New York Community Bancorp, Inc. (NYSE:NYCB) Q1 2022 Earnings Conference Call April 27, 2022 8:30 AM ET

Company Participants

Sal DiMartino - Executive Vice President & Chief of Staff

Thomas Cangemi - Chairman, President & Chief Executive Officer

John Pinto - Chief Financial Officer

Sandro DiNello - President and Chief Executive Officer, Flagstar

Lee Smith - President, Flagstar Mortgage

Conference Call Participants

Ebrahim Poonawala – Bank of America

Chris McGratty - KBW

Steven Alexopoulos - JPMorgan

David Rochester - Compass

Brock Vandervliet - UBS

Steve Moss - B. Riley Securities

Peter Winter - Wedbush Securities

Matthew Breese - Stephens, Inc.

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. Today's discussion of the company's first quarter 2022 results will be led by Chairman, President and CEO, Thomas Cangemi; joined by Chief Operating Officer, Robert Wann; and the company's Chief Financial Officer, John Pinto.

Before we begin our discussion, 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 meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements we 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 the risks and uncertainties which may affect us.

Now with that, I'd like to turn the call over to Mr. Cangemi.

Thomas Cangemi

Thank you, Sal. Good morning to everyone, and thank you for joining us today to discuss our first quarter 2022 performance. In addition to Robert and John, also joining on the line are Sandro DiNello, President and CEO of Flagstar; and Lee Smith, President of Flagstar Mortgage.

In addition to our earnings release this morning, we announced that NYCB and Flagstar mutually agreed to extend our merger agreement by approximately six months to October 31, 2022. In conjunction with the extension, both banks amended the merger agreement to provide that the combined company will operate under a national bank charter. Although we recently received New York State DFS approval and we are very much appreciative to this, both sides truly believe that a National Bank Charter is an appropriate charter for the new organization.

Under the revised agreement, the necessary regulatory approvals required to consummate the merger will come from the Fed Reserve and the OCC. Despite the extension, the benefits of this transformational deal remained the same today as we did when we announced the deal one year ago. The merger of our two great organizations provides many benefits, including geographical and product diversification. It also accelerates our plan to transform our business model to a multifaceted commercial bank by strong, sustainable financial performance and capital generation. Additionally, it dramatically improves our overall funding profile and interest rate positioning. The combination of our two balance sheets will create a pro forma balance sheet that is asset sensitive and significantly deposit funded.