Regional banks are back in focus after NY Community Bancorp stock drops 38% in one day
CNN
Regional bank stocks are back in the hotseat thanks to a truly horrific financial report from New York Community Bancorp.
Regional bank stocks are back in the hotseat thanks to a truly horrific financial report from New York Community Bancorp. On Wednesday, the regional lender reported a surprise loss of $252 million last quarter compared to a $172 million profit in the fourth quarter of 2022. The company reported $552 million in loan losses, a steep increase from $62 million the prior quarter. That caused shares of New York Community Bancorp to drop 38% in one day, and the stock hit a 25-year low. New York Community Bancorp’s CEO Thomas Cangemi said the company’s poor quarter is a product of acquiring close to $40 billion in assets, including $13 billion worth of loans, from now-failed Signature Bank, one of the regional banks that collapsed during last year’s crisis. The acquisition brought New York Community Bancorp’s total assets above $100 billion. Crossing that threshold is significant for banks since it means, by law, they have to set aside more capital to protect against future losses. That limits the amount of money banks can loan out, however. Over time, Cangemi said, he hopes to “rightsize” the business. In the meantime, steps like slashing dividends are necessary to free up funds, he told analysts on a Wednesday morning call.
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