Jul. 16, 2014, 3:13 PM
- Flattish for most of the session following this morning's earnings miss, First Republic (FRC -13.7%) tumbles amid the earnings call, with management noting the elevated expenses associated with getting over $50B in assets (and thus being subject to heightened regulatory scrutiny).
- The bank says its efficiency ratio - guided at 59-62% - will remain elevated until sometime in 2016.
- New York Community Bank (NYCB -3%) - also around that $50B level - is sliding in concert.
- Previously: First Republic Bank misses by $0.07, misses on revenue
Jun. 10, 2014, 1:17 PM
- Of the bank's size ($47.6B in assets), NYCB CEO Joe Ficalora doesn't seem too worried about growing to over $50B - the line at which regulatory scrutiny could be stepped up. He notes recent comments from Fed Governor Tarullo that $100B is probably a more relevant line which should be crossed.
- Webcast and presentation slides
- NYCB multi-family lending is distinguished from peers in that the majority is for buildings with rent-controlled units, i.e. below-market rents. This makes those properties less likely to face vacancies when the economy and credit cycle head south. It's a big factor behind net charge-offs averaging just 0.04% since coming public in 1993.
Apr. 30, 2014, 8:24 AM
- 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.
- Source: Press Release
- Previously: New York Community Bancorp beats by $0.03, misses on revenue
- NYCB no trades premarket
Apr. 30, 2014, 8:06 AM| 3 Comments
Apr. 29, 2014, 5:30 PM
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Feb. 7, 2014, 12:41 PM
- Liquidity is becoming an issue at many community and regional banks, says Sterne Agee's Matthew Kelley, noting growing loan-to-deposit ratios. Bank runs are not the worry, but keeping loan pipelines well funded is, and a number of smaller players could be acquisition targets for lenders looking to boost deposits.
- Kelley's list of 12 possibilities in the Northeast: Westfield Financial (WFD +0.1%), Century Bancorp (CNBKA -0.9%), Hudson Valley Holding (HVB +0.1%), Republic First (FRBK +1%), Metro Bancorp (METR +0.4%), Suffolk Bancorp (SUBK +3.3%), Citizens and Northern (CZNC +0.3%), Sun Bancorp (SNBC), First Niagara (FNFG +1.7%), Orrstown Financial (ORRF +0.4%), Camden National (CAC +0.5%), Cambridge Bancorp (CATC +0.2%).
- Under pressure to raise deposits? Susquehanna Bancshares (SUSQ -0.6%) - whose loan-to-deposit ratio rose to 105.5% in Q4 from 102.5% a year earlier. Investors Bancorp (ISBC) with a ratio of 120%, New York Community Bancorp (NYCB), Astoria Financial (AF +0.8%), and People's United (PBCT +0.2%).
Jan. 30, 2014, 8:28 AM
- KBW cashes in its chips on New York Community Bancorp (NYCB) following yesterday's earnings, downgrading the stock from Outperform to Market Perform.
- On the earnings call (transcript), KBW's Collyn Gilbert's initial question notes the loan pipeline stood at just $2.4B at the end of Q4 vs. about $4B a year earlier. Management responds that it's happy with recent results and expectations of high single-digit growth for this year could end up being conservative. "The market is very strong, Collyn," says CEO Joseph Ficalora, "And not only will we have growth, but other lenders in this market will have growth."
- Shares -1% premarket
Jan. 29, 2014, 9:55 AM
- Net interest income of $297.3M up $3.1M from Q3 and $7.3M from a year ago. NIM of 2.92% is off 12 basis points from Q3 and 23 bps from a year ago, yet NII gained thanks to $33M of prepayment income - reflecting "particularly robust" activity in multi-family loans even as residential mortgage lending slides. Multi-family loans up 11.3% Y/Y.
- For the full year, multi-family originations of $7.4B rose 28.1% from 2012.
- Noninterest income of $38.8M fell $11.9M from Q3 and $16.7M from a year ago, with mortgage banking income of just $12.8M compared to $16.2M and $32.6M in the earlier periods.
- Noninterest expense of $149.5M fell $853K from Q3 and $5.1M from a year ago.
- CC started at 9:30.
- Press release, Q4 results
- NYCB -2.2%
Jan. 29, 2014, 8:04 AM
Jan. 29, 2014, 12:05 AM
Jan. 28, 2014, 5:30 PM
Dec. 4, 2013, 9:05 AM
Oct. 23, 2013, 8:20 AM
- 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.
Oct. 23, 2013, 8:05 AM
Oct. 23, 2013, 12:05 AM
Oct. 22, 2013, 5:30 PM
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