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Stock Market & Financial Investment News

News Breaks
February 9, 2013
14:48 EDTFBCFlagstar's revised Q4 EPS is ($1.75); previously reported Q4 EPS was $1.12
Following the Court's decision in the Assured case, Flagstar increased, effective as of December 31, 2012, its reserve for pending and threatened litigation, which resulted in a decrease in net income of $161M, or $2.87 p/s, for Q412. The total amount reserved for pending and threatened litigation, including amounts paid in anticipation of future settlements, was increased to approximately $244.6M at December 31. Included in this reserve are amounts for the Court's decision regarding Assured and for the lawsuit that the MBIA Insurance Corporation filed against the Bank on January 11, 2013, along with other pending litigation.
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April 23, 2014
13:00 EDTFBCFlagstar Bancorp downgraded to Market Perform from Outperform at FBR Capital
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05:13 EDTFBCFlagstar Bancorp reports Q1 EPS ($1.50), may not compare to consensus 19c
Reports Q1 book value per share $19.29. Reports Q1 Tier 1 capital ratio 23.62%. Sandro DiNello, the company's CEO said, "Our first quarter results were largely in-line with expectations except for our provision for loan losses and a one-time adjustment to our repurchased loans. During the quarter, we made the determination to significantly bolster our loan loss reserve estimates which results in an increase to the loss coverage period from approximately 12 months to 18 months. As a result of this action, which was not driven by charge-offs, the allowance for loan losses increased to $307M at March 31, from $207M at December 31, 2013 and the ratio of allowance for loan losses to non-performing loans increased to 286.9% from 145.9% at December 31, 2013. Additionally, we recorded a $21.1M reduction to the originally recorded fair value of loans that we repurchased from the GSEs and which were performing at that time."

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