New York Community Bancorp earnings up 36% for the year
Joseph Ficalora
New York Community Bancorp, the largest bank company based on Long Island, reported year-end earnings Wednesday of $541 million, up 36 percent from last year.
The Westbury company's results reflected a full year of owning the former AmTrust Bank of Ohio, which the company acquired in December 2009. In addition to expanding the company's operations to Ohio, Florida and Arizona, the acquisition also provided the company with a significant residential mortgage banking business based in Cleveland.
Company chief executive Joseph Ficalora said in a statement that the strong performance "demonstrated the benefits of our business strategies." Interest income from loans was up more than 30 percent, to $1.2 billion, he said.
Bad loans totaled $624.4 million, or 2.23 percent of all loans. That represented a slight increase from 2.04 percent a year ago.
The company has assets of $41.2 billion, making it the 22nd largest bank holding company in the nation. It operates nine banking divisions, including Roslyn Savings Bank, through two subsidiaries, New York Community Bank and New York Commercial Bank. It has 276 branches in the metropolitan area, New Jersey, Ohio, Florida and Arizona.
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