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Flushing Financial Corporation announces developments as the bank holding company for Flushing Bank, a New York State-chartered commercial bank serving Queens, Brooklyn, Manhattan and Long Island. Recurring updates cover net interest income and margin, deposit mix, loan origination and pipeline activity, asset quality, and common stock dividends.
The company’s news also includes branch and community-banking developments, including expansion in Manhattan, and corporate governance or shareholder matters tied to its public-company status. Flushing Bank offers deposit, loan, equipment finance and cash management services, with real estate lending as a central banking activity.
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In its first quarter of 2023, the company reported lower-than-expected results due to a challenging interest rate environment, with net income at $5.16 million, a 71.7% decrease year-over-year. Despite this, deposits increased by 6.2% year-over-year to reach $6.8 billion, reflecting strong customer relationships. The net interest margin (NIM) decreased to 2.27%, down from 2.70% in the prior quarter, primarily due to liabilities repricing faster than assets. The company took decisive actions to stabilize its business model, including moving towards an interest rate-neutral position and tightening expense controls. Key financial metrics include a tangible common equity ratio of 7.73%. A loss was incurred on the charge-off of a $9.2 million business credit. A conference call discussing these results is scheduled for April 26, 2023.
Flushing Financial Corporation (Nasdaq: FFIC) announced that Michael Bingold, the Senior Executive Vice President at Flushing Bank, received the Community Achievement Award at the RotaCare 2023 Caregivers’ Ball. President and CEO John R. Buran expressed pride in Bingold's recognition, highlighting his contributions to community organizations. Flushing Bank, part of Flushing Financial Corporation, has operated since 1929, offering a range of banking services across New York. The bank focuses on personalized customer service and includes online banking options under its iGObanking and BankPurely brands. The press release also contains a 'Safe Harbor' statement addressing potential forward-looking risks and uncertainties affecting the company's performance.
Flushing Financial Corporation (Nasdaq: FFIC) participated in the Queens Tech + Innovation Challenge, announced on March 29, 2023. The company, being the exclusive bank sponsor, expressed pride in supporting the initiative aimed at establishing Queens as a hub for innovation and technology. CEO John R. Buran emphasized the importance of community engagement and the role of businesses in local economic prosperity. Flushing Bank has served the community since 1929, offering a range of banking services while focusing on personalized customer relationships. The company's commitment to local businesses and the involvement in the tech challenge reflects its mission to go beyond traditional banking services.