New York Community Bancorp reported a sharp increase in first-quarter earnings Wednesday. The $42.4 billion-asset Westbury, N.Y., company said its profit rose 29% from the fourth quarter and 40.2% from a year earlier, to $124.4 million.

New York Community's loan-loss provision fell 33% from the fourth quarter but was more than triple that of a year earlier, at $20 million.

Net chargeoffs rose 8.7% from the fourth quarter and were double those of a year earlier, at $10 million. Nonperforming assets rose 26.5% from the fourth quarter.

Chairman and Chief Executive Joseph R. Ficalora said the results also reflected the positive contribution from its government-backed takeover of AmTrust Bank in December.

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