NY Community Bancorp Files Amended 10-K for Fiscal Year Ended Dec 31, 2023

TL;DR

<b>New York Community Bancorp, Inc. has filed an amended 10-K for the fiscal year ending December 31, 2023, providing updated financial and operational details.</b>

AI Summary

NEW YORK COMMUNITY BANCORP, INC. (FLG-PA) filed a Amended Annual Report (10-K/A) with the SEC on March 15, 2024. Filing is an amended 10-K for the fiscal year ending December 31, 2023. The company's central index key is 0000910073. Incorporated in Delaware, with a fiscal year end of December 31. Business and mailing address is 102 Duffy Avenue, Hicksville, NY 11801. The filing is made under the 1934 Securities Exchange Act, file number 001-31565.

Why It Matters

For investors and stakeholders tracking NEW YORK COMMUNITY BANCORP, INC., this filing contains several important signals. This amended filing may contain crucial updates or corrections to the previously submitted 10-K, potentially impacting investor understanding of the company's financial health and strategic direction. As an amended filing, it suggests that the company has identified areas requiring revision, which could relate to financial reporting, disclosures, or compliance matters.

Risk Assessment

Risk Level: medium — NEW YORK COMMUNITY BANCORP, INC. shows moderate risk based on this filing. The filing is an amended 10-K, indicating potential issues or necessary corrections in the original filing, which could signal underlying financial or reporting complexities.

Analyst Insight

Investors should carefully review the amendments in this 10-K filing to understand any changes to the company's financial position, risks, and disclosures.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-15 — Filing Date (Filed as of date)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• NEW YORK COMMUNITY BANCORP, INC. (company) — Filer's company name
• 0000910073 (company) — Central Index Key
• DE (company) — State of incorporation
• 102 Duffy Avenue, Hicksville, NY 11801 (company) — Business and mailing address
• 1934 Act (regulator) — SEC Act
• 001-31565 (company) — SEC File Number

FAQ

Industry Context

New York Community Bancorp, Inc. operates within the savings institutions sector, focusing on traditional banking services.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the specific changes and additions made in this amended 10-K compared to the original filing.
2. Assess the financial implications of any disclosed revisions on the company's performance and outlook.
3. Monitor future filings for any further updates or clarifications related to the information in this amended 10-K.

Key Dates

• 2023-12-31: Fiscal Year End — The period covered by the amended 10-K filing.
• 2024-03-15: Filing Date — The date the amended 10-K was filed with the SEC.

Year-Over-Year Comparison

This is an amended 10-K filing for the fiscal year ended December 31, 2023, indicating revisions to the initial submission.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share NYCB New York Stock
• $11.24 — trant's common stock on June 30, 2023 , $11.24 per share, as reported by the New York
• $382.2 billion — de, servicing 1.4 million accounts with $382.2 billion in unpaid principal balances as of Dece

Filing Documents

• fbc-20231231.htm (10-K/A) — 4759KB
• ex-23fy23nycb_consentlet.htm (EX-23) — 2KB
• exhibit311section302certif.htm (EX-31.1) — 11KB
• exhibit312section302certif.htm (EX-31.2) — 11KB
• exhibit320section906certif.htm (EX-32) — 7KB
• ex-23fy23nycb_consentlet001.jpg (GRAPHIC) — 91KB
• fbc-20231231_g1.jpg (GRAPHIC) — 120KB
• 0000910073-24-000081.txt (&nbsp;) — 26553KB
• fbc-20231231.xsd (EX-101.SCH) — 125KB
• fbc-20231231_cal.xml (EX-101.CAL) — 236KB
• fbc-20231231_def.xml (EX-101.DEF) — 997KB
• fbc-20231231_lab.xml (EX-101.LAB) — 1636KB
• fbc-20231231_pre.xml (EX-101.PRE) — 1366KB
• fbc-20231231_htm.xml (XML) — 5504KB

BUSINESS

ITEM 1. BUSINESS 12 ITEM 1A. RISK FACT ORS 28

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 45 ITEM 1C. CYBERSECURITY 45

PROPERTIES

ITEM 2. PROPERTIES 47

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 47

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 48 PART II

MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES 49

RESERVED

ITEM 6. RESERVED 51

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 51

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 77

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 79

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 152

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 152

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 154

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 154 PART III

DIRECTORS, EXECUTIVE OFFICERS OF THE REGISTRANT AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS OF THE REGISTRANT AND CORPORATE GOVERNANCE 155

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 155

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 155

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 155

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 155 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 156

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 158 4 GLOSSARY OF ABBREVIATIONS AND ACRONYMS The following list of abbreviations and acronyms are provided as a tool for the reader and may be used throughout this Report, including the Consolidated Financial Statements and Notes: Term Definition Term Definition ACL Allowance for Credit Losses FHLB-NY Federal Home Loan Bank of New York ADC Acquisition, development, and construction loan FOMC Federal Open Market Committee ALCO Asset and Liability Management Committee FRB Federal Reserve Board AOCL Accumulated other comprehensive loss FRB-NY Federal Reserve Bank of New York ASC Accounting Standards Codification FTEs Full-time equivalent employees ASU Accounting Standards Update GAAP U.S. generally accepted accounting principles BaaS Banking as a Service GLBA The Gramm Leach Bliley Act BOLI Bank-owned life insurance GNMA Government National Mortgage Association BP Basis point(s) GSE Government-sponsored enterprises BTFP Bank Term Funding Program HELOC Home Equity Line of Credit C&I Commercial and industrial loan HELOAN Home Equity Loan CDs Certificates of deposit HPI Housing Price Index CECL Current Expected Credit Loss LGG Loans with government guarantees CFPB Consumer Financial Protection Bureau LHFS Loans Held-for-Sale CMOs Collateralized mortgage obligations LIBOR London Interbank Offered Rate CMT Constant maturity treasury rate LTV Loan-to-value ratio CPI Consumer Price Index MBS Mortgage-backed securities CPR Constant prepayment rate MSRs Mortgage servicing rights CRA Community Reinvestment Act NIM Net interest margin CRE Commercial real estate loan NOL Net operating loss DIF Deposit Insurance Fund NPAs Non-performing assets DFA Dodd-Frank Wall Street Reform and Consumer Protection Act NPLs Non-performing loans DSCR Debt service coverage ratio NPV Net Portfolio Value EPS Earnings per common share NYSE New York Stock Exchange ERM Enterprise Risk Management OCC Office of the Comptroller of the Currency

Business

Item 1. Business General New York Community Bancorp, Inc., (on a stand-alone basis, the "Parent Company" or, collectively with its subsidiaries, the "Company") is the bank holding company for Flagstar Bank, N.A. (hereinafter referred to as the "Bank"). The Company went public in 1993 and has grown organically and through a series of accretive mergers and acquisitions. Effective as of December 1, 2022, in connection with the Parent Company's acquisition of Flagstar Bancorp, (i) Flagstar Bank, FSB converted to a national bank to be known as "Flagstar Bank, N.A." and (ii) New York Community Bank was merged with and into Flagstar Bank N.A., with Flagstar Bank N.A. continuing as the surviving entity. New York Community Bancorp, Inc. has market-leading positions in several national businesses, including multi-family lending, mortgage originations and servicing, and warehouse lending. The Company is the 2nd largest multi-family portfolio lender in the country and the leading multi-family portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Flagstar Mortgage is the 7th largest bank originator of residential mortgages for the 12-months ended December 31, 2023, while we are the industry's 5th largest sub-servicer of mortgage loans nationwide, servicing 1.4 million accounts with $382.2 billion in unpaid principal balances as of December 31, 2023. Additionally, the Company is the 2nd largest mortgage warehouse lender nationally based on total commitments. Online Information about the Company and the Bank We serve our customers through our website: www.flagstar.com. In addition to providing our customers with 24-hour access to their accounts, and information regarding our products and services, hours of service, and locations, the website provides extensive information about the Company for the investment community. Earnings releases, dividend announcements, and other press releases are posted upon i

View Full Filing

View this 10-K/A filing on SEC EDGAR