01:06 PM EDT, 03/14/2024 (MT Newswires) -- New York Community Bancorp ( NYCB/PU ) recently sold a commercial co-operative loan and a portfolio of consumer loans with a net book value of $899 million as part of efforts to revitalize its balance sheet after identifying material weaknesses with how it assessed loan risks, the bank said on Thursday.

The Feb. 29 sale of a commercial co-operative loan and the March 13 sale of consumer loans were disclosed Thursday by New York Community Bancorp ( NYCB/PU ) in its delayed Form 10-K annual report for 2023. Both transactions will be recorded by the bank in its current quarter ending March 31 and are expected to generate a net gain, it said.

NYCB said on March 1 it found material weaknesses with its internal loan reviews resulting from "ineffective oversight, risk assessment and monitoring activities." The disclosure sent its stock price reeling and left the bank scrambling to shore up its teetering finances, including a $1.05 billion sale last week of its common and preferred stock to a group of investors as well as cutting its quarterly dividend payments by 94% to $0.01 per share.

Overall, NYCB recorded a $112 million net loss available to common stockholders, or $0.16 per share, for the 12 months ended Dec. 31, compared with net income of $1.26 per share a year ago. The 2023 loss reflects a $2.4 billion goodwill impairment on the value of its loan portfolios during its Q4 partially offset by a $2.1 billion bargain gain on its purchase of Signature Bank earlier in 2023, it said.

NYCB shares were down 0.5% in recent Thursday trading.

Price: 3.73, Change: -0.02, Percent Change: -0.51