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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. Photo 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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