(Bloomberg) — New York Community Bancorp tumbled for a second straight day after a pair of rating downgrades threatened to boost the beleaguered bank’s borrowing costs.

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Shares of the company fell as much as 17%, trading at the lowest level since 1996, after plunging 26% on Friday.

Fitch Ratings cut its assessment to non-investment grade and Moody’s Investors Service, which already had a junk rating on the bank, lowered it even further. Friday’s rout followed the bank’s disclosure that it replaced its chief executive officer after finding “material weaknesses” in how it tracks loan risks.

The downgrades “pressure their cost of capital,” Wedbush Securities Inc. analyst David Chiaverini, who holds an underperform recommendation on NYCB’s shares, said in an interview.

Read More: NYCB Downgraded to Junk by Fitch as Moody’s Goes Even Deeper

Shares of the company dropped 13% to $3.08 at 12:27 p.m. in New York, after they fell to $2.96 earlier Monday.

The stock, which was a relative winner among regional banks in 2023, has lost more than two-thirds of its value so far this year. The slump began after the bank’s earnings report in January, which included a steep cut to the dividend and higher provisions for loan losses.

Moody’s lowered its credit rating to junk in February. The rating company on Friday also downgraded the long-term deposit rating on NYCB’s lead bank, Flagstar Bank, to Ba3 from Baa2.

Despite NYCB’s slide, bank stocks more broadly are faring well. The KBW Bank Index gained as much as 2.8% Monday, while a regional gauge that includes NYCB was up 0.8%.

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