10-Q 1 ffic-20220331x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

Commission file number 001-33013

FLUSHING FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

11-3209278

(I.R.S. Employer Identification No.)

220 RXR Plaza, Uniondale, New York 11556

(Address of principal executive offices)

(718) 961-5400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

FFIC

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    X   Yes        __No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    X   Yes        __No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  __

Accelerated filer  X

Non-accelerated filer  __

Smaller reporting company  __

Emerging growth company  __

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes    X   No

The number of shares of the registrant’s Common Stock outstanding as of April 29, 2022 was 30,347,077.

TABLE OF CONTENTS

PAGE

PART I  — FINANCIAL INFORMATION

ITEM 1. Financial Statements - (Unaudited)

Consolidated Statements of Financial Condition

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Cash Flows

4

Consolidated Statements of Changes in Stockholders’ Equity

6

Notes to Consolidated Financial Statements

7

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

52

ITEM 4. Controls and Procedures

52

PART II  — OTHER INFORMATION

ITEM 1. Legal Proceedings

53

ITEM 1A. Risk Factors

53

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

53

ITEM 3. Defaults Upon Senior Securities

53

ITEM 4. Mine Safety Disclosures

53

ITEM 5. Other Information

53

ITEM 6. Exhibits

54

SIGNATURES

56

i

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Financial Condition

Item 1.   Financial Statements

March 31, 

December 31, 

2022

2021

(Unaudited)

(Dollars in thousands, except per share data)

Assets

 

  

 

  

Cash and due from banks

$

186,407

$

81,723

Securities held-to-maturity:

 

  

 

  

Mortgage-backed securities (include assets pledged of $5,130 and $5,643 at March 31, 2022 and December 31, 2021, respectively; fair value of $7,880 and $8,667 at March 31, 2022 and December 31, 2021, respectively)

 

7,890

 

7,894

Other securities, net of allowance of $986 and $862 at March 31, 2022 and December 31, 2021 respectively; (none pledged; fair value of $61,839 and $53,362 at March 31, 2022 and December 31, 2021, respectively)

 

66,327

 

49,974

Securities available for sale, at fair value:

 

  

 

  

Mortgage-backed securities (including assets pledged of $225,110 and $212,388 at March 31, 2022 and December 31, 2021, respectively; $364 and $388 at fair value pursuant to the fair value option at March 31, 2022 and December 31, 2021, respectively)

 

553,828

 

572,184

Other securities (including none pledged; $13,676 and $14,180 at fair value pursuant to the fair value option at March 31, 2022 and December 31, 2021, respectively)

 

286,041

 

205,052

Loans:

 

 

Multi-family residential

2,500,570

2,517,026

Commercial real estate

1,764,927

1,775,629

One-to-four family --- mixed used property

563,679

571,795

One-to-four family --- residential

256,474

276,571

Construction

68,488

59,761

Small Business Administration

59,331

93,811

Commercial business and other

1,387,155

1,339,273

Net unamortized premiums and unearned loan fees

6,640

4,239

Less: Allowance for credit losses

 

(37,433)

 

(37,135)

Net loans

 

6,569,831

 

6,600,970

Interest and dividends receivable

 

37,308

 

38,698

Bank premises and equipment, net

 

22,752

 

23,338

Federal Home Loan Bank of New York stock, at cost

 

33,891

 

35,937

Bank owned life insurance

 

211,867

 

210,754

Goodwill

 

17,636

 

17,636

Core deposit intangibles

2,420

2,562

Right of use asset

48,475

 

50,200

Other assets

 

125,160

 

148,989

Total assets

$

8,169,833

$

8,045,911

Liabilities

 

  

 

  

Due to depositors:

 

  

 

  

Non-interest bearing

$

1,041,027

$

967,621

Interest-bearing

 

5,332,373

 

5,365,911

Total Due to depositors

6,373,400

6,333,532

Mortgagors' escrow deposits

 

79,495

 

51,913

Borrowed funds:

 

  

 

  

Federal Home Loan Bank advances and other borrowings

 

696,186

 

636,187

Subordinated debentures

 

122,981

 

122,885

Junior subordinated debentures, at fair value

 

57,955

 

56,472

Total borrowed funds

 

877,122

 

815,544

Operating lease liability

52,292

54,155

Other liabilities

 

111,711

 

111,139

Total liabilities

 

7,494,020

 

7,366,283

Stockholders' Equity

 

  

 

  

Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)

 

 

Common stock ($0.01 par value; 100,000,000 shares authorized; 34,087,623 shares issued at both March 31, 2022 and December 31, 2021; 30,366,544 shares and 30,526,353 shares outstanding at March 31, 2022 and December 31, 2021, respectively)

 

341

 

341

Additional paid-in capital

 

261,837

 

263,375

Treasury stock, at average cost (3,721,079 shares and 3,561,270 shares at March 31, 2022 and December 31, 2021, respectively)

 

(79,834)

 

(75,293)

Retained earnings

 

508,973

 

497,889

Accumulated other comprehensive loss, net of taxes

 

(15,504)

 

(6,684)

Total stockholders' equity

 

675,813

 

679,628

Total liabilities and stockholders' equity

$

8,169,833

$

8,045,911

The accompanying notes are an integral part of these consolidated financial statements.

-1-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

For the three months ended

March 31, 

    

    

2022

    

2021

    

(In thousands, except per share data)

Interest and dividend income

Interest and fees on loans

$

67,516

$

69,021

Interest and dividends on securities:

 

  

 

  

Interest

 

3,745

3,072

Dividends

 

8

 

8

Other interest income

51

 

36

Total interest and dividend income

 

71,320

 

72,137

Interest expense

 

  

 

  

Deposits

 

3,408

 

6,105

Other interest expense

 

4,433

 

5,140

Total interest expense

 

7,841

 

11,245

Net interest income

 

63,479

 

60,892

Provision for credit losses

 

1,358

 

2,820

Net interest income after provision for credit losses

 

62,121

 

58,072

Non-interest income

 

  

 

  

Banking services fee income

 

1,374

 

2,725

Net gain on sale of loans

 

 

31

Net gain on disposition of assets

621

Net gain (loss) from fair value adjustments

 

(1,809)

 

982

Federal Home Loan Bank of New York stock dividends

 

397

 

689

Bank owned life insurance

 

1,114

 

997

Other income

 

237

 

266

Total non-interest income

 

1,313

 

6,311

Non-interest expense

 

Salaries and employee benefits

 

23,649

 

22,664

Occupancy and equipment

 

3,604

 

3,367

Professional services

 

2,222

 

2,400

FDIC deposit insurance

 

420

 

1,213

Data processing

 

1,424

 

2,109

Depreciation and amortization of bank premises and equipment

 

1,460

 

1,639

Other real estate owned / foreclosure expense (recoveries)

 

84

 

(10)

Other operating expenses

 

5,931

 

4,777

Total non-interest expense

 

38,794

 

38,159

Income before income taxes

 

24,640

 

26,224

Provision for income taxes

Federal

 

4,650

 

5,071

State and local

 

1,771

 

2,114

Total provision for income taxes

 

6,421

 

7,185

Net income

$

18,219

$

19,039

Basic earnings per common share

$

0.58

$

0.60

Diluted earnings per common share

$

0.58

$

0.60

Dividends per common share

$

0.22

$

0.21

The accompanying notes are an integral part of these consolidated financial statements.

-2-

ART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(Unaudited)

For the three months ended

March 31, 

    

2022

    

2021

(In thousands)

Net income

$

18,219

$

19,039

Other comprehensive income (loss), net of tax:

 

  

 

  

Amortization of prior service credits, net of taxes of $2, and $6 for the three months ended March 31, 2022, and 2021, respectively

 

(5)

 

(15)

Amortization of actuarial (gains) losses, net of taxes of $2, and ($36) for the three months ended March 31, 2022, and 2021, respectively

 

(4)

 

81

Change in net unrealized losses on securities available for sale, net of taxes of $10,892, and $986 for the three months ended March 31, 2022, and 2021, respectively

 

(23,427)

 

(2,217)

Net unrealized gain on cash flow hedges, net of taxes of ($6,857), and $(3,461) for the three months ended March 31, 2022, and 2021, respectively

 

14,751

 

7,798

Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of $63 and $36 for the three months ended March 31, 2022, and 2021, respectively

 

(135)

 

(84)

Total other comprehensive income (loss), net of tax

 

(8,820)

 

5,563

Comprehensive net income

$

9,399

$

24,602

The accompanying notes are an integral part of these consolidated financial statements.

-3-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

For the three months ended March 31, 

    

2022

    

2021

(In thousands)

Operating Activities

Net income

$

18,219

$

19,039

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Provision for credit losses

 

1,358

 

2,820

Depreciation and amortization of premises and equipment

 

1,460

 

1,639

Net gain on sales of loans

 

 

(31)

Net gain on sale and disposition of assets

 

 

(621)

Net amortization of (discounts) premiums

 

(492)

 

107

Net (gain) loss from fair value adjustments of qualifying hedges

 

129

 

(1,427)

Net (gain) loss from fair value adjustments

1,809

(982)

Income from bank owned life insurance

 

(1,114)

 

(997)

Stock-based compensation expense

 

4,194

 

3,470

Deferred compensation

 

(2,545)

 

(1,754)

Amortization of core deposit intangibles

142

159

Decrease (increase) in other assets

 

3,570

 

(6,972)

(Decrease) increase in other liabilities

 

13,847

 

(4,881)

Net cash provided by operating activities

 

40,577

 

9,569

Investing Activities

 

  

 

  

Purchases of premises and equipment

 

(874)

 

(958)

Net redemptions of Federal Home Loan Bank-NY shares

 

2,046

 

1,941

Purchases of securities held-to-maturity

 

(16,476)

 

Purchases of securities available for sale

 

(130,312)

 

(352,637)

Proceeds from sales and calls of securities available for sale

 

 

7,500

Proceeds from maturities and prepayments of securities available for sale

 

32,177

 

227,829

Net repayments (originations) of loans

 

72,080

 

(41,680)

Purchases of loans

 

(54,309)

 

(25,948)

Proceeds from sale of loans

 

 

8,249

Net cash used in investing activities

 

(95,668)

 

(175,704)

-4-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows (Contd.)

(Unaudited)

    

For the three months ended March 31,

2022

2021

(In thousands)

Financing Activities

Net increase in non interest-bearing deposits

$

73,406

$

138,517

Net increase in interest-bearing deposits

 

16,482

 

97,227

Net increase in mortgagors' escrow deposits

 

27,582

 

28,726

Net proceeds from short-term borrowed funds

 

110,000

 

Repayment of long-term borrowings

 

(50,000)

 

(73,361)

Purchases of treasury stock

 

(10,845)

 

(1,290)

Cash dividends paid

 

(6,850)

 

(6,652)

Net cash provided by financing activities

 

159,775

 

183,167

Net increase in cash and cash equivalents

 

104,684

 

17,032

Cash and cash equivalents, beginning of period

 

81,723

 

157,388

Cash and cash equivalents, end of period

$

186,407

$

174,420

Supplemental Cash Flow Disclosure

 

  

 

  

Interest paid

$

6,846

$

9,935

Income taxes paid

 

214

 

1,579

Taxes paid if excess tax benefits on stock-based compensation were not tax deductible

 

384

 

1,254

The accompanying notes are an integral part of these consolidated financial statements.

-5-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

(Unaudited)

    

    

    

Additional

    

    

    

Accumulated Other

Common

Paid-in

Retained

Treasury

Comprehensive 

(Dollars in thousands, except per share data)

Total

Stock

Capital

Earnings

Stock

Income (Loss)

Balance at December 31, 2021

$

679,628

$

341

$

263,375

$

497,889

$

(75,293)

$

(6,684)

Net income

 

18,219

 

 

 

18,219

 

 

Award of common shares released from Employee Benefit Trust (17,964 shares)

 

287

 

 

287

 

 

 

Vesting of restricted stock unit awards (297,626 shares)

 

 

 

(6,019)

 

(285)

 

6,304

 

Purchase of treasury shares (360,000 shares)

 

(8,469)

 

 

 

 

(8,469)

 

Stock-based compensation expense

 

4,194

 

 

4,194

 

 

 

Repurchase of shares to satisfy tax obligation (97,435 shares)

 

(2,376)

 

 

 

 

(2,376)

 

Dividends on common stock ($0.22 per share)

 

(6,850)

 

 

 

(6,850)

 

 

Other comprehensive loss

 

(8,820)

 

 

 

 

 

(8,820)

Balance at March 31, 2022

$

675,813

$

341

$

261,837

$

508,973

$

(79,834)

$

(15,504)

    

    

    

Additional

    

    

    

Accumulated Other

Common

Paid-in

Retained

Treasury

Comprehensive

(Dollars in thousands, except per share data)

Total

Stock

Capital

Earnings

Stock

Income (Loss)

Balance at December 31, 2020

$

618,997

$

341

$

261,533

$

442,789

$

(69,400)

$

(16,266)

Net Income

 

19,039

 

 

 

19,039

 

 

Award of common shares released from Employee Benefit Trust (5,682 shares)

 

74

 

 

74

 

 

 

Vesting of restricted stock unit awards (248,896 shares)

 

 

 

(5,058)

 

(153)

 

5,211

 

Stock-based compensation expense

 

3,470

 

 

3,470

 

 

 

Repurchase of shares to satisfy tax obligation (70,292 shares)

 

(1,290)

 

 

 

 

(1,290)

 

Dividends on common stock ($0.21 per share)

(6,652)

 

 

(6,652)

 

 

Other comprehensive income

 

5,563

 

 

 

 

 

5,563

Balance at March 31, 2021

$

639,201

$

341

$

260,019

$

455,023

$

(65,479)

$

(10,703)

The accompanying notes are an integral part of these consolidated financial statements.

-6-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

1.     Basis of Presentation

The primary business of Flushing Financial Corporation (the “Holding Company”), a Delaware corporation, is the operation of its wholly owned subsidiary, Flushing Bank (the “Bank”).

The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q (“Quarterly Report”) include the collective results of the Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Service Corporation, FSB Properties Inc., and Flushing Preferred Funding Corporation, which was dissolved as of June 30, 2021, which are collectively herein referred to as “we,” “us,” “our” and the “Company.”

The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the “Trusts”), which are special purpose business trusts. The Trusts are not included in the Company’s consolidated financial statements, as the Company would not absorb the losses of the Trusts if any losses were to occur.

The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for such presented periods of the Company. Such adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report. All inter-company balances and transactions have been eliminated in consolidation. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year.

The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts.

2.     Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses, the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets and the fair value of financial instruments.

-7-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

3.     Earnings Per Share

Earnings per common share have been computed based on the following:

For the three months ended

March 31, 

    

2022

    

2021

    

(Dollars in thousands, except per share data)

Net income, as reported