Business
Flushing Financial Corporation Reports First Quarter 2020 Results
FIRST QUARTER 20201 HIGHLIGHTS GAAP diluted EPS was ($0.05), compared to $0.45 in 4Q19 and $0.25 in 1Q19Core diluted EPS was $0.19, compared to $0.41 in 4Q19
About this update from Flushing Financial Corporation
[{"type":"text","content":"FIRST QUARTER 20201 HIGHLIGHTS\n GAAP diluted EPS was ($0.05), compared to $0.45 in 4Q19 and $0.25 in 1Q19Core diluted EPS was $0.19, compared to $0.41 in 4Q19 and $0.33 in 1Q19Net interest margin was 2.44%, down 4bps QoQ and 13bps YoYCore net interest margin was 2.49%, up 16bps QoQ and down 3bps YoYGAAP net interest income of $40.8 million, down 0.9% QoQ and 2.3% YoYCore net interest income of $42.9 million, up 7.0% QoQ and 1.1% YoYGAAP and core ROAE (1.0)% and 3.8%, respectively, compared with 9.1% and 8.4%, respectively in 4Q19GAAP and core ROAA were (0.1)% and 0.3%, respectively, compared with 0.7% and 0.7%, respectively in 4Q19Loan pipeline remains strong at $324.4 millionProvision for credit losses of $7.2 million, $0.18 after-tax per diluted common share, driven mainly by economic conditions arising from COVID-19 pandemicNet charge-offs were $1.1 million, compare to net recoveries of $34,000 in 4Q19 and net charge-offs of $0.9 million in 1Q19 UNIONDALE, N.Y., April 28, 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 first quarter ended March 31, 2020. John R. Buran, President and Chief Executive Officer stated, “Our thoughts go out to those most affected by COVID-19, especially those on the front lines. The health and welfare of our employees and customers remains our top priority as we navigate through the COVID-19 pandemic.” “We were quick to respond to the pandemic with new health and safety measures, including social distancing, appointment banking and expansion of our remote capabilities. Our staff responded to these changes in a superb fashion and continue to provide our customers with excellent service. Today we have the capability of having our entire staff work remotely. On any given day, as many as 85% of staff work from home.” “Our GAAP earnings for the quarter were affected by two COVID-19 related non-cash charges totaling $0.38 per share, after-tax, that caused the Company to record a loss of $0.05 per diluted share for the quarter. The Federal Reserve’s dramatic 150 basis point drop in rates provided the country with much needed liquidity to counteract the negative economic effects of the COVID-19 pandemic. As a result, we recorded mark to market adjustments on i...