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The recent turmoil that has been surmounting against financials in general has provided investors with a significant opportunity. This enormous flight to less risky assets is allowing for enormous discounts on companies with strong fundamentals. My fund currently holds only one bank and that is New York Community Bank (NYB).

In the constant hunt for yield, investors are herding to Treasuries that are providing a sub 2.5% yield on the 10-year. Some Treasury yields were even negative recently. New York Community Bank at a price of $12 has a dividend yield of a little over 8%. This yield alone is enough to consider purchasing this bank.

New York Community Bank is the 21st largest bank holding company across the nation with $40.6 billion in assets. New York Community Bank has 276 branches across the nation in states like; New York, New Jersey, Ohio, Florida, and Arizona. New York Community Bank is most concentrated in the Metro NY area with 157 branches. As most investors are aware, the metro NY area was one of the lightest hit by the financial crisis that gripped the world a couple of years ago.

Now most investors will question this banks’ exposure to the greater macro environment across the globe. The truth of the matter is the New York Community Bank generates the majority of its loans from single family and multifamily loans, almost all of which are concentrated in the Metro NY area. New York Community Bank intends to continue to grow through acquisitions, most notably in 2009 Amtrust and in 2010 Desert Hills Bank.

Next, investors might think to themselves “well what if people walk away from their mortgages again, how will this impact the bank?” and the truth of the matter is that New York Community Bank generates some of the highest quality mortgages on the market.

During 2009, New York Community Bank's total net charge offs was a mere .19%, in 2010 .21%, and the annualized 2011 figure is approximately .23%. Just for a measure of comparison, the U.S. bank and Thrift Index over those years was 2.85% and 2.89% for 2009 and 2010, respectively.

As far as non-performing loans (NPL) goes, once again New York Community Bank comes out on top by far. In 2009, New York Community Bank had 2.04% NPL compared to the 4.84% index and for 2010, New York Community Bank had 2.23% NPL while the index topped out at 4.41%. The quality of the loans New York Community Bank is writing is clear and apparent.

With New York Community Bank trading at levels that haven’t been seen since December 2009, this company is providing an opportunity for everyone to get significant yield while waiting for price appreciation. The current P/E ratio for New York Community Bank is below 10. This is destined to be one of the best bargains of the year.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in NYB over the next 72 hours.