Flushing Financial reports Q1 core EPS 23c, consensus 21c

Reports Q1 net charge-offs to average loans 27 bps vs 28 bps in the previous quarter. Reports Q1 Tangible Book value per share $20.78 vs. $20.97 in the previous quarter. “In a quarter marked by shifting economic conditions, Flushing Financial (FFIC) Corporation has demonstrated strategic progress amidst ongoing challenges. While navigating an inverted yield curve and increased economic uncertainty, we achieved important improvements in our core operations. Our GAAP and Core Net Interest Margins expanded by 12 and 24 basis points QoQ, respectively, reflecting our proactive approach to challenging market conditions. Although we recorded a non-cash goodwill impairment charge of $17.6M in the recent quarter, this accounting adjustment has no impact on our regulatory capital ratios or liquidity position. Our liquidity remains strong with $4.0B in undrawn lines and resources, and our TCE/TA1 ratio stands at a solid 7.79% as of March 31, 2025. While asset quality metrics showed some softening, our strong underwriting discipline, low loan-to-value ratios, and high debt service coverage ratios position us to effectively manage credit risk going forward. As we move through 2025, we remain focused on our strategic priorities: improving profitability, maintaining credit discipline, and preserving strong liquidity and capital – foundations that will enable us to navigate the current economic environment while continuing to build long-term value for our shareholders, customers, and communities,” said John R. Buran, President and CEO.