Flagstar Bank, N.a. · NYSE:FLG
Flagstar Bank, N.a — New York Community Bancorp — Shareholder Meeting (May 2021)
21 slides from Flagstar Bank, N.a's shareholder meeting presentation, May 26, 2021
Slide 1: 2021 Annual Meeting of Shareholders
2021 Annual Meeting of Shareholders May 26, 2021 Exhibit 99.1
Slide 2: Disclaimer: Cautionary Note Regarding Forward-Looking Statements
Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Additional Information and Where to Find It In connection with the proposed transaction, NYCB will file with the SEC a registration statement on Form S-4 to register the shares of NYCB’s capital stock to be issued in connection with the proposed transaction. The registration stat
Slide 4: We rank among the largest U.S. bank holding companies
We rank among the largest U.S. bank holding companies… Total Assets: $57.7 billion, 75% of which are loans and 11% are investment securities Total Deposits: $34.2 billion, up 22% annualized Total Loans: $43.1 billion primarily multi-family and CRE Total Market Capitalization: $5.6 billion
Slide 5: … but without the risk other large banks have
… but without the risk other large banks have. Ratio NYCB At 3/31/2021 SNL Bank &Thrift Index At 3/31/2021 Peers At 3/31/2021 NCOs/Average Loans 0.00% 0.29% 0.14% Cumulative losses (a) 108 bp 2,374 bp 1,322 bp NPAs/Total Assets 0.07% 0.40% 0.70% NPLs/Total Loans 0.08% 0.91% 1.00% ALLL/NPLs 596.05% 1
Slide 6: Strong Profitability Measures: Income Statement Highlights
(dollars in thousands, except per share data) 1Q 2021 1Q 2020 Strong Profitability Measures: Diluted earnings per common share $0.29 $0.20 Net income available to common shareholders $137,389 $92,121 Net interest margin 2.48% 2.01% Efficiency ratio 39.87 48.03 Total loans, net $43,068,816 $42,129,51
Slide 7: NYCB and Flagstar: Accelerating Our Transformation Strategy
NYCB and Flagstar: Accelerating Our Transformation Strategy
Slide 8: Enhancing Shareholder Value By Leveraging Two Like-Minded Organizations
Accelerates our transition towards building a dynamic commercial banking organization Enhancing Shareholder Value By Leveraging Two Like-Minded Organizations with Distinctive Strategic Strengths Creates a top-tier regional bank with significant scale and broader diversification Combines two strong m
Slide 9: Key Transaction Terms
Key Transaction Terms Consideration & Transaction Pricing 100% stock consideration with a fixed exchange ratio of 4.0151x NYCB shares for each FBC share Implied Total Transaction Value of $2.6B 9.3x Price / 2022E EPS; 6.4x Price / 2022E EPS with fully realized synergies 1.15x Price / Tangible Book V
Slide 10: A Financially Compelling Transaction
A Financially Compelling Transaction Financial Metrics Robust Capital Position Source: Factset, S&P Global Market Intelligence Double-Digit EPS Accretion Immediately Accretive To TBVPS Conservative Fully Phased-In Cost Savings 16% 2022E (Assuming Fully Phased-in Cost Savings) 3.5% TBVPS Accretion At
Slide 11: Flagstar – A Differentiated Bank
Flagstar – A Differentiated Bank 158 Bank Branches Includes eight home lending offices located in banking branches Source: Company filings, S&P Global Market Intelligence Note: Financial data as of the year ended 31-Mar-21; Branch count as of 31-Mar-21. Loan Portfolio – 1Q21 Deposit Portfolio – 1Q21
Slide 12: A Top-Tier Bank with National Scale and Strong Footholds
A Top-Tier Bank with National Scale and Strong Footholds in Northeast/Midwest and Exposure to High Growth Markets Source: Company Filings, S&P Global Market Intelligence, FDIC Note: FBC retail home lending offices (87 offices) not denoted on map; Branch map as of 30-Jun-20 FDIC data; Branch count as
Slide 13: Delivering a Broader Set of Products and Services to Clients in More Markets
Delivering a Broader Set of Products and Services to Clients in More Markets Expands market footprint to include both regional and national focused business lines Incremental revenue opportunities from the addition of each company’s unique businesses to the combined franchise Produces comprehensive
Slide 14: Pro Forma Loan Portfolio
Pro Forma Loan Portfolio NYCB FBC COMBINED NYCB Pro Forma Repositions interest rate sensitivity profile ~(3)% ΔNII, +200bps ~8% ΔNII, +200bps Source: Company filings; S&P Global Market Intelligence Note: MRQ financial data as of 31-Mar-21;CRE defined as the sum of Construction & Land Development, Lo
Slide 15: Pro Forma Funding Profile
Pro Forma Funding Profile NYCB FBC COMBINED Flexibility to pay down or reduce dependency on wholesale funding Ability to expand custodial relationships through increased balance sheet size Funding profile benefits from higher core deposits and decreased wholesale funding Source: Company filings, S&P
Slide 16: Combined Revenue Profile With A Reduced Dependency On Spread Income
Combined Revenue Profile With A Reduced Dependency On Spread Income NYCB (1Q21 LTM) FBC (1Q21 LTM) COMBINED (1Q21 LTM) $1.2B Mortgage-related earnings create natural hedge for various interest rate environments Pro forma fee income contributes to a more resilient revenue generating profile Source: C
Slide 17: A History Of Accretive Transactions
Transaction Type: Savings Bank Commercial Bank Branch FDIC Deposit A History Of Accretive Transactions Which Have Added To Our Franchise Value 1. Nov. 2000 Haven Bancorp (HAVN) Assets: $2.7 billion Deposits: $2.1 billion 3 . Oct. 2003 Roslyn Bancorp, Inc. (RSLN) Assets: $10.4 billion Deposits: $5.9
Slide 18: A Shared Commitment
A Shared Commitment We expect to maintain continuous commitment to our constituencies as well as support additional important community initiatives across our nationwide footprint Greater capabilities and expanded product suite Diversified client base and scope Increased technology spending and capa
Slide 19: For More Information
Visit our website: ir.myNYCB.com E-mail requests to: ir@myNYCB.com Call Investor Relations at: (516) 683-4420 Write to: Investor Relations New York Community Bancorp, Inc. 615 Merrick Avenue Westbury, NY 11590 For More Information
Slide 20: Appendix
Appendix
Slide 21: Non-GAAP Reconciliation
While average stockholders’ equity, average assets, return on average assets, and return on average stockholders’ equity are financial measures that are recorded in accordance with U.S. generally accepted accounting principles ("GAAP"), average tangible stockholders’ equity, average tangible assets,
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