It’s been burning in the background unabated:
New York Community Bancorp, one of the winners as regional lenders struggled and collapsed last year, plunged a record 46% as investors worried it’s now the harbinger of the industry’s next source of pain: commercial real estate.
The firm, which acquired part of Signature Bank last year, stockpiled cash as it contends with lending risks — including a pair of troubled loans for a co-op complex and office space — as well as stiffer regulation due to its size. The bank’s provision for loan losses surged to $552 million, shocking analysts and shareholders.
