"Our third quarter had several positive trends that demonstrate our commitment to improve profitability over the long term. GAAP and Core EPS were $0.30 and $0.26, respectively, the best quarter in the past seven, including non-recurring items. GAAP and Core NIM increased by 5 and 4 bps QoQ to 2.10% and 2.07%, respectively, as the cost of funds peaked in July decreasing in August and September. As a result, NIM bottomed in July then increased in August and September. Credit quality remains solid with a sequential decline in NPAs and criticized and classified assets. Our underwriting remains very strong with a weighted average DCR of 1.9x for our multifamily and CRE portfolios and only 0.5% of exposure to Manhattan office buildings. The Company has $3.9 billion of unused lines of credit available as of September 30, 2024. Average total deposits increased 9% YoY and 4% QoQ. The Company and the Bank remain well capitalized under regulatory standards. Year to date, GAAP and Core noninterest expense growth was approximately 6%, which includes investments in the business including new employees and branches that should enhance our long term profitability over time. While there is more work to do, we are pleased with the direction and execution on our areas of focus."
- John R. Buran, President and CEO
UNIONDALE, NY / ACCESSWIRE / October 24, 2024 / Period End Loans and Average Total Deposits Increase QoQ. Third quarter 2024 GAAP and Core EPS were $0.30 and $0.26, compared to $0.26, and $0.25, respectively, a year ago. Insurance recoveries, discrete income tax items, and other events added $0.05 per share to 3Q24 EPS, while net interest recoveries on delinquent loans added another $0.03 per share. 3Q24 GAAP and Core NIM were 2.10% and 2.07%, up 5 bps and 4 bps QoQ, respectively. Average total deposits increased 9.4% YoY and 3.7% QoQ, while period end net loans increased 0.6% QoQ, but declined 1.2% YoY. This was the first QoQ increase in net loans since 4Q23 (0.1%).
Strong Credit Quality: Capital Remains Solid. Credit quality metrics were at favorable levels with criticized and classified loans to gross loans of 100 bps (down 13 bps QoQ), nonperforming assets to total assets of 59 bps (down 2 bps QoQ), and year to date net charge-offs of 6 bps. Capital continues to be sound with TCE/TA1 of 7.00% at 3Q24.
Key Financial Metrics2
|
| 3Q24 |
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|
| 2Q24 |
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| 1Q24 |
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| 4Q23 |
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| 3Q23 |
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|
| 9M24 |
|
|
| 9M23 |
GAAP: |
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|
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|
|
EPS | $ | 0.30 |
|
| $ | 0.18 |
|
| $ | 0.12 |
|
| $ | 0.27 |
|
| $ | 0.26 |
|
| $ | 0.60 |
|
| $ | 0.69 |
ROAA (%) |
| 0.39 |
|
|
| 0.24 |
|
|
| 0.17 |
|
|
| 0.38 |
|
|
| 0.37 |
|
|
| 0.27 |
|
|
| 0.32 |
ROAE (%) |
| 5.30 |
|
|
| 3.19 |
|
|
| 2.20 |
|
|
| 4.84 |
|
|
| 4.64 |
|
|
| 3.57 |
|
|
| 4.05 |
NIM FTE3 (%) |
| 2.10 |
|
|
| 2.05 |
|
|
| 2.06 |
|
|
| 2.29 |
|
|
| 2.22 |
|
|
| 2.07 |
|
|
| 2.22 |
Core: |
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|
|
EPS | $ | 0.26 |
|
| $ | 0.18 |
|
| $ | 0.14 |
|
| $ | 0.25 |
|
| $ | 0.25 |
|
| $ | 0.59 |
|
| $ | 0.58 |
ROAA (%) |
| 0.34 |
|
|
| 0.25 |
|
|
| 0.20 |
|
|
| 0.35 |
|
|
| 0.36 |
|
|
| 0.26 |
|
|
| 0.27 |
ROAE (%) |
| 4.59 |
|
|
| 3.27 |
|
|
| 2.58 |
|
|
| 4.51 |
|
|
| 4.49 |
|
|
| 3.48 |
|
|
| 3.42 |
Core NIM FTE (%) |
| 2.07 |
|
|
| 2.03 |
|
|
| 2.06 |
|
|
| 2.31 |
|
|
| 2.13 |
|
|
| 2.05 |
|
|
| 2.18 |
Credit Quality: |
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|
|
|
NPAs/Loans & OREO (%) |
| 0.81 |
|
|
| 0.82 |
|
|
| 0.68 |
|
|
| 0.67 |
|
|
| 0.56 |
|
|
| 0.81 |
|
|
| 0.56 |
ACLs/Loans (%) |
| 0.59 |
|
|
| 0.61 |
|
|
| 0.60 |
|
|
| 0.58 |
|
|
| 0.57 |
|
|
| 0.59 |
|
|
| 0.57 |
ACLs/NPLs (%) |
| 117.75 |
|
|
| 120.58 |
|
|
| 164.13 |
|
|
| 159.55 |
|
|
| 225.38 |
|
|
| 117.75 |
|
|
| 225.38 |
NCOs/Avg Loans (%) |
| 0.18 |
|
|
| (0.01 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.06 |
|
|
| 0.21 |
Balance Sheet: |
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Avg Loans ($B) | $ | 6.7 |
|
| $ | 6.7 |
|
| $ | 6.8 |
|
| $ | 6.9 |
|
| $ | 6.8 |
|
| $ | 6.8 |
|
| $ | 6.8 |
Avg Dep ($B) | $ | 7.5 |
|
| $ | 7.2 |
|
| $ | 7.1 |
|
| $ | 6.9 |
|
| $ | 6.8 |
|
| $ | 7.2 |
|
| $ | 6.8 |
Book Value/Share | $ | 22.94 |
|
| $ | 22.89 |
|
| $ | 23.04 |
|
| $ | 23.21 |
|
| $ | 23.06 |
|
| $ | 22.94 |
|
| $ | 23.06 |
Tangible BV/Share | $ | 22.29 |
|
| $ | 22.24 |
|
| $ | 22.39 |
|
| $ | 22.54 |
|
| $ | 22.39 |
|
| $ | 22.29 |
|
| $ | 22.39 |
TCE/TA (%) |
| 7.00 |
|
|
| 7.12 |
|
|
| 7.40 |
|
|
| 7.64 |
|
|
| 7.56 |
|
|
| 7.00 |
|
|
| 7.56 |
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").
3Q24 Highlights
Net interest margin FTE decreased 12 bps YoY and increased 5 bps QoQ to 2.10%; Core net interest margin FTE decreased 6 bps YoY, but increased 4 bps QoQ to 2.07%; Net reversals and recovered interest from delinquent loans totaled $1.1 million and added 5 bps to the GAAP and Core NIM in 3Q24; After bottoming in July, the NIM expanded in both August and September
Average total deposits increased 9.4% YoY and 3.7% QoQ to $7.5 billion; Average noninterest bearing deposits declined 0.7% YoY but increased 2.7% QoQ and totaled 11.3% of total average deposits compared to 12.5% in 3Q23 and 11.4% in 2Q24. Average CDs were $2.9 billion, up 25.9% YoY and 18.1% QoQ
Period end net loans decreased 1.2% YoY, but increased 0.6% QoQ to $6.8 billion; Loan closings were $217.1 million, down 10.1% YoY, but up 72.3% QoQ; The yields on closings increased 3 bps YoY, but decreased 26 bps QoQ to 7.51%; Back-to-back swap loan originations were $38.5 million compared to $27.4 million in 2Q24 and generated $0.6 million and $0.5 million of noninterest income, respectively; Loan pipeline decreased 19.4% YoY and 10.6% QoQ to $293.0 million; Approximately 20% of the loan pipeline consists of back-to-back swap loans
NPAs totaled $54.9 million (59 bps of assets) in 3Q24 compared to $38.4 million (45 bps) a year ago and $55.8 million (61 bps) in the prior quarter
Year to date noninterest expense growth was 6.3%, while core noninterest expense growth was 5.9%; The Company remains on target to have core noninterest expense growth of mid-single digits for 2024
Provision for credit losses was $1.7 million in 3Q24 compared to $0.6 million in 3Q23 and $0.8 million in 2Q24; Net charge-offs (recoveries) were $3.0 million in 3Q24 compared to $(42,000) in 3Q23 and $(92,000) in 2Q24
Tangible Common Equity to Tangible Assets was 7.00% at September 30, 2024, compared to 7.12% at June 30, 2024; Tangible book value per share was $22.29 compared to $22.39 a year ago
Areas of Focus
Increase NIM and Reduce Volatility |
|
Maintain Credit Discipline |
|
Preserve Strong Liquidity and Capital |
|
Bend the Expense Curve |
|
Income Statement Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| YoY |
|
| QoQ |
| |||||||
($000s, except EPS) |
| 3Q24 |
|
|
| 2Q24 |
|
|
| 1Q24 |
|
|
| 4Q23 |
|
|
| 3Q23 |
|
| Change |
|
| Change |
| ||
|
|
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|
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|
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|
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|
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|
|
| ||
Net Interest Income | $ | 45,603 |
|
| $ | 42,776 |
|
| $ | 42,397 |
|
| $ | 46,085 |
|
| $ | 44,427 |
|
|
| 2.6 | % |
|
| 6.6 | % |
Provision for Credit Losses |
| 1,727 |
|
|
| 809 |
|
|
| 592 |
|
|
| 998 |
|
|
| 596 |
|
|
| 189.8 |
|
|
| 113.5 |
|
Noninterest Income |
| 6,277 |
|
|
| 4,216 |
|
|
| 3,084 |
|
|
| 7,402 |
|
|
| 3,309 |
|
|
| 89.7 |
|
|
| 48.9 |
|
Noninterest Expense |
| 38,696 |
|
|
| 39,047 |
|
|
| 39,892 |
|
|
| 40,735 |
|
|
| 36,388 |
|
|
| 6.3 |
|
|
| (0.9 | ) |
Income Before Income Taxes |
| 11,457 |
|
|
| 7,136 |
|
|
| 4,997 |
|
|
| 11,754 |
|
|
| 10,752 |
|
|
| 6.6 |
|
|
| 60.6 |
|
Provision for Income Taxes |
| 2,551 |
|
|
| 1,814 |
|
|
| 1,313 |
|
|
| 3,655 |
|
|
| 2,917 |
|
|
| (12.5 | ) |
|
| 40.6 |
|
Net Income | $ | 8,906 |
|
| $ | 5,322 |
|
| $ | 3,684 |
|
| $ | 8,099 |
|
| $ | 7,835 |
|
|
| 13.7 |
|
|
| 67.3 |
|
Diluted EPS | $ | 0.30 |
|
| $ | 0.18 |
|
| $ | 0.12 |
|
| $ | 0.27 |
|
| $ | 0.26 |
|
|
| 15.4 |
|
|
| 66.7 |
|
Avg. Diluted Shares (000s) |
| 29,742 |
|
|
| 29,789 |
|
|
| 29,742 |
|
|
| 29,650 |
|
|
| 29,703 |
|
|
| 0.1 |
|
|
| (0.2 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Net Income1 | $ | 7,723 |
|
| $ | 5,456 |
|
| $ | 4,312 |
|
| $ | 7,546 |
|
| $ | 7,571 |
|
|
| 2.0 |
|
|
| 41.6 |
|
Core EPS1 | $ | 0.26 |
|
| $ | 0.18 |
|
| $ | 0.14 |
|
| $ | 0.25 |
|
| $ | 0.25 |
|
|
| 4.0 |
|
|
| 44.4 |
|
1 See Reconciliation of GAAP Earnings and Core Earnings
Net interest income increased YoY and QoQ.
Net Interest Margin FTE of 2.10% decreased 12 bps YoY, but increased 5 bps QoQ
Prepayment penalty income, customer swap termination fees, net reversals and recoveries of interest from delinquent loans, net gains and losses from fair value adjustments on qualifying hedges, and purchase accounting accretion totaled $2.4 million (11 bps to NIM) in 3Q24, compared to $0.7 million (3 bps to NIM) in 2Q24, $1.0 million (5 bps to NIM) in 1Q24, $3.0 million (15 bps to NIM) in 4Q23, and $2.6 million (13 bps to NIM) in 3Q23
Excluding the items in the previous bullet, the net interest margin was 1.99% in 3Q24, compared to 2.02% in 2Q24, 2.01% in 1Q24, 2.14% in 4Q23, and 2.09% in 3Q23
The provision for credit losses increased YoY and QoQ.
Net charge-offs (recoveries) were $3.0 million (18 bps of average loans) in 3Q24 compared to $(92,000) ((1) bp of average loans) in 2Q24, $4,000 (less than 1 bp of average loans) in 1Q24, $60,000 in 4Q23 (less than 1 bp of average loans), and $(42,000) in 3Q23 (less than (1) bp of average loans)
Noninterest income increased YoY and QoQ.
Back-to-back swap loan closings of $38.5 million in 3Q24 (compared to $120.5 million in 3Q23 and $27.4 million in 2Q24) generated $0.6 million of fee income (compared to $1.6 million of fee income in 3Q23 and $0.5 million in 2Q24)
Net gains (losses) from fair value adjustments were $1.0 million ($0.03 per share, net of tax) in 3Q24, $0.1 million in 2Q24 (less than $0.01 per share, net of tax), $(0.8) million in 1Q24 ($(0.02) per share, net of tax), $0.9 million in 4Q23 ($0.02 per share, net of tax), and $(1.2) million in 3Q23 ($(0.03) per share, net of tax)
Gain on life insurance proceeds were $1,000 in 3Q24 (less than $0.01 per share), $0.7 million in 4Q23 ($0.02 per share) and $23,000 in 3Q23 (less than $0.01 per share)
Absent the items in the previous two bullets and other immaterial adjustments, core noninterest income was $5.3 million in 3Q24, up 17.0% YoY and 27.5% QoQ, and includes approximately $0.8 million of insurance recoveries and other items that are not expected to recur (included in other income)
Noninterest expense increased YoY but declined QoQ.
Excluding the effects of immaterial adjustments, core noninterest expenses were $38.6 million in 3Q24, up 6.4% YoY and 0.4% QoQ; YoY increases primarily relate to business investments in staff and branches and deposit insurance premiums
GAAP noninterest expense to average assets was 1.68% in 3Q24, 1.77% in 2Q24, 1.83% in 1Q24, 1.90% in 4Q23, and 1.71% in 3Q23
Provision for income taxes decreased YoY but increased QoQ.
The effective tax rate was 22.3% in 3Q24, 25.4% in 2Q24, 26.3% in 1Q24, 31.1% in 4Q23, and 27.1% in 3Q23
The effective tax rate in 3Q24 includes approximately $0.5 million of discrete tax benefits that are not expected to repeat
Balance Sheet, Credit Quality, and Capital Highlights
|
|
|
|
|
|
|
|
|
|
| YoY |
| QoQ | |||||||
|
| 3Q24 |
|
| 2Q24 |
|
| 1Q24 |
|
| 4Q23 |
|
| 3Q23 |
| Change |
| Change | ||
Averages ($MM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans | $ | 6,737 |
| $ | 6,748 |
| $ | 6,804 |
| $ | 6,868 |
| $ | 6,813 |
| (1.1 | )% |
| (0.2 | )% |
Total Deposits |
| 7,464 |
|
| 7,196 |
|
| 7,081 |
|
| 6,884 |
|
| 6,819 |
| 9.5 |
|
| 3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality ($000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans | $ | 34,261 |
| $ | 34,540 |
| $ | 24,829 |
| $ | 25,172 |
| $ | 17,405 |
| 96.8 | % |
| (0.8 | )% |
Nonperforming Assets |
| 54,888 |
|
| 55,832 |
|
| 46,254 |
|
| 46,153 |
|
| 38,386 |
| 43.0 |
|
| (1.7 | ) |
Criticized and Classified Loans |
| 68,338 |
|
| 76,485 |
|
| 59,021 |
|
| 76,719 |
|
| 74,169 |
| (7.9 | ) |
| (10.7 | ) |
Criticized and Classified Assets |
| 88,965 |
|
| 97,777 |
|
| 80,446 |
|
| 97,700 |
|
| 95,150 |
| (6.5 | ) |
| (9.0 | ) |
Allowance for Credit Losses/Loans (%) |
| 0.59 |
|
| 0.61 |
|
| 0.60 |
|
| 0.58 |
|
| 0.57 |
| 2 | bps |
| (2 | )bp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value/Share | $ | 22.94 |
| $ | 22.89 |
| $ | 23.04 |
| $ | 23.21 |
| $ | 23.06 |
| (0.5 | )% |
| 0.2 | % |
Tangible Book Value/Share |
| 22.29 |
|
| 22.24 |
|
| 22.39 |
|
| 22.54 |
|
| 22.39 |
| (0.4 | ) |
| 0.2 |
|
Tang. Common Equity/Tang. Assets (%) |
| 7.00 |
|
| 7.12 |
|
| 7.40 |
|
| 7.64 |
|
| 7.56 |
| (56 | )bps |
| (12 | )bps |
Leverage Ratio (%) |
| 7.91 |
|
| 8.18 |
|
| 8.32 |
|
| 8.47 |
|
| 8.51 |
| (60 | ) |
| (27 | ) |
Average loans decreased slightly YoY and QoQ.
Period end net loans totaled $6.8 billion, down 1.2% YoY, but up 0.6% QoQ
Total loan closings were $217.1 million in 3Q24, $126.0 million in 2Q24, $130.0 million in 1Q24, $244.3 million in 4Q23, and $241.5 million in 3Q23; the loan pipeline was $293.0 million at September 30, 2024, down 19.4% YoY and 10.6% QoQ
The diversified loan portfolio is approximately 90% collateralized by real estate with an average loan-to-value ratio of <36%
Manhattan office buildings exposure is minimal at 0.5% of gross loans
Average total deposits increased YoY and QoQ.
Average noninterest bearing deposits decreased 0.7% YoY, but increased 2.7% QoQ and comprised 11.3% of average total deposits in 3Q24 compared to 12.5% a year ago
Average CDs totaled $2.9 billion, up 25.9% YoY and 18.1% QoQ; approximately $647.2 million of retail CDs are due to mature at an average rate of 4.96% in 4Q24
Credit Quality: Nonperforming loans increased YoY but decreased QoQ.
Nonperforming loans were 50 bps of loans in 3Q24 compared to 25 bps in 3Q23 and 51 bps in 2Q24
Criticized and classified loans were 100 bps of gross loans at 3Q24 compared to 113 bps at 2Q24, 87 bps at 1Q24, 111 bps at 4Q23, and 108 bps at 3Q23
Allowance for credit losses were 117.7% of nonperforming loans at 3Q24 compared to 225.4% at 3Q23 and 120.6% at 2Q24
Capital: Book value per common share and tangible book value per common share, a non-GAAP measure, decreased 0.5% and 0.4% YoY to $22.94 and $22.29, respectively.
The Company paid a dividend of $0.22 per share in 3Q24; 807,964shares 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 7.00% at September 30, 2024 compared to 7.56% at September 30, 2023, and 7.12% at June 30, 2024
Conference Call Information
Conference Call Information:
John R. Buran, President and Chief Executive Officer, and Susan K. Cullen, Senior Executive Vice President and Chief Financial Officer and Treasurer, will host a conference call on Friday, October 25, 2024, at 11:00 AM (ET) to discuss the Company's third quarter 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=DyENTTHR
Dial-in for Replay: 1-877-344-7529; Canada 855-669-9658
Replay Access Code: 3119962
The conference call will be simultaneously webcast and archived
Fourth Quarter and Full Year 2024 Earnings Release Date:
The Company plans to release Fourth Quarter and Full Year 2024 financial results after the market close on January 28, 2025, followed by a conference call at 9:30 AM (ET) on January 29, 2025.
A detailed announcement will be issued prior to the fourth quarter's close confirming the date and the time of the earning 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, 2023 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 nine months ended |
| ||||||||||||||||||||||||
(Dollars in thousands, except per share data) | September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| September 30, |
|
| September 30, |
| ||||||||||||
Performance Ratios (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| |||||||
Return on average assets |
| 0.39 | % |
|
| 0.24 | % |
|
| 0.17 | % |
|
| 0.38 | % |
|
| 0.37 | % |
|
| 0.27 | % |
|
| 0.32 | % |
Return on average equity |
| 5.30 |
|
|
| 3.19 |
|
|
| 2.20 |
|
|
| 4.84 |
|
|
| 4.64 |
|
|
| 3.57 |
|
|
| 4.05 |
|
Yield on average interest-earning assets (2) |
| 5.63 |
|
|
| 5.43 |
|
|
| 5.32 |
|
|
| 5.39 |
|
|
| 5.19 |
|
|
| 5.46 |
|
|
| 4.88 |
|
Cost of average interest-bearing liabilities |
| 4.10 |
|
|
| 3.95 |
|
|
| 3.83 |
|
|
| 3.68 |
|
|
| 3.52 |
|
|
| 3.96 |
|
|
| 3.16 |
|
Cost of funds |
| 3.69 |
|
|
| 3.54 |
|
|
| 3.42 |
|
|
| 3.26 |
|
|
| 3.13 |
|
|
| 3.55 |
|
|
| 2.80 |
|
Net interest rate spread during period (2) |
| 1.53 |
|
|
| 1.48 |
|
|
| 1.49 |
|
|
| 1.71 |
|
|
| 1.67 |
|
|
| 1.50 |
|
|
| 1.72 |
|
Net interest margin (2) |
| 2.10 |
|
|
| 2.05 |
|
|
| 2.06 |
|
|
| 2.29 |
|
|
| 2.22 |
|
|
| 2.07 |
|
|
| 2.22 |
|
Noninterest expense to average assets |
| 1.68 |
|
|
| 1.77 |
|
|
| 1.83 |
|
|
| 1.90 |
|
|
| 1.71 |
|
|
| 1.76 |
|
|
| 1.74 |
|
Efficiency ratio (3) |
| 77.20 |
|
|
| 82.57 |
|
|
| 86.07 |
|
|
| 76.69 |
|
|
| 76.76 |
|
|
| 81.81 |
|
|
| 76.73 |
|
Average interest-earning assets to average interest-bearing liabilities |
| 1.16 | X |
|
| 1.17 | X |
|
| 1.17 | X |
|
| 1.19 | X |
|
| 1.18 | X |
|
| 1.17 | X |
|
| 1.19 | X |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
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|
|
Average Balances |
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans, net | $ | 6,737,261 |
|
| $ | 6,748,140 |
|
| $ | 6,804,117 |
|
| $ | 6,867,927 |
|
| $ | 6,813,019 |
|
| $ | 6,763,078 |
|
| $ | 6,837,740 |
|
Total interest-earning assets |
| 8,709,671 |
|
|
| 8,354,994 |
|
|
| 8,235,160 |
|
|
| 8,076,991 |
|
|
| 8,023,237 |
|
|
| 8,434,283 |
|
|
| 8,005,866 |
|
Total assets |
| 9,203,884 |
|
|
| 8,830,665 |
|
|
| 8,707,505 |
|
|
| 8,569,002 |
|
|
| 8,505,346 |
|
|
| 8,915,076 |
|
|
| 8,478,837 |
|
Total deposits |
| 7,463,783 |
|
|
| 7,195,940 |
|
|
| 7,081,498 |
|
|
| 6,884,037 |
|
|
| 6,819,397 |
|
|
| 7,247,863 |
|
|
| 6,843,200 |
|
Total interest-bearing liabilities |
| 7,504,517 |
|
|
| 7,140,068 |
|
|
| 7,014,927 |
|
|
| 6,813,909 |
|
|
| 6,771,860 |
|
|
| 7,220,876 |
|
|
| 6,744,342 |
|
Stockholders' equity |
| 672,762 |
|
|
| 667,557 |
|
|
| 669,185 |
|
|
| 669,819 |
|
|
| 675,041 |
|
|
| 669,845 |
|
|
| 676,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
Per Share Data |
|
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|
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|
|
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|
Book value per common share (4) | $ | 22.94 |
|
| $ | 22.89 |
|
| $ | 23.04 |
|
| $ | 23.21 |
|
| $ | 23.06 |
|
| $ | 22.94 |
|
| $ | 23.06 |
|
Tangible book value per common share (5) | $ | 22.29 |
|
| $ | 22.24 |
|
| $ | 22.39 |
|
| $ | 22.54 |
|
| $ | 22.39 |
|
| $ | 22.29 |
|
| $ | 22.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity | $ | 666,891 |
|
| $ | 665,322 |
|
| $ | 669,827 |
|
| $ | 669,837 |
|
| $ | 666,521 |
|
| $ | 666,891 |
|
| $ | 666,521 |
|
Tangible stockholders' equity |
| 648,035 |
|
|
| 646,364 |
|
|
| 650,763 |
|
|
| 650,664 |
|
|
| 647,234 |
|
|
| 648,035 |
|
|
| 647,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Regulatory Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital | $ | 735,984 |
|
| $ | 733,308 |
|
| $ | 734,192 |
|
| $ | 737,732 |
|
| $ | 736,744 |
|
| $ | 735,984 |
|
| $ | 736,744 |
|
Common equity Tier 1 capital |
| 689,902 |
|
|
| 686,630 |
|
|
| 687,458 |
|
|
| 691,754 |
|
|
| 690,294 |
|
|
| 689,902 |
|
|
| 690,294 |
|
Total risk-based capital |
| 967,242 |
|
|
| 965,819 |
|
|
| 965,796 |
|
|
| 967,627 |
|
|
| 965,532 |
|
|
| 967,242 |
|
|
| 965,532 |
|
Risk Weighted Assets |
| 6,790,253 |
|
|
| 6,718,568 |
|
|
| 6,664,496 |
|
|
| 6,750,301 |
|
|
| 6,804,478 |
|
|
| 6,790,253 |
|
|
| 6,804,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital (well capitalized = 5%) |
| 7.91 | % |
|
| 8.18 | % |
|
| 8.32 | % |
|
| 8.47 | % |
|
| 8.51 | % |
|
| 7.91 | % |
|
| 8.51 | % |
Common equity Tier 1 risk-based capital (well capitalized = 6.5%) |
| 10.16 |
|
|
| 10.22 |
|
|
| 10.32 |
|
|
| 10.25 |
|
|
| 10.14 |
|
|
| 10.16 |
|
|
| 10.14 |
|
Tier 1 risk-based capital (well capitalized = 8.0%) |
| 10.84 |
|
|
| 10.91 |
|
|
| 11.02 |
|
|
| 10.93 |
|
|
| 10.83 |
|
|
| 10.84 |
|
|
| 10.83 |
|
Total risk-based capital (well capitalized = 10.0%) |
| 14.24 |
|
|
| 14.38 |
|
|
| 14.49 |
|
|
| 14.33 |
|
|
| 14.19 |
|
|
| 14.24 |
|
|
| 14.19 |
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
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|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Average equity to average assets |
| 7.31 | % |
|
| 7.56 | % |
|
| 7.69 | % |
|
| 7.82 | % |
|
| 7.94 | % |
|
| 7.51 | % |
|
| 7.98 | % |
Equity to total assets |
| 7.19 |
|
|
| 7.31 |
|
|
| 7.61 |
|
|
| 7.85 |
|
|
| 7.77 |
|
|
| 7.19 |
|
|
| 7.77 |
|
Tangible common equity to tangible assets (6) |
| 7.00 |
|
|
| 7.12 |
|
|
| 7.40 |
|
|
| 7.64 |
|
|
| 7.56 |
|
|
| 7.00 |
|
|
| 7.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans | $ | 34,261 |
|
| $ | 34,540 |
|
| $ | 24,829 |
|
| $ | 23,709 |
|
| $ | 17,405 |
|
| $ | 34,261 |
|
| $ | 17,405 |
|
Nonperforming loans |
| 34,261 |
|
|
| 34,540 |
|
|
| 24,829 |
|
|
| 25,172 |
|
|
| 17,405 |
|
|
| 34,261 |
|
|
| 17,405 |
|
Nonperforming assets |
| 54,888 |
|
|
| 55,832 |
|
|
| 46,254 |
|
|
| 46,153 |
|
|
| 38,386 |
|
|
| 54,888 |
|
|
| 38,386 |
|
Net charge-offs (recoveries) |
| 3,036 |
|
|
| (92 | ) |
|
| 4 |
|
|
| 60 |
|
|
| (42 | ) |
|
| 2,948 |
|
|
| 8,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Asset Quality Ratios |
|
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|
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|
|
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|
|
|
|
|
|
|
|
Nonperforming loans to gross loans |
| 0.50 | % |
|
| 0.51 | % |
|
| 0.36 | % |
|
| 0.36 | % |
|
| 0.25 | % |
|
| 0.50 | % |
|
| 0.25 | % |
Nonperforming assets to total assets |
| 0.59 |
|
|
| 0.61 |
|
|
| 0.53 |
|
|
| 0.54 |
|
|
| 0.45 |
|
|
| 0.59 |
|
|
| 0.45 |
|
Allowance for credit losses to gross loans |
| 0.59 |
|
|
| 0.61 |
|
|
| 0.60 |
|
|
| 0.58 |
|
|
| 0.57 |
|
|
| 0.59 |
|
|
| 0.57 |
|
Allowance for credit losses to nonperforming assets |
| 73.50 |
|
|
| 74.60 |
|
|
| 88.10 |
|
|
| 87.02 |
|
|
| 102.19 |
|
|
| 73.50 |
|
|
| 102.19 |
|
Allowance for credit losses to nonperforming loans |
| 117.75 |
|
|
| 120.58 |
|
|
| 164.13 |
|
|
| 159.55 |
|
|
| 225.38 |
|
|
| 117.75 |
|
|
| 225.38 |
|
Net charge-offs (recoveries) to average loans |
| 0.18 |
|
|
| (0.01 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.06 |
|
|
| 0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-service customer facilities |
| 28 |
|
|
| 27 |
|
|
| 27 |
|
|
| 27 |
|
|
| 27 |
|
|
| 28 |
|
|
| 27 |
|
(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". |
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| For the three months ended |
|
| For the nine months ended | ||||||||||||||||||||||
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| September 30, |
|
| September 30, | |||||||
(In thousands, except per share data) | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2024 |
|
| 2023 | |||||||
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest and fees on loans | $ | 95,780 |
|
| $ | 92,728 |
|
| $ | 92,959 |
|
| $ | 95,616 |
|
| $ | 91,466 |
|
| $ | 281,467 |
|
| $ | 259,732 |
Interest and dividends on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| 24,215 |
|
|
| 18,209 |
|
|
| 12,541 |
|
|
| 10,803 |
|
|
| 10,383 |
|
|
| 54,965 |
|
|
| 26,795 |
Dividends |
| 33 |
|
|
| 33 |
|
|
| 33 |
|
|
| 34 |
|
|
| 33 |
|
|
| 99 |
|
|
| 92 |
Other interest income |
| 2,565 |
|
|
| 2,260 |
|
|
| 3,966 |
|
|
| 2,310 |
|
|
| 2,154 |
|
|
| 8,791 |
|
|
| 6,095 |
Total interest and dividend income |
| 122,593 |
|
|
| 113,230 |
|
|
| 109,499 |
|
|
| 108,763 |
|
|
| 104,036 |
|
|
| 345,322 |
|
|
| 292,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
| 66,150 |
|
|
| 60,893 |
|
|
| 57,865 |
|
|
| 53,284 |
|
|
| 50,066 |
|
|
| 184,908 |
|
|
| 135,371 |
Other interest expense |
| 10,840 |
|
|
| 9,561 |
|
|
| 9,237 |
|
|
| 9,394 |
|
|
| 9,543 |
|
|
| 29,638 |
|
|
| 24,276 |
Total interest expense |
| 76,990 |
|
|
| 70,454 |
|
|
| 67,102 |
|
|
| 62,678 |
|
|
| 59,609 |
|
|
| 214,546 |
|
|
| 159,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Interest Income |
| 45,603 |
|
|
| 42,776 |
|
|
| 42,397 |
|
|
| 46,085 |
|
|
| 44,427 |
|
|
| 130,776 |
|
|
| 133,067 |
Provision for credit losses |
| 1,727 |
|
|
| 809 |
|
|
| 592 |
|
|
| 998 |
|
|
| 596 |
|
|
| 3,128 |
|
|
| 9,520 |
Net Interest Income After Provision for Credit Losses |
| 43,876 |
|
|
| 41,967 |
|
|
| 41,805 |
|
|
| 45,087 |
|
|
| 43,831 |
|
|
| 127,648 |
|
|
| 123,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking services fee income |
| 1,790 |
|
|
| 1,583 |
|
|
| 1,394 |
|
|
| 2,824 |
|
|
| 2,636 |
|
|
| 4,767 |
|
|
| 5,827 |
Net gain on sale of loans |
| 137 |
|
|
| 26 |
|
|
| 110 |
|
|
| - |
|
|
| - |
|
|
| 273 |
|
|
| 108 |
Net gain (loss) from fair value adjustments |
| 974 |
|
|
| 57 |
|
|
| (834 | ) |
|
| 906 |
|
|
| (1,246 | ) |
|
| 197 |
|
|
| 1,667 |
Federal Home Loan Bank of New York stock dividends |
| 624 |
|
|
| 669 |
|
|
| 743 |
|
|
| 658 |
|
|
| 624 |
|
|
| 2,036 |
|
|
| 1,855 |
Life insurance proceeds |
| 1 |
|
|
| - |
|
|
| - |
|
|
| 697 |
|
|
| 23 |
|
|
| 1 |
|
|
| 584 |
Bank owned life insurance |
| 1,260 |
|
|
| 1,223 |
|
|
| 1,200 |
|
|
| 1,173 |
|
|
| 1,157 |
|
|
| 3,683 |
|
|
| 3,400 |
Other income |
| 1,491 |
|
|
| 658 |
|
|
| 471 |
|
|
| 1,144 |
|
|
| 115 |
|
|
| 2,620 |
|
|
| 1,745 |
Total noninterest income |
| 6,277 |
|
|
| 4,216 |
|
|
| 3,084 |
|
|
| 7,402 |
|
|
| 3,309 |
|
|
| 13,577 |
|
|
| 15,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
| 22,216 |
|
|
| 21,723 |
|
|
| 22,113 |
|
|
| 23,359 |
|
|
| 20,346 |
|
|
| 66,052 |
|
|
| 62,598 |
Occupancy and equipment |
| 3,745 |
|
|
| 3,713 |
|
|
| 3,779 |
|
|
| 3,698 |
|
|
| 3,371 |
|
|
| 11,237 |
|
|
| 10,698 |
Professional services |
| 2,752 |
|
|
| 2,786 |
|
|
| 2,792 |
|
|
| 2,523 |
|
|
| 2,494 |
|
|
| 8,330 |
|
|
| 7,046 |
FDIC deposit insurance |
| 1,318 |
|
|
| 1,322 |
|
|
| 1,652 |
|
|
| 1,162 |
|
|
| 912 |
|
|
| 4,292 |
|
|
| 2,832 |
Data processing |
| 1,681 |
|
|
| 1,785 |
|
|
| 1,727 |
|
|
| 1,646 |
|
|
| 1,422 |
|
|
| 5,193 |
|
|
| 4,330 |
Depreciation and amortization |
| 1,436 |
|
|
| 1,425 |
|
|
| 1,457 |
|
|
| 1,491 |
|
|
| 1,482 |
|
|
| 4,318 |
|
|
| 4,474 |
Other real estate owned/foreclosure expense |
| 135 |
|
|
| 125 |
|
|
| 145 |
|
|
| 105 |
|
|
| 185 |
|
|
| 405 |
|
|
| 500 |
Gain on sale of other real estate owned |
| (174 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (174 | ) |
|
| - |
Other operating expenses |
| 5,587 |
|
|
| 6,168 |
|
|
| 6,227 |
|
|
| 6,751 |
|
|
| 6,176 |
|
|
| 17,982 |
|
|
| 18,176 |
Total noninterest expense |
| 38,696 |
|
|
| 39,047 |
|
|
| 39,892 |
|
|
| 40,735 |
|
|
| 36,388 |
|
|
| 117,635 |
|
|
| 110,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income Before Provision for Income Taxes |
| 11,457 |
|
|
| 7,136 |
|
|
| 4,997 |
|
|
| 11,754 |
|
|
| 10,752 |
|
|
| 23,590 |
|
|
| 28,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for income taxes |
| 2,551 |
|
|
| 1,814 |
|
|
| 1,313 |
|
|
| 3,655 |
|
|
| 2,917 |
|
|
| 5,678 |
|
|
| 7,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Income | $ | 8,906 |
|
| $ | 5,322 |
|
| $ | 3,684 |
|
| $ | 8,099 |
|
| $ | 7,835 |
|
| $ | 17,912 |
|
| $ | 20,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic earnings per common share | $ | 0.30 |
|
| $ | 0.18 |
|
| $ | 0.12 |
|
| $ | 0.27 |
|
| $ | 0.26 |
|
| $ | 0.60 |
|
| $ | 0.69 |
Diluted earnings per common share | $ | 0.30 |
|
| $ | 0.18 |
|
| $ | 0.12 |
|
| $ | 0.27 |
|
| $ | 0.26 |
|
| $ | 0.60 |
|
| $ | 0.69 |
Dividends per common share | $ | 0.22 |
|
| $ | 0.22 |
|
| $ | 0.22 |
|
| $ | 0.22 |
|
| $ | 0.22 |
|
| $ | 0.66 |
|
| $ | 0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic average shares |
| 29,742 |
|
|
| 29,789 |
|
|
| 29,742 |
|
|
| 29,650 |
|
|
| 29,703 |
|
|
| 29,758 |
|
|
| 30,017 |
Diluted average shares |
| 29,742 |
|
|
| 29,789 |
|
|
| 29,742 |
|
|
| 29,650 |
|
|
| 29,703 |
|
|
| 29,758 |
|
|
| 30,017 |
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
| ||||||
(Dollars in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks |
| $ | 267,643 |
|
| $ | 156,913 |
|
| $ | 210,723 |
|
| $ | 172,157 |
|
| $ | 200,926 |
|
Securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
| 7,841 |
|
|
| 7,846 |
|
|
| 7,850 |
|
|
| 7,855 |
|
|
| 7,860 |
|
Other securities, net |
|
| 63,859 |
|
|
| 64,166 |
|
|
| 64,612 |
|
|
| 65,068 |
|
|
| 65,271 |
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
| 926,731 |
|
|
| 869,494 |
|
|
| 509,527 |
|
|
| 354,344 |
|
|
| 337,879 |
|
Other securities |
|
| 687,518 |
|
|
| 679,117 |
|
|
| 667,156 |
|
|
| 520,409 |
|
|
| 505,784 |
|
Loans |
|
| 6,818,328 |
|
|
| 6,777,026 |
|
|
| 6,821,943 |
|
|
| 6,906,950 |
|
|
| 6,896,074 |
|
Allowance for credit losses |
|
| (40,342 | ) |
|
| (41,648 | ) |
|
| (40,752 | ) |
|
| (40,161 | ) |
|
| (39,228 | ) |
Net loans |
|
| 6,777,986 |
|
|
| 6,735,378 |
|
|
| 6,781,191 |
|
|
| 6,866,789 |
|
|
| 6,856,846 |
|
Interest and dividends receivable |
|
| 64,369 |
|
|
| 62,752 |
|
|
| 61,449 |
|
|
| 59,018 |
|
|
| 55,660 |
|
Bank premises and equipment, net |
|
| 18,544 |
|
|
| 19,426 |
|
|
| 20,102 |
|
|
| 21,273 |
|
|
| 21,302 |
|
Federal Home Loan Bank of New York stock |
|
| 32,745 |
|
|
| 46,331 |
|
|
| 24,845 |
|
|
| 31,066 |
|
|
| 43,821 |
|
Bank owned life insurance |
|
| 217,200 |
|
|
| 215,940 |
|
|
| 214,718 |
|
|
| 213,518 |
|
|
| 214,321 |
|
Goodwill |
|
| 17,636 |
|
|
| 17,636 |
|
|
| 17,636 |
|
|
| 17,636 |
|
|
| 17,636 |
|
Core deposit intangibles |
|
| 1,220 |
|
|
| 1,322 |
|
|
| 1,428 |
|
|
| 1,537 |
|
|
| 1,651 |
|
Right of use asset |
|
| 44,787 |
|
|
| 46,636 |
|
|
| 37,631 |
|
|
| 39,557 |
|
|
| 41,404 |
|
Other assets |
|
| 152,807 |
|
|
| 174,283 |
|
|
| 188,457 |
|
|
| 167,009 |
|
|
| 209,014 |
|
Total assets |
| $ | 9,280,886 |
|
| $ | 9,097,240 |
|
| $ | 8,807,325 |
|
| $ | 8,537,236 |
|
| $ | 8,579,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
| $ | 7,572,395 |
|
| $ | 6,906,863 |
|
| $ | 7,253,207 |
|
| $ | 6,815,261 |
|
| $ | 6,681,509 |
|
Borrowed funds |
|
| 846,123 |
|
|
| 1,316,565 |
|
|
| 671,474 |
|
|
| 841,281 |
|
|
| 1,001,010 |
|
Operating lease liability |
|
| 45,437 |
|
|
| 47,485 |
|
|
| 38,674 |
|
|
| 40,822 |
|
|
| 43,067 |
|
Other liabilities |
|
| 150,040 |
|
|
| 161,005 |
|
|
| 174,143 |
|
|
| 170,035 |
|
|
| 187,268 |
|
Total liabilities |
|
| 8,613,995 |
|
|
| 8,431,918 |
|
|
| 8,137,498 |
|
|
| 7,867,399 |
|
|
| 7,912,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| 261,274 |
|
|
| 260,585 |
|
|
| 260,413 |
|
|
| 264,534 |
|
|
| 264,486 |
|
Treasury stock |
|
| (101,633 | ) |
|
| (101,633 | ) |
|
| (101,641 | ) |
|
| (106,070 | ) |
|
| (105,433 | ) |
Retained earnings |
|
| 547,708 |
|
|
| 545,345 |
|
|
| 546,530 |
|
|
| 549,683 |
|
|
| 548,058 |
|
Accumulated other comprehensive loss, net of taxes |
|
| (40,799 | ) |
|
| (39,316 | ) |
|
| (35,816 | ) |
|
| (38,651 | ) |
|
| (40,931 | ) |
Total stockholders' equity |
|
| 666,891 |
|
|
| 665,322 |
|
|
| 669,827 |
|
|
| 669,837 |
|
|
| 666,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
| $ | 9,280,886 |
|
| $ | 9,097,240 |
|
| $ | 8,807,325 |
|
| $ | 8,537,236 |
|
| $ | 8,579,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued shares |
|
| 34,088 |
|
|
| 34,088 |
|
|
| 34,088 |
|
|
| 34,088 |
|
|
| 34,088 |
|
Outstanding shares |
|
| 29,069 |
|
|
| 29,069 |
|
|
| 29,069 |
|
|
| 28,866 |
|
|
| 28,905 |
|
Treasury shares |
|
| 5,019 |
|
|
| 5,019 |
|
|
| 5,019 |
|
|
| 5,222 |
|
|
| 5,183 |
|
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Unaudited)
For the three months ended |
|
| For the nine months ended | |||||||||||||||||||||||
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| September 30, |
|
| September 30, | |||||||
(In thousands) | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2024 |
|
| 2023 | |||||||
Interest-earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Mortgage loans, net | $ | 5,337,170 |
|
| $ | 5,338,614 |
|
| $ | 5,353,606 |
|
| $ | 5,356,112 |
|
| $ | 5,314,215 |
|
| $ | 5,343,108 |
|
| $ | 5,318,616 |
Commercial Business loans, net |
| 1,400,091 |
|
|
| 1,409,526 |
|
|
| 1,450,511 |
|
|
| 1,511,815 |
|
|
| 1,498,804 |
|
|
| 1,419,970 |
|
|
| 1,519,124 |
Total loans, net |
| 6,737,261 |
|
|
| 6,748,140 |
|
|
| 6,804,117 |
|
|
| 6,867,927 |
|
|
| 6,813,019 |
|
|
| 6,763,078 |
|
|
| 6,837,740 |
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
| 984,383 |
|
|
| 691,802 |
|
|
| 462,934 |
|
|
| 426,612 |
|
|
| 436,181 |
|
|
| 714,030 |
|
|
| 447,491 |
Other securities, net |
| 714,161 |
|
|
| 663,975 |
|
|
| 590,204 |
|
|
| 527,316 |
|
|
| 528,091 |
|
|
| 656,325 |
|
|
| 470,898 |
Total taxable securities |
| 1,698,544 |
|
|
| 1,355,777 |
|
|
| 1,053,138 |
|
|
| 953,928 |
|
|
| 964,272 |
|
|
| 1,370,355 |
|
|
| 918,389 |
Tax-exempt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
| 65,070 |
|
|
| 65,451 |
|
|
| 65,939 |
|
|
| 66,242 |
|
|
| 66,438 |
|
|
| 65,485 |
|
|
| 66,631 |
Total tax-exempt securities |
| 65,070 |
|
|
| 65,451 |
|
|
| 65,939 |
|
|
| 66,242 |
|
|
| 66,438 |
|
|
| 65,485 |
|
|
| 66,631 |
Interest-earning deposits and federal funds sold |
| 208,796 |
|
|
| 185,626 |
|
|
| 311,966 |
|
|
| 188,894 |
|
|
| 179,508 |
|
|
| 235,365 |
|
|
| 183,106 |
Total interest-earning assets |
| 8,709,671 |
|
|
| 8,354,994 |
|
|
| 8,235,160 |
|
|
| 8,076,991 |
|
|
| 8,023,237 |
|
|
| 8,434,283 |
|
|
| 8,005,866 |
Other assets |
| 494,213 |
|
|
| 475,671 |
|
|
| 472,345 |
|
|
| 492,011 |
|
|
| 482,109 |
|
|
| 480,793 |
|
|
| 472,971 |
Total assets | $ | 9,203,884 |
|
| $ | 8,830,665 |
|
| $ | 8,707,505 |
|
| $ | 8,569,002 |
|
| $ | 8,505,346 |
|
| $ | 8,915,076 |
|
| $ | 8,478,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts | $ | 102,196 |
|
| $ | 103,335 |
|
| $ | 106,212 |
|
| $ | 110,316 |
|
| $ | 115,437 |
|
| $ | 103,908 |
|
| $ | 124,736 |
NOW accounts |
| 1,886,387 |
|
|
| 2,017,085 |
|
|
| 1,935,250 |
|
|
| 1,848,285 |
|
|
| 1,907,781 |
|
|
| 1,946,022 |
|
|
| 1,968,199 |
Money market accounts |
| 1,673,499 |
|
|
| 1,714,085 |
|
|
| 1,725,714 |
|
|
| 1,625,453 |
|
|
| 1,584,308 |
|
|
| 1,704,320 |
|
|
| 1,797,398 |
Certificate of deposit accounts |
| 2,884,280 |
|
|
| 2,443,047 |
|
|
| 2,406,283 |
|
|
| 2,340,115 |
|
|
| 2,290,669 |
|
|
| 2,578,988 |
|
|
| 2,007,954 |
Total due to depositors |
| 6,546,362 |
|
|
| 6,277,552 |
|
|
| 6,173,459 |
|
|
| 5,924,169 |
|
|
| 5,898,195 |
|
|
| 6,333,238 |
|
|
| 5,898,287 |
Mortgagors' escrow accounts |
| 71,965 |
|
|
| 95,532 |
|
|
| 73,822 |
|
|
| 86,592 |
|
|
| 69,525 |
|
|
| 80,408 |
|
|
| 79,136 |
Total interest-bearing deposits |
| 6,618,327 |
|
|
| 6,373,084 |
|
|
| 6,247,281 |
|
|
| 6,010,761 |
|
|
| 5,967,720 |
|
|
| 6,413,646 |
|
|
| 5,977,423 |
Borrowings |
| 886,190 |
|
|
| 766,984 |
|
|
| 767,646 |
|
|
| 803,148 |
|
|
| 804,140 |
|
|
| 807,230 |
|
|
| 766,919 |
Total interest-bearing liabilities |
| 7,504,517 |
|
|
| 7,140,068 |
|
|
| 7,014,927 |
|
|
| 6,813,909 |
|
|
| 6,771,860 |
|
|
| 7,220,876 |
|
|
| 6,744,342 |
Noninterest-bearing demand deposits |
| 845,456 |
|
|
| 822,856 |
|
|
| 834,217 |
|
|
| 873,276 |
|
|
| 851,677 |
|
|
| 834,217 |
|
|
| 865,777 |
Other liabilities |
| 181,149 |
|
|
| 200,184 |
|
|
| 189,176 |
|
|
| 211,998 |
|
|
| 206,768 |
|
|
| 190,138 |
|
|
| 191,769 |
Total liabilities |
| 8,531,122 |
|
|
| 8,163,108 |
|
|
| 8,038,320 |
|
|
| 7,899,183 |
|
|
| 7,830,305 |
|
|
| 8,245,231 |
|
|
| 7,801,888 |
Equity |
| 672,762 |
|
|
| 667,557 |
|
|
| 669,185 |
|
|
| 669,819 |
|
|
| 675,041 |
|
|
| 669,845 |
|
|
| 676,949 |
Total liabilities and equity | $ | 9,203,884 |
|
| $ | 8,830,665 |
|
| $ | 8,707,505 |
|
| $ | 8,569,002 |
|
| $ | 8,505,346 |
|
| $ | 8,915,076 |
|
| $ | 8,478,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest-earning assets | $ | 1,205,154 |
|
| $ | 1,214,926 |
|
| $ | 1,220,233 |
|
| $ | 1,263,082 |
|
| $ | 1,251,377 |
|
| $ | 1,213,407 |
|
| $ | 1,261,524 |
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
NET INTEREST INCOME AND NET INTEREST MARGIN
(Unaudited)
|
| For the three months ended |
|
| For the nine months ended |
| ||||||||||||||||||||||
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| ||||||||
(Dollars in thousands) |
| 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Mortgage loans, net |
| $ | 74,645 |
|
| $ | 71,968 |
|
| $ | 71,572 |
|
| $ | 72,505 |
|
| $ | 68,931 |
|
| $ | 218,185 |
|
| $ | 194,673 |
|
Commercial Business loans, net |
|
| 21,135 |
|
|
| 20,760 |
|
|
| 21,387 |
|
|
| 23,111 |
|
|
| 22,535 |
|
|
| 63,282 |
|
|
| 65,059 |
|
Total loans, net |
|
| 95,780 |
|
|
| 92,728 |
|
|
| 92,959 |
|
|
| 95,616 |
|
|
| 91,466 |
|
|
| 281,467 |
|
|
| 259,732 |
|
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
| 12,443 |
|
|
| 7,462 |
|
|
| 3,696 |
|
|
| 3,217 |
|
|
| 3,031 |
|
|
| 23,601 |
|
|
| 8,288 |
|
Other securities |
|
| 11,431 |
|
|
| 10,408 |
|
|
| 8,504 |
|
|
| 7,239 |
|
|
| 7,003 |
|
|
| 30,343 |
|
|
| 17,461 |
|
Total taxable securities |
|
| 23,874 |
|
|
| 17,870 |
|
|
| 12,200 |
|
|
| 10,456 |
|
|
| 10,034 |
|
|
| 53,944 |
|
|
| 25,749 |
|
Tax-exempt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
| 474 |
|
|
| 470 |
|
|
| 474 |
|
|
| 482 |
|
|
| 484 |
|
|
| 1,418 |
|
|
| 1,441 |
|
Total tax-exempt securities |
|
| 474 |
|
|
| 470 |
|
|
| 474 |
|
|
| 482 |
|
|
| 484 |
|
|
| 1,418 |
|
|
| 1,441 |
|
Interest-earning deposits and federal funds sold |
|
| 2,565 |
|
|
| 2,260 |
|
|
| 3,966 |
|
|
| 2,310 |
|
|
| 2,154 |
|
|
| 8,791 |
|
|
| 6,095 |
|
Total interest-earning assets |
|
| 122,693 |
|
|
| 113,328 |
|
|
| 109,599 |
|
|
| 108,864 |
|
|
| 104,138 |
|
|
| 345,620 |
|
|
| 293,017 |
|
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
| $ | 122 |
|
| $ | 115 |
|
| $ | 122 |
|
| $ | 124 |
|
| $ | 130 |
|
| $ | 359 |
|
| $ | 396 |
|
NOW accounts |
|
| 18,795 |
|
|
| 20,007 |
|
|
| 18,491 |
|
|
| 17,411 |
|
|
| 16,843 |
|
|
| 57,293 |
|
|
| 46,780 |
|
Money market accounts |
|
| 17,485 |
|
|
| 17,326 |
|
|
| 17,272 |
|
|
| 15,785 |
|
|
| 14,386 |
|
|
| 52,083 |
|
|
| 43,113 |
|
Certificate of deposit accounts |
|
| 29,676 |
|
|
| 23,383 |
|
|
| 21,918 |
|
|
| 19,917 |
|
|
| 18,639 |
|
|
| 74,977 |
|
|
| 44,927 |
|
Total due to depositors |
|
| 66,078 |
|
|
| 60,831 |
|
|
| 57,803 |
|
|
| 53,237 |
|
|
| 49,998 |
|
|
| 184,712 |
|
|
| 135,216 |
|
Mortgagors' escrow accounts |
|
| 72 |
|
|
| 62 |
|
|
| 62 |
|
|
| 47 |
|
|
| 68 |
|
|
| 196 |
|
|
| 155 |
|
Total interest-bearing deposits |
|
| 66,150 |
|
|
| 60,893 |
|
|
| 57,865 |
|
|
| 53,284 |
|
|
| 50,066 |
|
|
| 184,908 |
|
|
| 135,371 |
|
Borrowings |
|
| 10,840 |
|
|
| 9,561 |
|
|
| 9,237 |
|
|
| 9,394 |
|
|
| 9,543 |
|
|
| 29,638 |
|
|
| 24,276 |
|
Total interest-bearing liabilities |
|
| 76,990 |
|
|
| 70,454 |
|
|
| 67,102 |
|
|
| 62,678 |
|
|
| 59,609 |
|
|
| 214,546 |
|
|
| 159,647 |
|
Net interest income- tax equivalent |
| $ | 45,703 |
|
| $ | 42,874 |
|
| $ | 42,497 |
|
| $ | 46,186 |
|
| $ | 44,529 |
|
| $ | 131,074 |
|
| $ | 133,370 |
|
Included in net interest income above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, and customer swap terminations fees |
| $ | 1,647 |
|
| $ | 369 |
|
| $ | 928 |
|
| $ | 3,416 |
|
| $ | 857 |
|
| $ | 2,944 |
|
| $ | 1,852 |
|
Net gains/(losses) from fair value adjustments on qualifying hedges included in net interest income |
|
| 554 |
|
|
| 177 |
|
|
| (187 | ) |
|
| (872 | ) |
|
| 1,348 |
|
|
| 544 |
|
|
| 1,243 |
|
Purchase accounting adjustments |
|
| 155 |
|
|
| 182 |
|
|
| 271 |
|
|
| 461 |
|
|
| 347 |
|
|
| 608 |
|
|
| 993 |
|
Interest-earning Assets Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, net |
|
| 5.59 | % |
|
| 5.39 | % |
|
| 5.35 | % |
|
| 5.41 | % |
|
| 5.19 | % |
|
| 5.44 | % |
|
| 4.88 | % |
Commercial Business loans, net |
|
| 6.04 |
|
|
| 5.89 |
|
|
| 5.90 |
|
|
| 6.11 |
|
|
| 6.01 |
|
|
| 5.94 |
|
|
| 5.71 |
|
Total loans, net |
|
| 5.69 |
|
|
| 5.50 |
|
|
| 5.46 |
|
|
| 5.57 |
|
|
| 5.37 |
|
|
| 5.55 |
|
|
| 5.06 |
|
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
| 5.06 |
|
|
| 4.31 |
|
|
| 3.19 |
|
|
| 3.02 |
|
|
| 2.78 |
|
|
| 4.41 |
|
|
| 2.47 |
|
Other securities |
|
| 6.40 |
|
|
| 6.27 |
|
|
| 5.76 |
|
|
| 5.49 |
|
|
| 5.30 |
|
|
| 6.16 |
|
|
| 4.94 |
|
Total taxable securities |
|
| 5.62 |
|
|
| 5.27 |
|
|
| 4.63 |
|
|
| 4.38 |
|
|
| 4.16 |
|
|
| 5.25 |
|
|
| 3.74 |
|
Tax-exempt securities: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
| 2.91 |
|
|
| 2.87 |
|
|
| 2.88 |
|
|
| 2.91 |
|
|
| 2.91 |
|
|
| 2.89 |
|
|
| 2.88 |
|
Total tax-exempt securities |
|
| 2.91 |
|
|
| 2.87 |
|
|
| 2.88 |
|
|
| 2.91 |
|
|
| 2.91 |
|
|
| 2.89 |
|
|
| 2.88 |
|
Interest-earning deposits and federal funds sold |
|
| 4.91 |
|
|
| 4.87 |
|
|
| 5.09 |
|
|
| 4.89 |
|
|
| 4.80 |
|
|
| 4.98 |
|
|
| 4.44 |
|
Total interest-earning assets (1) |
|
| 5.63 | % |
|
| 5.43 | % |
|
| 5.32 | % |
|
| 5.39 | % |
|
| 5.19 | % |
|
| 5.46 | % |
|
| 4.88 | % |
Interest-bearing Liabilities Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
| 0.48 | % |
|
| 0.45 | % |
|
| 0.46 | % |
|
| 0.45 | % |
|
| 0.45 | % |
|
| 0.46 | % |
|
| 0.42 | % |
NOW accounts |
|
| 3.99 |
|
|
| 3.97 |
|
|
| 3.82 |
|
|
| 3.77 |
|
|
| 3.53 |
|
|
| 3.93 |
|
|
| 3.17 |
|
Money market accounts |
|
| 4.18 |
|
|
| 4.04 |
|
|
| 4.00 |
|
|
| 3.88 |
|
|
| 3.63 |
|
|
| 4.07 |
|
|
| 3.20 |
|
Certificate of deposit accounts |
|
| 4.12 |
|
|
| 3.83 |
|
|
| 3.64 |
|
|
| 3.40 |
|
|
| 3.25 |
|
|
| 3.88 |
|
|
| 2.98 |
|
Total due to depositors |
|
| 4.04 |
|
|
| 3.88 |
|
|
| 3.75 |
|
|
| 3.59 |
|
|
| 3.39 |
|
|
| 3.89 |
|
|
| 3.06 |
|
Mortgagors' escrow accounts |
|
| 0.40 |
|
|
| 0.26 |
|
|
| 0.34 |
|
|
| 0.22 |
|
|
| 0.39 |
|
|
| 0.33 |
|
|
| 0.26 |
|
Total interest-bearing deposits |
|
| 4.00 |
|
|
| 3.82 |
|
|
| 3.70 |
|
|
| 3.55 |
|
|
| 3.36 |
|
|
| 3.84 |
|
|
| 3.02 |
|
Borrowings |
|
| 4.89 |
|
|
| 4.99 |
|
|
| 4.81 |
|
|
| 4.68 |
|
|
| 4.75 |
|
|
| 4.90 |
|
|
| 4.22 |
|
Total interest-bearing liabilities |
|
| 4.10 | % |
|
| 3.95 | % |
|
| 3.83 | % |
|
| 3.68 | % |
|
| 3.52 | % |
|
| 3.96 | % |
|
| 3.16 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread (tax equivalent) (1) |
|
| 1.53 | % |
|
| 1.48 | % |
|
| 1.49 | % |
|
| 1.71 | % |
|
| 1.67 | % |
|
| 1.50 | % |
|
| 1.72 | % |
Net interest margin (tax equivalent) (1) |
|
| 2.10 | % |
|
| 2.05 | % |
|
| 2.06 | % |
|
| 2.29 | % |
|
| 2.22 | % |
|
| 2.07 | % |
|
| 2.22 | % |
Ratio of interest-earning assets to interest-bearing liabilities |
|
| 1.16 | X |
|
| 1.17 | X |
|
| 1.17 | X |
|
| 1.19 | X |
|
| 1.18 | X |
|
| 1.17 | X |
|
| 1.19 | 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3Q24 vs. |
| 3Q24 vs. | |||||||||
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
|
| |||||||||||
(Dollars in thousands) | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| % Change |
| % Change | |||||||||
Noninterest bearing | $ | 860,930 |
|
| $ | 825,327 |
|
| $ | 815,937 |
|
| $ | 847,416 |
|
| $ | 874,420 |
|
|
| 4.3 | % |
|
| (1.5 | )% |
Interest bearing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit accounts |
| 2,875,486 |
|
|
| 2,435,894 |
|
|
| 2,529,095 |
|
|
| 2,311,290 |
|
|
| 2,321,369 |
|
|
| 18.0 |
|
|
| 23.9 |
|
Savings accounts |
| 100,279 |
|
|
| 103,296 |
|
|
| 105,147 |
|
|
| 108,605 |
|
|
| 112,730 |
|
|
| (2.9 | ) |
|
| (11.0 | ) |
Money market accounts |
| 1,659,027 |
|
|
| 1,710,376 |
|
|
| 1,717,298 |
|
|
| 1,726,404 |
|
|
| 1,551,176 |
|
|
| (3.0 | ) |
|
| 7.0 |
|
NOW accounts |
| 2,003,301 |
|
|
| 1,774,268 |
|
|
| 2,003,649 |
|
|
| 1,771,164 |
|
|
| 1,749,802 |
|
|
| 12.9 |
|
|
| 14.5 |
|
Total interest-bearing deposits |
| 6,638,093 |
|
|
| 6,023,834 |
|
|
| 6,355,189 |
|
|
| 5,917,463 |
|
|
| 5,735,077 |
|
|
| 10.2 |
|
|
| 15.7 |
|
Total due to depositors |
| 7,499,023 |
|
|
| 6,849,161 |
|
|
| 7,171,126 |
|
|
| 6,764,879 |
|
|
| 6,609,497 |
|
|
| 9.5 |
|
|
| 13.5 |
|
Mortgagors' escrow deposits |
| 73,372 |
|
|
| 57,702 |
|
|
| 82,081 |
|
|
| 50,382 |
|
|
| 72,012 |
|
|
| 27.2 |
|
|
| 1.9 |
|
Total deposits | $ | 7,572,395 |
|
| $ | 6,906,863 |
|
| $ | 7,253,207 |
|
| $ | 6,815,261 |
|
| $ | 6,681,509 |
|
|
| 9.6 | % |
|
| 13.3 | % |
Loan Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3Q24 vs. | 3Q24 vs. | |||||||||
September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| ||||||||||||
(Dollars in thousands) | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| % Change | % Change | |||||||||
Multifamily residential | $ | 2,638,863 |
|
| $ | 2,631,751 |
|
| $ | 2,622,737 |
|
| $ | 2,658,205 |
|
| $ | 2,614,219 |
|
|
| 0.3 | % |
| 0.9 | % |
Commercial real estate |
| 1,929,093 |
|
|
| 1,894,509 |
|
|
| 1,925,312 |
|
|
| 1,958,252 |
|
|
| 1,953,243 |
|
|
| 1.8 |
|
| (1.2 | ) |
One-to-four family ??? mixed use property |
| 515,511 |
|
|
| 518,510 |
|
|
| 516,198 |
|
|
| 530,243 |
|
|
| 537,744 |
|
|
| (0.6 | ) |
| (4.1 | ) |
One-to-four family ??? residential |
| 252,293 |
|
|
| 261,716 |
|
|
| 267,156 |
|
|
| 220,213 |
|
|
| 222,874 |
|
|
| (3.6 | ) |
| 13.2 |
|
Construction |
| 63,674 |
|
|
| 65,161 |
|
|
| 60,568 |
|
|
| 58,673 |
|
|
| 59,903 |
|
|
| (2.3 | ) |
| 6.3 |
|
Mortgage loans |
| 5,399,434 |
|
|
| 5,371,647 |
|
|
| 5,391,971 |
|
|
| 5,425,586 |
|
|
| 5,387,983 |
|
|
| 0.5 |
|
| 0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Business Administration |
| 19,368 |
|
|
| 13,957 |
|
|
| 16,244 |
|
|
| 20,205 |
|
|
| 21,896 |
|
|
| 38.8 |
|
| (11.5 | ) |
Commercial business and other |
| 1,387,965 |
|
|
| 1,389,711 |
|
|
| 1,411,725 |
|
|
| 1,452,518 |
|
|
| 1,487,775 |
|
|
| (0.1 | ) |
| (6.7 | ) |
Commercial Business loans |
| 1,407,333 |
|
|
| 1,403,668 |
|
|
| 1,427,969 |
|
|
| 1,472,723 |
|
|
| 1,509,671 |
|
|
| 0.3 |
|
| (6.8 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
| 6,806,767 |
|
|
| 6,775,315 |
|
|
| 6,819,940 |
|
|
| 6,898,309 |
|
|
| 6,897,654 |
|
|
| 0.5 |
|
| (1.3 | ) |
Net unamortized (premiums) and unearned loan (cost) fees (1) |
| 11,561 |
|
|
| 1,711 |
|
|
| 2,003 |
|
|
| 8,641 |
|
|
| (1,580 | ) |
|
| 575.7 |
|
| (831.7 | ) |
Allowance for credit losses |
| (40,342 | ) |
|
| (41,648 | ) |
|
| (40,752 | ) |
|
| (40,161 | ) |
|
| (39,228 | ) |
|
| (3.1 | ) |
| 2.8 |
|
Net loans | $ | 6,777,986 |
|
| $ | 6,735,378 |
|
| $ | 6,781,191 |
|
| $ | 6,866,789 |
|
| $ | 6,856,846 |
|
|
| 0.6 | % |
| (1.2 | )% |
(1) Includes $3.1 million, $3.4 million, $3.6 million, $3.9 million, and $4.4 million of purchase accounting unamortized discount resulting from the acquisition of Empire Bancorp at September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively.
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
LOAN CLOSINGS and RATES
(Unaudited)
Loan Closings
For the three months ended |
| For the nine months ended | ||||||||||||||||||
September 30, |
| June 30, |
| March 31, |
| December 31, |
| September 30, |
| September 30, |
| September 30, | ||||||||
(In thousands) | 2024 |
| 2024 |
| 2024 |
| 2023 |
| 2023 |
| 2024 |
| 2023 | |||||||
Multifamily residential | $ | 50,528 |
| $ | 27,966 |
| $ | 11,805 |
| $ | 82,995 |
| $ | 75,655 |
| $ | 90,299 |
| $ | 149,720 |
Commercial real estate |
| 56,713 |
|
| 20,573 |
|
| 10,040 |
|
| 60,092 |
|
| 70,197 |
|
| 87,326 |
|
| 124,290 |
One-to-four family - mixed use property |
| 5,709 |
|
| 3,980 |
|
| 750 |
|
| 3,319 |
|
| 6,028 |
|
| 10,439 |
|
| 16,778 |
One-to-four family - residential |
| 1,705 |
|
| 689 |
|
| 52,539 |
|
| 1,454 |
|
| 1,070 |
|
| 54,933 |
|
| 5,429 |
Construction |
| 5,063 |
|
| 4,594 |
|
| 1,895 |
|
| 8,007 |
|
| 6,971 |
|
| 11,552 |
|
| 26,374 |
Mortgage loans |
| 119,718 |
|
| 57,802 |
|
| 77,029 |
|
| 155,867 |
|
| 159,921 |
|
| 254,549 |
|
| 322,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Small Business Administration |
| 5,930 |
|
| - |
|
| - |
|
| 1,162 |
|
| - |
|
| 5,930 |
|
| 1,138 |
Commercial business and other |
| 91,447 |
|
| 68,162 |
|
| 52,955 |
|
| 87,255 |
|
| 81,549 |
|
| 212,564 |
|
| 250,067 |
Commercial Business loans |
| 97,377 |
|
| 68,162 |
|
| 52,955 |
|
| 88,417 |
|
| 81,549 |
|
| 218,494 |
|
| 251,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Closings | $ | 217,095 |
| $ | 125,964 |
| $ | 129,984 |
| $ | 244,284 |
| $ | 241,470 |
| $ | 473,043 |
| $ | 573,796 |
Weighted Average Rate on Loan Closings
| For the three months ended |
| |||||||||||||||||
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
| |||||
Loan type | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
| |||||
Mortgage loans |
| 7.31 | % |
|
| 7.58 | % |
|
| 6.36 | % |
|
| 7.55 | % |
|
| 7.22 | % |
Commercial Business loans |
| 7.75 |
|
|
| 7.94 |
|
|
| 8.29 |
|
|
| 7.93 |
|
|
| 8.00 |
|
Total loans |
| 7.51 | % |
|
| 7.77 | % |
|
| 7.13 | % |
|
| 7.69 | % |
|
| 7.48 | % |
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
ASSET QUALITY
(Unaudited)
Allowance for Credit Losses
| For the three months ended |
|
| For the nine months ended |
| ||||||||||||||||||||||
| September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| |||||||
(Dollars in thousands) | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||||
Allowance for credit losses - loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Beginning balances | $ | 41,648 |
|
| $ | 40,752 |
|
| $ | 40,161 |
|
| $ | 39,228 |
|
| $ | 38,593 |
|
| $ | 40,161 |
|
| $ | 40,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net loan charge-off (recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
| - |
|
|
| (1 | ) |
|
| - |
|
|
| (1 | ) |
|
| - |
|
|
| (1 | ) |
|
| (1 | ) |
Commercial real estate |
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 8 |
|
One-to-four family - mixed-use property |
| - |
|
|
| (2 | ) |
|
| - |
|
|
| (1 | ) |
|
| - |
|
|
| (2 | ) |
|
| - |
|
One-to-four family - residential |
| (58 | ) |
|
| (2 | ) |
|
| 13 |
|
|
| 9 |
|
|
| (6 | ) |
|
| (47 | ) |
|
| (38 | ) |
Small Business Administration |
| (1 | ) |
|
| (91 | ) |
|
| (5 | ) |
|
| (29 | ) |
|
| (48 | ) |
|
| (97 | ) |
|
| (212 | ) |
Commercial business and other |
| 3,095 |
|
|
| 4 |
|
|
| (4 | ) |
|
| 82 |
|
|
| 12 |
|
|
| 3,095 |
|
|
| 10,995 |
|
Total net loan charge-offs (recoveries) |
| 3,036 |
|
|
| (92 | ) |
|
| 4 |
|
|
| 60 |
|
|
| (42 | ) |
|
| 2,948 |
|
|
| 10,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision (benefit) for loan losses |
| 1,730 |
|
|
| 804 |
|
|
| 595 |
|
|
| 993 |
|
|
| 593 |
|
|
| 3,129 |
|
|
| 9,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ending balance | $ | 40,342 |
|
| $ | 41,648 |
|
| $ | 40,752 |
|
| $ | 40,161 |
|
| $ | 39,228 |
|
| $ | 40,342 |
|
| $ | 39,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross charge-offs | $ | 3,110 |
|
| $ | 11 |
|
| $ | 58 |
|
| $ | 107 |
|
| $ | 21 |
|
| $ | 3,179 |
|
| $ | 11,050 |
|
Gross recoveries |
| 74 |
|
|
| 103 |
|
|
| 54 |
|
|
| 47 |
|
|
| 63 |
|
|
| 231 |
|
|
| 298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses - loans to gross loans |
| 0.59 | % |
|
| 0.61 | % |
|
| 0.60 | % |
|
| 0.58 | % |
|
| 0.57 | % |
|
| 0.59 | % |
|
| 0.57 | % |
Net loan charge-offs (recoveries) to average loans |
| 0.18 |
|
|
| (0.01 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.06 |
|
|
| 0.21 |
|
Nonperforming Assets
(Dollars in thousands) | September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
| |||||
Loans 90 Days or More Past Due and Still Accruing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Multifamily residential | $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | 1,463 |
|
| $ | - |
|
Total Loans 90 Days or more past due and still accruing |
| - |
|
|
| - |
|
|
| - |
|
|
| 1,463 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nonaccrual Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
| 9,478 |
|
|
| 13,774 |
|
|
| 4,669 |
|
|
| 3,206 |
|
|
| 3,206 |
|
Commercial real estate |
| 6,705 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
One-to-four family - mixed-use property |
| 369 |
|
|
| 909 |
|
|
| 911 |
|
|
| 981 |
|
|
| 1,075 |
|
One-to-four family - residential |
| 1,493 |
|
|
| 3,633 |
|
|
| 3,768 |
|
|
| 5,181 |
|
|
| 4,161 |
|
Small Business Administration |
| 2,445 |
|
|
| 2,552 |
|
|
| 2,552 |
|
|
| 2,552 |
|
|
| 1,255 |
|
Commercial business and other |
| 13,771 |
|
|
| 13,672 |
|
|
| 12,929 |
|
|
| 11,789 |
|
|
| 7,708 |
|
Total Nonaccrual loans |
| 34,261 |
|
|
| 34,540 |
|
|
| 24,829 |
|
|
| 23,709 |
|
|
| 17,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Nonperforming Loans (NPLs) |
| 34,261 |
|
|
| 34,540 |
|
|
| 24,829 |
|
|
| 25,172 |
|
|
| 17,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other Nonperforming Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate acquired through foreclosure |
| - |
|
|
| 665 |
|
|
| 665 |
|
|
| - |
|
|
| - |
|
Total Other nonperforming assets |
| - |
|
|
| 665 |
|
|
| 665 |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Nonaccrual HTM Securities |
| 20,627 |
|
|
| 20,627 |
|
|
| 20,760 |
|
|
| 20,981 |
|
|
| 20,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Nonperforming Assets | $ | 54,888 |
|
| $ | 55,832 |
|
| $ | 46,254 |
|
| $ | 46,153 |
|
| $ | 38,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nonperforming Assets to Total Assets |
| 0.59 | % |
|
| 0.61 | % |
|
| 0.53 | % |
|
| 0.54 | % |
|
| 0.45 | % |
Allowance for Credit Losses to NPLs |
| 117.7 | % |
|
| 120.6 | % |
|
| 164.1 | % |
|
| 159.5 | % |
|
| 225.4 | % |
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 nine months ended |
| |||||||||||||||||||||||
(Dollars in thousands, | September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| |||||||
except per share data) | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
GAAP income before income taxes | $ | 11,457 |
|
| $ | 7,136 |
|
| $ | 4,997 |
|
| $ | 11,754 |
|
| $ | 10,752 |
|
| $ | 23,590 |
|
| $ | 28,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net (gain) loss from fair value adjustments (Noninterest income (loss)) |
| (974 | ) |
|
| (57 | ) |
|
| 834 |
|
|
| (906 | ) |
|
| 1,246 |
|
|
| (197 | ) |
|
| (1,667 | ) |
Life insurance proceeds (Noninterest income (loss)) |
| (1 | ) |
|
| - |
|
|
| - |
|
|
| (697 | ) |
|
| (23 | ) |
|
| (1 | ) |
|
| (584 | ) |
Net (gain) loss from fair value adjustments on qualifying hedges (Net interest income) |
| (554 | ) |
|
| (177 | ) |
|
| 187 |
|
|
| 872 |
|
|
| (1,348 | ) |
|
| (544 | ) |
|
| (1,243 | ) |
Net amortization of purchase accounting adjustments and intangibles (Various) |
| (62 | ) |
|
| (85 | ) |
|
| (169 | ) |
|
| (355 | ) |
|
| (237 | ) |
|
| (316 | ) |
|
| (652 | ) |
Miscellaneous expense (Professional services) |
| 10 |
|
|
| 494 |
|
|
| - |
|
|
| 526 |
|
|
| - |
|
|
| 504 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core income before taxes |
| 9,876 |
|
|
| 7,311 |
|
|
| 5,849 |
|
|
| 11,194 |
|
|
| 10,390 |
|
|
| 23,036 |
|
|
| 23,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for core income taxes |
| 2,153 |
|
|
| 1,855 |
|
|
| 1,537 |
|
|
| 3,648 |
|
|
| 2,819 |
|
|
| 5,545 |
|
|
| 6,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core net income | $ | 7,723 |
|
| $ | 5,456 |
|
| $ | 4,312 |
|
| $ | 7,546 |
|
| $ | 7,571 |
|
| $ | 17,491 |
|
| $ | 17,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP diluted earnings per common share | $ | 0.30 |
|
| $ | 0.18 |
|
| $ | 0.12 |
|
| $ | 0.27 |
|
| $ | 0.26 |
|
| $ | 0.60 |
|
| $ | 0.69 |
|
Net (gain) loss from fair value adjustments, net of tax |
| (0.03 | ) |
|
| (0.01 | ) |
|
| 0.02 |
|
|
| (0.02 | ) |
|
| 0.03 |
|
|
| (0.01 | ) |
|
| (0.04 | ) |
Life insurance proceeds |
| - |
|
|
| - |
|
|
| - |
|
|
| (0.02 | ) |
|
| - |
|
|
| - |
|
|
| (0.02 | ) |
Net (gain) loss from fair value adjustments on qualifying hedges, net of tax |
| (0.01 | ) |
|
| - |
|
|
| - |
|
|
| 0.02 |
|
|
| (0.03 | ) |
|
| (0.01 | ) |
|
| (0.03 | ) |
Net amortization of purchase accounting adjustments, net of tax |
| - |
|
|
| - |
|
|
| - |
|
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.01 | ) |
|
| (0.02 | ) |
Miscellaneous expense, net of tax |
| - |
|
|
| 0.01 |
|
|
| - |
|
|
| 0.01 |
|
|
| - |
|
|
| 0.01 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core diluted earnings per common share(1) | $ | 0.26 |
|
| $ | 0.18 |
|
| $ | 0.14 |
|
| $ | 0.25 |
|
| $ | 0.25 |
|
| $ | 0.59 |
|
| $ | 0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income, as calculated above | $ | 7,723 |
|
| $ | 5,456 |
|
| $ | 4,312 |
|
| $ | 7,546 |
|
| $ | 7,571 |
|
| $ | 17,491 |
|
| $ | 17,372 |
|
Average assets |
| 9,203,884 |
|
|
| 8,830,665 |
|
|
| 8,707,505 |
|
|
| 8,569,002 |
|
|
| 8,505,346 |
|
|
| 8,915,076 |
|
|
| 8,478,837 |
|
Average equity |
| 672,762 |
|
|
| 667,557 |
|
|
| 669,185 |
|
|
| 669,819 |
|
|
| 675,041 |
|
|
| 669,845 |
|
|
| 676,949 |
|
Core return on average assets(2) |
| 0.34 | % |
|
| 0.25 | % |
|
| 0.20 | % |
|
| 0.35 | % |
|
| 0.36 | % |
|
| 0.26 | % |
|
| 0.27 | % |
Core return on average equity(2) |
| 4.59 | % |
|
| 3.27 | % |
|
| 2.58 | % |
|
| 4.51 | % |
|
| 4.49 | % |
|
| 3.48 | % |
|
| 3.42 | % |
(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 nine months ended |
| |||||||||||||||||||||||
(Dollars in thousands) | September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
GAAP Net interest income | $ | 45,603 |
|
| $ | 42,776 |
|
| $ | 42,397 |
|
| $ | 46,085 |
|
| $ | 44,427 |
|
| $ | 130,776 |
|
| $ | 133,067 |
|
Net (gain) loss from fair value adjustments on qualifying hedges |
| (554 | ) |
|
| (177 | ) |
|
| 187 |
|
|
| 872 |
|
|
| (1,348 | ) |
|
| (544 | ) |
|
| (1,243 | ) |
Net amortization of purchase accounting adjustments |
| (155 | ) |
|
| (182 | ) |
|
| (271 | ) |
|
| (461 | ) |
|
| (347 | ) |
|
| (608 | ) |
|
| (993 | ) |
Core Net interest income | $ | 44,894 |
|
| $ | 42,417 |
|
| $ | 42,313 |
|
| $ | 46,496 |
|
| $ | 42,732 |
|
| $ | 129,624 |
|
| $ | 130,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP Noninterest income | $ | 6,277 |
|
| $ | 4,216 |
|
| $ | 3,084 |
|
| $ | 7,402 |
|
| $ | 3,309 |
|
| $ | 13,577 |
|
| $ | 15,186 |
|
Net (gain) loss from fair value adjustments |
| (974 | ) |
|
| (57 | ) |
|
| 834 |
|
|
| (906 | ) |
|
| 1,246 |
|
|
| (197 | ) |
|
| (1,667 | ) |
Life insurance proceeds |
| (1 | ) |
|
| - |
|
|
| - |
|
|
| (697 | ) |
|
| (23 | ) |
|
| (1 | ) |
|
| (584 | ) |
Core Noninterest income | $ | 5,302 |
|
| $ | 4,159 |
|
| $ | 3,918 |
|
| $ | 5,799 |
|
| $ | 4,532 |
|
| $ | 13,379 |
|
| $ | 12,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Noninterest expense | $ | 38,696 |
|
| $ | 39,047 |
|
| $ | 39,892 |
|
| $ | 40,735 |
|
| $ | 36,388 |
|
| $ | 117,635 |
|
| $ | 110,654 |
|
Net amortization of purchase accounting adjustments |
| (93 | ) |
|
| (97 | ) |
|
| (102 | ) |
|
| (106 | ) |
|
| (110 | ) |
|
| (292 | ) |
|
| (341 | ) |
Miscellaneous expense |
| (10 | ) |
|
| (494 | ) |
|
| - |
|
|
| (526 | ) |
|
| - |
|
|
| (504 | ) |
|
| - |
|
Core Noninterest expense | $ | 38,593 |
|
| $ | 38,456 |
|
| $ | 39,790 |
|
| $ | 40,103 |
|
| $ | 36,278 |
|
| $ | 116,839 |
|
| $ | 110,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income | $ | 45,603 |
|
| $ | 42,776 |
|
| $ | 42,397 |
|
| $ | 46,085 |
|
| $ | 44,427 |
|
| $ | 130,776 |
|
| $ | 133,067 |
|
Noninterest income |
| 6,277 |
|
|
| 4,216 |
|
|
| 3,084 |
|
|
| 7,402 |
|
|
| 3,309 |
|
|
| 13,577 |
|
|
| 15,186 |
|
Noninterest expense |
| (38,696 | ) |
|
| (39,047 | ) |
|
| (39,892 | ) |
|
| (40,735 | ) |
|
| (36,388 | ) |
|
| (117,635 | ) |
|
| (110,654 | ) |
Pre-provision pre-tax net revenue | $ | 13,184 |
|
| $ | 7,945 |
|
| $ | 5,589 |
|
| $ | 12,752 |
|
| $ | 11,348 |
|
| $ | 26,718 |
|
| $ | 37,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income | $ | 44,894 |
|
| $ | 42,417 |
|
| $ | 42,313 |
|
| $ | 46,496 |
|
| $ | 42,732 |
|
| $ | 129,624 |
|
| $ | 130,831 |
|
Noninterest income |
| 5,302 |
|
|
| 4,159 |
|
|
| 3,918 |
|
|
| 5,799 |
|
|
| 4,532 |
|
|
| 13,379 |
|
|
| 12,935 |
|
Noninterest expense |
| (38,593 | ) |
|
| (38,456 | ) |
|
| (39,790 | ) |
|
| (40,103 | ) |
|
| (36,278 | ) |
|
| (116,839 | ) |
|
| (110,313 | ) |
Pre-provision pre-tax net revenue | $ | 11,603 |
|
| $ | 8,120 |
|
| $ | 6,441 |
|
| $ | 12,192 |
|
| $ | 10,986 |
|
| $ | 26,164 |
|
| $ | 33,453 |
|
Efficiency Ratio |
| 77.2 | % |
|
| 82.6 | % |
|
| 86.1 | % |
|
| 76.7 | % |
|
| 76.8 | % |
|
| 81.8 | % |
|
| 76.7 | % |
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 nine months ended |
| |||||||||||||||||||||||
September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
|
| September 30, |
|
| September 30, |
| ||||||||
(Dollars in thousands) | 2024 |
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||||
GAAP net interest income | $ | 45,603 |
|
| $ | 42,776 |
|
| $ | 42,397 |
|
| $ | 46,085 |
|
| $ | 44,427 |
|
| $ | 130,776 |
|
| $ | 133,067 |
|
Net (gain) loss from fair value adjustments on qualifying hedges |
| (554 | ) |
|
| (177 | ) |
|
| 187 |
|
|
| 872 |
|
|
| (1,348 | ) |
|
| (544 | ) |
|
| (1,243 | ) |
Net amortization of purchase accounting adjustments |
| (155 | ) |
|
| (182 | ) |
|
| (271 | ) |
|
| (461 | ) |
|
| (347 | ) |
|
| (608 | ) |
|
| (993 | ) |
Tax equivalent adjustment |
| 100 |
|
|
| 98 |
|
|
| 100 |
|
|
| 101 |
|
|
| 102 |
|
|
| 298 |
|
|
| 303 |
|
Core net interest income FTE | $ | 44,994 |
|
| $ | 42,515 |
|
| $ | 42,413 |
|
| $ | 46,597 |
|
| $ | 42,834 |
|
| $ | 129,922 |
|
| $ | 131,134 |
|
Prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, and customer swap terminations fees |
| (1,647 | ) |
|
| (369 | ) |
|
| (928 | ) |
|
| (3,416 | ) |
|
| (857 | ) |
|
| (2,944 | ) |
|
| (1,852 | ) |
Net interest income FTE excluding episodic items | $ | 43,347 |
|
| $ | 42,146 |
|
| $ | 41,485 |
|
| $ | 43,181 |
|
| $ | 41,977 |
|
| $ | 126,978 |
|
| $ | 129,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average interest-earning assets (1) | $ | 8,712,443 |
|
| $ | 8,358,006 |
|
| $ | 8,238,395 |
|
| $ | 8,080,550 |
|
| $ | 8,027,201 |
|
| $ | 8,437,288 |
|
| $ | 8,010,154 |
|
Core net interest margin FTE |
| 2.07 | % |
|
| 2.03 | % |
|
| 2.06 | % |
|
| 2.31 | % |
|
| 2.13 | % |
|
| 2.05 | % |
|
| 2.18 | % |
Net interest margin FTE excluding episodic items |
| 1.99 | % |
|
| 2.02 | % |
|
| 2.01 | % |
|
| 2.14 | % |
|
| 2.09 | % |
|
| 2.01 | % |
|
| 2.15 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest income on total loans, net | $ | 95,780 |
|
| $ | 92,728 |
|
| $ | 92,959 |
|
| $ | 95,616 |
|
| $ | 91,466 |
|
| $ | 281,467 |
|
| $ | 259,732 |
|
Net (gain) loss from fair value adjustments on qualifying hedges - loans |
| (364 | ) |
|
| (137 | ) |
|
| 123 |
|
|
| 978 |
|
|
| (1,379 | ) |
|
| (378 | ) |
|
| (1,323 | ) |
Net amortization of purchase accounting adjustments |
| (168 | ) |
|
| (198 | ) |
|
| (295 | ) |
|
| (484 | ) |
|
| (358 | ) |
|
| (661 | ) |
|
| (1,019 | ) |
Core interest income on total loans, net | $ | 95,248 |
|
| $ | 92,393 |
|
| $ | 92,787 |
|
| $ | 96,110 |
|
| $ | 89,729 |
|
| $ | 280,428 |
|
| $ | 257,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total loans, net (1) | $ | 6,740,579 |
|
| $ | 6,751,715 |
|
| $ | 6,807,944 |
|
| $ | 6,872,115 |
|
| $ | 6,817,642 |
|
| $ | 6,766,650 |
|
| $ | 6,842,712 |
|
Core yield on total loans |
| 5.65 | % |
|
| 5.47 | % |
|
| 5.45 | % |
|
| 5.59 | % |
|
| 5.26 | % |
|
| 5.53 | % |
|
| 5.02 | % |
(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)
(Dollars in thousands) | September 30, |
|
| June 30, |
|
| March 31, |
|
| December 31, |
|
| September 30, |
| |||||
Total Equity | $ | 666,891 |
|
| $ | 665,322 |
|
| $ | 669,827 |
|
| $ | 669,837 |
|
| $ | 666,521 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
| (17,636 | ) |
|
| (17,636 | ) |
|
| (17,636 | ) |
|
| (17,636 | ) |
|
| (17,636 | ) |
Core deposit intangibles |
| (1,220 | ) |
|
| (1,322 | ) |
|
| (1,428 | ) |
|
| (1,537 | ) |
|
| (1,651 | ) |
Tangible Stockholders' Common Equity | $ | 648,035 |
|
| $ | 646,364 |
|
| $ | 650,763 |
|
| $ | 650,664 |
|
| $ | 647,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets | $ | 9,280,886 |
|
| $ | 9,097,240 |
|
| $ | 8,807,325 |
|
| $ | 8,537,236 |
|
| $ | 8,579,375 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
| (17,636 | ) |
|
| (17,636 | ) |
|
| (17,636 | ) |
|
| (17,636 | ) |
|
| (17,636 | ) |
Core deposit intangibles |
| (1,220 | ) |
|
| (1,322 | ) |
|
| (1,428 | ) |
|
| (1,537 | ) |
|
| (1,651 | ) |
Tangible Assets | $ | 9,262,030 |
|
| $ | 9,078,282 |
|
| $ | 8,788,261 |
|
| $ | 8,518,063 |
|
| $ | 8,560,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders' Common Equity to Tangible Assets |
| 7.00 | % |
|
| 7.12 | % |
|
| 7.40 | % |
|
| 7.64 | % |
|
| 7.56 | % |
SOURCE: Flushing Financial Corporation
View the original press release on accesswire.com
