New York Community Bancorp, Inc. NYCB reported Q2 Net interest income of $900 million, beating the consensus of $779.64 million. Total revenues jumped by 218.8% Y/Y.
Adjusted EPS of $0.47 beat the street view of $0.31.
Net interest income during Q2 rose 62% Y/Y, primarily due to a full quarter's benefit from the Signature transaction and higher average cash balances.
"The Company expanded its private banking business, which was added as part of the Signature transaction, by hiring six teams formerly with First Republic Bank," said President and Chief Executive Officer, Thomas R. Cangemi.
Net interest margin improved to 3.21%, up 61 basis points compared to the first quarter of 2023.
Total deposits were $88.5 billion at June 30, 2023, up 4% compared to March 31, as growth in non-interest-bearing deposits offset declines in CDs and brokered deposits.
The allowance for credit losses totaled $594 million, or 255.40% of non-performing loans and 0.71% of total loans.
For the three months ended June 30, the provision for credit losses totaled $49 million compared to a $170 million provision for the three months ended March 31, 2023.
Dividend
On July 25, the Company declared a quarterly cash dividend of $0.17 per share, which is payable on August 17 to common stockholders of record as of August 7, 2023.
Price Action: NYCB shares are trading higher by 6.6% to $13.19 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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