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The London company poured cold water on speculation a deal to divest its 152-branch network in the United States was imminent. But biding its time here while focusing on issues in other parts of its global operation could drive up the price in a seller’s M&A market.
Author Bio
Bram Berkowitz mainly writes in the financials bureau covering the banking sector. Prior to The Motley Fool, he wrote about and covered community and regional banks in New England for The Warren Group. Follow @BramBerko
New York Community Bancorp (NYSE:NYCB) put the finishing touches on a nice year in the fourth quarter of 2020, and it looks to have another solid year ahead in terms of earnings. But the bank and its new leadership is much more focused on breaking away from its roots and transforming itself to create more shareholder value. Let s take a look at what new leadership has in mind for the transformation and also examine if it s achievable.
Director of Investor Relations
Good morning, everyone. This is Sal DiMartino, Director of Investor Relations. Thank you for joining the Management Team of New York Community Bancorp for today s conference call.
Today s discussion of the company s Fourth Quarter and Full Year 2020 Performance will be led by President and Chief Executive Officer, Thomas Cangemi; and Chief Financial Officer, John Pinto; together with Chief Operating Officer, Robert Wann.
Today s release includes a reconciliation of certain GAAP and non-GAAP financial measures that maybe discussed during this call. These non-GAAP financial measures should be viewed in addition to and not as a substitute for our results prepared in accordance with GAAP. Also, certain comments made on today s conference call will contain forward-looking statements that are intended to be covered by the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, unc
The bank reported a dramatic improvement in loan deferrals, from a high of 14 percent or $6.1 billion at the end of the third quarter, to only $84 million. Still, many other borrowers are getting a break on payments: Six percent of the bank’s loans are paying interest only, an option that other lending institutions have also offered.
Some expect the bank will diversify its $32.3 billion in multifamily holdings, which represent more than half of the bank’s $56 billion loan portfolio. But while the pandemic has scrambled investor expectations in some sectors, the bank said that some multifamily assets are now among its best performers.