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

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1. Presentation dated April 26, 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: April 26, 2022	By:	/s/ SUSAN K. CULLEN
		Susan K. Cullen
		Senior Executive Vice President and Chief Financial Officer

Exhibit 99.1

1Q22<br>Earnings Conference Call<br>April 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>Record low cost of deposits at 0.21% and cost of funds at<br>0.43% in in 1Q22<br><br>Record average noninterest bearing deposits of over $1B;<br>increased 17.0% YoY<br><br>Core deposits are 86.1% of average deposits and<br>mortgage escrow<br><br>Loan closings, excluding PPP, up 65% YoY<br><br>Gross loans<br>, excluding PPP,<br>were flat<br>QoQ and up 1.0%<br>YoY<br><br>Record loan<br>pipeline<br>at $664MM<br><br>Commercial business loan growth (excluding PPP) of<br>4.6% YoY and 14.3% annualized QoQ (excluding PPP)<br>Manage Asset Quality<br>Invest in the Future<br><br>NPAs/Assets improved to 17 bps<br><br>Criticized and classified loans were 90 bps of loans<br><br>ACLs/NPLs of 266%<br><br>Average real estate LTV is <38%<br><br>$1.4MM LLP vs $0.9MM of NCOs<br><br>Added 30 people from merged/merging institutions over<br>the past year; 12 are revenue producers<br><br>Digital initiatives are progressing<br><br>Continued digital adoption gains<br><br>Expanded Fintech loan partnerships<br>1Q22<br>GAAP EPS $<br>0.58<br>and<br>Core<br>1<br>EPS of $<br>0.61<br>3<br>GAAP ROAA and ROAE<br>0.91%<br>and<br>10.83%;<br>Core<br>1<br>ROAA and ROAE<br>0.94%<br>and<br>11.27% in 1Q22<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 only,<br>includes Elmhurst (to open shortly); 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>30 people recruited<br>(12 Revenue<br>Producers) from<br>Merged Institutions<br>YoY
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5<br>Metro New York City Economy Is Rebounding<br>0<br>0.1<br>0.2<br>0.3<br>0.4<br>0.5<br>0.6<br>0.7<br>0.8<br>0.9<br>1<br>250<br>260<br>270<br>280<br>290<br>300<br>310<br>320<br>330<br>340<br>Jan-19<br>Mar-19<br>May-19<br>Jul-19<br>Sep-19<br>Nov-19<br>Jan-20<br>Mar-20<br>May-20<br>Jul-20<br>Sep-20<br>Nov-20<br>Jan-21<br>Mar-21<br>May-21<br>Jul-21<br>Sep-21<br>House Price Index for New York City MSA<br>1<br>Recession<br>HPI<br>0<br>0.1<br>0.2<br>0.3<br>0.4<br>0.5<br>0.6<br>0.7<br>0.8<br>0.9<br>1<br>$0<br>$100<br>$200<br>$300<br>$400<br>$500<br>$600<br>$700<br>Jan-19<br>Mar-19<br>May-19<br>Jul-19<br>Sep-19<br>Nov-19<br>Jan-20<br>Mar-20<br>May-20<br>Jul-20<br>Sep-20<br>Nov-20<br>Jan-21<br>Mar-21<br>May-21<br>Jul-21<br>Sep-21<br>Nov-21<br>Jan-22<br>Mar-22<br>Median Lisitng Price per Sq Feet in NYC MSA<br>Recession<br>Median Listing Price per Square Feet<br>0<br>0.1<br>0.2<br>0.3<br>0.4<br>0.5<br>0.6<br>0.7<br>0.8<br>0.9<br>1<br>0%<br>2%<br>4%<br>6%<br>8%<br>10%<br>12%<br>14%<br>16%<br>18%<br>20%<br>Jan-19<br>Mar-19<br>May-19<br>Jul-19<br>Sep-19<br>Nov-19<br>Jan-20<br>Mar-20<br>May-20<br>Jul-20<br>Sep-20<br>Nov-20<br>Jan-21<br>Mar-21<br>May-21<br>Jul-21<br>Sep-21<br>Nov-21<br>Jan-22<br>Unemployment Rate for New York City MSA<br>Recession<br>Unemployment Rate<br>0<br>0.1<br>0.2<br>0.3<br>0.4<br>0.5<br>0.6<br>0.7<br>0.8<br>0.9<br>1<br>0<br>50<br>100<br>150<br>200<br>250<br>300<br>350<br>Jan-19<br>Mar-19<br>May-19<br>Jul-19<br>Sep-19<br>Nov-19<br>Jan-20<br>Mar-20<br>May-20<br>Jul-20<br>Sep-20<br>Nov-20<br>Jan-21<br>Mar-21<br>May-21<br>Jul-21<br>Sep-21<br>Nov-21<br>Jan-22<br>Mar-22<br>NYC Leisure and Hospitality Employment<br>2<br>Recession<br>Leisure and Hospitality Employment<br>Source: FRED Economic Data, St. Louis Fed<br>1<br>Index=1995:Q1=100<br>2<br>Thousands of Persons
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Record Loan Pipeline; Satisfactions Should Decline<br>6<br><br>Closings<br>poised to accelerate<br>–<br>Closings up 65% YoY excluding PPP<br>–<br>10 bank<br>mergers announced within<br>footprint<br>–<br>Strong organic growth opportunity<br><br>Pipeline up<br>55% QoQ<br>–<br>Commercial real estate is a larger driver<br>–<br>Business<br>Banking pipeline up<br>46%<br>YoY<br><br>Loan prepayments and<br>satisfactions remained elevated<br>–<br>Expected<br>to decline over time with rising<br>rates<br>Loan<br>Pipeline Up 77% YoY<br>($MM)<br>$375.8<br>$432.6<br>$530.7<br>$429.3<br>$663.7<br>$322.9<br>$324.4<br>$243.9<br>$362.7<br>$329.3<br> $-<br> $100.0<br> $200.0<br> $300.0<br> $400.0<br> $500.0<br> $600.0<br> $700.0<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>Loan Pipeline<br>Loan Closings
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Digital Banking<br>Usage Continues to Increase<br>7<br>Technology Enhancements Remain a Priority<br>28%<br>Increase in Monthly Mobile<br>Active Users<br>YoY<br>~<br>24,000<br>Active Online Banking Users<br>31%<br>YoY Growth<br>15%<br>Digital Banking<br>Enrollment<br>YoY Growth<br>Numerated<br>Small<br>Business<br>Lending<br>Platform<br>$4.1MM Originated<br>in<br>1Q22<br>JAM FINTOP<br>Early Look at Emerging<br>Technology<br>~4,500<br>Zelle<br>®<br>Transactions<br>>$1.6MM<br>Zelle Dollar Transactions<br>in March 2022
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Record Low Deposit Costs with Improving Mix<br>8<br>Deposit Costs<br>Fall<br>Total Average Deposits<br>1<br>($MM)<br>1<br>Includes mortgage escrow deposits<br><br>Average<br>noninterest<br>bearing deposit up<br>17%<br>YoY<br><br>Noninterest<br>bearing deposits are<br>15.6%<br>of<br>average deposits<br>1<br>, up from<br>13.6%<br>a year ago<br><br>1Q22<br>checking account openings up<br>17.5%<br>YoY<br>$6,285<br>$6,511<br>$6,408<br>$6,459<br>$6,410<br>0.39%<br>0.34%<br>0.29%<br>0.25%<br>0.21%<br>0%<br>0%<br>0%<br>0%<br>1%<br>1%<br>1%<br>0<br>1000<br>2000<br>3000<br>4000<br>5000<br>6000<br>7000<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>Noninterest Bearing<br>NOW Accounts<br>Savings<br>Money Market<br>CDs<br>Mortgage Escrow<br>Deposit<br>Costs<br>Average<br>Noninterest<br>Deposits<br>($MM)<br>$856.1<br>$923.2<br>$933.4<br>$976.8<br>$1,001.6<br>-100<br>100<br>300<br>500<br>700<br>900<br>1100<br>1300<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22
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$6,746<br>$6,717<br>$6,627<br>$6,634<br>$6,601<br> -<br> 1,000<br> 2,000<br> 3,000<br> 4,000<br> 5,000<br> 6,000<br> 7,000<br> 8,000<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>Multifamily<br>Commercial Real Estate<br>Construction<br>1-4 Family<br>Business Banking<br>Stable Loan Balances in 1Q22<br>Excluding PPP<br>9<br>Core Loan Yields<br>3.99%<br>4.06%<br>4.09%<br>4.05%<br>4.04%<br>Loan Composition<br>Period End Loans<br>($MM)<br>Base Loan Yields<br>3.93%<br>3.94%<br>3.96%<br>3.96%<br>3.94%<br><br>Gross loans, excluding PPP,<br>were flat QoQ<br><br>PPP loans declined 44% QoQ to $43MM<br><br>Loan<br>pipeline totaled<br>$664MM<br>at<br>March 31<br>,<br>2022,<br>up<br>77% YoY and 55%<br>QoQ<br><br>Optimistic loan growth accelerates in 2022<br><br>Base loan yields were stable<br>QoQ<br><br>Approximately $480MM of real estate loans<br>are due to reprice higher in 2022<br><br>Excluding PPP, rates on satisfactions<br>exceeded rates on loan closings by<br>33 bps,<br>down from 40 bps in 4Q21 and 98 bps in<br>1Q21<br>See Appendix for definitions of Core and Base Loan Yields
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NIM Expansion from Record Low Deposit Costs<br>10<br>Base NIM FTE<br>3.01%<br>3.04%<br>3.15%<br>3.13%<br>3.22%<br>GAAP<br>NIM FTE<br>3.18<br>%<br>3.14%<br>3.34<br>%<br>3.29%<br>3.36%<br>$58.7<br>$61.3<br>$62.2<br>$61.2<br>$62.7<br>3.06%<br>3.14%<br>3.27%<br>3.21%<br>3.31%<br>3.99%<br>4.06%<br>4.09%<br>4.05%<br>4.04%<br>0.39%<br>0.34%<br>0.29%<br>0.25%<br>0.21%<br>-0.25%<br>0.75%<br>1.75%<br>2.75%<br>3.75%<br>4.75%<br>5.75%<br>6.75%<br>$10.0<br>$20.0<br>$30.0<br>$40.0<br>$50.0<br>$60.0<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>Base NII FTE<br>Net Prepayment Penalties<br>Core NII FTE<br>Core NIM FTE<br>Core Loan Yields<br>Deposit Costs<br>($MM)<br>See Appendix for definitions of Core and Base NII FTE and Core NIM, and Net Prepayment Penalties<br>Stable<br>Loan<br>Yields<br>Falling<br>Deposit<br>Costs
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Better Funding Profile Today Versus<br>the<br>Last Rising Rate<br>Cycle<br>11<br><br>Prior to the first rate increase in the 2015<br>-<br>2019 cycle,<br>higher yielding CDs and borrowings were 52.8% of<br>funding; in this cycle, the starting point declined<br>significantly to 24.5%<br><br>Funding<br>swaps to reprice 98 bps lower in 2Q22 and 139<br>bps lower in 2023<br><br>The cost of funding was 1.02% or 88 bps over the Fed<br>Funds in 3Q15; in this cycle the<br>starting cost<br>of funds<br>improved to 0.50% or 42 bps over Fed<br>Funds<br><br>Noninterest bearing<br>deposits were<br>5.2%<br>of<br>funding last<br>rising rate cycle<br>and improved to<br>13.4%<br>of<br>funding this<br>cycle<br><br>The<br>split of the noninterest bearing deposits in 3Q15 was<br>82% business, 1% government, and 17% personal<br>compared to 75%, 2%, and 23%, respectively, in 4Q21<br><br>A 50 bps change in rates with no deposit rate<br>adjustments results in an approximate $5MM<br>annualized increase in net interest income<br>Our Ability to Lag Deposit Rate Increases Is a Key Factor in the NIM Outlook<br>Funding Profile<br>(As a<br>%<br>of<br>Total Funding)<br>NIB<br>-<br>5.2%<br>NOWs<br>-<br>27.0%<br>Savings<br>-<br>5.3%<br>MM<br>-<br>8.8%<br>CDs<br>-<br>27.9%<br>Mgt Esc<br>-<br>0.9%<br>Borrowings<br>-<br>24.9%<br>3Q15<br>NIB<br>-<br>13.4%<br>NOWs<br>-<br>26.7%<br>Savings<br>-<br>2.2%<br>MM<br>-<br>32.5%<br>CDs<br>-<br>13.2%<br>Mgt Esc<br>-<br>0.7%<br>Borrowings<br>-<br>11.3%<br>4Q21
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Rising Rate Offsets<br>–<br>Asset Profile<br>12<br><br>We have several items that can<br>mitigate rising rates including:<br>–<br>Business Banking portfolio that has<br>increased to 21.6% of loans in this cycle<br>compared to only 12.2% of loans last cycle<br>–<br>$410MM of loan swaps that convert fixed<br>rate loans to floating rate<br>–<br>Approximately $480MM of real estate<br>loans that will reprice by the end of 2022<br><br>Approximately 30% or over $2B of<br>loans (including hedges) will reprice<br>higher (assuming stable or higher<br>rates) within one year<br>The Loan Mix Has Shifted to Business Banking Since the Start of the Last Cycle<br>Loan Mix<br>(As a<br>%<br>of<br>Total Loans)<br>Multifamily<br>-<br>37.9%<br>NOO CRE<br>-<br>26.8%<br>1<br>-<br>4 Family<br>-<br>12.8%<br>Construction<br>-<br>0.9%<br>Business<br>Banking<br>-<br>21.6%<br>4Q21<br>Multifamily<br>-<br>48.8%<br>NOO CRE<br>-<br>20.5%<br>1<br>-<br>4 Family<br>-<br>18.4%<br>Construction<br>-<br>0.1%<br>Business<br>Banking<br>-<br>12.2%<br>3Q15
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Net Charge<br>-<br>offs Significantly Better Than the Industry<br>13<br>NCOs / Average Loans<br>0.06%<br>0.25%<br>1<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>6<br>basis<br>points<br>of Net<br>Charge<br>-<br>offs to<br>Average<br>Loans in<br>1Q22<br>1<br>Note: Includes $11.2MM in taxi medallion write<br>-<br>offs in 2017 and $2.8MM in 2021 for FFIC<br>1<br>“Industry” includes FDIC insured institutions from “FDIC Statistics At A Glance<br>” through December 31, 2021<br>2<br>Based on appraised value at origination<br><br>Over two decades and multiple credit cycles, Flushing Financial has a history of better than industry credit quality<br><br>Average LTVs on the Real Estate portfolio is <38%<br>2<br>–<br>Only $<br>20.7MM<br>of real estate loans (<br>0.3%<br>of gross loans) with an LTV of 75% or more<br>2
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0.26%<br>0.22%<br>0.25%<br>0.19%<br>0.17%<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<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>(1Q22)<br>36.8%<br>LTV on<br>1Q22<br>NPAs<br>0.94%<br>1.03%<br>1.04%<br>0.87%<br>0.90%<br>0.75%<br>0.85%<br>0.95%<br>1.05%<br>1.15%<br>1.25%<br>1.35%<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>Criticized & Classified Loans / Gross Loans<br>$2,501<br>$1,765<br>$564<br>$248<br>$8<br>$69<br>$59<br>$1,387<br>0.34%<br>0.44%<br>0.33%<br>0.31%<br>0.00%<br>0.39%<br>3.11%<br>1.18%<br>-20.00%<br>-15.00%<br>-10.00%<br>-5.00%<br>0.00%<br>5.00%<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>212.9%<br>242.6%<br>179.9%<br>248.7%<br>266.1%<br>0.67%<br>0.64%<br>0.55%<br>0.56%<br>0.57%<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>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>ACLs / NPLs<br>ACLs / Loans
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TCE Ratio<br>>8%; ~4.1%<br>Dividend Yield<br>1<br>15<br>360,000 Shares<br>Repurchased in<br>1Q22; 84%<br>of<br>1Q22<br>Earnings Returned to Shareholders<br>7.8%<br>YoY Book<br>Value Per Share<br>Growth<br>8.1<br>% YoY Increase<br>in Tangible Book Value Per<br>Share<br>1<br>Calculated using<br>4/19/22<br>closing price of $<br>21.66<br>$19.99<br>$20.51<br>$21.13<br>$21.61<br>$21.61<br>7.60%<br>7.80%<br>8.04%<br>8.22%<br>8.05%<br>6.90%<br>7.10%<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>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>Tangible Book Value Per Share<br>Tangible Common Equity/Tangible Assets<br>$20.65<br>$21.16<br>$21.78<br>$22.26<br>$22.26<br>10.13%<br>10.24%<br>10.68%<br>10.86%<br>10.84%<br>8.44%<br>8.50%<br>8.83%<br>8.98%<br>9.05%<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>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>Book Value Per Share<br>CET1 Ratio<br>Leverage Ratio
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16<br><br>Better positioned for<br>higher rates<br>–<br>Funding costs are at record lows and funding is<br>more favorable versus the last rising rate cycle;<br>noninterest bearing deposits more than doubled as a<br>percentage of funding<br>–<br>Swap repricing starts<br>in<br>2Q22<br>and<br>is mostly done by<br>the end of<br>2023 reducing swaps costs by 120 bps<br>–<br>Our ability to control deposit rates is a key factor in<br>determining the outlook for net interest income<br><br>Low risk business model;<br>4.1%<br>1<br>dividend yield<br>–<br>Average LTV on real estate loans totals <38%<br>–<br>Historical strong credit metrics<br>–<br>No changes to underwriting process<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 0.94% and ROAE of<br>11.27% in 1Q22<br><br>Expect loan<br>growth<br>to<br>increase in 2022<br>–<br>Pipeline<br>at record levels<br>–<br>Current quarter originations increased 65% YoY, net of PPP<br>–<br>Refinancing activity should decline with higher rates<br>–<br>Prepayment speeds remain elevated<br><br>Benefiting from merger disruption<br>–<br>Added<br>30<br>people<br>over the past year from<br>announced/recently<br>closed mergers;<br>12<br>are revenue producing<br><br>We<br>are investing in the franchise and our employees<br>–<br>New services and product enhancements set to launch in<br>2022<br>–<br>$4.3MM of seasonal expenses in 1Q22; not expected to<br>repeat in 2Q22<br>–<br>Still expect high single digit core expense growth in 2022<br>($144MM in 2021)<br>Key Messages<br>1<br>Calculated using 4/19/22 closing price of $21.66
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Appendix<br>17
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PPP:<br>86%<br>of Lifetime Originations and Acquisitions Forgiven<br>18<br>Period<br>End<br>PPP Loans ($MM)<br>$251.0<br>$197.3<br>$<br>130.8<br>$77.4<br>$43.2<br>Average PPP Loans<br>($MM)<br>PPP NIM Benefit/(Drag)<br>(<br>0.04)%<br>0.00%<br>0.02%<br>0.03%<br>0.03%<br><br>Lifetime originations and acquisitions of<br>$310MM with a balance of<br>$43.2MM<br>at<br>1Q22<br>and remaining fees of<br>$1.1MM<br><br>Forgiveness totaled<br>$34.1MM in 1Q22,<br>$53.4MM<br>in 4Q21, $66.5MM in 3Q21,<br>$69.2MM in<br>2Q21, and $<br>24.1MM in<br>1Q21<br><br>$6.7MM<br>of PPP loans are in the process of<br>forgiveness as of<br>March 31<br>,<br>2022<br><br>Forgiveness expected to largely be<br>completed by Fall 2022<br><br>SBA can take up to 90 days to approve<br>forgiveness<br><br>PPP benefited the NIM by<br>3<br>bps in<br>1Q22<br>$209<br>$233<br>$165<br>$101<br>$61<br>1.98%<br>3.02%<br>4.06%<br>5.80%<br>6.68%<br>0<br>50<br>100<br>150<br>200<br>250<br>1Q21<br>2Q21<br>3Q21<br>4Q21<br>1Q22<br>PPP<br>Yield
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$125<br>$321<br>$121<br>$25<br>$125<br>$230<br>$50<br>1.86%<br>2.09%<br>1.96%<br>0.47%<br>0.88%<br>0.70%<br>0.80%<br>2Q22<br>2023<br>2024<br>2025<br> Effective Swaps Maturities<br> Forward Swaps Start Date<br>Effective WA Rate<br> Forward WA Rate<br>$MM<br>19<br>Swaps Help Protect NIM from Rising Short<br>-<br>Term Rates<br><br>The balance sheet naturally improves over the next two years without any changes in<br>rates<br>–<br>$592MM of effective swaps at 1.95%; current drag on NIM; the majority mature by the end of 2023<br>–<br>$405MM of forward starting swaps at 0.77% that largely replace the current effective swaps
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Reconciliation of GAAP Earnings and Core Earnings<br>20<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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21<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>24,640<br><br><br>$<br>22,826<br><br><br>$<br>34,812<br><br><br>$<br>25,416<br><br><br>$<br>26,224<br><br><br>Net (gain) loss from fair value adjustments (Noninterest<br>income (loss))<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>(982)<br><br><br>Net (gain) loss on sale of securities (Noninterest income<br>(loss))<br><br>—<br><br><br><br>—<br><br><br><br>10<br><br><br><br>(123)<br><br><br><br>—<br><br><br>Net gain on disposition of assets (Noninterest income (loss))<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 qualifying<br>hedges (Interest and fees on loans)<br><br>129<br><br><br><br>(1,122)<br><br><br><br>(194)<br><br><br><br>664<br><br><br><br>(1,427)<br><br><br>Net amortization of purchase accounting adjustments<br>(Various)<br>(924)<br><br><br>(324)<br><br><br>(958)<br><br><br>(418)<br><br><br>(789)<br><br><br>Merger (benefit) expense (Various)<br><br>—<br><br><br><br>(17)<br><br><br><br>2,096<br><br><br><br>(490)<br><br><br><br>973<br><br><br>Core income before taxes<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>23,378<br><br><br>Provision for income taxes for core income<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>6,405<br><br><br>Core net income<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>$<br>16,973<br><br><br>GAAP diluted earnings per common share<br>$<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>0.60<br><br><br>Net (gain) loss from fair value adjustments, net of tax<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>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>(0.01)<br><br><br>Net (gain) loss from fair value adjustments on qualifying<br>hedges, net of tax<br><br>—<br><br><br><br>(0.03)<br><br><br><br>—<br><br><br><br>0.02<br><br><br><br>(0.03)<br><br><br>Net amortization of purchase accounting adjustments, net of<br>tax<br>(0.02)<br><br><br>(0.01)<br><br><br>(0.02)<br><br><br>(0.01)<br><br><br>(0.02)<br><br><br>Merger (benefit) expense, net of tax<br><br>—<br><br><br><br>—<br><br><br><br>0.05<br><br><br><br>(0.01)<br><br><br><br>0.02<br><br><br>NYS tax change<br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>(0.02)<br><br><br><br>—<br><br><br>Core diluted earnings per common share<br>(1)<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>$<br>0.54<br><br><br>Core net income, as calculated above<br>$<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>16,973<br><br><br>Average assets<br><br>8,049,470<br><br><br><br>8,090,701<br><br><br><br>8,072,918<br><br><br><br>8,263,553<br><br><br><br>8,147,714<br><br><br>Average equity<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>619,647<br><br><br>Core return on average assets<br>(2)<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>0.83<br><br><br>%<br>Core return on average equity<br>(2)<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>10.96<br><br><br>%<br>2022<br>March 31,<br>December 31,<br>2021<br>2021<br>September 30,<br>June 30,<br>2021<br>2021<br>March 31,<br>For the three months ended
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22<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>(Dollars in thousands)<br>GAAP net interest income<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>$<br>60,892<br><br><br>Net (gain) loss from fair value adjustments on<br>qualifying hedges<br><br>129<br><br><br><br>(1,122)<br><br><br><br>(194)<br><br><br><br>664<br><br><br><br>(1,427)<br><br><br>Net amortization of purchase accounting<br>adjustments<br>(1,058)<br><br><br>(462)<br><br><br>(1,100)<br><br><br>(565)<br><br><br>(922)<br><br><br>Tax equivalent adjustment<br>124<br><br><br>113<br><br><br>113<br><br><br>113<br><br><br>111<br><br><br>Core net interest income FTE<br>$<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>58,654<br><br><br>Prepayment penalties received on loans and<br>securities, net of reversals and recoveries of<br>interest from nonaccrual loans<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>(948)<br><br><br>Base net interest income FTE<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>$<br>57,706<br><br><br>Total average interest-earning assets<br>(1)<br>$<br>7,577,053<br><br><br>$<br>7,634,601<br><br><br>$<br>7,616,332<br><br><br>$<br>7,799,176<br><br><br>$<br>7,676,833<br><br><br>Core net interest margin FTE<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>3.06<br><br><br>%<br>Base net interest margin FTE<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>3.01<br><br><br>%<br>GAAP interest income on total loans, net<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>$<br>69,021<br><br><br>Net (gain) loss from fair value adjustments on<br>qualifying hedges<br><br>129<br><br><br><br>(1,122)<br><br><br><br>(194)<br><br><br><br>664<br><br><br><br>(1,427)<br><br><br>Net amortization of purchase accounting<br>adjustments<br>(1,117)<br><br><br>(535)<br><br><br>(1,126)<br><br><br>(624)<br><br><br>(728)<br><br><br>Core interest income on total loans, net<br>$<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>66,866<br><br><br>Prepayment penalties received on loans, net of<br>reversals and recoveries of interest from<br>nonaccrual loans<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>(947)<br><br><br>Base interest income on total loans, net<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>$<br>65,919<br><br><br>Average total loans, net<br>(1)<br>$<br>6,586,253<br><br><br>$<br>6,566,654<br><br><br>$<br>6,642,434<br><br><br>$<br>6,697,103<br><br><br>$<br>6,711,446<br><br><br>Core yield on total loans<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>3.99<br><br><br>%<br>Base yield on total loans<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>3.93<br><br><br>%<br>2022<br>2021<br>2021<br>2021<br>2021<br>For the three months ended<br>March 31,<br>December 31,<br>September 30,<br>June 30,<br>March 31,
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23<br>Reconciliation of GAAP Revenue<br>and<br>Pre<br>-<br>provision<br>Pre<br>-<br>tax Net Revenue<br><br><br>(Dollars in thousands)<br><br><br><br><br>GAAP Net interest income<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>$<br>60,892<br><br><br>Net (gain) loss from fair value adjustments<br>on qualifying hedges<br>129<br><br><br>(1,122)<br><br><br>(194)<br><br><br>664<br><br><br>(1,427)<br><br><br>Net amortization of purchase accounting<br>adjustments<br>(1,058)<br><br><br>(462)<br><br><br>(1,100)<br><br><br>(565)<br><br><br>(922)<br><br><br>Core Net interest income<br>$<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>58,543<br><br><br>GAAP Noninterest income (loss)<br>$<br>1,313<br><br><br>$<br>(280)<br><br><br>$<br>866<br><br><br>$<br>(3,210)<br><br><br>$<br>6,311<br><br><br>Net (gain) loss from fair value adjustments<br>1,809<br><br><br>5,140<br><br><br>2,289<br><br><br>6,548<br><br><br>(982)<br><br><br>Net gain (loss) on sale of securities<br>—<br><br><br>—<br><br><br>10<br><br><br>(123)<br><br><br>—<br><br><br>Net gain on sale of assets<br>—<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>(621)<br><br><br>Core Noninterest income<br>$<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>4,708<br><br><br>GAAP Noninterest expense<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>$<br>38,159<br><br><br>Net amortization of purchase accounting<br>adjustments<br>(134)<br><br><br>(138)<br><br><br>(142)<br><br><br>(147)<br><br><br>(133)<br><br><br>Merger expense (benefit)<br>—<br><br><br>17<br><br><br>(2,096)<br><br><br>490<br><br><br>(973)<br><br><br>Core Noninterest expense<br>$<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>37,053<br><br><br>Net interest income<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>$<br>60,892<br><br><br>Noninterest income (loss)<br>1,313<br><br><br>(280)<br><br><br>866<br><br><br>(3,210)<br><br><br>6,311<br><br><br>Noninterest expense<br>(38,794)<br><br><br>(38,807)<br><br><br>(36,345)<br><br><br>(34,011)<br><br><br>(38,159)<br><br><br>Pre-provision pre-tax net revenue<br>$<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>29,044<br><br><br>Core:<br>Net interest income<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>$<br>58,543<br><br><br>Noninterest income<br>3,122<br><br><br>4,860<br><br><br>3,165<br><br><br>3,215<br><br><br>4,708<br><br><br>Noninterest expense<br>(38,660)<br><br><br>(38,686)<br><br><br>(34,107)<br><br><br>(34,354)<br><br><br>(37,053)<br><br><br>Pre-provision pre-tax net revenue<br>$<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>26,198<br><br><br>Efficiency Ratio<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>58.6<br><br><br>%<br>2022<br>2021<br>2021<br>2021<br>2021<br>For the three months ended<br>March 31,<br>December 31,<br>September 30,<br>June 30,<br>March 31,
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24<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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