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Sep 30, 2020
Flagstar Financial Q3 2020 Earnings Report
Reported diluted EPS of $0.23 on double-digit NIM expansion and strong loan growth.
Key Takeaways
New York Community Bancorp reported a strong third quarter with solid net income and EPS growth, driven by strong loan growth and double-digit net interest margin expansion. Loan deferrals declined significantly, and asset quality metrics remained strong.
Diluted EPS of $0.23, up 10% compared to the second quarter of the year and up 21% compared to the year-ago third quarter.
Net income available to common shareholders for the third quarter was $107.6 million, up 11% compared to the second quarter of the year and up 18% compared to the year-ago third quarter.
95% of $3.1 billion in eligible loan deferrals returned to payment status.
Net interest margin increased 11 bps to 2.29% compared to the second quarter.
Flagstar Financial
Flagstar Financial
Forward Guidance
The company expects strong payment performance of loan deferrals through the remainder of the year and anticipates continued loan growth in the fourth quarter.