Financial Data and Key Metrics Changes - The company recorded GAAP earnings per share of $0.30 and core earnings of $0.26, marking the best quarter in the past seven [5] - Net interest income increased by 6.6% quarter-over-quarter, with the net interest margin (NIM) increasing by five basis points [5][13] - The cost of deposits increased by 17 basis points in the quarter, but it is believed to have peaked in July [12][13] Business Line Data and Key Metrics Changes - The net interest margin compressed in July but expanded month-over-month in both August and September [6] - Non-performing assets to total assets stood at 59 basis points, with a low level of criticized classified loans at 100 basis points [6][9] - The average loan-to-value in the real estate portfolio is less than 36%, indicating a well-collateralized loan portfolio [6] Market Data and Key Metrics Changes - Average deposits increased by 9% year-over-year and 4% quarter-over-quarter [12] - The Asian markets account for about a third of the branches, with approximately $1.3 billion of deposits and $744 million of loans [17] - The company holds a 3% market share in a $40 billion market, indicating substantial room for growth [17] Company Strategy and Development Direction - The company aims to increase the net interest margin and reduce volatility, maintain credit discipline, preserve strong liquidity and capital, and bend the expense curve [5][6][20] - The strategic decision to invest in the business includes adding personnel and branches to improve long-term profitability [20] - The company is focused on community involvement to strengthen ties with the customer base, which is seen as a key part of the strategy [18] Management's Comments on Operating Environment and Future Outlook - The operating environment is improving but remains challenging, with expectations for the net interest margin to improve over time as the yield curve flattens [4][19] - Management is optimistic about the long-term outlook and believes that beneficial items from the quarter are not expected to repeat [6][20] - The company expects stable loan balances and a continued emphasis on improving the funding mix [19] Other Important Information - The company sold approximately $50 million in investment securities at the end of the quarter [20] - The effective tax rate for 2024 is expected to be in the mid-20s [20] - The company has a low risk balance sheet with years of conservative underwriting, resulting in favorable credit losses and non-performing assets compared to the industry [12] Q&A Session Summary Question: Inquiry about the $50 million securities sold - The securities sold were adjustable rate CLOs with minimal gain as loan growth increased [22] Question: Clarification on the margin improvement since July - The September margin was reported at 228 basis points, but excluding a large recovery, it would have been 210 basis points [23] Question: Charge-off details for the quarter - The charge-off was related to a C&I loan that had been fully reserved in prior quarters [24] Question: Future margin expectations with potential Fed cuts - The company anticipates that a positively sloped yield curve could increase net interest income significantly over the next two years [25] Question: Target for return on tangible common equity (ROTCE) - The company aims for a target ROTCE of 10%, which would require a margin of approximately 270 basis points [29] Question: Update on office non-performing loans - The non-performing loan has a low loan-to-value ratio and is expected to be resolved with no loss [34] Question: Outlook for multifamily loans and upcoming maturities - The company is actively managing potential delinquencies and is confident in the performance of its multifamily loans [38] Question: Sensitivity of near-term NIM guidance to Fed cuts - The company indicated that various factors, including competitive pressures, would influence NIM guidance [40]

For the quarter ended September 2024, Flushing Financial (FFIC) reported revenue of $51.88 million, up 8.3% over the same period last year. EPS came in at $0.26, compared to $0.31 in the year-ago quarter.The reported revenue represents a surprise of +9.34% over the Zacks Consensus Estimate of $47.45 million. With the consensus EPS estimate being $0.18, the EPS surprise was +44.44%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...

Flushing Financial (FFIC) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 44.44%. A quarter ago, it was expected that this holding company for Flushing Bank would post earnings of $0.18 per share when it actually produced earnings of $0.18, delivering no surprise.Over the last four qu ...

Flushing Financial (FFIC) reported $46.99 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 3.1%. EPS of $0.18 for the same period compares to $0.26 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $46.96 million, representing a surprise of +0.08%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.18. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...

Flushing Financial (FFIC) came out with quarterly earnings of $0.18 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this holding company for Flushing Bank would post earnings of $0.15 per share when it actually produced earnings of $0.14, delivering a surprise of -6.67%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. ...

Exhibit 99.1 "Our long-term success is derived from executing against the four focus areas we outlined in 2023. For the quarter, GAAP and Core NIM declined 1 and 3 bps, respectively. As loan originations were less than paydowns, we purchased adjustable-rate securities, which led to net interest income increasing 0.9% QoQ. We anticipate the loan pipeline, which increased approximately 88% QoQ, will help to stabilize NIM, which is our first area of focus. Our second area of focus is credit quality, which rema ...

The earnings are definitely under pressure On top of that, the bank recorded a $0.8M loss related to the fair value adjustments of certain items, which wasn't very helpful either as FFIC was able to record a $2.6M gain in that segment in Q1 2023. All these elements combined resulted in a decrease of the non-interest income to just $3.1M, while the non-interest expenses increased by almost 2% to $39.9M. The silver lining is the substantial decrease of the loan loss provisions. As the income statement (shown ...

0 i 1 Margin Likely to Stabilize Going forward, I'm expecting the deposit migration to pause because I'm anticipating interest rate cuts, which will reduce the attractiveness of interest-bearing accounts relative to non-interest-bearing accounts. As a result, I'm expecting the pressure on the margin to wane. Holding the balance sheet constant, the anticipated interest rate cuts will have a negligible direct impact on the margin. This is because of the characteristics of loans and deposits, which make the ba ...

Investors in Flushing Financial Corporation (FFIC) need to pay close attention to the stock based on moves in the options market lately. That is because the Jul 19, 2024 $185.00 Call had some of the highest implied volatility of all equity options today. Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Commission file number 001-33013 FLUSHING FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 11-3209278 (I.R.S. Employer Identification No.) 220 RXR Plaza, Uniondale, New York 1155 ...