Flushing Financial Corporation Provides an Update on PPP Forgiveness

Rhea-AI Summary

Flushing Financial Corporation (Nasdaq: FFIC) updated investors on its Paycheck Protection Program (PPP) activities, reporting $69 million in PPP loans forgiven in Q2 2021. The company recognized net fees of $1.2 million from its PPP portfolio. As of June 30, 2021, FFIC maintains $197 million in PPP loans, with an additional $22 million pending forgiveness. The total originated and acquired PPP loans reached $310 million, with total forgiveness amounting to $113 million. Further details will be available in the earnings release on July 27, 2021, and the conference call on July 28, 2021.

Positive

• Forgiveness of $69 million in PPP loans indicates effective loan management.
• $1.2 million in net fees from the PPP portfolio enhances profitability.
• A total of $310 million in originated PPP loans underscores strong client demand.

Negative

• Approximately $22 million of PPP loans still awaiting forgiveness could indicate potential delays.
• Relying on the PPP program may expose the company to risks as the economy recovers.

UNIONDALE, N.Y., July 08, 2021 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq-GS: FFIC), the parent holding company for Flushing Bank (the “Bank”), is providing an update on the Paycheck Protection Program (PPP) activity for the second quarter of 2021.

During the quarter, $69 million of PPP loans were forgiven by the SBA. We also recognized total net fees, which includes normal amortization and forgiven activity, of $1.2 million on the PPP portfolio. At June 30, 2021, the Company had $197 million in PPP loans, of which approximately $22 million are in the process of forgiveness. Over the course of the program, the Company has originated and acquired $310 million of loans with forgiveness totaling $113 million. The SBA can take up to 90 days to forgive PPP loans. Additional details will be provided with the second quarter 2021 earnings release after the market closes on Tuesday, July 27, 2021 and on the earnings conference call on Wednesday, July 28, 2021 at 9:30 AM (ET).

Conference Call Details

Dial-in for Live Call: 1-877-509-5836
Webcast: https://services.choruscall.com/links/ffic210728.html
Dial-in for Replay: 1-877-344-7529
Replay Access Code: 10151629

FLUSHING FINANCIAL CORPORATION (Nasdaq: FFIC) is the holding company for Flushing Bank®, a New York State—chartered commercial bank insured by the Federal Deposit Insurance Corporation. The Bank serves consumers, businesses, professionals, corporate clients, and public entities by offering a full complement of deposit, loan, equipment finance, and cash management services through its banking offices located in Queens, Brooklyn, Manhattan, and on Long Island. As a leader in real estate lending, the Bank’s experienced lending team creates mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. Flushing Bank is an Equal Housing Lender. The Bank also operates an online banking division consisting of iGObanking.com®, which offers competitively priced deposit products to consumers nationwide, and BankPurely®, an eco-friendly, healthier lifestyle community brand.

CONTACT:

Susan K. Cullen
Senior Executive Vice President and
Chief Financial Officer
Flushing Financial Corporation
(718) 961-5400

FAQ

What is the recent update from Flushing Financial Corporation regarding PPP loans?

Flushing Financial Corporation announced $69 million in PPP loans were forgiven in Q2 2021, with total PPP loans at $197 million.

How much net fees did Flushing Financial Corporation recognize from its PPP portfolio?

The company recognized $1.2 million in net fees from its PPP portfolio in Q2 2021.

What are the total originated PPP loans by Flushing Financial Corporation?

Flushing Financial Corporation has originated a total of $310 million in PPP loans throughout the program.

When will Flushing Financial Corporation release its Q2 2021 earnings?

The Q2 2021 earnings release is scheduled for July 27, 2021.

When will the conference call for Flushing Financial Corporation's earnings take place?

The conference call is set for July 28, 2021, at 9:30 AM ET.