Exhibit 99.1
( BW)(NY-COMMUNITY-BANCORP)(NYCB) New York Community Bancorp, Inc.
Reports a 67.9% Increase in 1st Quarter 2002 Diluted Core EPS to
$0.47; Raises 2002 Diluted EPS Estimates to $2.04 - $2.08
WESTBURY, N.Y.--(BUSINESS WIRE)--April 17, 2002--
1Q 2002 Net Interest Income Increases 136%;
Core Other Operating Income Increases 55%
New York Community Bancorp, Inc. (Nasdaq: NYCB) today reported
first quarter 2002 earnings of $46.3 million, or $0.47 per diluted
share, as compared to first quarter 2001 core earnings of $17.4
million, or $0.28 per diluted share. The 2001 amounts exclude a
non-core after-tax gain of $10.3 million, or $0.16 per share, from the
sale of loans and securities acquired in the Company's acquisition of
Haven Bancorp, Inc. ("Haven") on November 30, 2000, and have been
adjusted to reflect a 3-for-2 stock split on September 20, 2001.
Including the non-core gain, the Company's first quarter 2001 earnings
totaled $27.6 million, or $0.44 per diluted share.
In addition to the 67.9% rise in diluted core earnings per share,
the Company's first quarter 2002 earnings generated a 2.00% return on
average assets and an 18.88% return on average stockholders' equity.
The Company also reported first quarter 2002 cash earnings of
$64.5 million, or $0.65 on a diluted per-share basis, as compared to
$33.0 million, or $0.53 per diluted share, in the year-earlier three
months. The Company's cash earnings thus added $18.2 million, or
39.3%, more to regulatory tangible capital than its reported earnings,
while generating an ROA and ROE of 2.79% and 26.29%. (1)
Commenting on the Company's first quarter 2002 earnings, President
and Chief Executive Officer Joseph R. Ficalora stated, "The Company's
performance continues to bear the imprint of our two successful merger
transactions - the acquisition of Haven Bancorp, Inc. on November 30,
2000 and the merger-of-equals with Richmond County Financial Corp. on
July 31, 2001. Core revenues rose 115% year-over-year to $102.8
million, a direct result of the transactions and of the record volume
of mortgage loans produced."
(1) The Company calculates cash earnings by adding back to net
income certain operating and income tax expenses stemming from
the amortization and appreciation of shares held in the
Company's stock-related benefit plans, as well as the core
deposit intangible ("CDI") stemming from its merger-of-equals
with Richmond County Financial Corp. ("Richmond County") on
July 31, 2001.
"In the first quarter of 2002, mortgage loan production exceeded
$511 million, including $399 million in multi-family mortgage loans.
Consistent with our projections, our net interest income, interest
rate spread, and net interest margin expanded, powered by a $3.8
billion, or 87%, increase in average interest-earning assets and by a
175-basis point decline in our average cost of funds. The upward trend
also applied on a trailing quarter basis," Mr. Ficalora continued,
"with average interest-earning assets rising $253.8 million, or 3.2%,
from the fourth quarter 2001 level and our cost of funds declining 37
basis points during the same time. On an annualized basis, the 3.2%
growth in average interest-earning assets translates into an increase
of nearly 13%.
"Our prospects for further interest-earning asset growth are aptly
demonstrated by our mortgage pipeline, which exceeded $728 million as
of yesterday," Mr. Ficalora said. "On the liability side of the
balance sheet, we continue to place an emphasis on low-cost core
deposits, which represented 60% of total deposits at quarter's end. In
concert with our focus on increasing core deposits, we have emphasized
a shift from certificates of deposit into alternative investments such
as annuities.
"Earnings growth was also fueled by a 55% rise in core other
operating income, primarily reflecting the addition of the Richmond
County branches and the resultant increase in fees from operations and
third-party product sales. Another contributing factor was our first
quarter 2002 acquisition of the remaining 53% equity interest in the
investment advisory firm Peter B. Cannell & Co., Inc.
"Another significant highlight of our first quarter performance
was the enduring quality of our mortgage loan portfolio," Mr. Ficalora
said. "At March 31, 2002, non-performing assets represented 0.16% of
total assets, as compared to 0.19% at year-end 2001. The ratio of
non-performing loans to loans, net, also improved, having dropped six
basis points to 0.27%. The absence of any net charge-offs also
continued, for the 30th consecutive quarter, despite the significant
growth in the past year of our loan portfolio. With approximately $600
million of one-to-four family mortgage loans currently under review
for securitization this quarter, we have taken steps to further
minimize our exposure to credit risk.
"The quality of the Company's loans was among the factors
considered by Moody's in upgrading its investment rating of our
trust-preferred securities in March. The significant upgrade, from B2
to Ba1, was especially gratifying, given the agency's standards; of
even greater importance, the senior debt ratings given by both Moody's
and Fitch are at investment grade."
Commenting on the consolidation of the Company's franchise, Mr.
Ficalora noted, "We also completed the opening of two new branches on
Staten Island during the quarter, with a third now scheduled to open
there in July. The divestiture of our seven Connecticut branches was
recently completed, and the sale of seven more branches remains on
track for mid-May. Reflecting these activities and the opening of a
traditional branch in Nassau County early this summer, the number of
banking offices will total 109.
"Due to the strength of our franchise and of our mortgage loan
production," Mr. Ficalora stated, "we are well positioned to continue
our earnings growth trend over the course of the year. The divested
branches are not expected to have a material impact on the Company's
performance, other than making us more efficient; the newer branches
are expected to contribute to revenue growth in the quarters ahead. On
the lending side, we look forward to exceeding last year's high volume
production, given the record level of first quarter originations and
our current pipeline.
"In view of these factors and others described at greater length
in our recent 10-K filing, we believe it to be likely that our 2002
diluted earnings per share will range from $2.04 to $2.08, signifying
a year-over-year increase of better than 50%. We also believe that our
2002 diluted cash earnings per share will range from $2.30 to $2.35,
reflecting better than 20% growth year-over-year," Mr. Ficalora
commented.
"Our expectation of earnings growth assumes far greater meaning in
view of the exciting news we received earlier this week. We have just
been advised by SNL Financial that New York Community Bancorp has
again been ranked the top performing large thrift in the nation,
making this the fourth consecutive year that our performance has been
so recognized. Given that the ranking is based on the Company's
three-year record of earnings growth, and various key performance
measures, the repetition of this accomplishment is especially
significant," Mr. Ficalora said. The ranking will be reported in the
May 2002 issue of ThriftINVESTOR, to be published mid-May.
Earnings Summary
- Due to the deal-driven growth of the Company and the record
level of mortgage loan production, interest income rose $56.8
million, or 67.3%, to $141.1 million in the first quarter of
2002. The increase was fueled by a $3.8 billion rise in the
average balance of interest-earning assets to $8.8 billion,
and only partly offset by a 73-basis point decline in the
average yield to 7.08%. Included in the increase in average
interest-earning assets was a $1.8 billion rise in the average
balance of mortgage and other loans to $5.4 billion, and a
$2.0 billion rise in the average balance of mortgage-backed
securities to $2.2 billion. The average yield on these assets
declined 20 basis points and 79 basis points, respectively, to
7.54% and 6.03%. The growth in interest income was achieved
despite the effects of the Company's balance sheet
restructuring, which reduced its assets and yields at the same
time as the favorable yield curve provided a leveraging
opportunity.
- Reflecting the Richmond County merger and a subsequent
releveraging program, the Company recorded an $8.8 million, or
18.0% rise, in interest expense to $58.1 million in the first
quarter of 2002. While average interest-bearing liabilities
rose from $4.1 billion in the first quarter of 2001 to $7.6
billion in the current first quarter, the 84.8% increase was
largely offset by a 175-basis point reduction in the average
cost of funds to 3.08%. The lower cost reflects the infusion
of core deposits from the Richmond County merger, and
the substantial downward repricing of CDs and borrowings in a
declining rate environment. While the average balance of CDs
rose $448.6 million to $2.3 billion, the average cost of such
funds fell 251 basis points to 3.46%. Similarly, while the
average balance of borrowings rose $1.6 billion, or 155.7%, to
$2.6 billion, the cost of such funds fell 180 basis points to
4.46%.
- Net interest income totaled $83.1 million in the current first
quarter, up $8.0 million, or 10.7%, from the trailing-quarter
level and up $47.9 million, or 136.4%, from the year-earlier
amount. The growth in net interest income was paralleled by
the expansion of the Company's interest rate spread and net
interest margin to 4.00% and 4.16%, respectively. The first
quarter 2002 measures were 32 and 33 basis points wider than
the trailing-quarter measures and 102 and 91 basis points
wider than the measures recorded in the first quarter of 2001.
- The provision for loan losses continued to be suspended,
reflecting the coverage provided by the current loan loss
allowance and the continuing quality of the Company's mortgage
loan portfolio.
- Other operating income totaled $19.8 million in the current
first quarter and $28.5 million in the year-earlier three
months. Included in the latter amount were non-core pre-tax
gains of $15.7 million on the sale of loans and securities in
connection with the post-Haven acquisition restructuring of
the balance sheet. Excluding these gains, other operating
income rose $7.0 million in the first quarter of 2002 from
$12.8 million, reflecting a $3.2 million, or 40.7%, rise in
fee income to $11.2 million and a $3.8 million, or 78.1%, rise
in core other income to $8.6 million. The higher level of fee
income reflects the expansion of the franchise pursuant to the
Richmond County merger, while the higher level of core other
income reflects revenues generated by the sale of third-party
products, including one-to-four family mortgage and consumer
loans. The increase in core other income also includes
revenues generated by Peter B. Cannell & Co., Inc., an
investment advisory firm with assets under management of
approximately $700 million as of March 31, 2002. The Company
increased its equity interest in the firm from 47% to 100% on
January 3, 2002.
- Operating expense rose to $33.7 million, or 1.46% of average
assets, in the current first quarter from $19.4 million, or
1.68% of average assets, in the first quarter of 2001. The
increase reflects the addition of 34 banking locations
pursuant to the Richmond County merger, the costs of operating
and staffing an expanded branch network, and the acquisition
of Peter B. Cannell & Co., Inc. The growth in operating
expense was sufficiently offset by the growth in net interest
income and core other operating income to produce an
improvement in the core efficiency ratio to 32.73% from
40.59%.
- Reflecting its adoption of Statement of Financial Accounting
Standards ("SFAS") Nos. 141 and 142 on January 1, 2002, the
Company has discontinued the amortization of goodwill that
stemmed from the Haven acquisition, but continues to amortize
the core deposit intangible ("CDI") stemming from the Richmond
County merger. In the first quarter of 2002, the amortization
of CDI totaled $1.5 million; in the first quarter of 2001, the
amortization of goodwill from the Haven acquisition totaled an
equivalent amount.
- Income tax expense rose $6.3 million to $21.4 million, a
function of a $25.0 million increase in pre-tax income to
$67.7 million and a decline in the effective tax rate to 32%
from 35%. The Company expects that its effective tax rate will
remain at 32% for the year, reflecting the restructuring of an
existing subsidiary at December 31, 2001, which is expected to
provide a recurring tax benefit.
Balance Sheet Summary
- The Company recorded total assets of $9.3 billion at March 31,
2002, up $67.7 million from the December 31, 2001 amount.
While multi-family mortgage loans outstanding rose $265.5
million, or 8.2%, over the course of the quarter, the increase
was tempered by strategic reductions in all other types of
mortgage loans outstanding and in the portfolios of securities
available for sale and mortgage-backed securities held to
maturity.
- Reflecting first quarter 2002 originations of $398.5 million,
the portfolio of multi-family mortgage loans rose $265.5
million from the December 31, 2001 level to $3.5 billion at
March 31, 2002. The growth in multi-family mortgage loans
served to offset a $113.8 million decline in one-to-four
family loans to $1.2 billion; an $81.2 million decline in
commercial real estate loans to $480.7 million; and a $640,000
decline in construction loans to $151.7 million, after
originations of $68.6 million, $18.8 million, and $25.7
million, respectively. Mortgage loans outstanding thus rose
$69.8 million to $5.4 billion and were supplemented by a $61.7
million increase in total other loans to $178.6 million.
- Non-performing assets declined to $14.9 million, representing
0.16% of total assets, from $17.7 million, representing 0.19%,
at December 31, 2001. Included in the 2002 and 2001 amounts
were non-performing loans of $14.6 million and $17.5 million,
respectively, representing 0.27% and 0.33% of loans, net. The
improvements stemmed from a $3.6 million reduction in loans 90
days or more delinquent to $3.3 million, which was partly
offset by a $664,000 increase in mortgage loans in foreclosure
to $11.3 million. Foreclosed real estate totaled $249,000 at
both March 31, 2002 and December 31, 2001.
- In keeping with the Company's emphasis on multi-family
mortgage lending, the portfolio of securities available for
sale declined at March 31, 2002. Securities available for sale
totaled $2.3 billion, down $25.6 million from the December 31,
2001 amount. At the same time, the portfolio of
mortgage-backed securities held to maturity fell $3.9 million
to $47.0 million, primarily reflecting repayments and the
classification of any new such investments as available for
sale. These reductions were largely offset by a $6.0 million
rise in securities held to maturity to $209.2 million.
- Primarily in connection with the acquisition of Peter B.
Cannell & Co., Inc., goodwill, net, rose to $625.1 million
from $614.7 million at December 31, 2001. Reflecting the
adoption of SFAS Nos. 141 and 142, as previously mentioned,
the goodwill stemming from the Haven acquisition is no longer
being amortized.
- The shift toward core deposits so apparent in December
continued in the first quarter of 2002. Core deposits rose
$161.7 million to $3.2 billion and represented 59.6% of total
deposits at March 31, 2002. Included in the increase in core
deposits was a $91.6 million rise in NOW and money market
accounts to $1.0 billion; a $41.7 million rise in savings
accounts to $1.7 billion; and a $28.4 million rise in
non-interest-bearing deposits to $483.5 million. The growth in
core deposits was tempered by a $240.1 million reduction in
CDs to $2.2 billion, representing 40.4% of total deposits at
quarter's end. The net effect was a $78.3 million decline in
total deposits to $5.4 billion at March 31, 2002.
- The funding provided by deposits was supplemented by a $192.5
million increase in borrowings to $2.7 billion at March 31,
2002. Included in this amount were Federal Home Loan Bank
advances of $1.7 billion, reverse repurchase agreements of
$775.0 million, and trust-preferred securities of $190.6
million.
- Stockholders' equity rose to $996.2 million at March 31, 2002,
representing 10.75% of total assets and a book value of $10.07
per share, based on 98,929,130 shares. At December 31, 2001,
stockholders' equity totaled $983.1 million, representing
10.68% of total assets and a book value of $10.05 per share,
based on 97,774,030 shares. Fueled by first quarter cash
earnings of $64.5 million, the March 31, 2002 amount reflects
the distribution of cash dividends totaling $15.8 million and
the allocation of $37.4 million toward the repurchase of
1,379,596 shares. Under the current Board authorization, there
were 1,937,191 shares still available for repurchase at March
31, 2002.
New York Community Bancorp, Inc. is the holding company for New
York Community Bank and the eighth largest thrift in the nation, based
on market capitalization at March 31, 2002. The Bank currently serves
its customers through a network of 54 traditional and 60 in-store
branch offices in New York City, Long Island, Rockland and Westchester
counties, and New Jersey, and operates through six divisions: Queens
County Savings Bank, Richmond County Savings Bank, CFS Bank, First
Savings Bank of New Jersey, Ironbound Bank, and South Jersey Bank. In
addition to operating the largest supermarket banking franchise in the
metro New York region, the Bank is the second largest producer of
multi-family mortgage loans in the City of New York. Additional
information about the Company and its financial performance is
available at www.myNYCB.com.
Forward-Looking Statements and Associated Risk Factors
This release, and the associated post-earnings conference call and
webcast, contain certain forward-looking statements with regard to the
Company's 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. The Company
intends 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 is 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
"believe," "expect," "intend," "anticipate," "estimate," "project," or
other similar expressions. The Company's ability to predict results or
the actual effects of its plans and strategies are inherently
uncertain. Accordingly, actual results may differ materially from
anticipated results. Factors that could have a material adverse effect
on the operations of the Company and its subsidiaries include, but are
not limited to, changes in market interest rates, general economic
conditions, legislation, and regulation; changes in the monetary and
fiscal policies of the U.S. Government, including policies of the U.S.
Treasury and the Federal Reserve Board; changes in the quality or
composition of the loan or investment portfolios; changes in deposit
flows, competition, and demand for financial services and loan
products in the Company's local markets; changes in local real estate
values; changes in accounting principles and guidelines; war or
terrorist activities; and other economic, competitive, governmental,
regulatory, geopolitical, and technological factors affecting the
Company's operations, pricing, and services.
Specific factors that could cause future results to vary from
current management expectations are detailed from time to time in the
Company's SEC filings, most recently including its 2001 Annual Report
on Form 10-K.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Except as required by applicable law or regulation, the
Company undertakes no obligation to update these forward-looking
statements to reflect events or circumstances that occur after the
date on which such statements were made.
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(in thousands)
March 31, December 31,
2002 2001
(unaudited)
------------ ------------
Assets
Cash and due from banks $ 165,191 $ 168,449
Money market investments 1,162 10,166
Securities held to
maturity (estimated market value of
$209,604 and $203,647, respectively) 209,188 203,195
Mortgage-backed securities held to
maturity (estimated market value
of $47,155 and $51,119, respectively) 47,010 50,865
Securities available for sale 2,349,191 2,374,782
Mortgage loans:
Multi-family 3,520,659 3,255,167
1-4 family 1,204,509 1,318,295
Commercial real estate 480,716 561,944
Construction 151,727 152,367
------------ ------------
Total mortgage loans 5,357,611 5,287,773
Other loans 178,631 116,968
Less: Unearned loan fees (4,541) (3,054)
Allowance for loan losses (40,500) (40,500)
------------ ------------
Loans, net 5,491,201 5,361,187
Premises and equipment, net 68,310 69,010
Goodwill, net 625,112 614,653
Core deposit intangible, net 56,000 57,500
Deferred tax asset, net 38,285 40,396
Other assets 219,724 252,432
------------ ------------
Total assets $ 9,270,374 $ 9,202,635
============ ============
Liabilities and Stockholders' Equity
Deposits:
NOW and money market accounts $ 1,039,933 $ 948,324
Savings accounts 1,680,962 1,639,239
Certificates of deposit 2,167,830 2,407,906
Non-interest-bearing accounts 483,547 455,133
------------ ------------
Total deposits 5,372,272 5,450,602
------------ ------------
Official checks outstanding 54,621 87,647
Borrowings 2,699,280 2,506,828
Mortgagors' escrow 48,528 21,496
Other liabilities 99,511 152,928
------------ ------------
Total liabilities 8,274,212 8,219,501
------------ ------------
Stockholders' equity:
Preferred stock at par
$0.01 (5,000,000 shares
authorized; none issued) -- --
Common stock at par
$0.01 (150,000,000 shares
authorized; 108,224,425 shares
issued; 102,182,204 and
101,845,276 shares outstanding
at March 31, 2002 and December
31, 2001, respectively) 1,082 1,082
Paid-in capital in excess of par 914,881 898,830
Retained earnings (substantially
restricted) 154,013 167,511
Less: Treasury stock (6,042,221
and 6,379,149 shares, respectively) (69,491) (78,294)
Unallocated common
stock held by ESOP (6,451) (6,556)
Common stock held by SERP (3,113) (3,113)
Unearned common
stock held by RRPs (41) (41)
Accumulated other comprehensive
income, net of tax effect 5,282 3,715
------------ ------------
Total stockholders' equity 996,162 983,134
------------ ------------
Total liabilities and
stockholders' equity $ 9,270,374 $ 9,202,635
============ ============
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
For the
Three Months Ended
March 31,
-----------------------------
2002 2001
------------- ----------
Interest Income:
Mortgage and other loans $100,452 $70,509
Securities 8,242 8,903
Mortgage-backed securities 32,313 2,792
Money market investments 123 2,154
------------- ----------
Total interest income 141,130 84,358
------------- ----------
Interest Expense:
NOW and money market accounts 3,527 3,936
Savings accounts 5,827 2,139
Certificates of deposit 19,612 27,180
Borrowings 29,097 15,969
Mortgagors' escrow 5 4
------------- ----------
Total interest expense 58,068 49,228
------------- ----------
Net interest income 83,062 35,130
Provision for loan losses -- --
------------- ----------
Net interest income after
provision for loan losses 83,062 35,130
------------- ----------
Other Operating Income:
Fee income 11,161 7,933
Other 8,634 20,548
------------- ----------
Total other operating income 19,795 28,481
------------- ----------
Non-interest Expense:
Operating expense:
Compensation and benefits 16,487 9,714
Occupancy and equipment 6,093 3,372
General and administrative 9,561 5,662
Other 1,521 672
------------- ----------
Total operating expense 33,662 19,420
------------- ----------
Amortization of goodwill and
core deposit intangible 1,500 1,482
------------- ----------
Total non-interest expense 35,162 20,902
------------- ----------
Income before income taxes 67,695 42,709
Income tax expense 21,374 15,065
------------- ----------
Net income $ 46,321 $27,644
============= ==========
Earnings per share $0.47 $0.45
Diluted earnings per share $0.47 $0.44
============= ==========
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(unaudited)
For the
Three Months Ended
March 31,
------------------------
(dollars in thousands, except share data) 2002 2001
--------- ----------
CORE EARNINGS DATA(1):
Earnings $46,321 $17,393
Earnings per share 0.47 0.29
Diluted earnings per share 0.47 0.28
Return on average assets 2.00% 1.50%
Return on average stockholders' equity 18.88 24.84
Return on average tangible
stockholders' equity 61.70 67.65
Operating expense to average assets 1.46 1.68
Efficiency ratio 32.73 40.59
REPORTED EARNINGS DATA:
Earnings $46,321 $27,644
Earnings per share 0.47 0.45
Diluted earnings per share 0.47 0.44
Return on average assets 2.00% 2.39%
Return on average stockholders' equity 18.88 39.49
Operating expense to average assets 1.46 1.68
Efficiency ratio 32.73 30.53
Shares used for EPS computation 98,547,455 61,333,985
Shares used for diluted EPS computation 99,525,577 62,360,939
CASH EARNINGS DATA:
Earnings $64,507 $32,995
Earnings per share 0.65 0.54
Diluted earnings per share 0.65 0.53
Return on average assets 2.79% 2.85%
Return on average stockholders' equity 26.29 47.13
Operating expense to average assets 1.39 1.60
Efficiency ratio 31.34 29.12
AVERAGE BALANCE SHEET DATA:
Mortgage and other loans $5,406,223 $3,642,448
Total interest-earning assets 8,088,457 4,320,091
Borrowings 2,647,000 1,035,057
Total interest-bearing liabilities 7,636,147 4,133,142
Stockholders' equity 981,412 280,047
Average yield on interest-earning assets 7.08% 7.81%
Average cost of interest-bearing liabilities 3.08 4.83
Interest rate spread 4.00 2.98
Net interest margin 4.16 3.25
At March 31, At December 31,
------------------------------
2002 2001
------------ ---------------
BALANCE SHEET DATA:
Book value per share $10.07 $10.05
Regulatory leverage capital ratio 5.81% 5.95%
Stockholders' equity to total assets 10.75 10.68
Shares used for book value computation 98,929,130 97,774,030
Total shares issued and outstanding 102,182,204 101,845,276
ASSET QUALITY RATIOS:
Non-performing loans to loans, net 0.27% 0.33%
Non-performing assets to total assets 0.16 0.19
Allowance for loan losses
to non-performing loans 277.38 231.46
Allowance for loan losses to loans, net 0.74 0.76
(1) Core earnings for the three months ended March 31, 2002 are the
same as reported earnings. Core earnings for the three months
ended March 31, 2001 exclude a $15.7 million pre-tax gain on the
sale of loans and securities acquired in the Haven transaction
which was recorded in other operating income and which, on an
after-tax basis, amounted to $10.3 million or $0.16 per share.
CONTACT: New York Community Bancorp, Inc.
Ilene A. Angarola, 516/683-4420
Senior Vice President
Investor Relations