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%.

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