Welcome to our dedicated page for New York Community Bancorp news (Ticker: NYCB), a resource for investors and traders seeking the latest updates and insights on New York Community Bancorp stock.
New York Community Bancorp, Inc. (NYSE: NYCB) stands as one of the 25 largest bank holding companies in the United States, boasting assets exceeding $48 billion and a market cap surpassing $7 billion. Headquartered in Hicksville, New York, NYCB operates through a network of over 270 branches spread across metro New York, New Jersey, Florida, Arizona, and Ohio, and ranks among the top 25 depositories in the nation.
NYCB's mission is to excel in all aspects for the benefit of customers, communities, employees, and shareholders alike. The company manages its branches under two primary banks: New York Community Bank and New York Commercial Bank, both members of the FDIC. These banks operate through eight local divisions reflecting the company's growth through strategic acquisitions:
- Queens County Savings Bank
- Roslyn Savings Bank
- Richmond County Savings Bank
- Roosevelt Savings Bank
- Garden State Community Bank
- AmTrust Bank
- Ohio Savings Bank
- Atlantic Bank
NYCB competes robustly in diverse markets, offering a comprehensive array of products and services that include online banking, mobile banking, and phone banking. Additionally, the company is a leading producer of multi-family loans in New York City, specializing in rent-regulated, non-luxury apartment buildings.
Recently, NYCB acquired Flagstar Bank, N.A., bolstering its presence with 435 branches and extensive operations across the Northeast, Midwest, Southeast, and West Coast. Flagstar Mortgage, a subsidiary of Flagstar Bank, operates nationally through a wholesale network of roughly 3,000 third-party mortgage originators. The acquisition has positioned NYCB as the second-largest multi-family portfolio lender in the U.S. and has strengthened its foothold in mortgage origination, servicing, and warehouse lending. As of March 31, 2023, NYCB reported assets of $123.8 billion, loans totaling $83.3 billion, deposits of $84.8 billion, and total stockholders' equity of $10.8 billion.
Latest News: NYCB has successfully implemented AFSVision, an advanced lending platform by Automated Financial Systems, Inc. (AFS®), at Flagstar Bank. This strategic move enhances Flagstar's commercial lending capabilities and supports its relationship banking model. AFSVision allows seamless integration with financial institutions' ecosystems and offers digital-enabling capabilities for end-to-end commercial loan processing.
NYCB continues to excel in various national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. With a focus on technology and efficiency, the company remains committed to providing exceptional service to its customers and maintaining its strong market positions.
New York Community Bancorp (NYSE: NYCB) reported a second-quarter 2024 net loss of $323 million, translating to a loss of $1.14 per diluted share for common stockholders. Adjusted for merger-related expenses, net loss was $298 million or $1.05 per share. A recent 1-for-3 reverse stock split has been reflected in these figures. Despite the losses, the company saw a 5.6% sequential increase in total deposits, amounting to $79 billion.
Asset quality improved with the allowance for credit losses (ACL) rising to 1.78%, up from 1.56% last quarter. Liquidity also strengthened significantly, with pro-forma liquidity at nearly $40 billion, attributed mainly to divestitures and deposit growth. The CET1 ratio stood at 9.54%, improving to 11.2% pro-forma.
The company made strategic moves to simplify its business model, including the sale of mortgage servicing rights and a mortgage warehouse business. These divestitures bolstered liquidity and capital ratios. CEO Joseph M. Otting emphasized ongoing efforts to reposition the bank for long-term success, including a comprehensive review of the loan portfolio and strengthening of the management team.
Flagstar Bank, N.A., a subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB), has announced the sale of its residential mortgage servicing business to Mr. Cooper (NASDAQ: COOP) for approximately $1.4 billion. The transaction, expected to close in Q4 2024, includes mortgage servicing rights and the third-party origination platform. This strategic move is projected to add 60 basis points to NYCB's CET1 capital ratio.
The decision aligns with NYCB's focus on transforming into a leading, relationship-focused regional bank. While the company will continue to provide residential mortgage products to retail and private wealth customers, this sale reduces financial and operational risks associated with the volatile interest rate environment and increased regulatory oversight.
New York Community Bancorp (NYSE: NYCB) has announced the appointment of nine seasoned leaders to its leadership team at Flagstar Bank, effective immediately. This move aims to enhance the company's oversight of core businesses and client-focused operations. The new appointments include:
- Richard Raffetto as SEVP, President of Commercial and Private Banking
- Kris Gagnon as SEVP, Chief Credit Officer
- Adam Feit as EVP, Head of Specialized Industries Banking and Capital Markets
- William Fitzgerald as EVP, Head of Workout-Commercial
- Don Howard as EVP, Director of Regulatory Governance, Risk & Controls
- Sydney Menefee as EVP, Senior Director, Strategic Financial & Capital Management
- Robert Phelps as EVP, Special Advisor to the CEO
- Bryan Hubbard as SVP, Senior Regulatory Program Manager
- Tom Lyons as SVP, Director of Finance Business Risk & Controls
These additions bring a wealth of experience in financial, commercial, private banking, IT, credit, and regulatory areas to the organization.
New York Community Bancorp (NYSE: NYCB) has successfully sold $5.9 billion in mortgage warehouse loans to JPMorgan Chase Bank at par value. The company expects to close an additional $200 million in similar loans soon. This transaction is projected to:
- Add approximately 70 basis points to NYCB's CET1 ratio
- Significantly increase liquidity
- Lower the loan-to-deposit ratio
- Simplify the business model
CEO Joseph M. Otting stated that this move aligns with NYCB's transition towards becoming a leading, diversified regional bank. As of March 31, 2024, NYCB had $112.9 billion in assets, $83.3 billion in loans, $74.9 billion in deposits, and $8.4 billion in total stockholders' equity.
New York Community Bancorp (NYSE: NYCB) has announced its plans to release Q2 2024 financial results on July 25, 2024, at approximately 7:00 a.m. ET. The company will host a conference call at 8:00 a.m. ET on the same day, featuring Chairman, President, and CEO Joseph M. Otting and CFO Craig Gifford discussing the quarter's performance.
Key details for the conference call include:
- Conference ID: 5857240
- Domestic dial-in: (888) 596-4144
- International dial-in: (646) 968-2525
- Replay available from July 25 (11:00 a.m.) to July 29 (11:59 p.m.)
NYCB, parent company of Flagstar Bank, N.A., reported $112.9 billion in assets, $83.3 billion in loans, and $74.9 billion in deposits as of March 31, 2024. The bank operates 419 branches and has a strong presence in mortgage origination and servicing.
New York Community Bancorp (NYSE: NYCB) announced the effectiveness of a one-for-three reverse stock split, approved by shareholders on June 5, 2024, and enacted on July 11, 2024. NYCB stock will trade on a reverse split-adjusted basis starting July 12, 2024. The trading symbol remains NYCB, but the new CUSIP number is 649445400. The reverse split consolidates every three existing shares into one, reducing authorized shares to 666,666,666, while the par value remains unchanged. No fractional shares will be issued; instead, shareholders will receive cash for fractional entitlements.
NYCB, headquartered in Hicksville, NY, is the parent of Flagstar Bank, which operates 419 branches and has significant assets and equity. The company's market-leading positions include multi-family lending and mortgage servicing, with Flagstar Mortgage being a major national player in mortgage origination.
New York Community Bancorp, Inc. (NYSE: NYCB) announced the approval of a one-for-three reverse stock split, effective at 5:01 p.m. ET on July 11, 2024. Following this, NYCB’s shares will start trading on a split-adjusted basis on July 12, 2024. This move reduces the number of authorized shares from 2 billion to approximately 667 million, with the new CUSIP number being 649445400. Fractional shares will not be issued; instead, cash payments will be provided for fractional entitlements. Proportional adjustments will be applied to equity compensation plans and certain preferred stock conversion ratios. Chairman Joseph M. Otting highlighted this as a key step in enhancing shareholder value. As of March 31, 2024, NYCB had $112.9 billion in assets, $83.3 billion in loans, and $74.9 billion in deposits.
New York Community Bancorp, Inc. (NYSE: NYCB) has announced its Board of Directors' approval of a one-for-three reverse stock split, following shareholder approval at the annual meeting on June 5th. This reverse stock split is anticipated to become effective in mid-to-late July 2024.
New York Community Bancorp is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the U.S., with $112.9 billion in assets, $83.3 billion in loans, and $74.9 billion in deposits as of March 31, 2024. The company operates 419 branches and provides national mortgage services through Flagstar Mortgage. Flagstar is a leading player in multi-family lending, mortgage origination, and servicing. It is the seventh-largest bank originator and fifth-largest sub-servicer of residential mortgages in the country.
New York Community Bancorp (NYSE: NYCB), parent company of Flagstar Bank, announced preliminary results from its Annual Shareholders Meeting held on June 5, 2024. Key points include the election of directors Milton Berlinski, Alan Frank, and Jennifer R. Whip to three-year terms. Shareholders also approved KPMG as the external audit firm for 2024, executive compensation, and several amendments to the Certificate of Incorporation. These amendments include increasing authorized shares from 905 million to 2.005 billion, a 1-3 reverse stock split, and specific voting waivers for Liberty and Reverence Capital affiliates. Additionally, shareholders ratified the issuance of common stock related to the March 2024 capital raise and the 2020 Omnibus Incentive Plan. The final voting results will be filed in a Form 8-K within four business days.
New York Community Bancorp (NYSE: NYCB) has appointed Joseph M. Otting, its current President and CEO, to the additional position of Executive Chairman, effective June 5, 2024. This appointment aligns with the company's strategic initiatives to improve operations. Alessandro P. DiNello will step down as Non-Executive Chairman but will remain a Board director and senior advisor. The company recently underwent a capital raise in March 2024 and continues to focus on its turnaround efforts. As of March 31, 2024, the company had $112.9 billion in assets, $83.3 billion in loans, and $74.9 billion in deposits.
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