New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”) today reported GAAP earnings of $114.2 million, or $0.26 per diluted share, for the three months ended September 30, 2013, and $355.4 million, or $0.80 per diluted share, for the nine months ended at that date.
The Company also reported cash earnings of $124.5 million, or $0.28 per diluted share, for the current third quarter and $385.5 million, or $0.88 per diluted share, for the current nine-month period. (1)
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.Commenting on the Company’s third quarter performance, President and Chief Executive Officer Joseph R. Ficalora stated, “The last three months were significant for the opportunities they provided to demonstrate the strength of our business model and the particular merits of our core business strategies. Reflecting significant loan and asset growth and the stellar quality of our assets, we generated third quarter GAAP earnings of $114.2 million, bringing our nine-month GAAP earnings to $355.4 million, or $0.80 per diluted share. “Looking next at our balance sheet, one cannot help but notice that our assets rose $1.6 billion from the year-end 2012 balance to a Company high of $45.8 billion at September 30, 2013. Most of that growth occurred in just the last quarter, and was driven by the production of multi-family loans in our traditional lending niche. “Of the $3.4 billion of loans we produced for investment in the current third quarter, $2.6 billion, or 77.6%, were, in fact, multi-family loans. This is the largest volume of multi-family loans we’ve produced in a single quarter—and we’ve been producing multi-family loans for more than 40 years. With nine-month originations rising $1.6 billion year-over-year, to $5.6 billion, our portfolio of multi-family loans grew 8.6% from the balance recorded at the end of December to $20.2 billion, representing 69.2% of total held-for-investment loans at September 30th.