New York Community Bancorp Inc. in Westbury, N.Y., reported Wednesday that fourth-quarter profits fell more than 21% from a year earlier, to $117.7 million, due largely to a decline in noninterest income.
The $42 billion-asset company still met the average analysts’ estimate of 27 cents a share, according to Thomson Reuters. The company also reported that its 2011 net income fell 11% from 2010, to $480 million.
Noninterest income in the fourth quarter fell 42% from a year earlier, to $59.8 million, as net gain on sales of securities plunged nearly 95%, to $1.1 million. Mortgage banking income fell almost 39% from a year earlier, to $24.7 million.
Interest income for the quarter slipped 3% compared to a year earlier, to $464.8 million, as mortgage and other loans fell 3%, to $414.3 million.
