10:25 AM EDT, 05/01/2024 (MT Newswires) -- New York Community Bancorp ( NYCB/PU ) shares gained more than 21% in recent Wednesday trading after the company reported Q1 financial results and said it sees a "clear path to profitability" in the next two years.

"While this year will be a transitional year for the company, we have a clear path to profitability over the following two years," Chief Executive Joseph Otting said. "By the end of 2026, we target significantly higher profitability and higher capital levels," he added.

The bank reported a Q1 adjusted loss of $0.25 per diluted share, swinging from earnings of $0.23 a year earlier. Analysts polled by Capital IQ expected a loss of $0.13.

Revenue for the quarter ended March 31, expressed as the sum of net interest income and total noninterest income, was $633 million, down from $2.65 billion a year earlier. Analysts surveyed by Capital IQ expected $794.6 million.

For 2024, New York Community Bancorp ( NYCB/PU ) said it expects a loss of $0.50 to $0.55 per share. Analysts polled by Capital IQ expect a GAAP loss of $0.08.

The bank forecasts 2025 earnings of $0.35 to $0.40 per share, rising to $0.50 and $0.60 per share in 2026. Analysts expect 2025 GAAP EPS of $0.28 and 2026 GAAP EPS of $0.36.

Price: 3.11, Change: +0.46, Percent Change: +17.36