Flagstar Financial, lnc.(FLG) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 net loss attributable to common stockholders was $168 million, or$0.41 per diluted share, an improvement from a net loss of $289 million, or$0.79 per diluted share in the previous quarter[4] - For the full year 2024, the net loss attributable to common stockholders was $1,125 million, or$3.40 per diluted share, compared to a net loss of $112 million, or$0.49 per diluted share for 2023[5] - The company reported a net loss of $160 million for Q4 2024, compared to a net loss of$280 million in Q3 2024 and a net loss of $2.705 billion in Q4 2023[86] - For the year ended December 31, 2024, net loss attributable to common stockholders was$2,713 million, compared to a net loss of $1,125 million for the year ended December 31, 2023[94] - Basic loss per common share was$(3.40) in 2024, compared to $(0.49) in 2023, indicating a substantial increase in losses per share[77] Asset and Loan Performance - Total assets decreased by$13.9 billion, or 12%, year-over-year to $100.2 billion as of December 31, 2024, driven by a reduction in total loans and leases held for investment[12] - Total loans and leases held for investment were$68.3 billion, down $16.3 billion, or 19$3.2 billion, or 9%[13] - Total assets as of December 31, 2024, were $100.2 billion, with total loans at$69.2 billion and deposits at $75.9 billion[63] - Non-accrual loans held for investment increased to$2,615 million as of December 31, 2024, compared to $428 million in the same period last year, representing a significant increase[99] - Total non-performing assets reached$2,629 million, representing 2.62% of total assets, compared to 2.21% in Q3 2024 and 0.39% in Q4 2023[57] Income and Revenue - Net interest income for the fourth quarter 2024 totaled $461 million, down$49 million, or 10%, from the previous quarter, and down $279 million, or 38$2,152 million, a decrease of 30% compared to 2023[33] - Total revenues for the year ended 2024 were $2,552 million, down 56$5,764 million in 2023[40] - Non-interest income for the year ended 2024 totaled $400 million, a decline of 85$2,687 million in 2023[40] - Total non-interest income fell by 85% to $400 million in 2024 from$2,687 million in 2023, with significant declines in net gain on loan sales and securitizations, down 46%[77] Credit Quality and Losses - Provision for credit losses declined by 55% quarter-over-quarter, indicating an improvement in credit quality[3] - Net charge-offs for Q4 2024 totaled $222 million, down 8$892 million, a significant increase from $208 million in the previous year[56] - The provision for credit losses for the year ended December 31, 2024, was$(1.055) billion, an increase of 27% compared to $(833) million in 2023[87] - Total charge-offs for the year ended December 31, 2024, reached$938 million, up from $223 million in the previous year[102] Capital and Ratios - CET1 capital ratio improved to 11.9$2,838 million for 2024, down from $4,981 million in 2023[40] - Operating expenses for the year ended 2024 increased by 24$2,596 million, compared to $2,099 million in 2023[52] Tax and Other Charges - The effective tax rate for the year ended 2024 was 18.70$31 million and long-term asset impairment charges of $77 million in the fourth quarter of 2024[48]