New York Community Bancorp (NYCB) in Westbury, N.Y., reported earnings that were short of analysts' expectations because a surge in refinancing cut its net interest margin.

The $44.1 billion-asset company's earnings rose 5% from a year earlier, to $122.8 million. At 28 cents a share, the results were 2 cents below the expectations of analysts polled by Bloomberg.

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