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New York Community has long wanted a deal to push it over $50 billion of assets. While Astoria accomplishes that, it does little to diversify New York Community's geography or reduce its reliance on multifamily lending.
October 29 -
Another institution helped push New York Community Bancorp to add cash to its bid, a filing disclosed. While Astoria's board was concerned about NYCB's plans for an aggressive balance sheet restructuring and capital raise, management believed the other suitor's offer had more execution risk.
December 22 -
New York Community Bancorp in Westbury has finished the balance sheet repositioning it previewed as part of its agreement to buy Astoria Financial in Lake Success, N.Y.
December 29
New York Community Bancorp in Westbury, N.Y., posted a fourth-quarter loss after incurring a large charge from prepaying $10.4 billion in wholesale borrowings.
The $50.3 billion-asset company said Wednesday that it lost $404.8 million, compared with earnings of $131.2 million a year earlier.
The company recorded a one-time, after-tax charge of $546.8 million for
To offset the impact of the debt-repositioning charge to capital, New York Community completed a $630.5 million common stock offering during the quarter. These moves were announced in late October when New York Community said it was
New York Community reported a net interest loss of $442.9 million because of the debt repositioning. Excluding that, net interest income would have been $324.6 million with a net interest margin of 2.95%.
Total loans originated for investment climbed 36% to $3.7 billion year over year as multifamily mortgages rose almost 48% to $2.8 billion and commercial real estate loans increased roughly 18% to $492.9 million.
Noninterest income totaled $59 million, down 16% from a year earlier. Mortgage banking income fell roughly 25% to $12.3 million and net gain on sales of securities declined about 64% to $3.1 million.
Noninterest expense more than doubled from a year earlier to $309.8 million, primarily from the debt-repositioning charge and $3.7 million in merger-related costs. Excluding those items, the company's noninterest expense was $164.9 million. Compensation and benefits rose more than 12%, to $88.2 million.
