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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-31565

FLAGSTAR BANK, NATIONAL ASSOCIATION

(Exact name of registrant as specified in its charter)

United States of America

38-2734984

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

102 Duffy Avenue,

Hicksville,

New York

11801

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (516) 683-4100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

FLG

New York Stock Exchange

Bifurcated Option Note Unit SecuritiesSM

FLG PRU

New York Stock Exchange

Depositary Shares each representing a 1/40th interest in a share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock

FLG PRA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Smaller Reporting Company

☐

Non-Accelerated Filer

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock outstanding as of April 30, 2026 was 416,815,122 shares.

FLAGSTAR BANK, NATIONAL ASSOCIATION

FORM 10-Q



PART I. – FINANCIAL INFORMATION

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5
Item 1.	Condensed Consolidated Financial Statements
	Condensed Consolidated Statements of Condition (unaudited)	16
	Condensed Consolidated Statements of Income (Loss) (unaudited)	17
	Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited)	18
	Condensed Consolidated Statements of Stockholders’ Equity (unaudited)	19
	Condensed Consolidated Statements of Cash Flows (unaudited)	20
	Notes to the Condensed Consolidated Financial Statements (unaudited)
	Note 1 - Organization and Basis of Presentation	21
	Note 2 - Earnings Per Common Share	21
	Note 3 - Accumulated Other Comprehensive Loss	22
	Note 4 - Investment Securities	23
	Note 5 - Loans and Leases	23
	Note 6 - Allowance for Credit Losses on Loans and Leases	24
	Note 7 - Leases, Premises and Equipment	25
	Note 8 - Variable Interest Entities	25
	Note 9 - Borrowed Funds	26
	Note 10 - Pension Benefits	26
	Note 11 - Federal, State, and Local Taxes	26
	Note 12 - Stock-Based Compensation	26
	Note 13 - Derivative and Hedging Activities	26
	Note 14 - Intangible Assets	26
	Note 15 - Fair Value Measurement	26
	Note 16 - Mezzanine and Stockholders' Equity	27
	Note 17 - Commitments and Contingencies	28
	Note 18 - Segment Reporting	29
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	30
Item 4.	Controls and Procedures	30

PART II. – OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	32
Item 6.	Exhibits	32

SIGNATURES		33

Table of Contents

ABBREVIATIONS AND ACRONYMS

The following list of abbreviations and acronyms are provided as a tool for the reader and may be used throughout this Report, including the Condensed Consolidated Financial Statements and Notes:

Term

Definition

Term

Definition

ACL

Allowance for Credit Losses

GSE

Government-sponsored enterprises

ADC

Acquisition, development, and construction loan

GSIB

Global Systemically Important Bank

ALCO

Asset/Liability Committee

HELOC

Home Equity Line of Credit

AOCL

Accumulated Other Comprehensive Loss

HELOAN

Home Equity Loan

BOLI

Bank-owned life insurance

HQLAs

High-Quality Liquid Assets

C&I

Commercial and industrial loan

HUD

U.S. Department of Housing and Urban Development

CDs

Certificates of deposit

HVCRE

High volatility commercial real estate

CDIs

Core deposit intangibles

LGG

Loans with government guarantees

CFP

Contingent Funding Plan

MBS

Mortgage-backed securities

CMOs

Collateralized mortgage obligations

MSR

Mortgage servicing rights

CRE

Commercial real estate

NBA

National Bank Act

DFA

Dodd-Frank Wall Street Reform and Consumer Protection Act

NII

Net Interest Income

DSCR

Debt service coverage ratio

NIM

Net interest margin

EGRRCPA

Economic Growth, Regulatory Relief, and Consumer Protection Act

NVCE

Non‑Voting Common Equivalent

EPS

Earnings per common share

NYSE

New York Stock Exchange

EVE

Economic value of equity

OCC

Office of the Comptroller of the Currency

EWI

Early Warning Indicators

OREO

Other real estate owned

Fannie Mae

Federal National Mortgage Association

PCD

Purchase credit deteriorated

FCCR

Fixed-charge coverage ratio

PCG

Private client group

FDIC

Federal Deposit Insurance Corporation

PSUs

Performance-Based Restricted Stock Units

FHA

Federal Housing Administration

RSAs

Restricted Stock Awards

FHLB

Federal Home Loan Bank

RSUs

Restricted Stock Units

FOMC

Federal Open Market Committee

SEC

U.S. Securities and Exchange Commission

FRB-NY

Federal Reserve Bank of New York

SOFR

Secured Overnight Financing Rate

Freddie Mac

Federal Home Loan Mortgage Corporation

TDM

Troubled debt modification

GAAP

U.S. generally accepted accounting principles

VIE

Variable Interest Entity

GNMA

Government National Mortgage Association

Table of Contents

Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to “Flagstar,” "the Company," “the Bank,” “we,” “us,” and “our” refer to Flagstar Bank, National Association and our consolidated subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING LANGUAGE

This report, like many written and oral communications presented by Flagstar and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions.

Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of Flagstar, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions. Although we believe that our plans, intentions, and expectations as reflected in these forward-looking statements are reasonable, we can give no assurance that they will be achieved or realized.

Our ability to predict results or the actual effects of our plans and strategies is inherently uncertain. Accordingly, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained in this report.

There are a number of factors, many of which are beyond our control, that could cause actual conditions, events, or results to differ significantly from those described in our forward-looking statements. These factors include, but are not limited to:

•general economic conditions, including higher inflation and its impacts, either nationally or in some or all of the areas in which we and our customers conduct our respective businesses;

•conditions in the securities markets and real estate markets or the banking industry;

•changes in real estate values, which could impact the quality of the assets securing the loans in our portfolio;

•changes in interest rates, which may affect our net income, prepayment penalty income, and other future cash flows, or the market value of our assets, including our investment securities;

•changes in the quality or composition of our loan or securities portfolios;

•changes in our capital management policies, including those regarding business combinations, dividends, and share repurchases, among others;

•heightened regulatory focus on commercial real estate and on CRE loans concentrations;

•changes in competitive pressures among financial institutions or from non-financial institutions;

•changes in deposit flows and wholesale borrowing facilities;

•our ability to maintain sufficient liquidity and funding to fulfill cash obligations and commitments when they become due in the short-term and long-term;

•changes in the demand for deposit, loan, and investment products and other financial services in the markets we serve;

•our timely development of new lines of business and competitive products or services in a changing environment, and the acceptance of such products or services by our customers;

•our ability to obtain timely stockholder and regulatory approvals of any capital raise transactions, corporate restructurings or other significant transactions we may propose;

•certain matters relating to our recently completed holding company reorganization transaction, including the anticipated benefits thereof, including, without limitation, on our future financial and operating results; our ability to achieve anticipated benefits from the consolidation; and legislative, regulatory and economic developments that may diminish or eliminate the anticipated benefits of the consolidation;

•our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations, and our ability to realize related synergies and cost savings within expected time frames, including those related to our acquisition of Flagstar Bancorp, Inc. ("Flagstar Bancorp") and the purchase and assumption of certain assets and liabilities of Signature Bridge Bank, N.A. ("Signature");

•potential exposure to unknown or contingent liabilities of companies we have acquired, may acquire, or target for acquisition, including our acquisition of Flagstar Bancorp and the purchase and assumption of certain assets and liabilities of Signature;

•the ability to invest effectively in new information technology systems and platforms;

•the heightened regulatory standards with respect to governance and risk management to which we are subject as a national bank with assets of $50 billion or more, and the expenses we will continue to incur to develop and maintain policies, programs and systems that comply with these heightened standards;

•changes in future ACL requirements under relevant accounting and regulatory requirements;

•the ability to pay future dividends, including as a result of the failure to receive any required regulatory approval to pay a dividend, or for any other reasons;

•the ability to hire and retain key personnel and qualified members of our Board of Directors;

•the ability to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems;

•the ability to achieve our strategic financial and other strategic goals;

•the ability to attract new customers and retain existing ones in the manner anticipated;

•changes in our customer base or in the financial or operating performances of our customers’ businesses;

•the potential for deposit attrition, including for reasons related to the departure of private banking teams whose responsibilities include the acquisition and retention of customer deposits;

•any interruption in customer service due to circumstances beyond our control;

•the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future, including with respect to any litigation, investigation or other regulatory actions related to (i) the business practices of acquired companies, including our acquisition of Flagstar Bancorp and subsequent purchase and assumption of certain assets and liabilities of Signature, (ii) the capital raise transaction we completed in March of 2024, (iii) past cyber security breaches, and (iv) various recent events and circumstances involving Flagstar, including our full year 2023 earnings announcement, disclosures regarding credit losses, provisioning and goodwill impairment, and negative news and expectations about the prospects of Flagstar (and associated stock price volatility and changes);

•environmental conditions that exist or may exist on properties owned by, leased by, or mortgaged to Flagstar;

•potential for deferred tax asset valuation allowance relating to Section 382 of the Internal Revenue Code arising from aggregation risk of new shareholder share issuances and warrant exercises related to our March 2024 $1.05 billion capital raise, the Flagstar Bancorp acquisition and additional potential market transactions not in Flagstar’s control;

•cybersecurity incidents, including any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems managed either by us or third parties;

•operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent;

•the ability to keep pace with, and implement on a timely basis, technological changes;

•changes in legislation, regulation, policies, guidance, or administrative practices, whether by judicial, governmental, or legislative action, and other changes pertaining to banking, securities, taxation, rent regulation and housing (the New York Housing Stability and Tenant Protection Act of 2019), financial accounting and reporting, environmental protection, insurance, and the ability to comply with such changes in a timely manner;

•changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System;

•the outcome of federal, state and local elections and the resulting economic and other impact on the areas in which we conduct business

•changes in accounting principles, policies, practices, and guidelines;

•changes in regulatory expectations relating to predictive models we use in connection with stress testing and other forecasting or in the assumptions on which such modeling and forecasting are predicated;

•changes to federal, state, and local income tax laws;

•changes in our credit ratings, or in our ability to access the capital markets;

•increases in our FDIC insurance premium or future assessments;

•the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts;

•the impact of changing political conditions or federal government shutdowns;

•the potential impact to Flagstar from climate change, including higher regulatory compliance, increased expenses, operational changes, and reputational risks;

•the effects of geopolitical instability and unforeseen or catastrophic events including natural disasters, war, conflicts, terrorist activities, civil unrest, pandemics, epidemics, and other health emergencies, and the potential impact, directly or indirectly, on our business;

•other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting our operations, pricing, and services;

•completing the diversification of Flagstar’s loan portfolio may be more difficult, costly or time consuming than expected;

•the ability to achieve anticipated expense reductions and enhanced efficiencies;

•the ability to successfully integrate branches and operations and to implement appropriate internal controls and regulatory functions relating to such activities;

•the ability to limit the outflow of deposits, and to successfully retain and manage any loans;

•the ability to attract new deposits, and to generate new interest-earning assets, in geographic areas that have not been previously served;

•our ability to effectively manage liquidity, including our success in deploying any liquidity arising from a transaction into assets bearing sufficiently high yields without incurring unacceptable credit or interest rate risk or to utilize available collateral to obtain funding;

•the ability to obtain cost savings and control incremental non-interest expense;

•the ability to generate acceptable levels of NII and non-interest income, including fee income, from acquired operations;

•the diversion of management’s attention from existing operations;

•the ability to address an increase in working capital requirements; and

•limitations on the ability to successfully reposition our post-merger balance sheet when deemed appropriate.

In addition, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control.

See Part 1, Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2025 for a further discussion of important risk factors that could cause actual results to differ materially from our forward-looking statements.

Readers should not place undue reliance on these forward-looking statements, which reflect our expectations only as of the date of this report. We do not assume any obligation to revise or update these forward-looking statements except as may be required by law.

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PART I. FINANCIAL INFORMATION


ITEM 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

Background

Flagstar Bank, National Association, is a national banking association headquartered in Hicksville, New York. At March 31, 2026, we had $87.1 billion of assets, $60.7 billion of loans, $66.8 billion of deposits, and total stockholders’ equity of $8.1 billion.

We operate approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast. In addition, the Bank has approximately 20 private bank branches located primarily in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses.

We operate in a single reportable segment and have identified one reporting unit which is the same as our operating segment. We continue to assess our reportable segments and reporting units, which may result in a change to either or both in future reporting periods. Please refer to Note 18 - Segment Reporting.

Overview

As part of our commitment to delivering long-term shareholder value and sustained value creation, we are executing a strategic transformation plan designed to evolve into a fully diversified bank with a strong balance sheet, a robust capital position, and consistent earnings power.

Our plan is anchored in enterprise strategic priorities that drive our approach to transformation and growth. These priorities focus on transforming Flagstar into a top-tier, relationship-driven regional bank, creating a customer-centric culture that prioritizes valuable relationships, and building an effective risk management mindset that supports safe and sound operations. From these priorities, we have established key strategies that guide execution: driving transformation and financial resilience, growing our core operations, executing a disciplined commercial banking and lending strategy, enhancing operational efficiency, developing talent and leadership, and aligning regulatory and risk management.

Since initiating this plan in 2024, we have made measurable progress, including making key leadership additions, diversifying our balance sheet and revenue streams, reducing non-core assets, improving our funding mix, enhancing our financial resilience, and improving our liquidity. We believe that the continued successful execution of this plan will drive sustainable earnings and position us to deliver long-term value to shareholders.

RESULTS OF OPERATIONS

Net Income (loss)

For the three months ended March 31, 2026, we reported net income of $21 million compared to net income of $29 million for the three months ended December 31, 2025 and a net loss of $100 million for the three months ended March 31, 2025. The net income attributable to common stockholders for the three months ended March 31, 2026 was $13 million, or $0.03 per diluted share compared to net income attributable to common stockholders of $21 million, or $0.05 per diluted share for the three months ended December 31, 2025 and a net loss attributable to common stockholders of $108 million, or $0.26 per diluted share for the three months ended March 31, 2025.

Net Interest Income

Net interest income is a function of the amount of interest-earning assets we hold, the manner in which we fund these assets, including interest-bearing liabilities, and the spread between the interest rates we earn on assets and the interest rates we pay on liabilities. These factors are influenced by both the pricing and mix of our interest-earning assets and our interest-bearing liabilities which, in turn, are impacted by various external factors, including the local economy, competition for loans and deposits, the monetary policy of the FOMC, and market interest rates.

Our interest-bearing liabilities are comprised of customer deposits and funds we borrow. The cost of our deposits and most of our borrowed funds is largely based on short-term rates of interest, the level of which is partially impacted by the actions of the FOMC. The yields on our held for investment loans and investment securities are generally more sensitive to intermediate-term market interest rates. However, a significant portion of our held for investment loans have fixed rates and generally reset to intermediate-term market rates when they reach repricing dates.

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The following table sets forth certain information regarding our NII and average balance sheet for the periods indicated. Average yields are calculated by dividing the interest income produced by the average balance of interest-earning assets. Average costs are calculated by dividing the interest expense produced by the average balance of interest-bearing liabilities. The average balances for the periods are derived from average balances that are calculated daily.


	Three Months Ended,
	March 31, 2026						December 31, 2025						March 31, 2025
(in millions)	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
ASSETS:
Interest-earning assets:
Total loans and leases (1)	$	60,840	$	754	4.97	%	$	61,797	$	791	5.09	%	$	68,212	$	860	5.06	%
Securities (2)	16,840		179		4.25	%	17,314		192		4.44	%	13,067		148		4.59	%

Interest-earning cash and cash equivalents	5,631		51		3.64	%	7,501		75		3.95	%	14,344		156		4.42	%
Total interest-earning assets	$	83,311	$	984	4.79	%	$	86,612	$	1,058	4.85	%	$	95,623	$	1,164	4.90	%
Non-interest-earning assets	3,746						3,772						3,484
Total assets	$	87,057					$	90,384					$	99,107
LIABILITIES AND STOCKHOLDERS' EQUITY:
Interest-bearing deposits:
Interest-bearing checking and money market accounts	$	18,703	$	114	2.49	%	$	19,260	$	132	2.73	%	$	21,023	$	167	3.23	%
Savings accounts	14,905		101		2.74	%	14,802		108		2.89	%	14,349		111		3.14	%
Certificates of deposit	20,565		203		4.00	%	21,575		228		4.19	%	26,355		308		4.74	%
Total interest-bearing deposits	$	54,173	$	418	3.13	%	$	55,637	$	468	3.34	%	$	61,727	$	586	3.85	%


Total borrowed funds	$	11,401	$	123	4.38	%	$	12,830	$	123	3.79	%	$	14,377	$	168	4.71	%
Total interest-bearing liabilities	$	65,574	$	541	3.35	%	$	68,467	$	591	3.42	%	$	76,104	$	754	4.02	%
Non-interest-bearing deposits	11,955						12,326						13,068
Other liabilities	1,330						1,417						1,732
Total liabilities	$	78,859					$	82,210					$	90,904
Stockholders’ and mezzanine equity	8,198						8,174						8,203
Total liabilities and stockholders’ equity	$	87,057					$	90,384					$	99,107
Net interest income/interest rate spread			$	443	1.44	%			$	467	1.43	%			$	410	0.88	%
Net interest margin					2.15	%					2.14	%					1.74	%
Ratio of interest-earning assets to interest-bearing liabilities					1.27	x					1.27	x					1.26	x

(1)Comprised of Loans and leases held for investment, net of deferred loan fess and costs, and Loans held for sale.

(2)Comprised of Debt securities available-for-sale at amortized cost, Equity investments with readily determinable fair values, at fair value and FHLB stock and FRB-NY stock, at cost.

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The following table summarizes the change in NII attributable to changes in rate and volume:


	Three Months Ended,
	March 31, 2026 compared to December 31, 2025 Increase/(Decrease) Due to:						March 31, 2026 compared to March 31, 2025 Increase/(Decrease) Due to:
(in millions)	Volume		Rate		Net		Volume		Rate		Net
INTEREST-EARNING ASSETS:
Total loans and leases	$	(12)	$	(25)	$	(37)	$	(92)	$	(14)	$	(106)
Securities	(5)		(8)		(13)		40		(9)		31

Interest earning cash & cash equivalent	(17)		(7)		(24)		(79)		(26)		(105)
Total interest-earnings assets	$	(34)	$	(40)	$	(74)	$	(131)	$	(49)	$	(180)
INTEREST-BEARING LIABILITIES:
Interest-bearing checking and money market accounts	$	(3)	$	(15)	$	(18)	$	(15)	$	(38)	$	(53)
Savings accounts	—		(7)		(7)		4		(14)		(10)
Certificates of deposit	(10)		(15)		(25)		(58)		(47)		(105)
Total borrowed funds	(16)		16		—		(33)		(12)		(45)
Total interest-bearing liabilities	$	(29)	$	(21)	$	(50)	$	(102)	$	(111)	$	(213)
Change in net interest income	$	(5)	$	(19)	$	(24)	$	(29)	$	62	$	33

Comparison to Prior Quarter

During the three months ended March 31, 2026, NIM increased 1 basis point, while NII decreased $24 million compared to the three months ended December 31, 2025. The decrease in NII was primarily due to lower yields on our C&I loan portfolio as a result of a lower interest rate environment, and the non-recurrence of a $20 million hedge gain related to the accelerated repayment of certain FHLB-NY advances during the three months ended December 31, 2025. The decrease was partially offset by lower interest expense on deposits resulting from the paydown of higher-cost deposits.

Comparison to Prior Year

During the three months ended March 31, 2026, NIM increased by 41 basis points and NII increased $33 million compared to the three months ended March 31, 2025. The increase was primarily driven by the paydown of higher-cost deposits and borrowings during the year ended December 31, 2025, and the decision to reinvest cash into higher-earning assets. The increase was partially offset by lower interest income on our multi-family and CRE loan portfolios as a result of our continued strategy of diversifying our loan portfolio.

Provision for Credit Losses

The following table summarizes our Provision for credit losses for the respective periods:


	Three Months Ended,				March 31, 2026 compared to (%):
(in millions)	March 31, 2026		December 31, 2025			March 31, 2025		December 31, 2025		March 31, 2025
Provision for credit losses	$	—	$	3		$	79	(100)	%	(100)	%

Comparison to Prior Quarter

For the three months ended March 31, 2026, the provision for credit losses decreased $3 million compared to the three months ended December 31, 2025. The decrease was primarily driven by the bankruptcy settlement related to a single borrower and our strategic reduction of our multi-family and CRE portfolios. These decreases were partially offset by growth in our C&I portfolio and higher net charge-offs of $34 million primarily related to the one borrower relationship that was in bankruptcy.

Comparison to Prior Year to Date

For the three months ended March 31, 2026, the provision for credit losses decreased $79 million compared to the three months ended March 31, 2025. The decrease was primarily due to our strategic reduction of our multi-family and CRE portfolios and lower net charge-offs.

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Non-Interest Income

The following table summarizes our non-interest income for the respective periods:


	Three Months Ended,				March 31, 2026 compared to (%):
(in millions)	March 31, 2026		December 31, 2025			March 31, 2025		December 31, 2025		March 31, 2025
Fee income	$	23	$	22		$	22	5	%	5	%

Bank-owned life insurance	10		17			10		(41)	%	—	%
Net (loss) gain on investment securities	(9)		9			—		NM		NM

Net gain on loan sales and securitizations	5		8			13		(38)	%	(62)	%
Net loan administration income	—		1			4		(100)	%	(100)	%

Other	26		33			31		(21)	%	(16)	%
Total non-interest income	$	55	$	90		$	80	(39)	%	(31)	%

Comparison to Prior Quarter

For the three months ended March 31, 2026, non-interest income decreased $35 million compared to the three months ended December 31, 2025. The decrease was primarily due to an $18 million reduction in the value of our investment in Figure Technology Solutions, Inc., and lower income from our bank-owned life insurance due to a decrease in death benefit claims.

Comparison to Prior Year to Date

For the three months ended March 31, 2026, non-interest income decreased $25 million compared to the three months ended March 31, 2025. The decrease in non-interest income was primarily due to a $9 million loss on our investment in Figure Technology Solutions, Inc, and lower gains on loan sales and securitizations resulting from the non-recurrence of gains related to the wind-down of the mortgage third party origination business during the three months ended March 31, 2025.

Non-Interest Expense

The following table summarizes our non-interest expense for the respective periods:


	Three Months Ended,				March 31, 2026 compared to (%):
(in millions)	March 31, 2026		December 31, 2025			March 31, 2025		December 31, 2025		March 31, 2025
Operating expenses:
Compensation and benefits	$	228	$	253		$	244	(10)	%	(7)	%
Occupancy and equipment	50		47			55		6	%	(9)	%
Software expense	47		46			42		2	%	12	%
FDIC insurance	30		33			50		(9)	%	(40)	%
Professional services	22		17			26		29	%	(15)	%
General and administrative	64		70			79		(9)	%	(19)	%
Total operating expense	$	441	$	466		$	496	(5)	%	(11)	%
Intangible asset amortization	25		26			28		(4)	%	(11)	%
Merger-related expense	—		17			8		(100)	%	(100)	%

Total non-interest expense	$	466	$	509		$	532	(8)	%	(12)	%

Comparison to Prior Quarter

Total non-interest expenses for the three months ended March 31, 2026 decreased $43 million compared to the three months ended December 31, 2025. The decrease was primarily due to lower compensation and benefits expense stemming from actions taken to optimize costs, and the absence of merger-related expenses.

Comparison to Prior Year to Date

Total non-interest expenses for the three months ended March 31, 2026 decreased $66 million compared to the three months ended March 31, 2025. The decrease was primarily due to lower FDIC insurance expense as a result of improved assessment factors and a reduced asset base, the absence of merger-related expenses, lower compensation and benefits costs stemming from the actions taken to optimize costs, and a decrease in general and administrative expenses reflecting our continued focus on operating expense management.

Income Tax Expense (Benefit)

The following table summarizes our income tax expense (benefit) and effective tax rate for the respective periods:


	Three Months Ended,						March 31, 2026 compared to (%):
(in millions)	March 31, 2026			December 31, 2025				March 31, 2025			December 31, 2025		March 31, 2025
Income tax expense (benefit)	$	11		$	16			$	(21)		(31)	%	NM
Effective tax rate	34.9		%	35.3		%		17.8		%

We compute our tax provision (benefit) for interim periods by applying the estimated annual effective tax rate to our year-to-date income (loss) before income taxes, adjusted for discrete items recognized during the quarter. For the three months ended December 31, 2025 and March 31, 2025, we were unable to make a reliable estimate of our estimated annual effective tax rate as a result of our expected results for 2025; therefore, we used our actual effective tax rate to compute our income tax benefit for those periods. For the three months ended March 31, 2026, we resumed applying the estimated annual effective tax rate methodology.

Comparison to Prior Quarter

The income tax expense for the three months ended March 31, 2026 decreased by $5 million compared to the three months ended December 31, 2025 primarily as a result of lower pre-tax income.

Comparison to Prior Year to Date

The income tax expense for the three months ended March 31, 2026 increased by $32 million compared to the three months ended March 31, 2025, primarily as a result of the increase in our pre-tax income and the application of our estimated annual effective tax rate for the current period compared to the use of our actual effective tax rate in the prior year.

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FINANCIAL CONDITION

Loans and Leases

The following table summarizes the composition of our loan portfolio:


	March 31, 2026				December 31, 2025
(in millions)	Amount		Percent of Loans Held for Investment		Amount		Percent of Loans Held for Investment
Multi-family	$	27,863	46.1	%	$	28,983	47.7	%
Commercial real estate	8,833		14.6		9,314		15.3
One-to-four family first mortgage	5,640		9.3		5,630		9.3
Commercial and industrial	16,568		27.5		15,217		25.1
Other loans	1,521		2.5		1,588		2.6
Total loans and leases held for investment	$	60,425	100.0	%	$	60,732	100.0	%
Allowance for credit losses on loans and leases	(954)				(1,030)
Total loans and leases held for investment, net	$	59,471			$	59,702
Loans held for sale	233				265
Total loans and leases, net	$	59,704			$	59,967

Total loans and leases held for investment decreased $307 million at March 31, 2026 compared to December 31, 2025, primarily as a result of our continued strategy of diversifying our loan portfolio by reducing our concentration in our multi-family portfolio while growing originations within our C&I portfolio, as well as par payoffs within our CRE portfolio.

Loan Maturity and Repricing

The following table sets forth loans with adjustable rates ("Option Loans") by year of repricing and fixed rate loans ("Non-Option Loans") by year of contractual maturity:


	March 31, 2026
(in millions)	Multi-Family				Commercial Real Estate(2)
Repricing / Contractual Maturity Year	Option Loans by Repricing Date		Non-Option Loans by Contractual Maturity		Option Loans by Repricing Date		Non-Option Loans by Contractual Maturity		Total(1)(3)
2026	$	2,945	$	815	$	1,703	$	268	$	5,731
2027	7,102		1,248		878		635		9,863
2028	3,552		2,045		361		1,191		7,149
2029	2,254		1,657		237		503		4,651
2030	74		2,082		12		335		2,503
2031+	87		3,731		5		766		4,589
Total amounts due or repricing, gross	$	16,014	$	11,578	$	3,196	$	3,698	$	34,486

(1)Excludes Specialty Finance CRE loans and multi-family loans serviced-by-others totaling $402 million and $96 million respectively. Amounts presented reflect unpaid principal balance; total amortized cost adjustments were $116 million.

(2)Excludes ADC loans.

(3)Excludes $189 million of loans past their contractual maturity date that are in the process of modification or foreclosure.

Option loans offer the borrower the ability to reprice to a fixed rate after the initial fixed rate period. If not elected, the loan defaults to a variable rate. Option loans in the table are shown as being due in the period the interest rate is subject to change. Non-Option loans are beyond the option date and are reflected by maturity. Risks associated with loan repricing are discussed in the Credit Risk section.

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Multi-Family Loans


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Multi-family	$	27,863	$	28,983	$	(1,120)	(4)	%

Our multi-family loan portfolio decreased $1.1 billion at March 31, 2026 compared to December 31, 2025, primarily due to $849 million of par payoffs since December 31, 2025, with 40 percent of the payoffs from substandard loans. The reduction in our multi-family loan portfolio is consistent with our strategic decision to continue to diversify our loan portfolio by reducing our exposure to multi-family loans.

The majority of our multi-family loan portfolio consists of non-recourse loans secured by rental apartment buildings. As of March 31, 2026 and December 31, 2025, $15.2 billion or 55 percent and $15.8 billion or 55 percent of our total multi-family loan portfolio was secured by properties in New York State, respectively. Of these amounts, $13.5 billion or 89 percent and $13.9 billion or 88 percent were subject to rent regulation laws to varying degrees at March 31, 2026 and December 31, 2025, respectively. Additionally, $9.3 billion and $9.5 billion of these loans, as of March 31, 2026 and December 31, 2025, respectively, were secured by properties in which at least 50 percent of the units were rent-regulated.

To mitigate our exposure to rent-regulated properties, we are curtailing future originations of loans secured by rent-regulated properties. We are focusing originations and renewal retention on borrowers with whom we will have broader customer relationships beyond lending. Additionally, we are strategically diversifying our loan portfolio to shift from multi-family loans to other loan sectors.

Historically, our multi-family loans may have contained an initial interest-only period; however, they were underwritten on a fully amortizing basis, including calculation of the DSCR. Whether a borrower qualified for an interest-only period was based on the individual credit profile of the borrower, particularly the loan-to-value of the property. Our multi-family loan portfolio had $5.5 billion outstanding with interest-only payments at March 31, 2026. The weighted average interest-only period remaining was 26.3 months as of March 31, 2026, with approximately 51 percent of these loans entering their amortization period by the end of 2026.

We continue to monitor our loans held for investment portfolio and the related ACL, particularly, given the economic pressures facing the commercial real estate and multi-family markets. Although occupancy levels have historically tended to be stable due to below market rents, rent-regulated loans that are repricing are incurring debt service levels that, when combined with inflationary pressure on operating costs and limits on the ability to increase rental rates, approach or exceed some properties’ net operating income and may require the borrower to support the loan from sources unrelated to the collateral until elevated interest rates subside and/or over time as rents are able to be increased.

The following table presents a geographical analysis of the multi-family loans in our held for investment loan portfolio:


	March 31, 2026				December 31, 2025
(in millions)	Amount		Percent of Total		Amount		Percent of Total
New York City:
Manhattan	$	4,951	18	%	$	4,901	17	%
Brooklyn	4,225		15		4,559		16
Bronx	2,643		10		2,723		9
Queens	2,078		7		2,206		8
Staten Island	69		—		69		—
Total New York City	$	13,966	50	%	$	14,458	50	%
New Jersey	3,475		12	%	3,715		13	%
Long Island	373		1		426		1
Total Metro New York	$	17,814	63	%	$	18,599	64	%
Other New York State	880		3	%	930		3	%
Pennsylvania	2,782		10		2,831		10
Florida	1,386		5		1,483		5
Ohio	942		4		968		3
All other states	4,059		15		4,172		15
Total	$	27,863	100	%	$	28,983	100	%

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Commercial Real Estate


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Commercial real estate	$	8,833	$	9,314	$	(481)	(5)	%

At March 31, 2026, CRE loans decreased $481 million compared to December 31, 2025, primarily due to par payoffs.

Certain of our CRE loans may contain an interest-only period which typically does not exceed three years; however, these loans are underwritten on a fully amortizing basis, including calculation of the DSCR. Whether a borrower qualifies for an interest-only period is based on the individual credit profile of the borrower, particularly the loan-to-value of the property.

Substantially all CRE loans we originate are non-recourse and are secured by income-producing properties such as office buildings, retail centers, mixed-use buildings, and multi-tenanted light industrial properties.

The following table presents an analysis of the property types that collateralize the CRE loans in our held for investment portfolio:


	March 31, 2026				December 31, 2025
(in millions)	Amount		Percent of Total		Amount		Percent of Total
Office (includes owner and non-owner occupied)	$	1,854	21	%	$	1,954	21	%
Retail (includes owner and non-owner occupied)	1,491		17		1,560		17
Industrial	3,663		41		3,928		42
Other	1,825		21		1,872		20
Total	$	8,833	100	%	$	9,314	100	%

The following table presents a geographical analysis of the CRE loans in our held for investment loan portfolio:


	March 31, 2026				December 31, 2025
(in millions)	Amount		Percent of Total		Amount		Percent of Total
New York	$	3,600	41	%	$	3,626	39	%
Michigan	858		10		929		10
California	728		8		703		8
New Jersey	512		6		640		7
Florida	643		7		626		7
Texas	258		3		318		3
All other states	2,234		25		2,472		26
Total	$	8,833	100	%	$	9,314	100	%

Commercial and Industrial


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Commercial and industrial	$	16,568	$	15,217	$	1,351	9	%

Our C&I loan portfolio increased $1.4 billion at March 31, 2026 compared to December 31, 2025, primarily due to $2.0 billion of new originations driven by $2.6 billion of new and increased loan commitments during the three months ended March 31, 2026, partially offset by paydowns in the existing portfolio.

We originate a broad range of C&I loans, both collateralized and unsecured, which are made available to businesses for working capital (including inventory and accounts receivable), business expansion, the purchase of machinery and equipment, and other general corporate needs. In determining the term and structure of C&I loans, many factors are considered, including the purpose, the collateral, and the anticipated sources of repayment. C&I loans are often secured by business assets of the borrower and often include financial covenants to monitor the borrower’s financial stability.

The majority of the C&I loan portfolio is structured as floating rate obligations, through a variety of teams dedicated to various markets, products and sectors, including corporate and regional commercial banking, specialized industries, equipment finance and private banking. We continue to add experienced commercial, corporate and specialized industries banking professionals and credit underwriting and portfolio management personnel to support our growth.

One-to-Four Family Loans


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
One-to-four family first mortgage	$	5,640	$	5,630	$	10	—	%

One-to-four family loans increased $10 million at March 31, 2026 compared to December 31, 2025, primarily driven by new originations.

One-to-four family loans include various types of conforming and non-conforming fixed and adjustable-rate loans underwritten using Fannie Mae and Freddie Mac guidelines for the purpose of purchasing or refinancing owner occupied and second home properties. The loan-to-value requirements on our residential first mortgage loans vary depending on occupancy, property type, loan amount, and FICO scores. Loans with loan-to-value ratios exceeding 80 percent are required to obtain mortgage insurance. As of March 31, 2026, excluding LGG, loans in this portfolio had an average current FICO score of 744 and an average loan-to-value ratio of 52 percent.

Other Loans


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Other loans	$	1,521	$	1,588	$	(67)	(4)	%

At March 31, 2026, other loans decreased $67 million compared to December 31, 2025, primarily driven by payoffs at par.

Other loans primarily consist of HELOANs, second mortgage loans, and HELOCs. As of March 31, 2026, loans in this portfolio had an average current FICO score of 758.

Loans Held for Sale


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Loans held for sale	$	233	$	265	$	(32)	(12)	%

Loans held for sale at March 31, 2026 decreased $32 million compared to December 31, 2025, primarily due to the completion of loan sales during the three months ended March 31, 2026.

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Allowance for Credit Losses

The following table sets forth the allocation of the ACL on loans and leases as of:


	March 31, 2026						December 31, 2025
(in millions)	Allowance for credit losses		Allowance as a percent of loans in each portfolio		Loans in each portfolio as a percent of total loans		Allowance for credit losses		Allowance as a percent of loans in each portfolio		Loans in each portfolio as a percent of total loans
Multi-family loans	$	509	1.83	%	46.1	%	$	549	1.89	%	47.7	%
Commercial real estate loans	189		2.14		14.6		229		2.46		15.3
One-to-four family first mortgage loans	33		0.59		9.3		35		0.62		9.3
Commercial and industrial	161		0.97		27.5		150		0.99		25.1
Other loans	62		4.08		2.5		67		4.22		2.6
Total loans	$	954	1.58	%	100.0	%	$	1,030	1.70	%	100.0	%

The ACL on loans and leases decreased $76 million from December 31, 2025 to March 31, 2026. The decrease was primarily driven by the paydown of our higher-risk multi-family and CRE portfolios partially offset by growth in our lower-risk C&I portfolio.

Non-accrual Loans

The following table presents our non-accrual loans held for investment by loan type as of:


(in millions)	March 31, 2026			December 31, 2025			$ Change		% Change
Multi-family	$	2,025		$	2,261		$	(236)	(10)	%
Commercial real estate	441			489			(48)		(10)	%
One-to-four family first mortgage	59			64			(5)		(8)	%

Commercial and industrial	122			130			(8)		(6)	%
Other non-accrual loans	28			31			(3)		(10)	%
Total non-accrual loans(1)	$	2,675		$	2,975		$	(300)	(10)	%
Repossessed assets	8			11			(3)		(27)	%
Total non-performing assets	$	2,683		$	2,986		$	(303)	(10)	%

Non-accrual loans to total loans held for investment	4.43		%	4.90		%
Non-performing assets to total assets	3.08		%	3.41		%
Allowance for credit losses on loans and leases to non-accrual loans	35.66		%	34.62		%

(1)Excludes $7 million and $30 million of non-accrual held for sale loans at March 31, 2026 and December 31, 2025, respectively.

The following table sets forth the changes in non-accrual loans for the three months ended March 31, 2026:


(in millions)
Balance at December 31, 2025	$	2,975
New non-accrual loans	397

Charge-offs	(40)
Transferred to Other assets	(2)
Loan payoffs, including dispositions and principal pay-downs	(646)
Restored to performing status	(9)
Balance at March 31, 2026	$	2,675

During the three months ended March 31, 2026 non-accrual loans decreased $300 million primarily due to the resolution of a single borrower relationship undergoing bankruptcy proceedings. Approximately 33 percent of our non-accrual loans are current on their contractual payment terms.

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Delinquencies

The following table presents our loans held for investment 30 to 89 days past due by loan type and the changes in the respective balances.


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Loans 30 to 89 Days Past Due:
Multi-family	$	677	$	588	$	89	15	%
Commercial real estate	129		155		(26)		(17)	%
One-to-four family first mortgage	66		78		(12)		(15)	%
Commercial and industrial	60		126		(66)		(52)	%
Other loans	35		39		(4)		(10)	%
Total loans 30-89 days past due	$	967	$	986	$	(19)	(2)	%

As of March 31, 2026, we had $32 million of loans 90 days or more past due that were still accruing interest compared to no loans 90 days or more past due and still accruing interest as of December 31, 2025.

Charge-offs

The following table summarizes net charge-offs as a percentage of average loans:


	Three Months Ended March 31,
	2026						2025
(in millions)	Net Charge-offs (Recoveries)		Average Balance		%(1)		Net Charge-offs (Recoveries)		Average Balance		%(1)
Multi-family	$	72	$	28,555	1.01	%	$	80	$	33,915	0.94	%
Commercial real estate	8		9,204		0.35		2		11,616		0.07
One-to-four family first mortgage	1		5,284		0.08		1		5,202		0.08
Commercial and industrial	(8)		15,626		(0.20)		28		14,928		0.75
Other	5		1,558		1.28		4		1,745		0.92
Total	$	78	$	60,227	0.52	%	$	115	$	67,406	0.68	%

(1)Three months ended presented on an annualized basis.

Securities

Debt Securities Available-for-Sale


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Debt Securities Available-for-Sale	$	14,514	$	15,701	$	(1,187)	(8)	%

At March 31, 2026, debt securities available-for-sale decreased $1.2 billion compared to December 31, 2025. The decrease was primarily due to scheduled principal paydowns and maturities in the normal course of business. At March 31, 2026, 26 percent of our portfolio is comprised of floating rate securities.

At March 31, 2026, debt securities available-for-sale had an estimated weighted average life of 4 years compared to 5 years at December 31, 2025. Mortgage-related securities included in debt securities available-for-sale were $11.8 billion and $13.0 billion at March 31, 2026 and December 31, 2025, respectively.

The following table summarizes the weighted average yields of debt securities available-for-sale for the maturities at March 31, 2026:


	Mortgage- Related Securities		U.S. Government and GSE Obligations		Corporate and Other Bonds		Asset-Backed Securities
Debt Securities Available-for-Sale: (1)
Due within one year	—	%	—	%	—	%	—	%
Due from one to five years	2.62		3.80		4.73		—
Due from five to ten years	2.45		1.61		5.31		—
Due after ten years	4.29		—		5.89		5.31
Total debt securities available-for-sale	4.23		2.62		5.05		5.31

(1)The weighted average yields are calculated by multiplying each carrying value by its yield and dividing the sum of these results by the total carrying values and are not presented on a tax-equivalent basis.

Deposits

We compete for deposits and customers through multiple channels, including our retail branch network, our private banking business and mobile and internet banking applications. Our ability to retain and attract deposits depends on numerous factors, including customer satisfaction, the rates of interest we pay, the types of products we offer, and the attractiveness of their terms.

The following table summarizes the change in our deposits:


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Interest-bearing checking and money market accounts	$	19,310	$	18,233	$	1,077	6	%
Savings accounts	15,005		14,864		141		1	%
Certificates of deposit	20,719		20,843		(124)		(1)	%
Non-interest-bearing accounts	11,798		12,060		(262)		(2)	%
Total deposits	$	66,832	$	66,000	$	832	1	%

Total deposits at March 31, 2026 increased $832 million compared to December 31, 2025, primarily due to growth in money market accounts and custodial interest-bearing checking accounts, partially offset by a decline in non-custodial non-interest bearing deposits and the continued pay down of brokered CDs. The shift in deposit mix reflects our continued focus on reducing our reliance on wholesale funding sources.

The following table presents the composition of our brokered deposits for the periods presented:


(in millions)	March 31, 2026		December 31, 2025
Brokered interest-bearing checking and money market accounts	$	—	$	76
Brokered certificates of deposit	2,104		2,326
Total Brokered Deposits(1)	$	2,104	$	2,402

(1) Excludes reciprocal deposits.

The following table indicates the amount of time deposits, by account, that are in excess of $250,000 per depositor by time remaining until maturity:


(in millions)	March 31, 2026		December 31, 2025
3 months or less	$	2,288	$	2,758
Over 3 months through 6 months	1,762		1,933
Over 6 months through 12 months	1,527		1,175
Over 12 months	594		466
Total time deposits in excess of $250,000 per depositor(1)	$	6,171	$	6,332

(1) Includes brokered certificates of deposit of $2.1 billion and $2.3 billion at March 31, 2026 and December 31, 2025, respectively. Brokered certificates of deposit with balances in excess of $250,000 are fully insured by the FDIC as each of the ultimate owners of the funds maintain balances below FDIC insurance limits.

The following table indicates the amount of custodial deposits by source:


(in millions)	March 31, 2026		December 31, 2025
Custodial deposits from subservicing relationships	$	—	$	—
Non-servicing custodial deposits	2,612		2,068
Total Custodial Deposits	$	2,612	$	2,068

Uninsured Deposits

At March 31, 2026, our deposit base included $13.6 billion of uninsured deposits that are uninsured or not collateralized by securities or letters of credit. Our uninsured deposits are the portion of deposit accounts that exceed the FDIC insurance limit.

As of March 31, 2026, total bank liquidity exceeds the balance of our uninsured deposits by $13.7 billion.

Borrowed Funds

The following table summarizes our borrowed funds:


(in millions)	March 31, 2026		December 31, 2025		($) Change		(%) Change
Short-term borrowings(1)
FHLB advances	$	3,501	$	4,000	$	(499)	(12)	%



Total short-term borrowings	$	3,501	$	4,000	$	(499)	(12)	%

Long-term debt
FHLB advances	$	6,650	$	7,151	$	(501)	(7)	%
Junior subordinated debentures	586		585		1		—	%
Subordinated notes	449		448		1		—	%
Total long-term debt	$	7,685	$	8,184	$	(499)	(6)	%
Total borrowed funds	$	11,186	$	12,184	$	(998)	(8)	%

(1)Borrowings with original maturities of one year or less are classified as short-term borrowings.

At March 31, 2026 total borrowed funds decreased $998 million compared to December 31, 2025 primarily due to our continued strategy of reducing higher-cost wholesale borrowings.

FHLB advances are secured by eligible collateral in the form of loans and securities, under blanket collateral agreements with the FHLB. As of March 31, 2026 and December 31, 2025 our wholesale borrowings had $250 million and $250 million of callable features, respectively.

Risk Governance Framework

The Risk Management Division is responsible for formalizing our Risk Appetite Statement, which reflects the Board's and Management’s tolerance for risks and is set in alignment with the Bank's budget, strategic and capital plans. Internal controls and ongoing monitoring processes capture and address heightened risks that threaten our ability to achieve our goals and objectives, including the recognition of safety and soundness concerns and consumer protection. Additionally, key risk indicators are monitored against established risk warning levels and limits, as well as elevated risks escalated to the Chief Risk Officer.

To comprehensively manage our risk exposure, we focus on several critical areas outlined below, Credit Risk, Liquidity Risk, Interest Rate Risk and Regulatory Capital.

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Credit Risk

It is our practice to continually review the risk in our loan portfolio. For our multi-family and CRE loan portfolios, we receive financial information from borrowers annually and in some cases more frequently. Generally, updated annual borrower financial information is received during the second calendar quarter. Upon receipt of the borrower financial information, we perform an analysis to determine whether the cash flow from the underlying collateral is sufficient to meet the contractual loan payments, commonly referred to as the DSCR. We consider the ability to cover debt service based upon the current contractual rate or, when a borrower’s initial fixed rate period expires in the near future, the lowest contractual rate reset option available under the loan terms using the current level for referenced indices. Loans that do not have a DSCR of 1.0 or greater are evaluated for a potential downgrade to substandard or non-accrual risk rating. All substandard loans, including non-accrual loans, are appraised at the time of downgrade and are re-appraised annually. Based upon this appraisal the loan is evaluated to determine if an adjustment to the carrying amount is required.

For our C&I loan portfolio, we receive financial information from borrowers quarterly and in some cases less frequently. Quarterly borrower financial information is typically received within 45 to 60 days of quarter end. Upon receipt of the borrower financial information, we perform analyses to (i) determine whether borrower cash flow is sufficient to meet the contractual loan payments, commonly using a FCCR which is often a financial covenant of our borrowers (ii) test all borrower financial covenants, (iii) review and update collateral values, and (iv) update our internal borrower risk ratings. Loans that do not have a FCCR of 1.0 or greater are evaluated for a potential downgrade to substandard or non-accrual risk rating.

The largest substandard and non-accrual loans within our portfolio are reported and reviewed with the RAC at least quarterly.

As of March 31, 2026, $595 million of multifamily loans have reached their repricing date. Approximately, 88 percent of the loans that repriced during 2026 are current on their contractual payments or paid off during the year.

Substandard and Non-Accrual loans ("Classified Loans") reflect the potential that a loss may occur if deficiencies in the primary source of repayment are unable to be corrected and borrowers are unwilling or unable to otherwise support the loans. Classified Loans at March 31, 2026 and December 31, 2025 were $8.7 billion and $9.7 billion, respectively. The decrease in Classified Loans is primarily attributable to the par payoffs of multi-family and CRE substandard loans and the resolution of a single borrower relationship undergoing bankruptcy proceedings.

The procedures we follow with respect to delinquent loans are generally consistent across all categories, with late charges assessed, and notices mailed to the borrower, at specified dates. We attempt to reach the borrower by telephone to ascertain the reasons for delinquency and the prospects for repayment. When contact is made with a borrower at any time prior to foreclosure or recovery against collateral property, we attempt to obtain full payment and will consider a repayment schedule to avoid taking such action. Generally, we make every effort to collect rather than initiate foreclosure or other recovery proceedings.

In accordance with our charge-off policy, collateral-dependent loans are written down to their current appraised values less costs to sell. We actively pursue borrowers who are delinquent in repaying their loans in an effort to collect payment. In addition, outside counsel with experience in foreclosure proceedings are retained to support these efforts. Gross charge-offs of $99 million were recorded on multi-family and CRE loans during the three months ended March 31, 2026, primarily driven by appraisals received on those loans and the resolution of a single borrower relationship undergoing bankruptcy proceedings.

It is our policy to order updated appraisals for all substandard and non-accrual loans that are collateralized by multi-family buildings, commercial real estate properties, or land, if the most recent appraisal on file for the property is more than one year old. Appraisals are ordered at least annually until such time as the loan becomes pass rated. It is not our policy to obtain updated appraisals for performing loans that are not showing signs of credit weakness. However, appraisals may be ordered for performing loans when a borrower requests an increase in the loan amount, a modification in loan terms, or an extension of a maturing loan, or when we determine an updated appraisal is needed as a result of our ongoing credit analysis. We evaluate loans that were previously placed on non-accrual at least quarterly to determine if additional charge-offs may be needed.

Properties and other assets that are acquired through foreclosure are classified as repossessed assets and are recorded at fair value at the date of acquisition, less the estimated cost of selling the property. Subsequent declines in the fair value of the assets are charged to earnings and are included in non-interest expense. It is our policy to require an appraisal, and an environmental assessment of properties classified as other real estate owned before foreclosure and to re-appraise the properties at least annually until they are sold. We dispose of such properties as quickly and prudently as possible, given current market conditions and the property’s condition.

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Liquidity Risk

We have established a liquidity risk management framework designed to ensure that we can meet our funding obligations in daily, business-as-usual and liquidity stress periods. We maintain a Liquidity Risk Policy that has been approved by the Board and is subject to review at least annually or if there are significant changes to our business activity. The Liquidity Risk Policy outlines our Risk Appetite and provides guidance for the roles and responsibilities of management and various oversight committees to oversee the liquidity risk management framework. We also maintain a CFP which has been approved by the Board. The CFP provides guidance to plan for potential periods of stress and to navigate actual periods of stress. The CFP specifies a series of EWI which we use to monitor funding or market conditions that may indicate a trend toward a period of stress and to provide guiding principles for us during a period of stress including identifying the operational steps needed to access available and contingent sources of liquidity.

Our funding primarily stems from a diverse combination of business activities. The primary source of funding is our retail and institutional deposit base. Customer deposits provide us with a relatively stable, low-cost source of funding. The majority of our customer deposits are covered by FDIC deposit insurance with $13.6 billion of deposits that are uninsured or not collateralized by securities or letters of credit as of March 31, 2026, representing 20 percent of our overall deposit base as of that date. We also obtain funding through various wholesale funding channels, including $10.2 billion of secured borrowings from the FHLB and an active brokered CDs issuance program with $2.1 billion outstanding as of March 31, 2026.

Our Liquidity Policy defines a limit framework which ensures we maintain liquidity and funding within our risk appetite. The limits require, among other elements, that we maintain a diverse funding profile while limiting concentration of funding by source, counterparty and maturity tenor. The policy also requires us to maintain sufficient on-balance sheet liquidity to support funding obligations under a severe, but plausible 30-day liquidity stress scenario. We monitor and report our overall funding and liquidity risk appetite metrics on a daily basis and our cash position on an intraday basis.

We maintain a liquidity buffer of on-balance sheet cash reserves and HQLAs. We also maintain access to secured borrowings from the FHLB and FRB-NY Discount Window. The investment securities we consider HQLAs are all unencumbered, held as available-for-sale, and are either issued by government sponsored entities or are explicitly guaranteed by the U.S. government. We pledge eligible loan and securities collateral with the FRB-NY Discount Window and FHLB New York to support borrowing capacity. The available borrowing capacity with the FRB-NY Discount Window and the FHLB, net of credit utilization primarily in the form of advances and letters of credit, is included in our Total Liquidity.


(in billions)	March 31, 2026		December 31, 2025
Cash at Federal Reserve	$	6.6	$	5.3
High-Quality Liquid Assets	12.2		13.5
Total On-Balance Sheet Liquidity	$	18.8	$	18.8
FHLB Available Capacity	6.9		6.5
Discount Window Available Capacity	1.6		1.8
Total Liquidity	$	27.3	$	27.1

Credit Ratings

We maintain credit ratings from three rating agencies: Moody’s, Fitch and DBRS. As of April 30, 2026, our credit ratings were as follows:

Moody's

Fitch

DBRS

Long-Term Issuer Rating

Ba3

BB+

BBB

Long-Term Deposits

Baa3

BBB-

BBB

Short-Term Deposits

Prime-3

During the three months ended March 31, 2026, Fitch upgraded our credit ratings. Subsequently, in April 2026, Moody’s also upgraded our ratings. Both upgrades reflect continued improvement in our credit profile.

The primary mortgage loan agencies maintain standards for institutions serving as eligible custodial depositories, including the requirement to maintain an investment grade short‑term issuer/deposit rating from Moody’s or S&P. Following the Moody's upgrade in April 2026, we are now in compliance with this criteria. We have no other direct contractual

relationships tied to further downgrades in our credit ratings; however, any such downgrades could result in reputational risk that may adversely affect our business.

Contractual Obligations and Commitments

In the normal course of business, we enter into a variety of contractual obligations in order to manage our assets and liabilities, fund loan growth, operate our branch network, and address our capital needs.

For example, we offer CDs with contractual terms to our customers and also borrow funds under contract from the FHLB. These contractual obligations are reflected in the Condensed Consolidated Statements of Condition under “Deposits” and “Borrowed funds,” respectively. At March 31, 2026, we had CDs of $20.7 billion and long-term debt (defined as borrowed funds with an original maturity one year or more) of $7.7 billion.

We also are obligated under certain non-cancelable operating leases on the buildings and land we use in operating our branch network and in performing our back-office responsibilities. These obligations are included within Other liabilities within the Condensed Consolidated Statements of Condition and totaled $415 million at March 31, 2026, a decrease of $12 million compared to $427 million at December 31, 2025.

At March 31, 2026, we also had commitments to extend credit in the form of mortgage and other loan originations, as well as commercial, performance stand-by and financial stand-by letters of credit. These commitments consist of agreements to extend credit as long as there is no violation of any condition established in the contract under which the loan is made. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The fees we collect in connection with the issuance of letters of credit are included in “Fee income” in the Condensed Consolidated Statements of Income (Loss).

At March 31, 2026, our total liquidity position was $27.3 billion and we expect that our funding will be sufficient to fulfill our cash obligations and commitments when they are due both in the short term and long term.

For March 31, 2026, we did not engage in any off-balance sheet transactions that we expect to have a material effect on our financial condition, results of operations or cash flows.

Interest Rate Risk

We manage our assets and liabilities to reduce our exposure to changes in market interest rates. The asset and liability management process has three primary objectives: to evaluate the interest rate risk inherent in certain balance sheet accounts; to determine the appropriate level of risk, given our business strategy, operating environment, capital and liquidity requirements, and performance objectives; and to manage that risk in a manner consistent with guidelines approved by our Board of Directors.

As a financial institution, we are focused on reducing our exposure to interest rate volatility, which represents our primary market risk. Changes in market interest rates represent the greatest challenge to our financial performance, as such changes can have a significant impact on the level of income and expense recorded on a large portion of our interest-earning assets and interest-bearing liabilities, and on the market value of all interest-earning assets, other than those possessing a short term to maturity. To reduce our exposure to changing rates, the Board and management monitor interest rate sensitivity on a regular or as needed basis so that adjustments to the asset and liability mix can be made when deemed appropriate.

The actual duration of held for investment mortgage loans and mortgage-related securities can be significantly impacted by changes in prepayment levels and market interest rates. The level of prepayments may, in turn, be impacted by a variety of factors, including the economy in the region where the underlying mortgages were originated; seasonal factors; demographic variables; and the assumability of the underlying mortgages. However, the factors with the most significant impact on prepayments are market interest rates and the availability of refinancing opportunities.

Interest Rate Sensitivity Analysis

Interest rate sensitivity is monitored through the use of a model that generates estimates of the change in our EVE over a range of interest rate scenarios. EVE is defined as the net present value of expected cash flows from assets, liabilities, and off-balance sheet contracts. The EVE ratio, under any interest rate scenario, is defined as the change in EVE across any scenario divided by the base EVE. The model assumes estimated loan and MBS prepayment rates, current market value spreads, and deposit decay rates and betas.

Based on the information and assumptions in effect at March 31, 2026, the following table sets forth our EVE, assuming the changes in interest rates noted:


Change in Interest Rates (in basis points)						Estimated Percentage Change in Economic Value of Equity
-200 shock						5.6%
-100 shock						3.1%
+100 shock						(3.8)%
+200 shock						(8.0)%

The net changes in EVE presented in the preceding table are within the parameters approved by the Board.

Accordingly, while the EVE analysis provides an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to, and do not, provide a precise forecast of the effect of changes in market interest rates on our NII, and may very well differ from actual results.

Interest Rate Risk is also monitored through the use of a model that generates NII simulations over a range of interest rate scenarios. Modeling changes in NII requires that certain assumptions be made which may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the NII analysis presented below assumes that the composition of our interest rate sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured, and also assumes that a particular change in interest rates is reflected uniformly across the yield curve, regardless of the duration to maturity or repricing of specific assets and liabilities. Furthermore, the model does not take into account the benefit of any strategic actions we may take to further reduce our exposure to interest rate risk. The assumptions used in the NII simulation are inherently uncertain. Actual results may differ significantly from those presented in the following table, due to the frequency, timing, and magnitude of changes in interest rates; changes in spreads between maturity and repricing categories; and prepayments, among other factors, coupled with any actions taken to counter the effects of any such changes.

At March 31, 2026, the estimated change in NII over the next twelve months for a 100 basis point reduction in short term interest rates with no change in long term interest rates is an increase of 0.52 percent and the estimated change for a 100 basis point increase in short term rates is a decrease of 0.56 percent.

The following table reflects the estimated percentage change in future NII for the next twelve months. In general, short- and long-term rates are assumed to increase in parallel instantaneously and then remain unchanged. Based on the information and assumptions in effect at March 31, 2026 the changes in interest rates are noted below:


Change in Interest Rates (in basis points)						Estimated Percentage Change in Future Net Interest Income
-200 shock						(3.1)%
-100 shock						(1.3)%
+100 shock						0.7%
+200 shock						1.1%

The net changes in NII presented in the preceding table are within the parameters approved by our Board.

Future changes in our mix of assets and liabilities may result in greater changes to our EVE, and/or NII simulations.

In the event that our EVE and NII sensitivities were to breach our internal policy limits, we would undertake the following actions to ensure that appropriate remedial measures were put in place:

•In formulating appropriate strategies, the ALCO would ascertain the primary causes of the variance from policy tolerances, the expected term of such conditions, and the projected effect on capital and earnings.

•Our ALCO would inform the Board of Directors of the variance, and present recommendations to the Board regarding proposed courses of action to restore conditions to within-policy tolerances.

Where temporary changes in market conditions or volume levels result in significant increases in risk, strategies may involve reducing open positions or employing other balance sheet management activities including the potential use of derivatives to reduce the risk exposure. Where variance from policy tolerances is triggered by more fundamental imbalances in the risk profiles of core loan and deposit products, a remedial strategy may involve restoring balance through natural hedges to the extent possible before employing synthetic hedging techniques. Other strategies might include:

•Asset restructuring, involving sales of assets having higher risk profiles, or a gradual restructuring of the asset mix over time to affect the maturity or repricing schedule of assets;

•Liability restructuring, whereby product offerings and pricing are altered or wholesale borrowings are employed to affect the maturity structure or repricing of liabilities;

•Expansion or shrinkage of the balance sheet to correct imbalances in the repricing or maturity periods between assets and liabilities; and/or

•Use or alteration of off-balance sheet positions, including interest rate swaps, caps, floors, options, and forward purchase or sales commitments.

Regulatory Capital

The Bank is subject to prudential standards applicable to national banks:

•The OCC’s capital adequacy standards establish minimum capital requirements and overall capital adequacy standards.

•The Prompt Corrective Action regulatory capital framework establishes five categories of capital adequacy ranging from “well capitalized” to “critically undercapitalized.” An institution’s capital category affects various matters, including legal requirements for regulators to take prompt corrective action and the level of a bank’s FDIC deposit insurance premium assessments. Capital amounts and classifications are subject to the regulators’ qualitative judgments about the components of capital and risk weighted assets, among other factors. Regulators have the discretion to require capital to be maintained in excess of minimum levels.

•Under regulatory heightened standards, a risk governance framework is required to be developed and maintained to manage and control the risk-taking activities of the Bank. Management has developed a written framework and is implementing the various components in an integrated fashion as underlying business processes mature. Heightened standards also require risk limits, metrics, and analytics which monitor the size and direction of key risks in the organization. We have established risk limits which are monitored by the Board and are continuing to enhance related metrics and analytics.

As of March 31, 2026, our capital measures continued to exceed the minimum federal requirements. The following tables set forth the Bank's common equity tier 1, tier 1 risk-based, total risk-based, and leverage capital amounts and ratios as well as the respective minimum regulatory capital requirements, as of the dates shown:


	Risk-Based Capital
(in millions)	Common Equity Tier 1				Tier 1				Total				Leverage Capital
March 31, 2026	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Actual capital	$	7,881	13.23	%	$	8,385	14.08	%	$	9,938	16.68	%	$	8,385	9.61	%
Minimum for capital adequacy purposes	2,680		4.50		3,574		6.00		4,765		8.00		3,490		4.00
Excess	$	5,201	8.73	%	$	4,811	8.08	%	$	5,173	8.68	%	$	4,895	5.61	%
December 31, 2025
Actual capital	$	7,845	12.83	%	$	8,348	13.66	%	$	9,921	16.23	%	$	8,348	9.22	%
Minimum for capital adequacy purposes	2,751		4.50		3,668		6.00		4,890		8.00		3,623		4.00
Excess	$	5,094	8.33	%	$	4,680	7.66	%	$	5,031	8.23	%	$	4,725	5.22	%

The increase in our capital ratios from December 31, 2025 was primarily driven by a reduction in risk-weighted assets associated with the loans held for investment portfolio.

At March 31, 2026, our total risk-based capital ratio exceeded the minimum requirement for capital adequacy purposes by 868 basis points and the fully phased-in capital conservation buffer by 618 basis points.

At March 31, 2026, the Bank also exceeded the minimum capital requirements to be categorized as “Well Capitalized.” To be categorized as well capitalized, a bank must maintain a minimum common equity tier 1 ratio of 6.50 percent; a minimum tier 1 risk-based capital ratio of 8 percent; a minimum total risk-based capital ratio of 10 percent; and a minimum leverage capital ratio of 5 percent.

Other Recent Developments

On March 19, 2026, the OCC, FRB, and FDIC issued notices of proposed rulemaking that would substantially revise the U.S. regulatory capital framework. The agencies’ proposals would rescind the July 2023 proposed rules to implement the final components of the Basel III framework and replace them with a recalibrated package that is expected to reduce aggregate common equity tier 1 capital requirements across the banking industry.

The proposals would replace the existing “advanced approaches” capital rules with a new “expanded risk-based approach.” The expanded risk-based approach could be elected by any banking organization. This would introduce an explicit operational risk requirement calculated based on a firm’s income and expenses, standardized risk-weighting methodologies for credit, equity, and operational risks, and would require firms to reflect most elements of accumulated other comprehensive income in regulatory capital.

Additionally, the proposals would revise the risk-based capital treatment of certain exposure categories under the standardized approach, aiming to improve the calibration and risk sensitivity of certain risk weights that are particularly significant to our lending activities. The proposals would require Category III and IV banking organizations to recognize most elements of accumulated other comprehensive income in their regulatory capital with a five-year phase-in period.

Finally, the proposals would modify aspects of the GSIB surcharge, which is not applicable to us.

We are reviewing the proposals and their potential impact on us.

Critical Accounting Estimates

Various elements of our accounting policies, by their nature, are subject to estimation techniques, valuation assumptions and other subjective assessments. Certain accounting policies that, due to the judgment, estimates and assumptions used, are critical to an understanding of our Condensed Consolidated Financial Statements and the Notes, are described in detail in Note 2 of our Form 10-K for the year ended December 31, 2025. These policies relate to the determination of our ACL. We believe the judgment, estimates and assumptions used in the preparation of our Condensed Consolidated Financial Statements and the Notes are reasonable; however, due to the inherent uncertainties in developing estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods.


Table of Contents			Flagstar Bank, National Association
Condensed Consolidated Statement of Condition (unaudited)


ITEM 1.			FINANCIAL STATEMENTS


	March 31, 2026		December 31, 2025
(in millions, except per share data)	(unaudited)
ASSETS:
Cash and due from banks	$	401	$	553
Interest-earning deposits and other securities with financial institutions	6,605		5,341
Debt securities available-for-sale	14,514		15,701
Equity investments with readily determinable fair values, at fair value	56		65
Loans held for sale	233		265
Loans and leases held for investment, net of deferred loan fees and costs	60,425		60,732
Less: Allowance for credit losses on loans and leases	(954)		(1,030)
Total loans and leases held for investment, net	59,471		59,702

Premises and equipment, net	474		477
Core deposit and other intangibles	356		381


Other assets	5,019		5,027
Total assets	$	87,129	$	87,512
LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Interest-bearing checking and money market accounts	$	19,310	$	18,233
Savings accounts	15,005		14,864
Certificates of deposit	20,719		20,843
Non-interest-bearing accounts	11,798		12,060
Total deposits	66,832		66,000






Borrowed funds	11,186		12,184
Other liabilities	990		1,184
Total liabilities	79,008		79,368
Commitment and contingencies (refer to Note 17)
Mezzanine equity:
Preferred stock - Series B	1		1
Stockholders' equity:
Preferred stock - Series A and D	503		503
Common stock at par $0.01 (916,666,666 and 916,666,666 shares authorized; 423,246,169 and 422,931,277 shares issued; and 416,777,393 and 415,982,036 shares outstanding, respectively)	4		4
Paid-in capital in excess of par	9,288		9,303
Accumulated deficit	(980)		(988)
Treasury stock, at cost (6,468,776 and 6,949,241 shares, respectively)	(167)		(190)
Accumulated other comprehensive loss, net of tax	(528)		(489)
Total stockholders’ equity	8,120		8,143
Total liabilities, mezzanine and stockholders’ equity	$	87,129	$	87,512

See accompanying notes to the condensed consolidated financial statements.


Table of Contents			Flagstar Bank, National Association
Condensed Consolidated Statement of Income (Loss) (unaudited)


	Three Months Ended March 31,
(in millions, except per share data)	2026		2025
INTEREST INCOME:
Loans and leases	$	754	$	860
Securities and money market investments	230		304
Total interest income	984		1,164
INTEREST EXPENSE:
Interest-bearing checking and money market accounts	114		167
Savings accounts	101		111
Certificates of deposit	203		308
Borrowed funds	123		168
Total interest expense	541		754
Net interest income	443		410
Provision for credit losses	—		79
Net interest income after provision for credit losses	443		331
NON-INTEREST INCOME:
Fee income	23		22
Bank-owned life insurance	10		10
Net (loss) gain on investment securities	(9)		—

Net gain on loan sales and securitizations	5		13
Net loan administration income	—		4

Other	26		31
Total non-interest income	55		80
NON-INTEREST EXPENSE:
Operating expenses:
Compensation and benefits	228		244
Occupancy and equipment	50		55
Software expense	47		42
FDIC insurance	30		50
Professional services	22		26
General and administrative	64		79
Total operating expense	441		496
Intangible asset amortization	25		28
Merger-related expense	—		8

Total non-interest expense	466		532
Income (loss) before income taxes	32		(121)
Income tax expense (benefit)	11		(21)
Net income (loss)	$	21	$	(100)
Preferred stock dividends	8		8
Net income (loss) attributable to common stockholders	$	13	$	(108)
Basic earnings (loss) per common share	$	0.03	$	(0.26)
Diluted earnings (loss) per common share	$	0.03	$	(0.26)

See accompanying notes to the condensed consolidated financial statements.


Table of Contents			Flagstar Bank, National Association
Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
Net income (loss)	$	21	$	(100)
Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on securities available-for-sale	(39)		93
Net unrealized gain (loss) in pension and post-retirement obligations	—		1
Net unrealized gain (loss) on cash flow hedges	—		(7)
Total other comprehensive (loss) income, net of tax	$	(39)	$	87
Total comprehensive income (loss), net of tax	$	(18)	$	(13)
Income tax expense (benefit) of items included in other comprehensive income:
Net unrealized gain (loss) on securities available-for-sale	$	(14)	$	33
Net unrealized gain (loss) in pension and post-retirement obligations	—		—
Net unrealized gain (loss) on cash flow hedges	—		(2)

See accompanying notes to the condensed consolidated financial statements


Table of Contents			Flagstar Bank, National Association
Condensed Consolidated Statement of Stockholders' Equity (unaudited)


(in millions, except share data)	Shares Outstanding	Preferred Stock A (Par Value: $0.01)		Common Stock (Par Value: $0.01)		Paid-in Capital in excess of Par		Accumulated deficit		Treasury Stock, at Cost		AOCL, Net of Tax		Total Stockholders’ Equity		Preferred Stock Mezzanine (Par Value: $0.01)
Three Months Ended March 31, 2026
Balance at December 31, 2025	415,982,036	$	503	$	4	$	9,303	$	(988)	$	(190)	$	(489)	$	8,143	$	1
Shares issued for restricted stock, net of forfeitures	1,400,769	—		—		(29)		—		29		—		—		—
Compensation expense related to restricted stock awards	—	—		—		14		—		—		—		14		—
Net income	—	—		—		—		21		—		—		21		—
Dividends paid on common stock ($0.01)	—	—		—		—		(5)		—		—		(5)		—
Dividends paid on preferred stock ($15.94), Series B ($3.33)	—	—		—		—		(8)		—		—		(8)		—
Purchase of common stock	(605,412)	—		—		—		—		(6)		—		(6)		—
Other comprehensive income (loss), net of tax	—	—		—		—		—		—		(39)		(39)		—
Balance at March 31, 2026	416,777,393	$	503	$	4	$	9,288	$	(980)	$	(167)	$	(528)	$	8,120	$	1

Three Months Ended March 31, 2025
Balance at December 31, 2024	414,934,628	$	503	$	4	$	9,282	$	(763)	$	(219)	$	(640)	$	8,167	$	1
Shares issued for restricted stock, net of forfeitures	463,831	—		—		(11)		—		11		—		—		—
Compensation expense related to restricted stock awards	—	—		—		15		—		—		—		15		—
Net (loss)	—	—		—		—		(100)		—		—		(100)		—
Dividends paid on common stock ($0.01)	—	—		—		—		(4)		—		—		(4)		—
Dividends paid on preferred stock ($15.94), Series B ($3.33)	—	—		—		—		(8)		—		—		(8)		—
Purchase of common stock	(376,569)	—		—		—		—		(4)		—		(4)		—
Other comprehensive income, net of tax	—	—		—		—		—		—		87		87		—
Balance at March 31, 2025	415,021,890	$	503	$	4	$	9,286	$	(875)	$	(212)	$	(553)	$	8,153	$	1

See accompanying notes to the condensed consolidated financial statements.


Table of Contents			Flagstar Bank, National Association
Condensed Consolidated Statement of Cash Flows (unaudited)


	Three Months Ended March 31,
(in millions)	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	21	$	(100)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Provision for credit losses	—		79
Depreciation and amortization	35		39


Stock-based compensation	14		15
Deferred tax expense (benefit)	46		(26)
Other operating activities	(35)		19
Changes in operating assets and liabilities:
Increase in other miscellaneous assets	(7)		(85)
Decrease in other miscellaneous liabilities	(207)		(641)
Change in loans held for sale, net	15		110



Net cash used in operating activities	(118)		(590)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from repayment of securities available-for-sale	1,125		375
Proceeds from sales of securities available-for-sale including loans that have been securitized	—		271
Purchase of securities available-for-sale	—		(2,669)
Redemption of Federal Home Loan Bank stock	90		86
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock	(75)		(1)

Other changes in loans, net	285		1,525
Purchases of premises and equipment	(20)		(12)
Other investing activities	9		—




Net cash provided by (used in) investing activities	1,414		(425)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits	832		(1,967)
Net decrease in short-term borrowed funds	(1,500)		(250)
Proceeds from long-term borrowed funds	1,500		—
Repayments of long-term borrowed funds	(1,000)		—
Cash dividends paid on common stock	(5)		(4)
Cash dividends paid on preferred stock	(8)		(8)



Other financing activities, net	(7)		332
Net cash used in financing activities	(188)		(1,897)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,108		(2,912)
Cash, cash equivalents, and restricted cash at beginning of period	5,977		15,559
Cash, cash equivalents, and restricted cash at end of period	$	7,085	$	12,647
Supplemental information:
Cash paid for interest	$	558	$	817
Non-cash investing and financing activities:
Securitization of loans to mortgage-backed securities available-for-sale	—		271
Transfer of loans from held for investment to held for sale	—		273



Shares issued for restricted stock awards	29		11

See accompanying notes to the condensed consolidated financial statements.


Table of Contents			Flagstar Bank, National Association
Notes to the Condensed Consolidated Financial Statements (unaudited)

Note 1 - Organization and Basis of Presentation

Organization

Flagstar Bank, National Association, is a national banking association. Throughout this report we refer to Flagstar Bank, National Association and its consolidated subsidiaries in a simplified and collective manner, using words like "we," "our," "us" and "the Bank."

Flagstar Bank, National Association, is a national banking association headquartered in Hicksville, New York with regional headquarters in Troy, Michigan. We are subject to regulation and oversight by the Office of the Comptroller of the Currency. We currently operate approximately 340 locations across 9 states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and California.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Bank and other entities in which the Bank has a controlling financial interest. We prepare these consolidated financial statements in accordance with GAAP and with the instructions to Form 10-Q and Article 10 of Regulation S-X. All inter-company accounts and transactions are eliminated in consolidation. The Bank currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 9 - Borrowed Funds, for additional information regarding these trusts.

The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included on our Form 10-K for the year ended December 31, 2025. Except for per share or otherwise specified amounts, all amounts presented within the tables below are stated in millions.

When necessary, certain reclassifications have been made to prior-year amounts to conform to the current-year presentation.

Note 2 - Earnings Per Common Share

Earnings per Common Share (Basic and Diluted)

The following table presents basic and diluted net earnings per common share based on the weighted average outstanding shares:


	Three Months Ended March 31,
	2026		2025
Net income (loss) attributable to common stockholders	$	13	$	(108)
Less: Income allocated to participating securities	—		—
Net income (loss) attributable to common stockholders	$	13	$	(108)
Weighted average common shares outstanding	416,149,153		414,824,158
Basic income (loss) per common share	$	0.03	$	(0.26)
Net income (loss) attributable to common stockholders	$	13	$	(108)
Weighted average common shares outstanding	416,149,153		414,824,158
Dilutive potential common shares	50,401,738		—
Total shares for diluted earnings per common share computation	466,550,891		414,824,158
Diluted income (loss) per common share and common share equivalents	$	0.03	$	(0.26)

For the three months ended March 31, 2026, there were no antidilutive shares.


Table of Contents			Flagstar Bank, National Association
Notes to the Condensed Consolidated Financial Statements (unaudited)

Note 3 - Accumulated Other Comprehensive Loss

The table below summarizes the changes in AOCL, net of tax:


	Securities AFS		Cash Flow Hedges		Pension and Post-retirement Plans		Total
Three Months Ended March 31, 2026
Balance, beginning of period	$	(467)	$	—	$	(22)	$	(489)
Other comprehensive income (loss) before reclassification, net of tax	(39)		—		—		(39)
Amounts reclassified from AOCL to (income)/expense, net of tax	—		—		—		—
Other comprehensive income (loss), net of tax	(39)		—		—		(39)
Balance, end of period	$	(506)	$	—	$	(22)	$	(528)
Three Months Ended March 31, 2025
Balance, beginning of period	$	(653)	$	47	$	(34)	$	(640)
Other comprehensive income (loss) before reclassification, net of tax	93		—		—		93
Amounts reclassified from AOCL to (income)/expense, net of tax	—		(7)		1		(6)
Other comprehensive income (loss), net of tax	93		(7)		1		87
Balance, end of period	$	(560)	$	40	$	(33)	$	(553)

The following table summarizes the amounts reclassified from AOCL, net of tax:


	Amount Reclassified out of AOCL
	Three Months Ended March 31,
	2026		2025		Affected Line Item in the Condensed Consolidated Statements of Income (Loss)



Cash Flow Hedges:
Realized gain on cash flow hedges	$	—	$	9	Interest expense - Borrowed funds
Tax benefit (expense)	—		(2)		Income tax (benefit)
	$	—	$	7
Pension and Post-retirement Plans:

Amortization of actuarial losses	—		(1)		General and administrative
Tax benefit (expense)	—		—		Income tax (benefit)
	$	—	$	(1)
Amounts reclassified from AOCL, net of tax	$	—	$	6


Table of Contents			Flagstar Bank, National Association
Notes to the Condensed Consolidated Financial Statements (unaudited)

Note 4 - Investment Securities

Debt securities available-for-sale

The following tables summarize our portfolio of debt securities available-for-sale:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE CMOs	$	11,045	$	33	$	394	$	10,684
GSE certificates	1,097		1		122		976
Private label CMOs	145		11		—		156
Total mortgage-related debt securities	$	12,287	$	45	$	516	$	11,816
Other Debt Securities:
GSE debentures	$	1,502	$	—	$	213	$	1,289
U. S. Treasury obligations	1,000		7		—		1,007
Asset-backed securities	210		—		4		206
Corporate bonds	148		—		3		145
Capital trust notes	48		6		7		47

Municipal bonds	4		—		—		4
Total debt securities	$	2,912	$	13	$	227	$	2,698
Total debt securities available-for-sale, net of allowance(1)(2)(3)(4)	$	15,199	$	58	$	743	$	14,514

(1)At March 31, 2026, substantially all of our debt securities available-for-sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government.

(2)As of March 31, 2026, the ACL was $2 million.

(3)Excludes accrued interest receivable of $41 million included in Other assets in the Condensed Consolidated Statements of Condition.

(4)We pledged investment securities of $14.3 billion as collateral for certain borrowings as of March 31, 2026.


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE CMOs	$	12,129	$	55	$	360	$	11,824
GSE certificates	1,116		2		119		999
Private label CMOs	147		12		—		159
Total mortgage-related debt securities	$	13,392	$	69	$	479	$	12,982
Other Debt Securities:
GSE debentures	$	1,502	$	—	$	206	$	1,296
U. S. Treasury obligations	1,001		16		—		1,017
Corporate bonds	147		—		3		144
Asset-backed securities	217		—		4		213
Capital trust notes	47		6		8		45

Municipal bonds	4		—		—		4
Total debt securities	$	2,918	$	22	$	221	$	2,719
Total debt securities available-for-sale, net of allowance(1)(2)(3)(4)	$	16,310	$	91	$	700	$	15,701

(1)At December 31, 2025, substantially all of our debt securities available-for-sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government.

(2)As of December 31, 2025, the ACL was $2 million.

(3)Excludes accrued interest receivable of $58 million included in Other assets in the Condensed Consolidated Statements of Condition.

(4)We pledged investment securities of $15.4 billion as collateral for certain borrowings as of December 31, 2025.

There were no available-for-sale securities sold during the three months ended March 31, 2026, and 2025, respectively.

There were no realized gains and losses on sales of available-for-sale securities in the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes, by contractual maturity, the fair value of securities at March 31, 2026:


	Mortgage- Related Securities		U.S. Government and GSE Obligations		Corporate and Other Bonds		Asset-Backed Securities		Total

Available-for-Sale Debt Securities:
Due within one year	$	—	$	—	$	—	$	—	$	—
Due from one to five years	149		1,142		128		—		1,419
Due from five to ten years	203		1,154		27		—		1,384
Due after ten years	11,464		—		41		206		11,711
Total debt securities available-for-sale, net of allowance	$	11,816	$	2,296	$	196	$	206	$	14,514

The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2026:


	Number of Debt Securities(1)	Less than Twelve Months				Twelve Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Debt securities in a continuous unrealized loss position:
GSE CMOs	223	$	1,840	$	9	$	2,881	$	385	$	4,721	$	394
U.S. Government agency and GSE obligations	33	—		—		1,289		213		1,289		213
GSE certificates	321	22		—		905		122		927		122

Corporate bonds	5	—		—		145		3		145		3
Asset-backed securities	5	6		—		148		4		154		4
Capital trust notes	5	—		—		37		7		37		7


Municipal bonds	1	—		—		4		—		4		—
Total debt securities in a continuous unrealized loss position	593	$	1,868	$	9	$	5,409	$	734	$	7,277	$	743

(1)Count of securities that have been in a loss position for twelve or more months.

The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2025:


	Number of Debt Securities(1)	Less than Twelve Months				Twelve Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Debt securities in a continuous unrealized loss position:

U.S. Government agency and GSE obligations	33	$	—	$	—	$	1,297	$	206	$	1,297	$	206
GSE certificates	324	8		—		926		119		934		119
GSE CMOs	226	427		1		2,993		359		3,420		360
Asset-backed securities	5	—		—		152		4		152		4
Municipal bonds	1	—		—		4		—		4		—
Corporate bonds	5	—		—		144		3		144		3
Capital trust notes	5	—		—		35		8		35		8


Total debt securities in a continuous unrealized loss position	599	$	435	$	1	$	5,551	$	699	$	5,986	$	700

(1)Count of securities that have been in a loss position for twelve or more months.

We evaluate available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an ACL is required. We also assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income and recorded in Provision for credit losses on the Condensed Consolidated Statements of Income (Loss). Otherwise, we evaluate whether the decline in fair

value has resulted from credit losses or other factors. If a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the expected amount to be collected is less than the amortized cost, an ACL is established for the shortfall, but not in excess of the difference between the amortized cost basis and the fair value. Any unrealized loss that has not been recorded through an ACL is recognized in Other comprehensive (loss) income.

Equity investments with readily determinable fair values

As of March 31, 2026, and December 31, 2025, we held equity securities with readily determinable fair values of $56 million and $65 million, respectively. During the three months ended March 31, 2026, we recognized a loss of $9 million, which was recorded in Net (loss) gain on investment securities in the Condensed Consolidated Statements of Income (Loss), resulting from our investment in Figure Technology Solutions, Inc. For the three months ended March 31, 2026, we recognized a loss of $9 million on all our equity investment securities, compared to an immaterial gain for the three months ended March 31, 2025.

Subsequent to March 31, 2026, we sold $36 million of our investment in Figure Technology Solutions, Inc., realizing an immaterial gain.

Note 5 - Loans and Leases

The composition of our loan portfolio for the periods indicated was as follows:


	March 31, 2026		December 31, 2025
	Amount			Amount
Loans and leases held for investment:
Multi-family	$	27,863		$	28,983
Commercial real estate	8,833			9,314
One-to-four family first mortgage	5,640			5,630
Commercial and industrial(1)	16,568			15,217
Other	1,521			1,588
Total loans and leases held for investment (2)(3)	$	60,425		$	60,732
Allowance for credit losses on loans and leases	(954)			(1,030)
Total loans and leases held for investment, net	$	59,471		$	59,702
Loans held for sale	233			265
Total loans and leases, net	$	59,704		$	59,967

(1)Includes lease financing receivables (net of unearned income of $143 million and $129 million, respectively) of $1.7 billion and $1.7 billion at March 31, 2026 and December 31, 2025, respectively.

(2)Excludes accrued interest receivable of $232 million and $242 million at March 31, 2026 and December 31, 2025, respectively, which is included in Other assets in the Condensed Consolidated Statements of Condition.

(3)We pledged loans of $30.5 billion and $31.5 billion between the FHLB and FRB-NY to serve as collateral for our wholesale borrowings at March 31, 2026 and December 31, 2025, respectively.

HFI loans are reported at amortized cost which includes the outstanding principal balance adjusted for any unamortized premiums, discounts, deferred fees and costs, hedge accounting adjustments and fair value adjustments for acquired loans. The unamortized premiums, discounts, deferred fees and costs and hedge accounting adjustments totaled $403 million and $431 million as of March 31, 2026 and December 31, 2025, respectively.

Loans with Government Guarantees

Substantially all LGG are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs. As of March 31, 2026 and December 31, 2025, LGG totaled $333 million and $331 million, respectively. These loans are recorded in one-to-four family first mortgages and are reported as current within the asset quality information and as pass within our credit rating by vintage table.

Related Party Loans

In the ordinary course of business, the Bank has made loans to officers, directors, and their related interests and parties. All such loans have been made in accordance with regulatory requirements, are on substantially the same terms and underwriting as those prevailing at the time for comparable transactions with unrelated persons, and do not involve higher than normal risk of collectability. A member of the Board of Directors was appointed to the board of another entity with which we had a previous lending relationship. As a result of that appointment, $168 million in outstanding loans now qualifies as loans to a related-party as of March 31, 2026. As of December 31, 2025, the Bank had no material related-party transactions requiring disclosure.

Asset Quality

As of March 31, 2026, there was an immaterial amount of interest income recognized on non-accrual loans classified as held for investment. As of December 31, 2025, there was no interest income recognized on non-accrual loans classified as held for investment.

The following table presents information regarding the delinquency status of our loans held for investment at March 31, 2026:

Current

Loans 30-89 Days Past Due

Loans 90 Days or More Past Due and Still Accruing

Non-Accrual Loans

Total Loans Receivable

Multi-family

FLAGSTAR BANK, NATIONAL ASSOCIATION 10-Q