New York Community Bancorp in Westbury, N.Y., reported higher third-quarter earnings after a debt repositioning last year helped its net interest income.
The $49.5 billion-asset company said Wednesday that it earned $125.3 million, up roughly 9% from a year earlier.
Net interest income was $318.4 million, up 14% from a year earlier. The increase was largely due to a reduction in interest expense from a debt repositioning that happened in the fourth quarter.
Total loans originated for investment fell roughly 19% to $2.3 billion as mortgage credits originated for investment declined 29% to $1.7 billion.
Noninterest income rose 8% to $40.6 million as mortgage banking income increased 72% to $12.9 million. Federal Deposit Insurance Corp. indemnification expense totaled $1 million, down from $6.8 million last year.
Total noninterest expense totaled $161.7 million, up almost 10% from a year earlier. General and administrative costs rose 35% to $48.5 million because of an increase in FDIC premiums and a rise in professional service fees.
New York Community announced in October 2015 that it would