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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
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 filerAccelerated filer
Non-accelerated filerSmaller 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 classTrading symbolName of each exchange on which registered
Common stockFBCNew York Stock Exchange
As of May 6, 2021, 52,752,606 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 31, 2021
TABLE OF CONTENTS
Item 1.
Consolidated Statements of Financial Condition – March 31, 2021 (unaudited) and December 31, 2020
Consolidated Statements of Operations – For the three months ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Comprehensive Income – For the three months ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Stockholders’ Equity – For the three months ended March 31, 2021 and 2020 (unaudited)
Consolidated Statements of Cash Flows – For the three months ended March 31, 2021 and 2020 (unaudited)
Notes to the Consolidated Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


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:
TermDefinitionTermDefinition
ACLAllowance for Credit LossesHOLAHome Owners' Loan Act
AFSAvailable-for-SaleHome equitySecond Mortgages, HELOANs, HELOCs
AgenciesFederal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association, CollectivelyHPIHousing Price Index
ALCOAsset Liability CommitteeHTMHeld-to-Maturity
ALLLAllowance for Loan LossesLGGLoans with Government Guarantees
AOCIAccumulated Other Comprehensive Income (Loss)LHFILoans Held-for-Investment
ASUAccounting Standards UpdateLHFSLoans Held-for-Sale
Basel IIIBasel Committee on Banking Supervision Third Basel AccordLIBORLondon Interbank Offered Rate
C&ICommercial and IndustrialLTVLoan-to-Value Ratio
CDARSCertificates of Deposit Account Registry ServiceManagementFlagstar Bancorp’s Management
CDCertificates of DepositMBSMortgage-Backed Securities
CECLCurrent Expected Credit Losses MD&AManagement's Discussion and Analysis
CET1Common Equity Tier 1MSRMortgage Servicing Rights
CLTVCombined Loan-to-Value RatioN/ANot Applicable
Common StockCommon SharesN/MNot Meaningful
CRECommercial Real EstateNBVNet Book Value
Deposit BetaThe change in the annualized cost of our deposits, compared to the change in the Federal Reserve discount rateNPLNonperforming Loan
DOJUnited States Department of JusticeNYSENew York Stock Exchange
DOJ Liability2012 Settlement Agreement with the Department of JusticeOCCOffice of the Comptroller of the Currency
OCIOther Comprehensive Income (Loss)
DTADeferred Tax AssetPPPPaycheck Protection Program
EVEEconomic Value of EquityQTLQualified Thrift Lending
Fannie MaeFederal National Mortgage AssociationRegulatory AgenciesBoard 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
FASBFinancial Accounting Standards Board
FBCFlagstar Bancorp
FDICFederal Deposit Insurance CorporationREOReal estate owned and other nonperforming assets, net
Federal ReserveBoard of Governors of the Federal Reserve SystemRMBSResidential Mortgage-Backed Securities
FHAFederal Housing AdministrationRWARisk Weighted Assets
FHLBFederal Home Loan BankSECSecurities and Exchange Commission
FICOFair Isaac CorporationSNCShared National Credit
FOALFallout-Adjusted LocksSOFRSecured Oversight Financing Rate
FRBFederal Reserve BankTARP preferredTARP Fixed Rate Cumulative Perpetual Preferred Stock, Series C
Freddie MacFederal Home Loan Mortgage CorporationTDRTroubled Debt Restructuring
FTEFull Time Equivalent EmployeesTPOThird Party Originator
GAAPUnited States Generally Accepted Accounting PrinciplesUPBUnpaid Principal Balance
GNMAGovernment National Mortgage AssociationU.S. TreasuryUnited States Department of Treasury
HELOCHome Equity Lines of CreditVIEVariable Interest Entities
HELOANHome Equity LoanXBRLeXtensible Business Reporting Language
HFIHeld-for-Investment

3


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 quarter of 2021, 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 2020 Annual Report on Form 10-K for the year ended December 31, 2020.

    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 2020 Annual Report on Form 10-K for the year ended December 31, 2020. 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 largest bank mortgage originator in the nation and the 6th largest subservicer of mortgage loans nationwide. At March 31, 2021, we had 5,418 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 and build financial solutions for our customers. At March 31, 2021, 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 87 retail locations in 27 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 new company will have over $87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28 state footprint. The transaction is expected to close by the end of 2021, subject to customary closing conditions, including regulatory approvals and approval by each company's shareholders.

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.
4


Results of Operations
The following table summarizes our results of operations for the periods indicated:
Three Months Ended,1Q21 vs. 4Q201Q21 vs. 1Q20
 March 31, 2021December 31, 2020March 31, 2020ChangeChange
(Dollars in millions, except share data)
Net interest income$189 $189 $148 $— $41 
(Benefit) provision for credit losses(28)14 (30)(42)
Total noninterest income324 332 154 (8)170 
Total noninterest expense347 314 232 33 115 
Provision for income taxes45 51 10 (6)35 
Net income$149 $154 $46 $(5)$103 
Income per share
Basic$2.83 $2.86 $0.80 $(0.03)$2.03 
Diluted$2.80 $2.83 $0.80 $(0.03)$2.83 
Weighted average shares outstanding:
Basic52,675,562 53,912,584 56,655,865 (1,237,022)(3,980,303)
Diluted53,297,803 54,343,966 57,189,923 (1,046,163)(3,892,120)

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

Three Months Ended,1Q21 vs. 4Q201Q21 vs. 1Q20
 March 31, 2021December 31, 2020March 31, 2020ChangeChange
(Dollars in millions, except share data)
Net interest income$189 $189 $148 $— $41 
(Benefit) provision for credit losses(28)14 (30)(42)
Total noninterest income324 332 154 (8)170 
Total noninterest expense312 314 232 (2)80 
Provision for income taxes53 51 10 43 
Net income$176 $154 $46 $22 $130 
Income per share
Basic$3.34 $2.86 $0.80 $0.48 $2.54 
Diluted$3.31 $2.83 $0.80 $0.48 $2.83 
5



The following table summarizes certain selected ratios and statistics for the periods indicated:
Three Months Ended,
March 31, 2021December 31, 2020March 31, 2020
Selected Ratios:
Interest rate spread (1)2.55 %2.44 %2.31 %
Net interest margin2.82 %2.78 %2.81 %
Adjusted net interest margin (2)3.02 %2.98 %2.81 %
Return on average assets1.98 %2.08 %0.78 %
Adjusted return on average assets (2) (3)2.34 %2.08 %0.78 %
Return on average common equity25.73 %27.58 %9.82 %
Return on average tangible common equity (2)27.99 %30.13 %11.46 %
Adjusted return on average tangible common equity (2) (3)32.97 %30.13 %11.46 %
Common equity-to-assets ratio8.01 %7.09 %6.87 %
Common equity-to-assets ratio (average for the period)7.71 %7.54 %7.92 %
Efficiency ratio67.7 %60.4 %76.9 %
Adjusted efficiency ratio (2)60.8 %59.1 %76.9 %
Selected Statistics:
Book value per common share$44.71 $41.79 $32.46 
Tangible book value per share (2)$41.77 $38.80 $29.52 
Number of common shares outstanding52,752,600 52,656,067 56,729,789 
(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.
(3) Excludes goodwill, intangible assets and the associated amortization. See Non-GAAP Reconciliation for further information.

Overview

    Net income was $149 million, or $2.80 per diluted share for the quarter ended March 31, 2021 compared
to fourth quarter 2020 net income of $154 million, or $2.83 per diluted share. When adjusted for the $35 million final settlement expense for the DOJ Liability, net income was $176 million, or $3.31 per diluted share, for the first quarter 2021.

Our benefit for credit losses for the quarter ended March 31, 2021 was $28 million, compared to a provision for credit losses of $2 million for the fourth quarter 2020. Our benefit for credit losses recorded for the first quarter of 2021 reflects the impact of improved economic forecasts along with a $16 million recovery on a previously charged-off commercial loan. Although our economic forecasts are improved, we continue to believe that uncertainty persists regarding the economic recovery, especially as it relates to consumer loan forbearance and the CRE sector.

Net interest income in the first quarter was $189 million, flat as compared to the quarter ended December 31, 2020. The results primarily reflect higher loans held-for-sale average balances, the full quarter impact of the early extinguishment of senior notes and the impact of lower rates on deposits, offsetting the impact of lower average balances and yields on loans-held-for investment.

Compared to the fourth quarter 2020, noninterest income decreased $8 million. This decrease was primarily driven by lower transactional loan fees and charges which were impacted by a decrease in the gross number of loans being boarded and deboarded onto our servicing platform this quarter and lower revenue associated with loans in forbearance and lower mortgage revenues, primarily a $5 million decrease in net gain on loan sales. Fallout-adjusted locks increased $0.3 billion, or 3 percent, to $12.3 billion and we maintained strong gain on sale margins, which decreased 9 basis points, to 1.84 percent for the first quarter 2021, as compared to 1.93 percent for the fourth quarter 2020.

Noninterest expense increased $33 million during the first quarter 2021 as compared to the fourth quarter 2020 primarily due to the $35 million final settlement expense for the DOJ Liability.

6


Net Interest Income

The following table presents details on our net interest margin and net interest income on a consolidated basis:
 Three Months Ended,
 March 31, 2021December 31, 2020March 31, 2020
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
Average
Balance
InterestAnnualized
Yield/
Rate
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$7,464 $53 2.83 %$5,672 $42 2.99 %$5,248 $49 3.72 %
Loans held-for-investment
Residential first mortgage2,132 17 3.20 %2,353 19 3.23 %3,062 27 3.51 %
Home equity820 3.50 %890 3.69 %1,019 12 4.73 %
Other1,040 12 4.79 %1,001 13 5.15 %816 12 5.77 %
Total consumer loans3,992 36 3.68 %4,244 40 3.78 %4,897 51 4.14 %
Commercial real estate3,042 26 3.36 %3,064 27 3.40 %2,949 34 4.61 %
Commercial and industrial1,486 13 3.53 %1,447 13 3.55 %1,667 19 4.52 %
Warehouse lending6,395 64 4.00 %6,948 71 3.99 %2,310 25 4.30 %
Total commercial loans10,923 103 3.76 %11,459 111 3.78 %6,926 78 4.48 %
Total loans held-for-investment (1)14,915 139 3.73 %15,703 151 3.78 %11,823 129 4.34 %
Loans with government guarantees2,502 0.56 %2,478 0.73 %811 1.38 %
Investment securities 2,210 12 2.21 %2,493 14 2.27 %3,060 19 2.47 %
Interest-earning deposits 87 — 0.14 %754 — 0.11 %208 1.75 %
Total interest-earning assets 27,178 $208 3.06 %27,100 $212 3.09 %21,150 $201 3.78 %
Other assets2,887 2,537 2,263 
Total assets$30,065 $29,637 $23,413 
Interest-Bearing Liabilities
Retail deposits
Demand deposits $1,852 $— 0.07 %$1,842 $— 0.07 %$1,587 $0.75 %
Savings deposits 3,945 0.14 %3,847 0.20 %3,384 1.07 %
Money market deposits685 — 0.06 %693 — 0.07 %687 0.32 %
Certificates of deposit 1,293 0.96 %1,415 1.18 %2,254 12 2.24 %
Total retail deposits7,775 0.25 %7,797 0.33 %7,912 25 1.28 %
Government deposits1,773 0.22 %1,579 0.26 %1,131 1.15 %
Wholesale deposits and other1,031 1.59 %1,010 1.69 %581 2.39 %
Total interest-bearing deposits 10,579 10 0.38 %10,386 12 0.46 %9,624 32 1.33 %
Short-term FHLB advances and other2,779 0.17 %1,598 0.20 %3,566 12 1.35 %
Long-term FHLB advances1,200 1.03 %1,200 1.03 %794 1.29 %
Other long-term debt453 4.11 %598 4.47 %496 5.33 %
Total interest-bearing liabilities$15,011 $19 0.51 %$13,782 $23 0.65 %$14,480 $53 1.46 %
Noninterest-bearing deposits
Retail deposits and other2,270 2,155 1,395 
Custodial deposits (2)7,194 8,527 4,776 
Total noninterest bearing deposits9,464 10,682 6,171 
Other liabilities 3,271 2,938 908 
Stockholders’ equity2,319 2,235 1,854 
Total liabilities and stockholders' equity$30,065 $29,637 $23,413 
Net interest-earning assets$12,167 $13,318 $6,671 
Net interest income $189 $189 $148 
Interest rate spread (3)2.55 %2.44 %2.31 %
Net interest margin (4)2.82 %2.78 %2.81 %
Ratio of average interest-earning assets to interest-bearing liabilities181.1 %196.6 %146.1 %
Total average deposits$20,043 $21,068 $15,795 
(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.
    
7


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 March 31, 2021 versus December 31, 2020 Increase (Decrease) Due to:Three Months Ended March 31, 2021 versus March 31, 2020 Increase (Decrease) Due to:
 RateVolumeTotalRateVolumeTotal
 (Dollars in millions)
Interest-Earning Assets
Loans held-for-sale$(2)$13 $11 $(11)$15 $
Loans held-for-investment
Residential first mortgage— (2)(2)(2)(8)(10)
Home equity— (1)(1)(3)(2)(5)
Other(2)(1)(3)— 
Total consumer loans(2)(2)(4)(6)(9)(15)
Commercial real estate(1)— (1)(9)(8)
Commercial and industrial— — — (4)(2)(6)
Warehouse lending(1)(6)(7)(2)41 39 
Total commercial loans(3)(5)(8)(17)42 25 
Total loans held-for-investment(5)(7)(12)(21)31 10 
Loans with government guarantees(1)— (1)(1)
Investment securities— (2)(2)(2)(5)(7)
Interest-earning deposits and other— — — — (1)(1)
Total interest-earning assets$(5)$$(4)$(37)$44 $
Interest-Bearing Liabilities
Interest-bearing deposits$(2)$— $(2)$(25)$$(22)
Short-term FHLB advances and other borrowings(1)— (8)(3)(11)
Long-term FHLB advances— — — (1)— 
Other long-term debt— (2)(2)— (1)(1)
Total interest-bearing liabilities(6)(4)(36)(34)
Change in net interest income$$(1)$— $(1)$42 $41 

Comparison to Prior Quarter

    Net interest income in the first quarter 2021 was $189 million, flat to the fourth quarter 2020. Higher LHFS average balances were offset by lower balances in the warehouse and other HFI portfolios. Average earnings assets increased $78 million, reflecting increases of $1.0 billion in average total loans, partially offset by a $667 million decrease in interest-earning deposits deployed to fund these loans and a $283 million decrease in average investment securities due to runoff.

The net interest margin increased 4 basis points to 2.82 percent for the quarter ended March 31, 2021, as compared to 2.78 percent for the quarter ended December 31, 2020. Excluding the impact from LGG in forbearance that have not been repurchased and do not accrue interest, adjusted net interest margin expanded 4 basis points to 3.02 percent in the first quarter, compared to adjusted net interest margin of 2.98 percent in the prior quarter. The increase in the net interest margin was primarily driven by lower rates on deposits and the impact from the early redemption of the higher cost senior notes due July 15, 2021. Retail banking deposit rates decreased 5 basis points driven by the expiration of promotional rates on some of our savings deposits and the maturity of higher cost time deposits.

LHFI averaged $14.9 billion for the first quarter of 2021, decreasing $0.8 billion, or 5 percent, from the prior quarter. The decrease was primarily driven by $0.6 billion, or 8 percent, lower average warehouse loan balances consistent with the volume decrease in the overall mortgage market and $0.3 billion, or 6 percent, lower average consumer loans, primarily attributable to a decrease in our residential first mortgage portfolio as loans paid off.

Average total deposits were $20.0 billion in the first quarter 2021, decreasing $1.0 billion, or 5 percent, from the fourth quarter 2020. A $1.3 billion, or 16 percent, decline in average custodial deposits driven by a decrease in refinance activity more than offset a $0.3 billion increase in average retail banking and government deposits.
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Comparison to Prior Year    Quarter

    Net interest income increased $41 million, for the quarter ended March 31, 2021, compared to the same period in 2020. The 28 percent increase was driven by growth in average interest-earning assets led by the warehouse and LHFS portfolios. In addition, net interest margin increased 1 basis point to 2.82 percent for the quarter ended March 31, 2021, as compared to 2.81 percent for the quarter ended March 31, 2020.
    Average interest-earnings assets increased $6.0 billion due primarily to growth in the warehouse and LHFS portfolios which both benefited from the favorable mortgage environment and improvements in market share. Average LGG increased $1.7 billion due to an increase in average GNMA loans in forbearance which are eligible for repurchase.

    Average interest-bearing liabilities increased $0.5 billion, driven by increases of $0.6 billion and $0.4 billion in government deposits and long-term FHLB borrowings partially offset by a decrease of $0.3 billion in short-term FHLB borrowings. The increase in average government deposits was driven by an increase in municipal deposits stemming from stimulus related to COVID-19 that allowed for the easing of municipality deposit limits causing average balances to remain higher. The increase in average long-term FHLB borrowings was used to fund asset growth while taking advantage of the lower interest rate environment. Average total deposits increased $4.2 billion driven by higher custodial deposits from growth in our subservicing portfolio and higher refinance activity. Additionally, retail deposits increased due to the growth in average customer balances which grew from the impact of COVID-19 on customer behavior and spending patterns.

Provision for Credit Losses

The benefit for credit losses was $28 million for the quarter ended March 31, 2021, as compared to a $2 million provision for credit losses for the quarter ended December 31, 2020, reflecting the impact from improved economic forecasts and $13 million of net recoveries during the quarter. The net recoveries for the quarter were driven by a $16 million recovery on a previously charged-off commercial loan. Excluding the $16 million recovery, the net charge-off ratio remained low for the quarter at only 8 basis points of LHFI. Although our economic forecasts are improved, we continue to believe that uncertainty persists regarding the economic recovery, especially as it affects consumer loan forbearance and the CRE sector.

The benefit for credit losses was $28 million for the quarter ended March 31, 2021, as compared to a provision for credit losses of $14 million for the quarter ended March 31, 2020. We adopted CECL on January 1, 2020, and the $14 million provision recorded in the first quarter of 2020 reflects changes in the economic forecast, including the onset of the COVID-19 pandemic, and judgment we applied related to those forecasts as a result of the ongoing COVID-19 pandemic.

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

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Noninterest Income

    The following tables provide information on our noninterest income and other mortgage metrics:
 Three Months Ended,1Q21 vs. 4Q201Q21 vs. 1Q20
 March 31, 2021December 31, 2020March 31, 2020ChangeChange
 (Dollars in millions)
Net gain on loan sales$227 $232 $90 $(5)$137 
Loan fees and charges42 48 23 (6)19 
Net return on mortgage servicing rights— — — (6)
Loan administration income27 25 12 15 
Deposit fees and charges— (1)
Other noninterest income20 19 14 
Total noninterest income$324 $332 $154 $(8)$170 

 Three Months Ended,1Q21 vs. 4Q201Q21 vs. 1Q20
 March 31, 2021December 31, 2020March 31, 2020ChangeChange
 (Dollars in millions)
Mortgage rate lock commitments (fallout-adjusted) (1)(3)$12,300 $12,000 $11,200 $300 $1,100 
Mortgage loans closed (3)$13,800 $13,100 $8,600 $700 $5,200 
Mortgage loans sold and securitized (3)$13,700 $12,000 $7,500 $1,700 $6,200 
Net margin on mortgage rate lock commitments (fallout-adjusted) (1)(2)1.84 %1.93 %0.80 %(0.09)%1.04 %
Net margin on loans sold and securitized1.65 %1.92 %1.19 %(0.27)%0.46 %
(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 (excludes net gain on loan sales of $3 million from loans transferred from LHFI during the three months ended December 31, 2020. There was no net gain on loan sales from loans transferred from LHFI during the three months ended March 31, 2021 and March 31, 2020) to fallout-adjusted mortgage rate lock commitments.
(3)Rounded to nearest hundred million.

Comparison to Prior Quarter

    Noninterest income decreased $8 million for the quarter ended March 31, 2021, compared to the quarter ended December 31, 2020, primarily due to the following:

Net gain on loan sales decreased $5 million to $227 million, as compared to $232 million in the fourth quarter 2020. FOALs increased $0.3 billion, or 3 percent, to $12.3 billion while gain on sale margins decreased 9 basis points, to 1.84 percent for the first quarter 2021, as compared to 1.93 percent for the fourth quarter 2020.

Loan fees and charges decreased $6 million to $42 million for the first quarter of 2021, compared to $48 million for the fourth quarter 2020, primarily due to a decrease in the gross number of loans being boarded and deboarded onto our servicing platform this quarter and lower revenue associated with loans in forbearance.

Net return on mortgage servicing rights was $0.4 million in the first quarter of 2021, consistent with the net return for the fourth quarter of 2020. Refinance activity remained elevated compared to historical norms as favorable mortgage rates persisted during the quarter impacting prepayment speeds and overall net return on mortgage servicing rights.

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Comparison to Prior Year    Quarter

    Noninterest income increased $170 million for the quarter ended March 31, 2021, compared to the quarter ended March 31, 2020, primarily due to the following:

Net gain on loan sales increased $137 million, primarily due to $1.1 billion higher FOALs and a 104 basis point improvement in our gain on sale margin. This was driven by favorable market conditions, which allowed us to grow our direct retail channel and optimize profitability.

Loan fees and charges increased $19 million primarily driven by an increase in retail closings along with $2 million higher subservicing ancillary fees driven by fees related to forbearance programs.

Loan administration income increased $15 million, driven primarily by a decline in LIBOR-based fees paid to sub-servicing customers on custodial deposits along with $2 million higher subservice fee income due to an increase in the average number of loans being subserviced and an increase in the number of loans past due as a result of forbearance which are charged a higher servicing rate.

Other noninterest income increased $6 million primarily due to a $3 million increase in gains on other asset sales.

Net return on mortgage servicing rights, including the impact of hedges, decreased $6 million largely attributable to higher prepayments, partially offset by higher servicing fees due to an increase in the average number of loans being serviced.

Noninterest Expense

    The following table sets forth the components of our noninterest expense:
 Three Months Ended,1Q21 vs. 4Q201Q21 vs. 1Q20
 March 31, 2021December 31, 2020March 31, 2020ChangeChange
 (Dollars in millions)
Compensation and benefits$144 $125 $102 $19 $42 
Occupancy and equipment46 44 41 
Commissions62 70 29 (8)33 
Loan processing expense21 24 17 (3)
Legal and professional expense11 (3)
Federal insurance premiums— 
Intangible asset amortization— — 
Other noninterest expense57 32 28 25 29 
Total noninterest expense$347 $314 $232 $33 $115 
Efficiency ratio67.7 %60.4 %76.9 %7.3 %(9.2)%
Number of FTE employees5,418 5,214 4,415 204 1,003 

Comparison to Prior Quarter

Noninterest expense increased $33 million for the quarter ended March 31, 2021, compared to the quarter ended December 31, 2020 primarily due to the following:

Other noninterest expense increased $25 million from the prior quarter driven by a $35 million increase due to the final settlement expense for the DOJ Liability partially offset by a $7 million loss recognized on the early redemption of senior notes in the fourth quarter of 2020.

Compensation and benefits expense increased $19 million from the prior quarter. This was primarily due to a 4 percent increase in FTE resulting from efforts to expand capacity in the mortgage and servicing businesses along with a seasonal increase in 401k contributions and payroll taxes due to the start of a new tax year.

Commissions decreased $8 million, primarily in the TPO channel. The prior quarter included the impact of the higher annual payout factors which reset at the beginning of the new year and lower current quarter revenue in the TPO channel.
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Loan processing expense decreased $3 million primarily driven by a decrease in expenses related to deboarding loans from our servicing platform.

Comparison to Prior Year    Quarter

Noninterest expense increased $115 million for the quarter ended March 31, 2021, compared to the quarter ended March 31, 2020 primarily due to the following:

Compensation and benefits increased $42 million, primarily due to a 23 percent increase in average FTE which was impacted by hiring in default servicing given a ramp up in loss mitigation efforts and adding variable mortgage closing capacity along with an increase in incentive compensation attributed to stronger financial results.

Commissions and loan processing increased $33 million, respectively, primarily driven by $5.2 billion, or 61 percent, higher mortgage closings along with a shift in channel mix from TPO to retail which supports a higher gain on sale but also has higher commission rates and costs.

Other noninterest expense increased $29 million primarily driven by a $35 million increase due to the final settlement expense for the DOJ Liability partially offset by certain performance-related earn out adjustments recorded in the first quarter of 2020 related to our Opes Advisors acquisition.

Occupancy and equipment increased $5 million primarily related to costs associated with the increase in FTE.

Loan processing expense increased $4 million primarily driven by a $5 billion, or 60 percent, increase in mortgage closings.

Provision for Income Taxes

    Our provision for income taxes for the quarter ended March 31, 2021, was $45 million and our effective tax rate was 23.0 percent, as compared to $51 million and an effective rate of 24.8 percent for the quarter ended December 31, 2020. Our effective tax rate decreased from the prior quarter primarily due to the $2 million impact resulting from the sale of stock in the fourth quarter of 2020 by a shareholder that formerly held more than 50 percent of our outstanding shares.

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.

    We charge the lines of business for the net charge-offs that occur. In addition to this amount, 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 the sum of total net charge-offs and the change in loan balances is assigned to 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 other noninterest expense.

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

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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.

Our Community Banking segment has seen continued growth driven by our warehouse portfolio which has benefited from the robust mortgage market during 2020 and 2021. In addition, we continue to maintain our disciplined underwriting in this business. In the quarter ended March 31, 2021, our average commercial loan portfolio has decreased 5 percent to $10.9 billion and our average consumer loan portfolio has decreased 6 percent to $4.0 billion. Average deposits for the three months ended March 31, 2021 increased 13 percent to $11.8 billion, compared to $10.4 billion for the same period in 2020 driven primarily by higher customer balances.
 Three Months Ended, 1Q21 vs. 4Q201Q21 vs. 1Q20
Community BankingMarch 31, 2021December 31, 2020March 31, 2020ChangeChange
(Dollars in millions)
Summary of Operations
Net interest income$156 $175 $104 $(19)$52 
(Benefit) provision for credit losses(14)— (14)(22)
Net interest income after (benefit) provision for credit losses170 175 96 (5)74 
Net loss on loan sales— (1)— — 
Loan administration expense— — (1)— 
Other noninterest income18 18 16 — 
Total noninterest income18 17 15 
Compensation and benefits31