New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”) today reported GAAP earnings of $115.3 million, or $0.26 per diluted share, for the three months ended March 31, 2014. Included in the current first-quarter amount was a one-time charge to income tax expense of $4.5 million, recorded pursuant to a change in the New York State tax laws, together with a $2.9 million after-tax gain on the sale of securities and a $2.3 million after-tax gain on the sale of Visa Class B shares.
In addition, the Company reported cash earnings of $125.7 million, or $0.29 per diluted share, in the first three months of this year.
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 first quarter performance, President and Chief Executive Officer Joseph R. Ficalora stated, “While several factors contributed to the strength of our performance, the growth of our loan portfolio was perhaps the most overt. Loans held for investment rose $1.0 billion sequentially, to $30.9 billion, reflecting an annualized growth rate of 13.8%. Consistent with our status as a leading multi-family lender, multi-family loans represented $21.5 billion of the quarter-end balance and $756.0 million of the linked-quarter increase, having grown at an annualized rate of 14.6% in the first three months of this year.
“While I often point to loan growth as a highlight of our performance, I’m especially pleased to add deposit growth to the list. Reflecting the strength of a campaign we launched early in the quarter, deposits rose $1.1 billion, or 4.3%, in the first three months of this year. One benefit of our deposit growth was a reduction in wholesale funding, with wholesale borrowings declining $277.7 million sequentially.