Flagstar Bank, National Association (FLG) Bank of America Financial Services Conference 2026 February 10, 2026 3:30 PM EST
Company Participants
Lee Smith – Senior Executive VP & CFO
Richard Raffetto – SEVP, President of Commercial and Private Banking
Conference Call Participants
Ebrahim Poonawala – BofA Securities, Research Division
Brian Bedell – Deutsche Bank AG, Research Division
Presentation
Ebrahim Poonawala
BofA Securities, Research Division
I guess we get started with our next session. We have with us Flagstar. And from Flagstar, we have Lee Smith, CFO, and Richard Raffetto, Senior Executive Vice President and President of the Commercial and Private Bank. So first of all, thank you both for being with us.
Lee Smith
Senior Executive VP & CFO
Yes. Thanks, Ebrahim. It’s great to be here again.
Question-and-Answer Session
Ebrahim Poonawala
BofA Securities, Research Division
And maybe just to kick it off with you, Lee, give us an update. I mean, obviously, fourth quarter was a bit of a milestone for Flagstar, turned profitable. As you think about just a mark-to-market in terms of everything that’s gone on over the last couple of years with the bank, just talk to us about the progress that’s been made in terms of shifting the focus, moving from sort of addressing and ring-fencing the credit quality issues towards pivoting to growth and kind of how you’ve seen all of this evolve and where things stand today?
Lee Smith
Senior Executive VP & CFO
Yes. No, absolutely. It’s obviously — the last couple of years, it’s been a tremendous effort and a lot of blood, sweat and tears. But I think, first of all, it all starts with people.
And obviously, the new investors and Board, the first thing they did was they bought Joseph Otting in as the new CEO. And I think Joseph did an incredible job
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