Exhibit 99.1
New York Community Bancorp, Inc. Reports a 40.4% Increase in
1st Quarter 2003 Diluted EPS to $0.66;
Raises 2003 Diluted GAAP EPS Estimates to a Range of $2.67 - $2.75
WESTBURY, N.Y.--(BUSINESS WIRE)--April 16, 2003--New York Community Bancorp,
Inc. (NYSE:NYB) today reported first quarter 2003 net income of $67.4 million,
up 45.4% from $46.3 million in the first quarter of 2002. The 2003 amount
generated a 2.24% return on average assets, up 24 basis points from the
year-earlier measure, and a 20.22% return on average stockholders' equity, up
134 basis points. On a diluted per share basis, the Company's earnings rose
40.4% year-over-year to $0.66 from $0.47.
The Company also reported first quarter 2003 cash earnings of $72.3 million,
up 12.1% from $64.5 million in the first quarter of 2002. On a diluted per share
basis, the Company's first quarter 2003 cash earnings rose $0.05, or 7.7%,
year-over-year to $0.70. (1)
Commenting on the Company's first quarter 2003 performance, President and
Chief Executive Officer Joseph R. Ficalora stated, "With the level of asset and
earnings growth we recorded in the first quarter, we are well on our way toward
achieving the goals we set for the entire year. Mortgage originations exceeded
$771 million during the quarter, and our pipeline exceeded $743 million as of
yesterday. In addition, with GAAP earnings up better than 40% on a diluted per
share basis, we are raising our 2003 projections from a range of $2.65 to $2.67
to a range of $2.67 to $2.75.
"Several factors contributed to the strength of our first quarter 2003
performance, including:
-- A $282 million increase in multi-family loans to $4.8 billion,
signifying an annualized net increase in excess of 25%;
-- A 30% year-over-year increase in net interest income to $108 million;
-- A consistently strong spread and margin, measuring 4.03% and 4.17%;
-- A 34% year-over-year increase in other operating income to $26 million;
and
-- A 754-basis point increase in our efficiency ratio to 25.19%."
"We also saw real improvement on a linked-quarter basis," Mr. Ficalora
continued, "with net interest income rising 13% from the fourth quarter 2002
level and the efficiency ratio improving 91 basis points. Notwithstanding the
increase in borrowings tied to our leveraging program, the linked-quarter
declines in our spread and margin were more modest than expected, amounting to
two and five basis points, respectively.
"The significant growth in our earnings reflects a 30% rise in average
interest-earning assets, fueled by loan production and prudent investments in
mortgage-backed and investment securities. During the quarter, we leveraged the
proceeds of our fourth quarter 2002 BONUSES(SM) Units transaction by investing
in securities with attractive yields. Total assets rose $707 million, or 6%, to
$12.0 billion from the year-end 2002 total, largely reflecting the $282 million,
or 6%, rise in multi-family loans already mentioned, and a $391 million, or 8%,
rise in securities available for sale and held to maturity, combined.
"The quality of our mortgage loans continued to be solid, with
non-performing loans declining $1.5 million from the December 31st level to
$14.9 million, or 0.26% of loans, net," Mr. Ficalora said. "As expected, the
reduction reflects the sale, at par, of a multi-family loan in the amount of
$2.3 million that had been categorized as "non-performing" in the fourth quarter
of 2002.
"Another first quarter highlight was our Board of Directors' decision to
raise the quarterly cash dividend 25% to $0.25 per share. In addition to
allocating $25 million toward the February 15th dividend payment, the Company
allocated $33 million toward the repurchase of 1.1 million shares in the first
quarter of the year.
"Our ability to repurchase shares, and to engage in other value-enhancing
transactions, is a solid indication of the Company's capital strength. In recent
weeks, we have taken steps to further strengthen our capital position,
particularly with regard to our Tier 1 regulatory capital. Recently, we
announced the sale of $60 million of REIT-preferred securities through a private
placement, which was included in our Tier 1 capital at March 31, 2003. In
addition, we have received the requisite consent of our BONUSES Unit holders to
an amendment that will render the $275 million of proceeds generated through the
sale of these Units eligible for treatment as Tier 1 regulatory capital. As a
result, we are now in the process of pursuing the listing of the BONUSES Units
on the New York Stock Exchange," Mr. Ficalora said.
Earnings Summary for the Three Months Ended March 31, 2003
Interest Income
The Company recorded interest income of $166.6 million in the current first
quarter, up $25.4 million, or 18.0%, from the level recorded in the first
quarter of 2002. The increase was fueled by a $2.4 billion, or 30.2%, rise in
the average balance of interest-earning assets to $10.5 billion, and tempered by
a 67-basis point reduction in the average yield to 6.41%. In addition to the
record volume of loans produced, the higher average balance reflects the
leveraged growth of the Company's portfolios of mortgage-backed and investment
securities over the past four quarters. The lower yield was a function of the
year-over-year reduction in market interest rates.
Mortgage and other loans generated interest income of $103.3 million in the
current first quarter, up $2.8 million from the year-earlier amount. The
increase stemmed from a $133.3 million rise in the average balance to $5.5
billion and from a two-basis point rise in the average yield to 7.56%. At the
same time, mortgage-backed securities generated interest income of $44.4
million, up $12.1 million from the level recorded in the first quarter of 2002.
The increase was fueled by a $1.6 billion rise in the average balance to $3.8
billion, and tempered by a 132-basis point drop in the average yield to 4.71%.
The interest income produced by investment securities rose $10.4 million
year-over-year to $18.6 million, the net effect of a $648.7 million rise in the
average balance to $1.1 billion and a 29-basis point decline in the average
yield to 6.69%.
Interest Expense
The Company recorded first quarter 2003 interest expense of $58.3 million,
as compared to $58.1 million in the first quarter of 2002. While the average
balance of interest-bearing liabilities rose $2.3 billion, or 30.1%,
year-over-year to $9.9 billion, the increase was largely offset by a 70-basis
point decline in the average cost of such funds to 2.38%. The higher average
balance primarily stemmed from a $2.5 billion increase in average borrowings to
$5.1 billion, in connection with the Company's leveraged growth strategy.
Borrowings generated first quarter 2003 interest expense of $39.5 million, up
$10.4 million from the year-earlier level, the net effect of the higher average
balance and a 134-basis point decline in the average cost of such funds to
3.12%.
The average balance of CDs declined $387.0 million year-over-year to $1.9
billion, while the average cost of such funds fell 117 basis points to 2.29%. As
a result, the interest expense produced by CDs declined $8.8 million to $10.8
million in the first quarter of 2003. The average balance of core deposits,
meanwhile, rose $216.5 million to $3.3 billion, including a $23.5 million, or
5.3%, rise in non-interest-bearing accounts to $470.2 million. The interest
expense produced by core deposits declined $1.4 million year-over-year to $8.0
million, as the higher average balance was offset by a 25-basis point decline in
the average cost of such funds to 0.97%.
Net Interest Income
Net interest income totaled $108.3 million in the current first quarter, up
$12.4 million, or 12.9%, on a linked-quarter basis and up $25.2 million, or
30.4%, from the year-earlier amount. The increase was primarily driven by the
aforementioned rise in average interest-earning assets, and supported by the
lower cost of the Company's interest-bearing liabilities.
The Company recorded an interest rate spread of 4.03% in the current first
quarter, down two basis points from the trailing-quarter measure, but up three
basis points from the year-earlier spread. The Company's net interest margin
equaled 4.17% in the current first quarter, as compared to 4.22% and 4.16%,
respectively, in the corresponding periods. The modest linked-quarter declines
are indicative of the aforementioned leveraging program, the 6% coupon on the
BONUSES Units, and the allocation of $33.3 million toward share repurchases over
the past three months.
Provision for Loan Losses
The provision for loan losses was suspended for the 31st consecutive
quarter, based on management's assessment of the allowance for loans losses and
the consistent quality of the loan portfolio.
Other Operating Income
Other operating income rose $6.6 million, or 33.6%, year-over-year to $26.4
million in the first quarter of 2003. The increase stemmed from a $478,000 rise
in fee income to $11.6 million; a $5.0 million rise in net securities gains to
$6.5 million; and a $1.2 million rise in other income to $8.3 million.
Non-interest Expense
The Company recorded first quarter 2003 non-interest expense of $35.4
million, as compared to $35.2 million in the first quarter of 2002. The
amortization of the core deposit intangible stemming from the Company's merger
of equals with Richmond County Financial Corp. accounted for $1.5 million of the
total in the first quarter of both 2003 and 2002.
Operating expenses totaled $33.9 million and $33.7 million, respectively, in
the current and year-earlier first quarters, representing 1.13% and 1.46% of
average assets, respectively. The modest increase in the 2003 amount was the net
effect of a $2.2 million rise in compensation and benefits expense to $18.7
million and a combined $2.0 million reduction in the remaining three expense
categories. General and administrative expense fell $1.9 million year-over-year
to $7.6 million, while occupancy and equipment expense and other expenses
dropped $17,000 and $14,000, respectively, to $6.1 million and $1.5 million.
While the increase in compensation and benefits expense reflects normal salary
increases together with higher pension and health care expenditures, the
reduction in the other three categories reflects the benefits of the Company's
cost containment program and a reduction in the number of branches from 119 to
110.
Income Tax Expense
The Company recorded income tax expense of $31.9 million in the current
first quarter, up from $21.4 million in the first quarter of 2002. The increase
reflects a $31.6 million rise in pre-tax income to $99.3 million and an
effective tax rate of 32.2%.
Balance Sheet Summary
Assets
The Company recorded total assets of $12.0 billion at March 31, 2003, up
$706.5 million, or 6.2%, from the balance recorded at December 31, 2002.
Mortgage and Other Loans
Mortgage loans totaled $5.7 billion at March 31, 2003, up $252.4 million, or
4.7%, from the balance recorded at year-end 2002. The increase was driven by a
record level of first quarter mortgage loan production: originations totaled
$771.1 million in the current first quarter, up 50.3% from $513.1 million in the
year-earlier three months. Multi-family loans represented $4.8 billion, or
84.3%, of total mortgage loans at March 31, 2003, up $281.7 million, or 6.3%,
from the year-end 2002 amount. The increase was fueled by first quarter 2003
originations of $655.4 million, up 62.9% from $402.4 million in the first
quarter of 2002. At March 31, 2003, the average multi-family loan in the
portfolio had a principal balance of $2.0 million and a loan-to-value ratio of
58.0%.
Loan growth was also fueled by a $1.5 million increase in commercial real
estate loans to $534.9 million (after originations of $30.0 million), and by a
$2.3 million increase in construction loans to $119.3 million (after
originations of $14.1 million). The combined $285.5 million increase in
multi-family, commercial real estate, and construction loans was partly offset
by a $33.1 million reduction in one-to-four family loans to $232.6 million,
primarily reflecting repayments and the sale of all new one-to-four family loans
to a third-party conduit. For similar reasons, other loans declined $6.0 million
to $72.8 million.
Asset Quality
At March 31, 2003, the Company recorded non-performing loans of $14.9
million, or 0.26% of loans, net, as compared to $16.3 million, or 0.30% of
loans, net, at year-end 2002. The $1.5 million improvement stemmed from a $2.9
million decline in mortgage loans in foreclosure to $9.1 million, offset by a
$1.4 million increase in loans 90 days or more delinquent to $5.8 million. The
increase in loans 90 days or more delinquent was partly tempered by the sale, at
par, in the first quarter of a multi-family loan in the amount of $2.3 million.
At the same time, foreclosed real estate declined $54,000 to $121,000,
reflecting the sale of two one-to-four family homes. The combined reduction in
non-performing loans and foreclosed real estate resulted in a $1.5 million, or
9.3%, decline in non-performing assets to $15.0 million, equivalent to 0.12% of
total assets at March 31, 2003.
In the absence of any net charge-offs or provisions for loans losses, the
loan loss allowance was maintained at $40.5 million, representing 272.67% of
non-performing loans and 0.71% of loans, net.
Securities and Mortgage-backed Securities
The Company continued to capitalize on the steepest yield curve in more than
a decade by investing its borrowings in mortgage-backed and investment
securities with attractive yields. At March 31, 2003, securities available for
sale and held to maturity totaled $5.0 billion, up $391.0 million from the
December 31, 2002 amount. The increase primarily reflects first quarter 2003
investments in mortgage-backed securities and agency bonds, which offset
repayments and sales.
Funding Sources
Core deposits totaled $3.4 billion at March 31, 2003, representing 65.0% of
total deposits, up $63.4 million from the balance recorded at December 31, 2002.
The increase stemmed from a $34.5 million rise in savings accounts to $1.7
billion and a $31.1 million rise in non-interest-bearing accounts to $496.2
million, which combined to offset a $2.1 million decline in NOW and money market
accounts to $1.2 billion. CDs represented $1.8 billion, or 35.0%, of total
deposits at March 31, 2003, down $137.0 million from the year-end 2002 balance.
The decline in CDs largely reflects management's focus on attracting core
deposits and the replacement of higher-cost CDs with alternative, lower-cost
sources of funds.
The Company recorded borrowings of $5.3 billion at March 31, 2003, up $716.0
million from the balance recorded at December 31, 2002. The increase was
consistent with the Company's leveraged growth strategy, and primarily reflects
a $1.0 billion increase in reverse repurchase agreements to $3.0 billion, offset
by a $368.7 million decline in Federal Home Loan Bank of New York advances to
$1.9 billion. The balance of borrowings also reflects a $60.0 million increase
in preferred securities to $428.8 million, reflecting the REIT-preferred
securities sold by a Company subsidiary in a private placement on March 31,
2003.
Stockholders' Equity
The Company recorded stockholders' equity of $1.3 billion at March 31, 2003,
up $25.0 million from the level recorded at December 31, 2002. The March 31,
2003 amount was equivalent to 11.22% of total assets and a book value of $13.31
per share, based on 101,311,670 shares. The increase in stockholders' equity
reflects first quarter 2003 cash earnings of $72.3 million, offset by the
allocation of $25.4 million toward the payment of a $0.25 per share quarterly
cash dividend on February 15th.(1) In addition, the Company allocated $33.3
million toward the repurchase of 1,147,878 shares over the course of the
quarter. At March 31, 2003, there were 2,831,375 shares still available for
repurchase under the Board of Directors' authorization on November 12, 2002.
Post-earnings Conference Call
The Company will host a conference call on April 16, 2003 at 9:30 a.m. to
discuss highlights of its first quarter 2003 earnings and its earnings
projections for the full year. To access the call, please visit the Company's
web site, www.myNYCB.com, click on "Investor Relations," and follow the prompts.
Alternatively, the conference call may be accessed by phoning 1-888-202-2422
(domestic) or 1-913-981-5592 (international) and providing the following access
code: 294256. The webcast will be archived at the Company's web site two hours
following completion of the call through 5:00 p.m. on April 25, 2003; the
telephone replay will be available through midnight on April 23, 2003. To access
the replay, please call 1-888-203-1112 (domestic) or 1-719-457-0820
(international) and provide the aforementioned access code.
New York Community Bancorp, Inc. is the holding company for New York
Community Bank and the sixth largest thrift in the nation, based on current
market capitalization. The Bank serves its customers through 110 banking offices
in New York City, Long Island, Westchester County, and New Jersey, and operates
through six local 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, with 54 in-store branches, the Company is the
leading producer of multi-family loans for portfolio in the city of New York.
Additional information about the Company and its financial performance is
available at its web site, 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 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 "plan," "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 is
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 Company's loan or investment portfolios; changes
in deposit flows, competition, and demand for financial services and loan,
deposit, and investment 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, which are available at the Company's web site, www.myNYCB.com.
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.
(1) Please see the reconciliation of cash and GAAP earnings on the Financial
Highlights page at the end of this release.
(Financial Statements and Highlights Follow)
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION
(in thousands, except share data)
March 31, December 31,
2003 2002
(unaudited)
--------------------------
Assets
Cash and due from banks $ 142,179 $ 96,497
Money market investments 30,000 1,148
Securities held to maturity (estimated
market value of $990,656 and $717,564,
respectively) 963,931 699,445
Mortgage-backed securities held to maturity
(estimated market value of $33,918 and
$38,489, respectively) 32,434 36,947
Securities available for sale 4,078,658 3,952,130
Mortgage loans:
Multi-family 4,776,047 4,494,332
Commercial real estate 534,851 533,327
1-4 family 232,635 265,724
Construction 119,311 117,013
--------------------------
Total mortgage loans 5,662,844 5,410,396
Other loans 72,769 78,787
Less: Unearned loan fees (4,065) (5,111)
Allowance for loan losses (40,500) (40,500)
--------------------------
Loans, net 5,691,048 5,443,572
Premises and equipment, net 73,826 74,531
Goodwill 624,518 624,518
Core deposit intangible 50,000 51,500
Deferred tax asset, net 2,232 9,508
Other assets 330,799 323,296
--------------------------
Total assets $12,019,625 $11,313,092
==========================
Liabilities and Stockholders' Equity
Deposits:
NOW and money market accounts $ 1,195,923 $ 1,198,068
Savings accounts 1,678,152 1,643,696
Certificates of deposit 1,812,175 1,949,138
Non-interest-bearing accounts 496,238 465,140
--------------------------
Total deposits 5,182,488 5,256,042
--------------------------
Official checks outstanding 22,650 11,544
Borrowings 5,308,057 4,592,069
Mortgagors' escrow 45,207 13,749
Other liabilities 112,675 116,176
--------------------------
Total liabilities 10,671,077 9,989,580
--------------------------
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; 104,858,653 and 105,664,464
shares outstanding at March 31, 2003 and
December 31, 2002, respectively) 1,082 1,082
Paid-in capital in excess of par 1,106,282 1,104,899
Retained earnings (substantially
restricted) 314,688 275,097
Less: Treasury stock (3,365,772 and
2,559,961 shares, respectively) (92,411) (69,095)
Unallocated common stock held by
ESOP (19,841) (20,169)
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 41,902 34,852
--------------------------
Total stockholders' equity 1,348,548 1,323,512
--------------------------
Total liabilities and stockholders' equity $12,019,625 $11,313,092
==========================
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
For the
Three Months Ended
March 31,
------------------
2003 2002
------------------
Interest Income:
Mortgage and other loans $103,256 $100,452
Securities 18,610 8,242
Mortgage-backed securities 44,425 32,313
Money market investments 283 123
------------------
Total interest income 166,574 141,130
------------------
Interest Expense:
NOW and money market accounts 3,786 3,527
Savings accounts 4,175 5,827
Certificates of deposit 10,777 19,612
Borrowings 39,536 29,097
Mortgagors' escrow -- 5
------------------
Total interest expense 58,274 58,068
------------------
Net interest income 108,300 83,062
Provision for loan losses -- --
------------------
Net interest income after
provision for loan losses 108,300 83,062
------------------
Other Operating Income:
Fee income 11,639 11,161
Net securities gains 6,485 1,530
Other 8,318 7,104
------------------
Total other operating income 26,442 19,795
------------------
Non-interest Expense:
Operating expenses:
Compensation and benefits 18,726 16,487
Occupancy and equipment 6,076 6,093
General and administrative 7,630 9,561
Other 1,507 1,521
------------------
Total operating expenses 33,939 33,662
------------------
Amortization of core deposit intangible 1,500 1,500
------------------
Total non-interest expense 35,439 35,162
------------------
Income before income taxes 99,303 67,695
Income tax expense 31,935 21,374
------------------
Net income $67,368 $46,321
==================
Basic earnings per share $0.67 $0.47
Diluted earnings per share $0.66 $0.47
==================
NEW YORK COMMUNITY BANCORP, INC.
NET INTEREST INCOME ANALYSIS
(dollars in thousands)
Three Months Ended March 31
- ----------------------------------------------------------------------
2003
--------------------------------
Average
Average Yield/
Balance Interest Cost
------------ --------- -------
Assets:
Interest-earning assets:
Mortgage and other loans, net $ 5,539,543 $103,256 7.56 %
Securities 1,127,774 18,610 6.69
Mortgage-backed securities 3,823,870 44,425 4.71
Money market investments 41,739 283 2.75
------------ --------- -------
Total interest-earning assets $10,532,926 $166,574 6.41
Non-interest-earning assets 1,494,655
------------
Total assets $12,027,581
============
Liabilities and Stockholders'
Equity:
Interest-bearing deposits:
NOW and money market accounts $ 1,194,886 $ 3,786 1.29 %
Savings accounts 1,653,844 4,175 1.02
Certificates of deposit 1,909,387 10,777 2.29
Borrowings 5,143,143 39,536 3.12
Mortgagors' escrow 33,039 -- --
------------ --------- -------
Total interest-bearing liabilities $ 9,934,299 $ 58,274 2.38
Non-interest-bearing deposits 470,186
Other liabilities 290,149
------------
Total liabilities 10,694,635
Stockholders' equity 1,332,946
------------
Total liabilities and stockholders'
equity $12,027,581
============
Net interest income/interest rate
spread $108,300 4.03 %
========= =======
Net interest-earning assets/net
interest margin $598,626 4.17 %
============ =======
Ratio of interest-earning assets to
interest-bearing liabilities 1.06 x
=======
Three Months Ended March 31
- ----------------------------------------------------------------------
2002
--------------------------------
Average
Average Yield/
Balance Interest Cost
----------- --------- -------
Assets:
Interest-earning assets:
Mortgage and other loans, net $ 5,406,223 $ 100,452 7.54 %
Securities 479,123 8,242 6.98
Mortgage-backed securities 2,173,978 32,313 6.03
Money market investments 29,133 123 1.71
----------- --------- -------
Total interest-earning assets 8,088,457 141,130 7.08
Non-interest-earning assets 1,161,647
-----------
Total assets $ 9,250,104
===========
Liabilities and Stockholders' Equity:
Interest-bearing deposits:
NOW and money market accounts $ 994,633 $ 3,527 1.44 %
Savings accounts 1,661,027 5,827 1.42
Certificates of deposit 2,296,377 19,612 3.46
Borrowings 2,647,000 29,097 4.46
Mortgagors' escrow 37,110 5 0.05
----------- --------- -------
Total interest-bearing liabilities 7,636,147 58,068 3.08
Non-interest-bearing deposits 446,712
Other liabilities 185,833
-----------
Total liabilities 8,268,692
Stockholders' equity 981,412
-----------
Total liabilities and stockholders'
equity $ 9,250,104
===========
Net interest income/interest rate
spread $ 83,062 4.00 %
========= =======
Net interest-earning assets/net
interest margin $452,310 4.16 %
=========== =======
Ratio of interest-earning assets to
interest-bearing liabilities 1.06 x
=======
NEW YORK COMMUNITY BANCORP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
(unaudited)
For the
Three Months Ended
March 31,
-------------------------
2003 2002
-------------------------
GAAP EARNINGS DATA:
Net income $67,368 $46,321
Basic earnings per share 0.67 0.47
Diluted earnings per share 0.66 0.47
Return on average assets 2.24 % 2.00 %
Return on average stockholders' equity 20.22 18.88
Return on average tangible stockholders'
equity 40.93 61.70
Operating expenses to average assets 1.13 1.46
Interest rate spread 4.03 4.00
Net interest margin 4.17 4.16
Efficiency ratio 25.19 32.73
Shares used for basic EPS computation 101,101,158 98,547,455
Shares used for diluted EPS computation 102,586,180 99,525,577
RECONCILIATION OF CASH EARNINGS
TO GAAP EARNINGS:
Net income $67,368 $46,321
Additional contributions to tangible
stockholders' equity:
Amortization and appreciation of shares held in
stock-related benefit plans 1,711 1,429
Associated tax benefits 807 14,727
Dividends on unallocated ESOP shares 901 530
Amortization of core deposit intangible 1,500 1,500
---------------------
Total additional contributions to tangible
stockholders' equity 4,919 18,186
---------------------
Cash earnings $72,287 $64,507
=====================
Basic cash earnings per share $0.71 $0.65
Diluted cash earnings per share 0.70 0.65
=====================
CASH EARNINGS DATA:
Cash return on average assets 2.40 % 2.79 %
Cash return on average stockholders' equity 21.69 26.29
Cash efficiency ratio 23.92 31.34
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At March At December
31, 31,
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2003 2002
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BALANCE SHEET DATA:
Book value per share $13.31 $12.97
Stockholders' equity to total assets 11.22 % 11.70 %
Shares used for book value computation 101,311,670 102,058,843
Total shares issued and outstanding 104,858,653 105,664,464
ASSET QUALITY RATIOS:
Non-performing loans to loans, net 0.26 % 0.30 %
Non-performing assets to total assets 0.12 0.15
Allowance for loan losses to non-performing
loans 272.67 247.83
Allowance for loan losses to loans, net 0.71 0.74
CONTACT: New York Community Bancorp, Inc.
Investor Relations:
Ilene A. Angarola, 516/683-4420