New York Community Bancorp on Wednesday reported higher profits as the company hovers below the $50 billion-asset mark and seeks to complete its acquisition of
The $49 billion-asset company earned $126.5 million, or 2% more than a year earlier. Earnings per share were 26 cents, falling one penny short of an estimate of analysts polled by Bloomberg.
Net interest income climbed 14% to $325.6 million. The company attributed the increase to lower borrowing costs.
-
Recent steps by New York Community Bancorp to lower its borrowing costs paid off last quarter in higher net interest income and profits.
April 20 -
The company no longer feels the need to sell loans since it has a deal in hand to confidently cross a key regulatory threshold. Still, management said it likes the revenue opportunities from occasionally selling off originations.
January 27 -
New York Community Bancorp in Westbury has finished the balance sheet repositioning it previewed as part of its agreement to buy Astoria Financial in Lake Success, N.Y.
December 29 -
Another institution helped push New York Community Bancorp to add cash to its bid, a filing disclosed. While Astoria's board was concerned about NYCB's plans for an aggressive balance sheet restructuring and capital raise, management believed the other suitor's offer had more execution risk.
December 22
Total loans rose 3%, to $39.1 billion. The net interest margin expanded 35 basis points to 2.99% due to a rise in prepayment income.
Meanwhile, fee-based income fell 40% to $37.3 million. Lower revenue from mortgage banking and loan sales accounted for most of the decline.
Noninterest expenses rose 6% to $160.9 million from salary and acquisition-related costs.