By Gina Heeb
Flagstar Financial shares rose 17% after the company said losses narrowed for the quarter and outlined a path to profitability this year.
The Hicksville, N.Y.-based bank posted a loss of $160 million in the fourth quarter. That amounted to 41 cents a share, which was better than the 55-cent loss that analysts polled by FactSet forecasted.
Flagstar CEO Joseph Otting said the once-named New York Community Bancorp was on track to be profitable in the fourth quarter of this year. "I think this will ultimately mark the company's turning point," he said.
The company said it will continue to explore all options, including loan sales, as it seeks to reduce its exposure to commercial real estate that have come under intense scrutiny.
Flagstar got a rescue deal from investors last year after it disclosed troubles around multifamily loans on rent-stabilized properties in New York City.
That led to credit rating downgrades and a dramatic decline in its stock price. Flagstar did a one-for-three reverse stock split last summer.
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(END) Dow Jones Newswires
January 30, 2025 10:44 ET (15:44 GMT)
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