Business
Flushing Financial Corporation Reports GAAP Diluted EPS of $0.37, Unchanged QoQ, and Core Diluted EPS of $0.48 up 14.3% QoQ; Record Quarterly Loan Closings; Quarter End Loan Pipeline Remains Strong at $419 Million
THIRD QUARTER 2019¹ HIGHLIGHTS GAAP diluted EPS was $0.37, unchanged QoQ and down 39.3% YoYCore diluted EPS was $0.48, up 14.3% QoQ and down 11.1% YoYRecord
About this update from Flushing Financial Corporation
[{"type":"text","content":"THIRD QUARTER 2019¹ HIGHLIGHTS\n GAAP diluted EPS was $0.37, unchanged QoQ and down 39.3% YoYCore diluted EPS was $0.48, up 14.3% QoQ and down 11.1% YoYRecord quarterly loan originations driven by C&I closings totaling $237.9 millionNet interest margin was 2.37%, down 8bps QoQ and 35bps YoYCore net interest margin was 2.33%, down 7bps QoQ and 20bps YoYGAAP net interest income of $38.9 million, down 2.6% QoQ and 6.2% YoYCore net interest income of $40.2 million, down 1.5% QoQ and 3.2% YoYGAAP and core ROAE were 7.6% and 9.8%, respectively, compared with 7.5% and 8.6%, respectively in 2Q19GAAP and core ROAA were 0.6% and 0.8%, respectively, compared with 0.6% and 0.7%, respectively in 2Q19Provision for loan losses of $0.7 million, or $0.02 after-tax per diluted common share, driven mainly by growth in the C&I portfolio UNIONDALE, N.Y., Oct. 29, 2019 (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, 2019. John R. Buran, President and Chief Executive Officer, stated, “We are pleased to report core diluted earnings per share increased 14%, while GAAP earnings per diluted share was unchanged from 2Q19. The primary difference between GAAP and core earnings is the non-cash net losses from fair value adjustments, or $0.10 per diluted share, which is discussed in more detail later in this release. Core earnings for 3Q19 included the benefit of the FDIC small business assessment credit of $0.03, after-tax per diluted common share and the true-up of our effective tax rate to 22% from 24% which equated to $0.02 per diluted common share. Our core ROAE increased to 9.8% for the quarter compared to 8.6% for the linked quarter and our GAAP ROAE increased seven basis points during the same period to 7.6%. Similarly, the core ROAA increased nine basis points to 0.79% compared to 0.70% for 2Q19 and GAAP ROAA increased one basis point to 0.62%.” “We generated robust loan growth of 9% (annualized) for the quarter, as we booked record quarterly loan closings driven by record C&I production. This marks the second consecutive quarter of record C&I closings. Total loan closings for the quarter amounted to $398 million, with $238 million, or 60% from C&I closings. The strong C&I prod...