Flushing Financial Corporation (FFIC): history, ownership, mission, how it works & makes money

A Brief History of Flushing Financial Corporation (FFIC)

Establishment and Early Years

Flushing Financial Corporation was established in 1995 and operates as the holding company for Flushing Bank. The bank itself was founded in 1929 as Flushing Savings Bank. Initially, the company focused on providing a range of financial services to the residents of Queens, New York.

Growth in the 2000s

During the early 2000s, Flushing Financial Corporation began to expand its operations significantly. In 2002, it completed an initial public offering (IPO) and became publicly traded on the NASDAQ under the ticker symbol FFIC.

Acquisitions and Strategic Expansion

Flushing Financial made several acquisitions in an effort to increase its market share. In 2010, the company acquired the assets of the failed 1st Centennial Bank, which significantly bolstered its asset base and branch network.

Impact of Financial Crisis

The financial crisis of 2008 posed challenges for many banking institutions, including Flushing Financial. The company however reported profitability during this period, showcasing resilience compared to its peers.

Recent Developments

As of Q3 2023, Flushing Financial Corporation reported total assets of approximately $5.3 billion and continues to focus on enhancing its digital banking capabilities.

Community Engagement and Corporate Responsibility

Flushing Financial has been actively involved in community service initiatives, particularly focusing on affordable housing and financial literacy programs. The company reported donations and sponsorships totaling over $1 million in 2022.

Market Position

As of 2023, Flushing Financial Corporation serves over 150,000 customers and operates 18 branches primarily in the New York metropolitan area.

Future Outlook

Looking ahead, Flushing Financial aims to leverage technology to enhance customer experience and aims for a targeted annual growth rate of 5-7% over the next five years.

A Who Owns Flushing Financial Corporation (FFIC)

Shareholder Composition

Flushing Financial Corporation (FFIC) exhibits a diverse range of shareholders that includes institutional investors, individual shareholders, and insider ownership. As of the latest filing, the following table summarizes the major shareholders:

Major Institutional Investors

The major institutional shareholders include mutual funds, pension funds, and other large financial entities. The list below details some of the prominent institutional investors:

• BlackRock, Inc. - 12.5% ownership
• The Vanguard Group, Inc. - 10.0% ownership
• Wellington Management Group LLP - 9.0% ownership
• Dimensional Fund Advisors LP - 8.2% ownership
• State Street Corporation - 7.5% ownership

Insider Ownership Details

Insider ownership is critical for understanding the confidence that executives and board members have in the company's future. The following table provides an overview of key insiders and their ownership stakes:

Recent Financial Performance

The financial performance of Flushing Financial Corporation has shown resilience over the past year, reflecting the shareholder's confidence. As of the latest quarter:

Share Price and Market Capitalization

The stock performance of FFIC has demonstrated variability in response to market conditions. As of the latest financial report:

Recent Changes in Ownership

Tracking changes in ownership can provide insights into shareholder sentiment and potential future actions. Recent filings show the following changes:

• BlackRock increased its stake by 2% in Q3 2023.
• The Vanguard Group reduced its holdings by 1.5% in Q2 2023.
• Insider purchases totaled 50,000 shares in the last six months.

Flushing Financial Corporation (FFIC) Mission Statement

Overview

Flushing Financial Corporation, through its wholly-owned subsidiary Flushing Bank, is committed to delivering exceptional banking services tailored to the needs of its customers. The mission statement encapsulates the corporation's dedication to community support, customer service excellence, and sustainable growth.

Mission Statement Components

The mission statement emphasizes several key components:

• Customer Satisfaction
• Community Engagement
• Financial Integrity
• Sustainable Growth

Customer Satisfaction

Flushing Financial Corporation aims to provide an exceptional customer experience by offering innovative products and services. The bank reported a net interest margin of 3.24% for the fiscal year 2022, showcasing its focus on profitability while meeting customer needs.

Community Engagement

In 2022, Flushing Bank provided over $2 million in charitable contributions, supporting various community initiatives, including education, housing, and health services. The bank has a strong commitment to community reinvestment, with a Community Reinvestment Act (CRA) rating of “Satisfactory”.

Financial Integrity

Flushing Financial Corporation takes pride in maintaining financial integrity through transparency and accountability. As of Q3 2023, the total assets of Flushing Financial Corporation stood at $5.56 billion, with total deposits reaching $4.83 billion.

Sustainable Growth

Flushing Financial Corporation has demonstrated sustainable growth through consistent financial performance. For the year ended December 31, 2022, the corporation reported a net income of $36.1 million, representing an increase of 9.1% from the previous year.

Key Financial Metrics

Commitment to Diversity and Inclusion

Flushing Financial Corporation is dedicated to promoting diversity and inclusion within its workforce and customer base. The corporation has implemented initiatives to enhance minority representation in its hiring practices, with a current diversity rate of 42% in management positions as of 2023.

Strategic Goals

• Enhancing digital banking capabilities
• Expanding branch network in underserved areas
• Increasing loan portfolio while managing risk
• Building long-term relationships with customers

Conclusion of Mission Statement Goals

Flushing Financial Corporation strives to fulfill its mission statement by focusing on key areas including customer service, community engagement, financial integrity, and sustainable growth, ensuring it meets the evolving needs of its clients while supporting the community.

How Flushing Financial Corporation (FFIC) Works

Overview of Flushing Financial Corporation

Flushing Financial Corporation, through its wholly-owned subsidiary Flushing Bank, offers a range of financial services tailored primarily to residential, commercial, and consumer clients. As of the end of 2022, the bank held assets totaling approximately $6.2 billion.

Business Model

Flushing Financial operates on a community banking model focusing on fostering relationships with local businesses and residents. Its services include:

• Deposit accounts
• Loan products
• Investment services
• Mortgage banking

Financial Performance

In the fiscal year ending December 31, 2022, Flushing Financial reported net income of $35 million. The net income per share was approximately $1.16.

Assets and Liabilities

As of December 31, 2022, Flushing Financial Corporation’s financial position was as follows:

Loan Portfolio

Flushing’s loan portfolio is a critical component of its business operations. As of 2022, the loan breakdown was as follows:

Deposit Services

Flushing Financial's deposit services are a vital source of funding for its lending operations. As of 2022, the composition of deposits was:

Market Position

Flushing Financial is recognized as one of the leading community banks in New York, with a market capitalization of approximately $320 million as of October 2023. Its competitive advantage lies in its strong presence within immigrant communities, particularly serving Asian Americans.

Regulatory Framework

Flushing Financial operates under the supervision of several regulatory bodies, including:

• Federal Deposit Insurance Corporation (FDIC)
• Office of the Comptroller of the Currency (OCC)
• Consumer Financial Protection Bureau (CFPB)

Recent Developments

In 2023, Flushing Financial Corporation announced plans to expand its branch network by opening three new locations in underserved areas, with an investment of approximately $2 million.

Corporate Social Responsibility

Flushing Financial is involved in various community service initiatives, with a commitment of over $1 million annually towards local charities and development projects.

How Flushing Financial Corporation (FFIC) Makes Money

Interest Income

Flushing Financial Corporation primarily earns money through interest income. This income is generated from its loan portfolio, which includes residential, commercial, and construction loans. As of the end of Q2 2023, total loans receivable were approximately $4.8 billion. The average yield on loans was reported at 4.12%, contributing significantly to the company's earnings.

Investment Securities

The corporation also invests in securities, which are a vital source of interest income. As of June 30, 2023, Flushing's investment securities totaled approximately $1.2 billion, with an average yield of 3.15%.

Non-Interest Income

Non-interest income forms another critical component of FFIC's revenue. As of Q2 2023, non-interest income amounted to approximately $15 million, driven by service charges, transaction fees, and mortgage banking revenue.

Fee-Based Services

The company provides various fee-based services that contribute to non-interest income, including:

• ATM fees
• Account maintenance fees
• Wire transfer fees
• Loan origination fees

Efficiency and Cost Structure

Flushing Financial Corporation maintains a focus on operational efficiency to maximize its profitability. As of the end of Q2 2023, the efficiency ratio stood at 55%, indicating that 55 cents of every dollar earned is spent on operational expenses, which is competitive in the banking sector.

Market Presence

Flushing Financial operates primarily in the New York metropolitan area, which is a significant factor for its revenue generation. The corporation has over 20 branches serving predominantly the Asian-American community, capitalizing on local consumer familiarity and trust. The bank reported a total deposit base of approximately $4.3 billion, with an average cost of deposits at 0.25%.

Credit Quality and Loan Performance

Maintaining high credit quality is essential for Flushing's profitability. As of Q2 2023, the non-performing loan ratio was approximately 0.45%, indicating robust loan performance and effective credit risk management.

Investment in Technology

Flushing Financial has invested in digital banking technologies to enhance customer experience and operational efficiency. The company's tech investment was approximately $5 million in 2023, aimed at improving online banking services and mobile app functionality.

Conclusion of Financial Overview

In summary, Flushing Financial Corporation's diversified revenue streams, including interest income from loans and investments, alongside non-interest income and a focus on cost efficiency, are pivotal to its financial performance.