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New York Community Bancorp, Inc. Reports Third Quarter 2018 Diluted Earnings Per Common Share of $0.20 as … – Ladies Want More
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Home / Family / New York Community Bancorp, Inc. Reports Third Quarter 2018 Diluted Earnings Per Common Share of $0.20 as …

New York Community Bancorp, Inc. Reports Third Quarter 2018 Diluted Earnings Per Common Share of $0.20 as …

WESTBURY, N.Y., Oct. 24, 2018 /PRNewswire/ —

 

Third Quarter 2018 Summary

Earnings:
Net income was $106.8 million, relatively unchanged compared to $107.4 million for June 30, 2018.
Net income available to common shareholders was $98.6 million, also relatively unchanged compared to $99.1 million for June 30, 2018.
Non-interest expenses declined $27.8 million, or 17% to $134.4 million versus the prior year‘s quarter; on a year-to-date basis they declined $81.3 million, or 16%.
The efficiency ratio was a solid 49.35%.
Return on average assets was 0.84% compared to 0.87% in the previous quarter and return on average common stockholders’ equity was 6.26% versus 6.31% at June 30, 2018. (1)
Return on average tangible assets was 0.89% compared to 0.91% in the prior quarter and return on average tangible common stockholders’ equity was 10.20% compared to 10.30% at June 30, 2018. (1) (2)
Balance Sheet:
Loans held for investment totaled $39.8 billion up $1.5 billion or 5% annualized.
Total multi-family loans also grew $1.5 billion or 7% on an annualized basis.
Total commercial and industrial loans, led by our specialty finance business, increased $287 million or 19% on an annualized basis.
Total deposits increased $1.2 billion or 6% on an annualized basis, including growth of $763 million or 10% annualized during the current quarter.
Net Interest Margin:
The net interest margin declined 17 basis points to 2.16% compared to second quarter 2018.
Excluding prepayments, the net interest margin was 2.08%, down 11 basis points compared to the prior quarter.
Prepayment income added eight basis points to the net interest margin this quarter compared to 14 basis points in the prior quarter.
Pristine Asset Quality:
Non-performing assets declined 4% to $67.8 million or 0.13% of total assets on a linked-quarter basis.
Non-performing loans declined 4% to $54.1 million or 0.14% of total loans on a linked-quarter basis.
Net charge-offs totaled $2.2 million or 0.01% of average loans.
The allowance for loan losses represented 295.3% of non-performing loans.
Capital Position at September 30, 2018:
Common Equity Tier 1 Capital Ratio was 11.07%.
Tier 1 Risk-Based Capital Ratio was 12.47%.
Total Risk-Based Capital Ratio was 13.89%.
Leverage Capital Ratio was 9.26%.
Recent Developments:
Received final regulatory approval to merge subsidiary banks; expect closing to occur in the fourth quarter.
Board of Directors approves a $300 million common share repurchase program.

 

New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today reported net income for the three months ended September 30, 2018 of $106.8 million, down modestly from the $107.4 million reported for the three months ended June 30, 2018, and down 3.3% from the $110.5 million reported for the three months ended September 30, 2017.

Net income available to common shareholders was $98.6 million, also down modestly from the $99.1 million reported for the three months ended June 30, 2018 and down 3.6% from the $102.3 million reported for the three months ended September 30, 2017.

Net income and net income available to common shareholders for the three months ended September 30, 2017 included an $82.0 million pre-tax gain on the sale of covered loans and our mortgage banking operations, as well as a $44.6 million provision for loan losses largely due to taxi medallion-related loans.

Diluted earnings per common share (“EPS”) for the three months ended September 30, 2018 were $0.20, unchanged from the prior quarter and as compared to $0.21 for the three months ended September 30, 2017. 

Commenting on the Company’s third quarter performance, President and Chief Executive Officer Joseph R. Ficalora stated, “Despite what traditionally is a seasonally slow quarter, the Company turned in a respectable performance during the third quarter, reflecting a continuation of our three-prong strategy to increase earnings: growing our loan portfolio at higher interest rates, redeploying our excess liquidity into higher yielding assets, and significantly reducing our operating expenses, while keeping a sharp eye on asset quality.

“Our loan portfolio, driven by our core multi-family loan product, continued to grow during the third quarter. Total loans held for investment grew 5% on an annualized basis to $39.8 billion. Since the beginning of 2018, we have grown our loan portfolio by $1.5 billion, with most of this growth occurring over the past two quarters, in response to the SIFI threshold being raised to $250 billion in late May. The growth in loans helped drive our assets higher. Total assets at September 30, 2018 were $51.2 billion, up over $2.0 billion since the beginning of the year.

“While our loans continued to grow, we have not sacrificed our underwriting standards and our asset quality metrics remain pristine. Non-performing assets declined again this quarter, as did net charge-offs. In fact, we did not have any charge-offs in our core multi-family, commercial real estate, and commercial industrial loan portfolios during the quarter.

“We also continued our reinvestment strategy during the current quarter, redeploying a portion of our excess cash position into higher yielding assets, primarily investment securities. We expect to continue to redeploy excess cash during the fourth quarter.

“Additionally, we remained diligent on our expense controls as operating expenses declined again during the third quarter. So far during the first nine months of the year, non-interest expenses declined $81.3 million or 16% compared to the first nine months of 2017. We remain on track to meet our expense reduction goals for 2018.

“Also on October 1st, we received final regulatory approval to merge our commercial bank subsidiary, New York Commercial Bank with and into our primary banking subsidiary, New York Community Bank. This merger will result in additional organizational and capital flexibility, as well as certain operational efficiencies, and is expected to close in the fourth quarter of 2018.

“Finally, we are pleased to receive regulatory approval and Board authorization for our share repurchase program. The program, which is in line with our capital planning, is expected to be immediately accretive to EPS, allows us to take advantage of current market conditions, and will accelerate our internal capital generation.”

Board of Directors Declares $0.17 per Common Share Dividend and Authorizes $300 Million Common Share Repurchase Program
Reflecting our earnings and our capital position, the Board of Directors yesterday declared a quarterly cash dividend on the Company’s common stock of $0.17 per share. The dividend is payable on November 20, 2018 to common shareholders of record as of November 6, 2018, and represents a dividend yield of 7.2% based on yesterday’s closing price.

Also yesterday, the Board of Directors approved the repurchase of $300 million of the Company’s outstanding common shares. Purchases will be made from time to time in open market transactions.

BALANCE SHEET SUMMARY

Total assets for the quarter ended September 30, 2018 were $51.2 billion, up just over $2.0 billion or 4% from the year ended December 31, 2017 and up $777.5 million or 6% annualized from the quarter ended June 30, 2018.  This quarter‘s asset growth was primarily due to loan growth combined with growth in the securities portfolio.  This growth was funded mainly by deposits and to a lesser extent wholesale borrowings.

While the third quarter of the year traditionally is our slowest for loan growth, we still had very good growth and are on target for mid-single digit growth in 2018.  Total loans held for investment rose $1.5 billion or 5% from December 31, 2017 to $39.8 billion and rose $390 million compared to the balance at June 30, 2018.

In addition to solid loan growth this quarter, we also grew our securities portfolio, as we continued to reinvest our excess cash position.  Accordingly, the balance of available-for-sale securities increased $641 million to $4.8 billion compared to June 30, 2018 and by $1.2 billion compared to December 31, 2017.  Total securities as a percentage of total assets increased to 9.4% during the current third quarter compared to 8.2% at the prior quarter-end and 7.2% at year-end 2017.

Our growth during this quarter was funded primarily through deposits.  Total deposits rose $1.2 billion, or 6% annualized to $30.3 billion compared to the level at December 31, 2017 and $763 million or 10% annualized compared to the level at June 30, 2018. Wholesale borrowings of $13.5 billion rose $927 million or 10% annualized compared to the balance at December 31, 2017 and increased $47 million or 1% annualized compared to the balance at June 30, 2018.

Loans

Loans held for investment, net totaled $39.7 billion at September 30, 2018, a $1.4 billion or 5% annualized increase from December 31, 2017, and an increase of $391 million from June 30, 2018.

The Company’s overall loan growth was driven by growth in our multi-family and commercial and industrial (“CI”) loan portfolios.  Multi-family loans grew to $29.6 billion in the current third quarter.  This represents annualized growth of $1.5 billion or 7%, compared to December 31, 2017.

CI loans, which are primarily specialty finance related-loans, increased $287 million or 18% annualized to $2.3 billion compared to the balance at December 31, 2017.

Conversely, the commercial real estate (“CRE”) loan portfolio declined both on a linked-quarter and year-to-date basis, due to payoffs and scheduled maturities.  CRE loans declined $289 million, or 5% annualized to $7.0 billion compared to year-end 2017.

Originations
Reflecting typical third quarter seasonality, loans originated for investment were $2.5 billion. For the nine months ended September 30, 2018, loans originated for investment were up 36% to $7.9 billion compared to the nine-months ended September 30, 2017 with multi-family originations increasing 60%, specialty finance up 13%, and CRE up 6%.

Pipeline
The current loan pipeline stands at $1.3 billion.  This includes $800 million in multi-family loans, $163 million in CRE loans, and $316 million in specialty finance loans.

Funding

Deposits
Total deposits increased $1.2 billion or 6% annualized on a year-to-date basis and $763 million or 10% annualized, sequentially to $30.3 billion. Deposit growth was driven in large part through certificates of deposit (“CDs”) and to a lesser extent, through non-interest-bearing accounts.

On a year-to-date basis, CDs rose $2.8 billion or 43% annualized and on a linked-quarter basis, CDs grew $1.1 billion, also 43% annualized.  Non-interest-bearing accounts increased $211 million, or 12% on a year-to-date annualized basis and $25 million, or 4% annualized on a linked-quarter basis.

Borrowed Funds
Total borrowed funds were $13.8 billion at September 30, 2018, up $927 million, or 10% annualized compared to year-end 2017 and up $47 million, or 1% annualized compared to second quarter 2018.  The entire increase was due to higher wholesale borrowings, consisting primarily of Federal Home Loan Bank of New York borrowings.

Asset Quality

Total non-performing assets (“NPAs”) declined $3 million, or 4% to $67.8 million, or 0.13% of total assets at September 30, 2018 compared to $70.7 million, or 0.14% of total assets at June 30, 2018. NPAs were down $17 million, or 20% compared to $84.7 million, or 0.17% of total assets at September 30, 2017.

Non-performing loans (“NPLs”) were $54.1 million at September 30, 2018, down 4% sequentially and 22% year-over-year.  For the current third quarter, NPLs represented 0.14% of total loans, unchanged from the prior quarter, and 0.18% of total loans in the year-ago quarter.  The majority of NPLs are taxi medallion-related loans, which were $41.3 million in the current third quarter versus $43.5 million in the prior quarter and $43.4 million in the year-ago quarter.

Repossessed assets totaled $13.8 million, a decrease of 3% compared to the prior quarter and a decrease of 13% compared to the year-ago quarter.  As with our NPLs, the majority of our repossessed assets consist of repossessed taxi medallions, which represented $8.6 million of repossessed assets during the current quarter, $9.0 million in the prior quarter, and $6.5 million in the year-ago quarter.  At September 30, 2018, the Company’s total taxi medallion-related loans were $80.7 million compared to $85.8 million at the prior quarter end.

In the third quarter of 2018, the Company recorded net charge-offs of $2.2 million or 0.01% of average loans compared to $5.2 million or 0.01% in the prior quarter and $40.4 million or 0.11% in the year-ago quarter.  As in the previous quarter, the majority of our net charge-offs were taxi medallion-related.  Aside from taxi medallion-related charge-offs, the Company did not have any charge-offs this quarter in its multi-family, CRE, and CI portfolios while recording modest recoveries.

EARNINGS SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018

For the three months ended September 30, 2018, the Company reported net income of $106.8 million, down a modest 0.5% from the $107.4 million reported for the three months ended June 30, 2018, and down 3.3% from the $110.5 million reported for the three months ended September 30, 2017.

Net income available to common shareholders was $98.6 million, down 0.6% from the $99.1 million reported for the three months ended June 30, 2018 and down 3.6% from the $102.3 million reported for the three months ended September 30, 2017.

For the three months ended September 30, 2017, both net income and net income available to common shareholders included an $82.0 million pre-tax gain on the sale of certain covered one-to-four family residential loans and mortgage banking operations and a $44.6 million provision for loan losses tied primarily to taxi medallion-related loans.

Diluted EPS for the three months ended September 30, 2018 were $0.20, unchanged from the prior quarter and as compared to $0.21 in the year-ago quarter.

Net Interest Income
Net interest income for the three months ended September 30, 2018 was $249.5 million, down 5% compared to the three months ended June 30, 2018 and down 10% compared to the three months ended September 30, 2017.  While interest income rose 2% and 8%, compared to the respective prior periods, this was offset by higher levels of interest expense.  The higher levels of interest expense were driven by growth in CDs and wholesale borrowings, along with higher rates on those balances due to the continuation of the Federal Reserve’s interest rate increases.

Net Interest Margin
The net interest margin for the current third quarter was 2.16%, down 17 basis points compared to the prior quarter and down 37 basis points compared to the year-ago quarter.  The decline was due to higher funding costs driven by Federal Reserve rate increases over the past year. In addition to higher interest expense, the third quarter 2018 net interest margin was negatively impacted by a lower level of loan prepayments.  Prepayment income added eight basis points to the net interest margin during the third quarter, compared to 14 and 16 basis points, respectively, in the prior quarter and year-ago quarter.

Excluding the contribution to net interest income from prepayment income, the third quarter 2018 net interest margin would have been 2.08%, down 11 basis points.

Provision for Loan Losses
The provision for loan losses for the third quarter of 2018 was $1.2 million, down 75% compared to the second quarter of 2018 and down 97% compared to the third quarter of 2017.  The loan loss provision in the year-ago quarter was $44.6 million, largely reflecting the write down of our taxi medallion-related loan portfolio.

Non-Interest Income
Non-interest income during the third quarter of 2018 totaled $22.9 million, relatively unchanged from the amount recorded in the second quarter of 2018, but was down 79% compared to the third quarter of 2017.  The prior-year quarter included an $82.0 million gain on sale related to the sale of certain covered one-to-four family residential loans and our mortgage banking operations.

Non-Interest Expense
Total non-interest expense was $134.4 million during the current third-quarter, down 3% compared to the second quarter of this year and down 17% compared to the third quarter of 2017.  Both the linked quarter and year-over-year improvements were driven by lower general and administrative expense, compensation and benefits expense, and occupancy and equipment expense.

The efficiency ratio increased to 49.35% on lower revenues, compared to 48.19% in the prior quarter and 42.10% in the year-ago quarter.

Income Taxes
Income tax expense for the three months ended September 30, 2018 totaled $30.0 million, reflecting modestly lower pre-tax income and a lower effective tax rate of 21.95%.  This compares to an effective tax rate of 25.35% in the prior quarter and 38.10% in the year-ago quarter. The lower effective tax rate in both the current quarter and the second quarter of 2018 is due to tax reform legislation passed in late 2017, as well as various tax planning strategies.

About New York Community Bancorp, Inc.

Based in Westbury, NY, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. At September 30, 2018, the Company reported assets of $51.2 billion, loans of $39.8 billion, deposits of $30.3 billion, and stockholders’ equity of $6.8 billion.

Reflecting our growth through a series of acquisitions, the Community Bank operates 223 branches through seven local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona, while the Commercial Bank operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank. Additional information about the Company and its bank subsidiaries is available at www.myNYCB.com and www.NewYorkCommercialBank.com.

Post-Earnings Release Conference Call
The Company will host a conference call on Wednesday, October 24, 2018, at 8:30 a.m. (Eastern Time) to discuss its third quarter 2018 performance. The conference call may be accessed by dialing (877) 407-8293 (for domestic calls) or (201) 689-8349 (for international calls) and asking for “New York Community Bancorp” or “NYCB.” A replay will be available approximately three hours following completion of the call through 11:59 p.m. on October 28, 2018 and may be accessed by calling (877) 660-6853 (domestic) or (201) 612-7415 (international) and providing the following conference ID: 13683407.  In addition, the conference call will be webcast at ir.myNYCB.com, and archived through 5:00 p.m. on November 21, 2018.

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.

Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” 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; our ability to obtain the necessary shareholder and regulatory approvals of any acquisitions we may propose; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations, and our ability to realize related revenue synergies and cost savings within expected time frames; changes in legislation, regulations, and policies; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control.

More information regarding some of these factors is provided in the Risk Factors section of our Form 10‐K for the year ended December 31, 2017 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,

December 31,

2018

2017

(unaudited)

(in thousands, except share data)

Assets

Cash and cash equivalents

$     1,731,754

$         2,528,169

Securities:

Available-for-sale

4,764,283

3,531,427

    Equity investments with readily

        determinable fair values, at fair value

31,724

Total securities

4,796,007

3,531,427

Loans held for sale 

35,258

Mortgage loans held for investment:

Multi-family

29,566,170

28,092,182

Commercial real estate 

7,036,315

7,324,852

One-to-four family

456,626

477,244

Acquisition, development, and construction

433,877

435,707

Total mortgage loans held for investment

37,492,988

36,329,985

Other loans: 

Commercial and industrial 

2,336,183

2,049,498

Other loans

9,100

8,488

Total other loans held for investment

2,345,283

2,057,986

Total loans held for investment

39,838,271

38,387,971

Less:  Allowance for loan losses

(159,655)

(158,046)

Loans held for investment, net

39,678,616

38,229,925

Total loans, net

39,678,616

38,265,183

Federal Home Loan Bank stock, at cost

654,939

603,819

Premises and equipment, net

352,518

368,655

Goodwill

2,436,131

2,436,131

Other assets 

1,596,689

1,390,811

Total assets

$   51,246,654

$       49,124,195

Liabilities and Stockholders’ Equity

Deposits:

Interest-bearing checking and money market accounts

$   11,559,687

$       12,936,301

Savings accounts

4,826,845

5,210,001

Certificates of deposit

11,409,974

8,643,646

Non-interest-bearing accounts

2,522,778

2,312,215

Total deposits

30,319,284

29,102,163

Borrowed funds:

Wholesale borrowings

13,481,000

12,554,500

Junior subordinated debentures

359,422

359,179

Total borrowed funds

13,840,422

12,913,679

Other liabilities

292,933

312,977

Total liabilities

44,452,639

42,328,819

Stockholders’ equity:

Preferred stock at par $0.01 (5,000,000 shares authorized): 

Series A (515,000 shares issued and outstanding)

502,840

502,840

Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070 and 489,072,101

shares issued; and 490,341,864 and 488,490,352 shares outstanding, respectively)

4,904

4,891

Paid-in capital in excess of par

6,091,749

6,072,559

Retained earnings 

286,763

237,868

Treasury stock, at cost (97,206 and 581,749 shares, respectively)

(1,177)

(7,615)

Accumulated other comprehensive loss, net of tax:

Net unrealized (loss) gain on securities available for sale, net of tax

(29,859)

39,188

Net unrealized loss on the non-credit portion of other-than-

temporary impairment losses, net of tax

(6,042)

(5,221)

Pension and post-retirement obligations, net of tax

(55,163)

(49,134)

Total accumulated other comprehensive loss, net of tax

(91,064)

(15,167)

Total stockholders’ equity

6,794,015

6,795,376

Total liabilities and stockholders’ equity

$   51,246,654

$       49,124,195

NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

Sept. 30,

Sept. 30,

Sept. 30,

2018

2018

2017

2018

2017

(in thousands, except per share data)

Interest Income:

Mortgage and other loans

$ 368,264

$ 368,456

$ 350,990

$ 1,092,637

$ 1,070,722

Securities and money market investments

56,880

48,876

42,685

154,164

121,147

Total interest income

425,144

417,332

393,675

1,246,801

1,191,869

Interest Expense:

Interest-bearing checking and money market accounts

44,497

40,380

27,620

119,246

71,413

Savings accounts 

7,325

6,630

7,109

21,176

21,069

Certificates of deposit

51,249

39,534

27,649

121,298

73,786

Borrowed funds

72,567

66,833

54,954

201,322

166,572

Total interest expense

175,638

153,377

117,332

463,042

332,840

Net interest income

249,506

263,955

276,343

783,759

859,029

Provision for losses on loans

1,201

4,714

44,585

15,486

58,017

Recovery of losses on covered loans

(23,701)

Net interest income after provision for (recovery of)

loan losses

248,305

259,241

231,758

768,273

824,713

Non-Interest Income:

Fee income

7,237

7,492

7,972

22,056

23,983

Bank-owned life insurance

7,302

6,318

8,314

20,424

21,170

Mortgage banking income

1,486

19,446

Net (loss) gain on securities 

(41)

(303)

(810)

28,915

FDIC indemnification expense

(18,961)

Gain on sale of covered loans and mortgage banking

   operations

82,026

82,026

Other income 

8,424

9,199

9,130

26,815

34,958

Total non-interest income  

22,922

22,706

108,928

68,485

191,537

Non-Interest Expense:

Operating expenses:

Compensation and benefits

78,283

80,314

92,246

242,572

281,964

Occupancy and equipment

24,401

25,026

25,133

74,311

73,595

General and administrative

31,749

32,802

44,831

94,799

137,175

Total operating expenses

134,433

138,142

162,210

411,682

492,734

Amortization of core deposit intangibles

24

208

Total non-interest expense

134,433

138,142

162,234

411,682

492,942

Income before income taxes

136,794

143,805

178,452

425,076

523,308

Income tax expense 

30,022

36,451

67,984

104,398

193,628

Net Income 

106,772

107,354

110,468

320,678

329,680

Preferred stock dividends

8,207

8,207

8,207

24,621

16,414

Net income available to common shareholders

$   98,565

$   99,147

$ 102,261

$    296,057

$    313,266

Basic earnings per common share 

$       0.20

$       0.20

$       0.21

$          0.60

$          0.64

Diluted earnings per common share

$       0.20

$       0.20

$       0.21

$          0.60

$          0.64

NEW YORK COMMUNITY BANCORP, INC.

RECONCILIATIONS OF CERTAIN GAAP AND NON-GAAP FINANCIAL MEASURES

(unaudited)

While stockholders’ equity, total assets, and book value per share are financial measures that are recorded in accordance with U.S. generally accepted accounting principles (“GAAP”), tangible stockholders’ equity, tangible assets, and tangible book value per share are not.  Nevertheless, it is management’s belief that these non-GAAP measures should be disclosed in our earnings releases and other investor communications for the following reasons:

      1.      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.

      2.      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.

      3.      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 three months ended September 30, 2018, June 30, 2018, and September 30, 2017 and for the nine months ended September 30, 2018 and 2017:

At or for the

At or for the

Three Months Ended

Nine Months Ended

Sept. 30,

June 30,

Sept. 30,

Sept. 30,

Sept. 30,

(dollars in thousands)

2018

2018

2017

2018

2017

Total Stockholders’ Equity

$    6,794,015

$    6,789,352

$    6,759,654

$    6,794,015

$    6,759,654

Less: Goodwill

(2,436,131)

(2,436,131)

(2,436,131)

(2,436,131)

(2,436,131)

Preferred stock

(502,840)

(502,840)

(502,840)

(502,840)

(502,840)

Tangible common stockholders’ equity

$    3,855,044

$    3,850,381

$    3,820,683

$    3,855,044

$    3,820,683

Total Assets 

$  51,246,654

$  50,469,170

$  48,457,891

$  51,246,654

$  48,457,891

Less: Goodwill

(2,436,131)

(2,436,131)

(2,436,131)

(2,436,131)

(2,436,131)

Tangible assets

$  48,810,523

$  48,033,039

$  46,021,760

$  48,810,523

$  46,021,760

Average Common Stockholders’ Equity

$    6,301,525

$    6,286,326

$    6,262,792

$    6,291,911

$    6,187,514

Less: Average goodwill and CDI

(2,436,131)

(2,436,131)

(2,436,146)

(2,436,131)

(2,436,202)

Average tangible common stockholders’ equity

$    3,865,394

$    3,850,195

$    3,826,646

$    3,855,780

$    3,751,312

Average Assets

$  50,608,283

$  49,567,386

$  48,526,259

$  49,685,717

$  48,776,475

Less: Average goodwill and CDI

(2,436,131)

(2,436,131)

(2,436,146)

(2,436,131)

(2,436,202)

Average tangible assets

$  48,172,152

$  47,131,255

$  46,090,113

$  47,249,586

$  46,340,273

Net Income Available to Common Shareholders 

$         98,565

$         99,147

$       102,261

$       296,057

$       313,266

Add back: Amortization of CDI, net of tax

14

125

Adjusted net income available to common shareholders

$         98,565

$         99,147

$       102,275

$       296,057

$       313,391

GAAP MEASURES:

Return on average assets (1)

0.84

%

0.87

%

0.91

%

0.86

%

0.90

Return on average common stockholders’ equity (2)

6.26

6.31

6.53

6.27

6.75

Book value per common share

$           12.83

$           12.82

$           12.79

$           12.83

$           12.79

Common stockholders’ equity to total assets

12.28

12.46

12.91

12.28

12.91

NON-GAAP MEASURES:

Return on average tangible assets (1)

0.89

%

0.91

%

0.96

%

0.90

%

0.95

Return on average tangible common stockholders’ equity (2)

10.20

10.30

10.69

10.24

11.14

Tangible book value per common share

$             7.86

$             7.85

$             7.81

$             7.86

$             7.81

Tangible common stockholders’ equity to tangible assets

7.90

8.02

8.30

7.90

8.30

NEW YORK COMMUNITY BANCORP, INC.

NET INTEREST INCOME ANALYSIS

LINKED-QUARTER AND YEAR-OVER-YEAR COMPARISONS

(unaudited)

For the Three Months Ended

September 30, 2018

June 30, 2018

September 30, 2017

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

(dollars in thousands)

Assets:

Interest-earning assets:

Mortgage and other loans, net 

$ 39,465,876

$  368,264

3.73

%

$ 38,937,521

$  368,456

3.79

%

$   37,791,476

$  350,990

3.71

%

Securities

5,279,319

49,084

3.71

4,029,967

37,962

3.77

3,597,699

34,359

3.81

Interest-earning cash and cash equivalents

1,557,465

7,796

1.99

2,288,581

10,914

1.91

2,474,307

8,326

1.34

Total interest-earning assets

46,302,660

425,144

3.67

45,256,069

417,332

3.69

43,863,482

393,675

3.59

Non-interest-earning assets

4,305,623

4,311,317

4,662,777

Total assets

$ 50,608,283

$ 49,567,386

$   48,526,259

Liabilities and Stockholders’ Equity:

Interest-bearing deposits:

Interest-bearing checking and money

market accounts

$ 11,732,410

$    44,497

1.50

%

$ 12,185,478

$    40,380

1.33

%

$   12,672,720

$    27,620

0.86

%

Savings accounts

4,872,126

7,325

0.60

4,935,936

6,630

0.54

5,006,499

7,109

0.56

Certificates of deposit

10,740,927

51,249

1.89

9,631,672

39,534

1.65

8,533,404

27,649

1.29

Total interest-bearing deposits

27,345,463

103,071

1.50

26,753,086

86,544

1.30

26,212,623

62,378

0.94

Borrowed funds

13,704,208

72,567

2.10

13,126,137

66,833

2.04

12,397,681

54,954

1.76

Total interest-bearing liabilities

41,049,671

175,638

1.70

39,879,223

153,377

1.54

38,610,304

117,332

1.21

Non-interest-bearing deposits

2,488,674

2,675,223

2,766,701

Other liabilities

265,573

223,774

383,622

Total liabilities

43,803,918

42,778,220

41,760,627

Stockholders’ equity

6,804,365

6,789,166

6,765,632

Total liabilities and stockholders’ equity

$ 50,608,283

$ 49,567,386

$   48,526,259

Net interest income/interest rate spread

$  249,506

1.97

%

$  263,955

2.15

%

$  276,343

2.38

%

Net interest margin

2.16

%

2.33

%

2.53

%

Ratio of interest-earning assets to

interest-bearing liabilities 

1.13

x

1.13

x

1.14

x

NEW YORK COMMUNITY BANCORP, INC.

NET INTEREST INCOME ANALYSIS

YEAR-OVER-YEAR COMPARISON

(unaudited)

For the Nine Months Ended September 30,

2018

2017

Average
Balance

Interest

Average
Yield/Cost

Average
Balance

Interest

Average
Yield/Cost

(dollars in thousands)

Assets:

Interest-earning assets:

Mortgage and other loans, net 

$ 38,902,370

$ 1,092,637

3.75

%

$ 38,652,113

$ 1,070,722

3.69

%

Securities

4,463,058

127,038

3.80

4,052,154

112,800

3.72

Interest-earning cash and cash equivalents

1,991,558

27,126

1.82

832,463

8,347

1.34

Total interest-earning assets

45,356,986

1,246,801

3.67

43,536,730

1,191,869

3.65

Non-interest-earning assets

4,328,731

5,239,745

Total assets

$ 49,685,717

$ 48,776,475

Liabilities and Stockholders’ Equity:

Interest-bearing deposits:

Interest-bearing checking and money

market accounts

$ 12,178,512

$    119,246

1.31

%

$ 12,950,570

$      71,413

0.74

%

Savings accounts

4,956,358

21,176

0.57

5,171,645

21,069

0.54

Certificates of deposit

9,732,912

121,298

1.67

8,019,142

73,786

1.23

Total interest-bearing deposits

26,867,782

261,720

1.30

26,141,357

166,268

0.85

Borrowed funds

13,255,400

201,322

2.03

12,992,691

166,572

1.71

Total interest-bearing liabilities

40,123,182

463,042

1.54

39,134,048

332,840

1.14

Non-interest-bearing deposits

2,522,784

2,820,923

Other liabilities

245,000

269,132

Total liabilities

42,890,966

42,224,103

Stockholders’ equity

6,794,751

6,552,372

Total liabilities and stockholders’ equity

$ 49,685,717

$ 48,776,475

Net interest income/interest rate spread

$    783,759

2.13

%

$    859,029

2.51

%

Net interest margin

2.30

%

2.63

%

Ratio of interest-earning assets to

interest-bearing liabilities 

1.13

x

1.11

x

NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(unaudited)

For the Three Months Ended

For the Nine Months Ended

Sept. 30,

June 30,

Sept. 30,

Sept. 30,

Sept. 30,

(dollars in thousands except share and per share data)

2018

2018

2017

2018

2017

PROFITABILITY MEASURES:

Net income

$      106,772

$      107,354

$      110,468

$      320,678

$      329,680

Net income available to common shareholders

98,565

99,147

102,261

296,057

313,266

Basic earnings per common share 

0.20

0.20

0.21

0.60

0.64

Diluted earnings per common share

0.20

0.20

0.21

0.60

0.64

Return on average assets

0.84

%

0.87

%

0.91

%

0.86

%

0.90

%

Return on average tangible assets (1)

0.89

0.91

0.96

0.90

0.95

Return on average common stockholders’ equity

6.26

6.31

6.53

6.27

6.75

Return on average tangible common stockholders’

equity (1)

10.20

10.30

10.69

10.24

11.14

Efficiency ratio (2)

49.35

48.19

42.10

48.31

46.90

Operating expenses to average assets

1.06

1.11

1.34

1.10

1.35

Interest rate spread

1.97

2.15

2.38

2.13

2.51

Net interest margin

2.16

2.33

2.53

2.30

2.63

Effective tax rate

21.95

25.35

38.10

24.56

37.00

Shares used for basic common EPS computation

488,476,340

488,530,527

487,274,303

488,383,554

487,025,614

Shares used for diluted common EPS computation

488,476,340

488,530,527

487,274,303

488,383,554

487,025,614

Common shares outstanding at the respective

period-ends

490,341,864

490,379,705

489,061,848

490,341,864

489,061,848

Sept. 30,

June 30,

Sept. 30,

2018

2018

2017

CAPITAL MEASURES:

Book value per common share

$      12.83

$      12.82

$      12.79

Tangible book value per common share (1)

7.86

7.85

7.81

Common stockholders’ equity to total assets

12.28

%

12.46

%

12.91

%

Tangible common stockholders’ equity to tangible assets (1)             

7.90

8.02

8.30

Sept. 30,

June 30,

Sept. 30,

2018

2018

2017

REGULATORY CAPITAL RATIOS: (1)                                  

New York Community Bancorp, Inc.

Common equity tier 1 ratio

11.07

%

11.16

%

11.54

%

Tier 1 risk-based capital ratio

12.47

12.59

13.06

Total risk-based capital ratio

13.89

14.03

14.59

Leverage capital ratio

9.26

9.41

9.40

New York Community Bank

Common equity tier 1 ratio

13.06

%

13.19

%

13.60

%

Tier 1 risk-based capital ratio

13.06

13.19

13.60

Total risk-based capital ratio

13.46

13.60

14.02

Leverage capital ratio

9.61

9.81

9.80

New York Commercial Bank

Common equity tier 1 ratio

14.85

%

15.04

%

15.30

%

Tier 1 risk-based capital ratio

14.85

15.04

15.30

Total risk-based capital ratio

15.81

16.04

16.55

Leverage capital ratio

12.34

12.10

11.07

NEW YORK COMMUNITY BANCORP, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

Sep. 30, 2018

compared to

Sep. 30,

Jun. 30,

Sep. 30,

Jun. 30,

Sep. 30,

2018

2018

2017

2018

2017

(in thousands, except share data)

(unaudited)

(unaudited)

(unaudited)

Assets

Cash and cash equivalents

$1,731,754

$2,204,397

$3,277,427

-21%

-47%

Securities:

     Available-for-sale

4,764,283

4,122,883

3,031,026

16%

57%

     Equity investments with readily determinable fair values, at fair value

31,724

31,766

0%

NM

Total securities

4,796,007

4,154,649

3,031,026

15%

58%

Loans held for sale

104,938

NM

NM

Mortgage loans held for investment:

     Multi-family

29,566,170

29,230,112

27,162,401

1%

9%

     Commercial real estate

7,036,315

7,156,484

7,552,777

-2%

-7%

     One-to-four family

456,626

449,681

413,235

2%

11%

     Acquisition, development, and construction

433,877

424,552

385,543

2%

13%

Total mortgage loans held for investment

37,492,988

37,260,829

35,513,956

1%

6%

Other loans:

     Commercial and industrial

2,336,183

2,178,288

1,988,577

7%

17%

     Other loans

9,100

8,708

3,666

5%

148%

Total other loans held for investment

2,345,283

2,186,996

1,992,243

7%

18%

Total loans held for investment

39,838,271

39,447,825

37,506,199

1%

6%

Less:  Allowance for losses on loans

(159,655)

(160,652)

(158,918)

-1%

0%

Loans held for investment, net

39,678,616

39,287,173

37,347,281

1%

6%

Total loans, net

39,678,616

39,287,173

37,452,219

1%

6%

Federal Home Loan Bank stock, at cost

654,939

653,075

579,474

0%

13%

Premises and equipment, net

352,518

359,725

375,482

-2%

-6%

Goodwill

2,436,131

2,436,131

2,436,131

0%

0%

Other assets 

1,596,689

1,374,020

1,306,132

16%

22%

Total assets

$51,246,654

$50,469,170

$48,457,891

2%

6%

Liabilities and Stockholders’ Equity

Deposits:

     Interest-bearing checking and money market accounts

$11,559,687

$11,830,315

$12,338,949

-2%

-6%

     Savings accounts

4,826,845

4,920,967

4,996,578

-2%

-3%

     Certificates of deposit

11,409,974

10,306,519

8,802,573

11%

30%

     Non-interest-bearing accounts

2,522,778

2,498,044

2,755,097

1%

-8%

Total deposits

30,319,284

29,555,845

28,893,197

3%

5%

Borrowed funds:

     Wholesale borrowings

13,481,000

13,434,500

12,004,500

0%

12%

     Junior subordinated debentures

359,422

359,339

359,102

0%

0%

Total borrowed funds

13,840,422

13,793,839

12,363,602

0%

12%

Other liabilities

292,933

330,134

441,438

-11%

-34%

Total liabilities

44,452,639

43,679,818

41,698,237

2%

7%

Stockholders’ equity:

     Preferred stock at par $0.01 (5,000,000 shares authorized):

      Series A (515,000 shares issued and outstanding)

502,840

502,840

502,840

0%

0%

Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070,

   490,439,070 and 489,072,101 shares issued; and 490,341,864,

   490,379,705 and 489,061,848 shares outstanding, respectively)

4,904

4,904

4,891

0%

0%

   Paid-in capital in excess of par

6,091,749

6,082,394

6,063,813

0%

0%

   Retained earnings

286,763

271,559

192,607

6%

49%

   Treasury stock, at cost (97,206, 59,365, and 10,253 shares, respectively)

(1,177)

(757)

(130)

55%

805%

   Accumulated other comprehensive loss, net of tax:

       Net unrealized (loss) gain on securities available for sale, net of tax

(29,859)

(9,069)

47,917

229%

-162%

       Net unrealized loss on the non-credit portion of other-than-temporary

          impairment losses, net of tax

(6,042)

(6,042)

(5,221)

0%

16%

       Pension and post-retirement obligations, net of tax

(55,163)

(56,477)

(47,063)

-2%

17%

   Total accumulated other comprehensive loss, net of tax

(91,064)

(71,588)

(4,367)

27%

NM

Total stockholders’ equity

6,794,015

6,789,352

6,759,654

0%

1%

Total liabilities and stockholders’ equity

$51,246,654

$50,469,170

$48,457,891

2%

6%

NEW YORK COMMUNITY BANCORP, INC.

SUPPLEMENTAL FINANCIAL INFORMATION (continued)

(unaudited)

Sep. 30, 2018

For the Three Months Ended

compared to

Sep. 30,

Jun. 30,

Sep. 30,

Jun. 30,

Sep. 30,

2018

2018

2017

2018

2017

(in thousands, except per share data)

Interest Income:

     Mortgage and other loans

$368,264

$368,456

$350,990

0%

5%

     Securities and money market investments

56,880

48,876

42,685

16%

33%

Total interest income

425,144

417,332

393,675

2%

8%

Interest Expense:

     Interest-bearing checking and money market accounts

44,497

40,380

27,620

10%

61%

     Savings accounts

7,325

6,630

7,109

10%

3%

     Certificates of deposit

51,249

39,534

27,649

30%

85%

     Borrowed funds

72,567

66,833

54,954

9%

32%

Total interest expense

175,638

153,377

117,332

15%

50%

     Net interest income

249,506

263,955

276,343

-5%

-10%

Provision for losses on loans

1,201

4,714

44,585

-75%

-97%

     Net interest income after provision for 

       loan losses

248,305

259,241

231,758

-4%

7%

Non-Interest Income:

     Fee income

7,237

7,492

7,972

-3%

-9%

     Bank-owned life insurance

7,302

6,318

8,314

16%

-12%

     Mortgage banking income

1,486

NM

NM

     Net (loss) on securities

(41)

(303)

-86%

NM

     Gain on sale of covered loans and mortgage banking

     operations

82,026

NM

NM

     Other income

8,424

9,199

9,130

-8%

-8%

Total non-interest income

22,922

22,706

108,928

1%

-79%

Non-Interest Expense:

     Operating expenses:

       Compensation and benefits

78,283

80,314

92,246

-3%

-15%

       Occupancy and equipment

24,401

25,026

25,133

-2%

-3%

       General and administrative

31,749

32,802

44,831

-3%

-29%

Total operating expenses

134,433

138,142

162,210

-3%

-17%

       Amortization of core deposit intangibles

24

NM

NM

Total non-interest expense

134,433

138,142

162,234

-3%

-17%

Income before taxes

136,794

143,805

178,452

-5%

-23%

Income tax expense

30,022

36,451

67,984

-18%

-56%

     Net Income

$    106,772

$    107,354

$    110,468

-1%

-3%

Preferred stock dividends

8,207

8,207

8,207

0%

0%

     Net Income available to common shareholders

$98,565

$99,147

$102,261

-1%

-4%

     Basic earnings per common share

$0.20

$0.20

$0.21

0%

-5%

     Diluted earnings per common share

$0.20

$0.20

$0.21

0%

-5%

     Dividends per common share

$0.17

$0.17

$0.17

0%

0%

NEW YORK COMMUNITY BANCORP, INC.

SUPPLEMENTAL FINANCIAL INFORMATION (continued)

The following tables summarize the contribution of loan and securities prepayment income on the Company’s interest income and net interest margin for the periods indicated.

For the Three Months Ended

Sep. 30, 2018 compared to

Sep. 30,

Jun. 30,

Sep. 30,

Jun. 30,

Sep. 30,

2018

2018

2017

2018

2017

(dollars in thousands)

Total Interest Income

$425,144

$417,332

$393,675

2%

8%

Prepayment Income:

     Loans

$8,288

$15,781

$14,076

-47%

-41%

     Securities

1,037

634

2,488

64%

-58%

Total prepayment income

$9,325

$16,415

$16,564

-43%

-44%

GAAP Net Interest Margin

2.16%

2.33%

2.53%

-17

bp

-37

bp

     Less:

     Prepayment income from loans

7

bp

14

bp

13

bp

-7

bp

-6

bp

     Prepayment income from securities

1

3

1

bp

-2

bp

Total prepayment income contribution

to net interest margin

8

bp

14

bp

16

bp

-6

bp

-8

bp

Adjusted Net Interest Margin (non-GAAP)

2.08%

2.19%

2.37%

-11

bp

-29

bp

For the Nine Months Ended

Sep. 30,

Sep. 30,

2018

2017

Change (%)

(dollars in thousands)

Total Interest Income

$1,246,801

$1,191,869

5%

Prepayment Income:

     Loans

$35,848

$36,926

-3%

     Securities

4,604

6,744

-32%

Total prepayment income

$40,452

$43,670

-7%

GAAP Net Interest Margin

2.30%

2.63%

-33

bp

     Less:

     Prepayment income from loans

11

bp

11

bp

0

bp

     Prepayment income from securities

1

2

-1

bp

Total prepayment income contribution

to net interest margin

12

bp

13

bp

-1

bp

Adjusted Net Interest Margin (non-GAAP)

2.18%

2.50%

-32

bp

NEW YORK COMMUNITY BANCORP, INC.

SUPPLEMENTAL FINANCIAL INFORMATION (continued)

LOANS ORIGINATED FOR INVESTMENT

(unaudited)

Sep. 30, 2018

For the Three Months Ended

compared to

Sep. 30,

Jun. 30,

Sep. 30,

Jun. 30,

Sep. 30,

2018

2018

2017

2018

2017

(in thousands)

Mortgage Loans Originated for Investment:

     Multi-family

$1,566,861

$2,070,222

$1,432,424

-24%

9%

     Commercial real estate

301,414

254,808

249,773

18%

21%

     One-to-four family residential

5,025

22,047

NM

-77%

     Acquisition, development, and construction

15,233

13,804

21,754

10%

-30%

Total mortgage loans originated for investment

1,888,533

2,338,834

1,725,998

-19%

9%

Other Loans Originated for Investment:

     Specialty Finance

509,165

486,890

468,735

5%

9%

     Other commercial and industrial

140,452

119,449

115,569

18%

22%

     Other

839

1,322

700

-37%

20%

Total other loans originated for investment

650,456

607,661

585,004

7%

11%

Total Loans Originated for Investment

$2,538,989

$2,946,495

$2,311,002

-14%

10%

For the Nine Months Ended

Sep. 30,

Sep. 30,

2018

2017

Change (%)

(in thousands)

Mortgage Loans Originated for Investment:

     Multi-family

$5,343,294

$3,339,302

60%

     Commercial real estate

733,364

692,187

6%

     One-to-four family residential

7,724

116,603

-93%

     Acquisition, development, and construction

44,358

55,509

-20%

Total mortgage loans originated for investment

6,128,740

4,203,601

46%

Other Loans Originated for Investment:

     Specialty Finance

1,392,944

1,236,817

13%

     Other commercial and industrial

377,515

388,511

-3%

     Other

3,039

2,370

28%

Total other loans originated for investment

1,773,498

1,627,698

9%

Total Loans Originated for Investment

$7,902,238

$5,831,299

36%

The following table provides certain information about the Company’s multi-family and CRE loan portfolios at the

respective dates:

Sep. 30, 2018

At or For the Three Months Ended

compared to

Sep. 30,

Jun. 30,

Sep. 30,

Jun. 30,

Sep. 30,

2018

2018

2017

2018

2017

(dollars in thousands)

Multi-Family Loan Portfolio:

     Loans outstanding

$29,566,170

$29,230,112

$27,162,401

1%

9%

     Percent of total held-for-investment loans

74.2%

74.1%

72.4%

10

bp

180

bp

     Average principal balance

$5,950

$5,916

$5,558

1%

7%

     Weighted average life (in years)

2.9

2.8

2.7

4%

7%

Commercial Real Estate Loan Portfolio:

     Loans outstanding

$7,036,315

$7,156,484

$7,552,777

-2%

-7%

     Percent of total held-for-investment loans

17.7%

18.1%

20.1%

-40

bp

-240

bp

     Average principal balance

$5,857

$5,845

$5,721

0%

2%

     Weighted average life (in years)

3.0

2.9

2.9

3%

3%

NEW YORK COMMUNITY BANCORP, INC.

SUPPLEMENTAL FINANCIAL INFORMATION (continued)

ASSET QUALITY SUMMARY

(unaudited)

The following table presents the Company’s non-performing loans and assets at the respective dates:

Sep. 30, 2018

compared to

Sep. 30,

Jun. 30,

Sep. 30,

Jun. 30,

Sep. 30,

(in thousands)

2018

2018

2017

2018

2017

Non-Performing Assets:

Non-accrual mortgage loans:

     Multi-family

$5,236

$5,408

$11,018

-3%

-52%

     Commercial real estate

4,547

4,917

4,923

-8%

-8%

     One-to-four family residential

1,665

1,669

2,179

0%

-24%

     Acquisition, development, and construction

6,200

NM

NM

Total non-accrual mortgage loans

11,448

11,994

24,320

-5%

-53%

Other non-accrual loans (1)

42,624

44,487

44,650

-4%

-5%

Total non-performing loans

54,072

56,481

68,970

-4%

-22%

Repossessed assets (2)

13,765

14,204

15,753

-3%

-13%

Total non-performing assets

$67,837

$70,685

$84,723

-4%

-20%

(1) Includes $41.3 million, $43.5 million, and $43.4 million of non-accrual taxi medallion-related loans at September 30, 2018, 

  June 30, 2018, and September 30, 2017, respectively.

(2) Includes $8.6 million, $9.0 million, and $6.5 million of repossessed taxi medallions at September 30, 2018, June 30, 2018, and September 30, 2017, respectively.

The following table presents the Company’s asset quality measures at the respective dates:

Sep. 30,

Jun. 30,

Sep. 30,

2018

2018

2017

Non-performing loans to total 

     loans

0.14

%

0.14

%

0.18

%

Non-performing assets 

     to total assets

0.13

0.14

0.17

Allowance for losses on loans to

     non-performing loans

295.26

284.44

230.42

Allowance for losses on loans to

     total loans

0.40

0.41

0.42

NEW YORK COMMUNITY BANCORP, INC.

SUPPLEMENTAL FINANCIAL INFORMATION (continued)

The following table presents the Company’s loans 30 to 89 days past due at the respective dates:

Sep. 30, 2018

compared to

Sep. 30,

Jun. 30,

Sep. 30,

Jun. 30,

Sep. 30,

2018

2018

2017

2018

2017

(in thousands)

Loans 30 to 89 Days Past Due:

     Multi-family

$288

$5

$602

5660%

-52%

     Commercial real estate

567

450

NM

26%

     One-to-four family residential

1,967

214

676

819%

191%

     Other (1)

831

6,059

3,425

-86%

-76%

Total loans 30 to 89 days past due

$3,653

$6,278

$5,153

-42%

-29%

(1) Includes $534,000, $2.0 million and $3.4 million of taxi medallion loans at September 30, 2018, 

  June 30, 2018 and September 30, 2017, respectively.

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

Sep. 30,

Jun. 30,

Sep. 30,

Sep. 30,

Sep. 30,

2018

2018

2017

2018

2017

(dollars in thousands)

Charge-offs:

     Multi-family

$               –

$             34

$           279

$                34

$              279

     Commercial real estate

3,191

     One-to-four family residential

6

96

     Acquisition, development, and

     construction

2,220

     Other (1)

2,301

5,824

40,557

9,705

58,203

Total charge-offs

2,301

5,858

40,842

15,150

58,578

Recoveries:

     Multi-family

$               –

$               –

$           (28)

$                  –

($28)

     Commercial real estate

(7)

(104)

(373)

(137)

(398)

     One-to-four family residential

     Acquisition, development, and

     construction

(6)

(15)

(14)

(105)

(169)

     Other (1)

(91)

(536)

(77)

(1,031)

(594)

Total recoveries

(104)

(655)

(492)

(1,273)

(1,189)

Net charge-offs 

$        2,197

$        5,203

$      40,350

$         13,877

$         57,389

Net charge-offs to average loans (2)

0.01%

0.01%

0.11%

0.04%

0.15%

(1) Includes taxi medallion loans of $2.3 million, $5.8 million, and $40.6 million, respectively,

  for the three months ended September 30, 2018, June 30, 2018, and September 30, 2017 and

  $9.7 million and $54.8 million, respectively, for the nine months ended September 30, 2018 and 2017.

(2) Three months ended presented on a non-annualized basis.

SOURCE New York Community Bancorp, Inc.

Related Links

https://www.mynycb.com

Selected News


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