New York Community Bancorp, Inc. Reports 1st Quarter 2008 Diluted Cash Earnings Per Share of $0.25 and Diluted GAAP and Operating Earnings Per Share of $0.22

Business Wire, April 23, 2008

Board of Directors Declares $0.25 per Share Quarterly Cash Dividend

1Q 2008 Performance Highlights

* Solid Earnings Growth: Earnings rose nearly 12% year-over-year and more than 7% linked-quarter; cash earnings rose more than 16% year-over-year.(1)

* Consistently Solid Asset Quality: Non-performing assets declined $3.3 million year-over-year and $660,000 linked-quarter, to $22.2 million, and represented 0.07% of total assets at March 31, 2008.

* Net Interest Margin Expansion: Our margin expanded nine basis points year-over-year and five basis points linked-quarter, to 2.41%.

* Strong Loan Production at Higher Spreads: Loan originations totaled $1.4 billion during the quarter, including $707.6 million of multi-family loans. During the quarter, the average yield on new multi-family and commercial real estate loans was 302 basis points higher than the average five-year Constant Maturity Treasury rate.

* Continued Efficiency: Our efficiency ratio was 41.49% in the current first quarter, as compared to 45.24% and 40.73% in the trailing and year-earlier three months.

* Tangible Capital Strength: The ratio of adjusted tangible stockholders' equity to adjusted tangible assets was 5.78% at the close of the quarter. Including mark-to-market securities adjustments, the ratio of tangible stockholders' equity to tangible assets was 5.70%.(3)

WESTBURY, N.Y. -- New York Community Bancorp, Inc. (NYSE: NYB) (the "Company") today reported first quarter 2008 GAAP earnings of $72.4 million, representing a $5.0 million, or 7.4%, linked-quarter increase and a year-over-year increase of $7.6 million, or 11.7%. At $0.22 per diluted share, the Company's first quarter 2008 earnings were $0.01 higher than the trailing-quarter level and consistent with the level recorded in the first quarter of 2007.

The Company also reported operating earnings of $70.2 million, or $0.22 per diluted share, for the current first quarter, and cash earnings of $81.7 million, or $0.25 per diluted share.(1)(2)

Commenting on the highlights of the Company's first quarter 2008 performance, Chairman, President, and Chief Executive Officer Joseph R. Ficalora stated, "Consistent with the performance trends we witnessed in 2007, we are seeing solid asset quality, expanding margins, and continued growth in earnings, while our loans and deposits increase, thus supporting asset growth.

"At 2.41%, our first quarter margin was up nine basis points year-over-year and five basis points, linked-quarter. The twelve-month expansion was driven by a $1.8 billion increase in our average interest-earning assets, together with an eight-basis point rise in the average yield and a four-basis point reduction in our average cost of funds. The linked-quarter expansion was driven by two primary factors: an eight-basis point reduction in our average cost of funds and an increase in prepayment penalty income from $4.5 million to $10.3 million.

"Reflecting the same factors that contributed to the expansion of our margin, our net interest income rose 4.6% over the course of the quarter and 10.4% over the course of the year. Non-interest income rose 7.5% on a linked-quarter basis and was up 18.3% from the year-earlier amount. To a certain extent, the revenue growth we recorded is the result of last year's acquisitions, which contributed to the growth of our interest-earning assets, and provided the opportunity to increase our third-party product sales.

"We also have been very pleased by our level of loan production, with first quarter originations totaling $1.4 billion, and another $1.0 billion in our pipeline at the present time. Furthermore, the current spread environment has been particularly attractive. In the last three months, the spreads on our multi-family and commercial real estate loans averaged 302 basis points above the average five-year CMT.

"Although the magnitude of our net loan growth was limited by repayments and the securitization and sale of loans acquired in last year's Synergy transaction, the balance of loans outstanding increased for the third consecutive quarter, as competition for product continued to ease. Absent the $97 million of Synergy loans that were securitized or sold, our loan portfolio grew at an annualized rate of 5% in the first quarter, and we expect to see continued portfolio growth in the quarters ahead.

"In addition, while the quality of our assets has long been a hallmark of our performance, we were especially pleased by the quality conveyed by our quarter-end results. At March 31, 2008, the balances of non-performing assets and loans declined both year-over-year and linked-quarter, to $22.2 million and $21.9 million, respectively. The year-over-year reductions were especially substantial, with non-performing assets and loans declining by 13% and 11%.

"Reflecting our asset quality, our revenue growth, and the continued efficiency of our operations, our GAAP earnings rose to $0.22 per diluted share from $0.21 in the trailing-quarter, and our cash earnings held steady at $0.25 per diluted share."