The price of shares in New York Community Bancorp - the regional bank that purchased deposits from Signature Bank last year - are crashing this morning, below SVB crisis lows, after reporting a surprise loss for the fourth quarter and a cut to its dividend.
As Bloomberg reports, the bank lowered its quarterly payout to shareholders to 5 cents. Analysts had predicted the dividend would remain at 17 cents. A worsening credit outlook contributed to the unexpected loss, as the company boosted its loan-loss provision more than expected.
