HICKSVILLE, N.Y., Feb. 6, 2024
/PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) (the
"Company") today reported updated financial (unaudited) information
(all figures as of 2/5/2024):
- Deposit Stability
- Total deposits of approximately $83.0
billion, which is up from year end 2023
- Total insured and collateralized deposits represent 72% of
total deposits
- Total uninsured deposits, excluding collateralized and internal
deposits, are $22.9 billion
- We maintain over $10 billion of
reciprocal deposit capacity to offer expanded deposit insurance to
our clients
- 90% of the balances in our top 20 deposit relationships are
fully insured or collateralized
- Ample Liquidity
- Total liquidity of $37.3 billion
which exceeds uninsured deposits, with a coverage ratio of
163%
- Cash held on balance sheet of approximately $17.0 billion
- Unencumbered securities of approximately $6.1 billion lendable value
- Fully collateralized credit facility with available
capacity from the Federal Reserve Bank of New York and excess lendable value of
collateral at the Federal Home Loan Bank of New York totaling $14.2
billion
President and Chief Executive Officer, Thomas R. Cangemi stated, "We took decisive
actions to fortify our balance sheet and strengthen our risk
management processes during the fourth quarter. Our actions are an
investment in enhancing a risk management framework commensurate
with the size and complexity of our bank and providing a solid
foundation going forward. Despite the Moody's ratings downgrade,
our deposit ratings from Moody's, Fitch and DBRS remain investment
grade. The Moody's downgrade is not expected to have a material
impact on our contractual arrangements.
"Finally, as part of the bank's enhancements to its risk
management processes we have been engaged in an orderly process of
bringing in a new chief risk officer and chief audit executive with
large bank experience and we currently have qualified personnel
filling those positions on an interim basis."
Cautionary Statements Regarding Forward-Looking
Information
This press release may include forward‐looking
statements by the Company 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, our acquisition of substantial portions of the former
Signature Bank through an FDIC-assisted transaction, and our
transition to a $100 billion plus
bank.
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 future allowance for credit losses requirements under
relevant accounting and regulatory requirements; the ability to pay
future dividends at currently expected rates; changes in our
capital management and balance sheet strategies and our ability to
successfully implement such strategies; 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 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, June 30, 2023, and
September 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.
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. At December 31,
2023, the Company had $116.3
billion of assets, $85.8
billion of loans, deposits of $81.4
billion, and total stockholders' equity of $10.8 billion.
Flagstar Bank, N.A. operates 420 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 December
31, 2023, while we are the industry's 5th largest
sub-servicer of mortgage loans nationwide, servicing 1.4 million
accounts with $382 billion in unpaid
principal balances. Additionally, the Company is the 2nd largest
mortgage warehouse lender nationally based on total
commitments.
Investor/Media Contact:
Salvatore J. DiMartino
(516) 683-4286
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SOURCE New York Community Bancorp, Inc.