New York Community Bancorp (NYSE: NYCB) reported Q4 EPS of $0.27, $0.01 better than the analyst estimate of $0.26. Revenue for the quarter came in at $322.95 million versus the consensus estimate of $301.85 million.

Commenting on the Company's performance, President and Chief Executive Officer Thomas R. Cangemi stated: "Overall, we are pleased with our performance during 2020. Despite a challenging operating environment due to the COVID-19 pandemic, the Company produced strong operating results characterized by double-digit EPS growth, continued margin expansion, a strong 23% increase in pre-provision net revenue, and strong origination growth. Loan growth was modest, but this was offset by solid prepayment income. Also, despite a small uptick in operating expenses during the fourth quarter, full-year operating expenses were flat, resulting in a lower efficiency ratio.

"Our asset quality metrics continued to improve as non-performing assets declined and, to date, our loan deferral program has proven to be successful, as virtually all loans eligible to come off deferral have returned to payment status.

"Another positive was the continued improvement in the net interest margin during the current quarter. Excluding the impact of prepayment income, the fourth quarter NIM on a non-GAAP basis was 2.30%, up 10 basis points compared to the third quarter and was up 23 basis points to 2.13% for the full year. Since bottoming during the third quarter of 2019, our non-GAAP NIM has risen 42 basis points.

"The positives weren't limited to our financial performance. Operationally, we also had a very strong year. In 2020, we completed the largest systems conversion in our history, shifted our lenders to a new paperless desktop origination platform, allowing them to process loans without interruption, moved nearly all of our back-office employees to working remotely, and continued to service our customers through our branches and through on-line channels. All of this occurred without disruptions to our customers or our business. Moreover, the fact that this occurred while the country and New York City were still suffering from the impact of the pandemic is a testament to our employees' commitment to the Company. I could not be more proud of how our entire organization came together and rose to the challenge. So a big collective thank you goes out to every one of our 3,000 employees throughout the franchise.

"Lastly, reflecting our earnings growth, capital position, and asset quality metrics, yesterday, our Board of Directors declared a quarterly cash dividend on our common stock of $0.17 per share."

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