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Flushing Financial (FFIC)
:FFIC
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Flushing Financial
(NASDAQ:FFIC)
48Neutral
Flushing Financial (FFIC) vs. S&P 500 (SPY)
Market Cap
$404.31M
Dividend Yield7.07%
Average Volume (3M)338.16K
Price to Earnings (P/E)16.4
Beta (1Y)1.19
Revenue Growth-3.66%
EPS Growth-196.64%
CountryUS
Employees571
SectorFinancial
Sector Strength87
IndustryBanks - Regional
Share Statistics
EPS (TTM)-1.01
Shares Outstanding33,776,688
10 Day Avg. Volume239,173
30 Day Avg. Volume338,156
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap3.08
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit2.68
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$15.00Price Target Upside25.31% Upside
Rating ConsensusHold
Number of Analyst Covering4
Flushing Financial Business Overview & Revenue Model
Company DescriptionFlushing Financial Corporation (FFIC) is a publicly traded bank holding company headquartered in Uniondale, New York. It primarily operates through its wholly owned subsidiary, Flushing Bank, offering a wide range of financial services to consumers and businesses. The company is focused on providing traditional banking services such as savings accounts, checking accounts, certificates of deposit, and various loan products, including residential and commercial mortgages, as well as small business loans. FFIC operates primarily in the New York City metropolitan area, serving a diverse customer base with a commitment to personalized service and community engagement.
How the Company Makes MoneyFlushing Financial Corporation generates revenue primarily through the interest income derived from its lending activities. The company earns interest by providing various loan products such as residential and commercial mortgages, which are a significant portion of its asset portfolio. Additionally, FFIC collects fees and service charges from its deposit accounts, including checking and savings accounts. The company may also engage in investment activities, earning income from securities and other financial instruments. Flushing Financial's business model relies heavily on the net interest margin, which is the difference between the interest income earned on loans and investments and the interest paid on deposits and borrowings. Strategic partnerships with local businesses and community organizations help to enhance its market presence and attract new customers, contributing to its overall earnings.
Flushing Financial Financial Statement Overview
Summary
Flushing Financial faces substantial challenges, particularly in income generation and cash flow management. While there is some improvement in leverage, the negative profitability and lack of cash flow signal a need for strategic adjustments to stabilize and enhance financial health.Income Statement
The income statement shows significant challenges, with a negative net income and EBIT for the latest year. The company's revenue decreased from 2022 to 2023, indicating a decline. Margins have suffered, with a negative EBIT margin of -2.05% and a net profit margin of -6.73%, reflecting struggles in profitability and operational efficiency.38
Negative
Balance Sheet
The balance sheet presents a moderate picture. The debt-to-equity ratio improved due to lower debt levels, but equity remains relatively low compared to total assets, with an equity ratio of 8.02%. ROE stands at -4.33%, indicating losses relative to equity, but the decrease in total debt is a positive sign of improved leverage management.65
Positive
Cash Flow
The cash flow statement is concerning with operating and free cash flows reported as zero in the latest year, signaling difficulties in generating cash. The absence of free cash flow growth and operational cash flow to net income ratio suggests potential liquidity issues, despite previous years showing positive free cash flow performance.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 124.74M | 191.22M | 253.63M | 251.66M | 206.21M | Gross Profit |
| 465.36M | 166.29M | 232.20M | 230.83M | 189.57M | EBIT |
| -9.55M | 69.27M | 178.41M | 109.28M | 45.18M | EBITDA |
| 0.00 | 45.80M | 110.78M | 115.70M | 51.39M | Net Income Common Stockholders |
| -31.33M | 28.66M | 76.94M | 81.79M | 34.67M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.45B | 874.75M | 887.11M | 858.96M | 805.36M | Total Assets |
| 9.04B | 8.54B | 8.42B | 8.05B | 7.98B | Total Debt |
| 46.44M | 882.10M | 1.10B | 869.70M | 1.08B | Net Debt |
| 46.44M | 757.89M | 947.34M | 787.98M | 922.61M | Total Liabilities |
| 8.31B | 7.87B | 7.75B | 869.70M | 1.08B | Stockholders Equity |
| 724.54M | 669.84M | 677.16M | 679.63M | 619.00M |
| Cash Flow | Free Cash Flow | |||
| 10.10M | 29.10M | 81.41M | 84.92M | 68.77M | Operating Cash Flow |
| 12.41M | 34.59M | 85.75M | 88.60M | 71.28M | Investing Cash Flow |
| 137.68M | -94.26M | -351.82M | -106.78M | 93.10M | Financing Cash Flow |
| 473.61M | 80.08M | 336.09M | -57.48M | -56.77M |
Flushing Financial Technical Analysis
Negative
11.97
Price Trends
12.69
Negative
13.67
Negative
14.11
Negative
Market Momentum
-0.12
Negative
47.06
Neutral
84.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FFIC, the sentiment is Negative. The current price of 11.97 is above the 20-day moving average (MA) of 11.69, below the 50-day MA of 12.69, and below the 200-day MA of 14.11, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 47.06 is Neutral, neither overbought nor oversold. The STOCH value of 84.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FFIC.
Flushing Financial Risk Analysis
Flushing Financial disclosed 14 risk factors in its most recent earnings report. Flushing Financial reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Flushing Financial Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $416.38M | 9.71 | 15.17% | 1.26% | 6.99% | 12.46% | |
74 Outperform | $441.85M | 14.43 | 7.44% | 3.02% | 22.17% | -15.57% | |
73 Outperform | $413.91M | 8.50 | 11.72% | 4.00% | 21.70% | 15.99% | |
63 Neutral | $408.93M | 13.83 | 7.61% | 4.38% | 16.37% | 0.52% | |
63 Neutral | $12.46B | 9.55 | 8.14% | 17103.96% | 12.70% | -4.66% | |
48 Neutral | $404.31M | 16.43 | -4.49% | 7.07% | -3.66% | -196.64% | |
46 Neutral | $487.88M | ― | -20.60% | ― | -17.28% | 59.52% |
* Financial Sector Average
Performance Comparison
FFIC
Flushing Financial
11.97
1.22
11.35%
ACNB
ACNB
41.91
9.84
30.68%
AROW
Arrow Financial
24.53
2.19
9.80%
UNTY
Unity Bancorp
41.40
14.54
54.13%
COFS
ChoiceOne Financial Services
28.43
3.58
14.41%
ALTI
Alvarium Tiedemann Holdings
3.43
-1.35
-28.24%
Flushing Financial Earnings Call Summary
Earnings Call Date:Apr 29, 2025
(Q4-2024)
| % Change Since: -3.86%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. The company demonstrated significant improvements in its net interest margin, asset quality, and liquidity position, which are promising for future profitability. However, the GAAP loss per share and increased criticized loans are concerning. Overall, the positives and negatives appear balanced, with a cautious optimism for the future.Q4-2024 Updates
Positive Updates
Net Interest Margin (NIM) Improvement
GAAP NIM increased by 29 basis points and core NIM by 18 basis points in Q4 2024. The company expects a further 10 to 15 basis point improvement in core NIM in Q1 2025.
Successful Equity Raise
Completed a $70 million equity raise in December 2024 to restructure the balance sheet and improve net interest income.
Improved Loan-to-Deposit Ratio
The loan-to-deposit ratio improved from 101% a year ago to 94% in Q4 2024.
Stable Asset Quality
Asset quality remained stable, with a tangible common equity ratio improvement quarter-over-quarter.
Strong Liquidity and Capital
Undrawn lines and resources totaled $3.6 billion, with strong regulatory capital ratios and improved tangible common equity.
Multifamily Loan Portfolio Strength
Multifamily loans comprise 38% of gross loans with a low average loan-to-value of 43% and a debt coverage ratio of 1.8 times.
Negative Updates
GAAP Loss Per Share
Reported a GAAP loss per share of $1.61 in Q4 2024, largely due to a $76 million pre-tax loss from balance sheet restructuring.
Criticized and Classified Loan Increase
Criticized and classified multifamily loans increased from 60 basis points to 102 basis points in Q4 2024.
Book and Tangible Book Value Decline
Book value and tangible book value per share declined about 7% year-over-year due to the rate environment and capital actions.
Company Guidance
During the Flushing Financial Corporation's fourth-quarter and full-year 2024 conference call, the company provided guidance on various financial metrics and strategic initiatives. The company reported a GAAP net interest margin (NIM) increase of 29 basis points and a core NIM increase of 18 basis points, reaching 2.39% and 2.25% respectively in the fourth quarter. The balance sheet restructuring is expected to further boost the core NIM by 10 to 15 basis points in the first quarter of 2025. Funding costs decreased by 34 basis points, while interest-earning assets declined by only 3 basis points. The company noted a slight decline in the cost of deposits, which fell by 34 basis points during the quarter, and highlighted an 8% year-over-year increase in average deposits. The loan-to-deposit ratio improved to 94% from 101% a year ago, with a focus on shifting the deposit mix to reduce costs. For 2025, Flushing Financial expects core NIM to expand due to CD and loan repricing benefits, with non-interest expenses projected to rise by 5% to 8% from a base of $160 million. The effective tax rate is anticipated to be between 25% and 28% for the year. In terms of credit metrics, the company reported net charge-offs of 11 basis points for 2024, with non-performing assets making up 57 basis points of total assets. The company emphasized maintaining strong liquidity and capital positions, with undrawn lines amounting to $3.6 billion and a tangible common equity ratio improvement to 7.82% quarter-over-quarter.Flushing Financial Corporate Events
Financial Disclosures
Flushing Financial Reports Strong Q1 2025 Results
Positive
Apr 29, 2025
On April 29, 2025, Flushing Financial Corp. released its first quarter results for 2025, highlighting strong liquidity with $4.0 billion in undrawn lines and resources. The company reported an improved loan to deposit ratio and an increase in average total deposits. Despite a decrease in net loans due to weak market demand, the company maintained a stable tangible common equity ratio. The net interest margin (NIM) expanded, reflecting improved profitability. Flushing Financial continues to focus on enhancing profitability and maintaining a low-risk credit profile, with a history of better than industry credit quality.
Spark’s Take on FFIC Stock
According to Spark, TipRanks’ AI Analyst, FFIC is a Neutral.
Flushing Financial’s overall stock score reflects significant financial challenges, particularly in income generation and cash flow. Despite some improvements in leverage and liquidity, the negative profitability and bearish technical indicators weigh heavily on the overall outlook. Valuation provides a mixed picture, with a high dividend yield offering some appeal, although risks remain high given current financial conditions.
To see Spark’s full report on FFIC stock, click here.
Dividends
Flushing Financial Declares Quarterly Dividend for 2025
Positive
Feb 26, 2025
Flushing Financial Corporation announced that its Board of Directors declared a quarterly dividend of $0.22 per common share, payable on March 28, 2025, to shareholders of record as of March 14, 2025. This decision reflects the company’s ongoing commitment to providing shareholder value and may impact its financial positioning and stakeholder relations positively.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.