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As NYCB approaches $50 billion in assets, editor Heather Landy questions where we've drawn the line designating systemically important financial institutions.
May 27 -
The company will soon exceed $50 billion in assets, which will bring with it added scrutiny and possible pressure to lower its dividend. CEO Joseph Ficalora is hopeful that he can preserve a high dividend, even though regulators appear to have a preference for repurchase activity.
May 5 -
Shareholders at New York Community Bancorp (NYCB) have rejected the company's compensation packages for top executives.
June 9
New York Community Bancorp's quarterly profit slipped from a year earlier despite strong loan growth and gains from property sales.
The Westbury, N.Y., company reported Wednesday that its second-quarter profit fell 3%, to $118.7 million. Earnings per share of 29 cents were 3 cents above the average forecast of analysts polled by Bloomberg.
Strong loan growth pushed New York Community's total assets to $48.6 billion, up 10% from a year ago and closer to the $50 billion mark at which the thrift would be designated a structurally important financial institution. Chief Executive Joe Ficalora has said he hopes to go over the $50 billion threshold with a large, accretive deal.
Net interest income fell 5%, to $283.5 million. The company's net interest margin compressed by 49 basis points, to 2.66%, as prepayment penalty income fell. New York Community did not record a loan-loss provision, and it made $112,000 in recoveries of previously charged-off loans.
Noninterest income fell 2%, to $52.6 million, as mortgage banking income fell 34%, to $15.3 million. Sales of multifamily buildings contributed to a doubling of "other" noninterest income, to $52.6 million.
New York Community's noninterest expense fell 3%, to $147.8 million, as compensation costs decreased.
