TROY, Mich. (AP) — Flagstar Bancorp Inc. (FBC) on Tuesday reported fourth-quarter net income of $58 million.
On a per-share basis, the Troy, Michigan-based company said it had net income of $1.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.
The holding company for Flagstar Bank posted revenue of $375 million in the period. Its adjusted revenue was $314 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $306.9 million.
For the year, the company reported profit of $218 million, or $3.80 per share. Revenue was reported as $1.17 billion.
Flagstar Bancorp shares have decreased 3% since the beginning of the year. The stock has climbed 23% in the last 12 months.