NIM Expansion and Average Deposit Growth. The Company reported first quarter 2025 GAAP Loss Per Share of $(0.29) and Core EPS of $0.23. The primary difference between GAAP and Core earnings was the goodwill impairment charge. Significantly, NIM expanded 12 bps on a GAAP basis QoQ to 2.51% and 24 bps on a Core basis to 2.49%. The NIM expansion was driven by the cost of funds declining 22 bps to 3.13%, partially offset by a 9 bps decline in the yield on interest earning assets to 5.51%. Average loans decreased 1.9% YoY and 1.6% QoQ, due to pricing and quality standards. Average deposits increased 6.8% YoY and 1.5% QoQ. Period end noninterest bearing deposits increased 5.9% YoY and 3.2% QoQ.
Credit Metrics Remain Manageable and Capital Stable QoQ. NPAs to assets were 71 bps compared to 57 bps the prior quarter. The increase primarily related to one previously identified multifamily relationship. Criticized and classified loans totaled 133 bps of gross loans compared to 107 bps in the prior quarter. The increase primarily relates to one office credit, which lost its primary tenant. Net charge-offs to average loans were 27 bps in 1Q25 compared to 28 bps in 4Q24 and primarily related to three commercial business relationships, which had reserves previously allocated. TCE/TA was 7.79% at March 31, 2025, compared to 7.82% at December 31, 2024.
Key Financial Metrics 2
1Q25
4Q24
3Q24
2Q24
1Q24
GAAP:
(Loss) Earnings per Share
$
(0.29
)
$
(1.64
)
$
0.30
$
0.18
$
0.12
ROAA (%)
(0.43
)
(2.17
)
0.39
0.24
0.17
ROAE (%)
(5.36
)
(29.24
)
5.30
3.19
2.20
NIM FTE 3 (%)
2.51
2.39
2.10
2.05
2.06
Core:
EPS
$
0.23
$
0.14
$
0.26
$
0.18
$
0.14
ROAA (%)
0.35
0.19
0.34
0.25
0.20
ROAE (%)
4.34
2.54
4.59
3.27
2.58
Core NIM FTE (%)
2.49
2.25
2.07
2.03
2.06
Credit Quality:
NPAs/Loans & OREO (%)
0.95
0.76
0.81
0.82
0.68
ACLs/Loans (%)
0.59
0.60
0.59
0.61
0.60
ACLs/NPLs (%)
86.54
120.51
117.75
120.58
164.13
NCOs/Avg Loans (%)
0.27
0.28
0.18
(0.01
)
-
Balance Sheet:
Avg Loans ($B)
$
6.7
$
6.8
$
6.7
$
6.7
$
6.8
Avg Dep ($B)
$
7.6
$
7.4
$
7.5
$
7.2
$
7.1
Book Value/Share
$
20.81
$
21.53
$
22.94
$
22.89
$
23.04
Tangible BV/Share
$
20.78
$
20.97
$
22.29
$
22.24
$
22.39
TCE/TA (%)
7.79
7.82
7.00
7.12
7.40
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 (Loss) 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").
1Q25 Highlights
Net interest margin FTE increased 45 bps YoY and 12 bps QoQ to 2.51%; Core net interest margin FTE increased 43 bps YoY and 24 bps QoQ to 2.49%; Prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, swap termination fees, net gains and losses from fair value adjustments on hedges, and purchase accounting accretion totaled 3 bps in 1Q25 compared to 5 bps in 1Q24 and 17 bps in 4Q24
Average total deposits increased 6.8% YoY and 1.5% QoQ to $7.6 billion; Average noninterest bearing deposits increased 2.5% YoY, but decreased 1.7% QoQ and totaled 11.3% of total average deposits compared to 11.8% in 1Q24 and 11.7% in 4Q24; Average CDs were $2.6 billion, up 7.9% YoY, but down 3.2% QoQ
Period end net loans decreased 1.2% YoY and 0.1% QoQ to $6.7 billion; Loan closings were $174.1 million, up 33.9% YoY, but down 22.7% QoQ; Back-to-back swap loan originations were $18.0 million compared to $58.5 million in 4Q24 and generated $0.3 million and $0.9 million of noninterest income, respectively; Loan pipeline increased 21.5% YoY and 6.3% QoQ to $211.4 million; Approximately 22% of the loan pipeline consists of back-to-back swap loans
NPAs totaled $64.3 million (71 bps of assets) in 1Q25 compared to $46.3 million (53 bps) a year ago and $51.3 million (57 bps) in the prior quarter; the QoQ increase primarily related to a previously identified multifamily relationship
Provision for credit losses was $4.3 million in 1Q25 compared to $0.6 million in 1Q24 and $6.4 million in 4Q24; Net charge-offs were $4.4 million in 1Q25 compared to $4,000 in 1Q24 and $4.7 million in 4Q24; Net charge-offs for 1Q25 were primarily related to three commercial business relationships, which had reserves previously allocated
The Company had goodwill on its balance sheet primarily emanating from acquisitions completed over 20 years ago; Due to the declining stock price in the first quarter, the Company experienced a triggering event as defined by US GAAP; Consequently, a valuation of the goodwill was performed resulting in a non-cash, non-tax deductible impairment of $17.6 million ($0.51 per share); After this impairment, the Company has no goodwill remaining; This impairment had no impact on regulatory capital
Tangible Common Equity to Tangible Assets was 7.79% at March 31, 2025, compared to 7.40% at March 31, 2024, and 7.82% at December 31, 2024; Tangible book value per share was $20.78 at March 31, 2025, compared to $22.39 a year ago and $20.97 for the prior quarter
Areas of Focus
Improve Profitability
GAAP and Core NIM expanded 12 bps and 24 bps QoQ to 2.51% and 2.49%, respectively
GAAP ROAA and ROAE increased 174 bps and 2,388 bps QoQ; Core ROAA and ROAE improved 16 bps and 180 bps QoQ
Tangible book value per share decreased 0.9% QoQ to $20.78 at March 31, 2025
Maintain Credit Discipline
Approximately 90% of the loan portfolio is collateralized by real estate with an average loan to value of less than 35%
Weighted average debt service coverage ratio is approximately 1.9x for multifamily and investor commercial real estate loans
Criticized and classified loans are 133 bps of gross loans compared to 87 bps a year ago and 107 bps for the prior quarter
Manhattan office buildings exposure is minimal at 0.5% of gross loans
Preserve Strong Liquidity and Capital
Maintaining ample liquidity with $4.0 billion of undrawn lines and resources as of March 31, 2025
Uninsured and uncollateralized deposits were 16% of total deposits, while uninsured deposits were
35% of total deposits
Total average deposits increased by 6.8% YoY and 1.5% QoQ
Tangible Common Equity to Tangible Assets was 7.79% at March 31, 2025, up 39 bps YoY, but down 3 bps QoQ
1 See Reconciliation of GAAP (Loss) Earnings and Core Earnings
Net interest income increased YoY and QoQ.
Net Interest Margin FTE of 2.51% increased 45 bps YoY and 12 bps QoQ; The cost of funds declined 22 bps QoQ partially offset by a 9 bp decrease in the yield on interest earning assets
Prepayment penalty income, swap termination fees, net reversals and recoveries of interest from nonaccrual and delinquent loans, net gains and losses from fair value adjustments on hedges, and purchase accounting accretion totaled $0.6 million (3 bps to NIM) in 1Q25 compared to $3.8 million (17 bps to NIM) in 4Q24, $2.4 million (11 bps to NIM) in 3Q24, $0.7 million (3 bps to NIM) in 2Q24, and $1.0 million (5 bps to NIM) in 1Q24
Excluding the items in the previous bullet, the net interest margin was 2.48% in 1Q25 compared to 2.22% in 4Q24, 1.99% in 3Q24, 2.02% in 2Q24, and 2.01% in 1Q24
The provision for credit losses increased YoY but declined QoQ.
Net charge-offs (recoveries) were $4.4 million (27 bps of average loans) in 1Q25 compared to $4.7 million (28 bps of average loans) in 4Q24, $3.0 million (18 bps of average loans) in 3Q24, $(92,000) ((1) bp of average loans) in 2Q24, and $4,000 (less than 1 bp of average loans) in 1Q24; Net charge-offs in 1Q25 were primarily related to three commercial business relationships, which had reserves previously allocated
Noninterest income increased YoY and QoQ.
Back-to-back swap loan closings of $18.0 million in 1Q25 (compared to $15.3 million in 1Q24 and $58.5 million in 4Q24) generated $0.3 million of noninterest income (compared to $0.2 million in 1Q24 and $0.9 million in 4Q24)
Net gains (losses) from fair value adjustments were $(0.2) million (less than $0.01 per share, net of tax) in 1Q25, $(1.1) million ($(0.03) per share, net of tax) in 4Q24, $1.0 million ($0.03 per share, net of tax) in 3Q24, $0.1 million (less than $0.01 per share, net of tax) in 2Q24, and $(0.8) million ($(0.02) per share, net of tax) in 1Q24
There were no gains on life insurance proceeds in 1Q25 compared to $0.3 million (about $0.01 per share) in 4Q24 and $1,000 (less than $0.01 per share) in 3Q24
The Company sold $36.8 million of loans held for sale during 1Q25 and incurred an additional interest rate mark of $0.2 million due to the change in the loan pool from December 31, 2024; the 4Q24 balance sheet restructuring incurred a pre-tax loss of $76.4 million from the sale of investment securities and the transfer of loans to held for sale
Absent the items in the previous three bullets and other immaterial adjustments, core noninterest income was $5.4 million in 1Q25, up 38.3% YoY but down 9.4% QoQ
Noninterest expense increased YoY and QoQ.
Seasonal compensational expense was $1.6 million both in 1Q25 and 1Q24; 1Q25 seasonal compensational expenses were largely offset by expense reductions and other adjustments that are not expected to recur in 2Q25
The Company recorded a non-recurring, non-cash goodwill impairment charge of approximately $17.6 million ($0.51 per share) in 1Q25 and a $2.6 million non-recurring pre-payment penalty from the prepayment of FHLB advances ($0.06 per share, net of tax) in 4Q24
Excluding the effects of the prior bullet and other immaterial adjustments, core noninterest expenses were $42.0 million in 1Q25, up 5.4% YoY but down 1.9% QoQ
Provision (benefit) for income taxes was $3.9 million in 1Q25 compared to $1.3 million in 1Q24 and $(22.6) million in 4Q24.
The effective tax rate was (65.2)% in 1Q25, 31.5% in 4Q24, 22.3% in 3Q24, 25.4% in 2Q24, and 26.3% in 1Q24
The effective tax rate in 1Q25 was primarily related to the non-tax deductible goodwill impairment; 4Q24 was impacted by the increased benefit of permanent differences relative to pre-tax income (loss); 3Q24 includes approximately $0.5 million of discrete tax benefits
Balance Sheet, Credit Quality, and Capital Highlights
1Q25
4Q24
3Q24
2Q24
1Q24
YoY Change
QoQ Change
Averages ($MM)
Loans
$
6,672
$
$6,780
$
6,737
$
6,748
$
6,804
(1.9
)%
(1.6
)%
Total Deposits
7,561
7,450
7,464
7,196
7,081
6.8
1.5
Credit Quality ($000s)
Nonperforming Loans
$
46,263
$
$33,318
$
34,261
$
34,540
$
24,829
86.3
%
38.9
%
Nonperforming Assets
64,263
51,318
54,888
55,832
46,254
38.9
25.2
Criticized and Classified Loans
89,673
72,207
68,338
76,485
59,021
51.9
24.2
Criticized and Classified Assets
107,673
90,207
88,965
97,777
80,446
33.8
19.4
Allowance for Credit Losses/Loans (%)
0.59
0.60
0.59
0.61
0.60
(1
)bp
(1
)bp
Capital
Book Value/Share
$
20.81
$
$21.53
$
22.94
$
22.89
$
23.04
(9.7
)%
(3.3
)%
Tangible Book Value/Share
20.78
20.97
22.29
22.24
22.39
(7.2
)
(0.9
)
Tang. Common Equity/Tang. Assets (%)
7.79
7.82
7.00
7.12
7.40
39
bps
(3
)bps
Leverage Ratio (%)
8.12
8.04
7.91
8.18
8.32
(20
)
8
Average loans decreased YoY and QoQ.
Period end net loans totaled $6.7 billion, down 1.2% YoY and 0.1% QoQ
Total loan closings were $174.1 million in 1Q25, $225.2 million in 4Q24, $217.1 million in 3Q24, $126.0 million in 2Q24, and $130.0 million in 1Q24; the loan pipeline was $211.4 million at March 31, 2025, up 21.5% YoY and 6.3% QoQ
The diversified loan portfolio is approximately 90% collateralized by real estate with an average loan-to-value ratio of <35%
Average total deposits increased YoY and QoQ.
Average noninterest bearing deposits increased 2.5% YoY, but decreased 1.7% QoQ and comprised 11.3% of average total deposits in 1Q25 compared to 11.8% a year ago
Average CDs totaled $2.6 billion, up 7.9% YoY, but down 3.2% QoQ; approximately $601.9 million of retail CDs are due to mature at an average rate of 4.16% in 2Q25
Credit Quality: Nonperforming loans increased YoY and QoQ.
Nonperforming loans were 69 bps of loans in 1Q25 compared to 36 bps in 1Q24 and 49 bps in 4Q24; the NPL increase in 1Q25 primarily relates to a multifamily lending relationship
Criticized and classified loans were 133 bps of gross loans at 1Q25 compared to 107 bps at 4Q24, 100 bps at 3Q24, 113 bps at 2Q24, and 87 bps at 1Q24; the increase in 1Q25 primarily related to one office credit which lost its primary tenant
Capital: Book value per common share and tangible book value per common share, a non-GAAP measure, decreased 9.7% and 7.2% YoY to $20.81 and $20.78, respectively.
The Company paid a dividend of $0.22 per share in 1Q25; 807,964 shares remaining subject to repurchase under the authorized stock repurchase program, which has no expiration date or maximum dollar limit
Tangible common equity to tangible assets was 7.79% at March 31, 2025, compared to 7.40% at March 31, 2024, and 7.82% at December 31, 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 Wednesday, April 30, 2025, at 9:30 AM (ET) to discuss the Company's first quarter results and strategy.
Dial-in for Live Call: 1-877-509-5836; Canada 855-669-9657
Dial-in for Replay: 1-877-344-7529; Canada 855-669-9658
Replay Access Code: 6535774
The conference call will be simultaneously webcast and archived
Second Quarter 2025 Earnings Release Date:
The Company plans to release Second Quarter 2025 financial results after the market close on July 24, 2025, followed by a conference call at 11:00 AM (ET) on July 25, 2025.
A detailed announcement will be issued prior to the second quarter's close confirming the date and the time of the 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, 2024 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
March 31,
December 31,
September 30,
June 30,
March 31,
(Dollars in thousands, except per share data)
2025
2024
2024
2024
2024
Performance Ratios (1)
Return on average assets
(0.43
)%
(2.17
)%
0.39
%
0.24
%
0.17
%
Return on average equity
(5.36
)
(29.24
)
5.30
3.19
2.20
Yield on average interest-earning assets (2)
5.51
5.60
5.63
5.43
5.32
Cost of average interest-bearing liabilities
3.50
3.75
4.10
3.95
3.83
Cost of funds
3.13
3.35
3.69
3.54
3.42
Net interest rate spread during period (2)
2.01
1.85
1.53
1.48
1.49
Net interest margin (2)
2.51
2.39
2.10
2.05
2.06
Noninterest expense to average assets
2.65
2.01
1.68
1.77
1.83
Efficiency ratio (3)
72.21
79.01
77.20
82.57
86.07
Average interest-earning assets to average interest-bearing liabilities
1.17
X
1.17
X
1.16
X
1.17
X
1.17
X
Average Balances
Total loans, net
$
6,671,922
$
6,780,268
$
6,737,261
$
6,748,140
$
6,804,117
Total interest-earning assets
8,468,913
8,587,482
8,709,671
8,354,994
8,235,160
Total assets
9,015,880
9,071,879
9,203,884
8,830,665
8,707,505
Total deposits
7,560,956
7,449,504
7,463,783
7,195,940
7,081,498
Total interest-bearing liabilities
7,261,100
7,339,707
7,504,517
7,140,068
7,014,927
Stockholders' equity
731,592
673,588
672,762
667,557
669,185
Per Share Data
Book value per common share (4)
$
20.81
$
21.53
$
22.94
$
22.89
$
23.04
Tangible book value per common share (5)
$
20.78
$
20.97
$
22.29
$
22.24
$
22.39
Stockholders' Equity
Stockholders' equity
$
702,851
$
724,539
$
666,891
$
665,322
$
669,827
Tangible stockholders' equity
701,822
705,780
648,035
646,364
650,763
Consolidated Regulatory Capital Ratios
Tier 1 capital
$
730,950
$
731,958
$
735,984
$
733,308
$
734,192
Common equity Tier 1 capital
683,670
685,004
689,902
686,630
687,458
Total risk-based capital
961,704
962,272
967,242
965,819
965,796
Risk Weighted Assets
6,719,291
6,762,048
6,790,253
6,718,568
6,664,496
Tier 1 leverage capital (well capitalized = 5%)
8.12
%
8.04
%
7.91
%
8.18
%
8.32
%
Common equity Tier 1 risk-based capital (well capitalized = 6.5%)
10.17
10.13
10.16
10.22
10.32
Tier 1 risk-based capital (well capitalized = 8.0%)
10.88
10.82
10.84
10.91
11.02
Total risk-based capital (well capitalized = 10.0%)
14.31
14.23
14.24
14.38
14.49
Capital Ratios
Average equity to average assets
8.11
%
7.43
%
7.31
%
7.56
%
7.69
%
Equity to total assets
7.80
8.02
7.19
7.31
7.61
Tangible common equity to tangible assets (6)
7.79
7.82
7.00
7.12
7.40
Asset Quality
Nonaccrual loans
$
46,263
$
33,318
$
34,261
$
34,540
$
24,829
Nonperforming loans
46,263
33,318
34,261
34,540
24,829
Nonperforming assets
64,263
51,318
54,888
55,832
46,254
Net charge-offs (recoveries)
4,427
4,736
3,036
(92
)
4
Asset Quality Ratios
Nonperforming loans to gross loans
0.69
%
0.49
%
0.50
%
0.51
%
0.36
%
Nonperforming assets to total assets
0.71
0.57
0.59
0.61
0.53
Allowance for credit losses to gross loans
0.59
0.60
0.59
0.61
0.60
Allowance for credit losses to nonperforming assets
62.30
78.24
73.50
74.60
88.10
Allowance for credit losses to nonperforming loans
86.54
120.51
117.75
120.58
164.13
Net charge-offs (recoveries) to average loans
0.27
0.28
0.18
(0.01
)
-
Full-service customer facilities
28
28
28
27
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 (LOSS) INCOME (Unaudited)
For the three months ended
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands, except per share data)
2025
2024
2024
2024
2024
Interest and Dividend Income
Interest and fees on loans
$
93,032
$
94,111
$
95,780
$
92,728
$
92,959
Interest and dividends on securities:
Interest
21,413
24,111
24,215
18,209
12,541
Dividends
28
31
33
33
33
Other interest income
2,063
1,787
2,565
2,260
3,966
Total interest and dividend income
116,536
120,040
122,593
113,230
109,499
Interest Expense
Deposits
57,174
59,728
66,150
60,893
57,865
Other interest expense
6,373
9,077
10,840
9,561
9,237
Total interest expense
63,547
68,805
76,990
70,454
67,102
Net Interest Income
52,989
51,235
45,603
42,776
42,397
Provision for credit losses
4,318
6,440
1,727
809
592
Net Interest Income After Provision for Credit Losses
48,671
44,795
43,876
41,967
41,805
Noninterest Income (Loss)
Banking services fee income
1,521
2,180
1,790
1,583
1,394
Net loss on sale of securities
-
(72,315
)
-
-
-
Net gain (loss) on sale of loans
630
(3,836
)
137
26
110
Net gain (loss) from fair value adjustments
(152
)
(1,136
)
974
57
(834
)
Federal Home Loan Bank of New York stock dividends
697
754
624
669
743
Life insurance proceeds
-
284
1
-
-
Bank owned life insurance
1,574
2,322
1,260
1,223
1,200
Other income
804
725
1,491
658
471
Total noninterest income (loss)
5,074
(71,022
)
6,277
4,216
3,084
Noninterest Expense
Salaries and employee benefits
22,896
25,346
22,216
21,723
22,113
Occupancy and equipment
4,092
3,880
3,745
3,713
3,779
Professional services
2,885
2,516
2,752
2,786
2,792
FDIC deposit insurance
1,709
2,005
1,318
1,322
1,652
Data processing
1,868
1,697
1,681
1,785
1,727
Depreciation and amortization
1,373
1,412
1,436
1,425
1,457
Other real estate owned/foreclosure expense
345
276
135
125
145
Gain on sale of other real estate owned
-
-
(174
)
-
-
Prepayment penalty on borrowings
-
2,572
-
-
-
Impairment of goodwill
17,636
-
-
-
-
Other operating expenses
6,872
5,926
5,587
6,168
6,227
Total noninterest expense
59,676
45,630
38,696
39,047
39,892
(Loss) Income Before Provision ( Benefit ) for Income Taxes
Common stock ($0.01 par value; 100,000,000 shares authorized)
387
387
341
341
341
Additional paid-in capital
324,290
326,671
261,274
260,585
260,413
Treasury stock
(98,993
)
(101,655
)
(101,633
)
(101,633
)
(101,641
)
Retained earnings
474,472
492,003
547,708
545,345
546,530
Accumulated other comprehensive loss, net of taxes
2,695
7,133
(40,799
)
(39,316
)
(35,816
)
Total stockholders' equity
702,851
724,539
666,891
665,322
669,827
Total liabilities and stockholders' equity
$
9,008,396
$
9,038,972
$
9,280,886
$
9,097,240
$
8,807,325
(In thousands)
Issued shares
38,678
38,678
34,088
34,088
34,088
Outstanding shares
33,777
33,659
29,069
29,069
29,069
Treasury shares
4,901
5,019
5,019
5,019
5,019
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES AVERAGE BALANCE SHEETS (Unaudited)
For the three months ended
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands)
2025
2024
2024
2024
2024
Interest-earning Assets:
Loans held for sale
$
64,085
$
762
$
-
$
-
$
-
Mortgage loans, net
5,261,261
5,358,490
5,337,170
5,338,614
5,353,606
Commercial Business loans, net
1,410,661
1,421,778
1,400,091
1,409,526
1,450,511
Total loans, net
6,671,922
6,780,268
6,737,261
6,748,140
6,804,117
Taxable securities:
Mortgage-backed securities
895,097
919,587
984,383
691,802
462,934
Other securities, net
585,219
652,755
714,161
663,975
590,204
Total taxable securities
1,480,316
1,572,342
1,698,544
1,355,777
1,053,138
Tax-exempt securities:
Other securities
43,813
64,531
65,070
65,451
65,939
Total taxable and tax-exempt securities
1,524,129
1,636,873
1,763,614
1,421,228
1,119,077
Interest-earning deposits and federal funds sold
208,777
169,579
208,796
185,626
311,966
Total interest-earning assets
8,468,913
8,587,482
8,709,671
8,354,994
8,235,160
Other assets
546,967
484,397
494,213
475,671
472,345
Total assets
$
9,015,880
$
9,071,879
$
9,203,884
$
8,830,665
$
8,707,505
Interest-bearing Liabilities:
Deposits:
Savings accounts
$
98,224
$
99,669
$
102,196
$
103,335
$
106,212
NOW accounts
2,215,683
2,024,600
1,886,387
2,017,085
1,935,250
Money market accounts
1,716,358
1,686,614
1,673,499
1,714,085
1,725,714
Certificate of deposit accounts
2,596,714
2,681,742
2,884,280
2,443,047
2,406,283
Total due to depositors
6,626,979
6,492,625
6,546,362
6,277,552
6,173,459
Mortgagors' escrow accounts
78,655
87,120
71,965
95,532
73,822
Total interest-bearing deposits
6,705,634
6,579,745
6,618,327
6,373,084
6,247,281
Borrowings
555,466
759,962
886,190
766,984
767,646
Total interest-bearing liabilities
7,261,100
7,339,707
7,504,517
7,140,068
7,014,927
Noninterest-bearing demand deposits
855,322
869,759
845,456
822,856
834,217
Other liabilities
167,866
188,825
181,149
200,184
189,176
Total liabilities
8,284,288
8,398,291
8,531,122
8,163,108
8,038,320
Equity
731,592
673,588
672,762
667,557
669,185
Total liabilities and equity
$
9,015,880
$
9,071,879
$
9,203,884
$
8,830,665
$
8,707,505
Net interest-earning assets
$
1,207,813
$
1,247,775
$
1,205,154
$
1,214,926
$
1,220,233
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES NET INTEREST INCOME AND NET INTEREST MARGIN (Unaudited)
For the three months ended
(Dollars in thousands)
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Interest Income:
Loans held for sale
$
664
$
7
$
-
$
-
$
-
Mortgage loans, net
72,391
73,252
74,645
71,968
71,572
Commercial Business loans, net
19,977
20,852
21,135
20,760
21,387
Total loans, net
92,368
94,104
95,780
92,728
92,959
Taxable securities:
Mortgage-backed securities
12,528
13,884
12,443
7,462
3,696
Other securities
8,553
9,887
11,431
10,408
8,504
Total taxable securities
21,081
23,771
23,874
17,870
12,200
Tax-exempt securities:
Other securities
456
469
474
470
474
Total taxable and tax-exempt securities
21,537
24,240
24,348
18,340
12,674
Interest-earning deposits and federal funds sold
2,063
1,787
2,565
2,260
3,966
Total interest-earning assets
116,632
120,138
122,693
113,328
109,599
Interest Expense:
Deposits:
Savings accounts
$
110
$
113
$
122
$
115
$
122
NOW accounts
18,915
18,390
18,795
20,007
18,491
Money market accounts
15,372
15,909
17,485
17,326
17,272
Certificate of deposit accounts
22,710
25,258
29,676
23,383
21,918
Total due to depositors
57,107
59,670
66,078
60,831
57,803
Mortgagors' escrow accounts
67
58
72
62
62
Total interest-bearing deposits
57,174
59,728
66,150
60,893
57,865
Borrowings
6,373
9,077
10,840
9,561
9,237
Total interest-bearing liabilities
63,547
68,805
76,990
70,454
67,102
Net interest income- tax equivalent
$
53,085
$
51,333
$
45,703
$
42,874
$
42,497
Included in net interest income above:
Episodic items (1)
$
294
$
648
$
1,647
$
369
$
928
Net gains/(losses) from fair value adjustments on hedges included in net interest income
56
2,911
554
177
(187
)
Purchase accounting adjustments
252
191
155
182
271
Interest-earning Assets Yields:
Loans held for sale
4.14
%
3.67
%
-
%
-
%
-
%
Mortgage loans, net
5.50
5.47
5.59
5.39
5.35
Commercial Business loans, net
5.66
5.87
6.04
5.89
5.90
Total loans, net
5.54
5.55
5.69
5.50
5.46
Taxable securities:
Mortgage-backed securities
5.60
6.04
5.06
4.31
3.19
Other securities
5.85
6.06
6.40
6.27
5.76
Total taxable securities
5.70
6.05
5.62
5.27
4.63
Tax-exempt securities: (2)
Other securities
4.16
2.91
2.91
2.87
2.88
Total taxable and tax-exempt securities
5.65
5.92
5.52
5.16
4.53
Interest-earning deposits and federal funds sold
3.95
4.22
4.91
4.87
5.09
Total interest-earning assets (1)
5.51
%
5.60
%
5.63
%
5.43
%
5.32
%
Interest-bearing Liabilities Yields:
Deposits:
Savings accounts
0.45
%
0.45
%
0.48
%
0.45
%
0.46
%
NOW accounts
3.41
3.63
3.99
3.97
3.82
Money market accounts
3.58
3.77
4.18
4.04
4.00
Certificate of deposit accounts
3.50
3.77
4.12
3.83
3.64
Total due to depositors
3.45
3.68
4.04
3.88
3.75
Mortgagors' escrow accounts
0.34
0.27
0.40
0.26
0.34
Total interest-bearing deposits
3.41
3.63
4.00
3.82
3.70
Borrowings
4.59
4.78
4.89
4.99
4.81
Total interest-bearing liabilities
3.50
%
3.75
%
4.10
%
3.95
%
3.83
%
Net interest rate spread (tax equivalent) (1)
2.01
%
1.85
%
1.53
%
1.48
%
1.49
%
Net interest margin (tax equivalent) (1)
2.51
%
2.39
%
2.10
%
2.05
%
2.06
%
Ratio of interest-earning assets to interest-bearing liabilities
1.17
X
1.17
%
1.16
X
1.17
X
1.17
X
(1) Episodic items include prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, and swap terminations fees. (2) 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
March 31,
December 31,
September 30,
June 30,
March 31,
1Q25 vs. 4Q24
1Q25 vs. 1Q24
(Dollars in thousands)
2025
2024
2024
2024
2024
% Change
% Change
Noninterest bearing
$
863,714
$
836,545
$
860,930
$
825,327
$
815,937
3.2
%
5.9
%
Interest bearing:
Certificate of deposit accounts
2,592,026
2,650,164
2,875,486
2,435,894
2,529,095
(2.2
)
2.5
Savings accounts
97,624
98,964
100,279
103,296
105,147
(1.4
)
(7.2
)
Money market accounts
1,681,608
1,686,109
1,659,027
1,710,376
1,717,298
(0.3
)
(2.1
)
NOW accounts
2,393,482
1,854,069
2,003,301
1,774,268
2,003,649
29.1
19.5
Total interest-bearing deposits
6,764,740
6,289,306
6,638,093
6,023,834
6,355,189
7.6
6.4
Total due to depositors
7,628,454
7,125,851
7,499,023
6,849,161
7,171,126
7.1
6.4
Mortgagors' escrow deposits
89,764
53,082
73,372
57,702
82,081
69.1
9.4
Total deposits
$
7,718,218
$
7,178,933
$
7,572,395
$
6,906,863
$
7,253,207
7.5
%
6.4
%
Loan Composition
March 31,
December 31,
September 30,
June 30,
March 31,
1Q25 vs. 4Q24
1Q25 vs. 1Q24
(Dollars in thousands)
2025
2024
2024
2024
2024
% Change
% Change
Multifamily residential
$
2,531,628
$
2,527,222
$
2,638,863
$
2,631,751
$
2,622,737
0.2
%
(3.5)
%
Commercial real estate
1,953,710
1,973,124
1,929,093
1,894,509
1,925,312
(1.0)
1.5
One-to-four family ― mixed use property
501,562
511,222
515,511
518,510
516,198
(1.9)
(2.8)
One-to-four family ― residential
269,492
244,282
252,293
261,716
267,156
10.3
0.9
Construction
63,474
60,399
63,674
65,161
60,568
5.1
4.8
Mortgage loans
5,319,866
5,316,249
5,399,434
5,371,647
5,391,971
0.1
(1.3)
Small Business Administration
14,713
19,925
19,368
13,957
16,244
(26.2)
(9.4)
Commercial business and other
1,396,597
1,401,602
1,387,965
1,389,711
1,411,725
(0.4)
(1.1)
Commercial Business loans
1,411,310
1,421,527
1,407,333
1,403,668
1,427,969
(0.7)
(1.2)
Gross loans
6,731,176
6,737,776
6,806,767
6,775,315
6,819,940
(0.1)
(1.3)
Net unamortized (premiums) and unearned loan (cost) fees (1)
10,659
8,072
11,561
1,711
2,003
32.0
432.2
Allowance for credit losses
(40,037)
(40,152)
(40,342)
(41,648)
(40,752)
(0.3)
(1.8)
Net loans
$
6,701,798
$
6,705,696
$
6,777,986
$
6,735,378
$
6,781,191
(0.1)
%
(1.2)
%
(1) Includes $2.6 million, $2.8 million, $3.1 million, $3.4 million, and $3.6 million of purchase accounting unamortized discount resulting from the acquisition of Empire Bancorp at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES LOAN CLOSINGS and RATES (Unaudited)
Loan Closings
For the three months ended
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands)
2025
2024
2024
2024
2024
Multifamily residential
$
21,183
$
25,232
$
50,528
$
27,966
$
11,805
Commercial real estate
22,916
75,285
56,713
20,573
10,040
One-to-four family - mixed use property
1,842
6,622
5,709
3,980
750
One-to-four family - residential
35,206
739
1,705
689
52,539
Construction
3,275
9,338
5,063
4,594
1,895
Mortgage loans
84,422
117,216
119,718
57,802
77,029
Small Business Administration
1,250
1,368
5,930
-
-
Commercial business and other
88,404
106,580
91,447
68,162
52,955
Commercial Business loans
89,654
107,948
97,377
68,162
52,955
Total Closings
$
174,076
$
225,164
$
217,095
$
125,964
$
129,984
Weighted Average Rate on Loan Closings
For the three months ended
March 31,
December 31,
September 30,
June 30,
March 31,
Loan type
2025
2024
2024
2024
2024
Mortgage loans
6.68
%
7.12
%
7.31
%
7.58
%
6.36
%
Commercial Business loans
7.28
7.45
7.75
7.94
8.29
Total loans
6.99
%
7.28
%
7.51
%
7.77
%
7.13
%
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES ASSET QUALITY (Unaudited)
Allowance for Credit Losses
For the three months ended
March 31,
December 31,
September 30,
June 30,
March 31,
(Dollars in thousands)
2025
2024
2024
2024
2024
Allowance for credit losses - loans
Beginning balances
$
40,152
$
40,342
$
41,648
$
40,752
$
40,161
Net loan charge-off (recoveries):
Multifamily residential
4
(1
)
-
(1
)
-
Commercial real estate
-
421
-
-
-
One-to-four family - mixed-use property
-
-
-
(2
)
-
One-to-four family - residential
-
(41
)
(58
)
(2
)
13
Small Business Administration
(40
)
(4
)
(1
)
(91
)
(5
)
Commercial business and other
4,463
4,361
3,095
4
(4
)
Total net loan charge-offs (recoveries)
4,427
4,736
3,036
(92
)
4
Provision (benefit) for loan losses
4,312
4,546
1,730
804
595
Ending balance
$
40,037
$
40,152
$
40,342
$
41,648
$
40,752
Gross charge-offs
$
4,471
$
4,790
$
3,110
$
11
$
58
Gross recoveries
44
54
74
103
54
Allowance for credit losses - loans to gross loans
0.59
%
0.60
%
0.59
%
0.61
%
0.60
%
Net loan charge-offs (recoveries) to average loans
0.27
0.28
0.18
(0.01
)
-
Nonperforming Assets
March 31,
December 31,
September 30,
June 30,
March 31,
(Dollars in thousands)
2025
2024
2024
2024
2024
Nonaccrual Loans:
Multifamily residential
25,952
11,031
9,478
13,774
4,669
Commercial real estate
6,703
6,283
6,705
-
-
One-to-four family - mixed-use property
426
116
369
909
911
One-to-four family - residential
1,225
1,428
1,493
3,633
3,768
Small Business Administration
2,445
2,445
2,445
2,552
2,552
Commercial business and other
9,512
12,015
13,771
13,672
12,929
Total Nonaccrual loans
46,263
33,318
34,261
34,540
24,829
Total Nonperforming Loans (NPLs)
46,263
33,318
34,261
34,540
24,829
Other Nonperforming Assets:
Real estate acquired through foreclosure
-
-
-
665
665
Total Other nonperforming assets
-
-
-
665
665
Total Nonaccrual HTM Securities
18,000
18,000
20,627
20,627
20,760
Total Nonperforming Assets
$
64,263
$
51,318
$
54,888
$
55,832
$
46,254
Nonperforming Assets to Total Assets
0.71
%
0.57
%
0.59
%
0.61
%
0.53
%
Allowance for Credit Losses to NPLs
86.5
%
120.5
%
117.7
%
120.6
%
164.1
%
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES RECONCILIATION OF GAAP (LOSS) EARNINGS and CORE EARNINGS
Non-cash Fair Value Adjustments to GAAP (Loss) Earnings
The variance in GAAP (loss) 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 (LOSS) EARNINGS and CORE EARNINGS (Unaudited)
For the three months ended
(Dollars in thousands,
March 31,
December 31,
September 30,
June 30,
March 31,
except per share data)
2025
2024
2024
2024
2024
GAAP (loss) income before income taxes
$
(5,931
)
$
(71,857
)
$
11,457
$
7,136
$
4,997
Net (gain) loss from fair value adjustments (Noninterest income (loss))
152
1,136
(974
)
(57
)
834
Net loss on sale of securities (Noninterest income (loss))
-
72,315
-
-
-
Life insurance proceeds (Noninterest income (loss))
-
(284
)
(1
)
-
-
Valuation allowance on loans transferred to held for sale (Noninterest income (loss))
194
3,836
-
-
-
Net (gain) loss from fair value adjustments on hedges (Net interest income)
(56
)
(2,911
)
(554
)
(177
)
187
Prepayment penalty on borrowings (Noninterest expense)
-
2,572
-
-
-
Net amortization of purchase accounting adjustments and intangibles (Various)
(167
)
(101
)
(62
)
(85
)
(169
)
Impairment of goodwill (Noninterest expense)
17,636
-
-
-
-
Miscellaneous expense (Professional services)
(1
)
218
10
494
-
Core income before taxes
11,827
4,924
9,876
7,311
5,849
Provision for core income taxes
3,896
715
2,153
1,855
1,537
Core net income
$
7,931
$
4,209
$
7,723
$
5,456
$
4,312
GAAP diluted (loss)earnings per common share
$
(0.29
)
$
(1.64
)
$
0.30
$
0.18
$
0.12
Net (gain) loss from fair value adjustments, net of tax
-
0.03
(0.03
)
(0.01
)
0.02
Net loss on sale of securities, net of tax
-
1.65
-
-
-
Life insurance proceeds
-
(0.01
)
-
-
-
Valuation allowance on loans transferred to held for sale, net of tax
-
0.09
-
-
-
Net (gain) loss from fair value adjustments on hedges, net of tax
-
(0.06
)
(0.01
)
-
-
Prepayment penalty on borrowings, net of tax
-
0.06
-
-
-
Net amortization of purchase accounting adjustments, net of tax
-
-
-
-
-
Impairment of goodwill
0.51
-
-
-
-
Miscellaneous expense, net of tax
-
-
-
0.01
-
Loss not attributable to participating securities
-
0.03
-
-
-
Core diluted earnings per common share (1)
$
0.23
$
0.14
$
0.26
$
0.18
$
0.14
Core net income, as calculated above
$
7,931
$
4,209
$
7,723
$
5,456
$
4,312
Average assets
9,015,880
9,060,481
9,203,884
8,830,665
8,707,505
Average equity
731,592
662,190
672,762
667,557
669,185
Core return on average assets (2)
0.35
%
0.19
%
0.34
%
0.25
%
0.20
%
Core return on average equity (2)
4.34
%
2.54
%
4.59
%
3.27
%
2.58
%
(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
March 31,
December 31,
September 30,
June 30,
March 31,
(Dollars in thousands)
2025
2024
2024
2024
2024
GAAP Net interest income
$
52,989
$
51,235
$
45,603
$
42,776
$
42,397
Net (gain) loss from fair value adjustments on hedges
(56
)
(2,911
)
(554
)
(177
)
187
Net amortization of purchase accounting adjustments
(252
)
(191
)
(155
)
(182
)
(271
)
Core Net interest income
$
52,681
$
48,133
$
44,894
$
42,417
$
42,313
GAAP Noninterest income (loss)
$
5,074
$
(71,022
)
$
6,277
$
4,216
$
3,084
Net (gain) loss from fair value adjustments
152
1,136
(974
)
(57
)
834
Net loss on sale of securities
-
72,315
-
-
-
Valuation allowance on loans transferred to held for sale
194
3,836
-
-
-
Life insurance proceeds
-
(284
)
(1
)
-
-
Core Noninterest income
$
5,420
$
5,981
$
5,302
$
4,159
$
3,918
GAAP Noninterest expense
$
59,676
$
45,630
$
38,696
$
39,047
$
39,892
Prepayment penalty on borrowings
-
(2,572
)
-
-
-
Net amortization of purchase accounting adjustments
(85
)
(90
)
(93
)
(97
)
(102
)
Impairment of goodwill
(17,636
)
-
-
-
-
Miscellaneous expense
1
(218
)
(10
)
(494
)
-
Core Noninterest expense
$
41,956
$
42,750
$
38,593
$
38,456
$
39,790
Net interest income
$
52,989
$
51,235
$
45,603
$
42,776
$
42,397
Noninterest income (loss)
5,074
(71,022
)
6,277
4,216
3,084
Noninterest expense
(59,676
)
(45,630
)
(38,696
)
(39,047
)
(39,892
)
Pre-provision pre-tax net (loss) revenue
$
(1,613
)
$
(65,417
)
$
13,184
$
7,945
$
5,589
Core:
Net interest income
$
52,681
$
48,133
$
44,894
$
42,417
$
42,313
Noninterest income
5,420
5,981
5,302
4,159
3,918
Noninterest expense
(41,956
)
(42,750
)
(38,593
)
(38,456
)
(39,790
)
Pre-provision pre-tax net revenue
$
16,145
$
11,364
$
11,603
$
8,120
$
6,441
Efficiency Ratio
72.2
%
79.0
%
77.2
%
82.6
%
86.1
%
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
March 31,
December 31,
September 30,
June 30,
March 31,
(Dollars in thousands)
2025
2024
2024
2024
2024
GAAP net interest income
$
52,989
$
51,235
$
45,603
$
42,776
$
42,397
Net (gain) loss from fair value adjustments on hedges
(56
)
(2,911
)
(554
)
(177
)
187
Net amortization of purchase accounting adjustments
(252
)
(191
)
(155
)
(182
)
(271
)
Tax equivalent adjustment
96
98
100
98
100
Core net interest income FTE
$
52,777
$
48,231
$
44,994
$
42,515
$
42,413
Episodic items (1)
(294
)
(648
)
(1,647
)
(369
)
(928
)
Net interest income FTE excluding episodic items
$
52,483
$
47,583
$
43,347
$
42,146
$
41,485
Total average interest-earning assets (2)
$
8,471,609
$
8,590,022
$
8,712,443
$
8,358,006
$
8,238,395
Core net interest margin FTE
2.49
%
2.25
%
2.07
%
2.03
%
2.06
%
Net interest margin FTE excluding episodic items
2.48
%
2.22
%
1.99
%
2.02
%
2.01
%
GAAP interest income on total loans, net (3)
$
92,368
$
94,104
$
95,780
$
92,728
$
92,959
Net (gain) loss from fair value adjustments on hedges - loans
(56
)
29
(364
)
(137
)
123
Net amortization of purchase accounting adjustments
(252
)
(216
)
(168
)
(198
)
(295
)
Core interest income on total loans, net
$
92,060
$
93,917
$
95,248
$
92,393
$
92,787
Average total loans, net (2)
$
6,674,665
$
6,783,264
$
6,740,579
$
6,751,715
$
6,807,944
Core yield on total loans
5.52
%
5.54
%
5.65
%
5.47
%
5.45
%
(1) Episodic items include prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, and swap terminations fees. (2) Excludes purchase accounting average balances for all periods presented. (3) Excludes interest income from loans held for sale.
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES CALCULATION OF TANGIBLE STOCKHOLDERS' COMMON EQUITY to TANGIBLE ASSETS (Unaudited)
March 31,
December 31,
September 30,
June 30,
March 31,
(Dollars in thousands)
2025
2024
2024
2024
2024
Total Equity
$
702,851
$
724,539
$
666,891
$
665,322
$
669,827
Less:
Goodwill
-
(17,636
)
(17,636
)
(17,636
)
(17,636
)
Core deposit intangibles
(1,029
)
(1,123
)
(1,220
)
(1,322
)
(1,428
)
Tangible Stockholders' Common Equity
$
701,822
$
705,780
$
648,035
$
646,364
$
650,763
Total Assets
$
9,008,396
$
9,038,972
$
9,280,886
$
9,097,240
$
8,807,325
Less:
Goodwill
-
(17,636
)
(17,636
)
(17,636
)
(17,636
)
Core deposit intangibles
(1,029
)
(1,123
)
(1,220
)
(1,322
)
(1,428
)
Tangible Assets
$
9,007,367
$
9,020,213
$
9,262,030
$
9,078,282
$
8,788,261
Tangible Stockholders' Common Equity to Tangible Assets
