NY Community Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>New York Community Bancorp, Inc. has filed its annual report (10-K) for the fiscal year ending December 31, 2023, providing detailed financial statements and disclosures.</b>

AI Summary

NEW YORK COMMUNITY BANCORP, INC. (FLG-PA) filed a Annual Report (10-K) with the SEC on March 14, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Includes financial data for the fiscal years 2023, 2022, and 2021. Details common stock, preferred stock, additional paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income. References specific accounting standards like 'OtherAssets' and 'OtherLiabilities'. Mentions 'MortgageServicingRightsMSRImpairmentRecovery' and 'NoninterestIncome'.

Why It Matters

For investors and stakeholders tracking NEW YORK COMMUNITY BANCORP, INC., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and position for the past fiscal year, crucial for investors and analysts assessing its stability and future prospects. The inclusion of detailed breakdowns of equity components and references to specific accounting treatments offers insight into the company's financial reporting practices and potential areas of focus.

Risk Assessment

Risk Level: medium — NEW YORK COMMUNITY BANCORP, INC. shows moderate risk based on this filing. The filing is a standard 10-K, but the company has faced recent challenges, including deposit outflows and a significant dividend cut, which could indicate underlying financial stress not fully detailed in this report.

Analyst Insight

Investors should closely examine the detailed financial statements and risk factors within the 10-K to understand the company's current financial health and strategic responses to recent market pressures.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-14 — Filing Date (Date filed)
• 2023 — Fiscal Year (Reporting period)
• 2022 — Fiscal Year (Comparative period)
• 2021 — Fiscal Year (Comparative period)

Key Players & Entities

• NEW YORK COMMUNITY BANCORP, INC. (company) — Filer
• 2023 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date
• 10-K (document) — Form type
• 0000910073 (company) — Central Index Key
• DE (location) — State of incorporation
• NY (location) — Business address state
• USD (currency) — Currency denomination

FAQ

Risk Factors

• Financial Condition [medium — financial]: The report details the company's financial position, including various equity components and assets/liabilities, which are critical for assessing its stability.
• Regulatory Compliance [medium — regulatory]: As a financial institution, the company is subject to extensive regulation, and adherence to these rules is a constant risk factor.
• Market Conditions [medium — market]: Changes in interest rates, economic downturns, and competitive pressures in the banking sector can significantly impact the company's performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K was officially submitted to the SEC.

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) — 4788KB
• ex21-subsactivity2023.htm (EX-21) — 6KB
• ex-23fy23nycb_consentlet.htm (EX-23) — 2KB
• exhibit311section302certif.htm (EX-31.1) — 11KB
• exhibit312section302certif.htm (EX-31.2) — 11KB
• exhibit320section906certif.htm (EX-32) — 7KB
• ex97-ibcrpolicy2023x11x1.htm (EX-97) — 32KB
• ex-23fy23nycb_consentlet001.jpg (GRAPHIC) — 91KB
• ex21-subsactivity2023001.jpg (GRAPHIC) — 231KB
• ex21-subsactivity2023002.jpg (GRAPHIC) — 180KB
• ex97-ibcrpolicy2023x11x1001.jpg (GRAPHIC) — 303KB
• ex97-ibcrpolicy2023x11x1002.jpg (GRAPHIC) — 269KB
• ex97-ibcrpolicy2023x11x1003.jpg (GRAPHIC) — 309KB
• ex97-ibcrpolicy2023x11x1004.jpg (GRAPHIC) — 239KB
• ex97-ibcrpolicy2023x11x1005.jpg (GRAPHIC) — 244KB
• ex97-ibcrpolicy2023x11x1006.jpg (GRAPHIC) — 226KB
• ex97-ibcrpolicy2023x11x1007.jpg (GRAPHIC) — 148KB
• ex97-ibcrpolicy2023x11x1008.jpg (GRAPHIC) — 167KB
• ex97-ibcrpolicy2023x11x1009.jpg (GRAPHIC) — 120KB
• fbc-20231231_g1.jpg (GRAPHIC) — 120KB
• 0000910073-24-000077.txt (&nbsp;) — 29986KB
• 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) — 1634KB
• fbc-20231231_pre.xml (EX-101.PRE) — 1366KB
• fbc-20231231_htm.xml (XML) — 5504KB

BUSINESS

ITEM 1. BUSINESS 11 ITEM 1A. RISK FACT ORS 27

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 44 ITEM 1C. CYBERSECURITY 44

PROPERTIES

ITEM 2. PROPERTIES 46

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 46

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 47 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 48

RESERVED

ITEM 6. RESERVED 50

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 50

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 76

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 78

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 151

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 151

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 153

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 153 PART III

DIRECTORS, EXECUTIVE OFFICERS OF THE REGISTRANT AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS OF THE REGISTRANT AND CORPORATE GOVERNANCE 154

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 154

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 154

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 154

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 154 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 155

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 157 3 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 filing on SEC EDGAR