New York Community Bancorp, Inc. (NYSE: NYB) (the “Company”) today reported GAAP earnings of $128.8 million, or $0.29 per diluted share, for the three months ended September 30, 2012, generating a 1.29% return on average tangible assets and a 17.10% return on average tangible stockholders’ equity. (2)
Note: Please see the last page of this release for all footnotes to the text. As further discussed in the footnotes, “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 cash earnings of $139.2 million, or $0.32 per diluted share, for the current third quarter, which contributed $10.4 million, or 8.1%, more to tangible stockholders’ equity than its third-quarter GAAP earnings alone. (1)(2)For the nine months ended September 30, 2012, the Company reported GAAP earnings of $378.3 million, representing a year-over-year increase of $15.9 million and a $0.04 rise in diluted earnings per share to $0.86. During this time, the Company’s non-GAAP cash earnings were $409.0 million, or $0.93 on a diluted per-share basis, and contributed $30.8 million, or 8.1%, more to tangible stockholders’ equity than its nine-month GAAP earnings alone. (1)(2) Commenting on the Company's third quarter results, President and Chief Executive Officer Joseph R. Ficalora stated, “We are very pleased by the continued strength of our financial performance, and by the contribution to earnings of our two-pronged lending strategy. “Reflecting our diversified revenue stream and the quality of our assets, we recorded third quarter GAAP earnings of $128.8 million and extended our record of industry-leading returns. In the three months ended September 30, 2012, our earnings produced a 1.29% return on average tangible assets, and a return on average tangible stockholders’ equity of 17.10%. In the nine months ended at that date, our returns also were solid--with GAAP earnings of $378.3 million producing respective returns of 1.30% and 16.87%. On a diluted per-share basis, our earnings were $0.29 in the quarter, bringing our year-to-date earnings to $0.86 per diluted share. (2) “While multi-family lending remains our primary focus--third quarter originations exceeded $1.6 billion--we continue to reap the benefits of our mortgage banking operation, which funded $2.9 billion of loans for sale in the last three months alone. With mortgage rates at historical lows and more homeowners refinancing, mortgage banking income totaled $52.6 million in the quarter--more than twice the amount we recorded in the third quarter of last year.