Net interest income of $284.2M fell from $297.3M in Q4, with NIM of 2.72% slipping 20 basis points. Average balance of interest-earning assets of $41.5B is up $760.7M, with $594.8M increase in average loan balance and $165.8M boost to securities and money market investment balances.
Noninterest income of $37.2M slips $1.6M from Q4 thanks to an increase in FDIC indemnification expense recorded in connection with the recovery from the allowance for covered loan losses. Offsetting that was a $1.9M increase in mortgage banking income. Noninterest expense of $146.3M slipped $3.1M.
Held-for-investment loans grew $1B, or 13.8% on an annualized basis in Q1 to $30.9B. Multi-family loans accounted for about three-quarters of that. Campaign to boost deposits paying off, with deposits rising $1.1B to $26.8B.
Multi-family loan portfolio of $21.5B, represents about 70% held-for-investment loans, with expected average weighted life of 2.9 years. Commercial loan portfolio of $7.5B represents about 24% of held-for-investment loans, with expected average weighted life of 3.4 years.
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