Stock Monitor: Bank Mutual Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 26, 2018 / Active-Investors.com has just released a free earnings report on Flagstar Bancorp, Inc. (NYSE: FBC) ("Flagstar"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FBC. The Company posted its financial results on January 23, 2018, for the fourth quarter fiscal 2017 (Q4 FY17) and full fiscal year 2017 (FY17). The Troy, Michigan-based Company's net interest income and non-interest income grew on a y-o-y basis. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Flagstar Bancorp most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During Q4 FY17, Flagstar's total interest income grew to $148 million from $111 million in Q4 FY16. The Company's total interest expenses increased to $41 million in Q4 FY17 from $24 million in Q4 FY16. Flagstar's net interest income also increased to $107 million during the reported quarter from $87 million in Q4 FY16. Furthermore, the Company's net interest income after provision increased to $105 million in Q4 FY17 from $86 million in the year ago same quarter. Meanwhile, total non-interest income was $124 million during Q4 FY17 compared to $98 million in Q4 FY16.
The financial holding Company reported a net loss of $45 million, or $0.79 loss per diluted share, in Q4 FY17 compared to a net income of $28 million, or $0.49 per diluted share, in Q4 FY16. Adjusting for a non-cash charge to the provision for income taxes, Flagstar's adjusted net income was $35 million, or $0.60 per diluted share, outshining Wall Street's forecasts of $0.54 per diluted share.
For the full year FY17, the Company posted a net interest income of $390 million, rising 21% from $323 million in the last year. Flagstar's total non-interest income was $470 million during FY17 versus $487 million in FY16. Additionally, the Company reported a net income of $63 million, or $1.09 per diluted share, compared to $171 million, or $2.66 per diluted share, in FY16.
During the reported quarter, the Company posted a negative return on average assets of 1.1%, versus a positive return on average assets 0.8% in the prior year's comparable quarter. The negative return on average common equity was 12.1% in Q4 FY17 compared to a positive return on average common equity of 8.6% reported in Q4 FY16.
The Company's efficiency ratio was 77.1% in Q4 FY17 compared to 76.7% in Q4 FY16. Net interest margin rose to 2.76% during Q4 FY17 from 2.67% in Q4 FY16. The tangible book value per share was $24.04 at December 31, 2017, compared to $23.50 at December 31, 2016. During Q4 FY17, fully phased-in Basel III common equity tier 1 capital ratio came in at 11.35, while fully phased-in Basel III tier 1 leverage ratio stood at 8.50.
Balance Sheet Analyzed
Flagstar's average total loans held for investment balance was $7.30 billion at the end of Q4 FY17 compared to $6.16 billion at the end of last year's corresponding quarter. In Q4 FY17, the average yield on total loans held for investment was 4.21% compared to 3.84% in Q4 FY16. Total average interest-earnings assets were $15.38 billion for the quarter ended December 31, 2017, versus $12.82 billion recorded in Q4 FY16. In Q4 FY17, yield on average interest-bearing assets was 3.81% compared to 3.46% in Q4 FY16. Furthermore, average balance of interest-bearing deposits increased to $6.82 billion in Q4 FY17 from $6.73 billion in Q4 FY16.
The Company had net non-performing assets held-for-investment of $37 million at December 31, 2017, compared to $54 million at December 31, 2016. Ratio of non-performing loans held-for-investment to loans held-for-investment was 0.38% at December 31, 2017, versus 0.67% at December 31, 2016.
Stock Performance Snapshot
January 25, 2018 - At Thursday's closing bell, Flagstar Bancorp's stock marginally fell 0.53%, ending the trading session at $37.42.
Volume traded for the day: 198.50 thousand shares, which was above the 3-month average volume of 167.50 thousand shares.
Stock performance in the last three-month – up 2.38%; previous six-month period – up 15.39%; and past twelve-month period – up 40.25%
After yesterday's close, Flagstar Bancorp's market cap was at $2.14 billion.
Price to Earnings (P/E) ratio was at 15.94.
The stock is part of the Financial sector, categorized under the Savings & Loans industry.
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