8-K
FLUSHING FINANCIAL CORP (FFIC)
8-K
2025-05-21
For: 2025-05-21
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Added on
April 09, 2026
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): May 21, 2025
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 May 21, 2025, Flushing Financial Corp. (the “Company”) made available to investors, and to post on its website, the presentation attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
| Exhibit 99.1. Presentation dated May 21, 2025. |
|---|
| 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 | |
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| Date: May 21, 2025 | By: | /s/ SUSAN K. CULLEN |
| | | Susan K. Cullen |
| | | Senior Executive Vice President, Chief Financial Officer |
| | | And Treasurer. |
Exhibit 99.1
| D.A. Davidson<br>Investor Meetings<br>FlushingBank.com<br>May 21, 2025<br>Building Rewarding Relationships | |
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| Safe Harbor Statement<br>“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this<br>Presentation relating to plans, strategies, economic performance and trends, projections of results of specific<br>activities or investments and other statements that are not descriptions of historical facts may be forward-looking<br>statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the<br>Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is<br>inherently subject to risks and uncertainties, and actual results could differ materially from those currently<br>anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the<br>Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in other documents<br>filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking<br>statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”,<br>“anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “goals”, “potential” or “continue” or similar terms or the<br>negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are<br>reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company<br>has no obligation to update these forward-looking statements.<br>FlushingBank.com | NSQ: FFIC 2 |
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| FlushingBank.com | NSQ: FFIC 3<br>Flushing Financial Snapshot (Nasdaq: FFIC)<br>Balance Sheet<br>Assets $9.0B<br>Loans, net $6.7B<br>Total Deposits $7.7B<br>Equity $0.7B<br>Performance<br>GAAP/Core ROAA (0.43)%/0.35%1<br>GAAP/Core ROAE (5.36)%/4.34%1<br>GAAP/Core NIM 2.51%/2.49%2<br>Book/Tangible Book Value $20.81/$20.78<br>1Q25 Key Statistics<br>Footprint<br>Deposits primarily from 29 branches in multicultural neighborhoods and our online division, consisting of<br>iGObanking® and BankPurely®<br>1 See Reconciliation of GAAP (Loss) to Core Earnings in Appendix<br>2 See Reconciliation of GAAP to Core Net Interest Income and NIM in Appendix<br>Brand Promise<br>Nurturing Relationships and Rewarding Customers, Employees, and<br>Shareholders<br>Valuation<br>Closing Price, 5/16/25 $12.79<br>Market Cap (MM) $432<br>Price/TBV 62%<br>Dividend Yield 6.9% |
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| FlushingBank.com | NSQ: FFIC 4<br>1Q25 Financial Highlights<br>▪ Liquidity remains strong with $4.0 billion of undrawn lines and resources at<br>quarter end<br>▪ Improved loan to deposit ratio<br>• Loan to deposit ratio was 87.2% in 1Q25 compared to 94.0% a year ago and 93.9% in the prior quarter<br>• Average total deposits increased 6.8% YoY and 1.5% QoQ to $7.6 billion<br>• Period end net loans decreased 1.2% YoY and 0.1% QoQ due to weak market demand and pricing discipline<br>▪ Asset Quality<br>• Net charge-offs total 18 bps for the past twelve months<br>• NPAs to assets of 71 bps at 1Q25 compared to 53 bps YoY and 57 QoQ<br>▪ Tangible common equity ratio of 7.79%, stable QoQ<br>• Non-cash goodwill impairment of $17.6 million or $0.51 per share with no impact on regulatory capital<br>▪ NIM expansion in 1Q25<br>• GAAP NIM increased 12 bps QoQ to 2.51%<br>• Core NIM expands 24 bps QoQ to 2.49% |
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| FlushingBank.com | NSQ: FFIC 5<br>Area of Focus: Improving Profitability<br>▪ GAAP and Core NIM expanded 12 and 24<br>bps QoQ, respectively<br>▪ Real estate loans to reprice ~175 bps higher<br>through 2027<br>▪ $602 million of CDs to reprice in 2Q25<br>▪ Continue to invest in the business<br>▪ Focused on improving ROAE over time<br>▪ Capital to grow as profitability improves |
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| FlushingBank.com | NSQ: FFIC 6<br>NIM Expansion GAAP & Core NII and NIM Increase<br>2.06% 2.05% 2.10% 2.39% 2.51%<br>See Appendix for definitions of Core NII FTE and Core NIM<br>GAAP NIM FTE<br>Net Interest Income and Margin<br>($ Millions)<br>$42.4 $42.5<br>$45.0<br>$48.2<br>$52.8<br>2.06% 2.03% 2.07% 2.25% 2.49%<br>0.00%<br>1.00%<br>2.00%<br>3.00%<br>4.00%<br>5.00%<br>6.00%<br>7.00%<br>8.00%<br>9.00%<br>10.00%<br>$10. 0<br>$20. 0<br>$30. 0<br>$40. 0<br>$50. 0<br>$60. 0<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Core NII FTE Core NIM FTE<br>Core NII FTE<br>increased by<br>$10.4 million YoY |
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| FlushingBank.com | NSQ: FFIC 7<br>Total Average Deposits<br>($ Millions)<br>Average Deposits Increase YoY and QoQ;<br>Cost of Deposits Declines<br>$7,081 $7,196 $7,464 $7,450 $7,561<br>3.27% 3.38% 3.55%<br>3.21%<br>3.02%<br>0.00%<br>1.00%<br>2.00%<br>3.00%<br>4.00%<br>5.00%<br>0<br>100 0<br>200 0<br>300 0<br>400 0<br>500 0<br>600 0<br>700 0<br>800 0<br>1Q24 2Q24 3Q24 4Q24 1Q25<br>Noninterest Bearing NOW Accounts Savings Money Market CDs Mortgage Escrow Deposit Cost<br>▪Noninterest bearing deposits<br>turned a corner in 2H24<br>▪ Incentive plans emphasize<br>noninterest bearing deposits<br>▪Checking account openings<br>increased 5.5% YoY and<br>5.8% QoQ |
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| FlushingBank.com | NSQ: FFIC 8<br>$511<br>$706<br>$993<br>4.66% 4.46% 4.66%<br>6.37% 6.36% 6.34%<br> (5 0)<br> 150<br> 350<br> 550<br> 750<br> 950<br> 1,1 50<br> 1,3 50<br> 1,5 50<br>Remainder of 2025 2026 2027<br>Adjustable Loan Repricing Maturing Fixed Rate Total Loan Repricing Current Rate Repricing Rate<br>Contractual Real Estate Loan Repricing<br>to Drive NIM Expansion<br>Loan Repricing<br>($ Millions)<br>+171 bps;<br>$8.81<br>Repricing based primarily on 5-year FLHB-NY advance rate + a spread<br>Floating rate loans include any loans (including back-to-back swaps) tied to an index that reprices within 90 days; Including interest rate hedges of $600 million, $2.0 billion<br>or ~29% of the loan portfolio is effectively floating rate<br>Index values as of March 31, 2025<br>1 Assumes 100% retention; Annualized<br>2 Assumes half of annualized income in the year the loans reprice<br>▪Over three years<br>ended December<br>31, 2027, loan<br>repricing interest<br>income would<br>cumulatively<br>increase by $50<br>million1,2<br>+190 bps;<br>$13.41<br>+168 bps;<br>$16.71 |
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| FlushingBank.com | NSQ: FFIC 9<br>Area of Focus: Maintain Credit Discipline<br>▪ Low risk profile<br>▪ Conservative loan underwriting<br>▪ History of low credit losses<br>▪ Enhanced focus on relationship<br>pricing |
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| FlushingBank.com | NSQ: FFIC 10<br>Net Charge-offs Significantly Better<br>than the Industry; Strong DCR<br>NCOs / Average Loans1<br>1<br>“Industry” includes all U.S. Commercial Banks per S&P Capital IQ<br>2 Based on most recent Annual Loan Review<br>3 Based upon a sample size of 62% of multifamily and investor real estate loans schedule to reprice within<br>36 months as of December 31, 2024<br>4 Based on appraised value at origination<br>▪ Multifamily and Investor CRE portfolios<br>debt coverage ratios (DCR) at ~1.82x2,3<br>▪ Charge-offs limited due to DCR stress testing and<br>underwriting practices:<br>▪ 200 bps shock increase in rates produces a weighted<br>average DCR of ~1.52x3<br>▪ 10% increase in operating expense yields a weighted<br>average DCR of ~1.84x3<br>▪ 200 bps shock increase in rates and 10% increase in<br>operating expenses results in a weighted average<br>DCR ~1.373<br>▪ In all scenarios, weighted average CLTV is less than<br>50%3,4<br>-0.50%<br>0.00%<br>0.50%<br>1.00%<br>1.50%<br>2.00%<br>2.50%<br>3.00%<br>2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 1Q25<br>FFIC Industry |
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| FlushingBank.com | NSQ: FFIC 11<br>Noncurrent Loans Outperforming the<br>Industry<br>▪Over two decades and multiple credit<br>cycles, Flushing Financial has a history<br>of better than industry credit quality<br>▪Average LTVs on the Real Estate<br>portfolio is less than 35%2<br>▪ Only $41.7 million of real estate<br>loans (0.6% of gross loans) with an<br>LTV of 75% or more2<br>; $14.5 million<br>have mortgage insurance as of<br>March 31, 2025<br>1<br>“Industry” includes all U.S. Commercial Banks per S&P Capital IQ<br>2 Based on appraised value at origination<br>Noncurrent Loans / Loans1<br>0.00%<br>1.00%<br>2.00%<br>3.00%<br>4.00%<br>5.00%<br>6.00%<br>2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 1Q25<br>FFIC Industry |
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| FlushingBank.com | NSQ: FFIC 12<br>Low Risk Credit Profile Results<br>ACL by Loan Segment (1Q25)<br>$2,532<br>$1,954<br>$502<br>$269 $63 $15<br>$1,397<br>0.50% 0.66% 0.34% 0.34% 0.32%<br>8.16%<br>0.75%<br>-7 0. 00%<br>-6 0. 00%<br>-5 0. 00%<br>-4 0. 00%<br>-3 0. 00%<br>-2 0. 00%<br>-1 0. 00%<br>0. 00 %<br>10 .0 0%<br>Multifamily<br>Residential<br>Commercial Real<br>Estate<br>1-4 Family - Mixed<br>Use<br>1-4 Family -<br>Residential<br>Construction Small Business<br>Administration<br>Commercial<br>Business and<br>Other Loan Balance ($MM) ACLs / Loans |
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| FlushingBank.com | NSQ: FFIC 13<br>Conservative Underwriting In Multifamily Portfolio<br>Portfolio Data Points Multifamily<br>NPLs/Loans: 101 bps<br>Criticized and Classified Loans/Loans: 116bps<br>Weighted Average DCR1<br>: 1.8x<br>Portfolio Size: $2.6 billion<br>Average Loan Size: $1.2 million<br>1 Based on most recent Annual Loan Review<br>Data as of March 31, 2025 |
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| FlushingBank.com | NSQ: FFIC 14<br>Low Past Due Multifamily Loans<br>1 Chart data as of December 31, 2024; Peers include: BKU, DCOM, FLIC, HNVR, KRNY, NFBK, FLG, PFS, and VLY<br>2 As of March 31, 2025<br>▪ 30-89 days past due are 0.11% of total<br>multifamily loans<br>▪ NPL loans are 1.01% of total multifamily loans<br>▪ Criticized and Classified loans to multifamily<br>loans are 1.16%<br>▪ LLRs to multifamily criticized and classified loans<br>are 43%<br>Multifamily Credit Quality Statistics2<br>Multifamily Ratios vs Peer Banks1 Multifamily Allowance for Credit Losses/Criticized<br>and Classified Multifamily Loans<br>1.02%<br>15.43%<br>4.33%<br>0.62% 0.24% 2.26% 0.49%<br>33.67%<br>0.72%<br>10.90%<br>FFIC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9<br>Criticized and Classified Multifamily Loans /<br>Total Multifamily Loans<br>51%<br>7% 7%<br>144%<br>402%<br>40%<br>124%<br>6%<br>101%<br>8%<br>FFIC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9<br>Multifamily Allowance for Credit Losses /<br>Criticized and Classified Multifamily Loans |
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| FlushingBank.com | NSQ: FFIC 15<br>Strong Credit Quality In Investor CRE<br>Portfolio Data Points Investor CRE<br>NPLs/Loans: 34 bps<br>Criticized and Classified Loans/Loans: 175 bps<br>Weighted Average DCR1<br>: 1.9x<br>Portfolio Size: $2.0 billion<br>Average Loan Size: $2.6 million<br>1 Based on most recent Annual Loan Review<br> Data as of March 31, 2025 |
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| FlushingBank.com | NSQ: FFIC 16<br>Area of Focus: Preserving Strong Liquidity and Capital<br>▪ Maintain ample liquidity with $4.0 billion of undrawn<br>lines and resources as of March 31, 2025<br>▪ Average total deposits increased by 6.8% YoY and<br>1.5% QoQ<br>▪ Unsured and uncollateralized deposits only 16% of<br>deposits as of March 31, 2025<br>▪ Tangible common equity to tangible asset stable<br>QoQ at 7.79% at March 31, 2025<br>▪ Company and Bank well capitalized |
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| FlushingBank.com | NSQ: FFIC 17<br>Strong Asian Banking Market Focus<br>$40B market size; 3% market share<br>▪ Asian Communities – Total Loans $737.8<br>million and Deposits $1.3 billion<br>▪ Multilingual Branch Staff Serves Diverse<br>Customer Base in NYC Metro Area<br>▪ About One Third of Branches are in Asian<br>markets… more to come<br>▪ Growth Aided by the Asian Advisory Board<br>▪ Sponsorships of Cultural Activities<br>Support New and Existing Opportunities<br>$0<br>$200<br>$400<br>$600<br>$800<br>$1,000<br>$1,200<br>$1,400<br>$1,600<br>2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25<br>Asian Deposits ($MMs) |
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| FlushingBank.com | NSQ: FFIC 18<br>Operating Environment Has Shifted<br>▪ The 3-month to 5-year spread has become inverted<br>again<br>▪ Greater opportunity from loans than deposits for<br>NIM expansion with no changes in rates<br>▪ Focused on remixing the balance sheet<br>▪ Executing on initiatives for 2025<br>– Demand deposits<br>– SBA<br>– Select hiring opportunities |
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| FlushingBank.com | NSQ: FFIC 19<br>Outlook<br>Balance Sheet<br>▪ Expect stable total assets; loan growth market<br>dependent<br>▪ Focused on improving asset and funding mix; expect<br>normal historical funding patterns<br>Net Interest Income<br>▪ $602 million of retail CDs at a weighted average rate of<br>4.16% to mature in the second quarter; March 2025 CD<br>retention rates were 3.94%<br>▪ Some opportunity to continue to reprice non-maturity<br>deposits lower<br>▪ $511 million of loans scheduled to mature or reprice<br>upwards 171 bps in 20251<br>▪ $225 million of funding swaps with a weighted average<br>pay rate of 0.67% will mature throughout 2Q25, partially<br>replaced by $75 million of forward starting swaps with a<br>pay rate of 3.01%; Expected annualized impact on the<br>NIM of approximately 9 bps or 7 bps impact in 2Q25<br>Noninterest Income<br>▪ Approximately $46 million of back-to-back swaps in<br>the loan pipeline; banking services fee income to<br>benefit in the quarter as these loans close<br>▪ BOLI income expected to be $2.9 million in 2Q25 and<br>$2.2 million per quarter thereafter2<br>Noninterest Expense<br>▪ 2025 core noninterest expense expected to increase<br>5-8% from the 2024 base of $159.6 million<br>Effective Tax Rate<br>▪ Expecting 25-28% for the remainder of 2025<br>1 Based on March 31, 2025 index values<br>2 Estimates could change based timing of settlements of the 1035 exchange |
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| FlushingBank.com | NSQ: FFIC 20<br>Key Takeaways Improve Profitability<br>▪ GAAP and Core NIM expanded 12 and 24 bps, respectively, QoQ<br>▪ Real Estate loans expected to reprice ~175 bps higher<br>▪ Some CD repricing benefit remains; overall more challenging<br>▪ Continuing to invest in people and branches to drive core business<br>improvements<br>▪ Focused on improving ROAE over time<br>▪ Capital to grow as profitability improves<br>Maintain Credit Discipline<br>▪ Approximately 90% of the loan portfolio is collateralized by real estate<br>with an average LTV of less than 35%<br>▪ Weighted average debt service coverage ratio is 1.9x<br>for multifamily and investor commercial real estate loans<br>▪ Criticized and classified loans are 1.33% of gross loans<br>▪ Manhattan office buildings exposure is minimal at 0.5% of gross loans<br>Preserve Strong Liquidity and Capital<br>▪ $4.0 billion of undrawn lines and resources at of March 31, 2025<br>▪ Uninsured and uncollateralized deposits were 16% of total deposits<br>▪ Average total deposits increased 6.8% YoY<br>▪ Tangible Common Equity to Tangible Assets was 7.79% at March 31 2025,<br>stable QoQ<br>2025 Areas of Focus<br>Improve<br>Profitability<br>Maintain<br>Credit<br>Discipline<br>Preserve Strong<br>Liquidity and<br>Capital<br>FFIC<br>TBV/Sh<br>$20.78 |
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| Appendix | |
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| FlushingBank.com | NSQ: FFIC 22<br>Key Community Events:<br>Lunar New Year Parades |
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| FlushingBank.com | NSQ: FFIC 23<br>Digital Banking Usage Continues to Increase<br>7%<br>Increase in Monthly Mobile<br>Deposit Active Users<br>March 2025<br>YoY Growth<br>~15,600<br>Users with Active Online<br>Banking Status<br>March 2025<br>15%<br>Digital Banking<br>Enrollment<br>March 2025<br>YoY Growth<br>Internet Banks<br>iGObanking and BankPurely<br>national deposit gathering<br>platforms<br>~2% of Average<br>Deposits<br>Numerated<br>Small Business Lending<br>Platform<br>$3.7MM of Commitments<br>in YTD 2025<br>~15,100<br>Zelle® Transactions<br>~5.5MM<br>Zelle Dollar Transactions<br>in March 2025 |
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| FlushingBank.com | NSQ: FFIC 24<br>Annual Financial Highlights<br>1 See Reconciliation of GAAP (Loss) Earnings and Core Earnings in Appendix<br>Reported Results<br>(Loss) Earnings per Share ($1.07) $0.96 $2.50 $2.59 $1.18 $1.44<br>ROAA (0.35) % 0.34 % 0.93 % 1.00 % 0.48 % 0.59 %<br>ROAE (4.73) 4.25 11.44 12.60 5.98 7.35<br>NIM FTE 2.15 2.24 3.11 3.24 2.85 2.47<br>Core1<br> Results<br>EPS $0.73 $0.83 $2.49 $2.81 $1.70 $1.65<br>ROAA 0.24 % 0.29 % 0.92 % 1.09 % 0.68 % 0.68 %<br>ROAE 3.25 3.69 11.42 13.68 8.58 8.42<br>NIM FTE 2.10 2.21 3.07 3.17 2.87 2.49<br>Credit Quality<br>NPAs/Loans & REO 0.76 % 0.67 % 0.77 % 0.23 % 0.31 % 0.24 %<br>LLRs/Loans 0.6 0.58 0.58 0.56 0.67 0.38<br>LLR/NPLs 120.51 159.55 124.89 248.66 214.27 164.05<br>NCOs/Average Loans 0.11 0.16 0.02 0.05 0.06 0.04<br>Criticized & Classifieds/Loans 1.07 1.11 0.98 0.87 1.07 0.66<br>Capital Ratios<br>CET1 10.13 % 10.25 % 10.52 % 10.86 % 9.88 % 10.95 %<br>Tier 1 10.82 10.93 11.25 11.75 10.54 11.77<br>Total Risk-based Capital 14.23 14.33 14.69 14.32 12.63 13.62<br>Leverage Ratio 8.04 8.47 8.61 8.98 8.38 8.73<br>TCE/TA 7.82 7.64 7.82 8.22 7.52 8.05<br>Balance Sheet<br>Book Value/Share $21.53 $23.21 $22.97 $22.26 $20.11 $20.59<br>Tangible Book Value/Share 20.97 22.54 22.31 21.61 19.45 20.02<br>Dividends/Share 0.88 0.88 0.88 0.84 0.84 0.84<br>Average Assets ($B) 9.0 8.5 8.3 8.1 7.3 6.9<br>Average Loans ($B) 6.8 6.8 6.7 6.6 6.0 5.6<br>Average Deposits ($B) 7.3 6.9 6.5 6.4 5.2 5.0<br>2024 2023 2022 2021 2020 2019 |
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| FlushingBank.com | NSQ: FFIC 25<br>29 Year Track Record of Steady Growth<br>Core EPS ($) Dividends per Share ($) Tangible Book Value per Share ($)<br>Assets ($B) Total Gross Loans ($B) Total Deposits ($B)<br>$-<br>$0.23<br>1995 2000 2005 2010 2015 2020 2024 1Q25<br>$0.6<br>$7.7<br>1995 2000 2005 2010 2015 2020 2024 1Q25<br>$0.3<br>$6.7<br>1995 2000 2005 2010 2015 2020 2024 1Q25<br>9% CAGR 11% CAGR 9% CAGR<br>4% CAGR1 14% CAGR1,2<br>$4.86<br>$20.78<br>1995 2000 2005 2010 2015 2020 2023 2024 1Q25<br>5% CAGR<br>1 Calculated from 1996-2024<br>2 1Q25 data annualized<br>Note: Acquisition of Empire Bancorp in 2020 (loans and deposits acquired of $685MM and $854MM, respectively; assets acquired of $982MM)<br>$0.7<br>$9.0<br>1995 2000 2005 2010 2015 2020 2024 1Q25<br>$0.00<br>$0.88<br>1995 2000 2005 2010 2015 2020 2024 1Q25 |
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| FlushingBank.com | NSQ: FFIC 26<br>Approach to Real Estate Lending:<br>Low Leverage & Shared Philosophy<br>▪ Since 1929, we have a long history of lending in metro New York City<br>– Historically, credit quality has outperformed the industry and peers<br>• From 2001-2024, median NCOs to average loans has been 4 bps<br>compared to 59 bps for the industry<br>• Median noncurrent loans to total loans has been 41 bps compared<br>to 127 bps for the industry over the same period<br>▪ The key to our success is shared client philosophy<br>– Our clients tend to have low leverage (average LTV is <35%) and strong<br>cash flows (DCR is 1.9x for multifamily and investor CRE1<br>)<br>– Multigenerational – our clients tend to build portfolio of properties;<br>generally, buy and hold<br>– Borrowers are not transaction oriented – average real estate loan<br>seasoning is over 8 years, which is generally passed the 5-year reset<br>for multifamily and investor CRE loans<br>– We do not attract clients who are short term borrowers, who want funds<br>on future cash flows, or who are aggressively trying to convert rent<br>regulated units into market rents<br>Our conservative<br>lending profile has<br>served us well over<br>many cycles.<br>1 Based on most recent Annual Loan Review |
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| FlushingBank.com | NSQ: FFIC 27<br>Loans Secured by Real Estate<br>Have an Average LTV of <35%<br>38%<br>11% 10%<br>7 %<br>7 %<br>5 %<br>5 %<br>4 %<br>4 %<br>2 %2 %1 %1 %<br>1 %<br>1 %1 % Multifamily: 38.0%<br>Owner Occupied CRE: 11.0%<br>Non Real Estate: 10.0%<br>One-to-four family - Mixed Use: 7.0%<br>General Commercial: 7.0%<br>CRE - Shopping Center: 5.0%<br>CRE - Strip Mall: 5.0%<br>Commercial Mixed Use: 4.0%<br>One-to-four family - Residential: 4.0%<br>CRE - Single Tenant: 2.0%<br>Industrial: 2.0%<br>Office - Multi & Single Tenant: 1.0%<br>Health Care/Medical Use: 1.0%<br>Construction: 1.0%<br>Commercial Special Use: 1.0%<br>Office Condo & Co-Op: 1.0%<br>$6.7B<br>Total Portfolio<br>90% Real Estate Based |
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| FlushingBank.com | NSQ: FFIC 28<br>Multifamily: Conservative Underwriting Standards<br>▪ All loans underwritten with a 250-300<br>bps increase in rates at origination;<br>especially when rates were low<br>▪ Debt coverage ratios (DCR) based on<br>current rents; not projected cash flows<br>▪ Underwritten Net Operating Income<br>(NOI) at origination includes forecasted<br>increases in expenses and potential<br>increase in interest rates, which limits<br>overall leverage<br>▪ Cap rates were underwritten to 5%+<br>when rates were low<br>▪ Annual loan reviews performed; cash<br>flows updated annually and a trend<br>analysis on the portfolio is performed<br>▪ 30-year amortization<br>▪ Loans generally reset every 5 years<br>(FHLB Advance rate + spread)<br>Portfolio Data Points<br>Portfolio Size: $2.6 billion<br>Average Loan Size: $1.2 million<br>Current Weighted Average Coupon: 5.18%<br>Weighted Average LTV: 43%<br>% of Loans with LTV >75% 0.11%<br>Weighted Average DCR1<br>: 1.8x<br>NPLs/Loans 1.01%<br>30-89 Days Past Due/Loans 0.11%<br>Criticized and Classified Loans/Loans 116 bps<br>Underwriting Standards at Origination<br>1 Excludes co-ops<br>Data as of March 31, 2025 |
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| FlushingBank.com | NSQ: FFIC 29<br>Multifamily: Manageable Repricing Risk<br>Actual Repricing<br>▪ There were $63.8 million of multifamily loans schedule to<br>reprice or mature in 1Q25 ~304 bps higher based on the<br>December 31, 2024 index<br>– Approximately 96% of the loans repriced and remained<br>with the Bank<br>– These loans repriced 267 bps higher to a weighted<br>average rate of 6.59%<br>– Over 99% of these loans are current and none are more<br>than 29 days delinquent<br>▪ For the remainder of 2025, $255.6 million of loans are<br>forecasted to reprice 213 bps higher to a weighted average<br>rate of 6.44%1<br>▪ Example of a typical 2023 loan repricing:<br>– Income and expense increased at an approximate 4%<br>CAGR<br>– Rate resets to FHLB 5-yr advance + 225 bps<br>– NOI sensitivity provided for illustrative purposes only;<br>actual expense CAGR has been 4%<br>1 Based on underlying index value on March 31, 2025<br>Key Data Points<br>At Origination At Reprice Date<br>($000s) 2019 Stressed CAGR 2023<br>Purchase Price: $7,500 $7,500<br>Loan Amount: $4,250 $3,824 $3,824<br>LTV: 56.7% 51.0%<br>Rate: 3.75% 5.75% 6.45%<br>Annual Payment: $159 $301 $324<br>Income: 725 848 4% 848<br>Expense: 362 423 4% 423<br>NOI: $363 $425 $425<br>DCR: 2.28 1.41 1.31<br>NOI Sensitivity<br>CAGR 2023 CAGR 2023<br>Loan Balance: $3,824 $3,824<br>Repricing Rate: 6.45% 6.45%<br>Annual Payment: $324 $324<br>Income: 4% 848 4% 848<br>Expense: 6% 458 8% 492<br>NOI: $390 $356<br>DCR: 1.20 1.10 |
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| FlushingBank.com | NSQ: FFIC 30<br>Multifamily: DCR Risks Are Well Contained<br>Debt Coverage Ratio Details1<br>Multifamily weighted<br>average DCR 1.8x2<br>Amount of loans with a<br>DCR of 1.0-1.2x $197.8 million3<br>LTV of loans with a DCR<br>of 1.0-1.2x 50%<br>Amount of loans with a<br>DCR <1.0x $102.2 million3<br>LTV of loans with a DCR<br><1.0x 44%<br>Of the loans with a DCR<br><1.2x:<br>• $7.5 million have an LTV >70%<br>• $51.5 million have an LTV >60%<br>• $10.6 million are 90+ days past due;<br>$11.4 million criticized or classified<br>(with WA LTV of 44%)<br>1 Data as of March 31, 2025<br>2 Based on annual loan reviews<br>3 Excludes co-ops<br>▪ Underwriting assumes higher rates at origination<br>leading to strong DCRs<br>▪ Low amount of loans with DCRs less than 1.2x<br>and minimal amount below 1.0x<br>▪ Borrowers have significant equity positions in<br>these loans, especially for those with DCRs less<br>than 1.0x<br>▪ Credit performance is favorable for DCRs of 1.2x<br>or less:<br>– $10.6 million 90+ days past due<br>– Only $11.4 million of criticized or classified<br>loans with a weighted average LTV of 44%<br>Key Data Points1 |
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| FlushingBank.com | NSQ: FFIC 31<br>Multifamily: Minimal Interest Only; High Quality Performance<br>1 As of December 31, 2024<br>2 Excludes co-ops<br>Interest Only Loan Details1<br>Total interest only loans $114.5 million<br>Weighted average LTV 50%<br>Weighted average DCR 1.8x2<br>Amount of loans with a DCR<br><1.2x $12.3 million2<br>30-89 Days Past Due/Loans $0<br>Criticized and Classified<br>Loans/Loans $0<br>Amount of loans to become<br>fully amortizing in 2025<br>• $59.8 million<br>• 1.9x current DCR and WALTV of<br>53%<br>▪ Interest only loans are typically only offered to<br>relationship customers who have a prior history<br>with the Bank<br>▪ A client requests an interest only loan when cash<br>flows early in the project are low and will increase<br>after improvements occur or if the cash flow is<br>strong enough to cover the required debt service<br>amortizing yet a preferred return for a limited time<br>frame is desired<br>▪ Significant equity or multiple properties are<br>offsetting factors<br>▪ Loans are generally interest only for 1-3 years and<br>then become fully amortizing<br>▪ Underwritten on a fully amortizing basis<br>▪ Credit performance is stellar with no loans<br>criticized or classified<br>Key Data Points1 |
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| FlushingBank.com | NSQ: FFIC 32<br>Multifamily: Rent Regulated Portfolio – Granular and Low Risk<br>▪ New York City area has a shortage of affordable<br>housing creating the need for rent regulated units;<br>annual the Rent Guidelines Board establishes<br>rental increases for these units<br>▪ Loans that contain rent regulated properties are<br>about two thirds of the multifamily portfolio<br>▪ This portfolio is very granular with about half the<br>portfolio in buildings that are 100% rent regulated<br>and half with a mix of market rents<br>▪ Borrowers have over 50% equity in these<br>properties<br>▪ With average seasoning nearly 8 years, these<br>borrowers have experienced rate resets<br>▪ Credit performance is solid with low levels of<br>delinquencies, criticized, and classified loans<br>Key Data Points1<br>1 Data as of December 31, 2024<br>2 Based on annual loan reviews<br>Portfolio Data Points1<br>Portfolio Size: $1.5 billion<br>Average Loan Size: $1.3 million<br>Current Weighted Average Coupon: 5.01%<br>Weighted Average LTV: 48%<br>% of Loans with LTV >75% 0.2%<br>Weighted Average DCR: 1.8x2<br>Average Seasoning: 7.8 years<br>30-89 Days Past Due $20.2 million<br>Criticized and Classified Loans $20.8 million<br>Buildings that are 100% rent regulated $746 million<br>Buildings that are 50-99% rent regulated $505 million<br>Buildings that are <50% rent regulated $274 million |
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| FlushingBank.com | NSQ: FFIC 33<br>Investor CRE: Conservative Underwriting Standards<br>▪ All loans underwritten with a 250-300 bps increase in<br>rates at origination; especially when rates were low<br>▪ Debt coverage ratios (DCR) based on current rents;<br>not projected cash flows<br>▪ Underwritten Net Operating Income (NOI) at<br>origination includes forecasted increases in<br>expenses and potential increase interest rates, which<br>limits overall leverage<br>▪ Cap rates were underwritten to 5%+ when rates<br>were low<br>▪ Annual loan reviews performed; cash flows updated<br>annually and a trend analysis on the portfolio is<br>performed<br>▪ 30-year amortization<br>▪ Loans generally reset every 5 years (FHLB Advance<br>rate + spread)<br>Key Data Points1<br>Data as of March 31, 2025<br>Portfolio Data Points<br>Portfolio Size: $2.0 billion<br>Average Loan Size: $2.6 million<br>Current Weighted Average Coupon: 5.38%<br>Weighted Average LTV: 44%<br>% of Loans with LTV >75% 130 bps<br>Weighted Average DCR: 1.9x<br>NPLs/Loans 34 bps<br>30-89 Days Past Due/Loans 10 bps<br>Criticized and Classified Loans/Loans 174 bps |
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| FlushingBank.com | NSQ: FFIC 34<br>Geographically Diverse Multifamily and CRE Portfolios<br>16%<br>28%<br>22%<br>17%<br>17%<br>Bronx Kings Manhattan Queens Other<br>$2.6 Billion<br>Portfolio<br>9%<br>17%<br>18%<br>19%<br>5%<br>7%<br>8%<br>3%<br>14%<br>Bronx Kings Manhattan<br>Queens Other NY Nassau<br>Suffolk NJ CT/Other<br>$2.0 Billion<br>Portfolio<br>Multifamily Geography<br>Underwrite Real Estate Loans with a Cap Rates over 6.5% in 2025 (5%+ Historically) and Stress Test Each Loan<br>Non-Owner Occupied CRE Geography |
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| FlushingBank.com | NSQ: FFIC 35<br>Well-Diversified Commercial Business Portfolio<br>▪ Primarily in market lending<br>▪ Annual sales up to $250 million<br>▪ Lines of credit and term loans, including owner<br>occupied mortgages<br>▪ Loans secured by business assets, including<br>account receivables, inventory, equipment, and real<br>estate<br>▪ Personal guarantees are generally required<br>▪ Originations are generally $100,000 to $10 million<br>▪ Adjustable rate loans with adjustment periods of<br>five years for owner-occupied mortgages and for<br>lines of credit the adjustment period is generally<br>monthly<br>▪ Generally not subject to limitations on interest rate<br>increases but have interest rate floors<br>Commercial Business 10.8%<br>10.6%<br>9.1%<br>8.9%<br>7.3%<br>7.2%<br>6.7%<br>6.3%<br>5.9%<br>4.7%<br>3.2%<br>3.1%<br>2.6%<br>2.5%<br>2.1%<br>2.0%<br>1.9%1.9%<br>1.6%<br>1.6%<br>Trucking/Vehicle Transport: 10.8% Wholesalers: 10.6%<br>Construction/Contractors: 9.1% Other: 8.9%<br>Financing Company: 7.3% Professional Services (Excluding Medical): 7.2%<br>Hotels: 6.7% Medical Professionals: 6.3%<br>Manufacturer: 5.9% Automobile Related: 4.7%<br>Apparel: 3.2% Restaurants: 3.1%<br>Airlines: 2.6% Electrical Equipment: 2.5%<br>Theaters: 2.1% Real Estate: 2.0%<br>Food Service: 1.9% Civic and Social Organizations: 1.9%<br>Schools/Daycare Centers: 1.6% Retailer: 1.6%<br>$1.4B<br>Total Portfolio<br>Real Estate<br>Collateral<br>$758MM |
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| FlushingBank.com | NSQ: FFIC 36<br>Interest Rate Hedges:<br>Added exposure in 1Q25; Shifting more towards Neutral<br>Swap<br>Type<br>Notional<br>($ Million)<br>2025<br>Maturities<br>($ Million)<br>2026<br>Maturities<br>($ Million)<br>2027<br>Maturities<br>($ Million)<br>Annualized Net<br>Interest Income1<br>($ Million)<br>Loans2 $793.8 $140.6 $314.9 $115.0 $8.0<br>Funding2 $875.8 $225.0 $180.0 $50.0 $17.1<br>▪ The $1.7 billion of total interest rate hedges results in<br>annualized net interest income of $25.1 million as of March<br>31, 2025<br>• The net benefit will expand if the Fed raises rates or<br>compress if the Fed cuts rates<br>• The annualized impact of a 25 bp change in SOFR is<br>approximately $4.2 million<br>1 As of March 31, 2025<br>2 Does not include $1.0 billion of customer back-to-back loan swaps, $75 million of forward funding swaps, and $100 million of interest rate floors<br>▪ Approximately 22% of the interest rate hedges<br>will mature in 2025 and 30% in 2026 |
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| FlushingBank.com | NSQ: FFIC 37<br>Reconciliation of GAAP Earnings (Loss)<br>and Core Earnings<br>Non-cash Fair Value Adjustments to GAAP Earnings<br>The variance in GAAP (loss) earnings and core earnings is partly driven by the impact of non-cash net gains and losses<br>from fair value adjustments. These fair value adjustments relate primarily to borrowings carried at fair value under the fair<br>value option.<br>Core Net Income, Core Diluted EPS, Core ROAE, Core ROAA, Pre-provision, Pre-tax Net Revenue, Core Net Interest<br>Income FTE, Core Net Interest Margin FTE, Core Interest Income and Yield on Total Loans, Core Noninterest Income,<br>Core Noninterest Expense and Tangible Book Value per common share are each non-GAAP measures used in this<br>presentation. A reconciliation to the most directly comparable GAAP financial measures appears below in tabular form. The<br>Company believes that these measures are useful for both investors and management to understand the effects of certain<br>interest and noninterest items and provide an alternative view of the Company's performance over time and in comparison,<br>to the Company's competitors. These measures should not be viewed as a substitute for net income. The Company<br>believes that tangible book value per common share is useful for both investors and management as this measure is<br>commonly used by financial institutions, regulators and investors to measure the capital adequacy of financial institutions.<br>The Company believes this measure facilitates comparison of the quality and composition of the Company's capital over<br>time and in comparison, to its competitors. This measure should not be viewed as a substitute for total shareholders' equity.<br>These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They<br>should not be considered in isolation or as a substitute for analysis of results reported under GAAP. These non-GAAP<br>measures may not be comparable to similarly titled measures reported by other companies. |
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| FlushingBank.com | NSQ: FFIC 38<br>Reconciliation<br>of GAAP (Loss)<br>Earnings to<br>CORE Earnings -<br>Quarters<br>1 Core diluted earnings per common share may not foot due to rounding<br>2 Ratios are calculated on an annualized basis<br>(Dollars in thousands,<br>except per share data)<br>GAAP (loss) income before income taxes $ (5,931) $ (71,857) $ 11,457 $ 7,136 $ 4,997<br>Net (gain) loss from fair value adjustments<br>(Noninterest income (loss)) 152 1,136 (974) (57) 834<br>Net loss on sale of securities<br>(Noninterest income (loss)) — 72,315 — — —<br>Life insurance proceeds (Noninterest income (loss)) — (284) (1) — —<br>Valuation allowance on loans transferred to held for<br>sale (Noninterest income (loss)) 194 3,836 — — —<br>Net (gain) loss from fair value adjustments on hedges<br>(Net interest income) (56) (2,911) (554) (177) 187<br>Prepayment penalty on borrowings (Noninterest<br>expense) — 2,572 — — —<br>Net amortization of purchase accounting adjustments<br>and intangibles (Various) (167) (101) (62) (85) (169)<br>Impairment of goodwill (Noninterest expense) 17,636 — — — —<br>Miscellaneous expense (Professional services) (1) 218 1 0 494 —<br>Core income before taxes 11,827 4,924 9,876 7,311 5,849<br>Provision for core income taxes 3,896 715 2,153 1,855 1,537<br>Core net income $ 7,931 $ 4,209 $ 7,723 $ 5,456 $ 4,312<br>GAAP diluted (loss)earnings per common share $ (0.29) $ (1.64) $ 0.30 $ 0.18 $ 0.12<br>Net (gain) loss from fair value adjustments, net of tax — 0.03 (0.03) (0.01) 0.02<br>Net loss on sale of securities, net of tax — 1.65 — — —<br>Life insurance proceeds — (0.01) — — —<br>Valuation allowance on loans transferred to held for<br>sale, net of tax — 0.09 — — —<br>Net (gain) loss from fair value adjustments on hedges,<br>net of tax — (0.06) (0.01) — —<br>Prepayment penalty on borrowings, net of tax — 0.06 — — —<br>Net amortization of purchase accounting adjustments,<br>net of tax — — — — —<br>Impairment of goodwill 0.51 — — — —<br>Miscellaneous expense, net of tax — — — 0.01 —<br>Loss not attributable to participating securities — 0.03 — — —<br>Core diluted earnings per common share(1) $ 0.23 $ 0.14 $ 0.26 $ 0.18 $ 0.14<br>Core net income, as calculated above $ 7,931 $ 4,209 $ 7,723 $ 5,456 $ 4,312<br>Average assets 9,015,880 9,060,481 9,203,884 8,830,665 8,707,505<br>Average equity 731,592 662,190 672,762 667,557 669,185<br>Core return on average assets(2)<br> 0.35 % 0.19 % 0.34 % 0.25 % 0.20 %<br>Core return on average equity(2)<br> 4.34 % 2.54 % 4.59 % 3.27 % 2.58 %<br>2025<br>March 31, December 31,<br>2024 2024<br>September 30, June 30,<br>2024 2024<br>March 31,<br>For the three months ended |
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| FlushingBank.com | NSQ: FFIC 39<br>Reconciliation<br>of GAAP<br>Revenue and<br>Pre-provision<br>Pre-tax Net<br>Revenue -<br>Quarters<br>Efficiency ratio, a non-GAAP measure, was calculated by dividing core noninterest expense (excluding OREO expense<br>and the net gain/loss from the sale of OREO) by the total of core net interest income and core noninterest income.<br><br><br>(Dollars in thousands)<br>GAAP Net interest income $ 52,989 $ 51,235 $ 45,603 $ 42,776 $ 42,397<br>Net (gain) loss from fair value<br>adjustments on hedges (56) (2,911) (554) (177) 187<br>Net amortization of purchase<br>accounting adjustments (252) (191) (155) (182) (271)<br>Core Net interest income $ 52,681 $ 48,133 $ 44,894 $ 42,417 $ 42,313<br>GAAP Noninterest income (loss) $ 5,074 $ (71,022) $ 6,277 $ 4,216 $ 3,084<br>Net (gain) loss from fair value<br>adjustments 152 1,136 (974) (57) 834<br>Net loss on sale of securities — 72,315 — — —<br>Valuation allowance on loans<br>transferred to held for sale 194 3,836 — — —<br>Life insurance proceeds — (284) (1) — —<br>Core Noninterest income $ 5,420 $ 5,981 $ 5,302 $ 4,159 $ 3,918<br>GAAP Noninterest expense $ 59,676 $ 45,630 $ 38,696 $ 39,047 $ 39,892<br>Prepayment penalty on borrowings — (2,572) — — —<br>Net amortization of purchase<br>accounting adjustments (85) (90) (93) (97) (102)<br>Impairment of goodwill (17,636) — — — —<br>Miscellaneous expense 1 (218) (10) (494) —<br>Core Noninterest expense $ 41,956 $ 42,750 $ 38,593 $ 38,456 $ 39,790<br>Net interest income $ 52,989 $ 51,235 $ 45,603 $ 42,776 $ 42,397<br>Noninterest income (loss) 5,074 (71,022) 6,277 4,216 3,084<br>Noninterest expense (59,676) (45,630) (38,696) (39,047) (39,892)<br>Pre-provision pre-tax net (loss)<br>revenue $ (1,613) $ (65,417) $ 13,184 $ 7,945 $ 5,589<br>Core:<br>Net interest income $ 52,681 $ 48,133 $ 44,894 $ 42,417 $ 42,313<br>Noninterest income 5,420 5,981 5,302 4,159 3,918<br>Noninterest expense (41,956) (42,750) (38,593) (38,456) (39,790)<br>Pre-provision pre-tax net revenue $ 16,145 $ 11,364 $ 11,603 $ 8,120 $ 6,441<br>Efficiency Ratio 72.2 % 79.0 % 77.2 % 82.6 % 86.1 %<br>June 30,<br>2024<br>March 31,<br>2024<br>For the three months ended<br>March 31,<br>2025<br>December 31,<br>2024<br>September 30,<br>2024 |
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| FlushingBank.com | NSQ: FFIC 40<br>Reconciliation<br>of GAAP<br>to Core Net<br>Interest Income<br>and NIM -<br>Quarters<br>1 Episodic items include prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent<br>loans, and swap terminations fees/income<br>2 Excludes purchase accounting average balances for all periods presented<br>3 Excludes interest income from loans held for sale.<br>(Dollars in thousands)<br>GAAP net interest income $ 52,989 $ 51,235 $ 45,603 $ 42,776 $ 42,397<br>Net (gain) loss from fair value adjustments<br>on hedges (56) (2,911) (554) (177) 187<br>Net amortization of purchase accounting<br>adjustments (252) (191) (155) (182) (271)<br>Tax equivalent adjustment 9 6 9 8 100 9 8 100<br>Core net interest income FTE $ 52,777 $ 48,231 $ 44,994 $ 42,515 $ 42,413<br>Episodic items (1)<br> (294) (648) (1,647) (369) (928)<br>Net interest income FTE excluding episodic<br>items $ 52,483 $ 47,583 $ 43,347 $ 42,146 $ 41,485<br>Total average interest-earning assets (2) $ 8,471,609 $ 8,590,022 $ 8,712,443 $ 8,358,006 $ 8,238,395<br>Core net interest margin FTE 2.49 % 2.25 % 2.07 % 2.03 % 2.06 %<br>Net interest margin FTE excluding episodic<br>items 2.48 % 2.22 % 1.99 % 2.02 % 2.01 %<br>GAAP interest income on total loans, net (3) $ 92,368 $ 94,104 $ 95,780 $ 92,728 $ 92,959<br>Net (gain) loss from fair value adjustments<br>on hedges - loans (56) 2 9 (364) (137) 123<br>Net amortization of purchase accounting<br>adjustments (252) (216) (168) (198) (295)<br>Core interest income on total loans, net $ 92,060 $ 93,917 $ 95,248 $ 92,393 $ 92,787<br>Average total loans, net (2) $ 6,674,665 $ 6,783,264 $ 6,740,579 $ 6,751,715 $ 6,807,944<br>Core yield on total loans 5.52 % 5.54 % 5.65 % 5.47 % 5.45 %<br>For the three months ended<br>March 31, December 31, September 30, June 30, March 31,<br>2025 2024 2024 2024 2024 |
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| FlushingBank.com | NSQ: FFIC 41<br>Calculation of<br>Tangible<br>Stockholders’<br>Common<br>Equity to<br>Tangible Assets<br>- Quarters<br><br>(Dollars in thousands)<br>Total Equity $ 702,851 $ 724,539 $ 666,891 $ 665,322 $ 669,827<br>Less:<br>Goodwill — (17,636) (17,636) (17,636) (17,636)<br>Core deposit intangibles (1,029) (1,123) (1,220) (1,322) (1,428)<br>Tangible Stockholders' Common<br>Equity $ 701,822 $ 705,780 $ 648,035 $ 646,364 $ 650,763<br>Total Assets $ 9,008,396 $ 9,038,972 $ 9,280,886 $ 9,097,240 $ 8,807,325<br>Less:<br>Goodwill — (17,636) (17,636) (17,636) (17,636)<br>Core deposit intangibles (1,029) (1,123) (1,220) (1,322) (1,428)<br>Tangible Assets $ 9,007,367 $ 9,020,213 $ 9,262,030 $ 9,078,282 $ 8,788,261<br>Tangible Stockholders' Common Equity to<br>Tangible Assets 7.79 % 7.82 % 7.00 % 7.12 % 7.40 %<br>2024<br>December 31,<br>2025<br>March 31,<br>2024<br>June 30, March 31,<br>2024<br>September 30,<br>2024 |
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| FlushingBank.com | NSQ: FFIC 42<br>Reconciliation<br>of GAAP (Loss)<br>Earnings and<br>Core Earnings -<br>Years<br>1 Core diluted earnings per common share may not foot due to rounding<br>2 Ratios are calculated on an annualized basis<br> December 31, December 31, December 31, December 31,<br>(Dollars In thousands, except per share data) 2021 2020 2019 2018<br>GAAP (loss) income before income taxes $ (48,267) $ 39,833 $ 104,852 $ 109,278 $ 45,182 $ 53,331<br>Day 1, Provision for Credit Losses - Empire transaction — — — — 1,818 —<br>Net (gain) loss from fair value adjustments 939 (2,573) (5,728) 12,995 2,142 5,353<br>Net (gain) loss on sale of securities 72,315 — 10,948 (113) 701 15<br>Life insurance proceeds (285) (1,281) (1,822) — (659) (462)<br>Valuation allowance on loans transferred to held for sale 3,836 — — — — —<br>Net gain on sale or disposition of assets — — (104) (621) — (770)<br>Net (gain) loss from fair value adjustments on hedges (3,455) (371) (775) (2,079) 1,185 1,678<br>Accelerated employee benefits upon Officer's death — — — — — 455<br>Prepayment penalty on borrowings 2,572 — — — 7,834 —<br>Net amortization of purchase accounting adjustments and intangibles (417) (1,007) (2,030) (2,489) 80 —<br>Miscellaneous/Merger expense 722 526 — 2,562 6,894 1,590<br>Core income before taxes 27,960 35,127 105,341 119,533 65,177 61,190<br>Provision for core income taxes 6,260 10,209 28,502 30,769 15,428 13,957<br>Core net income $ 21,700 $ 24,918 $ 76,839 $ 88,764 $ 49,749 $ 47,233<br>GAAP diluted (loss) earnings per common share $ (1.07) $ 0.96 $ 2.50 $ 2.59 $ 1.18 $ 1.44<br>Day 1, Provision for Credit Losses - Empire transaction, net of tax — — — — 0.05 —<br>Net (gain) loss from fair value adjustments, net of tax 0.02 (0.06) (0.14) 0.31 0.06 0.14<br>Net (gain) loss on sale of securities, net of tax 1.68 — 0.26 — 0.02 —<br>Life insurance proceeds (0.01) (0.04) (0.06) — (0.02) (0.02)<br>Valuation allowance on loans transferred to held for sale, net of tax 0.09 — — — — —<br>Net gain on sale or disposition of assets, net of tax — — — (0.01) — (0.02)<br>Net (gain) loss from fair value adjustments on hedges, net of tax (0.08) (0.01) (0.02) (0.05) 0.03 0.05<br>Accelerated employee benefits upon Officer's death, net of tax — — — — — 0.01<br>Prepayment penalty on borrowings, net of tax 0.06 — — — 0.20 —<br>Net amortization of purchase accounting adjustments and intangibles, net of tax (0.01) (0.02) (0.05) (0.06) — —<br>Miscellaneous/Merger expense, net of tax 0.02 0.01 — 0.06 0.18 0.04<br>Loss not attributable to participatng securities 0.02 — — — — —<br>NYS tax change — — — (0.02) — —<br>Core diluted earnings per common share(1) $ 0.73 $ 0.83 $ 2.49 $ 2.81 $ 1.70 $ 1.65<br>Core net income, as calculated above $ 21,700 $ 24,918 $ 76,839 $ 88,764 $ 49,749 $ 47,233<br>Average assets 8,951,618 8,501,564 8,307,137 8,143,372 7,276,022 6,947,881<br>Average equity 667,913 675,151 672,742 648,946 580,067 561,289<br>Core return on average assets(2)<br> 0.24 % 0.29 % 0.92 % 1.09 % 0.68 % 0.68 %<br>Core return on average equity(2)<br> 3.25 % 3.69 % 11.42 % 13.68 % 8.58 % 8.42 %<br>December 31,<br>2024<br>December 31,<br>2022<br>Years Ended |
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| FlushingBank.com | NSQ: FFIC 43<br>Reconciliation<br>of GAAP<br>Revenue and<br>Pre-Provision<br>Pre-Tax Net<br>Revenue - Years<br>Efficiency ratio, a non-GAAP measure, was calculated by dividing core noninterest expense (excluding OREO expense<br>and the net gain/loss from the sale of OREO) by the total of core net interest income and core noninterest income.<br><br>(Dollars In thousands)<br>GAAP Net interest income $ 182,011 $ 179,152 $ 243,616 $ 247,969 $ 195,199 $ 161,940<br>Net (gain) loss from fair value<br>adjustments on hedges (3,455) (371) (775) (2,079) 1,185 1,678<br>Net amortization of purchase<br>accounting adjustments (799) (1,454) (2,542) (3,049) (11) —<br>Core Net interest income $ 177,757 $ 177,327 $ 240,299 $ 242,841 $ 196,373 $ 163,618<br>GAAP Noninterest income (loss) $ (57,445) $ 22,588 $ 10,009 $ 3,687 $ 11,043 $ 9,471<br>Net (gain) loss from fair value<br>adjustments 939 (2,573) (5,728) 12,995 2,142 5,353<br>Net (gain) loss on sale of securities 72,315 — 10,948 (113) 701 1 5<br>Valuation allowance on loans<br>transferred to held for sale 3,836 — — — — —<br>Life insurance proceeds (285) (1,281) (1,822) — (659) (462)<br>Net gain on disposition of assets — — (104) (621) — (770)<br>Core Noninterest income $ 19,360 $ 18,734 $ 13,303 $ 15,948 $ 13,227 $ 13,607<br>GAAP Noninterest expense $ 163,265 $ 151,389 $ 143,692 $ 147,322 $ 137,931 $ 115,269<br>Prepayment penalty on borrowings (2,572) — — — (7,834) —<br>Accelerated employee benefits upon<br>Officer's death — — — — — (455)<br>Net amortization of purchase<br>accounting adjustments (382) (447) (512) (560) (91) —<br>Miscellaneous/Merger expense (722) (526) — (2,562) (6,894) (1,590)<br>Core Noninterest expense $ 159,589 $ 150,416 $ 143,180 $ 144,200 $ 123,112 $ 113,224<br>GAAP:<br>Net interest income $ 182,011 $ 179,152 $ 243,616 $ 247,969 $ 195,199 $ 161,940<br>Noninterest income (loss) (57,445) 22,588 10,009 3,687 11,043 9,471<br>Noninterest expense (163,265) (151,389) (143,692) (147,322) (137,931) (115,269)<br>Pre-provision pre-tax net revenue $ (38,699) $ 50,351 $ 109,933 $ 104,334 $ 68,311 $ 56,142<br>Core:<br>Net interest income $ 177,757 $ 177,327 $ 240,299 $ 242,841 $ 196,373 $ 163,618<br>Noninterest income 19,360 18,734 13,303 15,948 13,227 13,607<br>Noninterest expense (159,589) (150,416) (143,180) (144,200) (123,112) (113,224)<br>Pre-provision pre-tax net revenue $ 37,528 $ 45,645 $ 110,422 $ 114,589 $ 86,488 $ 64,001<br>Efficiency Ratio 81.0 % 76.7 % 56.5 % 55.7 % 58.7 % 63.9 %<br>2021<br>December 31,<br>2024<br>December 31,<br>2023<br>December 31,<br>2022<br>December 31,<br>2020<br>December 31,<br>2019<br>Years Ended<br>December 31, |
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| FlushingBank.com | NSQ: FFIC 44<br>Reconciliation<br>of GAAP and<br>Core Net Interest<br>Income and NIM<br>- Years<br>1 Episodic items include prepayment penalty income, net reversals and recovered interest from nonaccrual<br>and delinquent loans, and swap terminations fees/income.<br>2 Excludes purchase accounting average balances for the years ended 2024, 2023, 2022, 2021, and 2020<br>3 Excludes interest income from loans held for sale.<br>(Dollars In thousands)<br>GAAP net interest income $ 182,011 $ 179,152 $ 243,616 $ 247,969 $ 195,199 $ 161,940<br>Net (gain) loss from fair value adjustments<br>on hedges (3,455) (371) (775) (2,079) 1,185 1,678<br>Net amortization of purchase accounting<br>adjustments (799) (1,454) (2,542) (3,049) (11) —<br>Tax equivalent adjustment 396 404 461 450 508 542<br>Core net interest income FTE $ 178,153 $ 177,731 $ 240,760 $ 243,291 $ 196,881 $ 164,160<br>Episodic items (1)<br> (3,592) (5,268) (6,445) (6,629) (4,576) (6,501)<br>Net interest income FTE excluding episodic<br>items $ 174,561 $ 172,463 $ 234,315 $ 236,662 $ 192,305 $ 157,659<br>Total average interest-earning assets (2) $ 8,475,681 $ 8,027,898 $ 7,841,407 $ 7,681,441 $ 6,863,219 $ 6,582,473<br>Core net interest margin FTE 2.10 % 2.21 % 3.07 % 3.17 % 2.87 % 2.49 %<br>Net interest margin FTE excluding episodic<br>items 2.06 % 2.15 % 2.99 % 3.08 % 2.80 % 2.40 %<br>GAAP interest income on total loans, net (3) $ 375,571 $ 355,348 $ 293,287 $ 274,331 $ 248,153 $ 251,744<br>Net (gain) loss from fair value adjustments<br>on hedges (349) (345) (775) (2,079) 1,185 1,678<br>Net amortization of purchase accounting<br>adjustments (877) (1,503) (2,628) (3,013) (356) —<br>Core interest income on total loans, net $ 374,345 $ 353,500 $ 289,884 $ 269,239 $ 248,982 $ 253,422<br>Average total loans, net (2) $ 6,770,826 $ 6,850,124 $ 6,748,165 $ 6,653,980 $ 6,006,931 $ 5,621,033<br>Core yield on total loans 5.53 % 5.16 % 4.30 % 4.05 % 4.14 % 4.51 %<br>2020<br>December 31,<br>Years Ended<br>December 31,<br>2021<br>December 31,<br>2024<br>December 31,<br>2023<br>December 31,<br>2022<br>December 31,<br>2019 |
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| FlushingBank.com | NSQ: FFIC 45<br>Calculation of<br>Tangible<br>Stockholders’<br>Common<br>Equity to<br>Tangible Assets<br>- Years<br><br>(Dollars in thousands)<br>Total Equity $ 724,539 $ 669,837 $ 677,157 $ 679,628 $ 618,997 $ 579,672<br>Less:<br>Goodwill (17,636) (17,636) (17,636) (17,636) (17,636) (16,127)<br>Core deposit intangibles (1,123) (1,537) (2,017) (2,562) (3,172) —<br>Intangible deferred tax liabilities — — — 328 287 292<br>Tangible Stockholders' Common Equity $ 705,780 $ 650,664 $ 657,504 $ 659,758 $ 598,476 $ 563,837<br>Total Assets $ 9,038,972 $ 8,537,236 $ 8,422,946 $ 8,045,911 $ 7,976,394 $ 7,017,776<br>Less:<br>Goodwill (17,636) (17,636) (17,636) (17,636) (17,636) (16,127)<br>Core deposit intangibles (1,123) (1,537) (2,017) (2,562) (3,172) —<br>Intangible deferred tax liabilities — — — 328 287 292<br>Tangible Assets $ 9,020,213 $ 8,518,063 $ 8,403,293 $ 8,026,041 $ 7,955,873 $ 7,001,941<br>Tangible Stockholders' Common Equity to<br>Tangible Assets 7.82 % 7.64 % 7.82 % 8.22 % 7.52 % 8.05 %<br>2021 2020 2019<br>December 31, December 31, December 31, December 31,<br>2024<br>December 31,<br>2023<br>December 31,<br>2022 |
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| Contact Details<br>Susan K. Cullen<br>SEVP, CFO & Treasurer<br>scullen@flushingbank.com<br>(718) 961-5400 | |
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