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The midsize New York mortgage lender and the West Coast bank created to house the IndyMac assets are worlds apart in many ways, but their rumored deal is strange enough to work, experts say.
March 13
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.
