Flagstar Bancorp (FBC) Tops Q1 EPS by 8c

Flagstar Bancorp (NYSE: FBC) reported Q1 EPS of $0.46, $0.08 better than the analyst estimate of $0.38.

• Strong commercial loan growth with period-end commercial and industrial and commercial real estate loans up 11 percent from prior quarter-end and up 58 percent versus same quarter-end last year.
• Mortgage revenues, including gain on sale and return on MSR, up $10 million, or 19 percent, from fourth quarter 2016, resulting from improved MSR returns; increased purchase mortgage volumes largely offset lower refinance levels.
• Noninterest expense improved $2 million, or 1 percent, versus prior quarter, on lower mortgage activity despite seasonally higher benefits costs and acquisition-related expenses.
• Sold $65 million fair value of MSR assets and entered into agreements to sell nearly $200 million additional MSRs in second quarter 2017, successfully executing MSR reduction strategy.
• Asset quality strong with nonperforming loans declining to $28 million.
• Strategic goals advanced with acquisition of Stearns' delegated correspondent business and agreement to acquire certain assets of Opes Advisors.

For earnings history and earnings-related data on Flagstar Bancorp (FBC) click here.

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