PR Newswire
TROY, Mich., Oct. 25, 2016
TROY, Mich., Oct. 25, 2016 /PRNewswire/ -- Flagstar Bancorp, Inc. (NYSE: FBC), the holding company for Flagstar Bank, FSB, today reported third quarter 2016 net income of $57 million, or $0.96 per diluted share, as compared to $47 million, or $0.66 per diluted share, in the second quarter 2016 and $47 million, or $0.69 per diluted share, in the third quarter 2015.
Third quarter results included a $24 million benefit related to a decrease in the fair value of the Department of Justice ("DOJ") settlement liability. Excluding this benefit, the Company had adjusted non-GAAP third quarter 2016 net income of $41 million, or $0.69 per diluted share, an increase in diluted earnings per share of 5 percent from the second quarter 2016.
"We had another quarter of solid earnings, fueled by good loan growth and positive operating leverage," said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp, Inc. "Both commercial lending and mortgage banking were stand-outs, with commercial loans growing across all business lines. Top-line growth drove positive operating leverage and an improved efficiency ratio as we continued to maintain good expense discipline.
"We were very pleased with the quality of earnings this quarter," DiNello continued. "We posted earnings per share growth over the last quarter, even after adjusting for the DOJ benefit. This performance reflects the strength of our relationship model in the Community Banking segment, our focus on risk management, and the significantly lower cost of capital that resulted from the redemption of our TARP preferred. As a result, and excluding the DOJ benefit, we posted an adjusted non-GAAP return on assets of 1.2 percent and an adjusted non-GAAP return on common equity of 12.6 percent."
"Looking ahead, we will continue to search for opportunities to strengthen our one-of-a-kind business model and grow our franchise. We believe we are uniquely positioned to continue to deliver industry-leading results."
Third Quarter 2016 Highlights:
Income Statement Highlights | |||||||||||||||
| Three Months Ended | ||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||
| (Dollars in millions) | ||||||||||||||
Consolidated Statements of Income | | | | | | ||||||||||
Net interest income | $ | 80 | | $ | 77 | | $ | 79 | | $ | 76 | | $ | 73 | |
Provision (benefit) for loan losses | 7 | | (3) | | (13) | | (1) | | (1) | | |||||
Noninterest income | 156 | | 128 | | 105 | | 97 | | 128 | | |||||
Noninterest expense | 142 | | 139 | | 137 | | 129 | | 131 | | |||||
Income before income taxes | 87 | | 69 | | 60 | | 45 | | 71 | | |||||
Provision for income taxes | 30 | | 22 | | 21 | | 12 | | 24 | | |||||
Net income | $ | 57 | | $ | 47 | | $ | 39 | | $ | 33 | | $ | 47 | |
| | | | | | ||||||||||
Income per share: | | | | | | ||||||||||
Basic | $ | 0.98 | | $ | 0.67 | | $ | 0.56 | | $ | 0.45 | | $ | 0.70 | |
Diluted | $ | 0.96 | | $ | 0.66 | | $ | 0.54 | | $ | 0.44 | | $ | 0.69 | |
Key Ratios | ||||||||||||
| Three Months Ended | Change (bps) | ||||||||||
| September 30, | June 30, | March 31, | December 31, Werbung Mehr Nachrichten zur Flagstar Bancorp Aktie kostenlos abonnieren
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