The stock price of New York Community Bancorp Inc. continued to tumble on Friday in response to the Hicksville-based lender’s disclosure that it took a $2.4 billion charge against last year’s earnings because of poor loan review practices and other operational deficiencies.
The charge turned the company’s 2023 profit into a loss.
NYCB shares closed down $1.24, or 26%, to $3.55 in New York Stock Exchange trading. The stock had been above $10 in January.
The sell-off began Thursday night after NYCB said its 2023 annual report to shareholders would be about 15 days late because “management [had] identified material weaknesses in the company’s internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities,” according to a filing with the U.S. Securities and Exchange Commission.
As a result, the bank wrote down the…
