John R. Buran, President and CEO
Commentary
“Flushing Financial delivered sequential GAAP and Core NIM
expansion in 4Q23 of 7 and 18 basis points, respectively, as our
team continued to successfully execute against the previously
announced action plan amid this challenging environment.
Importantly, during the quarter, total average deposits increased
3.1% YoY and 0.9% QoQ, while average noninterest bearing deposits
increased $21.6 million, or 2.5% QoQ. Our loan portfolio remains
resilient through the credit cycle with 89% secured by real estate,
strong debt service coverage ratios, low average loan to values,
and controllable repricing risk. Credit quality continues to be a
strength for the Company with less than one basis point of net
charge-offs in 4Q23 although there was a slight uptick in NPAs.
Given our progress to date, we are expanding our areas of focus to
include: 1) increasing NIM and reducing volatility; 2) maintaining
credit discipline; 3) preserving strong liquidity and capital; and
4) bending the expense curve. Continuing to advance these
priorities will enable us to navigate the current environment while
positioning the Company for long-term profitable growth.”
|
- John R. Buran, President and CEO |
UNIONDALE, N.Y., Jan. 25, 2024 (GLOBE NEWSWIRE)
-- GAAP and Core NIM Expand QoQ; Average Total Deposits
Increase. The Company reported fourth quarter and full
year 2023 GAAP EPS of $0.27 and $0.96, respectively. Core EPS for
the fourth quarter and full year of 2023 totaled $0.25 and $0.83,
respectively. 4Q23 GAAP NIM was 2.29% while Core NIM amounted to
2.31%. The actions undertaken in 2023 to reduce interest rate risk,
including adding interest rate hedges and floating rate loans,
assisted in reducing the NIM compression. Absent episodic items,
the NIM was 2.14%, an increase of 5 basis points quarter over
quarter. Average total deposits increased 3.1% YoY and 0.9% QoQ
while importantly, noninterest bearing deposits increased $21.6
million, or 2.5% QoQ.
Strong Credit Quality; Stable Capital.
Nonperforming assets to total assets increased to 54 bps compared
to 45 bps in 3Q23, while criticized and classified loans to loans
was 1.11% in 4Q23, compared to 1.08% in 3Q23. Net charge-offs were
only $60 thousand in 4Q23. Capital continues to be sound with
TCE/TA1 of 7.64% at December 31, 2023, compared to 7.56%
at September 30, 2023. The Company repurchased 38,815 shares at an
average cost $15.08 (33% discount to tangible book value) during
4Q23.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q23 |
|
|
3Q23 |
|
2Q23 |
|
1Q23 |
|
4Q22 |
|
|
2023 |
|
|
2022 |
GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
$ |
0.27 |
|
|
$ |
0.26 |
|
$ |
0.29 |
|
$ |
0.13 |
|
$ |
0.34 |
|
|
$ |
0.96 |
|
|
$ |
2.50 |
ROAA
(%) |
|
|
0.38 |
|
|
|
0.37 |
|
|
0.41 |
|
|
0.19 |
|
|
0.48 |
|
|
|
0.34 |
|
|
|
0.93 |
ROAE
(%) |
|
|
4.84 |
|
|
|
4.64 |
|
|
5.16 |
|
|
2.37 |
|
|
6.06 |
|
|
|
4.25 |
|
|
|
11.44 |
NIM
FTE3(%) |
|
|
2.29 |
|
|
|
2.22 |
|
|
2.18 |
|
|
2.27 |
|
|
2.70 |
|
|
|
2.24 |
|
|
|
3.11 |
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
$ |
0.26 |
|
$ |
0.06 |
|
$ |
0.57 |
|
|
$ |
0.83 |
|
|
$ |
2.49 |
ROAA
(%) |
|
|
0.35 |
|
|
|
0.36 |
|
|
0.37 |
|
|
0.09 |
|
|
0.82 |
|
|
|
0.29 |
|
|
|
0.92 |
ROAE
(%) |
|
|
4.51 |
|
|
|
4.49 |
|
|
4.70 |
|
|
1.11 |
|
|
10.29 |
|
|
|
3.69 |
|
|
|
11.42 |
Core NIM
FTE (%) |
|
|
2.31 |
|
|
|
2.13 |
|
|
2.17 |
|
|
2.25 |
|
|
2.63 |
|
|
|
2.21 |
|
|
|
3.07 |
Credit Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPAs/Loans & OREO (%) |
|
|
0.67 |
|
|
|
0.56 |
|
|
0.58 |
|
|
0.61 |
|
|
0.77 |
|
|
|
0.67 |
|
|
|
0.77 |
ACLs/Loans (%) |
|
|
0.58 |
|
|
|
0.57 |
|
|
0.57 |
|
|
0.56 |
|
|
0.58 |
|
|
|
0.58 |
|
|
|
0.58 |
ACLs/NPLs (%) |
|
|
159.55 |
|
|
|
225.38 |
|
|
207.08 |
|
|
182.89 |
|
|
124.89 |
|
|
|
159.55 |
|
|
|
124.89 |
NCOs/Avg
Loans (%) |
|
|
- |
|
|
|
- |
|
|
0.09 |
|
|
0.54 |
|
|
0.05 |
|
|
|
0.16 |
|
|
|
0.02 |
Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Avg
Loans ($B) |
|
$ |
6.9 |
|
|
$ |
6.8 |
|
$ |
6.8 |
|
$ |
6.9 |
|
$ |
6.9 |
|
|
$ |
6.8 |
|
|
$ |
6.7 |
Avg Dep
($B) |
|
$ |
6.9 |
|
|
$ |
6.8 |
|
$ |
6.9 |
|
$ |
6.8 |
|
$ |
6.7 |
|
|
$ |
6.9 |
|
|
$ |
6.5 |
Book
Value/Share |
|
$ |
23.21 |
|
|
$ |
23.06 |
|
$ |
23.14 |
|
$ |
22.80 |
|
$ |
22.97 |
|
|
$ |
23.21 |
|
|
$ |
22.97 |
Tangible
BV/Share |
|
$ |
22.54 |
|
|
$ |
22.39 |
|
$ |
22.47 |
|
$ |
22.14 |
|
$ |
22.31 |
|
|
$ |
22.54 |
|
|
$ |
22.31 |
TCE/TA
(%) |
|
|
7.64 |
|
|
|
7.56 |
|
|
7.70 |
|
|
7.72 |
|
|
7.82 |
|
|
|
7.64 |
|
|
|
7.82 |
Note: In certain circumstances, reclassifications have been made
to prior periods to conform to the current presentation.
1 Tangible Common Equity (“TCE”)/Total Assets (“TA”)
2 See “Reconciliation of GAAP Earnings and Core
Earnings”, “Reconciliation of GAAP Revenue and Pre-Provision
Pre-Tax Net Revenue”, and “Reconciliation of GAAP Net Interest
Margin to Core Net Interest Income and Net Interest Margin.”
3 Net Interest Margin (“NIM”) Fully Taxable Equivalent
(“FTE”).
|
|
4Q23 Highlights |
- Net interest
margin FTE decreased 41 bps YoY, but increased 7 bps QoQ to 2.29%;
Core net interest margin FTE decreased 32 bps YoY but improved 18
bps QoQ to 2.31%; Both GAAP and Core NIM benefited from prepayment
penalty income, net reversals and recovered interest from
nonaccrual loans, and customer swap termination fees, which totaled
$3.4 million or 17 bps in 4Q23
- Average total
deposits increased 3.1% YoY and 0.9% QoQ to $6.9 billion; Average
noninterest bearing deposits increased $21.6 million QoQ, totaling
12.7% of average total deposits compared to 14.7% in 4Q22 and 12.5%
in 3Q23. Average CDs were $2.3 billion, up 73.3% YoY and 2.2%
QoQ
- Period end net
loans decreased 0.4% YoY, but increased 0.1% QoQ; Loan closings
were $244.3 million up 8.5% YoY and 1.2% QoQ; The yields on
closings increased 159 bps YoY and 21 bps QoQ to 7.69%;
Back-to-back swap loan originations were $121.6 million compared to
$120.5 million in 3Q23 and generated $1.5 million and $1.6 million
of noninterest income, respectively; Loan pipeline decreased 35.3%
YoY and 55.1% QoQ to $163.1 million; Approximately 29% of the loan
pipeline consists of back-to-back swap loans
- NPAs decreased
to $46.2 million from $53.4 million a year ago but increased from
$38.4 million in the prior quarter
- As separately
disclosed, we have not recognized and have restated for employee
retention credits formerly recognized during periods of 2023, and
have fully reserved for approximately $7.0 million ($0.17/share,
after tax) of refunds
- 4Q23 noninterest
expense was impacted by increasing DDA balances and strong loan
production
- Provision for
credit losses was $1.0 million in 4Q23 compared to negligible
amount in 4Q22 and $0.6 million in 3Q23; Net charge-offs
(recoveries) were $60,000 in 4Q23 compared to $0.8 million in 4Q22
and $(42,000) in 3Q23
- Tangible Common
Equity to Tangible Assets increased to 7.64% at 4Q23 compared to
7.56% at 3Q23; Repurchased 38,815 shares at an average price of
$15.08 or a 33% discount to December 31, 2023, tangible book value
of $22.54
|
Areas of Focus |
Increase NIM and Reduce Volatility |
-
GAAP and Core NIM improved 7 bps and 18 bps QoQ, respectively, in
4Q23
-
NIM improved 5 bps QoQ to 2.14%, absent episodic
items1
-
Largely achieved the goal of becoming interest rate neutral to a
100 bps change in rates
-
Approximately 25% of the loan portfolio consists of floating rate
loans (including interest rate hedges)
-
Average noninterest bearing increased 2.5% QoQ and accounted for
12.7% of average total deposits
|
Maintain Credit Discipline |
-
Approximately 89% of the loan portfolio is collateralized by real
estate with an average loan to value of less than 36%
-
Weighted average debt service coverage ratio is approximately 1.8x
for multifamily and investor commercial real estate loans
-
NPAs are a low 54 bps of assets and criticized and classified loans
are 1.11% of loans
-
Manhattan office buildings exposure is minimal at 0.6% of net
loans
|
Preserve Strong Liquidity and
Capital |
-
Maintaining ample liquidity with $4.1 billion of undrawn lines and
resources
-
Uninsured and uncollateralized deposits were 17% of total deposits,
while uninsured deposits were 30% of total deposits
-
Total average deposits increased 3.1% YoY and 0.9% QoQ
-
Checking account openings declined 6.6% YoY in 4Q23, but were up
5.7% in 2023
-
Tangible Common Equity to Tangible Assets improved to 7.64%
QoQ
-
Leverage ratio remains stable at 8.47%
|
Bend the Expense Curve |
-
GAAP noninterest expense to average assets was 1.90% in 4Q23
compared to 1.58% in 4Q22 and 1.71% in 3Q23
-
4Q23 noninterest expense was impacted by increasing DDA balances
and strong loan production
-
1Q24 seasonal expenses are expected to be less than half of the
$4.1 million recorded in 1Q23
|
1 Episodic items include prepayment penalty
income, customer swap termination fees, net reversals and recovered
interest from nonaccrual loans, net gain/loss from fair value on
qualifying hedges, and purchase accounting adjustments
|
Income Statement Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY |
|
QoQ |
($000s, except EPS) |
|
|
4Q23 |
|
|
3Q23 |
|
2Q23 |
|
1Q23 |
|
4Q22 |
|
Change |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
|
$ |
46,085 |
|
|
$ |
44,427 |
|
$ |
43,378 |
|
$ |
45,262 |
|
$ |
54,201 |
|
|
(15.0 |
) |
% |
|
3.7 |
|
% |
Provision (Benefit) for Credit
Losses |
|
|
|
998 |
|
|
|
596 |
|
|
1,416 |
|
|
7,508 |
|
|
(12 |
) |
|
(8,416.7 |
) |
|
|
67.4 |
|
|
Noninterest Income (Loss) |
|
|
|
7,402 |
|
|
|
3,309 |
|
|
5,020 |
|
|
6,857 |
|
|
(7,652 |
) |
|
(196.7 |
) |
|
|
123.7 |
|
|
Noninterest Expense |
|
|
|
40,735 |
|
|
|
36,388 |
|
|
35,110 |
|
|
39,156 |
|
|
33,742 |
|
|
20.7 |
|
|
|
11.9 |
|
|
Income Before Income
Taxes |
|
|
|
11,754 |
|
|
|
10,752 |
|
|
11,872 |
|
|
5,455 |
|
|
12,819 |
|
|
(8.3 |
) |
|
|
9.3 |
|
|
Provision for Income Taxes |
|
|
|
3,655 |
|
|
|
2,917 |
|
|
3,186 |
|
|
1,411 |
|
|
2,570 |
|
|
42.2 |
|
|
|
25.3 |
|
|
Net Income |
|
|
$ |
8,099 |
|
|
$ |
7,835 |
|
$ |
8,686 |
|
$ |
4,044 |
|
$ |
10,249 |
|
|
(21.0 |
) |
|
|
3.4 |
|
|
Diluted EPS |
|
|
$ |
0.27 |
|
|
$ |
0.26 |
|
$ |
0.29 |
|
$ |
0.13 |
|
$ |
0.34 |
|
|
(20.6 |
) |
|
|
3.8 |
|
|
Avg. Diluted Shares
(000s) |
|
|
|
29,650 |
|
|
|
29,703 |
|
|
30,090 |
|
|
30,265 |
|
|
30,420 |
|
|
(2.5 |
) |
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Net
Income1 |
|
|
$ |
7,546 |
|
|
$ |
7,571 |
|
$ |
7,912 |
|
$ |
1,889 |
|
$ |
17,399 |
|
|
(56.6 |
) |
|
|
(0.3 |
) |
|
Core EPS1 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
$ |
0.26 |
|
$ |
0.06 |
|
$ |
0.57 |
|
|
(56.1 |
) |
|
|
- |
|
|
1 See Reconciliation of GAAP Earnings
and Core Earnings
Net interest income decreased
YoY but increased QoQ.
- Net Interest
Margin FTE of 2.29% decreased 41 bps YoY, but increased 7 bps
QoQ
- Prepayment
penalty income, customer swap termination fees, net reversals and
recoveries of interest from nonaccrual loans, net gains and losses
from fair value adjustments on qualifying hedges, and purchase
accounting accretion totaled $3.0 million (15 bps to the NIM)
compared to $2.6 million (13 bps to the NIM) in 3Q23, $0.5 million
(3 bps) in 2Q23, $1.1 million (6 bps) in 1Q23, and $2.4 million (12
bps) in 4Q22
- Excluding the
items in the previous bullet, net interest margin was 2.14% in
4Q23, 2.09% in 3Q23, 2.15% in 2Q23, 2.21% in 1Q23, and 2.58% in
4Q22
The provision for credit
losses increased YoY and QoQ.
- Net charge-offs
(recoveries) were $60,000 in 4Q23 (less than 1 bp of average loans)
compared to $(42,000) in 3Q23 (less than (1) bp of average loans),
$1.6 million in 2Q23 (9 bps of average loans), $9.2 million in 1Q23
(54 bps of average loans), and $0.8 million in 4Q22 (5 bps of
average loans)
- 1Q23 net
charge-offs were primarily related to a commercial business
relationship that was placed on nonaccrual in 2Q22
Noninterest income (loss)
increased YoY and QoQ.
- Back-to-back
swap loan closings of $121.6 million in 4Q23 (compared to $120.5
million in 3Q23 and $11.5 million in 2Q23) contributed to the YoY
growth in core noninterest income; the Company earns fee income on
back-to-back swap loan closings
- Net gains
(losses) from fair value adjustments were $0.9 million in 4Q23
($0.02 per share, net of tax), $(1.2) million in 3Q23 ($(0.03) per
share, net of tax), $0.3 million in 2Q23 ($0.01 per share, net of
tax), $2.6 million in 1Q23 ($0.06 per share, net of tax), and
$(0.6) million in 4Q22 ($(0.02) per share, net of tax)
- Life insurance
proceeds were $0.7 million in 4Q23 ($0.02 per share), $23,000 in
3Q23 (less than $0.01 per share), $0.6 million ($0.02 per share) in
2Q23, and $0.3 million ($0.01 per share) in 4Q22
- Loss on the sale
of securities was $10.9 million ($0.27 per share, net of tax) in
4Q22 as the Company sold $84.2 million of mortgage-based securities
with an approximate yield of 1.17%; proceeds were primarily
reinvested in 1Q23 into floating rate securities that had a yield
at that time approximating 6.40%
- Absent the items
in the previous three bullets and other immaterial adjustments,
core noninterest income was $5.8 million in 4Q23, up 64.4% YoY and
28.0% QoQ
- 4Q23 other fee
income includes net realized gains on the sale of assets and other
dividends from nonqualified plans that are expected to normalize in
future periods
Noninterest expense increased YoY and QoQ.
- 4Q23 noninterest expense was impacted by increasing DDA
balances and strong loan production
- Seasonal
compensation expense was $4.1 million in 1Q23; seasonal expenses
are expected to be less than half in 1Q24
- Excluding the
effects of immaterial adjustments, core operating expenses were
$40.1 million in 4Q23, up 19.3% YoY, and 10.5% QoQ
- GAAP noninterest
expense to average assets was 1.90% in 4Q23, 1.71% in 3Q23, 1.66%
in 2Q23, 1.85% in 1Q23, and 1.58% in 4Q22
Provision for income
taxes increased YoY and QoQ.
- The effective
tax rate was 31.1% in 4Q23, 27.1% in 3Q23, 26.8% in 2Q23, 25.9% in
1Q23, and 20.0% in 4Q22
- The 4Q23
effective tax rate increased as a result of preferential tax items
having a smaller impact due to higher pre-tax income than estimated
in 3Q23 and 2Q23; the 4Q22 effective tax rate had preferential tax
items that had a larger impact as a result of lower levels of
pre-tax income
|
Balance Sheet, Credit Quality, and Capital
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YoY |
|
QoQ |
|
|
4Q23 |
|
|
3Q23 |
|
2Q23 |
|
1Q23 |
|
4Q22 |
|
Change |
|
Change |
Averages ($MM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
6,868 |
|
|
$ |
6,813 |
|
$ |
6,830 |
|
$ |
6,871 |
|
$ |
6,881 |
|
(0.2 |
) |
% |
|
0.8 |
|
% |
Total
Deposits |
|
|
6,884 |
|
|
|
6,819 |
|
|
6,900 |
|
|
6,810 |
|
|
6,678 |
|
3.1 |
|
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality ($000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans |
|
$ |
25,172 |
|
|
$ |
17,405 |
|
$ |
18,637 |
|
$ |
21,176 |
|
$ |
32,382 |
|
(22.3 |
) |
% |
|
44.6 |
|
% |
Nonperforming Assets |
|
|
46,153 |
|
|
|
38,386 |
|
|
39,618 |
|
|
42,157 |
|
|
53,363 |
|
(13.5 |
) |
|
|
20.2 |
|
|
Criticized and Classified Loans |
|
|
76,719 |
|
|
|
74,169 |
|
|
48,675 |
|
|
58,130 |
|
|
68,093 |
|
12.7 |
|
|
|
3.4 |
|
|
Criticized and Classified Assets |
|
|
97,700 |
|
|
|
95,150 |
|
|
69,656 |
|
|
79,111 |
|
|
89,073 |
|
9.7 |
|
|
|
2.7 |
|
|
Allowance for Credit Losses/Loans (%) |
|
|
0.58 |
|
|
|
0.57 |
|
|
0.57 |
|
|
0.56 |
|
|
0.58 |
|
- |
|
bps |
|
1 |
|
bp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value/Share |
|
$ |
23.21 |
|
|
$ |
23.06 |
|
$ |
23.14 |
|
$ |
22.80 |
|
$ |
22.97 |
|
1.0 |
|
% |
|
0.7 |
|
% |
Tangible
Book Value/Share |
|
|
22.54 |
|
|
|
22.39 |
|
|
22.47 |
|
|
22.14 |
|
|
22.31 |
|
1.0 |
|
|
|
0.7 |
|
|
Tang.
Common Equity/Tang. Assets (%) |
|
|
7.64 |
|
|
|
7.56 |
|
|
7.70 |
|
|
7.72 |
|
|
7.82 |
|
(18 |
) |
bps |
|
8 |
|
bps |
Leverage
Ratio (%) |
|
|
8.47 |
|
|
|
8.51 |
|
|
8.54 |
|
|
8.56 |
|
|
8.61 |
|
(14 |
) |
|
|
(4 |
) |
|
Average loans decreased YoY but
increased QoQ.
- Period end net
loans totaled $6.9 billion, down 0.4% YoY, but up 0.1% QoQ
- Total loan
closings were $244.3 million in 4Q23, $241.5 million in 3Q23,
$158.8 million in 2Q23, $173.5 million in 1Q23, and $225.2 million
in 4Q22; the loan pipeline was $163.1 million at December 31, 2023,
down 35.3% YoY and 55.1% QoQ
- The diversified
loan portfolio is approximately 89% collateralized by real estate
with an average loan-to-value ratio of less than 36%
- Manhattan office
buildings exposure is minimal at 0.6% of net loans
Average total deposits
increased YoY and QoQ.
- Average
noninterest bearing deposits decreased 10.9% YoY, but increased
2.5% QoQ and comprised 12.7% of average total deposits in 4Q23
compared to 14.7% a year ago
- Average CDs
totaled $2.3 billion, up 73.3% YoY and 2.2% QoQ; approximately
$408.6 million of non-swapped CDs are due to mature at a rate of
3.20% in 1Q24
Credit Quality: Nonperforming loans declined
YoY but increased QoQ.
- Criticized and
classified loans were 111 bps of gross loans at 4Q23 compared to
108 bps at 3Q23, 71 bps at 2Q23, 84 bps at 1Q23, and 98 bps at
4Q22
- Allowance for
credit losses were 159.5% of nonperforming loans at 4Q23 compared
to 124.9% at 4Q22 and 225.4% at 3Q23
Capital: Book value per common
share and tangible book value per common share, a non-GAAP measure,
both increased 1.0% YoY and 0.7% QoQ to $23.21 and $22.54,
respectively.
- The Company paid
a dividend of $0.22 per share in 4Q23; repurchased 38,815 shares in
4Q23 at an average price of $15.08, representing a 33% discount to
tangible book value; 807,964 shares remaining subject to repurchase
under the authorized stock repurchase program, which has no
expiration or maximum dollar limit
- Tangible common
equity to tangible assets was 7.64% at December 31, 2023, compared
to 7.82% at December 31, 2022, and 7.56% at September 30, 2023
Conference Call Information and First Quarter Earnings
Release Date |
Conference Call
Information:
- John R. Buran,
President and Chief Executive Officer, Tom Buonaiuto, Senior
Executive Vice President, Chief of Staff, and Deposit Channel
Executive, and Susan K. Cullen, Senior Executive Vice President and
Chief Financial Officer and Treasurer, will host a conference call
on Friday, January 26, 2024, at 11:00 AM (ET) to discuss the
Company’s fourth quarter and full year results and strategy.
- Dial-in for Live
Call: 1-877-509-5836; Canada 855-669-9657
-
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VQZ8mq4o
- Dial-in for
Replay: 1-877-344-7529; Canada 855-669-9658
- Replay Access
Code: 6289639
- The conference
call will be simultaneously webcast and archived
First Quarter 2024 Earnings Release
Date:
The Company plans to release First Quarter 2024
financial results after the market close on April 23, 2024;
followed by a conference call at 9:30 AM (ET) on April 24,
2024.
A detailed announcement will be issued prior to
the first quarter’s close confirming the date and time of the
earnings release.
About Flushing Financial
Corporation
Flushing Financial Corporation (Nasdaq: FFIC) is
the holding company for Flushing Bank®, an FDIC insured, New York
State—chartered commercial bank that operates banking offices in
Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been
building relationships with families, business owners, and
communities since 1929. Today, it offers the products, services,
and conveniences associated with large commercial banks, including
a full complement of deposit, loan, equipment finance, and cash
management services. Rewarding customers with personalized
attention and bankers that can communicate in the languages
prevalent within these multicultural markets is what makes the Bank
uniquely different. As an Equal Housing Lender and leader in real
estate lending, the Bank’s experienced lending teams create
mortgage solutions for real estate owners and property managers
both within and outside the New York City metropolitan area. The
Bank also fosters relationships with consumers nationwide through
its online banking division with the iGObanking® and BankPurely®
brands.
Additional information on Flushing Bank and
Flushing Financial Corporation may be obtained by visiting the
Company’s website at FlushingBank.com. Flushing
Financial Corporation’s earnings release and presentation slides
will be available prior to the conference call at www.FlushingBank.com under
Investor Relations.
“Safe Harbor” Statement under the
Private Securities Litigation Reform Act of
1995: Statements in this Press Release relating
to plans, strategies, economic performance and trends, projections
of results of specific activities or investments and other
statements that are not descriptions of historical facts may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking information is inherently subject to
risks and uncertainties, and actual results could differ materially
from those currently anticipated due to a number of factors, which
include, but are not limited to, risk factors discussed in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2022 and in other documents filed by the Company with
the Securities and Exchange Commission from time to time.
Forward-looking statements may be identified by terms such as
“may”, “will”, “should”, “could”, “expects”, “plans”, “intends”,
“anticipates”, “believes”, “estimates”, “predicts”, “forecasts”,
“goals”, “potential” or “continue” or similar terms or the negative
of these terms. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance, or
achievements. The Company has no obligation to update these
forward-looking statements.
#FF
- Statistical Tables
Follow -
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the three months ended |
|
|
At or for the year ended |
|
(Dollars in
thousands, except |
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
per share
data) |
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
Performance
Ratios (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.38 |
% |
|
|
0.37 |
% |
|
|
|
0.41 |
% |
|
|
0.19 |
% |
|
|
0.48 |
% |
|
|
|
0.34 |
% |
|
0.93 |
% |
Return on average equity |
|
4.84 |
|
|
|
4.64 |
|
|
|
|
5.16 |
|
|
|
2.37 |
|
|
|
6.06 |
|
|
|
|
4.25 |
|
|
11.44 |
|
Yield on average
interest-earning assets (2) |
|
5.39 |
|
|
|
5.19 |
|
|
|
|
4.84 |
|
|
|
4.61 |
|
|
|
4.44 |
|
|
|
|
5.01 |
|
|
4.05 |
|
Cost of average
interest-bearing liabilities |
|
3.68 |
|
|
|
3.52 |
|
|
|
|
3.15 |
|
|
|
2.80 |
|
|
|
2.11 |
|
|
|
|
3.29 |
|
|
1.13 |
|
Cost of funds |
|
3.26 |
|
|
|
3.13 |
|
|
|
|
2.80 |
|
|
|
2.47 |
|
|
|
1.84 |
|
|
|
|
2.91 |
|
|
0.98 |
|
Net interest rate spread
during period (2) |
|
1.71 |
|
|
|
1.67 |
|
|
|
|
1.69 |
|
|
|
1.81 |
|
|
|
2.33 |
|
|
|
|
1.72 |
|
|
2.92 |
|
Net interest margin
(2) |
|
2.29 |
|
|
|
2.22 |
|
|
|
|
2.18 |
|
|
|
2.27 |
|
|
|
2.70 |
|
|
|
|
2.24 |
|
|
3.11 |
|
Noninterest expense to average
assets |
|
1.90 |
|
|
|
1.71 |
|
|
|
|
1.66 |
|
|
|
1.85 |
|
|
|
1.58 |
|
|
|
|
1.78 |
|
|
1.73 |
|
Efficiency ratio
(3) |
|
76.69 |
|
|
|
76.76 |
|
|
|
|
73.82 |
|
|
|
79.52 |
|
|
|
59.55 |
|
|
|
|
76.72 |
|
|
56.46 |
|
Average interest-earning
assets to average interest-bearing liabilities |
|
1.19 |
X |
|
|
1.18 |
X |
|
|
|
1.18 |
X |
|
|
1.19 |
X |
|
|
1.21 |
X |
|
|
|
1.19 |
X |
|
1.22 |
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans, net |
$ |
6,867,927 |
|
|
$ |
6,813,019 |
|
|
|
$ |
6,829,648 |
|
|
$ |
6,871,192 |
|
|
$ |
6,881,245 |
|
|
|
$ |
6,845,349 |
|
$ |
6,741,590 |
|
Total interest-earning
assets |
|
8,076,991 |
|
|
|
8,023,237 |
|
|
|
|
7,991,756 |
|
|
|
8,002,376 |
|
|
|
8,045,691 |
|
|
|
|
8,023,793 |
|
|
7,835,654 |
|
Total assets |
|
8,569,002 |
|
|
|
8,505,346 |
|
|
|
|
8,462,442 |
|
|
|
8,468,317 |
|
|
|
8,518,019 |
|
|
|
|
8,501,564 |
|
|
8,307,137 |
|
Total deposits |
|
6,884,037 |
|
|
|
6,819,397 |
|
|
|
|
6,899,617 |
|
|
|
6,810,485 |
|
|
|
6,678,383 |
|
|
|
|
6,853,494 |
|
|
6,451,746 |
|
Total interest-bearing
liabilities |
|
6,813,909 |
|
|
|
6,771,860 |
|
|
|
|
6,756,859 |
|
|
|
6,703,558 |
|
|
|
6,662,209 |
|
|
|
|
6,761,877 |
|
|
6,444,805 |
|
Stockholders' equity |
|
669,819 |
|
|
|
675,041 |
|
|
|
|
672,835 |
|
|
|
683,058 |
|
|
|
676,165 |
|
|
|
|
675,151 |
|
|
672,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
(4) |
$ |
23.21 |
|
|
$ |
23.06 |
|
|
|
$ |
23.14 |
|
|
$ |
22.80 |
|
|
$ |
22.97 |
|
|
|
$ |
23.21 |
|
$ |
22.97 |
|
Tangible book value per common
share (5) |
$ |
22.54 |
|
|
$ |
22.39 |
|
|
|
$ |
22.47 |
|
|
$ |
22.14 |
|
|
$ |
22.31 |
|
|
|
$ |
22.54 |
|
$ |
22.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
$ |
669,837 |
|
|
$ |
666,521 |
|
|
|
$ |
670,247 |
|
|
$ |
672,345 |
|
|
$ |
677,157 |
|
|
|
$ |
669,837 |
|
$ |
677,157 |
|
Tangible stockholders'
equity |
|
650,664 |
|
|
|
647,234 |
|
|
|
|
650,842 |
|
|
|
652,818 |
|
|
|
657,504 |
|
|
|
|
650,664 |
|
|
657,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Regulatory Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital |
$ |
737,732 |
|
|
$ |
736,744 |
|
|
|
$ |
734,754 |
|
|
$ |
736,024 |
|
|
$ |
746,880 |
|
|
|
$ |
737,732 |
|
$ |
746,880 |
|
Common equity Tier 1
capital |
|
691,754 |
|
|
|
690,294 |
|
|
|
|
688,820 |
|
|
|
689,732 |
|
|
|
698,258 |
|
|
|
|
691,754 |
|
|
698,258 |
|
Total risk-based capital |
|
967,627 |
|
|
|
965,532 |
|
|
|
|
962,784 |
|
|
|
964,270 |
|
|
|
975,709 |
|
|
|
|
967,627 |
|
|
975,709 |
|
Risk Weighted Assets |
|
6,750,301 |
|
|
|
6,804,478 |
|
|
|
|
6,650,222 |
|
|
|
6,660,145 |
|
|
|
6,640,542 |
|
|
|
|
6,750,301 |
|
|
6,640,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
(well capitalized = 5%) |
|
8.47 |
% |
|
|
8.51 |
% |
|
|
|
8.54 |
% |
|
|
8.56 |
% |
|
|
8.61 |
% |
|
|
|
8.47 |
% |
|
8.61 |
% |
Common equity Tier 1 risk-based capital
(well capitalized = 6.5%) |
|
10.25 |
|
|
|
10.14 |
|
|
|
|
10.36 |
|
|
|
10.36 |
|
|
|
10.52 |
|
|
|
|
10.25 |
|
|
10.52 |
|
Tier 1 risk-based capital
(well capitalized = 8.0%) |
|
10.93 |
|
|
|
10.83 |
|
|
|
|
11.05 |
|
|
|
11.05 |
|
|
|
11.25 |
|
|
|
|
10.93 |
|
|
11.25 |
|
Total risk-based capital
(well capitalized = 10.0%) |
|
14.33 |
|
|
|
14.19 |
|
|
|
|
14.48 |
|
|
|
14.48 |
|
|
|
14.69 |
|
|
|
|
14.33 |
|
|
14.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to average
assets |
|
7.82 |
% |
|
|
7.94 |
% |
|
|
|
7.95 |
% |
|
|
8.07 |
% |
|
|
7.94 |
% |
|
|
|
7.94 |
% |
|
8.10 |
% |
Equity to total assets |
|
7.85 |
|
|
|
7.77 |
|
|
|
|
7.91 |
|
|
|
7.93 |
|
|
|
8.04 |
|
|
|
|
7.85 |
|
|
8.04 |
|
Tangible common equity to
tangible assets (6) |
|
7.64 |
|
|
|
7.56 |
|
|
|
|
7.70 |
|
|
|
7.72 |
|
|
|
7.82 |
|
|
|
|
7.64 |
|
|
7.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
(7) |
$ |
23,709 |
|
|
$ |
17,405 |
|
|
|
$ |
18,637 |
|
|
$ |
21,176 |
|
|
$ |
29,782 |
|
|
|
$ |
23,709 |
|
$ |
29,782 |
|
Nonperforming loans |
|
25,172 |
|
|
|
17,405 |
|
|
|
|
18,637 |
|
|
|
21,176 |
|
|
|
32,382 |
|
|
|
|
25,172 |
|
|
32,382 |
|
Nonperforming assets |
|
46,153 |
|
|
|
38,386 |
|
|
|
|
39,618 |
|
|
|
42,157 |
|
|
|
53,363 |
|
|
|
|
46,153 |
|
|
53,363 |
|
Net charge-offs
(recoveries) |
|
60 |
|
|
|
(42 |
) |
|
|
|
1,560 |
|
|
|
9,234 |
|
|
|
811 |
|
|
|
|
10,812 |
|
|
1,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to gross
loans |
|
0.36 |
% |
|
|
0.25 |
% |
|
|
|
0.27 |
% |
|
|
0.31 |
% |
|
|
0.47 |
% |
|
|
|
0.36 |
% |
|
0.47 |
% |
Nonperforming assets to total
assets |
|
0.54 |
|
|
|
0.45 |
|
|
|
|
0.47 |
|
|
|
0.50 |
|
|
|
0.63 |
|
|
|
|
0.54 |
|
|
0.63 |
|
Allowance for credit losses to
gross loans |
|
0.58 |
|
|
|
0.57 |
|
|
|
|
0.57 |
|
|
|
0.56 |
|
|
|
0.58 |
|
|
|
|
0.58 |
|
|
0.58 |
|
Allowance for credit losses to
nonperforming assets |
|
87.02 |
|
|
|
102.19 |
|
|
|
|
97.41 |
|
|
|
91.87 |
|
|
|
75.79 |
|
|
|
|
87.02 |
|
|
75.79 |
|
Allowance for credit losses to
nonperforming loans |
|
159.55 |
|
|
|
225.38 |
|
|
|
|
207.08 |
|
|
|
182.89 |
|
|
|
124.89 |
|
|
|
|
159.55 |
|
|
124.89 |
|
Net charge-offs (recoveries)
to average loans |
|
— |
|
|
|
— |
|
|
|
|
0.09 |
|
|
|
0.54 |
|
|
|
0.05 |
|
|
|
|
0.16 |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-service customer
facilities |
|
27 |
|
|
|
27 |
|
|
|
|
26 |
|
|
|
26 |
|
|
|
25 |
|
|
|
|
27 |
|
|
25 |
|
(1) |
Ratios are
presented on an annualized basis, where appropriate. |
(2) |
Yields are calculated on the tax equivalent basis using the
statutory federal income tax rate of 21% for the periods
presented. |
(3) |
Efficiency ratio, a non-GAAP measure, was calculated by
dividing core noninterest expense (excluding OREO expense and the
net gain/loss from the sale of OREO) by the total of core net
interest income and core noninterest income. |
(4) |
Calculated by dividing stockholders’ equity by shares
outstanding. |
(5) |
Calculated by dividing tangible
stockholders’ common equity, a non-GAAP measure, by shares
outstanding. Tangible stockholders’ common equity is stockholders’
equity less intangible assets. See “Calculation of Tangible
Stockholders’ Common Equity to Tangible Assets”. |
(6) |
See “Calculation of Tangible Stockholders’ Common Equity to
Tangible Assets”. |
(7) |
Excludes performing nonaccrual TDR loans in periods prior to
1Q23. |
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
For the year ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
December 31, |
|
December 31, |
(In thousands, except
per share data) |
2023 |
|
2023
|
|
2023 |
|
2023 |
|
2022
|
|
|
|
2023 |
|
2022
|
Interest and
Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
95,616 |
|
$ |
91,466 |
|
|
$ |
85,377 |
|
$ |
82,889 |
|
$ |
81,033 |
|
|
|
|
$ |
355,348 |
|
$ |
293,287 |
|
Interest and dividends on
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
10,803 |
|
|
10,383 |
|
|
|
9,172 |
|
|
7,240 |
|
|
6,511 |
|
|
|
|
|
37,598 |
|
|
20,861 |
|
Dividends |
|
34 |
|
|
33 |
|
|
|
30 |
|
|
29 |
|
|
24 |
|
|
|
|
|
126 |
|
|
60 |
|
Other interest income |
|
2,310 |
|
|
2,154 |
|
|
|
1,982 |
|
|
1,959 |
|
|
1,702 |
|
|
|
|
|
8,405 |
|
|
2,418 |
|
Total interest and dividend income |
|
108,763 |
|
|
104,036 |
|
|
|
96,561 |
|
|
92,117 |
|
|
89,270 |
|
|
|
|
|
401,477 |
|
|
316,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
53,284 |
|
|
50,066 |
|
|
|
46,249 |
|
|
39,056 |
|
|
27,226 |
|
|
|
|
|
188,655 |
|
|
47,285 |
|
Other interest expense |
|
9,394 |
|
|
9,543 |
|
|
|
6,934 |
|
|
7,799 |
|
|
7,843 |
|
|
|
|
|
33,670 |
|
|
25,725 |
|
Total interest expense |
|
62,678 |
|
|
59,609 |
|
|
|
53,183 |
|
|
46,855 |
|
|
35,069 |
|
|
|
|
|
222,325 |
|
|
73,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
46,085 |
|
|
44,427 |
|
|
|
43,378 |
|
|
45,262 |
|
|
54,201 |
|
|
|
|
|
179,152 |
|
|
243,616 |
|
Provision (benefit) for credit
losses |
|
998 |
|
|
596 |
|
|
|
1,416 |
|
|
7,508 |
|
|
(12 |
) |
|
|
|
|
10,518 |
|
|
5,081 |
|
NetInterest Income After Provision
(Benefit) for Credit Losses |
|
45,087 |
|
|
43,831 |
|
|
|
41,962 |
|
|
37,754 |
|
|
54,213 |
|
|
|
|
|
168,634 |
|
|
238,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income
(Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking services fee
income |
|
2,824 |
|
|
2,636 |
|
|
|
1,780 |
|
|
1,411 |
|
|
1,231 |
|
|
|
|
|
8,651 |
|
|
5,122 |
|
Net loss on sale of
securities |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(10,948 |
) |
|
|
|
|
— |
|
|
(10,948 |
) |
Net gain on sale of loans |
|
— |
|
|
— |
|
|
|
54 |
|
|
54 |
|
|
46 |
|
|
|
|
|
108 |
|
|
119 |
|
Net gain on disposition of
assets |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
104 |
|
|
|
|
|
— |
|
|
104 |
|
Net gain (loss) from fair
value adjustments |
|
906 |
|
|
(1,246 |
) |
|
|
294 |
|
|
2,619 |
|
|
(622 |
) |
|
|
|
|
2,573 |
|
|
5,728 |
|
Federal Home Loan Bank of New York
stock dividends |
|
658 |
|
|
624 |
|
|
|
534 |
|
|
697 |
|
|
658 |
|
|
|
|
|
2,513 |
|
|
2,000 |
|
Life insurance proceeds |
|
697 |
|
|
23 |
|
|
|
561 |
|
|
— |
|
|
286 |
|
|
|
|
|
1,281 |
|
|
1,822 |
|
Bank owned life insurance |
|
1,173 |
|
|
1,157 |
|
|
|
1,134 |
|
|
1,109 |
|
|
1,126 |
|
|
|
|
|
4,573 |
|
|
4,487 |
|
Other income |
|
1,144 |
|
|
115 |
|
|
|
663 |
|
|
967 |
|
|
467 |
|
|
|
|
|
2,889 |
|
|
1,575 |
|
Total noninterest income (loss) |
|
7,402 |
|
|
3,309 |
|
|
|
5,020 |
|
|
6,857 |
|
|
(7,652 |
) |
|
|
|
|
22,588 |
|
|
10,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
23,359 |
|
|
20,346 |
|
|
|
19,690 |
|
|
22,562 |
|
|
18,178 |
|
|
|
|
|
85,957 |
|
|
84,374 |
|
Occupancy and equipment |
|
3,698 |
|
|
3,371 |
|
|
|
3,534 |
|
|
3,793 |
|
|
3,701 |
|
|
|
|
|
14,396 |
|
|
14,606 |
|
Professional services |
|
2,523 |
|
|
2,494 |
|
|
|
2,291 |
|
|
2,261 |
|
|
2,130 |
|
|
|
|
|
9,569 |
|
|
9,207 |
|
FDIC deposit insurance |
|
1,162 |
|
|
912 |
|
|
|
943 |
|
|
977 |
|
|
485 |
|
|
|
|
|
3,994 |
|
|
2,258 |
|
Data processing |
|
1,646 |
|
|
1,422 |
|
|
|
1,473 |
|
|
1,435 |
|
|
1,421 |
|
|
|
|
|
5,976 |
|
|
5,595 |
|
Depreciation and
amortization |
|
1,491 |
|
|
1,482 |
|
|
|
1,482 |
|
|
1,510 |
|
|
1,535 |
|
|
|
|
|
5,965 |
|
|
5,930 |
|
Other real estate
owned/foreclosure expense |
|
105 |
|
|
185 |
|
|
|
150 |
|
|
165 |
|
|
35 |
|
|
|
|
|
605 |
|
|
294 |
|
Other operating expenses |
|
6,751 |
|
|
6,176 |
|
|
|
5,547 |
|
|
6,453 |
|
|
6,257 |
|
|
|
|
|
24,927 |
|
|
21,428 |
|
Total noninterest expense |
|
40,735 |
|
|
36,388 |
|
|
|
35,110 |
|
|
39,156 |
|
|
33,742 |
|
|
|
|
|
151,389 |
|
|
143,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before
Provision for Income Taxes |
|
11,754 |
|
|
10,752 |
|
|
|
11,872 |
|
|
5,455 |
|
|
12,819 |
|
|
|
|
|
39,833 |
|
|
104,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes |
|
3,655 |
|
|
2,917 |
|
|
|
3,186 |
|
|
1,411 |
|
|
2,570 |
|
|
|
|
|
11,169 |
|
|
27,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
8,099 |
|
$ |
7,835 |
|
|
$ |
8,686 |
|
$ |
4,044 |
|
$ |
10,249 |
|
|
|
|
$ |
28,664 |
|
$ |
76,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
$ |
0.27 |
|
$ |
0.26 |
|
|
$ |
0.29 |
|
$ |
0.13 |
|
$ |
0.34 |
|
|
|
|
$ |
0.96 |
|
$ |
2.50 |
|
Diluted earnings per common
share |
$ |
0.27 |
|
$ |
0.26 |
|
|
$ |
0.29 |
|
$ |
0.13 |
|
$ |
0.34 |
|
|
|
|
$ |
0.96 |
|
$ |
2.50 |
|
Dividends per common
share |
$ |
0.22 |
|
$ |
0.22 |
|
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.22 |
|
|
|
|
$ |
0.88 |
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic average shares |
|
29,650 |
|
|
29,703 |
|
|
|
30,090 |
|
|
30,265 |
|
|
30,420 |
|
|
|
|
|
29,925 |
|
|
30,823 |
|
Diluted average shares |
|
29,650 |
|
|
29,703 |
|
|
|
30,090 |
|
|
30,265 |
|
|
30,420 |
|
|
|
|
|
29,925 |
|
|
30,823 |
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Dollars in
thousands) |
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
172,157 |
|
|
$ |
200,926 |
|
|
$ |
160,053 |
|
|
$ |
176,747 |
|
|
$ |
151,754 |
|
Securities
held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
7,855 |
|
|
|
7,860 |
|
|
|
7,865 |
|
|
|
7,870 |
|
|
|
7,875 |
|
Other securities, net |
|
65,068 |
|
|
|
65,271 |
|
|
|
65,469 |
|
|
|
65,653 |
|
|
|
65,836 |
|
Securities available for
sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
354,344 |
|
|
|
337,879 |
|
|
|
365,911 |
|
|
|
380,110 |
|
|
|
384,283 |
|
Other securities |
|
520,409 |
|
|
|
505,784 |
|
|
|
503,645 |
|
|
|
431,818 |
|
|
|
351,074 |
|
Loans |
|
6,906,950 |
|
|
|
6,896,074 |
|
|
|
6,832,425 |
|
|
|
6,904,176 |
|
|
|
6,934,769 |
|
Allowance for credit
losses |
|
(40,161 |
) |
|
|
(39,228 |
) |
|
|
(38,593 |
) |
|
|
(38,729 |
) |
|
|
(40,442 |
) |
Net loans |
|
6,866,789 |
|
|
|
6,856,846 |
|
|
|
6,793,832 |
|
|
|
6,865,447 |
|
|
|
6,894,327 |
|
Interest and dividends
receivable |
|
59,018 |
|
|
|
55,660 |
|
|
|
52,911 |
|
|
|
46,836 |
|
|
|
45,048 |
|
Bank premises and equipment,
net |
|
21,273 |
|
|
|
21,302 |
|
|
|
22,182 |
|
|
|
21,567 |
|
|
|
21,750 |
|
Federal Home Loan Bank of New
York stock |
|
31,066 |
|
|
|
43,821 |
|
|
|
36,168 |
|
|
|
38,779 |
|
|
|
45,842 |
|
Bank owned life insurance |
|
213,518 |
|
|
|
214,321 |
|
|
|
213,164 |
|
|
|
214,240 |
|
|
|
213,131 |
|
Goodwill |
|
17,636 |
|
|
|
17,636 |
|
|
|
17,636 |
|
|
|
17,636 |
|
|
|
17,636 |
|
Core deposit intangibles |
|
1,537 |
|
|
|
1,651 |
|
|
|
1,769 |
|
|
|
1,891 |
|
|
|
2,017 |
|
Right of use asset |
|
39,557 |
|
|
|
41,404 |
|
|
|
41,526 |
|
|
|
42,268 |
|
|
|
43,289 |
|
Other assets |
|
167,009 |
|
|
|
209,014 |
|
|
|
192,721 |
|
|
|
168,872 |
|
|
|
179,084 |
|
Total assets |
$ |
8,537,236 |
|
|
$ |
8,579,375 |
|
|
$ |
8,474,852 |
|
|
$ |
8,479,734 |
|
|
$ |
8,422,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
$ |
6,815,261 |
|
|
$ |
6,681,509 |
|
|
$ |
6,723,690 |
|
|
$ |
6,734,090 |
|
|
$ |
6,485,342 |
|
Borrowed funds |
|
841,281 |
|
|
|
1,001,010 |
|
|
|
857,400 |
|
|
|
887,509 |
|
|
|
1,052,973 |
|
Operating lease liability |
|
40,822 |
|
|
|
43,067 |
|
|
|
44,402 |
|
|
|
45,353 |
|
|
|
46,125 |
|
Other liabilities |
|
170,035 |
|
|
|
187,268 |
|
|
|
179,113 |
|
|
|
140,437 |
|
|
|
161,349 |
|
Total liabilities |
|
7,867,399 |
|
|
|
7,912,854 |
|
|
|
7,804,605 |
|
|
|
7,807,389 |
|
|
|
7,745,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock (5,000,000
shares authorized; none issued) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock ($0.01 par value;
100,000,000 shares authorized) |
|
341 |
|
|
|
341 |
|
|
|
341 |
|
|
|
341 |
|
|
|
341 |
|
Additional paid-in
capital |
|
264,534 |
|
|
|
264,486 |
|
|
|
263,744 |
|
|
|
262,876 |
|
|
|
264,332 |
|
Treasury stock |
|
(106,070 |
) |
|
|
(105,433 |
) |
|
|
(104,574 |
) |
|
|
(97,760 |
) |
|
|
(98,535 |
) |
Retained earnings |
|
549,683 |
|
|
|
548,058 |
|
|
|
546,755 |
|
|
|
544,672 |
|
|
|
547,507 |
|
Accumulated other
comprehensive loss, net of taxes |
|
(38,651 |
) |
|
|
(40,931 |
) |
|
|
(36,019 |
) |
|
|
(37,784 |
) |
|
|
(36,488 |
) |
Total stockholders' equity |
|
669,837 |
|
|
|
666,521 |
|
|
|
670,247 |
|
|
|
672,345 |
|
|
|
677,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
8,537,236 |
|
|
$ |
8,579,375 |
|
|
$ |
8,474,852 |
|
|
$ |
8,479,734 |
|
|
$ |
8,422,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued shares |
|
34,088 |
|
|
|
34,088 |
|
|
|
34,088 |
|
|
|
34,088 |
|
|
|
34,088 |
|
Outstanding shares |
|
28,866 |
|
|
|
28,905 |
|
|
|
28,961 |
|
|
|
29,488 |
|
|
|
29,476 |
|
Treasury shares |
|
5,222 |
|
|
|
5,183 |
|
|
|
5,127 |
|
|
|
4,600 |
|
|
|
4,612 |
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
AVERAGE BALANCE SHEETS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
For the year ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31,
|
|
|
December 31, |
|
December 31, |
(In
thousands) |
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
Interest-earning
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, net |
$ |
5,356,112 |
|
$ |
5,314,215 |
|
$ |
5,308,567 |
|
$ |
5,333,274 |
|
$ |
5,338,612 |
|
|
|
$ |
5,328,067 |
|
$ |
5,253,104 |
Commercial Business loans, net |
|
1,511,815 |
|
|
1,498,804 |
|
|
1,521,081 |
|
|
1,537,918 |
|
|
1,542,633 |
|
|
|
|
1,517,282 |
|
|
1,488,486 |
Total loans, net |
|
6,867,927 |
|
|
6,813,019 |
|
|
6,829,648 |
|
|
6,871,192 |
|
|
6,881,245 |
|
|
|
|
6,845,349 |
|
|
6,741,590 |
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
426,612 |
|
|
436,181 |
|
|
448,620 |
|
|
457,911 |
|
|
549,204 |
|
|
|
|
442,228 |
|
|
573,314 |
Other securities, net |
|
527,316 |
|
|
528,091 |
|
|
471,600 |
|
|
411,723 |
|
|
371,897 |
|
|
|
|
485,118 |
|
|
324,112 |
Total taxable securities |
|
953,928 |
|
|
964,272 |
|
|
920,220 |
|
|
869,634 |
|
|
921,101 |
|
|
|
|
927,346 |
|
|
897,426 |
Tax-exempt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
66,242 |
|
|
66,438 |
|
|
66,632 |
|
|
66,828 |
|
|
67,022 |
|
|
|
|
66,533 |
|
|
64,822 |
Total tax-exempt securities |
|
66,242 |
|
|
66,438 |
|
|
66,632 |
|
|
66,828 |
|
|
67,022 |
|
|
|
|
66,533 |
|
|
64,822 |
Interest-earning deposits and
federal funds sold |
|
188,894 |
|
|
179,508 |
|
|
175,256 |
|
|
194,722 |
|
|
176,323 |
|
|
|
|
184,565 |
|
|
131,816 |
Total interest-earning assets |
|
8,076,991 |
|
|
8,023,237 |
|
|
7,991,756 |
|
|
8,002,376 |
|
|
8,045,691 |
|
|
|
|
8,023,793 |
|
|
7,835,654 |
Other assets |
|
492,011 |
|
|
482,109 |
|
|
470,686 |
|
|
465,941 |
|
|
472,328 |
|
|
|
|
477,771 |
|
|
471,483 |
Total assets |
$ |
8,569,002 |
|
$ |
8,505,346 |
|
$ |
8,462,442 |
|
$ |
8,468,317 |
|
$ |
8,518,019 |
|
|
|
$ |
8,501,564 |
|
$ |
8,307,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
$ |
110,316 |
|
$ |
115,437 |
|
$ |
124,041 |
|
$ |
134,945 |
|
$ |
146,598 |
|
|
|
$ |
121,102 |
|
$ |
153,605 |
NOW accounts |
|
1,848,285 |
|
|
1,907,781 |
|
|
2,026,950 |
|
|
1,970,555 |
|
|
1,972,134 |
|
|
|
|
1,937,974 |
|
|
1,976,238 |
Money market accounts |
|
1,625,453 |
|
|
1,584,308 |
|
|
1,754,574 |
|
|
2,058,523 |
|
|
2,146,649 |
|
|
|
|
1,754,059 |
|
|
2,191,768 |
Certificate of deposit accounts |
|
2,340,115 |
|
|
2,290,669 |
|
|
2,046,960 |
|
|
1,679,517 |
|
|
1,350,683 |
|
|
|
|
2,091,677 |
|
|
1,031,024 |
Total due to depositors |
|
5,924,169 |
|
|
5,898,195 |
|
|
5,952,525 |
|
|
5,843,540 |
|
|
5,616,064 |
|
|
|
|
5,904,812 |
|
|
5,352,635 |
Mortgagors' escrow accounts |
|
86,592 |
|
|
69,525 |
|
|
97,410 |
|
|
70,483 |
|
|
82,483 |
|
|
|
|
81,015 |
|
|
80,021 |
Total interest-bearing deposits |
|
6,010,761 |
|
|
5,967,720 |
|
|
6,049,935 |
|
|
5,914,023 |
|
|
5,698,547 |
|
|
|
|
5,985,827 |
|
|
5,432,656 |
Borrowings |
|
803,148 |
|
|
804,140 |
|
|
706,924 |
|
|
789,535 |
|
|
963,662 |
|
|
|
|
776,050 |
|
|
1,012,149 |
Total interest-bearing liabilities |
|
6,813,909 |
|
|
6,771,860 |
|
|
6,756,859 |
|
|
6,703,558 |
|
|
6,662,209 |
|
|
|
|
6,761,877 |
|
|
6,444,805 |
Noninterest-bearing demand deposits |
|
873,276 |
|
|
851,677 |
|
|
849,682 |
|
|
896,462 |
|
|
979,836 |
|
|
|
|
867,667 |
|
|
1,019,090 |
Other liabilities |
|
211,998 |
|
|
206,768 |
|
|
183,066 |
|
|
185,239 |
|
|
199,809 |
|
|
|
|
196,869 |
|
|
170,500 |
Total liabilities |
|
7,899,183 |
|
|
7,830,305 |
|
|
7,789,607 |
|
|
7,785,259 |
|
|
7,841,854 |
|
|
|
|
7,826,413 |
|
|
7,634,395 |
Equity |
|
669,819 |
|
|
675,041 |
|
|
672,835 |
|
|
683,058 |
|
|
676,165 |
|
|
|
|
675,151 |
|
|
672,742 |
Total liabilities and equity |
$ |
8,569,002 |
|
$ |
8,505,346 |
|
$ |
8,462,442 |
|
$ |
8,468,317 |
|
$ |
8,518,019 |
|
|
|
$ |
8,501,564 |
|
$ |
8,307,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets |
$ |
1,263,082 |
|
$ |
1,251,377 |
|
$ |
1,234,897 |
|
$ |
1,298,818 |
|
$ |
1,383,482 |
|
|
|
$ |
1,261,916 |
|
$ |
1,390,849 |
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
NET INTEREST INCOME AND NET INTEREST MARGIN |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the year ended |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
(Dollars in
thousands) |
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
Interest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, net |
$ |
72,505 |
|
|
|
$ |
68,931 |
|
|
$ |
63,688 |
|
|
|
$ |
62,054 |
|
|
$ |
60,946 |
|
|
|
$ |
267,178 |
|
|
$ |
228,065 |
|
Commercial Business loans, net |
|
23,111 |
|
|
|
|
22,535 |
|
|
|
21,689 |
|
|
|
|
20,835 |
|
|
|
20,087 |
|
|
|
|
88,170 |
|
|
|
65,222 |
|
Total loans, net |
|
95,616 |
|
|
|
|
91,466 |
|
|
|
85,377 |
|
|
|
|
82,889 |
|
|
|
81,033 |
|
|
|
|
355,348 |
|
|
|
293,287 |
|
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
3,217 |
|
|
|
|
3,031 |
|
|
|
2,976 |
|
|
|
|
2,281 |
|
|
|
2,425 |
|
|
|
|
11,505 |
|
|
|
9,414 |
|
Other securities |
|
7,239 |
|
|
|
|
7,003 |
|
|
|
5,847 |
|
|
|
|
4,611 |
|
|
|
3,723 |
|
|
|
|
24,700 |
|
|
|
9,771 |
|
Total taxable securities |
|
10,456 |
|
|
|
|
10,034 |
|
|
|
8,823 |
|
|
|
|
6,892 |
|
|
|
6,148 |
|
|
|
|
36,205 |
|
|
|
19,185 |
|
Tax-exempt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
482 |
|
|
|
|
484 |
|
|
|
480 |
|
|
|
|
477 |
|
|
|
489 |
|
|
|
|
1,923 |
|
|
|
2,197 |
|
Total tax-exempt securities |
|
482 |
|
|
|
|
484 |
|
|
|
480 |
|
|
|
|
477 |
|
|
|
489 |
|
|
|
|
1,923 |
|
|
|
2,197 |
|
Interest-earning deposits and
federal funds sold |
|
2,310 |
|
|
|
|
2,154 |
|
|
|
1,982 |
|
|
|
|
1,959 |
|
|
|
1,702 |
|
|
|
|
8,405 |
|
|
|
2,418 |
|
Total interest-earning assets |
|
108,864 |
|
|
|
|
104,138 |
|
|
|
96,662 |
|
|
|
|
92,217 |
|
|
|
89,372 |
|
|
|
|
401,881 |
|
|
|
317,087 |
|
Interest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
$ |
124 |
|
|
|
$ |
130 |
|
|
$ |
140 |
|
|
|
$ |
126 |
|
|
$ |
59 |
|
|
|
$ |
520 |
|
|
$ |
211 |
|
NOW accounts |
|
17,411 |
|
|
|
|
16,843 |
|
|
|
16,152 |
|
|
|
|
13,785 |
|
|
|
9,515 |
|
|
|
|
64,191 |
|
|
|
15,353 |
|
Money market accounts |
|
15,785 |
|
|
|
|
14,386 |
|
|
|
14,625 |
|
|
|
|
14,102 |
|
|
|
10,532 |
|
|
|
|
58,898 |
|
|
|
19,039 |
|
Certificate of deposit accounts |
|
19,917 |
|
|
|
|
18,639 |
|
|
|
15,281 |
|
|
|
|
11,007 |
|
|
|
7,037 |
|
|
|
|
64,844 |
|
|
|
12,547 |
|
Total due to depositors |
|
53,237 |
|
|
|
|
49,998 |
|
|
|
46,198 |
|
|
|
|
39,020 |
|
|
|
27,143 |
|
|
|
|
188,453 |
|
|
|
47,150 |
|
Mortgagors' escrow accounts |
|
47 |
|
|
|
|
68 |
|
|
|
51 |
|
|
|
|
36 |
|
|
|
83 |
|
|
|
|
202 |
|
|
|
135 |
|
Total interest-bearing deposits |
|
53,284 |
|
|
|
|
50,066 |
|
|
|
46,249 |
|
|
|
|
39,056 |
|
|
|
27,226 |
|
|
|
|
188,655 |
|
|
|
47,285 |
|
Borrowings |
|
9,394 |
|
|
|
|
9,543 |
|
|
|
6,934 |
|
|
|
|
7,799 |
|
|
|
7,843 |
|
|
|
|
33,670 |
|
|
|
25,725 |
|
Total interest-bearing liabilities |
|
62,678 |
|
|
|
|
59,609 |
|
|
|
53,183 |
|
|
|
|
46,855 |
|
|
|
35,069 |
|
|
|
|
222,325 |
|
|
|
73,010 |
|
Net interest income- tax
equivalent |
$ |
46,186 |
|
|
|
$ |
44,529 |
|
|
$ |
43,479 |
|
|
|
$ |
45,362 |
|
|
$ |
54,303 |
|
|
|
$ |
179,556 |
|
|
$ |
244,077 |
|
Included in net
interest income above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment penalty income, net
reversals and recovered interest from nonaccrual loans,
and customer swap terminations fees |
$ |
3,416 |
|
|
|
$ |
857 |
|
|
$ |
315 |
|
|
|
$ |
680 |
|
|
$ |
1,080 |
|
|
|
$ |
5,268 |
|
|
$ |
6,445 |
|
Net gains/(losses) from fair
value adjustments on qualifying hedges included in net interest
income |
|
(872 |
) |
|
|
|
1,348 |
|
|
|
(205 |
) |
|
|
|
100 |
|
|
|
936 |
|
|
|
|
371 |
|
|
|
775 |
|
Purchase accounting
adjustments |
|
461 |
|
|
|
|
347 |
|
|
|
340 |
|
|
|
|
306 |
|
|
|
342 |
|
|
|
|
1,454 |
|
|
|
2,542 |
|
Interest-earning
Assets Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, net |
|
5.41 |
% |
|
|
|
5.19 |
% |
|
|
4.80 |
% |
|
|
|
4.65 |
% |
|
|
4.57 |
% |
|
|
|
5.01 |
% |
|
|
4.34 |
% |
Commercial Business loans, net |
|
6.11 |
|
|
|
|
6.01 |
|
|
|
5.70 |
|
|
|
|
5.42 |
|
|
|
5.21 |
|
|
|
|
5.81 |
|
|
|
4.38 |
|
Total loans, net |
|
5.57 |
|
|
|
|
5.37 |
|
|
|
5.00 |
|
|
|
|
4.83 |
|
|
|
4.71 |
|
|
|
|
5.19 |
|
|
|
4.35 |
|
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
3.02 |
|
|
|
|
2.78 |
|
|
|
2.65 |
|
|
|
|
1.99 |
|
|
|
1.77 |
|
|
|
|
2.60 |
|
|
|
1.64 |
|
Other securities |
|
5.49 |
|
|
|
|
5.30 |
|
|
|
4.96 |
|
|
|
|
4.48 |
|
|
|
4.00 |
|
|
|
|
5.09 |
|
|
|
3.01 |
|
Total taxable securities |
|
4.38 |
|
|
|
|
4.16 |
|
|
|
3.84 |
|
|
|
|
3.17 |
|
|
|
2.67 |
|
|
|
|
3.90 |
|
|
|
2.14 |
|
Tax-exempt securities:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
2.91 |
|
|
|
|
2.91 |
|
|
|
2.88 |
|
|
|
|
2.86 |
|
|
|
2.92 |
|
|
|
|
2.89 |
|
|
|
3.39 |
|
Total tax-exempt securities |
|
2.91 |
|
|
|
|
2.91 |
|
|
|
2.88 |
|
|
|
|
2.86 |
|
|
|
2.92 |
|
|
|
|
2.89 |
|
|
|
3.39 |
|
Interest-earning deposits and federal funds sold |
|
4.89 |
|
|
|
|
4.80 |
|
|
|
4.52 |
|
|
|
|
4.02 |
|
|
|
3.86 |
|
|
|
|
4.55 |
|
|
|
1.83 |
|
Total interest-earning assets(1) |
|
5.39 |
% |
|
|
|
5.19 |
% |
|
|
4.84 |
% |
|
|
|
4.61 |
% |
|
|
4.44 |
% |
|
|
|
5.01 |
% |
|
|
4.05 |
% |
Interest-bearing
Liabilities Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
0.45 |
% |
|
|
|
0.45 |
% |
|
|
0.45 |
% |
|
|
|
0.37 |
% |
|
|
0.16 |
% |
|
|
|
0.43 |
% |
|
|
0.14 |
% |
NOW accounts |
|
3.77 |
|
|
|
|
3.53 |
|
|
|
3.19 |
|
|
|
|
2.80 |
|
|
|
1.93 |
|
|
|
|
3.31 |
|
|
|
0.78 |
|
Money market accounts |
|
3.88 |
|
|
|
|
3.63 |
|
|
|
3.33 |
|
|
|
|
2.74 |
|
|
|
1.96 |
|
|
|
|
3.36 |
|
|
|
0.87 |
|
Certificate of deposit accounts |
|
3.40 |
|
|
|
|
3.25 |
|
|
|
2.99 |
|
|
|
|
2.62 |
|
|
|
2.08 |
|
|
|
|
3.10 |
|
|
|
1.22 |
|
Total due to depositors |
|
3.59 |
|
|
|
|
3.39 |
|
|
|
3.10 |
|
|
|
|
2.67 |
|
|
|
1.93 |
|
|
|
|
3.19 |
|
|
|
0.88 |
|
Mortgagors' escrow accounts |
|
0.22 |
|
|
|
|
0.39 |
|
|
|
0.21 |
|
|
|
|
0.20 |
|
|
|
0.40 |
|
|
|
|
0.25 |
|
|
|
0.17 |
|
Total interest-bearing deposits |
|
3.55 |
|
|
|
|
3.36 |
|
|
|
3.06 |
|
|
|
|
2.64 |
|
|
|
1.91 |
|
|
|
|
3.15 |
|
|
|
0.87 |
|
Borrowings |
|
4.68 |
|
|
|
|
4.75 |
|
|
|
3.92 |
|
|
|
|
3.95 |
|
|
|
3.26 |
|
|
|
|
4.34 |
|
|
|
2.54 |
|
Total interest-bearing liabilities |
|
3.68 |
% |
|
|
|
3.52 |
% |
|
|
3.15 |
% |
|
|
|
2.80 |
% |
|
|
2.11 |
% |
|
|
|
3.29 |
% |
|
|
1.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread
(tax equivalent)(1) |
|
1.71 |
% |
|
|
|
1.67 |
% |
|
|
1.69 |
% |
|
|
|
1.81 |
% |
|
|
2.33 |
% |
|
|
|
1.72 |
% |
|
|
2.92 |
% |
Net interest margin (tax
equivalent)(1) |
|
2.29 |
% |
|
|
|
2.22 |
% |
|
|
2.18 |
% |
|
|
|
2.27 |
% |
|
|
2.70 |
% |
|
|
|
2.24 |
% |
|
|
3.11 |
% |
Ratio of interest-earning assets to
interest-bearing liabilities |
|
1.19 |
X |
|
|
|
1.18 |
X |
|
|
1.18 |
X |
|
|
|
1.19 |
X |
|
|
1.21 |
X |
|
|
|
1.19 |
X |
|
|
1.22 |
X |
________________________________
(1) Yields are calculated on
the tax equivalent basis using the statutory federal income tax
rate of 21% for the periods presented.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
DEPOSIT and LOAN COMPOSITION |
(Unaudited) |
|
Deposit Composition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q23 vs. |
|
4Q23 vs. |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
3Q23 |
|
4Q22 |
(Dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
% Change |
|
% Change |
Noninterest bearing |
|
$ |
847,416 |
|
$ |
874,420 |
|
$ |
827,820 |
|
$ |
872,254 |
|
$ |
921,238 |
|
(3.1 |
) |
% |
|
(8.0 |
) |
% |
Interest bearing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit accounts |
|
|
2,311,290 |
|
|
2,321,369 |
|
|
2,232,696 |
|
|
1,880,260 |
|
|
1,526,338 |
|
(0.4 |
) |
|
|
51.4 |
|
|
Savings accounts |
|
|
108,605 |
|
|
112,730 |
|
|
118,886 |
|
|
128,245 |
|
|
143,641 |
|
(3.7 |
) |
|
|
(24.4 |
) |
|
Money market accounts |
|
|
1,726,404 |
|
|
1,551,176 |
|
|
1,594,637 |
|
|
1,855,781 |
|
|
2,099,776 |
|
11.3 |
|
|
|
(17.8 |
) |
|
NOW accounts |
|
|
1,771,164 |
|
|
1,749,802 |
|
|
1,891,834 |
|
|
1,918,977 |
|
|
1,746,190 |
|
1.2 |
|
|
|
1.4 |
|
|
Total interest-bearing deposits |
|
|
5,917,463 |
|
|
5,735,077 |
|
|
5,838,053 |
|
|
5,783,263 |
|
|
5,515,945 |
|
3.2 |
|
|
|
7.3 |
|
|
Total due to depositors |
|
|
6,764,879 |
|
|
6,609,497 |
|
|
6,665,873 |
|
|
6,655,517 |
|
|
6,437,183 |
|
2.4 |
|
|
|
5.1 |
|
|
Mortgagors' escrow deposits |
|
|
50,382 |
|
|
72,012 |
|
|
57,817 |
|
|
78,573 |
|
|
48,159 |
|
(30.0 |
) |
|
|
4.6 |
|
|
Total deposits |
|
$ |
6,815,261 |
|
$ |
6,681,509 |
|
$ |
6,723,690 |
|
$ |
6,734,090 |
|
$ |
6,485,342 |
|
2.0 |
|
% |
|
5.1 |
|
% |
Loan Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q23 vs. |
|
4Q23 vs. |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
3Q23 |
|
4Q22 |
(Dollars in thousands) |
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
% Change |
|
% Change |
Multifamily residential |
|
$ |
2,658,205 |
|
|
$ |
2,614,219 |
|
|
$ |
2,593,955 |
|
|
$ |
2,601,174 |
|
|
$ |
2,601,384 |
|
|
1.7 |
|
% |
|
2.2 |
|
% |
Commercial real estate |
|
|
1,958,252 |
|
|
|
1,953,243 |
|
|
|
1,917,749 |
|
|
|
1,904,293 |
|
|
|
1,913,040 |
|
|
0.3 |
|
|
|
2.4 |
|
|
One-to-four family ― mixed
use property |
|
|
530,243 |
|
|
|
537,744 |
|
|
|
542,368 |
|
|
|
549,207 |
|
|
|
554,314 |
|
|
(1.4 |
) |
|
|
(4.3 |
) |
|
One-to-four family ―
residential |
|
|
220,213 |
|
|
|
222,874 |
|
|
|
230,055 |
|
|
|
238,417 |
|
|
|
241,246 |
|
|
(1.2 |
) |
|
|
(8.7 |
) |
|
Construction |
|
|
58,673 |
|
|
|
59,903 |
|
|
|
57,325 |
|
|
|
60,486 |
|
|
|
70,951 |
|
|
(2.1 |
) |
|
|
(17.3 |
) |
|
Mortgage loans |
|
|
5,425,586 |
|
|
|
5,387,983 |
|
|
|
5,341,452 |
|
|
|
5,353,577 |
|
|
|
5,380,935 |
|
|
0.7 |
|
|
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Business
Administration |
|
|
20,205 |
|
|
|
21,896 |
|
|
|
22,404 |
|
|
|
22,860 |
|
|
|
23,275 |
|
|
(7.7 |
) |
|
|
(13.2 |
) |
|
Commercial business and
other |
|
|
1,452,518 |
|
|
|
1,487,775 |
|
|
|
1,466,358 |
|
|
|
1,518,756 |
|
|
|
1,521,548 |
|
|
(2.4 |
) |
|
|
(4.5 |
) |
|
Commercial Business loans |
|
|
1,472,723 |
|
|
|
1,509,671 |
|
|
|
1,488,762 |
|
|
|
1,541,616 |
|
|
|
1,544,823 |
|
|
(2.4 |
) |
|
|
(4.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
|
6,898,309 |
|
|
|
6,897,654 |
|
|
|
6,830,214 |
|
|
|
6,895,193 |
|
|
|
6,925,758 |
|
|
— |
|
|
|
(0.4 |
) |
|
Net unamortized (premiums) and
unearned loan (cost) fees(1) |
|
|
8,641 |
|
|
|
(1,580 |
) |
|
|
2,211 |
|
|
|
8,983 |
|
|
|
9,011 |
|
|
(646.9 |
) |
|
|
(4.1 |
) |
|
Allowance for credit
losses |
|
|
(40,161 |
) |
|
|
(39,228 |
) |
|
|
(38,593 |
) |
|
|
(38,729 |
) |
|
|
(40,442 |
) |
|
2.4 |
|
|
|
(0.7 |
) |
|
Net loans |
|
$ |
6,866,789 |
|
|
$ |
6,856,846 |
|
|
$ |
6,793,832 |
|
|
$ |
6,865,447 |
|
|
$ |
6,894,327 |
|
|
0.1 |
|
% |
|
(0.4 |
) |
% |
______________________________
(1) Includes $3.9
million, $4.4 million, $4.8 million, $5.1 million, and $5.4
million, of purchase accounting unamortized discount resulting from
the acquisition of Empire Bancorp at December 31, 2023, September
30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022,
respectively.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
LOAN CLOSINGS and RATES |
(Unaudited) |
|
Loan
Closings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the year ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
(In
thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
Multifamily residential |
|
$ |
82,995 |
|
$ |
75,655 |
|
$ |
31,901 |
|
$ |
42,164 |
|
$ |
65,347 |
|
|
$ |
232,715 |
|
$ |
474,409 |
Commercial real estate |
|
|
60,092 |
|
|
70,197 |
|
|
38,523 |
|
|
15,570 |
|
|
20,750 |
|
|
|
184,382 |
|
|
308,455 |
One-to-four family – mixed
use property |
|
|
3,319 |
|
|
6,028 |
|
|
5,812 |
|
|
4,938 |
|
|
4,489 |
|
|
|
20,097 |
|
|
37,598 |
One-to-four family –
residential |
|
|
1,454 |
|
|
1,070 |
|
|
63 |
|
|
4,296 |
|
|
7,485 |
|
|
|
6,883 |
|
|
25,059 |
Construction |
|
|
8,007 |
|
|
6,971 |
|
|
8,811 |
|
|
10,592 |
|
|
7,301 |
|
|
|
34,381 |
|
|
31,592 |
Mortgage loans |
|
|
155,867 |
|
|
159,921 |
|
|
85,110 |
|
|
77,560 |
|
|
105,372 |
|
|
|
478,458 |
|
|
877,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Business
Administration |
|
|
1,162 |
|
|
— |
|
|
820 |
|
|
318 |
|
|
665 |
|
|
|
2,300 |
|
|
3,461 |
Commercial business and
other |
|
|
87,255 |
|
|
81,549 |
|
|
72,850 |
|
|
95,668 |
|
|
119,191 |
|
|
|
337,322 |
|
|
641,420 |
Commercial Business loans |
|
|
88,417 |
|
|
81,549 |
|
|
73,670 |
|
|
95,986 |
|
|
119,856 |
|
|
|
339,622 |
|
|
644,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Closings |
|
$ |
244,284 |
|
$ |
241,470 |
|
$ |
158,780 |
|
$ |
173,546 |
|
$ |
225,228 |
|
|
$ |
818,080 |
|
$ |
1,521,994 |
Weighted Average Rate on Loan
Closings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
Loan
type |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
Mortgage loans |
|
7.55 |
% |
|
7.22 |
% |
|
6.62 |
% |
|
6.30 |
% |
|
5.59 |
% |
Commercial Business loans |
|
7.93 |
|
|
8.00 |
|
|
7.76 |
|
|
7.58 |
|
|
6.57 |
|
Total loans |
|
7.69 |
% |
|
7.48 |
% |
|
7.14 |
% |
|
7.01 |
% |
|
6.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
ASSET QUALITY |
(Unaudited) |
Allowance for Credit Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the year ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
(Dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
|
2022 |
Allowance for credit
losses - loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balances |
|
$ |
39,228 |
|
|
|
$ |
38,593 |
|
|
|
$ |
38,729 |
|
|
|
$ |
40,442 |
|
|
|
$ |
41,268 |
|
|
|
|
$ |
40,442 |
|
|
|
|
$ |
37,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-off
(recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
|
|
(1 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(1 |
) |
|
|
|
132 |
|
|
|
|
|
(2 |
) |
|
|
|
|
131 |
|
|
Commercial real estate |
|
|
— |
|
|
|
|
— |
|
|
|
|
8 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
8 |
|
|
|
|
|
— |
|
|
One-to-four family – mixed-use
property |
|
|
(1 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
(1 |
) |
|
|
|
|
— |
|
|
One-to-four family –
residential |
|
|
9 |
|
|
|
|
(6 |
) |
|
|
|
4 |
|
|
|
|
(36 |
) |
|
|
|
17 |
|
|
|
|
|
(29 |
) |
|
|
|
|
15 |
|
|
Small Business
Administration |
|
|
(29 |
) |
|
|
|
(48 |
) |
|
|
|
(158 |
) |
|
|
|
(6 |
) |
|
|
|
(9 |
) |
|
|
|
|
(241 |
) |
|
|
|
|
1,007 |
|
|
Taxi medallion |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(447 |
) |
|
Commercial business and
other |
|
|
82 |
|
|
|
|
12 |
|
|
|
|
1,706 |
|
|
|
|
9,277 |
|
|
|
|
671 |
|
|
|
|
|
11,077 |
|
|
|
|
|
829 |
|
|
Total net loan charge-offs (recoveries) |
|
|
60 |
|
|
|
|
(42 |
) |
|
|
|
1,560 |
|
|
|
|
9,234 |
|
|
|
|
811 |
|
|
|
|
|
10,812 |
|
|
|
|
|
1,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for loan losses |
|
|
993 |
|
|
|
|
593 |
|
|
|
|
1,424 |
|
|
|
|
7,521 |
|
|
|
|
(15 |
) |
|
|
|
|
10,531 |
|
|
|
|
|
4,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
$ |
40,161 |
|
|
|
$ |
39,228 |
|
|
|
$ |
38,593 |
|
|
|
$ |
38,729 |
|
|
|
$ |
40,442 |
|
|
|
|
$ |
40,161 |
|
|
|
|
$ |
40,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs |
|
$ |
107 |
|
|
|
$ |
21 |
|
|
|
$ |
1,731 |
|
|
|
$ |
9,298 |
|
|
|
$ |
1,938 |
|
|
|
|
$ |
11,157 |
|
|
|
|
$ |
3,348 |
|
|
Gross recoveries |
|
|
47 |
|
|
|
|
63 |
|
|
|
|
171 |
|
|
|
|
64 |
|
|
|
|
1,127 |
|
|
|
|
|
345 |
|
|
|
|
|
1,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses -
loans to gross loans |
|
|
0.58 |
|
% |
|
|
0.57 |
|
% |
|
|
0.57 |
|
% |
|
|
0.56 |
|
% |
|
|
0.58 |
|
% |
|
|
|
0.58 |
|
% |
|
|
|
0.58 |
|
% |
Net loan charge-offs
(recoveries) to average loans |
|
|
— |
|
|
|
|
— |
|
|
|
|
0.09 |
|
|
|
|
0.54 |
|
|
|
|
0.05 |
|
|
|
|
|
0.16 |
|
|
|
|
|
0.02 |
|
|
Nonperforming Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
Loans 90 Days or More
Past Due and Still Accruing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
|
$ |
1,463 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,600 |
|
Total Loans 90 Days or more past due and still accruing |
|
|
1,463 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
|
|
3,206 |
|
|
|
3,206 |
|
|
|
3,206 |
|
|
|
3,628 |
|
|
|
3,206 |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
237 |
|
One-to-four family - mixed-use
property(1) |
|
|
981 |
|
|
|
1,075 |
|
|
|
790 |
|
|
|
790 |
|
|
|
790 |
|
One-to-four family -
residential |
|
|
5,181 |
|
|
|
4,161 |
|
|
|
5,218 |
|
|
|
4,961 |
|
|
|
4,425 |
|
Small Business
Administration |
|
|
2,552 |
|
|
|
1,255 |
|
|
|
1,119 |
|
|
|
937 |
|
|
|
937 |
|
Commercial business and
other(1) |
|
|
11,789 |
|
|
|
7,708 |
|
|
|
8,304 |
|
|
|
10,860 |
|
|
|
20,187 |
|
Total Nonaccrual loans |
|
|
23,709 |
|
|
|
17,405 |
|
|
|
18,637 |
|
|
|
21,176 |
|
|
|
29,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Nonperforming Loans (NPLs) |
|
|
25,172 |
|
|
|
17,405 |
|
|
|
18,637 |
|
|
|
21,176 |
|
|
|
32,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Nonaccrual HTM Securities |
|
|
20,981 |
|
|
|
20,981 |
|
|
|
20,981 |
|
|
|
20,981 |
|
|
|
20,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Nonperforming Assets |
|
$ |
46,153 |
|
|
$ |
38,386 |
|
|
$ |
39,618 |
|
|
$ |
42,157 |
|
|
$ |
53,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets to Total
Assets |
|
|
0.54 |
% |
|
|
0.45 |
% |
|
|
0.47 |
% |
|
|
0.50 |
% |
|
|
0.63 |
% |
Allowance for Credit Losses to
NPLs |
|
|
159.5 |
% |
|
|
225.4 |
% |
|
|
207.1 |
% |
|
|
182.9 |
% |
|
|
124.9 |
% |
______________________________
(1) Adopted ASU No. 2022-02
Financial Instruments – Credit Losses (Topic 326): Troubled Debt
Restructurings and Vintage Disclosures on January 1, 2023; Not
included in the above analysis are nonaccrual performing TDR
one-to-four family – mixed use property loans totaling $0.2 million
in 4Q22; nonaccrual performing TDR commercial business loans
totaling less than $0.1 million in 4Q22.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES RECONCILIATION OF GAAP
EARNINGS and CORE EARNINGS |
Non-cash Fair Value Adjustments to
GAAP Earnings
The variance in GAAP and core earnings is partly
driven by the impact of non-cash net gains and losses from fair
value adjustments. These fair value adjustments relate primarily to
borrowings carried at fair value under the fair value option.
Core Net Income, Core Diluted EPS, Core ROAE,
Core ROAA, Pre-provision Pre-tax Net Revenue, Core Net Interest
Income FTE, Core Net Interest Margin FTE, Core Interest Income and
Yield on Total Loans, Core Noninterest Income, Core Noninterest
Expense and Tangible Book Value per common share are each non-GAAP
measures used in this release. A reconciliation to the most
directly comparable GAAP financial measures appears below in
tabular form. The Company believes that these measures are useful
for both investors and management to understand the effects of
certain interest and noninterest items and provide an alternative
view of the Company’s performance over time and in comparison, to
the Company’s competitors. These measures should not be viewed as a
substitute for net income. The Company believes that tangible book
value per common share is useful for both investors and management
as this measure is commonly used by financial institutions,
regulators, and investors to measure the capital adequacy of
financial institutions. The Company believes these measures
facilitate comparison of the quality and composition of the
Company’s capital over time and in comparison, to its competitors.
These measures should not be viewed as a substitute for total
shareholders’ equity.
These non-GAAP measures have inherent
limitations, are not required to be uniformly applied and are not
audited. They should not be considered in isolation or as a
substitute for analysis of results reported under GAAP. These
non-GAAP measures may not be comparable to similarly titled
measures reported by other companies.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
RECONCILIATION OF GAAP EARNINGS and CORE
EARNINGS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
For the year ended |
(Dollars in
thousands, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
December 31, |
|
December 31, |
except per share data) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income before income taxes |
|
$ |
11,754 |
|
|
|
$ |
10,752 |
|
|
|
$ |
11,872 |
|
|
|
$ |
5,455 |
|
|
|
$ |
12,819 |
|
|
|
|
|
$ |
39,833 |
|
|
|
$ |
104,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gain) loss from fair
value adjustments (Noninterest income (loss)) |
|
|
(906 |
) |
|
|
|
1,246 |
|
|
|
|
(294 |
) |
|
|
|
(2,619 |
) |
|
|
|
622 |
|
|
|
|
|
|
(2,573 |
) |
|
|
|
(5,728 |
) |
|
Net loss on sale of securities
(Noninterest income (loss)) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
10,948 |
|
|
|
|
|
|
— |
|
|
|
|
10,948 |
|
|
Life insurance proceeds
(Noninterest income (loss)) |
|
|
(697 |
) |
|
|
|
(23 |
) |
|
|
|
(561 |
) |
|
|
|
— |
|
|
|
|
(286 |
) |
|
|
|
|
|
(1,281 |
) |
|
|
|
(1,822 |
) |
|
Net gain on disposition of
assets (Noninterest income (loss)) |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(104 |
) |
|
|
|
|
|
— |
|
|
|
|
(104 |
) |
|
Net (gain) loss from fair
value adjustments on qualifying hedges (Net interest income) |
|
|
872 |
|
|
|
|
(1,348 |
) |
|
|
|
205 |
|
|
|
|
(100 |
) |
|
|
|
(936 |
) |
|
|
|
|
|
(371 |
) |
|
|
|
(775 |
) |
|
Net amortization of purchase
accounting adjustments and intangibles (Various) |
|
|
(355 |
) |
|
|
|
(237 |
) |
|
|
|
(227 |
) |
|
|
|
(188 |
) |
|
|
|
(219 |
) |
|
|
|
|
|
(1,007 |
) |
|
|
|
(2,030 |
) |
|
Miscellaneous expense
(Professional services) |
|
|
526 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
526 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core income before taxes |
|
|
11,194 |
|
|
|
|
10,390 |
|
|
|
|
10,995 |
|
|
|
|
2,548 |
|
|
|
|
22,844 |
|
|
|
|
|
|
35,127 |
|
|
|
|
105,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for core income
taxes |
|
|
3,648 |
|
|
|
|
2,819 |
|
|
|
|
3,083 |
|
|
|
|
659 |
|
|
|
|
5,445 |
|
|
|
|
|
|
10,209 |
|
|
|
|
28,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income |
|
$ |
7,546 |
|
|
|
$ |
7,571 |
|
|
|
$ |
7,912 |
|
|
|
$ |
1,889 |
|
|
|
$ |
17,399 |
|
|
|
|
|
$ |
24,918 |
|
|
|
$ |
76,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per
common share |
|
$ |
0.27 |
|
|
|
$ |
0.26 |
|
|
|
$ |
0.29 |
|
|
|
$ |
0.13 |
|
|
|
$ |
0.34 |
|
|
|
|
|
$ |
0.96 |
|
|
|
$ |
2.50 |
|
|
Net (gain) loss from fair
value adjustments, net of tax |
|
|
(0.02 |
) |
|
|
|
0.03 |
|
|
|
|
(0.01 |
) |
|
|
|
(0.06 |
) |
|
|
|
0.02 |
|
|
|
|
|
|
(0.06 |
) |
|
|
|
(0.14 |
) |
|
Net loss on sale of
securities, net of tax |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.27 |
|
|
|
|
|
|
— |
|
|
|
|
0.26 |
|
|
Life insurance proceeds |
|
|
(0.02 |
) |
|
|
|
— |
|
|
|
|
(0.02 |
) |
|
|
|
— |
|
|
|
|
(0.01 |
) |
|
|
|
|
|
(0.04 |
) |
|
|
|
(0.06 |
) |
|
Net (gain) loss from fair
value adjustments on qualifying hedges, net of tax |
|
|
0.02 |
|
|
|
|
(0.03 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.02 |
) |
|
|
|
|
|
(0.01 |
) |
|
|
|
(0.02 |
) |
|
Net amortization of purchase
accounting adjustments, net of tax |
|
|
(0.01 |
) |
|
|
|
(0.01 |
) |
|
|
|
(0.01 |
) |
|
|
|
(0.01 |
) |
|
|
|
(0.01 |
) |
|
|
|
|
|
(0.02 |
) |
|
|
|
(0.05 |
) |
|
Miscellaneous expense, net of
tax |
|
|
0.01 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
0.01 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core diluted earnings per
common share(1) |
|
$ |
0.25 |
|
|
|
$ |
0.25 |
|
|
|
$ |
0.26 |
|
|
|
$ |
0.06 |
|
|
|
$ |
0.57 |
|
|
|
|
|
$ |
0.83 |
|
|
|
$ |
2.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income, as calculated
above |
|
$ |
7,546 |
|
|
|
$ |
7,571 |
|
|
|
$ |
7,912 |
|
|
|
$ |
1,889 |
|
|
|
$ |
17,399 |
|
|
|
|
|
$ |
24,918 |
|
|
|
$ |
76,839 |
|
|
Average assets |
|
|
8,569,002 |
|
|
|
|
8,505,346 |
|
|
|
|
8,462,442 |
|
|
|
|
8,468,317 |
|
|
|
|
8,518,019 |
|
|
|
|
|
|
8,501,564 |
|
|
|
|
8,307,137 |
|
|
Average equity |
|
|
669,819 |
|
|
|
|
675,041 |
|
|
|
|
672,835 |
|
|
|
|
683,058 |
|
|
|
|
676,165 |
|
|
|
|
|
|
675,151 |
|
|
|
|
672,742 |
|
|
Core return on average
assets(2) |
|
|
0.35 |
|
% |
|
|
0.36 |
|
% |
|
|
0.37 |
|
% |
|
|
0.09 |
|
% |
|
|
0.82 |
|
% |
|
|
|
|
0.29 |
|
% |
|
|
0.92 |
|
% |
Core return on average
equity(2) |
|
|
4.51 |
|
% |
|
|
4.49 |
|
% |
|
|
4.70 |
|
% |
|
|
1.11 |
|
% |
|
|
10.29 |
|
% |
|
|
|
|
3.69 |
|
% |
|
|
11.42 |
|
% |
________________________________
(1) Core diluted earnings per
common share may not foot due to rounding.
(2) Ratios are calculated on an annualized
basis.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
RECONCILIATION OF GAAP REVENUE and
PRE-PROVISION |
PRE-TAX NET REVENUE |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
|
For the year ended |
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
|
December 31, |
|
December 31, |
|
(Dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net interest income |
|
$ |
46,085 |
|
|
$ |
44,427 |
|
|
$ |
43,378 |
|
|
$ |
45,262 |
|
|
$ |
54,201 |
|
|
|
|
|
$ |
179,152 |
|
|
$ |
243,616 |
|
|
Net (gain) loss from fair
value adjustments on qualifying hedges |
|
|
872 |
|
|
|
(1,348 |
) |
|
|
205 |
|
|
|
(100 |
) |
|
|
(936 |
) |
|
|
|
|
|
(371 |
) |
|
|
(775 |
) |
|
Net amortization of purchase
accounting adjustments |
|
|
(461 |
) |
|
|
(347 |
) |
|
|
(340 |
) |
|
|
(306 |
) |
|
|
(342 |
) |
|
|
|
|
|
(1,454 |
) |
|
|
(2,542 |
) |
|
Core Net interest income |
|
$ |
46,496 |
|
|
$ |
42,732 |
|
|
$ |
43,243 |
|
|
$ |
44,856 |
|
|
$ |
52,923 |
|
|
|
|
|
$ |
177,327 |
|
|
$ |
240,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Noninterest income
(loss) |
|
$ |
7,402 |
|
|
$ |
3,309 |
|
|
$ |
5,020 |
|
|
$ |
6,857 |
|
|
$ |
(7,652 |
) |
|
|
|
|
$ |
22,588 |
|
|
$ |
10,009 |
|
|
Net (gain) loss from fair
value adjustments |
|
|
(906 |
) |
|
|
1,246 |
|
|
|
(294 |
) |
|
|
(2,619 |
) |
|
|
622 |
|
|
|
|
|
|
(2,573 |
) |
|
|
(5,728 |
) |
|
Net loss on sale of
securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,948 |
|
|
|
|
|
|
— |
|
|
|
10,948 |
|
|
Life insurance proceeds |
|
|
(697 |
) |
|
|
(23 |
) |
|
|
(561 |
) |
|
|
— |
|
|
|
(286 |
) |
|
|
|
|
|
(1,281 |
) |
|
|
(1,822 |
) |
|
Net gain on sale of
assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(104 |
) |
|
|
|
|
|
— |
|
|
|
(104 |
) |
|
Core Noninterest income |
|
$ |
5,799 |
|
|
$ |
4,532 |
|
|
$ |
4,165 |
|
|
$ |
4,238 |
|
|
$ |
3,528 |
|
|
|
|
|
$ |
18,734 |
|
|
$ |
13,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Noninterest expense |
|
$ |
40,735 |
|
|
$ |
36,388 |
|
|
$ |
35,110 |
|
|
$ |
39,156 |
|
|
$ |
33,742 |
|
|
|
|
|
$ |
151,389 |
|
|
$ |
143,692 |
|
|
Net amortization of purchase
accounting adjustments |
|
|
(106 |
) |
|
|
(110 |
) |
|
|
(113 |
) |
|
|
(118 |
) |
|
|
(123 |
) |
|
|
|
|
|
(447 |
) |
|
|
(512 |
) |
|
Miscellaneous expense |
|
|
(526 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(526 |
) |
|
|
— |
|
|
Core Noninterest expense |
|
$ |
40,103 |
|
|
$ |
36,278 |
|
|
$ |
34,997 |
|
|
$ |
39,038 |
|
|
$ |
33,619 |
|
|
|
|
|
$ |
150,416 |
|
|
$ |
143,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
46,085 |
|
|
$ |
44,427 |
|
|
$ |
43,378 |
|
|
$ |
45,262 |
|
|
$ |
54,201 |
|
|
|
|
|
$ |
179,152 |
|
|
$ |
243,616 |
|
|
Noninterest income (loss) |
|
|
7,402 |
|
|
|
3,309 |
|
|
|
5,020 |
|
|
|
6,857 |
|
|
|
(7,652 |
) |
|
|
|
|
|
22,588 |
|
|
|
10,009 |
|
|
Noninterest expense |
|
|
(40,735 |
) |
|
|
(36,388 |
) |
|
|
(35,110 |
) |
|
|
(39,156 |
) |
|
|
(33,742 |
) |
|
|
|
|
|
(151,389 |
) |
|
|
(143,692 |
) |
|
Pre-provision pre-tax net
revenue |
|
$ |
12,752 |
|
|
$ |
11,348 |
|
|
$ |
13,288 |
|
|
$ |
12,963 |
|
|
$ |
12,807 |
|
|
|
|
|
$ |
50,351 |
|
|
$ |
109,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
46,496 |
|
|
$ |
42,732 |
|
|
$ |
43,243 |
|
|
$ |
44,856 |
|
|
$ |
52,923 |
|
|
|
|
|
$ |
177,327 |
|
|
$ |
240,299 |
|
|
Noninterest income |
|
|
5,799 |
|
|
|
4,532 |
|
|
|
4,165 |
|
|
|
4,238 |
|
|
|
3,528 |
|
|
|
|
|
|
18,734 |
|
|
|
13,303 |
|
|
Noninterest expense |
|
|
(40,103 |
) |
|
|
(36,278 |
) |
|
|
(34,997 |
) |
|
|
(39,038 |
) |
|
|
(33,619 |
) |
|
|
|
|
|
(150,416 |
) |
|
|
(143,180 |
) |
|
Pre-provision pre-tax net
revenue |
|
$ |
12,192 |
|
|
$ |
10,986 |
|
|
$ |
12,411 |
|
|
$ |
10,056 |
|
|
$ |
22,832 |
|
|
|
|
|
$ |
45,645 |
|
|
$ |
110,422 |
|
|
Efficiency Ratio |
|
|
76.7 |
|
% |
|
76.8 |
|
% |
|
73.8 |
|
% |
|
79.5 |
|
% |
|
59.6 |
|
% |
|
|
|
|
76.7 |
|
% |
|
56.5 |
|
% |
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
RECONCILIATION OF GAAP NET INTEREST INCOME and NET INTEREST
MARGIN |
to CORE NET INTEREST INCOME |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the year ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
(Dollars in thousands) |
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
|
2023
|
|
2022
|
|
GAAP net interest income |
$ |
46,085 |
|
|
|
$ |
44,427 |
|
|
|
$ |
43,378 |
|
|
|
$ |
45,262 |
|
|
|
$ |
54,201 |
|
|
|
|
$ |
179,152 |
|
|
$ |
243,616 |
|
|
Net (gain) loss from fair
value adjustments on qualifying hedges |
|
872 |
|
|
|
|
(1,348 |
) |
|
|
|
205 |
|
|
|
|
(100 |
) |
|
|
|
(936 |
) |
|
|
|
|
(371 |
) |
|
|
(775 |
) |
|
Net amortization of purchase
accounting adjustments |
|
(461 |
) |
|
|
|
(347 |
) |
|
|
|
(340 |
) |
|
|
|
(306 |
) |
|
|
|
(342 |
) |
|
|
|
|
(1,454 |
) |
|
|
(2,542 |
) |
|
Tax equivalent adjustment |
|
101 |
|
|
|
|
102 |
|
|
|
|
101 |
|
|
|
|
100 |
|
|
|
|
102 |
|
|
|
|
|
404 |
|
|
|
461 |
|
|
Core net interest income
FTE |
$ |
46,597 |
|
|
|
$ |
42,834 |
|
|
|
$ |
43,344 |
|
|
|
$ |
44,956 |
|
|
|
$ |
53,025 |
|
|
|
|
$ |
177,731 |
|
|
$ |
240,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average interest-earning
assets(1) |
$ |
8,080,550 |
|
|
|
$ |
8,027,201 |
|
|
|
$ |
7,996,067 |
|
|
|
$ |
8,006,970 |
|
|
|
$ |
8,050,601 |
|
|
|
|
$ |
8,027,898 |
|
|
$ |
7,841,407 |
|
|
Core net interest margin
FTE |
|
2.31 |
|
% |
|
|
2.13 |
|
% |
|
|
2.17 |
|
% |
|
|
2.25 |
|
% |
|
|
2.63 |
|
% |
|
|
|
2.21 |
|
% |
|
3.07 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest income on total
loans, net |
$ |
95,616 |
|
|
|
$ |
91,466 |
|
|
|
$ |
85,377 |
|
|
|
$ |
82,889 |
|
|
|
$ |
81,033 |
|
|
|
|
$ |
355,348 |
|
|
$ |
293,287 |
|
|
Net (gain) loss from fair
value adjustments on qualifying hedges - loans |
|
978 |
|
|
|
|
(1,379 |
) |
|
|
|
157 |
|
|
|
|
(101 |
) |
|
|
|
(936 |
) |
|
|
|
|
(345 |
) |
|
|
(775 |
) |
|
Net amortization of purchase
accounting adjustments |
|
(484 |
) |
|
|
|
(358 |
) |
|
|
|
(345 |
) |
|
|
|
(316 |
) |
|
|
|
(372 |
) |
|
|
|
|
(1,503 |
) |
|
|
(2,628 |
) |
|
Core interest income on total
loans, net |
$ |
96,110 |
|
|
|
$ |
89,729 |
|
|
|
$ |
85,189 |
|
|
|
$ |
82,472 |
|
|
|
$ |
79,725 |
|
|
|
|
$ |
353,500 |
|
|
$ |
289,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total loans,
net(1) |
$ |
6,872,115 |
|
|
|
$ |
6,817,642 |
|
|
|
$ |
6,834,644 |
|
|
|
$ |
6,876,495 |
|
|
|
$ |
6,886,900 |
|
|
|
|
$ |
6,850,124 |
|
|
$ |
6,748,165 |
|
|
Core yield on total loans |
|
5.59 |
|
% |
|
|
5.26 |
|
% |
|
|
4.99 |
|
% |
|
|
4.80 |
|
% |
|
|
4.63 |
|
% |
|
|
|
5.16 |
|
% |
|
4.30 |
|
% |
________________________________
(1) Excludes purchase accounting average
balances for all periods presented.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
CALCULATION OF TANGIBLE STOCKHOLDERS’ |
COMMON EQUITY to TANGIBLE ASSETS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Dollars in thousands) |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
Total Equity |
|
$ |
669,837 |
|
|
|
$ |
666,521 |
|
|
|
$ |
670,247 |
|
|
|
$ |
672,345 |
|
|
|
$ |
677,157 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
Core deposit intangibles |
|
|
(1,537 |
) |
|
|
|
(1,651 |
) |
|
|
|
(1,769 |
) |
|
|
|
(1,891 |
) |
|
|
|
(2,017 |
) |
|
Tangible Stockholders' Common Equity |
|
$ |
650,664 |
|
|
|
$ |
647,234 |
|
|
|
$ |
650,842 |
|
|
|
$ |
652,818 |
|
|
|
$ |
657,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
8,537,236 |
|
|
|
$ |
8,579,375 |
|
|
|
$ |
8,474,852 |
|
|
|
$ |
8,479,734 |
|
|
|
$ |
8,422,946 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
|
|
(17,636 |
) |
|
Core deposit intangibles |
|
|
(1,537 |
) |
|
|
|
(1,651 |
) |
|
|
|
(1,769 |
) |
|
|
|
(1,891 |
) |
|
|
|
(2,017 |
) |
|
Tangible Assets |
|
$ |
8,518,063 |
|
|
|
$ |
8,560,088 |
|
|
|
$ |
8,455,447 |
|
|
|
$ |
8,460,207 |
|
|
|
$ |
8,403,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders' Common
Equity to Tangible Assets |
|
|
7.64 |
|
% |
|
|
7.56 |
|
% |
|
|
7.70 |
|
% |
|
|
7.72 |
|
% |
|
|
7.82 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact: Susan K. Cullen,
SEVP, CFO and Treasurer, 718-961-5400
Flushing Financial (NASDAQ:FFIC)
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Von Apr 2024 bis Mai 2024
Flushing Financial (NASDAQ:FFIC)
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Von Mai 2023 bis Mai 2024