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Highlights
- NYCB has acquired Signature Bank and assumed most of its deposits.
- During the trading session on March 20, the NYCB stock jumped 31.7 per cent
- Notably, in Q4 2022, the net income of NYCB was US$ 172 million
New York Community Bancorp, Inc. (NYSE:NYCB) is one of the largest banks in the United States and has hundreds of branches across the country. It is also the parent company of Flagstar Bank, NA.
Investing in financial stocks can provide diversification benefits to investors. Financial stocks can be less correlated with other sectors, such as technology or healthcare, which can help investors reduce overall portfolio risk. However, there's no guarantee in a stock market, and investors must do proper research and evaluate the stock's performance before taking any decision.
In this article, let's explore more about NYCB and see how it has performed recently:
Latest news of NYCB
NYCB has acquired Signature Bank and assumed most of its deposits, according to an announcement on March 19, 2023, by the bank. The deal comes one week after Signature Bank collapsed.
The agreement includes purchasing Signature Bank's assets by New York Community Bancorp.
NYCB's deal for Signature Bank, which was valued at $2.7 billion, was viewed as a strategic move with bright investment prospects.
During the trading session on March 20, the NYCB stock jumped 31.7 per cent and closed at US$ 8.61 apiece.
Financial highlights of NYCB
In Q4 2022, the bank's net interest income was US$ 379 million, up 18 per cent year-over-year (YoY). Meanwhile, the total revenues jumped to US$ 577 million from US$ 338 million in the same comparable period.
Notably, in Q4 2022, the net income of NYCB was US$ 172 million compared to US$ 150 million in Q4 2021.
The bank's net income jumped nine per cent YoY for the full year to US$ 650 million.
