RTTNews | Oct 27, 2021 07:03AM EDT

07:02 Wednesday, October 27, 2021 (RTTNews.com) - Flagstar Bancorp, Inc. (FBC) on Wednesday reported third-quarter earnings that dropped from last year. However, on adjusted basis, earnings beat view. While net interest income showed improvement, non-interest income plunged from last year.

The banking company reported net income of $152 million, or $2.83 per share, down from $222 million, or $3.88 per share in the same quarter a year ago.

On an adjusted basis, earnings were $156 million, or $2.94 per share. The consensus estimate of analysts surveyed by Thomson Reuters expected the company to report earnings of $1.85 per share. Analysts' estimates typically exclude non-recurring items.

Net interest income for the three-month period increased to $195 million from $180 million last year, on higher loans held-for-sale during the quarter.

Noninterest income, however, substantially dropped to $266 million in the quarter from $448 million a year ago.

The company had a benefit for credit losses of $23 million for the quarter, compared with provision for credit losses of $32 million in the third quarter of last year.

Shares of Flagstar Bancorp closed Tuesday's trading at $55.01, down $0.25, or 0.45%.

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