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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 September 30, 2022
☐ 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)
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Delaware |
06-1377322 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
102 Duffy Avenue, Hicksville, New York 11801
(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:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common Stock, $0.01 par value per share |
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NYCB |
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New York Stock Exchange |
Bifurcated Option Note Unit SecuritiES SM |
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NYCB PU |
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New York Stock Exchange |
Depository Shares each representing a 1/40th interest in a share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, $0.01 par value |
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NYCB PA |
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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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
☒ |
Accelerated filer |
☐ |
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Non-Accelerated filer |
☐ |
Smaller Reporting Company |
☐ |
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|
|
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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 ☒
466,135,820
Number of shares of common stock outstanding at November 1, 2022
NEW YORK COMMUNITY BANCORP, INC.
FORM 10-Q
Quarter Ended September 30, 2022
2
GLOSSARY
BASIS POINT
Throughout this filing, the year-over-year and quarter over quarter 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 credit losses on loans and leases.
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).
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.
3
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. Rent-regulated
4
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.
TROUBLED DEBT RESTRUCTURING
A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties.
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
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ACL—Allowance for Credit Losses |
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FDIC—Federal Deposit Insurance Corporation |
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ADC—Acquisition, development, and construction loan |
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FHLB—Federal Home Loan Bank |
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ALCO—Asset and Liability Management Committee |
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FHLB-NY—Federal Home Loan Bank of New York |
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AMT—Alternative minimum tax |
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FOMC—Federal Open Market Committee |
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AOCL—Accumulated other comprehensive loss |
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FRB—Federal Reserve Board |
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ASC—Accounting Standards Codification |
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FRB-NY—Federal Reserve Bank of New York |
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ASU—Accounting Standards Update |
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Freddie Mac—Federal Home Loan Mortgage Corporation |
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BaaS—Banking as a Service |
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FTEs—Full-time equivalent employees |
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BOLI—Bank-owned life insurance |
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GAAP—U.S. generally accepted accounting principles |
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BP—Basis point(s) |
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GLBA—The Gramm Leach Bliley Act |
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CARES Act—Coronavirus Aid, Relief, and Economic Security Act |
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GNMA—Government National Mortgage Association |
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C&I—Commercial and industrial loan |
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GSE—Government-sponsored enterprises |
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CDs—Certificates of deposit |
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LIBOR—London Interbank Offered Rate |
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CECL—Current Expected Credit Loss |
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LTV—Loan-to-value ratio |
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CFPB—Consumer Financial Protection Bureau |
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MBS—Mortgage-backed securities |
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CMOs—Collateralized mortgage obligations |
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MSRs—Mortgage servicing rights |
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CMT—Constant maturity treasury rate |
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NIM—Net interest margin |
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CPI—Consumer Price Index |
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NOL—Net operating loss |
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CPR—Constant prepayment rate |
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NPAs—Non-performing assets |
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CRA—Community Reinvestment Act |
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NPLs—Non-performing loans |
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CRE—Commercial real estate loan |
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NPV—Net Portfolio Value |
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DIF—Deposit Insurance Fund |
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NYSDFS—New York State Department of Financial Services |
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DFA—Dodd-Frank Wall Street Reform and Consumer Protection Act |
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NYSE—New York Stock Exchange |
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DSCR—Debt service coverage ratio |
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OCC—Office of the Comptroller of the Currency |
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EAR—Earnings at Risk |
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OFAC—Office of Foreign Assets Control |
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EPS—Earnings per common share |
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OREO—Other real estate owned |
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ERM—Enterprise Risk Management |
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OTTI—Other-than-temporary impairment |
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ESOP—Employee Stock Ownership Plan |
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PPP—Paycheck Protection Program |
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EVE—Economic Value of Equity at Risk |
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ROU—Right of use asset |
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Fannie Mae—Federal National Mortgage Association |
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SEC—U.S. Securities and Exchange Commission |
FASB—Financial Accounting Standards Board |
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SIFI—Systemically Important Financial Institution |
FCA—the United Kingdom's Financial Conduct Authority |
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SOFR—Secured Overnight Financing Rate |
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FDI Act—Federal Deposit Insurance Act |
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TDR—Troubled debt restructurings |
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6
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
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September 30, |
|
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December 31, |
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2022 |
|
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2021 |
|
(in millions, except share data) |
|
(unaudited) |
|
|
|
|
ASSETS: |
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|
|
|
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|
Cash, cash equivalents and due from banks |
|
$ |
1,700 |
|
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$ |
2,211 |
|
Securities: |
|
|
|
|
|
|
Debt securities available-for-sale ($561 and $1,168 pledged at
September 30, 2022 and December 31, 2021, respectively) |
|
|
6,689 |
|
|
|
5,780 |
|
Equity investments with readily determinable fair values, at fair value |
|
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14 |
|
|
|
16 |
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Total securities |
|
|
6,703 |
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|
|
5,796 |
|
Loans and leases held for investment, net of deferred loan fees and costs |
|
|
48,984 |
|
|
|
45,738 |
|
Less: Allowance for credit losses on loans and leases |
|
|
(218 |
) |
|
|
(199 |
) |
Total loans and leases, net |
|
|
48,766 |
|
|
|
45,539 |
|
Federal Home Loan Bank stock, at cost |
|
|
630 |
|
|
|
734 |
|
Premises and equipment, net |
|
|
250 |
|
|
|
270 |
|
Operating lease right-of-use assets |
|
|
227 |
|
|
|
249 |
|
Goodwill |
|
|
2,426 |
|
|
|
2,426 |
|
Bank-owned life insurance |
|
|
1,200 |
|
|
|
1,184 |
|
Other assets |
|
|
1,054 |
|
|
|
1,118 |
|
Total assets |
|
$ |
62,956 |
|
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$ |
59,527 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY: |
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|
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Deposits: |
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|
|
|
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Interest-bearing checking and money market accounts |
|
$ |
19,897 |
|
|
$ |
13,209 |
|
Savings accounts |
|
|
8,860 |
|
|
|
8,892 |
|
Certificates of deposit |
|
|
9,109 |
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|
|
8,424 |
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Non-interest-bearing accounts |
|
|
3,839 |
|
|
|
4,534 |
|
Total deposits |
|
|
41,705 |
|
|
|
35,059 |
|
Borrowed funds: |
|
|
|
|
|
|
Wholesale borrowings: |
|
|
|
|
|
|
Federal Home Loan Bank advances |
|
|
12,840 |
|
|
|
15,105 |
|
Repurchase agreements |
|
|
300 |
|
|
|
800 |
|
Total wholesale borrowings |
|
|
13,140 |
|
|
|
15,905 |
|
Junior subordinated debentures |
|
|
361 |
|
|
|
361 |
|
Subordinated notes |
|
|
297 |
|
|
|
296 |
|
Total borrowed funds |
|
|
13,798 |
|
|
|
16,562 |
|
Operating lease liabilities |
|
|
227 |
|
|
|
249 |
|
Other liabilities |
|
|
480 |
|
|
|
613 |
|
Total liabilities |
|
|
56,210 |
|
|
|
52,483 |
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares
issued and outstanding) |
|
|
503 |
|
|
|
503 |
|
Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070 and 490,439,070
shares issued; and 466,136,056 and 465,015,643 shares outstanding, respectively) |
|
|
5 |
|
|
|
5 |
|
Paid-in capital in excess of par |
|
|
6,121 |
|
|
|
6,126 |
|
Retained earnings |
|
|
957 |
|
|
|
741 |
|
Treasury stock, at cost (24,303,014 and 25,423,427 shares, respectively) |
|
|
(238 |
) |
|
|
(246 |
) |
Accumulated other comprehensive loss, net of tax: |
|
|
|
|
|
|
Net unrealized loss on securities available for sale, net of tax of $234 and
$17, respectively |
|
|
(612 |
) |
|
|
(45 |
) |
Net unrealized loss on pension and post-retirement obligations, net of tax of $12
and $12 respectively |
|
|
(30 |
) |
|
|
(31 |
) |
Net unrealized gain (loss) on cash flow hedges, net of tax of $(16) and $3, respectively |
|
|
40 |
|
|
|
(9 |
) |
Total accumulated other comprehensive loss, net of tax |
|
|
(602 |
) |
|
|
(85 |
) |
Total stockholders’ equity |
|
|
6,746 |
|
|
|
7,044 |
|
Total liabilities and stockholders’ equity |
|
$ |
62,956 |
|
|
$ |
59,527 |
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements. |
|
|
|
|
|
|
7
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the |
|
|
For the |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
(in millions, except per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases |
|
$ |
442 |
|
|
$ |
376 |
|
|
$ |
1,259 |
|
|
$ |
1,145 |
|
Securities and money market investments |
|
|
67 |
|
|
|
39 |
|
|
|
152 |
|
|
|
124 |
|
Total interest income |
|
|
509 |
|
|
|
415 |
|
|
|
1,411 |
|
|
|
1,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking and money market accounts |
|
|
72 |
|
|
|
8 |
|
|
|
104 |
|
|
|
24 |
|
Savings accounts |
|
|
15 |
|
|
|
7 |
|
|
|
33 |
|
|
|
20 |
|
Certificates of deposit |
|
|
23 |
|
|
|
11 |
|
|
|
46 |
|
|
|
43 |
|
Borrowed funds |
|
|
73 |
|
|
|
71 |
|
|
|
211 |
|
|
|
215 |
|
Total interest expense |
|
|
183 |
|
|
|
97 |
|
|
|
394 |
|
|
|
302 |
|
Net interest income |
|
|
326 |
|
|
|
318 |
|
|
|
1,017 |
|
|
|
967 |
|
Provision for credit losses |
|
|
2 |
|
|
|
(1 |
) |
|
|
9 |
|
|
|
(1 |
) |
Net interest income after provision for credit loan losses |
|
|
324 |
|
|
|
319 |
|
|
|
1,008 |
|
|
|
968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
Fee income |
|
|
5 |
|
|
|
6 |
|
|
|
17 |
|
|
|
17 |
|
Bank-owned life insurance |
|
|
10 |
|
|
|
7 |
|
|
|
24 |
|
|
|
22 |
|
Net loss on securities |
|
|
(1 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
Other |
|
|
3 |
|
|
|
2 |
|
|
|
10 |
|
|
|
6 |
|
Total non-interest income |
|
|
17 |
|
|
|
15 |
|
|
|
49 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
79 |
|
|
|
77 |
|
|
|
238 |
|
|
|
229 |
|
Occupancy and equipment |
|
|
22 |
|
|
|
22 |
|
|
|
67 |
|
|
|
65 |
|
General and administrative |
|
|
31 |
|
|
|
30 |
|
|
|
95 |
|
|
|
96 |
|
Total operating expense |
|
|
132 |
|
|
|
129 |
|
|
|
400 |
|
|
|
390 |
|
Merger-related expenses |
|
|
4 |
|
|
|
6 |
|
|
|
15 |
|
|
|
16 |
|
Total non-interest expense |
|
|
136 |
|
|
|
135 |
|
|
|
415 |
|
|
|
406 |
|
Income before income taxes |
|
|
205 |
|