U.S. Markets closed

Flagstar Bancorp: 1Q Earnings Snapshot

TROY, Mich. (AP) _ Flagstar Bancorp Inc. (FBC) on Tuesday reported first-quarter net income of $36 million.

On a per-share basis, the Troy, Michigan-based company said it had profit of 63 cents. Earnings, adjusted for costs related to mergers and acquisitions, were 64 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.

The holding company for Flagstar Bank posted revenue of $289 million in the period. Its adjusted revenue was $235 million, which also beat Street forecasts. Five analysts surveyed by Zacks expected $230.7 million.

Flagstar Bancorp shares have increased 36 percent since the beginning of the year. The stock has risen roughly 8 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FBC at https://www.zacks.com/ap/FBC