WESTBURY, NY –New York Community Bancorp will save $25 million thanks to President Trump. The company announced that it expects to record an after-tax benefit of approximately $25 million during the fourth quarter of 2017. This benefit is based on a re-valuation of its net deferred tax liability, triggered by the recent passage of new tax legislation.
In addition, the Company expects to pay a tax rate of around 27% during full-year 2018.
President and CEO Joseph R. Ficalora said, “On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. Among other things, it lowers the federal tax rate for corporations and necessitates a re-valuation of a company’s deferred tax assets and liabilities. Since we are one of the few banks to have a net deferred tax liability, we will receive a benefit from this provision of the Act. While this benefit is one-time in nature, it is accretive to all of our regulatory capital ratios.”
Based in Westbury, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. As of September 30, 2017, the Company reported assets of $48.5 billion and deposits of $28.9 billion.
The Community Bank operates 225 branches through seven local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona, while the Commercial Bank operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank.