-
New York Community Bancorp would stay profitable and maintain capital levels well above the necessary minimum if it was hit with a sustained economic shock, its stress-test report said. It is one of the larger banks subject to the so-called DFAST review.
June 22 -
New York Community Bancorp in Westbury reported higher quarterly profit, though it continued to sell loans to stay below $50 billion in assets.
April 29 -
New York Community Bancorp wants Washington to raise the asset size for systemically important financial institutions, but in the meanwhile its asset sales to stay under the threshold helped to boost profits and its CEO is pursuing possible M&A deals.
January 29
New York Community Bancorp in Westbury reported a modest increase in quarterly profit that included asset sales.
The company also managed to remain just below the $50 billion-asset threshold for being designated as systemically important.
New York Community reported Wednesday that its second-quarter profit rose 4% from a year earlier, to $123.7 million. Earnings per share of 28 cents topped the average estimate of analysts polled by Bloomberg by 2 cents.
The company's assets totaled $48.6 billion at June 30. Chief Executive Joe Ficalora has said he intends to stay below $50 billion until he can cross it with a significant acquisition. The company has been selling loans since the third quarter of last year to keep its assets in check.
Ficalora noted during a conference call to discuss quarterly results that, in order to be deemed systemically important, New York Community would have to top $50 billion in assets for four straight quarters. He added that it is unlikely to top $50 billion in assets until mid-2016.
In the second quarter, net interest income increased by less than 1%, to $285.1 million, as slightly higher loan volume made up for a net interest margin that contracted by 2 basis points, to 2.63%. New York Community recovered $1.9 million of previously written off loans, compared to no recovery or loan-loss provision a year earlier.
Noninterest income increased by 18%, to $61.9 million, including a $7.8 billion gain on the sale of a previously foreclosed multifamily building. New York Community also had a 4% increase in mortgage-banking income, to $16 million.
Noninterest expense rose by 3%, to $152 million on higher compensation and occupancy costs.
