 Second Quarter 2013
Investor Presentation
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Exhibit 99.1 |
 New York
Community Bancorp, Inc. Page 2
Forward-looking Statements and Associated Risk Factors
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.
(the “Company”) 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
our
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
real
estate
values,
which
could
impact
the
quality
of
the
assets
securing
the
loans
in
our
portfolio;
changes
in
interest
rates,
which
may
affect
our
net
income,
prepayment
penalty
income,
mortgage
banking
income,
and
other
future
cash
flows,
or
the
market
value
of
our
assets,
including
our
investment
securities;
changes
in
the
quality
or
composition
of
our
loan
or
securities
portfolios;
changes
in
our
capital
management
policies,
including
those
regarding
business
combinations,
dividends,
and
share
repurchases,
among
others;
our
use
of
derivatives
to
mitigate
our
interest
rate
exposure;
changes
in
competitive
pressures
among
financial
institutions
or
from non-
financial
institutions;
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;
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;
changes
in
our
customer
base
or
in
the
financial
or
operating
performances
of
our
customers’
businesses;
any
interruption
in
customer
service
due
to
circumstances
beyond
our
control;
our
ability
to
retain
key
personnel;
potential
exposure
to
unknown
or
contingent
liabilities
of
companies
we
have
acquired
or
may
acquire
in
the
future;
the
outcome
of
pending
or
threatened
litigation,
or
of
other
matters
before
regulatory
agencies,
whether
currently
existing
or
commencing
in
the
future;
environmental
conditions
that
exist
or
may
exist
on
properties
owned
by,
leased
by,
or
mortgaged
to
the
Company;
any
interruption
or
breach
of
security
resulting
in
failures
or
disruptions
in
customer
account
management,
general
ledger,
deposit,
loan,
or
other
systems;
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
legislation,
regulation,
policies,
or
administrative
practices,
whether
by
judicial,
governmental,
or
legislative
action,
including,
but
not
limited
to,
the
Dodd-Frank
Wall
Street
Reform
and
Consumer
Protection
Act,
and
other
changes
pertaining
to
banking,
securities,
taxation,
rent
regulation
and
housing,
financial
accounting
and
reporting,
environmental
protection,
and
insurance,
and
the
ability
to
comply
with
such
changes
in
a
timely
manner;
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;
changes
in
accounting
principles,
policies,
practices,
or
guidelines;
any
breach
in
performance
by
New York
Community
Bank
under
our
loss
sharing
agreements
with
the
FDIC;
changes
in
our
estimates
of
future
reserves
based
upon
the
periodic
review
thereof
under
relevant
regulatory
and
accounting
requirements;
changes
in
regulatory
expectations
relating
to
predictive
models
we
use
in
connection
with
stress
testing
and
other
forecasting
or
in
the
assumptions
on
which
such
modeling
and
forecasting
are
predicated;
the
ability
to
successfully
integrate
any
assets,
liabilities,
customers,
systems,
and
management
personnel
of
any
banks
we
may
acquire
into
our
operations,
and
our
ability
to
realize
related
revenue
synergies
and
cost
savings
within
expected
time
frames;
changes
in
our
credit
ratings
or
in
our
ability
to
access
the
capital
markets;
war
or
terrorist
activities;
and
other
economic,
competitive,
governmental,
regulatory,
technological,
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,
2012
and
our
Quarterly
Report
on
Form
10-Q
for
the
quarter
ended
March
31,
2013,
including the
section
entitled
“Risk
Factors,”
on
file
with
the
U.S.
Securities
and
Exchange
Commission
(the
“SEC”).
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
or
our
debt
or
equity
securities
may
occur.
In
addition,
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. |
 New York
Community Bancorp, Inc. Page 3
New York Community Bancorp ranks among the top 25 bank
holding companies in the United States.
Note: Except as otherwise indicated, all industry data was provided by SNL
Financial as of 7/24/13. (a)
SNL Financial
(b)
Bloomberg
Assets
Deposits
Multi-Family
Loans
Market Cap
Total Return
on Investment
$44.2 billion
$25.3 billion
$19.2 billion
$6.2 billion
3,415%
With assets of
$44.2
billion
at
6/30/13, we are
currently the 20th
largest bank
holding company
in the nation.
(a)
With deposits of
$25.3 billion
at
6/30/13 and 274
branches
in
Metro
New York, New
Jersey, Ohio,
Florida, and
Arizona, we
currently rank 23rd
among the nation’s
largest
depositories.
(a)
With a portfolio of
$19.2
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
$6.2
billion
at
6/30/13, we rank
19th among the
nation’s publicly
traded banks and
thrifts.
(a)
From 11/23/93
through 6/30/13,
we provided our
investors with a
total return on
investment of
3,415%.
(b) |
 New York
Community Bancorp, Inc. Page 4
Largely reflecting our growth-through-acquisition strategy, we
currently have 274 locations in five states.
Metro New York
120 Community Bank Branches
35 Commercial Bank Branches
Ohio
28 Community Bank Branches
New Jersey
51 Community Bank Branches
Florida
26 Community Bank Branches
Arizona
14 Community Bank Branches |
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2nd Quarter 2013
Performance Highlights
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 New York
Community Bancorp, Inc. Page 6
(dollars in thousands, except per share data)
PERFORMANCE HIGHLIGHTS
2Q 2013
GAAP Earnings
Cash Earnings
(a)
Strong Profitability Measures:
Earnings
$122,517
$132,502
EPS
$0.28
$0.30
1.21%
1.28%
15.90%
16.85%
A Stable Margin:
Net interest margin
3.15%
3.15%
Continued Efficiency:
Efficiency ratio
(c)
41.71%
40.17%
(a)
Cash earnings is a non-GAAP financial measure. Please see page 36 for a
reconciliation of our GAAP and cash earnings. (b)
ROTA and ROTE are non-GAAP financial measures. Please see page 37 for
additional information. (c)
Please see page 38 for a reconciliation of our GAAP and cash efficiency
ratios. We generated solid earnings in 2Q 2013.
Return on average tangible assets
(b)
Return on average tangible stockholders’ equity
(b)
|
 New York
Community Bancorp, Inc. Page 7
Our 6/30/13 balance sheet reflects continued strength.
PERFORMANCE HIGHLIGHTS:
6/30/13
12/31/12
Loans, net / total assets
71.6%
71.5%
Securities / total assets
13.4
11.1
Deposits / total assets
57.2
56.4
Core deposits / total deposits
68.7
63.3
Wholesale borrowings / total assets
28.6
29.6 |
 New York
Community Bancorp, Inc. Page 8
Our asset quality measures continue to compare favorably
with those of our industry as a whole.
At or for the Three Months Ended
6/30/13
12/31/12
ASSET QUALITY:
NYCB
SNL U.S.
Bank and
Thrift Index
NYCB
SNL U.S.
Bank and
Thrift Index
Non-performing
loans
(a)(b)
/
total
loans
(a)
0.60%
1.42%
0.96%
2.22%
Non-performing
assets
(c)
/
total
assets
(c)
0.61
1.11
0.71
1.09
Net
charge-offs
/
average
loans
(d)
0.01
0.18
0.01
0.27
(a)
Non-performing loans and total loans exclude covered loans.
(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 assets and total assets exclude covered loans and covered
OREO. (d)
Non-annualized |
 New York
Community Bancorp, Inc. Page 9
(a)
Tangible stockholders’
equity and tangible assets are non-GAAP financial measures. Please see page 39
for additional information. (dollars in billions)
6/30/13
12/31/12
Tangible stockholders’
equity / tangible assets excluding
accumulated
other
comprehensive
loss,
net
of
tax
(a)
7.87%
7.79%
Tangible stockholders’
equity
(a)
$3.2
$3.2
We continue to maintain a strong capital position.
6/30/13
12/31/12
Community Bank
Commercial Bank
Community Bank
Commercial Bank
Leverage capital ratio
8.25%
10.95%
8.33%
11.59%
Tier 1 risk-based capital ratio
12.56
16.44
12.50
16.64
Total risk-based capital ratio
13.31
16.99
13.22
17.24 |
 A
Successful Business Model
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 New York
Community Bancorp, Inc. Page 11
Our business model has consistently focused on building
value for our investors.
Multi-Family
Lending
Strong Credit
Standards/
Superior Asset
Quality
Residential
Mortgage
Banking
Efficient
Operation
Growth
through
Acquisitions
Multi-family loans
represented $19.2
billion, or 68.6%, of
total non-covered
loans held for
investment at
6/30/13.
Net charge-offs
represented 0.01%
of average loans
(non-annualized) in
2Q 2013.
Since January
2010, our
residential
mortgage banking
operation has
originated $33.2
billion of 1-4 family
loans for sale and
generated
mortgage banking
income of $492.5
million.
Our efficiency ratio
has consistently
ranked in the top
3% of all banks and
thrifts and was
41.71% in 2Q 2013.
Our assets have
grown from $1.9
billion to $44.2
billion since our
first acquisition in
November 2000. |
 Multi-Family
Loan Production
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 New York
Community Bancorp, Inc. Page 13
Our focus on multi-family lending on rent-regulated buildings has
enabled us to distinguish ourselves from our industry peers.
60.9% of the rental housing units in New York City are subject to rent
regulation
and
therefore
feature
below-market
rents.
(a)
Rent-regulated buildings are more likely to retain their tenants and,
therefore, their revenue stream in a downward credit cycle.
Our focus on multi-family lending in this niche market has contributed to
our record of asset quality.
Multi-family loans are less costly to produce and service than other types
of loans, and therefore contribute to our superior efficiency.
(a)
Source: New York City Rent Guidelines Board 2013 Housing Supply Report
|
 New York
Community Bancorp, Inc. Page 14
(in millions)
We are the leading producer of multi-family loans for
portfolio in New York City.
PORTFOLIO STATISTICS
AT 6/30/13
MULTI-FAMILY
LOAN PORTFOLIO
% of non-covered loans held for
investment = 68.6%
Average principal balance = $4.3 million
Expected weighted average life = 3.0 years
2Q 2013 originations = $1.4 billion
% of our multi-family loans located in Metro
New York = 91.4% |
 New York
Community Bancorp, Inc. Page 15
COMMERCIAL REAL ESTATE
LOAN PORTFOLIO
(in millions)
Our commercial real estate loans feature the same structure
as our multi-family loans.
PORTFOLIO STATISTICS
AT 6/30/13
% of non-covered loans held for
investment = 26.1%
Average principal balance = $4.6 million
Expected weighted average life = 3.3 years
2Q 2013 originations = $670.3 million
% of our CRE loans located in Metro New
York = 95.1%
Our CRE loans are typically collateralized by
office buildings, retail centers, mixed-use
buildings, and multi-tenanted light industrial
properties. |
 Asset
Quality
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 New York
Community Bancorp, Inc. Page 17
The quality of our assets has improved dramatically since
the peak of non-performance at 3/31/10.
(a)
Non-performing loans and total loans exclude covered loans.
(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 assets and total assets exclude covered loans and covered
OREO. |
 New York
Community Bancorp, Inc. Page 18
We have been distinguished by our low level of net charge-offs in downward credit cycles,
and
by
52
consecutive
quarters
with
no
losses
on
assets
generated
by
the
Company.
(a)
NET CHARGE-OFFS / AVERAGE LOANS
Last Credit Cycle
Current Credit Cycle
5-Year Total
NYCB: 17 bp
SNL U.S. Bank and Thrift Index: 540 bp
5.5 -Year Total
NYCB: 88 bp
SNL U.S. Bank and Thrift Index: 1,078 bp
(a)
1Q 1995 –
4Q 2007
(b)
Non-annualized.
SNL U.S. Bank and Thrift Index
NYCB
0.54%
1.28%
1.50%
1.17%
0.91%
1.63%
2.84%
2.89%
1.78%
1.25%
0.39%
(b)
0.00%
0.00%
0.04%
0.07%
0.06%
0.03%
0.13%
0.21%
0.35%
0.13%
0.03%
(b)
1989
1990
1991
1992
1993
2008
2009
2010
2011
2012
1H 2013 |
 New York
Community Bancorp, Inc. Page 19
The quality of our loan portfolio continues to exceed that of
our industry.
NON-PERFORMING LOANS
(a)(b)
/ TOTAL LOANS
(a)
(a)
Non-performing loans and total loans exclude covered loans.
(b)
Non-performing loans are defined as non-accrual loans and loans 90 days or
more past due but still accruing interest. |
 New York
Community Bancorp, Inc. Page 20
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
(a)
Current Credit Cycle
(a)
1989
1990
1991
1992
1993
2008
2009
2010
2011
2012
6/30/13
NPLs
(b)(c)
/ Total Loans
(b)
1.46%
2.48%
2.10%
2.83%
1.51%
0.51%
2.47%
2.63%
1.28%
0.96%
0.60%
NCOs / Average Loans
0.00%
0.00%
0.04%
0.07%
0.06%
0.03%
0.13%
0.21%
0.35%
0.13%
0.01%
(d)
Difference
146 bp
248 bp
206 bp
276 bp
145 bp
48 bp
234 bp
242 bp
93 bp
83 bp
59 bp
(a)
Prior to 2009, the Company had no covered loans.
(b)
Non-performing loans and total loans exclude covered loans.
(c)
Non-performing loans are defined as non-accrual loans and loans 90 days or
more past due but still accruing interest. (d)
Non-annualized. |
 New York
Community Bancorp, Inc. Page 21
The
quality
of
our
assets
reflects
the
nature
of
our
lending
niche
and
our
strong underwriting standards.
Conservative
Underwriting
Active Board
Involvement
Multiple
Appraisals
Risk-Averse Mix of
Non-Covered Loans
Held for Investment
•
Conservative loan-to-
value ratios
•
Conservative debt
coverage ratios: 120%,
except for commercial
real estate (“CRE”)
loans: 130%
•
Multi-family and CRE
loans are based on the
lower of economic or
market value.
•
All loans originated for
portfolio are approved
by the Mortgage or
Credit Committee (a
majority of the Board of
Directors).
•
A member of the
Mortgage or Credit
Committee participates
in inspections on multi-
family loans in excess of
$4.0 million, and CRE
and acquisition,
development, and
construction (“ADC”)
loans in excess of $2.5
million.
•
All properties are
appraised by
independent appraisers.
•
All independent
appraisals are reviewed
by in-house appraisal
officers.
•
A second independent
appraisal is performed
when the loan amount
exceeds $5.0 million.
•
Multi-family: 68.6%
•
CRE: 26.1%
•
ADC: 1.5%
•
One-to-Four
Family:
1.3%
•
Commercial and
Industrial: 2.4% |
 New York
Community Bancorp, Inc. Page 22
The loans and OREO acquired in our FDIC-assisted transactions are
covered by loss sharing agreements, thus mitigating credit risk.
(in millions)
COVERED ASSETS
Total covered assets:
$4.7 billion
$4.4 billion
$3.8 billion
$3.3 billion
$3.1 billion
% of total assets:
11.1%
10.4%
8.9%
7.5%
7.0% |
 Residential
Mortgage Banking
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 New York
Community Bancorp, Inc. Page 24
Our residential mortgage banking operation is a leading
aggregator of agency-conforming one-to-four family loans.
History
•
Acquired through our AmTrust Bank transaction in December 2009
•
Established as a subsidiary of New York Community Bank in April 2010
Productivity
•
We rank among the top 15 aggregators of one-to-four family loans for sale
in the U.S.
•
Since January 2010, we have originated 126,685 one-to-four family loans
for sale totaling $33.2 billion.
Credit Quality
•
As of June 30, 2013, 99.8% of all funded loans were current.
Limited
Repurchase Risk
•
The Company’s loan repurchase exposure is comparatively low, as we
benefit from the industry’s more stringent credit and documentation
standards, which have been in effect since we entered the residential
mortgage banking business in January 2010.
Benefits
•
Since January 2010, our mortgage banking business has generated
mortgage banking income of $492.5 million, including $49.3 million in 1H
2013.
•
Our proprietary mortgage banking platform gives us the capacity to expand
our revenues, market share, and product line.
•
Mortgage banking income has supported the stability of our return on
average tangible assets, even in times of interest rate volatility.
|
 New York
Community Bancorp, Inc. Page 25
Prepayment penalty income and mortgage banking income have
contributed to the stability of our ROTA.
(dollars in millions)
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
(a) ROTA is a non-GAAP measure. Please see page 40 for additional
information. (a) |
 New York
Community Bancorp, Inc. Page 26
Our mortgage banking operation generated 43.2% of non-interest
income and 6.6% of total revenues in 1H 2013.
(in millions)
AT OR FOR THE THREE MONTHS ENDED 6/30/13
FEATURES
1-4 family loans held for sale originated in 2Q 2013 = $2.1 billion
% sold to GSEs = 95%
Average FICO = 767
Average loan-to-value ratio = 72%
2Q 2013 mortgage banking income = $23.2 million
Loans can be originated/purchased in all 50 states.
Loan production is driven by our proprietary real time, web-accessible
mortgage banking technology platform.
Our proprietary platform securely controls the lending process, while
mitigating business and regulatory risks.
As a result, our clients cost-effectively compete with the nation’s
largest mortgage lenders.
900+ approved clients include community banks, credit unions,
mortgage companies, and mortgage brokers.
The vast majority of loans funded are agency-eligible 1-4 family loans.
100% of loans funded are full documentation, prime credit loans.
PRODUCTION OF 1-4
FAMILY LOANS HELD
FOR SALE |
 Efficiency
*
*
*
*
*
*
*
*
*************** |
 New York
Community Bancorp, Inc. Page 28
Our efficiency is driven by several factors.
Franchise expansion has largely stemmed from
mergers and acquisitions; we generally do not engage
in de novo branch development.
Multi-family and commercial real estate lending are
both broker-driven, with the borrower paying fees to the
mortgage brokerage firm.
Products and services are typically developed by third-
party providers and the sale of these products
generates additional revenues.
39 of our branches are located in-store, where rental
space is less costly, enabling us to supplement the
service provided by our traditional branches more
efficiently.
We acquire our deposits primarily through earnings-
accretive acquisitions rather than by paying above-
market rates. |
 Growth
Through Acquisitions
*
*
*
*
*
*
*
*
***************
*************** |
 New York
Community Bancorp, Inc. Page 30
In the 13 years since our first acquisition, we have grown
from $1.9 billion in assets to $44.2 billion.
Note:
The number of branches indicated reflects the number of branches in our current
franchise that stemmed from each transaction. |
 New York
Community Bancorp, Inc. Page 31
Our deposit growth has been largely acquisition-driven. |
 New York
Community Bancorp, Inc. Page 32
(a)
Includes originations of loans held for sale of $888.5 million in 2009, $10.8
billion in 2010, $7.2 billion in 2011, $10.9 billion in 2012, and $4.4 billion in 1H 2013.
Acquisitions have provided much of the funding for the
organic growth of our loan portfolio.
Total Loans Outstanding:
$3,636
$5,405
$10,499
$17,029
$19,653
$20,363
$28,393
$29,212
$30,323
$31,773
$31,840
Total Originations:
(a)
$616
$1,150
$4,330
$6,332
$4,971
$4,853
$4,280
$15,193
$16,139
$19,894
$9,111 |
 Total
Return on Investment
*
*
*
*
*
*
*
*
***************
*************** |
 New York
Community Bancorp, Inc. Page 34
Our quarterly cash dividends are a significant component of
our commitment to building value for our investors.
(a)
Bloomberg
TOTAL RETURN ON INVESTMENT
As a result of nine stock splits between 1994 and 2004, our charter shareholders
have 2,700 shares of NYCB stock for each 100 shares originally
purchased. |
 New York
Community Bancorp, Inc. Page 35
7/26/13
For More Information
Visit our website:
ir.myNYCB.com
E-mail requests to:
ir@myNYCB.com
Call Investor Relations at:
(516) 683-4420
Write to:
Investor Relations
New York Community Bancorp, Inc.
615 Merrick Avenue
Westbury, NY 11590 |
 New York
Community Bancorp, Inc. Page 36
Reconciliations of GAAP and Non-GAAP Financial Measures
Cash
earnings
is
a
non-GAAP
financial
measure.
The
following
table
presents
a
reconciliation
of
the
Company’s
GAAP
and
cash
earnings
for
the
three
months ended June 30, 2013.
(in thousands, except per share data)
For the
Three Months Ended
June 30, 2013
GAAP Earnings
$122,517
Additional contributions to tangible stockholders’
equity:
Amortization and appreciation of shares held in stock-related benefit plans
5,426
Associated tax effects
378
Amortization of core deposit intangibles
4,181
Total additional contributions to tangible stockholders’
equity
9,985
Cash earnings
$132,502
Diluted GAAP Earnings per Share
$0.28
Add back:
Amortization and appreciation of shares held in stock-related benefit
plans 0.01
Associated tax effects
--
Amortization of core deposit intangibles
0.01
Total additions
0.02
Diluted cash earnings per share
$0.30 |
 New York
Community Bancorp, Inc. Page 37
Cash
earnings
is
a
non-GAAP
financial
measure.
The
following
table
presents
a
reconciliation
of
the
Company’s
GAAP
and
cash
earnings
measures
for the three months ended June 30, 2013.
Reconciliations of GAAP and Non-GAAP Financial Measures
(in thousands)
For the
Three Months Ended
June 30,
2013
Average stockholders’
equity
$ 5,607,616
Less: Average goodwill and core deposit intangibles
(2,462,265)
Average tangible stockholders’
equity
$ 3,145,351
Average assets
$43,860,167
Less: Average goodwill and core deposit intangibles
(2,462,265)
Average tangible assets
$41,397,902
Net income
$122,517
Add back: Amortization of core deposit intangibles, net of tax
2,509
Adjusted net income
$125,026
Cash earnings
$132,502
Return on average assets
1.12%
Cash return on average assets
1.21
Return on average tangible assets
1.21
Cash return on average tangible assets
1.28
Return on average stockholders’
equity
8.74
Cash return on average stockholders’
equity
9.45
Return on average tangible stockholders’
equity
15.90
Cash return on average tangible stockholders’
equity
16.85 |
 New York
Community Bancorp, Inc. Page 38
Reconciliations of GAAP and Cash Efficiency Ratios
The following table presents a reconciliation of the Company’s GAAP and cash
efficiency ratios for the three months ended June 30, 2013. For the
Three Months Ended
June 30, 2013
(dollars in thousands)
GAAP
Cash
Total net interest income and non-interest income
$353,629
$353,629
Operating expenses
$147,484
$147,484
Adjustments:
Amortization and appreciation of shares held in stock-
related benefit plans
--
(5,426)
Adjusted operating expenses
$147,484
$142,058
Efficiency ratio
41.71%
40.17% |
 New York
Community Bancorp, Inc. Page 39
(dollars in thousands)
June 30,
2013
December 31,
2012
Total stockholders’
equity
$ 5,688,461
$ 5,656,264
Less: Goodwill
(2,436,131)
(2,436,131)
Core deposit intangibles
(23,422)
(32,024)
Tangible stockholders’
equity
$ 3,228,908
$ 3,188,109
Total assets
$44,185,838
$44,145,100
Less: Goodwill
(2,436,131)
(2,436,131)
Core deposit intangibles
(23,422)
(32,024)
Tangible assets
$41,726,285
$41,676,945
Stockholders’
equity to total assets
12.87%
12.81%
Tangible stockholders’
equity to tangible assets
7.74%
7.65%
Tangible stockholders’
equity
$3,228,908
$3,188,109
Accumulated other comprehensive loss, net of tax
57,805
61,705
Adjusted tangible stockholders’
equity
$3,286,713
$3,249,814
Tangible assets
$41,726,285
$41,676,945
Accumulated other comprehensive loss, net of tax
57,805
61,705
Adjusted tangible assets
$41,784,090
$41,738,650
Adjusted tangible stockholders’
equity to adjusted tangible assets
7.87%
7.79%
Tangible and adjusted tangible stockholders’
equity and tangible and adjusted tangible assets are non-GAAP financial
measures. The following table presents reconciliations of these non-GAAP
measures with the related GAAP measures at June 30, 2013 and December 31, 2012.
Reconciliations of GAAP and Non-GAAP Financial Measures |
 New York
Community Bancorp, Inc. Page 40
Reconciliations of GAAP and Non-GAAP Financial Measures
Average tangible assets and average tangible stockholders’ equity are non-GAAP financial
measures. The following table presents reconciliations of these non-GAAP measures with the
related GAAP measures for the three months ended June 30 and March 31, 2013; March 31, June 30,
September 30, and December 31, 2012; and March 31, June 30, September 30, and December 31, 2011. For the Three Months Ended
(dollars in thousands)
June 30,
2013
March 31,
2013
March 31,
2012
June 30,
2012
September 30, December 31,
2012
2012
March 31,
2011
June 30,
2011
September 30, December 31,
2011
2011
Average Assets
$43,860,167
$43,243,259
$41,775,013
$41,916,854
$43,205,076
$43,087,846
$40,713,044
$40,853,788
$41,261,984
$41,683,129
Less: Average goodwill and core deposit intangibles
(2,462,265)
(2,466,622)
(2,486,018)
(2,480,921)
(2,476,056)
(2,471,204)
(2,511,349)
(2,503,966)
(2,497,076)
(2,491,327)
Average tangible assets
$41,397,902
$40,776,637
$39,288,995
$39,435,933
$40,729,020
$40,616,642
$38,201,695
$38,349,822
$38,764,908
$39,191,802
Average
Stockholders’
Equity
$ 5,607,616
$ 5,630,877
$ 5,528,296
$ 5,565,581
$ 5,557,693
$ 5,498,040
$ 5,511,970
$ 5,458,017
$ 5,501,226
$ 5,535,114
Less: Average goodwill and core deposit intangibles
(2,462,265)
(2,466,622)
(2,486,018)
(2,480,921)
(2,476,056)
(2,471,204)
(2,511,349)
(2,503,966)
(2,497,076)
(2,491,327)
Average
tangible
stockholders’
equity
$ 3,145,351
$ 3,164,255
$ 3,042,278
$ 3,084,660
$ 3,081,637
$ 3,026,836
$ 3,000,621
$ 2,954,051
$ 3,004,150
$ 3,043,787
Net Income
$122,517
$118,675
$118,253
$131,212
$128,798
$122,843
$123,176
$119,459
$119,750
$117,652
Add back: Amortization of core deposit intangibles,
net of tax
2,509
2,653
3,095
2,952
2,913
2,826
4,431
4,286
3,653
3,269
Adjusted net income
$125,026
$121,328
$121,348
$134,164
$131,711
$125,669
$127,607
$123,745
$123,403
$120,921
Return on average assets
1.12%
1.10%
1.13%
1.25%
1.19%
1.14%
1.21%
1.17%
1.16%
1.13%
Return on average tangible assets
1.21
1.19
1.24
1.36
1.29
1.24
1.34
1.29
1.27
1.23
Return
on
average
stockholders’
equity
8.74
8.43
8.56
9.43
9.27
8.94
8.94
8.75
8.71
8.50
Return
on
average
tangible
stockholders’
equity
15.90
15.34
15.95
17.40
17.10
16.61
17.01
16.76
16.43
15.89 |