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24.10.2017 12:30:00
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Flagstar Reports Third Quarter 2017 Net Income of $40 million, or $0.70 per Diluted Share
TROY, Mich., Oct. 24, 2017 /PRNewswire/ --
Key Highlights - Third Quarter 2017
- Net interest income rose $6 million, or 6 percent, from second quarter 2017, driven by solid earning asset growth.
- Well-balanced loan growth with average commercial loans increasing $434 million, or 13 percent, from last quarter.
- Mortgage revenues, including gain on sale and return on MSR, increased $9 million, or 13 percent, from prior quarter, led by higher retail originations.
- Asset quality strong with minimal net charge-offs and low delinquencies across all loan portfolios.
- Strong capital position with Tier 1 leverage at 8.8 percent.
Flagstar Bancorp, Inc. (NYSE: FBC), the holding company for Flagstar Bank, FSB, today reported third quarter 2017 net income of $40 million, or $0.70 per diluted share, as compared to $41 million, or $0.71 per diluted share, in the second quarter 2017, and $57 million, or $0.96 per diluted share, in the third quarter 2016. Excluding a one-time benefit, the Company had adjusted non-GAAP third quarter 2016 net income of $41 million, or $0.69 per diluted share.
"Our transformation into a strong commercial bank continued this quarter," said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp, Inc. "Net interest income rose $6 million on average earning asset growth of $717 million, or 5 percent, and a relatively stable net interest margin. Earning asset growth was, again, broad-based, with double-digit increases in all three commercial loan portfolios. We also continued to maintain our disciplined deposit growth, which saw average deposits increase $266 million, or 3 percent. Total mortgage revenues grew $9 million, or 13 percent, as our gain on sale margin expanded 11 basis points to 84 basis points, reflecting a full quarter of revenue from Opes Advisors."
"Our noninterest expense increased $17 million in the third quarter 2017, in line with our expectations, and largely due to a full quarter of expenses from Opes Advisors, plus costs of investing in new businesses. The integration of Opes is on track with our initial expectations and, while it's still early, the financial performance of this unit is slightly ahead of our expectations. The remaining expenses associated with balance sheet expansion reflected our cost discipline, and had a very low, incremental efficiency ratio. Credit costs were negligible, as the provision for loan losses replaced 8 basis points of net charge-offs."
"Finally, we are pleased to see the Capital Simplification proposal from our regulators. If enacted as proposed, it would accelerate the capital formation to support further balance sheet growth, improve our capital flexibility to better manage the uncertainties of the MSR market and allow us to hold more MSRs -- a high yielding asset that we fund efficiently and hedge well. We believe it should improve our position to continue to execute on our business model, matching superior asset generation capabilities, supported by the capital and liquidity to grow the bank prudently, thereby creating value for our shareholders."
Third Quarter 2017 Highlights:
Income Statement Highlights | |||||||||||||||
Three Months Ended | |||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
(Dollars in millions) | |||||||||||||||
Net interest income | $ | 103 | $ | 97 | $ | 83 | $ | 87 | $ | 80 | |||||
Provision (benefit) for loan losses | 2 | (1) | 3 | 1 | 7 | ||||||||||
Noninterest income | 130 | 116 | 100 | 98 | 156 | ||||||||||
Noninterest expense | 171 | 154 | 140 | 142 | 142 | ||||||||||
Income before income taxes | 60 | 60 | 40 | 42 | 87 | ||||||||||
Provision for income taxes | 20 | 19 | 13 | 14 | 30 | ||||||||||
Net income | $ | 40 | $ | 41 | $ | 27 | $ | 28 | $ | 57 | |||||
Income per share: | |||||||||||||||
Basic | $ | 0.71 | $ | 0.72 | $ | 0.47 | $ | 0.50 | $ | 0.98 | |||||
Diluted | $ | 0.70 | $ | 0.71 | $ | 0.46 | $ | 0.49 | $ | 0.96 | |||||
(1) Third quarter 2016 results include a $24 million benefit ($16 million after tax benefit or $0.27 per diluted income per share) related to a decrease in the fair value of the Department of Justice ("DOJ") settlement liability. Excluding this benefit, the Company had adjusted non-GAAP third quarter 2016 net income of $41 million, or $0.69 per diluted share. | |||||||||||||||
Key Ratios | ||||||||||||||
Three Months Ended | Change | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | Seq | Yr/Yr | ||||||||
Net interest margin | 2.78% | 2.77% | 2.67% | 2.67% | 2.58% | .01% | .20% | |||||||
Return on average assets | 1.0% | 1.0% | 0.8% | 0.8% | 1.6% | (.1)% | (.6)% | |||||||
Return on average equity | 11.1% | 11.6% | 7.9% | 8.6% | 16.5% | (.5)% | (5.4)% | |||||||
Return on average common equity | 11.1% | 11.6% | 7.9% | 8.6% | 17.5% | (.5)% | (6.4)% | |||||||
Efficiency ratio | 73.5% | 72.0% | 76.8% | 76.7% | 59.9% | 1.5% | 13.6% | |||||||
Balance Sheet Highlights | |||||||||||||||||||
Three Months Ended | % Change | ||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | Seq | Yr/Yr | |||||||||||||
(Dollars in millions) | |||||||||||||||||||
Average Balance Sheet Data | |||||||||||||||||||
Average interest-earning assets | $ | 14,737 | $ | 14,020 | $ | 12,343 | $ | 12,817 | $ | 12,318 |
5% | 20% | |||||||
Average loans held-for-sale (LHFS) | 4,476 | 4,269 | 3,286 | 3,321 | 3,416 | 5% | 31% | ||||||||||||
Average loans held-for-investment (LHFI) | 6,803 | 6,224 | 5,639 | 6,163 | 5,848 | 9% | 16% | ||||||||||||
Average total deposits | 9,005 | 8,739 | 8,795 | 9,233 | 9,126 | 3% | (1)% | ||||||||||||
Net Interest Income
Net interest income rose $6 million, or 6 percent, to $103 million, as compared to $97 million for the second quarter 2017. The results reflected a 5 percent increase in average earning assets, led by continued solid growth in commercial loans, and a slight increase in the net interest margin.
Loans held-for-investment averaged $6.8 billion for the third quarter 2017, increasing $579 million, or 9 percent, from the prior quarter. During the third quarter 2017, average commercial loans rose 13 percent with average commercial real estate loans increasing $169 million, or 11 percent, average commercial and industrial loans increasing $137 million, or 15 percent, and average warehouse loans increasing $128 million, or 15 percent. Average consumer loans rose 5 percent, driven by an increase in mortgage loans (primarily jumbos).
Average total deposits were $9.0 billion in the third quarter 2017, increasing $266 million, or 3 percent from the second quarter 2017. The increase was led by a $121 million increase in company controlled deposits. Average retail deposits increased $70 million, led by an increase in retail certificates of deposit. Excluding warehouse loans and company-controlled deposits, the Company's held-for-investment (HFI) loan-to-deposit ratio was 78 percent in the third quarter 2017, as compared to 73 percent in the second quarter 2017, providing ample liquidity for balance sheet growth.
Net interest margin increased 1 basis point to 2.78 percent for the third quarter 2017, as compared to the second quarter 2017. The slight increase from the prior quarter was driven by higher interest income on commercial loans, partially offset by increased interest expense on short-term Federal Home Loan Bank advances due to recent Federal Reserve rate hikes. Total deposit costs were up modestly due to higher rates paid on retail certificates of deposit and government deposits.
Provision (Benefit) for Loan Losses
The provision for loan losses totaled $2 million for the third quarter 2017, as compared to a $1 million benefit for the second quarter 2017. The low level of provision expense reflected strong asset quality and largely matched net charge-offs during the third quarter.
Noninterest Income
Noninterest income rose $14 million, or 12 percent, to $130 million in the third quarter of 2017, as compared to $116 million for the second quarter 2017. The increase was primarily due to an increase in net gain on loan sales and loan fees and charges.
Third quarter 2017 net gain on loan sales increased to $75 million, as compared to $66 million in the second quarter 2017, led by a full quarter of the Opes acquisition. Fallout-adjusted locks fell 1 percent to $8.9 billion due to lower correspondent and broker volume, partially offset by stronger retail volume from a full quarter of Opes Advisors. The net gain on loan sale margin rose 11 basis points to 0.84 percent for the third quarter 2017, as compared to 0.73 percent for the second quarter 2017. The increase was led by a higher distributed retail mix from the Opes acquisition.
Mortgage Metrics | |||||||||||||||||||
Three Months Ended | Change (% / bps) | ||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | Seq | Yr/Yr | |||||||||||||
(Dollars in millions) | |||||||||||||||||||
Mortgage rate lock commitments (fallout-adjusted) (1) | $ | 8,898 | $ | 9,002 | $ | 5,996 | $ | 6,091 | $ | 8,291 | (1)% | 7% | |||||||
Net margin on mortgage rate lock commitments (fallout-adjusted) (1) (2) | 0.84% | 0.73% | 0.80% | 0.93% | 1.13% | 11 | (29) | ||||||||||||
Net gain on loan sales on HFS | $ | 75 | 66 | $ | 48 | $ | 57 | $ | 94 | 14% | (20)% | ||||||||
Net (loss) return on the mortgage servicing rights (MSR) | $ | 6 | $ | 6 | $ | 14 | $ | (5) | $ | (11) | N/M | N/M | |||||||
Gain on loan sales HFS + net (loss) return on the MSR | $ | 81 | $ | 72 | $ | 62 | $ | 52 | $ | 83 | 13% | (2)% | |||||||
Residential loans serviced (number of accounts - 000's) (3) | 415 | 402 | 393 | 383 | 375 | 3% | 11% | ||||||||||||
Capitalized value of mortgage servicing rights | 1.15% | 1.14% | 1.10% | 1.07% | 0.96% | 1 | 19 | ||||||||||||
N/M - Not meaningful | |||||||||||||||||||
(1) Fallout-adjusted mortgage rate lock commitments are adjusted by a percentage of mortgage loans in the pipeline that are not expected to close based on previous historical experience and the level of interest rates. | |||||||||||||||||||
(2) Gain on sale margin is based on net gain on loan sales (excluding gains from loans transferred from HFI) to fallout-adjusted mortgage rate lock commitments. | |||||||||||||||||||
(3) Includes loans serviced for own loan portfolio, serviced for others, and subserviced for others. | |||||||||||||||||||
Loan fees and charges rose to $23 million for the third quarter 2017, as compared to $20 million for the second quarter 2017. The increase primarily reflected higher mortgage loan closings with a greater mix of distributed retail loans.
Net return on the mortgage servicing rights (including the impact of hedges) was a net gain of $6 million for the third quarter 2017, unchanged from the second quarter 2017, reflecting stable prepayments and hedge performance.
The representation and warranty benefit was $4 million for the third quarter 2017, as compared to a $3 million benefit in the second quarter 2017. The representation and warranty reserve was reduced to $16 million at September 30, 2017, from $20 million at June 30, 2017, reflecting continued improvement in risk trends and a repurchase pipeline that was only $5 million at September 30, 2017.
Noninterest Expense
Noninterest expense rose to $171 million for the third quarter 2017, as compared to $154 million for the second quarter 2017. The increase from the prior quarter was primarily due to a full quarter of operating expenses associated with the recent acquisition of Opes Advisors.
The Company's efficiency ratio was 74 percent for the third quarter 2017, as compared to 72 percent for the second quarter 2017. Excluding Opes noninterest expense, the Company experienced positive operating leverage with the remaining expenses reflecting a greater degree of expense control and a low level of incremental cost from expanding community banking revenues.
Income Taxes
The third quarter 2017 provision for income taxes totaled $20 million, as compared to $19 million in the second quarter 2017. The effective tax rate was 32 percent for the third quarter 2017, unchanged from the second quarter 2017.
Asset Quality
Credit Quality Ratios | |||||||||||||||||||
Three Months Ended | Change (% / bps) | ||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | Seq | Yr/Yr | |||||||||||||
(Dollars in millions) | |||||||||||||||||||
Allowance for loan loss to LHFI | 2.0% | 2.1% | 2.4% | 2.4% | 2.3% | (10) | (30) | ||||||||||||
Allowance for loan loss to LHFI and loans with government guarantees | 1.9% | 2.0% | 2.3% | 2.2% | 2.2% | (10) | (30) | ||||||||||||
Charge-offs, net of recoveries | $ | 2 | $ | — | $ | 4 | $ | 2 | $ | 7 | N/M | (71)% | |||||||
Charge-offs associated with loans with government guarantees | 1 | — | 2 | 1 | 5 | N/M | (80)% | ||||||||||||
Charge-offs associated with the sale or transfer of nonperforming loans and TDRs | — | — | 1 | — | — | N/M | N/M | ||||||||||||
Charge-offs, net of recoveries, adjusted (1) | $ | 1 | $ | — | $ | 1 | $ | 1 | $ | 2 | N/M | (50)% | |||||||
Total nonperforming loans held-for-investment | $ | 31 | $ | 30 | $ | 28 | $ | 40 | $ | 40 | 3% | (23)% | |||||||
Net charge-offs to LHFI ratio (annualized) | 0.08% | 0.04% | 0.27% | 0.13% | 0.51% | 4 | (43) | ||||||||||||
Net charge-off ratio, adjusted (annualized) | 0.06% | 0.02% | 0.07% | 0.07% | 0.15% | 4 | (9) | ||||||||||||
Ratio of nonperforming LHFI to LHFI | 0.44% | 0.44% | 0.47% | 0.67% | 0.63% | 0 | (19) | ||||||||||||
N/M - Not meaningful | |||||||||||||||||||
(1) Excludes charge-offs associated with loans with government guarantees and charge-offs associated with the sale or transfer of nonperforming loans and TDRs. | |||||||||||||||||||
The allowance for loan losses was $140 million at September 30, 2017, unchanged from June 30, 2017. The allowance for loan losses covered 2.0 percent of loans held-for-investment at September 30, 2017, as compared to 2.1 percent of loans held-for-investment at June 30, 2017.
Net charge-offs in the third quarter 2017 were $2 million, or 0.08 percent of HFI loans, compared to less than $1 million, or 0.04 percent of such loans in the prior quarter.
Nonperforming loans held-for-investment were $31 million at September 30, 2017, compared to $30 million at June 30, 2017. The ratio of nonperforming loans to loans held-for-investment were 0.44 percent at September 30, 2017, unchanged from June 30, 2017. At September 30, 2017, consumer loan delinquencies totaled $5 million, unchanged from June 30, 2017.
Capital
Capital Ratios (Bancorp) | Three Months Ended | Change (% /$) | |||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | Seq | Yr/Yr | |||||||||||||
Total capital (to RWA) | 14.99% | 15.92% | 15.98% | 16.41% | 15.26% | (0.93)% | (0.27)% | ||||||||||||
Tier 1 capital (to RWA) | 13.72% | 14.65% | 14.70% | 15.12% | 13.98% | (0.93)% | (0.26)% | ||||||||||||
Tier 1 leverage (to adjusted avg. total assets) | 8.80% | 9.10% | 9.31% | 8.88% | 8.88% | (0.30)% | (0.08)% | ||||||||||||
Mortgage servicing rights to Tier 1 capital | 17.3% | 13.1% | 23.1% | 26.7% | 24.6% | 4.2% | (7.3)% | ||||||||||||
Tangible book value per share
| $ | 25.01 | $ | 24.29 | $ | 23.96 | $ | 23.50 | $ | 22.72 | 0.72 | 2.29 | |||||||
The Company grew the average balance sheet $729 million in the third quarter 2017 while maintaining a robust capital position with regulatory ratios well above current regulatory quantitative guidelines for "well capitalized" institutions. At September 30, 2017, the Company had a Tier 1 leverage ratio of 8.8 percent, as compared to 9.10 percent at June 30, 2017. The decrease in the ratio resulted from balance sheet growth and a 24 basis point deduction for higher MSRs, partially offset by earnings retention.
On September 27, 2017, the federal banking agencies issued a notice of proposed rulemaking ("NPR") regarding several proposed simplifications of the Basel III capital rules issued in 2013. This Capital Simplification NPR would accelerate capital formation for balance sheet growth. On a pro-forma basis at September 30, 2017, the proposal would have increased the Company's Tier 1 leverage ratio by approximately 70 bps and risk-based capital ratios by approximately 30 - 45 basis points.
At September 30, 2017, the Company had a common equity-to-assets ratio of 8.6 percent.
Earnings Conference Call
As previously announced, the Company's third quarter 2017 earnings call will be held Tuesday, October 24, 2017 at 11 a.m. (ET).
To join the call, please dial (800) 239-9838 toll free or (719) 325-2202 and use passcode 8531257. Please call at least 10 minutes before the conference is scheduled to begin. A replay will be available for five business days by calling (888) 203-1112 toll free or (719) 457-0820 and using passcode 8531257.
The conference call will also be available as a live audiocast on the Investor Relations section of flagstar.com, where it will be archived and available for replay and download. The slide presentation accompanying the conference call will be posted on the site.
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $16.9 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 95 retail locations in 27 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage loans, handling payments and record keeping for $91 billion of home loans representing 415,000 borrowers. For more information, please visit flagstar.com.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this news release includes non-GAAP financial measures, such as adjusted third quarter 2016 net income, adjusted earnings per share, tangible book value per share and estimated fully implemented Basel III capital levels and ratios. The Company believes these non-GAAP financial measures provide additional information that is useful to investors in helping to understand the capital requirements Flagstar will face in the future and underlying performance and trends of Flagstar.
Non-GAAP financial measures have inherent limitations. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To compensate for these limitations, we use non-GAAP measures as comparative tools, together with GAAP measures, to assist in the evaluation of our operating performance or financial condition. Also, we ensure that these measures are calculated using the appropriate GAAP or regulatory components in their entirety and that they are computed in a manner intended to facilitate consistent period-to-period comparisons. Flagstar's method of calculating these non-GAAP measures may differ from methods used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for those financial measures prepared in accordance with GAAP or in-effect regulatory requirements.
Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in this news release. Additional discussion of the use of non-GAAP measures can also be found in conference call slides, the Form 8-K Current Report related to this news release and in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission. These documents can all be found on the Company's website at flagstar.com.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Flagstar Bancorp, Inc.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements can be found in periodic Flagstar reports filed with the U.S. Securities and Exchange Commission, which are available on the Company's website (flagstar.com) and on the Securities and Exchange Commission's website (sec.gov). Other than as required under United States securities laws, Flagstar Bancorp does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
For more information, contact:
David L. Urban
david.urban@flagstar.com
(248) 312-5970
Flagstar Bancorp, Inc. Consolidated Statements of Financial Condition (Dollars in millions) (Unaudited)
| |||||||||||||||
September 30, | June 30, | December 31, | September 30, | ||||||||||||
Assets | |||||||||||||||
Cash | $ | 88 | $ | 80 | $ | 84 | $ | 76 | |||||||
Interest-earning deposits | 145 | 103 | 74 | 98 | |||||||||||
Total cash and cash equivalents | 233 | 183 | 158 | 174 | |||||||||||
Investment securities available-for-sale | 1,637 | 1,614 | 1,480 | 1,115 | |||||||||||
Investment securities held-to-maturity | 977 | 1,014 | 1,093 | 1,156 | |||||||||||
Loans held-for-sale | 4,939 | 4,506 | 3,177 | 3,393 | |||||||||||
Loans held-for-investment | 7,203 | 6,776 | 6,065 | 6,290 | |||||||||||
Loans with government guarantees | 253 | 278 | 365 | 404 | |||||||||||
Less: allowance for loan losses | (140) | (140) | (142) | (143) | |||||||||||
Total loans held-for-investment and loans with government guarantees, net | 7,316 | 6,914 | 6,288 | 6,551 | |||||||||||
Mortgage servicing rights | 246 | 184 | 335 | 302 | |||||||||||
Federal Home Loan Bank stock | 264 | 260 | 180 | 172 | |||||||||||
Premises and equipment, net | 314 | 299 | 275 | 271 | |||||||||||
Net deferred tax asset | 248 | 266 | 286 | 305 | |||||||||||
Other assets | 706 | 725 | 781 | 834 | |||||||||||
Total assets | $ | 16,880 | $ | 15,965 | $ | 14,053 | $ | 14,273 | |||||||
Liabilities and Stockholders' Equity | |||||||||||||||
Noninterest-bearing | $ | 2,272 | $ | 2,012 | $ | 2,077 | $ | 2,544 | |||||||
Interest-bearing | 6,889 | 6,683 | 6,723 | 6,827 | |||||||||||
Total deposits | 9,161 | 8,695 | 8,800 | 9,371 | |||||||||||
Short-term Federal Home Loan Bank advances and other | 4,065 | 3,670 | 1,780 | 905 | |||||||||||
Long-term Federal Home Loan Bank advances | 1,300 | 1,200 | 1,200 | 1,577 | |||||||||||
Other long-term debt | 493 | 493 | 493 | 493 | |||||||||||
Representation and warranty reserve | 16 | 20 | 27 | 32 | |||||||||||
Other liabilities | 394 | 479 | 417 | 609 | |||||||||||
Total liabilities | 15,429 | 14,557 | 12,717 | 12,987 | |||||||||||
Stockholders' Equity | |||||||||||||||
Common stock | 1 | 1 | 1 | 1 | |||||||||||
Additional paid in capital | 1,511 | 1,509 | 1,503 | 1,494 | |||||||||||
Accumulated other comprehensive loss | (8) | (9) | (7) | (20) | |||||||||||
Accumulated deficit | (53) | (93) | (161) | (189) | |||||||||||
Total stockholders' equity | 1,451 | 1,408 | 1,336 | 1,286 | |||||||||||
Total liabilities and stockholders' equity | $ | 16,880 | $ | 15,965 | $ | 14,053 | $ | 14,273 | |||||||
Flagstar Bancorp, Inc. Condensed Consolidated Statements of Operations (Dollars in millions, except per share data) (Unaudited) | |||||||||||||||||||||||||||
Third Quarter 2017 Compared to: | |||||||||||||||||||||||||||
Three Months Ended | Second Quarter 2017 | Third Quarter 2016 | |||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | Amount | Percent | Amount | Percent | |||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||
Total interest income | $ | 140 | $ | 129 | $ | 110 | $ | 111 | $ | 106 | $ | 11 | 9 | % | $ | 34 | 32 | % | |||||||||
Total interest expense | 37 | 32 | 27 | 24 | 26 | 5 | 16 | % | 11 | 42 | % | ||||||||||||||||
Net interest income | 103 | 97 | 83 | 87 | 80 | 6 | 6 | % | 23 | 29 | % | ||||||||||||||||
Provision (benefit) for loan losses | 2 | (1) | 3 | 1 | 7 | 3 | N/M | $ | (5) | (71) | % | ||||||||||||||||
Net interest income after provision (benefit) for loan losses | 101 | 98 | 80 | 86 | 73 | 3 | 3 | % | 28 | 38 | % | ||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||
Net gain on loan sales | 75 | 66 | 48 | 57 | 94 | 9 | 14 | % | (19) | (20) | % | ||||||||||||||||
Loan fees and charges | 23 | 20 | 15 | 20 | 22 | 3 | 15 | % | 1 | 5 | % | ||||||||||||||||
Deposit fees and charges | 5 | 5 | 4 | 5 | 5 | — | — | % | — | — | % | ||||||||||||||||
Loan administration income | 5 | 6 | 5 | 4 | 4 | (1) | (17) | % | 1 | 25 | % | ||||||||||||||||
Net (loss) return on the mortgage servicing rights | 6 | 6 | 14 | (5) | (11) | — | — | % | 17 | N/M | |||||||||||||||||
Representation and warranty benefit | 4 | 3 | 4 | 7 | 6 | 1 | 33 | % | (2) | (33) | % | ||||||||||||||||
Other noninterest income | 12 | 10 | 10 | 10 | 36 | 2 | 20 | % | (24) | (67) | % | ||||||||||||||||
Total noninterest income | 130 | 116 | 100 | 98 | 156 | 14 | 12 | % | (26) | (17) | % | ||||||||||||||||
Noninterest Expense | |||||||||||||||||||||||||||
Compensation and benefits | 76 | 71 | 72 | 66 | 69 | 5 | 7 | % | 7 | 10 | % | ||||||||||||||||
Commissions | 23 | 16 | 10 | 15 | 16 | 7 | 44 | % | 7 | 44 | % | ||||||||||||||||
Occupancy and equipment | 28 | 25 | 22 | 21 | 21 | 3 | 12 | % | 7 | 33 | % | ||||||||||||||||
Loan processing expense | 15 | 14 | 12 | 15 | 13 | 1 | 7 | % | 2 | 15 | % | ||||||||||||||||
Legal and professional expense | 7 | 8 | 7 | 9 | 5 | (1) | (13) | % | 2 | 40 | % | ||||||||||||||||
Other noninterest expense | 22 | 20 | 17 | 16 | 18 | 2 | 10 | % | 4 | 22 | % | ||||||||||||||||
Total noninterest expense | 171 | 154 | 140 | 142 | 142 | 17 | 11 | % | 29 | 20 | % | ||||||||||||||||
Income before income taxes | 60 | 60 | 40 | 42 | 87 | — | — | % | (27) | (31) | % | ||||||||||||||||
Provision for income taxes | 20 | 19 | 13 | 14 | 30 | 1 | 5 | % | (10) | (33) | % | ||||||||||||||||
Net income | $ | 40 | $ | 41 | $ | 27 | $ | 28 | $ | 57 | $ | (1) | (2) | % | $ | (17) | (30) | % | |||||||||
Income per share | |||||||||||||||||||||||||||
Basic | $ | 0.71 | $ | 0.72 | $ | 0.47 | $ | 0.50 | $ | 0.98 | $ | (0.01) | (1) | % | $ | (0.27) | (28) | % | |||||||||
Diluted | $ | 0.70 | $ | 0.71 | $ | 0.46 | $ | 0.49 | $ | 0.96 | $ | (0.01) | (1) | % | $ | (0.26) | (27) | % | |||||||||
N/M - Not meaningful | |||||||||||||||||||||||||||
Flagstar Bancorp, Inc. Condensed Consolidated Statements of Operations (Dollars in millions, except per share data) (Unaudited)
| ||||||||||||
Nine Months Ended | Compared to: Nine Months Ended September 30, 2016 | |||||||||||
September 30, | September 30, | Amount | Percent | |||||||||
Total interest income | $ | 379 | $ | 306 | $ | 73 | 24 | % | ||||
Total interest expense | 96 | 70 | 26 | 37 | % | |||||||
Net interest income | 283 | 236 | 47 | 20 | % | |||||||
Provision (benefit) for loan losses | 4 | (9) | 13 | N/M | ||||||||
Net interest income after provision (benefit) for loan losses | 279 | 245 | 34 | 14 | % | |||||||
Noninterest Income | ||||||||||||
Net gain on loan sales | 189 | 259 | (70) | (27) | % | |||||||
Loan fees and charges | 58 | 56 | 2 | 4 | % | |||||||
Deposit fees and charges | 14 | 17 | (3) | (18) | % | |||||||
Loan administration income | 16 | 14 | 2 | 14 | % | |||||||
Net (loss) return on the mortgage servicing rights | 26 | (21) | 47 | N/M | ||||||||
Representation and warranty benefit | 11 | 12 | (1) | (8) | % | |||||||
Other noninterest income | 32 | 52 | (20) | (38) | % | |||||||
Total noninterest income | 346 | 389 | (43) | (11) | % | |||||||
Noninterest Expense | ||||||||||||
Compensation and benefits | 219 | 203 | 16 | 8 | % | |||||||
Commissions | 49 | 40 | 9 | 23 | % | |||||||
Occupancy and equipment | 75 | 64 | 11 | 17 | % | |||||||
Loan processing expense | 41 | 40 | 1 | 3 | % | |||||||
Legal and professional expense | 22 | 20 | 2 | 10 | % | |||||||
Other noninterest expense | 59 | 51 | 8 | 16 | % | |||||||
Total noninterest expense | 465 | 418 | 47 | 11 | % | |||||||
Income before income taxes | 160 | 216 | (56) | (26) | % | |||||||
Provision for income taxes | 52 | 73 | (21) | (29) | % | |||||||
Net income | $ | 108 | $ | 143 | $ | (35) | (24) | % | ||||
Income per share | ||||||||||||
Basic | $ | 1.90 | $ | 2.21 | $ | (0.31) | (14) | % | ||||
Diluted | $ | 1.86 | $ | 2.16 | $ | (0.30) | (14) | % | ||||
N/M - Not meaningful | ||||||||||||
Flagstar Bancorp, Inc. Summary of Selected Consolidated Financial and Statistical Data (Dollars in millions, except share data) (Unaudited)
| |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
Selected Mortgage Statistics: | |||||||||||||||||||
Mortgage loans originated (1) | $ | 9,572 | $ | 9,184 | $ | 9,192 | $ | 24,659 | $ | 23,856 | |||||||||
Mortgage loans sold and securitized | $ | 8,924 | $ | 8,989 | $ | 8,723 | $ | 22,397 | $ | 23,611 | |||||||||
Mortgage rate lock commitments (gross) | $ | 9,878 | $ | 10,813 | $ | 10,328 | $ | 28,068 | $ | 29,258 | |||||||||
Selected Ratios: | |||||||||||||||||||
Interest rate spread (2) | 2.58 | % | 2.59 | % | 2.36 | % | 2.56 | % | 2.43 | % | |||||||||
Net interest margin | 2.78 | % | 2.77 | % | 2.58 | % | 2.74 | % | 2.62 | % | |||||||||
Net margin on loans sold and securitized | 0.84 | % | 0.73 | % | 1.08 | % | 0.84 | % | 1.03 | % | |||||||||
Return on average assets | 0.99 | % | 1.04 | % | 1.61 | % | 0.94 | % | 1.40 | % | |||||||||
Return on average equity | 11.10 | % | 11.57 | % | 16.53 | % | 10.23 | % | 12.59 | % | |||||||||
Return on average common equity | 11.10 | % | 11.57 | % | 17.45 | % | 10.23 | % | 14.52 | % | |||||||||
Efficiency ratio | 73.5 | % | 72.0 | % | 59.9 | % | 73.9 | % | 66.9 | % | |||||||||
Equity-to-assets ratio (average for the period) | 8.95 | % | 9.02 | % | 9.75 | % | 9.16 | % | 11.05 | % | |||||||||
Average Balances: | |||||||||||||||||||
Average common shares outstanding | 57,162,025 | 57,101,816 | 56,580,238 | 57,062,696 | 56,556,188 | ||||||||||||||
Average fully diluted shares outstanding | 58,186,593 | 58,138,938 | 57,933,806 | 58,133,296 | 57,727,262 | ||||||||||||||
Average interest-earning assets | $ | 14,737 | $ | 14,020 | $ | 12,318 | $ | 13,709 | $ | 11,944 | |||||||||
Average interest-paying liabilities | $ | 12,297 | $ | 11,804 | $ | 9,773 | $ | 11,481 | $ | 9,600 | |||||||||
Average stockholders' equity | $ | 1,471 | $ | 1,418 | $ | 1,379 | $ | 1,412 | $ | 1,515 | |||||||||
September 30, 2017 | June 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||
Selected Statistics: | |||||||||||||||
Book value per common share | $ | 25.38 | $ | 24.64 | $ | 23.50 | $ | 22.72 | |||||||
Tangible book value per share | 25.01 | 24.29 | 23.50 | 22.72 | |||||||||||
Number of common shares outstanding | 57,181,536 | 57,161,431 | 56,824,802 | 56,597,271 | |||||||||||
Number of FTE employees | 3,495 | 3,432 | 2,886 | 2,881 | |||||||||||
Number of bank branches | 99 | 99 | 99 | 99 | |||||||||||
Ratio of nonperforming assets to total assets | 0.24 | % | 0.24 | % | 0.39 | % | 0.39 | % | |||||||
Common equity-to-assets ratio | 8.60 | % | 8.82 | % | 9.50 | % | 9.01 | % | |||||||
MSR Key Statistics and Ratios: | |||||||||||||||
Weighted average service fee (basis points) | 28.2 | 27.8 | 26.7 | 28.1 | |||||||||||
Capitalized value of mortgage servicing rights | 1.15 | % | 1.14 | % | 1.07 | % | 0.96 | % | |||||||
Mortgage servicing rights to Tier 1 capital | 17.3 | % | 13.1 | % | 26.7 | % | 24.6 | % | |||||||
(1) Includes residential first mortgage. | |||||||||||||||
(2) Interest rate spread is the difference between the annualized yield earned on average interest-earning assets for the period and the annualized rate of interest paid on average interest-bearing liabilities for the period. | |||||||||||||||
Average Balances, Yields and Rates (Dollars in millions) (Unaudited)
| ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2017 | June 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
Average Balance | Interest | Annualized Yield/Rate | Average Balance | Interest | Annualized Yield/Rate | Average Balance | Interest | Annualized Yield/Rate | ||||||||||||||||||
Interest-Earning Assets | ||||||||||||||||||||||||||
Loans held-for-sale | $ | 4,476 | $ | 45 | 3.99 | % | $ | 4,269 | $ | 42 | 4.00 | % | $ | 3,416 | $ | 30 | 3.51 | % | ||||||||
Loans held-for-investment | ||||||||||||||||||||||||||
Residential first mortgage | 2,594 | 22 | 3.32 | % | 2,495 | 21 | 3.38 | % | 2,090 | 17 | 3.17 | % | ||||||||||||||
Home equity | 486 | 6 | 5.11 | % | 439 | 6 | 4.91 | % | 460 | 6 | 5.03 | % | ||||||||||||||
Other | 26 | — | 4.52 | % | 27 | — | 4.54 | % | 30 | — | 4.59 | % | ||||||||||||||
Total Consumer loans | 3,106 | 28 | 3.61 | % | 2,961 | 27 | 3.61 | % | 2,580 | 23 | 3.52 | % | ||||||||||||||
Commercial Real Estate | 1,646 | 19 | 4.43 | % | 1,477 | 16 | 4.16 | % | 1,082 | 9 | 3.43 | % | ||||||||||||||
Commercial and Industrial | 1,073 | 13 | 4.77 | % | 936 | 11 | 4.77 | % | 633 | 7 | 4.27 | % | ||||||||||||||
Warehouse Lending | 978 | 12 | 4.82 | % | 850 | 10 | 4.71 | % | 1,553 | 17 | 4.21 | % | ||||||||||||||
Total Commercial loans | 3,697 | 44 | 4.63 | % | 3,263 | 37 | 4.48 | % | 3,268 | 33 | 3.96 | % | ||||||||||||||
Total loans held-for-investment | 6,803 | 72 | 4.16 | % | 6,224 | 64 | 4.07 | % | 5,848 | 56 | 3.77 | % | ||||||||||||||
Loans with government guarantees | 264 | 3 | 4.58 | % | 295 | 3 | 4.02 | % | 432 | 4 | 3.88 | % | ||||||||||||||
Investment securities | 3,101 | 20 | 2.58 | % | 3,166 | 20 | 2.57 | % | 2,516 | 16 | 2.55 | % | ||||||||||||||
Interest-earning deposits | 93 | — | 1.23 | % | 66 | — | 1.07 | % | 106 | — | 0.48 | % | ||||||||||||||
Total interest-earning assets | 14,737 | $ | 140 | 3.77 | % | 14,020 | $ | 129 | 3.69 | % | 12,318 | $ | 106 | 3.42 | % | |||||||||||
Other assets | 1,702 | 1,690 | 1,830 | |||||||||||||||||||||||
Total assets | $ | 16,439 | $ | 15,710 | $ | 14,148 | ||||||||||||||||||||
Interest-Bearing Liabilities | ||||||||||||||||||||||||||
Retail deposits | ||||||||||||||||||||||||||
Demand deposits | $ | 489 | $ | — | 0.14 | % | $ | 510 | $ | — | 0.15 | % | $ | 509 | $ | — | 0.20 | % | ||||||||
Savings deposits | 3,838 | 7 | 0.76 | % | 3,933 | 8 | 0.75 | % | 3,751 | 8 | 0.77 | % | ||||||||||||||
Money market deposits | 276 | — | 0.57 | % | 239 | — | 0.42 | % | 250 | — | 0.41 | % | ||||||||||||||
Certificates of deposit | 1,182 | 4 | 1.19 | % | 1,094 | 3 | 1.08 | % | 1,071 | 3 | 1.05 | % | ||||||||||||||
Total retail deposits | 5,785 | 11 | 0.78 | % | 5,776 | 11 | 0.75 | % | 5,581 | 11 | 0.75 | % | ||||||||||||||
Government deposits | ||||||||||||||||||||||||||
Demand deposits | 250 | — | 0.43 | % | 200 | — | 0.39 | % | 243 | — | 0.39 | % | ||||||||||||||
Savings deposits | 362 | 1 | 0.71 | % | 411 | 1 | 0.56 | % | 478 | 1 | 0.52 | % | ||||||||||||||
Certificates of deposit | 329 | 1 | 0.89 | % | 291 | — | 0.68 | % | 355 | — | 0.52 | % | ||||||||||||||
Total government deposits | 941 | 2 | 0.70 | % | 902 | 1 | 0.56 | % | 1,076 | 1 | 0.49 | % | ||||||||||||||
Wholesale deposits and other | 35 | — | 1.49 | % | 4 | — | 0.48 | % | — | — | —% | |||||||||||||||
Total interest-bearing deposits | 6,761 | 13 | 0.78 | % | 6,682 | 12 | 0.72 | % | 6,657 | 12 | 0.71 | % | ||||||||||||||
Short-term Federal Home Loan Bank advances and other | 3,809 | 11 | 1.17 | % | 3,429 | 8 | 0.98 | % | 1,073 | 1 | 0.44 | % | ||||||||||||||
Long-term Federal Home Loan Bank advances | 1,234 | 6 | 1.99 | % | 1,200 | 6 | 1.91 | % | 1,576 | 7 | 1.81 | % | ||||||||||||||
Other long-term debt | 493 | 7 | 5.09 | % | 493 | 6 | 5.06 | % | 467 | 6 | 4.86 | % | ||||||||||||||
Total interest-bearing liabilities | 12,297 | 37 | 1.19 | % | 11,804 | 32 | 1.10 | % | 9,773 | 26 | 1.06 | % | ||||||||||||||
Noninterest-bearing deposits (1) | 2,244 | 2,057 | 2,469 | |||||||||||||||||||||||
Other liabilities | 427 | 431 | 527 | |||||||||||||||||||||||
Stockholders' equity | 1,471 | 1,418 | 1,379 | |||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 16,439 | $ | 15,710 | $ | 14,148 | ||||||||||||||||||||
Net interest-earning assets | $ | 2,440 | $ | 2,216 | $ | 2,545 | ||||||||||||||||||||
Net interest income | $ | 103 | $ | 97 | $ | 80 | ||||||||||||||||||||
Interest rate spread (2) | 2.58 | % | 2.59 | % | 2.36 | % | ||||||||||||||||||||
Net interest margin (3) | 2.78 | % | 2.77 | % | 2.58 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to interest-bearing liabilities | 119.9 | % | 118.8 | % | 126.0 | % | ||||||||||||||||||||
Total average deposits | $ | 9,005 | $ | 8,739 | $ | 9,126 | ||||||||||||||||||||
(1) Includes noninterest-bearing company-controlled deposits that arise due to the servicing of loans for others. | ||||||||||||||||||||||||||
(2) Interest rate spread is the difference between rate of interest earned on interest-earning assets and rate of interest paid on interest-bearing liabilities. | ||||||||||||||||||||||||||
(3) Net interest margin is net interest income divided by average interest-earning assets. | ||||||||||||||||||||||||||
Average Balances, Yields and Rates (Dollars in millions) (Unaudited)
| |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||
Average Balance | Interest | Annualized Yield/Rate | Average Balance | Interest | Annualized Yield/Rate | ||||||||||||
Interest-Earning Assets | |||||||||||||||||
Loans held-for-sale | $ | 4,014 | $ | 119 | 3.96 | % | $ | 3,071 | $ | 83 | 3.64 | % | |||||
Loans held-for-investment | |||||||||||||||||
Residential first mortgage | 2,497 | 62 | 3.34 | % | 2,365 | 56 | 3.14 | % | |||||||||
Home equity | 453 | 17 | 5.04 | % | 485 | 19 | 5.23 | % | |||||||||
Other | 26 | 1 | 4.52 | % | 29 | 1 | 4.82 | % | |||||||||
Total Consumer loans | 2,976 | 80 | 3.61 | % | 2,879 | 76 | 3.51 | % | |||||||||
Commercial Real Estate | 1,482 | 47 | 4.15 | % | 936 | 24 | 3.40 | % | |||||||||
Commercial and Industrial | 929 | 33 | 4.71 | % | 601 | 19 | 4.12 | % | |||||||||
Warehouse Lending | 840 | 30 | 4.70 | % | 1,279 | 41 | 4.25 | % | |||||||||
Total Commercial loans | 3,251 | 110 | 4.45 | % | 2,816 | 84 | 3.94 | % | |||||||||
Total loans held-for-investment | 6,227 | 190 | 4.05 | % | 5,695 | 160 | 3.72 | % | |||||||||
Loans with government guarantees | 300 | 10 | 4.41 | % | 450 | 12 | 3.40 | % | |||||||||
Investment securities | 3,093 | 59 | 2.55 | % | 2,589 | 50 | 2.58 | % | |||||||||
Interest-earning deposits | 75 | 1 | 1.08 | % | 139 | 1 | 0.50 | % | |||||||||
Total interest-earning assets | 13,709 | $ | 379 | 3.68 | % | 11,944 | $ | 306 | 3.40 | % | |||||||
Other assets | 1,697 | 1,767 | |||||||||||||||
Total assets | $ | 15,406 | $ | 13,711 | |||||||||||||
Interest-Bearing Liabilities | |||||||||||||||||
Retail deposits | |||||||||||||||||
Demand deposits | $ | 502 | $ | 1 | 0.16 | % | $ | 479 | $ | 1 | 0.17 | % | |||||
Savings deposits | 3,899 | 22 | 0.76 | % | 3,720 | 21 | 0.78 | % | |||||||||
Money market deposits | 264 | 1 | 0.49 | % | 285 | 1 | 0.44 | % | |||||||||
Certificates of deposit | 1,116 | 9 | 1.12 | % | 789 | 7 | 1.21 | % | |||||||||
Total retail deposits | 5,781 | 33 | 0.76 | % | 5,273 | 30 | 0.77 | % | |||||||||
Government deposits | |||||||||||||||||
Demand deposits | 228 | 1 | 0.41 | % | 234 | 1 | 0.39 | % | |||||||||
Savings deposits | 410 | 2 | 0.59 | % | 432 | 2 | 0.52 | % | |||||||||
Certificates of deposit | 314 | 1 | 0.73 | % | 563 | 1 | 0.35 | % | |||||||||
Total government deposits | 952 | 4 | 0.59 | % | 1,229 | 4 | 0.42 | % | |||||||||
Wholesale deposits and other | 16 | — | 1.21 | % | — | — | — | % | |||||||||
Total interest-bearing deposits | 6,749 | 37 | 0.74 | % | 6,502 | 34 | 0.70 | % | |||||||||
Short-term Federal Home Loan Bank advances and other | 3,028 | 23 | 1.01 | % | 1,190 | 4 | 0.41 | % | |||||||||
Long-term Federal Home Loan Bank advances | 1,211 | 17 | 1.92 | % | 1,587 | 22 | 1.88 | % | |||||||||
Other long-term debt | 493 | 19 | 5.06 | % | 321 | 10 | 4.05 | % | |||||||||
Total interest-bearing liabilities | 11,481 | 96 | 1.12 | % | 9,600 | 70 | 0.97 | % | |||||||||
Noninterest-bearing deposits (1) | 2,098 | 2,101 | |||||||||||||||
Other liabilities | 415 | 495 | |||||||||||||||
Stockholders' equity | 1,412 | 1,515 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 15,406 | $ | 13,711 | |||||||||||||
Net interest-earning assets | $ | 2,228 | $ | 2,344 | |||||||||||||
Net interest income | $ | 283 | $ | 236 | |||||||||||||
Interest rate spread (2) | 2.56 | % | 2.43 | % | |||||||||||||
Net interest margin (3) | 2.74 | % | 2.62 | % | |||||||||||||
Ratio of average interest-earning assets to interest-bearing liabilities | 119.4 | % | 124.4 | % | |||||||||||||
Total average deposits | $ | 8,847 | $ | 8,603 | |||||||||||||
(1) Includes noninterest-bearing company-controlled deposits that arise due to the servicing of loans for others. | |||||||||||||||||
(2) Interest rate spread is the difference between rate of interest earned on interest-earning assets and rate of interest paid on interest-bearing liabilities. | |||||||||||||||||
(3) Net interest margin is net interest income divided by average interest-earning assets. | |||||||||||||||||
Flagstar Bancorp, Inc. Earnings Per Share (Dollars in millions, except share data) (Unaudited)
| |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
Net income | 40 | 41 | 57 | 108 | 143 | ||||||||||||||
Deferred cumulative preferred stock dividends (1) | — | — | (2) | — | (18) | ||||||||||||||
Net income applicable to common stockholders | $ | 40 | $ | 41 | $ | 55 | $ | 108 | $ | 125 | |||||||||
Weighted average shares | |||||||||||||||||||
Weighted average common shares outstanding | 57,162,025 | 57,101,816 | 56,580,238 | 57,062,696 | 56,556,188 | ||||||||||||||
Effect of dilutive securities | |||||||||||||||||||
May Investor warrants | — | — | 364,791 | 16,383 | 339,893 | ||||||||||||||
Stock-based awards | 1,024,568 | 1,037,122 | 988,777 | 1,054,217 | 831,181 | ||||||||||||||
Weighted average diluted common shares | 58,186,593 | 58,138,938 | 57,933,806 | 58,133,296 | 57,727,262 | ||||||||||||||
Earnings per common share | |||||||||||||||||||
Basic earnings per common share | $ | 0.71 | $ | 0.72 | $ | 0.98 | $ | 1.90 | $ | 2.21 | |||||||||
Effect of dilutive securities | |||||||||||||||||||
May Investor warrants | — | — | — | — | (0.02) | ||||||||||||||
Stock-based awards | (0.01) | (0.01) | (0.02) | (0.04) | (0.03) | ||||||||||||||
Diluted earnings per common share | $ | 0.70 | $ | 0.71 | $ | 0.96 | $ | 1.86 | $ | 2.16 | |||||||||
(1) Under the terms of the Series C Preferred Stock, we elected to defer dividends beginning with the February 2012 dividend. In July 2016, we ended the deferral and brought current our previously deferred dividends and redeemed the stock. | |||||||||||||||||||
Regulatory Capital - Bancorp (Dollars in millions) (Unaudited)
| |||||||||||||||||||||||
September 30, | June 30, | December 31, | September 30, | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tier 1 leverage (to adjusted avg. total assets) | $ | 1,423 | 8.80 | % | $ | 1,408 | 9.10 | % | $ | 1,256 | 8.88 | % | $ | 1,225 | 8.88 | % | |||||||
Total adjusted avg. total asset base | $ | 16,165 | $ | 15,468 | $ | 14,149 | $ | 13,798 | |||||||||||||||
Tier 1 common equity (to risk weighted assets) | $ | 1,208 | 11.65 | % | $ | 1,196 | 12.45 | % | $ | 1,084 | 13.06 | % | $ | 1,056 | 12.04 | % | |||||||
Tier 1 capital (to risk weighted assets) | $ | 1,423 | 13.72 | % | $ | 1,408 | 14.65 | % | $ | 1,256 | 15.12 | % | $ | 1,225 | 13.98 | % | |||||||
Total capital (to risk weighted assets) | $ | 1,554 | 14.99 | % | $ | 1,530 | 15.92 | % | $ | 1,363 | 16.41 | % | $ | 1,338 | 15.26 | % | |||||||
Risk-weighted asset base | $ | 10,371 | $ | 9,610 | $ | 8,305 | $ | 8,767 | |||||||||||||||
Regulatory Capital - Bank (Dollars in millions) (Unaudited)
| |||||||||||||||||||||||
September 30, | June 30, | December 31, | September 30, | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tier 1 leverage (to adjusted avg. total assets) | $ | 1,519 | 9.38 | % | $ | 1,590 | 10.26 | % | $ | 1,491 | 10.52 | % | $ | 1,459 | 10.55 | % | |||||||
Total adjusted avg. total asset base | $ | 16,191 | $ | 15,504 | $ | 14,177 | $ | 13,824 | |||||||||||||||
Tier 1 common equity (to risk weighted assets) | $ | 1,519 | 14.61 | % | $ | 1,590 | 16.49 | % | $ | 1,491 | 17.90 | % | $ | 1,459 | 16.59 | % | |||||||
Tier 1 capital (to risk weighted assets) | $ | 1,519 | 14.61 | % | $ | 1,590 | 16.49 | % | $ | 1,491 | 17.90 | % | $ | 1,459 | 16.59 | % | |||||||
Total capital (to risk weighted assets) | $ | 1,651 | 15.88 | % | $ | 1,712 | 17.75 | % | $ | 1,598 | 19.18 | % | $ | 1,571 | 17.87 | % | |||||||
Risk-weighted asset base | $ | 10,396 | $ | 9,645 | $ | 8,332 | $ | 8,794 | |||||||||||||||
Loan Originations | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2017 | June 30, 2017 | September 30, 2016 | |||||||||||||||
Residential first mortgage | $ | 9,572 | 96.4 | % | $ | 9,184 | 95.0 | % | $ | 9,192 | 96.9 | % | |||||
Home equity (1) | 94 | 0.9 | % | 75 | 0.8 | % | 50 | 0.5 | % | ||||||||
Total consumer loans | 9,666 | 97.3 | % | 9,259 | 95.8 | % | 9,242 | 97.4 | % | ||||||||
Commercial loans (2) | 265 | 2.7 | % | 410 | 4.2 | % | 248 | 2.6 | % | ||||||||
Total loan originations | $ | 9,931 | 100.0 | % | $ | 9,669 | 100.0 | % | $ | 9,490 | 100.0 | % | |||||
Nine Months Ended | |||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||
Residential first mortgage | $ | 24,659 | 95.5 | % | $ | 23,856 | 97.4 | % | |||||||||
Home equity (1) | 225 | 0.9 | % | 137 | 0.6 | % | |||||||||||
Total consumer loans | 24,884 | 96.4 | % | 23,993 | 98.0 | % | |||||||||||
Commercial loans (2) | 932 | 3.6 | % | 496 | 2.0 | % | |||||||||||
Total loan originations | $ | 25,816 | 100.0 | % | $ | 24,489 | 100.0 | % | |||||||||
(1) Includes second mortgage loans, HELOC loans, and other consumer loans. | |||||||||||||||||
(2) Includes commercial real estate and commercial and industrial loans. | |||||||||||||||||
Residential Loans Serviced (Dollars in millions) (Unaudited)
| |||||||||||||||||||||||
September 30, 2017 | June 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||||||
Unpaid Principal Balance | Number of accounts | Unpaid Principal Balance | Number of accounts | Unpaid Principal Balance | Number of accounts | Unpaid Principal Balance | Number of accounts | ||||||||||||||||
Serviced for own loan portfolio (1) | $ | 7,376 | 31,135 | $ | 7,156 | 30,875 | $ | 5,816 | 29,244 | $ | 5,645 | 29,052 | |||||||||||
Serviced for others | 21,342 | 87,215 | 16,144 | 66,106 | 31,207 | 133,270 | 31,372 | 138,771 | |||||||||||||||
Subserviced for others (2) | 62,351 | 296,913 | 63,991 | 304,830 | 43,127 | 220,075 | 41,017 | 207,039 | |||||||||||||||
Total residential loans serviced | $ | 91,069 | 415,263 | $ | 87,291 | 401,811 | $ | 80,150 | 382,589 | $ | 78,034 | 374,862 | |||||||||||
(1) Includes loans held-for-investment (residential first mortgage and home equity), loans-held-for-sale (residential first mortgage), loans with government guarantees (residential first mortgage), and repossessed assets. | |||||||||||||||||||||||
(2) Includes temporary short-term subservicing performed as a result of sales of servicing-released mortgage servicing rights. Includes repossessed assets. | |||||||||||||||||||||||
Loans Held-for-Investment (Dollars in millions) (Unaudited)
| |||||||||||||||||||||||
September 30, 2017 | June 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||
Residential first mortgage | $ | 2,665 | 37.0 | % | $ | 2,538 | 37.5 | % | $ | 2,327 | 38.3 | % | $ | 2,136 | 33.9 | % | |||||||
Home equity | 496 | 6.9 | % | 459 | 6.7 | % | 443 | 7.3 | % | 453 | 7.2 | % | |||||||||||
Other | 26 | 0.4 | % | 27 | 0.4 | % | 28 | 0.5 | % | 30 | 0.5 | % | |||||||||||
Total consumer loans | 3,187 | 44.3 | % | 3,024 | 44.6 | % | 2,798 | 46.1 | % | 2,619 | 41.6 | % | |||||||||||
Commercial loans | |||||||||||||||||||||||
Commercial real estate | 1,760 | 24.4 | % | 1,557 | 23.1 | % | 1,261 | 20.8 | % | 1,168 | 18.6 | % | |||||||||||
Commercial and industrial | 1,097 | 15.2 | % | 1,040 | 15.3 | % | 769 | 12.7 | % | 708 | 11.3 | % | |||||||||||
Warehouse lending | 1,159 | 16.1 | % | 1,155 | 17.0 | % | 1,237 | 20.4 | % | 1,795 | 28.5 | % | |||||||||||
Total commercial loans | 4,016 | 55.7 | % | 3,752 | 55.4 | % | 3,267 | 53.9 | % | 3,671 | 58.4 | % | |||||||||||
Total loans held-for-investment | $ | 7,203 | 100.0 | % | $ | 6,776 | 100.0 | % | $ | 6,065 | 100.0 | % | $ | 6,290 | 100.0 | % | |||||||
Allowance for Loan Losses (Dollars in millions) (Unaudited)
| |||||||||||
As of/For the Three Months Ended | |||||||||||
September 30, | June 30, | September 30, | |||||||||
Allowance for loan losses | |||||||||||
Residential first mortgage | $ | 52 | $ | 56 | $ | 70 | |||||
Home equity | 20 | 19 | 25 | ||||||||
Other | 1 | 1 | 1 | ||||||||
Total consumer loans | 73 | 76 | 96 | ||||||||
Commercial real estate | 42 | 37 | 25 | ||||||||
Commercial and industrial | 19 | 21 | 14 | ||||||||
Warehouse lending | 6 | 6 | 8 | ||||||||
Total commercial loans | 67 | 64 | 47 | ||||||||
Total allowance for loan losses | $ | 140 | $ | 140 | $ | 143 | |||||
Charge-offs | |||||||||||
Total consumer loans | (3) | (2) | (9) | ||||||||
Total commercial loans | — | — | — | ||||||||
Total charge-offs | $ | (3) | $ | (2) | $ | (9) | |||||
Recoveries | |||||||||||
Total consumer loans | 1 | 2 | 2 | ||||||||
Total commercial loans | — | — | — | ||||||||
Total recoveries | 1 | 2 | 2 | ||||||||
Charge-offs, net of recoveries | $ | (2) | $ | — | $ | (7) | |||||
Net charge-offs to LHFI ratio (annualized) (1) | 0.08 | % | 0.04 | % | 0.51 | % | |||||
Net charge-offs ratio, adjusted (annualized) (1)(2) | 0.06 | % | 0.02 | % | 0.15 | % | |||||
Net charge-offs/(recoveries) to LHFI ratio (annualized) by loan type (1): | |||||||||||
Residential first mortgage | 0.12 | % | 0.09 | % | 1.33 | % | |||||
Home equity and other consumer | 0.52 | % | 0.02 | % | 0.40 | % | |||||
Commercial and industrial | (0.01) | % | (0.01) | % | (0.01) | % | |||||
(1) Excludes loans carried under the fair value option. | |||||||||||
(2) There were no charge offs relating to the sale of nonperforming loans, TDRs and non-agency loans during the three months ended September 30, 2017, June 30, 2017, and September 30, 2016. Also excludes charge-offs related to loans with government guarantees of $1 million, zero, and $5 million during the three months ended September 30, 2017, June 30, 2017, and September 30, 2016, respectively. | |||||||||||
Allowance for Loan Losses (continued) (Dollars in millions) (Unaudited)
| ||||||||
Nine Months Ended | ||||||||
September 30, | September 30, | |||||||
Total allowance for loan losses | $ | 140 | $ | 143 | ||||
Charge-offs | ||||||||
Total consumer loans | (10) | (33) | ||||||
Total commercial loans | — | — | ||||||
Total charge-offs | $ | (10) | $ | (33) | ||||
Recoveries | ||||||||
Total consumer loans | 4 | 5 | ||||||
Total commercial loans | — | — | ||||||
Total recoveries | 4 | 5 | ||||||
Charge-offs, net of recoveries | $ | (6) | $ | (28) | ||||
Net charge-offs to LHFI ratio (annualized) (1) | 0.12 | % | 0.66 | % | ||||
Net charge-offs ratio, adjusted (annualized) (1)(2) | 0.05 | % | 0.15 | % | ||||
Net charge-offs/(recoveries) to LHFI ratio (annualized) by loan type (1): | ||||||||
Residential first mortgage | 0.26 | % | 1.43 | % | ||||
Home equity and other consumer | 0.28 | % | 0.86 | % | ||||
Commercial real estate | (0.01) | % | (0.01) | % | ||||
Commercial and industrial | (0.01) | % | (0.01) | % | ||||
(1) Excludes loans carried under the fair value option. | ||||||||
(2) Excludes charge-offs of $1 million and $8 million during the nine months ended September 30, 2017 and 2016, related to the sale of nonperforming loans, TDRs and non-agency loans. Also excludes charge-offs related to loans with government guarantees of $3 million and $13 million during the nine months ended September 30, 2017 and 2016, respectively. | ||||||||
Nonperforming Loans and Assets (Dollars in millions) (Unaudited)
| |||||||||||||||
September 30, | June 30, | December 31, | September 30, | ||||||||||||
Nonperforming loans | $ | 16 | $ | 18 | $ | 22 | $ | 23 | |||||||
Nonperforming TDRs | 4 | 5 | 8 | 8 | |||||||||||
Nonperforming TDRs at inception but performing for less than six months | 11 | 7 | 10 | 9 | |||||||||||
Total nonperforming loans held-for-investment | 31 | 30 | 40 | 40 | |||||||||||
Real estate and other nonperforming assets, net | 9 | 9 | 14 | 15 | |||||||||||
Nonperforming assets held-for-investment, net (1) | $ | 40 | $ | 39 | $ | 54 | $ | 55 | |||||||
Ratio of nonperforming assets to total assets | 0.24 | % | 0.24 | % | 0.39 | % | 0.39 | % | |||||||
Ratio of nonperforming loans held-for-investment to loans held-for-investment | 0.44 | % | 0.44 | % | 0.67 | % | 0.63 | % | |||||||
Ratio of nonperforming assets to loans held-for-investment and repossessed assets | 0.58 | % | 0.57 | % | 0.90 | % | 0.87 | % | |||||||
Ratio of nonperforming assets to Tier 1 capital + allowance for loan losses | 2.57 | % | 2.51 | % | 3.93 | % | 4.03 | % | |||||||
(1) Does not include nonperforming loans held-for-sale of $8 million, $7 million, $6 million, and $5 million at September 30, 2017, June 30, 2017, December 31, 2016, and September 30, 2016, respectively. | |||||||||||||||
Asset Quality - Loans Held-for-Investment (Dollars in millions) (Unaudited)
| |||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 days (1) | Total Past Due | Total Loans Held-for-Investment | |||||||||||||||
September 30, 2017 | |||||||||||||||||||
Consumer loans | $ | 4 | $ | 1 | $ | 30 | $ | 35 | $ | 3,187 | |||||||||
Commercial loans | — | — | 1 | 1 | 4,016 | ||||||||||||||
Total loans | $ | 4 | $ | 1 | $ | 31 | $ | 36 | $ | 7,203 | |||||||||
June 30, 2017 | |||||||||||||||||||
Consumer loans | $ | 2 | $ | 3 | $ | 30 | $ | 35 | $ | 3,024 | |||||||||
Commercial loans | 1 | — | — | 1 | 3,752 | ||||||||||||||
Total loans | $ | 3 | $ | 3 | $ | 30 | $ | 36 | $ | 6,776 | |||||||||
December 31, 2016 | |||||||||||||||||||
Consumer loans | $ | 8 | $ | 2 | $ | 40 | $ | 50 | $ | 2,798 | |||||||||
Commercial loans | — | — | — | — | 3,267 | ||||||||||||||
Total loans | $ | 8 | $ | 2 | $ | 40 | $ | 50 | $ | 6,065 | |||||||||
September 30, 2016 | |||||||||||||||||||
Consumer loans | 6 | 2 | 40 | $ | 48 | $ | 2,619 | ||||||||||||
Commercial loans | — | — | — | — | 3,671 | ||||||||||||||
Total loans | $ | 6 | $ | 2 | $ | 40 | $ | 48 | $ | 6,290 | |||||||||
(1) Includes performing nonaccrual loans that are less than 90 days delinquent and for which interest cannot be accrued. | |||||||||||||||||||
Troubled Debt Restructurings (Dollars in millions) (Unaudited)
| |||||||||||
TDRs | |||||||||||
Performing | Nonperforming | Total | |||||||||
September 30, 2017 | |||||||||||
Consumer loans | $ | 46 | $ | 15 | $ | 61 | |||||
Commercial loans | — | — | — | ||||||||
Total TDR loans | $ | 46 | $ | 15 | $ | 61 | |||||
June 30, 2017 | |||||||||||
Consumer loans | $ | 46 | $ | 12 | $ | 58 | |||||
Commercial loans | — | — | — | ||||||||
Total TDR loans | $ | 46 | $ | 12 | $ | 58 | |||||
December 31, 2016 | |||||||||||
Consumer loans | $ | 67 | $ | 18 | $ | 85 | |||||
Commercial loans | — | — | — | ||||||||
Total TDR loans | $ | 67 | $ | 18 | $ | 85 | |||||
September 30, 2016 | |||||||||||
Consumer loans | $ | 70 | $ | 17 | $ | 87 | |||||
Commercial loans | 1 | — | 1 | ||||||||
Total TDR loans | $ | 71 | $ | 17 | $ | 88 | |||||
Representation and Warranty Reserve (Dollars in millions) (Unaudited)
| |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2017 | June 30, | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||||||
Balance at beginning of period | $ | 20 | $ | 23 | $ | 36 | $ | 27 | $ | 40 | |||||||||
Provision (benefit) | |||||||||||||||||||
Gain on sale reduction for representation and warranty liability | 1 | 1 | 1 | 3 | 4 | ||||||||||||||
Representation and warranty provision (benefit) | (4) | (3) | (6) | (11) | (12) | ||||||||||||||
Total | (3) | (2) | (5) | (8) | (8) | ||||||||||||||
(Charge-offs) recoveries, net | (1) | (1) | 1 | (3) | — | ||||||||||||||
Balance at end of period | $ | 16 | $ | 20 | $ | 32 | $ | 16 | $ | 32 | |||||||||
Non-GAAP Reconciliation
(Dollars in millions)
(Unaudited)
Basel III (transitional) to Basel III (fully phased-in) reconciliation.On January 1, 2015, the Basel III rules became effective, subject to transition provisions primarily related to regulatory deductions and adjustments impacting common equity Tier 1 capital and Tier 1 capital. We have transitioned to the Basel III framework beginning in January 2015 and are subject to a phase-in period extending through 2018. Accordingly, the calculations provided below are estimates. These measures are considered to be non-GAAP financial measures because they are not formally defined by GAAP and the Basel III implementation regulations will not be fully phased-in until January 1, 2019. The regulations are subject to change as clarifying guidance becomes available and the calculations currently include our interpretations of the requirements including informal feedback received through the regulatory process. Other entities may calculate the Basel III ratios differently from ours based on their interpretation of the guidelines. Since analysts and banking regulators may assess our capital adequacy using the Basel III framework, we believe that it is useful to provide investors information enabling them to assess our capital adequacy on the same basis.
September 30, 2017 | Common Equity Tier 1 (to Risk Weighted Assets) | Tier 1 Leverage (to Adjusted Tangible Assets) | Tier 1 Capital (to Risk Weighted Assets) | Total Risk-Based Capital (to Risk Weighted Assets) | |||||||||||
(Dollars in millions) (Unaudited) | |||||||||||||||
Flagstar Bancorp (the Company) | |||||||||||||||
Regulatory capital – Basel III (transitional) to Basel III (fully phased-in) | |||||||||||||||
Basel III (transitional) | $ | 1,208 | $ | 1,423 | $ | 1,423 | $ | 1,554 | |||||||
Increased deductions related to deferred tax assets, mortgage servicing rights and other capital components | (90) | (65) | (65) | (62) | |||||||||||
Basel III (fully phased-in) capital | $ | 1,118 | $ | 1,358 | $ | 1,358 | $ | 1,492 | |||||||
Risk-weighted assets – Basel III (transitional) to Basel III (fully phased-in) | |||||||||||||||
Basel III assets (transitional) | $ | 10,371 | $ | 16,165 | $ | 10,371 | $ | 10,371 | |||||||
Net change in assets | 191 | (65) | 191 | 191 | |||||||||||
Basel III (fully phased-in) assets | $ | 10,562 | $ | 16,100 | $ | 10,562 | $ | 10,562 | |||||||
Capital ratios | |||||||||||||||
Basel III (transitional) | 11.65 | % | 8.80 | % | 13.72 | % | 14.99 | % | |||||||
Basel III (fully phased-in) | 10.58 | % | 8.43 | % | 12.86 | % | 14.13 | % | |||||||
September 30, 2017 | Common Equity Tier 1 (to Risk Weighted Assets) | Tier 1 Leverage (to Adjusted Tangible Assets) | Tier 1 Capital (to Risk Weighted Assets) | Total Risk-Based Capital (to Risk Weighted Assets) | |||||||||||
Flagstar Bank (the Bank) | (Dollars in millions) (Unaudited) | ||||||||||||||
Regulatory capital – Basel III (transitional) to Basel III (fully phased-in) | |||||||||||||||
Basel III (transitional) | $ | 1,519 | $ | 1,519 | $ | 1,519 | $ | 1,651 | |||||||
Increased deductions related to deferred tax assets, mortgage servicing rights and other capital components | (44) | (44) | (44) | (41) | |||||||||||
Basel III (fully phased-in) capital | $ | 1,475 | $ | 1,475 | $ | 1,475 | $ | 1,610 | |||||||
Risk-weighted assets – Basel III (transitional) to Basel III (fully phased-in) | |||||||||||||||
Basel III assets (transitional) | $ | 10,396 | $ | 16,191 | $ | 10,396 | $ | 10,396 | |||||||
Net change in assets | 293 | (45) | 293 | 293 | |||||||||||
Basel III (fully phased-in) assets | $ | 10,689 | $ | 16,146 | $ | 10,689 | $ | 10,689 | |||||||
Capital ratios | |||||||||||||||
Basel III (transitional) | 14.61 | % | 9.38 | % | 14.61 | % | 15.88 | % | |||||||
Basel III (fully phased-in) | 13.80 | % | 9.13 | % | 13.80 | % | 15.06 | % | |||||||
Tangible book value per share, adjusted net income and adjusted earnings per share. In addition to analyzing the Company's results on a reported basis, management reviews the Company's results and the results on an adjusted basis. These non-GAAP measures reflect the adjustments of the reported U.S.GAAP results for significant items that management does not believe are reflective of the Company's current and ongoing operations. The Company believes that tangible book value per share, adjusted net income and adjusted earnings per share provide a meaningful representation of its operating performance on an ongoing basis. Management uses these measures to assess performance of the Company against its peers and evaluate overall performance. The Company believes these non-GAAP financial measures provide useful information for investors, securities analysts and others because it provides a tool to evaluate the Company's performance on an ongoing basis and compared to its peers.
The following tables provide a reconciliation of non-GAAP financial measures.
Tangible book value per share | |||||||||||||||||||
September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||||
(Dollars in millions, except share data) | |||||||||||||||||||
Total stock holders' equity | $ | 1,451 | $ | 1,408 | $ | 1,371 | $ | 1,336 | $ | 1,286 | |||||||||
Preferred stock | — | — | — | — | — | ||||||||||||||
Goodwill and intangibles | 21 | 20 | 4 | — | — | ||||||||||||||
Tangible book value | $ | 1,430 | $ | 1,388 | $ | 1,367 | $ | 1,336 | $ | 1,286 | |||||||||
Number of common shares outstanding | 57,181,536 | 57,161,431 | 57,043,565 | 56,824,802 | 56,597,271 | ||||||||||||||
Tangible book value per share | $ | 25.01 | $ | 24.29 | $ | 23.96 | $ | 23.50 | $ | 22.72 | |||||||||
Adjusted Net Income and Adjusted Earnings per Share | ||||||
Three Months Ended | Nine Months Ended | |||||
September 30, 2016 | September 30, 2016 | |||||
(Dollars in millions) (Unaudited) | ||||||
Net income | $ | 57 | $ | 143 | ||
Adjustment to remove DOJ adjustment | (24) | (24) | ||||
Tax impact of adjusting item | 8 | 8 | ||||
Adjusted net income | $ | 41 | $ | 127 | ||
Diluted earnings per share | $ | 0.96 | $ | 2.16 | ||
Adjustment to remove DOJ adjustment | (0.41) | (0.42) | ||||
Tax impact of adjusting item | 0.14 | 0.14 | ||||
Diluted adjusted earnings per share | $ | 0.69 | $ | 1.88 | ||
View original content with multimedia:http://www.prnewswire.com/news-releases/flagstar-reports-third-quarter-2017-net-income-of-40-million-or-070-per-diluted-share-300541715.html
SOURCE Flagstar Bancorp, Inc.
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