Flagstar Bancorp: 2Q Earnings Snapshot
TROY, Mich. (AP) _ Flagstar Bancorp Inc. (FBC) on Tuesday reported second-quarter earnings of $61 million.
On a per-share basis, the Troy, Michigan-based company said it had net income of $1.06. Earnings, adjusted for non-recurring gains, came to 71 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The holding company for Flagstar Bank posted revenue of $366 million in the period. Its adjusted revenue was $306 million, also beating Street forecasts. Five analysts surveyed by Zacks expected $270.3 million.
Flagstar Bancorp shares have climbed 26% since the beginning of the year. The stock has dropped nearly 1% in the last 12 months.