Why Shares of New York Community Bancorp Are Down Today

Shares of New York Community Bancorp (NYSE: NYCB) fell more than 8% today as of 12:33 p.m. EDT after the bank reported earnings results for the third quarter of the year.

The bank, with nearly $58 billion in total assets, reported diluted earnings per share of $0.30 on total revenue of $333 million, both numbers that missed on analyst estimates.

But the bigger issue in the quarter is that CEO Thomas Cangemi on the bank's earnings call said New York Community Bancorp won't be able to close on its pending acquisition of Flagstar Bancorp (NYSE: FBC), which is expected to propel the bank to $87 billion in assets, until next year.

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Source Fool.com