New York Community Bancorp reports earnings drop

Westbury-based New York Community Bancorp on Wednesday reported a drop in earnings for the quarter ended March 31, compared to the same quarter last year, although it also reported improvement in its level of loan loss provisions and its asset quality.

The bank reports net income of $118.2 million, or 27 cents per share, for the quarter; compared to $123.1 million, or 28 cents a share, for the quarter ended March 31, 2011.

Its provision for losses on non-covered loans declined by $11 million for the quarter, compared to the same quarter in 2011. In terms of asset quality, net charge-offs represented 0.05 percent of average loans in the quarter, an improvement from 0.14 percent from the prior-year quarter. Nonperforming noncovered loans represented 1.01 percent of total loans at the end of the quarter, compared to 2.19 percent for the same quarter in 2011.

New York Community Bancorp has two bank subsidiaries -- New York Community Bank with 242 branches in New York, New Jersey, Ohio, Florida, and Arizona; and New York Commercial Bank with 34 branches in Manhattan, Queens, Brooklyn, Long Island, and Westchester County.

New York Community Bank's local divisions are Queens County Savings Bank in Queens; Roslyn Savings Bank on Long Island; Richmond County Savings Bank on Staten Island; Roosevelt Savings Bank in Brooklyn; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.

The other subsidiary, New York Commercial Bank, operates 17 of its branches under the divisional name Atlantic Bank.

The Bancorp's shares were down 27 cents to $13.38 in early trading Wednesday, following the premarket earnings report. The stock's 52-week range is $11.13-$16.77.

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