- New York
New York Community Bancorp in Westbury reported a modest increase in quarterly profit that included asset sales.
July 22 -
New York Community Bancorp in Westbury reported higher quarterly profit, though it continued to sell loans to stay below $50 billion in assets.
April 29 -
New York Community Bancorp would stay profitable and maintain capital levels well above the necessary minimum if it was hit with a sustained economic shock, its stress-test report said. It is one of the larger banks subject to the so-called DFAST review.
June 22 -
A number of New York banks are stepping away from medallion lending as delinquencies rise and competition for fares intensifies.
September 28
Profits fell at New York Community Bancorp in Westbury, N.Y., as it continued to manage its balance sheet to stay below a key regulatory threshold.
The $49 billion-asset company earned $115.7 million in the third quarter, 5% less than the same quarter last year, it announced Wednesday. Per-share earnings were 26 cents, matching analysts' forecasts.
New York Community's lending and fee income both fell, while its expenses rose.
Net interest income fell 3%, to $279.4 million, as the net interest margin contracted by 13 basis points, to 2.56%. The company recovered $8.5 million in previously charged-off loans, compared to $3.9 million in recoveries a year earlier, due to the improving credit quality of loans it acquired in failed-bank deals.
Noninterest income was down 9%, to $37.6 million. New York Community's mortgage-banking revenue dropped 55% due to lower originations and sales, its fee income dropped 5%, and its Federal Deposit Insurance Corp. indemnification costs more than doubled, to $6.8 million. Higher income from loan sales made up some of the lost ground.
As it has for several quarters, New York Community used loan sales to stay below the $50 billion-asset threshold that would make it a systemically important financial institution and subject it to increased regulatory requirements. In a press release Wednesday, Chief Executive Joe Ficalora said the plan is to pass the threshold in the second quarter of 2016 at the earliest.
Ficalora has long said he wants to pass the threshold with a large acquisition, though he has been unable to seal a deal after looking for several years.
