New York Community Bancorp quarterly earnings slip 12 percent
Westbury-based New York Community Bancorp, the largest bank headquartered on Long Island, reported Wednesday that third-quarter net income dropped to $110 million, a 12 percent decline from the same period a year ago.
NYCB’s assets stood at $48.5 billion at the end of the third quarter, a year-over-year drop of 2 percent.
The bank has kept its assets below the $50 billion regulatory threshold that would mark NYCB as a systemically important financial institution, or SIFI. A bank is designated as a SIFI if its failure would cause significant disruption to the economy.
SIFI designation means a bank would incur additional compliance expenses.
Bank executives said in a conference call Wednesday morning that they expect the regulations to change in the coming months, allowing them to grow past $50 billion without facing the same expenses.
Joseph R. Ficalora, president and chief executive of NYCB, said regulatory and tax reform “will be a positive for the company and beneficial for the company as a whole.”
NYCB shares fell 1 percent to $12.60 in early trading Wednesday. The bank’s shares are down about 11 percent from their price one year ago.
Updated 25 minutes ago Long Islanders went to the polls to vote in the race for president and a host of local races and propositions. Here's what we know and where things stand.
Updated 25 minutes ago Long Islanders went to the polls to vote in the race for president and a host of local races and propositions. Here's what we know and where things stand.