# FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG)

Informational only - not investment advice.

CIK: 0000910073
SIC: 6036 Savings Institutions, Not Federally Chartered
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6036 Savings Institutions, Not Federally Chartered](/industry/6036/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=910073
Filing source: https://www.sec.gov/Archives/edgar/data/910073/000091007326000025/fbc-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000910073-26-000025 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910073.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 4,466,000,000 USD | 2025 | verified |
| Net income | -177,000,000 USD | 2025 | verified |
| Assets | 87,512,000,000 USD | 2025 | verified |
| Net margin | -3.96% | 2025 | computed |
| Revenue YoY | -24.98% | 2025 | computed |
| ROE | -2.17% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FLG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -4.0% | 17.7% | 0 | 16 |
| Revenue growth | -25.0% | 8.5% | 0 | 16 |
| ROE | -2.2% | 7.3% | 0 | 16 |
| ROA | -0.2% | 1.0% | 0 | 16 |
| Liabilities / equity | 9.75 | 7.69 | 93 | 16 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6036 Savings Institutions, Not Federally Chartered, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 4466000000 | USD | 2025 | 2026-02-27 |
| Net income | -177000000 | USD | 2025 | 2026-02-27 |
| Assets | 87512000000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910073.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 1,674,869,000 | 1,582,239,000 | 1,689,673,000 | 1,805,000,000 | 1,708,000,000 | 1,689,000,000 | 2,092,000,000 | 5,491,000,000 | 5,953,000,000 | 4,466,000,000 |
| Net income |  | 495,401,000 | 466,201,000 | 422,417,000 | 395,000,000 | 511,000,000 | 596,000,000 | 650,000,000 | -79,000,000 | -1,118,000,000 | -177,000,000 |
| Diluted EPS |  | 1.01 | 0.90 | 0.79 | 0.77 | 1.02 | 1.20 | 3.77 | -0.49 | -3.49 | -0.50 |
| Operating cash flow |  | 755,653,000 | 1,326,710,000 | 540,355,000 | 510,000,000 | 334,000,000 | 290,000,000 | 1,026,000,000 | 263,000,000 | 86,000,000 | -181,000,000 |
| Dividends paid |  | 330,810,000 | 332,147,000 | 333,061,000 | 317,000,000 | 316,000,000 | 316,000,000 | 317,000,000 | 486,000,000 | 53,000,000 | 15,000,000 |
| Share buybacks | 7,020,000 | 8,677,000 | 18,463,000 | 160,767,000 | 67,000,000 | 50,000,000 | 0.00 | 7,000,000 | 0.00 | 0.00 |  |
| Assets |  | 48,926,555,000 | 49,124,195,000 | 51,899,376,000 | 53,640,821,000 | 56,306,000,000 | 59,527,000,000 | 90,144,000,000 | 114,057,000,000 | 100,160,000,000 | 87,512,000,000 |
| Liabilities |  | 42,802,564,000 | 42,328,819,000 | 45,244,141,000 | 46,929,127,000 | 49,464,000,000 | 52,483,000,000 | 81,320,000,000 | 105,690,000,000 | 91,992,000,000 | 79,368,000,000 |
| Stockholders' equity |  | 6,123,991,000 | 6,795,376,000 | 6,655,000,000 | 6,712,000,000 | 6,842,000,000 | 7,044,000,000 | 8,824,000,000 | 8,367,000,000 | 8,167,000,000 | 8,143,000,000 |
| Cash and cash equivalents | 537,674,000 | 557,850,000 | 2,528,169,000 | 1,475,000,000 | 742,000,000 | 1,948,000,000 | 2,211,000,000 | 2,032,000,000 | 11,475,000,000 | 15,430,000,000 |  |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 29.58% | 29.46% | 25.00% | 21.88% | 29.92% | 35.29% | 31.07% | -1.44% | -18.78% | -3.96% |
| Return on equity |  | 8.09% | 6.86% | 6.35% | 5.88% | 7.47% | 8.46% | 7.37% | -0.94% | -13.69% | -2.17% |
| Return on assets |  | 1.01% | 0.95% | 0.81% | 0.74% | 0.91% | 1.00% | 0.72% | -0.07% | -1.12% | -0.20% |
| Liabilities / equity |  | 6.99 | 6.23 | 6.80 | 6.99 | 7.23 | 7.45 | 9.22 | 12.63 | 11.26 | 9.75 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910073.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.34 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.30 | reported discrete quarter |
| 2023-Q1 | 2022-12-31 |  |  | 0.30 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,498,000,000 | 413,000,000 | 0.55 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,512,000,000 | 207,000,000 | 0.27 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,447,000,000 | -2,705,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,513,000,000 | -327,000,000 | -0.45 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,548,000,000 | -323,000,000 | -1.14 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,534,000,000 | -280,000,000 | -0.79 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,358,000,000 | -188,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q2 | 2025-06-30 | 1,143,000,000 | -70,000,000 | -0.19 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,101,000,000 | -36,000,000 | -0.11 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,058,000,000 | 29,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 984,000,000 | 21,000,000 | 0.03 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 976,000,000 | 34,000,000 | 0.06 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FLG's latest 10-K: [/company/FLG/business/](/company/FLG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FLG's latest 10-K: [/company/FLG/risk-factors/](/company/FLG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/910073/000091007326000068/fbc-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

Background

Flagstar Bank, National Association, is a national banking association headquartered in Hicksville, New York. At June 30, 2026, we had $87.7 billion of assets, $61.2 billion of loans, $67.5 billion of deposits, and total stockholders’ equity of $8.1 billion.

We operate 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. In addition, the Bank has approximately 20 private bank branches located primarily in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses.

We operate in a single reportable segment and have identified one reporting unit which is the same as our operating segment. We continue to assess our reportable segments and reporting units, which may result in a change to either or both in future reporting periods. Please refer to Note 18 - Segment Reporting.

Overview

As part of our commitment to delivering long-term shareholder value and sustained value creation, we are executing a strategic transformation plan designed to evolve into a fully diversified bank with a strong balance sheet, a robust capital position, and consistent earnings power.

Our plan is anchored in enterprise strategic priorities that drive our approach to transformation and growth. These priorities focus on transforming Flagstar into a top-tier, relationship-driven regional bank, creating a customer-centric culture that prioritizes valuable relationships, and building an effective risk management mindset that supports safe and sound operations. From these priorities, we have established key strategies that guide execution: driving transformation and financial resilience, growing our core operations, executing a disciplined commercial banking and lending strategy, enhancing operational efficiency, developing talent and leadership, and aligning regulatory and risk management.

Since initiating this plan in 2024, we have made measurable progress, including making key leadership additions, diversifying our balance sheet and revenue streams, reducing non-core assets, improving our funding mix, enhancing our financial resilience, and improving our liquidity. We believe that the continued successful execution of this plan will drive sustainable earnings and position us to deliver long-term value to shareholders.

RESULTS OF OPERATIONS

Net Income (loss)

For the three months ended June 30, 2026, we reported net income of $34 million compared to net income of $21 million for the three months ended March 31, 2026. The net income attributable to common stockholders for the three months ended June 30, 2026 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 for the three months ended March 31, 2026.

For the six months ended June 30, 2026, we reported net income of $55 million compared to net loss of $170 million for the six months ended June 30, 2025. The 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 net loss attributable to common stockholders of $186 million, or $0.45 per diluted share for the six months ended June 30, 2025.

Net Interest Income

Net interest income is a function of the amount of interest-earning assets we hold, the manner in which we fund these assets, including interest-bearing liabilities, and the spread between the interest rates we earn on assets and the interest rates we pay on liabilities. These factors are influenced by both the pricing and mix of our interest-earning assets and our interest-bearing liabilities which, in turn, are impacted by various external factors, including the local economy, competition for loans and deposits, the monetary policy of the FOMC, and market interest rates.

Our interest-bearing liabilities are comprised of customer deposits and funds we borrow. The cost of our deposits and most of our borrowed funds is largely based on short-term rates of interest, the level of which is partially impacted by the actions of the FOMC. The yields on our held for investment loans and investment securities are generally more sensitive to intermediate-term market interest rates. However, a significant portion of our held for investment loans have fixed rates and generally reset to intermediate-term market rates when they reach repricing dates.

5

Table of Contents

The following table sets forth certain information regarding our NII and average balance sheet for the periods indicated. Average yields are calculated by dividing the interest income produced by the average balance of interest-earning assets. Average costs are calculated by dividing the interest expense produced by the average balance of interest-bearing liabilities. The average balances for the periods are derived from average balances that are calculated daily.

[[GREPCENT_TABLE]]
[["","Three Months Ended,"],["","June 30, 2026","","March 31, 2026"],["(in millions)","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","%"],["Securities (2)","17,037","","180","","4.22","%","","16,840","","179","","4.25","%"],["Interest-earning cash and cash equivalents","5,042","","45","","3.63","%","","5,631","","51","","3.64","%"],["Total interest-earning assets","$","83,050","","$","976","","4.71","%","","$","83,311","","$","984","","4.79","%"],["Non-interest-earning assets","3,644","","","","","3,746"],["Total assets","$","86,694","","","","","$","87,057"],["LIABILITIES AND STOCKHOLDERS' EQUITY:"],["Interest-bearing deposits:"],["Interest-bearing checking and money market accounts","$","19,617","","$","126","","2.55","%","","$","18,703","","$","114","","2.49","%"],["Savings accounts","14,857","","97","","2.63","%","","14,905","","101","","2.74","%"],["Certificates of deposit","20,694","","201","","3.90","%","","20,565","","203","","4.00","%"],["Total interest-bearing deposits","$","55,168","","$","424","","3.08","%","","$","54,173","","$","418","","3.13","%"],["Total borrowed funds","10,276","","112","","4.37","%","","11,401","","123","","4.38","%"],["Total interest-bearing liabilities","$","65,444","","$","536","","3.28","%","","$","65,574","","$","541","","3.35","%"],["Non-interest-bearing deposits","11,970","","","","","11,955"],["Other liabilities","1,106","","","","","1,330"],["Total liabilities","$","78,520","","","","","$","78,859"],["Stockholders\u2019 and mezzanine equity","8,174","","","","","8,198"],["Total liabilities and stockholders\u2019 equity","$","86,694","","","","","$","87,057"],["Net interest income/interest rate spread","","$","440","","1.43","%","","","$","443","","1.44","%"],["Net interest margin","","","2.13","%","","","","2.15","%"],["Ratio of interest-earning assets to interest-bearing liabilities","","","1.27","x","","","","1.27","x"]]
[[/GREPCENT_TABLE]]

(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.

6

Table of Contents

[[GREPCENT_TABLE]]
[["","Six Months Ended,"],["","June 30, 2026","","June 30, 2025"],["(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","%"],["Total 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\u2019 and mezzanine equity","8,185","","","","8,096"],["Total liabilities and stockholders\u2019 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"]]
[[/GREPCENT_TABLE]]

(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.

The following table summarizes the change in NII attributable to changes in rate and volume:

[[GREPCENT_TABLE]]
[["","","Three Months Ended,","","Six Months Ended,"],["","","June 30, 2026 compared to March 31, 2026Increase/(Decrease) Due to:","","June 30, 2026 compared to June 30, 2025Increase/(Decrease) Due to:"],["(in millions)","","Volume","Rate","Net","","Volume","Rate","Net"],["INTEREST-EARNING ASSETS:"],["Total loans and leases","","$","2","","$","(6)","","$","(4)","","","$","(151)","","$","(44)","","$","(195)"],["Securities","","2","","(1)","","1","","","60","","(19)","","41"],["Interest earning cash & cash equivalent","","(5)","","\u2014","","(5)","","","(143)","","(50)","","(193)"],["Total interest-earnings assets","","$","(1)","","$","(7)","","$","(8)","","","$","(234)","","$","(113)","","$","(347)"],["INTEREST-BEARING LIABILITIES:"],["Interest-bearing checking and money market accounts","","$","6","","$","5","","$","11","","","$","(20)","","$","(69)","","$","(89)"],["Savings accounts","","\u2014","","(3)","","(3)","","","7","","(30)","","(23)"],["Certificates of deposit","","1","","(3)","","(2)","","","(103)","","(89)","","(192)"],["Total borrowed funds","","(12)","","1","","(11)","","","(73)","","(24)","","(97)"],["Total interest-bearing liabilities","","$","(5)","","$","\u2014","","$","(5)","","","$","(189)","","$","(212)","","$","(401)"],["Change in net interest income","","$","4","","$","(7)","","$","(3)","","","$","(45)","","$","99","","$","54"]]
[[/GREPCENT_TABLE]]

Comparison to Prior Quarter

During the three months ended June 30, 2026, NIM decreased 2 basis points, and NII decreased $3 million compared to the three months ended March 31, 2026. The decrease in NII was primarily due to higher average balances and rates paid on interest-bearing checking and money market accounts, reflecting deposit pricing adjustments in response to competitive market cond

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/910073/000091007326000025/fbc-20251231.htm
Complete FY 2025 MD&A: /company/FLG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

As part of our commitment to delivering long-term shareholder value and sustained value creation, we are executing a strategic transformation plan designed to evolve into a fully diversified bank with a strong balance sheet, a robust capital position, and consistent earnings power.

Our plan is anchored in enterprise strategic priorities that drive our approach to transformation and growth. These priorities focus on transforming Flagstar into a top-tier, relationship-driven regional bank, creating a customer-centric culture that prioritizes valuable relationships, and building an effective risk management mindset that supports safe and sound operations. From these priorities, we have established key strategies that guide execution: driving transformation and financial resilience, growing our core operations, executing a disciplined commercial banking and lending strategy, enhancing operational efficiency, developing talent and leadership, and aligning regulatory and risk management.

Since initiating this plan in 2024, we have made measurable progress, including making key leadership additions, reducing non-core assets, improving our funding mix, enhancing our financial resilience, improving our liquidity and achieving profitability in the three months ended December 31, 2025. We believe that the continued successful execution of this plan will drive sustainable earnings and position us to deliver long-term value to shareholders.

RESULTS OF OPERATIONS

Net Income

For the year ended December 31, 2025, we reported a net loss of $177 million compared to a net loss of $1.1 billion for the corresponding period in 2024. The net loss attributable to common stockholders, which includes the impact from preferred dividends, for the year ended December 31, 2025 was $210 million or $0.50 per diluted share compared to the net loss attributable to common stockholders of $1.2 billion for the corresponding period in 2024 or $3.49 per diluted share.

Net Interest Income

Net interest income is our primary source of income. The amount of our net interest income is a function of the amount of interest-earning assets we hold, the manner in which we fund these assets, including interest-bearing liabilities, and the spread between the interest rates we earn on assets and the interest rates we pay on liabilities. These factors are influenced by both the pricing and mix of our interest-earning assets and our interest-bearing liabilities which, in turn, are impacted by various external factors, including the local economy, competition for loans and deposits, the monetary policy of the Federal Open Market Committee, and market interest rates.

Our interest-bearing liabilities are comprised of customer deposits and funds we borrow. The cost of our deposits and most of our borrowed funds is largely based on short-term rates of interest, the level of which is partially impacted by the

45

Table of Contents             

actions of the Federal Open Market Committee. The yields on our held for-investment loans and investment securities are generally more sensitive to intermediate-term market interest rates. However, a significant portion of our held for investment loans have fixed rates and generally reset to intermediate-term market rates when they reach repricing dates.

The following table sets forth certain information regarding our net interest income and average balance sheet for the periods indicated: Average yields are calculated by dividing the interest income produced by the average balance of interest-earning assets. Average costs are calculated by dividing the interest expense produced by the average balance of interest-bearing liabilities. The average balances for the periods are derived from average balances that are calculated daily.

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","2023"],["(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)","$","64,822","","$","3,310","","5.09","%","","$","78,883","","$","4,369","","5.54","%","","$","81,855","","$","4,509","","5.51","%"],["Securities (2)","15,554","702","4.51","%","","12,222","","559","","4.57","%","","10,611","","444","","4.18","%"],["Reverse repurchase agreements","\u2014","","\u2014","","\u2014","%","","\u2014","","\u2014","","\u2014","%","","388","","22","","5.77","%"],["Interest-earning cash and cash equivalents","10,504","454","4.32","%","","19,478","","1,024","","5.26","%","","10,025","","516","","5.14","%"],["Total interest-earning assets","$","90,880","","$","4,466","","4.91","%","","$","110,583","","$","5,952","","5.38","%","","$","102,879","","$","5,491","","5.34","%"],["Non-interest-earning assets","3,635","","","","5,151","","","","","7,616"],["Total assets","$","94,515","","","","","$","115,734","","","","","$","110,495"],["LIABILITIES AND STOCKHOLDERS' EQUITY:"],["Interest-bearing deposits:"],["Interest-bearing checking and money market accounts","$","20,079","","$","612","","3.05","%","","$","23,654","","$","869","","3.67","%","","$","29,286","","$","943","","3.22","%"],["Savings accounts","14,521","442","3.04","%","","10,975","","345","","3.14","%","","9,941","","169","","1.70","%"],["Certificates of deposit","24,057","1,078","4.48","%","","27,477","","1,362","","4.96","%","","17,097","","646","","3.78","%"],["Total interest-bearing deposits","$","58,657","","$","2,132","","3.63","%","","$","62,106","","$","2,576","","4.15","%","","$","56,324","","$","1,758","","3.12","%"],["Total borrowed funds","$","13,620","","$","613","","4.50","%","","$","24,168","","$","1,224","","5.07","%","","$","17,934","","$","656","","3.66","%"],["Total interest-bearing liabilities","$","72,277","","$","2,745","","3.80","%","","$","86,274","","$","3,800","","4.40","%","","$","74,258","","$","2,414","","3.25","%"],["Non-interest-bearing deposits","12,548","","","","18,140","","","","","21,583"],["Other liabilities","1,565","","","","2,595","","","","","4,073"],["Total liabilities","$","86,390","","","","","$","107,009","","","","","$","99,914"],["Stockholders\u2019 and mezzanine equity","8,125","","","","8,725","","","","","10,581"],["Total liabilities and stockholders\u2019 equity","$","94,515","","","","","$","115,734","","","","","$","110,495"],["Net interest income/interest rate spread","","$","1,721","","1.11","%","","","$","2,152","","0.98","%","","","$","3,077","","2.09","%"],["Net interest margin","","","1.89","%","","","","1.95","%","","","","2.99","%"],["Ratio of interest-earning assets to interest-bearing liabilities","","","1.26","x","","","","1.28","x","","","","1.39","x"]]
[[/GREPCENT_TABLE]]

(1)Comprised of Loans and leases held for investment, net 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.

46

Table of Contents             

The following table summarizes the change in NII attributable to changes in rate and volume:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025 compared to Year Ended 2024Increase/(Decrease) Due to:","","2024 compared to Year Ended 2023Increase/(Decrease) Due to:"],["(in millions)","","Volume","Rate","Net","","Volume","Rate","Net"],["INTEREST-EARNING ASSETS:"],["Total loans and leases","","$","(360)","","$","(699)","","$","(1,059)","","","$","(170)","","$","30","","$","(140)"],["Securities","","66","77","143","","73","","42","","115"],["Reverse repurchase agreements","","\u2014","\u2014","\u2014","","(22)","","\u2014","","(22)"],["Interest Earning cash and cash equivalents","","(194)","(376)","(570)","","508","","\u2014","","508"],["Total interest-earnings assets","","$","(488)","","$","(998)","","$","(1,486)","","","$","389","","$","72","","$","461"],["INTEREST-BEARING LIABILITIES:"],["Interest-bearing checking and money market accounts","","$","(55)","","$","(202)","","$","(257)","","","$","(290)","","$","216","","$","(74)"],["Savings accounts","","54","","43","","97","","","37","","139","","176"],["Certificates of deposit","","(77)","","(207)","","(284)","","","677","","39","","716"],["Total borrowed funds","","(237)","","(374)","","(611)","","","414","","154","","568"],["Total interest-bearing liabilities","","(315)","","(740)","","(1,055)","","","838","","548","","1,386"],["Change in net interest income","","$","(173)","","$","(258)","","$","(431)","","","$","(449)","","$","(476)","","$","(925)"]]
[[/GREPCENT_TABLE]]

Comparison to Prior Year

For the year ended December 31, 2025, NIM decreased by 6 basis points and NII decreased $431 million compared to the corresponding period in 2024. This was primarily as a result of lower average total loans and leases due to the strategic reduction in multi-family and CRE loans, the sale of our mortgage third party origination business and mortgage servicing business ("Mortgage Operations") during 2024 and the sale of our warehouse lending portfolio during 2024. The decrease was partially offset by lower average borrowed funds driven by the pay down of wholesale borrowings and lower interest-bearing deposits driven by the pay down of brokered deposits during 2024 and 2025.

Provision for Credit Losses

The following table summarizes our Provision for credit losses for the respective periods:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["(in millions)","","2025","","2024","","2023","","$ Change (2025 vs. 2024)","","% Change (2025 vs. 2024)"],["Provision for credit losses","","$","184","","","$","1,092","","","$","833","","","$","(908)","","","(83)","%"]]
[[/GREPCENT_TABLE]]

Comparison to Prior Year

For the year ended December 31, 2025, the provision for credit losses decreased $908 million compared to the corresponding period for 2024. This decrease is primarily due to the normalization of credit trends, collateral values and borrower financials, which has resulted in a stabilized ACL and lower net charge-offs in our multi-family and CRE portfolios. Additionally, the improvement in our ACL balance since December 31, 2024, was as a result of the on-going volume declines from the strategic reduction in our multi-family, CRE and non-core C&I portfolios. This improvement was partially offset by declining trends in macro-economic conditions, although some improvement was seen during the three months ended December 31, 2025.

47

Table of Contents             

Non-Interest Income

The following table summarizes our non-interest income for the respective periods:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["(in millions)","2025","","2024","","2023","$ Change(2025 vs. 2024)","","% Change(2025 vs. 2024)"],["Fee income","$","89","","","$","150","","","$","172","","$","(61)","","","(41)","%"],["Bank-owned life insurance","49","","42","","43","7","","","17","%"],["Net gain on investment securities","31","","\u2014","","\u2014","31","","","NM"],["Net return on mortgage servicing rights","\u2014","","73","","103","(73)","","","NM"],["Net gain on loan sales and securitizations","32","","48","","89","(16)","","","(33)","%"],["Net gain on mortgage/servicing sale","\u2014","","89","","\u2014","(89)","","","NM"],["Net loan administration income","6","","2","","82","4","","","NM"],["Bargain purchase gain","\u2014","","(121)","","2,131","121","","","NM"],["Other","134","","117","","67","17","","","15","%"],["Total non-interest income","$","341","","","$","400","","","$","2,687","","$","(59)","","","(15)","%"]]
[[/GREPCENT_TABLE]]

Comparison to Prior Year

For the year ended December 31, 2025, non-interest income decreased $59 million compared to the corresponding period for 2024. The decrease in non-interest income was primarily due to the non-recurrence o

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FLG/mda/fy2025/
All MD&A years: /company/FLG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FLG/mda/fy2024/): filed 2025-03-04; accession 0000910073-25-000038 (https://www.sec.gov/Archives/edgar/data/910073/000091007325000038/fbc-20241231.htm)
- [FY 2023 MD&A](/company/FLG/mda/fy2023/): filed 2024-03-14; accession 0000910073-24-000077 (https://www.sec.gov/Archives/edgar/data/910073/000091007324000077/fbc-20231231.htm)
- [FY 2022 MD&A](/company/FLG/mda/fy2022/): filed 2023-03-01; accession 0000950170-23-005505 (https://www.sec.gov/Archives/edgar/data/910073/000095017023005505/nycb-20221231.htm)
- [FY 2021 MD&A](/company/FLG/mda/fy2021/): filed 2022-02-25; accession 0000950170-22-002118 (https://www.sec.gov/Archives/edgar/data/910073/000095017022002118/nycb-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6036 Savings Institutions, Not Federally Chartered) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FLG.md · JSON record: /company/FLG.json · verified financials: /company/FLG/financials.json / /company/FLG/financials.csv · machine TOC for the whole site: /llms.txt