Attached files
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| 8-K - FORM 8-K - NEW YORK COMMUNITY BANCORP INC | d291063d8k.htm |
Exhibit 99.1
Exhibit 99.1
NYCB
NEW YORK COMMUNITY
BANCORP, INC.
Fourth Quarter 2011 Investor Presentation
Forward-looking Statements and Associated Risk Factors
Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
This presentation, like many written and oral communications presented by New York Community Bancorp, Inc. and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of
1995, and are including this statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.
There are a number of factors, many of which are beyond our control, that could cause actual conditions, events, or results to differ significantly from those described in the forward-looking statements. These factors include, but are not limited to: general economic conditions, either nationally or in some or all of the areas in which we and our customers conduct our respective businesses; conditions in the securities markets and real estate markets or the banking industry; changes in interest rates, which may affect our net income, prepayment penalty income, and other future cash flows, or the market value of our assets, including our investment securities; changes in deposit flows and wholesale borrowing facilities; changes in the demand for deposit, loan, and investment products and other financial services in the markets we serve; changes in our credit ratings or in our ability to access the capital markets; changes in our customer base or in the financial or operating performances of our customers’ businesses; changes in real estate values, which could impact the quality of the assets securing the loans in our portfolio; changes in the quality or composition of our loan or securities portfolios; changes in competitive pressures among financial institutions or from non-financial institutions; the ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations, and our ability to realize related revenue synergies and cost savings within expected time frames; our use of derivatives to mitigate our interest rate exposure; our ability to retain key members of management; our timely development of new lines of business and competitive products or services in a changing environment, and the acceptance of such products or services by our customers; any breach in performance by the Community Bank under our loss sharing agreements with the FDIC; any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems; any interruption in customer service due to circumstances beyond our control; potential exposure to unknown or contingent liabilities of companies we have acquired or target for acquisition; the outcome of pending or threatened litigation, or of other matters before regulatory agencies, whether currently existing or commencing in the future; changes in our estimates of future reserves based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our capital management policies, including those regarding business combinations, dividends, and share repurchases, among others; changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and other changes pertaining to banking, securities, taxation, rent regulation and housing, environmental protection, and insurance, and the ability to comply with such changes in a timely manner; additional FDIC special assessments or required assessment prepayments; changes in accounting principles, policies, practices, or guidelines; environmental conditions that exist or may exist on properties owned by, leased by, or mortgaged to the Company; operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent; the ability to keep pace with, and implement on a timely basis, technological changes; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System; war or terrorist activities; and other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting our operations, pricing, and services.
For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to our Annual Report on Form 10-K for the year ended December 31, 2010, including the section entitled “Risk Factors,” and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, on file with the U.S. Securities and Exchange Commission (the “SEC”).
In addition, it should be noted that we routinely evaluate opportunities to expand through acquisition and frequently conduct due diligence activities in connection with such opportunities. As a result, acquisition discussions and, in some cases, negotiations, may take place at any time, and acquisitions involving cash, debt, or equity securities may occur.
Furthermore, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control.
Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this presentation. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
Page 2 New York Community Bancorp, Inc.
New York Community Bancorp ranks among the top 25 bank holding companies in the United States.
Assets With assets of $42.0 billion at 12/31/11, we are currently the
21st largest bank holding company in the nation. (a)
With deposits of $22.3 billion at 12/31/11 and 275 branches in
Deposits Metro New York, New Jersey, Ohio, Florida, and Arizona, we
currently rank 23rd among the nation’s largest depositories. (a)
Multi-Family Loans With a portfolio of $17.4 billion at the end of December, we are
a leading producer of multi-family loans in New York City. (a)
Market Capitalization With a market cap of $5.4 billion at 12/31/11, we rank 16th
among the nation’s publicly traded banks and thrifts. (a)
Total Return on Investment From 11/23/93 through 12/31/11, we provided our investors with
a total return on investment of 2,670% with our quarterly cash dividends representing 53.7% of that return. (b)
(a) SNL Financial (b) Bloomberg
Note: Except as otherwise indicated, all industry data was provided by SNL Financial as of 1/27/12.
Page 3 New York Community Bancorp, Inc.
Largely reflecting our growth-through-acquisition strategy, we currently have 275 locations in five states.
Metro New York
123 Community Bank Branches
34 Commercial Bank Branches
New Jersey
51 Community Bank Branches
Ohio
28 Community Bank Branches
Florida
25 Community Bank Branches
Arizona
14 Community Bank Branches
Page 4 New York Community Bancorp, Inc.
4th Quarter and Full-Year 2011 Performance Highlights
Our 4Q and full-year 2011 performance reflected solid earnings.
(dollars in thousands, except per share data)
Performance Highlights
4Q 2011 2011
GAAP Operating (a) GAAP Operating (a)
Solid Profitability Measures:
Earnings $117,652 $116,974 $480,037 $464,432
EPS $0.27 $0.27 $1.09 $1.06
Return on average tangible assets (b) 1.23% 1.23% 1.28% 1.24%
Return on average tangible
stockholders’ equity (b) 15.89% 15.80% 16.52% 16.00%
Margin Stability:
Net interest margin 3.45% 3.45% 3.46% 3.46%
Continued Efficiency:
Efficiency ratio (c) 39.15% 39.27% 40.03% 40.67%
(a) Operating earnings are a non-GAAP financial measure. Please see page 35 for a reconciliation of our GAAP and operating earnings. (b) Tangible capital is a non-GAAP financial measure. Please see page 38 for reconciliations of our GAAP and non-GAAP capital measures. (c) Please see page 36 for a reconciliation of our GAAP and operating efficiency ratios.
Page 6 New York Community Bancorp, Inc.
Our 12/31/11 balance sheet reflects continued strength.
Performance Highlights: 12/31/10 9/30/11 12/31/11
Loans, net / total assets 70.5% 71.1% 71.7%
Securities / total assets 11.6 12.3 10.8
Deposits / total assets 52.9 54.2 53.0
Core deposits / total deposits 64.1 66.9 66.9
Wholesale borrowings / total assets 30.3 29.5 32.0
Page 7 New York Community Bancorp, Inc.
Our asset quality measures continue to compare favorably with those of our industry as a whole.
At or for the Three Months At or for the Twelve Months
Ended 12/31/11 Ended 12/31/11
SNL U.S. Bank SNL U.S. Bank
and Thrift and Thrift
Asset Quality: NYB Index NYB Index
Non-performing loans (a) / total loans 1.11% 3.58% 1.11% 3.58%
Non-performing assets (b)/ total assets 0.98 2.52 0.98 2.52
Net charge-offs / average loans 0.07 (c) 0.38 (c) 0.35 1.79
(a) Non-performing loans exclude covered loans and are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. (b) Non-performing assets exclude covered loans and covered OREO.
(c) Non-annualized
Page 8 New York Community Bancorp, Inc.
Our capital ratios are both strong and stable.
(dollars in billions) 12/31/10 12/31/11
Tangible equity / tangible assets excluding accumulated other comprehensive loss, net of tax (a) 7.90% 7.95%
Tangible equity / tangible assets (a) 7.79% 7.78%
Tangible stockholders’ equity (a) $3.0 $3.1
12/31/10 12/31/11
Community Bank Commercial Bank Community Bank Commercial Bank
Leverage capital ratio 8.80% 12.70% 8.46% 13.01%
Tier 1 capital ration 13.30 16.38 12.78 17.01
Total capital ration 13.95 17.33 13.42 17.69
(a) Tangible assets and tangible equity are non-GAAP financial measures. Please see page 37 for a reconciliation of our GAAP and non-GAAP capital measures.
Page 9 NEW York Community Bancorp, Inc.
A Successful Business Model
Our business model has consistently focused on building.
Multi-Family Lending Multi-family loans represented $17.4 billion, or 68.3%, of total
loans held for investment at December 31, 2011.
Strong Credit Standards/ Net charge-offs represented 0.07% of average loans in the
Superior Asset Quality fourth quarter of 2011 and 0.35% of average loans for the year.
Since acquiring our residential mortgage banking platform in
Residential Mortgage December 2009, we have aggregated $18.8 billion of one-to-four
Banking family loans for sale and generated mortgage banking income of
$276.7 million.
Efficient Operation Our efficiency ratio has consistently ranked in the top 1% of all
banks and thrifts and was 39.15% in the fourth quarter of 2011.
Growth through We completed ten acquisitions from 2000 to 2010, including
seven “traditional” merger transactions, two FDIC-assisted
Acquisitions transactions, and the purchase of a branch network.
Page 11 New York Community Bancorp, Inc.
Multi-Family Loan Production
For more than 40 years, we have been a leading producer of multi-family loans on apartment buildings in New York City, most of which feature below-market rents.
Page 13 New York Community Bancorp, Inc.
Our focus on multi-family lending on rent-regulated buildings has enabled us to distinguish ourselves from our industry peers.
64.2% of the rental housing units in New York City are subject to rent regulation and therefore feature below-market rents. (a)
Rent-regulated buildings are more likely to retain their tenants and therefore their revenue stream in a downward credit cycle.
Our focus on multi-family lending in this niche market has contributed to our record of asset quality.
Multi-family loans are less costly to produce and service than other types of loans, and therefore contribute to our superior efficiency.
(a) Source: New York City Rent Guidelines Board 2011 Housing Supply Report
Page 14 New York Community Bancorp, Inc.
At 12/31/11, multi-family loans represented 68.3% of total held-for-investment loans.
(in millions)
Multi-Family Loan Portfolio
$14,055
$15,726
$16,736
$16,802
$17,433
12/31/07 12/31/08 12/31/09 12/31/10 12/31/11
Portfolio statistics at 12/31/11:
% of loans held for investment = 68.3%
Average principal balance = $4.0 million
Average loan-to-value ratio at origination = 51.5% Expected weighted average life = 3.3 years
4Q 2011 originations = $1.6 billion
% of total loans originated for portfolio in 4Q 2011 = 68.4%
Terms:
Years 1-5: Fixed rate tied to the FHLB-NY 5-year fixed advance rate plus a spread
Years 6-10:
Option 1 – Annually adjustable rate at a spread above prime; or Option 2 – Fixed rate at a spread above the fixed advance rate of the FHLB-NY plus 1 point of the then-outstanding loan balance; Both – floor equal to the fixed rate in years 1-5
Prepayment penalties:
Range from 5 points to 1 point in years 1-5, and again in years 6-10 when Option 2 (fixed rate) is taken Recorded as interest income
Page 15 New York Community Bancorp, Inc.
Our commercial real estate loans feature the same structure as our multi-family loans.
(in millions)
Commercial Real Estate Loan Portfolio
$3,826
$4,551
$4,987
$5,438
$6,856
12/31/07 12/31/08 12/31/09 12/31/10 12/31/11
Portfolio statistics at 12/31/11:
% of loans held for investment = 26.9%
Average principal balance = $3.9 million
Average loan-to-value ratio at origination = 50.9% Expected weighted average life = 3.4 years
4Q 2011 originations = $513.1 million
% of total loans originated for portfolio in 4Q 2011 = 21.8%
Terms:
Years 1-5: Fixed rate tied to the FHLB-NY 5-year fixed advance rate plus a spread
Years 6-10:
Option 1 – Annually adjustable rate at a spread above prime; or Option 2 – Fixed rate at a spread above the fixed advance rate of the FHLB-NY plus 1 point of the then-outstanding loan balance; Both – floor equal to the fixed rate in years 1-5
Prepayment penalties:
Range from 5 points to 1 point in years 1-5, and again in years 6-10 when Option 2 (fixed rate) is taken Recorded as interest income
Page 16 New York Community Bancorp, Inc.
Asset Quality
The quality of our assets has improved dramatically over the past 12 months.
Y-O-Y IMPROVEMENT
NPLs / Total Loans: 112 bp NPAs / Total Assets: 60 bp
2.23%
1.58%
2.19%
1.58%
1.76%
1.38%
1.44%
1.24%
1.11%
0.98%
12/31/10 3/31/11 6/30/11 9/30/11 12/31/11
Non-Performing Loans (a) / Total Loans
Non-Performing Assets (b) / Total Assets
(a) Non-performing loans exclude covered loans and are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. (b) Non-performing assets exclude covered loans and covered OREO.
Page 18 New York Community Bancorp, Inc.
We have been distinguished by our low level of net charge-offs in downward credit cycles, and by 52 consecutive quarters with no issues on assets generates by the Company. (a)
Net Charge-Offs / Average Loans
Last Credit Cycle
1.28%
0.00%
1.50%
0.04%
1.17%
0.07%
0.91%
0.06%
1990 1991 1992 1993
4-Year Total NYB: 17 bp
SNL U.S. Bank and Thrift Index: 486 bp
Current Credit Cycle
1.63%
0.03%
2.84%
0.13%
2.89%
0.21%
1.79%
0.35%
2008 2009 2010 2011
4-Year Total NYB: 72 bp
SNL U.S. Bank and Thrift Index: 915 bp
SNL U.S. Bank and Thrift Index
NYB
(a) 1Q 1995-4Q 2007
Page 19 New York Community Bancorp, Inc.
The quality of our loan portfolio continues to exceed that of our industry.
Non-Performing Loans (a)/ Total Loans
Last Credit Cycle
4.00%
2.48%
4.05%
2.10%
3.41%
2.83%
2.35%
1.51%
12/31/90 12/31/91 12/31/92 12/31/93
Current Credit Cycle
2.71%
0.51%
4.84%
2.04%(b)
4.41%
2.23%(b)
3.58%
1.11%(b)
12/31/08 12/31/09 12/31/10 12/31/11
SNL U.S. Bank and Thrift Index
NYB
(a) Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. (b) Non-performing loans exclude covered loans.
Page 20 New York Community Bancorp, Inc.
Historically and currently, few of our non-performing loans have resulted in charge-offs.
At or for the 12 Months Ended December 31,
Last Credit Cycle Current Credit Cycle
1990 1991 1992 1993 2008 2009 2010 2011
NPLs(a) / Total Loans 2.48% 2.10% 2.83% 1.51% 0.51% 2.04%(b) 2.23%(b) 1.11%(b)
NCOs / Average Loans 0.00% 0.04% 0.07% 0.06% 0.03% 0.13% 0.21% 0.35%
Difference 248 bp 206 bp 276 bp 145 bp 48 bp 191 bp 202 bp 76 bp
(a) Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. (b) Non-performing loans exclude covered loans.
Page 21 New York Community Bancorp, Inc.
The quality of our assets reflects the nature of our multi-family lending niche and our strong underwriting standards.
CONSERVATIVE UNDERWRITING
Conservative loan-to-value ratios
Conservative debt coverage ratio: 120%, except for commercial real estate (“CRE”) loans: 130% Multi-family and CRE loans are based on the lower of economic or market value.
ACTIVE BOARD INVOLVEMENT
All loans originated for portfolio are approved by the Mortgage or Credit Committee (a majority of the Board of Directors).
A member of the Mortgage or Credit Committee participates in inspections on multi-family loans in excess of $4.0 million, and CRE and acquisition, development, and construction (“ADC”) loans in excess of $2.5 million.
MULTIPLE APPRAISALS
All properties are appraised by independent appraisers.
All independent appraisals are reviewed by in-house appraisal officers.
RISK-AVERSE MIX OF LOANS HELD FOR INVESTMENT
Multi-family: 68.3% CRE: 26.9%
Commercial and Industrial: 2.4% ADC: 1.7% One-to-Four Family: 0.5%
Page 22 New York Community Bancorp, Inc.
All the loans acquired in our FDIC-assisted transactions are covered by loss sharing agreements, thus mitigating credit risk.
(in millions)
Covered Assets 12/31/09
Other Loans $309.7
1-4 Family $4,347.2
Total covered assets: $4.7 billion
Percent of total assets: 11.1%
Covered Assets 12/31/10
Other Loans $423.3
OREO $62.4
1-4 Family $3,874.6
Total covered assets: $4.4 billion Percent of total assets: 10.4%
Covered Assets 12/31/11
Other Loans $386.6
OREO $71.4
1-4 Family $3,366.4
Total covered assets: $3.8 billion Percent of total assets: 9.1%
Page 23 New York Community Bancorp, Inc.
Residential Mortgage Banking
Our residential mortgage banking platform is a leading aggregator of agency-conforming one-to-four family loans.
(in millions)
Funded 1-4 Family Loan Production
$1,482.7
$1,139.2
$1,786.4
$2,724.4
1Q 2011 2Q 2011 3Q 2011 4Q 2011
Statistics at or for 12/31/11:
New 1-4 family loan registrations in 4Q 2011 = $2.4 billion % sold to GSEs = 98% Average FICO = 770 Average loan-to-value ratio = 67.0% Rank among U.S. residential loan aggregators = #14 (est.) 2011 mortgage banking income from originations = $80.2 million
Features:
Loan production is driven by our proprietary real time, web-accessible mortgage banking technology platform.
Our proprietary business process securely controls the lending process, while mitigating business and regulatory risks.
As a result, our clients cost-effectively compete with the nation’s largest mortgage lenders.
950 approved clients include community banks, credit unions, mortgage companies, and mortgage brokers. The vast majority of loans funded are agency-eligible 1-4 family loans.
100% of loans funded are full documentation, prime credit loans.
Loans can be originated/purchased in all 50 states.
Page 25 New York Community Bancorp, Inc.
Efficiency
Our efficiency is driven by several factors.
Efficiency Ratio
56.77%
36.16%
58.79%
35.88%
66.06%
40.67%
2009 2010 2011
SNL U.S. Bank and Thrift Index
NYB(a)
Franchise expansion has largely stemmed from mergers and acquisitions; we generally do not engage in de novo branch development.
Multi-family and commercial real estate lending are both broker-driven, with the borrower paying fees to the mortgage brokerage firm, rather than the bank.
Products and services are typically developed by third-party providers and the sale of these products generates additional revenues.
42 of our branches are located in-store, where rental space is less costly, enabling us to supplement the service provided by our traditional branches more efficiently.
We acquire our deposits primarily through earnings-accretive acquisitions rather than by paying above-market rates.
(a) Please see page 36 for a reconciliation of our GAAP and operating efficiency ratios.
Page 27 New York Community Bancorp, Inc.
Growth through Acquisitions
We have completed 10 acquisitions since 2000.
1. Nov. 2000
Haven Bancorp (HAVN)
Assets: $2.7 billion
Deposits: $2.1 billion
Branches: 43
2. July 2001
Richmond County Financial Corp. (RCBK)
Assets: $3.7 billion
Deposits: $2.5 billion
Branches: 24
3. Oct. 2003
Roslyn Bancorp, Inc. (RSLN)
Assets: $10.4 billion
Deposits: $5.9 billion
Branches: 38
4. Dec. 2005
Long Island Financial Corp.
(LICB)
Assets: $562 million
Deposits: $434 million
Branches: 9
5. April 2006
Atlantic Bank of New York (ABNY)
Assets: $2.8 billion
Deposits: $1.8 billion
Branches: 14
6. April 2007
PennFed Financial Services, Inc.
(PFSB)
Assets: $2.3 billion
Deposits: $1.6 billion
Branches: 23
7. July 2007
NYC branch network of Doral Bank, FSB
(Doral-NYC)
Assets: $485 million
Deposits: $370 million
Branches: 11
8. Oct. 2007
Synergy Financial Group, Inc. (SYNF)
Assets: $892 million
Deposits: $564 million
Branches: 20
9. Dec. 2009
AmTrust Bank
Assets: $11.0 billion
Deposits: $8.2 billion
Branches: 64
10. March 2010
Desert Hills Bank
Assets: $452 million
Deposits: $375 million
Branches: 3
Transaction Type:
Savings Bank
Commercial Bank
Branch
FDIC
Note: The number of branches indicated reflects the number of branches in our current franchise that stemmed from each transaction.
Page 29 New York Community Bancorp, Inc.
Our deposit growth has been largely acquisition-driven.
(in millions)
CDs
NOW, MMAs, and Savings Demand deposits
C A G R s
Total deposits: 28.6% Core deposits: 34.4% Demand deposits: 39.6%
Deposits
$40 $658 $388
w/ HAVN
$171 $1,223 $1,874
w/ RCBK
$455 $2,609
$2,408
w/ RSLN
$720
$5,278
$4,362
w/ LICB
$906
$6,015
$5,247
w/ ABNY
$1,195
$5,554
$5,945
w/ PFSB, Doral,
& SYNF
$1,348
$4,975
$6,913
w/ AmTrust
$1,768
$11,494
$9,054
w/ Desert Hills
$1,852
$12,122
$7,835
$2,190
$12,711
$7,373
12/31/99 12/31/00 12/31/01 12/31/03 12/31/05 12/31/06 12/31/07 12/31/09 12/31/10 12/31/11
Total Deposits: $1,086 $3,268 $5,472 $10,360 $12,168 $12,694 $13,236 $22,316 $21,809 $22,274
Total Branches: 14 86 120 139 152 166 217 276 276 275
Page 30 New York Community Bancorp, Inc.
Acquisitions have provided much of the funding for the organic growth of our loan portfolio.
(in millions)
Held-For-Investment Loans
Multi-Family CRE
All Other Held-for-Investment Loans
Loans Held for Sale
Covered Loan Portfolio
C A G R s
Multi-family loans: 23.8% Total loans: 27.7%
Loans Outstanding
$167 $96 $1,348
After HAVN
$1,366 $324
$1,946
After RCBK
$1,584 $566
$3,255
After RSLN
$1,686 $1,445
$7,368
After LICB
$1,287
$2,888
$12,854
After ABNY
$2,010
$3,114
$14,529
After PFSB, Doral, & SYNF
$2,482
$3,826
$14,055
After AmTrust
$5,016 $1,654 $4,987
$16,736
After Desert Hills
$4,298
$1,207 $1,467
$5,438
$16,802
$3,753
$1,037 $1,244
$6,856
$17,433
12/31/99 12/31/00 12/31/01 12/31/03 12/31/05 12/31/06 12/31/07 12/31/09 12/31/10 12/31/11
Total Loans: $1,611 $3,636 $5,405 $10,499 $17,029 $19,653 $20,363 $28,393 $29,212 $30,323
Total Originations: (a) $677 $616 $1,150 $4,330 $6,332 $4,971 $4,853 $4,280 $15,193 $16,139
(a) Includes originations of loans held for sale of $888.5 million in 2009, $10.8 billion in 2010, and $7.2 billion in 2011.
Page 31 New York Community Bancorp, Inc.
Total Return on Investment
Our quarterly cash dividends are a significant component of our commitment to building value for our investors.
Total Return on Investment
SNL U.S. Bank and Thrift Index NYB (a)
244%
717%
614%
2,479%
444%
2,885%
213%
2,059%
CAGR since IPO:
28.8%
209%
2,754%
245%
3,843%
168%
2,670%
11/23/93 12/31/99 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11
As a result of nine stock splits between 1994 and 2004, our charter shareholders have 2,700 shares of NYB stock for each 100 shares originally purchased.
(a) Bloomberg
Page 33 New York Community Bancorp, Inc.
For More Information
Visit our web site: ir.myNYCB.com
E-mail requests to: ir@myNYCB.com
Call Investor Relations at:(516) 683-4420
Investor Relations
Write to: New York Community Bancorp, Inc.
615 Merrick Avenue
Westbury, NY 11590
2/1/12
Page 34 New York Community Bancorp, Inc.
Reconciliation of GAAP and Operating Earnings
Operating earnings are non-GAAP financial measures. The following table presents a reconciliation of the Company’s GAAP and operating earnings for the three and twelve months ended December 31, 2011.
For the Three Months Ended For the Twelve Months Ended
(in thousands, except per share data) December 31, 2011 December 31, 2011
GAAP Earnings $117,652 $480,037
Adjustments to GAAP earnings:
Gain on sales of securities (1,139)(36,608)
Severance charges — 2,300
Gain on business disposition —(9,823)
Loss on other-than-temporary impairment of securities — 18,124
Income tax effect 461 10,402
Operating earnings $116,974 $464,432
Diluted GAAP Earnings per Share $ 0.27 $1.09
Adjustments to diluted GAAP earnings per share:
Gain on sales of securities —(0.05)
Severance charges — 0.01
Gain on business disposition —(0.01)
Loss on other-than-temporary impairment of securities — 0.02
Operating earnings per share $ 0.27 $1.06
Page 35 New York Community Bancorp, Inc.
Reconciliations of GAAP and Operating Efficiency Ratios
The following table presents reconciliations of the Company’s GAAP and operating efficiency ratios for the years ended December 31, 2009, 2010, and
2011 and for the three months ended December 31, 2011.
For the Three Months Ended For the Years Ended December 31,
December 31, 2011 2011 2010 2009
(dollars in thousands) GAAP Operating GAAP Operating GAAP Operating GAAP Operating
Total net interest income and non-interest income $360,016 $360,016 $1,435,746 $1,435,746 $1,517,886 $1,517,886 $1,062,964 $1,062,964
Adjustments:
Gain on debt repurchases/exchange — — — —(2,441) —(10,054)
Gain on business acquisitions — — — —(2,883) —(139,607)
Gain on business disposition — — —(9,823) — — — —
Gain on termination of servicing hedge — — — — — — —(3,078)
Net gain on sales of securities —(1,139) —(36,608) —(22,438) — —
Loss on other-than-temporary impairment of securities — — — 18,124 — — — 96,533
Adjusted total net interest income and non-interest income $360,016 $358,877 $1,435,746 $1,407,439 $1,517,886 $1,490,124 $1,062,964 $1,006,758
Operating expenses $140,939 $140,939 $574,683 $574,683 $546,246 $546,246 $384,003 $384,003
Adjustments:
FDIC special assessment — — — — — — —(14,753)
Acquisition-related costs — — — — —(11,545) —(5,185)
Severance charge — — —(2,300) — — — —
Adjusted operating expenses $140,939 $140,939 $574,683 $572,383 $546,246 $534,701 $384,003 $364,065
Efficiency ratio 39.15% 39.27% 40.03% 40.67% 35.99% 35.88% 36.13% 36.16%
Page 36 New York Community Bancorp, Inc.
Reconciliations of GAAP and Non-GAAP Capital Measures
Tangible and adjusted tangible stockholders’ equity and tangible and adjusted tangible assets are non-GAAP capital measures. The following table presents reconciliations of our GAAP and non-GAAP capital measures at December 31, 2011, September 30, 2011, and December 31, 2010.
December 31, December 31,
(dollars in thousands) 2011 2010
Total stockholders’ equity $5,565,704 $ 5,526,220
Less: Goodwill(2,436,131)(2,436,159)
Core deposit intangibles(51,668)(77,734)
Tangible stockholders’ equity $ 3,077,905 $ 3,012,327
Total assets $42,024,302 $41,190,689
Less: Goodwill(2,436,131)(2,436,159)
Core deposit intangibles(51,668)(77,734)
Tangible assets $39,536,503 $38,676,796
Stockholders’ equity to total assets 13.24% 13.42%
Tangible stockholders’ equity to tangible assets 7.78% 7.79%
Tangible stockholders’ equity $3,077,905 $3,012,327
Accumulated other comprehensive loss, net of tax 71,910 45,695
Adjusted tangible stockholders’ equity $3,149,815 $3,058,022
Tangible assets $39,536,503 $38,676,796
Accumulated other comprehensive loss, net of tax 71,910 45,695
Adjusted tangible assets $39,608,413 $38,722,491
Adjusted tangible stockholders’ equity to adjusted tangible assets 7.95% 7.90%
Page 37 New York Community Bancorp, Inc.
Reconciliation of GAAP and Non-GAAP Capital Measures
Average tangible stockholders’ equity and average tangible assets are non-GAAP financial measures. The following table presents reconciliations of these non-GAAP measures with our GAAP measures for the three and twelve months ended December 31, 2011.
For the Three Months Ended For the Twelve Months Ended
(dollars in thousands) December 31, 2011 December 31, 2011
Average Stockholders’ Equity $ 5,535,114 $ 5,501,639
Less: Average goodwill and core deposit intangibles (2,491,327)(2,500,864)
Average tangible stockholders’ equity $ 3,043,787 $ 3,000,775
Average Assets $41,683,129 $41,131,010
Less: Average goodwill and core deposit intangibles (2,491,327)(2,500,864)
Average tangible assets $39,191,802 $38,630,146
Net Income $117,652 $480,037
Add back: Amortization of core deposit intangibles, net of tax 3,269 15,640
Adjusted net income $120,921 $495,677
Operating Income $116,974 $464,432
Add back: Amortization of core deposit intangibles, net of tax 3,269 15,640
Adjusted operating income $120,243 $480,072
Return on average assets 1.13% 1.17%
Operating return on average assets 1.12 1.13
Return on average tangible assets 1.23 1.28
Operating return on average tangible assets 1.23 1.24
Return on average stockholders’ equity 8.50 8.73
Operating return on average stockholders’ equity 8.45 8.44
Return on average tangible stockholders’ equity 15.89 16.52
Operating return on average tangible stockholders’ equity 15.80 16.00
Page 38 New York Community Bancorp, Inc.