Flagstar Financial (FLG) 8-K Forward-looking Statements and Associated Risk Factors

First Quarter 2007

Investor Presentation

Exhibit 99.1

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

and

trends,

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 or the banking industry; changes in interest rates, which may affect our net income, prepayment penalties and other

future cash flows, or the market value of our assets; changes in

deposit flows, and in the demand for deposit, loan, and investment products and other financial services in the

markets

we

serve;

changes

in

the

financial

or

operating

performance

of

our

customers’

businesses;

changes

in

real

estate

values,

which

could

impact

the

quality

of

the

assets

securing

the loans in our portfolio; changes in the quality or composition of our loan or investment portfolios; changes in competitive pressures among financial institutions or from non-financial

institutions; changes in our customer base; potential exposure to unknown or contingent liabilities of companies we target for acquisition; our ability to retain key members of

management;

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;

any

interruption

or

breach

of

security

resulting

in

failures

or

disruptions

in

customer

account

management,

general

ledger,

deposit,

loan,

or

other

systems;

any

interruption

in

customer service due to circumstances beyond our control; the outcome of pending or threatened litigation, or of other matters before regulatory agencies, or of matters resulting from

regulatory exams, 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;

changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in legislation,

regulation,

and

policies,

including,

but

not

limited

to,

those

pertaining

to

banking,

securities,

tax,

environmental

protection,

and

insurance,

and

the

ability

to

comply

with

such

changes

in

a

timely manner; changes in accounting principles, policies, practices, or guidelines; 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

the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; war or terrorist activities; and other economic, competitive,

governmental, regulatory, and geopolitical factors affecting our

operations, pricing, and services.

The

following

factors,

among

others,

could

cause

the

actual

results

of

our

recent

acquisition

of

PennFed

Financial

Services,

Inc.

(“PennFed”)

and/or

the

pending

acquisition

of

11

branches from Doral Bank, FSB (“Doral”) to differ materially from the expectations stated in this presentation:  the ability of New York Commercial Bank and Doral to obtain the necessary

regulatory approvals of the branch acquisition; the ability of the Company to successfully integrate the assets, liabilities, customers, systems, and any personnel it has acquired, or may

acquire, into its operations pursuant to the PennFed and Doral branch acquisitions; and the ability to realize the related revenue synergies and cost savings within the expected time frames.

Furthermore, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control. In addition, it should be noted that the Company

routinely evaluates opportunities to expand through acquisition and frequently conducts due diligence activities in connection with such opportunities. As a result, acquisition discussions

and, in some cases, negotiations, may take place in the future, and acquisitions involving cash, debt, or equity securities may occur.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Except as required by applicable law or

regulation,

the

Company

undertakes

no

obligation

to

update

these

forward-looking

statements

to

reflect

events

or

circumstances

that

occur

after

the

date

on

which

such

statements

were

made.

3

With assets of approximately $30.8 billion:

(a)(b)

-

We operate the 4th largest thrift in the nation and the largest in New York

State.

(c)

With a portfolio of approximately $14.3 billion:

(d)

-

We are the leading producer of multi-family loans for portfolio in New York

City.

(c)

With deposits of approximately

$14.4 billion:

(e)

-

We operate the 4th largest thrift depository in our market.

(c)

-

We operate the 16th largest commercial bank depository in our market.

(c)

With our acquisition of PennFed Financial Services, Inc. (PFSB) on April 2, 2007:

-

We operate the 2nd largest thrift depository in Essex County, New Jersey

and the 5th largest overall in the six NJ counties we serve.

(c)

We are a leading financial institution in the competitive New York

metropolitan region.

(a)

Includes total assets of approximately $2.3 billion acquired with PFSB on 4/2/07 and assets of approximately $471 million to be acquired in our

pending branch transaction with Doral Bank, FSB (“Doral”).

(b)

Does not reflect the post-merger repositioning of our balance sheet.

(c)

SNL DataSource

(d)

Includes approximately $23.4 million of multi-family loans acquired with PFSB on 4/2/07 and approximately $18.9 million to be acquired in our

pending branch transaction with Doral.

(e)

Includes deposits of approximately $1.6 billion acquired with PFSB on 4/2/07 and approximately $359 million to be acquired in our pending branch

transaction with Doral.

4

We are structured as a multi-bank holding company with two

bank subsidiaries operating nine divisional banks.

Community

Bank

Divisions

Commercial

Bank

Division

5

Our Market

*

*

*

*

*

*                                   *        *

6

With the acquisition of 11 branches from Doral Bank, FSB, we

will expand our footprint in New York City.

New York Community Bank

New York Commercial Bank

Branches to be acquired from Doral Bank,

FSB by New York Commercial Bank

7

With Doral, we will have 198 locations serving consumers and

businesses throughout Metro New York.

3

--

--

--

--

--

1

1

--

1

Customer

Convenience

Centers

8

(a)

7

(a)

1

--

Manhattan

35

2

10

23

Nassau

15

--

--

15

Essex, New Jersey

Commercial

Bank

Community

Bank

17

--

2

15

Other New Jersey

14

(a)

6

(a)

4

4

Brooklyn

198

(a)

38

(a)

47

110

Total

9

4

4

1

Bronx and Westchester

23

--

5

17

Staten Island

32

8

14

9

Suffolk

45

(a)

11

(a)

7

26

Queens

Total

Traditional

Branches

In-store

Branches

Traditional

Branches

Market Served

(a)

Pending regulatory approval.  We currently have five Commercial Bank branches in Manhattan, three in Brooklyn, and five in Queens.

8

Our branch network features a convenient mix of traditional &

in-store and urban & suburban locations.

9

We compete very effectively against New York’s money center

banks.

NASSAU COUNTY, NY

100.00

$49,220,400

Total for Institutions in Market

2.25

1,109,590

Signature Bank

10

4.07

2,001,685

HSBC Holdings plc

9

4.69

2,306,740

Commerce Bancorp Inc.

8

5.18

2,551,880

Bank of America Corp.

7

7.30

3,592,143

Washington Mutual Inc.

6

10.04

4,942,587

Astoria Financial Corp.

5

11.20

5,512,324

New York Community

4

12.64

6,220,195

Citigroup Inc.

3

13.16

6,479,473

Capital One Financial Corp.

2

16.56%

$  8,148,830

JPMorgan Chase & Co.

1

Market

Share

Deposits

Institution

Rank

QUEENS

COUNTY,

NY

(a)

100.00

$37,959,231

Total for Institutions in Market

2.32

881,257

Flushing Financial Corp.

10

2.56

970,644

Sovereign Bancorp Inc.

9

2.81

1,064,945

Washington Mutual Inc.

8

3.89

1,476,714

Ridgewood Savings Bank

7

7.07

2,685,273

HSBC Holdings plc

6

8.08

3,065,367

New York Community

5

8.32

3,157,905

Astoria Financial Corp.

4

12.44

4,722,978

Capital One Financial Corp.

3

13.53

5,135,605

Citigroup Inc.

2

18.97%

$  7,199,592

JPMorgan Chase & Co.

1

Market

Share

Deposits

Institution

Rank

(dollars in thousands)

Source:  SNL DataSource

(a)   Pro forma for the pending acquisition of six branches from

Doral Bank, FSB.

(b)   Includes deposits acquired with PFSB on 4/2/07.

STATEN ISLAND, NY

100.00

$8,496,029

Total for Institutions in Market

1.71

145,351

Capital One Financial Corp.

10

2.41

204,733

VSB Bancorp Inc.

9

3.02

256,278

HSBC Holdings plc

8

4.00

339,897

Commerce Bancorp Inc.

7

7.11

603,776

Washington Mutual Inc.

6

8.91

757,151

NSB Holding Corp.

5

11.87

1,008,144

Citigroup Inc.

4

12.21

1,037,444

JPMorgan Chase & Co.

3

17.99

1,528,359

New York Community

2

29.33%

$2,491,607

Sovereign Bancorp Inc.

1

Market

Share

Deposits

Institution

Rank

SUFFOLK COUNTY, NY

100.00

$33,793,788

Total for Institutions in Market

2.66

900,089

Commerce Bancorp Inc.

10

3.50

1,183,588

Suffolk Bancorp

9

4.48

1,512,730

Bank of America Corp.

8

4.59

1,550,614

New York Community

7

4.93

1,666,075

HSBC Holdings plc

6

7.24

2,445,807

Citigroup Inc.

5

7.82

2,642,889

Washington Mutual Inc.

4

9.08

3,069,546

Astoria Financial Corp.

3

19.16

6,473,902

JPMorgan Chase & Co.

2

26.03%

$  8,795,547

Capital One Financial Corp.

1

Market

Share

Deposits

Institution

Rank

ESSEX

COUNTY,

NJ

(b)

100.00

$15,835,652

Total for Institutions in Market

4.47

708,081

Investors Bancorp Inc.

10

4.48

709,304

Commerce Bancorp Inc.

9

6.11

966,905

Hudson City Bancorp Inc.

8

6.11

967,395

New York Community

7

6.54

1,035,703

JPMorgan Chase & Co.

6

7.54

1,194,135

Bank of America Corp.

5

8.14

1,289,226

Valley National Bancorp

4

8.67

1,372,355

PNC Financial Services

3

10.53

1,667,929

Sovereign Bancorp Inc.

2

17.41%

$  2,756,217

Wachovia Corp.

1

Market

Share

Deposits

Institution

Rank

10

1st Quarter 2007

Performance Highlights

*

*

*

*

*

*

*

*

*

11

Our 1Q 2007 performance was highlighted by improved

operating metrics.

Operating Earnings Growth:

-

Our operating EPS rose $0.01on a linked-quarter basis, the first sequential improvement since

3Q 2004.

(a)

Margin Expansion:

-

Our net interest margin rose five basis points linked-quarter and four basis points year-

over-year.

Higher Average Yield on Loans:

-

At 6.14%, our average yield on loans was up six basis points linked-quarter and 33 basis

points year-over-year.

Strong Loan Production:

-

Originations totaled $1.2 billion in the quarter, with mortgage loans representing $909

million, or 76.4%.

Solid Asset Quality:

-

Charge-offs

totaled

$68,000,

representing

0.0003%

of

average

loans.

Strong Operating Efficiency: 

-

Our efficiency ratio was 40.73%.

Tangible Capital Strength:

-

Tangible stockholders’

equity equaled 5.86% of tangible assets excluding after-tax mark-to-

market

adjustments

on

securities;

including

adjustments,

the

ratio

was

5.70%

at

March

31st.

(b)

(a)

Please see page 32 for a reconciliation of our GAAP and operating earnings.

(b)

Please see page 35 for a reconciliation of our GAAP and non-GAAP capital measures.

12

Notwithstanding the inversion of the yield curve, our net interest

margin remained stable in 2006 and improved in 1Q 2007.

3.83

4.57

4.22

2.27%

$8,746

5.86

6.08%

4Q 2006

3.56

4.07

4.14

2.29%

$5,305

5.62

5.85%

2Q 2006

3.45

3.72

4.13

2.28%

$10,149

5.56

5.81%

1Q 2006

56.5%

$13,691

$5,320

Prepayment penalties

6 bp

4.28

4.18

Average cost of borrowed funds

6 bp

3.89

3.74

Average cost of funds

8 bp

4.65

4.34

Average cost of CDs

5 bp

2.32%

2.24%

Net interest margin

10 bp

5.96

5.74

Average yield on assets

6 bp

6.14%

5.94%

Average yield on loans

1Q 2007

Linked-quarter

Increase

1Q 2007

3Q 2006

(dollars in thousands)

13

We continue to rank among the most efficient bank holding

companies in the nation.

(a)

SNL DataSource

(b)

Operating efficiency ratio.  Please see page 33 for a reconciliation of our GAAP and operating efficiency ratios.

Efficiency Ratio

U.S. Thrifts

(a)

NYB

(b)

62.44%

62.54%

63.07%

62.40%

64.53%

66.03%

64.81%

67.45%

75.02%

31.16%

30.20%

30.50%

25.32%

23.59%

21.46%

28.86%

37.59%

40.73%

1999

2000

2001

2002

2003

2004

2005

2006

1Q 2007

14

Our longstanding record of asset quality was extended in

1Q 2007.

(a)

SNL DataSource

U.S. Thrifts

(a)

NYB

Non-performing Assets / Total Assets

0.78%

0.49%

0.60%

0.62%

0.52%

0.44%

0.43%

0.47%

0.49%

0.17%

0.19%

0.19%

0.15%

0.15%

0.12%

0.11%

0.08%

0.09%

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

15

Both of our bank subsidiaries are well capitalized institutions:

The strength of our tangible capital continues to facilitate the

payment of a strong quarterly cash dividend.

3/31/07

10.73%

7.46%

Leverage capital ratio

Commercial Bank

Community Bank

Our tangible capital measures grew on a linked-quarter basis and year-over-year:

5.66

5.47%

$1.4

12/31/06

5.86

5.29

Tangible equity/tangible assets

excluding after-tax mark-to-market

adjustment on securities

(a)

5.70%

5.03%

Tangible equity/tangible assets

(a)

$1.5

$1.3

Tangible stockholders’

equity

(a)

3/31/07

3/31/06

(dollars in billions)

Our quarterly cash dividend has increased 90-fold since we initiated payments in 3Q 1994

and currently provides a yield of approximately 5.7%.

(a)

Please see pages 34 and 35 for a reconciliation of our GAAP and non-GAAP capital measures.

16

Our Business Model

*

*

*

*

*

*

*  *  *  *

17

The foundation for our success is a consistent business model that has

focused on building value while building the Company.

(a)

Please see page 33 for a reconciliation of our GAAP and operating efficiency ratios.

The origination of multi-family loans:

-

$19.0 billion of multi-family loans originated since January 2000, including $2.8 billion

in 2006 and $657 million in 1Q 2007

The maintenance of strong credit standards, resulting in a consistent record of solid asset

quality:

-

Charge-offs of $420,000 in 2006 and $68,000 in 1Q 2007 –

all on acquired assets

-

No net charge-offs for 40 consecutive quarters (4Q 1994 -

3Q 2004)

The efficient operation of our Company and our branch network:

-

Operating efficiency ratio of 37.59% in 2006 and 40.73% in 1Q 2007

(a)

The growth of our business through accretive merger transactions:

-

November 2000:

Haven Bancorp, Inc. (HAVN)

-

July 2001:

Richmond County Financial Corp. (RCBK)

-

October 2003:

Roslyn Bancorp, Inc. (RSLN)

-

December 2005:

Long Island Financial Corp. (LICB)

-

April 2006:

Atlantic Bank of New York (ABNY)

-

April 2007:

PennFed Financial Services, Inc. (PFSB)

18

Our multi-family lending niche is profitable, efficient, and

resilient.

Niche: 

Primarily rent-controlled and -stabilized buildings in NYC

Borrowers:

Long-term property owners with a history of building cash flows,

often on buildings that have been in their families for multiple

generations

Term:  

Years 1 –

5:   Fixed at 150 bp above the 5-year CMT

Years 6 –

10: Monthly adjustable rate 250 bp above prime, or fixed

rate 275 bp above the 5-year CMT plus 1 point

Prepayment

Range from 5 points to 1 point in years 1 through 5; recorded

penalties:

as interest income

Efficiency:

Less costly to originate and service than one-to-four family loans

Quality:

No losses in our niche for more than 25 years

19

The majority of our multi-family loans are secured by

rent-regulated buildings in Manhattan & Brooklyn.

20

% of total loans:  73.8%

Average principal balance:  $3.6 million

Average loan-to-value ratio:  63.8%

Expected weighted average life:  3.1

years

1Q 2007 originations:  $657 million

% of total loans originated in 2007:  55.2%

At 3/31/07

Multi-family Loan Portfolio

(a)

(in millions)

Multi-family loans have grown at a CAGR of 38.4% since 12/31/99.

(a)

Amounts exclude net deferred loan origination fees and costs.

$1,348

$1,946

$3,255

$4,494

$7,368

$9,839

$12,854

$14,529

$14,232

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

21

The quality of our assets reflects our strong credit and

underwriting standards.

Conservative loan-to-value (“LTV”) ratios

Minimum debt coverage ratio:  120%

All loans approved by the Mortgage and Real Estate Committee or the

Credit Committee (a majority of the Board of Directors)

Director and executive officer inspect all properties over $3 million

Board of Directors approves all loans over $10 million

All properties appraised by independent appraisers

All independent appraisals reviewed by in-house appraisal officers

Multi-family

and

commercial

real

estate

loans

based

on

the

lower

of

economic or market value

Construction loans disbursed upon receipt of signed contract of sale

22

Our efficiency has been driven by our approach to lending,

product development, and branch expansion.

Multi-family and commercial real estate lending are both broker-driven, without

cost to the Company.

One-to-four family loans are originated on a pass-through basis and sold shortly

after closing, servicing-released, generating income for the Company.

Products and services are frequently developed by third-party providers and the

sale of these products generates additional revenues.

47 of our branches are located in-store.

Franchise expansion has largely stemmed from mergers and acquisitions.

23

Acquisitions have strengthened and enhanced the quality of

our balance sheet.

5.66%

5.47%

1.4

12.6

6.7

28.5

19.7

$14.5

166

w/ ABNY

12/31/06

5.19%

3.97%

3.65%

4.12%

7.19%

Tangible

equity

/

tangible

assets

(a)

1.3

0.9

0.3

0.2

0.1

Tangible stockholders’

equity

(a)

30.8

26.3

23.4

9.2

4.7

1.9

Total assets

5.41%

4.13%

3.60%

4.11%

7.19%

Tangible equity / tangible assets

excluding after-tax mark-to-

market

adjustment

on

securities

(a)

14.4

12.1

10.3

5.5

3.3

1.0

Total deposits

7.1

6.9

6.0

3.0

1.4

0.4

Core deposits

21.2

17.0

10.5

5.4

3.6

1.6

Total loans

$14.3

$12.9

$  7.4

$3.3

$1.9

$1.3

Multi-family loans

198

152

139

120

86

14

Number of branches

Pro Forma

w/ PFSB

and Doral

(b)(c)(d)

3/31/07

w/ LICB

12/31/05

w/ RSLN

12/31/03

w/ RCBK

12/31/01

w/ HAVN

12/31/00

12/31/99

(dollars in billions)

(a)

Please see page 34 for a reconciliation of our GAAP and non-GAAP capital measures.

(b)

The acquisition of PFSB was completed on 4/2/07.

(c)

We expect to acquire assets of approximately $471 million, loans

of approximately $209 million, and deposits of approximately $359 million in

connection with the pending acquisition of 11 branches from Doral Bank, FSB.

(d)

Pro forma data does not reflect the post-merger repositioning of our balance sheet.

24

In addition, our acquisitions have contributed to the

achievement of several key goals.

Provides opportunities for profitable post-merger

balance sheet repositioning

ABNY

Provides cost-effective deposits to fund loan growth

Extends our geographic footprint within the Metro

New York region

Strengthens our deposit market share in existing

markets

Immediately accretive to GAAP and cash earnings

PFSB

LICB

RSLN

RCBK

HAVN

25

(dollars in millions)

45.7%

41.2%

% of Total Assets:

3/31/04

12/31/04

12/31/05

29.5%

55.7%

21.4%

64.8%

17.3%

69.0%

12/31/06

Cash flows from the sale of acquired assets have been converted

into securities and then into loans.

12/31/00

12/31/01

12/31/02

12/31/03

12/31/99

Loans

Securities

10.4%

84.3%

11.2%

77.2%

28.0%

58.7%

41.1%

48.5%

40.5%

44.8%

w/ HAVN

w/ RCBK

w/ RSLN

w/ ABNY

w/ LICB

16.9%

68.9%

3/31/07

$1,611

$3,636

$5,405

$5,489

$10,499

$10,919

$13,396

$17,029

$19,653

$19,287

$197

$526

$2,578

$4,652

$9,500

$12,119

$7,081

$5,637

$4,742

$4,926

26

$658

$1,874

$2,408

$1,949

$4,362

$3,752

$5,247

$5,945

$7,324

$378

$1,212

$2,588

$2,842

$5,247

$5,911

$6,012

$5,551

$5,675

$720

$739

$846

$1,123

$1,384

$465

$455

$171

$40

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

$3,257

$5,450

$5,256

$1,076

Total Deposits:

$10,329

$10,402

$12,105

$12,619

Total deposits:  43.0% CAGR

Core deposits:  47.7% CAGR

Demand deposits:  63.0% CAGR

CDs

NOW, MMAs, and Savings

Demand deposits

(in millions)

Deposits

Additional funding has stemmed from acquired deposits.

w/ HAVN

w/ RCBK

w/ RSLN

w/ ABNY

w/ LICB

$14,383

Pro Forma

w/ PFSB

& Doral

(a)

(a)

Includes deposits of approximately $1.6 billion acquired with PFSB on 4/2/07 and approximately $359 million to be acquired in the pending

Doral transaction early in 3Q 2007.

27

$1,348

$1,946

$3,255

$4,494

$7,368

$9,839

$12,854

$14,529

$14,274

$1,690

$2,150

$995

$3,131

$3,557

$4,175

$5,124

$6,933

$263

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

3/31/07

(in millions)

Multi-family Loans Outstanding

All Other Loans Outstanding

(a)

Amounts exclude net deferred loan origination fees and costs.

(b)

Includes loans of approximately $1.7 billion acquired with PFSB on 4/2/07 and approximately $209 million to be acquired in the pending Doral

transaction early in 3Q 2007.

(c)

Does not reflect the post-merger repositioning of our balance sheet.

$5,405

$5,489

$10,499

Loans Outstanding

(a)

Multi-family loans:  38.5% CAGR

Total loans:  42.7% CAGR

$13,396

$17,029

$3,636

$1,611

$19,653

While acquisitions have contributed to the growth of our loan

portfolio, the bulk of our growth has been organic.

w/ HAVN

w/ RCBK

w/ RSLN

w/ ABNY

w/ LICB

Total Loans:

$21,207

$1,150

$2,560

$4,330

$6,041

$6,332

$616

$677

$4,971

Total Originations:

Pro Forma

w/ PFSB

& Doral

(b)(c)

28

Our acquisitions of LICB and ABNY provided us with an

established commercial bank platform.

Diversified our depositor/borrower base

Enhanced our interest rate risk profile by replacing higher-cost

funding with lower-cost core and non-interest-bearing deposits

Provided the opportunity to cross-sell commercial bank products in

our savings

bank branches

Added commercial lending expertise to our management team

Enhanced our asset mix with C&I loans to small and mid-size

businesses

ABNY

LICB

29

The expansion of our franchise is progressing on schedule.

(a)

Pending receipt of regulatory approvals.

PennFed:

-

Completed the transaction on April 2, 2007.

-

Sold or securitized $1.4 billion of PennFed’s one-to-four family loans on April 30, 2007.

-

Sold the related securities in May.

-

Conversion of PennFed’s systems to New York Community Bank’s systems is slated

for August 2007.

Doral Branch Acquisition:

-

Announced on March 15, 2007.

-

All regulatory applications were filed in April.

-

Completion of the transaction and conversion of the Doral branches to New York

Commercial

Bank’s

systems

is

currently

slated

for

July

2007.

(a)

30

We are committed to building value in 2007.

Our Goals

Enhance our asset mix by originating C&I loans to small and mid-size businesses in our

market, while growing our multi-family, construction, and commercial real estate loan

portfolios

Maintain the quality of our assets by adhering to our traditional credit standards

Utilize the cash flows from the sale of securities and 1-

4 family loans to originate higher-

yielding multi-family and other loans and/or reduce our higher-cost funding sources

Expand and diversify our deposit mix

Continue to improve our net interest margin

Increase our revenues through the cross-sale of products and services

Maintain a strong level of efficiency

Grow our operating earnings

Demonstrate our capacity to execute accretive merger transactions while enhancing the

value of our franchise

Improve customer service

Maintain the strength of our tangible capital measures

Maintain our dividend

31

Log onto our web site:  www.myNYCB.com

E-mail requests to:  ir@myNYCB.com

Call Investor Relations at:  (516) 683-4420

Write to:

New York Community Bancorp, Inc.

615 Merrick Avenue

Westbury, NY  11590

5/9/2007

For More Information

32

Reconciliation of GAAP and Non-GAAP Measures

The following table presents a reconciliation of the Company’s GAAP and operating earnings for the three months ended December 31, 2006 and

March 31, 2007.

For the Three Months Ended

$0.18

$0.22

Diluted GAAP Earnings per Share

Adjustments to diluted GAAP earnings per share:

0.02

--

Merger-related charge

--

--

Loss on debt redemption

0.01

--

Retirement charge

--

--

Loss on mark-to-market of interest rate swaps

$0.21

$0.22

Diluted operating earnings per share

5,744

--

Merger-related charge

1,859

--

Loss on debt redemption

$61,708

(2,088)

--

3,072

$53,121

December 31,

2006

$68,819

--

--

--

$68,819

March 31,

2007

Adjustments to GAAP earnings:

Operating earnings

Loss on mark-to-market of interest rate swaps

Income tax effect on adjustments

Retirement charge

GAAP Earnings

(in thousands, except per share data)

33

Reconciliation of GAAP and Non-GAAP Measures

The following table presents reconciliations of the Company’s GAAP and operating efficiency ratios for the years ended December 31, 1999, 2000,

2001, 2003, 2004, 2005, and 2006. For the year ended December 31, 2002 and the three months ended March 31, 2007, the Company’s GAAP and

operating efficiency ratios were the same.

--

--

(24,800)

--

(22,800)

--

(20,423)

--

--

--

(36,588)

--

(5,744)

--

Merger-related charge

(735)

--

--

--

--

--

--

--

--

--

--

--

(3,072)

--

Retirement charge

--

--

--

--

--

--

--

--

--

--

--

--

6,071

--

swaps

Loss on mark-to-market of interest rate

--

--

--

--

--

--

--

--

--

--

--

--

1,859

--

Loss on debt redemption

For the Years Ended December 31,

1999

2000

2001

2003

2004

2005

2006

--

--

--

--

--

--

--

--

157,215

--

--

--

--

--

Balance sheet repositioning charge

37.59%

$247,546

--

$256,362

$658,486

--

--

$650,556

Operating

39.41%

$256,362

--

$256,362

$650,556

--

--

$650,556

GAAP

Adjustment:

Adjustments:

38.04%

$112,757

--

$112,757

$296,431

--

--

$296,431 

GAAP

30.50%

$  89,957

--

$112,757

$294,931

(1,500)

--

$296,431

Operating

30.20%

$  24,530

--

$  49,330

$  81,226

(13,500)

--

$  94,726 

Operating

52.08%

$49,330

--

$49,330

$94,726

--

--

$94,726

GAAP

21.46%

$193,632

--

$193,632

$902,464

--

8,209

$737,040

Operating

31.16%

29.95%

23.59%

25.32%

26.27%

28.86%

34.14%

Efficiency ratio

$22,255

$21,390

$148,950

$169,373

$193,632

$200,033

$236,621

Adjusted operating expenses

1,600

--

--

--

--

--

--

Curtailment gain

$21,390

$21,390

$169,373

$169,373

$193,632

$236,621

$236,621

Operating expenses

$71,426

$71,426

$631,349

$668,962

$737,040

$693,068

$693,068

non-interest income

--

--

(37,613)

--

--

--

--

Gain on sale of branches

Adjusted total net interest income and

--

--

--

--

--

--

--

impairment

Loss on other-than-temporary

$71,426

$71,426 

$668,962

$668,962

$737,040

$693,068

$693,068

Total net interest income and

non-interest income

Operating

GAAP

Operating

GAAP

GAAP

Operating

GAAP

(dollars in thousands)

34

Reconciliation of GAAP and Non-GAAP Capital Measures

The

following

table

presents

reconciliations

of

the

Company’s

stockholders’

equity,

tangible

stockholders’

equity,

and

adjusted

tangible

stockholders’

equity; total assets, tangible assets, and adjusted tangible assets; and the related capital measures at December 31, 1999, 2000, 2001, 2002, 2003,

2004, 2005, and 2006:

December 31,

1999

2000

2001

2002

2003

2004

2005

2006

(dollars in thousands)

--

--

(57,500)

(51,500)

(98,993)

(87,553)

(86,533)

(106,381)

Core deposit intangibles

7.19%

4.11%

3.60%

5.78%

4.13%

5.39%

5.41%

5.66%

Adjusted

tangible

stockholders’

equity

to

adjusted

tangible assets

$1,906,835

$4,591,895

$8,526,767

$10,602,222

$21,458,631

$22,039,532

$24,272,340

$26,280,006

Adjusted tangible assets

--

(820)

(3,715)

(34,852)

34,640

40,697

55,857

52,125

Add back:  Net unrealized losses (gains)

on securities

$1,906,835

$4,592,715

$8,530,482

$10,637,074

$21,423,991

$21,998,835

$24,216,483

$26,227,881

Tangible assets

$137,141

$188,520

$307,266

$612,642

$885,951

$1,188,120

$1,313,512

$1,487,473

Adjusted

tangible

stockholders’

equity

--

(820)

(3,715)

(34,852)

34,640

40,697

55,857

52,125

Add back:  Net unrealized losses (gains)

on securities

$137,141

$189,340

$310,981

$647,494

$851,311

$1,147,423

$1,257,655

$1,435,348

Tangible

stockholders’

equity

7.19%

4.12%

3.65%

6.09%

3.97%

5.22%

5.19%

5.47%

Tangible

stockholders’

equity

to

tangible

assets

7.19%

6.53%

10.68%

11.70%

12.24%

13.26%

12.65%

12.95%

Stockholders’

equity to total assets

$1,906,835

$4,592,715

$8,530,482

$10,637,074

$21,423,991

$21,998,835

$24,216,483

$26,227,881

Tangible assets

--

(118,070)

(614,653)

(624,518)

(1,918,353)

(1,951,438)

(1,980,689)

(2,148,108)

Less: Goodwill

$1,906,835

$4,710,785

$9,202,635

$11,313,092

$23,441,337

$24,037,826

$26,283,705

$28,482,370

Total assets

$137,141

$  189,340

$  310,981

$   647,494

$     851,311

$  1,147,423

$  1,257,655

$  1,435,348

Tangible stockholders’

equity

--

--

(57,500)

(51,500)

(98,993)

(87,553)

(86,533)

(106,381)

Core deposit intangibles

--

(118,070)

(614,653)

(624,518)

(1,918,353)

(1,951,438)

(1,980,689)

(2,148,108)

Less: Goodwill

$137,141

$  307,410

$  983,134

$1,323,512

$  2,868,657

$  3,186,414

$  3,324,877

$  3,689,837

Total stockholders’

equity

35

Reconciliation of GAAP and Non-GAAP Capital Measures

The

following

table

presents

a

reconciliation

of

the

Company’s

stockholders’

equity,

tangible

stockholders’

equity,

and

adjusted

tangible

stockholders’

equity; total assets, tangible assets, and adjusted tangible assets; and the related capital measures at March 31, 2006 and 2007:

For the Three Months Ended

5.86%

$25,775,747

43,854

$25,731,893

$1,509,439

43,854

$1,465,585

5.70%

13.27%

$25,731,893

(101,379)

(2,144,642)

$27,977,914

$  1,465,585

(101,379)

(2,144,642)

$  3,711,606

March 31, 2007

March 31, 2006

(dollars in thousands)

(82,614)

Core deposit intangibles

5.29%

Adjusted

tangible

stockholders’

equity

to

adjusted

tangible

assets

$25,142,659

Adjusted tangible assets

69,302

Add back:  Net unrealized losses on securities

$25,073,357

Tangible assets

$1,330,261

Adjusted

tangible

stockholders’

equity

69,302

Add back:  Net unrealized losses on securities

$1,260,959

Tangible

stockholders’

equity

5.03%

Tangible

stockholders’

equity

to

tangible

assets

12.25%

Stockholders’

equity to total assets

$25,073,357

Tangible assets

(1,981,053)

Less: Goodwill

$27,137,024

Total assets

$  1,260,959

Tangible

stockholders’

equity

(82,614)

Core deposit intangibles

(1,981,053)

Less: Goodwill

$  3,324,626

Total stockholders’

equity