New York Community Bancorp, Inc. (NYSE:NYCB) (the “Company”) today reported GAAP earnings of $118.7 million, or $0.27 per diluted share, for the three months ended June 30, 2014 and $233.9 million, or $0.53 per diluted share, for the six months ended at that date.
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.
In addition, the Company reported cash earnings of $128.6 million, or $0.29 per diluted share, for the current second quarter and $254.3 million, or $0.58 per diluted share, for the current six-month period. (1)Commenting on the Company’s current second quarter performance, President and Chief Executive Officer Joseph R. Ficalora stated, “We’re gratified by the quarter’s results and the degree to which our earnings reflect our focus on asset quality and the growth of our multi-family loan portfolio. “Indicative of our focus on the quality of our assets, we reported a 30.7% reduction in non-performing loans over the course of the quarter, which contributed to a 20.8% reduction in non-performing assets at the end of June. The balance of loans 30-89 days past due fell 78.4% to a modest $4.0 million, contributing to a 26.1% decline in total delinquencies. Furthermore, we were pleased to note the absence of net charge-offs in the quarter; in fact, we recorded net recoveries in the last three months, instead. “While the nature of our primary lending niche deserves much of the credit for the quality of our assets, so too does the way in which we underwrite our loans. For example, the sequential decline in non-performing loans was due to a group of loans to a single borrower totaling $32.2 million that transitioned to OREO--and also were sold--in the second quarter, resulting in a $6.0 million gain.