New York Community Bancorp, Inc. (NYSE:NYCB) Q4 2022 Earnings Conference Call January 31, 2023 8:30 AM ET
Company Participants
Sal DiMartino - Investor Relations & Strategic Planning
Thomas Cangemi - President & Chief Executive Officer
John Pinto - Chief Financial Officer
Lee Smith - President of Mortgage
Conference Call Participants
Ebrahim Poonawala - Bank of America
Mark Fitzgibbon - Piper Sandler
Dave Rochester - Compass Point
Brody Preston - UBS
Manan Gosalia - Morgan Stanley
Steven Alexopoulos - JPMorgan
Chris McGratty - KBW
Peter Winter - D.A. Davidson
Matthew Breese - Stephens
Christopher Marinac - Janney
Sal DiMartino
Good morning, everyone. This is Sal DiMartino. Thank you for joining the management team of New York Community for today's conference call. We apologize for the long wait time for the call, but we were having technical issues with our vendor. Today's discussion of the company's 2022 results will be led by President and CEO, Thomas Cangemi, along with the company's Chief Financial Officer, John Pinto; and Lee Smith, President of Mortgage.
Before the discussion begins, I'd like to remind you that certain comments made today by the management team of New York Community may include forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements we may make are subject to the safe harbor rules. Please review the forward-looking disclaimer and safe harbor language in today's press release and investor presentation for more information about risks and uncertainties which may affect us.
Now I would like to turn the call over to Mr. Cangemi.
Thomas Cangemi
Thank you, Sal. Good morning, everyone, and thank you for joining us today. This morning, we're going to focus on four topics: the Flagstar acquisition, the decision to restructure the mortgage business and our operating performance, along with our outlook for the new Flagstar.
2022 was a watershed year for New York Community, culminating in our acquisition of Flagstar, our largest acquisition to-date, which closed on December 1. As you have heard me say many times on these calls and in one-on-one meeting, this is a transformational acquisition for us, and we've already seen some of the benefits you've outlined when the transaction was first announced.
The transaction into a dynamic commercial banking model is underway, with a more diversified balance sheet, which was evident at year-end, as commercial loans represented 33% of total loans compared to 24% before the merger announcement.