olivLaw · US equity research
Flagstar Bank, N.A. FLG
Savings Institutions, Not Federally Chartered · SIC 6036 · Vertical: Savings Institutions, Not Federally Chartered (SIC 6036)
Flagstar Bank, National Association, headquartered in Hicksville, New York, is a national bank that takes deposits and makes loans, with an emphasis on commercial and industrial lending. As it pursues a strategic shift toward a diversified regional bank, it reported a modest quarterly profit in the third quarter of 2026, with total assets of about 87.4 billion USD and a net interest margin of 2.17% showing the direction of its balance sheet.
At the close of 04 Nov 2026, Flagstar Bank, N.A. (FLG) stock was 10.96 USD (+3.98% on the day), with market capitalisation 4.5 bn USD, P/E 220.3 on diluted EPS of 0.05 USD over the last 12 months, dividend yield 0.36%, beta 0.94, 52-week range 10.14–15.36 USD. Latest reported quarter (Q2 2026): net income of 34.0 m USD, diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.6
- neutral
- Bollinger (20, 2)
- 10.03 – 11.71
- in the upper half of the band · %B 0.55 · band width 15.5%
- SMA 50 / 200
- 11.94 / 13.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.39 / -0.47
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.3% | −1.1% | −4.2 pp | — |
| 3 months | −23.4% | −0.5% | −22.9 pp | — |
| 6 months | −23.8% | +4.4% | −28.2 pp | — |
| Year to date | −12.9% | +12.3% | −25.3 pp | — |
| 1 year | −0.5% | +13.5% | −14.1 pp | +33.3% |
| 3 years | −62.3% | +76.4% | −138.7 pp | +49.7% |
| 5 years | −70.5% | +63.7% | −134.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Depreciation & amortisation | — | — | 39.0 m | 37.0 m ≈ | — | — | 35.0 m | 33.0 m ≈ |
| Pre-tax income | -335.0 m | -238.0 m | -121.0 m | -81.0 m | -41.0 m | 45.0 m | 32.0 m | 48.0 m |
| Income tax | -55.0 m | -50.0 m | -21.0 m | -11.0 m | -5.0 m | 16.0 m | 11.0 m | 14.0 m |
| Net income | -280.0 m | -188.0 m | -100.0 m | -70.0 m | -36.0 m | 29.0 m | 21.0 m | 34.0 m |
| Diluted EPS | -0.79 | -0.45 ≈ | -0.26 | -0.19 | -0.11 | 0.07 ≈ | 0.03 | 0.06 |
| Operating cash flow | -1.0 bn ≈ | 623.0 m | -590.0 m | 355.0 m ≈ | 243.0 m ≈ | -189.0 m | -118.0 m | 226.0 m ≈ |
| Dividends paid | 3.0 m ≈ | 5.0 m | 4.0 m | 4.0 m ≈ | 4.0 m ≈ | 3.0 m | 5.0 m | 4.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 97 percentile of its own 29-quarter history (min 6.0, median 35.3, max 300.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.8 m | 29.0 m | 22.0 m | 23.0 m | 27.0 m | unavailable | unavailable | unavailable |
| Revenue YoY | −6.3% | −2.6% | −24.1% | +4.5% | +17.4% | unavailable | unavailable | unavailable |
| Net income | 422.4 m | 395.0 m | 511.0 m | 596.0 m | 650.0 m | -79.0 m | -1.1 bn | -177.0 m |
| Net income YoY | −9.4% | −6.5% | +29.4% | +16.6% | +9.1% | −112.2% | unavailable | unavailable |
| Diluted EPS | 0.79 | 0.77 | 1.02 | 1.20 | 3.77 | -0.49 | -3.49 | -0.50 |
| Diluted EPS YoY | −12.2% | −2.5% | +32.5% | +17.6% | +214.2% | −113.0% | unavailable | unavailable |
| net % | 1,419.2% | 1,362.1% | 2,322.7% | 2,591.3% | 2,407.4% | unavailable | unavailable | unavailable |
| Free cash flow | 530.5 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.0 bn USD
- Financial debt
- 12.2 bn USD
- Net debt
- 6.2 bn USD
- Equity
- 8.1 bn USD
- Total assets
- 87.5 bn USD
- Debt / equity
- 1.50x
- Current ratio
- unavailable
- ROE
- -2.2%
- ROA
- -0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 1.1 bn | 1.3 bn | 1.4 bn | 3.1 bn | 2.2 bn | 1.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Net fee income | 61.0 m | 61.0 m | 247.0 m | 2.7 bn | 400.0 m | 341.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Non-interest expense | 511.0 m | 541.0 m | 684.0 m | 5.0 bn | 2.8 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 588.0 m | 806.0 m | 826.0 m | -50.0 m | -1.4 bn | -198.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 511.0 m | 596.0 m | 650.0 m | -79.0 m | -1.1 bn | -177.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.02 | 1.20 | 3.77 | -0.49 | -3.49 | -0.50 | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | — | 0.68 | 2.04 | 2.04 | 0.20 | 0.04 | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.9 bn | 2.2 bn | 2.0 bn | 11.5 bn | 15.4 bn | 6.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Loans | 42.7 bn | 45.5 bn | 68.6 bn | 83.6 bn | 67.1 bn | 59.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 56.3 bn | 59.5 bn | 90.1 bn | 114.1 bn | 100.2 bn | 87.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Deposits | 32.4 bn | 35.1 bn | 58.7 bn | 81.5 bn | 75.9 bn | 66.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | — | — | — | — | 2.8 bn | 4.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | — | — | 21.3 bn | 21.3 bn | 11.7 bn | 8.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 49.5 bn | 52.5 bn | 81.3 bn | 105.7 bn | 92.0 bn | 79.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 6.8 bn † | 7.0 bn † | 8.8 bn † | 8.4 bn † | 8.2 bn † | 8.1 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 316.0 m | 316.0 m | 317.0 m | 486.0 m | 53.0 m | 15.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 50.0 m | 0 | 7.0 m | 0 | 0 | — | SEC (XBRL)· 04 Mar 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation50
- Returns0
- Quality8
- Balance sheet27
- Growth57
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.53 – 24.89 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income15.67 – 16.37 (Mid 16.01)
- Justified P/Bunavailable · insufficient data
- Dividend discount (DDM)0.53 – 0.71 (Mid 0.60)
- Peers: P/E0.73 – 0.83 (Mid 0.79)6 companies used · median multiple 15.8x · quartiles 14.6x – 16.6xBBT, ECBK, FSBW, GCBC, PBFS, RBKB
- Peers: P/B19.52 – 24.89 (Mid 20.32)7 companies used · median multiple 1.0x · quartiles 1.0x – 1.3xBBT, ECBK, FBLA, FNWB, FSBW, PBFS, RBKB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 0.6% | 13 (vs peers) | 19% |
| ROA · Quality | 0.1% | 0 (on a fixed band) | 7% |
| Cost-to-income · Quality | 93.2% | 0 (on a fixed band) | 12% |
| Net interest margin · Quality | 2.0% | 19 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 69.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -2.4% | 0 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 89.0% | 27 (on a fixed band) | 5% |
| P/B · Valuation | 0.6x | 100 (vs peers) | 12% |
| P/E (TTM) · Valuation | 220.3x | 0 (vs peers) | 12% |
| Dividend yield · Returns | 0.4% | 0 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial27/100 · 1/3 factors with a value
- Growth57/100 · 2/2 factors with a value
- Quality8/100 · 4/4 factors with a value
- Returns0/100 · 1/1 factors with a value
- Valuation50/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FLAGSTAR BANK, NATIONAL ASSOCIATION (FLG). Latest full fiscal year: 2022; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 1.7 bn USD in 2025; YoY growth 17.4%; ROE 0.6%.
The estimated value range is 8.20–8.60 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 8.40 USD, the price of 10.96 USD leaves a potential of -23.4% (value / price − 1) and a margin of safety of -30.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 69.8%
- P/B: 0.6x
What contradicts it
- ROE: 0.6%
- ROA: 0.1%
- Cost-to-income: 93.2%
- Net interest margin: 2.0%
- Revenue CAGR 3Y: -2.4%
- Loan-to-deposit: 89.0%
- P/E (TTM): 220.3x
- Dividend yield: 0.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
Savings Institutions, Not Federally Chartered (SIC 6036) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FLGFlagstar Bank, National Association | 4.5 bn | 220.3 | 0.6% | — | +17.4% | −1% / −62% |
| BBTBeacon Financial Corp | 2.6 bn | 16.4 | 8.4% | 533.6% | −92.5% | +22% / +50% |
| GCBCGreene County Bancorp, Inc. | 623.0 m | 15.2 | 15.9% | — | +11.1% | +60% / +46% |
| PBFSPioneer Bancorp, Inc. | 467.0 m | 27.1 | 5.2% | 103.4% | +5.8% | +41% / +127% |
| FSBWFS Bancorp, Inc. | 330.5 m | 10.2 | 10.8% | — | +44.8% | +9% / +47% |
| FBLAFB Bancorp, Inc. | 271.4 m | — | -0.1% | -0.4% | −3.8% | +35% / unavailable |
| RBKBRhinebeck Bancorp, Inc. | 203.7 m | 14.4 | 7.3% | 329.8% | −0.6% | +67% / +189% |
| ECBKECB Bancorp, Inc. | 200.7 m | 16.7 | 6.6% | 1,868.7% | +3.6% | +32% / +90% |
| FNWBFirst Northwest Bancorp | 98.3 m | 63.3 | 1.0% | — | −23.1% | +5% / −30% |
1- and 3-year price returns: for FLG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Flagstar Bank, National Association, headquartered in Hicksville, New York, is a national bank that takes deposits and makes loans, with an emphasis on commercial and industrial lending. As it pursues a strategic shift toward a diversified regional bank, it reported a modest quarterly profit in the third quarter of 2026, with total assets of about 87.4 billion USD and a net interest margin of 2.17% showing the direction of its balance sheet 13.
SWOT
Strengths
- The bank has a solid geographic presence in economically dynamic regions and a broad network of branches and private banking locations 1.
- The commercial and industrial loan book is growing across several verticals, which reduces dependence on any single sector 3.
- Capital levels are strong and the bank completed a share buyback, which suggests capacity to absorb shocks 3.
Weaknesses
- The bank reported a net loss for fiscal 2025, so the return to profitability is recent and modest 12.
- Heavy exposure to New York multi-family lending, where many rents are regulated, makes the portfolio sensitive to legislative changes 1.
- Reliance on wholesale borrowings and higher-cost deposits has pressured margins, and results are sensitive to the level of interest rates 12.
Opportunities
- If commercial lending and commercial deposit growth continue, the bank could improve its income mix and profitability 3.
- Gradually reducing real estate portfolios could free capital for higher-yielding segments if strategic execution stays disciplined 13.
- If deposit costs fall as brokered deposits are reduced, the net interest margin could keep improving 23.
Threats
- Interest rates staying high for longer could weigh on borrowers' ability to repay and on collateral values 13.
- New York legislation limiting rent increases could reduce the value of properties securing loans and the income they generate 1.
- Intense competition for deposits from online banks, credit unions and fintech firms could keep funding costs elevated 13.
Risks
- Interest rate riskhigh
Changes in interest rates could reduce net interest income if funding costs rise faster than asset yields, and a flat or inverted yield curve could compress margins 1.
- Credit risk in the multi-family portfoliohigh
Concentration in multi-family and CRE loans exposes the bank to significant losses if a small number of borrowers deteriorate, and provision expense could rise 13.
- New York regulatory riskmedium
Legislative changes to regulated rents could affect collateral values in New York and asset quality, with consequences for financial results 1.
- Funding and liquidity riskmedium
Dependence on wholesale funding and deposits could become a problem if access to funding markets worsens or if deposits migrate to competitors 12.
- Regulatory and supervisory risklow
The bank is supervised by the OCC, FDIC and CFPB, and changes in regulation could impose additional capital or compliance requirements 1.
Investment thesis
What would need to be true (bull case)
- If commercial and industrial lending and deposit growth continue, the bank could turn its strategic reorganization into a more diversified and steadier income model.
- Recent improvement in the net interest margin and lower funding costs could show that the transformation is already producing measurable results.
- If credit provisions stabilize, profitability could recover more solidly, and the capital buffer could support returning capital to shareholders.
What would break the thesis
- If interest rates stay high for longer, strategic objectives could be delayed further and pressure on multi-family loans could persist.
- The bank has reported profit only in recent quarters, and if margins compress again, results could slip back into losses.
- Deposit competition and New York rent legislation could limit the bank's ability to sustain growth and profitability.
What to watch
- Trend in net interest margin and cost of fundsQ4 2026
- Level of credit provisions and loss rates in the New York multi-family portfolioQ4 2026
- Pace of growth in commercial and industrial loans and commercial deposits2027
- Timing of strategic objectives, now shifted from 2027 to 20282028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The bank operates as a single reportable segment through about 340 locations across nine states, with a strong presence in the New York/New Jersey metropolitan region and the upper Midwest, as well as Florida and the West Coast 12. It also runs about 20 private bank branches serving high-net-worth individuals and their businesses 1.
The bank files its securities reports with the Office of the Comptroller of the Currency rather than the SEC, though it continues to file with the SEC via EDGAR as a voluntary filer 1. It is supervised by the OCC and the CFPB, and the FDIC insures its deposits, so the regulatory structure is central to the business model 1.
Segments
Single reportable segment
The bank reports one segment, which is also its single reporting unit, and management periodically assesses whether this structure could change 1. Within that segment the loan book is split into multi-family, CRE, one-to-four family mortgages, commercial and industrial loans and other loans 12.
Market context
The bank operates mainly in New York and its metropolitan region, where most of the buildings securing its multi-family and CRE loans are located, while commercial loans are originated nationally to middle-market companies 1. Economic conditions in this region directly affect loan demand, collateral values and borrowers' repayment ability 1.
Competition for deposits comes from large banks, credit unions, online banks and fintech companies, and the cost of deposits depends on short-term interest rates set by the Federal Open Market Committee 13. In the third quarter of 2026 the bank cited intensifying deposit competition as one factor pressuring its margins 3.
Trends
- Reducing multi-family and CRE exposuremixed
The bank is deliberately shrinking its multi-family and CRE portfolios to diversify the balance sheet, and CRE loans including multi-family fell to 39% of total assets in the third quarter of 2026 from 44% at year-end 2025 13. If this reduction continues, it could lower concentration risk and support a more balanced credit mix 3.
- Growth in C&I lendingtailwind
Commercial and industrial loans kept growing through 2026, and the bank treats them as the engine of diversifying its interest income 3. If that growth holds, it could support net interest income, although it also brings credit risks specific to this segment 3.
- Higher-for-longer interest ratesheadwind
Management said a higher-for-longer rate environment has shifted full realization of its strategic objectives from 2027 to 2028 3. For a bank with rate-sensitive assets, the cost of funding and the value of long-term loans depend on how this environment evolves 1.
- New York rent regulationheadwind
New York rent laws affect collateral values and property income for multi-family loans, and credit costs rose in the third quarter partly because of this portfolio 13. If the legislation expands further, it could weigh on asset quality in this category 1.
Competitive position
The bank competes for deposits and customers through its branch network, private banking locations, mortgage offerings and digital channels, but faces pressure from credit unions, online banks and fintech companies 1. In commercial lending it competes with capital markets, larger banks, commercial and savings banks and credit unions 1.
Deposit pricing is influenced by short-term rates and by rates offered by other institutions, and management cited deposit competition as a cost pressure in the third quarter of 2026 13. The bank concentrates on long-term relationships with commercial clients to support deposit growth 3.
- Credit unions
Compete for deposits and certain loans and are named in the filing as a source of pressure on deposit pricing 1.
- Online banks
Offer competitive deposit rates and are cited as one factor influencing deposit pricing 1.
- Fintech companies
Compete for both deposits and commercial loans and are named as rivals across several segments 1.
- Large banks and commercial banks
Compete for commercial and industrial loans and corporate clients with greater funding capacity 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report23 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report24 Jul 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report11 Jun 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report18 May 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Proxy statement30 Apr 2026
- Current report24 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report27 Mar 2026Departure or appointment of officers
- Current report27 Feb 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Flagstar Bank, N.A. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Flagstar Bank, N.A. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Flagstar Bank, N.A. · 23 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.