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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 mill
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
Company s 52-week low was at $7.72
Price action over last quarter: Up 33.82%
Company Description
New York Community Bancorp Inc is a US-based multi-bank holding company. The group operates in the business division of Banking operations which relates to the provision of services of the loan and deposit products and other financial services to the consumers and businesses. The company is also a producer of multi-family loans in New York City, with an emphasis on non-luxury residential apartment buildings with rent-regulated units that feature below-market rents. The group also offers online banking, mobile banking, and banking by phone services.
“They need to diversify the business model,” Wedbush Securities analyst Peter Winter said.
One potential acquisition target is HSBC’s U.S. business, which is centered around New York. New York Community also might eye banks in Arizona, Florida and Ohio, where it already has a presence.
Cangemi said he wants to pay a “partner” a low premium over market price or no premium at all. That could be a tall order when the stock market is so high, interest rates are so low and plenty of rival banks have shopping lists of their own.
“We can be flexible,” he said. “It depends on the opportunity.”
New York Community sets sights on M&A americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.