NYCB - New York Community Bancorp Stock Is In The Spotlight Again: What's Going On? | Benzinga
New York Community Bancorp Inc (NYSE:NYCB) shares are experiencing heavy volatility after the company provided a liquidity and deposit update and appointed a new executive chairman. Several new developments appear to be moving the stock on Wednesday. Here’s what you need to know.
What Happened: New York Community Bancorp shares fell approximately 22% on Tuesday and tumbled to levels not seen since 1997 in early trading Wednesday before bouncing back.
Late Tuesday, New York Community Bancorp reported total deposits of $83 billion and noted that total deposits are up from the end of 2023. The bank holding company said insured and collateralized deposits represent 72% of total deposits.
New York Community Bancorp also announced that it has total liquidity of $37.3 billion, which exceeds uninsured deposits with a coverage ratio of 163%. The company also has $17 billion in cash held on its balance sheet and unencumbered securities of approximately $6.1 billion in lendable value.
“We took decisive actions to fortify our balance sheet and strengthen our risk management processes during the fourth quarter. ...