NEW YORK COMMUNITY BANCORP, INC. ANNOUNCES FIRST QUARTER 2022 DILUTED EPS OF $0.31 ON A GAAP BASIS AND DILUTED EPS OF $0.32 ON A NON-GAAP BASIS
FIRST QUARTER RESULTS DRIVEN BY SIGNIFICANT DEPOSIT GROWTH, ROBUST LOAN GROWTH, AND A HIGHER CORE NET INTEREST MARGIN
BOARD OF DIRECTORS DECLARES A
First Quarter 2022 Summary |
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- First-quarter GAAP diluted EPS were |
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- Net income available to common stockholders on a GAAP basis totaled |
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- Pre-provision net revenue ("PPNR") for the first quarter of 2022 totaled |
- The efficiency ratio was 38.65% during the current first quarter compared to 39.87% in the year-ago first quarter. |
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- Return on average assets and return on average common equity were 1.04% and 8.98%, respectively, for the current first quarter, compared to 1.03% |
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- Return on average tangible assets and return on average tangible common equity were 1.11% and 14.76%, respectively, for the current first quarter, |
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- Continuing on the growth we recorded during the fourth quarter of last year, total loans held for investment increased by |
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- Multi-family loans increased |
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- Specialty finance loans declined |
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- Total deposits increased |
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- BaaS-related deposits totaled |
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- Core deposits increased |
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- Wholesale borrowings declined |
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- At 2.43%, our first-quarter NIM was relatively unchanged compared to the 2.44% we reported in the previous quarter. |
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- Prepayment income for the current first quarter totaled |
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- Excluding the impact from prepayment income, the NIM on a non-GAAP basis rose three basis points to 2.35% on a sequential basis. |
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- First quarter net interest income totaled |
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- Asset quality continues to be exceptional with total non-performing assets of |
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- Loans 30 to 89 days past due declined to |
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- At |
Current first-quarter 2022 results include
Commenting on the Company's first-quarter results and business trends, Chairman, President, and Chief Executive Officer,
"After loan growth of over
"In addition to the continued growth in our loan portfolio, the other major highlight during the quarter was the exceptional deposit growth. Since my tenure as President and CEO began 15 months ago, the Company has undergone a significant cultural shift in our approach to deposit gathering. As a result, since year-end 2020 to now, total deposits have increased
"During the current first quarter, total deposits increased nearly
"We also continue to make excellent progress in garnering deposits from our loan customers. Total loan-related deposits rose
"As we expanded our digital offerings earlier this year, we re-launched our direct-bank channel - MyBankingDirect.com. While it was just rolled out in March, early receptivity has been positive.
"As our deposits have increased, we have reduced our reliance on other higher-cost funding sources. During the first quarter, wholesale borrowings declined
"In addition to the strong loan and deposit growth trends we experienced during the quarter, our net interest margin also held up well. The first quarter margin, excluding the impact of prepayment income, rose three basis points to 2.35%, given lower funding costs.
"On the asset quality front, our metrics remained very solid. Overall, our non-performing assets are 11 basis points of total assets and remain among the best in the industry."
DIVIDEND DECLARATION
The Board of Directors declared a quarterly cash dividend of
BALANCE SHEET SUMMARY
At
Total loans held for investment increased
On the funding side, total deposits jumped
Given the growth in the overall level of deposits, borrowings declined
Loans
At
The specialty finance portfolio totaled
The CRE portfolio totaled
Originations
Loan originations also continued their strong pace into the first quarter of 2022. For the three months ended
Approximately 80% of the current quarter's originations represented new money to the Bank.
Pipeline
The current pipeline heading into the second quarter of the year stands at
Asset Quality
Non-Performing Assets
Non-performing assets ("NPAs") at
The increase in the level of NPAs was mostly due to one CRE loan in the amount of
Also, total loans 30 to 89 days past due continued to decline, dropping
Allowance for Credit Losses
At
Loan Deferral Program Update
At
Deposits
At
Interest-bearing checking and money market accounts increased
CAPITAL POSITION
The Company's capital position remains strong at both the holding company level and at the Bank level, as all of our regulatory capital ratios continue to exceed regulatory minimums to be classified as "Well Capitalized," the highest regulatory classification. The table below depicts the Company's and the Bank's regulatory capital ratios at those respective periods.
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2022 |
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2021 |
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2021 |
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REGULATORY CAPITAL RATIOS: (1) |
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Common equity tier 1 ratio |
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9.45 |
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% |
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9.68 |
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% |
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9.84 |
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% |
Tier 1 risk-based capital ratio |
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10.55 |
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10.83 |
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11.07 |
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Total risk-based capital ratio |
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12.39 |
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12.73 |
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13.09 |
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Leverage capital ratio |
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8.33 |
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8.46 |
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8.41 |
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Common equity tier 1 ratio |
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11.65 |
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% |
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11.95 |
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% |
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12.31 |
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% |
Tier 1 risk-based capital ratio |
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11.65 |
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11.95 |
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12.31 |
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Total risk-based capital ratio |
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12.07 |
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12.38 |
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12.77 |
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Leverage capital ratio |
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9.20 |
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9.33 |
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9.35 |
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(1) The minimum regulatory requirements for classification as a well-capitalized institution are a common equity tier 1 capital ratio |
EARNINGS SUMMARY FOR THE THREE MONTHS ENDED
Net Interest Income
For the three months ended
Included in net interest income for the three months ended
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For the Three Months Ended |
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compared to |
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2022 |
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2021 |
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2021 |
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2021 |
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2021 |
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(dollars in millions) |
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Total interest income |
$ |
429 |
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$ |
420 |
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$ |
423 |
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2% |
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1% |
Total interest expense |
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97 |
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98 |
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105 |
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-1% |
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-8% |
Net interest income |
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332 |
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322 |
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318 |
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3% |
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4% |
Less: |
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Total prepayment income |
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11 |
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16 |
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20 |
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-31% |
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-45% |
Net interest income excluding prepayment income |
$ |
321 |
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$ |
306 |
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$ |
298 |
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5% |
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8% |
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Net Interest Margin
During the three months ended
(Recovery of) Provision for Credit Losses
For the three months ended
Pre-Provision Net Revenue ("PPNR")
The tables below detail the Company's PPNR and related measures, which are non-GAAP measures, for the periods noted.
For the three months ended
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For the Three Months Ended |
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compared to |
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2022 |
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2021 |
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2021 |
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2021 |
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2021 |
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(dollars in millions) |
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Net interest income |
$ |
332 |
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$ |
322 |
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$ |
318 |
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3% |
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4% |
Non-interest income |
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14 |
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16 |
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14 |
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-13% |
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0% |
Total revenues |
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346 |
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338 |
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332 |
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2% |
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4% |
Total non-interest expense |
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141 |
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135 |
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132 |
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4% |
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7% |
Pre - (recovery of) provision for net revenue (PPNR) |
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205 |
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203 |
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200 |
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1% |
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3% |
(Recovery of) provision for credit losses |
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(2) |
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4 |
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4 |
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NM |
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NM |
Income before taxes |
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207 |
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199 |
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196 |
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4% |
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6% |
Income tax expense |
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52 |
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49 |
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51 |
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6% |
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2% |
Net Income |
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155 |
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150 |
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145 |
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3% |
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7% |
Preferred stock dividends |
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8 |
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8 |
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8 |
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0% |
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0% |
Net income available to common stockholders |
$ |
147 |
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$ |
142 |
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$ |
137 |
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4% |
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7% |
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Non-Interest Income
For the three months ended
Non-Interest Expense
For the three months ended
Income Taxes
For the three months ended
About
Based in
In
Post-Earnings Release Conference Call
The Company will host a conference call on
Cautionary Statements Regarding Forward-Looking Information
This earnings release and the associated conference call may include forward‐looking statements by the Company and our authorized officers pertaining to such matters as our goals, intentions, and expectations regarding revenues, earnings, loan production, asset quality, capital levels, and acquisitions, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of probable losses on loans; our assessments of interest rate and other market risks; and our ability to achieve our financial and other strategic goals, including those related to the pending merger with Flagstar Bancorp, Inc. and the strategic relationship with
Forward‐looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; the Company does not assume any duty, and does not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.
Our forward‐looking statements are subject to the following principal risks and uncertainties: the effect of the COVID-19 pandemic, including the length of time that the pandemic continues, the potential imposition of future shelter in place orders or additional restrictions on travel in the future, the effect of the pandemic on the general economy and on the businesses of our borrowers and their ability to make payments on their obligations, the remedial actions and stimulus measures adopted by federal, state, and local governments; the inability of employees to work due to illness, quarantine, or government mandates; general economic conditions and trends, either nationally or locally; conditions in the securities markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our pending merger with Flagstar Bancorp and our strategic relationship with
More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K for the year ended
Investor/Media Contact:
(516) 683-4286
- Financial Statements and Highlights Follow -
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CONSOLIDATED STATEMENTS OF CONDITION |
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2022 |
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2021 |
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(unaudited) |
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(dollars in millions, except share data) |
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Assets |
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Cash and cash equivalents |
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$ |
2,900 |
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$ |
2,211 |
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Securities: |
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Available-for-sale |
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5,612 |
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5,780 |
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Equity investments with readily |
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determinable fair values, at fair value |
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15 |
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16 |
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Total securities |
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5,627 |
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5,796 |
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Mortgage loans held for investment: |
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Multi-family |
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35,777 |
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34,628 |
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Commercial real estate |
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6,704 |
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6,701 |
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One-to-four family |
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145 |
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160 |
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Acquisition, development, and construction |
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237 |
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209 |
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Total mortgage loans held for investment |
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42,863 |
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41,698 |
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Other loans and leases held for investment: |
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Specialty Finance |
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3,340 |
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3,508 |
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Commercial and industrial |
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549 |
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526 |
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Other loans |
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6 |
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6 |
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Total other loans and leases held for investment |
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3,895 |
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4,040 |
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Total loans and leases held for investment |
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46,758 |
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45,738 |
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Less: Allowance for credit losses on loans and leases |
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(197) |
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(199) |
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Total loans and leases held for investment, net |
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46,561 |
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45,539 |
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679 |
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734 |
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Premises and equipment, net |
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266 |
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270 |
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Operating lease right-of-use assets |
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243 |
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249 |
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2,426 |
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2,426 |
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Other assets |
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2,303 |
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2,302 |
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Total assets |
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$ |
61,005 |
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$ |
59,527 |
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Liabilities and Stockholders' Equity |
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Deposits: |
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Interest-bearing checking and money market accounts |
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$ |
16,360 |
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$ |
13,209 |
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Savings accounts |
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9,272 |
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|
8,892 |
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Certificates of deposit |
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7,889 |
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8,424 |
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Non-interest-bearing accounts |
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4,433 |
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4,534 |
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Total deposits |
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37,954 |
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35,059 |
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Borrowed funds: |
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Wholesale borrowings |
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14,680 |
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15,905 |
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Junior subordinated debentures |
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|
361 |
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361 |
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Subordinated notes |
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|
296 |
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|
296 |
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Total borrowed funds |
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15,337 |
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16,562 |
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Operating lease liabilities |
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|
243 |
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|
249 |
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Other liabilities |
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|
562 |
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|
613 |
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Total liabilities |
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54,096 |
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|
52,483 |
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Stockholders' equity: |
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Preferred stock at par |
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Series A (515,000 shares issued and outstanding) |
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|
503 |
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|
503 |
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Common stock at par |
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490,439,070 shares issued; and 467,024,144 and 465,015,643 shares outstanding, respectively) |
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5 |
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5 |
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Paid-in capital in excess of par |
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6,107 |
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6,126 |
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Retained earnings |
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|
809 |
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|
741 |
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Treasury stock, at cost (23,414,926 and 25,423,427 shares, respectively) |
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(231) |
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(246) |
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Accumulated other comprehensive loss, net of tax: |
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Net unrealized loss on securities available for sale, net of tax |
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(260) |
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(45) |
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Pension and post-retirement obligations, net of tax |
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(31) |
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(31) |
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Net unrealized gain (loss) on cash flow hedges, net of tax |
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7 |
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(9) |
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Total accumulated other comprehensive loss, net of tax |
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(284) |
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(85) |
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Total stockholders' equity |
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6,909 |
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|
7,044 |
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Total liabilities and stockholders' equity |
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$ |
61,005 |
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$ |
59,527 |
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CONSOLIDATED STATEMENTS OF INCOME |
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For the Three Months Ended |
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2022 |
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2021 |
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2021 |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(dollars in millions, except per share data) |
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Interest Income: |
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Loans and leases |
$ |
393 |
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$ |
380 |
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$ |
383 |
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Securities and money market investments |
|
36 |
|
|
40 |
|
|
40 |
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Total interest income |
|
429 |
|
|
420 |
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|
423 |
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Interest Expense: |
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Interest-bearing checking and money market accounts |
|
8 |
|
|
7 |
|
|
9 |
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Savings accounts |
|
8 |
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|
8 |
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|
6 |
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Certificates of deposit |
|
11 |
|
|
12 |
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|
18 |
|
Borrowed funds |
|
70 |
|
|
71 |
|
|
72 |
|
Total interest expense |
|
97 |
|
|
98 |
|
|
105 |
|
Net interest income |
|
332 |
|
|
322 |
|
|
318 |
|
(Recovery of) provision for credit losses |
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(2) |
|
|
4 |
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|
4 |
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Net interest income after (recovery of) provision for credit losses |
|
334 |
|
|
318 |
|
|
314 |
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Non-Interest Income: |
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Fee income |
|
6 |
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|
6 |
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|
5 |
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Bank-owned life insurance |
|
7 |
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|
7 |
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|
7 |
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Net losses on securities |
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(1) |
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|
- |
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- |
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Other income |
|
2 |
|
|
3 |
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|
2 |
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Total non-interest income |
|
14 |
|
|
16 |
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|
14 |
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Non-Interest Expense: |
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Operating expenses: |
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Compensation and benefits |
|
80 |
|
|
74 |
|
|
78 |
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Occupancy and equipment |
|
23 |
|
|
23 |
|
|
21 |
|
General and administrative |
|
31 |
|
|
31 |
|
|
33 |
|
Total operating expenses |
|
134 |
|
|
128 |
|
|
132 |
|
Merger-related expenses |
|
7 |
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|
7 |
|
|
- |
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Total non-interest expense |
|
141 |
|
|
135 |
|
|
132 |
|
Income before income taxes |
|
207 |
|
|
199 |
|
|
196 |
|
Income tax expense |
|
52 |
|
|
49 |
|
|
51 |
|
Net Income |
|
155 |
|
|
150 |
|
|
145 |
|
Preferred stock dividends |
|
8 |
|
|
8 |
|
|
8 |
|
Net income available to common stockholders |
$ |
147 |
|
$ |
142 |
|
$ |
137 |
|
|
|
|
|
|
|
|
|||
Basic earnings per common share |
$ |
0.31 |
|
$ |
0.30 |
|
$ |
0.29 |
|
Diluted earnings per common share |
$ |
0.31 |
|
$ |
0.30 |
|
$ |
0.29 |
|
|
|
|
|
|
|
|
RECONCILIATIONS OF CERTAIN GAAP AND NON-GAAP FINANCIAL MEASURES
(unaudited)
While stockholders' equity, total assets, and book value per share are financial measures that are recorded in accordance with
- Tangible stockholders' equity is an important indication of the Company's ability to grow organically and through business combinations, as well as its ability to pay dividends and to engage in various capital management strategies.
- Returns on average tangible assets and average tangible stockholders' equity are among the profitability measures considered by current and prospective investors, both independent of, and in comparison with, the Company's peers.
- Tangible book value per share and the ratio of tangible stockholders' equity to tangible assets are among the capital measures considered by current and prospective investors, both independent of, and in comparison with, its peers.
Tangible stockholders' equity, tangible assets, and the related non-GAAP profitability and capital measures should not be considered in isolation or as a substitute for stockholders' equity, total assets, or any other profitability or capital measure calculated in accordance with GAAP. Moreover, the manner in which we calculate these non-GAAP measures may differ from that of other companies reporting non-GAAP measures with similar names.
The following table presents reconciliations of our common stockholders' equity and tangible common stockholders' equity, our total assets and tangible assets, and the related GAAP and non-GAAP profitability and capital measures at or for the periods indicated:
|
At or for the |
|
|
|||||||||
|
Three Months Ended |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
(dollars in millions) |
2022 |
|
|
2021 |
|
|
2021 |
|
|
|||
Total Stockholders' Equity |
$ |
6,909 |
|
|
$ |
7,044 |
|
|
$ |
6,796 |
|
|
Less: |
|
(2,426) |
|
|
|
(2,426) |
|
|
|
(2,426) |
|
|
Preferred stock |
|
(503) |
|
|
|
(503) |
|
|
|
(503) |
|
|
Tangible common stockholders' equity |
$ |
3,980 |
|
|
$ |
4,115 |
|
|
$ |
3,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Assets |
$ |
61,005 |
|
|
$ |
59,527 |
|
|
$ |
57,657 |
|
|
Less: |
|
(2,426) |
|
|
|
(2,426) |
|
|
|
(2,426) |
|
|
Tangible Assets |
$ |
58,579 |
|
|
$ |
57,101 |
|
|
$ |
55,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Average common stockholders' equity |
$ |
6,543 |
|
|
$ |
6,511 |
|
|
$ |
6,370 |
|
|
Less: Average goodwill |
|
(2,426) |
|
|
|
(2,426) |
|
|
|
(2,426) |
|
|
Average tangible common stockholders' equity |
$ |
4,117 |
|
|
$ |
4,085 |
|
|
$ |
3,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Average Assets |
$ |
59,894 |
|
|
$ |
58,435 |
|
|
$ |
56,306 |
|
|
Less: Average goodwill |
|
(2,426) |
|
|
|
(2,426) |
|
|
|
(2,426) |
|
|
Average tangible assets |
$ |
57,468 |
|
|
$ |
56,009 |
|
|
$ |
53,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
GAAP MEASURES: |
|
|
|
|
|
|
|
|
|
|||
Return on average assets (1) |
|
1.04 |
% |
|
|
1.03 |
% |
|
|
1.03 |
% |
|
Return on average common stockholders' equity (2) |
|
8.98 |
|
|
|
8.71 |
|
|
|
8.63 |
|
|
Book value per common share |
$ |
13.72 |
|
|
$ |
14.07 |
|
|
$ |
13.53 |
|
|
Common stockholders' equity to total assets |
|
10.50 |
|
|
|
10.99 |
|
|
|
10.92 |
|
|
NON-GAAP MEASURES: |
|
|
|
|
|
|
|
|
|
|||
Return on average tangible assets (1) |
|
1.11 |
% |
|
|
1.11 |
% |
|
|
1.08 |
% |
|
Return on average tangible common stockholders' equity (2) |
|
14.76 |
|
|
|
14.37 |
|
|
|
13.93 |
|
|
Tangible book value per common share |
$ |
8.52 |
|
|
$ |
8.85 |
|
|
$ |
8.32 |
|
|
Tangible common stockholders' equity to tangible assets |
|
6.79 |
|
|
|
7.21 |
|
|
|
7.00 |
|
|
(1) |
To calculate return on average assets for a period, we divide net income generated during that period by average assets recorded during that period. To calculate return on average tangible assets for a period, we divide net income by average tangible assets recorded during that period. |
(2) |
To calculate return on average common stockholders' equity for a period, we divide net income available to common stockholders generated during that period by average common stockholders' equity recorded during that period. To calculate return on average tangible common stockholders' equity for a period, we divide net income available to common stockholders generated during that period by average tangible common stockholders' equity recorded during that period. |
While diluted earnings per common share, net income, net income available to common stockholders, and total non-interest income are financial measures that are recorded in accordance with GAAP, financial measures that adjust these GAAP measures to exclude expenses related to our pending merger with Flagstar, the CARES Act-related tax benefit, and the revaluation of deferred taxes related to
|
|
|
|
|
|
|
|
|
|||
|
|
For the Three Months Ended |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||
(dollars in millions, except per share data) |
|
2022 |
|
2021 |
|
2021 |
|
|
|||
Net income – GAAP |
|
$ |
155 |
|
$ |
150 |
|
$ |
145 |
|
|
Merger-related expenses, net of tax(1) |
|
|
5 |
|
|
5 |
|
|
- |
|
|
Net income - non-GAAP |
|
|
160 |
|
155 |
|
|
145 |
|
|
|
Preferred stock dividends |
|
|
8 |
|
8 |
|
|
8 |
|
|
|
Net income available to common stockholders - non-GAAP |
|
$ |
152 |
|
$ |
147 |
|
$ |
137 |
|
|
|
|
|
|
|
|
|
|
|
|||
Diluted earnings per common share - GAAP |
|
$ |
0.31 |
|
$ |
0.30 |
|
$ |
0.29 |
|
|
Diluted earnings per common share - non-GAAP |
|
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|||
(1) Certain merger-related expenses are non-deductible. |
|
|
|
|
|
|
|
|
While net income is a financial measure that is calculated in accordance with GAAP, PPNR and PPNR excluding merger-related expenses are non-GAAP financial measures. Nevertheless, it is management's belief that these non-GAAP measures should be disclosed in our earnings releases and other investor communications because management believes these measures are relevant to understanding the performance of the Company attributable to elements other than the provision for credit losses and the ability of the Company to generate earnings sufficient to cover estimated credit losses. These measures also provide a meaningful basis for comparison to other financial institutions since it is commonly employed and is a measure frequently cited by investors and analysts. The following table reconciles the non-GAAP financial measures of PPNR and PPNR excluding merger-related expenses to the comparable GAAP financial measures of net income for the stated periods:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended |
|
|
compared to |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
2021 |
|||
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net interest income |
$ |
332 |
|
|
$ |
322 |
|
|
$ |
318 |
|
|
3% |
|
4% |
Non-interest income |
|
14 |
|
|
|
16 |
|
|
|
14 |
|
|
-13% |
|
0% |
Total revenues |
|
346 |
|
|
|
338 |
|
|
|
332 |
|
|
2% |
|
4% |
Total non-interest expense |
|
141 |
|
|
|
135 |
|
|
|
132 |
|
|
4% |
|
7% |
Pre - (recovery of) provision for net revenue (non-GAAP) |
|
205 |
|
|
|
203 |
|
|
|
200 |
|
|
1% |
|
3% |
Merger-related expenses |
|
7 |
|
|
|
7 |
|
|
|
- |
|
|
0% |
|
NM |
Pre - (recovery of) provision for net revenue excluding merger-related expenses (non-GAAP) |
|
212 |
|
|
|
210 |
|
|
|
200 |
|
|
1% |
|
6% |
(Recovery of) provision for credit losses |
|
(2) |
|
|
|
4 |
|
|
|
4 |
|
|
-150% |
|
-150% |
Merger-related expenses |
|
7 |
|
|
|
7 |
|
|
|
- |
|
|
0% |
|
NM |
Income before taxes |
|
207 |
|
|
|
199 |
|
|
|
196 |
|
|
4% |
|
6% |
Income tax expense |
|
52 |
|
|
|
49 |
|
|
|
51 |
|
|
6% |
|
2% |
Net Income (GAAP) |
$ |
155 |
|
|
$ |
150 |
|
|
$ |
145 |
|
|
3% |
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
NET INTEREST INCOME ANALYSIS |
|
||||||||||||||||||||||||||
LINKED-QUARTER AND YEAR-OVER-YEAR COMPARISONS |
|
||||||||||||||||||||||||||
(unaudited) |
|
||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
For the Three Months Ended |
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
|
|||||||||
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Mortgage and other loans, net |
$ |
45,807 |
|
$ |
393 |
|
|
3.43 |
% |
$ |
44,075 |
|
$ |
380 |
|
|
3.46 |
% |
$ |
42,736 |
|
$ |
383 |
|
|
3.59 |
% |
Securities |
|
6,538 |
|
|
34 |
|
|
2.12 |
|
|
6,536 |
|
|
38 |
|
|
2.28 |
|
|
6,517 |
|
|
38 |
|
|
2.36 |
|
Interest-earning cash and cash |
|
2,216 |
|
|
2 |
|
|
0.33 |
|
|
2,421 |
|
|
2 |
|
|
0.36 |
|
|
1,835 |
|
|
2 |
|
|
0.28 |
|
Total interest-earning assets |
|
54,561 |
|
$ |
429 |
|
|
3.15 |
|
|
53,032 |
|
$ |
420 |
|
|
3.17 |
% |
|
51,088 |
|
$ |
423 |
|
|
3.32 |
% |
Non-interest-earning assets |
|
5,333 |
|
|
|
|
|
|
5,403 |
|
|
|
|
|
|
5,218 |
|
|
|
|
|
||||||
Total assets |
$ |
59,894 |
|
|
|
|
|
$ |
58,435 |
|
|
|
|
|
$ |
56,306 |
|
|
|
|
|
||||||
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing checking and |
$ |
13,784 |
|
$ |
8 |
|
|
0.24 |
% |
$ |
13,204 |
|
$ |
7 |
|
|
0.21 |
% |
$ |
12,626 |
|
$ |
9 |
|
|
0.28 |
% |
Savings accounts |
|
9,208 |
|
|
8 |
|
|
0.35 |
|
|
8,253 |
|
|
8 |
|
|
0.35 |
|
|
6,713 |
|
|
6 |
|
|
0.38 |
|
Certificates of deposit |
|
8,070 |
|
|
11 |
|
|
0.53 |
|
|
8,541 |
|
|
12 |
|
|
0.53 |
|
|
9,983 |
|
|
18 |
|
|
0.75 |
|
Total interest-bearing deposits |
|
31,062 |
|
|
27 |
|
|
0.35 |
|
|
29,998 |
|
|
27 |
|
|
0.34 |
|
|
29,322 |
|
|
33 |
|
|
0.46 |
|
Borrowed funds |
|
16,563 |
|
|
70 |
|
|
1.72 |
|
|
15,594 |
|
|
71 |
|
|
1.81 |
|
|
15,995 |
|
|
72 |
|
|
1.82 |
|
Total interest-bearing liabilities |
|
47,625 |
|
$ |
97 |
|
|
0.82 |
% |
|
45,592 |
|
$ |
98 |
|
|
0.84 |
% |
|
45,317 |
|
$ |
105 |
|
|
0.94 |
% |
Non-interest-bearing deposits |
|
4,397 |
|
|
|
|
|
|
5,099 |
|
|
|
|
|
|
3,243 |
|
|
|
|
|
||||||
Other liabilities |
|
826 |
|
|
|
|
|
|
730 |
|
|
|
|
|
|
872 |
|
|
|
|
|
||||||
Total liabilities |
|
52,848 |
|
|
|
|
|
|
51,421 |
|
|
|
|
|
|
49,432 |
|
|
|
|
|
||||||
Stockholders' equity |
|
7,046 |
|
|
|
|
|
|
7,014 |
|
|
|
|
|
|
6,874 |
|
|
|
|
|
||||||
Total liabilities and stockholders' |
$ |
59,894 |
|
|
|
|
|
$ |
58,435 |
|
|
|
|
|
$ |
56,306 |
|
|
|
|
|
||||||
Net interest income/interest rate |
|
|
$ |
332 |
|
|
2.33 |
% |
|
|
$ |
322 |
|
|
2.33 |
% |
|
|
$ |
318 |
|
|
2.38 |
% |
|||
Net interest margin |
|
|
|
|
|
2.43 |
% |
|
|
|
|
|
2.44 |
% |
|
|
|
|
|
2.48 |
% |
||||||
Ratio of interest-earning assets to |
|
|
|
|
1.15x |
|
|
|
|
|
1.16x |
|
|
|
|
|
1.13x |
|
|
||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS |
||||||||||||
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
For the Three Months Ended |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
(dollars in millions except share and per share data) |
2022 |
|
|
2021 |
|
|
2021 |
|
|
|||
PROFITABILITY MEASURES: |
|
|
|
|
|
|
|
|
|
|||
Net income |
$ |
155 |
|
|
$ |
150 |
|
|
$ |
146 |
|
|
Net income available to common stockholders |
|
147 |
|
|
|
142 |
|
|
|
137 |
|
|
Basic earnings per common share |
|
0.31 |
|
|
|
0.30 |
|
|
|
0.29 |
|
|
Diluted earnings per common share |
|
0.31 |
|
|
|
0.30 |
|
|
|
0.29 |
|
|
Return on average assets |
|
1.04 |
|
% |
|
1.03 |
|
% |
|
1.03 |
|
% |
Return on average tangible assets (1) |
|
1.11 |
|
|
|
1.11 |
|
|
|
1.08 |
|
|
Return on average common stockholders' equity |
|
8.98 |
|
|
|
8.71 |
|
|
|
8.63 |
|
|
Return on average tangible common stockholders' equity (1) |
|
14.76 |
|
|
|
14.37 |
|
|
|
13.93 |
|
|
Efficiency ratio (2) |
|
38.65 |
|
|
|
37.70 |
|
|
|
39.87 |
|
|
Operating expenses to average assets |
|
0.89 |
|
|
|
0.88 |
|
|
|
0.94 |
|
|
Interest rate spread |
|
2.33 |
|
|
|
2.33 |
|
|
|
2.38 |
|
|
Net interest margin |
|
2.43 |
|
|
|
2.44 |
|
|
|
2.48 |
|
|
Effective tax rate |
|
25.16 |
|
|
|
24.90 |
|
|
|
25.75 |
|
|
Shares used for basic common EPS computation |
|
465,138,238 |
|
|
|
464,019,475 |
|
|
|
463,292,906 |
|
|
Shares used for diluted common EPS computation |
|
465,946,763 |
|
|
|
464,854,087 |
|
|
|
463,886,937 |
|
|
Common shares outstanding at the respective |
|
|
|
|
|
|
|
|
|
|||
period-ends |
|
467,024,144 |
|
|
|
465,015,643 |
|
|
|
465,074,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
(1) See the reconciliations of these non-GAAP measures with the comparable GAAP measures on page 10 of this release. |
||||||||||||
(2) We calculate our efficiency ratio by dividing our operating expenses by the sum of our net interest income and non-interest income. |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
|||
CAPITAL MEASURES: |
|
|
|
|
|
|
|
|
|
|||
Book value per common share |
$ |
13.72 |
|
|
$ |
14.07 |
|
|
$ |
13.53 |
|
|
Tangible book value per common share (1) |
|
8.52 |
|
|
|
8.85 |
|
|
|
8.32 |
|
|
Common stockholders' equity to total assets |
|
10.50 |
|
% |
|
10.99 |
|
% |
|
10.92 |
|
% |
Tangible common stockholders' equity to tangible assets (1) |
|
6.79 |
|
|
|
7.21 |
|
|
|
7.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
(1) See the reconciliations of these non-GAAP measures with the comparable GAAP measures on page 10 of this release. |
|
|
|
|||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION |
|||||||||||||||
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
compared to |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
2021 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(dollars in millions, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
2,900 |
|
|
$ |
2,211 |
|
|
$ |
2,723 |
|
|
31% |
|
7% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Available-for-sale |
|
5,612 |
|
|
|
5,780 |
|
|
|
6,178 |
|
|
-3% |
|
-9% |
Equity investments with readily |
|
|
|
|
|
|
|
|
|
|
|
|
|||
determinable fair values, at fair value |
|
15 |
|
|
|
16 |
|
|
|
16 |
|
|
-6% |
|
-6% |
Total securities |
|
5,627 |
|
|
|
5,796 |
|
|
|
6,194 |
|
|
-3% |
|
-9% |
Loans held for sale |
|
- |
|
|
|
- |
|
|
|
141 |
|
|
NM |
|
NM |
Mortgage loans held for investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Multi-family |
|
35,777 |
|
|
|
34,628 |
|
|
|
32,220 |
|
|
3% |
|
11% |
Commercial real estate |
|
6,704 |
|
|
|
6,701 |
|
|
|
7,031 |
|
|
0% |
|
-5% |
One-to-four family |
|
145 |
|
|
|
160 |
|
|
|
208 |
|
|
-9% |
|
-30% |
Acquisition, development, and construction |
|
237 |
|
|
|
209 |
|
|
|
116 |
|
|
13% |
|
104% |
Total mortgage loans held for investment |
|
42,863 |
|
|
|
41,698 |
|
|
|
39,575 |
|
|
3% |
|
8% |
Other loans and leases held for investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Specialty Finance |
|
3,340 |
|
|
|
3,508 |
|
|
|
3,193 |
|
|
-5% |
|
5% |
Commercial and industrial |
|
549 |
|
|
|
526 |
|
|
|
352 |
|
|
4% |
|
56% |
Other loans |
|
6 |
|
|
|
6 |
|
|
|
6 |
|
|
0% |
|
0% |
Total other loans and leases held for investment |
|
3,895 |
|
|
|
4,040 |
|
|
|
3,551 |
|
|
-4% |
|
10% |
Total loans and leases held for investment |
|
46,758 |
|
|
|
45,738 |
|
|
|
43,126 |
|
|
2% |
|
8% |
Less: Allowance for credit losses on loans and leases |
|
(197) |
|
|
|
(199) |
|
|
|
(198) |
|
|
-1% |
|
-1% |
Total loans and leases held for investment and held for sale, net |
|
46,561 |
|
|
|
45,539 |
|
|
|
43,069 |
|
|
2% |
|
8% |
|
|
679 |
|
|
|
734 |
|
|
|
699 |
|
|
-7% |
|
-3% |
Premises and equipment, net |
|
266 |
|
|
|
270 |
|
|
|
282 |
|
|
-1% |
|
-6% |
Operating lease right-of-use assets |
|
243 |
|
|
|
249 |
|
|
|
262 |
|
|
-2% |
|
-7% |
|
|
2,426 |
|
|
|
2,426 |
|
|
|
2,426 |
|
|
0% |
|
0% |
Other assets |
|
2,303 |
|
|
|
2,302 |
|
|
|
2,002 |
|
|
0% |
|
15% |
Total assets |
$ |
61,005 |
|
|
$ |
59,527 |
|
|
$ |
57,657 |
|
|
2% |
|
6% |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest-bearing checking and money market accounts |
$ |
16,360 |
|
|
$ |
13,209 |
|
|
$ |
12,665 |
|
|
24% |
|
29% |
Savings accounts |
|
9,272 |
|
|
|
8,892 |
|
|
|
7,044 |
|
|
4% |
|
32% |
Certificates of deposit |
|
7,889 |
|
|
|
8,424 |
|
|
|
9,614 |
|
|
-6% |
|
-18% |
Non-interest-bearing accounts |
|
4,433 |
|
|
|
4,534 |
|
|
|
4,874 |
|
|
-2% |
|
-9% |
Total deposits |
|
37,954 |
|
|
|
35,059 |
|
|
|
34,197 |
|
|
8% |
|
11% |
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wholesale borrowings |
|
14,680 |
|
|
|
15,905 |
|
|
|
15,103 |
|
|
-8% |
|
-3% |
Junior subordinated debentures |
|
361 |
|
|
|
361 |
|
|
|
360 |
|
|
0% |
|
0% |
Subordinated notes |
|
296 |
|
|
|
296 |
|
|
|
296 |
|
|
0% |
|
0% |
Total borrowed funds |
|
15,337 |
|
|
|
16,562 |
|
|
|
15,759 |
|
|
-7% |
|
-3% |
Operating lease liabilities |
|
243 |
|
|
|
249 |
|
|
|
262 |
|
|
-2% |
|
-7% |
Other liabilities |
|
562 |
|
|
|
613 |
|
|
|
643 |
|
|
-8% |
|
-13% |
Total liabilities |
|
54,096 |
|
|
|
52,483 |
|
|
|
50,861 |
|
|
3% |
|
6% |
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Preferred stock at par |
|
503 |
|
|
|
503 |
|
|
|
503 |
|
|
0% |
|
0% |
Common stock at par |
|
5 |
|
|
|
5 |
|
|
|
5 |
|
|
0% |
|
0% |
Paid-in capital in excess of par |
|
6,107 |
|
|
|
6,126 |
|
|
|
6,103 |
|
|
0% |
|
0% |
Retained earnings |
|
809 |
|
|
|
741 |
|
|
|
552 |
|
|
9% |
|
47% |
Treasury stock, at cost |
|
(231) |
|
|
|
(246) |
|
|
|
(245) |
|
|
-6% |
|
-6% |
Accumulated other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net unrealized loss on securities available for sale, net of tax |
|
(260) |
|
|
|
(45) |
|
|
|
(42) |
|
|
478% |
|
519% |
Pension and post-retirement obligations, net of tax |
|
(31) |
|
|
|
(31) |
|
|
|
(55) |
|
|
0% |
|
-44% |
Net unrealized gain (loss) on cash flow hedges, net of tax |
|
7 |
|
|
|
(9) |
|
|
|
(25) |
|
|
NM |
|
NM |
Total accumulated other comprehensive loss, net of tax |
|
(284) |
|
|
|
(85) |
|
|
|
(122) |
|
|
234% |
|
133% |
Total stockholders' equity |
|
6,909 |
|
|
|
7,044 |
|
|
|
6,796 |
|
|
-2% |
|
2% |
Total liabilities and stockholders' equity |
$ |
61,005 |
|
|
$ |
59,527 |
|
|
$ |
57,657 |
|
|
2% |
|
6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION (continued) |
|||||||||||||||
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended |
|
|
compared to |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
2021 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(dollars in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Loans and leases |
$ |
393 |
|
|
$ |
380 |
|
|
$ |
383 |
|
|
3% |
|
3% |
Securities and money market investments |
|
36 |
|
|
|
40 |
|
|
|
40 |
|
|
-10% |
|
-10% |
Total interest income |
|
429 |
|
|
|
420 |
|
|
|
423 |
|
|
2% |
|
1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest-bearing checking and money market accounts |
|
8 |
|
|
|
7 |
|
|
|
9 |
|
|
14% |
|
-11% |
Savings accounts |
|
8 |
|
|
|
8 |
|
|
|
6 |
|
|
0% |
|
33% |
Certificates of deposit |
|
11 |
|
|
|
12 |
|
|
|
18 |
|
|
-8% |
|
-39% |
Borrowed funds |
|
70 |
|
|
|
71 |
|
|
|
72 |
|
|
-1% |
|
-3% |
Total interest expense |
|
97 |
|
|
|
98 |
|
|
|
105 |
|
|
-1% |
|
-8% |
Net interest income |
|
332 |
|
|
|
322 |
|
|
|
318 |
|
|
3% |
|
4% |
(Recovery of) provision for credit losses |
|
(2) |
|
|
|
4 |
|
|
|
4 |
|
|
NM |
|
NM |
Net interest income after (recovery of) provision for credit losses |
|
334 |
|
|
|
318 |
|
|
|
314 |
|
|
5% |
|
6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Fee income |
|
6 |
|
|
|
6 |
|
|
|
5 |
|
|
0% |
|
20% |
Bank-owned life insurance |
|
7 |
|
|
|
7 |
|
|
|
7 |
|
|
0% |
|
0% |
Net losses on securities |
|
(1) |
|
|
|
- |
|
|
|
- |
|
|
NM |
|
NM |
Other income |
|
2 |
|
|
|
3 |
|
|
|
2 |
|
|
-33% |
|
0% |
Total non-interest income |
|
14 |
|
|
|
16 |
|
|
|
14 |
|
|
-13% |
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits |
|
80 |
|
|
|
74 |
|
|
|
78 |
|
|
8% |
|
3% |
Occupancy and equipment |
|
23 |
|
|
|
23 |
|
|
|
21 |
|
|
0% |
|
10% |
General and administrative |
|
31 |
|
|
|
31 |
|
|
|
33 |
|
|
0% |
|
-6% |
Total operating expenses |
|
134 |
|
|
|
128 |
|
|
|
132 |
|
|
5% |
|
2% |
Merger-related expenses |
|
7 |
|
|
|
7 |
|
|
|
- |
|
|
0% |
|
NM |
Total non-interest expense |
|
141 |
|
|
|
135 |
|
|
|
132 |
|
|
4% |
|
7% |
Income before income taxes |
|
207 |
|
|
|
199 |
|
|
|
196 |
|
|
4% |
|
6% |
Income tax expense |
|
52 |
|
|
|
49 |
|
|
|
51 |
|
|
6% |
|
-2% |
Net Income |
|
155 |
|
|
|
150 |
|
|
|
145 |
|
|
3% |
|
7% |
Preferred stock dividends |
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
0% |
|
0% |
Net income available to common stockholders |
$ |
147 |
|
|
$ |
142 |
|
|
$ |
137 |
|
|
4% |
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Basic earnings per common share |
$ |
0.31 |
|
|
$ |
0.30 |
|
|
$ |
0.29 |
|
|
3% |
|
7% |
Diluted earnings per common share |
$ |
0.31 |
|
|
$ |
0.30 |
|
|
$ |
0.29 |
|
|
3% |
|
7% |
Dividends per common share |
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
0% |
|
0% |
|
||||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION (continued) |
||||||||||||||||||||
|
||||||||||||||||||||
The following tables summarize the contribution of loan and securities prepayment income on the Company's interest income and net |
||||||||||||||||||||
|
||||||||||||||||||||
|
For the Three Months Ended |
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
|||||
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Interest Income |
$ |
429 |
|
|
$ |
420 |
|
|
$ |
423 |
|
|
|
2 |
% |
|
|
1 |
% |
|
Prepayment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans |
$ |
11 |
|
|
$ |
14 |
|
|
$ |
19 |
|
|
|
-21 |
% |
|
|
-42 |
% |
|
Securities |
|
— |
|
|
|
2 |
|
|
|
1 |
|
|
NM |
|
|
NM |
|
|
||
Total prepayment income |
$ |
11 |
|
|
$ |
16 |
|
|
$ |
20 |
|
|
|
-31 |
% |
|
|
-45 |
% |
|
GAAP Net Interest Margin |
|
2.43 |
|
% |
|
2.44 |
|
% |
|
2.48 |
|
% |
|
-1 |
|
bp |
|
-5 |
|
bp |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Less prepayment income from loans |
|
-8 |
|
bp |
|
-10 |
|
bp |
|
-15 |
|
bp |
2 |
|
bp |
7 |
|
bp |
||
Less prepayment income from securities |
|
— |
|
|
|
-2 |
|
|
|
— |
|
|
2 |
|
bp |
0 |
|
bp |
||
Total prepayment income contribution to net interest |
|
-8 |
|
bp |
|
-12 |
|
bp |
|
-15 |
|
bp |
|
4 |
|
bp |
7 |
|
bp |
|
Adjusted Net Interest Margin (non-GAAP) (1) |
|
2.35 |
|
% |
|
2.32 |
|
% |
|
2.33 |
|
% |
|
3 |
|
bp |
|
2 |
|
bp |
While our net interest margin, including the contribution of prepayment income is recorded in accordance with GAAP, adjusted net interest margin, which excludes the contribution of prepayment income, is not. Nevertheless, management uses this non-GAAP measure in its analysis of our performance, and believes that this non-GAAP measure should be disclosed in our earnings releases and other investor communications for the following reasons:
- Adjusted net interest margin gives investors a better understanding of the effect of prepayment income and other items on our net interest margin. Prepayment income in any given period depends on the volume of loans that refinance or prepay, or securities that prepay, during that period. Such activity is largely dependent on external factors such as current market conditions, including real estate values, and the perceived or actual direction of market interest rates.
- Adjusted net interest margin is among the measures considered by current and prospective investors, both independent of, and in comparison to, our peers.
|
|||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION (continued) |
|||||||||||||||
|
|||||||||||||||
LOANS ORIGINATED FOR INVESTMENT |
|||||||||||||||
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended |
|
|
compared to |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
2021 |
|||
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mortgage Loans Originated for Investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Multi-family |
$ |
2,410 |
|
|
$ |
2,915 |
|
|
$ |
1,466 |
|
|
-17% |
|
64% |
Commercial real estate |
|
281 |
|
|
|
237 |
|
|
|
443 |
|
|
19% |
|
-37% |
One-to-four family residential |
|
62 |
|
|
|
30 |
|
|
|
21 |
|
|
107% |
|
195% |
Acquisition, development, and construction |
|
40 |
|
|
|
26 |
|
|
|
7 |
|
|
54% |
|
471% |
Total mortgage loans originated for investment |
|
2,793 |
|
|
|
3,208 |
|
|
|
1,937 |
|
|
-13% |
|
44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Other Loans Originated for Investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Specialty Finance |
|
638 |
|
|
|
1,210 |
|
|
|
541 |
|
|
-47% |
|
18% |
Other commercial and industrial |
|
102 |
|
|
|
152 |
|
|
|
63 |
|
|
-33% |
|
62% |
Other |
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
0% |
|
100% |
Total other loans originated for investment |
|
742 |
|
|
|
1,364 |
|
|
|
605 |
|
|
-46% |
|
23% |
Total Loans Originated for Investment |
$ |
3,535 |
|
|
$ |
4,572 |
|
|
$ |
2,542 |
|
|
-23% |
|
39% |
|
|||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION (continued) |
|||||||||||||||
|
|||||||||||||||
ASSET QUALITY SUMMARY |
|||||||||||||||
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
The following table presents the Company's non-performing loans and assets at the respective dates: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
compared to |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(dollars in millions) |
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
2021 |
|||
Non-Performing Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Non-accrual mortgage loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Multi-family |
$ |
22 |
|
|
$ |
10 |
|
|
$ |
10 |
|
|
120% |
|
120% |
Commercial real estate |
|
35 |
|
|
|
16 |
|
|
|
12 |
|
|
119% |
|
192% |
One-to-four family residential |
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
-100% |
|
-100% |
Acquisition, development, and construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
NM |
Total non-accrual mortgage loans |
|
57 |
|
|
|
27 |
|
|
|
23 |
|
|
111% |
|
148% |
Other non-accrual loans (1) |
|
6 |
|
|
|
6 |
|
|
|
10 |
|
|
0% |
|
-40% |
Total non-performing loans |
|
63 |
|
|
|
33 |
|
|
|
33 |
|
|
91% |
|
91% |
Repossessed assets (2) |
|
7 |
|
|
|
8 |
|
|
|
8 |
|
|
-13% |
|
-13% |
Total non-performing assets |
$ |
70 |
|
|
$ |
41 |
|
|
$ |
41 |
|
|
71% |
|
71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(1) Includes |
|||||||||||||||
at |
|
|
|||||||||||||
(2) Includes |
|||||||||||||||
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the Company's asset quality measures at the respective dates: |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Non-performing loans to total loans |
|
0.13 |
|
% |
|
0.07 |
|
% |
|
0.08 |
|
% |
Non-performing assets to total assets |
|
0.11 |
|
|
|
0.07 |
|
|
|
0.07 |
|
|
Allowance for losses on loans to non-performing loans |
|
313.18 |
|
|
|
611.79 |
|
|
|
596.05 |
|
|
Allowance for losses on loans to total loans |
|
0.42 |
|
|
|
0.44 |
|
|
|
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the Company's loans 30 to 89 days past due at the respective dates: |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
compared to |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
2021 |
|||
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Loans 30 to 89 Days Past Due: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Multi-family |
$ |
23 |
|
|
$ |
57 |
|
|
$ |
1 |
|
|
-60% |
|
2200% |
Commercial real estate |
|
4 |
|
|
|
2 |
|
|
|
19 |
|
|
100% |
|
-79% |
One-to-four family residential |
|
7 |
|
|
|
8 |
|
|
|
— |
|
|
-13% |
|
NM |
Acquisition, development, and construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
NM |
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
NM |
Total loans 30 to 89 days past due |
$ |
34 |
|
|
$ |
67 |
|
|
$ |
20 |
|
|
-49% |
|
70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION (continued)
|
||||||||||||
|
||||||||||||
The following table summarizes the Company's net charge-offs (recoveries) for the respective periods: |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
For the Three Months Ended |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
|||
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|||
Charge-offs: |
|
|
|
|
|
|
|
|
|
|||
Multi-family |
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
Commercial real estate |
|
4 |
|
|
|
4 |
|
|
|
— |
|
|
One-to-four family residential |
|
— |
|
|
|
— |
|
|
|
— |
|
|
Acquisition, development and construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other (1) |
|
— |
|
|
|
3 |
|
|
|
3 |
|
|
Total charge-offs |
$ |
4 |
|
|
$ |
7 |
|
|
$ |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Recoveries: |
|
|
|
|
|
|
|
|
|
|||
Multi-family |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Commercial real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
One-to-four family residential |
|
— |
|
|
|
— |
|
|
|
— |
|
|
Acquisition, development and construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other (1) |
|
(2) |
|
|
|
(2) |
|
|
|
(5) |
|
|
Total recoveries |
|
(2) |
|
|
|
(2) |
|
|
|
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net charge-offs (recoveries) |
$ |
2 |
|
|
$ |
5 |
|
|
$ |
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Net charge-offs (recoveries) to average loans (2) |
|
0.00 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||
(1) Includes taxi medallion loans of |
||||||||||||
ended |
||||||||||||
(2) Three months ended presented on a non-annualized basis. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-york-community-bancorp-inc-announces-first-quarter-2022-diluted-eps-of-0-31-on-a-gaap-basis-and-diluted-eps-of-0-32-on-a-non-gaap-basis-301533734.html
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