Flushing Financial Maintains Its Investment Grade Rating by Kroll Bond Rating Agency, Inc.
Flushing Financial Corporation (Nasdaq: FFIC) has been reaffirmed an investment grade rating by Kroll Bond Rating Agency (KBRA), receiving ratings of BBB/K3 for the Company and BBB+/K2 for Flushing Bank. The ratings are attributed to a strong management team, a competitive deposit share in the greater NYC market, and a low-risk loan portfolio. KBRA maintains a Stable outlook on long-term ratings. The Company emphasizes its conservative underwriting and focus on acquiring core deposits while diversifying its loan portfolio, positioning itself for profitable growth.
- Reaffirmation of investment grade rating by Kroll Bond Rating Agency.
- Ratings of BBB/K3 for Flushing Financial Corporation and BBB+/K2 for Flushing Bank.
- Strong management team with extensive market knowledge.
- Low-risk loan portfolio contributes to financial stability.
- None.
UNIONDALE, N.Y., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq: FFIC), the parent holding company for Flushing Bank (the “Bank”), announced today that Kroll Bond Rating Agency (“KBRA”), a full-service rating agency, reaffirmed an investment grade rating for the Company and the Bank. These ratings are based on KBRA’s Bank and Bank Holding Company Global Rating Methodology, which evaluates liquidity, asset quality, capital adequacy, and earnings. KBRA maintained the outlook for all long-term ratings as Stable.
The Company and the Bank received ratings of BBB/K3 and BBB+/K2, respectively. According to KBRA’s report, the Company and Bank’s ratings are supported by an experienced management team that reflects extensive knowledge of the greater-NYC banking market, a mid-tier deposit share position in this competitive region, and a loan portfolio that is considered to be relatively low risk.
John R. Buran, President and Chief Executive Officer, stated, “We are pleased to continue to receive an investment grade KBRA rating, validating our business strategy, conservative underwriting standards, and strong risk profile which drive our financial performance. We remain focused on managing our margin with the remix of our balance sheet through the acquisition of core deposits and the continued diversification of our loan portfolio through growth in C&I originations of adjustable-rate business loans. We remain well capitalized and positioned to deliver profitable growth and long-term value to our shareholders.”
About Kroll Bond Rating Agency
KBRA was established in 2010 in an effort to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission (SEC) as a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commission (NAIC) as a Credit Rating Provider (CRP). KBRA is a full-service rating agency whose mission is to set a standard of excellence and integrity.
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 who 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.
"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, 2021 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.
Contact:
Susan K. Cullen
Senior Executive Vice President, Chief Financial Officer
Flushing Financial Corporation
718-961-5400
Tag: FF
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