Flagstar Financial Inc

FLG

Equity

ISIN US6494454001 / Valor 136511852

New York Stock Exchange, Inc (2025-03-17)

USD 11.99+1.10%

Flagstar Financial Inc
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About company

Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., a prominent regional bank headquartered in Hicksville, New York. As of December 31, 2024, the company reported assets totaling $100.2 billion, with $69.2 billion in loans and $75.9 billion in deposits, supported by a stockholders' equity of $8.2 billion. Flagstar Bank operates 418 branches, with a strong presence in the Northeast and Midwest, and has expanded into high-growth markets in the Southeast and West Coast. The bank also maintains approximately 80 private banking teams in over 10 cities, primarily in the metropolitan New York City area and on the West Coast, catering to high-net-worth individuals and their businesses. Founded in 1859 as Queens County Savings Bank, Flagstar Financial has a long history of growth through organic expansion and strategic mergers and acquisitions, including the acquisition of Flagstar Bancorp, Inc. and certain assets from the former Signature Bank. The bank's mortgage division operates on a national scale, while its retail banking services are concentrated in four Midwestern states and California.

Summarized from source with an LLMView SourceSector: Finance

Net Loss

Flagstar Financial Inc, for the third quarter of 2024, reported a net loss of $280 million. This represents a decrease from the net loss of $323 million in the second quarter of 2024. The net loss attributable to common stockholders was $289 million, or $0.79 per diluted share, compared to a net loss of $333 million, or $1.14 per diluted share, in the previous quarter.

Adjusted Loss

After adjusting for merger-related expenses and items related to the sale of the mortgage warehouse business, Flagstar Financial Inc's net loss for the third quarter of 2024 was $243 million. The adjusted net loss attributable to common stockholders was $252 million, or $0.69 per diluted share. This is an improvement from the adjusted net loss of $298 million in the second quarter of 2024.

Deposit Growth

Flagstar Financial Inc experienced significant deposit growth in the third quarter of 2024, with total deposits increasing by $4 billion, or 5%, to reach $83 billion. Retail deposits rose by $2.5 billion, or 8%, to $35 billion, while Private Bank deposits increased by $1.8 billion, or 11%, to $17.9 billion. This growth in deposits contributed to a positive shift in the company's funding mix.

Loan and Borrowing Changes

During the third quarter of 2024, Flagstar Financial Inc saw a decline in its loan portfolio, with multi-family loans decreasing by $871 million, or 2%, and CRE loans declining by $696 million, or 5%. Additionally, the company reduced its wholesale borrowings by $8.6 billion, or 31%, to $19.3 billion, which now represents 18% of total assets. The loan-to-deposit ratio improved to 86% from 110% in the first quarter of 2024.

Liquidity and Capital Position

Flagstar Financial Inc reported a strong liquidity position in the third quarter of 2024, with total liquidity exceeding $41 billion. The company maintained a 299% coverage ratio on uninsured deposits and had nearly $19 billion of available borrowing capacity and high-quality liquid assets. The CET1 ratio stood at 10.8%, with a pro-forma CET1 ratio of 11.4% after accounting for the sale of mortgage operations.

Summarized from source with an LLMView Source

Key figures

2.48%1Y

-64.0%3Y

-63.9%5Y

Performance

62.7%1Y

66.5%3Y

57.1%5Y

Volatility