Flagstar Financial (FLG) 10-K 1 Mar 10 2009 FY Annual report Financial data

Statement Of Financial Position

Statement Of Financial Position Unclassified - Deposit Based Operations (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
ASSETS:
Cash and cash equivalents	$2,670,857	$203,216
Securities available for sale:
Mortgage-related securities ($602,233 and $811,152 pledged, respectively)	774,205	833,684
Other securities ($302,022 and $78,847 pledged, respectively)	744,441	176,818
Total available-for-sale securities	1,518,646	1,010,502
Securities held to maturity:
Mortgage-related securities ($2,459,161 and $3,131,098 pledged, respectively) (fair value of $2,551,608 and $3,199,414, respectively)	2,465,956	3,164,856
Other securities ($1,564,585 and $1,359,912 pledged, respectively) (fair value of $1,698,054 and $1,628,387, respectively)	1,757,641	1,726,135
Total held-to-maturity securities	4,223,597	4,890,991
Total securities	5,742,243	5,901,493
Non-covered loans, net of deferred loan fees and costs	23,376,599	22,192,212
Less: Allowance for loan losses	(127,491)	(94,368)
Non-covered loans, net	23,249,108	22,097,844
Covered loans	4,664,778	0
Covered loans held for sale	351,322	0
Total loans, net	28,265,208	22,097,844
Federal Home Loan Bank stock, at cost	496,742	400,979
Premises and equipment, net	205,165	217,762
FDIC loss share receivable	743,276	0
Goodwill	2,436,401	2,436,401
Core deposit intangibles, net	105,764	87,780
Bank-owned life insurance	715,962	691,429
Other assets	772,251	430,002
Total assets	42,153,869	32,466,906
Deposits:
NOW and money market accounts	7,706,288	3,818,952
Savings accounts	3,788,294	2,632,078
Certificates of deposit	9,053,891	6,796,971
Non-interest-bearing accounts	1,767,938	1,127,647
Total deposits	22,316,411	14,375,648
Wholesale borrowings:
Federal Home Loan Bank advances	8,955,769	7,708,064
Repurchase agreements	4,125,000	4,485,000
Federal funds purchased	0	150,000
Total wholesale borrowings	13,080,769	12,343,064
Junior subordinated debentures	427,371	484,216
Other borrowings	656,546	669,430
Total borrowed funds	14,164,686	13,496,710
Other liabilities	305,870	375,302
Total liabilities	36,786,967	28,247,660
Stockholders' equity:
Preferred stock at par $0.01 (5,000,000 shares authorized; none issued)	0	0
Common stock at par $0.01 (600,000,000 shares authorized; 433,197,332 and 344,985,111 shares issued, respectively; 433,197,332 and 344,985,111 shares outstanding, respectively)	4,332	3,450
Paid-in capital in excess of par	5,238,231	4,181,599
Retained earnings	175,193	123,511
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP")	(951)	(1,995)
Accumulated other comprehensive loss, net of tax:
Net unrealized loss on available for sale securities and the non-credit portion of other-than-temporary impairment losses, net of tax	(6,274)	(32,506)
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax	(3,927)	(4,706)
Net unrealized loss on pension and post-retirement obligations, net of tax	(39,702)	(50,107)
Total accumulated other comprehensive loss, net of tax	(49,903)	(87,319)
Total stockholders' equity	5,366,902	4,219,246
Total liabilities and stockholders' equity	$42,153,869	$32,466,906

1_Statement Of Financial Positi

Statement Of Financial Position Unclassified - Deposit Based Operations (Parenthetical) (USD $)
In Thousands, except Share data	Dec. 31, 2009	Dec. 31, 2008
Mortgage-related securities, pledged	$602,233	$811,152
Other securities, pledged	302,022	78,847
Mortgage-related securities, pledged	2,459,161	3,131,098
Mortgage-related securities, fair value	2,551,608	3,199,414
Other securities, pledged	1,564,585	1,359,912
Other securities, fair value	$1,698,054	$1,628,387
Preferred stock, par	0.01	0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Common stock, par	0.01	0.01
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	433,197,332	344,985,111
Common stock, shares outstanding	433,197,332	344,985,111

Statement Of Income Interest Ba

Statement Of Income Interest Based Revenue (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
INTEREST INCOME:
Mortgage and other loans	$1,325,601	$1,260,291	$1,217,348
Securities and money market investments	309,011	344,838	349,397
Total interest income	1,634,612	1,605,129	1,566,745
INTEREST EXPENSE:
NOW and money market accounts	33,788	54,599	90,346
Savings accounts	15,859	22,179	27,714
Certificates of deposit	163,168	271,615	307,764
Borrowed funds	516,472	581,241	524,391
Total interest expense	729,287	929,634	950,215
Net interest income	905,325	675,495	616,530
Provision for loan losses	63,000	7,700	0
Net interest income after provision for loan losses	842,325	667,795	616,530
NON-INTEREST INCOME:
Total other-than-temporary impairment losses on securities	(106,248)	(104,317)	(56,958)
Less: Non-credit portion of other-than-temporary impairment ("OTTI") losses recorded in other comprehensive income (before taxes)	9,715	0	0
Net other-than-temporary impairment losses recognized in earnings	(96,533)	(104,317)	(56,958)
Fee income	40,074	41,191	42,170
Bank-owned life insurance	27,406	28,644	26,142
Net gain on sale of securities	338	573	1,888
Gain (loss) on debt repurchases/exchange	10,054	16,962	(1,848)
Gain on AmTrust acquisition	139,607	0	0
Gain on sale of bank-owned property	0	0	64,879
Other	36,693	32,476	34,819
Total non-interest income	157,639	15,529	111,092
Operating expenses:
Compensation and benefits	184,692	169,970	159,217
Occupancy and equipment	73,724	70,654	68,543
General and administrative	125,587	80,194	71,815
Total operating expenses	384,003	320,818	299,575
Debt repositioning charges	0	285,369	3,190
Amortization of core deposit intangibles	22,812	23,343	22,758
Total non-interest expense	406,815	629,530	325,523
Income before income taxes	593,149	53,794	402,099
Income tax expense (benefit)	194,503	(24,090)	123,017
Net income	398,646	77,884	279,082
Other comprehensive income (loss), net of tax:
Change in net unrealized gain (loss) on securities and non-credit portion of other-than-temporary impairment for the period	27,601	(22,376)	37,289
Change in pension and post-retirement obligations	10,405	(43,628)	9,449
Total comprehensive income, net of tax	$436,652	$11,880	$325,820
Basic earnings per share	1.13	0.23	0.9
Diluted earnings per share	1.13	0.23	0.9

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Thousands	$0.01)						Total
Balance at beginning of year at Dec. 31, 2006	$2,954	$3,338,227	$421,313	$0	($4,604)	($68,053)
Allocation of ESOP stock		7,082
Change in net unrealized loss on securities available for sale, net of tax of $16,648; $55,795; and $(1,164), respectively						1,786
Net income			279,082				279,082
Purchase of common stock (114,302; 115,416; and 9,424 shares, respectively)				(168)
Earned portion of ESOP					1,519
Dividends paid on common stock ($1.00 per share in each year)			(310,205)
Exercise of stock options	30	62,837		168
Effect of accounting change regarding bank-owned life insurance			0
Shares issued for restricted stock awards (1,184,166; 1,881,850; and 725,491, respectively)	7	(7)		0
Effect of accounting change regarding pension and post-retirement benefits measurement date			0
Compensation expense related to restricted stock awards		3,651
Effect of accounting change regarding income taxes			567
Shares issued for debt exchange	0	0
Shares issued in connection with the direct stock purchase feature of the Dividend Reinvestment and Stock Purchase Plan ("DRP") (13,233,518 in 2009)	0	0
Adjustment for the cumulative effect of a change in accounting for OTTI, net of tax			0			0
Shares issued in common stock offerings	0	0
Non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $3,886						0
Net effect of issuance and exercise of FDIC equity appreciation instrument, net of tax effects		0
Amortization of net unrealized loss on securities transferred from available for sale to held to maturity, net of tax of $(513); $(1,606); and $(1,403), respectively						2,160
Tax effect of stock plans		(2,139)
Change in pension and post-retirement obligations, net of tax of $(6,981); $27,891; and $(6,148), respectively						9,449
Exercise of warrants related to BONUSES Units		0
Less: Reclassification adjustment for net gain on sale of securities and loss on OTTI of securities, net of tax of $(37,885); $(41,356); and $(21,727), respectively						33,343
Common shares issued for business combinations	247	403,074
Other comprehensive income (loss), net of tax						46,738
Cash-in-lieu of fractional shares		(7)
Balance at end of year at Dec. 31, 2007	3,238	3,812,718	390,757	0	(3,085)	(21,315)	4,182,313
Allocation of ESOP stock		4,702
Change in net unrealized loss on securities available for sale, net of tax of $16,648; $55,795; and $(1,164), respectively						(87,269)
Net income			77,884				77,884
Purchase of common stock (114,302; 115,416; and 9,424 shares, respectively)				(2,208)
Earned portion of ESOP					1,090
Dividends paid on common stock ($1.00 per share in each year)			(333,509)
Exercise of stock options	14	15,714		2,208
Effect of accounting change regarding bank-owned life insurance			(12,709)
Shares issued for restricted stock awards (1,184,166; 1,881,850; and 725,491, respectively)	19	(18)		0
Effect of accounting change regarding pension and post-retirement benefits measurement date			1,088
Compensation expense related to restricted stock awards		7,887
Effect of accounting change regarding income taxes			0
Shares issued for debt exchange	0	0
Shares issued in connection with the direct stock purchase feature of the Dividend Reinvestment and Stock Purchase Plan ("DRP") (13,233,518 in 2009)	0	0
Adjustment for the cumulative effect of a change in accounting for OTTI, net of tax			0			0
Shares issued in common stock offerings	179	338,974
Non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $3,886						0
Net effect of issuance and exercise of FDIC equity appreciation instrument, net of tax effects		0
Amortization of net unrealized loss on securities transferred from available for sale to held to maturity, net of tax of $(513); $(1,606); and $(1,403), respectively						2,505
Tax effect of stock plans		1,574
Change in pension and post-retirement obligations, net of tax of $(6,981); $27,891; and $(6,148), respectively						(43,628)
Exercise of warrants related to BONUSES Units		48
Less: Reclassification adjustment for net gain on sale of securities and loss on OTTI of securities, net of tax of $(37,885); $(41,356); and $(21,727), respectively						62,388
Common shares issued for business combinations	0	0
Other comprehensive income (loss), net of tax						(66,004)
Cash-in-lieu of fractional shares		0
Balance at end of year at Dec. 31, 2008	3,450	4,181,599	123,511	0	(1,995)	(87,319)	4,219,246
Allocation of ESOP stock		2,718
Change in net unrealized loss on securities available for sale, net of tax of $16,648; $55,795; and $(1,164), respectively						(25,659)
Net income			398,646				398,646
Purchase of common stock (114,302; 115,416; and 9,424 shares, respectively)				(1,311)
Earned portion of ESOP					1,044
Dividends paid on common stock ($1.00 per share in each year)			(347,554)
Exercise of stock options	0	414		78
Effect of accounting change regarding bank-owned life insurance			0
Shares issued for restricted stock awards (1,184,166; 1,881,850; and 725,491, respectively)	12	(1,245)		1,233
Effect of accounting change regarding pension and post-retirement benefits measurement date			0
Compensation expense related to restricted stock awards		9,490
Effect of accounting change regarding income taxes			0
Shares issued for debt exchange	48	39,105
Shares issued in connection with the direct stock purchase feature of the Dividend Reinvestment and Stock Purchase Plan ("DRP") (13,233,518 in 2009)	132	147,118
Adjustment for the cumulative effect of a change in accounting for OTTI, net of tax			590			(590)
Shares issued in common stock offerings	690	864,208
Non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $3,886						(5,829)
Net effect of issuance and exercise of FDIC equity appreciation instrument, net of tax effects		(9,186)
Amortization of net unrealized loss on securities transferred from available for sale to held to maturity, net of tax of $(513); $(1,606); and $(1,403), respectively						779
Tax effect of stock plans		4,010
Change in pension and post-retirement obligations, net of tax of $(6,981); $27,891; and $(6,148), respectively						10,405
Exercise of warrants related to BONUSES Units		0
Less: Reclassification adjustment for net gain on sale of securities and loss on OTTI of securities, net of tax of $(37,885); $(41,356); and $(21,727), respectively						58,310
Common shares issued for business combinations	0	0
Other comprehensive income (loss), net of tax						37,416
Cash-in-lieu of fractional shares		0
Balance at end of year at Dec. 31, 2009	$4,332	$5,238,231	$175,193	$0	($951)	($49,903)	$5,366,902

2_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $)
In Thousands, except Share data	$0.01)
Purchase of common stock, shares			9,424
Exercise of stock options, shares	3,081,431		9,424
Shares issued for restricted stock awards, shares	725,491
Shares issued in stock offerings, shares	0
Shares issued for business combinations, shares	24,654,781
Dividends paid on common stock, per share		$1
Change in net unrealized loss on securities available for sale, tax				($1,164)
Amortization of net unrealized loss on securities transferred from available for sale to held to maturity, tax				(1,403)
Change in pension and post-retirement obligations, tax				(6,148)
Less: Reclassification adjustment for net gain on sale of securities and loss on OTTI of securities, tax				(21,727)
Purchase of common stock, shares			115,416
Exercise of stock options, shares	1,415,990		115,416
Shares issued for restricted stock awards, shares	1,881,850
Shares issued in stock offerings, shares	17,871,000
Dividends paid on common stock, per share		$1
Change in net unrealized loss on securities available for sale, tax				55,795
Amortization of net unrealized loss on securities transferred from available for sale to held to maturity, tax				(1,606)
Change in pension and post-retirement obligations, tax				27,891
Less: Reclassification adjustment for net gain on sale of securities and loss on OTTI of securities, tax				(41,356)
Purchase of common stock, shares			114,302
Exercise of stock options, shares	38,093		6,867
Shares issued for restricted stock awards, shares	1,184,166		107,435
Shares issued in stock offerings, shares	69,000,000
Shares issued for debt exchange, shares	4,756,444
Shares issued in connection with the direct stock purchase feature of the Dividend Reinvestment and Stock Purchase Plan ( DRP), shares	13,233,518
Dividends paid on common stock, per share		$1
Change in net unrealized loss on securities available for sale, tax				16,648
Adjustment for the cumulative effect of a change in accounting for OTTI, tax				377
Non-credit portion of OTTI losses recognized in other comprehensive income, tax				3,886
Amortization of net unrealized loss on securities transferred from available for sale to held to maturity, tax				(513)
Change in pension and post-retirement obligations, tax				(6,981)
Less: Reclassification adjustment for net gain on sale of securities and loss on OTTI of securities, tax				($37,885)

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect Deposit Based Operations (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$398,646	$77,884	$279,082
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	63,000	7,700	0
Depreciation and amortization	19,982	19,731	18,989
Accretion of discounts, net	(4,109)	(19,946)	(3,477)
Net change in net deferred loan origination costs and fees	(3,781)	5,448	1,585
Amortization of core deposit intangibles	22,812	23,343	22,758
Net gain on sale of securities	(338)	(573)	(1,888)
Net gain on sale of loans	(10,470)	(326)	(705)
Gain on sale of bank-owned property	0	0	(64,879)
Gain on AmTrust acquisition	(139,607)	0	0
Stock plan-related compensation	13,252	13,680	12,252
Loss on other-than-temporary impairment of securities	96,533	104,317	56,958
Changes in assets and liabilities:
(Increase) decrease in deferred tax asset, net	(14,916)	(31,095)	32,904
Increase in other assets	(97,805)	(75,596)	(38,698)
(Decrease) increase in other liabilities	(89,146)	120,193	(15,272)
Origination of loans held for sale	(888,527)	(47,385)	(66,181)
Proceeds from sale of loans originated for sale	846,120	47,375	62,792
Net cash provided by operating activities	211,646	244,750	296,220
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from repayment of securities held to maturity	2,469,068	2,295,852	637,596
Proceeds from repayment of securities available for sale	201,245	230,016	296,345
Proceeds from sale of securities available for sale	10,338	11,543	2,115,530
Purchase of securities held to maturity	(1,808,546)	(2,735,893)	(2,010,035)
Purchase of securities available for sale	0	(12,320)	(517,954)
Net redemption of Federal Home Loan Bank stock	14,829	22,090	18,692
Net (increase) decrease in loans	(1,157,703)	(1,886,497)	582,909
Purchase of loans	0	(45,500)	(180,465)
Proceeds from sale of loans	0	25,035	823,065
Net proceeds from sale of bank-owned property	0	0	99,608
Purchase of premises and equipment, net	(7,385)	(22,587)	(8,803)
Net cash acquired in business combinations	4,029,729	0	159,172
Net cash provided by (used in) investing activities	3,751,575	(2,118,261)	2,015,660
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits	(266,380)	1,139,847	(2,030,940)
Net (decrease) increase in short-term borrowings	(1,012,900)	1,012,900	(308,200)
Net (decrease) increase in long-term borrowings	(860,783)	(431,887)	400,699
Tax effect of stock plans	4,010	1,574	(2,139)
Cash dividends paid on common stock	(347,554)	(333,509)	(310,205)
Treasury stock purchases	(1,311)	(2,208)	(168)
Net cash received from stock option exercises	465	15,041	44,064
Cash used for exercise of FDIC equity appreciation instrument	(23,275)	0	0
Net cash received from warrant exercises	0	73	0
Proceeds from issuance of common stock, net	1,012,148	339,153	0
Cash-in-lieu of fractional shares	0	0	(7)
Net cash (used in) provided by financing activities	(1,495,580)	1,740,984	(2,206,896)
Net increase (decrease) in cash and cash equivalents	2,467,641	(132,527)	104,984
Cash and cash equivalents at beginning of year	203,216	335,743	230,759
Cash and cash equivalents at end of year	2,670,857	203,216	335,743
Supplemental information:
Cash paid for interest	715,619	950,637	984,340
Cash paid for income taxes	182,767	13,121	98,100
Non-cash investing activities:
Exchange of debt for common stock	39,153	0	0
Mortgage loans securitized and transferred to mortgage-related securities available for sale	0	71,307	593,816
Transfers to other real estate owned from loans	$14,372	$982	$706

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION
	12 Months Ended Dec. 31, 2009 USD / shares
ORGANIZATION AND BASIS OF PRESENTATION	NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION Organization Formerly known as Queens County Bancorp, Inc., New York Community Bancorp, Inc. (on a stand-alone basis, the Parent Company or, collectively with its subsidiaries, the Company) was organized under Delaware law on July20, 1993 and is the holding company for New York Community Bank and New York Commercial Bank (hereinafter referred to as the Community Bank and the Commercial Bank, respectively, and collectively as the Banks). In addition, for the purpose of these Consolidated Financial Statements, the Community Bank and the Commercial Bank refer not only to the respective banks but also to their respective subsidiaries. The Community Bank is the primary banking subsidiary of the Company. Founded on April14, 1859 and formerly known as Queens County Savings Bank, the Community Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November23, 1993, at which date the Company issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share. The Commercial Bank was established on December30, 2005. Reflecting nine stock splits, the Companys initial offering price adjusts to $0.93 per share. All share and per share data presented in this report have been adjusted to reflect the impact of the stock splits. The Company changed its name to New York Community Bancorp, Inc. on November21, 2000 in anticipation of completing the first of eight business combinations that expanded its footprint well beyond Queens County to encompass all five boroughs of New York City, Long Island, and Westchester County in New York, and seven counties in the northern and central parts of New Jersey. In 2009, the Company expanded beyond this region to south Florida, northeast Ohio, and central Arizona through its Federal Deposit Insurance Corporation (FDIC)-assisted acquisition of certain assets and its assumption of certain liabilities of AmTrust Bank. Reflecting this strategy of growth through acquisitions, the Community Bank currently operates 241 branches, four of which operate directly under the Community Bank name. The remaining 237 branches operate through seven divisional banksQueens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank (in New York), Garden State Community Bank in New Jersey, AmTrust Bank in Florida and Arizona, and Ohio Savings Bank in Ohio. The Commercial Bank currently operates 35 branches in Manhattan, Queens, Brooklyn, Westchester County, and Long Island, including 18 branches that operate under the name Atlantic Bank. Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its wholly-owned subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (GAAP) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and lia

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold with original maturities of less than 90 days. At December31, 2009 and 2008, the Companys cash equivalents included $2.5 billion (including $2.3 billion at the Federal Reserve Bank of New York) and $8.3 million, respectively, of interest-bearing deposits in other financial institutions, as well as federal funds sold of $3.1 million and $4.2 million, respectively. In accordance with the monetary policy of the Board of Governors of the Federal Reserve System, the Company was required to maintain reserves with the Federal Reserve Bank of New York of $93.4 million and $84.2 million at December31, 2009 and 2008, respectively, in the form of vault cash and deposits. The Company was in compliance with this requirement at both dates. Securities Held to Maturity and Available for Sale The Companys securities portfolio consists of mortgage-backed securities and collateralized mortgage obligations (together, mortgage-related securities) and debt and equity securities (together, other securities). Securities that are classified as available for sale are carried at estimated fair value, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders equity. Securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and are carried at amortized cost. The fair values of the Companys securities are affected by changes in interest rates, credit spreads, and market illiquidity. In general, as interest rates rise, the fair value of fixed-rate securities will decline; as interest rates fall, the fair value of fixed-rate securities will increase. The Company conducts a periodic review and evaluation of the securities portfolio to determine if the decline in the fair value of any security below its carrying value is other than temporary. Prior to April1, 2009, when the decline in fair value below an investments carrying amount was deemed to be other than temporary, the investment was written down to fair value and the full amount of the write-down was charged to the income statement. A decline in fair value of an investment was deemed to be other than temporary if we did not expect to recover the carrying amount of the investment or we did not have the intent and ability to hold the investment to the anticipated recovery of its amortized cost. Effective April1, 2009, with the adoption of revised OTTI accounting requirements issued by the FASB, unless we have the intent to sell, or it is more likely than not that we will be required to sell a security, an OTTI is recognized as a realized loss on the income statement to the extent that the decline in fair value is credit-related. The decline in value attributable to factors other than credit is charged to accumulated other comprehensive loss, net of tax (AOCL). If there is a decline in fair value of a security below its carrying am

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS
	12 Months Ended Dec. 31, 2009 USD / shares
BUSINESS COMBINATIONS	NOTE 3: BUSINESS COMBINATIONS On December4, 2009, the Community Bank acquired certain assets and assumed certain liabilities of AmTrust Bank (AmTrust) from the FDIC in an FDIC-assisted transaction (the AmTrust acquisition). Headquartered in Cleveland, Ohio, AmTrust was a savings bank that operated 29 branch locations in Ohio, 25 locations in Florida, and 12 locations in Arizona. The purpose of the AmTrust acquisition was to expand the Companys footprint into new markets, and to enhance its funding mix with the acquisition of low-cost core deposits. As part of the Purchase and Assumption Agreement entered into by the Community Bank with the FDIC, the Community Bank entered into loss sharing agreements, whereby the FDIC will cover a substantial portion of any future losses on loans. The acquired loans that are subject to the loss sharing agreements are collectively referred to as covered loans.Under the terms of the loss sharing agreements, the FDIC is obligated to reimburse the Community Bank for 80% of losses of up to $907 million with respect to the covered loans, and 95% of losses in excess of $907 million with respect to the covered loans. In addition, the Community Bank will reimburse the FDIC for 80% of recoveries with respect to losses for which the FDIC paid the Community Bank 80% reimbursement, and for 95% of recoveries with respect to losses for which the FDIC paid the Community Bank 95% reimbursement under the loss sharing agreements. The expected reimbursements under the loss sharing agreements were recorded as an indemnification asset (the aforementioned FDIC loss share receivable) at an estimated fair value of $740.0 million on the acquisition date. The loss sharing agreements are subject to the Company following certain servicing procedures, as specified in the loss sharing agreements with the FDIC. Furthermore, the Community Bank has agreed to pay to the FDIC, on January18, 2020 (the True-Up Measurement Date), half of the amount, if positive, calculated as (1)$181,400,000 minus (2)the sum of (a)25% of the asset discount bid made in connection with the AmTrust acquisition; (b)25% of the Cumulative Shared-Loss Payments (as defined below); and (c)the sum of the period servicing amounts for every consecutive twelve-month period prior to, and ending on, the True-Up Measurement Date in respect of each of the shared loss agreements during which the applicable shared loss agreement is in effect (with such period servicing amounts to equal, for any twelve-month period with respect to which each of the shared loss agreements during which such shared loss agreement is in effect, the product of the simple average of the principal amount of shared loss loans and shared loss assets at the beginning and end of such period and 1%). For the purposes of the above calculation, Cumulative Shared-Loss Payments means (i)the aggregate of all of the payments made or payable to the Community Bank under the shared-loss agreements minus (ii)the aggregate of all of the payments made or payable to the FDIC under the shared-loss agreements. The above reimbursable losses and recoveries are based on the book value of the relevant loans as

SECURITIES

SECURITIES
	12 Months Ended Dec. 31, 2009 USD / shares
SECURITIES	NOTE 4: SECURITIES The following tables summarize the Companys portfolio of securities available for sale at December31, 2009 and 2008: December31, 2009 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Mortgage-related Securities: GSE(1) certificates $ 264,769 $ 7,741 $ 702 $ 271,808 GSE CMOs(2) 400,770 16,013 416,783 Private label CMOs 91,612 5,998 85,614 Total mortgage-related securities $ 757,151 $ 23,754 $ 6,700 $ 774,205 Other Securities: U.S. Treasury obligations $ 607,022 $ 21 $ 592 $ 606,451 GSE debentures 30,179 11 30,190 Corporate bonds 5,811 9 919 4,901 State, county, and municipal 6,402 38 281 6,159 Capital trust notes 39,151 5,125 5,438 38,838 Preferred stock 31,400 1,117 11,283 21,234 Common stock 42,693 1,606 7,631 36,668 Total other securities $ 762,658 $ 7,927 $ 26,144 $ 744,441 Total securities available for sale(3) $ 1,519,809 $ 31,681 $ 32,844 $ 1,518,646 (1) Government-sponsored enterprises (2) Collateralized mortgage obligations (3) As of December31, 2009, the non-credit portion of OTTI recorded in AOCL was $506,000 (before taxes). December31, 2008 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Mortgage-related Securities: GSE certificates $ 180,132 $ 5,160 $ $ 185,292 GSE CMOs 519,389 9,727 154 528,962 Private label CMOs 139,332 19,902 119,430 Total mortgage-related securities $ 838,853 $ 14,887 $ 20,056 $ 833,684 Other Securities: GSE debentures $ 59,478 $ 2,481 $ $ 61,959 Corporate bonds 30,814 12,064 18,750 State, county, and municipal 6,528 387 6,141 Capital trust notes 44,337 14,471 29,866 Preferred stock 31,400 150 14,010 17,540 Common stock 53,343 151 10,932 42,562 Total other securities $ 225,900 $ 2,782 $ 51,864 $ 176,818 Total securities available for sale $ 1,064,753 $ 17,669 $ 71,920 $ 1,010,502 The following tables summarize the Companys portfolio of securities held to maturity at December31, 2009 and 2008: December31, 2009 (in thousands) Amortized Cost Carrying Amount Gross Unrealized Gain Gross Unrealized Loss Fair Value Mortgage-related Securities: GSE certificates $ 234,290 $ 234,290 $ 16,031 $ $ 250,321 GSE CMOs 2,224,873 2,22

LOANS

LOANS
	12 Months Ended Dec. 31, 2009 USD / shares
LOANS	NOTE 5: LOANS The following table sets forth the composition of the loan portfolio at December31, 2009 and 2008: December31, (in thousands) 2009 2008 Non-covered Loans: Mortgage Loans: Multi-family $ 16,737,721 $ 15,728,264 Commercial real estate 4,988,649 4,553,550 Acquisition, development, and construction 666,440 778,364 One- to four-family 216,078 266,307 Total mortgage loans 22,608,888 21,326,485 Net deferred loan origination fees (3,805 ) (6,940 ) Total non-covered mortgage loans, net $ 22,605,083 $ 21,319,545 Other Loans: Commercial and industrial 653,159 713,099 Consumer 117,780 158,907 Lease financing, net 665 1,433 Total other loans 771,604 $ 873,439 Net deferred loan origination fees (88 ) (772 ) Total non-covered other loans, net 771,516 872,667 Less: Allowance for loan losses 127,491 94,368 Total non-covered loans, net $ 23,249,108 $ 22,097,844 Covered loans (principally one- to four-family loans, of which $351.3 million are held for sale) 5,016,100 Loans, net $ 28,265,208 $ 22,097,844 Covered loans refers to the loans acquired from the FDIC in the AmTrust acquisition and that are subject to the previously mentioned loss sharing agreements. Non-covered loans refers to all loans in the Companys loan portfolio excluding covered loans. Non-covered Loans The Company is primarily a multi-family mortgage lender, with a significant portion of its loan portfolio collateralized by non-luxury apartment buildings in New York City that are largely rent-controlled and/or rent-stabilized. At December31, 2009, approximately 75% of the multi-family loan portfolio was secured by properties in New York City, with Manhattan accounting for approximately 32% of New York Citys share. The Company also originates commercial real estate (CRE) loans, primarily in New York City, Long Island, and New Jersey, and, to a lesser extent, acquisition, development, and construction (ADC) loans and commercial and industrial (CI) loans. ADC loans are primarily originated for multi-family and residential tract projects in New York City and Long Island, while CI loans are made to small and mid-size businesses, on both a secured and unsecured basis, for working capital, business expansion, and the purchase of machinery and equipment. Payments on multi-family and CRE loans generally depend on the income produced by the underlying properties which, in turn, depends on their successful operation and management. Accordingly, the ability of the Companys borrowers to repay these loans may be impacted by adverse conditions in the local real estate market and the local economy. While the Company generally requires that such loans be qualified on the basis of the collateral propertys current cash flows, appraised value, and d

ALLOWANCE FOR LOAN LOSSES

ALLOWANCE FOR LOAN LOSSES
	12 Months Ended Dec. 31, 2009 USD / shares
ALLOWANCE FOR LOAN LOSSES	NOTE 6: ALLOWANCE FOR LOAN LOSSES The following table summarizes activity in the allowance for loan losses for the years ended December31, 2009, 2008, and 2007: December31, (in thousands) 2009 2008 2007 Balance, beginning of year $ 94,368 $ 92,794 $ 85,389 Provision for loan losses 63,000 7,700 Charge-offs (29,931 ) (6,168 ) (431 ) Recoveries 54 42 Allowance acquired in merger transactions 7,836 Balance, end of year $ 127,491 $ 94,368 $ 92,794 The Company recorded provisions for loan losses of $63.0 million and $7.7 million, respectively, in 2009 and 2008; no provision was recorded in 2007. Non-accrual loans amounted to $578.1 million, $113.7 million, and $22.2 million, respectively, at December31, 2009, 2008, and 2007. There were no loans over 90 days past due and still accruing interest at any of these dates. The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years are summarized below: December31, (in thousands) 2009 2008 2007 Interest income that would have been recorded $ 35,805 $ 7,841 $ 1,832 Interest income actually recorded (13,929 ) (4,065 ) (844 ) Interest income foregone $ 21,876 $ 3,776 $ 988 At December31, 2009 and 2008, the Company had $632.1 million and $63.4 million of non-covered impaired loans, respectively. There were no impaired loans at December31, 2007. At December31, 2009 and 2008, there were valuation allowances of $13.1 million and $1.2 million, respectively, relating to non-covered impaired loans. The average balances of impaired loans in 2009, 2008, and 2007 were $469.5 million, $21.4 million, and $8.0 million, respectively, and the interest income recorded on these loans, which was not materially different from cash-basis interest income, amounted to $18.3 million, $3.6 million, and $2.0 million, in the respective years.

DEPOSITS

DEPOSITS
	12 Months Ended Dec. 31, 2009 USD / shares
DEPOSITS	NOTE 7: DEPOSITS The following table sets forth a summary of the weighted average interest rates for each type of deposit at December31, 2009 and 2008: December31, 2009 2008 (dollars in thousands) Amount Percent of Total Weighted Average Rate(1) Amount Percent of Total Weighted Average Rate(1) NOW and money market accounts $ 7,706,288 34.53 % 0.86 % $ 3,818,952 26.57 % 1.03 % Savings accounts 3,788,294 16.98 0.62 2,632,078 18.31 0.63 Certificates of deposit 9,053,891 40.57 2.07 6,796,971 47.28 3.46 Non-interest-bearing accounts 1,767,938 7.92 1,127,647 7.84 Total deposits $ 22,316,411 100.00 % 1.24 % $ 14,375,648 100.00 % 2.04 % (1) Excludes the effect of purchase accounting adjustments for CDs. At December31, 2009 and 2008, the aggregate amounts of deposits that had been reclassified as loan balances (i.e., overdrafts) were $5.7 million and $3.2 million, respectively. The scheduled maturities of CDs at December31, 2009 were as follows: (in thousands) 1 year or less $ 7,210,758 More than 1 year through 2 years 1,359,639 More than 2 years through 3 years 335,064 More than 3 years through 4 years 89,327 More than 4 years through 5 years 51,978 Over 5 years 7,125 Total certificates of deposit $ 9,053,891 The following table presents a summary of CDs in amounts of $100,000 or more, by remaining term to maturity, at December31, 2009: CDs of $100,000 or More Maturing Within (in thousands) 0 3 Months Over 3 to 6 Months Over 6 to 12 Months Over 12 Months Total Total $ 1,126,345 $ 736,387 $ 1,028,866 $ 637,118 $ 3,528,716 At December31, 2009 and 2008, the aggregate amounts of CDs of $100,000 or more were $3.5 billion and $3.2 billion, respectively. Included in total deposits at December31, 2009 and 2008 were brokered deposits of $3.0 billion and $3.1 billion, respectively. Brokered deposits had weighted average interest rates of 0.72% and 2.25% at the respective year-ends. Brokered money market accounts represented $2.6 billion and $1.5 million, respectively, of the year-end 2009 and 2008 totals. Brokered CDs represented $358.5 million and $1.6 billion of brokered deposits at the respective year-ends. All of the brokered CDs at December31, 2009 are expected to mature in less than one year from that date.

BORROWED FUNDS

BORROWED FUNDS
	12 Months Ended Dec. 31, 2009 USD / shares
BORROWED FUNDS	NOTE 8: BORROWED FUNDS The following table summarizes the Companys borrowed funds at December31, 2009 and 2008: December31, (in thousands) 2009 2008 FHLB advances $ 8,955,769 $ 7,708,064 Repurchase agreements 4,125,000 4,485,000 Federal funds purchased 150,000 Junior subordinated debentures 427,371 484,216 Senior notes 601,746 601,630 Preferred stock of subsidiaries 54,800 67,800 Total borrowed funds $ 14,164,686 $ 13,496,710 FHLB advances and junior subordinated debentures at December 31, 2009 are reported net of acquisition accounting adjustments of $66.4 million and $770,000, respectively. Accrued interest on borrowed funds is included in other liabilities in the Consolidated Statements of Condition, and amounted to $51.4 million and $47.8 million, respectively, at December31, 2009 and 2008. In the second quarter of 2008, the Company recorded a pre-tax charge of $325.0 million (the debt repositioning charge) for the prepayment of $4.0 billion of higher-cost wholesale and other borrowings that were replaced with $3.8 billion of lower-cost wholesale borrowings. Charges of $39.6 million that were incurred in connection with the prepayment and replacement of wholesale borrowings transacted with the same counterparty were amortized over the term of the new borrowings and recorded in 2008 interest expense. Charges of $285.4 million that were incurred in connection with the prepayment of wholesale borrowings that were replaced by funds obtained through different counterparties were immediately recorded in non-interest expense. In 2007, the Company recorded a loss of $1.8 million in non-interest income in connection with the write-off of the unamortized issuance costs stemming from the redemption of certain trust preferred securities. In addition, the Company recorded a charge of $3.2 million in 2007 for the prepayment of wholesale borrowings in connection with the repositioning of the balance sheet following the acquisition of PennFed. FHLB Advances FHLB advances totaled $9.0 billion and $7.7 billion at December31, 2009 and 2008, respectively. The contractual maturities and the next call dates of the outstanding FHLB advances at December31, 2009 were as follows: Contractual Maturity Earlier of Contractual Maturity or Next Call Date (dollars in thousands) Year of Maturity Amount Weighted Average InterestRate(1) Amount Weighted Average InterestRate(1) 2010 $ 1,069,663 0.27 % $ 8,171,050 3.52 % 2011 114,941 4.41 775,870 3.64 2012 257,469 3.37 3,324 3.00 2013 87,907 3.25 2,907 3.26 2014 108,956 1.96 552 0.67 2015 400,895 3.79 896 0.69 2016 2,115,000 4.35 2017 3,861,206 4.12 2018 939,458 3.02 896 3.83 2025 274 7.82 274 7.82 Total FHLB advances $ 8,955,769 3.53 % $ 8,955,769 3.53 % (1) Excludes th

FEDERAL, STATE, AND LOCAL TAXES

FEDERAL, STATE, AND LOCAL TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
FEDERAL, STATE, AND LOCAL TAXES	NOTE 9: FEDERAL, STATE, AND LOCAL TAXES The following table summarizes the components of the Companys net deferred tax asset at December31, 2009 and 2008: December31, (in thousands) 2009 2008 Deferred Tax Assets: Allowance for loan losses $ 49,758 $ 37,373 Compensation and related benefit obligations 22,068 24,082 Acquisition accounting and fair value adjustments on securities (including OTTI) 34,342 68,431 Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) 16,454 Net operating loss and tax credit carry forwards 821 15,808 Acquisition accounting adjustments on borrowed funds 35,125 1,107 Restructuring and retirement of borrowed funds 50,781 Acquisition-related costs 1,771 2,293 Other 15,538 8,581 Gross deferred tax assets 210,204 174,129 Valuation allowance (1,367 ) Deferred tax asset after valuation allowance 210,204 172,762 Deferred Tax Liabilities: Amortizable intangibles (31,552 ) (23,664 ) Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) (17,689 ) Premises and equipment (12,923 ) (9,644 ) Prepaid pension cost (6,578 ) (1,970 ) Other (13,692 ) (2,738 ) Gross deferred tax liabilities (82,434 ) (38,016 ) Net deferred tax asset $ 127,770 $ 134,746 The net deferred tax asset, which is included in other assets in the Consolidated Statements of Condition at December31, 2009 and 2008, represents the anticipated federal, state, and local tax benefits that are expected to be realized in future years upon the utilization of the underlying tax attributes comprising this balance. A $1.4 million valuation allowance at December31, 2008 that related to the potential utilization of New Jersey net operating losses and deductible temporary differences was no longer necessary at December31, 2009. The recognition of taxable income subject to New Jersey tax in 2009 and the anticipated growth resulting from the AmTrust acquisition were factors in this determination. The Company has determined that at December31, 2009, all deductible temporary differences are more likely than not to provide a benefit in reducing future federal, state and local tax liabilities, as applicable. The following table summarizes the Companys income tax expense (benefit) for the years ended December31, 2009, 2008, and 2007: December31, (in thousands) 2009 2008 2007 Federal current $ 193,108 $ 4,108 $ 94,784 State and local current 16,028 3,987 9,985 Total current 209,136 8,095 104,769 Federal deferred (30,482 ) (8,981 ) 26,757 State and local deferred 15,849 (23,204 )

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES
	12 Months Ended Dec. 31, 2009 USD / shares
COMMITMENTS AND CONTINGENCIES	NOTE 10: COMMITMENTS AND CONTINGENCIES Pledged Assets At December31, 2009 and 2008, respectively, the Company had pledged mortgage-related securities held to maturity with carrying values of $2.5 billion and $3.1 billion. The Company also had pledged other securities held to maturity with carrying values of $1.6 billion and $1.4 billion at the corresponding dates. In addition, the Company had pledged available-for-sale mortgage-related securities and other securities with respective carrying values of $602.2 million and $302.0 million at December31, 2009, and $811.2 million and $78.8 million at December31, 2008. The pledged securities primarily serve as collateral for the Companys repurchase agreements. Loan Commitments and Letters of Credit At December31, 2009 and 2008, the Company had commitments to originate loans, including unadvanced lines of credit, of approximately $1.4 billion and $1.0 billion, respectively. The majority of the outstanding loan commitments at December31, 2009 and 2008 had adjustable interest rates, and were expected to close within 90 days of the respective dates. The following table sets forth the Companys off-balance-sheet commitments relating to outstanding loan commitments and letters of credit at December31, 2009: (in thousands) Mortgage Loan Commitments: Multi-family $ 232,093 Commercial real estate 50,311 Acquisition, development, and construction 173,091 One- to four-family held for sale 474,411 Total mortgage loan commitments $ 929,906 Other loan commitments 517,601 Total loan commitments $ 1,447,507 Commercial, performance, and financial stand-by letters of credit 47,976 Total commitments $ 1,495,483 Lease and License Commitments At December31, 2009, the Company was obligated under various non-cancelable operating lease and license agreements with renewal options on properties used primarily for branch operations. The Company currently expects to renew such agreements upon their expiration in the normal course of business. The agreements contain periodic escalation clauses that provide for increases in the annual rent, commencing at various times during the lives of the agreements, which are primarily based on increases in real estate taxes and cost-of-living indices. The projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows: (in thousands) 2010 $ 27,889 2011 25,847 2012 23,902 2013 20,775 2014 18,061 2015 and thereafter 71,654 Total minimum future rentals $ 188,128 The Company did not immediately acquire or lease the real estate, banking facilities, furniture, fixtures, or equipment of AmTrust as part of the Purchase and Assumption Agreement. However, the Community Bank has the option to purchase or lease these items from the FDIC. The terms of these options expire 170 days after December4, 2009, unless extended by the FDIC. The minimum annual rental commitments for the AmTrust leases are included i

INTANGIBLE ASSETS

INTANGIBLE ASSETS
	12 Months Ended Dec. 31, 2009 USD / shares
INTANGIBLE ASSETS	NOTE 11: INTANGIBLE ASSETS Goodwill Goodwill is presumed to have an indefinite useful life and is tested for impairment, rather than amortized, at the reporting unit level, at least once a year. The changes in the carrying amount of goodwill for the years ended December31, 2009 and 2008 are as follows: December31, (in thousands) 2009 2008 Balance at beginning of year $ 2,436,401 $ 2,437,404 Acquisition accounting adjustments (1,003 ) Balance at end of year $ 2,436,401 $ 2,436,401 CDI and Other Intangible Assets As previously noted, the Company has CDI stemming from its various business combinations with other banks and thrifts. CDI is a measure of the value of checking and savings deposits acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative source of funding. CDI is amortized over the estimated useful lives of the existing deposit relationships acquired, but does not exceed 10 years. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. No impairment charges were required to be recorded in 2009, 2008, or 2007. If an impairment loss is determined to exist in the future, the loss will be reflected as an expense in the Consolidated Statement of Income and Comprehensive Income for the period in which such impairment is identified. The Company also had MSRs of $10.6 million at December31, 2009. MSRs are included, together with other identifiable intangible assets, in other assets in the Consolidated Statements of Condition at December31, 2009 and 2008. The Company has two classes of MSRs for which it separately manages the economic risk: residential and securitized. Residential MSRs are carried at fair value with changes in fair value recorded as a component of non-interest income each period. The Company uses various derivative instruments to mitigate the income statement-effect of changes in fair value, due to changes in valuation inputs and assumptions, of its residential MSRs. MSRs do not trade in an active, open market with readily observable prices. Accordingly, the Company utilizes a valuation model that calculates the present value of estimated future cash flows. The model incorporates various assumptions including estimates of prepayment speeds, discount rates, refinance rates, servicing costs, and ancillary income. The Company reassesses and periodically adjusts the underlying inputs and assumptions in the model to reflect market conditions and assumptions that a market participant would consider in valuing the MSR asset. The value of MSRs is significantly affected by mortgage interest rates available in the marketplace, which influence mortgage loan prepayment speeds. In general, during periods of declining interest rates, the value of MSRs declines due to increasing prepayments attributable to increased mortgage-refinance activity. Conversely, during periods of rising interest rates, the value of

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS
	12 Months Ended Dec. 31, 2009 USD / shares
EMPLOYEE BENEFITS	NOTE 12: EMPLOYEE BENEFITS Retirement Plans On April1, 2002, three separate pension plans for employees of the former Queens County Savings Bank, the former CFS Bank, and the former Richmond County Savings Bank were merged together and renamed the New York Community Bancorp Retirement Plan (the New York Community Plan). The pension plan for employees of the former Roslyn Savings Bank was merged into the New York Community Plan on September30, 2004. The pension plan for employees of the former Atlantic Bank of New York (Atlantic Bank) was merged into the New York Community Plan on March31, 2008. The New York Community Plan and the former Atlantic Bank Retirement Plan (collectively, the Plans) are presented on a consolidated basis for 2007 in the disclosures that follow, unless otherwise noted. The New York Community Plan covers substantially all employees who had attained minimum age, service, and employment status requirements prior to the date when the individual plans were frozen by the banks of origin. Once frozen, the plans ceased to accrue additional benefits, service, and compensation factors, and became closed to employees who would otherwise have met eligibility requirements after the freeze date. In connection with the acquisition of Atlantic Bank, the Company froze the Atlantic Bank Retirement Plan (the Atlantic Plan) on April28, 2006. All plans are subject to the provisions of ERISA. The following tables set forth certain information regarding the New York Community Plan, based on the measurement date indicated: (in thousands) December31,2009 December31,2008 Change in Benefit Obligation: Benefit obligation at beginning of year $ 109,705 $ 106,000 Adjustment for measurement date change 1,604 Interest cost 6,444 6,414 Actuarial gain 1,365 4,158 Annuity payments (5,743 ) (7,088 ) Settlements (3,072 ) (1,383 ) Benefit obligation at end of year $ 108,699 $ 109,705 Change in Plan Assets: Fair value of assets at beginning of year $ 117,847 $ 134,439 Actual return (loss) on plan assets 21,881 (47,281 ) Contributions 39,160 Annuity payments (5,743 ) (7,088 ) Settlements (3,072 ) (1,383 ) Fair value of assets at end of year $ 130,913 $ 117,847 Funded status (included in other assets) $ 22,214 $ 8,142 Changes recognized in other comprehensive income for the year ended December31: Adjustment for measurement date change $ $ (100 ) Amortization of prior service cost (202 ) (202 ) Amortization of actuarial gain (6,983 ) (196 ) Net actuarial (gain) loss arising during the year (10,213 ) 69,357 Total recognized in other comprehensive loss (income) for the year (pre-tax) $ (17,398 ) $ 68,859 Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit co

STOCK-RELATED BENEFIT PLANS

STOCK-RELATED BENEFIT PLANS
	12 Months Ended Dec. 31, 2009 USD / shares
STOCK-RELATED BENEFIT PLANS	NOTE 13: STOCK-RELATED BENEFIT PLANS New York Community Bank Employee Stock Ownership Plan At the time of the Community Banks conversion to stock form, the Company loaned $19.4 million to the New York Community Bank Employee Stock Ownership Plan (the ESOP) to purchase 18,583,440 shares of the Companys common stock. In the second quarter of 2002, the Company loaned an additional $14.8 million to the ESOP for the purchase of 906,667 shares of the common stock that were sold in a secondary offering on May14, 2002. In 2002, the two loans were consolidated into a single loan which is being repaid at a fixed interest rate of 4.75% over a period of time not to exceed 30 years. The Community Bank is obligated to repay the loan by making periodic contributions. The obligation to make such contributions is reduced to the extent of any investment earnings realized on such contributions and any dividends paid on shares held in the unallocated ESOP share account. At December31, 2009 and 2008, the loan had outstanding balances of $886,000 and $1.8 million, respectively. As the loan is repaid, shares are released from a suspense account and allocated among participants on the basis of compensation, as described in the ESOP, in the year of allocation. The Community Bank made no contributions to the ESOP during 2009, 2008, or 2007. The dividends and investment income on ESOP shares that were used for debt service in 2009, 2008, and 2007 amounted to approximately $632,000, $1.0 million, and $1.5 million, respectively. All full-time employees who have attained 21 years of age and who have completed twelve consecutive months of credited service are eligible to participate in the ESOP, with benefits vesting on a seven-year basis, starting with 20% in the third year of employment and continuing in 20% increments in each successive year. Benefits are payable upon death, retirement, disability, or separation from service, and may be paid in stock. However, in the event of a change in control, as defined in the ESOP, any unvested portion of benefits shall vest immediately. In 2009, 2008, and 2007, the Company allocated 332,055; 346,497; and 482,764 shares, respectively, to participants in the ESOP. At December31, 2009, a total of 14,612,053 shares were held in the ESOP, including 299,248 shares with a market value of $4.3 million that were still available for future allocation. The Community Bank recognizes compensation expense for the ESOP based on the average market price of the Companys common stock during the year in which the allocation is made. For the years ended December31, 2009, 2008, and 2007, the Company recorded ESOP-related compensation expense of $3.8 million, $5.8 million, and $8.6 million, respectively. Included in the 2007 amount was a special merger-related ESOP allocation expense of $2.2 million. Supplemental Executive Retirement Plan In 1993, the Community Bank also established a Supplemental Executive Retirement Plan (SERP), which provided additional unfunded, non-qualified benefits to certain participants in the ESOP in the form of Company common stock. The SERP was frozen in 1999. At both December31, 2009 and 2008, the

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
FAIR VALUE MEASUREMENTS	NOTE 14: FAIR VALUE MEASUREMENTS In 2008, the FASB issued a standard that, among other things, defined fair value, established a consistent framework for measuring fair value, and expanded disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. The standard clarified that fair value is an exit price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 Inputs to the valuation methodology are significant unobservable inputs that reflect a companys own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instruments categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December31, 2009 and 2008, and that were included in the Companys Consolidated Statement of Condition at that date: Fair Value Measurements at December31, 2009 Using (in thousands) QuotedPricesin Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustments(1) Total Fair Value Mortgage-related Securities Available for Sale: GSE certificates $ $ 271,808 $ $ $ 271,808 GSE CMOs 416,783 416,783 Private label CMOs 85,614 85,614 Total mortgage-related securities 774,205 774,205 Other Securities Available for Sale: GSE debentures 30,190 30,190 Corporate bonds 4,901 4,901 U. S. Treasury obligations 606,451 606,451 State, county, and municipal 6,159 6,159 Capital trust notes 15,273 23,565 38,838 Preferred stock 13,567 7,667 21,234 Common stock 36,668 36,668 Total other s

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 15: DERIVATIVE FINANCIAL INSTRUMENTS The Companys derivative financial instruments consist of financial forward and futures contracts, interest rate lock commitments, swaps, and options. These derivatives relate to mortgage banking operations, MSRs, and other risk management activities, and seek to mitigate or reduce the Companys exposure to losses from adverse changes in interest rates.These activities will vary in scope based on the level and volatility of interest rates, the type of assets held, and other changing market conditions. The Company held derivatives with a notional amount of $1.4 billion not designated as hedges at December31, 2009. Changes in the fair value of these derivatives are reflected in current-period earnings. The following table sets forth information concerning the Companys derivative financial instruments at December 31, 2009: December31, 2009 (in thousands) Notional Fair Value (1) Amount Gain Loss Derivatives Not Designated as Hedges: Mortgage banking: Treasury options $ 115,000 $ 48 $ Eurodollar futures 300,000 261 Forward commitments to sell loans/mortgage-backed securities 552,000 15,741 Forward commitments to buy loans/mortgage-backed securities 50,000 1,831 Interest rate lock commitments 430,293 32 Total derivatives $ 1,447,293 $ 17,652 $ 261 (1) Derivatives in a net gain position are recorded as other assets and derivatives in a net loss position are recorded as other liabilities in the Consolidated Statements of Condition. The Company uses various financial instruments, including derivatives, in connection with strategies to reduce price risk resulting from changes in interest rates. Derivative instruments may include interest rate lock commitments entered into with borrowers or correspondents/brokers to acquire conforming fixed and adjustable rate residential mortgage loans that will be held for sale. Other derivative instruments include Treasury options and Eurodollar futures. Gains or losses due to changes in the fair value of derivatives are recognized currently in earnings. The Company enters into forward contracts to sell fixed rate mortgage-backed securities to protect against changes in the prices of conforming fixed rate loans held for sale. Forward contracts are entered into with securities dealers in an amount related to the portion of interest rate lock commitments that are expected to close. The value of these forward sales contracts moves inversely with the value of the loans in response to changes in interest rates. To manage the price risk associated with fixed rate non-conforming mortgage loans, the Company generally enters into forward contracts on mortgage-backed securities or forward commitments to sell loans to approved investors. Short positions in Eurodollar futures contracts are used to manage price risk on adjustable rate mortgage loans held for sale. The Company also purchases put and call options to manage the risk associated with variations in the am

RESTRICTIONS ON SUBSIDIARY BANK

RESTRICTIONS ON SUBSIDIARY BANKS
	12 Months Ended Dec. 31, 2009 USD / shares
RESTRICTIONS ON SUBSIDIARY BANKS	NOTE 16: RESTRICTIONS ON SUBSIDIARY BANKS Various legal restrictions limit the extent to which the Companys subsidiary banks can supply funds to the Parent Company and its non-bank subsidiaries. The Companys subsidiary banks would require the approval of the Superintendent of the New York State Banking Department if the dividends they declared in any calendar year were to exceed the total of their respective net profits for that year combined with their respective retained net profits for the preceding two calendar years, less any required transfer to paid-in capital. The term net profits is defined as the remainder of all earnings from current operations plus actual recoveries on loans, investments, and other assets, after deducting from the total thereof all current operating expenses, actual losses, if any, and all federal, state, and local taxes. In 2009, the Banks together paid dividends of $300.0 million to the Parent Company; at December31, 2009, the Banks together could have paid additional dividends of $258.9 million to the Parent Company without regulatory approval.

PARENT COMPANY ONLY FINANCIAL I

PARENT COMPANY ONLY FINANCIAL INFORMATION
	12 Months Ended Dec. 31, 2009 USD / shares
PARENT COMPANY ONLY FINANCIAL INFORMATION	NOTE 17: PARENT COMPANY ONLY FINANCIAL INFORMATION Following are the condensed financial statements for New York Community Bancorp, Inc. (parent company only): Condensed Statements of Condition December31, (in thousands) 2009 2008 ASSETS: Cash and cash equivalents $ 167,828 $ 129,306 Securities held to maturity 10,000 Securities available for sale 6,901 9,568 Investments in subsidiaries 5,674,751 4,581,446 Receivable from subsidiaries 3,619 2,848 Other assets 55,518 86,618 Total assets $ 5,908,617 $ 4,819,786 LIABILITIES AND STOCKHOLDERS EQUITY: Senior notes $ 89,919 $ 89,888 Junior subordinated debentures 427,371 484,216 Other liabilities 24,425 26,436 Total liabilities 541,715 600,540 Stockholders equity 5,366,902 4,219,246 Total liabilities and stockholders equity $ 5,908,617 $ 4,819,786 Condensed Statements of Income Years Ended December31, (in thousands) 2009 2008 2007 Interest income $ 1,837 $ 4,566 $ 6,911 Dividends received from subsidiaries 300,000 100,000 200,000 Loss on OTTI of securities (13,200 ) (35,332 ) Gain on sale of securities 1,220 Gain (loss) on debt repurchases 8,792 (1,848 ) Other income 881 1,104 1,415 Gross income 298,310 70,338 207,698 Operating expenses 41,134 53,297 60,633 Income before income tax benefit and equity in undistributed earnings of subsidiaries 257,176 17,041 147,065 Income tax benefit (20,511 ) (47,607 ) (22,373 ) Income before equity in undistributed earnings of subsidiaries 277,687 64,648 169,438 Equity in undistributed earnings of subsidiaries 120,959 13,236 109,644 Net income $ 398,646 $ 77,884 $ 279,082 Condensed Statements of Cash Flows Years Ended December31, (in thousands) 2009 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 398,646 $ 77,884 $ 279,082 Change in other assets 30,567 (61,386 ) 20,423 Change in other liabilities (2,038 ) 19,725 (47,087 ) Net gain on sale of securities (1,220 ) Gain on debt repurchases (8,792 ) Loss on OTTI of securities 13,200 35,332 Other, net 8,640 6,998 1,350 Equity in undistributed earnings of subsidiaries (120,959 ) (13,236 ) (109,644 ) Net cash provided by operating activities 319,264 65,317 142,904 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase

REGULATORY MATTERS

REGULATORY MATTERS
	12 Months Ended Dec. 31, 2009 USD / shares
REGULATORY MATTERS	NOTE 18: REGULATORY MATTERS The Company is subject to examination, regulation, and periodic reporting under the Bank Holding Company Act of 1956, as amended, which is administered by the Federal Reserve Board of Governors (the FRB). The FRB has adopted capital adequacy guidelines for bank holding companies (on a consolidated basis) that are substantially similar to those of the FDIC. The following tables present the regulatory capital ratios for the Company at December31, 2009 and 2008, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: At December31, 2009 Risk-Based Capital Leverage Capital Tier 1 Total (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total regulatory capital $ 3,373,258 10.03 % $ 3,373,258 14.48 % $ 3,500,748 15.03 % Minimum for capital adequacy purposes 1,345,346 4.00 931,900 4.00 1,863,801 8.00 Excess $ 2,027,912 6.03 % $ 2,441,358 10.48 % $ 1,636,947 7.03 % At December31, 2008 Risk-Based Capital Leverage Capital Tier 1 Total (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total regulatory capital $ 2,336,142 7.84 % $ 2,336,142 11.49 % $ 2,430,510 11.96 % Minimum for capital adequacy purposes 1,192,108 4.00 813,069 4.00 1,626,138 8.00 Excess $ 1,144,034 3.84 % $ 1,523,073 7.49 % $ 804,372 3.96 % In December 2009, the Company issued 69,000,000 shares of common stock in an offering that generated gross proceeds of $897.0 million and net proceeds (i.e., after issuance costs) of $864.9 million. These shares were issued in connection with the AmTrust acquisition on December4, 2009 and the proceeds were used for general corporate purposes. On May23, 2008, the Company issued 17,871,000 shares of common stock in an offering that generated gross proceeds of $345.8 million and net proceeds (i.e., after issuance costs) of $339.2 million. Of the latter amount, $199.2 million served to offset the after-tax impact on stockholders equity of prepaying $4.0 billion of wholesale and other borrowings in the second quarter of 2008; the remaining proceeds were used for general corporate purposes. The Banks are subject to regulation, examination, and supervision by the New York State Banking Department and the FDIC (the Regulators). The Banks are also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from well capitalized to critically undercapitalized. Such classifications are used by the FDIC to determine various matters, including prompt corrective action and each institutions FDIC deposit insurance premium assessments. Capital amounts and classification are also subject to the Regulators qualitative judgme

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
	12 Months Ended Dec. 31, 2009 USD / shares
SUBSEQUENT EVENTS	NOTE 19: SUBSEQUENT EVENTS The Company has evaluated whether any subsequent events that require recognition or disclosure in the accompanying financial statements and notes thereto have taken place through the date these financial statements were issued (March 1, 2010). The Company has determined that there are no such subsequent events.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 23, 2010	Jun. 30, 2009
Trading Symbol	NYB
Entity Registrant Name	NEW YORK COMMUNITY BANCORP INC
Entity Central Index Key	0000910073
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		433,222,466
Entity Public Float			$3,520,000,000