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Section 1: 10-Q (10-Q)

fbc-20200630
June 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 June 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
 404918011_fbc-20200630_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 9, 2020, 56,943,985 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, 2020
TABLE OF CONTENTS
Item 1.
Consolidated Statements of Financial Condition – June 30, 2020 (unaudited) and December 31, 2019
Consolidated Statements of Operations – For the three and six months ended June 30, 2020 and 2019 (unaudited)
Consolidated Statements of Comprehensive Income – For the three and six months ended June 30, 2020 and 2019 (unaudited)
Consolidated Statements of Stockholders’ Equity – For the three and six months ended June 30, 2020 and 2019 (unaudited)
Consolidated Statements of Cash Flows – For the six months ended June 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 LossesHOLAHome Owners Loan Act
AFSAvailable for SaleHome equitySecond Mortgages, HELOANs, HELOCs
AgenciesFederal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association, CollectivelyHTMHeld to Maturity
ALCOAsset Liability CommitteeHPIHousing Price Index
ALLLAllowance for Loan LossesLIBORLondon Interbank Offered Rate
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)
DTADeferred Tax AssetOTTIOther-Than-Temporary-Impairment
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 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
FRBFederal Reserve BankSOFRSecured Oversight Financing Rate
Freddie MacFederal Home Loan Mortgage CorporationTDRTroubled Debt Restructuring
FTEFull Time Equivalent EmployeesTPOThird Party Originator
GAAPUnited States Generally Accepted Accounting PrinciplesUPBUnpaid Principal Balance
GNMAGovernment National Mortgage AssociationU.S. TreasuryUnited States Department of Treasury
HELOCHome Equity Lines of CreditVIEVariable Interest Entities
HELOANHome Equity LoanXBRLeXtensible 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 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 42 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 June 30, 2020, we had 4,641 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, 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 89 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.

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,Six Months Ended,
 June 30, 2020March 31, 2020June 30, 2020June 30, 2019
(In millions and percentages)
Selected Mortgage Statistics: (5)
Mortgage rate lock commitments (fallout-adjusted) (1)$13,800  $11,200  $25,000  $14,900  
Mortgage loans originated $12,200  $8,600  $20,700  $14,200  
Mortgage loans sold and securitized$12,900  $7,500  $20,400  $14,000  
Selected Ratios:
Interest rate spread (2)2.52 %2.31 %2.41 %2.63 %
Net interest margin 2.86 %2.81 %2.83 %3.08 %
Return on average assets1.77 %0.78 %1.30 %1.01 %
Return on average common equity23.47 %9.82 %16.86 %11.94 %
Return on average tangible common equity (3)26.16 %11.46 %19.07 %14.33 %
Efficiency ratio54.3 %77.1 %62.5 %74.8 %
Effective tax provision rate21.5 %18.5 %20.6 %18.7 %
Average Balances:
Average interest-earning assets$23,692  $21,150  $22,421  $17,030  
Average interest-paying liabilities$15,119  $14,480  $14,800  $12,702  
Average stockholders' equity$1,977  $1,854  $1,915  $1,626  
June 30,
2020
March 31,
2020
December 31,
2019
September 30,
2019
June 30,
2019
(In millions, except per share data and percentages)
Selected Statistics:
Book value per common share $34.62  $32.46  $31.57  $30.69  $29.31  
Tangible book value per share (4)$31.74  $29.52  $28.57  $27.62  $26.16  
Number of common shares outstanding 56,943,979  56,729,789  56,631,236  56,510,341  56,483,937  
Common equity-to-assets ratio7.18 %6.87 %7.68 %7.88 %8.19 %
Tangible common equity to assets ratio (4)6.58 %6.25 %6.95 %7.08 %7.31 %
Capitalized value of mortgage servicing rights0.87 %0.95 %1.21 %1.14 %1.23 %
Bancorp total capital (to adjusted risk weighted assets)11.32 %11.18 %11.52 %11.54 %11.51 %
Bank total capital (to adjusted risk weighted assets) 11.05 %11.30 %11.73 %12.06 %12.00 %
Number of bank branches160  160  160  160  160  
Number of FTE employees4,641  4,415  4,453  4,171  4,026  
(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 and intangibles of $164 million, $167 million, $170 million, $174 million and $178 million at June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, respectively. See Non-GAAP Financial Measures for further information.
(4)Excludes goodwill, intangible assets and the associated amortization, net of tax. See Non-GAAP Financial Measures for further information.
(5)Rounded to nearest hundred million.





5


Results of Operations
The following table summarizes our results of operations for the periods indicated:
Three Months Ended,Six Months Ended,
 June 30, 2020March 31, 2020ChangeJune 30, 2020June 30, 2019Change
(Dollars in millions, except per share data)
Net interest income$168  $148  $20  $316  $264  $52  
Provision for credit losses102  14  88  116  17  99  
Total noninterest income378  157  221  535  277  258  
Total noninterest expense296  235  61  532  405  127  
Provision for income taxes32  10  22  42  22  20  
Net income$116  $46  $70  $161  $97  $64  
Income per share
Basic$2.04  $0.80  $1.24  $2.85  $1.71  $1.14  
Diluted$2.03  $0.80  $1.23  $2.83  $1.69  $1.14  

Overview

        Net income was $116 million, or $2.03 per diluted share for the quarter ended June 30, 2020 compared
to first quarter 2020 net income of $46 million, or $0.80 per diluted share. For the six months ended June 30, 2020, net income was $161 million, or $2.83 per diluted share as compared to net income of $97 million, or $1.69 per diluted share for same period a year ago.

Compared to the first quarter 2020, noninterest income increased $221 million while noninterest expense only increased $61 million. These increases were primarily due to higher net gain on loan sales and the related costs. Gain on sale margin increased 139 basis points, to 2.19 percent as compared to 0.80 percent for the first quarter 2020 driven by historically low interest rates fueling a very strong market environment and we managed our volume levels within our channels and products to fit our fulfillment capacity.

Net interest income increased $20 million driven by a $2.5 billion increase in average earnings assets lead by our warehouse business. Net interest margin in the second quarter of 2020 was 2.86 percent, a 5 basis point increase from the prior quarter primarily driven by a decrease in deposit rates, which benefited from higher custodial balances, the maturity of higher cost CDs and the expiration of promotional rates on savings accounts, and the relative maintenance of yields on interest earning assets due to rate floors in our warehouse business.

        Partially offsetting the favorable results discussed above was a $102 million provision for credit losses to increase our ACL as a result of our forecasts of economic conditions. These forecasts reflect our view that the economy will continue to be challenged by the response to the COVID-19 pandemic, especially in the commercial real estate sector, for an extended period of time.

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, 2020March 31, 2020
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$5,645  $48  3.42 %$5,248  $49  3.72 %
Loans held-for-investment
Residential first mortgage2,822  24  3.41 %3,062  27  3.51 %
Home equity1,001   3.78 %1,019  12  4.73 %
Other881  12  5.42 %816  12  5.77 %
Total consumer loans4,704  45  3.87 %4,897  51  4.14 %
Commercial real estate3,101  28  3.64 %2,949  34  4.61 %
Commercial and industrial2,006  17  3.34 %1,667  19  4.52 %
Warehouse lending3,785  38  3.88 %2,310  25  4.30 %
Total commercial loans8,892  83  3.67 %6,926  78  4.48 %
Total loans held-for-investment (1)13,596  128  3.74 %11,823  129  4.34 %
Loans with government guarantees858   1.97 %811   1.38 %
Investment securities 3,417  21  2.42 %3,060  19  2.47 %
Interest-earning deposits 176  —  0.11 %208   1.75 %
Total interest-earning assets 23,692  201  3.38 %21,150  201  3.78 %
Other assets2,569  2,263  
Total assets$26,261  $23,413  
Interest-Bearing Liabilities
Retail deposits
Demand deposits $1,800  $ 0.22 %$1,587  $ 0.75 %
Savings deposits 3,476   0.52 %3,384   1.07 %
Money market deposits716  —  0.12 %687   0.32 %
Certificates of deposit 1,987  10  2.00 %2,254  12  2.24 %
Total retail deposits7,979  15  0.78 %7,912  25  1.28 %
Government deposits1,088   0.63 %1,131   1.15 %
Wholesale deposits and other738   2.07 %581   2.39 %
Total interest-bearing deposits 9,805  21  0.86 %9,624  32  1.33 %
Short-term FHLB advances and other3,753   0.26 %3,566  12  1.35 %
Long-term FHLB advances1,068   1.13 %794   1.29 %
Other long-term debt493   4.99 %496   5.33 %
Total interest-bearing liabilities15,119  33  0.86 %14,480  53  1.46 %
Noninterest-bearing deposits
Retail deposits and other1,687  1,395  
Custodial deposits (2)6,223  4,776  
Total non-interest bearing deposits
7,910  6,171  
Other liabilities 1,255  908  
Stockholders’ equity1,977  1,854  
Total liabilities and stockholders' equity$26,261  $23,413  
Net interest-earning assets8,573  6,671  
Net interest income $168  $148  
Interest rate spread (3)2.52 %2.31 %
Net interest margin (4)2.86 %2.81 %
Ratio of average interest-earning assets to interest-bearing liabilities156.7 %146.1 %
Total average deposits17,715