10-Q 1 fbc-20220630.htm 10-Q fbc-20220630
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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 June 30, 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-20220630_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 August 5, 2022, 53,330,138 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 June 30, 2022
TABLE OF CONTENTS
Item 1.
Consolidated Statements of Financial Condition – June 30, 2022 (unaudited) and December 31, 2021
Consolidated Statements of Operations – For the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Comprehensive Income – For the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Stockholders’ Equity – For the three and six months ended June 30, 2022 and 2021 (unaudited)
Consolidated Statements of Cash Flows – For the six months ended June 30, 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 second 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 7th largest bank mortgage originator in the nation and the 5th largest subservicer of mortgage loans nationwide. At June 30, 2022, we had 5,036 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 financial solutions for our customers. At June 30, 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 79 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,Six Months Ended,
 June 30, 2022March 31, 2022ChangeJune 30, 2022June 30, 2021Change
(Dollars in millions, except share data)
Net interest income$193 $165 $28 $358 $371 $(13)
(Benefit) provision for credit losses(9)(4)(5)(13)(72)59 
Total noninterest income131 160 (29)291 576 (285)
Total noninterest expense256 261 (5)517 636 (119)
Provision for income taxes17 15 32 87 (55)
Net income$60 $53 $$113 $296 $(183)
Income per share
Basic$1.13 $0.99 $0.14 $2.12 $5.61 $(3.49)
Diluted$1.12 $0.99 $0.13 $2.11 $5.54 $(3.43)
Weighted average shares outstanding:
Basic53,269,631 53,219,866 49,765 53,244,886 52,719,959 524,927 
Diluted53,535,448 53,578,001 (42,553)53,556,607 53,417,896 138,711 

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

Three Months Ended,Six Months Ended,
 June 30, 2022March 31, 2022ChangeJune 30, 2022June 30, 2021Change
(Dollars in millions, except share data)
Net interest income$193 $165 $28 $358 $371 $(13)
(Benefit) provision for credit losses(9)(4)(5)(13)(72)59 
Total noninterest income131 160 (29)291 576 (285)
Total noninterest expense253 258 (5)511 602 (91)
Provision for income taxes17 16 33 95 (62)
Net income$63 $55 $$— $118 $322 $(204)
Income per share
Basic$1.18 $1.03 $0.15 $2.21 $6.11 $(3.90)
Diluted$1.17 $1.02 $0.15 $2.20 $6.03 $(3.83)
(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,Six Months Ended
June 30, 2022March 31, 2022June 30, 2022June 30, 2021
Selected Ratios:
Interest rate spread (1)3.47 %2.91 %3.19 %2.62 %
Net interest margin3.69 %3.11 %3.40 %2.86 %
Return on average assets1.01 %0.89 %0.94 %2.04 %
Adjusted return on average assets (2)1.05 %0.92 %0.98 %2.22 %
Return on average common equity8.74 %7.87 %8.31 %24.82 %
Return on average tangible common equity (2)9.49 %8.61 %9.05 %26.92 %
Adjusted return on average tangible common equity (2)10.09 %9.10 %9.60 %30.66 %
Common equity-to-assets ratio10.82 %11.75 %10.82 %9.23 %
Common equity-to-assets ratio (average for the period)11.54 %11.12 %11.33 %8.21 %
Efficiency ratio79.1 %80.4 %79.7 %67.2 %
Adjusted efficiency ratio (2)78.1 %79.6 %78.8 %63.6 %
Selected Statistics:
Book value per common share$50.50 $51.33 $50.50 $47.26 
Tangible book value per share (2)$47.83 $48.61 $47.83 $44.38 
Number of common shares outstanding53,329,993 53,236,067 53,329,993 52,862,264 
(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 June 30, 2022 was $60 million, or $1.12 per diluted share, compared to first quarter 2022 net income of $53 million, or $0.99 per diluted share. Second quarter 2022 adjusted net income was $63 million, or $1.17 per diluted share, as compared to $55 million, or $1.02 per diluted share, in the first quarter of 2022 when adjusting for the impact of merger related expenses.

Net interest income increased $28 million, or 17 percent, as compared to the first quarter 2022, driven by a 58 basis point increase in net interest margin, which was partially offset by a $0.6 billion, or 3 percent, net decrease in average earning assets. The net interest margin expansion was largely attributable to our asset sensitivity, higher rates on newly purchased investment securities and a lag on deposit pricing increases. We grew our loans held for investment by $1.0 billion, led by our commercial portfolio; however, this growth was more than offset by a $1.3 billion decrease in our mortgage loans held-for-sale driven by lower mortgage volume.

Net gain on loan sales decreased $18 million, or 40 percent, compared to the prior quarter, driven by lower gain on sale margins, which decreased 19 basis points to 39 basis points for the second quarter 2022. The reduction in margin was primarily due to a $1.1 billion, or 47 percent, decline in our retail volume. This decline was primarily in the direct-to-consumer channel as a result of lower refinance volumes caused by the rising rate environment. The net return on mortgage servicing rights decreased $7 million to $22 million for the second quarter 2022, compared to a $29 million return for the first quarter 2022.

Our benefit for credit losses for the quarter ended June 30, 2022 was $9 million, compared to a benefit of $4 million in the first quarter 2022. Our benefit for credit losses in the second quarter reflects the strong performance of our portfolio, low number of non-accrual loans and a reduction in reserves for our loans with government guarantees as a result of pay-offs and improvements in the delinquency trends of expired forbearance loans.

We serviced or subserviced 1.4 million accounts as of June 30, 2022, a 10 percent increase compared to March 31, 2022 as we continued to grow this business.
7


Net Interest Income

The following tables present details on our net interest margin and net interest income on a consolidated basis:
 Three Months Ended,
 June 30, 2022March 31, 2022
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$3,571 $36 4.10 %$4,833 $40 3.31 %
Loans held-for-investment
Residential first mortgage1,789 16 3.68 %1,500 13 3.35 %
Home equity614 4.74 %598 4.05 %
Other1,302 16 4.80 %1,253 15 4.86 %
Total consumer loans3,705 39 4.25 %3,351 34 4.04 %
Commercial real estate3,366 41 4.78 %3,226 29 3.60 %
Commercial and industrial2,169 26 4.65 %1,834 16 3.52 %
Warehouse lending4,099 34 3.27 %3,973 32 3.25 %
Total commercial loans9,634 101 4.11 %9,033 77 3.43 %
Total loans held-for-investment (1)13,339 140 4.15 %12,384 111 3.59 %
Loans with government guarantees1,161 15 5.13 %1,402 15 4.40 %
Investment securities 2,310 17 2.89 %2,021 11 2.19 %
Interest-earning deposits 577 0.64 %929 — 0.16 %
Total interest-earning assets $20,958 $209 3.96 %$21,569 $177 3.30 %
Other assets2,909 2,592 
Total assets$23,867 $24,161 
Interest-Bearing Liabilities
Retail deposits
Demand deposits $1,725 $0.10 %$1,626 $— 0.09 %
Savings deposits 4,251 0.16 %4,253 0.14 %
Money market deposits926 — 0.16 %887 — 0.09 %
Certificates of deposit 851 0.35 %929 0.35 %
Total retail deposits7,753 0.17 %7,695 0.15 %
Government deposits1,699 0.32 %1,879 0.17 %
Wholesale deposits and other935 0.98 %1,071 0.89 %
Total interest-bearing deposits 10,387 0.26 %10,645 0.23 %
Short-term FHLB advances and other1,124 1.05 %658 — 0.22 %
Long-term FHLB advances982 1.15 %1,260 0.98 %
Other long-term debt396 3.07 %396 3.23 %
Total interest-bearing liabilities$12,889 $16 0.48 %$12,959 $12 0.39 %
Noninterest-bearing deposits
Retail deposits and other2,460 2,474 
Custodial deposits (2)4,641 4,970 
Total noninterest bearing deposits7,101 7,444 
Other liabilities 1,123 1,071 
Stockholders’ equity2,754 2,687 
Total liabilities and stockholders' equity$23,867 $24,161 
Net interest-earning assets$8,069 $8,610 
Net interest income $193 $165 
Interest rate spread (3)3.47 %2.91 %
Net interest margin (4)3.69 %3.11 %
Ratio of average interest-earning assets to interest-bearing liabilities162.6 %166.4 %
Total average deposits$17,488 $18,089 
(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


 Six Months Ended,
 June 30, 2022June 30, 2021
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$4,199 $77 3.65 %$7,181 $105 2.94 %
Loans held-for-investment
Residential first mortgage1,645 29 3.53 %2,009 32 3.23 %
Home equity606 13 4.40 %784 14 3.56 %
Other1,278 30 4.83 %1,071 25 4.80 %
Total consumer loans3,529 72 4.15 %3,864 71 3.73 %
Commercial real estate3,296 70 4.21 %3,068 52 3.36 %
Commercial and industrial2,002 42 4.14 %1,467 27 3.62 %
Warehouse lending4,036 66 3.26 %5,900 118 3.98 %
Total commercial loans9,334 178 3.78 %10,435 197 3.75 %
Total loans held-for-investment (1)12,863 250 3.88 %14,299 268 3.74 %
Loans with government guarantees1,281 30 4.73 %2,422 0.67 %
Investment securities 2,166 28 2.56 %2,166 24 2.20 %
Interest-earning deposits 752 0.35 %150 — 0.14 %
Total interest-earning assets $21,261 $386 3.63 %$26,218 $405 3.09 %
Other assets2,752 2,814 
Total assets$24,013 $29,032 
Interest-Bearing Liabilities
Retail deposits
Demand deposits $1,676 $0.10 %$1,768 $— 0.07 %
Savings deposits 4,252 0.15 %4,015 0.14 %
Money market deposits907 0.12 %724 — 0.06 %
Certificates of deposit 890 0.35 %1,209 0.80 %
Total retail deposits7,725 0.16 %7,716 0.22 %
Government deposits1,788 0.24 %1,784 0.21 %
Wholesale deposits and other1,002 0.93 %1,101 1.47 %
Total interest-bearing deposits 10,515 13 0.25 %10,601 18 0.35 %
Short-term FHLB advances and other892 0.74 %2,600 0.17 %
Long-term FHLB advances1,120 1.05 %1,200 1.03 %
Other long-term debt396 3.13 %424 3.68 %
Total interest-bearing liabilities$12,923 $28 0.44 %$14,825 $34 0.47 %
Noninterest-bearing deposits
Retail deposits and other2,467 2,264 
Custodial deposits (2)4,805 6,688 
Total noninterest bearing deposits7,272 8,952 
Other liabilities 1,098 2,871 
Stockholders’ equity2,721 2,384 
Total liabilities and stockholders' equity$24,014 $29,032 
Net interest-earning assets$8,338 $11,393 
Net interest income $358 $371 
Interest rate spread (3)3.19 %2.62 %
Net interest margin (4)3.40 %2.86 %
Ratio of average interest-earning assets to interest-bearing liabilities164.5 %176.9 %
Total average deposits$17,787 $19,554 
(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.

9


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,Six Months Ended,
June 30, 2022 versus March 31, 2022 Increase (Decrease) Due to:June 30, 2022 versus June 30, 2021 Increase (Decrease) Due to:
 RateVolumeTotalRateVolumeTotal
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$$(13)$(4)$16 $(44)$(28)
Loans held-for-investment
Residential first mortgage— (6)(3)
Home equity— (3)(1)
Other— — 
Total consumer loans(6)
Commercial real estate10 12 14 18&#