FLG earnings analysis
What we found in FLG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Flagstar reported net income of $21 million for Q1 2026, a decrease from $29 million in the previous quarter, but a significant recovery from a $100 million net loss in Q1 2025. Revenue for the quarter was $498 million, below the consensus estimate of $553.9 million, reflecting a challenging environment despite positive growth in commercial and industrial loans. While adjusted EPS met expectations at $0.04, overall results demonstrate mixed performance with declining non-interest income due to investment valuation losses and lower loan sales.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Stable EPS Meeting Consensus
- GAAP diluted EPS of $0.03 matched consensus expectations of $0.04.
- Significant Decline in Non-Interest Income
- Non-interest income fell to $55 million from $80 million year-over-year, largely due to an $18 million drop from an investment in Figure Technology Solutions, Inc.
- Growth in C&I Loans
- C&I loans grew by $1.4 billion to $16.6 billion, driven by $2.0 billion in new originations.
- Decrease in Net Interest Income
- Net interest income fell to $443 million, down from $467 million in the prior quarter.
- Increase in Net Interest Margin
- Net interest margin improved from 2.14% to 2.15% compared to the prior quarter.
- Reduction in Non-performing Loans
- Total non-accrual loans decreased to $2.675 billion, down 10% from $2.975 billion at the end of the previous quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Misses Expectations
- Revenue of $498 million was significantly below the consensus estimate of $553.9 million.
- Decrease in Total Loans Held for Investment
- Total loans and leases held for investment declined by $307 million from December 31, 2025 to $60.425 billion.
- Declining Non-Interest Income Trends
- Continued decreases in non-interest income raise concerns about underlying revenue sustainability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.03
- Segment
- Total revenue for Q1 2026: $498 million
- Segment
- Commercial & Industrial loans: $16.6 billion (+$1.4 billion from previous quarter)
- Segment
- Non-interest income: $55 million
- Segment
- Net interest income: $443 million
What they said about what is next.
Outlook deferred to future earnings press release.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
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