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Mar 31, 2021
Flushing Financial Q1 2021 Earnings Report
Achieved fourth consecutive quarter of record net interest income and core NIM improved
Key Takeaways
Flushing Financial Corporation reported a strong first quarter in 2021, marked by record net interest income and an increase in GAAP EPS to $0.60. The company focused on assisting customers through PPP loans and managing loan forbearance, while also investing in technology and fintech partnerships.
Record net interest income achieved for the fourth consecutive quarter.
GAAP EPS was reported at $0.60, with core EPS at $0.54.
Net interest margin (NIM) increased by 10 bps, and core NIM rose by 3 bps quarter-over-quarter.
Loans in forbearance reduced by 81% from their peak nearly a year ago.
Flushing Financial
Flushing Financial
Forward Guidance
The company anticipates that the recent steepening of the yield curve will positively impact their financial performance. They are extending the duration of their liabilities and utilizing forward swaps to prepare for an eventual increase in short-term rates.