Watch Live

Tweet TWEET

New York Community Bancorp, Inc. Reports 1st Quarter 2013 Diluted Non-GAAP Cash EPS of $0.29 (1) and Diluted GAAP EPS of $0.27

  New York Community Bancorp, Inc. Reports 1st Quarter 2013 Diluted Non-GAAP
  Cash EPS of $0.29 (1) and Diluted GAAP EPS of $0.27

Board of Directors Declares 37th Consecutive Quarterly Cash Dividend of $0.25
                                  per Share

                              1Q 2013 Highlights

  *Solid Returns:

    - The Company generated 1Q 2013 GAAP earnings of $118.7 million, providing
    a 1.19% return on average tangible assets and a 15.34% return on average
    tangible stockholders’ equity.^(2)

  *Stable Margin:

    - Excluding the contribution of prepayment penalty income, the Company’s
    margin rose two basis points linked-quarter as the average balance of
    interest-earning assets grew and the average cost of funds declined. ^ (3)

  *Strong Loan Growth:

    - Loans held for investment grew at an annualized rate of 12.2% in 1Q
    2013, to $28.1 billion at March 31st.
    - Multi-family loans grew at an annualized rate of 13.4% linked-quarter,
    to $19.2 billion at March 31st.

  *Solid Loan Production:

    - Loan originations totaled $4.6 billion in 1Q 2013, including
    held-for-investment loans of $2.2 billion and one-to-four family loans
    held for sale of $2.4 billion.

  *Solid Asset Quality:

    - Non-performing non-covered assets declined $103.1 million
    year-over-year, and $26.7 million linked-quarter, to $263.9 million,
    representing 0.59% of total assets at 3/31/2013.
    - Net charge-offs totaled $5.6 million in 1Q 2013 and represented 0.02%
    (non-annualized) of average loans.

  *Mortgage Banking Income:

    - Mortgage banking income accounted for $26.1 million, or 7.4%, of total
    revenues in 1Q 2013. ^ (4)

  *Continued Efficiency:

    - The efficiency ratio was 43.25% in 1Q 2013.

  *Continued Capital Strength:

    - Excluding accumulated other comprehensive loss, net of tax ("AOCL"),
    tangible stockholders’ equity represented 7.75% of tangible assets.^(2)

Business Wire

WESTBURY, N.Y. -- April 24, 2013

New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today reported
GAAP earnings of $118.7 million, or $0.27 per diluted share, and cash earnings
of $128.6 million, or $0.29 per diluted share, for the three months ended
March 31, 2013.^(1)

__________

Please Note: Footnotes are located on the last page of text. As further
discussed in the footnotes, “cash earnings,” “tangible assets,” “average
tangible assets,” “tangible stockholders’ equity,” “average tangible
stockholders’ equity,” and the related measures are all non-GAAP financial
measures.

Commenting on the Company’s first quarter results, President and Chief
Executive Officer Joseph R. Ficalora stated, “In the first quarter of 2013, we
generated GAAP earnings of $118.7 million, providing a 1.19% return on average
tangible assets and a 15.34% return on average tangible stockholders’
equity.^(2) At $0.27, our diluted earnings per share were consistent with the
year-earlier level and a penny shy of the level recorded in the fourth quarter
of last year.

“Our results reflect a number of strengths, including the growth of our
held-for-investment loans at an annualized rate of 12.2%, to $28.1 billion,
which was driven by the growth of our multi-family loan portfolio.
Multi-family loans totaled $19.2 billion at the end of the quarter, reflecting
an annualized growth rate of 13.4%.

“The growth of our loan portfolio occurred in tandem with a decline in
non-performing non-covered assets, as well as a reduction in the balance of
loans 30 to 89 days past due. Non-performing non-covered assets fell $103.1
million year-over-year—a 28.1% improvement—and, on a linked-quarter basis,
were down $26.7 million, or 9.2%, to $263.9 million. In addition, loans 30 to
89 days past due fell 67.5% year-over-year, and 28.2% linked-quarter, to $19.8
million, and net charge-offs represented a modest 0.02% of average loans in
the first three months of this year.

“I also would like to make mention of our net interest income and margin, both
of which were affected by a linked-quarter reduction in income from prepayment
penalties. In the first quarter of 2013, prepayment penalty income contributed
$19.9 million to net interest income—in contrast to $39.3 million in the
fourth quarter of 2012. Of the latter amount, $17.9 million stemmed from one
prepayment—of a $545.5 million loan relationship with a single borrower. The
same prepayment accounted for 19 of the 43 basis points contributed by prepays
to our fourth quarter margin. Excluding the impact of this one large
prepayment, prepayment penalty income contributed 24 basis points to our
fourth quarter margin--more consistent with the 21 basis points contributed to
our margin by prepays in the first quarter of this year.^(3)

“Excluding prepays entirely, the difference between our current first and
fourth quarter 2012 margins is a linked-quarter increase of two basis points.
The stability of our margin, absent the impact of prepayment penalty income,
was largely attributable to the growth of our average interest-earning assets
to $37.1 billion, and a 20-basis point reduction in our average cost of funds
to 1.61%. The linked-quarter decline was largely due to the repositioning of
$6.0 billion of borrowed funds that began late in the fourth quarter and
continued in the first two weeks of 2013. ^(3)

“At $26.1 million, mortgage banking income continued to contribute to our
earnings, although to a lesser extent than it did in the fourth quarter of
last year. While fewer loans were produced for sale, this was not unexpected,
given the seasonality of the residential mortgage business, and the
linked-quarter rise in residential mortgage interest rates.”

Board of Directors Declares $0.25 per Share Dividend Payable on May 17, 2013

"Reflecting the continued strength of our earnings and capital--tangible
stockholders' equity rose to $3.2 billion at the end of the quarter--the Board
of Directors last night declared, for the 37th consecutive quarter, a
quarterly cash dividend of $0.25 per share. The dividend is payable on May
17th to shareholders of record at the close of business on May 7, 2013," Mr.
Ficalora said.

Balance Sheet Summary

Total assets rose $366.6 million in the first three months of 2013, to $44.5
billion at March 31st.

Loans

Loans represented $31.8 billion, or 71.4%, of total assets at the close of the
current first quarter, a $222.5 million increase from the balance at December
31, 2012.

Loans Held for Investment

In the first three months of 2013, total loans held for investment rose $829.9
million to $28.1 billion, reflecting an annualized growth rate of 12.2%. The
March 31st balance represented 63.2% of total assets, as compared to 61.8% at
December 31, 2012. Multi-family loans accounted for $622.8 million of the
three-month increase, while commercial real estate (“CRE”) loans and
one-to-four family loans accounted for $106.3 million and $101.9 million,
respectively.

Originations of held-for-investment loans totaled $2.2 billion in the current
first quarter, reflecting a year-over-year increase of $99.2 million and a
linked-quarter reduction of $589.5 million. Multi-family loans represented
$1.5 billion of the current first quarter’s production, up $491.6 million from
the year-earlier volume and down $256.2 million from the volume recorded in
the fourth quarter of 2012. CRE loans accounted for $386.4 million of the
loans produced for investment in the current first quarter, reflecting a
year-over-year decrease of $529.8 million and a linked-quarter decrease of
$277.8 million. The linked-quarter decline in originations of multi-family and
CRE credits was due to two primary factors: the seasonality of such lending,
and the high level of property transactions that occurred in the trailing
quarter as borrowers anticipated changes being made to the U.S. tax code.

The following table provides additional information about the multi-family and
CRE loan portfolios:

                                                  
(dollars in thousands)             March 31, 2013            December 31, 2012
Multi-Family Loan
Portfolio:
Loans outstanding                  $19,228,034               $18,605,185
Percent of
held-for-investment                68.4        %             68.2        %
loans
Average loan size                  $4,234                    $4,107
Expected weighted                  2.9         years         2.9         years
average life
                                                                         
Commercial Real Estate
Loan Portfolio:
Loans outstanding                  $7,543,238                $7,436,950
Percent of
held-for-investment                26.8        %             27.3        %
loans
Average loan size                  $4,656                    $4,571
Expected weighted                  3.4         years         3.4         years
average life
                                                                         

Reflecting the aforementioned volume of originations, one-to-four family loans
accounted for $305.3 million, or 1.1%, of loans held for investment at the end
of the current first quarter, as compared to $203.4 million, or 0.75%, at
December 31, 2012. Acquisition, development, and construction (“ADC”) loans
represented $398.4 million, or 1.4%, of total loans held for investment and
other loans represented $639.4 million, or 2.3%, at March 31st.

Loans Held for Sale

The average balance of loans held for sale was $935.8 million in the current
first quarter, reflecting a linked-quarter decrease of $116.8 million and a
year-over-year increase of $91.5 million. In the first three months of 2013,
the Company originated loans held for sale of $2.4 billion, down $125.7
million and $592.9 million, respectively, from the year-earlier and
trailing-quarter amounts. In addition to reflecting seasonal factors, the
decline in production reflects the rise in residential mortgage interest rates
during the three months ended March 31, 2013.

Covered Loans

Primarily reflecting repayments, loans acquired in FDIC-assisted transactions
declined $117.2 million from the balance at the end of December, to $3.2
billion at March 31, 2013.

Pipeline

The current loan pipeline is approximately $3.5 billion, including loans held
for investment of approximately $1.8 billion and one-to-four family loans held
for sale of approximately $1.7 billion.

Asset Quality

The following discussion pertains only to the Company's portfolio of
non-covered loans held for investment and non-covered other real estate owned
("OREO").

The Company’s asset quality improved in the current first quarter, as
reflected in the following table:

                                                     
(dollars in                 March 31,           December            March 31,
thousands)                  2013                31, 2012            2012
Non-Performing
Non-Covered                                                       
Assets:
Non-accrual
non-covered
mortgage loans:
Multi-family                  $109,688            $163,460            $188,778
Commercial real               55,735              56,863              63,347
estate
Acquisition,
development,                  8,959               12,091              36,599
and
construction
One-to-four                   11,317              10,945              9,851
family
Total
non-accrual                   $185,699            $243,359            $298,575
non-covered
mortgage loans
Other
non-accrual                   7,914               17,971              7,549
non-covered
loans
Total
non-performing                $193,613            $261,330            $306,124
non-covered
loans
Other real                    70,319              29,300              60,890
estate owned
Total
non-performing                $263,932            $290,630            $367,014
non-covered
assets
                                                                      

The linked-quarter increase in OREO to $70.3 million was attributable to a
$41.6 million multi-family loan that moved from non-accrual status to OREO.

In addition, the balance of loans 30 to 89 days past due declined $41.1
million year-over-year, and $7.8 million since the end of December, to $19.8
million at March 31, 2013. Reflecting the reductions in loans 30 to 89 days
past due and non-performing assets, total delinquencies at that date equaled
$283.7 million, an improvement from $427.9 million and $318.2 million,
respectively, at March 31, 2012 and December 31, 2012.

Net charge-offs fell $10.0 million year-over-year, and rose $2.5 million
linked-quarter, to $5.6 million, representing 0.02% of average loans in the
three months ended March 31, 2013. In the first and fourth quarters of 2012,
the comparable measures were 0.05% and 0.01%, respectively. The allowance for
losses on non-covered loans totaled $140.4 million at the end of the current
first quarter, representing 0.50% of total non-covered loans and 72.51% of
non-performing non-covered loans.

The following table presents the Company's asset quality measures at or for
the three months ended March 31, 2013, December 31, 2012, and March 31, 2012:

                                                      
                              March 31,           December           March 31,
                              2013                31, 2012           2012
Non-performing
non-covered loans               0.62  %           0.85  %           1.01  %
to total loans
Non-performing
non-covered                      0.59               0.66               0.85
assets to total
assets
Net charge-offs
during the period
to average loans                 0.02               0.01               0.05
during the period
(non-annualized)
Allowance for
losses on
non-covered loans                72.51              53.93              44.68
to non-performing
non-covered loans
Allowance for
losses on
non-covered loans                0.50               0.52               0.51
to total
non-covered loans
                                                                             

Securities

Total securities rose $550.7 million, or 11.2%, to $5.5 billion, representing
12.3% of total assets at March 31st. Government-sponsored enterprise ("GSE")
securities represented 92.2% of total securities at the end of the current
first quarter, as compared to 91.3% at December 31, 2012. Securities held to
maturity represented $5.1 billion, or 94.1%, of the March 31, 2013 total,
while available-for-sale securities represented the remaining 5.9%.

Funding Sources

Deposits rose $600.2 million from the balance at the end of December to $25.5
billion, representing 57.2% of total assets, at March 31, 2013. The increase
was organic in nature, as customers across the Company’s five-state franchise
responded favorably to a retail deposit campaign. As a result, savings
accounts rose $632.4 million to $4.8 billion in the current first quarter and
NOW and money market accounts rose $514.0 million to $9.3 billion. Deposit
growth was partly offset by a $468.1 million decline in certificates of
deposit (“CDs”) to $8.7 billion and a $78.2 million decrease in
non-interest-bearing accounts to $2.7 billion.

Wholesale borrowings totaled $12.8 billion at the end of the current first
quarter, down $251.7 million from the balance at December 31, 2012.

Stockholders’ Equity

Stockholders’ equity totaled $5.7 billion at the close of the current first
quarter, reflecting a $9.4 million increase from the balance at December 31,
2012. Tangible stockholders’ equity also rose during this time, by $13.8
million, to $3.2 billion at March 31, 2013.

In addition, the regulatory capital ratios for both New York Community Bank
and New York Commercial Bank continued to exceed the federal requirements for
“well capitalized” classification, as indicated in the table on the last page
of this release.

Earnings Summary for the Three Months Ended March 31, 2013

Net Interest Income

In the three months ended March 31, 2013, the Company recorded net interest
income of $275.2 million, reflecting a $13.2 million, or 4.6%, reduction from
the year-earlier level and a $14.8 million, or 5.1%, reduction from the
trailing-quarter amount. While interest expense fell $20.6 million
year-over-year and $19.1 million linked-quarter, to $137.6 million, interest
income fell $33.8 million and $34.0 million, respectively, to $412.8 million
over the corresponding periods. In addition, the Company's net interest margin
was 2.95% in the current first quarter, as compared to 3.24% in the
year-earlier quarter and 3.15% in the fourth quarter of 2012.

The following factors contributed to the changes in net interest income and
margin:

  *Prepayment penalty income accounted for $19.9 million of the interest
    income recorded in the current first quarter, as compared to $17.5 million
    and $39.3 million, respectively, in the three months ended March 31, 2012
    and December 31, 2012. The primary reason for the linked-quarter decline
    was the prepayment of a $545.5 million loan relationship in November,
    which generated $17.9 million of prepayment penalty income in the fourth
    quarter of 2012.
  *Prepayment penalty income contributed 21 basis points to the Company’s
    margin in the current first quarter, as compared to 20 basis points in the
    year-earlier quarter and 43 basis points in the trailing three months.
    Included in the trailing-quarter amount were 19 basis points stemming from
    the prepayment of the aforementioned large loan relationship. Absent the
    contribution of prepayment penalty income, the Company’s margin was two
    basis points higher in the current first quarter than it was in the fourth
    quarter of 2012. ^(3)
  *The linked-quarter declines in the Company's net interest income and
    margin were tempered by a $122.4 million increase in the average balance
    of interest-earning assets to $37.1 billion, the net effect of a $287.4
    million increase in average loans to $31.6 billion and a $165.0 million
    reduction in average securities to $5.4 billion, primarily reflecting
    sales. In addition, the average cost of interest-bearing liabilities fell
    20 basis points, to 1.61% in the current first quarter, largely reflecting
    a 55-basis point decline in the average cost of borrowed funds to 3.35%.
    The latter decline was largely due to the repositioning of $6.0 billion of
    borrowed funds that began in the latter part of December and continued in
    the first two weeks of 2013.

Provisions for Loan Losses

The provision for losses on non-covered loans was $5.0 million in the current
first quarter, $10.0 million less than the year-earlier level and consistent
with the level recorded in the fourth quarter of 2012.

In addition, the Company recorded a $4.5 million provision for losses on
covered loans in the current first quarter, in contrast to a recovery of $3.3
million from the covered loan loss allowance in the trailing three-month
period. Because the covered loan portfolio is covered by FDIC loss sharing
agreements, the provision recorded in the current first quarter was partially
offset by FDIC indemnification income of $3.6 million, which was recorded in
non-interest income in the same three-month period. Similarly, the recovery
recorded in the trailing quarter was partially offset by FDIC indemnification
expense of $2.6 million, which was recorded in non-interest income in the
fourth quarter of 2012.

Non-Interest Income

Non-interest income rose $13.6 million year-over-year, and $20.1 million
linked-quarter, to $75.6 million in the three months ended March 31, 2013.
While FDIC indemnification income and a rise in other income contributed to
these increases, the primary contributor was securities gains, as further
discussed below:

  *The Company recorded securities gains of $16.6 million in the current
    first quarter, in contrast to $718,000 and $672,000, respectively, in the
    year-earlier and trailing three-month periods.
  *In addition, other income rose $6.4 million year-over-year and $3.1
    million linked-quarter, to $13.2 million, primarily reflecting the
    recovery of $3.9 million on a security that previously had been classified
    as other than temporarily impaired.
  *The rise in other income more than offset modest declines in fee income
    and income from bank-owned life insurance (”BOLI”) in the current first
    quarter, to $8.8 million and $7.3 million, respectively.
  *The increase in non-interest income was largely offset by a decline in
    mortgage banking income as seasonality combined with an increase in
    residential mortgage interest rates during the current first quarter to
    result in a lower level of refinancing activity. Specifically, mortgage
    banking income fell $9.1 million year-over-year, and $6.5 million
    linked-quarter, to $26.1 million in the first quarter of this year. Income
    from originations accounted for $25.9 million of the current first quarter
    total and servicing income accounted for the rest.
  *Together, mortgage banking income, fee income, BOLI income, and other
    income totaled $55.3 million in the current first quarter, as compared to
    $61.3 million and $59.8 million, respectively, in the three months ended
    March 31, 2012 and December 31, 2012.

Non-Interest Expense

Non-interest expense rose $5.9 million year-over-year, and $1.5 million
linked-quarter, to $156.1 million in the first three months of 2013. Operating
expenses accounted for $151.7 million of non-interest expense in the current
first quarter, rising $6.7 million and $1.8 million, respectively, from the
year-earlier and trailing-quarter amounts. A summary of the factors
contributing to these increases follows:

  *Primarily reflecting non-recurring severance and retirement costs of $6.0
    million, compensation and benefits expense rose $9.9 million
    year-over-year, and $8.3 million linked-quarter, to $83.5 million in the
    three months ended March 31, 2013. The remainder of the increase was due
    to higher payroll taxes, normal year-end salary increases, and the
    granting of incentive stock awards.
  *General and administrative expense declined $4.9 million year-over-year,
    and $7.4 million linked-quarter, to $44.6 million, primarily reflecting a
    reduction in FDIC deposit insurance premiums and a decline in legal and
    other professional fees.
  *Occupancy and equipment expense rose $1.7 million year-over-year, and $1.0
    million linked-quarter, to $23.6 million.

About New York Community Bancorp, Inc.

With assets of $44.5 billion at March 31, 2013, New York Community Bancorp,
Inc. is currently the 20th largest bank holding company in the nation and a
leading producer of multi-family mortgage loans in New York City, with an
emphasis on apartment buildings that feature below-market rents. The Company
has two bank subsidiaries: New York Community Bank, a thrift, with 240
branches serving customers throughout Metro New York, New Jersey, Ohio,
Florida, and Arizona; and New York Commercial Bank, with 35 branches serving
customers in Manhattan, Queens, Brooklyn, Long Island, and Westchester County
in New York.

Reflecting its growth through a series of acquisitions, the Community Bank
operates through seven local divisions, each with a history of service and
strength: Queens County Savings Bank in Queens; Roslyn Savings Bank on Long
Island; Richmond County Savings Bank on Staten Island; Roosevelt Savings Bank
in Brooklyn; Garden State Community Bank in New Jersey; Ohio Savings Bank in
Ohio; and AmTrust Bank in Florida and Arizona. Similarly, the Commercial Bank
operates 18 of its 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,
April 24, 2013, at 9:30 a.m. (Eastern Time) to discuss its first quarter 2013
performance and strategies. The conference call may be accessed by dialing
(866) 952-1906 (for domestic calls) or (785) 424-1825 (for international
calls) and providing the following access code: 1Q13NYCB. A replay will be
available approximately two hours following completion of the call through
midnight on April 28th, and may be accessed by calling (800) 283-4642
(domestic) or (402) 220-0857 (international) and providing the same access
code. The conference call also will be webcast at ir.myNYCB.com, and archived
through 5:00 p.m. on May 22, 2013.

Forward-Looking Statements

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, 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 words such 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 retain key members of management; 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.

Greater detail regarding some of these factors is provided in our Form 10-K
for the year ended December 31, 2012, including in the Risk Factors section of
that and other SEC reports. Our forward-looking statements may also be subject
to other risks and uncertainties, including those we may discuss elsewhere 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 -


Footnotes to the Text

        Cash earnings and the related profitability measures are non-GAAP
(1)   financial measures. Please see the reconciliations of our GAAP
        earnings and cash earnings on page 10 of this release.
        Tangible assets and tangible stockholders’ equity are non-GAAP capital
(2)     measures. Please see the reconciliations of our GAAP and non-GAAP
        capital measures on page 11 of this release.
        Net interest income totaled $275.2 million in the three months ended
        March 31, 2013, as compared to $288.4 million and $290.0 million,
        respectively, in the three months ended March 31, 2012 and December
        31, 2012. Prepayment penalty income contributed $19.9 million to net
        interest income in the current first quarter, as compared to $17.5
(3)     million and $39.3 million, respectively, in the earlier periods.
        Similarly, the Company’s net interest margin was 2.95% in the current
        first quarter, as compared to 3.24% in the year-earlier quarter and
        3.15% in the trailing three months. Prepayment penalty income
        contributed 21 basis points to the current first quarter margin, as
        compared to 20 and 43 basis points, respectively, in the earlier
        periods.
(4)     We define total revenues as the sum of net interest income and
        non-interest income.
        

                                                          
                                                                 
NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF CONDITION

(in thousands, except share data)
                                                                 
                                         March 31,               December 31,
                                         2013                    2012
                                         (unaudited)
Assets
Cash and cash equivalents                $ 2,055,058             $ 2,427,258
Securities:
Available-for-sale                       324,361                 429,266
Held-to-maturity                         5,139,826              4,484,262   
Total securities                         5,464,187               4,913,528
Loans held for sale                      718,095                 1,204,370
Non-covered mortgage loans held for
investment:
Multi-family                             19,228,034              18,605,185
Commercial real estate                   7,543,238               7,436,950
Acquisition, development, and            398,405                 397,288
construction
One-to-four family                       305,339                203,434     
Total non-covered mortgage loans         27,475,016              26,642,857
held for investment
Non-covered other loans held for         639,361                641,607     
investment
Total non-covered loans held for         28,114,377              27,284,464
investment
Less: Allowance for losses on            (140,387      )         (140,948    )
non-covered loans
Non-covered loans held for               27,973,990              27,143,516
investment, net
Covered loans                            3,166,897               3,284,061
Less: Allowance for losses on            (55,813       )         (51,311     )
covered loans
Covered loans, net                       3,111,084              3,232,750   
Total loans, net                         31,803,169              31,580,636
Federal Home Loan Bank stock, at         456,557                 469,145
cost
Premises and equipment, net              264,660                 264,149
FDIC loss share receivable               548,604                 566,479
Goodwill                                 2,436,131               2,436,131
Core deposit intangibles, net            27,603                  32,024
Other assets (includes $46,887 and
$45,115, respectively, of other real     1,455,749              1,455,750  
estate owned covered by loss sharing
agreements)
Total assets                             $ 44,511,718           $44,145,100 
                                                                             
Liabilities and Stockholders’ Equity
Deposits:
NOW and money market accounts            $ 9,297,827             $ 8,783,795
Savings accounts                           4,846,361             4,213,972
Certificates of deposit                    8,652,828             9,120,914
Non-interest-bearing accounts             2,680,656            2,758,840   
Total deposits                            25,477,672           24,877,521  
Borrowed funds:
Wholesale borrowings                       12,816,301            13,067,974
Junior subordinated debentures             357,967               357,917
Other borrowings                          4,300                4,300       
Total borrowed funds                       13,178,568            13,430,191
Other liabilities                         189,864              181,124     
Total liabilities                         38,846,104           38,488,836  
Stockholders’ equity:
Preferred stock at par $0.01
(5,000,000 shares authorized; none         --                    --
issued)
Common stock at par $0.01
(600,000,000 shares authorized;
440,867,068 and 439,133,951 shares        4,409                 4,391
issued, and 440,867,068 and
439,050,966 shares outstanding,
respectively)
Paid-in capital in excess of par           5,327,491             5,327,111
Retained earnings                          396,242               387,534
Treasury stock, at cost (0 and             --                    (1,067      )
82,985 shares, respectively)
Accumulated other comprehensive
loss, net of tax:
Net unrealized gain on securities          10,277                12,614
available for sale, net of tax
Net unrealized loss on the
non-credit portion of                     (13,497    )          (13,525     )
other-than-temporary impairment
losses, net of tax
Pension and post-retirement               (59,308    )          (60,794     )
obligations, net of tax
Total accumulated other                   (62,528    )          (61,705     )
comprehensive loss, net of tax
Total stockholders’ equity                5,665,614            5,656,264   
Total liabilities and stockholders’      $ 44,511,718           $44,145,100 
equity
                                                                             
                                                                             

                              
                                    
NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)
                                    
                                    For the Three Months Ended
                                    March 31,     December 31,   March 31,
                                    2013            2012             2012
Interest Income:
Mortgage and other loans            $ 366,999       $  397,904       $ 398,184
Securities and money                 45,808         48,868        48,454
market investments
Total interest income                412,807        446,772       446,638
                                                                     
Interest Expense:
NOW and money market                  9,175            9,413           8,733
accounts
Savings accounts                      4,021            3,328           3,496
Certificates of deposit               22,235           23,155          23,720
Borrowed funds                       102,200        120,875       122,275
Total interest expense               137,631        156,771       158,224
Net interest income                   275,176          290,001         288,414
Provision for losses on               5,000            5,000           15,000
non-covered loans
Provision for (recovery
of) losses on covered                4,502          (3,280  )      --
loans
Net interest income after
provisions                           265,674        288,281       273,414

for loan losses
                                                                     
Non-Interest Income:
Mortgage banking income               26,109           32,574          35,165
Fee income                            8,772            9,730           9,758
Bank-owned life insurance             7,253            7,334           9,585
Gain on sales of                      16,622           672             718
securities
FDIC indemnification                  3,602            (2,625  )       --
income (expense)
Loss on debt redemption               --               (2,313  )       --
Other income                         13,193         10,123        6,770
Total non-interest income            75,551         55,495        61,996
                                                                     
Non-Interest Expense:
Operating expenses:
Compensation and benefits             83,506           75,250          73,617
Occupancy and equipment               23,600           22,649          21,884
General and                          44,569         51,941        49,517
administrative
Total operating expenses              151,675          149,840         145,018
Amortization of core                 4,421          4,710         5,159
deposit intangibles
Total non-interest                   156,096        154,550       150,177
expense
Income before income                  185,129          189,226         185,233
taxes
Income tax expense                   66,454         66,383        66,980
Net Income                          $ 118,675      $  122,843      $ 118,253
                                                                     
Basic earnings per share            $0.27          $0.28           $0.27
Diluted earnings per                $0.27          $0.28           $0.27
share
                                                                     
                                                                     

                       NEW YORK COMMUNITY BANCORP, INC.
    RECONCILIATIONS OF GAAP EARNINGS AND NON-GAAP EARNINGS (CASH EARNINGS)
                                 (unaudited)

Although cash earnings are not a measure of performance calculated in
accordance with GAAP, we believe that they are important because of their
contribution to tangible stockholders’ equity. (Please see the discussion and
reconciliations of stockholders’ equity and tangible stockholders’ equity that
appear under “Reconciliations of GAAP and Non-GAAP Capital Measures” on page
11 of this release.) We calculate cash earnings by adding back to GAAP
earnings certain items that have been charged against them but that are added
to, rather than subtracted from, tangible stockholders’ equity. For this
reason, we believe that cash earnings, although non-GAAP, are useful to
investors seeking to evaluate our financial performance and to compare our
performance with that of other companies in the banking industry that also
report cash earnings.

Cash earnings should not be considered in isolation or as a substitute for net
income, cash flows from operating activities, or other income or cash flow
statement data calculated in accordance with GAAP. Moreover, the manner in
which we calculate cash earnings may differ from that of other companies
reporting non-GAAP measures with similar names.

Reconciliations of our GAAP and cash earnings for the three months ended March
31, 2013, December 31, 2012, and March 31, 2012 follow:

(in thousands, except       For the Three Months Ended
per share data)               March 31,      Dec. 31,       March 31,
                               2013              2012              2012
GAAP Earnings                  $ 118,675         $ 122,843         $ 118,253
Additional
contributions to
tangible stockholders’
equity:^(1)
Amortization and
appreciation of shares           5,537             5,207             5,071
held in stock-related
benefit plans
Associated tax effects           (64     )         249               (354    )
Amortization of core            4,421           4,710           5,159   
deposit intangibles
Total additional
contributions to                9,894           10,166          9,876   
tangible stockholders’
equity ^(1)
Cash earnings                  $ 128,569        $ 133,009        $ 128,129 
                                                                             
Diluted GAAP Earnings          $0.27             $0.28             $0.27
per Share
Add back:
Amortization and
appreciation of shares           0.01              0.01              0.01
held in stock-related
benefit plans
Associated tax effects           --                --                --
Amortization of core            0.01            0.01            0.01    
deposit intangibles
Total additions                 0.02            0.02            0.02    
Diluted cash earnings          $0.29            $0.30            $0.29     
per share
                                                                             
Cash Earnings Data:
Cash return on average           1.19    %         1.23    %         1.23    %
assets
Cash return on average           1.26              1.31              1.30
tangible assets ^(1)
Cash return on average           9.13              9.68              9.27
stockholders’ equity
Cash return on average
tangible stockholders’           16.25             17.58             16.85
equity ^(1)
Cash efficiency ratio           41.67           41.86           39.94   
^(2)
                                                                             
                                                                             

        Tangible assets and tangible stockholders’ equity are non-GAAP capital
(1)   measures. Please see the reconciliations of our GAAP and non-GAAP
        capital measures that appear on page 11 of this release.
        We calculate our cash efficiency ratio by excluding the amortization
(2)     and appreciation of shares held in our stock-related benefit plans
        from our operating expenses and dividing the resultant amount by the
        sum of our net interest income and non-interest income.
        
        

                       NEW YORK COMMUNITY BANCORP, INC.
            RECONCILIATIONS OF GAAP AND NON-GAAP CAPITAL MEASURES
                                 (unaudited)

Although tangible stockholders’ equity, adjusted tangible stockholders’
equity, tangible assets, and adjusted tangible assets are not calculated in
accordance with GAAP, management uses these non-GAAP capital measures in their
analysis of our financial performance. We believe that these non-GAAP capital
measures are an important indication of our ability to grow both organically
and through business combinations, and, with respect to tangible stockholders’
equity and adjusted tangible stockholders’ equity, our ability to pay
dividends and to engage in various capital management strategies.

Tangible stockholders’ equity, adjusted tangible stockholders’ equity,
tangible assets, adjusted tangible assets, and the related non-GAAP capital
measures should not be considered in isolation or as a substitute for
stockholders’ equity, total assets, or any other 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.

Reconciliations of our stockholders’ equity, tangible stockholders’ equity,
and adjusted tangible stockholders’ equity; total assets, tangible assets, and
adjusted tangible assets; and the related measures at or for the three months
ended March 31, 2013 and December 31, 2012 follow:

                                     
                                          
                                          At or for the
                                          Three Months Ended
                                          March 31,          Dec. 31,
                                          2013                  2012
(in thousands)                                             
Total Stockholders’ Equity                $ 5,665,614           $ 5,656,264
Less: Goodwill                              (2,436,131 )          (2,436,131 )
Core deposit intangibles                   (27,603    )         (32,024    )
Tangible stockholders’ equity             $ 3,201,880           $ 3,188,109
                                                                             
Total Assets                              $ 44,511,718          $ 44,145,100
Less: Goodwill                              (2,436,131 )          (2,436,131 )
Core deposit intangibles                   (27,603    )         (32,024    )
Tangible assets                           $ 42,047,984          $ 41,676,945
                                                                             
Tangible Stockholders’ Equity             $ 3,201,880           $ 3,188,109
Add back: Accumulated other                62,528              61,705     
comprehensive loss, net of tax
Adjusted tangible stockholders’           $ 3,264,408           $ 3,249,814
equity
                                                                             
Tangible Assets                           $ 42,047,984          $ 41,676,945
Add back: Accumulated other                62,528              61,705     
comprehensive loss, net of tax
Adjusted tangible assets                  $ 42,110,512          $ 41,738,650
                                                                             
Average Stockholders’ Equity              $ 5,630,877           $ 5,498,040
Less: Average goodwill and core            (2,466,622 )         (2,471,204 )
deposit intangibles
Average tangible stockholders’            $ 3,164,255           $ 3,026,836
equity
                                                                             
Average Assets                            $ 43,243,259          $ 43,087,846
Less: Average goodwill and core            (2,466,622 )         (2,471,204 )
deposit intangibles
Average tangible assets                   $ 40,776,637          $ 40,616,642
                                                                             
Net Income                                $ 118,675             $ 122,843
Add back: Amortization of core             2,653               2,826      
deposit intangibles, net of tax
Adjusted net income                       $ 121,328             $ 125,669
                                                                             
                                                                             

                      
                         
NEW YORK COMMUNITY BANCORP, INC.

NET INTEREST INCOME ANALYSIS

(dollars in thousands)

(unaudited)
                         
                         For the Three Months Ended
                         March 31, 2013                                December 31, 2012
                                                      Average                                    Average
                         Average                            Yield/        Average                            Yield/
                         Balance            Interest        Cost          Balance            Interest        Cost
Assets:
Interest-earning
assets:
Mortgage and other       $ 31,615,006       $ 366,999       4.65  %       $ 31,327,597       $ 397,904       5.08  %
loans, net
Securities and money      5,441,285         45,808        3.37          5,606,278         48,868        3.49  
market investments
Total
interest-earning           37,056,291         412,807       4.46            36,933,875         446,772       4.84
assets
Non-interest-earning      6,186,968                                       6,153,971
assets
Total assets             $ 43,243,259                                     $ 43,087,846
Liabilities and
Stockholders’
Equity:
Interest-bearing
deposits:
NOW and money market     $ 8,969,149        $ 9,175         0.41  %       $ 8,884,441        $ 9,413         0.42  %
accounts
Savings accounts           4,509,093          4,021         0.36            4,163,544          3,328         0.32
Certificates of           8,860,679         22,235        1.02          9,066,441         23,155        1.02  
deposit
Total
interest-bearing           22,338,921         35,431        0.64            22,114,426         35,896        0.65
deposits
Borrowed funds            12,381,287        102,200       3.35          12,336,991        120,875       3.90  
Total
interest-bearing           34,720,208         137,631       1.61            34,451,417         156,771       1.81
liabilities
Non-interest-bearing       2,673,879                                        2,815,353
deposits
Other liabilities         218,295                                         323,036
Total liabilities          37,612,382                                       37,589,806
Stockholders’ equity      5,630,877                                       5,498,040
Total liabilities
and stockholders’        $ 43,243,259                                     $ 43,087,846
equity
Net interest
income/interest rate                        $ 275,176       2.85  %                          $ 290,001       3.03  %
spread
Net interest margin                                         2.95  %                                          3.15  %
Ratio of
interest-earning
assets to                                                   1.07  x                                          1.07  x
interest-bearing
liabilities
                                                                                                                   
Core deposits ^(1)       $ 16,152,121       $ 13,196        0.33  %       $ 15,863,338       $ 12,741        0.32  %
                                                                                                                   
(1) Refers to all deposits other than certificates of deposit.



                     
                     
NEW YORK COMMUNITY BANCORP, INC.

NET INTEREST INCOME ANALYSIS

(dollars in thousands)

(unaudited)
                     
                     For the Three Months Ended March 31,
                     2013                                          2012
                                                  Average                                    Average
                     Average                            Yield/        Average                            Yield/
                     Balance            Interest        Cost          Balance            Interest        Cost
Assets:
Interest-earning
assets:
Mortgage and other   $ 31,615,006       $ 366,999       4.65  %       $ 30,595,529       $ 398,184       5.21  %
loans, net
Securities and money  5,441,285         45,808        3.37          4,934,593         48,454        3.93  
market investments
Total
interest-earning       37,056,291         412,807       4.46            35,530,122         446,638       5.03
assets
Non-interest-earning  6,186,968                                       6,244,891
assets
Total assets         $ 43,243,259                                     $ 41,775,013
Liabilities and
Stockholders’
Equity:
Interest-bearing
deposits:
NOW and money market $ 8,969,149        $ 9,175         0.41  %       $ 8,800,787        $ 8,733         0.40  %
accounts
Savings accounts       4,509,093          4,021         0.36            3,983,234          3,496         0.35
Certificates of       8,860,679         22,235        1.02          7,420,769         23,720        1.29  
deposit
Total
interest-bearing       22,338,921         35,431        0.64            20,204,790         35,949        0.72
deposits
Borrowed funds        12,381,287        102,200       3.35          13,419,550        122,275       3.66  
Total
interest-bearing       34,720,208         137,631       1.61            33,624,340         158,224       1.89
liabilities
Non-interest-bearing   2,673,879                                        2,377,534
deposits
Other liabilities     218,295                                         244,843
Total liabilities      37,612,382                                       36,246,717
Stockholders’ equity  5,630,877                                       5,528,296
Total liabilities
and stockholders’    $ 43,243,259                                     $ 41,775,013
equity
Net interest
income/interest rate                    $ 275,176       2.85  %                          $ 288,414       3.14  %
spread
Net interest margin                                     2.95  %                                          3.24  %
Ratio of
interest-earning
assets to                                               1.07  x                                          1.06  x
interest-bearing
liabilities
                                                                                                               
Core deposits ^(1)   $ 16,152,121       $ 13,196        0.33  %       $ 15,161,555       $ 12,229        0.33  %
                                                                                                               
(1) Refers to all deposits other than certificates of deposit.
                                                                                                               
                                                                                                               

                 
                      
NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in thousands, except share and per share data)

(unaudited)
                      
                      For the Three Months Ended
                      March 31,          December 31,       March 31,
                      2013                  2012                  2012
GAAP EARNINGS
DATA:
Net income            $118,675              $122,843              $118,253
Basic
earnings per           0.27                 0.28                 0.27
share
Diluted
earnings per            0.27                  0.28                  0.27
share
Return on
average                 1.10        %         1.14        %         1.13        %
assets
Return on
average                 1.19                  1.24                  1.24
tangible
assets ^(1)
Return on
average                 8.43                  8.94                  8.56
stockholders’
equity
Return on
average
tangible                15.34                 16.61                 15.95
stockholders’
equity ^(1)
Efficiency              43.25                 43.37                 41.39
ratio ^(2)
Operating
expenses to             1.40                  1.39                  1.39
average
assets
Interest rate           2.85                  3.03                  3.14
spread
Net interest            2.95                  3.15                  3.24
margin
Effective tax           35.9                 35.1                 36.2        
rate
Shares used
for basic EPS           438,703,468           437,749,264           437,467,859
computation
Shares used
for diluted             438,708,520           437,756,323           437,473,189
EPS
computation
                                                                                

        Tangible assets and tangible stockholders’ equity are non-GAAP capital
(1)   measures. Please see the reconciliations of our GAAP and non-GAAP
        capital measures on page 11 of this release.
        We calculate our GAAP efficiency ratio by dividing our operating
(2)     expenses by the sum of our net interest income and non-interest
        income.
        
        

                                                         
                                March 31,        December 31,       March 31,
                                2013             2012               2012
CAPITAL MEASURES:
Book value per share            $12.85           $12.88             $12.71
Tangible book value per         7.26             7.26               7.05
share ^(1)
Stockholders’ equity to         12.73   %        12.81    %         12.97   %
total assets
Tangible stockholders’
equity to tangible              7.61             7.65               7.64
assets ^(1)
Tangible stockholders’
equity to tangible
assets excluding                7.75             7.79               7.79
accumulated other
comprehensive loss, net
of tax ^(1)
                                                                            

        Tangible assets and tangible stockholders’ equity are non-GAAP capital
(1)   measures. Please see the reconciliations of our GAAP and non-GAAP
        capital measures on page 11 of this release.
        
        

                                                          
                                  March 31,       December 31,       March 31,
                                  2013            2012               2012
REGULATORY CAPITAL
RATIOS:^(1)
New York Community Bank
Leverage capital ratio            8.31   %        8.33     %         8.47   %
Tier 1 risk-based capital         12.39           12.50              12.63
ratio
Total risk-based capital          13.13           13.22              13.27
ratio
New York Commercial Bank
Leverage capital ratio            11.26  %        11.59    %         13.35  %
Tier 1 risk-based capital         16.12           16.64              16.89
ratio
Total risk-based capital          16.63           17.24              17.55
ratio
                                                                            

        The minimum regulatory requirements for classification as a well
(1)   capitalized institution are a leverage capital ratio of 5.00%; a Tier
        1 risk-based capital ratio of 6.00%; and a total risk-based capital
        ratio of 10.00%.
        
        

Contact:

New York Community Bancorp, Inc.
Investors:
Ilene A. Angarola, 516-683-4420
or
Media:
Kelly Maude Leung, 516-683-4032