2024-05-01 19:01:06 ET
New York Community Bancorp, Inc. (NYCB)
Q1 2024 Earnings Conference Call
May 01, 2024 08:00 AM ET
Company Participants
Sal DiMartino - Director of Investor Relations
Joseph Otting - President & Chief Executive Officer
Craig Gifford - Chief Financial Officer
Conference Call Participants
Ebrahim Poonawala - Bank of America
Dave Rochester - Compass Point
Mark Fitzgibbon - Piper Sandler
Chris McGratty - KBW
Ben Gerlinger - Citi
Christopher Marinac - Janney Montgomery Scott
Bernard Von Gizycki - Deutsche Bank
Casey Haire - Jefferies
Jared Shaw - Barclays
Janet Lee - JPMorgan
Peter Winter - D.A. Davidson
Matthew Breese - Stephens
Steve Moss - Raymond James
Jon Arfstrom - RBC Capital Markets
Presentation
Operator
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the New York Community Bancorp, Inc. First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
I would now like to turn the conference over to Sal DiMartino, Director of Investor Relations. Please go ahead.
Sal DiMartino
Thank you, Regina, and good morning, everyone. Thank you for joining the management team of New York Community Bancorp on short notice for today's conference call. Today's discussion of the company's first quarter 2024 results will be led by President and CEO, Joseph Otting, joined by the company's Chief Financial Officer, Craig Gifford.
Before the discussion begins, I would like to remind everyone that our quarterly earnings press release and investor presentation can be found on the Investor Relations section of our company website at ir.mynycb.com. Additionally, certain comments made today by the management team may include forward-looking statements within the meaning 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 presentation for more information about risks and uncertainties, which may affect us.
Also, when discussing our results, we will reference certain non-GAAP measures, which exclude certain items from reported results. Please refer to today's earnings release for reconciliations of these non-GAAP measures.
And now, I would like to turn the call over to Mr. Otting. Joseph?
Joseph Otting
Thank you, Sal, and good morning, everybody, and thank you for joining us today. Before I go into my prepared remarks, I'd like to also offer my apologies for the late notification for today's earnings call. Clearly, this is not the standard we intend to operate by in the future. And we will notify you in a timely manner in the future quarters.
However, we made some big promises for this meeting when we met on March 7, which was a very tall order. And being a new management team, not only did we have to obtain and analyze information, we had to ensure we had both controls and processes and completed the credit review that we had indicated that we would conduct.
As I indicated, we first got together on March 7, I had really three overarching items that I wanted to focus on in my first 12 weeks. The first was to reevaluate and get our forecast accurate and formulate strategies around the businesses. We wanted to conduct a review and understand our credit risk in the portfolio. And it was very important for us to engage with our regulators and develop relationships because they are very important to our overall organization and building our risk framework.
We think that these were in critical components. We think we've done a tremendous amount of work on that. And we think you'll find through the slide presentation today, we came a long, really a long way in the last four weeks since the new team has come together.
So now turning to the first quarter. During the quarter, the company took a number of actions designed to lay down the groundwork for a return to long-term sustainable profitability or in line with our regional bank peers. First and foremost, we successfully completed a little over $1 billion equity raise anchored by Liberty Strategic Capital, a firm led by former Secretary, Treasury Secretary, Steven Mnuchin, along with Hudson Bay Capital Management, Reverence Capital Partners and Citadel Global Equities. The completion of this equity raise significantly strengthens our capital and liquidity position, it really demonstrates the confidence that the new investors have in the turnaround currently underway at the company....
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New York Community Bancorp, Inc. (NYCB) Q1 2024 Earnings Call Transcript