New York Community Q3 Loss Wider Than Expected, Provisions Jump Y/Y

Zacks10-28

New York Community Bancorp, Inc. NYCB reported third-quarter 2024 loss per share of 69 cents, wider than the Zacks Consensus Estimate of a loss of 40 cents. It reported earnings of $1.09 in the year-...

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It reported earnings of $1.09 in the year-...</p>\n\n<a href=\"https://finance.yahoo.com/news/york-community-q3-loss-wider-143800140.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New York Community Q3 Loss Wider Than Expected, Provisions Jump Y/Y</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew York Community Q3 Loss Wider Than Expected, Provisions Jump Y/Y\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-28 22:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/york-community-q3-loss-wider-143800140.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York Community Bancorp, Inc. NYCB reported third-quarter 2024 loss per share of 69 cents, wider than the Zacks Consensus Estimate of a loss of 40 cents. It reported earnings of $1.09 in the year-...</p>\n\n<a href=\"https://finance.yahoo.com/news/york-community-q3-loss-wider-143800140.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4195","symbol_name":"互助储蓄与抵押信贷金融服务","start_time":0,"source_url":"https://finance.yahoo.com/news/york-community-q3-loss-wider-143800140.html","article_id":"2479436604","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ShfhwtDyA2WzDBKdAL7M8Q--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/6f2cab89bf2cbad1966358e04258e202"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479436604","pubTimestamp":1730126280,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"New York Community Bancorp, Inc. NYCB reported third-quarter 2024 loss per share of 69 cents, wider than the Zacks Consensus Estimate of a loss of 40 cents. It reported earnings of $1.09 in the year-ago quarter.Find the latest earnings estimates and surprises on the ZacksEarnings Calendar.The results were primarily affected by a significant rise in provisions for credit losses and slightly higher expenses. A fall in non-interest income and lower net interest income , as well as subdued loan demand, were additional concerns. However, growth in deposit balance acted as a tailwind.The results excluded certain non-recurring items. After considering these, the net loss available to common shareholders was $289 million. The net income to common shareholders was $199 million in the prior-year quarter.New York Community Bancorp, Inc. Price, Consensus and EPS Surprise. New York Community Bancorp, Inc. price-consensus-eps-surprise-chart | New York Community Bancorp","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4195":"互助储蓄与抵押信贷金融服务","VLY":"硅谷国家银行","BK4211":"区域性银行","HTH":"希尔托普控股"},"translate_title":"纽约社区第三季度亏损超出预期，拨备同比增长","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HTH":1,"NYCB":1,"VLY":1},"content_text":"New York Community Bancorp, Inc. NYCB reported third-quarter 2024 loss per share of 69 cents, wider than the Zacks Consensus Estimate of a loss of 40 cents. It reported earnings of $1.09 in the year-ago quarter.\nFind the latest earnings estimates and surprises on the Zacks Earnings Calendar.\nThe results were primarily affected by a significant rise in provisions for credit losses and slightly higher expenses. A fall in non-interest income and lower net interest income (NII), as well as subdued loan demand, were additional concerns. However, growth in deposit balance acted as a tailwind.The results excluded certain non-recurring items. After considering these, the net loss available to common shareholders was $289 million. The net income to common shareholders was $199 million in the prior-year quarter.\nNYCB’s Revenues Decline, Expenses Rise\nQuarterly revenues were $623 million, which declined 40.2% from the prior-year quarter. However, the top line beat the Zacks Consensus Estimate of $622 million.NII was $510 million, down 42.2% from the prior-year quarter. The net interest margin of 1.79% declined from 3.27% reported in the previous quarter.Non-interest income was $113 million, which declined 29.4% from the year-ago quarter. The decrease was due to net loan administration income reductions, net gain on loan sales and securitizations and lower fee income.Non-interest expenses of $716 million increased marginally year over year. The efficiency ratio was 105.96%, which increased from 56.15% reported in the year-ago quarter. A rise in the efficiency ratio indicates deteriorating profitability.\nNew York Community’s Loans Decline, Deposits Rise\nTotal loans and leases held for investment declined 4.6% sequentially to $71.1 billion as of Sept. 30, 2024. Nonetheless, as of the same date, total deposits increased 1.8% sequentially to $83 billion.\nNYCB’s Credit Quality Deteriorates\nNon-performing assets were $2.5 billion, which increased significantly from $446 million as of Sept. 30, 2023.Also, the provision for credit losses was $242 million, which increased substantially from $62 million in the prior-year quarter. Net charge-offs were $240 million, which increased significantly from $24 million in the prior-year quarter.\nNYCB’s Capital Ratios: Mixed Bag\nAs of Sept. 30, 2024, the common equity tier 1 ratio was 10.76%, which increased from 9.60% as of Sept. 30, 2023. The total risk-based capital ratio was 13.92%, which increased from 11.09% in the prior-year quarter.The leverage capital ratio declined year over year to 7.32% from 7.92%.\nOur View on NYCB\nNew York Community’s rising expenses will likely hinder its bottom-line growth. Additionally, its deteriorating asset quality and geographic concentration might act as headwinds. However, a steady rise in deposit balance offered some support.\n\nNew York Community Bancorp, Inc. Price, Consensus and EPS Surprise\n\nNew York Community Bancorp, Inc. price-consensus-eps-surprise-chart | New York Community Bancorp, Inc. Quote\n\nNYCB currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.\nPerformances of Other Banks\nValley National Bancorp’s VLY third-quarter 2024 adjusted earnings per share of 18 cents met the Zacks Consensus Estimate. However, the bottom line plunged 30.8% on a year-over-year basis.Higher non-interest income and a sequential increase in deposit balances support VLY’s results. On the other hand, a substantial rise in provisions, lower NII and loan balance and a slight rise in expenses act as spoilsports.Hilltop Holdings Inc.’s HTH third-quarter 2024 earnings of 46 cents per share beat the Zacks Consensus Estimate of 39 cents. However, the bottom line declined 19.3% from the prior-year quarter.HTH’s results benefited from higher non-interest income and a reversal of provisions. Higher deposits and an improvement in capital ratios were other positives. However, a decline in NII, lower loans and a rise in expenses were spoilsports.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nHilltop Holdings Inc. (HTH) : Free Stock Analysis Report\nNew York Community Bancorp, Inc. (NYCB) : Free Stock Analysis Report\nValley National Bancorp (VLY) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479436604"}