New York Community Bancorp (NYCB) reported quarterly earnings that were relatively flat from a year earlier.

The $44.5 billion-asset company's first-quarter earnings were essentially unchanged from a year earlier, at $118.7 million, or 27 cents a share.

Net interest income fell 5% from a year earlier, to $275.1 million, as the net interest margin compressed 29 basis points, to 2.95%. Total loans increased 6% from a year earlier, to $28.1 billion; deposits rose 11%, to $25.5 billion.

Noninterest income rose 23% from a year earlier, to $75.6 million, primarily because of securities gains. Noninterest expense increased 4% from a year earlier, to $156 million.

The loan-loss provision for losses for covered loans fell 6% from a year earlier, to $5 million, while chargeoffs fell 64%, to $5.6 million.

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