New York Community Bancorp, Inc. (NYCB) Thursday reported net loss of $333 million or $1.14 per share for the second quarter compared with net income of $405 million, or $1.66 per share in the same quarter a year ago, primarily on decreased revenue. Earnings missed analysts' view. The stock was down more than 8.23 percent in pre-market to $10.04.
Excluding one-time items, the company posted a net loss available to common stockholders of $308 million or $1.05 per share, that missed the analysts' average estimate of $0.42 loss per share. Analysts' estimates typically exclude special items.
Net interest income declined to $557 million from $900 million last year, driven by a 123 basis point decrease in the net interest margin because of higher average interest-bearing liabilities. Non-interest income also reduced to $114 million from $302 million last year.
Revenue for the quarter dropped to $671 million from $1.202 billion in the previous year. The consensus estimate was for $600.96 million.
Provision for credit losses increased to $390 million from $49 million last year.
Total non-performing assets surged to $1.961 billion as of June 30 from $246 million in the year-ago quarter.
New York Community Bancorp stock had closed at $10.94, down 5.03 percent on Wednesday. It has traded in the range of $5.10 - $42.66 in the last 1 year.
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