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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)

 

 

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

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

 

 

 

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, 2022 (unaudited) and December 31, 2021

7

 

 

 

 

Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)

8

 

 

 

 

Consolidated Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)

9

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)

11

 

 

 

 

Notes to the Consolidated Financial Statements

12

 

 

 

Item 2.

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

39

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

72

 

 

 

Item 4.

Controls and Procedures

72

 

 

 

Part II.

OTHER INFORMATION

73

 

 

 

Item 1.

Legal Proceedings

73

 

 

 

Item 1A.

Risk Factors

73

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

73

 

 

 

Item 3.

Defaults upon Senior Securities

73

 

 

 

Item 4.

Mine Safety Disclosures

73

 

 

 

Item 5.

Other Information

73

 

 

 

Item 6.

Exhibits

74

 

 

Signatures

76

 

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

ACL—Allowance for Credit Losses

 

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

 

 

 

BaaS—Banking as a Service

 

FTEs—Full-time equivalent employees

 

 

 

BOLI—Bank-owned life insurance

 

GAAP—U.S. generally accepted accounting principles

 

 

 

BP—Basis point(s)

 

GLBA—The Gramm Leach Bliley Act

 

 

 

CARES ActCoronavirus Aid, Relief, and Economic Security Act

 

GNMA—Government National Mortgage Association

 

 

 

C&I—Commercial and industrial loan

 

GSE—Government-sponsored enterprises

 

 

 

CDs—Certificates of deposit

 

LIBOR—London Interbank Offered Rate

 

 

 

CECL—Current Expected Credit Loss

 

LTV—Loan-to-value ratio

 

 

 

CFPB—Consumer Financial Protection Bureau

 

MBS—Mortgage-backed securities

 

 

 

CMOs—Collateralized mortgage obligations

 

MSRs—Mortgage servicing rights

 

 

 

CMT—Constant maturity treasury rate

 

NIM—Net interest margin

 

 

 

CPI—Consumer Price Index

 

NOL—Net operating loss

 

 

 

CPR—Constant prepayment rate

 

NPAs—Non-performing assets

 

 

 

CRA—Community Reinvestment Act

 

NPLs—Non-performing loans

 

 

 

CRE—Commercial real estate loan

 

NPV—Net Portfolio Value

 

 

 

DIF—Deposit Insurance Fund

 

NYSDFS—New York State Department of Financial Services

 

 

 

DFA—Dodd-Frank Wall Street Reform and Consumer Protection Act

 

NYSE—New York Stock Exchange

 

 

 

DSCRDebt service coverage ratio

 

OCC—Office of the Comptroller of the Currency

 

 

 

EAR—Earnings at Risk

 

OFAC—Office of Foreign Assets Control

 

 

 

EPS—Earnings per common share

 

OREO—Other real estate owned

 

 

 

ERM—Enterprise Risk Management

 

OTTI—Other-than-temporary impairment

 

 

 

ESOP—Employee Stock Ownership Plan

 

PPP—Paycheck Protection Program

 

 

 

EVE—Economic Value of Equity at Risk

 

ROU—Right of use asset

 

 

 

Fannie Mae—Federal National Mortgage Association

 

SEC—U.S. Securities and Exchange Commission

 

FASB—Financial Accounting Standards Board

 

SIFI—Systemically Important Financial Institution

 

FCA—the United Kingdom's Financial Conduct Authority

 

SOFR—Secured Overnight Financing Rate

 

 

 

FDI Act—Federal Deposit Insurance Act

 

TDR—Troubled debt restructurings

 

 

6


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF CONDITION

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

(in millions, except share data)

 

(unaudited)

 

 

 

 

ASSETS:

 

 

 

 

 

 

Cash, cash equivalents and due from banks

 

$

1,700

 

 

$

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

 

 

14

 

 

 

16

 

Total securities

 

 

6,703

 

 

 

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

 

 

$

59,527

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Interest-bearing checking and money market accounts

 

$

19,897

 

 

$

13,209

 

Savings accounts

 

 

8,860

 

 

 

8,892

 

Certificates of deposit

 

 

9,109

 

 

 

8,424

 

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