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New York Community Bancorp projects $25M Q4 benefit from tax reform

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New York Community Bancorp projects $25M Q4 benefit from tax reform

Westbury, N.Y.-based New York Community Bancorp Inc. expects the new tax rate to translate to an approximate $25 million benefit to fourth-quarter earnings.

CEO Joseph Ficalora noted the company has a net deferred tax liability — compared with most other banks' deferred tax assets — and will therefore record a one-time benefit that should also be accretive to all its regulatory capital ratios.

For the full year 2018, New York Community expects its effective tax rate to be about 27%.