New York Community Bancorp Inc. expects to record annual cost savings of approximately $60 million from the sale of its mortgage banking operations, according to an investor presentation.
The company anticipates additional cost save opportunities from lower systemically important financial institution-readiness expenses. President and CEO Joseph Ficalora said the Westbury, N.Y.-based company, with assets of $49.1 billion as of Dec. 31, 2017, has the ability to grow its balance sheet by about $5 billion before earning SIFI status.
New York Community Bancorp also expects to record approximately $145 million in operating expenses for the first quarter.
