New York Community Bancorp (NYCB) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - New York Community Bancorp reported a revenue of $671 million for the quarter ended June 2024, reflecting a year-over-year decline of 44.2% and an EPS of -$1.05 compared to $1.41 a year ago [5] Financial Performance Metrics - The reported revenue of $671 million was below the Zacks Consensus Estimate of $701.39 million, resulting in a surprise of -4.33% [1] - The company experienced an EPS surprise of -176.32%, with the consensus EPS estimate being -$0.38 [1] - Net Interest Margin was reported at 2%, lower than the average estimate of 2.2% based on seven analysts [3] - Book value per common share (GAAP) was $22.47, significantly higher than the six-analyst average estimate of $8.50 [3] - Average balances of interest-earning assets were $113.21 billion, exceeding the $109.08 billion average estimate based on six analysts [3] - The Efficiency Ratio was reported at 95.1%, worse than the 90.7% estimated by six analysts [3] - Net charge-offs to average loans were 0.4%, slightly better than the 0.5% estimated by four analysts [3] - Total non-interest income was $114 million, below the seven-analyst average estimate of $117.83 million [3] - Net Interest Income was $557 million, lower than the seven-analyst average estimate of $582.80 million [3] - Bank-owned life insurance income was $12 million, above the $10.23 million estimated by six analysts [3] - Fee income was reported at $41 million, exceeding the $31.14 million estimated by six analysts [3] - Net gain on loan sales and securitizations was $18 million, slightly below the $19.44 million average estimate based on five analysts [3] - Net return on mortgage servicing rights was $19 million, lower than the $21.33 million estimated by four analysts [3] - Other non-interest income was $29 million, above the $18.42 million average estimate based on four analysts [3] Stock Performance - Shares of New York Community Bancorp have returned +19.2% over the past month, contrasting with the Zacks S&P 500 composite's -0.3% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [4]