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Jun 30, 2022
Flushing Financial Q2 2022 Earnings Report
Reported GAAP EPS of $0.81 and Core EPS of $0.70, driven by record loan closings and loan growth with stable NIM QoQ
Key Takeaways
Flushing Financial Corporation reported a strong second quarter in 2022, with GAAP EPS up 32.8% year-over-year and record loan closings of $504 million driving loan growth. The net interest margin remained stable quarter-over-quarter, and the company continued to grow noninterest-bearing deposits.
GAAP EPS of $0.81, up 32.8% YoY, with a ROAA of 1.22%, and ROAE of 15.0%.
Record loan closings of $504 million drove a 3.4% YoY increase in net loans, excluding PPP.
NIM was stable QoQ, however, the pace and magnitude of rate increases this cycle are stronger than anticipated and will likely pressure the NIM going forward.
The Company repurchased 387,689 shares of common stock at an average price of $22.01 during the quarter.
Flushing Financial
Flushing Financial
Forward Guidance
Management anticipates NIM pressure due to the pace and magnitude of rate increases, but expects a partial offset from repricing loans.