New York Community Bancorp Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 29, 2014 at 01:00 pm
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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.
New York Community Bancorp, Inc. is the bank holding company for Flagstar Bank, N.A. (the Bank). It has various positions in several national businesses, including multifamily lending, mortgage originations and servicing, and warehouse lending. It is a multifamily portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Its specialty finance loans and leases are generally made to large corporate obligors that participate in stable industries nationwide, and its warehouse loans are made to mortgage lenders across the country. It offers a suite of cash management products to address the needs of small and mid-size businesses and professional associations. The Bank operates about 419 branches, including strong footholds in the Northeast and Midwest and exposure to markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of about 3,000 third-party mortgage originators.
New York Community Bancorp Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013