flagstar bancorp inc (FBC) Key Developments
Flagstar Bancorp Inc. Appoints Bruce E. Nyberg as Director
Mar 26 15
On March 24, 2015, the Board of Directors of Flagstar Bancorp Inc. appointed Bruce E. Nyberg as a director, having received regulatory non-objection from the Federal Reserve. No determination has yet been made naming Mr. Nyberg to a committee of the Board. Before joining the Bank, from 2001 to 2007, Mr. Nyberg was Regional President-East Michigan for Huntington Bancshares Incorporated. He also previously served in several management roles for NBD Bancorp, whose operations were subsequently integrated into those of J.P. Morgan Chase.
Flagstar Bancorp Inc. Appoints Bryan Marx as Principal Accounting Officer
Jan 23 15
On January 21, 2015, the board of directors of Flagstar Bancorp Inc. appointed Bryan Marx, as its principal accounting officer. The duties of the principal accounting officer were previously performed by James K. Ciroli, Executive Vice President and Chief Financial Officer of the company. In this role, Mr. Marx will continue to report to Mr. Ciroli. Mr. Marx joined the company and Flagstar Bank, FSB, as a Senior Vice President in the Accounting Group in October, 2013. Prior to joining the company, Mr. Marx worked in public accounting for fifteen years, most recently as a senior manager with PricewaterhouseCoopers LLP in the firm's Banking and Capital Markets practice group.
Flagstar Bancorp Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter of 2015; Provides Net Charge-Offs for the Fourth Quarter of 2014
Jan 22 15
Flagstar Bancorp Inc. reported consolidated unaudited earnings results for the fourth quarter and year ended December 31, 2014. The company reported fourth quarter 2014 net income applicable to common stockholders of $11.1 million, or $0.07 per basic and diluted share, as compared to a net loss of $27.6 million in the third quarter 2014, or $0.61 per diluted share, and net income of $161.9 million in the fourth quarter 2013, or $2.77 per diluted share. Net interest income was $61.3 million against $41.2 million a year ago. The decrease in net interest income was due to lower interest income from loans repurchased with government guarantees and from lower levels of average consumer loans. Income before income tax was $15.5 million against loss of $248.5 million a year ago. Return on average assets was 0.44% against 5.70% a year ago. Return on average equity was 3.18% against 50.39% a year ago. Net interest margin decreased from the prior quarter was driven primarily by a lower yield from the loans that were included in the early buy-outs, and a 21 basis point reduction in the yield on loans held-for-sale. Total interest income was $72.2 million against $71.83 million a year ago. Driving the overall increase in adjusted net income was a positive operating leverage for the quarter led by a 1% decline in expenses with stable revenue. Net income from continuing operations was $11.076 million compared to $160.457 million a year ago. Adjusted income was $153.663 million compared to $138.925 million a year ago. Adjusted net income applicable to common stockholders was $11.076 million or $0.07 per diluted share compared to loss of $36.127 million or $0.70 per diluted share a year ago.
For the full year, the company reported net loss applicable to common stockholders of $69.5 million, or $1.72 per basic and diluted share, as compared to a full year 2013 net income of $261.203 million, or $4.37 per diluted share. Net interest income was $246.3 million against $186.7 million a year ago. Loss before income tax was $103.44 million against $149.236 million a year ago. Return on average assets (negative) was 0.71% against return on average assets of 2.08% a year ago. Return on average equity (negative) was 4.97% against return on average equity of 21.09% a year ago. Total interest income was $285.56 million against $330.687 million a year ago. Book value per common share was $19.64 million against $20.66 million a year ago. Net loss from continuing operations was $69.948 million compared to net income from continuing operations of $261.203 million a year ago. Adjusted income was $629.151 million compared to $847.045 million a year ago. Adjusted net loss applicable to common stockholders was $17.022 million or $0.78 per diluted share compared to income of $20.446 million or $0.11 per diluted share a year ago.
For the first quarter of 2015, the company expects net interest income to increase slightly, led by modest earning asset growth. The net interest margin is expected to be relatively stable, but it could narrow a bit.
Net charge offs in the fourth quarter 2014 were $9.0 million, or 0.91% of applicable loans, compared to $13.1 million, or 1.36% of applicable loans in the prior quarter. The fourth quarter 2014 amount included $3.0 million of net charge-offs associated with the of $24 million of lower performing loans during the quarter. The net charge-offs associated with these sales accounted for 31 basis points of the fourth quarter's net charge-off rate.
Flagstar Bancorp Inc. Names Brian Vieaux as National Sales Director for Wholesale Lending
Jan 9 15
Flagstar Bancorp Inc. has named Brian Vieaux as national sales director for Wholesale Lending. In his new position, he is responsible for the day-to-day management of the bank's broker and correspondent channels. Prior to joining Flagstar, he was senior vice president, national sales director, at Aurora Bank in St. Louis, Mo.
Flagstar Bancorp Inc. to Report Q4, 2014 Results on Jan 22, 2015
Jan 7 15
Flagstar Bancorp Inc. announced that they will report Q4, 2014 results at 6:30 AM, US Eastern Standard Time on Jan 22, 2015