New York Community Bank (NYCB) reported a first-quarter loss attributed to higher provisions for loan losses, with costs including interest and provision for losses rising by 29% year-over-year. Despite the negative report, NYCB's stock surged by 30% to $3.50 post-earnings, and showed a +19.2% increase pre-market. Management's presentation was perceived as competent, though the overall financial health of the bank remains concerning. The bank is currently reviewing its $30 billion portfolio of real estate loans, particularly focusing on rent-stabilized properties, which have shown troubling results.
New York Community Bank is going over its real estate loans one by one. What it has found so far paints a less than pretty picture of how rent-stabilized properties are faring. https://t.co/xKyvrHEzMe
$NYCB up 30% to $3.50 after earnings that were perhaps less bad than some feared (the stock was down sharply into the #), and mgmt came across as lucid & competent, but the report certainly was not good. With $30 b of office and mostly rent-controlled multi-family loans, manyβ¦
$NYCB (+19.2% pre) NYCB posts first-quarter loss on higher provisions https://t.co/spO4THUoyH
*NYCB SEES ELEVATED LOAN LOSS PROVISION LEVEL OVER REST OF 2024 moar regional banks failures is needed
$CACC Costs including interest and provision for losses up +29% YoY π¨π¨π¨ https://t.co/8beIlCfLa2