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New York Community Bancorp, Inc. Reports Third Quarter 2017 Diluted Earnings Per Common Share of $0.21

October 25, 2017 7:00 AM

Closes Sale of Mortgage Banking Business and Residential Assets Covered under FDIC Loss Share Agreements

Board of Directors Declares a $0.17 per Common Share Dividend

Third Quarter 2017 Highlights

(1) Return on average assets and on average tangible assets is calculated using net income. Return on average common stockholders’ equity and on average tangible common stockholders’ equity is calculated using net income available to common shareholders.

(2) “Tangible assets” and “tangible common stockholders’ equity” are non-GAAP financial measures. See the discussion and reconciliations of these non-GAAP measures with the comparable GAAP measures on page 8 of this release.

WESTBURY, N.Y.--(BUSINESS WIRE)-- New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today reported net income of $110.5 million for the three months ended September 30, 2017, down 4% from the $115.3 million reported for the three months ended June 30, 2017. Net income available to common shareholders also declined 4% from the prior three-month period to $102.3 million, or $0.21 per diluted common share.

Commenting on the Company’s performance, President and Chief Executive Officer Joseph R. Ficalora stated, “The Company’s performance during the third quarter was impacted by several factors. Foremost amongst these was the sale of our mortgage banking business, including our mortgage servicing rights portfolio, which had an aggregate unpaid principal balance of $21 billion, to Freedom Mortgage Corporation. This transaction closed on September 29, 2017, and we expect to see the benefits, including lower expenses, beginning in the fourth quarter.

“On July 28, 2017, we closed on the sale of our one-to-four family residential assets covered under our Loss Share Agreements with the FDIC to an affiliate of Cerberus Capital Management, L.P. In connection with this transaction, we received cash proceeds of $1.9 billion, generating excess liquidity which will be redeployed into higher-yielding assets going forward.

“Combined, these two transactions generated a pre-tax gain of $82.0 million and were accretive to capital. As we stated at the time of announcement, these transactions are consistent with our overall strategic objectives and allow us to focus on our core business model, including growth through acquisitions.

“In the third quarter, we recorded a provision expense for losses on non-covered loans of $44.6 million related to taxi medallion loans. Our taxi medallion-related portfolio now stands at $99.1 million or a very manageable 0.3% of total loans. Aside from the taxi medallion portfolio, the asset quality metrics in our core multi-family and commercial real estate portfolios remain strong. In fact, excluding the medallion-related charge-offs, the Company would have reported net recoveries this quarter.

“Also, a positive trend emerged this quarter. Our held-for-investment loan originations rose 24% from the previous quarter, reflecting improved market conditions and increased demand. While some of this increase was offset by prepayments, we did enjoy modest loan growth during the quarter, after nearly three years of not growing the balance sheet. Given our strong pipeline, we expect this positive trend to continue in the quarters ahead.”

Board of Directors Declares $0.17 per Common Share Dividend Payable on November 21, 2017

Reflecting our earnings and our capital position, the Board of Directors last night declared a quarterly cash dividend on the Company’s common stock of $0.17 per share. The dividend is payable on November 21, 2017 to common shareholders of record as of November 7, 2017, and represents a dividend yield of 5.3% based on yesterday’s closing price.

BALANCE SHEET SUMMARY

Total assets at the end of the third quarter were $48.5 billion, up incrementally from the end of the second quarter but down modestly from December 31, 2016. Total deposits of $28.9 billion were relatively unchanged compared to the prior-quarter and year-end 2016 balances.

For the four quarters ended September 30, 2017, the Company’s total consolidated assets averaged $48.6 billion, below the current SIFI threshold of $50.0 billion.

Loans

Covered Loans

Reflecting the previously announced termination of our Loss Share Agreements (LSA) with the FDIC and subsequent sale of our one-to-four family residential mortgage-related assets covered under the LSA, covered loans were zero at September 30, 2017. On July 28, 2017 the Company completed the sale of its covered loans to an affiliate of Cerberus Capital Management, L.P. In connection with the closing, the Company received proceeds of $1.9 billion, which were invested in cash and cash equivalents as of September 30, 2017.

Non-Covered Loans Held for Investment

Total non-covered loans held for investment were $37.5 billion, up 0.7% and 0.3%, respectively, from June 30, 2017 and December 31, 2016. On a sequential basis, total non-covered mortgage loans held for investment increased $309.3 million, or 1% (3.5% annualized) to $35.5 billion, including multi-family loan growth of 1.1% (4.3% annualized). This was partially offset by a 2.4% (9.5% annualized) sequential decline in commercial and industrial (“C&I”) loans, largely the result of prepayments.

Total loans originated for investment increased 24% on a sequential basis, to $2.3 billion, including 50% growth in multi-family originations and 30% growth in commercial real estate (“CRE”) loan originations. The growth in loan originations during the current third quarter reflects improved market conditions and increased demand. The Company continues to originate multi-family and CRE loans which adhere to its conservative underwriting standards.

Non-Covered Loans Originated for Sale

Total loans originated for sale were $501.8 million, down 11% on a sequential basis. The decline was attributable to the Company’s decision to exit the wholesale residential mortgage business, as well as a higher level of mortgage interest rates. The sale of the mortgage banking business was announced on June 27, 2017 and closed on September 29, 2017.

Pipeline

The Company has approximately $2.1 billion of loans in its current pipeline, including $1.5 billion of multi-family loans.

Funding Sources

Deposits

Total deposits of $28.9 billion were unchanged compared to both the trailing quarter-end and from the prior year-end. However, the mix of deposits shifted during the third quarter as interest-bearing checking and money market accounts and savings accounts declined 4% and 3%, respectively, while certificates of deposit and non-interest-bearing accounts rose 7% and 2%, respectively.

Borrowed Funds

The Company’s borrowed funds totaled $12.4 billion at the end of the current third quarter, unchanged from the end of the second quarter. Borrowed funds declined 10% from year-end 2016, due entirely to a 10% decrease in wholesale borrowings to $12.0 billion.

Stockholders’ Equity

Total stockholders’ equity rose 10%, to $6.8 billion, at the current third-quarter end from the year-end 2016 balance and was relatively unchanged from the June 30, 2017 balance. The year-to-date increase is due mainly to the $502.8 million preferred stock offering completed in March of this year.

Common stockholders’ equity represented 12.91% of total assets at September 30, 2017 compared to 12.89% at June 30, 2017. Book value per common share was $12.79 at September 30, 2017 compared to $12.74 at June 30, 2017.

Excluding goodwill of $2.4 billion, tangible common stockholders’ equity rose 0.7% to $3.8 billion, representing 8.30% of tangible assets, compared to 8.27% at June 30, 2017. Tangible book value per common share was $7.81 at the end of the current third quarter compared to $7.76 at June 30, 2017. (2)

In addition, all regulatory capital ratios for the Company and its two subsidiary banks continued to exceed the regulatory requirements for “Well Capitalized” classification.

Asset Quality

The following discussion pertains only to the Company's portfolio of non-covered loans held for investment (excluding purchased credit-impaired, or “PCI,” loans) and non-covered repossessed assets.

Non-performing non-covered assets declined 7% to $84.7 million, or 0.17%, of total non-covered assets at the end of the current third quarter as compared to $91.6 million, or 0.20%, of total non-covered assets at June 30, 2017. Non-performing non-covered loans decreased 16% to $69.0 million, or 0.18%, of total non-covered loans at the end of the current third quarter as compared to $82.0 million, or 0.22%, of total non-covered loans at June 30, 2017.

During the quarter, non-accrual non-covered mortgage loans declined 22% to $24.3 million, while other non-accrual non-covered loans, which primarily consisted of taxi medallion loans, decreased 12% to $44.7 million. These improvements were partially offset by a 64% increase, to $15.8 million, in non-covered repossessed assets.

Net charge-offs for the current third quarter rose to $40.4 million, or 0.11%, of average loans compared to $11.4 million, or 0.03%, of average loans in the second quarter of 2017. The increase was due to charge-offs on the taxi medallion-related loan portfolio. Taxi medallion loans accounted for $40.6 million of this quarter’s charge-offs compared to $11.3 million in the trailing quarter. Excluding these charge-offs, the Company would have recorded net recoveries during the quarter. At September 30, 2017, the Company’s total taxi medallion-related exposure was $105.6 million.

EARNINGS SUMMARY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017

The Company reported net income of $110.5 million for the three months ended September 30, 2017, down 4% from the $115.3 million reported for the three months ended June 30, 2017. Net income available to common shareholders also declined 4% from the prior three-month period to $102.3 million, or $0.21 per diluted common share.

Net Interest Income

Net interest income for the third quarter of 2017 declined 4% sequentially and 13% year-over-year to $276.3 million, due to higher interest expenses, resulting from an increase in our cost of funds and lower interest income. The lower level of interest income during the quarter was due to the sale of our covered loan portfolio, which closed at the end of July and resulted in excess liquidity which was invested at lower yields. This was partially offset by modest loan growth along with stable loan yields.

Net Interest Margin

The Company’s net interest margin declined 12 basis points sequentially and 38 basis points from the year-ago quarter to 2.53% in the current third quarter. Excluding the 16-basis point contribution from prepayment income in the current quarter, the net interest margin would have declined 14 basis points to 2.37% from the prior quarter. (See table on page 14).

Provision for Loan Losses

The Company reported a $44.6 million provision for losses on non-covered loans in the current third quarter compared to $11.6 million and $1.2 million, respectively, for the three months ended June 30, 2017 and September 30, 2016. The elevated provision during the quarter was related to the aforementioned increase in charge-offs in our taxi medallion loan portfolio.

Non-Interest Income

Non-interest income totaled $108.9 million, up 116% from the trailing quarter level and 168% from the year-earlier amount. The linked quarter and year-over-year improvements were driven by the $82.0 million gain on sale of our covered loan portfolio and mortgage banking operations, both of which closed during the third quarter.

Non-Interest Expense

Non-interest expense totaled $162.2 million in the current third quarter, down 1% from the trailing-quarter level and up modestly from the year-earlier quarter. Merger-related expenses were $2.2 million in the year-earlier period; there were no comparable expenses in the third quarter of 2017. Our efficiency ratio improved to 42.1% in the current third quarter compared to 48.4% in the trailing quarter. This was mainly due to the gain on the sale of our covered loans and mortgage banking operations and, to a lesser extent, lower operating expenses.

About New York Community Bancorp, Inc.

One of the largest U.S. bank holding companies, with assets of $48.5 billion, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. With deposits of $28.9 billion and 255 branches in Metro New York, New Jersey, Florida, Ohio, and Arizona, the Company also ranks among the largest depositories in the United States.

Reflecting its growth through a series of acquisitions, the Community Bank currently operates through seven local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona. Similarly, New York Commercial Bank currently operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank. Additional information about the Company and its bank subsidiaries is available at www.myNYCB.com and www.NewYorkCommercialBank.com.

Post-Earnings Release Conference Call

As previously announced, the Company will host a conference call on Wednesday, October 25, 2017, at 8:30 a.m. (Eastern Time) to discuss its third quarter 2017 performance. The conference call may be accessed by dialing (877) 407-8293 (for domestic calls) or (201) 689-8349 (for international calls) and asking for “New York Community Bancorp” or “NYCB.” A replay will be available approximately three hours following completion of the call through 11:59 p.m. on October 29, 2017 and may be accessed by calling (877) 660-6853 (domestic) or (201) 612-7415 (international) and providing the following conference ID: 13671104. In addition, the conference call will be webcast at ir.myNYCB.com, and archived through 5:00 p.m. on November 22, 2017.

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.

Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” 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: 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; our ability to obtain the necessary shareholder and regulatory approvals of any acquisitions we may propose; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations, and our ability to realize related revenue synergies and cost savings within expected time frames; 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.

More information regarding some of these factors is provided in the Risk Factors section of our Form 10‐K for the year ended December 31, 2016 and in other SEC reports we file. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our SEC filings, which are accessible on our website and at the SEC’s website, www.sec.gov.

- Financial Statements and Highlights Follow ‐

NEW YORK COMMUNITY BANCORP, INC.CONSOLIDATED STATEMENTS OF CONDITION

September 30, December 31,
2017 2016
(in thousands, except share data) (unaudited)
Assets
Cash and cash equivalents $ 3,277,427 $ 557,850
Securities:
Available-for-sale 3,031,026 104,281
Held-to-maturity -- 3,712,776
Total securities 3,031,026 3,817,057
Loans held for sale 104,938 409,152
Non-covered mortgage loans held for investment:
Multi-family 27,162,401 26,961,486
Commercial real estate 7,552,777 7,727,258
One-to-four family 413,235 381,081
Acquisition, development, and construction 385,543 380,522
Total non-covered mortgage loans held for investment 35,513,956 35,450,347
Other non-covered loans:
Commercial and industrial 1,988,577 1,908,308
Other loans 3,666 24,067
Total non-covered other loans held for investment 1,992,243 1,932,375
Total non-covered loans held for investment 37,506,199 37,382,722
Less: Allowance for losses on non-covered loans (158,918 ) (158,290 )
Non-covered loans held for investment, net 37,347,281 37,224,432
Covered loans -- 1,698,133
Less: Allowance for losses on covered loans -- (23,701 )
Covered loans, net -- 1,674,432
Total loans, net 37,452,219 39,308,016
Federal Home Loan Bank stock, at cost 579,474 590,934
Premises and equipment, net 375,482 373,675
FDIC loss share receivable -- 243,686
Goodwill 2,436,131 2,436,131
Core deposit intangibles, net -- 208
Other assets (includes $16,990 of other real estate owned covered by loss sharing agreements at December 31, 2016) 1,306,132 1,598,998
Total assets $ 48,457,891 $ 48,926,555
Liabilities and Stockholders’ Equity
Deposits:
Interest-bearing checking and money market accounts $ 12,338,949 $ 13,395,080
Savings accounts 4,996,578 5,280,374
Certificates of deposit 8,802,573 7,577,170
Non-interest-bearing accounts 2,755,097 2,635,279
Total deposits 28,893,197 28,887,903
Borrowed funds:
Wholesale borrowings 12,004,500 13,314,500
Junior subordinated debentures 359,102 358,879
Total borrowed funds 12,363,602 13,673,379
Other liabilities 441,438 241,282
Total liabilities 41,698,237 42,802,564
Stockholders’ equity:
Preferred stock at par $0.01 (5,000,000 shares authorized):
Series A (515,000 shares issued and outstanding) 502,840 --

Common stock at par $0.01 (900,000,000 shares authorized; 489,072,101 and 487,067,889

shares issued; and 489,061,848 and 487,056,676 shares outstanding, respectively)

4,891 4,871
Paid-in capital in excess of par 6,063,813 6,047,558
Retained earnings 192,607 128,435
Treasury stock, at cost (10,253 and 11,213 shares, respectively) (130 ) (160 )
Accumulated other comprehensive loss, net of tax:
Net unrealized gain (loss) on securities available for sale, net of tax 47,917 (753 )
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses, net of tax

(5,221 ) (5,241 )
Pension and post-retirement obligations, net of tax (47,063 ) (50,719 )
Total accumulated other comprehensive loss, net of tax (4,367 ) (56,713 )
Total stockholders’ equity 6,759,654 6,123,991
Total liabilities and stockholders’ equity $ 48,457,891 $ 48,926,555

NEW YORK COMMUNITY BANCORP, INC.CONSOLIDATED STATEMENTS OF INCOME(unaudited)

For the Three Months Ended For the Nine Months Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
(in thousands, except per share data) 2017 2017 2016 2017 2016
Interest Income:
Mortgage and other loans $ 350,990 $ 361,330 $ 367,932 $ 1,070,722 $ 1,099,137
Securities and money market investments 42,685 37,745 48,164 121,147 160,384
Total interest income 393,675 399,075 416,096 1,191,869 1,259,521
Interest Expense:
Interest-bearing checking and money market accounts 27,620 24,084 15,866 71,413 45,771
Savings accounts 7,109 7,150 7,439 21,069 25,001
Certificates of deposit 27,649 24,006 20,501 73,786 55,129
Borrowed funds 54,954 56,066 53,867 166,572 161,758
Total interest expense 117,332 111,306 97,673 332,840 287,659
Net interest income 276,343 287,769 318,423 859,029 971,862
Provision for losses on non-covered loans 44,585 11,645 1,234 58,017 6,699
Recovery of losses on covered loans -- (17,906 ) (1,289 ) (23,701 ) (6,035 )

Net interest income after provision for (recovery

of) loan losses

231,758 294,030 318,478 824,713 971,198
Non-Interest Income:
Mortgage banking income 1,486 8,196 12,925 19,446 24,020
Fee income 7,972 8,151 8,640 23,983 24,480
Bank-owned life insurance 8,314 6,519 7,029 21,170 23,208
Net (loss) gain on sales of loans (76 ) 1,397 3,465 1,055 15,118
Net gain on sales of securities -- 26,936 237 28,915 413
FDIC indemnification expense -- (14,325 ) (1,031 ) (18,961 ) (4,828 )

Gain on sale of covered loans and mortgage

banking operations

82,026 -- -- 82,026 --
Other income 9,206 13,563 9,330 33,903 30,787
Total non-interest income 108,928 50,437 40,595 191,537 113,198
Non-Interest Expense:
Operating expenses:
Compensation and benefits 91,594 92,860 86,079 280,008 261,230
Occupancy and equipment 25,133 23,403 24,347 73,595 73,837
General and administrative 45,483 47,472 48,506 139,131 139,309
Total operating expenses 162,210 163,735 158,932 492,734 474,376
Amortization of core deposit intangibles 24 30 542 208 1,994
Merger-related expenses -- -- 2,211 -- 4,674
Total non-interest expense 162,234 163,765 161,685 492,942 481,044
Income before income taxes 178,452 180,702 197,388 523,308 603,352
Income tax expense 67,984 65,447 72,089 193,628 221,684
Net Income $ 110,468 $ 115,255 $ 125,299 $ 329,680 $ 381,668
Preferred stock dividends 8,207 8,207 -- 16,414 --
Net income available to common shareholders $ 102,261 $ 107,048 $ 125,299 $ 313,266 $ 381,668
Basic earnings per common share $ 0.21 $ 0.22 $ 0.26 $ 0.64 $ 0.78
Diluted earnings per common share $ 0.21 $ 0.22 $ 0.26 $ 0.64 $ 0.78

NEW YORK COMMUNITY BANCORP, INC.

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 U.S. generally accepted accounting principles (“GAAP”), tangible stockholders’ equity, tangible assets, and tangible book value per share are not. Nevertheless, it is management’s belief that these non-GAAP measures should be disclosed in our earnings releases and other investor communications for the following reasons:

1. 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.
2. 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.
3. 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 three months ended September 30, 2017, June 30, 2017, and September 30, 2016 and the nine months ended September 30, 2017 and 2016:

At or for the Three Months Ended

At or for the Nine Months Ended

Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
(dollars in thousands) 2017 2017 2016 2017 2016
Total Stockholders’ Equity $ 6,759,654 $ 6,734,778 $ 6,090,512 $ 6,759,654 $ 6,090,512
Less: Goodwill (2,436,131) (2,436,131) (2,436,131) (2,436,131) (2,436,131)
Core deposit intangibles (“CDI”) -- (24) (605) -- (605)
Preferred stock (502,840) (502,840) -- (502,840) --
Tangible common stockholders’ equity $ 3,820,683 $ 3,795,783 $ 3,653,776 $ 3,820,683 $ 3,653,776
Total Assets $ 48,457,891 $ 48,347,658 $ 49,462,620 $ 48,457,891 $ 49,462,620
Less: Goodwill (2,436,131) (2,436,131) (2,436,131) (2,436,131) (2,436,131)
CDI -- (24) (605) -- (605)
Tangible assets $ 46,021,760 $ 45,911,503 $ 47,025,884 $ 46,021,760 $ 47,025,884
Average Common Stockholders’ Equity $ 6,262,792 $ 6,147,238 $ 6,081,003 $ 6,187,514 $ 6,028,044
Less: Average goodwill and CDI (2,436,146) (2,436,175) (2,437,092) (2,436,202) (2,437,726)
Average tangible common stockholders’ equity $ 3,826,646 $ 3,711,063 $ 3,643,911 $ 3,751,312 $ 3,590,318
Average Assets $ 48,526,259 $ 49,069,164 $ 49,159,171 $ 48,776,475 $ 49,269,748
Less: Average goodwill and CDI (2,436,146) (2,436,175) (2,437,092) (2,436,202) (2,437,726)
Average tangible assets $ 46,090,113 $ 46,632,989 $ 46,722,079 $ 46,340,273 $ 46,832,022
Net Income Available to Common Shareholders $ 102,261 $ 107,048 $ 125,299 $ 313,266 $ 381,668
Add back: Amortization of CDI, net of tax 14 18 325 125 1,196
Adjusted net income available to common shareholders $ 102,275 $ 107,066 $ 125,624 $ 313,391 $ 382,864
GAAP MEASURES:
Return on average assets (1) 0.91% 0.94% 1.02% 0.90% 1.03%
Return on average common stockholders’ equity (2) 6.53 6.97 8.24 6.75 8.44
Common stockholders’ equity to total assets 12.91 12.89 12.31 12.91 12.31
Book value per common share $ 12.79 $ 12.74 $ 12.50 $ 12.79 $ 12.50
NON-GAAP MEASURES:
Return on average tangible assets (1) 0.96% 0.99% 1.08% 0.95% 1.09%
Return on average tangible common stockholders’ equity (2) 10.69 11.54 13.79 11.14 14.22
Tangible common stockholders’ equity to tangible assets 8.30 8.27 7.77 8.30 7.77
Tangible book value per common share $ 7.81 $ 7.76 $ 7.50 $ 7.81 $ 7.50
(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 adjust net income generated during that period by adding back the amortization of CDI, net of tax, and then divide that adjusted 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 shareholders 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 adjust net income available to common shareholders generated during that period by adding back the amortization of CDI, net of tax, and then divide that adjusted net income by average tangible common stockholders’ equity recorded during that period.

NEW YORK COMMUNITY BANCORP, INC.NET INTEREST INCOME ANALYSISLINKED-QUARTER AND YEAR-OVER-YEAR COMPARISONS(unaudited)

For the Three Months Ended
September 30, 2017 June 30, 2017 September 30, 2016
Average Average Average
Average Yield/ Average Yield/ Average Yield/
(dollars in thousands) Balance Interest Cost Balance Interest Cost Balance Interest Cost
Assets:
Interest-earning assets:
Mortgage and other loans, net $ 37,791,476 $ 350,990 3.71 % $ 39,113,348 $ 361,330 3.70 % $ 39,337,380 $ 367,932 3.74 %
Securities 3,597,699 34,359 3.81 4,226,369 37,732 3.55 4,426,703 48,160 4.34
Interest-earning cash and cash equivalents 2,474,307 8,326 1.34 8,858 13 0.59 8,629 4 0.18
Total interest-earning assets 43,863,482 393,675 3.59 43,348,575 399,075 3.68 43,772,712 416,096 3.80
Non-interest-earning assets 4,662,777 5,720,589 5,386,459
Total assets $ 48,526,259 $ 49,069,164 $ 49,159,171
Liabilities and Stockholders’ Equity:
Interest-bearing deposits:

Interest-bearing checking and money market

accounts

$ 12,672,720 $ 27,620 0.86 % $ 12,971,440 $ 24,084 0.74 % $ 13,356,174 $ 15,866 0.47 %
Savings accounts 5,006,499 7,109 0.56 5,260,397 7,150 0.55 5,629,135 7,439 0.53
Certificates of deposit 8,533,404 27,649 1.29 7,827,633 24,006 1.23 7,245,325 20,501 1.13
Total interest-bearing deposits 26,212,623 62,378 0.94 26,059,470 55,240 0.85 26,230,634 43,806 0.66
Borrowed funds 12,397,681 54,954 1.76 13,195,987 56,066 1.70 13,802,662 53,867 1.55
Total interest-bearing liabilities 38,610,304 117,332 1.21 39,255,457 111,306 1.14 40,033,296 97,673 0.97
Non-interest-bearing deposits 2,766,701 2,960,164 2,832,569
Other liabilities 383,622 203,237 212,303
Total liabilities 41,760,627 42,418,858 43,078,168
Stockholders’ equity 6,765,632 6,650,306 6,081,003
Total liabilities and stockholders’ equity $ 48,526,259 $ 49,069,164 $ 49,159,171
Net interest income/interest rate spread $ 276,343 2.38 % $ 287,769 2.54 % $ 318,423 2.83 %
Net interest margin 2.53 % 2.65 % 2.91 %

Ratio of interest-earning assets to interest-bearing

liabilities

1.14 x 1.10 x 1.09 x

NEW YORK COMMUNITY BANCORP, INC.NET INTEREST INCOME ANALYSISYEAR-OVER-YEAR COMPARISON(unaudited)

For the Nine Months Ended September 30,
2017 2016
Average Average
Average Yield/ Average Yield/
(dollars in thousands) Balance Interest Cost Balance Interest Cost
Assets:
Interest-earning assets:
Mortgage and other loans, net $ 38,652,113 $ 1,070,722 3.69 % $ 38,878,111 $ 1,099,137 3.77 %
Securities 4,052,154 112,800 3.72 5,065,917 160,373 4.22
Interest-earning cash and cash equivalents 832,463 8,347 1.34 8,749 11 0.17
Total interest-earning assets 43,536,730 1,191,869 3.65 43,952,777 1,259,521 3.82
Non-interest-earning assets 5,239,745 5,316,971
Total assets $ 48,776,475 $ 49,269,748
Liabilities and Stockholders’ Equity:
Interest-bearing deposits:

Interest-bearing checking and money market

accounts $ 12,950,570 $ 71,413 0.74 % $ 13,349,201 $ 45,771 0.46 %
Savings accounts 5,171,645 21,069 0.54 6,112,342 25,001 0.55
Certificates of deposit 8,019,142 73,786 1.23 6,700,188 55,129 1.10
Total interest-bearing deposits 26,141,357 166,268 0.85 26,161,731 125,901 0.64
Borrowed funds 12,992,691 166,572 1.71 14,083,459 161,758 1.53
Total interest-bearing liabilities 39,134,048 332,840 1.14 40,245,190 287,659 0.95
Non-interest-bearing deposits 2,820,923 2,817,043
Other liabilities 269,132 179,471
Total liabilities 42,224,103 43,241,704
Stockholders’ equity 6,552,372 6,028,044
Total liabilities and stockholders’ equity $ 48,776,475 $ 49,269,748
Net interest income/interest rate spread $ 859,029 2.51 % $ 971,862 2.87 %
Net interest margin 2.63 % 2.95 %

Ratio of interest-earning assets to interest-

bearing liabilities

1.11 x 1.09 x

NEW YORK COMMUNITY BANCORP, INC.CONSOLIDATED FINANCIAL HIGHLIGHTS(unaudited)

For the Three Months Ended For the Nine Months Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
(dollars in thousands except share and per share data)

2017

2017 2016 2017 2016
PROFITABILITY MEASURES:
Net income $ 110,468 $ 115,255 $ 125,299 $ 329,680 $ 381,668
Net income available to common shareholders 102,261 107,048 125,299 313,266 381,668
Basic earnings per common share 0.21 0.22 0.26 0.64 0.78
Diluted earnings per common share 0.21 0.22 0.26 0.64 0.78
Return on average assets 0.91 % 0.94 % 1.02 % 0.90 % 1.03 %
Return on average tangible assets (1) 0.96 0.99 1.08 0.95 1.09

Return on average common stockholders’

equity

6.53 6.97 8.24 6.75 8.44
Return on average tangible common stockholders’ equity (1) 10.69 11.54 13.79 11.14 14.22
Efficiency ratio (2) 42.10 48.41 44.27 46.90 43.72
Operating expenses to average assets 1.34 1.33 1.29 1.35 1.28
Interest rate spread 2.38 2.54 2.83 2.51 2.87
Net interest margin 2.53 2.65 2.91 2.63 2.95
Effective tax rate 38.10 36.22 36.52 37.00 36.74
Shares used for basic common EPS computation 487,274,303 487,282,404 485,352,998 487,025,614 485,087,197
Shares used for diluted common EPS computation 487,274,303 487,282,404 485,352,998 487,025,614 485,087,197

Common shares outstanding at the respective

period-ends

489,061,848 489,023,298 487,066,151 489,061,848 487,066,151
(1) See the reconciliations of these non-GAAP measures with the comparable GAAP measures on page 8 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.

Sept. 30, 2017

June 30, 2017

Sept. 30, 2016

CAPITAL MEASURES:
Book value per common share $ 12.79 $ 12.74 $ 12.50
Tangible book value per common share (1) 7.81 7.76 7.50
Common stockholders’ equity to total assets 12.91 % 12.89 % 12.31 %
Tangible common stockholders’ equity to tangible assets (1) 8.30 8.27 7.77
(1) See the reconciliations of these non-GAAP measures with the comparable GAAP measures on page 8 of this release.

Sept. 30, 2017

June 30, 2017

Sept. 30, 2016

REGULATORY CAPITAL RATIOS: (1)
New York Community Bancorp, Inc.
Common equity tier 1 ratio 11.53 % 11.16 % 10.25 %
Tier 1 risk-based capital ratio 13.04 12.64 10.25
Total risk-based capital ratio 14.57 14.11 11.72
Leverage capital ratio 9.40 9.23 7.95
New York Community Bank
Common equity tier 1 ratio 13.60 % 13.11 % 10.83 %
Tier 1 risk-based capital ratio 13.60 13.11 10.83
Total risk-based capital ratio 14.02 13.52 11.31
Leverage capital ratio 9.80 9.53 8.43
New York Commercial Bank
Common equity tier 1 ratio 15.01 % 15.36 % 13.31 %
Tier 1 risk-based capital ratio 15.01 15.36 13.31
Total risk-based capital ratio 16.26 16.47 14.19
Leverage capital ratio 11.07 11.24 10.26
(1) The minimum regulatory requirements for classification as a well-capitalized institution are a common equity tier 1 capital ratio of 6.50%; a tier 1 risk-based capital ratio of 8.00%; a total risk-based capital ratio of 10.00%; and a leverage capital ratio of 5.00%.

NEW YORK COMMUNITY BANCORP, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
Sept. 30, 2017
compared to
Sept. 30, June 30, Dec. 31, June 30, Dec. 31,
2017 2017 2016 2017 2016
(in thousands, except share data) (unaudited) (unaudited)
Assets
Cash and cash equivalents $3,277,427 $1,129,846 $557,850 190% 488%
Securities:
Available-for-sale 3,031,026 3,171,117 104,281 -4% 2807%
Held-to-maturity - - 3,712,776 NM NM
Total securities 3,031,026 3,171,117 3,817,057 -4% -21%
Loans held for sale 104,938 1,803,724 409,152 -94% -74%
Non-covered mortgage loans held for investment:
Multi-family 27,162,401 26,875,621 26,961,486 1% 1%
Commercial real estate 7,552,777 7,543,501 7,727,258 0% -2%
One-to-four family 413,235 412,945 381,081 0% 8%
Acquisition, development, and construction 385,543 372,571 380,522 3% 1%
Total non-covered mortgage loans held for investment 35,513,956 35,204,638 35,450,347 1% 0%
Other non-covered loans:
Commercial and industrial 1,988,577 2,036,867 1,908,308 -2% 4%
Other loans 3,666 9,534 24,067 -62% -85%
Total non-covered other loans held for investment 1,992,243 2,046,401 1,932,375 -3% 3%
Total non-covered loans held for investment 37,506,199 37,251,039 37,382,722 1% 0%
Less: Allowance for losses on non-covered loans (158,918) (154,683) (158,290) 3% 0%
Non-covered loans held for investment, net 37,347,281 37,096,356 37,224,432 1% 0%
Covered loans - - 1,698,133 NM NM
Less: Allowance for losses on covered loans - - (23,701) NM NM
Covered loans, net - - 1,674,432 NM NM
Total loans, net 37,452,219 38,900,080 39,308,016 -4% -5%
Federal Home Loan Bank stock, at cost 579,474 589,067 590,934 -2% -2%
Premises and equipment, net 375,482 380,322 373,675 -1% 0%
FDIC loss share receivable - 187,973 243,686 NM NM
Goodwill 2,436,131 2,436,131 2,436,131 0% 0%
Core deposit intangibles, net - 24 208 NM NM
Other assets (includes $16,801 and $16,990 of other real estate
owned covered by loss sharing agreements at June 30, 2017
and December 31, 2016, respectively) 1,306,132 1,553,098 1,598,998 -16% -18%
Total assets $48,457,891 $48,347,658 $48,926,555 0% -1%
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing checking and money market accounts $12,338,949 $12,813,876 $13,395,080 -4% -8%
Savings accounts 4,996,578 5,136,373 5,280,374 -3% -5%
Certificates of deposit 8,802,573 8,230,853 7,577,170 7% 16%
Non-interest-bearing accounts 2,755,097 2,712,463 2,635,279 2% 5%
Total deposits 28,893,197 28,893,565 28,887,903 0% 0%
Borrowed funds:
Wholesale borrowings 12,004,500 12,004,500 13,314,500 0% -10%
Junior subordinated debentures 359,102 359,026 358,879 0% 0%
Total borrowed funds 12,363,602 12,363,526 13,673,379 0% -10%
Other liabilities 441,438 355,789 241,282 24% 83%
Total liabilities 41,698,237 41,612,880 42,802,564 0% -3%
Stockholders' equity:
Preferred stock at par $0.01 (5,000,000 shares authorized):
Series A (515,000 shares issued and outstanding) 502,840 502,840 - 0% NM
Common stock at par $0.01 (900,000,000 shares authorized; 489,072,101,
489,060,712 and 487,067,889 shares issued; and 489,061,848,
489,023,298 and 487,056,676 shares outstanding, respectively) 4,891 4,891 4,871 0% 0%
Paid-in capital in excess of par 6,063,813 6,055,441 6,047,558 0% 0%
Retained earnings 192,607 173,409 128,435 11% 50%
Treasury stock, at cost (10,253, 37,414 and 11,213 shares, respectively) (130) (502) (160) -74% -19%
Accumulated other comprehensive loss, net of tax:
Net unrealized gain (loss) on securities available for sale, net of tax 47,917 52,202 (753) -8% NM
Net unrealized loss on the non-credit portion of other-than-temporary
impairment losses, net of tax (5,221) (5,221) (5,241) 0% 0%
Pension and post-retirement obligations, net of tax (47,063) (48,282) (50,719) -3% -7%
Total accumulated other comprehensive loss, net of tax (4,367) (1,301) (56,713) 236% -92%
Total stockholders' equity 6,759,654 6,734,778 6,123,991 0% 10%
Total liabilities and stockholders' equity $48,457,891 $48,347,658 $48,926,555 0% -1%

NEW YORK COMMUNITY BANCORP, INC.
SUPPLEMENTAL FINANCIAL INFORMATION (continued)
(unaudited)
Sept. 30, 2017
For the Three Months Ended compared to
Sept. 30, June 30, Sept. 30, June 30, Sept. 30,
2017 2017 2016 2017 2016
(in thousands, except per share data)
Interest Income:
Mortgage and other loans $350,990 $361,330 $367,932 -3% -5%
Securities and money market investments 42,685 37,745 48,164 13% -11%
Total interest income 393,675 399,075 416,096 -1% -5%
Interest Expense:
Interest-bearing checking and money market accounts 27,620 24,084 15,866 15% 74%
Savings accounts 7,109 7,150 7,439 -1% -4%
Certificates of deposit 27,649 24,006 20,501 15% 35%
Borrowed funds 54,954 56,066 53,867 -2% 2%
Total interest expense 117,332 111,306 97,673 5% 20%
Net interest income 276,343 287,769 318,423 -4% -13%
Provision for losses on non-covered loans 44,585 11,645 1,234 283% NM
Recovery of losses on covered loans - (17,906) (1,289) NM NM
Net interest income after provision for (recovery of)
loan losses 231,758 294,030 318,478 -21% -27%
Non-Interest Income:
Mortgage banking income 1,486 8,196 12,925 NM NM
Fee income 7,972 8,151 8,640 -2% -8%
Bank-owned life insurance 8,314 6,519 7,029 28% 18%
Net (loss) gain on sales of loans (76) 1,397 3,465 NM NM
Net gain on sales of securities - 26,936 237 NM NM
FDIC indemnification expense - (14,325) (1,031) NM NM
Gain on sale of covered loans and mortgage banking
operations 82,026 - - NM NM
Other income 9,206 13,563 9,330 -32% -1%
Total non-interest income 108,928 50,437 40,595 116% 168%
Non-Interest Expense:
Operating expenses:
Compensation and benefits 91,594 92,860 86,079 -1% 6%
Occupancy and equipment 25,133 23,403 24,347 7% 3%
General and administrative 45,483 47,472 48,506 -4% -6%
Total operating expenses 162,210 163,735 158,932 -1% 2%
Amortization of core deposit intangibles 24 30 542 -20% -96%
Merger-related expenses - - 2,211 NM NM
Total non-interest expense 162,234 163,765 161,685 -1% 0%
Income before taxes 178,452 180,702 197,388 -1% -10%
Income tax expense 67,984 65,447 72,089 4% -6%
Net Income $ 110,468 $ 115,255 $ 125,299 -4% -12%
Preferred stock dividends 8,207 8,207 - 0% NM
Net Income available to common shareholders $102,261 $107,048 $125,299 -4% -18%
Basic earnings per common share $0.21 $0.22 $0.26 -5% -19%
Diluted earnings per common share $0.21 $0.22 $0.26 -5% -19%
Dividends per common share $0.17 $0.17 $0.17

The following table summarizes the contribution of loan and securities prepayment income on the Company's interest income and net interest margin for the periods indicated.

For the Three Months Ended Sept. 30, 2017 compared to
Sept. 30, June 30, Sept. 30, June 30, Sept. 30,
2017 2017 2016 2017 2016
(dollars in thousands)
Total Interest Income $393,675 $399,075 $416,096 -1% -5%
Prepayment Income:
Loans $14,076 $13,285 $13,422 6% 5%
Securities 2,488 1,708 8,947 46% -72%
Total prepayment income $16,564 $14,993 $22,369 10% -26%
GAAP Net Interest Margin 2.53% 2.65% 2.91% -12 bp -38 bp
Less:
Prepayment income from loans 13 bp 12 bp 12 bp 1 bp 1 bp
Prepayment income from securities 3 2 8 1 bp -5 bp
Total prepayment income contribution
to net interest margin 16 bp 14 bp 20 bp 2 bp -4 bp
Adjusted Net Interest Margin (non-GAAP) 2.37% 2.51% 2.71% -14 bp -34 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:

1. Adjusted net interest margin gives investors a better understanding of the effect of prepayment income 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.
2. Adjusted net interest margin is among the measures considered by current and prospective investors, both independent of, and in comparison with, our peers.

MORTGAGE BANKING INCOME
(unaudited)
Sept. 30, 2017
For the Three Months Ended compared to
Sept. 30, June 30, Sept. 30, June 30, Sept. 30,
2017 2017 2016 2017 2016
(in thousands)
Mortgage banking income:
Income from originations $ 2,109 $ 4,394 $ 10,884 -52 % -81 %
Servicing (loss) income (623 ) 3,802 2,041 -116 % -131 %
Total mortgage banking income $ 1,486 $ 8,196 $ 12,925 -82 % -89 %
LOANS ORIGINATED FOR INVESTMENT
(unaudited)
Sept. 30, 2017
For the Three Months Ended compared to
Sept. 30, June 30, Sept. 30, June 30, Sept. 30,
2017 2017 2016 2017 2016
(in thousands)
Mortgage Loans Originated for Investment:
Multi-family $ 1,432,424 $ 952,265 $ 1,276,358 50 % 12 %
Commercial real estate 249,773 192,072 345,543 30 % -28 %
One-to-four family residential 22,047 50,697 101,365 -57 % -78 %
Acquisition, development, and construction 21,754 20,836 17,855 4 % 22 %
Total mortgage loans originated for investment 1,725,998 1,215,870 1,741,121 42 % -1 %
Other Loans Originated for Investment:
Specialty Finance 468,735 498,918 369,308 -6 % 27 %
Other commercial and industrial 115,569 150,787 151,279 -23 % -24 %
Other 700 785 894 -11 % -22 %
Total other loans originated for investment 585,004 650,490 521,481 -10 % 12 %
Total Loans Originated for Investment $ 2,311,002 $ 1,866,360 $ 2,262,602 24 % 2 %
For the Nine Months Ended
Sept. 30, Sept. 30,
2017 2016 Change (%)
(in thousands)
Mortgage Loans Originated for Investment:
Multi-family $ 3,339,302 $ 4,529,904 -26 %
Commercial real estate 692,187 892,676 -22 %
One-to-four family residential 116,603 248,020 -53 %
Acquisition, development, and construction 55,509 123,849 -55 %
Total mortgage loans originated for investment 4,203,601 5,794,449 -27 %
Other Loans Originated for Investment:
Specialty Finance 1,236,817 907,551 36 %
Other commercial and industrial 388,511 451,340 -14 %
Other 2,370 3,010 -21 %
Total other loans originated for investment 1,627,698 1,361,901 20 %
Total Loans Originated for Investment $ 5,831,299 $ 7,156,350 -19 %

The following table provides certain information about the Company's multi-family and CRE loan portfolios at the respective dates:

Sept. 30, 2017
At or For the Three Months Ended compared to
Sept. 30, June 30, Dec. 31, June 30 Dec. 31,
2017 2017 2016 2017 2016
(dollars in thousands)
Multi-Family Loan Portfolio:
Loans outstanding $27,162,401 $26,875,621 $26,961,486 1% 1%
Percent of total held-for-investment loans 72.4% 72.1% 72.1% 30 bp 30 bp
Average principal balance $5,558 $5,457 $5,454 2% 2%
Weighted average life (in years)

2.7

3.2 2.9

-16%

-7%

Commercial Real Estate Loan Portfolio:
Loans outstanding $7,552,777 $7,543,501 $7,727,258 0% -2%
Percent of total held-for-investment loans 20.1% 20.3% 20.7% -20 bp -60 bp
Average principal balance $5,721 $5,727 $5,644 0% 1%
Weighted average life (in years)

2.9

3.0 3.4

-3%

-15%

ASSET QUALITY SUMMARY
(unaudited)

The following table presents the Company's non-performing non-covered loans and assets at the respective dates:

Sept. 30, 2017
compared to
Sept. 30, June 30, Dec. 31, June 30, Dec. 31,
(in thousands) 2017 2017 2016 2017 2016
Non-Performing Non-Covered Assets:
Non-accrual non-covered mortgage loans:
Multi-family $11,018 $9,820 $13,558 12% -19%
Commercial real estate 4,923 4,497 9,297 9% -47%
One-to-four family residential 2,179 10,724 9,679 -80% -77%
Acquisition, development, and construction 6,200 6,200 6,200 0% 0%
Total non-accrual non-covered mortgage loans 24,320 31,241 38,734 -22% -37%
Other non-accrual non-covered loans (1) 44,650 50,747 17,735 -12% 152%
Total non-performing non-covered loans 68,970 81,988 56,469 -16% 22%
Non-covered repossessed assets (2) 15,753 9,593 11,607 64% 36%
Total non-performing non-covered assets $84,723 $91,581 $68,076 -7% 24%
(1)

Includes $43.4 million, $48.3 million, and $15.2 million of non-accrual taxi medallion-related loans at September 30, 2017, June 30, 2017 and December 31, 2016, respectively.

(2) Includes $6.5 million of repossessed taxi medallions at September 30, 2017.

The following table presents the Company's asset quality measures at the respective dates:

Sept. 30, June 30, Dec. 31,
2017 2017 2016
Non-performing non-covered loans to total
non-covered loans 0.18 % 0.22 % 0.15 %
Non-performing non-covered assets
to total non-covered assets 0.17 0.20 0.14
Allowance for losses on non-covered loans to
non-performing non-covered loans 230.42 186.39 (1) 277.19 (1)
Allowance for losses on non-covered loans to
total non-covered loans 0.42 0.41 (1) 0.42 (1)
(1) Excludes the allowance for losses on PCI loans.

The following table presents the Company's non-covered loans 30 to 89 days past due at the respective dates:

Sept. 30, 2017
compared to
Sept. 30, June 30, Dec. 31, June 30, Dec. 31,
2017 2017 2016 2017 2016
(in thousands)
Non-Covered Loans 30 to 89 Days Past Due:
Multi-family $602 $4,201 $28 -86% 2050%
Commercial real estate 450 1,586 - -72% NM
One-to-four family residential 676 297 2,844 128% -76%
Acquisition, development, and construction - - - NA NA
Other (1) 3,425 6,051 7,511 -43% -54%
Total non-covered loans 30 to 89 days past due $5,153 $12,135 $10,383 -58% -50%
(1)

Includes $3.4 million, $6.0 million, and $6.8 million of non-accrual taxi medallion-related loans at September 30, 2017, June 30, 2017, and December 31, 2016, respectively.

The following table summarizes the Company’s net charge-offs (recoveries) for the respective periods:

For the Three Months Ended For the Nine Months Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,

2017

2017 2016 2017 2016
(dollars in thousands)
Charge-offs:
Multi-family $ 279 $ - $ - $ 279 $ -
Commercial real estate - - - - -
One-to-four family residential 6 90 17 96 170
Acquisition, development, and
construction - - - - -
Other (1) 40,557 11,816 57 58,203 1,155
Total charge-offs 40,842 11,906 74 58,578 1,325
Recoveries:
Multi-family ($28 ) $ - $ (78 ) ($28 ) ($78 )
Commercial real estate (373 ) (10 ) (33 ) (398 ) (780 )
One-to-four family residential - - - - (226 )
Acquisition, development, and
construction (14 ) (55 ) - (169 ) (167 )
Other (1) (77 ) (429 ) (375 ) (594 ) (956 )
Total recoveries (492 ) (494 ) (486 ) (1,189 ) (2,207 )
Net charge-offs (recoveries) $ 40,350 $ 11,412 $ (412 ) $ 57,389 $ (882 )
Net charge-offs (recoveries) to
average loans (2) 0.11 % 0.03 % (0.00 %) 0.15 % (0.00 %)
(1)

Includes taxi medallion-related loans of $40.6 million, $11.3 million, and $49,000, respectively, for the three months ended September 30, 2017, June 30, 2017, and September 30, 2016 and $54.8 million and $265,000, respectively, for the nine months ended September 30, 2017 and 2016.

(2) Non-annualized.

New York Community Bancorp, Inc.

Investors:

Salvatore J. DiMartino, 516-683-4286

or

Media:

Kelly Maude Leung, 516-683-4032

Source: New York Community Bancorp, Inc.

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