NYCB Q1 2021 Earnings Report
Key Takeaways
New York Community Bancorp reported a strong first quarter in 2021, marked by a 45% increase in diluted EPS to $0.29 and a 49% increase in net income available to common shareholders to $137.4 million. The company's performance was boosted by ongoing net interest margin (NIM) expansion, good loan growth, lower operating expenses, strong deposit growth, and strong asset quality trends. Additionally, NYCB announced a merger agreement with Flagstar Bancorp, expected to enhance its transformation strategy.
Diluted EPS increased 45% to $0.29.
Net income available to common shareholders rose 49% to $137.4 million.
Pre-provision net revenue increased 47% to $199.7 million.
Total deposits increased $1.8 billion, reaching $34.2 billion.
NYCB
NYCB
Forward Guidance
The company expects deposit costs to continue to decline, given current pricing trends and market interest rates.