New York Community Bancorp Plunges 7% on Weak Q2 Results, Mortgage Business Sale

Stock Track07-25

New York Community Bancorp, the parent company of Flagstar Bank, saw its stock plunge over 7% in pre-market trading on Thursday, following the release of its disappointing second-quarter financial results and the announcement of the sale of its residential mortgage servicing business.

The bank reported a non-GAAP loss per share of $1.05 for the second quarter, missing analysts' estimates by a significant $0.62. Additionally, revenue for the quarter came in at $671 million, falling short of expectations by $52.87 million, or nearly 8%.

In a separate announcement, NYCB's subsidiary, Flagstar Bank, revealed plans to sell its residential mortgage servicing business, including mortgage servicing rights and the third-party origination platform, to Mr. Cooper for approximately $1.4 billion. While the transaction is expected to add around 60 basis points to NYCB's CET1 capital ratio, the divestiture of a major business segment could be seen as a negative by investors, at least in the short term.

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