The stock price is only "a Dud" if you just got in within the last month at or near its 52 week high. If you got in 3 months ago, 6 months ago, or a year ago, then you would be extremly happy with the current price and the quarterly dividends.
I would also guess that 6 months from now, investors who have recently bought the stock around $16.50, will also be happy with its price and dividend.
Most dividend cuts are because the bank cant financially continue to pay them. If NYCB has to cut dividend, it will be because they found a great takeover target, grow into larger bank, and are forced, by government regulation on larger banks, to hold on to more of their profits.
Big takeover = big win for the bank.
No takeover = big dividends keep coming to shareholder.