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NYCB, Bridge Bancorp, Astoria release earnings

New York Community Bank headquarters in Westbury, October

New York Community Bank headquarters in Westbury, October 29, 2015. Credit: Audrey C. Tiernan

New York Community Bancorp on Wednesday said that its first quarter net income available to common shareholders fell 20 percent to $104 million.

NYCB, the largest bank headquartered on Long Island, reported assets of $48.8 billion at the end of the quarter ended March 31, flat from a year ago. The Westbury-based company is the largest bank based on Long Island in terms of assets.

“The volatility of market interest rates has constrained the growth of our assets and our prepayment income, as fewer borrowers have opted to purchase new properties or refinance and the company has become more selective in its lending activities,” said Joseph Ficalora, NYCB president and chief executive.

NYCB’s deposits also slipped 1 percent to $28.7 billion.

NYCB shares closed down 3 percent Wednesday to $13.29. Its shares are down 13 percent in the last year.

Also, Bridge Bancorp, the parent company of Bridgehampton National Bank, said Wednesday that its first quarter net income reached $9.2 million, a 6 percent year-over-year increase.

The Bridgehampton-based bank said assets hit $4.1 billion, up 4 percent from the same period a year ago.

Bridge Bancorp shares closed Wednesday up 1 percent to $37.25, and have gained 20 percent in the last year.

Lake Success-based Astoria Financial said Wednesday evening its first quarter net income available to shareholders fell 26 percent to $12.2 million. The bank said its results included a $4 million charge related to the relocation of its residential lending team.

In March, Astoria agreed to be acquired by Montebello, New York-based Sterling Bancorp in an all-stock deal worth $2.2 billion.

The combined bank will have about $29 billion in assets and $19 billion in deposits.

Sterling said it expects its purchase of Astoria to close by the end of this year, and that Astoria Financial’s 88 branches will be rebranded as Sterling National Bank.

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