Investor Presentation

May 16, 2007

A Successful Business Model

Filed by New York Community Bancorp, Inc.

pursuant to Rule 425

under the Securities Act of 1933

Subject Company

Synergy Financial Group, Inc.

Commission File No. 0-50467

3

Other Required Legal Disclosures

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities.  New York Community Bancorp, Inc. will file a

registration statement containing a proxy statement/prospectus, and other relevant documents concerning the proposed transaction, with the U.S.

Securities and Exchange Commission (the “SEC”).  WE URGE INVESTORS TO READ THE REGISTRATION STATEMENT CONTAINING THE PROXY

STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT

INFORMATION.

Investors will

be

able

to

obtain

these

documents

free

of

charge

at

the

SEC’s

web

site

(www.sec.gov).

In

addition,

documents

filed

with

the

SEC

by

New

York Community Bancorp, Inc. will be available free of charge from the Investor Relations Department, New York Community Bancorp, Inc.,

615 Merrick Avenue, Westbury, New York 11590.

4

With assets of approximately $31.7 billion:

(a)(b)

-

We operate the 4th largest thrift in the nation and the largest in New York State.

(c)

With a portfolio of approximately $14.3 billion:

(d)

-

We are the leading producer of multi-family loans for portfolio in New York City.

(c)

With deposits of approximately $15.1 billion, we operate:

(e)

-

the

3rd

largest

thrift

depository

in

our

market

(c)

;

and

-

the 16th largest commercial bank depository in our market.

(c)

With our acquisition of PennFed Financial Services, Inc. (PFSB) on April 2, 2007 and our

pending acquisition of Synergy Financial Group, Inc. (SYNF), we operate:

-

the 2nd largest thrift depository in Essex County;

-

the 4th largest thrift depository in Union County; and

-

the 5th largest thrift depository in the six NJ counties we serve, combined.

(c)

We are a leading financial institution in the competitive New York

metropolitan region.

(a)

Includes assets of approximately $2.3 billion acquired with PFSB

on 4/2/07; assets of approximately $471 million that are expected to be acquired in

our pending branch transaction with Doral Bank, FSB (“Doral”); and assets of approximately $967 million that are expected to

be acquired in our

pending acquisition of Synergy Financial Group, Inc. (“SYNF”).

(b)

Does not reflect the post-merger repositioning of our balance sheet.

(c)

SNL DataSource

(d)

Includes approximately $23 million of multi-family loans acquired with PFSB on 4/2/07; approximately $19 million expected to be acquired in our

pending branch transaction with Doral; and approximately $54 million expected to be acquired in our pending acquisition of SYNF.

(e)

Includes deposits of approximately $1.6 billion acquired with PFSB on 4/2/07; approximately $359 million expected to be acquired

in our pending

branch transaction with Doral; and approximately $678 million expected to be acquired in our pending acquisition of SYNF.

5

The foundation for our success is a consistent business model

that has focused on building value while building the Company.

(a)

The proposed acquisition is pending approval of SYNF’s

shareholders and certain regulatory agencies.

(b)

Please see page 27 for a reconciliation of our GAAP and operating efficiency ratios.

The

growth

of

our

business

through

accretive

merger

transactions:

-

Completed

•

November 30, 2000:

Haven Bancorp, Inc. (HAVN)

•

July 31, 2001:

Richmond County Financial Corp. (RCBK)

•

October 31, 2003:

Roslyn Bancorp, Inc. (RSLN)

•

December 30, 2005:

Long Island Financial Corp. (LICB)

•

April 28, 2006:

Atlantic Bank of New York (ABNY)

•

April 2, 2007:

PennFed Financial Services, Inc. (PFSB)

-

Announced

•

May 13, 2007

Synergy Financial Group, Inc. (SYNF)

(a)

The origination of multi-family loans:

-

$19.0 billion of multi-family loans originated since January 2000, including $2.8 billion

in 2006 and $657 million in 1Q 2007

The maintenance of strong credit standards, resulting in a record of solid asset quality:

-

Charge-offs

of

$420,000

in

2006

and

$68,000

in

1Q

2007

–

all on acquired assets

-

No

net

charge-offs

for

40

consecutive

quarters

(4Q

1994

-

3Q 2004)

The efficient operation of our Company and our branch network:

-

Operating

efficiency

ratio

of

37.59%

in

2006

and

40.73%

in

1Q

2007

(b)

6

Acquisitions have strengthened and enhanced the quality of

our balance sheet.

14.4

7.1

30.8

21.2

$14.3

198

Pro Forma

w/ PFSB

& Doral

(b)(c)(d)

3/31/07

5.66%

5.47%

1.4

12.6

6.7

28.5

19.7

$14.5

166

w/ ABNY

12/31/06

5.19%

3.97%

3.65%

4.12%

7.19%

Tangible equity / tangible assets

(a)

1.3

0.9

0.3

0.2

0.1

Tangible stockholders’

equity

(a)

31.7

26.3

23.4

9.2

4.7

1.9

Total assets

5.41%

4.13%

3.60%

4.11%

7.19%

Tangible equity / tangible assets

excluding after-tax mark-to-market

adjustment on securities

(a)

15.1

12.1

10.3

5.5

3.3

1.0

Total deposits

7.3

6.9

6.0

3.0

1.4

0.4

Core deposits

22.0

17.0

10.5

5.4

3.6

1.6

Total loans

$14.3

$12.9

$  7.4

$3.3

$1.9

$1.3

Multi-family loans

219

152

139

120

86

14

Number of branches

Pro Forma

w/ SYNF

(d)(e)

w/ LICB

12/31/05

w/ RSLN

12/31/03

w/ RCBK

12/31/01

w/ HAVN

12/31/00

12/31/99

(dollars in billions)

(a)

Please see page 28 for a reconciliation of our GAAP and non-GAAP capital measures.

(b)

The acquisition of PFSB was completed on 4/2/07 and provided assets of approximately $2.3 billion, total loans of approximately $1.7

billion, multi-family loans of approximately $23 million, deposits of approximately $1.6 billion, and core deposits of approximately $586

million.

(c)

We expect

to

acquire

assets

of

approximately

$471

million,

total

loans

of

approximately

$209

million,

multi-family

loans

of

approximately

$19 million,  deposits of approximately $359 million, and core deposits of approximately $135 million in connection with our pending

acquisition of 11 branches from Doral Bank, FSB.

(d)

Pro forma data does not reflect the post-merger repositioning of our balance sheet.

(e)

We expect

to

acquire

assets

of

approximately

$967

million,

total

loans

of

approximately

$760

million,

multi-family

loans

of

approximately

$54 million, deposits of approximately $678 million, and core deposits of approximately $271 million in connection with our pending

acquisition of SYNF.

7

In addition, acquisitions have contributed to the achievement of

several key goals.

PFSB

Provides opportunities for profitable post-merger

balance sheet repositioning

ABNY

Provides cost-effective deposits to fund loan growth

Extends our geographic footprint within the Metro

New York region

Strengthens our deposit market share in existing

markets

Immediately accretive to GAAP and cash earnings

SYNF

LICB

RSLN

RCBK

HAVN

8

On May 13, 2007, we announced plans to acquire Synergy

Financial Group, Inc. (“SYNF”).

Transaction Summary

None assumed

Revenue synergies:

45%

Estimated cost savings:

Fourth Quarter 2007

Expected closing:

Tax-free exchange

Transaction structure:

Fixed at 0.80 of a share of NYB for each SYNF

share

Exchange ratio:

100% NYB Common Stock

Form of consideration:

Approximately $168.4 million

Transaction value:

$14.18

(a)

Purchase price per share:

(a)

Based

on our closing stock price of $17.73 on 5/11/07.

9

The SYNF acquisition represents our seventh M&A transaction

in as many years.

Transaction Summary (cont’d.)

SYNF’s

shareholders and customary

regulatory approvals

Required approvals:

Immediately accretive to diluted GAAP and

cash EPS and to tangible book value per

share

Estimated financial impact:

Completed

Due diligence:

$6 million

Termination fee:

Core deposit intangible of 3.50% (amortized

over sum-of-the-years digits)

Estimated core deposit intangible:

$11 million after tax

Estimated restructuring charge:

10

Expands our

Franchise in

New Jersey

Significant Cost

Savings and

Revenue

Enhancement

Opportunities

The SYNF acquisition is expected to contribute to the growth of

our franchise and our earnings.

Strengthens our market share in New Jersey.

-

Adds

21

branches

in

four

counties

of

NJ,

giving

us

53

branches

in

all

(a)

.

-

Improves our market rank in Union County from 19th to 9th.

-

Strengthens our position in Monmouth and Middlesex counties.

Complements the 24 NJ branches we acquired through our PennFed

acquisition on April 2nd.

Provides deposits of approximately $678 million, including $271 million of

core deposits.

Attractive

market

demographics,

with

an

average

household

income

of

$70,124.

SYNF

had

an

efficiency

ratio

of

78.3%

in

1Q

2007,

in

contrast

to

our

40.7%.

Anticipated cost savings of approximately 45% (to be fully realized in 2008).

Cash flows generated through the post-merger repositioning of certain

acquired assets are expected to fund the production of higher-yielding

loans and/or be used to replace our higher-cost wholesale funding.

(a)

Includes a branch scheduled to open in Mercer County in 2Q 2007.

11

Attractive

Transaction

Pricing

Low

Execution

Risk

The SYNF acquisition also features attractive pricing and low

execution risk.

Expected to be immediately accretive to our diluted GAAP and cash

earnings per share.

Expected to be immediately accretive to our tangible book value per

share.

Price to tangible book value = 1.6x

Core

deposit

premium

(a)

=

12.3%

Total deposit premium = 10.2%

We have a strong integration track record, with six merger transactions

completed since November 2000.

Proximity to PennFed’s franchise will facilitate the integration process.

Pro formas

reflect achievable cost savings.

A shared focus on community banking, with a customer base consisting

of consumers and businesses.

(a)

Calculated as transaction value less tangible book value divided by total deposits less CDs > $100,000.

12

SYNF has an established community banking franchise, with 19

branches

(a)

, and solid measures of asset quality and capital.

(a)

Excludes branches scheduled to open in 2Q 2007.

(b)

Data at or for the quarter ended 3/31/07.

$678 million

Deposits

$760 million

Loans

$967 million

Assets

Balance

Sheet

Highlights:

(b)

$271 million

Core deposits

0.07

Net charge-offs / average loans

Capital Measures:

(b)

Asset

Quality

Measures:

(b)

10.25%

Tangible equity / tangible assets

12.72

Total risk-based capital ratio

0.78

Allowance for loan losses / total loans

0.04%

Non-performing assets / total assets

13

$658

$1,874

$2,408

$1,949

$4,362

$3,752

$5,247

$5,945

$7,324

$7,731

$378

$1,212

$2,588

$2,842

$5,247

$5,911

$6,012

$5,551

$5,675

$5,872

$720

$739

$846

$1,123

$1,384

$1,458

$465

$455

$171

$40

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

Pro Forma

$3,257

$5,450

$5,256

$1,076

Total Deposits:

$10,329

$10,402

$12,105

$12,619

Total deposits:  43.9% CAGR

Core deposits: 48.4% CAGR

Demand deposits:  64.2% CAGR

CDs

NOW, MMAs, and Savings

Demand deposits

(in millions)

Deposits

Like our previous merger transactions, the SYNF acquisition is

expected to contribute to our deposit growth.

w/ HAVN

w/ RCBK

w/ RSLN

w/ ABNY

w/ LICB

$14,383

Pro Forma

w/ PFSB

& Doral

(a)

(a)

Includes deposits of approximately $1.6 billion acquired with PFSB on 4/2/07 and approximately $359 million expected to be acquired in our

pending transaction with Doral.

(b)

Includes deposits of approximately $678 million expected to be acquired in connection with our pending acquisition of SYNF.

Pro Forma

w/ SYNF

(b)

$15,061

14

Upon completion of the SYNF acquisition, our franchise will grow

to 219

locations in the Metro New York region, including 53 in New Jersey.

NYB

(a)

PFSB

(b)

SYNF

(dollars in thousands)

SYNF Deposits by County

(c)

0.56

78,176

3

Monmouth, NJ

0.85

149,201

5

Middlesex, NJ

2.90%

$430,638

10

Union, NJ

Market

Share

Deposits

Branches

County

NYB Deposits by County

0.84

123,999

3

Union, NJ

0.72

126,172

2

Middlesex, NJ

0.95

132,685

3

Monmouth, NJ

1.23

138,693

3

Ocean, NJ

1.42

279,965

6

Hudson, NJ

6.11%

$967,395

15

Essex, NJ

Market

Share

Deposits

Branches

County

Source:  SNL Financial and SEC Filings.  6/30/06 data.

(a)   Pro forma for the Doral branch acquisition.

(b)   Reflects our acquisition of PFSB on 4/2/07.

(c)   Excludes branches opened after 6/30/06.

15

The SYNF transaction will strengthen our market share in three

counties in New Jersey.

Source:  SNL Interactive

Union County, NJ

Deposits

Mkt. Share

Rank

Institution

Branches

($mm)

(%)

1

Wachovia Corp. (NC)

32

4,723

31.82

2

Bank of America Corp. (NC)

30

1,425

9.60

3

Commerce Bancorp Inc. (NJ)

13

998

6.72

4

Sovereign Bancorp Inc. (PA)

22

915

6.17

5

Union County Savings Bank (NJ)

4

851

5.73

6

Investors Bancorp Inc. (MHC) (NJ)

11

846

5.70

7

PNC Financial Services Group (PA)

15

751

5.06

8

Center Bancorp Inc. (NJ)

8

627

4.22

9

PRO FORMA

13

555

3.74

9

JPMorgan Chase & Co. (NY)

7

434

2.92

10

Synergy Finl Group Inc. (NJ)

10

431

2.90

19

New York Community Bancorp (NY)

3

124

0.84

TOTAL

215

14,846

100.00

Middlesex County, NJ

Deposits

Mkt. Share

Rank

Institution

Branches

($mm)

(%)

1

Wachovia Corp. (NC)

26

2,956

16.80

2

PNC Financial Services Group (PA)

31

2,721

15.47

3

Bank of America Corp. (NC)

34

1,870

10.63

4

Amboy Bancorporation (NJ)

12

1,613

9.17

5

Provident Financial Services (NJ)

23

1,415

8.05

6

Commerce Bancorp Inc. (NJ)

13

1,246

7.08

7

Sovereign Bancorp Inc. (PA)

17

1,208

6.87

8

Washington Mutual Inc. (WA)

6

446

2.54

9

Bessemer Group Inc. (NJ)

1

376

2.14

10

Magyar Bancorp Inc. (MHC) (NJ)

4

332

1.89

13

PRO FORMA

7

275

1.57

18

Synergy Finl Group Inc. (NJ)

5

149

0.85

21

New York Community Bancorp (NY)

2

126

0.72

TOTAL

256

17,589

100.00

Monmouth County, NJ

Deposits

Mkt. Share

Rank

Institution

Branches

($mm)

(%)

1

Wachovia Corp. (NC)

34

2,432

17.42

2

Sovereign Bancorp Inc. (PA)

28

1,882

13.48

3

Bank of America Corp. (NC)

38

1,474

10.56

4

Commerce Bancorp Inc. (NJ)

17

1,352

9.69

5

PNC Financial Services Group (PA)

23

1,165

8.35

6

Investors Bancorp Inc. (MHC) (NJ)

9

928

6.65

7

Hudson City Bancorp Inc. (NJ)

5

792

5.67

8

Central Jersey Bancorp (NJ)

13

393

2.81

9

Provident Financial Services (NJ)

10

377

2.70

10

Capital One Financial Corp. (VA)

5

367

2.63

16

PRO FORMA

6

211

1.51

21

New York Community Bancorp (NY)

3

133

0.95

24

Synergy Finl Group Inc. (NJ)

3

78

0.56

TOTAL

269

13,958

100.00

16

The

expansion

of

our

franchise

through

our

previous

transactions

has

enabled

us to compete very effectively against New York’s money center banks.

NASSAU COUNTY, NY

100.00

$49,220,400

Total for Institutions in Market

2.25

1,109,590

Signature Bank

10

4.07

2,001,685

HSBC Holdings plc

9

4.69

2,306,740

Commerce Bancorp Inc.

8

5.18

2,551,880

Bank of America Corp.

7

7.30

3,592,143

Washington Mutual Inc.

6

10.04

4,942,587

Astoria Financial Corp.

5

11.20

5,512,324

New York Community

4

12.64

6,220,195

Citigroup Inc.

3

13.16

6,479,473

Capital One Financial Corp.

2

16.56%

$  8,148,830

JPMorgan Chase & Co.

1

Market

Share

Deposits

Institution

Rank

QUEENS

COUNTY,

NY

(a)

100.00

$37,959,231

Total for Institutions in Market

2.32

881,257

Flushing Financial Corp.

10

2.56

970,644

Sovereign Bancorp Inc.

9

2.81

1,064,945

Washington Mutual Inc.

8

3.89

1,476,714

Ridgewood Savings Bank

7

7.07

2,685,273

HSBC Holdings plc

6

8.08

3,065,367

New York Community

5

8.32

3,157,905

Astoria Financial Corp.

4

12.44

4,722,978

Capital One Financial Corp.

3

13.53

5,135,605

Citigroup Inc.

2

18.97%

$  7,199,592

JPMorgan Chase & Co.

1

Market

Share

Deposits

Institution

Rank

(dollars in thousands)

Source:  SNL DataSource

(a)   Pro forma for the pending acquisition of six branches from

Doral Bank, FSB.

(b)   Includes deposits acquired with PFSB on 4/2/07.

RICHMOND COUNTY, NY

100.00

$8,496,029

Total for Institutions in Market

1.71

145,351

Capital One Financial Corp.

10

2.41

204,733

VSB Bancorp Inc.

9

3.02

256,278

HSBC Holdings plc

8

4.00

339,897

Commerce Bancorp Inc.

7

7.11

603,776

Washington Mutual Inc.

6

8.91

757,151

NSB Holding Corp.

5

11.87

1,008,144

Citigroup Inc.

4

12.21

1,037,444

JPMorgan Chase & Co.

3

17.99

1,528,359

New York Community

2

29.33%

$2,491,607

Sovereign Bancorp Inc.

1

Market

Share

Deposits

Institution

Rank

SUFFOLK COUNTY, NY

100.00

$33,793,788

Total for Institutions in Market

2.66

900,089

Commerce Bancorp Inc.

10

3.50

1,183,588

Suffolk Bancorp

9

4.48

1,512,730

Bank of America Corp.

8

4.59

1,550,614

New York Community

7

4.93

1,666,075

HSBC Holdings plc

6

7.24

2,445,807

Citigroup Inc.

5

7.82

2,642,889

Washington Mutual Inc.

4

9.08

3,069,546

Astoria Financial Corp.

3

19.16

6,473,902

JPMorgan Chase & Co.

2

26.03%

$  8,795,547

Capital One Financial Corp.

1

Market

Share

Deposits

Institution

Rank

ESSEX

COUNTY,

NJ

(b)

100.00

$15,835,652

Total for Institutions in Market

4.47

708,081

Investors Bancorp Inc.

10

4.48

709,304

Commerce Bancorp Inc.

9

6.11

966,905

Hudson City Bancorp Inc.

8

6.11

967,395

New York Community

7

6.54

1,035,703

JPMorgan Chase & Co.

6

7.54

1,194,135

Bank of America Corp.

5

8.14

1,289,226

Valley National Bancorp

4

8.67

1,372,355

PNC Financial Services

3

10.53

1,667,929

Sovereign Bancorp Inc.

2

17.41%

$  2,756,217

Wachovia Corp.

1

Market

Share

Deposits

Institution

Rank

17

(dollars in millions)

45.7%

41.2%

% of Total Assets:

3/31/04

12/31/04

12/31/05

29.5%

55.7%

21.4%

64.8%

17.3%

69.0%

12/31/06

Our business model calls for the cash flows from the sale of acquired

assets to be converted into securities and then into loans.

12/31/00

12/31/01

12/31/02

12/31/03

12/31/99

Loans

Securities

10.4%

84.3%

11.2%

77.2%

28.0%

58.7%

41.1%

48.5%

40.5%

44.8%

w/ HAVN

w/ RCBK

w/ RSLN

w/ ABNY

w/ LICB

16.9%

68.9%

3/31/07

$1,611

$3,636

$5,405

$5,489

$10,499

$10,919

$13,396

$17,029

$19,653

$19,287

$197

$526

$2,578

$4,652

$9,500

$12,119

$7,081

$5,637

$4,742

$4,926

18

Our most recent acquisitions have supported our net interest

margin in a challenging yield curve environment.

3.83

4.57

4.22

2.27%

$8,746

5.86

6.08%

4Q 2006

3.56

4.07

4.14

2.29%

$5,305

5.62

5.85%

2Q 2006

3.45

3.72

4.13

2.28%

$10,149

5.56

5.81%

1Q 2006

56.5%

$13,691

$5,320

Prepayment penalties

6 bp

4.28

4.18

Average cost of borrowed funds

6 bp

3.89

3.74

Average cost of funds

8 bp

4.65

4.34

Average cost of CDs

5 bp

2.32%

2.24%

Net interest margin

10 bp

5.96

5.74

Average yield on assets

6 bp

6.14%

5.94%

Average yield on loans

1Q 2007

Linked-quarter

Increase

1Q 2007

3Q 2006

(dollars in thousands)

19

Both of our bank subsidiaries are well capitalized institutions:

Our growth-through-acquisition strategy has been facilitated by our

capital position, which also has enabled us to pay a strong dividend.

3/31/07

10.73%

7.46%

Leverage capital ratio

Commercial Bank

Community Bank

Our tangible capital measures grew on a linked-quarter basis and year-over-year:

5.66

5.47%

$1.4

12/31/06

5.86

5.29

Tangible equity/tangible assets

excluding after-tax mark-to-market

adjustment on securities

(a)

5.70%

5.03%

Tangible equity/tangible assets

(a)

$1.5

$1.3

Tangible stockholders’

equity

(a)

3/31/07

3/31/06

(dollars in billions)

Our quarterly cash dividend has increased 90-fold since we initiated payments in 3Q 1994

and currently provides a yield of approximately 5.7%.

(a)

Please see pages 28 and 29 for reconciliations of our GAAP and non-GAAP capital measures.

20

$1,348

$1,946

$3,255

$4,494

$7,368

$9,839

$12,854

$14,529

$14,274

$14,328

$1,690

$2,150

$995

$3,131

$3,557

$4,175

$5,124

$6,933

$7,639

$263

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

Pro Forma

(in millions)

Multi-family Loans Outstanding

All Other Loans Outstanding

$5,405

$5,489

$10,499

Loans Outstanding

(a)

Multi-family loans:  38.5% CAGR

Total loans:  43.4% CAGR

$13,396

$17,029

$3,636

$1,611

$19,653

While acquisitions have contributed to the growth of our loan

portfolio, the bulk of our loan growth has been organic.

w/ HAVN

w/ RCBK

w/ RSLN

w/ ABNY

w/ LICB

Total Loans:

$21,207

$1,150

$2,560

$4,330

$6,041

$6,332

$616

$677

$4,971

Total Originations:

Pro Forma

w/ SYNF

(c)(d)

Pro Forma

w/ PFSB

& Doral

(b)(c)

$21,967

$1,190

21

Portfolio statistics at 3/31/07:

-

% of total loans = 73.8%

-

Average principal balance = $3.6 million

-

Average loan-to-value ratio = 63.8%

-

Expected

weighted

average

life

=

3.1

years

Term:

-

Years 1-5:  Fixed at 150 bp above the 5-year CMT

-

Years 6-10:  Monthly adjustable rate 250 bp over

prime, or fixed rate 275 bp above the 5-year CMT

plus 1 point

Prepayment penalties:  Range from 5 points to 1

point in years 1 thru 5; recorded as interest income

Quality:  No losses in our niche for 25+ years

Multi-family Loan Portfolio

(a)

(in millions)

Multi-family loans have grown at a CAGR of 38.4% since 12/31/99.

(a)

Amounts exclude net deferred loan origination fees and costs.

$1,348

$1,946

$3,255

$4,494

$7,368

$9,839

$12,854

$14,529

$14,232

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

22

The majority of our multi-family loans are secured by

rent-regulated buildings in New York City.

23

We have a longstanding record of asset quality.

(a)

SNL DataSource

U.S. Thrifts

(a)

NYB

Non-performing Assets / Total Assets

0.78%

0.49%

0.60%

0.62%

0.52%

0.44%

0.43%

0.47%

0.49%

0.17%

0.19%

0.19%

0.15%

0.15%

0.12%

0.11%

0.08%

0.09%

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

24

We consistently rank among the most efficient bank holding

companies in the nation.

(a)

SNL DataSource

(b)

Operating efficiency ratio.  Please see page 27 for a reconciliation of our GAAP and operating efficiency ratios.

Efficiency Ratio

U.S. Thrifts

(a)

NYB

(b)

62.44%

62.54%

63.07%

62.40%

64.53%

66.03%

64.81%

67.45%

75.02%

31.16%

30.20%

30.50%

25.32%

23.59%

21.46%

28.86%

37.59%

40.73%

1999

2000

2001

2002

2003

2004

2005

2006

1Q 2007

25

We are committed to building value while building our Company.

Our Goals

Demonstrate our capacity to execute accretive merger transactions while enhancing the

value of our franchise

Utilize

the

cash

flows

from

the

sale

of

securities

and

1-

4 family loans to originate higher-

yielding multi-family and other loans and/or reduce our higher-cost funding sources

Enhance

our

asset

mix

by

originating

C&I

loans

to

small

and

mid-size

businesses

in

our

market,

while

growing

our

multi-family,

construction,

and

commercial

real

estate

loan

portfolios

Maintain the quality of our assets by adhering to our traditional credit standards

Expand and diversify our deposit mix

Continue to improve our net interest margin

Increase

our

revenues

through

the

cross-sale

of

products

and

services

Maintain a strong level of efficiency

Grow our operating earnings

Improve customer service

Maintain

the

strength

of

our

tangible

capital

measures

Maintain our dividend

26

Log onto our web site:  www.myNYCB.com

E-mail requests to:  ir@myNYCB.com

Call Investor Relations at:  (516) 683-4420

Write to:

New York Community Bancorp, Inc.

615 Merrick Avenue

Westbury, NY  11590

5/16/2007

For More Information

27

Reconciliation of GAAP and Non-GAAP Measures

The following table presents reconciliations of the Company’s GAAP and operating efficiency ratios for the years ended December 31, 1999, 2000,

2001, 2003, 2004, 2005, and 2006. For the year ended December 31, 2002 and the three months ended March 31, 2007, the Company’s GAAP and

operating efficiency ratios were the same.

--

--

(24,800)

--

(22,800)

--

(20,423)

--

--

--

(36,588)

--

(5,744)

--

Merger-related charge

(735)

--

--

--

--

--

--

--

--

--

--

--

(3,072)

--

Retirement charge

--

--

--

--

--

--

--

--

--

--

--

--

6,071

--

swaps

Loss on mark-to-market of interest rate

--

--

--

--

--

--

--

--

--

--

--

--

1,859

--

Loss on debt redemption

For the Years Ended December 31,

1999

2000

2001

2003

2004

2005

2006

--

--

--

--

--

--

--

--

157,215

--

--

--

--

--

Balance sheet repositioning charge

37.59%

$247,546

--

$256,362

$658,486

--

--

$650,556

Operating

39.41%

$256,362

--

$256,362

$650,556

--

--

$650,556

GAAP

Adjustment:

Adjustments:

38.04%

$112,757

--

$112,757

$296,431

--

--

$296,431 

GAAP

30.50%

$  89,957

--

$112,757

$294,931

(1,500)

--

$296,431

Operating

30.20%

$  24,530

--

$  49,330

$  81,226

(13,500)

--

$  94,726 

Operating

52.08%

$49,330

--

$49,330

$94,726

--

--

$94,726

GAAP

21.46%

$193,632

--

$193,632

$902,464

--

8,209

$737,040

Operating

31.16%

29.95%

23.59%

25.32%

26.27%

28.86%

34.14%

Efficiency ratio

$22,255

$21,390

$148,950

$169,373

$193,632

$200,033

$236,621

Adjusted operating expenses

1,600

--

--

--

--

--

--

Curtailment gain

$21,390

$21,390

$169,373

$169,373

$193,632

$236,621

$236,621

Operating expenses

$71,426

$71,426

$631,349

$668,962

$737,040

$693,068

$693,068

non-interest income

--

--

(37,613)

--

--

--

--

Gain on sale of branches

Adjusted total net interest income and

--

--

--

--

--

--

--

impairment

Loss on other-than-temporary

$71,426

$71,426 

$668,962

$668,962

$737,040

$693,068

$693,068

Total net interest income and

non-interest income

Operating

GAAP

Operating

GAAP

GAAP

Operating

GAAP

(dollars in thousands)

28

Reconciliation of GAAP and Non-GAAP Capital Measures

The

following

table

presents

reconciliations

of

the

Company’s

stockholders’

equity,

tangible

stockholders’

equity,

and

adjusted

tangible

stockholders’

equity; total assets, tangible assets, and adjusted tangible assets; and the related capital measures at December 31, 1999, 2000, 2001, 2002, 2003,

2004, 2005, and 2006:

December 31,

1999

2000

2001

2002

2003

2004

2005

2006

(dollars in thousands)

--

--

(57,500)

(51,500)

(98,993)

(87,553)

(86,533)

(106,381)

Core deposit intangibles

7.19%

4.11%

3.60%

5.78%

4.13%

5.39%

5.41%

5.66%

Adjusted

tangible

stockholders’

equity to adjusted

tangible assets

$1,906,835

$4,591,895

$8,526,767

$10,602,222

$21,458,631

$22,039,532

$24,272,340

$26,280,006

Adjusted tangible assets

--

(820)

(3,715)

(34,852)

34,640

40,697

55,857

52,125

Add back:  Net unrealized losses (gains)

on securities

$1,906,835

$4,592,715

$8,530,482

$10,637,074

$21,423,991

$21,998,835

$24,216,483

$26,227,881

Tangible assets

$137,141

$188,520

$307,266

$612,642

$885,951

$1,188,120

$1,313,512

$1,487,473

Adjusted

tangible

stockholders’

equity

--

(820)

(3,715)

(34,852)

34,640

40,697

55,857

52,125

Add back:  Net unrealized losses (gains)

on securities

$137,141

$189,340

$310,981

$647,494

$851,311

$1,147,423

$1,257,655

$1,435,348

Tangible

stockholders’

equity

7.19%

4.12%

3.65%

6.09%

3.97%

5.22%

5.19%

5.47%

Tangible

stockholders’

equity to tangible assets

7.19%

6.53%

10.68%

11.70%

12.24%

13.26%

12.65%

12.95%

Stockholders’

equity to total assets

$1,906,835

$4,592,715

$8,530,482

$10,637,074

$21,423,991

$21,998,835

$24,216,483

$26,227,881

Tangible assets

--

(118,070)

(614,653)

(624,518)

(1,918,353)

(1,951,438)

(1,980,689)

(2,148,108)

Less: Goodwill

$1,906,835

$4,710,785

$9,202,635

$11,313,092

$23,441,337

$24,037,826

$26,283,705

$28,482,370

Total assets

$137,141

$  189,340

$  310,981

$   647,494

$     851,311

$  1,147,423

$  1,257,655

$  1,435,348

Tangible

stockholders’

equity

--

--

(57,500)

(51,500)

(98,993)

(87,553)

(86,533)

(106,381)

Core deposit intangibles

--

(118,070)

(614,653)

(624,518)

(1,918,353)

(1,951,438)

(1,980,689)

(2,148,108)

Less: Goodwill

$137,141

$  307,410

$  983,134

$1,323,512

$  2,868,657

$  3,186,414

$  3,324,877

$  3,689,837

Total

stockholders’

equity

29

Reconciliation of GAAP and Non-GAAP Capital Measures

The

following

table

presents

a

reconciliation

of

the

Company’s

stockholders’

equity, tangible stockholders’

equity, and adjusted tangible stockholders’

equity; total assets, tangible assets, and adjusted tangible assets; and the related capital measures at March 31, 2006 and 2007:

For the Three Months Ended

5.86%

$25,775,747

43,854

$25,731,893

$1,509,439

43,854

$1,465,585

5.70%

13.27%

$25,731,893

(101,379)

(2,144,642)

$27,977,914

$  1,465,585

(101,379)

(2,144,642)

$  3,711,606

March 31, 2007

March 31, 2006

(dollars in thousands)

(82,614)

Core deposit intangibles

5.29%

Adjusted

tangible

stockholders’

equity to adjusted tangible assets

$25,142,659

Adjusted tangible assets

69,302

Add back:  Net unrealized losses on securities

$25,073,357

Tangible assets

$1,330,261

Adjusted

tangible

stockholders’

equity

69,302

Add back:  Net unrealized losses on securities

$1,260,959

Tangible

stockholders’

equity

5.03%

Tangible

stockholders’

equity to tangible assets

12.25%

Stockholders’

equity to total assets

$25,073,357

Tangible assets

(1,981,053)

Less: Goodwill

$27,137,024

Total assets

$  1,260,959

Tangible

stockholders’

equity

(82,614)

Core deposit intangibles

(1,981,053)

Less: Goodwill

$  3,324,626

Total

stockholders’

equity