RTTNews | Jul 28, 2021 12:14PM EDT

12:14 Wednesday, July 28, 2021 (RTTNews.com) - Michigan-based finserv company, Flagstar Bancorp, Inc (FBC) is trading 10% higher after it reported a strong second quarter on Wednesday with earnings beating analyst estimates.

The net income of the company was $147 million or $2.74 per share, up from $116 million or $2.03 per share in the same quarter last year. Excluding special items, the income was $146 million or $2.73 per share, from $116 million or $2.03 per share last year.

Five analysts polled by Thomson Reuters expected the earning to be $1.93 for the quarter.

President and CEO Alessandro DiNello said, "We posted another solid quarter - our fifth consecutive quarter where diluted earnings exceeded $2.00 per share. Highlights included net interest margin expansion, strong asset quality, steady growth in our servicing portfolio, and excellent mortgage results that remain above historical averages."

The shares are currently moving at $47.07 up $4.48 or 10.52% since their previous close at $42. 59. The shares opened at $43.17 and in the 52-week period, the stock ranged from $27.79 to $51.58.

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