John R. Buran, President and CEO Commentary
UNIONDALE, N.Y., Oct. 26, 2021 (GLOBE NEWSWIRE) -- The Company
reported third quarter 2021 GAAP EPS of $0.81, up 62.0% YoY, ROAA
of 1.26% and ROAE of 15.42%. For the period, Core EPS of $0.88
increased 57.1% YoY with ROAA of 1.38% and ROAE of 16.88%. The
strong results were from the successful implementation of our
business strategy resulting in the sixth consecutive quarter of
record net interest income, a record loan pipeline, and the second
consecutive quarter of record core earnings.
“Loans, excluding SBA Payment Protection Program (“PPP”), were flat
QoQ but increased 12% YoY. The Company’s loan pipeline increased
35% YoY and 23% QoQ to record levels as the metro New York City
economy continues to normalize. Additionally, there have been eight
announced or recently closed bank mergers in the Long Island
market. The market has $328 billion of deposits and 18% or $60
billion involve a merger participant. As a leading community bank
in this market, Flushing Bank is poised to benefit from merger
disruption. The combination of an improving economy, broad based
and record loan pipelines, and merger disruption should lead to
positive loan growth into 2022.”
- John R. Buran, President and CEO |
Sixth Consecutive Quarter of Record Net Interest Income;
Favorable Outlook. Net interest income of $63.4 million
increased 27% YoY and 4% QoQ. NIM expanded 20 bps to 3.34% from
3.14% in 2Q21, while Core NIM increased by 13 bps to 3.27% during
the same period. NIM expansion was the result of cost of funds
declining 4 bps, while asset yields increased 15 bps, with 8 bps
due to the change in hedge fair values, increased purchase
accounting accretion, and net prepayment penalty income. The
funding mix improved with core deposits totaling 84% of average
deposits and average borrowings declined 37% YoY. Weighted average
rate on loan closings (ex PPP) rose 13 bps QoQ and the steeper
yield curve should have a positive impact on net interest income
over time.
Capital Target Achieved; Share Repurchase Activity
Resumes. Following the closing of the Empire acquisition
approximately one year ago, the Company announced the goal of a TCE
ratio of 8% or better by the end of 2021. This target was achieved
during 3Q21 even as the Company repurchased 285,643 shares of
common stock at an average price of $22.42 per share. Our capital
priorities remain to 1) profitabily grow the balance sheet, 2)
return dividends to shareholders, and 3) opportunistically
repurchase shares.
Key Financial
Metrics1 |
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3Q21 |
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2Q21 |
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1Q21 |
|
4Q20 |
|
3Q20 |
GAAP: |
|
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|
|
|
EPS |
|
$ |
0.81 |
|
|
|
$ |
0.61 |
|
$ |
0.60 |
|
$ |
0.11 |
|
$ |
0.50 |
ROAA
(%) |
|
|
1.26 |
|
|
|
|
0.93 |
|
|
0.93 |
|
|
0.18 |
|
|
0.81 |
ROAE
(%) |
|
|
15.42 |
|
|
|
|
11.95 |
|
|
12.29 |
|
|
2.27 |
|
|
9.94 |
NIM FTE
(%) |
|
|
3.34 |
|
|
|
|
3.14 |
|
|
3.18 |
|
|
3.08 |
|
|
3.00 |
Core: |
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EPS |
|
$ |
0.88 |
|
|
|
$ |
0.73 |
|
$ |
0.54 |
|
$ |
0.58 |
|
$ |
0.56 |
ROAA
(%) |
|
|
1.38 |
|
|
|
|
1.11 |
|
|
0.83 |
|
|
0.92 |
|
|
0.91 |
ROAE
(%) |
|
|
16.88 |
|
|
|
|
14.27 |
|
|
10.96 |
|
|
11.67 |
|
|
11.22 |
Core NIM
FTE (%) |
|
|
3.27 |
|
|
|
|
3.14 |
|
|
3.06 |
|
|
3.03 |
|
|
2.98 |
Efficiency Ratio (%) |
|
|
52.3 |
|
|
|
|
53.4 |
|
|
58.6 |
|
|
57.6 |
|
|
55.4 |
Credit Quality: |
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|
NPAs/Loans&REO (%) |
|
|
0.31 |
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|
|
0.26 |
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|
0.31 |
|
|
0.31 |
|
|
0.42 |
LLRs/Loans (%) |
|
|
0.55 |
|
|
|
|
0.64 |
|
|
0.67 |
|
|
0.67 |
|
|
0.65 |
LLRs/NPLs (%) |
|
|
179.86 |
|
|
|
|
242.55 |
|
|
212.87 |
|
|
214.27 |
|
|
154.66 |
NCOs/Avg
Loans (%) |
|
|
(0.04 |
) |
|
|
|
0.05 |
|
|
0.17 |
|
|
0.04 |
|
|
0.06 |
Balance Sheet: |
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Avg
Loans ($B) |
|
$ |
6.6 |
|
|
|
$ |
6.7 |
|
$ |
6.7 |
|
$ |
6.4 |
|
$ |
5.9 |
Avg Dep
($B) |
|
$ |
6.4 |
|
|
|
$ |
6.5 |
|
$ |
6.3 |
|
$ |
5.5 |
|
$ |
5.0 |
Book
Value/Share |
|
$ |
21.78 |
|
|
|
$ |
21.16 |
|
$ |
20.65 |
|
$ |
20.11 |
|
$ |
20.78 |
Tangible
BV/Share |
|
$ |
21.13 |
|
|
|
$ |
20.51 |
|
$ |
19.99 |
|
$ |
19.45 |
|
$ |
20.22 |
TCE/TA
(%) |
|
|
8.04 |
|
|
|
|
7.80 |
|
|
7.60 |
|
|
7.52 |
|
|
8.10 |
|
|
|
|
|
|
|
|
|
|
|
|
1 See “Reconciliation of GAAP Earnings and Core
Earnings” and “Reconciliation of GAAP Net Interest Margin to Core
and Base Net Interest Income and Net Interest Margin.”
-
Record net interest income up 3.8% QoQ and 26.9% YoY to $63.4
million, due to a decrease in funding costs and an increase in
asset yields from an increase in hedge fair values, purchase
accounting accretion, and net prepayment penalty income; core net
interest income was up 1.5% QoQ and 24.9% YoY to $62.1 million
-
Net interest margin FTE increased 20 bps QoQ and 34 bps YoY to
3.34%, and core net interest margin FTE was up 13 bps QoQ and 29
bps YoY to 3.27%; Core NIM expansion QoQ primarily was due to an
improvement in funding costs and a change in balance sheet mix
-
Period end loans, excluding PPP, were flat QoQ but increased 11.6%
YoY; loan closings were $243.9 million in 3Q21, down 24.8% QoQ but
up 56.8% YoY
-
Average deposits declined 1.6% QoQ, but increased 28.2% YoY to $6.4
billion, with core deposits 84% of total average deposits
-
Loan pipeline increased 34.7% YoY to a record $530.7 million
-
Benefit for credit losses was $6.9 million due to a better economic
outlook, strong LTVs, and improving credit metrics; net recoveries
were $0.6 million or 4 bps of average loans in 3Q21
-
NPAs increased 14.9% QoQ to $20.2 million, but down 18.6% YoY;
criticized and classified assets were down 0.4% QoQ to $68.9
million (representing 1.04% of loans)
-
Tangible Common Equity to Tangible Assets improved to 8.04% from
7.80% in 2Q21
-
Repurchased 285,643 shares at an average price of $22.42; dividends
and share repurchases were 51.2% of net income in 3Q21
Income Statement Highlights |
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Y/Y |
|
Q/Q |
($000s, except EPS) |
|
|
3Q21 |
|
|
2Q21 |
|
1Q21 |
|
4Q20 |
|
3Q20 |
|
Change |
|
Change |
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
Net Interest Income |
|
|
$ |
63,364 |
|
|
|
$ |
61,039 |
|
|
$ |
60,892 |
|
$ |
55,732 |
|
|
$ |
49,924 |
|
26.9 |
% |
|
3.8 |
% |
(Benefit) Provision for Credit
Losses |
|
|
|
(6,927 |
) |
|
|
|
(1,598 |
) |
|
|
2,820 |
|
|
3,862 |
|
|
|
2,470 |
|
(380.4 |
) |
|
333.5 |
|
Non-interest Income
(Loss) |
|
|
|
866 |
|
|
|
|
(3,210 |
) |
|
|
6,311 |
|
|
(1,181 |
) |
|
|
1,351 |
|
(35.9 |
) |
|
(127.0 |
) |
Non-interest Expense |
|
|
|
36,345 |
|
|
|
|
34,011 |
|
|
|
38,159 |
|
|
46,811 |
|
|
|
29,985 |
|
21.2 |
|
|
6.9 |
|
Income Before Income
Taxes |
|
|
|
34,812 |
|
|
|
|
25,416 |
|
|
|
26,224 |
|
|
3,878 |
|
|
|
18,820 |
|
85.0 |
|
|
37.0 |
|
Provision for Income Taxes |
|
|
|
9,399 |
|
|
|
|
6,158 |
|
|
|
7,185 |
|
|
417 |
|
|
|
4,489 |
|
109.4 |
|
|
52.6 |
|
Net Income |
|
|
$ |
25,413 |
|
|
|
$ |
19,258 |
|
|
$ |
19,039 |
|
$ |
3,461 |
|
|
$ |
14,331 |
|
77.3 |
|
|
32.0 |
|
Diluted EPS |
|
|
$ |
0.81 |
|
|
|
$ |
0.61 |
|
|
$ |
0.60 |
|
$ |
0.11 |
|
|
$ |
0.50 |
|
62.0 |
|
|
32.8 |
|
Avg. Diluted Shares
(000s) |
|
|
|
31,567 |
|
|
|
|
31,677 |
|
|
|
31,604 |
|
|
30,603 |
|
|
|
28,874 |
|
9.3 |
|
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Net
Income1 |
|
|
$ |
27,829 |
|
|
|
$ |
22,994 |
|
|
$ |
16,973 |
|
$ |
17,784 |
|
|
$ |
16,168 |
|
72.1 |
|
|
21.0 |
|
Core EPS1 |
|
|
$ |
0.88 |
|
|
|
$ |
0.73 |
|
|
$ |
0.54 |
|
$ |
0.58 |
|
|
$ |
0.56 |
|
57.1 |
|
|
20.5 |
|
1 See Reconciliation of GAAP Earnings
and Core Earnings
Net interest income totaled
$63.4 million in 3Q21 (an increase of 26.9% YoY and 3.8% QoQ),
$61.0 million in 2Q21, $60.9 million in 1Q21, $55.7 million in
4Q20, and $49.9 million in 3Q20.
- Net interest
margin, FTE (“NIM”) of 3.34%, increased 34 bps YoY and 20 bps QoQ;
PPP loans caused a 2 bps positive impact on the NIM in 3Q21,
neutral impact in 2Q21, and a drag of 4 bps in 1Q21, 3 bps in 4Q20,
and 2 bps in 3Q20
- Prepayment
penalty income from loans and securities, net reversals and
recoveries of interest from non-accrual loans, net gains and losses
from fair value adjustments on qualifying hedges, and purchase
accounting accretion totaled $3.4 million or 19 bps to the NIM
compared to $1.9 million (10 bps) in 2Q21, $3.3 million (17 bps) in
1Q21, $2.1 million (11 bps) in 4Q20, and $1.7 million (11 bps) in
3Q20, respectively
- Excluding the
items in the previous bullet, net interest margin was 3.15% in 3Q21
compared to 3.04% in 2Q21, 3.01% in 1Q21, 2.97% in 4Q20, and 2.89%
in 3Q20, or an increase of 26 bps YoY and 11 bps QoQ
- Net PPP loan
fees were $1.3 million in 3Q21, $1.2 million in 2Q21, $0.5 million
in 1Q21, $0.4 million in 4Q20, and $0.2 million in 3Q20
The Company recorded a benefit for
credit losses of $6.9 million in 3Q21
compared to $1.6 million in 2Q21, and provisions for credit losses
of $2.8 million in 1Q21, $3.9 million in 4Q20, and $2.5 million in
3Q20.
- 3Q21 benefit for
credit losses ($0.16 per share, net of tax) was driven by the
improving economic outlook supported by the low LTVs in the real
estate portfolio and low inherent risk in the total portfolio
- Net charge-offs
(recoveries) were $(0.6) million in 3Q21 ((4) bps of average
loans), $0.9 million in 2Q21 (5 bps), $2.9 million in 1Q21 (17
bps), $0.6 million in 4Q20 (4 bps), and $0.8 million in 3Q20 (6
bps)
Non-interest income (loss) was
$0.9 million in 3Q21, $(3.2) million in 2Q21, $6.3 million in 1Q21,
$(1.2) million in 4Q20 and $1.4 million in in 3Q20.
- Non-interest
income included net gains (losses) from fair value adjustments of
$(2.3) million in 3Q21 $(0.05) per share, net of tax, $(6.5)
million $(0.15) per share, net of tax in 2Q21, $1.0 million $0.02
per share, net of tax in 1Q21, $(4.1) million $(0.11) per share,
net of tax in 4Q20, and $(2.2) million $(0.06) per share, net of
tax in 3Q20
- Absent all above
items and other immaterial adjustments, core non-interest income
was $3.2 million in 3Q21, down 11.5% YoY, and 1.6% QoQ
Non-interest expense totaled
$36.3 million in 3Q21 (an increase of 21.2% YoY and 6.9% QoQ),
compared to $34.0 million in 2Q21, $38.2 million in 1Q21, $46.8
million in 4Q20, and $30.0 million in 3Q20.
- 3Q21
non-interest expense includes $2.1 million of pre-tax merger
charges ($0.05 per share, net of tax)
- 2Q21
non-interest expense includes $0.5 million of pre-tax merger
benefits primarily related to a refund received from a data
processing vendor ($(0.01) per share, net of tax)
- 1Q21
non-interest expense includes $1.0 million of pre-tax merger
charges ($0.02 per share, net of tax); 1Q21 includes $3.3 million
of seasonal compensation expense
- 4Q20
non-interest expense includes $5.3 million pre-tax merger charges
($0.14 per share, net of tax) and $7.8 million pre-tax debt
prepayment penalties ($0.20 per share, net of tax)
- 3Q20
non-interest expense includes merger charges of $0.4 million ($0.01
per share, net of tax)
- Excluding the
above items and other immaterial adjustments, core operating
expenses were $34.1 million in 3Q21, up 15.4% YoY, but down 0.7%
QoQ
- The efficiency
ratio was 52.3% in 3Q21, 53.4% in 2Q21, 58.6% in 1Q21, 57.6% in
4Q20, and 55.4% in 3Q20
The provision for income taxes
was $9.4 million in 3Q21, compared to $6.2 million in 2Q21, $7.2
million in 1Q21, $0.4 million in 4Q20, and $4.5 million in
3Q20.
- The effective
tax rate was 27.0% in 3Q21, 24.2% in 2Q21, 27.4% in 1Q21, 10.8% in
4Q20, and 23.9% in 3Q20
- The 2Q21
effective tax rate includes $0.8 million benefit from a state tax
rate change; absent this benefit the effective tax rate would have
been 27.2%
Balance Sheet, Credit Quality, and Capital
Highlights |
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|
|
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|
|
|
|
Y/Y |
|
Q/Q |
($000s,
except per share data) |
|
3Q21 |
|
|
2Q21 |
|
1Q21 |
|
4Q20 |
|
3Q20 |
|
Change |
|
Change |
Average Loans And Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
6,633 |
|
|
$ |
6,687 |
|
$ |
6,700 |
|
$ |
6,376 |
|
$ |
5,904 |
|
12.3 |
% |
|
(0.8 |
)% |
Deposits |
|
|
6,408 |
|
|
|
6,511 |
|
|
6,285 |
|
|
5,515 |
|
|
4,999 |
|
28.2 |
|
|
(1.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans |
|
$ |
20,217 |
|
|
$ |
17,592 |
|
$ |
21,186 |
|
$ |
21,073 |
|
$ |
24,792 |
|
(18.5 |
)% |
|
14.9 |
% |
Nonperforming Assets |
|
|
20,217 |
|
|
|
17,592 |
|
|
21,221 |
|
|
21,108 |
|
|
24,827 |
|
(18.6 |
) |
|
14.9 |
|
Criticized and Classified Assets |
|
|
68,913 |
|
|
|
69,161 |
|
|
63,130 |
|
|
71,691 |
|
|
42,181 |
|
63.4 |
|
|
(0.4 |
) |
Allowance for Credit Losses/Loans (%) |
|
|
0.55 |
|
|
|
0.64 |
|
|
0.67 |
|
|
0.67 |
|
|
0.65 |
|
(10 |
)bps |
|
(9 |
)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value/Share |
|
$ |
21.78 |
|
|
$ |
21.16 |
|
$ |
20.65 |
|
$ |
20.11 |
|
$ |
20.78 |
|
4.8 |
% |
|
2.9 |
% |
Tangible
Book Value/Share |
|
|
21.13 |
|
|
|
20.51 |
|
|
19.99 |
|
|
19.45 |
|
|
20.22 |
|
4.5 |
|
|
3.0 |
|
Tang.
Common Equity/Tang. Assets (%) |
|
|
8.04 |
|
|
|
7.80 |
|
|
7.60 |
|
|
7.52 |
|
|
8.10 |
|
(6 |
)bps |
|
24 |
bps |
Leverage
Ratio (%) |
|
|
8.83 |
|
|
|
8.50 |
|
|
8.44 |
|
|
8.38 |
|
|
9.03 |
|
(20 |
) |
|
33 |
|
Average loans were $6.6
billion, an increase of 12.4% YoY, but a decline of 0.8% QoQ.
- Total loan
closings were $243.9 million in 3Q21, $324.4 million in 2Q21,
$322.9 million in 1Q21, $316.0 million in 4Q20, and $155.6 million
in 3Q20
- The loan
pipeline increased to a record $530.7 million at September 30,
2021, up 34.7% YoY and 22.7% QoQ
- PPP loans were
$130.8 million at 3Q21, $197.3 million at 2Q21, $251.0 million at
1Q21, $151.9 million at 4Q20, and $111.6 million at 3Q20; forgiven
PPP loans were $66.5 million in 3Q21, $69.2 million in 2Q21 and
$24.1 million in 1Q21; unamortized net PPP fees were $3.2 million
at September 30, 2021
- Period end
loans, excluding PPP loans, totaled $6.5 billion, up 11.6% YoY and
flat QoQ
Average Deposits totaled $6.4
billion, increasing 28.2% YoY, but down 1.6% QoQ.
- Average core
deposits (non-CD deposits) increased to 83.8% of total average
deposits (including escrow deposits) in 3Q21, compared to 77.9% a
year ago
- Average
non-interest bearing deposits increased 58.3% YoY and 1.1% QoQ and
comprised 14.6% of total average deposits (including escrow
deposits) in 3Q21 compared to 11.8% a year ago
Credit Quality; Non-performing
loans totaled $20.2 million in 3Q21, $17.6 million in 2Q21, $21.2
million in 1Q21, $21.1 million in 4Q20 and $24.8 million in
3Q20.
- Non-performing
assets totaled $20.2 million, down 18.6% YoY, but up 14.9% QoQ
- Criticized and
classified assets totaled $68.9 million in 3Q21 (104 bps of loans),
$69.2 million at 2Q21 (103 bps), $63.1 million at 1Q21 (94 bps),
$71.7 million at 4Q20 (107 bps), and $42.2 million at 3Q20 (71
bps)
- Loans classified
as troubled debt restructured (TDR) totaled $13.1 million compared
to $15.5 million in 2Q21 and $5.1 million a year ago
- Active COVID-19
forbearances totaled 38 loans with a principal balance of $162.0
million at September 30, 2021, with $121.8 million making interest
payments and only $40.2 million (0.6% of loans) with full payment
deferrals; over 57% of the forbearances are scheduled to exit
forbearance by year end 2021
- Over 87% of
gross loans are collateralized by real estate and these loans have
an average loan-to-value ratio of <38% as of September 30,
2021
- Allowance for
credit losses were 0.55% of loans at 3Q21 compared to 0.64% at 2Q21
and 0.65% a year ago
- Allowance for
credit losses were 179.9% of nonperforming loans at 3Q21 compared
to 154.7% a year ago
Capital; Book value per common
share increased to $21.78 at 3Q21 compared to $21.16 at 2Q21,
$20.65 at 1Q21, $20.11 at 4Q20, and $20.78 at 3Q20; tangible book
value per common share, a non-GAAP measure, was $21.13 at 3Q21,
$20.51 at 2Q21, $19.99 at 1Q21, $19.45 in 4Q20, and $20.22 in
3Q20.
- The Company paid
a dividend of $0.21 per share in 3Q21
- 285,643 shares
were repurchased at an average price of $22.42 in 3Q21
- As of the end of
3Q21, 999,163 shares remain subject to repurchase under the
authorized stock repurchase program, which has no expiration or
maximum dollar limit
- Tangible common
equity to tangible assets was 8.04% at 3Q21 compared to 8.10% a
year ago
- The Company and
the Bank remain well capitalized under all applicable regulatory
requirements
- The leverage
ratio was 8.83% in 3Q21 versus 9.03% in 3Q20
Conference Call Information And Fourth Quarter Earnings
Release Date |
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, October 27, 2021, at 9:30 AM (ET) to
discuss the Company’s third quarter 2021 results and strategy.
- Dial-in for Live
Call: 1-877-509-5836; Canada 855-669-9657
-
Webcast: https://services.choruscall.com/links/ffic211027.html
- Dial-in for
Replay: 1-877-344-7529; Canada 855-669-9658
- Replay Access
Code: 10151674
- The conference
call will be simultaneously webcast and archived through
October 27, 2022
Fourth Quarter 2021 Earnings Release
Date:
The Company plans to release Fourth Quarter 2021
and full year 2021 financial results after the market close on
January 27, 2022; followed by a conference call at 9:30 AM (ET) on
January 28, 2022.
A detailed announcement will be issued prior to
the fourth quarter’s close confirming the date and time of the
earnings release.
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 on 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®, an
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.
Flushing Financial Corporation’s earnings release and presentation
slides will be available prior to the conference call at www.flushingbank.com under
Investor Relations.
“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, 2020 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.
Investor Contact: Susan K. Cullen, SEVP, CFO and
Treasurer, 718-961-5400
Tag: FF
- Statistical Tables
Follow -
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
|
|
At or for the three months ended |
|
|
At or for the nine months ended |
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
September 30, |
|
(Dollars in thousands,
except per share data) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
|
Performance
Ratios (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.26 |
% |
|
|
0.93 |
% |
|
|
0.93 |
% |
|
|
0.18 |
% |
|
|
0.81 |
% |
|
|
|
1.04 |
% |
|
0.58 |
% |
Return on average equity |
|
|
15.42 |
|
|
|
11.95 |
|
|
|
12.29 |
|
|
|
2.27 |
|
|
|
9.94 |
|
|
|
|
13.24 |
|
|
7.30 |
|
Yield on average
interest-earning assets (2) |
|
|
3.84 |
|
|
|
3.69 |
|
|
|
3.77 |
|
|
|
3.82 |
|
|
|
3.84 |
|
|
|
|
3.77 |
|
|
3.88 |
|
Cost of average
interest-bearing liabilities |
|
|
0.61 |
|
|
|
0.66 |
|
|
|
0.69 |
|
|
|
0.86 |
|
|
|
0.98 |
|
|
|
|
0.65 |
|
|
1.27 |
|
Cost of funds |
|
|
0.53 |
|
|
|
0.57 |
|
|
|
0.61 |
|
|
|
0.77 |
|
|
|
0.89 |
|
|
|
|
0.57 |
|
|
1.16 |
|
Net interest rate spread
during period (2) |
|
|
3.23 |
|
|
|
3.03 |
|
|
|
3.08 |
|
|
|
2.96 |
|
|
|
2.86 |
|
|
|
|
3.12 |
|
|
2.61 |
|
Net interest margin
(2) |
|
|
3.34 |
|
|
|
3.14 |
|
|
|
3.18 |
|
|
|
3.08 |
|
|
|
3.00 |
|
|
|
|
3.22 |
|
|
2.77 |
|
Non-interest expense to
average assets |
|
|
1.80 |
|
|
|
1.65 |
|
|
|
1.87 |
|
|
|
2.43 |
|
|
|
1.69 |
|
|
|
|
1.77 |
|
|
1.70 |
|
Efficiency ratio
(3) |
|
|
52.28 |
|
|
|
53.38 |
|
|
|
58.58 |
|
|
|
57.56 |
|
|
|
55.37 |
|
|
|
|
54.72 |
|
|
59.12 |
|
Average interest-earning
assets to average interest-bearing liabilities |
|
|
1.21 |
X |
|
|
1.19 |
X |
|
|
1.18 |
X |
|
|
1.17 |
X |
|
|
1.16 |
X |
|
|
|
1.19 |
X |
|
1.15 |
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans, net |
|
$ |
6,633,301 |
|
|
$ |
6,686,888 |
|
|
$ |
6,700,476 |
|
|
$ |
6,375,516 |
|
|
$ |
5,904,051 |
|
|
|
$ |
6,673,309 |
|
$ |
5,881,858 |
|
Total interest-earning
assets |
|
|
7,608,317 |
|
|
|
7,790,174 |
|
|
|
7,667,217 |
|
|
|
7,243,472 |
|
|
|
6,675,896 |
|
|
|
|
7,688,354 |
|
|
6,734,979 |
|
Total assets |
|
|
8,072,918 |
|
|
|
8,263,553 |
|
|
|
8,147,714 |
|
|
|
7,705,407 |
|
|
|
7,083,028 |
|
|
|
|
8,161,121 |
|
|
7,131,850 |
|
Total due to depositors |
|
|
5,406,423 |
|
|
|
5,495,936 |
|
|
|
5,363,647 |
|
|
|
4,708,760 |
|
|
|
4,353,560 |
|
|
|
|
5,422,158 |
|
|
4,442,202 |
|
Total interest-bearing
liabilities |
|
|
6,310,859 |
|
|
|
6,532,891 |
|
|
|
6,477,871 |
|
|
|
6,169,574 |
|
|
|
5,731,899 |
|
|
|
|
6,439,928 |
|
|
5,865,045 |
|
Stockholders' equity |
|
|
659,288 |
|
|
|
644,690 |
|
|
|
619,647 |
|
|
|
609,463 |
|
|
|
576,512 |
|
|
|
|
641,354 |
|
|
570,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
(4) |
|
$ |
21.78 |
|
|
$ |
21.16 |
|
|
$ |
20.65 |
|
|
$ |
20.11 |
|
|
$ |
20.78 |
|
|
|
$ |
21.78 |
|
$ |
20.78 |
|
Tangible book value per common
share (5) |
|
$ |
21.13 |
|
|
$ |
20.51 |
|
|
$ |
19.99 |
|
|
$ |
19.45 |
|
|
$ |
20.22 |
|
|
|
$ |
21.13 |
|
$ |
20.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
$ |
668,096 |
|
|
$ |
655,167 |
|
|
$ |
639,201 |
|
|
$ |
618,997 |
|
|
$ |
586,406 |
|
|
|
$ |
668,096 |
|
$ |
586,406 |
|
Tangible stockholders'
equity |
|
|
648,039 |
|
|
|
634,959 |
|
|
|
618,839 |
|
|
|
598,476 |
|
|
|
570,571 |
|
|
|
|
648,039 |
|
|
570,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Regulatory Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital |
|
$ |
711,276 |
|
|
$ |
697,591 |
|
|
$ |
679,343 |
|
|
$ |
662,987 |
|
|
$ |
630,380 |
|
|
|
$ |
711,276 |
|
$ |
630,380 |
|
Common equity Tier 1
capital |
|
|
661,340 |
|
|
|
649,367 |
|
|
|
636,071 |
|
|
|
621,247 |
|
|
|
593,344 |
|
|
|
|
661,340 |
|
|
593,344 |
|
Total risk-based capital |
|
|
832,255 |
|
|
|
823,494 |
|
|
|
806,922 |
|
|
|
794,034 |
|
|
|
740,499 |
|
|
|
|
832,255 |
|
|
740,499 |
|
Risk Weighted Assets |
|
|
6,194,207 |
|
|
|
6,344,076 |
|
|
|
6,281,136 |
|
|
|
6,287,598 |
|
|
|
5,381,938 |
|
|
|
|
6,194,207 |
|
|
5,381,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
(well capitalized = 5%) |
|
|
8.83 |
% |
|
|
8.50 |
% |
|
|
8.44 |
% |
|
|
8.38 |
% |
|
|
9.03 |
% |
|
|
|
8.83 |
% |
|
9.03 |
% |
Common equity Tier 1
risk-based capital (well capitalized = 6.5%) |
|
|
10.68 |
|
|
|
10.24 |
|
|
|
10.13 |
|
|
|
9.88 |
|
|
|
11.02 |
|
|
|
|
10.68 |
|
|
11.02 |
|
Tier 1 risk-based capital
(well capitalized = 8.0%) |
|
|
11.48 |
|
|
|
11.00 |
|
|
|
10.82 |
|
|
|
10.54 |
|
|
|
11.71 |
|
|
|
|
11.48 |
|
|
11.71 |
|
Total risk-based capital
(well capitalized = 10.0%) |
|
|
13.44 |
|
|
|
12.98 |
|
|
|
12.85 |
|
|
|
12.63 |
|
|
|
13.76 |
|
|
|
|
13.44 |
|
|
13.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity to average
assets |
|
|
8.17 |
% |
|
|
7.80 |
% |
|
|
7.61 |
% |
|
|
7.91 |
% |
|
|
8.14 |
% |
|
|
|
7.86 |
% |
|
8.00 |
% |
Equity to total assets |
|
|
8.27 |
|
|
|
8.03 |
|
|
|
7.83 |
|
|
|
7.76 |
|
|
|
8.30 |
|
|
|
|
8.27 |
|
|
8.30 |
|
Tangible common equity to
tangible assets (6) |
|
|
8.04 |
|
|
|
7.80 |
|
|
|
7.60 |
|
|
|
7.52 |
|
|
|
8.10 |
|
|
|
|
8.04 |
|
|
8.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(7) |
|
$ |
18,292 |
|
|
$ |
17,391 |
|
|
$ |
18,604 |
|
|
$ |
18,325 |
|
|
$ |
24,792 |
|
|
|
$ |
18,292 |
|
$ |
24,792 |
|
Non-performing loans |
|
|
20,217 |
|
|
|
17,592 |
|
|
|
21,186 |
|
|
|
21,073 |
|
|
|
24,792 |
|
|
|
|
20,217 |
|
|
24,792 |
|
Non-performing assets |
|
|
20,217 |
|
|
|
17,592 |
|
|
|
21,221 |
|
|
|
21,108 |
|
|
|
24,827 |
|
|
|
|
20,217 |
|
|
24,827 |
|
Net charge-offs
(recoveries) |
|
|
(619 |
) |
|
|
902 |
|
|
|
2,865 |
|
|
|
646 |
|
|
|
837 |
|
|
|
|
3,148 |
|
|
2,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans to gross
loans |
|
|
0.31 |
% |
|
|
0.26 |
% |
|
|
0.31 |
% |
|
|
0.31 |
% |
|
|
0.42 |
% |
|
|
|
0.31 |
% |
|
0.42 |
% |
Non-performing assets to total
assets |
|
|
0.25 |
|
|
|
0.22 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.35 |
|
|
|
|
0.25 |
|
|
0.35 |
|
Allowance for loan losses to
gross loans |
|
|
0.55 |
|
|
|
0.64 |
|
|
|
0.67 |
|
|
|
0.67 |
|
|
|
0.65 |
|
|
|
|
0.55 |
|
|
0.65 |
|
Allowance for loan losses
to
non-performing assets |
|
|
179.86 |
|
|
|
242.55 |
|
|
|
212.52 |
|
|
|
213.91 |
|
|
|
154.44 |
|
|
|
|
179.86 |
|
|
154.44 |
|
Allowance for loan losses
to
non-performing loans |
|
|
179.86 |
|
|
|
242.55 |
|
|
|
212.87 |
|
|
|
214.27 |
|
|
|
154.66 |
|
|
|
|
179.86 |
|
|
154.66 |
|
Net charge-offs (recoveries)
to average loans |
|
|
(0.04 |
) |
|
|
0.05 |
|
|
|
0.17 |
|
|
|
0.04 |
|
|
|
0.06 |
|
|
|
|
0.06 |
|
|
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-service customer
facilities |
|
|
24 |
|
|
|
25 |
|
|
|
25 |
|
|
|
25 |
|
|
|
20 |
|
|
|
|
24 |
|
|
20 |
|
(See footnotes on next page)
(1) Ratios are presented on an
annualized basis, where appropriate.
(2) Yields are calculated on the tax equivalent
basis using the statutory federal income tax rate of 21% for the
periods presented.
(3) Efficiency ratio, a non-GAAP measure, was calculated
by dividing non-interest expense (excluding merger expense, OREO
expense, prepayment penalty on borrowings, the net gain/loss from
the sale of OREO and net amortization of purchase accounting
adjustments) by the total of net interest income (excluding net
gains and losses from fair value adjustments on qualifying hedges
and net amortization of purchase accounting adjustments) and
non-interest income (excluding life insurance proceeds, net gains
and losses from the sale or disposition of securities, assets and
fair value adjustments).
(4) Calculated by dividing
stockholders’ equity by shares outstanding.
(5) 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”.
(6) See “Calculation of Tangible Stockholders’
Common Equity to Tangible Assets”.
(7) Excludes performing non-accrual TDR loans.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
For the three months ended |
|
|
For the nine months ended |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
September 30, |
(In thousands, except
per share data) |
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
Interest and
Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
69,198 |
|
|
$ |
67,999 |
|
|
$ |
69,021 |
|
|
$ |
66,120 |
|
|
$ |
60,367 |
|
|
|
$ |
206,218 |
|
|
$ |
182,033 |
|
Interest and dividends on
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
3,706 |
|
|
|
3,685 |
|
|
|
3,072 |
|
|
|
2,813 |
|
|
|
3,525 |
|
|
|
|
10,463 |
|
|
|
12,963 |
|
Dividends |
|
7 |
|
|
|
7 |
|
|
|
8 |
|
|
|
8 |
|
|
|
9 |
|
|
|
|
22 |
|
|
|
35 |
|
Other interest income |
|
42 |
|
|
|
51 |
|
|
|
36 |
|
|
|
30 |
|
|
|
13 |
|
|
|
|
129 |
|
|
|
325 |
|
Total interest and dividend income |
|
72,953 |
|
|
|
71,742 |
|
|
|
72,137 |
|
|
|
68,971 |
|
|
|
63,914 |
|
|
|
|
216,832 |
|
|
|
195,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
4,705 |
|
|
|
5,539 |
|
|
|
6,105 |
|
|
|
6,470 |
|
|
|
7,093 |
|
|
|
|
16,349 |
|
|
|
35,842 |
|
Other interest expense |
|
4,884 |
|
|
|
5,164 |
|
|
|
5,140 |
|
|
|
6,769 |
|
|
|
6,897 |
|
|
|
|
15,188 |
|
|
|
20,047 |
|
Total interest expense |
|
9,589 |
|
|
|
10,703 |
|
|
|
11,245 |
|
|
|
13,239 |
|
|
|
13,990 |
|
|
|
|
31,537 |
|
|
|
55,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
63,364 |
|
|
|
61,039 |
|
|
|
60,892 |
|
|
|
55,732 |
|
|
|
49,924 |
|
|
|
|
185,295 |
|
|
|
139,467 |
|
(Benefit) provision for credit
losses |
|
(6,927 |
) |
|
|
(1,598 |
) |
|
|
2,820 |
|
|
|
3,862 |
|
|
|
2,470 |
|
|
|
|
(5,705 |
) |
|
|
19,267 |
|
Net Interest Income
After
(Benefit) Provision for Credit Losses |
|
70,291 |
|
|
|
62,637 |
|
|
|
58,072 |
|
|
|
51,870 |
|
|
|
47,454 |
|
|
|
|
191,000 |
|
|
|
120,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income
(Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking services fee
income |
|
865 |
|
|
|
1,233 |
|
|
|
2,725 |
|
|
|
1,442 |
|
|
|
1,316 |
|
|
|
|
4,823 |
|
|
|
3,058 |
|
Net gain (loss) on sale of
securities |
|
(10 |
) |
|
|
123 |
|
|
|
— |
|
|
|
(610 |
) |
|
|
— |
|
|
|
|
113 |
|
|
|
(91 |
) |
Net gain on sale of loans |
|
131 |
|
|
|
127 |
|
|
|
31 |
|
|
|
6 |
|
|
|
— |
|
|
|
|
289 |
|
|
|
42 |
|
Net gain on disposition of
assets |
|
— |
|
|
|
— |
|
|
|
621 |
|
|
|
— |
|
|
|
— |
|
|
|
|
621 |
|
|
|
— |
|
Net gain (loss) from fair
value adjustments |
|
(2,289 |
) |
|
|
(6,548 |
) |
|
|
982 |
|
|
|
(4,129 |
) |
|
|
(2,225 |
) |
|
|
|
(7,855 |
) |
|
|
1,987 |
|
Federal Home Loan Bank
of New York stock dividends |
|
491 |
|
|
|
500 |
|
|
|
689 |
|
|
|
734 |
|
|
|
874 |
|
|
|
|
1,680 |
|
|
|
2,719 |
|
Life insurance proceeds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
659 |
|
Bank owned life insurance |
|
1,015 |
|
|
|
1,009 |
|
|
|
997 |
|
|
|
1,016 |
|
|
|
923 |
|
|
|
|
3,021 |
|
|
|
2,798 |
|
Other income |
|
663 |
|
|
|
346 |
|
|
|
266 |
|
|
|
360 |
|
|
|
463 |
|
|
|
|
1,275 |
|
|
|
1,052 |
|
Total non-interest income (loss) |
|
866 |
|
|
|
(3,210 |
) |
|
|
6,311 |
|
|
|
(1,181 |
) |
|
|
1,351 |
|
|
|
|
3,967 |
|
|
|
12,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
20,544 |
|
|
|
19,879 |
|
|
|
22,664 |
|
|
|
22,089 |
|
|
|
17,335 |
|
|
|
|
63,087 |
|
|
|
52,139 |
|
Occupancy and equipment |
|
3,534 |
|
|
|
3,522 |
|
|
|
3,367 |
|
|
|
3,446 |
|
|
|
3,021 |
|
|
|
|
10,423 |
|
|
|
8,688 |
|
Professional services |
|
1,899 |
|
|
|
1,988 |
|
|
|
2,400 |
|
|
|
2,463 |
|
|
|
2,064 |
|
|
|
|
6,287 |
|
|
|
6,911 |
|
FDIC deposit insurance |
|
618 |
|
|
|
729 |
|
|
|
1,213 |
|
|
|
562 |
|
|
|
727 |
|
|
|
|
2,560 |
|
|
|
2,114 |
|
Data processing |
|
1,759 |
|
|
|
1,419 |
|
|
|
2,109 |
|
|
|
3,411 |
|
|
|
1,668 |
|
|
|
|
5,287 |
|
|
|
5,175 |
|
Depreciation and
amortization |
|
1,627 |
|
|
|
1,638 |
|
|
|
1,639 |
|
|
|
1,579 |
|
|
|
1,542 |
|
|
|
|
4,904 |
|
|
|
4,633 |
|
Other real estate
owned/foreclosure
(recoveries) expense |
|
182 |
|
|
|
22 |
|
|
|
(10 |
) |
|
|
95 |
|
|
|
240 |
|
|
|
|
194 |
|
|
|
121 |
|
Prepayment penalty on
borrowings |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,834 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Other operating expenses |
|
6,182 |
|
|
|
4,814 |
|
|
|
4,777 |
|
|
|
5,332 |
|
|
|
3,388 |
|
|
|
|
15,773 |
|
|
|
11,339 |
|
Total non-interest expense |
|
36,345 |
|
|
|
34,011 |
|
|
|
38,159 |
|
|
|
46,811 |
|
|
|
29,985 |
|
|
|
|
108,515 |
|
|
|
91,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
34,812 |
|
|
|
25,416 |
|
|
|
26,224 |
|
|
|
3,878 |
|
|
|
18,820 |
|
|
|
|
86,452 |
|
|
|
41,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
6,410 |
|
|
|
4,857 |
|
|
|
5,071 |
|
|
|
533 |
|
|
|
3,359 |
|
|
|
|
16,338 |
|
|
|
8,655 |
|
State and local |
|
2,989 |
|
|
|
1,301 |
|
|
|
2,114 |
|
|
|
(116 |
) |
|
|
1,130 |
|
|
|
|
6,404 |
|
|
|
1,436 |
|
Total taxes |
|
9,399 |
|
|
|
6,158 |
|
|
|
7,185 |
|
|
|
417 |
|
|
|
4,489 |
|
|
|
|
22,742 |
|
|
|
10,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
25,413 |
|
|
$ |
19,258 |
|
|
$ |
19,039 |
|
|
$ |
3,461 |
|
|
$ |
14,331 |
|
|
|
$ |
63,710 |
|
|
$ |
31,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
$ |
0.81 |
|
|
$ |
0.61 |
|
|
$ |
0.60 |
|
|
$ |
0.11 |
|
|
$ |
0.50 |
|
|
|
$ |
2.02 |
|
|
$ |
1.08 |
|
Diluted earnings per common
share |
$ |
0.81 |
|
|
$ |
0.61 |
|
|
$ |
0.60 |
|
|
$ |
0.11 |
|
|
$ |
0.50 |
|
|
|
$ |
2.02 |
|
|
$ |
1.08 |
|
Dividends per common
share |
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
|
$ |
0.63 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic average shares |
|
31,567 |
|
|
|
31,677 |
|
|
|
31,604 |
|
|
|
30,603 |
|
|
|
28,874 |
|
|
|
|
31,616 |
|
|
|
28,865 |
|
Diluted average shares |
|
31,567 |
|
|
|
31,677 |
|
|
|
31,604 |
|
|
|
30,603 |
|
|
|
28,874 |
|
|
|
|
31,616 |
|
|
|
28,865 |
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
(Dollars in
thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
178,598 |
|
|
$ |
145,971 |
|
|
$ |
174,420 |
|
|
$ |
157,388 |
|
|
$ |
75,560 |
|
Securities
held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
7,899 |
|
|
|
7,904 |
|
|
|
7,909 |
|
|
|
7,914 |
|
|
|
7,919 |
|
Other securities |
|
|
49,989 |
|
|
|
49,986 |
|
|
|
49,912 |
|
|
|
49,918 |
|
|
|
50,252 |
|
Securities available for
sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
584,145 |
|
|
|
596,661 |
|
|
|
518,781 |
|
|
|
404,460 |
|
|
|
386,235 |
|
Other securities |
|
|
212,654 |
|
|
|
224,784 |
|
|
|
242,440 |
|
|
|
243,514 |
|
|
|
234,721 |
|
Loans |
|
|
6,630,354 |
|
|
|
6,718,806 |
|
|
|
6,745,316 |
|
|
|
6,704,674 |
|
|
|
5,941,398 |
|
Allowance for loan losses |
|
|
(36,363 |
) |
|
|
(42,670 |
) |
|
|
(45,099 |
) |
|
|
(45,153 |
) |
|
|
(38,343 |
) |
Net loans |
|
|
6,593,991 |
|
|
|
6,676,136 |
|
|
|
6,700,217 |
|
|
|
6,659,521 |
|
|
|
5,903,055 |
|
Interest and dividends
receivable |
|
|
40,912 |
|
|
|
43,803 |
|
|
|
44,941 |
|
|
|
44,041 |
|
|
|
36,068 |
|
Bank premises and equipment,
net |
|
|
24,018 |
|
|
|
26,438 |
|
|
|
27,498 |
|
|
|
28,179 |
|
|
|
25,766 |
|
Federal Home Loan Bank of New
York stock |
|
|
36,158 |
|
|
|
41,630 |
|
|
|
41,498 |
|
|
|
43,439 |
|
|
|
57,119 |
|
Bank owned life insurance |
|
|
184,730 |
|
|
|
183,715 |
|
|
|
182,707 |
|
|
|
181,710 |
|
|
|
158,701 |
|
Goodwill |
|
|
17,636 |
|
|
|
17,636 |
|
|
|
17,636 |
|
|
|
17,636 |
|
|
|
16,127 |
|
Core deposit intangibles |
|
|
2,708 |
|
|
|
2,859 |
|
|
|
3,013 |
|
|
|
3,172 |
|
|
|
— |
|
Right of use asset |
|
|
50,155 |
|
|
|
51,972 |
|
|
|
53,802 |
|
|
|
50,743 |
|
|
|
42,326 |
|
Other assets |
|
|
93,741 |
|
|
|
89,850 |
|
|
|
94,410 |
|
|
|
84,759 |
|
|
|
69,207 |
|
Total assets |
|
$ |
8,077,334 |
|
|
$ |
8,159,345 |
|
|
$ |
8,159,184 |
|
|
$ |
7,976,394 |
|
|
$ |
7,063,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
6,421,391 |
|
|
$ |
6,298,790 |
|
|
$ |
6,326,577 |
|
|
$ |
6,090,733 |
|
|
$ |
4,906,359 |
|
Mortgagors' escrow
deposits |
|
|
67,207 |
|
|
|
58,230 |
|
|
|
74,348 |
|
|
|
45,622 |
|
|
|
57,136 |
|
Borrowed funds |
|
|
752,925 |
|
|
|
971,827 |
|
|
|
948,920 |
|
|
|
1,020,895 |
|
|
|
1,323,975 |
|
Operating lease liability |
|
|
54,239 |
|
|
|
56,151 |
|
|
|
58,080 |
|
|
|
59,100 |
|
|
|
49,737 |
|
Other liabilities |
|
|
113,476 |
|
|
|
119,180 |
|
|
|
112,058 |
|
|
|
141,047 |
|
|
|
139,443 |
|
Total liabilities |
|
|
7,409,238 |
|
|
|
7,504,178 |
|
|
|
7,519,983 |
|
|
|
7,357,397 |
|
|
|
6,476,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock (5,000,000
shares authorized; none issued) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock ($0.01 par value;
100,000,000 shares authorized) |
|
|
341 |
|
|
|
341 |
|
|
|
341 |
|
|
|
341 |
|
|
|
315 |
|
Additional paid-in
capital |
|
|
262,009 |
|
|
|
260,958 |
|
|
|
260,019 |
|
|
|
261,533 |
|
|
|
227,877 |
|
Treasury stock |
|
|
(71,738 |
) |
|
|
(65,335 |
) |
|
|
(65,479 |
) |
|
|
(69,400 |
) |
|
|
(69,409 |
) |
Retained earnings |
|
|
486,418 |
|
|
|
467,620 |
|
|
|
455,023 |
|
|
|
442,789 |
|
|
|
445,931 |
|
Accumulated other
comprehensive loss, net of taxes |
|
|
(8,934 |
) |
|
|
(8,417 |
) |
|
|
(10,703 |
) |
|
|
(16,266 |
) |
|
|
(18,308 |
) |
Total stockholders' equity |
|
|
668,096 |
|
|
|
655,167 |
|
|
|
639,201 |
|
|
|
618,997 |
|
|
|
586,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
8,077,334 |
|
|
$ |
8,159,345 |
|
|
$ |
8,159,184 |
|
|
$ |
7,976,394 |
|
|
$ |
7,063,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued shares |
|
|
34,088 |
|
|
|
34,088 |
|
|
|
34,088 |
|
|
|
34,088 |
|
|
|
31,531 |
|
Outstanding shares |
|
|
30,676 |
|
|
|
30,962 |
|
|
|
30,954 |
|
|
|
30,776 |
|
|
|
28,218 |
|
Treasury shares |
|
|
3,412 |
|
|
|
3,126 |
|
|
|
3,133 |
|
|
|
3,312 |
|
|
|
3,312 |
|
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Unaudited)
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
September 30, |
(In
thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
Interest-earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, net |
|
$ |
5,158,213 |
|
$ |
5,130,400 |
|
$ |
5,155,975 |
|
$ |
5,010,097 |
|
$ |
4,721,742 |
|
|
$ |
5,148,204 |
|
$ |
4,727,094 |
Other loans, net |
|
|
1,475,088 |
|
|
1,556,488 |
|
|
1,544,501 |
|
|
1,365,419 |
|
|
1,182,309 |
|
|
|
1,525,105 |
|
|
1,154,764 |
Total loans, net |
|
|
6,633,301 |
|
|
6,686,888 |
|
|
6,700,476 |
|
|
6,375,516 |
|
|
5,904,051 |
|
|
|
6,673,309 |
|
|
5,881,858 |
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
590,732 |
|
|
578,134 |
|
|
433,917 |
|
|
413,875 |
|
|
413,902 |
|
|
|
534,836 |
|
|
462,216 |
Other securities |
|
|
217,763 |
|
|
232,020 |
|
|
300,828 |
|
|
266,663 |
|
|
243,754 |
|
|
|
249,899 |
|
|
243,782 |
Total taxable securities |
|
|
808,495 |
|
|
810,154 |
|
|
734,745 |
|
|
680,538 |
|
|
657,656 |
|
|
|
784,735 |
|
|
705,998 |
Tax-exempt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
|
50,832 |
|
|
50,830 |
|
|
50,828 |
|
|
50,768 |
|
|
51,652 |
|
|
|
50,830 |
|
|
58,464 |
Total tax-exempt securities |
|
|
50,832 |
|
|
50,830 |
|
|
50,828 |
|
|
50,768 |
|
|
51,652 |
|
|
|
50,830 |
|
|
58,464 |
Interest-earning deposits and federal funds sold |
|
|
115,689 |
|
|
242,302 |
|
|
181,168 |
|
|
136,650 |
|
|
62,537 |
|
|
|
179,480 |
|
|
88,659 |
Total interest-earning assets |
|
|
7,608,317 |
|
|
7,790,174 |
|
|
7,667,217 |
|
|
7,243,472 |
|
|
6,675,896 |
|
|
|
7,688,354 |
|
|
6,734,979 |
Other assets |
|
|
464,601 |
|
|
473,379 |
|
|
480,497 |
|
|
461,935 |
|
|
407,132 |
|
|
|
472,767 |
|
|
396,871 |
Total assets |
|
$ |
8,072,918 |
|
$ |
8,263,553 |
|
$ |
8,147,714 |
|
$ |
7,705,407 |
|
$ |
7,083,028 |
|
|
$ |
8,161,121 |
|
$ |
7,131,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
153,120 |
|
$ |
153,113 |
|
$ |
170,079 |
|
$ |
163,382 |
|
$ |
160,100 |
|
|
$ |
158,708 |
|
$ |
180,829 |
NOW accounts |
|
|
2,107,866 |
|
|
2,255,581 |
|
|
2,185,384 |
|
|
1,924,840 |
|
|
1,625,109 |
|
|
|
2,182,660 |
|
|
1,495,473 |
Money market accounts |
|
|
2,107,473 |
|
|
2,043,257 |
|
|
1,905,543 |
|
|
1,507,245 |
|
|
1,461,996 |
|
|
|
2,019,497 |
|
|
1,579,712 |
Certificate of deposit accounts |
|
|
1,037,964 |
|
|
1,043,985 |
|
|
1,102,641 |
|
|
1,113,293 |
|
|
1,106,355 |
|
|
|
1,061,293 |
|
|
1,186,188 |
Total due to depositors |
|
|
5,406,423 |
|
|
5,495,936 |
|
|
5,363,647 |
|
|
4,708,760 |
|
|
4,353,560 |
|
|
|
5,422,158 |
|
|
4,442,202 |
Mortgagors' escrow accounts |
|
|
68,562 |
|
|
91,545 |
|
|
65,372 |
|
|
75,005 |
|
|
55,868 |
|
|
|
75,171 |
|
|
69,427 |
Total interest-bearing deposits |
|
|
5,474,985 |
|
|
5,587,481 |
|
|
5,429,019 |
|
|
4,783,765 |
|
|
4,409,428 |
|
|
|
5,497,329 |
|
|
4,511,629 |
Borrowings |
|
|
835,874 |
|
|
945,410 |
|
|
1,048,852 |
|
|
1,385,809 |
|
|
1,322,471 |
|
|
|
942,599 |
|
|
1,353,416 |
Total interest-bearing liabilities |
|
|
6,310,859 |
|
|
6,532,891 |
|
|
6,477,871 |
|
|
6,169,574 |
|
|
5,731,899 |
|
|
|
6,439,928 |
|
|
5,865,045 |
Non interest-bearing demand deposits |
|
|
933,443 |
|
|
923,220 |
|
|
856,052 |
|
|
731,170 |
|
|
589,674 |
|
|
|
904,522 |
|
|
533,563 |
Other liabilities |
|
|
169,328 |
|
|
162,752 |
|
|
194,144 |
|
|
195,200 |
|
|
184,943 |
|
|
|
175,317 |
|
|
163,044 |
Total liabilities |
|
|
7,413,630 |
|
|
7,618,863 |
|
|
7,528,067 |
|
|
7,095,944 |
|
|
6,506,516 |
|
|
|
7,519,767 |
|
|
6,561,652 |
Equity |
|
|
659,288 |
|
|
644,690 |
|
|
619,647 |
|
|
609,463 |
|
|
576,512 |
|
|
|
641,354 |
|
|
570,198 |
Total liabilities and equity |
|
$ |
8,072,918 |
|
$ |
8,263,553 |
|
$ |
8,147,714 |
|
$ |
7,705,407 |
|
$ |
7,083,028 |
|
|
$ |
8,161,121 |
|
$ |
7,131,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest-earning
assets |
|
$ |
1,297,458 |
|
$ |
1,257,283 |
|
$ |
1,189,346 |
|
$ |
1,073,898 |
|
$ |
943,997 |
|
|
$ |
1,248,426 |
|
$ |
869,934 |
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
NET INTEREST INCOME AND NET INTEREST MARGIN
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
September 30, |
(Dollars in
thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
Interest
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, net |
|
$ |
55,114 |
|
|
$ |
52,987 |
|
|
$ |
55,219 |
|
|
$ |
53,777 |
|
|
$ |
49,814 |
|
|
|
$ |
163,320 |
|
|
$ |
148,945 |
|
Other loans, net |
|
|
14,084 |
|
|
|
15,012 |
|
|
|
13,802 |
|
|
|
12,343 |
|
|
|
10,553 |
|
|
|
|
42,898 |
|
|
|
33,088 |
|
Total loans, net |
|
|
69,198 |
|
|
|
67,999 |
|
|
|
69,021 |
|
|
|
66,120 |
|
|
|
60,367 |
|
|
|
|
206,218 |
|
|
|
182,033 |
|
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
2,279 |
|
|
|
2,233 |
|
|
|
1,698 |
|
|
|
1,435 |
|
|
|
1,928 |
|
|
|
|
6,210 |
|
|
|
7,295 |
|
Other securities |
|
|
1,008 |
|
|
|
1,037 |
|
|
|
963 |
|
|
|
957 |
|
|
|
1,166 |
|
|
|
|
3,008 |
|
|
|
4,221 |
|
Total taxable securities |
|
|
3,287 |
|
|
|
3,270 |
|
|
|
2,661 |
|
|
|
2,392 |
|
|
|
3,094 |
|
|
|
|
9,218 |
|
|
|
11,516 |
|
Tax-exempt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
|
539 |
|
|
|
535 |
|
|
|
530 |
|
|
|
543 |
|
|
|
557 |
|
|
|
|
1,604 |
|
|
|
1,876 |
|
Total tax-exempt securities |
|
|
539 |
|
|
|
535 |
|
|
|
530 |
|
|
|
543 |
|
|
|
557 |
|
|
|
|
1,604 |
|
|
|
1,876 |
|
Interest-earning deposits and federal funds sold |
|
|
42 |
|
|
|
51 |
|
|
|
36 |
|
|
|
30 |
|
|
|
13 |
|
|
|
|
129 |
|
|
|
325 |
|
Total interest-earning assets |
|
|
73,066 |
|
|
|
71,855 |
|
|
|
72,248 |
|
|
|
69,085 |
|
|
|
64,031 |
|
|
|
|
217,169 |
|
|
|
195,750 |
|
Interest
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
61 |
|
|
$ |
66 |
|
|
$ |
75 |
|
|
$ |
75 |
|
|
$ |
65 |
|
|
|
$ |
202 |
|
|
$ |
420 |
|
NOW accounts |
|
|
1,227 |
|
|
|
1,499 |
|
|
|
1,706 |
|
|
|
1,320 |
|
|
|
1,242 |
|
|
|
|
4,432 |
|
|
|
7,989 |
|
Money market accounts |
|
|
1,683 |
|
|
|
2,060 |
|
|
|
2,100 |
|
|
|
2,010 |
|
|
|
2,108 |
|
|
|
|
5,843 |
|
|
|
12,358 |
|
Certificate of deposit accounts |
|
|
1,734 |
|
|
|
1,913 |
|
|
|
2,222 |
|
|
|
3,065 |
|
|
|
3,700 |
|
|
|
|
5,869 |
|
|
|
15,031 |
|
Total due to depositors |
|
|
4,705 |
|
|
|
5,538 |
|
|
|
6,103 |
|
|
|
6,470 |
|
|
|
7,115 |
|
|
|
|
16,346 |
|
|
|
35,798 |
|
Mortgagors' escrow accounts |
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
— |
|
|
|
(22 |
) |
|
|
|
3 |
|
|
|
44 |
|
Total interest-bearing deposits |
|
|
4,705 |
|
|
|
5,539 |
|
|
|
6,105 |
|
|
|
6,470 |
|
|
|
7,093 |
|
|
|
|
16,349 |
|
|
|
35,842 |
|
Borrowings |
|
|
4,884 |
|
|
|
5,164 |
|
|
|
5,140 |
|
|
|
6,769 |
|
|
|
6,897 |
|
|
|
|
15,188 |
|
|
|
20,047 |
|
Total interest-bearing liabilities |
|
|
9,589 |
|
|
|
10,703 |
|
|
|
11,245 |
|
|
|
13,239 |
|
|
|
13,990 |
|
|
|
|
31,537 |
|
|
|
55,889 |
|
Net interest income- tax
equivalent |
|
$ |
63,477 |
|
|
$ |
61,152 |
|
|
$ |
61,003 |
|
|
$ |
55,846 |
|
|
$ |
50,041 |
|
|
|
$ |
185,632 |
|
|
$ |
139,861 |
|
Included in net
interest income above: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayment penalties received
on loans and securities and net of reversals and recovered interest
from non-accrual loans |
|
$ |
2,136 |
|
|
$ |
2,046 |
|
|
$ |
948 |
|
|
$ |
1,093 |
|
|
$ |
1,518 |
|
|
|
$ |
5,130 |
|
|
$ |
3,483 |
|
Net gains/(losses) from fair
value adjustments on qualifying hedges included in loan interest
income |
|
|
194 |
|
|
|
(664 |
) |
|
|
1,427 |
|
|
|
1,023 |
|
|
|
230 |
|
|
|
|
957 |
|
|
|
(2,208 |
) |
Purchase accounting
adjustments |
|
|
1,100 |
|
|
|
565 |
|
|
|
922 |
|
|
|
11 |
|
|
|
— |
|
|
|
|
2,587 |
|
|
|
— |
|
Interest-earning
Assets Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans, net |
|
|
4.27 |
% |
|
|
4.13 |
% |
|
|
4.28 |
% |
|
|
4.29 |
% |
|
|
4.22 |
% |
|
|
|
4.23 |
% |
|
|
4.20 |
% |
Other loans, net |
|
|
3.82 |
|
|
|
3.86 |
|
|
|
3.57 |
|
|
|
3.62 |
|
|
|
3.57 |
|
|
|
|
3.75 |
|
|
|
3.82 |
|
Total loans, net |
|
|
4.17 |
|
|
|
4.07 |
|
|
|
4.12 |
|
|
|
4.15 |
|
|
|
4.09 |
|
|
|
|
4.12 |
|
|
|
4.13 |
|
Taxable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
1.54 |
|
|
|
1.54 |
|
|
|
1.57 |
|
|
|
1.39 |
|
|
|
1.86 |
|
|
|
|
1.55 |
|
|
|
2.10 |
|
Other securities |
|
|
1.85 |
|
|
|
1.79 |
|
|
|
1.28 |
|
|
|
1.44 |
|
|
|
1.91 |
|
|
|
|
1.60 |
|
|
|
2.31 |
|
Total taxable securities |
|
|
1.63 |
|
|
|
1.61 |
|
|
|
1.45 |
|
|
|
1.41 |
|
|
|
1.88 |
|
|
|
|
1.57 |
|
|
|
2.17 |
|
Tax-exempt securities: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other securities |
|
|
4.24 |
|
|
|
4.21 |
|
|
|
4.17 |
|
|
|
4.28 |
|
|
|
4.31 |
|
|
|
|
4.21 |
|
|
|
4.28 |
|
Total tax-exempt securities |
|
|
4.24 |
|
|
|
4.21 |
|
|
|
4.17 |
|
|
|
4.28 |
|
|
|
4.31 |
|
|
|
|
4.21 |
|
|
|
4.28 |
|
Interest-earning deposits and federal funds sold |
|
|
0.15 |
|
|
|
0.08 |
|
|
|
0.08 |
|
|
|
0.09 |
|
|
|
0.08 |
|
|
|
|
0.10 |
|
|
|
0.49 |
|
Total interest-earning assets |
|
|
3.84 |
% |
|
|
3.69 |
% |
|
|
3.77 |
% |
|
|
3.82 |
% |
|
|
3.84 |
% |
|
|
|
3.77 |
% |
|
|
3.88 |
% |
Interest-bearing
Liabilities Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.16 |
% |
|
|
0.17 |
% |
|
|
0.18 |
% |
|
|
0.18 |
% |
|
|
0.16 |
% |
|
|
|
0.17 |
% |
|
|
0.31 |
% |
NOW accounts |
|
|
0.23 |
|
|
|
0.27 |
|
|
|
0.31 |
|
|
|
0.27 |
|
|
|
0.31 |
|
|
|
|
0.27 |
|
|
|
0.71 |
|
Money market accounts |
|
|
0.32 |
|
|
|
0.40 |
|
|
|
0.44 |
|
|
|
0.53 |
|
|
|
0.58 |
|
|
|
|
0.39 |
|
|
|
1.04 |
|
Certificate of deposit accounts |
|
|
0.67 |
|
|
|
0.73 |
|
|
|
0.81 |
|
|
|
1.10 |
|
|
|
1.34 |
|
|
|
|
0.74 |
|
|
|
1.69 |
|
Total due to depositors |
|
|
0.35 |
|
|
|
0.40 |
|
|
|
0.46 |
|
|
|
0.55 |
|
|
|
0.65 |
|
|
|
|
0.40 |
|
|
|
1.07 |
|
Mortgagors' escrow accounts |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
(0.16 |
) |
|
|
|
0.01 |
|
|
|
0.08 |
|
Total interest-bearing deposits |
|
|
0.34 |
|
|
|
0.40 |
|
|
|
0.45 |
|
|
|
0.54 |
|
|
|
0.64 |
|
|
|
|
0.40 |
|
|
|
1.06 |
|
Borrowings |
|
|
2.34 |
|
|
|
2.18 |
|
|
|
1.96 |
|
|
|
1.95 |
|
|
|
2.09 |
|
|
|
|
2.15 |
|
|
|
1.97 |
|
Total interest-bearing liabilities |
|
|
0.61 |
% |
|
|
0.66 |
% |
|
|
0.69 |
% |
|
|
0.86 |
% |
|
|
0.98 |
% |
|
|
|
0.65 |
% |
|
|
1.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread (tax
equivalent) |
|
|
3.23 |
% |
|
|
3.03 |
% |
|
|
3.08 |
% |
|
|
2.96 |
% |
|
|
2.86 |
% |
|
|
|
3.12 |
% |
|
|
2.61 |
% |
Net interest margin (tax
equivalent) |
|
|
3.34 |
% |
|
|
3.14 |
% |
|
|
3.18 |
% |
|
|
3.08 |
% |
|
|
3.00 |
% |
|
|
|
3.22 |
% |
|
|
2.77 |
% |
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
1.21 |
X |
|
|
1.19 |
X |
|
|
1.18 |
X |
|
|
1.17 |
X |
|
|
1.16 |
X |
|
|
|
1.19 |
X |
|
|
1.15 |
X |
(1) Yields are calculated on the
tax equivalent basis using the statutory federal income tax rate of
21% for the periods presented.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
DEPOSIT and LOAN COMPOSITION
(Unaudited)
Deposit Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 2021 vs. |
|
September 2021 vs. |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 2021 |
|
September 2020 |
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
% Change |
|
% Change |
Non-interest bearing |
|
$ |
941,259 |
|
$ |
945,491 |
|
$ |
917,189 |
|
$ |
778,672 |
|
$ |
607,954 |
|
(0.4 |
)% |
|
54.8 |
% |
Interest bearing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificate of deposit accounts |
|
|
1,040,098 |
|
|
1,020,615 |
|
|
1,070,595 |
|
|
1,138,361 |
|
|
1,051,644 |
|
1.9 |
|
|
(1.1 |
) |
Savings accounts |
|
|
152,306 |
|
|
152,931 |
|
|
170,272 |
|
|
168,183 |
|
|
160,294 |
|
(0.4 |
) |
|
(5.0 |
) |
Money market accounts |
|
|
2,152,085 |
|
|
2,057,188 |
|
|
1,990,656 |
|
|
1,682,345 |
|
|
1,381,552 |
|
4.6 |
|
|
55.8 |
|
NOW accounts |
|
|
2,135,643 |
|
|
2,122,565 |
|
|
2,177,865 |
|
|
2,323,172 |
|
|
1,704,915 |
|
0.6 |
|
|
25.3 |
|
Total interest-bearing deposits |
|
|
5,480,132 |
|
|
5,353,299 |
|
|
5,409,388 |
|
|
5,312,061 |
|
|
4,298,405 |
|
2.4 |
|
|
27.5 |
|
Total deposits |
|
$ |
6,421,391 |
|
$ |
6,298,790 |
|
$ |
6,326,577 |
|
$ |
6,090,733 |
|
$ |
4,906,359 |
|
1.9 |
% |
|
30.9 |
% |
Loan Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 2021 vs. |
|
September 2021 vs. |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 2021 |
|
September 2020 |
(Dollars in thousands) |
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
% Change |
|
% Change |
Multifamily residential |
|
$ |
2,498,980 |
|
|
$ |
2,542,010 |
|
|
$ |
2,525,967 |
|
|
$ |
2,533,952 |
|
|
$ |
2,252,757 |
|
|
(1.7 |
)% |
|
10.9 |
% |
Commercial real estate |
|
|
1,745,855 |
|
|
|
1,726,895 |
|
|
|
1,721,702 |
|
|
|
1,754,754 |
|
|
|
1,636,659 |
|
|
1.1 |
|
|
6.7 |
|
One-to-four family ― mixed-use
property |
|
|
579,100 |
|
|
|
582,211 |
|
|
|
595,431 |
|
|
|
602,981 |
|
|
|
585,159 |
|
|
(0.5 |
) |
|
(1.0 |
) |
One-to-four family ―
residential |
|
|
280,343 |
|
|
|
288,652 |
|
|
|
239,391 |
|
|
|
245,211 |
|
|
|
191,011 |
|
|
(2.9 |
) |
|
46.8 |
|
Co-operative apartments |
|
|
7,804 |
|
|
|
7,883 |
|
|
|
7,965 |
|
|
|
8,051 |
|
|
|
8,132 |
|
|
(1.0 |
) |
|
(4.0 |
) |
Construction |
|
|
71,464 |
|
|
|
62,802 |
|
|
|
61,528 |
|
|
|
83,322 |
|
|
|
63,567 |
|
|
13.8 |
|
|
12.4 |
|
Mortgage Loans |
|
|
5,183,546 |
|
|
|
5,210,453 |
|
|
|
5,151,984 |
|
|
|
5,228,271 |
|
|
|
4,737,285 |
|
|
(0.5 |
) |
|
9.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Business Administration
(1) |
|
|
148,855 |
|
|
|
215,158 |
|
|
|
267,120 |
|
|
|
167,376 |
|
|
|
124,649 |
|
|
(30.8 |
) |
|
19.4 |
|
Taxi medallion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,757 |
|
|
|
2,317 |
|
|
— |
|
|
(100.0 |
) |
Commercial business and
other |
|
|
1,294,688 |
|
|
|
1,291,526 |
|
|
|
1,326,657 |
|
|
|
1,303,225 |
|
|
|
1,063,429 |
|
|
0.2 |
|
|
21.7 |
|
Non-mortgage loans |
|
|
1,443,543 |
|
|
|
1,506,684 |
|
|
|
1,593,777 |
|
|
|
1,473,358 |
|
|
|
1,190,395 |
|
|
(4.2 |
) |
|
21.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unamortized premiums and
unearned loan fees (2) |
|
|
3,265 |
|
|
|
1,669 |
|
|
|
(445 |
) |
|
|
3,045 |
|
|
|
13,718 |
|
|
95.6 |
|
|
(76.2 |
) |
Allowance for loan losses |
|
|
(36,363 |
) |
|
|
(42,670 |
) |
|
|
(45,099 |
) |
|
|
(45,153 |
) |
|
|
(38,343 |
) |
|
(14.8 |
) |
|
(5.2 |
) |
Net loans |
|
$ |
6,593,991 |
|
|
$ |
6,676,136 |
|
|
$ |
6,700,217 |
|
|
$ |
6,659,521 |
|
|
$ |
5,903,055 |
|
|
(1.2 |
)% |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes $130.8 million, $197.3 million, $251.0
million, $151.9 million and $111.6 million of PPP loans at
September 30, 2021, June 30, 2021, March 31, 2021, December 31,
2020, and September 30, 2020, respectively.
(2) Includes $8.6 million, $9.7
million, $10.5 million, and $11.3 million of purchase accounting
unamortized discount resulting from the acquisition of Empire
Bancorp at September 30, 2021, June 30, 2021, March 31, 2021, and
December 31, 2020, respectively.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
LOAN CLOSINGS and RATES
(Unaudited)
Loan Closings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
|
September 30, |
|
September 30, |
(In
thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
Multifamily residential |
|
$ |
41,850 |
|
$ |
66,913 |
|
$ |
58,553 |
|
$ |
52,024 |
|
$ |
33,733 |
|
|
$ |
167,316 |
|
$ |
160,705 |
Commercial real estate |
|
|
48,447 |
|
|
37,963 |
|
|
17,156 |
|
|
57,634 |
|
|
26,644 |
|
|
|
103,566 |
|
|
134,218 |
One-to-four family – mixed-use
property |
|
|
12,823 |
|
|
7,135 |
|
|
8,712 |
|
|
9,692 |
|
|
3,867 |
|
|
|
28,670 |
|
|
25,439 |
One-to-four family –
residential |
|
|
2,761 |
|
|
59,494 |
|
|
3,131 |
|
|
8,422 |
|
|
2,296 |
|
|
|
65,386 |
|
|
13,383 |
Co-operative apartments |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
704 |
Construction |
|
|
8,687 |
|
|
5,281 |
|
|
7,123 |
|
|
6,869 |
|
|
5,420 |
|
|
|
21,091 |
|
|
14,990 |
Mortgage Loans |
|
|
114,568 |
|
|
176,786 |
|
|
94,675 |
|
|
134,641 |
|
|
71,960 |
|
|
|
386,029 |
|
|
349,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Business Administration
(1) |
|
|
415 |
|
|
17,585 |
|
|
125,093 |
|
|
598 |
|
|
18,456 |
|
|
|
143,093 |
|
|
111,754 |
Commercial business and
other |
|
|
128,946 |
|
|
130,036 |
|
|
103,118 |
|
|
180,787 |
|
|
65,160 |
|
|
|
362,100 |
|
|
226,895 |
Non-mortgage Loans |
|
|
129,361 |
|
|
147,621 |
|
|
228,211 |
|
|
181,385 |
|
|
83,616 |
|
|
|
505,193 |
|
|
338,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Closings |
|
$ |
243,929 |
|
$ |
324,407 |
|
$ |
322,886 |
|
$ |
316,026 |
|
$ |
155,576 |
|
|
$ |
891,222 |
|
$ |
688,088 |
(1) Includes $15.5 million, $123.2 million and $18.4
million of PPP closings for the three months ended June 30, 2021,
March 31, 2021, and September 30, 2020, respectively.
Weighted Average Rate on Loan
Closings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
Loan
type |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
Mortgage loans |
|
3.80 |
% |
|
3.53 |
% |
|
3.47 |
% |
|
3.47 |
% |
|
3.56 |
% |
Non-mortgage loans |
|
3.49 |
|
|
3.23 |
|
|
2.26 |
|
|
3.37 |
|
|
2.81 |
|
Total loans |
|
3.64 |
% |
|
3.39 |
% |
|
2.62 |
% |
|
3.41 |
% |
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding PPP loans |
|
3.64 |
% |
|
3.51 |
% |
|
3.62 |
% |
|
3.41 |
% |
|
3.45 |
% |
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
ASSET QUALITY
(Unaudited)
Allowance for Loan Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
|
September 30, |
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
|
2020 |
Allowance for loan
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balances |
|
$ |
42,670 |
|
|
$ |
45,099 |
|
|
$ |
45,153 |
|
|
$ |
38,343 |
|
|
$ |
36,710 |
|
|
|
|
45,153 |
|
|
|
|
21,751 |
|
Adoption of Current Expected
Credit Losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-off
(recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
|
|
— |
|
|
|
— |
|
|
|
33 |
|
|
|
(11 |
) |
|
|
(14 |
) |
|
|
$ |
33 |
|
|
|
$ |
(27 |
) |
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
64 |
|
|
|
— |
|
|
|
— |
|
|
|
|
64 |
|
|
|
|
— |
|
One-to-four family – mixed-use
property |
|
|
(123 |
) |
|
|
3 |
|
|
|
19 |
|
|
|
— |
|
|
|
(60 |
) |
|
|
|
(101 |
) |
|
|
|
(135 |
) |
One-to-four family –
residential |
|
|
(147 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
|
(154 |
) |
|
|
|
(10 |
) |
Small Business
Administration |
|
|
(8 |
) |
|
|
(9 |
) |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
(47 |
) |
|
|
|
(27 |
) |
|
|
|
111 |
|
Taxi medallion |
|
|
(1,235 |
) |
|
|
(222 |
) |
|
|
2,758 |
|
|
|
124 |
|
|
|
951 |
|
|
|
|
1,301 |
|
|
|
|
951 |
|
Commercial business and
other |
|
|
894 |
|
|
|
1,132 |
|
|
|
6 |
|
|
|
538 |
|
|
|
9 |
|
|
|
|
2,032 |
|
|
|
|
2,103 |
|
Total |
|
|
(619 |
) |
|
|
902 |
|
|
|
2,865 |
|
|
|
646 |
|
|
|
837 |
|
|
|
|
3,148 |
|
|
|
|
2,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit) provision for loan losses |
|
|
(6,926 |
) |
|
|
(1,527 |
) |
|
|
2,811 |
|
|
|
3,357 |
|
|
|
2,470 |
|
|
|
|
(5,642 |
) |
|
|
|
19,206 |
|
Allowance recorded at the time of Acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,099 |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
$ |
36,363 |
|
|
$ |
42,670 |
|
|
$ |
45,099 |
|
|
$ |
45,153 |
|
|
$ |
38,343 |
|
|
|
$ |
36,363 |
|
|
|
$ |
38,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross charge-offs |
|
$ |
1,019 |
|
|
$ |
1,186 |
|
|
$ |
2,922 |
|
|
$ |
752 |
|
|
$ |
964 |
|
|
|
$ |
5,127 |
|
|
|
$ |
3,253 |
|
Gross recoveries |
|
|
1,638 |
|
|
|
284 |
|
|
|
57 |
|
|
|
106 |
|
|
|
127 |
|
|
|
|
1,979 |
|
|
|
|
260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
gross loans |
|
|
0.55 |
% |
|
|
0.64 |
% |
|
|
0.67 |
% |
|
|
0.67 |
% |
|
|
0.65 |
% |
|
|
|
0.55 |
% |
|
|
|
0.65 |
% |
Net loan charge-offs
(recoveries) to average loans |
|
|
(0.04 |
) |
|
|
0.05 |
|
|
|
0.17 |
|
|
|
0.04 |
|
|
|
0.06 |
|
|
|
|
0.06 |
|
|
|
|
0.07 |
|
Non-Performing Assets
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
Loans 90 Days Or More Past Due and Still
Accruing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
|
$ |
— |
|
|
$ |
201 |
|
|
$ |
201 |
|
|
$ |
201 |
|
|
$ |
— |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,547 |
|
|
|
— |
|
Construction |
|
|
873 |
|
|
|
— |
|
|
|
2,381 |
|
|
|
— |
|
|
|
— |
|
Commercial business and
other |
|
|
1,052 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
|
1,925 |
|
|
|
201 |
|
|
|
2,582 |
|
|
|
2,748 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily residential |
|
|
4,192 |
|
|
|
4,669 |
|
|
|
4,338 |
|
|
|
2,524 |
|
|
|
2,661 |
|
Commercial real estate |
|
|
613 |
|
|
|
8 |
|
|
|
8 |
|
|
|
1,683 |
|
|
|
2,657 |
|
One-to-four family - mixed-use
property (1) |
|
|
2,204 |
|
|
|
2,309 |
|
|
|
2,355 |
|
|
|
1,366 |
|
|
|
1,366 |
|
One-to-four family -
residential |
|
|
7,807 |
|
|
|
6,940 |
|
|
|
7,335 |
|
|
|
5,854 |
|
|
|
6,454 |
|
Small Business
Administration |
|
|
976 |
|
|
|
976 |
|
|
|
1,151 |
|
|
|
1,151 |
|
|
|
1,151 |
|
Taxi
medallion(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,317 |
|
|
|
2,218 |
|
Commercial business and
other(1) |
|
|
2,500 |
|
|
|
2,489 |
|
|
|
3,417 |
|
|
|
3,430 |
|
|
|
8,285 |
|
Total |
|
|
18,292 |
|
|
|
17,391 |
|
|
|
18,604 |
|
|
|
18,325 |
|
|
|
24,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing Loans (NPLs) |
|
|
20,217 |
|
|
|
17,592 |
|
|
|
21,186 |
|
|
|
21,073 |
|
|
|
24,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Non-performing
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other asset acquired through
foreclosure |
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
35 |
|
|
|
35 |
|
Total |
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
35 |
|
|
|
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing Assets |
|
$ |
20,217 |
|
|
$ |
17,592 |
|
|
$ |
21,221 |
|
|
$ |
21,108 |
|
|
$ |
24,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets to Total
Assets |
|
|
0.25 |
% |
|
|
0.22 |
% |
|
|
0.26 |
% |
|
|
0.26 |
% |
|
|
0.35 |
% |
Allowance For Loan Losses to
NPLs |
|
|
179.9 |
% |
|
|
242.6 |
% |
|
|
212.9 |
% |
|
|
214.3 |
% |
|
|
154.7 |
% |
(1) Not included in the above
analysis are non-accrual performing TDR one-to-four family mixed
use property loans totaling $0.3 million each in 3Q21, 2Q21, 1Q21,
4Q20, and 3Q20; non-accrual performing TDR taxi medallion loans
totaling $0.4 million in 4Q20 and $0.1 million in 3Q20, and
non-accrual performing TDR commercial business loans totaling $2.2
million each in 2Q21, 1Q21, and 4Q20, and $1.0 million in 3Q20.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS and CORE
EARNINGS
Non-cash Fair Value Adjustments to GAAP
Earnings
The variance in GAAP and core earnings is partly
driven by the impact of non-cash net gains and losses from fair
value adjustments. These fair value adjustments relate primarily to
swaps designated to protect against rising rates and borrowing
carried at fair value under the fair value option. As the swaps get
closer to maturity, the volatility in fair value adjustments will
dissipate. In a declining interest rate environment, the movement
in the curve exaggerates our mark-to-market loss position. In a
rising interest rate environment or a steepening of the yield
curve, the loss position would experience an improvement.
Core Net Income, Core Diluted EPS, Core ROAE,
Core ROAA, Pre-provision Pre-tax Net Revenue, Core Net Interest
Income FTE, Core Net Interest Margin FTE, Base Net Interest Income
FTE, Base Net Interest Margin FTE, Core Interest Income and Yield
on Total Loans, Base Interest Income and Yield on Total Loans, Core
Non-interest Income, Core Non-interest Expense and Tangible Book
Value per common share are each non-GAAP measures used in this
release. A reconciliation to the most directly comparable GAAP
financial measures appears below in tabular form. The Company
believes that these measures are useful for both investors and
management to understand the effects of certain interest and
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
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
(Dollars in
thousands, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
September 30, |
except per share data) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income before income
taxes |
|
$ |
34,812 |
|
|
$ |
25,416 |
|
|
$ |
26,224 |
|
|
$ |
3,878 |
|
|
$ |
18,820 |
|
|
|
$ |
86,452 |
|
|
$ |
41,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day 1, Provision for Credit
Losses - Empire transaction (Provision for credit losses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,818 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Net (gain) loss from fair
value adjustments (Non-interest income (loss)) |
|
|
2,289 |
|
|
|
6,548 |
|
|
|
(982 |
) |
|
|
4,129 |
|
|
|
2,225 |
|
|
|
|
7,855 |
|
|
|
(1,987 |
) |
Net (gain) loss on sale of
securities
(Non-interest income (loss)) |
|
|
10 |
|
|
|
(123 |
) |
|
|
— |
|
|
|
610 |
|
|
|
— |
|
|
|
|
(113 |
) |
|
|
91 |
|
Life insurance proceeds
(Non-interest income (loss)) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(659 |
) |
Net gain on disposition of
assets
(Non-interest income (loss)) |
|
|
— |
|
|
|
— |
|
|
|
(621 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(621 |
) |
|
|
— |
|
Net (gain) loss from fair
value adjustments on qualifying hedges
(Interest and fees on loans) |
|
|
(194 |
) |
|
|
664 |
|
|
|
(1,427 |
) |
|
|
(1,023 |
) |
|
|
(230 |
) |
|
|
|
(957 |
) |
|
|
2,208 |
|
Prepayment penalty on
borrowings
(Non-interest expense) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,834 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Net amortization of purchase
accounting adjustments (Various) |
|
|
(958 |
) |
|
|
(418 |
) |
|
|
(789 |
) |
|
|
80 |
|
|
|
— |
|
|
|
|
(2,165 |
) |
|
|
— |
|
Merger (benefit) expense
(Various) |
|
|
2,096 |
|
|
|
(490 |
) |
|
|
973 |
|
|
|
5,349 |
|
|
|
422 |
|
|
|
|
2,579 |
|
|
|
1,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core income before taxes |
|
|
38,055 |
|
|
|
31,597 |
|
|
|
23,378 |
|
|
|
22,675 |
|
|
|
21,237 |
|
|
|
|
93,030 |
|
|
|
42,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes for
core income |
|
|
10,226 |
|
|
|
8,603 |
|
|
|
6,405 |
|
|
|
4,891 |
|
|
|
5,069 |
|
|
|
|
25,234 |
|
|
|
10,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income |
|
$ |
27,829 |
|
|
$ |
22,994 |
|
|
$ |
16,973 |
|
|
$ |
17,784 |
|
|
$ |
16,168 |
|
|
|
$ |
67,796 |
|
|
$ |
31,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per
common share |
|
$ |
0.81 |
|
|
$ |
0.61 |
|
|
$ |
0.60 |
|
|
$ |
0.11 |
|
|
$ |
0.50 |
|
|
|
$ |
2.02 |
|
|
$ |
1.08 |
|
Day 1, Provision for Credit
Losses - Empire transaction, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Net (gain) loss from fair
value adjustments, net of tax |
|
|
0.05 |
|
|
|
0.15 |
|
|
|
(0.02 |
) |
|
|
0.11 |
|
|
|
0.06 |
|
|
|
|
0.18 |
|
|
|
(0.05 |
) |
Net loss on sale of
securities, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Life insurance proceeds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(0.02 |
) |
Net gain on disposition of
assets, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(0.01 |
) |
|
|
— |
|
Net (gain) loss from fair
value adjustments on qualifying hedges, net of tax |
|
|
— |
|
|
|
0.02 |
|
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.01 |
) |
|
|
|
(0.02 |
) |
|
|
0.06 |
|
Prepayment penalty on
borrowings, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.20 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Net amortization of purchase
accounting adjustments, net of tax |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(0.05 |
) |
|
|
— |
|
Merger (benefit) expense, net
of tax |
|
|
0.05 |
|
|
|
(0.01 |
) |
|
|
0.02 |
|
|
|
0.14 |
|
|
|
0.01 |
|
|
|
|
0.06 |
|
|
|
0.04 |
|
NYS tax change |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core diluted earnings per
common share(1) |
|
$ |
0.88 |
|
|
$ |
0.73 |
|
|
$ |
0.54 |
|
|
$ |
0.58 |
|
|
$ |
0.56 |
|
|
|
$ |
2.14 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net income, as calculated
above |
|
$ |
27,829 |
|
|
$ |
22,994 |
|
|
$ |
16,973 |
|
|
$ |
17,784 |
|
|
$ |
16,168 |
|
|
|
$ |
67,796 |
|
|
$ |
31,965 |
|
Average assets |
|
|
8,072,918 |
|
|
|
8,263,553 |
|
|
|
8,147,714 |
|
|
|
7,705,407 |
|
|
|
7,083,028 |
|
|
|
|
8,161,121 |
|
|
|
7,131,850 |
|
Average equity |
|
|
659,288 |
|
|
|
644,690 |
|
|
|
619,647 |
|
|
|
609,463 |
|
|
|
576,512 |
|
|
|
|
641,354 |
|
|
|
570,198 |
|
Core return on average
assets(2) |
|
|
1.38 |
% |
|
|
1.11 |
% |
|
|
0.83 |
% |
|
|
0.92 |
% |
|
|
0.91 |
% |
|
|
|
1.11 |
% |
|
|
0.60 |
% |
Core return on average
equity(2) |
|
|
16.88 |
% |
|
|
14.27 |
% |
|
|
10.96 |
% |
|
|
11.67 |
% |
|
|
11.22 |
% |
|
|
|
14.09 |
% |
|
|
7.47 |
% |
(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
RECONCILIATION OF GAAP REVENUE and
PRE-PROVISION
PRE-TAX NET REVENUE
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
September 30, |
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net interest income |
|
$ |
63,364 |
|
|
$ |
61,039 |
|
|
$ |
60,892 |
|
|
$ |
55,732 |
|
|
$ |
49,924 |
|
|
|
$ |
185,295 |
|
|
$ |
139,467 |
|
Net (gain) loss from fair
value adjustments on qualifying hedges |
|
|
(194 |
) |
|
|
664 |
|
|
|
(1,427 |
) |
|
|
(1,023 |
) |
|
|
(230 |
) |
|
|
|
(957 |
) |
|
|
2,208 |
|
Net amortization of purchase
accounting adjustments |
|
|
(1,100 |
) |
|
|
(565 |
) |
|
|
(922 |
) |
|
|
(11 |
) |
|
|
— |
|
|
|
|
(2,587 |
) |
|
|
— |
|
Core Net interest income |
|
$ |
62,070 |
|
|
$ |
61,138 |
|
|
$ |
58,543 |
|
|
$ |
54,698 |
|
|
$ |
49,694 |
|
|
|
$ |
181,751 |
|
|
$ |
141,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Non-interest income
(loss) |
|
$ |
866 |
|
|
$ |
(3,210 |
) |
|
$ |
6,311 |
|
|
$ |
(1,181 |
) |
|
$ |
1,351 |
|
|
|
$ |
3,967 |
|
|
$ |
12,224 |
|
Net (gain) loss from fair
value adjustments |
|
|
2,289 |
|
|
|
6,548 |
|
|
|
(982 |
) |
|
|
4,129 |
|
|
|
2,225 |
|
|
|
|
7,855 |
|
|
|
(1,987 |
) |
Net loss on sale of
securities |
|
|
10 |
|
|
|
(123 |
) |
|
|
— |
|
|
|
610 |
|
|
|
— |
|
|
|
|
(113 |
) |
|
|
91 |
|
Life insurance proceeds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
(659 |
) |
Net gain on sale of
assets |
|
|
— |
|
|
|
— |
|
|
|
(621 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
(621 |
) |
|
|
— |
|
Core Non-interest income |
|
$ |
3,165 |
|
|
$ |
3,215 |
|
|
$ |
4,708 |
|
|
$ |
3,558 |
|
|
$ |
3,576 |
|
|
|
$ |
11,088 |
|
|
$ |
9,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Non-interest expense |
|
$ |
36,345 |
|
|
$ |
34,011 |
|
|
$ |
38,159 |
|
|
$ |
46,811 |
|
|
$ |
29,985 |
|
|
|
$ |
108,515 |
|
|
$ |
91,120 |
|
Prepayment penalty on
borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,834 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Net amortization of purchase
accounting adjustments |
|
|
(142 |
) |
|
|
(147 |
) |
|
|
(133 |
) |
|
|
(91 |
) |
|
|
— |
|
|
|
|
(422 |
) |
|
|
— |
|
Merger (benefit) expense |
|
|
(2,096 |
) |
|
|
490 |
|
|
|
(973 |
) |
|
|
(5,349 |
) |
|
|
(422 |
) |
|
|
|
(2,579 |
) |
|
|
(1,545 |
) |
Core Non-interest expense |
|
$ |
34,107 |
|
|
$ |
34,354 |
|
|
$ |
37,053 |
|
|
$ |
33,537 |
|
|
$ |
29,563 |
|
|
|
$ |
105,514 |
|
|
$ |
89,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
63,364 |
|
|
$ |
61,039 |
|
|
$ |
60,892 |
|
|
$ |
55,732 |
|
|
$ |
49,924 |
|
|
|
$ |
185,295 |
|
|
$ |
139,467 |
|
Non-interest income
(loss) |
|
|
866 |
|
|
|
(3,210 |
) |
|
|
6,311 |
|
|
|
(1,181 |
) |
|
|
1,351 |
|
|
|
|
3,967 |
|
|
|
12,224 |
|
Non-interest expense |
|
|
(36,345 |
) |
|
|
(34,011 |
) |
|
|
(38,159 |
) |
|
|
(46,811 |
) |
|
|
(29,985 |
) |
|
|
|
(108,515 |
) |
|
|
(91,120 |
) |
Pre-provision pre-tax net
revenue |
|
$ |
27,885 |
|
|
$ |
23,818 |
|
|
$ |
29,044 |
|
|
$ |
7,740 |
|
|
$ |
21,290 |
|
|
|
$ |
80,747 |
|
|
$ |
60,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
62,070 |
|
|
$ |
61,138 |
|
|
$ |
58,543 |
|
|
$ |
54,698 |
|
|
$ |
49,694 |
|
|
|
$ |
181,751 |
|
|
$ |
141,675 |
|
Non-interest income |
|
|
3,165 |
|
|
|
3,215 |
|
|
|
4,708 |
|
|
|
3,558 |
|
|
|
3,576 |
|
|
|
|
11,088 |
|
|
|
9,669 |
|
Non-interest expense |
|
|
(34,107 |
) |
|
|
(34,354 |
) |
|
|
(37,053 |
) |
|
|
(33,537 |
) |
|
|
(29,563 |
) |
|
|
|
(105,514 |
) |
|
|
(89,575 |
) |
Pre-provision pre-tax net
revenue |
|
$ |
31,128 |
|
|
$ |
29,999 |
|
|
$ |
26,198 |
|
|
$ |
24,719 |
|
|
$ |
23,707 |
|
|
|
$ |
87,325 |
|
|
$ |
61,769 |
|
Efficiency Ratio |
|
|
52.3 |
% |
|
|
53.4 |
% |
|
|
58.6 |
% |
|
|
57.6 |
% |
|
|
55.4 |
% |
|
|
|
54.7 |
% |
|
|
59.1 |
% |
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
RECONCILIATION OF GAAP NET INTEREST INCOME and NET INTEREST
MARGIN
to CORE and BASE NET INTEREST INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
September 30, |
|
September 30, |
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
|
2021 |
|
2020 |
GAAP net interest income |
|
$ |
63,364 |
|
|
$ |
61,039 |
|
|
$ |
60,892 |
|
|
$ |
55,732 |
|
|
$ |
49,924 |
|
|
|
$ |
185,295 |
|
|
$ |
139,467 |
|
Net (gain) loss from fair
value adjustments on qualifying hedges |
|
|
(194 |
) |
|
|
664 |
|
|
|
(1,427 |
) |
|
|
(1,023 |
) |
|
|
(230 |
) |
|
|
|
(957 |
) |
|
|
2,208 |
|
Net amortization of purchase
accounting adjustments |
|
|
(1,100 |
) |
|
|
(565 |
) |
|
|
(922 |
) |
|
|
(11 |
) |
|
|
— |
|
|
|
|
(2,587 |
) |
|
|
— |
|
Tax equivalent adjustment |
|
|
113 |
|
|
|
113 |
|
|
|
111 |
|
|
|
114 |
|
|
|
117 |
|
|
|
|
337 |
|
|
|
394 |
|
Core net interest income
FTE |
|
$ |
62,183 |
|
|
$ |
61,251 |
|
|
$ |
58,654 |
|
|
$ |
54,812 |
|
|
$ |
49,811 |
|
|
|
$ |
182,088 |
|
|
$ |
142,069 |
|
Prepayment penalties received
on loans and securities, net of reversals and recoveries of
interest from non-accrual loans |
|
|
(2,136 |
) |
|
|
(2,046 |
) |
|
|
(948 |
) |
|
|
(1,093 |
) |
|
|
(1,518 |
) |
|
|
|
(5,130 |
) |
|
|
(3,483 |
) |
Base net interest income
FTE |
|
$ |
60,047 |
|
|
$ |
59,205 |
|
|
$ |
57,706 |
|
|
$ |
53,719 |
|
|
$ |
48,293 |
|
|
|
$ |
176,958 |
|
|
$ |
138,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average interest-earning
assets (1) |
|
$ |
7,616,332 |
|
|
$ |
7,799,176 |
|
|
$ |
7,676,833 |
|
|
$ |
7,245,147 |
|
|
$ |
6,675,896 |
|
|
|
$ |
7,697,229 |
|
|
$ |
6,734,979 |
|
Core net interest margin
FTE |
|
|
3.27 |
% |
|
|
3.14 |
% |
|
|
3.06 |
% |
|
|
3.03 |
% |
|
|
2.98 |
% |
|
|
|
3.15 |
% |
|
|
2.81 |
% |
Base net interest margin
FTE |
|
|
3.15 |
% |
|
|
3.04 |
% |
|
|
3.01 |
% |
|
|
2.97 |
% |
|
|
2.89 |
% |
|
|
|
3.07 |
% |
|
|
2.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest income on total
loans, net |
|
$ |
69,198 |
|
|
$ |
67,999 |
|
|
$ |
69,021 |
|
|
$ |
66,120 |
|
|
$ |
60,367 |
|
|
|
$ |
206,218 |
|
|
$ |
182,033 |
|
Net (gain) loss from fair
value adjustments on qualifying hedges |
|
|
(194 |
) |
|
|
664 |
|
|
|
(1,427 |
) |
|
|
(1,023 |
) |
|
|
(230 |
) |
|
|
|
(957 |
) |
|
|
2,208 |
|
Net amortization of purchase
accounting adjustments |
|
|
(1,126 |
) |
|
|
(624 |
) |
|
|
(728 |
) |
|
|
(356 |
) |
|
|
— |
|
|
|
|
(2,478 |
) |
|
|
— |
|
Core interest income on total
loans, net |
|
$ |
67,878 |
|
|
$ |
68,039 |
|
|
$ |
66,866 |
|
|
$ |
64,741 |
|
|
$ |
60,137 |
|
|
|
$ |
202,783 |
|
|
$ |
184,241 |
|
Prepayment penalties received
on loans, net of reversals and recoveries of interest from
non-accrual loans |
|
|
(2,135 |
) |
|
|
(2,046 |
) |
|
|
(947 |
) |
|
|
(1,093 |
) |
|
|
(1,443 |
) |
|
|
|
(5,128 |
) |
|
|
(3,408 |
) |
Base interest income on total
loans, net |
|
$ |
65,743 |
|
|
$ |
65,993 |
|
|
$ |
65,919 |
|
|
$ |
63,648 |
|
|
$ |
58,694 |
|
|
|
$ |
197,655 |
|
|
$ |
180,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total loans, net
(1) |
|
$ |
6,642,434 |
|
|
$ |
6,697,103 |
|
|
$ |
6,711,446 |
|
|
$ |
6,379,429 |
|
|
$ |
5,904,051 |
|
|
|
$ |
6,683,412 |
|
|
$ |
5,881,858 |
|
Core yield on total loans |
|
|
4.09 |
% |
|
|
4.06 |
% |
|
|
3.99 |
% |
|
|
4.06 |
% |
|
|
4.07 |
% |
|
|
|
4.05 |
% |
|
|
4.18 |
% |
Base yield on total loans |
|
|
3.96 |
% |
|
|
3.94 |
% |
|
|
3.93 |
% |
|
|
3.99 |
% |
|
|
3.98 |
% |
|
|
|
3.94 |
% |
|
|
4.10 |
% |
(1) Excludes purchase accounting average balances for
three months ended September 30, 2021, June 30, 2021, March 31,
2021, and December 31, 2020.
FLUSHING FINANCIAL CORPORATION and
SUBSIDIARIES
CALCULATION OF TANGIBLE STOCKHOLDERS’
COMMON EQUITY to TANGIBLE ASSETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
(Dollars in thousands) |
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
Total Equity |
|
$ |
668,096 |
|
|
$ |
655,167 |
|
|
$ |
639,201 |
|
|
$ |
618,997 |
|
|
$ |
586,406 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(17,636 |
) |
|
|
(17,636 |
) |
|
|
(17,636 |
) |
|
|
(17,636 |
) |
|
|
(16,127 |
) |
Core deposit Intangibles |
|
|
(2,708 |
) |
|
|
(2,859 |
) |
|
|
(3,013 |
) |
|
|
(3,172 |
) |
|
|
— |
|
Intangible deferred tax liabilities |
|
|
287 |
|
|
|
287 |
|
|
|
287 |
|
|
|
287 |
|
|
|
292 |
|
Tangible Stockholders' Common Equity |
|
$ |
648,039 |
|
|
$ |
634,959 |
|
|
$ |
618,839 |
|
|
$ |
598,476 |
|
|
$ |
570,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
8,077,334 |
|
|
$ |
8,159,345 |
|
|
$ |
8,159,184 |
|
|
$ |
7,976,394 |
|
|
$ |
7,063,056 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(17,636 |
) |
|
|
(17,636 |
) |
|
|
(17,636 |
) |
|
|
(17,636 |
) |
|
|
(16,127 |
) |
Core deposit Intangibles |
|
|
(2,708 |
) |
|
|
(2,859 |
) |
|
|
(3,013 |
) |
|
|
(3,172 |
) |
|
|
— |
|
Intangible deferred tax liabilities |
|
|
287 |
|
|
|
287 |
|
|
|
287 |
|
|
|
287 |
|
|
|
292 |
|
Tangible Assets |
|
$ |
8,057,277 |
|
|
$ |
8,139,137 |
|
|
$ |
8,138,822 |
|
|
$ |
7,955,873 |
|
|
$ |
7,047,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Stockholders' Common
Equity to Tangible Assets |
|
|
8.04 |
% |
|
|
7.80 |
% |
|
|
7.60 |
% |
|
|
7.52 |
% |
|
|
8.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Flushing Financial (NASDAQ:FFIC)
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