Flagstar Bancorp, Inc. (NYSE: FBC) announced the pricing of a secondary offering of 6,000,000 shares of its common stock at $30.30 per share, offered by MP Thrift Investments L.P. The underwriter, Morgan Stanley, has a 30-day option to purchase an additional 900,000 shares. Flagstar will not receive proceeds from the sale. Following the offering, MP Thrift will own approximately 25.6% of the Company’s common stock. The offering is set to close on August 12, 2020, subject to customary conditions.
Flagstar Bancorp (NYSE: FBC) announced a secondary offering of 6,000,000 shares, representing about 10.5% of its outstanding common stock. The shares will be sold by MP Thrift Investments, with an additional option for underwriters to purchase 900,000 shares. Flagstar will not receive any proceeds from this offering. Following the transaction, MP Thrift's ownership will increase to approximately 25.6% of Flagstar's common stock. Morgan Stanley is the underwriter for this offering.
Flagstar Bancorp (FBC) reported its best results in company history for the second quarter of 2020, with net income rising to $116 million ($2.03 per diluted share), up from $46 million in Q1 2020. This growth was driven by a $20 million increase in net interest income and strong mortgage revenues of $295 million, reflecting a surge in loan sales. The company increased its credit loss provision to $102 million amid economic uncertainties due to COVID-19, raising its coverage ratio to 1.69%. Despite challenges, Flagstar's capital ratios remain solid, and tangible book value per share grew to $31.74.
Flagstar Bancorp (NYSE: FBC) has announced a quarterly cash dividend of $0.05 per share, payable on September 15, 2020, to shareholders recorded by September 1, 2020. The company, with a total asset portfolio of $27.5 billion, operates through 160 branches across several states including Michigan, Indiana, and California. It is a significant player in the mortgage sector, managing over $214 billion in loans for more than 1 million borrowers. However, the ongoing COVID-19 pandemic poses uncertainties for its financial position and operations.
Flagstar Bank announced the appointment of David W. Hollis as executive vice president and chief human resources officer, effective July 16, 2020. Hollis brings over 25 years of HR leadership experience in diverse sectors, including financial services and manufacturing. Previously, he served as chief talent officer at Goodyear, managing HR for 64,000 employees globally. His role at Flagstar will involve overseeing all HR initiatives including recruiting and diversity programs. CEO Alessandro DiNello expressed confidence in Hollis’s ability to enhance organizational performance and support diversity and inclusion efforts.
Flagstar Bancorp (NYSE: FBC) announced its second quarter 2020 earnings call scheduled for July 28, 2020, at 11 a.m. ET. Financial results will be released at 6:30 a.m. ET on the same day. Interested parties can join the call by dialing (866) 529-8972 or (323) 994-2058, with a passcode of 8266062. A replay will be available for five business days. The call will also be streamed on the Investor Relations section of flagstar.com. Flagstar Bancorp is a $26.6 billion company, offering banking services across several states.