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Section 1: 10-Q (10-Q)

fbc-20200930
September 30, 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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 September 30, 2020
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
 405916148_fbc-20200930_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 November 8, 2020, 52,564,331 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 SEPTEMBER 30, 2020
TABLE OF CONTENTS
Item 1.
Consolidated Statements of Financial Condition – September 30, 2020 (unaudited) and December 31, 2019
Consolidated Statements of Operations – For the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Comprehensive Income – For the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Stockholders’ Equity – For the three and nine months ended September 30, 2020 and 2019 (unaudited)
Consolidated Statements of Cash Flows – For the nine months ended September 30, 2020 and 2019 (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 LossesHome equitySecond Mortgages, HELOANs, HELOCs
AFSAvailable for SaleHTMHeld to Maturity
AgenciesFederal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association, CollectivelyHPIHousing Price Index
ALCOAsset Liability CommitteeLIBORLondon Interbank Offered Rate
ALLLAllowance for Loan LossesLGGLoans with Government Guarantees
AOCIAccumulated Other Comprehensive Income (Loss)LHFILoans Held-for-Investment
ASUAccounting Standards UpdateLHFSLoans Held-for-Sale
Basel IIIBasel Committee on Banking Supervision Third Basel AccordLTVLoan-to-Value Ratio
C&ICommercial and IndustrialManagementFlagstar Bancorp’s Management
CDARSCertificates of Deposit Account Registry ServiceMBSMortgage-Backed Securities
CECLCurrent Expected Credit Losses MD&AManagement's Discussion and Analysis
CET1Common Equity Tier 1MSRMortgage Servicing Rights
CLTVCombined Loan to Value RatioN/ANot Applicable
Common StockCommon SharesN/MNot Meaningful
CRECommercial Real EstateNBVNet Book Value
Deposit BetaThe change in the annualized cost of our deposits, compared to the change in the Federal Reserve discount rateNYSENew York Stock Exchange
DOJUnited States Department of JusticeOCCOffice of the Comptroller of the Currency
DOJ Liability2012 Settlement Agreement with the Department of JusticeOCIOther Comprehensive Income (Loss)
OTTIOther-Than-Temporary-Impairment
DTADeferred Tax AssetPPPPaycheck Protection Program
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
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve SystemREOReal estate owned and other nonperforming assets, net
FHAFederal Housing AdministrationRMBSResidential Mortgage-Backed Securities
FHLBFederal Home Loan BankRWARisk Weighted Assets
FICOFair Isaac CorporationSECSecurities and Exchange Commission
FRBFederal Reserve BankSNCShared National Credit
Freddie MacFederal Home Loan Mortgage CorporationSOFRSecured Oversight Financing Rate
FTEFull Time Equivalent EmployeesTDRTroubled Debt Restructuring
GAAPUnited States Generally Accepted Accounting PrinciplesTPOThird Party Originator
GNMAGovernment National Mortgage AssociationUPBUnpaid Principal Balance
HELOCHome Equity Lines of CreditU.S. TreasuryUnited States Department of Treasury
HELOANHome Equity LoanVIEVariable Interest Entities
HOLAHome Owners Loan ActXBRLeXtensible 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 third quarter of 2020, 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 2019 Annual Report on Form 10-K for the year ended December 31, 2019.

    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 2019 Annual Report on Form 10-K for the year ended December 31, 2019. 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 6th largest subservicer of mortgage loans nationwide. At September 30, 2020, we had 4,871 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 September 30, 2020, 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 network of brokers and correspondents in all 50 states and our own loan officers, which includes our direct lending team, from 87 retail locations in 29 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.

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
Three Months Ended,Nine Months Ended,
 September 30, 2020June 30, 2020September 30, 2020September 30, 2019
(In millions and percentages)
Selected Mortgage Statistics: (1)
Mortgage rate lock commitments (fallout-adjusted) (2)$15,000 $13,800 $40,000 $24,100 
Mortgage loans originated $14,400 $12,200 $35,200 $23,400 
Mortgage loans sold and securitized$14,500 $12,900 $34,900 $22,200 
Selected Ratios:
Interest rate spread (3)2.44 %2.52 %2.41 %2.57 %
Net interest margin 2.78 %2.86 %2.81 %3.07 %
Adjusted net interest margin (4)2.94 %2.88 %2.88 %3.07 %
Return on average assets3.15 %1.77 %1.97 %1.08 %
Return on average common equity41.54 %23.47 %25.71 %12.90 %
Return on average tangible common equity (4)45.42 %26.16 %28.58 %15.30 %
Efficiency ratio48.3 %54.3 %56.4 %75.0 %
Effective tax provision rate24.7 %21.5 %23.0 %18.6 %
Average Balances:
Average interest-earning assets$25,738 $23,692 $23,535 $17,693 
Average interest-paying liabilities$14,281 $15,119 $14,625 $12,767 
Average stockholders' equity$2,141 $1,977 $1,991 $1,658 
September 30,
2020
June 30,
2020
March 31,
2020
December 31,
2019
September 30,
2019
(In millions, except per share data and percentages)
Selected Statistics:
Book value per common share $38.41 $34.62 $32.46 $31.57 $30.69 
Tangible book value per share (4)$35.60 $31.74 $29.52 $28.57 $27.62 
Number of common shares outstanding 57,150,470 56,943,979 56,729,789 56,631,236 56,510,341 
Common equity-to-assets ratio7.45 %7.18 %6.87 %7.68 %7.88 %
Tangible common equity to assets ratio (4)6.90 %6.58 %6.25 %6.95 %7.08 %
Capitalized value of mortgage servicing rights0.85 %0.87 %0.95 %1.21 %1.14 %
Bancorp total capital (to adjusted risk weighted assets)11.29 %11.32 %11.18 %11.52 %11.54 %
Bank total capital (to adjusted risk weighted assets) 11.09 %11.05 %11.30 %11.73 %12.06 %
Number of bank branches160 160 160 160 160 
Number of FTE employees4,871 4,641 4,415 4,453 4,171 
(1)Rounded to nearest hundred million.
(2)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.
(3)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.
(4)See Non-GAAP reconciliation for further information.






5


Results of Operations
The following table summarizes our results of operations for the periods indicated:
Three Months Ended,Nine Months Ended,
 September 30, 2020June 30,
2020
ChangeSeptember 30, 2020September 30, 2019Change
(Dollars in millions, except per share data)
Net interest income$180 $168 $12 $496 $410 $86 
Provision for credit losses32 102 (70)148 18 130 
Total noninterest income452 378 74 988 448 540 
Total noninterest expense305 296 837 643 194 
Provision for income taxes73 32 41 115 37 78 
Net income$222 $116 $106 $384 $160 $224 
Income per share
Basic$3.90 $2.04 $1.86 $6.76 $2.83 $3.93 
Diluted$3.88 $2.03 $1.85 $6.71 $2.80 $3.91 

Overview

    Net income was $222 million, or $3.88 per diluted share for the quarter ended September 30, 2020 compared
to second quarter 2020 net income of $116 million, or $2.03 per diluted share. For the nine months ended September 30, 2020, net income was $384 million, or $6.71 per diluted share as compared to net income of $160 million, or $2.80 per diluted share for same period a year ago.

Net interest income increased $12 million for the quarter ended September 30, 2020 as compared to the quarter ended June 30, 2020, driven by a $2.0 billion increase in average earning assets led by growth in our warehouse business. The net interest margin in the third quarter 2020 was 2.78 percent, an 8 basis point decrease from the prior quarter. This was driven by an increase in LGG loans in forbearance which we have not repurchased and which do not accrue interest. Excluding the impact from these loans, adjusted net interest margin expanded 6 basis points to 2.94 percent in the third quarter, compared to adjusted net interest margin of 2.88 percent in the prior quarter. The increase in the adjusted net interest margin was primarily driven by an increase in higher spread warehouse loans and lower rates on deposit and borrowing costs.

Compared to the second quarter 2020, noninterest income increased $74 million while noninterest expense only increased $9 million. The increase in noninterest income was primarily due to higher net gain on loan sales and net return on mortgage servicing rights. Gain on sale margin increased 12 basis points, to 2.31 percent as compared to 2.19 percent for the second quarter 2020. The increase was primarily driven by improved execution in secondary marketing and the gain associated with the RMBS transaction we executed during the quarter. The increase in noninterest expense was primarily due to the capitalization of direct origination costs in the second quarter for the PPP loans which did not reoccur and the accelerated vesting of certain components of executive compensation that resulted from the most recent secondary share offering. Despite increased volume, mortgage expenses were flat quarter over quarter due to certain expenses in the second quarter that did not reoccur this quarter and are not expected to reoccur in the future, including certain performance-related incentives related to our Opes Advisors division.

Our provision for credit losses for the quarter ended September 30, 2020 was $32 million, compared to $102 million for the second quarter 2020. We have continued to add to our reserve balance as we believe the economic recovery will continue to be challenged due to the COVID-19 pandemic for an extended period of time, especially as it relates to consumer loans in forbearance and commercial real estate loans.
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,
 September 30, 2020June 30, 2020
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$5,602 $45 3.21 %$5,645 $48 3.42 %
Loans held-for-investment
Residential first mortgage2,584 21 3.24 %2,822 24 3.41 %
Home equity951 3.77 %1,001 3.78 %
Other950 13 5.28 %881 12 5.42 %
Total consumer loans4,485 43 3.78 %4,704 45 3.87 %
Commercial real estate3,007 27 3.47 %3,101 28 3.64 %
Commercial and industrial1,650 14 3.25 %2,006 17 3.34 %
Warehouse lending5,697 56 3.92 %3,785 38 3.88 %
Total commercial loans10,354 97 3.68 %8,892 83 3.67 %
Total loans held-for-investment (1)14,839 140 3.71 %13,596 128 3.74 %
Loans with government guarantees2,122 0.89 %858 1.97 %
Investment securities 2,807 16 2.29 %3,417 21 2.42 %
Interest-earning deposits 368 — 0.11 %176 — 0.11 %
Total interest-earning assets 25,738 206 3.16 %23,692 201 3.38 %
Other assets2,539 2,569 
Total assets$28,277 $26,261 
Interest-Bearing Liabilities
Retail deposits
Demand deposits $1,824 $— 0.09 %$1,800 $0.22 %
Savings deposits 3,675 0.34 %3,476 0.52 %
Money market deposits733 — 0.09 %716 — 0.12 %
Certificates of deposit 1,672 1.62 %1,987 10 2.00 %
Total retail deposits7,904 11 0.53 %7,979 15 0.78 %
Government deposits1,403 0.35 %1,088 0.63 %
Wholesale deposits and other953 1.77 %738 2.07 %
Total interest-bearing deposits 10,260 16 0.62 %9,805 21 0.86 %
Short-term FHLB advances and other2,328 0.20 %3,753 0.26 %
Long-term FHLB advances1,200 1.03 %1,068 1.13 %
Other long-term debt493 4.52 %493 4.99 %
Total interest-bearing liabilities14,281 26 0.72 %15,119 33 0.86 %
Noninterest-bearing deposits
Retail deposits and other1,954 1,687 
Custodial deposits (2)7,347 6,223 
Total non-interest bearing deposits9,301 7,910 
Other liabilities 2,554 1,255 
Stockholders’ equity2,141 1,977 
Total liabilities and stockholders' equity$28,277 $26,261 
Net interest-earning assets11,457 8,573 
Net interest income $180 $168 
Interest rate spread (3)2.44 %2.52 %
Net interest margin (4)2.78 %2.86 %
Ratio of average interest-earning assets to interest-bearing liabilities180.2 %156.7 %
Total average deposits19,561 17,715 
(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.
    

7


 Nine Months Ended,
 September 30, 2020September 30, 2019
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$5,499 $142 3.44 %$3,532 $119 4.48 %
Loans held-for-investment
Residential first mortgage2,822 72 3.40 %3,158 85 3.61 %
Home equity990 30 4.10 %832 34 5.50 %
Other882 36 5.47 %512 25 6.51 %
Total consumer loans4,694 138 3.94 %4,502 144 4.29 %
Commercial real estate3,019 90 3.90 %2,414 102 5.56 %
Commercial and industrial1,774 50 3.68 %1,702 67 5.20 %
Warehouse lending3,937 119 3.98 %1,898 74 5.17 %
Total commercial loans8,730 259 3.89 %6,014 243 5.34 %
Total loans held-for-investment (1)13,424 397 3.91 %10,516 387 4.89 %
Loans with government guarantees1,267 12 1.23 %511 11 2.88 %
Investment securities 3,094 56 2.40 %2,957 61 2.77 %
Interest-earning deposits 251 0.56 %177 2.38 %
Total interest-earning assets 23,535 608 3.42 %17,693 581 4.37 %
Other assets2,457 2,184 
Total assets$25,992 $19,877 
Interest-Bearing Liabilities
Retail deposits
Demand deposits $1,737 $0.33 %$1,311 $0.80 %
Savings deposits 3,513 17 0.63 %3,181 26 1.10 %
Money market deposits712 0.17 %748 0.31 %
Certificates of deposit 1,970 29 1.98 %2,561 44 2.29 %
Total retail deposits7,932 51 0.86 %7,801 80 1.37 %
Government deposits1,208 0.68 %1,184 13 1.49 %
Wholesale deposits and other758 12 2.03 %518 2.35 %
Total interest-bearing deposits 9,898 69 0.93 %9,503 102 1.44 %
Short-term FHLB advances and other3,212 16 0.65 %2,420 44 2.45 %
Long-term FHLB advances1,021 1.13 %349 1.71 %
Other long-term debt494 18 4.94 %495 21 5.84 %
Total interest-bearing liabilities14,625 112 1.01 %12,767 171 1.80 %
Noninterest-bearing deposits
Retail deposits and other1,680 1,278 
Custodial deposits (2)6,120 3,524 
Total non-interest bearing deposits7,800 4,802 
Other liabilities 1,576 650 
Stockholders’ equity1,991 1,658 
Total liabilities and stockholders' equity$25,992 $19,877 
Net interest-earning assets8,910 4,926 
Net interest income $496 $410 
Interest rate spread (3)2.41 %2.57 %
Net interest margin (4)2.81 %3.07 %
Ratio of average interest-earning assets to interest-bearing liabilities160.9 %138.6 %
Total average deposits17,698 14,305 
(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 mix variances are allocated to rate.
Three Months Ended,Nine Months Ended,
September 30, 2020 versus June 30, 2020 Increase (Decrease) Due to:September 30, 2020 versus September 30, 2019 Increase (Decrease) Due to:
 RateVolumeTotalRateVolumeTotal
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$(3)$— $(3)$(43)$66 $23 
Loans held-for-investment
Residential first mortgage(1)(2)(3)(4)(9)(13)
Home equity— — — (11)(4)
Other— (7)18 11 
Total consumer loans(1)(1)(2)(22)16 (6)
Commercial real estate— (1)(1)(37)25 (12)
Commercial and industrial— (3)(3)(20)(17)
Warehouse lending(1)19 18 (34)79 45 
Total commercial loans(1)15 14 (91)107 16 
Total loans held-for-investment(2)14 12 (113)123 10 
Loans with government guarantees(5)(15)16 
Investment securities(1)(4)(5)(8)(5)
Interest-earning deposits and other— — — (3)(2)
Total interest-earning assets$(11)$16 $$(182)$209 $27 
Interest-Bearing Liabilities
Interest-bearing deposits$(6)$$(5)$(37)$$(33)
Short-term FHLB advances and other borrowings(1)— (43)15 (28)
Long-term FHLB advances— — — (4)
Other long-term debt(2)— (2)(3)— (3)
Total interest-bearing liabilities(7)— (7)