New York Community Bancorp Ascends More Than 9% On Upbeat Quarterly Results

Shares of New York Community Bancorp, Inc. (NYCB) are rising more than 9% Friday morning after reporting upbeat quarterly results.

Net income in the first quarter increased to $1.998 billion or $2.87 per share, higher than $147 million or $0.31 per share a year ago.

Excluding one-time items, earnings were $0.23 per share, that met the average estimate of analysts polled by Thomson-Reuters.

Net interest income increased to $555 million from $332 million last year.

The consensus estimate was for $524.83 million.

Total revenues rose to $2.653 billion from $346 million a year ago, helped by non-interest income of $2.098 billion in the latest quarter.

Non-interest income included a bargain purchase gain of $2.0 billion related to the Signature transaction. Excluding this, first-quarter non-interest income was $97 million.

NYCB is at $10.10 currently. It has traded in the range of $5.81-$11.02 in the last 52 weeks.

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