Flagstar Bancorp (FBC) Revises Q4/FY11 After Completing DOJ Agreement
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Financial Fact:
Total interest expense: 26M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Total interest expense: 26M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Flagstar Bancorp, Inc. (NYSE: FBC) announced a revision to its previously completed fair value analysis on the additional payments (the "Additional Payments") included as part of its agreement with the U.S. Department of Justice (the "DOJ"). This agreement was described in a press release issued by the Company on February 24, 2012.
On February 27, 2012, the Company issued a press release revising its 2011 results to include a $29.1 million increase in net loss, which included both the initial payment of $15 million and the fair value of the Additional Payments. Subsequently, the Company has been in discussion with the Securities and Exchange Commission (the "SEC") and has confirmed that the SEC does not object to the Company's use of fair value to measure its obligations arising from the Additional Payments. Additionally, after discussion with the SEC, the Company has revised the discount rate assumptions used in calculating the fair value of the Additional Payments. Based on its revised discount rate assumptions, the Company has further revised its fourth quarter and full year 2011 financial results to reflect an additional increase of $(4.2) million, or $(0.01) per share in net loss applicable to common shareholders. This revision is reflected in the Company's Annual Report on Form 10-K filed today with the SEC.
As a result, for the three months ended December 31, 2011, net loss applicable to common shareholders increased to $(78.2) million, or $(0.14) per diluted share, as compared to the previously reported $(74.0) million, or $(0.13) per diluted share.
For the year ended December 31, 2011, net loss applicable to common shareholders increased to $(198.9) million, or $(0.36) per diluted share, as compared to the previously reported $(194.7) million, or $(0.35) per diluted share.
On February 27, 2012, the Company issued a press release revising its 2011 results to include a $29.1 million increase in net loss, which included both the initial payment of $15 million and the fair value of the Additional Payments. Subsequently, the Company has been in discussion with the Securities and Exchange Commission (the "SEC") and has confirmed that the SEC does not object to the Company's use of fair value to measure its obligations arising from the Additional Payments. Additionally, after discussion with the SEC, the Company has revised the discount rate assumptions used in calculating the fair value of the Additional Payments. Based on its revised discount rate assumptions, the Company has further revised its fourth quarter and full year 2011 financial results to reflect an additional increase of $(4.2) million, or $(0.01) per share in net loss applicable to common shareholders. This revision is reflected in the Company's Annual Report on Form 10-K filed today with the SEC.
As a result, for the three months ended December 31, 2011, net loss applicable to common shareholders increased to $(78.2) million, or $(0.14) per diluted share, as compared to the previously reported $(74.0) million, or $(0.13) per diluted share.
For the year ended December 31, 2011, net loss applicable to common shareholders increased to $(198.9) million, or $(0.36) per diluted share, as compared to the previously reported $(194.7) million, or $(0.35) per diluted share.
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