Flagstar Bancorp: 2Q Earnings Snapshot
TROY, Mich. (AP) _ Flagstar Bancorp Inc. (FBC) on Tuesday reported second-quarter profit of $50 million.
On a per-share basis, the Troy, Michigan-based company said it had net income of 85 cents.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The holding company for Flagstar Bank posted revenue of $290 million in the period. Its adjusted revenue was $238 million, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $243.7 million.
Flagstar Bancorp shares have declined 11 percent since the beginning of the year. The stock has climbed 11 percent in the last 12 months.