NYCB 2017 Annual Report

34 ITEM 6. SELECTED FINANCIAL DATA At or For the Years Ended December 31, (dollars in thousands, except share data) 2017 2016 2015 2014 2013 EARNINGS SUMMARY: Net interest income (1) $ 1,130,003 $ 1,287,382 $ 408,075 $ 1,140,353 $ 1,166,616 Provision for (recovery of) losses on non-covered loans 60,943 11,874 (3,334) -- 18,000 (Recovery of) provision for losses on covered loans (23,701) (7,694) (11,670) (18,587) 12,758 Non-interest income 216,880 145,572 210,763 201,593 218,830 Non-interest expense: Operating expenses (2) 641,218 638,109 615,600 579,170 591,778 Amortization of core deposit intangibles 208 2,391 5,344 8,297 15,784 Debt repositioning charge -- -- 141,209 -- -- Merger-related expenses -- 11,146 3,702 -- -- Total non-interest expense 641,426 651,646 765,855 587,467 607,562 Income tax expense (benefit) 202,014 281,727 (84,857) 287,669 271,579 Net income (loss) (3) 466,201 495,401 (47,156) 485,397 475,547 Preferred stock dividends 24,621 -- -- -- -- Net income available to common shareholders 441,580 495,401 (47,156) 485,397 475,547 Basic earnings (loss) per common share (3) $0.90 $1.01 $(0.11) $1.09 $1.08 Diluted earnings (loss) per common share (3) 0.90 1.01 (0.11) 1.09 1.08 Dividends paid per common share 0.68 0.68 1.00 1.00 1.00 SELECTED RATIOS: Return on average assets (3) 0.96% 1.00% (0.10)% 1.01% 1.07% Return on average common stockholders’ equity (3) 7.12 8.19 (0.81) 8.41 8.46 Average common stockholders’ equity to average assets 12.76 12.28 11.90 12.01 12.66 Operating expenses to average assets (2) 1.32 1.29 1.26 1.21 1.33 Efficiency ratio (1)(2) 47.61 44.53 99.48 43.16 42.71 Net interest rate spread (1) 2.47 2.85 0.69 2.57 2.90 Net interest margin (1) 2.59 2.93 0.94 2.67 3.01 Common dividend payout ratio 75.56 67.33 -- 91.74 92.59 BALANCE SHEET SUMMARY: Total assets $49,124,195 $48,926,555 $50,317,796 $48,559,217 $46,688,287 Loans, net of allowances for loan losses 38,265,183 39,308,016 38,011,995 35,647,639 32,727,507 Allowance for losses on non-covered loans 158,046 158,290 147,124 139,857 141,946 Allowance for losses on covered loans -- 23,701 31,395 45,481 64,069 Securities 3,531,427 3,817,057 6,173,645 7,096,450 7,951,020 Deposits 29,102,163 28,887,903 28,426,758 28,328,734 25,660,992 Borrowed funds 12,913,679 13,673,379 15,748,405 14,226,487 15,105,002 Common stockholders’ equity 6,292,536 6,123,991 5,934,696 5,781,815 5,735,662 Common shares outstanding 488,490,352 487,056,676 484,943,308 442,587,190 440,809,365 Book value per common share $12.88 $12.57 $12.24 $13.06 $13.01 Common stockholders’ equity to total assets 12.81% 12.52% 11.79 % 11.91% 12.29% ASSET QUALITY RATIOS (excluding covered assets and non-covered purchased credit-impaired loans): Non-performing non-covered loans to total non-covered loans 0.19% 0.15% 0.13 % 0.23% 0.35% Non-performing non-covered assets to total non-covered assets 0.18 0.14 0.13 0.30 0.40 Allowance for losses on non-covered loans to non- performing non-covered loans 214.50 277.19 310.08 181.75 137.10 Allowance for losses on non-covered loans to total non- covered loans 0.41 0.42 0.41 0.42 0.48 Net charge-offs (recoveries) to average loans (4) 0.16 0.00 (0.02) 0.01 0.05 ASSET QUALITY RATIOS (including covered assets and non-covered purchased credit-impaired loans) (5) Total non-performing loans to total loans 0.19% 0.48% 0.49 % 0.66% 0.97% Total non-performing assets to total assets 0.18 0.44 0.45 0.68 0.91 Allowances for loan losses to total non-performing loans 214.50 96.39 96.51 78.92 65.40 Allowances for loan losses to total loans 0.41 0.47 0.47 0.52 0.63 (1) The 2015 amount reflects the impact of a $773.8 million debt repositioning charge recorded as interest expense in the fourth quarter of the year. (2) The 2015 amount includes state and local non-income taxes of $5.4 million resulting from the debt repositioning charge. (3) The 2015 amount reflects the $546.8 million after-tax impact of the debt repositioning charge recorded as interest expense and non-interest expense, combined. (4) Average loans include covered loans. (5) At December 31, 2017, the Company had no covered assets.