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Mar 31, 2022
Flushing Financial Q1 2022 Earnings Report
Reports record net interest income and record low cost of funds.
Key Takeaways
Flushing Financial Corporation reported a GAAP EPS of $0.58 for Q1 2022, a 3.3% decrease year-over-year. However, core EPS increased by 13.0% year-over-year to $0.61. The company experienced record net interest income and a record low cost of funds, benefiting from improved economic activity and merger activity in the New York City area.
Record net interest income of $63.5 million, up 4.2% YoY and 1.3% QoQ.
Loan closings, excluding PPP, up 65% YoY.
Average noninterest bearing deposits up 17% YoY.
Loan pipeline increased 77% YoY and 55% QoQ.
Flushing Financial
Flushing Financial
Flushing Financial Revenue by Segment
Revenue by Segment
Mortgage loans, net Revenue
CapyFin.com Forward Guidance
The company expects refinance volume to slow in 2022 due to the Federal Reserve increasing short-term rates.