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Jun 30, 2024
Flushing Financial Q2 2024 Earnings Report
Growth in average deposits and solid credit quality metrics were reported.
Key Takeaways
Flushing Financial Corporation reported second quarter 2024 GAAP and Core EPS of $0.18, with net interest income up quarter over quarter. The company's credit quality remained strong, and capital ratios remained solid.
Net interest margin FTE decreased 13 bps year over year, but only 1 bp quarter over quarter to 2.05%.
Average total deposits increased 4.3% year over year and 1.6% quarter over quarter to $7.2 billion.
Period end net loans decreased 0.9% year over year and 0.7% quarter over quarter to $6.7 billion.
NPAs increased to $55.8 million, equating to 61 bps of assets.
Forward Guidance
Flushing Financial anticipates that the increased loan pipeline will help to stabilize NIM. The Company expects expense growth in 2024 will be more in line with its historical growth rate of mid-single digits. The company remains confident that strong underwriting will continue to drive toward low loss content.
Positive Outlook
- Increased loan pipeline will help to stabilize NIM
- Strong underwriting
- Low loss content
- Strong liquidity
- Capital ratios remain strong
Challenges Ahead
- GAAP and Core NIM declined 1 and 3 bps, respectively
- Loan originations were less than paydowns
- GAAP and core noninterest expense each increased 6% in the first half of the year compared to the same period a year ago
- Tangible Common Equity to Tangible Assets was 7.12% at June 30, 2024, down 28 bps QoQ
Historical Earnings Impact
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Avg. Return Before/After Earnings
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