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23.01.2018 12:30:00
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Flagstar Reports Fourth Quarter 2017 Financial Results and Announces Regulatory Approval to Acquire Eight Branches in Southern California
TROY, Mich., Jan. 23, 2018 /PRNewswire/ --
Key Highlights - Fourth Quarter 2017
- Net loss of $45 million, or $0.79 per diluted share, on non-cash charge from new tax legislation.
- Adjusted net income of $35 million, or $0.60 per diluted share.
- Net interest income grew $4 million, or 4 percent, from third quarter 2017, led by higher earning assets.
- Average commercial loans up $344 million, or 9 percent, from last quarter.
- Net gain on loan sales rose to $79 million, driven by an improved gain on sale margin.
- Asset quality strong with a high allowance coverage ratio.
- Strong capital position with Tier 1 leverage at 8.51 percent.
Flagstar Bancorp, Inc. (NYSE: FBC), the holding company for Flagstar Bank, FSB, today reported a fourth quarter 2017 net loss of $45 million, or $0.79 per diluted share, and adjusted net income of $35 million, or $0.60 per diluted share, after adjusting for a non-cash charge to the provision for income taxes of $80 million, or $1.37 per diluted share. As previously announced, the charge resulted from the revaluation of the Company's net deferred tax asset under the new Tax Cuts and Jobs Act. The Company reported net income of $40 million, or $0.70 per diluted share, in the third quarter 2017, and $28 million, or $0.49 per diluted share, in the fourth quarter 2016.
"A key take-away from the quarter was the durability of our earnings," said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp, Inc. "The continued growth of our banking and servicing businesses has reduced the impact of the swings in the origination business on our earnings, thus producing more predictable and consistent results.
"All three of our business lines strengthened during the quarter. Our community bank drove a 9 percent increase in commercial loans, which helped fuel earning asset growth of $642 million -- a 4 percent gain. Our mortgage acquisitions earlier in 2017 continued to pay dividends, producing a 14 percent increase in closings and a 42 percent increase in locks over the same quarter last year in the face of a smaller market. And our third key business line, servicing, continued to gain scale and now has a book of business that exceeds 440,000 accounts."
"Finally, I am pleased to announce that we have received approval from the Office of the Comptroller of the Currency to acquire eight Desert Community Bank branches from East West Bank. With this franchise, we acquire $600 million in deposits and $70 million in loan relationships. We are looking forward to welcoming the Desert Community Bank branch team to Flagstar by the end of the quarter."
Full year 2017 net income was $63 million, or $1.09 per diluted share, as compared to full year 2016 net income of $171 million, or $2.66 per diluted share. Excluding the tax charge in the fourth quarter 2017, the Company had adjusted 2017 net income of $143 million, or $2.47 per diluted share, as compared to adjusted 2016 net income of $155 million, or $2.38 per diluted share. On an adjusted basis, the Company realized a 4 percent increase in diluted earnings per share for the full year 2017.
Fourth Quarter 2017 Highlights:
Income Statement Highlights | |||||||||||||||
Three Months Ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | |||||||||||
(Dollars in millions) | |||||||||||||||
Net interest income | $ | 107 | $ | 103 | $ | 97 | $ | 83 | $ | 87 | |||||
Provision (benefit) for loan losses | 2 | 2 | (1) | 3 | 1 | ||||||||||
Noninterest income | 124 | 130 | 116 | 100 | 98 | ||||||||||
Noninterest expense | 178 | 171 | 154 | 140 | 142 | ||||||||||
Income before income taxes | 51 | 60 | 60 | 40 | 42 | ||||||||||
Provision for income taxes (1) | 96 | 20 | 19 | 13 | 14 | ||||||||||
Net income (loss) | $ | (45) | $ | 40 | $ | 41 | $ | 27 | $ | 28 | |||||
Income (loss) per share: | |||||||||||||||
Basic | $ | (0.79) | $ | 0.71 | $ | 0.72 | $ | 0.47 | $ | 0.50 | |||||
Diluted | $ | (0.79) | $ | 0.70 | $ | 0.71 | $ | 0.46 | $ | 0.49 | |||||
(1) | For the three months ended December 31, 2017 includes an $80 million non-cash charge to the provision for income taxes resulting from the revaluation of the Company's net deferred tax asset (DTA) at a lower statutory rate as a result of the Tax Cuts and Jobs Act. |
Key Ratios | ||||||||||||
Three Months Ended | Change (bps) | |||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||
2017 | 2017 | 2017 | 2017 | 2016 | Seq | Yr/Yr | ||||||
Net interest margin | 2.76 | % | 2.78 | % | 2.77 | % | 2.67 | % | 2.67 | % | (2) | 9 |
Return on average assets | (1.1) | % | 1.0 | % | 1.0 | % | 0.8 | % | 0.8 | % | N/M | N/M |
Return on average equity | (12.1) | % | 11.1 | % | 11.6 | % | 7.9 | % | 8.6 | % | N/M | N/M |
Return on average common | (12.1) | % | 11.1 | % | 11.6 | % | 7.9 | % | 8.6 | % | N/M | N/M |
Efficiency ratio | 77.1 | % | 73.5 | % | 72.0 | % | 76.8 | % | 76.7 | % | 360 | 40 |
N/M - Not meaningful |
Balance Sheet Highlights | |||||||||||||||||||
Three Months Ended | % Change | ||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | Seq | Yr/Yr | |||||||||||||
(Dollars in millions) | |||||||||||||||||||
Average Balance Sheet Data | |||||||||||||||||||
Average interest-earning assets | $ | 15,379 | $ | 14,737 | $ | 14,020 | $ | 12,343 | $ | 12,817 | 4 | % | 20 | % | |||||
Average loans held-for-sale | 4,537 | 4,476 | 4,269 | 3,286 | 3,321 | 1 | % | 37 | % | ||||||||||
Average loans held-for- | 7,295 | 6,803 | 6,224 | 5,639 | 6,163 | 7 | % | 18 | % | ||||||||||
Average total deposits | 9,084 | 9,005 | 8,739 | 8,795 | 9,233 | 1 | % | (2) | % | ||||||||||
Net Interest Income
Net interest income rose $4 million, or 4 percent, to $107 million for the fourth quarter 2017, as compared to $103 million for the third quarter 2017. The results reflected a 4 percent increase in average earning assets, led by continued solid growth in commercial loans. The net interest margin decreased 2 basis points to 2.76 percent for the fourth quarter 2017, as compared to the third quarter 2017, on continued deposit price discipline.
Loans held-for-investment averaged $7.3 billion for the fourth quarter 2017, an increase of $492 million, or 7 percent, from the prior quarter. During the fourth quarter 2017, average commercial loans rose 9 percent with average commercial real estate loans increasing $220 million, or 13 percent, average commercial and industrial loans increasing $63 million, or 6 percent, and average warehouse loans increasing $61 million, or 6 percent.
Average total deposits were $9.1 billion in the fourth quarter 2017, increasing $79 million, or 1 percent from the third quarter 2017. The increase was led by higher company-controlled and government deposits. Average retail deposits were unchanged at $6.5 billion as higher retail certificates of deposit (up $215 million, or 18 percent) offset a decline in retail savings deposits (down $217 million, or 6 percent).
Provision (Benefit) for Loan Losses
The provision for loan losses totaled $2 million for the fourth quarter 2017, unchanged from the third quarter 2017. The low level of provision expense reflected continued strong asset quality and largely matched net charge-offs in the quarter.
Noninterest Income
Noninterest income fell $6 million, or 5 percent, to $124 million in the fourth quarter of 2017, as compared to $130 million for the third quarter 2017. The decrease was primarily due to a net loss on the mortgage servicing rights, partially offset by an increase in net gain on loan sales.
Fourth quarter 2017 net gain on loan sales increased to $79 million, as compared to $75 million in the third quarter 2017. The increase from the prior quarter reflected an improved gain on sale margin. The net gain on loan sale margin increased 7 basis points to 0.91 percent for the fourth quarter 2017, as compared to 0.84 percent for the third quarter 2017. Fallout-adjusted locks fell 3 percent to $8.6 billion primarily due to anticipated seasonal factors, partially offset by stronger correspondent volume. Full year 2017 fallout-adjusted locks rose a strong 42 percent, boosted by the acquisition of Opes and Stearns.
Mortgage Metrics | ||||||||||||||||||||||
Three Months Ended | Change (% / bps) | |||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | Seq | Yr/Yr | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Mortgage rate lock commitments (fallout- | $ | 8,631 | $ | 8,898 | $ | 9,002 | $ | 5,996 | $ | 6,091 | (3) | % | 42 | % | ||||||||
Net margin on mortgage rate lock | 0.91 | % | 0.84 | % | 0.73 | % | 0.80 | % | 0.93 | % | 7 | (2) | ||||||||||
Net gain on loan sales | $ | 79 | 75 | $ | 66 | $ | 48 | $ | 57 | 5 | % | 39 | % | |||||||||
Net (loss) return on the mortgage servicing | $ | (4) | $ | 6 | $ | 6 | $ | 14 | $ | (5) | N/M | (20) | % | |||||||||
Gain on loan sales + net (loss) return on | $ | 75 | $ | 81 | $ | 72 | $ | 62 | $ | 52 | (7) | % | 44 | % | ||||||||
Residential loans serviced (number of | 442 | 415 | 402 | 393 | 383 | 7 | % | 15 | % | |||||||||||||
Capitalized value of mortgage servicing | 1.16 | % | 1.15 | % | 1.14 | % | 1.10 | % | 1.07 | % | 1 | 9 | ||||||||||
N/M - Not meaningful | ||||||||||||||||||||||
(1) | Fallout-adjusted mortgage rate lock commitments are adjusted by a percentage of mortgage loans in the pipeline that are not expected to close based on previous historical experience and the level of interest rates. | ||||||||||||||||
(2) | Gain on sale margin is based on net gain on loan sales (excludes net gain on loan sales of $1 million from loans transferred from HFI in three months ended December 31, 2017) to fallout-adjusted mortgage rate lock commitments. | ||||||||||||||||
(3) | Includes loans serviced for own loan portfolio, serviced for others, and subserviced for others. | ||||||||||||||||
Net return on the mortgage servicing rights (including the impact of hedges) was a net loss of $4 million for the fourth quarter 2017, as compared to a net gain of $6 million for the third quarter 2017. The decrease from the prior quarter largely reflected a $4 million decrease in fair value driven by model changes as well as a $3 million charge associated with pending MSR sales with a fair value of $98 million expected to close in the first quarter 2018. Assuming the Capital Simplification NPR is finalized as proposed, taking this action gives the Company significant flexibility in managing the MSR asset in 2018.
The representation and warranty benefit was $2 million for the fourth quarter 2017, as compared to a $4 million benefit in the third quarter 2017. The representation and warranty reserve was reduced to $15 million at December 31, 2017, from $16 million at September 30, 2017, reflecting continued improvement in risk trends and a repurchase pipeline that was only $3 million at December 31, 2017.
Noninterest Expense
Noninterest expense rose to $178 million for the fourth quarter 2017, as compared to $171 million for the third quarter 2017. During the fourth quarter 2017, compensation and benefits increased $3 million due to incentive compensation. The Company also experienced a $2 million increase in expenses to support the investment in growth initiatives, included in compensation and benefits and other noninterest expense. The Company's efficiency ratio was 77 percent for the fourth quarter 2017, as compared to 74 percent for the third quarter 2017.
Income Taxes
The fourth quarter 2017 provision for income taxes totaled $96 million, including a one-time, non-cash charge of $80 million resulting from new tax legislation, as compared to $20 million in the third quarter 2017. Excluding this charge, the Company's adjusted effective tax rate was 32 percent for the fourth quarter 2017, unchanged from the third quarter 2017.
Asset Quality
Credit Quality Ratios | ||||||||||||||||||||
Three Months Ended | Change (% / bps) | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | Seq | Yr/Yr | ||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Allowance for loan loss to LHFI | 1.8 | % | 2.0 | % | 2.1 | % | 2.4 | % | 2.4 | % | (20) | (60) | ||||||||
Allowance for loan loss to LHFI and loans with | 1.8 | % | 1.9 | % | 2.0 | % | 2.3 | % | 2.2 | % | (10) | (40) | ||||||||
Charge-offs, net of recoveries | $ | 2 | $ | 2 | $ | — | $ | 4 | $ | 2 | — | — | % | |||||||
Charge-offs associated with loans with | 1 | 1 | — | 2 | 1 | — | — | % | ||||||||||||
Charge-offs associated with the sale or transfer of | — | — | — | 1 | — | — | — | |||||||||||||
Charge-offs, net of recoveries, adjusted (1) | $ | 1 | $ | 1 | $ | — | $ | 1 | $ | 1 | $ | — | — | % | ||||||
Total nonperforming loans held-for-investment | $ | 29 | $ | 31 | $ | 30 | $ | 28 | $ | 40 | (6) | % | (28) | % | ||||||
Net charge-offs to LHFI ratio (annualized) | 0.11 | % | 0.08 | % | 0.04 | % | 0.27 | % | 0.13 | % | 3 | (2) | ||||||||
Net charge-off ratio, adjusted (annualized) | 0.06 | % | 0.06 | % | 0.02 | % | 0.07 | % | 0.07 | % | — | (1) | ||||||||
Ratio of nonperforming LHFI to LHFI | 0.38 | % | 0.44 | % | 0.44 | % | 0.47 | % | 0.67 | % | (6) | (29) | ||||||||
N/M - Not meaningful | ||||||||||||||||||||
(1) | Excludes charge-offs associated with loans with government guarantees and charge-offs associated with the sale or transfer of nonperforming loans and TDRs. |
The allowance for loan losses was $140 million at December 31, 2017, unchanged from September 30, 2017. The allowance for loan losses covered 1.8 percent of loans held-for-investment at December 31, 2017, as compared to 2.0 percent of loans held-for-investment at September 30, 2017.
Net charge-offs in the fourth quarter 2017 were $2 million, or 0.11 percent of HFI loans, compared to $2 million, or 0.08 percent of such loans in the prior quarter.
Nonperforming loans held-for-investment were $29 million at December 31, 2017, compared to $31 million at September 30, 2017. The ratio of nonperforming loans to loans held-for-investment was 0.38 percent at December 31, 2017, compared to 0.44 percent at September 30, 2017. At December 31, 2017, consumer loan delinquencies totaled $5 million, or 0.15 percent of consumer loans, unchanged from September 30, 2017.
Capital
Capital Ratios (Bancorp) | Three Months Ended | Change (% / bps) | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | Seq | Yr/Yr | |||||||||||||||
Total capital (to RWA) | 14.90 | % | 14.99 | % | 15.92 | % | 15.98 | % | 16.41 | % | (9) | (151) | |||||||||
Tier 1 capital (to RWA) | 13.63 | % | 13.72 | % | 14.65 | % | 14.70 | % | 15.12 | % | (9) | (149) | |||||||||
Tier 1 leverage (to adjusted avg. total | 8.51 | % | 8.80 | % | 9.10 | % | 9.31 | % | 8.88 | % | (29) | (37) | |||||||||
Mortgage servicing rights to Tier 1 | 20.1 | % | 17.3 | % | 13.1 | % | 23.1 | % | 26.7 | % | 280 | (660) | |||||||||
Tangible book value per share | $ | 24.04 | $ | 25.01 | $ | 24.29 | $ | 23.96 | $ | 23.50 | (4) | % | 2 | % | |||||||
The Company grew the average balance sheet $712 million in the fourth quarter 2017 while maintaining a robust capital position with regulatory ratios well above current regulatory quantitative guidelines for "well capitalized" institutions. At December 31, 2017, the Company had a Tier 1 leverage ratio of 8.51 percent, as compared to 8.80 percent at September 30, 2017. The decrease in the ratio resulted primarily from balance sheet growth.
On September 27, 2017, the federal banking agencies issued a notice of proposed rulemaking ("NPR") regarding several proposed simplifications of the Basel III capital rules issued in 2013. This Capital Simplification NPR would accelerate capital formation for balance sheet growth. On a pro-forma basis at December 31, 2017, the proposal would have increased the Company's Tier 1 leverage ratio by approximately 70 bps and risk-based capital ratios by approximately 30-35 basis points.
At December 31, 2017, the Company had a common equity-to-assets ratio of 8.27 percent.
Earnings Conference Call
As previously announced, the Company's fourth quarter 2017 earnings call will be held Tuesday, January 23, 2018 at 11 a.m. (ET).
To join the call, please dial (800) 289-0517 toll free or (323) 794-2423 and use passcode 8848543. Please call at least 10 minutes before the conference is scheduled to begin. A replay will be available for five business days by calling (888) 203-1112 toll free or (719) 457-0820 and using passcode 8848543.
The conference call will also be available as a live audiocast on the Investor Relations section of flagstar.com, where it will be archived and available for replay and download. The slide presentation accompanying the conference call will be posted on the site.
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $16.9 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 89 retail locations in 29 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $98 billion of home loans representing over 442,000 borrowers. For more information, please visit flagstar.com.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this news release includes non-GAAP financial measures, such as estimated fully implemented Basel III capital levels and ratios, tangible book value per share, adjusted net income, and adjusted earnings per share. The Company believes these non-GAAP financial measures provide additional information that is useful to investors in helping to understand the capital requirements Flagstar will face in the future and underlying performance and trends of Flagstar.
Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To compensate for these limitations, we use non-GAAP measures as comparative tools, together with GAAP measures, to assist in the evaluation of our operating performance or financial condition. Also, we ensure that these measures are calculated using the appropriate GAAP or regulatory components in their entirety and that they are computed in a manner intended to facilitate consistent period-to-period comparisons. Flagstar's method of calculating these non-GAAP measures may differ from methods used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for those financial measures prepared in accordance with GAAP or in-effect regulatory requirements.
Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in this news release. Additional discussion of the use of non-GAAP measures can also be found in conference call slides, the Form 8-K Current Report related to this news release and in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission. These documents can all be found on the Company's website at flagstar.com.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Flagstar Bancorp, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The Company's actual results could differ materially from those described in the forward-looking statements depending upon the impact of judicial and regulatory interpretations of the just-enacted tax legislation, as well as various other factors as described in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission, which are available on the Company's website (flagstar.com) and on the Securities and Exchange Commission's website (sec.gov). Other than as required under United States securities laws, Flagstar Bancorp does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
For more information, contact:
David L. Urban
david.urban@flagstar.com
(248) 312-5970
Flagstar Bancorp, Inc. Consolidated Statements of Financial Condition (Dollars in millions) (Unaudited) | |||||||||||
December 31, | September 30, | December 31, | |||||||||
2017 | 2017 | 2016 | |||||||||
Assets | |||||||||||
Cash | $ | 122 | $ | 88 | $ | 84 | |||||
Interest-earning deposits | 82 | 145 | 74 | ||||||||
Total cash and cash equivalents | 204 | 233 | 158 | ||||||||
Investment securities available-for-sale | 1,853 | 1,637 | 1,480 | ||||||||
Investment securities held-to-maturity | 939 | 977 | 1,093 | ||||||||
Loans held-for-sale | 4,321 | 4,939 | 3,177 | ||||||||
Loans held-for-investment | 7,713 | 7,203 | 6,065 | ||||||||
Loans with government guarantees | 271 | 253 | 365 | ||||||||
Less: allowance for loan losses | (140) | (140) | (142) | ||||||||
Total loans held-for-investment and loans with government guarantees, net | 7,844 | 7,316 | 6,288 | ||||||||
Mortgage servicing rights | 291 | 246 | 335 | ||||||||
Federal Home Loan Bank stock | 303 | 264 | 180 | ||||||||
Premises and equipment, net | 330 | 314 | 275 | ||||||||
Net deferred tax asset | 136 | 248 | 286 | ||||||||
Other assets | 691 | 706 | 781 | ||||||||
Total assets | $ | 16,912 | $ | 16,880 | $ | 14,053 | |||||
Liabilities and Stockholders' Equity | |||||||||||
Noninterest-bearing | $ | 2,049 | $ | 2,272 | $ | 2,077 | |||||
Interest-bearing | 6,885 | 6,889 | 6,723 | ||||||||
Total deposits | 8,934 | 9,161 | 8,800 | ||||||||
Short-term Federal Home Loan Bank advances | 4,260 | 4,065 | 1,780 | ||||||||
Long-term Federal Home Loan Bank advances | 1,405 | 1,300 | 1,200 | ||||||||
Other long-term debt | 494 | 493 | 493 | ||||||||
Representation and warranty reserve | 15 | 16 | 27 | ||||||||
Other liabilities | 405 | 394 | 417 | ||||||||
Total liabilities | 15,513 | 15,429 | 12,717 | ||||||||
Stockholders' Equity | |||||||||||
Common stock | 1 | 1 | 1 | ||||||||
Additional paid in capital | 1,512 | 1,511 | 1,503 | ||||||||
Accumulated other comprehensive loss | (16) | (8) | (7) | ||||||||
Accumulated deficit | (98) | (53) | (161) | ||||||||
Total stockholders' equity | 1,399 | 1,451 | 1,336 | ||||||||
Total liabilities and stockholders' equity | $ | 16,912 | $ | 16,880 | $ | 14,053 | |||||
Flagstar Bancorp, Inc. Condensed Consolidated Statements of Operations (Dollars in millions, except per share data) (Unaudited) | |||||||||||||||||||||||||||
Fourth Quarter 2017 Compared to: | |||||||||||||||||||||||||||
Three Months Ended | Third Quarter 2017 | Fourth Quarter 2016 | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | Amount | Percent | Amount | Percent | |||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||
Total interest income | $ | 148 | $ | 140 | $ | 129 | $ | 110 | $ | 111 | $ | 8 | 6 | % | $ | 37 | 33 | % | |||||||||
Total interest expense | 41 | 37 | 32 | 27 | 24 | 4 | 11 | % | 17 | 71 | % | ||||||||||||||||
Net interest income | 107 | 103 | 97 | 83 | 87 | 4 | 4 | % | 20 | 23 | % | ||||||||||||||||
Provision (benefit) for loan losses | 2 | 2 | (1) | 3 | 1 | — | — | % | 1 | 100 | % | ||||||||||||||||
Net interest income after provision (benefit) for loan losses | 105 | 101 | 98 | 80 | 86 | 4 | 4 | % | 19 | 22 | % | ||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||
Net gain on loan sales | 79 | 75 | 66 | 48 | 57 | 4 | 5 | % | 22 | 39 | % | ||||||||||||||||
Loan fees and charges | 24 | 23 | 20 | 15 | 20 | 1 | 4 | % | 4 | 20 | % | ||||||||||||||||
Deposit fees and charges | 4 | 5 | 5 | 4 | 5 | (1) | (20) | % | (1) | (20) | % | ||||||||||||||||
Loan administration income | 5 | 5 | 6 | 5 | 4 | — | — | % | 1 | 25 | % | ||||||||||||||||
Net (loss) return on the mortgage servicing rights | (4) | 6 | 6 | 14 | (5) | (10) | N/M | 1 | (20) | % | |||||||||||||||||
Representation and warranty benefit | 2 | 4 | 3 | 4 | 7 | (2) | (50) | % | (5) | (71) | % | ||||||||||||||||
Other noninterest income | 14 | 12 | 10 | 10 | 10 | 2 | 17 | % | 4 | 40 | % | ||||||||||||||||
Total noninterest income | 124 | 130 | 116 | 100 | 98 | (6) | (5) | % | 26 | 27 | % | ||||||||||||||||
Noninterest Expense | |||||||||||||||||||||||||||
Compensation and benefits | 80 | 76 | 71 | 72 | 66 | 4 | 5 | % | 14 | 21 | % | ||||||||||||||||
Commissions | 23 | 23 | 16 | 10 | 15 | — | — | % | 8 | 53 | % | ||||||||||||||||
Occupancy and equipment | 28 | 28 | 25 | 22 | 21 | — | — | % | 7 | 33 | % | ||||||||||||||||
Loan processing expense | 16 | 15 | 14 | 12 | 15 | 1 | 7 | % | 1 | 7 | % | ||||||||||||||||
Legal and professional expense | 8 | 7 | 8 | 7 | 9 | 1 | 14 | % | (1) | (11) | % | ||||||||||||||||
Other noninterest expense | 23 | 22 | 20 | 17 | 16 | 1 | 5 | % | 7 | 44 | % | ||||||||||||||||
Total noninterest expense | 178 | 171 | 154 | 140 | 142 | 7 | 4 | % | 36 | 25 | % | ||||||||||||||||
Income before income taxes | 51 | 60 | 60 | 40 | 42 | (9) | (15) | % | 9 | 21 | % | ||||||||||||||||
Provision for income taxes | 96 | 20 | 19 | 13 | 14 | 76 | N/M | 82 | N/M | ||||||||||||||||||
Net income (loss) | $ | (45) | $ | 40 | $ | 41 | $ | 27 | $ | 28 | $ | (85) | N/M | $ | (73) | N/M | |||||||||||
Income (loss) per share | |||||||||||||||||||||||||||
Basic | $ | (0.79) | $ | 0.71 | $ | 0.72 | $ | 0.47 | $ | 0.50 | $ | (1.50) | N/M | $ | (1.29) | N/M | |||||||||||
Diluted | $ | (0.79) | $ | 0.70 | $ | 0.71 | $ | 0.46 | $ | 0.49 | $ | (1.49) | N/M | $ | (1.28) | N/M | |||||||||||
N/M N/M - Not meaningful
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Flagstar Bancorp, Inc. Condensed Consolidated Statements of Operations (Dollars in millions, except per share data) (Unaudited) | ||||||||||||
For the Year Ended | Compared to: Year Ended December 31, 2016 | |||||||||||
December 31, | December 31, | |||||||||||
2017 | 2016 | Amount | Percent | |||||||||
Total interest income | $ | 527 | $ | 417 | $ | 110 | 26 | % | ||||
Total interest expense | 137 | 94 | 43 | 46 | % | |||||||
Net interest income | 390 | 323 | 67 | 21 | % | |||||||
Provision (benefit) for loan losses | 6 | (8) | 14 | N/M | ||||||||
Net interest income after provision (benefit) for loan losses | 384 | 331 | 53 | 16 | % | |||||||
Noninterest Income | ||||||||||||
Net gain on loan sales | 268 | 316 | (48) | (15) | % | |||||||
Loan fees and charges | 82 | 76 | 6 | 8 | % | |||||||
Deposit fees and charges | 18 | 22 | (4) | (18) | % | |||||||
Loan administration income | 21 | 18 | 3 | 17 | % | |||||||
Net (loss) return on the mortgage servicing rights | 22 | (26) | 48 | N/M | ||||||||
Representation and warranty benefit | 13 | 19 | (6) | (32) | % | |||||||
Other noninterest income | 46 | 62 | (16) | (26) | % | |||||||
Total noninterest income | 470 | 487 | (17) | (3) | % | |||||||
Noninterest Expense | ||||||||||||
Compensation and benefits | 299 | 269 | 30 | 11 | % | |||||||
Commissions | 72 | 55 | 17 | 31 | % | |||||||
Occupancy and equipment | 103 | 85 | 18 | 21 | % | |||||||
Loan processing expense | 57 | 55 | 2 | 4 | % | |||||||
Legal and professional expense | 30 | 29 | 1 | 3 | % | |||||||
Other noninterest expense | 82 | 67 | 15 | 22 | % | |||||||
Total noninterest expense | 643 | 560 | 83 | 15 | % | |||||||
Income before income taxes | 211 | 258 | (47) | (18) | % | |||||||
Provision for income taxes | 148 | 87 | 61 | 70 | % | |||||||
Net income | $ | 63 | $ | 171 | $ | (108) | (63) | % | ||||
Income per share | ||||||||||||
Basic | $ | 1.11 | $ | 2.71 | $ | (1.60) | (59) | % | ||||
Diluted | $ | 1.09 | $ | 2.66 | $ | (1.57) | (59) | % | ||||
N/M - Not meaningful |
Flagstar Bancorp, Inc. Summary of Selected Consolidated Financial and Statistical Data (Dollars in millions, except share data) (Unaudited) | |||||||||||||||||||
Three Months Ended | For the Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Selected Mortgage Statistics: | |||||||||||||||||||
Mortgage loans originated (1) | $ | 9,749 | $ | 9,572 | $ | 8,561 | $ | 34,408 | $ | 32,417 | |||||||||
Mortgage loans sold and securitized | $ | 10,096 | $ | 8,924 | $ | 8,422 | $ | 32,493 | $ | 32,033 | |||||||||
Mortgage rate lock commitments (gross) | $ | 9,476 | $ | 9,878 | $ | 7,611 | $ | 37,544 | $ | 36,869 | |||||||||
Selected Ratios: | |||||||||||||||||||
Interest rate spread (2) | 2.56 | % | 2.58 | % | 2.49 | % | 2.56 | % | 2.45 | % | |||||||||
Net interest margin | 2.76 | % | 2.78 | % | 2.67 | % | 2.75 | % | 2.64 | % | |||||||||
Net margin on loans sold and securitized | 0.78 | % | 0.84 | % | 0.68 | % | 0.82 | % | 1.03 | % | |||||||||
Return on average assets | (1.05) | % | 0.99 | % | 0.78 | % | 0.40 | % | 1.23 | % | |||||||||
Return on average equity | (12.07) | % | 11.10 | % | 8.60 | % | 4.41 | % | 11.69 | % | |||||||||
Return on average common equity | (12.07) | % | 11.10 | % | 8.60 | % | 4.41 | % | 13.03 | % | |||||||||
Efficiency ratio | 77.1 | % | 73.5 | % | 76.7 | % | 74.8 | % | 69.2 | % | |||||||||
Equity-to-assets ratio (average for the period) | 8.73 | % | 8.95 | % | 9.05 | % | 9.05 | % | 10.52 | % | |||||||||
Average Balances: | |||||||||||||||||||
Average common shares outstanding | 57,186,367 | 57,162,025 | 56,607,933 | 57,093,868 | 56,569,307 | ||||||||||||||
Average fully diluted shares outstanding | 57,186,367 | 58,186,593 | 57,824,854 | 58,178,343 | 57,597,667 | ||||||||||||||
Average interest-earning assets | $ | 15,379 | $ | 14,737 | $ | 12,817 | $ | 14,130 | $ | 12,164 | |||||||||
Average interest-paying liabilities | $ | 12,939 | $ | 12,297 | $ | 10,222 | $ | 11,848 | $ | 9,757 | |||||||||
Average stockholders' equity | $ | 1,497 | $ | 1,471 | $ | 1,312 | $ | 1,433 | $ | 1,464 | |||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||||
Selected Statistics: | |||||||||||||||||||
Book value per common share | $ | 24.40 | $ | 25.38 | $ | 23.50 | |||||||||||||
Tangible book value per share | 24.04 | 25.01 | 23.50 | ||||||||||||||||
Number of common shares outstanding | 57,321,228 | 57,181,536 | 56,824,802 | ||||||||||||||||
Number of FTE employees | 3,525 | 3,495 | 2,886 | ||||||||||||||||
Number of bank branches | 99 | 99 | 99 | ||||||||||||||||
Ratio of nonperforming assets to total assets | 0.22 | % | 0.24 | % | 0.39 | % | |||||||||||||
Common equity-to-assets ratio | 8.27 | % | 8.60 | % | 9.50 | % | |||||||||||||
MSR Key Statistics and Ratios: | |||||||||||||||||||
Weighted average service fee (basis points) | 28.9 | 28.2 | 26.7 | ||||||||||||||||
Capitalized value of mortgage servicing rights | 1.16 | % | 1.15 | % | 1.07 | % | |||||||||||||
Mortgage servicing rights to Tier 1 capital | 20.1 | % | 17.3 | % | 26.7 | % | |||||||||||||
(1) | Includes residential first mortgage. | |
(2) | Interest rate spread is the difference between the annualized yield earned on average interest-earning assets for the period and the annualized rate of interest paid on average interest-bearing liabilities for the period. |
Average Balances, Yields and Rates (Dollars in millions) (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||
Average | Annualized | Average | Annualized | Average | Annualized | |||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | ||||||||||||||||||
Interest-Earning Assets | ||||||||||||||||||||||||||
Loans held-for-sale | $ | 4,537 | $ | 46 | 4.07 | % | $ | 4,476 | $ | 45 | 3.99 | % | $ | 3,321 | $ | 29 | 3.55 | % | ||||||||
Loans held-for-investment | ||||||||||||||||||||||||||
Residential first mortgage | 2,704 | 23 | 3.37 | % | 2,594 | 22 | 3.32 | % | 2,215 | 18 | 3.25 | % | ||||||||||||||
Home equity | 524 | 7 | 5.11 | % | 486 | 6 | 5.11 | % | 447 | 6 | 4.95 | % | ||||||||||||||
Other | 26 | — | 4.49 | % | 26 | — | 4.52 | % | 29 | — | 4.47 | % | ||||||||||||||
Total Consumer loans | 3,254 | 30 | 3.66 | % | 3,106 | 28 | 3.61 | % | 2,691 | 24 | 3.55 | % | ||||||||||||||
Commercial Real Estate | 1,866 | 21 | 4.48 | % | 1,646 | 19 | 4.43 | % | 1,209 | 11 | 3.60 | % | ||||||||||||||
Commercial and Industrial | 1,136 | 14 | 4.76 | % | 1,073 | 13 | 4.77 | % | 721 | 8 | 4.49 | % | ||||||||||||||
Warehouse Lending | 1,039 | 13 | 4.82 | % | 978 | 12 | 4.82 | % | 1,542 | 16 | 4.12 | % | ||||||||||||||
Total Commercial loans | 4,041 | 48 | 4.65 | % | 3,697 | 44 | 4.63 | % | 3,472 | 35 | 4.06 | % | ||||||||||||||
Total loans held-for-investment | 7,295 | 78 | 4.21 | % | 6,803 | 72 | 4.16 | % | 6,163 | 59 | 3.84 | % | ||||||||||||||
Loans with government guarantees | 260 | 3 | 3.90 | % | 264 | 3 | 4.58 | % | 389 | 4 | 4.23 | % | ||||||||||||||
Investment securities | 3,204 | 21 | 2.61 | % | 3,101 | 20 | 2.58 | % | 2,845 | 18 | 2.53 | % | ||||||||||||||
Interest-earning deposits | 83 | — | 1.33 | % | 93 | — | 1.23 | % | 99 | 1 | 0.51 | % | ||||||||||||||
Total interest-earning assets | 15,379 | $ | 148 | 3.81 | % | 14,737 | $ | 140 | 3.77 | % | 12,817 | $ | 111 | 3.46 | % | |||||||||||
Other assets | 1,772 | 1,702 | 1,672 | |||||||||||||||||||||||
Total assets | $ | 17,151 | $ | 16,439 | $ | 14,489 | ||||||||||||||||||||
Interest-Bearing Liabilities | ||||||||||||||||||||||||||
Retail deposits | ||||||||||||||||||||||||||
Demand deposits | $ | 547 | $ | — | 0.26 | % | $ | 489 | $ | — | 0.14 | % | $ | 521 | $ | — | 0.21 | % | ||||||||
Savings deposits | 3,621 | 8 | 0.77 | % | 3,838 | 7 | 0.76 | % | 3,840 | 7 | 0.77 | % | ||||||||||||||
Money market deposits | 231 | — | 0.52 | % | 276 | — | 0.57 | % | 256 | — | 0.43 | % | ||||||||||||||
Certificates of deposit | 1,397 | 5 | 1.32 | % | 1,182 | 4 | 1.19 | % | 1,079 | 3 | 1.05 | % | ||||||||||||||
Total retail deposits | 5,796 | 13 | 0.84 | % | 5,785 | 11 | 0.78 | % | 5,696 | 10 | 0.75 | % | ||||||||||||||
Government deposits | ||||||||||||||||||||||||||
Demand deposits | 204 | — | 0.59 | % | 250 | — | 0.43 | % | 211 | — | 0.39 | % | ||||||||||||||
Savings deposits | 394 | 1 | 0.94 | % | 362 | 1 | 0.71 | % | 470 | 1 | 0.52 | % | ||||||||||||||
Certificates of deposit | 376 | 1 | 1.05 | % | 329 | 1 | 0.89 | % | 352 | 1 | 0.60 | % | ||||||||||||||
Total government deposits | 974 | 2 | 0.91 | % | 941 | 2 | 0.70 | % | 1,033 | 2 | 0.52 | % | ||||||||||||||
Wholesale deposits and other | 45 | — | 1.50 | % | 35 | — | 1.49 | % | — | — | — | % | ||||||||||||||
Total interest-bearing deposits | 6,815 | 15 | 0.86 | % | 6,761 | 13 | 0.78 | % | 6,729 | 12 | 0.72 | % | ||||||||||||||
Short-term Federal Home Loan Bank advances and other | 4,329 | 14 | 1.25 | % | 3,809 | 11 | 1.17 | % | 1,427 | 1 | 0.50 | % | ||||||||||||||
Long-term Federal Home Loan Bank advances | 1,301 | 6 | 1.93 | % | 1,234 | 6 | 1.99 | % | 1,573 | 5 | 1.24 | % | ||||||||||||||
Other long-term debt | 494 | 6 | 5.12 | % | 493 | 7 | 5.09 | % | 493 | 6 | 4.89 | % | ||||||||||||||
Total interest-bearing liabilities | 12,939 | 41 | 1.25 | % | 12,297 | 37 | 1.19 | % | 10,222 | 24 | 0.97 | % | ||||||||||||||
Noninterest-bearing deposits (1) | 2,269 | 2,244 | 2,504 | |||||||||||||||||||||||
Other liabilities | 446 | 427 | 451 | |||||||||||||||||||||||
Stockholders' equity | 1,497 | 1,471 | 1,312 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 17,151 | $ | 16,439 | $ | 14,489 | ||||||||||||||||||||
Net interest-earning assets | $ | 2,440 | $ | 2,440 | $ | 2,595 | ||||||||||||||||||||
Net interest income | $ | 107 | $ | 103 | $ | 87 | ||||||||||||||||||||
Interest rate spread (2) | 2.56 | % | 2.58 | % | 2.49 | % | ||||||||||||||||||||
Net interest margin (3) | 2.76 | % | 2.78 | % | 2.67 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to interest-bearing liabilities | 118.9 | % | 119.9 | % | 125.4 | % | ||||||||||||||||||||
Total average deposits | $ | 9,084 | $ | 9,005 | $ | 9,233 | ||||||||||||||||||||
(1) | Includes noninterest-bearing company-controlled deposits that arise due to the servicing of loans for others. | |
(2) | Interest rate spread is the difference between rate of interest earned on interest-earning assets and rate of interest paid on interest-bearing liabilities. | |
(3) | Net interest margin is net interest income divided by average interest-earning assets. |
Average Balances, Yields and Rates | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
For the Year Ended | |||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||
Average | Annualized | Average | Annualized | ||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | ||||||||||||
Interest-Earning Assets | |||||||||||||||||
Loans held-for-sale | $ | 4,146 | $ | 165 | 3.99 | % | $ | 3,134 | $ | 113 | 3.62 | % | |||||
Loans held-for-investment | |||||||||||||||||
Residential first mortgage | 2,549 | 85 | 3.35 | % | 2,328 | 74 | 3.16 | % | |||||||||
Home equity | 471 | 24 | 5.06 | % | 475 | 24 | 5.17 | % | |||||||||
Other | 26 | 1 | 4.51 | % | 29 | 1 | 4.73 | % | |||||||||
Total Consumer loans | 3,046 | 110 | 3.62 | % | 2,832 | 99 | 3.52 | % | |||||||||
Commercial Real Estate | 1,579 | 68 | 4.25 | % | 1,004 | 35 | 3.46 | % | |||||||||
Commercial and Industrial | 981 | 47 | 4.73 | % | 631 | 27 | 4.22 | % | |||||||||
Warehouse Lending | 890 | 43 | 4.73 | % | 1,346 | 58 | 4.22 | % | |||||||||
Total Commercial loans | 3,450 | 158 | 4.51 | % | 2,981 | 120 | 3.97 | % | |||||||||
Total loans held-for-investment | 6,496 | 268 | 4.09 | % | 5,813 | 219 | 3.75 | % | |||||||||
Loans with government guarantees | 290 | 13 | 4.30 | % | 435 | 16 | 3.59 | % | |||||||||
Investment securities | 3,121 | 80 | 2.57 | % | 2,653 | 68 | 2.56 | % | |||||||||
Interest-earning deposits | 77 | 1 | 1.15 | % | 129 | 1 | 0.50 | % | |||||||||
Total interest-earning assets | 14,130 | $ | 527 | 3.71 | % | 12,164 | $ | 417 | 3.42 | % | |||||||
Other assets | 1,716 | 1,743 | |||||||||||||||
Total assets | $ | 15,846 | $ | 13,907 | |||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||
Retail deposits | |||||||||||||||||
Demand deposits | $ | 514 | $ | 1 | 0.19 | % | $ | 489 | $ | 1 | 0.18 | % | |||||
Savings deposits | 3,829 | 29 | 0.76 | % | 3,751 | 29 | 0.78 | % | |||||||||
Money market deposits | 255 | 1 | 0.50 | % | 278 | 1 | 0.44 | % | |||||||||
Certificates of deposit | 1,187 | 14 | 1.18 | % | 990 | 10 | 1.05 | % | |||||||||
Total retail deposits | 5,785 | 45 | 0.78 | % | 5,508 | 41 | 0.76 | % | |||||||||
Government deposits | |||||||||||||||||
Demand deposits | 222 | 1 | 0.45 | % | 228 | 1 | 0.39 | % | |||||||||
Savings deposits | 406 | 3 | 0.68 | % | 442 | 2 | 0.52 | % | |||||||||
Certificates of deposit | 329 | 2 | 0.82 | % | 382 | 2 | 0.40 | % | |||||||||
Total government deposits | 957 | 6 | 0.67 | % | 1,052 | 5 | 0.45 | % | |||||||||
Wholesale deposits and other | 23 | — | 1.35 | % | — | — | — | % | |||||||||
Total interest-bearing deposits | 6,765 | 51 | 0.77 | % | 6,560 | 46 | 0.71 | % | |||||||||
Short-term Federal Home Loan Bank advances and other | 3,356 | 37 | 1.09 | % | 1,249 | 5 | 0.44 | % | |||||||||
Long-term Federal Home Loan Bank advances | 1,234 | 24 | 1.92 | % | 1,584 | 27 | 1.72 | % | |||||||||
Other long-term debt | 493 | 25 | 5.08 | % | 364 | 16 | 4.34 | % | |||||||||
Total interest-bearing liabilities | 11,848 | 137 | 1.15 | % | 9,757 | 94 | 0.97 | % | |||||||||
Noninterest-bearing deposits (1) | 2,142 | 2,202 | |||||||||||||||
Other liabilities | 423 | 484 | |||||||||||||||
Stockholders' equity | 1,433 | 1,464 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 15,846 | $ | 13,907 | |||||||||||||
Net interest-earning assets | $ | 2,282 | $ | 2,407 | |||||||||||||
Net interest income | $ | 390 | $ | 323 | |||||||||||||
Interest rate spread (2) | 2.56 | % | 2.45 | % | |||||||||||||
Net interest margin (3) | 2.75 | % | 2.64 | % | |||||||||||||
Ratio of average interest-earning assets to interest-bearing liabilities | 119.3 | % | 124.7 | % | |||||||||||||
Total average deposits | $ | 8,907 | $ | 8,762 | |||||||||||||
(1) | Includes noninterest-bearing company-controlled deposits that arise due to the servicing of loans for others. | |
(2) | Interest rate spread is the difference between rate of interest earned on interest-earning assets and rate of interest paid on interest-bearing liabilities. | |
(3) | Net interest margin is net interest income divided by average interest-earning assets. |
Flagstar Bancorp, Inc. | |||||||||||||||||||
Earnings Per Share | |||||||||||||||||||
(Dollars in millions, except share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | For the Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Net income (loss) | (45) | 40 | 28 | 63 | 171 | ||||||||||||||
Deferred cumulative preferred stock dividends (1) | — | — | — | — | (18) | ||||||||||||||
Net income (loss) applicable to common stockholders | $ | (45) | $ | 40 | $ | 28 | $ | 63 | $ | 153 | |||||||||
Weighted average shares | |||||||||||||||||||
Weighted average common shares outstanding | 57,186,367 | 57,162,025 | 56,607,933 | 57,093,868 | 56,569,307 | ||||||||||||||
Effect of dilutive securities | |||||||||||||||||||
May Investor warrants | — | — | 151,560 | 12,287 | 138,314 | ||||||||||||||
Stock-based awards (2) | — | 1,024,568 | 1,065,361 | 1,072,188 | 890,046 | ||||||||||||||
Weighted average diluted common shares | 57,186,367 | 58,186,593 | 57,824,854 | 58,178,343 | 57,597,667 | ||||||||||||||
Earnings (loss) per common share | |||||||||||||||||||
Basic earnings (loss) per common share | $ | (0.79) | $ | 0.71 | $ | 0.50 | $ | 1.11 | $ | 2.71 | |||||||||
Effect of dilutive securities | |||||||||||||||||||
May Investor warrants | — | — | — | — | (0.01) | ||||||||||||||
Stock-based awards (2) | — | (0.01) | (0.01) | (0.02) | (0.04) | ||||||||||||||
Diluted earnings (loss) per common share | $ | (0.79) | $ | 0.70 | $ | 0.49 | $ | 1.09 | $ | 2.66 | |||||||||
(1) | Under the terms of the Series C Preferred Stock, we elected to defer dividends beginning with the February 2012 dividend. In July 2016, we ended the deferral and brought current our previously deferred dividends and redeemed the stock. | |
(2) | Three months ended December 31, 2017, excludes 1.2 million shares, or 2 cents per share, of unvested stock-based awards that are anti-dilutive due to net loss position. |
Regulatory Capital - Bancorp | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tier 1 leverage (to adjusted avg. total assets) | $ | 1,442 | 8.51 | % | $ | 1,423 | 8.80 | % | $ | 1,408 | 9.10 | % | $ | 1,256 | 8.88 | % | |||||||
Total adjusted avg. total asset base | $ | 16,951 | $ | 16,165 | $ | 15,468 | $ | 14,149 | |||||||||||||||
Tier 1 common equity (to risk weighted assets) | $ | 1,216 | 11.50 | % | $ | 1,208 | 11.65 | % | $ | 1,196 | 12.45 | % | $ | 1,084 | 13.06 | % | |||||||
Tier 1 capital (to risk weighted assets) | $ | 1,442 | 13.63 | % | $ | 1,423 | 13.72 | % | $ | 1,408 | 14.65 | % | $ | 1,256 | 15.12 | % | |||||||
Total capital (to risk weighted assets) | $ | 1,576 | 14.90 | % | $ | 1,554 | 14.99 | % | $ | 1,530 | 15.92 | % | $ | 1,363 | 16.41 | % | |||||||
Risk-weighted asset base | $ | 10,579 | $ | 10,371 | $ | 9,610 | $ | 8,305 | |||||||||||||||
Regulatory Capital - Bank | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tier 1 leverage (to adjusted avg. total assets) | $ | 1,531 | 9.04 | % | $ | 1,519 | 9.38 | % | $ | 1,590 | 10.26 | % | $ | 1,491 | 10.52 | % | |||||||
Total adjusted avg. total asset base | $ | 16,934 | $ | 16,191 | $ | 15,504 | $ | 14,177 | |||||||||||||||
Tier 1 common equity (to risk weighted assets) | $ | 1,531 | 14.46 | % | $ | 1,519 | 14.61 | % | $ | 1,590 | 16.49 | % | $ | 1,491 | 17.90 | % | |||||||
Tier 1 capital (to risk weighted assets) | $ | 1,531 | 14.46 | % | $ | 1,519 | 14.61 | % | $ | 1,590 | 16.49 | % | $ | 1,491 | 17.90 | % | |||||||
Total capital (to risk weighted assets) | $ | 1,664 | 15.72 | % | $ | 1,651 | 15.88 | % | $ | 1,712 | 17.75 | % | $ | 1,598 | 19.18 | % | |||||||
Risk-weighted asset base | $ | 10,589 | $ | 10,396 | $ | 9,645 | $ | 8,332 | |||||||||||||||
Loan Originations (Dollars in millions) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||
Residential first mortgage | $ | 9,749 | 96.1 | % | $ | 9,572 | 96.4 | % | $ | 8,561 | 97.2 | % | |||||
Home equity (1) | 111 | 1.1 | % | 94 | 0.9 | % | 58 | 0.6 | % | ||||||||
Total consumer loans | 9,860 | 97.2 | % | 9,666 | 97.3 | % | 8,619 | 97.8 | % | ||||||||
Commercial loans (2) | 283 | 2.8 | % | 265 | 2.7 | % | 191 | 2.2 | % | ||||||||
Total loan originations | $ | 10,143 | 100.0 | % | $ | 9,931 | 100.0 | % | $ | 8,810 | 100.0 | % | |||||
For the Year Ended | |||||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||||
Residential first mortgage | $ | 34,408 | 95.7 | % | $ | 32,417 | 97.4 | % | |||||||||
Home equity (1) | 336 | 0.9 | % | 195 | 0.6 | % | |||||||||||
Total consumer loans | 34,744 | 96.6 | % | 32,612 | 98.0 | % | |||||||||||
Commercial loans (2) | 1,215 | 3.4 | % | 687 | 2.0 | % | |||||||||||
Total loan originations | $ | 35,959 | 100.0 | % | $ | 33,299 | 100.0 | % | |||||||||
(1) | Includes second mortgage loans, HELOC loans, and other consumer loans. | |
(2) | Includes commercial real estate and commercial and industrial loans. |
Residential Loans Serviced | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||
Unpaid | Unpaid | Unpaid | |||||||||||||||
Principal | Number of | Principal | Number of | Principal | Number of | ||||||||||||
Balance (1) | accounts | Balance (1) | accounts | Balance (1) | accounts | ||||||||||||
Serviced for own loan portfolio (2) | $ | 7,013 | 29,493 | $ | 7,376 | 31,135 | $ | 5,816 | 29,244 | ||||||||
Serviced for others | 25,073 | 103,137 | 21,342 | 87,215 | 31,207 | 133,270 | |||||||||||
Subserviced for others (3) | 65,864 | 309,814 | 62,351 | 296,913 | 43,127 | 220,075 | |||||||||||
Total residential loans serviced | $ | 97,950 | 442,444 | $ | 91,069 | 415,263 | $ | 80,150 | 382,589 | ||||||||
(1) | UPB, net of write downs, does not include premiums or discounts. | |
(2) | Includes loans held-for-investment (residential first mortgage and home equity), loans-held-for-sale (residential first mortgage), loans with government guarantees (residential first mortgage), and repossessed assets. | |
(3) | Includes temporary short-term subservicing performed as a result of sales of servicing-released mortgage servicing rights. Includes repossessed assets. |
Loans Held-for-Investment | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||||||
Consumer loans | |||||||||||||||||
Residential first mortgage | $ | 2,754 | 35.7 | % | $ | 2,665 | 37.0 | % | $ | 2,327 | 38.3 | % | |||||
Home equity | 664 | 8.6 | % | 496 | 6.9 | % | 443 | 7.3 | % | ||||||||
Other | 25 | 0.3 | % | 26 | 0.4 | % | 28 | 0.5 | % | ||||||||
Total consumer loans | 3,443 | 44.6 | % | 3,187 | 44.3 | % | 2,798 | 46.1 | % | ||||||||
Commercial loans | |||||||||||||||||
Commercial real estate | 1,932 | 25.1 | % | 1,760 | 24.4 | % | 1,261 | 20.8 | % | ||||||||
Commercial and industrial | 1,196 | 15.5 | % | 1,097 | 15.2 | % | 769 | 12.7 | % | ||||||||
Warehouse lending | 1,142 | 14.8 | % | 1,159 | 16.1 | % | 1,237 | 20.4 | % | ||||||||
Total commercial loans | 4,270 | 55.4 | % | 4,016 | 55.7 | % | 3,267 | 53.9 | % | ||||||||
Total loans held-for-investment | $ | 7,713 | 100.0 | % | $ | 7,203 | 100.0 | % | $ | 6,065 | 100.0 | % | |||||
Allowance for Loan Losses | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
As of/For the Three Months Ended | ||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | ||||||||||||||
Allowance for loan losses | ||||||||||||||||
Residential first mortgage | $ | 47 | $ | 52 | $ | 65 | ||||||||||
Home equity | 22 | 20 | 24 | |||||||||||||
Other | 1 | 1 | 1 | |||||||||||||
Total consumer loans | 70 | 73 | 90 | |||||||||||||
Commercial real estate | 45 | 42 | 28 | |||||||||||||
Commercial and industrial | 19 | 19 | 17 | |||||||||||||
Warehouse lending | 6 | 6 | 7 | |||||||||||||
Total commercial loans | 70 | 67 | 52 | |||||||||||||
Total allowance for loan losses | $ | 140 | $ | 140 | $ | 142 | ||||||||||
Charge-offs | ||||||||||||||||
Total consumer loans | (3) | (3) | (4) | |||||||||||||
Total commercial loans | (1) | — | — | |||||||||||||
Total charge-offs | $ | (4) | $ | (3) | $ | (4) | ||||||||||
Recoveries | ||||||||||||||||
Total consumer loans | — | 1 | 1 | |||||||||||||
Total commercial loans | 2 | — | 1 | |||||||||||||
Total recoveries | 2 | 1 | 2 | |||||||||||||
Charge-offs, net of recoveries | $ | (2) | $ | (2) | $ | (2) | ||||||||||
Net charge-offs to LHFI ratio (annualized) (1) | 0.11 | % | 0.08 | % | 0.13 | % | ||||||||||
Net charge-offs ratio, adjusted (annualized) (1)(2) | 0.06 | % | 0.06 | % | 0.07 | % | ||||||||||
Net charge-offs/(recoveries) to LHFI ratio (annualized) by loan type (1): | ||||||||||||||||
Residential first mortgage | 0.26 | % | 0.12 | % | 0.38 | % | ||||||||||
Home equity and other consumer | 0.39 | % | 0.52 | % | 0.20 | % | ||||||||||
Commercial real estate | 0.03 | % | — | % | (0.05) | % | ||||||||||
Commercial and industrial | (0.15) | % | (0.01) | % | (0.12) | % | ||||||||||
(1) | Excludes loans carried under the fair value option. | |
(2) | There were no charge offs relating to the sale of nonperforming loans, TDRs and non-agency loans during the three months ended December 31, 2017, September 30, 2017, and December 31, 2016. Excludes charge-offs related to loans with government guarantees of $1 million, $1 million, and $1 million during the three months ended December 31, 2017, September 30, 2017, and December 31, 2016, respectively. |
Allowance for Loan Losses (continued) | |||||||||||||
(Dollars in millions) | |||||||||||||
(Unaudited) | |||||||||||||
For the Year Ended | |||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||
Total allowance for loan losses | $ | 140 | $ | 142 | |||||||||
Charge-offs | |||||||||||||
Total consumer loans | (13) | (36) | |||||||||||
Total commercial loans | (1) | — | |||||||||||
Total charge-offs | $ | (14) | $ | (36) | |||||||||
Recoveries | |||||||||||||
Total consumer loans | 4 | 5 | |||||||||||
Total commercial loans | 2 | 1 | |||||||||||
Total recoveries | 6 | 6 | |||||||||||
Charge-offs, net of recoveries | $ | (8) | $ | (30) | |||||||||
Net charge-offs to LHFI ratio (annualized) (1) | 0.12 | % | 0.52 | % | |||||||||
Net charge-offs ratio, adjusted (annualized) (1)(2) | 0.05 | % | 0.15 | % | |||||||||
Net charge-offs/(recoveries) to LHFI ratio (annualized) by loan type (1): | |||||||||||||
Residential first mortgage | 0.26 | % | 1.18 | % | |||||||||
Home equity and other consumer | 0.31 | % | 0.70 | % | |||||||||
Commercial real estate | — | % | (0.02) | % | |||||||||
Commercial and industrial | (0.05) | % | (0.04) | % | |||||||||
(1) | Excludes loans carried under the fair value option. | |
(2) | Excludes charge-offs of $1 million and $8 million during the year ended December 31, 2017 and 2016, related to the sale of nonperforming loans, TDRs and non-agency loans. Also excludes charge-offs related to loans with government guarantees of $4 million and $13 million during the three months ended December 31, 2017 and 2016, respectively. |
Nonperforming Loans and Assets | |||||||||||
(Dollars in millions) | |||||||||||
(Unaudited) | |||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Nonperforming loans | $ | 13 | $ | 16 | $ | 22 | |||||
Nonperforming TDRs | 5 | 4 | 8 | ||||||||
Nonperforming TDRs at inception but performing for less than six months | 11 | 11 | 10 | ||||||||
Total nonperforming loans held-for-investment | 29 | 31 | 40 | ||||||||
Real estate and other nonperforming assets, net | 8 | 9 | 14 | ||||||||
Nonperforming assets held-for-investment, net (1) | $ | 37 | $ | 40 | $ | 54 | |||||
Ratio of nonperforming assets to total assets | 0.22 | % | 0.24 | % | 0.39 | % | |||||
Ratio of nonperforming loans held-for-investment to loans held-for-investment | 0.38 | % | 0.44 | % | 0.67 | % | |||||
Ratio of nonperforming assets to loans held-for-investment and repossessed assets | 0.48 | % | 0.58 | % | 0.90 | % | |||||
Ratio of nonperforming assets to Tier 1 capital + allowance for loan losses | 2.36 | % | 2.57 | % | 3.93 | % | |||||
(1) | Does not include nonperforming loans held-for-sale of $9 million, $8 million, and $6 million at December 31, 2017, September 30, 2017, and December 31, 2016, respectively. |
Asset Quality - Loans Held-for-Investment | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Total Loans | |||||||||||||||||||
30-59 Days | 60-89 Days | Greater than | Total Past | Held-for- | |||||||||||||||
Past Due | Past Due | 90 days (1) | Due | Investment | |||||||||||||||
December 31, 2017 | |||||||||||||||||||
Consumer loans | $ | 3 | $ | 2 | $ | 29 | $ | 34 | $ | 3,443 | |||||||||
Commercial loans | — | — | — | — | 4,270 | ||||||||||||||
Total loans | $ | 3 | $ | 2 | $ | 29 | $ | 34 | $ | 7,713 | |||||||||
September 30, 2017 | |||||||||||||||||||
Consumer loans | $ | 4 | $ | 1 | $ | 30 | $ | 35 | $ | 3,187 | |||||||||
Commercial loans | — | — | 1 | 1 | 4,016 | ||||||||||||||
Total loans | $ | 4 | $ | 1 | $ | 31 | $ | 36 | $ | 7,203 | |||||||||
December 31, 2016 | |||||||||||||||||||
Consumer loans | $ | 8 | $ | 2 | $ | 40 | $ | 50 | $ | 2,798 | |||||||||
Commercial loans | — | — | — | — | 3,267 | ||||||||||||||
Total loans | $ | 8 | $ | 2 | $ | 40 | $ | 50 | $ | 6,065 | |||||||||
(1) | Includes performing nonaccrual loans that are less than 90 days delinquent and for which interest cannot be accrued. |
Troubled Debt Restructurings | |||||||||||
(Dollars in millions) | |||||||||||
(Unaudited) | |||||||||||
TDRs | |||||||||||
Performing | Nonperforming | Total | |||||||||
December 31, 2017 | |||||||||||
Consumer loans | $ | 43 | $ | 16 | $ | 59 | |||||
Commercial loans | — | — | — | ||||||||
Total TDR loans | $ | 43 | $ | 16 | $ | 59 | |||||
September 30, 2017 | |||||||||||
Consumer loans | $ | 46 | $ | 15 | $ | 61 | |||||
Commercial loans | — | — | — | ||||||||
Total TDR loans | $ | 46 | $ | 15 | $ | 61 | |||||
December 31, 2016 | |||||||||||
Consumer loans | $ | 67 | $ | 18 | $ | 85 | |||||
Commercial loans | — | — | — | ||||||||
Total TDR loans | $ | 67 | $ | 18 | $ | 85 | |||||
Representation and Warranty Reserve | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | For the Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Balance at beginning of period | $ | 16 | $ | 20 | $ | 32 | $ | 27 | $ | 40 | |||||||||
Provision (benefit) | |||||||||||||||||||
Gain on sale reduction for representation and warranty liability | 1 | 1 | 1 | 4 | 5 | ||||||||||||||
Representation and warranty provision (benefit) | (2) | (4) | (7) | (13) | (19) | ||||||||||||||
Total | (1) | (3) | (6) | (9) | (14) | ||||||||||||||
(Charge-offs) recoveries, net | — | (1) | 1 | (3) | 1 | ||||||||||||||
Balance at end of period | $ | 15 | $ | 16 | $ | 27 | $ | 15 | $ | 27 | |||||||||
Non-GAAP Reconciliation (Dollars in millions) (Unaudited) | |||||||||||||||
Basel III (transitional) to Basel III (fully phased-in) reconciliation. On January 1, 2015, the Basel III rules became effective, subject to transition provisions primarily related to regulatory deductions and adjustments impacting common equity Tier 1 capital and Tier 1 capital. We have transitioned to the Basel III framework beginning in January 2015 and are subject to a phase-in period extending through 2018. Accordingly, the calculations provided below are estimates. These measures are considered to be non-GAAP financial measures because they are not formally defined by GAAP and the Basel III implementation regulations will not be fully phased-in until January 1, 2019. The federal banking regulators have issued a series of new proposals regarding regulatory capital which may freeze or eliminate most of the transitional rules. The regulations are subject to change as clarifying guidance becomes available and the calculations currently include our interpretations of the requirements including informal feedback received through the regulatory process. Other entities may calculate the Basel III ratios differently from ours based on their interpretation of the guidelines. Since analysts and banking regulators may assess our capital adequacy using the Basel III framework, we believe that it is useful to provide investors information enabling them to assess our capital adequacy on the same basis. | |||||||||||||||
December 31, 2017 | Common Equity | Tier 1 Leverage (to | Tier 1 Capital (to | Total Risk-Based | |||||||||||
Tier 1 (to Risk | Adjusted Tangible | Risk Weighted | Capital (to Risk | ||||||||||||
Weighted Assets) | Assets) | Assets) | Weighted Assets) | ||||||||||||
(Dollars in millions) (Unaudited) | |||||||||||||||
Flagstar Bancorp (the Company) | |||||||||||||||
Regulatory capital – Basel III (transitional) to Basel III (fully | |||||||||||||||
phased-in) | |||||||||||||||
Basel III (transitional) | $ | 1,216 | $ | 1,442 | $ | 1,442 | $ | 1,576 | |||||||
Increased deductions related to deferred tax assets, mortgage servicing rights and other capital components | (16) | (1) | (1) | (2) | |||||||||||
Basel III (fully phased-in) capital | $ | 1,200 | $ | 1,441 | $ | 1,441 | $ | 1,574 | |||||||
Risk-weighted assets – Basel III (transitional) to Basel III | |||||||||||||||
(fully phased-in) | |||||||||||||||
Basel III assets (transitional) | $ | 10,579 | $ | 16,951 | $ | 10,579 | $ | 10,579 | |||||||
Net change in assets | (2) | (1) | (2) | (2) | |||||||||||
Basel III (fully phased-in) assets | $ | 10,577 | $ | 16,950 | $ | 10,577 | $ | 10,577 | |||||||
Capital ratios | |||||||||||||||
Basel III (transitional) | 11.50 | % | 8.51 | % | 13.63 | % | 14.90 | % | |||||||
Basel III (fully phased-in adjusted for transition freeze) | 11.35 | % | 8.50 | % | 13.62 | % | 14.88 | % | |||||||
December 31, 2017 | Common Equity | Tier 1 Leverage (to | Tier 1 Capital (to | Total Risk-Based | |||||||||||
Tier 1 (to Risk | Adjusted Tangible | Risk Weighted | Capital (to Risk | ||||||||||||
Weighted Assets) | Assets) | Assets) | Weighted Assets) | ||||||||||||
Flagstar Bank (the Bank) | (Dollars in millions) (Unaudited) | ||||||||||||||
Regulatory capital – Basel III (transitional) to Basel III (fully | |||||||||||||||
phased-in) | |||||||||||||||
Basel III (transitional) | $ | 1,531 | $ | 1,531 | $ | 1,531 | $ | 1,664 | |||||||
Increased deductions related to deferred tax assets, mortgage servicing rights and other capital components | (1) | (1) | (1) | — | |||||||||||
Basel III (fully phased-in) capital | $ | 1,530 | $ | 1,530 | $ | 1,530 | $ | 1,664 | |||||||
Risk-weighted assets – Basel III (transitional) to Basel III (fully | |||||||||||||||
phased-in) | |||||||||||||||
Basel III assets (transitional) | $ | 10,589 | $ | 16,934 | $ | 10,589 | $ | 10,589 | |||||||
Net change in assets | (1) | (1) | (1) | (1) | |||||||||||
Basel III (fully phased-in) assets | $ | 10,588 | $ | 16,933 | $ | 10,588 | $ | 10,588 | |||||||
Capital ratios | |||||||||||||||
Basel III (transitional) | 14.46 | % | 9.04 | % | 14.46 | % | 15.72 | % | |||||||
Basel III (fully phased-in adjusted for transition freeze) | 14.45 | % | 9.04 | % | 14.45 | % | 15.71 | % | |||||||
Tangible book value per share, adjusted net income and adjusted earnings per share. In addition to analyzing the Company's results on a reported basis, management reviews the Company's results and the results on an adjusted basis. These non-GAAP measures reflect the adjustments of the reported U.S.GAAP results for significant items that management does not believe are reflective of the Company's current and ongoing operations. The Company believes that tangible book value per share, adjusted net income and adjusted earnings per share provide a meaningful representation of its operating performance on an ongoing basis. Management uses these measures to assess performance of the Company against its peers and evaluate overall performance. The Company believes these non-GAAP financial measures provide useful information for investors, securities analysts and others because it provides a tool to evaluate the Company's performance on an ongoing basis and compared to its peers. | |||||||||||||||||||
The following tables provide a reconciliation of non-GAAP financial measures. | |||||||||||||||||||
Tangible book value per share | |||||||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in millions, except share data) | |||||||||||||||||||
Total stock holders' equity | $ | 1,399 | $ | 1,451 | $ | 1,408 | $ | 1,371 | $ | 1,336 | |||||||||
Goodwill and intangibles | 21 | 21 | 20 | 4 | — | ||||||||||||||
Tangible book value | $ | 1,378 | $ | 1,430 | $ | 1,388 | $ | 1,367 | $ | 1,336 | |||||||||
Number of common shares outstanding | 57,321,228 | 57,181,536 | 57,161,431 | 57,043,565 | 56,824,802 | ||||||||||||||
Tangible book value per share | $ | 24.04 | $ | 25.01 | $ | 24.29 | $ | 23.96 | $ | 23.50 | |||||||||
Adjusted Net Income and Adjusted Earnings per Share | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||
(Dollars in millions) (Unaudited) | |||||||||||||||
Net income (loss) | $ | (45) | $ | 28 | $ | 63 | $ | 171 | |||||||
Adjustment to remove DOJ adjustment | — | — | — | (24) | |||||||||||
Tax impact of DOJ adjustment | — | — | — | 8 | |||||||||||
Adjustment to remove tax reform impact | 80 | — | 80 | — | |||||||||||
Adjusted net income | $ | 35 | $ | 28 | $ | 143 | $ | 155 | |||||||
Deferred cumulative preferred stock dividends (1) | — | — | — | (18) | |||||||||||
Adjusted net income applicable to common | |||||||||||||||
stockholders | $ | 35 | $ | 28 | $ | 143 | $ | 137 | |||||||
Weighted average diluted common shares | 58,311,881 | 57,824,854 | 58,178,343 | 57,597,667 | |||||||||||
Adjusted diluted earnings per share | $ | 0.60 | $ | 0.49 | $ | 2.47 | $ | 2.38 | |||||||
(1) | Under the terms of the Series C Preferred Stock, we elected to defer dividends beginning with the February 2012 dividend. In July 2016, we ended the deferral and brought current our previously deferred dividends and redeemed the stock. |
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SOURCE Flagstar Bancorp, Inc.
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