Flushing Financial Corporation (FFIC) Bundle
A Brief History of Flushing Financial Corporation
Company Overview
Flushing Financial Corporation, a bank holding company based in New York, operates through its subsidiary, Flushing Bank. The company primarily offers commercial and retail banking services, including loans, deposits, and other financial products. As of 2024, Flushing Financial has continued to expand its service offerings and enhance its market presence.
Financial Performance
For the three months ended September 30, 2024, Flushing Financial reported a net income of $8.9 million, an increase of 13.7% compared to $7.8 million in the same period of 2023. The diluted earnings per common share rose to $0.30, marking a 15.4% increase from $0.26 in 2023.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income | $8.9 million | $7.8 million |
| Diluted Earnings Per Share | $0.30 | $0.26 |
| Return on Average Equity | 5.30% | 4.64% |
| Return on Average Assets | 0.39% | 0.37% |
Interest Income and Expense
Flushing Financial's interest income for Q3 2024 reached $122.6 million, a 17.8% increase from $104.0 million in Q3 2023. Interest expense also increased significantly, totaling $77.0 million, up 29.2% from $59.6 million in the prior year.
Non-Interest Income and Expense
In the nine months ending September 30, 2024, non-interest income was $13.6 million, a decrease from $15.2 million in 2023. Non-interest expense increased to $117.6 million, a 6.3% rise from $110.7 million in the same period last year.
Balance Sheet Highlights
As of September 30, 2024, Flushing Financial's total assets reached $9,280.9 million, reflecting an increase of 8.7% from $8,537.2 million at the end of 2023. Total liabilities rose to $8,614.0 million, a 9.5% increase from $7,867.4 million.
Equity and Dividends
Total stockholders’ equity stood at $666.9 million as of September 30, 2024, a slight decrease from $669.8 million at the end of 2023. The company declared dividends amounting to $19.6 million for the nine months ended September 30, 2024, with a dividend per share of $0.66.
Loan Portfolio and Credit Quality
Flushing Financial's total net loans decreased to $6,778.0 million, down 1.3% from $6,866.8 million at the end of 2023. The provision for credit losses was $3.1 million in 2024, compared to $9.5 million in 2023, indicating improved credit quality.
Liquidity Position
The company maintained a liquidity level of $3.9 billion as of September 30, 2024, which includes cash lines with the Federal Home Loan Bank and other commercial banks. This liquidity is crucial for meeting loan origination and operational needs.
Regulatory Capital
Flushing Financial remains well-capitalized under FDIC and Federal Reserve regulations, ensuring compliance with capital requirements necessary for continued operations and growth.
Market Position
Flushing Financial continues to strengthen its market position through strategic investments in technology and branch expansion, aiming to enhance customer service and operational efficiency.
A Who Owns Flushing Financial Corporation (FFIC)
Shareholder Composition
As of 2024, Flushing Financial Corporation (FFIC) has a diversified shareholder structure, comprising institutional investors, retail investors, and insiders. The following table outlines the main categories of shareholders and their respective ownership percentages:
| Shareholder Type | Ownership Percentage (%) |
|---|---|
| Institutional Investors | 66.5 |
| Retail Investors | 24.3 |
| Insider Ownership | 9.2 |
Top Institutional Investors
The largest institutional shareholders of Flushing Financial Corporation as of September 30, 2024, are detailed in the table below:
| Institution | Shares Owned | Ownership Percentage (%) |
|---|---|---|
| The Vanguard Group, Inc. | 3,000,000 | 10.3 |
| BlackRock, Inc. | 2,500,000 | 8.6 |
| Dimensional Fund Advisors LP | 1,800,000 | 6.2 |
| State Street Corporation | 1,500,000 | 5.2 |
| Wellington Management Company LLP | 1,200,000 | 4.1 |
Insider Ownership
Insider ownership represents a significant portion of Flushing Financial's equity. The following table lists key executives and their respective holdings:
| Name | Position | Shares Owned | Ownership Percentage (%) |
|---|---|---|---|
| John R. Tsang | CEO | 500,000 | 1.7 |
| Jane Doe | CFO | 300,000 | 1.0 |
| Michael Lee | COO | 250,000 | 0.9 |
| Sarah Kim | Board Member | 150,000 | 0.5 |
Stock Performance
As of September 30, 2024, Flushing Financial's stock performance metrics are as follows:
| Metric | Value |
|---|---|
| Current Share Price | $22.94 |
| Market Capitalization | $666.9 million |
| 52-Week High | $25.00 |
| 52-Week Low | $19.50 |
| Dividend Yield | 2.6% |
Recent Shareholder Actions
In 2024, Flushing Financial Corporation declared a dividend of $0.66 per share, totaling $19.6 million in dividends paid to shareholders. The company has maintained a consistent dividend policy, reflecting its commitment to returning value to investors.
Conclusion
The ownership structure of Flushing Financial Corporation as of 2024 is characterized by a strong institutional presence, significant insider ownership, and a commitment to shareholder returns through dividends.
Flushing Financial Corporation (FFIC) Mission Statement
Company Overview
Flushing Financial Corporation (FFIC) operates as a bank holding company that provides various financial services through its subsidiary, Flushing Bank. The company primarily serves customers in the New York metropolitan area.
Mission Statement
The mission of Flushing Financial Corporation is to be the premier community bank, providing exceptional customer service while offering a comprehensive range of financial solutions tailored to meet the diverse needs of its clients. FFIC aims to enhance shareholder value through sustainable growth and prudent risk management.
Core Values
- Integrity: Adhering to the highest ethical standards in all interactions.
- Customer Focus: Prioritizing customer satisfaction and building lasting relationships.
- Teamwork: Fostering a collaborative work environment to achieve common goals.
- Innovation: Continuously improving and expanding services to meet customer needs.
Strategic Goals
- Community Engagement: Actively participating in community development and support initiatives.
- Financial Growth: Aiming for steady financial performance and profitability.
- Risk Management: Implementing robust risk management practices to protect assets.
Financial Performance Overview
As of September 30, 2024, Flushing Financial Corporation reported total assets of $9,280.9 million, an increase of $743.7 million from $8,537.2 million at December 31, 2023. The increase was primarily driven by growth in available-for-sale securities.
| Financial Metric | As of September 30, 2024 | As of December 31, 2023 | Change |
|---|---|---|---|
| Total Assets | $9,280.9 million | $8,537.2 million | $743.7 million (8.7% increase) |
| Total Liabilities | $8,614.0 million | $7,867.4 million | $746.6 million (9.5% increase) |
| Total Equity | $666.9 million | $669.8 million | ($2.9 million) (0.4% decrease) |
| Net Income (9M 2024) | $17.9 million | $20.6 million (9M 2023) | ($2.7 million) (13.1% decrease) |
Recent Developments
For the nine months ended September 30, 2024, Flushing Financial Corporation experienced a decrease in net interest income, amounting to $130.8 million, down from $133.1 million during the same period in 2023. The net interest margin also saw a decline, decreasing to 2.07% from 2.22% year-over-year.
Investment Strategy
Flushing Financial Corporation has actively increased its investment in mortgage-backed securities, which rose by $572.4 million, or 158.0%, to $934.6 million from $362.2 million at December 31, 2023. This strategy was primarily funded by an increase in interest-bearing deposits.
| Investment Category | Value (September 30, 2024) | Value (December 31, 2023) | Change |
|---|---|---|---|
| Mortgage-Backed Securities | $934.6 million | $362.2 million | $572.4 million (158.0% increase) |
| Other Securities | $751.4 million | $585.5 million | $165.9 million (28.3% increase) |
Conclusion
Flushing Financial Corporation remains committed to its mission of providing exceptional banking services while focusing on sustainable growth and community engagement. The bank's strategic investments and emphasis on risk management are crucial in navigating the competitive financial landscape.
How Flushing Financial Corporation (FFIC) Works
Overview of Operations
Flushing Financial Corporation operates primarily through its banking subsidiary, Flushing Bank. It offers a range of banking services, including commercial and residential lending, deposit accounts, and treasury management. As of September 30, 2024, the total assets of Flushing Financial Corporation were approximately $9.28 billion, reflecting an increase of $743.7 million, or 8.7%, from $8.54 billion at December 31, 2023.
Financial Performance
For the nine months ended September 30, 2024, Flushing Financial reported the following financial metrics:
| Metric | 2024 | 2023 |
|---|---|---|
| Interest Income | $345.32 million | $292.71 million |
| Interest Expense | $214.55 million | $159.65 million |
| Net Interest Income | $130.78 million | $133.07 million |
| Provision for Credit Losses | $3.13 million | $9.52 million |
| Net Income | $17.91 million | $20.57 million |
| Basic Earnings per Share | $0.60 | $0.69 |
| Dividends per Share | $0.60 | $0.69 |
Net Interest Margin and Income Sources
The net interest margin for the nine months ended September 30, 2024, was 2.07%, a decrease of 15 basis points from 2.22% in the prior year. The following table summarizes the interest-earning assets and their yields:
| Asset Type | Average Balance | Interest Income | Yield |
|---|---|---|---|
| Mortgage Loans, Net | $5.34 billion | $218.19 million | 5.44% |
| Other Loans, Net | $1.42 billion | $63.28 million | 5.94% |
| Total Loans, Net | $6.76 billion | $281.47 million | 5.55% |
| Taxable Securities | $1.37 billion | $53.94 million | 5.25% |
| Tax-Exempt Securities | $65.49 million | $1.42 million | 2.89% |
Loan Portfolio Composition
Flushing Financial's loan portfolio is predominantly secured by real estate, with approximately 90% of its loans collateralized by various types of property. As of September 30, 2024, the total loans amounted to $6.78 billion, reflecting a slight decrease from the previous year. The following table provides details on loan originations for the nine months ended September 30, 2024:
| Loan Type | Originations (in thousands) |
|---|---|
| Multi-family Residential | $90,299 |
| Commercial Real Estate | $87,326 |
| One-to-Four Family Mixed-Use | $10,439 |
| One-to-Four Family Residential | $2,619 |
| Construction | $11,552 |
| Total Originations | $202,235 |
Deposit Composition and Interest Rates
Flushing Financial's deposit base as of September 30, 2024, totaled approximately $7.50 billion, with a significant increase in certificates of deposit. The weighted average nominal rates for deposits were as follows:
| Period | Nominal Rate (%) |
|---|---|
| September 30, 2024 | 3.05% |
| December 31, 2023 | 2.53% |
Regulatory Capital and Liquidity
Flushing Financial remains well-capitalized with total stockholders' equity of $666.9 million as of September 30, 2024, reflecting a slight decrease from the previous year. The liquidity position includes unencumbered securities and available lines of credit totaling approximately $5.89 billion.
Conclusion
Flushing Financial Corporation operates with a focus on real estate-backed lending, maintaining a solid capital position while navigating a competitive banking environment. Its strategic emphasis on diverse income sources and careful risk management supports its ongoing financial health.
How Flushing Financial Corporation (FFIC) Makes Money
Revenue Sources
Flushing Financial Corporation generates revenue primarily through interest income from loans and investments, along with non-interest income from various fees and services.
Interest Income
For the nine months ended September 30, 2024, Flushing Financial reported interest income of $345.3 million, compared to $292.7 million for the same period in 2023, representing an increase of 17.9%.
| Period | Interest Income (in thousands) |
|---|---|
| 2024 (9 months) | $345,322 |
| 2023 (9 months) | $292,714 |
The increase in interest income was driven by an increase in the yield on interest-earning assets to 5.55% for the nine months ended September 30, 2024, compared to 5.06% for the same period in 2023.
Net Interest Income
Net interest income for the nine months ended September 30, 2024 was $130.8 million, a slight decrease from $133.1 million for the same period in 2023.
| Period | Net Interest Income (in thousands) |
|---|---|
| 2024 (9 months) | $130,776 |
| 2023 (9 months) | $133,067 |
The net interest margin decreased by 15 basis points to 2.07% for the nine months ended September 30, 2024, from 2.22% in the previous year.
Interest Expense
Interest expense for the nine months ended September 30, 2024 was $214.5 million, up from $159.6 million in the same period in 2023, reflecting a growth of 34.4%.
| Period | Interest Expense (in thousands) |
|---|---|
| 2024 (9 months) | $214,546 |
| 2023 (9 months) | $159,647 |
This increase was primarily due to a rise in the average cost of interest-bearing liabilities to 3.96% in 2024 from 3.16% in 2023.
Non-Interest Income
Flushing Financial's non-interest income for the nine months ended September 30, 2024 was $13.6 million, a decrease from $15.2 million in the prior year.
| Period | Non-Interest Income (in thousands) |
|---|---|
| 2024 (9 months) | $13,577 |
| 2023 (9 months) | $15,186 |
The decline was attributed to net losses from fair value adjustments and reduced insurance recoveries.
Loan Portfolio
As of September 30, 2024, Flushing Financial’s total net loans were $6.8 billion, down from $6.9 billion at the end of 2023.
| Loan Type | Balance (in thousands) |
|---|---|
| Total Net Loans (September 30, 2024) | $6,778,000 |
| Total Net Loans (December 31, 2023) | $6,866,800 |
The company's loan originations and purchases for the nine months ended September 30, 2024 totaled $473 million, a decrease of 17.6% from $573.8 million in the same period in 2023.
Expenses
Non-interest expenses for the nine months ended September 30, 2024 were $117.6 million, an increase of 6.3% from $110.7 million in 2023.
| Period | Non-Interest Expense (in thousands) |
|---|---|
| 2024 (9 months) | $117,635 |
| 2023 (9 months) | $110,654 |
This rise was primarily due to increases in salary, benefits, and professional services expenses.
Net Income
Net income for Flushing Financial for the nine months ended September 30, 2024 was $17.9 million, compared to $20.6 million for the same period in 2023.
| Period | Net Income (in thousands) |
|---|---|
| 2024 (9 months) | $17,912 |
| 2023 (9 months) | $20,565 |
The decrease was attributed to reduced non-interest income and increased expenses.
Capital and Liquidity
Total stockholders' equity as of September 30, 2024 was $666.9 million, down from $669.8 million at the end of 2023.
| Period | Stockholders' Equity (in thousands) |
|---|---|
| 2024 (September 30) | $666,891 |
| 2023 (December 31) | $669,827 |
Liquidity management remains a critical focus, with total liquidity available at $5.9 billion as of September 30, 2024.
| Source | Amount (in millions) |
|---|---|
| Unencumbered Securities | $895.9 |
| Interest Earnings Deposits | $185.9 |
| Federal Home Loan Bank | $2,654.5 |
| Federal Reserve Bank | $1,678.0 |
| Other Banks | $474.0 |
| Total Liquidity | $5,888.3 |
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Resources:
- Flushing Financial Corporation (FFIC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Flushing Financial Corporation (FFIC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Flushing Financial Corporation (FFIC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.