Flagstar Bancorp: 3Q Earnings Snapshot
TROY, Mich. (AP) _ Flagstar Bancorp Inc. (FBC) on Tuesday reported third-quarter profit of $48 million.
The Troy, Michigan-based company said it had net income of 83 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 85 cents per share.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 85 cents per share.
The holding company for Flagstar Bank posted revenue of $290 million in the period. Its adjusted revenue was $231 million, falling short of Street forecasts. Five analysts surveyed by Zacks expected $242.2 million.
Flagstar Bancorp shares have decreased 19 percent since the beginning of the year. The stock has dropped 18 percent in the last 12 months.