Flagstar Bancorp Q1 Profit Falls, Misses Estimates

(RTTNews) - Flagstar Bancorp, Inc. (FBC), the holding company for Flagstar Bank, on Wednesday posted a significant decline in its net earnings for the first quarter, amidst lower interest and non-interest income. Excluding items, the company's earnings missed the Street view.

For the quarter ended in March, the company reported a net income of $53 million or $0.99 per share, compared with $149 million or $2.80 per share, reported for the same period a year ago.

On an adjusted basis, earnings were $55 million or $1.02 per share, compared with $176 million or $3.31 per share, reported a year ago. Four analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $1.39. Analysts' estimates typically exclude one-time items.

The net interest income of the lender also moved down to $165 million from $189 million, whereas noninterest income was reported at $160 million, less than $324 million, reported a year ago.