Business
Flushing Financial Corporation Reports 3Q24 GAAP and Core EPS of $0.30 and $0.26, Respectively; Net Interest Income and NIM Increased QoQ
"Our third quarter had several positive trends that demonstrate our commitment to improve profitability over the long term. GAAP and Core EPS were $0.30 and
About this update from Flushing Financial Corporation
[{"type":"text","content":"\"Our third quarter had several positive trends that demonstrate our commitment to improve profitability over the long term. GAAP and Core EPS were $0.30 and $0.26, respectively, the best quarter in the past seven, including non-recurring items. GAAP and Core NIM increased by 5 and 4 bps QoQ to 2.10% and 2.07%, respectively, as the cost of funds peaked in July decreasing in August and September. As a result, NIM bottomed in July then increased in August and September. Credit quality remains solid with a sequential decline in NPAs and criticized and classified assets. Our underwriting remains very strong with a weighted average DCR of 1.9x for our multifamily and CRE portfolios and only 0.5% of exposure to Manhattan office buildings. The Company has $3.9 billion of unused lines of credit available as of September 30, 2024. Average total deposits increased 9% YoY and 4% QoQ. The Company and the Bank remain well capitalized under regulatory standards. Year to date, GAAP and Core noninterest expense growth was approximately 6%, which includes investments in the business including new employees and branches that should enhance our long term profitability over time. While there is more work to do, we are pleased with the direction and execution on our areas of focus.\"- John R. Buran, President and CEO UNIONDALE, NY / ACCESSWIRE / October 24, 2024 / Period End Loans and Average Total Deposits Increase QoQ. Third quarter 2024 GAAP and Core EPS were $0.30 and $0.26, compared to $0.26, and $0.25, respectively, a year ago. Insurance recoveries, discrete income tax items, and other events added $0.05 per share to 3Q24 EPS, while net interest recoveries on delinquent loans added another $0.03 per share. 3Q24 GAAP and Core NIM were 2.10% and 2.07%, up 5 bps and 4 bps QoQ, respectively. Average total deposits increased 9.4% YoY and 3.7% QoQ, while period end net loans increased 0.6% QoQ, but declined 1.2% YoY. This was the first QoQ increase in net loans since 4Q23 (0.1%).Strong Credit Quality: Capital Remains Solid. Credit quality metrics were at favorable levels with criticized and classified loans to gross loans of 100 bps (down 13 bps QoQ), nonperforming assets to total assets of 59 bps (down 2 bps QoQ), and year to date net charge-offs of 6 bps. Capital continues to be sound with TCE/TA1 of 7.00% at 3Q24.Key Financial Metrics2 3Q24 2Q24 ...