Flagstar Bancorp Q1 Profit Up

(RTTNews) - Flagstar Bancorp Inc. (FBC) reported first quarter 2020 net income of $46 million, or $0.80 per share, up from $36 million or $0.63 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

The company had provision for credit losses and unfunded commitments of $14 million for the latest-quarter. The provision was driven by economic forecast, which included our estimate of the impact related to COVID-19 as of March 31st, partially offset by strong asset quality and low delinquencies.

Net interest income rose to $148 million from $126 million in the prior year.

Total non-interest income was $157 million up from $109 million in the previous year.