New York Community Bancorp (NYSE: NYCB) reported Q3 EPS of $0.19, in-line with the analyst estimate of $0.19. Revenue for the quarter came in at $235.9 million versus the consensus estimate of $239.62 million.

Commenting on the Company's third quarter 2019 performance, President and Chief Executive Officer Joseph R. Ficalora stated: "Overall, we are pleased with the Company's performance this quarter. With the FOMC having lowered short term interest rates twice so far during the third quarter, we are beginning to see a positive impact on our funding costs, marking an inflection point in the net interest margin and net interest income. The net interest margin during the third quarter stabilized at 1.99%, down only one basis point from the previous quarter, while net interest income was relatively unchanged. We anticipate further improvements in our funding costs, and hence our net interest margin going forward due to our liability sensitive balance sheet.

"On the lending front, our loan portfolio continued to grow compared to the level at year-end 2018, led by our multi-family and specialty finance loan portfolios, but our end of period loan portfolio was down modestly compared to the prior quarter. However on an average basis, average total loan balances increased 5% annualized compared to the prior quarter to $40.8 billion. During the quarter, we experienced a number of loans refinancing away from us, as the dollars offered by alternative lenders did not meet our stringent underwriting standards.

"Our overall deposit growth slowed this quarter as we strategically chose to allow higher cost deposits to roll off. This had a modest favorable impact on deposit costs during the third quarter. We expect it to have a greater benefit going forward. As we adjust to a lower interest rate environment, we are aggressively managing our deposit costs lower and proactively reducing higher cost deposit balances.

"Our operating expenses, excluding certain items related to severance costs, declined compared to the previous quarter and the efficiency ratio improved to 47.37%.

"Finally, our asset quality metrics continue to be solid. More importantly, we are not seeing any negative credit trends in the rent-regulated portion of our multi-family portfolio post the passage of new rent control laws in June."

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