NYCB 2017 Annual Report

138 NOTE 17: PARENT COMPANY-ONLY FINANCIAL INFORMATION The following tables present the condensed financial statements for NewYork Community Bancorp, Inc. (parent company only): Condensed Statements of Condition December 31, (in thousands) 2017 2016 ASSETS: Cash and cash equivalents $ 90,536 $ 63,727 Securities available for sale -- 2,002 Investments in subsidiaries 7,050,139 6,426,276 Receivables from subsidiaries 4,750 7,839 Other assets 23,980 34,102 Total assets $7,169,405 $6,533,946 LIABILITIES AND STOCKHOLDERS’ EQUITY: Junior subordinated debentures $ 359,179 $ 358,879 Other liabilities 14,850 51,076 Total liabilities 374,029 409,955 Stockholders’ equity 6,795,376 6,123,991 Total liabilities and stockholders’ equity $7,169,405 $6,533,946 Condensed Statements of Income (Loss) Years Ended December 31, (in thousands) 2017 2016 2015 Interest income $ 943 $ 527 $ 1,027 Dividends received from subsidiaries 336,000 330,000 345,000 Other income 1,700 679 527 Gross income 338,643 331,206 346,554 Operating expenses 54,333 49,157 48,255 Income before income tax benefit and equity in underdistributed (overdistributed) earnings of subsidiaries 284,310 282,049 298,299 Income tax benefit 19,575 19,592 20,720 Income before equity in underdistributed (overdistributed) earnings of subsidiaries 303,885 301,641 319,019 Equity in underdistributed (overdistributed) earnings of subsidiaries 162,316 193,760 (366,175) Net income (loss) $466,201 $495,401 $ (47,156)