NEW YORK (TheStreet) -- New York Community Bancorp (NYCB) - Get New York Community Bancorp, Inc. Report reported favorable third-quarter earnings results on October 22. The company said it earned profits of more than $130 million, or 27 cents per share, exceeding analysts' estimates of 26 cents. Its revenue of $330.3 million also beat analysts' projections of approximately $327 million.
In an interview with TheStreet, New York Community Bancorp CEO Joseph Ficalora said his company's strong earnings reflect its disciplined approach to multi-family mortgage lending and the ongoing benefits of its acquisitions strategy. Nonperforming, noncovered assets fell by more than $30 million, or 17.2%, since early December 2013, indicating a continued improvement in its asset quality.
NYCB is one of the few major bank holding companies to not have experienced any significant mortgage write-offs during the subprime crisis. In his conversation with TheStreet, Ficalora underscored NYCB's long-standing commitment to prudent mortgage lending as a key factor in the company's stability during tough economic cycles.
With a market capitalization of approximately $7 billion, New York Community Bancorp operates as a multi-bank holding company for New York Community Bank and New York Commercial Bank. It offers banking products and financial services in New York, New Jersey, Florida, Ohio and Arizona. The Street Ratings team lists it as a buy-rated dividend stock, citing its reasonable valuation levels and expanding profit margins.
Shares of NYCB recently traded at $15.76, or about 10% below its 52-week high of $17.39.
At the time of publication, the author held no positions in any of the stocks mentioned.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.