TODAY'S PAPER
76° Good Evening
76° Good Evening
Business

NYCB net dips, but CEO says regulatory easing allows growth

New York Community Bank headquarters in Westbury seen

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

Westbury-based New York Community Bancorp said Wednesday its second-quarter net income fell 7 percent to $107.4 million.

NYCB is the largest bank based on Long Island, with $50.5 billion in assets.

The bank said that until recently, it had restricted its balance sheet growth to stay below the $50 billion threshold for being deemed a “systemically important financial institution,” or SIFI. A bank is designated a SIFI by regulators if its failure would cause significant disruption to the economy.

But that threshold was recently lifted, which has helped the bank begin to grow assets, said Joseph R. Ficalora, the president and CEO at NYCB.

NYCB said its held-for-investment loan portfolio totaled $39.4 billion, up 6 percent from the same period a year ago. 

"With the SIFI threshold increased to $250 billion, we expect continued loan growth going forward," Ficalora said.

The bank also reported deposits of $29.6 billion, up 2 percent from the year prior.

NYCB shares fell nearly 8 percent Wednesday to close at $10.52. The shares are down 19 percent from a year ago.

Comments

We're revamping our Comments section. Learn more and share your input.

More news