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NY Community Bank net income rises as it awaits deal approval

New York Community Bancorp headquarters in Westbury on

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

New York Community Bancorp’s net income rose 2.2 percent in the most recent quarter, as the company awaits approval for its plan to buy Lake Success-based Astoria Financial.

The Westbury-based bank holding company, parent of New York Community Bank, on Wednesday reported second-quarter profits of nearly $126.5 million. Its earnings per diluted share were 26 cents, down 2 cents from a year earlier.

The company also announced a quarterly cash dividend of 17 cents per share. The dividend, which represented a yield of 4.6 percent based on the company’s stock price on Wednesday, will be paid on Aug. 19 to shareholders of record as of Aug. 8.

New York Community reported $49 billion in assets at the end of the second quarter. The company will make sure its assets stay below $50 billion while its pending purchase of Astoria Financial awaits approval, chief executive Joseph Ficalora said in a conference call with analysts Thursday morning.

The company sold $1 billion in loans in the first half of this year, including $865 million in loans for multifamily properties, to make sure it stays under that threshold, Ficalora told analysts.

Banks with more than $50 billion in assets face more regulatory scrutiny than those with less. Earlier this year, New York Community and Astoria Financial said their combined assets were expected to total $64.1 billion.

New York Community is the largest bank holding company based on Long Island, by stock market value and assets. Its shares dipped 13 cents to $14.14 in early trading Thursday on the New York Stock Exchange.

Earlier this year, the company said it expected its purchase of Astoria Financial to close by the end of the year.

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