Board of Directors
Declares $0.17 per Share Quarterly Cash Dividend
Third Quarter 2016
Highlights
- Strong
Earnings and Returns:
- The Company generated 3Q 2016 earnings
of $125.3 million, providing a 1.02% return on average assets and
an 8.24% return on average stockholders’ equity.
- The 3Q 2016 returns on average tangible
assets and average tangible stockholders’ equity were 1.08% and
13.79%, respectively. (1)
- Net Interest
Margin:
- The Company’s margin was 2.91% in the
quarter, including the contribution of prepayment income from loans
and securities.
- Excluding prepayment income (i.e., on a
non-GAAP basis), the margin would have declined four basis points
sequentially. (2)
- Loan
Production:
- Loan originations totaled $3.7 billion
in 3Q 2016, exceeding the pipeline reported in the Company’s
second-quarter earnings release.
- Originations for investment represented
$2.3 billion of the 3Q 2016 total, including $1.3 billion of
multi-family loans.
- Continued
Held-for-Investment (“HFI”) Loan Growth:
- HFI multi-family loans rose $1.1
billion in the nine months ended 9/30/2016 to $27.1 billion.
- Excluding sales of multi-family loan
participations totaling $1.1 billion, the portfolio would have
grown at an annualized rate of 11.1% during this time.
- Total non-covered HFI loans rose $1.6
billion from the end of December to $37.4 billion at
9/30/2016.
- Exceptional
Asset Quality:
- Non-performing non-covered assets
represented $56.0 million, or 0.12%, of total non-covered assets at
9/30/2016.
- Non-performing non-covered loans
represented $43.4 million, or 0.12%, of total non-covered loans at
that date.
- Strong
Efficiency:
- The Company’s efficiency ratio was
44.27% in 3Q 2016. (3)
- Solid
Capital:
- Stockholders’ equity represented 12.31%
of total assets at 9/30/2016.
- Tangible stockholders’ equity
represented 7.77% of tangible assets at that date. (1)
New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”)
today reported GAAP earnings of $125.3 million, or $0.26 per
diluted share, for the three months ended September 30, 2016 and
$381.7 million, or $0.78 per diluted share, for the nine months
ended at that date.
______________
(1) “Tangible assets” and “tangible stockholders’ equity”
are non-GAAP financial measures. Please see the discussion and
reconciliations of these non-GAAP measures with the comparable GAAP
measures on page 12 of this release. (2) “Adjusted net interest
margin” is a non-GAAP financial measure. Please see the discussion
and reconciliation of our adjusted net interest margin to our GAAP
net interest margin on page 7 of this release. (3) We calculate our
efficiency ratio by dividing our operating expenses by the sum of
our net interest income and non-interest income.
Commenting on the Company’s third quarter performance, President
and Chief Executive Officer Joseph R. Ficalora stated, “As we near
the one-year mark of announcing our plans to merge with Astoria
Financial Corporation, we continue to manage our balance sheet to
stay below the current threshold for designation as a SIFI bank. At
the same time, we continue to focus on the core components of our
business model: producing loans for investment, as well as for
sale; maintaining our record of high quality assets; and striving
to maintain a high level of efficiency.
“Our third-quarter performance was indicative of that focus, as
well as our preparations to become a SIFI bank. In an interest rate
environment that continues to be a challenge, we generated earnings
of $125.3 million, or $0.26 per diluted share.
“Most notable in the quarter was an increase in mortgage banking
income, as a linked-quarter and year-over-year rise in income from
originations was coupled with an increase in income from servicing.
Originations of loans for sale totaled $1.4 billion, the highest
volume in six quarters, as residential mortgage loan demand
increased.
“While the production of held-for-investment loans declined
sequentially and from the year-earlier level, originations totaled
$2.3 billion in the quarter, including $1.3 billion of multi-family
loans. Absent the sale of multi-family loan participations totaling
$1.1 billion, the portfolio would have grown at an annualized rate
of 11.1% over the past nine months.
“While growing our loan portfolio, we’ve also maintained the
quality of our assets, with non-performing non-covered loans
representing 0.12% of total non-covered loans at the end of
September, and non-performing non-covered assets representing 0.12%
of total non-covered assets at that date.”
Board of Directors Declares $0.17 per
Share Dividend Payable on November 18, 2016
“In view of the strength of our earnings and our solid capital
position, the Board of Directors last night declared a quarterly
cash dividend of $0.17 per share. The dividend will be payable on
November 18, 2016 to shareholders of record as of November 7th, and
represents a dividend yield of 4.7% based on last night’s closing
price,” Mr. Ficalora said.
BALANCE SHEET SUMMARY
The Company recorded total assets of $49.5 billion at the end of
September, reflecting a $426.9 million increase from the June 30th
balance and an $855.2 million reduction from the balance at
December 31st. The linked-quarter rise was primarily due to a
$549.6 million increase in total loans, net, to $39.7 billion,
which was tempered by a $163.8 million decline in securities to
$3.8 billion. While loans, net, rose $1.7 billion in the nine
months ended September 30, 2016, the increase was exceeded by a
$2.4 billion decline in securities, largely reflecting
first-quarter calls.
For the four quarters ended September 30, 2016, the Company’s
total consolidated assets averaged $49.3 billion, below the current
SIFI threshold of $50.0 billion.
Loans
Covered Loans
Covered loans, net, represented $1.8 billion, or 4.4%, of total
loans, net, at the end of September, a $264.9 million reduction
from the balance at December 31st. The nine-month decline was
primarily due to repayments.
Accretion on the covered loan portfolio was $32.8 million in the
current third quarter, as compared to $32.9 million and $33.5
million, respectively, in the trailing and year-earlier three
months.
Non-Covered Loans Held for Investment
Non-covered loans held for investment rose $560.2 million and
$1.6 billion, respectively, to $37.4 billion in the three and nine
months ended September 30, 2016. Including third-quarter
originations of $2.3 billion, the Company originated $7.2 billion
of held-for-investment loans in the current nine-month period, with
multi-family loans representing 63.3% of the total and commercial
real estate (“CRE”) loans representing 12.5%.
The following table summarizes the Company’s production of loans
held for investment for the three months ended September 30, 2016,
June 30, 2016, and September 30, 2015 and for the nine months ended
September 30, 2016 and 2015:
For the Three Months Ended For the Nine
Months Ended Sept. 30, June 30,
Sept. 30, Sept. 30, Sept. 30, (in
thousands)
2016 2016 2015 2016
2015 Mortgage Loans Originated for Investment:
Multi-family $ 1,276,358 $ 1,672,759 $
2,179,280 $ 4,529,904 $ 6,435,713 Commercial real estate 345,543
465,710 254,041 892,676 1,349,179 One-to-four family 101,365 71,448
2,424 248,020 8,402 Acquisition, development, and construction
17,855 66,849 27,628 123,849
141,879 Total mortgage loans originated for investment $ 1,741,121
$ 2,276,766 $ 2,463,373 $ 5,794,449 $ 7,935,173
Other Loans
Originated for Investment: Specialty finance $ 369,308 $
341,031 $ 206,108 $ 907,551 $ 733,147 Other commercial and
industrial 151,279 129,702 116,338 451,340 280,698 Other 894
1,206 804 3,010 3,666 Total other loans
originated for investment $ 521,481 $ 471,939 $ 323,250 $ 1,361,901
$ 1,017,511 Total loans originated for investment $ 2,262,602 $
2,748,705 $ 2,786,623 $ 7,156,350 $ 8,952,684
The following table provides additional information about the
Company’s multi-family and CRE loan portfolios at September 30,
2016, June 30, 2016, and December 31, 2015:
(dollars in thousands)
September 30,2016
June 30, 2016
December 31,2015
Multi-Family Loan Portfolio: Loans outstanding $27,083,291
$26,767,207 $25,989,100 Percent of total held-for-investment loans
72.5 % 72.7 % 72.7 % Average principal balance $5,384 $5,368 $5,307
Weighted average life 2.9 years 2.8 years 2.8 years
Commercial Real Estate Loan Portfolio: Loans outstanding
$7,767,144 $7,796,568 $7,860,162 Percent of total
held-for-investment loans 20.8 % 21.2 % 22.0 % Average principal
balance $5,600 $5,482 $5,376 Weighted average life 3.3 years 3.3
years 3.2 years
The growth of the multi-family loan portfolio reflected in the
preceding table was tempered by sales of loans totaling $206.0
million in the current third quarter and $1.1 billion in the first
nine months of this year. Absent the sale of multi-family loans
through the end of September, the portfolio would have grown at an
annualized rate of 11.1% year-to-date. The modest declines in CRE
loans reflected in the table partly reflect third-quarter sales of
$107.6 million and sales of $268.5 million over the first nine
months of the year.
In addition, the balance of held-for-investment loans at the end
of September reflected the following activity:
- One-to-four family loans rose $85.4
million and $214.8 million, respectively, to $331.6 million from
the balances recorded at June 30, 2016 and December 31, 2015;
- Acquisition, development, and
construction (“ADC”) loans rose $10.8 million and $59.9 million,
respectively, to $371.4 million; and
- Total other loans rose $177.4 million
and $321.7 million, respectively, to $1.8 billion. The respective
increases were primarily due to the growth of the portfolio of
specialty finance loans and leases, which rose $140.6 million and
$267.7 million, respectively, to $1.2 billion in the three and nine
months ended September 30, 2016. Other commercial and industrial
(“C&I”) loans totaled $630.9 million at the end of September,
reflecting a three-month rise of $38.3 million and a $60.8 million
increase from the year-end amount. Included in C&I loans at the
end of September were New York City taxi medallion loans of $154.0
million, representing 0.41% of total held-for-investment
loans.
Non-Covered Loans Held for Sale
Reflecting an increase in residential mortgage loan demand, the
Company originated $1.4 billion of loans held for sale in the
current third quarter, exceeding the trailing-quarter volume by
$126.1 million and the year-earlier third-quarter volume by $442.5
million. Notwithstanding these sequential and year-over-year
increases, the volume of loans held for sale produced in the
current nine-month period fell $268.3 million to $3.6 billion from
the volume produced in the year-earlier nine months.
Non-covered loans held for sale totaled $701.4 million at the
end of September, $91.5 million higher than the balance at the end
of the second quarter and $334.2 million higher than the balance at
December 31st. In the three months ended September 30, 2016, the
average balance of loans held for sale was $617.5 million, as
compared to $492.1 million and $389.7 million, respectively, in the
three months ended June 30, 2016 and September 30, 2015.
Pipeline
The Company has approximately $2.5 billion of loans in its
current pipeline, including loans held for investment of
approximately $1.6 billion and one-to-four family loans held for
sale of approximately $900 million.
Asset Quality
The following discussion pertains only to the Company's
portfolio of non-covered loans held for investment (excluding
purchased credit-impaired, or “PCI,” loans) and non-covered other
real estate owned ("OREO").
The quality of the Company’s assets was reflected in the
September 30, 2016 balances of non-performing non-covered assets
and loans, as compared to the respective balances at June 30, 2016
and December 31, 2015.
Non-performing non-covered assets represented $56.0 million or
0.12%, of total non-covered assets at the end of September, down
$2.7 million from the June 30th balance and $4.9 million from the
balance at December 31, 2015. Non-performing non-covered loans
represented $43.4 million, or 0.12%, of total non-covered loans at
the end of the current third quarter, reflecting respective
declines of $2.5 million and $3.4 million over the corresponding
periods. The remainder of the linked-quarter decline in
non-performing non-covered assets was attributable to a $206,000
decrease in non-covered OREO to $12.6 million; over the nine-month
period, the balance of non-covered OREO declined by $1.5
million.
The following table presents the Company’s non-performing
non-covered loans and assets at September 30, 2016, June 30, 2016,
and December 31, 2015:
(in thousands)
September 30,2016
June 30,2016
December 31,2015
Non-Performing Non-Covered Assets:
Non-accrual non-covered mortgage loans: Multi-family $ 10,769 $
13,771 $ 13,904 Commercial real estate 10,628 11,811 14,920
One-to-four family 9,790 9,952 12,259 Acquisition, development, and
construction -- -- 27 Total non-accrual
non-covered mortgage loans $ 31,187 $ 35,534 $ 41,110 Other
non-accrual non-covered loans 12,214 10,369
5,715 Total non-performing non-covered loans $ 43,401 $ 45,903 $
46,825 Non-covered other real estate owned 12,608
12,814 14,065 Total non-performing non-covered assets $
56,009 $ 58,717 $ 60,890
As indicated in the preceding table, the balance of non-accrual
non-covered mortgage loans fell $9.9 million from the balance at
the end of December to $31.2 million at September 30, 2016. The
benefit of this reduction was largely offset by a $6.5 million
increase in other non-accrual non-covered loans to $12.2 million
during the same time. The latter increase was primarily due to the
transition to non-performing status of $7.4 million of New York
City taxi medallion loans over the past nine months.
The following table presents the Company's asset quality
measures at September 30, 2016, June 30, 2016, and December 31,
2015:
September 30, 2016
June 30,2016
December 31,2015
Non-performing non-covered loans to total
non-covered loans
0.12 % 0.12 % 0.13 %
Non-performing non-covered assets to total
non-covered assets
0.12 0.12 0.13 Allowance for losses on non-covered loans to
non-performing non-covered loans (1) 352.43 329.67 310.08 Allowance
for losses on non-covered loans to total non-covered loans (1) 0.41
0.41 0.41 (1) Excludes the allowance for losses on PCI
loans.
The following table summarizes the Company’s net (recoveries)
charge-offs for the three months ended September 30, 2016, June 30,
2016, and September 30, 2015 and for the nine months ended
September 30, 2016 and 2015:
For the Three Months Ended For the Nine
Months Ended Sept. 30, June 30,
Sept. 30, Sept. 30, Sept. 30, (in
thousands)
2016 2016 2015 2016
2015 Charge-offs:
Multi-family $ -- $ -- $ 13 $ -- $ 86 Commercial real estate -- --
8 -- 273 One-to-four family 17 107 259 170 576 Acquisition,
development, and construction -- -- -- -- -- Other 57
950 13 1,155 388
Total charge-offs $ 74 $ 1,057 $ 293 $
1,325 $ 1,323
Recoveries: Multi-family $ (78 )
$ -- $ (2,354 ) $ (78 ) $ (3,723 ) Commercial real estate (33 ) (35
) (154 ) (780 ) (325 ) One-to-four family -- (226 ) (49 ) (226 )
(49 ) Acquisition, development, and construction -- -- -- (167 )
(100 ) Other (375 ) (333 ) (2,945 )
(956 ) (4,152 ) Total recoveries $ (486 ) $ (594 ) $ (5,502
) $ (2,207 ) $ (8,349 )
Net (recoveries) charge-offs
$ (412 ) $ 463 $ (5,209 ) $ (882 ) $ (7,026 )
Net (recoveries) charge-offs to average
loans (1)
(0.00 )% 0.00 % (0.01 )% (0.00 )%
(0.02 )% (1) Non-annualized
The following table presents the Company’s non-covered loans 30
to 89 days past due at September 30, 2016, June 30, 2016, and
December 31, 2015:
(in thousands)
September 30,2016
June 30,2016
December 31,2015
Non-Covered Loans 30 to 89 Days Past Due:
Multi-family $ 2,948 $ 2,253 $ 4,818 Commercial real estate
-- -- 178 One-to-four family 1,495 574 1,117 Acquisition,
development, and construction 6,200 -- -- Other 15,929
2,005 492 Total non-covered loans 30 to 89 days past
due $ 26,572 $ 4,832 $ 6,605
The three- and nine-month increases in total non-covered loans
30 to 89 days past due reflected in the preceding table were
primarily attributable to a single construction loan of $6.2
million, and New York City taxi medallion loans totaling $15.7
million.
Securities
Securities represented $3.8 billion, or 7.7%, of total assets at
the end of September, a $163.8 million decrease from the June 30th
balance and a $2.4 billion reduction from the balance at December
31st. The bulk of the nine-month decline occurred in the first
quarter, when a decline in market interest rates triggered a high
volume of securities calls.
Funding Sources
Deposits totaled $29.1 billion at the end of this September, a
$256.6 million increase from the June 30th balance and a $712.8
million increase from the balance at year-end 2015. The nine-month
increase was primarily driven by a $424.9 million rise in
non-interest-bearing accounts to $2.9 billion and a $265.6 million
rise in NOW and money market accounts to $13.3 billion. While the
balance of certificates of deposit (“CDs”) rose $2.1 billion during
this time to $7.4 billion, the benefit was largely offset by a $2.0
billion reduction in savings accounts to $5.5 billion.
While borrowed funds rose modestly quarter-over-quarter, the
balance recorded at the end of September was $1.7 billion lower
than the balance at year-end. Specifically, borrowed funds totaled
$14.0 billion at the end of the third quarter and represented 28.3%
of total assets; the December 31st balance represented 31.3% of
total assets by comparison.
Stockholders’ Equity
In the nine months ended September 30, 2016, stockholders’
equity rose $155.8 million to $6.1 billion, representing 12.31% of
total assets and a book value per share of $12.50. At December 31,
2015, stockholders’ equity totaled $5.9 billion, representing
11.79% of total assets and a book value per share of $12.24.
Excluding goodwill of $2.4 billion and core deposit intangibles
(“CDI”) of $605,000 from the respective balances of stockholders’
equity and total assets, tangible stockholders’ equity rose $157.8
million in the first nine months of the year to $3.7 billion,
representing 7.77% of tangible assets and a tangible book value per
share of $7.50 at September 30, 2016. Excluding goodwill of $2.4
billion and CDI of $2.6 million, tangible stockholders’ equity
totaled $3.5 billion at the end of December, representing 7.30% of
tangible assets and a tangible book value per share of
$7.21.(1)
In addition, the regulatory capital ratios for the Company and
its subsidiary banks continued to exceed the regulatory
requirements for “well capitalized” classification, as indicated in
the table located on the last page of this release.
EARNINGS SUMMARY FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2016
The Company generated GAAP earnings of $125.3 million in the
current third quarter, as compared to $126.5 million and $114.7
million, respectively, in the trailing and year-earlier three
months. All three quarter’s earnings were equivalent to $0.26 per
diluted share.
The number of shares used in the computation of diluted earnings
per share in the current third and trailing quarters reflects the
issuance of 40,625,000 shares in the fourth quarter of 2015 in
connection with the strategic debt repositioning and the merger
with Astoria Financial Corporation (NYSE:AF) announced on October
29, 2015.
Net Interest Income
Net interest income totaled $318.4 million in the current third
quarter, reflecting a sequential decrease of $7.2 million and a
year-over-year increase of $39.0 million. The linked-quarter
decline was the net effect of a $3.5 million drop in interest
income and a $3.6 million increase in interest expense. In
contrast, the year-over-year increase was largely due to a $39.5
million reduction in interest expense, as the benefit of the debt
repositioning that took place in last year’s fourth quarter
resulted in a lower cost of borrowed funds.
The linked-quarter decline in net interest income reflects the
following factors:
- Interest income fell $3.5 million
sequentially to $416.1 million as the impact of a six-basis point
drop in the average yield, to 3.80%, on interest-earning assets
exceeded the benefit of a $299.2 million rise in the average
balance of interest-earning assets to $43.8 billion.
- While the average yield on securities
rose seven basis points sequentially to 4.33% in the current third
quarter, the average yield on loans declined eight basis points to
3.74% during this time. The latter decline was partly due to a drop
in prepayment income, which contributed 14 basis points to the
average yield on loans in the current third quarter as compared to
19 basis points in the trailing three months. The impact of the
decline in the average yield on loans was somewhat tempered by a
$483.4 million rise in the average balance to $39.3 billion, while
the rise in the average yield on securities and money market
investments was somewhat tempered by a $184.2 million decline in
the average balance, reflecting the aforementioned rise in
securities calls.
- Interest expense rose $3.6 million
sequentially to $97.7 million as the impact of a $456.7 million
rise in average interest-bearing liabilities was coupled with a
one-basis point rise in the average cost of funds to 0.97%. While
the rise in the average balance was largely attributable to a
$415.8 million increase in average borrowed funds to $13.8 billion,
the rise in the average cost was primarily due to a two-basis point
increase in the average cost of interest-bearing deposits to 0.66%.
The average cost of borrowed funds fell three basis points
quarter-over-quarter, while the average balance of interest-bearing
deposits rose $40.9 million to $26.2 billion.
In contrast, the year-over-year increase in net interest income
reflects the following factors:
- The interest income recorded in the
current third quarter was fairly consistent with the interest
income recorded in the year-earlier three months, as both the
average balance of, and average yield on, interest-earning assets
held steady year-over-year.
- While the average balance of loans rose
$2.9 billion year-over-year, reflecting the solid volume of loan
originations, the average balance of securities and money market
investments fell $2.9 billion during such time. The latter decline
was attributable to the significant volume of securities calls that
occurred, largely in the first quarter, in connection with the
decrease in market interest rates. Reflecting such calls, the
average yield on securities rose 114 basis points from the
year-earlier measure, with the contribution of prepayment income
rising to 80 basis points from seven basis points. The consistency
of the average yield on interest-earning assets was the net effect
of the rise in the average yield on securities and money market
investments and a 19-basis point decline in the average yield on
loans. Prepayment income contributed 26 basis points to the average
yield on loans in the year-earlier third quarter, exceeding the
current third-quarter contribution by 12 basis points.
- The $39.5 million decline in interest
expense from the year-earlier level was driven by a $43.2 million
decline in interest expense on borrowed funds. Reflecting the
significant benefit of the debt repositioning previously mentioned,
the average cost of borrowed funds fell 110 basis points to 1.55%
in the current third quarter, while the average balance of such
funds fell $719.9 million. The benefit of these declines more than
offset the impact of a $393.6 million increase in the average
balance of interest-bearing deposits to $26.2 billion, which was
accompanied by a five-basis point rise in the average cost to
0.66%.
Net Interest Margin
The direction of the Company’s net interest margin mirrored that
of its net interest income in the three months ended September 30,
2016. At 2.91%, the margin was eight basis points narrower than the
trailing-quarter measure and 35 basis points wider than the margin
in the third quarter of last year.
While the linked-quarter decline was largely attributable to the
drop in the average yield on interest-earning assets and the higher
average cost of interest-bearing deposits, the year-over-year
increase primarily reflects the benefit of the strategic debt
repositioning and the resultant decline in the average cost of
borrowed funds. In addition, prepayment income contributed 20 basis
points to the margin in the current third quarter, as compared to
24 basis points and 22 basis points, respectively, in the trailing
and year-earlier three months.
The following table summarizes the contribution of prepayment
income from loans and securities to the Company’s interest income
and net interest margin in the three months ended September 30,
2016, June 30, 2016, and September 30, 2015:
(in thousands)
September 30,2016
June 30,2016
September 30,2015
Total interest income $416,096 $419,615
$416,550
Prepayment income: From loans $13,422
$18,192 $23,076 From securities 8,947 8,052 1,409
Total prepayment income $22,369 $26,244
$24,485
Net interest margin (including the
contribution of prepayment income)
2.91 % 2.99 % 2.56 % Less:
Contribution of prepayment income to net
interest margin:
From loans
12 bps 16 bps 21 bps
From securities
8 8 1 Total contribution of prepayment income
to net interest margin
20 bps 24 bps 22 bps
Adjusted net interest margin
(i.e., excluding the contribution of prepayment income)
2.71 % 2.75 % 2.34 %
While our net interest margin, including the contribution of
prepayment income, is recorded in accordance with GAAP, adjusted
net interest margin, which excludes the contribution of prepayment
income, is not. Nevertheless, management uses this non-GAAP measure
in its analysis of our performance, and believes that this non-GAAP
measure should be disclosed in our earnings releases and other
investor communications for the following reasons:
1. Prepayment income in any given period depends on the
volume of loans that refinance or prepay, or securities that
prepay, during that period. Such activity is largely dependent on
external factors such as current market conditions, including real
estate values, and the perceived or actual direction of market
interest rates. Identifying and excluding the contribution of
prepayment income to our net interest income and margin, and
reporting our “adjusted net interest margin,” enables us to provide
investors with a better understanding of that contribution.
2. Adjusted net interest margin is among the measures considered by
current and prospective investors, both independent of, and in
comparison with, the Company’s peers.
Adjusted net interest margin should not be considered in
isolation or as a substitute for net interest margin, which is
calculated in accordance with GAAP. Moreover, the manner in which
we calculate this non-GAAP measure may differ from that of other
companies reporting a non-GAAP measure with a similar name.
Provision for (Recovery of) Loan
Losses
Provision for (Recovery of) Losses on Non-Covered
Loans
Reflecting management’s assessment of the adequacy of the
non-covered loan loss allowance, the Company recorded provisions
for non-covered loan losses of $1.2 million and $2.7 million in the
three months ended September 30, 2016 and June 30, 2016,
respectively. By comparison, the Company recovered $512,000 from
the non-covered loan loss allowance in the third quarter of
2015.
Recovery of Losses on Covered Loans
Reflecting an increase in the cash flows expected from certain
pools of acquired loans covered by FDIC loss-sharing agreements,
the Company recovered $1.3 million, $1.8 million, and $8.5 million
from the allowance for covered loan losses in the three months
ended September 30, 2016, June 30, 2016, and September 30, 2015,
respectively.
The recoveries recorded in the respective quarters were largely
offset by FDIC indemnification expense of $1.0 million, $1.5
million, and $6.8 million recorded in “Non-interest income” as
further discussed below.
Non-Interest Income
Non-interest income rose $3.2 million sequentially and $3.0
million year-over-year to $40.6 million in the three months ended
September 30, 2016. The respective increases were driven by
mortgage banking income, which rose $6.0 million and $5.5 million,
respectively, to $12.9 million from the levels recorded in the
trailing and year-earlier three months.
The following table summarizes our mortgage banking income for
the periods indicated:
For the Three Months Ended For the Nine
Months Ended Sept. 30, June 30,
Sept. 30, Sept. 30, Sept. 30, (in
thousands)
2016 2016 2015 2016
2015 Mortgage Banking Income:
Income from originations $ 10,884 $ 10,194 $
7,524 $ 34,691 $ 33,599 Servicing income (loss) 2,041
(3,237 ) (50 ) (10,671 ) 8,249 Total
mortgage banking income $ 12,925 $ 6,957 $ 7,474
$ 24,020 $ 41,848
As reflected in the preceding table, income from originations
accounted for $10.9 million of mortgage banking income in the
current third quarter, while servicing income accounted for the
remaining $2.0 million. In the trailing and year-earlier quarters,
income from originations was tempered by servicing losses as the
effectiveness of hedging was adversely impacted by the volatility
of mortgage interest rates.
In addition to the increase in mortgage banking income, the
linked-quarter rise in non-interest income reflects modest gains in
fee income and BOLI income, together with a modest reduction in
FDIC indemnification expense. These contributing factors were
nonetheless offset by a $2.4 million decline in the gain on sales
of loans to $3.5 million and a $1.9 million decrease in other
non-interest income to $9.3 million.
While mortgage banking income contributed substantially to the
year-over-year rise in non-interest income, so too did a $5.8
million reduction in FDIC indemnification expense. The combined
benefit of this decline and the rise in mortgage banking income was
largely tempered by the combination of a $3.5 million reduction in
the gain on sales of loans from the year-earlier level and by a
$4.6 million decline in other non-interest income from the
year-earlier amount.
Non-Interest Expense
Non-interest expense totaled $161.7 million in the current third
quarter, modestly higher than the trailing-quarter level and $14.4
million higher than the year-earlier amount. Operating expenses
accounted for $158.9 million of the current third-quarter total,
consistent with the level recorded in the second quarter of this
year. While compensation and benefits expense and occupancy and
equipment expense rose modestly quarter-over-quarter, the combined
increase was exceeded by a $1.0 million decline in general and
administrative (“G&A”) expense.
Year-over-year, operating expenses were up $12.9 million in the
current third quarter, largely reflecting a $12.6 million rise in
G&A expense that was primarily attributable to an increase in
FDIC deposit insurance premiums and a rise in professional service
fees. While compensation and benefits expense rose $1.9 million
year-over-year, to $86.1 million, the impact of said increase was
largely offset by a $1.6 million decline in occupancy and equipment
expense to $24.3 million. Compensation and benefits expense rose
year-over-year as the Company continued to expand certain
back-office departments in connection with the expectation of
becoming a SIFI bank.
Also included in non-interest expense in the current third
quarter were merger-related expenses of $2.2 million in connection
with the Company’s proposed merger with Astoria Financial
Corporation. In the trailing quarter, merger-related expenses
amounted to $1.3 million. There were no comparable expenses in the
year-earlier three months.
Income Tax Expense
Income tax expense totaled $72.1 million in the current third
quarter, $2.6 million lower than the trailing-quarter level and
$8.1 million higher than the year-earlier amount. The
linked-quarter decline was attributable to a $3.7 million drop in
pre-tax income to $197.4 million and a decline in the effective tax
rate to 36.52% from 37.13%. The year-over-year rise in income tax
expense was attributable to an $18.7 million increase in pre-tax
income to $197.4 million and an increase in the effective tax rate
from 35.83%.
About New York Community Bancorp,
Inc.
One of the largest U.S. bank holding companies, with assets of
$49.5 billion, 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. With deposits of $29.1
billion and 255 branches in Metro New York, New Jersey, Florida,
Ohio, and Arizona, the Company also ranks among the largest
depositories in the United States.
Reflecting its growth through a series of acquisitions, the
Community Bank currently operates 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. Similarly, New York Commercial Bank currently 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
As previously announced, the Company will host a conference call
on Wednesday, October 26, 2016, at 8:30 a.m. (Eastern Daylight
Time) to discuss its third quarter 2016 earnings and strategies.
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 30, 2016 and may be accessed by
calling (877) 660‐6853 (domestic) or (201) 612‐7415 (international)
and providing the following conference ID: 13646155. In addition,
the conference call will be webcast at ir.myNYCB.com, and archived
through 5:00 p.m. on November 23, 2016.
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, including the proposed merger with Astoria
Financial; 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, including regulatory approval of the proposed
Astoria Financial merger; 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, 2015 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, 2016 2015 (in thousands,
except share data) (unaudited)
Assets Cash and cash
equivalents $ 771,782 $ 537,674 Securities: Available-for-sale
161,145 204,255 Held-to-maturity 3,651,925
5,969,390 Total securities 3,813,070 6,173,645 Loans held
for sale 701,398 367,221 Non-covered mortgage loans held for
investment: Multi-family 27,083,291 25,989,100 Commercial real
estate 7,767,144 7,860,162 Acquisition, development, and
construction 371,409 311,479 One-to-four family 331,617
116,841 Total non-covered mortgage loans held
for investment 35,553,461 34,277,582 Other non-covered loans: Other
commercial and industrial 1,781,549 1,453,039 Other loans
25,730 32,583 Total non-covered other loans
held for investment 1,807,279 1,485,622
Total non-covered loans held for investment 37,360,740 35,763,204
Less: Allowance for losses on non-covered loans (154,705 )
(147,124 ) Non-covered loans held for investment, net
37,206,035 35,616,080 Covered loans 1,789,164 2,060,089 Less:
Allowance for losses on covered loans (25,360 )
(31,395 ) Covered loans, net 1,763,804
2,028,694 Total loans, net 39,671,237 38,011,995 Federal
Home Loan Bank stock, at cost 586,355 663,971 Premises and
equipment, net 367,369 322,307 FDIC loss share receivable 263,639
314,915 Goodwill 2,436,131 2,436,131 Core deposit intangibles, net
605 2,599
Other assets (includes $17,727 and
$25,817, respectively, of other real estate owned covered by loss
sharing agreements)
1,552,432 1,854,559
Total assets
$ 49,462,620 $ 50,317,796
Liabilities and
Stockholders’ Equity Deposits: NOW and money market accounts $
13,334,653 $ 13,069,019 Savings accounts 5,492,594 7,541,566
Certificates of deposit 7,383,730 5,312,487 Non-interest-bearing
accounts 2,928,622 2,503,686 Total
deposits 29,139,599 28,426,758 Borrowed
funds: Wholesale borrowings 13,643,000 15,389,800 Junior
subordinated debentures 358,809 358,605
Total borrowed funds 14,001,809 15,748,405 Other liabilities
230,700 207,937 Total liabilities
43,372,108 44,383,100 Stockholders’ equity:
Preferred stock at par $0.01 (5,000,000 shares authorized; none
issued) -- -- Common stock at par $0.01 (900,000,000 shares
authorized; 487,067,889 and 484,968,024 shares issued; and
487,066,151 and 484,943,308 shares outstanding, respectively)
4,871 4,850 Paid-in capital in excess of par 6,039,508 6,023,882
Retained earnings (accumulated deficit) 97,431 (36,568 ) Treasury
stock, at cost (1,738 and 24,716 shares, respectively) (25 ) (447 )
Accumulated other comprehensive loss, net of tax: Net unrealized
gain on securities available for sale, net of tax 4,715 3,031 Net
unrealized loss on the non-credit portion of other-than-temporary
impairment losses, net of tax
(5,261 ) (5,318 ) Pension and post-retirement obligations, net of
tax (50,727 ) (54,734 ) Total accumulated other
comprehensive loss, net of tax (51,273 ) (57,021 )
Total stockholders’ equity 6,090,512 5,934,696
Total liabilities and stockholders’ equity $
49,462,620 $ 50,317,796
NEW YORK
COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data)
(unaudited) For the Three Months Ended
For the Nine Months Ended Sept. 30,
June 30, Sept. 30, Sept. 30,
Sept. 30, 2016 2016 2015 2016
2015 Interest Income:
Mortgage and other loans $ 367,932 $ 370,482 $ 357,916 $
1,099,137 $ 1,080,419 Securities and money market investments
48,164 49,133 58,634
160,384 186,664 Total interest income
416,096 419,615 416,550
1,259,521 1,267,083
Interest
Expense: NOW and money market accounts 15,866 15,286 11,770
45,771 34,549 Savings accounts 7,439 7,354 12,739 25,001 37,997
Certificates of deposit 20,501 18,738 15,539 55,129 48,384 Borrowed
funds 53,867 52,664 97,090
161,758 288,876 Total interest
expense 97,673 94,042 137,138
287,659 409,806 Net interest
income 318,423 325,573 279,412 971,862 857,277 Provision for
(recovery of) losses on non-covered loans 1,234 2,744 (512 ) 6,699
(3,254 ) Recovery of losses on covered loans (1,289 )
(1,849 ) (8,516 ) (6,035 ) (5,433 ) Net
interest income after provision for (recovery of) loan losses
318,478 324,678 288,440
971,198 865,964
Non-Interest
Income: Mortgage banking income 12,925 6,957 7,474 24,020
41,848 Fee income 8,640 7,917 8,765 24,480 25,937 Bank-owned life
insurance 7,029 6,843 7,117 23,208 20,595 Net gain on sales of
loans 3,465 5,878 7,013 15,118 21,716 Net gain on sales of
securities 237 13 140 413 943 FDIC indemnification expense (1,031 )
(1,479 ) (6,813 ) (4,828 ) (4,347 ) Other income 9,330
11,237 13,891 30,787
45,030 Total non-interest income 40,595
37,366 37,587 113,198
151,722
Non-Interest Expense:
Operating expenses: Compensation and benefits 86,079 85,847 84,177
261,230 254,453 Occupancy and equipment 24,347 23,675 25,976 73,837
77,216 General and administrative 48,506
49,533 35,875 139,309
120,196 Total operating expenses 158,932 159,055 146,028
474,376 451,865 Amortization of core deposit intangibles 542 606
1,280 1,994 4,209 Merger-related expenses 2,211
1,250 -- 4,674 --
Total non-interest expense 161,685
160,911 147,308 481,044
456,074 Income before income taxes 197,388 201,133 178,719
603,352 561,612 Income tax expense 72,089
74,673 64,031 221,684
203,961
Net Income $ 125,299 $ 126,460
$ 114,688 $ 381,668 $ 357,651
Basic
earnings per share
$0.26
$0.26
$0.26
$0.78
$0.80
Diluted earnings per share
$0.26
$0.26
$0.26
$0.78
$0.80
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 the related measures 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
stockholders’ equity and tangible 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, 2016, June 30, 2016, and September 30, 2015 and the
nine months ended September 30, 2016 and 2015:
At or for theThree Months
Ended
At or for theNine Months
Ended
Sept. 30, June 30, Sept. 30,
Sept. 30, Sept. 30, (dollars in thousands)
2016 2016 2015 2016 2015
Total Stockholders’ Equity $6,090,512 $6,039,112 $5,826,837
$6,090,512 $5,826,837 Less: Goodwill (2,436,131 ) (2,436,131 )
(2,436,131 ) (2,436,131 ) (2,436,131 ) Core deposit intangibles
(605 ) (1,146 ) (3,734 ) (605 ) (3,734 )
Tangible stockholders’
equity $3,653,776 $3,601,835 $3,386,972 $3,653,776 $3,386,972
Total Assets $49,462,620 $49,035,747 $49,045,482
$49,462,620 $49,045,482 Less: Goodwill (2,436,131 ) (2,436,131 )
(2,436,131 ) (2,436,131 ) (2,436,131 ) Core deposit intangibles
(605 ) (1,146 ) (3,734 ) (605 ) (3,734 )
Tangible assets
$47,025,884 $46,598,470 $46,605,617 $47,025,884 $46,605,617
Average Stockholders’ Equity $6,081,003 $6,029,168
$5,822,699 $6,028,044 $5,811,673 Less: Average goodwill and core
deposit intangibles (2,437,092 ) (2,437,655 ) (2,440,708 )
(2,437,726 ) (2,442,071 )
Average tangible stockholders’
equity $3,643,911 $3,591,513 $3,381,991 $3,590,318 $3,369,602
Average Assets $49,159,171 $48,699,341 $48,970,353
$49,269,748 $48,690,435 Less: Average goodwill and core deposit
intangibles (2,437,092 ) (2,437,655 ) (2,440,708 ) (2,437,726 )
(2,442,071 )
Average tangible assets $46,722,079 $46,261,686
$46,529,645 $46,832,022 $46,248,364
Net Income (1)
$125,299 $126,460 $114,688 $381,668 $357,651 Add back: Amortization
of core deposit intangibles, net of tax 325 364 768
1,196 2,525
Adjusted net income (2) $125,624 $126,824
$115,456 $382,864 $360,176
GAAP MEASURES: Return on
average assets 1.02 % 1.04 % 0.94 % 1.03 % 0.98 % Return on average
stockholders’ equity 8.24 8.39 7.88 8.44 8.21 Book value per share
$12.50 $12.40 $13.11 $12.50 $13.11 Stockholders’ equity to total
assets 12.31 % 12.32 % 11.88 % 12.31 % 11.88 %
Non-GAAP
MEASURES: Return on average tangible assets 1.08 % 1.10 % 0.99
% 1.09 % 1.04 % Return on average tangible stockholders’ equity
13.79 14.12 13.66 14.22 14.25 Tangible book value per share $7.50
$7.40 $7.62 $7.50 $7.62 Tangible stockholders’ equity to tangible
assets 7.77 % 7.73 % 7.27 % 7.77 % 7.27 % (1) To
calculate our returns on average assets and average stockholders’
equity for a period, we divide the net income generated during that
period by the average assets and the average stockholders’ equity
recorded during that time. (2) To calculate our returns on average
tangible assets and average tangible stockholders’ equity for a
period, we adjust the net income generated during that period by
adding back the amortization of CDI, net of tax, and then divide
that adjusted net income by the average tangible assets and the
average tangible stockholders’ equity recorded during that time.
NEW YORK COMMUNITY BANCORP, INC. NET
INTEREST INCOME ANALYSIS LINKED-QUARTER AND YEAR-OVER-YEAR
COMPARISONS (unaudited) For the Three
Months Ended September 30, 2016 June 30,
2016 September 30, 2015
Average Average
Average Average Yield/ Average
Yield/ Average Yield/ (dollars in thousands)
Balance Interest Cost Balance
Interest Cost Balance Interest
Cost Assets: Interest-earning assets: Mortgage and
other loans, net $ 39,337,380 $ 367,932 3.74 % $ 38,853,991 $
370,482 3.82 % $ 36,435,984 $ 357,916 3.93 % Securities and money
market investments 4,435,332 48,164 4.33
4,619,569 49,133 4.26 7,325,746
58,634 3.19 Total interest-earning assets 43,772,712 416,096
3.80 43,473,560 419,615 3.86 43,761,730 416,550 3.80
Non-interest-earning assets 5,386,459 5,225,781
5,208,623 Total assets $ 49,159,171 $ 48,699,341 $
48,970,353
Liabilities and Stockholders’ Equity:
Interest-bearing deposits: NOW and money market accounts $
13,356,174 $ 15,866 0.47 % $ 13,406,017 $ 15,286 0.46 % $
12,728,206 $ 11,770 0.37 % Savings accounts 5,629,135 7,439 0.53
5,849,980 7,354 0.51 7,446,936 12,739 0.68 Certificates of deposit
7,245,325 20,501 1.13 6,933,766
18,738 1.09 5,661,888 15,539 1.09 Total
interest-bearing deposits 26,230,634 43,806 0.66 26,189,763 41,378
0.64 25,837,030 40,048 0.61 Borrowed funds 13,802,662
53,867 1.55 13,386,815 52,664 1.58
14,522,556 97,090 2.65 Total interest-bearing
liabilities 40,033,296 97,673 0.97 39,576,578 94,042 0.96
40,359,586 137,138 1.35 Non-interest-bearing deposits 2,832,569
2,971,058 2,576,350 Other liabilities 212,303 122,537
211,718 Total liabilities 43,078,168 42,670,173 43,147,654
Stockholders’ equity 6,081,003 6,029,168
5,822,699 Total liabilities and stockholders’ equity $ 49,159,171 $
48,699,341 $ 48,970,353 Net interest income/interest rate spread $
318,423 2.83 % $ 325,573 2.90 % $ 279,412 2.45 % Net interest
margin 2.91 % 2.99 % 2.56 % Ratio of interest-earning assets to
interest-bearing liabilities 1.09 x 1.10 x 1.08 x
NEW YORK COMMUNITY BANCORP, INC. NET INTEREST INCOME
ANALYSIS YEAR-OVER-YEAR COMPARISON (unaudited)
For the Nine Months Ended September 30, 2016
2015 Average
Average Average Yield/ Average
Yield/ (dollars in thousands)
Balance Interest
Cost Balance Interest Cost
Assets: Interest-earning assets: Mortgage and other loans,
net $ 38,878,111 $ 1,099,137 3.77 % $ 36,041,137 $ 1,080,419 4.00 %
Securities and money market investments 5,074,666
160,384 4.22 7,415,772 186,664 3.36
Total interest-earning assets 43,952,777 1,259,521 3.82 43,456,909
1,267,083 3.89 Non-interest-earning assets 5,316,971
5,233,526 Total assets $ 49,269,748 $ 48,690,435
Liabilities and
Stockholders’ Equity: Interest-bearing deposits: NOW and money
market accounts $ 13,349,201 $ 45,771 0.46 % $ 12,587,941 $ 34,549
0.37 % Savings accounts 6,112,342 25,001 0.55 7,535,136 37,997 0.67
Certificates of deposit 6,700,188 55,129 1.10
5,813,625 48,384 1.11 Total interest-bearing
deposits 26,161,731 125,901 0.64 25,936,702 120,930 0.62 Borrowed
funds 14,083,459 161,758 1.53
14,094,665 288,876 2.74 Total interest-bearing
liabilities 40,245,190 287,659 0.95 40,031,367 409,806 1.37
Non-interest-bearing deposits 2,817,043 2,633,214 Other liabilities
179,471 214,181 Total liabilities 43,241,704
42,878,762 Stockholders’ equity 6,028,044 5,811,673
Total liabilities and stockholders’ equity $ 49,269,748 $
48,690,435 Net interest income/interest rate spread $ 971,862 2.87
% $ 857,277 2.52 % Net interest margin 2.95 % 2.63 % Ratio of
interest-earning assets to interest-bearing liabilities 1.09 x 1.09
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)
2016
2016 2015 2016 2015 PROFITABILITY
MEASURES: Net income
$125,299
$126,460
$114,688
$381,668
$357,651
Basic earnings per share 0.26 0.26 0.26 0.78 0.80 Diluted earnings
per share 0.26 0.26 0.26 0.78 0.80 Return on average assets 1.02 %
1.04 % 0.94 % 1.03 % 0.98 % Return on average tangible assets (1)
1.08 1.10 0.99 1.09 1.04 Return on average stockholders’ equity
8.24 8.39 7.88 8.44 8.21 Return on average tangible stockholders’
equity (1) 13.79 14.12 13.66 14.22 14.25 Efficiency ratio (2) 44.27
43.82 46.07 43.72 44.78 Operating expenses to average assets 1.29
1.31 1.19 1.28 1.24 Interest rate spread 2.83 2.90 2.45 2.87 2.52
Net interest margin 2.91 2.99 2.56 2.95 2.63 Effective tax rate
36.52 37.13 35.83 36.74 36.32 Shares used for basic EPS computation
485,352,998 485,303,073 442,707,699 485,087,197 442,475,699 Shares
used for diluted EPS computation 485,352,998 485,303,073
442,707,699 485,087,197 442,475,699 Shares outstanding at the
respective period-ends 487,066,151 487,009,706 444,319,494
487,066,151 444,319,494 (1) Please see the
reconciliations of these non-GAAP measures with the comparable GAAP
measures on page 12 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.
Sept. 30,2016
June 30,2016
Sept. 30,2015
CAPITAL MEASURES: Book value per share $ 12.50 $ 12.40 $
13.11 Tangible book value per share (1) 7.50 7.40 7.62
Stockholders’ equity to total assets 12.31 % 12.32 % 11.88 %
Tangible stockholders’ equity to tangible assets (1) 7.77 7.73 7.27
(1) Please see the reconciliations of these non-GAAP
measures with the comparable GAAP measures on page 12 of this
release.
Sept. 30,2016
June 30,2016
Sept. 30,2015
REGULATORY CAPITAL RATIOS: (1) New York Community
Bancorp, Inc. Common equity tier 1 ratio 10.25 % 10.12 % 10.68
% Tier 1 risk-based capital ratio 10.25 10.12 10.95 Total
risk-based capital ratio 11.72 11.59 12.33 Leverage capital ratio
7.95 7.92 7.61
New York Community Bank Common equity tier 1
ratio 10.83 % 10.58 % 11.22 % Tier 1 risk-based capital ratio 10.83
10.58 11.22 Total risk-based capital ratio 11.31 11.08 11.79
Leverage capital ratio 8.43 8.32 7.80
New York Commercial
Bank Common equity tier 1 ratio 13.31 % 14.30 % 13.31 % Tier 1
risk-based capital ratio 13.31 14.30 13.31 Total risk-based capital
ratio 14.19 14.99 13.89 Leverage capital ratio 10.26 11.13 9.66
(1) The minimum regulatory requirements for
classification as a well-capitalized institution are a common
equity tier 1 capital ratio of 6.50%; a leverage capital ratio of
5.00%; a tier 1 risk-based capital ratio of 8.00%; and a total
risk-based capital ratio of 10.00%.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161026005367/en/
For New York Community BancorpInvestors:Ilene A.
Angarola, 516-683-4420orMedia:Kelly Maude Leung, 516-683-4032
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