New York Community Bancorp (NYCB) in Westbury, N.Y., reported a dip in fourth-quarter profit as mortgage banking revenue fell, but it still but still beat analysts' expectations.

The $46.7 billion-asset company reported quarterly profit of $120.2 million on Friday, down 2% from the same period in 2012. Per-share earnings of 27 cents were 1 cent above the average estimate of analysts polled by Bloomberg.

Net interest income rose 3%, to $297.3 million, as lower cost of funds made up for declining loan-refinancing volume. Net interest margin dipped by 23 basis points, to 2.92%. Provision for loan losses was $3 million, down from $5 million.

Noninterest income fell 30%. To $38.3 million, as mortgage banking income dropped 61%, to $12.8 million. Cost cuts helped make up the difference, as New York Community's operating expenses dropped 2%, to $146.4 million, due to lower general and administrative costs.

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