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Section 1: 10-Q (10-Q)

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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, 2019
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
 399052714_flagstara09a01a14.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 filer
Accelerated filer
Non-accelerated filer
Smaller 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 class
 
Trading symbol
 
Name of each exchange on which registered
Common stock
 
FBC
 
New York Stock Exchange
As of August 1, 2019, 56,483,972 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, 2019
TABLE OF CONTENTS
 
 
 
 
 
 
 
Item 1.
 
 
Consolidated Statements of Financial Condition – June 30, 2019 (unaudited) and December 31, 2018
 
Consolidated Statements of Operations – For the three and six months ended June 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Comprehensive Income – For the three and six months ended June 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Stockholders’ Equity – For the three and six months ended June 30, 2019 and 2018 (unaudited)
 
Consolidated Statements of Cash Flows – For the six months ended June 30, 2019 and 2018 (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:
Term
 
Definition
 
Term
 
Definition
AFS
 
Available for Sale
 
HELOC
 
Home Equity Lines of Credit
Agencies
 
Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association, Collectively
 
HELOAN
 
Home Equity Loan
ALCO
 
Asset Liability Committee
 
HOLA
 
Home Owners Loan Act
ALLL
 
Allowance for Loan & Lease Losses
 
Home equity
 
Second Mortgages, HELOANs, HELOCs
AOCI
 
Accumulated Other Comprehensive Income (Loss)
 
HTM
 
Held to Maturity
ASU
 
Accounting Standards Update
 
LIBOR
 
London Interbank Offered Rate
Basel III
 
Basel Committee on Banking Supervision Third Basel Accord
 
LHFI
 
Loans Held-for-Investment
C&I
 
Commercial and Industrial
 
LHFS
 
Loans Held-for-Sale
CDARS
 
Certificates of Deposit Account Registry Service
 
LTV
 
Loan-to-Value Ratio
CET1
 
Common Equity Tier 1
 
Management
 
Flagstar Bancorp’s Management
CLTV
 
Combined Loan to Value Ratio
 
MBS
 
Mortgage-Backed Securities
Common Stock
 
Common Shares
 
MD&A
 
Management's Discussion and Analysis
CRE
 
Commercial Real Estate
 
MSR
 
Mortgage Servicing Rights
DCB
 
Desert Community Bank
 
N/A
 
Not Applicable
Deposit Beta
 
The change in the annualized cost of our deposits, compared to the change in the Federal Reserve discount rate
 
NYSE
 
New York Stock Exchange
DOJ
 
United States Department of Justice
 
OCC
 
Office of the Comptroller of the Currency
DOJ Liability
 
2012 Settlement Agreement with the Department of Justice
 
OCI
 
Other Comprehensive Income (Loss)
DTA
 
Deferred Tax Asset
 
OTTI
 
Other-Than-Temporary-Impairment
EVE
 
Economic Value of Equity
 
QTL
 
Qualified Thrift Lending
Fannie Mae
 
Federal National Mortgage Association
 
Regulatory Agencies
 
Board 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
FASB
 
Financial Accounting Standards Board
 
REO
 
Real estate owned and other nonperforming assets, net
FDIC
 
Federal Deposit Insurance Corporation
 
RMBS
 
Residential Mortgage-Backed Securities
Federal Reserve
 
Board of Governors of the Federal Reserve System
 
RWA
 
Risk Weighted Assets
FHA
 
Federal Housing Administration
 
SEC
 
Securities and Exchange Commission
FHLB
 
Federal Home Loan Bank
 
SOFR
 
Secured Oversight Financing Rate
FICO
 
Fair Isaac Corporation
 
TARP Preferred
 
Troubled Asset Relief Program Fixed Rate Cumulative Perpetual Preferred Stock, Series C
FRB
 
Federal Reserve Bank
 
TDR
 
Trouble Debt Restructuring
Freddie Mac
 
Federal Home Loan Mortgage Corporation
 
UPB
 
Unpaid Principal Balance
FTE
 
Full Time Equivalent Employees
 
U.S. Treasury
 
United States Department of Treasury
GAAP
 
United States Generally Accepted Accounting Principles
 
VIE
 
Variable Interest Entities
GNMA
 
Government National Mortgage Association
 
XBRL
 
eXtensible 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 2019, 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 2018 Annual Report on Form 10-K for the year ended December 31, 2018.

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 38 of this Form 10-Q and Part I, Item 1A, Risk Factors of Flagstar Bancorp, Inc.'s 2018 Annual Report on Form 10-K for the year ended December 31, 2018. 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 5th largest bank mortgage originator in the nation and the 5th largest subservicer of mortgage loans nationwide. At June 30, 2019, we had 4,147 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 and build financial solutions for our customers. At June 30, 2019, we operated 160 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 wholesale network of brokers and correspondents in all 50 states, our own loan officers, which includes our direct lending team, from 78 retail locations in 21 states and two call centers. We are also a leading national servicer of mortgage loans and provide complementary ancillary offerings including MSR lending, servicing advance lending and recapture services.

Recent Acquisitions

On December 1, 2018, we closed on the purchase of 52 branches from Wells Fargo located in Indiana, Michigan, Wisconsin and Ohio. In the first quarter of 2018, we closed on the purchase of the mortgage loan warehouse business from Santander Bank and completed the acquisition of eight Desert Community Bank branches located in San Bernardino County, California.
    
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.

4



Selected Financial Ratios
(Dollars in millions, except share data)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In millions and percentages)
Selected Mortgage Statistics:
 
 
 
 
 
 
 
Mortgage rate lock commitments (fallout-adjusted) (1)
$
8,344

 
$
9,011

 
$
14,946

 
$
16,734

Mortgage loans originated 
$
8,641

 
$
9,040

 
$
14,154

 
$
16,926

Mortgage loans sold and securitized
$
8,838

 
$
9,260

 
$
14,008

 
$
16,506

Selected Ratios:
 
 
 
 
 
 
 
Interest rate spread (2)
2.57
%
 
2.58
%
 
2.63
%
 
2.56
%
Net interest margin
3.08
%
 
2.86
%
 
3.08
%
 
2.81
%
Return on average assets
1.22
%
 
1.12
%
 
1.01
%
 
0.97
%
Return on average common equity
14.58
%
 
13.45
%
 
11.94
%
 
11.73
%
Return on average tangible common equity (3)
17.14
%
 
14.38
%
 
14.33
%
 
12.32
%
Common equity-to-assets ratio (average for the period)
8.35
%
 
8.29
%
 
8.46
%
 
8.28
%
Efficiency ratio
69.8
%
 
74.4
%
 
74.8
%
 
76.9
%
Effective tax provision rate
18.9
%
 
20.4
%
 
18.7
%
 
20.2
%
Average Balances:
 
 
 
 
 
 
 
Average interest-earning assets
$
17,759

 
$
15,993

 
$
17,030

 
$
15,675

Average interest-paying liabilities
$
12,898

 
$
13,164

 
$
12,702

 
$
13,069

Average stockholders' equity
$
1,668

 
$
1,475

 
$
1,626

 
$
1,445

 
June 30, 2019
 
December 31, 2018
 
June 30, 2018
 
(In millions, except per share data and percentages)
Selected Statistics:
 
 
 
 
 
Book value per common share
$
29.31

 
$
27.19

 
$
25.61

Tangible book value per share (4)
$
26.16

 
$
23.90

 
$
24.37

Number of common shares outstanding
56,483,937

 
57,749,464

 
57,598,406

Common equity-to-assets ratio
8.19
%
 
8.47
%
 
8.14
%
Tangible common equity to assets ratio (4)
7.31
%
 
7.45
%
 
7.74
%
Capitalized value of mortgage servicing rights
1.23
%
 
1.35
%
 
1.34
%
Bancorp Tier 1 leverage (to adjusted avg. total assets)
7.86
%
 
8.29
%
 
8.65
%
Bank Tier 1 leverage (to adjusted avg. total assets)
8.32
%
 
8.67
%
 
9.04
%
Number of bank branches
160

 
160

 
107

Number of FTE employees
4,147

 
3,938

 
3,682

(1)
Fallout adjusted refers to mortgage rate lock commitments which are adjusted by a percentage of mortgage loans in the pipeline that are not expected to close based on previous historical experience and the impact of changes in interest rates.
(2)
Interest rate spread is the difference between the annualized yield earned on average interest-earning assets for the period and the annualized rate of interest paid on average interest-bearing liabilities for the period.
(3)
Excludes goodwill, intangible assets and the associated amortization, net of tax. See Non-GAAP Financial Measures for further information.
(4)
Excludes goodwill and intangibles of $178 million, $190 million, and $71 million at June 30, 2019, December 31, 2018, and June 30, 2018, respectively. See Non-GAAP Financial Measures for further information.






5



Overview

We earned net income of $97 million, or $1.69 per diluted share, for the six months ended June 30, 2019, up $12 million, or $0.24 per diluted share, compared to the six months ended June 30, 2018. The increase was primarily due to higher net interest income and noninterest income, partially offset by higher noninterest expense and provision for loan loss.

The Community Banking segment added high-quality loans to the balance sheet with broad-based growth in all loan portfolios. Average loans-held-for-investment increased $2.0 billion for the six months ended June 30, 2019 compared to the six months ended June 30, 2018. The growth was fueled by higher yielding commercial loans which increased $1.2 billion. The growth in earning assets was supported by the low cost deposits acquired through our 2018 banking acquisitions which drove a $2.0 billion increase in average total retail deposits. The increase in earning assets, along with a 27 basis point expansion in net interest margin, reflecting higher yielding loans and low-cost deposits, drove up net interest income 20 percent, accounting for 49 percent of total revenue for the six months ended June 30, 2019.

We continued to build the Mortgage Servicing segment as the number of loans serviced or subserviced increased by 81 percent over the last 12 months, ending the second quarter of 2019 at 983,000 accounts. The Mortgage Servicing segment continues to provide consistent noninterest fee income, along with custodial deposits, which increased $1.5 billion for the six months ended June 30, 2019 compared to the six months ended June 30, 2018. These custodial deposits have helped support our loan growth.

The Mortgage Origination segment produced solid results for the six months ended June 30, 2019. The results reflect pricing discipline and a focus on optimizing volume and expanding margin. Gain on sale revenue was $124 million for the six months ended June 30, 2019, relatively flat compared to the same period in 2018, despite $1.8 billion fewer fallout-adjusted locks. This was accomplished through an 18 basis point increase in margin resulting from a shift in channel mix toward higher margin channels, including leveraging our retail channel.


Earnings Performance Highlights
 
Three Months Ended June 30,
 
 
 
Six Months Ended June 30,
 
 
 
2019
 
2018
 
Change
 
2019
 
2018
 
Change
 
(Dollars in millions, except per share data)
Net interest income
$
138

 
$
115

 
$
23

 
$
264

 
$
221

 
$
43

Provision (benefit) for loan losses
17

 
(1
)
 
18

 
17

 
(1
)
 
18

Total noninterest income
168

 
123

 
45

 
277

 
234

 
43

Total noninterest expense
214

 
177

 
37

 
405

 
350

 
55

Provision for income taxes
14

 
12

 
2

 
22

 
21

 
1

Net income
$
61

 
$
50

 
$
11

 
$
97

 
$
85

 
$
12

Income per share
 
 
 
 
 
 
 
 
 
 
 
Basic
$
1.08

 
$
0.86

 
$
0.22

 
$
1.71

 
$
1.47

 
$
0.24

Diluted
$
1.06

 
$
0.85

 
$
0.21

 
$
1.69

 
$
1.45

 
$
0.24




6


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,
 
2019
 
2018
 
Average
Balance
Interest
Annualized
Yield/
Rate
 
Average
Balance
Interest
Annualized
Yield/
Rate
 
(Dollars in millions)
Interest-Earning Assets
 
 
 
 
 
 
 
Loans held-for-sale
$
3,539

$
40

4.55
%
 
$
4,170

$
47

4.50
%
Loans held-for-investment
 
 
 
 
 
 
 
Residential first mortgage
3,146

28

3.61
%
 
2,875

25

3.53
%
Home equity
814

11

5.54
%
 
679

8

5.05
%
Other
518

9

6.78
%
 
57

1

5.39
%
Total consumer loans
4,478

48

4.33
%
 
3,611

34

3.85
%
Commercial real estate
2,394

35

5.65
%
 
2,017

26

5.09
%
Commercial and industrial
1,744

23

5.26
%
 
1,257

17

5.30
%
Warehouse lending
1,997

27

5.21
%
 
1,495

19

5.03
%
Total commercial loans
6,135

85

5.40
%
 
4,769

62

5.13
%
Total loans held-for-investment (1)
10,613

133

4.95
%
 
8,380

96

4.58
%
Loans with government guarantees
502

4

2.94
%
 
280

2

3.66
%
Investment securities
2,907

20

2.75
%
 
3,049

21

2.72
%
Interest-earning deposits
198

1

2.23
%
 
114

1

1.72
%
Total interest-earning assets
17,759

198

4.42
%
 
15,993

167

4.17
%
Other assets
2,207

 
 
 
1,791

 
 
Total assets
$
19,966

 
 
 
$
17,784

 
 
Interest-Bearing Liabilities
 
 
 
 
 
 
 
Retail deposits
 
 
 
 
 
 
 
Demand deposits
$
1,323

$
3

0.84