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.
Flushing Financial Corporation (Nasdaq: FFIC) announced a revision in the timing for its fourth quarter and full year 2022 earnings release, now set for January 26, 2023, after market close. The company’s executives will discuss the results on a conference call scheduled for January 27, 2023, at 9:30 AM ET. Flushing Bank, a New York-chartered commercial bank, continues to build relationships in its communities while offering a range of banking services, including mortgage solutions and online banking through iGObanking and BankPurely brands.
Flushing Financial Corporation (Nasdaq: FFIC) announced its fourth quarter and full year 2022 earnings release scheduled for January 24, 2023, after market close. A conference call will follow on January 25, 2023, at 9:30 AM ET, hosted by CEO John R. Buran and CFO Susan K. Cullen, discussing the results and strategy moving forward. Flushing Bank, a New York State-chartered commercial bank, provides a range of banking services and continues to build relationships across its diverse communities since 1929.
Flushing Financial Corporation (Nasdaq: FFIC) announced a quarterly dividend of $0.22 per common share, payable on December 23, 2022 to shareholders of record by December 9, 2022. This marks the 106th consecutive quarterly dividend, reflecting the company's commitment to shareholder value and financial stability. The company emphasizes its history of profitable growth and a conservative business model, operating primarily through Flushing Bank, which serves multicultural markets in New York.
Flushing Financial Corporation (Nasdaq: FFIC) announced the leasing of a new full-service branch at 8616 21st Avenue, Brooklyn, NY, scheduled to open in the first half of 2023. This expansion aims to better serve the diverse local community, particularly focusing on relationships within the Asian demographic. The Bank, which has been in operation since 1929, provides a wide range of commercial banking services and emphasizes personalized customer service in various languages.
Flushing Financial Corporation (Nasdaq: FFIC) has been reaffirmed an investment grade rating by Kroll Bond Rating Agency (KBRA), receiving ratings of BBB/K3 for the Company and BBB+/K2 for Flushing Bank. The ratings are attributed to a strong management team, a competitive deposit share in the greater NYC market, and a low-risk loan portfolio. KBRA maintains a Stable outlook on long-term ratings. The Company emphasizes its conservative underwriting and focus on acquiring core deposits while diversifying its loan portfolio, positioning itself for profitable growth.
The Company reported a 6.2% year-over-year decline in third quarter 2022 GAAP EPS of $0.76, with a return on average assets (ROAA) of 1.11% and a return on average equity (ROAE) of 13.91%. Core EPS fell 29.5% YoY to $0.62. Loan growth was solid at 3.1% quarter-over-quarter, but net interest income declined by 3.4% YoY to $61.2 million, primarily due to rising funding costs. The net interest margin (NIM) decreased to 3.07%. The Company raised $65 million in subordinated debt and repurchased shares, returning 40% of earnings to shareholders.
Flushing Financial Corporation (Nasdaq: FFIC) recently hosted a check presentation for its sponsorship of the Queens Borough President Tech + Innovation Challenge at its Jamaica branch. CEO John R. Buran emphasized the bank's commitment to supporting local businesses and community development. Queens Borough President Donovan Richards Jr. expressed gratitude for Flushing Bank's role in fostering innovation and building a tech economy post-COVID. The bank has been serving the community since 1929, providing a range of banking services tailored to the needs of diverse customers.
Flushing Financial Corporation (Nasdaq: FFIC) participated in the ribbon-cutting ceremony for the Charles B. Wang Health Center in Flushing on October 12, 2022. The company supported the center's financing via a Build NYC tax-exempt bond. CEO John R. Buran emphasized the importance of quality healthcare access in the diverse Flushing community for economic growth. Flushing Financial, established in 1929, operates Flushing Bank, providing comprehensive banking services in New York and nationally through its online divisions.
Flushing Financial Corporation (Nasdaq: FFIC) recently participated in the Port Jefferson Dragon Boat Race Festival on September 17, 2022. This event, organized by the Greater Port Jefferson Chamber of Commerce, marks the company's inaugural involvement in the festival as a new member of the community. CEO John R. Buran emphasized the company's commitment to community engagement, aligning with its corporate strategy of charity and cultural sponsorship. Flushing Bank, a subsidiary, offers a range of financial services across New York and has been a community presence since 1929.
Flushing Financial Corporation (Nasdaq: FFIC) will present at the Sidoti & Company September Small-Cap Virtual Conference on September 21, 2022, at 1:45 pm ET. The presentation will feature CEO John R. Buran and CFO Susan K. Cullen. They will also host virtual one-on-one meetings with investors on the same day, which can be registered for at no cost. Flushing Financial is the parent company of Flushing Bank, which has been serving customers since 1929, offering a range of banking services and personalized customer care across New York.