Mr Cooper Group Inc (COOP)

[Royal Dude]

When is in bold

CEO COMMENTARY
“In 2023, New York Community reached an inflection point in its transformation to a dynamic, full-service commercial bank” said President and Chief Executive Officer Thomas R. Cangemi. “We reported an increase in net income available to common stockholders, diversified our balance sheet with commercial loans now representing almost 50% of our total loans, and increased the percentage of non-interest-bearing deposits. In addition, we have made terrific progress integrating Flagstar Bank, meeting every milestone along the way and unveiled a fresh, new re-branding campaign, which will launch shortly after the planned systems conversion is completed in mid-February.
“Shortly after closing the acquisition of Flagstar Bank, we were presented with the unique opportunity to accelerate this transformation when we were selected by the FDIC to purchase certain strategically and financially attractive assets and liabilities of Signature Bank. The benefits of this transaction were abundantly clear, as it strengthened our balance sheet by adding a significant amount of low-cost deposits and a middle-market business supported by over 130 private banking teams. The transaction also put us over $100 billion in total assets, placing us firmly in the Category IV large bank class of banks between $100 billion and $250 billion in assets and subjecting us to enhanced prudential standards, including risk-based and leverage capital requirements, liquidity standards, requirements for overall risk management and stress testing. While we began preparing to be a $100 billion bank almost immediately after closing the Flagstar acquisition, we crossed this important threshold sooner than anticipated as a result of the Signature transaction. Alongside the integration of our three banks and in anticipation of our initial capital plan submission in April of this year, we have pivoted quickly and accelerated some necessary enhancements that come with being a $100 billion-plus Category IV bank.

https://www.sec.gov/Archives/edgar/data/910073/000091007324000031/nycb4q2023earningsrelease.htm


https://www.sec.gov/Archives/edgar/data/910073/000091007324000031/nycb-20240131.htm