Core Insights - New York Community Bancorp reported a revenue of $671 million for the quarter ended June 2024, reflecting a year-over-year decline of 44.2% and an EPS of -$1.05 compared to $1.41 a year ago [5] Financial Performance Metrics - The reported revenue of $671 million was below the Zacks Consensus Estimate of $701.39 million, resulting in a surprise of -4.33% [1] - The company experienced an EPS surprise of -176.32%, with the consensus EPS estimate being -$0.38 [1] - Net Interest Margin was reported at 2%, lower than the average estimate of 2.2% based on seven analysts [3] - Book value per common share (GAAP) was $22.47, significantly higher than the six-analyst average estimate of $8.50 [3] - Average balances of interest-earning assets were $113.21 billion, exceeding the $109.08 billion average estimate based on six analysts [3] - The Efficiency Ratio was reported at 95.1%, worse than the 90.7% estimated by six analysts [3] - Net charge-offs to average loans were 0.4%, slightly better than the 0.5% estimated by four analysts [3] - Total non-interest income was $114 million, below the seven-analyst average estimate of $117.83 million [3] - Net Interest Income was $557 million, lower than the seven-analyst average estimate of $582.80 million [3] - Bank-owned life insurance income was $12 million, above the $10.23 million estimated by six analysts [3] - Fee income was reported at $41 million, exceeding the $31.14 million estimated by six analysts [3] - Net gain on loan sales and securitizations was $18 million, slightly below the $19.44 million average estimate based on five analysts [3] - Net return on mortgage servicing rights was $19 million, lower than the $21.33 million estimated by four analysts [3] - Other non-interest income was $29 million, above the $18.42 million average estimate based on four analysts [3] Stock Performance - Shares of New York Community Bancorp have returned +19.2% over the past month, contrasting with the Zacks S&P 500 composite's -0.3% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [4]

Company Performance - New York Community Bancorp reported a quarterly loss of $1.05 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.38, and compared to earnings of $1.41 per share a year ago [8] - The company posted revenues of $671 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.33%, and down from $1.2 billion in the same quarter last year [2] - The company has surpassed consensus EPS estimates only once over the last four quarters [9] Stock Performance - New York Community Bancorp shares have declined approximately 64.4% since the beginning of the year, while the S&P 500 has gained 13.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.20 on revenues of $703.88 million, and for the current fiscal year, it is -$1.40 on revenues of $2.79 billion [5] Industry Context - The Financial - Savings and Loan industry, to which New York Community Bancorp belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating a challenging environment [13] - The performance of New York Community Bancorp's stock may be influenced by the overall outlook for the industry [13]

Financial Performance - The Company reported a net loss of $323 million for Q2 2024, compared to a net loss of $327 million in Q1 2024 and net income of $413 million in Q2 2023[1]. - Net loss available to common stockholders for Q2 2024 was $333 million, or $1.14 per diluted share, compared to a net loss of $335 million, or $1.36 per diluted share, in the prior quarter[5]. - For the six months ended June 30, 2024, pre-provision net loss was $100 million compared to pre-provision net revenue of $2.7 billion for the same period in 2023[33]. - Total revenues for the six months ended June 30, 2024, were $1.304 billion, a decrease of 66% compared to $3.855 billion for the same period in 2023[62]. - Total revenues for the three months ended June 30, 2024, increased by 6% to $671 million compared to $633 million for the previous quarter[91]. - The company reported a net loss of $(323) million for Q2 2024, a marginal improvement from $(327) million in Q1 2024[82]. - Basic loss earnings per common share for Q2 2024 was $(1.14), compared to $(1.36) in Q1 2024 and $1.66 in Q2 2023[82]. - The loss return on average assets was (1.09)% for the three months ended June 30, 2024, compared to (1.13)% for the previous quarter[119]. - The loss return on average common stockholders' equity was (16.69)% for the quarter, compared to (16.97)% in the previous quarter and 15.58% in the same period last year[138]. Credit Losses and Provisions - The provision for credit losses totaled $390 million in Q2 2024, up from $315 million in Q1 2024 and $49 million in Q2 2023[14]. - Net charge-offs totaled $349 million for Q2 2024, compared to $81 million in Q1 2024 and a net recovery of $1 million in Q2 2023[30]. - Net charge-offs for the six months ended June 30, 2024, were $430 million, compared to a recovery of $(1) million for the same period in 2023[43]. - The total allowance for credit losses was $1.3 billion at June 30, 2024, up from $628 million at June 30, 2023[45]. - The provision for credit losses for the six months ended June 30, 2024, totaled $705 million, compared to $219 million for the same period in 2023[59]. - Total charge-offs for the three months ended June 30, 2024, were $354 million, compared to $91 million for the previous quarter, representing a significant increase[102]. - The ratio of non-accrual loans to total loans held-for-investment was 2.61% at June 30, 2024, compared to 0.97% at March 31, 2024, and 0.28% at June 30, 2023[103]. Income and Expenses - Net interest income for Q2 2024 totaled $557 million, down 11% from Q1 2024 and down 38% from Q2 2023[10]. - Non-interest income for the second quarter 2024 totaled $114 million, down 62% from $302 million in the second quarter 2023[35]. - Total non-interest expense for the six months ended June 30, 2024, was $1.4 billion, a 23% increase from $1.1 billion for the same period in 2023[39]. - Total non-interest expenses for the quarter ended June 30, 2024, were $705 million, up 1% from the previous quarter and up 7% from the year-ago quarter[69]. - Total operating expenses rose to $638 million, reflecting a 3% increase from Q1 2024 and a 24% increase from Q2 2023[82]. - Non-interest income plummeted by 95% to $123 million, down from $2,400 million year-over-year[124]. Capital and Assets - The Company achieved a pro-forma CET1 capital ratio of 11.2% following the sale of two businesses and the conversion of Series B Preferred Stock[3]. - As of June 30, 2024, New York Community Bancorp, Inc. reported total assets of $119.1 billion, an increase of 5% compared to $112.9 billion on March 31, 2024[81]. - The common equity tier 1 ratio improved to 9.54% from 9.45% in the previous quarter, while the total risk-based capital ratio decreased to 12.78% from 13.09%[81]. - Total stockholders' equity remained stable at $8.4 billion, with a slight increase from $8.39 billion in the previous quarter[81]. - Tangible common stockholders' equity was $7,337 million at June 30, 2024, compared to $7,297 million at March 31, 2024[119]. - Book value per common share was $22.47 at June 30, 2024, down from $29.42 at March 31, 2024[119]. Loans and Deposits - Total deposits increased by 5.6% to $79.0 billion, with a growth of $4.2 billion during the quarter[2][18]. - Average loan balances decreased by $0.9 billion, or 1%, to $83.2 billion compared to the previous quarter, primarily due to declines in multi-family and commercial real estate loans[12]. - Total loans and leases held for investment decreased by 9% to $74.6 billion compared to $82.3 billion on March 31, 2024[81]. - Total non-performing loans (NPLs) rose to $1.944 billion, a 144% increase from the previous quarter and a 735% increase year-over-year[72]. - Average interest-bearing liabilities increased by $12.9 billion, or 17%, to $86.7 billion for the six months ended June 30, 2024, driven by growth in average deposits and borrowings[59]. Strategic Initiatives - The Company is simplifying its business model by selling parts of its mortgage business, which is expected to bolster its liquidity profile and capital ratios[16][17]. - The company completed its merger with Flagstar Bancorp, Inc. on December 1, 2022, which is expected to enhance its market position[78]. - The company is focused on executing its strategic plan, including risk management programs for institutions with assets over $100 billion[78]. - The company plans to discuss its second quarter 2024 performance in a conference call scheduled for July 25, 2024[76].

Portfolio Management. Tom Lyons, SVP, Director of Finance Business Risk & Controls: Tom brings 30 years of experience in finance, risk, IT, operations, compliance, and audit disciplines across industries. In this role, Tom will lead the Bank's Finance Risk Management function, including data, operational, and financial exposures. Most recently, Tom served as U.S. Bank's SVP of Operations' Financial and Data Risks. Tom also held Finance Chief Risk Officer and Senior Risk Officer roles at U.S. Bank, having le ...

Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; the inability of the Bank and JPMC to execute the definitive documentation contemplated by the commitment letter or satisfy customary closing conditions; changes in deposit flows, and in the demand for deposit, loan, and investment products and ...

About New York Community Bancorp, Inc. The conference call will be simultaneously webcast at ir.myNYCB.com and archived through 5:00 p.m. on August 22, 2024. Conference ID: 5857240 Dial-in for Live Call: Domestic (888) 596-4144 International(646) 968-2525 Dial-in for Replay: Availability July 25 (11:00 a.m.) – July 29 (11:59 p.m.) Domestic (800) 770-2030 International(609) 800-9909 New York Community Bancorp, Inc. has market-leading positions in several national businesses, including multi-family lending, m ...

Shares of New York Community Bank (NYCB 0.99%) dropped 68.6% in the first six months of the year, according to data provided by S&P Global Market Intelligence. The bank slashed its dividend in response to a host of issues, and macroeconomic conditions are fueling investor skepticism about its prospects. NYCB had a rough first quarter. The company acquired Flagstar Bank and Signature Bank in 2023 with the goal of opportunistically expanding options and extending into commercial lending. Those moves presented ...

At the Effective Time, every three shares of the Company's common stock issued and outstanding or held by the Company in treasury were combined into one issued share of common stock. Additionally, the number of authorized shares of the Company's common stock was decreased from 2,000,000,000 to 666,666,666, without any change in the par value per share. No fractional shares will be issued in connection with the reverse stock split. Common shareholders who would otherwise be entitled to receive fractional sha ...

Key Takeaways New York Community Bancorp, Inc. (NYCB) said it will go ahead with a 1-for-3 reverse stock split sometime mid-to-late July, after its board approved the move Wednesday. Why Do Companies Do Reverse Stock Splits? For example, if a company has 10 shares, worth $10 each, its market capitalization would be $100 (10x$10). If it carries out a 1-for-2 reverse stock split, it would have 5 shares, worth $20 at the time of the split while the market cap remains steady at $100. It is pretty much the oppos ...

Group 1 - New York Community Bancorp has received shareholder approval for a reverse stock split, which the board of directors has now also approved [1][5] - The reverse stock split will be on a one-for-three basis and is expected to take place in mid-to-late July [3][6] - Following the announcement, NYCB shares fell by 1.1% on Thursday and have decreased by 70.9% since the beginning of the year [2][6] Group 2 - The reverse stock split aims to increase the price of NYCB shares without changing its market capitalization, potentially stabilizing the stock after a poor earnings report in January 2024 [6] - Trading volume for NYCB stock was low on Thursday, with only about 3.3 million shares traded compared to the daily average of 16.9 million shares [7]