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

The three-month increase in multi-family loans was fueled by organic loan production. Multi-family loans represented $749.8 million, or 51.3%, of total loans produced in the fourth quarter of 2007, a $69.0 million increase from the trailing-quarter volume and a $349.3 million increase from the volume recorded in the fourth quarter of 2006. The linked-quarter increase reflects the significant change in the competitive landscape since early August, when many of the Company's competitors stepped away from the market in the face of waning liquidity. As a result, the Company was able to step up its lending, and at more attractive spreads, in the fourth quarter of the year.

Commercial real estate loans represented $3.8 billion, or 18.8%, of total loans at December 31, 2007, up $729.2 million and $711.5 million, respectively, from the balances recorded at September 30, 2007 and December 31, 2006. In addition to an increase in organic loan production, the increase reflects commercial real estate loans acquired in the Synergy transaction. The commercial real estate loan portfolio had an average loan-to-value ratio of 56.9% and an expected weighted average life of 3.3 years at December 31, 2007. The average commercial real estate loan had a principal balance of $2.0 million at that date.

Construction loans totaled $1.1 billion and represented 5.6% of total loans at December 31, 2007, consistent with the balance recorded at September 30, 2007, and up $36.8 million from the balance recorded at year-end 2006. Reflecting the quality of its borrowers, and the conservative nature of its underwriting and credit standards, the Company has not recorded a loss on a construction loan in nearly fifteen years.

Partly reflecting loans acquired in the Synergy transaction, other loans totaled $964.5 million at December 31, 2007, up $147.4 million and $289.0 million, respectively, from the balances recorded at September 30, 2007 and December 31, 2006. Commercial and industrial ("C&I") loans accounted for $705.1 million of the balance at year-end 2007, as compared to $722.7 million and $641.8 million, respectively, at the earlier dates.

The Company has no subprime or Alt-A loans in its loan portfolio.

At the present time, the Company's pipeline amounts to approximately $983 million, including approximately $705 million of multi-family loans.

Asset Quality

The Company recorded non-performing assets of $22.9 million at year-end 2007, a modest increase from $22.3 million and $22.5 million, respectively, at September 30, 2007 and December 31, 2006. Notwithstanding these increases, the year-end 2007 amount represented 0.07% of total assets, as compared to 0.07% and 0.08%, respectively, at the earlier dates.

Excluding $2.0 million of Synergy loans that were non-performing at December 31, 2007, non-performing assets and loans declined by $1.5 million and $640,000, respectively, from the third quarter-end balance to $20.8 million and $20.2 million, respectively, at December 31st.

While other real estate owned declined $683,000 year-over-year and $818,000 linked-quarter, to $658,000, non-performing loans rose $989,000 and $1.4 million, respectively, to $22.2 million at year-end 2007. Nonetheless, non-performing loans represented 0.11% of total loans at December 31 and September 30, 2007, and at December 31, 2006.