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Flagstar Bancorp Friday agreed to pay up to $132.8 million to settle civil-fraud charges lodged by the Department of Justice that accused the bank of improperly approving loans for government insurance.
February 24 -
Flagstar Bancorp (FBC) has agreed to sell the majority of its mortgage-servicing rights but will retain the subservicing rights, the Troy, Mich., company said Wednesday.
December 18 -
Flagstar Bancorp (FBC) in Troy, Mich., has agreed to pay Fannie Mae $93.5 million to resolve repurchase claims on mortgages it sold to Fannie that later soured.
November 6 -
Flagstar Bancorp (FBC) in Troy, Mich., recorded its fifth consecutive quarter of profitability and met Wall Street's earnings forecasts despite a drop in income from the sales of loans.
October 23 -
Flagstar Bancorp (FBC) in Troy, Mich., announced Thursday it is laying off approximately 600 employees as part of a cost cutting measure.
January 16
Flagstar Bancorp (FBC) in Troy, Mich., outstripped earnings estimates by a wide margin as the company received a $410 million tax benefit and slashed its loan-loss provision by 72%.
The company earned $160.5 million in the fourth quarter, compared to a loss of $94.2 million in the fourth quarter of 2012. Earnings per share of $2.77 surpassed the estimates of analysts polled by Bloomberg by $2.24.
Flagstar's net interest income fell 44%, to $41.2 million. The decline was primarily the result of a 43% decrease in loan revenue, which dropped to $64.2 million. The companys net interest margin decreased 46 basis points, to 1.80%.
Noninterest income plunged 60%, to $113.1 million. Steep declines in revenue from loan fees and gains on loan sales were responsible for the overall decrease, as well as a 58% decline in income from mortgage originations. A $24.9 million benefit related to Flagstars previously announced settlements with
The declines in interest and noninterest income were counterbalanced by a $410 million tax benefit from the reversal of federal and state deferred tax asset valuation allowances.
Noninterest expenses rose to $388.7 million down 2% from the same period a year ago. The company took a $177.6 million loss in the fourth quarter by prepaying $2.9 billion in long-term Federal Home Loan Bank advances.
Flagstar also added $64.5 million of expenses related to its
The $9.4 billion-asset Flagstar also recorded a $1.2 million expense related to its
The company slashed its loan-loss provision 72%, to $14.1 million. Net chargeoffs plummeted 72%, to $14.1 million, as chargeoffs on residential first mortgage loans posted dramatic declines.
Flagstar
