EX-99.1 2 dex991.htm WRITTEN PRESENTATION Written Presentation
Second Quarter 2009
Investor Presentation
Exhibit 99.1

New York Community Bancorp, Inc.
Page 2
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, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, those
pertaining to banking, securities, taxation, rent regulation and housing, 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
have acquired or 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 June 30, 2009, March 31, 2009, and September 30, 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. 
Safe
Harbor
Provisions
of
the
Private
Securities
Litigation
Reform
Act
of
1995

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 9/9/09
(b)
Please see page 39 for a reconciliation of our GAAP and operating earnings.

2nd Quarter 2009
Performance Highlights

New York Community Bancorp, Inc.
Page 5
In 2Q 2009, we generated strong operating earnings
metrics.
Performance Highlights:
2Q 2009
2Q 2008
Y-O-Y
Change
Significant operating earnings growth
(a)
$89,053
$75,116
18.6%
Substantial operating EPS growth
(a)
$0.26
$0.23
13.0%
Significant margin expansion
3.06%
2.54%
(b)
52 bp
Higher net interest income
$217,585
$170,197
(b)
27.8%
Improved operating efficiency
(c)
36.72%
40.14%
342
bp
(dollars in thousands, except per share data)
(a)
Please see page 39 for a reconciliation of our GAAP and operating earnings.
(b)
This measure has been adjusted to exclude the impact of a $39.6 million debt repositioning charge in 2Q 2008.  Please see pages 37 and 38 for a
reconciliation of our 2Q 2008 net interest income (GAAP) and adjusted net interest income (non-GAAP) and the related GAAP and non-GAAP margins.
(c)
Please see page 34 for a reconciliation of our GAAP and operating efficiency ratios.

New York Community Bancorp, Inc.
Page 6
Our asset quality measures continued to exceed
those of our industry peers.
At or for the Three Months Ended 6/30/09
Asset Quality:
NYB
SNL Bank & Thrift
Index
(a)
SNL Thrift Index
(a)
Net charge-offs / average loans
0.04%
0.73%
0.20%
Non-performing loans / total loans
(b)
1.49%
3.70%
2.97%
Non-performing assets / total assets
1.04%
2.38%
2.33%
Net charge-offs / loan loss allowance
9.69%
23.98%
15.87%
(a)
SNL Financial as of 9/9/09
(b)
Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest.

New York Community Bancorp, Inc.
Page 7
(dollars in thousands)
2Q 2008
1Q 2009
2Q 2009
Linked-quarter
Increase
(Decrease)
Y-O-Y
Increase
(Decrease)
Average balance of loans
$20,478,132
$22,108,647
$22,382,786
1.2%
9.3%
Average yield on loans
6.07%
5.83%
5.75%
(8) bp
(32) bp
Average yield on interest-earning assets
5.90
5.66
5.65
(1) bp
(25) bp
Prepayment penalty income
$8,153
$1,227
$2,064
68.2%
(74.7) %
Net interest margin
2.54%
(a)
2.89%
3.06%
17 bp
52 bp
Average cost of borrowed funds
4.34
(a)
3.71
3.77
6 bp
(57) bp
Average cost of interest-bearing deposits
2.84
2.07
1.71
(36) bp
(113) bp
Average cost of CDs
4.13
3.35
2.84
(51) bp
(129) bp
Average cost of interest-bearing liabilities
3.61
(a)
2.93
2.76
(17) bp
(85) bp
The expansion of our net interest margin has been driven
by loan growth and a reduction in our funding costs.
(a)
These measures have been adjusted to exclude the impact of a $39.6 million debt repositioning charge in 2Q 2008.  Please see pages 37 and 38 for a
reconciliation of our 2Q 2008 net interest income (GAAP) and adjusted net interest income (non-GAAP) and the related GAAP and non-GAAP measures.

New York Community Bancorp, Inc.
Page 8
Both of our bank subsidiaries are well capitalized institutions:
6/30/09
Community Bank
Commercial Bank
Leverage capital ratio
7.00%
12.19%
Tier 1 risk-based capital ratio
10.16%
12.20%
Total risk-based capital ratio
10.62%
12.70%
We continue to maintain strong tangible capital measures:
Our quarterly cash dividend has increased 90-fold since we initiated payments in 3Q 1994.
In August 2009, we paid our 22nd consecutive quarterly cash dividend of $0.25 per share.
(a)
Please see page 35 for a reconciliation of our GAAP and non-GAAP capital measures.
(dollars in billions)
6/30/09
Pro forma for exchange of BONUSES
SM
units for common stock on 8/28/09
Tangible stockholders’
equity
(a)
$1.7
$1.7
Tangible equity / tangible assets
(a)
5.59%
5.74%
Tangible equity / tangible assets excluding accumulated
other comprehensive loss, net of tax
(a)
5.83%
5.98%
The strength of our capital position has enabled us
to pay a strong dividend.

New York Community Bancorp, Inc.
Page 9
Our total return to shareholders increased at a compound
annual growth rate of 31.3% between our IPO and 6/30/09.
We have a consistent business model that focuses
on building value while building the Company.
(a)
Please see page 34 for a reconciliation of our GAAP and operating efficiency ratios.
(b)
SNL Financial

Our Business Model:
Multi-family Loan Production

New York Community Bancorp, Inc.
Page 11
(in millions)
Multi-family Loan Portfolio
Multi-family loans have grown at a CAGR of 29.9%
since 12/31/99.

New York Community Bancorp, Inc.
Page 12
(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 14
Net Charge-offs / Average Loans
NYB Net Charge-offs:
$22,000
$222,000
$458,000
$6.1 million
$431,000
We continue to be distinguished by our low level of
net charge-offs.
$14.3 million
NYB
SNL Bank and Thrift Index
(a)
SNL Thrift Index
(a)
(a)
SNL Financial as of 9/9/09

New York Community Bancorp, Inc.
Page 15
The quality of our loan portfolio has consistently
exceeded that of our industry.
NYB
SNL Bank and Thrift Index
(b)
SNL Thrift Index
(b)
(a)
Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest.
(b)
SNL Financial as of 9/9/09

New York Community Bancorp, Inc.
Page 16
Net Charge-offs / Average Loan Loss Allowance
Our charge-offs typically represent a smaller percentage of
our loan loss allowance compared to our industry peers.
(a)
SNL Financial as of 9/9/09
NYB
SNL Bank and Thrift Index
(a)
SNL Thrift Index
(a)

New York Community Bancorp, Inc.
Page 17
Historically, few of our non-performing loans have resulted in
charge-offs.
At or for the Twelve Months Ended December 31,
At or for the Six
Months Ended
June 30, 2009
1990
1991
1992
2007
2008
NPLs / Total Loans
(a)
2.48%
2.10%
2.83%
0.11%
0.51%
1.49%
NCOs / Average Loans
0.00%
0.04%
0.07%
0.00%
0.03%
0.06%
Difference
248 bp
206 bp
276 bp
11 bp
48 bp
143 bp
Loan Loss Allowance / NPLs
(a)
12.94%
24.78%
36.17%
418.14%
83.00%
28.83%
(a)
Non-performing loans are defined as non-accrual loans and loans 90 days or more past due but still accruing interest.

New York Community Bancorp, Inc.
Page 18
The quality of our assets reflects the nature of our multi-family
lending niche and our strong underwriting standards.

New York Community Bancorp, Inc.
Page 19
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
June 30, 2009
Multi-family
0.70%
Commercial real estate
0.30
Acquisition, development, and construction
0.35
Commercial and industrial
0.08
One-
to four-family
0.06
Other
0.00
Total loan portfolio
1.49%

Our Business Model:
Efficiency

New York Community Bancorp, Inc.
Page 21
Our
operating
efficiency
ratio
was
36.72%
(a)
in
2Q
2009,
well
below
the
SNL
Bank
and
Thrift
Index
efficiency
ratio
of
56.87%.
(b)
(a)
Please see page 34 for a reconciliation of our GAAP and operating efficiency ratios.
(b)
SNL Financial as of 9/9/09
NYB
(a)
SNL Bank and Thrift Index
(b)
SNL Thrift Index
(b)

Our Business Model:
Growth through Acquisitions

New York Community Bancorp, Inc.
Page 23
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 24
(a)
Please see pages 35 and 36 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
6/30/09
Number of branches
14
86
120
139
152
166
217
214
Multi-family loans
$1.3
$1.9
$3.3
$  7.4
$12.9
$14.5
$14.1
$16.2
Total loans
1.6
3.6
5.4
10.5
17.0
19.7
20.4
22.8
Total assets
1.9
4.7
9.2
23.4
26.3
28.5
30.6
32.9
Core deposits
0.4
1.4
3.0
6.0
6.9
6.7
6.3
8.3
Total deposits
1.1
3.3
5.5
10.4
12.2
12.7
13.2
14.4
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%
5.59%
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%
5.83%

New York Community Bancorp, Inc.
Page 25
(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%
6/30/09
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.
17.2%
69.3%

New York Community Bancorp, Inc.
Page 26
Total deposits: 31.2% CAGR
Core deposits:  36.6% CAGR
Demand deposits: 42.1% CAGR
(in millions)
CDs
NOW, MMAs, and Savings
Demand deposits
Deposits
Total Deposits:
$10,457
$12,168
$12,694
$13,236
$14,376
Our deposit growth has been largely acquisition-
driven.
$14,354
$1,086

New York Community Bancorp, Inc.
Page 27
Largely reflecting our acquisition strategy, we currently have
159 locations in New York and 53 in New Jersey.
BRANCH LOCATIONS (#)
COMMUNITY BANK
COMMERCIAL BANK
Queens County Savings Bank (34)
New York Commercial Bank (18)
Roslyn Savings Bank (56)
Atlantic Bank (17)
Richmond County Savings Bank (22)
Roosevelt Savings Bank (8)
New York Community Bank (4)
Garden State Community Bank (53)

New York Community Bancorp, Inc.
Page 28
(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
Investors Bancorp Inc.
1,094,388
7.21
9
Bank of America Corp.
1,070,349
7.05
10
New York Community
756,618
4.99
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 29
(in millions)
Multi-family Loans Outstanding
All Other Loans Outstanding
Loans Outstanding
Multi-family loans:  29.9% CAGR
Total loans:  32.2% CAGR
$1,611
$17,029
$19,653
Total Loans:
$677
$6,332
$4,971
Total Originations:
$22,777
$1,676
$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

Total Return on Investment

New York Community Bancorp, Inc.
Page 31
Total Return on Investment
SNL Thrift Index
(a)
NYB
(b)
14.7%
6.2%
107.5%
5.7%
Annual yield produced by $1.00
per share dividend on shares
purchased at the date indicated:
(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.
9.4%
SNL Bank & Thrift Index
(a)
CAGR since IPO =
31.3%
240%
615%
462%
213%
169%
156%
892%
495%
279%
218%
717%
2,479%
2,885%
2,059%
1,911%
11/23/93
12/31/99
12/31/06
12/31/07
12/31/08
6/30/09

New York Community Bancorp, Inc.
Page 32
We are committed to building value for our
investors.
Our Goals

New York Community Bancorp, Inc.
Page 33
9/14/2009
For More Information

New York Community Bancorp, Inc.
Page 34
For the Three Months
Ended
For the Years Ended December 31,
June 30, 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
$199,874
$199,874
$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
--
39,728
--
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
$199,874
$239,607
$691,024
$816,379
$727,622
$719,661
$650,556
$658,486
$693,068
$693,068
$737,040
$902,464
Operating expenses
$101,927
$101,927
$320,818
$320,818
$299,575
$299,575
$256,362
$256,362
$236,621
$236,621
$193,632
$193,632
Adjustments:
FDIC special assessment
--
(13,952)
--
--
--
--
--
--
--
--
--
--
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
$101,927
$  87,975
$320,818
$317,453
$299,575
$296,330
$256,362
$247,546
$236,621
$200,033
$193,632
$193,632
Efficiency ratio
51.00%
36.72%
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 June 30, 2009.

New York Community Bancorp, Inc.
Page 35
Reconciliation of GAAP and Non-GAAP Capital
Measures
June 30,
December 31,
(dollars in thousands)
2009
2008
2007
2006
2005
2004
Total stockholders’
equity
$ 4,210,666
$  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
(76,617)
(87,780)
(111,123)
(106,381)
(86,533)
(87,553)
Tangible stockholders’
equity
$ 1,697,648
$  1,695,065
$  1,633,786
$  1,435,348
$  1,257,655
$  1,147,423
Total assets
$32,860,123
$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
(76,617)
(87,780)
(111,123)
(106,381)
(86,533)
(87,553)
Tangible assets
$30,347,105
$29,942,725
$28,031,295
$26,227,881
$24,216,483
$21,998,835
Stockholders’
equity to total assets
12.81%
13.00%
13.68%
12.95%
12.65%
13.26%
Tangible stockholders’
equity to tangible assets
5.59%
5.66%
5.83%
5.47%
5.19%
5.22%
Tangible stockholders’
equity
$1,697,648
$1,695,065
$1,633,786
$1,435,348
$1,257,655
$1,147,423
Accumulated other comprehensive loss, net of tax
76,301
87,319
21,315
68,053
55,857
40,697
Adjusted tangible stockholders’
equity
$1,773,949
$1,782,384
$1,655,101
$1,503,401
$1,313,512
$1,188,120
Tangible assets
$30,347,105
$29,942,725
$28,031,295
$26,227,881
$24,216,483
$21,998,835
Accumulated other comprehensive loss, net of tax
76,301
87,319
21,315
68,053
55,857
40,697
Adjusted tangible assets
$30,423,406
$30,030,044
$28,052,610
$26,295,394
$24,272,340
$22,039,532
Adjusted tangible stockholders’
equity to adjusted
tangible assets
5.83%
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 June 30, 2009:
Please see the following page for reconciliations at December 31, 1999, 2000, 2001, 2002, and 2003.

New York Community Bancorp, Inc.
Page 36
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 37
Reconciliation of Net Interest Income and Adjusted
Net Interest Income
For the Three Months Ended June 30,
2009
2008
Average
Average
(dollars in thousands)
Average
Yield/
Average
Yield/
Balance
Interest
Cost
Balance
Interest
Cost
Assets:
Interest-earning assets:
Mortgage and other loans, net
$22,382,786
$321,640
5.75%
$20,478,132
$310,396
6.07%
Securities and money market investments
6,035,990
80,056
5.31
6,214,920
82,904
5.34
Total interest-earning assets
28,418,776
401,696
5.65
26,693,052
393,300
5.90
Non-interest-earning assets
3,958,436
3,871,259
Total assets
$32,377,212
$30,564,311
Liabilities
and
Stockholders’
Equity:
Interest-bearing deposits:
NOW and money market accounts
$  4,038,172
$   7,314
0.73%
$  3,010,497
$  13,144
1.76%
Savings accounts
2,699,431
3,565
0.53
2,601,991
5,869
0.91
Certificates of deposit
6,295,936
44,617
2.84
6,401,287
65,799
4.13
Total interest-bearing deposits
13,033,539
55,496
1.71
12,013,775
84,812
2.84
Borrowed funds
13,696,028
128,615
3.77
12,806,797
177,938
5.59
Total interest-bearing liabilities
26,729,567
184,111
2.76
24,820,572
262,750
4.26
Non-interest-bearing deposits
1,217,281
1,410,106
Other liabilities
239,840
136,340
Total liabilities
28,186,688
26,367,018
Stockholders’
equity
4,190,524
4,197,293
Total
liabilities
and
stockholders’
equity
$32,377,212
$30,564,311
Net interest income/interest rate spread
$217,585
2.89%
$130,550
1.64%
Net interest-earning assets/net interest margin
$1,689,209
3.06%
$1,872,480
1.94%
Ratio of interest-earning assets to interest-bearing
liabilities
1.06x
1.08x
The following table presents an analysis of the Company’s net interest income on a GAAP basis for the three months ended June 30, 2008 and 2009.
Please see the following page for an analysis of the Company’s adjusted net interest income (i.e., excluding the impact of the $39.6 million debt repositioning
charge) in the three months ended June 30, 2008, as compared to its GAAP net interest income for the three months ended June 30, 2009.

New York Community Bancorp, Inc.
Page 38
The following table presents an analysis of the Company’s second quarter 2008 net interest income as if the aforementioned $39.6 million debt repositioning charge had not been
recorded.  Although such adjusted net interest income is not a measure of performance calculated in accordance with GAAP, we believe that it is an important indication of our ability to
generate net interest income through our fundamental banking business and therefore provides useful supplemental information to both management and investors in evaluating the
Company’s financial results.
The following line items are presented in the adjusted net interest income analysis for the three months ended June 30, 2008 absent the impact of the debt repositioning charge:  interest
expense on borrowed funds; cost of borrowed funds; interest expense on average interest-bearing liabilities; cost of funds; net interest income, interest rate spread, and net interest
margin. No adjustments have been made to these items for the three months ended June 30, 2009.
None of these adjusted items should be considered in isolation or as a substitute for net interest income or its component measures.  Moreover, the manner in which we have calculated
our adjusted net interest income may differ from that of other companies that may report a measure with a similar name.
Reconciliation of Net Interest Income and Adjusted
Net Interest Income
For the Three Months Ended June 30,
2009
2008
Average
Average
(dollars in thousands)
Average
Yield/
Average
Yield/
Balance
Interest
Cost
Balance
Interest
Cost
Assets:
Interest-earning assets:
Mortgage and other loans, net
$22,382,786
$321,640
5.75%
$20,478,132
$310,396
6.07%
Securities and money market investments
6,035,990
80,056
5.31
6,214,920
82,904
5.34
Total interest-earning assets
28,418,776
401,696
5.65
26,693,052
393,300
5.90
Non-interest-earning assets
3,958,436
3,871,259
Total assets
$32,377,212
$30,564,311
Liabilities
and
Stockholders’
Equity:
Interest-bearing deposits:
NOW and money market accounts
$  4,038,172
$    7,314
0.73%
$  3,010,497
$  13,144
1.76%
Savings accounts
2,699,431
3,565
0.53
2,601,991
5,869
0.91
Certificates of deposit
6,295,936
44,617
2.84
6,401,287
65,799
4.13
Total interest-bearing deposits
13,033,539
55,496
1.71
12,013,775
84,812
2.84
Borrowed funds
13,696,028
128,615
3.77
12,806,797
138,291
4.34
Total interest-bearing liabilities
26,729,567
184,111
2.76
24,820,572
223,103
3.61
Non-interest-bearing deposits
1,217,281
1,410,106
Other liabilities
239,840
136,340
Total liabilities
28,186,688
26,367,018
Stockholders’
equity
4,190,524
4,197,293
Total
liabilities
and
stockholders’
equity
$32,377,212
$30,564,311
Net interest income/interest rate spread
$217,585
2.89%
$170,197
2.29%
Net interest-earning assets/net interest margin
$1,689,209
3.06%
$1,872,480
2.54%
Ratio of interest-earning assets to interest-bearing
liabilities
1.06x
1.07x

New York Community Bancorp, Inc.
Page 39
The following table presents a reconciliation of the Company’s GAAP and operating earnings for the three months ended June 30, 2008 and 2009:
Reconciliation of GAAP and Operating Earnings
For the Three Months Ended June 30,
(in thousands, except per share data)
2009
2008
GAAP Earnings (Loss)
$ 56,448
$(154,783)
Adjustments to GAAP earnings (loss):
FDIC special assessment
13,952
--
Loss on other-than-temporary impairment of securities
39,728
49,595
Debt repositioning charge
--
325,016
Litigation settlement charge
--
3,365
Income tax effect
(21,075)
(148,077)
Operating earnings
$ 89,053
$   75,116
Diluted GAAP Earnings (Loss) per Share
$0.16
$(0.47)
Adjustments to diluted GAAP earnings (loss) per share:
FDIC special assessment
0.03
--
Loss on other-than-temporary impairment of securities
0.07
0.09
Debt repositioning charge
--
0.60
Litigation settlement charge
--
0.01
Diluted operating earnings per share
$0.26
$  0.23