From Quiver Quantitative:

New York Community Bancorp has reported unexpected losses and a significant dividend cut, resulting in a 46% drop in shares. The bank’s strong asset quality claims have been tested with the rapid growth of its assets beyond $100 billion. Regulatory scrutiny has increased, requiring a loan-loss provision of $552 million, over 10 times analysts’ predictions. An increase in loans past due has contributed to the $185 million in net charge-offs for the quarter. As the bank faces market fallout, broader implications are seen in the market as Treasury yields fall, contributing to increased bets on 2024 Fed rate cuts based on expectations of a possible early reduction in March.



Read more: NY Community Bancorp’s Strategic Shift