Its the increase in non performing assets. Joe had to see this comming last q and he did not say anything. No i see why insiders sold their shars. Joe has no good will left.. I was hopeful for better days but now all hope is lost. NYB is not going anywhwere and the i am afraid we have found a new tradinng range of $10.00 to $11.00.
You must "get over" the 2004 NIM fiasco that you are complaining about. We are now in the year of 2009, over 5 years have elapsed, and you must move on. NYB is a solid company with conservative lending practices and it pays a very nice dividend - especially in this type of lending and banking stock market environment.
Joe Ficalora is a very smart banker with a keen sense of real estate trends and banking trends. Granted, the stock price has done nothing over the last 5 years, but one can't control the price. For every year you have held this stock, your cost basis has been reduced by one dollar ( because you have received four $.25 cent quarterly dividend payments). Therefore, if hypothetically you purchased the stock five years ago at $20.00 per share and you hold it still, your cost basis is now $15.00 per year. Granted, you would still "be in the red," with this example, but the point is that this stock is increasing their earnings, have very little loss, continues to pay a fantastic dividend, forecasts an ability to continue to do so, and "The Street," does not recognize it's worth. In the fullness of time, investors will recognize it's worth and will recognize Mr. Ficalora's expertise as a CEO.
he must go because of the NIM fiasco of 2004 which has hurt the share price ever since. he was never held responsible for that along with the offers to buy the bank for which he possibly ignored. we all could be a lot better off had he accepted an offer to buy the bank.