: New York Community Bancorp profit up 148% with boost from Signature Bank acquisition, as stock rises

New York Community Bancorp Inc. NYCB stock was up 5.9% in premarket trades on Thursday after the lender’s profit rose by 150% and beat analyst estimates with the addition of its acquisition of Signature Bank, which was the second bank to collapse after Silicon Valley Bank earlier this year. New York Community Bancorp said its net income for the three months ended June 30 increased to $405 million, or 55 cents a share, from $163 million, or 34 cents a share, in the year-ago quarter. Adjusted second-quarter profit totaled 47 cents a share, well ahead of the analyst estimate of 29 cents a share, according to estimates compiled by FactSet. Revenue tripled to $1.2 billion from $377 million, soundly beating the analyst forecast of $879.2 million. The company also hired six private banking teams formerly with First Republic. “This was the first full quarter with all three legacy banks [Signature, Flagstar and NY Community Bancorp] combined under one umbrella,” said CEO Thomas R. Cangemi. “We believe that our results are only beginning to show the true underlying core earnings power of the combined organization.”

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