Flagstar flies after big earnings beat

Many had thought the big cuts in expenses were behind the bank, but Flagstar (FBC +5.5%) reported noninterest expense of $121.4M in Q2, down from $139.3M in Q1, and $174.4M one year ago, with compensation and benefits of $55.2M down from $65.6M and $70.9M. Legal and professional expenses of $2.1M fell from $13.9M and $16.4M.

CEO Sandro DiNello: "We continue to focus on controlling our noninterest expense in the current mortgage environment and are managing expenses in order to be profitable in any origination environment."

Previously: Flagstar beats by $0.13

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