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Mortgage Income Contributes Less to NYCB’s Profitability

APR 24, 2013 1:00pm ET
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New York Community Bancorp had 1Q13 earnings of $119 million, down from $123 million in 4Q12 and slightly above the $118 million reported for 1Q12.

Residential mortgage banking income was $26 million for the most recent period, which president and CEO Joseph Ficalora noted that while the business contributed to the company’s earnings, it did so to a lesser extent than in 4Q12.

“While fewer loans were produced for sale, this was not unexpected given the seasonality of the residential mortgage business and the linked quarter rise in residential mortgage interest rates,” he said.

NYCB originated $2.4 billion of one-to-four family loans during the quarter, down $593 million from 4Q12 and $126 million from 1Q12. In addition, it added $1.5 billion of multifamily loans for its portfolio, plus another $386 million of commercial real estate loans. Multifamily volume is down $256 million for 4Q12 but up $492 million from 1Q12.

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