Flushing Financial Corporation · NASDAQ:FFIC
Flushing Financial — Merger or Acquisition (October 2019)
10 slides from Flushing Financial's merger presentation, Oct 25, 2019
Slide 1: Flushing Financial to Acquire Empire Bancorp
Flushing Financial to Acquire Empire Bancorp October 2019 Exhibit 99.1
Slide 2: Cautionary Notes on Forward-Looking Statements and Additional Information
Cautionary Notes on Forward-Looking Statements and Additional Information This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 193
Slide 3: Transaction Highlights
Transaction Highlights Compelling Strategic Rationale Combined entity creates Long Island’s 6th largest bank by deposit share among regional and community financial institutions Expands Flushing’s presence across Long Island1 with entrance into Suffolk County Meets Flushing's strategic objectives by
Slide 4: Combination Creates a Leading Long Island Franchise
Kings Nassau Queens Suffolk New York 108.9%3 Loans / deposits Combination Creates a Leading Long Island Franchise Lowers Flushing’s cost of deposits and improves loan-to-deposit ratio Enhances core earnings power and provides significant cost savings opportunities Expands Flushing’s geographic prese
Slide 5: Overview of Empire Bancorp
Empire Bancorp Branch Footprint Company Highlights Financial Highlights ($MM)1 Valuable Core Deposit Franchise1 Overview of Empire Bancorp (“EMPK”) Long Island based community bank headquartered in Islandia, NY, organized around a traditional, relationship-based community bank structure Diversified
Slide 6: Expansion into Suffolk County
Expansion into Suffolk County 1 Long Island includes Nassau and Suffolk Counties. Regional banks excludes banks with assets greater than $250 billion Source: S&P Global Market Intelligence. Data as of the quarter ended June 30, 2019 Long Island Regional Banks Deposits1 Pro Forma Flushing Pro Forma G
Slide 7: Transaction Overview
Transaction Overview 1 Based on Flushing’s closing price on October 24, 2019 of $22.06 2 Fixed based on multiplying Flushing’s 5-day VWAP of $21.44 on October 21, 2019 by the exchange ratio 3 Core deposits defined as non-time deposits Source: S&P Global Market Intelligence Consideration & Structure
Slide 8: Significant Improvement in Pro Forma Performance Metrics
14.7x 0.61% 7.7% 61.1% P / LQA E2 ROAA ROATCE Efficiency 13.2x 0.69% 8.7% 59.5% P / LQA E ROAA ROATCE Efficiency 28.9x 0.33% 4.4% 81.9% P / LQA E2 ROAA ROATCE Efficiency Significant Improvement in Pro Forma Performance Metrics1 Flushing Financial Standalone 1 Financial information for the quarter en
Slide 9: Pro Forma Balance Sheet
Pro Forma Balance Sheet Note: Data represents bank level entity reporting data Source: S&P Global Market Intelligence. Data as of the quarter ended June 30, 2019 + Total deposits: $4.9B Total deposits: $0.9B Total deposits: $5.8B Cost of total deposits: 1.83% Cost of total deposits: 1.36% Cost of to
Slide 10: Transaction Meets Flushing's Strategic Priorities
Manage net loan growth and focus on yield with an emphasis on assets with the best risk-adjusted returns Increased C&I opportunity Complementary CRE capabilities Effective allocation of shareholder capital Transaction maximizes returns and optimizes shareholder value Manage credit risk Grow loan por
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