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New mortgage rules ding Flagstar results

Jan. 26, 2016 8:19 AM ETNew York Community Bancorp, Inc. (NYCB) StockNYCBBy: Stephen Alpher, SA News Editor
  • Q4 net income of $33M or $0.44 per share vs. $47M and $0.69 in Q3.
  • Net interest income of $76M vs. $73M a quarter ago and $61M a year ago. Net interest margin of 2.69% down six basis points Q/Q, down 11 bps Y/Y.
  • Noninterest income of $97M down 24% Q/Q, with net gain on loan sales of $46M down 32% due to seasonal factors and new mortgage rules (TRID). The banks says TRID affected it more than peers due to its third-party business model, and it's begun a plan to address volume levels.
  • Noninterest expense of $129M down 2%.
  • Tier 1 capital ratio of 18.98%; Tier 1 leverage ratio of 11.51%. Book value per share of $22.23 up from $21.91 a quarter earlier.
  • Earnings call at 11 ET
  • Previously: Flagstar misses by $0.01, beats on revenue (Jan. 26)
  • FBC flat premarket

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