THIRD QUARTER 2023 DILUTED EPS OF $0.27 AND $0.36
DILUTED EPS, AS ADJUSTED
NET INTEREST MARGIN EXPANDED SIX BASIS POINTS
SEQUENTIALLY TO 3.27%, SECOND CONSECUTIVE QUARTER ABOVE
3.00%
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
WAS $199 MILLION AND $266 MILLION ON AN AS ADJUSTED
BASIS
FUNDING COMPOSITION CONTINUES TO IMPROVE AS
WHOLESALE BORROWINGS AND BROKERED DEPOSITS CONTINUE TO
DECLINE
Third Quarter 2023
Summary
|
•
EPS/Net Income:
–
Third quarter 2023 diluted EPS on a GAAP basis of $0.27, includes a
number of merger-related items.
–
As adjusted, third quarter 2023 diluted
EPS were $0.36 compared to $0.47 for second quarter
2023.
–
Third quarter 2023 net income available to common stockholders was $199
million compared to $405 million in second quarter 2023,
which includes a bargain purchase gain of $141
million.
–
As adjusted, third quarter 2023 net
income available to common stockholders was $266 million compared
to $345 million in second quarter 2023.
–
Third quarter 2023 pre-provision net revenue ("PPNR") was $330 million,
compared to $541 million in second quarter 2023.
–
As adjusted, third quarter 2023 PPNR was
$421 million compared to $509 million in the second
quarter of 2023.
•
Net Interest Margin/Income:
–
Third quarter 2023 net interest income ("NIM") improved to 3.27%, up six
basis points compared to second quarter 2023.
–
Net interest income during third quarter
2023 totaled $882 million compared to $900 million during
the previous quarter of 2023.
•
Balance Sheet:
–
Total assets of $111.2 billion at
September 30, 2023 declined $7.6 billion compared to June 30, 2023,
primarily due to a decline in cash balances, a portion of
which was used to paydown wholesale borrowings and brokered
deposits. This was partially offset by growth in the loan
portfolio.
–
Total loans held for investment increased
$717 million or 1% to $84.0 billion at September 30, 2023 compared
to June 30, 2023, driven by growth in the commercial loan
portfolio.
–
Commercial and industrial loans
("C&I") totaled $24.4 billion at September 30, 2023,
up $562 million or 2% compared to June 30,
2023.
–
Commercial loans represent 45% of total
loans, unchanged compared to last quarter.
–
Total deposits were $82.7 billion at
September 30, 2023, down $5.8 billion, or 7%, compared to June 30,
2023, primarily reflecting lower custodial deposits and
brokered deposits and the maturity of higher cost CDs.
–
Wholesale borrowings declined $1.8
billion, or 12%, to $13.6 billion at September 30, 2023.
•
Asset Quality:
–
Non-performing assets ("NPAs") were
$404 million at September 30, 2023 or 0.36% of total
assets.
–
Non-performing loans ("NPLs") were
$392 million at September 30, 2023 or 0.47% of total
loans.
–
The allowance for credit losses totaled
$619 million at September 30, 2023 or 158% of non-performing
loans and 0.74% of total loans.
–
Net chargeoffs were $24 million during
third quarter 2023 compared to zero during third quarter 2022 and
net recoveries of $1 million in the previous
quarter.
|
HICKSVILLE, N.Y., Oct. 26,
2023 /PRNewswire/ -- New York Community Bancorp, Inc.
(NYSE: NYCB) (the "Company") today reported net income for the
three months ended September 30, 2023
of $207 million compared to
$413 million for the three months
ended June 30, 2023. Net income
available to common stockholders for the three months ended
September 30, 2023 was $199 million compared to $405 million for the three months ended
June 30, 2023. Diluted EPS
totaled $0.27 for the three months
ended September 30, 2023 compared to
$0.55 for the three months ended
June 30, 2023.
Third quarter 2023 net income and diluted EPS were impacted
by merger-related items. As adjusted, net income for the three
months ended September 30, 2023
totaled $274 million, compared to $353 million for the
three months ended June 30,
2023. Likewise, net income available to common stockholders
as adjusted, was $266 million for the three months ended
September 30, 2023 compared to
$345 million for the three months ended June 30, 2023. As adjusted, diluted EPS for
the three months ended September 30,
2023 were $0.36 compared to
$0.47 for the three months ended
June 30, 2023.
For the nine months ended September 30,
2023, the Company reported net income of $2.6 billion compared to $478 million
for the nine months ended September
30, 2022. Net income available to common stockholders
for the nine months ended September 30,
2023 were also $2.6 billion compared to $453 million
for the nine months ended September
30, 2022. Diluted EPS for the nine months ended
September 30, 2023 were $3.61 compared to $0.96 for the nine months ended September 30, 2022.
Our nine-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 nine months ended September 30,
2023 was $794 million, up 62% compared to the nine
months ended September 30,
2022. Net income available to common stockholders, as
adjusted, totaled $769 million for the nine months ended
September 30, 2023, up 66% compared
to the nine months ended September
30, 2022. Diluted EPS, as adjusted were $1.07 for the nine months ended September 30, 2023 compared to $0.98 for the nine months ended September 30, 2022.
CEO COMMENTARY
Commenting on the Company's operating results, President and
Chief Executive Officer, Thomas R.
Cangemi said: "Our third-quarter operating results reflect
another strong performance for the Company, highlighted by a number
of positives. The net interest margin continued to expand and
is above 3.00% for the second consecutive quarter, we grew loans
despite the high interest rate environment, and deposit trends were
stable.
"The benefits of being a diversified lender continued to
manifest themselves this quarter as well. Our loan portfolio
increased 3% on an annualized basis compared to the previous
quarter, as growth in the C&I portfolio offset declines in
other categories. Total commercial loans now represent 45% of
overall loans, reflecting significant diversification compared to a
year-ago.
"Similarly, we also continued to improve our funding mix during
the third quarter as both wholesale borrowings from the FHLB and
brokered CDs declined. Overall, total deposits excluding
brokered CDs and Signature-related custodial deposits were
stable.
"On the asset quality front, while we experienced a significant
decline in early-stage delinquencies compared to the previous
quarter, non-performing loans increased on a linked-quarter basis,
owing primarily to two commercial real estate loans in the office
sector. Despite this, our asset quality metrics continue to
be among the best in the industry with non-performing loans at 47
basis points of total loans and net charge-offs of only three basis
points. This reflects our conservative underwriting
practices.
"Also during the quarter, we unveiled our modern, new brand and
logo combining the best elements of all three legacy banks.
Our teammates are excited about the new branding as am I.
Even though it is new, the meaning behind the logo does not
change. We remain committed to helping our customers and our
teammates thrive as we move to one bank, one brand, one culture, as
the New Flagstar.
"Finally, I would like to personally thank all of our teammates
who have been working diligently since the end of last year in
creating the New Flagstar."
DIVIDEND DECLARATION
On October 24, 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
$10.10, this represents an annualized
dividend yield of 6.7%. The dividend is payable on
November 16, 2023 to common
stockholders of record as of November 6,
2023.
BALANCE SHEET SUMMARY
At September 30, 2023 total assets were $111.2 billion compared to $118.8 billion at June 30, 2023 and
$90.1 billion at
December 31, 2022. The linked-quarter decrease was
primarily driven by lower balances of cash and cash
equivalents.
Total loans and leases held for investment were $84.0 billion at September 30, 2023
compared to $83.3 billion at
June 30, 2023 and $69.0 billion at December 31,
2022. The linked-quarter increase was driven by growth in the
C&I, primarily specialty finance, and commercial real estate
("CRE") portfolios, while other categories were either flat or
declined modestly.
The securities portfolio totaled $8.7 billion at September 30, 2023,
compared to $7.8 billion at
June 30, 2023 and $9.1 billion at December 31,
2022. At September 30, 2023,
total securities were 8% of total assets compared to 7% at
June 30, 2023. As of
September 30, 2023, all of the Company's securities were
designated as "Available-for-Sale", unchanged from June 30,
2023.
Total deposits at September 30, 2023 were $82.7 billion compared to $88.5 billion at June 30, 2023 and
$58.7 billion at
December 31, 2022. The linked-quarter decrease was due
to lower non-interest-bearing deposits, primarily due to a decrease
in custodial deposits related to the Signature transaction and
other higher cost deposit categories, partially offset by an
increase in interest-bearing deposits.
Wholesale borrowings at September 30, 2023 totaled
$13.6 billion, down $1.8 billion or 12% compared to June 30,
2023, and down $6.8 billion, or 33%
compared to December 31, 2022. At September 30, 2023, the Company has approximately
$3.1 billion of wholesale borrowings
at a weighted average rate of 4.02% that are either maturing or can
be called during the fourth quarter of 2023.
Loans
At September 30, 2023, total C&I loans were
$24.4 billion compared to
$23.9 billion at June 30,
2023. The linked-quarter increase was driven by growth in
specialty finance and MSR lending, partially offset by seasonally
lower mortgage warehouse balances.
The multi-family loan portfolio was $37.7 billion at September 30, 2023,
down slightly compared to $37.8 billion at June 30, 2023.
The slight decline during the third quarter was due to the
continuation of the high rate environment, which limits refinance
activity.
CRE loans increased $302 million at September 30, 2023
to $13.4 billion compared to
$13.1 billion at June 30,
2023. The increase was driven by homebuilder finance.
One-to-four family residential loans totaled $5.9 billion at September 30, 2023 unchanged
compared to the prior quarter. Other loans totaled
$2.6 billion at September 30,
2023 also unchanged compared to the prior quarter.
Loans held-for-sale at September 30, 2023 totaled
$1.9 billion, down from
$2.2 billion at June 30,
2023, which reflects seasonally lower balances and continued impact
of higher mortgage rates.
Total commercial loans represent 45% of total loans held for
investment, and multi-family loans represent 45% of total loans
held for investment at September 30, 2023, which reflects
significant diversification compared to the loan portfolio a year
ago. Residential loans and other loans represented 7% and 3%,
respectively, of total loans held for investment.
Asset Quality
Non-Performing Assets
Total NPLs rose $159 million or 68% to $392 million at
September 30, 2023 compared to June 30, 2023.
Repossessed assets of $12 million
were slightly lower compared to the prior quarter. Total NPAs rose
64% to $404 million at September 30, 2023 compared to
June 30, 2023.
At September 30, 2023, NPAs to total assets equaled 36
basis points compared to 21 basis points at June 30, 2023,
while NPLs to total loans equaled 47 basis points compared to 28
basis points at June 30, 2023. The increase in NPLs and
NPAs was primarily related to two commercial real estate loans in
the office sector.
Allowance for Credit Losses
At September 30, 2023, the allowance for credit losses was
$619 million compared to $594 million at June 30,
2023, up $25 million. The allowance for credit losses to
total loans held for investment increased to 74 basis points at
September 30, 2023 compared to 71 basis points at
June 30, 2023.
Deposits
Deposits at September 30, 2023 totaled $82.7 billion, or $5.8 billion lower compared to $88.5 billion at June 30, 2023.
The decrease was primarily driven by a $4.9
billion, or 16%, linked-quarter decrease in
non-interest-bearing deposits to $24.9
billion, primarily due to a $3.9
billion decrease in custodial deposits related to the
Signature transaction. Third quarter 2023 non-interest-bearing
deposits included approximately $2.0
billion of Signature-related custodial deposits compared to
$5.9 billion at June 30, 2023.
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.
|
September 30,
2023
|
|
June 30,
2023
|
|
December 31,
2022
|
REGULATORY CAPITAL
RATIOS: (1)
|
|
|
|
|
|
New York Community
Bancorp, Inc.
|
|
|
|
|
|
Common equity tier 1
ratio
|
9.60 %
|
|
9.59 %
|
|
9.06 %
|
Tier 1 risk-based
capital ratio
|
10.17 %
|
|
10.17 %
|
|
9.78 %
|
Total risk-based
capital ratio
|
11.98 %
|
|
11.95 %
|
|
11.66 %
|
Leverage capital
ratio
|
7.92 %
|
|
7.37 %
|
|
9.70 %
|
|
|
|
|
|
|
Flagstar Bank,
N.A.
|
|
|
|
|
|
Common equity tier 1
ratio
|
11.10 %
|
|
11.12 %
|
|
10.96 %
|
Tier 1 risk-based
capital ratio
|
11.10 %
|
|
11.12 %
|
|
10.96 %
|
Total risk-based
capital ratio
|
11.77 %
|
|
11.75 %
|
|
11.43 %
|
Leverage capital
ratio
|
8.64 %
|
|
8.06 %
|
|
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 NINE MONTHS ENDED
SEPTEMBER 30, 2023
Net Interest Income
For the three months ended September 30,
2023, net interest income totaled $882 million, down
$18 million, or 2%, compared to the three months ended
June 30, 2023. The decrease was
driven by lower average earning assets, partially offset by a
six basis points increase in net interest margin and lower average
interest-bearing liabilities.
For the nine months ended September 30,
2023, net interest income increased $1.3 billion, to $2.3
billion. The year-over-year increase was primarily the
result of the Flagstar 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 September 30,
2023, the NIM was 3.27% up six basis points compared to the
three months ended June 30, 2023.
During the quarter, we continued to benefit from the higher
interest rate environment, which positively impacted the yields on
our assets. Accordingly, average interest-earning asset
yields improved 28 basis points to 5.62%.
Average loan balances increased $1.9
billion, or 2%, to $85.7
billion compared to the previous quarter, while the loan
yield increased 27 basis points on a quarter-over-quarter basis to
5.82%. Average cash balances decreased to $10.8 billion during the third quarter compared
to $18.3 billion during the second
quarter, while the average yield rose 28 basis points to 5.31% from
5.03%.
Average interest-bearing liabilities decreased $3.4 billion, or 4%, to $74.1 billion on a quarter-over-quarter basis
with the average cost increasing 27 basis points to 3.37% compared
to 3.10%. Average interest-bearing deposits decreased
$755 million, or 1%, to $58.5 billion, while the average cost rose 35
basis points to 3.33%. Average borrowed funds declined
$2.6 billion, or 14%, to $15.6 billion, while the average cost of borrowed
funds increased six basis points to 3.53%. Average
non-interest-bearing deposit balances rose $1.1 billion, or 4%, to $25.7 billion compared to the previous
quarter.
For the nine months ended September 30,
2023, the NIM was 3.05%, up 66 basis points compared to the
nine months ended September 30,
2022. The year-over-year increase was primarily the result of
a larger balance sheet driven by both the Flagstar acquisition and
the Signature transaction, and due to organic loan growth, along
with the impact of higher interest rates. Average
interest-earning assets increased $45.8
billion, or 81%, on a year-over-year basis to $102.5 billion for the nine months ended
September 30, 2023, while the average
yield rose 195 basis points to 5.27%.
Average loan balances rose $33.4
billion, or 71%, to $80.6
billion while the average loan yield rose 187 basis points
to 5.43% on a year-over-year basis. Average cash balances
increased $8.8 billion to
$11.1 billion, while the average
yield rose to 5.11% from 1.12%. Average securities increased
$3.5 billion, or 50%, to $10.3 billion, while the average yield improved
to 4.11% from 2.43%.
Average interest-bearing liabilities increased $24.2 billion, or 49%, to $73.9 billion while the average cost increased to
3.09% from 1.06%. Average interest-bearing deposits rose
$20.9 billion, or 61%, while the
average cost of deposits increased to 2.94% compared to
0.71%. Average borrowed funds increased $3.3 billion to $18.7
billion while the average cost rose to 3.52% from
1.84%. Average non-interest-bearing deposits rose
$16.9 billion to $21.2 billion.
Provision for Credit Losses
For the three months ended September 30,
2023, the provision for credit losses totaled $62 million compared to a $49 million provision for the three months ended
June 30, 2023.
For the nine months ended September 30,
2023, the provision for credit losses totaled $281 million compared to $9 million for the nine months ended September 30, 2022. The year-to-date amount
includes a $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 September 30,
2023, PPNR totaled $330 million compared to
$541 million for the three months
ended June 30, 2023. Excluding
the impact of merger-related and restructuring expenses, PPNR for
the three months ended September 30,
2023 was $421 million, down $88 million, or 17%,
compared to $509 million for the three months ended
June 30, 2023.
|
|
|
|
|
|
|
September 30,
2023
|
|
For the Three Months
Ended
|
|
compared
to
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
June 30,
2023
|
|
September 30,
2022
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
882
|
|
$
900
|
|
$
326
|
|
-2 %
|
|
171 %
|
Non-interest
income
|
160
|
|
302
|
|
17
|
|
-47 %
|
|
841 %
|
Total
revenues
|
1,042
|
|
1,202
|
|
343
|
|
-13 %
|
|
204 %
|
Total non-interest
expense
|
712
|
|
661
|
|
136
|
|
8 %
|
|
424 %
|
Pre - provision net
revenue (PPNR)
|
330
|
|
541
|
|
207
|
|
-39 %
|
|
59 %
|
Provision for credit
losses
|
62
|
|
49
|
|
2
|
|
27 %
|
|
3000 %
|
Income before
taxes
|
268
|
|
492
|
|
205
|
|
-46 %
|
|
31 %
|
Income tax
expense
|
61
|
|
79
|
|
53
|
|
-23 %
|
|
15 %
|
Net
Income
|
207
|
|
413
|
|
152
|
|
-50 %
|
|
36 %
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
— %
|
|
— %
|
Net income available
to common stockholders
|
$
199
|
|
$
405
|
|
$
144
|
|
-51 %
|
|
38 %
|
For the nine months ended September 30,
2023, PPNR was $3.0 billion
compared to $651 million for the nine
months ended September 30,
2022. Excluding the impact of merger-related and
restructuring expenses, PPNR for the nine months ended September 30, 2023 totaled $1.2 billion, up $527
million, or 79%, compared to the nine months ended
September 30, 2022.
|
|
|
|
|
|
|
For the Nine Months
Ended
|
|
|
|
September 30,
2023
|
|
September 30,
2022
|
|
%
Change
|
(dollars in
millions)
|
|
|
|
|
|
Net interest
income
|
$
2,337
|
|
$
1,017
|
|
130 %
|
Non-interest
income
|
2,560
|
|
49
|
|
5124 %
|
Total
revenues
|
4,897
|
|
1,066
|
|
359 %
|
Total non-interest
expense
|
1,849
|
|
415
|
|
346 %
|
Pre - provision net
revenue (PPNR)
|
3,048
|
|
651
|
|
368 %
|
Provision for credit
losses
|
281
|
|
9
|
|
3022 %
|
Income before
taxes
|
2,767
|
|
642
|
|
331 %
|
Income tax
expense
|
141
|
|
164
|
|
-14 %
|
Net
Income
|
2,626
|
|
478
|
|
449 %
|
Preferred stock
dividends
|
25
|
|
25
|
|
— %
|
Net income available
to common stockholders
|
$
2,601
|
|
$
453
|
|
474 %
|
Non-Interest Income
For the three months ended September 30,
2023, non-interest income totaled $160 million compared
to $302 million for the second quarter 2023. Excluding
the bargain purchase gain of $141 million related to the
Signature transaction in second quarter 2023, non-interest income
decreased $1 million, from
$161 million in second quarter
2023.
Third quarter 2023 non-interest income includes a
$20 million decrease in net loan administration income to
$19 million for the three months ended September 30, 2023, driven by a reduction in
subservicing income related to a decrease in loans being serviced
for the FDIC related to the Signature transaction. Fee income
was $58 million for the three months ended September 30, 2023, an increase of
$10 million compared to the second quarter 2023, driven by
higher mortgage and other loan fee income. Other noninterest
income was $21 million for the three
months ended September 30, 2023, an
increase of $7 million compared to
the second quarter 2023, driven by higher Private Client Group
("PCG") related income. Net gain on loan sales of
$28 million compared to $25 million during the second
quarter 2023, with a mortgage gain on sale margin of 59 basis
points compared to 51 basis points last quarter.
For the nine months ended September 30,
2023, non-interest income totaled $2.6 billion compared to $49 million for the nine months ended
September 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
nine months ended September 30, 2023
totaled $418 million compared to
$49 million for the nine months ended
September 30, 2022.
For the nine months ended September 30,
2023, net gains on loan sales, net return on mortgage
servicing rights and net loan administration income totaled
$208 million compared to no such
income for the nine months ended September
30, 2022.
Non-Interest Expense
For the three months ended September 30,
2023, non-interest expense totaled $712 million, up $51
million, or 8%, on a linked-quarter basis. Excluding
merger-related and restructuring expenses and intangible
amortization expense, total operating expenses for the three months
ended September 30, 2023 were
$585 million, up $70 million compared to $515 million for the three months ended
June 30, 2023. The increase was
primarily driven by compensation and benefits due to the impact of
recently added private banking teams and revenue-driven
performance.
For the nine months ended September 30,
2023, non-interest expenses were $1.8
billion, up $1.4 billion or
346% compared to the nine months ended September 30, 2022. Excluding
merger-related and restructuring expenses and intangible asset
amortization, non-interest expenses for the nine months ended
September 30, 2023 totaled
$1.5 billion compared to $400 million, up $1.1
billion, driven by the impact of the Flagstar Bank
acquisition, which closed late last year and the Signature
transaction, which closed in late March of this year.
Income Taxes
For the three months ended September 30,
2023, the Company reported a provision for income taxes of
$61 million compared $79 million for the three months
ended June 30, 2023. The
decrease was primarily driven by lower earnings. Income tax expense
for second quarter of 2023 was also impacted by the bargain
purchase gain arising from the Signature transaction. The
effective tax rate was 22.7% for the third quarter.
For the nine months ended September 30,
2023, the provision for income taxes totaled $141 million, down $23
million or 14% compared to the nine months ended
September 30, 2022. The
effective tax rate for the nine months ended September 30, 2023 was 5.1% compared to 25.5% for
the nine months ended September 30,
2022. Income tax expense for the nine months ended
September 30, 2023 was impacted by
the bargain purchase gain arising from the Signature
transaction.
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
September 30, 2023, the Company had $111.2 billion of assets, $85.9 billion of loans, deposits of $82.7 billion, and total stockholders'
equity of $11.0 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 134
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 2nd 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 7th largest bank originator of residential
mortgages for the 12-months ending September 30, 2023, while
we are the industry's 5th largest sub-servicer of mortgage loans
nationwide, servicing 1.6 million accounts with
$412 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,
October 26, 2023, at 8:30 a.m. (Eastern
Time) to discuss its third quarter 2023 performance. The
conference call may be accessed by dialing (888) 440-5675 (for
domestic calls) or (646) 960-0268 (for international calls) and
providing the following conference ID: 8007549. A replay will be
available approximately three hours following completion of the
call through 11:59 p.m. on
October 30, 2023 and may be accessed
by calling (800) 770-2030 (domestic) or (647) 362-9199
(international) and providing the following conference ID: 8007549.
In addition, the conference call will be webcast
at ir.myNYCB.com, and archived through 5:00 p.m. on November 22,
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; the impact of failures or
disruptions in or breaches of the Company's operational or security
systems, data or infrastructure, or those of third parties,
including as a result of cyberattacks or campaigns; the impact of
natural disasters, extreme weather events, military conflict
(including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; 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 Reports on Form 10-Q
for the quarters ended March 31, 2023
and June 30, 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
|
|
|
|
|
|
|
|
|
September 30,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
September 30,
2023
|
|
June 30,
2023
|
|
December 31,
2022
|
|
June 30,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
6,929
|
|
$
15,806
|
|
$
2,032
|
|
-56 %
|
|
241 %
|
Securities:
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
8,723
|
|
7,782
|
|
9,060
|
|
12 %
|
|
-4 %
|
Equity investments with
readily determinable fair values, at fair value
|
13
|
|
14
|
|
14
|
|
-7 %
|
|
-7 %
|
Total
securities
|
8,736
|
|
7,796
|
|
9,074
|
|
12 %
|
|
-4 %
|
Loans held for
sale
|
1,926
|
|
2,194
|
|
1,115
|
|
-12 %
|
|
73 %
|
Loans and leases held
for investment:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
37,698
|
|
37,831
|
|
38,130
|
|
— %
|
|
-1 %
|
Commercial real estate
and acquisition, development, and construction
|
13,396
|
|
13,094
|
|
10,522
|
|
2 %
|
|
27 %
|
One-to-four family
first mortgage
|
5,882
|
|
5,889
|
|
5,821
|
|
— %
|
|
1 %
|
Commercial and
industrial
|
24,423
|
|
23,861
|
|
12,276
|
|
2 %
|
|
99 %
|
Other loans
|
2,596
|
|
2,603
|
|
2,252
|
|
— %
|
|
15 %
|
Total loans and leases
held for investment
|
83,995
|
|
83,278
|
|
69,001
|
|
1 %
|
|
22 %
|
Less: Allowance for
credit losses on loans and leases
|
(619)
|
|
(594)
|
|
(393)
|
|
4 %
|
|
58 %
|
Total loans and leases
held for investment, net
|
83,376
|
|
82,684
|
|
68,608
|
|
1 %
|
|
22 %
|
Federal Home Loan Bank
stock and Federal Reserve Bank stock, at cost
|
1,110
|
|
1,136
|
|
1,267
|
|
-2 %
|
|
-12 %
|
Premises and equipment,
net
|
638
|
|
660
|
|
491
|
|
-3 %
|
|
30 %
|
Core deposit and other
intangibles
|
661
|
|
697
|
|
287
|
|
-5 %
|
|
130 %
|
Goodwill
|
2,426
|
|
2,426
|
|
2,426
|
|
— %
|
|
— %
|
Mortgage servicing
rights
|
1,135
|
|
1,031
|
|
1,033
|
|
10 %
|
|
10 %
|
Bank-owned life
insurance
|
1,576
|
|
1,567
|
|
1,561
|
|
1 %
|
|
1 %
|
Other assets
|
2,717
|
|
2,799
|
|
2,250
|
|
-3 %
|
|
21 %
|
Total
assets
|
$
111,230
|
|
$
118,796
|
|
$
90,144
|
|
-6 %
|
|
23 %
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$
31,087
|
|
$
30,795
|
|
$
22,511
|
|
1 %
|
|
38 %
|
Savings
accounts
|
9,415
|
|
9,762
|
|
11,645
|
|
-4 %
|
|
-19 %
|
Certificates of
deposit
|
17,310
|
|
18,188
|
|
12,510
|
|
-5 %
|
|
38 %
|
Non-interest-bearing
accounts
|
24,863
|
|
29,752
|
|
12,055
|
|
-16 %
|
|
106 %
|
Total
deposits
|
82,675
|
|
88,497
|
|
58,721
|
|
-7 %
|
|
41 %
|
Borrowed
funds:
|
|
|
|
|
|
|
|
|
|
Wholesale
borrowings
|
13,570
|
|
15,400
|
|
20,325
|
|
-12 %
|
|
-33 %
|
Junior subordinated
debentures
|
578
|
|
577
|
|
575
|
|
— %
|
|
1 %
|
Subordinated
notes
|
437
|
|
435
|
|
432
|
|
— %
|
|
1 %
|
Total borrowed
funds
|
14,585
|
|
16,412
|
|
21,332
|
|
-11 %
|
|
-32 %
|
Other
liabilities
|
2,977
|
|
2,827
|
|
1,267
|
|
5 %
|
|
135 %
|
Total
liabilities
|
100,237
|
|
107,736
|
|
81,320
|
|
-7 %
|
|
23 %
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
503
|
|
503
|
|
503
|
|
— %
|
|
— %
|
Common stock
|
7
|
|
7
|
|
7
|
|
— %
|
|
— %
|
Paid-in capital in
excess of par
|
8,217
|
|
8,204
|
|
8,130
|
|
— %
|
|
1 %
|
Retained
earnings
|
3,278
|
|
3,205
|
|
1,041
|
|
2 %
|
|
215 %
|
Treasury stock, at
cost
|
(217)
|
|
(217)
|
|
(237)
|
|
— %
|
|
-8 %
|
Accumulated other
comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on
securities available for sale, net of tax
|
(863)
|
|
(668)
|
|
(626)
|
|
29 %
|
|
38 %
|
Pension and
post-retirement obligations, net of tax
|
(42)
|
|
(43)
|
|
(46)
|
|
-2 %
|
|
-9 %
|
Net unrealized gain on
cash flow hedges, net of tax
|
110
|
|
69
|
|
52
|
|
NM
|
|
112 %
|
Total accumulated other
comprehensive loss, net of tax
|
(795)
|
|
(642)
|
|
(620)
|
|
24 %
|
|
28 %
|
Total stockholders'
equity
|
10,993
|
|
11,060
|
|
8,824
|
|
-1 %
|
|
25 %
|
Total liabilities
and stockholders' equity
|
$
111,230
|
|
$
118,796
|
|
$
90,144
|
|
-6 %
|
|
23 %
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
September 30,
2023
|
|
For the Three Months
Ended
|
|
compared
to
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
June 30,
2023
|
|
September 30,
2022
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
1,251
|
|
$
1,161
|
|
$
442
|
|
8 %
|
|
183 %
|
Securities and money
market investments
|
261
|
|
337
|
|
67
|
|
-23 %
|
|
290 %
|
Total interest
income
|
1,512
|
|
1,498
|
|
509
|
|
1 %
|
|
197 %
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
268
|
|
232
|
|
72
|
|
16 %
|
|
272 %
|
Savings
accounts
|
43
|
|
40
|
|
15
|
|
8 %
|
|
187 %
|
Certificates of
deposit
|
180
|
|
169
|
|
23
|
|
7 %
|
|
683 %
|
Borrowed
funds
|
139
|
|
157
|
|
73
|
|
-11 %
|
|
90 %
|
Total interest
expense
|
630
|
|
598
|
|
183
|
|
5 %
|
|
244 %
|
Net interest
income
|
882
|
|
900
|
|
326
|
|
-2 %
|
|
171 %
|
Provision for credit
losses
|
62
|
|
49
|
|
2
|
|
27 %
|
|
3000 %
|
Net interest income
after provision for credit losses
|
820
|
|
851
|
|
324
|
|
-4 %
|
|
153 %
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
|
|
Fee income
|
58
|
|
48
|
|
5
|
|
21 %
|
|
1060 %
|
Bank-owned life
insurance
|
11
|
|
11
|
|
10
|
|
— %
|
|
10 %
|
Net losses on
securities
|
—
|
|
(1)
|
|
(1)
|
|
NM
|
|
-100 %
|
Net return on mortgage
servicing rights
|
23
|
|
25
|
|
—
|
|
-8 %
|
|
NM
|
Net gain on loan sales
and securitizations
|
28
|
|
25
|
|
—
|
|
12 %
|
|
NM
|
Net loan administration
income
|
19
|
|
39
|
|
—
|
|
-51 %
|
|
NM
|
Bargain purchase
gain
|
—
|
|
141
|
|
—
|
|
NM
|
|
NM
|
Other income
|
21
|
|
14
|
|
3
|
|
50 %
|
|
600 %
|
Total non-interest
income
|
160
|
|
302
|
|
17
|
|
-47 %
|
|
841 %
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
346
|
|
289
|
|
79
|
|
20 %
|
|
338 %
|
Other
|
239
|
|
226
|
|
53
|
|
6 %
|
|
351 %
|
Total operating
expenses
|
585
|
|
515
|
|
132
|
|
14 %
|
|
343 %
|
Intangible asset
amortization
|
36
|
|
37
|
|
—
|
|
-3 %
|
|
NM
|
Merger-related and
restructuring expenses
|
91
|
|
109
|
|
4
|
|
-17 %
|
|
2175 %
|
Total non-interest
expense
|
712
|
|
661
|
|
136
|
|
8 %
|
|
424 %
|
Income before income
taxes
|
268
|
|
492
|
|
205
|
|
-46 %
|
|
31 %
|
Income tax
expense
|
61
|
|
79
|
|
53
|
|
NM
|
|
15 %
|
Net
Income
|
207
|
|
413
|
|
152
|
|
-50 %
|
|
36 %
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
— %
|
|
— %
|
Net income available
to common stockholders
|
$
199
|
|
$
405
|
|
$
144
|
|
-51 %
|
|
38 %
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
0.27
|
|
$
0.55
|
|
$
0.31
|
|
-51 %
|
|
-13 %
|
Diluted earnings per
common share
|
$
0.27
|
|
$
0.55
|
|
$
0.30
|
|
-51 %
|
|
-10 %
|
Dividends per common
share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
— %
|
|
— %
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
For the Nine Months
Ended
|
|
Change
|
|
September 30,
2023
|
|
September 30,
2022
|
|
Amount
|
|
Percent
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
Loans and
leases
|
$
3,279
|
|
$
1,259
|
|
2,020
|
|
160 %
|
Securities and money
market investments
|
765
|
|
152
|
|
613
|
|
403 %
|
Total interest
income
|
4,044
|
|
1,411
|
|
2,633
|
|
187 %
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
657
|
|
104
|
|
553
|
|
532 %
|
Savings
accounts
|
122
|
|
33
|
|
89
|
|
270 %
|
Certificates of
deposit
|
436
|
|
46
|
|
390
|
|
848 %
|
Borrowed
funds
|
492
|
|
211
|
|
281
|
|
133 %
|
Total interest
expense
|
1,707
|
|
394
|
|
1,313
|
|
333 %
|
Net interest
income
|
2,337
|
|
1,017
|
|
1,320
|
|
130 %
|
Provision for credit
losses
|
281
|
|
9
|
|
272
|
|
3022 %
|
Net interest income
after provision for credit losses
|
2,056
|
|
1,008
|
|
1,048
|
|
104 %
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
Fee income
|
133
|
|
17
|
|
116
|
|
682 %
|
Bank-owned life
insurance
|
32
|
|
24
|
|
8
|
|
33 %
|
Net losses on
securities
|
(1)
|
|
(2)
|
|
1
|
|
-50 %
|
Net return on mortgage
servicing rights
|
70
|
|
—
|
|
70
|
|
NM
|
Net gain on loan sales
and securitizations
|
73
|
|
—
|
|
73
|
|
NM
|
Net loan administration
income
|
65
|
|
—
|
|
65
|
|
NM
|
Bargain purchase
gain
|
2,142
|
|
—
|
|
2,142
|
|
NM
|
Other income
|
46
|
|
10
|
|
36
|
|
360 %
|
Total non-interest
income
|
2,560
|
|
49
|
|
2,511
|
|
5124 %
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
854
|
|
238
|
|
616
|
|
259 %
|
Other
|
638
|
|
162
|
|
476
|
|
294 %
|
Total operating
expenses
|
1,492
|
|
400
|
|
1,092
|
|
273 %
|
Intangible asset
amortization
|
90
|
|
—
|
|
90
|
|
NM
|
Merger-related and
restructuring expenses
|
267
|
|
15
|
|
252
|
|
1680 %
|
Total non-interest
expense
|
1,849
|
|
415
|
|
1,434
|
|
346 %
|
Income before income
taxes
|
2,767
|
|
642
|
|
2,125
|
|
331 %
|
Income tax
expense
|
141
|
|
164
|
|
(23)
|
|
-14 %
|
Net
Income
|
2,626
|
|
478
|
|
2,148
|
|
449 %
|
Preferred stock
dividends
|
25
|
|
25
|
|
—
|
|
— %
|
Net income available
to common stockholders
|
$
2,601
|
|
$
453
|
|
2,148
|
|
474 %
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
3.62
|
|
$
0.96
|
|
$
2.67
|
|
279 %
|
Diluted earnings per
common share
|
$
3.61
|
|
$
0.96
|
|
$
2.65
|
|
276 %
|
Dividends per common
share
|
$
0.51
|
|
$
0.51
|
|
$
—
|
|
— %
|
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,
|
|
Nine Months
Ended,
|
(dollars in
millions)
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
September 30,
2023
|
|
September 30,
2022
|
Total Stockholders'
Equity
|
$
10,993
|
|
$
11,060
|
|
$
6,746
|
|
$
10,993
|
|
$
6,746
|
Less: Goodwill and
other intangible assets
|
(3,087)
|
|
(3,123)
|
|
(2,426)
|
|
(3,087)
|
|
(2,426)
|
Less: Preferred
stock
|
(503)
|
|
(503)
|
|
(503)
|
|
(503)
|
|
(503)
|
Tangible common
stockholders' equity
|
$
7,403
|
|
$
7,434
|
|
$
3,817
|
|
$
7,403
|
|
$
3,817
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
111,230
|
|
$
118,796
|
|
$
62,956
|
|
$ 111,230
|
|
$
62,956
|
Less: Goodwill and
other intangible assets
|
(3,087)
|
|
(3,123)
|
|
(2,426)
|
|
(3,087)
|
|
(2,426)
|
Tangible
Assets
|
$
108,143
|
|
$
115,673
|
|
$
60,530
|
|
$ 108,143
|
|
$
60,530
|
|
|
|
|
|
|
|
|
|
|
Average common
stockholders' equity
|
$
10,692
|
|
$
10,387
|
|
$
6,389
|
|
$
9,925
|
|
$
6,443
|
Less: Average goodwill
and other intangible assets
|
(3,111)
|
|
(3,149)
|
|
(2,426)
|
|
(3,011)
|
|
(2,426)
|
Average tangible
common stockholders' equity
|
$
7,581
|
|
$
7,238
|
|
$
3,963
|
|
$
6,914
|
|
$
4,017
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
114,274
|
|
$
121,273
|
|
$
63,269
|
|
$ 110,095
|
|
$
61,729
|
Less: Average goodwill
and other intangible assets
|
(3,111)
|
|
(3,149)
|
|
(2,426)
|
|
(3,011)
|
|
(2,426)
|
Average tangible
assets
|
$
111,163
|
|
$
118,124
|
|
$
60,843
|
|
$ 107,084
|
|
$
59,303
|
|
|
|
|
|
|
|
|
|
|
GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
Return on average
assets (1)
|
0.72 %
|
|
1.36 %
|
|
0.96 %
|
|
3.18 %
|
|
1.03 %
|
Return on average
common stockholders' equity (2)
|
7.42
|
|
15.58
|
|
9.01
|
|
34.94
|
|
9.39
|
Book value per common
share
|
$
14.52
|
|
$
14.61
|
|
$
13.39
|
|
$
14.52
|
|
$
13.39
|
Common stockholders'
equity to total assets
|
9.43 %
|
|
8.89 %
|
|
9.92 %
|
|
9.43 %
|
|
9.92 %
|
NON-GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (1)
|
0.99 %
|
|
1.19 %
|
|
1.02 %
|
|
0.99 %
|
|
1.10 %
|
Return on average
tangible common stockholders' equity (2)
|
14.01
|
|
19.05
|
|
14.81
|
|
14.83
|
|
15.43
|
Tangible book value per
common share
|
$
10.25
|
|
$
10.29
|
|
$
8.19
|
|
$
10.25
|
|
$
8.19
|
Tangible common
stockholders' equity to tangible assets
|
6.85 %
|
|
6.43 %
|
|
6.31 %
|
|
6.85 %
|
|
6.31 %
|
(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 Nine Months
Ended
|
(dollars in
millions, except per share data)
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
September 30,
2023
|
|
September 30,
2022
|
Net income -
GAAP
|
$
207
|
|
$
413
|
|
$
152
|
|
$
2,626
|
|
$
478
|
Merger-related and
restructuring expenses, net of tax (1)
|
67
|
|
81
|
|
3
|
|
198
|
|
11
|
Bargain purchase
gain
|
—
|
|
(141)
|
|
—
|
|
(2,142)
|
|
—
|
Initial provision for
credit losses, net of tax
|
—
|
|
—
|
|
—
|
|
97
|
|
—
|
Provision for bond
related credit losses, net of tax
|
—
|
|
—
|
|
—
|
|
15
|
|
—
|
Net income, as adjusted
- non-GAAP
|
$
274
|
|
$
353
|
|
$
155
|
|
$
794
|
|
$
489
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
25
|
|
25
|
Net income available to
common stockholders, as adjusted - non-GAAP
|
$
266
|
|
$
345
|
|
$
147
|
|
$
769
|
|
$
464
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share - GAAP
|
$
0.27
|
|
$
0.55
|
|
$
0.30
|
|
$
3.61
|
|
$
0.96
|
Diluted earnings per
common share, as adjusted - non-GAAP
|
$
0.36
|
|
$
0.47
|
|
$
0.31
|
|
$
1.07
|
|
$
0.98
|
(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:
|
|
|
|
|
|
|
September 30,
2023
|
|
For the Three Months
Ended
|
|
compared
to:
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
June 30,
2023
|
|
September 30,
2022
|
(dollars in
millions)
|
|
Net interest
income
|
$
882
|
|
$
900
|
|
$
326
|
|
-2 %
|
|
171 %
|
Non-interest
income
|
160
|
|
302
|
|
17
|
|
-47 %
|
|
NM
|
Total
revenues
|
$
1,042
|
|
$
1,202
|
|
$
343
|
|
-13 %
|
|
204 %
|
Total non-interest
expense
|
712
|
|
661
|
|
136
|
|
8 %
|
|
424 %
|
Pre - provision net
revenue (non-GAAP)
|
$
330
|
|
$
541
|
|
$
207
|
|
-39 %
|
|
59 %
|
Bargain purchase
gain
|
—
|
|
(141)
|
|
—
|
|
NM
|
|
NM
|
Merger-related and
restructuring expenses
|
91
|
|
109
|
|
4
|
|
-17 %
|
|
2175 %
|
Pre - provision net
revenue excluding merger-related and
restructuring expenses and bargain purchase gain, as adjusted
(non-GAAP)
|
$
421
|
|
$
509
|
|
$
211
|
|
-17 %
|
|
100 %
|
Provision for credit
losses
|
62
|
|
49
|
|
2
|
|
27 %
|
|
NM
|
Bargain purchase
gain
|
—
|
|
141
|
|
—
|
|
NM
|
|
NM
|
Merger-related and
restructuring expenses
|
(91)
|
|
(109)
|
|
(4)
|
|
-17 %
|
|
2175 %
|
Income before
taxes
|
$
268
|
|
$
492
|
|
$
205
|
|
-46 %
|
|
31 %
|
Income tax
expense
|
61
|
|
79
|
|
53
|
|
-23 %
|
|
15 %
|
Net Income
(GAAP)
|
$
207
|
|
$
413
|
|
$
152
|
|
-50 %
|
|
36 %
|
|
|
|
|
|
|
|
For the Nine Months
Ended
|
|
|
|
September 30,
2023
|
|
September 30,
2022
|
|
Change
%
|
(dollars in
millions)
|
|
Net interest
income
|
$
2,337
|
|
$
1,017
|
|
130 %
|
Non-interest
income
|
2,560
|
|
49
|
|
5124 %
|
Total
revenues
|
$
4,897
|
|
$
1,066
|
|
359 %
|
Total non-interest
expense
|
1,849
|
|
415
|
|
346 %
|
Pre - provision net
revenue (non-GAAP)
|
$
3,048
|
|
$
651
|
|
368 %
|
Bargain purchase
gain
|
(2,142)
|
|
—
|
|
NM
|
Provision for bond
related credit losses
|
20
|
|
—
|
|
NM
|
Merger-related and
restructuring expenses
|
267
|
|
15
|
|
1680 %
|
Pre - provision net
revenue excluding merger-related and restructuring expenses and
bargain
purchase gain, as adjusted (non-GAAP)
|
$
1,193
|
|
$
666
|
|
79 %
|
Provision for credit
losses
|
281
|
|
9
|
|
3022 %
|
Bargain purchase
gain
|
2,142
|
|
—
|
|
NM
|
Provision for bond
related credit losses
|
(20)
|
|
—
|
|
NM
|
Merger-related and
restructuring expenses
|
(267)
|
|
(15)
|
|
1680 %
|
Income before
taxes
|
$
2,767
|
|
$
642
|
|
331 %
|
Income tax
expense
|
141
|
|
164
|
|
-14 %
|
Net Income
(GAAP)
|
$
2,626
|
|
$
478
|
|
449 %
|
NEW YORK COMMUNITY
BANCORP, INC.
NET INTEREST INCOME
ANALYSIS
LINKED-QUARTER AND
YEAR-OVER-YEAR COMPARISONS
(dollars in
millions)
|
|
|
For the Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 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
|
$ 85,691
|
$
1,251
|
5.82 %
|
|
$ 83,810
|
$
1,161
|
5.55 %
|
|
$ 48,495
|
$ 442
|
3.64 %
|
Securities
|
10,317
|
111
|
4.30
|
|
9,781
|
102
|
4.18
|
|
7,368
|
51
|
2.74
|
Reverse repurchase
agreements
|
299
|
5
|
6.11
|
|
429
|
6
|
5.85
|
|
521
|
4
|
3.34
|
Interest-earning cash
and cash equivalents
|
10,788
|
145
|
5.31
|
|
18,279
|
229
|
5.03
|
|
2,192
|
12
|
2.15
|
Total interest-earning
assets
|
107,095
|
$
1,512
|
5.62
|
|
112,299
|
$
1,498
|
5.34
|
|
58,576
|
$ 509
|
3.47
|
Non-interest-earning
assets
|
7,179
|
|
|
|
8,974
|
|
|
|
4,693
|
|
|
Total assets
|
$
114,274
|
|
|
|
$
121,273
|
|
|
|
$ 63,269
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$ 31,321
|
$ 268
|
3.40 %
|
|
$ 30,647
|
$
232
|
3.05 %
|
|
$ 19,443
|
$
72
|
1.47 %
|
Savings
accounts
|
9,628
|
43
|
1.76
|
|
10,015
|
40
|
1.61
|
|
9,297
|
15
|
0.69
|
Certificates of
deposit
|
17,545
|
180
|
4.06
|
|
18,587
|
169
|
3.61
|
|
8,416
|
23
|
1.07
|
Total interest-bearing
deposits
|
58,494
|
491
|
3.33
|
|
59,249
|
441
|
2.98
|
|
37,156
|
110
|
1.18
|
Borrowed
funds
|
15,596
|
139
|
3.53
|
|
18,200
|
157
|
3.47
|
|
14,483
|
73
|
2.00
|
Total interest-bearing
liabilities
|
74,090
|
$ 630
|
3.37
|
|
77,449
|
$
598
|
3.10
|
|
51,639
|
$ 183
|
1.41
|
Non-interest-bearing
deposits
|
25,703
|
|
|
|
24,613
|
|
|
|
4,037
|
|
|
Other
liabilities
|
3,286
|
|
|
|
8,321
|
|
|
|
701
|
|
|
Total
liabilities
|
103,079
|
|
|
|
110,383
|
|
|
|
56,377
|
|
|
Stockholders'
equity
|
11,195
|
|
|
|
10,890
|
|
|
|
6,892
|
|
|
Total liabilities and
stockholders' equity
|
$
114,274
|
|
|
|
$
121,273
|
|
|
|
$ 63,269
|
|
|
Net interest
income/interest rate spread
|
|
$ 882
|
2.25 %
|
|
|
$
900
|
2.24 %
|
|
|
$ 326
|
2.06 %
|
Net interest
margin
|
|
|
3.27 %
|
|
|
|
3.21 %
|
|
|
|
2.22 %
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
|
1.45
x
|
|
|
|
1.45
x
|
|
|
|
1.13
x
|
NEW YORK COMMUNITY
BANCORP, INC.
NET INTEREST INCOME
ANALYSIS
YEAR-OVER-YEAR
COMPARISONS
(dollars in
millions)
|
|
|
For the Nine Months
Ended
|
|
September 30,
2023
|
|
September 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
|
$ 80,569
|
$
3,279
|
5.43 %
|
|
$ 47,158
|
$
1,259
|
3.56 %
|
Securities
|
10,314
|
318
|
4.11
|
|
6,864
|
125
|
2.43
|
Reverse repurchase
agreements
|
503
|
21
|
5.74
|
|
388
|
7
|
2.35
|
Interest-earning cash
and cash equivalents
|
11,127
|
426
|
5.11
|
|
2,326
|
20
|
1.12
|
Total interest-earning
assets
|
102,513
|
$
4,044
|
5.27
|
|
56,736
|
$
1,411
|
3.32
|
Non-interest-earning
assets
|
7,582
|
|
|
|
4,993
|
|
|
Total assets
|
$
110,095
|
|
|
|
$ 61,729
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$ 28,385
|
$ 657
|
3.09 %
|
|
$ 16,915
|
$ 104
|
0.82 %
|
Savings
accounts
|
10,240
|
122
|
1.60
|
|
9,245
|
33
|
0.49
|
Certificates of
deposit
|
16,627
|
436
|
3.50
|
|
8,197
|
46
|
0.75
|
Total interest-bearing
deposits
|
55,252
|
1,215
|
2.94
|
|
34,357
|
183
|
0.71
|
Borrowed
funds
|
18,683
|
492
|
3.52
|
|
15,344
|
211
|
1.84
|
Total interest-bearing
liabilities
|
73,935
|
$
1,707
|
3.09
|
|
49,701
|
$ 394
|
1.06
|
Non-interest-bearing
deposits
|
21,214
|
|
|
|
4,332
|
|
|
Other
liabilities
|
4,518
|
|
|
|
750
|
|
|
Total
liabilities
|
99,667
|
|
|
|
54,783
|
|
|
Stockholders'
equity
|
10,428
|
|
|
|
6,946
|
|
|
Total liabilities and
stockholders' equity
|
$
110,095
|
|
|
|
$ 61,729
|
|
|
Net interest
income/interest rate spread
|
|
$
2,337
|
2.18 %
|
|
|
$
1,017
|
2.26 %
|
Net interest
margin
|
|
|
3.05 %
|
|
|
|
2.39 %
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
|
1.39
x
|
|
|
|
1.14
x
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
FINANCIAL HIGHLIGHTS
(dollars in
millions)
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
(dollars in
millions, except share and per share data)
|
September 30,
2023
|
|
June
30, 2023
|
|
September 30,
2022
|
|
September 30,
2023
|
|
September 30,
2022
|
PROFITABILITY
MEASURES:
|
|
|
|
|
|
|
|
|
|
Net income
|
$
207
|
|
$
413
|
|
$
152
|
|
$
2,626
|
|
$
478
|
Net income available to
common stockholders
|
199
|
|
405
|
|
144
|
|
2,601
|
|
453
|
Basic earnings per
common share
|
0.27
|
|
0.55
|
|
0.31
|
|
3.62
|
|
0.96
|
Diluted earnings per
common share
|
0.27
|
|
0.55
|
|
0.30
|
|
3.61
|
|
0.96
|
Return on average
assets
|
0.72 %
|
|
1.36 %
|
|
0.96 %
|
|
3.18 %
|
|
1.03 %
|
Return on average
tangible assets (1)
|
0.99
|
|
1.19
|
|
1.02
|
|
0.99
|
|
1.10
|
Return on average
common stockholders' equity
|
7.42
|
|
15.58
|
|
9.01
|
|
34.94
|
|
9.39
|
Return on average
tangible common stockholders' equity (1)
|
14.01
|
|
19.05
|
|
14.81
|
|
14.83
|
|
15.43
|
Efficiency ratio
(2)
|
56.15
|
|
48.46
|
|
38.57
|
|
54.16
|
|
37.53
|
Operating expenses to
average assets
|
2.05
|
|
1.70
|
|
0.83
|
|
1.81
|
|
0.86
|
Interest rate
spread
|
2.25
|
|
2.24
|
|
2.06
|
|
2.18
|
|
2.26
|
Net interest
margin
|
3.27
|
|
3.21
|
|
2.22
|
|
3.05
|
|
2.39
|
Effective tax
rate
|
22.68
|
|
16.17
|
|
25.66
|
|
5.09
|
|
25.48
|
Shares used for basic
common EPS computation
|
722,486,509
|
|
722,264,568
|
|
465,115,180
|
|
710,684,522
|
|
465,354,754
|
Shares used for diluted
common EPS computation
|
724,912,890
|
|
723,726,994
|
|
466,094,357
|
|
712,438,049
|
|
466,280,938
|
Common shares
outstanding at the respective period-ends
|
722,485,257
|
|
722,475,755
|
|
466,136,056
|
|
722,485,257
|
|
466,136,056
|
(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.
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
CAPITAL
MEASURES:
|
|
|
|
|
|
Book value per common
share
|
$
14.52
|
|
$
14.61
|
|
$
13.39
|
Tangible book value per
common share (1)
|
10.25
|
|
10.29
|
|
8.19
|
Common stockholders'
equity to total assets
|
9.43 %
|
|
8.89 %
|
|
9.92 %
|
Tangible common
stockholders' equity to tangible assets (1)
|
6.85
|
|
6.43
|
|
6.31
|
(1)
|
See
the reconciliations of these non-GAAP measures with the
comparable GAAP measures on page 13 of this release.
|
NEW YORK
COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL
HIGHLIGHTS
ASSET QUALITY SUMMARY
The following table presents the Company's asset quality
measures at the respective dates:
|
|
|
|
|
|
|
|
September 30,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
September
30, 2023
|
|
June 30,
2023
|
|
December 31,
2022
|
|
June 30,
2023
|
|
December 31,
2022
|
Non-Performing
Loans:
|
|
|
|
|
|
|
|
|
|
Non-accrual mortgage
loans:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
60
|
|
$
33
|
|
$
13
|
|
82 %
|
|
362 %
|
Commercial real
estate
|
157
|
|
36
|
|
20
|
|
336 %
|
|
685 %
|
One-to-four family
first mortgage
|
90
|
|
85
|
|
92
|
|
6 %
|
|
-2 %
|
Acquisition,
development, and construction
|
1
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Total non-accrual
mortgage loans
|
308
|
|
154
|
|
125
|
|
100 %
|
|
146 %
|
Commercial and
industrial
|
65
|
|
64
|
|
3
|
|
2 %
|
|
2067 %
|
Other non-accrual
loans
|
19
|
|
15
|
|
13
|
|
27 %
|
|
46 %
|
Total non-performing
loans
|
392
|
|
233
|
|
141
|
|
68 %
|
|
178 %
|
Repossessed
assets
|
12
|
|
13
|
|
12
|
|
-8 %
|
|
— %
|
Total non-performing
assets
|
$
404
|
|
$
246
|
|
$
153
|
|
64 %
|
|
164 %
|
The following table presents the Company's asset quality
measures at the respective dates:
|
September 30,
2023
|
|
June 30,
2023
|
|
December 31,
2022
|
Non-performing loans to
total loans held for investment
|
0.47 %
|
|
0.28 %
|
|
0.20 %
|
Non-performing assets
to total assets
|
0.36
|
|
0.21
|
|
0.17
|
Allowance for
credit losses on loans to non-performing loans
|
157.93
|
|
255.40
|
|
278.87
|
Allowance for credit
losses on loans to total loans held for investment
|
0.74
|
|
0.71
|
|
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:
|
|
|
|
|
|
|
|
September 30,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
September 30,
2023
|
|
June 30,
2023
|
|
December 31,
2022
|
|
June 30,
2023
|
|
December 31,
2022
|
Loans 30 to 89 Days
Past Due:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
60
|
|
$
79
|
|
$
34
|
|
-24 %
|
|
76 %
|
Commercial real
estate
|
26
|
|
147
|
|
2
|
|
-82 %
|
|
1200 %
|
One-to-four family
first mortgage
|
20
|
|
17
|
|
21
|
|
18 %
|
|
-5 %
|
Acquisition,
development, and construction
|
1
|
|
29
|
|
—
|
|
-97 %
|
|
NM
|
Commercial and
industrial
|
42
|
|
45
|
|
2
|
|
-7 %
|
|
2000 %
|
Other loans
|
20
|
|
18
|
|
11
|
|
11 %
|
|
82 %
|
Total loans 30 to 89
days past due
|
$
169
|
|
$
335
|
|
$
70
|
|
-50 %
|
|
141 %
|
The following table summarizes the Company's net charge-offs
(recoveries) for the respective periods:
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
September 30,
2023
|
|
September 30,
2022
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
2
|
|
$
—
|
|
$
1
|
|
$
2
|
|
$
1
|
Commercial real
estate
|
14
|
|
—
|
|
—
|
|
14
|
|
4
|
One-to-four family
residential
|
—
|
|
1
|
|
—
|
|
3
|
|
—
|
Acquisition,
development and construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Commercial and
industrial
|
6
|
|
—
|
|
—
|
|
6
|
|
—
|
Other
|
4
|
|
2
|
|
—
|
|
9
|
|
—
|
Total
charge-offs
|
$
26
|
|
$
3
|
|
$
1
|
|
$
34
|
|
$
5
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
Commercial real
estate
|
—
|
|
—
|
|
—
|
|
—
|
|
(4)
|
One-to-four family
residential
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Acquisition,
development and construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Commercial and
industrial
|
(1)
|
|
(3)
|
|
(1)
|
|
(8)
|
|
(6)
|
Other
|
(1)
|
|
(1)
|
|
—
|
|
(3)
|
|
—
|
Total
recoveries
|
$
(2)
|
|
$
(4)
|
|
$
(1)
|
|
$
(11)
|
|
$
(10)
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
24
|
|
$
(1)
|
|
$
—
|
|
$
23
|
|
$
(5)
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (1)
|
0.03 %
|
|
— %
|
|
— %
|
|
0.03 %
|
|
(0.01) %
|
|
(1) Three months
ended presented on a non-annualized basis.
|
NEW YORK
COMMUNITY BANCORP, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION
LOANS SERVICED AND SUBSERVICED
|
September 30,
2023
|
|
June 30,
2023
|
(dollars in
millions)
|
Unpaid
Principal
Balance (1)
|
Number of
accounts
|
|
Unpaid
Principal
Balance (1)
|
Number of
accounts
|
Subserviced for others
(2)
|
$
326,522
|
1,218,812
|
|
$
342,831
|
1,273,769
|
Serviced for others
(3)
|
75,891
|
299,323
|
|
73,644
|
291,509
|
Serviced for own loan
portfolio (4)
|
9,322
|
71,785
|
|
9,494
|
71,934
|
Total loans
serviced
|
$
411,735
|
1,589,920
|
|
$
425,969
|
1,637,212
|
(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
|
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SOURCE New York Community Bancorp, Inc.