New York Community Bancorp has sold some loans for gains and was working to integrate collapsed lender, Signature Bank, into its financial reporting process, it said in its annual report yesterday, Reuters reported. Its first quarter will include the sale of consumer loans worth $899 million on March 13 and a commercial co-operative loan in late February as the lender works to cut exposure to the beleaguered commercial real estate (CRE) sector. Several Wall Street analysts have flagged concerns that the turnaround could take a long time as profit remains under pressure from its efforts to boost reserves for potential bad loans. NYCB had earlier this month said that it was getting interest from non-bank bidders for some of its loans and would outline a new business plan in April while once again cutting its dividend and disclosing a 7% drop in deposits. The lender also named Joseph Otting, former Comptroller of the Currency in the Trump administration, as CEO as part of a $1 billion capital injection from a group of investors that included former Treasury Secretary Steven Mnuchin.
