NY Community Bancorp Q2 2024 10-Q Filed

TL;DR

**NYCB 10-Q is IN! Q2 financials dropped, check the numbers.**

AI Summary

New York Community Bancorp, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides crucial financial insights into NY Community Bancorp's performance and condition, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the financial health of regional banks can be subject to market volatility and regulatory scrutiny.

Key Numbers

• 2024-06-30 — Period End Date (Indicates the end of the reporting quarter.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point to the prior fiscal year-end.)

Key Players & Entities

• NEW YORK COMMUNITY BANCORP, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240809 (date) — Filing Date
• 001-31565 (dollar_amount) — SEC File Number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share NYCB New York Stock
• $1.05 billion — ant exercises related to our March 2024 $1.05 billion capital raise, the Flagstar acquisition
• $26 billion — Bancorp Inc. which increased assets by $26 billion and liabilities by $24 billion. In Marc
• $24 billion — ssets by $26 billion and liabilities by $24 billion. In March 2023 the Company acquired $38
• $38 billion — ion. In March 2023 the Company acquired $38 billion of assets and assumed $36 billion of li
• $36 billion — uired $38 billion of assets and assumed $36 billion of liabilities from the FDIC related to
• $100 billion — tions resulted in the Company exceeding $100 billion in total assets which results in being
• $6 billion — ehouse lending portfolio (approximately $6 billion in assets) and (ii) entered into a defi
• $323 million — orted a second quarter 2024 net loss of $323 million compared to a net loss of $327 million
• $327 million — $323 million compared to a net loss of $327 million in the prior quarter. Net loss attribut
• $333 m — holders for the second quarter 2024 was $333 million, or $1.14 per diluted share, comp
• $1.14 — econd quarter 2024 was $333 million, or $1.14 per diluted share, compared to a net lo
• $335 m — iluted share, compared to a net loss of $335 million, or $1.36 per diluted share, in t
• $1.36 — pared to a net loss of $335 million, or $1.36 per diluted share, in the prior quarter
• $298 million — et loss for the second quarter 2024 was $298 million and net loss attributable to common sto

Filing Documents

• fbc-20240630.htm (10-Q) — 4284KB
• exhibit311section302certif.htm (EX-31.1) — 11KB
• exhibit312section302certif.htm (EX-31.2) — 11KB
• exhibit320section906certif.htm (EX-32) — 7KB
• 0000910073-24-000169.txt ( ) — 22565KB
• fbc-20240630.xsd (EX-101.SCH) — 99KB
• fbc-20240630_cal.xml (EX-101.CAL) — 171KB
• fbc-20240630_def.xml (EX-101.DEF) — 719KB
• fbc-20240630_lab.xml (EX-101.LAB) — 1302KB
• fbc-20240630_pre.xml (EX-101.PRE) — 1011KB
• fbc-20240630_htm.xml (XML) — 5262KB

– FINANCIAL INFORMATION

PART I. – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Statements of Financial Condition – June 30, 2024 (unaudited) and December 31, 2023 31 Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income – For the three and six months ended June 30, 2024 and 2023 (unaudited) 32 Consolidated Statements of Stockholders' Equity – For the three and six months ended June 30, 2024 and 2023 (unaudited) 33 Consolidated Statements of Cash Flows – For the six months ended June 30, 2024 and 2023 (unaudited) 35 Notes to the Consolidated Financial Statements (unaudited) Note 1 - Organization Basis of Presentation 37 Note 2 - Computation of Earnings Per Common Share 39 Note 3 - Business Combination 39 Note 4 - Accumulated Other Comprehensive Income 42 Note 5 - I nvestment Securities 43 Note 6 - Loans and Leases 46 Note 7 - A llowance for Credit Losses 53 Note 8 - L eases 55 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 62 Note 13 - S tock-Related Benefit Plans 62 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 76 Note 18 - Commitments and Contingencies 77 N ote 1 9 - Subsequent Events 79

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 5

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 79

Controls and Procedures

Item 4. Controls and Procedures 79

– OTHER INFORMATION

PART II. – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 82

Risk Factors

Item 1A. Risk Factors 82

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 87

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 88

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 88

Other Information

Item 5. Other Information 88

Exhibits

Item 6. Exhibits 88

SIGNATURES

SIGNATURES 91 2 For the purpose of this Quarterly Report on Form 10-Q, the words "Parent Company" are used to refer to New York Community Bancorp, Inc. on a standalone basis, and the words "we," "us," "our," and the "Company" are used to refer to New York Community Bancorp, Inc. and our consolidated subsidiary, Flagstar Bank, N.A. (the "Bank"). CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING LANGUAGE This report, like many written and oral communications presented by the Company and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. Although we believe that our plans, intentions, and expectations as reflected in these forward-looking statements are reasonable, we can give no assurance that they will be achieved or realized. Our ability to predict results or the actual effects of our plans and strategies is inherently uncertain. Accordingly, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained in this report. There are a number of factors, many of which are beyond our control, that could cause

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 Background New York Community Bancorp, Inc. is a bank holding company (collectively with its subsidiaries the "Company") whose principal operation is its subsidiary Flagstar Bank, N.A. (the "Bank"). The Company has experienced a number of events in the last 18 months that have significantly impacted its balance sheet, results of operations, credit losses, liquidity and funding, and regulatory capital. At the end of 2022, the Company acquired and merged with Flagstar Bancorp Inc. which increased assets by $26 billion and liabilities by $24 billion. In March 2023 the Company acquired $38 billion of assets and assumed $36 billion of liabilities from the FDIC related to the former Signature Bridge Bank. These transactions resulted in the Company exceeding $100 billion in total assets which results in being categorized as a Category IV institution for regulatory purposes, increasing requirements and expectations related to liquidity, risk management and governance. Beginning in late 2023, the Company's loan portfolio began to experience stress, related principally to vacancy-driven declines in the office sector, and inflation and high interest rates in the multi-family sector, particularly for the sub-set of the Company's loan portfolio comprised of majority rent-regulated collateral, a portion of which is impacted by a 2019 New York law change. Concerns about the impact of these portfolio stresses led to significant declines in the Company's stock price and large customer deposit withdrawals in the first quarter of 2024. In response to these declines, the Company raised $1.05 billion in equity capital in March 2024 through the issuance of shares of the Company's common stock and preferred stock convertible to common stock, and raised liquidity through brokered deposits and wholesale funding. The result of these events and conditions has led to a significantly lower net inte

View Full Filing

View this 10-Q filing on SEC EDGAR