Why New York Community Bancorp Fell 13.5% on Wednesday
Shares of New York Community Bancorp (NYSE: NYCB) declined by more than 13% on Oct. 30, following the release of the bank holding company's third-quarter results.
New York Community Bancorp's net income available to common shareholders rose 2% sequentially to $90.8 million, or $0.19 per share. That matched analysts' estimates.
However, NYCB is facing increased competition from non-bank lenders, which is making it more difficult to grow its loan portfolio. "On the lending front, our loan portfolio continued to grow compared to the level at year-end 2018, led by our multi-family and specialty finance loan portfolios, but our end of period loan portfolio was down modestly compared to the prior quarter," CEO Joseph Ficalora said in a press release.
Source Fool.com
