Wednesday, New York Community Bancorp, Inc. (NYB), reported an increase in profit for the fourth quarter. Results for the quarter and year reflect FDIC-Assisted Acquisition of $11 billion in assets and liabilities AmTrust Bank. Fourth quarter results include approximately one month of combined operations.
According to the company, GAAP earnings rose to $170.24 million or $0.45 per share from $102.23 million or $0.30 per share in the year-ago period.
Cash earnings were $191.34 million or $0.51 per share for the quarter, compared with $115.62 million or $0.34 per share in the year-ago quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.27 per share. Analysts' estimates typically exclude special items.
Net interest income for the quarter increased to $254.46 million from $201.60 million in the prior year period. Total non-interest income for the quarter was $163.2 million, compared to $29.0 million in the previous year.
Eleven Wall Street analysts estimated revenues of $246.84 million for the quarter.
Net interest margin grew to 3.33% in the quarter, reflecting three- and twelve-month increases of 16 and 46 basis points. Provision for loan losses was higher at $30.00 million, compared with $5.60 million a year-ago.
The allowance for loan losses totaled $127.5 million at the end of December, compared with $33.1 million a year-ago. Net charge-offs were a modest $9.2 million in the quarter, and represented a mere 0.04% of average loans.
Non-interest expense totaled $114.3 million in the current fourth quarter, up $18.9 million and $27.7 million, respectively, from the levels recorded in the trailing and year-earlier three months.
Total loans, net at the end of the period were $28.26 billion, compared with $22.09 billion at the end of December 31, 2008. Total deposits at the end of the period were $22.31 billion, compared with $14.37 billion at the end of the year-ago period.
For the twelve months, the company reported GAAP earnings of $414.0 million or $1.17 per share, compared with $77.9 million or $0.23 per share a year ago. Net interest income increased to $905.3 million from $675.5 million, while total non-interest income increased to $182.7 million from $15.5 million last year.
Street estimated earnings of $0.98 per share on revenues of $897.16 million.
The company also declared a quarterly cash dividend of $0.25 per share, payable on February 17, 2010 to shareholders of record at the close of business on February 5.
NYB is currently trading at $15.08, up $0.09 or 0.60%, on a volume of 2.6 billion shares on the New York Stock Exchange.
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