HICKSVILLE, N.Y. (AP) — HICKSVILLE, N.Y. (AP) — Flagstar Bank, National Association (FLG) on Friday reported first-quarter profit of $21 million.
The bank, based in Hicksville, New York, said it had earnings of 3 cents per share. Earnings, adjusted for one-time gains and costs, came to 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The bank holding company posted revenue of $1.04 billion in the period. Its revenue net of interest expense was $498 million, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $557.1 million.
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