Seeking Alpha

NYCB multi-family business robust

  • Net interest income of $294.2M is off $5.7M from Q2, with net interest margin falling to 3.04% from 3.15%. Rising rates led to lower commercial refinances and lower prepayment penalties - they fell to $39.6M from $44.4M.
  • Noninterest income of $50.7M fell $3M from Q2, led by a $7M decline in mortgage banking income to $16.2M. Originations income of $5.8M was off 65.9%. Higher rates make servicing more valuable though, and servicing income rose to $10.4M from $6.1M.
  • Noninterest expense of $150.3M fell $1.3M from Q2.
  • While single-family mortgage business got sluggish, multi-family action was robust, with those loans representing 77.6% of the $3.4B in loans produced for investment in Q3 - the largest volume of multi-family loans ever done in one quarter.
  • Conference call at 9:30 ET.
  • Q3 results, press release.
  • NYCB unchanged premarket.

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