New York Community Bancorp shares dive 37% with net loss

ISTANBUL

New York Community Bancorp saw its stock price plummet 37.67% on Wednesday due to a net loss in the final quarter of 2023.

Net loss available to common stockholders was $260 million in the fourth quarter of last year, compared to net income available to common stockholders of $199 million in the third of quarter 2023, the bank said in its financial results statement.

"At December 31, 2023, the allowance for credit losses was $992 million compared to $619 million at September 30, 2023," it added.

President and CEO Thomas Cangemi said the bank built its reserve levels by recording a $552 million provision for loan losses.

New York Community Bancorp in March 2023 acquired $38.4 billion worth of assets from liquidated Signature Bank in a $2.7 billion deal.