New York Community Bancorp Shares Fall 8% After 3Q Earnings Miss, FY24 Guidance Cut

Dow Jones

25 Oct 2024

By Jasmine Li

Shares of New York Community Bancorp fell after it posted worse-than-expected losses and disclosed expectations of a loss in 2025.

The bank's stock slid 8% to $10.64 in Friday morning trading. Shares are down 65% year over year.

The Hicksville, N.Y. bank posted a third-quarter loss of $280 million, or 79 cents per share, almost double analyst expectations of 41 cents per share.

The company also cut its forecast for 2024 and 2025 and does not expect to recognize a profit in core earnings per share until 2026.

New York Community Bancorp now expects a core loss between $3.10 and $3 per share for 2024, and a core loss between 35 cents and 30 cents a share for 2025. It previously expected a core loss of $2.20 to $2.30 for 2024, while its prior expectations for core earnings per share in 2025 ranged from break even to 5 cents a share.

The bank has not posted a profitable quarter since its third quarter earnings in 2023, owing to its struggling commercial real estate portfolio and its buyout of Signature Bank.

It received a $1 billion equity investment in March, and has since completed a reverse stock split, shuffled its board and C-suite and sold its residential mortgage servicing business to Mr. Cooper Group.

The bank said last week its Flagstar Financial unit laid off 700 employees, and has plans to cut 1,200 more.

Write to Jasmine Li at jasmine.li@wsj.com

(END) Dow Jones Newswires

October 25, 2024 10:42 ET (14:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Shares are down 65% year over year. \n</p>\n<p>\n  The Hicksville, N.Y. bank posted a third-quarter loss of $280 million, or 79 cents per share, almost double analyst expectations of 41 cents per share. \n</p>\n<p>\n  The company also cut its forecast for 2024 and 2025 and does not expect to recognize a profit in core earnings per share until 2026. \n</p>\n<p>\n  New York Community Bancorp now expects a core loss between $3.10 and $3 per share for 2024, and a core loss between 35 cents and 30 cents a share for 2025. 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Shares are down 65% year over year. \n\n\n  The Hicksville, N.Y. bank posted a third-quarter loss of $280 million, or 79 cents per share, almost double analyst expectations of 41 cents per share. \n\n\n  The company also cut its forecast for 2024 and 2025 and does not expect to recognize a profit in core earnings per share until 2026. \n\n\n  New York Community Bancorp now expects a core loss between $3.10 and $3 per share for 2024, and a core loss between 35 cents and 30 cents a share for 2025. It previously expected a core loss of $2.20 to $2.30 for 2024, while its prior expectations for core earnings per share in 2025 ranged from break even to 5 cents a share. \n\n\n  The bank has not posted a profitable quarter since its third quarter earnings in 2023, owing to its struggling commercial real estate portfolio and its buyout of Signature Bank. \n\n\n  It received a $1 billion equity investment in March, and has since completed a reverse stock split, shuffled its board and C-suite and sold its residential mortgage servicing business to Mr. Cooper Group. \n\n\n  The bank said last week its Flagstar Financial unit laid off 700 employees, and has plans to cut 1,200 more. \n\n\n \n\n\n  Write to Jasmine Li at jasmine.li@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 25, 2024 10:42 ET (14:42 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}