FLAGSTAR FINANCIAL INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
FLG$10.58+0.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
| ITEM 1. | FINANCIAL STATEMENTS |
|---|
Consolidated Statements of Condition
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (in millions, except per share data) · (unaudited) | ||
| ASSETS: | ||
| Cash and cash equivalents | $23,080 | $11,475 |
| Securities: | ||
| Debt Securities available-for-sale ($10,236 and $2,822 pledged at September 30, 2024 and December 31, 2023) | 10,511 | 9,145 |
| Equity investments with readily determinable fair values, at fair value | 14 | 14 |
| Total securities net of allowance for credit losses | 10,525 | 9,159 |
| Loans held for sale ($1,595 and $902 measured at fair value, respectively) | 1,851 | 1,182 |
| Loans and leases held for investment, net of deferred loan fees and costs ($67 and zero measured at fair value at September 30, 2024 and December 31, 2023, respectively) | 71,116 | 84,619 |
| Less: Allowance for credit losses on loans and leases | (1,264) | (992) |
| Total loans and leases held for investment, net | 69,852 | 83,627 |
| Federal Home Loan Bank stock and Federal Reserve Bank stock, at cost | 1,364 | 1,392 |
| Premises and equipment, net | 649 | 652 |
| Core deposit and other intangibles | 519 | 625 |
| Mortgage servicing rights | — | 1,111 |
| Bank-owned life insurance | 1,595 | 1,580 |
| Other assets | 3,301 | 3,254 |
| Assets held for sale (See Note 19 - Assets Held for Sale and Associated Liabilities) | 1,631 | — |
| Total assets | $114,367 | $114,057 |
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
| Deposits: | ||
| Interest-bearing checking and money market accounts | $21,680 | $30,700 |
| Savings accounts | 13,510 | 8,773 |
| Certificates of deposit | 29,251 | 21,554 |
| Non-interest-bearing accounts | 18,572 | 20,499 |
| Total deposits | 83,013 | 81,526 |
| Borrowed funds: | ||
| Federal Home Loan Bank and Federal Reserve Bank advances | 19,250 | 20,250 |
| Repurchase agreements | 60 | — |
| Total wholesale borrowings | 19,310 | 20,250 |
| Junior subordinated debentures | 581 | 579 |
| Subordinated notes | 442 | 438 |
| Total borrowed funds | 20,333 | 21,267 |
| Other liabilities | 1,978 | 2,897 |
| Liabilities associated with assets held for sale (See Note 20 - Assets Held for Sale and Associated Liabilities) | 471 | — |
| Total liabilities | $105,795 | $105,690 |
| Mezzanine equity: | ||
| Preferred stock - Series B (See Note 17 - Mezzanine and Stockholders Equity) | 1 | — |
| Stockholders' equity: | ||
| Preferred stock - Series A and D (See Note 17 - Mezzanine and Stockholders Equity) | 503 | 503 |
| Common stock at par 0.01 (666,666,666 and 300,000,000 shares authorized; 422,729,599 and 248,051,930 shares issued; and 415,257,967 and 240,688,790 shares outstanding, respectively)(1) | 4 | 2 |
| Paid-in capital in excess of par | 9,266 | 8,236 |
| (Accumulated deficit)/Retained earnings | (562) | 443 |
| Treasury stock, at cost (7,471,632 and 7,363,140 shares, respectively) | (219) | (218) |
| Accumulated other comprehensive loss, net of tax: | ||
| Net unrealized loss on securities available for sale, net of tax of $185 and $225, respectively | (468) | (581) |
| Net unrealized loss on pension and post-retirement obligations, net of tax of $11 and $12, respectively | (27) | (28) |
| Net unrealized gain on cash flow hedges, net of tax of $(27) and $(6), respectively | 74 | 10 |
| Total accumulated other comprehensive loss, net of tax | (421) | (599) |
| Total stockholders’ equity | 8,571 | 8,367 |
| Total liabilities, Mezzanine and Stockholders’ Equity | $114,367 | $114,057 |
(1)On June 27, 2024, the Company announced a 1 for 3 reverse stock split, effective July 11, 2024. This reverse stock split is reflected retroactively in all periods presented. See Note 1 - Organization and Basis of Presentation.
New York Community Bancorp, Inc.
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in millions, except per share data) | 2024 | 2023 | 2024 | 2023 |
| INTEREST INCOME: | ||||
| Loans and leases | $1,061 | $1,251 | $3,421 | $3,279 |
| Securities and money market investments | 473 | 261 | 1,174 | 765 |
| Total interest income | 1,534 | 1,512 | 4,595 | 4,044 |
| INTEREST EXPENSE: | ||||
| Interest-bearing checking and money market accounts | 218 | 268 | 664 | 657 |
| Savings accounts | 110 | 43 | 221 | 122 |
| Certificates of deposit | 372 | 180 | 1,000 | 436 |
| Borrowed funds | 324 | 139 | 1,019 | 492 |
| Total interest expense | 1,024 | 630 | 2,904 | 1,707 |
| Net interest income | 510 | 882 | 1,691 | 2,337 |
| Provision for credit losses | 242 | 62 | 947 | 281 |
| Net interest income after provision for credit loan losses | 268 | 820 | 744 | 2,056 |
| NON-INTEREST INCOME: | ||||
| Fee income | 42 | 58 | 117 | 133 |
| Bank-owned life insurance | 10 | 11 | 32 | 32 |
| Net (loss) on securities | — | — | — | (1) |
| Net return on mortgage servicing rights | 34 | 23 | 74 | 70 |
| Net gain on loan sales and securitizations | 5 | 28 | 43 | 73 |
| Net loan administration (loss) income | (8) | 19 | 3 | 65 |
| Bargain purchase gain | — | — | (121) | 2,142 |
| Other | 30 | 21 | 88 | 46 |
| Total non-interest income | $113 | $160 | $236 | $2,560 |
| NON-INTEREST EXPENSE: | ||||
| Operating expenses: | ||||
| Compensation and benefits | 316 | 346 | 961 | 854 |
| FDIC insurance | 98 | 19 | 239 | 56 |
| Occupancy and equipment | 59 | 55 | 163 | 142 |
| General and administrative | 188 | 165 | 557 | 440 |
| Total operating expense | 661 | 585 | 1,920 | 1,492 |
| Intangible asset amortization | 37 | 36 | 105 | 90 |
| Merger-related and restructuring expenses | 18 | 91 | 95 | 267 |
| Total non-interest expense | 716 | 712 | 2,120 | 1,849 |
| (Loss) income before income taxes | (335) | 268 | (1,140) | 2,767 |
| Income tax (benefit) expense | (55) | 61 | (210) | 141 |
| Net (loss) income | $(280) | $207 | $(930) | $2,626 |
| Preferred stock dividends | 9 | 8 | 27 | 25 |
| Net (loss) income attributable to common stockholders | $(289) | $199 | $(957) | $2,601 |
| Basic (loss) earnings per common share(1) | $(0.79) | $0.82 | $(3.16) | $10.86 |
| Diluted (loss) earnings per common share(1) | $(0.79) | $0.81 | $(3.16) | $10.84 |
| Net (loss) income | $(280) | $207 | $(930) | $2,626 |
| Other comprehensive (loss) income, net of tax: | ||||
| Change in net unrealized loss on securities available for sale, net of tax of $(71); $69; $(40) and $84 | 206 | (195) | 113 | (237) |
| Change in pension and post-retirement obligations, net of tax of $1; $—; $— and $(1) | 1 | — | (1) | 2 |
| Change in net unrealized gain on cash flow hedges, net of tax of $—; $(17); $(36) and $(26) | (1) | 47 | 106 | 72 |
| Reclassification adjustment for defined benefit pension plan, net of tax of $(1); $—; $(1) and $— | — | 1 | 2 | 2 |
| Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $5; $2; $15 and $5 | (13) | (6) | (42) | (14) |
| Total other comprehensive loss, net of tax | 193 | (153) | 178 | (175) |
| Total comprehensive (loss) income, net of tax | $(87) | $54 | $(752) | $2,451 |
(1)On June 27, 2024, the Company announced a 1 for 3 reverse stock split, effective July 11, 2024. This reverse stock split is reflected retroactively in all periods presented. See Note 1 - Organization and Basis of Presentation.
Consolidated Statements of Changes in Stockholders' Equity
| (in millions, except share data) | Shares Outstanding(1) | Preferred Stock A (Par Value: $0.01) | Common Stock (Par Value: $0.01) | Paid-in Capital in excess of Par | (Accumulated deficit) | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, Net of Tax | Total Stockholders’ Equity | Preferred Stock Mezzanine (Par Value: $0.01) |
|---|---|---|---|---|---|---|---|---|---|
| Balance at June 30, 2024 | 351,304,364 | $503 | $4 | $8,997 | $(270) | $(223) | $(614) | $8,397 | $258 |
| Issuance of common shares for the conversion of Series B preferred, net | 63,770,655 | — | — | 257 | — | — | — | 257 | (257) |
| Conversion of March 2024 Warrants to Series D preferred common equivalent shares | — | — | — | (302) | — | — | — | (302) | — |
| Issuance of warrants to purchase common shares | — | — | — | 302 | — | — | — | 302 | — |
| Shares issued for restricted stock, net of forfeitures | 282,417 | — | — | (5) | — | 5 | — | — | — |
| Compensation expense related to restricted stock awards | — | — | — | 17 | — | — | — | 17 | — |
| Net loss | — | — | — | — | (280) | — | — | (280) | — |
| Dividends paid on common stock ($0.01) | — | — | — | — | (3) | — | — | (3) | — |
| Dividends paid on preferred stock Series A ($15.94), Series B ($3.33) | — | — | — | — | (9) | — | — | (9) | — |
| Purchase of common stock | (99,469) | — | — | — | — | (1) | — | (1) | — |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | 193 | 193 | — |
| Balance at September 30, 2024 | 415,257,967 | $503 | $4 | $9,266 | $(562) | $(219) | $(421) | $8,571 | $1 |
| Balance at June 30, 2023 | 240,825,252 | $503 | $2 | $8,209 | $3,205 | $(217) | $(642) | $11,060 | $— |
| Shares issued for restricted stock, net of forfeitures | 43,458 | — | — | — | — | — | — | — | — |
| Compensation expense related to restricted stock awards | — | — | — | 13 | — | — | — | 13 | — |
| Net income | — | — | — | — | 207 | — | — | 207 | — |
| Dividends paid on common stock ($0.51) | — | — | — | — | (125) | — | — | (125) | — |
| Dividends paid on preferred stock ($15.94) | — | — | — | — | (9) | — | — | (9) | — |
| Purchase of common stock | (33,956) | — | — | — | — | — | — | — | — |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (153) | (153) | — |
| Balance at September 30, 2023 | 240,834,754 | $503 | $2 | $8,222 | $3,278 | $(217) | $(795) | $10,993 | $— |
(1)On June 27, 2024, the Company announced a 1 for 3 reverse stock split, effective July 11, 2024. This reverse stock split is reflected retroactively in all periods presented. See Note 1 - Organization and Basis of Presentation.
Consolidated Statements of Changes in Stockholders' Equity
| (in millions, except share data) | Shares Outstanding(1) | Preferred Stock (Par Value: $0.01) | Common Stock (Par Value: 0.01) | Paid-in Capital in excess of Par | (Accumulated deficit)/Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, Net of Tax | Total Stockholders’ Equity | Preferred Stock Mezzanine (Par Value: $0.01) |
|---|---|---|---|---|---|---|---|---|---|
| Balance at December 31, 2023 | 240,688,790 | $503 | $2 | $8,236 | $443 | $(218) | $(599) | $8,367 | $— |
| Issuance of mezzanine preferred stock Series B, net (192,062 shares) | — | — | — | — | — | — | — | — | 258 |
| Issuance of mezzanine preferred stock Series C, net (256,307 shares) | — | — | — | — | — | — | — | — | 346 |
| Issuance of common shares for the conversion of Series B preferred, net | 63,770,655 | — | — | 257 | — | — | — | 257 | (257) |
| Issuance of common shares for the conversion of Series C preferred, net | 85,435,618 | — | 1 | 340 | — | — | — | 341 | (346) |
| Issuance of common shares for the March 2024 capital raise | 25,543,655 | — | 1 | 102 | — | — | — | 103 | — |
| Issuance of warrants to purchase common shares | — | — | — | 302 | — | — | — | 302 | — |
| Shares issued for restricted stock, net of forfeitures | 275,051 | — | — | (9) | — | 9 | — | — | — |
| Compensation expense related to restricted stock awards | — | — | — | 38 | — | — | — | 38 | — |
| Net loss | — | — | — | — | (930) | — | — | (930) | — |
| Dividends paid on common stock ($0.19) | — | — | — | — | (48) | — | — | (48) | — |
| Dividends paid on preferred stock Series A ($47.82), Series B ($6.66) | — | — | — | — | (27) | — | — | (27) | — |
| Purchase of common stock | (455,802) | — | — | — | — | (10) | — | (10) | — |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | 178 | 178 | — |
| Balance at September 30, 2024 | 415,257,967 | $503 | $4 | $9,266 | $(562) | $(219) | $(421) | $8,571 | $1 |
| Balance at December 31, 2022 | 227,072,445 | $503 | $2 | $8,135 | $1,041 | $(237) | $(620) | $8,824 | $— |
| Issuance and exercise of FDIC Equity appreciation instrument | 13,010,669 | — | — | 85 | — | — | — | 85 | — |
| Shares issued for restricted stock, net of forfeitures | 1,174,473 | — | — | (31) | — | 31 | — | — | — |
| Compensation expense related to restricted stock awards | — | — | — | 33 | — | — | — | 33 | — |
| Net income | — | — | — | — | 2,626 | — | — | 2,626 | — |
| Dividends paid on common stock ($2.04) | — | — | — | — | (364) | — | — | (364) | — |
| Dividends paid on Series A preferred stock ($47.82) | — | — | — | — | (25) | — | — | (25) | — |
| Purchase of common stock | (422,833) | — | — | — | — | (11) | — | (11) | — |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (175) | (175) | — |
| Balance at September 30, 2023 | 240,834,754 | $503 | $2 | $8,222 | $3,278 | $(217) | $(795) | $10,993 | $— |
(1)On June 27, 2024, the Company announced a 1 for 3 reverse stock split, effective July 11, 2024. This reverse stock split is reflected retroactively in all periods presented. See Note 1 - Organization and Basis of Presentation.
Consolidated Statements of Cash Flows
| For the Nine Months Ended September 30, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net (loss) income | $(930) | $2,626 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Provision for credit losses | 947 | 281 |
| Amortization of intangibles | 105 | 90 |
| Depreciation | 34 | 29 |
| Amortization of discounts and premiums, net | 141 | (221) |
| Net loss on securities | — | 1 |
| Net gain on sales of loans | (43) | (73) |
| Loss (gain) on business acquisition | 121 | (2,142) |
| Stock-based compensation | 38 | 33 |
| Deferred tax expense | (229) | (32) |
| Changes in operating assets and liabilities: | ||
| Increase in other miscellaneous assets | (423) | (135) |
| Increase (decrease) in other miscellaneous liabilities | 125 | (358) |
| Purchases of securities held for trading | — | (10) |
| Proceeds from sales of securities held for trading | — | 10 |
| Change in loans held for sale, net | (423) | (615) |
| Net cash used in operating activities | (537) | (516) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Proceeds from repayment of securities available for sale | 1,525 | 1,254 |
| Proceeds from sales of securities available for sale | 269 | 1,341 |
| Purchase of securities available for sale | (2,607) | (2,346) |
| Redemption of Federal Home Loan Bank stock | 217 | 1,069 |
| Purchases of Federal Home Loan Bank and Federal Reserve Bank stock | (189) | (912) |
| Proceeds from bank-owned life insurance, net | 18 | 27 |
| Net proceeds from sales of mortgage servicing rights | 66 | 50 |
| Net change in loans held for investment, including loan sales | 11,733 | (3,077) |
| Purchases of premises and equipment, net | (33) | (42) |
| Cash acquired in business acquisition | — | 25,043 |
| Net cash provided by investing activities | 10,999 | 22,407 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net increase (decrease) in deposits | 1,476 | (9,641) |
| Net decrease in short-term borrowed funds | (940) | (705) |
| Proceeds from long-term borrowed funds | 12,250 | 3,675 |
| Repayments of long-term borrowed funds | (12,250) | (9,725) |
| Net disbursement of payments of loans serviced for others | (375) | (48) |
| Cash dividends paid on common stock | (48) | (364) |
| Cash dividends paid on preferred stock | (27) | (25) |
| Proceeds from common stock and warrants issued | 1,003 | — |
| Proceeds from preferred stock issued | 1 | — |
| Payments relating to treasury shares received for restricted stock award tax payments | (10) | (11) |
| Net cash provided by (used in) financing activities | 1,080 | (16,844) |
| Net increase in cash, cash equivalents, and restricted cash | 11,542 | 5,047 |
| Cash, cash equivalents, and restricted cash at beginning of period (1) | 11,609 | 2,082 |
| Cash, cash equivalents, and restricted cash at end of period (1) | $23,151 | $7,129 |
| Supplemental information: | ||
| Cash paid for interest | $2,722 | $1,656 |
| Cash paid for income taxes | 31 | 32 |
| Non-cash investing and financing activities: | ||
|---|---|---|
| Transfers to repossessed assets from loans | $8 | $4 |
| Securitization of loans to mortgage-backed securities available for sale | 262 | 109 |
| Transfer of loans from held for investment to held for sale | 7,486 | — |
| Shares issued for restricted stock awards | 9 | 31 |
| Business Combination: | ||
| Fair value of tangible assets acquired | — | 37,526 |
| Intangible assets | — | 464 |
| Liabilities assumed | — | 35,763 |
| Issuance of FDIC Equity appreciation instrument | — | 85 |
(1)Includes restricted cash of $71 million and $200 million at September 30, 2024 and September 30, 2023, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.