Michigan | 1-16577 | 38-3150651 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
5151 Corporate Drive, Troy, Michigan | 48,098 | |||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits. |
99.1 | Press release of Flagstar Bancorp, Inc. dated February 8, 2012 |
99.2 | Flagstar Bancorp, Inc. Revised Conference Call Presentation Slides - Fourth Quarter 2012 Financial Results |
FLAGSTAR BANCORP, INC. | |||
Dated: February 12, 2013 | By: | /s/ Paul D. Borja | |
Paul D. Borja | |||
Executive Vice-President and Chief Financial Officer |
As Reported December 31, 2012 | As Revised December 31, 2012 | ||||||
Other liabilities | $ | 833,500 | $ | 994,500 | |||
Total liabilities | 12,761,650 | 12,922,650 | |||||
Accumulated deficit | (415,498 | ) | (576,498 | ) | |||
Total stockholders' equity | 1,320,362 | 1,159,362 |
For the Three Months Ended | For the Year Ended | ||||||||||||||
As Reported December 31, 2012 | As Revised December 31, 2012 | As Reported December 31, 2012 | As Revised December 31, 2012 | ||||||||||||
General and administrative | $ | 83,822 | $ | 224,822 | $ | 239,795 | $ | 400,795 | |||||||
Total non-interest expense | 236,962 | 397,962 | 828,695 | 989,695 | |||||||||||
Income (loss) before federal income taxes | 72,423 | (88,577 | ) | 213,731 | 52,731 | ||||||||||
Net Income (Loss) | 68,188 | (92,812 | ) | 229,376 | 68,376 | ||||||||||
Net income (loss) applicable to common stockholders | 66,771 | (94,229 | ) | 223,718 | 62,718 | ||||||||||
Income (loss) per share - basic | $ | 1.13 | $ | (1.75 | ) | $ | 3.77 | $ | 0.88 | ||||||
Income (loss) per share - diluted | 1.12 | (1.75 | ) | 3.74 | 0.87 |
For the Three Months Ended | For the Year Ended | ||||||||||||||
As Reported December 31, 2012 | As Revised December 31, 2012 | As Reported December 31, 2012 | As Revised December 31, 2012 | ||||||||||||
Return on average assets | 1.78 | % | (2.51 | )% | 1.52 | % | 0.43 | % | |||||||
Return on average equity | 20.70 | % | (29.26 | )% | 18.76 | % | 5.26 | % | |||||||
Efficiency ratio (1) | 65.9 | % | 110.6 | % | 62.9 | % | 75.1 | % | |||||||
Efficiency ratio (credit-adjusted) (1) | 56.0 | % | 97.9 | % | 46.8 | % | 57.0 | % | |||||||
Equity/assets ratio (average for the period) | 8.59 | % | 8.58 | % | 8.10 | % | 8.10 | % | |||||||
Average stockholders' equity | $ | 1,290,082 | $ | 1,288,332 | $ | 1,192,721 | $ | 1,192,281 |
As Reported December 31, 2012 | As Revised December 31, 2012 | ||||||
Equity/assets ratio | 9.38 | % | 8.23 | % | |||
Tier 1 capital ratio (to adjusted total assets) | 10.41 | % | 9.26 | % | |||
Total risk-based capital ratio (to risk-weighted assets) | 19.16 | % | 17.18 | % | |||
Book value per common share | $ | 18.97 | $ | 16.12 |
(1) | See Non-GAAP reconciliation. |
For the Three Months Ended | For the Year Ended | ||||||||||||||
As Reported December 31, 2012 | As Revised December 31, 2012 | As Reported December 31, 2012 | As Revised December 31, 2012 | ||||||||||||
Average other liabilities | $ | 3,411,883 | $ | 3,413,633 | $ | 2,747,796 | $ | 2,748,236 | |||||||
Average stockholders' equity | 1,290,082 | 1,288,332 | 1,192,721 | 1,192,281 |
For the Three Months Ended | For the Year Ended | ||||||||||||||
As Reported December 31, 2012 | As Revised December 31, 2012 | As Reported December 31, 2012 | As Revised December 31, 2012 | ||||||||||||
Pre-tax, pre-credit-cost income | |||||||||||||||
Loss before tax provision | $ | 72,423 | $ | (88,577 | ) | $ | 213,731 | $ | 52,731 | ||||||
Pre-tax, pre-credit-cost income | 170,026 | 9,026 | 842,160 | 681,160 | |||||||||||
Efficiency ratio (credit-adjusted) | |||||||||||||||
Non-interest expense | $ | 236,962 | $ | 397,962 | $ | 828,695 | $ | 989,695 | |||||||
Adjusted non-interest expense | 215,721 | 376,721 | 737,346 | 898,346 | |||||||||||
Efficiency ratio (1) | 65.9 | % | 110.6 | % | 62.9 | % | 75.1 | % | |||||||
Efficiency ratio (credit-adjusted) (1) | 56.0 | % | 97.9 | % | 46.8 | % | 57.0 | % |
(1) | Ratios include expenses related to the legal reserves for pending and threatened litigation, including amounts paid in anticipation of a future settlement, of $188.5 million and $229.9 million during the three months and year ended December 31, 2012, respectively. |
As Reported December 31, 2012 | As Revised December 31, 2012 | ||||||
Non-performing assets / Tier 1 capital + allowance for loan losses | |||||||
Tier 1 capital | $ | 1,456,841 | $ | 1,295,841 | |||
Tier 1 capital + allowance for loan losses | 1,761,841 | 1,600,841 | |||||
Non-performing assets / Tier 1 capital + allowance for loan losses | 29.5 | % | 32.5 | % |
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