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View Annual Report Moving Forward two thousand ten The Wheels Are Turning We are moving forward to execute a business plan to transform Flagstar into a super community bank. We have identified the destination, mapped out the path and put the wheels in motion. COMPANY PROFILE Our Mission: To become a top tier super community bank by providing high touch service and best in class products to commercial, retail and mortgage clients. About Flagstar: Flagstar Bancorp, (NYSE: FBC), is the holding company for Flagstar Bank, a federally chartered stock savings bank and the largest bank headquartered in Michigan. Flagstar is a full-service bank, offering a range of products and services for consumers, businesses of any size and homeowners. To better serve its customers, Flagstar recently introduced a complete set of con- sumer loans, as well as a robust line of products, including treasury management, for businesses of any size. Flagstar operates 162 community banking offices located in Michigan, Indiana and Georgia. Flagstar also is a national leader in residential mortgages, originating and purchasing loans in all 50 states through a network of brokers and correspondents, as well as through its 27 retail home loan centers in 13 states. With $26.6 billion in mortgage originations in 2010, Flagstar was ranked by indus- try sources as the 11th largest mortgage originator in the nation with a 1.7 percent market share. As of December 31, 2010, Flagstar had total assets of $13.6 billion and employed almost 3,300 employees nationwide. Flagstar is the largest publicly held savings bank in the Midwest and ranks among the Top 15 largest savings banks in the United States. Mortgage Technology Leader: Flagstar is widely heralded as a leader in mortgage technology, winning numerous awards for its end-to-end paperless processing. From imaged documents to eNotes and eClosings, Flagstar excels in mortgage solutions that offer speed, accuracy, cost savings and simplicity. Flagstar markets its “paperless office” to other loan originators through DocVelocity, a wholly owned subsidiary. Mortgage Servicer: Flagstar collects and services the mortgage loans of thousands of homeowners across the nation, including mortgage loans Flagstar services for other parties. FLAGSTAR BANCORP 4 2010 ANNUAL REPORT 1 TO OUR SHAREHOLDERS: Flagstar Bank made significant progress in 2010, as we saw positive trends in our credit costs and took important steps toward our strategic goal of becoming a super community bank. From raising capital and recruiting top talent, to de- risking our balance sheet and diversifying our businesses, we have set the stage for Flagstar to return to profitability. In 2010, we continued to generate strong revenues from our mortgage banking operations. Our yearly re- sults reflect the continuing challenge of our credit environment and include a non-recurring loss of $176.5 million. This loss related to the sale of non-performing residential loans off our balance sheet and the trans- fer of a portion of these loans to the available-for-sale category. Excluding credit costs and non-recurring expenses, we earned $275 million in 2010. First and foremost, we secured the necessary capital to carry out our transformation. During 2010, our new management team successfully raised almost $1 billion in new equity.Capital That Raisesbrings (Cumulative)the total capital raised since 2009 to $1.6 billion, lifting our capital ratios to historically high levels and providing the resources to turn our vision for Flagstar into a reality. $1800 $1600 CapitalCapital Raises Raises (Cumulative) (Cumulative) $687.5 $1400$1800$1800 $1600$1600 MOVING FORWARD. $1200 $687.5$687.5 $1400$1400 $287.5 STRONGER. $1000 ($ in millions) $1200$1200 $287.5$287.5 $800 $300.6 $300.6 $1000$1000 ($ in millions) ($ in millions) $600$800$800 $300.6$300.6 $300.6$300.6 $266.7 $266.7 $266.7 $266.7 $266.7 $400$600$600 $266.7 $266.7$266.7 $266.7$266.7 $266.7$266.7 $266.7$266.7 $266.7$266.7 $400$400 $266.7$266.7 $200 $350.0 $350.0 $350.0 $350.0 $350.0 $300.0 $200$200 $350.0$350.0 $350.0$350.0 $350.0$350.0 $350.0$350.0 $350.0$350.0 $0 $300.0$300.0 $0 $0 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 4Q 2010 1Q 20091Q 2009 2Q 2009 2Q 2009 3Q 2009 3Q 2009 4Q 2009 4Q 2009 1Q 2010 1Q 2010 4Q 2010 4Q 2010 2009 Investment US Treasury TARP Rights Oering Public Oering 2009 2009Investment Investment US Treasury US Treasury TARP TARP Rights Rights Oering Oering Public Public Oering Oering Second, we continued our ongoing initiative to de-risk our balance sheet. In the fourth quarter of 2010, we made the decision to sell approximately $560 million in non-performing first mortgage loans. We com- pleted the sale of $474 million and sold essentially all of the remaining balance during the first quarter of 2011. Third, our asset quality and coverage ratios have dramatically improved. In part due to our sale of non-per- forming loans and continued aggressive efforts to work out and charge off non-performing loans in both our residential and legacy commercial real estate portfolios, we have made significant progress in bringing our asset quality metrics in line with those of our peers. 2 FLAGSTAR BANCORP 4 2010 ANNUAL REPORT FLAGSTAR BANCORP 4 2010 ANNUAL REPORT 3 Specific improvements in our Further enhancements to our treasury management mortgage business in the fourth services also are on tap, which will help us deepen our relationships with customers while bringing fee quarter of 2010 included: income to our bottom line. 4 Our three biggest credit costs, while significant, To further diversify our assets, we introduced per- trended down from prior quarters. This included our sonal lending products in 2010 and expect to add provision for loan losses — excluding those related credit cards and home equity lines of credit in the to the bulk sale of non-performing loans — asset second quarter of 2011. These are flexible, attrac- resolution and our secondary marketing reserve tive products that are stock-in-trade for full-service provision. banks. We are deploying them primarily through our banking network, which should drive revenues Signicant Reduction in Credit Related Expenses SignicantSignicant Reduction Reduction Reduction in in inCredit Credit Credit Related Related Related ExpensesExpenses Expenses and growth as we increase the rate of new customer $180 $180$180$180 acquisition and deepen our relationships with our $28 $160 $28$28 $160$160$160 existing customers. $140 $27 $36$36 $11 $140$140$140 $27 $36$36 $11$11$11 $27$27 Our network of 162 branches in key urban and $120 $120$120$120 $45$45 suburban markets in Michigan, Indiana and Georgia $27$27 $45$45 $100$100 $27$27 $100$100 $27$27 are state-of-the-art facilities. Our offices are attractive $27$27 $13$13 $13$13 $10$10 $80 $80 $10$10 and well located; our banking associates consistently $17$17 ($ in millions) ($ in millions) $80$80 $17$17 ($ in millions) ($ in millions) win accolades for their outstanding customer ser- $60 $60 $126$126 $34$34 $30$30 $60$60 $126$126 $34$34 $30$30 $86$86 $86$86 vice; and our core banking system was upgraded in $40 $40 $95$95 $40$40 $95$95 $64$64 $64$64 2010 to a leading edge open architecture platform. $51$51 $50$50 $20 $20 $51$51 $50$50 $20$20 $0 $0 Our research shows there is a significant oppor- $0$0 3Q 20093Q 2009 4Q 2009 4Q 2009 1Q 1Q2010 2010 2Q 2Q 2010 2010 3Q 3Q 2010 2010 4Q 4Q 2010* 2010* 3Q3Q 2009 2009 4Q 4Q 2009 2009 1Q 1Q 2010 2010 2Q 2Q 2010 2010 3Q 3Q 2010 2010 4Q 4Q 2010* 2010* tunity to grow market share with over $146 billion Provision for loan losses Asset resolution Secondary marketing reserve provision Provision for loan losses Asset resolution Secondary marketing reserve provision in deposits, 3.4 million households and more than Provision for loan losses Asset resolution SecSecondaryondary marketing marketing reser reserve provisionve provision Provision for loan losses Asset resolution 461,000 small businesses in close proximity to our *Excludes loss of $176.5 million on sale of non-performing loans banking branches. And now that we have a full 4Mortgage banking revenues remained strong complement of loans to sell — including our bread- with a gain-on-loan sale income of $77 million, and-butter home loans — we look for our branches which yielded a margin of 89 basis points. to be a viable source of diversified loan income, as well as low-cost core deposits. 4Mortgage originations increased 20 percent from the third quarter of 2010. DIVERSIFYING REVENUE STREAMS Late in 2010, we took a key step forward in diversifying our earnings with the launch of our branch business banking initiative, which targets businesses with annual revenues of up to $500,000 and loans up to $250,000. We now have experienced business development officers and treasury man- agement professionals in the field, augmenting the calling efforts of our branch managers. In 2011, we Highly Ranked Customer Service: Our banking plan to move up to middle market business lending associates consistently win accolades for their and introduce specialty lending as well. outstanding customer service. 2 FLAGSTAR BANCORP 4 2010 ANNUAL REPORT FLAGSTAR BANCORP 4 2010 ANNUAL REPORT 3 With all of this, we are establishing a dynamic Also contributing to the improvement in our net retail banking sales culture throughout Flagstar’s interest margin was our decision to prepay $500 existing branch network and the entire enterprise.
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