Parent Company-Only Financial Information

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company-Only Financial Information

Parent Company-Only Financial Information

The following tables present the condensed financial statements for Flagstar Financial, Inc. (Parent Company only):

Condensed Statements of Condition

	December 31,
(in millions)	2024		2023
ASSETS:
Cash and cash equivalents	$	579	$	158
Investments in subsidiaries	8,580		9,160
Other assets	49		80
Total assets	$	9,208	$	9,398
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Junior subordinated debentures	$	582	$	579
Subordinated notes	443		438
Other liabilities	14		14
Total liabilities	$	1,039	$	1,031
Stockholders’ equity	$	8,169	$	8,367
Total liabilities and stockholders’ equity	$	9,208	$	9,398

Condensed Statements of Income

	Years Ended December 31,
(in millions)	2024		2023		2022
Interest income	$	1	$	—	$	—
Dividends received from subsidiaries	67		580		335
Other income	1		2		160
Gross income	$	69	$	582	$	495
Interest expense	88		82		41
Operating expenses	38		26		14
Income before income tax benefit and equity in undistributed (loss) earnings of subsidiaries	$	(57)	$	474	$	440
Income tax (benefit)/expense	(25)		(25)		(14)
Income before equity in undistributed (loss) earnings of subsidiaries	$	(32)	$	499	$	454
Equity in undistributed (loss) earnings of subsidiaries	(1,086)		(578)		196
Net (loss) income	$	(1,118)	$	(79)	$	650

Condensed Statements of Cash Flows

	Years Ended December 31,
(in millions)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(1,118)	$	(79)	$	650
Change in other assets	1		30		(3)
Change in other liabilities	—		6		(4)
Other, net	16		65		(130)
Equity in undistributed loss (earnings) of subsidiaries	1,086		578		(196)
Net cash (used in) provided by operating activities	$	(15)	$	600	$	317
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired in business acquisition	$	—	$	—	$	34
Equity investment in bank subsidiary	(500)		—		—
Change in receivable from subsidiaries, net	30		(32)		5
Net cash (used in) provided by investing activities	$	(470)	$	(32)	$	39
CASH FLOWS FROM FINANCING ACTIVITIES:
Treasury stock repurchased	$	(11)	$	(12)	$	(24)
Cash dividends paid on common and preferred stock	(88)		(519)		(350)
Proceeds from common stock and warrants issued	1,004		—		—
Proceeds from preferred stock issued	1		—		—
Net cash used in financing activities	$	906	$	(531)	$	(374)
Net increase (decrease) in cash and cash equivalents	$	421	$	37	$	(18)
Cash and cash equivalents at beginning of year	158		121		139
Cash and cash equivalents at end of year	$	579	$	158	$	121