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New York Community Bank reports net income increase

New York Community Bank headquarters in Westbury, Oct.

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

New York Community Bancorp, the largest bank by assets headquartered on Long Island, reported on Wednesday that its third quarter net income rose nearly 9 percent.

The Westbury-based bank holding company that operates Roslyn Savings Bank and New York Community Bank reported a profit of $125.6 million in the quarter ended Sept. 30.

Its earnings per diluted share were 26 cents, flat from the same period a year prior.

The company reported assets of $49.4 billion in the third quarter, up less than 1 percent from a year ago.

New York Community is waiting for regulatory approval on its acquisition of Lake Success-based Astoria Financial Corp. Earlier this year, the banks said their combined assets would total about $64 billion.

Once the deal closes, the combined bank will be designated a systemically important financial institution, which means it will face tighter financial controls from regulators. A bank is designated a SIFI if its failure would cause significant disruption to the markets.

New York Community’s shares rose 1.3 percent Wednesday to close at $14.56. The bank’s shares have traded as high as $19.18 in the past 12 months, but dropped after the merger announcement last October.

New York Community has a stock market capitalization of $7.2 billion.

Astoria Financial said Wednesday after the market closed that its net income for the third quarter was nearly $18.7 million, down slightly from $18.9 million a year earlier.

The company reported assets of $14.8 billion.

Astoria Financial shares closed Wednesday at $14.80, up 1.2 percent, and were unchanged in after-hours trading. The company has a stock market capitalization of $1.5 billion.

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