Flagstar Bancorp has reported a net loss applicable to common stockholders of $67.41m, or $0.76 per share, for the first quarter ended March 31, 2009, as compared to a net loss applicable to common stockholders of $10.6m, or $0.18 per share, for the first quarter ended March 31, 2008. Net loss for the first quarter of 2009 was $64.5m versus $10.6m for the prior-year quarter.
Net interest income for the first quarter of 2009 was $56.73m, compared to $54.8m for the same period of 2008. For the first quarter of 2009, net interest margin was 1.59% compared to 1.55% for the corresponding quarter of 2008.
Total assets at March 31, 2009 were $16.81 billion, compared to $15.92 billion at March 31, 2008.
Mark Hammond, CEO of Flagstar Bancorp, said: Credit costs continued to negatively impact earnings; however, there were a number of encouraging results and trends that developed during the quarter. Net interest margin improved and regulatory capital remained high relative to previous periods, although, delinquencies continued to rise, but at a decelerating rate.
