I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Import Tourism specializing in quicker moving active shares with a short term view on investment opportunities and trends.
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WESTBURY, N.Y., July 4, 2019 – Shares of New York Community Bancorp Inc. (NYSE: NYCB) lost -0.10% to $10.10. The stock grabbed the investor’s attention and traded 5.264M shares as compared to its average daily volume of 5.26M shares. The stock’s institutional ownership stands at 63.80%.
New York Community Bancorp, Inc. (NYCB) recently reported net income for the three months ended March 31, 2019 of $97.60M, down slightly from the $101.70M reported for the three months ended December 31, 2018. Net income available to common shareholders for the three months ended March 31, 2019 was $89.40M, down from the $93.50M reported for the three months ended December 31, 2018.
BALANCE SHEET SUMMARY
Total assets as of March 31, 2019 were $52.10B, up $250.20M or 2% annualized contrast to total assets at December 31, 2018. This increase was mainly because of loan growth, specifically commercial and industrial (“C&I”) loan growth and to a lesser extent, modest growth in our securities portfolio. The growth this quarter was funded by strong growth in our deposit base, while the level of borrowed funds declined.
Total loans held for investment raised $360.10M or 4% annualized contrast to December 31, 2018. This quarter’s loan growth was mostly centered in our C&I portfolio.
Total deposits increased $836.70M contrast to December 31, 2018, up 11%, annualized while total borrowed funds declined $950.00M to $13.30B, contrast to the balances at December 31, 2018.
Loans held for investment, net totaled $40.40B at March 31, 2019, up $363.30M or 4% annualized contrast to December 31, 2018. This quarter, loan growth was driven by our C&I loan portfolio, commercial real estate (“CRE”), and multi-family.
Total C&I loans increased $323.20M or 13% (not annualized) contrast to the balance at December 31, 2018. This growth was in turn, driven by strong growth in our specialty finance business. Specialty finance loans increased $314.90M or 63% annualized to $2.30B contrast to December 31, 2018. CRE loans rose $80.60M to $7.10B, up 5% on an annualized basis, while multi-family loans rose $48.70M to $30.00B, up 1% annualized contrast to the balances at December 31, 2018.
Loans originated for investment for the quarter ended March 31, 2019 equaled $2.00B, down 6% contrast to originations for the quarter ended December 31, 2018. On a linked-quarter basis, multi-family originations declined 21%, CRE originations reduced 11%, and specialty finance originations increased 31%.
The current pipeline stands at $1.50B. This includes $833.0M in multi-family loans, $314.0M in CRE loans, and $220.0M in specialty finance loans.
EARNINGS SUMMARY FOR THE THREE MONTHS ENDED MARCH 31, 2019
Net Interest Income
Net interest income for the three months ended March 31, 2019 totaled $241.30M, down 2% contrast to $247.20M for the three months ended December 31, 2018. Interest income increased 1% on a linked-quarter basis, but was offset by a 5% linked quarter increase in interest expense.
(Recovery of) Provision for Loan Losses
For the first quarter of 2019, the Company reported a recovery of loan losses of $1.20M contrast to a provision for loan losses of $2.80M for the fourth quarter of 2018.
Non-interest income during the first quarter of 2019 was $24.80M, up 7% contrast to the fourth quarter of 2018. The current first quarter included $7.00M of net gains on the sale of securities contrast to a $1.20M net loss in the prior quarter. In Addition To, during the current quarter, the Company sold its wealth management business, Peter B. Cannell & Co. This resulted in a $5.10M or 59% decrease in other income, which was offset by the net gain on the sale of securities.
Total non-interest expense for the current first quarter was $138.80M, up $3.80M or 3% contrast to the fourth quarter of 2018. Included in the current quarter’s results were certain items which together totaled $9.00M: $3.50M in severance costs and $5.50M related to branch rationalization costs. Excluding these two items, total non-interest expenses, on a non-GAAP basis, would have totaled $129.70M this quarter, down $5.20M or 4% contrast to the prior quarter(2). The efficiency ratio for the first quarter of 2019 was 52.15% contrast to 49.92% for the fourth quarter of 2018. Excluding the two items, the adjusted efficiency ratio for the first quarter of 2019 would have been 48.75%, down 117 basis points contrast to the prior quarter.
Income tax expense for the three months ended March 31, 2019 was $31.00M, relatively unchanged from the three months ended December 31, 2018. The effective tax rate for the current first quarter was 24.10%, up modestly from 23.27% recorded in the fourth quarter of 2018.
NYCB has a market value of $4.65B while its EPS was booked as $0.78 in the last 12 months. The stock has 460.79M shares outstanding. Beta value of the company was 0.96; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.70.