Wednesday, New York Community Bancorp Inc. (NYB), a holding company for New York Community Bank and New York Commercial Bank, reported a surge in third-quarter profit, primarily helped by higher net interest income.
The Westbury, New York-based banker said net income increased 69.8% to $98.57 million from $58.06 million, with earnings per share rising 64.7% to $0.28 from $0.17 year-on-year. On average, 17 analysts polled by Thomson Reuters expected New York Community Bancorp to post earnings of $0.26 per share for the third quarter. Analysts' estimates typically exclude one-time items.
Operating earnings rose 6.4% to $90.2 million or $0.26 per share from $84.8 million or $0.25 per share a year ago, despite an increase in FDIC insurance premiums and the provision for loan losses.
Net interest income rose 24.5% to $226.36 million from $181.88 million last year. Seven analysts estimated consensus revenue of $247.43 million for the quarter.
Provision for loan losses was $15 million compared with $400 thousand a year ago. Net interest income after provision for loan losses was $211.36 million compared with $181.48 million a year ago.
Total non-interest income was $15.07 million compared with loss of $19.33 million last year. Total interest expense for the third quarter was $176.58 million compared with $216.52 million in 2008.
The banker reported a substantial net interest margin which rose 49 basis points year-over-year and 11 basis points linked-quarter to 3.17%.
Loans grew at an annualized rate of 4.6% in the quarter, reflecting third-quarter originations of $921.1 million. Together, multi-family and commercial real estate loan originations totaled $705.8 million and featured an average yield that was 338 basis points above the average five-year Constant Maturity Treasury rate.
For the nine months, net income was $243.71 million or $0.70 per share compared with a loss of $24.35 million or $0.08 per share last year.
Net interest income was $650.86 million, compared with $473.89 million a year ago. Provision for loan losses rose to $33 million from $2.10 million a year ago. Net interest income after provision for loan losses was $617.86 million compared with $471.79 million last year.
Total interest expense decreased to $553.88 million from $720.13 million last year. Total interest income increased to $1.20 billion from $1.19 billion in 2008.
The board declared a quarterly cash dividend of $0.25 per share, payable on November 17 to shareholders of record at the close of business on November 6.
NYB is trading up 1.27% at $11.14 on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.