Several regional bank stocks are moving lower Thursday after New York Community Bancorp Inc (NASDAQ:NYCB) reported weak financial results and reduced its quarterly dividend, raising concerns about the current state of the banking sector.

The bank holding company said it’s still adjusting to the demands of being a large bank after it was selected by the FDIC to purchase certain assets and liabilities of Signature Bank following its collapse. Signature Bank was one of three U.S. banks that collapsed last year as part of a banking crisis that was spurred by a rapid increase in interest rates. 

As previously reported by Benzinga, regional banks are being scrutinized for having significant exposure to commercial real estate, which is under pressure as office space values trend lower. Trepp data showed that $2.77 trillion in commercial real estate debt is set to mature between 2023 and 2027, and close to $500 billion in commercial real estate debt will need to be refinanced this year.

New York Community Bancorp closed Wednesday down about 38% and the stock was down another 8.89% at the time of writing Thursday. Other regional bank stocks making big moves to the downside Thursday include Metropolitan Bank Holding Corp (NYSE:MCB), Western Alliance Bancorp (NYSE:WAL) and Valley National Bancorp (NASDAQ:VLY). Metropolitan, Western Alliance and Valley National were all down between 5% and 10% at last check.