New York Community Bancorp Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2011; Declares Quarterly Cash Dividend, Payable on February 17, 2012
January 25, 2012 at 08:28 am EST
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New York Community Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. The company generated GAAP earnings of $117.7 million, or $0.27 per basic and diluted share as compared to $119.8 million, or $0.27 per basic and diluted share, in the trailing quarter and $149.8 million, or $0.34 per basic and diluted share, in the fourth quarter of 2010. Net interest income totaled $300.3 million in the current fourth quarter, reflecting a linked-quarter increase of $5.3 million from $294.97 million and a $4.7 million decrease from $304.99 million in the year-earlier amount. For the fourth quarter of 2011, income before income taxes was $180.91 million, operating earnings were $116.97 million, or $0.27 diluted operating earnings per share as compared to income before income taxes was $231.04 million, operating earnings were $140.13 million, or $0.32 diluted operating earnings per share for the same period of previous year. For the fourth quarter 2011, the company generated cash earnings were $127.21 million, or $0.29 per diluted share compared to $162.27 million or $0.37 per diluted share for the same period a year ago. The company generated non-GAAP operating earnings of $117.0 million, or $0.27 per diluted share, and non-GAAP cash earnings of $127.2 million, or $0.29 per diluted share. Total interest income was $464.8 million compared to $480.8 million for the last year. Although interest expense fell $11.2 million year-over-year in the current fourth quarter, the decrease was exceeded by a $16.0 million reduction in interest income during the same time. The decline in interest income was driven by a 36-basis point drop in the average yield on interest-earning assets, as the average yield on loans fell 34 basis points from the year-earlier measure and the average yield on securities and money market investments fell 37 basis points.
In the twelve months ended December 31, 2011, the company generated cash earnings were $535.3 million, or $1.23 per diluted share compared to $590.7 million or $1.36 per diluted share a year ago. For the fiscal year 2011, income before income taxes was $734.6 million, operating earnings were $464.43 million, or $1.06 diluted operating earnings per share as compared to income before income taxes was $837.47 million, operating earnings were $530.37 million, or $1.21 diluted operating earnings per share. Net interest income was $1,200.4 million compared to $1,179.9 million a year ago. Total interest income was $1,866.7 million compared to $1,913.8 million for the last year. Net income was $480.0 million or $1.09 per basic and diluted share compared to $541.0 million or $1.24 per basic and diluted share in last year.
The Board of Directors of the company also declared quarterly cash dividend of $0.25 per share. The dividend is payable on February 17, 2012 to shareholders of record at the close of business on February 7, 2012.
New York Community Bancorp, Inc. is the bank holding company for Flagstar Bank, N.A. (the Bank). It has various positions in several national businesses, including multifamily lending, mortgage originations and servicing, and warehouse lending. It is a multifamily portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Its specialty finance loans and leases are generally made to large corporate obligors that participate in stable industries nationwide, and its warehouse loans are made to mortgage lenders across the country. It offers a suite of cash management products to address the needs of small and mid-size businesses and professional associations. The Bank operates about 419 branches, including strong footholds in the Northeast and Midwest and exposure to markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of about 3,000 third-party mortgage originators.
New York Community Bancorp Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2011; Declares Quarterly Cash Dividend, Payable on February 17, 2012