Flagstar Bancorp in Troy, Mich., said its fourth-quarter profit rose 20% to $33 million from a year earlier as its lending rose by nearly half and its expenses fell.
The $12.8 billion-asset bank's earnings per share of 44 cents met the estimates of analysts polled by Bloomberg. It announced the results Tuesday.
Net interest income rose 24.6% to $76 million, total loans rose 47% to $6.2 billion and the net interest margin fell 5 basis points to 2.69%.
-
Flagstar Bancorp in Troy, Mich., has picked Andrew Ottaway for the newly created position of managing director of lending.
December 3 -
Flagstar Bancorp in Troy, Mich., reported a third-quarter profit, as it originated more residential mortgages and recorded higher fee income.
October 27 -
After a "landmark" first-quarter driven by mortgage origination gains, Flagstar Bancorp is counting on mortgage servicing and community banking to spur future growth.
June 2
Noninterest income fell 1% to $97 million as a result of a lower net gain on loan sales, loan fees and charges and net return on mortgage servicing assets.
Noninterest expense fell 7.2% to $129 million on lower commissions related to reduced business activity, asset-resolution expense and legal and professional expenses.
The efficiency ratio was 75.2%, an improvement from 87.2% in the year-earlier quarter.
