Flushing Financial Corp - FFIC STOCK NEWS

Flushing Financial Corporation (Nasdaq: FFIC) will announce its third quarter 2020 earnings after market close on October 27, 2020. The results will be discussed in a conference call on October 28, 2020, at 9:30 AM (ET), hosted by CEO John R. Buran and CFO Susan K. Cullen. The call is accessible by dialing 1-877-509-5836 or via a webcast. Flushing Bank, a part of Flushing Financial, offers a range of banking services and is noted for its real estate lending expertise.

Flushing Financial Corporation (NASDAQ: FFIC) has received final regulatory approvals to acquire Empire Bancorp, Inc. (OTC: EMPK), aiming for a merger closure around October 31, 2020. This merger will create one of Long Island's largest community banks, enhancing operational efficiencies and customer service. Flushing anticipates a 20% earnings accretion in 2021, leveraging Empire's existing business relationships. Empire will hold a special shareholders meeting on October 27, 2020, to finalize stock or cash election considerations related to the merger.

Flushing Financial Corporation (Nasdaq: FFIC) declared a quarterly dividend of $0.21 per share, payable on September 25, 2020, to shareholders recorded by September 11, 2020. CEO John R. Buran emphasized the company's commitment to maintaining robust capital, managing costs, and enhancing interest income. He affirmed the strong financial performance supports ongoing dividend payouts to shareholders, with future dividends reviewed quarterly.

Flushing Financial Corporation (Nasdaq: FFIC) announced virtual meetings with institutional investors scheduled for August 24 and 26, 2020. The company's President and CEO, John R. Buran, and CFO, Susan K. Cullen, will discuss the company's performance and strategic objectives. Flushing Financial holds approximately $7.2 billion in assets and provides a range of banking services. Recent news includes an extended merger timeline with Empire Bancorp and record net interest income. A presentation will be accessible on their website from August 17, 2020.

Flushing Financial Corporation (Nasdaq-GS: FFIC) announced an extended timeframe to complete its acquisition of Empire Bancorp Inc. (OTC: EMPK), now expected in Q4 2020. The deal aims to enhance operational efficiency, reduce funding costs, and expand Flushing's presence in Long Island's lucrative market, with estimated earnings accretion of 20% in 2021. The transaction values Empire at 0.96x its tangible book value, projected to dilute Flushing's tangible book by 7.2% at closing. Combined assets post-merger are expected to total $8.2 billion across 24 branches.

Flushing Financial Corporation (Nasdaq: FFIC) and Empire Bancorp, Inc. (OTC: EMPK) have mutually agreed not to terminate their merger agreement originally dated October 24, 2019. This decision allows for continued discussions regarding an extension to finalize the merger, which is pivotal for both institutions. The merger aims to enhance operational synergies and expand market reach among consumer and business banking services across New York.

Flushing Financial Corporation (Nasdaq-GS: FFIC) reported strong second quarter results for 2020, with GAAP diluted EPS of $0.63, a significant improvement from ($0.05) in Q1 2020. The company achieved record GAAP net interest income of $48.7 million, up 19.3% QoQ, and a net interest margin of 2.87%, reflecting a rise of 43bps. Although the provision for credit losses increased to $9.6 million due to COVID-19, the loan pipeline remains robust at $310.8 million. Non-performing assets saw an uptick of 51% year-over-year, raising concerns about credit quality amidst economic challenges.

Flushing Financial Corporation (Nasdaq: FFIC) announced its participation in the Federal Reserve's Main Street Lending Program, aimed at aiding small and medium-sized businesses affected by the COVID-19 pandemic. The bank is one of only nine lenders approved in New York to accept applications for the program, which includes three facilities to support lending. CEO John R. Buran emphasized the bank's role in supporting local economic recovery during the healthcare crisis.

Flushing Financial Corporation (Nasdaq: FFIC) announced its Bank has secured a second round of funding from the FHLBNY Small Business Recovery Grant Program, aimed at aiding local small businesses and non-profits impacted by COVID-19. The funds will support the financial stability of affected workers. CEO John R. Buran emphasized the bank's commitment to community recovery during these challenging times. With a focus on economic support, this initiative underscores the bank's role in assisting struggling organizations in their market area.