FULL YEAR PERFORMANCE REFLECTS SIGNIFICANT
ACHIEVEMENTS ARISING FROM TWO TRANSFORMATIONAL ACQUISITIONS
ANNOUNCES DECISIVE ACTIONS TO BUILD CAPITAL,
REINFORCE THE BALANCE SHEET AND STRENGTHEN RISK MANAGEMENT
PROCESSES AS COMPANY JOINS THE $100
BILLION LARGE BANK CATEGORY
FULL-YEAR 2023 NET INCOME OF $2.4 BILLION AND DILUTED EPS
OF $3.24; AS ADJUSTED,
DILUTED EPS OF $0.80
RESERVE BUILD RESULTED IN FOURTH QUARTER 2023
NET LOSS OF $252 MILLION AND DILUTED
EPS OF $(0.36); AS ADJUSTED, DILUTED
EPS OF $(0.27)
BOARD OF DIRECTORS DECLARES A $0.05 DIVIDEND PER COMMON SHARE TO ACCELERATE
CAPITAL BUILD
Fourth Quarter and
Full-Year 2023 Summary
|
•
Net Income:
–
Fourth-quarter 2023 net loss
available to common stockholders was $260 million compared to net
income available to common stockholders of $199 million in
third-quarter 2023.
–
As adjusted, fourth-quarter 2023 net loss available to
common stockholders was $193 million compared to net income
available to common stockholders of $266 million in third-quarter
2023.
–
Full-year 2023 net income available to common
stockholders totaled $2.3 billion compared to $617 million for
full-year 2022.
–
As adjusted, full-year 2023 net income available to
common stockholders was $576 million compared to $603 million in
full-year 2022.
•
Pre-provision Net Revenue ("PPNR"):
–
Fourth quarter 2023 PPNR was $191 million compared to $330 million
in third quarter 2023.
–
As adjusted, fourth quarter 2023 PPNR was
$285 million compared to $421 million in third quarter
2023.
–
Full-year 2023 PPNR totaled $3.2 billion,
up $2.3 billion compared to full-year 2022.
–
Full-year 2023 PPNR, as adjusted, totaled
$1.5 billion, up $603 million compared to full-year
2022.
•
Net Interest Margin/Income:
–
Net interest income during fourth quarter
2023 totaled $740 million compared to $882 million during
the third quarter 2023.
–
Fourth quarter 2023 net interest margin ("NIM") was 2.82%, down 45 basis
points compared to third quarter 2023, largely due to actions to
build on balance sheet liquidity.
–
Full-year 2023 net interest income
increased $1.7 billion to $3.1 billion.
–
Full-year 2023 NIM was 2.99%, up 64 basis
points compared to the full-year 2022.
•
Balance Sheet:
–
Total assets of $116.3 billion at
December 31, 2023 increased $5.1 billion compared to
September 30, 2023, and increased $26.2 billion compared to
December 31, 2022 reflecting the impact from the Signature
transaction and organic growth.
–
Total loans held for investment ("LHFI")
increased $624 million or 1% to $84.6 billion at December 31, 2023
compared to September 30, 2023, driven by growth in the commercial
loan portfolio.
–
Commercial and industrial loans
("C&I") totaled $25.3 billion at December 31, 2023,
up $831 million or 3% compared to September 30,
2023
–
Commercial loans represent 46% of total
loans compared to 45% at September 30, 2023 and 33% at December 31,
2022, reflecting the successful execution of our strategy to
transform into a diversified commercial bank.
–
Total deposits were $81.4 billion at
December 31, 2023, down $1.3 billion, or 2%, compared to September
30, 2023. Excluding the impact from the expected decline in
FDIC-related custodial deposits, total deposits rose $457 million,
or 0.6%.
–
Wholesale borrowings of $20.3 billion at
December 31, 2023, up $6.7 billion compared to September 30, 2023,
and were flat year over year.
•
Asset Quality:
–
Non-performing assets ("NPAs") were
$442 million at December 31, 2023 or 0.38% of total
assets.
–
Non-performing loans ("NPLs") were
$428 million at December 31, 2023 or 0.51% of total
loans.
–
The allowance for credit losses ("ACL")
totaled $992 million at December 31, 2023 or 232% of
non-performing loans and 1.17% of total loans, or 1.26% when
excluding loans with government guarantees and warehouse
loans.
–
During the fourth quarter, the Company recorded a $552 million
provision for credit losses compared to $62 million in the previous
quarter.
–
Net charge-offs were $185 million
during the fourth quarter 2023 compared to $24 million in the third
quarter 2023, driven by just two loans.
|
HICKSVILLE, N.Y., Jan. 31,
2024 /PRNewswire/ -- New York Community Bancorp, Inc.
(NYSE: NYCB) (the "Company") today reported net income for the year
ended December 31, 2023 of
$2.4 billion compared to net income
of $650 million for the year ended
December 31, 2022.
Net income available to common stockholders for the year ended
December 31, 2023 was $2.3 billion compared to net income
available to common stockholders of $617 million for the year
ended December 31, 2022.
Diluted EPS for the year ended December 31,
2023 were $3.24 compared to
diluted EPS of $1.26 for the year
ended December 31, 2022.
The twelve-month net income and diluted EPS include a bargain
purchase gain of $2.2 billion
arising from the Signature transaction. As adjusted for this
item and for other merger-related items arising from both the
Flagstar acquisition and the Signature transaction, and the FDIC
special assessment, net income for the year ended December 31, 2023 was $609 million, down 4%
compared to the year ended December
31, 2022.
Net income available to common stockholders, as adjusted,
totaled $576 million for the year ended December 31, 2023, down 4% compared to the year
ended December 31, 2022.
Diluted EPS, as adjusted was $0.80
for the year ended December 31, 2023
compared to $1.23 for the year ended
December 31, 2022.
For the three months ended December 31,
2023, the Company reported a net loss of $252 million
compared to net income of $207 million for the three months
ended September 30, 2023. For
the three months ended December 31,
2023, the Company reported a net loss available to common
stockholders of $260 million compared to net income available
to common stockholders of $199 million for the three months
ended September 30, 2023.
Diluted EPS totaled $(0.36) for the
three months ended December 31, 2023
compared to diluted EPS of $0.27 for
the three months ended September 30,
2023.
Fourth quarter 2023 net income and diluted EPS were impacted by
merger-related items and a FDIC special assessment. As adjusted,
the net loss for the three months ended December 31, 2023 totaled $185 million,
compared to net income of $274 million for the three months
ended September 30, 2023. The
net loss includes the impact from higher provision for credit
losses that primarily reflects a significant increase in the ACL
which strengthened the credit profile of the Company.
Net loss available to common stockholders as adjusted, was
$193 million for the three months ended December 31, 2023 compared to net income
available to common stockholders of $266 million for the three
months ended September 30,
2023. As adjusted, diluted EPS for the three months ended
December 31, 2023 were $(0.27) compared to diluted EPS of $0.36 for the three months ended September 30, 2023.
CEO COMMENTARY
"In 2023, New York Community
reached an inflection point in its transformation to a dynamic,
full-service commercial bank," said President and Chief Executive
Officer Thomas R. Cangemi. "We
reported an increase in net income available to common
stockholders, diversified our balance sheet with commercial loans
now representing almost 50% of our total loans, and increased the
percentage of non-interest-bearing deposits. In addition, we
have made terrific progress integrating Flagstar Bank, meeting
every milestone along the way and unveiled a fresh, new re-branding
campaign, which will launch shortly after the planned systems
conversion is completed in mid-February.
"Shortly after closing the acquisition of Flagstar Bank, we were
presented with the unique opportunity to accelerate this
transformation when we were selected by the FDIC to purchase
certain strategically and financially attractive assets and
liabilities of Signature Bank. The benefits of this transaction
were abundantly clear, as it strengthened our balance sheet by
adding a significant amount of low-cost deposits and a
middle-market business supported by over 130 private banking teams.
The transaction also put us over $100
billion in total assets, placing us firmly in the Category
IV large bank class of banks between $100
billion and $250 billion in
assets and subjecting us to enhanced prudential standards,
including risk-based and leverage capital requirements, liquidity
standards, requirements for overall risk management and stress
testing. While we began preparing to be a $100 billion bank almost immediately after
closing the Flagstar acquisition, we crossed this important
threshold sooner than anticipated as a result of the Signature
transaction. Alongside the integration of our three banks and in
anticipation of our initial capital plan submission in April of
this year, we have pivoted quickly and accelerated some necessary
enhancements that come with being a $100
billion-plus Category IV bank.
"With this in mind, during the fourth quarter, we took decisive
actions to build capital, reinforce our balance sheet, strengthen
our risk management processes, and better align ourselves with the
relevant bank peers. We significantly built our reserve levels by
recording a $552 million provision
for loan losses, bringing our ACL coverage more in line with these
peer banks. In addition, we added on-balance sheet liquidity
as we prepare for the enhanced prudential standards that apply to
banks with $100 billion or more in
total assets.
"To this end, we are also building capital by reducing our
quarterly common dividend to $0.05
per common share. We recognize the importance and impact of the
dividend reduction on all of our stockholders and it was not made
lightly. We believe this is the prudent decision as it will
allow us to accelerate the building of capital to support our
balance sheet as a Category IV bank.
"While these necessary actions negatively impacted our fourth
quarter results, we are confident they better align our larger
organization with our new peers and provide a solid foundation
going forward. We successfully grew into a $50 billion-plus bank in 2018, and we believe the
actions we are taking now will make our transition to a
$100 billion plus bank even more
successful.
"Lastly, I would like to thank all of our teammates for their
outstanding work over the past year. We have an amazing team
and as always, we truly appreciate their continued commitment to
the Company and dedication to our clients, customers, and
communities."
DIVIDEND DECLARATION
On January 30, 2024, the Company's Board of Directors
declared a quarterly cash dividend of $0.05 per share on the Company's common
stock. The dividend is payable on February 28, 2024 to
common stockholders of record as of February 14, 2024.
BALANCE SHEET SUMMARY
At December 31, 2023 total assets were $116.3 billion compared to $111.2 billion at September 30, 2023
and $90.1 billion at
December 31, 2022. The linked-quarter increase was
primarily driven by higher balances of cash and cash equivalents as
we enhanced our on-balance sheet liquidity.
Total loans and leases held for investment were $84.6 billion at December 31, 2023
compared to $84.0 billion at
September 30, 2023 and $69.0 billion at December 31,
2022. The linked-quarter increase was driven by growth in the
C&I portfolio and the residential mortgage portfolio, while
other categories were either flat or declined modestly.
The securities portfolio totaled $9.2 billion at December 31, 2023,
compared to $8.7 billion at
September 30, 2023 and $9.1 billion at December 31,
2022. At December 31, 2023, total securities were 8% of
total assets, unchanged compared to September 30, 2023.
As of December 31, 2023, all of the Company's securities were
designated as "Available-for-Sale", unchanged from
September 30, 2023.
Total deposits at December 31, 2023 were $81.4 billion compared to $82.7 billion at September 30, 2023 and
$58.7 billion at
December 31, 2022. The linked-quarter decrease was due
to lower non-interest-bearing deposits, partially offset by an
increase in certificates of deposits.
Wholesale borrowings at December 31, 2023 totaled
$20.3 billion, up $6.7 billion or 49% compared to
September 30, 2023, and flat compared to December 31,
2022. The increase reflects actions taken to bolster our
on-balance sheet liquidity as we prepare for Regulation YY
compliance.
Loans
At December 31, 2023, total C&I loans were $25.3 billion compared to $24.4 billion at September 30,
2023. The linked-quarter increase was driven by growth in
specialty finance, while mortgage warehouse balances declined due
to seasonality.
The multi-family loan portfolio decreased $433 million to
$37.3 billion at
December 31, 2023, compared to $37.7 billion at September 30,
2023. The decrease is due to the continuation of the high
rate environment, which limits refinance activity.
CRE loans were flat at $13.4 billion at December 31, 2023,
unchanged compared to September 30, 2023.
One-to-four family residential loans increased $179 million
to $6.1 billion at December 31,
2023, compared to $5.9 billion at
September 30, 2023. Other loans increased $61 million to $2.7
billion at December 31, 2023.
Loans held-for-sale at December 31, 2023 totaled
$1.2 billion, down from
$1.9 billion at
September 30, 2023, which reflects seasonally lower balances
and continued impact of higher mortgage rates.
Total commercial loans represent 46% of total loans held for
investment, and multi-family loans represent 44% of total loans
held for investment at December 31, 2023, which reflects
significant diversification compared to a year ago.
Residential loans and other loans represented 7% and 3%,
respectively, of total loans held for investment.
Asset Quality
Non-Performing Assets
Total NPLs decreased $7 million or 2% to $428 million
at December 31, 2023 compared to September 30,
2023. Repossessed assets of $14 million were slightly
higher compared to the prior quarter. Total NPAs decreased 1% to
$442 million at December 31, 2023 compared to
September 30, 2023.
At December 31, 2023, NPAs to total assets equaled 38 basis
points compared to 40 basis points at September 30, 2023,
while NPLs to total loans equaled 51 basis points compared to 52
basis points at September 30, 2023.
Allowance for Credit Losses
At December 31, 2023, the allowance for credit losses was
$992 million compared to $619 million at
September 30, 2023, up $373 million reflecting our
actions to build reserves during the quarter to address weakness in
the office sector, potential repricing risk in the multi-family
portfolio and an increase in classified assets, which better aligns
the Company with its relevant bank peers, including Category IV
banks. The allowance for credit losses to total loans held
for investment increased to 1.17% at December 31, 2023 compared to 0.74% at
September 30, 2023. Excluding
loans with government guarantees and warehouse loans, the allowance
for credit losses was 1.26% at December 31,
2023, compared to 0.80% at September
30, 2023.
Deposits
Deposits at December 31, 2023 totaled $81.4 billion, or $1.3 billion lower compared to $82.7 billion at September 30,
2023. The decrease was primarily driven by a $1.8 billion decrease in custodial deposits
related to the Signature transaction. Excluding these custodial
deposits, total deposits increased $457
million, or 0.6%, primarily driven by growth in CD balances,
partially offset by lower noninterest-bearing deposits and savings
and lower interest-bearing checking balances.
CAPITAL POSITION
The Company's regulatory capital ratios continue to exceed
regulatory minimums to be classified as "Well Capitalized," the
highest regulatory classification. The table below depicts the
Company's and the Bank's regulatory capital ratios at those
respective periods.
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
REGULATORY CAPITAL
RATIOS: (1)
|
|
|
|
|
|
New York Community
Bancorp, Inc.
|
|
|
|
|
|
Common equity tier 1
ratio
|
9.10 %
|
|
9.59 %
|
|
9.06 %
|
Tier 1 risk-based
capital ratio
|
9.67 %
|
|
10.17 %
|
|
9.78 %
|
Total risk-based
capital ratio
|
11.82 %
|
|
11.97 %
|
|
11.66 %
|
Leverage capital
ratio
|
7.78 %
|
|
7.92 %
|
|
9.70 %
|
|
|
|
|
|
|
Flagstar Bank,
N.A.
|
|
|
|
|
|
Common equity tier 1
ratio
|
10.57 %
|
|
11.10 %
|
|
10.96 %
|
Tier 1 risk-based
capital ratio
|
10.57 %
|
|
11.10 %
|
|
10.96 %
|
Total risk-based
capital ratio
|
11.67 %
|
|
11.77 %
|
|
11.43 %
|
Leverage capital
ratio
|
8.50 %
|
|
8.64 %
|
|
10.87 %
|
|
|
(1)
|
The minimum regulatory
requirements for classification as a well-capitalized institution
are a common equity tier 1 capital ratio of 6.5%; a tier one
risk-based capital ratio of 8.00%; a total risk-based capital ratio
of 10.00%; and a leverage capital ratio of 5.00%.
|
EARNINGS SUMMARY FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2023
Net Interest Income
For the three months ended December 31,
2023, net interest income totaled $740 million, down
$142 million, or 16%, compared to the three months ended
September 30, 2023. The
decrease was driven by a 45 basis points reduction in the net
interest margin and higher average interest-bearing
liabilities.
For the year ended December 31,
2023, net interest income increased $1.7 billion, to $3.1
billion. The year-over-year increase was primarily the
result of the Flagstar acquisition, which closed in late 2022, and
the Signature transaction, which closed in late March of 2023.
Net Interest Margin
For the three months ended December 31,
2023, the NIM was 2.82% down 45 basis points compared to the
three months ended September 30,
2023.
Average loan balances decreased $20 million, or 0.02%, to
$85.7 billion compared to the
previous quarter, while the loan yield decreased 10 basis points on
a quarter-over-quarter basis to 5.72%. Average cash balances
decreased to $6.8 billion during the
fourth quarter compared to $10.8
billion during the third quarter, while the average yield
decreased 3 basis points to 5.28% from 5.31%.
Average interest-bearing liabilities increased $1.1 billion, or 2%, to $75.2 billion on a quarter-over-quarter basis
with the average cost increasing 36 basis points to 3.73% compared
to 3.37%. Average interest-bearing deposits increased
$1.0 billion, or 2%, to $59.5 billion, while the average cost rose 29
basis points to 3.62%. Average borrowed funds increased
$118 million, or 1%, to $15.7 billion, while the average cost of borrowed
funds increased sixty-one basis points to 4.14%. Average
non-interest-bearing deposit balances decreased $3.0 billion, or 12%, to $22.7 billion compared to the previous
quarter.
For the year ended December 31,
2023, the NIM was 2.99%, up 64 basis points compared to the
year ended December 31, 2022.
The year-over-year increase was primarily the result of a larger
balance sheet driven by both the Flagstar acquisition and the
Signature transaction, and due to organic loan growth, along with
the impact of higher interest rates. Average interest-earning
assets increased $43.6 billion, or
74%, on a year-over-year basis to $102.9
billion for the year ended December
31, 2023, while the average yield rose 181 basis points to
5.34%.
Average loan balances rose $32.5
billion, or 66%, to $81.9
billion while the average loan yield rose 177 basis points
to 5.51% on a year-over-year basis. Average cash balances
increased $8.0 billion to
$10.0 billion, while the average
yield rose to 5.14% from 1.47%. Average securities increased
$3.2 billion, or 42%, to $10.6 billion, while the average yield improved
to 4.18% from 2.69%.
Average interest-bearing liabilities increased $22.9 billion, or 44%, to $74.3 billion while the average cost increased to
3.25% from 1.35%. Average interest-bearing deposits rose
$20.3 billion, or 56%, while the
average cost of deposits increased to 3.12% compared to
1.06%. Average borrowed funds increased $2.5 billion to $17.9
billion while the average cost rose to 3.66% from
2.04%. Average non-interest-bearing deposits rose
$16.5 billion to $21.6 billion.
Provision for Credit Losses
For the three months ended December 31,
2023, the provision for credit losses totaled $552 million compared to a $62 million provision for the three months ended
September 30, 2023. The
increase is primarily attributable to higher net charge-offs, as
well as, to address weakness in the office sector, potential
repricing risk in the multi-family portfolio, and an increase in
classified assets.
Net charge-offs totaled $185
million for the three months ended December 31, 2023, compared with $24 million for the three months ended
September 30, 2023. Net
charge-offs on a non-annualized basis represented 0.22% and 0.03%
of average loans outstanding for the three months ended
December 31, 2023 and for the three
months ended September 30, 2023,
respectively.
Fourth quarter net charge-offs were primarily related to two
loans. First, we had one co-op loan with a unique feature that
pre-funded capital expenditures. Although the borrower was
not in default, the loan was transferred to held for sale
during the fourth quarter. We expect the loan to be sold
during the first quarter of 2024. We also performed a review
of other co-op loans and did not find any other loans with similar
characteristics.
Second, we had an additional charge-off on an office loan that
went non-accrual during the third quarter, based on an updated
valuation. Given the impact of recent credit deterioration
within the office portfolio, we determined it prudent to increase
the ACL coverage ratio.
Together, these two loans accounted for the bulk of the
$185 million of net charge-offs we
took during the fourth quarter.
For the year ended December 31,
2023, the provision for credit losses totaled $833 million compared to $133 million for the year ended December 31, 2022. The year-to-date amount
includes a $132 million initial
provision for credit losses for the acquired portion of the
Signature loan portfolio.
Net charge-offs totaled $208
million for the year ended December
31, 2023, compared with net recoveries of $4 million for the year ended December 31, 2022. Net charge-offs
(recoveries) represented 0.25% and (0.01)% of average loans
outstanding for the year ended December 31,
2023 and December 31, 2022,
respectively.
Pre-Provision Net Revenue
The tables below detail the Company's PPNR and related measures,
which are non-GAAP measures, for the periods noted.
For the three months ended December 31,
2023, PPNR totaled $191 million compared to
$330 million for the three months
ended September 30, 2023.
Excluding the impact of merger-related and restructuring expenses,
PPNR for the three months ended December 31,
2023 was $285 million, down $136 million, or 32%,
compared to $421 million for the three months ended
September 30, 2023.
|
|
|
|
|
|
|
December 31,
2023
|
|
For the Three Months
Ended
|
|
compared
to:
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2022
|
(dollars in
millions)
|
|
Net interest
income
|
$
740
|
|
$
882
|
|
$
379
|
|
-16 %
|
|
95 %
|
Non-interest
income
|
146
|
|
160
|
|
198
|
|
-9 %
|
|
-26 %
|
Total
revenues
|
$
886
|
|
$
1,042
|
|
$
577
|
|
-15 %
|
|
54 %
|
Total non-interest
expense
|
695
|
|
712
|
|
269
|
|
-2 %
|
|
158 %
|
Pre - provision net
revenue (non-GAAP)
|
$
191
|
|
$
330
|
|
$
308
|
|
-42 %
|
|
-38 %
|
Bargain purchase
gain
|
(8)
|
|
—
|
|
(159)
|
|
NM
|
|
-95 %
|
Merger-related and
restructuring expenses
|
63
|
|
91
|
|
60
|
|
-31 %
|
|
5 %
|
FDIC special
assessment
|
39
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Pre - provision net
revenue excluding merger-related and
restructuring expenses and bargain purchase gain, as
adjusted (non-GAAP)
|
$
285
|
|
$
421
|
|
$
209
|
|
-32 %
|
|
36 %
|
For the year ended December 31,
2023, PPNR was $3.2 billion
compared to $959 million for the year
ended December 31, 2022.
Excluding the impact of merger-related and restructuring expenses,
PPNR for the year ended December 31,
2023 totaled $1.5 billion, up
$603 million, or 69%, compared to the
year ended December 31, 2022.
|
|
|
|
|
|
|
For the Twelve
Months Ended
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Change
%
|
(dollars in
millions)
|
|
Net interest
income
|
$
3,077
|
|
$
1,396
|
|
120 %
|
Non-interest
income
|
2,706
|
|
247
|
|
996 %
|
Total
revenues
|
$
5,783
|
|
$
1,643
|
|
252 %
|
Total non-interest
expense
|
2,544
|
|
684
|
|
272 %
|
Pre - provision net
revenue (non-GAAP)
|
$
3,239
|
|
$
959
|
|
238 %
|
Bargain purchase
gain
|
(2,150)
|
|
(159)
|
|
1252 %
|
Provision for bond
related credit losses
|
20
|
|
—
|
|
NM
|
Merger-related and
restructuring expenses
|
330
|
|
75
|
|
340 %
|
FDIC special
assessment
|
39
|
|
—
|
|
NM
|
Pre - provision net
revenue excluding merger-related and restructuring expenses and
bargain
purchase gain, as adjusted (non-GAAP)
|
$
1,478
|
|
$
875
|
|
69 %
|
Non-Interest Income
For the three months ended December 31,
2023, non-interest income totaled $146 million compared
to $160 million for the third quarter 2023. Excluding
the bargain purchase gain of $8
million related to the Signature transaction, non-interest
income decreased $22 million, from
$160 million in third quarter
2023.
Fee income was $39 million for the three months ended
December 31, 2023, a decrease of
$19 million compared to the third quarter 2023, driven by
lower commercial loan fees and retail banking fees. Net gain
on loan sales of $16 million compared to $28 million
during the third quarter 2023, with a mortgage gain on sale margin
of 32 basis points compared to 59 basis points last quarter.
Fourth quarter 2023 non-interest income includes a $2 million
decrease in net loan administration income to $17 million for
the three months ended December 31,
2023, driven by a reduction in subservicing income related
to a decrease in loans being serviced for the FDIC related to the
Signature transaction. The net return on mortgage servicing
rights was $33 million or 11.8% for
the fourth quarter compared to $23
million or 8.0% for the third quarter of this year.
For the year ended December 31,
2023, non-interest income totaled $2.7 billion compared to $247 million for the year ended December 31, 2022. The 2023 amount includes
a bargain purchase gain of $2.2
billion related to the Signature transaction.
Excluding this item, non-interest income for the year ended
December 31, 2023 totaled
$556 million compared to $247
million for the year ended December
31, 2022.
For the year ended December 31,
2023, net gains on loan sales, net return on mortgage
servicing rights and net loan administration income totaled
$274 million compared to $14 million for the year ended December 31, 2022.
Non-Interest Expense
For the three months ended December 31,
2023, non-interest expense totaled $695 million, down
$17 million, or 2%, on a linked-quarter basis. Excluding
merger-related and restructuring expenses, intangible amortization
expense, and the FDIC insurance special assessment of $39 million, total operating expenses for the
three months ended December 31, 2023
were $557 million, down $28 million compared to
$585 million for the three months ended September 30, 2023. The decrease was
primarily driven by reduced compensation and benefits expenses due
to lower incentives, partially offset by higher general and
administrative expenses due to an increase in professional
fees.
For the year ended December 31,
2023, non-interest expenses were $2.5
billion, up $1.9 billion or
272% compared to the year ended December
31, 2022. Excluding merger-related and restructuring
expenses, intangible asset amortization and the FDIC
deposit insurance special assessment, non-interest expenses
for the year ended December 31, 2023
totaled $2.0 billion compared to
$604 million, up $1.4 billion, driven by the impact of the
Flagstar Bank acquisition, which closed in late 2022 and the
Signature transaction, which closed in late March of 2023.
Income Taxes
For the three months ended December 31,
2023, the Company reported a benefit for income taxes of
$109 million compared to a provision for income taxes of
$61 million for the three months ended September 30, 2023. The decrease was driven
by the loss recognized in the current quarter.
For the year ended December 31,
2023, the provision for income taxes totaled $32 million, down $144
million or 82% compared to the year ended December 31, 2022. The effective tax rate
for the year ended December 31, 2023
was 1.3% compared to 21.4% for the year ended December 31, 2022. Income tax expense for
the year ended December 31, 2023 was
impacted by the bargain purchase gain arising from the Signature
transaction.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of
Flagstar Bank, N.A., one of the largest regional banks in the
country. The Company is headquartered in Hicksville, New York. At December 31,
2023, the Company had $116.3 billion
of assets, $85.8 billion of loans,
deposits of $81.4 billion, and
total stockholders' equity of $10.8 billion.
Flagstar Bank, N.A. operates 420 branches, including strong
footholds in the Northeast and Midwest and exposure to high growth
markets in the Southeast and West Coast. Flagstar Mortgage operates
nationally through a wholesale network of approximately 3,000
third-party mortgage originators. In addition, the Bank has 134
private banking teams located in over 10 cities in the metropolitan
New York City region and on the
West Coast, which serve the needs of high-net worth individuals and
their businesses.
New York Community Bancorp, Inc. has market-leading positions in
several national businesses, including multi-family lending,
mortgage origination and servicing, and warehouse lending. The
Company is the 2nd largest multi-family portfolio lender in the
country and the leading multi-family portfolio lender in the
New York City market area, where
it specializes in rent-regulated, non-luxury apartment buildings.
Flagstar Mortgage is the 7th largest bank originator of residential
mortgages for the 12-months ending December 31, 2023, while we
are the industry's 5th largest sub-servicer of mortgage loans
nationwide, servicing 1.4 million accounts with
$382 billion in unpaid principal balances. Additionally, the
Company is the 2nd largest mortgage warehouse lender nationally
based on total commitments.
Post-Earnings Release Conference Call
The Company will host a conference call on Wednesday,
January 31, 2024, at 8:30 a.m. (Eastern
Time) to discuss its fourth quarter 2023 performance. The
conference call may be accessed by dialing (888) 440-5675 (for
domestic calls) or (646) 960-0268 (for international calls) and
providing the following conference ID: 8007549. A replay will be
available approximately three hours following completion of the
call through 11:59 p.m. on
February 4, 2024 and may be accessed
by calling (800) 770-2030 (domestic) or (647) 362-9199
(international) and providing the following conference ID: 8007549.
In addition, the conference call will be webcast at ir.myNYCB.com,
and archived through 5:00 p.m. on
February 28, 2024.
Cautionary Statements Regarding Forward-Looking
Information
This earnings release and the associated conference call may
include forward‐looking statements by the Company and our
authorized officers pertaining to such matters as our goals,
intentions, and expectations regarding revenues, earnings, loan
production, asset quality, capital levels, and acquisitions, among
other matters; our estimates of future costs and benefits of the
actions we may take; our assessments of probable losses on loans;
our assessments of interest rate and other market risks; and our
ability to achieve our financial and other strategic goals,
including those related to our merger with Flagstar Bancorp, Inc.,
which was completed on December 1,
2022, our acquisition of substantial portions of the former
Signature Bank through an FDIC-assisted transaction, and our
transition to a $100 billion plus
bank.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "should," and other similar
words and expressions, and are subject to numerous assumptions,
risks, and uncertainties, which change over time. Additionally,
forward‐looking statements speak only as of the date they are made;
the Company does not assume any duty, and does not undertake, to
update our forward‐looking statements. Furthermore, because
forward‐looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those anticipated in our statements, and
our future performance could differ materially from our historical
results.
Our forward‐looking statements are subject to the following
principal risks and uncertainties: general economic conditions and
trends, either nationally or locally; conditions in the securities
markets; changes in interest rates; changes in deposit flows, and
in the demand for deposit, loan, and investment products and other
financial services; changes in real estate values; changes in the
quality or composition of our loan or investment portfolios;
changes in future allowance for credit losses requirements under
relevant accounting and regulatory requirements; the ability to pay
future dividends at currently expected rates; changes in our
capital management and balance sheet strategies and our ability to
successfully implement such strategies; changes in competitive
pressures among financial institutions or from non‐financial
institutions; changes in legislation, regulations, and policies;
the success of our blockchain and fintech activities, investments
and strategic partnerships; the restructuring of our mortgage
business; the impact of failures or disruptions in or breaches of
the Company's operational or security systems, data or
infrastructure, or those of third parties, including as a result of
cyberattacks or campaigns; the impact of natural disasters, extreme
weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our merger with
Flagstar Bancorp, which was completed on December 1, 2022, and our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction: the possibility that the anticipated
benefits of the transactions will not be realized when expected or
at all; the possibility of increased legal and compliance costs,
including with respect to any litigation or regulatory actions
related to the business practices of acquired companies or the
combined business; diversion of management's attention from ongoing
business operations and opportunities; the possibility that the
Company may be unable to achieve expected synergies and operating
efficiencies in or as a result of the transactions within the
expected timeframes or at all; and revenues following the
transactions may be lower than expected. Additionally, there can be
no assurance that the Community Benefits Agreement entered into
with NCRC, which was contingent upon the closing of the Company's
merger with Flagstar Bancorp, Inc., will achieve the results or
outcome originally expected or anticipated by us as a result of
changes to our business strategy, performance of the U.S. economy,
or changes to the laws and regulations affecting us, our customers,
communities we serve, and the U.S. economy (including, but not
limited to, tax laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K for the
year ended December 31, 2022, Quarterly Reports on Form 10-Q
for the quarters ended March 31,
2023, June 30, 2023, and
September 30, 2023 and in other SEC
reports we file. Our forward‐looking statements may also be subject
to other risks and uncertainties, including those we may discuss in
this news release, on our conference call, during investor
presentations, or in our SEC filings, which are accessible on our
website and at the SEC's website, www.sec.gov.
- Financial Statements and Highlights Follow
-
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF CONDITION
|
|
|
|
|
|
|
|
December 31,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
11,493
|
|
$
6,929
|
|
$
2,032
|
|
66 %
|
|
466 %
|
Securities:
|
|
|
|
|
|
|
|
|
|
Available-for-sale
|
9,145
|
|
8,723
|
|
9,060
|
|
5 %
|
|
1 %
|
Equity investments with
readily determinable fair values, at fair value
|
14
|
|
13
|
|
14
|
|
8 %
|
|
— %
|
Total
securities
|
9,159
|
|
8,736
|
|
9,074
|
|
5 %
|
|
1 %
|
Loans held for
sale
|
1,182
|
|
1,926
|
|
1,115
|
|
-39 %
|
|
6 %
|
Loans and leases held
for investment:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
37,265
|
|
37,698
|
|
38,130
|
|
-1 %
|
|
-2 %
|
Commercial real estate
and acquisition, development, and construction
|
13,382
|
|
13,396
|
|
10,522
|
|
— %
|
|
27 %
|
One-to-four family
first mortgage
|
6,061
|
|
5,882
|
|
5,821
|
|
3 %
|
|
4 %
|
Commercial and
industrial
|
25,254
|
|
24,423
|
|
12,276
|
|
3 %
|
|
106 %
|
Other loans
|
2,657
|
|
2,596
|
|
2,252
|
|
2 %
|
|
18 %
|
Total loans and leases
held for investment
|
84,619
|
|
83,995
|
|
69,001
|
|
1 %
|
|
23 %
|
Less: Allowance for
credit losses on loans and leases
|
(992)
|
|
(619)
|
|
(393)
|
|
60 %
|
|
152 %
|
Total loans and leases
held for investment, net
|
83,627
|
|
83,376
|
|
68,608
|
|
— %
|
|
22 %
|
Federal Home Loan Bank
stock and Federal Reserve Bank stock, at cost
|
1,392
|
|
1,110
|
|
1,267
|
|
25 %
|
|
10 %
|
Premises and equipment,
net
|
652
|
|
638
|
|
491
|
|
2 %
|
|
33 %
|
Core deposit and other
intangibles
|
625
|
|
661
|
|
287
|
|
-5 %
|
|
118 %
|
Goodwill
|
2,426
|
|
2,426
|
|
2,426
|
|
— %
|
|
— %
|
Mortgage servicing
rights
|
1,111
|
|
1,135
|
|
1,033
|
|
-2 %
|
|
8 %
|
Bank-owned life
insurance
|
1,580
|
|
1,576
|
|
1,561
|
|
— %
|
|
1 %
|
Other assets
|
3,075
|
|
2,717
|
|
2,250
|
|
13 %
|
|
37 %
|
Total
assets
|
$
116,322
|
|
$
111,230
|
|
$
90,144
|
|
5 %
|
|
29 %
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$
30,700
|
|
$
31,087
|
|
$
22,511
|
|
-1 %
|
|
36 %
|
Savings
accounts
|
8,773
|
|
9,415
|
|
11,645
|
|
-7 %
|
|
-25 %
|
Certificates of
deposit
|
21,554
|
|
17,310
|
|
12,510
|
|
25 %
|
|
72 %
|
Non-interest-bearing
accounts
|
20,338
|
|
24,863
|
|
12,055
|
|
-18 %
|
|
69 %
|
Total
deposits
|
81,365
|
|
82,675
|
|
58,721
|
|
-2 %
|
|
39 %
|
Borrowed
funds:
|
|
|
|
|
|
|
|
|
|
Wholesale
borrowings
|
20,250
|
|
13,570
|
|
20,325
|
|
49 %
|
|
— %
|
Junior subordinated
debentures
|
579
|
|
578
|
|
575
|
|
— %
|
|
1 %
|
Subordinated
notes
|
438
|
|
437
|
|
432
|
|
— %
|
|
1 %
|
Total borrowed
funds
|
21,267
|
|
14,585
|
|
21,332
|
|
46 %
|
|
— %
|
Other
liabilities
|
2,870
|
|
2,977
|
|
1,267
|
|
-4 %
|
|
127 %
|
Total
liabilities
|
105,502
|
|
100,237
|
|
81,320
|
|
5 %
|
|
30 %
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
503
|
|
503
|
|
503
|
|
— %
|
|
— %
|
Common stock
|
7
|
|
7
|
|
7
|
|
— %
|
|
— %
|
Paid-in capital in
excess of par
|
8,231
|
|
8,217
|
|
8,130
|
|
— %
|
|
1 %
|
Retained
earnings
|
2,896
|
|
3,278
|
|
1,041
|
|
-12 %
|
|
178 %
|
Treasury stock, at
cost
|
(218)
|
|
(217)
|
|
(237)
|
|
— %
|
|
-8 %
|
Accumulated other
comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on
securities available for sale, net of tax
|
(581)
|
|
(863)
|
|
(626)
|
|
-33 %
|
|
-7 %
|
Pension and
post-retirement obligations, net of tax
|
(28)
|
|
(42)
|
|
(46)
|
|
-33 %
|
|
-39 %
|
Net unrealized gain on
cash flow hedges, net of tax
|
10
|
|
110
|
|
52
|
|
-91 %
|
|
-81 %
|
Total accumulated other
comprehensive loss, net of tax
|
(599)
|
|
(795)
|
|
(620)
|
|
-25 %
|
|
-3 %
|
Total stockholders'
equity
|
10,820
|
|
10,993
|
|
8,824
|
|
-2 %
|
|
23 %
|
Total liabilities
and stockholders' equity
|
$
116,322
|
|
$
111,230
|
|
$
90,144
|
|
5 %
|
|
29 %
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF (LOSS) INCOME
|
|
|
|
|
|
|
|
|
December 31,
2023
|
|
For the Three Months
Ended
|
|
compared
to
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2022
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
1,230
|
|
$
1,251
|
|
$
589
|
|
-2 %
|
|
109 %
|
Securities and money
market investments
|
217
|
|
261
|
|
92
|
|
-17 %
|
|
136 %
|
Total interest
income
|
1,447
|
|
1,512
|
|
681
|
|
-4 %
|
|
112 %
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
286
|
|
268
|
|
122
|
|
7 %
|
|
134 %
|
Savings
accounts
|
47
|
|
43
|
|
27
|
|
9 %
|
|
74 %
|
Certificates of
deposit
|
210
|
|
180
|
|
51
|
|
17 %
|
|
312 %
|
Borrowed
funds
|
164
|
|
139
|
|
102
|
|
18 %
|
|
61 %
|
Total interest
expense
|
707
|
|
630
|
|
302
|
|
12 %
|
|
134 %
|
Net interest
income
|
740
|
|
882
|
|
379
|
|
-16 %
|
|
95 %
|
Provision for credit
losses
|
552
|
|
62
|
|
124
|
|
790 %
|
|
345 %
|
Net interest income
after provision for credit losses
|
188
|
|
820
|
|
255
|
|
-77 %
|
|
-26 %
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
|
|
Fee income
|
39
|
|
58
|
|
10
|
|
-33 %
|
|
290 %
|
Bank-owned life
insurance
|
11
|
|
11
|
|
8
|
|
— %
|
|
38 %
|
Net losses on
securities
|
—
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Net return on mortgage
servicing rights
|
33
|
|
23
|
|
6
|
|
43 %
|
|
450 %
|
Net gain on loan sales
and securitizations
|
16
|
|
28
|
|
5
|
|
-43 %
|
|
220 %
|
Net loan administration
income
|
17
|
|
19
|
|
3
|
|
-11 %
|
|
467 %
|
Bargain purchase
gain
|
8
|
|
—
|
|
159
|
|
NM
|
|
-95 %
|
Other income
|
22
|
|
21
|
|
7
|
|
5 %
|
|
214 %
|
Total non-interest
income
|
146
|
|
160
|
|
198
|
|
-9 %
|
|
-26 %
|
|
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
295
|
|
346
|
|
116
|
|
-15 %
|
|
154 %
|
Other
|
301
|
|
239
|
|
88
|
|
26 %
|
|
242 %
|
Total operating
expenses
|
596
|
|
585
|
|
204
|
|
2 %
|
|
192 %
|
Intangible asset
amortization
|
36
|
|
36
|
|
5
|
|
— %
|
|
620 %
|
Merger-related and
restructuring expenses
|
63
|
|
91
|
|
60
|
|
-31 %
|
|
5 %
|
Total non-interest
expense
|
695
|
|
712
|
|
269
|
|
-2 %
|
|
158 %
|
(Loss) income before
income taxes
|
(361)
|
|
268
|
|
184
|
|
-235 %
|
|
-296 %
|
Income tax (benefit)
expense
|
(109)
|
|
61
|
|
12
|
|
-279 %
|
|
-1008 %
|
Net (loss)
income
|
(252)
|
|
207
|
|
172
|
|
-222 %
|
|
-247 %
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
— %
|
|
— %
|
Net (loss) income
available to common stockholders
|
$
(260)
|
|
$
199
|
|
$
164
|
|
-231 %
|
|
-259 %
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
earnings per common share
|
$
(0.36)
|
|
$
0.27
|
|
$
0.30
|
|
-233 %
|
|
-220 %
|
Diluted (loss)
earnings per common share
|
$
(0.36)
|
|
$
0.27
|
|
$
0.30
|
|
-233 %
|
|
-220 %
|
Dividends per common
share
|
$
0.05
|
|
$
0.17
|
|
$
0.17
|
|
-71 %
|
|
-71 %
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
For the Twelve
Months Ended
|
|
Change
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Amount
|
|
Percent
|
(dollars in
millions, except per share data)
|
|
|
|
|
|
|
|
Interest
Income:
|
|
|
|
|
|
|
|
Loans and
leases
|
$
4,509
|
|
$
1,848
|
|
2,661
|
|
144 %
|
Securities and money
market investments
|
982
|
|
244
|
|
738
|
|
302 %
|
Total interest
income
|
5,491
|
|
2,092
|
|
3,399
|
|
162 %
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
943
|
|
226
|
|
717
|
|
317 %
|
Savings
accounts
|
169
|
|
60
|
|
109
|
|
182 %
|
Certificates of
deposit
|
646
|
|
97
|
|
549
|
|
566 %
|
Borrowed
funds
|
656
|
|
313
|
|
343
|
|
110 %
|
Total interest
expense
|
2,414
|
|
696
|
|
1,718
|
|
247 %
|
Net interest
income
|
3,077
|
|
1,396
|
|
1,681
|
|
120 %
|
Provision for credit
losses
|
833
|
|
133
|
|
700
|
|
526 %
|
Net interest income
after provision for credit losses
|
2,244
|
|
1,263
|
|
981
|
|
78 %
|
|
|
|
|
|
|
|
|
Non-Interest
Income:
|
|
|
|
|
|
|
|
Fee income
|
172
|
|
27
|
|
145
|
|
537 %
|
Bank-owned life
insurance
|
43
|
|
32
|
|
11
|
|
34 %
|
Net losses on
securities
|
(1)
|
|
(2)
|
|
1
|
|
-50 %
|
Net return on mortgage
servicing rights
|
103
|
|
6
|
|
97
|
|
1617 %
|
Net gain on loan sales
and securitizations
|
89
|
|
5
|
|
84
|
|
1680 %
|
Net loan administration
income
|
82
|
|
3
|
|
79
|
|
2633 %
|
Bargain purchase
gain
|
2,150
|
|
159
|
|
1,991
|
|
1252 %
|
Other income
|
68
|
|
17
|
|
51
|
|
300 %
|
Total non-interest
income
|
2,706
|
|
247
|
|
2,459
|
|
996 %
|
|
|
|
|
|
|
|
|
Non-Interest
Expense:
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
1,149
|
|
354
|
|
795
|
|
225 %
|
Other
|
939
|
|
250
|
|
689
|
|
276 %
|
Total operating
expenses
|
2,088
|
|
604
|
|
1,484
|
|
246 %
|
Intangible asset
amortization
|
126
|
|
5
|
|
121
|
|
2420 %
|
Merger-related and
restructuring expenses
|
330
|
|
75
|
|
255
|
|
340 %
|
Total non-interest
expense
|
2,544
|
|
684
|
|
1,860
|
|
272 %
|
Income before income
taxes
|
2,406
|
|
826
|
|
1,580
|
|
191 %
|
Income tax
expense
|
32
|
|
176
|
|
(144)
|
|
-82 %
|
Net
Income
|
2,374
|
|
650
|
|
1,724
|
|
265 %
|
Preferred stock
dividends
|
33
|
|
33
|
|
—
|
|
— %
|
Net income available
to common stockholders
|
$
2,341
|
|
$
617
|
|
1,724
|
|
279 %
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
3.25
|
|
$
1.26
|
|
$
2.00
|
|
160 %
|
Diluted earnings per
common share
|
$
3.24
|
|
$
1.26
|
|
$
1.97
|
|
156 %
|
Dividends per common
share
|
$
0.56
|
|
$
0.68
|
|
$
(0.12)
|
|
-18 %
|
NEW YORK
COMMUNITY BANCORP, INC.
RECONCILIATIONS OF CERTAIN
GAAP AND NON-GAAP FINANCIAL MEASURES
(dollars in
millions)
While stockholders' equity, total assets, and book value per
share are financial measures that are recorded in accordance with
U.S. generally accepted accounting principles ("GAAP"), tangible
stockholders' equity, tangible assets, and tangible book value per
share are not. Nevertheless, it is management's belief that
these non-GAAP measures should be disclosed in our earnings
releases and other investor communications for the following
reasons:
- Tangible stockholders' equity is an important indication of the
Company's ability to grow organically and through business
combinations, as well as its ability to pay dividends and to engage
in various capital management strategies.
- Returns on average tangible assets and average tangible
stockholders' equity are among the profitability measures
considered by current and prospective investors, both
independent of, and in comparison with, the Company's peers.
- Tangible book value per share and the ratio of tangible
stockholders' equity to tangible assets are among the capital
measures considered by current and prospective investors, both
independent of, and in comparison with, its peers.
Tangible stockholders' equity, tangible assets, and the related
non-GAAP profitability and capital measures should not be
considered in isolation or as a substitute for stockholders'
equity, total assets, or any other profitability or capital measure
calculated in accordance with GAAP. Moreover, the manner in which
we calculate these non-GAAP measures may differ from that of other
companies reporting non-GAAP measures with similar names.
The following table presents reconciliations of our common
stockholders' equity and tangible common stockholders' equity, our
total assets and tangible assets, and the related GAAP and non-GAAP
profitability and capital measures at or for the periods
indicated:
|
At or for
the
|
|
At or for
the
|
|
Three Months
Ended,
|
|
Twelve Months
Ended,
|
(dollars in
millions)
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
Total Stockholders'
Equity
|
$
10,820
|
|
$
10,993
|
|
$
8,824
|
|
$
10,820
|
|
$
8,824
|
Less: Goodwill and
other intangible assets
|
(3,051)
|
|
(3,087)
|
|
(2,713)
|
|
(3,051)
|
|
(2,713)
|
Less: Preferred
stock
|
(503)
|
|
(503)
|
|
(503)
|
|
(503)
|
|
(503)
|
Tangible common
stockholders' equity
|
$
7,266
|
|
$
7,403
|
|
$
5,608
|
|
$
7,266
|
|
$
5,608
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
$
116,322
|
|
$
111,230
|
|
$
90,144
|
|
$ 116,322
|
|
$
90,144
|
Less: Goodwill and
other intangible assets
|
(3,051)
|
|
(3,087)
|
|
(2,713)
|
|
(3,051)
|
|
(2,713)
|
Tangible
Assets
|
$
113,271
|
|
$
108,143
|
|
$
87,431
|
|
$ 113,271
|
|
$
87,431
|
|
|
|
|
|
|
|
|
|
|
Average common
stockholders' equity
|
$
10,559
|
|
$
10,692
|
|
$
6,986
|
|
$
10,085
|
|
$
6,580
|
Less: Average goodwill
and other intangible assets
|
(3,075)
|
|
(3,111)
|
|
(2,525)
|
|
(3,027)
|
|
(2,451)
|
Average tangible
common stockholders' equity
|
$
7,484
|
|
$
7,581
|
|
$
4,461
|
|
$
7,058
|
|
$
4,129
|
|
|
|
|
|
|
|
|
|
|
Average
Assets
|
$
111,708
|
|
$
114,274
|
|
$
72,332
|
|
$ 110,502
|
|
$
64,402
|
Less: Average goodwill
and other intangible assets
|
(3,075)
|
|
(3,111)
|
|
(2,525)
|
|
(3,027)
|
|
(2,451)
|
Average tangible
assets
|
$
108,633
|
|
$
111,163
|
|
$
69,807
|
|
$ 107,475
|
|
$
61,951
|
|
|
|
|
|
|
|
|
|
|
GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
(Loss) return on
average assets (1)
|
(0.90) %
|
|
0.72 %
|
|
0.95 %
|
|
2.15 %
|
|
1.01 %
|
(Loss) return on
average common stockholders' equity (2)
|
(9.84)
|
|
7.42
|
|
9.34
|
|
23.21
|
|
9.38
|
Book value per common
share
|
$
14.28
|
|
$
14.52
|
|
$
12.21
|
|
$
14.28
|
|
$
12.21
|
Common stockholders'
equity to total assets
|
8.87 %
|
|
9.43 %
|
|
9.23 %
|
|
8.87 %
|
|
9.23 %
|
NON-GAAP
MEASURES:
|
|
|
|
|
|
|
|
|
|
(Loss) return on
average tangible assets (1)
|
(0.68) %
|
|
0.99 %
|
|
0.84 %
|
|
0.57 %
|
|
1.03 %
|
(Loss) return on
average tangible common stockholders' equity
(2)
|
(10.26) %
|
|
14.01
|
|
12.38
|
|
8.17
|
|
14.60
|
Tangible book value per
common share
|
$
10.06
|
|
$
10.25
|
|
$
8.23
|
|
$
10.06
|
|
$
8.23
|
Tangible common
stockholders' equity to tangible assets
|
6.41 %
|
|
6.85 %
|
|
6.41 %
|
|
6.41 %
|
|
6.41 %
|
|
|
(1)
|
To calculate return on
average assets for a period, we divide net income, or non-GAAP net
income, generated during that period by average assets recorded
during that period. To calculate return on average tangible assets
for a period, we divide net income by average tangible assets
recorded during that period.
|
(2)
|
To calculate return on
average common stockholders' equity for a period, we divide net
income available to common stockholders, or non-GAAP net income
available to common stockholders, generated during that period by
average common stockholders' equity recorded during that period. To
calculate return on average tangible common stockholders' equity
for a period, we divide net income available to common stockholders
generated during that period by average tangible common
stockholders' equity recorded during that period.
|
While diluted earnings per common share, net income, net income
available to common stockholders, and total non-interest income are
financial measures that are recorded in accordance with GAAP,
financial measures that adjust these GAAP measures to exclude
expenses and the bargain purchase gains related to our merger with
Flagstar and the Signature transaction, and initial provision for
credit losses are not. Nevertheless, it is management's belief that
these non-GAAP measures should be disclosed in our earnings release
and other investor communications because they are not considered
part of recurring operations and are included because the Company
believes they may provide useful supplemental information for
evaluating the underlying performance trends of the Company.
|
For the Three Months
Ended
|
|
For the Twelve
Months Ended
|
(dollars in
millions, except per share data)
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
Net (loss) income -
GAAP
|
$
(252)
|
|
$
207
|
|
$
172
|
|
$
2,374
|
|
$
650
|
Merger-related and
restructuring expenses, net of tax (1)
|
46
|
|
67
|
|
48
|
|
244
|
|
59
|
FDIC special
assessment, net of tax
|
29
|
|
—
|
|
—
|
|
29
|
|
—
|
Bargain purchase
gain
|
(8)
|
|
—
|
|
(159)
|
|
(2,150)
|
|
(159)
|
Initial provision for
credit losses, net of tax
|
—
|
|
—
|
|
86
|
|
97
|
|
86
|
Provision for bond
related credit losses, net of tax
|
—
|
|
—
|
|
—
|
|
15
|
|
—
|
Net (loss) income, as
adjusted - non-GAAP
|
$
(185)
|
|
$
274
|
|
$
147
|
|
$
609
|
|
$
636
|
Preferred stock
dividends
|
8
|
|
8
|
|
8
|
|
33
|
|
33
|
Net (loss) income
available to common stockholders, as adjusted - non-GAAP
|
$
(193)
|
|
$
266
|
|
$
139
|
|
$
576
|
|
$
603
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share - GAAP
|
$
(0.36)
|
|
$
0.27
|
|
$
0.30
|
|
$
3.24
|
|
$
1.26
|
Diluted earnings per
common share, as adjusted - non-GAAP
|
$
(0.27)
|
|
$
0.36
|
|
$
0.25
|
|
$
0.80
|
|
$
1.23
|
(1) Certain merger-related items are
not taxable or deductible.
|
While net income is a financial measure that is calculated in
accordance with GAAP, PPNR and PPNR excluding bargain purchase
gains, FDIC special assessment and merger-related and restructuring
expenses are non-GAAP financial measures. Nevertheless, it is
management's belief that these non-GAAP measures should be
disclosed in our earnings releases and other investor
communications because management believes these measures are
relevant to understanding the performance of the Company
attributable to elements other than the provision for credit losses
and the ability of the Company to generate earnings sufficient to
cover estimated credit losses. These measures also provide a
meaningful basis for comparison to other financial institutions
since it is commonly employed and is a measure frequently cited by
investors and analysts. The following table reconciles the non-GAAP
financial measures of PPNR and PPNR excluding bargain purchase
gains, FDIC special assessment and merger-related and restructuring
expenses to the comparable GAAP financial measures of net income
for the stated periods:
|
|
|
|
|
|
|
December 31,
2023
|
|
For the Three Months
Ended
|
|
compared
to:
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2022
|
(dollars in
millions)
|
|
Net interest
income
|
$
740
|
|
$
882
|
|
$
379
|
|
-16 %
|
|
95 %
|
Non-interest
income
|
146
|
|
160
|
|
198
|
|
-9 %
|
|
-26 %
|
Total
revenues
|
$
886
|
|
$
1,042
|
|
$
577
|
|
-15 %
|
|
54 %
|
Total non-interest
expense
|
695
|
|
712
|
|
269
|
|
-2 %
|
|
158 %
|
Pre - provision net
revenue (non-GAAP)
|
$
191
|
|
$
330
|
|
$
308
|
|
-42 %
|
|
-38 %
|
Bargain purchase
gain
|
(8)
|
|
—
|
|
(159)
|
|
NM
|
|
-95 %
|
Merger-related and
restructuring expenses
|
63
|
|
91
|
|
60
|
|
-31 %
|
|
5 %
|
FDIC special
assessment
|
39
|
|
—
|
|
—
|
|
NM
|
|
NM
|
Pre - provision net
revenue excluding merger-related and
restructuring expenses and bargain purchase gain, as
adjusted (non-GAAP)
|
$
285
|
|
$
421
|
|
$
209
|
|
-32 %
|
|
36 %
|
Provision for credit
losses
|
552
|
|
62
|
|
124
|
|
790 %
|
|
345 %
|
Bargain purchase
gain
|
8
|
|
—
|
|
159
|
|
NM
|
|
-95 %
|
Merger-related and
restructuring expenses
|
(63)
|
|
(91)
|
|
(60)
|
|
-31 %
|
|
5 %
|
FDIC special
assessment
|
(39)
|
|
—
|
|
—
|
|
NM
|
|
NM
|
(Loss) income before
taxes
|
$
(361)
|
|
$
268
|
|
$
184
|
|
-235 %
|
|
-296 %
|
Income tax (benefit)
expense
|
(109)
|
|
61
|
|
12
|
|
-279 %
|
|
-1008 %
|
Net (Loss) Income
(GAAP)
|
$
(252)
|
|
$
207
|
|
$
172
|
|
-222 %
|
|
-247 %
|
|
|
|
|
|
|
|
For the Twelve
Months Ended
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Change
%
|
(dollars in
millions)
|
|
Net interest
income
|
$
3,077
|
|
$
1,396
|
|
120 %
|
Non-interest
income
|
2,706
|
|
247
|
|
996 %
|
Total
revenues
|
$
5,783
|
|
$
1,643
|
|
252 %
|
Total non-interest
expense
|
2,544
|
|
684
|
|
272 %
|
Pre - provision net
revenue (non-GAAP)
|
$
3,239
|
|
$
959
|
|
238 %
|
Bargain purchase
gain
|
(2,150)
|
|
(159)
|
|
1252 %
|
Provision for bond
related credit losses
|
20
|
|
—
|
|
NM
|
Merger-related and
restructuring expenses
|
330
|
|
75
|
|
340 %
|
FDIC special
assessment
|
39
|
|
—
|
|
NM
|
Pre - provision net
revenue excluding merger-related and restructuring expenses and
bargain
purchase gain, as adjusted (non-GAAP)
|
$
1,478
|
|
$
875
|
|
69 %
|
Provision for credit
losses
|
833
|
|
133
|
|
526 %
|
Bargain purchase
gain
|
2,150
|
|
159
|
|
1252 %
|
Provision for bond
related credit losses
|
(20)
|
|
—
|
|
NM
|
Merger-related and
restructuring expenses
|
(330)
|
|
(75)
|
|
340 %
|
FDIC special
assessment
|
(39)
|
|
—
|
|
NM
|
Income before
taxes
|
$
2,406
|
|
$
826
|
|
191 %
|
Income tax
expense
|
32
|
|
176
|
|
-82 %
|
Net Income
(GAAP)
|
$
2,374
|
|
$
650
|
|
265 %
|
NEW YORK COMMUNITY
BANCORP, INC.
NET INTEREST INCOME
ANALYSIS
LINKED-QUARTER AND
YEAR-OVER-YEAR COMPARISONS
(dollars in
millions)
|
|
|
For the Three Months
Ended
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
(dollars in
millions)
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other
loans, net
|
$ 85,671
|
$
1,230
|
5.72 %
|
|
$ 85,691
|
$
1,251
|
5.82 %
|
|
$ 55,957
|
$ 589
|
4.20 %
|
Securities
|
11,493
|
126
|
4.39
|
|
10,317
|
111
|
4.30
|
|
9,182
|
75
|
3.26
|
Reverse repurchase
agreements
|
46
|
1
|
6.91
|
|
299
|
5
|
6.11
|
|
676
|
8
|
4.78
|
Interest-earning cash
and cash equivalents
|
6,754
|
90
|
5.28
|
|
10,788
|
145
|
5.31
|
|
980
|
9
|
4.24
|
Total interest-earning
assets
|
103,964
|
$
1,447
|
5.55
|
|
107,095
|
$
1,512
|
5.62
|
|
66,795
|
$ 681
|
4.07
|
Non-interest-earning
assets
|
7,744
|
|
|
|
7,179
|
|
|
|
5,537
|
|
|
Total assets
|
$
111,708
|
|
|
|
$
114,274
|
|
|
|
$ 72,332
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$ 31,958
|
$ 286
|
3.55 %
|
|
$ 31,321
|
$
268
|
3.40 %
|
|
$ 20,864
|
$ 122
|
2.31 %
|
Savings
accounts
|
9,055
|
47
|
2.03
|
|
9,628
|
43
|
1.76
|
|
9,605
|
27
|
1.10
|
Certificates of
deposit
|
18,491
|
210
|
4.52
|
|
17,545
|
180
|
4.06
|
|
10,478
|
51
|
1.94
|
Total interest-bearing
deposits
|
59,504
|
543
|
3.62
|
|
58,494
|
491
|
3.33
|
|
40,947
|
200
|
1.93
|
Borrowed
funds
|
15,714
|
164
|
4.14
|
|
15,596
|
139
|
3.53
|
|
15,525
|
102
|
2.62
|
Total interest-bearing
liabilities
|
75,218
|
$ 707
|
3.73
|
|
74,090
|
$
630
|
3.37
|
|
56,472
|
$ 302
|
2.12
|
Non-interest-bearing
deposits
|
22,676
|
|
|
|
25,703
|
|
|
|
7,474
|
|
|
Other
liabilities
|
2,752
|
|
|
|
3,286
|
|
|
|
897
|
|
|
Total
liabilities
|
100,646
|
|
|
|
103,079
|
|
|
|
64,843
|
|
|
Stockholders'
equity
|
11,062
|
|
|
|
11,195
|
|
|
|
7,489
|
|
|
Total liabilities and
stockholders' equity
|
$
111,708
|
|
|
|
$
114,274
|
|
|
|
$ 72,332
|
|
|
Net interest
income/interest rate spread
|
|
$ 740
|
1.82 %
|
|
|
$
882
|
2.25 %
|
|
|
$ 379
|
1.95 %
|
Net interest
margin
|
|
|
2.82 %
|
|
|
|
3.27 %
|
|
|
|
2.28 %
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
|
1.38
x
|
|
|
|
1.45
x
|
|
|
|
1.18
x
|
NEW YORK COMMUNITY
BANCORP, INC.
NET INTEREST INCOME
ANALYSIS
YEAR-OVER-YEAR
COMPARISONS
(dollars in
millions)
|
|
|
For the Twelve
Months Ended
|
|
December 31,
2023
|
|
December 31,
2022
|
(dollars in
millions)
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
Assets:
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Mortgage and other
loans, net
|
$ 81,855
|
$
4,509
|
5.51 %
|
|
$ 49,376
|
$
1,848
|
3.74 %
|
Securities
|
10,611
|
444
|
4.18
|
|
7,448
|
200
|
2.69
|
Reverse repurchase
agreements
|
388
|
22
|
5.77
|
|
460
|
15
|
3.24
|
Interest-earning cash
and cash equivalents
|
10,025
|
516
|
5.14
|
|
1,988
|
29
|
1.47
|
Total interest-earning
assets
|
102,879
|
$
5,491
|
5.34
|
|
59,272
|
$
2,092
|
3.53
|
Non-interest-earning
assets
|
7,623
|
|
|
|
5,130
|
|
|
Total assets
|
$
110,502
|
|
|
|
$ 64,402
|
|
|
Liabilities and
Stockholders' Equity:
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
Interest-bearing
checking and money market accounts
|
$ 29,286
|
$ 943
|
3.22 %
|
|
$ 17,910
|
$ 226
|
1.26 %
|
Savings
accounts
|
9,941
|
169
|
1.70
|
|
9,336
|
60
|
0.64
|
Certificates of
deposit
|
17,097
|
646
|
3.78
|
|
8,772
|
97
|
1.11
|
Total interest-bearing
deposits
|
56,324
|
1,758
|
3.12
|
|
36,018
|
383
|
1.06
|
Borrowed
funds
|
17,934
|
656
|
3.66
|
|
15,390
|
313
|
2.04
|
Total interest-bearing
liabilities
|
74,258
|
$
2,414
|
3.25
|
|
51,408
|
$ 696
|
1.35
|
Non-interest-bearing
deposits
|
21,583
|
|
|
|
5,124
|
|
|
Other
liabilities
|
4,073
|
|
|
|
787
|
|
|
Total
liabilities
|
99,914
|
|
|
|
57,319
|
|
|
Stockholders'
equity
|
10,588
|
|
|
|
7,083
|
|
|
Total liabilities and
stockholders' equity
|
$
110,502
|
|
|
|
$ 64,402
|
|
|
Net interest
income/interest rate spread
|
|
$
3,077
|
2.09 %
|
|
|
$
1,396
|
2.17 %
|
Net interest
margin
|
|
|
2.99 %
|
|
|
|
2.35 %
|
Ratio of
interest-earning assets to interest-bearing liabilities
|
|
|
1.39
x
|
|
|
|
1.15
x
|
|
|
|
|
|
|
|
|
NEW YORK COMMUNITY
BANCORP, INC.
CONSOLIDATED
FINANCIAL HIGHLIGHTS
(dollars in
millions)
|
|
|
For the Three Months
Ended
|
|
For the Twelve
Months Ended
|
(dollars in
millions, except share and per share data)
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
PROFITABILITY
MEASURES:
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
(252)
|
|
$
207
|
|
$
172
|
|
$
2,374
|
|
$
650
|
Net (loss) income
available to common stockholders
|
(260)
|
|
199
|
|
164
|
|
2,341
|
|
617
|
Basic earnings per
common share
|
(0.36)
|
|
0.27
|
|
0.30
|
|
3.25
|
|
1.26
|
Diluted earnings per
common share
|
(0.36)
|
|
0.27
|
|
0.30
|
|
3.24
|
|
1.26
|
(Loss) return on
average assets
|
(0.90) %
|
|
0.72 %
|
|
0.95 %
|
|
2.15 %
|
|
1.01 %
|
(Loss) return on
average tangible assets (1)
|
(0.68)
|
|
0.99
|
|
0.84
|
|
0.57
|
|
1.03
|
(Loss) return on
average common stockholders' equity
|
(9.84)
|
|
7.42
|
|
9.34
|
|
23.21
|
|
9.38
|
(Loss) return on
average tangible common stockholders' equity
(1)
|
(10.26)
|
|
14.01
|
|
12.38
|
|
8.17
|
|
14.60
|
Efficiency ratio
(2)
|
67.86
|
|
56.15
|
|
48.82
|
|
57.47
|
|
40.72
|
Operating expenses to
average assets
|
2.13
|
|
2.05
|
|
1.13
|
|
1.89
|
|
0.94
|
Interest rate
spread
|
1.82
|
|
2.25
|
|
1.95
|
|
2.09
|
|
2.17
|
Net interest
margin
|
2.82
|
|
3.27
|
|
2.28
|
|
2.99
|
|
2.35
|
Effective tax
rate
|
30.21
|
|
22.68
|
|
7.02
|
|
1.33
|
|
21.36
|
Shares used for basic
common EPS computation
|
722,424,143
|
|
722,486,509
|
|
537,754,255
|
|
713,643,550
|
|
483,603,395
|
Shares used for diluted
common EPS computation
|
722,424,143
|
|
724,912,890
|
|
539,723,483
|
|
715,381,488
|
|
485,134,345
|
Common shares
outstanding at the respective period-ends
|
722,066,370
|
|
722,485,257
|
|
681,217,334
|
|
722,066,370
|
|
681,217,334
|
|
|
(1)
|
See the reconciliations
of these non-GAAP measures with the comparable GAAP measures on
page 13 of this release.
|
(2)
|
We calculate our
efficiency ratio by dividing our operating expenses by the sum of
our net interest income and non-interest income, excluding the
bargain purchase gain.
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
CAPITAL
MEASURES:
|
|
|
|
|
|
Book value per common
share
|
$
14.28
|
|
$
14.52
|
|
$
12.21
|
Tangible book value per
common share (1)
|
10.06
|
|
10.25
|
|
8.23
|
Common stockholders'
equity to total assets
|
8.87 %
|
|
9.43 %
|
|
9.23 %
|
Tangible common
stockholders' equity to tangible assets (1)
|
6.41
|
|
6.85
|
|
6.41
|
|
(1) See the reconciliations
of these non-GAAP measures with the comparable GAAP measures on
page 13 of this release.
|
NEW YORK
COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL
HIGHLIGHTS
ASSET QUALITY SUMMARY
The following table presents the Company's asset quality
measures at the respective dates:
|
|
|
|
|
|
|
December 31,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2022
|
Non-Performing
Loans:
|
|
|
|
|
|
|
|
|
|
Non-accrual mortgage
loans:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
138
|
|
$
102
|
|
$
13
|
|
35 %
|
|
962 %
|
Commercial real
estate
|
128
|
|
157
|
|
20
|
|
-18 %
|
|
540 %
|
One-to-four family
first mortgage
|
95
|
|
90
|
|
92
|
|
6 %
|
|
3 %
|
Acquisition,
development, and construction
|
2
|
|
1
|
|
—
|
|
100 %
|
|
NM
|
Total non-accrual
mortgage loans
|
363
|
|
350
|
|
125
|
|
4 %
|
|
190 %
|
Commercial and
industrial
|
43
|
|
65
|
|
3
|
|
-34 %
|
|
1333 %
|
Other non-accrual
loans
|
22
|
|
19
|
|
13
|
|
16 %
|
|
69 %
|
Total non-performing
loans
|
428
|
|
435
|
|
141
|
|
-2 %
|
|
204 %
|
Repossessed
assets
|
14
|
|
12
|
|
12
|
|
17 %
|
|
17 %
|
Total non-performing
assets
|
442
|
|
447
|
|
153
|
|
-1 %
|
|
189 %
|
The following table presents the Company's asset quality
measures at the respective dates:
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
Non-performing loans to
total loans held for investment
|
0.51 %
|
|
0.52 %
|
|
0.20 %
|
Non-performing assets
to total assets
|
0.38
|
|
0.40
|
|
0.17
|
Allowance for
credit losses on loans to non-performing loans
|
231.51
|
|
142.79
|
|
278.87
|
Allowance for credit
losses on loans to total loans held for investment
|
1.17
|
|
0.74
|
|
0.57
|
NEW YORK
COMMUNITY BANCORP, INC.
SUPPLEMENTAL FINANCIAL
INFORMATION
The following table presents the Company's loans 30 to 89 days
past due at the respective dates:
|
|
|
|
|
|
|
December 31,
2023
|
|
|
|
|
|
|
|
compared
to
|
(dollars in
millions)
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
September 30,
2023
|
|
December 31,
2022
|
Loans 30 to 89 Days
Past Due:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
121
|
|
$
60
|
|
$
34
|
|
102 %
|
|
256 %
|
Commercial real
estate
|
28
|
|
26
|
|
2
|
|
8 %
|
|
1300 %
|
One-to-four family
first mortgage
|
40
|
|
19
|
|
21
|
|
111 %
|
|
90 %
|
Acquisition,
development, and construction
|
2
|
|
1
|
|
—
|
|
100 %
|
|
NM
|
Commercial and
industrial
|
37
|
|
43
|
|
2
|
|
-14 %
|
|
1750 %
|
Other loans
|
22
|
|
20
|
|
11
|
|
10 %
|
|
100 %
|
Total loans 30 to 89
days past due
|
$
250
|
|
$
169
|
|
$
70
|
|
48 %
|
|
257 %
|
The following table summarizes the Company's net charge-offs
(recoveries) for the respective periods:
|
For the Three Months
Ended
|
|
For the Twelve
Months Ended
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
117
|
|
$
2
|
|
$
—
|
|
$
119
|
|
$
1
|
Commercial real
estate
|
42
|
|
14
|
|
—
|
|
56
|
|
4
|
One-to-four family
residential
|
1
|
|
—
|
|
—
|
|
4
|
|
—
|
Acquisition,
development and construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Commercial and
industrial
|
24
|
|
6
|
|
—
|
|
30
|
|
—
|
Other
|
5
|
|
4
|
|
2
|
|
14
|
|
2
|
Total
charge-offs
|
$
189
|
|
$
26
|
|
$
2
|
|
$
223
|
|
$
7
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Multi-family
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
Commercial real
estate
|
—
|
|
—
|
|
—
|
|
—
|
|
(4)
|
One-to-four family
residential
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Acquisition,
development and construction
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Commercial and
industrial
|
(3)
|
|
(1)
|
|
(1)
|
|
(11)
|
|
(7)
|
Other
|
(1)
|
|
(1)
|
|
—
|
|
(4)
|
|
—
|
Total
recoveries
|
$
(4)
|
|
$
(2)
|
|
$
(1)
|
|
$
(15)
|
|
$
(11)
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
185
|
|
$
24
|
|
$
1
|
|
$
208
|
|
$
(4)
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (1)
|
0.22 %
|
|
0.03 %
|
|
— %
|
|
0.25 %
|
|
(0.01) %
|
|
(1) Three months ended
presented on a non-annualized basis.
|
NEW YORK COMMUNITY
BANCORP, INC. SUPPLEMENTAL FINANCIAL
INFORMATION
LOANS SERVICED AND
SUBSERVICED
|
|
|
December 31,
2023
|
|
September 30,
2023
|
(dollars in
millions)
|
Unpaid
Principal
Balance (1)
|
Number of
accounts
|
|
Unpaid
Principal
Balance (1)
|
Number of
accounts
|
Subserviced for others
(2)
|
$
294,947
|
1,044,009
|
|
$
326,522
|
1,218,812
|
Serviced for others
(3)
|
78,336
|
307,479
|
|
75,891
|
299,323
|
Serviced for own loan
portfolio (4)
|
8,941
|
70,486
|
|
9,322
|
71,785
|
Total loans
serviced
|
$
382,224
|
1,421,974
|
|
$
411,735
|
1,589,920
|
|
|
(1)
|
UPB, net of write
downs, does not include premiums or discounts.
|
(2)
|
Loans subserviced for a
fee for non-Company owned loans or MSRs. Includes temporary
short-term subservicing performed as a result of sales of
servicing-released MSRs.
|
(3)
|
Loans for which the
Company owns the MSR.
|
(4)
|
Includes LHFI
(residential first mortgage, home equity and other consumer), LHFS
(residential first mortgage), loans with government guarantees
(residential first mortgage), and repossessed assets.
|
Investor/Media
Contact:
|
|
Salvatore J.
DiMartino
|
|
|
(516)
683-4286
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-york-community-bancorp-inc-reports-record-results-for-2023-302048711.html
SOURCE New York Community Bancorp, Inc.