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New York Community Bancorp off more than 4% after earnings miss

Published 04/26/2017, 10:05 AM
© Reuters.  New York Community Bancorp off more than 4% after earnings miss
NYCB
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  • The regional lenders are mostly in the green this session, but not New York Community Bancorp (NYCB -4.4%) following a $0.02 per share miss on earnings.
  • Blame rising interest rates, which not only slows new commercial borrowing, but also refinancing, and thus prepayment income.
  • There's also the rising cost of regulatory compliance as NYCB prepares to cross the $50B in assets SIFI threshold.
  • Overall credit quality remains sound, with NPAs of 0.15% to total non-covered assets, but taxi medallion loans are struggling. Non-performing, non-covered loans at March 31 were $60.2M, $24.4M of which were medallion loans.
  • Previously: New York Community Bancorp misses by $0.02, misses on net interest income (April 26)
  • Now read: New Preferred Stock IPO's, March 2017


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