New York Community Bancorp off more than 4% after earnings miss

|About: New York Community Banco... (NYCB)|By:, SA News Editor

The regional lenders are mostly in the green this session, but not New York Community Bancorp (NYCB -4.4%) following a $0.02 per share miss on earnings.

Blame rising interest rates, which not only slows new commercial borrowing, but also refinancing, and thus prepayment income.

There's also the rising cost of regulatory compliance as NYCB prepares to cross the $50B in assets SIFI threshold.

Overall credit quality remains sound, with NPAs of 0.15% to total non-covered assets, but taxi medallion loans are struggling. Non-performing, non-covered loans at March 31 were $60.2M, $24.4M of which were medallion loans.

Previously: New York Community Bancorp misses by $0.02, misses on net interest income (April 26)