NY Community Bancorp logs higher earnings
NY Community Bancorp operates New York Community Bank, New York Commercial Bank and Queens County Savings Bank, among others. Credit: NY Community Bancorp
The Westbury-based bank said it earned $128.8 million, or 29 cents a share, in the three months ended Sept. 30, in both cases up 7 percent from a year earlier.
The company, which specializes in loans for multifamily housing, said its total assets were $44.1 billion at the end of the quarter, up $2.1 billion so far this year.
It said the quality of its assets also improved. Nonperforming assets fell to $290.5 million at Sept. 30, a decline of $119.9 million in nine months.
President and CEO Joseph R. Ficalora cited strong growth in mortgage income. "With mortgage rates at historical lows and more homeowners refinancing, mortgage banking income totaled $52.6 million in the quarter -- more than twice the amount we recorded in the third quarter of last year," he said in a statement.
The company said it originated $1.6 billion of multifamily loans during the quarter, up $614.6 million from a year earlier. The increase stemmed from low interest rates and higher property sales and refinancing, the company said.
The company's shares fell by 71 cents on the New York Stock Exchange Wednesday to close at $13.92.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
