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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 March 31, 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
 403951943_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 May 10, 2020, 56,729,797 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 MARCH 31, 2020
TABLE OF CONTENTS
 
 
 
 
 
 
 
Item 1.
 
 
Consolidated Statements of Financial Condition – March 31, 2020 (unaudited) and December 31, 2019
 
Consolidated Statements of Operations – For the three ended March 31, 2020 and 2019 (unaudited)
 
Consolidated Statements of Comprehensive Income – For the three months ended March 31, 2020 and 2019 (unaudited)
 
Consolidated Statements of Stockholders’ Equity – For the three months ended March 31, 2020 and 2019 (unaudited)
 
Consolidated Statements of Cash Flows – For the three months ended March 31, 2020 and 2019 (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
ACL
 
Allowance for Credit Losses
 
HELOAN
 
Home Equity Loan
AFS
 
Available for Sale
 
HOLA
 
Home Owners Loan Act
Agencies
 
Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association, Collectively
 
Home equity
 
Second Mortgages, HELOANs, HELOCs
ALCO
 
Asset Liability Committee
 
HTM
 
Held to Maturity
ALLL
 
Allowance for Loan Loss
 
HPI
 
Housing Price Index
AOCI
 
Accumulated Other Comprehensive Income (Loss)
 
LIBOR
 
London Interbank Offered Rate
ASU
 
Accounting Standards Update
 
LHFI
 
Loans Held-for-Investment
Basel III
 
Basel Committee on Banking Supervision Third Basel Accord
 
LHFS
 
Loans Held-for-Sale
C&I
 
Commercial and Industrial
 
LTV
 
Loan-to-Value Ratio
CDARS
 
Certificates of Deposit Account Registry Service
 
Management
 
Flagstar Bancorp’s Management
CECL
 
Current Expected Credit Losses
 
MBS
 
Mortgage-Backed Securities
CET1
 
Common Equity Tier 1
 
MD&A
 
Management's Discussion and Analysis
CLTV
 
Combined Loan to Value Ratio
 
MSR
 
Mortgage Servicing Rights
Common Stock
 
Common Shares
 
N/A
 
Not Applicable
CRE
 
Commercial Real Estate
 
N/M
 
Not Meaningful
DCB
 
Desert Community Bank
 
NYSE
 
New York Stock Exchange
Deposit Beta
 
The change in the annualized cost of our deposits, compared to the change in the Federal Reserve discount rate
 
OCC
 
Office of the Comptroller of the Currency
DOJ
 
United States Department of Justice
 
OCI
 
Other Comprehensive Income (Loss)
DOJ Liability
 
2012 Settlement Agreement with the Department of Justice
 
OTTI
 
Other-Than-Temporary-Impairment
DTA
 
Deferred Tax Asset
 
QTL
 
Qualified Thrift Lending
EVE
 
Economic Value of Equity
 
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
Fannie Mae
 
Federal National Mortgage Association
 
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
 
SNC
 
Shared National Credit
FICO
 
Fair Isaac Corporation
 
SOFR
 
Secured Oversight Financing Rate
FRB
 
Federal Reserve Bank
 
TDR
 
Trouble Debt Restructuring
Freddie Mac
 
Federal Home Loan Mortgage Corporation
 
TPO
 
Third Party Originator
FTE
 
Full Time Equivalent Employees
 
UPB
 
Unpaid Principal Balance
GAAP
 
United States Generally Accepted Accounting Principles
 
U.S. Treasury
 
United States Department of Treasury
GNMA
 
Government National Mortgage Association
 
VIE
 
Variable Interest Entities
HELOC
 
Home Equity Lines of Credit
 
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 first 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 38 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 March 31, 2020, we had 4,415 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 March 31, 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 28 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 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
(Dollars in millions, except share data)
 
Three Months Ended,
 
March 31, 2020
December 31, 2019
March 31, 2019
 
(In millions and percentages)
Selected Mortgage Statistics:
 
 
 
Mortgage rate lock commitments (fallout-adjusted) (1)
$
11,154

$
8,179

$
6,602

Mortgage loans originated
$
8,591

$
9,303

$
5,513

Mortgage loans sold and securitized
$
7,487

$
8,135

$
5,170

Selected Ratios:
 
 
 
Interest rate spread (2)
2.31
%
2.39
%
2.69
%
Net interest margin
2.81
%
2.91
%
3.09
%
Return on average assets
0.78
%
0.99
%
0.79
%
Return on average common equity
9.82
%
12.69
%
9.16
%
Return on average tangible common equity (3)
11.46
%
14.76
%
11.33
%
Efficiency ratio
77.1
%
78.2
%
81.3
%
Effective tax provision rate
18.5
%
18.1
%
18.4
%
Average Balances:
 
 
 
Average interest-earning assets
$
21,150

$
20,708

$
16,294

Average interest-paying liabilities
$
14,480

$
14,208

$
12,505

Average stockholders' equity
$
1,854

$
1,803

$
1,583

 
March 31, 2020
December 31, 2019
March 31, 2019
 
(In millions, except per share data and percentages)
Selected Statistics:
 
 
 
Book value per common share
$
32.46

$
31.57

$
27.86

Tangible book value per share (4)
$
29.52

$
28.57

$
24.65

Number of common shares outstanding
56,729,789

56,631,236

56,480,086

Common equity-to-assets ratio
6.87
%
7.68
%
8.09
%
Tangible common equity to assets ratio (4)
6.25
%
6.95
%
7.16
%
Capitalized value of mortgage servicing rights
0.95
%
1.21
%
1.27
%
Bancorp Tier 1 leverage (to adjusted avg. total assets)
8.09
%
7.57
%
8.37
%
Bank Tier 1 leverage (to adjusted avg. total assets)
8.19
%
7.71
%
9.04
%
Number of bank branches
160

160

160

Number of FTE employees
4,415

4,453

3,996

(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 $167 million, $170 million, and $182 million at March 31, 2020, December 31, 2019, and March 31, 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



Results of Operations

The following table summarizes our results of operations for the periods indicated:

 
Three Months Ended March 31,
1Q20 vs. 4Q19
1Q20 vs. 1Q19
 
March 31, 2020
December 31, 2019
March 31, 2019
Change
Change
 
(Dollars in millions, except per share data)
Net interest income
$
148

$
152

$
126

$
(4
)
$
22

Provision for credit losses
14



14

14

Total noninterest income
157

162

109

(5
)
48

Total noninterest expense
235

245

191

(10
)
44

Provision for income taxes
10

11

8

(1
)
2

Net income
$
46

$
58

$
36

$
(12
)
$
10

Adjusted net income (1)
$
46

$
58

$
37

$
(12
)
$
9

Income per share
 
 
 
 
 
Basic
$
0.80

$
1.01

$
0.64

$
(0.21
)
$
0.16

Diluted
$
0.80

$
1.00

$
0.63

$
(0.20
)
$
0.17

Adjusted diluted (1)
$
0.80

$
1.00

$
0.64

$
(0.20
)
$
0.16

(1)
For further information, see MD&A - Use of Non-GAAP Financial Measures.

Overview

Net income was $46 million, or $0.80 per diluted share for the quarter ended March 31, 2020. These results compare to fourth quarter 2019 net income of $58 million, or $1.00 per diluted share, first quarter 2019 net income of $36 million, or $0.63 per diluted share, and first quarter 2019 adjusted net income of $37 million, or $0.64 per diluted share, when excluding acquisition expenses of $1 million net of taxes.

Compared to the fourth quarter 2019, net interest income in the first quarter of 2020 fell $4 million, or 3 percent, reflecting a 10 basis point decrease in net interest margin, despite a full quarter's impact from prior interest rate cuts and the partial impact of the March interest rate cuts in response to COVID-19. Margin compression was partially offset by growth in interest earnings assets.

We also adopted CECL during the quarter, which increased our allowance for loan losses $23 million and our reserve for unfunded commitment $7 million as of January 1, 2020. Our first quarter 2020 provision was $14 million, an increase from $0 million at March 31, 2019 resulting from the forecasted impact of COVID-19 on the economy.

In the first quarter of 2020 our Mortgage business yielded mortgage revenues of $96 million driven by a 36 percent increase in fallout adjusted locks and a $9 million increase in return on our mortgage servicing rights. Our net gain on loan sale margin was 80 basis points, which was reduced 43 basis points as a result of hedge ineffectiveness in the final two weeks of March caused by market disruption from Federal Reserve purchases of agency mortgage-backed securities during that period.


6


Net Interest Income

Comparison to Prior Year Quarter
 
The following table presents details on our net interest margin and net interest income on a consolidated basis:
 
Three Months Ended
 
March 31, 2020
December 31, 2019
March 31, 2019
 
Average
Balance
Interest
Annualized
Yield/
Rate
Average
Balance
Interest
Annualized
Yield/
Rate
Average
Balance
Interest
Annualized
Yield/
Rate
 
(Dollars in millions)
Interest-Earning Assets
 
 
 
 
 
 
 
 
 
Loans held-for-sale
$
5,248

$
49

3.72
%
$
5,199

$
51

3.92
%
$
3,266

$
38

4.72
%
Loans held-for-investment
 
 
 
 
 
 
 
 
 
Residential first mortgage
3,062

27

3.51
%
3,215

30

3.60
%
3,044

28

3.64
%
Home equity
1,019

12

4.73
%
989

12

4.86
%
745

10

5.63
%
Other
816

12

5.77
%
728

11

5.97
%
356

6

7.11
%
Total consumer loans
4,897

51

4.14
%
4,932

53

4.20
%
4,145

44

4.30
%
Commercial real estate
2,949

34

4.61
%
2,763

34

4.91
%
2,250

33

5.66
%
Commercial and industrial
1,667

19

4.52
%
1,726

21

4.80
%
1,594

21

5.39
%
Warehouse lending
2,310

25

4.30
%
2,747

33

4.61
%
1,175

16

5.47
%
Total commercial loans
6,926

78

4.48
%
7,236

88

4.77
%
5,019

70

5.53
%
Total loans held-for-investment (1)
11,823

129

4.34
%
12,168

141

4.54
%
9,164

114

4.97
%
Loans with government guarantees
811

3

1.38
%
678

4

2.16
%
455

3

2.96
%
Investment securities
3,060

19

2.47
%
2,511

16

2.49
%
3,258

24

2.91
%
Interest-earning deposits
208

1

1.75
%
152

1

2.26
%
151

1

2.77
%
Total interest-earning assets
21,150

201

3.78
%
20,708

213

4.04
%
16,294

180

4.43
%
Other assets
2,263

 
 
2,328

 
 
2,144

 
 
Total assets
$
23,413

 
 
$
23,036

 
 
$
18,438

 
 
Interest-Bearing Liabilities
 
 
 
 
 
 
 
 
 
Retail deposits
 
 
 
 
 
 
 
 
 
Demand deposits
$
1,587

$
3

0.75
%
$
1,448

$
3

0.70
%
$
1,220

$
2

0.68
%
Savings deposits
3,384

9

1.07
%
3,335

10

1.19
%
3,089

7

0.95
%
Money market deposits
687

1

0.32
%
700


0.35
%
778

1

0.27
%
Certificates of deposit
2,254

12

2.24
%
2,459

15

2.37
%
2,488

13

2.13
%
Total retail deposits
7,912

25

1.28
%
7,942

28

1.39
%
7,575

23

1.22
%
Government deposits
1,131

3

1.15
%
1,192

4

1.39
%
1,170

4

1.51
%
Wholesale deposits and other
581

4

2.39
%
666

4

2.36
%
387

2

2.23
%
Total interest-bearing deposits
9,624

32

1.33
%
9,800

36

1.46
%
9,132

29

1.30
%
Short-term FHLB advances and other
3,566

12

1.35
%
3,262

15

1.74
%
2,725

17

2.54
%
Long-term FHLB advances
794

3

1.29
%
650

3

1.43
%
153

1

1.54
%
Other long-term debt
496

6

5.33
%
496

7

5.45
%
495

7

5.90
%
Total interest-bearing liabilities
14,480

53

1.46
%
14,208

61

1.65
%
12,505

54

1.75
%
Noninterest-bearing deposits
 
 
 
 
 
 
 
 
 
Retail deposits and other
1,395

 
 
1,332

 
 
1,242

 
 
Custodial deposits (2)
4,776

 
 
4,772

 
 
2,532

 
 
Total non-interest bearing deposits
6,171

 
 
6,104

 
 
3,774

 
 
Other liabilities
908

 
 
921

 
 
576

 
 
Stockholders’ equity
1,854

 
 
1,803

 
 
1,583

 
 
Total liabilities and stockholders' equity
$
23,413

 
 
$
23,036

 
 
$
18,438

 
 
Net interest-earning assets
6,671

 
 
6,500

 
 
3,789

 
 
Net interest income
 
$
148

 
 
$
152

 
 
$
126

 
Interest rate spread (3)
 
 
2.31
%
 
 
2.39
%
 
 
2.69
%
Net interest margin (4)
 
 
2.81
%
 
 
2.91
%
 
 
3.09
%
Ratio of average interest-earning assets to interest-bearing liabilities
 
 
146.1
%
 
 
145.8
%
 
 
130.3
%
Total average deposits
15,795

 
 
15,904

 
 
12,906

 
 
(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


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 March 31, 2020 versus December 31, 2019 Increase (Decrease) Due to:
Three Months Ended March 31, 2020 versus March 31, 2019 Increase (Decrease) Due to:
 
Rate
Volume
Total
Rate
Volume
Total
 
(Dollars in millions)
Interest-Earning Assets
 
 
 
 
 
 
Loans held-for-sale
$
(2
)
$

$
(2
)
$
(12
)
$
23

$
11

Loans held-for-investment
 
 
 
 
 
 
Residential first mortgage
(2
)
(1
)
(3
)
(1
)

(1
)
Home equity