Shares in city’s biggest apartment lender drop after earnings fall short of targets

Vin Scully once summed up a disappointing Los Angeles Dodgers season by saying “good isn’t good enough when better is expected.” New York Community Bancorp can relate. Its stock price fell 8% Wednesday even though quarterly earnings jumped by 30%.

Trouble was, the bank’s $204 million in pretax earnings before loss provisions was below Wall Street’s target of $225 million.

“We generated solid results,” Chief Executive Tom Cangemi insisted.

Investors are always a twitchy lot, but it’s been a long time since we had any kind of earnings recession, and New York Community is typically one of the market’s most dependable players. It’s the city’s largest apartment

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