Business
Flushing Financial Maintains Its Investment Grade Rating by Kroll Bond Rating Agency, Inc.
UNIONDALE, N.Y., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq: FFIC), the parent holding company for Flushing Bank
About this update from Flushing Financial Corporation
[{"type":"text","content":"UNIONDALE, N.Y., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq: FFIC), the parent holding company for Flushing Bank (the “Bank”), announced today that Kroll Bond Rating Agency (“KBRA”), a full-service rating agency, reaffirmed an investment grade rating for the Company and the Bank. These ratings are based on KBRA’s Bank and Bank Holding Company Global Rating Methodology, which evaluates liquidity, asset quality, capital adequacy, and earnings. KBRA maintained the outlook for all long-term ratings as Stable. The Company and the Bank received ratings of BBB/K3 and BBB+/K2, respectively. According to KBRA’s report, the Company and Bank’s ratings are supported by an experienced management team that reflects extensive knowledge of the greater-NYC banking market, a mid-tier deposit share position in this competitive region, and a loan portfolio that is considered to be relatively low risk. John R. Buran, President and Chief Executive Officer, stated, “We are pleased to continue to receive an investment grade KBRA rating, validating our business strategy, conservative underwriting standards, and strong risk profile which drive our financial performance. We remain focused on managing our margin with the remix of our balance sheet through the acquisition of core deposits and the continued diversification of our loan portfolio through growth in C&I originations of adjustable-rate business loans. We remain well capitalized and positioned to deliver profitable growth and long-term value to our shareholders.” About Kroll Bond Rating Agency KBRA was established in 2010 in an effort to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission (SEC) as a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commission (NAIC) as a Credit Rating Provider (CRP). KBRA is a full-service rating agency whose mission is to set a standard of excellence and integrity. About Flushing Financial Corporation Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank®, an FDIC insured, New York State—chartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, a...