New York Community Bank (NYCB) reported a first-quarter loss for 2024, with total revenue at $633 million, below the estimated $795.1 million. The bank's provisions for credit losses were $315 million, surpassing the forecast of $249.6 million. Despite this, NYCB shares surged approximately 30%, up 19.2% pre-market, after the new CEO outlined a two-year profitability plan. The bank's total deposits and loans for the quarter were also below expectations, at $74.86 billion and $82.33 billion, respectively. Looking ahead, NYCB anticipates elevated loan loss provisions throughout 2024 but forecasts profits exceeding estimates for the next two years, with 2024 net interest income (NII) projected between $2.4 and $2.45 billion, and 2025 NII expected to be between $2.6 and $2.7 billion.
NYCB CEO predicts a 'clear path to profitability' after disclosing first-quarter loss https://t.co/gGeB6sVtHH by @DsHollers
NYCB Stock Jumps as Results for Embattled Bank Top ‘Worst-Case Fears’ https://t.co/ByrLczqzle
NYCB's estimate-topping profit forecasts fire up battered shares https://t.co/IRdsG7n96q https://t.co/5fGNXPBkXI
NYCB short sellers stare at $42 mln in losses after post-earnings rally, Ortex says https://t.co/8nDhdJhSTM https://t.co/VA4TlZHutH
⚠️ NYCB SHORT SELLERS STARE AT $42 MILLION IN LOSSES AFTER POST-EARNINGS RALLY, ORTEX SAYS Full Story → https://t.co/zNbGKWq3ko Traders shorting New York Community Bancorp's stock were sitting on more than $42 million of losses on Wednesday after the lender's…
New York Community Bank is going over its real estate loans one by one. What it has found so far paints a less than pretty picture of how rent-stabilized properties are faring. https://t.co/xKyvrHEzMe
$NYCB up 30% to $3.50 after earnings that were perhaps less bad than some feared (the stock was down sharply into the #), and mgmt came across as lucid & competent, but the report certainly was not good. With $30 b of office and mostly rent-controlled multi-family loans, many…
NYCB shares getting a lift today , up ~30% after co. was able to ... post earnings just before regulatory deadline (bank call reports were due yesterday midnite). 👇 https://t.co/M3cjqdUG8d
NYCB forecasts estimate-topping profit for next 2 years, shares jump https://t.co/5oPx1PxIa5 https://t.co/5JMUmqTw5Z
$NYCB (+20%): CFO -> deposits stable growth in April - 1Q total deposits of $74.86bn - 2024 NII of 2.4-2.45bn, from $2.8-2.9bn in Jan - 2025 NII of $2.6-2.7bn (more normalized '25-26 - Targeting peer level profitability by 4Q26 - Total liquidity of $28 billion - Not assuming… https://t.co/JrswZTW6gF
$NYCB (+19.2% pre) NYCB posts first-quarter loss on higher provisions https://t.co/spO4THUoyH
*NYCB SEES ELEVATED LOAN LOSS PROVISION LEVEL OVER REST OF 2024 moar regional banks failures is needed
NYCB shares jump after new CEO gives two-year plan for "clear path to profitability" https://t.co/paj7kDoDrQ
NYCB’s charge-offs and provisions for potential loan losses decline, which could allay commercial-property concerns that have hounded the lender https://t.co/ViCrolwk96
⚠️ NYCB POSTS FIRST-QUARTER LOSS ON HIGHER PROVISIONS Full Story → https://t.co/zPYqBeKAuc New York Community Bancorp reported a loss for the first quarter on Wednesday, as the commercial real estate-focused lender set aside more funds to cover possible defaults. https://t.co/YRr3qGOTNJ
$NYCB | New York Community Bank Q1 24 Earnings: - Total Rev $633M (est $795.1M) - Provision For Credit Losses $315M (est $249.6M) - Total Deposits $74.86B (est $79.29B) - Total Loans & Leases $82.33B (est $83.55B) - Sees Elevated Loan Loss Provision Level Over Rest Of 2024