Flushing Financial Non-GAAP EPS of $0.70 beats by $0.01, revenue of $72.08M beats by $5.86M

Jul. 26, 2022 5:37 PM ETFlushing Financial Corporation (FFIC)By: Urvi Shah, SA News Editor
  • Flushing Financial press release (NASDAQ:FFIC): Q2 Non-GAAP EPS of $0.70 beats by $0.01.
  • Revenue of $72.08M (+24.6% Y/Y) beats by $5.86M.
  • Net interest income increased 2.0% QoQ (as average earning assets increased 2.2% QoQ), and 6.0% YoY to a record $64.7 million; Core net interest income grew 3.0% QoQ and 5.4% YoY to a record $64.4 million
  • Net interest margin FTE decreased 1 bps QoQ but increased 21 bps YoY to 3.35%; Core net interest margin FTE increased 2 bps QoQ and 19 bps YoY to 3.33%; Core NIM expansion QoQ was primarily driven by loan yields increasing greater than deposit costs
  • Excluding PPP, period end net loans increased 2.6% QoQ and 3.4% YoY; loan closings were a record $503.8 million in 2Q22, up 53.0% QoQ and 63.0% YoY.
  • Average deposits, including mortgage escrow, increased 0.5% QoQ, but decreased 1.1% YoY to $6.4 billion, with core deposits comprising 87.3% of total average deposits; record average noninterest bearing deposits were up 13.1% YoY.
  • Loan pipeline increased 34.7% YoY to $582.6 million.
  • Provision for credit losses was $1.6 million in 2Q22 compared to a benefit for credit losses of $1.6 million in 2Q21; net recoveries were $0.5 million in 2Q22 compared to net charge-offs of $0.9 million in 2Q21.
  • NPAs increased to $48.9 million, up from $14.1 million at 1Q22 and $17.6 million at 2Q21. The increase in NPAs primarily relates to a previously identified $24.1 million criticized investment security and related loan (combined LTV of 63%) and two commercial relationships (one was resolved after quarter end).
  • Tangible Common Equity to Tangible Assets was 7.82% down from 8.05% at 1Q22; the change in AOCI (primarily from rising rates) impacted this ratio by an additional 19 bps in 2Q22 compared to 1Q22.
  • Repurchased 387,689 shares at an average price of $22.01; dividends and share repurchases were 61% of net income in 2Q22.

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