Increased loan production and lower-than-expected operating expenses helped lift Westbury-based New York Community Bancorp's net income to $106.6 million for the first quarter, a 2 percent year-over-year increase.
"We originated $2.4 billion of loans held for investment during the quarter and we grew our loan portfolio by $501 million compared to the fourth quarter of last year, or 5 percent on an annualized basis," Joseph R. Ficalora, president and CEO of NYCB, stated in an earnings release. "Once again, the growth was driven by our core multi-family loan portfolio which increased $582 million."
Deposits at the bank totaled $29.2 billion, up 2 percent year over year. The bank said the trend in its deposit composition has been toward certificates of deposit. CD investments increased 20 percent over the past year to $9.1 billion.
NYCB reported total assets of $49.7 billion, up 2 percent from the same period a year ago. NYCB is the largest bank in terms of assets headquartered on Long Island. It operates 225 branches through seven local divisions, including Roslyn Savings Bank on Long Island.
NYCB shares closed at $12.04 on Wednesday, down about 7 percent.