Flagstar Bancorp Declares Third Quarter Dividend and Announces Net Earnings

Strategic Insights -

Flagstar Bancorp, a leading financial institution based in Michigan, has declared a third quarter dividend of $0.10 per share to be paid on November 15, 1999 to shareholders of record on October 29, 1999. The company's net earnings for the quarter were $7.2 million, or $0.51 per share-diluted, representing a 30.1% decrease from the comparable 1998 quarter. This announcement comes as Flagstar Bank, the company's wholly owned subsidiary, continues to operate 33 bank branches, 37 loan centers, and 17 correspondent lending offices across the United States.

Key Takeaways:

  • Flagstar Bancorp, the holding company of Flagstar Bank, declared a third quarter dividend of $0.10 per share, payable on November 15, 1999 to shareholders of record on October 29, 1999.
  • The company's third quarter net earnings were $7.2 million, or $0.51 per share-diluted, representing a $3.1 million, or 30.1% decrease from the comparable 1998 quarter.
  • Flagstar Bank, Flagstar Bancorp's wholly owned subsidiary, operates 33 bank branches, 37 loan centers, and 17 correspondent lending offices across the United States.
  • The company is one of the largest independent savings institutions headquartered in Michigan.
  • Flagstar Bank is also one of the largest originators of residential mortgage loans in the United States.
  • The company acknowledges that its statements may constitute "forward-looking statements" within the meaning of federal securities laws, which are subject to significant risks and uncertainties.

Statistics:

  • Third quarter dividend: $0.10 per share
  • Dividend payment date: November 15, 1999
  • Record date for shareholder dividend: October 29, 1999
  • Net earnings (1999 Q3): $7.2 million
  • Net earnings per share-diluted (1999 Q3): $0.51
  • Decrease in net earnings (1998 Q3 to 1999 Q3): $3.1 million, or 30.1%

Sources:

  • Flagstar Bancorp, Inc. press release, October 19, 1999, "Flagstar Bancorp Reports Net Earnings of $7.2 million for Third Quarter 1999" (Note: The original release is dated October 19, 1999, not October 29, 1999)