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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, 2021

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.)

 

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:

 

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

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

 

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 definitions 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

465,020,799

Number of shares of common stock outstanding at October 25, 2021

 

 


 

 

 

NEW YORK COMMUNITY BANCORP, INC.

FORM 10-Q

Quarter Ended September 30, 2021

 

 

 

Page No.

 

 

 

 

Glossary

3

 

 

 

 

List of Abbreviations and Acronyms

6

 

 

 

Part I.

FINANCIAL INFORMATION

7

 

 

 

Item 1.

Financial Statements

7

 

 

 

 

Consolidated Statements of Condition as of September 30, 2021 (unaudited) and December 31, 2020

7

 

 

 

 

Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

8

 

 

 

 

Consolidated Statement of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

9

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (unaudited)

11

 

 

 

 

Notes to the Consolidated Financial Statements

12

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

71

 

 

 

Item 4.

Controls and Procedures

71

 

 

 

Part II.

OTHER INFORMATION

72

 

 

 

Item 1.

Legal Proceedings

72

 

 

 

Item 1A.

Risk Factors

72

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

72

 

 

 

Item 3.

Defaults upon Senior Securities

72

 

 

 

Item 4.

Mine Safety Disclosures

72

 

 

 

Item 5.

Other Information

72

 

 

 

Item 6.

Exhibits

73

 

 

Signatures

75

 

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).

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.

3


 

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”).

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.

4


 

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.

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

 

ACL—Allowance for Credit Losses on Loans and Leases

 

FDIC—Federal Deposit Insurance Corporation

ADC—Acquisition, development, and construction loan

 

FHLB—Federal Home Loan Bank

ALCO—Asset and Liability Management Committee

 

FHLB-NY—Federal Home Loan Bank of New York

AMT—Alternative minimum tax

 

FOMC—Federal Open Market Committee

AOCL—Accumulated other comprehensive loss

 

FRB—Federal Reserve Board

ASC—Accounting Standards Codification

 

FRB-NY—Federal Reserve Bank of New York

ASU—Accounting Standards Update

 

Freddie Mac—Federal Home Loan Mortgage Corporation

BOLI—Bank-owned life insurance

 

FTEs—Full-time equivalent employees

BP—Basis point(s)

 

GAAP—U.S. generally accepted accounting principles

CARES Act—Coronavirus Aid, Relief, and Economic

                        Security Act

 

GLBA—The Gramm Leach Bliley Act

C&I—Commercial and industrial loan

 

GNMA—Government National Mortgage Association

CDs—Certificates of deposit

 

GSE—Government Sponsored Enterprises

CFPB—Consumer Financial Protection Bureau

 

LIBOR—London Interbank Offered Rate

CMOs—Collateralized mortgage obligations

 

LSA—Loss Share Agreements

CMT—Constant maturity treasury rate

 

LTV—Loan-to-value ratio

CPI—Consumer Price Index

 

MBS—Mortgage-backed securities

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

DIF—Deposit Insurance Fund

 

NPLs—Non-performing loans

DFA—Dodd-Frank Wall Street Reform and Consumer

            Protection Act

 

NPV—Net Portfolio Value

DSCR—Debt service coverage ratio

 

NYSDFS—New York State Department of Financial Services

EAR—Earnings at Risk

 

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

EVE—Economic Value of Equity at Risk

 

OREO—Other real estate owned

Fannie Mae—Federal National Mortgage Association

 

PPP—Paycheck Protection Program loans administered by the Small Business Administration

FASB—Financial Accounting Standards Board

 

SEC—U.S. Securities and Exchange Commission

FDI Act—Federal Deposit Insurance Act

 

 

SIFI—Systemically Important Financial Institution

 

 

 TDRs—Troubled debt restructurings

 

 

 

 

 

 

 

 

 

 

 

 

 

6


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF CONDITION

(in millions, except share data)

 

 

 

September 30,
2021

 

 

December 31,
2020

 

 

 

(unaudited)

 

 

 

 

Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,522

 

 

$

1,948

 

Securities:

 

 

 

 

 

 

Debt securities available-for-sale ($1,234 and $1,278 pledged at September 30, 2021 and
   December 31, 2020, respectively) (Allowance for credit losses of $
0 at September 30, 2021 and December 31, 2020)

 

 

5,898

 

 

 

5,813

 

Equity investments with readily determinable fair values, at fair value

 

 

16

 

 

 

32

 

Total securities

 

 

5,914

 

 

 

5,845

 

Loans held for sale

 

 

-

 

 

 

117

 

Loans and leases held for investment, net of deferred loan fees and costs

 

 

43,687

 

 

 

42,884

 

Less: Allowance for credit losses on loans and leases

 

 

(200

)

 

 

(194

)

Total loans and leases held for investment, net

 

 

43,487

 

 

 

42,690

 

Total loans and leases held for investment and held for sale, net

 

 

43,487

 

 

 

42,807

 

Federal Home Loan Bank stock, at cost

 

 

684

 

 

 

714

 

Premises and equipment, net

 

 

274

 

 

 

287

 

Operating lease right-of-use assets

 

 

252

 

 

 

267

 

Goodwill

 

 

2,426

 

 

 

2,426

 

Bank-owned life insurance

 

 

1,178

 

 

 

1,164

 

Other real estate owned and other repossessed assets

 

 

9

 

 

 

8

 

Other assets

 

 

1,144

 

 

 

840

 

Total assets

 

$

57,890

 

 

$

56,306

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Interest-bearing checking and money market accounts

 

$

13,028

 

 

$

12,610

 

Savings accounts

 

 

7,979

 

 

 

6,416

 

Certificates of deposit

 

 

8,724

 

 

 

10,331

 

Non-interest-bearing accounts

 

 

4,890

 

 

 

3,080

 

Total deposits

 

 

34,621

 

 

 

32,437

 

Borrowed funds:

 

 

 

 

 

 

Wholesale borrowings:

 

 

 

 

 

 

Federal Home Loan Bank advances

 

 

13,978

 

 

 

14,628

 

Repurchase agreements

 

 

800

 

 

 

800

 

Total wholesale borrowings

 

 

14,778

 

 

 

15,428

 

Junior subordinated debentures

 

 

360

 

 

 

360

 

Subordinated notes

 

 

296

 

 

 

296

 

Total borrowed funds

 

 

15,434

 

 

 

16,084

 

Operating lease liabilities

 

 

252

 

 

 

267

 

Other liabilities

 

 

616

 

 

 

676

 

Total liabilities

 

 

50,923

 

 

 

49,464

 

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
465,020,799 and 463,901,808 shares outstanding, respectively)

 

 

5

 

 

 

5

 

Paid-in capital in excess of par

 

 

6,119

 

 

 

6,123

 

Retained earnings

 

 

678

 

 

 

494

 

Treasury stock, at cost (25,418,271 and 26,537,262 shares, respectively)

 

 

(246

)

 

 

(258

)

Accumulated other comprehensive loss, net of tax:

 

 

 

 

 

 

Net unrealized (loss) gain on securities available for sale, net of tax of $9 and ($25),
   respectively

 

 

(22

)

 

 

67

 

Net unrealized loss on pension and post-retirement obligations, net of tax of $19 and
   $
22, respectively

 

 

(52

)

 

 

(59

)

Net unrealized loss on cash flow hedges, net of tax of $7 and $13, respectively

 

 

(18

)

 

 

(33

)

Total accumulated other comprehensive loss, net of tax

 

 

(92

)

 

 

(25

)

Total stockholders’ equity

 

 

6,967

 

 

 

6,842

 

Total liabilities and stockholders’ equity

 

$

57,890

 

 

$

56,306

 

 

See accompanying notes to the consolidated financial statements.

7


 

NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in millions, except per share data)

(unaudited)

 

 

 

For the

 

 

For the

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases

 

$

376

 

 

$

380

 

 

$

1,145

 

 

$

1,154

 

Securities and money market investments

 

 

39

 

 

 

38

 

 

 

124

 

 

 

128

 

Total interest income

 

 

415

 

 

 

418

 

 

 

1,269

 

 

 

1,282

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking and money market accounts

 

 

8

 

 

 

9

 

 

 

24

 

 

 

48

 

Savings accounts

 

 

7

 

 

 

8

 

 

 

20

 

 

 

25

 

Certificates of deposit

 

 

11

 

 

 

44

 

 

 

43

 

 

 

189

 

Borrowed funds

 

 

71

 

 

 

75

 

 

 

215

 

 

 

228

 

Total interest expense

 

 

97

 

 

 

136

 

 

 

302

 

 

 

490

 

Net interest income

 

 

318

 

 

 

282

 

 

 

967

 

 

 

792

 

(Recovery of) provision for credit losses

 

 

(1

)

 

 

13

 

 

 

(1

)

 

 

51

 

Net interest income after (recovery of) provision for credit losses

 

 

319

 

 

 

269

 

 

 

968

 

 

 

741

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

Fee income

 

 

6

 

 

 

5

 

 

 

17

 

 

 

16

 

Bank-owned life insurance

 

 

7

 

 

 

7

 

 

 

22

 

 

 

24

 

Net gain on securities

 

 

 

 

 

 

 

 

 

 

 

1

 

Other

 

 

2

 

 

 

2

 

 

 

6

 

 

 

5

 

Total non-interest income

 

 

15

 

 

 

14

 

 

 

45

 

 

 

46

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

77

 

 

 

74

 

 

 

229

 

 

 

229

 

Occupancy and equipment

 

 

22

 

 

 

24

 

 

 

65

 

 

 

63

 

General and administrative

 

 

30

 

 

 

31

 

 

 

96

 

 

 

86

 

Total operating expenses

 

 

129

 

 

 

129

 

 

 

390

 

 

 

378

 

Merger-related expenses

 

 

6

 

 

 

 

 

 

16

 

 

 

 

Total non-interest expense

 

 

135

 

 

 

129

 

 

 

406

 

 

 

378

 

Income before income taxes

 

 

199

 

 

 

154

 

 

 

607

 

 

 

409

 

Income tax expense

 

 

50

 

 

 

38

 

 

 

161

 

 

 

88

 

Net income

 

 

149

 

 

 

116

 

 

 

446

 

 

 

321

 

Preferred stock dividends

 

 

9

 

 

 

9

 

 

 

25

 

 

 

25

 

Net income available to common shareholders

 

$

140

 

 

$

107

 

 

$

421

 

 

$

296

 

Basic earnings per common share

 

$

0.30

 

 

$

0.23

 

 

$

0.90

 

 

$

0.63

 

Diluted earnings per common share

 

$

0.30

 

 

$

0.23

 

 

$

0.90

 

 

$

0.63

 

Net income

 

$

149

 

 

$

116

 

 

$

446

 

 

$

321

 

Other comprehensive gain (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized gain (loss) on securities available for sale,
   net of tax of $
9; $0; $34 and ($16) respectively

 

 

(23

)

 

 

1

 

 

 

(89

)

 

 

43

 

Change in pension and post-retirement obligations, net of tax of
   $
0; $0; ($1) and $0, respectively

 

 

1

 

 

 

 

 

 

3

 

 

 

 

Change in net unrealized gain (loss) on cash flow hedges, net of tax
   of $
0; $1; $0 and $16, respectively

 

 

(2

)

 

 

(1

)

 

 

1

 

 

 

(43

)

Less: Reclassification adjustment for sales of available-for-sale
   securities, net of tax of $
0; $0; $0 and $0, respectively

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for defined benefit pension plan,
   net of tax of $
0; $0; ($1) and ($1), respectively

 

 

1

 

 

 

1

 

 

 

4

 

 

 

4

 

Reclassification adjustment for net gain on cash flow hedges
   included in net income, net of tax of ($
2); ($1); ($4) and ($2), respectively