New York Community Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs
January 30, 2013 at 01:16 pm
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New York Community Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest income of $446,772,000 against $464,842,000 a year ago. Net interest income was $290,001,000 against $300,258,000 a year ago. Net interest income after provisions for loan losses was $288,281,000 against $267,546,000 a year ago. Income before income taxes was $189,226,000 against $180,917,000 for the same period a year ago. Net Income was $122,843,000 or $0.28 per basic and diluted share against net Income of $117,652,000 or $0.27 per basic and diluted share a year ago. Cash earnings were $133,009,000 or $0.30 per diluted share against cash earnings of $127,211,000 or $0.29 per diluted share a year ago. Adjusted net income was $125,669,000 against $120,921,000 for the same period a year ago. Return on average assets was 1.14% against 1.13% a year ago. Return on average tangible assets was $1.24 against $1.23 a year ago. Return on average stockholder's equity was $8.94 against $8.50 a year ago. Return on average tangible stockholder's equity was $16.61 against $15.89 a year ago.
For the year, the company reported total interest income of $1,791,101,000 against $1,866,664,000 a year ago. Net interest income was $1,160,021,000 against $1,200,421,000 a year ago. Net interest income after provisions for loan losses was $1,097,033,000 against $1,100,001,000 a year ago. Income before income taxes was $780,909,000 against $734,577,000 for the same period a year ago. Net Income was $501,106,000 or $1.13 per basic and diluted share against net Income of $480,037,000 or $1.09 per basic and diluted share a year ago. Cash earnings were $542,022,000 or $1.24 per diluted share against cash earnings of $535,288,000 or $1.23 per diluted share a year ago. Adjusted net income was $512,892,000 against $495,677,000 for the same period a year ago. Return on average assets was 1.18% against 1.17% a year ago. Return on average tangible assets was $1.28 against $1.28 a year ago. Return on average stockholder's equity was $9.06 against $8.73 a year ago. Return on average tangible stockholder's equity was $16.80 against $16.52 a year ago. Book value per share was $12.88 as on December 31, 2012 compared to book value per share of $12.73 as on December 31, 2011. Tangible book value per share was $7.26 as on December 31, 2012 compared to $7.04 as on December 31, 2011.
For the quarter, the company reported net charge-offs declined $19.0 million year-over-year and $5.8 million linked-quarter, to $3.1 million, representing 0.01% of average loans in fourth quarter of 2012.
New York Community Bancorp, Inc. is the bank holding company for Flagstar Bank, N.A. (the Bank). It has various positions in several national businesses, including multifamily lending, mortgage originations and servicing, and warehouse lending. It is a multifamily portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Its specialty finance loans and leases are generally made to large corporate obligors that participate in stable industries nationwide, and its warehouse loans are made to mortgage lenders across the country. It offers a suite of cash management products to address the needs of small and mid-size businesses and professional associations. The Bank operates about 419 branches, including strong footholds in the Northeast and Midwest and exposure to markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of about 3,000 third-party mortgage originators.
New York Community Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs