8-K - FFIC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2022

FLUSHING FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

001-33013

(Commission File Number)

Delaware

(State or Other Jurisdiction of Incorporation)

11-3209278

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

220 RXR Plaza , Uniondale , NY **** 11556

(Address of principal executive offices)

( 718 ) 961-5400

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 7.01. Regulation FD Disclosure.

On July 26, 2022, Flushing Financial Corp. (the “Company”) made available to investors, and to post on this website, the earnings presentation for the 2022 second quarter earnings, the presentation attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1. Presentation dated July 27, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

us
	FLUSHING FINANCIAL CORPORATION


Date: July 26, 2022	By:	/s/ SUSAN K. CULLEN
		Susan K. Cullen
		Senior Executive Vice President and Chief Financial Officer

Exhibit 99.1

2<br>Q22<br>Earnings Conference Call<br>July 27,<br>2022
Safe Harbor Statement<br>2<br>“Safe<br>Harbor”<br>Statement<br>under<br>the<br>Private<br>Securities<br>Litigation<br>Reform<br>Act<br>of<br>1995<br>:<br>Statements<br>in<br>this<br>Presentation<br>relating<br>to<br>plans,<br>strategies,<br>economic<br>performance<br>and<br>trends,<br>projections<br>of<br>results<br>of<br>specific<br>activities<br>or<br>investments<br>and<br>other<br>statements<br>that<br>are<br>not<br>descriptions<br>of<br>historical<br>facts<br>may<br>be<br>forward<br>-<br>looking<br>statements<br>within<br>the<br>meaning<br>of<br>the<br>Private<br>Securities<br>Litigation<br>Reform<br>Act<br>of<br>1995<br>,<br>Section<br>27<br>A<br>of<br>the<br>Securities<br>Act<br>of<br>1933<br>and<br>Section<br>21<br>E<br>of<br>the<br>Securities<br>Exchange<br>Act<br>of<br>1934<br>..<br>Forward<br>-<br>looking<br>information<br>is<br>inherently<br>subject<br>to<br>risks<br>and<br>uncertainties,<br>and<br>actual<br>results<br>could<br>differ<br>materially<br>from<br>those<br>currently<br>anticipated<br>due<br>to<br>a<br>number<br>of<br>factors,<br>which<br>include,<br>but<br>are<br>not<br>limited<br>to,<br>risk<br>factors<br>discussed<br>in<br>the<br>Company’s<br>Annual<br>Report<br>on<br>Form<br>10<br>-<br>K<br>for<br>the<br>fiscal<br>year<br>ended<br>December<br>31<br>,<br>2021<br>and<br>in<br>other<br>documents<br>filed<br>by<br>the<br>Company<br>with<br>the<br>Securities<br>and<br>Exchange<br>Commission<br>from<br>time<br>to<br>time<br>..<br>Forward<br>-<br>looking<br>statements<br>may<br>be<br>identified<br>by<br>terms<br>such<br>as<br>“may”,<br>“will”,<br>“should”,<br>“could”,<br>“expects”,<br>“plans”,<br>“intends”,<br>“anticipates”,<br>“believes”,<br>“estimates”,<br>“predicts”,<br>“forecasts”,<br>“goals”,<br>“potential”<br>or<br>“continue”<br>or<br>similar<br>terms<br>or<br>the<br>negative<br>of<br>these<br>terms<br>..<br>Although<br>we<br>believe<br>that<br>the<br>expectations<br>reflected<br>in<br>the<br>forward<br>-<br>looking<br>statements<br>are<br>reasonable,<br>we<br>cannot<br>guarantee<br>future<br>results,<br>levels<br>of<br>activity,<br>performance<br>or<br>achievements<br>..<br>The<br>Company<br>has<br>no<br>obligation<br>to<br>update<br>these<br>forward<br>-<br>looking<br>statements<br>..
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3<br>4<br>1<br>2<br>Improve<br>and Grow Funding Mix<br>Generate Appropriately Priced Loan Growth<br><br>Average noninterest bearing deposits increased 13.1%<br>YoY<br><br>Core deposits are 87.3% of average deposits and<br>mortgage escrow<br><br>Core deposit yields increased 7 bps QoQ to 0.29%;<br>Deposit beta of only 9%<br><br>Record loan closings; excluding PPP, up 63.0% YoY<br><br>Net loans<br>, excluding PPP,<br>increased 3.4<br>% YoY<br><br>Strong loan<br>pipeline<br>of $583MM<br><br>Loan yield increased 6 bps; Core loan yield expanded 11<br>bps QoQ<br>Manage Asset Quality<br>Invest in the Future<br><br>NPAs increased to 59 bps of assets; driven by three<br>relationships, one of which was resolved after quarter end<br><br>LTV on NPAs is 50.7%<br><br>The total real estate portfolio has an average LTV of<br><38.0%<br><br>Added 42 people from merged/merging institutions since<br>March 31, 2021; 18 are revenue producers<br><br>Digital users and engagement continues to expand<br><br>Originated approximately $11MM of loan commitments on<br>the digital platform in 1H22<br>2Q22<br>GAAP EPS $<br>0.81<br>and<br>Core<br>1<br>EPS of $<br>0.70<br>3<br>GAAP ROAA and ROAE<br>1.22%<br>and<br>15.00%;<br>Core<br>1<br>ROAA and ROAE<br>1.05%<br>and<br>12.90% in 2Q22<br>1<br>See Reconciliation of GAAP Earnings and Core Earnings in Appendix
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4<br>Well<br>-<br>positioned to Benefit from Industry Merger Disruption<br>•<br>10<br>bank mergers<br>have been announced or closed involving Long Island area banks<br>2<br>•<br>Out of the $328B of total industry deposits<br>in Nassau, Queens, Kings, and Suffolk Counties,<br>$87B<br>or<br>27%<br>involve a merger<br>participant<br>3<br>•<br>93% of FFIC’s deposits<br>are in the Long Island market, including Brooklyn and Queens<br>Flushing Financial (FFIC)<br>1<br>M&T Bank (MTB<br>)/ People’s<br>United Financial<br>(PBCT<br>)<br>(Closed April<br>1, 2022)<br>Webster<br>Financial (WBS<br>)/ Sterling<br>Bancorp<br>(STL<br>)<br>(Closed Feb<br>1, 2022)<br>Citizens<br>Financial<br>Group (CFG)/<br>HSBC<br>(Closed Feb<br>18, 2022)<br>/<br>Investors<br>Bancorp (ISBC<br>)<br>(<br>Closed April<br>6, 2022)<br>New<br>York Community Bancorp (NYCB)/<br>Flagstar Bancorp (FBC<br>)<br>(Pending)<br>Valley<br>National Bancorp (VLY)/<br>The<br>Westchester<br>Bank<br>(<br>Closed<br>Dec<br>1, 2021)<br>/<br>Bank<br>Leumi<br>USA<br>(Closed April<br>1, 2022)<br>Dime<br>Community Bancshares (DCOM)<br>(Closed Feb 1, 2021)<br>TD Bank (TD)/First Horizon (FHN)<br>(Pending)<br>OceanFirst (OCFC)/Partners (PTRS)<br>(Pending)<br>Current Pro Forma U.S. Branches<br>1<br>24<br>FFIC branches shown, for illustrative purposes<br>only; Shirley<br>, NY<br>location<br>not pictured<br>2<br>Includes<br>MTB/PBCT, WBS/STL, CFG/ISBC/HSBC, NYCB/FBC, VLY/The<br>Westchester Bank/Bank Leumi USA,<br>DCOM, TD/FHN, and OCFC/PTRS<br>3<br>Based on most recent (June 30, 2021) S&P Global data<br>42<br>people recruited<br>(<br>18<br>Revenue<br>Producers) from<br>Merged Institutions<br>Since March 31,<br>2021
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Record Loan Closings; Loan Pipeline Remains At Elevated Levels<br>5<br><br>Closings<br>accelerated in 2Q22<br>–<br>Closings up 63.0% YoY excluding PPP<br>–<br>Organic growth opportunity remains<br>–<br>Closings could slow with rising interest<br>rates<br><br>Pipeline<br>up 34.7% YoY<br>–<br>Second highest level after a record last<br>quarter<br>–<br>Composition mirrors the current loan mix<br><br>Loan pull through rates remain<br>strong<br>–<br>Pull through rates were 75.9% in 2Q22<br>compared to 76.7% in 1Q22 and 86.3%<br>in 2Q21<br>Loan<br>Pipeline Up 34.7% YoY<br>($MM)<br>$432.6<br>$530.7<br>$429.3<br>$663.7<br>$582.6<br>$324.4<br>$243.9<br>$362.7<br>$329.3<br>$503.8<br> $-<br> $100.0<br> $200.0<br> $300.0<br> $400.0<br> $500.0<br> $600.0<br> $700.0<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Loan Pipeline<br>Loan Closings
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Digital Banking<br>Usage Continues to Increase<br>6<br>Technology Enhancements Remain a Priority<br>28%<br>Increase in Monthly Mobile<br>Active Users<br>YoY<br>~<br>25,000<br>Active Online Banking Users<br>27%<br>YoY Growth<br>14%<br>Digital Banking<br>Enrollment<br>YoY Growth<br>Numerated<br>Small<br>Business<br>Lending<br>Platform<br>$10.7MM of Commitments<br>in 1H22; Higher Yields vs<br>Portfolio<br>JAM FINTOP<br>Early Look at Emerging<br>Technology<br>~5,000<br>Zelle<br>®<br>Transactions<br>>$1.7MM<br>Zelle Dollar Transactions<br>in<br>June<br>2022
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<br>Opened New Branch in Elmhurst<br>Expanding<br>Asian<br>Market Footprint<br>–<br>Hired a team from merged institutions; growth has exceeded expectations; strong support from<br>community<br><br>Signed Lease for Hauppauge Branch<br>–<br>Expected to open by year end; Hauppauge is a business hub for Long Island<br><br>Issued Inaugural Environmental, Social, and Governance Report<br>–<br>See ESG under Investor Relations at<br>FlushingBank.com<br><br>Complete<br>Checking Account<br>Achieved “Bank On" National Account Standard<br>–<br>The goal of<br>Bank On<br>is to ensure that everyone has access to a safe and affordable bank account<br>–<br>Core features for certification include debit card capabilities, minimum account opening of $25 or less,<br>monthly maintenance fee of $5 or less if<br>not<br>waivable, no overdraft<br>or<br>non<br>-<br>sufficient fund fees, or no<br>account activation, closure, dormancy, inactivity or<br>low<br>balance<br>fees<br><br>Sponsors United<br>Way of Long Island SunFunders Challenge<br>–<br>Event was held to help raise funds to transform a 31,000 square foot building into a net<br>-<br>zero building<br><br>Flushing Bank Serves (Employee<br>Driven)<br>–<br>Sponsored food drive for Island Harvest and collected over 500 pounds of food<br>–<br>Participated in Brooklyn’s Cinderella Project which provides prom attire to young men and women in<br>need and delivered over 100 items of clothing and accessories.<br>7<br>Key Events During 2Q22
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Continued Growth in Noninterest Bearing Deposits<br>8<br>CDs Decline as a Percentage of Average Deposits<br>1<br>Total Average Deposits<br>1<br>($MM)<br>1<br>Includes mortgage escrow deposits<br><br>Average<br>noninterest<br>bearing deposit up<br>13.1%<br>YoY<br><br>Noninterest<br>bearing deposits are<br>16.2%<br>of<br>average deposits<br>1<br>, up from<br>14.2%<br>a year ago<br><br>2Q22<br>checking account openings up<br>17.6%<br>YoY<br><br>Deposit balance activity is consistent with<br>normal seasonality<br>$6,511<br>$6,408<br>$6,459<br>$6,410<br>$6,441<br>0.34%<br>0.29%<br>0.25%<br>0.21%<br>0.29%<br>0%<br>0%<br>0%<br>0%<br>1%<br>1%<br>1%<br>0<br>1000<br>2000<br>3000<br>4000<br>5000<br>6000<br>7000<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Noninterest Bearing<br>NOW Accounts<br>Savings<br>Money Market<br>CDs<br>Mortgage Escrow<br>Deposit<br>Costs<br>Average<br>Noninterest<br>Deposits<br>($MM)<br>$923.2<br>$933.4<br>$976.8<br>$1,001.6<br>$1,044.6<br>-100<br>100<br>300<br>500<br>700<br>900<br>1100<br>1300<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22
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Limited Deposit Rate Increases in<br>2Q22<br>9<br>Weighted Average Deposit Beta of 9% in<br>1H22; Expect Beta to Accelerate<br>0.00%<br>0.50%<br>1.00%<br>1.50%<br>2.00%<br>2.50%<br>3.00%<br>3Q17<br>4Q17<br>1Q18<br>2Q18<br>3Q18<br>4Q18<br>1Q19<br>2Q19<br>3Q19<br>4Q19<br>1Q20<br>2Q20<br>3Q20<br>4Q20<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Average Fed Funds<br>Deposit Costs
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$6,717<br>$6,627<br>$6,634<br>$6,601<br>$6,752<br> -<br> 1,000<br> 2,000<br> 3,000<br> 4,000<br> 5,000<br> 6,000<br> 7,000<br> 8,000<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Multifamily<br>Commercial Real Estate<br>Construction<br>1-4 Family<br>Business Banking<br>Loan Growth Returns; Yields Increase YOY and QoQ<br>10<br>Core Loan Yields<br>4.06%<br>4.09%<br>4.05%<br>4.04%<br>4.15%<br>Loan Composition<br>Period End Loans<br>($MM)<br>Base Loan Yields<br>3.94%<br>3.96%<br>3.96%<br>3.94%<br>4.01%<br><br>Net<br>loans, excluding PPP,<br>increased 3.4% YoY<br><br>PPP loans declined 49% QoQ to $22.2MM<br><br>Loan<br>pipeline totaled<br>$582.6MM<br>at<br>June 30, 2022,<br>up<br>34.7% YoY; second highest in<br>history<br><br>Base<br>loan yields<br>improve 7 bps<br>QoQ; expect<br>continue improvement with rising rates<br><br>Spread between closings and satisfaction yields<br>excluding PPP turned positive in 2Q22<br>See Appendix for definitions of Core and Base Loan Yields<br>Closings vs Satisfaction Yields Excluding PPP<br>3.51%<br>3.64%<br>3.51%<br>3.44%<br>3.92%<br>3.81%<br>4.04%<br>3.90%<br>3.76%<br>3.64%<br>-<br>0.30%<br>-<br>0.40%<br>-<br>0.39%<br>-<br>0.32%<br>0.28%<br>-0.45%<br>-0.35%<br>-0.25%<br>-0.15%<br>-0.05%<br>0.05%<br>0.15%<br>0.25%<br>0.35%<br>3.10%<br>3.20%<br>3.30%<br>3.40%<br>3.50%<br>3.60%<br>3.70%<br>3.80%<br>3.90%<br>4.00%<br>4.10%<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Closings Yield Ex PPP<br>Satisfaction Yield Ex PPP<br>Spread
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Significant Loan<br>Repricing Within a Quarter and Over Time<br>11<br><br>Floating rate loans<br>include<br>any loans<br>(including swaps) tied<br>to an index that reprices within 90 days<br><br>Loans to reprice ~120 bps higher over time assuming index values as of June 30,<br>2022<br><br>15% of<br>loans reprice within<br>a q<br>uarter<br>; while 5% and 15% of<br>loans<br>to<br>reprice<br>in 2H22 and 2023, respectively<br>Loan Repricing<br>($MM)<br>$986<br>$322<br>4.26%<br>4.32%<br>4.54%<br>5.96%<br> -<br> 200<br> 400<br> 600<br> 800<br> 1,000<br> 1,200<br>Floating<br>2H22<br>Loan Repricing<br>Current Rate<br>Repricing Rate<br>$982<br>$811<br>$766<br>$739<br>$2,146<br>4.23%<br>4.30%<br>4.03%<br>3.96%<br>4.07%<br>5.77%<br>5.77%<br>5.81%<br>5.67%<br>4.99%<br> -<br> 500<br> 1,000<br> 1,500<br> 2,000<br> 2,500<br>2023<br>2024<br>2025<br>2026<br>Beyond 2026<br>Adjustable Loan Repricing<br>Maturing Fixed Rate<br>Total Loan Repicing<br>Current Rate<br>Repricing Rate
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Increase in Core Loan Yields > Increase in Core Deposit Yields<br>12<br>Base NIM FTE<br>3.04%<br>3.15%<br>3.13%<br>3.22%<br>3.22%<br>GAAP<br>NIM FTE<br>3.14%<br>3.34%<br>3.29%<br>3.36%<br>3.35%<br>$61.3<br>$62.2<br>$61.2<br>$62.7<br>$64.6<br>3.14%<br>3.27%<br>3.21%<br>3.31%<br>3.33%<br>4.06%<br>4.09%<br>4.05%<br>4.04%<br>4.15%<br>0.34%<br>0.30%<br>0.25%<br>0.22%<br>0.29%<br>-0.25%<br>0.75%<br>1.75%<br>2.75%<br>3.75%<br>4.75%<br>5.75%<br>$10.0<br>$20.0<br>$30.0<br>$40.0<br>$50.0<br>$60.0<br>$70.0<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Base NII FTE<br>Net Prepayment Penalties<br>Core NII FTE<br>Core NIM FTE<br>Core Loan Yields<br>Core Deposit Yield<br>($MM)<br>See Appendix for definitions of Core and Base NII FTE and Core NIM, and Net Prepayment Penalties<br>11 bps<br>QoQ<br>Increase<br>7<br>bps<br>QoQ<br>Increase
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<br>Over two decades and multiple credit cycles, Flushing Financial has a history of better than industry credit<br>quality<br><br>Average LTVs on the Real Estate portfolio is <<br>38%<br>4<br>–<br>Only $21.7MM of real estate loans (0.3% of gross loans) with an LTV of 75% or<br>more<br>4<br>Net Charge<br>-<br>offs Significantly Better Than the<br>Industry; Strong DSR<br>13<br>NCOs / Average Loans<br>0.01%<br>0.25%<br>3<br>-0.2%<br>0.3%<br>0.8%<br>1.3%<br>1.8%<br>2.3%<br>2.8%<br>3.3%<br>2001<br>2003<br>2005<br>2007<br>2009<br>2011<br>2013<br>2015<br>2017<br>2019<br>2021<br>FFIC<br>Industry<br>3 basis points<br>of<br>Net<br>Recoveries to<br>Average Loans in<br>2<br>Q22<br>1H22<br>Weighted average debt service ratios (DSR) for<br>Multifamily<br>and NOO CRE portfolios at 1.8x<br>1<br>-<br>200 bps shock increase in rates produces a weighted average DSR<br>of >1.25x<br>2<br>-<br>10% increase in operating expense yields a weighted average DSR<br>of >1.50x<br>2<br>-<br>200 bps shock increase in rates and 10% increase in operating<br>expenses results in a weighted average DSR ><br>1.15<br>2<br>3<br>1<br>Based on most recent Annual Loan Review<br>2<br>Based on a sample of loan comprising 89% of loans adjusting from (2022<br>-<br>2024) with no increase in<br>rents or total<br>income<br>3<br>“Industry” includes FDIC insured institutions from “FDIC Statistics At A Glance”<br>through March 31, 2022<br>4<br>Based on appraised value at origination
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0.22%<br>0.25%<br>0.19%<br>0.17%<br>0.59%<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>NPAs / Assets<br>14<br>Continued Strong Credit Quality<br>NPAs / Assets<br>Criticized and Classified Loans / Gross Loans<br>ACL /<br>Gross Loans &<br>ACL /<br>NPLs<br>ACL by Loan Segment<br>(2Q22)<br>50.7%<br>LTV on 2<br>Q22<br>NPAs<br>1.03%<br>1.04%<br>0.87%<br>0.90%<br>0.85%<br>0.75%<br>0.85%<br>0.95%<br>1.05%<br>1.15%<br>1.25%<br>1.35%<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Criticized & Classified Loans / Gross Loans<br>$2,532<br>$1,865<br>$561<br>$243<br>$8<br>$72<br>$41<br>$1,431<br>0.37%<br>0.45%<br>0.35%<br>0.36%<br>0.00%<br>0.42%<br>5.22%<br>1.14%<br>-40.00%<br>-35.00%<br>-30.00%<br>-25.00%<br>-20.00%<br>-15.00%<br>-10.00%<br>-5.00%<br>0.00%<br>5.00%<br>10.00%<br>Multifamily<br>Residential<br>Commercial<br>Real Estate<br>1-4 Family -<br>Mixed Use<br>1-4 Family -<br>Residential<br>Co-operative<br>Apartments<br>Construction<br>Small<br>Business<br>Administration<br>Commercial<br>Business and<br>Other<br>Loan Balance<br>ACLs / Loans<br>242.6%<br>179.9%<br>248.7%<br>266.1%<br>141.1%<br>0.64%<br>0.55%<br>0.56%<br>0.57%<br>0.58%<br>0%<br>0%<br>0%<br>1%<br>1%<br>1%<br>1%<br>1%<br>2%<br>2%<br>2%<br>0%<br>50%<br>100%<br>150%<br>200%<br>250%<br>300%<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>ACLs / NPLs<br>ACLs / Loans
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Higher Rates Negatively Impact TCE by 19 bps; ~4.1%<br>Dividend<br>Yield<br>1<br>15<br>387,689 Shares<br>Repurchased in<br>2Q22; 1MM Additional Share Repurchase Authorization in 2Q22<br>5.8%<br>YoY Book<br>Value Per Share<br>Growth<br>5.9<br>% YoY Increase<br>in Tangible Book Value Per<br>Share<br>1<br>Calculated using<br>7/18/22<br>closing price of $<br>21.37<br>$20.51<br>$21.13<br>$21.61<br>$21.61<br>$21.71<br>7.80%<br>8.04%<br>8.22%<br>8.05%<br>7.82%<br>7.30%<br>7.50%<br>7.70%<br>7.90%<br>8.10%<br>8.30%<br>8.50%<br>8.70%<br> $15.00<br> $16.00<br> $17.00<br> $18.00<br> $19.00<br> $20.00<br> $21.00<br> $22.00<br> $23.00<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Tangible Book Value Per Share<br>Tangible Common Equity/Tangible Assets<br>$21.16<br>$21.78<br>$22.26<br>$22.26<br>$22.38<br>10.24%<br>10.68%<br>10.86%<br>10.84%<br>10.52%<br>8.50%<br>8.83%<br>8.98%<br>9.05%<br>8.91%<br>0.00%<br>5.00%<br>10.00%<br>15.00%<br>20.00%<br>25.00%<br>30.00%<br> $17.00<br> $18.00<br> $19.00<br> $20.00<br> $21.00<br> $22.00<br> $23.00<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>2Q22<br>Book Value Per Share<br>CET1 Ratio<br>Leverage Ratio
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16<br><br>Benefiting from merger disruption<br>–<br>Since March 31, 2021, added 42 people from<br>announced/recently closed mergers; 18 are revenue<br>producing<br>–<br>Record loan closings<br>in 2Q22<br>–<br>Record<br>levels of<br>DDA balances in 2Q22<br><br>Significant capital return; 4.1%<br>1<br>dividend<br>yield<br>–<br>Repurchased 387,689 shares in 2Q22 at an average<br>price of $22.01<br>–<br>1.1 million shares remain under current<br>authorizations<br>–<br>Balancing additional share repurchases with 8%<br>TCE target<br><br>Maintaining through<br>-<br>the<br>-<br>cycle goals of<br>ROAA ≥1% and ROAE ≥10%<br>–<br>On a core basis, ROAA of<br>1.05%<br>and ROAE of<br>12.90%<br>in<br>2Q22<br><br>Loan<br>growth<br>expect to remain in current range<br>–<br>Pipeline<br>remains strong; second highest level in history<br>–<br>Record quarterly closings<br>–<br>Expect prepayment speeds to decline over time<br>–<br>Expect higher rates to impact closings<br><br>Managed rate increases well in<br>1H22<br>; will<br>become<br>more challenging with<br>future Fed actions<br>–<br>Overall deposit<br>beta was<br>only 9% in 2Q22 but expect more<br>pressure with each additional Fed<br>move<br>–<br>Loan repricing to provide<br>partial mitigation<br>–<br>Base NIM compressed approximately 20 bps at<br>the end of the<br>quarter<br><br>Long history of superior credit quality<br>–<br>Loan losses consistently below industry levels<br>–<br>Average real estate LTVs <38%<br>–<br>Weighted average Debt Service Coverage Ratio of 1.8x for<br>multifamily and NOO CRE<br>Key Messages<br>1<br>Calculated using 7/18/22 closing price of $21.37
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Appendix<br>17
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Reconciliation of GAAP Earnings and Core Earnings<br>18<br>Non<br>-<br>cash Fair Value Adjustments to GAAP Earnings<br>The<br>variance<br>in<br>GAAP<br>and<br>core<br>earnings<br>is<br>partly<br>driven<br>by<br>the<br>impact<br>of<br>non<br>-<br>cash<br>net<br>gains<br>and<br>losses<br>from<br>fair<br>value<br>adjustments<br>..<br>These<br>fair<br>value<br>adjustments<br>relate<br>primarily<br>to<br>swaps<br>designated<br>to<br>protect<br>against<br>rising<br>rates<br>and<br>borrowing<br>carried<br>at<br>fair<br>value<br>under<br>the<br>fair<br>value<br>option<br>..<br>As<br>the<br>swaps<br>get<br>closer<br>to<br>maturity,<br>the<br>volatility<br>in<br>fair<br>value<br>adjustments<br>will<br>dissipate<br>..<br>In<br>a<br>declining<br>interest<br>rate<br>environment,<br>the<br>movement<br>in<br>the<br>curve<br>exaggerates<br>our<br>mark<br>-<br>to<br>-<br>market<br>loss<br>position<br>..<br>In<br>a<br>rising<br>interest<br>rate<br>environment<br>or<br>a<br>steepening<br>of<br>the<br>yield<br>curve,<br>the<br>loss<br>position<br>would<br>experience<br>an<br>improvement<br>..<br>Core<br>Net<br>Income,<br>Core<br>Diluted<br>EPS,<br>Core<br>ROAE,<br>Core<br>ROAA,<br>Pre<br>-<br>provision,<br>Pre<br>-<br>tax<br>Net<br>Revenue,<br>Core<br>Net<br>Interest<br>Income<br>FTE,<br>Core<br>Net<br>Interest<br>Margin<br>FTE,<br>Base<br>Net<br>Interest<br>Income<br>FTE,<br>Base<br>Net<br>Interest<br>Margin<br>FTE,<br>Core<br>Interest<br>Income<br>and<br>Yield<br>on<br>Total<br>Loans,<br>Base<br>Interest<br>Income<br>and<br>Yield<br>on<br>Total<br>Loans,<br>Core<br>Noninterest<br>Income,<br>Core<br>Noninterest<br>Expense<br>and<br>Tangible<br>Book<br>Value<br>per<br>common<br>share<br>are<br>each<br>non<br>-<br>GAAP<br>measures<br>used<br>in<br>this<br>presentation<br>..<br>A<br>reconciliation<br>to<br>the<br>most<br>directly<br>comparable<br>GAAP<br>financial<br>measures<br>appears<br>below<br>in<br>tabular<br>form<br>..<br>The<br>Company<br>believes<br>that<br>these<br>measures<br>are<br>useful<br>for<br>both<br>investors<br>and<br>management<br>to<br>understand<br>the<br>effects<br>of<br>certain<br>interest<br>and<br>noninterest<br>items<br>and<br>provide<br>an<br>alternative<br>view<br>of<br>the<br>Company's<br>performance<br>over<br>time<br>and<br>in<br>comparison<br>to<br>the<br>Company's<br>competitors<br>..<br>These<br>measures<br>should<br>not<br>be<br>viewed<br>as<br>a<br>substitute<br>for<br>net<br>income<br>..<br>The<br>Company<br>believes<br>that<br>tangible<br>book<br>value<br>per<br>common<br>share<br>is<br>useful<br>for<br>both<br>investors<br>and<br>management<br>as<br>these<br>are<br>measures<br>commonly<br>used<br>by<br>financial<br>institutions,<br>regulators<br>and<br>investors<br>to<br>measure<br>the<br>capital<br>adequacy<br>of<br>financial<br>institutions<br>..<br>The<br>Company<br>believes<br>these<br>measures<br>facilitate<br>comparison<br>of<br>the<br>quality<br>and<br>composition<br>of<br>the<br>Company's<br>capital<br>over<br>time<br>and<br>in<br>comparison<br>to<br>its<br>competitors<br>..<br>These<br>measures<br>should<br>not<br>be<br>viewed<br>as<br>a<br>substitute<br>for<br>total<br>shareholders'<br>equity<br>..<br>These<br>non<br>-<br>GAAP<br>measures<br>have<br>inherent<br>limitations,<br>are<br>not<br>required<br>to<br>be<br>uniformly<br>applied<br>and<br>are<br>not<br>audited<br>..<br>They<br>should<br>not<br>be<br>considered<br>in<br>isolation<br>or<br>as<br>a<br>substitute<br>for<br>analysis<br>of<br>results<br>reported<br>under<br>GAAP<br>..<br>These<br>non<br>-<br>GAAP<br>measures<br>may<br>not<br>be<br>comparable<br>to<br>similarly<br>titled<br>measures<br>reported<br>by<br>other<br>companies<br>..
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19<br>1<br>Core diluted earnings per common share may not foot due to rounding<br>2<br>Ratios are calculated on an annualized basis<br>Reconciliation of GAAP to CORE Earnings<br>(Dollars in thousands,<br><br>except per share data)<br>GAAP income before income taxes<br>$<br>34,971<br><br><br>$<br>24,640<br><br><br>$<br>22,826<br><br><br>$<br>34,812<br><br><br>$<br>25,416<br><br><br>$<br>59,611<br><br><br>$<br>51,640<br><br><br>Net (gain) loss from fair value adjustments<br>(Noninterest income (loss))<br><br>(2,533)<br><br><br><br>1,809<br><br><br><br>5,140<br><br><br><br>2,289<br><br><br><br>6,548<br><br><br><br>(724)<br><br><br><br>5,566<br><br><br>Net (gain) loss on sale of securities (Noninterest<br>income (loss))<br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>10<br><br><br><br>(123)<br><br><br><br>—<br><br><br><br>(123)<br><br><br>Life insurance proceeds (Noninterest income (loss))<br><br>(1,536)<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>(1,536)<br><br><br><br>—<br><br><br>Net gain on disposition of assets (Noninterest income<br>(loss))<br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>(621)<br><br><br>Net (gain) loss from fair value adjustments on<br>qualifying hedges (Interest and fees on loans)<br><br>60<br><br><br><br>129<br><br><br><br>(1,122)<br><br><br><br>(194)<br><br><br><br>664<br><br><br><br>189<br><br><br>(763)<br><br><br>Net amortization of purchase accounting adjustments<br>(Various)<br>(237)<br><br><br>(924)<br><br><br>(324)<br><br><br>(958)<br><br><br>(418)<br><br><br>(1,161)<br><br><br>(1,207)<br><br><br>Merger (benefit) expense (Various)<br><br>—<br><br><br><br>—<br><br><br><br>(17)<br><br><br><br>2,096<br><br><br><br>(490)<br><br><br><br>—<br><br><br><br>483<br><br><br>Core income before taxes<br><br>30,725<br><br><br><br>25,654<br><br><br><br>26,503<br><br><br><br>38,055<br><br><br><br>31,597<br><br><br><br>56,379<br><br><br><br>54,975<br><br><br>Provision for income taxes for core income<br><br>9,207<br><br><br><br>6,685<br><br><br><br>5,535<br><br><br><br>10,226<br><br><br><br>8,603<br><br><br><br>15,892<br><br><br><br>15,008<br><br><br>Core net income<br>$<br>21,518<br><br><br>$<br>18,969<br><br><br>$<br>20,968<br><br><br>$<br>27,829<br><br><br>$<br>22,994<br><br><br>$<br>40,487<br><br><br>$<br>39,967<br><br><br>GAAP diluted earnings per common share<br>$<br>0.81<br><br><br>$<br>0.58<br><br><br>$<br>0.58<br><br><br>$<br>0.81<br><br><br>$<br>0.61<br><br><br>$<br>1.39<br><br><br>$<br>1.21<br><br><br>Net (gain) loss from fair value adjustments, net of tax<br><br>(0.06)<br><br><br><br>0.04<br><br><br><br>0.13<br><br><br><br>0.05<br><br><br><br>0.15<br><br><br><br>(0.02)<br><br><br>0.13<br><br><br>Net loss on sale of securities, net of tax<br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br>—<br><br><br>Life insurance proceeds<br><br>(0.05)<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>(0.05)<br><br><br>—<br><br><br>Net gain on disposition of assets, net of tax<br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br>(0.01)<br><br><br>Net (gain) loss from fair value adjustments on<br>qualifying hedges, net of tax<br><br>—<br><br><br><br>—<br><br><br><br>(0.03)<br><br><br><br>—<br><br><br><br>0.02<br><br><br><br>—<br><br><br>(0.02)<br><br><br>Net amortization of purchase accounting adjustments,<br>net of tax<br>(0.01)<br><br><br>(0.02)<br><br><br>(0.01)<br><br><br>(0.02)<br><br><br>(0.01)<br><br><br>(0.03)<br><br><br>(0.03)<br><br><br>Merger (benefit) expense, net of tax<br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>0.05<br><br><br><br>(0.01)<br><br><br><br>—<br><br><br>0.01<br><br><br>NYS tax change<br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>(0.02)<br><br><br><br>—<br><br><br>(0.02)<br><br><br>Core diluted earnings per common share<br>(1)<br>$<br>0.70<br><br><br>$<br>0.61<br><br><br>$<br>0.67<br><br><br>$<br>0.88<br><br><br>$<br>0.73<br><br><br>$<br>1.30<br><br><br>$<br>1.26<br><br><br>Core net income, as calculated above<br>$<br>21,518<br><br><br>$<br>18,969<br><br><br>$<br>20,968<br><br><br>$<br>27,829<br><br><br>$<br>22,994<br><br><br>$<br>40,487<br><br><br>$<br>39,967<br><br><br>Average assets<br><br>8,211,763<br><br><br>8,049,470<br><br><br>8,090,701<br><br><br>8,072,918<br><br><br>8,263,553<br><br><br>8,131,065<br><br><br><br>8,205,954<br><br><br>Average equity<br><br>667,456<br><br><br><br>673,012<br><br><br><br>671,474<br><br><br><br>659,288<br><br><br><br>644,690<br><br><br><br>670,219<br><br><br><br>632,238<br><br><br>Core return on average assets<br>(2)<br><br>1.05<br><br><br>%<br><br>0.94<br><br><br>%<br><br>1.04<br><br><br>%<br><br>1.38<br><br><br>%<br><br>1.11<br><br><br>%<br><br>1.00<br><br><br>%<br><br>0.97<br><br><br>%<br>Core return on average equity<br>(2)<br><br>12.90<br><br><br>%<br><br>11.27<br><br><br>%<br><br>12.49<br><br><br>%<br><br>16.88<br><br><br>%<br><br>14.27<br><br><br>%<br><br>12.08<br><br><br>%<br><br>12.64<br><br><br>%<br>2022<br>June 30,<br>March 31,<br>2022<br>2021<br>June 30,<br>2022<br>2021<br>June 30,<br>December 31,<br>September 30,<br>2021<br>2021<br>June 30,<br>For the three months ended<br>For the six months ended
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20<br>1<br>Excludes purchase accounting average balances for all periods presented<br>Reconciliation of GAAP NII & NIM to CORE and Base NII & NIM<br><br><br><br>(Dollars in thousands)<br><br>GAAP net interest income<br>$<br>64,730<br><br><br>$<br>63,479<br><br><br>$<br>62,674<br><br><br>$<br>63,364<br><br><br>$<br>61,039<br><br><br>$<br>128,209<br><br><br>$<br>121,931<br><br><br>Net (gain) loss from fair value adjustments<br>on qualifying hedges<br><br>60<br><br><br><br>129<br><br><br><br>(1,122)<br><br><br><br>(194)<br><br><br><br>664<br><br><br><br>189<br><br><br><br>(763)<br><br><br>Net amortization of purchase accounting<br>adjustments<br>(367)<br><br><br>(1,058)<br><br><br>(462)<br><br><br>(1,100)<br><br><br>(565)<br><br><br>(1,425)<br><br><br>(1,487)<br><br><br>Tax equivalent adjustment<br>131<br><br><br>124<br><br><br>113<br><br><br>113<br><br><br>113<br><br><br>255<br><br><br>224<br><br><br>Core net interest income FTE<br>$<br>64,554<br><br><br>$<br>62,674<br><br><br>$<br>61,203<br><br><br>$<br>62,183<br><br><br>$<br>61,251<br><br><br>$<br>127,228<br><br><br>$<br>119,905<br><br><br>Prepayment penalties received on loans and<br>securities, net of reversals and recoveries of<br>interest from nonaccrual loans<br><br>(2,281)<br><br><br><br>(1,716)<br><br><br><br>(1,497)<br><br><br><br>(2,136)<br><br><br><br>(2,046)<br><br><br><br>(3,997)<br><br><br><br>(2,993)<br><br><br>Base net interest income FTE<br>$<br>62,273<br><br><br>$<br>60,958<br><br><br>$<br>59,706<br><br><br>$<br>60,047<br><br><br>$<br>59,205<br><br><br>$<br>123,231<br><br><br>$<br>116,912<br><br><br>Total average interest-earning assets<br>(1)<br>$<br>7,746,640<br><br>$<br>7,577,053<br><br>$<br>7,634,601<br><br>$<br>7,616,332<br><br>$<br>7,799,176<br><br>$<br>7,662,315<br><br>$<br>7,738,344<br><br>Core net interest margin FTE<br><br>3.33<br><br><br>%<br><br>3.31<br><br><br>%<br><br>3.21<br><br><br>%<br><br>3.27<br><br><br>%<br><br>3.14<br><br><br>%<br><br>3.32<br><br><br>%<br><br>3.10<br><br><br>%<br>Base net interest margin FTE<br><br>3.22<br><br><br>%<br><br>3.22<br><br><br>%<br><br>3.13<br><br><br>%<br><br>3.15<br><br><br>%<br><br>3.04<br><br><br>%<br><br>3.22<br><br><br>%<br><br>3.02<br><br><br>%<br>GAAP interest income on total loans, net<br>$<br>69,192<br><br><br>$<br>67,516<br><br><br>$<br>68,113<br><br><br>$<br>69,198<br><br><br>$<br>67,999<br><br><br>$<br>136,708<br><br><br>$<br>137,020<br><br><br>Net (gain) loss from fair value adjustments<br>on qualifying hedges<br><br>60<br><br><br><br>129<br><br><br><br>(1,122)<br><br><br><br>(194)<br><br><br><br>664<br><br><br><br>189<br><br><br><br>(763)<br><br><br>Net amortization of purchase accounting<br>adjustments<br>(357)<br><br><br>(1,117)<br><br><br>(535)<br><br><br>(1,126)<br><br><br>(624)<br><br><br>(1,474)<br><br><br>(1,352)<br><br><br>Core interest income on total loans, net<br>$<br>68,895<br><br><br>$<br>66,528<br><br><br>$<br>66,456<br><br><br>$<br>67,878<br><br><br>$<br>68,039<br><br><br>$<br>135,423<br><br><br>$<br>134,905<br><br><br>Prepayment penalties received on loans,<br>net of reversals and recoveries of interest<br>from nonaccrual loans<br><br>(2,333)<br><br><br><br>(1,716)<br><br><br><br>(1,497)<br><br><br><br>(2,135)<br><br><br><br>(2,046)<br><br><br><br>(4,049)<br><br><br><br>(2,993)<br><br><br>Base interest income on total loans, net<br>$<br>66,562<br><br><br>$<br>64,812<br><br><br>$<br>64,959<br><br><br>$<br>65,743<br><br><br>$<br>65,993<br><br><br>$<br>131,374<br><br><br>$<br>131,912<br><br><br>Average total loans, net<br>(1)<br>$<br>6,647,131<br><br>$<br>6,586,253<br><br>$<br>6,566,654<br><br>$<br>6,642,434<br><br>$<br>6,697,103<br><br>$<br>6,616,860<br><br>$<br>6,704,237<br><br>Core yield on total loans<br><br>4.15<br><br><br>%<br><br>4.04<br><br><br>%<br><br>4.05<br><br><br>%<br><br>4.09<br><br><br>%<br><br>4.06<br><br><br>%<br><br>4.09<br><br><br>%<br><br>4.02<br><br><br>%<br>Base yield on total loans<br><br>4.01<br><br><br>%<br><br>3.94<br><br><br>%<br><br>3.96<br><br><br>%<br><br>3.96<br><br><br>%<br><br>3.94<br><br><br>%<br><br>3.97<br><br><br>%<br><br>3.94<br><br><br>%<br>For the three months ended<br>June 30,<br>March 31,<br>December 31,<br>September 30,<br>June 30,<br>June 30,<br>June 30,<br>2022<br>2021<br>2022<br>2022<br>2021<br>2021<br>2021<br>For the six months ended
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21<br>Reconciliation of GAAP Revenue<br>and<br>Pre<br>-<br>provision<br>Pre<br>-<br>tax Net Revenue<br><br><br><br><br><br>(Dollars in thousands)<br><br><br><br><br><br>GAAP Net interest income<br>$<br>64,730<br><br><br>$<br>63,479<br><br><br>$<br>62,674<br><br><br>$<br>63,364<br><br><br>$<br>61,039<br><br><br>$<br>128,209<br><br><br>$<br>121,931<br><br><br>Net (gain) loss from fair value<br>adjustments on qualifying hedges<br>60<br><br><br>129<br><br><br>(1,122)<br><br><br>(194)<br><br><br>664<br><br><br>189<br><br><br>(763)<br><br><br>Net amortization of purchase<br>accounting adjustments<br>(367)<br><br><br>(1,058)<br><br><br>(462)<br><br><br>(1,100)<br><br><br>(565)<br><br><br>(1,425)<br><br><br>(1,487)<br><br><br>Core Net interest income<br>$<br>64,423<br><br><br>$<br>62,550<br><br><br>$<br>61,090<br><br><br>$<br>62,070<br><br><br>$<br>61,138<br><br><br>$<br>126,973<br><br><br>$<br>119,681<br><br><br>GAAP Noninterest income (loss)<br>$<br>7,353<br><br><br>$<br>1,313<br><br><br>$<br>(280)<br><br><br>$<br>866<br><br><br>$<br>(3,210)<br><br><br>$<br>8,666<br><br><br>$<br>3,101<br><br><br>Net (gain) loss from fair value<br>adjustments<br>(2,533)<br><br><br>1,809<br><br><br>5,140<br><br><br>2,289<br><br><br>6,548<br><br><br>(724)<br><br><br>5,566<br><br><br>Net gain (loss) on sale of securities<br>—<br><br><br>—<br><br><br>—<br><br><br>10<br><br><br>(123)<br><br><br>—<br><br><br>(123)<br><br><br>Life insurance proceeds<br>(1,536)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>(1,536)<br><br><br>—<br><br><br>Net gain on sale of assets<br>—<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>(621)<br><br><br>Core Noninterest income<br>$<br>3,284<br><br><br>$<br>3,122<br><br><br>$<br>4,860<br><br><br>$<br>3,165<br><br><br>$<br>3,215<br><br><br>$<br>6,406<br><br><br>$<br>7,923<br><br><br>GAAP Noninterest expense<br>$<br>35,522<br><br><br>$<br>38,794<br><br><br>$<br>38,807<br><br><br>$<br>36,345<br><br><br>$<br>34,011<br><br><br>$<br>74,316<br><br><br>$<br>72,170<br><br><br>Net amortization of purchase<br>accounting adjustments<br>(130)<br><br><br>(134)<br><br><br>(138)<br><br><br>(142)<br><br><br>(147)<br><br><br>(264)<br><br><br>(280)<br><br><br>Merger expense (benefit)<br>—<br><br><br>—<br><br><br>17<br><br><br>(2,096)<br><br><br>490<br><br><br>—<br><br><br>(483)<br><br><br>Core Noninterest expense<br>$<br>35,392<br><br><br>$<br>38,660<br><br><br>$<br>38,686<br><br><br>$<br>34,107<br><br><br>$<br>34,354<br><br><br>$<br>74,052<br><br><br>$<br>71,407<br><br><br>Net interest income<br>$<br>64,730<br><br><br>$<br>63,479<br><br><br>$<br>62,674<br><br><br>$<br>63,364<br><br><br>$<br>61,039<br><br><br>$<br>128,209<br><br><br>$<br>121,931<br><br><br>Noninterest income (loss)<br>7,353<br><br><br>1,313<br><br><br>(280)<br><br><br>866<br><br><br>(3,210)<br><br><br>8,666<br><br><br>3,101<br><br><br>Noninterest expense<br>(35,522)<br><br><br>(38,794)<br><br><br>(38,807)<br><br><br>(36,345)<br><br><br>(34,011)<br><br><br>(74,316)<br><br><br>(72,170)<br><br><br>Pre-provision pre-tax net revenue<br>$<br>36,561<br><br><br>$<br>25,998<br><br><br>$<br>23,587<br><br><br>$<br>27,885<br><br><br>$<br>23,818<br><br><br>$<br>62,559<br><br><br>$<br>52,862<br><br><br>Core:<br>Net interest income<br>$<br>64,423<br><br><br>$<br>62,550<br><br><br>$<br>61,090<br><br><br>$<br>62,070<br><br><br>$<br>61,138<br><br><br>$<br>126,973<br><br><br>$<br>119,681<br><br><br>Noninterest income<br>3,284<br><br><br>3,122<br><br><br>4,860<br><br><br>3,165<br><br><br>3,215<br><br><br>6,406<br><br><br>7,923<br><br><br>Noninterest expense<br>(35,392)<br><br><br>(38,660)<br><br><br>(38,686)<br><br><br>(34,107)<br><br><br>(34,354)<br><br><br>(74,052)<br><br><br>(71,407)<br><br><br>Pre-provision pre-tax net revenue<br>$<br>32,315<br><br><br>$<br>27,012<br><br><br>$<br>27,264<br><br><br>$<br>31,128<br><br><br>$<br>29,999<br><br><br>$<br>59,327<br><br><br>$<br>56,197<br><br><br>Efficiency Ratio<br>52.3<br><br><br>%<br>58.9<br><br><br>%<br>58.7<br><br><br>%<br>52.3<br><br><br>%<br>53.4<br><br><br>%<br>55.5<br><br><br>%<br>56.0<br><br><br>%<br>For the three months ended<br>For the six months ended<br>June 30,<br>March 31,<br>December 31,<br>September 30,<br>June 30,<br>June 30,<br>June 30,<br>2021<br>2022<br>2022<br>2021<br>2021<br>2021<br>2022
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22<br>Contact Details<br>Susan K. Cullen<br>SEVP, CFO & Treasurer<br>Phone: (718) 961<br>-<br>5400<br>Email: scullen@flushingbank.com<br>Al Savastano, CFA<br>Director of Investor Relations<br>Phone: (516) 820<br>-<br>1146<br>Email: asavastano@flushingbank.com
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