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Flagstar Bancorp Q3 trails market, files for $2 billion shelf
By Guy Faulconbridge
(Reuters) - Flagstar Bancorp Inc <FBC.N> reported a wider-than-expected quarterly loss, hurt by higher non-performing assets and tax expenses, and filed for a mixed shelf of up to $2 billion, sending its shares down 13 percent.
The company, which is one of the largest savings and loans based in the U.S. Midwest, said proceeds from the offering will be used for general corporate purposes.
Net loss for the third quarter was $298.2 million, or 64 cents per share, compared with a loss of $62.1 million, or 79 cents per share, a year ago.
Analysts on average expected a loss of 6 cents per share, according to Thomson Reuters I/B/E/S.
The company said it increased its provision for federal income taxes by $172 million, and non-performing assets more than doubled to $1.2 billion.
Net interest income fell 20 percent to $47.6 million.
Shares of the company were down 10 percent at $0.75 in midday trade Tuesday on the New York Stock Exchange. They fell to a low of $0.72 earlier in the day.
(Reporting by Shobhana Chadha in Bangalore; Editing by Unnikrishnan Nair)
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