Exhibit 99.1

New York Community Bancorp, Inc. Reports Third Quarter 2017 Diluted Earnings Per Common Share of $0.21

Closes Sale of Mortgage Banking Business and Residential Assets Covered under FDIC Loss Share Agreements

Board of Directors Declares a $0.17 per Common Share Dividend

Third Quarter 2017 Highlights

• Earnings:
  • Net income totaled $110.5 million compared to $115.3 million in the second quarter.
  • Net income available to common shareholders totaled $102.3 million compared to $107.0 million in the second quarter.
  • The return on average assets was 0.91% and the return on average common stockholders’ equity was 6.53%. ⁽¹⁾
  • The return on average tangible assets was 0.96% and the return on average tangible common stockholders’ equity was 10.69%. ^{(1) (2)}
  • The sale of our covered loans and mortgage banking business, including a $21 billion mortgage servicing rights portfolio resulted in a gain of $82.0 million on a pre-tax basis.
  • The provision for losses on non-covered loans was $44.6 million due to charge-offs in the taxi medallion-related portfolio.

• Net Interest Margin:
  • The net interest margin declined 12 basis points to 2.53%.
  • Prepayment income added 16 basis points to the net interest margin.

• Balance Sheet:
  • As a result of the sale of the mortgage banking business and covered loans, our cash position increased to $3.3 billion, which will be reinvested into higher-yielding assets.
  • Loan originations totaled $2.8 billion, including $2.3 billion of loans held for investment, up 24% sequentially.
  • Total non-covered loans totaled $37.5 billion, up $255.2 million, or 1% from the trailing quarter-end.

• Asset Quality:
  • Non-performing non-covered assets represented $84.7 million, or 0.17%, of total non-covered assets.
  • Non-performing non-covered loans represented $69.0 million, or 0.18%, of total non-covered loans.
  • Net charge-offs totaled $40.4 million, or 0.11%, of average loans.
  • The allowance for loan losses represented 230.42% of non-performing non-covered loans.

• Capital Position:
  • Tier 1 Risk-Based Capital Ratio was 13.04% at September 30, 2017 compared to 12.64% at June 30, 2017.
  • Common Equity Tier 1 Risk-Based Capital Ratio was 11.53% at September 30, 2017 compared to 11.16% at June 30, 2017.

(1) Return on average assets and on average tangible assets is calculated using net income. Return on average common stockholders’ equity and on average tangible common stockholders’ equity is calculated using net income available to common shareholders.
(2) “Tangible assets” and “tangible common stockholders’ equity” are non-GAAP financial measures. See the discussion and reconciliations of these non-GAAP measures with the comparable GAAP measures on page 8 of this release.

WESTBURY, N.Y.--(BUSINESS WIRE)--October 25, 2017--New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”) today reported net income of $110.5 million for the three months ended September 30, 2017, down 4% from the $115.3 million reported for the three months ended June 30, 2017. Net income available to common shareholders also declined 4% from the prior three-month period to $102.3 million, or $0.21 per diluted common share.

Commenting on the Company’s performance, President and Chief Executive Officer Joseph R. Ficalora stated, “The Company’s performance during the third quarter was impacted by several factors. Foremost amongst these was the sale of our mortgage banking business, including our mortgage servicing rights portfolio, which had an aggregate unpaid principal balance of $21 billion, to Freedom Mortgage Corporation. This transaction closed on September 29, 2017, and we expect to see the benefits, including lower expenses, beginning in the fourth quarter.

“On July 28, 2017, we closed on the sale of our one-to-four family residential assets covered under our Loss Share Agreements with the FDIC to an affiliate of Cerberus Capital Management, L.P. In connection with this transaction, we received cash proceeds of $1.9 billion, generating excess liquidity which will be redeployed into higher-yielding assets going forward.

“Combined, these two transactions generated a pre-tax gain of $82.0 million and were accretive to capital. As we stated at the time of announcement, these transactions are consistent with our overall strategic objectives and allow us to focus on our core business model, including growth through acquisitions.

“In the third quarter, we recorded a provision expense for losses on non-covered loans of $44.6 million related to taxi medallion loans. Our taxi medallion-related portfolio now stands at $99.1 million or a very manageable 0.3% of total loans. Aside from the taxi medallion portfolio, the asset quality metrics in our core multi-family and commercial real estate portfolios remain strong. In fact, excluding the medallion-related charge-offs, the Company would have reported net recoveries this quarter.

“Also, a positive trend emerged this quarter. Our held-for-investment loan originations rose 24% from the previous quarter, reflecting improved market conditions and increased demand. While some of this increase was offset by prepayments, we did enjoy modest loan growth during the quarter, after nearly three years of not growing the balance sheet. Given our strong pipeline, we expect this positive trend to continue in the quarters ahead.”

Board of Directors Declares $0.17 per Common Share Dividend Payable on November 21, 2017

Reflecting our earnings and our capital position, the Board of Directors last night declared a quarterly cash dividend on the Company’s common stock of $0.17 per share. The dividend is payable on November 21, 2017 to common shareholders of record as of November 7, 2017, and represents a dividend yield of 5.3% based on yesterday’s closing price.

BALANCE SHEET SUMMARY

Total assets at the end of the third quarter were $48.5 billion, up incrementally from the end of the second quarter but down modestly from December 31, 2016. Total deposits of $28.9 billion were relatively unchanged compared to the prior-quarter and year-end 2016 balances.

For the four quarters ended September 30, 2017, the Company’s total consolidated assets averaged $48.6 billion, below the current SIFI threshold of $50.0 billion.

Loans

Covered Loans

Reflecting the previously announced termination of our Loss Share Agreements (LSA) with the FDIC and subsequent sale of our one-to-four family residential mortgage-related assets covered under the LSA, covered loans were zero at September 30, 2017. On July 28, 2017 the Company completed the sale of its covered loans to an affiliate of Cerberus Capital Management, L.P. In connection with the closing, the Company received proceeds of $1.9 billion, which were invested in cash and cash equivalents as of September 30, 2017.

Non-Covered Loans Held for Investment

Total non-covered loans held for investment were $37.5 billion, up 0.7% and 0.3%, respectively, from June 30, 2017 and December 31, 2016. On a sequential basis, total non-covered mortgage loans held for investment increased $309.3 million, or 1% (3.5% annualized) to $35.5 billion, including multi-family loan growth of 1.1% (4.3% annualized). This was partially offset by a 2.4% (9.5% annualized) sequential decline in commercial and industrial (“C&I”) loans, largely the result of prepayments.

Total loans originated for investment increased 24% on a sequential basis, to $2.3 billion, including 50% growth in multi-family originations and 30% growth in commercial real estate (“CRE”) loan originations. The growth in loan originations during the current third quarter reflects improved market conditions and increased demand. The Company continues to originate multi-family and CRE loans which adhere to its conservative underwriting standards.

Non-Covered Loans Originated for Sale

Total loans originated for sale were $501.8 million, down 11% on a sequential basis. The decline was attributable to the Company’s decision to exit the wholesale residential mortgage business, as well as a higher level of mortgage interest rates. The sale of the mortgage banking business was announced on June 27, 2017 and closed on September 29, 2017.

Pipeline

The Company has approximately $2.1 billion of loans in its current pipeline, including $1.5 billion of multi-family loans.

Funding Sources

Deposits

Total deposits of $28.9 billion were unchanged compared to both the trailing quarter-end and from the prior year-end. However, the mix of deposits shifted during the third quarter as interest-bearing checking and money market accounts and savings accounts declined 4% and 3%, respectively, while certificates of deposit and non-interest-bearing accounts rose 7% and 2%, respectively.

Borrowed Funds

The Company’s borrowed funds totaled $12.4 billion at the end of the current third quarter, unchanged from the end of the second quarter. Borrowed funds declined 10% from year-end 2016, due entirely to a 10% decrease in wholesale borrowings to $12.0 billion.

Stockholders’ Equity

Total stockholders’ equity rose 10%, to $6.8 billion, at the current third-quarter end from the year-end 2016 balance and was relatively unchanged from the June 30, 2017 balance. The year-to-date increase is due mainly to the $502.8 million preferred stock offering completed in March of this year.

Common stockholders’ equity represented 12.91% of total assets at September 30, 2017 compared to 12.89% at June 30, 2017. Book value per common share was $12.79 at September 30, 2017 compared to $12.74 at June 30, 2017.

Excluding goodwill of $2.4 billion, tangible common stockholders’ equity rose 0.7% to $3.8 billion, representing 8.30% of tangible assets, compared to 8.27% at June 30, 2017. Tangible book value per common share was $7.81 at the end of the current third quarter compared to $7.76 at June 30, 2017. ⁽²⁾

In addition, all regulatory capital ratios for the Company and its two subsidiary banks continued to exceed the regulatory requirements for “Well Capitalized” classification.

Asset Quality

The following discussion pertains only to the Company's portfolio of non-covered loans held for investment (excluding purchased credit-impaired, or “PCI,” loans) and non-covered repossessed assets.

Non-performing non-covered assets declined 7% to $84.7 million, or 0.17%, of total non-covered assets at the end of the current third quarter as compared to $91.6 million, or 0.20%, of total non-covered assets at June 30, 2017. Non-performing non-covered loans decreased 16% to $69.0 million, or 0.18%, of total non-covered loans at the end of the current third quarter as compared to $82.0 million, or 0.22%, of total non-covered loans at June 30, 2017.

During the quarter, non-accrual non-covered mortgage loans declined 22% to $24.3 million, while other non-accrual non-covered loans, which primarily consisted of taxi medallion loans, decreased 12% to $44.7 million. These improvements were partially offset by a 64% increase, to $15.8 million, in non-covered repossessed assets.

Net charge-offs for the current third quarter rose to $40.4 million, or 0.11%, of average loans compared to $11.4 million, or 0.03%, of average loans in the second quarter of 2017. The increase was due to charge-offs on the taxi medallion-related loan portfolio. Taxi medallion loans accounted for $40.6 million of this quarter’s charge-offs compared to $11.3 million in the trailing quarter. Excluding these charge-offs, the Company would have recorded net recoveries during the quarter. At September 30, 2017, the Company’s total taxi medallion-related exposure was $105.6 million.

EARNINGS SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017

The Company reported net income of $110.5 million for the three months ended September 30, 2017, down 4% from the $115.3 million reported for the three months ended June 30, 2017. Net income available to common shareholders also declined 4% from the prior three-month period to $102.3 million, or $0.21 per diluted common share.

Net Interest Income

Net interest income for the third quarter of 2017 declined 4% sequentially and 13% year-over-year to $276.3 million, due to higher interest expenses, resulting from an increase in our cost of funds and lower interest income. The lower level of interest income during the quarter was due to the sale of our covered loan portfolio, which closed at the end of July and resulted in excess liquidity which was invested at lower yields. This was partially offset by modest loan growth along with stable loan yields.

Net Interest Margin

The Company’s net interest margin declined 12 basis points sequentially and 38 basis points from the year-ago quarter to 2.53% in the current third quarter. Excluding the 16-basis point contribution from prepayment income in the current quarter, the net interest margin would have declined 14 basis points to 2.37% from the prior quarter. (See table on page 14).

Provision for Loan Losses

The Company reported a $44.6 million provision for losses on non-covered loans in the current third quarter compared to $11.6 million and $1.2 million, respectively, for the three months ended June 30, 2017 and September 30, 2016. The elevated provision during the quarter was related to the aforementioned increase in charge-offs in our taxi medallion loan portfolio.

Non-Interest Income

Non-interest income totaled $108.9 million, up 116% from the trailing quarter level and 168% from the year-earlier amount. The linked quarter and year-over-year improvements were driven by the $82.0 million gain on sale of our covered loan portfolio and mortgage banking operations, both of which closed during the third quarter.

Non-Interest Expense

Non-interest expense totaled $162.2 million in the current third quarter, down 1% from the trailing-quarter level and up modestly from the year-earlier quarter. Merger-related expenses were $2.2 million in the year-earlier period; there were no comparable expenses in the third quarter of 2017. Our efficiency ratio improved to 42.1% in the current third quarter compared to 48.4% in the trailing quarter. This was mainly due to the gain on the sale of our covered loans and mortgage banking operations and, to a lesser extent, lower operating expenses.

About New York Community Bancorp, Inc.

One of the largest U.S. bank holding companies, with assets of $48.5 billion, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. With deposits of $28.9 billion and 255 branches in Metro New York, New Jersey, Florida, Ohio, and Arizona, the Company also ranks among the largest depositories in the United States.

Reflecting its growth through a series of acquisitions, the Community Bank currently operates through seven local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona. Similarly, New York Commercial Bank currently operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank. Additional information about the Company and its bank subsidiaries is available at www.myNYCB.com and www.NewYorkCommercialBank.com.

Post-Earnings Release Conference Call

As previously announced, the Company will host a conference call on Wednesday, October 25, 2017, at 8:30 a.m. (Eastern Time) to discuss its third quarter 2017 performance. The conference call may be accessed by dialing (877) 407-8293 (for domestic calls) or (201) 689-8349 (for international calls) and asking for “New York Community Bancorp” or “NYCB.” A replay will be available approximately three hours following completion of the call through 11:59 p.m. on October 29, 2017 and may be accessed by calling (877) 660-6853 (domestic) or (201) 612-7415 (international) and providing the following conference ID: 13671104. In addition, the conference call will be webcast at ir.myNYCB.com, and archived through 5:00 p.m. on November 22, 2017.

Cautionary Statements Regarding Forward-Looking Information

This earnings release and the associated conference call may include forward‐looking statements by the Company and our authorized officers pertaining to such matters as our goals, intentions, and expectations regarding revenues, earnings, loan production, asset quality, capital levels, and acquisitions, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of probable losses on loans; our assessments of interest rate and other market risks; and our ability to achieve our financial and other strategic goals.

Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; the Company does not assume any duty, and does not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.

Our forward‐looking statements are subject to the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios; changes in competitive pressures among financial institutions or from non‐financial institutions; our ability to obtain the necessary shareholder and regulatory approvals of any acquisitions we may propose; our 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; changes in legislation, regulations, and policies; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control.

More information regarding some of these factors is provided in the Risk Factors section of our Form 10‐K for the year ended December 31, 2016 and in other SEC reports we file. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our SEC filings, which are accessible on our website and at the SEC’s website, www.sec.gov.

- Financial Statements and Highlights Follow ‐

While stockholders’ equity, total assets, and book value per share are financial measures that are recorded in accordance with U.S. generally accepted accounting principles (“GAAP”), tangible stockholders’ equity, tangible assets, and tangible book value per share are not. Nevertheless, it is management’s belief that these non-GAAP measures should be disclosed in our earnings releases and other investor communications for the following reasons:

Tangible stockholders’ equity, tangible assets, and the related non-GAAP profitability and capital measures should not be considered in isolation or as a substitute for stockholders’ equity, total assets, or any other profitability or capital measure calculated in accordance with GAAP. Moreover, the manner in which we calculate these non-GAAP measures may differ from that of other companies reporting non-GAAP measures with similar names.

The following table presents reconciliations of our common stockholders’ equity and tangible common stockholders’ equity, our total assets and tangible assets, and the related GAAP and non-GAAP profitability and capital measures at or for the three months ended September 30, 2017, June 30, 2017, and September 30, 2016 and the nine months ended September 30, 2017 and 2016:

The following table summarizes the contribution of loan and securities prepayment income on the Company's interest income and net interest margin for the periods indicated.

While our net interest margin, including the contribution of prepayment income, is recorded in accordance with GAAP, adjusted net interest margin, which excludes the contribution of prepayment income, is not. Nevertheless, management uses this non-GAAP measure in its analysis of our performance, and believes that this non-GAAP measure should be disclosed in our earnings releases and other investor communications for the following reasons:

The following table provides certain information about the Company's multi-family and CRE loan portfolios at the respective dates:

The following table presents the Company's non-performing non-covered loans and assets at the respective dates:

The following table presents the Company's asset quality measures at the respective dates:

The following table presents the Company's non-covered loans 30 to 89 days past due at the respective dates:

The following table summarizes the Company’s net charge-offs (recoveries) for the respective periods:

CONTACT:
New York Community Bancorp, Inc.
Investors:
Salvatore J. DiMartino, 516-683-4286
or
Media:
Kelly Maude Leung, 516-683-4032

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