans held for
investment, and multi-family loans represent 45% of total loans
held for investment, which continues to represent significant
diversification as compared to our loan portfolio a year ago.
Residential loans and other loans stood at 7% and 3%, respectively,
of total loans held for investment.
Asset Quality
Non-Performing Assets
Total NPLs rose $72 million or 45% to $233 million at
June 30, 2023 compared to March 31, 2023.
Repossessed assets of $13 million were unchanged compared to
the prior quarter. Total NPAs rose 41% to $246 million at
June 30, 2023 compared to the first quarter of 2023.
Our asset quality trends remain among the best in the industry,
despite the slightly higher NPLs. At June 30, 2023, NPAs
to total assets equaled 21 basis points compared to 14 basis points
at March 31, 2023, while NPLs to total loans equaled 28 basis
points compared to 20 basis points at March 31, 2023.
Allowance for Credit Losses
At June 30, 2023, the allowance for credit losses was
$594 million compared to $550 million at March 31,
2023, up $44 million. The allowance for credit losses to
total loans held for investment increased to 71 basis points at
June 30, 2023 compared to 67 basis points at March 31,
2023.
Deposits
Deposits at June 30, 2023 totaled
$88.5 billion up $3.7 billion compared to $84.8 billion at March 31,
2023. This growth was fueled in large part by a
$6.8 billion or 29% linked-quarter
increase in non-interest-bearing deposits to $29.8 billion, driven primarily by an increase to
$5.9 billion of custodial deposits
related to the Signature transaction. Legacy Signature added
$285 million of private
banking-related non-interest-bearing deposits. At
June 30, 2023, non-interest-bearing
deposits represented 29% of total deposits, up from 27% last
quarter.
The growth in non-interest-bearing deposits was offset by
declines in other categories, including a $1.2 billion or 6% drop in CDs. Almost all
of this decrease was attributable to brokered CDs at legacy
Signature, which accounted for $1.1
billion of the drop.
CAPITAL POSITION
The Company's regulatory capital ratios improved during the
second quarter and 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,
2023
|
|
March 31,
2023
|
|
December 31,
2022
|
REGULATORY CAPITAL
RATIOS: (1)
|
|
|
|
|
|
New York Community
Bancorp, Inc.
|
|
|
|
|
|
Common equity tier 1
ratio
|
9.58 %
|
|
9.28 %
|
|
9.06 %
|
Tier 1 risk-based
capital ratio
|
10.16 %
|
|
9.86 %
|
|
9.78 %
|
Total risk-based
capital ratio
|
11.94 %
|
|
11.57 %
|
|
11.66 %
|
Leverage capital
ratio
|
7.37 %
|
|
9.18 %
|
|
9.70 %
|
|
|
|
|
|
|
Flagstar Bank,
N.A.
|
|
|
|
|
|
Common equity tier 1
ratio
|
11.11 %
|
|
10.82 %
|
|
10.96 %
|
Tier 1 risk-based
capital ratio
|
11.11 %
|
|
10.82 %
|
|
10.96 %
|
Total risk-based
capital ratio
|
11.74 %
|
|
11.38 %
|
|
11.43 %
|
Leverage capital
ratio
|
8.05 %
|
|
10.08 %
|
|
10.87 %
|
(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, 2023
Net Interest Income
For the three months ended June 30,
2023, net interest income totaled $900 million, up
$345 million or 62% compared to the three months ended
March 31, 2023. Second-quarter
2023 results include a full-quarter's contribution from both the
Flagstar acquisition and the Signature transaction. Compared
to the first quarter of 2023, the increase in net interest income
was driven by higher average earnings assets and interest-bearing
liabilities, due to a full-quarter's contribution from Signature
versus only 12 days last quarter.
For the six months ended June 30,
2023, net interest income increased $764 million or 111% to $1.5 billion. The year-over-year increase
was primarily the result of the Flagstar Bank acquisition, which
closed late last year and the Signature transaction, which closed
in late March of this year.
Net Interest Margin
For the three months ended June 30,
2023, the NIM was 3.21% up 61 basis points compared to the
three months ended March 31,
2023. The increase was driven by higher levels of average
interest-earnings assets, specifically loans held for investment
and average cash and cash equivalent balances. Both of these
items are attributable to the Signature transaction. In
addition, we continued to benefit from the higher interest rate
environment, which positively impacted the yields on our
assets. Accordingly, average interest-earnings assets totaled
$112.3 billion during the second
quarter, up $25.6 billion or 30%
compared to the first quarter, while the average yield improved 54
basis points to 5.34%.
Average loan balances increased $13
billion or 18% to $83.8
billion compared to the previous quarter, while the loan
yield increased 63 basis points on a quarter-over-quarter basis to
5.55%. Average cash balances increased to $18.3 billion during the second quarter compared
to $4.3 billion during the first
quarter, while the average yield rose slightly to 5.03% from
4.96%.
Average interest-bearing liabilities increased $7.2 billion or 10% to $77.4 billion on a quarter-over-quarter basis
with the average cost increasing 33 basis points to 3.10% compared
to 2.77%. Average interest-bearing deposits rose $11.3 billion or 24% to $59.2 billion, while the average cost rose 58
basis points to 2.98%. Average borrowed funds declined
$4.1 billion or 18% to $18.2 billion, while the average cost of borrowed
funds declined nine basis points to 3.47%. Average
non-interest-bearing deposit balances rose $11.4 billion or 87% to $24.6 billion compared to the previous
quarter.
For the six months ended June 30,
2023, the NIM was 2.94%, up 46 basis points compared to the
six months ended June 30, 2022.
The year-over-year increase was primarily the result of a larger
balance sheet owing to both the Flagstar Bank acquisition and the
Signature transaction, and to organic loan growth, along with the
impact of higher interest rates on our now asset sensitive balance
sheet. Average interest-earning assets increased $43.9 billion on a year-over-year basis, up 79%
to $99.7 billion for the six months
ended June 30, 2023, while the
average yield rose 186 basis points to 5.10%.
Average loan balances rose $31
billion or 67% to $77.5
billion while the average loan yield rose 173 basis points
to 5.25% on a year-over-year basis. Average cash balances
more than tripled to $11.3 billion,
while the average yield rose to 5.02% from 0.64%. Average
securities increased $3.7 billion or
56% to $10.3 billion, while the
average yield improved to 4.01% from 2.26%.
Average interest-bearing liabilities increased $25.1 billion or 52% to $73.9 billion while the average cost increased to
2.94% from 0.87%. Average interest-bearing deposits rose
$20.7 billion or 63% while the
average cost of deposits increased to 2.72% compared to
0.45%. Average borrowed funds increased $4.5 billion to $20.3
billion while the average cost rose to 3.52% from
1.76%. Average non-interest-bearing deposits rose
$14.5 billion to $18.9 billion.
Provision for Credit Losses
For the three months ended June 30,
2023, the provision for credit losses totaled $49 million compared to a $170 million provision for the three months ended
March 31, 2023. The first
quarter provision for credit losses included a $132 million initial provision for credit losses
for the acquired portion of the Signature loan portfolio.
For the six months ended June 30,
2023, the provision for credit losses totaled $219 million compared to $7 million for the six months ended June 30, 2022. The year-to-date amount
includes the above mentioned $132
million initial provision for credit losses for the acquired
portion of the Signature loan portfolio.
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,
2023, PPNR totaled $541
million compared to $2.2
billion for the three months ended March 31, 2023. Excluding the impact of the
bargain purchase gain and merger-related and restructuring
expenses, PPNR for the three months ended June 30, 2023 was $509
million, up $246 million or
94% compared to $263 million for the
three months ended March 31,
2023.
|
|
|
|
|
|
|
June 30,
2023
|
|
For the Three
Months Ended
|
|
compared
to
|
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
March 31,
2023
|
|
June 30,
2022
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
900
|
|
$
555
|
|
$
359
|
|
62 %
|
|
151 %
|
Non-interest
income
|
302
|
|
2,098
|
|
18
|
|
-86 %
|
|
1578 %
|
Total
revenues
|
1,202
|
|
2,653
|
|
377
|
|
-55 %
|
|
219 %
|
Total non-interest
expense
|
661
|
|
476
|
|
138
|
|
39 %
|
|
379 %
|
Pre - provision net
revenue (PPNR)
|
541
|
|
2,177
|
|
239
|
|
-75 %
|
|
126 %
|
Provision for credit
losses
|
49
|
|
170
|
|
9
|
|
-71 %
|
|
444 %
|
Income before
taxes
|
492
|
|
2,007
|
|
230
|
|
-75 %
|
|
114 %
|
Income tax
expense
|
79
|
|
1
|
|
59
|
|
7800 %
|
|
34 %
|
Net
Income
|
413
|
|
2,006
|
|
171
|
|
-79 %
|
|
142 %
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
— %
|
|
— %
|
Net income available
to common stockholders
|
$
405
|
|
$
1,998
|
|
$
163
|
|
-80 %
|
|
148 %
|
For the six months ended June 30,
2023, PPNR was $2.7 billion
compared to $444 million for the six
months ended June 30, 2022.
Excluding the impact of merger-related and restructuring expenses,
PPNR for the six months ended June 30,
2023 totaled $772 million, up
$317 million or 70% compared to the
six months ended June 30, 2022.
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
June 30,
2023
|
|
June 30,
2022
|
|
%
Change
|
(dollars in
millions)
|
|
|
|
|
|
Net interest
income
|
$
1,455
|
|
$
691
|
|
111 %
|
Non-interest
income
|
2,400
|
|
32
|
|
7400 %
|
Total
revenues
|
3,855
|
|
723
|
|
433 %
|
Total non-interest
expense
|
1,137
|
|
279
|
|
308 %
|
Pre - provision net
revenue (PPNR)
|
2,718
|
|
444
|
|
512 %
|
Provision for credit
losses
|
219
|
|
7
|
|
3029 %
|
Income before
taxes
|
2,499
|
|
437
|
|
472 %
|
Income tax
expense
|
80
|
|
111
|
|
-28 %
|
Net
Income
|
2,419
|
|
326
|
|
642 %
|
Preferred stock
dividends
|
16
|
|
16
|
|
— %
|
Net income available
to common stockholders
|
$
2,403
|
|
$
310
|
|
675 %
|
Non-Interest Income
For the three months ended June 30,
2023, non-interest income totaled $302 million, which
includes a bargain purchase gain of $141 million related to
the Signature transaction. Excluding this item, second quarter 2023
non-interest income totaled $161
million compared to $97
million for first quarter 2023. Second-quarter 2023
non-interest income includes a full-quarter's contribution from
Signature compared to only 12 days contribution in first quarter
2023.
Second quarter 2023 non-interest income includes a gain on loan
sales of $25 million compared to
$20 million during the first quarter
of last year, with a mortgage gain on sale margin of 56 basis
points compared to 76 basis points last quarter. The net return on
mortgage servicing rights was $25
million or 9.7% for the second quarter compared to
$22 million or 8.45% for the first
quarter of this year. The MSR asset totaled $1 billion at June 30, 2023 and
March 31, 2023. Net loan administration income totaled
$39 million for the three months ended June 30, 2023 compared to $7 million for the
three months ended March 31, 2023,
driven by subservicing income related to the Signature
transaction.
For the six months ended June 30,
2023, non-interest income totaled $2.4 billion compared to $32 million for the six months ended June 30, 2022. The 2023 year-to-date amount
includes a bargain purchase gain of $2.1
billion related to the Signature transaction.
Excluding this item, non-interest income for the six months ended
June 30, 2023 totaled $258 million compared to $32 million for the six months ended June 30, 2022.
For the six months ended June 30,
2023, net gains on loan sales totaled $45 million compared to no such income during the
first six months of 2022. The mortgage gain on sale margin
was 66 basis points for the six months ended June 30, 2023. The net return on mortgage
servicing rights was $47 million or
9.1%, for the six months ended June 30,
2023 compared to no such income for the six months ended
June 30, 2022. Net loan
administration income totaled $46
million for the six months ended June
30, 2023, compared to no such income for the six months
ended June 30, 2022, driven by
subservicing income related to the Signature transaction.
Non-Interest Expense
For the three months ended June 30,
2023, non-interest expenses totaled $661 million, up
$185 million or 39% on a linked-quarter basis. Second-quarter
2023 includes a full quarter of Signature expenses compared to only
12 days during first-quarter 2023. Excluding merger-related
and restructuring expenses and intangible amortization expense,
total operating expenses for the three months ended June 30, 2023 were $515 million, up
$123 million compared to $392 million for the three
months ended March 31,
2023.
For the six months ended June 30,
2023, non-interest expenses were $1.1
billion, up $858 million or
308% compared to the six months ended June
30, 2022. Excluding merger-related and restructuring
expenses and intangible asset amortization, non-interest expenses
for the six months ended June 30,
2023 totaled $907 million
compared to $268 million, up
$639 million or 238%.
Income Taxes
For the three months ended June 30,
2023, the Company reported a provision for income taxes of
$79 million compared $1 million for the three months
ended March 31, 2023. Income
tax expense for both the current quarter and the first quarter of
2023 was impacted by the bargain purchase gain arising from the
Signature transaction. The effective tax rate was 16.17% for
the second quarter.
For the six months ended June 30,
2023, the provision for income taxes totaled $80 million, down $31
million or 28% compared to the six months ended June 30, 2022. The effective tax rate for
the six months ended June 30, 2023
was 3.21% compared to 25.39% for the six months ended June 30, 2022.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of
Flagstar Bank, N.A., one of the largest regional banks in the
country. The Company is headquartered in Hicksville, New York with regional
headquarters in Troy, Michigan. At
June 30, 2023, the Company had $118.8
billion of assets, $84.9
billion of loans, deposits of $88.5 billion, and total stockholders'
equity of $11.1 billion.
Flagstar Bank, N.A. operates 436 branches, including strong
footholds in the Northeast and Midwest and exposure to high growth
markets in the Southeast and West Coast. Flagstar Mortgage operates
nationally through a wholesale network of approximately 3,000
third-party mortgage originators. In addition, the Bank has 127
private banking teams located in over 10 cities in the metropolitan
New York City region and on the
West Coast, which serve the needs of high-net worth individuals and
their businesses.
New York Community Bancorp, Inc. has market-leading positions in
several national businesses, including multi-family lending,
mortgage origination and servicing, and warehouse lending. The
Company is the second-largest multi-family portfolio lender in the
country and the leading multi-family portfolio lender in the
New York City market area, where
it specializes in rent-regulated, non-luxury apartment buildings.
Flagstar Mortgage is the 8th largest bank originator of residential
mortgages for the 12-months ending June 30,
2023, while we are the industry's 5th largest sub-servicer
of mortgage loans nationwide, servicing 1.6 million accounts
with $426 billion in unpaid principal balances. Additionally,
the Company is the 2nd largest mortgage warehouse lender nationally
based on total commitments.
Post-Earnings Release Conference Call
The Company will host a conference call on Thursday,
July 27, 2023, at 8:30 a.m. (Eastern
Time) to discuss its second quarter 2023 performance. The
conference call may be accessed by dialing (888) 259-6580 (for
domestic calls) or (416) 764-8624 (for international calls) and
providing the following conference ID: 91268658. A replay will be
available approximately three hours following completion of the
call through 11:59 p.m. on
July 31, 2023 and may be accessed by
calling (877) 674-7070 (domestic) or (416) 764-8692
(international), providing the following conference ID: 91268658
and access code: 268658#. In addition, the conference call will be
webcast at ir.myNYCB.com, and archived through 5:00 p.m. on August 24,
2023.
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 our merger with Flagstar Bancorp, Inc.,
which was completed on December 1,
2022, and our recent acquisition of substantial portions of
the former Signature Bank through an FDIC-assisted transaction.
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: 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; the success of our blockchain and
fintech activities, investments and strategic partnerships; the
restructuring of our mortgage business; 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 merger with Flagstar Bancorp,
which was completed on December 1,
2022, and our recent acquisition of substantial portions of
the former Signature Bank through an FDIC-assisted transaction: the
possibility that the anticipated benefits of the transactions will
not be realized when expected or at all; the possibility of
increased legal and compliance costs, including with respect to any
litigation or regulatory actions related to the business practices
of acquired companies or the combined business; 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 transactions within the expected timeframes or at
all; and revenues following the transactions may be lower than
expected. Additionally, there can be no assurance that the
Community Benefits Agreement entered into with NCRC, which was
contingent upon the closing of the Company's 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, 2022,
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, 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.
- Financial Statements and Highlights Follow
-
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
|
June 30,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
June 30,
2023
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
15,806
|
|
$
22,250
|
|
$
2,032
|
|
-29 %
|
|
678 %
|
Securities:
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
7,782
|
|
7,599
|
|
9,060
|
|
2 %
|
|
-14 %
|
Equity investments with
readily determinable fair values, at fair value
|
14
|
|
14
|
|
14
|
|
— %
|
|
— %
|
Total
securities
|
7,796
|
|
7,613
|
|
9,074
|
|
2 %
|
|
-14 %
|
Loans held for
sale
|
2,194
|
|
1,305
|
|
1,115
|
|
68 %
|
|
97 %
|
Loans and leases held
for investment:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
37,831
|
|
38,004
|
|
38,130
|
|
— %
|
|
-1 %
|
Commercial real estate
and acquisition, development, and construction
|
13,094
|
|
12,667
|
|
10,522
|
|
3 %
|
|
24 %
|
One-to-four family
first mortgage
|
5,889
|
|
5,934
|
|
5,821
|
|
-1 %
|
|
1 %
|
Commercial and
industrial
|
23,861
|
|
23,357
|
|
12,276
|
|
2 %
|
|
94 %
|
Other loans
|
2,603
|
|
2,585
|
|
2,252
|
|
1 %
|
|
16 %
|
Total loans and leases
held for investment
|
83,278
|
|
82,547
|
|
69,001
|
|
1 %
|
|
21 %
|
Less: Allowance for
credit losses on loans and leases
|
(594)
|
|
(550)
|
|
(393)
|
|
8 %
|
|
51 %
|
Total loans and leases
held for investment, net
|
82,684
|
|
81,997
|
|
68,608
|
|
1 %
|
|
21 %
|
Federal Home Loan Bank
stock and Federal Reserve Bank stock, at cost
|
1,136
|
|
1,356
|
|
1,267
|
|
-16 %
|
|
-10 %
|
Premises and equipment,
net
|
660
|
|
628
|
|
491
|
|
5 %
|
|
34 %
|
Core deposit and other
intangibles
|
697
|
|
734
|
|
287
|
|
-5 %
|
|
143 %
|
Goodwill
|
2,426
|
|
2,426
|
|
2,426
|
|
— %
|
|
— %
|
Mortgage servicing
rights
|
1,031
|
|
1,034
|
|
1,033
|
|
— %
|
|
— %
|
Bank-owned life
insurance
|
1,567
|
|
1,564
|
|
1,561
|
|
— %
|
|
— %
|
Other assets
|
2,799
|
|
2,799
|
|
2,250
|
|
— %
|
|
24 %
|
Total
assets
|
$
118,796
|
|
$
123,706
|
|
$
90,144
|
|
-4 %
|
|
32 %
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$
30,795
|
|
$
32,146
|
|
$
22,511
|
|
-4 %
|
|
37 %
|
Savings
accounts
|
9,762
|
|
10,302
|
|
11,645
|
|
-5 %
|
|
-16 %
|
Certificates of
deposit
|
18,188
|
|
19,355
|
|
12,510
|
|
-6 %
|
|
45 %
|
Non-interest-bearing
accounts
|
29,752
|
|
22,997
|
|
12,055
|
|
29 %
|
|
147 %
|
Total
deposits
|
88,497
|
|
84,800
|
|
58,721
|
|
4 %
|
|
51 %
|
Borrowed
funds:
|
|
|
|
|
|
|
|
|
|
Wholesale
borrowings
|
15,400
|
|
20,350
|
|
20,325
|
|
-24 %
|
|
-24 %
|
Junior subordinated
debentures
|
577
|
|
576
|
|
575
|
|
— %
|
|
— %
|
Subordinated
notes
|
435
|
|
434
|
|
432
|
|
— %
|
|
1 %
|
Total borrowed
funds
|
16,412
|
|
21,360
|
|
21,332
|
|
-23 %
|
|
-23 %
|
Other
liabilities
|
2,827
|
|
6,764
|
|
1,267
|
|
-58 %
|
|
123 %
|
Total
liabilities
|
107,736
|
|
112,924
|
|
81,320
|
|
-5 %
|
|
32 %
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
503
|
|
503
|
|
503
|
|
— %
|
|
— %
|
Common stock
|
7
|
|
7
|
|
7
|
|
— %
|
|
— %
|
Paid-in capital in
excess of par
|
8,204
|
|
8,197
|
|
8,130
|
|
— %
|
|
1 %
|
Retained
earnings
|
3,205
|
|
2,923
|
|
1,041
|
|
10 %
|
|
208 %
|
Treasury stock, at
cost
|
(217)
|
|
(219)
|
|
(237)
|
|
-1 %
|
|
-8 %
|
Accumulated other
comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on
securities available for sale, net of tax
|
(668)
|
|
(566)
|
|
(626)
|
|
18 %
|
|
7 %
|
Pension and
post-retirement obligations, net of tax
|
(43)
|
|
(44)
|
|
(46)
|
|
-2 %
|
|
-7 %
|
Net unrealized gain
(loss) on cash flow hedges, net of tax
|
69
|
|
(19)
|
|
52
|
|
NM
|
|
33 %
|
Total accumulated other
comprehensive loss, net of tax
|
(642)
|
|
(629)
|
|
(620)
|
|
2 %
|
|
4 %
|
Total stockholders'
equity
|
11,060
|
|
10,782
|
|
8,824
|
|
3 %
|
|
25 %
|
Total liabilities
and stockholders' equity
|
$
118,796
|
|
$
123,706
|
|
$
90,144
|
|
-4 %
|
|
32 %
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
June 30,
2023
|
|
For the Three
Months Ended
|
|
compared
to
|
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
March 31,
2023
|
|
June 30,
2022
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
1,161
|
|
$
867
|
|
$
424
|
|
34 %
|
|
174 %
|
Securities and money
market investments
|
337
|
|
167
|
|
49
|
|
102 %
|
|
588 %
|
Total interest
income
|
1,498
|
|
1,034
|
|
473
|
|
45 %
|
|
217 %
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
232
|
|
157
|
|
24
|
|
48 %
|
|
867 %
|
Savings
accounts
|
40
|
|
39
|
|
10
|
|
3 %
|
|
300 %
|
Certificates of
deposit
|
169
|
|
87
|
|
12
|
|
94 %
|
|
1308 %
|
Borrowed
funds
|
157
|
|
196
|
|
68
|
|
-20 %
|
|
131 %
|
Total interest
expense
|
598
|
|
479
|
|
114
|
|
25 %
|
|
425 %
|
Net interest
income
|
900
|
|
555
|
|
359
|
|
62 %
|
|
151 %
|
Provision for credit
losses
|
49
|
|
170
|
|
9
|
|
-71 %
|
|
444 %
|
Net interest income
after provision for credit losses
|
851
|
|
385
|
|
350
|
|
121 %
|
|
143 %
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
|
|
Fee income
|
48
|
|
27
|
|
6
|
|
78 %
|
|
700 %
|
Bank-owned life
insurance
|
11
|
|
10
|
|
7
|
|
10 %
|
|
57 %
|
Net losses on
securities
|
(1)
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Net return on mortgage
servicing rights
|
25
|
|
22
|
|
—
|
|
14 %
|
|
NM
|
Net gain on loan sales
and securitizations
|
25
|
|
20
|
|
—
|
|
25 %
|
|
NM
|
Net loan administration
income
|
39
|
|
7
|
|
—
|
|
457 %
|
|
NM
|
Bargain purchase
gain
|
141
|
|
2,001
|
|
—
|
|
NM
|
|
NM
|
Other income
|
14
|
|
11
|
|
5
|
|
27 %
|
|
180 %
|
Total non-interest
income
|
302
|
|
2,098
|
|
18
|
|
-86 %
|
|
1578 %
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
289
|
|
219
|
|
79
|
|
32 %
|
|
266 %
|
Other
|
226
|
|
173
|
|
55
|
|
31 %
|
|
311 %
|
Total operating
expenses
|
515
|
|
392
|
|
134
|
|
31 %
|
|
284 %
|
Intangible asset
amortization
|
37
|
|
17
|
|
—
|
|
118 %
|
|
NM
|
Merger-related and
restructuring expenses
|
109
|
|
67
|
|
4
|
|
63 %
|
|
2625 %
|
Total non-interest
expense
|
661
|
|
476
|
|
138
|
|
39 %
|
|
379 %
|
Income before income
taxes
|
492
|
|
2,007
|
|
230
|
|
-75 %
|
|
114 %
|
Income tax
expense
|
79
|
|
1
|
|
59
|
|
NM
|
|
34 %
|
Net
Income
|
413
|
|
2,006
|
|
171
|
|
-79 %
|
|
142 %
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
— %
|
|
— %
|
Net income available
to common stockholders
|
$
405
|
|
$
1,998
|
|
$
163
|
|
-80 %
|
|
148 %
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
0.55
|
|
$
2.88
|
|
$
0.34
|
|
-81 %
|
|
62 %
|
Diluted earnings per
common share
|
$
0.55
|
|
$
2.87
|
|
$
0.34
|
|
-81 %
|
|
62 %
|
Dividends per common
share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
— %
|
|
— %
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
Change
|
|
June 30,
2023
|
|
June 30,
2022
|
|
Amount
|
|
Percent
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
Loans and
leases
|
$
2,028
|
|
$
817
|
|
1,211
|
|
148 %
|
Securities and money
market investments
|
504
|
|
85
|
|
419
|
|
493 %
|
Total interest
income
|
2,532
|
|
902
|
|
1,630
|
|
181 %
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
389
|
|
32
|
|
357
|
|
1116 %
|
Savings
accounts
|
79
|
|
18
|
|
61
|
|
339 %
|
Certificates of
deposit
|
256
|
|
23
|
|
233
|
|
1013 %
|
Borrowed
funds
|
353
|
|
138
|
|
215
|
|
156 %
|
Total interest
expense
|
1,077
|
|
211
|
|
866
|
|
410 %
|
Net interest
income
|
1,455
|
|
691
|
|
764
|
|
111 %
|
Provision for credit
losses
|
219
|
|
7
|
|
212
|
|
3029 %
|
Net interest income
after provision for credit losses
|
1,236
|
|
684
|
|
552
|
|
81 %
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
Fee income
|
75
|
|
12
|
|
63
|
|
525 %
|
Bank-owned life
insurance
|
21
|
|
14
|
|
7
|
|
50 %
|
Net losses on
securities
|
(1)
|
|
(1)
|
|
—
|
|
— %
|
Net return on mortgage
servicing rights
|
47
|
|
—
|
|
47
|
|
NM
|
Net gain on loan sales
and securitizations
|
45
|
|
—
|
|
45
|
|
NM
|
Net loan administration
income
|
46
|
|
—
|
|
46
|
|
NM
|
Bargain purchase
gain
|
2,142
|
|
—
|
|
2,142
|
|
NM
|
Other income
|
25
|
|
7
|
|
18
|
|
257 %
|
Total non-interest
income
|
2,400
|
|
32
|
|
2,368
|
|
7400 %
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
508
|
|
159
|
|
349
|
|
219 %
|
Other
|
399
|
|
109
|
|
290
|
|
266 %
|
Total operating
expenses
|
907
|
|
268
|
|
639
|
|
238 %
|
Intangible asset
amortization
|
54
|
|
—
|
|
54
|
|
NM
|
Merger-related and
restructuring expenses
|
176
|
|
11
|
|
165
|
|
1500 %
|
Total non-interest
expense
|
1,137
|
|
279
|
|
858
|
|
308 %
|
Income before income
taxes
|
2,499
|
|
437
|
|
2,062
|
|
472 %
|
Income tax
expense
|
80
|
|
111
|
|
(31)
|
|
-28 %
|
Net
Income
|
2,419
|
|
326
|
|
2,093
|
|
642 %
|
Preferred stock
dividends
|
16
|
|
16
|
|
—
|
|
— %
|
Net income available
to common stockholders
|
$
2,403
|
|
$
310
|
|
2,093
|
|
675 %
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
3.37
|
|
$
0.66
|
|
$
2.71
|
|
414 %
|
Diluted earnings per
common share
|
$
3.37
|
|
$
0.66
|
|
$
2.71
|
|
414 %
|
Dividends per common
share
|
$
0.34
|
|
$
0.34
|
|
$
—
|
|
— %
|
NEW YORK
COMMUNITY BANCORP, INC.
RECONCILIATIONS OF CERTAIN
GAAP AND NON-GAAP FINANCIAL MEASURES
(dollars in
millions)
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,
|
(dollars in
millions)
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
June 30,
2023
|
|
June 30,
2022
|
Total Stockholders'
Equity
|
$ 11,060
|
|
$
10,782
|
|
$
6,824
|
|
$
11,060
|
|
$
6,824
|
Less: Goodwill and
other intangible assets
|
(3,123)
|
|
(3,160)
|
|
(2,426)
|
|
(3,123)
|
|
(2,426)
|
Less: Preferred
stock
|
(503)
|
|
(503)
|
|
(503)
|
|
(503)
|
|
(503)
|
Tangible common
stockholders' equity
|
$
7,434
|
|
$
7,119
|
|
$
3,895
|
|
$
7,434
|
|
$
3,895
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
118,796
|
|
$
123,706
|
|
$
63,093
|
|
$ 118,796
|
|
$
63,093
|
Less: Goodwill and
other intangible assets
|
(3,123)
|
|
(3,160)
|
|
(2,426)
|
|
(3,123)
|
|
(2,426)
|
Tangible
Assets
|
$
115,673
|
|
$
120,546
|
|
$
60,667
|
|
$ 115,673
|
|
$
60,667
|
|
|
|
|
|
|
|
|
|
|
Average common
stockholders' equity
|
$ 10,387
|
|
$
8,670
|
|
$
6,398
|
|
$
9,535
|
|
$
6,470
|
Less: Average goodwill
and other intangible assets
|
(3,149)
|
|
(2,698)
|
|
(2,426)
|
|
(2,961)
|
|
(2,426)
|
Average tangible
common stockholders' equity
|
$
7,238
|
|
$
5,972
|
|
$
3,972
|
|
$
6,574
|
|
$
4,044
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
121,273
|
|
$
94,530
|
|
$
61,988
|
|
$ 107,971
|
|
$
60,946
|
Less: Average goodwill
and other intangible assets
|
(3,149)
|
|
(2,698)
|
|
(2,426)
|
|
(2,961)
|
|
(2,426)
|
Average tangible
assets
|
$
118,124
|
|
$
91,832
|
|
$
59,562
|
|
$ 105,010
|
|
$
58,520
|
|
|
|
|
|
|
|
|
|
|
GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
1.36 %
|
|
8.49 %
|
|
1.10 %
|
|
4.48 %
|
|
1.07 %
|
Return on average
common stockholders' equity (2)
|
15.58
|
|
92.18
|
|
10.18
|
|
50.40
|
|
9.58
|
Book value per common
share
|
$
14.61
|
|
$
14.23
|
|
$
13.56
|
|
$
14.61
|
|
$
13.56
|
Common stockholders'
equity to total assets
|
8.89 %
|
|
8.31 %
|
|
10.02 %
|
|
8.89 %
|
|
10.02 %
|
NON-GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (1)
|
1.19 %
|
|
0.73 %
|
|
1.17 %
|
|
0.99 %
|
|
1.14 %
|
Return on average
tangible common stockholders' equity (2)
|
19.05
|
|
10.63
|
|
16.73
|
|
15.31
|
|
15.73
|
Tangible book value per
common share
|
$
10.29
|
|
$
9.86
|
|
$
8.35
|
|
$
10.29
|
|
$
8.35
|
Tangible common
stockholders' equity to tangible assets
|
6.43 %
|
|
5.91 %
|
|
6.42 %
|
|
6.43 %
|
|
6.42 %
|
(1)
|
To calculate return on
average assets for a period, we divide net income, or non-GAAP 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, or non-GAAP 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 and the bargain purchase gains related to our merger with
Flagstar and the Signature transaction, and initial provision for
credit losses 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
|
(dollars in
millions, except per share data)
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
June 30,
2023
|
|
June 30,
2022
|
Net income -
GAAP
|
$
413
|
|
$
2,006
|
|
$
171
|
|
$
2,419
|
|
$
326
|
Merger-related and
restructuring expenses, net of tax (1)
|
81
|
|
50
|
|
3
|
|
130
|
|
8
|
Bargain purchase
gain
|
(141)
|
|
(2,001)
|
|
—
|
|
(2,142)
|
|
—
|
Initial provision for
credit losses, net of tax
|
—
|
|
97
|
|
—
|
|
97
|
|
—
|
Provision for bond
related credit losses, net of tax
|
—
|
|
15
|
|
—
|
|
15
|
|
—
|
Net income, as adjusted
- non-GAAP
|
$
353
|
|
$
167
|
|
$
174
|
|
$
519
|
|
$
334
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
16
|
|
16
|
Net income available to
common stockholders, as adjusted - non-GAAP
|
$
345
|
|
$
159
|
|
$
166
|
|
$
503
|
|
$
318
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share - GAAP
|
$
0.55
|
|
$
2.87
|
|
$
0.34
|
|
$
3.37
|
|
$
0.66
|
Diluted earnings per
common share, as adjusted - non-GAAP
|
$
0.47
|
|
$
0.23
|
|
$
0.35
|
|
$
0.71
|
|
$
0.67
|
(1)
|
Certain merger-related
items are not taxable or deductible.
|
While net income is a financial measure that is calculated in
accordance with GAAP, PPNR and PPNR excluding bargain purchase
gains and merger-related and restructuring 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 bargain purchase gains and merger-related and
restructuring expenses to the comparable GAAP financial measures of
net income for the stated periods:
|
|
|
|
|
|
|
June 30,
2023
|
|
For the Three
Months Ended
|
|
compared
to:
|
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
March 31,
2023
|
|
June 30,
2022
|
(dollars in
millions)
|
|
Net interest
income
|
$
900
|
|
$
555
|
|
$
359
|
|
62 %
|
|
151 %
|
Non-interest
income
|
302
|
|
2,098
|
|
18
|
|
-86 %
|
|
NM
|
Total
revenues
|
$
1,202
|
|
$
2,653
|
|
$
377
|
|
-55 %
|
|
219 %
|
Total non-interest
expense
|
661
|
|
476
|
|
138
|
|
39 %
|
|
379 %
|
Pre - provision net
revenue (non-GAAP)
|
$
541
|
|
$
2,177
|
|
$
239
|
|
-75 %
|
|
126 %
|
Bargain purchase
gain
|
(141)
|
|
(2,001)
|
|
—
|
|
-93 %
|
|
NM
|
Provision for bond
related credit losses
|
—
|
|
20
|
|
$
—
|
|
NM
|
|
NM
|
Merger-related and
restructuring expenses
|
109
|
|
67
|
|
4
|
|
63 %
|
|
2625 %
|
Pre - provision net
revenue excluding merger-related and restructuring expenses and
bargain purchase gain, as adjusted (non-GAAP)
|
$
509
|
|
$
263
|
|
$
243
|
|
94 %
|
|
109 %
|
Provision for credit
losses
|
49
|
|
170
|
|
9
|
|
-71 %
|
|
NM
|
Bargain purchase
gain
|
141
|
|
2,001
|
|
—
|
|
-93 %
|
|
NM
|
Provision for bond
related credit losses
|
—
|
|
(20)
|
|
—
|
|
NM
|
|
NM
|
Merger-related and
restructuring expenses
|
(109)
|
|
(67)
|
|
(4)
|
|
63 %
|
|
2625 %
|
Income before
taxes
|
$
492
|
|
$
2,007
|
|
$
230
|
|
-75 %
|
|
114 %
|
Income tax
expense
|
79
|
|
1
|
|
59
|
|
7800 %
|
|
34 %
|
Net Income
(GAAP)
|
$
413
|
|
$
2,006
|
|
$
171
|
|
-79 %
|
|
142 %
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
June 30,
2023
|
|
June 30,
2022
|
|
Change
%
|
(dollars in
millions)
|
|
Net interest
income
|
$
1,455
|
|
$
691
|
|
111 %
|
Non-interest
income
|
2,400
|
|
32
|
|
7400 %
|
Total
revenues
|
$
3,855
|
|
$
723
|
|
433 %
|
Total non-interest
expense
|
1,137
|
|
279
|
|
308 %
|
Pre - provision net
revenue (non-GAAP)
|
$
2,718
|
|
$
444
|
|
512 %
|
Bargain purchase
gain
|
(2,142)
|
|
—
|
|
NM
|
Provision for bond
related credit losses
|
20
|
|
—
|
|
NM
|
Merger-related and
restructuring expenses
|
176
|
|
11
|
|
1500 %
|
Pre - provision net
revenue excluding merger-related and restructuring expenses and
bargain purchase gain, as adjusted (non-GAAP)
|
$
772
|
|
$
455
|
|
70 %
|
Provision for credit
losses
|
219
|
|
7
|
|
3029 %
|
Bargain purchase
gain
|
2,142
|
|
—
|
|
NM
|
Provision for bond
related credit losses
|
(20)
|
|
—
|
|
NM
|
Merger-related and
restructuring expenses
|
(176)
|
|
(11)
|
|
1500 %
|
Income before
taxes
|
$
2,499
|
|
$
437
|
|
472 %
|
Income tax
expense
|
80
|
|
111
|
|
-28 %
|
Net Income
(GAAP)
|
$
2,419
|
|
$
326
|
|
642 %
|
NEW YORK COMMUNITY
BANCORP, INC.
NET INTEREST INCOME
ANALYSIS
LINKED-QUARTER AND
YEAR-OVER-YEAR COMPARISONS
(dollars in
millions)
|
|
|
For the Three
Months Ended
|
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
(dollars in
millions)
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and
other loans, net
|
$ 83,810
|
$
1,161
|
5.55 %
|
|
$ 70,774
|
$
867
|
4.92 %
|
|
$ 47,144
|
$ 424
|
3.61 %
|
Securities
|
9,781
|
102
|
4.18
|
|
10,850
|
104
|
3.86
|
|
6,676
|
40
|
2.40
|
Reverse
repurchase agreements
|
429
|
6
|
5.85
|
|
785
|
11
|
5.53
|
|
348
|
2
|
1.93
|
Interest-earning cash and cash equivalents
|
18,279
|
229
|
5.03
|
|
4,257
|
52
|
4.96
|
|
2,861
|
7
|
0.93
|
Total interest-earning
assets
|
112,299
|
$
1,498
|
5.34
|
|
86,666
|
$
1,034
|
4.80
|
|
57,029
|
$ 473
|
3.32
|
Non-interest-earning
assets
|
8,974
|
|
|
|
7,864
|
|
|
|
4,959
|
|
|
Total assets
|
$
121,273
|
|
|
|
$ 94,530
|
|
|
|
$ 61,988
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking and money market accounts
|
$ 30,647
|
$ 232
|
3.05 %
|
|
$ 23,098
|
$
157
|
2.76 %
|
|
$ 17,456
|
$
24
|
0.55 %
|
Savings
accounts
|
10,015
|
40
|
1.61
|
|
11,093
|
39
|
1.44
|
|
9,228
|
10
|
0.41
|
Certificates of
deposit
|
18,587
|
169
|
3.61
|
|
13,712
|
87
|
2.57
|
|
8,102
|
12
|
0.62
|
Total interest-bearing
deposits
|
59,249
|
441
|
2.98
|
|
47,903
|
283
|
2.40
|
|
34,786
|
46
|
0.53
|
Borrowed
funds
|
18,200
|
157
|
3.47
|
|
22,326
|
196
|
3.56
|
|
15,009
|
68
|
1.81
|
Total interest-bearing
liabilities
|
77,449
|
$ 598
|
3.10
|
|
70,229
|
$
479
|
2.77
|
|
49,795
|
$ 114
|
0.92
|
Non-interest-bearing
deposits
|
24,613
|
|
|
|
13,189
|
|
|
|
4,568
|
|
|
Other
liabilities
|
8,320
|
|
|
|
1,939
|
|
|
|
724
|
|
|
Total
liabilities
|
110,383
|
|
|
|
85,357
|
|
|
|
55,087
|
|
|
Stockholders'
equity
|
10,890
|
|
|
|
9,173
|
|
|
|
6,901
|
|
|
Total liabilities and
stockholders' equity
|
$
121,273
|
|
|
|
$ 94,530
|
|
|
|
$ 61,988
|
|
|
Net interest
income/interest rate spread
|
|
$ 900
|
2.24 %
|
|
|
$
555
|
2.03 %
|
|
|
$ 359
|
2.40 %
|
Net interest
margin
|
|
|
3.21 %
|
|
|
|
2.60 %
|
|
|
|
2.52 %
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
|
1.45
x
|
|
|
|
1.23
x
|
|
|
|
1.15
x
|
NEW YORK COMMUNITY
BANCORP, INC.
NET INTEREST INCOME
ANALYSIS
YEAR-OVER-YEAR
COMPARISONS
(dollars in
millions)
|
|
|
For the Six Months
Ended
|
|
June 30,
2023
|
|
June 30,
2022
|
(dollars in
millions)
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Mortgage and
other loans, net
|
$ 77,481
|
$
2,028
|
5.25 %
|
|
$ 46,479
|
$ 817
|
3.52 %
|
Securities
|
10,313
|
206
|
4.01
|
|
6,607
|
75
|
2.26
|
Reverse
repurchase agreements
|
606
|
17
|
5.64
|
|
320
|
2
|
1.56
|
Interest-earning cash and cash equivalents
|
11,300
|
281
|
5.02
|
|
2,395
|
8
|
0.64
|
Total interest-earning
assets
|
99,700
|
$
2,532
|
5.10
|
|
55,801
|
$ 902
|
3.24
|
Non-interest-earning
assets
|
8,271
|
|
|
|
5,145
|
|
|
Total assets
|
$
107,971
|
|
|
|
$ 60,946
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
Interest-bearing checking and money market accounts
|
$ 26,894
|
$ 389
|
2.91 %
|
|
$ 15,629
|
$
32
|
0.42 %
|
Savings
accounts
|
10,551
|
79
|
1.52
|
|
9,218
|
18
|
0.38
|
Certificates of
deposit
|
16,159
|
256
|
3.19
|
|
8,086
|
23
|
0.58
|
Total interest-bearing
deposits
|
53,604
|
724
|
2.72
|
|
32,933
|
73
|
0.45
|
Borrowed
funds
|
20,251
|
353
|
3.52
|
|
15,782
|
138
|
1.76
|
Total interest-bearing
liabilities
|
73,855
|
$
1,077
|
2.94
|
|
48,715
|
$ 211
|
0.87
|
Non-interest-bearing
deposits
|
18,933
|
|
|
|
4,483
|
|
|
Other
liabilities
|
5,145
|
|
|
|
775
|
|
|
Total
liabilities
|
97,933
|
|
|
|
53,973
|
|
|
Stockholders'
equity
|
10,038
|
|
|
|
6,973
|
|
|
Total liabilities and
stockholders' equity
|
$
107,971
|
|
|
|
$ 60,946
|
|
|
Net interest
income/interest rate spread
|
|
$
1,455
|
2.16 %
|
|
|
$ 691
|
2.37 %
|
Net interest
margin
|
|
|
2.94 %
|
|
|
|
2.48 %
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
|
1.35
x
|
|
|
|
1.15
x
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
FINANCIAL HIGHLIGHTS
(dollars in
millions)
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
(dollars in
millions, except share and per share data)
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
June 30,
2023
|
|
June 30,
2022
|
PROFITABILITY
MEASURES:
|
|
|
|
|
|
|
|
|
|
Net income
|
$
413
|
|
$
2,006
|
|
$
171
|
|
$
2,419
|
|
$
326
|
Net income available to
common stockholders
|
405
|
|
1,998
|
|
163
|
|
2,403
|
|
310
|
Basic earnings per
common share
|
0.55
|
|
2.88
|
|
0.34
|
|
3.37
|
|
0.66
|
Diluted earnings per
common share
|
0.55
|
|
2.87
|
|
0.34
|
|
3.37
|
|
0.66
|
Return on average
assets
|
1.36 %
|
|
8.49 %
|
|
1.10 %
|
|
4.48 %
|
|
1.07 %
|
Return on average
tangible assets (1)
|
1.19
|
|
0.73
|
|
1.17
|
|
0.99
|
|
1.14
|
Return on average
common stockholders' equity
|
15.58
|
|
92.18
|
|
10.18
|
|
50.40
|
|
9.58
|
Return on average
tangible common stockholders' equity (1)
|
19.05
|
|
10.63
|
|
16.73
|
|
15.31
|
|
15.73
|
Efficiency ratio
(2)
|
48.46
|
|
60.21
|
|
35.57
|
|
52.93
|
|
37.04
|
Operating expenses to
average assets
|
1.70
|
|
1.66
|
|
0.86
|
|
1.68
|
|
0.44
|
Interest rate
spread
|
2.24
|
|
2.03
|
|
2.40
|
|
2.16
|
|
2.37
|
Net interest
margin
|
3.21
|
|
2.60
|
|
2.52
|
|
2.94
|
|
2.48
|
Effective tax
rate
|
16.17
|
|
0.03
|
|
25.60
|
|
3.21
|
|
25.39
|
Shares used for basic
common EPS computation
|
722,264,568
|
|
686,911,555
|
|
465,811,096
|
|
704,685,721
|
|
465,476,526
|
Shares used for diluted
common EPS computation
|
723,726,994
|
|
688,271,611
|
|
466,800,072
|
|
706,097,245
|
|
466,375,775
|
Common shares
outstanding at the respective period-ends
|
722,475,755
|
|
722,150,297
|
|
466,243,078
|
|
722,475,755
|
|
466,243,078
|
(1)
|
See the reconciliations
of these non-GAAP measures with the comparable GAAP measures on
page 13 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, excluding the
bargain purchase gain.
|
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
CAPITAL
MEASURES:
|
|
|
|
|
|
Book value per common
share
|
$
14.61
|
|
$
14.23
|
|
$
13.56
|
Tangible book value per
common share (1)
|
10.29
|
|
9.86
|
|
8.35
|
Common stockholders'
equity to total assets
|
8.89 %
|
|
8.31 %
|
|
10.02 %
|
Tangible common
stockholders' equity to tangible assets (1)
|
6.43
|
|
5.91
|
|
6.42
|
(1)
|
See the reconciliations
of these non-GAAP measures with the comparable GAAP measures on
page 13 of this release.
|
ASSET QUALITY SUMMARY
The following table presents the Company's asset quality
measures at the respective dates:
|
|
|
|
|
|
|
June 30,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
June 30,
2023
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2023
|
|
December
31, 2022
|
Non-Performing
Loans:
|
|
|
|
|
|
|
|
|
|
Non-accrual mortgage
loans:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
33
|
|
$
13
|
|
$
13
|
|
154 %
|
|
154 %
|
Commercial real
estate
|
36
|
|
21
|
|
20
|
|
71 %
|
|
80 %
|
One-to-four family
first mortgage
|
85
|
|
84
|
|
92
|
|
1 %
|
|
-8 %
|
Acquisition,
development, and construction
|
—
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Total non-accrual
mortgage loans
|
154
|
|
118
|
|
125
|
|
31 %
|
|
23 %
|
Other non-accrual
loans
|
79
|
|
30
|
|
16
|
|
163 %
|
|
394 %
|
Total non-accrual
loans
|
233
|
|
148
|
|
141
|
|
57 %
|
|
65 %
|
Loans 90 days or more
past due and still accruing
|
—
|
|
13
|
|
—
|
|
NM
|
|
NM
|
Total non-performing
loans
|
233
|
|
161
|
|
141
|
|
45 %
|
|
65 %
|
Repossessed
assets
|
13
|
|
13
|
|
12
|
|
— %
|
|
8 %
|
Total non-performing
assets
|
$
246
|
|
$
174
|
|
$
153
|
|
41 %
|
|
61 %
|
The following table presents the Company's asset quality
measures at the respective dates:
|
June 30,
2023
|
|
March 31,
2023
|
|
December 31,
2022
|
Non-performing loans to
total loans
|
0.28 %
|
|
0.20 %
|
|
0.20 %
|
Non-performing assets
to total assets
|
0.21
|
|
0.14
|
|
0.17
|
Allowance for
credit losses on loans to non-performing loans
|
255.40
|
|
340.75
|
|
278.87
|
Allowance for credit
losses on loans to total loans held for investment
|
0.71
|
|
0.67
|
|
0.57
|
NEW YORK
COMMUNITY BANCORP, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION
The following table presents the Company's loans 30 to 89 days
past due at the respective dates:
|
|
|
|
|
|
|
June 30,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
June 30,
2023
|
|
March 31,
2023
|
|
December 31,
2022
|
|
March 31,
2023
|
|
December 31,
2022
|
Loans 30 to 89 Days
Past Due:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
79
|
|
$
72
|
|
$
34
|
|
10 %
|
|
132 %
|
Commercial real
estate
|
147
|
|
15
|
|
2
|
|
880 %
|
|
7250 %
|
One-to-four family
first mortgage
|
17
|
|
20
|
|
21
|
|
-15 %
|
|
-19 %
|
Acquisition,
development, and construction
|
29
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Commercial and
industrial
|
45
|
|
57
|
|
—
|
|
-21 %
|
|
NM
|
Other loans
|
18
|
|
11
|
|
13
|
|
64 %
|
|
38 %
|
Total loans 30 to 89
days past due
|
$
335
|
|
$
175
|
|
$
70
|
|
91 %
|
|
379 %
|
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,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
June 30,
2023
|
|
June 30,
2022
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
Commercial real
estate
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
One-to-four family
residential
|
1
|
|
2
|
|
—
|
|
3
|
|
—
|
Acquisition,
development and construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Other
|
2
|
|
3
|
|
—
|
|
5
|
|
—
|
Total
charge-offs
|
$
3
|
|
$
5
|
|
$
—
|
|
$
8
|
|
$
4
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
Commercial real
estate
|
—
|
|
—
|
|
(4)
|
|
—
|
|
(4)
|
One-to-four family
residential
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Acquisition,
development and construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Other
|
(4)
|
|
(5)
|
|
(3)
|
|
(9)
|
|
(5)
|
Total
recoveries
|
$
(4)
|
|
$
(5)
|
|
$
(7)
|
|
$
(9)
|
|
$
(9)
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
(1)
|
|
$
—
|
|
$
(7)
|
|
$
(1)
|
|
$
(5)
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (1)
|
— %
|
|
— %
|
|
(0.01) %
|
|
— %
|
|
(0.01) %
|
(1)
|
Three months ended
presented on a non-annualized basis.
|
NEW YORK COMMUNITY
BANCORP, INC.
SUPPLEMENTAL
FINANCIAL INFORMATION
|
|
LOANS SERVICED AND
SUBSERVICED
|
|
|
June 30,
2023
|
|
March 31,
2023
|
(dollars in
millions)
|
Unpaid
Principal
Balance (1)
|
Number of
accounts
|
|
Unpaid
Principal
Balance (1)
|
Number of
accounts
|
Subserviced for others
(2)
|
$
342,831
|
1,273,769
|
|
$
281,651
|
1,094,869
|
Serviced for others
(3)
|
73,644
|
291,509
|
|
72,689
|
287,652
|
Serviced for own loan
portfolio (4)
|
9,494
|
71,934
|
|
8,904
|
69,527
|
Total loans
serviced
|
$
425,969
|
1,637,212
|
|
$
363,244
|
1,452,048
|
(1)
|
UPB, net of write
downs, does not include premiums or discounts.
|
(2)
|
Loans subserviced for a
fee for non-Company owned loans or MSRs. Includes temporary
short-term subservicing performed as a result of sales of
servicing-released MSRs.
|
(3)
|
Loans for which the
Company owns the MSR.
|
(4)
|
Includes LHFI
(residential first mortgage, home equity and other consumer), LHFS
(residential first mortgage), loans with government guarantees
(residential first mortgage), and repossessed assets.
|
Investor/Media
Contact:
|
Salvatore J.
DiMartino
|
|
(516)
683-4286
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-york-community-bancorp-inc-reports-record-second-quarter-net-income-available-to-common-stockholders-and-significant-double-digit-earnings-per-share-growth-301886876.html
SOURCE New York Community Bancorp, Inc.