NYCB - Earnings call transcript Q1 2020 | Flagstar Financial, Inc.

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Sal DiMartino

Good morning, this is Sal DiMartino, Director of Investor Relations. Thank you all for joining the management team of New York Community Bancorp for today’s conference call.

Today’s discussion of the company’s first quarter 2020 performance will be led by President and Chief Executive Officer, Joseph Ficalora and Chief Financial Officer, Thomas Cangemi, together with Chief Operating Officer, Robert Wann and Chief Accounting Officer, John Pinto.

Today’s release includes a reconciliation of certain GAAP and non-GAAP financial measures that may be discussed during this conference call. These non-GAAP financial measures should be viewed in addition to and not as a substitute for our results prepared in accordance with GAAP. Securities on intended call the to provisions the made statements contain Safe comments of of are Act that be Private certain today’s will conference forward-looking Harbor XXXX. Also, Reform Litigation covered by Such assumptions could forward-looking materially expectations. cause and differ that to statements to results uncertainties, subject from are risks, actual such after today’s call. undertake to would and statements We not expect forward-looking no obligation to update any

in statements report today’s its factors You release will that risk and find financial company’s the XXXX XX-K. the the performance more in may forward-looking earnings including and company’s on information impact filings, about SEC Form annual

for To Ficalora, now who start turn of will a Mr. provide line to overview brief call before Q&A. today’s will performance I the over discussion, company’s the the opening

go please Ficalora, ahead. Mr.

Joseph Ficalora

and this that you all time. joining webcast, the to thank and on during for of hope Good morning safe us unprecedented everyone I and on the today. healthy phone are you

communities to Our this out immediate thoughts pandemic. go individuals all impacted by and the

very the day. front We are are on all every who crisis grateful and professionals also this battling lines those healthcare the for

quarter’s this discuss to would I topics with I Before you. cover these like two performance,

our the proactive preparedness bank enacted of management working early directors. would with a to very actions pandemic have deal the the importance close plan company of of wellbeing during across and is share continuity some of and customers shareholders we were mid-March, employees without procedures. to crisis. like of to with very utmost the the I of bank the and It COVID-XX and health to taken the remotely. and the business board goes stages office you that First, saying our employees, was By crisis XXX% immediately The

drive-up in-store and temporarily we of remaining all to the of several addition, In the branches. adjusted hours locations converted our branches along at only our with closed

be enhanced fees our during experiencing and those customers. customers we side, mobile XX-day and may banking offered forbearance retail online mortgage who for temporarily this payment waived time, residential On certain the banking financial consumer have to capabilities difficulties

side, we of manage borrowers the this monitoring We case-by-case consistent with in including strategies, plans to and enhanced credits, On proactively restructuring them mitigation well. crisis payment help put basis guidance. risk as certain have place out through regulatory reached several deferral a commercial options on to

Second, some regarding New I in in rent-regulated market York like would City. to clear misperceptions up trends multi-family the

a We to this are newcomer market. not

you this for have point If recall, at lending doing we XX this of years. been type over

with largest strong including New the one owners biggest some have have commercial the We the very real of ties to property estate some City of marketplace. servicing in relationships and brokers, York the we city largest the

estate us several providing We have real with the for this multi-family market on professionals market. as also a a participate in directors perspective unique living who

been of there on trends closely underwriting, week of we or change and Over about collections reevaluate. things the our multi-family our market. With the rent has we in so, market, monitor number when level the past on discussion some conservative view a

spoke to we rent of of in are XX% experts. We range of also rent regulated of to a XX%. on number and our top a brokers in borrowers, our April, collections gamut of buildings our the including month April XX intelligence, to a some the to be During portfolio on we our out market surveyed reached borrowers. Based wide industry estimated

impact even the is New On higher. City the area is the very pandemic. This COVID-XX encouraging on given the York market rent properties, it given

institutions our most and operating degree impact the it ultimately navigate regarding While there it positioned low culture other the to to better strong are still we are through we over what economy many unfold, long how run, given the crisis will model. believe COVID-XX than uncertainties financial will credit that

cycles, impress loss our upon two lower are no experience cycles been than throughout the has I would industry. of various actual rest economic the the loan that alike, While you much fact

turn out that results. quarterly of let’s to our the way, With

reported diluted share X% ago consensus for a XXXX year liquidity had level morning, quarter common growth, We estimates. expenses, and slower net quarter with to we quality and higher this Despite momentum we the compared Earlier expansion, is underlying stable a XX, ahead positive position. earnings asset interest that’s and of the lower are months per we usually income - a $X.XX up ended the March of quarter, interest three capital what of in strong first margin loan strong net metrics. and operating and exited seasonally

X.XX%, the offset the credit of first provisions quarter. slightly we to was that’s for by COVID-XX. far certain impact losses million below an This of Our very application notwithstanding, $XX due for of income due results metrics, the benefit pleased additional reflects a Act. industry - to This include provision under That during our an CECL quarter the tax are CARES performance. with potential reserve

fundamentals, off of solid a performance quarter building in year. strong fourth the We last entered with of the year

last quarter highlights in One of income the an the two first is they the years, five After increased and the inflection improvement in these quarter. when both reaching net metrics both quarter point margins. time the again the for interest during current of increased

previous X.XX%, The Also the or the to its on costs compared basis points line expense, interest net continued Net the basis excluding in margin due expectations. with impact interest activity been to upward continued lower have the million an prepayment increased of and prepayment quarter income trajectory. first quarter to funding XX% decline. as $X.X excluding impact from up margin also two would income, interest annualized

its the albeit XXXX significant a especially experienced within during side. rate income, than to balance the having rate we for positioned on near interest and target mix, higher sheet, CD currently embedded our at This the liability-sensitive further due current quarter. margin are throughout Fed lowered the We is very opportunities the our both growth in net and funding to zero, re-pricing well

the $XXX.X quarter. PPNR million net for X% million the also quarter, increase revenue. compared a ago was in strong first $X.X up We reported year to pre-provision or

total was to continues down front, ago was the reflect The $XXX.X leverage. million, positive the year operating expense quarter. and the first non-interest efficiency XX% from expense in ratio XX% On quarter

the increased the Moving on on loans basis. $XXX fourth $XX.X primary quarter lending growth This X% billion sheet, the increased finance annualized finance multi-family seasonality, or million continued usual drivers to to on to quarter. billion almost the rose strong of to beginning total growth. Specialty a portfolio sequentially. multi-family The business basis specialty portfolio $X of the to and balance had this this $XXX linked quarter. portfolio an compared $XXX Meanwhile, year million be despite million

on year the increased originations credit spreads with due previous cycles. occurred also was have to less ago $X.X both activity specialty months, has multi-family finance I and to widened As has to compared billion, what a last as two market dislocation to basis strong given alluded quarter. significantly that to significantly over and year-over-year Origination earlier, the all similar in transpired originations multi-family overall XX% increasing competition,

First quarter of originations or relative were were by specialty finance $XXX and exceeded year. billion first to Multi-family million, billion, last pipeline originations quarter $X.X XX%. $X.X both last quarter’s originations up XX%

year. loan our be course We growth this of by the encouraged over potential continue to

pipeline. higher Our Of pipeline money. fourth than the ago $X.X at currently year new and XX% is billion, approximately the XX% stands $X.X billion, quarter

this million or $XX.X deposit lower and first $XXX billion. modestly. checking continued funding borrowings. while of X% Most to well. advantage we also CDs Borrowings longer increased with to savings matured $XXX current of environment was into accounts, side, Wholesale rate non-interest cost declined interest $XX billion borrowings growth deposits replace growth On increased our annualized the as the quarter the as duration borrowings in took million to bearing Total cost, low the quarter. during lower rose

taxi On losses, quality mainly charge-offs million a our in totaled portfolio driven currently more continues to for million X.XX% medallion stands related That million. be million which loans. credit of average side, release, the as we loans, $XX.X by detail COVID-XX. mode at asset reported provision in $XX or in discussed $X.X and of $XX run-off earnings Net was

in quality during did impact a Importantly, remained the The CECL not of as our they strong portfolio. our adoption no losses we metrics quarter. asset have core material on had

million to compared year-end, declined the at basis total points assets to of $XX XX% Non-performing or XX assets. or $XX million level

taxi As NPAs loans. with charge-offs, is the largest component medallion of

points been medallion-related taxi total have or million X NPAs assets. of would basis Excluding loans, $XX

portfolio LTV from for on average As investor billion XX% our multi-family of or total weighted New of quarter. piece $XX.X the to subject unchanged York The portfolio noted is presentation, to in this multi-family is today’s XX% portfolio, previous the laws. regulation compared the rent State XX% overall

X.X%. dividend price, of declared as yield of payable directors an to also $X.XX quarter. cash of represents on dividend of annualized common the closing the a will yesterday’s be Lastly, The share announced record Based common shareholders dividend this XX on for per May X. board May we that

just I we to not on like At final comment. moving Before your make a community questions, to would NYCB, bank. a are

X,XXX I comes of when a together service a family, very of we and are We challenge. our the am together. to to every A our efforts how am you throughout to proud risen family things period extremely I difficult, our and has proud franchise. that customers. all been very has stressful has get for organization ensure made all at everyone, employees and employee challenging, continue entire the thank come to big This the our collective

have those are Lastly, family all the of who present those our and members friends COVID-XX who disease. go employees, NYCB lost due families to particularly to and out their and prayers past from suffering

On the I to ask now that operator to your the line questions. would note, open

time, to free do to in us get week. our if will you best call don’t, of to all please or We we but later this today feel the remaining

Operator

instructions] [Operator

Ebrahim Please with first Poonawala from question Bank America. Our is of proceed.

Joseph Ficalora

Ebrahim. Good morning,

Ebrahim Poonawala

about strength to on XX% Good payment level data, risk we what’s credit terms in up, XX% the would have to comments of will you get if morning. you a the is as and Joe, that, look see at can last XXs, your base, deferrals additionally follow low my the provided and so to we talk lower, when to or just those of uptick something X of, the probably borrower guess the so about customer an month your your I multi-family sense I numbers base, probably deferrals NYB May to from go in love rent read clients from your the will guess given in standpoint, on in LTVs thoughts to the what so?

Joseph Ficalora

take to want you that? Tom,

Thomas Cangemi

Tom they quick I’ll we’ve it’s and of they this but morning, the obviously what to was to good they our have customers. the can offered deferral to down when government come to give address also support a right We were so market, for react escrow the Ebrahim, of base, into the throughout and period current done a clearly on with Joe period. Cangemi. deferral pandemic to entered six of the--mid-March the agreement the customer out payments for and months, sure. shut ability specifics that to we defer the Yes, that be part have time to customers us country, at be their paying and very

actually of almost May, in that’s said, approximately $X yesterday, we a entire the That which agreement. being or as portfolio of starting is X.XX% deferral of have billion multi of multi out

and approximately so and billion, of and XX.X% CRE of that the total is of yesterday, approximately billion, XX%, on If about time. LTV the CRE, that, you’re real XX%. piece that’s billion CRE portfolio the is thinking it’s of portfolio that’s percentage add of in, All that’s $X.X and $X.X it’s to about $X.X I of believe multi-family, CREs and deferral it the as entire approximately

Ebrahim Poonawala

deferral, XX-day Tom. your Is a that-- expectation it’s And

Thomas Cangemi

days XX It’s deferral. residential six-month a the on side. That’s

Ebrahim Poonawala

the we If towards these sense current, back year? these the of seeing that to open is lockdowns the being most looking around or end let’s your June-July, will borrowers it third call of of somewhere borrowers up, in go all it quarter out these start

Thomas Cangemi

a specific I Ebrahim, I have the of don’t you crystal can yesterday. give collections as but ball, actual

on people We’re into around previous we’re XX.XX% back same that compared as April you months of take pleased efforts not out versus significant seeing that’s collections really as deferrals not through, yesterday. adjustment deferred, current looking we’re that to account here coming all up deferrals level. to the XX% a on at for as so of XX%, at, we’re the well multi-family, so on the when payments of you are going collection very the have When

Ebrahim Poonawala

Understood.

look Just retail at book, moving think I scanner. obviously the Tom, under CRE away you when CRE other from the is multi-family,

a also exposure to which of on us lot the the end, to any grown specialty there, talk couple Just and years. mall risk finance the particularly last high terms risk of retail, with any book, over has in

Thomas Cangemi

properties. that, I’d in like, especially When and that the so you deferral you the about use at on you XX% the of have and smaller think probably retail office and in the real would buildings for a residential have use expected XX%. the is buildings be what Sure, XX%. in portfolio, percentage call obviously mixed number for ground say above When where concentration and that. on is of higher commercial office, pure office particular higher estate, floor we looking and have blend percentage professional percentile. so and the retail retail the highest properties, you at numbers retail it’s those for the XXth That is we mixed

But higher level in ground coming be, to there’s revenue clearly the the going expected, as is floor. on no

X% a higher through. there’s families happen the deferrals, have type amount building, The living like so that’s that statistics. so buildings some the so larger of coming revenue to in the could On in be interesting buildings, of substantially X% much it’s rate, the the multi it’s no very which retail, much side, because versus excess have deferral XXX-plus the we lower lower,

in an I we’re current, our to have feel lender, very On secured do everything We on pretty [indiscernible] We missed that that’s and we payments. that significant that energy, super Again, we’ve specialty the all senior position, growing senior you energy, exposure now, as we confident been our a couple asset-based have feel some don’t finance, tell right would related. COVID that’s institutions. stand security portfolio and stable nicely. but portfolio we no given very hundred is

to side, get do the plan, eventually finance think running the option specialty as floor the again. and towards with these well We auto ability program, that to portfolio which dealerships should and given the get On as end dealer up we opened business. will their we believe well the of on deferrals have PPP zero take portfolio, up in year that the losses is

Ebrahim Poonawala

that’s Got helpful. it,

Just last one margin. one the and separately on

coming funding up You [indiscernible] refi. have for

given or if of few offered, stays level on quarter, you expect some widening side. now What what where talk one margin if end talk is through of and rates the should lending of the in [indiscernible] to the can terms level you expansion expect you the XXXX. between it us of margin Just new next provide to cadence the can deposit is, it if we quarters, backdrop [indiscernible] just to spread

Thomas Cangemi

zero inflection Sure. XXXX, QX with of to the intervened Obviously more near with point you expected likely obviously as I’d rise talked back rises it’s the about we we fourth quarter quarter, to about, for was guidance but say significant a as not QX here, the Fed adjustments in started big picture so margin X, but has margin, of little close the that second fund think XXXX, anticipation rate; going seeing we than our of Fed there double-digit said, expansion. into to exception in in when said being an going hit a margin the seeing we’re did substantial interest rates.

margin sensitivity amount balance to CDs there. expansion substantial and so have out of substantial can we more throughout as the importantly, a believe release, form double We due, see our press going given sheet, that digit the we quarter, basis likely have billion going put numbers every than we It’s rolling it’s XXXX, coming anticipate up due you coming we’re a, you’re have due this XXX, in in level approximately in the off billion XX probably second event more of $X the points. $XX.X below coming to environment, CD a and that out a well you end in quarter, not, liability

are driven below potential is QX, margin number by If these factors. coming at really so think a X%, going down is to $X QX you X.XX, $X billion of be the about there, well almost billion in rates the

dropping funding side. cost borrowing is the on the CD have costs materially, We dropping

XX are the it at cheap. coming points and with the with you depending now If the relatively money we’re on a you think swap if and at is two-year deposits zero, what borrowings right look close borrowings, we grow bullets effectively through how basis that’s side, portfolio, and borrowing no to on growing on cost the about

CRE on with change dislocation so importantly, product some their basis respect in there’s mean, pricing you to looking question up the our there’s players a been agencies we’re CMBS XXX of standards, more no been have that real north space. the increase mix. tightening But sidelines, in point the in I at multi-family

were spreads economic to product bullish our at today XXXX, would A-type so structure, you’re costs you where in right five-year the credit, we’re we’re looking every attractive be to we’ll drop very with, throughout trading in margin EPS typical check, expansion call credit and the you’re pretty come If funds, of coupon. and at the bank are an in so we on the are five-year double structure, butter X.X% cost a extremely treasuries the assuming quarter about now, to it bread at That’s mid-teens. see bullish mix, can digit the that on growth compared

Ebrahim Poonawala

for Thanks it. taking Got my questions.

Thomas Cangemi

Sure.

Operator

with Our Vandervliet next Please Brock UBS. question proceed. is from

Thomas Cangemi

Morning Brock.

Operator

Brock, phone please see to is your check muted. if

Brock Vandervliet

Sorry.

Thomas Cangemi

Morning Brock.

Brock Vandervliet

Good you I of morning. Why on like of of multi-family all this current market. guide mean out spreads? kind holding? March. and It much dislocation think in saw is kind into margin of the aggressive credit we that the doesn’t themselves dive seemed revert, the GSCs the based the pricing pulled how Could

Thomas Cangemi

the have don’t stay it pandemic what with seems are rates, circumstances. a going a and the interest like rates low crystal to but while Again, we clearly for ball here, happens given

doing through we’ve the talk At We many have XXXX. rate, adjustment. in the XXXX been within the adjustments and time, in clearly--go seen crises Fed the about cycles run same not and to back our XXXX, and we’ll anything we’ve just marketplace,

had You dislocation. massive

had the then. out business you had agency back of You CMBS,

clearly premium that marketplace, has tightened in not spread. but risk-reward the the priced we’re of widened out a enjoying healthier is spreads. standards. that their saying their There that’s and agency We’re agency They’ve business, the is

retention believe our years we’ll about retain we over most we we $XX we’re due so loan results own well QX level we have as anticipating we a growth, will here retention so important quarter, customer go talk next our of year. from asset we growth when seeing higher, be I three into coming think substantial, savable high think up unlike did but as we billion we’re last ended X% in and the the net on percentage that, what’s base,

powerful can basis think zero, NYCB. the that significantly, coming competition So has at a waned be XXX very with I funding it story down expansion spread fact here costs the to point margin

Brock Vandervliet

through just review quickly. Okay, CRE the and you forbearance again very Could numbers you going multi-family these percentage? were and

Thomas Cangemi

$X we’ve that portfolio of - multi-family, Sure for basis total $X.X billion a that is yesterday as billion in that’s of for predominantly, CRE. CRE, forbearance X.X% multi, XX% and office on into deferral. XX.X% in total, entered on LTV on the percentage XX.X% retail agreements which is

Brock Vandervliet

Okay, great. Thank you.

Thomas Cangemi

Sure.

Operator

question with B. from Moss Please proceed. FBR. next is Our Riley Steve

Steve Moss

Good morning.

here. On loan Any the talk strong pretty you thoughts just growth here, see--you loan updated to pipeline the here know, year? around growth for want about total

Thomas Cangemi

one, handle You want to that Joe?

Joseph Ficalora

I here the of that, be at least excess year. think levels when of in share growing a of at greater we’ll get stressed, last is loans of is We and we the the our last year idea likely market that believe do case, as market. is always well the levels the

and and will represent lend take have of our is less lend the in ahead factors principle outperform believe of do The in marketplace of share an more. important to will many will our the other always greatly Both this the thing we that niche been will the We will period where increase. environment. crisis, our stressed ability asset a in case those environment that lenders

Thomas Cangemi

on digit, a our is some would mid-single I color projections. just add X%. Steve, projecting which we’re Obviously more

as on of importantly, fighting done to growth, bullish competition Joe loan has the dialog historical back lot really my purposes company. norms, net should for conservative higher like more that will up it our growth conveying which pretty as that as we a for see moved of rate going and retention the far We’re retention, feels typically We but reasonable when is back job potential, X% we retention, waning. for feel really we’re comfortable to phenomenal indicated, the so that happen a is that team about pipeline

this still a side in here, I on be multi-family on especially should QX. back growth QX you’ll see Obviously us. strong is probably year multi-family strong the usually specialty, think loaded quarter more than--you’ll have for the but

Steve Moss

in the as Then bank? changes Great. of just terms standards here, you’re any new approaching underwriting getting customers

Thomas Cangemi

cash-out we the that given made add have money we given we’re of we’ve the in Obviously escrow both P&I we’ve do more out actually--when holding refi, lot in now the this the actually marketplace, a when would tightened have with of bank, that’s we particular cash a months so a and refi of we changes transaction, changes. we’re in environment. with so some type six standards, I that coming flexibility escrow major done one transaction payments the a marketplace, feel

that tighter--you to company. imagine hallmark can the but there that’s be gets level, be the there at of a marketplace, the very underwriters the we’re one you of to tightest the continue and in going environment we’re when to so customers know, Obviously going we’re our for conservative

Steve Moss

Great. bearing hear in Then XX funding of I re-pricing. here, terms deposit basis significant on costs down costs you interest points.

put wondering quarter you this if terms bit versus of what Just would quarter. little more expect first you in the a could

Thomas Cangemi

substantial I is the of continuation costs deposit in would real. say declines

in due, epicenter, comfortable their go difficult CDs for so to very unique and the reasons their the in bank. are in We many just it’s were branch coming are going a cash change out safety very have people so particular. deposits situation We when the to keeping

lowering at of that so X.XX do basis takers probably now have rates points offering that and between year there’s last a XX south one down points were the and they of basis going phone for get try at an X.XX call be to that type We type two-year looking real no two to you’re people said, to and come targeting a is, are marketplace the where back unless XX a going there’s looking spread it the market, rates because we’re is we’re to percent for a zero at some stable interest of of continuing to we’re treasury, very epicenter, the in comes but the billion change to in that Being $XX.X thrift, points, rates. in off for be close basis given our that or when at on but to very we coming at is us. coupon the billion, periods. highly XX being that to middle a the to X.XX substantial higher confident amount going make With particular the at my guess will and drop so $X of low are materially close feel branch U.S. reality which rate, rate, or is due QX today, lower

Steve Moss

Great. Tom, Then the said that exposure million hundred on senior energy you energy, couple just a you mentioned, in secured.

type is it what where wondering and Just located. loan of it’s

Thomas Cangemi

for equipment years, but for--Farmer We’ve on facilities, name, senior down our They’re we It’s started is some J and the large household lending them it’s client rate and all there. have business, we scale. institution. been pretty on it secured at a to they’ve since largest our a multiple drawn high

feel rated, internally a we about a in equipment. high secured, I It’s to money has or [indiscernible] of John, asset, the corporation X, household fundamentals, particular and confident it’s not it’s that but classified on X a however strong so very loan but that it’s X? think importantly senior more highly its good, super it’s name a it’s

Steve Moss

Great, very you thank much.

Thomas Cangemi

welcome. You’re

Operator

Please is Collyn Our next KBW. from proceed. question from Gilbert

Thomas Cangemi

Collyn. Morning

Collyn Gilbert

Morning gentlemen.

you are a obviously sense loan pipeline Do and growth into is, just First going expect know maybe I pipeline, question really rate how pull just also closings just you done, but rate quarter. mentioned borrower your is on [indiscernible]. behave on then what the going on strong blended pipeline through what you this the that how to curious that is to have of XQ? XQ, in getting what pipeline, is that strong behavior the Tom,

Thomas Cangemi

we’re The X.XX of We blended back with when about from where yesterday, hit out of we basis of in if and me to take the north a was about we rent in quarter, to control of regulatory then pandemic XXX XXX, of widen you one year, as is points end change the evolved, market, changes toward so started it the went it the go the spreads now the change rent how and Let last because think quarter. in the but materially. easy first. the XXX rate you marketplace end really the

current--the This our the portfolio XX%, out of evolving new we’re about going indicated, is getting pipeline higher coupon now money one to business pipeline seeing there and flows in throughout our see remember that I an just to didn’t announced pipeline work announced than close to It’s bank, closed we’ve what you’re we’re cited some I never--I at the our time at where opportunity right to ever through we’ve going and others, we’ve is clearly a we but of take think but a year, as own the more don’t the less within much X.XX. can’t that ever pipeline. we good you pipeline. relevant minimum our the

can close billion assuming proviso, a closings assume that would a some. appraisers reopens, thing as issues we loans there. that environment on actual marketplace And had difficult we’re $X.X in say market pipeline all in daily you Collyn, So great a and so had right? we’d with together, where the QX, looking very closing We I the one not--we basis these out operational appraisals we’re - together. attorneys to in We get are at a get

that Assuming that will the only for better country reopens, us. be

Collyn Gilbert

in Okay, know-- like let’s that assumption certainly assume York not things New don’t you City close that I for, but open, your pipeline, don’t

Thomas Cangemi

so--and had March business difficult funding, assuming right, We very and through Assuming and originations. the had are the banks substantial We April, originations. we’ll we lawyers pretty are some significant funding. be went a in still

Collyn Gilbert

know loans. the on Okay, just is amount Would on and you gave then those on LTVs loans? what the debt that XX% service you you those deferred, coverage

Thomas Cangemi

commercial coverage for the service estate multi. at Debt portfolio, real the--that’s sure. X.XX Yes, X.XX for and the

Collyn Gilbert

that’s And that’s the broader book? the deferred for for loans, or

Thomas Cangemi

for right. the loans, That’s deferred only that’s

Collyn Gilbert

to coming Then year? going helpful. how of be due that’s deferred, were of Okay, contractually this anyway those those much

Thomas Cangemi

that for I have that. don’t offline guess I probably you can you. Again, not with would on I up number many, but follow

in so think it, program--you due it the done real when people, months day and active, we month very know, side to this think doing your within and the should six-month and the be public and time have on people worked think have, that that them current, customer, a this, next call the six own the you to we obviously have each publicized about we to and we the other current were you for that our on doing offered for to have diligence more arrangement, we’re very that program, of get I one this pandemic importantly out we’ve that We this reasonable. it’s interesting liquidity deal, escrows helpful fact six backstop be we read payment, was United we’re be you what’s and problem will the States.

out frame, supportive reasonable it’s but shorter them, the crisis. is can more can we be take months it’s to a landlords a could think we least at the know, we we that we in gather their forward a period, for it six tenants and think with given reasonable have here You few to going work of ground because time on have the particular done businesses, so but move months floor

Collyn Gilbert

times. just Okay. it, answered in lines, broadly, those Along of and but obviously unprecedented you sort sitting

this way wouldn’t like was even has the How it it reserve? tested a thinking the reserve book right does mean, I build does now. been this not degree, don’t you’re quarter. modest it impact tested say Your that think--I X/XX to that about I

thinking [indiscernible]. that are risks how the about there, given broadly, out are Just you

Thomas Cangemi

tested defer talk multiple over the Joe, as XX want to been about actually Ficalora have? years. experience and time time to I with far as your Joe I’m the more test. well maybe decades you bank Collyn, going has than the

Joseph Ficalora

none that bigger this but remain anticipated, we or marketplace otherwise are The Well, all remain of relationships I structured why other and of such deferred importantly cultivate the our reasons challenge, was stable, than are will payments challenge we much in are presents changes way funded many is and expectations our that change, not reasonable think adverse different us. actually properties not news, that we’re course in this deteriorates that more than which are buildings good will environment owners much, that the fact evaporate. by a stable, isolated

loan and us in with the market every and very deteriorating York every a a difference and cases market a history with or There giant with buying the in with having have between with they relationship every us opportunity and a the The market, us market, are New when fund. very deteriorating they’re large a many people players that extremely and have In having in buy. that long large a players each in is we big circumstance relationship deteriorating bank. another bank represents,

experiencing not other vacate continue space because willing so adverse space. within they’re to literally the the much they’re lend to performance, banks Many

adverse having good periods share with us time. market on performance earn existing period go for ahead share will gain it not for give additional The we to asset We our literally grow will ability crisis. actually to and been additional during than and has us principle and the of better our period product The forward of is are us book rates. a market for provide ability that than long share, better

Thomas Cangemi

reserve the the bank, many been history obviously address of and for Joe point. here I’ll decades. gave a he’s So Collyn, good

As is the took. guided than far that for COVID reserve not there happen, CECL first in other assuming at as concerned, adjustment no we be a we’d that quarter transitional did would impact the really all,

COVID take in zero quarter If first of probably the the how to looking you’re That’s of at you COVID kind close at equation quarter, for we analysis. looked out the first provision a XXXX.

second quarter. did the In and as view third particular, unemployment going quantitative adjustments we some as their change the just because of into in far actually more of Moody’s XXXX,

institution adjustment that that is confident people But has these booked low. losses anticipate loss of housing we content really in our highly feel a of sizeable so and the residential no of city predominantly the we you that are know, New a York, We’re didn’t that conservative units in are a because COVID-XX. history marketplace, we

Collyn Gilbert

Okay, all right.

this is happened share Just lastly, to there written. confusion, did back press I What some know the the move to release least the quarter? the buy way I was wanted in clarify, me, quarter. you at first guys count

Thomas Cangemi

sure. So the depending release. shares have it’s really mean, we material the left, bit but in press given did the it’s on as I active, not not a buyback left. it, market is we a were small, that’s but the XX of--yes, quarter, price number conditions, the significant the in We’ll buy slightly quarter very in left? action little and is million evaluate a left we market It’s couple--what

Collyn Gilbert

you number quarter? press back share Okay. the that in The actual is release, bought this

Thomas Cangemi

it’s We John? difference, second I Yes, the the right? think on page, numbers have the second page. in there,

Collyn Gilbert

Okay, did issue any not and you shares in then the quarter?

Thomas Cangemi

normal just plan. Oh,

When It’s shares. We it’s is significant what would against in material a of look we’ve the at against [indiscernible] probably You say for netted know, No change the for have back we’ve netted place. issued what it’s documentation, shares. plan. I bought there. back MRP in buyback don’t share you the insignificant. the count

Collyn Gilbert

Got leave it, there. okay. will it I

Thomas Cangemi

shares, doesn’t buying we’re pay halting anything. That bullish business very We We’re we our very a and back feel not mean dividend. about strong not right? that

of credit get more XXXX, given issues, We’re myself. unforeseen of importantly, X that every we’re comfortable don’t growth growth in digit QX That’s versus forward, you, credit and substantial margin this you’ll guidance significant the change. We XX I see through significant that ahead QX QX, X--sorry, see issues QX you’ll But but clearly, as change a costs up XXXX to double want basis going so quarter too up looking versus envision funding at change QX. gave in our and throughout albeit EPS continuing and, which continue a were been I well. has QX up growth points

Collyn Gilbert

thank there, I’ll you. it Okay, leave very good.

Thomas Cangemi

Sure.

Operator

with is Point. question proceed. Our Rochester next from Please Dave Compass

Dave Rochester

guys. Morning

rough talk it’s retail you whatnot? breakdown is, real book whether centers, back how large had, you that that CRE can on the about exposure Just a quick, roughly, mixed was of that, what what the strip is just use, total and segment

Thomas Cangemi

retail billion stores-slash-shopping ratio. $XXX of debt we Again, coverage deferred. is, of in with approximately LTV $X.X is portfolio centers, that indicated X.XX of that we about That which have a million a like, XX% service

as the X.XX XX%, $XXX we a majority office of professional ratio, a is is deferred, which CRE believe, have lot service it about I Manhattan That’s about XX% debt book, and $X.X mostly it. vast with a is million of billion, which the breakdown, the in region. buildings do is which in further of coverage far As and that LTV,

Dave Rochester

good. that’s too, LTVs low pretty And

Thomas Cangemi

but for Oh garages and go you’d people so going garages, a a that’s going parking to mean, that until us have up not no of to be opening handful program it’s again. I start deferral they we expect to yeah. that deferred, material there’s for city the

Dave Rochester

the Yes. risk service some wondering at that on you for weight Then XXX% hold How to you color debt service coverage to work? a great LTV piece, trigger loans and certain and LTV flow meet they most given and XX% debt just have you thresholds have if the those then requirements. the that do gave rent I have does or know thresholds coverage risk multi-family cash what regulated loans of guys treatment, trends they Was of to and in maintain for that meet those switch to the one that continue capital to to weight trigger do order are both?

Thomas Cangemi

is customers. the the Act XXX XX% regulatory expectation under regulators, is to with obviously It’s dialog but is our with constant this been and LTV, number CARES - reality We’ve XXX, XXX. in the the work

after if this what That’s some XX% that come expecting. getting they’ll off these latitude the customers they be change as We’re deferral, treated on XX weighted. versus were we’re risk now XXX%. very We envision of under good based

when to I we’ll Could your that customers, to believe was going working the year have our believe change. what We clear with that that We regulators expect CARES ruling, given We these the be with that decide highly be LTVs of change? when other their as now, come hope five in guidance will some final Act that’s Possibly. specific for regulators feel very deferrals, the clearly so people work rent. as that don’t and to banking back, and that regulatory that the we the insulated. cash Manhattan been to boroughs don’t lot a the We confident directly some we XXX and be north know grandfathering in will if well the side, from a be but when and flowing they we there’s and of far [indiscernible]. there sector make will get guidance paying living we’ve

Dave Rochester

it all okay, to any restructure If the to is if those actually it it, to because go the criteria, you risk has meets XXX% you’ve or and have restructured weight? restructured of loan actually

Thomas Cangemi

a Manhattan. shortage that be don’t Again, think so we fine cart in to be Manhattan, living housing shortage that to in get highly before the the to regulated we but that--you would fully are the and still and we people the the a they’ll confident be again I working in city, believe going There’s still as put side, want I feel restructuring, we horse. on think occupied. other there’s know, rent

We’re in not the luxury market.

so non-luxury for piece a right, regulated, rent though blend our the have buildings the even a We’re most of lot lenders, part. is non-luxury of

time here out good as untested we’re the occurred, we’re crystal the next given for We don’t week our news so looking percentage have and any a with rentals, of think so, itself we the Collyn ball. working seen a an to This we’ll lot that speak market, confident. unique in is has but the as said, times, But haven’t monitor event month, of quarter, don’t additional customers or as and the We have update. that a the is, already. We’ll that pretty in after has news and, upticks May, we’re the past next to in more asking have was in deferrals, portfolio, so we we you we almost sitting the see re-price we feel here are every luxury not been so people because good we’re market we into May, spike insulated requests. coming far down the

Dave Rochester

a a happen? Is that once or XX% have Yes, year? okay. does that quarter, how Then do test? once When often that do you to

Thomas Cangemi

depending it automated It’s it’s all quarterly. do comes and due as a quarterly as far analysis, quarterly. quarter, We review. loan every what on their Sure,

Dave Rochester

you year How a Cool, this are that were XXX, about Is you trend okay. that thinking on last achieve? Maybe about talking just think the one at expenses. on you still the last for one maybe, can call. level think you I point?

Thomas Cangemi

Yes, that--look, think better than was that it QX seems I expected.

maybe then XXX, be and we’re just year. slightly rest slightly of flat Again, south XXX-ish, a internally, from of I better for not to think anywhere in the XXX expected than expenses. QX seeing so ramp-up the will probably

opens we Hopefully only stay-at-home the haven’t completed full last of We up. change but see absent year, it I but on to based that range. is would would savings, here. York would because that don’t conversion. guide don’t because as order. some we be we’ll of that say by COVID-XX, is have do think versus move we within anticipate I the Now, we’ll anticipate our added the along major real here. once evaluate able to expense change postponed any pandemic that substantial still New expense have I I conversion, our the gets say probably summer, and the that

Dave Rochester

Okay. All thanks guys. right,

Thomas Cangemi

Sure.

Operator

Winter Our Wedbush next from Peter with Securities. question is Please proceed.

Thomas Cangemi

Morning Pete.

Peter Winter

happening ones that Tom, to maturity what’s the happening get loans, about versus the and just then contractual the what’s reach can new with rates cap rent LTVs with also talk the and refinanced, regulation you laws? those

Thomas Cangemi

it XX/XX, a to kept potential down flat it or look We bit, not. slight a six In actually every when rates it. the cap internal the our our Yes, testing didn’t say and drop cap do cap trickled little it we our rates we actually that. because believe at assumed--we at not. testing how months. analysis way so evaluate look of in believe post--I’d we risks, saw and market, or we so we change without evaluated pre-pandemic, stress viewed from We June it we XX stress decreasing rates, the We

to I interest tell that out early that’s - too but would pan environment, zero. say near how it’s their rates to going again, in

any We you’re change clearly mid-X% in noticeable a quarters the next in no cap rates. knows we yet. happens talking two have type a higher about seen three but or coupon, spread, so noticeable out, haven’t changes what still Who but

I improved haven’t the us, to actively have still in we been you They’ve that you’d when When on portfolio we’re average have strategy for is said, refi roll. in given they’ve short we situations actually environment, P&I so Like and anything, because cash this period being rent down risk. build they to refinancing. six customers said, loans they’re so of their flow equity given people funding a working--so delayed customers the say, are still equity. as refinance. that taking these because their that can’t assume down our have the actually come short, an this escrow are, holding would taxes environment, have life tightening of any refinancing, where the due a mitigate seen on out both where With that difficulties standards payments drawing nature I of delayed we’re and our part cash-out, months still If

Peter Winter

about ask big downturn, business? is multi-family how take Then the program market share opportunity to from I just banks larger can and the an PPP is, aside this it with from the

Thomas Cangemi

round, third not so know second we so so were lender $XXX a for best. C&I between geared at we so estate we’re mostly PPP the you lender, we’re provider, commercial party up. million with to on million very multi-family, got us--look, numbers up, be were $XXX party partnered late bit and little our Pete, Yes, are getting real a and geared we worked We on active a third we to going provider, a with a

that putting internally getting the we of great and lot we’re customers have success. a However, system we’re the through

and it getting team in has job up a running. Our done phenomenal

they second them call NYCB. in to put where results. they round - not, are switching Bank But our, We on it’s were lot anecdotal, particular, it from more we’ll coming these accounts are smaller a round. the banks, or what behind of left had no JP businesses interesting their customers that first believe through of America, and they’re and successful, were the Morgan, Citibank other These

have go - left there behind many of the small you have still but vetting process, go still through locally, for so through to a You there’s process work, the lot we’re BSA businesses them. were to

basis, We’re of and some local were on I up there think were the business. be out there’s that handful material, it’s to [indiscernible] help players say book, taking won’t actively the to larger new community. a anecdotal I going we question pick protecting to but their an no

the family help the number it’s morning, help, not program. a businesses need and These to As that we’re us, in for big are but here a said this local are we here. Joe It’s local community.

Peter Winter

Got it. Thanks Tom.

Thomas Cangemi

Sure.

Operator

from from Scott. question proceed. next Christopher Montgomery Janney is Please Our Marinac

Christopher Marinac

go morning. think, when that that all mentioned for in June, number morning. to of beginning this do Joe If square your collected talked does about and back in that April, May we survey call get with would Good you the this the you ultimately XX% implied morning? and deferrals stronger you of Thank information the the

Thomas Cangemi

handle Joe, one? to you want that

Joseph Ficalora

strengthen. continue I think that number to does

marketplace, we players than period is performing as during assume of historically and our growing in the portfolio environments. with the It’s we periods very, in difficulty, a other relevant be to in have a period and the ability stressed, always just our gain lend stressed in better quite of us. a so has do than greater only numbers we from very the us in how with but have perform share consistent We’re the we done. ahead we in our case, of therefore to will during opportunity peers environment to but place favorably This not real. niche, not been what ahead the for period want very in front We portfolio presents good better should that environment

Thomas Cangemi

buildings player property the owners buildings. I would these on picture, percentage. think but That to their deep deferral importantly to large valued lowest only the to percentage the for asking clutches family they’re Joe’s equity very deferrals. When rent we X% The that’s commentary, in there, that even sophisticated is large which and we’re collections. add versus all a is have of other and not dwellings, These this very you very are portfolio--you XXX-plus table the just out getting of protect more in of significant we’re know, are investment, come families marketplace, going that billionaire have so our about means XXX-plus big program the some encouraging. has deferrals,

the because and it’s in their six country in, month we smaller the that that, period, months and you tenants, a percent with their up, arrangements next coming city floor out can opens to lease envision stabilize. they you as revenue opens zero have next issue ground to percentage the start the higher start through obviously the ahead ones, Now, so have going up and working

Christopher Marinac

Great, that’s helpful.

Will the liquidity Just well impression a enormous get year as investment that opportunities side that follow-up, to Tom, think put on loans, as for both as my going on horsepower? and full new presents deploy, the been to next liquidity you’ve deploy do are your quarters, take that you to in two to sitting has really documented. you next really into still you, or work it’s

Thomas Cangemi

we of Chris, do have liquidity balance a lot on the sheet.

quarter quarter, excess significant that percent given that would We sold [indiscernible] the of any some cash than going opportunity into risk we’re that have going this we believe securities much loan have Joe close want about so indicated, go to so cash. difficult We lot and lower have for growth. lending our of - to put we to if portfolio, said, as us. the million, to were. they created reward stay cycle, We been the floating that put we core a we rates and These there will as tend have were felt into liquid, actually that yields that was rate be it Joe $XXX back were securities right having zero product, to second want our first middle a into continues in which

of number step willing into to X%, forecasting a players only We’re the we’d and that within of our the market. own easily see this portfolio have retention growth of because substantial lack you market but can

Christopher Marinac

it. Great Tom. again, you Thank appreciate

Thomas Cangemi

Sure.

Operator

Stephens. is proceed. Our with next question from Matthew Please Breese

Matthew Breese

Hey, good morning.

haven’t the relative costs advances, better to structured the side me Can and curve. the help book, in there the behaves us structured the in you classic changes breakdown the and borrowings at the Looking more. and yield I’ve between understand been advances advance that how surprised give re-prices come

Thomas Cangemi

so Yes, have about, what, we $X John? billion,

John Pinto

Yes, $X putables. in billion

Thomas Cangemi

it, off; is end basis because the at number lower however, zero billion we had two-year go down you basis materially. if put quarter, right, where we hedge straight the derivative coming on a points XX the XX We’re Eight I so beginning money based at due so we if and you that’s number you’re a what with it, are that than coming obviously cost is close against probably, in March, you XX bullets just basis refinanced still was bullets, at points? environment to It’s cost some of if that points, today, putables. at XX, think interesting for what, coming was the of the in January, different

lot there’s active on maybe been opportunity the probably We swap a that so anywhere of you the to opportunity, marketplace, money, it out look could a swap XX borrow at have XX, we you’re anomaly been rate, unique. when anomalies, effective of depending percent a zero so from to fixed looking fixed, it and which float get effectively at to drives the is float, unique then to and interest from

in coming But the which lower our than significantly XXXX. due, X% current the is it’s cost reality is of that remainder that’s around XXXX,

year, million about is have X.XX around in coming million, - another the back of X.XX quarter, the all six end months $XXX the of half X.XX then million and the QX, and this QX, to $XXX $XXX X% $X.X the ended. We for billion at year, and--it’s it’s another they’re

So again--

Matthew Breese

to you a at more apt structured BPs, putting XX on XX? with you classic going a--are I’m on put the sorry, you take are or the to are that at at swap

Thomas Cangemi

just You and XX know, we just basis points it may [indiscernible]. short borrow keep

you digits. funding margin digit will double guide higher with I conservatively our my I’m funding, interest still We be have have is have I’m model, the margin we We so driving are so options cheaper. cost--now, on my Fed here, double the expansion X%, gave hoping even see high assuming up well all But in options. don’t expensive [indiscernible] we so rates actively opportunities. conservative below

Matthew Breese

the the to risk portfolio, and Fed--the has call that federal that loan Is rates right to go interest home it? higher the that

Thomas Cangemi

if call XXX again, basis think they XXX not to running rates our call if you basis go not they're it; model. going up in are rates going up points, we’re that Well, but points, it. what If

I’m in the you’ll XXXX, the structure I a gets not Fed costs. talking going this event any are to policy That’s have that the about about to have But year. XXXX, called talk correct. and real We higher said, putable situation. given being I’m changes and up, remaining flat don’t borrowing rates envision current

Matthew Breese

That yield? a on quite fell basis book incremental Okay, quarter-over-quarter understood. Then bit. what’s the securities a

the Just it buying you incremental--you look are buy, what’s the curious yield like? and do know, what you If does it? what what on

Thomas Cangemi

Yes, so like called I so anything, still buying it flat, said, we we’re we’re get just keeping out. not

agency security buying. part, there’s all a not, be pre-pays basis If just quarter. a see the it’s we’re say point attractive market in not and securities, on I really may so we that have for mortgage-related yields could let’s we few expected, keep unless called most significant say bleed it flat in and some next the speeds. have so opportunity, this flat. it have depending we’ll We some would We quarter, do what dislocation

Matthew Breese

appreciate Okay. in Then exposure the commercial retail I real the estate book.

there finance of is any borrowers, in and the retail any? curious, additional characteristics those Just is specialty the exposure if book, and there what’s health

Thomas Cangemi

have some of that have we maybe I grocers, household successful. been would grocers very name handful say a

so say performance delinquency been have. facility, been but right finance they’ve is as the part comfortable our on we credits all I in far since business most specialty had ratings, their It’s course, a - we’ve now, their been you group with haven’t business, know, we’re Of booming performing. the very and would stellar down for has the drawing as the we

a in it, it’s XX% very yielding [indiscernible] there’s household portfolio, a but risk what we again Amazon, we big that, talked it’s we’re large so bank. about Intel, large where see, - paper, or We is we very feel some secured. we sup-senior names, you know, We selective. but high lead and relationships this not not the that have portfolio risk, of and low low participate XX% We’re always decline

they’ve perspective, clients a looking deferrals about that. probably on will they’ll maybe pretty on stuff will this to in so these deferral we auto, all $XXX auto we And go and million business. by say feel you’re all the and would the of year, think good at by way, sector funded, off year of PPP I of the and but fine be access auto that end in have back that be deferral the been

Matthew Breese

the Okay. and do epicenter remain Last capital, especially as economic are one you just York comfortable levels, is on how conditions these operating City New at uncertain?

Thomas Cangemi

more think Again the a in taken holds I for we didn’t’ credit We’ve would quarter year, performed have real the say so very Absent provision environment. money comfortable. sizeable our Obviously itself. talked going any that earn transitional than COVID-XX, CECL, well provision we this other we that adjustment, this COVID-XX. we’re to assuming about to very expect in portfolio

but that--landlords given a the We deferral are should America, they that city, work have retail as We the they be out, lender. place. tenants a we program, we not have have up to up do as open good C&I have tenants think that open that that in they and

Matthew Breese

that’s Great, had. questions. all Got appreciate I my it. taking you I

Thomas Cangemi

Matt. it, got You

Operator

Our final Ken from question Zerbe with is Please Stanley. Morgan proceed.

Ken Zerbe

morning. Good

re-pricing? consistent quarter Can it it of Just of of term, every say it’s, digit over I’m over I I’m because just like you to double surprised about how in as going get Is you why more just your sort you course near NIM expansion year. the a sounds the of guess so course terms margin, little that benefit, said, are deposits the get, the you the and year? talk don’t of

Thomas Cangemi

coming driver. lots so time, But same close spiking. and the getting entire reasonable, so balance the on have pretty we’re they’re sheet to zero, getting of forward, go billion Rates the retail of going coupons X.XX, funds, don’t We is is and is much take the do to to no zero, close cost if opportunity this that’s right, in due the to bleed there’s pretty and funding and tied not quarter zero, are liability like you the loans not all $X zero, we are yields else. really the of At to side said, term I short high bank our--most customers major the at funds plus much of of so our leaving somewhere marketplace. the close cost envision loan

the That going the nicely, that basis happening being holding funds and interest driving ability said, very the said, talked I being yields and QX double up to we’re in envision hit we at still The you’re opportunity have, as QX. We think towards middle the to time, We digit cut and guidance. are so zero, that see going and actively is second benefit asset quarter. March, have right the interest hit that borrow are going well. our this same cost the in so rates, up funding Fed two that We we margin rates. of starting points to cutting pandemic QX about - I QX growth into close clearly like to

going where know funds, their the country’s is to my up going portfolio. are going where short CD the to relatively don’t position customers go in year are that but we is, restructure not given term end market Most on is Again, XXXX. to low rates to stay past one guess that

bank. funds a As and will we continue to of savings build for also stable accounts benefit accounts, non-operating the very that cost

Ken Zerbe

it, terms of the Got timing-- in but

Thomas Cangemi

just go I Ken, back. want to

to XXXX, in positioned have we years to spread inflection five margin point in a going significantly we’re continue do competition than fourth getting that’s expansion growth. robust, When experienced, CMBS, so the Freddie, At going XXXX, of the time. we’re Fed crystal to. EPS we accustomed upward of the Just business model of Fannie, what’s same because into returns action. the is is were the raised lowest remember, higher at much after spread. to very ball to a margin looking healthy growth will then the that expansion. but continue has out So laws so of a we’re changed, bottomed here, space, that into and get to and right? have world the now whole XXX We north to we XXX that’s this saw you’re the the rent XXX, XXX the the spread, quarter not NII This bank both we’re margin happen not seeing talking the We think we about in XXXX. trajectory,

Ken Zerbe

the as of down much do do second terms basis you timing, quarter, quarter? a in, in say re-pricing couple fourth points, though, in Back have it. just as hundred Got you

Thomas Cangemi

that’s and just quarter second Yes, under on $X CD billion, X.XX. at the side,

in in margin well. more return QX, continuing, on very get growth unique continue throughout continues assets, it’s in you’ll going the could [indiscernible] benefit to That throughout so and tangible whole to as the and you’re on XXXX. average benefit QX see the from story a year re-pricing going So that story QX earning growth in

now, We’re the expansion short quarter, to the ’XX only in right margin second short term but for visibility, double it’s digits. talking

Ken Zerbe

And margin points? the your basis also XXX spreads credit expansion view is that that above premised stay on

Thomas Cangemi

but conservative. again coupon have coming It’s a Yes, we on. X.XX

XX% new our right? we just pipeline, pipeline sophisticated. we’re We on our our we that have money, have and going that’s model, at feeding through The X.XX. We have, pipe model take $X.X the is billion

come tomorrow, you’re bank A that deals would an you if credit. new we you the at to if Now, offer X.X you’re

a A, you’re X. less pay closer going to little than If to you’re

Ken Zerbe

Got thank it, okay. Great, you.

Thomas Cangemi

Ken, pleasure.

Operator

conference the question turn and of reached I have over to end to answer session. for We back remarks. closing our would the management like

Joseph Ficalora

to at morning chatting you for interest discuss Thank ended will again you performance us months to for June again end for NYCB. the July you. taking forward with look in and Thank we XX, of time We XXXX. when this our the the your three join

Operator

you. concludes conference. today’s Thank This

your your participation. for you disconnect and at lines this may thank time, You

Flagstar Financial (FLG) 29 Apr 202020 Q1 Earnings call transcript