NEW YORK COMMUNITY BANCORP INC true 0000910073 0000910073 2024-01-31 2024-01-31 0000910073 us-gaap:CommonStockMember 2024-01-31 2024-01-31 0000910073 nycb:BifurcatedOptionNotesUnitSecuritiesMember 2024-01-31 2024-01-31 0000910073 nycb:FixedToFloatingRateSeriesANoncumulativePerpetualPreferredStockMember 2024-01-31 2024-01-31

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K/A

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2024

 

 

NEW YORK COMMUNITY BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   1-31565   06-1377322
(State or Other Jurisdiction
of Incorporation)
 

(Commission

File Number)

  (IRS Employer
Identification No.)

102 Duffy Avenue, Hicksville, New York 11801

(Address of principal executive offices)

(516) 683-4100

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol

 

Name of each exchange

on which registered

Common stock, $0.01 par value per share   NYCB   New York Stock Exchange
Bifurcated Option Note Unit Securities SM   NYCB PU   New York Stock Exchange
Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, $0.01 par value   NYCB PA   New York Stock Exchange

 

 

 


Explanatory Note

On January 31, 2024, New York Community Bancorp, Inc. (“NYCB” or the “Company”) filed a Current Report on Form 8-K furnishing under Items 2.02 and 9.01 the Company’s press release announcing its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023 (the “Original Filing”). The full text of the press release was included as Exhibit 99.1 to the Original Filing.

This Amendment (this “Amendment”) to the Original Filing is being filed to reflect, among other things, (a) an adjustment related to a goodwill impairment, (b) certain measurement period adjustments impacting the Company’s bargain purchase gain and (c) an adjustment for a type 1 subsequent event, each as more fully described herein. Each of these adjustments were identified by NYCB’s management after the date of the Original Filing and as part of the Company’s customary procedures to finalize its financial statements for inclusion in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”).

 

Item2.02.

Results of Operations and Financial Condition.

An updated presentation of the Company’s “Consolidated Statements of Condition”, “Consolidated Statements of (Loss) Income”, and “Reconciliations of Certain GAAP and Non-GAAP Financial Measures” is attached as Exhibit 99.1 to this Amendment and is incorporated herein by reference. The following is a summary of the adjustments.

The Company completed its goodwill impairment assessment on February 23, 2024 and management determined that Generally Accepted Accounting Principles required a “goodwill impairment” charge on the Company’s “Consolidated Statements of Income and Comprehensive Income” for the quarter and fiscal year ended December 31, 2023, resulting in a $2.4 billion decrease to the fourth quarter and annual net (loss) income available to common stockholders. The Company also adjusted the balances of “goodwill” on the “Consolidated Statements of Condition” as of December 31, 2023 for that same amount. The goodwill impairment has no impact on any of the Company’s regulatory capital ratios and does not have an impact on the Company’s compliance with covenants under any outstanding credit agreements. The impairment charge did not result in any current cash expenditures.

The Company utilized a market approach to estimate the fair value of its sole reporting unit as of December 31, 2023, related to identified triggering events. The Company’s assessment concluded that goodwill from historical transactions (2007 and prior) was fully impaired as of December 31, 2023, as confirmed by the Company’s current market capitalization.

The Company also recorded a measurement period adjustment related to fixed assets resulting in a net decrease of $19 million to the bargain purchase gain stemming from the Company’s acquisition of certain assets and liabilities of former Signature Bank through a Federal Deposit Insurance Corporation (“FDIC”)-facilitated transaction (the “Signature Transaction”) and a $10 million other noninterest expense related to the February 23, 2024 FDIC special assessment letter issued to certain banks to recover Deposit Insurance Fund losses.

Separately, as part of management’s assessment of the Company’s internal controls, management identified material weaknesses in the Company’s internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities. Although assessment of the Company’s internal controls is not yet complete, the Company expects to disclose in the 2023 Form 10-K that its disclosure controls and procedures and internal control over financial reporting were not effective as of December 31, 2023. The Company’s remediation plan with respect to such material weaknesses is expected to be described in the 2023 Form 10-K.


On February 29, 2024, NYCB will file a Form 12b-25 with the SEC to report the late filing of its 2023 Form 10-K. Such Form 12b-25 is necessary for the Company to complete its work related to the evaluation and planning for remediation of the material weaknesses described above and other items included in this Amendment.

The Company will note that it has determined that it will be unable to file the 2023 Form 10-K with the SEC within the prescribed time period without unreasonable effort or expense. The Company expects to file its 2023 Form 10-K within the fifteen calendar day grace period provided by Form 12b-25.

The Company’s Board of Directors, Audit Committee and management have discussed the matters disclosed in this Amendment with KPMG LLP, the Company’s independent registered public accounting firm.

The information contained in this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 2.06.

Material Impairments.

The information required by this Item 2.06 is included under Item 2.02 of this Amendment and is incorporated herein by reference.

Cautionary Statements Regarding Forward-Looking Information

The foregoing disclosures may include forward-looking statements by the Company pertaining to such matters as our goals, intentions, and expectations regarding the timeframe in which the Company expects to file its 2023 Form 10-K and the contents thereof; 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 our merger with Flagstar Bancorp, Inc., which was completed on December 1, 2022, the Signature Transaction, and our transition to a $100 billion plus bank.

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: 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 future allowance for credit losses requirements under relevant accounting and regulatory requirements; the ability to pay future dividends at currently expected rates; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; changes in competitive pressures among financial institutions or from non-financial institutions; changes in legislation, regulations, and policies; the success of our blockchain and fintech activities, investments and strategic partnerships; the restructuring of our mortgage business; the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; 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 merger with Flagstar Bancorp, which was completed on December 1, 2022, and the Signature Transaction: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management’s attention from ongoing business operations and opportunities; the possibility that the Company may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected. Additionally, there can be no assurance that the Community Benefits Agreement entered into with NCRC, which was contingent


upon the closing of the Company’s merger with Flagstar Bancorp, Inc., will achieve the results or outcome originally expected or anticipated by us as a result of changes to our business strategy, performance of the U.S. economy, or changes to the laws and regulations affecting us, our customers, communities we serve, and the U.S. economy (including, but not limited to, tax laws and regulations).

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 December 31, 2022, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023 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 Amendment, during investor presentations, or in our other SEC filings, which are accessible on our website and at the SEC’s website, www.sec.gov.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

No.

   Description of Exhibit
99.1    Presentation of Consolidated Statements of Condition, Consolidated Statements of (Loss) Income, and Reconciliations of Certain GAAP and Non-GAAP Financial Measures, for the fourth quarter and fiscal year ended December 31, 2023
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      NEW YORK COMMUNITY BANCORP, INC.
Date: February 29, 2024    
     

/s/ Salvatore J. DiMartino

      Salvatore J. DiMartino
      Executive Vice President and Director of Investor Relations

Exhibit 99.1

NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF CONDITION

 

                       December 31, 2023
compared to
 
(dollars in millions)    December 31, 2023     September 30,
2023
    December 31, 2022     September 30,
2023
    December 31,
2022
 

Assets

          

Cash and cash equivalents

   $ 11,493     $ 6,929     $ 2,032       66     466

Securities:

          

Available-for-sale

     9,145       8,723       9,060       5     1

Equity investments with readily determinable fair values, at fair value

     14       13       14       8     — 
  

 

 

   

 

 

   

 

 

     

Total securities

     9,159       8,736       9,074       5     1

Loans held for sale

     1,182       1,926       1,115       -39     6

Loans and leases held for investment:

          

Multi-family

     37,265       37,698       38,130       -1     -2

Commercial real estate and acquisition, development, and construction

     13,382       13,396       10,522       —      27

One-to-four family first mortgage

     6,061       5,882       5,821       3     4

Commercial and industrial

     25,254       24,423       12,276       3     106

Other loans

     2,657       2,596       2,252       2     18
  

 

 

   

 

 

   

 

 

     

Total loans and leases held for investment

     84,619       83,995       69,001       1     23

Less: Allowance for credit losses on loans and leases

     (992     (619     (393     60     152
  

 

 

   

 

 

   

 

 

     

Total loans and leases held for investment, net

     83,627       83,376       68,608       —      22
  

 

 

   

 

 

   

 

 

     

Federal Home Loan Bank stock and Federal Reserve Bank stock, at cost

     1,392       1,110       1,267       25     10

Premises and equipment, net

     652       638       491       2     33

Core deposit and other intangibles

     625       661       287       -5     118

Goodwill

     —        2,426       2,426       -100     -100

Mortgage servicing rights

     1,111       1,135       1,033       -2     8

Bank-owned life insurance

     1,580       1,576       1,561       —      1

Other assets

     3,075       2,717       2,250       13     37
  

 

 

   

 

 

   

 

 

     

Total assets

   $ 113,896     $ 111,230     $ 90,144       2     26
  

 

 

   

 

 

   

 

 

     

Liabilities and Stockholders’ Equity

          

Deposits:

          

Interest-bearing checking and money market accounts

   $ 30,700     $ 31,087     $ 22,511       -1     36

Savings accounts

     8,773       9,415       11,645       -7     -25

Certificates of deposit

     21,554       17,310       12,510       25     72

Non-interest-bearing accounts

     20,338       24,863       12,055       -18     69
  

 

 

   

 

 

   

 

 

     

Total deposits

     81,365       82,675       58,721       -2     39
  

 

 

   

 

 

   

 

 

     

Borrowed funds:

          

Wholesale borrowings

     20,250       13,570       20,325       49     — 

Junior subordinated debentures

     579       578       575       —      1

Subordinated notes

     438       437       432       —      1
  

 

 

   

 

 

   

 

 

     

Total borrowed funds

     21,267       14,585       21,332       46     — 

Other liabilities

     2,897       2,977       1,267       -3     129
  

 

 

   

 

 

   

 

 

     

Total liabilities

     105,529       100,237       81,320       5     30
  

 

 

   

 

 

   

 

 

     

Stockholders’ equity:

          

Preferred stock

     503       503       503       —      — 

Common stock

     7       7       7       —      — 

Paid-in capital in excess of par

     8,231       8,217       8,130       —      1

Retained earnings

     443       3,278       1,041       -86     -57

Treasury stock, at cost

     (218     (217     (237     —      -8

Accumulated other comprehensive loss, net of tax:

          

Net unrealized loss on securities available for sale, net of tax

     (581     (863     (626     -33     -7

Pension and post-retirement obligations, net of tax

     (28     (42     (46     -33     -39

Net unrealized gain on cash flow hedges, net of tax

     10       110       52       -91     -81
  

 

 

   

 

 

   

 

 

     

Total accumulated other comprehensive loss, net of tax

     (599     (795     (620     -25     -3
  

 

 

   

 

 

   

 

 

     

Total stockholders’ equity

     8,367       10,993       8,824       -24     -5
  

 

 

   

 

 

   

 

 

     

Total liabilities and stockholders’ equity

   $ 113,896     $ 111,230     $ 90,144       2     26
  

 

 

   

 

 

   

 

 

     

 

1


NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

 

     For the Three Months Ended      December 31, 2023
compared to
 
     December 31,
2023
    September 30,
2023
     December 31,
2022
     September 30,
2023
    December 31,
2022
 
(dollars in millions, except per share data)                                 

Interest Income:

            

Loans and leases

   $ 1,230     $ 1,251      $ 589        -2     109

Securities and money market investments

     217       261        92        -17     136
  

 

 

   

 

 

    

 

 

      

Total interest income

     1,447       1,512        681        -4     112

Interest Expense:

            

Interest-bearing checking and money market accounts

     286       268        122        7     134

Savings accounts

     47       43        27        9     74

Certificates of deposit

     210       180        51        17     312

Borrowed funds

     164       139        102        18     61
  

 

 

   

 

 

    

 

 

      

Total interest expense

     707       630        302        12     134
  

 

 

   

 

 

    

 

 

      

Net interest income

     740       882        379        -16     95

Provision for credit losses

     552       62        124        790     345
  

 

 

   

 

 

    

 

 

      

Net interest income after provision for credit losses

     188       820        255        -77     -26
  

 

 

   

 

 

    

 

 

      

Non-Interest Income:

            

Fee income

     39       58        10        -33     290

Bank-owned life insurance

     11       11        8        —      38

Net losses on securities

     —        —         —         NM       NM  

Net return on mortgage servicing rights

     33       23        6        43     450

Net gain on loan sales and securitizations

     16       28        5        -43     220

Net loan administration income

     17       19        3        -11     467

Bargain purchase gain

     (11            159        NM       -107

Other income

     22       21        7        5     214
  

 

 

   

 

 

    

 

 

      

Total non-interest income

     127       160        198        -21     -36
  

 

 

   

 

 

    

 

 

      

Non-Interest Expense:

            

Operating expenses:

            

Compensation and benefits

     295       346        116        -15     154

Other

     312       239        88        31     255
  

 

 

   

 

 

    

 

 

      

Total operating expenses

     607       585        204        4     198

Intangible asset amortization

     36       36        5        —      620

Merger-related and restructuring expenses

     63       91        60        -31     5

Goodwill impairment

     2,426       —         —        
  

 

 

   

 

 

    

 

 

      

Total non-interest expense

     3,132       712        269        340     1064
  

 

 

   

 

 

    

 

 

      

(Loss) income before income taxes

     (2,817     268        184        -1151     -1631

Income tax (benefit) expense

     (112     61        12        -284     -1033
  

 

 

   

 

 

    

 

 

      

Net (loss) income

     (2,705     207        172        -1407     -1673

Preferred stock dividends

     8       8        8        —      — 
  

 

 

   

 

 

    

 

 

      

Net (loss) income available to common stockholders

   $ (2,713   $ 199      $ 164        -1463     -1754
  

 

 

   

 

 

    

 

 

      

Basic (loss) earnings per common share

   $ (3.76   $ 0.27      $ 0.30        -1493     -1353
  

 

 

   

 

 

    

 

 

      

Diluted (loss) earnings per common share

   $ (3.76   $ 0.27      $ 0.30        -1493     -1353
  

 

 

   

 

 

    

 

 

      

Dividends per common share

   $ 0.05     $ 0.17      $ 0.17        -71     -71
  

 

 

   

 

 

    

 

 

      

 

2


NEW YORK COMMUNITY BANCORP, INC.

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

 

     For the Twelve Months Ended     Change  
     December 31,
2023
    December 31,
2022
    Amount     Percent  
(dollars in millions, except per share data)                         

Interest Income:

        

Loans and leases

   $ 4,509     $ 1,848       2,661       144

Securities and money market investments

     982       244       738       302
  

 

 

   

 

 

   

 

 

   

 

 

 

Total interest income

     5,491       2,092       3,399       162

Interest Expense:

        

Interest-bearing checking and money market accounts

     943       226       717       317

Savings accounts

     169       60       109       182

Certificates of deposit

     646       97       549       566

Borrowed funds

     656       313       343       110
  

 

 

   

 

 

   

 

 

   

 

 

 

Total interest expense

     2,414       696       1,718       247
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     3,077       1,396       1,681       120

Provision for credit losses

     833       133       700       526
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision for credit losses

     2,244       1,263       981       78
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-Interest Income:

        

Fee income

     172       27       145       537

Bank-owned life insurance

     43       32       11       34

Net losses on securities

     (1     (2     1       -50

Net return on mortgage servicing rights

     103       6       97       1617

Net gain on loan sales and securitizations

     89       5       84       1680

Net loan administration income

     82       3       79       2633

Bargain purchase gain

     2,131       159       1,972       1240

Other income

     68       17       51       300
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest income

     2,687       247       2,440       988
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-Interest Expense:

        

Operating expenses:

        

Compensation and benefits

     1,149       354       795       225

Other

     950       250       700       280
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     2,099       604       1,495       248

Intangible asset amortization

     126       5       121       2420

Merger-related and restructuring expenses

     330       75       255       340

Goodwill impairment

     2,426       —        2,426       N/M  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expense

     4,981       684       4,297       628
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before income taxes

     (50     826       (876     -106

Income tax expense

     29       176       (147     -84
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

     (79     650       (729     -112

Preferred stock dividends

     33       33       —        — 
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income available to common stockholders

   $ (112   $ 617       (729     -118
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic (loss) earnings per common share

   $ (0.16   $ 1.26     $ (1.41     -111
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted (loss) earnings per common share

   $ (0.16   $ 1.26     $ (1.43     -113
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividends per common share

   $ 0.56     $ 0.68     $ (0.12     -18
  

 

 

   

 

 

   

 

 

   

 

 

 

 

3


CAPITAL POSITION

The Company’s 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.

 

     December 31, 2023     September 30, 2023     December 31, 2022  

REGULATORY CAPITAL RATIOS: (1)

      

New York Community Bancorp, Inc.

      

Common equity tier 1 ratio

     9.07     9.59     9.06

Tier 1 risk-based capital ratio

     9.64     10.17     9.78

Total risk-based capital ratio

     11.79     11.97     11.66

Leverage capital ratio

     7.75     7.92     9.70

Flagstar Bank, N.A.

      

Common equity tier 1 ratio

     10.54     11.10     10.96

Tier 1 risk-based capital ratio

     10.54     11.10     10.96

Total risk-based capital ratio

     11.64     11.77     11.43

Leverage capital ratio

     8.48     8.64     10.87

 

(1)

The minimum regulatory requirements for classification as a well-capitalized institution are a common equity tier 1 capital ratio of 6.5%; a tier one risk-based capital ratio of 8.00%; a total risk-based capital ratio of 10.00%; and a leverage capital ratio of 5.00%.

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 and the bargain purchase gains related to our merger with Flagstar and the Signature transaction, and initial provision for credit losses are not. Nevertheless, it is management’s belief that these non-GAAP measures should be disclosed in our earnings release and other investor communications because they are not considered part of recurring operations and are included because the Company believes they may provide useful supplemental information for evaluating the underlying performance trends of the Company.

 

     For the Three Months Ended     For the Twelve Months
Ended
 
(dollars in millions, except per share data)    December 31,
2023
    September 30,
2023
     December 31,
2022
    December 31,
2023
    December 31,
2022
 

Net (loss) income - GAAP

   $ (2,704   $ 207      $ 172     $ (79   $ 650  

Merger-related and restructuring expenses, net of tax (1)

     46       67        48       245       59  

Goodwill impairment

     2,426       —         —        2,426       —   

FDIC special assessment, net of tax

     36       —         —        36       —   

Bargain purchase gain

     11       —         (159     (2,131     (159

Initial provision for credit losses, net of tax

     —        —         86       97       86  

Provision for bond related credit losses, net of tax

     —        —         —        15       —   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Net (loss) income, as adjusted - non-GAAP

   $ (185   $ 274      $ 147     $ 609     $ 636  

Preferred stock dividends

     8       8        8       33       33  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Net (loss) income available to common stockholders, as adjusted - non-GAAP

   $ (193   $ 266      $ 139     $ 576     $ 603  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Diluted (loss) earnings per common share - GAAP

   $ (3.76   $ 0.27      $ 0.30     $ (0.16   $ 1.26  

Diluted (loss) earnings per common share, as adjusted - non-GAAP

   $ (0.27   $ 0.36      $ 0.25     $ 0.80     $ 1.23  

 

(1)

Certain merger-related items are not taxable or deductible.

 

4

v3.24.0.1
Document and Entity Information
Jan. 31, 2024
Document And Entity Information [Line Items]  
Entity Registrant Name NEW YORK COMMUNITY BANCORP INC
Amendment Flag true
Entity Central Index Key 0000910073
Document Type 8-K/A
Document Period End Date Jan. 31, 2024
Entity Incorporation State Country Code DE
Entity File Number 1-31565
Entity Tax Identification Number 06-1377322
Entity Address, Address Line One 102 Duffy Avenue
Entity Address, City or Town Hicksville
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11801
City Area Code (516)
Local Phone Number 683-4100
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Description On January 31, 2024, New York Community Bancorp, Inc. (“NYCB” or the “Company”) filed a Current Report on Form 8-K furnishing under Items 2.02 and 9.01 the Company’s press release announcing its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023 (the “Original Filing”). The full text of the press release was included as Exhibit 99.1 to the Original Filing. This Amendment (this “Amendment”) to the Original Filing is being filed to reflect, among other things, (a) an adjustment related to a goodwill impairment, (b) certain measurement period adjustments impacting the Company’s bargain purchase gain and (c) an adjustment for a type 1 subsequent event, each as more fully described herein. Each of these adjustments were identified by NYCB’s management after the date of the Original Filing and as part of the Company’s customary procedures to finalize its financial statements for inclusion in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”).
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common stock, $0.01 par value per share
Trading Symbol NYCB
Security Exchange Name NYSE
Bifurcated Option Notes Unit Securities [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Bifurcated Option Note Unit Securities SM
Trading Symbol NYCB PU
Security Exchange Name NYSE
Fixed To Floating Rate Series A Noncumulative Perpetual Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, $0.01 par value
Trading Symbol NYCB PA
Security Exchange Name NYSE

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