UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Quarterly Period Ended
March 31, 2003
OR
o
Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
0-22516
Securities and Exchange Commission File Number
|
GreenPoint Financial Corp. |
||
|
(Exact name of registrant as specified in its charter) |
||
|
|
|
|
|
Delaware |
|
06-1379001 |
|
(State or other jurisdiction of |
|
(I.R.S. employer identification number) |
|
|
|
|
|
90 Park Avenue, New York, New York |
|
10016 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
(212) 834-1000 |
|
Not Applicable |
|
(Registrant’s telephone number, |
|
(Former name, former address and former |
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 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. ý Yes o No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). ý Yes o No
As of April 30, 2003, there were 93,182,374 shares of common stock outstanding.
GreenPoint Financial Corp.
FORM 10-Q
For the Quarterly Period Ended
March 31, 2003
TABLE OF CONTENTS
2
GreenPoint Financial Corp. and
Subsidiaries
Part I – Item 1. Financial Statements
Consolidated Statements of Financial Condition
(Unaudited)
|
(In millions, except share amounts) |
|
March 31, |
|
Dec. 31, |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and due from banks |
|
$ |
274 |
|
$ |
277 |
|
|
Money market investments: |
|
|
|
|
|
||
|
Interest-bearing deposits in other banks |
|
22 |
|
21 |
|
||
|
Federal funds sold and securities purchased under agreements to resell |
|
11 |
|
71 |
|
||
|
Total cash and cash equivalents |
|
307 |
|
369 |
|
||
|
Securities: |
|
|
|
|
|
||
|
Securities available for sale |
|
3,511 |
|
2,006 |
|
||
|
Securities available for sale-pledged to creditors |
|
2,209 |
|
2,087 |
|
||
|
Retained interests in securitizations available for sale |
|
78 |
|
108 |
|
||
|
Federal Home Loan Bank of New York stock |
|
240 |
|
300 |
|
||
|
Securities held to maturity (fair value of $3 and $3, respectively) |
|
3 |
|
3 |
|
||
|
Total securities |
|
6,041 |
|
4,504 |
|
||
|
Loans receivable held for sale |
|
5,042 |
|
5,595 |
|
||
|
Loans receivable held for investment (net of allowance for loan losses of $78) |
|
9,607 |
|
9,901 |
|
||
|
Other interest-earning assets |
|
140 |
|
141 |
|
||
|
Accrued interest receivable |
|
85 |
|
87 |
|
||
|
Banking premises and equipment, net |
|
174 |
|
168 |
|
||
|
Servicing assets |
|
109 |
|
117 |
|
||
|
Goodwill (net of accumulated amortization and impairment of $788) |
|
395 |
|
395 |
|
||
|
Other assets |
|
499 |
|
537 |
|
||
|
Total assets |
|
$ |
22,399 |
|
$ |
21,814 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Liabilities: |
|
|
|
|
|
||
|
Deposits: |
|
|
|
|
|
||
|
N.O.W. and checking |
|
$ |
2,294 |
|
$ |
1,877 |
|
|
Savings |
|
1,398 |
|
1,323 |
|
||
|
Variable rate savings |
|
2,293 |
|
2,296 |
|
||
|
Money market |
|
1,169 |
|
991 |
|
||
|
Total core deposits |
|
7,154 |
|
6,487 |
|
||
|
Term certificates of deposit |
|
5,053 |
|
5,309 |
|
||
|
Total deposits |
|
12,207 |
|
11,796 |
|
||
|
Borrowings: |
|
|
|
|
|
||
|
Securities sold under agreements to repurchase |
|
2,100 |
|
2,000 |
|
||
|
Other short term borrowings |
|
740 |
|
285 |
|
||
|
Federal Home Loan Bank of New York advances |
|
4,200 |
|
4,600 |
|
||
|
Subordinated bank notes |
|
150 |
|
150 |
|
||
|
Guaranteed preferred beneficial interest in Company’s junior subordinated debentures |
|
200 |
|
200 |
|
||
|
Total borrowings |
|
7,390 |
|
7,235 |
|
||
|
Mortgagors’ escrow |
|
76 |
|
68 |
|
||
|
Liability under recourse exposure |
|
290 |
|
301 |
|
||
|
Other liabilities |
|
533 |
|
490 |
|
||
|
Total liabilities |
|
20,496 |
|
19,890 |
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Preferred stock ($0.01 par value; 50,000,000 shares authorized; none issued) |
|
— |
|
— |
|
||
|
Common stock ($0.01 par value; 220,000,000 shares authorized; 110,261,164 shares issued) |
|
1 |
|
1 |
|
||
|
Additional paid-in capital |
|
912 |
|
907 |
|
||
|
Unallocated Employee Stock Ownership Plan (ESOP) shares |
|
(88 |
) |
(89 |
) |
||
|
Unearned stock plans shares |
|
— |
|
— |
|
||
|
Retained earnings |
|
1,664 |
|
1,563 |
|
||
|
Accumulated other comprehensive income, net |
|
15 |
|
24 |
|
||
|
Treasury stock, at cost (16,567,378 shares and 13,953,333 shares, respectively) |
|
(601 |
) |
(482 |
) |
||
|
Total stockholders’ equity |
|
1,903 |
|
1,924 |
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
22,399 |
|
$ |
21,814 |
|
(See accompanying notes to the unaudited consolidated financial statements)
3
Consolidated Statements of Income
(Unaudited)
|
|
|
Quarter Ended |
|
||||
|
(In millions, except per share amounts) |
|
2003 |
|
2002 |
|
||
|
Interest income: |
|
|
|
|
|
||
|
Mortgage loans held for investment |
|
$ |
166.7 |
|
$ |
194.8 |
|
|
Loans held for sale |
|
75.9 |
|
59.3 |
|
||
|
Securities |
|
52.1 |
|
56.0 |
|
||
|
Other |
|
3.6 |
|
7.5 |
|
||
|
Total interest income |
|
298.3 |
|
317.6 |
|
||
|
Interest expense: |
|
|
|
|
|
||
|
Deposits |
|
62.7 |
|
78.5 |
|
||
|
Other borrowed funds |
|
52.7 |
|
49.3 |
|
||
|
Long-term debt |
|
8.1 |
|
||||