NEW YORK COMMUNITY BANCORP INC

For the period ended Jun 30, 2024. Filed Aug 9, 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.

Jun 30, 2024 · Filed Aug 9, 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

	June 30, 2024	December 31, 2023
(in millions, except per share data) · (unaudited)
ASSETS:
Cash and cash equivalents	$18,990	$11,475
Securities:
Debt Securities available-for-sale ($9,402 and $2,822 pledged at June 30, 2024 and December 31, 2023)	10,535	9,145
Equity investments with readily determinable fair values, at fair value	14	14
Total securities net of allowance for credit losses	10,549	9,159
Loans held for sale ($1,451 and $902 measured at fair value, respectively)	7,845	1,182
Loans and leases held for investment, net of deferred loan fees and costs ($68 and zero measured at fair value at June 30, 2024 and December 31, 2023, respectively)	74,552	84,619
Less: Allowance for credit losses on loans and leases	(1,268)	(992)
Total loans and leases held for investment, net	73,284	83,627
Federal Home Loan Bank stock and Federal Reserve Bank stock, at cost	1,565	1,392
Premises and equipment, net	691	652
Core deposit and other intangibles	557	625
Mortgage servicing rights	1,122	1,111
Bank-owned life insurance	1,586	1,580
Other assets	2,866	3,254
Total assets	$119,055	$114,057
LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Interest-bearing checking and money market accounts	$21,740	$30,700
Savings accounts	10,638	8,773
Certificates of deposit	28,780	21,554
Non-interest-bearing accounts	17,874	20,499
Total deposits	79,032	81,526
Borrowed funds:
Federal Home Loan Bank and Federal Reserve Bank advances	27,750	20,250
Repurchase agreements	121	—
Total wholesale borrowings	27,871	20,250
Junior subordinated debentures	580	579
Subordinated notes	441	438
Total borrowed funds	28,892	21,267
Other liabilities	2,476	2,897
Total liabilities	110,400	105,690
Mezzanine equity:
Preferred stock - Series B (See Note 17 - Mezzanine and Stockholders Equity )	258	—
Stockholders' equity:
Preferred stock - Series A (See Note 17 - Mezzanine and Stockholders Equity)	503	503
Common stock at par 0.01 (666,666,666 and 300,000,000 shares authorized; 358,864,464 and 248,051,930 shares issued; and 351,304,364 and 240,688,790 shares outstanding, respectively)(1)	4	2
Paid-in capital in excess of par	8,997	8,236
(Accumulated deficit)/Retained earnings	(270)	443
Treasury stock, at cost (7,560,100 and 7,363,140 shares, respectively)	(223)	(218)
Accumulated other comprehensive loss, net of tax:
Net unrealized loss on securities available for sale, net of tax of $256 and $225, respectively	(674)	(581)
Net unrealized loss on pension and post-retirement obligations, net of tax of $11 and $12, respectively	(28)	(28)
Net unrealized gain on cash flow hedges, net of tax of $(32) and $(6), respectively	88	10
Total accumulated other comprehensive loss, net of tax	(614)	(599)
Total stockholders’ equity	8,397	8,367
Total liabilities, Mezzanine and Stockholders’ Equity	$119,055	$114,057

(1)On June 27, 2024, the Company announced a 1 for 3 reverse stock split, effective July 11, 2024. This reverse stock split is reflected retroactively in all periods presented. See Note 19 - Subsequent Events.

Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income

	Three Months Ended June 30,		Six Months Ended June 30,
(in millions, except per share data)	2024	2023	2024	2023
INTEREST INCOME:
Loans and leases	$1,167	$1,161	$2,360	$2,028
Securities and money market investments	381	337	701	504
Total interest income	1,548	1,498	3,061	2,532
INTEREST EXPENSE:
Interest-bearing checking and money market accounts	214	232	446	389
Savings accounts	64	40	111	79
Certificates of deposit	337	169	628	256
Borrowed funds	376	157	695	353
Total interest expense	991	598	1,880	1,077
Net interest income	557	900	1,181	1,455
Provision for credit losses	390	49	705	219
Net interest income after provision for credit loan losses	167	851	476	1,236
NON-INTEREST INCOME:
Fee income	41	48	75	75
Bank-owned life insurance	12	11	22	21
Net (loss) on securities	—	(1)	—	(1)
Net return on mortgage servicing rights	19	25	40	47
Net gain on loan sales and securitizations	18	25	38	45
Net loan administration (loss) income	(5)	39	11	46
Bargain purchase gain	—	141	(121)	2,142
Other	29	14	58	25
Total non-interest income	114	302	123	2,400
NON-INTEREST EXPENSE:
Operating expenses:
Compensation and benefits	312	289	645	508
FDIC insurance	91	15	141	37
Occupancy and equipment	52	50	104	87
General and administrative	183	161	369	275
Total operating expense	638	515	1,259	907
Intangible asset amortization	33	37	68	54
Merger-related and restructuring expenses	34	109	77	176
Total non-interest expense	705	661	1,404	1,137
(Loss) income before income taxes	(424)	492	(805)	2,499
Income tax (benefit) expense	(101)	79	(155)	80
Net (loss) income	$(323)	$413	$(650)	$2,419
Preferred stock dividends	10	8	18	16
Net (loss) income available to common stockholders	$(333)	$405	$(668)	$2,403
Basic (loss) earnings per common share(1)	$(1.14)	$1.66	$(2.48)	$10.12
Diluted (loss) earnings per common share(1)	$(1.14)	$1.66	$(2.48)	$10.10
Net (loss) income	$(323)	$413	$(650)	$2,419
Other comprehensive (loss) income, net of tax:
Change in net unrealized loss on securities available for sale, net of tax of $8; $36; $31 and $15	(23)	(102)	(93)	(42)
Change in pension and post-retirement obligations, net of tax of $0; $(1); $(1) and $(1)	(2)	1	(2)	2
Change in net unrealized gain on cash flow hedges, net of tax of $(13); $(32); $(36) and $(9)	39	92	107	25
Reclassification adjustment for defined benefit pension plan, net of tax of $0; $1; $0 and $0	1	—	2	1
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $4; $1; $10 and $3	(12)	(4)	(29)	(8)
Total other comprehensive loss, net of tax	3	(13)	(15)	(22)
Total comprehensive (loss) income, net of tax	$(320)	$400	$(665)	$2,397

Consolidated Statements of Changes in Stockholders' Equity

(in millions, except share data)	Shares Outstanding(1)	Preferred Stock (Par Value: $0.01)	Common Stock (Par Value: $0.01)	Paid-in Capital in excess of Par	(Accumulated deficit)/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 March 31, 2024	268,095,199	$503	$3	$8,653	$73	$(225)	$(617)	$8,390	$595
Issuance of common shares and conversion of Series C preferred to common shares	83,185,285	—	1	332	—	—	—	333	(337)
Shares issued for restricted stock, net of forfeitures	79,499	—	—	(3)	—	3	—	—	—
Compensation expense related to restricted stock awards	—	—	—	15	—	—	—	15	—
Net loss	—	—	—	—	(323)	—	—	(323)	—
Dividends paid on common stock ($0.01)	—	—	—	—	(10)	—	—	(10)	—
Dividends paid on preferred stock Series A ($15.94), Series B ($0.01)	—	—	—	—	(10)	—	—	(10)	—
Purchase of common stock	(55,619)	—	—	—	—	(1)	—	(1)	—
Other comprehensive loss, net of tax	—	—	—	—	—	—	3	3	—
Balance at June 30, 2024	351,304,364	$503	$4	$8,997	$(270)	$(223)	$(614)	$8,397	$258
Balance at March 31, 2023	240,716,766	$503	$2	$8,202	$2,923	$(219)	$(629)	$10,782	$—
Shares issued for restricted stock, net of forfeitures	171,878	—	—	(4)	—	4	—	—	—
Compensation expense related to restricted stock awards	—	—	—	11	—	—	—	11	—
Net income	—	—	—	—	413	—	—	413	—
Dividends paid on common stock ($0.17)	—	—	—	—	(123)	—	—	(123)	—
Dividends paid on preferred stock ($15.94)	—	—	—	—	(8)	—	—	(8)	—
Purchase of common stock	(63,392)	—	—	—	—	(2)	—	(2)	—
Other comprehensive loss, net of tax	—	—	—	—	—	—	(13)	(13)	—
Balance at June 30, 2023	240,825,252	$503	$2	$8,209	$3,205	$(217)	$(642)	$11,060	$—

Consolidated Statements of Changes in Stockholders' Equity

(in millions, except share data)	Shares Outstanding(1)	Preferred Stock (Par Value: $0.01)	Common Stock (Par Value: 0.01)	Paid-in Capital in excess of Par	(Accumulated deficit)/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	240,688,790	$503	$2	$8,236	$443	$(218)	$(599)	$8,367	$—
Issuance of mezzanine preferred stock Series B, net (192,062 shares)	—	—	—	—	—	—	—	—	258
Issuance of mezzanine preferred stock Series C, net (256,307 shares)	—	—	—	—	—	—	—	—	337
Issuance of common shares and conversion of Series C preferred to common shares	110,979,273	—	2	442	—	—	—	444	(337)
Issuance of warrants to purchase common shares	—	—	—	302	—	—	—	302	—
Shares issued for restricted stock, net of forfeitures	(7,366)	—	—	(4)	—	4	—	—	—
Compensation expense related to restricted stock awards	—	—	—	21	—	—	—	21	—
Net loss	—	—	—	—	(650)	—	—	(650)	—
Dividends paid on common stock ($0.02)	—	—	—	—	(45)	—	—	(45)	—
Dividends paid on preferred stock ($31.88)	—	—	—	—	(18)	—	—	(18)	—
Purchase of common stock	(356,333)	—	—	—	—	(9)	—	(9)	—
Other comprehensive loss, net of tax	—	—	—	—	—	—	(15)	(15)	—
Balance at June 30, 2024	351,304,364	$503	$4	$8,997	$(270)	$(223)	$(614)	$8,397	$258
Balance at December 31, 2022	227,072,445	$503	$2	$8,135	$1,041	$(237)	$(620)	$8,824	$—
Issuance and exercise of FDIC Equity appreciation instrument	13,010,669	—	—	85	—	—	—	85	—
Shares issued for restricted stock, net of forfeitures	1,131,015	—	—	(31)	—	31	—	—	—
Compensation expense related to restricted stock awards	—	—	—	20	—	—	—	20	—
Net income	—	—	—	—	2,419	—	—	2,419	—
Dividends paid on common stock ($0.34)	—	—	—	—	(239)	—	—	(239)	—
Dividends paid on preferred stock ($31.88)	—	—	—	—	(16)	—	—	(16)	—
Purchase of common stock	(388,877)	—	—	—	—	(11)	—	(11)	—
Other comprehensive loss, net of tax	—	—	—	—	—	—	(22)	(22)	—
Balance at June 30, 2023	240,825,252	$503	$2	$8,209	$3,205	$(217)	$(642)	$11,060	$—

Consolidated Statements of Cash Flows

	For the Six Months Ended June 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$(650)	$2,419
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses	705	219
Amortization of intangibles	68	54
Depreciation	22	18
Amortization of discounts and premiums, net	94	(119)
Net (gain) loss on securities	—	1
Net gain on sales of loans	(38)	(45)
Gain on business acquisition	121	(2,142)
Stock-based compensation	21	20
Deferred tax expense	(153)	(44)
Changes in operating assets and liabilities:
Decrease (increase) in other miscellaneous assets	60	(71)
Increase (decrease) in other miscellaneous liabilities	50	(969)
Purchases of securities held for trading	—	(10)
Proceeds from sales of securities held for trading	—	10
Change in loans held for sale, net	202	(911)
Net cash provided by (used in) operating activities	502	(1,570)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from repayment of securities available for sale	1,029	1,148
Proceeds from sales of securities available for sale	201	1,341
Purchase of securities available for sale	(2,407)	(1,111)
Redemption of Federal Home Loan Bank stock	6	967
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock	(179)	(836)
Proceeds from bank-owned life insurance, net	16	24
Net proceeds from sales of mortgage servicing rights	65	50
Other changes in loans, net	2,501	(2,433)
Purchases of premises and equipment, net	(60)	(53)
Cash acquired in business acquisition	—	25,043
Net cash provided by investing activities	1,172	24,140
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits	(2,501)	(3,809)
Net increase (decrease) in short-term borrowed funds	5,370	(2,050)
Proceeds from long-term borrowed funds	10,800	500
Repayments of long-term borrowed funds	(8,550)	(3,374)
Net receipt (disbursement) of payments of loans serviced for others	(278)	367
Cash dividends paid on common stock	(45)	(239)
Cash dividends paid on preferred stock	(18)	(16)
Re-issuance of treasury stock	4	—
Proceeds from common stock and warrants issued	742	—
Proceeds from preferred stock issued	258	—
Payments relating to treasury shares received for restricted stock award tax payments	(9)	(11)
Net cash provided by (used in) financing activities	5,773	(8,632)
Net increase in cash, cash equivalents, and restricted cash	7,447	13,938
Cash, cash equivalents, and restricted cash at beginning of period (1)	11,609	2,082
Cash, cash equivalents, and restricted cash at end of period (1)	$19,056	$16,020
Supplemental information:
Cash paid for interest	$1,657	$1,043

Non-cash investing and financing activities:
Cash paid for income taxes	28	17
Transfers to repossessed assets from loans	$8	$1
Securitization of loans to mortgage-backed securities available for sale	194	109
Transfer of loans from held for investment to held for sale	7,021	—
Shares issued for restricted stock awards	4	31
Business Combination:
Fair value of tangible assets acquired	—	37,542
Intangible assets	—	464
Liabilities assumed	—	35,779
Issuance of FDIC Equity appreciation instrument	—	85

(1)Includes restricted cash of $66 million and $214 million at June 30, 2024 and June 30, 2023, respectively.

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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.