Reports Q1 allowance for credit losses $550M or 370.38% of non-performing loans and 0.67% of total loans. Reports Q1 Net charge-offs zero compared to $2M during Q1 of FY22 and $1M in the Q4 of FY22. Commenting on the Company’s operating results and performance, President and CEO, Thomas R. Cangemi said: "We are very pleased by the strong operating performance turned in by our Company this quarter, during what was a very challenging period for the entire banking industry. The first quarter of 2023 was a pivotal quarter for us. This was our first full quarter with Flagstar Bank, N.A. and while still early, we are already realizing merger benefits to our balance sheet and our overall financial results, especially to the net interest margin. Furthermore, we successfully navigated the turmoil in the banking industry during the month of March, emerging with the purchase and assumption of certain assets and liabilities of Signature Bridge Bank."
Published first on TheFly
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