Flushing Finl Corp Stock Price, News & Analysis

In its first quarter of 2023, the company reported lower-than-expected results due to a challenging interest rate environment, with net income at $5.16 million, a 71.7% decrease year-over-year. Despite this, deposits increased by 6.2% year-over-year to reach $6.8 billion, reflecting strong customer relationships. The net interest margin (NIM) decreased to 2.27%, down from 2.70% in the prior quarter, primarily due to liabilities repricing faster than assets. The company took decisive actions to stabilize its business model, including moving towards an interest rate-neutral position and tightening expense controls. Key financial metrics include a tangible common equity ratio of 7.73%. A loss was incurred on the charge-off of a $9.2 million business credit. A conference call discussing these results is scheduled for April 26, 2023.

Flushing Financial Corporation (Nasdaq: FFIC) announced that Michael Bingold, the Senior Executive Vice President at Flushing Bank, received the Community Achievement Award at the RotaCare 2023 Caregivers’ Ball. President and CEO John R. Buran expressed pride in Bingold's recognition, highlighting his contributions to community organizations. Flushing Bank, part of Flushing Financial Corporation, has operated since 1929, offering a range of banking services across New York. The bank focuses on personalized customer service and includes online banking options under its iGObanking and BankPurely brands. The press release also contains a 'Safe Harbor' statement addressing potential forward-looking risks and uncertainties affecting the company's performance.

Flushing Financial Corporation (Nasdaq: FFIC) participated in the Queens Tech + Innovation Challenge, announced on March 29, 2023. The company, being the exclusive bank sponsor, expressed pride in supporting the initiative aimed at establishing Queens as a hub for innovation and technology. CEO John R. Buran emphasized the importance of community engagement and the role of businesses in local economic prosperity. Flushing Bank has served the community since 1929, offering a range of banking services while focusing on personalized customer relationships. The company's commitment to local businesses and the involvement in the tech challenge reflects its mission to go beyond traditional banking services.

Flushing Financial Corporation (Nasdaq: FFIC) announced the opening of a new branch at 160 Adams Street, Hauppauge, NY, bolstering its presence in Suffolk County. CEO John R. Buran emphasized the strategic importance of this location, designed to serve both the local business community and the Long Island Innovation Park. This expansion is part of Flushing Bank's ongoing commitment to building customer relationships and enhancing services since its acquisition of Empire National Bank. Flushing Bank offers a comprehensive range of banking services and products, catering to a diverse clientele in the New York metropolitan area.

Flushing Financial Corporation (Nasdaq: FFIC) announced it will release its Q1 2023 earnings on April 25, 2023, after market close. The earnings call is scheduled for April 26, 2023, at 9:30 AM (ET), hosted by CEO John R. Buran and CFO Susan K. Cullen. Investors can participate by calling 1-877-509-5836 or accessing the livestream via a provided link. Flushing Bank, the operating bank of the corporation, offers a range of financial products and services, fostering long-standing relationships across New York and beyond. The bank emphasizes personalized customer service and operates both online and through physical branches.

Flushing Financial Corporation (Nasdaq: FFIC) announced a quarterly dividend of $0.22 per common share, payable on March 31, 2023, to shareholders of record by March 10, 2023. This marks the 107th consecutive quarterly dividend, underscoring the company's commitment to returning capital to shareholders. In 2022, approximately 71% of earnings were returned through dividends and share repurchases. The company's dividends have grown at a 15% compounded annual growth rate since their inception in 1996, reflecting a strong track record of shareholder value creation.

On January 26, 2023, the Company reported fourth quarter 2022 GAAP EPS of $0.34, down 41.4% YoY, with full year GAAP EPS of $2.50, a decline of 3.5% YoY. Core EPS for 4Q22 was $0.57, down 14.9% YoY. The decline in net interest income to $54.2 million reflected higher funding costs, with a net interest margin (NIM) of 2.70%. Nonperforming loans rose to $32.4 million, while average loans increased by 4.9% YoY. The Company repurchased 374,862 shares at an average price of $20.16 and returned 71% of earnings to shareholders in 2022. The earnings call is scheduled for January 27, 2023, to discuss these results and future strategies.

Flushing Financial Corporation (Nasdaq: FFIC) participated in NYC Scholarship Month, presenting a Community Scholarship check to support the NYC Kids RISE Save for College Program at P.S. 22Q Thomas Jefferson Elementary School. This initiative aims to enhance college and career opportunities for kindergarten and first-grade students, irrespective of their financial background. The event, attended by community leaders and parents, underscores the bank's commitment to local educational initiatives. CEO John R. Buran highlighted the bank's role in promoting economic opportunity and asset-building through grassroots support for students' futures.