NY Community Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>New York Community Bancorp, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

NEW YORK COMMUNITY BANCORP, INC. (FLG-PA) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Filing is a 10-Q for New York Community Bancorp, Inc. for the period ending March 31, 2024. The company's Central Index Key is 0000910073. The filing was submitted on May 10, 2024. The Standard Industrial Classification code is 6036 (Savings Institutions, Not Federally Chartered). The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking NEW YORK COMMUNITY BANCORP, INC., this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts will use this report to assess the bank's health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — NEW YORK COMMUNITY BANCORP, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently indicate significant new risks.

Analyst Insight

Monitor future filings for detailed financial performance, especially concerning loan portfolios and interest rate sensitivity.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Filed As Of Date)
• 2024-01-01 — Quarter Start Date (Reporting Period)
• 2023-12-31 — Previous Fiscal Year End (Fiscal Year End)

Key Players & Entities

• NEW YORK COMMUNITY BANCORP, INC. (company) — Filer
• 0000910073 (company) — Central Index Key
• 6036 (regulator) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 102 DUFFY AVENUE (company) — Business Address Street 1
• HICKSVILLE (company) — Business Address City
• NY (company) — Business Address State
• 11801 (company) — Business Address Zip

FAQ

Industry Context

The company operates within the savings institutions sector, which is sensitive to interest rate changes and regulatory environments.

Regulatory Implications

As a savings institution, the company is subject to regulations from federal and state banking authorities.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze trends in net interest margin and loan loss provisions.
3. Compare key performance indicators against industry peers.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the previous 10-K or 10-Q filing.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share NYCB New York Stock
• $1.05 billion — nd warrant exercises related the recent $1.05 billion capital raise, the Flagstar acquisition
• $327 million — ported a first quarter 2024 net loss of $327 million compared to a net loss of $2.7 billion
• $2.7 billion — $327 million compared to a net loss of $2.7 billion in the prior quarter and net income of
• $2.0 billion — in the prior quarter and net income of $2.0 billion in the year ago quarter. The net loss a
• $335 m — shareholders in the current quarter was $335 million, or $0.45 per diluted share, comp
• $0.45 — he current quarter was $335 million, or $0.45 per diluted share, compared to $2.7 bil
• $2.7 b — or $0.45 per diluted share, compared to $2.7 billion, or $3.76 per diluted share, in t
• $3.76 — ted share, compared to $2.7 billion, or $3.76 per diluted share, in the prior quarter
• $2.0 b — in the prior quarter and net income of $2.0 billion, or $2.87 per diluted share, in t
• $2.87 — rter and net income of $2.0 billion, or $2.87 per diluted share, in the year ago quar
• $2.4 billion — ted EPS included goodwill impairment of $2.4 billion. Net income for the three months ended
• $9.7 billion — , 2023 to March 7, 2024, we experienced $9.7 billion in core deposit runoff following the ra
• $4.1 billion — ance sheet liquidity, primarily through $4.1 billion in brokered CD's and $5.5 billion of wh
• $5.5 billion — rough $4.1 billion in brokered CD's and $5.5 billion of wholesale borrowings. The followin

Filing Documents

• fbc-20240331.htm (10-Q) — 3489KB
• exhibit311section302certif.htm (EX-31.1) — 11KB
• exhibit312section302certif.htm (EX-31.2) — 11KB
• exhibit320section906certif.htm (EX-32) — 7KB
• 0000910073-24-000131.txt (&nbsp;) — 19562KB
• fbc-20240331.xsd (EX-101.SCH) — 96KB
• fbc-20240331_cal.xml (EX-101.CAL) — 171KB
• fbc-20240331_def.xml (EX-101.DEF) — 725KB
• fbc-20240331_lab.xml (EX-101.LAB) — 1276KB
• fbc-20240331_pre.xml (EX-101.PRE) — 1009KB
• fbc-20240331_htm.xml (XML) — 4164KB

– FINANCIAL INFORMATION

PART I. – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Financial Condition – March 31, 2024 (unaudited) and December 31, 2023 33 Consolidated Statements of Income and Comprehensive Income – For the three months ended March 31, 2024 and 2023 (unaudited) 34 Consolidated Statements of Stockholders' Equity – For the three months ended March 31, 2024 and 2023 (unaudited) 35 Consolidated Statements of Cash Flows – For the three months ended March 31, 2024 and 2023 (unaudited) 36 Notes to the Consolidated Financial Statements (unaudited) Note 1 - Organization Basis of Presentation 38 Note 2 - Computation of Earnings Per Common Share 39 Note 3 - Business Combination 40 Note 4 - Accumulated Other Comprehensive Income 44 Note 5 - I nvestment Securities 45 Note 6 - Loans and Leases 48 Note 7 - A llowance for Credit Losses 53 Note 8 - L eases 54 Note 9 - Mortgage Servicing Rights 57 Note 10 - Variable Interest Entities 59 Note 11 - Borrowed Funds 59 Note 12 - Pension and Other Post-Retirement Benefits 61 Note 13 - S tock-Related Benefit Plans 61 Note 14 - D erivative and Hedging Activities 63 Note 15 - I ntangible Assets 67 Note 16 - F air Value Measures 68 Note 17 - Mezzanine and Stockholder's Equity 75

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 76

Controls and Procedures

Item 4. Controls and Procedures 77

– OTHER INFORMATION

PART II. – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 79

Risk Factors

Item 1A. Risk Factors 79

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 85

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 85

Other Information

Item 5. Other Information 85

Exhibits

Item 6. Exhibits 85

SIGNATURES

SIGNATURES 87 2 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 ESOP Employee Stock Ownership

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

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

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Net Income (Loss) | Net Income (Loss) Available to Common Stockholders New York Community Bancorp reported a first quarter 2024 net loss of $327 million compared to a net loss of $2.7 billion in the prior quarter and net income of $2.0 billion in the year ago quarter. The net loss available to common shareholders in the current quarter was $335 million, or $0.45 per diluted share, compared to $2.7 billion, or $3.76 per diluted share, in the prior quarter and net income of $2.0 billion, or $2.87 per diluted share, in the year ago quarter. The prior quarter net loss and diluted EPS included goodwill impairment of $2.4 billion. Net income for the three months ended March 31, 2023 included a bargain purchase gain of $2.0 billion arising from the Signature transaction. Net Interest Income Net interest income is our primary source of income. Its level is a function of the average balance of our interest-earning assets, the average balance of our interest-bearing liabilities, and the spread between the yield on such assets and the cost of such liabilities. These factors are influenced by both the pricing and mix of our interest-earning assets and our interest-bearing liabilities which, in turn, are impacted by various external factors, including the local economy, competition for loans and deposits, the monetary policy of the FOMC, and market interest rates. The cost of our deposits and borrowed funds is largely based on short-term rates of interest, the level of which is partially impacted by the actions of the FOMC. While the target federal funds rate generally impacts the cost of our short-term borrowings and deposits, the yields on our held-for-investment loans and other interest-earning assets are not as sensitive to intermediate-term market interest rates. From December 31, 2023 to March 7, 2024, we experienced $9.7 billion in core deposit runoff following the ra

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