{"id":482916,"date":"2021-04-27T17:33:11","date_gmt":"2021-04-27T21:33:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fourth-consecutive-quarter-of-record-net-interest-income\/"},"modified":"2021-04-27T17:33:11","modified_gmt":"2021-04-27T21:33:11","slug":"fourth-consecutive-quarter-of-record-net-interest-income","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fourth-consecutive-quarter-of-record-net-interest-income\/","title":{"rendered":"Fourth Consecutive Quarter of Record Net Interest Income"},"content":{"rendered":"

\n1Q21 GAAP EPS of $0.60, Core EPS of $0.54; Reported NIM Up 10 bps, Core NIM Rises 3 bps QoQ
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UNIONDALE, N.Y., April 27, 2021 (GLOBE NEWSWIRE) — Flushing Financial Corporation (the \u201cCompany\u201d) (NASDAQ-GS: FFIC)<\/p>\n

\n John R. Buran, President and CEO Commentary<\/strong>\n <\/p>\n

\u201cWe are optimistic that as more people receive vaccines, local economic activity will improve. Our first quarter 2021 actions largely focused on helping our customers navigate an improving, but still challenging environment. Despite these challenges, we achieved our fourth consecutive quarter of record net interest income. We reduced loans in forbearance by 81% from their peak nearly a year ago, and while our forbearance programs will continue into 2022, borrowers\u2019 fundamentals are improving. The recent steepening of the yield curve is a positive for us and we expect to capitalize on our robust loan pipeline. We continue to make investments in our technology platform and fintech partnerships, both of which are driving digital engagement.\u201d<\/p>\n\n\n
\u201cFirst quarter of 2021 marked a continuation of the economic improvement in our local economies and the outlook is brighter than three months ago with continued vaccine rollouts and a steeper yield curve. We continue to assist customers during the pandemic by originating $123 million of PPP loans in the quarter and processing nearly $50 million in forgiveness over the life of the program.\u201d<\/p>\n

\u00a0– John R. Buran, President and CEO<\/strong><\/td>\n<\/tr>\n<\/table>\n

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Record Net Interest Income; NIM Expansion.<\/strong> \u201cCore NIM improved by 3 bps during the quarter as funding costs declined faster than asset yields. The steeper yield curve should mitigate pressure on asset yields while keeping funding costs low. However, we are preparing for an eventual rise in short term rates by extending the duration of our liabilities and utilizing forward swaps, the bulk of which begin in 2022. We focused our efforts on PPP this quarter and that impacted overall loan growth, which rose 2.4% (annualized) from fourth quarter 2020. We reported first quarter GAAP EPS of $0.60, which included improving fair value adjustments, partially offset by merger and other charges totaling $0.06 per share, net of tax. Adjusting for noncore items1<\/sup>, first quarter core EPS was $0.54, up 184% year over year. The Empire integration is complete with 100% of the cost savings in our run rate. We are on track to achieve our 20% earnings accretion target for 2021.\u201d<\/p>\n

\n Strong Credit Quality.<\/strong> \u201cWe remain confident with our credit quality given the loan to value of 38% on our real estate dependent loans, improving delinquencies, lower criticized and classified assets, and our conservative underwriting standards.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n 1Q21 Key Financial Metrics<\/strong>
\n 1<\/sup>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 1Q21<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4Q20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3Q20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2Q20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1Q20<\/strong>\n <\/td>\n<\/tr>\n
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\n GAAP:<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EPS<\/td>\n\u00a0<\/td>\n$<\/td>\n0.60<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.11<\/td>\n\u00a0<\/td>\n$<\/td>\n0.50<\/td>\n\u00a0<\/td>\n$<\/td>\n0.63<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.05<\/td>\n)<\/td>\n<\/tr>\n
ROAA (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.93<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.81<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.08<\/td>\n)<\/td>\n<\/tr>\n
ROAE (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.29<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.94<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13.11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.96<\/td>\n)<\/td>\n<\/tr>\n
NIM FTE (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.18<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.08<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.00<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.87<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.44<\/td>\n\u00a0<\/td>\n<\/tr>\n
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\n Core:<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EPS<\/td>\n\u00a0<\/td>\n$<\/td>\n0.54<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.58<\/td>\n\u00a0<\/td>\n$<\/td>\n0.56<\/td>\n\u00a0<\/td>\n$<\/td>\n0.36<\/td>\n\u00a0<\/td>\n$<\/td>\n0.19<\/td>\n\u00a0<\/td>\n<\/tr>\n
ROAA (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.83<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.92<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.57<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.31<\/td>\n\u00a0<\/td>\n<\/tr>\n
ROAE (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10.96<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.67<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.39<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.82<\/td>\n\u00a0<\/td>\n<\/tr>\n
Core NIM FTE (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.06<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.03<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.89<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.56<\/td>\n\u00a0<\/td>\n<\/tr>\n
Efficiency Ratio (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
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\n Credit Quality:<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
NPAs\/Loans&REO (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.42<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.34<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.29<\/td>\n\u00a0<\/td>\n<\/tr>\n
LLRs\/Loans (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.67<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.67<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.65<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.61<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.47<\/td>\n\u00a0<\/td>\n<\/tr>\n
LLRs\/NPLs (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n212.87<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n214.27<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n154.66<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n181.84<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n167.73<\/td>\n\u00a0<\/td>\n<\/tr>\n
NCOs\/Avg Loans (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.06<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.08<\/td>\n\u00a0<\/td>\n<\/tr>\n
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\n Balance Sheet:<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Avg Loans ($B)<\/td>\n\u00a0<\/td>\n$<\/td>\n6.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6.4<\/td>\n\u00a0<\/td>\n$<\/td>\n5.9<\/td>\n\u00a0<\/td>\n$<\/td>\n5.9<\/td>\n\u00a0<\/td>\n$<\/td>\n5.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
Avg Dep ($B)<\/td>\n\u00a0<\/td>\n$<\/td>\n6.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5.5<\/td>\n\u00a0<\/td>\n$<\/td>\n5.0<\/td>\n\u00a0<\/td>\n$<\/td>\n5.0<\/td>\n\u00a0<\/td>\n$<\/td>\n5.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Book Value\/Share<\/td>\n\u00a0<\/td>\n$<\/td>\n20.65<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20.11<\/td>\n\u00a0<\/td>\n$<\/td>\n20.78<\/td>\n\u00a0<\/td>\n$<\/td>\n20.27<\/td>\n\u00a0<\/td>\n$<\/td>\n19.48<\/td>\n\u00a0<\/td>\n<\/tr>\n
Tangible BV\/Share<\/td>\n\u00a0<\/td>\n$<\/td>\n19.99<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19.45<\/td>\n\u00a0<\/td>\n$<\/td>\n20.22<\/td>\n\u00a0<\/td>\n$<\/td>\n19.71<\/td>\n\u00a0<\/td>\n$<\/td>\n18.92<\/td>\n\u00a0<\/td>\n<\/tr>\n
TCE\/TA (%)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.60<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.78<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.38<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 1<\/sup> See \u201cReconciliation of GAAP Earnings and Core Earnings\u201d and \u201cReconciliation of GAAP Net Interest Margin to Core and Base Net Interest Income and Net Interest Margin.\u201d<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

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\n 1Q21 Highlights<\/strong>
\n <\/strong>\n <\/p>\n