Attached files
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| 8-K - FORM 8-K - NEW YORK COMMUNITY BANCORP INC | d428837d8k.htm |
 Third
Quarter 2012 Investor Presentation
EXHIBIT 99.1 |
 New York
Community Bancorp, Inc. Page 2
Forward-looking Statements and Associated Risk
Factors
Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This presentation, like many
written and oral communications presented by New York Community Bancorp, Inc. and our authorized officers, may contain certain forward-looking statements
regarding our prospective performance and strategies within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act
of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements,
which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words
“anticipate,” “believe,” “estimate,” “expect,”
“intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or
similar expressions. Our ability to predict results or the actual effects of our plans or
strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
There are a number of factors, many of which are beyond our control, that could cause actual
conditions, events, or results to differ significantly from those described in our forward-looking
statements. These factors include, but are not limited to: general economic conditions, either
nationally or in some or all of the areas in which we and our customers conduct our respective
businesses; conditions in the securities markets and real estate markets or the banking industry;
changes in real estate values, which could impact the quality of the assets securing the loans
in our portfolio; changes in interest rates, which may affect our net income, prepayment penalty
income, mortgage banking income, and other future cash flows, or the market value of our
assets, including our investment securities; changes in the quality or composition of our loan or
securities portfolios; changes in our capital management policies, including those regarding
business combinations, dividends, and share repurchases, among others; our use of derivatives to
mitigate our exposure to interest rate risk; changes in competitive pressures among financial
institutions or from non-financial institutions; changes in deposit flows and wholesale borrowing facilities; changes in the demand for deposit, loan, and investment products and other
financial services in the markets we serve; our timely development of new lines of business and
competitive products or services in a changing environment, and the acceptance of such products
or services by our customers; changes in our customer base or in the financial or operating performances of our customers’ businesses; any interruption in customer service due to
circumstances beyond our control; our ability to retain key members of management; potential exposure
to unknown or contingent liabilities of companies we have acquired or may acquire in the
future; the outcome of pending or threatened litigation, or of other matters before regulatory agencies, whether currently existing or commencing in the future; environmental conditions
that exist or may exist on properties owned by, leased by, or mortgaged to the Company; any
interruption or breach of security resulting in failures or disruptions in customer account
management, general ledger, deposit, loan, or other systems; operational issues stemming from, and/or
capital spending necessitated by, the potential need to adapt to industry changes in
information technology systems, on which we are highly dependent; the ability to keep pace with, and
implement on a timely basis, technological changes; changes in legislation, regulation,
policies, or administrative practices, whether by judicial, governmental, or legislative action,
including, but not limited to, the impact of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, and other changes pertaining to banking, securities, taxation, rent regulation and
housing, financial accounting and reporting, environmental protection, and insurance, and the
ability to comply with such changes in a timely manner; changes in the monetary and fiscal policies of
the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of
Governors of the Federal Reserve System; changes in accounting principles, policies, practices, or guidelines; additional FDIC special assessments or required assessment
prepayments; any breach in performance by the Community Bank under our loss sharing agreements with
the FDIC; changes in our estimates of future reserves based upon the periodic review thereof
under relevant regulatory and accounting requirements; changes in regulatory expectations relating to predictive models we use in connection with stress testing and other
forecasting or in the assumptions on which such modeling and forecasting are predicated; our ability
to successfully integrate any assets, liabilities, customers, systems, and management personnel
of any banks we may acquire into our operations, and our ability to realize related revenue synergies and cost savings within expected time frames; changes in our credit ratings or
in our ability to access the capital markets; war or terrorist activities; and other economic,
competitive, governmental, regulatory, technological, and geopolitical factors affecting our operations
pricing, and services.
For a discussion of these and other risks that may cause actual results to differ from expectations,
please refer to our Annual Report on Form 10-K for the year ended December 31, 2011,
including the section entitled “Risk Factors,” and our Quarterly Reports on Form 10-Q
for the quarters ended March 31, and June 30, 2012, on file with the U.S. Securities and Exchange
Commission (the “SEC”).
It should be noted that we routinely evaluate opportunities to expand through
acquisition and frequently conduct due diligence activities in connection with such opportunities. As a result,
acquisition discussions and, in some cases, negotiations, may take place at any time, and acquisitions
involving cash or our debt or equity securities may occur.
In addition, the timing and occurrence or non-occurrence of events may be subject to circumstances
beyond our control.
Readers are cautioned not to place undue reliance on the forward-looking statements contained
herein, which speak only as of the date of this presentation. Except as required by applicable
law or regulation, we undertake no obligation to update these forward-looking statements to
reflect events or circumstances that occur after the date on which such statements were made.
|
 New York
Community Bancorp, Inc. Page 3
New York Community Bancorp ranks among the top 25
bank holding companies in the United States.
Note: Except as otherwise indicated, all industry data was provided by SNL
Financial as of 11/1/12. (a)
SNL Financial
(b)
Bloomberg
Assets
Deposits
Multi-Family Loans
Market Capitalization
Total Return on Investment
With assets of $44.1 billion at 9/30/12, we are currently the
20th largest bank holding company in the nation.
(a)
With deposits of $24.5 billion at 9/30/12 and 274 branches in
Metro New York, New Jersey, Ohio, Florida, and Arizona, we
currently rank 20th among the nation’s largest depositories.
(a)
With a portfolio of $18.5 billion at the end of September, we
are a leading producer of multi-family loans in New York City.
(a)
With
a
market
cap
of
$6.2
billion
at
9/30/12,
we
rank
17th
among the nation’s publicly traded banks and thrifts.
(a)
From 11/23/93 through 9/30/12, we provided our investors with
a total return on investment of 3,259%.
(b) |
 New York
Community Bancorp, Inc. Page 4
Largely reflecting our growth-through-acquisition
strategy, we currently have 274 locations in five states.
Metro New York
121 Community Bank Branches
34 Commercial Bank Branches
Ohio
28 Community Bank Branches
New Jersey
51 Community Bank Branches
Florida
26 Community Bank Branches
Arizona
14 Community Bank Branches |
 3rd
Quarter 2012 Performance Highlights |
 New York
Community Bancorp, Inc. Page 6
We generated solid earnings in 3Q 2012.
(dollars in thousands, except per share data)
Performance Highlights
GAAP Earnings
Cash Earnings
(a)
3Q 2011
3Q 2012
3Q 2011
3Q 2012
Strong Profitability Measures:
Earnings
$119,750
$128,798
$130,244
$139,168
EPS
$0.27
$0.29
$0.30
$0.32
Return
on
average
tangible
assets
(b)
1.27%
1.29%
1.34%
1.37%
Return
on
average
tangible
stockholders’
equity
(b)
16.43%
17.10%
17.34%
18.06%
A Solid Margin:
Net interest margin
3.33%
3.17%
3.33%
3.17%
Continued Efficiency:
Efficiency ratio
(c)
41.50%
40.50%
40.33%
39.10%
(a)
Cash earnings is a non-GAAP financial measure. Please see page 37 for a
reconciliation of our GAAP and cash earnings. (b)
ROTA and ROTE are non-GAAP financial measures. Please see page 38 for
additional information. (c)
Please see page 39 for a reconciliation of our GAAP and cash efficiency
ratios. |
 New York
Community Bancorp, Inc. Page 7
Our 9/30/12 balance sheet reflects continued
strength.
Performance Highlights:
12/31/11
9/30/12
Loans, net / total assets
71.7%
70.9%
Securities / total assets
10.8
11.7
Deposits / total assets
53.0
55.6
Core deposits / total deposits
66.9
62.9
Wholesale borrowings / total assets
32.0
29.9 |
 New York
Community Bancorp, Inc. Page 8
Our asset quality measures continue to compare
favorably with those of our industry as a whole. At or for the Three Months
Ended 12/31/11
9/30/12
Asset Quality:
NYB
SNL U.S.
Bank and
Thrift Index
NYB
SNL U.S.
Bank and
Thrift Index
Non-performing
loans
(a)(b)
/
total
loans
(a)
1.28%
2.60%
0.92%
1.81%
Non-performing
assets
(c)
/
total
assets
(c)
1.07
1.30
0.71
1.35
Net
charge-offs
/
average
loans
(d)
0.07
0.39
0.03
0.33
(a)
Non-performing loans and total loans exclude covered loans.
(b)
Non-performing loans are defined as non-accrual loans and loans 90 days or
more past due but still accruing interest. (c)
Non-performing assets and total assets exclude covered loans and covered
OREO. (d)
Non-annualized |
 New York
Community Bancorp, Inc. Page 9
(dollars in billions)
12/31/11
9/30/12
Tangible stockholders’
equity / tangible assets excluding
accumulated
other
comprehensive
loss,
net
of
tax
(a)
7.95%
7.74%
Tangible
stockholders’
equity
/
tangible
assets
(a)
7.78%
7.62%
Tangible
stockholders’
equity
(a)
$3.1
$3.2
We continue to maintain a strong capital position.
12/31/11
9/30/12
Community Bank
Commercial Bank
Community Bank
Commercial Bank
Leverage capital ratio
8.46%
13.01%
8.29%
13.61%
Tier 1 capital ratio
12.78
17.01
12.69
16.85
Total capital ratio
13.42
17.69
13.42
17.45
(a)
Tangible stockholders’ equity and tangible assets are non-GAAP financial measures. Please see
page 40 for additional information. |
 A
Successful Business Model |
 New
York Community Bancorp, Inc. Page 11
Multi-family loans represented $18.5 billion, or 68.9%, of total
loans held for investment at 9/30/12.
Strong Credit Standards/
Superior Asset Quality
Net charge-offs represented 0.12% of average loans in the first
nine
months
of
2012,
reflecting
a
year-over-year
improvement
of
15 basis points.
(a)
Residential Mortgage
Banking
Since acquiring our residential mortgage banking operation in
December 2009, we have aggregated $26.1 billion of 1-4 family
loans for sale and generated mortgage banking income of
$422.8 million.
Efficient
Operation
Our efficiency ratio has consistently ranked in the top 1% of all
banks and thrifts and was 40.50% in the third quarter of 2012.
Growth through
Acquisitions
We
completed
ten
acquisitions
from
2000
to
2010,
and
assumed
$2.2
billion
of
deposits
from
Aurora
Bank
FSB
on
June
28,
2012.
Our business model has consistently focused on
building value.
Multi-Family Lending
(a) Non-annualized.
|
 Multi-Family
Loan Production |
 New
York Community Bancorp, Inc. Page 13
Our focus on multi-family lending on rent-regulated buildings
has enabled us to distinguish ourselves from our industry peers.
60.9% of the rental housing units in New York City are subject to
rent
regulation
and
therefore
feature
below-market
rents.
(a)
Rent-regulated buildings are more likely to retain their tenants and,
therefore, their revenue stream in a downward credit cycle.
Our focus on multi-family lending in this niche market has
contributed to our record of asset quality.
Multi-family loans are less costly to produce and service than other
types of loans, and therefore contribute to our superior efficiency.
(a)
Source: New York City Rent Guidelines Board 2012 Housing Supply Report
|
 New
York Community Bancorp, Inc. Page 14
(in millions)
•
% of loans held for investment = 68.9%
•
Average principal balance = $4.4 million
•
Expected weighted average life = 2.8 years
•
3Q 2012 originations = $1.6 billion
•
% of our multi-family loans located in Metro
New York = 93.6%
We are the leading producer of multi-family loans
for portfolio in New York City.
Multi-Family Loan Portfolio
$18,475
$17,433
$16,802
$16,736
$15,726
12/31/08
12/31/09
12/31/10
12/31/11
9/30/12
Portfolio Statistics at 9/30/12: |
 New
York Community Bancorp, Inc. Page 15
Our multi-family and commercial real estate loans
feature the same structure.
•
Option 1 –
Annually adjustable rate at a spread
above prime; or
•
Option 2 –
Fixed rate at a spread above the
fixed advance rate of the FHLB-NY plus 1 point
of the then-outstanding loan balance;
•
Both –
floor equal to the fixed rate in years 1-5
•
Years 1-5: Fixed rate tied to the FHLB-NY 5-year fixed
advance rate plus a spread
•
Years 6-10:
Terms:
•
Range from 5 points to 1 point in years 1-5, and again in
years 6-10 when Option 2 (fixed rate) is taken
•
Recorded as interest income
Prepayment Penalties:
Page 15
New York Community Bancorp, Inc. |
 Our CRE
loans are typically collateralized by office buildings, retail centers,
mixed-use buildings, and multi-tenanted light industrial
properties.
(in millions)
Commercial Real Estate
Loan Portfolio
$4,551
$4,987
$5,438
$6,856
$7,193
12/31/08
12/31/09
12/31/10
12/31/11
9/30/12
Portfolio Statistics at 9/30/12:
•
% of loans held for investment = 26.8%
•
Average principal balance = $4.4 million
•
Expected weighted average life = 3.3 years
•
3Q 2012 originations = $292.2 million
•
% of our CRE loans located in Metro New
York = 94.6%
New York Community Bancorp, Inc.
Page 16 |
 Asset
Quality |
 The
quality of our assets has improved dramatically since 12/31/10.
Non-Performing Assets
(c)
/ Total Assets
(c)
Non-Performing Loans
(a)
(b)
/ Total Loans
(a)
(a)
Non-performing loans and total loans exclude covered loans.
(b)
Non-performing loans are defined as non-accrual loans and loans 90 days or
more past due but still accruing interest. (c)
Non-performing assets and total assets exclude covered loans and covered
OREO. 2.63%
2.57%
2.05%
1.66%
1.28%
1.15%
0.95%
0.92%
1.77%
1.76%
1.53%
1.37%
1.07%
0.93%
0.75%
0.71%
12/31/10
3/31/11
6/30/11
9/30/11
12/31/11
3/31/12
6/30/12
9/30/12
New York Community Bancorp, Inc.
Page 18
Y-O-Y IMPROVEMENT
at 9/30/12
NPLs / Total Loans:
74 bp
NPAs / Total Assets:
66 bp |
 We
have been distinguished by our low level of net charge-offs in downward
credit cycles, and by 52 consecutive quarters with no losses on assets generated
by the Company. (a)
NYB
SNL U.S. Bank and Thrift Index
(a)
1Q 1995 –
4Q 2007
Net Charge-Offs / Average Loans
0.54%
1.28%
1.50%
1.17%
0.91%
1.63%
2.84%
2.89%
1.77%
0.98%
0.00%
0.00%
0.04%
0.07%
0.06%
0.03%
0.13%
0.21%
0.35%
0.12%
1989
1990
1991
1992
1993
2008
2009
2010
2011
9 Mos. 2012
New York Community Bancorp, Inc.
Page 19
5-Year Total
NYB: 17 bp
SNL U.S. Bank and Thrift Index: 540 bp
4.75-Year Total
NYB: 84 bp
SNL U.S. Bank and Thrift Index: 1,011 bp
Last Credit Cycle
Current Credit Cycle |
 New
York Community Bancorp, Inc. Page 20
The quality of our loan portfolio continues to exceed
that of our industry.
NYB
SNL U.S. Bank and Thrift Index
(a)
Non-performing loans and total loans exclude covered loans.
(b)
Non-performing loans are defined as non-accrual loans and loans 90 days or
more past due but still accruing interest. Non-Performing
Loans
(a)(b)
/
Total
Loans
(a)
Last Credit Cycle
Current Credit Cycle |
 New
York Community Bancorp, Inc. Page 21
Historically and currently, few of our non-performing
loans have resulted in charge-offs.
At or for the 12 Months Ended December 31,
At or for the
9 Months Ended
Last
Credit
Cycle
(a)
Current
Credit
Cycle
(a)
1989
1990
1991
1992
1993
2008
2009
2010
2011
9/30/2012
NPLs
(b)(c)
/ Total Loans
(b)
1.46%
2.48%
2.10%
2.83%
1.51%
0.51%
2.47%
2.63%
1.28%
0.92%
NCOs / Average Loans
0.00%
0.00%
0.04%
0.07%
0.06%
0.03%
0.13%
0.21%
0.35%
0.12%
(d)
Difference
146 bp
248 bp
206 bp
276 bp
145 bp
48 bp
234 bp
142 bp
93 bp
80 bp
(a)
Prior to 2009, the Company had no covered loans.
(b)
Non-performing loans and total loans exclude covered loans.
(c)
Non-performing loans are defined as non-accrual loans and loans 90 days or
more past due but still accruing interest. (d)
Non-annualized. |
 New
York Community Bancorp, Inc. Page 22
CONSERVATIVE UNDERWRITING
•
Conservative loan-to-value ratios
•
Conservative debt coverage ratios: 120%,
except for commercial real estate (“CRE”)
loans: 130%
•
Multi-family and CRE loans are based on the
lower of economic or market value.
ACTIVE BOARD INVOLVEMENT
•
All loans originated for portfolio are approved by
the Mortgage or Credit Committee (a majority of
the Board of Directors).
•
A member of the Mortgage or Credit Committee
participates in inspections on multi-family loans
in excess of $4.0 million, and CRE and
acquisition, development, and construction
(“ADC”) loans in excess of $2.5 million.
MULTIPLE APPRAISALS
•
All properties are appraised by independent
appraisers.
•
All independent appraisals are reviewed by in-
house appraisal officers.
The quality of our assets reflects the nature of our multi-family
lending niche and our strong underwriting standards.
RISK-AVERSE MIX OF
LOANS HELD FOR INVESTMENT
•
Multi-family: 68.9%
•
CRE: 26.8%
•
ADC: 1.4%
•
One-to-Four Family: 0.5%
•
Commercial and Industrial: 2.2% |
 (in
millions) 1-4 Family
$3,366.4
Other
Loans
$386.6
OREO
$71.4
1-4 Family
$3,874.6
OREO
$62.4
Other
Loans
$423.3
Total covered assets: $4.7 billion
1-4 Family
$4,347.2
Other
Loans
$309.7
% of total assets: 11.1%
Total covered assets: $4.4 billion
% of total assets: 10.4%
Total covered assets: $3.8 billion
% of total assets: 9.1%
1-4 Family
$3,069.8
Other
Loans
$330.8
OREO
$50.4
Total covered assets: $3.4 billion
% of total assets: 7.7%
Covered Assets
12/31/10
12/31/11
9/30/12
New York Community Bancorp, Inc.
Page 23
The loans and OREO acquired in our FDIC-assisted transactions are
covered by loss sharing agreements, thus mitigating credit risk.
12/31/09 |
 Residential Mortgage Banking |
 Our
residential mortgage banking operation is a leading aggregator of
agency-conforming one-to-four family loans. History
•
Acquired through our AmTrust Bank transaction in December 2009
•
Established as a subsidiary of New York Community Bank in April 2010
Productivity
•
We rank among the top 15 aggregators of one-to-four family loans for sale
in the U.S.
•
Since January 2010, we have aggregated 89,379 one-to-four family loans
for sale totaling $25.8 billion.
Credit Quality
•
As of September 30, 2012, 99.83% of all funded loans were current.
Limited
Repurchase Risk
•
The Company’s loan repurchase exposure is comparatively low, as we
benefit from the industry’s more stringent credit and documentation
standards, which have been in effect since we entered the residential
mortgage banking business in January 2010.
Benefits
•
We generated mortgage banking income of $183.9 million, $80.7 million,
and $146.1 million, respectively, in 2010, 2011, and YTD 2012.
•
Our proprietary mortgage banking platform gives us the capacity to expand
our revenues, market share, and product line.
•
Mortgage
banking
income
has
supported
the
stability
of
our
ROTA,
even
as
market interest rates have declined.
New York Community Bancorp, Inc.
Page 25 |
 New
York Community Bancorp, Inc. Page 26
In a declining interest rate environment, mortgage banking
income and prepayment penalty income have contributed to the
stability of our ROTA.
Prepayment Penalty Income
Mortgage Banking Income
Average 10-Year Treasury Rate
Return on Average Tangible Assets
(a)
(dollars in millions)
Total:
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
(a)
ROTA is a non-GAAP financial measure. Please see page 41 for additional
information. 3Q 2012 |
 New
York Community Bancorp, Inc. Page 27
Our mortgage banking operation generated 60.4% of non-interest
income and 13.1% of total revenues in the first nine months of 2012.
(in millions)
Funded
1-4
Family
Loan
Production
$1,482.7
$1,139.2
$1,786.4
$2,724.4
$2,427.0
$2,607.2
$2,877.1
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
•
1-4 family loans funded in 3Q 2012 = $2.9 billion
•
% sold to GSEs = 98%
•
Average FICO = 770
•
Average loan-to-value ratio = 70.0%
•
3Q 2012 mortgage banking income from originations = $66.5
million
•
Loans can be originated/purchased in all 50 states.
•
Loan production is driven by our proprietary real time, web-
accessible mortgage banking technology platform.
•
Our proprietary business process securely controls the
lending process, while mitigating business and regulatory
risks.
•
As a result, our clients cost-effectively compete with the
nation’s largest mortgage lenders.
•
900+ approved clients include community banks, credit
unions, mortgage companies, and mortgage brokers.
•
The vast majority of loans funded are agency-eligible 1-4
family loans.
•
100% of loans funded are full documentation, prime credit
loans
Features:
At or for the 3 months ended 9/30/12: |
 Efficiency |
 New
York Community Bancorp, Inc. Page 29
Our efficiency is driven by several factors.
58.80%
65.92%
64.54%
35.99%
40.03%
40.50%
2010
2011
3Q 2012
Efficiency Ratio
NYB
SNL U.S. Bank and Thrift Index
Franchise expansion has largely stemmed
from mergers and acquisitions; we
generally do not engage in de novo branch
development.
Multi-family and commercial real estate
lending are both broker-driven, with the
borrower paying fees to the mortgage
brokerage firm.
Products and services are typically
developed by third-party providers and the
sale of these products generates additional
revenues.
40 of our branches are located in-store,
where rental space is less costly, enabling
us to supplement the service provided by
our traditional branches more efficiently.
We acquire our deposits primarily through
earnings-accretive acquisitions rather than
by paying above-market rates. |
 Growth through Acquisitions |
 New
York Community Bancorp, Inc. Page 31
In the 12 years since our first acquisition, we have
grown from $1.9 billion in assets to $44.1 billion.
Note:
The number of branches indicated reflects the number of branches in our current
franchise that stemmed from each transaction. 1. Nov. 2000
Haven Bancorp
(HAVN)
Assets:
$2.7 billion
Deposits:
$2.1 billion
Branches: 41
2. July 2001
Richmond County
Financial Corp.
(RCBK)
Assets:
$3.7 billion
Deposits:
$2.5 billion
Branches: 24
3. Oct. 2003
Roslyn Bancorp,
Inc. (RSLN)
Assets:
$10.4 billion
Deposits:
$5.9 billion
Branches: 38
4. Dec. 2005
Long Island
Financial Corp.
(LICB)
Assets:
$562 million
Deposits:
$434 million
Branches: 9
5. April 2006
Atlantic Bank of
New York (ABNY)
Assets:
$2.8 billion
Deposits:
$1.8 billion
Branches:
14
6. April 2007
PennFed Financial
Services, Inc.
(PFSB)
Assets:
$2.3 billion
Deposits:
$1.6 billion
Branches:
23
7. July 2007
NYC branch
network of Doral
Bank, FSB (Doral-
NYC)
Assets:
$485 million
Deposits:
$370 million
Branches: 11
8. Oct. 2007
Synergy Financial
Group, Inc. (SYNF)
Assets:
$892 million
Deposits:
$564 million
Branches:
20
9. Dec. 2009
AmTrust Bank
Assets:
$11.0 billion
Deposits:
$8.2 billion
Branches: 64
10. March 2010
Desert Hills Bank
Assets:
$452 million
Deposits:
$375 million
Branches: 3
11. June 2012
Aurora Bank FSB
Assets:
None
Deposits:
$2.2 billion
Branches: 0
Payment
Received:
$24.0 million
Transaction Type:
Savings Bank
Commercial Bank
Branch
FDIC
Deposit |
 New
York Community Bancorp, Inc. Page 32
Our deposit growth has been largely acquisition-
driven.
(in millions)
$12,168
$12,694
Total Deposits:
152
166
Total Branches:
$22,274
$13,236
217
$22,316
276
$10,360
139
$5,472
120
$3,268
86
275
$21,809
276
$24,522
274
$1,874
$2,408
$4,362
$5,247
$5,945
$6,913
$9,054
$7,835
$7,373
$9,091
$1,223
$2,609
$5,278
$6,015
$5,554
$4,975
$11,494
$12,122
$12,711
$12,936
$171
$455
$720
$906
$1,195
$1,348
$1,768
$1,852
$2,190
$2,495
12/31/00
12/31/01
12/31/03
12/31/05
12/31/06
12/31/07
12/31/09
12/31/10
12/31/11
9/30/12
w/
PFSB,
Doral,
& SYNF
w/
AmTrust
w/ Desert
Hills
w/ Aurora
w/ ABNY
w/ LICB
w/ RSLN
w/ RCBK
w/ HAVN
CAGRs
Total deposits: 17.1%
Core deposits: 20.8%
Demand deposits: 23.4%
CDs
NOW,
MMAs, and Savings
Demand deposits
Deposits |
 (a)
Includes originations of loans held for sale of $888.5 million in 2009, $10.8
billion in 2010, $7.2 billion in 2011, and $7.9 billion in the first nine months of 2012.
Acquisitions have provided much of the funding for
the organic growth of our loan portfolio.
(in millions)
$17,029
$19,653
Total Loans:
$6,332
$4,971
Total Originations:
(a)
$29,212
$15,193
$20,363
$4,853
$28,393
$4,280
$10,499
$4,330
$5,405
$1,150
$3,636
$616
$30,323
$16,139
$31,435
$14,114
$1,946
$3,255
$7,368
$12,854
$14,529
$14,055
$16,736
$16,802
$17,433
$18,475
$324
$566
$1,445
$2,888
$3,114
$3,826
$4,987
$5,438
$6,856
$7,194
$1,366
$1,584
$1,686
$1,287
$2,010
$2,482
$1,654
$1,467
$1,244
$1,153
$1,207
$1,037
$1,212
$5,016
$4,298
$3,753
$3,401
12/31/00
12/31/01
12/31/03
12/31/05
12/31/06
12/31/07
12/31/09
12/31/10
12/31/11
9/30/12
After
RCBK
After
HAVN
After
RSLN
After
LICB
After
ABNY
After
PFSB,
Doral, &
SYNF
After
AmTrust
After
Desert Hills
Held-For-Investment Loans
Multi-Family
CRE
All Other Held-for-Investment Loans
Loans Held for Sale
Covered Loan Portfolio
Multi-family
loans: 19.3%
Total loans: 18.4%
CAGRs
Loans Outstanding
After
Aurora
New York Community Bancorp, Inc.
Page 33 |
 Total
Return on Investment |
 New
York Community Bancorp, Inc. Page 35
Our quarterly cash dividends are a significant component of
our commitment to building value for our investors.
(a)
Bloomberg
SNL U.S. Bank and Thrift Index
NYB
(a)
244%
614%
444%
213%
209%
245%
168%
239%
717%
2,479%
2,885%
2,059%
2,754%
3,843%
2,670%
3,260%
11/23/93
12/31/99
12/31/06
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
9/30/12
Total Return on Investment
CAGR since IPO:
28.9%
As
a
result
of
nine
stock
splits
between
1994
and
2004,
our
charter
shareholders
have
2,700
shares
of
NYB
stock
for
each
100
shares
originally
purchased. |
 New
York Community Bancorp, Inc. Page 36
11/5/12
Visit our web site:
ir.myNYCB.com
E-mail requests to:
ir@myNYCB.com
Call Investor Relations at:
(516) 683-4420
Write to:
Investor Relations
New York Community Bancorp, Inc.
615 Merrick Avenue
Westbury, NY 11590
For More Information |
 New
York Community Bancorp, Inc. Page 37
Reconciliations of GAAP and Non-GAAP Financial
Measures
(in thousands, except per share data)
For the Three Months Ended
September 30,
2011
2012
GAAP Earnings
$119,750
$128,798
Additional
contributions
to
tangible
stockholders’
equity:
Amortization and appreciation of shares held in stock-
related benefit plans
4,139
5,140
Associated tax effects
266
375
Loss on other-than-temporary impairment of securities
--
--
Amortization of core deposit intangibles
6,089
4,855
Total
additional
contributions
to
tangible
stockholders’
equity
10,494
10,370
Cash earnings
$130,244
$139,168
Diluted GAAP Earnings per Share
$0.27
$0.29
Add back:
Amortization and appreciation of shares held in stock-
related benefit plans
0.01
0.02
Associated tax effects
--
--
Loss on other-than-temporary impairment of securities
--
--
Amortization of core deposit intangibles
0.02
0.01
Total additions
0.03
0.03
Diluted cash earnings per share
$0.30
$0.32
Cash earnings is a non-GAAP financial measure. The following table presents a
reconciliation of the Company’s GAAP and cash earnings for the three
months ended September 30, 2011 and September 30, 2012.
|
 New
York Community Bancorp, Inc. Page 38
Reconciliations of GAAP and Non-GAAP Financial
Measures
(in thousands, except per share data)
For the Three Months Ended
September 30,
2011
2012
Average stockholders’
equity
$5,501,226
$5,557,693
Less: Average goodwill and core deposit intangibles
(2,497,076)
(2,476,056)
Average
tangible
stockholders’
equity
$3,004,150
$3,081,637
Average stockholders’
equity
$41,261,984
$43,205,076
Less: Average goodwill and core deposit intangibles
(2,497,076)
(2,476,056)
Average tangible assets
$38,764,908
$40,729,020
Net income
$119,750
$128,798
Add back: Amortization of core deposit intangibles, net of tax
3,653
2,913
Adjusted net income
$123,403
$131,711
Cash earnings
$130,244
$139,168
Return on average assets
1.16%
1.19%
Cash return on average assets
1.26
1.29
Return on average tangible assets
1.27
1.29
Cash return on average tangible assets
1.34
1.37
Return
on
average
stockholders’
equity
8.71
9.27
Cash
return
on
average
stockholders’
equity
9.47
10.02
Return
on
average
tangible
stockholders’
equity
16.43
17.10
Cash
return
on
average
tangible
stockholders’
equity
17.34
18.06
Cash earnings is a non-GAAP financial measure. The following table presents a
reconciliation of the Company’s GAAP and cash earnings for the three
months ended September 30, 2011 and September 30, 2012.
|
 New
York Community Bancorp, Inc. Page 39
Reconciliations of GAAP and Cash Efficiency Ratios
The following table presents reconciliations of the Company’s GAAP and cash
efficiency ratios for the three months ended September 30, 2011 and
September 30, 2012.
For the Three Months Ended September 30,
2011
2012
(dollars in thousands)
GAAP
Cash
GAAP
Cash
Total net interest income and non-interest income
$353,036
$353,036
$366,607
$366,607
Operating expenses
$146,527
$146,527
$148,466
$148,466
Adjustments:
Amortization and appreciation of shares held in
stock-related benefit plans
--
(4,139)
--
(5,140)
Adjusted operating expenses
$146,527
$142,388
$148,466
$143,326
Efficiency ratio
41.50%
40.33%
40.50%
39.10% |
 New
York Community Bancorp, Inc. Page 40
Reconciliations of GAAP and Non-GAAP Financial
Measures
(dollars in thousands)
December 31,
2011
September, 30,
2012
Total stockholders’
equity
$ 5,565,704
$ 5,642,465
Less: Goodwill
(2,436,131)
(2,436,131)
Core deposit intangibles
(51,668)
(36,734)
Tangible
stockholders’
equity
$ 3,077,905
$ 3,169,600
Total assets
$42,024,302
$44,093,795
Less: Goodwill
(2,436,131)
(2,436,131)
Core deposit intangibles
(51,668)
(36,734)
Tangible assets
$39,536,503
$41,620,930
Stockholders’
equity
to
total
assets
13.24%
12.80%
Tangible
stockholders’
equity
to
tangible
assets
7.78%
7.62%
Tangible
stockholders’
equity
$3,077,905
$ 3,169,600
Accumulated other comprehensive loss, net of tax
71,910
57,674
Adjusted
tangible
stockholders’
equity
$3,149,815
$3,227,274
Tangible assets
$39,536,503
$41,620,930
Accumulated other comprehensive loss, net of tax
71,910
57,674
Adjusted tangible assets
$39,608,413
$41,678,604
Adjusted
tangible
stockholders’
equity
to
adjusted
tangible
assets
7.95%
7.74%
Tangible
and
adjusted
tangible
stockholders’
equity
and
tangible
and
adjusted
tangible
assets
are
non-GAAP
financial
measures.
The
following
table
presents reconciliations of these non-GAAP measures with the related GAAP
measures at December 31, 2011 and September 30, 2012. |
 New
York Community Bancorp, Inc. Page 41
Reconciliations of GAAP and Non-GAAP Financial
Measures
For the Three Months Ended
(dollars in thousands)
March 31,
2011
June 30,
2011
September 30, December 31,
2011
2011
March 31,
2012
June 30,
2012
September 30,
2012
Average Assets
$40,713,044
$40,853,788
$41,261,984
$41,683,129
$41,775,013
$41,916,854
$43,205,076
Less: Average goodwill and core deposit intangibles
(2,511,349)
(2,503,966)
(2,497,076)
(2,491,327)
(2,486,018)
(2,480,921)
(2,476,056)
Average
tangible
assets
$38,201,695
$38,349,822
$38,764,908
$39,191,802
$39,288,995
$39,435,933
$40,729,020
Average Stockholders’
Equity
$ 5,511,970
$ 5,458,017
$ 5,501,226
$ 5,535,114
$ 5,528,296
$ 5,565,581
$ 5,557,693
Less: Average goodwill and core deposit intangibles
(2,511,349)
(2,503,966)
(2,497,076)
(2,491,327)
(2,486,018)
(2,480,921)
(2,476,056)
Average tangible stockholders’
equity
$ 3,000,621
$ 2,954,051
$ 3,004,150
$ 3,043,787
$ 3,042,278
$ 3,084,660
$ 3,081,637
Net Income
$123,176
$119,459
$119,750
$117,652
$118,253
$131,212
$128,798
Add back: Amortization of core deposit intangibles, net
of tax
4,431
4,286
3,653
3,269
3,095
2,952
2,913
Adjusted net income
$127,607
$123,745
$123,403
$120,921
$121,348
$134,164
$131,711
Return on average assets
1.21%
1.17%
1.16%
1.13%
1.13%
1.25%
1.19%
Return on average tangible assets
1.34
1.29
1.27
1.23
1.24
1.36
1.29
Return
on
average
stockholders’
equity
8.94
8.75
8.71
8.50
8.56
9.43
9.27
Return
on
average
tangible
stockholders’
equity
17.01
16.76
16.43
15.89
15.95
17.40
17.10
Average
tangible
assets
and
average
tangible
stockholders’
equity
are
non-GAAP
financial
measures.
The
following
table
presents
reconciliations
of
these non-GAAP measures with the related GAAP measures for the three months
ended March 31, June 30, September 30, and December 31, 2011, and March 31,
June 30, and September 30, 2012. |