TROY, Mich. (AP) — Flagstar Bancorp Inc. (FBC) on Tuesday reported third-quarter profit of $63 million.
The Troy, Michigan-based company said it had profit of $1.11 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.
The holding company for Flagstar Bank posted revenue of $374 million in the period. Its adjusted revenue was $317 million, also beating Street forecasts. Five analysts surveyed by Zacks expected $299 million.
Flagstar Bancorp shares have climbed 47% since the beginning of the year. The stock has climbed 26% in the last 12 months.