NY Community Bancorp's Q1 Earnings Exceed Expectations Amid Transformational Quarter.
New York Community Bancorp's Q1 earnings beat analysts' estimates, reflecting the transformation of the company to a commercial bank after acquiring certain assets and liabilities of Signature Bank. The Q1 results also include the first full quarter of Flagstar operations. The acquisition of Signature Bank assets and liabilities accelerates the company's evolution to a diversified, high-performing commercial bank. The Q1 net interest income exceeded the Visible Alpha consensus, and total revenue surged 360% Q/Q and 667% Y/Y. The current quarter's noninterest income included a bargain purchase gain of $2.0B related to the Signature deal.
