Finally, New York Community Prepares to Ramp Up Balance Sheet Growth in Late 2017
Narrow-moat New York Community reported a decent second quarter, and we plan to maintain our $16.50 fair value estimate. However, we are boosting our uncertainty rating to high to reflect a wider range of outcomes for the bank’s balance sheet going forward, given its stated desire to pursue a merger, which may be hindered by its depressed stock price. Given intense competition for deposits in New York, adjusted net interest margin fell 9 basis points sequentially to 2.51%, as the bank was unable...New York Community Bancorp is a multi-bank holding company. Through its subsidiary, New York Community Bank, the company operates through eight local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio: and AmTrust Bank in Florida and Arizona. The company is also a producer of multi-family loans in New York City, with a focus on non-luxury residential apartment buildings with rent-regulated units that feature below-market rents.
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