NYCB Amends 8-K on Financials and Impairments

TL;DR

**NYCB filed an amended 8-K on Feb 29, clarifying its Jan 31 financials and any material impairments.**

AI Summary

New York Community Bancorp, Inc. filed an 8-K/A on February 29, 2024, amending its previous filing regarding events on January 31, 2024. The amendment pertains to "Results of Operations and Financial Condition," "Material Impairments," and "Financial Statements and Exhibits." The filing specifically mentions common stock, bifurcated option notes unit securities, and fixed-to-floating rate Series A noncumulative perpetual preferred stock as of January 31, 2024.

Why It Matters

This amendment provides updated or clarified information regarding New York Community Bancorp's financial health and any significant impairments, which is crucial for investors to assess the company's stability and future prospects.

Risk Assessment

Risk Level: medium — An amended 8-K, especially concerning financial condition and material impairments, suggests potential adjustments or clarifications to previously reported information, which can introduce uncertainty for investors.

Key Players & Entities

• NEW YORK COMMUNITY BANCORP INC (company) — Registrant
• January 31, 2024 (date) — Date of earliest event reported
• February 29, 2024 (date) — Filed as of date
• Delaware (company) — State of Incorporation
• 001-31565 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value per share NYCB New York S
• $2.4 billion — ended December 31, 2023, resulting in a $2.4 billion decrease to the fourth quarter and annu
• $19 million — d assets resulting in a net decrease of $19 million to the bargain purchase gain stemming f
• $10 million — n (the " Signature Transaction ") and a $10 million other noninterest expense related to th
• $100 billion — re Transaction, and our transition to a $100 billion plus bank. Forward-looking statements

Filing Documents

• d767207d8ka.htm (8-K/A) — 42KB
• d767207dex991.htm (EX-99.1) — 226KB
• 0001193125-24-053449.txt ( ) — 453KB
• nycb-20240131.xsd (EX-101.SCH) — 4KB
• nycb-20240131_def.xml (EX-101.DEF) — 14KB
• nycb-20240131_lab.xml (EX-101.LAB) — 23KB
• nycb-20240131_pre.xml (EX-101.PRE) — 15KB
• d767207d8ka_htm.xml (XML) — 8KB

02

Item 2.02 . Results of Operations and Financial Condition . An updated presentation of the Company's "Consolidated Statements of Condition", "Consolidated Statements of (Loss) Income", and "Reconciliations of Certain GAAP and Non-GAAP Financial Measures" is attached as Exhibit 99.1 to this Amendment and is incorporated herein by reference. The following is a summary of the adjustments. The Company completed its goodwill impairment assessment on February 23, 2024 and management determined that Generally Accepted Accounting Principles required a "goodwill impairment" charge on the Company's "Consolidated Statements of Income and Comprehensive Income" for the quarter and fiscal year ended December 31, 2023, resulting in a $2.4 billion decrease to the fourth quarter and annual net (loss) income available to common stockholders. The Company also adjusted the balances of "goodwill" on the "Consolidated Statements of Condition" as of December 31, 2023 for that same amount. The goodwill impairment has no impact on any of the Company's regulatory capital ratios and does not have an impact on the Company's compliance with covenants under any outstanding credit agreements. The impairment charge did not result in any current cash expenditures. The Company utilized a market approach to estimate the fair value of its sole reporting unit as of December 31, 2023, related to identified triggering events. The Company's assessment concluded that goodwill from historical transactions (2007 and prior) was fully impaired as of December 31, 2023, as confirmed by the Company's current market capitalization. The Company also recorded a measurement period adjustment related to fixed assets resulting in a net decrease of $19 million to the bargain purchase gain stemming from the Company's acquisition of certain assets and liabilities of former Signature Bank through a Federal Deposit Insurance Corporation (" FDIC ")-facilitated transaction (the " Signature Transaction ") and a $10 mi

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 99.1 Presentation of Consolidated Statements of Condition, Consolidated Statements of (Loss) Income, and Reconciliations of Certain GAAP and Non-GAAP Financial Measures, for the fourth quarter and fiscal year ended December 31, 2023 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NEW YORK COMMUNITY BANCORP, INC. Date: February 29, 2024 /s/ Salvatore J. DiMartino Salvatore J. DiMartino Executive Vice President and Director of Investor Relations

View Full Filing

View this 8-K/A filing on SEC EDGAR