Business
Flushing Financial Corporation Reports 3Q20 GAAP Earnings of $0.50 and Record Core Earnings Up 56% Driven by Record Net Interest Income
THIRD QUARTER 2020 HIGHLIGHTS1 GAAP diluted EPS of $0.50, compared to $0.63 in 2Q20 and $0.37 in 3Q19Record Core diluted EPS of $0.56 compared to $0.36 in
About this update from Flushing Financial Corporation
[{"type":"text","content":"THIRD QUARTER 2020 HIGHLIGHTS1\n GAAP diluted EPS of $0.50, compared to $0.63 in 2Q20 and $0.37 in 3Q19Record Core diluted EPS of $0.56 compared to $0.36 in 2Q20 and $0.48 in 3Q19Net interest margin of 3.00%, up 13bps QoQ and 63bps YoYCore net interest margin of 2.89%, up 4bps QoQ and 56bps YoYRecord GAAP net interest income of $49.9 million, up 2.5% QoQ and 28.2% YoYRecord Core net interest income of $49.7 million, up 1.2% QoQ and 23.6% YoYGAAP and core ROAE were 9.9% and 11.2%, respectively, compared with 13.1% and 7.4%, respectively in 2Q20GAAP and core ROAA were 0.8% and 0.9%, respectively, compared with 1.0% and 0.6%, respectively in 2Q20Loan pipeline remains strong at $394.1 millionProvision for credit losses of $2.5 million, $0.07 after-tax per diluted common share, compared to $9.6 million in 2Q20 and $0.7 million in 3Q19Net charge-offs were $0.8 million, compared to $1.0 million in 2Q20 UNIONDALE, N.Y., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (NASDAQ-GS: FFIC) the parent holding company for Flushing Bank (the “Bank”), today announced its financial results for the third quarter ended September 30, 2020. John R. Buran, President and Chief Executive Officer stated, “I want to thank our employees for their tireless work in assisting our customers and communities as we continue to navigate these unprecedented times due to the COVID-19 pandemic.” Mr. Buran continued, “We are pleased to announce our third quarter earnings totaled $14.3 million, or $0.50 per diluted common share, driven by strong execution of our strategic objectives. We continued to proactively manage credit risk and made good progress improving our funding mix with an emphasis on non-interest bearing demand accounts, which increased 4% (not annualized), during the quarter. For the second consecutive quarter we achieved record net interest income, as the Company capitalized on the low interest rate environment. The cost of funds decreased 10 basis points while the yield on interest earning assets increased three basis points. The net interest margin expanded 13 basis points from the linked quarter. Given the current rate environment, we expect to sustain a strong margin and anticipate that our cost of funds will further decline during the fourth quarter as $315 million of retail certificates of deposits are scheduled to...