New York Community Bancorp Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $297,325,000 against $290,001,000 a year ago. The linked-quarter improvement was driven by a $3.4 million rise in interest income to $431.0 million, which exceeded a more modest rise in interest expense to $133.7 million. Income before income taxes was $189,490,000 against $189,226,000 a year ago. Net income was $120,155,000 against $122,843,000 a year ago. While the linked-quarter increase was primarily due to a modest rise in net interest income, the year-over-year decrease was primarily due to a significant drop in mortgage banking income a function of the marked decline in refinancing activity throughout the nation as residential mortgage interest rates rose over the course of the year. Diluted earnings per share were $0.27 against $0.28 a year ago. Adjusted net income was $121,994,000 against $125,669,000 a year ago. Return on average assets was 1.04% against 1.14% a year ago. Return on average equity was 8.52% against 8.94% a year ago. Cash earnings were $129.7 million, or $0.30 per diluted share.

For the full year, the company reported net interest income of $1,166,616,000 against $1,160,021,000 a year ago. Income before income taxes was $747,126,000 against $780,909,000 a year ago. Net income was $475,547,000 against $501,106,000 a year ago. Diluted earnings per share were $1.08 against $1.13 a year ago. Adjusted net income was $485,018,000 against $512,892,000 a year ago. Return on average assets was 1.07% against 1.18% a year ago. Return on average equity was 8.46% against 9.06% a year ago. Book value per share as at December 31, 2013 was $13.01. Cash earnings were $515.3 million or $1.17 per diluted share.

The company announced that net charge-offs declined to $2.4 million for the fourth quarter ended December 31, 2013.