Company Quick10K Filing
New York Community Bancorp
Price-0.00 EPS1
Shares490 P/E-0
MCap-0 P/FCF-0
Net Debt-1,732 EBIT1,268
TEV-1,732 TEV/EBIT-1
TTM 2018-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-02
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-04-29 Regulation FD, Exhibits
8-K 2020-04-29 Earnings, Other Events, Exhibits
8-K 2020-03-20
8-K 2020-02-24
8-K 2020-01-29 Regulation FD, Exhibits
8-K 2020-01-29 Earnings, Other Events, Exhibits
8-K 2019-12-20 Officers
8-K 2019-10-30 Earnings, Other Events, Exhibits
8-K 2019-10-30 Regulation FD, Exhibits
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 Regulation FD, Exhibits
8-K 2019-04-30 Earnings, Other Events, 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 Regulation FD, Exhibits
8-K 2018-10-24 Other Events, 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

NYB 10Q Quarterly Report

Note 1.
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 and Lease 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
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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 d792927dex311.htm
EX-31.2 d792927dex312.htm
EX-32.0 d792927dex320.htm

New York Community Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
554433221102013201520172019
Assets, Equity
0.40.30.20.20.10.02012201220132014
Rev, G Profit, Net Income
1.81.00.2-0.7-1.5-2.32013201520172019
Ops, Inv, Fin

Form 10-Q
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At March 31, 2020, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.3 billion; the cumulative basis adjustments associated with these hedging relationships was $81.6 million; and the amount of the designated hedged items was $2.0 billion.These amounts include the amortized cost basis of closed portfolios used to designate 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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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 March 31, 2020
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
 
NYCB
 
New York Stock Exchange
Bifurcated Option Note Unit SecuritiES
 
SM
 
NYCB PU
 
New York Stock Exchange
Fixed-to-Floating Rate Series A Noncumulative
Perpetual Preferred Stock
, $0.01 par value
 
NYCB PA
 
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  
463,937,039 
Number of shares of common stock outstanding at May 4, 2020
 
 

NEW YORK COMMUNITY BANCORP, INC.
FORM
10-Q
Quarter Ended March 31, 2020
             
 
 
Page No.
 
             
     
 
             
     
 
             
Part I.
 
FINANCIAL INFORMATION
 
 
 
             
Item 1.
 
Financial Statements
   
 
             
     
7
 
             
     
8
 
             
     
9
 
             
     
10
 
             
     
11
 
             
Item 2.
     
39
 
             
Item 3.
     
70
 
             
Item 4.
     
71
 
             
Part II.
   
 
72
 
             
Item 1.
     
72
 
             
Item 1A.
     
72
 
             
Item 2.
     
73
 
             
Item 3.
     
73
 
             
Item 4.
     
73
 
             
Item 5.
     
73
 
             
Item 6.
     
74
 
         
   
75
 
 
 
 
 
 
2

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 secured by either 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.
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”).
3

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. 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.
4

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.
5

LIST OF ABBREVIATIONS AND ACRONYMS
ADC—Acquisition, development, and construction loan
ALCO—Asset and Liability Management Committee
AMT—Alternative minimum tax
AmTrust—AmTrust Bank
AOCL—Accumulated other comprehensive loss
ASC—Accounting Standards Codification
ASU—Accounting Standards Update
BOLI—Bank-owned life insurance
BP—Basis point(s)
CARES Act—Coronavirus Aid, Relief, and Economic Security Act
C&I—Commercial and industrial loan
CCAR—Comprehensive Capital Analysis and Review
CDs—Certificates of deposit
CECL—Current Expected Credit Loss
CFPB—Consumer Financial Protection Bureau
CMOs—Collateralized mortgage obligations
CMT—Constant maturity treasury rate
CPI—Consumer Price Index
CPR—Constant prepayment rate
CRA—Community Reinvestment Act
CRE—Commercial real estate loan
Desert Hills—Desert Hills Bank
DIF—Deposit Insurance Fund
DFA—Dodd-Frank Wall Street Reform and Consumer Protection Act
DSCR—Debt service coverage ratio
EaR—Earnings at Risk
EPS—Earnings per common share
ERM—Enterprise Risk Management
ESOP—Employee Stock Ownership Plan
EVE—Economic Value of Equity at Risk
Fannie Mae—Federal National Mortgage Association
FASB—Financial Accounting Standards Board
FDI Act—Federal Deposit Insurance Act
FDIC—Federal Deposit Insurance Corporation
FHLB—Federal Home Loan Bank
FHLB-NY—Federal
Home Loan Bank of New York
FOMC—Federal Open Market Committee
FRB—Federal Reserve Board
FRB-NY—Federal
Reserve Bank of New York
Freddie Mac—Federal Home Loan Mortgage Corporation
FTEs—Full-time equivalent employees
GAAP—U.S. generally accepted accounting principles
GLBA—The Gramm Leach Bliley Act
GNMA—Government National Mortgage Association
GSEs—Government-sponsored enterprises
HQLAs—High-quality liquid assets
LIBOR—London Interbank Offered Rate
LSA—Loss Share Agreements
LTV—Loan-to-value
ratio
MBS—Mortgage-backed securities
MSRs—Mortgage servicing rights
NIM—Net interest margin
NOL—Net operating loss
NPAs—Non-performing
assets
NPLs—Non-performing
loans
NPV—Net Portfolio Value
NYSDFS—New York State Department of Financial Services
NYSE—New York Stock Exchange
OCC—Office of the Comptroller of the Currency
OFAC—Office of Foreign Assets Control
OREO—Other real estate owned
ROU—Right of use asset
SEC—U.S. Securities and Exchange Commission
SIFI—Systemically Important Financial Institution
TDRs—Troubled debt restructurings
6

NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(in thousands, except share data)
                 
 
March 31,
2020
 
 
December 31,
2019
 
 
(unaudited)
   
 
Assets:
 
 
 
 
 
 
Cash and cash equivalents
  $
1,334,206
    $
741,870
 
Securities:
   
     
 
Debt securities
available-for-sale
($1,447,566 and $1,372,238 pledged at March 31, 2020 and December 31, 2019, respectively) (Allowance for credit losses of $0,000 at March 31, 2020)
   
5,455,245
     
5,853,057
 
Equity investments with readily determinable fair values, at fair value
   
32,616
     
32,830
 
                 
Total securities
   
5,487,861
     
5,885,887
 
                 
Loans and leases held for investment, net of deferred loan fees and costs
   
42,291,759
     
41,894,155
 
Less: Allowance for loan and lease losses
   
(162,244
)    
(147,638
)
                 
Total loans and leases held for investment, net
   
42,129,515
     
41,746,517
 
Federal Home Loan Bank stock, at cost
   
663,870
     
647,562
 
Premises and equipment, net
   
306,657
     
312,626
 
Operating lease
right-of-use
assets
   
281,873
     
286,194
 
Goodwill
   
2,426,379
     
2,426,379
 
Bank-owned life insurance
   
1,152,444
     
1,145,058
 
Other real estate owned and other repossessed assets
   
9,526
     
12,268
 
Other assets
   
468,762
     
436,460
 
                 
Total assets
  $
54,261,093
    $
53,640,821
 
                 
Liabilities and Stockholders’ Equity:
 
 
 
 
 
 
Deposits:
   
     
 
Interest-bearing checking and money market accounts
  $
10,181,252
    $
10,230,144
 
Savings accounts
   
4,955,670
     
4,780,007
 
Certificates of deposit
   
14,142,212
     
14,214,858
 
Non-interest-bearing
accounts
   
2,693,632
     
2,432,123
 
                 
Total deposits
   
31,972,766
     
31,657,132
 
                 
Borrowed funds:
   
     
 
Wholesale borrowings:
   
     
 
Federal Home Loan Bank advances
   
13,477,661
     
13,102,661
 
Repurchase agreements
   
800,000
     
800,000
 
                 
Total wholesale borrowings
   
14,277,661
     
13,902,661
 
Junior subordinated debentures
   
359,961
     
359,866
 
Subordinated notes
   
295,205
     
295,066
 
                 
Total borrowed funds
   
14,932,827
     
14,557,593
 
                 
Operating lease liabilities
   
281,853
     
285,991
 
Other liabilities
   
436,262
     
428,411
 
                 
Total liabilities
   
47,623,708
     
46,929,127
 
                 
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 466,360,703 and 467,346,781 shares outstanding, respectively)
   
4,904
     
4,904
 
Paid-in
capital in excess of par
   
6,101,540
     
6,115,487
 
Retained earnings
   
344,344
     
342,023
 
Treasury stock, at cost (24,078,367 and 23,092,289 shares, respectively)
   
(235,678
)    
(220,717
)
Accumulated other comprehensive loss, net of tax:
   
     
 
Net unrealized gain on securities available for sale, net of tax of $(4,607)
 
and $(9,424), respectively
   
12,740
     
25,440
 
Net unrealized loss on pension and post-retirement obligations, net of tax of $21,685 and $22,191,
respectively
   
(57,803
)    
(59,136
)
Net unrealized (loss) gain on cash flow hedges, net of tax of $13,242 and $(333), respectively
   
(35,502
)    
853
 
                 
Total accumulated other comprehensive loss, net of tax
   
(80,565
)    
(32,843
)
                 
Total stockholders’ equity
   
6,637,385
     
6,711,694
 
                 
Total liabilities and stockholders’ equity
  $
54,261,093
    $
53,640,821
 
                 
 
 
 
 
 
 
See accompanying notes to the consolidated financial statements.
7

NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except per share data)
(unaudited)
 
For the
Three Months Ended
March 31,
 
 
2020
 
 
2019
 
Interest Income:
 
 
 
 
 
 
Loans and leases
  $
391,911
    $
379,790
 
Securities and money market investments
   
49,131
     
66,384
 
                 
Total interest income
   
441,042
     
446,174
 
                 
Interest Expense:
 
 
 
 
 
 
Interest-bearing checking and money market accounts
   
28,564
     
50,159
 
Savings accounts
   
8,934
     
8,083
 
Certificates of deposit
   
79,555
     
67,775
 
Borrowed funds
   
79,522
     
78,832
 
                 
Total interest expense
   
196,575
     
204,849
 
                 
Net interest income
   
244,467
     
241,325
 
Provision for (recovery of) credit losses
   
20,601
     
(1,222
)
                 
Net interest income after provision for (recovery of) credit losses
   
223,866
     
242,547
 
                 
Non-Interest
Income:
 
 
 
 
 
 
Fee income
   
7,018
     
7,228
 
Bank-owned life insurance
   
7,389
     
6,975
 
Net gain on securities
   
534
     
6,987
 
Other
   
1,958
     
3,595
 
                 
Total
non-interest
income
   
16,899
     
24,785
 
                 
Non-Interest
Expense:
 
 
 
 
 
 
Operating expenses:
   
     
 
Compensation and benefits
   
79,451
     
81,440
 
Occupancy and equipment
   
17,875
     
22,962
 
General and administrative
   
28,196
     
34,365
 
                 
Total
non-interest
expense
   
125,522
     
138,767
 
                 
Income before income taxes
   
115,243
     
128,565
 
Income tax expense
   
14,915
     
30,988
 
                 
Net income
  $
100,328
    $
97,577
 
Preferred stock dividends
   
8,207
     
8,207
 
                 
Net income available to common shareholders
  $
92,121
    $
89,370
 
                 
Basic earnings per common share
  $
0.20
    $
0.19
 
                 
Diluted earnings per common share
  $
0.20
    $
0.19
 
                 
Net income
  $
100,328
    $
97,577
 
Other comprehensive (loss) income, net of tax:
   
     
 
Change in net unrealized gain (loss) on securities available for sale, net of tax of $4,611; and $(12,868), respectively
   
(12,157
)    
32,755
 
Change in pension and post-retirement obligations, net of tax of $(19); and $(16), respectively
   
45
     
37
 
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $13,397
   
(35,888
)    
  
 
Less: Reclassification adjustment for sales of
available-for-sale
securities, net of tax of $206; and $1,517, respectively
   
(543
)    
(3,892
)
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $178
   
(467
)    
—  
 
Reclassification adjustment for defined benefit pension plan, net of tax of $(487) and $(695), respectively
   
1,288
     
1,783
 
                 
Total other comprehensive (loss) income, net of tax
   
(47,722
)    
30,683
 
                 
Total comprehensive income, net of tax
  $
52,606
    $
128,260
 
                 
See accompanying notes to the consolidated financial statements.
8

NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands, except share data)
(unaudited)
 
For the
Three Months Ended
March 31,
 
 
2020
 
 
2019
 
Preferred Stock (Par Value: $0.01):
 
 
 
 
 
 
Balance at beginning of year
  $
502,840
    $
502,840
 
                 
Balance at end of period
   
502,840
     
502,840
 
                 
Common Stock (Par Value: $0.01):
 
 
 
 
 
 
Balance at beginning of year
   
4,904
     
4,904
 
                 
Balance at end of period
   
4,904
     
4,904
 
                 
Paid-in
Capital in Excess of Par:
 
 
 
 
 
 
Balance at beginning of year
   
6,115,487
     
6,099,940
 
Shares issued for restricted stock awards, net of forfeitures
   
(22,198
)    
(15,058
)
Compensation expense related to restricted stock awards
   
8,251
     
7,910
 
                 
Balance at end of period
   
6,101,540
     
6,092,792
 
                 
Retained Earnings:
 
 
 
 
 
 
Balance at beginning of year
   
342,023
     
297,202
 
Net income
   
100,328
     
97,577
 
Dividends paid on common stock ($0.17 per share)
   
(79,332
)    
(79,340
)
Dividends paid on preferred stock ($15.94 per share)
   
(8,207
)    
(8,207
)
Effect of adopting ASU
No.
2016-13
   
(10,468
)    
—  
 
                 
Balance at end of period
   
344,344
     
307,232
 
                 
Treasury Stock, at Cost:
 
 
 
 
 
 
Balance at beginning of year
   
(220,717
)    
(161,998
)
Purchase of common stock (3,307,183 and 7,816,228, respectively)
   
(37,159
)    
(74,788
)
Shares issued for restricted stock awards (2,321,105 and 1,515,760, respectively)
   
22,198
     
15,058
 
                 
Balance at end of period
   
(235,678
)    
(221,728
)
                 
Accumulated Other Comprehensive Loss, Net of Tax:
 
 
 
 
 
 
Balance at beginning of year
   
(32,843
)    
(87,653
)
Other comprehensive (loss) income, net of tax
   
(47,722
)    
30,683
 
                 
Balance at end of period
   
(80,565
)    
(56,970
)
     
 
 
     
 
 
 
Total stockholders’ equity
  $
6,637,385
   
 
 
$
6,629,070
 
                 
See accompanying notes to the consolidated financial statements.
9

NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
                 
 
For the Three Months Ended
March 31,
 
 
2020
 
 
2019
 
Cash Flows from Operating Activities:
 
 
 
 
 
 
Net income
  $
100,328
    $
97,577
 
Adjustments to reconcile net income to net cash provided by operating activities:
   
     
 
Provision for (recovery of)
credit
losses
   
20,601
     
(1,222
)
Depreciation
   
6,407
     
6,950
 
Amortization of discounts and premiums, net
   
6,384