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Why Shares of New York Community Bancorp Are Up Today

·1 min read
Why Shares of New York Community Bancorp Are Up Today
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Shares of New York Community Bancorp (NYSE: NYCB) traded nearly 10% higher as of 12:15 p.m. EDT after the bank reported earnings results for the second quarter of 2021. New York Community Bancorp, a bank with assets of nearly $58 billion that specializes in multifamily lending, generated diluted earnings per share (EPS) of $0.30 on total revenue of $347 million. EPS would have been $0.33 for the quarter if you exclude one-time, non-recurring tax charges and $10 million of expenses related to New York Community Bancorp's planned acquisition of Flagstar Bancorp (NYSE: FBC), which will bring the combined bank to $87 billion in assets.