EX-99.1 2 dex991.htm WRITTEN PRESENTATION TO BE DISTRIBUTED & MADE AVAILABLE TO INVESTORS Written presentation to be distributed & made available to investors
First Quarter 2009
Investor Presentation
Exhibit 99.1

New York Community Bancorp, Inc.
Page 2
Safe
Harbor
Provisions
of
the
Private
Securities
Litigation
Reform
Act
of
1995
Forward-looking Statements and Associated Risk
Factors
This presentation, like many written and oral communications presented by New York Community Bancorp, Inc. and our authorized officers, may contain certain forward-looking statements
regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act
of 1995, and are including this statement for purposes of said safe harbor provisions. 
Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.
Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. 
There are a number of factors, many of which are beyond our control, that could cause actual conditions, events, or results to differ significantly from those described in our forward-looking
statements. These factors include, but are not limited to: general economic conditions and trends, either nationally or in some or all of the areas in which we and our customers conduct our
respective businesses; conditions in the securities and real estate markets or the banking industry; changes in interest rates, which may affect our net income, prepayment penalty income,
and other future cash flows, or the market value of our assets, including our investment securities; changes in real estate values, which could impact the quality of the assets securing the
loans in our portfolio; changes in the quality or composition of our loan or securities portfolios; changes in competitive pressures among financial institutions or from non-financial institutions;
changes in our customer base or in the financial or operating performances of our customers’ businesses; changes in the demand for our deposit, loan, and investment products and other
financial services in the markets we serve; changes in deposit flows and wholesale borrowing facilities; changes in our credit ratings or in our ability to access the capital markets; changes in
our estimates of future reserves based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our capital management policies, including those
regarding business combinations, dividends, and share repurchases, among others; our ability to retain key members of management; changes in legislation, regulation, and policies,
including, but not limited to, those pertaining to banking, securities, taxation, environmental protection, and insurance, and the ability to comply with such changes in a timely manner; changes
in accounting principles, policies, practices, or guidelines; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve
Board of Governors; our timely development of new lines of business and competitive products or services in a changing environment, and the acceptance of such products or services by our
customers; operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are
highly dependent; any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems; any interruption
in customer service due to circumstances beyond our control; potential exposure to unknown or contingent liabilities of companies we target for acquisition; the outcome of pending or
threatened litigation, or of other matters before regulatory agencies, or of matters resulting from regulatory exams, whether currently existing or commencing in the future; environmental
conditions that exist or may exist on properties owned by, leased by, or mortgaged to the Company; war or terrorist activities; and other economic, competitive, governmental, regulatory, and
geopolitical factors affecting our operations, pricing, and services. 
For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to our Annual Report on Form 10-K for the year ended December 31, 2008,
including the section entitled “Risk Factors,” and our Quarterly Reports on Form 10-Q for the quarters ended September 30, 2008, June 30, 2008, and March 31, 2008, on file with the U.S.
Securities and Exchange Commission (the “SEC”). 
In addition, it should be noted that we routinely evaluate opportunities to expand through acquisition and frequently conduct due diligence activities in connection with such opportunities. As a
result, acquisition discussions and, in some cases, negotiations, may take place at any time, and acquisitions involving cash, debt, or equity securities may occur. 
Furthermore, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control. 
Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this presentation. Except as required by applicable
law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. 

New York Community Bancorp, Inc.
Page 3
We are a leading financial institution in the
competitive Metro New York/New Jersey region.
(a)
SNL Financial as of 4/28/09

New York Community Bancorp, Inc.
Page 4
We have a consistent business model that focuses
on building value while building the Company.
Our total return to shareholders increased at a compound
annual growth rate of 32.1% between our IPO and 3/31/09.
(a)
Please see page 33 for a reconciliation of our GAAP and operating efficiency ratios.
(b)
SNL Financial

Our Business Model:
Multi-family Lending

New York Community Bancorp, Inc.
Page 6
(in millions)
Multi-family Loan Portfolio
Multi-family loans have grown at a CAGR of 30.5%
since 12/31/99.

New York Community Bancorp, Inc.
Page 7
(in millions)
Commercial Real Estate Loan Portfolio
Our commercial real estate loans feature the same
structure as our multi-family loans.

Our Business Model:
Asset Quality

New York Community Bancorp, Inc.
Page 9
Net Charge-offs / Average Loans
NYB Net charge-offs:
$236,000
$21,000
$420,000
$6.1 million
$431,000
We continue to be distinguished by our low level of
net charge-offs.
NYB
SNL Bank and Thrift Index
(a)
$5.1 million
(a)
SNL Financial as of 4/28/09

New York Community Bancorp, Inc.
Page 10
The quality of our loan portfolio has consistently
exceeded that of our industry.
(a)
SNL Financial as of 4/28/09
NYB
SNL
Bank
and
Thrift
Index
(a)

New York Community Bancorp, Inc.
Page 11
20.16%
20.05%
19.23%
0.43%
3.65%
5.37%
3/31/08
12/31/08
3/31/09
Net Charge-offs / Loan Loss Allowance
(a)
SNL Financial as of 4/28/09
Our charge-offs typically represent a much smaller percentage of our
loan loss allowance compared to our industry peers.
NYB
SNL Bank and Thrift Index
(a)

New York Community Bancorp, Inc.
Page 12
For
the
four
years
ended
12/31/92
–
at
the
height
of
the
last
credit
crisis
–
NCOs
represented
0.12%
of
average
loans.
At or for the Twelve Months Ended December 31,
At or for the Three
Months Ended
March 31, 2009
1989
1990
1991
1992
NPLs
/ Total Loans
1.46%
2.48%
2.10%
2.42%
0.79%
NCOs / Average Loans
0.00%
0.00%
0.04%
0.07%
0.02%
Difference
146 bp
248 bp
206 bp
235 bp
77bp
ALL / Non-performing Loans
12.88%
12.94%
24.78%
36.17%
54.35%

New York Community Bancorp, Inc.
Page 13
While NPLs have increased in the wake of the economic crisis,
they represent a nominal percentage of our loan portfolio.
Loan Type
Non-Performing Loans
as a Percent of Total Loans at
December 31, 2008
March 31, 2009
Multi-family
0.24%
0.34%
Commercial real estate
0.06
0.12
Acquisition, development, and construction
0.11
0.20
Commercial and industrial
0.05
0.06
One-
to four-family
0.05
0.06
Other
0.00
0.01
Total loan portfolio
0.51%
0.79%

New York Community Bancorp, Inc.
Page 14
The quality of our assets reflects the nature of our multi-family
lending niche and our strong underwriting standards.

Our Business Model:
Efficiency

New York Community Bancorp, Inc.
Page 16
Our
operating
efficiency
ratio
was
36.63%
(a)
in
1Q
2009,
well
below
the
SNL
Bank
and
Thrift
Index
efficiency
ratio
of
54.92%.
(b)
(a)
Please see page 33 for a reconciliation of our GAAP and operating efficiency ratios.
(b)
SNL Financial as of 4/28/09
NYB
(a)
SNL Bank and Thrift Index
(b)

Our Business Model:
Growth through Acquisitions

New York Community Bancorp, Inc.
Page 18
Queens County
Savings Bank,
forebear of
New York
Community
Bank, is
established in
Queens.
April 1859
1
Public trading
of New York
Community
Bancorp
shares begins.
Nov. 1993
3
Merger-of-
equals with
Richmond
County
Financial Corp.
(RCBK).
July 2001
5
We acquire
Long Island
Financial Corp.
(LICB) and
establish
New York
Commercial
Bank.
Dec. 2005
7
Our holding
company,
New York
Community
Bancorp, is
established.
April 1993
2
We acquire
Haven
Bancorp, Inc.
(HAVN).
Nov. 2000
4
Merger with
Roslyn
Bancorp, Inc.
(RSLN).
Oct. 2003
6
We acquire
Atlantic Bank
of New York
(ABNY).
April 2006
8
We acquire
PennFed
Financial
Services, Inc.
(PFSB).
April 2007
9
We acquire the
NYC branch
network of
Doral Bank,
FSB (Doral).
July 2007
10
We acquire
Synergy
Financial
Group, Inc.
(SYNF).
Oct. 2007
11
We have completed eight acquisitions since 2000.

New York Community Bancorp, Inc.
Page 19
(a)
Please see pages 34 and 35 for reconciliations of our GAAP and non-GAAP capital measures.
Our growth has been driven by organic loan production and our
earnings-accretive acquisition strategy.
(dollars in billions)
12/31/99
w/ HAVN
12/31/00
w/ RCBK
12/31/01
w/ RSLN
12/31/03
w/ LICB
12/31/05
w/ ABNY
12/31/06
w/ PFSB,
Doral, &
SYNF
12/31/07
3/31/09
Number of branches
14
86
120
139
152
166
217
215
Multi-family loans
$1.3
$1.9
$3.3
$  7.4
$12.9
$14.5
$14.1
$15.9
Total loans
1.6
3.6
5.4
10.5
17.0
19.7
20.4
22.3
Total assets
1.9
4.7
9.2
23.4
26.3
28.5
30.6
32.4
Core deposits
0.4
1.4
3.0
6.0
6.9
6.7
6.2
7.3
Total deposits
1.1
3.3
5.5
10.3
12.1
12.6
13.2
14.1
Tangible
stockholders’
equity
(a)
0.1
0.2
0.3
0.9
1.3
1.4
1.6
1.7
Tangible
equity
/
tangible
assets
(a)
7.19%
4.12%
3.65%
3.97%
5.19%
5.47%
5.83%
5.75%
Tangible equity / tangible assets
excluding accumulated other
comprehensive
loss,
net
of
tax
(a)
7.19%
4.11%
3.60%
4.13%
5.41%
5.72%
5.90%
5.99%

New York Community Bancorp, Inc.
Page 20
(dollars in millions)
% of Total
Assets:
12/31/05
12/31/06
29.5%
55.7%
21.4%
64.8%
17.3%
69.0%
12/31/07
12/31/04
18.8%
66.6%
3/31/09
Loans
Securities
12/31/08
18.2%
68.4%
We typically convert the cash flows from the post-merger sale of
acquired assets into securities and then into loans.
17.8%
68.8%

New York Community Bancorp, Inc.
Page 21
$658
$3,752
$5,247
$5,945
$6,913
$6,797
$6,779
$5,911
$6,012
$5,551
$4,971
$6,448
$6,246
$739
$846
$1,123
$1,273
$1,047
$1,068
$378
$40
12/31/99
12/31/04
12/31/05
12/31/06
12/31/07
12/31/08
3/31/09
Total deposits: 32.1% CAGR
Core deposits:  36.3% CAGR
Demand deposits: 42.6% CAGR
(in millions)
CDs
NOW, MMAs, and Savings
Demand deposits
Deposits
Total Deposits:
$10,402
$12,105
$12,619
$13,157
$14,292
Our deposit growth has been largely acquisition-
driven.
$14,093
$1,076

New York Community Bancorp, Inc.
Page 22
Largely reflecting our acquisition strategy, we currently have
161 locations in New York and 54 in New Jersey.
BRANCH LOCATIONS
COMMUNITY BANK
COMMERCIAL BANK
Queens County Savings Bank (34)
New York Commercial Bank (19)
Roslyn Savings Bank (56)
Atlantic Bank(18)
Richmond County Savings Bank (22)
Roosevelt Savings Bank (8)
New York Community Bank (4)
Garden State Community Bank (54)

New York Community Bancorp, Inc.
Page 23
(dollars in thousands)
NASSAU COUNTY, NY
Rank
Institution
Deposits
Market
Share
1
JPMorgan Chase & Co.
$11,479,033
22.46%
2
Citigroup Inc.
7,371,145
14.42
3
Capital One Financial Corp.
6,250,802
12.23
4
Astoria Financial Corp.
5,091,063
9.96
5
New York Community
4,828,319
9.45
6
Toronto-Dominion Bank
2,827,814
5.53
7
Bank of America Corp.
2,497,138
4.88
8
HSBC Holdings plc
1,969,135
3.85
9
Signature Bank
1,167,206
2.28
10
Apple Financial Holdings
981,144
1.92
Total for Institutions in Market
$51,119,564
100.00%
QUEENS COUNTY, NY
Rank
Institution
Deposits
Market
Share
1
JPMorgan Chase & Co.
$  8,495,835
20.81%
2
Citigroup Inc.
5,912,224
14.48
3
Capital One Financial Corp.
4,676,184
11.45
4
Astoria Financial Corp.
3,098,407
7.59
5
HSBC Holdings plc
2,716,071
6.65
6
New York Community
2,697,586
6.61
7
Toronto-Dominion Bank
1,645,740
4.03
8
Ridgewood Savings Bank
1,531,279
3.75
9
Flushing Financial Corp.
1,178,542
2.89
10
Banco
Santander S.A.
926,882
2.27
Total for Institutions in Market
$40,831,431
100.00%
SUFFOLK COUNTY, NY
Rank
Institution
Deposits
Market
Share
1
Capital One Financial Corp. $  9,151,781
25.11%
2
JPMorgan Chase & Co
8,348,047
22.90
3
Astoria Financial Corp.
3,055,514
8.38
4
Citigroup Inc.
3,049,335
8.37
5
HSBC Holdings plc
2,321,344
6.37
6
New York Community
1,832,850
5.03
7
Bank of America Corp.
1,534,788
4.21
8
Toronto-Dominion Bank
1,360,738
3.73
9
Suffolk Bancorp
1,219,170
3.34
10
Smithtown Bancorp
998,244
2.74
Total for Institutions in Market
$36,453,093
100.00%
RICHMOND COUNTY, NY
Rank
Institution
Deposits
Market
Share
1
Banco
Santander S.A.
$2,374,341
26.37%
2
JPMorgan Chase & Co.
1,747,635
19.41
3
New York Community
1,463,811
16.26
4
Citigroup Inc.
1,108,018
12.31
5
Northfield Bancorp Inc.
685,360
7.61
6
Toronto-Dominion Bank
493,392
5.48
7
Hudson City Bancorp Inc.
319,690
3.55
8
HSBC Holdings plc
255,927
2.84
9
VSB Bancorp Inc.
190,279
2.11
10
Capital One Financial Corp.
149,526
1.66
Total for Institutions in Market
$9,003,870
100.00%
ESSEX COUNTY, NJ
Rank
Institution
Deposits
Market
Share
1
Wells Fargo & Co.
$  2,486,843
16.39%
2
Banco
Santander S.A.
1,248,583
8.23
3
JPMorgan Chase & Co
1,240,708
8.18
4
PNC Financial
1,224,864
8.07
5
Valley National Bancorp
1,194,410
7.87
6
Toronto-Dominion Bank
1,108,864
7.31
7
Hudson City Bancorp Inc.
1,100,834
7.26
8
Bank of America Corp.
1,070,349
7.05
9
New York Community
756,618
4.99
10
Investors Bancorp Inc.
663,615
4.37
Total for Institutions in Market
$15,172,430
100.00%
Source:  SNL Financial
The expansion of our franchise has enabled us to compete
very effectively against the region’s money center banks.

New York Community Bancorp, Inc.
Page 24
(in millions)
Multi-family Loans Outstanding
All Other Loans Outstanding
Loans Outstanding
Multi-family loans:  30.5% CAGR
Total loans:  32.8% CAGR
$1,611
$17,029
$19,653
Total Loans:
$677
$6,332
$4,971
Total Originations:
$22,293
$666
$20,363
$4,853
While acquisitions have contributed to the growth of our loan
portfolio, the bulk of our loan growth has been organic.
$22,192
$5,881
$13,396
$6,041

1st Quarter 2009
Performance Highlights

New York Community Bancorp, Inc.
Page 26
Our 1Q 2009 performance was our strongest in
several quarters.
(a)
Please see page 36 for a reconciliation of our GAAP and cash earnings.
(b)
Please see page 37 for a reconciliation of our GAAP and operating earnings.
(c)
Please see page 33 for a reconciliation of our GAAP and operating efficiency ratios.
Our Performance Highlights:
1Q 2008
1Q 2009
Y-O-Y
Change
Significant cash earnings growth
(a)
$81,737
$99,905
22.2%
Substantial cash EPS growth
(a)
$0.25
$0.29
16.0%
Significant operating earnings growth
(b)
$70,169
$88,689
26.4%
Substantial operating EPS growth
(b)
$0.22
$0.26
18.2%
Significant margin expansion
2.41%
2.89%
48 bp
Higher net interest income
$161,459
$206,915
28.2%
Improved operating efficiency
(c)
42.06%
36.63%
543 bp
(dollars in thousands, except per share data)

New York Community Bancorp, Inc.
Page 27
Our asset quality measures continued to exceed
those of our industry peers.
At or for the Three Months Ended 3/31/09
Asset Quality:
NYB
SNL Bank & Thrift Index
(a)
NCOs / average loans
0.02%
2.26%
NPLs / total loans
0.79%
2.31%
NPAs / total assets
0.55%
2.17%
NCOs / loan loss allowance
5.37%
19.23%
(a)
SNL Financial as of 4/28/09

New York Community Bancorp, Inc.
Page 28
(dollars in thousands)
1Q 2008
4Q 2008
1Q 2009
Linked-quarter
Increase
(Decrease)
Y-O-Y
Increase
(Decrease)
Average balance of loans
$20,244,263
$21,608,984
$22,108,647
2.3%
9.2%
Average yield on loans
6.19%
5.92%
5.83%
(9)bp
(36)bp
Average yield on interest-earning assets
6.04
5.83
5.66
(17)bp
(38)bp
Prepayment penalty income
$10,334
$2,446
$1,227
(49.8)%
(88.1)%
Net interest margin
2.41%
2.87%
2.89%
2 bp
48 bp
Average cost of borrowed funds
4.49
3.90
3.71
(19)bp
(78)bp
Average cost of interest-bearing deposits
3.18
2.37
2.05
(32)bp
(113)bp
Average cost of CDs
4.41
3.56
3.35
(21)bp
(106)bp
Average cost of interest-bearing liabilities
3.85
3.13
2.92
(21)bp
(93)bp
The expansion of our net interest margin has been driven
by loan growth and a reduction in our funding costs.

New York Community Bancorp, Inc.
Page 29
Both of our bank subsidiaries are well capitalized institutions:
3/31/09
Community Bank
Commercial Bank
Leverage capital ratio
7.11%
11.28%
Tier 1 risk-based capital ratio
10.55%
14.06%
Total risk-based capital ratio
11.00%
14.57%
Our tangible capital measures were enhanced by our common stock offering in May 2008:
Our quarterly cash dividend has increased 90-fold since we initiated payments in 3Q 1994.
In
1Q
2009,
we
paid
our
20th
consecutive
quarterly
cash
dividend
of
$0.25
per
share.
(a)
Please see page 34 for a reconciliation of our GAAP and non-GAAP capital measures.
(dollars in billions)
12/31/08
3/31/09
Tangible stockholders’
equity
(a)
$1.7
$1.7
Tangible equity / tangible assets
(a)
5.66%
5.75%
Tangible equity / tangible assets excluding
accumulated other comprehensive loss, net of tax
(a)
5.94%
5.99%
The strength of our capital position has enabled us
to pay a strong dividend.

New York Community Bancorp, Inc.
Page 30
Total Return on Investment
SNL Bank & Thrift Index
(a)
NYB
(b)
14.7%
6.2%
107.5%
240%
615%
462%
213%
105%
717%
2,479%
2,885%
2,059%
1,956%
11/23/93
12/31/99
12/31/06
12/31/07
12/31/08
3/31/09
5.7%
Annual yield produced by $1.00 per share dividend
on shares purchased at the date indicated:
CAGR since IPO =
32.1%
(a)
SNL Financial
(b)
Bloomberg
As a result of nine stock splits in a span of 10 years, our charter shareholders
have 2,700 shares of NYB stock for each 100 shares originally purchased.
8.4%
Notwithstanding the decline in the capital markets, our business
model has created significant value for our shareholders over time.
9.0%

New York Community Bancorp, Inc.
Page 31
We are committed to building value for our
investors.
Our Goals

New York Community Bancorp, Inc.
Page 32
5/1/2009
For More Information

New York Community Bancorp, Inc.
Page 33
For the Three Months
Ended
For the Years Ended December 31,
March 31, 2009
2008
2007
2006
2005
2004
(dollars in thousands)
GAAP
Operating
GAAP
Operating
GAAP
Operating
GAAP
Operating
GAAP
Operating
GAAP
Operating
Total net interest income and
non-interest income
$229,091
$229,091
$691,024
$691,024
$727,622
$727,622
$650,556
$650,556
$693,068
$693,068
$737,040
$737,040
Adjustments:
Visa-related gain
--
--
--
(1,647)
--
--
--
--
--
--
--
--
Net gain on sale of securities
--
--
--
--
--
(1,888)
--
--
--
--
--
--
Loss on mark-to-market of interest
rate swaps
--
--
--
--
--
--
--
6,071
--
--
--
--
(Gain) loss on debt redemption
--
--
--
(16,962)
--
1,848
--
1,859
--
--
--
--
Loss on other-than-temporary 
impairment
--
--
--
104,317
--
56,958
--
--
--
--
--
8,209
Debt repositioning charge
--
--
--
39,647
--
--
--
--
--
--
--
--
Balance sheet repositioning charge
--
--
--
--
--
--
--
--
--
--
--
157,215
Gain on sale of bank-owned property
--
--
--
--
--
(64,879)
--
--
--
--
--
--
Adjusted total net interest income
and non-interest income
$229,091
$229,091
$691,024
$816,379
$727,622
$719,661
$650,556
$658,486
$693,068
$693,068
$737,040
$902,464
Operating expenses
$83,911
$83,911
$320,818
$320,818
$299,575
$299,575
$256,362
$256,362
$236,621
$236,621
$193,632
$193,632
Adjustments:
Merger-related charge
--
--
--
--
--
(2,245)
--
(5,744)
--
(36,588)
--
--
Litigation settlement charge
--
--
--
(3,365)
--
--
--
--
--
--
--
--
VISA litigation charge
--
--
--
--
--
(1,000)
--
--
--
--
--
--
Retirement charge
--
--
--
--
--
--
--
(3,072)
--
--
--
--
Adjusted operating expenses
$83,911
$83,911
$320,818
$317,453
$299,575
$296,330
$256,362
$247,546
$236,621
$200,033
$193,632
$193,632
Efficiency ratio
36.63%
36.63%
46.43%
38.89%
41.17%
41.18%
39.41%
37.59%
34.14%
28.86%
26.27%
21.46%
Reconciliation of GAAP and Operating Efficiency
Ratios
The following table presents reconciliations of the Company’s GAAP and operating efficiency ratios for the years ended December 31, 2004, 2005,
2006, 2007 and 2008 and for the three months ended March 31, 2009.

New York Community Bancorp, Inc.
Page 34
Reconciliation of GAAP and Non-GAAP Capital
Measures
March 31,
December 31,
(dollars in thousands)
2009
2008
2007
2006
2005
2004
Total stockholders’
equity
$4,235,886
$  4,219,246
$  4,182,313
$  3,689,837
$  3,324,877
$  3,186,414
Less: Goodwill
(2,436,401)
(2,436,401)
(2,437,404)
(2,148,108)
(1,980,689)
(1,951,438)
Core deposit intangibles
(82,093)
(87,780)
(111,123)
(106,381)
(86,533)
(87,553)
Tangible stockholders’
equity
$1,717,392
$  1,695,065
$  1,633,786
$  1,435,348
$  1,257,655
$  1,147,423
Total assets
$32,402,552
$32,466,906
$30,579,822
$28,482,370
$26,283,705
$24,037,826
Less: Goodwill
(2,436,401)
(2,436,401)
(2,437,404)
(2,148,108)
(1,980,689)
(1,951,438)
Core deposit intangibles
(82,093)
(87,780)
(111,123)
(106,381)
(86,533)
(87,553)
Tangible assets
$29,884,058
$29,942,725
$28,031,295
$26,227,881
$24,216,483
$21,998,835
Stockholders’
equity to total assets
13.07%
13.00%
13.68%
12.95%
12.65%
13.26%
Tangible stockholders’
equity to tangible assets
5.75%
5.66%
5.83%
5.47%
5.19%
5.22%
Tangible stockholders’
equity
$1,717,392
$1,695,065
$1,633,786
$1,435,348
$1,257,655
$1,147,423
Accumulated other comprehensive loss, net of tax
78,086
87,319
21,315
68,053
55,857
40,697
Adjusted tangible stockholders’
equity
$1,795,478
$1,782,384
$1,655,101
$1,503,401
$1,313,512
$1,188,120
Tangible assets
$29,884,058
$29,942,725
$28,031,295
$26,227,881
$24,216,483
$21,998,835
Accumulated other comprehensive loss, net of tax
78,086
87,319
21,315
68,053
55,857
40,697
Adjusted tangible assets
$29,962,144
$30,030,044
$28,052,610
$26,295,394
$24,272,340
$22,039,532
Adjusted tangible stockholders’
equity to adjusted
tangible assets
5.99%
5.94%
5.90%
5.72%
5.41%
5.39%
The
following
table
presents
reconciliations
of
the
Company’s
stockholders’
equity,
tangible
stockholders’
equity,
and
adjusted
tangible
stockholders’
equity; total assets, tangible assets, and adjusted tangible assets; and the related capital measures at December 31, 2004, 2005, 2006, 2007, and 2008
and March 31, 2009:
Please see the following page for reconciliations at December 31, 1999, 2000, 2001, 2002, and 2003.

New York Community Bancorp, Inc.
Page 35
The
following
table
presents
reconciliations
of
the
Company’s
stockholders’
equity,
tangible
stockholders’
equity,
and
adjusted
tangible
stockholders’
equity; total assets, tangible assets, and adjusted tangible assets; and the related capital measures at December 31, 1999, 2000, 2001, 2002, and
2003:
December 31,
(dollars in thousands)
2003
2002
2001
2000
1999
Total stockholders’
equity
$  2,868,657
$1,323,512
$  983,134
$  307,410
$137,141
Less: Goodwill
(1,918,353)
(624,518)
(614,653)
(118,070)
--
Core deposit intangibles
(98,993)
(51,500)
(57,500)
--
--
Tangible stockholders’
equity
$     851,311
$   647,494
$  310,981
$  189,340
$137,141
Total assets
$23,441,337
$11,313,092
$9,202,635
$4,710,785
$1,906,835
Less: Goodwill
(1,918,353)
(624,518)
(614,653)
(118,070)
--
Core deposit intangibles
(98,993)
(51,500)
(57,500)
--
--
Tangible assets
$21,423,991
$10,637,074
$8,530,482
$4,592,715
$1,906,835
Stockholders’
equity to total assets
12.24%
11.70%
10.68%
6.53%
7.19%
Tangible stockholders’
equity to tangible assets
3.97%
6.09%
3.65%
4.12%
7.19%
Tangible stockholders’
equity
$851,311
$647,494
$310,981
$189,340
$137,141
Accumulated other comprehensive loss (gain), net of tax
34,640
(34,852)
(3,715)
(820)
--
Adjusted tangible stockholders’
equity
$885,951
$612,642
$307,266
$188,520
$137,141
Tangible assets
$21,423,991
$10,637,074
$8,530,482
$4,592,715
$1,906,835
Accumulated other comprehensive loss (gain), net of tax
34,640
(34,852)
(3,715)
(820)
--
Adjusted tangible assets
$21,458,631
$10,602,222
$8,526,767
$4,591,895
$1,906,835
Adjusted tangible stockholders’
equity to adjusted tangible assets
4.13%
5.78%
3.60%
4.11%
7.19%
Reconciliation of GAAP and Non-GAAP Capital
Measures

New York Community Bancorp, Inc.
Page 36
Reconciliation of GAAP and Cash Earnings
The following table presents a reconciliation of the Company’s GAAP and cash earnings for the three months ended March 31, 2008 and 2009:
For the
Three Months Ended
March 31,
March 31,
(in thousands, except per share data)
2009
2008
GAAP Earnings
$88,689
$72,371
Additional contributions to tangible stockholders’
equity:
Amortization and appreciation of shares held in stock-related benefit plans
3,484
3,138
Associated tax effects
1,887
277
Dividends on unallocated ESOP shares
158
244
Amortization of core deposit intangibles
5,687
6,032
Loss on other-than-temporary impairment of securities
--
--
Visa-related gain
--
(325)
Total
additional
contributions
to
tangible
stockholders’
equity
11,216
9,366
Cash earnings
$99,905
$81,737
Diluted GAAP Earnings per Share
$0.26
$0.22
Additional contributions to diluted GAAP earnings per share:
Amortization and appreciation of shares held in stock-related benefit plans
0.01
0.01
Associated tax effects
--
--
Dividends on unallocated ESOP shares
--
--
Amortization of core deposit intangibles
0.02
0.02
Loss on other-than-temporary impairment of securities
--
--
Visa-related gain
--
--
Total additional contributions to diluted GAAP earnings per share
0.03
0.03
Diluted cash earnings per share
$0.29
$0.25

New York Community Bancorp, Inc.
Page 37
For the Three Months Ended March 31,
(in thousands, except per share data)
2009
2008
GAAP Earnings
$88,689
$72,371
Adjustments to GAAP earnings:
Visa litigation charge
--
(1,647)
Gain on debt repurchases
--
(926)
Income tax effect
--
371
Operating earnings
$88,689
$ 70,169
Diluted GAAP Earnings per Share
$0.26
$0.22
Adjustments to diluted GAAP earnings per share:
Visa litigation charge
--
--
Gain on debt repurchases
--
--
Diluted operating earnings per share
$0.26
$0.22
The following table presents a reconciliation of the Company’s GAAP and operating earnings for the three months ended March 31, 2008 and 2009:
Reconciliation of GAAP and Operating Earnings