Latest ESG Report Demonstrates Company's
Responsible Business Practices and Showcases Early
Achievement of 2030 Carbon Emissions Targets
HICKSVILLE, N.Y., Sept. 25,
2024 /PRNewswire/ -- Flagstar Bank, N.A., the bank
subsidiary (the "Bank") of New York Community Bancorp, Inc., (NYSE:
NYCB) (the "Company"), released its 2023 Environmental, Social, and
Governance (ESG) Report. The report highlights Flagstar's
commitment to sustainability and social responsibility, showcasing
progress while outlining ongoing efforts to drive meaningful
advancements in environmental, social, and governance
practices.
"We believe that setting ambitious goals and holding ourselves
accountable for our environmental, social, and governance efforts
is a fundamental aspect of responsible business," said Joseph Otting, Chairman, President, and CEO. "I
am particularly proud of our team's dedication to positively
impacting the communities we serve during this period of continuous
company transformation and look forward to seeing what we can
accomplish together over the long-term."
2023 ESG highlights include:
- Reduced Carbon Footprint: In 2023, Flagstar successfully
reduced its Scope 1 and 2 greenhouse gas emissions by 34%. This
achievement surpasses the Company's commitment to a 30% reduction
by 2030 compared to a 2019 baseline at its branches and
headquarters.
- Built An Inclusive Workplace and Bank: Grew mentorship
program to over 150 mentees and over 40 mentors providing guidance,
upskilling opportunities and career growth pathways.
- Met Individual Needs Through Tailored Content:
Successfully completed a full rollout of in-language loan
documents, including application and mortgage materials, in Spanish
for all retail locations in 2023.
- Increased our Commitment to Diversity with Partner
Organizations: Flagstar became a member of six national
certifying and advocacy organizations to support multiple supplier
diversity affinity groups including women, veterans, individuals
with disabilities, and members of the LGBTQ community.
- Closed the Wealth Gap through Community Reinvestment Act
(CRA) Investments: Flagstar invested over $93.1 million in CRA low-income housing tax
credits, provided $5.6 million in
CRA-qualifying grants and sponsorships, and contributed
$1.3 million to CRA minority deposit
institutions.
- Promoted Equity and Prosperity through Philanthropy:
Flagstar's Community Foundation fosters sustainable growth and
impact through capacity building grants, in addition to
programmatic support. In 2023, the Company awarded $3.16 million in grants to organizations focused
on workforce readiness, arts and culture, and financial
capability.
"This year's report showcases the significant strides we've made
in advancing our clients and communities through responsible
business practices," said Kirby
Brendsel, Director of ESG Sustainability. "From reaching our
carbon emissions reduction goals ahead of schedule to strategically
investing in organizations that enhance financial capability
nationwide, this report highlights how our proactive approach is
integrated into all our initiatives and contributes to making a
lasting impact in the communities we serve."
The 2023 ESG Report aligns with several key standards and
frameworks, including the Global Reporting Initiative Universal
Standards, the Task Force on Climate-related Financial Disclosures
framework, relevant sector standards from the Sustainability
Accounting Standards Board. To learn more about ESG at Flagstar,
visit Flagstar.com/esg.
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 June 30, 2024, the
Company had $119.1 billion of assets,
$82.4 billion of loans, deposits of
$79.0 billion, and total
stockholders' equity of $8.4
billion.
Flagstar Bank, N.A. operates over 400 branches, including a
significant presence in the Northeast and Midwest and locations in
high growth markets in the Southeast and West Coast. In
addition, the Bank has approximately 90 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.
Cautionary Note Regarding Forward-Looking
Statements
The foregoing disclosures may include
forward‐looking statements within the meaning of the federal
securities laws by the Company pertaining to such matters as our
goals, intentions, and expectations regarding (a) revenues,
earnings, loan production, asset quality, liquidity position,
capital levels, risk analysis, divestitures, acquisitions, and
other material transactions, among other matters; (b) the future
costs and benefits of the actions we may take; (c) our assessments
of credit risk and probable losses on loans and associated
allowances and reserves; (d) our assessments of interest rate and
other market risks; (e) our ability to execute on our strategic
plan, including the sufficiency of our internal resources,
procedures and systems; (f) our ability to attract, incentivize,
and retain key personnel and the roles of key personnel; (g) 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 ability to fully and timely
implement the risk management programs institutions greater than
$100 billion in assets must maintain; (h) the effect on our capital
ratios of the approval of certain proposals approved by our
shareholders during our 2024 annual meeting of shareholders; (i)
the conversion or exchange of shares of the Company's preferred
stock; (j) the payment of dividends on shares of the Company's
capital stock, including adjustments to the amount of dividends
payable on shares of the Company's preferred stock; (k) the
availability of equity and dilution of existing equity holders
associated with amendments to the 2020 Omnibus Incentive Plan; and
(l) the terms associated with, and potential future grants of,
employment inducement award grants.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "plan,"
"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, among others, the
following principal risks and uncertainties: general economic
conditions and trends, either nationally or locally; conditions in
the securities, credit and financial markets; changes in interest
rates; the inability of the Bank and Nationstar to execute the
transaction contemplated by the MSR Purchase Agreement and Asset
Purchase Agreement or satisfy customary closing conditions; 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, including associated allowances and
reserves; changes in future allowance for credit losses
requirements under relevant accounting and regulatory requirements;
the ability to pay future dividends; changes in our capital
management and balance sheet strategies and our ability to
successfully implement such strategies; changes in our strategic
plan, including changes in our internal resources, procedures and
systems, and our ability to successfully implement such plan;
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/A for
the year ended December 31, 2023,
Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, 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 release,
during investor presentations, or in our SEC filings, which are
accessible on our website and at the SEC's website,
www.sec.gov.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Nicole Yelland
(248) 219-9234
View original content to download
multimedia:https://www.prnewswire.com/news-releases/flagstar-bank-releases-2023-environmental-social-and-governance-report-302257687.html
SOURCE New York Community Bancorp, Inc.