Company Quick10K Filing
Quick10K
New York Community Bancorp
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Earnings, Other Events, Exhibits
8-K 2019-07-31 Regulation FD, Exhibits
8-K 2019-06-04 Shareholder Vote
8-K 2019-04-30 Earnings, Other Events, Exhibits
8-K 2019-04-30 Regulation FD, Exhibits
8-K 2019-02-25 Regulation FD, Exhibits
8-K 2019-01-30 Earnings, Other Events, Exhibits
8-K 2019-01-30 Regulation FD, Exhibits
8-K 2018-11-28 Regulation FD, Exhibits
8-K 2018-11-14 Other Events
8-K 2018-11-06 Other Events, Exhibits
8-K 2018-11-01 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-24 Other Events, Exhibits
8-K 2018-10-24 Regulation FD, Exhibits
8-K 2018-10-24 Earnings, Other Events, Exhibits
8-K 2018-07-31 Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Other Events, Exhibits
8-K 2018-06-05 Control, Shareholder Vote
8-K 2018-05-08 Regulation FD, Exhibits
8-K 2018-04-25 Earnings, Other Events, Exhibits
8-K 2018-02-26 Regulation FD, Exhibits
8-K 2018-02-02 Regulation FD, Exhibits
8-K 2018-01-31
BNO United States Brent Oil Fund 86
HCCC H/Cell Energy 23
UCBB US-China Biomedical Technology 16
SOFO Sonic Foundry 8
HMX Hunt Mining 0
STEMH Stem Holdings 0
CBAI CBA Florida 0
WDN Wadena 0
VNR Vanguard Natural Resources 0
GAIF Graham Alternative Investment Fund I 0
NYB 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization and Basis of Presentation
Note 2. Computation of Earnings per Common Share
Note 3. Reclassifications Out of Accumulated Other Comprehensive Loss
Note 4. Securities
Note 5. Loans and Leases
Note 6. Allowance for Loan Losses
Note 7. Borrowed Funds
Note 8. Pension and Other Post-Retirement Benefits
Note 9. Stock-Based Compensation
Note 10. Fair Value Measurements
Note 11. Leases
Note 12. Derivative and Hedging Activities
Note 13. Impact of Recent Accounting Pronouncements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d768314dex311.htm
EX-31.2 d768314dex312.htm
EX-32.0 d768314dex320.htm

New York Community Bancorp Earnings 2019-06-30

NYB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Form 10-Q
false2019Q20000910073--12-31NEW YORK COMMUNITY BANCORP INCIncludes $16.3 million of amortization of operating lease right-of-use assets for the six months ended June 30, 2019.Includes $16.3 million of amortization of operating lease liability for the six months ended June 30, 2019.Amounts in parentheses indicate expense items.See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information.The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At June 30, 2019, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes.Primarily consists of mutual funds that are CRA-qualified investments.The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes.Not presented on a tax-equivalent basis.Includes specialty finance loans and leases of $2.3 billion and $1.9 billion, respectively, at June 30, 2019 and December 31, 2018. Other C&I loans of $456.1 million and $469.9 million, respectively, at June 30, 2019 and December 31, 2018.Includes corporate bonds, capital trust notes, and asset-backed securities.Includes lease financing receivables, all of which were current.Includes $530,000 and $35.5 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively.Includes $204,000 and $32.9 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively.Includes lease financing receivables, all of which were classified as Pass.Carrying value and estimated fair value are at cost.Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.Certificates of deposit.Represents the fair value of impaired loans, based on the value of the collateral.Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets.Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income.Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002.Callable from this date forward.These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. 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Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
June 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from
                    
to
                    
Commission File Number
1-31565
 
NEW YORK COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
     
Delaware
 
06-1377322
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
615 Merrick Avenue, Westbury, New York 11590
(Address of principal executive offices)
(Registrant’s telephone number, including area code) (516)
 683-4100
 
 
Securities registered pursuant to Section 12(b) of the Act:
         
 
Title of each class
 
Trading
symbol(s)
 
Name of each exchange
on which registered
Common Stock
, $0.01 par value per share
Bifurcated Option Note Unit SecuritiES
SM
 
NYCB
NYCB PU
 
New York Stock Exchange
New York Stock Exchange
         
Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, $0.01 par value
 
 
NYCB PR A
 
New York Stock Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-Accelerated
filer
 
 
Smaller Reporting Company
 
             
 
 
Emerging Growth Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    No  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
467,362,387
Number of shares of common stock outstanding at
August 1, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
 
NEW YORK COMMUNITY BANCORP, INC.
FORM
10-Q
Quarter Ended June 30, 2019
             
           
 
 
Page No.
 
     
 
     
 
             
Part I.
     
 
             
Item 1.
     
 
             
     
1
 
             
     
2
 
             
     
3
 
             
     
5
 
             
     
6
 
             
Item 2.
     
33
 
             
Item 3.
     
67
 
             
Item 4.
     
67
 
             
Part II.
     
69
 
             
Item 1.
     
69
 
             
Item 1A.
     
69
 
             
Item 2.
     
69
 
             
Item 3.
     
69
 
             
Item 4.
     
69
 
             
Item 5.
     
69
 
             
Item 6.
     
70
 
         
   
71
 
 
 
 
 
 
 
 
 
Table of Contents
 
GLOSSARY
BASIS POINT
Throughout this filing, the year-over-year changes that occur in certain financial measures are reported in terms of basis points. Each basis point is equal to one hundredth of a percentage point, or 0.01%.
BOOK VALUE PER COMMON SHARE
Book value per common share refers to the amount of common stockholders’ equity attributable to each outstanding share of common stock, and is calculated by dividing total stockholders’ equity less preferred stock at the end of a period, by the number of shares outstanding at the same date.
BROKERED DEPOSITS
Refers to funds obtained, directly or indirectly, by or through deposit brokers that are then deposited into one or more deposit accounts at a bank.
CHARGE-OFF
Refers to the amount of a loan balance that has been written off against the allowance for loan losses.
COMMERCIAL REAL ESTATE LOAN
A mortgage loan secured by either an income-producing property owned by an investor and leased primarily for commercial purposes or, to a lesser extent, an owner-occupied building used for business purposes. The CRE loans in our portfolio are typically either secured by office buildings, retail shopping centers, light industrial centers with multiple tenants, or
mixed-use
properties.
COST OF FUNDS
The interest expense associated with interest-bearing liabilities, typically expressed as a ratio of interest expense to the average balance of interest-bearing liabilities for a given period.
CRE CONCENTRATION RATIO
Refers to the sum of multi-family,
non-owner
occupied CRE, and acquisition, development, and construction (“ADC”) loans divided by total risk-based capital.
DEBT SERVICE COVERAGE RATIO
An indication of a borrower’s ability to repay a loan, the DSCR generally measures the cash flows available to a borrower over the course of a year as a percentage of the annual interest and principal payments owed during that time.
DERIVATIVE
A term used to define a broad base of financial instruments, including swaps, options, and futures contracts, whose value is based upon, or derived from, an underlying rate, price, or index (such as interest rates, foreign currency, commodities, or prices of other financial instruments such as stocks or bonds).
DIVIDEND PAYOUT RATIO
The percentage of our earnings that is paid out to shareholders in the form of dividends. It is determined by dividing the dividend paid per share during a period by our diluted earnings per share during the same period of time.
EFFICIENCY RATIO
Measures total operating expenses as a percentage of the sum of net interest income and
non-interest
income.
GOODWILL
Refers to the difference between the purchase price and the fair value of an acquired company’s assets, net of the liabilities assumed. Goodwill is reflected as an asset on the balance sheet and is tested at least annually for impairment.
 
 
 
Table of Contents
 
GOVERNMENT-SPONSORED ENTERPRISES
Refers to a group of financial services corporations that were created by the United States Congress to enhance the availability, and reduce the cost, of credit to certain targeted borrowing sectors, including home finance. The GSEs include, but are not limited to, the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), and the Federal Home Loan Banks (the “FHLBs”).
GSE OBLIGATIONS
Refers to GSE mortgage-related securities (both certificates and collateralized mortgage obligations) and GSE debentures.
INTEREST RATE SENSITIVITY
Refers to the likelihood that the interest earned on assets and the interest paid on liabilities will change as a result of fluctuations in market interest rates.
INTEREST RATE SPREAD
The difference between the yield earned on average interest-earning assets and the cost of average interest-bearing liabilities.
LOAN-TO-VALUE
RATIO
Measures the balance of a loan as a percentage of the appraised value of the underlying property.
MULTI-FAMILY LOAN
A mortgage loan secured by a rental or cooperative apartment building with more than four units.
NET INTEREST INCOME
The difference between the interest income generated by loans and securities and the interest expense produced by deposits and borrowed funds.
NET INTEREST MARGIN
Measures net interest income as a percentage of average interest-earning assets.
NON-ACCRUAL
LOAN
A loan generally is classified as a
“non-accrual”
loan when it is 90 days or more past due or when it is deemed to be impaired because we no longer expect to collect all amounts due according to the contractual terms of the loan agreement. When a loan is placed on
non-accrual
status, we cease the accrual of interest owed, and previously accrued interest is reversed and charged against interest income. A loan generally is returned to accrual status when the loan is current and we have reasonable assurance that the loan will be fully collectible.
NON-PERFORMING
LOANS AND ASSETS
Non-performing
loans consist of
non-accrual
loans and loans that are 90 days or more past due and still accruing interest.
Non-performing
assets consist of
non-performing
loans, OREO and other repossessed assets.
OREO AND OTHER REPOSSESSED ASSETS
Includes real estate owned by the Company which was acquired either through foreclosure or default. Repossessed assets are similar, except they are not real estate-related assets.
RENT-REGULATED APARTMENTS
In New York City, where the vast majority of the properties securing our multi-family loans are located, the amount of rent that tenants may be charged on the apartments in certain buildings is restricted under
rent-stabilization laws. Rent-stabilized apartments are generally located in buildings with six or more units that were built between February 1947 and January 1974.
 
 
 
Table of Contents
 
Rent-regulated apartments tend to be more affordable to live in because of the applicable regulations, and buildings with a preponderance of such rent-regulated apartments are therefore less likely to experience vacancies in times of economic adversity.
REPURCHASE AGREEMENTS
Repurchase agreements are contracts for the sale of securities owned or borrowed by the Bank with an agreement to repurchase those securities at an agreed-upon price and date. The Bank’s repurchase agreements are primarily collateralized by GSE obligations and other mortgage-related securities, and are entered into with either the FHLBs or various brokerage firms.
SYSTEMICALLY IMPORTANT FINANCIAL INSTITUTION (“SIFI”)
A bank holding company with total consolidated assets that average more than $250 billion over the four most recent quarters is designated a “Systemically Important Financial Institution” under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) of 2010, as amended by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.
WHOLESALE BORROWINGS
Refers to advances drawn by the Bank against its line(s) of credit with the FHLBs, their repurchase agreements with the FHLBs and various brokerage firms, and federal funds purchased.
YIELD
The interest income associated with interest-earning assets, typically expressed as a ratio of interest income to the average balance of interest-earning assets for a given period.
 
 
 
Table of Contents
 
LIST OF ABBREVIATIONS AND ACRONYMS
     
ADC - Acquisition, development, and construction loan
 
FHLB-NY
 - Federal Home Loan Bank of New York
     
ALCO - Asset and Liability Management Committee
 
FOMC - Federal Open Market Committee
     
AMT - Alternative minimum tax
 
FRB - Federal Reserve Board
     
AmTrust - AmTrust Bank
 
FRB-NY
- Federal Reserve Bank of New York
     
AOCL - Accumulated other comprehensive loss
 
Freddie Mac - Federal Home Loan Mortgage Corporation
     
ASC - Accounting Standards Codification
 
FTEs - Full-time equivalent employees
     
ASU - Accounting Standards Update
 
GAAP - U.S. generally accepted accounting principles
     
BOLI - Bank-owned life insurance
 
GLBA - The Gramm Leach Bliley Act
     
BP - Basis point(s)
 
GNMA - Government National Mortgage Association
     
C&I - Commercial and industrial loan
 
GSEs - Government-sponsored enterprises
     
CCAR - Comprehensive Capital Analysis and Review
 
HQLAs - High-quality liquid assets
     
CDs - Certificates of deposit
 
LIBOR-London Interbank Offered Rate
     
CFPB - Consumer Financial Protection Bureau
 
LSA - Loss Share Agreements
     
CMOs - Collateralized mortgage obligations
 
LTV -
Loan-to-value
ratio
     
CMT - Constant maturity treasury rate
 
MBS – Mortgage-backed securities
     
CPI - Consumer Price Index
 
MSRs - Mortgage servicing rights
     
CPR - Constant prepayment rate
 
NIM - Net interest margin
     
CRA - Community Reinvestment Act
 
NOL - Net operating loss
     
CRE - Commercial real estate loan
 
NPAs -
Non-performing
assets
     
Desert Hills - Desert Hills Bank
 
NPLs -
Non-performing
loans
     
DIF - Deposit Insurance Fund
 
NPV - Net Portfolio Value
     
DFA - Dodd-Frank Wall Street Reform and Consumer Protection Act
 
NYSDFS - New York State Department of Financial Services
     
DSCR - Debt service coverage ratio
 
NYSE - New York Stock Exchange
     
EPS - Earnings per common share
 
OCC - Office of the Comptroller of the Currency
     
ERM - Enterprise Risk Management
 
OFAC - Office of Foreign Assets Control
     
ESOP - Employee Stock Ownership Plan
 
OREO - Other real estate owned
     
Fannie Mae - Federal National Mortgage Association
 
OTTI - Other-than-temporary impairment
     
 
ROU – Right of use asset
     
FASB - Financial Accounting Standards Board
 
SEC - U.S. Securities and Exchange Commission
     
FDI Act - Federal Deposit Insurance Act
 
SIFI - Systemically Important Financial Institution
     
FDIC - Federal Deposit Insurance Corporation
 
TDRs - Troubled debt restructurings
     
FHLB - Federal Home Loan Bank
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
 
PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(in thousands, except share data)
                 
 
June 30,
2019
   
December 31,
2018
 
 
(unaudited)
   
 
Assets:
   
     
 
Cash and cash equivalents
  $
1,228,295
    $
1,474,955
 
Securities:
   
     
 
Debt securities
available-for-sale
($1,632,038 and $1,228,702 pledged, respectively)
   
5,738,146
     
5,613,520
 
Equity investments with readily determinable fair values, at fair value
   
32,585
     
30,551
 
                 
Total securities
   
5,770,731
     
5,644,071
 
                 
Loans and leases, net of deferred loan fees and costs
   
40,876,701
     
40,165,908
 
Less: Allowance for loan losses
   
(151,112
)    
(159,820
)
                 
Total loans and leases, net
   
40,725,589
     
40,006,088
 
Federal Home Loan Bank stock, at cost
   
582,348
     
644,590
 
Premises and equipment, net
   
327,788
     
346,179
 
Operating lease
right-of-use
assets
   
308,412
     
—  
 
Goodwill
   
2,426,379
     
2,436,131
 
Bank-owned life insurance
   
987,528
     
977,627
 
Other real estate owned and other repossessed assets
   
11,691
     
10,794
 
Other assets
   
407,492
     
358,941
 
                 
Total assets
  $
52,776,253
    $
51,899,376
 
Liabilities and Stockholders’ Equity:
   
     
 
Deposits:
   
     
 
Interest-bearing checking and money market accounts
  $
10,770,360
    $
11,530,049
 
Savings accounts
   
4,800,023
     
4,643,260
 
Certificates of deposit
   
14,286,286
     
12,194,322
 
Non-interest-bearing
accounts
   
2,475,857
     
2,396,799
 
                 
Total deposits
   
32,332,526
     
30,764,430
 
                 
Borrowed funds:
   
     
 
Wholesale borrowings:
   
     
 
Federal Home Loan Bank advances
   
11,627,661
     
13,053,661
 
Repurchase agreements
   
800,000
     
500,000
 
                 
Total wholesale borrowings
   
12,427,661
     
13,553,661
 
Junior subordinated debentures
   
359,683
     
359,508
 
Subordinated notes
   
294,794
     
294,697
 
                 
Total borrowed funds
   
13,082,138
     
14,207,866
 
                 
Operating lease liabilities
   
308,073
     
—  
 
Other liabilities
   
378,838
     
271,845
 
                 
Total liabilities
   
46,101,575
     
45,244,141
 
                 
Stockholders’ equity:
   
       
 
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares issued and outstanding)
   
502,840
     
502,840
 
Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070 and 490,439,070 shares issued; and
467,358,939 and 473,536,604 shares outstanding, respectively)
   
4,904
     
4,904
 
Paid-in
capital in excess of par
   
6,099,474
     
6,099,940
 
Retained earnings
   
316,921
     
297,202
 
Treasury stock, at cost (23,080,131 and 16,902,466 shares, respectively)
   
(220,546
)    
(161,998
)
Accumulated other comprehensive loss, net of tax:
   
     
 
Net unrealized gain (loss) on securities available for sale, net of tax of ($17,372) and $4,201, respectively
   
44,561
     
(10,534
)
Net unrealized loss on the
non-credit
portion of OTTI losses on securities, net of tax of $2,517 and $2,517, respectively
   
(6,042
)    
(6,042
)
Net unrealized loss on pension and post-retirement obligations, net of tax of $25,803 and $27,224
respectively
   
(67,434
)    
(71,077
)
                 
Total accumulated other comprehensive loss, net of tax
   
(28,915
)    
(87,653
)
                 
Total stockholders’ equity
   
6,674,678
     
6,655,235
 
                 
Total liabilities and stockholders’ equity
  $
52,776,253
    $
51,899,376
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to the consolidated financial statements.
 
1
 
 
Table of Contents
 
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except per share data)
(unaudited)
                                 
 
For the
   
For the
 
 
Three Months Ended
   
Six Months Ended
 
 
June 30,
   
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Interest Income:
   
     
     
     
 
Mortgage and other loans and leases
  $
387,634
    $
368,456
    $
767,424
    $
724,373
 
Securities and money market investments
   
66,118
     
48,876
     
132,502
     
97,284
 
                                 
Total interest income
   
453,752
     
417,332
     
899,926
     
821,657
 
                                 
Interest Expense:
   
     
     
     
 
Interest-bearing checking and money market accounts
   
47,772
     
40,380
     
97,931
     
74,749
 
Savings accounts
   
8,861
     
6,630
     
16,944
     
13,851
 
Certificates of deposit
   
80,651
     
39,534
     
148,426
     
70,049
 
Borrowed funds
   
78,778
     
66,833
     
157,610
     
128,755
 
                                 
Total interest expense
   
216,062
     
153,377
     
420,911
     
287,404
 
                                 
Net interest income
   
237,690
     
263,955
     
479,015
     
534,253
 
Provision for losses on loans
   
1,844
     
4,714
     
622
     
14,285
 
                                 
Net interest income after provision for loan losses
   
235,846
     
259,241
     
478,393
     
519,968
 
                                 
Non-Interest
Income:
   
     
     
     
 
Fee income
   
7,487
     
7,492
     
14,715
     
14,819
 
Bank-owned life insurance
   
6,479
     
6,318
     
13,454
     
13,122
 
Net gain (loss) on securities
   
493
     
(303
)    
7,480
     
(769
)
Other
   
3,138
     
9,199
     
6,733
     
18,391
 
                                 
Total
non-interest
income
   
17,597
     
22,706
     
42,382
     
45,563
 
                                 
Non-Interest
Expense:
   
     
     
     
 
Operating expenses:
   
     
     
     
 
Compensation and benefits
   
72,573
     
80,314
     
154,013
     
164,289
 
Occupancy and equipment
   
21,889
     
25,026
     
44,851
     
49,910
 
General and administrative
   
28,590
     
32,802
     
62,955
     
63,050
 
                                 
Total
non-interest
expense
   
123,052
     
138,142
     
261,819
     
277,249
 
                                 
Income before income taxes
   
130,391
     
143,805
     
258,956
     
288,282
 
Income tax expense
   
33,145
     
36,451
     
64,133
     
74,376
 
                                 
Net income
   
97,246
     
107,354
     
194,823
     
213,906
 
Preferred stock dividends
   
8,207
     
8,207
     
16,414
     
16,414
 
Net income available to common shareholders
 
$
89,039
 
 
$
99,147
 
 
$
178,409
 
 
$
197,492
 
Basic earnings per common share
 
$
0.19
 
 
$
0.20
 
 
$
0.38
 
 
$
0.40
 
Diluted earnings per common share
 
$
0.19
 
 
$
0.20
 
 
$
0.38
 
 
$
0.40
 
 
           
 
 
     
 
 
 
     
 
 
 
 
Net income
  $
97,246
    $
107,354
    $
194,823
    $
213,906
 
Other comprehensive income (loss), net of tax:
   
     
     
     
 
Change in net unrealized gain (loss) on securities available for sale, net of tax of ($10,232);
$7,111; (
$
23,100) and $31,718, respectively
   
26,258
     
(17,119
)    
59,013
     
(48,257
)
Change in the
non-credit
portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $0; $0; $0; and ($821), respectively
   
—  
     
—  
     
—  
     
(821
)
Change in pension and post-retirement obligations, net of tax of ($710); ($547); ($1,421) and
    ($11,064), respectively
   
1,823
     
1,313
     
3,643
     
(7,343
)
Less: Reclassification adjustment for sales of
available-for-sale
securities, net of tax of $10
$0; $1,527 and $0, respectively
   
(26
)    
—  
     
(3,918
)    
—  
 
                                 
Total other comprehensive income (loss), net of tax
   
28,055
     
(15,806
)    
58,738
     
(56,421
)
                                 
Total comprehensive income, net of tax
  $
125,301
    $
91,548
    $
253,561
    $
157,485
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to the consolidated financial statements.
 
2
  
 
 
Table of Contents
 
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
                                                                 
 
   
Preferred
   
Common
   
   
   
   
Accumulated
   
 
 
   
Stock
   
Stock
   
 Paid-in
   
   
   
Other
   
Total
 
(dollars in thousands)
 
Shares
Outstanding
   
(Par Value:
$0.01)
   
(Par Value:
$0.01)
   
Capital
in excess of Par
   
Retained
Earnings
   
Treasury Stock,
at Cost
   
Comprehensive
Loss, Net of Tax
   
Stockholders’
Equity
 
Balance at January 1, 2019
   
473,536,604
    $
502,840
    $
4,904
    $
6,099,940
    $
297,202
    $
(161,998
)   $
(87,653
)   $
6,655,235
 
Shares issued for restricted stock, 
net of
forfeitures
   
1,515,760
     
—  
     
—  
     
(15,058
)    
—  
     
15,058
     
—  
     
—  
 
Compensation expense related to restricted

stock awards
   
—  
     
—  
     
—  
     
7,910
     
—  
     
—  
     
—  
     
7,910
 
Net income
   
—  
     
—  
     
—  
     
—  
     
97,577
     
—  
     
—  
     
97,577
 
Dividends paid on common stock ($0.17)
   
—  
     
—  
     
—  
     
—  
     
(79,340
)    
—  
     
—  
     
(79,340
)
Dividends paid on preferred stock ($15.94)
   
—  
     
—  
     
—  
     
—  
     
(8,207
)    
—  
     
—  
     
(8,207
)
Purchase of common stock
   
(7,816,228
)    
—  
     
—  
     
—  
     
—  
     
(74,788
)    
—  
     
(74,788
)
Other comprehensive income, net of tax
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
30,683
     
30,683
 
                                                                 
Balance at March 31, 2019
   
467,236,136
    $
502,840
    $
4,904
    $
6,092,792
    $
307,232
    $
(221,728
)   $
(56,970
)   $
6,629,070