New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today reported GAAP earnings of $122.8 million, or $0.28 per diluted share, for the three months ended December 31, 2012, and $501.1 million, or $1.13 per diluted share, for the twelve months ended at that date.
The Company also reported cash earnings of $133.0 million, or $0.30 per diluted share for the current fourth quarter, and $542.0 million, or $1.24 per diluted share, for the twelve months ended December 31, 2012.
Please Note: Footnotes are located on the last page of text. As further discussed in the footnotes, “cash earnings,” “tangible assets,” “average tangible assets,” “tangible stockholders’ equity,” “average tangible stockholders’ equity,” and the related measures are all non-GAAP financial measures.
The Company’s fourth quarter cash earnings added $10.2 million, or 8.3%, more to tangible stockholders’ equity than its fourth quarter GAAP earnings; its twelve-month cash earnings added $40.9 million, or 8.2%, more to tangible stockholders’ equity than its twelve-month GAAP earnings alone.
Commenting on the Company’s 2012 results, President and Chief Executive Officer Joseph R. Ficalora stated, "Our 2012 performance underscored the merits of complementing our traditional multi-family lending in New York City with the nationwide origination of one-to-four family loans for sale. The diversification of our revenue stream enabled us to generate even stronger earnings in 2012 than we did in 2011, despite the significant degree of margin pressure imposed by the low level of market interest rates. In 2012, our earnings rose to $501.1 million, generating a 1.28% return on average tangible assets and a 16.80% return on average tangible stockholders' equity.
"In the fourth quarter of 2012, our earnings rose year-over-year to $122.8 million and once again provided above-industry average returns. While net interest income declined year-over-year, together with our margin, the declines were significantly limited by a record level of prepayment penalty income--$39.3 million--and largely offset by a year-over-year rise in income produced by our mortgage banking activities. For the twelve months ended December 31, 2012, prepayment penalty income rose 39.0% to a record $120.4 million and mortgage banking income more than doubled during the same time.