8-K
FLUSHING FINANCIAL CORP (FFIC)
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): February 6, 2023
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 February 6, 2023, 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 February 6, 2023. |
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| 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: February 6, 2023 | By: | /s/ SUSAN K. CULLEN |
| | | Susan K. Cullen |
| | | Senior Executive Vice President, Chief Financial Officer |
| | | And Treasurer. |
Exhibit 99.1
| Borex Capital<br>Investor<br>Meetings<br>February 7<br>-<br>9, 2023 |
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| Safe Harbor<br>Statement<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>..<br>2 |
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| Flushing<br>Savings<br>90+<br>Year<br>History<br>Celebrating<br>Over<br>20<br>years<br>as<br>Public Company<br>Flushing<br>Savings<br>Bank<br>Opened<br>on<br>June<br>1,<br>1929<br>3 |
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| 27 Year Track Record of Steady Growth<br>Core EPS<br>($)<br>Dividends per Share<br>($)<br>Tangible Book Value per Share<br>($)<br>Assets<br>($B)<br>Total Gross Loans<br>($B)<br>Total Deposits<br>($B)<br>1<br>$<br>-<br>$0.84<br>$0.88<br>1995<br>2000<br>2005<br>2010<br>2015<br>2020<br>2021<br>2022<br>$<br>-<br>$2.81<br>$2.49<br>1995<br>2000<br>2005<br>2010<br>2015<br>2020<br>2021<br>2022<br>$0.6<br>$6.5<br>1995<br>2000<br>2005<br>2010<br>2015<br>2020<br>2021<br>2022<br>$0.3<br>$6.9<br>1995<br>2000<br>2005<br>2010<br>2015<br>2020<br>2021<br>2022<br>$0.7<br>$8.4<br>1995<br>2000<br>2005<br>2010<br>2015<br>2020<br>2021<br>2022<br>10% CAGR<br>9% CAGR<br>12% CAGR<br>9% CAGR<br>2<br>15% CAGR<br>2<br>$4.86<br>$22.31<br>1995<br>2000<br>2005<br>2010<br>2015<br>2020<br>2021<br>2022<br>6% CAGR<br>Note: Acquisition of Empire Bancorp in<br>2020<br>(loans and deposits acquired of $685MM and $854MM, respectively; assets acquired of $982MM)<br>1<br>Includes mortgagors’ escrow deposits<br>2<br>Calculated from 1996<br>-<br>2022<br>4 |
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| Flushing Financial Snapshot (NASDAQ: FFIC)<br>Key Messages<br>Balance Sheet<br>Assets<br>$8.4B<br>Loans, net<br>$6.9B<br>Deposits<br>$6.5B<br>1<br>Equity<br>$0.7B<br>Performance<br>GAAP/Core ROAA<br>0.93%/0.92%<br>2<br>GAAP/Core ROAE<br>11.44%/11.42%<br>2<br>GAAP/Core<br>Exp/Avg Assets<br>1.73%/1.72%<br>2<br>Tangible Book Value<br>$22.31<br>Dividend Yield<br>4.7%<br>3<br>2022 Key Statistics<br>Footprint<br>Deposits<br>primarily from 25 branches (+2 in process)<br>in multicultural neighborhoods and our<br>online division, consisting of iGObanking<br>®<br>and BankPurely<br>®<br>•<br>Leading Community Bank in the Attractive<br>Greater NYC Area<br>•<br>Well Diversified and Low Risk Loan Portfolio<br>•<br>History of Sound Credit Quality<br>•<br>Asian Banking Niche<br>•<br>Strong Capital Return and Dividend Yield >4%<br>1<br>Includes mortgagors’ escrow deposits<br>2<br>See Reconciliation of GAAP Revenue & Pre<br>-<br>Provision Pre<br>-<br>Tax Net Revenue and Reconciliation of GAAP Revenue and Pre<br>-<br>Provision Pre<br>-<br>Tax Net Revenue for calculation<br>3<br>Calculated<br>using<br>1/30/23 closing price of $18.66<br>Brand Promise<br>Nurturing Relationships and Rewarding<br>Customers, Employees, and Shareholders<br>Anticipated to open in 2023<br>5 |
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| Experienced Executive Leadership Team<br>Executive Compensation and Insider Stock Ownership (6.2%<br>2<br>) Aligned with Shareholder Interests<br>John Buran<br>President<br>and CEO<br>Maria Grasso<br>SEVP, COO,<br>Corporate Secretary<br>Susan Cullen<br>SEVP, CFO,<br>Treasurer<br>Francis Korzekwinski<br>SEVP, Chief of<br>Real Estate<br>Michael Bingold<br>SEVP, Chief Retail and<br>Client Development Officer<br>Douglas McClintock<br>SEVP, General Counsel<br>FFIC: 22 years<br>Industry: 46 years<br>17 years<br>37 years<br>7 years<br>33 years<br>29 years<br>34 years<br>10 years<br>40 years<br>1 year<br>47 years<br>Allen Brewer<br>SEVP, Chief Information Officer<br>Tom Buonaiuto<br>SEVP, Chief of Staff, Deposit<br>Channel Executive<br>Vincent Giovinco<br>EVP, Commercial Real Estate<br>Lending<br>Jeoung Jin<br>EVP, Residential<br>and Mixed Use<br>Theresa Kelly<br>EVP, Business<br>Banking<br>Patricia Mezeul<br>EVP, Director of Government<br>Banking<br>14 years<br>49 years<br>15 years<br>1<br>31 years<br>3 years<br>25 years<br>24 years<br>30 years<br>17 years<br>39 years<br>15 years<br>43 years<br>1<br>Previously President and COO of Empire Bancorp and Empire National Bank from its inception in February 2008 until the sale to<br>Fl<br>ushing Financial in October 2020<br>2<br>Directors and executive officers as of December 31, 2022; Note Michael Russo retired from the Board of Directors in January 2<br>02<br>3 and held 1.1% of the outstanding shares<br>6 |
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| Delivering<br>Rewarding<br>Relationships<br>Building<br>Relationships<br>Across<br>All<br>Stakeholders<br>7 |
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| Long<br>-<br>standing<br>History<br>of<br>Giving<br>Back<br>to<br>the<br>Communities<br>Our<br>Asian<br>Bank<br>Supports<br>Business<br>Growth<br>8 |
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| ▪<br>Signed Lease for Bensonhurst Branch Expanding our Asian Banking Footprint<br>▪<br>Maintained Investment Grade Rating by Kroll Bond Rating Agency, Inc.<br>▪<br>Presented Sponsorship Check to Queens Borough President Tech + Innovation<br>Challenge<br>▪<br>Assisting to help transform Queens into a leading hub of innovation and technology<br>▪<br>Attended Ribbon Cutting Ceremony for Charles B. Wang Community Health Center<br>▪<br>Flushing Bank was a significant participant in the financing of the health center<br>Key Events During 4Q22<br>9 |
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| Strong Asian Banking Market Focus<br>17%<br>of Total Deposits<br>1<br>$36B<br>Deposit Market Potential<br>(~3% Market Share<br>2<br>)<br>7.6%<br>FFIC 5 Year Asian Market<br>CAGR vs 3.7%<br>2<br>for the<br>Comparable Asian<br>Markets<br>Asian Communities<br>–<br>Total Loans $801MM<br>and Deposits $1.1B<br>Multilingual Branch Staff<br>Serves Diverse Customer Base in NYC<br>Metro Area<br>Growth Aided by the<br>Asian Advisory Board<br>Sponsorships of Cultural Activities<br>Support New and Existing<br>Opportunities<br>1<br>Includes mortgagors’ escrow deposits<br>2<br>as of June 30, 2022; Latest FDIC Data<br>Expanding into Bensonhurst (Brooklyn)<br>in 2023<br>10 |
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| Loans Secured by Real Estate Have an Average LTV of <37%<br>Well Secured and Diversified Real Estate Portfolio<br>Data as of December 31,<br>2022<br>38%<br>8%<br>4%<br>7%<br>3%<br>4%<br>2%<br>1%<br>8%<br>4%<br>1%<br>11%<br>12%<br>Multifamily: 37.6%<br>General Commercial: 7.5%<br>CRE - Shopping Center: 4.4%<br>CRE - Strip Mall: 6.6%<br>CRE - Single Tenant: 2.5%<br>Office: 3.8%<br>Industrial: 1.5%<br>Commercial Special Use: 1.3%<br>One-to-four family - Mixed Use: 8.0%<br>One-to-four family - Residential: 3.5%<br>Construction: 1.0%<br>Owner Occupied CRE: 10.6%<br>Non Real Estate: 11.7%<br>$6.9B<br>Total Portfolio<br>88% Real Estate Based<br>11 |
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| Multifamily<br>Lending<br>(<br>38% of Loans)<br>-<br>Rent<br>Stabilized, Niche<br>Player<br>Our<br>Conservative<br>Lending<br>Standards<br>Lead<br>to<br>Minimal<br>Losses<br>▪<br>Primarily in market lending ($2.6B portfolio)<br>▪<br>Bronx<br>–<br>15%, Kings<br>–<br>31%, Manhattan<br>–<br>21%,<br>Queens<br>–<br>17%, Other 16%<br>▪<br>Review net operating income and the collateral plus the<br>financial resources and income level of the borrower<br>(including experience in managing or owning similar<br>properties)<br>▪<br>ARMs adjust each 5<br>-<br>year period with terms up to 30 years<br>and comprise 81% of the portfolio; prepayment penalties<br>are reset for each 5<br>-<br>year period<br>▪<br>Average loan size is $1.1MM<br>▪<br>Average monthly rent of<br>$1,567 vs<br>$2,975<br>1<br>for the market<br>▪<br>Weighted average LTV<br>2<br>is 45% with no loans having an<br>LTV above 75%<br>▪<br>Weighted average DCR is ~1.7x<br>3<br>▪<br>Borrowers typically do not sell properties, but refinance to<br>buy more properties<br>1<br>CoStar New York Multifamily Market Report, 1<br>-<br>11<br>-<br>2023<br>2<br>LTVs are based on value at origination.<br>3<br>Based on most recent Annual Loan Review<br>12 |
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| Non<br>-<br>Owner<br>Occupied<br>Commercial<br>Real<br>Estate<br>(28% of Loans)<br>–<br>Strong<br>Equity<br>on<br>Local<br>Properties<br>Underwrite Real Estate Loans with a Cap Rate in Mid<br>-<br>5s and Stress Test Each Loan<br>▪<br>Primarily in market lending ($1.9B portfolio)<br>▪<br>Bronx<br>–<br>9%, Kings<br>–<br>17%, Manhattan<br>–<br>17%, Queens<br>–<br>21%, Other NY<br>-<br>8%, Nassau<br>–<br>6%, Suffolk<br>-<br>9%,<br>Other<br>–<br>13%<br>▪<br>Secured by in<br>-<br>market office buildings, hotels/motels, small<br>business facilities, strip shopping centers, and warehouses<br>▪<br>Review net operating income and the collateral plus the<br>financial resources and income level of the borrower (including<br>experience in managing or owning similar properties)<br>▪<br>ARMs adjust each 5<br>-<br>year period with terms up to 30 years and<br>comprise 83% of the portfolio<br>▪<br>Average loan size<br>:<br>$1.9MM<br>▪<br>Weighted average LTV<br>1<br>is 50% with $1.0MM having an LTV<br>above 75%<br>▪<br>Weighted average DCR is ~1.8x<br>2<br>▪<br>Require primary operating accounts<br>1<br>LTVs are based on value at origination.<br>3<br>Based on most recent Annual Loan Review<br>13 |
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| Residential Mixed<br>Use<br>(8% of Loans)<br>–<br>Higher<br>Yields,<br>Less<br>Exposed<br>to<br>Internet Disruption<br>These<br>Businesses<br>are<br>Vital<br>to<br>the<br>Local<br>Community<br>▪<br>Primarily in market lending ($554MM portfolio)<br>▪<br>Properties contain up to four residential dwelling<br>units and include a commercial component<br>▪<br>Review net operating income and the collateral<br>plus the financial resources and income level of<br>the borrower (including experience in managing<br>or owning similar properties)<br>▪<br>Offer both adjustable and fixed rate loans<br>▪<br>Average loan size is $399,000<br>▪<br>Weighted average LTV<br>1<br>is 41% with $5.4MM<br>with an LTV above 75%<br>▪<br>Mixed Use loan yields are generally higher than<br>Multifamily and NOO CRE loans<br>1<br>LTVs are based on value at origination.<br>14 |
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| Commercial Business (22% of Loans)<br>–<br>Well Diversified<br>Commercial Business<br>▪<br>Primarily in market lending<br>▪<br>Annual sales up to $250MM<br>▪<br>Lines of credit and term loans, including owner<br>occupied mortgages<br>▪<br>Loans secured by business assets, including<br>account receivables, inventory, equipment, and real<br>estate<br>▪<br>Personal guarantees are generally required<br>▪<br>Originations are generally $100,000 to $10MM<br>▪<br>Adjustable rate loans with adjustment periods of five<br>years for owner<br>-<br>occupied mortgages and for lines of<br>credit; the adjustment period is generally monthly<br>▪<br>Generally not subject to limitations on interest rate<br>increases, but have interest rate floors<br>Average loan size of $1.2MM<br>Data as of December 31, 2022<br>11%<br>10%<br>9%<br>9%<br>8%<br>8%<br>6%<br>5%<br>5%<br>4%<br>3%<br>3%<br>3%<br>3%<br>2%<br>2%<br>2%<br>2%<br>2%<br>1%<br>1%<br>1%<br>Wholesalers: 11%<br>Other: 10%<br>Trucking/Vehicle Transport: 9%<br>Financing Company: 9%<br>Hotels: 8%<br>Construction/Contractors: 8%<br>Real Estate: 6%<br>Manufacturer: 5%<br>Medical Professionals: 5%<br>Professional Services (Excluding Medical): 4%<br>Apparel: 3%<br>Automobile Related: 3%<br>Theaters: 3%<br>Civic and Social Organizations: 3%<br>Airlines: 2%<br>Media: 2%<br>Restaurants: 2%<br>Retailer: 2%<br>SBA: 2%<br>Food Services: 1%<br>Fitness and Recreational Sports Centers: 1%<br>Schools/Daycare Centers: 1%<br>$1.5B<br>Total Portfolio<br>Real Estate<br>Collateral<br>$732<br>MM<br>15 |
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| Our<br>Branches<br>Have<br>Evolved with<br>the<br>Community<br>and Technology<br>25<br>Branches<br>In<br>Our<br>Footprint<br>Plus<br>2<br>In<br>Process<br>16 |
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| Digital<br>Banking<br>Usage<br>Continues<br>to<br>Increase<br>2<br>4<br>%<br>Increase<br>in<br>Monthly<br>Mobile<br>Deposit<br>Active<br>Users<br>Dec<br>2022<br>YoY<br>20%<br>Increase in Users<br>with<br>Active<br>Online Banking<br>Status<br>Dec<br>2022<br>YoY<br>11%<br>Digital<br>Banking<br>Enrollment<br>Dec<br>2022<br>YoY<br>Growth<br>Technology<br>Enhancements<br>Remain<br>a<br>Priority<br>17 |
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| ▪<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 <37%<br>4<br>–<br>Only $23.4MM of real estate loans (0.3% of gross loans) with an LTV of 75% or more<br>4<br>Net Charge<br>-<br>offs Significantly Better Than the Industry; Strong DSR<br>NCOs / Average Loans<br>0.02%<br>0.24%<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>2022<br>FFIC<br>Industry<br>5 basis points of<br>Net Charge<br>-<br>offs<br>to Average Loans<br>in 4Q22<br>9M22<br>Weighted average debt service ratios (DSR) for Multifamily and<br>NOO CRE portfolios at<br>~1.7x<br>1<br>-<br>2<br>00 bps shock increase in rates produces a weighted average DSR of<br>~1.25x<br>2<br>-<br>10% increase in operating expense yields a weighted average DSR of >1.50x<br>2<br>-<br>200 bps shock increase in rates and 10% increase in operating expenses<br>results in a weighted average DSR >1.15<br>2<br>-<br>In all scenarios, weighted average LTV is less lean 50%<br>2<br>3<br>1<br>Based on most recent Annual Loan Review<br>2<br>Based upon a sample size of 89% of loans adjusting between 2022 and 2024 with no increase in rents<br>or total income.<br>3<br>“Industry” includes FDIC insured institutions from “FDIC Statistics At A Glance”<br>through September 30, 2022<br>4<br>Based on appraised value at origination<br>18 |
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| Takeaways<br>Conservative<br>Underwriting<br>with<br>History<br>of<br>Solid<br>Value<br>Creation<br>►<br>Leading<br>Community<br>Bank<br>in<br>the<br>Greater NYC<br>Area<br>►<br>Experienced<br>Management<br>Team<br>►<br>Serving<br>All<br>Communities;<br>Including<br>Asian<br>Banking<br>Niche<br>►<br>Well<br>Diversified<br>and<br>Low<br>Risk<br>Loan<br>Portfolio<br>►<br>Embracing<br>and Expanding<br>Digital<br>and<br>Mobile<br>Capabilities<br>►<br>History<br>of<br>Sound<br>Credit<br>Quality<br>since<br>IPO<br>in<br>1995<br>►<br>4.<br>7<br>%<br>1<br>Dividend<br>Yield<br>1<br>Based<br>on<br>1/<br>30<br>/2<br>3<br>closing<br>price<br>of<br>$<br>18.66<br>19 |
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| Appendix<br>20 |
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| Strong<br>and<br>Growing<br>Capital<br>Base<br>71<br>%<br>of<br>Earnings<br>Returned<br>in<br>2022;<br>45%<br>in<br>2021<br>Book<br>Value<br>Per<br>Share<br>5<br>Year<br>CAGR<br>of<br>4%<br>Tangible<br>Book<br>Value<br>Per<br>Share<br>5<br>Year<br>CAGR<br>of<br>4%<br>$19.64<br>$20.59<br>$20.11<br>$22.26<br>$22.97<br>10.98%<br>10.95%<br>9.88%<br>10.86%<br>10.52%<br>8.74%<br>8.73%<br>8.38%<br>8.98%<br>8.61%<br>0.00%<br>5.00%<br>10.00%<br>15.00%<br>20.00%<br>25.00%<br>30.00%<br>35.00%<br>40.00%<br> $15.00<br> $16.00<br> $17.00<br> $18.00<br> $19.00<br> $20.00<br> $21.00<br> $22.00<br> $23.00<br> $24.00<br>2018<br>2019<br>2020<br>2021<br>2022<br>Book Value Per Share<br>CET1 Ratio<br>Leverage Ratio<br>$19.07<br>$20.02<br>$19.45<br>$21.61<br>$22.31<br>7.83%<br>8.05%<br>7.52%<br>8.22%<br>7.82%<br>5.00%<br>6.00%<br>7.00%<br>8.00%<br>9.00%<br>10.00%<br>11.00%<br>12.00%<br>13.00%<br>14.00%<br>15.00%<br> $10.00<br> $12.00<br> $14.00<br> $16.00<br> $18.00<br> $20.00<br> $22.00<br>2018<br>2019<br>2020<br>2021<br>2022<br>Tangible Book Value Per Share<br>Tangible Common Equity/Tangible Assets<br>Empire<br>Closed<br>21 |
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| Annual Financial Highlights<br>Reported Results<br>EPS<br>$2.50<br>$2.59<br>$1.18<br>$1.44<br>$1.92<br>$1.41<br>ROAA<br>0.93<br>%<br>1.00<br><br><br>%<br>0.48<br><br><br>%<br>0.59<br><br><br>%<br>0.85<br><br><br>%<br>0.66<br><br><br>%<br>ROAE<br>11.44<br>12.60<br><br><br>5.98<br><br><br>7.35<br><br><br>10.30<br><br><br>7.74<br><br><br>NIM FTE<br>3.11<br>3.24<br><br><br>2.85<br><br><br>2.47<br><br><br>2.70<br><br><br>2.93<br><br><br>Core<br>1<br> Results<br>EPS<br>$2.49<br>$2.81<br>$1.70<br>$1.65<br>$1.94<br>$1.57<br>ROAA<br>0.92<br>%<br>1.09<br><br><br>%<br>0.68<br><br><br>%<br>0.68<br><br><br>%<br>0.85<br><br><br>%<br>0.74<br><br><br>%<br>ROAE<br>11.42<br>13.68<br><br><br>8.58<br><br><br>8.42<br><br><br>10.39<br><br><br>8.63<br><br><br>NIM FTE<br>3.07<br>3.17<br><br><br>2.87<br><br><br>2.49<br><br><br>2.72<br><br><br>2.93<br><br><br>Credit Quality<br>NPAs/Loans & REO<br>0.77<br>%<br>0.23<br><br><br>%<br>0.31<br><br><br>%<br>0.24<br><br><br>%<br>0.29<br><br><br>%<br>0.35<br><br><br>%<br>LLR/Loans<br>0.58<br>0.56<br><br><br>0.67<br><br><br>0.38<br><br><br>0.38<br><br><br>0.39<br><br><br>LLR/NPLs<br>124.89<br>248.66<br><br><br>214.27<br><br><br>164.05<br><br><br>128.87<br><br><br>112.23<br><br><br>NCOs/Avg Loans<br>0.02<br>0.05<br><br><br>0.06<br><br><br>0.04<br><br><br>-<br><br><br>0.24<br><br><br>Criticized&Classifieds/Loans<br>0.98<br>0.87<br><br><br>1.07<br><br><br>0.66<br><br><br>0.96<br><br><br>1.21<br><br><br>Capital Ratios<br>CET1<br>10.52<br>%<br>10.86<br><br><br>%<br>9.88<br><br><br>%<br>10.95<br><br><br>%<br>10.98<br><br><br>%<br>11.59<br><br><br>%<br>Tier 1<br>11.25<br>11.75<br><br><br>10.54<br><br><br>11.77<br><br><br>11.79<br><br><br>12.38<br><br><br>Total Risk-based Capital<br>14.69<br>14.32<br><br><br>12.63<br><br><br>13.62<br><br><br>13.72<br><br><br>14.48<br><br><br>Leverage Ratio<br>8.61<br>8.98<br><br><br>8.38<br><br><br>8.73<br><br><br>8.74<br><br><br>9.02<br><br><br>TCE/TA<br>7.82<br>8.22<br><br><br>7.52<br><br><br>8.05<br><br><br>7.83<br><br><br>8.22<br><br><br>Balance Sheet<br>Book Value/Share<br>$22.97<br>$22.26<br>$20.11<br>$20.59<br>$19.64<br>$18.63<br>Tangible Book Value/Share<br>22.31<br>21.61<br><br><br>19.45<br><br><br>20.02<br><br><br>19.07<br><br><br>18.08<br><br><br>Dividends/Share<br>0.88<br>0.84<br><br><br>0.84<br><br><br>0.84<br><br><br>0.80<br><br><br>0.72<br><br><br>Average Assets ($B)<br>8.3<br>8.1<br><br><br>7.3<br><br><br>7.0<br><br><br>6.5<br><br><br>6.2<br><br><br>Average Loans ($B)<br>6.7<br>6.6<br><br><br>6.0<br><br><br>5.6<br><br><br>5.3<br><br><br>5.0<br><br><br>Average Deposits ($B)<br>6.5<br>6.4<br><br><br>5.2<br><br><br>5.0<br><br><br>4.7<br><br><br>4.5<br><br><br>2017<br>2021<br>2018<br>2022<br>2020<br>2019<br>1<br>See Reconciliation of GAAP Earnings and Core Earnings in Appendix<br>22 |
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| Environmental, Social, and Governance<br>Environmental<br>–<br>reduction of carbon footprint and<br>assessing climate change through underwriting<br>Social<br>-<br>Building rewarding relationships with<br>communities, customers, and employees<br>See more details in our ESG Report under Investor Relations at FlushingBank.com<br>Governance<br>-<br>Corporate governance is a strength<br>through oversight and risk management<br>23 |
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| Reconciliation<br>of<br>GAAP<br>Earnings<br>and<br>Core<br>Earnings<br>Non<br>-<br>cash<br>Fair<br>Value<br>Adjustments<br>to<br>GAAP<br>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>borrowing<br>carried<br>at<br>fair<br>value<br>under<br>the<br>fair<br>value<br>option<br>and<br>swaps<br>designated<br>to<br>protect<br>against<br>rising<br>rates<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>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>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>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>Core<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>..<br>24 |
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| Reconciliation of GAAP to CORE Earnings<br><br>(Dollars In thousands, except per share data)<br>GAAP income (loss) before income taxes<br>$<br>104,852<br><br><br>$<br>109,278<br><br><br>$<br>45,182<br><br><br>$<br>53,331<br><br><br>$<br>65,485<br><br><br>$<br>66,134<br><br><br>Day 1, Provision for Credit Losses - Empire transaction<br>—<br><br><br>—<br><br><br>1,818<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Net (gain) loss from fair value adjustments<br><br>(5,728)<br><br><br><br>12,995<br><br><br><br>2,142<br><br><br><br>5,353<br><br><br><br>4,122<br><br><br><br>3,465<br><br><br>Net (gain) loss on sale of securities<br><br>10,948<br><br><br><br>(113)<br><br><br><br>701<br><br><br><br>15<br><br><br><br>1,920<br><br><br><br>186<br><br><br>Life insurance proceeds<br><br>(1,822)<br><br><br><br>—<br><br><br><br>(659)<br><br><br><br>(462)<br><br><br><br>(2,998)<br><br><br><br>(1,405)<br><br><br>Net gain on sale or disposition of assets<br><br>(104)<br><br><br><br>(621)<br><br><br><br>—<br><br><br><br>(770)<br><br><br><br>(1,141)<br><br><br><br>—<br><br><br>Net (gain) loss from fair value adjustments on qualifying<br>hedges<br><br>(775)<br><br><br><br>(2,079)<br><br><br><br>1,185<br><br><br><br>1,678<br><br><br><br>—<br><br><br><br>—<br><br><br>Accelerated employee benefits upon Officer's death<br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>455<br><br><br><br>149<br><br><br><br>—<br><br><br>Prepayment penalty on borrowings<br>—<br><br><br>—<br><br><br>7,834<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Net amortization of purchase accounting adjustments<br>(2,030)<br><br><br>(2,489)<br><br><br>80<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Merger expense<br><br>—<br><br><br><br>2,562<br><br><br><br>6,894<br><br><br><br>1,590<br><br><br><br>—<br><br><br><br>—<br><br><br>Core income before taxes<br><br>105,341<br><br><br><br>119,533<br><br><br><br>65,177<br><br><br><br>61,190<br><br><br><br>67,537<br><br><br><br>68,380<br><br><br>Provision for core income taxes<br><br>28,502<br><br><br><br>30,769<br><br><br><br>15,428<br><br><br><br>13,957<br><br><br><br>11,960<br><br><br><br>22,613<br><br><br>Core net income<br>$<br>76,839<br><br><br>$<br>88,764<br><br><br>$<br>49,749<br><br><br>$<br>47,233<br><br><br>$<br>55,577<br><br><br>$<br>45,767<br><br><br>GAAP diluted earnings (loss) per common share<br>$<br>2.50<br><br><br>$<br>2.59<br><br><br>$<br>1.18<br><br><br>$<br>1.44<br><br><br>$<br>1.92<br><br><br>$<br>1.41<br><br><br>Day 1, Provision for Credit Losses - Empire transaction, net of<br>tax<br>—<br><br><br>—<br><br><br>0.05<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Net (gain) loss from fair value adjustments, net of tax<br><br>(0.14)<br><br><br><br>0.31<br><br><br><br>0.06<br><br><br><br>0.14<br><br><br><br>0.10<br><br><br><br>0.07<br><br><br>Net (gain) loss on sale of securities, net of tax<br><br>0.26<br><br><br><br>—<br><br><br><br>0.02<br><br><br><br>—<br><br><br><br>0.05<br><br><br><br>—<br><br><br>Life insurance proceeds<br><br>(0.06)<br><br><br><br>—<br><br><br><br>(0.02)<br><br><br><br>(0.02)<br><br><br><br>(0.10)<br><br><br><br>(0.05)<br><br><br>Net gain on sale or disposition of assets, net of tax<br><br>—<br><br><br><br>(0.01)<br><br><br><br>—<br><br><br><br>(0.02)<br><br><br><br>(0.03)<br><br><br><br>0.13<br><br><br>Net (gain) loss from fair value adjustments on qualifying<br>hedges, net of tax<br><br>(0.02)<br><br><br><br>(0.05)<br><br><br><br>0.03<br><br><br><br>0.05<br><br><br><br>—<br><br><br><br>—<br><br><br>Accelerated employee benefits upon Officer's death, net of tax<br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>0.01<br><br><br><br>—<br><br><br><br>—<br><br><br>Prepayment penalty on borrowings, net of tax<br>—<br><br><br>—<br><br><br>0.20<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Net amortization of purchase accounting adjustments, net of<br>tax<br>(0.05)<br><br><br>(0.06)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Merger expense, net of tax<br><br>—<br><br><br><br>0.06<br><br><br><br>0.18<br><br><br><br>0.04<br><br><br><br>—<br><br><br><br>—<br><br><br>NYS tax change<br><br>—<br><br><br><br>(0.02)<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br><br>—<br><br><br>Core diluted earnings per common share<br>(1)<br>$<br>2.49<br><br><br>$<br>2.81<br><br><br>$<br>1.70<br><br><br>$<br>1.65<br><br><br>$<br>1.94<br><br><br>$<br>1.57<br><br><br>Core net income, as calculated above<br>$<br>76,839<br><br><br>$<br>88,764<br><br><br>$<br>49,749<br><br><br>$<br>47,233<br><br><br>$<br>55,577<br><br><br>$<br>45,767<br><br><br>Average assets<br><br>8,307,137<br><br><br><br>8,143,372<br><br><br><br>7,276,022<br><br><br><br>6,947,881<br><br><br><br>6,504,598<br><br><br><br>6,217,746<br><br><br>Average equity<br><br>672,742<br><br><br><br>648,946<br><br><br><br>580,067<br><br><br><br>561,289<br><br><br><br>534,735<br><br><br><br>530,300<br><br><br>Core return on average assets<br>(2)<br><br>0.92<br><br><br>%<br><br>1.09<br><br><br>%<br><br>0.68<br><br><br>%<br><br>0.68<br><br><br>%<br><br>0.85<br><br><br>%<br><br>0.74<br><br><br>%<br>Core return on average equity<br>(2)<br><br>11.42<br><br><br>%<br><br>13.68<br><br><br>%<br><br>8.58<br><br><br>%<br><br>8.42<br><br><br>%<br><br>10.39<br><br><br>%<br><br>8.63<br><br><br>%<br>Years Ended<br>December 31,<br>2019<br>December 31,<br>2022<br>December 31,<br>2021<br>December 31,<br>2020<br>2018<br>December 31,<br>December 31,<br>2017<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>25 |
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| Reconciliation of GAAP Revenue and<br>Pre<br>-<br>provision Pre<br>-<br>tax Net Revenue<br><br>(Dollars In thousands)<br><br><br><br><br><br><br>GAAP Net interest income<br>$<br>243,616<br><br><br>$<br>247,969<br><br><br>$<br>195,199<br><br><br>$<br>161,940<br><br><br>$<br>167,406<br><br><br>$<br>173,107<br><br><br>Net (gain) loss from fair value adjustments<br>on qualifying hedges<br>(775)<br><br><br>(2,079)<br><br><br>1,185<br><br><br>1,678<br><br><br>—<br><br><br>—<br><br><br>Net amortization of purchase accounting<br>adjustments<br>3,016<br><br><br>(3,049)<br><br><br>(11)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Core Net interest income<br>$<br>245,857<br><br><br>$<br>242,841<br><br><br>$<br>196,373<br><br><br>$<br>163,618<br><br><br>$<br>167,406<br><br><br>$<br>173,107<br><br><br>GAAP Noninterest income<br>$<br>10,009<br><br><br>$<br>3,687<br><br><br>$<br>11,043<br><br><br>$<br>9,471<br><br><br>$<br>10,337<br><br><br>$<br>10,362<br><br><br>Net (gain) loss from fair value adjustments<br>(5,728)<br><br><br>12,995<br><br><br>2,142<br><br><br>5,353<br><br><br>4,122<br><br><br>3,465<br><br><br>Net (gain) loss on sale of securities<br>10,948<br><br><br>(113)<br><br><br>701<br><br><br>15<br><br><br>1,920<br><br><br>186<br><br><br>Life insurance proceeds<br>(1,822)<br><br><br>—<br><br><br>(659)<br><br><br>(462)<br><br><br>(2,998)<br><br><br>(1,405)<br><br><br>Net gain on disposition of assets<br>(104)<br><br><br>(621)<br><br><br>—<br><br><br>(770)<br><br><br>(1,141)<br><br><br>—<br><br><br>Core Noninterest income<br>$<br>13,303<br><br><br>$<br>15,948<br><br><br>$<br>13,227<br><br><br>$<br>13,607<br><br><br>$<br>12,240<br><br><br>$<br>12,608<br><br><br>GAAP Noninterest expense<br>$<br>143,692<br><br><br>$<br>147,322<br><br><br>$<br>137,931<br><br><br>$<br>115,269<br><br><br>$<br>111,683<br><br><br>$<br>107,474<br><br><br>Prepayment penalty on borrowings<br>—<br><br><br>—<br><br><br>(7,834)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Accelerated employee benefits upon<br>Officer's death<br>—<br><br><br>—<br><br><br>—<br><br><br>(455)<br><br><br>(149)<br><br><br>—<br><br><br>Net amortization of purchase accounting<br>adjustments<br>(578)<br><br><br>(560)<br><br><br>(91)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Merger expense<br>—<br><br><br>(2,562)<br><br><br>(6,894)<br><br><br>(1,590)<br><br><br>—<br><br><br>—<br><br><br>Core Noninterest expense<br>$<br>143,114<br><br><br>$<br>144,200<br><br><br>$<br>123,112<br><br><br>$<br>113,224<br><br><br>$<br>111,534<br><br><br>$<br>107,474<br><br><br>GAAP:<br>Net interest income<br>$<br>243,616<br><br><br>$<br>247,969<br><br><br>$<br>195,199<br><br><br>$<br>161,940<br><br><br>$<br>167,406<br><br><br>$<br>173,107<br><br><br>Noninterest income<br>10,009<br><br><br>3,687<br><br><br>11,043<br><br><br>9,471<br><br><br>10,337<br><br><br>10,362<br><br><br>Noninterest expense<br>(143,692)<br><br><br>(147,322)<br><br><br>(137,931)<br><br><br>(115,269)<br><br><br>(111,683)<br><br><br>(107,474)<br><br><br>Pre-provision pre-tax net revenue<br>$<br>109,933<br><br><br>$<br>104,334<br><br><br>$<br>68,311<br><br><br>$<br>56,142<br><br><br>$<br>66,060<br><br><br>$<br>75,995<br><br><br>Core:<br>Net interest income<br>$<br>245,857<br><br><br>$<br>242,841<br><br><br>$<br>196,373<br><br><br>$<br>163,618<br><br><br>$<br>167,406<br><br><br>$<br>173,107<br><br><br>Noninterest income<br>13,303<br><br><br>15,948<br><br><br>13,227<br><br><br>13,607<br><br><br>12,240<br><br><br>12,608<br><br><br>Noninterest expense<br>(143,114)<br><br><br>(144,200)<br><br><br>(123,112)<br><br><br>(113,224)<br><br><br>(111,534)<br><br><br>(107,474)<br><br><br>Pre-provision pre-tax net revenue<br>$<br>116,046<br><br><br>$<br>114,589<br><br><br>$<br>86,488<br><br><br>$<br>64,001<br><br><br>$<br>68,112<br><br><br>$<br>78,241<br><br><br>Efficiency Ratio<br>55.2<br><br><br>%<br>55.7<br><br><br>%<br>58.7<br><br><br>%<br>63.9<br><br><br>%<br>62.1<br><br><br>%<br>57.9<br><br><br>%<br>December 31,<br>2017<br>Years Ended<br>December 31,<br>2019<br>December 31,<br>2022<br>December 31,<br>2021<br>December 31,<br>2020<br>December 31,<br>2018<br>Efficiency<br>ratio,<br>a<br>non<br>-<br>GAAP<br>measure,<br>was<br>calculated<br>by<br>dividing<br>noninterest<br>expenses<br>(excluding<br>merger<br>expenses,<br>OREO<br>expense,<br>prepayment<br>penalty<br>on<br>borrowings,<br>the<br>net<br>gain/loss<br>from<br>the<br>sale<br>of<br>OREO<br>and<br>net<br>amortization<br>of<br>purchase<br>accounting<br>adjustment)<br>by<br>the<br>total<br>of<br>net interest<br>income<br>(excluding<br>net gains<br>and<br>loses<br>from<br>fair<br>value<br>adjustments<br>on<br>qualifying<br>hedges<br>and<br>net<br>amortization<br>of<br>purchase<br>accounting<br>adjustments)<br>and<br>noninterest<br>income<br>(excluding<br>life<br>insurance<br>proceeds,<br>net<br>gains<br>and<br>losses<br>from<br>the<br>sale<br>or<br>disposition<br>of<br>securities,<br>assets<br>and<br>fair<br>value<br>adjustments)<br>26 |
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| 1<br>Excludes purchase accounting average balances for all periods presented<br>Reconciliation of GAAP to Core Net Interest Income and NIM<br>(Dollars In thousands)<br>GAAP net interest income<br>$<br>243,616<br><br><br>$<br>247,969<br><br><br>$<br>195,199<br><br><br>$<br>161,940<br><br><br>$<br>167,406<br><br><br>$<br>173,107<br><br><br>Net (gain) loss from fair value adjustments on<br>qualifying hedges<br><br>(775)<br><br><br><br>(2,079)<br><br><br><br>1,185<br><br><br><br>1,678<br><br><br><br>—<br><br><br><br>—<br><br><br>Net amortization of purchase accounting<br>adjustments<br><br>3,016<br><br><br><br>(3,049)<br><br><br><br>(11)<br><br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Tax equivalent adjustment<br>461<br><br><br>450<br><br><br>508<br><br><br>542<br><br><br>895<br><br><br>—<br><br><br>Core net interest income FTE<br>$<br>246,318<br><br><br>$<br>243,291<br><br><br>$<br>196,881<br><br><br>$<br>164,160<br><br><br>$<br>168,301<br><br><br>$<br>173,107<br><br><br>Total average interest-earning assets<br>(1)<br>$<br>7,841,407<br><br><br>$<br>7,681,441<br><br><br>$<br>6,863,219<br><br><br>$<br>6,582,473<br><br><br>$<br>6,194,248<br><br><br>$<br>5,916,073<br><br><br>Core net interest margin FTE<br><br>3.14<br><br><br>%<br><br>3.17<br><br><br>%<br><br>2.87<br><br><br>%<br><br>2.49<br><br><br>%<br><br>2.72<br><br><br>%<br><br>2.93<br><br><br>%<br>GAAP interest income on total loans, net<br>$<br>293,287<br><br><br>$<br>274,331<br><br><br>$<br>248,153<br><br><br>$<br>251,744<br><br><br>$<br>232,719<br><br><br>$<br>209,283<br><br><br>Net (gain) loss from fair value adjustments on<br>qualifying hedges<br><br>(775)<br><br><br><br>(2,079)<br><br><br><br>1,185<br><br><br><br>1,678<br><br><br><br>—<br><br><br><br>—<br><br><br>Net amortization of purchase accounting<br>adjustments<br>2,628<br><br><br>(3,013)<br><br><br>(356)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Core interest income on total loans, net<br>$<br>295,140<br><br><br>$<br>269,239<br><br><br>$<br>248,982<br><br><br>$<br>253,422<br><br><br>$<br>232,719<br><br><br>$<br>209,283<br><br><br>Average total loans, net<br>(1)<br>$<br>6,748,165<br><br><br>$<br>6,653,980<br><br><br>$<br>6,006,931<br><br><br>$<br>5,621,033<br><br><br>$<br>5,316,968<br><br><br>$<br>4,988,613<br><br><br>Core yield on total loans<br><br>4.37<br><br><br>%<br><br>4.05<br><br><br>%<br><br>4.14<br><br><br>%<br><br>4.51<br><br><br>%<br><br>4.38<br><br><br>%<br><br>4.20<br><br><br>%<br>2018<br>December 31,<br>December 31,<br>2019<br>December 31,<br>2022<br>December 31,<br>2021<br>December 31,<br>2020<br>December 31,<br>2017<br>Years Ended<br>27 |
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| 28<br>Calculation<br>of<br>Tangible<br>Stockholders’<br>Common<br>Equity<br>to<br>Tangible<br>Assets<br><br><br><br><br><br><br>(Dollars in thousands)<br>Total Equity<br>$<br>677,157<br><br><br>$<br>679,628<br><br><br>$<br>618,997<br><br><br>$<br>579,672<br><br><br>$<br>549,464<br><br><br>$<br>532,608<br><br><br>Less:<br><br><br><br><br><br><br><br><br><br><br>Goodwill<br><br>(17,636)<br><br><br><br>(17,636)<br><br><br><br>(17,636)<br><br><br><br>(16,127)<br><br><br><br>(16,127)<br><br><br><br>(16,127)<br><br><br>Core deposit Intangibles<br>(2,017)<br><br><br>(2,562)<br><br><br>(3,172)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Intangible deferred tax liabilities<br><br>—<br><br><br><br>328<br><br><br><br>287<br><br><br><br>292<br><br><br><br>290<br><br><br><br>291<br><br><br>Tangible Stockholders' Common Equity<br>$<br>657,504<br><br><br>$<br>659,758<br><br><br>$<br>598,476<br><br><br>$<br>563,837<br><br><br>$<br>533,627<br><br><br>$<br>516,772<br><br><br>Total Assets<br>$<br>8,422,946<br><br><br>$<br>8,045,911<br><br><br>$<br>7,976,394<br><br><br>$<br>7,017,776<br><br><br>$<br>6,834,176<br><br><br>$<br>6,299,274<br><br><br>Less:<br><br><br><br><br><br><br><br><br><br><br><br><br>Goodwill<br><br>(17,636)<br><br><br><br>(17,636)<br><br><br><br>(17,636)<br><br><br><br>(16,127)<br><br><br><br>(16,127)<br><br><br><br>(16,127)<br><br><br>Core deposit Intangibles<br>(2,017)<br><br><br>(2,562)<br><br><br>(3,172)<br><br><br>—<br><br><br>—<br><br><br>—<br><br><br>Intangible deferred tax liabilities<br><br>—<br><br><br><br>328<br><br><br><br>287<br><br><br><br>292<br><br><br><br>290<br><br><br><br>291<br><br><br>Tangible Assets<br>$<br>8,403,293<br><br><br>$<br>8,026,041<br><br><br>$<br>7,955,873<br><br><br>$<br>7,001,941<br><br><br>$<br>6,818,339<br><br><br>$<br>6,283,438<br><br><br>Tangible Stockholders' Common Equity to<br>Tangible Assets<br><br>7.82<br><br><br>%<br><br>8.22<br><br><br>%<br><br>7.52<br><br><br>%<br><br>8.05<br><br><br>%<br><br>7.83<br><br><br>%<br><br>8.22<br><br><br>%<br>December 31,<br>2022<br>December 31,<br>2021<br>December 31,<br>December 31,<br>December 31,<br>December 31,<br>2017<br>2018<br>2019<br>2020 |
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| Contact<br>Details<br>Susan<br>K.<br>Cullen<br>SEVP,<br>CFO &<br>Treasurer<br>Phone:<br>(718)<br>961<br>-<br>5400<br>Email:<br>scullen@flushingbank.com<br>Al<br>Savastano,<br>CFA<br>Director<br>of<br>Investor<br>Relations<br>Phone:<br>(516)<br>820<br>-<br>1146<br>Email:<br>asavastano@flushingbank.com<br>29 |
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