Flagstar Financial Revenue Miss Cuts Stock 3%

Flagstar Financial reported Q1 adjusted EPS of $0.04, beating estimates, but revenue fell to $498 million versus $552.9 million consensus.
Net income rose to $13 million ($0.03 per share) from a $108 million loss a year earlier, with adjusted net income $20 million.
Core deposits grew $1.1 billion (2%) and total deposits $832 million (1%); C&I loans increased $1.4 billion (9%) to $16.6 billion.
Net interest margin rose to 2.15%, operating expenses fell 5% to $441 million, and CET1 ratio improved to 13.24%, up 40 bps.