Flagstar Financial climbs after smaller Q4 loss

Dennys

30/01/2025 11:32

** Shares of regional lender Flagstar Financial  FLG.N  rise
5.9% to $10.17 premarket
    ** FLG's Q4 net loss narrows to $168 mln, or 41 cents/shr,
compared with $2.71 bln, or $11.27/shr, a year earlier
    ** Provision for credit losses shrunk 80% to $108 mln,
thanks to lower net charge-offs and a decline in loans
held-for-investment
    ** Net charge-offs are debts that are unlikely to be
recovered
    ** "Perhaps our most important accomplishment this year is
the improvement in our capital position," CEO Joseph Otting says
    ** Meanwhile, FLG forecast 2025 per-share loss of 25 cents
to 30 cents, vs prior expectations for a loss of 30 cents to 35
cents
    ** Wall Street expects FLG to post a per-share loss of 35
cents in 2025 - LSEG data      
    ** FLG, formerly known as New York Community Bancorp, had
last year delayed its profitability goal by a year to 2026    
    ** FLG shares slumped 69.6% in 2024


 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))