Company Quick10K Filing
Flushing Financial
Price20.41 EPS1
Shares29 P/E14
MCap586 P/FCF11
Net Debt-87 EBIT165
TEV499 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-07-21 Earnings, Exhibits
8-K 2020-06-23
8-K 2020-05-26
8-K 2020-05-26
8-K 2020-05-11
8-K 2020-04-28
8-K 2020-04-03
8-K 2020-03-23
8-K 2020-03-09
8-K 2020-02-27
8-K 2020-02-26
8-K 2020-02-25
8-K 2020-02-18
8-K 2020-01-31
8-K 2020-01-30
8-K 2019-12-06
8-K 2019-11-26
8-K 2019-11-01
8-K 2019-10-29
8-K 2019-10-24
8-K 2019-10-24
8-K 2019-10-22
8-K 2019-09-30
8-K 2019-08-27
8-K 2019-07-26
8-K 2019-07-23
8-K 2019-06-24
8-K 2019-05-29
8-K 2019-05-29
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-03-29
8-K 2019-03-05
8-K 2019-02-26
8-K 2019-02-11
8-K 2019-01-31
8-K 2019-01-31
8-K 2019-01-31
8-K 2018-12-27
8-K 2018-11-20
8-K 2018-11-01
8-K 2018-10-23
8-K 2018-09-27
8-K 2018-08-28
8-K 2018-07-27
8-K 2018-07-24
8-K 2018-06-27
8-K 2018-05-30
8-K 2018-05-30
8-K 2018-05-24
8-K 2018-04-24
8-K 2018-04-09
8-K 2018-02-27
8-K 2018-02-21
8-K 2018-01-30
8-K 2018-01-05

FFIC 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Part I - Financial Information
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Informatiomtion
Item 1. Legal Proceedings
Item 1A. Risk Factors
Part II - Other Informatiomtion
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Part II - Other Informatiomtion
Item 6. Exhibits
EX-31.1 ffic-20200331xex31d1.htm
EX-31.2 ffic-20200331xex31d2.htm
EX-32.1 ffic-20200331xex32d1.htm
EX-32.2 ffic-20200331xex32d2.htm

Flushing Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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Table of Contents

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, 2020

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  X

Accelerated filer  __

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 30, 2020 was 28,214,481.

Table of Contents

TABLE OF CONTENTS

PAGE

PART I  — FINANCIAL INFORMATION

ITEM 1. Financial Statements - (Unaudited)

1

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

45

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

58

ITEM 4. Controls and Procedures

58

PART II  — OTHER INFORMATION

ITEM 1. Legal Proceedings

59

ITEM 1A. Risk Factors

59

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

62

ITEM 3. Defaults Upon Senior Securities

62

ITEM 4. Mine Safety Disclosures

62

ITEM 5. Other Information

62

ITEM 6. Exhibits

63

SIGNATURES

65

i

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Financial Condition

(Unaudited)

Item 1.   Financial Statements

March 31, 

December 31, 

    

2020

    

2019

(Dollars in thousands, except per share data)

Assets

 

  

 

  

Cash and due from banks

$

157,184

$

49,787

Securities held-to-maturity:

 

  

 

Mortgage-backed securities (including assets pledged of $8,704 and $5,283 at March 31, 2020 and December 31, 2019, respectively; fair value of $8,953 and $8,114 at March 31, 2020 and December 31, 2019, respectively)

 

7,929

 

7,934

Other securities, net of allowance for credit losses of $402 (none pledged; fair value of $51,938 and $53,998 at March 31, 2020 and December 31, 2019, respectively)

 

50,225

 

50,954

Securities available for sale, at fair value:

 

  

 

Mortgage-backed securities (including assets pledged of $242,862 and $212,038 at March 31, 2020 and December 31, 2019, respectively; $738 and $772 at fair value pursuant to the fair value option at March 31, 2020 and December 31, 2019, respectively)

 

489,556

 

523,849

Other securities (none pledged; $13,831 and $13,548 at fair value pursuant to the fair value option at March 31, 2020 and December 31, 2019, respectively)

 

225,856

 

248,651

Loans:

 

 

Multi-family residential

2,272,343

2,238,591

Commercial real estate

1,664,934

1,582,008

One-to-four family - mixed-use property

592,109

592,471

One-to-four family - residential

189,774

188,216

Co-operative apartments

8,493

8,663

Construction

66,727

67,754

Small Business Administration

14,076

14,445

Taxi medallion

3,281

3,309

Commercial business and other

1,104,967

1,061,478

Net unamortized premiums and unearned loan fees

15,384

15,271

Allowance for loan losses

 

(28,098)

 

(21,751)

Net loans

 

5,903,990

 

5,750,455

Interest and dividends receivable

 

25,526

 

25,722

Bank premises and equipment, net

 

27,899

 

28,676

Federal Home Loan Bank of New York stock, at cost

 

74,000

 

56,921

Bank owned life insurance

 

158,655

 

157,713

Goodwill

 

16,127

 

16,127

Other real estate owned, net

208

 

239

Right of Use Asset

39,729

 

41,254

Other assets

 

68,526

 

59,494

Total assets

$

7,245,410

$

7,017,776

Liabilities

 

  

 

  

Due to depositors:

 

  

 

  

Non-interest bearing

$

489,198

$

435,072

Interest-bearing

 

4,339,237

 

4,586,977

Total Deposits

4,828,435

5,022,049

Mortgagors' escrow deposits

 

73,051

 

44,375

Borrowed funds:

 

 

Federal Home Loan Bank advances

 

1,498,058

 

1,118,528

Subordinated debentures

 

74,398

 

74,319

Junior subordinated debentures, at fair value

 

45,126

 

44,384

Total borrowed funds

 

1,617,582

 

1,237,231

Operating lease liability

47,726

49,367

Other liabilities

 

128,933

 

85,082

Total liabilities

 

6,695,727

 

6,438,104

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; 31,530,595 shares issued at March 31, 2020 and December 31, 2019; 28,213,602 shares and 28,157,206 shares outstanding at March 31, 2020 and December 31, 2019, respectively)

 

315

 

315

Additional paid-in capital

 

225,893

 

226,691

Treasury stock, at average cost (3,316,993 shares and 3,373,389 shares at March 31, 2020 and December 31, 2019, respectively)

 

(69,540)

 

(71,487)

Retained earnings

 

425,455

 

433,960

Accumulated other comprehensive loss, net of taxes

 

(32,440)

 

(9,807)

Total stockholders' equity

 

549,683

 

579,672

Total liabilities and stockholders' equity

$

7,245,410

$

7,017,776

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

-1-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

For the three months ended

    

March 31, 

(Dollars in thousands, except per share data)

    

2020

    

2019

Interest and dividend income

Interest and fees on loans

$

61,109

$

62,330

Interest and dividends on securities:

 

  

 

  

Interest

 

5,256

6,909

Dividends

 

15

 

19

Other interest income

290

 

555

Total interest and dividend income

 

66,670

 

69,813

Interest expense

 

  

 

  

Deposits

 

18,778

 

21,469

Other interest expense

 

7,066

 

6,541

Total interest expense

 

25,844

 

28,010

Net interest income

 

40,826

 

41,803

Provision for credit losses

 

7,178

 

972

Net interest income after provision for credit losses

 

33,648

 

40,831

Non-interest income

 

  

 

  

Banking services fee income

 

798

 

973

Net loss on sale of securities

 

(37)

 

Net gain on sale of loans

 

42

 

63

Net loss from fair value adjustments

 

(5,993)

 

(2,080)

Federal Home Loan Bank of New York stock dividends

 

964

 

903

Life insurance proceeds

 

 

43

Bank owned life insurance

 

943

 

740

Other income

 

419

 

301

Total non-interest (loss) income

 

(2,864)

 

943

Non-interest expense

 

Salaries and employee benefits

 

18,620

 

19,166

Occupancy and equipment

 

2,840

 

2,789

Professional services

 

2,862

 

2,265

FDIC deposit insurance

 

650

 

485

Data processing

 

1,694

 

1,492

Depreciation and amortization

 

1,536

 

1,518

Other real estate owned/foreclosure expense (benefit)

 

(164)

 

77

Net loss from other real estate owned

 

31

 

Other operating expenses

 

4,311

 

4,627

Total non-interest expense

 

32,380

 

32,419

(Loss) Income before income taxes

 

(1,596)

 

9,355

Provision (Benefit) for income taxes

Federal

 

989

 

1,943

State and local

 

(1,195)

 

344

Total taxes

 

(206)

 

2,287

Net income (Loss)

$

(1,390)

$

7,068

Basic (loss) earnings per common share

$

(0.05)

$

0.25

Diluted (loss) earnings per common share

$

(0.05)

$

0.25

Dividends per common share

$

0.21

$

0.21

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

-2-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(Unaudited)

For the three months ended

March 31, 

(In thousands)

    

2020

    

2019

    

Net (loss) income

 

(1,390)

 

7,068

Other comprehensive income (loss), net of tax:

 

  

 

  

Amortization of actuarial losses, net of taxes of ($30) and ($10) for the three months ended March 31, 2020 and 2019, respectively.

 

67

 

22

Amortization of prior service credits, net of taxes of $6 and $7 for the three months ended March 31, 2020 and 2019, respectively.

 

(14)

 

(15)

Net unrealized (losses) gains on securities, net of taxes of $4,642 and ($2,524) for the three months ended March 31, 2020 and 2019, respectively.

 

(10,202)

 

5,620

Reclassification adjustment for net losses included in income, net of taxes of ($12) for the three months ended March 31, 2020.

 

25

 

Net unrealized losses on cash flow hedges, net of taxes of $6,190 and $1,575 for the three months ended March 31, 2020 and 2019 respectively.

 

(13,605)

 

(3,505)

Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($489) and ($39) for the three months ended March 31, 2020 and 2019 respectively.

 

1,096

 

88

Total other comprehensive (loss) income , net of tax

 

(22,633)

 

2,210

Comprehensive (loss) income

$

(24,023)

$

9,278

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

-3-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

For the three months ended March 31, 

    

2020

    

2019

(In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) income

$

(1,390)

$

7,068

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

 

  

 

  

Provision for credit loan losses

 

7,178

 

972

Depreciation and amortization of bank premises and equipment

 

1,536

 

1,518

Amortization of premium, net of accretion of discount

1,642

1,272

Net loss from fair value adjustments

5,993

2,080

Net loss from fair value adjustments on qualifying hedges

2,073

637

Net gain from sale of loans

 

(42)

 

(63)

Net loss from sale of securities

 

37

 

Net loss from OREO

 

31

 

Income from bank owned life insurance

 

(943)

 

(740)

Life insurance proceeds

 

 

(43)

Stock-based compensation expense

 

3,430

 

3,931

Deferred compensation

 

(1,296)

 

(938)

Deferred income tax (benefit) expense

 

(2,318)

 

805

Decrease in other liabilities

 

(7,106)

 

(3,737)

Decrease (increase) in other assets

 

2,440

 

(942)

Net cash provided by operating activities

 

11,265

 

11,820

CASH FLOWS FROM INVESTING ACTIVITIES

 

  

 

  

Purchases of bank premises and equipment

 

(759)

 

(898)

Net (purchases) redemptions of Federal Home Loan Bank of New York shares

 

(17,079)

 

6,100

Purchases of securities held-to-maturity

 

 

(180)

Proceeds from maturities and calls of securities held-to-maturity

 

180

 

1,568

Proceeds from prepayments of securities held-to-maturity

 

150

 

146

Purchases of securities available for sale

 

(63,434)

 

(45,730)

Proceeds from sales and calls of securities available for sale

 

64,600

 

13,295

Proceeds from maturities and prepayments of securities available for sale

 

40,383

 

16,788

Proceeds from bank owned life insurance

 

 

777

Net (originations) repayments of loans

 

(55,906)

 

16,372

Purchases of loans

 

(77,233)

 

(56,995)

Proceeds from sale of loans

 

580

 

1,170

Net cash used in investing activities

 

(108,518)

 

(47,587)

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Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows (Contd)

(Unaudited)

For the three months ended March 31, 

    

2020

    

2019

(In thousands)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase (decrease) in non-interest bearing deposits

54,126

(12,683)

Net (decrease) increase in interest-bearing deposits

 

(247,777)

 

106,788

Net increase in mortgagors' escrow deposits

 

28,676

 

25,254

Net proceeds from short-term borrowed funds

 

410,000

 

(84,250)

Proceeds from long-term borrowings

 

50,000

 

Repayment of long-term borrowings

 

(80,456)

 

(51,310)

Purchases of treasury stock

 

(3,835)

 

(1,877)

Proceeds from issuance of common stock upon exercise of stock options

 

 

3

Cash dividends paid

 

(6,084)

 

(6,042)

Net cash provided by (used in) financing activities

 

204,650

 

(24,117)

Net increase (decrease) in cash and cash equivalents

 

107,397

 

(59,884)

Cash and cash equivalents, beginning of period

 

49,787

 

118,561

Cash and cash equivalents, end of period

$

157,184

$

58,677

SUPPLEMENTAL CASH FLOW DISCLOSURE

 

  

 

  

Interest paid

$

25,617

$

25,830

Income taxes paid

 

1,094

 

1,141

Taxes paid if excess tax benefits were not tax deductible

 

868