New York Comnity Stock Price, News & Analysis

Flagstar Bank, a subsidiary of New York Community Bancorp, Inc. (NYSE: NYCB), has announced the expansion of its Commercial and Private Banking leadership team with four key executive appointments. The new hires, reporting to Rich Raffetto, SEVP & President of Commercial and Private Banking, include:

1. Joe Abruzzo: EVP and Head of Regional Commercial Banking & Corporate Banking
2. Rita Dailey: EVP, Head of Commercial Deposits & Payment Solutions
3. Mike Mason: EVP, Head of Credit Products, Commercial and Private Banking
4. Matt Dalany: SVP, Head of Specialized Industries Credit Products

These appointments aim to enhance client coverage, advance product capabilities, and strengthen Flagstar's Commercial and Private Banking strategy. As of June 30, 2024, NYCB had $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholders' equity.

New York Community Bancorp, Inc. (NYSE: NYCB) has announced quarterly cash dividends on its common stock and preferred stocks. The Board of Directors declared:

• A $0.01 per share dividend on common stock, payable on September 17, 2024
• A $15.94 per share dividend on Series A preferred stock ($0.3984 per depositary share)
• A $3.3333 per share dividend on Series B preferred stock

All dividends are payable to stockholders of record as of September 7, 2024. As of June 30, 2024, the company reported $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholders' equity. Flagstar Bank, N.A., the company's subsidiary, operates over 400 branches and a nationwide mortgage network.

New York Community Bancorp, Inc. (NYSE: NYCB) has announced employment inducement awards for two new executives. Richard Raffetto, appointed as Senior Executive Vice President and President of Commercial and Private Banking, and Kris Gagnon, as Senior Executive Vice President and Chief Credit Officer, have each been granted a one-time stock option to acquire 1,000,000 shares of the Company's common stock.

The stock options have an exercise price of $10.48, equal to the closing price on the grant date, and will vest in 3 equal annual installments over three years. These awards are being made outside of the Company's 2020 Omnibus Incentive Plan but will generally be subject to the same terms and conditions.

As of June 30, 2024, NYCB had $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholders' equity. The Company operates over 400 branches and has a significant presence in the Northeast, Midwest, Southeast, and West Coast.

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.