First Quarter 2014 Investor Presentation Exhibit 99.1 |
New York Community Bancorp, Inc. Page 2 Forward-Looking Statements and Associated Risk Factors Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This presentation, like many written and oral communications presented by New York Community Bancorp, Inc. (the “Company”) and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. There are a number of factors, many of which are beyond our control, that could cause actual conditions, events, or results to differ significantly from those described in our forward- looking statements. These factors include, but are not limited to: general economic conditions, either nationally or in some or all of the areas in which we and our customers conduct our respective businesses; conditions in the securities markets and real estate markets or the banking industry; changes in real estate values, which could impact the quality of the assets securing the loans in our portfolio; changes in interest rates, which may affect our net income, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of our assets, including our investment securities; changes in the quality or composition of our loan or securities portfolios; changes in our capital management policies, including those regarding business combinations, dividends, and share repurchases, among others; our use of derivatives to mitigate our interest rate exposure; changes in competitive pressures among financial institutions or from non-financial institutions; changes in deposit flows and wholesale borrowing facilities; changes in the demand for deposit, loan, and investment products and other financial services in the markets we serve; our timely development of new lines of business and competitive products or services in a changing environment, and the acceptance of such products or services by our customers; changes in our customer base or in the financial or operating performances of our customers’ businesses; any interruption in customer service due to circumstances beyond our control; our ability to retain key personnel; potential exposure to unknown or contingent liabilities of companies we have acquired or may acquire in the future; the outcome of pending or threatened litigation, or of other matters before regulatory agencies, whether currently existing or commencing in the future; environmental conditions that exist or may exist on properties owned by, leased by, or mortgaged to the Company; any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems; operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent; the ability to keep pace with, and implement on a timely basis, technological changes; changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and other changes pertaining to banking, securities, taxation, rent regulation and housing, financial accounting and reporting, environmental protection, and insurance, and the ability to comply with such changes in a timely manner; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System; changes in accounting principles, policies, practices, or guidelines; a material breach in performance by the Community Bank under our loss sharing agreements with the FDIC; changes in our estimates of future reserves based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in regulatory expectations relating to predictive models we use in connection with stress testing and other forecasting or in the assumptions on which such modeling and forecasting are predicated; the ability to successfully integrate any assets, liabilities, customers, systems, and management personnel of any banks we may acquire into our operations, and our ability to realize related revenue synergies and cost savings within expected time frames; changes in our credit ratings or in our ability to access the capital markets; war or terrorist activities; and other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting our operations, pricing, and services. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to our Annual Report on Form 10-K for the year ended December 31, 2013, including the section entitled “Risk Factors,” on file with the U.S. Securities and Exchange Commission (the “SEC”). It should be noted that we routinely evaluate opportunities to expand through acquisition and frequently conduct due diligence activities in connection with such opportunities. As a result, acquisition discussions and, in some cases, negotiations, may take place at any time, and acquisitions involving cash or our debt or equity securities may occur. In addition, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this presentation. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. |
New York Community Bancorp, Inc. Page 3 We are one of the top 25 U.S. bank holding companies. (a) Bloomberg Assets Deposits Multi-Family Loans Market Cap Total Return on Investment $47.6 billion $26.8 billion $21.5 billion $7.1 billion 4,131% With assets of $47.6 billion at 3/31/14, we are currently the 20th largest bank holding company in the nation. With deposits of $26.8 billion and over 270 branches in Metro New York, New Jersey, Ohio, Florida, and Arizona at 3/31/14, we currently rank 23rd among the nation’s largest depositories. With a portfolio of $21.5 billion at the end of March, we are a leading producer of multi- family loans in New York City. With a market cap of $7.1 billion at 3/31/14, we rank 20th among the nation’s publicly traded banks and thrifts. From 11/23/93 through 3/31/14, we provided our charter investors with a total return on investment of 4,131%. (a) Note: Except as otherwise indicated, all industry data was provided by SNL Financial as of 5/1/14. |
New York Community Bancorp, Inc. Page 4 Largely reflecting our growth-through-acquisition strategy, we have over 270 locations in five states. Metro New York 125 Community Bank Branches 30 Commercial Bank Branches Ohio 28 Community Bank Branches New Jersey 48 Community Bank Branches Florida 27 Community Bank Branches Arizona 14 Community Bank Branches |
1st Quarter 2014 Performance Highlights |
New York Community Bancorp, Inc. Page 6 (dollars in thousands, except per share data) (a) Cash earnings is a non-GAAP financial measure. Please see page 30 for a reconciliation of our GAAP and cash earnings. (b) ROTA and ROTE are non-GAAP financial measures. Please see page 31 for additional information. (c) Please see page 32 for a reconciliation of our GAAP and cash efficiency ratios. We generated solid earnings in 1Q 2014. PERFORMANCE HIGHLIGHTS 1Q 2014 GAAP Earnings Cash Earnings (a) Strong Profitability Measures: Earnings $115,254 $125,737 EPS $0.26 $0.29 Return on average tangible assets (b) 1.05% 1.13% Return on average tangible stockholders’ equity (b) 14.22 15.33 Net interest margin 2.72 2.72 Efficiency ratio (c) 44.81 42.73 |
New York Community Bancorp, Inc. Page 7 Our balance sheet measures reflect stability and strength. Balance Sheet Asset Quality Company Capital Bank Capital Ratios to Total Assets at 3/31/14 At or for the 3 Months Ended 3/31/14 3/31/14 3/31/14 • Total loans = 71.1% • Securities = 16.7% • Deposits = 56.2% • Wholesale borrowings = 30.4% • Non-performing loans (a)(b) / total loans (a) = 0.37% • Non-performing assets (c) / total assets (c) = 0.41% • Net charge-offs / average loans = 0.01% (non- annualized) • Stockholders’ equity / total assets = 12.07% • Tangible stockholders’ equity / tangible assets excluding accumulated other comprehensive loss, net of tax = 7.37% (d) • Leverage capital ratio = 8.26% • Tier 1 capital ratio = 12.59% The Community Bank: The Commercial Bank: (a) Non-performing loans and total loans exclude covered loans. (b) Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. (c) Non-performing assets and total assets exclude covered loans and covered OREO. (d) Tangible stockholders’ equity and tangible assets are non-GAAP financial measures. Please see page 33 for additional information. • Leverage capital ratio = 7.79% • Tier 1 capital ratio = 11.98% • Leverage capital ratio = 10.82% • Tier 1 capital ratio = 14.69% |
A Successful Business Model |
New York Community Bancorp, Inc. Page 9 Our business model has consistently focused on building value for our investors. Multi-Family Lending Strong Credit Standards/ Superior Asset Quality Residential Mortgage Banking Efficient Operation Growth through Acquisitions Multi-family loans represented $21.5 billion, or 69.6%, of total non-covered loans held for investment at 3/31/2014. Net charge-offs represented 0.01% of average loans (non-annualized) in 1Q 2014. Since January 2010, our residential mortgage banking operation has originated $35.5 billion of 1-4 family loans for sale and generated mortgage banking income of $536.1 million. Our efficiency ratio has consistently ranked in the top 3% of all banks and thrifts and was 44.81% in 1Q 2014. Our assets have grown from $1.9 billion to $47.6 billion since our first acquisition in November 2000. |
Multi-Family Loan Production |
New York Community Bancorp, Inc. Page 11 Our focus on multi-family lending on rent-regulated buildings has enabled us to distinguish ourselves from our industry peers. 60.9% of the rental housing units in New York City are subject to rent regulation and therefore feature below-market rents. (a) Rent-regulated buildings are more likely to retain their tenants and, therefore, their revenue stream in a downward credit cycle. Our focus on multi-family lending in this niche market has contributed to our record of asset quality. Multi-family loans are less costly to produce and service than other types of loans, and therefore contribute to our superior efficiency. (a) Source: New York City Rent Guidelines Board 2013 Housing Supply Report |
New York Community Bancorp, Inc. Page 12 (in millions) We are the leading producer of multi-family loans for portfolio in New York City. PORTFOLIO STATISTICS AT 3/31/2014 % of non-covered loans held for investment = 69.6% Average principal balance = $4.6 million Expected weighted average life = 2.9 years 1Q 2014 originations = $1.9 billion % of our multi-family loans located in Metro New York = 89.5% MULTI-FAMILY LOAN PORTFOLIO 12/31/10 12/31/11 12/31/12 12/31/13 3/31/14 $16,802 $17,433 $18,605 $20,714 $21,470 |
New York Community Bancorp, Inc. Page 13 COMMERCIAL REAL ESTATE LOAN PORTFOLIO (in millions) Our commercial real estate loans feature the same structure as our multi-family loans. PORTFOLIO STATISTICS AT 3/31/2014 % of non-covered loans held for investment = 24.3% Average principal balance = $4.8 million Expected weighted average life = 3.4 years 1Q 2014 originations = $472.7 million % of our CRE loans located in Metro New York = 95.8% Our CRE loans are typically collateralized by office buildings, retail centers, mixed-use buildings, and multi-tenanted light industrial properties. $5,438 $6,856 $7,437 $7,366 $7,491 12/31/10 12/31/11 12/31/12 12/31/13 3/31/14 |
Asset Quality |
New York Community Bancorp, Inc. Page 15 S & L Crisis We have been distinguished by our low level of net charge- offs in downward credit cycles. NET CHARGE-OFFS / AVERAGE LOANS 5-Year Total NYCB: 17 bp SNL U.S. Bank and Thrift Index: 540 bp 4-Year Total NYCB: 37bp SNL U.S. Bank and Thrift Index: 803 bp SNL U.S. Bank and Thrift Index NYCB Great Recession Current Credit Cycle 4-Year Total NYCB: 56 bp SNL U.S. Bank and Thrift Index: 427 bp * Annualized * 0.68% 1.63% 2.83% 2.89% 0.00% 0.03% 0.13% 0.21% 2007 2008 2009 2010 0.54% 1.28% 1.50% 1.17% 0.91% 0.00% 0.00% 0.04% 0.07% 0.06% 1989 1990 1991 1992 1993 1.77% 1.24% 0.76% 0.50% 0.35% 0.13% 0.05% 0.03% 2011 2012 2013 1Q 2014 |
New York Community Bancorp, Inc. Page 16 S & L Crisis The quality of our loan portfolio continues to exceed that of our industry. Great Recession Current Credit Cycle NON-PERFORMING LOANS (a)(b) / TOTAL LOANS (a) (a) Non-performing loans and total loans exclude covered loans. (b) Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. Average NPLs/Total Loans NYCB: 2.08% SNL U.S. Bank and Thrift Index: 3.34% Average NPLs/Total Loans NYCB:1.43% SNL U.S. Bank and Thrift Index: 2.89% SNL U.S. Bank and Thrift Index NYCB Average NPLs/Total Loans NYCB: 0.74% SNL U.S. Bank and Thrift Index: 1.76% 1.11% 2.71% 4.17% 3.56% 0.11% 0.51% 2.47% 2.63% 2007 2008 2009 2010 2.91% 4.00% 4.05% 3.41% 2.35% 1.46% 2.48% 2.10% 2.83% 1.51% 1989 1990 1991 1992 1993 2.60% 2.22% 1.12% 1.10% 1.28% 0.96% 0.35% 0.37% 2011 2012 2013 3/31/14 |
New York Community Bancorp, Inc. Page 17 The quality of our assets reflects the nature of our lending niche and our strong underwriting standards. Conservative Underwriting Active Board Involvement Multiple Appraisals Risk-Averse Mix of Non-Covered Loans Held for Investment (at 3/31/14) • Conservative loan-to- value ratios • Conservative debt coverage ratios: 120% for multi-family loans, and 130% for commercial real estate (“CRE”) loans • Multi-family and CRE loans are based on the lower of economic or market value. • All loans originated for portfolio are reviewed by the Mortgage or Credit Committee (a majority of the Board of Directors). • A member of the Mortgage or Credit Committee participates in inspections on multi- family loans in excess of $4.0 million, and CRE and acquisition, development, and construction (“ADC”) loans in excess of $2.5 million. • All properties are appraised by independent appraisers. • All independent appraisals are reviewed by in-house appraisal officers. • A second independent appraisal review is performed on loans that are large and complex. • Multi-family: 69.6% • CRE: 24.3% • One-to-Four Family: 2.0% • ADC: 1.2% • Commercial and Industrial: 2.8% |
Residential Mortgage Banking |
New York Community Bancorp, Inc. Page 19 Our residential mortgage banking operation currently ranks among the top 20 aggregators of one-to-four family loans in the U.S. Features Loans can be originated/purchased in all 50 states and the District of Columbia. Loan production is driven by our proprietary real time, web-accessible mortgage banking technology platform, which securely controls the lending process while mitigating business and regulatory risks. Our 900+ approved clients include community banks, credit unions, mortgage companies, and mortgage brokers. 100% of loans funded are full documentation, prime credit loans. Credit Quality As of March 31, 2014, 99.9% of all funded loans were current. Limited Repurchase Risk Of the six loans we repurchased in the first three months of 2014, four were loans acquired in merger transactions prior to 2009. Benefits Since January 2010, our mortgage banking business has generated mortgage banking income of $536.1 million. Our proprietary mortgage banking platform has enabled us to expand our revenues, market share, and product line. Over time, mortgage banking income has supported the stability of our return on average tangible assets, even in times of interest rate volatility. |
New York Community Bancorp, Inc. Page 20 Average 10-Year Treasury Rate Return on Average Tangible Assets (a) Prepayment penalty income and mortgage banking income have contributed to the stability of our ROTA. (dollars in millions) Total: Prepayment Penalty Income Mortgage Banking Income 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 (a) ROTA is a non-GAAP financial measure. Please see page 34 for additional information. $19.9 $11.8 $24.3 $24.7 $35.2 $58.3 $52.6 $32.6 $26.1 $23.2 $16.2 $12.8 $14.6 $19.6 $25.9 $12.1 $28.9 $17.5 $32.0 $31.5 $39.3 $19.9 $44.4 $39.6 $33.0 $20.4 $39.5 $37.7 $36.4 $53.6 $52.7 $90.3 $84.1 $71.9 $46.0 $67.6 $55.8 $45.8 $35.0 3.46% 3.20% 2.41% 2.05% 2.04% 1.83% 1.64% 1.71% 1.95% 1.99% 2.71% 2.74% 2.77% 1.34% 1.29% 1.27% 1.23% 1.24% 1.36% 1.29% 1.24% 1.19% 1.21% 1.11% 1.12% 1.05% |
Efficiency |
New York Community Bancorp, Inc. Page 22 Our efficiency is driven by several factors. Franchise expansion has largely stemmed from mergers and acquisitions; we generally do not engage in de novo branch development. Multi-family and CRE lending are both broker-driven, with the borrower paying fees to the mortgage brokerage firm. Products and services are typically developed by third-party providers and the sale of these products generates additional revenues. 38 of our branches are located in-store, where rental space is less costly, enabling us to supplement the service provided by our traditional branches more efficiently. We acquire our deposits primarily through earnings-accretive acquisitions rather than by paying above-market rates. SNL U.S. Bank and Thrift Index NYCB 67.13% 66.61% 66.96% 65.98% 40.03% 40.75% 42.71% 44.81% 2011 2012 2013 1Q 2014 EFFICIENCY RATIO |
Growth Through Acquisitions |
New York Community Bancorp, Inc. Page 24 Since our first acquisition, we have grown from $1.9 billion in assets to $47.6 billion. Note: The number of branches indicated reflects the number of branches in our current franchise that stemmed from each transaction. 1. Nov. 2000 Haven Bancorp (HAVN) Assets: $2.7 billion Deposits: $2.1 billion Branches: 39 2. July 2001 Richmond County Financial Corp. (RCBK) Assets: $3.7 billion Deposits: $2.5 billion Branches: 24 3. Oct. 2003 Roslyn Bancorp, Inc. (RSLN) Assets: $10.4 billion Deposits: $5.9 billion Branches: 38 4. Dec. 2005 Long Island Financial Corp. (LICB) Assets: $562 million Deposits: $434 million Branches: 9 5. April 2006 Atlantic Bank of New York (ABNY) Assets: $2.8 billion Deposits: $1.8 billion Branches: 13 6. April 2007 PennFed Financial Services, Inc. (PFSB) Assets: $2.3 billion Deposits: $1.6 billion Branches: 23 7. July 2007 NYC branch network of Doral Bank, FSB (Doral- NYC) Assets: $485 million Deposits: $370 million Branches: 11 8. Oct. 2007 Synergy Financial Group, Inc. (SYNF) Assets: $892 million Deposits: $564 million Branches: 18 9. Dec. 2009 AmTrust Bank Assets: $11.0 billion Deposits: $8.2 billion Branches: 64 10. March 2010 Desert Hills Bank Assets: $452 million Deposits: $375 million Branches: 3 11. June 2012 Aurora Bank FSB Assets: None Deposits: $2.2 billion Branches: 0 Payment Received: $24.0 million Transaction Type: Savings Bank Commercial Bank Branch FDIC Deposit |
New York Community Bancorp, Inc. Page 25 Our deposit growth has been largely acquisition-driven. (in millions) DEPOSITS w/ HAVN w/ RCBK w/ RSLN w/ LICB w/ ABNY w/ PFSB, Doral, & SYNF w/ AmTrust w/ Desert Hills w/ Aurora Total Deposits: $3,268 $5,472 $10,360 $12,168 $12,764 $13,311 $22,418 $21,890 $24,878 $25,661 $26,754 Total Branches: 86 120 139 152 166 217 276 276 275 273 272 $1,874 $2,408 $4,362 $5,247 $5,945 $6,913 $9,054 $7,835 $9,121 $6,932 $6,935 $1,223 $2,609 $5,278 $6,015 $5,554 $4,975 $11,494 $12,122 $12,998 $16,458 $17,374 $171 $455 $720 $906 $1,265 $1,423 $1,870 $1,933 $2,759 $2,271 $2,445 12/31/00 12/31/01 12/31/03 12/31/05 12/31/06 12/31/07 12/31/09 12/31/10 12/31/12 12/31/13 3/31/14 CDs NOW, MMAs, and Savings Demand deposits |
New York Community Bancorp, Inc. Page 26 $1,946 $3,255 $7,368 $12,854 $14,529 $14,055 $16,736 $16,802 $18,605 $20,714 $21,470 $324 $566 $1,445 $2,888 $3,114 $3,826 $4,987 $5,438 $7,437 $7,366 $7,491 $1,366 $1,584 $1,686 $1,287 $2,010 $2,482 $1,654 $1,467 $1,243 $1,758 $1,907 $1,207 $1,204 $307 $266 $5,016 $4,298 $3,284 $2,789 $2,695 12/31/00 12/31/01 12/31/03 12/31/05 12/31/06 12/31/07 12/31/09 12/31/10 12/31/12 12/31/13 3/31/14 (a) Includes originations of loans held for sale of $888.5 million in 2009, $10.8 billion in 2010, $7.2 billion in 2011, $10.9 billion in 2012, $6.2 billion in 2013, and $636.9 million in 1Q 2014. Acquisitions have provided much of the funding for the organic growth of our loan portfolio. LOANS OUTSTANDING After HAVN After RCBK After RSLN After LICB After ABNY After PFSB, Doral, & SYNF After AmTrust After Desert Hills Total Loans Outstanding: $3,636 $5,405 $10,499 $17,029 $19,653 $20,363 $28,393 $29,212 $31,773 $32,934 $33,829 Total Originations: (a) $616 $1,150 $4,330 $6,332 $4,971 $4,853 $4,280 $15,193 $19,894 $17,403 $3,455 After Aurora Held-for-Investment Loans Multi-family CRE All other HFI loans Loans held for sale Covered loan portfolio (in millions) |
Total Return on Investment |
New York Community Bancorp, Inc. Page 28 Our quarterly cash dividends are a significant component of our commitment to building value for our investors. CAGR since IPO: 28.0% (a) Bloomberg TOTAL RETURN ON INVESTMENT As a result of nine stock splits between 1994 and 2004, our charter shareholders have 2,700 shares of NYCB stock for each 100 shares originally purchased. SNL U.S. Bank and Thrift Index NYCB (a) 11/23/93 12/31/99 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 3/31/14 244% 213% 209% 245% 168% 260% 393% 415% 717% 2,059% 2,754% 3,843% 2,670% 3,069% 4,265% 4,131% |
New York Community Bancorp, Inc. Page 29 5/5/14 For More Information Visit our website: ir.myNYCB.com E-mail requests to: Call Investor Relations at: (516) 683-4420 Write to: Investor Relations New York Community Bancorp, Inc. 615 Merrick Avenue Westbury, NY 11590 ir@myNYCB.com |
New York Community Bancorp, Inc. Page 30 Reconciliations of GAAP and Non-GAAP Financial Measures Cash earnings is a non-GAAP financial measure. The following table presents a reconciliation of the Company’s GAAP and cash earnings for the three months ended March 31, 2014. (in thousands, except per share data) For the Three Months Ended March 31, 2014 GAAP Earnings $115,254 Additional contributions to tangible stockholders’ equity: Amortization and appreciation of shares held in stock-related benefit plans 6,664 Associated tax effects 1,496 Amortization of core deposit intangibles 2,323 Total additional contributions to tangible stockholders’ equity 10,483 Cash earnings $125,737 Diluted GAAP Earnings per Share $0.26 Add back: Amortization and appreciation of shares held in stock-related benefit plans 0.02 Associated tax effects -- Amortization of core deposit intangibles 0.01 Total additions 0.03 Diluted cash earnings per share $0.29 |
New York Community Bancorp, Inc. Page 31 Cash earnings is a non-GAAP financial measure. The following table presents a reconciliation of the Company’s GAAP and cash earnings measures for the three months ended March 31, 2014. Reconciliations of GAAP and Non-GAAP Financial Measures (in thousands) For the Three Months Ended March 31, 2014 Average stockholders’ equity $ 5,732,105 Less: Average goodwill and core deposit intangibles (2,451,571) Average tangible stockholders’ equity $ 3,280,534 Average assets $46,872,770 Less: Average goodwill and core deposit intangibles (2,451,571) Average tangible assets $44,421,199 Net income $115,254 Add back: Amortization of core deposit intangibles, net of tax 1,394 Adjusted net income $116,648 Cash earnings $125,737 Return on average assets 0.98% Cash return on average assets 1.07 Return on average tangible assets 1.05 Cash return on average tangible assets 1.13 Return on average stockholders’ equity 8.04 Cash return on average stockholders’ equity 8.77 Return on average tangible stockholders’ equity 14.22 Cash return on average tangible stockholders’ equity 15.33 |
New York Community Bancorp, Inc. Page 32 Reconciliations of GAAP and Cash Efficiency Ratios The following table presents a reconciliation of the Company’s GAAP and cash efficiency ratios for the three months ended March 31, 2014. For the Three Months Ended March 31, 2014 (dollars in thousands) GAAP Cash Total net interest income and non-interest income $321,385 $321,385 Operating expenses $144,002 $144,002 Adjustments: Amortization and appreciation of shares held in stock-related benefit plans -- (6,664) Adjusted operating expenses $144,002 $137,338 Efficiency ratio 44.81% 42.73% |
New York Community Bancorp, Inc. Page 33 (dollars in thousands) March 31, 2014 Total stockholders’ equity $ 5,742,652 Less: Goodwill (2,436,131) Core deposit intangibles (13,918) Tangible stockholders’ equity $ 3,292,603 Total assets $47,567,470 Less: Goodwill (2,436,131) Core deposit intangibles (13,918) Tangible assets $45,117,421 Stockholders’ equity to total assets 12.07% Tangible stockholders’ equity to tangible assets 7.30% Tangible stockholders’ equity $3,292,603 Accumulated other comprehensive loss, net of tax 35,125 Adjusted tangible stockholders’ equity $3,327,728 Tangible assets $45,117,421 Accumulated other comprehensive loss, net of tax 35,125 Adjusted tangible assets $45,152,546 Adjusted tangible stockholders’ equity to adjusted tangible assets 7.37% Reconciliations of GAAP and Non-GAAP Financial Measures Tangible and adjusted tangible stockholders’ equity and tangible and adjusted tangible assets are non-GAAP financial measures. The following table presents reconciliations of these non-GAAP measures with the related GAAP measures at March 31, 2014. |
New York Community Bancorp, Inc. Page 34 For the Three Months Ended (dollars in thousands) March 31, 2014 March 31, 2013 June 30, 2013 September 30, 2013 December 31, 2013 March 31, 2012 June 30, 2012 September 30, 2012 December 31, 2012 March 31, 2011 June 30, 2011 September 30, 2011 December 31, 2011 Average Assets $46,872,770 $43,243,259 $43,860,167 $44,343,284 $46,107,450 $41,775,013 $41,916,854 $43,205,076 $43,087,846 $40,713,044 $40,853,788 $41,261,984 $41,683,129 Less: Average goodwill and core deposit intangibles (2,451,571) (2,466,622) (2,462,265) (2,458,145) (2,454,191) (2,486,018) (2,480,921) (2,476,056) (2,471,204) (2,511,349) (2,503,966) (2,497,076) (2,491,327) Average tangible assets $44,421,199 $40,776,637 $41,397,902 $41,885,139 $43,653,259 $39,288,995 $39,435,933 $40,729,020 $40,616,642 $38,201,695 $38,349,822 $38,764,908 $39,191,802 Average Stockholders’ Equity $ 5,732,105 $ 5,630,877 $ 5,607,616 $ 5,599,495 $ 5,643,882 $ 5,528,296 $ 5,565,581 $ 5,557,693 $ 5,498,040 $ 5,511,970 $ 5,458,017 $ 5,501,226 $ 5,535,114 Less: Average goodwill and core deposit intangibles (2,451,571) (2,466,622) (2,462,265) (2,458,145) (2,454,191) (2,486,018) (2,480,921) (2,476,056) (2,471,204) (2,511,349) (2,503,966) (2,497,076) (2,491,327) Average tangible stockholders’ equity $ 3,280,534 $ 3,164,255 $ 3,145,351 $ 3,141,350 $ 3,189,691 $ 3,042,278 $ 3,084,660 $ 3,081,637 $ 3,026,836 $ 3,000,621 $ 2,954,051 $ 3,004,150 $ 3,043,787 Net Income $115,254 $118,675 $122,517 $114,200 $120,155 $118,253 $131,212 $128,798 $122,843 $123,176 $119,459 $119,750 $117,652 Add back: Amortization of core deposit intangibles, net of tax 1,394 2,653 2,509 2,470 1,839 3,095 2,952 2,913 2,826 4,431 4,286 3,653 3,269 Adjusted net income $116,648 $121,328 $125,026 $116,670 $121,994 $121,348 $134,164 $131,711 $125,669 $127,607 $123,745 $123,403 $120,921 Return on average assets 0.98% 1.10% 1.12% 1.03% 1.04% 1.13% 1.25% 1.19% 1.14% 1.21% 1.17% 1.16% 1.13% Return on average tangible assets 1.05 1.19 1.21 1.11 1.12 1.24 1.36 1.29 1.24 1.34 1.29 1.27 1.23 Return on average stockholders’ equity 8.04 8.43 8.74 8.16 8.52 8.56 9.43 9.27 8.94 8.94 8.75 8.71 8.50 Return on average tangible stockholders’ equity 14.22 15.34 15.90 14.86 15.30 15.95 17.40 17.10 16.61 17.01 16.76 16.43 15.89 Reconciliations of GAAP and Non-GAAP Financial Measures Average tangible assets and average tangible stockholders’ equity are non-GAAP financial measures. The following table presents reconciliations of these non-GAAP measures with the related GAAP measures for the three months ended March 31, 2014, March 31, June 30, September 30, and December 31, 2013; March 31, June 30, September 30, and December 31, 2012; and March 31, June 30, September 30, and December 31, 2011. |