Flushing Financial Corp - FFIC STOCK NEWS

Flushing Financial Corporation (Nasdaq: FFIC) announced the opening of a new full-service branch at 89-12 Sutphin Boulevard, Jamaica, NY, set to launch later this month. President and CEO John R. Buran highlighted the expansion as part of their Universal Banker model, offering innovative services like Appointment Banking and Video Banker. The bank aims to enhance customer access through digital services and reinforce its commitment to the diverse communities in the New York Metropolitan area.

Flushing Financial Corporation (Nasdaq: FFIC) declared a quarterly dividend of $0.21 per common share, payable on December 23, 2020, to shareholders on record by December 9, 2020. This decision follows the successful acquisition and integration of Empire Bancorp and reflects strong financial performance, ensuring a solid capital position. The Board will continue to review future dividends quarterly to enhance shareholder returns.

Flushing Financial Corporation (Nasdaq: FFIC) has successfully integrated Empire Bancorp, Inc. into its operations. The transition, which involved transferring Empire National Bank’s customers to Flushing Bank's core systems, was completed efficiently within weeks of the acquisition close. CEO John R. Buran commended the staff for their teamwork during challenging times. With the integration finalized, the company aims to leverage operating efficiencies and growth opportunities.

Flushing Financial Corporation (Nasdaq: FFIC) announced that Kroll Bond Rating Agency affirmed an investment grade rating for the Company and its bank. The Company received a rating of BBB/K3, while the Bank was rated BBB+/K2. The ratings reflect the management team's experience, competitive deposit share, and low-risk loan portfolio. The outlook remains Stable. CEO John R. Buran noted improvements in the net interest margin and confidence in future earnings from the Empire acquisition, emphasizing the Company's strong capital position for long-term growth.

Flushing Financial Corporation (Nasdaq: FFIC) will hold virtual meetings with institutional investors on November 10, 2020, at the Piper Sandler East Coast Financial Services Conference and on November 18-19, 2020, at the Southwest IDEAS Conference. The focus will be on the Company's performance and strategic objectives, with a presentation available on their website on November 9, 2020. The Company reported 3Q20 earnings of $0.50 and a 56% increase in core earnings, driven by record net interest income. Flushing has consolidated assets of $7.1 billion as of September 30, 2020.

Flushing Financial Corporation (Nasdaq: FFIC) appointed Douglas C. Manditch, former Chairman and CEO of Empire Bancorp, to its Board of Directors effective November 1, 2020. Chairman Alfred DelliBovi and CEO John R. Buran expressed confidence in Manditch's extensive banking experience, particularly in Long Island, contributing positively to the Bank's growth strategy. Flushing Bank, a leader in real estate lending, provides a range of banking services across New York, including online banking options. The Company emphasizes its commitment to delivering value to shareholders through strategic leadership appointments.

Flushing Financial Corporation (Nasdaq: FFIC) announced the appointment of Thomas M. Buonaiuto to its Executive Team, effective October 31, 2020. This move follows the company's acquisition of Empire Bancorp. CEO John R. Buran expressed optimism about Buonaiuto's extensive experience in banking on Long Island, which is expected to enhance strategic planning and deposit growth opportunities. Flushing Bank offers a range of services, including real estate lending and online banking, serving diverse clients throughout New York.

Flushing Financial Corporation (Nasdaq: FFIC) has successfully completed its acquisition of Empire Bancorp, Inc. on October 30, 2020. Post-acquisition, Empire National Bank will be merged into Flushing Bank, and its branches will operate under the Flushing Bank name. The combined entities will report $8 billion in assets, $6.6 billion in loans, and $5.7 billion in deposits. Flushing Bank's CEO, John R. Buran, emphasized the cultural and operational synergies between the two organizations, highlighting the potential for a stronger franchise on Long Island.

Flushing Financial reported its third quarter 2020 results with a GAAP diluted EPS of $0.50, down from $0.63 in the previous quarter and $0.37 YoY. Core diluted EPS was a record $0.56, an increase from $0.36 QoQ and $0.48 YoY. The net interest margin improved to 3.00%, and net interest income reached a record $49.9 million, up 2.5% QoQ and 28.2% YoY. Provision for credit losses decreased to $2.5 million. The company also reported a strong loan pipeline of $394.1 million.