New York Community Bancorp Inc., Westbury, N.Y. said its fourth quarter profits of $118 million were in part fueled by $25 million in income from mortgage banking, driven by refinancing activity during the period. For the full year, NYCB's net income was $496 million, up from 2010's $560,000.
When compared with the fourth quarter one year prior, NYCB's mortgage banking income was down by $16 million, reflecting the impact of falling new home sales and declines in refinancings.
It originated $2.7 billion of one-to-four family loans for sale in the fourth quarter, up by $938 million for the third quarter.
On the commercial real estate side of the equation, Joseph R. Ficalora, president and chief executive of NYCB, commented in press release "as the decline in market interest rates triggered an increase in multi-family loan production, prepayment penalty income more than doubled to $29 million, adding 33 basis points to margin—a linked quarter increase of 19 basis points."
