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Business

New York Community Bancorp earnings beat estimates

A Google street view photo of the New

A Google street view photo of the New York Community Bancorp headquarters in Westbury. Photo Credit: Google

Westbury-based New York Community Bancorp Inc., the largest Long Island-based bank, reported lower earnings for its second quarter due to less income from interest and mortgage banking.

Net income for the three months ending June 30 was $118.7 million, or 27 cents a share -- down 3.1 percent from $122.5 million during the same period last year.

The financial results beat Wall Street analysts' expectations of earnings of 26 cents per share by a penny. New York Community Bancorp's stock rose more than 2 percent in trading Wednesday after reporting earnings in the morning.

The company operates under New York Community Bank and other names in five states, and has 126 branch locations in the metropolitan New York area.  It has a stock market value of $7.04 billion.

An earlier version of this story misstated the number of branches New York Community Bank has in New York City.

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