Flagstar Bank, N.a. · NYSE:FLG
Flagstar Bank, N.a — New York Community Bancorp — Q4 2010 Earnings Presentation
40 slides from Flagstar Bank, N.a's earnings presentation, Jan 28, 2011
Slide 1: Fourth Quarter 2010 Investor Presentation
Fourth Quarter 2010 Investor Presentation Exhibit 99.1
Slide 2: Forward-looking Statements and Associated Risk Factors
New York Community Bancorp, Inc. Page 2 Forward-looking Statements and Associated Risk Factors Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This presentation, like many written and oral communications presented by New York Community Bancorp, Inc. and our authorized
Slide 3: Bancorp ranks among the top bank holding companies in the United States
New York Community Bancorp ranks among the top 25 bank holding companies in the United States. New York Community Bancorp, Inc. Page 3 Note: Except as otherwise indicated, all industry data was provided by SNL Financial as of 1/26/11.
Slide 4: Largely reflecting our acquisition strategy, we currently have 276 locations in five states
New York Community Bancorp, Inc. Page 4 Largely reflecting our acquisition strategy, we currently have 276 locations in five states. Metro New York 157 Branches Ohio 28 Branches New Jersey 52 Branches Florida 25 Branches Arizona 14 Branches
Slide 5: We have a meaningful share of deposits in several of the markets we serve
New York Community Bancorp, Inc. Page 5 We have a meaningful share of deposits in several of the markets we serve.
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Slide 7: Our 4Q 2010 performance reflects the merits of our business model
New York Community Bancorp, Inc. Page 7 Our 4Q 2010 performance reflects the merits of our business model. (a) Please see page 38 for a reconciliation of our GAAP and operating earnings. (b) Please see page 39 for a reconciliation of our GAAP and operating non-interest income and our GAAP and operat
Slide 8: Our balance sheet has been strengthened over the past year
New York Community Bancorp, Inc. Page 8 Our balance sheet has been strengthened over the past year.
Slide 9: Our asset quality measures continue to compare favorably with those of our industry
New York Community Bancorp, Inc. Page 9 Our asset quality measures continue to compare favorably with those of our industry as a whole . (a) Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. (b) Non-performing loans exclude covered
Slide 10: Our capital strength reflects the growth of our earnings and our ability to access the capital markets
New York Community Bancorp, Inc. Page 10 Our capital strength reflects the growth of our earnings and our ability to access the capital markets. (a) Please see page 40 for a reconciliation of our GAAP and non-GAAP capital measures. Our dividend has been a significant component of our total return to
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Slide 12: Our business model has consistently focused on building value while building the Company
New York Community Bancorp, Inc. Page 12 Our business model has consistently focused on building value while building the Company. (a) Please see page 36 for a reconciliation of our GAAP and operating efficiency ratios.
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Slide 14: We have completed acquisitions since 2000
New York Community Bancorp, Inc. Page 14 We have completed 10 acquisitions since 2000. Note: The number of branches indicated reflects the number of branches in our current franchise that stemmed from each transaction. Transaction Type: Savings Bank Commercial Bank Branch FDIC
Slide 15: Our deposit growth has been largely acquisition-driven
New York Community Bancorp, Inc. Page 15 Our deposit growth has been largely acquisition- driven.
Slide 16: Acquisitions have provided much of the funding for the organic growth of our loan portfolio
New York Community Bancorp, Inc. Page 16 Acquisitions have provided much of the funding for the organic growth of our loan portfolio. (a) Originations of loans held for sale totaled $888.5 million in 2009 and $10.8 billion in 2010.
Slide 17: We have capitalized on opportunities for revenue growth stemming from our acquisitions
New York Community Bancorp, Inc. Page 17 We have capitalized on opportunities for revenue growth stemming from our acquisitions.
Slide 18: Our mortgage banking platform is a leading aggregator of agency-conforming one-to-four family residential loans
New York Community Bancorp, Inc. Page 18 Our mortgage banking platform is a leading aggregator of agency-conforming one-to-four family residential loans.
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Slide 20: For more than years, we have been a leading producer of multi-family loans
New York Community Bancorp, Inc. Page 20 For more than 40 years, we have been a leading producer of multi-family loans on apartment buildings in New York City, most of which feature below-market rents.
Slide 21: Our focus on multi-family lending on rent-regulated buildings has enabled us to distinguish ourselves
New York Community Bancorp, Inc. Page 21 Our focus on multi-family lending on rent-regulated buildings has enabled us to distinguish ourselves from our industry peers. 64.0% of the rental housing units in New York City are subject to rent regulation and therefore feature below-market rents. (a) Rent
Slide 22: Multi-family loans have grown at a CAGR of 25.8% since 12/31/99
New York Community Bancorp, Inc. Page 22 Multi-family loans have grown at a CAGR of 25.8% since 12/31/99.
Slide 23: Our commercial real estate loans feature the same structure as our multi-family loans
New York Community Bancorp, Inc. Page 23 Our commercial real estate loans feature the same structure as our multi-family loans.
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Slide 25: Both historically and currently, we have been distinguished by our low level of net charge-offs
New York Community Bancorp, Inc. Page 25 Both historically and currently, we have been distinguished by our low level of net charge-offs.
Slide 26: The quality of our loan portfolio continues to exceed that of our industry
New York Community Bancorp, Inc. Page 26 The quality of our loan portfolio continues to exceed that of our industry, as it has in the past. (a) Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest. (b) Non-performing loans exclude cover
Slide 27: Historically and currently, few of our non-performing loans have resulted in charge-offs
New York Community Bancorp, Inc. Page 27 Historically and currently, few of our non-performing loans have resulted in charge-offs. (a) Non-performing loans exclude covered loans.
Slide 28: The quality of our assets reflects the nature of our multi-family lending niche and strong underwriting
New York Community Bancorp, Inc. Page 28 The quality of our assets reflects the nature of our multi-family lending niche and our strong underwriting standards.
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Slide 31: Our operating efficiency ratio was 35.88% in 2010, well below the SNL index
New York Community Bancorp, Inc. Page 31 Our operating efficiency ratio was 35.88% in 2010, well below the SNL Bank and Thrift Index efficiency ratio of 58.93%. (a) Please see page 37 for a reconciliation of our GAAP and operating efficiency ratios.
Slide 32: Our efficiency is driven by several factors
New York Community Bancorp, Inc. Page 32 Our efficiency is driven by several factors. Franchise expansion has largely stemmed from mergers and acquisitions; we generally do not engage in de novo branch development. Multi-family and commercial real estate lending are both broker-driven, with the borr
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Slide 34: We are committed to building value for our investors
New York Community Bancorp, Inc. Page 34 We are committed to building value for our investors. (a) Bloomberg As a result of nine stock splits in a span of 10 years, our charter shareholders have 2,700 shares of NYB stock for each 100 shares originally purchased.
Slide 35: For More Information
New York Community Bancorp, Inc. Page 35 For More Information 1/28/2011
Slide 36: Reconciliation of GAAP and Operating Efficiency Ratios
New York Community Bancorp, Inc. Page 36 Reconciliation of GAAP and Operating Efficiency Ratios For the Three Months Ended December 31, 2010 2009 (dollars in thousands) GAAP Operating GAAP Operating Total non-interest income and net interest income $408,250 $408,250 $392,567 $392,567 Adjustments: Ga
Slide 37: Reconciliation of GAAP and Operating Efficiency Ratios
New York Community Bancorp, Inc. Page 37 Reconciliation of GAAP and Operating Efficiency Ratios The following table presents reconciliations of the Company’s GAAP and operating efficiency ratios for the years ended December 31, 2005, 2006, 2007, 2008, 2009, and 2010. For the Years Ended December 31,
Slide 38: Reconciliation of GAAP and Operating Earnings
New York Community Bancorp, Inc. Page 38 Reconciliation of GAAP and Operating Earnings The following table presents reconciliations of the Company’s GAAP and operating earnings for the three and twelve months ended December 31, 2010 and 2009. For the Three Months Ended December 31, For the Twelve Mo
Slide 39: Reconciliation of GAAP and Operating Non-Interest Income and Operating Revenues
New York Community Bancorp, Inc. Page 39 Reconciliation of GAAP and Operating Non-Interest Income and GAAP and Operating Revenues The following table presents reconciliations of the Company’s GAAP and operating non-interest income and its GAAP and operating revenues for the three and twelve months e
Slide 40: Reconciliation of GAAP and Non-GAAP Capital Measures
New York Community Bancorp, Inc. Page 40 Reconciliation of GAAP and Non-GAAP Capital Measures December 31, December 31, (dollars in thousands) 2010 2009 Total stockholders’ equity $ 5,526,220 $ 5,366,902 Less: Goodwill (2,436,159) (2,436,401) Core deposit intangibles (77,734) (105,764) Tangible stoc
New York Community Bancorp — Q4 2010 Earnings Presentation on 6ix