Flagstar Announces Return to Profitability in Q2 2012

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TROY — Flagstar Bancorp, Inc., the holding company for Flagstar Bank, FSB, Wednesday announced its return to profitability, reporting second quarter 2012 net income applicable to common stockholders of $86.0 million, or $0.15 per share.

This is compared to a first quarter 2012 net loss of $(8.7) million, or $(0.02) per share, and a second quarter 2011 net loss of $(74.9) million, or $(0.14) per share. 

For the six months ended June 30, 2012, net income applicable to common stockholders totaled $77.3 million, or $0.13 per share, as compared to a net loss of $(106.6) million, or $(0.19) per share during the same period in 2011.

“I am very pleased to report strong net income for the second quarter and for the first six months of 2012,” said Joseph P. Campanelli, chairman of the board, president and CEO. “Returning to profitability … is the culmination of countless hours of hard work and dedication by our employees.”

Campanelli continued, “While we are excited about reaching this significant milestone, we recognize that we still have a great deal of work ahead of us … and we remain committed to delivering diversified products and exceptional service to our customers and generating value for our shareholders.”

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