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New York Community Bancorp (NYCB) reported quarterly earnings that were relatively flat from a year earlier.
April 24 -
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, a $44.6 billion-asset company, said Monday it has named Lawrence Savarese a director.
March 4
Profit fell at New York Community Bancorp (NYCB) in Westbury, N.Y, as mortgage banking revenue dropped sharply last quarter.
The $44.2 billion-asset company reported Wednesday a second-quarter profit of $122.5 million, down 7% from a year earlier. Earnings per share were 28 cents, 2 cents higher than the average estimate of analysts polled by Bloomberg.
A 45% decline in noninterest income, to $53.7 million, weighed down profits. Mortgage banking income fell 60%, to $23.2 million, as rising interest rates crimped residential mortgage origination, the company said.
Net interest income rose 1%, to $299.9 million, despite reduction in net interest margin of 15 basis points, to 3.15%. Interest-earning assets rose 6%, to $38 billion.
New York Community benefited from improved credit quality, as its provision for loan losses fell by $10 million, to $5 million, and net chargeoffs fell more than $9 million, to $4.7 million.
