New York Community Bancorp Says Remain Laser Focused On Credit Quality, Clocks 67% Net Interest Income Growth In Q1

New York Community Bancorp, Inc. NYCB reported first-quarter FY23 net interest income of $555 million, up 67.2% year over year. Net interest income beat the consensus of $524.83 million.
Q1 Adjusted EPS of $0.23 (-28.1%) came in line with the consensus estimate.
The company gained mainly due to the Flagstar Bancorp acquisition.
Provision of credit losses stood at $170 million; the company gained $2 million in this regard in the year-ago period.
Total deposits by March 31, 2023, were $84.8 billion compared to $38 billion Y/Y.
Net interest margin improved 17 basis points to 2.6% in Q1.
"We successfully navigated the turmoil in the banking industry during the month of March, emerging with the purchase and assumption of certain assets and liabilities of Signature Bridge Bank," said President and Chief Executive Officer Thomas R. Cangemi. "We continue to be laser focused on credit quality across all lending verticals."
Price Action: NYCB shares are trading lower by 1.2% at $9.08 premarket on the last check Friday.