HICKSVILLE, N.Y., May 1, 2024
/PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) (the
"Company") today announced that its Board of Directors declared a
quarterly cash dividend of $0.01 per
share on the Company's common stock. The dividend is payable
on June 17, 2024 to common
stockholders of record as of June 7,
2024.
In addition, the Board of Directors declared quarterly cash
dividends on three series of its preferred stock.
- A quarterly cash dividend on its Fixed-to-Floating Rate
Noncumulative Perpetual Preferred Stock, Series A (NYSE: NYCB PA)
at the rate of $15.94 per preferred
share, which equates to $0.3984 for
each depositary share. Each depositary share represents a 1/40th
ownership interest in a share of the Series A preferred stock. The
dividend is payable on June 17, 2024
to holders of record of Series A preferred stock as of June 7, 2024.
- A quarterly cash dividend on its Series B Noncumulative
Convertible Preferred Stock of either (i) $10.00 per share, if the Company's stockholders
approve certain matters being proposed for approval at the 2024
Annual Meeting of Company stockholders (specifically, Proposal 4
(the COI Authorized Share Amendment) and Proposal 7 (the Share
Issuance)) on or before June 15,
2024, or (ii) $65.00 per
share, if such approvals are not received on or before June 15, 2024. The dividend is payable on
June 17, 2024 to holders of record of
Series B preferred stock as of June 7,
2024.
- A quarterly cash dividend on its Series C Noncumulative
Convertible Preferred Stock of $65.00
per share. The dividend is payable on June
17, 2024 to holders of record of Series C preferred stock as
of June 7, 2024. Shares of Series C
preferred stock converted into shares of the Company's common stock
on or prior to June 7, 2024 will not
be entitled to receive the $65.00 per
share dividend on such shares of Series C preferred stock.
Instead, the shares of the Company's common stock issued in
such conversion of shares of Series C preferred stock on or prior
to June 7, 2024 would be entitled to
receive the $0.01 per share dividend
on the Company's common stock. If the Company's stockholders
approve both Proposal 4 (the COI Authorized Share Amendment) and
Proposal 7 (the Share Issuance) on or before June 5, 2024 at the 2024 Annual Meeting of
Company stockholders, then it is expected that all shares of Series
C preferred stock will have converted into shares of the Company's
common stock on or before June 7,
2024.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of
Flagstar Bank, N.A., one of the largest regional banks in the
country. The Company is headquartered in Hicksville, New York. At March 31, 2024, the Company had $112.9 billion of assets, $83.3 billion of loans, deposits of $74.9 billion, and total stockholders' equity of
$8.4 billion.
Flagstar Bank, N.A. operates 419 branches, including strong
footholds in the Northeast and Midwest and exposure to high growth
markets in the Southeast and West Coast. Flagstar Mortgage operates
nationally through a wholesale network of approximately 3,000
third-party mortgage originators. In addition, the Bank has
approximately 100 private banking teams located in over ten cities
in the metropolitan New York City
region and on the West Coast, which serve the needs of high-net
worth individuals and their businesses.
New York Community Bancorp, Inc. has market-leading positions in
several national businesses, including multi-family lending,
mortgage origination and servicing, and warehouse lending.
Flagstar Mortgage is the seventh largest bank originator of
residential mortgages for the 12-months ending March 31, 2024, while we are the industry's fifth
largest sub-servicer of mortgage loans nationwide, servicing 1.4
million accounts with $367 billion in
unpaid principal balances. Additionally, the Company is the second
largest mortgage warehouse lender nationally based on total
commitments.
Cautionary Note Regarding Forward-Looking Statements
The foregoing disclosures may include forward‐looking statements
within the meaning of the federal securities laws by the Company
pertaining to such matters as our goals, intentions, and
expectations regarding (a) revenues, earnings, loan production,
asset quality, liquidity position, capital levels, risk analysis,
divestitures, acquisitions, and other material transactions, among
other matters; (b) the future costs and benefits of the actions we
may take; (c) our assessments of credit risk and probable losses on
loans and associated allowances and reserves; (d) our assessments
of interest rate and other market risks; (e) our ability to execute
on our strategic plan, including the sufficiency of our internal
resources, procedures and systems; (f) our ability to attract and
retain key personnel; (g) our ability to achieve our financial and
other strategic goals, including those related to our merger with
Flagstar Bancorp, Inc., which was completed on December 1, 2022,
our acquisition of substantial portions of the former Signature
Bank through an FDIC-assisted transaction, and our ability to fully
and timely implement the risk management programs institutions
greater than $100 billion is assets must maintain; (h) matters to
be presented to, voted on and approved by the Company's
stockholders; (i) the conversion or exchange of shares of the
Company's preferred stock; and (j) the payment of dividends on
shares of the Company's capital stock, including adjustments to the
amount of dividends payable on shares of the Company's Series B
preferred stock.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "should," and other similar
words and expressions, and are subject to numerous assumptions,
risks, and uncertainties, which change over time. Additionally,
forward‐looking statements speak only as of the date they are made;
the Company does not assume any duty, and does not undertake, to
update our forward‐looking statements. Furthermore, because
forward‐looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those anticipated in our statements, and
our future performance could differ materially from our historical
results.
Our forward‐looking statements are subject to, among others, the
following principal risks and uncertainties: general economic
conditions and trends, either nationally or locally; conditions in
the securities, credit and financial markets; changes in interest
rates; changes in deposit flows, and in the demand for deposit,
loan, and investment products and other financial services; changes
in real estate values; changes in the quality or composition of our
loan or investment portfolios, including associated allowances and
reserves; changes in future allowance for credit losses
requirements under relevant accounting and regulatory requirements;
the ability to pay future dividends; changes in our capital
management and balance sheet strategies and our ability to
successfully implement such strategies; changes in our strategic
plan, including changes in our internal resources, procedures and
systems, and our ability to successfully implement such plan;
changes in competitive pressures among financial institutions or
from non‐financial institutions; changes in legislation,
regulations, and policies; the success of our blockchain and
fintech activities, investments and strategic partnerships; the
restructuring of our mortgage business; the impact of failures or
disruptions in or breaches of the Company's operational or security
systems, data or infrastructure, or those of third parties,
including as a result of cyberattacks or campaigns; the impact of
natural disasters, extreme weather events, military conflict
(including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our merger with
Flagstar Bancorp, which was completed on December 1, 2022, and our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction: the possibility that the anticipated
benefits of the transactions will not be realized when expected or
at all; the possibility of increased legal and compliance costs,
including with respect to any litigation or regulatory actions
related to the business practices of acquired companies or the
combined business; diversion of management's attention from ongoing
business operations and opportunities; the possibility that the
Company may be unable to achieve expected synergies and operating
efficiencies in or as a result of the transactions within the
expected timeframes or at all; and revenues following the
transactions may be lower than expected. Additionally, there can be
no assurance that the Community Benefits Agreement entered into
with NCRC, which was contingent upon the closing of the Company's
merger with Flagstar Bancorp, Inc., will achieve the results or
outcome originally expected or anticipated by us as a result of
changes to our business strategy, performance of the U.S. economy,
or changes to the laws and regulations affecting us, our customers,
communities we serve, and the U.S. economy (including, but not
limited to, tax laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K/A for
the year ended December 31, 2023,
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30,
2023, and September 30, 2023
and in other SEC reports we file. Our forward‐looking statements
may also be subject to other risks and uncertainties, including
those we may discuss in this Amendment, during investor
presentations, or in our other SEC filings, which are accessible on
our website and at the SEC's website, www.sec.gov.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Steven Bodakowski
(248) 312-5872
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SOURCE New York Community Bancorp, Inc.