Business
Flushing Financial Corporation Reports 4Q20 GAAP EPS of $0.11 and 2020 GAAP EPS of $1.18 4Q20 Core EPS of $0.58 and 2020 Core EPS of $1.70 Third Consecutive Quarter of Record Net Interest Income
FOURTH QUARTER 2020 HIGHLIGHTS1 GAAP diluted EPS of $0.11, compared to $0.50 in 3Q20 and $0.45 in 4Q19Core diluted EPS of $0.58 compared to $0.56 in 3Q20 and
About this update from Flushing Financial Corporation
[{"type":"text","content":"FOURTH QUARTER 2020 HIGHLIGHTS1 GAAP diluted EPS of $0.11, compared to $0.50 in 3Q20 and $0.45 in 4Q19Core diluted EPS of $0.58 compared to $0.56 in 3Q20 and $0.41 in 4Q19GAAP ROAA and ROAE were 0.18% and 2.27% in 4Q20 compared to 0.73% and 9.11% in 4Q19, respectivelyCore ROAA and ROAE were 0.92% and 11.67% in 4Q20 compared to 0.67% and 8.36% in 4Q19, respectivelyRecord net interest income of $55.7 million, up 11.6% QoQ and 35.3% YoY, while core net interest income was $54.7, up 10.1% QoQ and 36.3% YoYNet interest margin of 3.08%, up 8 bps QoQ and 60 bps YoY and core net interest margin of 2.97%, up 8 bps QoQ and 64 bps YoYAverage loans were $6.4 billion, up 8.0% QoQ and 11.3% YoY while average deposits of $4.7 billion improved 8.2% QoQ and 4.0% YoYLoan pipeline remained strong at $354.6 million, up 9.3% from $324.5 million a year agoProvision for credit losses (excluding Day 1 impact from Empire Bancorp transaction) of $2.0 million exceed net charge-offs of $0.6 million in 4Q20NPAs of $21.1 million were down 15.0% from $24.8 million in 3Q20Loans in forbearance declined 56.9% in 4Q20 and were 5.4% of total loans and only 3.2% of loans excluding interest only forbearance loans UNIONDALE, N.Y., Jan. 28, 2021 (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 fourth quarter and full year ended December 31, 2020. John R. Buran, President and Chief Executive Officer stated, “While 2020 was an unprecedented year in many ways, I am proud of how our employees continued to serve customers and help communities throughout the COVID-19 pandemic. It is through their efforts that our Company was able to persevere and post strong results. We achieved three consecutive quarters of record net interest income. We reduced loans in forbearance by 76% from their peak. We closed the Empire acquisition this quarter and within three weeks completed the conversion of all customers onto our systems. As we enter 2021 we are a stronger more resilient Company with greater scale, a better margin and improved mobile and lending capabilities through enhanced fintech relationships.” Mr. Buran continued, “Our core NIM improvement of 8 bps during the quarter was driven by reducing cost of funds by 12 bps with a minimal decreas...