New York Community Bank reports net income increase

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.