New York Community Bancorp, Inc. (NYSE: NYB) (the “Company”) today reported GAAP earnings of $131.2 million, or $0.30 per diluted share, for the three months ended June 30, 2012, generating a 1.36% return on average tangible assets and a 17.40% return on average tangible stockholders' equity.
Note: Please see the last page of this release for all footnotes to the text. As further discussed in the footnotes, “operating earnings” and “cash earnings,” “tangible assets” and “average tangible assets,” “tangible stockholders’ equity” and “average tangible stockholders’ equity,” and the related measures are non-GAAP financial measures.
The Company also reported non-GAAP operating earnings ("operating earnings") of $131.1 million, or $0.30 per diluted share, for the current second quarter, and non-GAAP cash earnings ("cash earnings") of $141.7 million, or $0.32 per diluted share. The Company’s second quarter 2012 cash earnings contributed $10.5 million more to tangible stockholders’ equity than its second quarter 2012 GAAP earnings alone.
For the six months ended June 30, 2012, the Company reported GAAP earnings of $249.5 million, or $0.56 per diluted share, up from $242.6 million, or $0.55 per diluted share, in the year-earlier six months. The Company’s current six-month GAAP earnings generated a 1.30% return on average tangible assets and a 16.75% return on average tangible stockholders’ equity.
The Company’s current six-month operating earnings rose $18.6 million, or 8.1%, year-over-year to $248.9 million, equivalent to a $0.04, or 7.7%, increase in diluted operating earnings per share to $0.56. The Company’s current six-month operating earnings generated a 1.30% return on average tangible assets and a 16.72% return on average tangible stockholders’ equity. In addition, the Company reported cash earnings of $269.8 million, or $0.62 per diluted share, for the current six-month period, which added $20.4 million, or 8.2%, more to tangible capital than its GAAP earnings alone.
Commenting on the Company's second quarter results, President and Chief Executive Officer Joseph R. Ficalora stated, “We’re obviously pleased by the strength of our second quarter performance, especially in view of the challenges posed by the narrowing spreads between short- and long-term interest rates. Our earnings rose as loan demand grew in our traditional market--multi-family lending--and in the nationwide market for one-to-four family loans served by our mortgage bank.