Reuters: Global Markets: Flagstar shares rise as bank posts profit after four years

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Flagstar shares rise as bank posts profit after four years Jul 18th 2012, 14:57 Wed Jul 18, 2012 10:57am EDT (Reuters) - Shares of Flagstar Bancorp (FBC.N) rose as much as a 12 percent on Wednesday after the regional lender posted its first profit in nearly four years. The bank, which received $266.7 million in bailout funds, originates residential mortgage loans throughout the United States. It has been badly hit by the fall in U.S. home values and the ensuing housing crisis. Flagstar shopped its shares at a discount and sold branches over the last two years to speed its return to profitability. It last posted a profit in 2008. The bank reported a second-quarter net income applicable to common shareholders of $86 million, or 15 cents per share, compared with a loss of $74.9 million, or 14 cents per share, a year earlier. The bank's bad loan provisions halved to $58.4 million. Flagstar's shares, which traded at as much as $121 in September 2007, were up 10 percent at $1.02 in morning trade on the New York Stock Exchange.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions