NEW YORK COMMUNITY BANCORP INC

For the period ended Mar 31, 2024. Filed May 10, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 10, 2024

FLG$10.58+0.6%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

ITEM 1.	FINANCIAL STATEMENTS

Consolidated Statements of Condition

	March 31, 2024	December 31, 2023
(in millions, except per share data) · (unaudited)
ASSETS:
Cash and cash equivalents	$12,890	$11,475
Securities:
Debt Securities available-for-sale ($8,683 and $2,822 pledged at March 31, 2024 and December 31, 2023, respectively)	9,336	9,145
Equity investments with readily determinable fair values, at fair value	14	14
Total securities net of allowance for credit losses	9,350	9,159
Loans held for sale ($981 and $902 measured at fair value, respectively)	981	1,182
Loans and leases held for investment, net of deferred loan fees and costs ($66 and zero measured at fair value at March 31, 2024 and December 31, 2023, respectively)	82,327	84,619
Less: Allowance for credit losses on loans and leases	(1,215)	(992)
Total loans and leases held for investment, net	81,112	83,627
Federal Home Loan Bank stock and Federal Reserve Bank stock, at cost	1,550	1,392
Premises and equipment, net	679	652
Core deposit and other intangibles	590	625
Mortgage servicing rights	1,092	1,111
Bank-owned life insurance	1,586	1,580
Other assets	3,070	3,254
Total assets	$112,900	$114,057
LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Interest-bearing checking and money market accounts	$22,172	$30,700
Savings accounts	8,171	8,773
Certificates of deposit	26,763	21,554
Non-interest-bearing accounts	17,752	20,499
Total deposits	74,858	81,526
Borrowed funds:
Federal Home Loan Bank advances	23,750	20,250
Repurchase agreements	1,958	—
Total wholesale borrowings	25,708	20,250
Junior subordinated debentures	580	579
Subordinated notes	439	438
Total borrowed funds	26,727	21,267
Other liabilities	2,330	2,897
Total liabilities	103,915	105,690
Mezzanine equity:
Preferred stock - Series B and Series C (See Note 17 - Mezzanine and Stockholders Equity )	595	—
Stockholders' equity:
Preferred stock - Series A (See Note 17 - Mezzanine and Stockholders Equity)	503	503
Common stock at par 0.01 (900,000,000 shares authorized; 827,123,078 and 744,155,791 shares issued; and 804,285,598 and722,066,370 shares outstanding, respectively)	8	7
Paid-in capital in excess of par	8,648	8,231
Retained earnings	73	443
Treasury stock, at cost (22,837,480 and 22,089,421 shares, respectively)	(225)	(218)
Accumulated other comprehensive loss, net of tax:
Net unrealized loss on securities available for sale, net of tax of $248 and $225, respectively	(651)	(581)
Net unrealized loss on pension and post-retirement obligations, net of tax of $11 and $12, respectively	(27)	(28)
Net unrealized gain on cash flow hedges, net of tax of $(23) and $(6), respectively	61	10
Total accumulated other comprehensive loss, net of tax	(617)	(599)
Total stockholders’ equity	8,390	8,367
Total liabilities, Mezzanine and Stockholders’ Equity	$112,900	$114,057

Consolidated Statements of Income and Comprehensive Income

	Three Months Ended,
(in millions, except per share data)	March 31, 2024	March 31, 2023
INTEREST INCOME:
Loans and leases	$1,193	$867
Securities and money market investments	320	167
Total interest income	1,513	1,034
INTEREST EXPENSE:
Interest-bearing checking and money market accounts	232	157
Savings accounts	47	39
Certificates of deposit	291	87
Borrowed funds	319	196
Total interest expense	889	479
Net interest income	624	555
Provision for credit losses	315	170
Net interest income after provision for credit loan losses	309	385
NON-INTEREST INCOME:
Fee income	34	27
Bank-owned life insurance	10	10
Net return on mortgage servicing rights	21	22
Net gain on loan sales and securitizations	20	20
Net Loan administration income	16	7
Bargain purchase gain	(121)	2,001
Other	29	11
Total non-interest income	9	2,098
NON-INTEREST EXPENSE:
Operating expenses:
Compensation and benefits	333	219
Occupancy and equipment	52	37
General and administrative	236	136
Total operating expense	621	392
Intangible asset amortization	35	17
Merger-related and restructuring expenses	43	67
Goodwill impairment	—	—
Total non-interest expense	699	476
Income before income taxes	(381)	2,007
Income tax expense	(54)	1
Net (loss) income	$(327)	$2,006
Preferred stock dividends	8	8
Net (loss) income available to common stockholders	$(335)	$1,998
Basic (loss) earnings per common share	$(0.45)	$2.88
Diluted (loss) earnings per common share	$(0.45)	$2.87
Net (loss) income	$(327)	$2,006
Other comprehensive (loss) income, net of tax:
Change in net unrealized loss on securities available for sale, net of tax of $23 and $(21), respectively	(70)	60
Change in pension and post-retirement obligations, net of tax of $(1) and $—, respectively	—	1
Change in net unrealized gain on cash flow hedges, net of tax of $(23) and $23, respectively	68	(67)
Reclassification adjustment for defined benefit pension plan, net of tax of $— and $(1), respectively	1	1
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $6 and $2, respectively	(17)	(4)
Total other comprehensive loss, net of tax	(18)	(9)
Total comprehensive (loss) income, net of tax	$(345)	$1,997

Consolidated Statements of Changes in Stockholders' Equity

(in millions, except share data) · Shares Outstanding · Preferred Stock (Par Value: $0.01) · Common Stock (Par Value: $0.01) · Paid-in Capital in excess of Par · Retained Earnings · Treasury Stock, at Cost · Accumulated Other Comprehensive Loss, Net of Tax · Total Stockholders’ Equity · Preferred Stock Mezzanine (Par Value: $0.01)
Balance at December 31, 2023	722,066,370	$503		$7		$8,231		$443		$(218)		$(599)		$8,367		—
Issuance of mezzanine preferred stock Series B, net (192,062 shares)	0	—		—		—		—		—		—		—		258
Issuance of mezzanine preferred stock Series C, net (256,307 shares)	0	—		—		—		—		—		—		—		337
Issuance of common shares and conversion of Series C preferred to common shares	83,381,965	—		1		110		—		—		—		111		—
Issuance of warrants to purchase common shares	0	—		—		302		—		—		—		302		—
Shares issued for restricted stock, net of forfeitures	(260,595)	—		—		(1)		—		1		—		—		—
Compensation expense related to restricted stock awards	0	—		—		6		—		—		—		6		—
Net loss	0	—		—		—		(327)		—		—		(327)		—
Dividends paid on common stock ($0.05)	0	—		—		—		(35)		—		—		(35)		—
Dividends paid on preferred stock Series A ($15.94)	0	—		—		—		(8)		—		—		(8)		—
Purchase of common stock	(902,142)	—		—		—		—		(8)		—		(8)		—
Other comprehensive loss, net of tax	0	—		—		—		—		—		(18)		(18)		—
Balance at March 31, 2024	804,285,598	$503		$8		$8,648		$73		$(225)		$(617)		$8,390		$595
Balance at December 31, 2022	681,217,334	$503		$7		$8,130		$1,041		$(237)		$(620)		$8,824		$—
Issuance and exercise of FDIC Equity appreciation instrument	39,032,006		—		—		85		—		—		—		85		—
Shares issued for restricted stock, net of forfeitures	2,877,411		—		—		(27)		—		27		—		—		—
Compensation expense related to restricted stock awards		—		—		9		—		—		—		9		—
Net income		—		—		—		2,006		—		—		2,006		—
Dividends paid on common stock ($0.17)		—		—		—		(116)		—		—		(116)		—
Dividends paid on preferred stock ($15.94)		—		—		—		(8)		—		—		(8)		—
Purchase of common stock	(976,454)		—		—		—		—		(9)		—		(9)		—
Other comprehensive loss, net of tax		—		—		—		—		—		(9)		(9)		—
Balance at March 31, 2023	722,150,297		$503		$7		$8,197		$2,923		$(219)		$(629)		$10,782		$—

Consolidated Statements of Cash Flows

	For the Three Months Ended March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$(327)	$2,006
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses	315	170
Amortization of intangibles	35	17
Depreciation	11	8
Amortization of discounts and premiums, net	49	(36)
Net gain on sales of loans	(20)	(20)
Gain on business acquisition	121	(2,001)
Stock-based compensation	6	9
Deferred tax expense	(75)	11
Changes in operating assets and liabilities:
(Increase) decrease in other assets	(31)	112
(Decrease) increase in other liabilities	(476)	2,697
Purchases of securities held for trading	—	(10)
Proceeds from sales of securities held for trading	—	10
Change in loans held for sale, net	98	62
Net cash (used in) provided by operating activities	(294)	3,035
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from repayment of securities available for sale	627	664
Proceeds from sales of securities available for sale	123	1,233
Purchase of securities available for sale	(812)	(443)
Redemption of Federal Home Loan Bank stock	5	744
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock	(163)	(833)
Proceeds from bank-owned life insurance, net	6	9
Net proceeds from sales of MSR's	61	—
Other changes in loans, net	2,151	(1,301)
Purchases of premises and equipment, net	(38)	(11)
Cash acquired in business acquisition	—	25,043
Net cash provided by investing activities	1,960	25,105
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits	(6,672)	(7,496)
Net increase in short-term borrowed funds	2,959	2,400
Proceeds from long-term borrowed funds	10,800	—
Repayments of long-term borrowed funds	(8,301)	(2,375)
Net receipt (disbursement) of payments of loans serviced for others	10	(189)
Cash dividends paid on common stock	(8)	(8)
Cash dividends paid on preferred stock	(35)	(116)
Treasury stock repurchased	—	(9)
Proceeds from common stock and warrants issued	413	—
Proceeds from preferred stock issued	595	—
Payments relating to treasury shares received for restricted stock award tax payments	(8)	—
Net cash used in financing activities	(247)	(7,793)
Net increase in cash, cash equivalents, and restricted cash (1)	1,419	20,347
Cash, cash equivalents, and restricted cash at beginning of year (1)	11,609	2,082
Cash, cash equivalents, and restricted cash at end of year (1)	$13,028	$22,429
Supplemental information:
Cash paid for interest	$777	$489

Non-cash investing and financing activities:
Cash paid for income taxes	9	13
Transfers to repossessed assets from loans	$4	$1
Securitization of loans to mortgage-backed securities available for sale	123	—
Transfer of loans from held for investment to held for sale	1,072	—
Shares issued for restricted stock awards	1	27
Business Combination:
Fair value of tangible assets acquired	—	38,172
Intangible assets	—	464
Liabilities assumed	—	36,550
Issuance of FDIC Equity appreciation instrument	—	85

(1)For further information on restricted cash, see Note 14 - Derivative and Hedging Activities

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.