Flagstar Bank posts two quarters of profit, Fitch upgrades credit rating, deposits rise to $66.8B

Flagstar Bank has reported two consecutive quarters of positive non-GAAP profits and recently received a credit rating upgrade to "BB" from Fitch. The bank is trading below its tangible book value and all-time highs despite improvements in deposits and credit quality. Strategic moves include reducing commercial real estate exposure and expanding commercial and industrial lending. Deposits increased by 1.3% sequentially, reaching $66.8 billion, signaling growth potential for the bank.