One important point that the WSJ article fails to mention is the rapid decline of commercial real estate values in New York City, where NYCB has the majority of their loans. Whereas other cities accross the country saw their values decline well over a year ago, NYC was probably the last city to get hit. This reality will start to really hit their balance sheet in the 3rd and 4th quarters as those troubled loans start to hit their 90 and 120 day delinquency thresholds. It's starting to happen now but will start to accelerate over the next few months.
A S&L bank, no one gets the difference; they are not caught in the swindles of the so called major banks. Yes they are back, it is just a matter of time, & yes after the break out now everyone will forget them for a while. Next year as they continue to make more earnings, then NYB will be where everyone wants to be!