New York Community Bancorp, Inc. Reports 4th Quarter 2007 Diluted Cash Earnings Per Share of $0.25 and Diluted GAAP and Operating Earnings Per Share of $0.21

Business Wire, Jan 29, 2008

$0.25 Per Share Dividend to be Paid on February 15, 2008

"In view of our continued capital strength, and the strength of our cash earnings, the Board of Directors last night declared a quarterly cash dividend of $0.25 per share, payable on February 15, 2008 to shareholders of record at the close of business on February 6th. As I've stated before, we recognize and appreciate the importance of the dividend to our investors, and remain confident in our ability to maintain it, despite the challenges facing our industry at this exceedingly turbulent time," Mr. Ficalora said.

Balance Sheet Summary

The Company recorded total assets of $30.6 billion at December 31, 2007, up $539.9 million on a linked-quarter basis and $2.1 billion, or 7.4%, year-over-year. The year-over-year increase was largely due to the Company's strategy of growing through acquisitions. In addition to the assets acquired in connection with its acquisition of PennFed Financial Services, Inc. ("PennFed") in April and its acquisition of Doral Bank, FSB's ("Doral") branch network in New York City last summer, the Company acquired assets of $916.0 million in the Synergy transaction on October 1, 2007, including loans of $711.3 million and securities of $119.1 million.

Loans

The Company recorded total loans of $20.4 billion at December 31, 2007, signifying a $1.4 billion, or 7.2%, linked-quarter increase and a $710.4 million increase from the year-earlier amount. In addition to the growth that stemmed from the aforementioned acquisitions, the year-over-year increase reflects twelve-month originations of $4.9 billion, which were tempered by loan repayments and sales of $6.9 billion, including repayments of $989.7 million in the fourth quarter of the year. Loans represented 66.6% of total assets at December 31, 2007, as compared to 63.3% and 69.0% at September 30, 2007 and December 31, 2006, respectively.

While the Synergy transaction contributed to the three-month increase in loans outstanding, the loan portfolio also grew organically. Fourth quarter originations rose to $1.5 billion from $1.2 billion in the trailing quarter and from $982.5 million in the fourth quarter of 2006.

Multi-family loans represented $14.1 billion, or 69.0%, of total loans at December 31, 2007, a $415.8 million increase from the balance at the end of September, and a $477.2 million reduction from the balance recorded at the prior year-end. The twelve-month decline was largely due to an increase in refinancing and property sales in the first three quarters of 2007, and the Company's decision not to increase its lending in what was, in its view, an irrational marketplace. Multi-family loans accounted for $2.5 billion, or 50.8%, of total loans produced in the twelve months ended December 31, 2007, down $336.5 million from the volume recorded in the twelve months ended December 31, 2006. At December 31, 2007, the average multi-family loan had a principal balance of $3.4 million, and the portfolio had an average loan-to-value ratio of 64.5%. The expected weighted average life of the portfolio was 3.6 years at that date.