Flagstar reports net gain of $44 million in second quarter

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Flagstar Bancorp, Inc., Flagstar Bank's holding company, announced its second quarter net income for 2013 of USD 65.8 million (USD 1.10 per share) as opposed to the first quarter 2013 income of USD 22.2 million (USD 0.33 per share).

Flagstar entered into settlement agreements with Assured and MBIA during the quarter, bringing up the company's net gain to USD 44 million. The company maximized the chance provided by increasing market loan demands by selling non-performing loans to improve asset quality ratios.

According to President and Chief Executive Officer, Sandro DiNello, the second quarter results reflect the successful continuation of Flagstar's initiatives to reduce risk, provide solutions for legacy issues and build stable capital levels.

"We believe that these efforts, along with new initiatives to reduce expenses and maximize efficiency across the organization, collectively position Flagstar for long-term growth and shareholder value creation," DiNello added.

The company is currently focusing on developing new strategies to increase interest-earning assets using excess cash and improve cross-sells.

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