Mittwoch, 27.01.2021 13:05 von PR Newswire | Aufrufe: 7

New York Community Bancorp, Inc. Reports Fourth Quarter And Full-Year 2020 Diluted EPS Of $0.39 And $1.02, On A GAAP Basis; $0.27 And $0.87 On A Non-GAAP Basis

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PR Newswire


WESTBURY, N.Y., Jan. 27, 2021 /PRNewswire/ --


Fourth Quarter and Full-Year 2020 Summary

Earnings:


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Diluted GAAP EPS of $0.39, up 70% compared to the third quarter of this year and up 95% compared to the fourth quarter of last year; full-year 2020 GAAP EPS were $1.02, up 32% compared to full-year 2019.

Kurse

  

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Diluted fourth quarter GAAP EPS includes a $55.3 million tax benefit related to certain provisions of the CARES Act; excluding this benefit, fourth quarter non-GAAP diluted EPS were $0.27, up 17% compared to the prior quarter and up 35% compared to the year-ago quarter.  For the full year, non-GAAP diluted EPS were $0.87, up 13% compared to the prior year. This excludes full year tax benefit of $68.4 million.


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Pre-provision net revenue totaled $189.4 million for the fourth quarter, up 13% relative to the prior quarter and up 42% relative to the year-ago quarter; full year pre-provision net revenue was $650.0 million, up 23% compared to the prior year. (1)


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Net income available to common shareholders for the fourth quarter was $181.5 million, up 69% compared to the previous quarter and up 95% compared to the year-ago fourth quarter; non-GAAP net income available to common shareholders for the fourth quarter was $126.1 million, up 17% and 36%, respectively.


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The fourth quarter efficiency ratio improved to 41.36% compared to both the previous and year-ago quarters.


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The fourth quarter provision for credit losses declined 15% to $11.0 million compared to the previous quarter.

Net Interest Margin/Income:


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The net interest margin increased 18 bp to 2.47% compared to the previous quarter and was up 43 bp compared to the year-ago fourth quarter.


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Prepayment income added 17 bp to the NIM during the fourth quarter, up eight bp compared to the previous quarter.  Excluding the impact from prepayments, the NIM on a non-GAAP basis would have been up 10 bp to 2.30% compared to the previous quarter.


-

Net interest income for the fourth quarter increased 9% to $307.9 million compared to the third quarter and up 27% compared to the fourth quarter of last year.  For 2020, net interest income was $1.1 billion, up 15% compared to 2019.

Balance Sheet:


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Total loans held for investment increased $989.4 million to $42.9 billion at December 31, 2020, up 2% compared to December 31, 2019.


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Multi-family loans increased $1.1 billion or 3% for the full year and $136.8 million during the fourth quarter.


-

Specialty finance loans and leases rose $439.2 million or 17% for the full year and were relatively unchanged compared to the previous quarter.


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Total deposits of $32.4 billion increased compared to both the previous quarter and year-end 2019. CD balances declined while all other deposit categories grew.

Asset Quality:


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At year-end 2020, full-payment loan deferrals declined to $83.6 million representing 0.2% of total loans compared to $6.1 billion or 14.4% of total loans at June 30, 2020.


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Non-performing assets, excluding non-performing taxi medallion-related assets, were $21.0 million or 0.04% of total assets compared to $22.9 million or 0.04% of total assets during the previous quarter.


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The ALLL rose $46.4 million to $194.0 million at year-end 2020 compared to the previous year end and represents 513.55% of non-performing loans and 0.45% of total loans as of December 31, 2020.

Capital Position at December 31, 2020:


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Common Equity Tier 1 Capital Ratio was 9.72%.


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Tier 1 Risk-Based Capital Ratio was 10.95%.


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Total Risk-Based Capital Ratio was 12.97%.


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Leverage Capital Ratio was 8.52%.

(1)

Pre-provision net revenue is a non-GAAP measure, but we believe it is relevant to understanding the Company's financial results in light of the implementation of CECL and the economic impact of COVID-19.

New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company") today reported net income for the three months ended December 31, 2020 of $189.7 million, up 64% compared to the $115.8 million we reported for the three months ended September 30, 2020 and up 87% compared to the $101.2 million we reported for the three months ended December 31, 2019.  Our fourth quarter and full-year 2020 results were impacted by a $55.3 million and a $68.4 million, respectively, income tax benefit related to the CARES Act.  Excluding this benefit, net income on a non-GAAP basis for the three months ended December 31, 2020 was $134.4 million up 16% and 33%, respectively.  For the twelve months ended December 31, 2020, net income totaled $511.1 million, up 29% compared to the $395.0 million we reported for the twelve months ended December 31, 2019.  On a non-GAAP basis, full-year 2020 net income was $442.7 million, up 12% compared to full-year 2019.

Net income available to common shareholders for the fourth quarter of 2020 totaled $181.5 million, up 69% compared to the $107.6 million we reported in the third quarter of 2020 and up 95% compared to the fourth quarter of 2019.  Net income available to common shareholders on a non-GAAP basis for the fourth quarter of 2020 was $126.1 million, up 17% and 36%, respectively. For the twelve months ended December 31, 2020, net income available to common shareholders was $478.3 million, up 32% compared to the previous year. On a non-GAAP basis, net income available to common shareholders totaled $409.9 million, up 13% compared to full-year 2019.

On a per share basis, the Company reported diluted EPS of $0.39 for the fourth quarter of 2020, up 70% compared to the $0.23 we reported in the prior quarter and up 95% compared to the year-ago quarter.  Diluted EPS on a non-GAAP basis were $0.27, up 17% compared to the prior quarter and up 35% compared to the year-ago quarter.  For full-year 2020, diluted EPS were $1.02 up 32% compared to the $0.77 we reported for full-year 2019.  Non-GAAP full-year 2020 diluted EPS were $0.87 per share, up 13% compared to full-year 2019.

Commenting on the Company's performance, President and Chief Executive Officer Thomas R. Cangemi stated: "Overall, we are pleased with our performance during 2020.  Despite a challenging operating environment due to the COVID-19 pandemic, the Company produced strong operating results characterized by double-digit EPS growth, continued margin expansion, a strong 23% increase in pre-provision net revenue, and strong origination growth.  Loan growth was modest, but this was offset by solid prepayment income.  Also, despite a small uptick in operating expenses during the fourth quarter, full-year operating expenses were flat, resulting in a lower efficiency ratio.

"Our asset quality metrics continued to improve as non-performing assets declined and, to date, our loan deferral program has proven to be successful, as virtually all loans eligible to come off deferral have returned to payment status. 

"Another positive was the continued improvement in the net interest margin during the current quarter.  Excluding the impact of prepayment income, the fourth quarter NIM on a non-GAAP basis was 2.30%, up 10 basis points compared to the third quarter and was up 23 basis points to 2.13% for the full year. Since bottoming during the third quarter of 2019, our non-GAAP NIM has risen 42 basis points.

"The positives weren't limited to our financial performance. Operationally, we also had a very strong year. In 2020, we completed the largest systems conversion in our history, shifted our lenders to a new paperless desktop origination platform, allowing them to process loans without interruption, moved nearly all of our back-office employees to working remotely, and continued to service our customers through our branches and through on-line channels. All of this occurred without disruptions to our customers or our business. Moreover, the fact that this occurred while the country and New York City were still suffering from the impact of the pandemic is a testament to our employees' commitment to the Company. I could not be more proud of how our entire organization came together and rose to the challenge. So a big collective thank you goes out to every one of our 3,000 employees throughout the franchise.

"Lastly, reflecting our earnings growth, capital position, and asset quality metrics, yesterday, our Board of Directors declared a quarterly cash dividend on our common stock of $0.17 per share."

DIVIDEND DECLARATION

The Board of Directors yesterday declared a quarterly cash dividend of $0.17 per share on the Company's common stock.  Based on a closing price of $10.96 as of January 26, 2021, this represents an annualized dividend yield of 6.2%.  The dividend is payable on February 16, 2021 to common shareholders of record as of February 6, 2021.

BALANCE SHEET SUMMARY

At December 31, 2020, total assets were $56.3 billion, up $2.7 billion or 5% compared to total assets at December 31, 2019.  The year-over-year asset growth was driven by loan growth, primarily due to growth in the multi-family and specialty finance portfolios, and an increase in the balance of cash and cash equivalents, offset by a decline in the securities portfolio.  Asset growth during the year was funded largely through an increase in both deposits and wholesale borrowings.

On a linked-quarter basis, total assets increased $1.4 billion or 10% annualized compared to September 30, 2020.  Unlike the full-year trends, the sequential growth was driven by growth in the securities portfolio and in the level of cash and cash equivalents, while total loans increased only modestly.  Our balance sheet growth during the fourth quarter was also funded by an increase in deposit balances and in the level of wholesale borrowings.

Total loans and leases held for investment increased $989.4 million or 2% to $42.9 billion compared to December 31, 2019.  Loan growth was centered on two portfolios, the multi-family portfolio and the specialty finance portfolio, while the commercial real estate ("CRE") portfolio declined.  On a linked-quarter basis, total loans and leases held for investment increased $54.4 million or 1% annualized compared to September 30, 2020.  This was driven by growth in the multi-family portfolio, a decline in the CRE portfolio, while the specialty finance portfolio was relatively flat.

Total securities consisting primarily of available-for-sale securities declined $39.7 million or 1% to $5.8 billion compared to December 31, 2019.  Throughout the first nine months of the year, the Company had refrained from adding to its securities portfolio, however, during the current fourth quarter, the Company added $1.0 billion of securities for liquidity purposes.  This led to a $579.6 million or an 11% sequential increase in our available-for-sale securities portfolio.

Similarly, the level of cash balances increased on both a year-over-year and linked-quarter basis.  At December 31, 2020, cash and cash equivalents totaled $1.9 billion, up $1.2 billion or 163% compared to December 31, 2019, while they increased $489.3 million or 34% compared to the level at September 30, 2020.

At December 31, 2020, deposits totaled $32.4 billion, up $779.7 million or 2% compared to December 31, 2019 and up $731.9 million or 9% annualized compared to September 30, 2020.  The deposit trends throughout 2020 have been favorable as CD balances have decreased, while we have had strong growth in other categories such as savings, non-interest bearing accounts, and interest-bearing checking and money market accounts.

Looking ahead, the Company has approximately $10.0 billion of CDs which are scheduled to mature by year-end 2021 with a weighted average interest rate of 0.79%.  Of this amount, approximately $4.0 billion of CDs with a weighted average interest rate of 1.07% are scheduled to mature during the first quarter of 2021.

Total borrowed funds at December 31, 2020 increased $1.5 billion or 10% to $16.1 billion compared to December 31, 2019 and rose $400.2 million or 10% annualized compared to September 30, 2020. The Company has $1.0 billion of FHLB-NY advances maturing over the course of 2021 at an average rate of 2.03%, including $325.0 million with an average rate of 2.36% that are maturing during the first quarter of 2021.

Loans

Total multi-family loans increased $1.1 billion or 3% to $32.3 billion compared to the balance at December 31, 2019.  On a sequential basis, total multi-family loans rose $136.8 million or 2% annualized compared to September 30, 2020.  Growth during the current fourth quarter was impacted by a higher than normal level of loans refinancing away from us, due to market conditions that favored GSE financing. However, this was offset by higher prepayment income during the quarter.

Our specialty finance portfolio continued to grow, as specialty finance loans and leases increased $439.2 million or 17% to $3.1 billion compared to the level at December 31, 2019.  On a sequential basis, specialty finance loans and leases were relatively unchanged.

The CRE portfolio declined $245.4 million or 3% to $6.8 billion at December 31, 2020 and it declined $48.8 million or 3% annualized compared to September 30, 2020.

Additionally, at December 31, 2020, the Company had $117.1 million of loans held for sale, relatively unchanged compared to September 30, 2020.  All of these loans are part of the Paycheck Protection Program (the "PPP").  At December 31, 2019, the Company did not have any loans designated as held for sale.

During the current fourth quarter, the average size of our multi-family loans was $6.6 million and the average size of our CRE loans was $6.7 million.  Both metrics are relatively unchanged compared to the previous quarter.  During the year-ago fourth quarter, the average size of our multi-family loans was $6.4 million and for CRE loans it was $6.6 million.

The weighted average life of the multi-family portfolio for the current fourth quarter was 2.3 years compared to 2.0 years for the third quarter of the year, while for the CRE portfolio it was 2.4 years compared to 2.3 years for the third quarter.  During the year-ago fourth quarter, the weighted average life of the multi-family portfolio was 2.0 years and for the CRE portfolio it was 2.3 years.

Originations
For the three months ended December 31, 2020, loans and leases originated for investment totaled $3.9 billion, exceeding the third-quarter pipeline by $2.1 billion, and up 30% compared to the volumes originated during the three months ended September 30, 2020.  Originations increased 17% compared to the $3.3 billion we originated for the fourth quarter of last year.  During full-year 2020, the Company originated $12.9 billion, up 21% compared to the $10.6 billion of originations during full-year 2019.

Pipeline
The current pipeline stands at $1.5 billion with 61% representing new money.  The current pipeline includes $1.1 billion of multi-family loans, $221 million in specialty finance loans and leases, $124 million in CRE loans, and $89 million in C&I loans.

Asset Quality

Loan Deferral Update
As previously disclosed, the majority of our full-payment loan deferrals were eligible to come off their six-month deferral period during October and November 2020.  Accordingly, as of December 31, 2020, 99% or $6.0 billion of our loan deferrals have returned to payment status.  At December 31, 2020, $83.6 million of full-payment deferrals currently remain on deferral and are eligible to come off of their deferral program in the first two months of this year. Additionally, certain loans, representing 6.0% of the total loan portfolio, have been modified and are currently paying interest only.

Non-Performing Assets
The Company's asset quality remained solid during the fourth quarter and reflects the underlying strength of our core loan portfolio.  Non-performing assets ("NPAs") at December 31, 2020 totaled $46.1 million compared to $54.9 million at September 30, 2020, down 16%.  This represents eight bp of total assets compared to 10 bp in the previous quarter.  Total non-accrual mortgage loans were $17.9 million compared to $18.4 million at September 30, 2020, down 3%, while other non-accrual loans (consisting primarily of non-accrual taxi medallion-related loans) were $19.9 million compared to $26.9 million in the previous quarter, down 26%.  Total repossessed assets were $8.3 million at December 31, 2020, down 13% compared to the previous quarter.

Non-performing taxi medallion-related assets totaled $25.1 million at December 31, 2020, down 22% compared to the previous quarter.  Excluding the impact from non-performing taxi medallion-related assets, fourth quarter 2020 NPAs on a non-GAAP basis, would have been $21.0 million or four bp of total assets compared to $22.9 million also four bp of total assets as of third quarter 2020.

Allowance for Loan and Lease Losses
At December 31, 2020, the allowance for loan and lease losses ("ALLL") totaled $194.0 million up $5.7 million compared to September 30, 2020 and up $46.4 million compared to December 31, 2019.  At December 31, 2020, the ALLL represented 513.55% of non-performing loans and 0.45% of total loans.  Both the annual and quarterly increases reflect the Company's adoption of the Current Expected Credit Losses ("CECL") methodology on January 1, 2020 and also reflect a deterioration in forecasted economic conditions since the beginning of the year, arising from the COVID-19 pandemic, and the resultant estimated decreases in property values.

(in thousands)






Unfunded






Loans and Leases


Commitments

Allowance for credit losses at December 31, 2019

$              147,638


$              461

   CECL day 1 transition adjustment


1,911


12,529

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