Company Quick10K Filing
Quick10K
New York Community Bancorp
10-Q 2019-09-30 Quarter: 2019-09-30
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 2019-10-30 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 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 Earnings, Other Events, Exhibits
8-K 2018-10-24 Regulation FD, Exhibits
8-K 2018-10-24 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
FVTI Fortune Valley Treasures 308
NOVA Sunnova Energy 183
IVOB Invo Bioscience 47
SHMP NaturalShrimp 45
ACUR Acura Pharmaceuticals 5
RCHA Rich Pharmaceuticals 0
EXE Crexendo 0
NBIO Nascent Biotech 0
GAC Great West Life & Annuity Insurance 0
PHLD Phillips Edison & Company 0
NYB 2019-09-30
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 d827384dex311.htm
EX-31.2 d827384dex312.htm
EX-32.0 d827384dex320.htm

New York Community Bancorp Earnings 2019-09-30

NYB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Form 10-Q
false2019Q3000091007312-31NEW YORK COMMUNITY BANCORP INCAmounts 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 September 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.Includes corporate bonds, capital trust notes, and asset-backed securities.Not presented on a tax-equivalent basis.Includes specialty finance loans and leases of $2.4 billion and $1.9 billion, respectively, at September 30, 2019 and December 31, 2018. Other C&I loans of $447.1 million and $469.9 million, respectively, at September 30, 2019 and December 31, 2018.Includes $27.4 million and $20.4 million of taxi medallion-related loans at September 30, 2019 and December 31, 2018, respectively.Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income.Represents the fair value of impaired loans, based on the value of the collateral.Carrying value and estimated fair value are at cost.Included in Interest Income – Mortgage and other loans and leases in the Consolidated Statements of Income and Comprehensive Income.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. At September 30, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.6 billion; the cumulative basis adjustments associated with these hedging relationships was $48.3 million; and the amount of the designated hedged items was $2.0 billion.Includes $23.8 million of amortization of operating lease right-of-use assets for the nine months ended September 30, 2019.Includes $23.8 million of amortization of operating lease liability for the nine months ended September 30, 2019.Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets.Includes lease financing receivables, all of which were classified as Pass.Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.Certificates of deposit.Includes $483,000 and $33.6 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or 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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 September 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
 
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 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  
467,350,628
 
Number of shares of common stock outstanding at
November 
6
, 2019
 
 
 

 
Table of Contents
NEW YORK COMMUNITY BANCORP, INC.
FORM
10-Q
Quarter Ended September 30, 2019
             
 
Glossary
List of Abbreviations and Acronyms
 
 
Page No.
 
             
Part I.
 
FINANCIAL INFORMATION
   
 
             
Item 1.
     
 
             
     
7
 
             
     
8
 
             
     
9
 
             
     
11
 
             
     
12
 
             
Item 2.
     
39
 
             
Item 3.
     
72
 
             
Item 4.
     
72
 
             
Part II.
 
OTHER INFORMATION
   
74
 
             
Item 1.
     
74
 
             
Item 1A.
     
74
 
             
Item 2.
     
74
 
             
Item 3.
     
74
 
             
Item 4.
     
74
 
             
Item 5.
     
74
 
             
Item 6.
     
75
 
         
   
76
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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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 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”).
 
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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.
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.
 
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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.
 
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Table of Contents
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)
 
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
 
OTTI—Other-than-temporary impairment
 
ROU – Right of use asset
 
SEC—U.S. Securities and Exchange Commission
 
SIFI—Systemically Important Financial Institution
 
TDRs—Troubled debt restructurings
 
 
 
 
 
 
 
 
 
 
 
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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)
                 
 
September 30,
2019
 
 
December 31,
2018
 
 
(unaudited)
   
 
Assets:
 
 
 
 
 
 
Cash and cash equivalents
  $
854,678
    $
1,474,955
 
Securities:
   
     
 
Debt securities
available-for-sale
($1,720,197 and $1,228,702 pledged, respectively)
   
5,854,568
     
5,613,520
 
Equity investments with readily determinable fair values, at fair value
   
32,861
     
30,551
 
                 
Total securities
   
5,887,429
     
5,644,071
 
                 
Loans and leases, net of deferred loan fees and costs
   
40,844,220
     
40,165,908
 
Less: Allowance for loan losses
   
(149,433
)    
(159,820
)
                 
Total loans and leases, net
   
40,694,787
     
40,006,088
 
Federal Home Loan Bank stock, at cost
   
606,371
     
644,590
 
Premises and equipment, net
   
321,792
     
346,179
 
Operating lease
right-of-use
assets
   
300,955
     
—  
 
Goodwill
   
2,426,379
     
2,436,131
 
Bank-owned life insurance
   
1,028,707
     
977,627
 
Other real estate owned and other repossessed assets
   
11,691
     
10,794
 
Other assets
   
404,840
     
358,941
 
                 
Total assets
  $
52,537,629
    $
51,899,376
 
                 
Liabilities and Stockholders’ Equity:
 
 
 
 
 
 
Deposits:
   
     
 
Interest-bearing checking and money market accounts
  $
9,960,403
    $
11,530,049
 
Savings accounts
   
4,817,697
     
4,643,260
 
Certificates of deposit
   
14,264,171
     
12,194,322
 
Non-interest-bearing
accounts
   
2,529,905
     
2,396,799
 
                 
Total deposits
   
31,572,176
     
30,764,430
 
                 
Borrowed funds:
   
     
 
Wholesale borrowings:
   
     
 
Federal Home Loan Bank advances
   
12,171,661
     
13,053,661
 
Repurchase agreements
   
800,000
     
500,000
 
                 
Total wholesale borrowings
   
12,971,661
     
13,553,661
 
Junior subordinated debentures
   
359,773
     
359,508
 
Subordinated notes
   
294,926
     
294,697
 
                 
Total borrowed funds
   
13,626,360
     
14,207,866
 
                 
Operating lease liabilities
   
300,610
     
—  
 
Other liabilities
   
343,476
     
271,845
 
                 
Total liabilities
   
45,842,622
     
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 467,350,860 and 473,536,604 shares outstanding, respectively)
   
4,904
     
4,904
 
Paid-in
capital in excess of par
   
6,107,376
     
6,099,940
 
Retained earnings
   
328,407
     
297,202
 
Treasury stock, at cost 23,080,210 and 16,902,466 shares, respectively)
   
(220,669
)    
(161,998
)
Accumulated other comprehensive loss, net of tax:
   
     
 
Net unrealized gain (loss) on securities available for sale, net of tax of $(16,706) and $4,201, respectively
   
43,804
     
(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 $25,093 and $27,224, respectively
   
(65,613
)    
(71,077
)
                 
Total accumulated other comprehensive loss, net of tax
   
(27,851
)    
(87,653
)
                 
Total stockholders’ equity
   
6,695,007
     
6,655,235
 
                 
Total liabilities and stockholders’ equity
  $
52,537,629
    $
51,899,376
 
                 
 
 
 
 
 
 
 
 
See accompanying notes to the consolidated financial statements.
 
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Table of Contents
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except per share data)
(unaudited)
                                 
 
For the
Three Months Ended
September 30,
   
For the
Nine Months Ended
September 30,
 
 
2019
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
2019
 
 
 
 
 
 
 
2018
 
Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and other loans and leases
  $
391,920
    $
368,264
    $
1,159,344
    $
1,092,637
 
Securities and money market investments
   
62,631
     
56,880
     
195,133
     
154,164
 
                                 
Total interest income
   
454,551
     
425,144
     
1,354,477
     
1,246,801
 
                                 
Interest Expense:
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking and money market accounts
   
42,465
     
44,497
     
140,396
     
119,246
 
Savings accounts
   
9,326
     
7,325
     
26,270
     
21,176
 
Certificates of deposit
   
86,934
     
51,249
     
235,360
     
121,298
 
Borrowed funds
   
79,911
     
72,567
     
237,521
     
201,322
 
                                 
Total interest expense
   
218,636
     
175,638
     
639,547
     
463,042
 
                                 
Net interest income
   
235,915
     
249,506
     
714,930
     
783,759
 
Provision for losses on loans
   
4,781
     
1,201
     
5,403
     
15,486
 
                                 
Net interest income after provision for loan losses
   
231,134
     
248,305
     
709,527
     
768,273
 
                                 
Non-Interest Income:
 
 
 
 
 
 
 
 
 
 
 
 
Fee income
   
7,580
     
7,237
     
22,295
     
22,056
 
Bank-owned life insurance
   
6,791
     
7,302
     
20,245
     
20,424
 
Net gain (loss) on securities
   
275
     
(41
)    
7,755
     
(810
)
Other
   
9,740
     
8,424
     
16,473
     
26,815
 
                                 
Total non-interest income
   
24,386
     
22,922
     
66,768
     
68,485
 
                                 
Non-Interest Expense:
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
   
     
     
     
 
Compensation and benefits
   
75,159
     
78,283
     
229,172
     
242,572
 
Occupancy and equipment
   
21,748
     
24,401
     
66,599
     
74,311
 
General and administrative
   
26,395
     
31,749
     
89,350
     
94,799
 
                                 
Total non-interest expense
   
123,302
     
134,433
     
385,121
     
411,682
 
                                 
Income before income taxes
   
132,218
     
136,794
     
391,174
     
425,076
 
Income tax expense
   
33,172
     
30,022
     
97,305
     
104,398
 
                                 
Net income
   
99,046
     
106,772
     
293,869
     
320,678
 
Preferred stock dividends
   
8,207
     
8,207
     
24,621
     
24,621
 
                                 
Net income available to common shareholders
  $
90,839
    $
98,565
    $
269,248
    $
296,057
 
                                 
Basic earnings per common share
  $
0.19
    $
0.20
    $
0.57
    $
0.60
 
                                 
Diluted earnings per common share
  $
0.19
    $
0.20
    $
0.57
    $
0.60
 
                                 
Net income
  $
99,046
    $
106,772
    $
293,869
    $
320,678
 
Other comprehensive income (loss), net of tax:
   
     
     
     
 
Change in net unrealized gain (loss) on securities available for sale, net of tax of $666; $8,738; $(22,434) and $40,456, respectively
   
(757
)    
(20,790
)    
58,256
     
(69,047
)
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); ($2,131) and ($11,611), respectively
   
1,821
     
1,314
     
5,464
     
(6,029
)
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $0;
$0; $1,527 and $0 respectively
   
     
—  
     
(3,918
)    
—  
 
                                 
Total other comprehensive income (loss), net of tax
   
1,064
     
(19,476
)    
59,802
     
(75,897
)
                                 
Total comprehensive income, net of tax
  $
100,110
    $
87,296
    $
353,671
    $
244,781
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to the consolidated financial statements.
 
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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
   
 
   
   
   
Other
   
Total
 
 
 
Shares
Outstanding
   
(Par Value:
$0.01)
   
(Par Value:
$0.01)
   
Paid-in
 
Capital
in excess of Par
   
Retained
Earnings
   
Treasury Stock,
at Cost
   
Comprehensive
Loss, Net of Tax
   
Stockholders’
Equity
 
Three Months Ended
September 30, 2019
   
     
     
     
     
     
     
     
 
Balance at July 1, 2019
   
467,358,939
    $
502,840
    $
4,904
    $
6,099,474
    $
316,921
    $
(220,546
)   $
(28,915
)   $
6,674,678
 
Shares issued for restricted stock,
net of forfeitures
   
22,980
     
     
     
(222
)    
     
222
     
     
 
Compensation expense related to
restricted stock awards
   
     
     
     
8,124
     
     
     
     
8,124
 
Net income
   
     
     
     
     
99,046
     
     
     
99,046
 
Dividends paid on common stock
($0.17)
   
     
     
     
     
(79,353
)    
     
     
(79,353
)
Dividends paid on preferred stock
($15.94)
   
     
     
     
     
(8,207
)    
     
     
(8,207
)
Purchase of common stock
   
(31,059
)    
     
     
     
     
(345
)    
     
(345
)
Other comprehensive income, net
of tax
   
     
     
     
     
     
     
1,064
     
1,064
 
                                                                 
Balance at September 30, 2019
   
467,350,860
    $
502,840
    $
4,904
    $
6,107,376
    $
328,407
    $
(220,669
)   $
(27,851
)   $
6,695,007
 
Nine Months Ended
September 30, 2019
   
     
     
     
     
     
     
     
 
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
   
1,665,028
     
     
     
(16,501
)    
     
16,501
     
     
 
Compensation expense related to
restricted stock awards
   
     
     
     
23,937
     
     
     
     
23,937
 
Net income
   
     
     
     
     
293,869
     
     
     
293,869
 
Dividends paid on common stock
($0.51)