Holding Company Only Financial Statements

12 Months Ended

Dec. 31, 2011

Holding Company Only Financial Statements [Abstract]

Holding Company Only Financial Statements

Note 32 — Holding Company Only Financial Statements

The following are unconsolidated financial statements for the Company. These condensed financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto:

Flagstar Bancorp, Inc.

Condensed Unconsolidated Statements of Financial Condition

(Dollars in thousands)

	December 31,
	2011			2010
Assets
Cash and cash equivalents	$	65,087		$	161,849
Investment in subsidiaries		1,267,504			1,357,526
Other assets		2,416			72
Total assets	$	1,335,007		$	1,519,447
Liabilities and Stockholders’ Equity
Liabilities
Long term debt	$	247,435		$	247,435
Total interest paying liabilities		247,435			247,435
Other liabilities		7,856			12,349
Total liabilities		255,291			259,784
Stockholders’ Equity
Preferred Stock		254,732			3
Common stock		5,558			5,533
Additional paid in capital		1,466,461			1,461,373
Accumulated other comprehensive loss		(7,819	)		(16,165	)
Retained earnings (accumulated deficit)		(639,216	)		(440,274	)
Total stockholders’ equity		1,079,716			1,259,663
Total liabilities and stockholders’ equity	$	1,335,007		$	1,519,447

Flagstar Bancorp, Inc.

Condensed Unconsolidated Statements of Operations

(Dollars in thousands)

	For the Years Ended December 31,
	2011			2010			2009
Income
Dividends from subsidiaries	$	—		$	—		$	—
Interest		247			266			373
Total		247			266			373
Expenses
Interest		6,446			8,883			12,766
Other taxes		—			—			(1,155	)
General and administrative		4,097			10,982			27,007
Total		10,543			19,865			38,618
Loss before undistributed loss of subsidiaries		(10,296	)		(19,599	)		(38,245	)
Equity in undistributed loss of subsidiaries		(171,482	)		(355,215	)		(453,102	)
Loss before federal income taxes		(181,778	)		(374,814	)		(491,347	)
Provision (benefit) for federal income taxes		—			—			5,331
Net loss		(181,778	)		(374,814	)		(496,678	)
Preferred stock dividends/accretion		(17,165	)		(18,748	)		(17,124	)
Net loss applicable to common stock	$	(198,943	)	$	(393,562	)	$	(513,802	)

Flagstar Bancorp, Inc.

Condensed Unconsolidated Statements of Cash Flows

(Dollars in thousands)

	For the Years Ended December 31,
	2011			2010			2009
Net loss	$	(181,778	)	$	(374,814	)	$	(496,678	)
Adjustments to reconcile net loss to net cash provided by operating activities
Equity in losses of subsidiaries		171,482			355,215			453,102
Stock-based compensation		5,113			6,374			622
Change in other assets		(2,344	)		(20	)		75
Provision for deferred tax benefit		18			(8,532	)		4,413
Change in other liabilities		(4,511	)		5,866			25,052
Net cash used in operating activities		(12,020	)		(15,911	)		(13,414	)
Investing Activities
Net change in other investments		—			—			(4,547	)
Net change in investment in subsidiaries		(73,113	)		(809,958	)		(556,786	)
Net cash used in investment activities		(73,113	)		(809,958	)		(561,333	)
Financing Activities
Proceeds from the issuance of junior subordinated debentures		—			—			51,547
Issuance of common stock		—			687,643			7,272
Proceeds from exercise of stock options and grants issued		—			(12	)		(46	)
Tax benefit from stock options exercised		—			—			(467	)
Issuance of preferred stock		—			274,984			277,708
Issuance of preferred stock — U.S. Treasury		—			—			266,657
Dividends paid on preferred stock		(11,629	)		(13,333	)		(10,555	)
Net cash provided financing activities		(11,629	)		949,282			592,116
Net (decrease) increase in cash and cash equivalents		(96,762	)		123,413			17,369
Cash and cash equivalents, beginning of year		161,849			38,436			21,067
Cash and cash equivalents, end of year	$	65,087		$	161,849		$	38,436