Flushing Financial Corporation Declares Quarterly Dividend of $0.22 per Share

Rhea-AI Summary

Flushing Financial Corporation (Nasdaq: FFIC) declares a quarterly dividend of $0.22 per common share, marking the 111th consecutive quarterly dividend. The company focuses on increasing NIM, maintaining credit discipline, preserving liquidity and capital, and reducing expenses in 2024. Flushing Bank, the FDIC insured commercial bank, offers a range of banking services in New York since 1929.

Financial Analyst

The announcement of a quarterly dividend by Flushing Financial Corporation represents a tangible return on investment for shareholders and signals the company's financial health and stability. The declared dividend of $0.22 per common share is a critical metric for investors, as it reflects the company's ability to generate cash flow and its commitment to returning value to shareholders. The historical consistency of paying dividends since 1996, including the 111th consecutive quarterly dividend, reinforces investor confidence and can have a stabilizing effect on the stock price.

Furthermore, the strategic focus areas outlined for 2024, such as increasing the Net Interest Margin (NIM) and maintaining credit discipline, are crucial for enhancing profitability and managing risk. By prioritizing strong liquidity and capital preservation, the company positions itself to withstand economic fluctuations and invest in growth opportunities. The emphasis on bending the expense curve indicates a proactive approach to cost management, which can lead to improved margins and shareholder value over time.

Market Research Analyst

Flushing Financial Corporation's emphasis on serving multicultural markets and providing a range of banking services positions it favorably in the competitive financial services landscape. The company's ability to communicate in various languages and its presence in the New York City metropolitan area cater to a diverse customer base, which can drive deposit growth and loan originations. Additionally, the bank's involvement in real estate lending, a sector that often reflects broader economic trends, suggests a significant influence on its financial performance.

The online banking divisions, iGObanking® and BankPurely®, indicate an adaptation to digital banking trends and an expansion of the bank's reach beyond its physical branches. This strategic move can attract tech-savvy consumers and provide a scalable platform for growth. As the banking industry continues to evolve with technology, Flushing Bank's digital initiatives will likely be a critical factor in its ability to compete and capture market share.

Economist

Flushing Financial Corporation's dividend announcement and strategic focus for 2024 should be evaluated within the context of the broader economic environment. The company's goal to increase the NIM is particularly relevant in an interest rate-sensitive industry, where the NIM is a key determinant of a bank's profitability. Flushing's ability to manage this metric amidst potential interest rate changes by the Federal Reserve will be a significant factor in its financial performance.

Maintaining credit discipline is indicative of a cautious approach to lending, which is prudent in periods of economic uncertainty. This strategy could mitigate the risk of loan defaults and protect the bank's balance sheet. The commitment to preserving liquidity and capital aligns with regulatory expectations and provides a buffer against potential market shocks. These strategic initiatives reflect a forward-looking approach that balances growth with risk management, which is essential for long-term financial stability and resilience.

UNIONDALE, NY / ACCESSWIRE / February 27, 2024 / Flushing Financial Corporation (the "Company") (Nasdaq:FFIC), the parent holding company for Flushing Bank (the "Bank"), today announced that the Board of Directors (the "Board") declared a quarterly dividend on its common stock of $0.22 per common share, payable on March 22, 2024, to shareholders of record at the close of business on March 11, 2024.

John R. Buran, the Company's President and Chief Executive Officer stated: "The Company has a long history of paying dividends to shareholders since our first dividend in 1996. This quarter's dividend marks the 111^th consecutive quarterly dividend and highlights our commitment to shareholders. Given the progress on our previously adopted action plan, we are shifting our areas of focus in 2024 to 1) increasing the NIM and reducing volatility, 2) maintaining credit discipline, 3) preserving our strong liquidity and capital, and 4) bending the expense curve."

FLUSHING FINANCIAL CORPORATION (Nasdaq: FFIC) is the holding company for Flushing Bank®, an FDIC insured, New York State-chartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been building relationships with families, business owners, and communities since 1929. Today, it offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. Rewarding customers with personalized attention and bankers that can communicate in the languages prevalent within these multicultural markets is what makes the Bank uniquely different. As an Equal Housing Lender and leader in real estate lending, the Bank's experienced lending teams create mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. The Bank also fosters relationships with consumers nationwide through its online banking division with the iGObanking® and BankPurely® brands. Additional information on Flushing Financial Corporation and Flushing Bank may be obtained by visiting the Company's web site at 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, 2022 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.

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CONTACT:

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

SOURCE: Flushing Financial Corporation

View the original press release on accesswire.com

What is the quarterly dividend declared by Flushing Financial Corporation (FFIC)?

Flushing Financial Corporation declared a quarterly dividend of $0.22 per common share.

What areas of focus are highlighted by the Company for 2024?

The Company plans to focus on increasing NIM, maintaining credit discipline, preserving liquidity and capital, and reducing expenses in 2024.

What is the significance of the 111th consecutive quarterly dividend mentioned in the PR?

The 111th consecutive quarterly dividend highlights the company's commitment to rewarding shareholders with consistent dividends since 1996.

What services does Flushing Bank offer?

Flushing Bank offers a full range of banking services, including deposit, loan, equipment finance, and cash management services, with personalized attention and multilingual bankers.

Where can additional information about Flushing Financial Corporation and Flushing Bank be obtained?

Additional information about Flushing Financial Corporation and Flushing Bank can be obtained by visiting the Company's website at FlushingBank.com.