Attached files
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| 8-K - FORM 8-K - NEW YORK COMMUNITY BANCORP INC | d666388d8k.htm |
 Fourth
Quarter
2013
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.
(the
“Company”)
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
interest
rate
exposure;
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
personnel;
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
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;
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;
the
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,
2012
and
our
Quarterly
Reports
on
Form
10-Q
for
the
quarters
ended
March
31,
June
30,
and
September
30,
2013,
including
the
section
entitled
“Risk
Factors,”
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
In our first 20 years, we have evolved into one of 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
1/29/14.
(a)
Bloomberg
Assets
Deposits
Multi-Family
Loans
Market Cap
Total Return
on Investment
$46.7 billion
$25.7 billion
$20.7 billion
$7.4 billion
4,265%
In our first 20 years
as a public
company, we grew
our assets 4,185%,
to $46.7 billion
at
12/31/2013.
We recorded
deposits of $25.7
billion at
12/31/2013,
reflecting a 20-year
increase of
3,002%.
Reflecting our
status as the
leading producer
of multi-family
loans on rent-
regulated buildings
in New York City,
our portfolio grew
4,731% to $20.7
billion
in the 20
years ended
12/31/2013.
From 12/31/1993
through
12/31/2013, our
market cap grew
4,661%, to $7.4
billion.
We provided our
investors with a
total return on
investment of
4,265%
in our first
20 years as a public
company.
(a) |
 New York
Community Bancorp, Inc. Page 4
Largely reflecting our growth-through-acquisition strategy, we
have over 270 locations in five states.
Metro New York
125 Community Bank Branches
30 Commercial Bank Branches
Ohio
28 Community Bank Branches
New Jersey
49 Community Bank Branches
Florida
27 Community Bank Branches
Arizona
14 Community Bank Branches |
 4Q and
Full-Year 2013 Performance Highlights
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 New York
Community Bancorp, Inc. Page 6
(dollars in thousands, except per share data)
PERFORMANCE HIGHLIGHTS
4Q 2013 Earnings
2013 Earnings
GAAP
Cash
(a)
GAAP
Cash
(a)
Strong Profitability Measures:
Earnings
$120,155
$129,736
$475,547
$515,270
EPS
$0.27
$0.30
$1.08
$1.17
Return
on
average
tangible
assets
(b)
1.12%
1.19%
1.16%
1.23%
Return
on
average
tangible
stockholders’
equity
(b)
15.30%
16.27%
15.35%
16.31%
A Respectable Margin:
Net interest margin
2.92%
2.92%
3.01%
3.01%
Continued Efficiency:
Efficiency ratio
(c)
43.56%
41.88%
42.71%
41.11%
(a)
Cash earnings is a non-GAAP financial measure. Please see page 34 for a
reconciliation of our GAAP and cash earnings. (b)
ROTA and ROTE are non-GAAP financial measures. Please see page 35 for
additional information. (c)
Please see page 36 for a reconciliation of our GAAP and cash efficiency
ratios. We generated solid earnings in 4Q and full-year 2013.
|
 New York
Community Bancorp, Inc. Page 7
Our 12/31/2013 balance sheet reflects continued strength.
PERFORMANCE HIGHLIGHTS:
12/31/2013
Total loans / total assets
70.5%
Securities / total assets
17.0
Deposits / total assets
55.0
Core deposits / total deposits
73.0
Wholesale borrowings / total assets
31.6
Stockholders‘
equity / total assets
12.29
Tangible
stockholders’
equity
/
tangible
assets
excluding
accumulated
other
comprehensive
loss,
net
of
tax
(a)
7.50
(a)
Tangible stockholders’
equity and tangible assets are non-GAAP financial measures. Please see page 37
for additional information. |
 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
12/31/2013
12/31/2012
ASSET QUALITY:
NYCB
SNL U.S.
Bank and
Thrift Index
NYCB
SNL U.S.
Bank and
Thrift Index
Non-performing
loans
(a)(b)
/
total
loans
(a)
0.35%
1.19%
0.96%
2.22%
Non-performing
assets
(c)
/
total
assets
(c)
0.40
0.91
0.71
1.09
Net
charge-offs
/
average
loans
(d)
0.01
0.15
0.01
0.27
(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
Our bank subsidiaries continue to exceed the requirements
for classification as well capitalized institutions.
12/31/2013
12/31/2012
New York
Community Bank
New York
Commercial Bank
New York
Community Bank
New York
Commercial Bank
Leverage capital ratio
7.86%
11.49%
8.33%
11.59%
Tier 1 risk-based capital ratio
12.22
14.84
12.50
16.64
Total risk-based capital ratio
12.97
15.33
13.22
17.24 |
 A
Successful Business Model
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 New York
Community Bancorp, Inc. Page 11
Our business model has consistently focused on building
value for our investors.
Multi-Family
Lending
Strong Credit
Standards/
Superior Asset
Quality
Residential
Mortgage
Banking
Efficient
Operation
Growth
through
Acquisitions
Multi-family loans
represented $20.7
billion, or 69.4%, of
total non-covered
loans held for
investment at
12/31/2013.
Net charge-offs
represented 0.01%
of average loans
(non-annualized) in
4Q 2013, and
0.05% of average
loans for the full
year.
Since January
2010, our
residential
mortgage banking
operation has
originated $35.0
billion of 1-4 family
loans for sale and
generated
mortgage banking
income of $521.5
million.
Our efficiency ratio
has consistently
ranked in the top
3% of all banks and
thrifts and was
43.56% in 4Q 2013
and 42.71% for the
full year.
Acquisitions have
contributed to the
growth of our
assets from $1.1
billion to $46.7
billion in the last
20 years. |
 Multi-Family
Loan Production
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 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 2013 Housing Supply Report
|
 New York
Community Bancorp, Inc. Page 14
(in millions)
We are the leading producer of multi-family loans for
portfolio in New York City.
PORTFOLIO STATISTICS
AT 12/31/2013
% of non-covered loans held for
investment = 69.4%
Average principal balance = $4.5
million
Expected weighted average life = 2.9
years
4Q 2013 originations = $1.9 billion
% of our multi-family loans located in Metro
New York = 89.3%
MULTI-FAMILY
LOAN PORTFOLIO |
 New York
Community Bancorp, Inc. Page 15
COMMERCIAL REAL ESTATE
LOAN PORTFOLIO
(in millions)
Our commercial real estate loans feature the same structure
as our multi-family loans.
PORTFOLIO STATISTICS
AT 12/31/2013
% of non-covered loans held for
investment = 24.7%
Average principal balance = $4.7 million
Expected weighted average life = 3.3
years
4Q 2013 originations = $838.4 million
% of our CRE loans located in Metro New
York = 95.9%
Our CRE loans are typically collateralized by
office buildings, retail centers, mixed-use
buildings, and multi-tenanted light industrial
properties. |
 Asset
Quality
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 New York
Community Bancorp, Inc. Page 17
The quality of our assets has improved dramatically since
the peak of non-performance at 3/31/2010.
Y-O-Y IMPROVEMENT
at 12/31/2013
NPLs
/
Total
Loans:
61
bp
NPAs
/
Total
Assets:
31
bp
(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. Non-Performing
Loans
(a)(b)
/
Total
Loans
(a)
Non-Performing
Assets
(c)
/
Total
Assets
(c) |
 New York
Community Bancorp, Inc. Page 18
Last Credit Cycle
We have been distinguished by our low level of net charge-
offs in downward credit cycles.
NET CHARGE-OFFS / AVERAGE LOANS
5-Year Total
NYCB: 17 bp
SNL U.S. Bank and Thrift Index: 540 bp
6 -Year Total
NYCB: 90 bp
SNL U.S. Bank and Thrift Index: 1,106 bp
Current Credit Cycle
SNL U.S. Bank and Thrift Index
NYCB |
 New York
Community Bancorp, Inc. Page 19
The quality of our loan portfolio continues to exceed that of
our industry.
NON-PERFORMING LOANS
(a)(b)
/ TOTAL LOANS
(a)
Last Credit Cycle
Current Credit Cycle
(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. SNL U.S. Bank and Thrift
Index NYCB |
 New York
Community Bancorp, Inc. Page 20
Historically and currently, few of our non-performing loans
have resulted in charge-offs.
At or for the 12 Months Ended December 31,
Last Credit Cycle
(a)
Current Credit Cycle
(a)
1989
1990
1991
1992
1993
2008
2009
2010
2011
2012
2013
NPLs
(b)(c)
/ Total Loans
(b)
1.46%
2.48%
2.10%
2.83%
1.51%
0.51%
2.47%
2.63%
1.28%
0.96%
0.35%
NCOs / Average Loans
0.00%
0.00%
0.04%
0.07%
0.06%
0.03%
0.13%
0.21%
0.35%
0.13%
0.05%
Difference
146 bp
248 bp
206 bp
276 bp
145 bp
48 bp
234 bp
242 bp
93 bp
83 bp
30 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. |
 New York
Community Bancorp, Inc. Page 21
The quality of our assets reflects the nature of our lending niche and our
strong underwriting standards.
Conservative
Underwriting
Active Board
Involvement
Multiple
Appraisals
Risk-Averse Mix of
Non-Covered Loans
Held for Investment
•
Conservative loan-to-
value ratios
•
Conservative debt
coverage ratios: 120%
for multi-family loans,
and 130% for
commercial real estate
(“CRE”) loans
•
Multi-family and CRE
loans are based on the
lower of economic or
market value.
•
All loans originated for
portfolio are reviewed
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.
•
All properties are
appraised by
independent appraisers.
•
All independent
appraisals are reviewed
by in-house appraisal
officers.
•
A second independent
appraisal review is
performed on loans that
are large and complex.
•
Multi-family: 69.4%
•
CRE: 24.7%
•
One-to-
Four
Family:
1.9%
•
ADC: 1.2%
•
Commercial and
Industrial: 2.7% |
 Residential
Mortgage Banking
*
*
*
*
*
*
* |
 New York
Community Bancorp, Inc. Page 23
Our
residential
mortgage
banking
operation
currently
ranks
among
the
top
20
aggregators
of
one-to-four
family
loans
in
the
U.S.
Features
Credit Quality
As of December 31, 2013, 99.9% of all funded loans were current.
Limited
Repurchase Risk
Our loan repurchase exposure is comparatively low, as we’ve benefited from
the industry’s more stringent credit and documentation standards,
which have been in effect since January 2010.
Benefits
Since January 2010, our mortgage banking business has generated mortgage
banking income of $521.5 million.
Our proprietary mortgage banking platform gives us the capacity to expand our
revenues, market share, and product line.
Over time, mortgage banking income has supported the stability of our return on
average tangible assets, even in times of interest rate volatility.
Loans can be originated/purchased in all 50 states.
Loan production is driven by our proprietary real time, web-accessible
mortgage banking
technology
platform,
which
securely
controls
the
lending
process
while
mitigating business and regulatory risks.
900+ approved clients include community banks, credit unions, mortgage
companies, and mortgage brokers
100% of loans funded are full documentation, prime credit loans
|
 New York
Community Bancorp, Inc. Page 24
Average 10-Year Treasury Rate
Return
on
Average
Tangible
Assets
(a)
Prepayment penalty income and mortgage banking income have
contributed to the stability of our ROTA.
(dollars in millions)
Total:
Prepayment Penalty Income
Mortgage Banking Income
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
(a)
ROTA is a non-GAAP financial measure. Please see page 38 for additional
information. |
 Efficiency
*
*
*
*
*
*
* |
 New York
Community Bancorp, Inc. Page 26
Our efficiency is driven by several factors.
Franchise expansion has largely stemmed
from mergers and acquisitions; we generally
do not engage in de novo branch
development.
Multi-family and CRE 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.
38 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.
SNL U.S. Bank and Thrift Index
NYCB |
 Growth
Through Acquisitions
*
*
*
*
*
*
* |
 New York
Community Bancorp, Inc. Page 28
In the 13 years since our first acquisition, we have grown
from $1.9 billion in assets to $46.7 billion.
Note:
The number of branches indicated reflects the number of branches in our current
franchise that stemmed from each transaction. Transaction Type:
Savings Bank
Commercial Bank
Branch
FDIC
Deposit |
 New York
Community Bancorp, Inc. Page 29
Our deposit growth has been largely acquisition-driven.
(in millions)
DEPOSITS
w/ HAVN
w/ RCBK
w/ RSLN
w/ LICB
w/ ABNY
w/
PFSB,
Doral, &
SYNF
w/
AmTrust
w/ Desert
Hills
w/ Aurora
Total Deposits:
$3,268
$5,472
$10,360
$12,168
$12,764
$13,311
$22,418
$21,890
$22,326
$24,878
$25,661
Total Branches:
86
120
139
152
166
217
276
276
275
275
273
CDs
NOW, MMAs, and Savings
Demand deposits |
 New York
Community Bancorp, Inc. Page 30
(a)
Includes originations of loans held for sale of $888.5 million in 2009, $10.8
billion in 2010, $7.2 billion in 2011, $10.9 billion in 2012, and $6.2 billion in 2013.
Acquisitions have provided much of the funding for the
organic growth of our loan portfolio.
(in millions)
LOANS OUTSTANDING
After
HAVN
After
RCBK
After
RSLN
After
LICB
After
ABNY
After
PFSB,
Doral, &
SYNF
After
AmTrust
After
Desert Hills
Total Loans Outstanding:
$3,636
$5,405
$10,499
$17,029
$19,653
$20,363
$28,393
$29,212
$30,323
$31,773
$32,934
Total Originations:
(a)
$616
$1,150
$4,330
$6,332
$4,971
$4,853
$4,280
$15,193
$16,139
$19,894
$17,403
After Aurora
Held-for-Investment Loans
Multi-family
CRE
All other HFI loans
Loans held for sale
Covered loan portfolio
$1,946
$3,255
$7,368
$12,854
$14,529
$14,055
$16,736
$16,802
$17,433
$18,605
$20,714
$324
$566
$1,445
$2,888
$3,114
$3,826
$4,987
$5,438
$6,856
$7,437
$7,366
$1,366
$1,584
$1,686
$1,287
$2,010
$2,482
$1,654
$1,467
$1,244
$1,243
$1,758
$1,207
$1,037
$1,204
$307
$5,016
$4,298
$3,753
$3,284
$2,789
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
12/31/12
12/31/13 |
 Total
Return on Investment
*****
*****
*****
*****
*****
*****
*****
*****
***************
*************** |
 New York
Community Bancorp, Inc. Page 32
Our quarterly cash dividends are a significant component of
our commitment to building value for our investors.
CAGR since IPO:
28.6%
(a)
Bloomberg
TOTAL RETURN ON INVESTMENT
As a result of nine stock splits between 1994 and 2004, our charter shareholders
have 2,700 shares of NYCB stock for each 100 shares originally
purchased. SNL U.S. Bank and Thrift Index
NYCB
(a) |
 New York
Community Bancorp, Inc. Page 33
1/31/14
For More Information
Visit our website:
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 |
 New York
Community Bancorp, Inc. Page 34
Reconciliations of GAAP and Non-GAAP Financial Measures
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
and twelve months ended December 31, 2013.
(in thousands, except per share data)
For the
Three Months Ended
December 31, 2013
For the
Twelve Months Ended
December 31, 2013
GAAP Earnings
$120,155
$475,547
Additional contributions to tangible stockholders’
equity:
Amortization and appreciation of shares held in stock-related benefit plans
5,621
22,247
Associated tax effects
895
1,692
Amortization of core deposit intangibles
3,065
15,784
Total additional contributions to tangible stockholders’
equity
9,581
39,723
Cash earnings
$129,736
$515,270
Diluted GAAP Earnings per Share
$0.27
$1.08
Add back:
Amortization and appreciation of shares held in stock-related benefit
plans 0.02
0.05
Associated tax effects
--
--
Amortization of core deposit intangibles
0.01
0.04
Total additions
0.03
0.09
Diluted cash earnings per share
$0.30
$1.17 |
 New York
Community Bancorp, Inc. Page 35
Cash earnings is a non-GAAP financial measure. The following table presents a
reconciliation of the Company’s GAAP and cash earnings measures for the
three and twelve months ended December 31, 2013. Reconciliations of GAAP and Non-GAAP
Financial Measures (in thousands)
For the
Three Months Ended
December 31,
2013
For the
Twelve Months Ended
December 31,
2013
Average stockholders’
equity
$ 5,643,882
$ 4,620,445
Less: Average goodwill and core deposit intangibles
(2,454,191)
(2,460,266)
Average tangible stockholders’
equity
$ 3,189,691
$ 2,160,179
Average assets
$46,107,450
$44,343,284
Less: Average goodwill and core deposit intangibles
(2,454,191)
(2,460,266)
Average tangible assets
$43,653,259
$41,935,997
Net income
$120,155
$475,547
Add back: Amortization of core deposit intangibles, net of tax
1,839
9,471
Adjusted net income
$121,994
$485,018
Cash earnings
$129,736
$515,270
Return on average assets
1.04%
1.07%
Cash return on average assets
1.13
1.16
Return on average tangible assets
1.12
1.16
Cash return on average tangible assets
1.19
1.23
Return on average stockholders’
equity
8.52
8.46
Cash return on average stockholders’
equity
9.19
9.17
Return on average tangible stockholders’
equity
15.30
15.35
Cash return on average tangible stockholders’
equity
16.27
16.31 |
 New York
Community Bancorp, Inc. Page 36
Reconciliations of GAAP and Cash Efficiency Ratios
The following table presents a reconciliation of the Company’s GAAP and cash
efficiency ratios for the three and twelve months ended December 31,
2013.
For the
Three Months Ended
December 31, 2013
For the
Twelve Months Ended
December 31, 2013
(dollars in thousands)
GAAP
Cash
GAAP
Cash
Total net interest income and non-interest income
$336,135
$336,135
$1,385,446
$1,385,446
Operating expenses
$146,409
$146,409
$ 591,778
$ 591,778
Adjustments:
Amortization and appreciation of shares held in stock-related
benefit plans
--
(5,621)
--
(22,247)
Adjusted operating expenses
$146,409
$140,788
$ 591,778
$ 569,531
Efficiency ratio
43.56%
41.88%
42.71%
41.11% |
 New York
Community Bancorp, Inc. Page 37
(dollars in thousands)
December 31,
2013
December 31,
2012
Total stockholders’
equity
$ 5,735,662
$ 5,656,264
Less: Goodwill
(2,436,131)
(2,436,131)
Core deposit intangibles
(16,240)
(32,024)
Tangible stockholders’
equity
$ 3,283,291
$ 3,188,109
Total assets
$46,688,287
$44,145,100
Less: Goodwill
(2,436,131)
(2,436,131)
Core deposit intangibles
(16,240)
(32,024)
Tangible assets
$44,235,916
$41,676,945
Stockholders’
equity to total assets
12.29%
12.81%
Tangible stockholders’
equity to tangible assets
7.42%
7.65%
Tangible stockholders’
equity
$3,283,291
$3,188,109
Accumulated other comprehensive loss, net of tax
36,493
61,705
Adjusted tangible stockholders’
equity
$3,319,784
$3,249,814
Tangible assets
$44,235,916
$41,676,945
Accumulated other comprehensive loss, net of tax
36,493
61,705
Adjusted tangible assets
$44,272,409
$41,738,650
Adjusted tangible stockholders’
equity to adjusted tangible assets
7.50%
7.79%
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,
2013
and
December
31,
2012.
Reconciliations of GAAP and Non-GAAP Financial Measures |
 New York
Community Bancorp, Inc. Page 38
For the Three Months Ended
(dollars in thousands)
March 31,
2013
June 30,
2013
September 30,
2013
December 31,
2013
March 31,
2012
June 30,
2012
September 30,
2012
December 31,
2012
March 31,
2011
June 30,
2011
September 30,
2011
December 31,
2011
Average Assets
$43,243,259
$43,860,167
$44,343,284
$46,107,450
$41,775,013
$41,916,854
$43,205,076
$43,087,846
$40,713,044
$40,853,788
$41,261,984
$41,683,129
Less: Average goodwill and core deposit intangibles
(2,466,622)
(2,462,265)
(2,458,145)
(2,454,191)
(2,486,018)
(2,480,921)
(2,476,056)
(2,471,204)
(2,511,349)
(2,503,966)
(2,497,076)
(2,491,327)
Average tangible assets
$40,776,637
$41,397,902
$41,885,139
$43,653,259
$39,288,995
$39,435,933
$40,729,020
$40,616,642
$38,201,695
$38,349,822
$38,764,908
$39,191,802
Average Stockholders’
Equity
$ 5,630,877
$ 5,607,616
$ 5,599,495
$ 5,643,882
$ 5,528,296
$ 5,565,581
$ 5,557,693
$ 5,498,040
$ 5,511,970
$ 5,458,017
$ 5,501,226
$ 5,535,114
Less: Average goodwill and core deposit intangibles
(2,466,622)
(2,462,265)
(2,458,145)
(2,454,191)
(2,486,018)
(2,480,921)
(2,476,056)
(2,471,204)
(2,511,349)
(2,503,966)
(2,497,076)
(2,491,327)
Average
tangible
stockholders’
equity
$ 3,164,255
$ 3,145,351
$ 3,141,350
$ 3,189,691
$ 3,042,278
$ 3,084,660
$ 3,081,637
$ 3,026,836
$ 3,000,621
$ 2,954,051
$ 3,004,150
$ 3,043,787
Net Income
$118,675
$122,517
$114,200
$120,155
$118,253
$131,212
$128,798
$122,843
$123,176
$119,459
$119,750
$117,652
Add back: Amortization of core deposit intangibles,
net of tax
2,653
2,509
2,470
1,839
3,095
2,952
2,913
2,826
4,431
4,286
3,653
3,269
Adjusted net income
$121,328
$125,026
$116,670
$121,994
$121,348
$134,164
$131,711
$125,669
$127,607
$123,745
$123,403
$120,921
Return on average assets
1.10%
1.12%
1.03%
1.04%
1.13%
1.25%
1.19%
1.14%
1.21%
1.17%
1.16%
1.13%
Return on average tangible assets
1.19
1.21
1.11
1.12
1.24
1.36
1.29
1.24
1.34
1.29
1.27
1.23
Return
on
average
stockholders’
equity
8.43
8.74
8.16
8.52
8.56
9.43
9.27
8.94
8.94
8.75
8.71
8.50
Return
on
average
tangible
stockholders’
equity
15.34
15.90
14.86
15.30
15.95
17.40
17.10
16.61
17.01
16.76
16.43
15.89
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,
2013;
March
31,
June
30,
September
30,
and
December
31,
2012;
and
March
31,
June
30,
September
30,
and
December
31,
2011.
Reconciliations of GAAP and Non-GAAP Financial Measures |