Matthew M. Breese Stephens Inc., Research Division - MD & Analyst
Stephen M. Moss B. Riley Securities, Inc., Research Division - Analyst
Steven A. Alexopoulos JPMorgan Chase & Co, Research Division - MD and Head of Mid-Cap & Small-Cap Banks
Tu Duong RBC Capital Markets, Research Division Analyst
PRESENTATION
Salvatore J. DiMartino - New York
Community Bancorp, Inc. - Senior MD and Director of IR & Strategic Planning
Good morning, everyone. This is Sal DiMartino, Director of Investor
Relations. Earlier this morning, we issued a joint press release and presentation announcing the acquisition of Flagstar Bancorp by New York Community Bancorp. Both companies also separately issued their respective First Quarter 2021 earnings
releases, which we will briefly discuss this morning. Please note that todays call will take the place of the previously scheduled earnings calls, which have been canceled. Todays releases and presentations have been posted on each
companys Investor Relations website.
Before the discussion begins, Id like to remind you that certain comments made today by the
management teams of both New York Community and Flagstar, may include forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements we may make are subject to the safe harbor rules. Please review the forward-looking disclaimer and safe harbor language in
todays press releases and presentations for more information about risks and uncertainties which may affect us.
Now I would like to introduce New
York communitys Chairman, President and CEO, Thomas Cangemi.
Thomas Robert Cangemi - New York Community Bancorp, Inc. - President,
CEO & Chairman of the Board
Thank you, Sal. Good morning, everyone, and thank you for joining us today, to discuss the great combination we
announced earlier this morning, along with our strong first quarter results.
Joining me in Westbury, our Chief Operating Officer, Robert Wann; and our
Chief Financial Officer, John Pinto. Also on the line is my new partner, Sandro DiNello, President and CEO of Flagstar, along with members of his executive leadership team.
Before launching into a discussion of the transaction, I would like to provide you with a brief overview of our strong first quarter results. This morning, we
announced better-than-expected first quarter results of $0.29 per share, $0.02 ahead of consensus. The quarter was characterized by double-digit net income and EPS growth. Strong growth in pre-provision net
revenue, continued margin expansion, good loan growth, strong deposit growth, lower operating expenses and a continuation of our market-leading superior asset quality. For the 3 months ended March 31, 2021, our
pre-provision net revenue increased $64 million or 47% to $200 million, driven primarily by an impressive 30% increase in net interest income due to lower interest expense.