Flagstar Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter of 2015
For the year, the company's total interest income was $355 million compared to $286 million a year ago. Net interest income was $287 million compared to $247 million a year ago. Net interest income after provision for loan losses was $306 million compared to $115 million a year ago. Income before income taxes was $240 million compared to loss before income taxes of $103 million a year ago. Net income was $158 million compared to loss of $70 million a year ago. Diluted income per share was $2.24 compared to loss per share of $1.72 a year ago.
Net charge-offs in the fourth quarter 2015 were $9 million, or 0.62% of applicable loans, compared to $24 million, or 1.84% of applicable loans in the prior quarter. the fourth quarter 2015 amount included $2 million of net charge-offs associated with the sale of $11 million (unpaid principal balance) of nonperforming loans.