TROY, Mich. Flagstar Bancorp announced Wednesday that its first-quarter earnings were $11 million, or 85 cents a share, up 189.5% from the first quarter of 2000.
The $6.4 billion-asset company cited growth in residential mortgage loans and deposits. It originated or purchased $5.4 billion in residential mortgages primarily refinancing activity in the quarter, up 170%.
Retail deposits were $2.1 billion as of March 31, 2001, up 40%.