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NYCB NYSE· New York Community Bancorp Inc.
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NYCB NYSE· New York Community Bancorp Inc.
Earnings report Q4 2023

New York Community Bancorp Sees Significant Revenue Growth

Segments of Revenue

New York Community Bancorp's total interest income for the year ended December 31, 2023, was $5.49 billion, a significant increase from $2.09 billion in 2022 and $1.69 billion in 2021. This income was primarily derived from loans and leases, which generated $4.51 billion, and securities and money market investments, which contributed $982 million. Non-interest income also saw a substantial increase, with a total of $2.69 billion, largely due to a bargain purchase gain of $2.13 billion.

Strengths

The bank's strength lies in its ability to significantly increase its interest income, particularly from loans and leases, which more than doubled from $1.85 billion in 2022 to $4.51 billion in 2023. The bank also benefited from a substantial bargain purchase gain of $2.13 billion, which significantly boosted its non-interest income.

Challenges

Despite the impressive revenue growth, the bank faced challenges in managing its interest expenses, which rose from $696 million in 2022 to $2.41 billion in 2023. The largest contributors to this increase were interest-bearing checking and money market accounts, and borrowed funds.

Noteworthy

The bank's non-interest income saw a significant boost from a bargain purchase gain of $2.13 billion. This is an extraordinary item that significantly contributed to the bank's overall revenue growth.

Summary

New York Community Bancorp saw a significant increase in its revenue for the year ended December 31, 2023, largely driven by a substantial increase in interest income from loans and leases, and a significant bargain purchase gain. However, the bank also faced challenges in managing its interest expenses, which saw a significant increase. Despite these challenges, the bank's overall performance indicates a strong revenue growth trajectory.

Source documents

Form 10-K/A  filed on Mar 14, 2024
112 pages scanned

Reference data

Company financials Q4 revenue 326M
Analyst estimates Q4 EPS missed by -177.73%
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