News Details

Flushing Financial Corporation Reports Record Full Year Net Interest Income; 7.1% Annual Loan Growth While Credit Quality Remains Strong; 11% Quarterly Dividend Increase Planned for 2018

Jan 30, 2018 5:30 PM

FOURTH QUARTER 20171

  • GAAP diluted EPS was $0.21, down 40.0% QoQ and 58.0% YoY, largely due to pre-tax provision for loan losses of $6.6 million, or $0.13 per share after tax, primarily related to write-downs on our taxi medallion portfolio, and the impact of U.S. federal tax reform (“Tax Reform”) resulting in a charge of $3.8 million, or $0.13 per share, related to the revaluation of our net deferred tax assets
  • Core diluted EPS was $0.33, down 10.8% QoQ and 17.5% YoY, largely due to $6.6 million provision for loan losses
  • Net interest income was $43.1 million, an improvement of 1.7% YoY, but unchanged QoQ
  • Net interest margin was 2.90%, no change QoQ and down 6bps YoY
    • Excluding prepayment penalty income from loans and securities, recovered interest from nonaccrual loans and accelerated accretion of discount upon the call of CLO securities, the net interest margin was 2.77%, down 4bps YoY, but unchanged QoQ
  • Net charge-offs were $11.5 million for 4Q17, primarily due to write-downs of taxi medallion loans totaling $11.2 million, compared to $0.2 million in 3Q17 and recoveries of $0.4 million in 4Q16
  • GAAP and core ROAE were 4.4% and 7.2%, compared with 7.6% and 8.1%, respectively in 3Q17
  • GAAP and core ROAA were 0.4% and 0.6%, respectively, compared with both 0.7% in 3Q17

FULL YEAR 20171

  • GAAP diluted EPS was $1.41, down 37.1%, while core diluted EPS was $1.57, up 3.3% YoY
  • Net interest income was a record $173.1 million, up 3.6%, and net interest margin was 2.93%, down 4bps YoY
    • Excluding prepayment penalty income from loans and securities, recovered interest from nonaccrual loans and accelerated accretion of discount upon the call of CLO securities, the net interest margin was 2.81%, down 2bps YoY
  • GAAP ROAE was 7.8%, compared with 13.1% and core ROAE was 8.6%, compared with 8.9% for 2016
  • GAAP ROAA was 0.7%, compared with 1.1% for 2016 and core ROAA was 0.7% for 2017 and 2016

UNIONDALE, N.Y., Jan. 30, 2018 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq-GS:FFIC), the parent holding company for Flushing Bank (the “Bank”), today announced its financial results for the fourth quarter and the year ended December 31, 2017.

John R. Buran, President and Chief Executive Officer, stated, “I am very pleased to announce that we had record net interest income for 2017. The record net interest income was the result of executing our strategic objectives. During the year, loan growth totaled 7.1%. After essentially no loan growth in the third quarter of 2017, loan growth resumed at a rate of 2.2% (not annualized), with the yield on the fourth quarter’s originations exceeding the quarterly portfolio yield. In the fourth quarter, we undertook steps to reduce both our future credit and margin risks. In order to reduce future credit risk, we reduced the carrying value of the NYC taxi medallion portfolio by over 50% to an average carrying value of $164,000 per NYC taxi medallion by recognizing a provision for loan losses totaling $6.6 million. The remaining book value of this portfolio is $6.8 million. Future margin risk was reduced by entering into forward swap contracts totaling approximately $400 million beginning at various points in 2018 and 2019, with maturity dates five years from the start date. These swaps provide protection to minimize the effects of rising interest rates on interest-bearing liabilities. Our pre-tax, pre-provision core income for 4Q17 was $20.9 million, an increase of $0.9 million from 3Q17 and $3.1 million from 4Q16.”     

“As a result of the Tax Reform, we recorded $3.8 million in tax expense related to the revaluation of our net deferred tax assets based on the new federal corporate tax rate of 21%. For 2018, we expect our effective corporate tax rate to be approximately 23%.”

“To further reduce the impact of rising interest rates on our net interest margin, in addition to entering into forward swaps, we continued our strategy of focusing our origination efforts on higher yielding loans. This effort provided a 31bps improvement in the yield received on loan originations and purchases in 2017 to 4.06% compared to 3.75% in 2016. Although, we experienced a decline of 10bps in the yield of originations and purchases received in the fourth quarter of 2017, compared to the third quarter of 2017, the yield for the fourth quarter of 2017 exceeded the fourth quarter of 2016 by 34bps. Additionally, the yield of originations and purchases for the fourth quarter of 2017 was 6bps greater than the quarterly average yield of our total loan portfolio for the same period, excluding prepayment penalty and recovered interest from delinquent loans. At December 31, 2017, our total loan portfolio had an average LTV of 39.1% for loans secured by real estate, while maintaining our strong underwriting standards. In the prior quarter we experienced a delay in closing loans resulting in an increase in the loan pipeline to $417.0 million. During the recent quarter, the pipeline has reduced to $359.8 million, yet remains strong and supports our expectation of solid loan growth in the first quarter of 2018. On the liability side of the balance sheet, the cost of funds increased two basis points from the quarter ended September 30, 2017, as government deposits did not replenish to the projected amount which caused us to rely more on relatively higher costing short-term borrowings.”

Mr. Buran continued, “We remain focused on credit quality. Credit quality improved as our non-performing assets decreased by 17% in 2017 and net charge-offs, excluding charge-offs of the taxi medallion loans, remain minimal. Also, total delinquencies have decreased 28% since December 31, 2016. The allowance for loan losses to gross loans has decreased to 0.39% from 0.46% at December 31, 2016 while the allowance for loan losses to non-performing loans increased to 112% from 104% at the end of 2016. The LTV on our non-performing real estate loans at December 31, 2017 is 39.8%.”

“We continued implementing the strategic objective of improving the scalability of our branch network.  During the quarter, we opened two converted branches in the Flushing, Queens market, bringing our total conversions to nine branches at December 31, 2017, with the planned conversion of five more branches by the end of 2018. We estimate that the Universal Banker model provides on average a savings of 20% in compensation costs per converted branch.”

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 fourth quarter, commercial business, multi-family, and commercial real estate loan originations and purchases represented 37%, 36%, and 16%, respectively, of all originations, which were made while maintaining conservative loan-to-values, debt coverage ratios, and increasing yield. 
  • The average interest rate obtained for fourth quarter originations and purchases totaled 4.15%, a decrease of 10bps compared to 4.25% for 3Q17 and an increase of 34bps compared to 3.81% for 4Q16.
  • The average rate of mortgage loan applications in the pipeline totaled 4.10% at December 31, 2017, as compared to 4.04% at September 30, 2017 and 4.20% at December 31, 2016.
  • Multi-family (excluding underlying co-operative mortgages), commercial real estate, and one-to-four family mixed-use property mortgage loans originated during 4Q17 had a yield of 3.91%, a decrease of 21bps from 4.12% for 3Q17 and an increase of 25bps from 3.66% for 4Q16. We have maintained our asset quality as these loans had an average loan-to-value ratio of 50.4% and an average debt coverage ratio of 172%.

Mr. Buran concluded, “As recently announced, we have already shared some of the anticipated benefits of the recent Tax Reform with our non-executive employees in the form of one-time bonuses and with our shareholders in the form of our planned 11% increase in our quarterly dividend. We continue to evaluate opportunities to invest additional tax savings into the business to position the Company for future growth.  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.”

__________________
1
See the table entitled “Reconciliation of Non-GAAP Financial Measures.”

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 Income

Net interest income for 4Q17 was $43.1 million, an increase of $0.7 million, or 1.7% YoY (December 31, 2017 compared to December 31, 2016) and was unchanged QoQ (December 31, 2017 compared to September 30, 2017).

  • Net interest margin of 2.90%, decreased 6bps YoY but remains unchanged QoQ
  • Net interest spread of 2.75%, decreased 9bps YoY and 2bps QoQ
  • Net interest income includes prepayment penalty income from loans and securities of $1.4 million in 4Q17 compared with $1.6 million in 4Q16 and 3Q17, and recovered interest from delinquent loans of $0.1 million in 4Q17, compared to $0.6 million in 4Q16 and $0.3 million in 3Q17
  • Net interest income includes $0.4 million in accelerated accretion of discount upon call of CLO securities in 4Q17
  • Excluding prepayment penalty income, accelerated accretion of discount and recovered interest from nonaccrual loans, the yield on interest-earning assets was 3.90% in 4Q17, an improvement from 3.77% in 4Q16 and 3.87% in 3Q17, and the net interest margin was 2.77% in 4Q17, which decreased from 2.81% in 4Q16 and was unchanged from 2.77% in 3Q17
  • Average balance of total interest-earning assets of $5,934.5 million, increased $217.2 million, or 3.8% YoY and decreased $1.6 million QoQ
  • Yield on interest-earning assets of 4.02%, increased 10bps YoY and 2bps QoQ
  • Cost of interest-bearing liabilities of 1.27%, increased 19bps YoY and 4bps QoQ
  • Cost of funds of 1.17%, increased 16bps YoY and 2bps QoQ, driven by increases in rates paid on certificates of deposit, government deposits and short-term borrowings resulting from increases in the Fed Funds rate during 2017  

Provision for loan losses

Provision recorded for loan losses for 4Q17 was $6.6 million compared to none in 4Q16 and $3.3 million in 3Q17.

  • Provision was primarily driven by a reduction in the estimated fair value of NYC taxi medallions based on most recent sales data
  • Remaining balance of taxi medallion portfolio totals $6.8 million

Non-interest Income

Non-interest income for 4Q17 was $3.1 million, a decrease of $12.4 million, or 80.1%, YoY and an increase of $1.4 million, or 84.5% QoQ.

  • Non-interest income included net losses from fair value adjustments of $0.6 million in 4Q17, $0.5 million in 4Q16 and $1.3 million in 3Q17, net gains on sale of building of $14.2 million in 4Q16 and net losses from the sale of securities of $0.8 million in 4Q16 and $0.2 million in 3Q17
  • Absent above items, non-interest income was $3.7 million, an increase of $1.1 million YoY and $0.6 million QoQ

Non-interest Expense

Non-interest expense for 4Q17 was $25.9 million, a decrease of $9.5 million, or 26.8%, YoY and $0.1 million, or 0.3% QoQ.

  • As part of a balance sheet restructure, 4Q16 included a non-recurring pre-payment penalty on borrowings of $8.3 million; absent this item, non-interest expense decreased $1.2 million, or 4.5% YoY, driven by decreased salaries and benefits, foreclosure expense due to continued improvement in asset quality and a reduction in FDIC insurance expense, due to lower assessment rates
  • Lower costs associated with FDIC insurance and foreclosure expense should be sustainable
  • The efficiency ratio was 55.4% in 4Q17 compared to 59.6% in 4Q16 and 56.5% in 3Q17

Provision for Income Taxes

The provision for income taxes in 4Q17 was $7.7 million, a decrease of $0.4 million, or 5.2%, YoY and an increase of $2.4 million, or 45.4%, QoQ.

  • Additional tax expense totaling $3.8 million from revaluation of net deferred tax assets due to new federal corporate tax rate of 21%
  • Absent the above item, the effective tax rates were 28.7% in 4Q17, 36.2% in 4Q16 and 34.2% in 3Q17
  • The improvement in the Company’s effective tax rate in 4Q17 was primarily due to increased impact of preferential tax items

Financial Condition Summary:

Loans:

  • Net loans held for investment were $5,156.6 million reflecting an increase of 2.2% QoQ (not annualized) and 7.1% for 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
  • Loan originations and purchases of multi-family, commercial real estate and commercial business loans totaled $293.8 million for 4Q17, or 89.3% of loan production
  • Loan pipeline was $359.8 million at December 31, 2017, compared to $417.0 million at September 30, 2017 and $310.9 million at December 31, 2016
  • The loan-to-value ratio on our portfolio of real estate dependent loans as of December 31, 2017 totaled 39.1%
  • Mortgage loan originations and purchases in 4Q17 were more heavily weighted towards multi-family loans, which generally have a lower average yield than commercial mortgages

The following table shows the average rate received from loan originations and purchases for the periods indicated:

  For the three months ended
  December 31, September 30, December 31,
Loan type 2017  2017  2016 
Mortgage loans 3.92% 4.13% 3.70%
Non-mortgage loans 4.52% 4.43% 4.05%
Total loans 4.15% 4.25% 3.81%
       


Credit Quality:

  • Non-performing loans totaled $18.1 million, a decrease of $3.3 million, or 15.3%, from $21.4 million at December 31, 2016
  • Classified assets totaled $34.0 million, a decrease of $10.0 million, or 22.8%, from $44.0 million at December 31, 2016, primarily due to reductions in non-performing loans and our exposure to taxi medallion loans
  • Loans classified as troubled debt restructured (TDR) totaled $13.2 million, a decrease of $4.2 million, or 24.3%, from $17.4 million at December 31, 2016, due to the reduction in our exposure to taxi medallion loans
  • 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 39.8% average loan-to-value for non-performing loans collateralized by real estate at December 31, 2017
  • Provision for loan losses of $9.9 million was recorded during the year ended December 31, 2017, as the estimated fair value of NYC taxi medallions was lowered based on most recent sales data, while no provision for loan losses was recorded during 2016; net charge-offs totaled $11.7 million during the year ended December 31, 2017, of which $11.2 million was related to taxi medallion loans, compared to net recoveries of $0.7 million for the year ended December 31, 2016

Capital Management:

  • The Company and Bank, at December 31, 2017, were both well capitalized under all applicable regulatory requirements
  • During the year ended December 31, 2017, stockholders’ equity increased $18.8 million, or 3.6%, to $532.6 million due to net income of $41.1 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 the year ended December 31, 2017, the Company repurchased 241,625 treasury shares at an average cost of $27.59 per share; as of December 31, 2017, up to 254,280 shares may be repurchased under the current authorized stock repurchase program, which has no expiration or maximum dollar limit
  • Book value per common share increased to $18.63 at December 31, 2017, from $17.95 at December 31, 2016 and tangible book value per common share, a non-GAAP measure, increased to $18.08 at December 31, 2017, from $17.40 at December 31, 2016

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, January 31, 2018 at 9:30 AM (ET) to discuss the Company’s strategy and results for the fourth quarter of 2017
  • Dial-in for Live Call: 1-888-317-6016
  • Webcast: https://services.choruscall.com/links/ffic180131.html 
  • Dial-in for Replay: 1-877-344-7529
  • Replay Access Code: 10115613
  • The conference call will be simultaneously webcast and archived through 5:00 PM (ET) on January 31, 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, and cash management services through its banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. 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. The Bank also operates an online banking division, iGObanking.com®, which offers competitively priced deposit products to consumers nationwide.

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, 2016 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”, “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.

 

- 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 twelve months ended
   December 31, September 30, December 31, December 31,
    2017   2017   2016   2017   2016 
          
Interest and Dividend Income          
Interest and fees on loans $  53,449  $  53,318  $  49,973  $  209,283  $  195,125 
Interest and dividends on securities:          
  Interest    6,112     5,850     5,866     24,489     25,141 
  Dividends    13     30     121     287     481 
Other interest income    123     121     59     526     250 
  Total interest and dividend income    59,697     59,319     56,019     234,585     220,997 
            
Interest Expense          
Deposits    11,174     10,655     8,760     40,319     33,350 
Other interest expense    5,463     5,623     4,908     21,159     20,561 
  Total interest expense    16,637     16,278     13,668     61,478     53,911 
            
Net Interest Income    43,060     43,041     42,351     173,107     167,086 
Provision for loan losses    6,595     3,266     -      9,861     -  
Net Interest Income After Provision for Loan Losses    36,465     39,775     42,351     163,246     167,086 
            
Non-interest Income          
Banking services fee income    1,383     885     983     4,156     3,758 
Net (loss) gain on sale of securities    -      (186)    (839)    (186)    1,524 
Net gain on sale of loans     207     152     -      603     584 
Net gain on sale of buildings    -      -      14,204     -      48,018 
Net loss from fair value adjustments    (631)    (1,297)    (509)    (3,465)    (3,434)
Federal Home Loan Bank of New York stock dividends    875     740     794     3,081     2,664 
Gains from life insurance proceeds    -      238     2     1,405     460 
Bank owned life insurance    809     816     701     3,227     2,797 
Other income    421     313     90     1,541     1,165 
  Total non-interest income    3,064     1,661     15,426     10,362     57,536 
            
Non-interest Expense          
Salaries and employee benefits    14,249     15,310     15,801     62,087     60,825 
Occupancy and equipment    2,757     2,502     2,550     10,409     9,848 
Professional services    1,822     1,763     1,813     7,500     7,720 
FDIC deposit insurance    487     499     613     1,815     2,993 
Data processing    1,365     1,349     1,135     5,238     4,364 
Depreciation and amortization    1,339     1,173     1,187     4,832     4,450 
Other real estate owned/foreclosure expense    28     121     476     404     1,307 
Net loss (gain) from sales of real estate owned    -      -      275     (50)    2,001 
Prepayment penalty on borrowings    -      -      8,274     -      10,356 
Other operating expenses    3,832     3,249     3,251     15,239     14,739 
  Total non-interest expense    25,879     25,966     35,375     107,474     118,603 
            
Income Before Income Taxes    13,650     15,470     22,402     66,134     106,019 
            
Provision for Income Taxes          
Federal    7,838     4,680     8,062     22,844     33,580 
State and local    (145)    611     54     2,169     7,523 
  Total taxes    7,693     5,291     8,116     25,013     41,103 
            
Net Income $  5,957  $  10,179  $  14,286  $  41,121  $  64,916 
            
            
Basic earnings per common share $  0.21  $  0.35  $  0.50  $  1.41  $  2.24 
Diluted earnings per common share $  0.21  $  0.35  $  0.50  $  1.41  $  2.24 
Dividends per common share $  0.18  $  0.18  $  0.17  $  0.72  $  0.68 
            


 

      
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per share data)
(Unaudited)
      
 December 31, September 30, December 31,
  2017   2017   2016 
 ASSETS     
Cash and due from banks$  51,546  $  60,161  $  35,857 
Securities held-to-maturity:     
    Mortgage-backed securities   7,973     7,978     - 
    Other securities   22,913     22,952     37,735 
Securities available for sale:     
   Mortgage-backed securities   509,650     519,861     516,476 
   Other securities   228,704     276,698     344,905 
Loans:      
   Multi-family residential 2,273,595   2,236,173   2,178,504 
   Commercial real estate 1,368,112   1,352,775   1,246,132 
   One-to-four family ― mixed-use property   564,206     556,723     558,502 
   One-to-four family ― residential   180,663     177,578     185,767 
   Co-operative apartments   6,895     7,035     7,418 
   Construction   8,479     15,811     11,495 
   Small Business Administration   18,479     14,485     15,198 
   Taxi medallion   6,834     18,165     18,996 
   Commercial business and other   732,973     674,706     597,122 
   Net unamortized premiums and unearned loan fees   16,763     16,925     16,559 
   Allowance for loan losses   (20,351)    (25,269)    (22,229)
         Net loans 5,156,648   5,045,107   4,813,464 
Interest and dividends receivable   21,405     21,076     20,228 
Bank premises and equipment, net   30,836     28,389     26,561 
Federal Home Loan Bank of New York stock   60,089     55,228     59,173 
Bank owned life insurance   131,856     131,047     132,508 
Goodwill   16,127     16,127     16,127 
Other assets   61,527     76,758     55,453 
         Total assets$6,299,274  $6,261,382  $6,058,487 
      
LIABILITIES     
Due to depositors:     
   Non-interest bearing$  385,269  $  362,509  $  333,163 
   Interest-bearing:     
     Certificate of deposit accounts 1,351,933   1,404,555   1,372,115 
     Savings accounts   290,280     323,186     254,283 
     Money market accounts   979,958     991,706     843,370 
     NOW accounts 1,333,232   1,308,821   1,362,484 
         Total interest-bearing deposits 3,955,403   4,028,268   3,832,252 
Mortgagors' escrow deposits   42,606     53,671     40,216 
Borrowed funds  1,309,653   1,200,682   1,266,563 
Other liabilities   73,735     76,643     72,440 
         Total liabilities 5,766,666   5,721,773   5,544,634 
      
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 December 31, 2017, September 30, 2017 and December 31, 2016; 28,588,266 shares, 28,819,891 shares and 28,632,904 shares outstanding at December 31, 2017, September 30, 2017 and December 31, 2016, respectively)   315     315     315 
Additional paid-in capital   217,906     216,929     214,462 
Treasury stock (2,942,329 shares, 2,710,704 shares and 2,897,691 shares at December 31, 2017, September 30, 2017 and December 31, 2016, respectively)   (57,675)    (51,287)    (53,754)
Retained earnings   381,048     380,316     361,192 
Accumulated other comprehensive loss, net of taxes   (8,986)    (6,664)    (8,362)
         Total stockholders' equity   532,608     539,609     513,853 
      
         Total liabilities and stockholders' equity$6,299,274  $6,261,382  $6,058,487 
      

 

 

      
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 twelve months ended 
  December 31, September 30, December 31, December 31 
   2017  2017  2016  2017  2016 
Per Share Data           
Basic earnings per share $  0.21 $  0.35 $  0.50 $  1.41 $  2.24 
Diluted earnings per share $  0.21 $  0.35 $  0.50 $  1.41 $  2.24 
Average number of shares outstanding for:           
  Basic earnings per common share computation    29,045,491    29,119,753    28,849,783    29,080,095    28,956,859 
  Diluted earnings per common share computation    29,046,111    29,120,356    28,859,665    29,081,723    28,969,582 
Shares outstanding    28,588,266    28,819,891    28,632,904    28,588,266    28,632,904 
Book value per common share (1) $  18.63 $  18.72 $  17.95 $  18.63 $  17.95 
Tangible book value per common share (2) $  18.08 $  18.18 $  17.40 $  18.08 $  17.40 
            
Stockholders' Equity           
Stockholders' equity    532,608    539,609    513,853    532,608    513,853 
Tangible stockholders' equity    516,772    523,873    498,115    516,772    498,115 
            
Average Balances           
Total loans, net $  5,087,102 $  5,033,666 $  4,757,124 $  4,988,613 $  4,600,682 
Total interest-earning assets    5,934,493    5,936,129    5,717,298    5,916,073    5,626,748 
Total assets    6,243,686    6,239,321    6,003,125    6,217,746    5,913,534 
Total due to depositors    4,020,334    3,972,663    3,796,337    4,036,347    3,748,822 
Total interest-bearing liabilities    5,254,030    5,275,937    5,077,893    5,268,100    5,035,989 
Stockholders' equity    537,201    536,468    512,317    530,300    496,820 
            
Performance Ratios (3)           
Return on average assets    0.38%   0.65%   0.95%   0.66%   1.10%
Return on average equity    4.44    7.59    11.15    7.75    13.07 
Yield on average interest-earning assets    4.02    4.00    3.92    3.97    3.93 
Cost of average interest-bearing liabilities    1.27    1.23    1.08    1.17    1.07 
Cost of funds    1.17    1.15    1.01    1.09    1.01 
Interest rate spread during period    2.75    2.77    2.84    2.80    2.86 
Net interest margin    2.90    2.90    2.96    2.93    2.97 
Non-interest expense to average assets    1.66    1.66    2.36    1.73    2.01 
Efficiency ratio (4)    55.35    56.51    59.63    57.90    59.64 
Average interest-earning assets to average interest-bearing liabilities    1.13 X   1.13 X   1.13 X   1.12 X   1.12 X
            


(1)   Calculated by dividing stockholders’ equity by shares outstanding.
(2)   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”.
(3)   Ratios are presented on an annualized basis, where appropriate.
(4)   Efficiency ratio, a non-GAAP measure, was calculated by dividing non-interest expense (excluding OREO expense, prepayment penalties from the extinguishment of debt 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, net gain and losses from the sale of securities, life insurance proceeds, and sale of buildings).

 

       
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
       
  At or for the year  At or for the year 
  ended  ended 
  December 31, 2017  December 31, 2016 
       
Selected Financial Ratios and Other Data      
       
Regulatory capital ratios (for Flushing Financial Corporation):      
  Tier 1 capital $  563,426   $  539,228  
  Common equity Tier 1 capital    527,727      506,432  
  Total risk-based capital    658,777      636,457  
       
  Tier 1 leverage capital (well capitalized = 5%)    9.02 %    9.00 %
  Common equity Tier 1 risk-based capital (well capitalized = 6.5%)    11.59      11.79  
  Tier 1 risk-based capital (well capitalized = 8.0%)    12.38      12.56  
  Total risk-based capital (well capitalized = 10.0%)    14.47      14.82  
       
Regulatory capital ratios (for Flushing Bank only):      
  Tier 1 capital $  631,285   $  607,033  
  Common equity Tier 1 capital    631,285      607,033  
  Total risk-based capital    651,636      629,262  
       
  Tier 1 leverage capital (well capitalized = 5%)    10.11 %    10.12 %
  Common equity Tier 1 risk-based capital (well capitalized = 6.5%)    13.87      14.12  
  Tier 1 risk-based capital (well capitalized = 8.0%)    13.87      14.12  
  Total risk-based capital (well capitalized = 10.0%)    14.31      14.64  
       
Capital ratios:      
  Average equity to average assets    8.53 %    8.40 %
  Equity to total assets    8.46      8.48  
  Tangible common equity to tangible assets (1)    8.22      8.24  
       
Asset quality:      
  Non-accrual loans (2) $  15,710   $  21,030  
  Non-performing loans    18,134      21,416  
  Non-performing assets    18,134      21,949  
  Net charge-offs/ (recoveries)    11,739      (694) 
       
Asset quality ratios:      
  Non-performing loans to gross loans    0.35 %    0.44 %
  Non-performing assets to total assets    0.29      0.36  
  Allowance for loan losses to gross loans    0.39      0.46  
  Allowance for loan losses to non-performing assets    112.23      101.28  
  Allowance for loan losses to non-performing loans    112.23      103.80  
       
Full-service customer facilities    18      19  
       


(1)   See “Calculation of Tangible Stockholders’ Common Equity to Tangible Assets”.
(2)   Excludes performing non-accrual TDR loans.

 

   
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
NET INTEREST MARGIN
(Dollars in thousands)
(Unaudited)
 
   
 For the three months ended 
 December 31, 2017 September 30, 2017 December 31, 2016 
 Average Yield/ Average Yield/ Average Yield/ 
 BalanceInterestCost BalanceInterestCost BalanceInterestCost 
Interest-earning Assets:            
  Mortgage loans, net $  4,355,973$  45,577  4.19%$  4,350,338$  46,121  4.24%$  4,140,511$  44,219  4.27%
  Other loans, net    731,129   7,872  4.31    683,328   7,197  4.21    616,613   5,754  3.73 
      Total loans, net (1)   5,087,102   53,449  4.20    5,033,666   53,318  4.24    4,757,124   49,973  4.20 
  Taxable securities:            
  Mortgage-backed securities   524,098   3,567  2.72    520,889   3,335  2.56    514,527   3,002  2.33 
  Other securities   151,565   1,883  4.97    189,957   1,787  3.76    248,765   2,203  3.54 
      Total taxable securities   675,663   5,450  3.23    710,846   5,122  2.88    763,292   5,205  2.73 
  Tax-exempt securities: (2)            
  Other securities   123,816   675  2.18    142,899   758  2.12    147,184   782  2.13 
      Total tax-exempt securities   123,816   675  2.18    142,899   758  2.12    147,184   782  2.13 
  Interest-earning deposits and federal funds sold   47,912   123  1.03    48,718   121  0.99    49,698   59  0.47 
Total interest-earning assets   5,934,493   59,697  4.02    5,936,129   59,319  4.00    5,717,298   56,019  3.92 
Other assets   309,193      303,192      285,827   
      Total assets$  6,243,686   $  6,239,321   $  6,003,125   
             
             
Interest-bearing Liabilities:            
  Deposits:            
    Savings accounts$  306,273   519  0.68 $  330,316$  583  0.71 $  256,677   309  0.48 
    NOW accounts   1,357,028   2,634  0.78    1,340,228   2,468  0.74    1,370,618   2,028  0.59 
    Money market accounts   984,619   2,664  1.08    927,067   2,337  1.01    780,233   1,315  0.67 
    Certificate of deposit accounts   1,372,414   5,322  1.55    1,375,052   5,218  1.52    1,388,809   5,081  1.46 
      Total due to depositors   4,020,334   11,139  1.11    3,972,663   10,606  1.07    3,796,337   8,733  0.92 
    Mortgagors' escrow accounts   65,127   35  0.21    54,236   49  0.36    58,151   27  0.19 
      Total interest-bearing deposits   4,085,461   11,174  1.09    4,026,899   10,655  1.06    3,854,488   8,760  0.91 
    Borrowings   1,168,569   5,463  1.87    1,249,038   5,623  1.80    1,223,405   4,908  1.60 
      Total interest-bearing liabilities   5,254,030   16,637  1.27    5,275,937   16,278  1.23    5,077,893   13,668  1.08 
Non interest-bearing demand deposits   373,136      354,149      331,232   
Other liabilities   79,319      72,767      81,683   
    Total liabilities   5,706,485      5,702,853      5,490,808   
Equity   537,201      536,468      512,317   
    Total liabilities and equity$  6,243,686   $  6,239,321   $  6,003,125   
             
Net interest income / net interest rate spread $  43,060  2.75% $  43,041  2.77% $  42,351  2.84%
             
Net interest-earning assets / net interest margin$  680,463   2.90%$  660,192   2.90%$  639,405   2.96%
             
Ratio of interest-earning assets to interest-bearing liabilities    1.13 X    1.13 X    1.13 X
             


(1)   Loan interest income includes loan fee income (which includes net amortization of deferred fees and costs, late charges, and prepayment penalties) of approximately $1.4 million, $1.6 million and $1.5 million for the three months ended December 31, 2017, September 30, 2017 and December 31, 2016, respectively.
(2)   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 year ended 
 December 31, 2017  December 31, 2016 
 Average Yield/  Average Yield/ 
 BalanceInterestCost  BalanceInterestCost 
Interest-earning Assets:         
  Mortgage loans, net $  4,304,889$  181,006  4.20% $  4,014,734$  173,419  4.32%
  Other loans, net    683,724   28,277  4.14     585,948   21,706  3.70 
      Total loans, net (1)   4,988,613   209,283  4.20     4,600,682   195,125  4.24 
  Taxable securities:         
  Mortgage-backed securities   526,934   13,689  2.60     581,505   14,231  2.45 
  Other securities   199,350   8,103  4.06     243,567   8,243  3.38 
      Total taxable securities   726,284   21,792  3.00     825,072   22,474  2.72 
  Tax-exempt securities: (2)         
  Other securities   139,704   2,984  2.14     142,472   3,148  2.21 
      Total tax-exempt securities   139,704   2,984  2.14     142,472   3,148  2.21 
  Interest-earning deposits and federal funds sold   61,472   526  0.86     58,522   250  0.43 
Total interest-earning assets   5,916,073   234,585  3.97     5,626,748   220,997  3.93 
Other assets   301,673       286,786   
      Total assets$  6,217,746    $  5,913,534   
          
          
Interest-bearing Liabilities:         
  Deposits:         
    Savings accounts$  292,887   1,808  0.62  $  260,948   1,219  0.47 
    NOW accounts   1,444,944   9,640  0.67     1,496,712   7,891  0.53 
    Money market accounts   908,025   8,151  0.90     581,390   3,592  0.62 
    Certificate of deposit accounts   1,390,491   20,579  1.48     1,409,772   20,536  1.46 
      Total due to depositors   4,036,347   40,178  1.00     3,748,822   33,238  0.89 
    Mortgagors' escrow accounts   61,962   141  0.23     56,152   112  0.20 
      Total interest-bearing deposits   4,098,309   40,319  0.98     3,804,974   33,350  0.88 
  Borrowings   1,169,791   21,159  1.81     1,231,015   20,561  1.67 
      Total interest-bearing liabilities   5,268,100   61,478  1.17     5,035,989   53,911  1.07 
          
Non interest-bearing demand deposits   348,518       305,096   
Other liabilities   70,828       75,629   
      Total liabilities   5,687,446       5,416,714   
Equity   530,300       496,820   
      Total liabilities and equity$  6,217,746    $  5,913,534   
          
Net interest income / net interest rate spread $  173,107  2.80%  $  167,086  2.86%
          
Net interest-earning assets / net interest margin$  647,973   2.93% $  590,759   2.97%
          
Ratio of interest-earning assets to interest-bearing liabilities    1.12 X     1.12 X
          


(1)   Loan interest income includes loan fee income (which includes net amortization of deferred fees and costs, late charges, and prepayment penalties) of approximately $5.0 million and $6.6 million for the years ended December 31, 2017 and 2016, respectively.
(2)   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)
                  
           December 2017 vs.    December 2017 vs. 
    December 31,September 30, June 30, March 31, September 2017 December 31,  December 2016, 
(Dollars in thousands) 2017 2017  2017  2017 % Change  2016  % Change 
Deposits               
Non-interest bearing$  385,269$  362,509 $  349,302 $  344,028 6.3% $  333,163  15.6% 
Interest bearing:              
 Certificate of deposit accounts   1,351,933   1,404,555    1,332,377    1,411,819 -3.7%    1,372,115  -1.5% 
 Savings accounts   290,280   323,186    325,815    254,822 -10.2%    254,283  14.2% 
 Money market accounts   979,958   991,706    837,565    851,129 -1.2%    843,370  16.2% 
 NOW accounts   1,333,232   1,308,821    1,368,441    1,487,120 1.9%    1,362,484  -2.1% 
  Total interest-bearing deposits   3,955,403   4,028,268    3,864,198    4,004,890 -1.8%    3,832,252  3.2% 
                  
   Total deposits$  4,340,672$  4,390,777 $  4,213,500 $  4,348,918 -1.1% $  4,165,415  4.2% 
                         

 

 

     
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
LOANS
(Unaudited)
Loan Originations and Purchases    
  For the three months For the year ended
  December 31, September 30, December 31, December 31,
(In thousands)  2017  2017  2016  2017  2016
Multi-family residential $  118,784 $  64,551 $  77,812 $  373,512 $  371,197
Commercial real estate    53,381    25,385    77,607    238,057    322,721
One-to-four family – mixed-use property    19,913    13,136    20,242    65,247    62,735
One-to-four family – residential    9,545    5,843    7,770    26,168    24,820
Co-operative apartments    100    232    -     332    470
Construction    726    148    9,738    7,847    15,772
Small Business Administration    4,772    4,276    1,662    11,559    8,447
Taxi medallion    -     -     -     -     - 
Commercial business and other    121,598    69,354    87,761    316,748    326,776
    Total $  328,819 $  182,925 $  282,592 $  1,039,470 $  1,132,938

 

 

Loan Composition            
           December 2017 vs.   December 2017 vs.
    December 31, September 30, June 30, March 31,September 2017 December 31, December 2016
(Dollars in thousands) 2017   2017   2017   2017 % Change  2016  % Change
Loans held for investment:              
Multi-family residential$  2,273,595  $  2,236,173  $  2,243,643  $  2,261,946 1.7%  $  2,178,504  4.4% 
Commercial real estate   1,368,112     1,352,775     1,349,634     1,268,770 1.1%     1,246,132  9.8% 
One-to-four family ― mixed-use property   564,206     556,723     556,906     561,355 1.3%     558,502  1.0% 
One-to-four family ― residential   180,663     177,578     181,213     184,201 1.7%     185,767  -2.7% 
Co-operative apartments   6,895     7,035     7,069     7,216 -2.0%     7,418  -7.1% 
Construction   8,479     15,811     16,842     12,413 -46.4%     11,495  -26.2% 
Small Business Administration   18,479     14,485     10,591     10,519 27.6%     15,198  21.6% 
Taxi medallion   6,834     18,165     18,303     18,832 -62.4%     18,996  -64.0% 
Commercial business and other   732,973     674,706     644,262     632,503 8.6%     597,122  22.8% 
Net unamortized premiums and unearned loan fees   16,763     16,925     17,217     16,836 -1.0%     16,559  1.2% 
Allowance for loan losses   (20,351)    (25,269)    (22,157)    (22,211)-19.5%     (22,229) -8.4% 
   Net loans$  5,156,648  $  5,045,107  $  5,023,523  $  4,952,380 2.2%  $  4,813,464  7.1% 

 


Net Loans Activity 
  Three Months Ended
  December 31, September, 30 June 30, March 31, December 31,
(In thousands)  2017   2017   2017   2017   2016 
Loans originated and purchased$  328,819  $  182,925  $  261,155  $  266,571  $  282,592 
Principal reductions   (209,400)    (155,007)    (143,195)    (122,897)    (187,780)
Loans transferred to held-for-sale   -      -      (30,565)    -      -  
Loans sold    (1,018)    (2,606)    (16,337)    (4,874)    -  
Loan charged-offs   (11,616)    (324)    (350)    (179)    (370)
Foreclosures    -      -      -      -      (138)
Net change in deferred (fees) and costs   (162)    (292)    381     277     112 
Net change in the allowance for loan losses   4,918     (3,112)    54     18     (434)
 Total loan activity$  111,541  $  21,584  $  71,143  $  138,916  $  93,982 
                     

 

 

            
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
NON-PERFORMING ASSETS and NET CHARGE-OFFS
(Unaudited)
            
   December 31, September 30, June 30, March 31, December 31,
(Dollars in thousands)  2017   2017   2017   2017   2016 
Loans 90 Days Or More Past Due and Still Accruing:          
Multi-family residential $  -  $  415  $  -  $  -  $  - 
Commercial real estate    2,424     38     -     75     - 
One-to-four family - mixed-use property    -     129     -     -     386 
Construction    -     -     602     602     - 
Taxi medallion    -     1,147     727     -     - 
   Total    2,424     1,729     1,329     677     386 
            
Non-accrual Loans:          
Multi-family residential    3,598     1,309     1,537     1,354     1,837 
Commercial real estate    1,473     1,147     1,948     1,462     1,148 
One-to-four family - mixed-use property    1,867     2,217     2,971     3,328     4,025 
One-to-four family - residential    7,808     7,434     7,616     7,847     8,241 
Small Business Administration    46     50     53     58     1,886 
Taxi medallion(1)    918     -     -     3,771     3,825 
Commercial business and other    -     4     5     38     68 
   Total    15,710     12,161     14,130     17,858     21,030 
            
   Total Non-performing Loans    18,134     13,890     15,459     18,535     21,416 
            
Other Non-performing Assets:          
Real estate acquired through foreclosure    -     -     -     -     533 
   Total    -     -     -     -     533 
            
   Total Non-performing Assets $  18,134  $  13,890  $  15,459  $  18,535  $  21,949 
            
Non-performing Assets to Total Assets  0.29%  0.22%  0.25%  0.30%  0.36%
Allowance For Loan Losses to Non-performing Loans  112.2%  181.9%  143.3%  119.8%  103.8%
            


(1)   Not included in the above analysis are troubled debt restructured taxi medallion loans totaling $5.9 million at December 31, 2017.

Net Charge-Offs (Recoveries)   
   Three Months Ended 
   December 31, September 30, June 30, March 31, December 31, 
(In thousands)  2017   2017   2017   2017   2016  
Multi-family residential $  (1) $  224  $  (53) $  (16) $  (103) 
Commercial real estate    (3)    (25)    4     (68)    -  
One-to-four family – mixed-use property    (37)    1     (67)    34     (520) 
One-to-four family – residential    212     (58)    170     -     40  
Small Business Administration    109     (17)    14     26     186  
Taxi medallion    11,229     -     -     54     142  
Commercial business and other    4     29     (14)    (12)    (179) 
    Total net loan charge-offs (recoveries) $  11,513  $  154  $  54  $  18  $  (434) 
             


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 Twelve Months Ended
  December 31,September 30,December 31, December 31,December 31,
   2017  2017  2016   2017  2016 
   
        
GAAP income before income taxes$  13,650 $  15,470 $  22,402  $  66,134 $  106,019 
        
Net loss from fair value adjustments   631    1,297    509     3,465    3,434 
Net loss (gain) on sale of securities   -    186    839     186    (1,524)
Gain from life insurance proceeds   -    (238)   (2)    (1,405)   (460)
Net gain on sale of buildings   -    -    (14,204)    -    (48,018)
Prepayment penalty on borrowings   -    -    8,274     -    10,356 
        
Core income before taxes   14,281    16,715    17,818     68,380    69,807 
        
Provision for income taxes for core income   4,652    5,812    6,227     22,613    25,855 
        
Core net income$  9,629 $  10,903 $  11,591  $  45,767 $  43,952 
        
GAAP diluted earnings per common share$  0.21 $  0.35 $  0.50  $  1.41 $  2.24 
        
Net loss from fair value adjustments, net of tax   0.01    0.03    0.01     0.07    0.07 
Net loss (gain) on sale of securities, net of tax   -     -     0.02     -     (0.03)
Gain from life insurance proceeds   -     (0.01)   -      (0.05)   (0.02)
Net gain on sale of buildings, net of tax   -     -     (0.29)    -     (0.95)
Prepayment penalty on borrowings   -     -     0.17     -     0.21 
Federal tax reform of 2017   0.13    -     -      0.13    -  
        
Core diluted earnings per common share*$  0.33 $  0.37 $  0.40  $  1.57 $  1.52 
        
        
Core net income, as calculated above$  9,629 $  10,903 $  11,591  $  45,767 $  43,952 
Average assets   6,243,686    6,239,321    6,003,125     6,217,746    5,913,534 
Average equity   537,201    536,468    512,317     530,300    496,820 
Core return on average assets** 0.62% 0.70% 0.77%  0.74% 0.74%
Core return on average equity** 7.17% 8.13% 9.05%  8.63% 8.85%
        
        
*Core diluted earnings per common share may not foot due to rounding.        
**Ratios are calculated on an annualized basis.        
        

 

    
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
RECONCILIATION OF GAAP EARNINGS and CORE EARNINGS
BEFORE PROVISION FOR LOAN LOSSES and INCOME TAXES
(Dollars in thousands, except per share data)
(Unaudited)
    
 Three Months Ended Twelve Months Ended
 December 31,September 30,December 31, December 31,December 31,
  2017 2017  2016   2017  2016 
  
       
GAAP income before income taxes$  13,650$  15,470 $  22,402  $  66,134 $  106,019 
       
Provision for loan losses   6,595   3,266    -     9,861    - 
Net loss from fair value adjustments   631   1,297    509     3,465    3,434 
Net loss (gain) on sale of securities   -   186    839     186    (1,524)
Gain from life insurance proceeds   -   (238)   (2)    (1,405)   (460)
Net gain on sale of buildings   -   -    (14,204)    -    (48,018)
Prepayment penalty on borrowings   -   -    8,274     -    10,356 
       
Core income before provision for loan losses and income taxes$  20,876$  19,981 $  17,818  $  78,241 $  69,807 
       

 

   
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CALCULATION OF TANGIBLE STOCKHOLDERS’
COMMON EQUITY to TANGIBLE ASSETS
(Unaudited)
   
 December 31,December 31,
(Dollars in thousands) 2017  2016 
Total Equity$  532,608 $  513,853 
Less:  
      Goodwill   (16,127)   (16,127)
      Intangible deferred tax liabilities   291    389 
         Tangible Stockholders' Common Equity$  516,772 $  498,115 
   
Total Assets$  6,299,274 $  6,058,487 
Less:  
     Goodwill   (16,127)   (16,127)
     Intangible deferred tax liabilities   291    389 
         Tangible Assets$  6,283,438 $  6,042,749 
   
Tangible Stockholders' Common Equity to Tangible Assets 8.22% 8.24%
       

 

Susan K. Cullen
Senior Executive Vice President, Treasurer and Chief Financial Officer                        
Flushing Financial Corporation
(718) 961-5400

 

 

 

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Source: Flushing Financial Corporation