EX-99.1 3 k78146exv99w1.txt PRESS RELEASE DATED JULY 9, 2003 EXHIBIT 99.1 NEWS RELEASE FOR MORE INFORMATION CONTACT: Michael W. Carrie Executive Director and Chief Financial Officer (248) 312-2000 FOR IMMEDIATE RELEASE FLAGSTAR EXPECTS QUARTERLY EARNINGS UP OVER 67% TROY, Mich. (July 3, 2003) - Flagstar Bancorp (NYSE:FBC) today updated its guidance for its second quarter earnings that will be released on July 17, 2003, after the close of business. In a televised interview this morning with Bloomberg News, President and Chief Executive Officer, Mark T. Hammond stated that the Company expects to beat the current consensus quarterly earnings estimate of $0.86 per share, as reported by First Call. As a further update on its projected earnings for the second quarter, the Company announced that it expects earnings on a per-share diluted basis to exceed $1.10 per share. This is a $0.24, or 28% increase over the First Call projection. Management cited the strong mortgage refinance activity experienced during the quarter and the continued growth in the Company's retail banking operation. Mortgage production totals for the quarter are expected to be a quarterly record and up nearly 15% over last quarter and the Company has added nine new banking centers in 2003. Flagstar Bancorp is the second largest banking institution headquartered in Michigan. During both 2001 and 2002, Flagstar was the most profitable publicly traded banking institution in the nation, based on return on equity. Flagstar Bank currently operates 96 banking centers in Michigan and Indiana, 101 loan origination offices in twenty one states, and 15 correspondent lending offices located across the United States. The information contained in this release is not intended as a solicitation to buy Flagstar Bancorp, Inc. stock and is provided for general information. Additional information about Flagstar may be accessed via the Internet at http://www.flagstar.com This e-mail may contain data that is confidential, proprietary or "non-public personal information", as that term is defined in the Gramm-Leach-Bliley Act (collectively, "Confidential Information"). The Confidential Information is disclosed conditioned upon your agreement that you will treat it confidentially and in accordance with applicable law, ensure that such data isn't used or disclosed except for the limited purpose for which it's being provided and will notify and cooperate with us regarding any requested or unauthorized disclosure or use of any Confidential Information. By accepting and reviewing the Confidential Information you agree to indemnify us against any losses or expenses, including attorney's fees that we may incur as a result of any unauthorized use or disclosure of this data due to your acts or omissions. If a party other than the intended recipient receives this e-mail, you are requested to instantly notify us of the erroneous delivery and return to us all data so delivered.