Shares of New York Community Bancorp Inc. were up 12% in premarket trades on Thursday after the lender’s profit rose by 150%, beating analyst estimates, after its acquisition of Signature Bank — the second bank to collapse after Silicon Valley Bank earlier this year. “This was the first full quarter with all three legacy banks [Signature, Flagstar and NY Community Bancorp] combined under one umbrella,” said Chief Executive Thomas R. Cangemi. “We believe that our results are only beginning to show the true underlying core earnings power of the combined organization.”
New York Community Bancorp
NYCB,
+2.31%
said its net income for the three months ended June 30 increased to $405 million, or 55 cents a share, from $163 million, or 34 cents a share, in the year-ago quarter. The bank’s adjusted second-quarter profit totaled 47 cents a share, well ahead of the analyst estimate of 29 cents a share, according to estimates compiled by FactSet. Revenue tripled to $1.2 billion from $377 million, soundly beating the analyst forecast of $879.2 million. The company also hired six private banking teams formerly with First Republic, which was sold to JPMorgan Chase & Co.
JPM,
+0.60%
in May after it became the third S&P 500 component bank and the fourth overall bank to fail this year. Prior to Thursday’s gains, New York Community Bancorp stock was up 44% in 2023, compared to an 18.9% increase by the S&P 500
SPX,
-0.02%
Also read: NYCB upgraded for ‘significant funding advantages’ and ‘extremely safe’ 7.90% dividend yield after FDIC deal Also read: Flagstar Bank to take over most of Signature Bank’s deposits, FDIC says
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New York Community Bancorp
NYCB,
+2.31%
said its net income for the three months ended June 30 increased to $405 million, or 55 cents a share, from $163 million, or 34 cents a share, in the year-ago quarter. The bank’s adjusted second-quarter profit totaled 47 cents a share, well ahead of the analyst estimate of 29 cents a share, according to estimates compiled by FactSet. Revenue tripled to $1.2 billion from $377 million, soundly beating the analyst forecast of $879.2 million. The company also hired six private banking teams formerly with First Republic, which was sold to JPMorgan Chase & Co.
JPM,
+0.60%
in May after it became the third S&P 500 component bank and the fourth overall bank to fail this year. Prior to Thursday’s gains, New York Community Bancorp stock was up 44% in 2023, compared to an 18.9% increase by the S&P 500
SPX,
-0.02%
Also read: NYCB upgraded for ‘significant funding advantages’ and ‘extremely safe’ 7.90% dividend yield after FDIC deal Also read: Flagstar Bank to take over most of Signature Bank’s deposits, FDIC says
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