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 quarterly dividend increase to $0.22 per share, up by $0.01 from the previous quarter. This dividend is payable on March 25, 2022, to shareholders of record as of March 11, 2022. The CEO noted that this increase reflects record earnings in 2021 and ongoing positive momentum into 2022, driven by economic recovery and a robust loan pipeline. Flushing Bank operates across New York, offering a range of banking services since 1929.
Flushing Financial Corporation (Nasdaq: FFIC) has eliminated overdraft, insufficient funds, and transfer fees on consumer checking accounts for its Flushing Bank, iGObanking®, and BankPurely® customers. This initiative aims to enhance customer relationships and provide added value, differentiating the bank from competitors. CEO John R. Buran emphasized the bank's commitment to customer satisfaction and community service as its operational foundation. Flushing Bank, with a rich history since 1929, offers a range of financial services across New York and online.
The Company reported a record fourth quarter in 2021 with GAAP EPS of $0.58, a 427% increase YoY, and Core EPS of $0.67, up 16% YoY. Total net interest income rose to $62.7 million, up 12.5% YoY, despite a marginal QoQ decline of 1.1%. Loans, excluding PPP, increased 3.7% annualized in 4Q21, with loan closings up 49% QoQ. The Company's capital ratios improved, with tangible common equity rising to 8.22%. A one-time increase in employee compensation of $4.3 million was recorded. The company returned 56% of earnings to shareholders through dividends and share repurchases.
Flushing Financial Corporation (Nasdaq: FFIC) announced a partnership with NYDIG to offer bitcoin services to its customers, set to launch in Q1 2022. This initiative reflects the company's commitment to digital transformation and responding to consumer demand for alternative financial services. Customers will have the ability to buy, sell, and hold bitcoin securely. NYDIG's technology complies with the highest industry standards, ensuring regulatory adherence and improved customer banking experiences. This move is expected to enhance Flushing Bank's service offerings and strengthen its market position.
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Flushing Financial Corporation (Nasdaq: FFIC) has rescheduled its fourth quarter 2021 earnings conference call to January 28, 2022, at 11:00 AM ET. The call can be accessed via dial-in numbers or through a webcast. Flushing Bank, established in 1929, serves communities across New York with a range of banking services, including deposits, loans, and cash management. The Bank emphasizes personalized customer service and multicultural communication.
Flushing Financial Corporation (Nasdaq: FFIC) announced plans to eliminate overdraft, insufficient funds, and transfer fees on consumer checking accounts for its Flushing Bank, iGObanking®, and BankPurely® customers. CEO John R. Buran emphasized the company's commitment to enhancing customer relationships by providing added value, distinguishing itself from other financial institutions. This move aims to attract and retain customers in a competitive banking landscape.
Flushing Financial Corporation (Nasdaq: FFIC) announced the appointment of Douglas J. McClintock as Senior Executive Vice President and General Counsel, effective January 3, 2022. McClintock brings extensive experience in banking law, having served at Emigrant Bank and advised Flushing Financial on various banking matters and mergers. CEO John R. Buran expressed confidence in McClintock's ability to enhance the company's executive team with his background in regulatory issues, capital raising, and acquisitions.
Flushing Financial Corporation (Nasdaq: FFIC) has announced the release date for its fourth quarter 2021 earnings, set for January 27, 2022. President John R. Buran and CFO Susan K. Cullen will lead a conference call on January 28 at 9:30 AM (ET) to discuss the results and strategic outlook. Interested listeners can join via phone or through a webcast. Flushing Bank, under FFIC, serves a range of clients in New York, offering comprehensive banking services, including real estate lending and online banking options.
Flushing Financial Corporation (Nasdaq: FFIC) partners with The Lonely Entrepreneur to provide minority entrepreneurs with free access to the TLE Learning Community for one year. This initiative aims to support local minority-owned businesses in Elmhurst and Jamaica, enhancing their chances of success in underserved markets. CEO John R. Buran emphasizes the bank's commitment to empowering these entrepreneurs. The program aligns with the Black Entrepreneur Initiative, which seeks to offer resources to 100,000 Black entrepreneurs nationwide.