Company Quick10K Filing
Quick10K
Flushing Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$22.73 28 $641
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-26 Regulation FD, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-06-24 Other Events, Exhibits
8-K 2019-05-29 Shareholder Vote
8-K 2019-05-29 Regulation FD, Exhibits
8-K 2019-05-07 Regulation FD, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-11 Officers, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-31 Officers
8-K 2019-01-31 Officers, Exhibits
8-K 2018-12-27 Other Events, Exhibits
8-K 2018-11-20 Regulation FD, Exhibits
8-K 2018-11-01 Regulation FD, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-09-27 Other Events, Exhibits
8-K 2018-08-28 Regulation FD, Exhibits
8-K 2018-07-27 Regulation FD, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-06-27 Other Events, Exhibits
8-K 2018-05-30 Shareholder Vote
8-K 2018-05-24 Other Events
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-04-09 Other Events, Exhibits
8-K 2018-02-27 Regulation FD, Exhibits
8-K 2018-02-21 Other Events
8-K 2018-01-30 Earnings, Exhibits
8-K 2018-01-05 Other Events, Exhibits
CHTR Charter Communications 83,630
EYE National Vision Holdings 2,150
SATS Echostar 1,930
MNLO Menlo Therapeutics 163
OSG Overseas Shipholding Group 152
RETO Reto Eco-Solutions 43
KOSS Koss 15
TCCO Technical Communications 8
FFKT Farmers Capital Bank 0
SCA Syncora Holdings 0
FFIC 2019-06-30
Part I – Financial Information
Item 1. Financial Statements
Part I – Financial Information 
Part I – Financial Information
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II – Financial Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
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 – Financial Information
Item 6. Exhibits
EX-31.1 ex_151933.htm
EX-31.2 ex_151934.htm
EX-32.1 ex_151932.htm
EX-32.2 ex_151931.htm

Flushing Financial Earnings 2019-06-30

FFIC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

ffic20190630_10q.htm
nononono00000923139falseFlushing Financial Corporationfalse--12-31Q22019falsefalsetruefalsenononono26.4nononononononononono0.3no61.90.2nono18.061.936.3The net loss from fair value adjustments presented in the above table does not include net (losses) gains of ($1.6) million and $0.7 million for the three months ended June 30, 2019 and 2018, respectively, from the change in the fair value of interest rate swaps.Net gains and losses are recorded as part of "Net gain/loss from fair value adjustments" in the Consolidated Statements of Income.These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (See Note 9 of the Notes to Consolidated Financial Statements "Pension and Other Postretirement Benefit Plans".)Derivatives in a positive position are recorded as "Other assets" and derivatives in a negative position are recorded as "Other liabilities" in the Consolidated Statements of Financial Condition.Net gains and losses recorded during the three and six months ended June 30, 2019, are recorded as part of "Interests and fees on loans" in the Consolidated Statements of Income. Net gains and losses recorded during the three and six months ended June 30, 2018, are recorded as part of "Net gain/loss from fair value adjustments" in the Consolidated Statements of Income. Taxi medallion loans in the table above continue to pay as agreed, however the company records interest received on a cash basis.Totals in the table above are presented in the Consolidated Statement of Income under net gains (losses) from fair value adjustments.The net loss from fair value adjustments presented in the above table does not include net (losses) gains of ($2.6) million and $2.4 million for the six months ended June 30, 2019 and 2018, respectively, from the change in the fair value of interest rate swaps.For the three and six months ended June 30, 2019 and 2018, there were no common stock equivalents that were 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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 June 30, 2019

 

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  

Non-accelerated filer __

Emerging growth company __ 

Accelerated filer __

Smaller reporting 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 July 31, 2019 was 28,187,922.

 

 

 

 

 

 

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

5

Notes to Consolidated Financial Statements

6

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

47

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

62

ITEM 4. Controls and Procedures

62

PART II — OTHER INFORMATION

 

ITEM 1. Legal Proceedings

63

ITEM 1A. Risk Factors

63

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

63

ITEM 3. Defaults Upon Senior Securities

63

ITEM 4. Mine Safety Disclosures

63

ITEM 5. Other Information

63

ITEM 6. Exhibits

64

SIGNATURES

65

 

 

 

 

 

 

 

i

 

 

 

 

PART I – FINANCIAL INFORMATION

 

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Financial Condition

(Unaudited)

Item 1. Financial Statements

 

 

   

June 30,

   

December 31,

 
   

2019

   

2018

 
   

(Dollars in thousands, except per share data)

 

Assets

               

Cash and due from banks

  $ 56,484     $ 118,561  

Securities held-to-maturity:

               

Mortgage-backed securities (including assets pledged of $7,447 and $4,796 at June 30, 2019 and December 31, 2018, respectively; fair value of $8,038 and $7,366 at June 30, 2019 and December 31, 2018, respectively)

    7,944       7,953  

Other securities (none pledged; fair value of $54,131 and $22,508 at June 30, 2019 and December 31, 2018, respectively)

    52,242       24,065  

Securities available for sale, at fair value:

               

Mortgage-backed securities (including assets pledged of $226,071 and $152,670 at June 30, 2019 and December 31, 2018, respectively; $848 and $967 at fair value pursuant to the fair value option at June 30, 2019 and December 31, 2018, respectively)

    554,481       557,953  

Other securities (including assets pledged of none and $28,871 at June 30, 2019 and December 31, 2018, respectively; $13,346 and $12,843 at fair value pursuant to the fair value option at June 30, 2019 and December 31, 2018, respectively)

    254,172       264,702  

Loans:

               

Multi-family residential

    2,263,875       2,269,048  

Commercial real estate

    1,524,693       1,542,547  

One-to-four family — mixed-use property

    582,264       577,741  

One-to-four family — residential

    184,024       190,350  

Co-operative apartments

    8,137       8,498  

Construction

    58,503       50,600  

Small Business Administration

    14,511       15,210  

Taxi medallion

    3,555       4,539  

Commercial business and other

    983,573       877,763  

Net unamortized premiums and unearned loan fees

    15,278       15,188  

Allowance for loan losses

    (21,510 )     (20,945 )

Net loans

    5,616,903       5,530,539  

Interest and dividends receivable

    26,552       25,485  

Bank premises and equipment, net

    28,623       30,418  

Federal Home Loan Bank of New York stock, at cost

    63,029       57,282  

Bank owned life insurance

    157,604       131,788  

Goodwill

    16,127       16,127  

Other real estate owned, net

    239       -  

Right of Use Asset

    42,557       -  

Other assets

    68,677       69,303  

Total assets

  $ 6,945,634     $ 6,834,176  
                 

Liabilities

               

Due to depositors:

               

Non-interest bearing

  $ 413,813     $ 413,747  

Interest-bearing

    4,411,903       4,502,176  

Total Deposits

    4,825,716       4,915,923  

Mortgagors' escrow deposits

    52,201       44,861  

Borrowed funds:

               

Federal Home Loan Bank advances

    1,254,318       1,134,993  

Subordinated debentures

    74,158       74,001  

Junior subordinated debentures, at fair value

    43,414       41,849  

Total borrowed funds

    1,371,890       1,250,843  

Operating lease liability

    50,898       -  

Other liabilities

    79,539       73,085  

Total liabilities

    6,380,244       6,284,712  
                 

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 June, 30, 2019 and December 31, 2018; 28,187,922 shares and 27,983,637 shares outstanding at June 30, 2019 and December 31, 2018, respectively)

    315       315  

Additional paid-in capital

    224,231       222,720  

Treasury stock, at average cost (3,342,673 shares and 3,546,958 shares at June 30, 2019 and December 31, 2018, respectively)

    (70,913 )     (75,146 )

Retained earnings

    422,373       414,327  

Accumulated other comprehensive loss, net of taxes

    (10,616 )     (12,752 )

Total stockholders' equity

    565,390       549,464  
                 

Total liabilities and stockholders' equity

  $ 6,945,634     $ 6,834,176  

 

 

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

   

For the six months

 
   

ended June 30,

   

ended June 30,

 

(Dollars in thousands, except per share data)

 

2019

   

2018

   

2019

   

2018

 
                                 

Interest and dividend income

                               

Interest and fees on loans

  $ 62,273     $ 57,322     $ 124,603     $ 112,339  

Interest and dividends on securities:

                               

Interest

    6,811       5,616       13,720       11,084  

Dividends

    19       17       38       31  

Other interest income

    472       338       1,027       625  

Total interest and dividend income

    69,575       63,293       139,388       124,079  
                                 

Interest expense

                               

Deposits

    22,827       14,788       44,296       26,898  

Other interest expense

    6,739       5,865       13,280       11,932  

Total interest expense

    29,566       20,653       57,576       38,830  
                                 

Net interest income

    40,009       42,640       81,812       85,249  

Provision for loan losses

    1,474       -       2,446       153  

Net interest income after provision for loan losses

    38,535       42,640       79,366       85,096  
                                 

Non-interest income

                               

Banking services fee income

    1,059       1,000       2,032       1,948  

Net loss on sale of securities

    (15 )     -       (15 )     -  

Net gain on sale of loans

    114       421       177       158  

Net gain on sale of assets

    770       -       770       -  

Net loss from fair value adjustments

    (1,956 )     (267 )     (4,036 )     (367 )

Federal Home Loan Bank of New York stock dividends

    826       881       1,729       1,757  

Life insurance proceeds

    -       -       43       776  

Bank owned life insurance

    810       776       1,550       1,538  

Other income

    843       357       1,144       558  

Total non-interest income

    2,451       3,168       3,394       6,368  
                                 

Non-interest expense

                               

Salaries and employee benefits

    15,668       15,291       34,834       33,746  

Occupancy and equipment

    2,742       2,476       5,531       5,053  

Professional services

    1,806       2,439       4,071       4,624  

FDIC deposit insurance

    667       547       1,152       1,047  

Data processing

    1,420       1,426       2,912       2,827  

Depreciation and amortization

    1,497       1,455       3,015       2,844  

Other real estate owned/foreclosure expense

    20       40       97       136  

Net gain from sales of real estate owned

    -       (27 )     -       (27 )

Other operating expenses

    3,338       3,749       7,965       8,440  

Total non-interest expense

    27,158       27,396       59,577       58,690  
                                 

Income before income taxes

    13,828       18,412       23,183       32,774  
                                 

Provision for income taxes

                               

Federal

    2,981       3,311       4,924       5,918  

State and local

    291       1,178       635       1,521  

Total taxes

    3,272       4,489       5,559       7,439  
                                 

Net income

  $ 10,556     $ 13,923     $ 17,624     $ 25,335  
                                 
                                 

Basic earnings per common share

  $ 0.37     $ 0.48     $ 0.61     $ 0.88  

Diluted earnings per common share

  $ 0.37     $ 0.48     $ 0.61     $ 0.88  

Dividends per common share

  $ 0.21     $ 0.20     $ 0.42     $ 0.40  

 

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

   

For the six months ended

 
   

June 30,

   

June 30,

 

(In thousands)

 

2019

   

2018

   

2019

   

2018

 
                                 

Net income

  $ 10,556     $ 13,923     $ 17,624     $ 25,335  
                                 

Other comprehensive income (loss), net of tax:

                               
                                 

Amortization of actuarial losses, net of taxes of ($9) and ($43) for the three months ended June 30, 2019 and 2018, respectively and of ($19) and ($84) for the six months ended June 30, 2019 and 2018, respectively.

    22       90       44       181  
                                 

Amortization of prior service credits, net of taxes of $6 and $3 for the three months ended June 30, 2019 and 2018, respectively and of $13 and $6 for the six months ended June 30, 2019 and 2018, respectively.

    (14 )     (6 )     (29 )     (13 )
                                 

Net unrealized gains (losses) on securities, net of taxes of ($2,796) and $1,388 for three months ended June 30, 2019 and 2018, respectively and of ($5,320) and $4,443 for six months ended June 30, 2019 and 2018, respectively.

    6,204       (3,014 )     11,824       (9,654 )
                                 

Reclassification adjustment for net losses included in income, net of taxes of ($5) for the three and six months ended June 30, 2019.

    10       -       10       -  
                                 

Net unrealized (losses) gains on cash flow hedges, net of taxes of $2,844 and ($961) for the three months ended June 30, 2019 and 2018, respectively and of $4,419 and ($3,565) for the six months ended June 30, 2019 and 2018, respectively.

    (6,331 )     2,085       (9,836 )     7,746  
                                 

Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($16) and ($6) for the three months ended June 30, 2019 and 2018, respectively and of $(55) and ($6) for six months ended June 30, 2019 and 2018, respectively.

    35       13       123       13  
                                 

Total other comprehensive income (loss), net of tax

    (74 )     (832 )     2,136       (1,727 )
                                 

Comprehensive income

  $ 10,482     $ 13,091     $ 19,760     $ 23,608  

 

 

 

 

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 six months ended

 
   

June 30,

 

(In thousands)

 

2019

   

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES

               

Net income

  $ 17,624     $ 25,335  

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

               

Provision for loan losses

    2,446       153  

Depreciation and amortization of bank premises and equipment

    3,015       2,844  

Amortization of premium, net of accretion of discount

    2,831       4,463  

Net loss from fair value adjustments

    4,036       367  

Net loss from fair value adjustments on qualifying hedges

    1,455       -  

Net gain from sale of loans

    (177 )     (158 )

Net loss from sale of securities

    15       -  

Net gain from sale of asset

    (770 )     -  

Net gain from sale of OREO

    -       (27 )

Income from bank owned life insurance

    (1,550 )     (1,538 )

Life insurance proceeds

    (43 )     (776 )

Stock-based compensation expense

    5,246       4,680  

Deferred compensation

    (1,634 )     (1,815 )

Deferred income tax benefit

    (1,390 )     (415 )

Increase in other liabilities

    172       840  

Decrease in other assets

    1,975       2,747  

Net cash provided by operating activities

    33,251       36,700  
                 

CASH FLOWS FROM INVESTING ACTIVITIES

               

Purchases of bank premises and equipment

    (1,220 )     (2,666 )

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

    (5,747 )     2,705  

Purchases of securities held-to-maturity

    (30,030 )     (353 )

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

    1,568       45  

Proceeds from prepayments of securities held-to-maturity

    290       -  

Purchases of securities available for sale

    (72,494 )     (57,265 )

Proceeds from sales and calls of securities available for sale

    59,493       10,000  

Proceeds from maturities and prepayments of securities available for sale

    43,357       40,915  

Proceeds from sale of assets

    813       -  

Proceeds from bank owned life insurance

    777       2,741  

Purchase of bank owned life insurance

    (25,000 )     -  

Net repayments (originations) of loans

    22,741       (81,420 )

Purchases of loans

    (115,550 )     (110,140 )

Proceeds from sale of real estate owned

    -       665  

Proceeds from sale of loans

    3,239       10,200  

Net cash used in investing activities

    (117,763 )     (184,573 )
                 

CASH FLOWS FROM FINANCING ACTIVITIES

               

Net increase in non-interest bearing deposits

    66       3,198  

Net (decrease) increase in interest-bearing deposits

    (90,398 )     214,773  

Net increase in mortgagors' escrow deposits

    7,340       8,175  

Net proceeds from short-term borrowed funds

    165,750       73,500  

Proceeds from long-term borrowings

    14,950       25,000  

Repayment of long-term borrowings

    (61,310 )     (160,084 )

Purchases of treasury stock

    (1,885 )     (13,889 )

Proceeds from issuance of common stock upon exercise of stock options

    3       6  

Cash dividends paid

    (12,081 )     (11,547 )

Net cash provided by financing activities

    22,435       139,132  
                 

Net decrease in cash and cash equivalents

    (62,077 )     (8,741 )

Cash and cash equivalents, beginning of period

    118,561       51,546  

Cash and cash equivalents, end of period

  $ 56,484     $ 42,805  
                 

SUPPLEMENTAL CASH FLOW DISCLOSURE

               

Interest paid

  $ 56,117     $ 36,296  

Income taxes paid

    2,776       3,103  

Taxes paid if excess tax benefits were not tax deductible

    2,743       3,739  

Non-cash activities:

               

Loans transferred to Other Real Estate Owned or Other Assets

    239       673  

Reclassification of the Income tax effects of Tax Cuts and Jobs Act from AOCI to Retained Earnings

    -       2,073  

 

 

 

 

 

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

 

- 4 -

 

 

 

PART I – FINANCIAL INFORMATION 

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

 (Unaudited)

 

(Dollars in thousands, except per share data)

 

Total

    Common
Stock
    Additional
Paid-in Capital
    Retained
Earnings
    Treasury
Stock
    Accumulated Other
Comprehensive
Income (Loss)
 
                                                 
                                                 

Balance at December 31, 2018

  $ 549,464     $ 315     $ 222,720     $ 414,327     $ (75,146 )   $ (12,752 )

Impact of adoption of ASC 842 - Leases

    2,716       -       -       2,716       -       -  

Net income

    7,068       -       -       7,068       -       -  

Award of common shares released from Employee Benefit Trust (138,775 shares)

    2,086       -       2,086       -       -       -  

Vesting of restricted stock unit awards (287,155 shares)

    -       -       (5,878 )     (210 )     6,088       -  

Exercise of stock options (300 shares)

    3       -       -       (3 )     6       -  

Stock-based compensation expense

    3,931       -       3,931       -       -       -  

Repurchase of shares to satisfy tax obligation (83,908 shares)

    (1,877 )     -       -       -       (1,877 )     -  

Dividends on common stock ($0.21 per share)

    (6,042 )     -       -       (6,042 )     -       -  

Other comprehensive income

    2,210       -       -       -