Form 8-K
8-K — FLAGSTAR BANK, NATIONAL ASSOCIATION
Accession: 0000910073-26-000065
Filed: 2026-07-24
Period: 2026-07-24
CIK: 0000910073
SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — nycb-20260724.htm (Primary)
EX-99.1 (a2q2026earningsrelease.htm)
EX-99.2 (flg_2q26xearningsxpresen.htm)
EX-99.3 (flagstar-sharerepurchase.htm)
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8-K
8-K (Primary)
Filename: nycb-20260724.htm · Sequence: 1
nycb-20260724
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2026
Flagstar Bank, National Association
(Exact Name of Registrant as Specified in Charter)
United States of America 1-31565 38-2734984
(State or Other Jurisdiction
of Incorporation) Commission File Number (IRS Employer Identification No.)
102 Duffy Avenue, Hicksville, New York 11801
(Address of principal executive offices)
(516) 683-4100
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common stock, $0.01 par value per share FLG New York Stock Exchange
Bifurcated Option Note Unit Securities SM FLG PRU New York Stock Exchange
Depositary Shares each representing a 1/40th interest in a share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock FLG PRA New York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 24, 2026, Flagstar Bank, National Association (the “Bank”) issued a press release reporting its financial results for the quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this report.
Item 7.01 Regulation FD Disclosures
Beginning on July 24, 2026, the Bank intends to distribute and make available to investors, and to post on its website, the written presentation attached hereto as Exhibit 99.2.
Item 8.01 Other Events
'
On July 24, 2026, the Bank issued a press release announcing that its Board of Directors has authorized a common stock repurchase program under which the Bank may repurchase up to $250 million of its outstanding common stock over the next 12-month period.
Repurchases may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of any share repurchases will be subject to a variety of factors, including the availability of stock for repurchases, the Bank’s capital position and financial performance, regulatory considerations, and general market conditions. The share repurchase program does not obligate the Bank to acquire any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice. Any future stock repurchase programs would be subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position and financial performance, accounting and regulatory considerations, and general market conditions.
A copy of the press release is attached as Exhibit 99.3 to this current report on Form 8-K and is incorporated by reference herein.
The information in Item 2.02 and Item 7.01 this Current Report on Form 8-K and the accompanying Exhibits 99.1 and 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Description of Exhibit
No.
99.1
Press release regarding Results of Operations and Financial Condition issued by the Bank on July 24, 2026
99.2
Written presentation to be distributed and made available to investors, and posted on the Bank's website, beginning July 24, 2026
99.3
Press release regarding repurchases issued by the Bank on July 24, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Date: July 24, 2026 FLAGSTAR BANK, NATIONAL ASSOCIATION
/s/ Salvatore DiMartino
Salvatore DiMartino
Executive Vice President and Director of Investor Relations
EX-99.1
EX-99.1
Filename: a2q2026earningsrelease.htm · Sequence: 2
Document
102 Duffy Avenue, Hicksville, NY 11801 ● Phone: (516) 683-4420 ● flagstar.com
FLAGSTAR BANK REPORTS SECOND QUARTER 2026 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS OF $0.06 PER DILUTED SHARE AND ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS OF $0.05 PER DILUTED SHARE
•ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM
•THIRD CONSECUTIVE QUARTER OF PROFITABILITY AS PRE-PROVISION NET REVENUES INCREASED $34 MILLION ON AN UNADJUSTED BASIS AND $21 MILLION ON AN ADJUSTED BASIS
•COST OF DEPOSITS DECLINED FIVE BASIS POINTS, WHILE TOTAL DEPOSITS INCREASED NEARLY $700 MILLION IN THE SECOND QUARTER AND APPROXIMATELY $1.5 BILLION YEAR-TO-DATE
•BALANCE SHEET GREW APPROXIMATELY $600 MILLION DRIVEN BY SOLID CORE C&I LOAN AND DEPOSIT GROWTH FROM CONTINUED EXPANSION OF THE COMMERCIAL BANKING PLATFORM
•C&I LOANS INCREASED $2.0 BILLION OR 12% QUARTER OVER QUARTER DRIVEN BY STRATEGIC FOCUS AREAS
•CONTINUED EXPENSE DISCIPLINE WITH OPERATING EXPENSES DOWN 3% COMPARED TO PRIOR QUARTER; POSITIVE OPERATING LEVERAGE OF 7%
•CRE PAR PAYOFFS TOTALED $1.1 BILLION, OF WHICH 39% WERE SUBSTANDARD; CRE CONCENTRATION RATIO IMPROVED TO 350% COMPARED TO 367% LAST QUARTER
•CET1 CAPITAL RATIO OF 13.16%
Second Quarter 2026 Summary Compared to First Quarter 2026
Profitability Capital
•PPNR of $66 million, up $34 million
•Adjusted PPNR of $62 million, up $21 million or 51%
•Operating expenses of $427 million down 3%
•Positive operating leverage of 7%
•Net interest margin was relatively unchanged at 2.13%
•Deposit costs declined 5 basis points while overall cost of funds declined 7 basis points
•CET1 capital ratio of 13.16%, at or above peer group levels
•Excess capital of $1.6 billion, using low end of target CET1 range of 10.5%
•Book value per share of $18.31
•Tangible book value per share of $17.51
•Tangible book value per share adjusted for warrant exercise is $15.54
Balance Sheet Asset Quality
•Total C&I loans increased $2.0 billion or 12% to $18.6 billion
•Total loans increased $562 million to $61.0 billion, up 1% or 4% annualized
•Total deposits increased $689 million or 1%
•Core deposits grew $644 million or 1%
•C&I and Private Bank deposits grew $905 million, up 4%
•Strategic C&I loan focus areas grew $2.1 billion or 29%
•Total MF/CRE exposure down $1.5 billion or 4%
•Wholesale borrowings, mainly FHLB advances, declined $250 million or 2%
•Criticized/Classified loans declined $143 million or 1%
•Substandard loans declined $369 million or 6%
•Non-accrual loans rose $123 million or 5%
•Total ACL of $0.9 billion or 1.52% of total loans HFI
•Total multi-family ACL coverage of 1.63%
•ACL coverage of 2.87% for multi-family loans with 50% or greater rent-regulated units
•Total NYC multi-family loans declined $677 million or 5%
•Total NYC multi-family loans with 50% or greater rent-regulated units declined $338 million or 4%
•NCOs to average loans was 0.66% vs. 0.52%
Flagstar Bank, N.A. Reports Second Quarter 2026 Results
Hicksville, N.Y., July 24, 2026 – Flagstar Bank, N.A. (the "Bank") (NYSE: FLG), today reported second quarter 2026 net income of $34 million compared to net income of $21 million for first quarter 2026 and compared to a net loss of $70 million for second quarter 2025. Second quarter 2026 net income attributable to common stockholders was $26 million, or $0.06 per diluted share, compared to net income attributable to common stockholders of $13 million, or $0.03 per diluted share in first quarter 2026 and compared to a net loss attributable to common stockholders of $78 million, or $0.19 per diluted share in second quarter 2025.
For the six months ended June 30, 2026, the Bank reported net income of $55 million compared to a net loss of $170 million for the six months ended June 30, 2025. Net income attributable to common stockholders for the six months ended June 30, 2026 was $39 million or $0.08 per diluted share compared to a net loss attributable to common stockholders of $186 million or $0.45 per diluted share for the six months ended June 30, 2025.
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS - AS ADJUSTED
On an adjusted basis, which excludes a $4 million gain on sale related to our equity investment in Figure Technology Solutions, Inc., (the "Figure Investment"), second quarter 2026 net income attributable to common stockholders was $23 million or $0.05 per diluted share compared to first quarter 2026 net income attributable to common stockholders of $20 million or $0.04 per diluted share, which excludes a $9 million fair value loss on the Figure Investment, and compared to a net loss attributable to common stockholders of $60 million or $0.14 per diluted share in second quarter 2025, which excludes $14 million of merger related expenses, $2 million of severance expenses, $7 million in lease cost acceleration related to previously disclosed branch closures, and $3 million in trailing costs related to the sale of the Bank's mortgage servicing business.
For the six months ended June 30, 2026, net income attributable to common stockholders, on an adjusted basis was $43 million or $0.09 per diluted share which excludes a $5 million loss related to the Figure Investment. This compares to a net loss attributable to common stockholders, as adjusted, for the six months ended June 30, 2025 of $153 million or $0.37 per diluted share, which excludes $22 million of merger-related expenses, $2 million of severance expenses, $12 million in lease cost acceleration, and $8 million in trailing costs related to the sale of the Bank's mortgage servicing business.
CEO COMMENTARY
Commenting on the Bank's second quarter 2026 performance, Executive Chairman and Chief Executive Officer, Joseph M. Otting stated, “Flagstar's second quarter operating performance reflects our third consecutive quarter of profitability and improved earnings and represents continued progress on our path to transforming into a top-performing regional bank. During the quarter, we made considerable strides diversifying our balance sheet, reaching an important inflection point in asset growth, as total assets increased 3% on an annualized basis compared to the first quarter, driven by overall growth in our loan portfolio.
“Total loans increased 4% annualized, driven by record C&I loan production, which more than offset the continued strategic reduction in the commercial real estate portfolio. This marks the first quarter of loan growth since the fourth quarter of 2023. C&I originations in the second quarter totaled $2.8 billion, while commitments were $4.2 billion. This drove a $2.0 billion or 12% increase in C&I loans to $18.6 billion compared to the previous quarter.
“We also generated net deposit growth of $689 million, all of which was driven by core deposits. More importantly, $706 million of this quarter's deposit growth was C&I lending-related, as we have broadened our customer relationships in that key business.
“The net interest margin was relatively consistent with the prior quarter, while we reduced our cost of deposits by five basis points and our overall cost of funds by seven basis points. Additionally, we continued to pay down our wholesale borrowings, further strengthening our funding base.
“Also contributing to our improved operating performance was our continued focus on expense management, as operating expenses declined 3%, driving positive operating leverage of 7%.
“Our credit quality trends remained relatively stable during the quarter. While we did see a modest increase in total non-accrual loans, the overall level of criticized and classified loans decreased, driven mainly by a 6% decline in substandard loans.
“Importantly, we continue to maintain a strong capital position, with a CET1 capital ratio of 13.16% at the end of the quarter. This level of capital provides meaningful financial flexibility to support balance sheet growth, invest in our franchise, and return capital to shareholders over time. On that note, this morning we also announced the adoption of a $250 million share repurchase program. This
2
Flagstar Bank, N.A. Reports Second Quarter 2026 Results
reflects the tremendous progress we have made in executing on our strategic plan, the strength of our capital position and the positive long-term outlook for the Bank. We believe that returning capital to our shareholders through a stock buyback represents a compelling and disciplined use of our excess capital at this time.
“Overall, we believe the progress we have made over the past several quarters demonstrates the effectiveness of our strategy and positions the Bank well to deliver sustainable long-term shareholder value.”
BALANCE SHEET SUMMARY
(dollars in millions) June 30, 2026 March 31, 2026 Compare
Total loans and leases held for investment $ 60,987 $ 60,425 1 %
Total assets 87,714 87,129 1 %
Total deposits 67,521 66,832 1 %
Total borrowed funds 10,937 11,186 -2 %
Linked-Quarter Comparison
•Total assets increased $0.6 billion or 1% to $87.7 billion driven by loan growth and an increase in securities, partially offset by a decline in cash balances.
•Total loans and leases held for investment ("HFI") were $61.0 billion, up $0.6 billion or 1% (up 4% annualized); driven by solid growth in the C&I portfolio, partially offset by a decline in the multi-family and CRE portfolios as a result of our continued strategy of diversifying the loan portfolio.
•During the second quarter, we delivered broad-based loan growth across our C&I platform, while our CRE portfolio declined as part of our ongoing strategic balance sheet de-risking efforts.
–Total C&I loans increased $2.0 billion or 12% to $18.6 billion driven primarily by growth within Specialized Industries and Corporate & Regional Commercial Banking.
•Specialized Industries Banking loans increased $1,675 million or 34%.
•Corporate & Regional Commercial Banking increased $375 million or 18%.
•The CRE portfolio continued to decline with the combined multi-family and CRE portfolios declining $1.5 billion or 4% to $35.2 billion.
•Total CRE par payoffs totaled $1.1 billion, unchanged compared to first quarter.
•CRE concentration improved to 350% compared to 367%.
•Total deposits were $67.5 billion, up $0.7 billion or 1%, driven by increases in interest-bearing checking and money market accounts, which increased 6%, while all other categories each declined 1%.
•Total borrowed funds declined $0.2 billion or 2% to $10.9 billion.
•Wholesale borrowings, consisting of Federal Home Loan Bank of New York ("FHLB-NY") advances accounted for all of this decline and totaled $9.9 billion, down $250 million or 2%.
EARNINGS SUMMARY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026
Net Interest Income, Net Interest Margin, and Average Balance Sheet
Net Interest Income
Second quarter 2026 net interest income totaled $440 million compared to $443 million, down $3 million or 1% compared to first quarter 2026 but rose $21 million or 5% compared to second quarter 2025.
For the first six months of 2026, net interest income increased $54 million or 7% to $0.9 billion compared to $0.8 billion for the first six months of 2025.
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Flagstar Bank, N.A. Reports Second Quarter 2026 Results
Linked-Quarter Comparison
•Average interest-earnings assets decreased $0.3 billion or 0.3% to $83.1 billion as a result of lower average cash balances, partially offset by growth in average loans and average securities.
•Average interest-bearing liabilities declined $0.1 billion or 0.2% to $65.4 billion, average borrowed funds declined 10% partially offset by a 2% increase in average interest-bearing deposits.
•The net interest margin decreased 2 basis points to 2.13% due to a lower average cost of funds, more than offset by a lower average asset yield. Excluding the impact from the extra day in the quarter, the net interest margin would have been 2.16%.
Year-Over-Year Comparison
•Average interest-earning assets decreased 11% to $83.1 billion, driven by lower average cash balances due to balance sheet deleveraging.
•Average loans and average cash balances both declined, offset by growth in the investment securities portfolio.
•Average interest-bearing liabilities decreased 12% or $8.8 billion to $65.4 billion with average deposits declining 8% to $55.2 billion as the Bank significantly reduced brokered deposits throughout 2025.
•Average borrowings declined 27% or $3.8 billion to $10.3 billion as the Bank continued to pay down wholesale borrowings.
•The net interest margin increased 32 basis points driven by a lower cost of deposits and borrowings, partially offset by lower earning asset yields.
Year-to-Date Comparison
•Average interest-earning assets declined $11.1 billion or 12% to $83.2 billion primarily due to lower average loan balances, down 9%, as we reduced CRE loans and lower average cash balances, down 60%, due to balance sheet deleveraging, partially offset by a 20% increase in average securities balances.
•Average interest-bearing liabilities decreased $9.7 billion or 13% to $65.5 billion due to reduction in average borrowings, down 24%, and a 10% decrease in average deposits, as we reduced higher cost funding, including brokered CDs and wholesale borrowings.
•The net interest margin increased 37 basis points to 2.14% due to a 65 basis point improvement in the average cost of funds.
Provision for Credit Losses
Linked-Quarter Comparison
•For the second quarter 2026, we reported a provision for credit losses of $18 million compared to no provision in first quarter 2026.
•The increase was primarily driven by growth in the C&I portfolio, higher charge-offs and updates to assumptions related to recent New York City rent-regulated multi-family developments, partially offset by strategic reductions in the multi-family and CRE portfolios.
•Net charge-offs for the second quarter 2026 totaled $100 million, up $22 million or 28%.
•Net charge-offs on an annualized basis represented 0.66% of average loans outstanding, compared to 0.52% for first quarter 2026.
Year-Over-Year Comparison
•The provision for credit losses decreased $46 million or 72% primarily due to the continued decline in multi-family and CRE loan balances.
•Net charge-offs declined $17 million or 15%.
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Flagstar Bank, N.A. Reports Second Quarter 2026 Results
Year-to-Date Comparison
•For the first six months of 2026, the provision for credit losses totaled $18 million compared to $143 million for the first six months of 2025, down $125 million or 87%. The decrease was primarily due to strategic reductions in the multi-family and CRE portfolios and lower net charge-offs.
•Net charge-offs totaled $178 million compared to $232 million.
•Net charge-offs represented 0.59% of average loans outstanding compared to 0.70%.
Pre-Provision Net Revenue
The table below details the Bank’s pre-provision net revenue ("PPNR") and PPNR, as adjusted, which are non-GAAP measures, for the periods noted:
June 30, 2026
For the Three Months Ended compared to:
(dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025
Net interest income $ 440 $ 443 $ 419 -1 % 5 %
Non-interest income 76 55 77 38 % -1 %
Total revenues $ 516 $ 498 $ 496 4 % 4 %
Total non-interest expense 450 466 513 -3 % -12 %
Pre - provision net revenue/(loss) (non-GAAP) $ 66 $ 32 $ (17) NM NM
Merger-related expenses
— — 14 NM NM
Severance — — 2 NM -100 %
Lease cost acceleration related to closing branches — — 7 NM NM
Trailing mortgage sale costs with Mr. Cooper — — 3 NM NM
Net (gain) loss on investment security (4) 9 — NM NM
Pre - provision net revenue/(loss), as adjusted (non-GAAP)(1)
$ 62 $ 41 $ 9 51 % NM
(1) Amounts may not foot as a result of rounding.
For second quarter 2026, PPNR totaled $66 million compared to PPNR of $32 million for first quarter 2026 and a pre-provision net loss of $17 million for second quarter 2025.
Linked-Quarter Comparison
•Second quarter PPNR was $66 million compared to $32 million, up 106%.
•Excluding the impact from the Figure Investment in both quarters would have resulted in a PPNR of $62 million compared to $41 million up 51%.
•Majority of the increase was due to a decline in non-interest expenses, down 3%.
Year-Over-Year Comparison
•Second quarter 2026 PPNR increased $83 million compared to a pre-provision net loss of $17 million in the year-ago quarter.
•Excluding the impact from the Figure Investment and several other one-time items in the year ago quarter, adjusted PPNR was $62 million compared to $9 million in the year-ago quarter.
•Majority of the increase was due to lower non-interest expense and higher net interest income.
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Flagstar Bank, N.A. Reports Second Quarter 2026 Results
For the Six Months Ended
(dollars in millions) June 30, 2026 June 30, 2025 % Change
Net interest income $ 883 $ 829 7 %
Non-interest income 131 157 -17 %
Total revenues $ 1,014 $ 986 3 %
Total non-interest expense 916 1,045 -12 %
Pre - provision net revenue / (loss) (non-GAAP) $ 98 $ (59) NM
Merger-related expenses
— 22 -100 %
Severance — 2 -100 %
Lease cost acceleration related to closing branches — 12 -100 %
Trailing mortgage sale costs with Mr. Cooper — 8 -100 %
Net loss on investment security 5 — NM
Pre - provision net revenue/(loss), as adjusted (non-GAAP) $ 103 $ (15) NM
Year-to-Date Comparison
•PPNR was $98 million compared to pre-provision net loss of $59 million. The first six months of 2026 PPNR included a $5 million loss related to the Figure Investment.
•As adjusted, pre-provision net revenue was $103 million for the first six months of 2026 compared to a pre-provision net loss of $15 million for the first six months of 2025, which excludes $22 million of merger-related expenses, $2 million in severance, $12 million in lease cost acceleration, and $8 million in trailing mortgage sale costs.
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Flagstar Bank, N.A. Reports Second Quarter 2026 Results
Non-Interest Income
June 30, 2026
For the Three Months Ended compared to:
(dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025
Fee income $26 $23 $22 13 % 18 %
Bank-owned life insurance 13 10 10 30 % 30 %
Net gain (loss) on investment securities 4 (9) — NM NM
Net gain on loan sales and securitizations 4 5 6 -20 % -33 %
Other income 28 26 39 8 % -28 %
Total non-interest income $76 $55 $77 38 % -1 %
Impact of Adjustments:
Net (gain) loss on investment security (4) 9 — NM NM
Adjusted noninterest income (non-GAAP) $72 $64 $77 13 % -6 %
Non-interest income in second quarter 2026 was $76 million, up $21 million or 38% compared to $55 million in first quarter 2026 and down $1 million or 1% compared to second quarter 2025.
Linked-Quarter Comparison
•Second quarter 2026 adjusted non-interest income increased $8 million or 13%, excluding the impact from the Figure Investment.
•Quarter-over-quarter improvement was driven by increases in fee income, driven by increased treasury management and capital markets income, BOLI, and other income.
Year-Over-Year Comparison
•Second quarter 2026 adjusted non-interest income declined $5 million or 6%, excluding the impact from the Figure Investment.
•The year-over-year decline was a result of lower net gain on loan sales income and other income. This was due to the sale of the Bank's mortgage servicing and third-party origination business, offset by higher levels of fee income and BOLI.
For the Six Months Ended
(dollars in millions) June 30, 2026 June 30, 2025 % Change
Fee income $49 $44 11 %
Bank-owned life insurance 23 20 15 %
Net gain (loss) on investment securities (5) — NM
Net return on mortgage servicing rights — — NM
Net gain on loan sales and securitizations 9 19 -53 %
Net loan administration income 1 5 -80 %
Other income 54 69 -22 %
Total non-interest income $131 $157 -17 %
Impact of Notable Item:
Net (gain) loss on investment security 5 — NM
Adjusted noninterest income (non-GAAP) $136 $157 -13 %
For the first six months of 2026, non-interest income totaled $131 million compared to $157 million for the first six months of 2025.
Year-to-Date Comparison
•For the first six months of 2026, non-interest income includes the aforementioned $5 million net loss on the sale of our Figure Investment. As adjusted, non-interest income for the first six months of 2026 was $136 million compared to $157 million for the first six months of 2025, a $21 million or 13% decline.
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Flagstar Bank, N.A. Reports Second Quarter 2026 Results
•The year-over-year decline was driven by a decline in the net gain on loan sales and securitizations and a decrease in other income. This was partially offset by an increase in fee income.
Non-Interest Expense
June 30, 2026
For the Three Months Ended compared to:
(dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025
Operating expenses:
Compensation and benefits $220 $228 $237 -4 % -7 %
Occupancy and equipment 46 50 53 -8 % -13 %
Software expense 49 47 38 4 % 29 %
FDIC insurance 30 30 49 — % -39 %
Professional services
19 22 23 -14 % -17 %
General and administrative 63 64 72 -2 % -13 %
Total operating expenses 427 441 472 -3 % -10 %
Intangible asset amortization
23 25 27 -8 % -15 %
Merger-related expense
— — 14 NM NM
Total non-interest expense $450 $466 $513 -3 % -12 %
Impact of Adjustments:
Total operating expenses $427 $441 $472 -3 % -10 %
Severance — — (2) NM -100 %
Lease cost acceleration related to closing branches — — (7) NM NM
Trailing mortgage sale costs with Mr. Cooper — — (3) NM NM
Adjusted operating expenses (non-GAAP)
$427 $441 $460 -3 % -7 %
Second quarter 2026 operating expenses were $427 million compared to $441 million in first quarter 2026, down $14 million or 3%, and they declined $45 million or 10% compared to second quarter 2025.
Linked-Quarter Comparison
•Adjusted operating expenses decreased $14 million or 3%.
•The main drivers were decreases in compensation and benefits, occupancy and equipment, and professional fees.
Year-Over-Year Comparison
•Adjusted operating expenses decreased $33 million or 7%.
•Main drivers were decreases in FDIC insurance expense, compensation and benefits, professional services, and general and administrative expense.
8
Flagstar Bank, N.A. Reports Second Quarter 2026 Results
For the Six Months Ended
(dollars in millions) June 30, 2026 June 30, 2025 % Change
Operating expenses:
Compensation and benefits $448 $481 -7 %
Occupancy and equipment 96 108 -11 %
Software expense 96 80 20 %
FDIC insurance 60 99 -39 %
Professional services
41 49 -16 %
General and administrative 127 151 -16 %
Total operating expenses 868 968 -10 %
Intangible asset amortization
48 55 -13 %
Merger-related expenses — 22 -100 %
Total non-interest expense $916 $1,045 -12 %
Impact of Notable Items:
Total operating expenses $868 $968 -10 %
Severance — (2) -100 %
Lease cost acceleration related to closing branches — (12) -100 %
Trailing mortgage sale costs with Mr. Cooper — (8) -100 %
Adjusted operating expenses (non-GAAP)
$868 $946 -8 %
For the first six months of 2026, operating expenses totaled $868 million, down $100 million or 10% compared to the first six months of 2025.
Year-to-Date Comparison
•The first six months of 2025 results include a number of notable items, including $22 million in merger expenses, $2 million in severance costs, $12 million of lease cost acceleration, and $8 million in trailing mortgage sale costs.
•As adjusted for these items operating expenses for the first six months of 2026 were $868 million compared to $946 million for first six months of 2025, down $78 million or 8%.
•On an adjusted basis, the year-over-year improvement was primarily driven by decreases in compensation and benefits expense, FDIC insurance expense, general and administrative expense, and occupancy and equipment expense.
Income Taxes
Linked-Quarter Comparison
•For the second quarter 2026, the Bank reported income tax expense of $14 million compared to a tax expense of $11 million for the first quarter 2026. The effective tax rate for the second quarter 2026 was 28.2% compared to 34.9% for the first quarter 2026.
Year-Over-Year Comparison
•For the second quarter 2026, the Bank reported income tax expense of $14 million compared to a tax benefit of $11 million for the second quarter 2025. The effective tax rate for the second quarter 2026 was 28.2% compared to 12.9% for the second quarter 2025.
Year-to-Date Comparison
•For the first six months of 2026, the Bank reported an income tax expense of $25 million compared to an income tax benefit of $32 million for the first six months of 2025. The effective tax rate for the first six months of 2026 was 30.9% compared to 15.9% for the first six months of 2025.
9
Flagstar Bank, N.A. Reports Second Quarter 2026 Results
CREDIT QUALITY
June 30, 2026
As of compared to:
(dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025
Total non-accrual loans held for investment $2,800 $2,675 $3,180 5 % -12 %
Non-accrual held for investment loans to total loans held for investment 4.59 % 4.43 % 4.96 % 4 % -7 %
Non-accrual held for investment loans and repossessed assets ("NPAs") to total assets
3.20 % 3.08 % 3.46 % 4 % -7 %
Allowance for credit losses on loans and leases $869 $954 $1,106 -9 % -21 %
Total ACL, including on unfunded commitments $925 $1,007 $1,162 -8 % -20 %
ACL % of total loans held for investment 1.42 % 1.58 % 1.72 % -15 bps -30 bps
Total ACL % of total loans held for investment 1.52 % 1.67 % 1.81 % -15 bps -30 bps
ACL on loans and leases % of NPLs 31% 36% 35% -13 % -11 %
Total ACL % of NPLs 33% 38% 37% -12 % -10 %
Non-Accrual Loans
At June 30, 2026, total non-accrual loans, including held-for-sale, were $2,805 million, up $123 million or 5% compared to $2,682 million at March 31, 2026, but down $379 million or 12% compared to June 30, 2025. Total non-accrual loans HFI to total loans HFI were 4.59% at June 30, 2026 compared to 4.43% at March 31, 2026 and 4.96% at June 30, 2025.
Linked-Quarter Comparison
•Multi-family non-accrual loans increased 5%, while CRE non-accrual loans rose 7%.
•NPAs to total assets rose 12 basis points to 3.20%.
Year-Over-Year Comparison
•Multi-family non-accrual loans declined 11% and CRE non-accrual loans declined 16%, reflecting ongoing proactive workout and resolution strategies.
•NPAs to total assets improved 26 basis points.
Total Allowance for Credit Losses
The total allowance for credit losses including the allowance for unfunded commitments was $925 million at June 30, 2026 compared to $1,007 million at March 31, 2026 and $1,162 million at June 30, 2025. The total allowance for credit losses on loans and leases at June 30, 2026 was $869 million compared to $954 million at March 31, 2026 and $1,106 million at June 30, 2025. The decrease was primarily due to charged-off loans which had specific reserves and pay offs in our multi-family and CRE portfolios, partially offset by growth in our C&I portfolio.
The total allowance for credit losses to total loans HFI at June 30, 2026 was 1.52% compared to 1.67% at March 31, 2026 and 1.81% at June 30, 2025. The total allowance for credit losses on loans and leases to total loans HFI was 1.42% at June 30, 2026 compared to 1.58% at March 31, 2026 and 1.72% at June 30, 2025.
CAPITAL POSITION
The Bank’s regulatory capital ratios continue to exceed regulatory minimums to be classified as “Well Capitalized,” the highest regulatory classification. The table below depicts the Bank’s regulatory capital ratios at those respective periods.
June 30, 2026 March 31, 2026 December 31, 2025
REGULATORY CAPITAL RATIOS: (1)
Common equity tier 1 ratio 13.16 % 13.23 % 12.83 %
Tier 1 risk-based capital ratio 13.99 % 14.08 % 13.66 %
Total risk-based capital ratio 16.58 % 16.68 % 16.23 %
Leverage capital ratio 9.70 % 9.61 % 9.22 %
(1)The minimum regulatory requirements for classification as a well-capitalized institution are a common equity tier 1 capital ratio of 6.5%; a tier one risk-based capital ratio of 8.00%; a total risk-based capital ratio of 10.00%; and a leverage capital ratio of 5.00%.
10
Flagstar Bank, N.A. Reports Second Quarter 2026 Results
Flagstar Bank, N.A.
Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At June 30, 2026, the Bank had $87.7 billion of assets, $61.2 billion of loans, deposits of $67.5 billion, and total stockholders' equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.
Post-Earnings Release Conference Call
The Bank will host a conference call on July 24, 2026 at 8:00 a.m. (Eastern Time) to discuss its second quarter 2026 performance. The conference call may be accessed by dialing (888) 596-4144 (for domestic calls) or (646) 968-2525 (for international calls) and providing the following conference ID: 5857240. The live webcast will be available at ir.flagstar.com under Events.
A replay will be available approximately three hours following completion of the call through 11:59 p.m. on July 28, 2026 and may be accessed by calling (800) 770-2030 (domestic) or (609) 800-9909 (international) and providing the following conference ID: 5857240. In addition, the conference call will be webcast at ir.flagstar.com and archived through 5:00 p.m. on August 21, 2026.
Investor Contact: Salvatore J. DiMartino (516) 683-4286
Media Contact: Jessica Torchia (248) 312-6451
11
Flagstar Bank, N.A. Reports Second Quarter 2026 Results
Cautionary Statements Regarding Forward-Looking Language
This earnings release and the associated conference call may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the "Reorganization"), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (i) the impact of the $1.05 billion capital raise we completed in March 2024; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; (l) the dilution of existing equity holders associated with future equity awards and stock issuances; (m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business.
Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” "confident," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.
Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank's liquidity, capital position, and financial performance, accounting, and regulatory considerations as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent-regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; the impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2022, and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoing business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected.
More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K for the year ended December 31, 2025, and in other reports we file with the Office of the Comptroller of the Currency (the “OCC”) and voluntarily file with the Securities and Exchange Commission (the “SEC”), and which are also available on our Investor Relations website. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this
12
Flagstar Bank, N.A. Reports Second Quarter 2026 Results
news release, on our conference call, during investor presentations, or in our securities disclosure filings. All such files are accessible on our website at ir.flagstar.com, on the OCC's website at www.occ.gov, and on the SEC’s website at www.sec.gov.
- Financial Statements and Highlights Follow -
13
FLAGSTAR BANK, N.A.
CONSOLIDATED STATEMENTS OF CONDITION
(unaudited)
June 30, 2026
compared to
(dollars in millions) June 30, 2026 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025
Assets
Cash and due from banks $ 416 $ 401 $ 553 4 % -25 %
Interest-earning deposits and other securities with financial institutions 4,692 6,605 5,341 -29 % -12 %
Total cash and cash equivalents 5,108 7,006 5,894 -27 % -13 %
Securities:
Debt securities available-for-sale 16,553 14,514 15,701 14 % 5 %
Equity investments with readily determinable fair values, at fair value 14 56 65 -75 % -78 %
Total securities 16,567 14,570 15,766 14 % 5 %
Loans held for sale 208 233 265 -11 % -22 %
Loans and leases held for investment:
Multi-family 26,931 27,863 28,983 -3 % -7 %
Commercial real estate
8,244 8,833 9,314 -7 % -11 %
One-to-four family first mortgage 5,767 5,640 5,630 2 % 2 %
Commercial and industrial 18,563 16,568 15,217 12 % 22 %
Other loans 1,482 1,521 1,588 -3 % -7 %
Total loans and leases held for investment 60,987 60,425 60,732 1 % — %
Less: Allowance for credit losses on loans and leases (869) (954) (1,030) -9 % -16 %
Total loans and leases held for investment, net 60,118 59,471 59,702 1 % 1 %
Premises and equipment, net 472 474 477 — % -1 %
Core deposit and other intangibles 333 356 381 -6 % -13 %
Other assets 4,908 5,019 5,027 -2 % -2 %
Total assets $ 87,714 $ 87,129 $ 87,512 1 % — %
Liabilities and Stockholders' Equity
Deposits:
Interest-bearing checking and money market accounts $ 20,477 $ 19,310 $ 18,233 6 % 12 %
Savings accounts 14,836 15,005 14,864 -1 % — %
Certificates of deposit 20,477 20,719 20,843 -1 % -2 %
Non-interest-bearing accounts 11,731 11,798 12,060 -1 % -3 %
Total deposits 67,521 66,832 66,000 1 % 2 %
Borrowed funds:
Wholesale borrowings 9,901 10,151 11,151 -2 % -11 %
Junior subordinated debentures 587 586 585 — % — %
Subordinated notes 449 449 448 — % — %
Total borrowed funds 10,937 11,186 12,184 -2 % -10 %
Other liabilities 1,115 990 1,184 13 % -6 %
Total liabilities 79,573 79,008 79,368 1 % — %
Mezzanine equity:
Preferred stock - Series B 1 1 1 — % — %
Stockholders' equity:
Preferred stock - Series A and D 503 503 503 — % — %
Common stock 4 4 4 — % — %
Paid-in capital in excess of par 9,299 9,288 9,303 — % — %
Retained earnings (958) (980) (988) -2 % -3 %
Treasury stock, at cost (161) (167) (190) -4 % -15 %
Accumulated other comprehensive loss, net of tax: (547) (528) (489) 4 % 12 %
Total stockholders' equity 8,140 8,120 8,143 — % — %
Total liabilities, Mezzanine and Stockholders' Equity $ 87,714 $ 87,129 $ 87,512 1 % — %
14
FLAGSTAR BANK, N.A.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(unaudited)
June 30, 2026
For the Three Months Ended compared to
June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025
(dollars in millions, except per share data)
Interest Income:
Loans and leases $ 751 $ 754 $ 840 — % -11 %
Securities and money market investments 225 230 303 -2 % -26 %
Total interest income 976 984 1,143 -1 % -15 %
Interest Expense:
Interest-bearing checking and money market accounts 126 114 162 11 % -22 %
Savings accounts 97 101 110 -4 % -12 %
Certificates of deposit 201 203 287 -1 % -30 %
Borrowed funds 112 123 165 -9 % -32 %
Total interest expense 536 541 724 -1 % -26 %
Net interest income 440 443 419 -1 % 5 %
Provision for credit losses 18 — 64 NM -72 %
Net interest income after provision for credit losses 422 443 355 -5 % 19 %
Non-Interest Income:
Fee income 26 23 22 13 % 18 %
Bank-owned life insurance 13 10 10 30 % 30 %
Net gain (loss) on investment securities 4 (9) — NM NM
Net gain on loan sales and securitizations 4 5 6 -20 % -33 %
Net loan administration income (loss) 1 — 1 NM — %
Other income 28 26 38 8 % -26 %
Total non-interest income 76 55 77 38 % -1 %
Non-Interest Expense:
Operating expenses:
Compensation and benefits 220 228 237 -4 % -7 %
Occupancy and equipment 46 50 53 -8 % -13 %
Software expense
49 47 38 4 % 29 %
FDIC insurance 30 30 49 — % -39 %
Professional services
19 22 23 -14 % -17 %
General and administrative 63 64 72 -2 % -13 %
Total operating expenses 427 441 472 -3 % -10 %
Intangible asset amortization 23 25 27 -8 % -15 %
Merger-related expenses
— — 14 NM -100 %
Total non-interest expense 450 466 513 -3 % -12 %
Income (loss) before income taxes 48 32 (81) 50 % NM
Income tax expense (benefit) 14 11 (11) 27 % NM
Net income (loss) 34 21 (70) 62 % NM
Preferred stock dividends 8 8 8 — % — %
Net income (loss) attributable to common stockholders $ 26 $ 13 $ (78) 100 % NM
Basic earnings (loss) per common share $ 0.06 $ 0.03 $ (0.19) 100 % NM
Diluted earnings (loss) per common share $ 0.06 $ 0.03 $ (0.19) 100 % NM
Dividends per common share $ 0.01 $ 0.01 $ 0.01 — % — %
15
FLAGSTAR BANK, N.A.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(unaudited)
For the Six Months Ended
June 30, 2026 June 30, 2025 Compare
(dollars in millions, except per share data)
Interest Income:
Loans and leases $ 1,505 $ 1,700 -11 %
Securities and money market investments 455 607 -25 %
Total interest income 1,960 2,307 -15 %
Interest Expense:
Interest-bearing checking and money market accounts 240 329 -27 %
Savings accounts 198 221 -10 %
Certificates of deposit 404 595 -32 %
Borrowed funds 235 333 -29 %
Total interest expense 1,077 1,478 -27 %
Net interest income 883 829 7 %
Provision for credit losses 18 143 -87 %
Net interest income after provision for credit losses 865 686 26 %
Non-Interest Income:
Fee income 49 44 11 %
Bank-owned life insurance 23 20 15 %
Net loss on investment securities (5) — NM
Net gain on loan sales and securitizations 9 19 -53 %
Net loan administration income 1 5 -80 %
Other income 54 69 -22 %
Total non-interest income 131 157 -17 %
Non-Interest Expense:
Operating expenses:
Compensation and benefits 448 481 -7 %
Occupancy and equipment 96 108 -11 %
Software expenses
96 80 20 %
FDIC insurance 60 99 -39 %
Professional services
41 49 -16 %
General and administrative 127 151 -16 %
Total operating expenses 868 968 -10 %
Intangible asset amortization 48 55 -13 %
Merger-related expenses
— 22 -100 %
Total non-interest expense 916 1,045 -12 %
Income (loss) before income taxes 80 (202) NM
Income tax expense (benefit) 25 (32) NM
Net income (loss) 55 (170) NM
Preferred stock dividends 16 16 — %
Net income (loss) attributable to common stockholders $ 39 $ (186) NM
Basic earnings (loss) per common share $ 0.09 $ (0.45) NM
Diluted earnings (loss) per common share $ 0.08 $ (0.45) NM
Dividends per common share $ 0.02 $ 0.02 — %
16
FLAGSTAR BANK, N.A.
RECONCILIATIONS OF CERTAIN GAAP AND NON-GAAP FINANCIAL MEASURES
In addition to GAAP measures, management considers various non-GAAP measures when evaluating the performance of the business.
We believe that non-interest income, operating expenses, pre-provision net (loss) revenue (which includes both non-interest income and non-interest expense), net income (loss), net income (loss) attributed to common stockholders, diluted earnings (loss) per share, the net interest margin, and our efficiency ratio as adjusted for items that we believe are not indicative of core operating results, such as but not limited to merger and restructuring expenses, litigation settlement expenses related to cases prior to the acquisition of Flagstar Bank, NA, fair value adjustments on non-core equity investments, as well as adjustments for severance and impairment charges and other exit costs resulting from strategic shifts in our operations provide valuable insights to investors by highlighting our underlying performance. These non-GAAP metrics also facilitate meaningful comparisons to other financial institutions, as they are widely used and frequently referenced by investors and analysts.
We believe average tangible common stockholders’ equity, tangible common stockholders’ equity, average tangible assets and tangible book value per share are important measures for evaluating the performance of the business without the impact of our intangible assets. These non-GAAP metrics also provide investors with important indications regarding our ability to grow the business, our ability to pay dividends as well as engage in capital strategies in addition to facilitating meaningful comparisons to other financial institutions, as they are widely used and frequently referenced by investors and analysts.
These non-GAAP measures should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. Moreover, the way we calculate these non-GAAP measures may differ from that of other companies reporting non-GAAP measures with similar names. The following tables reconcile the above the non-GAAP financial measures we use to their comparable GAAP financial measures, to the extent not reconciled earlier in this earnings release, for the stated periods:
At or for the
Three Months Ended, Six Months Ended,
(dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Total Stockholders’ Equity $ 8,140 $ 8,120 $ 8,095 $ 8,140 $ 8,095
Less: Core deposit and other intangible assets (333) (356) (433) (333) (433)
Less: Preferred stock - Series A and D (503) (503) (503) (503) (503)
Tangible common stockholders’ equity $ 7,304 $ 7,261 $ 7,159 $ 7,304 $ 7,159
Total Stockholders’ Equity $ 8,140 $ 8,120 $ 8,095 $ 8,140 $ 8,095
Less: Preferred stock $ (503) $ (503) $ (503) $ (503) $ (503)
Common stockholders’ equity $ 7,637 $ 7,617 $ 7,592 $ 7,637 $ 7,592
Total Assets $ 87,714 $ 87,129 $ 92,237 $ 87,714 $ 92,237
Less: Core deposit and other intangible assets (333) (356) (433) (333) (433)
Tangible Assets $ 87,381 $ 86,773 $ 91,804 $ 87,381 $ 91,804
Average common stockholders’ equity $ 7,670 $ 7,694 $ 7,486 $ 7,681 $ 7,592
Less: Other intangible assets (349) (373) (450) $ (361) $ (464)
Average tangible common stockholders’ equity $ 7,321 $ 7,321 $ 7,036 $ 7,320 $ 7,128
Average Assets $ 86,694 $ 87,057 $ 96,710 $ 86,874 $ 97,902
Less: Core deposit and other intangible assets (349) (373) (450) (361) (464)
Average tangible assets $ 86,345 $ 86,684 $ 96,260 $ 86,513 $ 97,438
GAAP MEASURES:
Return (loss) on average assets (1)
0.16 % 0.10 % (0.29) % 0.13 % (0.35) %
Return (loss) on average common stockholders' equity (2)
1.37 % 0.66 % (4.20) % 1.01 % (4.92) %
Book value per common share $ 18.31 $ 18.28 $ 18.28 $ 18.31 $ 18.28
Common stockholders’ equity to total assets 8.71 % 8.74 % 8.23 % 8.71 % 8.23 %
NON-GAAP MEASURES:
Return (loss) on average tangible assets (1)
0.15 % 0.13 % (0.21) % 0.14 % (0.28) %
Return (loss) on average tangible common stockholders’ equity (2)
1.29 % 1.04 % (3.41) % 1.16 % (4.33) %
Tangible book value per common share $ 17.51 $ 17.42 $ 17.24 $ 17.51 $ 17.24
Tangible common stockholders’ equity to tangible assets 8.36 % 8.37 % 7.80 % 8.36 % 7.80 %
(1)To calculate return on average assets for a period, we divide net income, or non-GAAP net income, generated during that period by average assets recorded during that period. To calculate return on average tangible assets for a period, we divide net income by average tangible assets recorded during that period.
(2)To calculate return on average common stockholders’ equity for a period, we divide net income attributable to common stockholders, or non-GAAP net income attributable to common stockholders, generated during that period by average common stockholders’ equity recorded during that period. To calculate return on average tangible common stockholders’ equity for a period, we divide net income attributable to common stockholders generated during that period by average tangible common stockholders’ equity recorded during that period.
17
For the Three Months Ended For the Six Months Ended
(dollars in millions, except per share data) June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Net income (loss) - GAAP $ 34 $ 21 $ (70) $ 55 $ (170)
Merger-related expenses(1)
— — 14 — 22
Severance — — 2 — 2
Lease cost acceleration related to closing branches — — 7 — 12
Trailing mortgage sale costs with Mr. Cooper — — 3 — 8
Net (gain) loss on investment security (4) 9 — 5 —
Total adjustments $ (4) $ 9 $ 25 $ 5 $ 44
Tax effect on adjustments 1 (2) (7) (1) (11)
Net income (loss), as adjusted - non-GAAP
$ 31 $ 28 $ (52) $ 59 $ (138)
Preferred stock dividends 8 8 8 16 16
Net income (loss) attributable to common stockholders, as adjusted - non-GAAP
$ 23 $ 20 $ (60) $ 43 $ (153)
(1)Certain merger-related items are not taxable or deductible.
(2)Amounts may not foot as a result of rounding.
For the Three Months Ended For the Six Months Ended
June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share
Diluted Earnings (Loss) Per Share - GAAP $26 $0.06 $13 $0.03 $(78) $(0.19) $39 $0.08 $(186) $(0.45)
Adjustments $ (4) (0.01) 9 0.02 25 0.06 5 0.01 44 0.11
Tax effect on adjustments 1 0.00 (2) 0.00 (7) (0.02) (1) 0.00 (11) (0.03)
Diluted Earnings (Loss) Per Share, as adjusted - non-GAAP $23 0.05 $20 0.04 $(60) (0.14) $43 0.09 $(153) (0.37)
Total shares for diluted earnings per common share
473,623,332 466,550,891 415,125,228 470,067,958 414,975,524
(1) Amounts may not foot as a result of rounding.
18
For the Three Months Ended For the Six Months Ended
June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
(dollars in millions)
Net interest income $ 440 $ 443 $ 419 $ 883 $ 829
Non-interest income 76 55 77 131 157
Total revenues $ 516 $ 498 $ 496 $ 1,014 $ 986
Total non-interest expense 450 466 513 916 1,045
Pre - provision net revenue (loss) (non-GAAP)
$ 66 $ 32 $ (17) $ 98 $ (59)
Merger-related expenses — — 14 — 22
Severance — — 2 — 2
Lease cost acceleration related to closing branches — — 7 — 12
Trailing mortgage sale costs with Mr. Cooper — — 3 — 8
Net (gain) loss on investment security (4) 9 — 5 —
Pre - provision net revenue (loss) excluding merger-related expenses, as adjusted (non-GAAP)
$ 62 $ 41 $ 9 $ 103 $ (15)
Provision for credit losses (18) — (64) (18) (143)
Merger-related expenses — — (14) — (22)
Severance — — (2) — (2)
Lease cost acceleration related to closing branches — — (7) — (12)
Trailing mortgage sale costs with Mr. Cooper — — (3) — (8)
Net gain (loss) on investment security 4 (9) — (5) —
Income (loss) before taxes
$ 48 $ 32 $ (81) $ 80 $ (202)
Income tax expense (benefit)
14 11 (11) 25 (32)
Net income (loss) (GAAP)
$ 34 $ 21 $ (70) $ 55 $ (170)
(1)Amounts may not foot as a result of rounding.
June 30, 2026
For the Three Months Ended Compared to:
June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025
(dollars in millions)
Net interest income $ 440 $ 443 $ 419
Non-interest income 76 55 77
Total revenues (A) $ 516 $ 498 $ 496 4 % 4 %
Total non-interest expense (B) 450 466 513 (3) % (12) %
Operating leverage (A-B) 7 % 16 %
19
FLAGSTAR BANK, N.A.
NET INTEREST INCOME ANALYSIS
LINKED-QUARTER AND YEAR-OVER-YEAR COMPARISONS (unaudited)
For the Three Months Ended
June 30, 2026 March 31, 2026 June 30, 2025
(dollars in millions) Average Balance Interest Average Yield/Cost Average Balance Interest Average Yield/Cost Average Balance Interest Average Yield/Cost
Assets:
Interest-earning assets:
Total loans and leases (1)
$ 60,971 $ 751 4.91 % $ 60,840 $ 754 4.97 % $ 65,824 $ 840 5.12 %
Securities(2)
17,037 180 4.22 16,840 179 4.25 15,169 170 4.48
Interest-earning cash and cash equivalents 5,042 45 3.63 5,631 51 3.64 12,054 133 4.42
Total interest-earning assets 83,050 $ 976 4.71 83,311 $ 984 4.79 93,047 $ 1,143 4.93
Non-interest-earning assets 3,644 3,746 3,663
Total assets $ 86,694 $ 87,057 $ 96,710
Liabilities and Stockholders’ Equity:
Interest-bearing deposits:
Interest-bearing checking and money market accounts $ 19,617 $ 126 2.55 % $ 18,703 $ 114 2.49 % $ 20,497 $ 162 3.16 %
Savings accounts 14,857 97 2.63 14,905 101 2.74 14,353 110 3.07
Certificates of deposit 20,694 201 3.90 20,565 203 4.00 25,310 287 4.55
Total interest-bearing deposits 55,168 424 3.08 54,173 418 3.13 60,160 559 3.73
Borrowed funds 10,276 112 4.37 11,401 123 4.38 14,105 165 4.70
Total interest-bearing liabilities 65,444 $ 536 3.28 65,574 $ 541 3.35 $ 74,265 $ 724 3.91
Non-interest-bearing deposits 11,970 11,955 12,731
Other liabilities 1,106 1,330 1,724
Total liabilities 78,520 78,859 88,720
Stockholders’ and mezzanine equity
8,174 8,198 7,990
Total liabilities and stockholders’ equity $ 86,694 $ 87,057 $ 96,710
Net interest income/interest rate spread $ 440 1.43 % $ 443 1.44 % $ 419 1.02 %
Net interest margin 2.13 % 2.15 % 1.81 %
Ratio of interest-earning assets to interest-bearing liabilities 1.27 x 1.27 x 1.25 x
(1)Comprised of Loans and leases held for investment, net of deferred loan fees and costs, and Loans held for sale.
(2)Comprised of Debt securities available-for-sale at amortized cost, Equity investments with readily determinable fair values, at fair value and FHLB stock and FRB-NY stock, at cost.
(3)Amounts may not foot as a result of rounding.
20
For the Six Months Ended
June 30, 2026 June 30, 2025
(dollars in millions) Average Balance Interest Average Yield/Cost Average Balance Interest Average Yield/Cost
Assets:
Interest-earning assets:
Total loans and leases (1)
$ 60,906 $ 1,505 4.94 % $ 67,011 $ 1,700 5.12 %
Securities(2)
16,939 359 4.24 14,124 318 4.50
Interest-earning cash and cash equivalents 5,335 96 3.64 13,193 289 4.42
Total interest-earning assets 83,180 $ 1,960 4.75 94,328 $ 2,307 4.93
Non-interest-earning assets 3,694 3,574
Total assets $ 86,874 $ 97,902
Liabilities and Stockholders’ Equity:
Interest-bearing deposits:
Interest-bearing checking and money market accounts $ 19,162 $ 240 2.52 % $ 20,758 $ 329 3.20 %
Savings accounts 14,881 198 2.69 14,351 221 3.10
Certificates of deposit 20,630 404 3.95 25,830 595 4.65
Total interest-bearing deposits 54,673 842 3.10 60,939 1,145 3.79
Borrowed funds 10,835 235 4.32 14,240 333 4.71
Total interest-bearing liabilities 65,508 $ 1,077 3.31 75,179 $ 1,478 3.96
Non-interest-bearing deposits 11,963 12,899
Other liabilities 1,218 1,728
Total liabilities 78,689 89,806
Stockholders’ and mezzanine equity
8,185 8,096
Total liabilities and stockholders’ equity $ 86,874 $ 97,902
Net interest income/interest rate spread $ 883 1.44 % $ 829 0.97 %
Net interest margin 2.14 % 1.77 %
Ratio of interest-earning assets to interest-bearing liabilities 1.27 x 1.25 x
(1)Comprised of Loans and leases held for investment, net of deferred loan fees and costs, and Loans held for sale.
(2)Comprised of Debt securities available-for-sale at amortized cost, Equity investments with readily determinable fair values, at fair value and FHLB stock and FRB-NY stock, at cost.
(3)Amounts may not foot as a result of rounding.
21
FLAGSTAR BANK, N.A.
CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
(dollars in millions)
For the Three Months Ended For the Six Months Ended
June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025
OTHER FINANCIAL MEASURES:
Efficiency ratio(1)
87.08 % 93.65 % 103.37 % 90.33 % 106.02 %
Efficiency ratio, as adjusted (2)
82.65 88.68 95.34 85.63 98.28
Operating expenses to average assets 1.97 2.03 1.96 1.00 0.99
Effective tax rate 28.2 34.9 12.9 30.9 15.9
Shares used for basic EPS per common share 416,829,060 416,149,153 415,125,228 416,490,985 414,975,524
Shares used for diluted EPS per common share 473,623,332 466,550,891 415,125,228 470,067,958 414,975,524
Common shares outstanding at the respective period-ends 417,018,972 416,777,393 415,353,394 417,018,972 415,353,394
(1)We calculate our efficiency ratio by dividing our non-interest expense by the sum of our net interest income and non-interest income.
(2)We calculate our efficiency ratio, as adjusted, by dividing our operating expenses by the sum of our net interest income and non-interest income.
FLAGSTAR BANK, N.A.
CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
ASSET QUALITY SUMMARY
The following table presents the Bank's asset quality measures at the respective dates:
June 30, 2026
compared to
(dollars in millions) June 30, 2026 March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025
Non-accrual loans held for investment:
Multi-family $ 2,132 $ 2,025 $ 2,388 5 % -11 %
Commercial real estate
471 441 563 7 % -16 %
One-to-four family first mortgage 60 59 81 2 % -26 %
Commercial and industrial 111 122 123 -9 % -10 %
Other non-accrual loans 26 28 25 -7 % 4 %
Total non-accrual loans held for investment 2,800 2,675 3,180 5 % -12 %
Repossessed assets 8 8 11 -6 % -30 %
Total non-accrual held for investment loans and repossessed assets $ 2,808 $ 2,683 $ 3,191 5 % -12 %
Non-accrual loans held for sale:
One-to-four family first mortgage 5 7 4 -29 % 25 %
Total non-accrual mortgage loans held for sale $ 5 $ 7 $ 4 -29 % 25 %
22
FLAGSTAR BANK, N.A.
SUPPLEMENTAL FINANCIAL INFORMATION (unaudited)
The following table presents information regarding the delinquency status of our loans held for investment:
(dollars in millions)
Current
Loans 30-89 Days Past Due
Loans 90 Days or More Past Due and Still Accruing
Non-Accrual Loans
Total Loans Receivable
June 30, 2026
Multi-family $ 24,528 $ 233 $ 38 $ 2,132 $ 26,931
Commercial real estate 7,730 30 13 471 8,244
One-to-four family first mortgage 5,698 9 — 60 5,767
Commercial and industrial 18,370 82 — 111 18,563
Other 1,442 14 — 26 1,482
Total $ 57,768 $ 368 $ 51 $ 2,800 $ 60,987
March 31, 2026
Multi-family $ 25,159 $ 677 $ 2 $ 2,025 $ 27,863
Commercial real estate 8,250 129 13 441 8,833
One-to-four family first mortgage 5,513 66 2 59 5,640
Commercial and industrial 16,371 60 15 122 16,568
Other 1,458 35 — 28 1,521
Total
$ 56,751 $ 967 $ 32 $ 2,675 $ 60,425
June 30, 2025
Multi-family $ 29,152 $ 392 $ — $ 2,388 $ 31,932
Commercial real estate 9,958 115 — 563 10,636
One-to-four family first mortgage 5,334 30 — 81 5,445
Commercial and industrial 14,265 38 — 123 14,426
Other 1,628 29 — 25 1,682
Total
$ 60,337 $ 604 $ — $ 3,180 $ 64,121
The following table summarizes the Bank’s net charge-offs (recoveries) for the respective periods:
For the Three Months Ended
June 30, 2026 March 31, 2026 June 30, 2025
(dollars in millions) Net Charge-offs (Recoveries) Average Balance
%(1)
Net Charge-offs (Recoveries) Average Balance
%(1)
Net Charge-offs (Recoveries) Average Balance
%(1)
Multi-family $ 80 $ 27,331 1.17 % $ 72 $ 28,555 1.01 % $ 96 $ 32,847 1.17 %
Commercial real estate
1 8,723 0.05 8 9,204 0.35 13 11,061 0.47
One-to-four family residential 1 5,353 0.07 1 5,284 0.08 1 4,995 0.08
Commercial and industrial 13 17,446 0.30 (8) 15,626 (0.20) 3 14,486 0.08
Other 5 1,514 1.32 5 1,558 1.28 4 1,711 0.94
Total $ 100 $ 60,367 0.66 % $ 78 $ 60,227 0.52 % $ 117 $ 65,100 0.72 %
(1)Three months ended presented on an annualized basis.
23
For the Six Months Ended
June 30, 2026 June 30, 2025
(dollars in millions) Net Charge-offs (Recoveries) Average Balance
%(1)
Net Charge-offs (Recoveries) Average Balance
%(1)
Multi-family $ 152 $ 27,939 1.09 % $ 176 $ 33,378 1.05 %
Commercial real estate 9 8,962 0.20 15 11,251 0.27
One-to-four family residential 2 5,319 0.08 2 4,989 0.08
Commercial and industrial 5 16,541 0.06 31 14,706 0.42
Other 10 1,536 1.30 8 1,728 0.93
Total $ 178 $ 60,297 0.59 % $ 232 $ 66,052 0.70 %
(1)Six months ended presented on an annualized basis.
24
EX-99.2
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Filename: flg_2q26xearningsxpresen.htm · Sequence: 3
flg_2q26xearningsxpresen
Second Quarter 2026 Results July 24, 2026
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 22nd Quarter 2026 Cautionary Statement Forward-Looking Information This earnings presentation and the associated conference call may include forward-looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the "Reorganization"), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (i) the impact of the $1.05 billion capital raise we completed in March 2024; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; (l) the dilution of existing equity holders associated with future equity awards and stock issuances; (m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business. Forward-looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” "confident," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward-looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward-looking statements. Furthermore, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results. Our forward-looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank's liquidity, capital position, and financial performance, accounting, and regulatory considerations as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non-financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent-regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; the impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2022, and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoing business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected. More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2025, and in other reports we file with the Office of the Comptroller of the Currency (the “OCC”) and voluntarily file with the Securities and Exchange Commission (the “SEC”), and which are also available on our Investor Relations website. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our securities disclosure filings. All such files are accessible on our website at ir.flagstar.com, on the OCC's website at www.occ.gov, and on the SEC’s website at www.sec.gov.
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 32nd Quarter 2026 Management Focus Areas Second Quarter 2026 Highlights • Delivered $2.0 billion of net C&I loan growth on record new originations volume of $2.8 billion, up $0.8 billion QoQ; reflects successful execution of key growth initiatives • First quarter since fourth quarter 2023 of positive total loan growth with fourth consecutive quarter of net C&I growth • Commercial and Private Bank deposits increased $905 million QoQ • Continue to hire additional talent; deploy expanded product offerings and capabilities into middle market, corporate, and specialized industry verticals Execute on C&I and Private Bank Growth Initiatives • Net charge-offs of $100 million with a net charge- off ratio of 66 basis points; includes $47 million of charge-offs that had been previously reserved • Criticized and classified loans decreased $1.1 billion, or 9%, compared to June 30, 2025, and decreased $143 million, or 1%, compared to the prior quarter Proactive Management of CRE Portfolio • Continued reduction in CRE exposure • CRE concentration ratio declined to 350% from 367% in prior quarter • Multi-family and CRE par payoffs of $1.1 billion with 39% being substandard • Multi-family loans down $0.9 billion, or 3%, QoQ • NYC multi-family loans down $0.7 billion, or 5%, QoQ; NYC rent regulated multi-family loans down $338 million, or 4%, QoQ • CRE loans down $0.6 billion, or 7%, QoQ Disciplined Credit Approach • Announced $250 million share repurchase program, reflecting strategic progress and long-term outlook • Third consecutive quarter of profitability and improved earnings • PPNR increased 51% QoQ • Delivered positive operating leverage of 7% vs. 1Q26 and 16% vs 2Q25 • Grew total balance sheet QoQ for the first time since 2023 • Continued deposit growth while reducing deposit costs • Disciplined cost controls driving lower expenses(1) Strengthen Earnings Power 1 2 3 4 See cautionary statements on page 2 | See notes on page 25
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 42nd Quarter 2026 $(0.14) $(0.07) $0.06 $0.04 $0.05 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Diluted Earnings Per Share Trends Adjusted Diluted EPS Trends (Quarterly) See cautionary statements on page 2 | See notes on page 25 Adjusted Diluted EPS Trends (Annually) Successful execution of strategic plan has driven the Bank to report another quarter of profitability FY24 FY25 FY26 FY27 Reflects EPS Guidance Range (1) (1) $(2.68) $(0.37) $0.40 -$0.50 $1.60 -$1.70 Includes impact from recognition of $20.5M (pre-tax) hedge gain, or $0.03 of diluted EPS
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 52nd Quarter 2026 Commercial Banking Overview | Momentum in Focus Areas C&I Loan Balance Trend(1) $ in millions New and Increased C&I Loan Originations $ in millions • Continued strength in our strategic focus areas drove solid C&I results, generating $4.2 billion in loan commitments and $2.8 billion in originations • Pipeline at $2.1 billion in commitments • Added 75 new relationships during the quarter $1,207 $1,843 $2,093 $2,002 $2,801 $319 $272 $364 $328 $375 $78 $26 $1 $78 $5$140 $22 $403 $624 $885 $1,195 $769 $1,902 $186 $520 $511 $424 $519 Equipment Finance Asset-Based Lending Mortgage Finance Specialized Industries Corporate & Regional Commercial Banking 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 $14,426 $14,874 $15,217 $16,568 $18,563 $2,554 $3,229 $4,361 $4,956 $6,631$1,131 $1,463 $1,806 $2,049 $2,424 $4,819 $4,595 $4,331 $4,147 $4,166 $2,910 $2,686 $2,287 $2,423 $2,390 $1,109 $1,089 $654 $1,049 $940 $1,903 $1,812 $1,776 $1,945 $2,012 Specialized Industries Corporate & Regional Commercial Banking Equipment Finance Asset-Based Lending Mortgage Finance Public Finance & Other 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 • Two-pronged strategy continued momentum with total commercial and industrial loans higher by $2.0 billion, up 12% vs the prior quarter • Growth led by Specialized Industries and Corporate & Regional Commercial Banking with end of period loans at 6/30/26 increasing $2.1 billion, or 29% vs the prior quarter See notes on page 25
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 62nd Quarter 2026 Commercial Banking Overview | Momentum in Focus Areas C&I Loans HFI at June 30, 2026 ($ in millions) 3/31/2026 6/30/2026 Change QoQ ($) Change QoQ (%) Specialized Industries $4,956 $6,631 $1,675 34% Corporate & Regional Commercial Banking 2,049 2,424 375 18% Equipment Finance(1) 4,147 4,166 19 —% Asset-Based Finance(1) 2,423 2,390 (33) (1)% Mortgage Finance 1,049 940 (109) (10)% Public Finance & Other 1,945 2,012 67 3% Total C&I $16,568 $18,563 $1,995 12% See notes on page 25
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 72nd Quarter 2026 Note: $ in millions except share data. Please note that columns of data may not add due to rounding. Quarterly Performance QUARTERLY PERFORMANCE Reported Notable Items Adjusted 2Q 2026 2Q 2026 Net interest income $440 $0 $440 Non-interest income 76 (4) 72 Total revenue 516 (4) 512 Total non-interest expense 450 — 450 Pre-provision net revenue 66 (4) 62 Provision for credit losses 18 — 18 Pre-tax income 48 (4) 44 Income tax expense 14 1 13 Net income $34 -$3 $31 Preferred stock dividends $8 $0 $8 Net income attributable to common stockholders $26 -$3 $23 Diluted earnings per common share $0.06 $ (0.01) $0.05 Notable Items 2Q’26 • Non-interest income - $4 million reduction from the net gain related to our equity investment in Figure Technology Solutions, Inc.
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 82nd Quarter 2026 Forecast Update ($ in millions, except per share data) 2026 2027 Net Interest Income $1,860 – $1,960 $2,500 – $2,650 Net Interest Margin 2.20 – 2.30% 2.70 – 2.80% Provision for Loan Losses $90 – $140 $100 - $150 Non-interest Income $310 – $330 $390 – $430 Adjusted Operating Expense(2) $1,700 – $1,750 $1,650 – $1,700 Net Income $225 – $300 $800 – $900 Long-Term Targets ROAA : 1%+ ROATCE: 11-12% CET1 Ratio: 10.5-11.5% See cautionary statements on page 2 | See notes on page 25 ($ in millions, except per share data) 2026 2027 Diluted Adjusted EPS(1) $0.40 – $0.50 $1.60 –$1.70 Efficiency Ratio(2) 73 – 78% 50 - 55% ROAA 0.25 – 0.35% 0.85 – 0.95% ROATCE 2.75 – 3.25% 10.00 – 10.50% TBV Per Share(3) $15.50 – $16.00 $17.25 – $17.75
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 92nd Quarter 2026 1.81% 1.91% 2.14% 2.15% 2.13% 1.89% 3.73% 3.60% 3.34% 3.13% 3.08% 4.50% 4.25% 3.75% 3.75% 3.75% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 FY25 FY26 FY27 Net Interest Margin | Proactively Managing Higher Net Interest Margin (Quarterly) Net interest margin expected to expand in 2026 1. Optimize funding 2. Growing higher yielding commercial loans 3. Reduction in non-accrual loans 4. Multi-family loans resetting higher Drivers See cautionary statements on page 2 | See notes on page 25 Reflects NIM Guidance Range 2.05%(1) 2.20% - 2.30% 2.70% - 2.80% Fed Funds Rate Interest-Bearing Deposit Costs Net Interest Margin (Annually)
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 102nd Quarter 2026 $460 $(15) $(19) $1 $427 2Q 2025 Comp & Ben FDIC G&A 2Q 2026 Non-interest Expense | Disciplined Management Highlights • Linked Year: adjusted operating expenses decreased $33 million, or 7% • Linked Quarter: adjusted operating expenses decreased $14 million, or 3% • Reduction in operating expenses reflects management’s commitment to improve efficiency driven by: ◦ impact from strategic initiatives to lower compensation and benefits, ◦ vendor spend, ◦ real estate optimization, ◦ outsourcing and offshoring of certain functions, and ◦ FDIC expense Adjusted Operating Expenses(1) Adjusted Operating Expenses Linked Quarter(1) See the reconciliations of these non-GAAP measures with the comparable GAAP measures on page 22 | See notes on page 25 Quarterly Adjusted Operating Expenses YoY(1) $ in millions $ in millions $460 $457 $462 $441 $427 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $441 $(8) $(4) $(2) $427 1Q 2026 Comp & Ben O&E G&A 2Q 2026 $ in millions -7% (2) (2)
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 112nd Quarter 2026 Capital | Strong Capital Position CET1 Ratio Target operating range 10.5-11.5% 1. CET1 ratio of 13.16% is top quartile in peer group 2. Significant management action preserved and strengthened capital position 3. Capital priority in near term is to deploy capital to fund organic growth 4. +60 to 80 bps anticipated benefit to CET1 ratio under the proposed Basel III Endgame Highlights $ in billions CET1 excess of low-end of target range of 10.5% 12.33% 12.45% 12.83% 13.23% 13.16% 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 $1.6B See cautionary statements on page 2
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 122nd Quarter 2026 Balance ($B) 6/30/2026 Noninterest-Bearing Demand $11.7 Interest-Bearing Demand $11.9 Money Markets $8.5 Savings $14.8 Retail CDs $14.4 Jumbo CDs $6.1 Total Deposits $67.5 Deposits | Overview Deposit ActivityWell Diversified Deposit Base by Product • Deposits increased $0.7 billion, or 1.0% quarter over quarter primarily driven by growth in Commercial and Private Bank deposits of $905 million, partially offset by lower Retail deposits of $290 million • Managed deposit costs lower with interest-bearing deposit costs down 5 basis points compared to prior quarter and 65 basis points compared to the second quarter of 2025 • Insured deposits of 79%(1) at 6/30/2026, compared to peer average of 56% HighlightsDeposit Base by Business ($ in billions) 6/30/2026 Change QoQ ($) Change QoQ (%) Retail $36.5 $(0.3) (0.8)% Private Bank $17.5 $0.2 1.3% Commercial $8.4 $0.7 8.9% Mortgage $2.8 $— 1.1% Core Deposits $65.1 $0.6 1.0% Brokered & Other $2.4 $— 1.9% Total Deposits $67.5 $0.7 1.0% $ in billions See notes on page 25 $66.8 $0.9 $(0.3) $67.5 3/31/2026 Commercial & Private Bank Retail 6/30/2026
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 132nd Quarter 2026 501% 350% 12/31/2023 6/30/2026 Commercial Real Estate | Payoffs and CRE Concentration Trends 2Q 2026 Payoffs Total Substandard (%) 1Q 2026 Payoffs Total Substandard (%) Multi-Family $0.9 billion 44% $0.8 billion 40% Office $31 million 6% $5 million —% Non-Office CRE $177 million 19% $245 million 50% Total CRE $1.1 billion 39% $1.1 billion 42% CRE payoffs at par of $1.1B with 39% of the payoffs from substandard loans in the second quarter CRE Portfolio Payoffs at Par Total CRE Balances(1) CRE payoffs and paydowns driving significant reduction in total CRE balances and in the concentration ratio 151pp CRE Concentration Ratio(2) $ in billions -32% See notes on page 25 $47.7 $32.6 12/31/2023 6/30/2026
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 142nd Quarter 2026 Multi-Family | Portfolio Overview Highlights • MF portfolio ALLL at 1.63%, among the highest relative to peers(2); MF rent regulated >= 50% ALLL at 2.87% • Average loan size of $8.8 million • NYC MF loans down $0.7 billion, or 5%, QoQ; NYC rent regulated MF loans down $338 million, or 4%, QoQ • $7.1 billion of MF loans reached a repricing date since the beginning of 2024 and over 90% remain current or paid off • Have taken $689 million of net charge-offs since Jan. 2024 Proactively Reducing Multi-Family (MF) Exposure(1) $ in billions Multi-Family ALLL Ratio vs Peers(2) Option/Contractual Maturity per Year (UPB)(1) $ in billions % Reflects WAC See notes on page 25 3.53% 3.73% 4.66%4.26% $30.0 $28.8 $27.1 $26.0 $25.1 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 -16% 1.6% 0.8% 0.6% 0.6% 0.5% 0.4% FLG Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 $2.6 $8.4 $5.1 $3.6 2026 2027 2028 2029 4.15% 3.87% 4.19% 4.52%
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 152nd Quarter 2026 $1.3 $2.9 $1.4 $1.1 2026 2027 2028 2029 Brooklyn, $3,214, 37.9% Bronx, $2,293, 27.0% Manhattan, $1,748, 20.6% Queens, $1,204, 14.2% Staten Island, $32, 0.4% Portfolio Characteristics Loan Resets Book Balance Average Balance Occ Rate Current LTV Amortizing DSCR Repriced Reset < 18 Months Repriced or < 18 Months Market & <50% $ 4,898 $ 4.9 98% 46% 1.20x 66% 21% 87% >=50% RR 8,490 5.9 97% 70% 1.25x 43% 34% 77% Total NYC $ 13,388 $ 5.5 98% 61% 1.23x 52% 29% 81% NYC >=50% RR Pass Rate $ 4,089 $ 6.1 97% 61% 1.51x 43% 19% 62% Criticized + Classified 4,401 5.8 97% 78% 1.01x 43% 49% 92% Total >=50% RR $ 8,490 $ 5.9 97% 70% 1.25x 43% 34% 77% Multi-Family | New York City (NYC) Portfolio Details NYC Multi-Family Portfolio (as of 6/30/2026) $ in millions (3) (1) (2) Location Breakdown >=50% RR $ in millions (4) Option/Contractual Maturity per Year (UPB) $ in billions % Reflects WAC>=50% RR See notes on page 25 3.85%4.98% 4.66% 5.09% $8,490M (5)
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 162nd Quarter 2026 NALs Special Mention + Substandard Total $ % $ % $ % Balance $ 2,088 $ 2,667 $ 4,754 Less: NCOs $ 351 16.80 % $ 2 0.07 % $ 352 7.41 % Book Balance $ 1,737 $ 2,665 $ 4,401 ACL $ 76 4.38 % $ 134 5.03 % $ 210 4.77 % Loan Review Credit Metrics Book Balance Recent Appraisal Financials Reviewed ACL % to Loans NCOs Nonaccrual Loans Market & <50% $ 4,898 35% 96.4% 0.96% $ 19 $ 210 >=50% RR 8,490 42% 97.3% 3.04% 352 1,743 Total NYC $ 13,388 43% 97.0% 2.28% $ 372 $ 1,953 NYC >=50% RR Pass Rate $ 4,089 23% 99.6% 1.18% $ — Criticized + Classified 4,401 70% 95.0% 4.77% 352 Total >=50% RR $ 8,490 42% 97.3% 3.04% $ 352 Multi-Family | New York City (NYC) Credit Details NYC Multi-Family Portfolio (as of 6/30/2026) $ in millions (3) (1) (2) Proactive management of rent regulated portfolio • Criticized + classified ACL coverage of 4.77% • $352 million of net charge-offs since Jan. 2024 for loans remaining in the portfolio • $2.0 billion in payoffs since beginning of 2024; 56% from substandard Rigorous loan review performed on portfolio supports current LTVs and amortizing DSCRs • 97% of rent regulated loans have gone through extensive financial review since 1/1/2024 • 70% of criticized + classified loans have had an appraisal since 1/1/2024 Criticized + Classified Loans(5) (4) (7) (6) Observations See notes on page 25 $ in millions
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 172nd Quarter 2026 3/31/2026 6/30/2026 ($ in millions) Allowance ALLL % Allowance ALLL % Change in ALLL % Multi-Family (MF) $509 1.83% $439 1.63% (20) bps MF Rent Regulated >=50% (excl. Co-op) $330 3.20% $281 2.87% (33) bps MF at Market and Rent Regulated <50% (excl. Co-op) $174 1.11% $153 1.00% (11) bps Co-op $5 0.27% $5 0.27% — bps CRE $184 2.17% $148 1.87% (30) bps Office (ex. Owner-Occupied) $61 3.04% $55 3.00% (4) bps Non-Office (incl. Owner-Occupied) $123 1.91% $93 1.53% (38) bps C&I (incl. Office Owner-Occupied) $166 0.98% $182 0.96% (2) bps 1-4 Family $33 0.59% $35 0.61% 2 bps Home Equity $55 3.98% $52 3.84% (14) bps Consumer and Other $7 4.35% $13 10.00% 565 bps Total Loans HFI and Allowance for Loan Losses $954 1.58% $869 1.42% (15) bps Unfunded Commitment Reserve $55 $56 Total Allowance for Credit Losses $1,007 1.67% $925 1.52% (15) bps Asset Quality | Allowance for Credit Loss Detail
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 182nd Quarter 2026 Asset Quality Criticized + Classified Loans (including LHFS)(1) Total Non-accrual Loans (including LHFS) Highlights • Criticized + classified loans decreased $143 million, or 1% compared to the prior quarter • Criticized + classified loans decreased $1.1 billion, or 9% compared June 30, 2025 • Non-accrual loans were up $123 million to $2.8 billion; 40% of NALs are performing • NCOs to average loans of 0.66%(2) for the second quarter 2026; $100 million of NCOs which includes $47 million of charge-offs that had been previously reserved Net Charge-offs ("NCO") to Average Loans(2) $ in millions$ in billions See notes on page 25 $12.7 $12.4 $12.1 $11.8 $11.6 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 -9% $2,682 $2,805 3/31/2026 6/30/2026 5% 0.72% 0.46% 0.30% 0.52% 0.66% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026
Appendix
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 202nd Quarter 2026 Specialized Industries | Value-creation Strategy Focused Strategy and Competitive Differentiators Strategy Delivering Results • Oil & Gas • Power & Renewables • Public & Nonprofit Fin • Sponsor Finance • Sports • Technology, Media & Communications • Asset-Based Lending • Dealer Finance • Entertainment • Environmental • Equipment Finance • Food & Beverage • Franchise Finance • Funds Finance • Healthcare • Inst’l Bkg Solutions • Insurance • Leisure/Hosp/Gaming • Lender Finance • Mortgage Finance Diverse Lending Verticals • National model | Fast decisioning | Delivering industry insights • Focused on serving the unique needs of specific industries ◦ Expanded and strengthened product offerings, capabilities, and capital markets expertise • Hiring senior, mid-career bankers possessing deep industry expertise and relationships from other regional and large banks with a proven track record of successfully building a relationship-based C&I business Commitments and Originations Retail Branch Private Bank • 2Q’26 new credit commitments and new loan originations remained strong at $2.9 billion and $1.9 billion, respectively • Added 52 new relationships in Q2 • Hired 14 Specialized Industries and Capital Markets focused producers and credit professionals in Q2 • Plan to hire up to an additional 10-15 Specialized Industries bankers throughout the rest of 2026 Specialized Industries Hub $s in millions $624 $885 $1,195 $769 $1,902 $1,076 $1,273 $1,844 $1,165 $2,916 New Loan Originations New Credit Commitments 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 212nd Quarter 2026 Corporate & Regional Commercial Banking | Value-creation Strategy Focused Strategy and Competitive Differentiators Strategy Delivering Results • Relationship-based national corporate banking effort focused on the diversified industries • Building a robust middle market commercial banking franchise in all of Flagstar’s key geographies • Focus on companies with revenues greater than $50 million while delivering expanded and strengthened product offerings and capabilities with senior bankers, quick decisioning and access to key executive leaders as our core competitive advantage • Hiring senior, mid-career bankers from other regional and large banks who possess deep local business relationships with a proven track record of successfully building a C&I business • 2Q’26 new credit commitments and new loan originations remained strong at $880 million and $519 million, respectively • Added 43 new relationships YTD in 2026 and hired 18 new Commercial Banking producers and credit underwriters in Q2 • Plan to hire up to an additional 10-15 Corporate & Regional Commercial Banking producers throughout the rest of 2026 • Expanded regional commercial banking coverage to Texas • Hired regional commercial banking leaders for the Dallas, Cleveland, Phoenix and Detroit metro markets Great Lakes NYC Metro Southwest Southeast Key Geographies Private Bank Commitments and Originations(1) Commercial Hub $s in millions $186 $520 $511 $424 $519 $243 $795 $817 $640 $880 New Loan Originations New Credit Commitments 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Retail Branch TX
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 222nd Quarter 2026 Note: $ in millions except share data. Please note that columns of data may not add due to rounding. Reconciliations of GAAP and Non-GAAP Measures Adjusted Non-interest Expense 2Q 2025 3Q 2025 Q4 2025 Q1 2026 Q2 2026 Non-interest expense $513 $522 $509 $466 $450 Less: Intangible asset amortization 27 26 26 25 23 Less: Merger-related and restructuring expenses 14 17 17 — — Less: Severance costs 2 8 4 — — Less: Litigation settlement — 14 — — — Less: Lease cost acceleration related to closing branches 7 — — — — Less: Trailing mortgage sale costs with Mr. Cooper 3 — — — — Adjusted operating expense $460 $457 $462 $441 $427 Adjusted Diluted Earnings Per Share 2Q 2025 3Q 2025 Q4 2025 Q1 2026 Q2 2026 Diluted (Loss) Earnings Per Share - GAAP -$78 -$45 $21 $13 $26 Adjustments 25 18 12 9 (4) Tax effect on adjustments (7) (4) (3) (2) 1 Diluted (Loss) Earnings Per Share, as adjusted - non-GAAP $(60) $(31) $30 $20 $23 Diluted (Loss) Earnings Per Share - GAAP $(0.19) $(0.11) $0.05 $0.03 $0.06 Adjustments 0.06 0.04 0.03 0.02 (0.01) Tax effect on adjustments (0.02) (0.01) (0.01) — — Diluted (Loss) Earnings Per Share, as adjusted - non-GAAP $(0.14) $(0.07) $0.06 $0.04 $0.05
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 232nd Quarter 2026 Note: $ in millions except share data. Please note that columns of data may not add due to rounding. Reconciliations of GAAP and Non-GAAP Measures Tangible Book Value Per Common Share 6/30/2026 Total stockholders equity (A) $ 8,140 Less: Core deposit and other intangibles 333 Less: Preferred stock 503 Tangible common stockholders equity (B) $ 7,304 Common shares outstanding (C) 417,018,972 Dilution Impact of Warrants 52,914,127 Common shares outstanding, incl. Warrants (D) 469,933,099 Book book value per common share (A / C) $ 18.31 Tangible book value per common share (B / C) $ 17.51 Tangible book value per common share (B / D) $ 15.54
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 242nd Quarter 2026 Bank Ticker Citizens Financial CFG Fifth Third Bancorp FITB First Citizens Banc. FCNC.A First Horizon FHN Huntington Banc. HBAN KeyCorp KEY M&T Bank MTB Pinnacle Financial Partners PNFP Regions Financial RF Valley National VLY Western Alliance WAL Zions Bancorp ZION Peer Group
60 121 158 242 242 242 254 150 0 218 218 218 164 167 168 253 206 59 69 72 73 236 243 248 252nd Quarter 2026 Notes Slide 3 1. Excludes impact from intangible asset amortization, merger-related expenses, and other adjustments Slide 4 1. Includes warrants and options – warrant and options dilution calculated using the treasury stock method with projected share price based on a 1.0x tangible book value multiple Slide 5 1. Prior quarters were adjusted for a reclass from Asset-Based Finance to Equipment Finance category: 6/30/25 ~$997 million, 9/30/25 ~$956 million, and 12/31/25 $842 million Slide 6 1. Fourth quarter 2025 was adjusted for a reclass of ~$842 million from Asset- Based Finance to Equipment Finance category. Slide 8 1. Includes warrants and options – warrant and options dilution calculated using the treasury stock method with projected share price based on a 1.0x tangible book value multiple 2. Excludes impact from intangible asset amortization and merger-related expenses 3. Includes warrants – warrant options dilution calculated using the treasury stock method with projected share price based on a 1.0x tangible book value multiple Slide 9 1. Reflects net interest margin adjusted for $20.5 million hedge benefit in the fourth quarter of 2025 Slide 10 1. Excludes impact from intangible asset amortization, merger-related expenses, and other adjustments 2. Includes software and professional expenses Slide 12 1. Excludes collateralized deposits and excludes internal deposits Slide 13 1. Total CRE excludes $2.6 billion of owner-occupied CRE 2. Calculated as: Total CRE balances (excluding $2.6 billion of owner occupied CRE) / (Tier 1 Capital + Allowance for Loans & Lease Losses) Slide 14 1. Reflects Multi-Family UPB excluding Co-op loans 2. Northeast Multi-Family peers include banks with disclosed Multi-Family ALLL ratios: BPOP and EWBC as of 6/30/26, DCOM as of 3/31/26, and FFIC and BBT as of 9/30/25 Slide 15 1. Current LTV is calculated by dividing the most recent appraised value by the current loan amount 2. Amortizing DSCR includes hypothetical amortization for deals in interest-only periods 3. Reflects rent regulated percent based on units at origination 4. Risk rated special mention or substandard 5. $7.4 billion of the $8.5 billion NYC Multi-Family rent regulated portfolio has >=70% of the units rent regulated Slide 16 1. Reflects percent of appraisals received based on book balance since 1/1/2024 2. Reflects financials reviewed since 1/1/2024 as a percent of book balance 3. Reflects rent regulated percent based on units at origination 4. Risk rated special mention or substandard 5. Reflects ACL coverage ratio at 6/30/2026 and all NCOs taken on loans in the portfolio at 6/30/2026 6. Sum of book balance plus net charge-offs 7. Defined as >=50% units are rent regulated Slide 18 1. Shown on UPB basis and excludes one-to-four family residential loans and other loans, which primarily includes HELOCs 2. Presented on an annualized basis Slide 21 1. Excludes ABL transactions, which are included as Specialized Industries
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102 Duffy Avenue, Hicksville, NY 11801 ● Phone: (516) 683 -4420 ● flagstar.com NEWS RELEASE Investor Contact: FOR IMMEDIATE RELEASE Salvatore J. DiMartino (516) 683-4286 Media Contact: Jessica Torchia (248) 312-6451 FLAGSTAR BANK, N.A. ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM Board of Directors Authorizes Repurchase of Up to $250 Million of Outstanding Common Stock, Reflecting the Bank 's Strong Capital Position and Commitment to Long -Term Shareholder Value HICKSVILLE, N.Y., July 24 , 2026 –Flagstar Bank, N.A. (NYSE: FLG) (the "Bank”) today announced that its Board of Directors has authorized a common stock repurchase program under which the Bank may repurchase up to $250 million of its outstanding common stock over the next 12 -month period . Commenting on the repurchase program, Joseph M. Otting, Executive Chairman and Chief Executive Officer stated, “We are pleased to announce our stock buyback program, which reflects the meaningful progress we have made in executing our strategic plan, the s trength of the balance sheet, and Flagstar’s long -term growth prospects. We have consistently maintained capital levels well above regulatory requirements, and we believe that returning capital to our shareholders through a share repurchase program represents a compelling and disciplined use of our excess capital at this time. “We remain deeply committed to serving our customers and communities and we are confident that this program — alongside our continued investment in our people, products, systems, and technology — will deliver sustainable, long -term value for our s hare holders." Repurchases may be conducted through open -market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5 -1, or through privately negotiated transactions. The timing and exact amount of an y share repurchases will be subject to a variety of factors, including the availability of stock for repurchases, the Bank’s capital position and financial performance, regulatory considerations, and general market conditions. The share repurchase program does not obligate the Bank to acquire any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice. Any future stock repurchase programs would be subject to the approval of the Board of Directors and other various
factors, including the Bank’s liquidity, capital position and financial performance, accounting and regulatory considerations , and general market conditions. Flagstar Bank, N.A. Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At June 30, 2026, the Bank had $87. 7 billion of assets, $6 1.2 billion of loans, deposits of $67.5 billion, and total stockholders' equity of $8. 1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast -growing markets in Flori da and the West Coast. Cautionary Statements Regarding Forward -Looking Language This press release may include forward ‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality , liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on l oans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our inte rnal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g ) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; ( h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the "Reorganization"), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC -assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance an d risk management programs to which we are subject as a national bank with assets of $50 billion or more; ( i) the impact of the $1.05 billion capital raise we completed in March 2024; ( j) the conversion or exchange of shares of our preferred stock; ( k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; ( l) the dilution of existing equity holders associated with future equity awards and stock issuances; ( m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business. Forward ‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” "confident," and other similar words and expressions, and are subject to numerous assu mptions, risks, and uncertainties, which change over time. Additionally, forward ‐looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward ‐looking statements. Furthermore, because forward ‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical result s.
Our forward ‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in inter est rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position, and financial performance, accounting and regulatory conside rations, as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non ‐financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent -regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; t he impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory ag encies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more ; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third pa rties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature , are subject to significant uncertainties and/or are beyond our control. Our forward -looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2 022, and our acquisition of substantial portions of the former Signature Bank through an FDIC -assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or a t all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoin g business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected. More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10 ‐K for the year ended December 31, 2025 , and in other reports we file with the Office
of the Comptroller of the Currency (the “OCC”) and voluntarily file with the Securities and Exchange Commission (the “SEC”), and which are also available on our Investor Relations website . Our forward ‐ looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our securities disclosure filings . All such files are accessible on our website at ir.flagstar.com , on the OCC's website at www.occ.gov , and on the SEC’s website at www.sec.gov.
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Document and Entity Information
Jul. 24, 2026
Document Information [Line Items]
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Flagstar Bank, National Association
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Hicksville,
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NY
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