10-Q 1 fbc-20220331.htm 10-Q fbc-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 001-16577
 fbc-20220331_g1.jpg
Flagstar Bancorp, Inc.
(Exact name of registrant as specified in its charter).
Michigan  38-3150651
(State or other jurisdiction of  (I.R.S. Employer
Incorporation or organization)  Identification No.)
5151 Corporate Drive,Troy,Michigan  48098-2639
(Address of principal executive offices)  (Zip code)
(248) 312-2000
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and formal fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act: 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ¨.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  .
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common stockFBCNew York Stock Exchange
As of May 9, 2022, 53,245,670 shares of the registrant’s common stock, $0.01 par value, were issued and outstanding.



FLAGSTAR BANCORP, INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2022
TABLE OF CONTENTS
Item 1.
Consolidated Statements of Financial Condition – March 31, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Operations – For the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income – For the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Stockholders’ Equity – For the three months ended March 31, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows – For the three months ended March 31, 2022 and 2021 (unaudited)
Notes to the Consolidated Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


GLOSSARY OF ABBREVIATIONS AND ACRONYMS

The following list of abbreviations and acronyms are provided as a tool for the reader and may be used throughout this Report, including the Consolidated Financial Statements and Notes:
TermDefinitionTermDefinition
ACLAllowance for Credit LossesHELOANHome Equity Loan
AFSAvailable-for-SaleHFIHeld-for-Investment
AgenciesFederal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association, CollectivelyHFSHeld-for-Sale
HOLAHome Owners' Loan Act
ALCOAsset Liability CommitteeHome equitySecond Mortgages, HELOANs, HELOCs
ALLLAllowance for Loan LossesHPIHousing Price Index
AOCIAccumulated Other Comprehensive Income (Loss)HTMHeld-to-Maturity
ASUAccounting Standards UpdateLGGLoans with Government Guarantees
Basel IIIBasel Committee on Banking Supervision Third Basel AccordLHFILoans Held-for-Investment
C&ICommercial and IndustrialLHFSLoans Held-for-Sale
CARES ActCoronavirus Aid, Relief and Economic Security ActLIBORLondon Interbank Offered Rate
CDARSCertificates of Deposit Account Registry ServiceLTVLoan-to-Value Ratio
CDCertificates of DepositManagementFlagstar Bancorp’s Management
CECLCurrent Expected Credit Losses MBSMortgage-Backed Securities
CET1Common Equity Tier 1MD&AManagement's Discussion and Analysis
CLTVCombined Loan-to-Value RatioMSRMortgage Servicing Rights
Common StockCommon SharesN/ANot Applicable
CRECommercial Real EstateN/MNot Meaningful
Deposit BetaThe change in the annualized cost of our deposits, compared to the change in the Federal Reserve discount rateNBVNet Book Value
DOJUnited States Department of JusticeNPLNonperforming Loan
DOJ Liability2012 Settlement Agreement with the Department of JusticeNYSENew York Stock Exchange
OCCOffice of the Comptroller of the Currency
DTADeferred Tax AssetOCIOther Comprehensive Income (Loss)
EVEEconomic Value of EquityQTLQualified Thrift Lending
Fannie MaeFederal National Mortgage AssociationRegulatory AgenciesBoard of Governors of the Federal Reserve, Office of the Comptroller of the Currency, U.S. Department of the Treasury, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Securities and Exchange Commission
FASBFinancial Accounting Standards Board
FBCFlagstar Bancorp
FDICFederal Deposit Insurance CorporationREOReal estate owned and other nonperforming assets, net
Federal ReserveBoard of Governors of the Federal Reserve SystemRMBSResidential Mortgage-Backed Securities
FHAFederal Housing AdministrationRWARisk Weighted Assets
FHLBFederal Home Loan BankSECSecurities and Exchange Commission
FICOFair Isaac CorporationSNCShared National Credit Loans
FOALFallout-Adjusted LocksSOFRSecured Oversight Financing Rate
FRBFederal Reserve BankTDRTroubled Debt Restructuring
Freddie MacFederal Home Loan Mortgage CorporationTPOThird Party Originator
FTEFull Time Equivalent EmployeesUPBUnpaid Principal Balance
GAAPUnited States Generally Accepted Accounting PrinciplesU.S. TreasuryUnited States Department of Treasury
GNMAGovernment National Mortgage AssociationVIEVariable Interest Entities
HELOCHome Equity Lines of CreditXBRLeXtensible Business Reporting Language
3


PART I. FINANCIAL INFORMATION
ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

    The following is Management's Discussion and Analysis of the financial condition and results of operations of Flagstar Bancorp, Inc. for the first quarter of 2022, which should be read in conjunction with the financial statements and related notes set forth in Part I, Item 1 of this Form 10-Q and Part II, Item 8 of Flagstar Bancorp, Inc.'s 2021 Annual Report on Form 10-K for the year ended December 31, 2021.

    Certain statements in this Form 10-Q, including but not limited to statements included within Management’s Discussion and Analysis of Financial Condition and Results of Operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements are based on the current beliefs and expectations of our Management. Actual results may differ from those set forth in forward-looking statements. See Forward-Looking Statements on page 41 of this Form 10-Q, Part II, Item 1A, Risk Factors of this Form 10-Q and Part I, Item 1A, Risk Factors of Flagstar Bancorp, Inc.'s 2021 Annual Report on Form 10-K for the year ended December 31, 2021. Additional information about Flagstar can be found on our website at www.flagstar.com.

    Where we say "we," "us," "our," the "Company," "Bancorp" or "Flagstar," we usually mean Flagstar Bancorp, Inc. However, in some cases, a reference will include our wholly-owned subsidiary Flagstar Bank, FSB (the "Bank"). See the Glossary of Abbreviations and Acronyms on page 3 for definitions used throughout this Form 10-Q.    

Introduction

    We are a savings and loan holding company founded in 1993. Our business is primarily conducted through our principal subsidiary, the Bank, a federally chartered stock savings bank founded in 1987. We provide commercial and consumer banking services, and we are the 6th largest bank mortgage originator in the nation and the 5th largest subservicer of mortgage loans nationwide. At March 31, 2022, we had 5,341 full-time equivalent employees. Our common stock is listed on the NYSE under the symbol "FBC".

    Our relationship-based business model leverages our full-service bank’s capabilities and our national mortgage platform to create build financial solutions for our customers. At March 31, 2022, we operated 158 full-service banking branches that offer a full set of banking products to consumer, commercial, and government customers. Our banking footprint spans Michigan, Indiana, California, Wisconsin, Ohio and contiguous states.

    We originate mortgages through a network of brokers and correspondents in all 50 states and our own loan officers, which includes our direct lending team, from 82 retail locations in 28 states and 3 call centers. We are also a leading national servicer of mortgage loans and provide complementary ancillary offerings including MSR lending, servicing advance lending and MSR recapture services.

Strategic Merger with New York Community Bancorp, Inc.

On April 26, 2021, it was announced that New York Community Bancorp, Inc. ("NYCB") and Flagstar had entered into a definitive merger agreement (the "Merger Agreement") under which the two companies will combine in an all stock merger. Under the terms of the Merger Agreement, Flagstar shareholders will receive 4.0151 shares of NYCB common stock for each Flagstar share they own. The combined company expects to have over $85 billion in assets and operate nearly 400 traditional branches in nine states and over 80 loan production offices across a 28 state footprint. On August 4, 2021, Flagstar's and NYCB's shareholders each voted in their respective special meetings of shareholders to approve the proposed business combination. The transaction is subject to customary closing conditions, including regulatory approvals.

On April 26, 2022, NYCB and Flagstar entered into Amendment No. 1 (the "Amendment") to the Merger Agreement. Under the Amendment, the parties have agreed to: extend the termination date of the Merger Agreement to October 31, 2022; Change the structure of the merger of the subsidiary banks, so that Flagstar Bank, FSB will initially convert to a national bank charter and New York Community Bank will merge with and into the national bank, with the national bank as the surviving entity; and clarify that approvals of the FDIC and the New York State Department of Financial Services are no longer required but that the approval of the OCC will be required. Other than as expressly modified by the Amendment, the Merger Agreement, remains in full force and effect.

Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals.

4


Operating Segments

    Our operations are conducted through our three operating segments: Community Banking, Mortgage Originations, and Mortgage Servicing. For further information, see MD&A - Operating Segments and Note 17 - Segment Information.
5


Results of Operations

The following table summarizes our results of operations for the periods indicated:

Three Months Ended,1Q22 vs. 4Q211Q22 vs. 1Q21
 March 31, 2022December 31, 2021March 31, 2021ChangeChange
(Dollars in millions, except share data)
Net interest income$165 $181 $189 $(16)$(24)
(Benefit) provision for credit losses(4)(17)(28)13 24 
Total noninterest income160 202 324 (42)(164)
Total noninterest expense261 291 347 (30)(86)
Provision for income taxes15 24 45 (9)(30)
Net income$53 $85 $149 $(32)$(96)
Income per share
Basic$0.99 $1.62 $2.83 $(0.63)$(1.84)
Diluted$0.99 $1.60 $2.80 $(0.61)$(1.81)
Weighted average shares outstanding:
Basic53,219,866 52,867,138 52,675,562 352,728 544,304 
Diluted53,578,001 53,577,832 53,297,803 169 280,198 

The following table summarizes our adjusted results of operations(1):

Three Months Ended,1Q22 vs. 4Q211Q22 vs. 1Q21
 March 31, 2022December 31, 2021March 31, 2021ChangeChange
(Dollars in millions, except share data)
Net interest income$165 $181 $189 $(16)$(24)
(Benefit) provision for credit losses(4)(17)(28)13 24 
Total noninterest income160 202 324 (42)(164)
Total noninterest expense258 285 312 (27)(54)
Provision for income taxes16 25 53 (9)(37)
Net income$55 $90 $176 $(35)$(121)
Income per share
Basic$1.03 $1.71 $3.34 $(0.68)$(2.31)
Diluted$1.02 $1.69 $3.31 $(0.67)$(2.29)
(1)See Use of Non-GAAP Financial Measures for further information.


6


The following table summarizes certain selected ratios and statistics for the periods indicated:
Three Months Ended,
March 31, 2022December 31, 2021March 31, 2021
Selected Ratios:
Interest rate spread (1)2.91 %2.79 %2.55 %
Net interest margin3.11 %2.96 %2.82 %
Adjusted net interest margin (2)3.12 %2.98 %3.02 %
Return on average assets0.89 %1.28 %1.98 %
Adjusted return on average assets (2)0.92 %1.35 %2.34 %
Return on average common equity7.87 %12.74 %25.73 %
Return on average tangible common equity (2)8.61 %13.79 %27.99 %
Adjusted return on average tangible common equity (2)9.10 %14.90 %32.97 %
Common equity-to-assets ratio11.75 %10.67 %8.01 %
Common equity-to-assets ratio (average for the period)11.12 %10.08 %7.71 %
Efficiency ratio80.4 %75.9 %67.7 %
Adjusted efficiency ratio (2)79.6 %74.4 %60.8 %
Selected Statistics:
Book value per common share$51.33 $51.09 $44.71 
Tangible book value per share (2)$48.61 $48.33 $41.77 
Number of common shares outstanding53,236,067 53,197,650 52,752,600 
(1)Interest rate spread is the difference between the yield earned on average interest-earning assets for the period and the rate of interest paid on average interest-bearing liabilities.
(2) See Use of Non-GAAP Financial Measures for further information.

Overview

Net income for the quarter-ended March 31, 2022 was $53 million, or $0.99 per diluted share compared to fourth quarter 2021 net income of $85 million, or $1.60 per diluted share. When adjusting for the pre-tax impact of merger related expenses, first quarter 2022 net income was $55 million, or $1.02 per diluted share as compared to $90 million, or $1.69 per diluted share in the fourth quarter of 2021.

Net interest income in the first quarter declined $16 million, or 9 percent as compared to the prior quarter driven by a $2.7 billion, or 11 percent, reduction in average interest-earning assets partially offset by a 15 basis points increase in net interest margin. In the first quarter, a smaller mortgage market and seasonality drove declines in our HFS and warehouse loan portfolios compared to the prior quarter, which were partially offset by a $360 million increase in our commercial and industrial loan portfolio. The margin expansion was largely attributable to the impact of income recognized from the payoff of loans with government guarantees in forbearance and higher rates on newly originated loans held-for-sale.

Net return on mortgage servicing rights increased $10 million, to $29 million for the first quarter 2022, compared to a $19 million net return for the fourth quarter 2021. The increase in interest rates during the quarter resulted in improved valuations and hedging results as we reduced our hedge ratio on this portfolio to help mitigate the impact of higher mortgage rates on our mortgage origination revenue.

Net gain on sales decreased $46 million, or 51 percent compared to the prior quarter driven by lower gain on loan sale margins which declined 44 basis points, to 58 basis points for the first quarter 2022, as compared to 102 basis points for the fourth quarter 2022. The decrease was largely the result of $21 million fewer re-securitization gains from cured LGG loans and secondary marketing, which were impacted by the speed of rate changes in the quarter and volatility. Fallout adjusted lock volume declined to $7.7 billion from $8.9 billion for the fourth quarter 2021, reflecting lower refinance volumes due to increasing interest rates.

Our benefit for credit losses for the quarter ended March 31, 2022 was $4 million, compared to a benefit of $17 million in the fourth quarter 2021. Our benefit for credit losses in the first quarter was driven by the reduction in our ACL reserve reflecting one non-accrual commercial loan, no commercial delinquencies and low levels of consumer delinquencies while forbearance loans continue to decrease as of March 31, 2022.

We subserviced 1.3 million accounts as of March 31, 2022, a 2 percent increase compared to December 31, 2021 as we continued to grow this business.
7


Net Interest Income

The following table presents details on our net interest margin and net interest income on a consolidated basis:
 Three Months Ended,
 March 31, 2022December 31, 2021March 31, 2021
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$4,833 $40 3.31 %$6,384 $49 3.10 %$7,464 $53 2.83 %
Loans held-for-investment
Residential first mortgage1,500 13 3.35 %1,569 13 3.22 %2,132 17 3.20 %
Home equity598 4.05 %635 3.93 %820 3.50 %
Other1,253 15 4.86 %1,229 16 4.80 %1,040 12 4.79 %
Total consumer loans3,351 34 4.04 %3,433 35 3.92 %3,992 36 3.68 %
Commercial real estate3,226 29 3.60 %3,260 29 3.45 %3,042 26 3.36 %
Commercial and industrial1,834 16 3.52 %1,473 14 3.69 %1,486 13 3.53 %
Warehouse lending3,973 32 3.25 %5,148 47 3.54 %6,395 64 4.00 %
Total commercial loans9,033 77 3.43 %9,881 90 3.53 %10,923 103 3.76 %
Total loans held-for-investment (1)12,384 111 3.59 %13,314 125 3.63 %14,915 139 3.73 %
Loans with government guarantees1,402 15 4.40 %1,742 11 2.62 %2,502 0.56 %
Investment securities 2,021 11 2.19 %2,104 11 2.09 %2,210 12 2.21 %
Interest-earning deposits 929 — 0.16 %747 — 0.15 %87 — 0.14 %
Total interest-earning assets $21,569 $177 3.30 %$24,291 $196 3.18 %$27,178 $208 3.06 %
Other assets2,592 2,408 2,887 
Total assets$24,161 $26,699 $30,065 
Interest-Bearing Liabilities
Retail deposits
Demand deposits $1,626 $— 0.09 %$1,692 $— 0.05 %$1,852 $— 0.07 %
Savings deposits 4,253 0.14 %4,211 0.14 %3,945 0.14 %
Money market deposits887 — 0.09 %927 — 0.09 %685 — 0.06 %
Certificates of deposit 929 0.35 %973 0.44 %1,293 0.96 %
Total retail deposits7,695 0.15 %7,803 0.15 %7,775 0.25 %
Government deposits1,879 0.17 %1,998 0.17 %1,773 0.22 %
Wholesale deposits and other1,071 0.89 %1,238 0.93 %1,031 1.59 %
Total interest-bearing deposits 10,645 0.23 %11,039 0.25 %10,579 10 0.38 %
Short-term FHLB advances and other658 — 0.22 %1,258 0.19 %2,779 0.17 %
Long-term FHLB advances1,260 0.98 %1,400 0.88 %1,200 1.03 %
Other long-term debt396 3.23 %396 3.16 %453 4.11 %
Total interest-bearing liabilities$12,959 $12 0.39 %$14,093 $15 0.39 %$15,011 $19 0.51 %
Noninterest-bearing deposits
Retail deposits and other2,474 2,468 2,270 
Custodial deposits (2)4,970 6,309 7,194 
Total noninterest bearing deposits7,444 8,777 9,464 
Other liabilities 1,071 1,137 3,271 
Stockholders’ equity2,687 2,692 2,319 
Total liabilities and stockholders' equity$24,161 $26,699 $30,065 
Net interest-earning assets$8,610 $10,198 $12,167 
Net interest income $165 $181 $189 
Interest rate spread (3)2.91 %2.79 %2.55 %
Net interest margin (4)3.11 %2.96 %2.82 %
Ratio of average interest-earning assets to interest-bearing liabilities166.4 %172.4 %181.1 %
Total average deposits$18,089 $19,816 $20,043 
(1)Includes nonaccrual loans. For further information on nonaccrual loans, see Note 4 - Loans Held-for-Investment.
(2)Includes noninterest-bearing custodial deposits that arise due to the servicing of loans for others.
(3)Interest rate spread is the difference between rates of interest earned on interest-earning assets and rates of interest paid on interest-bearing liabilities.
(4)Net interest margin is net interest income divided by average interest-earning assets.
    
8



The following table presents the dollar amount of changes in interest income and interest expense for the components of interest-earning assets and interest-bearing liabilities. The table distinguishes between the changes related to average outstanding balances (changes in volume while holding the initial rate constant) and the changes related to average interest rates (changes in average rates while holding the initial balance constant). The rate/volume variances are allocated to rate. Rate and volume variances are calculated on each line separate as an indication of the magnitude. Line items may not aggregate to the totals due to mix changes.
Three Months Ended,Three Months Ended,
March 31, 2022 versus December 31, 2021 Increase (Decrease) Due to:March 31, 2022 versus March 31, 2021 Increase (Decrease) Due to:
 RateVolumeTotalRateVolumeTotal
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$$(13)$(9)$$(19)$(13)
Loans held-for-investment
Residential first mortgage(1)— (5)(4)
Home equity— — — (2)(1)
Other(1)— (1)— 
Total consumer loans— (1)(1)(6)(2)
Commercial real estate— — — 
Commercial and industrial(1)— 
Warehouse lending(5)(10)(15)(8)(24)(32)
Total commercial loans(6)(7)(13)(8)(18)(26)
Total loans held-for-investment(6)(8)(14)(4)(24)(28)
Loans with government guarantees(4)13 (2)11 
Investment securities— — — — (1)(1)
Interest-earning deposits and other— — — — — — 
Total interest-earning assets$$(22)$(19)$12 $(43)$(31)
Interest-Bearing Liabilities
Interest-bearing deposits$(1)$— $(1)$(4)$— $(4)
Short-term FHLB advances and other borrowings(1)— (1)— (1)(1)
Long-term FHLB advances(1)— (1)— — — 
Other long-term debt— — — (1)(1)(2)
Total interest-bearing liabilities(2)(1)(3)(4)(3)(7)
Change in net interest income$$(21)$(16)$16 $(40)$(24)

Comparison to Prior Quarter

Net interest income for the three months ended March 31, 2022 was $165 million, a decrease of $16 million, or 9 percent as compared to the fourth quarter 2021. The results primarily reflect a $2.7 billion, or 11 percent, net decrease in average earning assets primarily from lower mortgage loans held-for-sale and warehouse loans due to seasonality and a smaller mortgage origination market. These decreases were partially offset by $360 million higher balances in our commercial and industrial loan portfolio and a higher net interest margin.

The net interest margin increased 15 basis points to 3.11 percent for the quarter ended March 31, 2022, as compared to 2.96 percent for the quarter ended December 31, 2021. The increase in net interest margin was largely attributable to the impact from the Federal Reserve's March rate increase, income recognition resulting from the payoff of LGG in forbearance, and higher yields on newly originated LHFS.

Average total deposits were $18.1 billion in the first quarter 2022, decreasing $1.7 billion, or 9 percent, from the fourth quarter 2021. The decrease was primarily driven by a decrease of $1.3 billion, or 21 percent, in average custodial deposits due to a reduction in mortgage refinance activity driven by the higher rate environment.

9


Comparison to Prior Year    Quarter

Net interest income for the three months ended March 31, 2022 was $165 million, a decrease of $24 million as compared to the three months ended March 31, 2021. The 13 percent decrease was driven by a decline in average earning assets, primarily from mortgage loans held-for-sale and warehouse loans due to a smaller mortgage origination market. In addition, average LGG decreased $1.1 billion driven by loans exiting forbearance and being resold.

Net interest margin increased 29 basis points to 3.11 percent for the three months ended March 31, 2022, as compared to 2.82 percent for the three months ended March 31, 2021 primarily due to higher interest rates, income recognition resulting from the payoff of LGG in forbearance as a majority of these loans were not earning interest in the first quarter of 2021 and higher rates on newly originated LHFS.

Average interest-bearing liabilities decreased $2.1 billion, primarily driven by a decrease of $2.1 billion in short term FHLB borrowings due to a reduction in our overall asset base.

Provision for Credit Losses

Comparison to Prior Quarter

The benefit for credit losses was $4 million for the three months ended March 31, 2022, as compared to a $17 million benefit for credit losses for the three months ended December 31, 2021. Our benefit for credit losses in the first quarter was driven by a reduction in our ACL reserve that reflects the credit quality of our outstanding portfolio with a low number of non-accrual loans and no commercial delinquencies as of March 31, 2022. During the first quarter 2022, we had $21 million of net charge-offs, primarily all from the $20 million charge-off of a commercial credit that had an $18 million specific reserve at December 31, 2021. The prior quarter benefit contained qualitative reserve reductions reflecting strong portfolio performance and asset quality.

Comparison to Prior Year Quarter

The benefit for credit losses was $4 million for the three months ended March 31, 2022, as compared to a benefit of $28 million for the three months ended March 31, 2021 which was driven by improved economic forecasts in the prior year.

For further information on the provision for credit losses, see MD&A - Credit Quality.

10


Noninterest Income

    The following tables provide information on our noninterest income and other mortgage metrics:
 Three Months Ended,1Q22 vs. 4Q211Q22 vs. 1Q21
 March 31, 2022December 31, 2021March 31, 2021ChangeChange
 (Dollars in millions)
Net gain on loan sales$45 $91 $227 $(46)$(182)
Loan fees and charges27 29 42 (2)(15)
Net return on mortgage servicing rights29 19 — 10 29 
Loan administration income33 36 27 (3)
Deposit fees and charges
Other noninterest income17 19 20 (2)(3)
Total noninterest income$160 $202 $324 $(42)$(164)

 Three Months Ended,1Q22 vs. 4Q211Q22 vs. 1Q21
 March 31, 2022December 31, 2021March 31, 2021ChangeChange
 (Dollars in millions)
Mortgage rate lock commitments (fallout-adjusted) (1)(3)$7,700 $8,900 $12,300 $(1,200)$(4,600)
Mortgage loans closed (3)$8,200 $10,700 $13,800 $(2,500)$(5,600)
Mortgage loans sold and securitized (3)$9,900 $12,100 $13,700 $(2,200)$(3,800)
Net margin on mortgage rate lock commitments (fallout-adjusted) (1)(2)0.58 %1.02 %1.84 %(0.44)%(1.26)%
Net margin on loans sold and securitized0.45 %0.75 %1.65 %(0.30)%(1.20)%
(1)Fallout-adjusted refers to mortgage rate lock commitments which are adjusted by estimates of the percentage of mortgage loans in the pipeline that are not expected to close based on our historical experience and the impact of changes in interest rates.
(2)Gain on sale margin is based on net gain on loan sales to fallout-adjusted mortgage rate lock commitments.
(3)Rounded to nearest hundred million.

Comparison to Prior Quarter

    Noninterest income decreased $42 million for the quarter ended March 31, 2022, compared to the quarter ended December 31, 2021, primarily due to the following:

Net gain on loan sales decreased $46 million as compared to the fourth quarter 2021. Gain on sale margins decreased 44 basis points, to 58 basis points for the first quarter 2022, as compared to 102 basis points for the fourth quarter 2021. The decrease was largely the result of $21 million fewer re-securitization gains from the LGG portfolio and secondary marketing performance, which was impacted by the speed of interest rate changes in the quarter. FOALs decreased $1.2 billion, or 13 percent, to $7.7 billion, reflecting lower refinance volumes due to increasing interest rates.

Net return on mortgage servicing rights was $29 million in the first quarter of 2022, an increase of $10 million compared to the fourth quarter of 2021. The increase in interest rates during the quarter resulted in improved valuations and hedging results as we reduced our hedge ratio on this portfolio to help mitigate the impact of higher mortgage rates on our mortgage origination revenue.

Loan administration income decreased $3 million, to $33 million for the first quarter 2022, compared to $36 million for the fourth quarter 2021, driven by a decline in the average number of subserviced loans in forbearance which earn a higher rate.

Loan fees and charges decreased $2 million to $27 million for the first quarter of 2022, compared to $29 million for the fourth quarter 2021, primarily due to a 23 percent decrease in mortgage loans closed partially offset by higher ancillary fee income in our servicing business.

11


Comparison to Prior Year    Quarter

    Noninterest income decreased $164 million for the three months ended March 31, 2022, compared to the three months ended March 31, 2021, primarily due to the following:

Net gain on loan sales decreased $182 million, primarily due to $4.6 billion lower FOALs and a 126 basis points decrease in our gain on sale margin driven by the reduction in mortgage origination market, reduced refinance activity due to higher mortgage rates and the resulting increased competition.

Net return on mortgage servicing rights increased $29 million, primarily driven by the increase in interest rates which resulted in improved valuations and hedging results as we reduced our hedge ratio on this portfolio in the first quarter of 2022 to help mitigate the impact of higher mortgage rates on our mortgage origination revenue.

Loan administration income increased $6 million, driven primarily by a decline in LIBOR-based credits paid to sub-servicing customers on custodial deposits controlled by them which declined $2.2 billion along with higher overall subservicing fee income due to an increase in the average number of loans being subserviced.

Loan fees and charges decreased $15 million primarily driven by a 40 percent decrease in mortgage loans closed. This decrease was partially offset by higher ancillary fee income from our servicing business.

Noninterest Expense

    The following table sets forth the components of our noninterest expense:
 Three Months Ended,1Q22 vs. 4Q211Q22 vs. 1Q21
 March 31, 2022December 31, 2021March 31, 2021ChangeChange
 (Dollars in millions)
Compensation and benefits$127 $137 $144 $(10)$(17)
Occupancy and equipment45 47 46 (2)(1)
Commissions26 38 62 (12)(36)
Loan processing expense21 21 21 — — 
Legal and professional expense11 13 (2)
Federal insurance premiums— (2)
Intangible asset amortization(1)(1)
General, administrative and other25 28 57 (3)(32)
Total noninterest expense$261 $291 $347 $(30)$(86)
Efficiency ratio80.4 %75.9 %67.7 %4.5 %12.7 %
Number of FTE employees5,341 5,395 5,418 (54)(77)

Comparison to Prior Quarter

Noninterest expense decreased to $261 million for the quarter ended March 31, 2022, compared to $291 million for the quarter ended December 31, 2021. Excluding $3 million of merger costs in the first quarter of 2022 and $6 million of merger costs in the fourth quarter 2021, noninterest expense decreased $27 million, or 9 percent. The decrease in noninterest expense primarily reflects lower commissions as mortgage loan closings decreased 23 percent compared to the prior quarter and a decrease in incentive compensation partially offset by seasonally higher payroll taxes and benefits.

12


Comparison to Prior Year    Quarter

Noninterest expense decreased $86 million for the three months ended March 31, 2022, compared to the three months ended March 31, 2021 primarily due to the following:

Mortgage commissions decreased $36 million primarily driven by a 40 percent reduction in mortgage loan closings.

Compensation and benefits decreased $17 million, primarily due to a decrease in incentive compensation and slightly lower average FTE.

General, administrative and other noninterest expense decreased $32 million primarily driven by the $35 million DOJ final settlement expense recognized during the three months ended March 31, 2021. The quarter ended March 31, 2021 includes $3 million of merger expenses.

Provision for Income Taxes

    The first quarter provision for income taxes totaled $15 million, as compared to a provision for income taxes of $24 million for the fourth quarter 2021, with an effective tax rate of 22 percent, in-line with the effective tax rate for the fourth quarter 2021.

Operating Segments

    Our operations are conducted through three operating segments: Community Banking, Mortgage Originations, and Mortgage Servicing. The Other segment includes the remaining reported activities. The operating segments have been determined based on the products and services offered and reflect the manner in which financial information is currently evaluated by Management. Each of the operating segments is complementary to each other and because of the interrelationships of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

    We charge the lines of business for the net charge-offs that occur. In addition t