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Flagstar Bancorp reports higher Q3 net income, net interest income YOY

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Flagstar Bancorp reports higher Q3 net income, net interest income YOY

Troy, Mich.-based Flagstar Bancorp Inc. reported third-quarter net income of $63 million, or $1.11 per share, an increase from $48 million, or 83 cents per share, in the year-ago period.

Adjusted net income for the quarter was $63 million, or $1.11 per share, compared to $49 million, or 85 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.03.

Net interest margin for the third quarter stood at 3.05%, compared with 3.08% in the previous quarter and 2.93% in the year-ago period.

Net interest income for the quarter was $146 million, compared with $124 million in the same period last year. The increase was driven by diversified loan growth and a stable net interest margin. Third-quarter noninterest income was $171 million, an increase from $107 million in the year-ago period.

Provision for loan losses was $1 million for the most recent quarter, compared with a loan loss benefit of $2 million in the year-ago period. Net charge-offs in the third quarter were $1 million, or 2 basis points of loans held for investment, compared with $34 million, or 129 basis points, in the prior quarter.

Total loans held for investment as of Sept. 30 were $12.55 billion, compared with $11.66 billion as of June 30 and $8.97 billion as of Sept. 30, 2018.

Total deposits at the end of the third quarter were $15.75 billion, compared with $14.42 billion at the end of the previous quarter and $11.59 billion at the end of the year-ago period.