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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, 2024

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, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer” ,“smaller reporting company” and “emerging growth 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 30, 2024 was 29,068,880.

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 Changes in Stockholders’ Equity

4

Consolidated Statements of Cash Flow

5

Notes to Consolidated Financial Statements

7

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

41

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

59

ITEM 3. Defaults Upon Senior Securities

59

ITEM 4. Mine Safety Disclosures

59

ITEM 5. Other Information

59

ITEM 6. Exhibits

60

SIGNATURES

62

i

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Financial Condition

(Unaudited)

Item 1.   Financial Statements

March 31, 

December 31, 

2024

2023

(Dollars in thousands, except per share data)

Assets

 

  

 

  

Cash and due from banks (restricted cash of $59,575, and $47,945, respectively)

$

210,723

$

172,157

Securities held-to-maturity, net of allowance of $1,084 and $1,087, respectively (assets pledged of $4,521 and $4,595, respectively; fair value of $63,800 and $65,755, respectively)

 

72,462

 

72,923

Securities available for sale, at fair value (assets pledged of $250,306 and $195,444, respectively; $13,331 and $13,359 at fair value pursuant to the fair value option, respectively)

 

1,176,683

 

874,753

Loans, net of fees and costs

 

6,821,943

 

6,906,950

Less: Allowance for credit losses

 

(40,752)

 

(40,161)

Net loans

 

6,781,191

 

6,866,789

Interest and dividends receivable

 

61,449

 

59,018

Bank premises and equipment, net

 

20,102

 

21,273

Federal Home Loan Bank of New York stock, at cost

 

24,845

 

31,066

Bank owned life insurance

 

214,718

 

213,518

Goodwill

 

17,636

 

17,636

Core deposit intangibles

1,428

1,537

Right of use asset

37,631

 

39,557

Other assets

 

188,457

 

167,009

Total assets

$

8,807,325

$

8,537,236

Liabilities

 

  

 

  

Due to depositors:

 

  

 

  

Non-interest bearing

$

815,937

$

847,416

Interest-bearing

 

6,355,189

 

5,917,463

Total Due to depositors

7,171,126

6,764,879

Mortgagors' escrow deposits

 

82,081

 

50,382

Borrowed funds:

 

  

 

  

Federal Home Loan Bank advances and other borrowings

 

435,050

 

605,801

Subordinated debentures

 

187,802

 

187,630

Junior subordinated debentures, at fair value

 

48,622

 

47,850

Total borrowed funds

 

671,474

 

841,281

Operating lease liability

38,674

40,822

Other liabilities

 

174,143

 

170,035

Total liabilities

 

8,137,498

 

7,867,399

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; 29,068,556 shares and 28,865,810 shares outstanding, respectively)

 

341

 

341

Additional paid-in capital

 

260,413

 

264,534

Treasury stock, at average cost (5,019,067 shares and 5,221,813 shares, respectively)

 

(101,641)

 

(106,070)

Retained earnings

 

546,530

 

549,683

Accumulated other comprehensive loss, net of taxes

 

(35,816)

 

(38,651)

Total stockholders' equity

 

669,827

 

669,837

Total liabilities and stockholders' equity

$

8,807,325

$

8,537,236

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, 

    

2024

    

2023

(In thousands, except per share data)

Interest and dividend income

Interest and fees on loans

$

92,959

$

82,889

Interest and dividends on securities:

 

  

 

  

Interest

 

12,541

7,240

Dividends

 

33

 

29

Other interest income

3,966

 

1,959

Total interest and dividend income

 

109,499

 

92,117

Interest expense

 

  

 

  

Deposits

 

57,865

 

39,056

Other interest expense

 

9,237

 

7,799

Total interest expense

 

67,102

 

46,855

Net interest income

 

42,397

 

45,262

Provision (benefit) for credit losses

 

592

 

7,508

Net interest income after provision (benefit) for credit losses

 

41,805

 

37,754

Non-interest income

 

  

 

  

Banking services fee income

 

1,394

 

1,411

Net gain (loss) on sale of loans

 

110

 

54

Net gain (loss) from fair value adjustments

 

(834)

 

2,619

Federal Home Loan Bank of New York stock dividends

 

743

 

697

Bank owned life insurance

 

1,200

 

1,109

Other income

 

471

 

967

Total non-interest income (loss)

 

3,084

 

6,857

Non-interest expense

 

Salaries and employee benefits

 

22,113

 

22,562

Occupancy and equipment

 

3,779

 

3,793

Professional services

 

2,792

 

2,261

FDIC deposit insurance

 

1,652

 

977

Data processing

 

1,727

 

1,435

Depreciation and amortization of bank premises and equipment

 

1,457

 

1,510

Other real estate owned / foreclosure expense

 

145

 

165

Other operating expenses

 

6,227

 

6,453

Total non-interest expense

 

39,892

 

39,156

Income before income taxes

 

4,997

 

5,455

Provision for income taxes

Federal

 

901

 

1,071

State and local

 

412

 

340

Total provision for income taxes

 

1,313

 

1,411

Net income

$

3,684

$

4,044

Basic earnings per common share

$

0.12

$

0.13

Diluted earnings per common share

$

0.12

$

0.13

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

-2-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(Unaudited)

For the three months ended

March 31, 

    

    

2024

    

2023

    

(In thousands)

Net income

$

3,684

$

4,044

Other comprehensive income (loss), net of tax:

 

  

 

  

Amortization of actuarial (gains) losses, net of taxes of $29 and $31, respectively.

 

(63)

 

(69)

Change in net unrealized gains (losses) on securities available for sale, net of taxes of $77 and ($1,883), respectively.

 

(172)

 

3,987

Net unrealized gains (losses) on cashflow hedges, net of taxes of ($1,397) and $2,345, respectively.

 

3,101

 

(5,140)

Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of $14 and $33, respectively.

 

(31)

 

(74)

Other comprehensive income (loss), net of tax:

 

2,835

 

(1,296)

Comprehensive net income

$

6,519

$

2,748

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

-3-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

(Unaudited)

    

    

Additional

    

Accumulated Other

    

Shares

Common

Paid-in

Treasury

Retained

Comprehensive 

(Dollars in thousands, except per share data)

Outstanding

  

Stock

Capital

    

Stock

Earnings

Income (Loss)

Total

Balance at December 31, 2023

28,865,810

$

341

$

264,534

$

(106,070)

$

549,683

$

(38,651)

$

669,837

Net income

 

 

 

3,684

 

 

3,684

Vesting of restricted stock unit awards

301,319

 

 

(5,811)

6,111

 

(300)

 

 

Stock-based compensation expense

 

 

1,690

 

 

 

1,690

Repurchase of shares to satisfy tax obligation

(98,573)

 

 

(1,682)

 

 

 

(1,682)

Dividends on common stock ($0.22 per share)

 

 

 

(6,537)

 

 

(6,537)

Other comprehensive income (loss)

2,835

2,835

Balance at March 31, 2024

29,068,556

$

341

$

260,413

$

(101,641)

$

546,530

$

(35,816)

$

669,827

    

    

Additional

    

Accumulated Other

    

Shares

Common

Paid-in

Treasury

Retained

Comprehensive 

(Dollars in thousands, except per share data)

Outstanding

  

Stock

Capital

    

Stock

Earnings

Income (Loss)

Total

Balance at December 31, 2022

29,476,391

$

341

$

264,332

$

(98,535)

$

547,507

$

(36,488)

$

677,157

Net income

 

 

 

4,044

 

 

4,044

Vesting of restricted stock unit awards

256,798

 

 

(5,264)

5,484

 

(220)

 

 

Purchase of treasury shares

(159,516)

 

 

(3,053)

 

 

 

(3,053)

Stock-based compensation expense

 

 

3,808

 

 

 

3,808

Repurchase of shares to satisfy tax obligation

(85,217)

 

 

(1,656)

 

 

 

(1,656)

Dividends on common stock ($0.22 per share)

 

 

 

(6,659)

 

 

(6,659)

Other comprehensive income (loss)

(1,296)

(1,296)

Balance at March 31, 2023

29,488,456

$

341

$

262,876

$

(97,760)

$

544,672

$

(37,784)

$

672,345

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

-4-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

For the three months ended March 31, 

    

2024

    

2023

(In thousands)

Operating Activities

Net income

$

3,684

$

4,044

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

 

  

 

  

Provision (benefit) for credit losses

 

592

 

7,508

Depreciation and amortization of premises and equipment

 

1,457

 

1,510

Net (loss) gain on sales of loans

 

(110)

 

(54)

Net amortization (accretion) of premiums and discounts

 

870

 

1,234

Deferred income tax provision (benefit)

922

1,136

Net (gain) loss from fair value adjustments

834

(2,619)

Net (gain) loss from fair value adjustments of hedges

 

1,133

 

(100)

Bank owned life insurance

 

(1,200)

 

(1,109)

Stock-based compensation expense

 

1,690

 

3,808

Deferred compensation

 

(1,021)

 

(1,707)

Amortization of core deposit intangibles

109

126

(Increase) decrease in other assets

 

(6,365)

 

(9,033)

Increase (decrease) in other liabilities

 

(8,824)

 

(15,162)

Net cash provided by (used in) operating activities

(6,229)

(10,418)

Investing Activities

 

  

 

  

Purchases of premises and equipment

 

(287)

 

(1,327)

Purchases of Federal Home Loan Bank New York stock

(759)

(55,017)

Redemptions of Federal Home Loan Bank New York stock

 

6,980

 

62,080

Proceeds from prepayments of securities held-to-maturity

 

463

 

200

Purchases of securities available for sale

 

(375,526)

 

(93,068)

Proceeds from sales and calls of securities available for sale

 

6,000

 

-

Proceeds from maturities and prepayments of securities available for sale

 

61,964

 

21,087

Change in cash collateral

 

11,630

 

(6,180)

Net repayments (originations) of loans

 

147,552

 

75,496

Purchases of loans

 

(75,813)

 

(44,466)

Proceeds from sale of loans originally classified as held to investment

 

3,810

 

2,575

Net cash provided by (used in) investing activities

(213,986)

(38,620)

-5-

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows (Contd.)

(Unaudited)

    

For the three months ended March 31, 

2024

2023

(In thousands)

Financing Activities

Net increase (decrease) in noninterest-bearing deposits

$

(31,479)

$

(48,984)

Net increase (decrease) in interest-bearing deposits

 

437,530

 

267,208

Net increase (decrease) in mortgagors' escrow deposits

 

31,699

 

30,414

Net (repayments) proceeds from short-term borrowed funds

 

(170,750)

 

(235,000)

Proceeds from long-term borrowing

 

200,000

 

71,761

Repayment of long-term borrowings

 

(200,000)

 

Purchase of treasury shares

 

 

(3,053)

Repurchase of shares to satisfy tax obligations

(1,682)

(1,656)

Cash dividends paid

 

(6,537)

 

(6,659)

Net cash provided by (used in) financing activities

 

258,781

 

74,031

Net increase (decrease) in cash and cash equivalents, and restricted cash

 

38,566

 

24,993

Cash, cash equivalents, and restricted cash, beginning of period

 

172,157

 

151,754

Cash, cash equivalents, and restricted cash, end of period

$

210,723

$

176,747

Supplemental Cash Flow Disclosure

 

  

 

  

Interest paid

$

66,035

$

48,889

Income taxes paid

 

3,166

 

1,993

Transfer of loans held for investment to other real estate owned

 

665

 

Transfer of loans held for investment to held for sale

3,540

2,375

Securities purchased not yet settled

 

17,650

 

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 “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 Company and its direct and indirect wholly owned subsidiaries, including the Bank, Flushing Service Corporation and FSB Properties Inc., which are collectively herein referred to as “we,” “us,” “our” and the “Company.”

The 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, 2023.

When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. Such reclassifications had no effect on the 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. Management performed a qualitative review of goodwill at March 31, 2024, concluding no impairment was indicated.

-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, 

    

2024

    

2023

    

(In thousands, except per share data)

Net income, as reported

$

3,684

$

4,044

Divided by:

 

  

 

  

Total weighted average common shares outstanding and common stock equivalents

 

29,742

 

30,265

Basic earnings per common share

$

0.12

$

0.13

Diluted earnings per common share

$

0.12

$

0.13

Dividend Payout ratio