Flagstar Financial Q1 Loss Narrows, But Revenue Drops

(RTTNews) - Flagstar Financial, Inc. (FLG) Friday reported net loss of $108 million, or $0.26 per share for the first quarter, lower than $335 million, or $1.36 per share loss in the same quarter a year ago.

Excluding one-time items, loss was $94 million or $0.23 per diluted share, that beat the average analysts' estimate of $0.28 loss per share. Analysts' estimates typically exclude special items.

Revenue for the quarter dropped to $490 million from $633 million in the previous year. The consensus estimate was for $509.58 million.

Net interest income declined 34% to $410 million from $624 million last year.

Provision for credit losses was $79 million, down from $315 million a year ago.