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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~~June 3130, 2022


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

For the transition period from _________ to _________

Commission File Number: 001-16577

Flagstar Bancorp, Inc.

(Exact name of registrant as specified in its charter).

Michigan

38-3150651

(State or other jurisdiction of

(I.R.S. Employer

Incorporation or organization)

Identification No.)

5151 Corporate Drive,

Troy,

Michigan

48098-2639

(Address of principal executive offices)

(Zip code)

(248) 312-2000

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and formal fiscal year, if changed since last report)

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	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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 Exchange Act). Yes ☐ No ☒.

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


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock	FBC	New York Stock Exchange

As of ~~May~~August 95, 2022, 53,~~245~~330,~~670~~138 shares of the registrant’s common stock, $0.01 par value, were issued and outstanding.

FLAGSTAR BANCORP, INC.

FORM 10-Q

FOR THE QUARTER ENDED ~~March~~June 3130, 2022

TABLE OF CONTENTS

PART I. – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Financial Condition – March 31, 2022 (unaudited) and December 31, 2021	42
	Consolidated Statements of Financial Condition – June 30, 2022 (unaudited) and December 31, 2021	43
	Consolidated Statements of Operations – For the three months ended March 31, 2022 and 2021 (unaudited)	43
	Consolidated Statements of Operations – For the three and six months ended June 30, 2022 and 2021 (unaudited)	44
	Consolidated Statements of Comprehensive Income – For the three months ended March 31, 2022 and 2021 (unaudited)	44
	Consolidated Statements of Comprehensive Income – For the three and six months ended June 30, 2022 and 2021 (unaudited)	45
	Consolidated Statements of Stockholders’ Equity – For the three months ended March 31, 2022 and 2021 (unaudited)	45
	Consolidated Statements of Stockholders’ Equity – For the three and six months ended June 30, 2022 and 2021 (unaudited)	46
	Consolidated Statements of Cash Flows – For the three months ended March 31, 2022 and 2021 (unaudited)	46
	Consolidated Statements of Cash Flows – For the six months ended June 30, 2022 and 2021 (unaudited)	47
	Notes to the Consolidated Financial Statements (unaudited)
	Note 1 - Basis of Presentation	4748
	Note 2 - Investment Securities	4849
	Note 3 - Loans Held-for-Sale	5051
	Note 4 - Loans Held-for-Investment	5051
	Note 5 - Loans With Government Guarantees	6162
	Note 6 - Variable Interest Entities	6162
	Note 7 - Mortgage Servicing Rights	6162
	Note 8 - Derivative Financial Instruments	6364
	Note 9 - Borrowings	6768
	Note 10 - Accumulated Other Comprehensive Income (Loss)	6970
	Note 11 - Earnings Per Share	6970
	Note 12 - Stock-Based Compensation	6970
	Note 13 - Income Taxes	7071
	Note 14 - Regulatory Matters	7071
	Note 15 - Legal Proceeding, Contingencies, and Commitments	7172
	Note 16 - Fair Value Measurements	7374
	Note 17 - Segment Information	8182
	Note 18 - Recently Issued Accounting Pronouncements	8386
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	8487
Item 4.	Controls and Procedures	8487
PART II. – OTHER INFORMATION
Item 1.	Legal Proceedings	8588
Item 1A.	Risk Factors	8588
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	8588
Item 3.	Defaults upon Senior Securities	8588
Item 4.	Mine Safety Disclosures	8588
Item 5.	Other Information	8588
Item 6.	Exhibits	8689
SIGNATURES		8790

GLOSSARY OF 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 Consolidated Financial Statements and Notes:

Term

Definition

Term

Definition

ACL

Allowance for Credit Losses

HELOAN

Home Equity Loan

AFS

Available-for-Sale

HFI

Held-for-Investment

Agencies

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association, Collectively

HFS

Held-for-Sale

HOLA

Home Owners' Loan Act

ALCO

Asset Liability Committee

Home equity

Second Mortgages, HELOANs, HELOCs

ALLL

Allowance for Loan Losses

HPI

Housing Price Index

AOCI

Accumulated Other Comprehensive Income (Loss)

HTM

Held-to-Maturity

ASU

Accounting Standards Update

LGG

Loans with Government Guarantees

Basel III

Basel Committee on Banking Supervision Third Basel Accord

LHFI

Loans Held-for-Investment

C&I

Commercial and Industrial

LHFS

Loans Held-for-Sale

CARES Act

Coronavirus Aid, Relief and Economic Security Act

LIBOR

London Interbank Offered Rate

CDARS

Certificates of Deposit Account Registry Service

LTV

Loan-to-Value Ratio

Certificates of Deposit

Management

Flagstar Bancorp’s Management

CECL

Current Expected Credit Losses

MBS

Mortgage-Backed Securities

CET1

Common Equity Tier 1

MD&A

Management's Discussion and Analysis

CLTV

Combined Loan-to-Value Ratio

MSR

Mortgage Servicing Rights

Common Stock

Common Shares

N/A

Not Applicable

CRE

Commercial Real Estate

N/M

Not Meaningful

Deposit Beta

The change in the annualized cost of our deposits, compared to the change in the Federal Reserve discount rate

NBV

Net Book Value

DOJ

United States Department of Justice

NPL

Nonperforming Loan

DOJ Liability

2012 Settlement Agreement with the Department of Justice

NYSE

New York Stock Exchange

OCC

Office of the Comptroller of the Currency

DTA

Deferred Tax Asset

OCI

Other Comprehensive Income (Loss)

EVE

Economic Value of Equity

QTL

Qualified Thrift Lending

Fannie Mae

Federal National Mortgage Association

Regulatory Agencies

Board of Governors of the Federal Reserve, Office of the Comptroller of the Currency, U.S. Department of the Treasury, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Securities and Exchange Commission

FASB

Financial Accounting Standards Board

FBC

Flagstar Bancorp

FDIC

Federal Deposit Insurance Corporation

REO

Real estate owned and other nonperforming assets, net

Federal Reserve

Board of Governors of the Federal Reserve System

RMBS

Residential Mortgage-Backed Securities

FHA

Federal Housing Administration

RWA

Risk Weighted Assets

FHLB

Federal Home Loan Bank

SEC

Securities and Exchange Commission

FICO

Fair Isaac Corporation

SNC

Shared National Credit Loans

FOAL

Fallout-Adjusted Locks

SOFR

Secured Oversight Financing Rate

FRB

Federal Reserve Bank

TDR

Troubled Debt Restructuring

Freddie Mac

Federal Home Loan Mortgage Corporation

TPO

Third Party Originator

FTE

Full Time Equivalent Employees

UPB

Unpaid Principal Balance

GAAP

United States Generally Accepted Accounting Principles

U.S. Treasury

United States Department of Treasury

GNMA

Government National Mortgage Association

VIE

Variable Interest Entities

HELOC

Home Equity Lines of Credit

XBRL

eXtensible Business Reporting Language

PART I. FINANCIAL INFORMATION


ITEM 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is Management's Discussion and Analysis of the financial condition and results of operations of Flagstar Bancorp, Inc. for the ~~first~~second quarter of 2022, which should be read in conjunction with the financial statements and related notes set forth in Part I, Item 1 of this Form 10-Q and Part II, Item 8 of Flagstar Bancorp, Inc.'s 2021 Annual Report on Form 10-K for the year ended December 31, 2021.

Certain statements in this Form 10-Q, including but not limited to statements included within Management’s Discussion and Analysis of Financial Condition and Results of Operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements are based on the current beliefs and expectations of our Management. Actual results may differ from those set forth in forward-looking statements. See Forward-Looking Statements on page 41 of this Form 10-Q, Part II, Item 1A, Risk Factors of this Form 10-Q and Part I, Item 1A, Risk Factors of Flagstar Bancorp, Inc.'s 2021 Annual Report on Form 10-K for the year ended December 31, 2021. Additional information about Flagstar can be found on our website at www.flagstar.com.

Where we say "we," "us," "our," the "Company," "Bancorp" or "Flagstar," we usually mean Flagstar Bancorp, Inc. However, in some cases, a reference will include our wholly-owned subsidiary Flagstar Bank, FSB (the "Bank"). See the Glossary of Abbreviations and Acronyms on page 3 for definitions used throughout this Form 10-Q.

Introduction

We are a savings and loan holding company founded in 1993. Our business is primarily conducted through our principal subsidiary, the Bank, a federally chartered stock savings bank founded in 1987. We provide commercial and consumer banking services, and we are the ~~6th~~7th largest bank mortgage originator in the nation and the 5th largest subservicer of mortgage loans nationwide. At ~~March~~June 3130, 2022, we had 5,~~341~~036 full-time equivalent employees. Our common stock is listed on the NYSE under the symbol "FBC".

Our relationship-based business model leverages our full-service bank’s capabilities and our national mortgage platform to create ~~build~~ financial solutions for our customers. At ~~March~~June 3130, 2022, we operated 158 full-service banking branches that offer a full set of banking products to consumer, commercial, and government customers. Our banking footprint spans Michigan, Indiana, California, Wisconsin, Ohio and contiguous states.

We originate mortgages through a network of brokers and correspondents in all 50 states and our own loan officers, which includes our direct lending team, from 8279 retail locations in 28 states and 3 call centers. We are also a leading national servicer of mortgage loans and provide complementary ancillary offerings including MSR lending, servicing advance lending and MSR recapture services.

Strategic Merger with New York Community Bancorp, Inc.

On April 26, 2021, it was announced that New York Community Bancorp, Inc. ("NYCB") and Flagstar had entered into a definitive merger agreement (the "Merger Agreement") under which the two companies will combine in an all stock merger. Under the terms of the Merger Agreement, Flagstar shareholders will receive 4.0151 shares of NYCB common stock for each Flagstar share they own. The combined company expects to have over $85 billion in assets and operate nearly 400 traditional branches in nine states and over 80 loan production offices across a 28 state footprint. On August 4, 2021, Flagstar's and NYCB's shareholders each voted in their respective special meetings of shareholders to approve the proposed business combination. The transaction is subject to customary closing conditions, including regulatory approvals.

On April 26, 2022, NYCB and Flagstar entered into Amendment No. 1 (the "Amendment") to the Merger Agreement. Under the Amendment, the parties have agreed to: extend the termination date of the Merger Agreement to October 31, 2022; ~~Change~~change the structure of the merger of the subsidiary banks, so that Flagstar Bank, FSB will initially convert to a national bank charter and New York Community Bank will merge with and into the national bank, with the national bank as the surviving entity; and clarify that approvals of the FDIC and the New York State Department of Financial Services are no longer required but that the approval of the OCC will be required. Other than as expressly modified by the Amendment, the Merger Agreement, remains in full force and effect.

Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals.

Operating Segments

Our operations are conducted through our three operating segments: Community Banking, Mortgage Originations, and Mortgage Servicing. For further information, see MD&A - Operating Segments and Note 17 - Segment Information.

Results of Operations

The following table summarizes our results of operations for the periods indicated:

	Three Months Ended,						~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended,		~~1Q22 vs. 1Q21~~
	March 31, 2022		December 31, 2021		March 31, 2021		Change		Change
	June 30, 2022		March 31, 2022		Change		June 30, 2022		June 30, 2021		Change
	(Dollars in millions, except share data)
Net interest income	$	~~165~~193	$	~~181~~165	$	~~189~~28	$	~~(16)~~358	$	~~(24)~~371	$	(13)
(Benefit) provision for credit losses	(49)		(174)		(285)		(13)		24(72)		59
Total noninterest income	~~160~~131		~~202~~160		~~324~~(29)		~~(42)~~291		~~(164)~~576		(285)
Total noninterest expense	~~261~~256		~~291~~261		~~347~~(5)		~~(30)~~517		~~(86)~~636		(119)
Provision for income taxes	1517		2415		452		~~(9)~~32		~~(30)~~87		(55)
Net income	$	5360	$	8553	$	~~149~~7	$	~~(32)~~113	$	~~(96)~~296	$	(183)
Income per share
Basic	$	01.9913	$	10.6299	$	20.8314	$	(02.~~63)~~12	$	(15.~~84)~~61	$	(3.49)
Diluted	$	01.9912	$	10.6099	$	20.8013	$	(02.~~61)~~11	$	(15.~~81)~~54	$	(3.43)
Weighted average shares outstanding:
Basic	53,~~219~~269,~~866~~631		5253,~~867~~219,~~138~~866		5249,~~675,562~~765		~~352~~53,~~728~~244,886		~~544~~52,~~304~~719,959		524,927
Diluted	53,~~578~~535,~~001~~448		53,~~577~~578,~~832~~001		53(42,~~297,803~~553)		~~169~~53,556,607		~~280~~53,~~198~~417,896		138,711

The following table summarizes our adjusted results of operations(1):

	Three Months Ended,								~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended,		~~1Q22 vs. 1Q21~~
	March 31, 2022		December 31, 2021		March 31, 2021				Change		Change
	June 30, 2022		March 31, 2022		Change				June 30, 2022		June 30, 2021		Change
	(Dollars in millions, except share data)
Net interest income	$	~~165~~193	$	~~181~~165	$	~~189~~28			$	~~(16)~~358	$	~~(24)~~371	$	(13)
(Benefit) provision for credit losses	(49)		(174)		(285)				(13)		24(72)		59
Total noninterest income	~~160~~131		~~202~~160		~~324~~(29)				~~(42)~~291		~~(164)~~576		(285)
Total noninterest expense	~~258~~253		~~285~~258		~~312~~(5)				~~(27)~~511		~~(54)~~602		(91)
Provision for income taxes	1617		2516		531				~~(9)~~33		~~(37)~~95		(62)
Net income	$	5563	$	9055	$	~~176~~8	$	—	$	~~(35)~~118	$	~~(121)~~322	$	(204)
Income per share
Basic	$	1.0318	$	1.7103	$	30.3415			$	(02.~~68)~~21	$	(26.~~31)~~11	$	(3.90)
Diluted	$	1.0217	$	1.6902	$	30.3115			$	(02.~~67)~~20	$	(26.~~29)~~03	$	(3.83)

(1)See Use of Non-GAAP Financial Measures for further information.

The following table summarizes certain selected ratios and statistics for the periods indicated:

	Three Months Ended,						Six Months Ended
	March 31, 2022			December 31, 2021			March 31, 2021
	June 30, 2022			March 31, 2022			June 30, 2022			June 30, 2021
Selected Ratios:
Interest rate spread (1)	23.9147		%	2.7991		%	23.5519		%	2.62		%
Net interest margin	3.1169		%	23.9611		%	23.8240		%	2.86		%
Adjusted net interest margin (2)	3.12		%	2.98		%	3.02		%
Return on average assets	1.01		%	0.89		%	0.94		%	2.04		%
Return on average assets	0.89		%	1.28		%	1.98		%
Adjusted return on average assets (2)	1.05		%	0.92		%	0.98		%	2.22		%
Adjusted return on average assets (2)	0.92		%	1.35		%	2.34		%
Return on average common equity	8.74		%	7.87		%	8.31		%	24.82		%
Return on average common equity	7.87		%	12.74		%	25.73		%
Return on average tangible common equity (2)	9.49		%	8.61		%	9.05		%	26.92		%
Return on average tangible common equity (2)	8.61		%	13.79		%	27.99		%
Adjusted return on average tangible common equity (2)	10.09		%	9.10		%	9.60		%	30.66		%
Adjusted return on average tangible common equity (2)	9.10		%	14.90		%	32.97		%
Common equity-to-assets ratio	10.82		%	11.75		%	10.82		%	9.23		%
Common equity-to-assets ratio	11.75		%	10.67		%	8.01		%
Common equity-to-assets ratio (average for the period)	11.54		%	11.12		%	11.33		%	8.21		%
Common equity-to-assets ratio (average for the period)	11.12		%	10.08		%	7.71		%
Efficiency ratio	79.1		%	80.4		%	79.7		%	67.2		%
Efficiency ratio	80.4		%	75.9		%	67.7		%
Adjusted efficiency ratio (2)	78.1		%	79.6		%	78.8		%	63.6		%
Adjusted efficiency ratio (2)	79.6		%	74.4		%	60.8		%
Selected Statistics:
Selected Statistics:
Book value per common share	$	50.50		$	51.33		$	50.50		$	47.26
Book value per common share	$	51.33		$	51.09		$	44.71
Tangible book value per share (2)	$	47.83		$	48.61		$	47.83		$	44.38
Tangible book value per share (2)	$	48.61		$	48.33		$	41.77
Number of common shares outstanding	53,329,993			53,236,067			53,329,993			52,862,264
Number of common shares outstanding	53,236,067			53,197,650			52,752,600

(1)Interest rate spread is the difference between the yield earned on average interest-earning assets for the period and the rate of interest paid on average interest-bearing liabilities.

(2) See Use of Non-GAAP Financial Measures for further information.

Overview

Net income for the quarter- ended ~~March~~June 3130, 2022 was $5360 million, or $01.9912 per diluted share, compared to ~~fourth~~first quarter ~~2021~~2022 net income of $8553 million, or $10.6099 per diluted share. ~~When~~Second ~~adjusting for the pre-tax impact of merger related expenses, first~~ quarter 2022 adjusted net income was $5563 million, or $1.0217 per diluted share, as compared to $9055 million, or $1.6902 per diluted share, in the ~~fourth~~first quarter of ~~2021~~2022 when adjusting for the impact of merger related expenses.

Net interest income inincreased ~~the first quarter declined~~ $1628 million, or 917 percent, as compared to the ~~prior~~first quarter 2022, driven by a ~~$2.7~~58 ~~billion,~~basis orpoint 11increase ~~percent, reduction~~ in ~~average~~net interest~~-earning~~ ~~assets~~margin, which was partially offset by a 15$0.6 ~~basis~~billion, ~~points~~or ~~increase~~3 percent, net decrease in average earning assets. The net interest margin. Inexpansion ~~the~~was ~~first~~largely ~~quarter,~~attributable ato ~~smaller~~our ~~mortgage~~asset ~~market~~sensitivity, ~~and~~higher ~~seasonality~~rates ~~drove~~on ~~declines~~newly inpurchased ~~our~~investment ~~HFS~~securities and ~~warehouse~~a ~~loan~~lag ~~portfolios~~on ~~compared~~deposit topricing ~~the~~increases. ~~prior~~We ~~quarter,~~grew ~~which~~our ~~were~~loans ~~partially~~held ~~offset~~for investment by a $~~360~~1.0 ~~million~~billion, ~~increase~~led inby our commercial ~~and industrial loan~~ portfolio.; ~~The~~however, ~~margin~~this ~~expansion~~growth was ~~largely~~more ~~attributable~~than tooffset ~~the~~by ~~impact~~a of$1.3 ~~income~~billion ~~recognized~~decrease ~~from the payoff of loans with government guarantees~~ in ~~forbearance~~our ~~and~~mortgage ~~higher rates on newly originated~~ loans held-for-sale. driven by lower mortgage volume.

Net ~~return~~gain on ~~mortgage~~loan ~~servicing~~sales ~~rights~~decreased ~~increased~~ $1018 million, toor ~~$29~~40 ~~million~~percent, ~~for~~compared to the ~~first~~prior quarter ~~2022~~, ~~compared~~driven toby alower $gain on sale margins, which decreased 19 ~~million~~basis ~~net~~points ~~return~~to 39 basis points for the ~~fourth~~second quarter ~~2021~~2022. The ~~increase~~reduction in ~~interest~~margin ~~rates~~was ~~during~~primarily ~~the~~due ~~quarter~~to ~~resulted~~a $1.1 billion, or 47 percent, decline in ~~improved~~our ~~valuations~~retail ~~and~~volume. ~~hedging~~This ~~results~~decline was primarily in the direct-to-consumer channel as wea ~~reduced~~result ~~our~~of ~~hedge~~lower ~~ratio~~refinance volumes caused by the rising rate environment. The net return on ~~this~~mortgage ~~portfolio~~servicing rights decreased $7 million to ~~help~~$22 ~~mitigate~~million for the ~~impact~~second ofquarter ~~higher~~2022, ~~mortgage~~compared ~~rates~~to ona ~~our~~$29 ~~mortgage~~million ~~origination~~return ~~revenue.~~for the first quarter 2022.

~~Net~~Our ~~gain~~benefit onfor ~~sales~~credit ~~decreased~~losses ~~$46~~for ~~million, or 51 percent compared to~~ the ~~prior~~ quarter ~~driven~~ended byJune 30, ~~lower~~2022 ~~gain~~was on$9 ~~loan~~million, ~~sale~~compared ~~margins~~to ~~which~~a ~~declined~~benefit 44of ~~basis~~$4 ~~points,~~million toin ~~58 basis points for~~ the first quarter 2022,. asOur ~~compared~~benefit tofor ~~102~~credit ~~basis~~losses ~~points~~in ~~for~~ the ~~fourth~~second quarter ~~2022.~~reflects ~~The~~the ~~decrease~~strong ~~was~~performance ~~largely~~of ~~the~~our ~~result~~portfolio, oflow ~~$21~~number ~~million~~of ~~fewer re~~non-~~securitization~~accrual ~~gains from cured LGG~~ loans and ~~secondary~~a ~~marketing,~~reduction ~~which were impacted by the speed of rate changes~~ in ~~the~~reserves ~~quarter~~for ~~and~~our ~~volatility.~~loans ~~Fallout~~with ~~adjusted~~government ~~lock~~guarantees ~~volume~~as ~~declined~~a toresult ~~$7.7~~of ~~billion~~pay-offs ~~from~~and ~~$8.9~~improvements ~~billion~~in ~~for~~ the ~~fourth~~delinquency ~~quarter~~trends ~~2021,~~of ~~reflecting~~expired ~~lower~~forbearance ~~refinance volumes due to increasing interest rates~~loans.

~~Our~~We ~~benefit~~serviced ~~for~~or ~~credit~~subserviced ~~losses~~1.4 ~~for~~million ~~the~~accounts ~~quarter~~as ~~ended~~of ~~March~~June 3130, 2022 ~~was $4 million~~, ~~compared to~~ a ~~benefit~~10 ofpercent ~~$17~~increase ~~million~~compared into ~~the~~March ~~fourth quarter 2021. Our benefit for credit losses in the first quarter was driven by the reduction in our ACL reserve reflecting one non-accrual commercial loan~~31, no2022 ~~commercial~~as ~~delinquencies~~we ~~and~~continued ~~low levels of consumer delinquencies while forbearance loans continue~~ to ~~decrease~~grow asthis ~~of March 31, 2022~~business.

We subserviced 1.3 million accounts as of March 31, 2022, a 2 percent increase compared to December 31, 2021 as we continued to grow this business.

Net Interest Income

The following ~~table~~tables ~~presents~~present details on our net interest margin and net interest income on a consolidated basis:

	Three Months Ended,
	March 31, 2022						December 31, 2021						March 31, 2021
	June 30, 2022						March 31, 2022
	AverageBalance		Interest		AnnualizedYield/Rate		AverageBalance		Interest		AnnualizedYield/Rate		~~AverageBalance~~		~~Interest~~		~~AnnualizedYield/Rate~~
	(Dollars in millions)
Interest-Earning Assets
Loans held-for-sale	$	43,~~833~~571	$	4036	34.3110	%	$	64,~~384~~833	$	4940	3.1031	%	$	~~7,464~~	$	53	~~2.83~~	%
Loans held-for-investment
Residential first mortgage	1,~~500~~789		1316		3.3568	%	1,~~569~~500		13		3.2235	%	~~2,132~~		17		~~3.20~~	%
Home equity	~~598~~614		67		4.0574	%	~~635~~598		6		34.9305	%	~~820~~		7		~~3.50~~	%
Other	1,~~253~~302		1516		4.8680	%	1,~~229~~253		1615		4.8086	%	~~1,040~~		12		~~4.79~~	%
Total consumer loans	3,~~351~~705		3439		4.0425	%	3,~~433~~351		3534		34.9204	%	~~3,992~~		36		~~3.68~~	%
Commercial real estate	3,~~226~~366		2941		34.6078	%	3,~~260~~226		29		3.4560	%	~~3,042~~		26		~~3.36~~	%
Commercial and industrial	12,~~834~~169		1626		34.5265	%	1,~~473~~834		1416		3.6952	%	~~1,486~~		13		~~3.53~~	%
Warehouse lending	34,~~973~~099		3234		3.2527	%	53,~~148~~973		4732		3.5425	%	~~6,395~~		64		~~4.00~~	%
Total commercial loans	9,~~033~~634		77101		34.4311	%	9,~~881~~033		9077		3.5343	%	~~10,923~~		~~103~~		~~3.76~~	%
Total loans held-for-investment (1)	1213,~~384~~339		~~111~~140		34.5915	%	1312,~~314~~384		~~125~~111		3.6359	%	~~14,915~~		~~139~~		~~3.73~~	%
Loans with government guarantees	1,~~402~~161		15		45.4013	%	1,~~742~~402		1115		24.6240	%	~~2,502~~		4		~~0.56~~	%
Investment securities	2,~~021~~310		1117		2.1989	%	2,~~104~~021		11		2.0919	%	~~2,210~~		12		~~2.21~~	%
Interest-earning deposits	~~929~~577		—1		0.1664	%	~~747~~929		—		0.1516	%	87		—		~~0.14~~	%
Total interest-earning assets	$	2120,~~569~~958	$	~~177~~209	3.3096	%	$	2421,~~291~~569	$	~~196~~177	3.1830	%	$	~~27,178~~	$	~~208~~	~~3.06~~	%
Other assets	2,~~592~~909						2,~~408~~592						~~2,887~~
Total assets	$	2423,~~161~~867					$	2624,~~699~~161					$	~~30,065~~
Interest-Bearing Liabilities
Retail deposits
Demand deposits	$	1,~~626~~725	$	—1	0.0910	%	$	1,~~692~~626	$	—	0.0509	%	$	~~1,852~~	$	—	~~0.07~~	%
Savings deposits	4,~~253~~251		2		0.1416	%	4,~~211~~253		2		0.14	%	~~3,945~~		1		~~0.14~~	%
Money market deposits	~~887~~926		—		0.0916	%	~~927~~887		—		0.09	%	~~685~~		—		~~0.06~~	%
Certificates of deposit	~~929~~851		1		0.35	%	~~973~~929		1		0.4435	%	~~1,293~~		4		~~0.96~~	%
Total retail deposits	7,~~695~~753		34		0.1517	%	7,~~803~~695		3		0.15	%	~~7,775~~		5		~~0.25~~	%
Government deposits	1,~~879~~699		1		0.1732	%	1,~~998~~879		1		0.17	%	~~1,773~~		1		~~0.22~~	%
Wholesale deposits and other	~~1,071~~935		2		0.8998	%	1,~~238~~071		32		0.9389	%	~~1,031~~		4		~~1.59~~	%
Total interest-bearing deposits	10,~~645~~387		67		0.2326	%	1110,~~039~~645		76		0.2523	%	~~10,579~~		10		~~0.38~~	%
Short-term FHLB advances and other	~~658~~1,124		—3		01.2205	%	~~1,258~~658		1—		0.1922	%	~~2,779~~		1		~~0.17~~	%
Long-term FHLB advances	~~1,260~~982		3		01.9815	%	1,~~400~~260		43		0.8898	%	~~1,200~~		3		~~1.03~~	%
Other long-term debt	396		3		3.2307	%	396		3		3.1623	%	~~453~~		5		~~4.11~~	%
Total interest-bearing liabilities	$	12,~~959~~889	$	1216	0.3948	%	$	1412,~~093~~959	$	1512	0.39	%	$	~~15,011~~	$	19	~~0.51~~	%
Noninterest-bearing deposits
Retail deposits and other	2,~~474~~460						2,~~468~~474						~~2,270~~
Custodial deposits (2)	4,~~970~~641						64,~~309~~970						~~7,194~~
Total noninterest bearing deposits	7,~~444~~101						87,~~777~~444						~~9,464~~
Other liabilities	1,~~071~~123						1,~~137~~071						~~3,271~~
Stockholders’ equity	2,~~687~~754						2,~~692~~687						~~2,319~~
Total liabilities and stockholders' equity	$	2423,~~161~~867					$	2624,~~699~~161					$	~~30,065~~
Net interest-earning assets	$	8,~~610~~069					$	108,~~198~~610					$	~~12,167~~
Net interest income			$	~~165~~193					$	~~181~~165					$	~~189~~
Interest rate spread (3)					23.9147	%					2.7991	%					~~2.55~~	%
Net interest margin (4)					3.1169	%					23.9611	%					~~2.82~~	%
Ratio of average interest-earning assets to interest-bearing liabilities					~~166~~162.46	%					~~172~~166.4	%					~~181.1~~	%
Total average deposits	$	1817,~~089~~488					$	1918,~~816~~089					$	~~20,043~~

(1)Includes nonaccrual loans. For further information on nonaccrual loans, see Note 4 - Loans Held-for-Investment.

(2)Includes noninterest-bearing custodial deposits that arise due to the servicing of loans for others.

(3)Interest rate spread is the difference between rates of interest earned on interest-earning assets and rates of interest paid on interest-bearing liabilities.

(4)Net interest margin is net interest income divided by average interest-earning assets.


	Six Months Ended,
	June 30, 2022						June 30, 2021
	Average Balance		Interest		Annualized Yield/ Rate		Average Balance		Interest		Annualized Yield/ Rate
	(Dollars in millions)
Interest-Earning Assets
Loans held-for-sale	$	4,199	$	77	3.65	%	$	7,181	$	105	2.94	%
Loans held-for-investment
Residential first mortgage	1,645		29		3.53	%	2,009		32		3.23	%
Home equity	606		13		4.40	%	784		14		3.56	%
Other	1,278		30		4.83	%	1,071		25		4.80	%
Total consumer loans	3,529		72		4.15	%	3,864		71		3.73	%
Commercial real estate	3,296		70		4.21	%	3,068		52		3.36	%
Commercial and industrial	2,002		42		4.14	%	1,467		27		3.62	%
Warehouse lending	4,036		66		3.26	%	5,900		118		3.98	%
Total commercial loans	9,334		178		3.78	%	10,435		197		3.75	%
Total loans held-for-investment (1)	12,863		250		3.88	%	14,299		268		3.74	%
Loans with government guarantees	1,281		30		4.73	%	2,422		8		0.67	%
Investment securities	2,166		28		2.56	%	2,166		24		2.20	%
Interest-earning deposits	752		1		0.35	%	150		—		0.14	%
Total interest-earning assets	$	21,261	$	386	3.63	%	$	26,218	$	405	3.09	%
Other assets	2,752						2,814
Total assets	$	24,013					$	29,032
Interest-Bearing Liabilities
Retail deposits
Demand deposits	$	1,676	$	1	0.10	%	$	1,768	$	—	0.07	%
Savings deposits	4,252		3		0.15	%	4,015		3		0.14	%
Money market deposits	907		1		0.12	%	724		—		0.06	%
Certificates of deposit	890		1		0.35	%	1,209		5		0.80	%
Total retail deposits	7,725		6		0.16	%	7,716		8		0.22	%
Government deposits	1,788		2		0.24	%	1,784		2		0.21	%
Wholesale deposits and other	1,002		5		0.93	%	1,101		8		1.47	%
Total interest-bearing deposits	10,515		13		0.25	%	10,601		18		0.35	%
Short-term FHLB advances and other	892		3		0.74	%	2,600		2		0.17	%
Long-term FHLB advances	1,120		6		1.05	%	1,200		6		1.03	%
Other long-term debt	396		6		3.13	%	424		8		3.68	%
Total interest-bearing liabilities	$	12,923	$	28	0.44	%	$	14,825	$	34	0.47	%
Noninterest-bearing deposits
Retail deposits and other	2,467						2,264
Custodial deposits (2)	4,805						6,688
Total noninterest bearing deposits	7,272						8,952
Other liabilities	1,098						2,871
Stockholders’ equity	2,721						2,384
Total liabilities and stockholders' equity	$	24,014					$	29,032
Net interest-earning assets	$	8,338					$	11,393
Net interest income			$	358					$	371
Interest rate spread (3)					3.19	%					2.62	%
Net interest margin (4)					3.40	%					2.86	%
Ratio of average interest-earning assets to interest-bearing liabilities					164.5	%					176.9	%
Total average deposits	$	17,787					$	19,554

(1)Includes nonaccrual loans. For further information on nonaccrual loans, see Note 4 - Loans Held-for-Investment.

(2)Includes noninterest-bearing custodial deposits that arise due to the servicing of loans for others.

(3)Interest rate spread is the difference between rates of interest earned on interest-earning assets and rates of interest paid on interest-bearing liabilities.

(4)Net interest margin is net interest income divided by average interest-earning assets.

The following table presents the dollar amount of changes in interest income and interest expense for the components of interest-earning assets and interest-bearing liabilities. The table distinguishes between the changes related to average outstanding balances (changes in volume while holding the initial rate constant) and the changes related to average interest rates (changes in average rates while holding the initial balance constant). The rate/volume variances are allocated to rate. Rate and volume variances are calculated on each line separate as an indication of the magnitude. Line items may not aggregate to the totals due to mix changes.

	Three Months Ended,						~~Three~~Six Months Ended,
	March 31, 2022 versus December 31, 2021 Increase (Decrease) Due to:						March 31, 2022 versus March 31, 2021 Increase (Decrease) Due to:
	June 30, 2022 versus March 31, 2022 Increase (Decrease) Due to:						June 30, 2022 versus June 30, 2021 Increase (Decrease) Due to:
	Rate		Volume		Total		Rate		Volume		Total
	(Dollars in millions)
Interest-Earning Assets
Loans held-for-sale	$	49	$	(13)	$	(94)	$	616	$	(1944)	$	(1328)
Loans held-for-investment
Residential first mortgage	1—		~~(1)~~3		—3		13		(56)		(43)
Home equity	—1		—		—1		12		(23)		(1)
Other	~~(1)~~—		—1		(1)		—		35		35
Total consumer loans	—1		~~(1)~~4		~~(1)~~5		47		(6)		~~(2)~~1
Commercial real estate	—10		—2		—12		114		24		318
Commercial and industrial	~~(1)~~6		34		210		—5		310		315
Warehouse lending	~~(5)~~1		~~(10)~~1		~~(15)~~2		(815)		(2437)		(3252)
Total commercial loans	~~(6)~~18		~~(7)~~6		~~(13)~~24		~~(8)~~2		(1821)		(2619)
Total loans held-for-investment	~~(6)~~19		~~(8)~~10		~~(14)~~29		~~(4)~~9		(2427)		(2818)
Loans with government guarantees	83		(43)		4—		1326		(24)		1122
Investment securities	—4		—2		—6		—4		~~(1)~~—		~~(1)~~4
Interest-earning deposits and other	—2		—(1)		—1		—1		—		—1
Total interest-earning assets	$	338	$	(226)	$	~~(19)~~32	$	1258	$	(4377)	$	(3119)
Interest-Bearing Liabilities
Interest-bearing deposits	$	(1)	$	—	$	(1)	$	(45)	$	—	$	(45)
Short-term FHLB advances and other borrowings	~~(1)~~2		—1		~~(1)~~3		—2		(1)		(1)
Long-term FHLB advances	(1)		—(1)		~~(1)~~—		—		—		—
Other long-term debt	—		—		—		(1)		(1)		(2)
Total interest-bearing liabilities	~~(2)~~4		~~(1)~~—		~~(3)~~4		(42)		(34)		(76)
Change in net interest income	$	534	$	(216)	$	~~(16)~~28	$	1660	$	(4073)	$	(2413)

Comparison to Prior Quarter

Net interest income for the three months ended ~~March~~June 3130, 2022 was $~~165~~193 million, aan ~~decrease~~increase of $16 28 million, or 917 percent as compared to the ~~fourth~~first quarter ~~2021~~2022. The results ~~primarily~~ reflect a 58 basis point increase in net interest margin partially offset by a $20.76 billion, or 113 percent, net decrease in average earning assets. ~~primarily~~The ~~from~~$1.0 ~~lower~~billion ~~mortgage~~growth ~~loans~~in ~~held-for-sale~~our ~~and warehouse~~ loans ~~due~~held tofor ~~seasonality~~investment, ~~and~~led aby ~~smaller~~our ~~mortgage~~commercial ~~origination~~portfolio, ~~market.~~was ~~These~~more ~~decreases~~than ~~were partially~~ offset by a $~~360~~1.3 ~~million~~billion ~~higher~~decrease ~~balances~~ in our ~~commercial~~mortgage ~~and~~loans ~~industrial~~held-for-sale, ~~loan~~driven ~~portfolio~~by ~~and~~lower amortgage ~~higher net interest margin~~volume.

The net interest margin increased 1558 basis points to 3.1169 percent for the quarter ended ~~March~~June 3130, 2022, as compared to 23.9611 percent for the quarter ended ~~December~~March 31, ~~2021~~2022. The increase in net interest margin was largely attributable to ~~the~~our ~~impact~~asset ~~from~~sensitivity, ~~the~~hedging ~~Federal Reserve's March rate increase~~strategies, ~~income~~higher ~~recognition~~rates ~~resulting~~on ~~from~~newly ~~the~~purchased ~~payoff~~investment ofsecurities ~~LGG in forbearance,~~ and ~~higher~~a ~~yields~~lag on ~~newly~~deposit ~~originated~~pricing ~~LHFS~~increases.

Average total deposits were $1817.15 billion in the ~~first~~second quarter 2022, decreasing $10.76 billion, or 93 percent, from the ~~fourth~~first quarter ~~2021~~2022. The decrease was primarily driven by a decrease of $10.3 billion, or 217 percent, in average custodial deposits due to a reduction in mortgage refinance activity driven by the higher rate environment.

Comparison to Prior Year Quarter

Net interest income for the three months ended March 31, 2022 was $165 million, a decrease of $24 million as compared to the three months ended March 31, 2021. The 13 percent decrease was driven by a decline in average earning assets, primarily from mortgage loans held-for-sale and warehouse loans due to a smaller mortgage origination market. In addition, average LGG decreased $1.1 billion driven by loans exiting forbearance and being resold.

Net interest margin increased 29 basis points to 3.11 percent for the three months ended March 31, 2022, as compared to 2.82 percent for the three months ended March 31, 2021 primarily due to higher interest rates, income recognition resulting from the payoff of LGG in forbearance as a majority of these loans were not earning interest in the first quarter of 2021 and higher rates on newly originated LHFS.

Average interest-bearing liabilities decreased $2.1 billion, primarily driven by a decrease of $2.1 billion in short term FHLB borrowings due to a reduction in our overall asset base.

Provision for Credit Losses

Comparison to Prior Quarter

The benefit for credit losses was $4 million for the three months ended March 31, 2022, as compared to a $17 million benefit for credit losses for the three months ended December 31, 2021. Our benefit for credit losses in the first quarter was driven by a reduction in our ACL reserve that reflects the credit quality of our outstanding portfolio with a low number of non-accrual loans and no commercial delinquencies as of March 31, 2022. During the first quarter 2022, we had $21 million of net charge-offs, primarily all from the $20 million charge-off of a commercial credit that had an $18 million specific reserve at December 31, 2021. The prior quarter benefit contained qualitative reserve reductions reflecting strong portfolio performance and asset quality.

Comparison to Prior Year Quarter

The benefit for credit losses was $4 million for the three months ended March 31, 2022, as compared to a benefit of $28 million for the three months ended March 31, 2021 which was driven by improved economic forecasts in the prior year.

For further information on the provision for credit losses, see MD&A - Credit Quality.

Comparison to Prior Year to Date

Net interest income for the six months ended June 30, 2022 was $358 million, a decrease of $13 million as compared to the six months ended June 30, 2021. The 4 percent decrease was driven by a decline in average earning assets, primarily from mortgage loans held-for-sale and warehouse loans due to a smaller mortgage origination market.

Net interest margin increased 54 basis points to 3.40 percent for the six months ended June 30, 2022, as compared to 2.86 percent for the six months ended June 30, 2021 primarily due to our asset sensitivity in a rising interest rate environment. Additionally, in the first six months of 2021, the majority of our $2.4 billion of LGG were not earning interest due to forbearance.

Average interest-bearing liabilities decreased $1.9 billion, primarily driven by a decrease of $1.7 billion in short term FHLB borrowings due to a reduction in our overall asset base due to a smaller mortgage origination market. Total interest earning deposit costs decreased 10 basis points.

Noninterest Income

The following tables provide information on our noninterest income and other mortgage metrics:

	Three Months Ended,								~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended,				~~1Q22 vs. 1Q21~~
	March 31, 2022		December 31, 2021		March 31, 2021				Change				Change
	June 30, 2022		March 31, 2022		Change				June 30, 2022				June 30, 2021		Change
	(Dollars in millions)
Net gain on loan sales	$	4527	$	9145	$	~~227~~(18)			$	~~(46)~~72			$	~~(182)~~395	$	(323)
Loan fees and charges	2729		2927		422				~~(2)~~56				~~(15)~~79		(23)
Net return on mortgage servicing rights	29		19		—				10				29
Net return (loss) on mortgage servicing rights	22		29		(7)				51				(5)		56
Loan administration income	33		3633		27—				~~(3)~~66				654		12
Deposit fees and charges	9		89		8—				118				117		1
Other noninterest income	1711		1917		20(6)				~~(2)~~28				~~(3)~~36		(8)
Total noninterest income	$	~~160~~131	$	~~202~~160	$	~~324~~(29)	$	—	$	~~(42)~~291	$	—	$	~~(164)~~576	$	(285)

	Three Months Ended,									~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended,			~~1Q22 vs. 1Q21~~
	March 31, 2022			December 31, 2021			March 31, 2021			Change			Change
	June 30, 2022			March 31, 2022			Change			June 30, 2022			June 30, 2021			Change
	(Dollars in millions)
Mortgage rate lock commitments (fallout-adjusted) (1)(3)	$	7,~~700~~100		$	87,~~900~~700		$	~~12,300~~(600)		$	(114,~~200)~~800		$	(424,~~600)~~800		$	(10,000)
Mortgage loans closed (3)	$	87,~~200~~700		$	108,~~700~~200		$	~~13,800~~(500)		$	(215,~~500)~~900		$	(526,600)		$	(10,700)
Mortgage loans sold and securitized (3)	$	96,900		$	129,~~100~~900		$	13(3,~~700~~000)		$	(216,~~200)~~800		$	(327,~~800)~~600		$	(10,800)
Net margin on mortgage rate lock commitments (fallout-adjusted) (1)(2)	0.5839		%	10.0258		%	1(0.8419)		%	(0.~~44)~~49		%	(1.~~26)~~60		%	(1.11)		%
Net margin on loans sold and securitized	0.4539		%	0.7545		%	1(0.6506)		%	(0.~~30)~~43		%	(1.~~20)~~42		%	(0.99)		%

(1)Fallout-adjusted refers to mortgage rate lock commitments which are adjusted by estimates of the percentage of mortgage loans in the pipeline that are not expected to close based on our historical experience and the impact of changes in interest rates.

(2)Gain on sale margin is based on net gain on loan sales to fallout-adjusted mortgage rate lock commitments.

(3)Rounded to nearest hundred million.

Comparison to Prior Quarter

Noninterest income decreased $42 29 million for the quarter ended ~~March~~June 3130, 2022, compared to the quarter ended ~~December~~March 31, ~~2021~~2022, primarily due to the following:

•Net gain on loan sales decreased $4618 million as compared to the ~~fourth~~first quarter ~~2021~~2022. Gain on sale margins decreased 4419 basis points, to 5839 basis points for the ~~first~~second quarter 2022, as compared to ~~102~~58 basis points for the ~~fourth~~first quarter ~~2021~~2022. The overall decrease ~~was~~and ~~largely~~reduction ~~the~~in ~~result~~margin ofwas ~~$21~~primarily ~~million~~due ~~fewer~~to ~~re-securitization~~a ~~gains~~$1.1 ~~from~~billion, ~~the~~or ~~LGG~~47 ~~portfolio and secondary marketing performance~~percent, ~~which~~decline ~~was~~in ~~impacted~~our byretail ~~the~~volume. ~~speed~~This ofdecline ~~interest~~was ~~rate~~primarily ~~changes~~ in the ~~quarter.~~direct-to-consumer ~~FOALs~~channel ~~decreased~~as ~~$1.2~~a ~~billion,~~result orof ~~13 percent, to $7.7 billion, reflecting~~ lower refinance volumes ~~due~~caused toby ~~increasing~~the rising interest ~~rates~~rate environment.

•Net return on mortgage servicing rights was $2922 million in the ~~first~~second quarter of 2022, ana ~~increase~~decrease of $107 million compared to the ~~fourth~~first quarter of ~~2021~~2022. ~~The~~Both ~~increase~~quarters' inreturns ~~interest~~reflected ~~rates during~~ the ~~quarter resulted in improved valuations and hedging results as we~~ reduced ~~our~~ hedge ratio on this portfolio ~~to help mitigate the impact of higher mortgage rates on our mortgage origination revenue.~~

•Loan administration income decreased $3 million, to $33 million for the first quarter 2022, compared to $36 million for the fourth quarter 2021, driven by a decline in the average number of subserviced loans in forbearance which earn a higher rate.

•Loan fees and charges decreased $2 million to $27 million for the first quarter of 2022, compared to $29 million for the fourth quarter 2021, primarily due to a 23 percent decrease in mortgage loans closed partially offset by higher ancillary fee income in our servicing business.

~~Comparison~~implemented in the first quarter of 2022 to ~~Prior~~help ~~Year Quarter~~mitigate the impact of higher mortgage rates on our mortgage origination revenue.

~~Noninterest~~•Loan administration income ~~decreased~~was $~~164~~33 million for the ~~three~~second ~~months~~quarter ~~ended March 31,~~ 2022, ~~compared~~consistent towith the ~~three~~first ~~months~~quarter ~~ended~~2022. ~~March 31,~~During ~~2021~~the second quarter, ~~primarily~~higher ~~due~~income tofrom ~~the~~a ~~following:~~10 percent increase in loans serviced or subserviced for others was offset by higher LIBOR-based fees paid on custodial deposits that are subserviced.

~~•Net~~Comparison ~~gain on loan sales decreased $182 million, primarily due~~ to ~~$4.6~~Prior ~~billion lower FOALs and a 126 basis points decrease in our gain on sale margin driven by the reduction in mortgage origination market, reduced refinance activity due~~ Year to ~~higher mortgage rates and the resulting increased competition.~~Date

~~•Net~~Noninterest ~~return~~income ondecreased ~~mortgage servicing rights increased~~ $29285 million, ~~primarily~~for ~~driven by~~ the ~~increase~~six inmonths ~~interest~~ended ~~rates~~June 30, ~~which~~2022, ~~resulted~~compared into ~~improved~~the ~~valuations~~six ~~and~~months ~~hedging~~ended ~~results~~June 30, as2021, weprimarily ~~reduced~~due ~~our hedge ratio on this portfolio in the first quarter of 2022~~ to ~~help mitigate~~ the ~~impact of higher mortgage rates on our mortgage origination revenue.~~following:

•~~Loan~~Net ~~administration~~gain ~~income~~on ~~increased~~loan sales decreased $6323 million, ~~driven~~ primarily bydue ato ~~decline~~$10.0 inbillion ~~LIBOR-based~~lower ~~credits~~FOALs ~~paid~~and toa ~~sub-servicing~~111 ~~customers~~basis onpoints ~~custodial~~decrease ~~deposits~~in ~~controlled~~our bygain ~~them~~on ~~which~~sale ~~declined~~margin, ~~$2.2~~driven ~~billion~~by ~~along~~the ~~with~~reduction ~~higher~~in ~~overall~~the ~~subservicing~~mortgage ~~fee~~origination ~~income~~market due to anhigher ~~increase~~mortgage rates which has resulted in ~~the~~increased ~~average~~competition ~~number~~and oflower ~~loans~~volume with the largest decline being ~~subserviced~~to our highest margin retail channel.

•~~Loan~~Net ~~fees~~return ~~and~~on ~~charges~~mortgage ~~decreased~~servicing rights increased $1556 million, primarily driven by athe 40increase ~~percent~~in ~~decrease~~interest rates which resulted in improved valuations and hedging results as we reduced our hedge ratio on this portfolio in the first quarter of 2022 to help mitigate the impact of higher mortgage ~~loans~~rates ~~closed~~on our mortgage origination revenue. ~~This~~We ~~decrease~~have ~~was~~also ~~partially~~grown ~~offset~~the average MSR asset by ~~higher~~31 ~~ancillary~~percent ~~fee~~for ~~income~~the ~~from~~six ~~our~~months ~~servicing~~ended ~~business~~June 30, 2022, as compared to the same period one year ago.

•Loan administration income increased $12 million, primarily driven by higher overall subservicing fee income due to an increase in the average number of loans being subserviced.

•Loan fees and charges decreased $23 million, primarily driven by a 40 percent decrease in mortgage loans closed. This decrease was partially offset by higher ancillary fee income from our servicing business.

Noninterest Expense

The following table sets forth the components of our noninterest expense:

	Three Months Ended,									~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended,			~~1Q22 vs. 1Q21~~
	March 31, 2022			December 31, 2021			March 31, 2021			Change			Change
	June 30, 2022			March 31, 2022			Change			June 30, 2022						June 30, 2021			Change
	(Dollars in millions)
Compensation and benefits	$	~~127~~122		$	~~137~~127		$	~~144~~(5)		$	~~(10)~~249		$	~~(17)~~		$	266		$	(17)
Occupancy and equipment	4546			4745			461			~~(2)~~91			~~(1)~~			95			(4)
Commissions	2622			3826			62(4)			~~(12)~~48			~~(36)~~			112			(64)
Loan processing expense	2123			21			212			—44			—			43			1
Legal and professional expense	1110			1311			8(1)			~~(2)~~21			3			20			1
Federal insurance premiums	4			4			6—			—8			~~(2)~~			10			(2)
Intangible asset amortization	23			32			31			~~(1)~~5			~~(1)~~			5			—
General, administrative and other	2526			2825			571			~~(3)~~51			~~(32)~~			85			(34)
Total noninterest expense	$	~~261~~256		$	~~291~~261		$	~~347~~(5)		$	~~(30)~~517		$	~~(86)~~		$	636		$	(119)
Efficiency ratio	8079.41		%	7580.94		%	67(1.73)		%	479.57		%	~~12.7~~		%	67.2		%	12.5		%
Number of FTE employees	5,~~341~~036			5,~~395~~341			~~5,418~~(305)			~~(54)~~5,036			~~(77)~~			5,503			(467)

Comparison to Prior Quarter

Noninterest expense decreased to $~~261~~256 million for the quarter ended ~~March~~June 3130, 2022, compared to $~~291~~261 million for the quarter ended ~~December~~March 31, ~~2021~~2022. Excluding $3 million of merger costs in ~~the~~each ~~first quarter~~ of ~~2022~~the ~~and~~first $6two ~~million~~quarters of ~~merger costs in the fourth quarter 2021~~2022, noninterest expense decreased $275 million, or 92 percent. The decrease in noninterest expense is primarily ~~reflects~~due ~~lower commissions as mortgage loan closings decreased 23 percent compared~~ to the ~~prior quarter and a decrease in incentive compensation partially offset by seasonally higher payroll taxes and benefits.~~following:

•Compensation and benefits decreased $5 million from the prior quarter, primarily driven by lower compensation and benefits, primarily driven by a reduction in FTE and lower benefit and payroll tax.

•Commissions decreased $4 million, primarily due to a reduction in retail mortgage closings.

Comparison to Prior Year ~~Quarter~~to Date

Noninterest expense decreased $86119 million for the ~~three~~six months ended ~~March~~June 3130, 2022, compared to the ~~three~~six months ended ~~March~~June 3130, 2021, primarily due to the following:

•Mortgage commissions decreased $3664 million, primarily driven by a 40 percent reduction in mortgage loan closings.

•Compensation and benefits decreased $17 million, primarily due to a decrease in incentive compensation and ~~slightly~~ lower average FTE.

•~~General,~~ ~~administrative~~Occupancy and ~~other~~equipment ~~noninterest expense~~ decreased $324 million ~~primarily~~due ~~driven~~to bylower ~~the $35 million DOJ final settlement expense recognized during the three months ended March 31, 2021. The quarter ended March 31, 2021 includes $3 million of~~ merger related expenses.

•General, administrative and other noninterest expense decreased $34 million, primarily driven by the $35 million DOJ final settlement expense recognized during the six months ended June 30, 2021. The six months ended June 30, 2022 includes $6 million of merger expenses and the six months ended June 30, 2021 includes $9 million of merger expenses.

Provision for Income Taxes

The ~~first~~second quarter provision for income taxes totaled $1517 million, as compared to a provision for income taxes of $2415 million for the ~~fourth~~first quarter ~~2021~~2022, with an effective tax rate of 22 percent, in-line with the effective tax rate for the ~~fourth~~first quarter ~~2021~~2022.

Provision for Credit Losses

Comparison to Prior Quarter

The benefit for credit losses was $9 million for the three months ended June 30, 2022, as compared to a $4 million benefit for credit losses for the three months ended March 31, 2022. Our benefit for credit losses in the second quarter is reflective of the strong performance of our portfolio, low number of non-accrual loans and a meaningful improvement in forbearance-related delinquencies. During the second quarter 2022, we had $1 million of net charge-offs.

Comparison to Prior Year to Date

The benefit for credit losses was $13 million for the six months ended June 30, 2022, as compared to a benefit of $72 million for the six months ended June 30, 2021. The decrease is reflective of improved economic forecasts and credit conditions in 2021 as the economy continued to recover from the conditions caused by the pandemic, as compared to the more stable economic forecasts in 2022.

For further information on the provision for credit losses, see MD&A - Credit Quality.

Operating Segments

Our operations are conducted through three operating segments: Community Banking, Mortgage Originations, and Mortgage Servicing. The Other segment includes the remaining reported activities. The operating segments have been determined based on the products and services offered and reflect the manner in which financial information is currently evaluated by Management. Each of the operating segments is complementary to each other and because of the interrelationships of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

WeAs ~~charge~~a ~~the~~result ~~lines~~ of ~~business~~Management's ~~for~~evaluation ~~the~~of ~~net~~our ~~charge-offs~~segments, ~~that~~effective ~~occur.~~January In1, ~~addition to this amount~~2022, wecertain ~~charge~~administrative ~~them~~departments ~~for~~have ~~the~~been ~~change~~realigned inbetween ~~loan balances during~~ the ~~period,~~Community ~~applied~~Banking atand the ~~budgeted~~Other ~~credit loss factor~~segment. The ~~difference~~income ~~between the consolidated provision (benefit) for credit losses~~ and ~~the~~expenses ~~sum~~relating ofto ~~total~~these ~~net~~changes ~~charge-offs~~are ~~and~~reflected ~~the change~~ in ~~loan~~our ~~balances~~financial isstatements ~~assigned~~and toall ~~the~~prior ~~“Other”~~period segment, ~~which~~financial ~~includes~~information ~~the~~has ~~changes~~been ~~related~~recast to ~~the~~conform ~~economic forecasts, model changes, qualitative adjustments and credit downgrades. The amount assigned~~ to ~~“Other” is allocated back to~~ the ~~lines~~current ~~of business through general, administrative and other noninterest expense~~presentation.

~~For~~We ~~detail~~charge onthe ~~each~~lines ~~segment's~~of ~~objectives~~business for the net charge-offs that occur. In addition to this amount, ~~strategies~~we charge them for the change in loan balances during the period, applied at the budgeted credit loss factor. The difference between the consolidated provision (benefit) for credit losses and ~~priorities,~~the ~~please~~sum ~~read~~of ~~this~~total ~~section~~net charge-offs and the change in ~~conjunction~~loan ~~with~~balances ~~Note 17~~is -assigned ~~Segment~~to ~~Information.~~the

“Other” segment, which includes the changes related to the economic forecasts, model changes, qualitative adjustments and credit downgrades. The amount assigned to “Other” is allocated back to the lines of business through general, administrative and other noninterest expense.

For detail on each segment's objectives, strategies, and priorities, please read this section in conjunction with Note 17 - Segment Information.

Community Banking

Our Community Banking segment serves commercial, governmental and consumer customers in our banking footprint which spans throughout Michigan, Indiana, California, Wisconsin, Ohio and contiguous states. We also serve home builders, correspondents, and commercial customers on a national basis. The Community Banking segment originates and purchases loans, while also providing deposit and fee-based services to consumer, business and mortgage lending customers.

Our commercial customers operate in a diversified range of industries including financial, insurance, service, manufacturing, and distribution. We offer financial products to these customers for use in their normal business operations, as well as provide financing of working capital, capital investments, and equipment. Additionally, our CRE business supports income producing real estate and home builders. The Community Banking segment also offers warehouse lines of credit to non-bank mortgage lenders.

	Three Months Ended,						~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended		~~1Q22 vs. 1Q21~~
Community Banking	~~March~~June 3130, 2022		~~December~~March 31, ~~2021~~2022		~~March 31, 2021~~Change		~~Change~~June 30, 2022		~~Change~~		June 30, 2021		Change
	(Dollars in millions)
Summary of Operations
Net interest income	$	~~122~~136	$	~~147~~122	$	~~156~~14	$	~~(25)~~258	$	~~(34)~~	$	305	$	(47)
(Benefit) provision for credit losses	2213		922		(149)		1335		36		(13)		48
Net interest income after (benefit) provision for credit losses	~~100~~123		~~138~~100		~~170~~23		~~(38)~~223		~~(70)~~		318		(95)
Other noninterest income	18		16		18		2		—
Loan fees and charges	—		—		—		—				1		(1)
Total noninterest income	18		16		18		2		—
Loan administration income	(1)		—		(1)		(1)				—		(1)
Compensation and benefits	28		26		31		2		(3)
Other noninterest income	19		18		1		37				34		3
Commissions	1		1		1		—		—
Total noninterest income	18		18		—		36				35		1
Loan processing expense	2		1		1		1		1
Compensation and benefits	28		28		—		56				51		5
General, administrative and other	18		21		25		(3)		(7)
Commissions	—		1		(1)		1				1		—
Total noninterest expense	49		49		58		—		(9)
Loan processing expense	1		2		(1)		3				3		—
Income before indirect overhead allocations and income taxes	69		105		130		(36)		(61)
General, administrative and other	34		18		16		52				33		19
Indirect overhead allocation	(10)		(9)		(10)		(1)		—
Total noninterest expense	63		49		14		112				88		24
Provision for income taxes	12		20		25		(8)		(13)
Income before indirect overhead allocations and income taxes	78		69		9		147				265		(118)
Net income	$	47	$	76	$	95	$	(29)	$	(48)
Indirect overhead allocation	(12)		(10)		(2)		(22)				(19)		(3)
Key Metrics
Provision for income taxes	11		12		(1)		23				52		(29)
Number of FTE employees	1,173		1,123		1,273		50		(100)
Net income	$	55	$	47	$	8	$	102			$	194	$	(92)
Number of bank branches	158		158		158		—		—
Key Metrics
Number of FTE employees	1,215		1,173		42		1,215				1,155		60
Number of bank branches	158		158		—		158				158		—

Comparison to Prior Quarter

The Community Banking segment reported net income of $4755 million for the quarter ended ~~March~~June 3130, 2022, compared to net income of $7647 million for the quarter ended ~~December~~March 31, ~~2021~~2022. The $298 million decrease was driven by the following:

•Net interest income ~~decreased~~increased $2514 million primarily due to arising ~~$1.2 billion~~interest ~~decline~~rates inand ~~our warehouse portfolio as a result of~~ the ~~reduction~~impact inon ~~the~~our ~~mortgage~~asset ~~origination~~sensitive ~~market~~variable ~~and~~rate aloan ~~higher intercompany funding rate~~portfolio.

•General, administrative and other noninterest expense decreased $3 million due to lower intersegment expense allocations from the Other segment. This is primarily due to the decrease in ACL during the first quarter 2022 resulting in a provision benefit and higher net charge-offs which resulted in a benefit to the Other segment.

•The provision for credit losses was $22 million in the first quarter 2022, compared to a $9 million provision in the prior quarter. The increase was primarily all from the $20 million charge-off associated with one commercial credit.

Comparison to Prior Year Quarter

The Community Banking segment reported net income of $47 million for the three months ended March 31, 2022, compared to $95 million for the three months ended March 31, 2021. The decrease was driven by the following:

•~~Net~~General, ~~interest~~administrative ~~income~~and ~~decreased~~other noninterest expense increased $3416 million ~~primarily~~ due to ~~a $2.4 billion decline in our warehouse portfolio as a result of the reduction in the mortgage origination market and~~ higher ~~intercompany~~intersegment ~~funding rate charges on our assets~~expense.

•The provision for credit losses ofwas $2213 million ~~for~~in the ~~three~~second ~~months~~quarter ~~ended March 31~~2022, ~~2022~~compared to a $22 million provision in the prior quarter. The decrease was primarily driven by athe $20 million charge-off ~~relating~~associated towith one commercial ~~borrower. The $14 million benefit for~~ credit ~~losses~~in ~~for~~ the ~~three~~first ~~months ended March 31~~quarter, ~~2021~~which was ~~primarily~~greater ~~due~~than tothe aimpact ~~$16 million~~of ~~recovery~~the onsecond aquarter ~~previously~~volume ~~charged-off~~driven ~~loan~~increases.

~~•General,~~Comparison ~~administrative and other noninterest expense decreased $7 million due~~ to ~~lower~~Prior ~~intersegment~~Year ~~expense allocations from the Other segment. This is primarily due~~ to ~~the decrease in ACL during the first quarter of 2022, resulting in a provision benefit and higher net charge-offs, which caused a benefit to the Other segment.~~ Date

The Community Banking segment reported net income of $102 million for the six months ended June 30, 2022, compared to $194 million for the six months ended June 30, 2021. The decrease was driven by the following:

•Net interest income decreased $47 million primarily due to a $1.9 billion decline in our warehouse portfolio as a result of the reduction in the mortgage origination market and higher intercompany funding rate charges on our assets.

•The provision for credit losses of $35 million for the six months ended June 30, 2022 was primarily driven by a charge-off relating to one commercial borrower and the impact of non-warehouse HFI loan growth. The $13 million benefit for credit losses for the six months ended June 30, 2021 was primarily due to a $16 million recovery on a previously charged-off loan.

•General, administrative and other noninterest expense increased $19 million due to higher intersegment expense allocations from the Other segment. This is primarily due to the larger decrease in ACL during the first half of 2021, resulting in a provision benefit, which caused a benefit to the Other segment.

Mortgage Originations

We are a leading national originator of residential first mortgages. Our Mortgage Originations segment utilizes multiple distribution channels to originate or acquire one-to-four family residential mortgage loans on a national scale, primarily to sell. Subsequent to sale, we retain certain mortgage servicing rights which are reported at their fair value. The fair value includes service fee revenues, a cost to service which is an intercompany allocation paid to our servicing business, and other financial line impacts. We originate and retain certain mortgage loans in our LHFI portfolio which generate interest income in the Mortgage Originations segment.

	Three Months Ended,									~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended,			~~1Q22 vs. 1Q21~~
Mortgage Originations	~~March~~June 3130, 2022			~~December~~March 31, ~~2021~~2022			~~March 31, 2021~~Change			~~Change~~June 30, 2022			~~Change~~			June 30, 2021			Change
	(Dollars in millions)
Summary of Operations
Net interest income	$	5646		$	6256		$	56(10)		$	~~(6)~~102		$	—		$	114		$	(12)
Provision (benefit) for credit losses	3(6)			(3)			(29)			6(3)			5			(4)			1
Net interest income after provision (benefit) for credit losses	5352			6553			58(1)			~~(12)~~105			~~(5)~~			118			(13)
Net gain on loan sales	4527			9145			~~227~~(18)			~~(46)~~72			~~(182)~~			395			(323)
Loan fees and charges	67			106			241			~~(4)~~13			~~(18)~~			41			(28)
Loan administration expense	(7)			(7)			~~(10)~~—			—(14)			3			(20)			6
Net return on mortgage servicing rights	2922			1929			—(7)			1051			29			(5)			56
Other noninterest income	1(5)			51			3(6)			(4)			~~(2)~~			5			(9)
Total noninterest income	7444			~~118~~74			~~244~~(30)			~~(44)~~118			~~(170)~~			416			(298)
Compensation and benefits	4537			4945			54(8)			~~(4)~~82			~~(9)~~			103			(21)
Commissions	2522			3725			61(3)			~~(12)~~47			~~(36)~~			111			(64)
Loan processing expense	9			119			11—			~~(2)~~18			~~(2)~~			23			(5)
General, administrative and other	114			2311			22(7)			~~(12)~~15			~~(11)~~			42			(27)
Total noninterest expense	9072			~~120~~90			~~148~~(18)			~~(30)~~162			~~(58)~~			279			(117)
Income before indirect overhead allocations and income taxes	3724			6337			~~154~~(13)			~~(26)~~61			~~(117)~~			255			(194)
Indirect overhead allocation	(1516)			(1715)			(191)			2(31)			4			(35)			4
Provision for income taxes	4—			94			28(4)			~~(5)~~4			~~(24)~~			46			(42)
Net income	$	188		$	3718		$	~~107~~(10)		$	~~(19)~~26		$	~~(89)~~		$	174		$	(148)
Key Metrics
Mortgage rate lock commitments (fallout-adjusted) (1)(2)	$	7,~~700~~100		$	87,~~900~~700		$	~~12,300~~(600)		$	(114,~~200)~~800		$	~~(4,600)~~		$	24,800		$	(10,000)
Noninterest expense to closing volume	10.1194		%	1.1311		%	1(0.0717)		%	(01.~~02)~~03		%	~~0.04~~		%	1.02		%	0.01		%
Number of FTE employees	21,~~044~~697			2,~~109~~044			~~2,083~~(347)			~~(100)~~1,697			~~(39)~~			2,134			(437)

(1)Fallout-adjusted refers to mortgage rate lock commitments which are adjusted by a percentage of mortgage loans in the pipeline that are not expected to close based on our historical experience and the impact of changes in interest rates.

(2)Rounded to nearest hundred million.

Comparison to Prior Quarter

The Mortgage Originations segment reported net income of $188 million for the quarter ended ~~March~~June 3130, 2022 as compared to $3718 million for the quarter ended ~~December~~March 31, ~~2021~~2022. The $1910 million decrease was driven by the following:

15•Net gain on loan sales decreased $18 million as compared to the first quarter 2022. Gain on sale margins decreased by 19 basis points to 39 basis points for the second quarter 2022, as compared to 58 basis points for the first quarter 2022. The overall decrease and reduction in margin was primarily due to a $1.1 billion, or 47 percent, decline in our retail volume. This decline was primarily in the direct-to-consumer channel as a result of lower refinance volumes caused by the rising rate environment.

•Net ~~gain~~interest onincome ~~loan sales~~ decreased $4610 million asprimarily ~~compared~~due to ~~the~~a ~~fourth quarter 2021~~$1.3 ~~Gain~~billion, onor ~~sale~~26 ~~margins decreased by 44 basis points to 58 basis points for the first quarter 2022~~percent, asdecline ~~compared~~in ~~to 102 basis points for~~ the ~~fourth~~LHFS ~~quarter 2021. The decrease was largely the result of fewer re-securitization gains from the LGG~~ portfolio ~~and~~driven ~~secondary marketing performance, which was impacted~~ by the ~~speed~~reduction ~~of interest rate changes~~ in the ~~quarter.~~mortgage ~~Channel~~origination ~~margins~~market ~~were~~and ~~down~~higher ~~slightly~~intercompany ~~due~~funding torate ~~competitive~~charges ~~factors.~~on ~~FOALs~~our ~~decreased $1~~assets.~~2 billion, or 13 percent, to $7.7 billion.~~

•Net interest income decreased $6 million primarily due to a $1.6 billion, or 24 percent, decline in the LHFS portfolio driven by the reduction in the mortgage origination market, partially offset by higher interest rates.

•Net return on mortgage servicing rights increased $10 million, to $29 million for the first quarter 2022, compared to a $19 million net return for the fourth quarter 2021. The increase in interest rates during the quarter resulted in improved valuations and hedging results as we reduced our hedge ratio on this portfolio to help mitigate the impact of higher mortgage rates on our mortgage origination revenue.

•Commissions decreased $12 million, primarily due to a 23 percent reduction in mortgage loan closings.

•General, administrative and other noninterest expense decreased $12 million primarily due to lower intersegment expense allocations from the Other segment. This is primarily due to the decrease in ACL during the quarter resulting in a provision benefit and higher net charge-offs which resulted in a benefit to the Other segment.

Comparison to Prior Year Quarter

The Mortgage Originations segment reported net income of $18 million for the three months ended March 31, 2022 and $107 million for the three months ended March 31, 2021. The decrease was driven by the following:

•Net gain on loan sales decreased $182 million primarily due to $4.6 billion lower FOALs and a 126 basis points decrease in our gain on sale margin driven by the challenging mortgage market and competitive factors relative to the prior year.

•Commissions decreased $36 million and loan fees and charges decreased $18 million primarily due to reduction in mortgage closings.

•Compensation and benefits decreased $9 million primarily due to lower incentive compensation and lower FTE.

•General, administrative and other noninterest expense decreased $11 million primarily due to lower intersegment expense allocations from the Other segment. This is primarily due to the decrease in ACL during the quarter resulting in a provision benefit and higher net charge-offs which resulted in a benefit to the Other segment.

•Net return on mortgage servicing rights, including the impact of economic hedges, increased $29 million primarily driven by reduced hedge ratio in this portfolio and increased interest rates during quarter ended March 31, 2021.

Mortgage Servicing

The Mortgage Servicing segment services loans when we hold the MSR asset, and subservices mortgage loans for others through a scalable servicing platform on a fee for service basis. The loans we service generate custodial deposits which provide a stable funding source supporting interest-earning asset generation in the Community Banking and Mortgage Originations segments. We earn income from other segments for the use of noninterest-bearing escrows. Revenue for serviced and subserviced loans is earned on a contractual fee basis, with the fees varying based on our responsibilities and the delinquency or payment status of the underlying loans. Along with these contractual fees, we may also collect ancillary fees related to these loans. The Mortgage Servicing segment also services residential mortgages for our LHFI portfolio in the Community Banking segment and our own MSR portfolio in the Mortgage Originations segment for which it earns intersegment revenue on a fee per loan basis. Our continued growth in our subservicing business and the strength of our platform has made us the 6th largest subservicer in the nation.

	Three Months Ended,						1Q22 vs. 4Q21		1Q22 vs. 1Q21
Mortgage Servicing	March 31, 2022		December 31, 2021		March 31, 2021		Change		Change
	(Dollars in millions)
Summary of Operations
Net interest income	$	3	$	4	$	4	$	(1)	$	(1)
Loan fees and charges	21		18		18		3		3
Loan administration income	43		45		40		(2)		3
Total noninterest income	64		63		58		1		6
Compensation and benefits	16		16		16		—		—
Loan processing expense	9		8		8		1		1
General, administrative and other	21		22		22		(1)		(1)
Total noninterest expense	46		46		46		—		—
Income before indirect overhead allocations and income taxes	21		19		16		2		5
Indirect overhead allocation	(6)		(5)		(6)		(1)		—
Provision for income taxes	3		3		2		—		1
Net income	$	12	$	11	$	8	$	1	$	4
Key Metrics
Average number of residential loans serviced (1)	1,245,000		1,218,000		1,117,000		27,000		128,000
Number of FTE employees	736		729		721		7		15

•Net return on mortgage servicing rights decreased $7 million, to $22 million for the second quarter 2022, compared to a $29 million net return for the first quarter 2022.

•General, administrative and other noninterest expense decreased $7 million due to lower intersegment expense.

•Compensation and benefits declined $8 million driven by continued staffing reductions related to the decrease in the mortgage origination market. Commissions also decreased $3 million due to a reduction in retail mortgage closings.

Comparison to Prior Year to Date

The Mortgage Originations segment reported net income of $26 million for the six months ended June 30, 2022 and $174 million for the six months ended June 30, 2021. The decrease was driven by the following:

•Net gain on loan sales decreased $323 million primarily due to $10.0 billion lower FOALs and a 111 basis points decrease in our gain on sale margin driven by the challenging mortgage market, competitive factors relative to the prior year and a significant reduction in retail channel volumes, which also resulted in a $28 million decline in loan fees and charges.

•The decline in volume was partially offset by our management of variable costs that included a decline in commissions of $64 million due to the decrease in the mortgage volume and a decline in compensation and benefits of $21 million driven by staffing reductions.

•Net return on mortgage servicing rights, including the impact of economic hedges, increased $56 million primarily driven by the hedge ratio on this portfolio and the increase in interest rates during the first half of 2022.

•General, administrative and other noninterest expense decreased $27 million primarily due to lower intersegment expense allocations from the Other segment given the lower asset base and income of the business. Additionally, the allocated benefits from the ACL reductions were larger in the first half of 2021 as compared to the first half of 2022.

Mortgage Servicing


	Three Months Ended,						Six Months Ended,
Mortgage Servicing	June 30, 2022		March 31, 2022		Change		June 30, 2022		June 30, 2021		Change
	(Dollars in millions)
Summary of Operations
Net interest income	$	4	$	3	$	1	$	7	$	7	$	—
Loan fees and charges	22		21		1		43		37		6
Loan administration income	44		43		1		87		80		7
Total noninterest income	66		64		2		130		117		13
Compensation and benefits	18		16		2		34		32		2
Loan processing expense	12		9		3		21		15		6
General, administrative and other	23		21		2		44		44		—
Total noninterest expense	53		46		7		99		91		8
Income before indirect overhead allocations and income taxes	17		21		(4)		38		33		5
Indirect overhead allocation	(7)		(6)		(1)		(13)		(10)		(3)
Provision for income taxes	2		3		(1)		5		5		—
Net income	$	8	$	12	$	(4)	$	20	$	18	$	2

Key Metrics
Average number of residential loans serviced (1)	1,319,000		1,245,000		74,000		1,319,000		1,165,000		154,000
Number of FTE employees	748		736		12		748		730		18

(1)Rounded to nearest thousand.

The following table presents loans serviced and the number of accounts associated with those loans:

March 31, 2022

December 31, 2021

March 31, 2021

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

June 30, 2021

Unpaid Principal Balance (1)

Number of accounts

Unpaid Principal Balance (1)

Number of accounts

Unpaid Principal Balance (1)

Number of accounts

Unpaid Principal Balance (1)

Number of accounts

Unpaid Principal Balance (1)

Number of accounts

(Dollars in millions)

Loan Servicing

Subserviced for others (2)

~~253~~293,~~013~~808

1,~~041~~160,~~251~~087

~~246~~253,~~858~~013

1,~~032~~041,~~923~~251

~~197~~246,~~053~~858

~~921~~1,~~126~~032,923

230,045

1,007,557

211,775

975,467

Serviced for others (3)

4041,~~065~~557

~~154~~160,~~404~~387

3540,~~074~~065

~~137~~154,~~243~~404

4035,~~402~~074

~~160~~137,~~511~~243

31,354

124,665

34,263

139,029

Serviced for own loan portfolio (4)

7,~~215~~959

6062,~~167~~217

87,~~793~~215

6360,~~426~~167

98,~~965~~793

6663,~~363~~426

10,410

70,738

9,685

67,988

Total loans serviced

~~300~~343,~~293~~324

1,~~255~~382,~~822~~691

~~290~~300,~~725~~293

1,~~233~~255,~~592~~822

~~247~~290,~~420~~725

1,~~148~~233,~~000~~592

271,809

1,202,960

255,723

1,182,484

(1)UPB, net of write downs, does not include premiums or discounts.

(2)Loans subserviced for a fee for non-Flagstar owned loans or MSRs. Includes temporary short-term subservicing performed as a result of sales of servicing-released MSRs.

(3)Loans for which Flagstar owns the MSR.

(4)Includes LHFI (residential first mortgage, home equity and other consumer), LHFS (residential first mortgage), LGG (residential first mortgage), and repossessed assets.

Comparison to Prior Quarter

The Mortgage Servicing segment reported net income of $128 million for the quarter ended ~~March~~June 3130, 2022, compared to net income of $1112 million for the quarter ended ~~December~~March 31, ~~2021~~2022. asThe a$4 ~~result~~million ofdecline ain ~~slightly~~net ~~higher~~income ~~number~~was ofthe ~~loans~~result ~~serviced~~of ~~and~~higher ~~subserviced.~~expenses ~~Loan administration income declined $2 million~~ driven by ~~lower~~higher ~~monthly~~boarding ~~subservicing~~ fees ~~due~~on tonew ~~a lower number of~~ loans ~~being~~serviced inand ~~forbearance.~~higher ~~LIBOR-based~~FTE ~~fees paid~~ to ~~sub-servicing~~support ~~customers~~growth onand ~~custodial deposits controlled by them were flat as a $1.3 billion decline in~~ the ~~average~~remaining ~~balance~~population of ~~custodial~~loans ~~deposits~~in ~~was offset by a higher variable rate~~forbearance.

Comparison to Prior Year ~~Quarter~~to Date

The Mortgage Servicing segment reported net income of $1220 million for the ~~three~~six months ended ~~March~~June 3130, 2022, compared to net income of $818 million for the ~~three~~six months ended ~~March~~June 3130, 2021. The $42 million increase in net income was driven by aan ~~$6 million~~ increase in ~~noninterest~~the ~~income~~total ~~primarily~~number ~~driven~~of byloans aserviced ~~$2.2 billion~~partially ~~decline~~offset inby ~~LIBOR-based~~higher ~~fees~~expenses ~~paid~~related to ~~sub-servicing~~this ~~customers on custodial deposits controlled by them and higher ancillary fee income~~growth.

1718

Other

The Other segment includes the treasury functions, which include the impact of interest rate risk management, balance sheet funding activities and the investment securities portfolios, as well as other expenses of a corporate nature, including corporate staff, risk management, and legal expenses which are charged to the line of business segments. The Other segment charges each operating segment a daily funds transfer pricing rate on their average assets which resets more rapidly than the underlying borrowing costs resulting in an asset sensitive position. In addition, the Other segment includes revenue and expenses not directly assigned or allocated to the Community Banking, Mortgage Originations or Mortgage Servicing segments.

	Three Months Ended,						~~1Q22~~Six ~~vs.~~Months ~~4Q21~~Ended,		~~1Q22 vs. 1Q21~~
Other	~~March~~June 3130, 2022		~~December~~March 31, ~~2021~~2022		~~March 31, 2021~~Change		~~Change~~June 30, 2022		~~Change~~		June 30, 2021		Change
	(Dollars in millions)
Summary of Operations
Net interest income	$	~~(16)~~7	$	(3216)	$	~~(27)~~23	$	16(9)	$	11	$	(55)	$	46
(Benefit) provision for credit losses	(2916)		(2329)		~~(12)~~13		(645)		~~(17)~~		(55)		10
Net interest income after (benefit) provision for credit losses	1323		~~(9)~~13		~~(15)~~10		2236		28		—		36
Net gain on loan sales	—		—		—		—		—		—		—
Loan fees and charges	—		1—		—		~~(1)~~—		—		—		—
Loan administration expense	(3)		(23)		~~(3)~~—		(16)		—		(6)		—
Other noninterest income	76		67		7(1)		113		—		14		(1)
Total noninterest income	43		54		4(1)		~~(1)~~7		—		8		(1)
Compensation and benefits	3839		4438		431		~~(6)~~77		~~(5)~~		80		(3)
Commissions	—		—		—		—		—		—		—
Loan processing expense	1		1		1—		—2		—		2		—
General, administrative and other	3728		2937		51(9)		865		~~(14)~~		96		(31)
Total noninterest expense	7668		7476		95(8)		2144		~~(19)~~		178		(34)
Income before indirect overhead allocations and income taxes	(5942)		(7859)		~~(106)~~17		19(101)		47		(170)		69
Indirect overhead allocation	3135		31		354		—66		~~(4)~~		64		2
Provision for income taxes	(4)		(84)		~~(10)~~8		4—		6		(16)		16
Net loss	$	(24)	$	(39)	$	(61)	$	15	$	37
Net gain (loss)	$	(11)	$	(24)	$	13	$	(35)			$	(90)	$	55
Key Metrics
Number of FTE employees	1,~~388~~375		1,~~484~~388		~~1,340~~(13)		~~(96)~~1,375		48		1,484		(109)

Comparison to Prior Quarter

The Other segment reported a net ~~loss~~gain of $2411 million, for the quarter ended ~~March~~June 3130, 2022, compared to a net loss of $3924 million for the quarter ended ~~December~~March 31, ~~2021~~2022. The $1513 million improvement was primarily driven by a $1623 million increase in net interest income as a result of the net impact ~~that~~of ~~higher~~rising ~~interest~~ rates inon our overall net asset position and the ~~first~~hedging ~~quarter~~actions ~~2022~~we ~~had~~took onbeginning ~~our~~in ~~overall~~the ~~asset~~first ~~sensitive~~quarter ~~position~~of 2022.

Comparison to Prior Year ~~Quarter~~to Date

The Other segment reported a net loss of $2435 million for the ~~three~~six months ended ~~March~~June 3130, 2022, compared to a net loss of $6190 million for the ~~three~~six months ended ~~March~~June 3130, 2021. The $3755 million improvement was primarily driven by ana $1146 million increase in net interest income as a result of the net impact ~~that~~of ~~higher~~rising ~~interest~~ rates inon our overall net asset position and the ~~first~~hedging ~~quarter~~actions ~~2022~~we ~~had~~took onbeginning ~~our~~in ~~overall~~the ~~asset~~first ~~sensitive~~quarter ~~position~~of 2022. Additionally, in the first ~~quarter~~six months of 2021, we recorded a $35 million final settlement expense for the DOJ Liability which did not reoccur.

Risk Management

Certain risks are inherent in our business and include, but are not limited to, ~~operational~~credit, ~~strategic~~interest rate, ~~credit~~liquidity, ~~regulatory compliance~~price, ~~legal~~strategic, ~~reputational~~reputation, ~~liquidity~~compliance, ~~market~~ and ~~cybersecurity~~operational risks. We continuously invest in our risk management activities which are focused on ensuring we properly identify, measure and manage such risks across the entire enterprise to maintain safety and soundness and maximize profitability. We hold capital to protect us from unexpected loss arising from these risks.

1819

A comprehensive discussion of risks affecting us can be found in the Risk Factors section included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 and in Part II, Item 1A of this Quarterly Report on Form 10-Q. Some of the more significant processes used to manage and control credit, market, liquidity and operational risks are described in the following paragraphs.

Credit Risk

Credit risk is the risk of loss to us arising from an obligor’s inability or failure to meet contractual payment or performance terms. We provide loans, extend credit, and enter into financial derivative contracts, all of which have related credit risk. We manage credit risk using a thorough process designed to ensure we make prudent and consistent credit decisions. The process was developed with a focus on utilizing risk-based limits and credit concentrations while emphasizing diversification on a geographic, industry and customer level. The process utilizes documented underwriting guidelines, comprehensive documentation standards, and ongoing portfolio monitoring including the timely review and resolution of credits experiencing deterioration. These activities, along with the management of credit policies and credit officers’ delegated authority, are centrally managed by our credit risk team.

We maintain credit limits, in compliance with regulatory requirements. Under HOLA, the Bank may not make a loan or extend credit to a single or related group of borrowers in excess of 15 percent of Tier 1 plus Tier 2 capital and any portion of the ACL not included in Tier 2 capital. This limit was $~~466~~473 million as of ~~March~~June 3130, 2022. We maintain a more conservative maximum internal Bank credit limit than required by HOLA, generally not exceeding $100 million to any one borrower/obligor relationship, with the exception of warehouse borrower/obligor relationships, which have a higher internal Bank limit of $200 million. All warehouse advances are fully collateralized by residential mortgage loans and this asset class has had very low levels of historical loss. We have a tracking and reporting process to monitor lending concentration levels, and all new commercial credit exposures to a single or related borrower that exceed $50 million and all new warehouse credit exposures to a single or related borrower that exceed $75 million must be approved by the Board of Directors. Exceptions to these levels are made to strong borrowers on a case by case basis, with the approval of the Board of Directors.

Our commercial loan portfolio has been built on our relationship-based lending strategy. We provide financing and banking products to our commercial customers in our core banking footprint and we will follow those established customer relationships to meet their financing needs in areas outside of our footprint. We have also formed relationship lending on a national scale through our home builder finance and warehouse lending businesses. At ~~March~~June 3130, 2022, we had $910.95 billion UPB in our commercial loan portfolio, ~~with~~including our warehouse lending and home builder finance businesses, ~~accounting~~which accounted for 5956 percent of the total. Of the remaining commercial loans in our portfolio, the majority of CRE and C&I loans were with customers who have established relationships within our core banking footprint.

Credit risk within the commercial loan portfolio is managed using concentration limits based on line of business, industry, geography and product type. This is managed through the use of strict underwriting guidelines detailed in credit policies, ongoing loan level reviews, monitoring of the concentration limits and continuous portfolio risk management reporting. The commercial credit policy outlines the risks and underwriting requirements and provides a framework for all credit and lending activities. Our commercial loan credit policies consider maturity and amortization terms, maximum LTVs, minimum debt service coverage ratios, construction loan monitoring procedures, appraisal requirements, pro-forma analysis requirements and thresholds for product specific advance rates.

We typically originate loans on a recourse basis with full or partial guarantees. On a limited basis, we may approve loans without recourse if sufficient consideration is provided in the loan structure. Non-recourse loans primarily have low LTVs, strong cash flow coverage or other mitigating factors supporting the lack of a guaranty. These guidelines also require an appraisal of pledged collateral prior to closing and on an as-needed basis when market conditions justify. We contract with a variety of independent licensed professional firms to conduct appraisals that are in compliance with our internal commercial credit and appraisal policies and regulatory requirements.

1920

Our commercial loan portfolio includes leveraged lending. The Bank defines a transaction as leveraged when two or more of the following conditions exist: 1) proceeds from the loan are used for buyouts, acquisitions, recapitalization or capital distributions, 2) the borrower's total funded debt to EBITDA ratio is greater than four or Senior Funded Debt to EBITDA ratio is greater than three, 3) the borrower has a high debt to net worth ratio within its industry or sector as defined by internal limits, and 4) debt leverage significantly exceeds industry norms or historical levels for leverage as defined by internal limits. Leveraged lending transactions typically result in leverage ratios that are significantly above industry norms or historical levels. Our leveraged lending portfolio and other loan portfolios with above-average default probabilities tend to behave similarly during a downturn in the general economy or a downturn within a specific sector. Consequently, we take steps to avoid undue concentrations by setting limits consistent with our appetite for risk and our financial capacity. In addition, there are specific underwriting conditions set for our leveraged loan portfolio and there is additional emphasis on certain items beyond the standard underwriting process including synergies, collateral shortfall and projections.

Our commercial loan portfolio also includes loans that are considered to be SNCs. A SNC is defined as any loan or loan commitment totaling at least $100 million that is shared by three or more ~~federally~~unaffiliated ~~regulated~~supervised institutions. On an annual basis, a joint regulatory task force performs a risk assessment of all SNCs. When completed, these risk ratings are shared and our risk rating must be no better than the risk rating listed in the SNC assessment. Exposure and credit quality for SNCs are carefully monitored and reported internally.

For our CRE portfolio, including owner and nonowner-occupied properties and home builder finance lending, we obtain independent appraisals as part of our underwriting and monitoring process. These appraisals are reviewed by an internal appraisal group that is independent from our sales and credit teams.

The home builder finance group is a national relationship-based lending platform that focuses on markets with strong housing fundamentals and higher population growth potential. The team primarily originates construction and development loans. We generally lend in metropolitan areas or counties where verifiable market statistics and data are readily available to support underwriting and ongoing monitoring. We also evaluate the jurisdictions and laws, demographic trends (age, population and income), housing characteristics and economic indicators (unemployment, economic growth, household income trends) for the geographies where our borrowers primarily operate. We engage independent licensed professionals to supply market studies and feasibility reports, environmental assessments and project site inspections to complement the procedures we perform internally. Further, we perform ongoing monitoring of the projects including periodic inspections of collateral and annual portfolio and individual credit reviews.

The consumer loan portfolio has been built on strong underwriting criteria and within concentration limits intended to diversify our risk profile. Our consumer loan portfolio includes high credit quality residential first and second lien mortgage loans, non-auto boat and recreational vehicle indirect lending loans and other unsecured consumer loans.

Loans Held-for-Investment

The following table summarizes the amortized cost of our LHFI by category:

	March 31, 2022		% of Total		December 31, 2021		% of Total		Change
	June 30, 2022		% of Total		December 31, 2021		% of Total		Change
	(Dollars in millions)
Consumer loans
Residential first mortgage	$	12,~~499~~205	1115.30	%	$	1,536	11.5	%	$	~~(37)~~669
Home equity (1)	~~596~~645		4.54	%	613		4.5	%	~~(17)~~32
Other	1,~~267~~331		9.61	%	1,236		9.2	%	3195
Total consumer loans	34,~~362~~181		2528.45	%	3,385		25.2	%	~~(23)~~796
Commercial loans
Commercial real estate	3,~~254~~387		2423.61	%	3,223		24.0	%	31164
Commercial and industrial	12,~~979~~653		1518.01	%	1,826		13.6	%	~~153~~827
Warehouse lending	4,~~641~~434		3530.13	%	4,974		37.1	%	(~~333~~540)
Total commercial loans	910,~~874~~474		7471.65	%	10,023		74.8	%	~~(149)~~451
Total loans held-for-investment	$	1314,~~236~~655	100.0	%	$	13,408	100.0	%	$	~~(172)~~1,247

(1)Includes second mortgages, HELOCs, and HELOANs.

~~The~~Our ~~decrease in our~~ commercial loan portfolio ofgrew $~~149~~451 million, or 14 percent, ~~is mainly due to warehouse repayments outpacing advances~~ from December 31, 2021 to ~~March~~June 3130, 2022, ~~partially~~as ~~offset~~growth byof $~~184~~991 million ~~higher balances~~ in our ~~commercial~~CRE and ~~industrial~~C&I ~~and~~portfolios ~~commercial~~was ~~real~~partially ~~estate~~offset ~~loan~~by ~~portfolios.~~lower ~~Our~~warehouse ~~consumer~~lending ~~loan~~as ~~portfolio~~a ~~decreased~~result ~~$23~~of ~~million,~~the orweaker 1

2021

~~percent,~~mortgage ~~from~~origination ~~December 31,~~market. ~~2021~~Our tocommercial ~~March 31,~~loan ~~2022~~growth aswas aled ~~$31~~by ~~million~~MSR ~~increase in other consumer~~ loans ~~was~~which ~~more~~are ~~than~~included ~~offset~~in byour aC&I ~~$37~~portfolio. ~~million~~We ~~decrease~~also ingrew ~~residential~~our ~~first~~consumer ~~mortgage~~portfolio ~~loans and a~~ $17796 million ~~decrease~~led inby ~~home~~growth ~~equity~~in ~~loans~~strong ~~due~~credit toquality ~~higher~~residential ~~prepayments~~first ~~due to refinance activity~~mortgages.

Residential first mortgage loans. We originate or purchase 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. We typically hold certain mortgage loans in LHFI that do not qualify for sale to the Agencies and that have an acceptable yield and risk profile. The LTV requirements on our residential first mortgage loans vary depending on occupancy, property type, loan amount, and FICO scores. Loans with LTVs exceeding 80 percent are required to obtain mortgage insurance. As of ~~March~~June 3130, 2022, loans in this portfolio had an average current FICO score of ~~731~~733 and ana weighted average current LTV of 5169 percent. At June 30, 2022, the residential first mortgage loan portfolio includes home equity loans in a first lien position totaling $73 million.

The following table presents amortized cost of our total residential first mortgage LHFI by major category:

	March 31, 2022		December 31, 2021
	June 30, 2022		December 31, 2021
	(Dollars in millions)
Estimated LTVs (1)
Less than 80% and current FICO scores (2):
Equal to or greater than 660	$	~~962~~1,508	$	988
Less than 660	5532		50
80% and greater and current FICO scores (2):
Equal to or greater than 660	~~369~~552		385
Less than 660	113		113
Total	$	12,~~499~~205	$	1,536
Geographic region
California	$	~~444~~759	$	441
Michigan	~~438~~453		400
Florida	80120		68
Texas	73123		83
Washington	57126		59
New York	4266		38
Indiana	4031		34
Colorado	3150		30
Illinois	2740		31
New Jersey	2226		24
Other	~~245~~411		328
Total	$	12,~~499~~205	$	1,536

(1)LTVs reflect loan balance at the date reported, as a percentage of appraised property value at loan closing.

(2)FICO scores are updated at least on a quarterly basis or more frequently, if available.

The following table presents the amortized cost of our total residential first mortgage LHFI as of ~~March~~June 3130, 2022, by year of closing:

	2022			2021			2020			2019			2018 and Prior			Total
	(Dollars in millions)
Residential first mortgage loans	$	~~114~~908		$	~~352~~339		$	~~189~~179		$	~~257~~244		$	~~587~~535		$	12,~~499~~205
Percent of total	741.62		%	2315.54		%	128.61		%	1711.1		%	3924.2		%	100.0		%

Home equity. Our home equity portfolio includes ~~HELOANs,~~ second mortgage loans, in the form of HELOANs and HELOCs. These loans are underwritten and priced in an effort to ensure credit quality and loan profitability. Our debt-to-income ratio on HELOANs and HELOCs is capped at 43 percent and 45 percent, respectively. We currently limit the maximum CLTV to 89.99 percent and FICO scores to a minimum of 700. ~~Second mortgage loans and~~ HELOANs are fixed rate loans and are available with terms up to 20 years. ~~HELOC~~HELOCs ~~loans~~ are variable-rate loans that contain a 10-year interest only draw period followed by a 20-year amortizing period. As of ~~March~~June 3130, 2022, loans in this portfolio had an average current FICO score of 753 ~~and an average CLTV of 54 percent~~. ~~At March 31, 2022, HELOCs and HELOANs in a first lien position totaled $63 million.~~

Other consumer loans. Our other consumer loan portfolio consists of secured and unsecured loans originated through our indirect lending business, third party closings and our Community Banking segment.

The following table presents amortized cost of our other consumer loan portfolio by purchase type:

	March 31, 2022				December 31, 2021
	Balance		% of Portfolio		Balance		% of Portfolio
	(Dollars in millions)
Indirect lending	$	935	74	%	$	926	75	%
Point of sale	295		23	%	272		22	%
Other	37		3	%	38		3	%
Total other consumer loans	$	1,267	100	%	$	1,236	100	%

Other consumer loans totaled $1.3 billion as of March 31, 2022, compared to $1.2 billion at December 31, 2021. The increase in other consumer loans was primarily due to the ongoing growth in our non-auto, boat and recreational vehicle indirect lending businesses, which began in late 2018, of which 66 percent is secured by boats and 34 percent is secured by recreational vehicles and growth in our point of sale portfolio. As of March 31, 2022, loans in our indirect portfolio had an average current FICO score of 747. Point of sale loans consist of unsecured consumer installment loans originated primarily for home improvement purposes through a third-party financial technology company who also provides us a level of credit loss protection.

Commercial real estate loans. The CRE portfolio contains loans collateralized by diversified property types which are primarily income producing in the normal course of business. The majority of our retail exposure is to neighborhood centers and single tenant locations, which include pharmacies and hardware stores. Generally, the maximum LTV is 80 percent, or 90 percent for owner-occupied real estate, and the minimum debt service coverage is 1.20. Our CRE loans primarily earn interest at a variable rate.

Our national home builder finance program within our commercial portfolio contained $3.0 billion in commitments with $1.2 billion in outstanding loans as of March 31, 2022. Of these outstanding loans $861 million are collateralized and included in our CRE portfolio while $334 million are unsecured and included in our C&I portfolio.

As of March 31, 2022, our CRE portfolio included $158 million of SNCs and no leveraged lending loans compared to $186 million of SNCs and no leveraged lending loans as of December 31, 2021. As of March 31, 2022, the SNC portfolio had ten borrowers with an average amortized cost of $16 million and an average commitment of $19 million. There were no nonperforming SNC or leveraged loans as of March 31, 2022 and there was no SNC that was rated as substandard. There was one special mention SNC loan for $22 million as of March 31, 2022. There were no leveraged loans outstanding that were rated as special mention or substandard as of March 31, 2022.

The following table presents amortized cost of our ~~total~~other ~~CRE~~consumer ~~LHFI~~loan portfolio by ~~collateral~~purchase ~~location and collateral~~ type:

	MI			TX			CA			OH			FL			Other			Total			% by collateral type
	June 30, 2022									December 31, 2021
	(Dollars in millions)
	Balance			% of Portfolio						Balance			% of Portfolio
March 31, 2022
	(Dollars in millions)
Home builder	$	27		$	169		$	100		$	—		$	186		$	379		$	861		26.6	%
Indirect lending	$	972		73		%				$	926		75		%
Multi family	209			44			66			50			22			77			468			14.4	%
Point of sale	300			23		%				272			22		%
Owner occupied	300			4			24			8			—			59			395			12.1	%
Other	59			4		%				38			3		%
Hotel	159			—			26			30			—			180			395			12.1	%
Total other consumer loans	$	1,331		100		%				$	1,236		100		%
Retail (1)	203			—			2			55			3			33			296			9.1	%
Senior living facility	122			24			—			68			—			56			270			8.3	%
Office	173			—			20			4			—			55			252			7.7	%
Industrial	55			—			—			—			—			21			76			2.3	%
Parking garage/lot	46			—			—			—			—			20			66			2.0	%
Shopping Mall	—			—			16			—			—			—			16			0.5	%
Land-residential (2)	5			—			7			—			—			—			12			0.4	%
Single family residence (3)	6			—			—			—			—			1			7			0.2	%
All other (4)	15			48			—			5			—			72			140			4.3	%
Total	$	1,320		$	289		$	261		$	220		$	211		$	953		$	3,254		100.0	%
Percent by state	40.6		%	8.9		%	8.0		%	6.8		%	6.5		%	29.2		%	100.0		%

Other consumer loans increased $95 million to $1.3 billion as of June 30, 2022, compared to $1.2 billion at December 31, 2021, driven by growth in our non-auto indirect lending and point of sale portfolios. Within the indirect lending portfolio, 69 percent is secured by boats and 31 percent is secured by recreational vehicles. As of June 30, 2022, loans in our indirect portfolio had an average current FICO score of 749. Point of sale loans consist of unsecured consumer installment loans originated for home improvement purposes through a third-party financial technology company who also provides us a level of credit loss protection.

Commercial real estate loans. The CRE portfolio contains loans collateralized by diversified property types which are primarily income producing in the normal course of business. The majority of our retail exposure is to neighborhood centers and single tenant locations, which include pharmacies and hardware stores. Generally, the maximum underwritten LTV is 80 percent, or 90 percent for owner-occupied real estate, and the minimum underwritten debt service coverage is 1.20. Our CRE loans primarily earn interest at a variable rate.

Our national home builder finance program within our commercial portfolio contained $3.4 billion in commitments with $1.5 billion in outstanding loans as of June 30, 2022. Of these outstanding loans $993 million are collateralized and included in our CRE portfolio while our C&I portfolio includes $480 million unsecured loans.

As of June 30, 2022, our CRE portfolio included $160 million of SNCs compared to $186 million of SNCs as of December 31, 2021. As of June 30, 2022, the SNC portfolio had eight borrowers with an average amortized cost of $20 million and an average commitment of $25 million. There were no nonperforming SNCs as of June 30, 2022 and there were no SNC loans that were rated as substandard or special mention as of June 30, 2022. There were no leveraged loans outstanding in the CRE portfolio as of June 30, 2022 or December 31, 2021.

The following table presents the amortized cost of our total CRE LHFI by collateral location and collateral type:


	MI			TX			CA			CO			OH			Other			Total			% by collateral type
	(Dollars in millions)
June 30, 2022
Home builder	$	29		$	194		$	132		$	189		$	—		$	449		$	993		29.3	%
Multi family	194			41			72			33			44			73			457			13.5	%
Owner occupied	284			3			19			—			13			52			371			11.0	%
Hotel	155			—			26			—			30			181			392			11.6	%
Retail (1)	207			—			2			3			55			25			292			8.6	%
Senior living facility	125			24			—			—			70			59			278			8.2	%
Office	178			—			20			—			4			49			251			7.4	%
Industrial	55			—			8			—			—			28			91			2.7	%
Parking garage/lot	46			—			—			—			—			20			66			1.9	%
Shopping Mall	—			—			17			—			—			—			17			0.5	%
All other (2)	25			48			7			5			—			94			179			5.3	%
Total	$	1,298		$	310		$	303		$	230		$	216		$	1,030		$	3,387		100.0	%
Percent by state	38.3		%	9.2		%	8.9		%	6.8		%	6.4		%	30.4		%	100.0		%

(1)Includes multipurpose retail space, neighborhood centers, shopping centers and single-use retail space.

(2)~~Loans~~All ~~secured~~other byprimarily ~~land.~~includes: ~~Land~~mini-storage ~~residential~~facilities, ~~includes~~data ~~development~~centers, ~~and~~movie ~~unimproved~~theaters, ~~vacant land~~etc.

(3)Loans secured by 1-4 single family residence properties.

(4)All other primarily includes: mini-storage facilities, data centers, movie theaters, etc.

Commercial and industrial loans. C&I LHFI facilities typically include lines of credit and term loans to businesses for use in normal business operations to finance working capital, equipment and capital purchases, acquisitions and expansion projects. We lend to customers with a history of profitability and a long-term business model. Generally, leverage conforms to industry standards and the minimum debt service coverage is 1.20 times. Of our C&I loans, 96 percent earn interest at a variable rate.

As of March 31, 2022, our C&I portfolio included $1.0 billion of SNCs. The finance and insurance sector and the services sector comprised the majority of the portfolio's NBV with 39 and 28 percent of the balance, respectively. The SNC portfolio had forty-nine borrowers with an average amortized book value of $21 million and an average commitment of $37 million. There were no NPLs, no loans were rated as special mention, and loans totaling $23 million of amortized cost were rated as substandard as of March 31, 2022.

As of March 31, 2022, our C&I portfolio included $327 million of leveraged lending, of which $232 million were SNCs, which were also included in the SNC portfolio discussed in the prior paragraph. The manufacturing sector comprised 50 percent of the leveraged lending portfolio, and the financial and insurance sector comprised 20 percent. There were $9 million in NPLs as of March 31, 2022, and loans totaling $25 million were rated substandard and loans totaling $9 million were rated as special mention. Included in the financial and insurance sector within our C&I portfolio are $342 million in loans outstanding to 8 borrowers that are collateralized by MSR assets with an average amortized cost of $43 million and an average commitment of $72 million. The ratio of the loan outstanding to the fair market value of the collateral ranges from 12 percent to 69 percent.

~~The~~Commercial ~~following~~and ~~table~~industrial ~~presents~~loans. ~~amortized~~C&I ~~cost~~LHFI facilities typically include lines of ~~our~~credit ~~total~~and ~~C&I~~term ~~LHFI~~loans byto ~~borrower's~~businesses ~~geographic~~for ~~location~~use in normal business operations to finance working capital, equipment and ~~industry~~capital ~~type~~purchases, asacquisitions ~~defined~~and byexpansion projects. We lend to customers with a history of profitability and a long-term business model. Generally, leverage conforms to industry standards and the ~~North~~minimum ~~American~~debt ~~Industry~~service ~~Classification~~coverage ~~System:~~is 1.20 times. Of our C&I loans, 96 percent earn interest at a variable rate.

	MI			NY			FL			SC			CA			NJ			TX			OH			WI			IN			Other			Total			% by industry
	(Dollars in millions)
March 31, 2022
Financial & Insurance	$	27		$	232		$	47		$	103		$	22		$	98		$	43		$	41		$	22		$	—		$	82		$	717		36.2	%
Services	131			1			16			—			10			11			—			1			—			3			99			272			13.7	%
Manufacturing	238			4			—			—			—			—			—			—			7			—			47			296			15.0	%
Home Builder Finance	—			—			122			39			82			—			52			—			—			—			39			334			16.9	%
Rental & Leasing	156			27			30			—			—			—			—			—			—			8			24			245			12.4	%
Distribution	35			—			—			—			13			—			—			1			—			1			3			53			2.7	%
Healthcare	3			—			—			—			—			—			—			18			—			—			12			33			1.7	%
Government & Education	2			—			—			—			2			—			—			—			—			—			12			16			0.8	%
Commodities	—			—			—			—			5			—			—			—			—			1			7			13			0.7	%
Total	$	591		$	263		$	214		$	141		$	133		$	108		$	94		$	61		$	29		$	13		$	325		$	1,979		100.0	%
Percent by state	30.0		%	13.0		%	11.0		%	7.0		%	7.0		%	6.0		%	5.0		%	3.0		%	1.0		%	1.0		%	16.0		%	100.0		%

As of June 30, 2022, our C&I portfolio included $1.5 billion of SNCs. The finance and insurance sector and the services sector comprised the majority of the portfolio's NBV with 45 and 31 percent of the balance, respectively. The SNC portfolio had fifty-three borrowers with an average net book value of $28 million and an average commitment of $43 million. There were no NPLs, no loans were rated as special mention, and one borrower with loans totaling $23 million of amortized cost were rated as substandard as of June 30, 2022.

As of June 30, 2022, our C&I portfolio included $339 million of leveraged lending, of which $220 million were SNCs, which were also included in the SNC portfolio discussed in the prior paragraph. The manufacturing sector comprised 44 percent of the leveraged lending portfolio, and the financial and insurance sector comprised 20 percent. There were no NPLs as of June 30, 2022, and three loans totaling $25 million were rated substandard and one loan totaling $9 million was rated as special mention.

Included in the financial and insurance sector within our C&I portfolio are $687 million in loans outstanding to 12 borrowers that are collateralized by MSR assets with an average net book value of $57 million and an average commitment of $85 million. The ratio of the loan outstanding to the fair market value of the collateral ranges from 14 percent to 70 percent.

The following table presents the amortized cost of our total C&I LHFI by borrower's geographic location and industry type as defined by the North American Industry Classification System:


	MI			FL			NY			SC			TX			CA			NJ			OH			WI			IN			Other			Total			% by industry
	(Dollars in millions)
June 30, 2022
Financial & Insurance	$	96		$	163		$	305		$	184		$	143		$	21		$	87		$	41		$	34		$	—		$	153		$	1,227		46.2	%
Services	121			20			1			31			14			10			11			1			—			3			109			321			12.1	%
Manufacturing	248			—			—			—			—			—			—			—			6			—			30			284			10.7	%
Home Builder Finance	—			168			—			45			69			143			—			—			—			—			56			481			18.1	%
Rental & Leasing	117			33			29			—			—			—			—			—			—			9			36			224			8.4	%
Distribution	36			—			—			—			—			14			—			1			—			1			3			55			2.2	%
Healthcare	3			—			—			—			—			1			—			18			—			—			11			33			1.3	%
Government & Education	2			—			—			—			—			—			—			—			—			—			12			14			0.5	%
Commodities	—			—			—			—			—			5			—			—			—			1			8			14			0.5	%
Total	$	623		$	384		$	335		$	260		$	226		$	194		$	98		$	61		$	40		$	14		$	418		$	2,653		100.0	%
Percent by state	23.5		%	14.5		%	12.6		%	9.8		%	8.5		%	7.3		%	3.7		%	2.3		%	1.5		%	0.5		%	15.8		%	100.0		%

Warehouse lending. We have a national platform with relationship managers across the country. We offer warehouse lines of credit to other mortgage lenders which allow the lender to fund the closing of residential mortgage loans. Each extension, advance, or draw-down on the line is fully collateralized by residential mortgage loans and is paid off when the lender sells the loan to an outside investor or, in some instances, to the Bank.

Underlying mortgage loans are predominantly originated using the Agencies' underwriting standards. The guideline for debt to tangible net worth is 15 to 1. The aggregate committed amount of warehouse lines of credit granted to other mortgage lenders at ~~March~~June 3130, 2022 was $12.0 billion, of which $4.64 billion was outstanding, compared to $12.0 billion at December 31, 2021, of which $5.0 billion was outstanding. Of the total warehouse loans outstanding as of June 30, 2022, 52 percent were collateralized by agency and conventional loans, 20 percent were collateralized by government loans, 17 percent were collateralized by non-qualified mortgage loans and 11 percent were collateralized by jumbo loans.

Credit Quality

Our focus on effectively managing credit risk through our careful underwriting standards and processes has resulted in strong trends in certain credit quality characteristics in our loan portfolios. The credit quality of our loan portfolios is demonstrated by low delinquency levels, minimal charge-offs and low levels of NPLs.

For all loan categories within the consumer and commercial loan portfolio, loans are placed on nonaccrual status when any portion of principal or interest is 90 days past due (or nonperforming), or earlier when we become aware of information indicating that collection of principal and interest is in doubt. While it is the goal of Management to collect on loans under their original legal terms, we attempt to work out a satisfactory repayment schedule or modification with past due borrowers and will undertake foreclosure proceedings if the delinquency is not satisfactorily resolved. Our practices regarding past due loans are designed to both assist borrowers in meeting their contractual obligations and minimize losses incurred by the Bank. When a loan is placed on nonaccrual status, the accrued interest income is reversed. Loans return to accrual status when principal and interest become current and are anticipated to be fully collectible.

Nonperforming assets

The following table sets forth our nonperforming assets:

	March 31, 2022			December 31, 2021
	June 30, 2022			December 31, 2021
	(Dollars in millions)
LHFI
Residential first mortgage (1)	$	7670		$	38
Home equity	7			7
Other consumer	32			4
Commercial and industrial (2)	9			32
Commercial and industrial	—			32
Total nonperforming LHFI	9579			81
TDRs
Residential first mortgage	1018			11
Home equity	2			2
Total nonperforming TDRs	1220			13
Total nonperforming LHFI and TDRs (2)	107			94
Total nonperforming LHFI and TDRs	99			94
Real estate and other nonperforming assets, net	45			6
LHFS	2420			17
Total nonperforming assets	$	~~135~~124		$	117
Nonperforming assets to total assets (3)	0.48		%	0.39		%
Nonperforming assets to total assets (2)	0.42		%	0.39		%
Nonperforming LHFI and TDRs to LHFI	0.8068		%	0.70		%
Nonperforming assets to LHFI and repossessed assets (3)	0.84		%	0.74		%
Nonperforming assets to LHFI and repossessed assets (2)	0.71		%	0.74		%

(1)Includes $3335 million of first residential mortgage loans that are current in accordance with their forbearance exit plan and have not yet returned to accrual status as of ~~March 31~~June 30, 2022.

(2)~~Includes~~Ratio ~~one~~excludes ~~commercial~~LHFS, ~~loan~~which ~~less~~are ~~than~~recorded 90at ~~days~~fair ~~past due in nonaccrual that is current in accordance with their forbearance plan~~value.

(3)Ratio excludes LHFS, which are recorded at fair value.

The following table sets forth activity related to our total nonperforming LHFI and TDRs:

	Three Months Ended,				Six Months Ended,
	March 31, 2022		December 31, 2021
	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
	(Dollars in millions)				(Dollars in millions)
Beginning balance	$	93107	$	9493	$	93	$	56
Additions	5416		1054		70		33
Reductions	—		—		—		—
Principal payments	(108)		(910)		(18)		(10)
Charge-offs	(251)		(125)		(26)		(2)
Return to performing status	(515)		(15)		(20)		(2)
Transfers to REO	—		—		—		—
Total nonperforming LHFI and TDRs (1)	$	~~107~~99	$	93107	$	99	$	75

(1)Includes less than 90 days past due performing loans which are deemed nonaccrual. Interest is not being accrued on these loans.

Delinquencies

The following table sets forth loans 30-89 days past due in our LHFI portfolio:

	March 31, 2022				December 31, 2021
	June 30, 2022				December 31, 2021
	Amount		% of LHFI		Amount		% of LHFI
	(Dollars in millions)
Performing loans past due 30-89:
Consumer loans
Residential first mortgage	$	1512	0.1108	%	$	48	0.36	%
Home equity	3		0.02	%	9		0.07	%
Other consumer	47		0.0305	%	5		0.04	%
Total consumer loans	22		0.1715	%	62		0.46	%
CRE	—		—	%	—		—	%
C&I	—		—	%	—		—	%
Total commercial loans	—		—	%	—		—	%
Total performing loans past due 30-89 days	$	22	0.1715	%	$	62	0.46	%

For further information, see Note 4 - Loans Held-for-Investment.

Payment Deferrals

Beginning in March 2020, as a response to COVID-19, we offered our consumer borrowers principal and interest payment deferrals, forbearance and/or extensions up to a maximum period of 18 months. Consumer borrowers were not required to provide proof of hardship to be granted forbearance or payment deferral. Typically, payment history is the primary tool used to identify consumer borrowers who are experiencing financial difficulty. Forbearance or payment deferrals make this determination more challenging. In addition, consumer borrowers who have requested forbearance or payment deferrals are not being aged and remain in the aging category they were in prior to forbearance or payment deferral while they remain in a forbearance or payment deferral status.

The table below summarizes borrowers in our consumer loan portfolios that are in active forbearance or were granted a payment deferral:

	As of March 31, 2022					As of December 31, 2021
	As of June 30, 2022					As of December 31, 2021
	Number of Borrowers	UPB		Percent of Portfolio		Number of Borrowers	UPB		Percent of Portfolio
	(Dollars in millions, actual number of borrowers)
Loans Held-For-Investment
Consumer loans
Residential first mortgage	~~178~~138	$	3225	21.1	%	212	$	35	2.3	%
Home equity	4126	53		0.85	%	48	5		0.8	%
Other consumer	9262	42		0.32	%	96	4		0.3	%
Total consumer loan deferrals/forbearance	~~311~~226	$	4130	10.27	%	356	$	44	1.3	%
Loans Held-For-Sale
Residential first mortgage	2414	$	85	0.2	%	47	$	13	0.3	%

There were no performing commercial borrowers in payment deferral as of ~~March~~June 3130, 2022 or December 31, 2021.

The table below summarizes the percent of our residential loan servicing portfolio in forbearance as of ~~March~~June 3130, 2022:

	Total Population			Loans in Forbearance
	Unpaid Principal Balance (1)		Number of accounts	Unpaid Principal Balance (1)		Number of accounts	Percent of UPB		Percent of Accounts
	(Dollars in millions)
Loan servicing
Subserviced for others (2)	$	~~253~~293,~~970~~808	1,~~044~~160,~~616~~087	$	21,~~512~~940	118,~~338~~457	1.0.7	%	10.17	%
Serviced for others (3)	3941,~~107~~556		~~151~~160,~~035~~385	~~350~~291		1,~~366~~119	0.97	%	0.97	%
Serviced for own loan portfolio (4)	7,~~217~~960		6062,~~171~~219	~~157~~113		~~901~~619	21.24	%	1.50	%
Total loans serviced	$	~~300~~343,~~294~~324	1,~~255~~382,~~822~~691	$	32,~~019~~344	1310,~~605~~195	1.0.7	%	10.17	%

(1)UPB, net of write downs, does not include premiums or discounts.

(2)Loans subserviced for non-Flagstar owned loans or MSRs, in each case subserviced for a fee. Includes temporary short-term subservicing performed as a result of sales of servicing-released MSRs.

(3)Loans for which Flagstar owns the MSR.

(4)Includes LHFI (residential first mortgage, home equity and other consumer), LHFS (residential first mortgage), and LGG (residential first mortgage).

The table below summarizes the percent of our residential loan servicing portfolio in forbearance as of December 31, 2021:


	Total Population			Loans in Forbearance
	Unpaid Principal Balance (1)		Number of accounts	Unpaid Principal Balance (1)		Number of accounts	Percent of UPB		Percent of Accounts
	(Dollars in millions)
Loan servicing
Subserviced for others (2)	$	247,081	1,033,711	$	3,946	18,313	1.6	%	1.8	%
Serviced for others (3)	35,097		137,315	514		2,158	1.5	%	1.6	%
Serviced for own loan portfolio (4)	8,645		63,039	220		1,158	2.5	%	1.8	%
Total loans serviced	$	290,823	1,234,065	$	4,680	21,629	1.6	%	1.8	%

(1)UPB, net of write downs, does not include premiums or discounts.

(2)Loans subserviced for non-Flagstar owned loans or MSRs, in each case subserviced for a fee. Includes temporary short-term subservicing performed as a result of sales of servicing-released MSRs.

(3)Loans for which Flagstar owns the MSR.

(4)Includes LHFI (residential first mortgage, home equity and other consumer), LHFS (residential first mortgage), and LGG (residential first mortgage).

As the MSR owner for loans serviced for others, the Agencies require us to advance payments on past due loans as follows:


	Principal and Interest	Taxes and Insurance
Fannie Mae and Freddie Mac	4 months	No time limit
GNMA	No time limit	No time limit

We believe that we have ample liquidity to handle servicing advances related to these loans. We initially provide advances on a short-term basis for loans we subservice and are reimbursed by the MSR owner. Our advance receivable for our subserviced loans is therefore insignificant.

Troubled debt restructurings (held-for-investment)

TDRs are modified loans in which a borrower demonstrates financial difficulties and for which a concession has been granted as a result. Nonperforming TDRs are included in nonaccrual loans. TDRs remain in nonperforming status until a borrower has made payments and is current for at least six consecutive months. Performing TDRs are not considered to be nonaccrual so long as we believe that all contractual principal and interest due under the restructured terms will be collected.

Since March 2020, as a response to COVID-19, we have offered our consumer and commercial customers principal and interest payment deferrals and extensions up to a maximum period of 18 months. We considered these programs in the context of whether or not the short-term modifications of these loans and the programs offered to return to paying status would constitute a TDR. We considered the CARES Act, interagency guidance and related guidance from the FASB, which provided that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not required to be accounted for as TDRs. As a result, we have determined that loans modified under these programs are not TDRs. We believe our application of the referenced guidance and accounting for these programs is appropriate.

relief are not required to be accounted for as TDRs. As a result, we have determined that loans modified under these programs are not TDRs. We believe our application of the referenced guidance and accounting for these programs is appropriate.

The following table sets forth a summary of TDRs by performing status:

	March 31, 2022		December 31, 2021
	June 30, 2022		December 31, 2021
	(Dollars in millions)
Performing TDRs
Consumer Loans
Residential first mortgage	$	16	$	14
Home equity	76		8
Total consumer loans	2322		22
Commercial Loans
Commercial real estate	—		—
Commercial and industrial	—		2
Total commercial loans	—		2
Total performing TDRs	2322		24
Nonperforming TDRs
Nonperforming TDRs	76		8
Nonperforming TDRs, performing for less than six months	514		5
Total nonperforming TDRs	1220		13
Total TDRs	$	3542	$	37

At ~~March~~June 3130, 2022 our total TDR loans ~~decreased~~increased $2 5 million to $3542 million compared to $37 million at December 31, 2021 primarily driven by ~~principal~~new ~~payments~~additions ~~and payoffs~~ out-pacing ~~new~~principal ~~additions~~payments and payoffs. Of our total TDR loans, 6652 percent and 65 percent were in performing status at ~~March~~June 3130, 2022 and December 31, 2021, respectively. For further information, see Note 4 - Loans Held-for-Investment.

Allowance for Credit Losses

The ACL represents Management's estimate of lifetime losses in our LHFI portfolio which have not yet been realized. For further information see Note 1 - Basis of Presentation and Note 4 - Loans Held-for-Investment.

	Three Months Ended March 31, 2022
	Residential First Mortgage (1)		Home Equity		Other Consumer		Commercial Real Estate		Commercial and Industrial		Warehouse Lending		Total LHFI Portfolio (2)		Unfunded Commitments		Total ACL
	(Dollars in millions)
Beginning allowance balance	$	40	$	14	$	36	$	28	$	32	$	4	$	154	$	16	$	170
Provision (benefit) for credit losses:
Loan volume	—		—		1		—		3		—		4		(2)		2
Economic forecast (3)	1		2		—		1		(2)		—		2		—		2
Credit (4)	2		—		(3)		(6)		2		(1)		(6)		—		(6)
Qualitative factor adjustments	—		—		—		(1)		(4)		—		(5)		—		(5)
Charge-offs	(1)		—		(2)		—		(20)		—		(23)		—		(23)
Recoveries	—		1		1		—		—		—		2		—		2
Provision for charge-offs	1		(1)		1		—		2		—		3		—		3
Ending allowance balance	$	43	$	16	$	34	$	22	$	13	$	3	$	131	$	14	$	145

The following tables present the changes in the ACL balance for the three and six months ended June 30, 2022:


	Three Months Ended June 30, 2022
	Residential First Mortgage (1)		Home Equity		Other Consumer		Commercial Real Estate		Commercial and Industrial		Warehouse Lending		Total LHFI Portfolio (2)		Unfunded Commitments		Total ACL
	(Dollars in millions)
Beginning allowance balance	$	43	$	16	$	34	$	22	$	13	$	3	$	131	$	14	$	145
Provision (benefit) for credit losses:
Loan volume	4		1		2		1		4		—		12		(1)		11
Economic forecast (3)	2		1		(4)		—		(1)		—		(2)		—		(2)
Credit (4)	(16)		3		(1)		(1)		(5)		1		(19)		—		(19)
Qualitative factor adjustments	—		—		—		—		—		—		—		—		—
Charge-offs	—		—		(3)		—		—		—		(3)		—		(3)
Recoveries	—		—		2		—		—		—		2		—		2
Provision for net charge-offs	—		—		1		—		—		—		1		—		1
Ending allowance balance	$	33	$	21	$	31	$	22	$	11	$	4	$	122	$	13	$	135

(1)Includes loans with government guarantees where insurance limits may result in a loss in excess of all or part of the guarantee.

(2)Excludes loans carried under the fair value option.

(3)Includes changes in the lifetime loss rate based on current economic forecasts as compared to forecasts used in the prior quarter.

(4)Includes changes in the probability of default and severity of default based on current borrower and guarantor characteristics, as well as individually evaluated reserves.

The ACL was $145 million at March 31, 2022, compared to $170 million at December 31, 2021. The decrease in the allowance is primarily reflective of the $20 million charge-off of a commercial credit which was specifically reserved at $18 million at December 31, 2021. The remaining decrease is due to decreases in our collectively evaluated portfolio including our consideration of the low levels of delinquency and the performance of our commercial portfolios. This was, partially offset by a


	Six Months Ended June 30, 2022
	Residential First Mortgage (1)		Home Equity		Other Consumer		Commercial Real Estate		Commercial and Industrial		Warehouse Lending		Total LHFI Portfolio (2)		Unfunded Commitments		Total ACL
	(Dollars in millions)
Beginning allowance balance	$	40	$	14	$	36	$	28	$	32	$	4	$	154	$	16	$	170
Provision (benefit) for credit losses:
Loan volume	4		1		3		1		7		—		16		(3)		13
Economic forecast (3)	3		3		(4)		1		(3)		—		—		—		—
Credit (4)	(14)		3		(4)		(7)		(3)		—		(25)		—		(25)
Qualitative factor adjustments	—		—		—		(1)		(4)		—		(5)		—		(5)
Charge-offs	(1)		—		(5)		—		(20)		—		(26)		—		(26)
Recoveries	—		1		3		—		—		—		4		—		4
Provision for net charge-offs	$	1	$	(1)	$	2	$	—	$	2	$	—	4		$	—	4
Ending allowance balance	$	33	$	21	$	31	$	22	$	11	$	4	$	122	$	13	$	135

28(1)Includes loans with government guarantees where insurance limits may result in a loss in excess of all or part of the guarantee.

slight deterioration in economic forecasts focused around consumer personal income and debt service ratios as pandemic-related stimulus comes to an end and inflation increases. We utilized the Moody’s March scenarios in our forecast: a growth forecast, weighted at 30 percent; a baseline forecast, weighted at 40 percent; and an adverse forecast, weighted at 30 percent. Within our composite forecast, unemployment ends 2022 at 4 percent, slightly increasing in 2023 with a full recovery by 2024. GDP continues to recover throughout 2022 and returns to pre-COVID levels in 2023. HPI decreases by (2)Excludes ~~percent~~loans ~~from~~carried ~~the~~under ~~first quarter of 2022 through~~ the ~~fourth~~fair ~~quarter~~value ~~of 2022 before increasing 3 percent by the fourth quarter of 2023~~option.

~~The ACL as a percentage of LHFI was 1.1 percent as of March 31, 2022 compared to 1.~~(3)Includes ~~percent~~changes ~~as of December 31, 2021. Excluding warehouse loans, where we have not experienced charge-offs~~ in ~~several years,~~ the ~~allowance~~lifetime asloss arate ~~percentage~~based ofon ~~LHFI~~current ~~was~~economic ~~1.6~~forecasts ~~percent~~as ~~at March 31, 2022~~ compared to ~~2.0~~forecasts ~~percent~~used ~~at December 31, 2021. The decrease~~ in the ~~allowance~~prior ~~as a percentage of LHFI is reflective of the credit performance of our portfolio with no delinquent commercial loans~~quarter.

(4)Includes changes in the probability of default and severity of default based on current borrower and guarantor characteristics, as well as individually evaluated reserves.

The ACL was $135 million at June 30, 2022, compared to $145 million at March 31, 2022. The decrease in the allowance is primarily due to positive delinquency trends related to loans with government guarantees exiting forbearance programs. We utilized the Moody’s May scenarios in our forecast: a growth forecast, weighted at 30 percent; a baseline forecast, weighted at 40 percent; and an adverse forecast, weighted at 30 percent. Within our composite forecast, unemployment ends 2022 at 4 percent, increasing to 4.5 percent in 2023, and will slightly recover in 2024, ending the year at 4 percent. GDP continues to recover throughout 2022 and returns to pre-COVID levels in 2023. HPI decreases by 2 percent from the second quarter of 2022 through the fourth quarter of 2022 before increasing 1 percent by the fourth quarter of 2023.

The ACL as a percentage of LHFI was 0.9 percent as of June 30, 2022 compared to 1.3 percent as of December 31, 2021. Excluding warehouse loans, the allowance as a percentage of LHFI was 1.3 percent at June 30, 2022 compared to 2.0 percent at December 31, 2021. The decrease in the allowance as a percentage of LHFI is reflective of the strong credit performance of our portfolio with no nonperforming commercial loans as of June 30, 2022. At June 30, 2022, we had a 2.1 percent and 0.5 percent allowance coverage on our consumer loan portfolio and our commercial loan portfolio, respectively.

The following tables set forth certain information regarding the allocation of our allowance to each loan category, including the allowance amount as a percentage of amortized cost and average loan life:

	March 31, 2022
	June 30, 2022
	LHFI Portfolio (1)		Percent ofPortfolio		Allowance Amount (2)		Allowance as a Percent of Loan Portfolio		Weighted Average Loan Life (in years)
	(Dollars in millions)
Consumer loans
Residential first mortgage	$	12,~~479~~184	1114.29	%	$	4333	21.95	%	5
Home equity	~~595~~643		4.54	%	1621		23.73	%	3
Other consumer	1,~~267~~331		9.61	%	3532		2.84	%	3
Total consumer loans	34,~~341~~158		2528.34	%	9486		2.81	%
Commercial loans
Commercial real estate	$	3,~~254~~387	2423.62	%	$	28	0.98	%	2
Commercial and industrial	12,~~979~~653		1518.01	%	1916		1.0.6	%	2
Warehouse lending	4,~~641~~434		3530.13	%	45		0.1	%	—
Total commercial loans	910,~~874~~474		7471.76	%	5149		01.5	%
Total consumer and commercial loans	$	1314,~~215~~632	100.0	%	$	~~145~~135	13.16	%
Total consumer and commercial loans excluding warehouse	$	810,~~574~~198	6469.97	%	$	~~141~~130	13.65	%

(1) Excludes loans carried under the fair value option.

(2) Includes ALLL and reserve for unfunded commitments.


	December 31, 2021
	LHFI Portfolio (1)		Percent of Portfolio		Allowance Amount (2)		Allowance as a Percent of Loan Portfolio		Weighted Average Loan Life (in years)
	(Dollars in millions)
Consumer loans
Residential first mortgage	$	1,521	11.4	%	$	40	2.6	%	5
Home equity	611		4.6	%	14		2.3	%	3
Other consumer	1,236		9.2	%	37		3.0	%	3
Total consumer loans	3,368		25.2	%	91		2.7	%
Commercial loans
Commercial real estate	$	3,223	24.1	%	$	38	1.2	%	1
Commercial and industrial	1,826		13.6	%	36		2.0	%	2
Warehouse lending	4,974		37.1	%	5		0.1	%	—
Total commercial loans	10,023		74.8	%	79		0.8	%
Total consumer and commercial loans	$	13,391	100.0	%	$	170	1.3	%
Total consumer and commercial loans excluding warehouse	$	8,417	62.9	%	$	165	2.0	%

(1) Excludes loans carried under the fair value option.

(2) Includes ALLL and reserve for unfunded commitments.

Market Risk

Market risk is the risk of reduced earnings and/or declines in the net market value of the balance sheet due to changes in market rates. Our primary market risk is interest rate risk which impacts our net interest income, fee income related to interest sensitive activities such as mortgage closing and servicing income, and loan and deposit demand.

We are subject to interest rate risk due to:

•The maturity or repricing of assets and liabilities at different times or for different amounts

•Differences in short-term and long-term market interest rate changes

•The remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change

Our ALCO, which is composed of our executive officers and certain other members of management, monitors interest rate risk on an ongoing basis in accordance with policies approved by our Board of Directors. The ALCO reviews interest rate positions and considers the impact projected interest rate scenarios have on earnings, capital, liquidity, business strategies, and other factors. However, Management has the latitude to change interest rate positions within certain limits if, in Management's judgment, the change will enhance profitability or minimize risk.

To assess and manage interest rate risk, sensitivity analysis is used to determine the impact on earnings and the net market value of the balance sheet across various interest rate scenarios, balance sheet trends, and strategies.

Net interest income sensitivity

Management uses a simulation model to analyze the sensitivity of net interest income to changes in interest rates across various interest rate scenarios which demonstrates the level of interest rate risk inherent in the existing balance sheet. The analysis holds the current balance sheet values constant and does not take into account management intervention. In addition, we assume certain correlation rates, often referred to as a “deposit beta”, for non-maturity interest-bearing deposits, wherein the rates paid to customers change relative to changes in benchmark interest rates. The effect on net interest income over a 12-month time horizon due to hypothetical changes in market interest rates is presented in the table below. In this interest rate shock simulation, as of the periods presented, interest rates have been adjusted by instantaneous parallel changes rather than in a ramp simulation which applies interest rate changes over time. All rates, short-term and long-term, are changed by the same amount (e.g. plus 100 basis points) resulting in the shape of the yield curve remaining unchanged.

March 31, 2022
June 30, 2022
Scenario	Net interest income	$ Change	% Change
	(Dollars in millions)
100	$~~846~~929	$4036	54.1%
Constant	~~806~~893	—	—%
(100)	~~738~~853	(6840)	(84.35)%
December 31, 2021
Scenario	Net interest income	$ Change	% Change
	(Dollars in millions)
100	$882	$122	16.1%
Constant	760	—	—%
(100)	695	(65)	(8.5)%

In the net interest income simulations, our balance sheet exhibits asset sensitivity. When interest rates rise, our net interest income increases. Conversely, when interest rates fall, our net interest income decreases. The reduction in our interest income sensitivity as of ~~March~~June 3130, 2022 compared to December 31, 2021 is primarily driven by changes in our hedging activities as described in Note 8 - Derivative Financial Instruments. The decline in the sensitivity of net interest income to changes in rates since December 31, 2021 resulted from actions taken late in the first quarter 2022 and early in the second quarter 2022 to both terminate certain interest rate swaps under which we received a variable rate and paid a fixed rate and to establish new hedging relationships through the use of interest rate swaps under which we received a fixed rate and paid a variable rate. The new hedger was largely designated as hedging our variable rate assets in our CRE and C&I portfolios.

The net interest income sensitivity analysis has certain limitations and makes various assumptions. Key elements of this interest rate risk exposure assessment include maintaining a static balance sheet and parallel rate shocks. Future interest rates not moving in a parallel manner across the yield curve, how the balance sheet will respond and shift based on a change in future interest rates, the impact of interest rate floors on certain of our commercial loans and how the Company will respond are not included in this analysis and limit the predictive value of these scenarios.

Economic value of equity

Management also utilizes EVE, a point in time analysis of the economic value of our current balance sheet position, which measures interest rate risk over a longer term. The EVE calculation represents a hypothetical valuation of equity, and is defined as the market value of assets, less the market value of liabilities, adjusted for the market value of off-balance sheet instruments. The assessment of both the short-term earnings (Net Interest Income Sensitivity) and long-term valuation (EVE) approaches, rather than Net Interest Income Sensitivity alone provides a more comprehensive analysis of interest rate risk exposure.

There are assumptions and inherent limitations in any methodology used to estimate the exposure to changes in market interest rates and as such, sensitivity calculations used in this analysis are hypothetical and should not be considered to be predictive of future results. This analysis evaluates risks to the current balance sheet only and does not incorporate future growth assumptions. Additionally, the analysis assumes interest rate changes are instantaneous and the new rate environment is constant but does not include actions Management may undertake to manage risk in response to interest rate changes. Each rate scenario reflects unique prepayment and repricing assumptions. Management derives these assumptions by considering published market prepayment expectations, repricing characteristics, our historical experience, and our asset and liability management strategy. This analysis assumes that changes in interest rates may not affect or could partially affect certain instruments based on their characteristics.

The following table is a summary of the changes in our EVE that are projected to result from hypothetical changes in market interest rates as well as our internal policy limits for changes in our EVE based on the different scenarios. The interest rates, as of the dates presented, are adjusted by instantaneous parallel rate increases and decreases as indicated in the scenarios shown in the table below.

March 31, 2022									December 31, 2021
June 30, 2022									December 31, 2021
Scenario	EVE		EVE %		$ Change		% Change		Scenario	EVE		EVE %		$ Change		% Change		Policy Limits for % Change
(Dollars in millions)
300	$	4,~~878~~635	2119.51	%	$	~~803~~511	1912.74	%	300	$	4,579	18.2	%	$	1,042	29.5	%	(22.5)	%
200	4,~~678~~480		2018.65	%	~~603~~356		~~14.~~8.6	%	200	4,232		16.8	%	695		19.6	%	(15.0)	%
100	4,~~400~~331		1917.43	%	~~325~~207		85.0	%	100	3,939		15.6	%	402		11.4	%	(7.5)	%
Current	4,~~075~~124		1817.0	%	—		—	%	Current	3,537		14.0	%	—		—	%	—	%
(100)	N/M		N/M		N/M		N/M		(100)	N/M		N/M		N/M		N/M		7.5	%

Our balance sheet exhibits asset sensitivity in various interest rate scenarios. The increase in EVE as rates rise is the result of the amount of assets that would be expected to reprice exceeding the amount of liabilities repriced. The amount of the change in EVE decreased as of ~~March~~June 3130, 2022 compared to December 31, 2021 primarily driven by changes in our hedging activities as described in Note 8 - Derivative Financial Instruments. For each scenario shown, the percentage change in our EVE is within our Board policy limits.

Derivative financial instruments

As a part of our risk management strategy, we use derivative financial instruments to minimize fluctuation in earnings caused by market risk. We use forward sales commitments to hedge our unclosed mortgage closing pipeline and funded mortgage LHFS. All of our derivatives and mortgage loan production originated for sale are accounted for at fair market value and we do not apply hedge accounting related to the management of these risks. Changes to our unclosed mortgage closing pipeline are based on changes in fair value of the underlying loan, which is impacted most significantly by changes in interest rates and changes in the probability that the loan will not fund within the terms of the commitment, referred to as a fallout factor or, inversely, a pull-through rate. Market risk on interest rate lock commitments and mortgage LHFS is managed using corresponding forward sale commitments. The adequacy of these hedging strategies, and the ability to fully or partially hedge market risk, rely on various assumptions or projections, including a fallout factor, which is based on a statistical analysis of our actual rate lock fallout history.

We have designated certain interest rate swaps as fair value hedges of ~~investment~~our ~~securities~~subordinated ~~AFS using the last-of-layer method~~debt. Additionally, we designated certain interest rate swaps as cash flow hedges on LIBOR-based variable interest payments on certain commercial loans. For further information, see Note 8 - Derivative Financial Instruments and Note 16 - Fair Value Measurements.

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Mortgage Servicing Rights (MSRs)

Our MSRs are sensitive to changes in interest rates and are highly susceptible to prepayment risk, basis risk, market volatility and changes in the shape of the yield curve. We utilize derivatives, including interest rate swaps and swaptions, as part of our overall hedging strategy to manage the impact of changes in the fair value of the MSRs, however these risk management strategies do not completely eliminate all risk. Our hedging strategies rely on assumptions and projections regarding assets and general market factors, many of which are outside of our control. In certain interest rate environments, such as those environments that have existed throughout the first six months of 2022, we may also change our hedge ratio on this portfolio. The resulting hedge ratio is intended to help mitigate the impact of higher mortgage rates on our mortgage origination revenue. For further information, see Note 7 - Mortgage Servicing Rights, Note 8 - Derivative Financial Instruments and Note 16 - Fair Value Measurements.

Liquidity Risk

Liquidity risk is the risk that we will not have sufficient funds, at a reasonable cost, to meet current and future cash flow needs as they become due. The liquidity of a financial institution reflects the ability to, at a reasonable cost, meet loan demand, to accommodate possible outflows in deposits and to take advantage of interest rate and market opportunities. The ability of a financial institution to meet current financial obligations is a function of the balance sheet structure, the ability to liquidate assets, and access to various sources of funds.

Parent Company Liquidity

The Company currently obtains its liquidity primarily from dividends paid by the Bank. The primary uses of the Company's liquidity are debt service, operating expenses and the payment of cash dividends to shareholders, which remained at $0.06 per share in the ~~first~~second quarter 2022. The Company holds $150 million of subordinated debt which is scheduled to mature on November 1, 2030. The Bank did not pay any dividends to the Company in the ~~first~~second quarter of 2022 and at ~~March~~June 3130, 2022, the Company held $~~205.4~~191 million of cash on deposit at the Bank which is sufficient to cover the cash outflows needed to service the subordinated debt interest, pay dividends and cover the operating expenses of the Company in excess of 2 years., which is our policy requirement.

The OCC and the FRB regulate all capital distributions made by the Bank, directly or indirectly, to the holding company, including dividend payments. Whether an application or notice is required is based on a number of factors including whether the institution qualifies for expedited treatment under the OCC rules and regulations or if the total amount of all capital distributions (including each proposed capital distribution) for the applicable calendar year exceeds net income for that year to date plus the retained net income for the preceding two years, or the Bank would not be at least adequately capitalized following the dividend. Additional restrictions on dividends apply if the Bank fails the QTL test for more than three out of the prior twelve months. As of ~~March~~June 3130, 2022, the Bank is in compliance with the QTL test, having qualified assets above the 65 percent requirement for twelve ofconsecutive ~~the~~months. ~~prior~~At ~~twelve~~June 30, ~~months~~2022, our QTL ratio was 81 percent. At ~~March~~June 3130, 2022, the Bank is able to pay dividends to the holding company of approximately $1 billion without submitting an application to the OCC and remain well capitalized.

Bank Liquidity

Our primary sources of funding are deposits from retail and government customers, custodial deposits related to loans we service and FHLB borrowings. We use the FHLB of Indianapolis as a significant source for funding our residential mortgage origination business due to the flexibility in terms which allows us to borrow or repay borrowings as daily cash needs require. The amount we can borrow, or the value we receive for the assets pledged to our liquidity providers, varies based on the amount and type of pledged collateral, as well as the perceived market value of the assets and the "haircut" of the market value of the assets. That value is sensitive to the pricing and policies of our liquidity providers and can change with little or no notice.

Further, other sources of liquidity include our LHFS portfolio and unencumbered investment securities. We primarily originate agency-eligible LHFS and therefore the majority of new residential first mortgage loan closings are readily convertible to cash, either by selling them as part of our monthly agency sales, RMBS, private party whole loan sales, or by pledging them to the FHLB and borrowing against them. In addition, we have the ability to sell unencumbered investment securities or use them as collateral. At ~~March~~June 3130, 2022, we had $12.61 billion ofavailable ~~advances~~in ~~outstanding~~unencumbered ~~and~~investment ~~an additional $3~~securities.~~2 billion of collateralized borrowing capacity available at the FHLB.~~

Our primary measure of liquidity is a ratio of ready liquidity to volatile funding, the volatile funds coverage ratio (“VFCR”). The VFCR is a liquidity coverage ratio that is customized to our business and ensures we have adequate coverage to meet our liquidity needs during times of liquidity stress. Volatile funds are the portion of the Bank’s funding identified as being at a higher risk of runoff in times of stress. Ready liquidity consists of cash on reserve at the Federal Reserve and unused borrowing capacity provided by the loan and investments portfolios. The VFCR is calculated, reported, and forecasted daily as

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meet our liquidity needs during times of liquidity stress. Volatile funds are the portion of the Bank’s funding identified as being at a higher risk of runoff in times of stress. Ready liquidity consists of cash on reserve at the Federal Reserve and unused borrowing capacity provided by the loan and investments portfolios. The VFCR is calculated, reported, and forecasted daily as part of our liquidity management framework and as of ~~March~~June 3130, 2022 was ~~169~~121 percent and in compliance with our board policy limit of 90 percent.

Our liquidity position is continuously monitored and adjustments are made to the balance between sources and uses of funds as deemed appropriate. We balance the liquidity of our loan assets to our available funding sources. Our LHFI portfolio is funded with stable core deposits whereas our warehouse loans and LHFS may be funded with FHLB borrowings and custodial deposits. Warehouse loans are typically more liquid than other loan assets, as loans are paid within a short amount of time, when the lender sells the loan to an outside investor or, in some instances, to the Bank. As not all asset categories require the same level of liquidity, our loan-to-deposit ratio shows how we manage our liquidity position, how much liquidity we have and the agility of our balance sheet. The Company's average HFI loan-to-deposit ratio was 6876.53 percent for the three months ended ~~March~~June 3130, 2022. Excluding warehouse loans, which have draws that typically pay off within a few weeks, and custodial deposits, which represent mortgage escrow accounts on deposit with the Bank, the average HFI loan-to-deposit ratio was 6471.19 percent for the three months ended ~~March~~June 3130, 2022.

As governed and defined by our policy, we maintain adequate excess liquidity levels appropriate to cover unanticipated liquidity needs. In addition to this liquidity, we also maintain targeted minimum levels of unused borrowing capacity as another cushion against unexpected liquidity needs. Each business day, we forecast 90 days of daily cash needs. This allows us to determine our projected near term daily cash fluctuations and also to plan and adjust, if necessary, future activities. As a result, in an adverse environment, we believe we would be able to make adjustments to operations as required to meet the liquidity needs of our business, including adjusting deposit rates to increase deposits, planning for additional FHLB borrowings, accelerating sales of LHFS (agencies and/or private), selling LHFI or investment securities, borrowing through the use of repurchase agreements, reducing closings, making changes to warehouse funding facilities, or borrowing from the discount window.

The following table presents primary sources of funding as of the dates indicated:

March 31, 2022

December 31, 2021

Change

June 30, 2022

December 31, 2021

Change

(Dollars in millions)

Retail deposits

109,~~175~~957

10,264

(89307)

Government deposits

1,~~886~~717

2,000

(~~114~~283)

Wholesale deposits

~~974~~836

1,141

(~~167~~305)

Custodial deposits

4,~~313~~139

4,604

(~~291~~465)

Total deposits

1716,~~348~~649

18,009

(~~661~~1,360)

FHLB advances and other short-term debt

14,~~400~~001

3,280

~~(1,880)~~721

Other long-term debt

~~396~~394

396

—(2)

Total borrowed funds

14,~~796~~395

3,676

~~(1,880)~~719

Total funding

1921,~~144~~044

21,685

(~~2,541~~641)

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The following table presents our borrowing capacity as of the dates indicated:

	March 31, 2022		December 31, 2021		Change
	June 30, 2022		December 31, 2021		Change
	(Dollars in millions)
FLHB Borrowing capacity
Line of credit available	$	3029	$	30	$	—(1)
Collateralized borrowing capacity	~~3,182~~439		3,792		(~~610~~3,353)
Total unused borrowing capacity	$	~~3,212~~468	$	3,822	$	(~~610~~3,354)
FRB discount window
Collateralized borrowing capacity	$	1,~~724~~783	$	1,666	$	58117
Unencumbered investment securities
Agency - Commercial (1)	$	~~995~~1,586	$	123	$	~~872~~1,463
Agency - Residential (1)	~~543~~448		55		~~488~~393
Municipal obligations	1714		18		(14)
Corporate debt obligations	5337		54		(117)
Other	1		1		—
Total unencumbered investment securities	12,~~609~~086		251		1,~~358~~835
Total liquidity sources and borrowing capacity	$	64,~~545~~337	$	5,739	$	~~806~~(1,402)

(1) These securities are not currently pledged to the FHLB but are eligible to be pledged, at our discretion.

Deposits

The following table presents the composition of our deposits:

	March 31, 2022				December 31, 2021
	June 30, 2022				December 31, 2021
	Balance		% of Deposits		Balance		% of Deposits		Change
	(Dollars in millions)
Retail deposits
Branch retail deposits
Savings accounts	$	3,~~814~~745	22.05	%	$	3,751	20.8	%	$	63(6)
Certificates of deposit/CDARS (1)	~~898~~816		54.29	%	951		5.3	%	(53135)
Demand deposit accounts	1,~~962~~941		11.37	%	1,946		10.8	%	16(5)
Money market demand accounts	~~497~~483		2.9	%	494		2.7	%	3(11)
Total branch retail deposits	76,~~171~~985		4142.30	%	7,142		39.7	%	29(157)
Commercial deposits (2)
Demand deposit accounts	2,~~106~~117		12.17	%	2,194		12.2	%	(8877)
Savings accounts	~~496~~425		2.96	%	520		2.9	%	(2495)
Money market demand accounts	~~402~~430		2.36	%	408		2.3	%	~~(6)~~22
Total commercial retail deposits	32,~~004~~972		17.39	%	3,122		17.3	%	(~~118~~150)
Total retail deposits	$	109,~~175~~957	5859.78	%	$	10,264	57.0	%	$	(89307)
Government deposits
Savings accounts	$	~~743~~621	4.3.7	%	$	721	4.0	%	$	22(100)
Demand deposit accounts	~~584~~618		3.47	%	664		3.7	%	(8046)
Certificates of deposit/CDARS (1)	~~554~~472		3.2.8	%	609		3.4	%	(55137)
Money market demand accounts	56		—	%	6		—	%	~~(1)~~—
Total government deposits	1,~~886~~717		10.93	%	2,000		11.1	%	(~~114~~283)
Custodial deposits (3)	4,~~313~~139		24.9	%	4,604		25.6	%	(~~291~~465)
Wholesale deposits	~~974~~836		5.60	%	1,141		6.3	%	(~~167~~305)
Total deposits (4)	$	1716,~~348~~649	100.0	%	$	18,009	100.0	%	$	(~~661~~1,360)

(1)The aggregate amount of CD with a minimum denomination of $100,000 was approximately $~~1.1~~949 ~~billion~~million and $1.2 billion at ~~March~~June 3130, 2022 and December 31, 2021, respectively.

(2)Contains deposits from commercial and business banking customers.

(3)Represents investor custodial accounts and escrows controlled by us in connection with loans serviced or subserviced for others that have been placed on deposit with the Bank.

(4)Total exposure related to uninsured deposits over $250,000 was approximately $54.06 billion and $6.0 billion at ~~March~~June 3130, 2022 and December 31, 2021, respectively.

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Total deposits decreased $01.74 billion, or 47.6 percent, at ~~March~~June 3130, 2022 compared to December 31, 2021, primarily driven by a decrease in custodial, wholesale, and government deposits.

We utilize local governmental agencies and other public units as an additional source for deposit funding. At ~~March~~June 3130, 2022, we were required to hold collateral for certain Michigan, California, Indiana, Wisconsin and Ohio government deposits based on a variety of factors including, but not limited to, the size of individual deposits, FDIC limits and external bank ratings. At ~~March~~June 3130, 2022, collateral held on government deposits was $~~179~~ 202 million. At ~~March~~June 3130, 2022, government deposit accounts included $~~554~~ 472 million of CDs with maturities typically less than one year and $1.3 2 billion of checking and savings accounts.

Custodial deposits arise due to our servicing or subservicing of loans for others and represent the portion of the investor custodial accounts on deposit with the Bank. For certain subservice agreements, we give a LIBOR-based fee credit that reduces subservicing income from the MSR owners who ~~controls~~control the $3.65 billion custodial deposit against subservicing income. This cost is a component of net loan administration income and for the six month period ended June 30, 2022 was $8 million.

We participate in the CDARS program, through which certain customer CDs are exchanged for CDs of similar amounts from other participating banks and customers may receive FDIC insurance up to $50 million. This program helps the Bank secure larger deposits and attract and retain customers. At ~~March~~June 3130, 2022, we had $~~110~~86 million of total CDs enrolled in the CDARS program, a decrease of $529 million from December 31, 2021.

FHLB Advances

The FHLB provides loans, also referred to as advances, on a fully collateralized basis, to savings banks and other member financial institutions. We are required to maintain a minimum amount of qualifying collateral securing FHLB advances. In the event of default, the FHLB advance is similar to a secured borrowing, whereby the FHLB has the right to sell the pledged collateral to settle the fair value of the outstanding advances.

We rely upon advances from the FHLB as a source of funding for the closing or purchase of loans for sale in the secondary market and for providing duration specific short-term and long-term financing. The outstanding balance of FHLB advances fluctuates from time to time depending on our current inventory of mortgage LHFS and the availability of lower cost funding sources. Our portfolio includes short-term fixed rate advances and long-term fixed rate advances.

We are currently authorized through a resolution of our Board of Directors to apply for advances from the FHLB using approved loan types as collateral, which includes residential first mortgage loans, HELOC, CRE loans and investment securities. As of ~~March~~June 3130, 2022, our Board of Directors authorized and approved a line of credit with the FHLB of up to $10 billion, which is further limited based on our total assets and qualified collateral, as determined by the FHLB. At ~~March~~June 3130, 2022, we had $14.20 billion of advances outstanding and an additional $30.24 billion of collateralized borrowing capacity available at the FHLB. Additionally, we had $2.0 billion of unencumbered investment securities that are eligible to be pledged to the FHLB at our discretion.

Federal Reserve Discount Window

We have arrangements with the FRB of Chicago to borrow from its discount window. The discount window is a borrowing facility that we may utilize for short-term liquidity needs arising from special or unusual circumstances. The amount we are allowed to borrow is based on the lendable value of the collateral that we provide. To collateralize the line, we pledge investment securities and loans that are eligible based on FRB of Chicago guidelines.

At ~~March~~June 3130, 2022, we pledged collateral, which included commercial loans, municipal bonds, and agency bonds, to the FRB of Chicago amounting to $2.16 billion with a lendable value of $1.7 8 billion. At December 31, 2021, we pledged collateral to the FRB of Chicago amounting to $2.3 billion with a lendable value of $1.7 billion. We do not typically utilize this available funding source, and at ~~March~~June 3130, 2022 and December 31, 2021, we had no borrowings outstanding against this line of credit.

Other Unsecured Borrowings

We have access to overnight federal funds purchased lines with other Federal Reserve member institutions. We utilize this source of funding for short-term liquidity needs, depending on the availability and cost of our other funding sources. At ~~March~~June 3130, 2022 we had ~~$200 million of~~no borrowings outstanding under this source of funding. Additional borrowing capacity under this and other sources of funding can vary depending on market conditions.

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Debt

As part of our overall capital strategy, we previously raised capital through the issuance of junior subordinated notes to our special purpose trusts formed for the offerings, which issued Tier 1 qualifying preferred stock ("trust preferred securities"). The trust preferred securities are callable by us at any time. Interest is payable on a quarterly basis; however, we may defer interest payments for up to 20 quarters without default or penalty. At ~~March~~June 3130, 2022, we are current on all interest payments. Additionally, we have $150 million of subordinated debt outstanding (the "Notes"), which mature on November 1, 2030. As of June 30, 2022, both the bank and the holding company have investment grade ratings of subordinated debt from Moody’s and Kroll, of Baa3 and BBB respectively. Accordingly, we believe that we could raise additional funding in the credit markets, if such needs would exist in the future.

Operational Risk

Operational risk is the risk to current or projected financial condition and resilience arising from inadequate or failed internal processes or systems, human errors or misconduct, or adverse external events which may include vendor failures, fraudulent activities, disasters, and security risks. We continuously strive to adapt our system of internal controls to ensure compliance with laws, rules, and regulations, and to improve the oversight of our operational risk.

Flagstar recently experienced a cyber incident that involved unauthorized access to our network and other customer data. We do not believe that the impact of the incident will have a material impact on our operations or have a material financial impact due to cyber insurance we have in place that we believe, at this time, is sufficient to cover the costs of this incident.

We continuously evaluate internal systems, processes and controls to identify potential vulnerabilities and mitigate potential loss from cyber-attacks. The goal of this framework is to implement effective operational risk techniques and strategies, minimize operational and fraud losses, and enhance our overall performance.

Loans with Government Guarantees

Substantially all our LGG continue to be insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs ("VA"). In the event of a government guaranteed loan borrower default, the Bank has a unilateral option to repurchase loans sold to GNMA if the loan is due, but unpaid, for three consecutive months (typically referred to as 90 days past due) and can recover losses through a claims process from the guarantor. Nonperforming repurchased loans in this portfolio earn interest at a rate based upon the 10-year U.S. Treasury note rate from the time the underlying loan becomes 60 days delinquent until the loan is conveyed to HUD (if foreclosure timelines are met), which is not paid by the FHA until claimed. Additionally, if the Bank cures the loan, it can be resold to GNMA, usually at a gain. If not, the Bank can begin the process of collecting the government guarantee by filing a claim in accordance with established guidelines. Certain loans within our portfolio may be subject to indemnification obligations and insurance limits which expose us to limited credit risk.

Additional expenses or charges may arise on LGG due to Veteran's Affairs loan insurance limits and FHA property foreclosure and preservation requirements that may result in a loss in excess of all, or part of, the guarantee. During the ~~three~~six months ended ~~March~~June 3130, 2022, we had $30.5 million in net charge-offs related to LGG and have reserved for the remaining risks within other assets and as a component of our ALLL on residential first mortgages.

Our LGG portfolio totaled $1.31 billion at ~~March~~June 3130, 2022, as compared to $1.7 billion at December 31, 2021. GNMA has granted borrowers with an option to seek forbearance on their mortgage repayments. $460 million of GNMA loans are in forbearance as of ~~March~~June 3130, 2022. When a GNMA loan is due, but unpaid, for three consecutive months (typically referred to as 90 days past due) the loan is required to be re-recognized on the balance sheet by the MSR owner. These loans are recorded in LGG, and a liability to repurchase the loans is recorded in other liabilities on the Consolidated Statements of Financial Condition.

For further information, see Note 5 - Loans with Government Guarantees and the Credit Risk - Payment Deferrals section of the MD&A.

Capital

Management actively reviews and manages our capital position and strategy. We conduct quarterly capital stress tests and capital adequacy assessments which utilize internally defined scenarios. These analyses are designed to help Management and the Board better understand the integrated sensitivity of various risk exposures through quantifying the potential financial and capital impacts of hypothetical stressful events and scenarios. We make adjustments to our balance sheet composition taking into consideration potential business risks, regulatory requirements and the flexibility to support future growth. We prudently manage our capital position and work with our regulators to ensure that our capital levels are appropriate considering our risk profile.

The capital standards we are subject to include requirements contemplated by the Dodd-Frank Act as well as guidelines reached by Basel III. These risk-based capital adequacy guidelines are intended to measure capital adequacy with regard to a banking organization’s balance sheet, including off-balance sheet exposures such as unused portions of loan commitments, letters of credit, and recourse arrangements. Our capital ratios are maintained at levels in excess of those considered to be "well-capitalized" by regulators. Tier 1 leverage was 12.17 percent at June 30, 2022 providing a 717 basis point stress buffer above the minimum level needed to be considered “well-capitalized.” Additionally, total risk-based capital to RWA was 15.68 percent at June 30, 2022 providing a 568 basis point buffer above the minimum level needed to be considered "well-capitalized".

commitments, letters of credit, and recourse arrangements. Our capital ratios are maintained at levels in excess of those considered to be "well-capitalized" by regulators. Tier 1 leverage was 11.83 percent at March 31, 2022 providing a 683 basis point stress buffer above the minimum level needed to be considered “well-capitalized.” Additionally, total risk-based capital to RWA was 16.59 percent at March 31, 2022 providing a 659 basis point buffer above the minimum level needed to be considered "well-capitalized".

Dodd-Frank Act Section 171, commonly known as the Collins Amendment, established minimum Tier 1 leverage and risk-based capital requirements for insured depository institutions, depository institution holding companies, and non-bank financial companies that are supervised under the Federal Reserve. Under the amendment, certain hybrid securities, such as trust preferred securities, may be included in Tier 1 capital for bank holding companies that had total assets below $15 billion as of December 31, 2009. As we were below $15 billion in assets as of December 31, 2009, the trust preferred securities classified as long-term debt on our balance sheet will be included as Tier 1 capital, unless we complete an acquisition of a depository institution holding company or a depository institution and we report total assets greater than $15 billion in the quarter in which the acquisition occurs. Should that event occur, our trust preferred securities would be included in Tier 2 capital.

Regulatory Capital

The Bank and Flagstar are subject to the Basel III-based U.S. rules, including capital simplification. These standards

Onlimit ~~March~~the ~~27,~~amount ~~2020,~~of inMSRs ~~response~~ to ~~COVID-19,~~25 ~~U.S.~~percent ~~banking~~of ~~regulators~~CET1 ~~issued~~and anshould ~~interim~~the ~~final~~level ~~rule~~of ~~that~~mortgage ~~allows~~servicing ~~banking~~rights ~~organizations~~exceed ~~the~~25 ~~option~~percent toof ~~delay~~common ~~the~~equity ~~initial~~Tier ~~adoption~~1 ~~impact~~capital, ofwe ~~CECL~~are onrequired ~~regulatory~~to ~~capital~~deduct ~~for~~the ~~two~~excess ~~years~~in ~~followed~~determining byour aregulatory ~~three-year~~capital ~~transition period~~levels. ~~During~~As ~~the~~of ~~two-year~~June ~~delay~~30, 2022, we ~~added~~had ~~back~~$622 million toin ~~CET1~~MSRs ~~capital~~and ~~100~~an ~~percent~~MSR ofto ~~the~~Common ~~initial~~Equity ~~adoption~~Tier ~~impact~~1 ofCapital ~~CECL~~ratio ~~plus~~of 2523 percent. ofWe ~~the~~settled ~~cumulative~~a ~~quarterly~~$213 million ~~changes~~MSR inpurchase ~~the ACL (i.e., quarterly transitional amounts). Starting~~ on ~~January~~July 1, 2022, ~~the~~which ~~quarterly~~would ~~transitional~~have ~~amounts~~resulted ~~along~~in ~~with~~an ~~the~~MSR ~~initial~~to ~~adoption~~Common ~~impact~~Equity ofTier ~~CECL~~1 ~~are~~capital ~~phased~~ratio ~~out~~ of ~~CET1~~31 ~~capital over the three-year transition period~~percent.

In response to COVID-19 in 2020, U.S. banking regulators issued a final rule that allows banking organizations the option to delay the initial adoption impact of CECL on regulatory capital for two years followed by a three-year transition period. During the two-year delay we added back to CET1 capital 100 percent of the initial adoption impact of CECL plus 25 percent of the cumulative quarterly changes in the ACL (i.e., quarterly transitional amounts). Starting on January 1, 2022, the quarterly transitional amounts along with the initial adoption impact of CECL are phased out of CET1 capital over the three-year transition period.

For the period presented, the following table sets forth our capital ratios as well as our excess capital over well-capitalized minimums.

Flagstar Bancorp

Actual

Well-Capitalized Under Prompt Corrective Action Provisions

Excess Capital Over Well-Capitalized Minimum

Amount

Ratio

Amount

Ratio

Capital Simplification

(Dollars in millions)

March 31, 2022

June 30, 2022

Tier 1 leverage capital (to adjusted avg. total assets)

2,~~843~~900

1112.8317

1,~~201~~192

5.0

1,~~642~~708

Common equity Tier 1 capital (to RWA)

2,~~603~~660

13.8922

1,~~218~~308

6.5

1,~~385~~352

Tier 1 capital (to RWA)

2,~~843~~900

1514.1741

1,~~499~~610

8.0

1,~~344~~290

Total capital (to RWA)

3,~~110~~155

1615.5968

12,~~874~~013

10.0

1,~~236~~142

As presented in the table above, our constraining capital ratio is our total capital to risk weighted assets at 16.59 percent. It would take a $1.2 billion after-tax loss, with the balance sheet remaining constant, for our total risk-based capital ratio to fall below the level considered to be "well-capitalized". 38

As presented in the table above, our constraining capital ratio is our total capital to risk weighted assets at 15.68 percent. It would take a $1.1 billion after-tax loss, with the balance sheet remaining constant, for our total risk-based capital ratio to fall below the level considered to be "well-capitalized".

For additional information on our capital requirements, see Note 14 - Regulatory Matters.

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this report includes certain non-GAAP financial measures. We believe these non-GAAP financial measures provide additional information that is useful to investors in helping to understand the underlying performance and trends of the Company.

Non-GAAP financial measures have inherent limitations, which are not required to be uniformly applied and are not audited. Readers should be aware of these limitations and should be cautious with respect to the use of such measures. To mitigate these limitations, we have practices in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components in their entirety and to ensure that our performance is properly reflected to facilitate consistent period-to-period comparisons. Our method of calculating these non-GAAP measures may differ from methods used by other companies. Although we believe the non-GAAP financial measures disclosed in this report enhance investors' understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for those financial measures prepared in accordance with GAAP. Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in this report.

financial measures prepared in accordance with GAAP. Where non-GAAP financial measures are used, the most directly comparable GAAP or regulatory financial measure, as well as the reconciliation to the most directly comparable GAAP or regulatory financial measure, can be found in this report.

Tangible book value per share, return on average tangible common equity, adjusted return on average tangible common equity, adjusted return on average assets, adjusted noninterest expense, adjusted provision for income taxes, adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted net interest margin and adjusted efficiency ratio.

The Company believes that these non-GAAP financial measures provide a meaningful representation of its operating performance on an ongoing basis for investors, securities analysts, and others. ~~Management uses these measures to assess performance of the Company against its peers and evaluate overall performance.~~

The following tables provide a reconciliation of non-GAAP financial measures.

	March 31, 2022			December 31, 2021			March 31, 2021
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
	(Dollars in millions)
Total stockholders' equity	$	2,~~733~~693		$	2,~~718~~733		$	2,~~358~~718		$	2,645		$	2,498
Less: Goodwill and intangible assets	~~145~~142			~~147~~145			~~155~~147			149			152
Tangible book value/Tangible common equity	$	2,~~588~~551		$	2,~~571~~588		$	2,~~203~~571		$	2,496		$	2,346
Number of common shares outstanding	53,~~236~~329,~~067~~993			53,~~197~~236,~~650~~067			5253,~~752~~197,~~600~~650			52,862,383			52,862,264
Tangible book value per share	$	4847.6183		$	48.3361		$	4148.7733		$	47.21		$	44.38
Total assets	$	24,899		$	23,244		$	25,483		$	27,042		$	27,065
Tangible common equity to assets ratio	10.25		%	11.13		%	10.09		%	9.23		%	8.67		%

	Three Months Ended,
	March 31, 2022			December 31, 2021			March 31, 2021
	(Dollars in millions, except share data)
Net income	$	53		$	85		$	149
Plus: Intangible asset amortization, net of tax	1			2			2
Tangible net income	$	54		$	87		$	151
Total average equity	$	2,687		$	2,692		$	2,319
Less: Average goodwill and intangible assets	146			148			156
Total average tangible equity	$	2,541		$	2,544		$	2,163
Return on average tangible common equity	8.61		%	13.79		%	27.99		%
Adjustment to remove DOJ settlement expense	—		%	—		%	4.98		%
Adjustment for merger costs	0.49		%	1.11		%	—		%
Adjusted return on average tangible common equity	9.10		%	14.90		%	32.97		%
Return on average assets	0.89		%	1.28		%	1.98		%
Adjustment to remove DOJ	—		%	—		%	0.36		%
Adjustment for merger costs	0.03		%	0.07		%	—		%
Adjusted return on average assets	0.92		%	1.35		%	2.34		%

Adjusted HFI loan-to-deposit ratio.

	March 31,2022			December 31, 2021			March 31,2021
	(Dollars in millions)
Average LHFI	$	12,384		$	13,314		$	14,915
Less: Average warehouse loans	3,973			5,148			6,395
Adjusted average LHFI	$	8,411		$	8,166		$	8,520
Average deposits	$	18,089		$	19,816		$	20,043
Less: Average custodial deposits	4,970			6,309			7,194
Adjusted average deposits	$	13,119		$	13,507		$	12,849
HFI loan-to-deposit ratio	68.5		%	67.2		%	74.4		%
Adjusted HFI loan-to-deposit ratio	64.1		%	60.5		%	66.3		%

	Three Months Ended,
	March 31, 2022			December 31, 2021			March 31, 2021
	(Dollars in millions)
Noninterest expense	$	261		$	291		$	347
Adjustment to remove DOJ settlement expense	—			—			35
Adjustment for merger costs	3			6			—
Adjusted noninterest expense	$	258		$	285		$	312
Income before income taxes	$	68		$	109		$	194
Adjustment to remove DOJ settlement expense	—			—			35
Adjustment for merger costs	3			6			—
Adjusted income before income taxes	$	71		$	115		$	229
Provision for income taxes	$	15		$	24		$	45
Adjustment to remove DOJ settlement expense	—			—			(8)
Adjustment for merger costs	(1)			(1)			—
Adjusted provision for income taxes	$	16		$	25		$	53
Net income	$	53		$	85		$	149
Adjusted net income	$	55		$	90		$	176
Weighted average common shares outstanding	53,219,866			52,867,138			52,675,562
Weighted average diluted common shares	53,578,001			53,577,832			53,297,803
Adjusted basic earnings per share	$	1.03		$	1.71		$	3.34
Adjusted diluted earnings per share	$	1.02		$	1.69		$	3.31
Average interest earning assets	$	21,569		$	24,291		$	27,178
Net interest margin	3.11		%	2.96		%	2.82		%
Adjustment for LGG loans available for repurchase	0.01		%	0.02		%	0.20		%
Adjusted net interest margin	3.12		%	2.98		%	3.02		%
Efficiency Ratio	80.37		%	75.86		%	67.67		%
Adjustment to remove DOJ settlement expense	—		%	—		%	(6.83)		%
Adjustment for merger costs	(0.79)		%	(1.51)		%	—		%
Adjusted efficiency ratio	79.58		%	74.35		%	60.84		%


	Three Months Ended,						Six Months Ended,
	June 30, 2022			March 31, 2022			June 30, 2022			June 30, 2021
	(Dollars in millions, except share data)
Net income	$	60		$	53		$	113		$	296
Plus: Intangible asset amortization, net of tax	3			1			4			4
Tangible net income	$	63		$	54		$	117		$	300

Total average equity	$	2,754		$	2,687		$	2,721		$	2,384
Less: Average goodwill and intangible assets	144			146			145			155
Total average tangible equity	$	2,610		$	2,541		$	2,576		$	2,229

Return on average tangible common equity	9.49		%	8.61		%	9.05		%	26.92		%
Adjustment to remove DOJ settlement expense	—		%	—		%	—		%	3.86		%
Adjustment for former CEO SERP agreement	—		%	—		%	—		%	(1.09)		%
Adjustment for merger costs	0.60		%	0.49		%	0.55		%	0.97		%
Adjusted return on average tangible common equity	10.09		%	9.10		%	9.60		%	30.66		%

Return on average assets	1.01		%	0.89		%	0.94		%	2.04		%
Adjustment to remove DOJ	—		%	—		%	—		%	0.18		%
Adjustment for former CEO SERP agreement	—		%	—		%	—		%	(0.05)		%
Adjustment for merger costs	0.04		%	0.03		%	0.04		%	0.05		%
Adjusted return on average assets	1.05		%	0.92		%	0.98		%	2.22		%

Adjusted HFI loan-to-deposit ratio.


	Three Months Ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
	(Dollars in millions)
Average LHFI	$	13,339		$	12,384		$	13,314		$	13,540		$	13,688
Less: Average warehouse loans	4,099			3,973			5,148			5,392			5,410
Adjusted average LHFI	$	9,240		$	8,411		$	8,166		$	8,148		$	8,278

Average deposits	$	17,488		$	18,089		$	19,816		$	19,686		$	19,070
Less: Average custodial deposits	4,641			4,970			6,309			6,180			6,188
Adjusted average deposits	$	12,847		$	13,119		$	13,507		$	13,506		$	12,882

HFI loan-to-deposit ratio	76.3		%	68.5		%	67.2		%	68.8		%	71.8		%
Adjusted HFI loan-to-deposit ratio	71.9		%	64.1		%	60.5		%	60.3		%	64.3		%


	Three Months Ended,				Six Months Ended,
	June 30, 2022		March 31, 2022		June 30, 2022		June 30, 2021
	(Dollars in millions)
Noninterest expense	$	256	$	261	$	517	$	636
Adjustment to remove DOJ settlement expense	—		—		—		35
Adjustment for former CEO SERP agreement	—		—		—		(10)

Filing Compare · FLAGSTAR BANCORP INC