SECOND QUARTER 20181 HIGHLIGHTS
Flushing Financial Corporation (the “Company”) (Nasdaq:FFIC), the
parent holding company for Flushing Bank (the “Bank”), today
announced its financial results for the second quarter ended June
30, 2018.
John R. Buran, President and Chief Executive
Officer, stated, “We are pleased to report earnings per diluted
common share of $0.48 for the second quarter of 2018, an increase
of 23.1% and 9.1% from 1Q18 and 2Q17, respectively. Furthermore,
ROAE increased to 10.5% for 2Q18 from 8.6% and 9.6% in 1Q18 and
2Q17, respectively.”
“For the past year, we have articulated our
strategic objective of emphasizing rate over volume regarding loan
originations. To that end, we decided to allow over $70 million of
participations with another financial institution to prepay as the
rates being offered through the refinancing process did not meet
our lending criteria. Consequently, during the quarter ended June
30, 2018, our loan growth was 0.4%. We believe emphasizing rate
over volume is a long-term winning strategy and we are beginning to
see tangible results as the average yield in the loan portfolio has
risen 10bps over the prior quarter. This was driven by the yield on
new loans in the second quarter exceeding the quarterly average
loan portfolio yield by 26bps and the yield of total interest
earning assets by 47bps. Newly booked loans in 2Q18 had a yield of
4.57% showing an increase of 30bps from the prior quarter.”
“The move toward improved loan yields was
further enhanced this quarter as $116 million of mortgage loans
repriced from 4.41% to 5.37%. We look for this yield improving
trend to continue as we have close to $2 billion in loans repricing
through 2020.”
“Despite this good news on yields, deposit
pressures outstripped the gains on the loan side as margin pressure
continued. The cost of funds increased 14bps QoQ and 36bps YoY.
However, the combination of improved loan yields and mitigation
strategies that we put in place on the liability side of the
balance sheet have decelerated the pace of margin compression from
11bps in 1Q18 to 3bps this quarter.”
“While we remain liability sensitive we have
been taking proactive steps to provide further support to our
margin and mitigate the impact of future rate increases by
extending the maturity on our liabilities and as previously
announced entered into forward interest rate swaps totaling $442
million of which $250 million has been funded as of June 30,
2018.”
“We reduced brokered deposits by $164 million
partially offsetting them with core growth in our retail operations
totaling $89 million. One of the contributing factors to this was
our “Win Flushing” program, which focuses on the Asian community,
where we are on pace to add $160 million in deposits by the end of
1Q19.”
“As we look forward to continuing our focus on
stabilizing, then improving margins, we have additionally focused
on bringing in more variable rate C&I loans. Over the last five
quarters C&I lending has represented 35% of new loan
originations.”
Mr. Buran continued, “As we’ve continued to
improve loan yields we have retained our focus on credit quality.
Non-performing assets decreased by 18% and, total delinquencies
have decreased 3% since December 31, 2017. The allowance for loan
losses to gross loans was 0.38% while the allowance for loan losses
to non-performing loans increased to 137% from 123% in the linked
quarter. The loan-to-value on our non-performing real estate loans
at June 30, 2018 remains conservative at 35.1%. The net charge-offs
of $322,000 for the quarter reflect the change in the fair value of
Chicago taxi medallions from $60,000 to $25,000 per medallion,
based upon recent sales transactions. Currently, the Chicago taxi
medallion portfolio totals $0.2 million. Our exposure to taxi
medallion loans in Chicago and NYC totals $6.2 million, which is
0.12% of total loans.”
“We remain committed to converting our branches
to the Universal Banker model. In the 11 branches that have been
converted we have experienced an increase of 24% in transactions
processed at an ATM, reducing our customers' reliance on tellers,
allowing our branch staff to focus more time on sales
opportunities.”
The Company retains its focus on preserving
strong risk management practices, including conservative
underwriting standards and improving yields to achieve improved
risk-adjusted returns.
- In the second quarter, commercial business, multi-family and
commercial real estate loan originations and purchases represented
35%, 28%, and 25%, respectively, of all originations, which were
made while maintaining conservative loan-to-values, debt coverage
ratios, and increasing yield.
- Multi-family (excluding underlying co-operative mortgages),
commercial real estate, and one-to-four family mixed-use property
mortgage loans originated during 2Q18 had a yield of 4.27%, an
increase of 30bps from 3.97% for 1Q18 and an increase of 8bps from
4.19% for 2Q17. We have maintained our asset quality as these loans
had an average loan-to-value ratio of 46.3% and an average debt
coverage ratio of 186%.
- The average interest rate obtained for 2Q18 new loans totaled
4.57%, an increase of 30bps compared to 4.27% for 1Q18 and of 53bps
compared to 4.04% for 2Q17.
- The average rate of mortgage loan applications in the pipeline
totaled 4.67% at June 30, 2018, as compared to 4.41% at March 31,
2018 and 4.17% at June 30, 2017.
Mr. Buran concluded, “Overall, we remain well
capitalized and positioned to deliver profitable growth and
long-term value to our shareholders as we continue to execute on
our strategic objectives.”
Summary of Strategic
Objectives
- Increase core deposits and continue to improve funding mix
- Increase net interest income by leveraging loan pricing
opportunities and portfolio mix
- Enhance core earnings power by improving scalability and
efficiency
- Manage credit risk
- Maintain well capitalized levels under all stress test
scenarios
Earnings Summary:
Net Interest IncomeNet interest
income for 2Q18 was $42.6 million, a decrease of $1.0 million, or
2.2% YoY (2Q18 compared to 2Q17) but relatively unchanged QoQ (2Q18
compared to 1Q18). During 2Q18 the increase in the cost of funds
outpaced the increase in the yield of interest-earning assets.
- Net interest margin of 2.76%, decreased 19bps YoY and 3bps
QoQ
- Net interest spread of 2.60%, decreased 23bps YoY and 5bps
QoQ
- Net interest income includes prepayment penalty income from
loans and securities totaling $1.6 million in 2Q18 compared with
$1.0 million in 2Q17 and $0.9 million in 1Q18, accelerated
accretion of discount upon call of CLO securities of none in 2Q18
and 1Q18 and $0.4 million in 2Q17 and recovered interest from
delinquent loans of $0.2 million in 2Q18, compared to $0.3 million
in 2Q17 and $0.2 million in 1Q18
- Excluding prepayment penalty income, accelerated accretion of
discount and recovered interest from nonaccrual loans, the yield on
interest-earning assets was 3.98% in 2Q18, an improvement from
3.82% in 2Q17 and 3.91% in 1Q18, and the net interest margin was
2.64% in 2Q18, which decreased from 2.83% in 2Q17 and from 2.72% in
1Q18
- Average balance of total interest-earning assets of $6,181.2
million, increased $262.2 million, or 4.4%, YoY and $82.5 million,
or 1.4%, QoQ
- Yield on interest-earning assets of 4.10%, increased 16bps YoY
and 11bps QoQ
- Cost of interest-bearing liabilities of 1.50%, increased 39bps
YoY and 16bps QoQ
- Cost of funds of 1.41%, increased 36bps YoY and 14bps QoQ,
driven by increases in rates paid on certificates of deposit,
government deposits and short-term borrowings resulting from the
recent increases in the Fed Funds rate
Provision for loan lossesAs a
result of continued strong credit quality, there was no provision
recorded for 2Q18 and 2Q17 compared to $0.2 million in 1Q18.
Non-interest IncomeNon-interest
income for 2Q18 was $3.2 million, an increase of $1.2 million, or
62.6% YoY, and unchanged QoQ.
- Non-interest income included net gains from the sale of loans
of $0.4 million in 2Q18, primarily from the sale of $5.3 million in
SBA loans, compared to net losses from the sale of loans of $0.3
million in 1Q18 and net gains of $34,000 in 2Q17
- Additionally, non-interest income included net losses from fair
value adjustments of $0.3 million in 2Q18, $0.1 million in 1Q18 and
$1.2 million in 2Q17 and gains from life insurance proceeds of $0.8
million in 1Q18 and $6,000 in 2Q17
- Absent all above items, non-interest income was $3.0 million, a
decrease of $0.1 million YoY, but an increase of $0.2 million
QoQ
Non-interest
ExpenseNon-interest expense for 2Q18 was $27.4 million, an
increase of $1.3 million, or 5.1% YoY, but a decrease of $3.9
million, or 12.5% QoQ.
- Non-interest expense increased $1.3 million YoY primarily due
to increases in consulting, legal and depreciation expense due to
the growth of the Bank, but decreased $3.9 million QoQ due to 1Q18
including the impact of annual grants of employees and directors
restricted stock unit awards
- The efficiency ratio was 59.6% in 2Q18 compared to 55.8% in
2Q17 and 69.3% in 1Q18
Provision for Income TaxesThe
provision for income taxes in 2Q18 was $4.5 million, a decrease of
$2.3 million, or 33.7% YoY, but an increase of $1.5 million, or
52.2% QoQ.
- Pre-tax income decreased by $1.1 million, or 5.6% YoY but
increased $4.1 million, or 28.2% QoQ
- The effective tax rates were 24.4% in 2Q18, 34.7% in 2Q17 and
20.5% in 1Q18
Financial Condition
Summary:
Loans:
- Net loans held for investment were $5,313.6 million reflecting
an increase of 0.4% QoQ (not annualized) and 3.0% from December 31,
2017, as we continue to focus on the origination of multi-family,
commercial real estate and commercial business loans with a full
relationship while emphasizing rate over volume
- During the quarter, we saw an increase in loan satisfactions,
which we decided not to refinance, as the interest rate demanded
did not fit our strategy of emphasizing rate over volume.
- Loan originations and purchases of multi-family, commercial
real estate and commercial business loans totaled $224.5 million
for 2Q18, or 87.9% of loan production
- Loan pipeline was $322.9 million at June 30, 2018, compared to
$325.6 million at March 31, 2018 and $279.1 million at June 30,
2017
- The loan-to-value ratio on our portfolio of real estate
dependent loans as of June 30, 2018 totaled 38.9%
The following table shows the weighted average rate received
from loan originations and purchases for the periods indicated:
|
|
For the three months ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
Loan
type |
|
2018 |
|
2018 |
|
2017 |
Mortgage
loans |
4.40 |
% |
|
4.15 |
% |
|
4.01 |
% |
Non-mortgage loans |
4.90 |
% |
|
4.43 |
% |
|
4.13 |
% |
Total
loans |
4.57 |
% |
|
4.27 |
% |
|
4.04 |
% |
Credit Quality:
- Non-performing loans totaled $14.8 million, a decrease of $3.3
million, or 18.4%, from $18.1 million at December 31, 2017
- Non-performing assets totaled $14.8 million, a decrease of $3.3
million, or 18.3%, from $18.1 million at December 31, 2017
- Classified assets totaled $44.2 million, an increase of $10.2
million, or 30.0%, from $34.0 million at December 31, 2017,
primarily due to six business loan relationships being downgraded
as they did not meet certain loan covenants; these loans remain
current and accruing
- Loans classified as troubled debt restructured (TDR) totaled
$10.6 million, a decrease of $2.6 million, or 19.6%, from $13.2
million at December 31, 2017, primarily due to the sale of one
commercial TDR in 1Q18
- We anticipate continued low loss content in the portfolio, as
our strong underwriting standards coupled with our practice of
obtaining updated appraisals and recording charge-offs early in the
delinquency process has resulted in a 35.1% average loan-to-value
for non-performing loans collateralized by real estate at June 30,
2018
- Net charge-offs totaled $0.3 million during the six months
ended June 30, 2018
Capital Management:
- The Company and Bank, at June 30, 2018, were both well
capitalized under all applicable regulatory requirements
- During 2Q18, stockholders’ equity increased $2.7 million, or
0.5%, to $538.0 million due to net income of $13.9 million,
partially offset by the declaration and payment of dividends on the
Company’s common stock and repurchases of the Company’s common
stock
- During 2Q18, the Company repurchased 227,581 treasury shares at
an average cost of $26.04 per share; as of June 30, 2018, up to
808,836 shares may be repurchased under the authorized stock
repurchase program, which has no expiration or maximum dollar
limit
- Book value per common share increased to $19.00 at June 30,
2018, from $18.75 at March 31, 2018 and tangible book value per
common share, a non-GAAP measure, increased to $18.44 at June 30,
2018, from $18.20 March 31, 2018
Conference Call Information:
- John R. Buran, President and Chief Executive Officer, and Susan
K. Cullen, Senior Executive Vice President and Chief Financial
Officer, will host a conference call on Wednesday, July 25, 2018 at
9:30 AM (ET) to discuss the Company’s strategy and results for the
second quarter of 2018
- Dial-in for Live Call: 1-877-509-5836
- Webcast:
https://services.choruscall.com/links/ffic180725.html
- Dial-in for Replay: 1-877-344-7529
- Replay Access Code: 10120867
- The conference call will be simultaneously webcast and
archived through 5:00 PM (ET) on July 25, 2019
About Flushing Financial Corporation
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 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®, our
eco-friendly, healthier lifestyle community brand.
Additional information on Flushing Bank and
Flushing Financial Corporation may be obtained by visiting the
Company’s website at http://www.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, 2017 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.
1 See the table entitled “Reconciliation of
Non-GAAP Financial Measures.”
- Statistical Tables Follow
-
|
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF
INCOME |
|
(Dollars in thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans |
|
$ |
57,322 |
|
|
$ |
55,017 |
|
|
$ |
51,631 |
|
|
$ |
112,339 |
|
|
$ |
102,516 |
|
|
Interest and dividends
on securities: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
5,616 |
|
|
|
5,468 |
|
|
|
6,432 |
|
|
|
11,084 |
|
|
|
12,527 |
|
|
Dividends |
|
|
17 |
|
|
|
14 |
|
|
|
123 |
|
|
|
31 |
|
|
|
244 |
|
|
Other interest
income |
|
|
338 |
|
|
|
287 |
|
|
|
129 |
|
|
|
625 |
|
|
|
282 |
|
|
Total interest and dividend income |
|
|
63,293 |
|
|
|
60,786 |
|
|
|
58,315 |
|
|
|
124,079 |
|
|
|
115,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
14,788 |
|
|
|
12,110 |
|
|
|
9,510 |
|
|
|
26,898 |
|
|
|
18,490 |
|
|
Other interest
expense |
|
|
5,865 |
|
|
|
6,067 |
|
|
|
5,188 |
|
|
|
11,932 |
|
|
|
10,073 |
|
|
Total interest expense |
|
|
20,653 |
|
|
|
18,177 |
|
|
|
14,698 |
|
|
|
38,830 |
|
|
|
28,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
|
42,640 |
|
|
|
42,609 |
|
|
|
43,617 |
|
|
|
85,249 |
|
|
|
87,006 |
|
|
Provision for loan
losses |
|
|
- |
|
|
|
153 |
|
|
|
- |
|
|
|
153 |
|
|
|
- |
|
|
Net Interest
Income After Provision for Loan Losses |
|
|
42,640 |
|
|
|
42,456 |
|
|
|
43,617 |
|
|
|
85,096 |
|
|
|
87,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
Income |
|
|
|
|
|
|
|
|
|
|
|
Banking services fee
income |
|
|
1,000 |
|
|
|
948 |
|
|
|
1,014 |
|
|
|
1,948 |
|
|
|
1,888 |
|
|
Net gain (loss) on sale
of loans |
|
|
421 |
|
|
|
(263 |
) |
|
|
34 |
|
|
|
158 |
|
|
|
244 |
|
|
Net loss from fair
value adjustments |
|
|
(267 |
) |
|
|
(100 |
) |
|
|
(1,159 |
) |
|
|
(367 |
) |
|
|
(1,537 |
) |
|
Federal Home Loan Bank
of New York stock dividends |
|
|
881 |
|
|
|
876 |
|
|
|
643 |
|
|
|
1,757 |
|
|
|
1,466 |
|
|
Gains from life
insurance proceeds |
|
|
- |
|
|
|
776 |
|
|
|
6 |
|
|
|
776 |
|
|
|
1,167 |
|
|
Bank owned life
insurance |
|
|
776 |
|
|
|
762 |
|
|
|
807 |
|
|
|
1,538 |
|
|
|
1,602 |
|
|
Other income |
|
|
357 |
|
|
|
201 |
|
|
|
603 |
|
|
|
558 |
|
|
|
807 |
|
|
Total non-interest income |
|
|
3,168 |
|
|
|
3,200 |
|
|
|
1,948 |
|
|
|
6,368 |
|
|
|
5,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
15,291 |
|
|
|
18,455 |
|
|
|
15,424 |
|
|
|
33,746 |
|
|
|
32,528 |
|
|
Occupancy and
equipment |
|
|
2,476 |
|
|
|
2,577 |
|
|
|
2,654 |
|
|
|
5,053 |
|
|
|
5,150 |
|
|
Professional
services |
|
|
2,439 |
|
|
|
2,185 |
|
|
|
1,919 |
|
|
|
4,624 |
|
|
|
3,915 |
|
|
FDIC deposit
insurance |
|
|
547 |
|
|
|
500 |
|
|
|
503 |
|
|
|
1,047 |
|
|
|
829 |
|
|
Data processing |
|
|
1,426 |
|
|
|
1,401 |
|
|
|
1,321 |
|
|
|
2,827 |
|
|
|
2,524 |
|
|
Depreciation and
amortization |
|
|
1,455 |
|
|
|
1,389 |
|
|
|
1,155 |
|
|
|
2,844 |
|
|
|
2,320 |
|
|
Other real estate
owned/foreclosure expense |
|
|
40 |
|
|
|
96 |
|
|
|
(96 |
) |
|
|
136 |
|
|
|
255 |
|
|
Net gain from sales of
real estate owned |
|
|
(27 |
) |
|
|
- |
|
|
|
- |
|
|
|
(27 |
) |
|
|
- |
|
|
Other operating
expenses |
|
|
3,749 |
|
|
|
4,691 |
|
|
|
3,185 |
|
|
|
8,440 |
|
|
|
8,108 |
|
|
Total non-interest expense |
|
|
27,396 |
|
|
|
31,294 |
|
|
|
26,065 |
|
|
|
58,690 |
|
|
|
55,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
|
|
18,412 |
|
|
|
14,362 |
|
|
|
19,500 |
|
|
|
32,774 |
|
|
|
37,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
3,311 |
|
|
|
2,607 |
|
|
|
5,576 |
|
|
|
5,918 |
|
|
|
10,325 |
|
|
State and local |
|
|
1,178 |
|
|
|
343 |
|
|
|
1,199 |
|
|
|
1,521 |
|
|
|
1,704 |
|
|
Total taxes |
|
|
4,489 |
|
|
|
2,950 |
|
|
|
6,775 |
|
|
|
7,439 |
|
|
|
12,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
13,923 |
|
|
$ |
11,412 |
|
|
$ |
12,725 |
|
|
$ |
25,335 |
|
|
$ |
24,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.48 |
|
|
$ |
0.39 |
|
|
$ |
0.44 |
|
|
$ |
0.88 |
|
|
$ |
0.86 |
|
|
Diluted earnings per
common share |
|
$ |
0.48 |
|
|
$ |
0.39 |
|
|
$ |
0.44 |
|
|
$ |
0.88 |
|
|
$ |
0.86 |
|
|
Dividends per common
share |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.18 |
|
|
$ |
0.40 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
ASSETS |
|
|
|
|
|
|
Cash and due from banks |
$ |
42,805 |
|
|
$ |
91,959 |
|
|
$ |
51,546 |
|
Securities held-to-maturity: |
|
|
|
|
|
|
Mortgage-backed securities |
|
7,963 |
|
|
|
7,968 |
|
|
|
7,973 |
|
|
Other securities |
|
23,130 |
|
|
|
23,267 |
|
|
|
22,913 |
|
Securities available for sale: |
|
|
|
|
|
|
Mortgage-backed securities |
|
513,868 |
|
|
|
512,781 |
|
|
|
509,650 |
|
|
Other securities |
|
214,755 |
|
|
|
216,480 |
|
|
|
228,704 |
|
Loans: |
|
|
|
|
|
|
|
Multi-family residential |
|
2,247,852 |
|
|
|
2,286,803 |
|
|
|
2,273,595 |
|
|
Commercial real estate |
|
1,471,894 |
|
|
|
1,426,847 |
|
|
|
1,368,112 |
|
|
One-to-four family ― mixed-use property |
|
564,474 |
|
|
|
566,930 |
|
|
|
564,206 |
|
|
One-to-four family ― residential |
|
187,741 |
|
|
|
190,115 |
|
|
|
180,663 |
|
|
Co-operative apartments |
|
7,839 |
|
|
|
6,826 |
|
|
|
6,895 |
|
|
Construction |
|
33,826 |
|
|
|
23,887 |
|
|
|
8,479 |
|
|
Small Business Administration |
|
14,405 |
|
|
|
20,004 |
|
|
|
18,479 |
|
|
Taxi medallion |
|
6,225 |
|
|
|
6,617 |
|
|
|
6,834 |
|
|
Commercial business and other |
|
783,904 |
|
|
|
768,440 |
|
|
|
732,973 |
|
|
Net unamortized premiums and unearned loan fees |
|
15,647 |
|
|
|
16,395 |
|
|
|
16,763 |
|
|
Allowance for loan losses |
|
(20,220 |
) |
|
|
(20,542 |
) |
|
|
(20,351 |
) |
|
|
|
Net
loans |
|
5,313,587 |
|
|
|
5,292,322 |
|
|
|
5,156,648 |
|
Interest and dividends receivable |
|
24,184 |
|
|
|
22,578 |
|
|
|
21,405 |
|
Bank premises and equipment, net |
|
30,658 |
|
|
|
31,314 |
|
|
|
30,836 |
|
Federal Home Loan Bank of New York stock |
|
57,384 |
|
|
|
54,045 |
|
|
|
60,089 |
|
Bank owned life insurance |
|
131,429 |
|
|
|
130,653 |
|
|
|
131,856 |
|
Goodwill |
|
|
16,127 |
|
|
|
16,127 |
|
|
|
16,127 |
|
Other assets |
|
91,726 |
|
|
|
83,277 |
|
|
|
61,527 |
|
|
|
|
Total
assets |
$ |
6,467,616 |
|
|
$ |
6,482,771 |
|
|
$ |
6,299,274 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Due to depositors: |
|
|
|
|
|
|
Non-interest bearing |
$ |
388,467 |
|
|
$ |
377,861 |
|
|
$ |
385,269 |
|
|
Interest-bearing: |
|
|
|
|
|
|
|
Certificate of deposit accounts |
|
1,452,016 |
|
|
|
1,499,326 |
|
|
|
1,351,933 |
|
|
|
Savings accounts |
|
225,815 |
|
|
|
246,888 |
|
|
|
290,280 |
|
|
|
Money market accounts |
|
1,069,835 |
|
|
|
1,032,409 |
|
|
|
979,958 |
|
|
|
NOW accounts |
|
1,422,745 |
|
|
|
1,479,319 |
|
|
|
1,333,232 |
|
|
|
|
Total
interest-bearing deposits |
|
4,170,411 |
|
|
|
4,257,942 |
|
|
|
3,955,403 |
|
Mortgagors' escrow deposits |
|
50,781 |
|
|
|
65,979 |
|
|
|
42,606 |
|
Borrowed funds |
|
1,250,732 |
|
|
|
1,177,101 |
|
|
|
1,309,653 |
|
Other liabilities |
|
69,181 |
|
|
|
68,581 |
|
|
|
73,735 |
|
|
|
|
Total
liabilities |
|
5,929,572 |
|
|
|
5,947,464 |
|
|
|
5,766,666 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred stock (5,000,000 shares authorized; none issued) |
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock ($0.01 par value; 100,000,000 shares authorized;
31,530,595 shares |
|
|
|
|
|
|
issued at June 30, 2018, March 31, 2018 and December 31,
2017; 28,319,213 |
|
|
|
|
|
|
shares, 28,546,443 shares and 28,588,266 shares outstanding at
June 30, 2018, |
|
|
|
|
|
|
March 31, 2018 and December 31, 2017, respectively) |
|
315 |
|
|
|
315 |
|
|
|
315 |
|
Additional paid-in capital |
|
220,432 |
|
|
|
219,115 |
|
|
|
217,906 |
|
Treasury stock (3,211,382 shares, 2,984,152 shares and
2,942,329 shares at |
|
|
|
|
|
|
June 30,
2018, March 31, 2018 and December 31, 2017,
respectively) |
|
(66,656 |
) |
|
|
(60,737 |
) |
|
|
(57,675 |
) |
Retained earnings |
|
395,960 |
|
|
|
387,793 |
|
|
|
381,048 |
|
Accumulated other comprehensive loss, net of taxes |
|
(12,007 |
) |
|
|
(11,179 |
) |
|
|
(8,986 |
) |
|
|
|
Total
stockholders' equity |
|
538,044 |
|
|
|
535,307 |
|
|
|
532,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
$ |
6,467,616 |
|
|
$ |
6,482,771 |
|
|
$ |
6,299,274 |
|
|
|
|
|
|
|
|
|
|
|
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
|
SELECTED CONSOLIDATED FINANCIAL
DATA |
|
(Dollars in thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
At or for the three months ended |
|
At or for the six months ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
0.48 |
|
$ |
0.39 |
|
$ |
0.44 |
|
$ |
0.88 |
|
$ |
0.86 |
|
Diluted earnings per
share |
$ |
0.48 |
|
$ |
0.39 |
|
$ |
0.44 |
|
$ |
0.88 |
|
$ |
0.86 |
|
Average number of
shares outstanding for: |
|
|
|
|
|
|
|
|
|
|
Basic earnings
per common share computation |
|
28,844,829 |
|
|
28,974,156 |
|
|
29,135,339 |
|
|
28,909,135 |
|
|
29,077,526 |
|
Diluted earnings
per common share computation |
|
28,845,611 |
|
|
28,974,757 |
|
|
29,135,945 |
|
|
28,910,034 |
|
|
29,080,182 |
|
Shares outstanding |
|
28,319,213 |
|
|
28,546,443 |
|
|
28,803,937 |
|
|
28,319,213 |
|
|
28,803,937 |
|
Book value per common
share (1) |
$ |
19.00 |
|
$ |
18.75 |
|
$ |
18.54 |
|
$ |
19.00 |
|
$ |
18.54 |
|
Tangible book value per
common share (2) |
$ |
18.44 |
|
$ |
18.20 |
|
$ |
18.00 |
|
$ |
18.44 |
|
$ |
18.00 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
$ |
538,044 |
|
$ |
535,307 |
|
$ |
534,091 |
|
$ |
538,044 |
|
$ |
534,091 |
|
Tangible stockholders'
equity |
|
522,208 |
|
|
519,471 |
|
|
518,355 |
|
|
522,208 |
|
|
518,355 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
Total loans, net |
$ |
5,316,033 |
|
$ |
5,231,377 |
|
$ |
4,962,734 |
|
$ |
5,273,939 |
|
$ |
4,915,652 |
|
Total interest-earning
assets |
|
6,181,186 |
|
|
6,098,706 |
|
|
5,918,981 |
|
|
6,140,173 |
|
|
5,896,514 |
|
Total assets |
|
6,484,882 |
|
|
6,403,396 |
|
|
6,218,072 |
|
|
6,444,364 |
|
|
6,193,596 |
|
Total due to
depositors |
|
4,310,491 |
|
|
4,176,457 |
|
|
4,065,810 |
|
|
4,243,844 |
|
|
4,076,859 |
|
Total interest-bearing
liabilities |
|
5,515,580 |
|
|
5,442,554 |
|
|
5,287,720 |
|
|
5,479,268 |
|
|
5,271,271 |
|
Stockholders'
equity |
|
532,027 |
|
|
529,281 |
|
|
529,451 |
|
|
530,662 |
|
|
523,658 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (3) |
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
0.86 |
% |
|
0.71 |
% |
|
0.82 |
% |
|
0.79 |
% |
|
0.81 |
% |
Return on average
equity |
|
10.47 |
|
|
8.62 |
|
|
9.61 |
|
|
9.55 |
|
|
9.54 |
|
Yield on average
interest-earning assets |
|
4.10 |
|
|
3.99 |
|
|
3.94 |
|
|
4.04 |
|
|
3.92 |
|
Cost of average
interest-bearing liabilities |
|
1.50 |
|
|
1.34 |
|
|
1.11 |
|
|
1.42 |
|
|
1.08 |
|
Cost of funds |
|
1.41 |
|
|
1.27 |
|
|
1.05 |
|
|
1.34 |
|
|
1.03 |
|
Interest rate spread
during period |
|
2.60 |
|
|
2.65 |
|
|
2.83 |
|
|
2.62 |
|
|
2.84 |
|
Net interest
margin |
|
2.76 |
|
|
2.79 |
|
|
2.95 |
|
|
2.78 |
|
|
2.95 |
|
Non-interest expense to
average assets |
|
1.69 |
|
|
1.95 |
|
|
1.68 |
|
|
1.82 |
|
|
1.80 |
|
Efficiency ratio
(4) |
|
59.58 |
|
|
69.34 |
|
|
55.80 |
|
|
64.41 |
|
|
59.87 |
|
Average
interest-earning assets to average |
|
|
|
|
|
|
|
|
|
|
interest-bearing
liabilities |
|
1.12 |
X |
|
1.12 |
X |
|
1.12 |
X |
|
1.12 |
X |
|
1.12 |
X |
- Calculated by dividing stockholders’ equity by shares
outstanding.
- Calculated by dividing tangible stockholders’ common equity, a
non-GAAP measure by shares outstanding. Tangible stockholders’
common equity is stockholders’ equity less intangible assets
(goodwill, net of deferred taxes). See “Calculation of Tangible
Stockholders’ Common Equity to Tangible Assets”.
- Ratios are presented on an annualized basis, where
appropriate.
- Efficiency ratio, a non-GAAP measure, was calculated by
dividing non-interest expense (excluding OREO expense and the net
gain/loss from the sale of OREO) by the total of net interest
income and non-interest income (excluding net gains and losses from
fair value adjustments and life insurance proceeds).
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
SELECTED CONSOLIDATED FINANCIAL
DATA |
(Dollars in thousands) |
(Unaudited) |
|
|
|
At or for the six |
|
|
At or for the year |
|
|
At or for the six |
|
|
|
months ended |
|
|
ended |
|
|
months ended |
|
|
|
June 30, 2018 |
|
|
December 31, 2017 |
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Selected
Financial Ratios and Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory capital
ratios (for Flushing Financial Corporation): |
|
|
|
|
|
|
|
|
|
Tier 1
capital |
|
$ |
572,189 |
|
|
$ |
563,426 |
|
|
$ |
558,756 |
|
Common equity
Tier 1 capital |
|
|
534,036 |
|
|
|
527,727 |
|
|
|
524,830 |
|
Total risk-based
capital |
|
|
667,409 |
|
|
|
658,777 |
|
|
|
655,913 |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage
capital (well capitalized = 5%) |
|
|
8.79 |
% |
|
|
9.02 |
% |
|
|
9.00 |
% |
Common equity
Tier 1 risk-based capital (well capitalized = 6.5%) |
|
|
11.07 |
|
|
|
11.59 |
|
|
|
11.43 |
|
Tier 1
risk-based capital (well capitalized = 8.0%) |
|
|
11.87 |
|
|
|
12.38 |
|
|
|
12.17 |
|
Total risk-based
capital (well capitalized = 10.0%) |
|
|
13.84 |
|
|
|
14.47 |
|
|
|
14.29 |
|
|
|
|
|
|
|
|
|
|
|
Regulatory capital
ratios (for Flushing Bank only): |
|
|
|
|
|
|
|
|
|
Tier 1
capital |
|
$ |
644,880 |
|
|
$ |
631,285 |
|
|
$ |
624,074 |
|
Common equity
Tier 1 capital |
|
|
644,880 |
|
|
|
631,285 |
|
|
|
624,074 |
|
Total risk-based
capital |
|
|
665,100 |
|
|
|
651,636 |
|
|
|
646,231 |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage
capital (well capitalized = 5%) |
|
|
9.90 |
% |
|
|
10.11 |
% |
|
|
10.04 |
% |
Common equity
Tier 1 risk-based capital (well capitalized = 6.5%) |
|
|
13.37 |
|
|
|
13.87 |
|
|
|
13.58 |
|
Tier 1
risk-based capital (well capitalized = 8.0%) |
|
|
13.37 |
|
|
|
13.87 |
|
|
|
13.58 |
|
Total risk-based
capital (well capitalized = 10.0%) |
|
|
13.79 |
|
|
|
14.31 |
|
|
|
14.07 |
|
|
|
|
|
|
|
|
|
|
|
Capital ratios: |
|
|
|
|
|
|
|
|
|
Average equity
to average assets |
|
|
8.23 |
% |
|
|
8.53 |
% |
|
|
8.45 |
% |
Equity to total
assets |
|
|
8.32 |
|
|
|
8.46 |
|
|
|
8.50 |
|
Tangible common
equity to tangible assets (1) |
|
|
8.09 |
|
|
|
8.22 |
|
|
|
8.27 |
|
|
|
|
|
|
|
|
|
|
|
Asset quality: |
|
|
|
|
|
|
|
|
|
Non-accrual
loans (2) |
|
$ |
14,059 |
|
|
$ |
15,710 |
|
|
$ |
14,130 |
|
Non-performing
loans |
|
|
14,789 |
|
|
|
18,134 |
|
|
|
15,459 |
|
Non-performing
assets |
|
|
14,824 |
|
|
|
18,134 |
|
|
|
15,459 |
|
Net charge-offs/
(recoveries) |
|
|
284 |
|
|
|
11,739 |
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
Asset quality
ratios: |
|
|
|
|
|
|
|
|
|
Non-performing
loans to gross loans |
|
|
0.28 |
% |
|
|
0.35 |
% |
|
|
0.31 |
% |
Non-performing
assets to total assets |
|
|
0.23 |
|
|
|
0.29 |
|
|
|
0.25 |
|
Allowance for
loan losses to gross loans |
|
|
0.38 |
|
|
|
0.39 |
|
|
|
0.44 |
|
Allowance for
loan losses to non-performing assets |
|
|
136.40 |
|
|
|
112.23 |
|
|
|
143.33 |
|
Allowance for
loan losses to non-performing loans |
|
|
136.72 |
|
|
|
112.23 |
|
|
|
143.33 |
|
|
|
|
|
|
|
|
|
|
|
Full-service customer
facilities |
|
|
18 |
|
|
|
18 |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
- See “Calculation of Tangible Stockholders’ Common Equity to
Tangible Assets”.
- Excludes performing non-accrual TDR loans.
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
NET INTEREST MARGIN |
(Dollars in thousands) |
(Unaudited) |
|
|
For the three months ended |
|
|
June 30, 2018 |
|
March 31, 2018 |
|
June 30, 2017 |
|
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
|
Balance |
Interest |
Cost |
|
Balance |
Interest |
Cost |
|
Balance |
Interest |
Cost |
|
Interest-earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans,
net |
$ |
4,509,778 |
$ |
47,673 |
4.23 |
% |
$ |
4,442,870 |
$ |
46,112 |
4.15 |
% |
$ |
4,297,697 |
$ |
44,879 |
4.18 |
% |
Other loans,
net |
|
806,255 |
|
9,649 |
4.79 |
|
|
788,507 |
|
8,905 |
4.52 |
|
|
665,037 |
|
6,752 |
4.06 |
|
Total
loans, net (1) |
|
5,316,033 |
|
57,322 |
4.31 |
|
|
5,231,377 |
|
55,017 |
4.21 |
|
|
4,962,734 |
|
51,631 |
4.16 |
|
Taxable
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
|
|
|
|
|
|
|
|
|
|
securities |
|
533,088 |
|
3,754 |
2.82 |
|
|
524,710 |
|
3,507 |
2.67 |
|
|
532,938 |
|
3,418 |
2.57 |
|
Other
securities |
|
122,601 |
|
1,023 |
3.34 |
|
|
131,078 |
|
1,121 |
3.42 |
|
|
217,599 |
|
2,171 |
3.99 |
|
Total
taxable securities |
|
655,689 |
|
4,777 |
2.91 |
|
|
655,788 |
|
4,628 |
2.82 |
|
|
750,537 |
|
5,589 |
2.98 |
|
Tax-exempt
securities: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Other
securities |
|
124,058 |
|
856 |
2.76 |
|
|
124,125 |
|
854 |
2.75 |
|
|
145,812 |
|
966 |
2.65 |
|
Total
tax-exempt securities |
|
124,058 |
|
856 |
2.76 |
|
|
124,125 |
|
854 |
2.75 |
|
|
145,812 |
|
966 |
2.65 |
|
Interest-earning
deposits |
|
|
|
|
|
|
|
|
|
|
|
|
and federal
funds sold |
|
85,406 |
|
338 |
1.58 |
|
|
87,416 |
|
287 |
1.31 |
|
|
59,898 |
|
129 |
0.86 |
|
Total
interest-earning |
|
|
|
|
|
|
|
|
|
|
|
|
assets |
|
6,181,186 |
|
63,293 |
4.10 |
|
|
6,098,706 |
|
60,786 |
3.99 |
|
|
5,918,981 |
|
58,315 |
3.94 |
|
Other assets |
|
303,696 |
|
|
|
|
304,690 |
|
|
|
|
299,091 |
|
|
|
Total
assets |
$ |
6,484,882 |
|
|
|
$ |
6,403,396 |
|
|
|
$ |
6,218,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings
accounts |
$ |
235,564 |
|
285 |
0.48 |
|
$ |
265,895 |
|
389 |
0.59 |
|
$ |
279,723 |
|
399 |
0.57 |
|
NOW
accounts |
|
1,444,889 |
|
3,364 |
0.93 |
|
|
1,540,465 |
|
3,148 |
0.82 |
|
|
1,517,726 |
|
2,331 |
0.61 |
|
Money
market accounts |
|
1,110,690 |
|
3,983 |
1.43 |
|
|
1,025,727 |
|
3,075 |
1.20 |
|
|
858,066 |
|
1,651 |
0.77 |
|
Certificate of deposit |
|
|
|
|
|
|
|
|
|
|
|
|
accounts |
|
1,519,348 |
|
7,118 |
1.87 |
|
|
1,344,370 |
|
5,463 |
1.63 |
|
|
1,410,295 |
|
5,099 |
1.45 |
|
Total due to depositors |
|
4,310,491 |
|
14,750 |
1.37 |
|
|
4,176,457 |
|
12,075 |
1.16 |
|
|
4,065,810 |
|
9,480 |
0.93 |
|
Mortgagors' escrow |
|
|
|
|
|
|
|
|
|
|
|
|
accounts |
|
77,343 |
|
38 |
0.20 |
|
|
58,960 |
|
35 |
0.24 |
|
|
73,838 |
|
30 |
0.16 |
|
Total interest-bearing deposits |
|
4,387,834 |
|
14,788 |
1.35 |
|
|
4,235,417 |
|
12,110 |
1.14 |
|
|
4,139,648 |
|
9,510 |
0.92 |
|
Borrowings |
|
1,127,746 |
|
5,865 |
2.08 |
|
|
1,207,137 |
|
6,067 |
2.01 |
|
|
1,148,072 |
|
5,188 |
1.81 |
|
Total interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
liabilities |
|
5,515,580 |
|
20,653 |
1.50 |
|
|
5,442,554 |
|
18,177 |
1.34 |
|
|
5,287,720 |
|
14,698 |
1.11 |
|
Non
interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
demand
deposits |
|
370,790 |
|
|
|
|
364,983 |
|
|
|
|
336,036 |
|
|
|
Other liabilities |
|
66,485 |
|
|
|
|
66,578 |
|
|
|
|
64,865 |
|
|
|
Total liabilities |
|
5,952,855 |
|
|
|
|
5,874,115 |
|
|
|
|
5,688,621 |
|
|
|
Equity |
|
532,027 |
|
|
|
|
529,281 |
|
|
|
|
529,451 |
|
|
|
Total liabilities and equity |
$ |
6,484,882 |
|
|
|
$ |
6,403,396 |
|
|
|
$ |
6,218,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
/ |
|
|
|
|
|
|
|
|
|
|
|
|
net interest
rate spread |
|
$ |
42,640 |
2.60 |
% |
|
$ |
42,609 |
2.65 |
% |
|
$ |
43,617 |
2.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets / |
|
|
|
|
|
|
|
|
|
|
|
|
net interest
margin |
$ |
665,606 |
|
2.76 |
% |
$ |
656,152 |
|
2.79 |
% |
$ |
631,261 |
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning |
|
|
|
|
|
|
|
|
|
|
|
|
assets to
interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
liabilities |
|
|
1.12 |
X |
|
|
1.12 |
X |
|
|
1.12 |
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Loan interest income includes loan fee income (which includes
net amortization of deferred fees and costs, late charges, and
prepayment penalties) of approximately $0.3 million, $0.1 million
and $0.3 million for the three months ended June 30, 2018, March
31, 2018 and June 30, 2017, respectively.
- Interest income on tax-exempt securities does not include the
tax benefit of the tax-exempt securities.
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
NET INTEREST MARGIN |
(Dollars in thousands) |
(Unaudited) |
|
|
For the six months ended |
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
Average |
|
Yield/ |
|
|
Average |
|
Yield/ |
|
|
Balance |
Interest |
Cost |
|
|
Balance |
Interest |
Cost |
|
Interest-earning Assets: |
|
|
|
|
|
|
|
|
|
Mortgage loans,
net |
$ |
4,476,509 |
$ |
93,785 |
4.19 |
% |
|
$ |
4,255,822 |
$ |
89,308 |
4.20 |
% |
Other loans,
net |
|
797,430 |
|
18,554 |
4.65 |
|
|
|
659,830 |
|
13,208 |
4.00 |
|
Total loans, net (1) |
|
5,273,939 |
|
112,339 |
4.26 |
|
|
|
4,915,652 |
|
102,516 |
4.17 |
|
Taxable
securities: |
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
|
|
|
|
|
|
|
securities |
|
528,922 |
|
7,261 |
2.75 |
|
|
|
531,448 |
|
6,784 |
2.55 |
|
Other
securities |
|
126,816 |
|
2,144 |
3.38 |
|
|
|
228,412 |
|
4,053 |
3.55 |
|
Total taxable securities |
|
655,738 |
|
9,405 |
2.87 |
|
|
|
759,860 |
|
10,837 |
2.85 |
|
Tax-exempt
securities: (2) |
|
|
|
|
|
|
|
|
|
Other
securities |
|
124,091 |
|
1,710 |
2.76 |
|
|
|
146,155 |
|
1,934 |
2.65 |
|
Total tax-exempt securities |
|
124,091 |
|
1,710 |
2.76 |
|
|
|
146,155 |
|
1,934 |
2.65 |
|
Interest-earning
deposits |
|
|
|
|
|
|
|
|
|
and federal
funds sold |
|
86,405 |
|
625 |
1.45 |
|
|
|
74,847 |
|
282 |
0.75 |
|
Total
interest-earning |
|
|
|
|
|
|
|
|
|
assets |
|
6,140,173 |
|
124,079 |
4.04 |
|
|
|
5,896,514 |
|
115,569 |
3.92 |
|
Other assets |
|
304,191 |
|
|
|
|
|
297,082 |
|
|
|
Total assets |
$ |
6,444,364 |
|
|
|
|
$ |
6,193,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing Liabilities: |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Savings
accounts |
$ |
250,646 |
|
674 |
0.54 |
|
|
$ |
267,059 |
|
706 |
0.53 |
|
NOW
accounts |
|
1,492,413 |
|
6,512 |
0.87 |
|
|
|
1,542,857 |
|
4,538 |
0.59 |
|
Money
market accounts |
|
1,068,443 |
|
7,058 |
1.32 |
|
|
|
859,415 |
|
3,150 |
0.73 |
|
Certificate of deposit |
|
|
|
|
|
|
|
|
|
accounts |
|
1,432,342 |
|
12,581 |
1.76 |
|
|
|
1,407,528 |
|
10,039 |
1.43 |
|
Total due to depositors |
|
4,243,844 |
|
26,825 |
1.26 |
|
|
|
4,076,859 |
|
18,433 |
0.90 |
|
Mortgagors' escrow |
|
|
|
|
|
|
|
|
|
accounts |
|
68,202 |
|
73 |
0.21 |
|
|
|
64,280 |
|
57 |
0.18 |
|
Total interest-bearing |
|
|
|
|
|
|
|
|
|
deposits |
|
4,312,046 |
|
26,898 |
1.25 |
|
|
|
4,141,139 |
|
18,490 |
0.89 |
|
Borrowings |
|
1,167,222 |
|
11,932 |
2.04 |
|
|
|
1,130,132 |
|
10,073 |
1.78 |
|
Total interest-bearing |
|
|
|
|
|
|
|
|
|
liabilities |
|
5,479,268 |
|
38,830 |
1.42 |
|
|
|
5,271,271 |
|
28,563 |
1.08 |
|
Non
interest-bearing |
|
|
|
|
|
|
|
|
|
demand
deposits |
|
367,903 |
|
|
|
|
|
333,142 |
|
|
|
Other liabilities |
|
66,531 |
|
|
|
|
|
65,525 |
|
|
|
Total liabilities |
|
5,913,702 |
|
|
|
|
|
5,669,938 |
|
|
|
Equity |
|
530,662 |
|
|
|
|
|
523,658 |
|
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
equity |
$ |
6,444,364 |
|
|
|
|
$ |
6,193,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
/ |
|
|
|
|
|
|
|
|
|
net interest
rate spread |
|
$ |
85,249 |
2.62 |
% |
|
|
$ |
87,006 |
2.84 |
% |
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets / |
|
|
|
|
|
|
|
|
|
net interest
margin |
$ |
660,905 |
|
2.78 |
% |
|
$ |
625,243 |
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
Ratio of
interest-earning |
|
|
|
|
|
|
|
|
|
assets to
interest-bearing |
|
|
|
|
|
|
|
|
|
liabilities |
|
|
1.12 |
X |
|
|
|
1.12 |
X |
|
|
|
|
|
|
|
|
|
|
- Loan interest income includes loan fee income (which includes
net amortization of deferred fees and costs, late charges, and
prepayment penalties) of approximately $0.4 million and $1.0
million for the six months ended June 30, 2018 and 2017,
respectively.
- Interest income on tax-exempt securities does not include the
tax benefit of the tax-exempt securities.
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
DEPOSIT COMPOSITION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
June 2018 vs. |
|
|
|
|
|
June 2018 vs. |
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
December 2017 |
|
September 30, |
|
June 30, |
|
June 2017, |
|
(Dollars in thousands) |
|
2018 |
|
|
2018 |
|
|
2017 |
|
% Change |
|
|
2017 |
|
|
2017 |
|
% Change |
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
$ |
388,467 |
|
$ |
377,861 |
|
$ |
385,269 |
|
0.8 |
% |
|
$ |
362,509 |
|
$ |
349,302 |
|
11.2 |
% |
|
Interest bearing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accounts |
|
1,452,016 |
|
|
1,499,326 |
|
|
1,351,933 |
|
7.4 |
% |
|
|
1,404,555 |
|
|
1,332,377 |
|
9.0 |
% |
|
|
Savings accounts |
|
225,815 |
|
|
246,888 |
|
|
290,280 |
|
-22.2 |
% |
|
|
323,186 |
|
|
325,815 |
|
-30.7 |
% |
|
|
Money market accounts |
|
1,069,835 |
|
|
1,032,409 |
|
|
979,958 |
|
9.2 |
% |
|
|
991,706 |
|
|
837,565 |
|
27.7 |
% |
|
|
NOW accounts |
|
1,422,745 |
|
|
1,479,319 |
|
|
1,333,232 |
|
6.7 |
% |
|
|
1,308,821 |
|
|
1,368,441 |
|
4.0 |
% |
|
|
|
Total interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
deposits |
|
4,170,411 |
|
|
4,257,942 |
|
|
3,955,403 |
|
5.4 |
% |
|
|
4,028,268 |
|
|
3,864,198 |
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
deposits |
$ |
4,558,878 |
|
$ |
4,635,803 |
|
$ |
4,340,672 |
|
5.0 |
% |
|
$ |
4,390,777 |
|
$ |
4,213,500 |
|
8.2 |
% |
|
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
LOANS |
(Unaudited) |
Loan Originations and Purchases |
|
|
|
For the three months |
|
|
For the six months |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
June 30, |
|
June 30, |
(In
thousands) |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
Multi-family
residential |
|
$ |
70,972 |
|
$ |
81,181 |
|
$ |
63,469 |
|
|
$ |
152,153 |
|
$ |
190,177 |
Commercial real
estate |
|
|
64,890 |
|
|
71,554 |
|
|
123,559 |
|
|
|
136,444 |
|
|
159,291 |
One-to-four family –
mixed-use property |
|
|
12,294 |
|
|
16,068 |
|
|
13,656 |
|
|
|
28,362 |
|
|
32,198 |
One-to-four family –
residential |
|
|
6,974 |
|
|
16,968 |
|
|
4,860 |
|
|
|
23,942 |
|
|
10,780 |
Co-operative
apartments |
|
|
1,500 |
|
|
- |
|
|
- |
|
|
|
1,500 |
|
|
- |
Construction |
|
|
9,940 |
|
|
14,679 |
|
|
4,429 |
|
|
|
24,619 |
|
|
6,973 |
Small Business
Administration |
|
|
228 |
|
|
1,967 |
|
|
1,870 |
|
|
|
2,195 |
|
|
2,511 |
Commercial business and
other |
|
|
88,612 |
|
|
139,407 |
|
|
49,312 |
|
|
|
228,019 |
|
|
125,796 |
Total |
|
$ |
255,410 |
|
$ |
341,824 |
|
$ |
261,155 |
|
|
$ |
597,234 |
|
$ |
527,726 |
|
|
|
|
|
|
|
|
|
|
|
|
Loan Composition
|
|
|
|
|
|
|
|
|
|
June 2018 vs. |
|
|
|
|
|
June 2018 vs. |
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
December 2017 |
|
September 30, |
|
June 30, |
|
June 2017 |
(Dollars in thousands) |
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
% Change |
|
|
2017 |
|
|
|
2017 |
|
|
% Change |
Loans held for investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family residential |
$ |
2,247,852 |
|
|
$ |
2,286,803 |
|
|
$ |
2,273,595 |
|
|
-1.1 |
% |
|
|
$ |
2,236,173 |
|
|
$ |
2,243,643 |
|
|
0.2 |
% |
|
Commercial real estate |
|
1,471,894 |
|
|
|
1,426,847 |
|
|
|
1,368,112 |
|
|
7.6 |
% |
|
|
|
1,352,775 |
|
|
|
1,349,634 |
|
|
9.1 |
% |
|
One-to-four family ― |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
mixed-use property |
|
564,474 |
|
|
|
566,930 |
|
|
|
564,206 |
|
|
0.0 |
% |
|
|
|
556,723 |
|
|
|
556,906 |
|
|
1.4 |
% |
|
One-to-four family ― residential |
|
187,741 |
|
|
|
190,115 |
|
|
|
180,663 |
|
|
3.9 |
% |
|
|
|
177,578 |
|
|
|
181,213 |
|
|
3.6 |
% |
|
Co-operative apartments |
|
7,839 |
|
|
|
6,826 |
|
|
|
6,895 |
|
|
13.7 |
% |
|
|
|
7,035 |
|
|
|
7,069 |
|
|
10.9 |
% |
|
Construction |
|
33,826 |
|
|
|
23,887 |
|
|
|
8,479 |
|
|
298.9 |
% |
|
|
|
15,811 |
|
|
|
16,842 |
|
|
100.8 |
% |
|
Small Business Administration |
|
14,405 |
|
|
|
20,004 |
|
|
|
18,479 |
|
|
-22.0 |
% |
|
|
|
14,485 |
|
|
|
10,591 |
|
|
36.0 |
% |
|
Taxi medallion |
|
6,225 |
|
|
|
6,617 |
|
|
|
6,834 |
|
|
-8.9 |
% |
|
|
|
18,165 |
|
|
|
18,303 |
|
|
-66.0 |
% |
|
Commercial business and other |
|
783,904 |
|
|
|
768,440 |
|
|
|
732,973 |
|
|
6.9 |
% |
|
|
|
674,706 |
|
|
|
644,262 |
|
|
21.7 |
% |
|
Net unamortized premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and unearned loan fees |
|
15,647 |
|
|
|
16,395 |
|
|
|
16,763 |
|
|
-6.7 |
% |
|
|
|
16,925 |
|
|
|
17,217 |
|
|
-9.1 |
% |
|
Allowance for loan losses |
|
(20,220 |
) |
|
|
(20,542 |
) |
|
|
(20,351 |
) |
|
-0.6 |
% |
|
|
|
(25,269 |
) |
|
|
(22,157 |
) |
|
-8.7 |
% |
|
|
|
|
Net
loans |
$ |
5,313,587 |
|
|
$ |
5,292,322 |
|
|
$ |
5,156,648 |
|
|
3.0 |
% |
|
|
$ |
5,045,107 |
|
|
$ |
5,023,523 |
|
|
5.8 |
% |
|
Net Loans Activity
|
|
Three Months Ended |
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September, 30 |
|
June 30, |
|
(In thousands) |
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
Loans originated and purchased |
$ |
255,410 |
|
|
$ |
341,824 |
|
|
$ |
328,819 |
|
|
$ |
182,925 |
|
|
$ |
261,155 |
|
|
Principal reductions |
|
(226,030 |
) |
|
|
(202,059 |
) |
|
|
(209,400 |
) |
|
|
(155,007 |
) |
|
|
(143,195 |
) |
|
Loans transferred to held-for-sale |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(30,565 |
) |
|
Loans
sold |
|
|
(7,273 |
) |
|
|
(2,703 |
) |
|
|
(1,018 |
) |
|
|
(2,606 |
) |
|
|
(16,337 |
) |
|
Loan charged-offs |
|
(416 |
) |
|
|
(85 |
) |
|
|
(11,616 |
) |
|
|
(324 |
) |
|
|
(350 |
) |
|
Foreclosures |
|
|
- |
|
|
|
(744 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net change in deferred (fees) and costs |
|
(748 |
) |
|
|
(368 |
) |
|
|
(162 |
) |
|
|
(292 |
) |
|
|
381 |
|
|
Net change in the allowance for loan losses |
|
322 |
|
|
|
(191 |
) |
|
|
4,918 |
|
|
|
(3,112 |
) |
|
|
54 |
|
|
|
Total
loan activity |
$ |
21,265 |
|
|
$ |
135,674 |
|
|
$ |
111,541 |
|
|
$ |
21,584 |
|
|
$ |
71,143 |
|
|
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
NON-PERFORMING ASSETS and NET
CHARGE-OFFS |
(Unaudited) |
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
(Dollars in thousands) |
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
Loans 90 Days Or More Past Due |
|
|
|
|
|
|
|
|
|
|
|
and Still
Accruing: |
|
|
|
|
|
|
|
|
|
|
Multi-family residential |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
415 |
|
|
$ |
- |
|
Commercial
real estate |
|
|
- |
|
|
|
1,668 |
|
|
|
2,424 |
|
|
|
38 |
|
|
|
- |
|
One-to-four
family - mixed-use property |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
129 |
|
|
|
- |
|
Construction |
|
|
730 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
602 |
|
Taxi
medallion |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,147 |
|
|
|
727 |
|
|
Total |
|
|
730 |
|
|
|
1,668 |
|
|
|
2,424 |
|
|
|
1,729 |
|
|
|
1,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual Loans: |
|
|
|
|
|
|
|
|
|
|
Multi-family residential |
|
|
2,165 |
|
|
|
2,193 |
|
|
|
3,598 |
|
|
|
1,309 |
|
|
|
1,537 |
|
Commercial
real estate |
|
|
1,448 |
|
|
|
1,894 |
|
|
|
1,473 |
|
|
|
1,147 |
|
|
|
1,948 |
|
One-to-four
family - mixed-use property |
|
|
2,157 |
|
|
|
2,396 |
|
|
|
1,867 |
|
|
|
2,217 |
|
|
|
2,971 |
|
One-to-four
family - residential |
|
|
6,969 |
|
|
|
7,542 |
|
|
|
7,808 |
|
|
|
7,434 |
|
|
|
7,616 |
|
Co-operative apartments |
|
|
575 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Small
Business Administration |
|
|
- |
|
|
|
41 |
|
|
|
46 |
|
|
|
50 |
|
|
|
53 |
|
Taxi
medallion(1) |
|
|
743 |
|
|
|
906 |
|
|
|
918 |
|
|
|
- |
|
|
|
- |
|
Commercial
business and other |
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
5 |
|
|
Total |
|
|
14,059 |
|
|
|
14,972 |
|
|
|
15,710 |
|
|
|
12,161 |
|
|
|
14,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing Loans |
|
|
14,789 |
|
|
|
16,640 |
|
|
|
18,134 |
|
|
|
13,890 |
|
|
|
15,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Non-performing Assets: |
|
|
|
|
|
|
|
|
|
|
Real estate
acquired through foreclosure |
|
|
- |
|
|
|
638 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other asset
acquired through foreclosure |
|
|
35 |
|
|
|
106 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total |
|
|
35 |
|
|
|
744 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing Assets |
|
$ |
14,824 |
|
|
$ |
17,384 |
|
|
$ |
18,134 |
|
|
$ |
13,890 |
|
|
$ |
15,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets to Total Assets |
|
|
0.23 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
|
|
0.22 |
% |
|
|
0.25 |
% |
Allowance For Loan Losses to Non-performing
Loans |
|
|
136.7 |
% |
|
|
123.5 |
% |
|
|
112.2 |
% |
|
|
181.9 |
% |
|
|
143.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not included in the above analysis are troubled debt
restructured taxi medallion loans totaling $5.5 million in 2Q18,
$5.7 million in 1Q18, $5.9 million in 4Q17, $4.1 million in 3Q17
and $3.4 million in 2Q17.
Net Charge-Offs (Recoveries)
|
|
|
Three Months Ended |
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
(In thousands) |
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2017 |
|
|
Multi-family residential |
|
$ |
28 |
|
|
$ |
51 |
|
|
$ |
(1 |
) |
|
$ |
224 |
|
|
$ |
(53 |
) |
|
Commercial
real estate |
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
(25 |
) |
|
|
4 |
|
|
One-to-four
family – mixed-use property |
|
|
(79 |
) |
|
|
- |
|
|
|
(37 |
) |
|
|
1 |
|
|
|
(67 |
) |
|
One-to-four
family – residential |
|
|
(4 |
) |
|
|
(107 |
) |
|
|
212 |
|
|
|
(58 |
) |
|
|
170 |
|
|
Small
Business Administration |
|
|
18 |
|
|
|
19 |
|
|
|
109 |
|
|
|
(17 |
) |
|
|
14 |
|
|
Taxi
medallion |
|
|
353 |
|
|
|
- |
|
|
|
11,229 |
|
|
|
- |
|
|
|
- |
|
|
Commercial
business and other |
|
|
6 |
|
|
|
(1 |
) |
|
|
4 |
|
|
|
29 |
|
|
|
(14 |
) |
|
Total net loan charge-offs (recoveries) |
|
$ |
322 |
|
|
$ |
(38 |
) |
|
$ |
11,513 |
|
|
$ |
154 |
|
|
$ |
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Diluted EPS, Core ROAE, Core ROAA, tangible
book value per common share and core earnings before provision and
income taxes are each non-GAAP measures used in this
release. A reconciliation to the most directly comparable GAAP
financial measures appears in tabular form at the end of this
release. The Company believes that these measures are useful
for both investors and management to understand the effects of
certain non-interest items and provide an alternative view of the
Company's performance over time and in comparison to the Company's
competitors. These measures should not be viewed as a
substitute for net income. The Company believes that tangible
book value per common share is useful for both investors and
management as these are measures commonly used by financial
institutions, regulators and investors to measure the capital
adequacy of financial institutions. The Company believes these
measures facilitate comparison of the quality and composition of
the Company's capital over time and in comparison to its
competitors. These measures should not be viewed as a
substitute for total shareholders' equity.
These non-GAAP measures have inherent
limitations, are not required to be uniformly applied and are not
audited. They should not be considered in isolation or as a
substitute for analysis of results reported under GAAP. These
non-GAAP measures may not be comparable to similarly titled
measures reported by other companies.
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
RECONCILIATION OF GAAP EARNINGS and CORE
EARNINGS |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
March 31, |
June 30, |
|
June 30, |
June 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
before income taxes |
$ |
18,412 |
|
$ |
14,362 |
|
$ |
19,500 |
|
|
$ |
32,774 |
|
$ |
37,014 |
|
|
|
|
|
|
|
|
|
Net loss
from fair value adjustments |
|
267 |
|
|
100 |
|
|
1,159 |
|
|
|
367 |
|
|
1,537 |
|
Gain from
life insurance proceeds |
|
- |
|
|
(776 |
) |
|
(6 |
) |
|
|
(776 |
) |
|
(1,167 |
) |
|
|
|
|
|
|
|
|
Core income
before taxes |
|
18,679 |
|
|
13,686 |
|
|
20,653 |
|
|
|
32,365 |
|
|
37,384 |
|
|
|
|
|
|
|
|
|
Provision
for income taxes for core income |
|
4,573 |
|
|
2,982 |
|
|
7,129 |
|
|
|
7,555 |
|
|
12,149 |
|
|
|
|
|
|
|
|
|
Core net
income |
$ |
14,106 |
|
$ |
10,704 |
|
$ |
13,524 |
|
|
$ |
24,810 |
|
$ |
25,235 |
|
|
|
|
|
|
|
|
|
GAAP
diluted earnings per common share |
$ |
0.48 |
|
$ |
0.39 |
|
$ |
0.44 |
|
|
$ |
0.88 |
|
$ |
0.86 |
|
|
|
|
|
|
|
|
|
Net loss
from fair value adjustments, net of tax |
|
0.01 |
|
|
- |
|
|
0.02 |
|
|
|
0.01 |
|
|
0.04 |
|
Gain from
life insurance proceeds |
|
- |
|
|
(0.03 |
) |
|
- |
|
|
|
(0.03 |
) |
|
(0.04 |
) |
|
|
|
|
|
|
|
|
Core
diluted earnings per common share1 |
$ |
0.49 |
|
$ |
0.37 |
|
$ |
0.46 |
|
|
$ |
0.86 |
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net
income, as calculated above |
$ |
14,106 |
|
$ |
10,704 |
|
$ |
13,524 |
|
|
$ |
24,810 |
|
$ |
25,235 |
|
Average
assets |
|
6,484,882 |
|
|
6,403,396 |
|
|
6,218,072 |
|
|
|
6,444,364 |
|
|
6,193,596 |
|
Average
equity |
|
532,027 |
|
|
529,281 |
|
|
529,451 |
|
|
|
530,662 |
|
|
523,658 |
|
Core return
on average assets2 |
|
0.87 |
% |
|
0.67 |
% |
|
0.87 |
% |
|
|
0.77 |
% |
|
0.81 |
% |
Core return
on average equity2 |
|
10.61 |
% |
|
8.09 |
% |
|
10.22 |
% |
|
|
9.35 |
% |
|
9.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Core diluted earnings per common share may not foot
due to rounding. |
(2) Ratios are calculated on an annualized
basis. |
|
|
|
|
|
|
|
|
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES |
CALCULATION OF TANGIBLE
STOCKHOLDERS’ |
COMMON EQUITY to TANGIBLE ASSETS |
(Unaudited) |
|
|
|
|
|
|
|
June 30, |
December 31, |
June 30, |
(Dollars in thousands) |
|
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
Total Equity |
|
|
$ |
538,044 |
|
$ |
532,608 |
|
$ |
534,091 |
|
Less: |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
(16,127 |
) |
|
(16,127 |
) |
|
(16,127 |
) |
|
Intangible deferred tax liabilities |
|
|
|
291 |
|
|
291 |
|
|
391 |
|
|
|
Tangible Stockholders' Common Equity |
$ |
522,208 |
|
$ |
516,772 |
|
$ |
518,355 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
$ |
6,467,616 |
|
$ |
6,299,274 |
|
$ |
6,285,236 |
|
Less: |
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
(16,127 |
) |
|
(16,127 |
) |
|
(16,127 |
) |
|
Intangible deferred tax liabilities |
|
|
|
291 |
|
|
291 |
|
|
391 |
|
|
|
Tangible Assets |
|
|
$ |
6,451,780 |
|
$ |
6,283,438 |
|
$ |
6,269,500 |
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders' Common Equity to Tangible Assets |
|
8.09 |
% |
|
8.22 |
% |
|
8.27 |
% |
Flushing Financial (NASDAQ:FFIC)
過去 株価チャート
から 7 2024 まで 8 2024
Flushing Financial (NASDAQ:FFIC)
過去 株価チャート
から 8 2023 まで 8 2024