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Flagstar Bancorp (FBC) in Troy, Mich., reported a significant first-quarter loss as its loan-loss provision more than quintupled.
April 23 -
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%.
January 23
Flagstar Bancorp in Troy, Mich., reported quarterly earnings that significantly surpassed Wall Street's expectations.
The $9.9 billion-asset company's second-quarter profit fell more than 60% from a year earlier, to $25.5 million. Still, earnings of 33 cents a share topped the average estimate of analysts polled by Bloomberg by 13 cents.
Investors reacted positively, sending the company's shares up nearly 7% in morning trading.
Net interest income rose nearly 33%, to $62.4 million. The net interest margin widened by 132 basis points, to 2.98%.
Noninterest Income fell 54%, to $102.5 million, as the company recorded fewer gains from loan sales. Flagstar's results from a year earlier also included a $44 million gain tied to resolved litigation.
Noninterest expense fell more than 30%, to $121.4 million, primarily on lower compensation and benefits.
"We continue to focus on controlling our noninterest expense in the current mortgage environment and are managing expenses in order to be profitable in any origination environment," Sandro DiNello, Flagstar's president and chief executive, said in a press release late Tuesday.
