EX-99.1 2 dex991.htm WRITTEN PRESENTATION TO BE DISTRIBUTED AND MADE AVAILABLE TO CUSTOMERS Written presentation to be distributed and made available to customers
Second Quarter 2010
Investor Presentation
Exhibit 99.1
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New York Community Bancorp, Inc.
Page 2
Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
This presentation, like many written and oral communications presented by New York Community Bancorp, Inc. and our authorized officers, may contain certain forward-looking statements regarding our prospective
performance
and
strategies
within
the
meaning
of
Section
27A
of
the
Securities
Act
of
1933,
as
amended,
and
Section
21E
of
the
Securities
Exchange
Act
of
1934,
as
amended.
We
intend
such
forward-looking
statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe
harbor provisions.
Forward-looking
statements,
which
are
based
on
certain
assumptions
and
describe
future
plans,
strategies,
and
expectations
of
the
Company,
are
generally
identified
by
use
of
the
words
“anticipate,”
“believe,”
“estimate,”
“expect,”
“intend,”
“plan,”
“project,”
“seek,”
“strive,”
“try,”
or
future
or
conditional
verbs
such
as
“will,”
“would,”
“should,”
“could,”
“may,”
or
similar
expressions.
Our
ability
to
predict
results
or
the
actual
effects
of
our
plans
or
strategies
is
inherently
uncertain.
Accordingly,
actual
results
may
differ
materially
from
anticipated
results.
There are a number of factors, many of which are beyond our control, that could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. These factors
include, but are not limited to: general economic conditions, either nationally or in some or all of the areas in which we and our customers conduct our respective businesses; conditions in the securities markets and
real
estate
markets
or
the
banking
industry;
changes
in
interest
rates,
which
may
affect
our
net
income,
prepayment
penalty
income,
and
other
future
cash
flows,
or
the
market
value
of
our
assets,
including
our
investment
securities;
changes
in
deposit
flows
and
wholesale
borrowing
facilities;
changes
in
the
demand
for
deposit,
loan,
and
investment
products
and
other
financial
services
in
the
markets
we
serve;
changes
in
our
credit
ratings
or
in
our
ability
to
access
the
capital
markets;
changes
in
our
customer
base
or
in
the
financial
or
operating
performances
of
our
customers’
businesses;
changes
in
real
estate
values,
which
could
impact the quality of the assets securing the loans in our portfolio; changes in the quality or composition of our loan or securities portfolios; changes in competitive pressures among financial institutions or from non-
financial
institutions;
the
ability
to
successfully
integrate
any
assets,
liabilities,
customers,
systems,
and
management
personnel
we
may
acquire,
including
those
acquired
in
the
AmTrust
Bank and
Desert
Hills
Bank
transactions, into our operations and our ability to realize related revenue synergies and cost savings within expected time frames; our use of derivatives to mitigate our interest rate exposure; our ability to retain key
members of management; our timely development of new lines of business and competitive products or services in a changing environment, and the acceptance of such products or services by our customers; any
breach in performance by the Community Bank under our loss sharing agreements with the FDIC; any interruption or breach of security resulting in failures or disruptions in customer account management, general
ledger,
deposit,
loan,
or
other
systems;
any
interruption
in
customer
service
due
to
circumstances
beyond
our
control;
potential
exposure
to
unknown
or
contingent
liabilities
of
companies
we
have
acquired
or target
for acquisition,
including
those
of
AmTrust
Bank
and
Desert
Hills
Bank;
the
outcome
of
pending
or
threatened
litigation,
or
of
other
matters
before
regulatory
agencies,
whether
currently
existing
or
commencing
in
the
future; changes in our estimates of future reserves based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our capital management policies, including those
regarding business combinations, dividends, and share repurchases, among others; changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action,
including, but not limited to, the effect of final rules amending Regulation E that prohibit financial institutions from assessing overdraft fees on ATM and one-time debit card transactions without a consumer’s
affirmative consent, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and other changes pertaining to banking, securities, taxation, rent regulation and housing, environmental
protection, and insurance, and the ability to comply with such changes in a timely manner; additional FDIC special assessments or required assessment prepayments; changes in accounting principles, policies,
practices,
or
guidelines;
environmental
conditions
that
exist
or
may
exist
on
properties
owned
by,
leased
by,
or
mortgaged
to
the
Company;
operational
issues
stemming
from,
and/or
capital
spending
necessitated
by,
the
potential
need
to
adapt
to
industry
changes
in
information
technology
systems,
on
which
we
are
highly
dependent;
the
ability
to
keep
pace
with,
and
implement
on
a
timely
basis,
technological
changes;
changes
in
the
monetary
and
fiscal
policies
of
the
U.S.
Government,
including
policies
of
the
U.S.
Department
of
the
Treasury
and
the
Board
of
Governors
of
the
Federal
Reserve
System;
war
or
terrorist
activities;
and
other
economic, competitive, governmental, regulatory, and geopolitical factors affecting our operations, pricing, and services.
For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to our Annual Report on Form 10-K for the year ended December 31, 2009, including the section entitled
“Risk Factors,”
on file with the U.S. Securities and Exchange Commission (the “SEC”).
In
addition,
it
should
be
noted
that
we
routinely
evaluate
opportunities
to
expand
through
acquisition
and
frequently
conduct
due
diligence
activities
in
connection
with
such
opportunities.
As
a
result,
acquisition
discussions and, in some cases, negotiations, may take place at any time, and acquisitions involving cash, debt, or equity securities may occur. 
Furthermore, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control.
Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this presentation. Except as required by applicable law or regulation, we
undertake
no
obligation
to
update
these
forward-looking
statements
to
reflect
events
or
circumstances
that
occur
after
the
date
on
which
such
statements
were
made.
Forward-looking Statements and Associated Risk
Factors

New York Community Bancorp, Inc.
Page 3
We rank among the top 25 bank holding companies
in the U.S.
(a)
SNL Financial as of 7/29/10
With
assets
of
$42.0
billion
at
6/30/10,
we
are
the
23rd
largest
bank
holding
company
in
the
nation.
(a)
With
deposits
of
$22.4
billion
at
6/30/10
and
278
branches
in
Metro
New
York,
New
Jersey,
Ohio,
Florida,
and
Arizona,
we
rank
24th
among
the
nation’s
largest
depositories.
(a)
We
rank
among
the
top
three
thrift
depositories
in
eight
attractive
markets:
Queens,
Staten
Island,
and
Long
Island
in
New
York;
Essex
County
in
New
Jersey;
Broward
and
Palm
Beach
Counties
in
Florida;
greater
Cleveland
in
Ohio;
and
greater
Phoenix
in
Arizona.
(a)
With
a
portfolio
of
$16.8
billion
at
the
end
of
June,
we
are
a
leading
producer
of
multi-
family
loans
in
New
York
City.
(a)
With
a
market
cap
of
$7.5
billion
at
7/29/10,
we
rank
16th
among
the
nation’s
publicly
traded
banks
and
thrifts.
(a)

New York Community Bancorp, Inc.
Page 4
We have a consistent business model that focuses
on building value while building the Company.
(a)
SNL Financial as of 7/29/10
(b)
Please see page 34 for a reconciliation of our GAAP and operating efficiency ratios.
Our total return to shareholders increased at a CAGR of 33.8% from 11/23/93 to 7/29/10.
Multi-family Lending
$26.8 billion of multi-family loans originated since 2000,
including $975 million in 1H 2010.
Strong Credit Standards/
Superior Asset Quality
Net charge-offs represented 0.10% of average loans in 1H
2010, as compared to 1.49% for the SNL Bank and Thrift
Index.
(a)
Efficient Operation
Our operating efficiency ratio has historically ranked in the top
3% of all banks and thrifts and was 36.56% in 2Q 2010.
(a)(b)
Growth through
Acquisitions
We completed ten acquisitions from 2000 to 2010, including
our FDIC-assisted acquisitions of AmTrust Bank on December
4, 2009 and Desert Hills Bank on March 26th.

2nd Quarter 2010
Performance Highlights
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New York Community Bancorp, Inc.
Page 6
Our 2Q 2010 performance reflects the merits of our
business model.
(a)
Please see page 36 for a reconciliation of our GAAP and operating earnings.
(b)
Please see page 34 for a reconciliation of our GAAP and operating efficiency ratios.
(dollars in thousands, except per share data)

New York Community Bancorp, Inc.
Page 7
Our balance sheet was also enhanced in 2Q 2010.

New York Community Bancorp, Inc.
Page 8
Our asset quality measures continued to compare
favorably with those of our industry as a whole.
(a)
SNL Financial as of 7/29/10
(b)
Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest.
(c)
Non-performing loans exclude covered loans.
(d)
Non-performing assets exclude covered assets.

New York Community Bancorp, Inc.
Page 9
(a)
Please see page 37 for a reconciliation of our GAAP and non-GAAP capital measures.
Our capital strength reflects the growth of our earnings
and our ability to access the capital markets.
Our dividend has been a significant component of our total return to shareholders
since our first year of public life.
In July 2010, we declared our 26th consecutive quarterly cash dividend of $0.25 per
share.

Our Business Model:
Growth through Acquisitions
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New York Community Bancorp, Inc.
Page 11
We have completed 10 acquisitions since 2000.
Note:
The number of branches indicated
reflects the number of branches in our current franchise
that stemmed from each transaction.
Transaction Type: 
Savings Bank
Commercial Bank
Branch
FDIC

New York Community Bancorp, Inc.
Page 12
As a result of our acquisitions, we rank among the
top 25 financial institutions in the nation.
(in thousands)
DEPOSITS
Rank
Company
Total Deposits
1
Bank of America Corporation
$974,467,000
2
JPMorgan Chase & Co.
887,805,000
3
Wells Fargo & Company
815,623,000
4
Citigroup Inc.
813,951,000
5
U.S. Bancorp
183,123,000
6
PNC Financial Services Group, Inc.
178,799,000
7
Bank of New York Mellon Corporation
143,667,000
8
SunTrust Banks, Inc.
118,668,103
9
Capital One Financial Corporation
117,331,000
10
BB&T Corporation
104,451,000
11
Regions Financial Corporation
96,250,000
12
State Street Corporation
95,743,000
13
Fifth Third Bancorp
82,115,000
14
KeyCorp
62,375,000
15
Northern Trust Corporation
57,952,100
16
M&T Bank Corporation
47,522,671
17
Zions Bancorporation
42,013,876
18
Huntington Bancshares Incorporated
39,848,507
19
Comerica Incorporated
39,780,000
20
Marshall & Ilsley Corporation
39,562,000
21
Popular, Inc.
27,114,000
22
Synovus Financial Corp.
26,257,563
23
Hudson City Bancorp, Inc.
25,168,465
24
New York Community Bancorp, Inc.
22,443,668
25
City National Corporation
17,972,913
ASSETS
Rank
Company
Total Assets
1
Bank of America Corporation
$2,363,878,000
2
JPMorgan Chase & Co.
2,014,019,000
3
Citigroup Inc.
1,937,656,000
4
Wells Fargo & Company
1,225,862,000
5
U.S. Bancorp
283,243,000
6
PNC Financial Services Group, Inc.
261,695,000
7
Bank of New York Mellon Corporation
235,693,000
8
Capital One Financial Corporation
197,489,000
9
SunTrust Banks, Inc.
170,668,470
10
State Street Corporation
162,075,000
11
BB&T Corporation
155,083,000
12
Regions Financial Corporation
135,340,000
13
Fifth Third Bancorp
112,025,000
14
KeyCorp
94,167,000
15
Northern Trust Corporation
80,048,900
16
M&T Bank Corporation
68,153,616
17
Hudson City Bancorp, Inc.
60,933,134
18
Comerica Incorporated
55,885,000
19
Marshall & Ilsley Corporation
53,904,000
20
Zions Bancorporation
52,147,295
21
Huntington Bancshares Incorporated
51,770,838
22
Popular, Inc.
42,444,000
23
New York Community Bancorp, Inc.
42,010,747
24
Synovus Financial Corp.
32,382,340
25
First Horizon National Corporation
26,254,226
Source:  SNL Financial.  Balance sheet data
as of 6/30/10.  Market data as of 7/29/10.
MARKET CAPITALIZATION
Rank
Company
Market Cap
1
JPMorgan Chase & Co.
$159,866.9
2
Wells Fargo & Company
144,857.4
3
Bank of America Corporation
140,763.2
4
Citigroup Inc.
119,378.7
5
U.S. Bancorp
45,893.0
6
PNC Financial Services Group, Inc.
31,290.0
7
Bank of New York Mellon Corporation
30,666.7
8
State Street Corporation
19,565.7
9
Capital One Financial Corporation
19,186.6
10
BB&T Corporation
17,354.1
11
SunTrust Banks, Inc.
12,978.2
12
Northern Trust Corporation
11,496.9
13
M&T Bank Corporation
10,367.0
14
Fifth Third Bancorp
10,208.8
15
Regions Financial Corporation
9,281.8
16
New York Community Bancorp, Inc.
7,521.2
17
KeyCorp
7,431.6
18
Comerica Incorporated
6,839.3
19
Hudson City Bancorp, Inc.
6,582.6
20
People's United Financial, Inc.
5,133.3
21
Huntington Bancshares Incorporated
4,342.7
22
TFS Financial Corporation (MHC)
3,835.4
23
Zions
Bancorporation
3,822.0
24
Marshall & Ilsley Corporation
3,719.6
25
Cullen/Frost Bankers, Inc.
3,374.3

New York Community Bancorp, Inc.
Page 13
Largely reflecting our acquisition strategy, we
currently have 278 locations in five states.
Metro New York
158 Branches
Ohio
29 Branches
New Jersey
52 Branches
Florida
25 Branches
Arizona
14 Branches

New York Community Bancorp, Inc.
Page 14
FDIC-assisted transactions have enhanced our franchise,
our balance sheet, and our earnings capacity.
AmTrust
Bank
Desert Hills Bank
Franchise Expansion:
Added 29 branches in Ohio, 25 in Florida, and
11 in Arizona
Added three more branches to our franchise
in Arizona
Improved Funding Mix:
Provided deposits of $8.2 billion in December
2009
Provided
deposits of approximately $375
million at 3/31/10
Enhanced Liquidity:
Provided cash and cash equivalents of $4.0
billion, and $760.0 million of available-for-sale
securities
Provided cash and cash equivalents of $140.9
million
Stronger Tangible
Capital:
Raised $864.9 million through a secondary
common stock offering in December to
capitalize the acquisition; resulted in a 27%
linked-quarter increase in tangible book value
per share
Raised $28.9 million through our DRP to
capitalize the acquisition, further enhancing
our tangible book value per share
Enhanced Earnings
Capacity:
Immediately beneficial to our 4Q 2009
earnings; contributed significantly to year-
over-year earnings growth in 1H 2010
Expected to be incrementally accretive to
2010 earnings

New York Community Bancorp, Inc.
Page 15
(a)
SNL Financial
We have a meaningful share of deposits in several of the
markets we serve.
(a)

New York Community Bancorp, Inc.
Page 16
Total deposits: 33.4% CAGR
Core deposits: 39.2% CAGR
Demand deposits: 43.0% CAGR
(in millions)
CDs
NOW, MMAs, and Savings
Demand deposits
Deposits
Total Deposits:
$12,168
$12,694
$13,236
$14,376
Our deposit growth has been largely acquisition-
driven.
$22,316
$1,086
$22,444

New York Community Bancorp, Inc.
Page 17
(in millions)
Non-Covered Loan Portfolio
Multi-family
CRE
All Other Loans (includes loans held for sale)
Covered Loan Portfolio
Loans Outstanding
Multi-family loans: 27.2% CAGR
Total loans: 31.8% CAGR
$1,611
$17,029
$19,653
Total Loans:
$677
$6,332
$4,971
Total Originations
(a)
:
$29,150
$3,130
$20,363
$4,853
While acquisitions have contributed to the growth of our loan
portfolio, the bulk of our loan growth has been organic.
$22,192
$5,881
$28,393
$4,280
(a) Originations of loans held for sale totaled $888 million in 2009 and $1.4 billion in 1H 2010.

Our Business Model:
Multi-family Loan Production
*        *          *                  *                     * 
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New York Community Bancorp, Inc.
Page 19
(in millions)
Multi-family Loan Portfolio
Multi-family loans have grown at a CAGR of 27.2%
since 12/31/99.

New York Community Bancorp, Inc.
Page 20
(in millions)
Commercial Real Estate Loan Portfolio
Our commercial real estate loans feature the same
structure as our multi-family loans.

New York Community Bancorp, Inc.
Page 21
(in millions)
Mortgage Banking
Production
As a result of our acquisition of AmTrust’s
mortgage banking operation, we
have become a leading aggregator of Fannie Mae/Freddie Mac conforming
one-
to four-family residential loans.
1H 2010 Total:  $3.44 billion

New York Community Bancorp, Inc.
Page 22
All of the loans acquired in the AmTrust and Desert Hills acquisitions
are covered by loss sharing agreements with the FDIC.
(in millions)
Total covered loans:  $4.6 billion
Covered Loans
6/30/10
1-4 Family
$4,153.0
Other Loans
$473.6
(a)
Includes covered OREO as well as covered loans.
Percent of total loans:  15.9%

Our Business Model:
Asset Quality
*        *          *                  *                     * 
*                                  *      *
*        *          *                  *                     * 
*                                  *      *

New York Community Bancorp, Inc.
Page 24
Net Charge-offs / Average Loans
NYB Net Charge-offs:
$22,000
$222,000
$458,000
$6.1 million
$431,000
Both historically and currently, we have been
distinguished by our low level of net charge-offs.
$29.9 million
NYB
SNL
Bank
and
Thrift
Index
(a)
(a)
SNL Financial as of 7/29/10
Last Credit Cycle
Current Credit Cycle
$28.9 million

New York Community Bancorp, Inc.
Page 25
The quality of our loan portfolio continues to exceed
that of our industry, as it has in the past.
(a)
Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest.
(b)
Non-performing loans exclude covered loans.
(c)
SNL Financial as of 7/29/10
NYB
SNL
Bank
and
Thrift
Index
(c)
Non-performing Loans / Total Loans
(a)
Last Credit Cycle
Current Credit Cycle

New York Community Bancorp, Inc.
Page 26
(a)
SNL Financial as of 7/29/10
Net Charge-offs / Average Loan Loss Allowance
As in the past, our charge-offs represent a smaller percentage
of our loan loss allowance compared to our industry peers.
Last Credit Cycle
Current Credit Cycle
NYB
SNL
Bank
and
Thrift
Index
(a)

New York Community Bancorp, Inc.
Page 27
Historically and currently, few of our non-performing loans
have resulted in charge-offs.
At or for the 12 Months Ended December 31,
At or for the
3 Months Ended
Last Credit Cycle
Current Credit Cycle
1990
1991
1992
2007
2008
2009
6/30/2010
NPLs / Total Loans
(a)(b)
2.48%
2.10%
2.83%
0.11%
0.51%
2.04%
2.26%
NCOs / Average Loans
0.00%
0.04%
0.07%
0.00%
0.03%
0.13%
0.07%
Difference
248 bp
206 bp
276 bp
11 bp
48 bp
191 bp
219 bp
(a)
Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest.
(b)
Non-performing loans exclude covered loans.

New York Community Bancorp, Inc.
Page 28
The quality of our assets reflects the nature of our multi-family
lending niche and our strong underwriting standards.

Our Business Model:
Efficiency
*        *          *                  *                     * 
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New York Community Bancorp, Inc.
Page 30
Our operating efficiency ratio was 36.56%
(a)
in 2Q 2010, well
below
the
SNL
Bank
and
Thrift
Index
efficiency
ratio
of
59.75%.
(b)
(a)
Please see pages 34 and 35 for a reconciliation of our GAAP and operating efficiency ratios.
(b)
SNL Financial as of 7/29/10
NYB
(a)
SNL
Bank
and
Thrift
Index
(b)

Total Return on Investment
*        *          *                  *                     * 
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New York Community Bancorp, Inc.
Page 32
Total Return on Investment
NYB
(b)
CAGR since IPO
= 33.8%
(a)
SNL Financial
(b)
Bloomberg
As a result of nine stock splits in a span of 10 years, our charter shareholders
have 2,700 shares of NYB stock for each 100 shares originally purchased.
SNL
Bank
&
Thrift
Index
(a)
One-Year
Total Return: 
32.5%
We are committed to building value for our
investors.
Y-T-D
Total Return: 
22.9%

New York Community Bancorp, Inc.
Page 33
8/3/2010
For More Information

New York Community Bancorp, Inc.
Page 34
For the Three Months Ended
June 30, 2010
March 31, 2010
June 30, 2009
(dollars in thousands)
GAAP
Operating
GAAP
Operating
GAAP
Operating
Total net interest income and non-interest income
$374,614
$374,614
$349,628
$349,628
$199,874
$199,874
Adjustments:
Loss on other-than-temporary impairment of securities
--
--
--
--
--
39,728
Gain on business acquisition
--
(10,780)
--
--
--
--
Adjusted total net interest income and non-interest income
$374,614
$363,834
$349,628
$349,628
$199,874
$239,607
Operating expenses
$133,488
$133,488
$128,855
$128,855
$101,927
$101,927
Adjustments:
FDIC special assessment
--
--
--
--
--
(13,952)
Acquisition-related expenses
--
(456)
--
(2,682)
--
--
Adjusted operating expenses
$133,488
$133,032
$128,855
$126,173
$101,927
$  87,975
Efficiency ratio
35.63%
36.56%
36.85%
36.09%
51.00%
36.72%
Reconciliation of GAAP and Operating Efficiency
Ratios
The following table presents reconciliations of the Company’s GAAP and operating efficiency ratios for the three months ended June 30, 2010, March
31, 2010, and June 30, 2009:

New York Community Bancorp, Inc.
Page 35
Reconciliation of GAAP and Operating Efficiency
Ratios
The following table presents reconciliations of the Company’s GAAP and operating efficiency ratios for the years ended December 31, 2005, 2006,
2007, 2008, and 2009.
For the Years Ended December 31,
2009
2008
2007
2006
2005
(dollars in thousands)
GAAP
Operating
GAAP
Operating
GAAP
Operating
GAAP
Operating
GAAP
Operating
Total net interest income and
non-interest income
$1,062,964
$1,062,964
$691,024
$691,024
$727,622
$727,622
$650,556
$650,556
$693,068
$693,068
Adjustments:
Gain on debt repurchases and exchange
--
(10,054)
--
--
--
--
--
--
--
--
Gain on AmTrust
transaction
--
(139,607)
--
--
--
--
--
--
--
--
Gain on termination of servicing hedge
--
(3,078)
--
--
--
--
--
--
--
--
Visa-related gain
--
--
--
(1,647)
--
--
--
--
--
--
Net gain on sale of securities
--
--
--
--
--
(1,888)
--
--
--
--
Loss on mark-to-market of interest  rate swaps
--
--
--
--
--
--
--
6,071
--
--
(Gain) loss on debt redemption
--
--
--
(16,962)
--
1,848
--
1,859
--
--
Loss on other-than-temporary impairment of
securities
--
96,533
--
104,317
--
56,958
--
--
--
--
Balance sheet repositioning charge
--
--
--
39,647
--
--
--
--
--
--
Gain on sale of bank-owned property /
branches
--
--
--
--
--
(64,879)
--
--
--
--
Adjusted
total
net
interest
income
and
non-
interest income
$1,062,964
$1,006,758
$691,024
$816,379
$727,622
$719,661
$650,556
$658,486
$693,068
$693,068
Operating expenses
$384,003
$384,003
$320,818
$320,818
$299,575
$299,575
$256,362
$256,362
$236,621
$236,621
Adjustments:
FDIC special assessment
--
(14,753)
--
--
--
--
--
--
--
--
Acquisition-related costs
--
(5,185)
--
--
--
--
--
--
--
--
Merger-related charge
--
--
--
--
--
(2,245)
--
(5,744)
--
(36,588)
VISA litigation charge
--
--
--
(3,365)
--
(1,000)
--
--
--
--
Retirement charge
--
--
--
--
--
--
--
(3,072)
--
--
Adjusted operating expenses
$384,003
$364,065
$320,818
$317,453
$299,575
$296,330
$256,362
$247,546
$236,621
$200,033
Efficiency ratio
36.13%
36.16%
46.43%
38.89%
41.17%
41.18%
39.41%
37.59%
34.14%
28.86%

New York Community Bancorp, Inc.
Page 36
The following table presents reconciliations of the Company’s GAAP and operating earnings for the three months ended June 30, 2010, March 31,
2010, and June 30, 2009:
Reconciliation of GAAP and Operating Earnings
For the Three Months Ended
June 30,
March 31,
June 30,
(in thousands, except per share data)
2010
2010
2009
GAAP Earnings
$136,258
$124,149
$ 56,448
Adjustments to GAAP earnings:
Loss on OTTI of securities
--
--
39,728
Gain on business acquisition
(10,780)
--
--
Acquisition-related expenses
456
2,682
--
FDIC special assessment
--
--
13,952
Income tax effect
4,008
(956)
(21,075)
Operating earnings
$129,942
$125,875
$ 89,053
Diluted GAAP Earnings per Share
$ 0.31
$0.29
$0.16
Adjustments to diluted GAAP earnings per share:
Loss on OTTI of securities
--
--
0.07
Gain on business acquisition
(0.01)
--
--
Acquisition-related expenses
--
--
--
FDIC special assessment
--
--
0.03
Diluted operating earnings per share
$ 0.30
$0.29
$0.26

New York Community Bancorp, Inc.
Page 37
Reconciliation of GAAP and Non-GAAP Capital
Measures
June 30,
March 31,
June 30,
(dollars in thousands)
2010
2010
2009
Total stockholders’
equity
$ 5,446,434
$ 5,413,461
$ 4,210,666
Less: Goodwill
(2,436,327)
(2,436,401)
(2,436,401)
Core deposit intangibles
(93,226)
(101,108)
(76,617)
Tangible stockholders’
equity
$ 2,916,881
$ 2,875,952
$ 1,697,648
Total assets
$42,010,747
$42,430,737
$32,860,123
Less: Goodwill
(2,436,327)
(2,436,401)
(2,436,401)
Core deposit intangibles
(93,226)
(101,108)
(76,617)
Tangible assets
$39,481,194
$39,893,228
$30,347,105
Stockholders’
equity to total assets
12.96%
12.76%
12.81%
Tangible stockholders’
equity to tangible assets
7.39%
7.21%
5.59%
Tangible stockholders’
equity
$2,916,881
$2,875,952
$1,697,648
Accumulated other comprehensive loss, net of tax
52,805
53,852
76,301
Adjusted tangible stockholders’
equity
$2,969,686
$2,929,804
$1,773,949
Tangible assets
$39,481,194
$39,893,228
$30,347,105
Accumulated other comprehensive loss, net of tax
52,805
53,852
76,301
Adjusted tangible assets
$39,533,999
$39,947,080
$30,423,406
Adjusted tangible stockholders’
equity to adjusted
tangible assets
7.51%
7.33%
5.83%
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 June 30, 2010, March 31, 2010, and June 30,
2009: