Flushing Financial (US:FFIC)2025-05-07 18:09Financial Performance - For the three months ended March 31, 2025, the company reported a net loss of $9.796 million compared to a net income of $3.684 million for the same period in 2024[10]. - The company’s comprehensive net income (loss) for the period was $(14.234) million, compared to $6.519 million in the prior year[13]. - The Company reported net income of $0.5 million for the three months ended March 31, 2025, compared to $1.0 million for the same period in 2024, reflecting a decrease of 50%[86]. - Income (loss) before income taxes was ($5.9) million for the three months ended March 31, 2025, a decrease of $10.9 million, or 218.7%, from $5.0 million for the same period in 2024[175]. - Diluted earnings per share for the three months ended March 31, 2025, were $(0.29), a decrease of $0.41, or 341.7%, from $0.12 for the same period in 2024[167]. Income and Expenses - Total interest and dividend income increased to $116.536 million, up from $109.499 million year-over-year, reflecting a growth of approximately 6.3%[10]. - Net interest income after provision for credit losses was $48.671 million, compared to $41.805 million in the prior year, representing an increase of about 16.5%[10]. - Non-interest expense rose to $59.676 million, up from $39.892 million, marking an increase of approximately 49.7% year-over-year[10]. - The total provision for income taxes was $3.865 million, compared to $1.313 million in the previous year, indicating an increase of approximately 194%[10]. - Non-interest income increased to $5.074 million from $3.084 million, reflecting a growth of approximately 64.6% year-over-year[10]. Asset and Liability Management - Cash and cash equivalents at the end of the period totaled $271.912 million, an increase from $210.723 million at the end of the same period last year[20]. - The company experienced a net increase in interest-bearing deposits of $475.194 million, compared to an increase of $437.530 million in the previous year[20]. - Total interest-earning assets increased to $8.47 billion for the three months ended March 31, 2025, compared to $8.24 billion for the same period in 2024[206]. - Total interest-bearing liabilities amounted to $7.26 billion as of March 31, 2025, with a total interest expense of $63.5 million[206]. - The ratio of interest-earning assets to interest-bearing liabilities remained stable at 1.17x for both periods[206]. Credit Quality and Loan Performance - The total loans outstanding as of March 31, 2025, amounted to $6.742 billion[58]. - The total amount of non-accrual loans at amortized cost was $58.352 million as of March 31, 2025[54]. - The company had a total of $40.163 million in modified loans for borrowers experiencing financial difficulty as of March 31, 2025[51]. - The total amount of loans across all categories was $6,742,067 thousand, highlighting the company's extensive loan portfolio[63]. - The allowance for credit losses to gross loans stood at 0.59% at March 31, 2025, with non-performing assets at 0.71% of total assets[163]. Securities and Investments - As of March 31, 2025, the total amortized cost of held-to-maturity securities is $51,509,000, with a fair value of $44,670,000, reflecting a gross unrealized loss of $6,839,000[30]. - The total amortized cost of available-for-sale securities is $1,454,886,000, with a fair value of $1,450,144,000, resulting in a gross unrealized loss of $4,742,000[34]. - The company did not sell any securities during the three months ended March 31, 2025, and 2024, maintaining a stable portfolio[43]. - The company believes that unrealized losses on available-for-sale securities are not credit-related and no allowance for credit loss was recorded[37]. - The allowance for credit losses for available-for-sale securities remains unchanged at $2,627,000 as of March 31, 2025[42]. Capital and Regulatory Compliance - The total risk-based capital level is $896,836 thousand, representing 13.35% of assets as of March 31, 2025, compared to 13.11% at December 31, 2024[141]. - The Company’s Tier I (leverage) capital is $856,082 thousand, which is 9.56% of assets as of March 31, 2025, an increase from 9.31% at December 31, 2024[141]. - The Company continues to exceed all regulatory capital requirements, maintaining a Common Equity Tier I risk-based capital of 12.74% as of March 31, 2025[143]. - The cumulative amount of basis adjustments for the portfolio layer method at March 31, 2025, is $0.2 million, down from $2.0 million at December 31, 2024[132]. - The Company maintained portfolio layer hedges on a closed portfolio of loans with a notional amount of $600.0 million as of March 31, 2025, up from $500.0 million at December 31, 2024[123].